| UN-AUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE 3RD QUARTER / NINE MONTHS ENDED 31ST DECEMBER, 2002 |
||||||
| (Rs.in Crores) | ||||||
| SL.No. |
Particulars |
Quarter ended Dec 31 |
Nine Months ended Dec 31 |
Year ended March 31, 2002 |
||
| 2002 |
2001 |
2002 |
2001 |
(Audited) |
||
| 1 |
Sales/Income from Operations Less: Excise Duty |
837.70 |
527.37 |
2266.96 |
1525.87 |
2084.52 |
| 77.35 |
60.22 |
230.94 |
177.53 |
247.26 |
||
| 760.35 |
467.15 |
2036.02 |
1348.34 |
1837.26 |
||
| 2 |
Other Income |
9.71 |
6.69 |
22.39 |
15.80 |
22.24 |
| 3 |
Total Income (1+2) |
770.06 |
473.84 |
2058.41 |
1364.14 |
1859.50 |
| 4 |
Total Expenditure |
|||||
| a) (Increase) / Decrease in Stock in Trade |
(9.35) |
6.39 |
(45.25) |
(9.01) |
12.98 |
|
| b) Materials Consumed |
373.62 |
244.85 |
1037.66 |
699.93 |
978.57 |
|
| c) Purchase of Finished Goods |
32.89 |
22.36 |
59.26 |
55.61 |
60.83 |
|
| d) Power & Fuel Cost |
84.97 |
85.85 |
243.38 |
297.43 |
331.51 |
|
| e) Personnel Cost |
13.16 |
9.98 |
38.97 |
32.06 |
39.89 |
|
| f) Other Expenditure |
147.89 |
84.13 |
409.69 |
265.05 |
410.15 |
|
| Total Expenditure (4a to 4f) |
643.18 |
453.56 |
1743.71 |
1341.07 |
1833.93 |
|
| 5 |
Profit before interest & finance charges, depreciation & deferred revenue expenditure (3-4) |
126.88 |
20.28 |
314.70 |
23.07 |
25.57 |
| 6 |
Interest & Finance Charges |
93.76 |
96.72 |
278.76 |
263.96 |
366.93 |
| 7 |
Depreciation |
53.67 |
52.37 |
159.82 |
156.90 |
212.50 |
| 8 |
Deferred Revenue Expenditure written off |
7.53 |
8.11 |
19.65 |
23.89 |
32.33 |
| 9 |
Loss before Extra Ordinary items (5-6-7-8) |
28.08 |
136.92 |
143.53 |
421.68 |
586.19 |
| 10 |
Project Prospecting Expenses written off |
- |
- | - | - | 62.96 |
| 11 |
Loss before Tax (9+10) |
28.08 |
136.92 |
143.53 |
421.68 |
649.15 |
| 12 |
Provision for Taxation (Net) - Current - Deferred |
- (10.13) |
- - |
- (43.05) |
- - |
(1.90) (204.40) |
| 13 |
Net Loss (11-12) |
17.95 |
136.92 |
100.48 |
421.68 |
442.85 |
| 14 |
Paid-Up Equity Share Capital (Equity Share of Rs.10/- each) |
685.76 |
685.76 |
685.76 |
685.76 |
685.76 |
| 15 |
Reserves excluding Revaluation Reserve |
- | - | - | - | - |
| 16 |
Basic and Diluted EPS for the period, for the year to date & for the previous year (not annualised) |
(0.40) |
(2.12) |
(1.87) |
(6.51) |
(6.95) |
| 17 |
Aggregate of Non promoter shareholding - No. of shares - Percentage of shareholding |
315238654 45.52 |
319927545 46.19 |
315238654 45.52 |
319927545 46.19 |
315487804 45.55 |
| Notes : |
||||||
| 1. Second phase of the Hot Strip Mill project is under construction. |
||||||
| 2(a) The company has provided interest on term loans based
on the financial restructuring scheme as approved in the year 2001 by IFCI
Ltd., the lead Financial Institution, only to the extent sanction letters
have been received by the company. |
||||||
| (b) In terms of the financial restructuring scheme, the Equity
Share capital of the Company would be reduced by 50% and 0.0001% Cumulative
Redeemable Preference Shares will be issued for the amounts so reduced,
as approved by the Shareholders but pending approval from the Hon'ble Calcutta
High Court. Further, the said scheme, inter alia, envisages conversion of
term loans aggregating to Rs.510 crores into equity/preference share capital
after reduction of the equity capital as mentioned above. Sanction letters
in respect of such conversion of loans to the extent of Rs.384.50 crores
have already been received by the Company and as such interest thereon has
not been provided. |
||||||
| The Company and the Lenders are in advance stage of negotiation
for the revision in the terms of the financial restructuring mentioned above
and the impact of changes would be accounted for on receipt of the approval
