Audited financial results for the year ended March 31st, 2004

Notes:

1. Figures for the previous years have been regrouped wherever necessary.
   
2. Net Sales/Income from Operation includes:





[Rs./Lakhs]
2. Net Sales/Income from Operation includes:	Year ended	Year ended
	31.3.2004	31.3.2003
(a) Conversion Charges	10673.46	10372.18
(b) Excise Duty on Sales	2794.82	1875.85
	13,468.28	12,248.03




3. (a) Consequent upon introduction of Accounting Standard (AS) 26 issued by the the Institute of Chatered Accountants of India (ICAI) effective from 1st April 2003,. compensation paid /payable w.e.f 1st April 2003 under VRS/ESS was recognised and charged as and when incurred till 31st December 2003. However, with regard to such items incurred prior to 1.4.2003, the Company's accounting policy of amortising thereof, over the period, limited to 10 years, continued to be followed.
   
   Pursuant to Limited Revision to AS 26 announced in March 2004, it has now been decided to apply the policy of amortising VRS/ESS compensation paid/payable ended 31st December 2003 has now been reversed during the quarter ended 31st March 2004
   
   (b) Extraordinary/ Non-recurring items comprise:



		[Rs./Lakhs]
Particulars	Year ended	Year ended
	31.3.2004	31.3.2003
Amortisation of compensation under VRS/ESS	996.48	775.89
Gratuity to employees separated under ESS	106.14	147.90
Others	34.38	4.38
Total	1,137.00	928.17




4. (a) No provision for income tax (current taxation ) has been considered necessary in view of carry forward losses /unabsorbed depreciation.
   
   (b) Net deferred tax assets as at 31st March 2004 arising mainly out of unabsorbed tax depreciation , carried forward tax losses etc., have not been considered for the urpose of compilation of these results as a measure of prudence in keeping with Accounting Standard (AS) - 22 issued by ICAI.
   
5. The Company's operations predominantly is manufacture of Electrolytic Tinplate, in course of which certain intermediate product ,namely, Full Hard Cold - Rolled coils in small quantity are also produced and marketed. The Company is managed organizationally as a unified entity catering predominantly to the domestic market along with export to a few countries with similar economic environment and, therefore, according to the mangement, this is a single segment company as envisaged in AS-17 issued by ICAI.
   
6. Pursuant to Shareholders' approval at the Annual General Meeting held on 26th July, 2003, and subsequent sanction of the Hon'ble Calcutta High Court, vide its order dated 8th December 2003, the Company has utilised the Share Premium Account balance of Rs. 7483.61 lakhs as at 31st March, 2003, for setting off against the accumulated losses of Rs. 14037.23 lakhs as per the Profit and Loss Account (Net of General Reserve balance of Rs. 1157.47 lakhs) lying in the books of the Company as on 31st March, 2003.
   
7. Total number of investors complaints pending at the beginning of the quarter : 2, Received during the quarter : 5, disposed of : 6 and pending at the end of the quarter ended 31st March 2004 : 1.
8. The above results were reviewed by the Audit Committee and thereafter approved at the meeting of the Board of Directors held on 3rd of May, 2004

By. Order of the Board
B L Raina
Managing Director