DIRECTORS’ REPORTTo

The Shareholders,

Your Directors have pleasure in presenting their Report and the audited Accounts of the Company for the year ended 31st March, 2008.

2. Financial Results :

Rs. Rs.

The Profit & Loss Account shows a profit of 17,32,175

To which is added the balance brought forward from the previous year 57,21,316

Making a total of 74,53,491

Out of this provisions have been made for -

Reserve Fund 3,50,000

Taxation (including Rs. 8,399 short provision in respect of an earlier year ) 8,399 3,58,399

Balance to be carried forward 70,95,092

3. Dividend :

Your Directors have not recommended any dividend.

4. Directors :

Shri T.R. Chachan retires from the Board by rotation and is eligible for re-appointment.

5. Auditors :

The Auditors, Messrs K.P. Gutgutia & Co., Chartered Accountants, retire and are eligible for re-appointment.

6. Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo :

As the Company has no manufacturing activity, it is not required to furnish any information with regard to conservation of energy. There is no information to furnish with regard to technology absorption. During the year, no foreign exchange was earned or used by the Company.

7. Particulars of Employees :

The provisions of Section 217 (2A) of the Companies Act, 1956 are not applicable to the Company as there is no employee.

8. Directors’ Responsibility Statement :

Your Directors confirm that -

i) in preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii) they have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that year;

iii) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv) they have prepared the annual accounts on a going concern basis.

9. Compliance Certificate :

A copy of the Compliance Certificate from Messrs A.M. Bubna & Associates, Company Secretaries, as required under Section 383A of the Companies Act, 1956 is attached and forms a part of this Report.

R. N. JHUNJHUNWALA

9/1, R.N. Mukherjee Road, SANJAY MUKHERJEE

Kolkata - 700 001 T. R. CHACHAN Dated : 16th April, 2008 SUNIL LOHIA

}Directors

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COMPLIANCE CERTIFICATEToThe Members,We have examined the registers, records, books and papers of Champaran Marketing Company Limited (the Company) as required to be maintained under the Companies Act, 1956, (the Act) and the rules made thereunder and also the provisions contained in the Memorandum and Articles of Association of the Company for the financial year ended on 31st March, 2008 (Financial year). In our opinion and to the best of our information and according to the examinations carried out by us and explanations furnished to us by the Company, its officers and agents, we certify that in respect of the aforesaid financial year :1. The Company has kept and maintained all registers as stated

in Annexure ‘A’ to this certificate, as per the provisions of the Act and the rules made thereunder and all entries therein have been duly recorded.

2. The Company has duly filed the forms and returns as stated in Annexure ‘B’ to this certificate, with the Registrar of Companies within the time prescribed under the Act and the rules made thereunder.

3. The Company, being a public limited company; clause 3 is not applicable.

4. The Board of Directors duly met 5 (Five) times respectively on 16th April, 2007, 30th July, 2007, 11th September, 2007, 26th December, 2007 & 24th March, 2008 in respect of which meetings proper notices were given and the proceedings were properly recorded and signed in the Minutes Book maintained for the purpose.

5. The Company was not required to close its Register of Members during the financial year since it is not listed with any stock exchange.

6. The Annual General Meeting for the financial year ended on 31st March, 2007 was held on 4th June, 2007 after giving due notice to the members of the Company and the resolutions passed thereat were duly recorded in Minutes Book maintained for the purpose.

7. No Extra Ordinary General Meeting was held during the financial year.

8. The Company has not advanced any loans to its directors or persons or firms or companies referred to under Section 295 of the Act.

9. The Company has not entered into any contracts falling within the purview of Section 297 of the Act.

10. The Company was not required to make any entries in the register maintained under Section 301 of the Act.

11. As there were no instances falling within the purview of Section 314 of the Act the Company was not required to obtain any approvals from the Board of Directors, members or Central Government.

12. The Company has not issued any duplicate share certificates during the financial year.

13. The Company has : a) Not allotted/ transferred/ transmitted securities during

the financial year. b)& c) Not deposited any amount in a separate Bank Account

as the dividend declared was paid within five days. d) No amount in unpaid dividend account, application money due

for refund, matured deposits, matured debentures and the interest accrued thereon and as such it was not required to transfer any amount to Investor Education and Protection Fund.

e) Duly complied with the requirements of Section 217 of the Act.

14. The Board of Directors of the Company is duly constituted and the appointment of a director was duly made.

15. The Company has not appointed any Managing Director/ Whole-time Director/ Manager during the financial year as there was no need to do so.

