UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2003        (Rs in Lacs)                                                                                    

       

(1)

Quarter ended

Jun 30, 2003

 

 

(3 months)

(Unaudited)

(2)

Corresponding quarter ended Jun 30, 2002  in the previous year

(3 months)

(Unaudited)

(3)

Previous accounting year (May 1, 2002 – Mar 31, 2003)

(11 months)

(Audited)

1. Net Sales/ Income from Operations

11762

16325

113906

2. Other Income

530

34

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     

 

 

(5346)

12163

1291

4036

3261

 

 

(16769)

18584

1280

5929

3737

 

 

4161

51992

4776

21853

18738

4. Interest

3166

2832

11284

5. Depreciation

1140

1124

3920

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

(7419)

(358)

(1832)

7. Write-off of Interest 

-          GOI

-          NFL

 

7064

-

 

-

-

 

-

2244

8. Provision for taxation

-

-

-

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

(355)

(358)

412

10. Paid-up equity share capital

     (Face value Rs 10 per share)

16110

16110

16110

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

1339

1339

1339

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

(0.22)

(0.22)

0.26

13. Aggregate of non-promoter

      shareholding

      Number of Shares

      Percentage of Shareholding

 

 

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 quarter ended June 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  reckoned in the above accounts.

3)                   Other Income includes  an amount of Rs 4.76 Cr towards Temperature Variance Allowance on  Furnace Oil from IOC for earlier period.

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 the number of investors complaints / enquiries and requests received and attended were 48.

7)                   The unaudited results are subjected 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 July 29, 2003.

                                                                                                            BY ORDER OF THE BOARD COMMITTEE

 

               

Place  :  Chennai                                                                                                      Sukumar N Oommen              

Date   :  29.7.2003                                                                                           Chairman & Managing Director