Offer for Sale of Equity Shares by Smt Sonalben D Mehta, Smt Rachnaben Y Parikh,
Smt Raxaben M Doshi, Smt Ushaben P Mehta and Kantaben S Mehta (the "offerors") In

VISHAL EXPORTS OVERSEAS LIMITED
(Formed as partnership firm in the name of M/s. Vishal Exports in the year 1988 at Ahmedabad and was
  subsequently converted in to a Public Limited Company on March 06,1995)

Registered Office: "Vishal" House, Opp. Sales India, Behind Oriental Bank of Commerce, Ashram Road,
Ahmedabad - 380 009.Ph.Nos:079-2754 4591 - 96, Fax No:079-2754 1894. E-mail: vishalad1@sancharnet.in

OFFER FOR SALE OF 60,00,000 EQUITY SHARES("OFFER") OF Rs.5/- EACH AT A
PREMIUM OF Rs.40/- PER SHARE AGGREGATING TO Rs.2700 LAKHS.

BASIS OF ALLOCATION

The offerors have received 64,994 valid applications for a total of 5,65,21,800 Equity Shares resulting in 9.42 times subscription.The basis of allocation was finalised in consultation with National Stock Exchange of India Limited on
May 24^th,2004 as per the details given below:

1.Retail Category (Individual investors applying upto 1100 shares)
The Offerors received 64,517 valid applications for a total of 3,71,86,900 Equity Shares resulting in 9.30 times subscription. Allocations have been made to applicants in proportion to the inverse of the subscription ratio, rounded off to the nearest marketable lot of 100 shares and the number of shares allocated is 40,00,000. Details of the allocation made under this category are:

2. Non-Retail Category (Individual investors applying above 1100 shares ,Corporates and Others). The offerors received 477 valid applications for a total of 1,93,34,900 Equity Shares resulting in 9.67 times subscription. Allocations have been made to applicants in proportion to the inverse of the subscription ratio, rounded off to the nearest marketable lot of 100 shares and the number of shares allocated is 20,00,000. Details of the allocation made under this category are:

Date of completion of despatch of refund order                         : May 26th 2004
Date of credit of shares allocated to successfull applicants          : May 26th,2004

Listing application was filled with National Stock Exchange of India Limited on May26th, 2004.

All future correspondence in respect of the applications lodged by the investors should be addressed to the Registers to the Offer quoting full name of the first applicant, serial No. of the application form, no.of shares applied for and name of the bank branch where the application was lodged, at the following address:

Datamatics Financial Software & Services Limited
Plot No. A16 & 17, MIDC , Part B Crosslane, Marol, Andheri (E), Mumbai - 400 093
Ph.No: 022 - 2837 5519-24, Fax No:022 - 2835 0217, E-mail: vishalipo@dfssl.com

PS: The level of subscription should not be taken to be indicative of either the market price of the Equity Share on listing or the business prospects of the company.