54th Annual General Meeting

The Company's 54th Annual General Meeting was held on 24th June 2004 at 4 P.M. at Rama Watumull Auditorium, Dinshaw Wacha Road, Mumbai - 40020. The response given to the Shareholders in reply to their queries in course of the proceedings is summarized below:

1.    On a query raised by shareholders on the outlook for the Year 2004, the Managing director informed that the Company for the the full year 2004 projects to touch a double digit topline growth and hopes that the bottomline shows slightly better growth by the end of 2004.

2.    On a query raised by a sharehloder on the long term outlook, the Managing Directore informed that the Company is targeting for an average growth of 15% over the next 5 years, with year on year performance subject to market circumstances.

3.    On a query raised by sharholders on future expansion plans of the Company, the Managing Director informed that the Company is considering plans to set up a greenfield packaging plant at a new site in the North, sometime in the Year 2005, which is subject to detailed review of the Business Plan and approval of the Board. In reply to query on the investment outlay, the Managing Director mentioned that the plans were yet to far from crystallising, but may involve upto Rs. 65 Crores. Before arriving at any final decision, market condition and other relevant factors would be considered.