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MADRAS FE=
RTILIZERS
LIMITED |
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(A Govt. of India Undertaking) |
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Regd. Office : Manali, Chennai 600 068 |
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AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 200=
9 |
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(Rs. in lakhs) |
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Particulars |
9 months
ended |
Quarte=
r ended |
Corres=
ponding
quarter ended in the previous year |
Current
Accounting Year ended |
Previous
accounting year ended |
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&nb=
sp; |
(31/12/2008) |
(31/03/2009) |
(31/03/2008) |
(31/03/2009) |
(31/03/2008) |
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(3 months) |
(3 months) |
(12 months) |
(12 months) |
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&nb=
sp; |
Unaudited |
Unaudited |
Unaudited |
Audited |
Audited |
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&nb=
sp; |
(1) |
(2) |
(3) |
(4) |
(5) |
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1 |
(a)
Net Sales/Income from Operations |
90134 |
22225 |
36075 |
112359 |
114006 |
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(b) |
Other Operating Income |
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2 |
Expenditure |
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a. |
(Increase)/Decrease in Stock in trade |
1063 |
1216 |
1769 |
2279 |
(1937) |
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and work in progress |
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b. |
Consumption of Raw Materials |
51696 |
10205 |
19275 |
61901 |
68364 |
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c. |
Purchase of Traded Goods |
85 |
14 |
822 |
99 |
1733 |
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d. |
Employees Cost |
3094 |
1364 |
874 |
4458 |
3884 |
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e. |
Power, Water & Fuel |
29645 |
7169 |
10299 |
36814 |
35261 |
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f. |
Depreciation |
3339 |
824 |
1000 |
4163 |
4284 |
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g. |
Other Expenditure |
6145 |
2155 |
2507 |
8300 |
8843 |
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h. |
Total |
95067 |
22947 |
36546 |
118014 |
120432 |
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(Any item exceeding 10=
% of the
total expenditure to be shown separately) |
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3 |
Profit from Operations before Other Income, Interest &
Exceptional Items (1-2) |
(4933) |
(722) |
(471) |
(5655) |
(6426) |
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4 |
Other
Income |
93 |
303 |
551 |
396 |
863 |
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5 |
Profit before Interest & Exceptional Items (3+4) |
(4840) |
(419) |
80 |
(5259) |
(5563) |
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6 |
Interest |
6929 |
2333 |
1455 |
9262 |
7910 |
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7 |
Profit after Interest but before Exceptional Items (5-6) |
(11769) |
(2752) |
(1375) |
(14521) |
(13473) |
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8 |
Exceptional
Items |
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9 |
Profit (+)/ Loss(-) from Ordinary Activities before tax (7 +=
8) |
(11769) |
(2752) |
(1375) |
(14521) |
(13473) |
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10 |
Tax
Expense |
12 |
5 |
2 |
17 |
12 |
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11 |
Net Profit (+) / Loss (-) from Ordinary Activities after tax=
(9
- 10) |
(11781) |
(2757) |
(1377) |
(14538) |
(13485) |
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12 |
Extraordinary
Items (net of tax expense Rs...) |
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13 |
Net
Profit (+) / Loss (-) for the period (11-12) |
(11781) |
(2757) |
(1377) |
(14538) |
(13485) |
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14 |
Paid-up
equity share capital |
16110 |
16110 |
16110 |
16110 |
16110 |
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(Face
value Rs 10 per share) |
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15 |
Reserves excluding Revaluation Reserves as per balance sheet=
of
previous accounting year |
1239 |
1239 |
1239 |
1239 |
1239 |
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16 |
Earnings
Per Share (EPS) |
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a)
Basic and diluted EPS before Extraordinary |
(7.31) |
(1.71) |
(0.85) |
(9.02) |
(8.37) |
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items for the period, for the year to date and |
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for the previous year (not to be annualized) |
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b) |
Basic & diluted EPS after Extraordinary |
(7=
.31) |
(1=
.71) |
(0=
.85) |
(9=
.02) |
(8=
.37) |
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items for the period, for the year to date and |
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for the previous year (not to be annualised) |
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17 |
Public
Shareholding |
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- |
Number of Shares =
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23733100 |
23733100 |
23733100 |
23733100 |
23733100 |
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Percentage of Shareholding |
14.73 |
14.73 |
14.73 |
14.73 |
14.73 |
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Note |
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1 |
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Ammonia and Ur=
ea Plants
were shutdown from 7.5.2008 to 29.6.2008 for Annual Turnaround jobs, from
22.12.2008 to 14.1.2009 for HP Co2 |
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Compressor mot=
or
electrical fault and HT Shift Converter catalyst renewal and from 12.2.20=
09
to 18.2.2009 for Primary Reformer Tube repairs. |
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2 |
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NPK Plants wer=
e shutdown
during the year 2008-09 for want of raw materials due to paucity of funds=
and
inadequate compensation in the |
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Price Concession Scheme. |
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3 |
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Fertilizer man=
ufacture
is the only main business segment and trading operations are less than 10=
% of
the total revenue. Further,=
the
Company |
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is engaged in =
providing
and selling its products in single economic environment in India i.e., th=
ere
is a single geographical segment.
Hence, |
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there is no re=
quirement
of segment reporting for the Company as per AS 17 (Segment Reporting).
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4 |
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In view of the=
loss
incurred by the Company during the period provision for current tax is not
considered necessary. Also, as a prudent policy |
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no deferred ta=
x asset
has been recognised per AS 22 (Accounting for taxes on Income). |
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5 |
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Details of Inv=
estors
complaints and services during the quarter: Pending at the beginning of the
Quarter:Nil, Received: 5, Disposed Off: 5 and |
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pending at the end of the Quarter: Nil. |
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6 |
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With regard to=
Auditor's
opinion that the Company’s Accounts should not have been compiled on
"GOING CONCERN" basis, it is stated that |
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the Company has
represented to the GOI that the policy on pricing of NPK since Apr 2002 a=
nd
on Urea from Apr 2003 have adversely |
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affected its
profitability. Consequently, the Company has been making huge losses. The networth has been fully erod=
ed on
31.03.2004. The |
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Company has be=
en urging
the GOI to make suitable corrections in the Pricing Policies. The DOF referred the Company to =
BRPSE.
BRPSE |
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recommended ce=
rtain
relief measures for revival of the Company. Meanwhile, M/s Deloitte Touche
Tohmatsu India (P) Ltd have been engaged |
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as Consultant =
to assist
in preparing the revival plan. Based on their recommendations a Financial
Restructuring package aimed at making the |
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operations of =
the
Company commercially viable has been submitted on 30.12.2008 for the
consideration of Government. |
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7 |
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The Company ha=
s made a
reference to BIFR under Sick Industrial Companies (Special Provisions) Ac=
t,
1985 (SICA) and the same has been <=
/span> |
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registered as =
Case No.
501/2007. In the hearing held on 02.04.09, BIFR declared the Company as a
sick Company as per the provisions of |
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SICA and appoi=
nted State
Bank of India as the Operat=
ing
Agency for further course of
action. The next hearing is=
on
15.10.09 and BIFR |
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has asked MFL =
to move
the revival proposal by the time and reset the outcome. |
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8 |
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The above resu=
lts have
been approved by the Board of Directors at their meeting held on June 27,
2009. |
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&nbs=
p; &=
nbsp;
By Order of the Board |
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Place: Chennai |
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&nbs=
p; &=
nbsp;
S Muralidharan |
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Date : 27.06.09 |
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&nbs=
p;
Chairman & Managing Director |
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