1. The above financial results were reviewed by the Audit Committee at their meeting held on June 20, 2009 and approved the Board of Directors at their meeting held on June 20, 2009.

2. Figures of the previous year / quarter have been regrouped wherever necessary.

3. The Company has taken over Demerged undertaking of Core Healthcare Ltd (CHL) under the Composite Scheme of Arrangement sanctioned by the High Court of Gujarat by order dated March 01, 2007. The appointed date for this purpose was December 01, 2004 and the effective date is March 07, 2007. Two of the secured creditors of CHL have filed an appeal against the said order before the Division Bench of Hon’ble High Court of Gujarat. The appeal is pending.

4 (a) Effective April 01, 2005, consequent to the exercise of the Option available as per the new paragraph 46 of the Accounting Standard 11. The Effects of Changes in foreign exchange rate notified by the ministry of corporate affairs vide notification dated March 31, 2009 on Companies (Accounting Standard) amendment rules, 2009 (G.S.R 225(E) dated March 31, 2009] on exercise of option, the Company transferred Rs. 89.59 crores to Foreign Currency Monetary Item Translation Difference Account. The Company has written off Rs.29.86 crores to Profit and Loss Account and Rs.59.73 crores is remaining to be amortised. Had the Company not changed the accounting policy, the Profit before tax for the year ended March 31, 2009 would have been lower by Rs.59.73 crores.

b) The Exceptional item includes impairment of fixed assets aggregating to Rs.60 crores profit of associates Rs 0.80 crores in current year of consolidated Results.

5. The Board of Directors has recommended dividend of Rs.4 per equity shares of Rs.5/- each for the financial year 2008-09 subject to the approval of the members in this ensuing Annual General Meeting.

Hiren K Patel
Managing Director