| (Rs.in Million) |
| Particulars | Mar 2004 | Mar 2003 | Mar 2002 |
| EQUITY AND LIABILITIES | 0 | 0 | 0 |
| Share Capital | 328.30 | 328.30 | 328.30 |
| Equity - Authorised | 150.00 | 150.00 | 150.00 |
| Equity - Issued | 55.86 | 55.86 | 55.86 |
| Equity Paid Up | 55.84 | 55.84 | 55.84 |
| Equity Shares Forfeited | 0.00 | 0.00 | 0.00 |
| Adjustments to Equity | 0.00 | 0.00 | 0.00 |
| Preference Capital Paid Up | 272.46 | 272.46 | 272.46 |
| Face Value | 10.00 | 10.00 | 10.00 |
| Share Warrants & Outstandings | 0.00 | 0.00 | 0.00 |
| Total Reserves | 374.05 | 495.97 | 476.82 |
| Securities Premium | 103.27 | 103.27 | 103.27 |
| Capital Reserves | 0.00 | 0.00 | 0.00 |
| Profit & Loss Account Balance | -316.64 | -194.73 | -282.27 |
| General Reserves | 540.93 | 540.93 | 609.32 |
| Other Reserves | 46.50 | 46.50 | 46.50 |
| Reserve excluding Revaluation Reserve | 374.05 | 495.97 | 476.82 |
| Revaluation reserve | 0.00 | 0.00 | 0.00 |
| Shareholder's Funds | 702.35 | 824.27 | 805.12 |
| Minority Interest | 416.47 | 216.43 | 35.83 |
| Long-Term Borrowings | 0.00 | 0.00 | 0.00 |
| Secured Loans | 2478.63 | 2365.73 | 2562.11 |
| 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 | 0.00 | 0.00 | 0.00 |
| Term Loans - Institutions | 1338.68 | 1445.99 | 1567.44 |
| Other Secured | 1139.95 | 919.74 | 994.67 |
| Unsecured Loans | 132.02 | 128.79 | 27.46 |
| 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 | 0.00 | 0.00 | 0.00 |
| Other Unsecured Loan | 132.02 | 128.79 | 27.46 |
| Deferred Tax Assets / Liabilities | 17.51 | 159.98 | 102.76 |
| Deferred Tax Assets | 0.00 | 125.59 | 181.20 |
| Deferred Tax Liability | 17.51 | 285.57 | 283.95 |
| 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 | 2628.16 | 2654.49 | 2692.33 |
| Current Liabilities | 0 | 0 | 0 |
| Trade Payables | 568.84 | 538.84 | 540.93 |
| Sundry Creditors | 190.82 | 254.43 | 300.31 |
| Acceptances | 378.02 | 284.40 | 240.62 |
| Due to Subsidiaries- Trade Payables | 0.00 | 0.00 | 0.00 |
| Other Current Liabilities | 236.34 | 246.39 | 211.01 |
| Bank Overdraft / Short term credit | 0.00 | 0.00 | 0.00 |
| Advances received from customers | 0.00 | 0.00 | 0.00 |
| Interest Accrued But Not Due | 37.28 | 82.27 | 30.12 |
| 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 | 199.06 | 164.12 | 180.90 |
| 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 | 0.00 | 11.71 | 8.16 |
| 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 | 0.00 |
| Provision for post retirement benefits | 0.00 | 0.00 | 0.00 |
| Preference Dividend | 0.00 | 0.00 | 0.00 |
| Other Provisions | 0.00 | 11.71 | 8.16 |
| Total Current Liabilities | 805.17 | 796.94 | 760.11 |
| Total Liabilities | 4552.16 | 4492.13 | 4293.38 |
| ASSETS | 0 | 0 | 0 |
| Gross Block | 3706.23 | 3602.70 | 3500.31 |
| Less: Accumulated Depreciation | 1990.24 | 1781.00 | 1578.61 |
| Less: Impairment of Assets | 0.00 | 0.00 | 0.00 |
| Net Block | 1715.99 | 1821.70 | 1921.71 |
| Lease Adjustment A/c | 0.00 | 0.00 | 0.00 |
| Capital Work in Progress | 35.89 | 129.36 | 67.09 |
| Non Current Investments | 24.28 | 43.67 | 43.67 |
| Long Term Investment | 24.28 | 43.67 | 43.67 |
| Quoted | 14.74 | 26.64 | 26.64 |
| Unquoted | 9.55 | 88.01 | 88.01 |
| Long Term Loans & Advances | 0.00 | 0.00 | 0.00 |
| Other Non Current Assets | 0.00 | 0.00 | 0.00 |
| Total Non-Current Assets | 1776.16 | 1994.72 | 2032.47 |
| 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 | 1020.40 | 916.70 | 944.51 |
| Raw Materials | 196.86 | 178.16 | 245.38 |
| Work-in Progress | 135.61 | 112.30 | 88.48 |
| Finished Goods | 592.08 | 544.98 | 534.37 |
| Packing Materials | 0.00 | 0.00 | 0.00 |
| Stores and Spare | 69.06 | 72.17 | 56.02 |
| Other Inventory | 26.78 | 9.08 | 20.26 |
| Sundry Debtors | 1101.12 | 1055.71 | 996.84 |
| Debtors more than Six months | 357.25 | 353.19 | 349.93 |
| Debtors Others | 750.87 | 709.11 | 652.05 |
| Cash and Bank | 172.67 | 167.76 | 35.23 |
| Cash in hand | 50.62 | 31.47 | 14.80 |
| Balances at Bank | 122.05 | 136.28 | 19.43 |
| Other cash and bank balances | 0.00 | 0.00 | 1.00 |
| Other Current Assets | 0.00 | 0.00 | 0.00 |
| 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 | 0.00 | 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 | 458.93 | 328.57 | 276.73 |
| Advances recoverable in cash or in kind | 434.74 | 302.04 | 215.02 |
| Advance income tax and TDS | 6.95 | 7.52 | 15.44 |
| 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 | 17.25 | 19.01 | 46.27 |
| Total Current Assets | 2753.11 | 2468.73 | 2253.30 |
| Net Current Assets (Including Current Investments) | 1947.94 | 1671.80 | 1493.20 |
| Miscellaneous Expenses not written off | 22.88 | 28.67 | 7.61 |
| Total Assets | 4552.16 | 4492.13 | 4293.38 |
| Contingent Liabilities | 0.00 | 1325.30 | 1478.86 |
| Total Debt | 2610.65 | 2494.52 | 2589.58 |
| Book Value | 72.89 | 93.69 | 94.03 |
| Adjusted Book Value | 72.89 | 93.69 | 94.03 |