December 2007 Quarter Results

NOTES

1. Investor's complaints at the beginning of the quarter was nil. During the quarter 6 complaints were received and disposed off accordingly, no complaint was pending for disposal at the end of the current quarter.
   
   
2. (1)
   In view of notification issued by the Ministry of Corporate Affairs dated December 07, 2006 prescribing the Companies (Accounting Standard) Rules 2006, with effect from April 1, 2007, the Company has changed the accounting policy related to recognition of foreign exchange fluctuation on fixed assets, related to transactions entered after April 01, 2004. The foreign exchange variation is now being charged / credited to the profit and loss account, which till previous year was adjusted to the carrying value of respective assets. Pursuant to this change, foreign exchange variation loss for the quarter amounting to Rs 29.91 lacs have been booked as an expense and gain for the period from April 1, 2007 to December 31, 2007 amounting to Rs 3.81 lacs has been credited to profit and loss account.
   
   
   (11)
   Clause 41 of the listing agreement has been revised w.e.f July 10, 2007. Prior to this revision, it required restatement of earlier periods to recognize change in accounting policy. Accordingly, profit before tax for the quarter ended June 30, 2006 was increased by Rs.109.18 lacs and for the year ended March 31, 2007 was increased by Rs.83.11 lacs on account of aforesaid change in the Accounting Policy. As per revised clause 41 of the Listing Agreement, no further recast for corresponding quarter / nine months of December 2006 has been made.



3. The Board of Directors in their meeting held on 29th January 2008, has approved setting up of a Polyester Film Plant of 24000 Tonees Per Annum and Metallizer of 7200 Tonnes Per Annum capacity at a total estimated project cost of Rs. 22800.00 lacs through a Wholly Owned Subsidiary in Egypt. Expenses incurred till date on project feasibility etc. amounting to Rs. 10.85 Lacs have been carried forward to be adjusted when the Project is set up.



4. 2 New Engineering Plastics extruders having combined capacity of 3600 Tonnes Per Annum involving capital outlay of Rs.451.65 Lacs were commissioned on 14th October 2007.


5. Previous year / Current year / quarter figures have been regrouped / recast wherever necessary to make them comparable.


6. The results for the quarter ended 31st December 2007 have been subjected to limited review by the Auditors and were taken on record at the Board of Directors meeting held on 29th January 2008.

For ESTER INDUSTRIES LIMITED
GURGAON	(ARVIND SINGHANIA)
29th january 2008	CHAIRMAN & MANAGING DIRECTOR