| KALYANI
STEELS LIMITED
Regd. Office : Mundhwa, Pune - 411 036
AUDITED FINANCIAL RESULTS
FOR THE YEAR ENDED 31ST
MARCH, 2009
| (Rs.in Lacs) |
| Sr.No.
|
Particulars |
Year
Ended
31st March, 2009
(Audited)
|
Year
Ended
31st March, 2008
(Audited)
|
Consolidated
Results for the Year Ended
31st March,2009
(Audited) |
Consolidated
Results for the Year Ended
31st March,2008
(Audited) |
|
1 |
Sales and Income
from Operations |
118,478.48 |
118,080.91 |
120,534.49 |
120,110.32 |
|
|
Less : Excise
Duty |
20,394.04 |
22,195.45 |
20,394.04 |
22,195.46 |
|
|
a) Net Sales
/ Income from Operations |
98,084.44 |
95,885.46 |
100,140.45 |
97,914.86 |
|
|
b) Other Operating
Income |
1,197.39 |
1,962.89 |
1,228.46 |
1,669.71 |
|
|
Total Income |
99,281.83 |
97,848.35 |
101,368.91 |
99,584.57 |
|
2 |
Total Expenditure |
|
|
|
|
|
|
a) (Increase)
/ Decrease in stock in trade |
1,952.10 |
(3,278.22) |
1,952.10 |
(3,278.22) |
|
|
b) Consumption
of Raw Materials |
59,307.61 |
48,520.44 |
59,541.63 |
48,787.12 |
|
|
c) Conversion
Cost |
7,201.15 |
8,721.51 |
7,729.13 |
9,280.90 |
|
|
d) Purchase of
Traded Goods |
17,399.01 |
21,216.40 |
17,399.02 |
21,216.40 |
| |
e) Employees
Cost |
2,606.75 |
2,558.07 |
3,682.14 |
3,574.59 |
|
|
f) Depreciation |
3,200.14 |
1,941.63 |
3,213.02 |
1,955.53 |
| |
g) Other Expenses |
6,733.90 |
7,287.76 |
6,945.56 |
7,502.85 |
| |
Total Expenditure |
98,400.66 |
86,967.59 |
100,462.60 |
89,039.17 |
|
3 |
Profit from
Operations before Other Income, Interest |
881.17 |
10,880.76 |
906.31 |
10,545.40 |
|
4 |
Other Income |
2,108.53 |
1,478.23 |
2,109.00 |
1,505.94 |
|
5 |
Profit before
Interest |
2,989.70 |
12,358.99 |
3,015.31 |
12,051.34 |
|
6 |
Interest |
2,843.69 |
1,855.84 |
2,844.41 |
1,857.31 |
|
7 |
Profit /
(Loss) from ordinary activities before Tax & Income
from Associates
(See Note No.5 (b)) |
146.01 |
10,503.15 |
170.90 |
10,194.03 |
|
8 |
Income from Associates
(After Tax)
|
- |
- |
0.02 |
1,137.54 |
|
9 |
Profit / (Loss)
before Tax |
146.01 |
10,503.15 |
170.92 |
11,331.57 |
| 10 |
Prior Period
adjustments ((Debit)/Credit) |
- |
0.26 |
(0.01) |
(0.22) |
| 11 |
Tax Expenses |
(184.57) |
2,578.37 |
(187.13) |
2,571.80 |
| 12 |
Net Profit (Loss) |
330.58 |
7,925.04 |
358.04 |
8,759.55 |
|
13 |
Paid-up Equity
Share Capital
(excluding Amount Received on Forfeited Shares) (face value
Rs.10/-) |
4,365.31 |
4,365.31 |
4,365.31 |
4,365.31 |
|
14 |
Reserves excluding
revaluation reserves |
47,208.00 |
46,877.42 |
51,608.07 |
51,916.64 |
| 15 |
Earning Per Share
: (In Rs.) |
|
|
|
|
| |
Basic and diluted |
0.76 |
18.15 |
0.82 |
20.07 |
|
16 |
Public Shareholding |
|
|
|
|
|
|
- Number of Shares
|
19,422,935 |
20,501,610 |
- |
- |
| |
- Percentage
of Shareholding |
44.49% |
46.96% |
- |
- |
| 17 |
Promoters and
Promoter Group Shareholding |
|
|
|
|
| |
a) Pledged /Unencumbered |
- |
- |
- |
- |
| |
b) Non encumbered |
|
|
|
|
| |
- Number of Shares |
24,230,125 |
- |
- |
- |
| |
- Percentage
of shares (as a % of the total shareholding of Promoter and
Promoter Group) |
100.00 % |
- |
- |
- |
|
|
- Percentage
of shares (as a % of the total share capital of the Company)
|
55.51 % |
- |
- |
- |
NOTES :
-
Sale for the year ended 31st March, 2009
includes sale of goods traded in, aggregating Rs.18,907.93
Lacs (Previous Year Rs.22,043.31 Lacs).
