Policy for determining 'Material' Subsidiaries

For the purposes of Clause 49 (V) (D) of the Listing Agreement, a subsidiary shall be considered material if –

a. Investment of the Company in the subsidiary exceeds 20% of its consolidated net worth as per the audited balance sheet of the previous financial year;

OR

b. If the subsidiary has generated 20% of the consolidated income of the company during the previous financial year.

Presently there are no material subsidiaries.