Corporate Governance Report

I. Company Philosophy on Corporate Governance

The Company’s philosophy on Corporate Governance is to conduct its business in a manner, which is ethical and transparent with all stakeholders in the Company, including shareholders, lenders, creditors and employees. The Company operates in compliance with all regulatory and policy requirements as well as industry ethical guidelines. The Company also has strict guiding principles laid out and communicated through its Code of Business Conduct, which is subject to regular audits to ensure controls and compliances are maintained at a high standard. The Company’s philosophy on Corporate Governance is thus concerned with the ethics, values and morals of the Company and its directors, who are expected to act in the best interests of the Company and remain accountable to shareholders and other beneficiaries for their action.

II. Company is in Compliance with the requirements under Clause 49 of the Listing Agreement with the Bombay Stock Exchange Limited from time to time.

III. Annual Corporate Governance Reports

Corporate Governance Report 2010

Corporate Governance Report 2009

Corporate Governance Report 2008

Corporate Governance Report 2007

Corporate Governance Report 2006

Corporate Governance Report 2005

Corporate Governance Report 2004

Corporate Governance Report 2003

IV. Quarterly Corporate Governance Reports

Quarterly Corporate Governance Report 31 March 2011

Quarterly Corporate Governance Report 31 December 2010