CALCUTTA, May 29: Shaw WALLACE & cOMPANY lTD HAS RECORDED A NET LOSS OF rS 9.88 crore during the year ended June 1996.

As such the figures for 1995-96 and 1994-95 are not comparable as for the previous year the accounts were drawn up for 15 months, ended June 1995. But if the figures are annualised, for the year under review Shaw Wallace has shown a drop in income. For instance there has been a 5.7 % drop in the sales turnover from Rs 774.10 (annualised figure) crore in 1994-95 to Rs 730.33 crore in 1995-96.

The other income has shown a steep drop of nearly 67 % from Rs 67.51 crore to Rs 22.48 crore. The schedules to the accounts not being available, it is not ascertainable what actually constitutes `other income' for the year.

It may be briefly mentioned that the company has repeatedly set dates for holding board meetings to finalise the accounts only to postpone it at the last minute. An order by the Company Law Board in early May, has asked the company to finalise its accounts before August 14.

The accounts show that the interest and finance charges have not gone up during the year in relation to the previous year. Compared to the interest outgo of Rs 38.93 crore (annualised) in 1994-95, in the next accounting year it stands at Rs 36.59 crore. The expenditure element has also been computed lower at Rs 754.48 crore compared to the previous year's figure of Rs 785.58 crore.

Prior to tax provision the loss figure stands at Rs 2.56 crore. During the year under review the company has had to make a tax provision for earlier years amounting to Rs 7.32 crore. During 1994-95, it may be recalled that the company had a profit after tax figure of about Rs 70 crore.

However, the auditors to the company Price Waterhouse and Lodha & Co have been rather harsh in their comments.

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