Guidelines

GUIDELINES:
Gather Data from Capitaline and paste into 'Input_BS' & 'Input_PS' sheets against the respective space
The ratios have to be calculated by yourself. There is no model for it. Calculate only the ratios relevant to your industry.
The 'no. of equity shares' and 'market price' in the WACC Sheet has to be entered manually.
NOTE:
The BS and P&L data of TCS and TIL is for representative purpose only.
DISCLAIMER:
This model is prepared with utmost care. Any information found to be wrong or misleading , we are not responsible.
FINANCE -BALANCE SHEET CONSOLIDATED - Tata Consultancy Services Ltd (Curr: Rs in Cr.) As on 26/09/2009
COMPANY/FINANCE/BALANCE SHEET CONSOLIDATED/5400/TCS
PRE-Tata SSL PRE-Tata Steel Post
200003 200103 200203 200003 200103 200203 200303 200403 200503 200603 200703 200803 200903 201003
SOURCES OF FUNDS :
Share Capital 31.68 31.68 31.68 517.97 507.97 367.97 369.18 369.18 553.67 553.67 580.67 6203.3 6203.45 887.41
Reserves Total 115.9 116.39 116.41 4040.43 4380.46 3077.99 2816.84 4146.68 6506.25 9201.63 13368.42 21097.43 23972.81 36074.39
Equity Share Warrants 0 0 0 0 0 0 0 0 0 0 147.06 0 0 0
Equity Application Money 0 0 0 0 0 0 0 0 0 0 0.01 5.65 0.24 0.14
Total Shareholders Funds 147.58 148.07 148.09 4558.4 4888.43 3445.96 3186.02 4515.86 7059.92 9755.3 14096.16 27306.38 30176.5 36961.94
Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Secured Loans 114.59 110.87 107.37 4140.91 4129.96 4056.93 3667.63 3010.16 2468.18 2191.74 3758.92 3520.58 3913.05 2259.32
Unsecured Loans 73.76 74.72 101.06 766.32 542.26 648.55 557.98 372.05 271.52 324.41 5886.41 14501.11 23033.13 22979.88
Total Debt 188.35 185.59 208.43 4907.23 4672.22 4705.48 4225.61 3382.21 2739.7 2516.15 9645.33 18021.69 26946.18 25239.2
Total Liabilities 335.93 333.66 356.52 9465.63 9560.65 8151.44 7411.63 7898.07 9799.62 12271.45 23741.49 45328.07 57122.68 62201.14
APPLICATION OF FUNDS : 0 0 0
Gross Block 291.71 293.06 294.48 8748.85 10762.5 11412.3 12192.7 12505.83 13179.26 15407.17 16029.49 16479.59 20057.01 22306.07
Less: Accumulated Depreciation 111.74 123.8 136.74 3241.95 3720.08 4198.74 4849.99 5411.62 5845.49 6605.66 7385.96 8123.01 8962 10037.56
Less: Impairment of Assets 0 0 0 0 0 0 0 0 94.19 94.19 100.41 100.47 100.47 106.07
Net Block 179.97 169.26 157.74 5506.9 7042.39 7213.55 7342.72 7094.21 7239.58 8707.32 8543.12 8256.11 10994.54 12162.44
Lease Adjustment 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Capital Work in Progress 5.99 5.76 7.92 1919.48 495.7 330.15 201.08 763.64 1872.66 1157.73 2497.44 4367.45 3487.68 3843.59
Investments 0.33 0.3 0.3 800.78 846.92 912.74 1194.55 2194.12 2432.65 4069.96 6106.18 4103.19 42371.78 44979.67
Current Assets, Loans & Advances 0 0 0
Inventories 83.69 88.41 107.08 944.85 921.77 1021.59 1152.95 1249.08 1872.4 2174.75 2332.98 2604.98 3480.47 3077.75
Sundry Debtors 132.95 129.63 127.24 1182.65 1279.31 1073.66 958.47 651.3 581.82 539.4 631.63 543.48 635.98 434.83
Cash and Bank 1.75 1.82 1.06 193.38 239.23 219.2 373.12 250.74 246.72 288.39 7681.35 465.04 1590.6 3234.14
Loans and Advances 37.96 36.69 40.23 704.23 785.3 780.94 1163.56 657.4 1382.64 1235.06 3055.93 33348.94 5032.7 5499.97
Total Current Assets 256.35 256.55 275.61 3025.11 3225.61 3095.39 3648.1 2808.52 4083.58 4237.6 13701.89 36962.44 10739.75 12246.69
Less : Current Liabilities and Provisions 0 0 0
Current Liabilities 105.13 104.7 101.05 1505.45 1712.38 1669.89 1917.49 2209.44 2689.83 2835.99 3523.19 3849.61 7073.22 7817.06
Provisions 5.8 0.27 0.27 1109.31 1257.88 1329.14 2217.11 2068.99 2524.42 2361.44 3037.54 3984.82 2917.19 2346.52
Total Current Liabilities 110.93 104.97 101.32 2614.76 2970.26 2999.03 4134.6 4278.43 5214.25 5197.43 6560.73 7834.43 9990.41 10163.58
Net Current Assets 145.42 151.58 174.29 410.35 255.35 96.36 -486.5 -1469.91 -1130.67 -959.83 7141.16 29128.01 749.34 2083.11
Miscellaneous Expenses not written off 4.22 6.76 19.06 828.12 920.29 988.99 0 155.97 214.82 253.27 202.53 155.11 105.07 0
Deferred Tax Assets 0 0 41.34 0 0 233.78 836.52 850.6 777.99 771.15 970.02 1211.46 1306.57 1178.58
Deferred Tax Liabilities 0 0 44.13 0 0 1624.13 1676.74 1690.56 1607.41 1728.15 1718.96 1893.26 1892.3 2046.25
Net Deferred Tax 0 0 -2.79 0 0 -1390.4 -840.22 -839.96 -829.42 -957 -748.94 -681.8 -585.73 -867.67
Total Assets 335.93 333.66 356.52 9465.63 9560.65 8151.44 7411.63 7898.07 9799.62 12271.45 23741.49 45328.07 57122.68 62201.14
Contingent Liabilities 8.93 23.15 29.37 1024.86 994.16 1111.46 1316.22 1508.01 1911.12 2209.45 5072.96 2756.54 3921.78 4728.4
Pre-Tata SSL Pre-Tata Steel
2000 2001 2002 2000 2001 2002
Share Capital 31.68 31.68 31.68 517.97 507.97 367.97
R&S 115.9 116.39 116.41 4040.43 4380.46 3077.99
Networth 147.58 148.07 148.09 4558.4 4888.43 3445.96
Minority Interest 0 0 0 0 0 0
L.T. Debt 188.35 185.59 208.43 4907.23 4672.22 4705.48

S.T. Debt 0 0 0 0 0 0
DTL 0 0 2.79 0 0 1390.35
Current Liabilities 110.93 104.97 101.32 2614.76 2970.26 2999.03
Total Liabilities 446.86 438.63 460.63 12080.39 12530.91 12540.82
Gross Block 297.7 298.82 302.4 10668.33 11258.17 11742.44

Accumulated Depreciation 111.74 123.8 136.74 3241.95 3720.08 4198.74
Net Block 185.96 175.02 165.66 7426.38 7538.09 7543.7
Investments 0.33 0.3 0.3 800.78 846.92 912.74
Cash 1.75 1.82 1.06 193.38 239.23 219.2

Current Assets 254.6 254.73 274.55 2831.73 2986.38 2876.19
Provision for Bad Debt 0 0 0 0 0 0
Misc. Written off 4.22 6.76 19.06 828.12 920.29 988.99
Total Assets 446.86 438.63 460.63 12080.39 12530.91 12540.82

Check 0 0 0 0 0 0
Non Cash Working Capital 143.67 149.76 173.23 216.97 16.12 -122.84
Footnotes
LIFO Reserve 0 0 0 0 0 0
Post
2003 2004 2005 2006
369.18 369.18 553.67 553.67
2816.84 4146.68 6506.25 9201.63
3186.02 4515.86 7059.92 9755.3
0 0 0 0
4225.61 3382.21 2739.7 2516.15

0 0 0 0
840.22 839.96 829.42 957
4134.6 4278.43 5214.25 5197.43
12386.45 13016.46 15843.29 18425.88
12393.79 13269.47 15051.92 16564.9

4849.99 5411.62 5939.68 6699.85
7543.8 7857.85 9112.24 9865.05
1194.55 2194.12 2432.65 4069.96
373.12 250.74 246.72 288.39

3274.98 2557.78 3836.86 3949.21
0 0 0 0
0 155.97 214.82 253.27
12386.45 13016.46 15843.29 18425.88

0 0 0 0
-859.62 -1720.65 -1377.39 -1248.22
0 0 0 0
2000 2001 2002 2000 2001 2002
Gross Sales 641.61 643.63 631.14 6890.87 7759.44 7597.07
Ex Duty 75.77 77.53 77.7 796.86 920.83 899.58
Net Sales 565.84 566.1 553.44 6094.01 6838.61 6697.49
Sales Growth 0% -2% 12% -2%
Other Income/(Loss) 17.59 15.38 20.34 221.25 349.57 296.34
Total Rev 583.43 581.48 573.78 6315.26 7188.18 6993.83
COGS 500.55 512.78 511.26 4006.22 4265.88 4510.42
Gross Profit 82.88 68.7 62.52 2309.04 2922.3 2483.41
gross profit margins 14.65% 12.14% 11.30% 37.89% 42.73% 37.08%
SAE 34.04 36.27 36.46 1111.31 1249.96 1193.09
EBITDA 48.84 32.43 26.06 1197.73 1672.34 1290.32
EBDITA margins 8.63% 5.73% 4.71% 19.65% 24.45% 19.27%
Depreciation 13.84 13.28 13.56 426.54 492.25 524.75
EBIT 35 19.15 12.5 771.19 1180.09 765.57
EBIT (1-T) 33.48512 19.15 12.5 662.4128 1104.768 668.1891
Interest 23.91 24.48 20.87 388.35 412.39 403.15
Interest Rate (as % of Debt) 12.7% 13.1% 10.6% 7.9% 8.6% 8.6%
EBT 11.09 -5.33 -8.37 382.84 767.7 362.42
Tax 0.48 0.05 1.52 54 49 46.1
0.043282 0.141051 0.063827 0.1272
PAT 10.61 -5.38 -9.89 328.84 718.7 316.32
PAT Growth -151% 84% 119% -56%
Dividend Paid 3.17 0 0 154.86 196.09 147.11
Others 7.31 -6.01 -12.22 -14.95 307.85 -46.61
Carried down to BS 0.13 0.63 2.33 188.93 214.76 215.82

Post
2003 2004 2005 2006
9793.27 11920.96 15871.08 17140.24
1071.95 1218.57 1377.92 2004.83
8721.32 10702.39 14493.16 15135.41
20% 23% 35% 4%
295.61 413.71 340.54 357.47
9016.93 11116.1 14833.7 15492.88
5300.04 6095.67 7150.56 7410.01
3716.89 5020.43 7683.14 8082.87
42.62% 46.91% 53.01% 53.40%
1470.89 1614.06 1997.3 2109.6
2246 3406.37 5685.84 5973.27
25.75% 31.83% 39.23% 39.47%
555.48 625.11 618.78 775.1
1690.52 2781.26 5067.06 5198.17
1376.784 1779.735 3157.725 3404.37
342.41 227.12 228.8 174.51
8.1% 6.0% 7.5% 6.6%
1348.11 2554.14 4838.26 5023.66 0.088264
250.19 919.74 1823.12 1733.58
1097.92 1634.4 3015.14 3290.08

49% 84% 9%
295.19 368.98 719.51 719.51
495.28 628 505.42 -405.59
307.45 637.42 1790.21 2976.16

