1. The above Financial Results reviewed by the Audit Committee, were approved by the Board of Directors at its meeting held on May 28, 2009

2. The Board of Director´s has recommended dividend Re.0.40 per Equity Share of Rs. 2 each (20%), subject to approval of Share Holders.

3. Out of the Funds raised through IPO Rs. 5980 lac, Rs. 5484 lac have been utilized till March 31, 2009 (details appended below) and balance amount is lying unutilised & will be utilised as per amendements made to "Proposed Deployment of Funds" by the shareholders of the Company in its Annual General Meeting held on August 01, 2008. The Shareholders of the Company has authorised the Board of Directors to utilise remaining IPO proceeds in the best interest of the Company. The unutilised funds have been temporarily invested in Fixed Deposits with the Bank

For 2008-09

New Manufacturing Plants - 1716
Modernise and Expansion - 135
Acquisition - 929
Working Capital - 1767
Corporate Office - 533
Issue Expenses - 404

Total - 5484

4. Audit as required under clause 41 of the Listing Agreement with the Stock Exchanges has been carried out by the Statutory Auditors.

5. During the year, the Company has incorporated a wholly owned Subsidiary, namely Action Developers Ltd.

6. Consolidation of Accounts have been prepared by applying Accounting Standard 21- "Consolidated Financial Statements" issued by the Institute of Chartered Accountants of India.

7. The Segment-wise Reporting has been prepared in accordance with the Accounting Standard 17- "Segment Reporting" issued by the Institute of Chartered Accountants of India.

8. Previous year/period figures have been regrouped/rearranged wherever considered necessary.

Vijay Agarwal
Chairman & Managing Director