AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH 2011

      (Rs.in crores)
  Particulars    
    31.03.11 31.03.10 (6 Months)
    Audited Audited
1 Gross Sales 423.23 228.38
  Less: Excise Duty 36.66 17.51
  Net Sales 386.57 210.87
2 Other Operating Income                                                   3.04 3.62
3 Total Income  389.61 214.49
4 Expenditure    
  a)  (Increase) / Decrease in Stock in trade and work in progress (41.19) 14.91
  b)  Consumption of Raw Materials        311.09 117.81
  c)  Power & Fuel 38.56 18.44
  d)  Employees Cost 14.64 6.00
  e) Depreciation 2.85 8.62
  f) Other Expenditures 50.30 23.17
  g) Total 376.25 188.95
5 Profit(loss) from operations before other income 13.36 25.54
  & interest    
6 Other Income                                                   0.02 0.01
7 Profit(loss) before interest 13.38 25.55
8 Interest & financial charges 7.03 3.22
9 Profit(loss)after interest  6.35 22.33
10 Tax expense 0.02 0.01
11 Minimum alternate tax(MAT) 0.09        -
12 MAT Credit Entitlement (0.09)  
13 Net Profit/ (Loss) from ordinary activities after tax 6.33 22.32
14 Extraordinary Income/(Expense) (5.85) (14.03)
15 Net Profit/ (Loss) for the period 0.48 8.29
16 Paid-up Equity Share Capital (Rs.10 per share) 71.14 71.14
17 Reserves excluding Revaluation Reserves          ---          ---
18 Earning Per Share (Rs.) - Basic &  Diluted(not annualised)    
  a) before extraordinary items 0.89 3.14
  b) after extraordinary items 0.07 1.18
19 Public Shareholding    
  -  Number of Shares  30411016 30412096
  - Percentage of  Shareholding             42.75 42.76
20 Promoters and Promoter Group Shareholding:    
  (I) Pledged/ Encumbered    
  -   Number of Shares 15125000 15125000
  -   Percentage of Shares (as a % of the total shareholding of  37.15 37.15
       Promoter & Promoter Group)    
  -   Percentage of Shares ( as a % of the total share capital  21.26 21.26
       of the company)    
  (ii) Non-encumbered    
  -   Number of Shares 25597105 25596025
  -   Percentage of Shares (as a % of the total shareholding of  62.85 62.85
       Promoter & Promoter Group)    
  -   Percentage of Shares ( as a % of the total share capital  35.99 35.98
       of the company)    
     
AUDITED STATEMENT OF ASSETS AND LIABILITIES 
(Rs.in crores)
  Particulars As at  As at 
    31.03.2011 31.03.2010
  SOURCES OF FUNDS    
  Shareholders' Funds    
  Share Capital 71.14 71.14
  Reserves & Surplus 70.90 78.39
  Loan Funds 75.93 53.06
  Total 217.97 202.59
  Fixed Assets 106.36 102.43
  Current Assets, Loans & Advances    
  Inventories 116.95 85.69
  Sundry Debtors 13.58 15.05
  Cash & Bank Balances 8.58 6.36
  Loans & Advances 8.05 9.17
  Less : Current Liabilities & Provisions    
  Current Liabilities 107.23 88.35
  Provisions 0.11 0.02
  Net Current Assets 39.82 27.90
  Profit & Loss Account 71.79 72.26
  Total 217.97 202.59
 
 

Notes:

  1. 1 Extraordinary Expenses includes extra charge of depreciation of Rs.4.70 Crores due to change in method of depreciation on certain assets.
  2. Since the company has carried forward losses, the deferred tax assets  (Rs.20.15 crore) have not been recognised considering the principle of virtual certainity as  stated in the AS-22 Accounting for Taxes on Income.
  3. During the quarter 9 investor complaints  were  received, which were resolved by the company. 
  4. Figures have been regrouped wherever considered necessary.
  5. These results have been taken on record by the Board of Directors at the meeting held on 10th  May 2011
  
Dated: 10th May 2011
Place :New Delhi		     Vineet Jain
Managing Director