| Listed below are snapshots of monthly sales performance for the Year 2003: | 
                                                 
                                                
                                                     | 
                                                 
                                                
                                                    Production and Sales data for and upto the month of January 2003 is as under  February 1st, 2003 | 
                                                 
                                                
                                                    
                                                        
                                                            
                                                                
                                                                    |   | 
                                                                    Current                         Year  | 
                                                                    Previous                         Year  | 
                                                                 
                                                                
                                                                    |    | 
                                                                    For January'03
                                                                     | 
                                                                    Up to January'03
                                                                     | 
                                                                    For January'02
                                                                     | 
                                                                    Up to January'02 | 
                                                                 
                                                                
                                                                    | Production:  | 
                                                                 
                                                                
                                                                    | Motorcycles | 
                                                                     74,278  | 
                                                                     742,649  | 
                                                                     68,890  | 
                                                                     536,985  | 
                                                                 
                                                                
                                                                    | Scooters - Geared | 
                                                                     20,525  | 
                                                                     234,317  | 
                                                                     37,131  | 
                                                                     356,648  | 
                                                                 
                                                                
                                                                    | Scooters - Ungeared | 
                                                                     4,581  | 
                                                                     56,096  | 
                                                                     2,806  | 
                                                                     56,188  | 
                                                                 
                                                                
                                                                    | Step thrus   | 
                                                                     3,850  | 
                                                                     47,270  | 
                                                                     5,965  | 
                                                                     59,362  | 
                                                                 
                                                                
                                                                    | Total                         2 wheelers | 
                                                                    103,234  | 
                                                                    1,080,332  | 
                                                                    114,792  | 
                                                                    1,009,183  | 
                                                                 
                                                                
                                                                    | Three-Wheelers  | 
                                                                     17,804  | 
                                                                     164,453  | 
                                                                     12,614  | 
                                                                     130,233  | 
                                                                 
                                                                
                                                                    | Grand                         Total  | 
                                                                    121,038  | 
                                                                    1,244,785  | 
                                                                    127,406  | 
                                                                    1,139,416  | 
                                                                 
                                                                
                                                                    | Sales:  | 
                                                                 
                                                                
                                                                    | Motorcycles | 
                                                                     75,059  | 
                                                                     717,397  | 
                                                                     62,640  | 
                                                                     523,508  | 
                                                                 
                                                                
                                                                    | Scooters - Geared | 
                                                                     20,211  | 
                                                                     235,829  | 
                                                                     30,233  | 
                                                                     348,700  | 
                                                                 
                                                                
                                                                    | Scooters - Ungeared | 
                                                                     4,349  | 
                                                                     56,072  | 
                                                                     4,333  | 
                                                                     57,686  | 
                                                                 
                                                                
                                                                    | Step thrus   | 
                                                                     4,563  | 
                                                                     47,636  | 
                                                                     5,810  | 
                                                                     59,576  | 
                                                                 
                                                                
                                                                    | Total                         2 wheelers | 
                                                                    104,182  | 
                                                                    1,056,934  | 
                                                                    103,016  | 
                                                                    989,470  | 
                                                                 
                                                                
                                                                    | Three-Wheelers | 
                                                                     17,426  | 
                                                                     163,359  | 
                                                                     14,405  | 
                                                                     132,864  | 
                                                                 
                                                                
                                                                    | Grand                         Total  | 
                                                                    121,608  | 
                                                                    1,220,293  | 
                                                                    117,421  | 
                                                                    1,122,334 | 
                                                                 
                                                            
                                                         
                                                     | 
                                                 
                                             
                                            
                                         
                                        
                                            
                                                
                                                    | Listed below are snapshots of monthly sales performance for the Year 2003: | 
                                                 
                                                
                                                     | 
                                                 
                                                
                                                    Production and Sales data for and upto the month of February 2003 is as under  March 1st, 2003 | 
                                                 
                                                
                                                    
                                                        
                                                            
                                                                
                                                                    |    | 
                                                                    Current                         Year  | 
                                                                    Previous                         Year  | 
                                                                 
                                                                
                                                                    |    | 
                                                                    For February'03
                                                                     | 
                                                                    Up to February'03
                                                                     | 
                                                                    For February'02
                                                                     | 
                                                                    Up to February'02 | 
                                                                 
