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MADRAS FERTILIZERS LIMITED
(A Govt. of India Undertaking)
Regd. Office : Manali, Chennai 600 068<= /td>
AUDITED FINANC= IAL RESULTS  FOR THE YEAR ENDED MARCH= 31, 2010
(Rs. in lakhs) 
Particulars 9 = months ended  Q= uarter ended C= orresponding quarter ended in the previous year C= urrent Accounting Year ended Pr= evious accounting  year ended
  (31/12/2009) (31/03/2010) (31/03/2009) (31/03/2010) (31/03/2009)
      (3 months) (3 months) (12 months) (12 months)
 Unaudited <= span style=3D'mso-spacerun:yes'> Unaudited <= span style=3D'mso-spacerun:yes'> Unaudited <= span style=3D'mso-spacerun:yes'> Audited Audited
1 (a) Net Sales/Income from Operations 86782 43502 22225 130284 112359
  (b) Other Operating Income          
2 Expenditure          
  a. (Increase)/Decrease in Stock in trade (3491) 401 1216 (3090) 2279
  and work in progress          
  b. Consumption of Raw Materials 47972 20064 10205 68036 61901
  c. Purchase of Traded Goods 81 738 14 819 99
  d. Employees Cost 3276 1097 1364 4373 4458
  e. Power, Water & Fuel 27113 10676 7169 37789 36814
  f. Depreciation 3367 786 824 4153 4163
  g. Other Expenditure 6592 2697 2155 9289 8300
  h. Total 84910 36459 22947 121369 118014
3 Profit from Operations before Other Income, Interest & Exceptional Items (1-2) 1872 7043 (722) 8915 (5655)
4 Other Income 173 445 303 618 396
5 Profit before Interest & Exceptional Items (3+4) 2045 7488 (419) 9533 (5259)
6 Interest 7199 1646 2333 8845 9262
7 Profit after Interest but before Exceptional Items (5-6) (5154) 5842 (2752) 688 (14521)
8 Exceptional Items          
9 Profit (+)/ Loss(-) from Ordinary Activities before tax (7 += 8) (5154) 5842 (2752) 688 (14521)
10 Tax Expense     5   17
11 Net Profit (+) / Loss (-) from Ordinary Activities after tax= (9 - 10) (5154) 5842 (2757) 688 (14538)
12 Extraordinary Items (net of tax expense Rs...)          
13 Net Profit (+) / Loss (-) for the period (11-12) (5154) 5842 (2757) 688 (14538)
14 Paid-up equity share capital 16110 16110 16110 16110 16110
  (Face value Rs 10 per share)          
15 Reserves excluding Revaluation Reserves as per balance sheet= of previous accounting year 1239 1239 1239 1239 1239
16 Earnings Per Share (EPS)          
  a) Basic and diluted EPS before Extraordinary (3.20) 3.63 (1.71) 0.43 (9.02)
  items for the period, for the year to date and
  for the previous year (not to be annualized)
  b) Basic & diluted EPS after Extraordinary (3.20) 3.63 (1.71) 0.43 (9.02)
  items for the period, for the year to date and
    for the previous year (not to be annualised)
17 Public Shareholding          
  - Number of Shares <= /span> 23733100 <= /td> 23733100 <= /td> 23733100 <= /td> 23733100 <= /td> 23733100
  - Percentage of Shareholding 14.73 14.73 14.73 14.73 14.73
18 Prom= oters and promoter group  Shareholding           
  a) P= ledged/ Encumbered           
  - Number of shares<= /td> Nil = Nil = Nil = Nil N= il
  - Percentage of sha= res (as a % of the total shareholding of promoter and promoter group) Nil = Nil = Nil = Nil N= il
  - Percentage of sha= res (as a % of the total share capital of the company) Nil = Nil = Nil = Nil N= il
  b)  Non-encumbered          
  - Number of Shares 137368200 137368200 = 137368200 = 137368200 = 137368200 =
  - Percentage of sha= res (as a% of the total shareholding of promoter and promoter group) 100 100 100 100 100
  - Percentage of sha= res (as a % of the total share capital of the company) 85.27 85.27 85.27 85.27 85.27
               
Note:
1 Ammonia and Urea Plants were shutdown = for 21 days and 22 days respectively during the year for Annual statutory inspec= tion of
Boilers and equipment overhauling. Fur= ther Ammonia and Urea Plants were operated at low load for 61 days due to crit= ical Naphtha
inventory and reactor shutdown.
2 NPK Plants were shutdown during the ye= ar 2009-10 for want of raw materials due to paucity of funds.  However the Company has started
production of NPKS 20-20-0-13 on tolli= ng basis with Indian Potash Limited from March 2010.
3 The benefit amounting to Rs 41.90 Cr f= or the quarter Jan-Mar 2010 and Rs 138.82 Cr for the year 2009-10 arising on acc= ount of amendment 
to New Pricing Scheme - III for Urea e= ffective 1/4/2009 has been considered in Accounts.
4 Fertilizer manufacture is the only main business segment and trading operations are less than 10% of the total revenue.  Further, the Company
is engaged in providing and selling its products in single economic environment in India i.e., there is a single geographical segment.  Hence, 
there is no requirement of segment rep= orting for the Company as per AS 17 (Segment Reporting).
5 In view of the carry forward losses and allowances available for set off, provision for current tax is not consid= ered necessary.  Also, as a prudent 
policy no deferred tax asset has been recognized per AS 22 (Accounting for Taxes on Income).
6 Details of Investors complaints and se= rvices during the quarter:  Pending at t= he beginning of the Quarter:Nil, Received:14,  Disposed Off:14  and
Pending at the end of the Quarter: Nil.
7 With regard to Auditor’s opinion that = the Company’s Accounts should not have been compiled on “GOING CONCERN” basis, the Company has 
represented to the GOI that the anomal= ies in the Pricing Policy of NPK from Apr 2002 and Urea from Apr 2003 have driven the Company to sickness.  
Based on recommendations of BRPSE in M= ar 2005, the original Revival proposal was initiated by Department of Fertilizers (DOF).  Subsequently, 
DOF has implemented the recommendation= s of M/s Deloitte Touche Tohmatsu India Private Ltd through an an amendment to New Pricing Scheme
– Stage III in 2009-10, which has made= Urea operations viable.    However, a = new rehabilitation proposal is being finalized based on the report of
Projects & Development India Ltd f= or submission before BRPSE and BIFR for bailing out the Company from sicknes= s.
8 The Company has made a reference to BI= FR under Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) and the s= ame has been registered 
as Case No. 501/2007.  In the hearing held on April 2, 2009,= BIFR declared the Company as a Sick Company as per the provisions of SICA and<= /td>
appointed State Bank of India as the O= perating Agency for further course of action.  Further hearings were held on October 15, 2009, Januay 11, 2010
and March 22, 2010.  Board has directed the Company to sub= mit a detailed rehabilitation proposal through Operating Agency for early implementation.  
The next hearing is scheduled to be he= ld on August 19, 2010.
9 The above results have been reviewed a= nd recommended by the Audit Committee and approved by the Board of Directors= at their meeting
 held on M= ay 19, 2010.
                    By Order of the Boa= rd
Place :  Chennai                     M Sagar Mathews
Date  :  May 19, 2010       =        Chairman & Managing  Director