FINANCE -P & L CONSOLIDATED - Tata Consultancy Services Ltd (Curr: Rs in Cr.) As on 26/09/2009
COMPANY/FINANCE/PROFIT AND LOSS CONSOLIDATED/5400/TCS
PRE-Tata SSL PRE-Tata Steel Post
200003 200103 200203 200003 200103 200203 200303 200403 200503 200603 200703 200803 200903 201003
INCOME :
Operating Income / Sales Turnover 641.61 643.63 631.14 6890.87 7759.44 7597.07 9793.27 11920.96 15871.08 17140.24 19762.57 22189.55 26843.73 26757.8
Excise Duty 75.77 77.53 77.7 796.86 920.83 899.58 1071.95 1218.57 1377.92 2004.83 2304.18 2537.02 2495.21 1816.95
Net Operating Income / Net Sales 565.84 566.1 553.44 6094.01 6838.61 6697.49 8721.32 10702.39 14493.16 15135.41 17458.39 19652.53 24348.52 24940.85
Other Income 17.4 16.56 22.83 216.33 92.8 152.25 134.18 293.38 305.19 356.24 568.31 975.08 651.51 1287.91
Stock Adjustments -6.77 4.7 9.1 -33.19 -56.74 -11.38 15.03 80.31 289.55 104.91 82.47 38.73 289.27 -134.97
Total Income 576.47 587.36 585.37 6277.15 6874.67 6838.36 8870.53 11076.08 15087.9 15596.56 18109.17 20666.34 25289.3 26093.79
EXPENDITURE : 0 0 0
Raw Materials 297.42 304.05 303.06 1155.38 1247.24 1400.61 1749.97 2245.42 3020.42 3024.38 3572.06 3743.14 6068.78 5663.82
Power & Fuel Cost 88.65 95.03 91.95 636.75 688.45 719.18 787.75 724.62 778.3 897.57 1027.84 1048.11 1222.48 1383.44
Employee Cost 57.24 57.92 58.3 1114.05 1121.08 1322.07 1444.96 1575.71 1403.84 1397.39 1598.96 1803.87 2295.41 2354.08
Total operating expenses 500.55 512.78 511.26 4006.22 4265.88 4510.42 5300.04 6095.67 7150.56 7410.01 8698.86 9206.32 12782.55 12910.71
Selling and Administration Expenses 15.61 16.45 15.38 797.32 819.84 817.7 972.29 1055.47 1304.05 1373.71 1491.57 1601.78 1831.48 2044.45
Miscellaneous Expenses 18.43 19.82 21.08 313.99 430.12 375.39 498.6 558.59 693.25 735.89 822.57 1203.74 1240.41 1319.07
Less: Pre-operative Expenses Capitalised 0 0 0 131.86 148.25 44.05 60.79 151.84 204.82 112.62 236.02 175.5 343.65 326.11
Total Expenditure 534.59 549.05 547.72 4985.67 5367.59 5659.46 6710.14 7557.89 8943.04 9406.99 10776.98 11836.34 15510.79 15948.12
Operating Profit 41.88 38.31 37.65 1291.48 1507.08 1178.9 2160.39 3518.19 6144.86 6189.57 7332.19 8830 9778.51 10145.67
Interest 23.91 24.48 20.87 388.35 412.39 403.15 342.41 227.12 228.8 174.51 251.25 929.03 1489.5 1848.19
Gross Profit 17.97 13.83 16.78 903.13 1094.69 775.75 1817.98 3291.07 5916.06 6015.06 7080.94 7900.97 8289.01 8297.48
Depreciation 13.84 13.28 13.56 426.54 492.25 524.75 555.48 625.11 618.78 775.1 819.29 834.61 973.4 1083.18
Minority Interest (before tax) 0 0 0 0 0 0 0
Profit Before Tax 4.13 0.55 3.22 476.59 602.44 251 1262.5 2665.96 5297.28 5239.96 6261.65 7066.36 7315.61 7214.3
Tax 0.48 0.05 0.42 54 49 15.5 261.88 920 1833.66 1579 2076.01 2252 2173 1998
Fringe Benefit Tax 0 0 0 0 0 0 0 0 0 27 16 19 16 0
Deferred Tax 0 0 1.1 0 0 30.6 -11.69 -0.26 -10.54 127.58 -52.51 108.33 -75.13 169.5
Net Profit 3.65 0.5 1.7 422.59 553.44 204.9 1012.31 1746.22 3474.16 3506.38 4222.15 4687.03 5201.74 5046.8
Minority Interest (after tax) 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Profit/Loss of Associate Company 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit after Minority Interest & P/L Asso.Co. 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Extraordinary Items -0.19 1.18 2.49 -4.92 -256.77 -144.09 -161.43 -120.33 -35.35 -1.23 -83.74 312.43 220.24 624.85
Adjusted Net Profit 3.84 -0.68 -0.79 427.51 810.21 348.99 1173.74 1866.55 3509.51 3507.61 4305.89 4374.6 4981.5 4421.95
Satutory Appropriation 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Adjustment below Net Profit 0 0 0 0 0 0 0 0 0 0 0 0 0 12.28
P & L Balance brought forward 0 0.13 0.63 90.5 188.93 214.76 218.15 307.45 637.42 1790.21 2976.16 4593.98 6387.46 9496.7
Appropriations 3.52 0 0 324.16 527.61 203.84 923.01 1416.25 2321.37 2320.43 2604.33 2893.55 2092.5 1783.13
P & L Balance carried down 0.13 0.63 2.33 188.93 214.76 215.82 307.45 637.42 1790.21 2976.16 4593.98 6387.46 9496.7 12772.65
Dividend 3.17 0 0 154.86 196.09 147.11 295.19 368.98 719.51 719.51 943.91 1168.93 1168.95 709.77
0 0 0
Preference Dividend 0 0 0 0 0 2.07 0 0 0 0 0 22.19 109.45 45.88
Equity Dividend (%) 10 0 0 40 50 40 80 100 130 130 155 160 160 80
EPS before Minority Interest (Unit Curr.) 0 0 0

EPS before Minority Interest (Adj) (Unit Curr.) 0 0 0
EPS (Unit Curr.) 1.04 0.16 0.54 11.02 14.46 5.51 26.48 46.02 60.91 61.51 69.95 61.06 66.75 54.97
EPS (Adj) (Unit Curr.) 1.04 0.16 0.54 6.49 8.52 3.25 15.6 27.12 53.83 54.36 61.82 61.06 66.75 54.97
Book Value (Unit Curr.) 46.41 46.57 46.58 119.8 129.04 93.65 86.54 122.32 127.51 176.19 240.22 298.7 338.04 416.51
2000 2001 2002 2000
EBIT 35 19.15 12.5 771.19
Add: Key Adjustments 0 0 0 0
NOP 35 19.15 12.5 771.19
Subtract: Cash Operating Taxes 2.11 0.00 0.00 168.94
NOPAT 32.89 19.15 12.50 602.25
Add: Key Adjustments

Increase in LIFO 0 0
Increase in Allowance for Bad Debt 0 0
Implied Interest on Operating Lease 0 0
Net 0 0
Subtract: Cash Operating Tax

Reported Income Tax 0.48 0.05 1.52 54
Sub: Increase in DTL 0 0 2.79 0
Add: Tax Subsidy on Deductible Expense 1.63 -0.35 -6.25 114.94

Net Interest Expense 23.91 24.48 20.87 388.35
Operating Lease 0 0 0 0
Impairments 13.84 13.28 13.56 426.54
Tax Rate 4% -1% -18% 14%
Net 2.11 -0.30 -7.52 168.94

Pre-Tata Steel Post
2001 2002 2003 2004 2005 2006
1180.09 765.57 1690.52 2781.26 5067.06 5198.17
0 0 0 0 0 0
1180.09 765.57 1690.52 2781.26 5067.06 5198.17
106.74 -1,226.22 -420.60 1,226.89 2,153.04 1,933.69
1,073.35 1,991.79 2,111.12 1,554.37 2,914.02 3,264.48
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
49 46.1 250.19 919.74 1823.12 1733.58

0 1390.35 837.43 -0.26 -10.54 127.58
57.74 118.03 166.64 306.8861 319.3793 327.6943

412.39 403.15 342.41 227.12 228.8 174.51
0 0 0 0 0 0
492.25 524.75 555.48 625.11 618.78 775.1
6% 13% 19% 36% 38% 35%
106.74 -1,226.22 -420.60 1,226.89 2,153.04 1,933.69

Invested Capital 2000 2001 2002 2000 2001
Equity 147.58 148.07 148.09 4558.4 4888.43
Debt 188.35 185.59 208.43 4907.23 4672.22
DTL 0 0 2.79 0 0
Minority Interest 0 0 0 0 0
1 Total 335.93 333.66 359.31 9465.63 9560.65
2 Cash Flow Adjustments

Add: Lifo Reserve 0 0 0 0 0
Add: Prov. For Bad Debts 0 0 0 0 0
3 Off-Balance Sheet Adjustments

R&D
Operating Leases
Net 335.93 333.66 359.31 9465.63 9560.65
Method 2:
Total Assets 446.86 438.63 460.63 12080.39 12530.91
NIBCLS 110.93 104.97 101.32 2614.76 2970.26
1 Total 335.93 333.66 359.31 9465.63 9560.65
Check 0 0 0 0 0
re-Tata Steel Post
2002 2003 2004 2005 2006
3445.96 3186.02 4515.86 7059.92 9755.3
4705.48 4225.61 3382.21 2739.7 2516.15
1390.35 840.22 839.96 829.42 957
0 0 0 0 0
9541.79 8251.85 8738.03 10629.04 13228.45
0 0 0 0 0
0 0 0 0 0
9541.79 8251.85 8738.03 10629.04 13228.45
12540.82 12386.45 13016.46 15843.29 18425.88

2999.03 4134.6 4278.43 5214.25 5197.43
9541.79 8251.85 8738.03 10629.04 13228.45
0 0 0 0 0
1999-2000 2000-2001 2001-2002 1999-2000 2000-2001 2001-2002
Interest 23.91 24.48 20.87 388.35 412.39 403.15
Avg. Debt Outstanding 188.35 186.97 197.01 4907.23 4789.725 4688.85
Kd 12.7% 13.1% 10.6% 7.9% 8.6% 8.6%
Tax Rate 4.3% 0.0% 0.0% 14.1% 6.4% 12.7%
Kd(1-Tax) 12.1% 13.1% 10.6% 6.8% 8.1% 7.5%
Average Book Equity 147.58 147.825 148.08 4558.4 4723.415 4167.195

No. of Equity Shares 31698595 31698595 31698595 367771880 367771901 367771901
Market Price 22.6 19.6 26.8 76.66 51.38 89.27
Market Cap (in cr.) 71.64 62.13 84.95 2,819.34 1,889.61 3,283.10
Average Market CAP 71.64 66.88 73.54 2,819.34 2,354.48 2,586.36
Debt % 72.45% 73.65% 72.82% 63.51% 67.04% 64.45%

Equity % 27.55% 26.35% 27.18% 36.49% 32.96% 35.55%
Cost of Equity 7% 7% 7% 13% 12% 12%
WACC 10.74% 11.50% 9.62% 8.89% 9.52% 9.28%
Beta 0.00603 0.006 0.0061 1.1055 1.0957 1.0976
Ke=rfr+β(Rm-rfr) 7% 7% 7% 13% 12% 12%
rfr 7%
Rm 12%
el Post
2002-2003 2003-2004 2004-2005 2005-2006
342.41 227.12 228.8 174.51
4225.61 3803.91 3060.955 2627.925
8.1% 6.0% 7.5% 6.6%
18.6% 36.0% 37.7% 34.5%
6.6% 3.8% 4.7% 4.3%
3186.02 3850.94 5787.89 8407.61

367771901 367771901 368981904 553472856
261.64 340.66 336.11 426.26
9,622.38 12,528.52 12,401.85 23,592.33
9,622.38 11,075.45 12,465.18 17,997.09
30.51% 25.57% 19.71% 12.74%

69.49% 74.43% 80.29% 87.26%
13% 13% 13% 13%
10.74% 10.45% 11.13% 11.65%
1.1119 1.1453 1.1433 1.1433
13% 13% 13% 13%

2000 2001 2002 2000 2001 2002
NOPAT 33.49 19.15 12.50 0.00 662.41 1,104.77 668.19
WACC 10.74% 11.50% 9.62% 8.89% 9.52% 9.28%
INVESTED CAPITAL 335.93 333.66 359.31 9465.63 9560.65 9541.79
EVA -2.579081 -19.20609 -22.08329 EVA -178.9268 194.9375 -216.91407 EVA
400 NOPAT 12000

350 Row 5 10000
300
WACC 8000
250
200 Row 7 6000
150 INVESTED 4000
CAPITAL
100
Row 9 2000
50
0 EVA 0
2000 2001 2002 2000 2001 2002
-50 Row 11 -2000 Pre-Tata Steel
Pre-Tata SSL
Post
2003 2004 2005 2006
1,376.78 1,779.73 3,157.73 3,404.37
10.74% 10.45% 11.13% 11.65%
8251.85 8738.03 10629.04 13228.45
490.4679 866.6348 1974.945 1863.207
EVA
2000
107.17 09 4.74329407680207424309889.004932649 4
103.17 06 7.74820308580182314527192.832853622 4
301.15 17 1.722275081101055606282966.00104322 4
304.10 14 6.3562090315063565230290891.4035415 8
0.0 1000
0 0
Ro EV
w5 A
Ro
w6 P o st
Ro
w7
Ro
w8
Ro
w9
2001 2002
Pre-Tata Steel
EVA
2000 2001 2002 2003 2004 2005 2006
Pre-Tata SSL -2.579081 -19.20609 -22.08329
Pre-Tata Steel -178.9268 194.9375 -216.9141
Post 0 0 0 490.4679 866.6348 1974.945 1863.207
2500
EV
A 2000
1500
Pre-Tata SSL
Pre-Tata
1000 Steel
Post
500
0
2000 2001 2002 2003 2004 2005 2006
EVA
-500
ata SSL
ata
Ratios Pre-Tata SSL Pre-Tata Steel
2000 2001 2002 2000
Employee Cost/Revenue 9.81% 9.96% 10.16% 17.64%
Power Cost/Revenue 15.19% 16.34% 16.03% 10.08%
SAE/Revenue 2.68% 2.83% 2.68% 12.63%
Raw material/ Revenue 50.98% 52.29% 52.82% 18.30%
Operating Cost/Revenue 86% 88% 89% 63%
Interest Cost 12.69% 13.09% 10.59% 7.91%
NPM 1.88% -0.95% -1.79% 5.40%
Revenue Growth 0.05% -2.24%

PAT Growth -150.71% -83.83%
Internal Liquidity
Current Ratio 2.30 2.43 2.71 1.08

Quick Ratio 1.05 1.18 1.57 1.16
Operating Efficiency Ratios
Total Asset Turnover 1.68 1.70 1.55 0.64

Net Fixed Asset Turnover 3.04 3.23 3.34 0.82
Equity Turnover 0.07 -0.04 -0.07 0.07
Debt/Equity ratio 1.28 1.25 1.38 1.08
Operating Profitability Ratios
Gross Profit Margin 14.65% 12.14% 11.30% 37.89%