                                                                
                                                                    | Production:  | 
                                                                 
                                                                
                                                                    | Motorcycles | 
                                                                     72,485  | 
                                                                     815,134  | 
                                                                     52,666  | 
                                                                     589,651  | 
                                                                 
                                                                
                                                                    | Scooters - Geared | 
                                                                     15,572  | 
                                                                     249,889  | 
                                                                     23,336  | 
                                                                     379,984  | 
                                                                 
                                                                
                                                                    | Scooters - Ungeared | 
                                                                     1,945  | 
                                                                     58,041  | 
                                                                     4,010  | 
                                                                     60,198  | 
                                                                 
                                                                
                                                                    | Step thrus   | 
                                                                     2,319  | 
                                                                     49,589  | 
                                                                     5,038  | 
                                                                     64,400  | 
                                                                 
                                                                
                                                                    | Total                         2 wheelers | 
                                                                    92,321  | 
                                                                    1,172,653  | 
                                                                    85,050  | 
                                                                    1,094,233  | 
                                                                 
                                                                
                                                                    | Three-Wheelers  | 
                                                                     16,580  | 
                                                                     181,033  | 
                                                                     13,431  | 
                                                                     143,664  | 
                                                                 
                                                                
                                                                    | Grand                         Total  | 
                                                                    108,901  | 
                                                                    1,353,686  | 
                                                                    98,481  | 
                                                                    1,237,897  | 
                                                                 
                                                                
                                                                    | Sales:  | 
                                                                 
                                                                
                                                                    | Motorcycles | 
                                                                     76,661  | 
                                                                     794,058  | 
                                                                     62,586  | 
                                                                     586,094  | 
                                                                 
                                                                
                                                                    | Scooters - Geared | 
                                                                     17,486  | 
                                                                     253,315  | 
                                                                     29,440  | 
                                                                     378,140  | 
                                                                 
                                                                
                                                                    | Scooters - Ungeared | 
                                                                     2,371  | 
                                                                     58,443  | 
                                                                     4,561  | 
                                                                     62,247  | 
                                                                 
                                                                
                                                                    | Step thrus   | 
                                                                     3,578  | 
                                                                     51,214  | 
                                                                     4,284  | 
                                                                     63,860  | 
                                                                 
                                                                
                                                                    | Total                         2 wheelers | 
                                                                    100,096  | 
                                                                    1,157,030  | 
                                                                    100,871  | 
                                                                    1,090,341  | 
                                                                 
                                                                
                                                                    | Three-Wheelers | 
                                                                     14,296  | 
                                                                     177,655  | 
                                                                     13,006  | 
                                                                     145,870  | 
                                                                 
                                                                
                                                                    | Grand                         Total  | 
                                                                    114,392  | 
                                                                    1,334,685  | 
                                                                    113,877  | 
                                                                    1,236,211  | 
                                                                 
                                                            
                                                         
                                                     | 
                                                 
                                             
                                            
                                         
                                        
                                            
                                                
                                                    | Listed below are snapshots of monthly sales performance for the Year 2003: | 
                                                 
                                                
                                                     | 
                                                 
                                                
                                                    Production and sales data for the month of March 2003 is as under  May 2nd, 2003
                                                     | 
                                                 
                                                
                                                    
                                                        
                                                            
                                                                
                                                                    |     | 
                                                                    
                                                                         Current                         Year   
                                                                     | 
                                                                    
                                                                         Previous                         Year  
                                                                     | 
                                                                 
                                                                
                                                                    |   | 
                                                                    
                                                                         For March '03  
                                                                     | 
                                                                    
                                                                         Up to March '03  
                                                                     | 
                                                                    
                                                                         For March '02  
                                                                     | 
                                                                    
                                                                         Up to March'02  
                                                                     | 
                                                                 
                                                                
                                                                    | Production:    | 
                                                                 
                                                                
                                                                    |  Motorcycles  | 
                                                                     73,554  | 
                                                                     888,688  | 
                                                                     65,623  | 
                                                                     655,275  | 
                                                                 
                                                                
                                                                    |  Scooters - Geared  | 
                                                                     11,848  | 
                                                                     261,737  | 
                                                                     30,098  | 
                                                                     410,082  | 
                                                                 
