Tender

Unaudited Financial Results (Provisional) For The Quarter Ended Sept 30, 2002                                                                                                                                                               (Rs.in Lakhs)

(1)

Quarter ended

Sep 30, 2002

(3 months)

(Unaudited)

(2)

Correspond-ing quarter ended Sep 30, 2001 in the previous year

(3 months)

(Unaudited)

(3)

Year to date upto Sep 30, 2002

(May 2002 � Sep 2002)

(5 months)

(Unaudited)

(4)

Year to date upto Sep 30, 2002

(Apr 2002 �

Sep 2002)

(6 months)

(Unaudited)

(5)

Year to date upto   Sep 30, 2001

(6 months)

(Unaudited)

(6)

Previous accounting year (Apr 1, 2001 � Apr 30, 2002)

(13months)

(Audited)

1. Net Sales/ Income from Operations

34549

28136

45391

50738

38474

108843

2. Other Income

77

105

34

110

162

543

3. Total Expenditure

a.        (Increase)/Decrease in stock in trade

b.       Consumption of raw material

c.        Staff cost

d.       Power, Water & Fuel

      e.    Other Expenditure

4439

15888

1310

5932

3596

8657

10920

1408

3459

4961

(5759)

27772

2084

9950

6058

(12330)

34472

2590

11861

7207

(1026)

23269

2807

7325

8338

(2810)

65834

6269

19213

18231

4. Interest

3250

3543

5150

6082

6649

11198

5. Depreciation

1125

1094

1875

2249

2187

4561

6. Profit/(Loss) before tax (1+2-3-4-5)

(924)

(5801)

(1705)

(1283)

(10913)

(13110)

7. Write-off of Interest Liability due to approval of FACR by GOI

-

-

-

-

-

6500

8. Provision for taxation

-

-

-

-

-

-

9. Net Profit/(Loss)(6-7)

(924)

(5801)

(1705)

(1283)

(10913)

(6610)

10. Paid-up equity share capital (Face value Rs 10 per share)

16110

16110

16110

16110

16110

16110

11.Reserves excluding revaluation reserves (as per balance sheet) of previous accounting year

-

-

-

1339

12.EPS for the period, for the year to date and for the previous year (Rs)

-

-

-

(4.10)

13. Aggregate of non-promoter shareholding

       Number of Shares

      Percentage of Shareholding

23733100

14.73

23733100

14.73

23733100

14.73

23733100

14.73

23733100

14.73

23733100

14.73

Note :

1)       Previous Financial Year 2001-2002 comprises 13 months. The accounts relating to this period have been audited

         by the statutory auditors. Accounts are under C&AG audit and yet to be adopted by the Shareholders at AGM.

2)       Production of Complex Fertilizers had to be restricted to low loads because of lower sales due to monsoon failure         and the resultant high inventory.

3)       Consequent to the revision in the retention price of Urea on account of implementation of Policy parameters approved for VII and VIII pricing periods, the benefits accruing to the Company (Rs 21.22 Cr) for the period April 2002 to September 2002 have been duly recognized. However, the effect of the revision for the earlier period upto 31.3.2002 will be accounted on receipt of full settlement details.

4)       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

5)       In view of the loss incurred by the Company during the period provision for current tax is not considered necessary. Also as the Company has substantial unabsorbed business loss and depreciation the deferred tax asset has not been recognized per AS-22

6)       The unaudited financial results for the half year ended Sept 30, 2002 have been subjected to �Limited Review� by the Auditors.

7)       The above results were taken on record at the meeting of Committee of Directors on Oct 30, 2002.



                                                                                                                           BY ORDER OF THE BOARD



        Place : Chennai                                                                                                   Sukumar N Oommen

        Date   : Oct 30, 2002                                                                                     Chairman & Managing Director