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22 December 2006

Shin Ho Petrochemical India Ltd has info rmed that a meeting of the Board of Directors of the Company will be held on December 28, 2006 to consider the reduction of Paid up Share Capital.------------ --------- -------Gujarat Mineral Development Corporation Ltd (GMDC) has info rmed that in the limited review report of the company for the quarter ended September 30, 2006, the auditors of the company have made the following observations:Change of method for charge of depreciation for power Project, which is subject to review by the Corporation as per guidelines of Central Electricity Regulatory Commission (CERC) / Other applicable laws.------------ --------- --------IG Petrochemicals Ltd has info rmed that in the limited review report of the company for the quarter ended September 30, 2006, the auditors of the company have made the following observations:Attention is invited to:1. Regarding overdue debts of Rs 574.21 Lacs in respect of which the auditors are unable to form any opinion as to the extent of realisability at this stage.2. The Company has changed the method of providing Depredation on Plant & Machinery based on useful life of the assets as determined by an approved Valuer. Had it been provided as per Schedule XIV of the Companies Act 1956 depreciation charged during the quarter & six months would have been higher by Rs 220.26 lacs & Rs 440.52 Lacs.------------ --------- --------- -Moschip Semiconductor Technology Ltd has info rmed that the Board of Directors of the Company at its meeting vide circular resolution dated on December 21, 2006 has allotted 15,00,000 convertible warrants convertible into equal number of shares of Rs 10/- each at a price of Rs 31/- per warrant to be converted into equity shares within a period of 18 months from the date of allotment on preferential basis to the under mentioned investors:1. K Ramachandra Reddy - 5,00,000 Warrants2. C Dayakar Reddy - 5,00,000 Warrants3. Achal Ghai - 3,00,000 Warrants4. Dr Madhu Mohan Katikineni - 2,00,000 Warrants------------ --------- --------- -DCM Shriram Industries Ltd has info rmed BSE that in the limited review report of the company for the quarter ended September 30, 2006, the auditors of the company have made the following observations:1. The auditors observation in the audit report dated June 14, 2006 on the accounts of the Company for the year ended March 31, 2006 is summarized below:There are various issues relating to sales tax, income-tax, interest etc arisen / arising out of the reorganisation arrangement of the undivided DCM Ltd which will be settled and accounted for in terms of the Scheme of Arrangement of DCM Ltd as and when the liabilities / benefits are finally determined. The ultimate effect of these is not ascertainable at this stage (refer note 2).2. In view of the seasonal nature of sugar business, the Company consistently accumulates expenditure incurred during off-season i.e. the period when no production of sugar takes place, to be absorbed over the sugar produced / to be produced during the year instead of charging these expenses in the accounting period in which incurred. However, notwithstanding the seasonality associated with manufacture of sugar, had the Company charged expenditure so incurred to the accounting period in which such expenses were incurred, the decrease in stock in trade would have been higher by Rs 14.61 crores and Rs 22.14 crores for the quarter and half year ended September 30, 2006 respectively and the profit after tax would have been lower by Rs 9.68 crores and Rs 14.68 crores for the quarter and half year ended September 30, 2006.------------ --------- --------- ----Radha Madhav Corporation Ltd has info rmed that a meeting of the Board of Directors of the Company will be held on December 28, 2006, inter alia, to consider the following:1. To consider alternate means of funding including warrants and QIP along with the proposed FCCB of USD 10 Million.2. To finalize merchant bankers for FCCB and QIP.3. To review the development of pharmaceutical packaging project and performance of Unit I, II, III & IV.------------ --------- --------- ----Jagran Prakashan Ltd has announced that the Company is launching the first edition of its compact daily I-next on December 22, 2006 from the city of Kanpur .It is targeted on young generation falling in the age group of 18-34 years. I-next is primarily in Hindi language, though a combination of English and Hindi words is used keeping in mind the lingo of young generation. It will have coverage on local, national, international, sports, lifestyle, career, and health related issues. It will be targeted to SEC A and B1 audience.------------ --------- --------- ---Phillips Carbon Black Ltd has info rmed that in the limited review report of the company for the quarter ended September 30, 2006, the auditors of the company have made the following observations:Note 2 on the statement of the Un-audited financial results regarding impact of AS 15 (Revised) on employee benefits not accounted for.