Annual Report - Brigade Enterprises - 2009-2010

BRIGADE ENTERPRISES LIMITED

ANNUAL REPORT 2009-2010

DIRECTOR'S REPORT

To
The Members,

Your Directors have pleasure in presenting the Fifteenth Annual Report on
business and operations of the Company together with the Audited Statement
of Accounts for the financial year ended 31st March, 2010.



Financial Highlights:

Rupees in lakhs

Particulars 2009-10 2008-09

Net Sales and other income 36,259.08 39,435.72

Interest Et other Finance charges 887.49 587.84

Depreciation 1,791.03 1,338.90

Profit before tax 4,633.85 5,856.37

Provision for taxation: Current (754.43) (1,733.71)

Deferred (23.75) 0.26

Net Profit after Tax 4,595.21 4,122.92

Add: Prior year (expenses)/income 96.77 2,920.73

Excess/Short provision - IT (58.02) 1869.05

Less: Diminution in value of 11.66 607.40
investment

Profit available for appropriation 4,622.30 8,305.30

Earnings Per Share 4.12 3.13

The Net sales of the Company for the financial year 2009-10 stood at
Rs.36,259.08 lakhs (down by 8.05%). The lower volumes were attributable to
not so positive sentiments prevailing during the first half of the
financial year. However, on account of better realization the net profit of
the Company improved to Rs.4,595.21 lakhs (up by 11.45%) during the
financial year 2009-10

Dividend:

The Board of Directors of the Company has recommended a dividend of Rs.1.20
(Rupees one and paise twenty) (12%) per equity Share which is subject to
the approval of the shareholders in the ensuing Annual General Meeting of
the Company. The total payment on account of Dividend (including Dividend
Tax) shall be Rs. 1,575.95 lakhs. A sum of Rs. 115.56 lakhs has been
transferred to the General Reserve.

Operational Review & Future:

The Indian real estate business has bounced back from its most trying times
faced in the latter half of the financial year 2008-09. The residential
sector was first to show signs of recovery during the current financial
year. The Indian economy is looking much better as compared to other
developed economies, it would be matter of time before the demand for
commercial office space Et retail space improves.

Integrated Enclaves - The majority of the residential blocks of the two
flagship integrated enclave projects of the Company i.e., Brigade Gateway
located at Malleshwaram Rajaji Nagar, North Bangalore and Brigade
Metropolis located at Whitefield, East Bangalore are completed and handing
over to customers is in progress. The other development including the
commercial space in these projects are in the advance stages of completion.

The following are the other residential projects completed in the financial
2009-10:

Name of the project No. of Area in Location
Apartments Sq. ft.

Brigade Courtyard 184 277010 Bangalore
Brigade Solitaire 42 94990 Mysore
Brigade Citadel 8 25300 Mysore
Brigade Odyssey 8 17160 Bangalore

* Brigade Palmsprings at J. P Nagar, Bangalore, a joint development
residential projects, Brigade Horizon, a joint development residential
project at Mysore and Brigade Petunia, a residential project at
Banashankari, Bangalore are in an advanced stage of completion Hospitality
Domain - Mercure Homstead Residences at Koramangala in Bangalore owned by
the Company and managed by Accor group has done commendable business in the
first year of its operation.

* The 230 room Sheraton Bangalore Hotel located at Brigade Gateway is under
construction and is expected to commence operations at the end of the
current financial year.

Special Economic Zones - The enabling works like laying of boundary walls
has commenced in the Special Economic Zone at Kochi and the architectural
design for the Special Economic Zone at Mangalore is in progress.

Brigade Value Homes - Your Company will be launching a new range of
affordable value homes in Bangalore in the financial year 2010-11. Brigade
Value Homes incorporate the concept of enclave living which incidentally,
was pioneered in Bangalore by your Company. The Value Homes will offer
amenities like a swimming pool, gymnasium, landscaped outdoor areas, games
room and security.

Quality Initiatives - Your Company has constantly upgraded its standards
and scope of activities to have the widest coverage in the industry - from
ISO 9001:1994 to ISO 9001:2008. Your Company is one of the first to be
upgraded to 2008 criteria and to have the largest scope in the Industry.

The following projects have been launched by the Company in 2009-10:

* Brigade Sparkle at Mysore is a residential project of 2,37,400 sq. ft.
which would contain 32 apartments.