-
During the quarter, no Investor Complaint
was received. There were no investor complaints pending for
redressal as at the commencement and end of the quarter.
-
The above results were reviewd by the
Audit Committee and approved by Board of Directors of the
Company at its meeting held on 1st June, 2009.
-
Consolidated financial results include
results of the following companies :
| Name of the Company |
%
Shareholding & Voting Power of Kalyani Steels
Ltd. & Subsidiaries |
Segment |
| Surajmukhi Investment
and Finance Limited |
100
% |
Finance & Investment |
| Chakrapani Investments
and Trades Limited |
100
% |
Finance & Investment |
| Gladiolla Investments
Limited |
100
% |
Finance & Investment |
| Hospet Steels Limited |
50
% |
Others |
| Lord Ganesha Minerals
Private Limited |
50
% |
Others |
| Hikal Limited |
31.36
% |
Others |
| Bharat NRE Coke Limited |
40.00
% |
Others |
| Kalyani Gerdau Steels
Limited |
43.60
% |
Others |
5(a)
|
The above Consolidated
Financial Results include interest in Joint Venture and
Associate Companies and have been prepared in accordance
with Accounting Standard 27 on Financial Reoprting of interest
in Joint Venture and Accounting Standard 23 on Accounting
for Investments in Associates. Accordingly, the interest
in Hospet Steels Limited and Lord Ganesha Minerals Private
Limited as Associate Companies have been incorporated in
the above Consolidated Financial Results. |
| (b)
|
Financial Statements
of Bharat NRE Coke Limited and Hikal Limited have not been
drawn up for the year 31st March, 2009 as yet and therefore
the same are not considered in Consolidated Financial Results.
|
(c)
|
The Company during the
year has made investment in a Joint Venture Company viz.
Kalyani Gerdau Steels Ltd.(KGSL) with its co-venturer Gerdau
S.A. Brazil. Due to delayed inplimentation of the project
over the years, the KGSL has accumalated large debts owing
to cost over runs. The KGSL has since obtained a debt restructuring
package under a Scheme of Arrangement approved by the Honorable
High Court of Judicature of Andhra Pradesh at Hyderabad,
though, with restrictive covenants on free transferability
of funds to its Joint Venturers which became effective on
26th March, 2008. The KGSL continues to make large losses
with low level of capacity utilisation and subminimal yields
resulting to its inabiliy to generate surplus cash from
its operation to meet its debt obligations.
In view of the above and
under the current economic slowdown the management pervieves
severe long term restriction on its ability to transfer
funds to its Joint Venturers. Moreover the Auditor of the
Company have opined that the Financial Statements do not
reflect a true and fair view. Hence the same has not been
consolidated. |
| (d) |
The Statutory Auditors
have opined that the Consolidated Financial Statements do
not reflect a true and fair view considering exclusions
stated in Note 5 (b) and (c) above. |
6. Company's investments in Joint Venture, viz.
Kalyani Mukand Limited has been committed for sale to a third
party, hence the same has not been considered.
7 .Previous year figures have been regrouped
and reclassified wherever necessary.
Segmentwise
Revenue Results
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