G. THE COMPANY AS A WHOLE EMPLOYED 9,661 PERSONS ON ITS ROLLS AS ON 31.03.2008

H. CAUTION STATEMENT

Statements in this report on Management Discussion and Analysis describing the Company’s objectives, projections, estimates, expectations or predictions may be forward looking statements within the meaning of applicable laws or regulations. These statements are based on certain assumptions and reasonable expectation of future events. Actual results could however differ materially from those expressed or implied. Important factors that could make a difference to the Company’s operations include global and domestic demand-supply conditions, finished goods prices, raw materials cost & availability, changes in Government regulations and tax structure, economic developments within India and the countries with which the Company has business contacts and other factors such as litigation and industrial relations.

Thus, the Company should not be held responsible, if, which is not unlikely, the future turns to be something quite different. Subject to this management disclaimer, this discussion and analysis should be perused.

			B. K. Birla		Chairman
Kolkata 3rd May, 2008		S. K. Parik Director Secretary	K. G. Maheshwari B. P. Bajoria P. K. Choksey G. B. Pande Amitabha Ghosh P. K. Mallik Manjushree Khaitan		Directors