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UNAUDITED
FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED
DECEMBER 31, 2002
(Rs
in Lacs)
Note : 1)
The previous Financial Year 2001-2002 comprises 13
months. 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)
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)
As in the earlier years, the Statutory Auditors have
made a comment in their Report on Annual Accounts 2001-02 in
respect of Retention Price Subsidy (RPS).
According to them, the Company has taken credit
amounting to Rs 67.18 Cr during the earlier year pending
notification by Fertilizer Industries Coordination Committee
(FICC). The Company is of the view that the
claims accounted by the Company are based on the realistic
estimates, which are reasonable, legitimate, and fully in
line with FICC norms. The
Unaudited Results of the current year is made reckoning
these FICC claims. 5)
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 25.65 Cr) for the period April
2002 to December 2002 have been duly recognised.
However, the effect of the revision for the earlier
period upto 31/3/2002 will be accounted on receipt of full
settlement details. 6)
Consequent to the onetime settlement of M/s National
Fertilizers Ltd. Loan with waiver of interest, an amount of
Rs.21.32 Cr accrued upto Mar 2002
and Rs 22.44 Cr accrued upto April 2002 have been
taken credit in the books of account as extraordinary item
during the quarter. 7)
In view of the loss incurred by the Company during
the period provision for current tax is not considered
necessary. Also,
as the availability of future taxable income is not
virtually certain, no deferred tax asset has been recognised
per AS-22. 8)
The above results were taken on record at the meeting
of Committee of Directors on Jan 22, 2003. BY ORDER OF THE BOARD COMMITTEE
Place : Chennai
Sukumar
N Oommen Date :
22.1.2003
Chairman
& Managing Director |
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