1. The Government of India is yet to notify final subsidy on fertilisers for March, 2009 and hence the amount of subsidy is accounted for on the basis of provisional figures/ estimate as per the subsidy policy.

2. Exceptional items for the quarter represent Rs 16.48 lacs towards amortisation VRS Compensation paid.

3. The Accounting Standard 11 on Effects of Changes in Foreign Exchange rates has been amended vide Companies (Accounting Standards) Amendment Rules, 2009 giving an option to the Company to capitalise the effect of foreign currency translation/ variance pertaining to borrowings related to acquisition of Fixed Assets. The Company has exercised the option & accordingly adjusted exchange loss in the cost of Fixed Assets during the year. This hitherto was debited to Profit & Loss Account. Also, exchange gain pertaining to preceding financial year has been adjusted in the cost of Fixed Assets & debited to General Reserve. Correspondingly, profit for the year as well as current quarter is higher by RS 1,952.28 lacs. Fixed Assets/ capital work-in-progress & reserves are also higher by an amount of Rs 1,333.04 lacs after adjusting a gain of Rs 619.24 lacs of the preceding financial year.

4. The Board of Directors has recommended dividend of 40% i.e. Rs 4.00 (Previous year Rs 3.50) per share on Equity Shares (face value of Rs 10 each) of the Company for the year ended March 31, 2009.

5. Previous year´s figures have been regrouped wherever necessary to conform to current year´s figures.

6. The above audited results were reviewed by the Audit Committee. The Board of Directors at its meeting held on May 20, 2009 approved the same.

S C Mehta
Vice Chairman & Managing Director