1. The Directors have recommended a dividend of Rs 10 /- per share (100% on face value of equity share of Rs 10/- each). Including the interim dividend of Rs 10 per share (100% per share of face value of Rs 10 each) declared at the Board Meeting held on March 20, 2009 and paid subsequently, the total dividend (including the final dividend recommended now) for the year 08-09 is Rs 20 /- per share (200% on face value of equity share of Rs 10 each).

2. The consolidated financial statements are prepared in accordance with Accounting standard 21 Consolidated Financial Statements as issued by the Institute of Chartered Accountants of India.

3. The audited financial results, after being reviewed by the Audit committee, were taken on record by the Board of Directors at their meeting held on April 27, 2009.

4. The Company´s operations predominantly fall under the single segment of Diamond/CBN Grinding Wheels/Tools business
and therefore the figures given above are related to the said segment.

5. Prior period figures have been rearranged wherever necessary.

M M Murugappan
Chairman