1. The above unaudited Financial Results were reviewed in the
    Audit Committee, considered and taken on record by
    the Board of Directors at their meeting held on 26th April 2003.

2. Information in terms of Accounting Standard No.17 dealing with
    Segment Accounting is not furnished as the segment of manufacture
    and sale of bulk drugs constitutes the predominant business of
    the company.

3. The Company acquired 33.89% of the equity capital of Medicorp
    Technologies India Limited. A further 21% of the equity capital in the
    said company is being acquired from Shriram group Chennai, the
    transfer of which is in progress

4. Hon'ble High Courts of Andhra Pradesh and Chennai have approved
    the Scheme of Amalgamation of Medicorp Technologies India
    Limited and Vorin Laboratories Limited into Matrix Laboratories
    Limited from the appointed date 1st April 2002 in terms of which two
    equity shares of Rs 10 each in the company shall be issued for every
    thirteen equity shares held by the shareholders of the respective companies.

5. Pending written orders from the Hon'ble High Court of Chennai and
    other staturory formalities, the financial results of the amalgamating
    companies ( Medicorp Technologies India Limited and Vorin Laboratories
    Limited ) are not consolidated with company. However, Diluted EPS
    has been computed taking into account the Equity shares to be
    issued to the shareholders of Vorin Laboratories Limited and Medicorp
    Technologies india Limited as per the Scheme of Amalgamation approved
    by the Hon'ble High Courts Of Andhra Pradesh and Chennai.

6. Income tax is computed after considering various deductions permitted
    under the IT Act and set off of brought forward losses of the
    amalgamating companies. Impact on deferred tax due to amalgamation
    has not been reckoned.