of the revised restructuring scheme from the lenders. |
||||||
| 3. Deferred tax assets of Rs.233.25 crores (including Rs.43.05
crores for the period ended 31st December, 2002) has been recognised in
the accounts since the management feels that there is a virtual certainty
of claiming these benefits against future taxable income. |
||||||
| 4(a) The auditors in their report on the Company's Account
for the year ended 31st March, 2002 had commented about their inability
to ascertain the impact of loss, if any, on account 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. Rs.25.05 crores has been accounted as loss on sale/dimunition in
the value of investments during the current financial year. However, the
quantum of non-recoverable loans & advances, if any, presently being
unascertainable, would be provided for in due course. |
||||||
| (b) Certain facilities related to Hot Strip Mill are common
to both phases of the project and the same are under trial operation due
to non-stabilisation & non-fulfillment of guaranteed parameters. |
||||||
| (c ) Remuneration paid to a former whole time director is
in excess of Rs.1.66 crores (including Rs.0.44 crores for the period ended
31st December, 2002) as against the limit approved by the Central Government,
which has been grouped under Advances. The necessary accounting adjustments/recovery
in this regard shall be carried out after the disposal of the Company's
representation pending with the Central Government. |
||||||
| (d) The detailed reconciliation of accounts with certain lenders
is pending. The necessary adjustments, if any, in this regard shall be carried
out after final reconciliation. |
||||||
| 5 The Company has identified the Iron & Steel products
as its sole operating segment & hence, no further disclosure is required
under Accounting Standard 17. |
||||||
| 6 The EPS computation is in accordance with Accounting Standard
20 issued by the Institute of Chartered Accountants of India. |
||||||
| 7 Previous period figures have been regrouped/ rearranged
wherever necessary. |
||||||
| 8 The above unaudited results were reviewed by the Audit Committee
at its meeting held on 22nd January, 2003 and taken on record by the Board
of Directors at its meeting held on that date. |
||||||
|
Place : |
For & on behalf of the Board Anil Sureka Director (Finance) & Secretary |
|||||
| UN-AUDITED FINANCIAL RESULTS (PROVISIONAL)
FOR THE 2ND QUARTER /HALF-YEAR ENDED 30TH SEPTEMBER, 2002 |
|||||||||
| (Rs. Crores) |
|||||||||
| SL. No. |
Particulars |
Quarter ended Sept. 30, |
Half Year ended Sept. 30, |
Year ended March 31, 2002 |
|||||
| 2002 |
2001 |
2002 |
2001 |
(Audited) |
|||||
| 1 |
Sales/Income from Operations Less: Excise Duty |
788.59 |
501.95 |
1429.26 |
998.50 |
2084.52 |
|||
| 78.50 |
50.72 |
153.59 |
117.31 |
247.26 |
|||||
| 0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|||||
| 2 |
Other Income |
7.66 |
4.04 |
12.68 |
9.11 |
22.24 |
|||
| 3 |
Total Expenditure |
||||||||
| a)(Increase) / Decrease in Stock in
Trade |
(23.22) |
43.27 |
(35.90) |
(15.40) |
12.98 |
||||
| b)Materials Consumed |
282.78 |
175.38 |
532.00 |
276.75 |
707.89 |
||||
| c)Purchase of Finished Goods |
17.33 |
16.72 |
26.37 |
33.25 |
60.83 |
||||
| d)Power & Fuel Cost |
87.47 |
83.60 |
158.41 |
211.58 |
331.51 |
||||
| e)Personnel Cost |
13.21 |
10.47 |
25.81 |
22.08 |
39.89 |
||||
| f)Other Expenditure |
146.41 |
89.20 |
261.80 |
180.92 |
410.15 |
||||
| 4 |
Interest
& Finance Charges |
93.45 |
87.00 |
185.00 |
167.24 |
366.93 |
|||
| 5 |
Depreciation |
57.06 |
59.45 |
118.27 |
120.31 |
244.83 |
|||
| 6 |
Deferred Revenue Expenditure written off |
3.95 |
6.76 |
12.12 |
15.78 |
32.33 |
|||
| 7 |
Loss
before Extra Ordinary items (1+2-3-4-5-6) |
539.54 |
371.33 |
991.71 |
715.47 |
1528.03 |
|||
| 8 |
Project