------------ --------- --------- ---Bluechip Tex Industries Ltd has info rmed that the members of the Company will consider to approve the following Special resolutions by way of Postal Ballot:1. Alteration in the Other Objects Clause of Memorandum of Association of the Company by adding the Clauses with Serial Numbers 130 immediately after the existing Clause no. 129.2. Commencing all or any of the business set out in the clause 130 of the Other Objects Clause of the Memorandum of Association of the Company.The Company has appointed Shri Dhyanesh Kotak, FCS, Practising Company Secretary as Scrutinizer and Shri Rashmikant S Shah FCA, Practising Chartered Accountants, as Alternate Scrutinizer for the purpose of Postal Ballot Exercise.The Postal Ballot form duly completed should reach the Scrutinizer not later than the close of working hours on January 20, 2007. The results of the Postal Ballot will be announced by the Chairman and in absence by any other person, so authorised by the Chairman on January 25, 2007.------------ --------- --------- ----S&S Power Switchgear Ltd has info rmed that in the limited review report of the company for the quarter ended September 30, 2006, the auditors of the company have made the following observations:1. Interest On Unsecured loans from Banks and Institutions have not been provided in the accounts since April 01, 2003 and the amount relating to the subject quarter works out to around Rs 18.25 lacs.2. The company does not recognize the interest on loans given to a subsidiary for which the contractual terms do not provide for interest clause.Due to the non-adherence to accrual bases of accounting, the loss of the company for the subject quarter is understated by about Rs 18.25 lacs.------------ --------- --------- ----Moser Baer India Ltd has info rmed that the Board of Directors of the Company at its meeting held on December 21, 2006, has decided the following:1. It is proposed to incorporate a new company as a 100% subsidiary of the Company in order to implement the companys strategic initiatives.2. To make the Companys maiden foray into the entertainment industry through the Indian home video market.------------ --------- --------- ----Escorts Ltd has announced the following results for the Quarter & Year ended September 30, 2006:The Unaudited results for the quarter ended September 30, 2006:The Company has posted a profit after tax of Rs 306.90 million for the quarter ended September 30, 2006 where as the same was at Rs 1653.00 million for the quarter ended September 30, 2005. Total Income is Rs 6266.50 million for the quarter ended September 30, 2006 where as the same was at Rs 6812.60 million for the quarter ended September 30, 2005.The Audited results for the year ended September 30, 2006:The Company has posted a profit after tax of Rs 190.00 million for the year ended September 30, 2006 where as the same was at Rs 390.90 million for the year ended September 30, 2005. Total Income is Rs 18760.20 million for the year ended September 30, 2006 where as the same was at Rs 18006.70 million for the year ended September 30, 2005.The Audited Consolidated results for the year ended September 30, 2006 are as follows:The Group has posted a loss after tax of Rs 465.80 million for the year ended September 30, 2006 where as, there was a profit after tax of Rs 1206.10 million for the year ended September 30, 2005. Total Income is Rs 25378.40 million for the year ended September 30, 2006 where as the same was at Rs 27371.50 million for the year ended September 30, 2005.Previous period figures have been re-grouped / re-arranged wherever necessary. Figures for the previous Accounting period are for 15 months and hence not comparable with Current Year figure.------------ --------- --------- ------JCT Ltd has info rmed that in the limited review report of the company for the quarter ended September 30, 2006, the auditors of the company have made the following observations:The impact of the notes in annexure A pertaining to the audit qualification in respect of the audited accounts of the previous accounting year ended March 31, 2006; accrued employees cost, if any, arising out of the operation of revised Accounting Standard (AS-15) w.e.f. April 01, 2006 issued by the Institute of Chartered Accountants of India.------------ --------- --------- ------Sadbhav Engineering Ltd has info rmed that the Board of Directors of the Company at its meeting held on December 21, 2006, has taken the following decisions were taken subject to the approval of the shareholders at the Extra-ordinary General Meeting to be held on January 22, 2007.1. To issue securities up to an amount not exceeding Rs 100 crores through Qualified Institutional Placement (QIP) to Qualified Institutional Buyers pursuant to Chapter XIII-A of SEBI (Disclosure and Investor Protection) Guidelines, 2000.2. To redesignate ate Mr. Shashin V Patel the whole time director of the Company as Joint Managing Director for unexpired period of his appointment on the same terms and conditions on which he was appointed as Whole Time Director.3. The notice of the Extra Ordinary General Meeting of the Company to be held on January 22, 2007 was approved.