16. The Company has not appointed any sole-selling agents during the financial year.

17. The Company was not required to obtain any approvals of the Central Government, Company Law Board, Regional Director, Registrar of Companies or such other authorities as may be prescribed under the various provisions of the Act during the financial year.

18. The Directors have disclosed their interest in other firms/companies to the Board of Directors pursuant to the provisions of the Act and the rules made thereunder.

19. The Company has not issued any shares, debentures or other securities during the financial year.

20. The Company has not bought back any shares during the financial year.

21. The Company has not redeemed any Preference shares during the financial year.

22. There were no transactions necessitating the Company to keep in abeyance the rights to dividend, rights shares and bonus shares pending registration of transfer of shares.

23. The Company has not invited/ accepted any deposits under Section 58A of the Act during the financial year.

24. The Company has not made any borrowings during the financial year ended 31st March, 2008.

25. The provisions of Section 372 A are not applicable to the Company as its principal business is acquisition of shares, stocks, debentures or other securities.

26. The Company has not altered the provisions of the Memorandum with respect to the situation of the Company’s registered office from one state to another during the year under scrutiny.

27. The Company has not altered the provisions of the Memorandum with respect to the objects of the Company during the year under scrutiny.

28. The Company has not altered the provisions of the Memorandum with respect to name of the Company during the year under scrutiny.

29. The Company has not altered the provisions of the Memorandum with respect to share capital of the Company during the year under scrutiny.

30. The Company has not altered its Articles of Association during the financial year.

31. There was no prosecution initiated against or show cause notices received by the Company and no fines or penalties or any other punishment was imposed on the Company during the financial year, for offences under the Act.

32. Since the Company has no employees, it didn’t receive any money as security from its employees during the financial year.

33. Since the Company has no employees, the provisions of EPF & Miscellaneous Provisions Act, 1952 are not applicable, consequently it was not required to deduct any contribution towards Provident Fund during the financial year.

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COMPLIANCE CERTIFICATE (Contd.)ANNEXURE - BForms and Returns as filed by the Company with Registrar ofCompanies (ROC), Regional Director, Central Government or other authorities during the financial year ended 31st March, 2008.1. Form No.1AA Filed u/s 5(g) on 25.04.2007 for filing

particulars of the person charged with complying with the various provi sions of the Act

2. Balance Sheet in Form No. 23AC along with Profit and Loss Account in Form 23ACA Filed u/s 220 on 11.06.2007 for the financial year ended on 31.03.2007 with ROC

3. Compliance Certificate in Form No. 66 filed u/s 383A on 11.06.2007 for the financial year ended on 31.03.2007 with ROC

4. Form No. 32 Filed u/s 303(2) on 11.06.2007 for the appointment of a director at the Annual General Meeting.

5. Annual Return in Form No.20B Filed u/s 159 on 2.07.2007 made upto 04.06.2007 with ROC.

For A. M. BUBNA & ASSOCIATES (Company Secretaries) Name of the Company Secretary: ASHISH BUBNA (Partner)C. P. No Membership No. 3569 105, Cotton Street, Kolkata – 700 007 Dated : 16th April, 2008

ANNEXURE - A Registers/ Records as maintained by the Company1. Register of Investment u/s 49(7)2. Register of Transfers u/s 108/1113. Register of Members u/s 1504. Minutes Book of Board Meetings u/s 1935. Minutes Book of General Meetings u/s 193 6. Books of Accounts u/s 2097. Register of Notice of Interest given by the Directors u/s 2998. Register of Contracts, Companies and firms in which direc tors are interested u/s 3019. Register of Directors, Managing Director, Manager and Secretary u/s 30310. Register of Directors’ Shareholding u/s 30711. Register of Loans & Investments u/s 372A12. Register of Charges u/s 14313. Application for and allotment of shares14. Copies of Annual Return u/s 163

AUDITORS’ REPORT To The Members,1. We have audited the attached Balance Sheet of Champaran

Marketing Company Limited as at 31st March, 2008 and also the Profit & Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor’s Report) Order, 2003, (as amended) issued by the Central Government of India in terms of Sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the annexure, a statement on the matters specified in paragraphs 4 & 5 of the said Order.