* Brigade Sonata is a joint development residential project of 16
apartments aggregating to 41,470 sq. ft.

* Brigade Crescent is a residential project of 10 apartments aggregating to
42,460 sq.ft.

* Brigade Rubix is a commercial project in Bangalore aggregating to
2,20,000 sq. ft.

* Brigade Vantage is a commercial project in Mysore aggregating to 1,30,000
sq. ft.

* Brigade Solitaire (Retail) is a retail project in Bangalore of 22,000 sq.
ft.

The Bhoomi Puja for the following projects were done in the current
financial year. These projects will be launched in the next financial year.

* Mall at Banaswadi, Bangalore,which would aggregate to more than 3,00,000
sq. ft.

* 120 acres mixed - use landmark project 'Orchards' at Devagiri Farms which
is a 50:50 joint venture project with Classic Valmark Private Limited.

* An integrated value homes (affordable housing) project of around 60 acres
at Kaggalipura Village, Kanakapura known as 'Brigade Meadows'.

A total of around 8 million square feet of built up area is being launched
by the Company. Your Company is very optimistic about the future. It has
weathered successfully through testing times and is gearing ahead with its
major launches.

Utilisation of IPO Proceeds:

The funds raised in the Initial Public Offering in December 2007 have been
fully utilised as 31st December, 2009. The details of the same are as
follows:

(Rs. in Lakhs)

Particulars Amount Actual
specified in Utilisation
prospectus

A) Funds raised * 70,376.30 70,376.30

B) Utlilisation

i) Land 4,796.90 25,508.71

ii) Construction 51,203.70 27,974.58

iii) General Corporate 10,840.10 12,972.21
purposes

iv) Issue expenses 3,535.60 3,920.80

C) Unutilised amount Nil Nil
invested in Mutual Funds

* Post the stabilization period on the Company exercising the Green Shoe
Option.

The Shareholders of the Company in the 13th Annual General Meeting of the
Company held on 27th June, 2008 have given their approval under Section 61
of the Companies Act, 1956 for varying, modifying, altering, including
change in deployment of funds raised in the Initial Public Offering in
December, 2007.

Subsidiaries:

Brigade Hospitality Services Limited (BHSL) is as a wholly owned subsidiary
of the Company and is carrying on the business of running and managing
clubs, service residences and convention centres. During the financial year
2009-10 BHSL has registered income from operations amounting of Rs. 3,275
lakhs has turned the corner and Profit after tax of Rs. 75 lakhs.

Brigade Estates and Projects Private Limited & Brigade Properties Private
Limited are wholly owned Subsidiaries of the Company with main business in
the field of real estate development. Brigade Infrastructure & Power
Private Limited is a wholly, owned subsidiary with it main object in the
field of Infrastructure and power. These Companies are in the process of
being fully operational.

Brigade Tetrarch Private Limited (BTPL) is also a whollyowned subsidiary of
the Company with its main business in the field of sports related
activities. This Company owns the Bangalore Brigadiers team which
participated in the KPL T-20 tournament organized by the Karnataka State
Cricket Association (KSCA) in September, 2009. During the financial year
2009-10 BTPL has registered income from operations amounting to Rs. 3.58
lakhs and incurred a loss of Rs. 17.28 lakhs.

Joint Venture:

BCV Developers Private Limited a 50:50 joint venture between the Company
and Classic Valmark P Limited for development of land of 120 acres in
Devanahalli, Bangalore. Your Company has 50% representation of the Board of
this Company. The master plan of the project has been finalised. This
company would become operational in the financial year 2010-11.

Consolidated Financial Statements:

The Consolidated Financial statements have been prepared by the Company
pursuant to Clause 32 of the Listing Agreement entered with the Stock
Exchanges. The Consolidated Financial Statement and Auditors' Report
thereon forms part of the Annual Report.

Fixed Deposits:

The Company has not accepted any fixed deposits during the year. There are
no deposits repaid during the year or any unclaimed deposits with the
Company.

Management Discussion tt Analysis Report:

The Management Discussion and Analysis is annexed to this report.

Directors:

Mr. P.V. Maiya and Mr. P M. Thampi retire by rotation and being eligible,
offer themselves for re-appointment.

