| NOTES |
| 1. |
Mark-to-market loss recognised in respect of outstanding derivative contracts is Rs 4.08 crores. (Previous year Rs 5.11 crores) |
| 2. |
The Company's Spun Pipes and Foundries Unit continues to be under suspension of work (effective 2nd May, 2008). |
| 3. |
| a. |
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. |
| b. |
The Company had to declare suspension of work at the unit effective 8th December, 2010 in consequence of illegal strike/activities by workmen. |
|
| 4. |
During the year, the Company has recognised deferred tax assets on business losses to the extent of deferred tax liability. |
| 5. |
Claims have been lodged with the insurers on account of flood damage against losses to stock, equipment and loss of profit at a Birla Tyres (Uttarakhand) Unit of the Company. On a prudential basis, aggregate claims amounting to Rs. 38.01 Crores has been recognised in these Accounts. Against these claims, an amount of Rs. 12.58 Crores has already been realised and Rs 7.29 crores is realisable against confirmed orders for salvage. The balance amount of claim is being processed by the insurers for settlement. The Auditors, in their Report, have commented upon the appropriateness of the recognition of the claim. The Management is of the view that it has also kept in mind the consideration of prudence in recognising the income. |
| 6. |
The Company has initiated legal action against an erstwhile management official and others in respect of certain transactions in one of its Units. A detailed follow up investigation in the matter has also been commissioned by the Company. The investigation being on going and the matter being sub judice, resulting adjustments and related disclosures, if any, that may be required, cannot be readily ascertained at this stage. Consequently, the Auditor's obervations relating to adjustments and related disclosures that may be required in these Financial Statements can be addressed only after the investigation is complete. |
| 7. |
The results for the quarter ended 31st March, 2012 are derived figure arrived at by subtracting the results for the nine months ended on 31st December 2011 from the audited results for the year ended 31st March, 2012. |
| 8. |
The time frame for completion of expansion of 80 MT/day capacity of the car radial project at Balasore and 85 MT/day capacity of truck radial tyre project at Uttarakhand are being extended to second half of 2012-13. |
| 9. |
Statement of Assets and Liabilities
as at 31st March, 2012 |
|
Rs. / Crores |
| |
|
|
|
| Particulars |
Current
accounting
year ended
31-03-2012
(Audited) |
Previous
accounting
year ended
31-03-2011
(Audited) |
| |
|
|
|
| A |
EQUITY AND LIABILITIES |
|
|
| |
|
|
|
| 1. |
Shareholders' funds |
|
|
| |
| a. |
Share capital |
| b. |
Reserves and surplus |
| c. |
Money received against share warrants |
|
|
|
| |
Sub-total - Shareholders' funds |
915.00 |
1,300.25 |
| |
|
|
|
| 2. |
Share application money pending allotment |
- |
- |
| |
|
|
|
| 3. |
Non-current liabilities |
|
|
| |
| a. |
Long-term borrowings |
| b. |
Deferred tax liabilities (net) |
| c. |
Other long-term liabilities |
| d. |
Long-term provisions |
|
|
|
| |
Sub-total - Non-current liabilities |
2,812.98 |
2,134.78 |
| |
|
|
|
| 4. |
Current Liabilities |
|
|
| |
| a. |
Short-term borrowings |
| b. |
Trade payables |
| c. |
Other current liabilities |
| d. |
Short-term provisions |
|
| 1,349.57 |
| 527.85 |
| 845.74 |
| 71.57 |
|
| 1,474.19 |
| 549.74 |
| 949.64 |
| 47.32 |
|
| |
Sub-total - Current liabilities |
2,794.73 |
3,020.89 |
| |
TOTAL - EQUITY AND LIABILITIES |
6,522.71 |
6,455.92 |
| |
|
|
|
| B |
ASSETS |
|
|
| 1. |
Non-current Assets |
|
|
| |
| a. |
Fixed assets |
| b. |
Non-current investments |
| c. |
Deferred tax assets (net) |
| d. |
Long-term loans and advances |
| e. |
Other non-current assets |
|
| 4,210.73 |
| 66.36 |
| - |
| 156.23 |
| 2.21 |
|
| 3,946.35 |
| 65.82 |
| - |
| 270.79 |
| 1.89 |
|
| |
Sub-total - Non-current assets |
4,435.53 |
4,284.85 |
| |
|
|
|
| 2. |
Current assets |
|
|
| |
| a. |
Current investments |
| b. |
Inventories |
| c. |
Trade receivables |
| d. |
Cash and cash equivalents |
| e. |
Short-term loans and advances |
| f. |
Other current assets |
|
| |
| 995.16 |
| 672.44 |
| 69.59 |
| 311.73 |
| 38.26 |
|
| |
| 1,118.55 |
| 630.20 |
| 72.89 |
| 336.52 |
| 12.91 |
|
| |
Sub-total - Current assets |
2,087.18 |
2,171.07 |
| |
TOTAL - ASSETS |
6,522.71 |
6,455.92 |
|
| |
|
| 10. |
The Board has recommended, subject to approval of shareholders, payment of dividend @ Rs. 1.00 per share for the year ended 31st March, 2012 (Previous year @ Rs. 5.50 per share). |
| 11. |
The financial statements have been prepared as per the Revised Schedule VI to the Companies Act,1956 which had a significant impact on presentation. Comparative figures have been regrouped or rearranged where considered necessary. |
| |
|
| |
By Order of the Board |
| |
|
| |
Place : Kolkata
Date : 28th April, 2012 |
K. C. Jain
Whole-time Director |
| |
|
|
| Note |
|
| |
The register of members of the Company will remain closed from 30-06-2012 to 11-07-2012 (both days inclusive) for purpose of payment of dividend. |