4. Further to our comments in the Annexure referred to above, we report that :-

(i) We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of our audit;

(ii) In our opinion, proper books of account as required by law have been kept by he Company, so far as appears from our examination of those books;

(iii) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account as submitted to us;

(iv) In our opinion, the Balance Sheet and the Profit & Loss Account dealt with by this report comply with the Accounting Standards referred to in Sub-section 3(C) of Section 211 of the Companies Act, 1956;

(v) On the basis of written representations received from the directors, as on 31st March, 2008 and taken on record by the Board Of Directors, we report that none of the directors is disqualified as on 31st March, 2008 from being appointed as a director in terms of clause (g) of Sub-section (1) of Section 274 of the Companies Act, 1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Notes thereon, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view, in conformity with the accounting principles generally accepted in India.

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2008; and,

b) In the case of the Profit and Loss Account, of the profit for the year ended on that date.

For K. P. GUTGUTIA & CO. Chartered Accountants 2, Princep Street, K. P. GUTGUTIA Kolkata – 700 072. Proprietor Dated : 16th April, 2008 Membership No. 7250

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ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE1. The Company has no fixed assets, as such the question of

maintenance of fixed assets records and physical verification thereof does not arise.

2. The Company has no manufacturing and/ or trading activities and as such the question of having any stock and maintenance of records in respect thereof and physical verification of inventory does not arise.

3. The Company has not taken/ granted any loans secured or unsecured from/ to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

4. The Company has not purchased any goods and fixed assets and also there is no sale of goods and services during the year and as such the question of having any internal control system with regard to purchase of inventory, fixed assets and sale of goods does not arise.

5. There were no transaction which required to be entered in the register in pursuance of Section 301 of the Companies Act, 1956.

6. The Company has not accepted any deposits from the public.

7. The Internal Audit was conducted by a service Company and in our opinion the internal audit system is commensurate with the size of the Company and the nature of its business.

8. The Company is not required to maintain any cost records under Section 209 (1) (d) of the Companies Act, 1956.

9. The Company has been regular in depositing undisputed statutory dues with the appropriate authorities, as applicable. As the Company has no employee and no manufacturing and/ or trading activities are carried on by the Company, the question of payment of Provident Fund, Employees State Insurance, Sales Tax, Custom Duty, Excise Duty, Service Tax, Cess etc. does not arise. According to the information and explanations given to us no undisputed amounts payable in respect of statutory dues were outstanding as on 31st March, 2008 for a period of more than six months from the date they became payable. There are no dues outstanding in respect of statutory dues on account of any dispute.

10. The Company has no accumulated loss at the end of the financial year and it has not incurred any cash losses in the current and immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the Company has not taken any loan from financial institutions, bank or debentureholders, as such, the question of any default in repayment does not arise.

12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, and according to the information and explanations given to us, the nature of activities of the Company does not attract any special statute applicable to chit fund and Nidhi/ mutual benefit fund/ societies.

14. In respect of dealing in shares, securities, debentures and other investments, in our opinion and according to the information and explanations given to us, proper records have been maintained of the transactions and contracts and timely entries have been made therein. The shares, securities, debentures and other investments have been held by the Company in its own name.

15. The Company has not given any guarantee for loans taken by others from bank and financial institutions.

16. The Company has not taken any term loan from any financial institution or bank. The Company does not have any borrowing by way of debentures.

17. We have been informed by the management that no funds were raised either on short term basis or on long term basis.

18. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures during this year.

20. The Company has not raised any money through a public issue during the year.

21. Based upon the audit procedures performed and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For K. P. GUTGUTIA & CO.2, Princep Street, Chartered Accountants Kolkata – 700 072. K. P. GUTGUTIADated : 16th April, 2008 Proprietor Membership No. 7250

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SOURCES OF FUNDS : Shareholders’ Funds : Share Capital 1 1,08,72,500 1,08,72,500 Reserves & Surplus 2 3,88,40,092 3,71,16,316 4,97,12,592 4,79,88,816 Loan : Unsecured Loan : The Oudh Sugar Mills Ltd., the holding Company (not bearing interest) 32,50,000 38,50,000 32,50,000 38,50,000 5,29,62,592 5,18,38,816

APPLICATION OF FUNDS :

Investments : 3 5,29,15,352 5,19,15,352 Current Assets, Loans & Advances : Current Assets 4 53,240 59,536 Loans & Advances 5 – 31,706 53,240 91,242 Less : Current Liabilities & Provisions 6 Current Liabilities 6,000 6,000 Provisions – 1,61,778 6,000 1,67,778 Net Current Assets 47,240 (76,536) 5,29,62,592 5,18,38,816

Accounting Policies and Notes on Accounts 8

In terms of our attached report of even date.

