| (Rs.in Million) |
| Particulars | Mar 2004 | Mar 2003 | Mar 2002 |
| EQUITY AND LIABILITIES | 0 | 0 | 0 |
| Share Capital | 8.96 | 8.96 | 8.96 |
| Equity - Authorised | 75.00 | 75.00 | 75.00 |
| Equity - Issued | 8.96 | 8.96 | 8.96 |
| Equity Paid Up | 8.96 | 8.96 | 8.96 |
| 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 | 65.98 | 55.16 | 56.23 |
| Securities Premium | 0.00 | 0.00 | 0.00 |
| Capital Reserves | 9.05 | 9.05 | 9.05 |
| Profit & Loss Account Balance | 1.08 | 0.26 | 3.33 |
| General Reserves | 55.55 | 45.55 | 43.55 |
| Other Reserves | 0.30 | 0.30 | 0.30 |
| Reserve excluding Revaluation Reserve | 65.98 | 55.16 | 56.23 |
| Revaluation reserve | 0.00 | 0.00 | 0.00 |
| Shareholder's Funds | 74.95 | 64.12 | 65.19 |
| Minority Interest | 0.00 | 0.00 | 0.00 |
| Long-Term Borrowings | 0.00 | 0.00 | 0.00 |
| Secured Loans | 66.98 | 40.37 | 47.04 |
| 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 | 8.50 | 0.00 | 0.00 |
| Term Loans - Institutions | 0.00 | 0.00 | 0.00 |
| Other Secured | 58.48 | 40.37 | 47.04 |
| Unsecured Loans | 0.00 | 0.00 | 1.00 |
| 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 | 1.00 |
| 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 | 12.68 | 11.55 | 10.93 |
| Deferred Tax Assets | 0.00 | 0.00 | 0.00 |
| Deferred Tax Liability | 12.68 | 11.55 | 10.93 |
| 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 | 79.66 | 51.92 | 58.98 |
| Current Liabilities | 0 | 0 | 0 |
| Trade Payables | 40.56 | 35.58 | 21.87 |
| Sundry Creditors | 40.56 | 35.58 | 21.87 |
| Acceptances | 0.00 | 0.00 | 0.00 |
| Due to Subsidiaries- Trade Payables | 0.00 | 0.00 | 0.00 |
| Other Current Liabilities | 19.45 | 8.88 | 6.41 |
| Bank Overdraft / Short term credit | 0.00 | 0.00 | 0.00 |
| Advances received from customers | 5.89 | 2.98 | 2.17 |
| Interest Accrued But Not Due | 0.00 | 0.00 | 0.00 |
| 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 | 13.56 | 5.90 | 4.25 |
| 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 | 22.92 | 12.66 | 6.23 |
| Proposed Equity Dividend | 3.64 | 2.02 | 0.90 |
| Provision for Corporate Dividend Tax | 0.00 | 0.00 | 0.00 |
| Provision for Tax | 19.28 | 10.64 | 5.34 |
| 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 | 82.93 | 57.12 | 34.52 |
| Total Liabilities | 141.92 | 104.49 | 113.23 |
| ASSETS | 0 | 0 | 0 |
| Gross Block | 130.67 | 109.23 | 105.39 |
| Less: Accumulated Depreciation | 70.31 | 64.66 | 61.29 |
| Less: Impairment of Assets | 0.00 | 0.00 | 0.00 |
| Net Block | 60.36 | 44.57 | 44.10 |
| Lease Adjustment A/c | 0.00 | 0.00 | 0.00 |
| Capital Work in Progress | 0.00 | 0.00 | 0.00 |
| Non Current Investments | 6.03 | 14.45 | 22.60 |
| Long Term Investment | 6.03 | 14.45 | 22.60 |
| Quoted | 5.56 | 5.56 | 13.71 |
| Unquoted | 0.47 | 8.89 | 8.89 |
| Long Term Loans & Advances | 0.00 | 0.00 | 0.00 |
| Other Non Current Assets | 0.00 | 0.00 | 0.00 |
| Total Non-Current Assets | 66.40 | 59.02 | 66.70 |
| 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 | 56.34 | 58.15 | 37.67 |
| Raw Materials | 44.17 | 37.17 | 24.61 |
| Work-in Progress | 7.87 | 15.32 | 10.08 |
| Finished Goods | 0.00 | 2.11 | 0.00 |
| Packing Materials | 0.00 | 0.00 | 0.00 |
| Stores and Spare | 4.30 | 3.55 | 2.98 |
| Other Inventory | 0.00 | 0.00 | 0.00 |
| Sundry Debtors | 60.91 | 32.80 | 30.16 |
| Debtors more than Six months | 3.78 | 3.08 | 1.50 |
| Debtors Others | 57.13 | 29.72 | 28.67 |
| Cash and Bank | 26.94 | 1.37 | 6.48 |
| Cash in hand | 0.11 | 0.11 | 0.08 |
| Balances at Bank | 26.83 | 1.26 | 6.40 |
| Other cash and bank balances | 0.00 | 0.00 | 0.00 |
| 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 | 26.95 | 21.83 | 17.66 |
| Advances recoverable in cash or in kind | 6.17 | 6.65 | 7.68 |
| Advance income tax and TDS | 19.42 | 14.16 | 9.07 |
| 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 | 1.36 | 1.02 | 0.91 |
| Total Current Assets | 171.14 | 114.15 | 91.98 |
| Net Current Assets (Including Current Investments) | 88.21 | 57.02 | 57.46 |
| Miscellaneous Expenses not written off | 0.00 | 0.00 | 0.00 |
| Total Assets | 141.92 | 104.49 | 113.23 |
| Contingent Liabilities | 80.26 | 68.76 | 47.95 |
| Total Debt | 66.98 | 40.37 | 48.04 |
| Book Value | 83.61 | 71.54 | 72.73 |
| Adjusted Book Value | 15.96 | 13.66 | 13.88 |