1. The above financial results were approved at the Meetings of the Audit Committee of Directors and the Board of Directors held on May 09, 2009.

2. Previous year´s figures have been regrouped / rearranged wherever necessary.

3. During the financial year ended March 31, 2009, the Company has amounted ´MAT Credit Entitlement´ amounting to Rs 10.85 Crores.

4. a. During the year, the company has ceased to be the holding company of MKR International Ltd, a wholly owned subsidiary, incorporated in British Virgin Islands.

b. During the year, Uttam Galva Holdings Ltd, a wholly owned subsidiary has been incorporated at Dubai, UAE. There were no operations/ transactions in this company except the administrative cost of 11500 Dirhams (INR 1.40 Lacs).

c. In view of aforesaid facts, stand alone and consolidated operations for the year are same.

5. The Scheme of arrangement between Shree Uttam Steel & Power Ltd (SUSPL) & Uttam Galva Steels Ltd (UGSL) for demerger of Power Division from SUSPL to UGSL has been Filed before the Mumbai High Court, final decision of concerned authorities awaited.

6. Extra Ordinary Item comprises of Rs 3.31 Crores provision for Gratuity (difference between the fund value and actuarial value) and Rs 2.32 Crores for Unclaimed Leave Encashment Benefits.

7. The Company operates only in one business segment, hence segment reporting as defined in Accounting Standard 17 is considered not applicable.

Rajinder Miglani
Chairman & Managing Director