Dr. K. Kasturirangan, Independent Director resigned from the directorship
of the Company with effect from 30th July, 2009 due to his appointment as
member of the National Planning Commission, Government of India. Board
wishes to place on record their appreciation for the contribution made by
him.

Dr. K.R. Srinivas Murthy was co-opted on the Board as Additional Director
with effect from 28th October, 2009. He holds office till the date of the
ensuing Annual General Meeting. The Company has received a notice together
with - deposit, as provided under Section 257 of the Companies Act, 1956,
from a shareholder proposing the appointment r of Dr. K.R. Srinivas Murthy
as a Director liable to retire by rotation.

None of the Directors of the Company are disqualified under Section
274(1)(g) of the Companies Act, 1956.

Auditors:

M/s. Narayanan, Patil Et Ramesh, Chartered Accountants, the Statutory
Auditors of the Company retire at the ensuing Annual General Meeting of the
Company and being eligible for re-appointment have offered themselves for
reappointment.

M/s. Narayanan, Patil Et Ramesh, Chartered Accountants have confirmed that
the appointment, if made, will be in accordance with the limits prescribed
under Section 224(1 B) of the Companies Act, 1956.

Directors' Responsibility Statement:

As per the provisions of Section 217(2AA) of the Companies Act, 1956, with
respect to the Directors Responsibility Statement, it is hereby confirmed
that:

i) In the preparation of the Annual Accounts, the applicable Accounting
Standards have been followed along with proper explanation relating to
material departures.

ii) The Directors have selected such accounting policies and applied them
consistently and made judgments 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 and loss of the
Company for that period.

iii) The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.

iv) The Directors have prepared the accounts on a going concern basis.

Report on Corporate Governance:

A detailed report on Corporate Governance has been included as an
attachment to this Report.

Particulars of Employees:

The details of employees drawing a remuneration aggregating Rs. 24,00,000/-
(Rupees twenty four lakhs only) or more per year / Rs. 2,00,000/- (Rupees
two lakhs only) or more per month, where employed for a part of the year
pursuant to Section 217(2A) of the Companies Act, 1956 is contained in
Annexure 'A' to this report. However, having regard to the provisions of
Section 219(1)(b)(iv) of the Companies Act, 1956, The Annual Report
excluding the aforesaid information is being sent to all members of the
Company and others entitled thereto. Any person interested in obtaining
such particulars may write to the Company at the Corporate Office of the
Company.

Conservation of energy, technology absorption, Foreign Exchange earnings
and outgo:

The particulars relating to conservation of energy, technology absorption
and foreign exchange earnings & outgo pursuant to the provisions of Section
217(1)(e) of the Companies Act, 1956, read with Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988, is contained
in Annexure 'B'.

Awards and Recognitions:

Company was selected as one among India's Top Ten Builders in 2009 by
Construction World magazine which is for the third consecutive year.

The Company has been awarded the 'Regional Developer of the Year - South',
instituted by Realty Plus, India's Leading Real Estate Monthly Magazine, at
Realty Plus Excellence Awards 2010. This award is being received by us for
the second consecutive year.

Mercure Homstead Residences - a 5 star serviced residences of the Company
which is operated by the Accor group has received 'Best new hotel of the
year in South Asia in the serviced apartment segment-2010 ' award from HVS
India.

Acknowledgements:

We would like to thank the shareholders Et customers for showing their
confidence, patience and support.

The Board would like to place on record its appreciation and thanks to the
Bankers, Statutory Authorities, business associates for their support, co-
operation, guidance and the confidence reposed on the Company.

A very special thanks to the brigadiers for showing their solidarity and
support to the organisation at all times.

For and on behalf of the Board

For Brigade Enterprises Limited

M.R. Jaishankar
Chairman and Managing Director

Place: Bangalore
Date : 5th May, 2010

ANNEXURE 'B'

I. Conservation of Energy

(a) Energy conservation measures taken:

The cost of power / fuel consumption doesn't constitute a major cost of the
project. This cost per se is the power and fuel purchased for construction
process such as operation of cranes, lifts, conveyors lighting, welding,
cutting, drilling and operation of other electrical instruments at the
project sites. The buildings being Mega and High raised structures it is
imperative to use power assisted gadgets for the safety of the workers.

