1. Previous period's figures are regrouped wherever necessary.

2.The above results were taken on record by the Board of Directors of the Company at it's meeting held on October 26, 2004 and subjected to a limited review by the auditors of the company..

3. The Company issued 1,883,382 equity shares of Rs.10/- each, alongwith 941,691 detachable warrants to the existing shareholders of the Company in the proportion of 1 equity share for every 20 equity shares held and 1 warrant for every 2 equity shares so offered. The shares were offered at a premium of Rs.550/-per equity share totalling to Rs.105.47 Crores. The warrant confers a right to the holder to subscribe at a later date 1 equity share of Rs.10/- each at a price and upon such terms and conditions specified therein.

The said issue which closed on 10th September, 2004 was oversubscribed 1.22 times. The allotment of 1,882,914 Equity shares and 9,41,457 detachable warrants has since been completed on 1st October 2004 and consequently the refund of excess application money aggregating to Rs.22.76 Crores has been initiated .Out of the net issue proceeds aggregating Rs. 105.44 crores, the Company has since deployed Rs. 51.36 crores for the objects of the issue and the balance proceeds aggregating Rs. 53.08 crores have been temporarily utilised to reduce short term working capital facilities, as per the terms of the Letter of Offer.

4. Consequent to closure of the above issue during the quarter, the Earnings per share has been computed on weighted average basis and as per the requirements of the Accounting Standard - 20 'Earning per share'. The EPS for the previous periods have been revised accordingly. In view of the current market price of the Company's equity shares, the option embedded in the warrants to subscribe to equity shares are, at present, not considered dilutive and hence the basic EPS is also representative of the diluted EPS.

5. Upto September 30, 2004, the Company has incurred expenditure of Rs. 92.69 crores (including advances) in resprct of its Rs. 350 crores Forging and Machining Capacity Expansion Program (the Project). The construction of the factory building for machining capacity expansion is complete. The implementation of the Project is progressing as per the schedule.

6. During the quarter, 1 Investor complaint was received and redressed. There were no Investor complaints pending for redressal as at the commencement and end of the quarter.

7. The provisional unaudited financial indicators of CDPBF for the quarter & nine months ended September 30, 2004 on standalone basis are given below.

Pune
Dated : October 26, 2004.