1. The above results were reviewed by the Audit Committee and approved at the meeting of Board of Directors of the Company held on June 25, 2009.

2. The Board has recommended payment of dividend of Rs.1.70 per share (85%) for the financial year ended March 31, 2009.

3. The Auditors in their report have mentioned that they are unable to take a view in the absence of sufficient taxable profit, the appropriateness of carrying Deferred Tax Asset of Rs. 512 lakhs (Previous year Rs. 837 Lakhs). However, Management is confident that the Company will make sufficient profits to absorb the above Deferred Tax Asset in future.

4. The Hon´ble High Court of Andhra Pradesh has approved on March 24, 2009 the Scheme of Arrangement (“Scheme”) to demerge the Specialty Chemicals business from and merge Agro business of IDL Specialty Chemicals Ltd with the Company with effect from April 01, 2008 which has been given effect in the above results. Pursuant to the Scheme, the loss of Agro division of IDL Specialty Chemicals Ltd Rs.87.04 lacs, the diminution in the value of long term investments, receivables and advances Rs.14420.25 lacs and provision /reinstatements of certain other assets / liabilities Rs. 10863.47 lacs has been adjusted to Revaluation Reserve and reflected in the above results being at variance with the Accounting Standards notified by the Companies (Accounting Standard) Rules, 2006.

5. Pursuant to the Notification dated March 31, 2009 issued by the Ministry of Corporate Affairs, Govt of India, the Company has exercised the Option available under the newly Inserted Paragraph 46 to the Accounting Standard AS-11, “The effect of Changes in Foreign Exchange Rates” to add or deduct the foreign exchange fluctuation to depreciable fixed assets.’ Accordingly, a sum of Rs. 105.15 lac has been added to depreciable of asset after adjusting Rs.65.04 lacs against the gain credited to General Reserve in FY 08.

6. The figures for the current year are not comparable with those of the previous year as the figures for the previous year include transactions relating to Specialty Chemicals. Division transferred to IDL Specialty Chemicals Ltd and the figures for the current year include transactions relating to erstwhile Agro Division of IDL Specialty chemicals
Ltd.

7. The Board has decided to issue further equity shares of Rs.2/- each on rights basis, in the ratio of one share for every three shares held, at a premium of Rs.30/- per share to the existing shareholders, holding shares on a record date to be announced by the Company.

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

S Pramanik
Managing Director