Operating Profit Margin 5.92% 3.41% 2.67% 10.87%
ROE 7.19% -3.63% -6.68% 7.21%
ROC 9.97% 5.74% 3.48% 7.00%
Reinvestment ratio / ploughback ratio 70.12% 100.00% 100.00% 52.91%
EPS 3.35 -1.70 -3.12 8.94
P/E 6.75 -11.55 -8.59 8.57
Dividend Payout Ratio 29.88% 0.00% 0.00% 47.09%
Pre-Tata Steel Post
2001 2002 2003 2004 2005 2006
15.60% 18.90% 16.02% 14.18% 9.46% 9.02%
9.58% 10.28% 8.74% 6.52% 5.25% 5.79%
11.41% 11.69% 10.78% 9.49% 8.79% 8.87%
17.35% 20.03% 19.41% 20.20% 20.36% 19.52%
59% 64% 59% 55% 48% 48%
8.61% 8.60% 8.10% 5.97% 7.47% 6.64%
10.51% 4.72% 12.59% 15.27% 20.80% 21.74%
12.22% -2.06% 22.72% 35.42% 4.43%

118.56% -55.99% 48.86% 84.48% 9.12%
1.01 0.96 0.79 0.60 0.74 0.76

1.09 1.03 0.88 0.66 0.78 0.82
0.72 0.82 1.18 1.36 1.48 1.23

0.91 0.89 1.16 1.36 1.59 1.53
0.15 0.09 0.34 0.36 0.43 0.34
0.96 0.97 1.05 0.63 0.35 0.23
42.73% 37.08% 42.62% 46.91% 53.01% 53.40%

16.15% 9.98% 15.79% 16.63% 21.79% 22.49%
14.70% 9.18% 34.46% 36.19% 42.71% 33.73%
11.56% 7.00% 16.68% 20.37% 29.71% 25.74%
72.72% 53.49% 73.11% 77.42% 76.14% 78.13%
19.54 8.54 29.85 44.44 81.72 59.44
2.63 10.45 8.76 7.67 4.11 7.17
27.28% 46.51% 26.89% 22.58% 23.86% 21.87%
2000 2001 2002 2000
Employee Cost/Revenue 9.81% 9.96% 10.16% Employee Cos 17.64%
Power Cost/Revenue 15.19% 16.34% 16.03% Power Cost/R 10.08%
SAE/Revenue 2.68% 2.83% 2.68% SAE/Revenue 12.63%
Raw material/ Revenue 50.98% 52.29% 52.82% Raw material/ 18.30%
Operating Cost/Revenue 85.79% 88.19% 89.10% Operating Cos 63.44%
Revenue Growth 0.05% -2.24% Revenue Growth

PAT Growth -150.71% -83.83% PAT Growth
Internal Liquidity Internal Liquidity
Current Ratio 2.30 2.43 2.71 Current Ratio 1.08

Quick Ratio 1.05 1.18 1.57 Quick Ratio 1.16
Operating Efficiency Ratios Operating Efficiency Ratios
2000 2001 2002 2000
Total Asset Turnover 1.68 1.70 1.55 Total Asset Tu 0.64
Net Fixed Asset Turnover 3.04 3.23 3.34 Net Fixed Ass 0.82
Equity Turnover 0.07 -0.04 -0.07 Equity Turnov 0.07
Debt/Equity ratio 1.28 1.25 1.38 Debt/Equity ra 1.08
Operating Profitability Ratios Operating Profitability Ratios
2000 2001 2002 2000
Gross Profit Margin 14.65% 12.14% 11.30% Gross Profit M 37.89%
Operating Profit Margin 5.92% 3.41% 2.67% Operating Prof 10.87%
Net Profit Margin 1.88% -0.95% -1.79% Net Profit Mar 5.40%
ROE 7.19% -3.63% -6.68% ROE 7.21%
ROC 9.97% 5.74% 3.48% ROC 7.00%
EPS 3.35 -1.70 -3.12 EPS 8.94
100.00%
90.00%
80.00%
70.00% Employee
Cost/Revenue
60.00% Power
Cost/Revenue
50.00%
SAE/Revenue
40.00% Raw material/
30.00% Revenue
Operating
20.00% Cost/Revenue
10.00%
0.00%
2000 2001 2002
Pre-Tata SSL
40.00% Raw material/
30.00% Revenue
Operating
20.00% Cost/Revenue
10.00%
0.00%
2000 2001 2002
Pre-Tata SSL
70.00%
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
2003 2004 2005 2006
Post
Pre-Tata Steel Post
2001 2002 2003 2004 2005 2006
15.60% 18.90% Employee Co 16.02% 14.18% 9.46% 9.02%
9.58% 10.28% Power Cost/ 8.74% 6.52% 5.25% 5.79%
11.41% 11.69% SAE/Revenue 10.78% 9.49% 8.79% 8.87%
17.35% 20.03% Raw material 19.41% 20.20% 20.36% 19.52%
59.35% 64.49% Operating Co 58.78% 54.84% 48.20% 47.83%
12.22% -2.06% Revenue Growth 22.72% 35.42% 4.43%

118.56% -55.99% PAT Growth 48.86% 84.48% 9.12%
Internal Liquidity
1.01 0.96 Current Ratio 0.79 0.60 0.74 0.76

1.09 1.03 Quick Ratio 0.88 0.66 0.78 0.82
ciency Ratios Operating Efficiency Ratios
Pre-Tata Steel Post
2001 2002 2003 2004 2005 2006
0.72 0.82 Total Asset T 1.18 1.36 1.48 1.23
0.91 0.89 Net Fixed As 1.16 1.36 1.59 1.53
0.15 0.09 Equity Turno 0.34 0.36 0.43 0.34
0.96 0.97 Debt/Equity r 1.05 0.63 0.35 0.23
fitability Ratios Operating Profitability Ratios
Pre-Tata Steel Post
2001 2002 2003 2004 2005 2006
42.73% 37.08% Gross Profit 42.62% 46.91% 53.01% 53.40%
16.15% 9.98% Operating Pro 15.79% 16.63% 21.79% 22.49%
10.51% 4.72% Net Profit Ma 12.59% 15.27% 20.80% 21.74%
14.70% 9.18% ROE 34.46% 36.19% 42.71% 33.73%
11.56% 7.00% ROC 16.68% 20.37% 29.71% 25.74%
19.54 8.54 EPS 29.85 44.44 81.72 59.44
70.00%
60.00%
50.00%
Employee
Cost/Revenue
40.00%
Power Cost/Revenue
30.00% SAE/Revenue
Raw material/ Revenue
20.00% Operating
Cost/Revenue
10.00%
0.00%
2000 2001 2002
Pre-Tata Steel
Raw material/ Revenue
20.00% Operating
Cost/Revenue
10.00%
0.00%
2000 2001 2002
Pre-Tata Steel
Employee
Cost/Revenu
e
Power
Cost/Revenu
e
SAE/Revenue
Raw
material/
Revenue
Operating
Cost/Revenu
2004 2005 2006 e
Post
4.00 1.20
3.50
1.00
3.00 Total Asset
Turnover 0.80
2.50
Net Fixed Asset
2.00 Turnover 0.60
1.50
Equity Turnover 0.40
1.00
Debt/Equity 0.20
0.50 ratio
0.00 0.00
2000 2001 2002 2000
-0.50 Pre-Tata SSL
1.80
1.60
1.40 Total Asset
1.20 Turnover
1.00 Net Fixed As
0.80 Turnover
0.60 Equity Turno
0.40
Debt/Equity
0.20 ratio
0.00
2003 2004 2005 2006
Post
oyee
Revenue
r Cost/Revenue
Revenue
material/ Revenue
ating
Revenue
material/ Revenue
ating
Revenue
1.20 20.00%
1.00 15.00%
Total Asset
0.80 Turnover
10.00%
Net Fixed Asset
0.60 Turnover 5.00%
0.40 Equity Turnover
0.00%
0.20 Debt/Equity
ratio
-5.00%
0.00
2000 2001 2002
Pre-Tata Steel -10.00%
Total Asset
Turnover
Net Fixed Asset
Turnover
Equity Turnover
Debt/Equity
ratio
2006
20.00% 45.00%
Gross Profit 40.00%
15.00% Margin 35.00%
30.00%
10.00% Operating Profit
Margin 25.00%
5.00% 20.00%
Net Profit
Margin 15.00%
0.00% 10.00%
2000 2001 2002 ROE
Pre-Tata SSL 5.00%
-5.00%
ROC 0.00%
2000 2001
-10.00% Pre-Tata
60.00%
50.00% Gross Profit

Margin
40.00%
Operating Profit
30.00% Margin
20.00% Net Profit Margin
10.00% ROE
0.00% ROC
2003 2004 2005 2006
Post
Gross Profit
Margin
Operating Profit
Margin
Net Profit Margin
ROE
ROC
2000 2001 2002
Pre-Tata Steel
Gross Profit
Margin
Operating Profit
Margin
Net Profit Margin
ROE
ROC
The Current Ratio formula is:
Also known as "liquidity ratio", "cash asset ratio" and "cash ratio".
The ratio is mainly used to give an idea of the company's ability to pay back its short-term liabilities
(debt and payables) with its short-term assets (cash, inventory, receivables). The higher the current ratio, the
more capable the company is of paying its obligations. A ratio under 1 suggests that the
company would be unable to pay off its obligations if they came due at that point. While this shows the
company is not in good financial health, it does not necessarily mean that it will go bankrupt - as there are many
ways to access financing - but it is definitely not a good sign.
An indicator of a company's short-term liquidity. The quick ratio measures a company's ability to meet its short-

term obligations with its most liquid assets. The higher the quick ratio, the better the position of the company.
The quick ratio is calculated as:
Also known as the "acid-test ratio" or the "quick assets ratio".
The quick ratio is more conservative than the current ratio, a more well-known liquidity measure, because
it excludes inventory from current assets. Inventory is excluded because some companies have difficulty turning
their inventory into cash. In the event that short-term obligations need to be paid off immediately, there are
situations in which the current ratio would overestimate a company's short-term financial strength.
The amount of sales generated for every dollar's worth of assets. It is calculated by dividing sales in dollars by
assets in dollars.
Formula:
Also known as the Asset Turnover Ratio.

Asset turnover measures a firm's efficiency at using its assets in generating sales or revenue - the higher the
number the better. It also indicates pricing strategy: companies with low profit margins tend to have high asset
turnover, while those with high profit margins have low asset turnover.
A financial ratio of net sales to fixed assets. The fixed-asset turnover ratio measures a company's ability to
generate net sales from fixed-asset investments - specifically property, plant and equipment (PP&E) - net of
depreciation. A higher fixed-asset turnover ratio shows that the company has been more effective in using the
investment in fixed assets to generate revenues.
The fixed-asset turnover ratio is calculated as:
This ratio is often used as a measure in manufacturing industries, where major purchases are made for PP&E to
help increase output. When companies make these large purchases, prudent investors watch this ratio in
following years to see how effective the investment in the fixed assets was.
Equity Turnover is a ratio used to determine efficiency of using stockholder's equity to generate revenue.
The higher the ratio, the more effective the company is using stockholder's capital.
Equity Turnover is calculated by:
Equity Turnover = Annual Sales / Average Stockholder's Equity
A financial metric used to assess a firm's financial health by revealing the proportion of money left over from
revenues after accounting for the cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings.
Also known as "gross margin".
Calculated as:
Where:
COGS = Cost of Goods Sold
For example, suppose that ABC Corp. earned $20 million in revenue from producing widgets and incurred $10
million in COGS-related expense. ABC's gross profit margin would be 50%. This means that for every dollar that
ABC earns on widgets, it really has only $0.50 at the end of the day.
This metric can be used to compare a company with its competitors. More efficient companies will usually
see higher profit margins.
A ratio used to measure a company's pricing strategy and operating efficiency.
Calculated as:
Operating margin is a measurement of what proportion of a company's revenue is left over after paying for
variable costs of production such as wages, raw materials, etc. A healthy operating margin is required for a
company to be able to pay for its fixed costs, such as interest on debt.
Also known as "operating profit margin" or "net profit margin".
Operating margin gives analysts an idea of how much a company makes (before interest and taxes) on each
dollar of sales. When looking at operating margin to determine the quality of a company, it is best to look at the
change in operating margin over time and to compare the company's yearly or quarterly figures to those of its
competitors. If a company's margin is increasing, it is earning more per dollar of sales. The higher the margin,
the better.
Profit margin, net margin, net profit margin or net profit ratio all refer to a measure of profitability. It is
calculated by finding the net profit as a percentage of the revenue. [1]
The profit margin is mostly used for internal comparison. It is difficult to accurately compare the net profit ratio
for different entities. Individual businesses' operating and financing arrangements vary so much that different
entities are bound to have different levels of expenditure, so that comparison of one with another can have
little meaning. A low profit margin indicates a low margin of safety: higher risk that a decline in sales will erase
profits and result in a net loss.
A ratio that indicates the efficiency and profitability of a company's capital investments.
Calculated as:
Investopedia explains Return On Capital Employed - ROCE
ROCE should always be higher than the rate at which the company borrows, otherwise any increase in
borrowing will reduce shareholders' earnings.
A variation of this ratio is return on average capital employed (ROACE), which takes the average of opening and
closing capital employed for the time period.
The amount of net income returned as a percentage of shareholders equity. Return on equity measures a

corporation's profitability by revealing how much profit a company generates with the money shareholders
have invested.
ROE is expressed as a percentage and calculated as:
Return on Equity = Net Income/Shareholder's Equity
Net income is for the full fiscal year (before dividends paid to common stock holders but after dividends to
preferred stock.) Shareholder's equity does not include preferred shares.
Also known as "return on net worth" (RONW)
A valuation ratio of a company's current share price compared to its per-share earnings.
Calculated as:
For example, if a company is currently trading at $43 a share and earnings over the last 12 months were $1.95
per share, the P/E ratio for the stock would be 22.05 ($43/$1.95).
EPS is usually from the last four quarters (trailing P/E), but sometimes it can be taken from the estimates of
earnings expected in the next four quarters (projected or forward P/E). A third variation uses the sum of the last
two actual quarters and the estimates of the next two quarters.
Also sometimes known as "price multiple" or "earnings multiple".

