ANNEXURE

i
 MAJOR CLIENTS

Cement Coal Fertilizer Lignite Ore Thermal

Plants Handling Plants Plants Handling Electricit
Plants Plants y Plants
ACC Bharat Chambal Electricity Bakrao State
Cooking Generating steel Electricity
Coal Ltd. Authority Boards
of
Thailand
Birla Mahanadi Carromond Kutch Hindustan Ahmedaba
Coal Fields al Lignite Steel d
Ltd. Project, Electricity
Panandhro Co. Ltd.
Binani Central Deepak Neyveli Hindustan NTPC
Coal Fields Lignite Zinc
Ltd. Corporatio
n, Neyveli
Century Southern FCL Singareni Kudremuk Bombay
Cooking Collieries h Iron Suburban
Coal Ltd. Co. Ltd., Electricity
Kothaguda Supply
m Ltd.
Chanakya - GSFC - Madras Karnataka
Port Power
Corp. Ltd.
Gujarat - GNVFL - Mandovi Orissa
Ambuja Pallets Power
Generating
Corp. Ltd.
Cement Coal Fertilizer Lignite Ore Thermal

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 Plants Handling Plants Plants Handling Electricit
Plants Plants y Plants
JK - IFFCO - Mormugao -
Port
L & T - Indo Gulf - National -
Mineral
Div. Corp.
Ltd.
Madras - Madras - Rourkela -
Steel
Malabar - Mangalore - TISCO -
Mysore - Nagarjuna - Visakhapa -
t-nam Port
Raymond - Oman- - - -
India
Udaipur - Paradeep - - -
Cement Phosphates
Rajashree - Rashtriya - - -
Saurashtra - Others - - -

 PROFIT AND LOSS STATEMENT (Rs. Mn)

 PARTICULARS Mar '06 Mar '07 Mar '08 Mar '09 Mar'10
Income          
Sales Turnover 507.75 816.6 927.85 1,030.84 1,109.36

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Excise Duty 51.23 96.35 102.65 74.28 62.99
Net Sales 456.52 720.25 825.2 956.56 1,046.37
Other Income -0.32 0.89 0.88 -7.9 24.77
Stock
Adjustments 17.59 9.7 47.1 105.5 -34.67
Total Income 473.79 730.84 873.18 1,054.16 1,036.47
Expenditure          
Raw Materials 289.37 450.82 537.14 608.52 592.25
Power & Fuel
Cost 5.03 6.24 6.78 7.06 7.82
Employee Cost 22.17 27.09 34.28 43.83 43.52
Other
Manufacturing
Expenses 26.53 50.99 67.79 135.58 101.52
Selling and
Admin Expenses 50.06 63.63 64.48 76.81 0
Miscellaneous
Expenses 7.5 7.43 7.08 9.94 117.04
Preoperative Exp
Capitalised 0 0 0 0 0
Total Expenses 400.66 606.2 717.55 881.74 862.15
Operating Profit 73.45 123.75 154.75 180.32 149.55
PBDIT 73.13 124.64 155.63 172.42 174.32
Interest 18.22 24.66 33.86 58.23 50.89
 PARTICULARS Mar '06 Mar '07 Mar '08 Mar '09 Mar'10
PBDT 54.91 99.98 121.77 114.19 123.43
Depreciation 9.43 12.22 14.2 22.15 33.12
Other Written
Off 0 0 0 0 0
Profit Before Tax 45.48 87.76 107.57 92.04 90.31
Extra-ordinary
items 0.04 -0.01 0 -2.48 0.77
PBT (Post Extra-
ord Items) 45.52 87.75 107.57 89.56 91.08
Tax 13.09 29.5 31.47 30.65 24.14
Reported Net 27.88 54.9 67.2 57.45 66.18

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 Profit
Total Value
Addition 111.28 155.38 180.41 273.22 269.9
Preference
Dividend 0 0 0 0 0
Equity Dividend 3.07 4.64 13.93 13.93 13.93
Corporate
Dividend Tax 0.43 0.79 2.37 2.37 2.31
Per share data
(annualised)          
Shares in issue
(lakhs) 57.08 309.24 928.62 928.62 928.62
Earning Per Share
(Rs) 48.85 17.75 7.24 6.19 7.13
Equity Dividend
(%) 50 75 75 75 75
Book Value (Rs) 179.87 60.76 25.49 29.66 35.12

