| (Rs.in Million) |
| Particulars | Mar 2003 | Mar 2002 |
| EQUITY AND LIABILITIES | 0 | 0 |
| Share Capital | 33.81 | 33.81 |
| Equity - Authorised | 60.00 | 60.00 |
| Equity - Issued | 33.81 | 33.81 |
| Equity Paid Up | 33.81 | 33.81 |
| Equity Shares Forfeited | 0.00 | 0.00 |
| Adjustments to Equity | 0.00 | 0.00 |
| Preference Capital Paid Up | 0.00 | 0.00 |
| Face Value | 10.00 | 10.00 |
| Share Warrants & Outstandings | 0.00 | 0.00 |
| Total Reserves | -41.25 | 119.46 |
| Securities Premium | 0.00 | 0.00 |
| Capital Reserves | 0.42 | 0.42 |
| Profit & Loss Account Balance | -41.99 | 64.64 |
| General Reserves | 0.00 | 54.09 |
| Other Reserves | 0.32 | 0.32 |
| Reserve excluding Revaluation Reserve | -41.25 | 119.46 |
| Revaluation reserve | 0.00 | 0.00 |
| Shareholder's Funds | -7.44 | 153.28 |
| Minority Interest | 0.00 | 0.00 |
| Long-Term Borrowings | 0.00 | 0.00 |
| Secured Loans | 304.35 | 283.46 |
| Non Convertible Debentures | 0.00 | 0.00 |
| Converible Debentures & Bonds | 0.00 | 0.00 |
| Packing Credit - Bank | 0.00 | 0.00 |
| Inter Corporate & Security Deposit | 0.00 | 0.00 |
| Term Loans - Banks | 160.28 | 142.29 |
| Term Loans - Institutions | 0.00 | 0.00 |
| Other Secured | 144.07 | 141.18 |
| Unsecured Loans | 61.26 | 126.90 |
| Fixed Deposits - Public | 0.12 | 60.95 |
| Loans and advances from subsidiaries | 0.00 | 0.00 |
| Inter Corporate Deposits (Unsecured) | 61.14 | 45.96 |
| Foreign Currency Convertible Notes | 0.00 | 0.00 |
| Long Term Loan in Foreign Currency | 0.00 | 0.00 |
| Loans - Banks | 0.00 | 0.00 |
| Loans - Govt. | 0.00 | 0.00 |
| Loans - Others | 0.00 | 0.00 |
| Other Unsecured Loan | 0.00 | 20.00 |
| Deferred Tax Assets / Liabilities | 100.32 | 95.73 |
| Deferred Tax Assets | 0.00 | 0.00 |
| Deferred Tax Liability | 100.32 | 95.73 |
| Other Long Term Liabilities | 0.00 | 0.00 |
| Long Term Trade Payables | 0.00 | 0.00 |
| Long Term Provisions | 0.00 | 0.00 |
| Total Non-Current Liabilities | 465.93 | 506.10 |
| Current Liabilities | 0 | 0 |
| Trade Payables | 96.58 | 119.78 |
| Sundry Creditors | 96.58 | 119.78 |
| Acceptances | 0.00 | 0.00 |
| Due to Subsidiaries- Trade Payables | 0.00 | 0.00 |
| Other Current Liabilities | 8.73 | 31.14 |
| Bank Overdraft / Short term credit | 0.00 | 0.00 |
| Advances received from customers | 0.00 | 0.00 |
| Interest Accrued But Not Due | 0.08 | 1.98 |
| Share Application Money | 0.00 | 0.00 |
| Current maturity of Debentures & Bonds | 0.00 | 0.00 |
| Current maturity - Others | 0.00 | 0.00 |
| Other Liabilities | 8.64 | 29.16 |
| Short Term Borrowings | 0.00 | 0.00 |
| Secured ST Loans repayable on Demands | 0.00 | 0.00 |
| Working Capital Loans- Sec | 0.00 | 0.00 |
| Buyers Credits - Unsec | 0.00 | 0.00 |
