SCHEDULE XV

(Clause 6.13.1(g))

BASIS FOR ISSUE PRICE

  1. Adjusted Earning Per Share (EPS)
(a) 1992-93 Rs. .41

(b) 1993-94 Rs. 8.39

(c) 1994-95 Rs.13.82

(d) Weighted Average Rs.10.94

  1. Price/ Earning Ration (P/E) in relation
to Issue Price

(a) Based on 94/95 EPS 37.63

(b) Industry P/E

    1. Highest 61.2
    2. Lowest 0.8
    3. Average 25.3
(* Based on Economic Times of 26/6/95)
  1. Return on Net Worth
  1. 1992-93 27.36%
  2. 1993-94 28.77%
  3. 1994-95 33.45%
  4. Weighted Average 30.88%
Minimum Return on Total Net Worth after Issue

Needed to maintain EPS at Rs.13.82 14.65%

  1. Net Asset Value (NAV)
(a) As at 31-3-1995 Rs.46.40

(b) After issue Rs.94.29

(c) Issue price Rs.520.00

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