 BALANCESHEET (Rs. Mn)

 PARTICULARS Mar '06 Mar '07 Mar '08 Mar '09 Mar'10
Sources Of Funds          
Total Share
Capital 5.71 6.18 18.57 18.57 18.57
Equity Share
Capital 5.71 6.18 18.57 18.57 18.57
Share Application
Money 0 0 0 0 0
Preference Share
Capital 0 0 0 0 0
Reserves 96.96 181.72 218.15 256.83 307.53
Revaluation
Reserves 0 0 0 0 0
Networth 102.67 187.9 236.72 275.4 326.1
Secured Loans 150.61 256.62 320.91 523.61 332.88

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Unsecured Loans 55.13 27.04 88.35 68.47 188.7
Total Debt 205.74 283.66 409.26 592.08 512.58
Total Liabilities 308.41 471.56 645.98 867.48 847.68
           
Application Of
Funds          
Gross Block 202.71 246.65 300.56 427.74 509.42
Less: Accum.
Depreciation 118.16 124.38 123.41 144.83 165.08
Net Block 84.55 122.27 177.15 282.91 344.34
Capital Work in
Progress 10.66 4.47 15.92 28.11 17.88
 PARTICULARS Mar '06 Mar '07 Mar '08 Mar '09 Mar'10
Investments 6.29 8.04 9.46 10.87 5.68
Inventories 163.91 168.96 252.6 400.75 315.18
Sundry Debtors 214.18 387.99 492.32 471.74 517.59
Cash and Bank
Balance 5.81 5.59 4.97 7.83 38.81
Total Current
Assets 383.9 562.54 749.89 880.32 871.58
Loans and
Advances 30.89 40.39 58.74 75.11 54.67
Fixed Deposits 18.9 7.17 2.56 53.23 0
Total CA, Loans &
Advances 433.69 610.1 811.19 1,008.66 926.25
Deffered Credit 0 0 0 0 0
Current Liabilities 224.6 267.69 347.6 441.64 427.09
Provisions 4.48 6.05 21.09 23.1 21.99
Total CL &
Provisions 229.08 273.74 368.69 464.74 449.08
Net Current Assets 204.61 336.36 442.5 543.92 477.17
Miscellaneous
Expenses 2.3 0.43 0.97 1.69 2.6
Total Assets 308.41 471.57 646 867.5 847.67
           
Contingent 50.87 20.57 106.85 109.82 117.99

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 Liabilities
Book Value (Rs) 179.87 60.76 25.49 29.66 35.12

 C A S H F L OW S T A T E M E N T (Rs. Mn.)

 PARTICULARS Mar '06 Mar '07 Mar '08 Mar '09 Mar'10
Net Profit Before
Tax 58.35 103.92 126.29 136.75 125.7
Net Cash From
Operating
Activities -40.51 -62.13 -20.22 71.25 170.11
Net Cash (used
in)/from -41.73 -40.82 -79.32 -135.33 -60.21
Investing
Activities          
Net Cash (used
in)/from Financing
Activities 98.48 91.01 94.3 117.62 -132.15
Net
(decrease)/increase
In Cash and Cash
Equivalents 16.24 -11.95 -5.24 53.54 -22.25
Opening Cash &
Cash Equivalents 8.47 24.71 12.76 7.52 61.06
Closing Cash &
Cash Equivalents 24.71 12.76 7.52 61.06 38.81

