1. The above results have been reviewed by the Audit Committee and taken on record by the Board of Directors at its meeting held on May 20, 2009.

2. The Board has recommended a dividend of Re. 1 (100%) per equity share of the face value of Re. 1 each for the year 2008-09.

3. The Company is a global trading organisation with operations covering a wide range of commodities like Agro, Energy, Metals & Minerals and others. In view of its integrated nature of business, it is necessary to view the business in its entirety and therefore, there are no separate segments within the Company as defined by Accounting Standard 17 (Segmental Reporting) issued by the ICAI.

4. Income from operation includes profit from a majority owned partnership firm & sharing arrangements.

5. During the year, the Company allotted 1,22,200 equity shares of Re. 1 each upon conversion of 200 Foreign Currency Convertible Bonds (FCCBs) of USD 10,000 each and as a result paid-up share capital of the company has increased to Rs. 24.66 crores.

6. The Company holds Redeemable Preference shares of its subsidiary, which are denominated in foreign currency. Such Preference shares have been considered to be monetary assets for the purpose of AS-11, the Accounting Standard of the effects of changes in Foreign Exchange rates. As required by AS, the said monetary assets have been restated on the basis of the closing rate as on 31st March, 2009 and the difference of Rs. 112.26 crores has been reflected in financial charges and Rs.0.81 crores pertains to previous year, shown in prior period income.

7. Previous quarter / year figures have been regrouped wherever found necessary.

Gautam S Adani
Chairman