                                                                
                                                                    |  Scooters - Ungeared  | 
                                                                     1,807  | 
                                                                     59,848  | 
                                                                     3,443  | 
                                                                     63,641  | 
                                                                 
                                                                
                                                                    |  Step thrus   | 
                                                                     2,874  | 
                                                                     52,463  | 
                                                                     4,723  | 
                                                                     69,123  | 
                                                                 
                                                                
                                                                    | Total                       2 wheelers  | 
                                                                    90,083  | 
                                                                    1,262,736  | 
                                                                    103,887  | 
                                                                    1,198,121  | 
                                                                 
                                                                
                                                                    |  Three-Wheelers  | 
                                                                     13,270  | 
                                                                     194,303  | 
                                                                     14,678  | 
                                                                     158,342  | 
                                                                 
                                                                
                                                                    | Grand                       Total   | 
                                                                    103,353  | 
                                                                    1,457,039  | 
                                                                    118,565  | 
                                                                    1,356,463  | 
                                                                 
                                                                
                                                                    | Sales:    | 
                                                                 
                                                                
                                                                    |  Motorcycles  | 
                                                                     74,031  | 
                                                                     868,089  | 
                                                                     69,924  | 
                                                                     656,018  | 
                                                                 
                                                                
                                                                    |  Scooters - Geared  | 
                                                                     15,336  | 
                                                                     268,651  | 
                                                                     29,530  | 
                                                                     407,670  | 
                                                                 
                                                                
                                                                    |  Scooters - Ungeared  | 
                                                                     2,306  | 
                                                                     60,749  | 
                                                                     4,356  | 
                                                                     66,603  | 
                                                                 
                                                                
                                                                    |  Step thrus   | 
                                                                     3,150  | 
                                                                     54,364  | 
                                                                     4,145  | 
                                                                     68,005  | 
                                                                 
                                                                
                                                                    | Total                       2 wheelers  | 
                                                                    94,823  | 
                                                                    1,251,853  | 
                                                                    107,955  | 
                                                                    1,198,296  | 
                                                                 
                                                                
                                                                    |  Three-Wheelers  | 
                                                                     16,062  | 
                                                                     193,717  | 
                                                                     14,814  | 
                                                                     160,684  | 
                                                                 
                                                                
                                                                    | Grand                       Total   | 
                                                                    110,885  | 
                                                                    1,445,570  | 
                                                                    122,769  | 
                                                                    1,358,980  | 
                                                                 
                                                            
                                                         
                                                     | 
                                                 
                                             
                                            
                                         
                                        
                                            
                                                
                                                    | Listed below are snapshots of monthly sales performance for the Year 2003: | 
                                                 
                                                
                                                     | 
                                                 
                                                
                                                    Production and sales data for the month of April 2003 is as under  May 2nd, 2003
                                                     | 
                                                 
                                                
                                                    
                                                        
                                                            
                                                                
                                                                    |   | 
                                                                    April                         2003 | 
                                                                    
                                April                         2002
                               | 
                                                                 
                                                                
                                                                    | Production:  | 
                                                                 
                                                                
                                                                    | Scooters - Ungeared  | 
                                                                    2265 | 
                                                                    3999 | 
                                                                 
                                                                
                                                                    | Scooters - Geared | 
                                                                    11570 | 
                                                                    27338 | 
                                                                 
                                                                
                                                                    | Step thrus   | 
                                                                    2130 | 
                                                                    3688 | 
                                                                 
                                                                
                                                                    | Motorcycles  | 
                                                                    67569 | 
                                                                    69819 | 
                                                                 
                                                                
                                                                    | Total                       2 Wheelers | 
                                                                    83534 | 
                                                                    104844 | 
                                                                 
                                                                
                                                                    | Three-Wheelers  | 
                                                                    11865 | 
                                                                    13472 | 
                                                                 
                                                                
                                                                    | Total  | 
                                                                    95399 | 
                                                                    118316 | 
                                                                 
                                                                
                                                                    | Sales:  | 
                                                                 
                                                                
                                                                    | Scooters - Ungeared  | 
                                                                    2099 | 
                                                                    4908 | 
                                                                 
