(Approved by the Board of Directors on 14th August, 2012 after review thereof by the Audit Committee)
NOTES
1.	Period end mark-to-market losses (net) recognised in respect of outstanding derivative contracts is Rs. 3.37 crores. (Quarter ended 30th June, 2011 - Rs. 4.48 crores and year ended 31st March, 2012 - Rs. 4.08 crores)
2.	The Company's Spun Pipes and Foundries Unit continues to be under suspsension 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.	Claims were lodged with the insurers during the previous Financial Year on account of flood damage against losses to stock, equipment and loss of profit at a Birla Tyres (Uttrakhand) unit of the company. On a prudential basis, aggregate claims amounting to Rs.38.01 crores had been recognised as income in the Company's Financial Statements for the year ended 31st March, 2012. Against these claims, an amount of Rs.16.28 crores have been received to date and Rs.3.59 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 for the Financial Year ended 31st March, 2012, had commented on the appropriateness of the recognition of claim. The same comment has been made in respect of the April-June, 2012 Financial Statements as well. The Company is actively pursuing the pending claim with the insurers for expeditious settlement.
5.	Legal action as initiated by the Company against an erstwhile management official and others in respect of certain transaction in one of the units of the company continues to be sub judice. The company had initiated detailed follow up investigation in the matter which has since been completed indicating no requirement for any adjustments/disclosures.
6.	During the quarter, the Company has recognised deferred tax assets on business losses to the extent of deferred tax liability.
7.	The financial results have been prepared as per the Revised Schedule VI to the Companies Act,1956 which has a significant impact on presentation. Comparative figures have been regrouped or rearranged where considered necessary.
8.	The Statutory Auditors of the Company have carried out the Limited Review of the above unaudited financial results for the quarter ended 30th June, 2012 in terms of Clause 41 of the Listing Agreement.
	By Order of the Board
	Place : Kolkata Date : 14th August, 2012	K. C. Jain Whole-time Director