However the company has been taking energy saving measures, viz.,

* Utilizing the natural light sources on lighting system, and install high-
efficiency lamps (CFL and LED Lamps) with the HF electronic ballasts.

* Use of glass as building material to minimize Day-lighting in offices and
projects of the company and at the same time not increasing the air-
conditioning load by suitably shading the building.

* CFL fittings are provided inside the building for common area lighting in
the projects of the Company.

* Efficient ventilation system in offices and the projects of the Company
especially residential with a major thrust on natural ventilation.

* Scientifically designing the orientation of a building to minimize the
use of Day lighting and cooling.

* Painting the ceilings and walls in favor of reflecting effect with
lighter colors.

* Use of electrical equipments rated by Bureaus of Energy Efficiency,
Government of India.

* Utilization of solar energy wherever possible for heating and lighting in
all the projects of the company.

* Energy efficient Lifts and water supply pumps for water pumping
applications.

(b) Additional investment and proposals, if any being implemented for
reduction in consumption of energy.

The Company as a matter of policy has a regular and ongoing programme for
investments in energy saving devices, wherever possible, used in
construction. Studies are being made to reduce energy consumption and make
suitable investments in this area, if necessary.

(c) Impact of measures taken at (a) and (b) above for reduction of Energy
consumption and consequent impact of the same

The impact of the measures taken cannot be quantified as the company is in
the construction field

(d) Total energy consumption and energy consumption per unit as perform - A
of the Annexure to the rules of industries specified in the schedule
thereto:

Not Applicable.

II. Technology absorption.

Company works on a mechanized process to reduce cost and increase the
efficiency of the operations.

Company has from time to time engaged international architects and
consultants in its integrated enclave projects for using the latest designs
and technology Company has implemented ERP package SAP for integrating the
various process and operations of the Company.

Modern Technology / Machinery is used by the Company from time to time to
achieve maximum efficiency in operations.

III. Research and Development

More standardized building elements which adheres to quality standards

More efficient and effective planning of construction activities for
maintaining the quality.

Benefits derived from R & D

The buildings constructed adhere to highest standard of quality.

Expenditure on R & D

It forms part of the project cost and cannot be quantified separately.

IV. Foreign Exchange Earnings & Outgo

The details of Foreign Exchange inflow and outflow during the year are as
follows:

(Rupees in lakhs)

Particulars 2009-10 2008-09

Inflow:

Advance for Sale of Units, 226.57 601.09
Lease deposits & Rentals

Outflow:

i) Professional charges 218.73 197.42

ii) Consultation Fees 101.77 -

iii) Others 1,100.32 2,377.58

For and on behalf of the Board

For Brigade Enterprises Limited

M.R. Jaishankar
Chairman and Managing Director

Place: Bangalore
Date : 5th May, 2010.

MANAGEMENT DISCUSSION AND ANALYSIS

Real Estate in India

2009-10 saw a revival in Indian Real Estate, backed by revived demand for
Residential space. Volumes sold in the residential space have almost
matched pre-recession numbers, although price realization is yet to catch
up, particularly in South India. The Budget, however, came as a damper,
insofar as that none of the issues affecting real estate were addressed.

The real estate sector is second only to agriculture in terms of employment
generation and contributes significantly towards the gross domestic product
(GDP). The Housing sector contributes around 5% to the country's GDP and
this contribution is expected to rise to 6 percent within the next five
years. The Central Statistical Organization expects the Indian economy to
grow by 7.2% for 2009-10, with the industrial Et services sector expected
to grow by 8.2% and 8.7% respectively.

Demand for Commercial Real Estate continued to remain depressed. Bangalore,
being highly dependent on the IT/ ITES sector, has witnessed a drastic drop
in demand for office space. However, 2010-11 promises to be a good year on
the back of excellent gains posted by various IT companies. These companies
have published encouraging results and have announced increases in salaries
and new hires. Many Engineering and Management Graduate schools have
witnessed a sharp uptick in both the number of companies visiting their
campus as well as the salaries that are being offered. These developments
bode well for the Real Estate Industry, particularly for commercial real
estate in Bangalore, though the non-extension of concessions under STPI
will certainly affect the recovery

Special Economic Zones (SEZs) have attracted substantial domestic and
foreign investments due to the Indian Government's commitment to ensuring
continuous growth of SEZs. However, supply of SEZs, similar to that of
retail real estate,were deferred,with some SEZs even being de-notified.
This is primarily attributed to the lackin demand for commercial space,
particularly by the IT/ITES sector; this, however, should change in the
near term, since STPI concessions a re no longer available, and IT/ITES
companies will perforce need SEZ benefits in order to stay competitive.

