1. The above audited financial results for the year ended September 30, 2008 were approved in the meeting of the Board of Directors held on November 28, 2008 after being reviewed and recommended by the Audit Committee.

2. The working result of sugar segment during the year was adversely affected due to surplus availability of Sugar on account of higher carryover of stocks coupled with more than average production, which led to decline in sugar prices, both in domestic & international markets.

3. "The Company, in compliance of the interim order passed by the Hon´ble High Court of Allahabad (Lucknow Bench) on the November 15, 2007, has paid a price of Rs 110/- per quintal for sugar cane purchased and accordingly accounted for the liability for sugar season 07-08. However, The High Court Of Allahabad, by a subsequent order dated July 07, 2008, upheld the validity of SAP of Rs 125 per quintal announced by the State Government. Aggrieved by the said order, the UPSMA filed SLP with Hon´ble Supreme Court of India. Hon´ble Supreme Court, in the interim, upheld the earlier interim order of Hon´ble Allahabad High Court (Lucknow Bench) in that the sugar cane purchased by the sugar mills would continue to be paid for @ Rs 110/- per quintal. In view of the above differential liability, if any, will be accounted as and when the matter is finally settled."

4. Out of 15 lacs warrants, 7.50 lac warrants have been converted into 7.50 lacs equity shares on February 01, 2008 at Rs 100.20 per equity shares as per SEBI formula as laid down in DIP guidelines. All the requisite approvals for listing of these shares have been obtained from BSE & NSE . There are no unutilised funds.

5. Given the seasonal nature of the Industry, the results of any quarter may not be a true and / or proportionate reflection of the annual performance of the Company.

6. Previous period figures have been regrouped and reclassified wherever necessary, for the purpose of comparison.

Gautam R Morarka
Chairman & Managing Director