In the audited accounts of the Company for the year ended 30th June 2004, the auditors have observed about non-provision of duty, incidental expenses etc. in respect of Plant & Machinery lying at Port / Warehouse. The Management is of the opinion that the same is not going to materially affect the Profit & Loss of the Company.

In line with Accounting Standard 28 issued by The Institute of Chartered Accountants of India on "Impairment of Assets", provision for impairment loss, if any, under the standard will be assessed on the Balance Sheet date, i.e., on 30th June 2005 and will be provided at the end of the financial year.

Sales include amounts relating to inter segment revenues as disclosed in Reporting on Segment Revenues.

The provision for Deferred Tax liability is lower on account of certain favourable Appellate Decisions.

Disclosure of chemicals revenue as a segment is being discontinued as it represents less than 10% of company turnover, assets and profits. All corrosponding figures have been regrouped / rearranged wherever necessary.

Investor Complaints outstanding at the beginning of the quarter were NIL . No. of Complaint received and resolved during the quarter ended 31st March, 2005 was 1. No. of Complaints outstanding at the end of the quarter were NIL.

These results were reviewed by the Audit Committee and approved by the Board of Directors in its meeting held on 26th April, 2005.

The results have been reviewed by the Auditors of the Company.