                                                                
                                                                    | Scooters - Geared  | 
                                                                    13160 | 
                                                                    28808 | 
                                                                 
                                                                
                                                                    | Step thrus  | 
                                                                    2291 | 
                                                                    4886 | 
                                                                 
                                                                
                                                                    | Motorcycles  | 
                                                                    71074 | 
                                                                    67136 | 
                                                                 
                                                                
                                                                    | Total                       2 Wheelers | 
                                                                    88624 | 
                                                                    105738 | 
                                                                 
                                                                
                                                                    | Three-Wheelers  | 
                                                                    10681 | 
                                                                    14147 | 
                                                                 
                                                                
                                                                    | Total  | 
                                                                    99305 | 
                                                                    119885 | 
                                                                 
                                                            
                                                         
                                                     | 
                                                 
                                             
                                            
                                         
                                        
                                            
                                                
                                                    | Listed below are snapshots of monthly sales performance for the Year 2003: | 
                                                 
                                                
                                                     | 
                                                 
                                                
                                                    Production and sales in number for month of May 2003 is as under  June 2nd, 2003
                                                     | 
                                                 
                                                
                                                    
                                                        
                                                            
                                                                
                                                                    |    | 
                                                                     
                                                                        Current                         Year  | 
                                                                     
                                                                        Previous                         Year  | 
                                                                 
                                                                
                                                                    |    | 
                                                                    For May 2003 | 
                                                                    Up to May2003
                                                                     | 
                                                                    For May2002 | 
                                                                    Up to May2002
                                                                     | 
                                                                 
                                                                
                                                                    | Production:  | 
                                                                 
                                                                
                                                                    | Scooters - Geared | 
                                                                    19,741 | 
                                                                    31,311 | 
                                                                    26,977 | 
                                                                    54,315 | 
                                                                 
                                                                
                                                                    | Scooters - Ungeared | 
                                                                    3,961 | 
                                                                    6,226 | 
                                                                    3,700 | 
                                                                    7,699 | 
                                                                 
                                                                
                                                                    | Step thrus   | 
                                                                    3,027 | 
                                                                    5,157 | 
                                                                    4,044 | 
                                                                    7,732 | 
                                                                 
                                                                
                                                                    | Motorcycles  | 
                                                                    84,907 | 
                                                                    1,52,476 | 
                                                                    74,634 | 
                                                                    1,44,453 | 
                                                                 
                                                                
                                                                    | Total  2 Wheelers | 
                                                                    111,636 | 
                                                                    195,170 | 
                                                                    109,355 | 
                                                                    214,199 | 
                                                                 
                                                                
                                                                    | Three-Wheelers  | 
                                                                    13,708 | 
                                                                    25,573 | 
                                                                    13,588 | 
                                                                    27,060 | 
                                                                 
                                                                
                                                                    | Total  | 
                                                                    125,344 | 
                                                                    220,743 | 
                                                                    122,943 | 
                                                                    241,259 | 
                                                                 
                                                                
                                                                    | Sales:  | 
                                                                 
                                                                
                                                                    | Scooters - Geared | 
                                                                    16,737 | 
                                                                    29,897 | 
                                                                    31,465 | 
                                                                    60,273 | 
                                                                 
                                                                
                                                                    | Scooters - Ungeared | 
                                                                    4,052 | 
                                                                    6,151 | 
                                                                    3,846 | 
                                                                    8,754 | 
                                                                 
                                                                
                                                                    | Step thrus   | 
                                                                    2,994 | 
                                                                    5,285 | 
                                                                    4,916 | 
                                                                    9,802 | 
                                                                 
                                                                
                                                                    | Motorcycles  | 
                                                                    87,217 | 
                                                                    1,58,291 | 
                                                                    8,0275 | 
                                                                    1,47,411 | 
                                                                 
                                                                
                                                                    | Total  2 Wheelers | 
                                                                    111,000 | 
                                                                    199,624 | 
                                                                    120,502 | 
                                                                    226,240 | 
                                                                 
                                                                
                                                                    | Three-Wheelers  | 
                                                                    16,430 | 
                                                                    27,111 | 
                                                                    14,331 | 
                                                                    28,478 | 
                                                                 
