1. The working results have been reviewed by the Audit Committee and approved by the Board of directors of the Company
at their meeting held on June 30, 2009.

2. The Board of Directors have recommended dividend on equity shares @ Rs 2.20 per share (i.e @110% of the f.v Rs 2 each).

3. Pursuant to the Notification dated March 31, 2009 issued by the Ministry of Corporate Affairs, the Company has exercised the option available under the newly inserted Paragraph 46 to the Accounting Standard AS-11 The effect of changes in Foreign Exchange Rates to amortise exchange difference relating to Long Term Foreign Currency Monetary Item for balance period of such long term monetary asset/liability but not beyond March 31, 2011. Accordingly 2/3rd of Exchange fluctuation (for FY 08 and FY 09)amounting to Rs 606.76 Lacs has been accumulated in Foreign Currency Monetary Item Translation Difference account for amortisation within prescribed time.

4. The Company has raised Rs 24800.00 Lacs by issue of shares in public issue during the year & utilised the proceeds of the issue as stated in the prospectus.

Statement of Utilisation of Public Issue proceeds as on March 31, 2009 (Rs in Lacs)

Gross proceeds of the Issue : 24800.00
Less - Issue related expenses : 1572.34
Net proceeds of the issue : 23227.66

Deployment

- Repayment of debt : 6000.00
- Expansion of metals business : 1280.44
- General Corporate purposes : 10090.52
- Short term investments in mutual funds pending utilization : 5856.71

Total : 23227.66

5. Figures for the previous periods have been restated/recasted wherever considered necessary.

B K Agrawal
Managing Director