1. The Company has only One Reportage Segment in terms of Company (Accounting Standards) Rule 2006.

2. The reduction in profit is due to the unprecedented fall in the prices of key Raw Materials. The stock of Raw Materials has been valued at market value wherever the same is lower than cost as required by (he relevant accounting standards. The Company has made full provision for foreign exchange fluctuations for the financial year 2008-09.

3. The above Audited Financial Results were reviewed and recommended by the Audit Committee and there upon approved by the Board of Directors at their respective meetings held on June 26, 2009.

4. The Company in line with the practice adopted in earlier years have accounted for all year end expenses such as quantity discount, off take discount etc in the quarter ended March 31, 2009.

5. As regards the comment of the Auditors in their Audit Report regarding compliance with the Accounting Standard 15 in respect of Retirement benefits, the Company has already opted for the gratuity fund administered by Life Insurance Corporation of India, Mumbai for the employees of the Company. Further, as regards the leave encashment, the same is only for Managerial Staff and is accounted on cash basis.

6. The Consolidated Audited Financial Results as given above, has been prepared by applying Accounting Standard - 21" Consolidation of Accounts" issued by ICAI.

7. Tax Expense includes provision for Current Tax, Deferred Tax, Tax on Fringe Benefit and Wealth Tax.

8. Directors have not recommended any Dividend for the financial year ended March 31, 2009.

9. Previous Period´s / Year´s figures have been re-grouped / rearranged wherever necessary to correspond with, the Current Period´s / Year´s figures.

Dr. Jimmy Mirchandani
Chairman & Managing Director