Prospecting Expenses written off |
- |
- |
- |
- |
62.96 |
|||
| 9 |
Loss beforeTax (7+8) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|||
| 10 |
Provision for Taxation (Net) - Current - Deferred |
- (2.27) |
- - |
- (32.92) |
|
(1.90) (204.40) |
|||
| 11 |
Net Loss (9-10) |
0.00 |
176.70 |
0.00 |
284.76 |
204.40 |
|||
| 12 |
Paid-Up Equity Share Capital (Equity Share of Rs.10/- each) |
685.76 |
685.76 |
685.76 |
685.76 |
685.76 |
|||
| 13 |
Reserves excluding Revaluation Reserve |
- |
- |
- |
- |
- |
|||
| 14 |
Basic and Diluted EPS for the
period, for the yearto date & for the previous year |
(0.64) |
(2.58) |
(1.48) |
(4.15) |
(6.95) |
|||
| 15 |
Aggregate of Non promoter shareholding |
315238654 45.52 |
319978636 46.20 |
315238654 45.52 |
319978636 46.20 |
315487804 45.55 |
|||
| NOTE : |
|||||||||
| 1) Second phase of the
Hot Strip Mill project is under construction. |
|||||||||
| 2(a)The company
has provided interest on term loans based on the financial restructuring
scheme as approved by IFCI Ltd., the lead Financial Institution, only to
the extent sanction letters have been received by the company. However,
in certain cases, necessary agreements in this regard are yet to be executed. |
|||||||||
| (b)In terms of the financial
restructuring scheme, the Equity Share capital of the Company would be reduced
by 50% and 0.0001% Cumulative Redeemable Preference Shares will be issued
for the amounts so reduced, as approved by the Shareholders but pending
approval from the Hon'ble Calcutta High Court. Further, the said scheme,
inter alia, envisages conversion of term loans aggregating to Rs.510 crores
into equity/preference share capital after reduction of the equity capital
as mentioned above. Sanction letters in respect of such conversion of loans
to the extent of Rs.384.50 crores have already been received by the Company
and as such interest thereon has not been provided. |
|||||||||
| 3) Deferred tax assets
of Rs. 223.12 crores (including Rs.32.92 crores for the half-year ended
30th September, 2002) has been recognised in the accounts since the management
feels that there is a virtual certainty of claiming these benefits against
future taxable income. |
|||||||||
| 4(a)The auditors
in their report on the Company’s Accounts for the year ended 31st March, 2002 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 these loans, advances, etc. are recoverable, while adequate provision of Rs.25.21 crores has been made during the period in respect of diminution in the value of investments. |
|||||||||
| (b)Certain facilities related
to Hot Strip Mill are common to both phases of the project and the same
are under trial operation due to non-stabilisation & non-fulfillment
of guaranteed parameters. |
|||||||||
| (c)Remuneration paid to a former
whole time director is in excess of Rs.1.66 crores (including Rs.0.44 crores
for the half year ended 30th September, 2002) as against the limit approved
by the Central Government, which has been grouped under Advances and necessary
accounting adjustments/recovery in this regard shall be carried out after
the disposal of the Company's representation pending with the Central Government. |
|||||||||
| (d)The detailed reconciliation
of accounts with certain lenders is pending and necessary adjustments, if
any, in this regard shall be carried out after final reconciliation. |
|||||||||
| 5) The Company has identified
the Iron & Steel products as its sole operating segment & hence,
no further disclosure is required under Accounting Standard 17. |
|||||||||
| 6) The EPS computation
is in accordance with Accounting Standard 20 issued by the Institute of
Chartered Accountants of India. |
|||||||||
| 7) Previous period figures
have been regrouped/ rearranged wherever necessary. |
|||||||||
