(Approved by the Board of Directors on 7-11-2012
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. 3.39 crores. (Half year ended 30th September, 2011- Rs. 9.95 crores and year ended 31st March, 2012 - Rs. 4.08 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. With regard to the Auditors comment on the recognition of insurance claim receivable for the year ended 31st March, 2012 and the quarter ended 30th June, 2012, the Company during the current quarter have charged an amount of Rs. 16.61 crores to the Statement of Profit and Loss on a prudent basis.
5. During the quarter, the Company has recognised deferred tax assets on business losses to the extent of deferred tax liability.
6. 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.
7. Statement of Assets and Liabilities
 
Particulars As at
30-09-2012
 As at
31-03-2012
(Unaudited) (Audited)
1. Shareholder's Fund    
(a) Share capital 45.74 45.74
(b) Reserve and surplus 719.18 869.27
    764.92 915.01
       
2. Non Current Liabilities    
(a) Long term Borrowings 2749.96 2755.77
(b) Deferred Tax liabilities (net) 28.61 57.21
    2,778.57 2,812.98
       
3. Current Liabilities    
(a) Short term borrowings 1,559.79 1,349.57
(b) Trade Payables 555.22 483.40
(c) Other Current Liabilities 787.62 890.19
(d) Short Term Provision 75.33 71.56
    2,977.96 2,794.72
       
  TOTAL 6,521.45 6,522.71
       
1. Non Current Assets    
(a) Fixed Assets    
  (i) Tangible Assets 3,555.71 3,584.74
  (ii) Intangible Assets 1.82 2.11
  (iii) Capital work in Progress 646.20 623.52
  (iv) Intangible asset under development - 0.36
    4,203.73 4,210.73
       
(b) Non Current Investment 66.36 66.36
(c) Long Term Loans and Advances 187.41 156.23
(d) Other Non Current Assets 0.77 2.21
       
2. Current Assets    
(a) Inventories 956.95 995.16
(b) Trade Receivables 753.44 672.44
(c) Cash and Bank Balances 77.65 69.59
(d) Short Term Loans and Advances 256.10 311.73
(e) Other Current Assets 19.04 38.26
    2,063.18 2,087.18
       
  TOTAL 6,521.45 6,522.71
   
8. The Company is going for a rights issue for an aggregate amount not exceeding more than Rs. 500 crores and is in the process of filing the draft letter of offer with the SEBI.
9. 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, 2012 in terms of Clause 41 of the Listing Agreement.
   
   
  By Order of the Board
   
  Place : Kolkata
Date : 7th November, 2012		 K. C. Jain
Whole-time Director