| (Rs.in Million) |
| Particulars | Mar 2004 | Mar 2003 | Mar 2002 |
| EQUITY AND LIABILITIES | 0 | 0 | 0 |
| Share Capital | 39.02 | 38.18 | 38.18 |
| Equity - Authorised | 50.00 | 50.00 | 50.00 |
| Equity - Issued | 39.02 | 38.18 | 38.18 |
| Equity Paid Up | 39.02 | 38.18 | 38.18 |
| Equity Shares Forfeited | 0.00 | 0.00 | 0.00 |
| Adjustments to Equity | 0.00 | 0.00 | 0.00 |
| Preference Capital Paid Up | 0.00 | 0.00 | 0.00 |
| Face Value | 10.00 | 10.00 | 10.00 |
| Share Warrants & Outstandings | 0.00 | 0.00 | 0.00 |
| Total Reserves | 515.48 | 441.73 | 402.09 |
| Securities Premium | 68.60 | 68.60 | 68.60 |
| Capital Reserves | 0.02 | 0.02 | 0.02 |
| Profit & Loss Account Balance | 16.69 | 2.75 | 3.01 |
| General Reserves | 400.00 | 350.18 | 320.00 |
| Other Reserves | 30.18 | 20.18 | 10.46 |
| Reserve excluding Revaluation Reserve | 515.48 | 441.73 | 402.09 |
| Revaluation reserve | 0.00 | 0.00 | 0.00 |
| Shareholder's Funds | 554.50 | 479.90 | 440.26 |
| Minority Interest | 0.00 | 0.00 | 0.00 |
| Long-Term Borrowings | 0.00 | 0.00 | 0.00 |
| Secured Loans | 426.54 | 221.81 | 175.95 |
| Non Convertible Debentures | 50.00 | 50.00 | 50.00 |
| Converible Debentures & Bonds | 0.00 | 0.00 | 0.00 |
| Packing Credit - Bank | 0.00 | 0.00 | 0.00 |
| Inter Corporate & Security Deposit | 0.00 | 0.00 | 0.00 |
| Term Loans - Banks | 139.66 | 62.40 | 125.00 |
| Term Loans - Institutions | 0.00 | 0.00 | 0.00 |
| Other Secured | 236.88 | 109.41 | 0.95 |
| Unsecured Loans | 25.81 | 30.68 | 35.37 |
| Fixed Deposits - Public | 25.81 | 30.68 | 35.37 |
| Loans and advances from subsidiaries | 0.00 | 0.00 | 0.00 |
| Inter Corporate Deposits (Unsecured) | 0.00 | 0.00 | 0.00 |
| Foreign Currency Convertible Notes | 0.00 | 0.00 | 0.00 |
| Long Term Loan in Foreign Currency | 0.00 | 0.00 | 0.00 |
| Loans - Banks | 0.00 | 0.00 | 0.00 |
| Loans - Govt. | 0.00 | 0.00 | 0.00 |
| Loans - Others | 0.00 | 0.00 | 0.00 |
| Other Unsecured Loan | 0.00 | 0.00 | 0.00 |
| Deferred Tax Assets / Liabilities | 55.22 | 48.43 | 48.19 |
| Deferred Tax Assets | 2.62 | 0.00 | 0.00 |
| Deferred Tax Liability | 57.85 | 48.43 | 48.19 |
| Other Long Term Liabilities | 0.00 | 0.00 | 0.00 |
| Long Term Trade Payables | 0.00 | 0.00 | 0.00 |
| Long Term Provisions | 0.00 | 0.00 | 0.00 |
| Total Non-Current Liabilities | 507.58 | 300.92 | 259.51 |
| Current Liabilities | 0 | 0 | 0 |
| Trade Payables | 83.52 | 51.06 | 43.35 |
| Sundry Creditors | 83.52 | 51.06 | 43.35 |
| Acceptances | 0.00 | 0.00 | 0.00 |
| Due to Subsidiaries- Trade Payables | 0.00 | 0.00 | 0.00 |
| Other Current Liabilities | 29.78 | 24.08 | 15.61 |
| Bank Overdraft / Short term credit | 0.00 | 0.00 | 0.00 |
| Advances received from customers | 18.53 | 13.96 | 7.21 |
| Interest Accrued But Not Due | 1.62 | 1.92 | 2.42 |
| Share Application Money | 0.00 | 0.00 | 0.00 |
| Current maturity of Debentures & Bonds | 0.00 | 0.00 | 0.00 |
| Current maturity - Others | 0.00 | 0.00 | 0.00 |
| Other Liabilities | 9.63 | 8.20 | 5.98 |
| Short Term Borrowings | 0.00 | 0.00 | 0.00 |
| Secured ST Loans repayable on Demands | 0.00 | 0.00 | 0.00 |
| Working Capital Loans- Sec | 0.00 | 0.00 | 0.00 |
| Buyers Credits - Unsec | 0.00 | 0.00 | 0.00 |
