Sl.No.

Particulars

2001

2000

2001

2000

1

Net Sales/Income from Operations

501.95

561.54

998.50

1168.08

2238.89

2

Other Income

4.04

3.19

9.11

7.68

25.18

3

Total Expenditure

a) (Increase)/Decrease
in Stocks in Trade

43.27

(3.17)

(15.40)

(27.92)

3.95

b)  Materials Purchased / Consumed

258.98

210.08

488.33

430.28

830.81

c)  Power & Fuel Cost

83.60

107.66

211.58

240.36

496.17

d)  Personnel Cost

10.47

11.48

22.08

24.63

46.45

e)  Excise Duty

50.72

66.38

117.31

141.94

269.94

f)  Other expenditure

89.20

116.61

180.92

216.75

384.38

4

Interest & Finance Charges

87.00

66.94

167.24

157.19

345.96

5

Depreciation & Deferred Revenue Expenditure

59.45

35.62

120.31

93.66

198.84

6

Profit/(Loss) before Tax  
(1+2-3-4-5)

(176.70)

(46.87)

(284.76)

(101.13)

(312.43)

7

Provision for Taxation

0.00

0.00

0.00

0.00

0.03

8

Net Profit/(Loss)  (6-7)

(176.70)

(46.87)

(284.76)

(101.13)

(312.46)

9

685.76

685.74

685.76

685.74

685.76

10

Reserves excluding Revaluation Reserve

-

-

-

-

379.36

11

Basic and Diluted EPS for the period, for the Year to date & for the previous year (not annualised)

(2.58)

(0.68)

(4.15)

(1.47)

(4.56)

1.

Certain facilities related to Hot Strip Mill are common to both phases of the project and the same are under trial operation.

2.

Second phase of the Hot Strip Mill project is under construction.

3.

The company has provided interest on Term loans based on the restructuring package as approved by IFCI Ltd., the lead Financial Institution, only to the extent sanction letters have been received by the company.

4.

In terms of the restructuring package, there would be a reduction of 50% in the equity capital of the company, against which 0.0001% cumulative redeemable preference shares will be issued for the like amount.  The company has already obtained the approval of its shareholders at the Annual General Meeting held on 28^th September, 2001 for such reduction / conversion, but accounting effect thereof will be given on receipt of requisite approval from Hon. Calcutta High Court.

5.

Deferred tax assets of Rs. 86.03 crores approximately as on 30^th September, 2001 (after adjusting deferred tax liability of  Rs.14.20  crores approximately for the period upto 31^st March, 2001) has not been considered in the Accounts as a matter of prudent accounting policy and also in view of carried forward business losses and unabsorbed depreciation.

6.

The EPS computation is in accordance with the Accounting Standard 20 issued by the Institute of Chartered Accountants of India.

7.

The auditors in their report on the Company’s Accounts for the year ended 31^st March, 2001 had commented about their inability to ascertain the impact of loss, if any, arising out of non-recovery of certain inter- corporate  deposits, loans, advances, etc. as well as decline in the value of certain quoted/unquoted investments based on their market / break-up  values.  The Management feels that all these loans, advances, investments, etc. are fully recoverable.

8.

A limited review of the results for the half year ended 30^th September, 2001 has been carried out by the statutory auditors of the company.

9.

Previous period figures have been regrouped/ rearranged wherever necessary.