                                                                
                                                                    | Total  | 
                                                                    127,430 | 
                                                                    226,735 | 
                                                                    134,833 | 
                                                                    254,718 | 
                                                                 
                                                            
                                                         
                                                     | 
                                                 
                                             
                                            
                                         
                                        
                                            
                                                
                                                    | Listed below are snapshots of monthly sales performance for the Year 2003: | 
                                                 
                                                
                                                     | 
                                                 
                                                
                                                    Sales in number for month of June 2003 is as under  July 1st, 2003
                                                     | 
                                                 
                                                
                                                    
                                                        
                                                            
                                                                
                                                                    |    | 
                                                                    Current Year  | 
                                                                    Previous Year  | 
                                                                 
                                                                
                                                                    |    | 
                                                                    For June '03 | 
                                                                    Up to June '03 | 
                                                                    For June '02 | 
                                                                    Up to June '02 | 
                                                                 
                                                                
                                                                    | Production:  | 
                                                                 
                                                                
                                                                    | Motorcycles | 
                                                                    85,075 | 
                                                                    237,551 | 
                                                                    83,175 | 
                                                                    227,628 | 
                                                                 
                                                                
                                                                    | Scooters - Geared | 
                                                                    13,430 | 
                                                                    44,741 | 
                                                                    28,054 | 
                                                                    82,369 | 
                                                                 
                                                                
                                                                    | Scooters - Ungeared | 
                                                                    5,470 | 
                                                                    11,696 | 
                                                                    4,214 | 
                                                                    11,913 | 
                                                                 
                                                                
                                                                    | Step thrus   | 
                                                                    3,211 | 
                                                                    8,368 | 
                                                                    3,956 | 
                                                                    11,688 | 
                                                                 
                                                                
                                                                    | Total 2 wheelers | 
                                                                    107,186 | 
                                                                    302,356 | 
                                                                    119,399 | 
                                                                    333,598 | 
                                                                 
                                                                
                                                                    | Three-Wheelers  | 
                                                                    18,034 | 
                                                                    43,607 | 
                                                                    15,427 | 
                                                                    42,487 | 
                                                                 
                                                                
                                                                    | Grand Total  | 
                                                                    125,220 | 
                                                                    345,963 | 
                                                                    134,826 | 
                                                                    376,085 | 
                                                                 
                                                                
                                                                    | Sales:  | 
                                                                 
                                                                
                                                                    | Motorcycles | 
                                                                    82,239 | 
                                                                    240,530 | 
                                                                    68,965 | 
                                                                    216,376 | 
                                                                 
                                                                
                                                                    | Scooters - Geared | 
                                                                    12,699 | 
                                                                    42,596 | 
                                                                    25,147 | 
                                                                    85,420 | 
                                                                 
                                                                
                                                                    | Scooters - Ungeared | 
                                                                    5,242 | 
                                                                    11,393 | 
                                                                    4,384 | 
                                                                    13,138 | 
                                                                 
                                                                
                                                                    | Step thrus   | 
                                                                    2,726 | 
                                                                    8,011 | 
                                                                    4,030 | 
                                                                    13,832 | 
                                                                 
                                                                
                                                                    | Total 2 wheelers | 
                                                                    102,906 | 
                                                                    302,530 | 
                                                                    102,526 | 
                                                                    328,766 | 
                                                                 
                                                                
                                                                    | Three-Wheelers  | 
                                                                    17,891 | 
                                                                    45,002 | 
                                                                    15,125 | 
                                                                    43,603 | 
                                                                 
                                                                
                                                                    | Grand Total  | 
                                                                    120,797 | 
                                                                    347,532 | 
                                                                    117,651 | 
                                                                    372,369 | 
                                                                 
                                                            
                                                         
                                                     | 
                                                 
                                             
                                            
                                         
                                        
                                            
                                                
                                                    | Listed below are snapshots of monthly sales performance for the Year 2003: | 
                                                 
                                                
                                                     | 
                                                 
                                                
                                                    Sales in number for month of July 2003 is as under  August 1st, 2003
                                                     | 
                                                 
                                                
                                                    
                                                        
                                                            
                                                                
                                                                    |    | 
                                                                     
                                                                        Current                         Year  | 
                                                                     
                                                                        Previous                         Year  | 
                                                                 
                                                                
                                                                    |    | 
                                                                    For July 2003 | 
                                                                    Up to July 2003 | 
                                                                    For July 2002 | 
                                                                    Up to July 2002 | 
                                                                 
