NOTES :
1. Sales are inclusive of Excise duty.
2. The Company's Spun Pipes and Foundries Unit continues to be under suspension of work (effective 2nd May, 2008).
3. a. Provision for current tax for the quarter / half year ended 30th September, 2009 is net of MAT credit of Rs. 1100.00 lakhs, as the Company is confident to generate sufficient taxable income in the next few years available for set off of the aforesaid credit within the stipulated time.
b. Provision for Current Tax for the half year ended 30th September, 2008 is net of Rs. 2142.72 lakhs (Rs. Nil for the quarter ended 30th September, 2008 ) being excess provision for earlier years written back.
4. Exchange difference (being loss of Rs.1634.95 lakhs ) on foreign currency loans relating to acquisition of depreciable fixed assets for the half year ended 30th September, 2008 (including loss of Rs.961.15 lakhs for the quarter ended 30th September, 2008) was expensed and included under "Other Expenditure" {item 2(i) on page 1}. However, consequent to exercise of the option, in terms of the Notification No.G.S.R. 225(E) dated 31st March, 2009 issued by the Ministry of Corporate Affairs, in the Annual Accounts of 2008-09, such exchange difference have been adjusted to the carrying amount of depreciable fixed assets. As a result of this, profit for the quarter ended 30th September, 2009 is higher by Rs.114.26 lakhs and for the half year ended 30th September, 2009 is lower by Rs. 315.69 lakhs.
5. Period - end mark-to-market loss recognized in respect of outstanding derivative contracts is Rs.273.24 lacs. (30-06-09- Rs. 608.55 lakhs, 31-03-09 -Rs.1736.12 lakhs).
6. Cement plant (with production capacity of 1.65 million tons) at Company's Vasavadatta Cement Unit commenced commercial production on 7th August, 2009. The related clinker plant commenced commercial production on 1st June, 2009.
7. Pending disposal (consented by the shareholders in March, 2006) of the Company's Hindusthan Heavy Chemicals Unit, the revenue / expenses of the unit (insignificant in terms of the Company's total revenue / expenses) have been and will be included in these and subsequent results till its disposal.
8. Pursuant to a Scheme of Amalgamation sanctioned by the High Court at Calcutta, Bulland Buildmart Private Limited, a wholly owned subsidiary of the Company is amalgamated with the Company with retrospective effect from 1st October, 2008. The scheme has been given effect in the books of account of the Company on receipt / filing of the related High Court Order dated 14th July, 2009 and it has no impact on the financial results of the Company for the quarter / half year ended 30th September, 2009.
9. The number of investor complaints received, disposed off and lying unresolved at the quarter ended 30th September, 2009 are as under :
Pending at the beginning of the quarter - Nil
Received during the quarter - 57
Disposed off during the quarter - 57
Lying unresolved at the end of quarter - Nil
10.a. Board approved an investment of Rs.350 Crores for further expansion of tyre capacity at Uttarakhand by 85 MT per day.
b. Motor cycle tyre project in Uttarakhand with production capacity of 95 MT / day is being implemented, of which a part of production capacity (20 MT / day) commenced commercial production in October, 2009 and the balance capacity is expected to come up in phases by March, 2010.
11. The Board of Directors in its meeting of 30th October, 2009 declared interim dividend at the rate of Rs.2.25 per share.
12. Comparative figures have been regrouped or rearranged where considered necessary.
13. The Statutory Auditors of the Company have carried out the limited review of the above unaudited financial results for the quarter and half year ended 30th September, 2009 in terms of Clause 41 of the Listing Agreement.
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By Order of the Board |
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Place : Kolkata
Date : 30th October, 2009 |
B. K. Birla
Chairman |
