UNAUDITED FINANCIAL RESULTS FOR THE QUARTER & HALF YEAR ENDED 30TH SEPTEMBER 2010

(Rs.in crores)
    QUARTER ENDED SIX MONTHS  ENDED PERIOD  ENDED
    REVIEWED REVIEWED REVIEWED REVIEWED 6 Months Audited
  Particulars 30.09.10 30.09.09 30.09.10 30.09.09 31.03.10
1 Gross Sales 78.72 75.29 159.08 161.84 228.38
  Less: Excise Duty 7.19 5.36 14.23 8.76 17.51
  Net Sales 71.53 69.93 144.85 153.08 210.87
2 Other operating Income                                                   1.80 3.32 1.53 6.93 3.62
3 Total Income  73.33 73.25 146.38 160.01 214.49
4 Expenditure          
  a)  (Increase) / Decrease in Stock in trade and work in progress (30.62) (20.06) (73.97) (18.08) 14.91
  b)  Consumption of Raw Materials        80.22 56.79 163.19 98.34 117.81
  c)  Power & Fuel 9.17 9.82 18.38 19.33 18.44
  d)  Employees Cost 3.40 2.75 6.81 6.02 6.00
  e) Depreciation 0.70 0.77 1.48 1.57 8.62
  f) Other Expenditures 12.43 10.18 27.18 20.06 23.17
  g) Total 75.30 60.25 143.07 127.24 188.95
5 Profit(loss) from operations before other income (1.97) 13.00 3.31 32.77 25.54
  & interest        
6 Other Income                                                   0.00 0.00 0.02 0.01 0.01
7 Profit(loss) before interest (1.97) 13.00 3.33 32.78 25.55
8 Interest & financial charges 1.80           1.55 3.21 3.28 3.22
9 Profit(loss)after interest  (3.77) 11.45 0.12 29.50 22.33
10 Tax expense 0.01           0.01 0.01 0.02 0.01
11 Net Profit/ (Loss) from ordinary activities after tax (3.78) 11.44 0.11 29.48 22.32
12 Extraordinary Income 0.00 0.42 0.00 0.42 (14.03)
13 Net Profit/ (Loss) for the period (3.78) 11.86 0.11 29.90 8.29
14 Paid-up Equity Share Capital (Rs.10 per share) 71.14 71.14 71.14 71.14 71.14
15 Reserves excluding Revaluation Reserves          ---          ---          ---          ---          ---
16 Earning Per Share (Rs.) - Basic &  Diluted(not annualised)          
  a) before extraordinary items (0.53) 1.61 0.02 4.14 3.14
  b) after extraordinary items (0.53) 1.67 0.02 4.20 1.16
17 Public Shareholding          
  -  Number of Shares  30411646 30412096 30411646 30412096 30412096
  - Percentage of  Shareholding             42.76 42.76 42.76 42.76 42.76
18 Promoters and Promoter Group Shareholding:        
  (I) Pledged/ Encumbered        
  -   Number of Shares 15125000 15125000 15125000 15125000 15125000
  -   Percentage of Shares (as a % of the total shareholding of  37.15 37.15 37.15 37.15 37.15
       Promoter & Promoter Group)          
  -   Pcercentage of Shares ( as a % of the total share capital  21.26 21.26 21.26 21.26 21.26
       of the company          
  (ii) Non-encumbered          
  -   Number of Shares 25596475 25596025 25596475 25596025 25596025
  -   Percentage of Shares (as a % of the total shareholding of  62.85 62.85 62.85 62.85 62.85
       Promoter & Promoter Group)          
  -   Pcercentage of Shares ( as a % of the total share capital  of the company 35.98 35.98 35.98 35.98 35.98
    
 STATEMENT OF ASSETS AND LIABILITIES 
 (Rs.in crores)
  Particulars     As at  As at  As at
        30.09.2010 30.09.2009 31.03.2010
  SOURCES OF FUNDS          
  Shareholders' Funds          
   a)Share Capital     71.14 71.14 71.14
   b)Reserves & Surplus     74.62 82.18 78.39
  Loan Funds     92.73 61.38 53.06
  Total     238.49 214.70 202.59
  Fixed Assets     100.78 114.34 102.43
  Current Assets, Loans & Advances          
   a)Inventories     122.06 73.91 85.69
   b)Sundry Debtors     10.51 10.97 15.05
   c)Cash & Bank Balances     8.01 5.50 6.36
   d)Loans & Advances     4.29 19.74 9.17
  Less : Current Liabilities & Provisions          
   a)Current Liabilities       79.30 90.30 88.35
   b)Provisions     0.01 0.01 0.02
  Profit & Loss Account       72.15 80.55 72.26
  Total     238.49 214.70 202.59
 

Notes:

  1. Since the company has carried forward losses, the deferred tax assets  have not been recognised considering the principle of virtual certainity as  stated in the AS-22 Accounting for Taxes on Income.
  2. During  the current quarter,  the company has Exchange gain of Rs.0.96 Crores as against  Exchange gain of Rs. 2.75 Crores in the correspending quarter .
  3. During the quarter 21  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 on12th Nov.2010.
 
Dated: 12th NOV.2010
Place :New Delhi 		 Vineet Jain
Managing Director