------------ --------- --------- -------Ranbaxy Laboratories Ltd on December 21, 2006 has announced that the Company has received approval from the US Food and Drug Administration (FDA) to manufacture and market Simvastatin Tablets USP, 5 mg, 10mg, 20mg and 40mg in the US. The FDAs Office of Generic Drugs has determined the Companys Simvastatin Tablets USP, 5mg, 10mg, 20mg and 40mg to be bioequivalent, therefore, therapeutically equivalent to the listed drug Zocor® Tablets, 5mg, 10 mg, 20 mg and 40 mg of Merck Research Laboratories. Total annualized market sales for Simvastatin were 4.8 billion dollar, of which 4.2 billion dollar were for the 5mg, 10mg, 20mg and 40mg tablets (IMS-MAT: September 2006).Simvastatin tablets are indicated in the treatment of patients with coronary heart disease (CHD) or at high risk of CHD, reductions in risk of CHD mortality and cardiovascular events, patients with hypercholesterolemi a requiring modifications of lipid profiles and adolescent patients with Heterozygous Familial Hypercholesterolemi a (HeFH). A Simvastatin regimen can be started simultaneously with diet.Ranbaxy has marketed the 80 mg tablets of Simvastatin on an exclusive basis since the patent expired in June of this year. The company is now in a position to expand its product offerings to include the four additional strengths of Simvastatin and can now offer the complete line of marketed strengths for this product to our customers. Simvastatin has assumed a prominent position in the management of patients with hypercholesterolemi a, and is now available as an alternative to the brand at an affordable price. This undoubtedly will have a positive economic benefit to patients, as well as to the US healthcare system, according to Jim Meehan, Vice President of Sales and Marketing for RPI , USA .Ranbaxy Pharmaceuticals Inc. (RPI) based in Jacksonville, Florida, USA, is wholly owned subsidiary of the Company. RPI is engaged in the sale and distribution of generic and branded prescription products in the US healthcare system.------------ --------- --------- ---------HFCL Infotel Ltd has info rmed that in the limited review report of the company for the quarter ended September 30, 2006, the auditors of the company have made the following observations:1. Without qualifying their opinion, the auditors draw attention to Note 10 to the financial results relating to supplementary bill raised by BSNL. As more fully discussed in Note 10 to the financial results, BSNL has raised on the Company a supplementary bill dated August 10, 2006 received on August 18, 2006 of Rs 1,676.14 lacs towards Inter-connect Usage Charges and Access Deficit Charges. The Company has submitted its reply to BSNL on August 23, 2006 asking for the calculation / basis for the additional amount raised towards such charges. Subsequently, BSNL issued a disconnection notice on August 26, 2006 and stay order was granted to the Company on September 21, 2006 by TDSAT against this notice. Pending resolution of this issue, the Company, based on expert legal advice, believes that there would be no financial liability against such bills and accordingly, these financial results does not include any adjustments from the outcome of this uncertainty.2. As discussed in Note 2 to the statement during the quarter ended September 30, 2006, the Company incurred a loss of Rs 2,560.54 lacs and as of September 30, 2006, it has accumulated losses of Rs 70,254.93 lacs, resulting in negative net worth of Rs 854.37 lacs. The Company has achieved profitability at the Earnings before interest and depreciation level, and is also able to generate cash from operations since financial year ended March 31, 2005 and has a net current liability of Rs 10,065.84 Lacs (after considering provision for interest amounting to Rs 5,722.46 Lacs being the difference amount paid in comparison to the amount accrued on yield basis as per CDR scheme).------------ --------- --------- --------- -Wipro Ltd has info rmed that during the third quarter of the financial year 2006-07, the Company has granted 22,000 stock options to one of its employees under Wipro Restricted Stock Unit Plan 2005. The grant of above stock options is in line with SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999, as amended and as per the terms of the Stock Option Plans.These stock options shall vest over a period of three years as per the vesting schedule approved by the Board Governance & Compensation Committee of the Board and can be exercised over the exercise period as per the Stock Option Plans.------------ --------- --------- --------- -Virat Crane Industries Ltd has info rmed that the company through its subsidiary has entered into strategic marketing alliances with Reliance Retail — Reliance Fresh Retail Outlets.Reliance Fresh Retail Stores are the buyer - stores for Durga Ghee, the Branded Ghee from Durga Dairy.Commenting on the strategic tie-up with Reliance Fresh Retail, the companys Managing Director Mr G V S L Kantha Rao said that, its brand strength is well got re info rced with the tie-up that the company did with Reliance.