In general, a high P/E suggests that investors are expecting higher earnings growth in the future compared to
companies with a lower P/E. However, the P/E ratio doesn't tell us the whole story by itself. It's usually more
useful to compare the P/E ratios of one company to other companies in the same industry, to the market in
general or against the company's own historical P/E. It would not be useful for investors using the P/E ratio as a
basis for their investment to compare the P/E of a technology company (high P/E) to a utility company (low P/E)
as each industry has much different growth prospects.
The portion of a company's profit allocated to each outstanding share of common stock. Earnings per
share serves as an indicator of a company's profitability.
Calculated as:
When calculating, it is more accurate to use a weighted average number of shares outstanding over the
reporting term, because the number of shares outstanding can change over time. However, data
sources sometimes simplify the calculation by using the number of shares outstanding at the end of the period.
Diluted EPS expands on basic EPS by including the shares of convertibles or warrants outstanding in the
outstanding shares number.
Earnings per share is generally considered to be the single most important variable in determining a share's
price. It is also a major component used to calculate the price-to-earnings valuation ratio.
The percentage of earnings paid to shareholders in dividends.
Calculated as:
The payout ratio provides an idea of how well earnings support the dividend payments. More mature
companies tend to have a higher payout ratio.
FINANCE - BALANCE SHEET - Tata Steel Ltd (Curr: Rs in Cr.) As on 14/09/2010
COMPANY/FINANCE/BALANCE SHEET/566/Tata Steel¤CmbDetail»1
200003 200103 200203 200303
SOURCES OF FUNDS :
Share Capital 517.97 507.97 367.97 369.18
Equity Authorised 440 440 440 440
Preference Capital Authorised 250 250 250 250
Unclassified Authorised 0 0 0 0
Equity Issued 368.37 368.37 368.37 368.37

Equity Subscribed 368.16 368.16 368.16 368.16
Equity Called Up 367.77 367.77 367.77 367.77
Less : Equity Calls in Arrears 0 0 0 0
Equity Forfeited 0.2 0.2 0.2 0.2
Equity Paid Up 367.97 367.97 367.97 367.97
Adjustments to equity 0 0 0 1.21
Preference Capital Paid Up 150 140 0 0

Convertible Preference Share Paid Up 0 0 0 0
Non-convertible Preference Share Paid U 150 140 0 0
Unclassified Shares Paid Up 0 0 0 0
Reserves Total 4040.43 4380.46 3077.99 2816.84
TOTAL RESERVES EXCLUDING REVALUATION 4040.43 4380.46 3077.99 2816.3
Capital Reserves 1.3 1.3 1.3 1.49
General Reserves 1142.08 1242.08 182.33 688.94
Share Premium 1763.4 1763.4 1763.4 1019.75
Investment Allowance Reserve 75.55 75.55 0 0
Debenture Redemption Reserve 844 944 634 646
Capital Redemption Reserve 0 10 150 0.83
Debt Redemption Reserve 0 0 0 0
Amalgamation Reserve 1.12 1.12 1.12 1.12
Taxation Reserve 0 0 0 0
Exchange Fluctuation Reserve 14 14 14 14
Foreign Exchange Earnings Reserve 0 0 0 0
Exchange Profit / Allowance Reserve 1.25 1.25 1.25 1.25
Deferred Credit Reserve 0 0 0 0
Contingency Reserve 0 100 100 100
Development Rebate Reserve 0 0 0 0
Special Reserve 0 0 0 0
Special Appropriation to Projects 0 0 0 0
Statutory Reserves 0 0 0 0
Reserve for Bad and Doubtful Debt 0 0 0 0
Investment Fluctuation Reserve 0 0 0 0
Profit & Loss Account Balance 188.93 214.76 215.82 307.45
Other Reserves 8.8 13 14.77 35.47
TOTAL REVALUATION RESERVE 0 0 0 0.54
Fixed Asset Revaluation Reserve 0 0 0 0.54
Investment Revaluation Reserve 0 0 0 0
Other Revaluation Reserve 0 0 0 0
Equity Share Warrants 0 0 0 0
Equity Application Money 0 0 0 0
Total Shareholders Funds 4558.4 4888.43 3445.96 3186.02
Secured Loans 4140.91 4129.96 4056.93 3667.63
Convertible Debentures 0 0 0 0
Non Convertible Debentures 1618.7 1483.8 1248.33 1060
Partly Convertible Debentures 0 0 0 0
Less : Debentures Calls in arrears 0 0 0 0
Term Loans Institutions 153.64 151.27 150 132.69
Term Loans Banks 716.99 729.04 788.21 780.57
Term Loans Others 1274.69 1350.49 1430.29 1514.81
Borrowings from Government of India 0.02 0.02 0.02 0.02
Deferred Credit / Hire Purchase 0 0 0 0
Bridge Loans 0 0 0 0
Cash Credit /Packing Credit / Bills Discounted 376.87 415.34 395.08 159.54
Working Capital Advances 0 0 45 20
Interest Accured & Due 0 0 0 0
Secured Loans Others 0 0 0 0
Unsecured Loans 766.32 542.26 648.55 557.98
Debentures / Bonds 20 20 20 20
Accrued Interest 0 0 0 0
Loans from Group Cos 0 0 0 0
Loans from Banks 370.36 398.91 371.99 388.52
Loans from Institutions 73.63 26.38 23.53 21.46
Advances 0 0 0 0
Loans from GOI / PSUs 21.34 17.78 14.23 10.67
Deferred Liabilities 0 0 0 0
Deferred Tax Loan 0 0 0 0.7
Commercial Paper 173.82 0 99.6 0
Unsecured Loans Others 0.78 0 0 0
TOTAL DEPOSITS 106.39 79.19 119.2 116.63
Fixed Deposits 98.39 65.19 105.2 114.63
Intercorporate Deposits 8 14 14 2
Security Deposits 0 0 0 0
Directors Deposits 0 0 0 0
Share Deposits 0 0 0 0
Other Deposits 0 0 0 0
Total Debt 4907.23 4672.22 4705.48 4225.61
Total Liabilities 9465.63 9560.65 8151.44 7411.63

APPLICATION OF FUNDS :
Gross Block 8748.85 10762.47 11412.29 12192.71
Goodwill 0 0 0 0
Technical Know-how 0 0 0 0
Leasehold Land 2.78 2.78 2.78 4.77
Freehold Land 41.45 46.57 186.74 152.66
Railway Sidings 86.24 87.78 94.59 94.56
Buildings 644.07 774.97 787.13 841.4
Ponds & Reservoirs 0 0 0 0
Water supply / tubewells 0 0 0 0
Plant and Machinery 7850.34 9708.41 10195.73 10923.64
Ships / Vessels 0 0 0 0
Electrical Installations / Fittings 0 0 0 0
Factory Equipments 0 0 0 0
Furniture and Fixtures 62.12 66.67 70.59 83.47
Office Equipments 0 0 0 0
Computers 0 0 0 0
Lab and R & D Equipment 0 0 0 0
Medical Equipment and Surgical Instrument 0 0 0 0
Vehicles 61.85 75.29 74.73 92.21
Transmission and Distribution Equipment 0 0 0 0
Wind Turbines 0 0 0 0
Aircraft and Helicopters 0 0 0 0
Other Fixed Assets 0 0 0 0
Less : Accumulated Depreciation 3241.95 3720.08 4198.74 4849.99
Goodwill 0 0 0 0
Leasehold Land 0 0 0 0.82
Freehold Land 1.68 2.09 2.73 7.2
Railway Sidings 27.72 31.87 35.97 41.74
Buildings 142.59 162.69 175.11 209.22
Computers 0 0 0 0
Vehicles 16.82 23.16 37.12 40.39
Less:Impairment of Assets 0 0 0 0
Net Block 5506.9 7042.39 7213.55 7342.72
Goodwill 0 0 0 0
Leasehold Land 2.78 2.78 2.78 3.95
Freehold Land 39.77 44.48 184.01 145.46
Railway Sidings 58.52 55.91 58.62 52.82
Buildings 501.48 612.28 612.02 632.18
Computers 0 0 0 0
Vehicles 45.03 52.13 37.61 51.82
Lease Adjustment 0 0 0 0
Capital Work in Progress 1919.48 495.7 330.15 201.08
Capital Advances 56.3 58.26 80.55 38.39
Pre-operative Expenditure 0 0 0 0
Development Expenses 0 0 0 0
Assets in Transit 0 0 0 0
Other Capital Work in Progress 1863.18 437.44 249.6 162.69
Producing Properties 0 0 0 0
Investments 800.78 846.92 912.74 1194.55
Quoted Government Securities 0 0 0 0
Unquoted Government Securities 0 0 0 0
Quoted Equity 330.29 369.32 418.78 278.93
Unquoted Equity 234.59 252.13 240.1 253.15
Quoted Debentures/Bonds 0.53 0.53 0.1 162.95
Unquoted Debentures/Bonds 0 0 0 0
Quoted Units 11.53 11.53 8.74 0
Unquoted Units 203.89 213.41 193.02 433.52
Preference Shares 19.95 0 66 66
Joint Venture / Partnerships 0 0 0 0
Application Money 0 0 0 0
Other Investments 0 0 0 0
Less : Prov.for dimunition in value of invest 0 0 14 0
Current Assets, Loans & Advances
Inventories 944.85 921.77 1021.59 1152.95
Raw Materials 160.44 179.26 212.15 262.3
Work-in Progress 28.26 29.31 36.25 14.65
Contract WIP / Site under development 0 0 0 0
Finished Goods 505.3 447.51 429.19 556.78
Stores and Spares 228.66 239.49 344 319.22
Investment as Stock_in_Trade 0 0 0 0
Stock on hire 0 0 0 0
Packing Materials 0 0 0 0
Goods-in transit 0 0 0 0
Other Inventory 22.19 26.2 0 0
Sundry Debtors 1182.65 1279.31 1073.66 958.47

Debtors more than Six months 327.62 384.11 319.8 235.61
Debtors Others 938.59 996.38 886.73 833.92
Less : Provisions for Doubtful Debts 83.56 101.18 132.87 111.06
Cash and Bank 193.38 239.23 219.2 373.12
Balance with Bank 100.53 140.27 50.91 48.27
Term Deposit with Banks 23.61 2.12 11 152.1
Cash in hand / others 69.24 96.84 157.29 172.75
Loans and Advances 704.23 785.3 780.94 1163.56
Bills Receivable 0 0 0 0
Loans to Subsidiary 0.25 0.32 0.76 0.37
Loans to Group / Associate Companies 0 0 0 0
Loans to Others 0.03 0.02 0 0
Deposits with Government 118.67 176.7 169.47 164.54
Intercorporate Deposits 84.31 132.52 136.01 163.56
Deposits Others 0 0 0 0
Advance Tax 137.27 145.87 187.67 425.66
Pre-paid expenses 0 0 0 0
Advances to suppliers 0 0 0 0
Advances for capital goods 0 0 0 0
Advances recoverable in cash or kind 369 349.67 300.53 438.1
Less : Provision for Doubtful Advances 23.46 23.8 33.79 38.57
Interest Accrued on Investments 0.05 0.09 0.1 2.89
Application money pending allotment 18.11 3.91 20.19 7.01
Other Current Assets 0 0 0 0
Total Current Assets 3025.11 3225.61 3095.39 3648.1
Less : Current Liabilities and Provisions
Current Liabilities 1505.45 1712.38 1669.89 1917.49
Sundry Creditors 1328.4 1557.12 1497.89 1731.17
Creditors for Goods 1328.4 280.6 345.83 463.89
Creditors for Capital Goods 0 0 0 0
Creditors for Finance 0 0 0 0
Creditors for Others 0 1276.52 1152.06 1267.28
Acceptances 24.41 25.84 0 0
Application Money 0 0 0.35 0.03
Warrants Application Money 0 0 0 0
Bank Overdraft / Short term credit 0 0 0 0
Advances from Customers / Credit balances 111.1 83.4 83.01 95.74
Due to Subsidiary / Group Companies 5.94 7.6 14.67 15.12
Trade and Other deposits 0 0 0 0
Unclaimed Dividend 5.43 7.78 10.31 11.89
Interest Accrued But Not Due 30.17 30.64 39.17 45.83
Other Liabilities 0 0 24.49 17.71
Provisions 1109.31 1257.88 1329.14 2217.11
Provision for Tax 167.04 180.2 174.84 476.16
Provision for Fringe Benefit Tax 0 0 0 0
Provision for Corporate Dividend Tax 0 0 0 0
Provision for Gratuity 8.63 10.66 17.69 1.74
Provision for Dividend 147.11 183.89 147.11 295.19
Proposed Equity Dividend 147.11 183.89 0 295.19
Provision for Contingencies 0 0 0 0
Provision for depreciation in investment 0 0 0 0
Other Provisions 786.53 883.13 989.5 1444.02
Total Current Liabilities 2614.76 2970.26 2999.03 4134.6
Net Current Assets 410.35 255.35 96.36 -486.5
Miscellaneous Expenses not written off 828.12 920.29 988.99 0
Discount on issue of shares 0 0 0 0
Discount on issue of Debentures 0 0 0 0
Preliminary Expenses 0 0 0 0
Deferred revenue expenses 828.12 920.29 988.99 0
Pre-operative/Trial run Expenses 0 0 0 0
Promoter's Expenses 0 0 0 0
Debenture/Share Issue expenses 0 0 0 0
Royalty/Liscense fees/ Technical Knowhow 0 0 0 0
Financial charges / Expenses not written off 0 0 0 0
Other Miscellaneous expenditure not written 0 0 0 0
Less: Misc.Expenditure written off during the 0 0 0 0
Deferred Tax Assets 0 0 233.78 836.52
Deferred Tax Liability 0 0 1624.13 1676.74
Net Deferred Tax 0 0 -1390.35 -840.22
Total Assets 9465.63 9560.65 8151.44 7411.63
Contingent Liabilities 1024.86 994.16 1111.46 1316.22

