1. The above results have been reviewed by the Audit Committee and were taken on record by the Board of Directors in their meeting held on February 06, 2009.

2. The Board of Directors felt it prudent not to recommend dividend (previous year Rs 10.0O per share). This is part of its initiatives in addressing the challenges of the current economic environment and also in line with the other actions taken by the Company. The Annual General Meeting of the Company is scheduled to be held on April 16, 2009.

3. The Company has only one segment viz. Automation & Control as per Accounting Standard 17 (AS-17) - Segment Reporting issued by The Institute of Chartered Accountants of India (ICAI).

4. Other expenditure for the quarter ended December 31, 2008 includes a net exchange loss of Rs 201 lacs & other operating income for the year ended December 31, 2008 includes a net exchange gain of Rs 462 lacs, as against a net exchange loss of Rs 156 lacs and Rs 1057 lacs respectively for corresponding previous period which is included in other expenditure.

5. Other expenditure for the quarter & year includes Rs Nil and Rs 1549 lacs respectively payable in respect of various services rendered by Honeywell group companies during the prior period.

6. In the corresponding quarter of the previous year, the Company had revised estimated useful life of all assets. As a result, depreciation for corresponding quarter of last year was higher and profit before tax was tower by Rs. 500 lacs.

7. The result may be viewed in the context that the Company’s business is not uniformly spread over all the four quarters.

8. Previous period figures have been regrouped, wherever necessary.

Vimal Kapur
Managing Director