1. The proceeds of the Rights Issue are being used for the objects stated in the Letter of Offer dated July 18, 2008. Pending utilization, balance funds are retained in working capital.

2. The Company has only one business segment, namely Tyre.

3. Figures for the corresponding previous periods have been recast / regrouped / rearranged, wherever necessary.

4. These results have been approved by the Board of Directors at its meeting held on April 29, 2009 and the same have been reviewed by the Auditors.

Raghupati Singhania
Vice Chairman & Managing Director