403901/02/96ASHOK Sita Enterprises Ltd --------------------------------------------------The Company was formally created and deployed as a legal entity originally on 22-3-1982 under the name and style of Goyal Development & Investment Services Private Limited. From 11-5-1988 name of the Company was changed to Sita Developments Pvt.Ltd. and on 6-9-93 the word Private was deleted and the Company became a public limited company. With effect from 10-1-94 the Company's name has been changed to Sita Enterprises Limited. The main objects of the Company are fully set out in the Memorandum of Association and also detailed in this Offer Document.

During 1996-97, the company sales was decreased as compared to the last year, the recessionary trend is continuing and as such current year's prospects have to be viewed with caution.