During the April - June 2015 quarter there was no activity in the Steel Division due to adverse market condition and this was reported in the financial results for that quarter. Due to continuing adverse market conditions, there remains no activity in the Steel Division. A substantial number of employees have resigned and left.

Since the turnover of the Steel Division was less than 5% of the total turnover of the Company during financial year 2014-15, it is estimated that the above will have no material impact on the current year's performance.