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 KEY RATIOS

PARTICULARS  Mar '06 Mar '07 Mar '08 Mar '09 Mar'10
Investment Valuation
Ratios          
Face Value 10 2 2 2 2
Dividend Per Share 5 1.5 1.5 1.5 1.5
Operating Profit Per
Share (Rs) 120.79 38.93 15.71 18.99 16.11
Net Operating Profit Per
Share (Rs) 799.81 232.91 88.86 103.01 112.68
Free Reserves Per Share
(Rs) 164.46 58.45 23.39 27.48 -0.28
Bonus in Equity Capital 60.75 56.07 85.33 85.33 85.33
Profitability Ratios          
Operating Profit
Margin(%) 15.1 16.71 17.67 18.43 14.29
Profit Before Interest
And Tax Margin(%) 12.82 14.92 15.85 15.96 10.87
Gross Profit Margin(%) 13.47 14.54 15.95 16.12 11.12
Cash Profit Margin(%) 8.04 9.26 10.33 10.03 9.27
Adjusted Cash
Margin(%) 9.74 9.74 10.33 10.03 9.27
Net Profit Margin(%) 6 7.57 8.09 5.94 6.17
Adjusted Net Profit
Margin(%) 7.7 8.06 8.09 5.94 6.17
Return On Capital
Employed(%) 21.75 23.87 21.2 18.86 16.65
PARTICULARS  Mar '06 Mar '07 Mar '08 Mar '09 Mar'10
Return On Net
Worth(%) 27.16 29.22 28.5 20.98 20.45
Adjusted Return on Net 35.64 31.15 30.38 27.33 20.45

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Worth(%)
Return on Assets
Excluding Revaluations 5.19 7.37 6.62 4.31 34.84
Return on Assets
Including Revaluations 5.19 7.37 6.62 4.31 34.84
Return on Long Term
Funds(%) 36 43.44 42.23 34.38 16.65
Liquidity And Solvency
Ratios          
Current Ratio 0.92 0.88 0.88 0.86 2.06
Quick Ratio 1.18 1.61 1.51 1.31 1.36
Debt Equity Ratio 2 1.51 1.73 2.15 1.6
Long Term Debt Equity
Ratio 0.81 0.38 0.37 0.73 1.6
Debt Coverage Ratios          
Interest Cover 4.8 5.81 4.99 3.38 2.77
Total Debt to Owners
Fund 2 1.51 1.73 2.15 1.6
Financial Charges
Coverage Ratio 4.2 5.06 4.47 3.19 3.43
Financial Charges
Coverage Ratio Post Tax 3.05 3.72 3.4 2.37 2.95
Management Efficiency
Ratios          
PARTICULARS  Mar '06 Mar '07 Mar '08 Mar '09 Mar'10
Inventory Turnover
Ratio 2.83 4.29 3.87 2.67 3.52
Debtors Turnover Ratio 2.78 2.39 1.87 1.98 2.12
Investments Turnover
Ratio 3.25 5.2 3.87 2.67 3.52
Fixed Assets Turnover
Ratio 5.81 6.49 2.75 2.24 2.05
Total Assets Turnover
Ratio 1.48 1.53 1.28 1.1 1.23
Asset Turnover Ratio 2.25 2.92 2.75 2.24 2.05

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Average Raw Material
Holding 84.54 55.17 71.39 88.85  
Average Finished Goods
Held 28.91 4.43 6.85 12.2  
Number of Days In
Working Capital 161.35 168.12 193.04 204.7 164.17
Profit & Loss Account
Ratios          
Material Cost
Composition 63.38 62.59 65.09 63.61 56.6
Imported Composition
of Raw Materials
Consumed 18.25 14.54 17.55 15.65 10.56
Selling Distribution
Cost Composition 9.66 6.13 5.99 5.46  
Expenses as
Composition of Total
Sales 4.78 3.37 4.48 4.26 6.08
PARTICULARS  Mar '06 Mar '07 Mar '08 Mar '09 Mar'10
Cash Flow Indicator
Ratios          
Dividend Payout Ratio
Net Profit 12.53 9.88 24.24 28.36 24.54
Dividend Payout Ratio
Cash Profit 9.36 8.08 20.01 20.47 16.35
Earning Retention Ratio 90.24 90.71 77.26 78.22 75.46
Cash Earning Retention
Ratio 92.27 92.32 81.02 83.2 83.65
AdjustedCash Flow
Times 4.55 4.02 4.77 6.11 5.25
Earnings Per Share 48.85 17.75 7.24 6.19 7.13
Book Value 179.87 60.76 25.49 29.66 35.12