1.Provision for interest amounting to Rs 14.380 million for the
quarter ended December 31, 2003 on accrued interest converted /
convertible into Optionally Fully Convertible Debentures (OFCDs) /
deferred interest have not been made as Company is pursuing for its
waiver.

2. Provision for interest amounting to Rs 19.831 million for the
quarter ended December 31, 2003 on certain secured loans & public
fixed deposits have not been made as company expects waiver/relief
s.

3.As a matter of Prudence the Company is not recognizing the deferred
tax assets as provided in the Accounting Standard 22.

Sachin Ranka
Managing Director