June 2007 Quarter Results

NOTES

1. Investor's complaints at the beginning of the quarter was nil. During the quarter 9 complaints were received and disposed off accordingly, no complaint was pending for disposal at the end of the current quarter.
   
   
2. Effective April 1, 2007, the Company has adopted the revised Accounting Standard - 15 (AS- 15) Employee Benefits as issued by the Institute of Chartered Accountants of India and the impact of the same has been considered in the above results. Pursuant to this, based on actuarial valuation, the Company has recorded charge for compensated absence and gratuity of Rs 10.87 lacs (net of tax) for the quarter ended June 30, 2007. Further, in accordance with the transitional provision of AS 15 (Revised), the excess of gratuity (Rs. 10.66 lacs) and shortage of compensated absence obligation (Rs. 3.66lacs) pertaining to years prior to April 1, 2007 amounting to Rs. 7 lacs has been adjusted against opening balance of profit and loss account.
   
   
3. During the quarter, in view of notification issued by the Ministry of Company Affairs dated Dec 7, 2006 prescribing the Companies (Accounting Standards) Rules, 2006, the Company has changed its policy relating to recognition of foreign exchange fluctuation on fixed assets. Instead of capitalizing/ decapitalizing such fluctuation, as per policy hitherto followed, the Company has with effect from the current quarter charged such fluctuations directly to Profit and Loss Account in respect of all loans taken after April 1, 2004. Pursuant to this change a sum of Rs. 51.22 lacs have been booked as income during the period. Further as per the requirements of clause 41, previous period fluctuations are also restated to make them comparable with the current period.



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



5. The results for the quarter ended 30th June 2007 have been subjected to limited review by the Auditors and were taken on record at the Board of Directors meeting held on 31st July 2007.

For ESTER INDUSTRIES LIMITED
GURGAON	(ARVIND SINGHANIA)
31st JULY 2007	CHAIRMAN & MANAGING DIRECTOR