Notes:

1. Theses results have been taken on record by the Board of Directors in the meeting held on 31st July, 2004.

2. Figures have been regrouped/rearranged wherever considered necessary.

3.The segment reporting as defined in AS - 17 issued by ICAI is not applicable.

4.The Net Deferred Tax Assetof Rs. 30.42 crores as on 31.03.2004 has not been recognised in view of uncertainty of its realisation as recommended under Accounting Standard (AS)-22 On "Deferred Taxation" issued by the Institute of Chartered Accountants of India.

5. The company had set off accumulated losses of Rs. 70.21 crores as at 31.03.02 against revaluation reserves arisen on revaluation of certain assets. This was qualified by the Auditors in the Audit Report for the year ended 31.03.2002. The company did so based on legal opinion taken by the company.

6. The company has not made provision of interest on Debentures privately placed with IDBI of Rs.2.77 crores for the year ended 2003-04 and Rs. 0.77 crores for the quarter 30.06.2004. The provision has not been made since the company is in negotiation for reduction/waiver of the same with the concerned institution.

7.During the quarter 5 investor complaints were received, which were attended by the company No investor complaints were pending either at the beginning or at the end of the quarter.

8.AS-28 regarding impairment of Assets is mandatory in respect of accounting period commencing on or after 01.04.2004. Impact of same shall be reviewed at year end.

On behalf of the Board of Directors

Dated:31st July, 2004 Place : New Delhi

(Sd/-) Vineet Jain Managing Director