                                                                
                                                                    | Sales:  | 
                                                                 
                                                                
                                                                    | Scooters - Geared | 
                                                                    13,148 | 
                                                                    55,744 | 
                                                                    25,358 | 
                                                                    110,778 | 
                                                                 
                                                                
                                                                    | Scooters - Ungeared | 
                                                                    6,637 | 
                                                                    18,030 | 
                                                                    7,200 | 
                                                                    20,338 | 
                                                                 
                                                                
                                                                    | Step thrus   | 
                                                                    3,221 | 
                                                                    11,232 | 
                                                                    3,616 | 
                                                                    17,448 | 
                                                                 
                                                                
                                                                    | Motorcycles  | 
                                                                    77,966 | 
                                                                    318,496 | 
                                                                    61,485 | 
                                                                    277,861 | 
                                                                 
                                                                
                                                                    | Total  2 Wheelers | 
                                                                    100,972 | 
                                                                    403,502 | 
                                                                    97,659 | 
                                                                    426,425 | 
                                                                 
                                                                
                                                                    | Three-Wheelers  | 
                                                                    19,675 | 
                                                                    64,677 | 
                                                                    16,353 | 
                                                                    59,956 | 
                                                                 
                                                                
                                                                    | Total  | 
                                                                    120,647 | 
                                                                    468,179 | 
                                                                    114,012 | 
                                                                    486,381 | 
                                                                 
                                                            
                                                         
                                                     | 
                                                 
                                             
                                            
                                         
                                        
                                            
                                                
                                                    | Listed below are snapshots of monthly sales performance for the Year 2003: | 
                                                 
                                                
                                                     | 
                                                 
                                                
                                                    Sales in numbers for the month of August 2003
                                                         September 1st, 2003
                                                     | 
                                                 
                                                
                                                    
                                                        
                                                            
                                                                
                                                                    |    | 
                                                                     
                                                                        Current                         Year  | 
                                                                     
                                                                        Previous                         Year  | 
                                                                 
                                                                
                                                                    |    | 
                                                                    For Aug 2003 | 
                                                                    Up to Aug 2003 | 
                                                                    For Aug 2002 | 
                                                                    Up to Aug 2002 | 
                                                                 
                                                                
                                                                    | Sales:  | 
                                                                 
                                                                
                                                                    | Motorcycles  | 
                                                                    76,487 | 
                                                                    394,983 | 
                                                                    65,475 | 
                                                                    343,336 | 
                                                                 
                                                                
                                                                    | Scooters - Geared | 
                                                                    12,570 | 
                                                                    68,314 | 
                                                                    20,723 | 
                                                                    131,501 | 
                                                                 
                                                                
                                                                    | Scooters - Ungeared | 
                                                                    5,427 | 
                                                                    23,457 | 
                                                                    5,612 | 
                                                                    25,950 | 
                                                                 
                                                                
                                                                    | Step thrus   | 
                                                                    3,024 | 
                                                                    14,256 | 
                                                                    4,758 | 
                                                                    22,206 | 
                                                                 
                                                                
                                                                    | Total  2 Wheelers | 
                                                                    97,508 | 
                                                                    501,010 | 
                                                                    96,568 | 
                                                                    522,993 | 
                                                                 
                                                                
                                                                    | Three-Wheelers  | 
                                                                    19,601 | 
                                                                    84,278 | 
                                                                    17,969 | 
                                                                    77,925 | 
                                                                 
                                                                
                                                                    | Total  | 
                                                                    117,109 | 
                                                                    585,288 | 
                                                                    114,537 | 
                                                                    600,918 | 
                                                                 
                                                            
                                                         
                                                     | 
                                                 
                                             
                                            
                                         
                                        
                                            
                                                
                                                    | Listed below are snapshots of monthly sales performance for the Year 2003: | 
                                                 
                                                
                                                     | 
                                                 
                                                
                                                    Sales in number for month of September 2003 is as under
                                                         October 1st, 2003 | 
                                                 
                                                
                                                    
                                                        
                                                            
