1. The above results for the year ended March 31, 2009 were reviewed by the Audit Committee of Directors and approved by the Board of Directors at their meeting held on June 19, 2009.

2. The Directors have recommended a dividend of Rs. 2 /- per equity share .

3. Consolidated Financials include Vipul Shipyard (a partnership firm in which the company has majority stake ) and Eleventh Land Developer Pvt Ltd , a subsidiary of the company. As consolidation of accounts of the firm and the subsidiary with the company has been done for the first time , previous year´s figures have not been given.

4. The company has one identifiable , reportable segment, namely Manufacturing as per quantitative criteria of Accounting Standard -17 ´Segment Reporting´ issued by the Institute of Chartered Accountants of India .

5. Pursuant to the notification of the Companies ( Accounting Standards ) Amendment Rules 2006 , on March 31, 2009 , the exchange difference relating to long term monetary items , arising during the year , in so far as it relates to the acquisition of a depreciable capital asset is added to /deducted from the cost of the asset viz Fixed asset and Capital work in progress and depreciated over the balance useful life of the asset. Accordingly an amount of Rs. 22.38 crores has been added to the cost of asset under construction .

6. The Company has firm commitments in foreign exchange as regards both its payables and receivables. The company has applied the principle of hedge accounting contained in Accounting Standard 30 issued by the Institute of Chartered Accountants of India for its net firm commitment in receivables and payables in foreign exchange. In view of the same, Mark to Market differences as on March 31, 2009 of Rs 81 crores on payables does not have any material impact on the financial statement as the receivables are higher than the payables.

7. Figures for the previous year / period have been regrouped and / or reclassified wherever considered necessary.

R S Nakra
Managing Director