April 29, 2005

Audited financial results for the year ended 31 March, 2005

(Rs. in Lakhs)

Sr.
No
.

Particulars

Nine months
ended
31.12.2004

Quarter
ended
31.03.2005

Quarter
ended
31.03.2004

Year
ended
31.03.2005

Previous
Year ended
31.03.2004

(Unaudited)

(Unaudited)

(Unaudited)

(Audited)

(Audited)

1

Sales/Income from Operations

8933

4458

2951

13391

9736

Deduct : Excise Duty

1123

579

330

1702

1078

2

Net Sales/Income from Operations

7810

3879

2621

11689

8658

3

Export Benefits(DEPB Licence)

109

11

65

120

275

4

Other Income

357

177

281

534

419

5

Total Income

8276

4067

2967

12343

9352

6

Total Expenditure

7283

3752

2599

11035

8187

a) Increase/decrease in stock in trade

(-)704

171

174

(-)533

(-)316

b) Consumption of raw materials

3139

1873

651

5012

2385

c) Purchase of semi-finished products

1092

232

463

1324

1140

d) Consumption of Stores

513

271

212

784

768

e) Staff Cost

1519

582

552

2101

1973

f) Power & Fuel

1036

412

300

1448

1331

g) Excise Duty (Net of recovery)

22

(-)4

(-)30

18

12

h) Other Expenses

666

315

277

981

894

i)Deduct:Transfer of expenditure to capital & other account

-

(-)100

-

(-) 100

-

7

Profit Before Interest,Depreciation & Tax

993

315

368

1308

1165

8

Interest(Net of capitalisation)

61

40

13

101

81

9

Profit after Interest but before Depreciation & Tax

932

275

355

1207

1084

10

Depreciation

283

136

107

419

424

11

Profit Before Tax & Exceptional items

649

139

248

788

660

12

Exceptional items-

a) Income from Sale of Investment

148

-

4

148

109

b) Employee Separation Compensation & Retiral Benefit to Ex-Directors

(-) 64

(-)30

47

(-)94

(-)173

13

Profit Before Taxes

733

109

299

842

596

14

Provision for Taxation

- Current Tax

213

(-)25

73

188

226

- Deferred Tax

-

45

31

45

(-)53

15

Net Profit

520

89

195

609

423

16

Paid-up Equity Share Capital
(Face Value of Rs.10/- per share)

547

547

547

547

547

17

Reserves excluding Revaluation Reserves

2833

2683

18

Basic and diluted Earning per Share(Rs.)

9.50

1.63

3.56

11.12

7.72

19

Aggregate of Non-Promoters Shareholding

a)Number of Shares

2,696,868

2,696,868

2,696,868

2,696,868

2,696,868

b)Percentage of Shareholding

49.28

49.28

49.28

49.28

49.28

Notes:

  1. Figures of corresponding period regrouped where necessary.
  2. The Board has recommended a dividend of 40%, Rs.4/- per equity share for the year ended 31.03.2005 and the Dividend, if approved, will be paid on or after 5.8.2005 to those members whose name appear in the Register of Members as on 16.6.2005
  3. At the Extra-ordinary General Meeting held on 18th August, 2004 the shareholders of the Company approved, subject to confirmation of the Hon'ble High Court of Jharkhand at Ranchi, a scheme of Financial Restructuring for utilisation of the balance of Rs 297.34 lakhs in the Securities Premium Account as at 31.03.2003 for adjustment of the balance in Miscellaneous expenditure (to the extent not written off or adjusted) in respect of Employees Separation Compensation as at 31.03.2003. The Hon'ble High Court, vide its order dated 23rd April, 2004 (the certified copy of which was issued on 19th May, 2004) has confirmed the aforesaid financial restructuring. As the financial statements for the year ended 31st March, 2004 were approved by the Board of Directors at their meeting held on 8th May, 2004, the financial restructuring, as approved by the shareholders has now been given effect to in the accounts for the year ended 31st March, 2005. Accordingly, an amount of Rs 325.54 lakhs representing unamortised Employees Separation Compensation as at 31st March, 2004 (out of the balance as at 31st March, 2003) has been adjusted against Share Premium Account - Rs 208.75 lakhs (net of Deferred Tax adjustment of Rs 116.79 lakhs).
  4. A Mini Blast Furnace (64 cum Capacity) for manufacture of Pig Iron has been installed and commissioned on 1st February,2005. As part of the 1st phase of Modernisation-cum-Expansion programme, the Company has also installed during the year a Rough Grinder, a Grinding Machine and other facilities in Foundry, Machine Shop and Laboratory, which will result in improvements in Quality and productivity.
  5. Total number of investor complaints pending at the beginning of the quarter: Nil, Received:26, Disposed of:25 during the quarter and pending:1 at the end of the quarter.
  6. The Register of Members and Share Transfer books of the company will remain close from 10.6.2005 to 16.6.2005 both days inclusive, in connection with the thirty seventh Annual General Meeting of the Company to be held on 22.7.2005.
  7. The Company primarily operates in one segment i.e. Rolls and there is no other reportable segment as per AS-17.
  8. The above results were reviewed by the Audit Committee on 28.04.05 and approved by the Board of Directors of the Company at their meeting held on 29.04.2005.

Place: Jamshedpur
Dated: 29th April 2005

For Tayo Rolls

(P.C. Srivastava)

Managing Director