December 28, 2001

NAME

BOROSIL GLASS WORKS LIMITED

REGISTERED OFFICE

Khanna Construction House, 44, Dr. A. G. Thadani Marg, Worli, Mumbai – 400 018

GENERAL OBSERVATIONS / MARKET REPORTS

+ Mr. Deenu Shetty of Sunrise Packaging (Tel. No.: 8228270/72) informed that they used to supply corrugated boxes.

However, since January 2001, they have stopped supplying materials to them, since the payments are very much delayed. Their payment terms were 30 days from the date of invoice. However, the payments used to be delayed by more than 6 to 12 months. Their monthly billing with Borosil Glass & its Group Companies was of Rs.8/10 lacs. As on date they have to recover Rs.3/4 lacs from the subject & group companies.

Sunrise Packaging was in trade with the subject for 8 years.

+ Mr. Vasant of Krishna Packaging (Cell No.: 98690 34003) informed that they supply packaging materials to the subject. Their total billing is about Rs.1 crore per year. They are in trade with the subject since last 20 years.

He informed that due to 2 unsuccessful ventures, the group is passing through financial crunch and hence the payments are delayed by 2 to 5 months, but the invoices are settled.

+ Ms. Priya – Manager of Paper Pack Industries (Tel. No.: 7686861) informed that they have stopped supplying corrugated boxes to the subject since last 4/5 years due to delay in payments.