Notes To Accounts : Sep 2002

EPS is Basic & Diluted and not annualised.

1. The above Financial Results were taken on record by the Board of Directors at its meeting held on October 25, 2002.

2. The accumulated loss as at March 31, 2002 was Rs 836.588 million.

3. The Company is a Sick Industrial Company within the meaning of Section 3(1)(O) of the Sick Industrial Companies (Special Provision) Act 1985, since the networth of the Company has turned negative. Necessary application has been made to Board for Industrial & Financial Reconstruction (BIFR) and has been registered by BIFR.

4. The deferred tax asset has not been recognised as there is no reasonable certainty of sufficient taxable income being available against which such deferred tax assets can be realised.

5. The Company has filed a writ petition in the High Court of Judicature, Madras against the award of the Industrial Tribunal, Chennai, which has held that the closure of the Machinery division of the Company is not justified.