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 and 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.

The Board has declared an interim dividend @12.5 % amounting to an appropriation of Rs. 22.96 crores (including dividend tax,surcharge and education cess of Rs. 2.65 crores).

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

Investor Complaints outstanding at the beginning of the quarter were NIL . No. of Complaint received and resolved during the quarter ended 31st December, 2004 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 25th January, 2005.

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