1. The Company is primarily a Seamless tube producer with captive steel making facilities. However in order to comply with Accounting Standard (AS) 17, the Company is classifying Steel also as a separate Segment.

2. During the current quarter and year ended as on March 31, 2009, the Company has not utilised any amount out of the proceeds from Foreign Currency Convertible Bonds towards objects of the issue.

3. The Board of Directors at their meeting held on March 30, 2009 has declared Interim Dividend @ Rs 0.50 per Equity Share for the financial year 2008-09.

4. Tax expenses do not include provision for deferred tax for the current quarter and year ended as on March 31, 2009, the same shall be reviewed in the Audited accounts.

5. The Company has accounted the exchange differences on foreign currency monetary items in terms of the amended Accounting Standard (AS 11) as notified by Government of India.

6. The comparative figures are regrouped and reclassified to meet the current quarter´s classification.

7. The above results were reviewed by the Audit committee and have been taken on record by the Board of Directors at their meeting held on April 30, 2009.

Rajiv Goel
Chief Financial Officer