Claims not acknowledged as debt 579.02 548.14 700.14 865.28
Guarantees undertaken 105.93 94.54 134.54 164.54
Letter of Credit 0 0 0 0
Bills Discounted 144.08 155.65 80.86 90.57
Disputed Sales Tax 0 0 0 0
Disputed Income Tax 0 0 0 0
Disputed Excise Duty 0 0 0 0
Other Disputed Claims 195.82 195.82 195.82 195.82
Uncalled Liability on Shares 0.01 0.01 0.1 0.01
Others 0 0 0 0
Estimated Capital Contracts Remaining 559.74 569.11 198.48 264.49

Others 0 0 232.57
Estimated Capital Contracts Remaining 3495.19 10072.51 13525.33

200403 200503 200603 200703 200803 200903 201003
369.18 553.67 553.67 580.67 6203.3 6203.45 887.41

440 600 600 1750 1750 1750 1750
250 250 250 250 6250 6250 6250
0 0 0 0 0 0 0
369.58 554.07 554.07 581.07 731.37 731.37 888.13

368.98 553.47 553.67 580.67 730.78 730.79 887.41
368.98 553.47 553.47 580.47 730.58 730.59 887.21
0 0 0 0 0 0 0
0.2 0.2 0.2 0.2 0.2 0.2 0.2
369.18 553.67 553.67 580.67 730.78 730.79 887.41
0 0 0 0 0 0 0
0 0 0 0 5472.52 5472.66 0
0 0 0 0 5472.52 5472.66 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
4146.68 6506.25 9201.63 13368.42 21097.43 23972.81 36074.39
4146.68 6506.25 9201.63 13368.42 21097.43 23972.81 36074.39
1.49 1.49 1.49 1.49 1.49 1.49 1.49
1688.94 3091.46 4591.46 5784.82 7484.96 7555.81 8060.49
1019.75 835.26 835.26 2201.46 6391.92 6112.92 14032.8
0 0 0 0 0 0 0
646 646 646 646 646 646 1046
0.83 0.83 0.83 0.83 0.83 0.83 0.83
0 0 0 0 0 0 0
1.12 1.12 1.12 1.12 1.12 1.12 0.43
0 0 0 0 0 0 0
14 1.53 10.96 -5.22 39.71 14 14
0 0 0 0 0 0 0
1.25 1.25 1.25 1.25 1.25 1.25 1.25
0 0 0 0 0 0 0
100 100 100 100 100 100 100
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
637.42 1790.21 2976.16 4593.98 6387.46 9496.7 12772.65
35.88 37.1 37.1 42.69 42.69 42.69 44.45
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 147.06 0 0 0
0 0 0 0.01 5.65 0.24 0.14
4515.86 7059.92 9755.3 14096.16 27306.38 30176.5 36961.94
3010.16 2468.18 2191.74 3758.92 3520.58 3913.05 2259.32
0 0 0 0 0 0 0
815 550 462.5 175 83.42 41.83 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
109.62 0 0 1741.4 1604.8 2028.8 0
499.18 295.01 63.47 0 0 0 453.76
1453.75 1497.67 1609.25 1650.24 1700.63 1752.4 1805.54
0.02 0.02 0.02 0.02 0.02 0.02 0.02
0.16 0.09 0.01 0 0 0 0
0 0 0 0 0 0 0
132.43 125.39 56.49 192.26 131.71 90 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
372.05 271.52 324.41 5886.41 14501.11 23033.13 22979.88
0 0 0 0 0 3250 7858.14
0 0 0 0 0 0 0
0 0 0 0 0 0 0
244.09 190.39 143.62 3693.56 7789.75 10632.96 10178.81
18.71 15.68 12.36 8.69 5.5 3.03 1.2
0 0 0 0 0 0 0
7.11 3.56 0 0 0 0 0
0 0 0 0 0 639.98 0
0.47 0.73 0.57 0.52 0.46 0.45 3.81
0 0 0 0 0 0 0
0 5.84 134.45 2162.66 6692.66 8502.47 4936.98
101.67 55.32 33.41 20.98 12.74 4.24 0.94
101.67 55.32 33.41 20.98 12.74 4.24 0.94
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
3382.21 2739.7 2516.15 9645.33 18021.69 26946.18 25239.2
7898.07 9799.62 12271.45 23741.49 45328.07 57122.68 62201.14

12505.83 13179.26 15407.17 16029.49 16479.59 20057.01 22306.07
0 0 0 0 0 0 0
0 0 0 0 0 0 0
4.69 4.67 77.59 80.03 117.91 117.91 191.14
171.5 173.49 178.05 196.85 211.1 281.08 345.07
94.16 94.17 112.03 114.44 122.65 158.26 169.7
847.71 921.32 1175.6 1335 1368.14 1425.75 1538.61
0 0 0 0 0 0 0
0 0 0 0 0 0 0
11202.27 11673.64 13531.96 13943.32 14282.91 17701.77 19725.07
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
87.38 95.39 108.28 120.51 127.78 113.31 121.59
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
98.12 177.57 180.39 174.82 181.8 185.98 135.84
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 39.01 43.27 64.52 67.3 72.95 79.05
5411.62 5845.49 6605.66 7385.96 8123.01 8962 10037.56
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0.9 0.99 1.59 3.17 4.21 5.66 9.78
8.34 9.63 11.01 12.65 14.5 17.3 21.21
45.86 49.92 53.96 58.84 63.87 70.46 78.21
224.24 251.42 345.54 425.39 462.43 525.44 581.71
0 0 0 0 0 0 0
0 0 0 0 0 0 0
5038.08 5407.82 6046.81 6703.75 7355.46 8118.61 9113.98
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
50.01 53.97 59.58 80.73 98.08 82.49 95.06
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
44.19 50.13 59.14 66.51 80.48 91.76 80.26
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 21.61 28.03 34.92 43.98 50.28 57.35
0 94.19 94.19 100.41 100.47 100.47 106.07
7094.21 7239.58 8707.32 8543.12 8256.11 10994.54 12162.44
0 0 0 0 0 0 0
0 0 0 0 0 0 0
3.79 3.68 76 76.86 113.7 112.25 181.36
163.16 163.86 167.04 184.2 196.6 263.78 323.86
48.3 44.25 58.07 55.6 58.78 87.8 91.49
623.47 669.9 830.06 909.61 905.71 900.31 956.9
0 0 0 0 0 0 0
0 0 0 0 0 0 0
6164.19 6265.82 7485.15 7239.57 6927.45 9583.16 10611.09
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
37.37 41.42 48.7 39.78 29.7 30.82 26.53
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
53.93 127.44 121.25 108.31 101.32 94.22 55.58
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 17.4 15.24 29.6 23.32 22.67 21.7
0 0 0 0 0 0 0
763.64 1872.66 1157.73 2497.44 4367.45 3487.68 3843.59
168.7 221.87 262.64 401.1 466.24 1235.62 1043.33
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
594.94 1650.79 895.09 2096.34 3901.21 2252.06 2800.26
0 0 0 0 0 0 0
2194.12 2432.65 4069.96 6106.18 4103.19 42371.78 44979.67
0 0 0 0 0 0 0
0 0 0 0 0 0 0
306.73 303.94 303.94 303.76 303.76 706.15 563.95
265.12 500.02 1571.55 1950.98 2590.43 38229.63 42415.84
8.96 8.96 8.96 8.96 8.96 0 172.48
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1551.79 1473.95 2026.63 3683.57 1027.84 3269.33 1719.23
74.5 145.78 158.88 158.91 172.2 166.67 108.17
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
12.98 0 0 0 0 0 0
1249.08 1872.4 2174.75 2332.98 2604.98 3480.47 3077.75

292.82 603.7 707.54 720.52 901.56 1433.26 1153.94
9.28 32.42 23.93 28.94 71.48 73.17 158.65
0 0 0 0 0 0 0
620.81 887.22 1000.62 1078.08 1074.27 1361.85 1141.4
326.17 349.06 442.66 505.44 557.67 612.19 623.76
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
651.3 581.82 539.4 631.63 543.48 635.98 434.83

100.5 73.5 81.73 63.24 73.25 42.36 57.27
611.73 548.17 489.85 604.14 503.9 619.51 398.49
60.93 39.85 32.18 35.75 33.67 25.89 20.93
250.74 246.72 288.39 7681.35 465.04 1590.6 3234.14
94.45 97.05 138.71 252.17 327.38 391.93 449
0.2 0.04 0.04 7234.84 0.04 1127.02 2733.84
156.09 149.63 149.64 194.34 137.62 71.65 51.3
657.4 1382.64 1235.06 3055.93 33348.94 5032.7 5499.97
0 0 0 0 0 0 0
11.63 690.06 321.72 376.58 480.38 187.5 501.79
0 0 0 0 0 0 0
0 0 0 0.01 0.01 0.01 0.01
187.42 299.71 337.83 291.68 357.53 340.16 366.43
115 2 2 2 89.8 17.07 2
0 0 0 0 0 0 0
39.83 44.02 75.02 70.85 63.48 78.8 74.14
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
362.88 390.38 539.42 578.06 1543.96 3761.78 2730.43
66.86 74.33 72.08 74.53 82.58 71.89 46.52
0.2 0.2 0.2 0.2 0.2 0 0.29
7.3 30.6 30.95 1811.08 30896.16 247.61 1871.4
0 0 0 0 0 471.66 0
2808.52 4083.58 4237.6 13701.89 36962.44 10739.75 12246.69
2209.44 2689.83 2835.99 3523.19 3849.61 7073.22 7817.06

1983.6 2319.96 2534.03 3145.99 3243.42 3842.79 4086.65
661.25 778.76 814.88 1093.1 2182.52 2230.41 2572.94
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1322.35 1541.2 1719.15 2052.89 1060.9 1612.38 1513.71
0 0 0 0 0 0 0
0.01 0 0.01 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
133.59 199.51 185.07 198.28 226.03 297.36 334.99
22.28 58.1 62.37 102.61 115.74 1358.12 1514.3
0 4.49 3.81 2.59 1.75 1.04 0.73
14.28 15.5 21.55 23.37 29.33 33.08 39.44
43.71 85.91 25.19 48.59 231.55 507.09 676.84
11.97 6.36 3.96 1.76 1.79 1033.74 1164.11
2068.99 2524.42 2361.44 3037.54 3984.82 2917.19 2346.52
131.38 283.88 250.04 448.68 854.74 493.59 507.13
0 0 2.37 18.37 19.12 2.12 2.12
0 0 0 0 0 0 0
5.57 6.77 0.81 0 0 0 0
368.98 719.51 719.51 943.91 1191.12 1278.4 709.77
368.98 719.51 719.51 943.91 1168.93 1168.95 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1563.06 1514.26 1388.71 1626.58 1919.84 1143.08 1127.5
4278.43 5214.25 5197.43 6560.73 7834.43 9990.41 10163.58
-1469.91 -1130.67 -959.83 7141.16 29128.01 749.34 2083.11
155.97 214.82 253.27 202.53 155.11 105.07 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
155.97 214.82 253.27 202.53 155.11 105.07 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
850.6 777.99 771.15 970.02 1211.46 1306.57 1178.58
1690.56 1607.41 1728.15 1718.96 1893.26 1892.3 2046.25
-839.96 -829.42 -957 -748.94 -681.8 -585.73 -867.67
7898.07 9799.62 12271.45 23741.49 45328.07 57122.68 62201.14
1508.01 1911.12 2209.45 5072.96 2756.54 3921.78 4728.4

970.97 598.64 604.68 555.72 546.58 625.11 491.06
164.39 351.79 177.66 2869.7 106.22 81.22 355.28
0 0 0 0 0 0 0
176.82 383.35 390.75 383.99 434.52 472.14 274.55
0 348.38 293.1 321.71 446.89 456.01 587.97
0 82.23 68.74 52.41 57.83 176.6 143.44
0 51.94 410.54 428.78 428.95 452.2 532.07
195.82 94.78 263.97 460.64 735.54 1425.92 1999.83
0.01 0.01 0.01 0.01 0.01 0.01 0.01
0 0 0 0 0 232.57 344.19
1106.73 1100.84 1963.34 2308.71 6633.2 10152.99 10698.54

