Regd. Office : 33, Mount Road, Sadar, Nagpur.
UNAUDITED FINANCIAL RESULTS FOR THE THREE MONTHS ENDED 31st December, 2002
	Amount Rs. In Lacs
Particulars	Quarter ended		Year to date		Previous
	December, 31		December, 31		Year ended
	2002	2001	2002	2001	31-03-02
	UNAUDITED		UNAUDITED		AUDITED
Sales/ Income from Operations	11,549	10,233	33,776	29,911	40,648
Cost of Sales	9,450	8,138	27,927	23,594	32,413
a) (Increase)/Decrease in stock in trade	(465)	(116)	(834)	(677)	(1,290)
b) Consumption of raw materials	5,962	4,488	16,106	13,335	18,386
c) Staff cost	409	369	1,180	1,112	1,498
d) Power & Fuel	1,203	1,267	4,379	3,815	5,156
e) Excise duty	1,178	1,116	3,565	3,205	4,429
f) Other expenditure	1,163	1,014	3,531	2,804	4,234
Gross Profit/(Loss)	2,099	2,095	5,849	6,317	8,235
General Administrative Expenses	165	234	541	572	762
Selling Expenses	354	283	1,139	1,003	1,410
Operating Profit before Interest & Depreciation	1,580	1,578	4,169	4,742	6,063
Interest	723	733	2,157	2,311	2,953
Depreciation	641	620	1,923	1,860	2,497
Operating Profit after Interest & Depreciation	216	225	89	571	613
Other Income	10	28	145	142	330
Profit/ (Loss) before tax	226	253	234	713	943
Provision for Taxation	17	15	18	49	62
Net Profit/(Loss)	209	238	216	664	881
Paid-up equity share capital (Face value of Rs.10/-each)	16,220	16,220	16,220	16,220	16,220
Reserves excluding revaluation reserves (as per Balance Sheet) of previous accounting year.					2,458
Basic and Diluted EPS for the period & for the year to date and for the previous year (not to be annualised)	0.13	0.15	0.13	0.41	0.54
Aggregate of Non-Promoter shareholding
- Number shares		96,943,921		96,943,921	96,943,921
- Percentage of Shareholding		59.77%		59.77%	59.77%

Notes:
1. Power and Fuel cost is shown net of wheeled back power.
2. The above results have been taken on record by the Board of Directors at their meeting held on 20/01/2003.
3. The Company has only one line of product viz. Rolled product and it is managed organisationally as a single unit. Therefore no separate segment is identifiable as required by Accounting Standard 17 issued by ICAI.
4. The capital employed as on 31st December, 2002 is Rs. 33965 Lacs.
5. The Company has made provision for current taxation undar MAT, for the 9 months at the current rate inforce. The company has deferred tax assets, which is not recognised as a matter of prudence.

For and on behalf of the Board of Directors.

Place:Nagpur
Date:20th January, 2003