CASH FLOW ANALYSIS
 
The Cash Flow Statement for the year under reference in terms of clause 32 of the Listing Agreement with the stock exchanges is annexed hereto.
 
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
 
A Statement containing necessary information, as required under the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, is annexed hereto as Annexure 'D'.
 
APPRECIATION
 
We wish to acknowledge the understanding, support and the services of the sincere workers, staff and executives of the Company, which have largely contributed to the efficient operations & management of the Company. Your Directors also wish to place on record the valuable co - operation & support received from the Financial Institutions, Banks, the Government of India, the State Governments and the concerned local authorities.
 
We would also like to express sincere thanks to our Shareholders for their confidence and understanding.
 

			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