M/s A.M. Best (Europe) Company Limited has rated our Company as 'A' (Excellent) for the fourth consecutive year. The rating reflects New India's excellent Capital position, its maintenance of leading position in the Indian Domestic Insurance Market and its substantial return from its conservative investment portfolio. The main offsetting factor include Company’s reliance on the Indian investment and insurance market, continuing weakness in the Company’s underwriting performance in the Indian Motor Market and uncertainties surrounding the economic environment in India. However, M/s A.M. Best believes the Company’s current level of capital and surplus is sufficient to support the projected growth in premium income. Further A.M. Best expects the Company’s loss experience to improve in 2003-04 in view of Company’s decision on prudent underwriting of commercial motor business and improvement in the Motor Tariff will have a beneficial effect on the overall performance of the Company.