Profit & Loss A/c

<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><A HREF="id24.htm" TARGET="_top" TITLE="Balance Sheet">Balance Sheet</A><B>   |   </B><B>Profit & Loss A/c</B></div> <div> </div> </td> </tr><tr> <td valign="top" height=390 BGCOLOR="#FFFFCC" TEXT="#080000"> <div> <I>Profit & Loss A/c</I></div> <div> <TABLE BORDER="2" CELLPADDING="1" CELLSPACING="1" WIDTH="542" 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="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="72" 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="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="85" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP COLSPAN=3 HEIGHT= 19 WIDTH="426"><div> (FORMERLY: DOOGAR & ASSOCIATES LTD.)</div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="85" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP COLSPAN=3 HEIGHT= 42 WIDTH="426"><div> PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 30.06.2004</div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="42" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="42" ALIGN="bottom" WIDTH="85" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="257"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="257" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="72" 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="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="85" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 20 WIDTH="257"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="257" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP><NOBR><div> <B>Schedule</B></div> </NOBR></tD> <tD VALIGN=TOP WIDTH="91"><div> <B>Current </B></div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP><NOBR><div> <B>Previous</B></div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 20 WIDTH="257"><div>  </div> </tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="72" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div> <B>Year</B></div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><div> <B>Year</B></div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="257"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="257" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="72" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div> (Rs.)</div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><div> (Rs.)</div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 23 WIDTH="257"><div> <U>INCOME</U></div> </tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="72" 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="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="85" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="257"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="257" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="72" 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="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="85" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="257"><div> Sale of Securities</div> </tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="72" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div>     56,012,458 </div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><div>       5,719,118 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="257"><div> Sale of Electricity</div> </tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="72" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div>       6,570,209 </div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><div>       7,646,910 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="257"><div> Interest Received</div> </tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="72" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div>       5,263,042 </div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><div>     14,685,696 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="257"><div> Dividend Income</div> </tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="72" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div>          111,649 </div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><div>            29,927 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 ><NOBR><div> Profit on Sale of Investments</div> </NOBR></tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="72" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div>     27,762,826 </div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><div>  - </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 ><NOBR><div> Increase/(Decrease) in Stock</div> </NOBR></tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="72" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div>    (18,729,871)</div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><div>     16,266,269 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="257"><div> Other Income</div> </tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="72" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div>          322,460 </div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><div>       5,178,058 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="257"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="257" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="72" 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="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="85" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 39 WIDTH="257"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="257" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="72" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div> <B>    77,312,773 </B></div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><div> <B>    49,525,978 </B></div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 23 WIDTH="257"><div> <U>EXPENDITURE</U></div> </tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="72" 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="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="23" ALIGN="bottom" WIDTH="85" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="257"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="257" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="72" 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="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="85" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="257"><div> Purchase of  Securities</div> </tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="72" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP><NOBR><div>                  -   </div> </NOBR></tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><div>     22,853,465 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="257"><div> Operating Expenses</div> </tD> <tD VALIGN=TOP WIDTH="72"><div> <B>I</B></div> </tD> <tD VALIGN=TOP WIDTH="91"><div>          383,386 </div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><div>       1,357,031 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="257"><div> Administrative, Financial & Other Expenses</div> </tD> <tD VALIGN=TOP WIDTH="72"><div> <B>J</B></div> </tD> <tD VALIGN=TOP WIDTH="91"><div>     16,526,198 </div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><div>       3,747,497 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="257"><div> Provision for Dimunition in the value of Investments</div> </tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="72" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP><NOBR><div>                  -   </div> </NOBR></tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><div>       2,719,500 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="257"><div> Preliminary & Public Issue Expenses Written off</div> </tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="72" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP><NOBR><div>                  -   </div> </NOBR></tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><div>            90,055 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="257"><div> Depreciation</div> </tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="72" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div>       6,238,477 </div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><div>       7,759,163 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="257"><div>  </div> </tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="72" 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="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="85" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 39 WIDTH="257"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="257" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="72" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div> <B>    23,148,061 </B></div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><div> <B>    38,526,711 </B></div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="257"><div> Profit before Tax</div> </tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="72" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div>     54,164,712 </div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><div>     10,999,267 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="257"><div> Income Tax (MAT)</div> </tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="72" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div>       4,246,513 </div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><div>          503,888 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="257"><div> Deferred Tax Liability</div> </tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="72" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div>     17,337,928 </div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><div>       2,505,663 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="257"><div> Profit after Tax</div> </tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="72" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div>     32,580,271 </div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><div>       7,989,716 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 WIDTH="257"><div> Balance brought forward</div> </tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="72" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div>     22,011,727 </div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><div>     14,022,011 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 38 ><NOBR><div> Profit Available for Appropriation</div> </NOBR></tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="72" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div>     54,591,998 </div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="38" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><div>     22,011,727 </div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 39 ><NOBR><div> <B>Balance Carried Forward</B></div> </NOBR></tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="72" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div> <B>    54,591,998 </B></div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><div> <B>    22,011,727 </B></div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="257"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="257" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="72" 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="7"><div>  </div> </tD> <tD VALIGN=TOP WIDTH="85"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="85" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 39 WIDTH="257"><div> <B>Earning Per Share Basic and Diluted</B></div> </tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="72" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="91"><div> <B>3.26</B></div> </tD> <tD VALIGN=TOP WIDTH="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><div> <B>0.80</B></div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="257"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="257" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="72" 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="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="85" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 20 WIDTH="257"><div> <B>Notes to the Accounts</B></div> </tD> <tD VALIGN=TOP WIDTH="72"><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="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="85" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="257"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="257" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="72" 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="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="85" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 39 WIDTH="257"><div> <B>As per our report of even date attached</B></div> </tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="72" 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="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="39" ALIGN="bottom" WIDTH="85" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 20 WIDTH="257"><div> <B>For K.K.Jain & Co.</B></div> </tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="72" 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="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="85" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 20 WIDTH="257"><div> <B>Chartered Accountants</B></div> </tD> <tD VALIGN=TOP WIDTH="72"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="72" 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="7"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="7" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="85" HSPACE="0" VSPACE="0"></tD> </tR> </TABLE></div> <div> <TABLE BORDER="2" CELLPADDING="1" CELLSPACING="1" WIDTH="542" BORDERCOLORLIGHT="#C0C0C0" BORDERCOLORDARK="#808080" FRAME="BOX" RULES="ALL" HSPACE="0" VSPACE="0" > <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="255"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="255" 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="86"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="86" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="8"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="8" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="85" 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="8"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="41" ALIGN="bottom" WIDTH="8" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><div> <B>(MEERA GOYAL)</B></div> <div> <B>Managing Director</B></div> </tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="255"><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="86"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="86" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="8"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="8" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="85" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="255"><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="86"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="86" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="8"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="8" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="85"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="85" HSPACE="0" VSPACE="0"></tD> </tR> </TABLE></div> <bR> </td> </tr></table></body>