| Commercial Borrowings- Unsec | 0.00 | 0.00 | 0.00 |
| Other Unsecured Loans | 0.00 | 0.00 | 0.00 |
| Short Term Provisions | 34.84 | 26.64 | 22.91 |
| Proposed Equity Dividend | 29.26 | 22.91 | 22.91 |
| Provision for Corporate Dividend Tax | 3.75 | 2.93 | 0.00 |
| Provision for Tax | 1.83 | 0.80 | 0.00 |
| Provision for post retirement benefits | 0.00 | 0.00 | 0.00 |
| Preference Dividend | 0.00 | 0.00 | 0.00 |
| Other Provisions | 0.00 | 0.00 | 0.00 |
| Total Current Liabilities | 148.14 | 101.78 | 81.87 |
| Total Liabilities | 1210.22 | 882.61 | 781.64 |
| ASSETS | 0 | 0 | 0 |
| Gross Block | 1164.55 | 913.79 | 764.85 |
| Less: Accumulated Depreciation | 575.62 | 491.67 | 438.47 |
| Less: Impairment of Assets | 0.00 | 0.00 | 0.00 |
| Net Block | 588.93 | 422.12 | 326.38 |
| Lease Adjustment A/c | 0.00 | 0.00 | 0.00 |
| Capital Work in Progress | 0.00 | 0.00 | 0.00 |
| Non Current Investments | 0.00 | 0.00 | 0.00 |
| Long Term Investment | 0.00 | 0.00 | 0.00 |
| Quoted | 0.00 | 0.00 | 0.00 |
| Unquoted | 0.00 | 0.00 | 0.00 |
| Long Term Loans & Advances | 0.00 | 0.00 | 0.00 |
| Other Non Current Assets | 0.00 | 0.00 | 0.00 |
| Total Non-Current Assets | 588.93 | 422.12 | 326.38 |
| Current Assets Loans & Advances | 0 | 0 | 0 |
| Currents Investments | 0.00 | 0.00 | 0.00 |
| Quoted | 0.00 | 0.00 | 0.00 |
| Unquoted | 0.00 | 0.00 | 0.00 |
| Inventories | 289.01 | 165.96 | 158.49 |
| Raw Materials | 143.23 | 66.66 | 40.21 |
| Work-in Progress | 83.13 | 54.45 | 60.24 |
| Finished Goods | 42.37 | 33.99 | 44.29 |
| Packing Materials | 0.00 | 0.00 | 0.00 |
| Stores and Spare | 20.28 | 10.87 | 13.75 |
| Other Inventory | 0.00 | 0.00 | 0.00 |
| Sundry Debtors | 149.00 | 103.66 | 116.32 |
| Debtors more than Six months | 2.54 | 7.35 | 5.72 |
| Debtors Others | 146.45 | 96.31 | 110.60 |
| Cash and Bank | 43.15 | 25.37 | 24.15 |
| Cash in hand | 1.27 | 0.89 | 1.02 |
| Balances at Bank | 41.88 | 24.46 | 23.12 |
| Other cash and bank balances | 0.01 | 0.03 | 0.01 |
| Other Current Assets | 2.21 | 1.10 | 1.18 |
| Interest accrued on Investments | 0.00 | 0.00 | 0.00 |
| Interest accrued on Debentures | 0.00 | 0.00 | 0.00 |
| Deposits with Government | 0.00 | 0.00 | 0.00 |
| Interest accrued and or due on loans | 0.21 | 0.10 | 0.27 |
| Prepaid Expenses | 0.90 | 0.60 | 0.76 |
| Other current_assets | 1.10 | 0.39 | 0.15 |
| Short Term Loans and Advances | 137.93 | 164.40 | 155.12 |
| Advances recoverable in cash or in kind | 130.75 | 158.99 | 147.17 |
| Advance income tax and TDS | 0.10 | 0.09 | 3.05 |
| Amounts due from directors | 0.00 | 0.00 | 0.00 |
| Due From Subsidiaries | 0.00 | 0.00 | 0.00 |
| Inter corporate deposits | 0.00 | 0.00 | 0.00 |
| Corporate Deposits | 0.00 | 0.00 | 0.00 |
| Other Loans & Advances | 7.07 | 5.31 | 4.90 |
| Total Current Assets | 621.29 | 460.49 | 455.26 |
| Net Current Assets (Including Current Investments) | 473.15 | 358.70 | 373.39 |
| Miscellaneous Expenses not written off | 0.00 | 0.00 | 0.00 |
| Total Assets | 1210.22 | 882.61 | 781.64 |
| Contingent Liabilities | 0.00 | 0.00 | 0.00 |
| Total Debt | 452.36 | 252.49 | 211.32 |
| Book Value | 142.12 | 125.71 | 115.32 |
| Adjusted Book Value | 7.11 | 6.29 | 5.77 |