UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED

SEPTEMBER 30,  2003

 

                                                                                                                        (Rs in Lacs)

       

(1)

Quarter ended

30/9/03

 

 

 

(3 months)

(Unaudited)

(2)

Corresponding quarter ended 30/9/02 in the previous year

 

 

(3 months)

(Unaudited)

(3)

Year-to-date figures for the Current Period (1/4/03 to 30/9/03)

 

(6 months)

(Unaudited)

(4)

Year-to-date figures for the Previous Year (1/4/02 to 30/9/02)

 

(6 months)

(Unaudited)

(5)

Previous Accounting Year

(1/5/02 to 31/3/03)

 

(11 months)

(Audited)

1. Net Sales/ Income from Operations

36381

34539

48143

50738

113906

 

2. Other Income

65

77

595

110

986

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     

 

 

5534

 

17873

1195

5971

4385

 

 

4439

 

15888

1310

5932

3596

 

 

188

 

30035

2486

10006

7648

 

 

(12330)

 

34472

2590

11861

7207

 

 

4161

 

51992

4776

21853

18738

4. Interest

2700

3250

5866

6082

11284

5. Depreciation

1040

1125

2180

2249

3920

6. Profit/(Loss) before tax

    (1+2-3-4-5)

(2252)

(924)

(9671)

(1283)

(1832)

7. Write-off of Interest

-          GOI

-          NFL

 

-

-

 

-

-

 

7064

-

 

-

-

 

-

2244

8. Provision for taxation

-

-

-

-

-

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

(2252)

(924)

(2607)

(1283)

412

10. Paid-up equity share capital

     (Face value Rs 10 per share)

16110

16110

16110

16110

16110

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

 

 

1339

 

 

 

1339

 

 

1339

 

 

1339

 

 

1339

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

 

(1.40)

 

(0.57)

 

(1.62)

 

(0.80)

 

0.26

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

 

Note :            

 

1)                   Ammonia & Urea Plants were shutdown for annual turn-around from 11/5/03 to 4/7/03.  Hence production for the period ended September 30, 2003 is at lower levels.

2)                   Approval of interest waiver from GOI amounting to Rs 70.64 Cr upto 31/3/2003 received subsequently and hence credit was reckoned during quarter ended 30/6/2003.

3)                   Other Income includes an amount of Rs 4.76 Cr towards Temperature Variance Allowance on Furnace Oil from IOC for earlier period accounted during quarter ended 30/6/2003.

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 a prudent policy no deferred tax asset has been recognised per AS-22.

6)                   During the quarter 162 investors complaints, enquiries and requests were received out of which 141 were attended.  The balance 21 were replied subsequently.

7)                   The unaudited results are subject to Limited Review by Statutory Auditor.

8)                   Auditor observation on the accounts 2002-03 and management clarification thereon stand.

9)                   The above results were taken on record at the meeting of Committee of Directors on October 30, 2003.

 

 

                                                                                                                                                    BY ORDER OF THE BOARD

 

Place  :  Chennai                                                                                                                            Sukumar N Oommen              

Date   :  Oct 30, 2003                                                                                                             Chairman & Managing Director