UNAUDITED FINANCIAL RESUTLS (PROVISIONAL) FOR THE QUARTER ENDED JUNE 30, 2004
						(Rs. in lacs)
			Quarter ended	Corresponding	Previous	Previous
			30/6/2004	quarter ended	Accounting year	Accounting Year
				30/6/03
				previous year	31-Mar-04	(1/5/02 to 31/3/03)
			(3 months)	(3 months)	(12 months)	(11 months)
			(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
			1	2	3	4
1	Net Sales/Income from Operations		26744	11762	113285	113906
2	Other Income		55	530	846	986
3	Total Expenditure
	a.	(Increase)/Decrease in Stock in Trade	(3529)	(5346)	7837	4161
	b.	Consumption of raw material	17725	12163	63327	51992
	c.	Staff Cost	1032	1291	4714	4776
	d.	Power, Water & Fuel	6719	4036	22414	21853
	e.	Other Expenditure	3523	3261	15720	18738
4	Interest		1800	3166	8883	11284
5	Depreciation		1114	1140	4302	3920
6	Profit/(Loss) before tax (1+2-3-4-5)		(1585)	(7419)	(13066)	(1832)
7	Write-off of Interest
	-	GOI		7064	7064
	-	NFL				2244
8	Provision for taxation
9	Net Profit/(Loss) (6-7-8)		(1585)	(355)	(6002)	412
10	Paid-up equity share capital		16110	16110	16110	16110
	(Face value Rs 10 per share)
11	Reserves excluding revaluation reserves		1339	1339	1339	1339
	(as per balance sheet) of previous
	accounting year
12	EPS for the period, for the year to date		(0.98)	(0.22)	(3.73)	0.26
	and for the previous year (Rs.)
13	Aggregate of non-promoter shareholding
	-	Number of Shares	23733100	23733100	23733100	23733100
	-	Percentage of Shareholding	14.73	14.73	14.73	14.73
Note :
1	The benefits of CDR package amounting to Rs 3.91 Cr for the quarter ending June 04 has been reckoned in accounts pending final CDR acceptance. The CDR benefits reckoned in accounts for the period 1/4/03 to 30/6/04 amounts to Rs  24.91 Cr.
2	NPK Plants were shutdown for 47 days during the quarter on account of rawmaterial limitation.
3	Fertilizer manufacturing being the only main segment and trading operations being less than 10% of the total revenue, there is no reportable segment in MFL as per AS 17.
4	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 no deferred tax asset has been recognised per AS 22.
5	During the quarter 49 investors complaints, enquiries and requests were received and attended.
6	The unaudited results are subject to Limited Review by Statutory Auditor.
7	Auditor observation on the accounts 2002-03 and management clarification thereon stand.
8	The above results were taken on record at the meeting of Board of Directors on July 27, 2004.
				BY ORDER OF THE BOARD
Place  :		Chennai		CHAIRMAN & MANAGING DIRECTOR
Date   :		July 27, 2004