

		Notes:-

	1	The Auditors in their audit report on the Company's Accounts for the year ended 31st March, 2009 have expressed their inability to express any opinion on the recognition of net Deferred Tax Asset of Rs. 950.13 crores. However, based on the future profitability projections, the Company is virtually certain that there would be sufficient taxable income in the future, to claim the above tax credit. The company has strategic plans for revival of the company and is hopeful of improvement in its financial health in near future. Accordingly, the financial results for the quarter have been drawn as per going concern assumption.
	2	Other Operating Income includes a sum of Rs. 90.11 crores for the quarter, being gain arising on Exchange difference on reinstatement of foreign currency operating balances and forward exchange contracts.
	3	There were no extraordinary items during the respective periods reported above.
	4	Basic and Diluted EPS have been computed after considering the impact of proportionate arrear dividends on cumulative redeemable preference shares on the profit/ loss for the respective periods in terms of Accounting Standard 20 'Earnings Per Share".
	5	The Company has identified Iron & Steel product as its sole operating segment and hence no further disclosure is required under Accounting Standard 17.
	6	Previous period/ year figures have been re-grouped / re-arranged wherever necessary.
	7	At the beginning of the quarter, there were no complaints from investors pending for disposal. During the quarter, 88 complaints were received and these were appropriately disposed off. Thus, there were no complaints from investors pending for disposal at the end of the quarter.
	8	The above unaudited financial results for the quarter ended 30th June 2009 were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 25^th July 2009.



		For and on behalf of the Board

Place: Mumbai Anil Sureka
Dated: 25th July, 2009 Executive Director