Unaudited financial results for the quarter and the half year ended 30th September, 2003

Notes:

1. Figures for the corresponding quarter/half-year have been rearranged and regrouped wherever necessary.


2. Extraordinary/ Non-recurring items for the quarter and the half-year ended 30th September, 2003 comprise:




	QUARTER ENDED		HALF YEAR ENDED
	30.09.2003	30.09.2002	30.09.2003	30.09.2002
Exgratia payment under Voluntary retirement scheme	175.30	157.07	400.19	309.38
Compensation under Early Separation Scheme (E.S.S.)	63.93	28.85	377.36	55.39
Gratuity to employees separated under E.S.S.	22.25	42.56	38.00	42.56




3. (a) Consequent to introduction of Accounting Standard (AS) - 26 issued by the Institute of Chartered Accountants of India (ICAI) effective from 1st April, 2003, unamortised balance of VRS as on 31st March, 2003 Rs. 3454.12 Lakhs, for which options were exercised by the employees prior to 1st April 2003, Company's accounting policy of amortising thereof over the period, limited to ten years, for which benefit accrues, continues to be followed.
   
   In respect of VRS options exercised with effect from 1st April 2003 liability (Rs.49.60 lakhs) is expensed when incurred
   
   (b) Similarly payments towards ESS commitments for which options have been exercised by the employees prior to 1st April 2003 (commitments as on 31st March 2003 Rs. 1547.49lakhs) are charged over a period limited to ten years form the date of separation, for which benefit accrues.
   
   In respect of ESS options exercised with effect from 1st April 2003 (amount committed Rs.580.03 lakhs), the estimated present value of which amounts to Rs.276.86 lakhs, is recognised and charged as and when incurred.
   
   (c) Additional charge for the quarter and the half year ended 30th September 2003, in view of above is Rs. 7.67 lakhs and Rs 317.67 lakhs respectively, but for which the net profit r the quarter and the half year ended 30th September 2003 would have been Rs 610.42 lakhs and Rs 1222.62 lakhs respectively.
   
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 30th September 2003 arising mainly out of unabsorbed tax depreciation, carried forward tax losses etc., have not been considered for the purpose 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. Total number of investors complaints pending at the beginning of the quarter : NIL, Received during the quarter : 7, disposed of : 7 and pending at the end of the quarter : NIL.


7. The above result were reviewed by the Audit Committee and thereafter approved at the meeting of the Board of Directors held on 31st of October, 2003. The Company's uditors have carried out a limited review of the Financial Results for the quarter/half-year ended 30th September, 2003 in compliance with Clause 41 of the Listing Agreement.

By. Order of the Board
B L Raina
Managing Director