A slowdown in demand from both end customers as well as retailers delayed
supply of Retail real estate space in 2009-10. The year witnessed high
vacancy rates as well as dismal lease transactions. New supply of malls in
the major cities of India witnessed a fall of around 40% when compared to
the previous year. In Bangalore, the delay in supply should not be
considered negative as this has ensured that current vacancy levels in
malls have remained between 3% and 5%. Given the revival in the economy,
2010-11 is expected to witness rise in demand for mall space and increase
in rentals of 5% to 10%, though anchor tenants are resorting to arm-
twisting, looking for a revenue-sharing model, with or without a Minimum
Guarantee.

Opportunities

As stated in the last year's Annual Report,%affordable Homes' has captured
the imagination of many developers. This has been based on various studies
indicating a shortage of more than 25 million homes, a majority of which
are in the EWS/ LIG category. However, in the local context, 'affordable'
is defined as sub-Rs. 25 lakhs.

2009-10 saw us foray into the affordable homes category for the first time,
with our 'Value Homes', backed by an innovative advertising campaign. We
launched a first-of-its-kind 'Expression of Interest' offer inviting
prospective customers to register their preference of apartment with us,
based on location and apartment size/type. This offer was lapped up by the
customers and the number of registration far exceeded our expectations.

Apart from venturing in to the world of affordable homes, we have continued
to focus on our core competencies. We have started work on high-end/premium
projects (that we are well known for) in the heart of Bangalore. Further,
being the pioneer of integrated enclaves in Bangalore, we are in the
process of obtaining sanctions for 2 of our mega township projects in
Bangalore. These will be launched in 2010-11.

Risks & Threats

Broadly, the risks can be classified as:

* Regulatory - permissions need to be obtained from a plethora of Central
and State Government departments & civic authorities, before a project can
commence; normal time frame of 120 days to 240 days can stretch for years,
for no rational reason.

* Legal - the lack of transparency, no centralized system of accessing
information, leaves a lot of grey areas in documents with the result that
clear-titled lands are hard to come by

* Over-dependence on the IT/ITES sector in the recent past.

* Human Resources of quality - are always a limitation when one needs to
ramp-up operations in a hurry.

* Financial Resources -while the banking sector is flush with funds, the
collapse of the real estate sector in the West has left them hesitant to
venture forth; cost of funds is high

The company has adequate and appropriate systems in place to ensure that
the impact of the risks are minimized and interests of the Company are
protected.'

The last year has seen a lot activity on the Real Estate Regulation Bill.
The Government of India has drafted this regulatory bill and has requested
for feedback from all stakeholders. Our opinion is that this bill has been
drafted with noble intentions, but may enforce more regulations in an
industry that already seems to be over regulated, and thus create more road
blocks. The risk of a project being delayed is very high if the bill is
accepted in its current form.

Further, if there are any delays in a project, the developer is the only
stakeholder who is held responsible and thus punished. Other stakeholders,
such as Customers, Utilities and Government Agencies, are not brought into
the fold.

Internal Control Systems and their adequacy

Internal Control System is an efficient and effective tool for any
organisation to ensure that

* Accuracy of the transactions recorded and reported

* Optimum utilization of resources

* Safeguarding of assets

* Protection against loss of unauthorized use and disposition of assets.

Proper Internal Control Systems ensures that transactions are executed with
management authorization and they are recorded in all material respects to
permit preparation of financial statements in conformity with established
accounting principles.

Company has an Internal Audit Department and Grant Thornton are the
Internal Auditors of the Company. Internal Audit is a continuous and
ongoing process throughout the year to keep pace with changing market
dynamics.

The findings of the Internal Auditors and their reports are circulated to
the management, statutory auditors and circulated to the Audit Committee
Members. The reports of the Internal Auditors are discussed extensively at
the Audit Committee Meetings

Financial Performance

Equity Share Capital: The equity share capital of the Company as on 31st
March, 2010 stood at Rs. 11,225.19 lakhs. There is no change in the Share
capital of the Company as compared with the previous financial year.