------------- --------- --------- --------- -Bank of India has info rmed that a formal Memorandum of Understanding (MOU) is signed on December 21, 2006 among the Bank, Dai Ichi Mutual Life Insurance Company and Union Bank of India for forming the Joint Venture.The Bank will hold 51% of the initial subscribed and paid up capital, Dai Ichi Mutual Life Insurance Company will hold 26% and Union Bank of India will hold 23% capital of the said venture.------------ --------- --------- ---------Nagreeka Exports Ltd has info rmed that in the limited review report of the company for the quarter ended September 30, 2006, the auditors of the company have made the following observations:AS 22 in respect of Deferred Taxation Liability AS 28 in respect of Impairment of Assets and Provision for Current Taxation Liability are accounted for on yearly basis.------------ --------- --------- ---------Patel Integrated Logistics Ltd has info rmed that in the limited review report of the company for the quarter ended September 30, 2006, the auditors of the company have made the following observations:1. No provision has been made by the company for the shortfall if any, in respect of recovery of overdue lease debts amounting to Rs 65.64 lacs, as management is hopeful of recovering the same as adequate steps have been taken to recover the same, including initiating legal actions against the parties. However, the shortfall in recovery if any, is not ascertainable and accordingly the effect thereof on the financial statements cannot be ascertained.2. Income / Expenditure includes inter-divisional transactions for service rendered or availed of which has not been quantified and adjusted in the statement. This has no impact on the profit for the period under audit.------------ --------- --------- ---------Satyam Computer Services Ltd has info rmed that Nipuna Services Ltd (Nipuna), BPO subsidiary of the Company, on December 21, 2006, has announced that it has signed a USD 25 Million edutainment deal. Nipuna is partnering with 4K Animation (4k Animation) Ltd, UK for the execution and delivery of these projects. The contract is one of the largest over won by a global BPO service provider in the animation marketplace.Nipuna will work with the 4K Animation team for 15 months on two iconic European animation projects: the third season of Marvi Hemmer Presents National Geographic World, an award-winning, 52- episode TV series, and a movie, also featuring Marvi Hammer. More than 120 Nipuna professionals will produce and deliver animation services for the projects.The series and movie feature a combination of live action and animation. They include actual studio sets used as animation backgrounds, a furry Computer Graphics creature and 2D-animated characters. Hamburg-based YOUA Edutainment, National Geographic, and German broadcaster ZDF will co produce the series and movie.Nipuna will provide VFX, CGI, 3D and 2D animation services, including pre-production, production, and post-production, from its state-of-the- art studio in Chennai. Other animation artists will also collaborate from Hamburg and Berlin for this project delivery.This partnership reflects a growing trend toward corporatization in the animation industry, which is leading to increasingly significant opportunities, said Venkatesh Roddam, Nipunas chief executive officer, Long-term contracts such as this one show that companies recognize Nipunas capabilities in an industry where human resources are integral to quality, and thereby responsible for the success of creative ventures.Meanwhile, Nipuna continues to grow. In the last several years, it has built significant VFX, CGI, and 3D animation skills by producing numerous global and domestic films.------------ --------- --------- --------- --Infrastructure Development Finance Company Ltd (IDFC) has info rmed that a meeting of the Board of Directors of the Company will be held on January 04, 2007 to discuss business strategy and plan for execution.------------ --------- --------- --------- --Murli Agro Products Ltd has info rmed that a meeting of the Board of Directors of the Company will be held on December 28, 2006, inter alia, to consider the Issue of share warrant on preferential basis to the Promoters.------------ --------- --------- --------- --Jayaswals Neco Ltd has info rmed that in the limited review report of the company for the quarter ended September 30, 2006, the auditors of the company have made the following observations:In response of the audit qualification for the accounting year ended March 31, 2006 regarding Non-provision of compound interest amounting to Rs 1965.16 lacs on account of Companys request for waiver of the same being examined by the CDR Empowered Group after a period of one year, as per the note No. 4 of the aforesaid unaudited financial results the status at the quarter end remains the same.

by erectusplus at 10:16:00 |