Scripscan:Sadhana Nitro Chem Ltd
cmp:17
Code:506642
Premiuminvestment says:Sadhana Nitro Chemical is engaged in the manufacture of Nitrobenzene, its downstream derivatives and other intermediates for various applications in aerospace, pharma and agro and various other industries. It recently set up a 100% subsidiary in Belgium.This Govt recognized 2-Star Golden export house did well for Q3FY12 but that has got more to do with accounting adjustment. The company which had a loss in Q2FY12 and so also in Q2FY11, showed a net profit of Rs.1.28 crore for current Q3. This is thanks to the forex loss of Rs.1.20 crore being transferred to the Foreign Currency Monetary Items Translation difference account to be amortised.This led to the net profit going up by 1.48 crore, which is more than the net profit of Rs.1.28 crore it reported. So this means, it would have actually ended this quarter too in a net loss! So this is exactly how the new amendment to the AS-11 is being misused! Well, nothing really exciting in terms of numbers for anyone in this company.
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