For K.P. GUTGUTIA & CO. R. N . JHUNJHUNWALA Chartered Accountants SANJAY MUKHERJEE Directors2, Princep Street, K. P. GUTGUTIA T.R. CHACHANKolkata - 700 072. Proprietor SUNIL LOHIA Dated : 16th April, 2008 Membership No. 7250

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BALANCE SHEET as at 31st March, 2008

Schedule 31st March, 2008 31st March, 2007 Rs. Rs.

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PROFIT & LOSS ACCOUNT for the year ended 31st March, 2008

SCHEDULES to the Balance Sheet

SCHEDULE – 1 : SHARE CAPITAL Authorised : 6,406 Ordinary Shares of Rs. 10 each 64,060 64,060 59,74,376 Ordinary Shares of Rs. 2.50 each 1,49,35,940 1,49,35,940 2,50,000 Peference Shares of Rs. 10 each 25,00,000 25,00,000 1,75,00,000 1,75,00,000Issued : 43,50,000 Ordinary Shares of Rs. 2.50 each 1,08,75,000 1,08,75,000 2,00,000 10% Cumulative Redeemable Preference Shares of Rs. 10 each 20,00,000 20,00,000 1,28,75,000 1,28,75,000Subscribed & Paid-up : 43,49,000 Ordinary Shares of Rs. 2.50 each fully paid up 1,08,72,500 1,08,72,500 1,08,72,500 1,08,72,500

Notes :1. Out of 43,49,000 Ordinary Shares 1,08,750 Shares have been allotted as fully paid Bonus shares by capitalisation of General Reserve.2. The entire Subscribed Ordinary Share Capital is held by The Oudh Sugar Mills Ltd., the holding Company.

INCOME : Dividend 18,14,342 31,99,574 Interest on Loan (including tax deducted at source Rs. NIL; previous year Rs. 21,026) – 93,699 Profit on sale of Investments – 2,48,827 Miscellaneous Receipt – 87 18,14,342 35,42,187

EXPENDITURE : Directors’ Fees 4,000 5,000 Other Expenses 7 78,167 69,777 82,167 74,777 Profit before Taxation 17,32,175 34,67,410 Less : Provision for Taxation (including short provision in respect of an earlier year Rs. 8,399) 8,399 30,384 Profit after Taxation 17,23,776 34,37,026 Add : Balance brought forward from last year 57,21,316 51,65,068 Profit available for Appropriation 74,45,092 86,02,094

APPROPRIATIONS : Transfer to Reserve Fund 3,50,000 7,50,000 Transfer to Capital Redemption Reserve – 20,00,000 Proposed Dividend on 2,00,000 Cumulative Redeemable Preference Shares of Rs. 10 each @ 10% per annum – 1,11,781 Provision for Dividend Tax – 18,997 Balance carried to Balance Sheet 70,95,092 57,21,316 74,45,092 86,02,094

In terms of our attached report of even date.

For K. P. GUTGUTIA & CO. R. N . JHUNJHUNWALA Chartered Accountants SANJAY MUKHERJEE Directors2, Princep Street, K. P. GUTGUTIA T. R. CHACHANKolkata - 700 072. Proprietor SUNIL LOHIA Dated : 16th April, 2008 Membership No. 7250

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Schedule 2007 - 2008 2006 - 2007 Rs. Rs.

31st March, 2008 31st March, 2007 Rs. Rs.

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SCHEDULE – 2 : RESERVES AND SURPLUS

Share Premium Account As per last Account 86,95,000 86,95,000Reserve Fund As per last Account 57,00,000 49,50,000 Add : Transfer from Profit & Loss Account 3,50,000 7,50,000 60,50,000 57,00,000General Reserve As per last Account 1,50,00,000 1,50,00,000Capital Redemption Reserve As per last Account 20,00,000 – Add : Transfer from Profit & Loss Account – 20,00,000 20,00,000 20,00,000Surplus as per Profit & Loss Account 70,95,092 57,21,316 3,88,40,092 3,71,16,316

No. of Face Value Shares Rs.