344.19
16823.7
FINANCE - PROFIT AND LOSS - Tata Steel Ltd (Curr: Rs in Cr.)
COMPANY/FINANCE/PROFIT AND LOSS/566/Tata Steel
200003(12)200103(12)200203(12) 200303(12)
INCOME :
Sales Turnover 6890.87 7759.44 7597.07
Sales turnover / Operating Income 6720.85 7561.06 7447.4
Job Work & Service Income 170.02 198.38 149.67
Pool Account Adjustment 0 0 0
Other Operating Divisions / Income 0 0 0
Discount Received 0 0 0
Excise Duty 796.86 920.83 899.58
Net Sales 6094.01 6838.61 6697.49
Other Income 216.33 92.8 152.25
Export Incentives 0 0 0
Import Entitlements 0 0 0
Dividend Income 35.5 44.27 50.78
Interest Income 28.39 35.78 33.4
Interest on Applicaiton Money 0 0 0
Profit on sale of Fixed Assets 142.22 6.31 27.68
Profit on sale of investments 10.22 1.91 22.83
Profit on buy-back of share 0 0 0
Profit on buy-back of debenture 0 0 0
Profit on premature redemption 0 0 0
Rent received 0 0 0
Lease Rent / Hire Charges received 0 0 0
Gain on Cancell. of Forward Contr/forex trans 0 0 0
Sale of Scrap 0 0 0
Compensation / Reimbursement Income 0 0 0
Refunds / Claims Received 0 0 0
Income from Subsidiaries 0 0 0
Fee Income 0 0 0
Income from Guarantee Commission 0 0 0
Income from Underwriting Commission 0 0 0
Other commission Income 0 0 0
Income from Leasing Operations 0 0 0
Income from Hire Purchase Operations 0 0 0
Income from Merchant Banking Operations 0 0 0
Income from Bill Discounting 0 0 0
Income from Investment Activities 0 0 0
Income from Money Market Operations 0 0 0
Profit on inter scheme transfer / sale of invest 0 0 0
Sale of Power 0 0 0
Wheeling Charges received 0 0 0
Provision Written Back 0 0 17.51
Miscellaneous Income 0 4.53 0.05
Stock Adjustments -33.19 -56.74 -11.38
Closing Stock Of WIP 28.26 29.31 36.25
Closing Stock of Finished Goods 505.3 447.51 429.19
Closing Stock of Other Materials 0 0 0
Opening Stock of WIP 25.38 28.26 29.31
Opening Stock of Finished Goods 541.37 505.3 447.51
Opening Stock of Other Materials 0 0 0
Adjustment on amalgamation / trial runs 0 0 0
Total Income 6277.15 6874.67 6838.36
EXPENDITURE :
Raw Materials 1155.38 1247.24 1400.61
Opening Stock of Raw Materials 172.87 160.44 179.26
Purchases of Raw Material 665.05 789.43 973.12
Purchase of Trading Goods 169.38 135.88 184.32
Direct Expense on Purchase/Adjustment 308.52 340.75 276.06
Closing Stock of Raw Materials 160.44 179.26 212.15
Power & Fuel Cost 636.75 688.45 719.18
Power, Oil & Fuel 636.75 688.45 719.18
Electricity Expenses 0 0 0
Water Charges 0 0 0
Employee Cost 1114.05 1121.08 1322.07
Salaries,Wages & Bonus 830.9 818.98 935.82
Contribution to funds 125.16 100.58 159.23
Staff Welfare Expenses 0 0 0
VRS compensation 157.99 201.52 227.02
Gratuity Paid 0 0 0
Other Employee Cost 0 0 0
Other Manufacturing Expenses 1100.04 1209.11 1068.56
Freight Inwards & Transport charges 0 0 0
Packing Materials 0 0 0
Job Work / Contract / Processing Charges 264.61 329.28 231.87
Drilling Operation Charges 0 0 0
Stores Consumed 324.59 361.79 396.71
Repairs 446.5 462.91 416.91
Repairs - Plant & machinery 432.84 445.81 404.13
Repairs - Building 13.66 17.1 12.78
Repairs - Others 0 0 0
Technical fees paid 0 0 0
Wheeling charges payable 0 0 0
Project / Production Charges 0 0 0
Own Film Production Expense 0 0 0
Handling, Clearing Charges 0 0 0
Coupon Sales, Food, Beverages 0 0 0
License Fee / Operation Charges 0 0 0
Other Operating Expenses 64.34 55.13 23.07
Selling and Administration Expenses 797.32 819.84 817.7
Rent,Rates and Taxes paid 46.36 59.27 57.74
Wealth Tax 0 0 0
Cess 0 0 0
Others 46.36 59.27 57.74
Sales Tax 0 0 0
Lease Rent / Hire Charges paid 0 0 0
Insurance 7.2 8.52 7.45
Discount paid 31.55 12.12 12.16
Advertisement 0 0 0
Marketing Expenses 0 0 0
Commssion expenses on sales 58.01 55.21 24.83
Distribution Expenses 555.36 578.45 612.47
Other Selling Expenses 0 0 0
Legal Expenses 0 0 0
Communication Expenses 0 0 0
Travel Expenses 0 0 0
Audit Expenses 0.92 0.9 1.3
Printing and Stationery 0 0 0
Royalty and technical fees 96.91 102.52 99.2
Other Fee Expenses 0 0 0
Director's Remuneration 1.01 2.85 2.55
Other Commission paid 0 0 0
R & D Expenses 0 0 0
Other Administrative Expenses 0 0 0
Miscellaneous Expenses 313.99 430.12 375.39
Donations 1.25 0 0
Loss on Sale of Assets 0 0 0
Loss on Sale of Investments 0 0 0
Loss on revaluation of investments 0 0 0
Loss on forex transactions 0.92 0.3 0
Loss on buy-back of share 0 0 0
Loss on buy-back of debenture 0 0 0
Bad Debts written off 0 0 0
Expenses Ammortised 0 0 0
Provision for doubtful loan/ Deposit/ Advances 27.24 17.96 40.91
Provision for Contingency 0 0 0
Other provisions and write offs 2.73 86.4 0.6
Provision/Impairment of Assets 0 0 0
Other Miscellaneous Expenses 281.22 324.99 316.06
Provision for dimunition in value of investment 0.63 0.47 17.82
Less: Pre-operative Expenses Capitalised 131.86 148.25 44.05
Raw Material 0 0 0
Operating Expenses 0 0 0
Administrative & Selling Expenses 0 0 0
Employees Cost 0 0 0
Others 131.86 148.25 44.05
Total Expenditure 4985.67 5367.59 5659.46
Operating Profit 1291.48 1507.08 1178.9

Interest 388.35 412.39 403.15
Debenture Interest 0 0 0
Fixed Interest 494.83 457.54 392.5
Interest on Deposits 0 0 0
Interest on External Commercial Borrowings 0 0 0
Other Interest 34.17 24.36 26.66
Financial Charges 0 0 0
Premium on redemption of debentures 0 0 0
Less : Interest Capitalised 140.65 69.51 16.01
Gross Profit 903.13 1094.69 775.75
Depreciation 426.54 492.25 524.75
Depreciation for the current year 426.54 492.25 524.75
Less : On Revalued Assets 0 0 0
Lease Adjustment 0 0 0
Other Adjustment 0 0 0
Profit Before Tax 476.59 602.44 251
Tax 54 49 15.5
Tax for the current year 54 49 15.5
Adjustment for Previous Year 0 0 0
Others 0 0 0
Fringe Benefit tax 0 0 0
Fringe Benefit Tax for Current Year 0 0 0
Others 0 0 0
Deferred Tax 0 0 30.6
Deferred Tax for Current Year 0 0 30.6
Others 0 0 0
Reported Net Profit 422.59 553.44 204.9
Extraordinary Items -4.92 -256.77 -144.09
Profit/(Loss) on Sale of Assets 142.22 6.31 27.68
Profit/(Loss) on Sale of Investment. 10.22 1.91 22.83
Income/(Expenses) of prior years 0 0 0
Gain / (loss) on foreign exchange transactions 0 0 0
Depreciation written back/(Not provided) 0 0 0
(Depreciation on Revaluation of Assets) 0 0 0
VRS Adjustment -157.99 -201.52 -227.02
Miscellaneous Income/Expense 0 -86.2 0
Less : Tax on Extra Ordinary Income/Expense 0.63 22.73 10.9
Less : Deferred Tax on Extra Ordinary Income/Exp. 0 0 21.52
Adjusted Net Profit 427.51 810.21 348.99
Adjst. below Net Profit 0 0 0

Depreciation provided /[Written back] 0 0 0
Prior Year Expenses / (Income) 0 0 0
VRS compensation 0 0 0
Short/(Excess) provision for tax 0 0 0
Other adjustments 0 0 0
P & L Balance brought forward 90.5 188.93 214.76
Statutory Appropriations 0 0 0
Appropriations 324.16 527.61 203.84
Appropriation to Capital Redemption Reserve 0 10 140
Appropriation to Debenture Redemption Reserve 110 100 -310
Appropriation to General Reserve 42.26 100 300
Appropriation to Investment Allowance Reserve 0 0 -75.55
Appropriation to Other Reserves 0 100 0
Prior Year Dividend Paid 0 0 0
Provision for Equity Dividend 154.86 196.09 147.11
Provision for Preference Dividend 0 0 2.07
Dividend Tax 17.04 21.52 0.21
INTERIM DIVIDEND PAID 154.86 12.2 2.07
P & L Balance carried down 188.93 214.76 215.82
Dividend 154.86 196.09 147.11

Preference Dividend 0 0 2.07
Equity Dividend % 40 50 40
Earnings Per Share-Unit Curr 11.02 14.46 5.51
Earnings Per Share(Adj)-Unit Curr 6.49 8.52 3.25
Book Value-Unit Curr 119.8 129.04 93.65
200303(12)200403(12)200503(12)200603(12)200703(12)200803(12)200903(12)201003(12)
9793.27 11920.96 15871.08 17140.24 19762.57 22189.55 26843.73 26757.8

9537.31 11650.79 15593.39 16910.96 19532.16 21938.72 26511.76 26412.32
255.96 270.17 277.69 229.28 230.41 40.66 40.65 40.32
0 0 0 0 0 0 0 0
0 0 0 0 0 210.17 291.32 305.16
0 0 0 0 0 0 0 0
1071.95 1218.57 1377.92 2004.83 2304.18 2537.02 2495.21 1816.95
8721.32 10702.39 14493.16 15135.41 17458.39 19652.53 24348.52 24940.85
134.18 293.38 305.19 356.24 568.31 975.08 651.51 1287.91
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
24.28 101.01 111.4 166.08 324.16 170.67 202.09 249.21
37.59 104.95 42 50 77.35 50.33 103.07 82.18
0 0 0 0 0 0 0 0
21.27 32.17 32.42 41 11.19 28.26 0 7.75
4.62 14.93 32.77 9.95 15.63 9.98 319.73 885.47
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 5.79 3.98 0 589.75 0 47.3
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
46.2 39.77 80.79 47.5 57.29 0 0 16
0.22 0.55 0.02 37.73 82.69 126.09 26.62 0
15.03 80.31 289.55 104.91 82.47 38.73 289.27 -134.97
14.65 9.28 32.42 23.93 28.94 71.48 73.17 158.65
556.78 620.81 887.22 1000.62 1078.08 1074.27 1361.85 1141.4
0 0 0 0 0 0 0 0
36.25 14.65 9.28 32.42 23.93 28.94 71.48 73.17
429.19 556.78 620.81 887.22 1000.62 1078.08 1074.27 1361.85
0 0 0 0 0 0 0 0
-90.96 21.65 0 0 0 0 0 0
8870.53 11076.08 15087.9 15596.56 18109.17 20666.34 25289.3 26093.79
1749.97 2245.42 3020.42 3024.38 3572.06 3743.14 6068.78 5663.82

212.15 262.3 292.82 603.7 707.54 720.52 901.56 1433.26
1013.26 1024.01 1288.95 1738.08 2263.01 3536.24 6241.61 5215.42
459.02 767.13 1305.28 656.08 450.6 387.94 358.87 169.08
325.06 463.15 737.07 734.06 871.43 0 0 0
262.3 292.82 603.7 707.54 720.52 901.56 1433.26 1153.94
2.78 21.65 0 0 0 0 0 0
787.75 724.62 778.3 897.57 1027.84 1048.11 1222.48 1383.44
787.75 724.62 778.3 897.57 1027.84 1048.11 1222.48 1383.44
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
1444.96 1575.71 1403.84 1397.39 1598.96 1803.87 2295.41 2354.08
1021.13 1090.92 1053.19 1157.43 1228.35 1604.79 2004.66 2066.85
194.26 253.96 231.54 187.19 218.51 199.08 290.75 287.23
0 0 0 0 0 0 0 0
229.57 230.83 119.11 52.77 152.1 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
1317.36 1549.92 1948 2090.67 2500 2611.2 3195.88 3509.37
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
293.88 436.61 629.65 640.52 745.16 856.86 1041.5 1132.79
0 0 0 0 0 0 0 0
511.12 478.27 621.33 737.74 1072.91 936.11 1248.7 1335.36
476.43 576.91 672.95 679.76 628.95 788.09 856.99 1008.77
461.99 557.53 636.97 624.27 587.18 739.21 809.62 978.93
14.44 19.38 35.98 55.49 41.77 48.88 47.37 29.84
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
35.93 58.13 24.07 32.65 52.98 30.14 48.69 32.45
972.29 1055.47 1304.05 1373.71 1491.57 1601.78 1831.48 2044.45
60.47 69.23 109.33 69.28 67.52 161.75 213.97 252.45
0 0 0.7 0.8 0.97 0.95 1 1
0 0 0 0 0 0 0 0
60.47 69.23 108.63 68.48 66.55 160.8 212.97 251.45
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
11.67 12.6 13.12 20.6 29.23 25.37 25.54 24.63
24.5 18.79 14.51 9.47 8.31 3.18 2.17 5.47
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
34.6 37.34 49.65 44.32 17.66 16.37 13.97 15.27
723.86 774.21 958.7 1031.28 1156.19 1173.61 1296.58 1418.7
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
1.44 2.43 2.44 2.48 2.87 3.04 3.53 3.38
0 0 0 0 0 0 0 0
113.42 136.16 150.03 169.39 176.08 171.91 227.67 275.72
0 0 0 0 0 0 0 0
2.33 4.71 6.27 6.89 7.97 12.08 10.4 7.4
0 0 0 0 0 0 0 0
0 0 0 20 25.74 34.47 37.65 41.43
0 0 0 0 0 0 0 0
498.6 558.59 693.25 735.89 822.57 1203.74 1240.41 1319.07
0 0 0 0 0 150 0 0
0 0 0 0 0 0 6.43 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 6.71 2.43 0 42.11 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
44.38 0 0 0 0 0 0 0
92.1 88.03 12.69 6.49 11.99 12.16 8.61 0
0 0 0 0 0 0 0 0
0.6 0.7 0.7 0.8 0.97 0.95 1 1
0 0 0 0 0 0 0 0
361.09 451.49 679.52 721.89 807.08 1040.63 1182.16 1318.07
0.43 18.37 0.34 0 0.1 0 0.1 0
60.79 151.84 204.82 112.62 236.02 175.5 343.65 326.11
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
60.79 151.84 204.82 112.62 236.02 175.5 343.65 326.11
6710.14 7557.89 8943.04 9406.99 10776.98 11836.34 15510.79 15948.12
2160.39 3518.19 6144.86 6189.57 7332.19 8830 9778.51 10145.67

