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UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2011
     
(Rs. In Lakhs)
 
For the Quarter ended 30.09.2011
(Unaudited)
Corresponding Quarter in the previous year
(Unaudited)
Six months ended 30.09.2011
(Unaudited)
Corresponding Six months in the previous year
(Unaudited)
Year ended March 31 2011
(Audited)
 
( 1 )
( 2 )
( 3 )
( 4 )
( 5 )
         
1. Income          
a) Freight & charter hire
7,251.12
15,405.51
15,567.14
28,626.38
49,142.66
b) Profit on Sale of Ship (s) and other assets (Net)
-
8,907.23
4,951.80
19,743.35
34,542.07
c) Exchange gain / (loss) (refer note 3a)
16,006.26
(1,033.27)
16,165.20
(37.87)
(465.41)
   Total Income
23,257.38
23,279.47
36,684.14
48,331.86
83,219.32
           
2. Expenditure          
a ) Staff cost (ashore and floating)
1,960.35
2,988.38
4,094.9
5,787.03
10,364.15
b ) Bunker cost
689.21
2,812.09
1,293.31
4,466.68
6,773.89
c ) Port expenses
191.15
313.53
367.63
868.45
1,457.15
d ) Stores,Lubes & Victualling
304.16
768.16
821.11
1,644.60
2,696.27
e ) Repairs & Maintenance including cost of
2,067.01
1,994.98
4,859.28
4,873.26
7,067.58
     Spares and Survey
f ) Depreciation
2,526.40
4,638.11
5,800.43
9,780.93
17,789.25
g ) Hire of inchartered ships
1,847.66
3,491.52
4,486.44
5,608.49
12,169.90
h ) Other expenditure
1,141.71
1,521.91
2,254.77
3,161.03
5,992.42
Total
10,727.65
18,528.68
23,977.87
36,190.47
64,310.61
         
3. Profit from Operations before Other
    Income, Interest & Exceptional Items
12,529.73
47,50.79
12,706.27
12,141.39
18,908.71
4. Other Income
4,249.28
797.26
6,763.62
1,303.86
4,374.8
5. Profit before Interest & Exceptional Items
   (3 plus 4)
16,779.01
5,548.05
19,469.89
13,445.25
23,283.51
6. Interest
6,738.97
5,387.57
12,955.14
10,745.10
21,601.31
7.Profit from ordinary activities before tax 
  ( 5 minus 6)
10,040.04
160.48
6,514.75
2,700.15
1,682.20
8. Tax expense          
   Current Tax (refer note 5)
-
183.2
-
368.00
335.24
   (Excess)/short provision of income tax for
  prior years
-
(80.27)
-
(80.27)
(127.81)
9. Net Profit from Ordinary Activities after
     tax
10,040.04
57.55
6,514.75
2,412.42
1,474.77
10. Paid- up equity share capital
     (face value Rs.10/-)
15,000.78
15,000.78
15,000.78
15,000.78
15,000.78
11. Reserves excluding revaluation reserves       -
66,275.10
12. EPS -Basic 6.69 0.04 4.34 1.61 0.98
13. Public shareholding          
    - Number of shares
90,264,155
88,344,985
90,264,155
88,344,985
90,100,350
    - Percentage of shareholding
60.17
58.89
60.17
58.89
60.06
14. Promoters and promoter group Shareholding          
    a) Pledged/Encumbered          
     - Number of shares
16,736,195
23,086,605
16,736,195
23,086,605
16,900,000
     - Percentage of shares (as a % of the total
    shareholding of promoter and promoter
    group)
28.01
37.44
28.01
37.44
28.21
     - Percentage of shares (as a % of the total
    share capital of the company)
11.16
15.39
11.16
15.39
11.27
    a) Non Encumbered          
     - Number of shares
43,007,423
38,576,183
43,007,423
38,576,183
43,007,423
     - Percentage of shares (as a % of the total
    shareholding of promoter and promoter
    group)
71.99
62.56
71.99
62.56
71.79
     - Percentage of shares (as a % of the total
    share capital of the company)
28.67
25.72
28.67
25.72
28.67
             
Note :
1
STATEMENT OF ASSETS AND LIABILITIES Rs in lacs Rs in lacs
Particulars As at
30.09.2011
(Unaudited)		 As at
30.09.2010
(Unaudited)
SHAREHOLDERS' FUNDS
(a) Capital
            15,000.78               15,000.78
(b) Reserves and Surplus
            72,789.85               68,607.48
LOAN FUNDS
          290,024.74             272,682.13
TOTAL
          377,815.37             356,290.39
     
FIXED ASSETS (NET)
          126,418.68             261,315.23
INVESTMENTS
              2,832.19                 2,732.16
FINANCE LEASE RECEIVABLE (NET)           193,729.66               29,589.74
FOREIGN CURRENCY MONETARY ITEM TRANSLATION DIFFERENCE (REFER NOTE 3 b)
              5,946.33
                 (542.68)
     
CURRENT ASSETS, LOANS AND ADVANCES    
(a) Inventories
                 735.09                 1,267.84
(b) Sundry debtors
              6,049.51               11,090.00
(c) Cash and Bank Balances
              2,349.15                 4,098.48
(d) Other Current Assets
              8,133.84                           -  
(e) Loans and Advances
            66,100.43               65,475.84
     
TOTAL
            83,368.02               81,932.16
     
LESS :- CURRENT LIABILITIES AND PROVISIONS
   
(a) Liabilities
            34,174.10               15,904.29
(b) Provisions
                 305.41                 2,831.93
              34,479.51               18,736.22
NET CURRENT ASSETS
            48,888.51               63,195.94
     
TOTAL
          377,815.37             356,290.39

2
During the quarter, Varun Gas Infrastructure Limited, a 100% subsidiary of the company, acquired one LPG Carrier.
3
(a) Exchange gain of Rs 16,006.26 lacs during the quarter, is due to the net exchange gain on revaluation of short term and long term foreign currency monetary assets and liabilities, on account of significant depreciation of Rupee as against US Dollar by 9.3% during the quarter. 

(b) An exchange loss of Rs 5,946.33 lacs on revaluation of  long term foreign currency liability is carried forward for amortising over subsequent two quarters.
Above mentioned accounting treatment is in conformity with Accounting Standard 11 (Revised) issued by The Institute of Chartered Accountant of India and the notification issued by the Ministry of Corporate Affairs.

4
Other income includes interest on finance lease receivable, interest on loans given and management fees earned in respect of ships sold on BBCD basis.
5
Due to uncertain global freight market, significant fluctuations in exchange rate of Rupee vis-à-vis US Dollar, in which freight rates are generally quoted and in view of provisions of the Income Tax Act under which taxable income is determined on an annual basis, it is considered appropriate to make provision for taxation at the end of the year.

6
There were no investor complaints pending as on June 30, 2011. 66 investor complaints were received during the quarter and 66 complaints were disposed off during the quarter. Hence no complaints remained unresolved on September 30, 2011.
7
The Company is engaged primarily in shipping business and there are no separate reportable segments as per Accounting Standard 17.
8
Figures for the previous accounting periods have been regrouped wherever necessary.
9
The above results have been reviewed by Audit Committee at its meeting held on November 14, 2011 and have been approved by the Board of Directors of the Company at its meeting held on November 14, 2011.