1. The above results have been reviewed by the Audit Committee and subsequently approved and taken on record by the Board of Directors of the Company in their respective meetings held on June 30, 2009.

2. The Board of Directors have recommended a dividend of Rs 0.40 per equity share of Rs 10/- each being 4% amounting to Rs 221.94 lacs for the year ended March 31, 2009 subject to the approval of Shareholders at the Annual General Meeting of the Company.

3. The Company is mainly engaged in production of Iron and Steel and allied products and services. Hence, no further disclosure is required under Accounting Standard -17.

4. The Electric Arc Furnace (SMS) plant at Durgapur with a capacity of 4.33 lacs MTPA which was under trial production has commenced commercial production since March 18, 2009. The Ferro Alloy plant with a capacity of 0.25 lacs MTPA has been commissioned and is under trial production w.e.f. June 02, 2009.

5. Statutory Auditors had qualified their Limited Review report for the quarter ended December 31, 2008 for the following matter:
Not writing down the value of raw material inventory to the extent of Rs 286.92 lacs being the loss likely to arise on the conversion of such raw material into finished goods. Since the net realisable value of finished goods had gone down significantly, the above loss on raw material inventory needed to be provided in terms of Accounting Standard 2 on ´Valuation of Inventories´. The same has since been provided for accordingly in the current quarter.

6. Previous period figures are regrouped / restated, wherever necessary. Further, the results for the quarter and year ended March 31, 2008 are inclusive of the figures relating to the Steel Unit of HEG Ltd with effect from August 01, 2007, acquired under the Scheme of Arrangement approved by Calcutta High Court on May 09, 2008 and Jabalpur High Court on May 16, 2008 and thus, are not comparable with the current year figures.

Adity Jajodia
Chairman & Managing Director