342.41 227.12 228.8 174.51 251.25 929.03 1489.5 1848.19
0 0 0 151.32 191.14 880.81 1440.06 1946.98
337.03 229.15 211.44 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
15.14 1.41 17.36 26.95 60.18 60.46 78.55 28.92
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
9.76 3.44 0 3.76 0.07 12.24 29.11 127.71
1817.98 3291.07 5916.06 6015.06 7080.94 7900.97 8289.01 8297.48
555.48 625.11 618.78 775.1 819.29 834.61 973.4 1083.18
555.48 625.11 618.78 775.1 819.29 834.61 973.4 1083.18
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
1262.5 2665.96 5297.28 5239.96 6261.65 7066.36 7315.61 7214.3
261.88 920 1833.66 1579 2076.01 2252 2173 1998
261.88 920 1824.51 1579 2076.01 2252 2173 1998
0 0 -27.34 0 0 0 0 0
0 0 36.49 0 0 0 0 0
0 0 0 27 16 19 16 0
0 0 0 27 16 19 16 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
-11.69 -0.26 -10.54 127.58 -52.51 108.33 -75.13 169.5
-11.69 -0.26 -10.54 127.58 -52.51 108.33 -75.13 169.5
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
1012.31 1746.22 3474.16 3506.38 4222.15 4687.03 5201.74 5046.8
-161.43 -120.33 -35.35 -1.23 -83.74 312.43 220.24 624.85
21.27 32.17 32.42 41 11.19 28.26 -6.43 7.75
4.62 14.93 32.77 9.95 15.63 9.98 319.73 885.47
0 0 0 0 0 0 0 0
0 0 0 0 0 580.89 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
-229.57 -230.83 -119.11 -52.77 -152.1 0 0 0
0 0 0 0 0 -150 0 0
42.25 63.4 18.57 0.55 41.54 149.51 93.06 247.38
0 0 0 0.04 0 7.19 0 20.99
1173.74 1866.55 3509.51 3507.61 4305.89 4374.6 4981.5 4421.95
0 0 0 0 0 0 0 12.28
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 12.28
218.15 307.45 637.42 1790.21 2976.16 4593.98 6387.46 9496.7
0 0 0 0 0 0 0 0
923.01 1416.25 2321.37 2320.43 2604.33 2893.55 2092.5 1783.13
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 400
590 1000 1500 1500 1500 1500 600 504.68
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
295.19 368.98 719.51 719.51 943.91 1168.93 1168.95 709.77
0 0 0 0 0 22.19 109.45 45.88
37.82 47.27 101.86 100.92 160.42 202.43 214.1 122.8
0 0 0 0 0 0 0 0
307.45 637.42 1790.21 2976.16 4593.98 6387.46 9496.7 12772.65
295.19 368.98 719.51 719.51 943.91 1168.93 1168.95 709.77

0 0 0 0 0 22.19 109.45 45.88
80 100 130 130 155 160 160 80
26.48 46.02 60.91 61.51 69.95 61.06 66.75 54.97
15.6 27.12 53.83 54.36 61.82 61.06 66.75 54.97
86.54 122.32 127.51 176.19 240.22 298.7 338.04 416.51
FINANCE - BALANCE SHEET - Tata SSL Ltd (Merged) (Curr: Rs in Cr.) As on 14/09/2010
COMPANY/FINANCE/BALANCE SHEET/524/Tata SSL (Merg)¤CmbDetail»1
199103
SOURCES OF FUNDS :
Share Capital 11.39
Equity Authorised 25
Preference Capital Authorised 0
Unclassified Authorised 0
Equity Issued 11.39

Equity Subscribed 11.39
Equity Called Up 11.39
Less : Equity Calls in Arrears 0
Equity Forfeited 0
Equity Paid Up 11.39
Adjustments to equity 0
Preference Capital Paid Up 0

Convertible Preference Share Paid Up 0
Non-convertible Preference Share Paid UP 0
Unclassified Shares Paid Up 0
Reserves Total 39.36
TOTAL RESERVES EXCLUDING REVALUATION RESERVE 39.36
Capital Reserves 0.28
General Reserves 32.83
Share Premium 0
Investment Allowance Reserve 3.75
Debenture Redemption Reserve 0.5
Capital Redemption Reserve 0
Debt Redemption Reserve 0
Amalgamation Reserve 0
Taxation Reserve 0
Exchange Fluctuation Reserve 0
Foreign Exchange Earnings Reserve 0
Exchange Profit / Allowance Reserve 0
Deferred Credit Reserve 0
Contingency Reserve 0
Development Rebate Reserve 0
Special Reserve 0
Special Appropriation to Projects 0
Statutory Reserves 0
Reserve for Bad and Doubtful Debt 0
Investment Fluctuation Reserve 0
Profit & Loss Account Balance 2
Other Reserves 0
TOTAL REVALUATION RESERVE 0
Fixed Asset Revaluation Reserve 0
Investment Revaluation Reserve 0
Other Revaluation Reserve 0
Equity Share Warrants 0
Equity Application Money 0
Total Shareholders Funds 50.75
Secured Loans 31.3
Convertible Debentures 0
Non Convertible Debentures 3.31
Partly Convertible Debentures 0
Less : Debentures Calls in arrears 0
Term Loans Institutions 10.82
Term Loans Banks 0.17
Term Loans Others 0
Borrowings from Government of India 0
Deferred Credit / Hire Purchase 0.8
Bridge Loans 0
Cash Credit /Packing Credit / Bills Discounted 0
Working Capital Advances 16.2
Interest Accured & Due 0
Secured Loans Others 0
Unsecured Loans 9.61
Debentures / Bonds 0
Accrued Interest 0
Loans from Group Cos 0
Loans from Banks 0
Loans from Institutions 0
Advances 0
Loans from GOI / PSUs 0
Deferred Liabilities 0
Deferred Tax Loan 0
Commercial Paper 0
Unsecured Loans Others 5.59
TOTAL DEPOSITS 4.02
Fixed Deposits 4.02
Intercorporate Deposits 0
Security Deposits 0
Directors Deposits 0
Share Deposits 0
Other Deposits 0
Total Debt 40.91
Total Liabilities 91.66

APPLICATION OF FUNDS :
Gross Block 68.81
Goodwill 0
Technical Know-how 0
Leasehold Land 1.31
Freehold Land 0.35
Railway Sidings 0
Buildings 14.5
Ponds & Reservoirs 0
Water supply / tubewells 0
Plant and Machinery 48.32
Ships / Vessels 0
Electrical Installations / Fittings 0.5
Factory Equipments 0.65
Furniture and Fixtures 2.69
Office Equipments 0
Computers 0
Lab and R & D Equipment 0
Medical Equipment and Surgical Instrument 0
Vehicles 0.49
Transmission and Distribution Equipment 0
Wind Turbines 0
Aircraft and Helicopters 0
Other Fixed Assets 0
Less : Accumulated Depreciation 32.92
Goodwill 0
Leasehold Land 0.05
Freehold Land 0.01
Railway Sidings 0
Buildings 2.98
Ships / Vessels 0
Office Equipments 0
Computers 0
Vehicles 0.1
Wind Turbines 0
Less:Impairment of Assets 0
Net Block 35.89
Goodwill 0
Leasehold Land 1.26
Freehold Land 0.34
Railway Sidings 0
Buildings 11.52
Ships / Vessels 0
Office Equipments 0
Computers 0
Vehicles 0.39
Wind Turbines 0
Lease Adjustment 0
Capital Work in Progress 5.74
Capital Advances 0
Pre-operative Expenditure 0
Development Expenses 0
Assets in Transit 0
Other Capital Work in Progress 0
Producing Properties 0
Investments 0.31
Quoted Government Securities 0
Unquoted Government Securities 0
Quoted Equity 0.31
Unquoted Equity 0
Quoted Debentures/Bonds 0
Unquoted Debentures/Bonds 0
Quoted Units 0
Unquoted Units 0
Preference Shares 0
Joint Venture / Partnerships 0
Application Money 0
Other Investments 0
Less : Prov.for dimunition in value of investment 0
Current Assets, Loans & Advances
Inventories 47.03
Raw Materials 23.73
Work-in Progress 2.99
Contract WIP / Site under development 0
Finished Goods 9.61
Stores and Spares 10.7
Investment as Stock_in_Trade 0
Stock on hire 0
Packing Materials 0
Goods-in transit 0
Other Inventory 0
Sundry Debtors 29.84

Debtors more than Six months 0.77
Debtors Others 29.07
Less : Provisions for Doubtful Debts 0
Cash and Bank 3.24
Balance with Bank 0
Term Deposit with Banks 0
Cash in hand / others 3.24
Loans and Advances 28.79
Bills Receivable 0
Loans to Subsidiary 0
Loans to Group / Associate Companies 0
Loans to Others 0
Deposits with Government 1.67
Intercorporate Deposits 0
Deposits Others 0.13
Advance Tax 23.56
Pre-paid expenses 0
Advances to suppliers 0
Advances for capital goods 0
Advances recoverable in cash or kind 0
Less : Provision for Doubtful Advances 0
Interest Accrued on Investments 0
Application money pending allotment 0
Other Current Assets 3.43
Total Current Assets 108.9
Less : Current Liabilities and Provisions
Current Liabilities 31.15
Sundry Creditors 20.41
Creditors for Goods 20.41
Creditors for Capital Goods 0
Creditors for Finance 0
Creditors for Others 0
Acceptances 4.58
Application Money 0
Warrants Application Money 0
Bank Overdraft / Short term credit 0
Advances from Customers / Credit balances 0
Due to Subsidiary / Group Companies 0
Trade and Other deposits 0
Unclaimed Dividend 0.01
Interest Accrued But Not Due 0.39
Other Liabilities 5.76
Provisions 28.03
Provision for Tax 23.75
Provision for Fringe Benefit Tax 0
Provision for Corporate Dividend Tax 0
Provision for Gratuity 1.4
Provision for Dividend 2.85
Proposed Equity Dividend 0
Provision for Contingencies 0
Provision for depreciation in investment 0
Other Provisions 0.03
Total Current Liabilities 59.18
Net Current Assets 49.72
Miscellaneous Expenses not written off 0
Discount on issue of shares 0
Discount on issue of Debentures 0
Preliminary Expenses 0
Deferred revenue expenses 0
Pre-operative/Trial run Expenses 0
Promoter's Expenses 0
Debenture/Share Issue expenses 0
Royalty/Liscense fees/ Technical Knowhow 0
Financial charges / Expenses not written off 0
Other Miscellaneous expenditure not written off 0
Less: Misc.Expenditure written off during the year 0
Deferred Tax Assets 0
Deferred Tax Liability 0
Net Deferred Tax 0
Total Assets 91.66
Contingent Liabilities 2.21

Claims not acknowledged as debt 0
Guarantees undertaken 0
Letter of Credit 0
Bills Discounted 0
Disputed Sales Tax 0
Disputed Income Tax 0
Disputed Excise Duty 0
Other Disputed Claims 0
Uncalled Liability on Shares 0
Others 2.21
Estimated Capital Contracts Remaining 0

