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REGD. OFF: 47/81, HATIA BAZAR, KANPUR - 208 001UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST MARCH, 2011

(Rupees in lacs)Year Ended

31/03/2011 31/03/2010Unaudited Audited

10033.16 8137.29

477 .70 419.0010510.86 8556.29

Particulars Quarter Ended31/03/2011 31/03/2010Unaudited Unaudited

2643.67 2182.28

142.15 80.732785.82 2263.01

2. Expenditurfa. (Increase)/decrease in stock in trade and work in proqress 25.06 (96.02\ (69.35) (61.55)b. Consumption of raw materials 741.91 768.92 3115.98 2499.51

c. Manufacturing expenses 289.01 286.62 1274.79 1119.54

d. Power and fuel 608.49 290.17 2127.84 1284.65

152.45 153.35 602.11 527.88

158.44 167.64 638.76 634.78

332.34 415.74 1481.08 1515.33

2307.70 1986.42 9171.21 7520.14478.12 276.59 1339.65 1036.15

0.00 0.00 0.00 0.00478.12 276.59 1339.65 1036.15278.20 254.21 1022.45 1023.13199.92 22.38 317.20 13.02

0.00 0.00 0.00199.92 22.38 317.20 13.0227.47 0.65 (37.78) 5.08

172.45 21.73 354.98 7.9450.00 0.00 50.00 0.00

122.45 21.73 304.98 7.942400.00 2400.00 2400.00 2400.00

1215.00

I

0.51 0.09 1.27 0.03

0.511 0.091.271 0.03

-

15735108 15735108 15735108 1573510865.56 65.56 65.56 65.56

4868511 4868511 4868511 486851158.91 58.91 58.91 58.91

20.29 20.29 20.29 20.29

3396381 3396381 3396381 339638141.09 41.09 41.09 41.09

14.15 14.15 14.15 14.15

r--

- I. Notes: I

1. The above results have been reviewed by the Audit Committee today and taken on record by the Board of Directors atits Meetinq held on 9th May,20112. The Company has entered into an agreement with the Belgium Government for sale of Carbon Credits generated/ to begenerated from power plant during the year 2007 to 2012. In pursuance thereof, Rs. 50.20 lacs has been accrued underthe head of other operating income for the quarter.3. The Deferred Tax Liability (DTL) has been provided in accordance with the Accounting Standard AS (22).4. The Company has entered into an out of Court onetime settlement with ICICI Bank Limited for RS.50 Lacs againstlosses incurred on 'Foreign Exchange Derivative Contract' entered with the Bank by the Company in 2007. The same hasbeen disclosed under "Extraordinary Items" in the Profit & Loss account of the Company for the quarter ended on 31stMarch, 2011.

5. Information on Investor complaints durinq the quarter: Opening - Nil, Received - Nil, Disposal - Nil, Closinq - Nil.6. The figures of the previous periods have been regrouped, wherever necessary.7. The Company operates in a single segment, viz. paper.8. The Limited Review as required under Clause 41 of the Listing Agreement has been carried out by the StatutoryAuditors.

For and on behalf of the BoardPlace: Faizabad Ved Krishna--Date: 9th May, 2011 Managing Director

--STATEMENT OF ASSETS & LIABILITIES

AS ON MARCH 31, 2011

-- (Rs. in lacs)Particulars 12 Months Ended

31/03/2011 31/03/2010'. Unaudited Audited

SHAREHOLDERS' FUNDS:a) Capital

..2400.00 2400.00,

b) Reserves and Surplus 1528.12 1223.14LOAN FUNDS 9012.32 8754.76DEFERRED TAX LIABILITY 8.43 99.46TOTAL 12941U31 12477.36FIXED ASSETS line!. Capital work in progres ) 9768.9'1 10380.48INVESTMENTS 0.06 0.06CURRENT ASSETS, LOANS AND ADVANCES(a) Inventories 2156.91 1888.93(b) Sundry Debtors 1257.22 669.90c) Cash and Bank balances 203.26 132.20d) Other current assets 947.34 654.81e) Loans and Advances 328.14 356.96

Less: Current Liabilities and Provisionsa) Liabilities 1658.07 1597.08b) Provisions 69.96 23.96

MISCELLANEOUS EXPENDITURE (NOT WRITTEN OFF OR ADJUSTED) 15.06 15.06PROFIT AND LOSS ACCOUNT . 0.00 0.00TOTAL 12948.87 12477.36