1. The Board of Directors has recommended dividend of Rs. 4.50 (Rupees four and paise fifty only) per equity share of Rs.10 each equivalent to 45% (Fortyfive percent) on paid up equity share capital of the Company for the year ended March 31, 2009. In the previous year the same amount was paid as dividend. The dividend will be paid when declared by the shareholders in accordance with the law.

2. While recognizing exchange difference accounting in terms of Notification No. GSR 225E dated March 31, 2009 relating to AS 11, Rs.4.43 Crore, which was debited to the Profit and Loss Account during the financial year 2007-2008, has been added to the cost of fixed assets by crediting the General Reserve and the depreciation thereon amounting to Rs.0.24 Crore, has been debited to the General Reserve. Similarly, net exchange difference relating to the financial year 2008-2009 amounting to Rs.36.64 Crore, has been added to the cost of fixed assets. Consequently depreciation for the year is higher by Rs.2.31 Crore, loss on foreign currency fluctuation (net) is lower by Rs.36.64 Crore and profit for the year is higher by Rs.34.33 Crore.

3. Previous year´s figures have been regrouped / recast wherever necessary.

4. The above results have been reviewed and recommended for adoption by the Audit Committee to the Board of Directors and have been approved by the Board at its meeting held on May 04, 2009. The report of the Statutory Auditors contains no qualification.

B.L. Jain
Wholetime Director