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Notes:
1) The above results have been reviewed by the Audit Committee
and taken on record by the Board of Directors at their
respective meetings held on 13th August, 2005.
2) At their meeting held on 19th February 2005, the Board of
Directors had decided to extend the accounting year till 30th
June 2005. Accordingly the accounts have been prepared for the
fifteen months period.
3) During the quarter the Company has sold the Power Unit
Plant(PUP) at Pithampur and Power Product Division(PPD) at Hosur,
on a going concern basis, to AVTEC Limited. The company is
holding 49% of the equity share capital of AVTEC Limited as on
30th June 2005.
4) Other Income for the quarter and fifteen months period ended
30.06.05 includes Rs.190.42 crores on account of profit on sale
of PUP & PPD divisions as well as divestment of shares in AVTEC
Limited.
5) The current position with respect to accounting policies
relating to the matters referred to by the Auditors of the
company in their report for the year ending 31.03.04 are as
follows –
- Leave Liability, Gratuity provision and future payments
under Voluntary Early Retirement Scheme aggregating to
Rs.29.32 crores have been provided for in the accounts in
compliance with AS 15.
- The Company has switched over to the Cenvat exclusive
method of accounting consistent with Accounting Standard 2.
Hence the figures for the twelve month period ended
31.3.2005 have been adjusted to the extent of Rs.8.88Crores
to give effect to the above change in the basis of
accounting.
- In view of the provisions of Accounting Standard 22 and
as a measure of prudent accounting, Deferred tax asset of
Rs.41.29 crores accounted for in earlier years has been
written off.
- No provision has been considered necessary in respect of
certain doubtful debts, claims and advances, as the company
is hopeful of recovering these amounts.
6) There is no Income tax liability till 31st March 2005. Tax
liability, if any for the period 1st April to 30th June 2005
with respect to operating results and short/long term capital
gain will be determined and provided for at the end of the year
ending 31st March 2006.
7) Prior period figures have been re-grouped/rearranged,
wherever necessary.
8) Number of Investor complaints : i) Pending at the beginning
of this quarter – 0, ii) Received during the quarter – 55, iii)
Disposed off during the quarter – 47, iv) Lying unresolved at
the end of the quarter – 8.
9) The consolidated financial results as indicated in the above
table includes Hindustan Motors Limited and its three wholly
owned subsidiaries.
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