CALCUTTA, May 21:J Enson & Nicholson India Ltd has posted net sales of Rs 142.15 crore for the year to March 31, 1997, against Rs 146.78 crore for the previous year.

J&N's board met on Tuesday to finalise the results, and also chalk out a course of action following the May 9, Calcutta High Court judgment quashing Sebi's ban on the company.

Managing director S Subberwal said that the company had set up a team of directors to explore the fund-raising alternatives. The team is expected to identify the route in the next six weeks.

Profit before tax was Rs 4 crore against Rs 4.07 crore in 1996. Net profit was Rs 3.56 crore against Rs 3.67 crore in 1996.

For the six months to March 31, 1997, net sales was Rs 80.40 crore against Rs 77.80 crore for the same period in the previous year. Gross profit after interest but before depreciation and tax was Rs 4.32 crore against Rs 3.44 crore in the previous year.

Profit before tax was Rs 3.31 crore against Rs 2.75 crore in 1996. Net profit was Rs 2.96 crore against Rs 2.46 crore.

Since the industrial electronics division was spun off into a separate company with effect from April 1, 1996, the current year's figures do not include the sales profit from the unit.

The figures for the six months to March 31, 1996, as well as the full year included the electronics division's sales of Rs 10.92 crore and Rs 19.34 crore.

Giving details on the options, Subberwal said, ``We are looking at preference shares and equity on preferential basis.''

``In six weeks we will identify which route to take.

And though the public issue route is open we are not sure whether we will tap the market,'' he added.

The company is looking to raise Rs 7 crore from the preference shares and about Rs 20 crore in terms of equity on preferential basis.

Meanwhile the Board has accepted the Industrial Investment Bank of India's approval for a project loan of Rs 8 crore. ``This will be disbursed in two weeks and will further speed up the Instacolour project,'' Subberwal added.

So far, the company has installed about 170 centres but has signed up for more than 200. It aims to have 653 centres by December.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.