ZODIAC CLOTHING COMPANY LIMITED

UNAUDITED FINANCIAL RESULTS  FOR THE QUARTER ENDED
31ST DECEMBER 2003

                                                                                                                                                    Rs in Lakhs
No.
Particulars 
 QUARTER 
 ENDED ON 
31.12.03
 UNAUDITED 
 QUARTER 
 ENDED ON 
31.12.02
 UNAUDITED 
 NINE MONTHS 
 ENDED ON 
31.12.03
 UNAUDITED
 NINE MONTHS 
 ENDED ON 
31.12.02
 UNAUDITED
 YEAR 
 ENDED ON 
 31.03.03 
 AUDITED 
1. Net Sales / Income from Operations
 4,310 
 1,897
 12,089 
 5,393 
 12,283 
2.
Other Income
11
16
148
90
116
3. Total Expenditure
3,851 
1,753 
11,091 
4,890 
11,759 
 - a) (Increase) / decrease in stock in trade
 116 
 (110)
 53 
 (57)
 (418)
  b) Consumption of raw material
 1,615 
 847 
 5,117 
 2,468 
 5,029 
  c) Purchase of Finished Goods
 322 
 194 
 806 
 484 
 1,816 
  d) Staff cost
 491 
 248 
 1,364 
 692 
 1,322 
  e) Manufacturing and other expenditure
 1,307 
 574 
 3,751 
 1,303 
 4,010 
4. Interest
 17 
 14 
 55 
 50 
 95 
5. Depreciation
28
13
74
39
68
6. Gross Profit after interest and Depreciation but
before extraordinary & prior period Expenses/Income and Taxation (1+2-3-4-5)
 425 
 133 
 1,017 
 504 
 477 
7. Extraordinary & prior period Expenses
 - 
 - 
 14 
 - 
 (5)
8. Provision for Taxation (current)
 104 
 33 
 245 
 112 
 128 
9. Profit before deferred tax (6-7-8)
 321 
 100 
 758 
 392 
 354 
10. Provision for deferred tax
 39 
1
54
12
36
11. Net Profit  (9-10)
 282 
 99 
 704 
 380 
 318 
12. Paid -up Equity Share Capital (Face value Rs.10/-per share)
 343 
 339 
 343 
 339 
 343 
13. Reserve excluding revaluation reserves        
4638
14. Earning per share (Rs.) (basic & diluted)
 8.22 
 2.92
 20.52
 11.20 
 9.27 
15. Aggregate of non-promoter shareholding          
  -- Number 
    of Shares
 893,876 
 892,740 
 893,876 
 892,740 
 893,876 
  -- Percentage of 
    Shareholding
26.05
26.31
26.06
26.31
26.05

Notes :

1.  The above unaudited financial results as reviewed by the Audit Comittee were taken on record by the Board of  Directors in their meeting held on 19th January 2004.

2.  The tax provision is higher due to phasing out of tax incentive on export profits U/S   80hhc of I T Act

3.  The Income Tax provision including deferred taxation for the quarter is on estimated basis. The actual provision will be made at the year end.

4.  The Deferred Tax provision is higher due to depreciation on addition to Fixed Assets.

5.  The financial results for the quarter ended 31-12-2003 are after giving effect to merger of the erstwhile Mayfair Limited on account of amalgamation of the said company with Zodiac Clothing Company Ltd and hence not comparable with the previous quarter ended on 31-12-2002.

6.  The above unaudited financial results for the quarter ended 31-12-2003 were reviewed by the statutory auditors of the Company.

7.  Segments have been identified in line with the accounting standard on segment reporting taking into account the organisation structure as well the differential risk and returns of these segments. The company operates mainly in the Garment and accessories segment and has no reportable business segment which exceeds 10% of the total turnover as required by the Accounting Standard (AS - 17) of ICAI.

8.  There were no investor complaints pending at the beginning of the current quarter.Ten complaints were received during the quarter and was duly attended to. There is no pending complaint at the end of the quarter.

9.  Previous year figures have been regrouped, wherever necessary.

                                                                                          BY ORDER OF THE BOARD
                                                                             For Zodiac Clothing Company Ltd
 
 

Date : 19th January, 2004
Place : Mumbai                                                                                Director