INVESTOR UPDATE February 2011

The Commercial Vehicle business continued to be impacted in Oct-Dec Quarter due to poor chassis flow form the Customer. However, we feel this situation has been resolved since December. The volumes for CV bodies has been as follows: Oct Nov- 678 Dec-1055 The improving trend has continued in January and our expectation is that chassis flow will be at normal levels in the Jan-March quarter. Also, the Jan-March quarter has historically been the best quarter for the Company in CV body volumes The Company continues to negotiate for a retroactive price increase from Tata Motors and is hopeful this will be resolved soon. The Company got a new order from Ashok Leyland for 700 stallion defence load bodies. This is the first order for such a model from Ashok Leyland. This order is to be executed before 31 st March 2011.

The Company got a significant order for 937 Defence load bodies from Vehicle Factory, Jabalpur in the Oct-Dec quarter and the same will be executed in the Jan- March quarter The Company installed a shot blasting unit and new assembly line at its Jamshedpur facility in Jan 2011, which has increased the capacity at this unit The Company received its first order for Structural work related to Electrostatic Precipitators of 500 tons from Larsen and Toubro Ltd. We intend to try and complete this trial order in the Jan-March quarter itself and plan to focus on this kind of business going forward. The Company is in the process of setting up its new railway facility to manufacture new wagons and EMU coaches and expects to start trials for wagons by May-June 2011.

The Company recently received the RDSO approval for WD16 and thus it can restart the wagon refurbishment it was doing for Indian Railways. We shall now actively identify and bid for refurbishment tenders. CAUTIONARY DISCLAIMER - Statements in this presentation other than purely historical factual information, may be construed as forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company’s business. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company expressly disclaims any obligation to update any forward- looking statements or forward-looking statements that are incorporated by reference herein. ________________