1. The above results have been reviewed and recommended for adoption by the Audit committee to the Board of Directors and have been approved by the Board of Directors at their meeting held on June 25, 2009.

2. The Board has recommended a dividend @ 20% (Re 0.40 per Equity Share) for the year 2008-2009, on the Paid-up Equity Share Capital of the Company amounting to Rs 2.98 crores.

3. 105.00 lacs warrants which were issued on November 08, 2007, has expired on May 07, 2009. Further, the 40 lacs warrants which were issued on March 17, 2008, the sole warrant holder has informed the Company about its decision of not to exercise the option to convert the warrants into equity shares.

4. Basic EPS has been calculated on the basis of number of Shares outstanding as on March 31, 2009. Diluted BPS is calculated taking into account the potential number of share holders on conversion of the FCCB Bonds only and the Equity share warrants numbering 155 lacs have not been considered in view of above.

5. The Company has opted for accounting the exchange differences arising on Foreign Currency Monetary Items(FCCB) in line with Companies (Accounting Standards) amendment rules, 2009 on Accounting Standard 11 (AS-11) notified be the Ministry of Corporate Affairs on March 31, 2009. Accordingly the effect of exchange differences on FCCB Loan is accounted by addition or deduction to the cost of Assets so far it relates to depreciable capital assets and in other cases by transfer to "Foreign Currency Monetary Items Translation Difference Account" ("FCMITD Account") to be amortised till March, 2011 as provided in the said notification, exchange difference of Rs 520.50 lacs recognised in the Profit & Loss Account in the previous year ended March 31, 2008 relating to the FCCB Liability has been adjusted against Foreign Exchange Fluctuation reserve created out of appropriation of Profit & Loss Account during the year ended March 31, 2008. The Company has reversed such foreign exchange loss of Rs 373.50 lacs which was charged to Profit & Loss Account during the nine months ended December 31, 2008 as an exceptional item. As a result of this change Profit Before Exceptional items for the quarter ended March 31, 2009 is higher by Rs 581.95 lacs. The above impact is net of amortisation of "FCMITD Account" and additional depreciation on increase in cost of assets amounting to Rs 166.55 lacs.

6. A part of the surplus funds of the Company has been given as short term advances against securities. As on June 20, 2009 there is a short fall in security for about Rs. 1,99,45,880. The management is of the opinion that all the amount will be recovered and as a prudent measure, has made a provision of a total of Rs 50.0 Lakhs as on March 31, 2009.

7. Previous years figures have been regrouped, rearranged and reworked wherever necessary to make them comparable.

G M Surana
Chairman