Debt Equity: The debt equity ratio of the Company as on 31st March, 2010 is
at 0.64 as against 0.43 in the previous financial year. Eventhough the debt
equity ratio has increased as compared to the previous financial year which
is much healthier as compared to the peers in the Industry.

Interest & Financial Charges: Interest & Financial Charges for the
financial year 2009-10 is Rs. 887.49 lakhs as compared to Rs. 587.84 lakhs
in the previous year, an increase by 50.97%. The increase is primarily due
to the additional borrowings made by the Company.

Turnover: The Company's turnover has decreased from Rs. 39,435.72 lakhs to
Rs.36,259.08 lakhs, decrease by 8.05% over the previous year.

Net Profit: Net profit available for appropriation for the year 2009-10
stood at Rs. 4,622.30 lakhs as compared to Rs. 8,305.30 lakhs in the
previous year, decrease by 44.34%. The decrease in profitability is mainly
due to the refund of taxes to the tune of Rs. 1,733.71 lakhs in the
previous year.

Dividend: The Company has proposed a dividend of Rs. 1.20 (12%) per equity
share. The total payout on account dividend including corporate dividend
tax aggregates to Rs. 1,575.95 lakhs.

Earnings Per Share (EPS): The Company's Earnings Per Share (EPS) during the
current year is Rs. 4.12 as compared to Rs.3.13 in the previous year.

Material developments in Human Resources

Human Resources are a very vital ingredient of the company.

The vision of the Company is to be a world class organization in its
products, processes and people.

Human Resources are a crucial element for any organization to attain its
vision. Company has a good combination of workforce possessing the
requisite skills for efficient performance of work. The employees of the
Company in combination with a good outsourcing model has ensured excellent
execution levels in the projects.

The total number of employees of the Company as on 31st March, 2010 is at
368 as compared to 355 employees in the previous financial year.

Imparting of training both internal & external is done on a regular basis
to sharpen the skills of employees a all levels.

During the year an online in-house journal 'e-brigadier' was launched
creating a platform for the employees to share their knowledge, views and
opinion.

The Company has based on study conducted by Ernst & Young has introduced
bands for each level in the organisation hierarchy ranging from 1 A to 6.
Variable Pay system has been introduced with effect from 1st January 2010
which is linked to 3600 Performance Management System.

Total Transfomation:

During the year 'Sampoorna Parivartan' (Total Transformation) was launched
as an initiative to bring in a complete change in the Way We Work in
Brigade to reach our ultimate goal of excellence in every sphere of
activity.

This programme is partnered with Wipro Consulting Services, the main goals
of which are

1. On-Time Delivery,

2. Financial Benefits,

3. Innovation,

3. Customer Experience and

4. Employee Satisfaction.

Driving towards achieving profitability and productivity through continuous
improvement and resource waste elimination, Sampoorna Parivartan becomes
the solution across the spectrum of functions as well as the hierarchy.

Specific tracks have been developed addressing the issues Et challenges
which are as follows:

* War Room for interdepartmental coordination and decision making.

* Six Sigma as a structured approach to find solutions for specific
problems in areas of cost, time & customer service.

* Reverse Auctions for online contract management for cost reduction in
purchase.

* 5S/Kaizen for productivity and continuous improvement.

* Business Process Management for enabling a data based culture and
standardising processes.

* Critical Chain Project Management for on-time delivery and planning.
Knowledge Management for information and best practice sharing.

We are looking forward in realising the tangible as well as intangible
benefits of Sampoorna Parivartan like improving on-time performance, cash
flows, customer service and communication, data based decision making,
cross functional culture and others. We plan to make Sampoorna Parivartan
an organizational culture and reap the benefits for all.

Cautionary Statement

Statement in the Management Discussion and Analysis Report detailing the
Company's objectives, projections, estimates, expectations or predictions
may be forward looking statements within the meaning of applicable
securities laws and regulations. These statements being based on certain
assumptions and expectation of future events, actual results could differ
materially from those expressed or implied. Important factors that could
make a difference to the Company's operations include economic conditions
affecting domestic demand-supply conditions, finished goods prices, changes
in government regulations and tax regime etc. The Company assumes no
responsibility to publicly amend, modify or revise any forward-looking
statements on the basis of subsequent developments, information or events.