Balance Sheet

<body topmargin=0 leftmargin=0 marginheight=0 marginwidth=0> <table cellpadding=0 cellspacing=0 border=0><tr> <td valign="top" height=90 BGCOLOR="#FF6633" TEXT="#080000"> <div> <FONT SIZE="5" COLOR="#000000" FACE="Arial" ><B>MORGAN VENTURES LIMITED</B></FONT><B>    </B><B> |    </B><A HREF="id19.htm" TARGET="_top" TITLE="Financial Results"><B> Financal Results</B></A></div> <div> <A HREF="id80.htm" TARGET="_top" TITLE="Mar.06 SH">Mar.'06 SH</A><B>   |   </B><B>Balance Sheet</B><B>   |   </B><A HREF="id25.htm" TARGET="_top" TITLE="Profit Loss A/c">Profit & Loss A/c</A></div> <div> </div> </td> </tr><tr> <td valign="top" height=390 BGCOLOR="#FFFFCC" TEXT="#080000"> <div> <I>Balance Sheet</I></div> <div> <TABLE BORDER="2" CELLPADDING="1" CELLSPACING="1" WIDTH="546" BORDERCOLORLIGHT="#C0C0C0" BORDERCOLORDARK="#808080" FRAME="BOX" RULES="ALL" HSPACE="0" VSPACE="0" > <tR> <tD VALIGN=TOP HEIGHT= 23 ><NOBR><div> <B><U>MORGAN VENTURES LTD.</U></B></div> </NOBR></tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP COLSPAN=3 HEIGHT= 19 WIDTH="421"><div> (FORMERLY: DOOGAR & ASSOCIATES LTD.)</div> </tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP COLSPAN=2 HEIGHT= 23 ><NOBR><div> BALANCE SHEET AS AT 30.06.2004</div> </NOBR></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="246"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="246" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 20 WIDTH="246"><div>               </div> </tD> <tD VALIGN=TOP><NOBR><div> <B><U>Schedule</U></B></div> </NOBR></tD> <tD VALIGN=TOP WIDTH="91"><div> <B>As at </B></div> </tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><div> <B>As at </B></div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 20 WIDTH="246"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="246" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div> <B>30.06.04</B></div> </tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><div> <B>30.06.03</B></div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 20 WIDTH="246"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="246" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div> <B>(Rs.)</B></div> </tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><div> <B>(Rs.)</B></div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="246"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="246" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 23 ><NOBR><div> <B><U>SOURCES OF FUNDS</U></B></div> </NOBR></tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="246"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="246" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 20 WIDTH="246"><div> <B><U>Shareholders` Funds</U></B></div> </tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="246"><div> Share Capital            </div> </tD> <tD VALIGN=TOP WIDTH="78"><div> <B>A</B></div> </tD> <tD VALIGN=TOP WIDTH="91"><div>             98,566,000 </div> </tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><div>             98,566,000 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="246"><div> Reserves & Surplus</div> </tD> <tD VALIGN=TOP WIDTH="78"><div> <B>B</B></div> </tD> <tD VALIGN=TOP WIDTH="91"><div>             66,391,998 </div> </tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><div>             33,811,727 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="246"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="246" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 ><NOBR><div> Deferred Tax Liability (Net)</div> </NOBR></tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div>             23,078,212 </div> </tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><div>               5,740,284 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="246"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="246" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 39 WIDTH="246"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="246" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div> <B>          188,036,210 </B></div> </tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><div> <B>          138,118,011 </B></div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="246"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="246" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 23 ><NOBR><div> <B><U>APPLICATION OF FUNDS</U></B></div> </NOBR></tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="246"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="246" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 20 WIDTH="246"><div> <B><U>Fixed Assets</U></B></div> </tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="246"><div> Gross Block</div> </tD> <tD VALIGN=TOP WIDTH="78"><div> <B>C</B></div> </tD> <tD VALIGN=TOP WIDTH="91"><div>           147,216,554 </div> </tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><div>             33,216,554 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="246"><div> Less : Depreciation</div> </tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div>             16,705,978 </div> </tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><div>             10,467,501 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 39 WIDTH="246"><div> Net Block</div> </tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div> <B>          130,510,576 </B></div> </tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><div> <B>            22,749,053 </B></div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="246"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="246" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 39 WIDTH="246"><div> <B>Investments</B></div> </tD> <tD VALIGN=TOP WIDTH="78"><div> <B>D</B></div> </tD> <tD VALIGN=TOP WIDTH="91"><div> <B>          124,013,910 </B></div> </tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><div> <B>              3,080,500 </B></div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="246"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="246" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 39 WIDTH="246"><div> <B><U>Current Assets, Loans & Advances</U></B></div> </tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="246"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="246" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="246"><div> Cash & Bank Balances</div> </tD> <tD VALIGN=TOP WIDTH="78"><div> <B>E</B></div> </tD> <tD VALIGN=TOP WIDTH="91"><div>               1,272,731 </div> </tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><div>                 924,501 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="246"><div> Sundry Debtors</div> </tD> <tD VALIGN=TOP WIDTH="78"><div> <B>F</B></div> </tD> <tD VALIGN=TOP WIDTH="91"><div>                 405,123 </div> </tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><div>             15,758,507 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="246"><div> Stock in Trade</div> </tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div>             13,761,855 </div> </tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><div>             32,491,724 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="246"><div> Loans & Advances</div> </tD> <tD VALIGN=TOP WIDTH="78"><div> <B>G</B></div> </tD> <tD VALIGN=TOP WIDTH="91"><div>             29,067,911 </div> </tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><div>           105,758,747 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="246"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="246" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div>             44,507,620 </div> </tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><div>           154,933,479 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 39 WIDTH="246"><div> Less : <B>Current Liabilities & Provisions</B></div> </tD> <tD VALIGN=TOP WIDTH="78"><div> <B>H</B></div> </tD> <tD VALIGN=TOP WIDTH="91"><div>           110,995,896 </div> </tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><div>             42,645,021 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 39 WIDTH="246"><div> Net Current Assets</div> </tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div> <B>           (66,488,276)</B></div> </tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><div> <B>          112,288,458 </B></div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 39 WIDTH="246"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="246" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div> <B>          188,036,210 </B></div> </tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><div> <B>          138,118,011 </B></div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="246"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="246" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 20 WIDTH="246"><div> Notes to the Accounts</div> </tD> <tD VALIGN=TOP WIDTH="78"><div> <B>K</B></div> </tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="246"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="246" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="246"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="246" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 39 WIDTH="246"><div> <B>As per our report of even date attached</B></div> </tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 20 WIDTH="246"><div> <B>For K.K.Jain & Co.</B></div> </tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 20 ><NOBR><div> <B>Chartered Accountants</B></div> </NOBR></tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="246"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="246" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 41 ><NOBR><div> <B>(SIMMI JAIN)                        (S.K. ACHARYA)</B></div> <div> <B>Partner                                  Company Secretary    </B></div> <div> <B>M. No. 86496</B></div> </NOBR></tD> <tD VALIGN=TOP><NOBR><div> <B>(M.K.DOOGAR)</B></div> <div> <B>Director</B></div> </NOBR></tD> <tD VALIGN=TOP><NOBR><div> <B>(S.C. GOYAL)</B></div> <div> <B>Director</B></div> </NOBR></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="41" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><div> <B>(MEERA GOYAL)</B></div> <div> <B>Managing Director</B></div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="246"><div> <B>Place : New Delhi</B></div> </tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="246"><div> <B>Date   : 23-11-2004</B></div> </tD> <tD VALIGN=TOP WIDTH="78"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="78" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="91" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="12"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="12" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="89"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="89" HSPACE="0" VSPACE="0"></tD> </tR> </TABLE></div> <bR> </td> </tr></table></body>