SCHEDULE – 3 : INVESTMENTS (AT COST)Long TermQuotedEquity Shares (Fully Paid) Chambal Fertilisers & Chemicals Ltd. 3,02,500 10 55,00,000 55,00,000 New India Retailing & Investment Ltd. 94,077 10 75,23,560 75,23,560

(Formerly Known as New India Sugar Mills Ltd.) Upper Ganges Sugar & Industries Ltd. 2,60,841 10 1,95,59,479 1,95,59,479 SIL Investments Ltd. 1,99,773 10 38,14,988 38,14,988 (Formerly known as Sutlej Industries Ltd.) Sutlej Textiles & Industries Ltd. 2,06,540 10 64,41,985 64,41,985 Manavta Holdings Ltd. 72,000 10 3,52,755 3,52,755 4,31,92,767 4,31,92,767UnquotedEquity Shares (Fully Paid) Taparia Ltd. 3,500 10 40,105 40,105 Shree Vihar Properties Ltd. 7,47,692 10 65,76,920 65,76,920 Modern DiaGen Services Ltd. 10,556 10 1,05,560 1,05,560 (Formerly known as Damanganga Processors Ltd.) Hargaon Properties Ltd. 2,00,000 10 20,00,000 20,00,000 Leas Communications Ltd. (Value written off) 21,000 10 – – Chandausi Rice Mills Ltd. (Value written off) 1,000 10 – – Swadeshi Jute Machinery Corporation Ltd. (In liquidation) (Value written off) 15,000 10 – – Maruti Ltd. (In liquidation) (value written off) 10,000 10 – – 87,22,585 87,22,585Equity Shares (Partly Paid) Modern DiaGen Services Ltd. 5,00,000 2 10,00,000 – 97,22,585 87,22,585 5,29,15,352 5,19,15,352Aggregate Book Value of Quoted Investments 4,31,92,767 4,31,92,767Aggregate Book Value of Unquoted Investments 97,22,585 87,22,585 5,29,15,352 5,19,15,352Market Value of Quoted Investments 7,21,74,630 8,07,69,182

SCHEDULES to the Balance Sheet (Contd.)

31st March, 2008 31st March, 2007 Rs. Rs.

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SCHEDULES to the Balance Sheet (Contd.)

SCHEDULE – 4 : CURRENT ASSETS Cash & Bank Balances With a Scheduled Bank on Current Account 53,240 59,536 53,240 59,536SCHEDULE – 5 : LOANS & ADVANCES (Unsecured, Considered Good) Advance payment of Income-tax & tax deducted at source – 31,026 Income Tax Refund Receivable – 680 – 31,706SCHEDULE – 6 : CURRENT LIABILITIES & PROVISIONS

Current Liabilities Sundry Creditors for Expenses 6,000 6,000 6,000 6,000Provisions For Taxation – 31,000 For Proposed Dividend – 1,11,781 For Dividend Tax – 18,997 – 1,61,778 6,000 1,67,778

SCHEDULE – 7 : OTHER EXPENSES Rates & Taxes 7,300 6,600 Service Charges 44,944 40,406 General Charges 19,423 15,771 Auditors’ Remuneration : As Audit Fees 6,000 6,000 For Certificate etc. 500 1,000 78,167 69,777

SCHEDULE – 8 : ACCOUNTING POLICIES AND NOTES ON ACCOUNTS

1. Accounting Policies a) Recognition of Income & Expenditure :

Income & Expenditure are recognised on accrual basis. b) Investments :

Long-term Investments are considered at cost on individual basis, unless there is permanent decline in value thereof, in which case adequate provision is made against the diminution in the value of Investments.

2. No provision has been made in respect of diminution in the value of certain quoted investments aggregating Rs. 55,77,806 as the same, in the opinion of management, is not permanent in nature. However, there is no diminution in the overall market value of the quoted investments.

3. The Company has given undertaking to financial institution/ bank not to transfer, assign, pledge, charge or create any lien or otherwise dispose of its shareholdings present or future in Damanganga Processors Ltd., without their prior approval in writing till the financial assistance provided by them to the said companies remain outstanding.

Signatories to Schedules 1 to 8

For K.P. GUTGUTIA & CO. R. N . JHUNJHUNWALA Chartered Accountants SANJAY MUKHERJEE Directors2, Princep Street, K. P. GUTGUTIA T.R. CHACHANKolkata - 700 072. Proprietor SUNIL LOHIA Dated : 16th April, 2008 Membership No. 7250

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SCHEDULES to the Profi t & Loss Account 2007-2008 2006-2007 Rs. Rs.