                                                                
                                                                    |    | 
                                                                     
                                                                        Current                         Year  | 
                                                                     
                                                                        Previous                         Year  | 
                                                                 
                                                                
                                                                    |    | 
                                                                    For Sept 2003 | 
                                                                    Up to Sept 2003 | 
                                                                    For Sept 2002 | 
                                                                    Up to Sept 2002 | 
                                                                 
                                                                
                                                                    | Sales                       :  | 
                                                                 
                                                                
                                                                    | Scooters - Geared | 
                                                                    17,637 | 
                                                                    85,951 | 
                                                                    21,482 | 
                                                                    152,983 | 
                                                                 
                                                                
                                                                    | Scooters - Ungeared | 
                                                                    5,556 | 
                                                                    29,013 | 
                                                                    6,632 | 
                                                                    32,582 | 
                                                                 
                                                                
                                                                    | Step thrus | 
                                                                    2,693 | 
                                                                    16,949 | 
                                                                    6,223 | 
                                                                    28,429 | 
                                                                 
                                                                
                                                                    | Motorcycles  | 
                                                                    95,680 | 
                                                                    490,663 | 
                                                                    69,359 | 
                                                                    412,695 | 
                                                                 
                                                                
                                                                    | Total  2 Wheelers | 
                                                                    121,566 | 
                                                                    622,576 | 
                                                                    103,696 | 
                                                                    626,689 | 
                                                                 
                                                                
                                                                    | Three-Wheelers  | 
                                                                    20,951 | 
                                                                    105,229 | 
                                                                    16,276 | 
                                                                    94,201 | 
                                                                 
                                                                
                                                                    | Total  | 
                                                                    142,517 | 
                                                                    727,805 | 
                                                                    119,972 | 
                                                                    720,890 | 
                                                                 
                                                            
                                                         
                                                     | 
                                                 
                                             
                                            
                                         
                                        
                                            
                                                
                                                    | Listed below are snapshots of monthly sales performance for the Year 2003: | 
                                                 
                                                
                                                     | 
                                                 
                                                
                                                    Sales in number for month of October 2003 is as under
                                                         November 1st, 2003 | 
                                                 
                                                
                                                    
                                                        
                                                            
                                                                
                                                                    |    | 
                                                                     
                                                                        Current                         Year  | 
                                                                     
                                                                        Previous                         Year  | 
                                                                 
                                                                
                                                                    |    | 
                                                                    For Oct 2003 | 
                                                                    Up to Oct 2003 | 
                                                                    For Oct 2002 | 
                                                                    Up to Oct 2002 | 
                                                                 
                                                                
                                                                    | Sales                       :  | 
                                                                 
                                                                
                                                                    | Scooters - Geared | 
                                                                    18,746 | 
                                                                    104,697 | 
                                                                    21,217 | 
                                                                    174,200 | 
                                                                 
                                                                
                                                                    | Scooters - Ungeared | 
                                                                    6,341 | 
                                                                    35,354 | 
                                                                    7,485 | 
                                                                    40,067 | 
                                                                 
                                                                
                                                                    | Step thrus | 
                                                                    2,713 | 
                                                                    19,662 | 
                                                                    5,060 | 
                                                                    33,489 | 
                                                                 
                                                                
                                                                    | Motorcycles  | 
                                                                    107,115 | 
                                                                    597,778 | 
                                                                    82,913 | 
                                                                    495,608 | 
                                                                 
                                                                
                                                                    | Total  2 Wheelers | 
                                                                    134,915 | 
                                                                    757,491 | 
                                                                    116,675 | 
                                                                    743,364 | 
                                                                 
                                                                
                                                                    | Three-Wheelers  | 
                                                                    20,834 | 
                                                                    126,063 | 
                                                                    20,676 | 
                                                                    114,877 | 
                                                                 
                                                                
                                                                    | Total  | 
                                                                    155,749 | 
                                                                    883,554 | 
                                                                    137,351 | 
                                                                    858,241 | 
                                                                 
                                                            
                                                         
                                                     | 
                                                 
                                             
                                            
                                         
                                        
                                            
                                                
                                                    | Listed below are snapshots of monthly sales performance for the Year 2003: | 
                                                 
                                                
                                                     | 
                                                 
                                                
                                                    Sales in number for month of November 2003 is as under  December 1st, 2003
                                                     | 
                                                 
