SCHEDULE - 15 - BASIS FOR ISSUE PRICE - SEBI (Disclosure and Investor Protection Guidelines) 2000

SCHEDULE XV [ 1 (Clause 6.8.4.11(a)(vii))] BASIS FOR ISSUE PRICE 1. Adjusted Earning Per Share (EPS) (a) 1992-93 Rs. .41 (b) 1993-94 8.39 (c) 1994-95 13.82 (d) Weighted Average 10.94 2. Price/ Earning Ration (P/E) in relation to Issue Price (a) Based on 94/95 EPS 37.63 (b) Industry P/E (i) Highest 61.2 (ii) Lowest 0.8 (iii) Average 25.3 (*Based on Economic Times of 26/6/95) 3. Return on Net Worth (a) 1992-93 27.36% (b) 1993-94 28.77% (c) 1994-95 33.45% (d) Weighted Average 30.88% 4. Minimum Return on Total Net Worth after Issue needed to maintain EPS at 13.82 14.65% 5. Net Asset Value (NAV) (a) As at 31-3-1995 46.40 (b) After issue 94.29 (c) Issue price 520.00 ********* 1 Substituted vide SEBI Circular No. SEBI/CFD/DIL/DIP/14/2005/25/1 dated January 25, 2005 for Clause 6.13.1(g) .