31st March, 2008 31st Marh, 2007 Rs. Rs. A

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BALANCE SHEET ABSTRACT AND COMPANY’S GENERAL BUSINESS PROFILE

I. Registration Details

Registration No. U15424WB1951PLC019451 State Code 21

Balance Sheet Date 31.03.2008

II. Capital raised during the year (Amount in Rs. Thousands)

Public Issue Nil Rights Issue Nil

Bonus Issue Nil Private Placement Nil

III. Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)

Total Liabilities 52,963 Total Assets 52,963

Sources of Funds Application of Funds

Paid-up Capital 10,873 Net Fixed Assets Nil

Reserves & Surplus 38,840 Investments 52,916

Secured Loans Nil Net Current Assets 47

Unsecured Loans 3,250 Miscellaneous Expenditure Nil

Accumulated Losses Nil

IV. Performance of Company (Amount in Rs. Thousands)

Turnover 1,814 Total Expenditure 82

Profit before tax 1,732 Profit after Tax 1,724

Earning per share (Rs.) 0.40 Dividend Rate Nil

V. Generic Names of Principal Products/Services of the Company

(As per monetary terms) Item Code No.(ITC Code)

Product Description

R. N . JHUNJHUNWALA

SANJAY MUKHERJEE Directors

T.R. CHACHAN

SUNIL LOHIA

Not Applicable

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SCHEDULES to the Balance Sheet of a Non-Banking Financial Company

Amount outstandingAssets Side :2. Break-up of Loans and Advances including Bills receivables (other than those included in (4) below) a) Secrued Nil b) Unsecured Nil3. Break-up of Leased Assets and Stock on Hire and other assets counting towards AFC activities (i) Lease Assets including lease rentals under sundry debtors : (a) Financial Lease Nil (b) Operating Lease Nil (ii) Stock on hire including hire charges under sundry debtors : (a) Assets on Hire Nil (b) Repossessed Assets Nil (iii) Other Loans counting towards AFC activities : (a) Loans where assets have been repossessed Nil (b) Loans other than (a) above Nil4. Break-up of Investments : Current Investments : 1. Quoted : i) Shares : (a) Equity Nil (b) Preference Nil ii) Debentures and Bonds Nil iii) Units of Mutual Funds Nil iv) Government Securities Nil v) Others (please specify) Nil 2. Unquoted : i) Shares : (a) Equity Nil (b) Preference Nil ii) Debentures and Bonds Nil iii) Units of Mutual Funds Nil iv) Government Securities Nil v) Others (please specify) Nil

(As required in terms of paragraph 9BB of Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998)

(Rs. in Lacs) Amount Amount PARTICULARS outstanding overdue (As on (As on 31.03.2008) 31.03.2008)

Liabilities Side : 1. Loans and Advances availed by the NBFC’S inclusive of interest accrued thereon but not paid : a) Debentures : Secured Nil Nil Unsecured Nil Nil (Other than falling within the meaning of Public Deposits) b) Deferred Credits Nil Nil c) Term Loans Nil Nil d) Inter-Corporate Loans and Borrowings Nil Nil e) Commercial Paper Nil Nil f) Other Loans (specify nature) 32.50 32.50

Long Term Investments : 1. Quoted : i) Shares : (a) Equity 431.93 (b) Preference Nil ii) Debentures and Bonds Nil iii) Units of Mutual Funds Nil iv) Government Securities Nil v) Others (please specify) Nil 2. Unquoted : i) Shares : (a) Equity 97.22 (b) Preference Nil ii) Debentures and Bonds Nil iii) Units of Mutual Funds Nil iv) Government Securities Nil v) Others (please specify) Nil

5. Borrower group-wise classification of Assets financed as in (2) and (3) above : (Rs. in Lacs)

Secured Unsecured Total 1. Related Parties (a) Subsidiaries Nil Nil Nil (b) Companies in the same group Nil Nil Nil (c) Other related parties Nil Nil Nil 2. Other than related parties Nil Nil Nil Total Nil Nil Nil

Category Amount net of provisions

6. Investor group-wise classification of all Investments (current and long term) in shares and securities (both

quoted and unquoted) :

Market Value/ Break-up or Book Value Category Fair value or NAV (Net of Provisions)1. Related Parties (a) Subsidiaries Nil Nil (b) Companies in the same group Nil Nil (c) Other related parties Nil Nil 2. Other than related parties 836.42 529.15 Total 836.42 529.15

Particulars Amount (i) Gross Non-Performing Assets (a) Related parties Nil (b) Other than related parties Nil (ii) Net Non-Performing Assets (a) Related parties Nil (b) Other than related parties Nil (iii) Assets acquired in satisfaction of debt Nil

R. N . JHUNJHUNWALA SANJAY MUKHERJEE Directors T.R. CHACHAN SUNIL LOHIA

7. Other Information :

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