                                                
                                                    
                                                        
                                                            
                                                                
                                                                    |    | 
                                                                    Current                         Year  | 
                                                                    Previous                         Year  | 
                                                                 
                                                                
                                                                    |    | 
                                                                    For Nov 2003 | 
                                                                    Up to Nov 2003 | 
                                                                    For Nov 2002 | 
                                                                    Up to Nov 2002 | 
                                                                 
                                                                
                                                                    | Sales :  | 
                                                                 
                                                                
                                                                    | Scooters - Geared | 
                                                                    15,622 | 
                                                                    120,319 | 
                                                                    21,234 | 
                                                                    195,434 | 
                                                                 
                                                                
                                                                    | Scooters - Ungeared | 
                                                                    4,253 | 
                                                                    39,607 | 
                                                                    7,113 | 
                                                                    47,180 | 
                                                                 
                                                                
                                                                    | Step thrus | 
                                                                    2,249 | 
                                                                    21,911 | 
                                                                    6,097 | 
                                                                    39,586 | 
                                                                 
                                                                
                                                                    | Motorcycles  | 
                                                                    91,257 | 
                                                                    689,035 | 
                                                                    77,732 | 
                                                                    573,340 | 
                                                                 
                                                                
                                                                    | Total  2 Wheelers | 
                                                                    113,381 | 
                                                                    870,872 | 
                                                                    112,176 | 
                                                                    855,540 | 
                                                                 
                                                                
                                                                    | Three-Wheelers  | 
                                                                    21,199 | 
                                                                    147,262 | 
                                                                    15,493 | 
                                                                    130,370 | 
                                                                 
                                                                
                                                                    | Total  | 
                                                                    134,580 | 
                                                                    1,018,134 | 
                                                                    127,669 | 
                                                                    985,910 | 
                                                                 
                                                            
                                                         
                                                     | 
                                                 
                                             
                                            
                                         
                                        
                                            
                                                
                                                    | Listed below are snapshots of monthly sales performance for the Year 2003: | 
                                                 
                                                
                                                     | 
                                                 
                                                
                                                    Sales in number for and upto the month of December 2003 is as under  January 1st, 2004
                                                     | 
                                                 
                                                
                                                    
                                                        
                                                            
                                                                
                                                                     | 
                                                                     
                                                                        Current                               Year  | 
                                                                     
                                                                        Previous                               Year  | 
                                                                 
                                                                
                                                                     | 
                                                                    For Dec 2003 | 
                                                                    Up to Dec 2003 | 
                                                                    For Dec 2002 | 
                                                                    Up to Dec 2002 | 
                                                                 
                                                                
                                                                    | Sales                             :  | 
                                                                 
                                                                
                                                                    | Scooters - Geared | 
                                                                    8,224 | 
                                                                    128,543 | 
                                                                    20,184 | 
                                                                    215,618 | 
                                                                 
                                                                
                                                                    | Scooters - Ungeared | 
                                                                    3,063 | 
                                                                    42,670 | 
                                                                    4,543 | 
                                                                    51,723 | 
                                                                 
                                                                
                                                                    | Step thrus | 
                                                                    2,104 | 
                                                                    24,015 | 
                                                                    3,487 | 
                                                                    43,073 | 
                                                                 
                                                                
                                                                    | Motorcycles  | 
                                                                    71,606 | 
                                                                    760,641 | 
                                                                    68,998 | 
                                                                    642,338 | 
                                                                 
                                                                
                                                                    | Total                              2 Wheelers | 
                                                                    84,997 | 
                                                                    955,869 | 
                                                                    97,212 | 
                                                                    952,752 | 
                                                                 
                                                                
                                                                    | Three-Wheelers  | 
                                                                    21,483 | 
                                                                    168,745 | 
                                                                    15,563 | 
                                                                    145,933 | 
                                                                 
                                                                
                                                                    | Total  | 
                                                                    106,480 | 
                                                                    1,124,614 | 
                                                                    112,775 | 
                                                                    1,098,685 | 
                                                                 
                                                            
                                                         
                                                     | 
                                                 
                                             
                                            
                                         
                                        
                                     | 
                                 
                             
                         |