1. The Standalone and Consolidated Unaudited financial results for the quarter/year ended March 31, 2009 have been reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on April 28, 2009. The unaudited Standalone financial results for the quarter ended March 31, 2009 will be subjected to limited review by the Statutory Auditors.

2. The figures of financial results for the quarter ended December 31, 2008 have been adjusted in view of the observations made by the Statutory Auditors in their limited review report resulting in increase in income by Rs 82.46 lacs and increase in expenditure by Rs 56.06 lacs and increase in the Profit after tax by Rs 26.40 lacs.

3. Out of net proceeds of Rs 34,186.45 lacs received by the company on placement to QIBs and Rs 1748.50 Lacs on conversion of warrants, Rs 25,930.95 lacs have been utilised for payment of Capital advance and Capital expenditure for ongoing FTWZ Projects and Rs.10,004.00 lacs have been invested by subscribing to equity capital of wholly owned subsidiary viz. Arshiya Rail Infrastructure Ltd, a Special Purpose Vehicle for Containerised Rail Project.

4. The formal approval from Board of Approval, Ministry of Commerce, Govt of India has been received for the FTWZ for Panvel,Dist Raigad, Maharashtra and Khurja, Dist Bulandshahr, Uttar Pradesh.

5. The previous period/year figures have been regrouped /re-arranged, wherever necessary.

Ajay S Mittal
Chairman & Managing Director