| 8) The above unaudited
results were taken on record by the Board of Directors at its meeting held
on 30th October, 2002. |
|||||||||
| |
|||||||||
| 9) The half yearly results
have been reviewed by the statutory auditors as required under clause 41
of the listing Agreement. |
|||||||||
| Place : Mumbai. |
For & on behalf of
the Board Anil Sureka |
||||||||
| Dated :30th
October, 2002 Top |
Director (Finance) & Secretary |
||||||||
|
UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED 30TH JUNE, 2002 |
|
(Rs. in crores) |
| Sl. No. |
Particulars |
Unaudited |
Audited |
||
| Quarter ended June 30, |
Year Ended |
||||
| 2002 |
2001 |
March 31, 2002 |
|||
|
1 |
Net Sales/Income from Operations (Inclusive of Excise Duty) |
496.55 |
606.54 |
2238.89 |
|
| 2 |
Other Income |
5.02 |
5.07 |
22.24 |
|
| 3 |
Total Expenditure |
||||
| a) (Increase) / Decrease in Stocks in Trade |
(12.78) |
(58.67) |
14.06 |
||
| b) Materials Purchased / Consumed |
320.16 |
229.35 |
1039.40 |
||
| c) Power & Fuel Cost |
70.94 |
117.92 |
331.51 |
||
| d) Personnel Cost |
12.60 |
11.32 |
39.89 |
||
| e) Excise Duty |
75.19 |
66.59 |
246.18 |
||
| f) Other Expenditure |
115.39 |
102.07 |
410.15 |
||
| 4 |
Interest & Finance Charges |
91.55 |
80.24 |
366.93 |
|
| 5 |
Depreciation & Deferred Revenue Expenditure |
61.21 |
60.86 |
244.83 |
|
| 6 |
Profit/(Loss) before Extra Ordinary Items (1+2-3-4-5) |
(88.57) |
(108.06) |
(586.19) |
|
| 7 |
Project Prospecting Expenses Written Off |
- |
- |
62.96 |
|
| 8 |
Profit/(Loss) before Tax (6-7) |
(88.57) |
(108.06) |
(649.15) |
|
| 9 |
Provision for Taxation (Net) |
- |
- |
(1.90) |
|
| 10 |
Net Profit/(Loss) (8-9) |
(88.57) |
(108.06) |
(647.25) |
|
| 11 |
Deferred Tax Assets |
30.65 |
204.40 |
||
| 12 |
Net Profit/(Loss) (10-11) |
(57.92) |
(108.06) |
(442.85) |
|
| 13 |
Paid-Up Equity Share Capital (Equity Share of Rs.10/- each) |
685.76 |
685.76 |
685.76 |
|
| 14 |
Reserves excluding Revaluation Reserve |
- |
- |
(77.68) |
|
| 15 |
Basic and Diluted EPS for the period, for the year to date & for the previous year (not annualised) |
(0.84) |
(1.56) |
(6.39) |
|
| 16 |
Aggregate of Non promoter shareholding |
||||
|
No. of shares |
- |
315487804 |
||
|
Percentage of shareholding |
|
45.55 |
||
|
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 is under construction 3. The Company has provided interest on the term loans based on the restructuring
scheme 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 restructuring scheme, 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 28th September, 2001 for such reduction/conversion, but
effect thereof will be given on receipt of requisite approval from Hon'ble
Calcutta High Court 5.The deferred tax assets has been recognised as per computation made
in accordance with the Accounting Standard 22 "Accounting for taxes on
Income" issued by The Institute of Chartered Accountants of India. 6. The Company has only one reportable segment namely Iron & Steel
products in line with Accounting Standard 17 issued by the Institute of
Chartered Accountants of India. 7. The auditors in their report on the Company's Accounts for the year
ended 31st March, 2002 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 these loans, advances, investments, etc. are recoverable.
8. The EPS computation is in accordance with the Accounting Standard
20 issued by the Institute of Chartered Accountants of India. 9. Previous period figures have been regrouped/rearranged wherever necessary.
10. The above un-audited results were reviewed by the Audit Committee at its meeting held on 31st July, 2002 and taken on record by the Board of Directors at its meeting held on that date. |
| Place : Mumbai Date : 31st July, 2002 Top |
For & on behalf of the Board Anil Sureka Director (Finance) & Secretary |