| Commercial Borrowings- Unsec | 0.00 | 0.00 |
| Other Unsecured Loans | 0.00 | 0.00 |
| Short Term Provisions | 116.89 | 173.21 |
| Proposed Equity Dividend | 0.00 | 0.00 |
| Provision for Corporate Dividend Tax | 0.00 | 0.00 |
| Provision for Tax | 113.35 | 169.73 |
| Provision for post retirement benefits | 0.00 | 0.00 |
| Preference Dividend | 0.00 | 0.00 |
| Other Provisions | 3.54 | 3.48 |
| Total Current Liabilities | 222.19 | 324.13 |
| Total Liabilities | 680.68 | 983.50 |
| ASSETS | 0 | 0 |
| Gross Block | 879.29 | 879.61 |
| Less: Accumulated Depreciation | 475.48 | 440.50 |
| Less: Impairment of Assets | 0.00 | 0.00 |
| Net Block | 403.81 | 439.11 |
| Lease Adjustment A/c | -0.04 | -0.32 |
| Capital Work in Progress | 3.10 | 2.77 |
| Non Current Investments | 0.04 | 30.20 |
| Long Term Investment | 0.04 | 30.20 |
| Quoted | 0.02 | 28.23 |
| Unquoted | 0.01 | 1.98 |
| Long Term Loans & Advances | 0.00 | 0.00 |
| Other Non Current Assets | 0.00 | 0.00 |
| Total Non-Current Assets | 406.90 | 471.76 |
| Current Assets Loans & Advances | 0 | 0 |
| Currents Investments | 0.00 | 0.00 |
| Quoted | 0.00 | 0.00 |
| Unquoted | 0.00 | 0.00 |
| Inventories | 67.41 | 165.80 |
| Raw Materials | 3.15 | 6.71 |
| Work-in Progress | 1.29 | 17.74 |
| Finished Goods | 28.16 | 97.66 |
| Packing Materials | 0.00 | 0.00 |
| Stores and Spare | 32.75 | 32.32 |
| Other Inventory | 2.06 | 11.37 |
| Sundry Debtors | 55.15 | 108.12 |
| Debtors more than Six months | 8.82 | 12.03 |
| Debtors Others | 48.55 | 96.09 |
| Cash and Bank | 8.49 | 17.77 |
| Cash in hand | 0.10 | 7.29 |
| Balances at Bank | 8.40 | 10.48 |
| Other cash and bank balances | 0.00 | 0.00 |
| Other Current Assets | 0.00 | 0.23 |
| Interest accrued on Investments | 0.00 | 0.23 |
| Interest accrued on Debentures | 0.00 | 0.00 |
| Deposits with Government | 0.00 | 0.00 |
| Interest accrued and or due on loans | 0.00 | 0.00 |
| Prepaid Expenses | 0.00 | 0.00 |
| Other current_assets | 0.00 | 0.00 |
| Short Term Loans and Advances | 140.58 | 212.05 |
| Advances recoverable in cash or in kind | 11.93 | 14.67 |
| Advance income tax and TDS | 116.35 | 178.98 |
| Amounts due from directors | 0.00 | 0.00 |
| Due From Subsidiaries | 0.00 | 0.00 |
| Inter corporate deposits | 0.00 | 1.15 |
| Corporate Deposits | 0.00 | 0.00 |
| Other Loans & Advances | 12.30 | 17.25 |
| Total Current Assets | 271.63 | 503.96 |
| Net Current Assets (Including Current Investments) | 49.44 | 179.83 |
| Miscellaneous Expenses not written off | 2.15 | 7.78 |
| Total Assets | 680.68 | 983.50 |
| Contingent Liabilities | 18.60 | 21.67 |
| Total Debt | 365.61 | 410.37 |
| Book Value | -2.84 | 43.03 |
| Adjusted Book Value | -0.57 | 8.61 |