| (Rs.in Million) |
| Particulars | Mar 2005 | Mar 2004 | Mar 2003 |
| EQUITY AND LIABILITIES | 0 | 0 | 0 |
| Share Capital | 98.90 | 98.90 | 98.90 |
| Equity - Authorised | 80.00 | 80.00 | 80.00 |
| Equity - Issued | 68.90 | 68.90 | 68.90 |
| Equity Paid Up | 68.90 | 68.90 | 68.90 |
| Equity Shares Forfeited | 0.00 | 0.00 | 0.00 |
| Adjustments to Equity | 0.00 | 0.00 | 0.00 |
| Preference Capital Paid Up | 30.00 | 30.00 | 30.00 |
| Face Value | 10.00 | 10.00 | 10.00 |
| Share Warrants & Outstandings | 0.00 | 0.00 | 0.00 |
| Total Reserves | -152.88 | -108.67 | -34.09 |
| Securities Premium | 4.60 | 4.60 | 4.60 |
| Capital Reserves | 0.05 | 0.05 | 0.05 |
| Profit & Loss Account Balance | -160.13 | -117.08 | -41.11 |
| General Reserves | 0.00 | 0.00 | 0.00 |
| Other Reserves | 2.59 | 3.76 | 2.37 |
| Reserve excluding Revaluation Reserve | -152.88 | -108.67 | -34.09 |
| Revaluation reserve | 0.00 | 0.00 | 0.00 |
| Shareholder's Funds | -53.98 | -9.77 | 64.81 |
| Minority Interest | 0.00 | 0.00 | 0.00 |
| Long-Term Borrowings | 0.00 | 0.00 | 0.00 |
| Secured Loans | 304.44 | 311.08 | 258.05 |
| Non Convertible Debentures | 0.00 | 0.00 | 0.00 |
| 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 | 213.48 | 223.13 | 44.22 |
| Term Loans - Institutions | 0.00 | 0.00 | 158.61 |
| Other Secured | 90.95 | 87.94 | 55.22 |
| Unsecured Loans | 68.82 | 52.13 | 36.04 |
| Fixed Deposits - Public | 0.00 | 0.00 | 0.00 |
| 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 | 60.44 | 50.59 | 32.99 |
| Other Unsecured Loan | 8.39 | 1.54 | 3.05 |
| Deferred Tax Assets / Liabilities | 0.00 | 0.00 | -13.02 |
| Deferred Tax Assets | 0.00 | 0.00 | 81.51 |
| Deferred Tax Liability | 0.00 | 0.00 | 68.49 |
| 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 | 373.26 | 363.21 | 281.07 |
| Current Liabilities | 0 | 0 | 0 |
| Trade Payables | 150.87 | 160.57 | 120.91 |
| Sundry Creditors | 81.90 | 79.97 | 59.87 |
| Acceptances | 68.97 | 80.60 | 61.05 |
| Due to Subsidiaries- Trade Payables | 0.00 | 0.00 | 0.00 |
| Other Current Liabilities | 62.37 | 44.60 | 48.95 |
| Bank Overdraft / Short term credit | 2.41 | 0.24 | 6.44 |
| Advances received from customers | 21.85 | 15.27 | 12.14 |
| Interest Accrued But Not Due | 1.54 | 0.00 | 0.67 |
| 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 | 36.57 | 29.09 | 29.70 |
| 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 | 4.64 | 4.10 | 3.02 |
| Proposed Equity Dividend | 0.00 | 0.00 | 0.00 |
| Provision for Corporate Dividend Tax | 0.00 | 0.00 | 0.00 |
| Provision for Tax | 0.00 | 0.00 | 0.05 |
| Provision for post retirement benefits | 4.64 | 4.10 | 2.97 |
| Preference Dividend | 0.00 | 0.00 | 0.00 |
| Other Provisions | 0.00 | 0.00 | 0.00 |
| Total Current Liabilities | 217.88 | 209.27 | 172.88 |
| Total Liabilities | 537.15 | 562.71 | 518.75 |
| ASSETS | 0 | 0 | 0 |
| Gross Block | 542.87 | 534.29 | 423.04 |
| Less: Accumulated Depreciation | 196.68 | 170.07 | 147.79 |
| Less: Impairment of Assets | 0.00 | 0.00 | 0.00 |
| Net Block | 346.19 | 364.23 | 275.25 |
| Lease Adjustment A/c | 0.00 | 0.00 | 0.00 |
| Capital Work in Progress | 0.11 | 0.20 | 23.33 |
| Non Current Investments | 0.06 | 0.06 | 0.09 |
| Long Term Investment | 0.06 | 0.06 | 0.09 |
| Quoted | 0.31 | 0.31 | 0.71 |
| 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 | 346.36 | 364.49 | 298.66 |
| 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 | 74.06 | 86.43 | 95.64 |
| Raw Materials | 17.63 | 23.23 | 34.90 |
| Work-in Progress | 28.57 | 29.78 | 36.18 |
| Finished Goods | 16.02 | 21.60 | 13.19 |
| Packing Materials | 0.00 | 0.00 | 0.00 |
| Stores and Spare | 11.58 | 11.50 | 11.18 |
| Other Inventory | 0.26 | 0.32 | 0.19 |
| Sundry Debtors | 78.43 | 74.14 | 84.56 |
| Debtors more than Six months | 21.73 | 36.42 | 31.51 |
| Debtors Others | 69.43 | 50.32 | 66.21 |
| Cash and Bank | 10.78 | 13.83 | 9.02 |
| Cash in hand | 1.09 | 0.76 | 0.60 |
| Balances at Bank | 9.69 | 13.07 | 8.42 |
| Other cash and bank balances | 0.00 | 0.00 | 0.00 |
| Other Current Assets | 0.41 | 0.37 | 0.38 |
| Interest accrued on Investments | 0.41 | 0.37 | 0.38 |
| 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 | 0.00 | 0.00 | 0.00 |
| Prepaid Expenses | 0.00 | 0.00 | 0.00 |
| Other current_assets | 0.00 | 0.00 | 0.00 |
| Short Term Loans and Advances | 27.05 | 23.30 | 30.29 |
| Advances recoverable in cash or in kind | 21.61 | 18.58 | 24.63 |
| Advance income tax and TDS | 0.29 | 0.43 | 0.89 |
| Amounts due from directors | 0.01 | 0.06 | 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 | 5.14 | 4.25 | 4.77 |
| Total Current Assets | 190.73 | 198.07 | 219.90 |
| Net Current Assets (Including Current Investments) | -27.15 | -11.20 | 47.02 |
| Miscellaneous Expenses not written off | 0.07 | 0.14 | 0.19 |
| Total Assets | 537.15 | 562.71 | 518.75 |
| Contingent Liabilities | 19.54 | 25.79 | 73.72 |
| Total Debt | 373.26 | 363.21 | 294.09 |
| Book Value | -12.20 | -5.79 | 5.03 |
| Adjusted Book Value | -12.20 | -5.79 | 5.03 |