199203 199303 199403 199503 199603 199703 199803 199903 200003 200103
11.39 19.49 19.5 26.42 26.42 31.62 31.68 31.68 31.68 31.68
25 25 25 32 32 32 32 32 32 32
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
11.39 19.5 19.5 26.42 26.42 31.7 31.7 31.7 31.7 31.7
11.39 19.5 19.5 26.42 26.42 31.7 31.7 31.7 31.7 31.7
11.39 19.5 19.5 26.42 26.42 31.7 31.7 31.7 31.7 31.7
0 0.01 0 0 0 0.08 0.02 0.02 0.02 0.02
0 0 0 0 0 0 0 0 0 0
11.39 19.49 19.5 26.42 26.42 31.62 31.68 31.68 31.68 31.68
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
54.5 123.46 124.22 166.29 173.92 180.47 172.15 115.76 115.9 116.39
54.5 123.46 124.22 165.75 173.38 179.93 171.61 115.22 115.36 115.85
0 0 0 0.19 0.19 0.19 0.19 0.19 0.19 0.2
47.72 57.45 60.96 92.27 98.87 98.87 94.91 28.44 28.44 28.44
0 52.73 52.73 52.73 52.73 73.53 73.75 73.75 73.76 73.75
3.75 0 0 2.23 0 0 0 0 0 0
0.75 6 7.25 10.5 13.75 12 12 12 12.01 12
0.28 0.28 0.28 0.83 0.83 0.83 0.83 0.83 0.83 0.83
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
2 7 3 7 7 -5.5 -10.08 0 0.13 0.63
0 0 0 0 0.01 0.01 0.01 0.01 0 0
0 0 0 0.54 0.54 0.54 0.54 0.54 0.54 0.54
0 0 0 0.54 0.54 0.54 0.54 0.54 0.54 0.54
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
65.89 142.95 143.72 192.71 200.34 212.09 203.83 147.44 147.58 148.07
72.9 88.87 102.16 135.96 197.02 224.02 207.61 143.8 114.59 110.87
10.17 0 0 0 0 0 0 0 0 0
43.48 43.48 43.55 43.55 43.56 66.52 66.85 26.29 26.41 26.41
0 0 0 0 27.42 0 0 0 0 0
0 0 0 0 0 0 0 0 0.12 0.12
2.44 1.5 12.91 2.7 4.16 9.82 8.35 6.05 4.15 2.22
0 0 0 23.33 46.57 46.68 41.59 29.04 15.05 30
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
7.5 10.45 7.74 4.6 1.78 0.34 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
9.31 33.44 37.96 61.77 73.53 100.66 90.78 82.42 69.1 52.36
0 0 0 0.01 0 0 0.04 0 0 0
0 0 0 0 0 0 0 0 0 0
14.94 10.68 27.81 44.86 48.77 37.17 42.63 39.14 73.76 74.72
0 0 0 0 0 0 0 0 0 0
0 0 0.11 0 0.06 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 1.67 10 10 41.94 48.9
0 0 0 0 0 0 0 0 0 0
0 0 2 0 0 0 0 0 12.5 8.75
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 3.07 2.47 1.82 1.45 1.13
0 0 15 0 0 0 0 0 0 0
4.76 4.76 4.52 29.74 32.75 18 13.3 10.75 0 0
10.18 5.92 6.18 15.12 15.96 14.43 16.86 16.57 17.87 15.94
5.18 5.92 6.18 15.12 15.96 14.43 16.86 16.57 17.87 15.94
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
5 0 0 0 0 0 0 0 0 0
87.84 99.55 129.97 180.82 245.79 261.19 250.24 182.94 188.35 185.59
153.73 242.5 273.69 373.53 446.13 473.28 454.07 330.38 335.93 333.66
81.93 178.19 217.66 275.81 315.54 365.16 416.42 289.61 291.71 293.06
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
1.32 1.31 1.31 1.31 1.31 1.31 1.31 0.29 0.29 0.29
0.46 0.46 0.46 5.49 5.49 5.49 5.49 5.49 5.49 5.45
0 0 0 0 0 0 0 0 0 0
16.62 19.72 29.94 39.45 43.44 47.56 49.4 38.49 38.6 38.93
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
58.19 150.67 178.66 222.63 258.05 302.9 351.79 237.64 239.47 240.45
0 0 0 0 0 0 0 0 0 0
0.59 0.78 1.05 0 0 0 0 0 0 0
0.88 0.88 0.92 0 0 0 0 0 0 0
3.27 3.77 4.66 5.94 6.3 7.07 7.71 7.02 7.26 7.43
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0.6 0.6 0.66 0.99 0.95 0.83 0.72 0.68 0.6 0.51
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
36.93 41.62 50.89 88.29 97.69 111.9 120.14 98.84 111.74 123.8
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0.07 0.07 0.13 0.14 0.12 0.13 0.15 0.06 0.07 0.07
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
3.36 3.82 4.6 6.49 7.62 8.94 10.2 9.42 10.56 11.24
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
32.18 36.11 44.07 79.46 87.34 99.87 106.33 85.67 96.52 107.21
0 0 0 0 0 0 0 0 0 0
0.22 0.25 0.28 0 0 0 0 0 0 0
0.38 0.46 0.51 0 0 0 0 0 0 0
0.59 0.73 1.06 1.76 2.13 2.53 3.02 3.24 4.14 4.87
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0.13 0.18 0.24 0.44 0.48 0.43 0.44 0.45 0.45 0.41
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
45 136.57 166.77 187.52 217.85 253.26 296.28 190.77 179.97 169.26
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
1.25 1.24 1.18 1.17 1.19 1.18 1.16 0.23 0.22 0.22
0.46 0.46 0.46 5.49 5.49 5.49 5.49 5.49 5.49 5.45
0 0 0 0 0 0 0 0 0 0
13.26 15.9 25.34 32.96 35.82 38.62 39.2 29.07 28.04 27.69
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
26.01 114.56 134.59 143.17 170.71 203.03 245.46 151.97 142.95 133.24
0 0 0 0 0 0 0 0 0 0
0.37 0.53 0.77 0 0 0 0 0 0 0
0.5 0.42 0.41 0 0 0 0 0 0 0
2.68 3.04 3.6 4.18 4.17 4.54 4.69 3.78 3.12 2.56
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0.47 0.42 0.42 0.55 0.47 0.4 0.28 0.23 0.15 0.1
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
28 21.02 7.07 12.28 35.1 54.66 9.06 4.7 5.99 5.76
0 0 0 0 0 0 0 0 0.58 0.1
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 12.28 35.1 54.66 9.06 4.7 5.41 5.66
0 0 0 0 0 0 0 0 0 0
23.48 0.62 1.12 8.19 2.78 2.33 0.33 0.33 0.33 0.3
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0.3 0.46 0.62 0.45 0.45 0 0 0 0 0
0 0 0 0.03 0.03 0.03 0.03 0.03 0.03 0
0 0 0 0 0 0 0 0 0 0
0 0.16 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
23.18 0 0 5.71 0.3 0.3 0.3 0.3 0.3 0.3
0 0 0 2 2 2 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0.5 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
43.47 59.11 64.09 136.8 169.95 128.86 149.14 83.47 83.69 88.41
19.61 21.14 23.11 66.4 95.31 44.07 74.54 23.86 27.6 33.77
3.67 4.72 7.11 10.31 10.77 11.25 8.62 7.33 6.97 5.27
0 0 0 0 0 0 0 0 0 0
10.45 21.51 23.53 41.07 37.65 49.37 46.48 36.2 34.78 36.2
9.74 11.74 10.34 19.02 26.22 24.17 19.5 16.08 14.34 13.17
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
40.85 55.68 70.62 107.92 121.82 140.36 152.84 135.57 132.95 129.63
2.15 3.86 5.66 9.69 15.11 18.6 23.75 28.01 28.57 26.93
39.12 52.34 65.54 99.53 107.86 123.37 131.37 117.58 113.73 112.39
0.42 0.52 0.58 1.3 1.15 1.61 2.28 10.02 9.35 9.69
3.48 3.63 4.67 4.71 3.28 4.47 2.39 16.32 1.75 1.82
0 0 0 4.28 2.58 4.04 1.96 5.89 1.29 1.35
0 0 0 0.29 0.55 0.31 0.34 10.35 0.38 0.38
3.48 3.63 4.67 0.14 0.15 0.12 0.09 0.08 0.08 0.09
46.88 8.76 20.3 33.89 46.22 37.77 48.48 48.7 37.96 36.69
0 0 0 6.75 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0.19 0.08 0.08 0.05 0 0 0 0 0
3.02 4.15 7.38 11.51 11.59 15.51 19.97 18.13 11.84 11.94
0 0 0 0 0 0 0 0 0.3 0.3
0 0 0 0.8 10 0 0 0 0 0
38.98 0.58 1.55 3.25 4.81 4.88 6.6 7.07 7.13 7.01
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 11.52 19.79 17.39 21.97 23.63 18.99 17.74
0 0.08 0.04 0.02 0.02 0.01 0.06 0.13 0.3 0.3
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
4.88 3.92 11.33 0 0 0 0 0 0 0
134.68 127.18 159.68 283.32 341.27 311.46 352.85 284.06 256.35 256.55
33.67 37.94 56.22 110.41 143.8 148.53 199.07 147.68 105.13 104.7
17.2 24.76 39.76 68.12 124.1 104.64 112.91 88.06 84.92 90.74
17.2 24.76 39.76 68.12 124.1 104.64 112.91 88.06 1.23 1.51
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 83.69 89.23
7.33 6.78 9.74 29.74 4.59 28.6 65.19 38.74 3.6 1.77
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 1.6 1.89 3.04 1.26 1.52 1.9 3.2
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0.01 0.02 0.01 0.03 0.07 0.22 0.19 0.15 0.15 0.15
1.35 0.11 0.4 0.78 1.49 1.76 2.78 4.08 2.16 1.08
7.78 6.27 6.31 10.14 11.66 10.27 16.74 15.13 12.4 7.76
43.76 5.43 4.97 8.05 8.07 0 5.38 6.2 5.8 0.27
39.25 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0.35 0
1.04 1.42 0 0 0 0 5.38 6.2 2.01 0
3.42 3.93 4.87 7.93 7.93 0 0 0 3.17 0
0 0 0 7.93 7.93 0 0 0 3.17 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0.05 0.08 0.1 0.12 0.14 0 0 0 0.27 0.27
77.43 43.37 61.19 118.46 151.87 148.53 204.45 153.88 110.93 104.97
57.25 83.81 98.49 164.86 189.4 162.93 148.4 130.18 145.42 151.58
0 0.48 0.24 0.68 1 0.1 0 4.4 4.22 6.76
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0.68 1 0.1 0 4.4 3.26 6.1
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0.48 0.24 0 0 0 0 0 0.96 0.66
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
153.73 242.5 273.69 373.53 446.13 473.28 454.07 330.38 335.93 333.66
2.84 2.84 4.09 10.92 14.91 16.29 16.21 7.08 8.93 23.15
0 0 0 1.43 1.43 1.27 0.44 0.34 2.08 1.74
0 0 0 0.12 0.11 0.09 0.07 0.06 0.03 0.01
0 0 0 0 0 0 0 0 0 0
0 0 0 4.09 3.81 6.36 2.09 0 0 0
0 0 0 3.46 3.5 3.5 3.45 0 0 0
0 0 0 0.4 3.86 4.01 8.01 3.75 3.8 3.81
0 0 0 0.02 0.02 1.06 2.15 2.93 3.02 17.59
0 0 0 1.4 2.18 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
2.84 2.84 4.09 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0.5
200203
31.68
32
0
0
31.7
31.7
31.7
0.02
0
31.68
0
0
0
0
0
116.41
115.87
0.2
26.75
73.76
0
12
0.83
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2.33
0
0.54
0.54
0
0
0
0
148.09
107.37
0
26.41
0
0.11
0
40
0
0
0.3
0
0
40.77
0
0
101.06
0
0
0
76.41
0
11
0
0
0.83
0
0
12.82
12.82
0
0
0
0
0
208.43
356.52
294.48
0
0
0.29
5.42
0
38.79
0
0
241.31
0
0
0
7.57
0
0
0
0
1.1
0
0
0
0
136.74
0
0
0.07
0
0
12.38
0
0
119.18
0
0
0
4.59
0
0
0
0
0.52
0
0
0
0
0
157.74
0
0
0.22
5.42
0
26.41
0
0
122.13
0
0
0
2.98
0
0
0
0
0.58
0
0
0
0
0
7.92
0.55
0
0
0
7.37
0
0.3
0
0
0
0
0
0
0
0.3
0
0
0
0
0
107.08
43.17
6.59
0
43.98
13.34
0
0
0
0
0
127.24
28.65
108.11
9.52
1.06
0.92
0.07
0.07
40.23
0
0
0
0
10.57
0.3
0
7.02
0
0
0
22.64
0.3
0
0
0
275.61
101.05
87.34
1.51
0
0
85.83
0
0
0
0
1.83
0
0
0.15
1.73
10
0.27
0
0
0
0
0
0
0
0
0.27
101.32
174.29
19.06
0
0
0
17.68
0
0
0
0
0
1.38
0
41.34
44.13
-2.79
356.52
29.37
1.75
0
0
0
0
3.68
22.3
1.64
0
0
0.91
FINANCE - PROFIT AND LOSS - Tata SSL Ltd (Merged) (Curr: Rs in Cr.)
COMPANY/FINANCE/PROFIT AND LOSS/524/Tata SSL (Merg)
200003(12)200103(12)200203(12)
INCOME :
Sales Turnover 641.61 643.63 631.14
Sales turnover / Operating Income 623.84 622.46 606.89
Job Work & Service Income 17.77 20.25 12.58
Pool Account Adjustment 0 0 0
Other Operating Divisions / Income 0 0.92 11.67
Discount Received 0 0 0
Excise Duty 75.77 77.53 77.7
Net Sales 565.84 566.1 553.44
Other Income 17.4 16.56 22.83
Export Incentives 12.96 13.34 15.25
Import Entitlements 0 0 0
Dividend Income 0.03 0.03 0.04
Interest Income 1.89 0.9 0.45
Interest on Applicaiton Money 0 0 0
Profit on sale of Fixed Assets 0.03 1.49 0
Profit on sale of investments 0 0 0
Profit on buy-back of share 0 0 0
Profit on buy-back of debenture 0 0 0
Profit on premature redemption 0 0 0
Rent received 0 0 0
Lease Rent / Hire Charges received 0 0 0
Gain on Cancell. of Forward Contr/forex trans 0 0 0
Sale of Scrap 0 0 0
Compensation / Reimbursement Income 0 0 0
Refunds / Claims Received 0.42 0 0
Income from Subsidiaries 0 0 0
Fee Income 0 0 0
Income from Guarantee Commission 0 0 0
Income from Underwriting Commission 0 0 0
Other commission Income 0 0 0
Income from Leasing Operations 0 0 0
Income from Hire Purchase Operations 0 0 0
Income from Merchant Banking Operations 0 0 0
Income from Bill Discounting 0 0 0
Income from Investment Activities 0 0 0
Income from Money Market Operations 0 0 0
Profit on inter scheme transfer / sale of invest 0 0 0
Sale of Power 0 0 0
Wheeling Charges received 0 0 0
Provision Written Back 0.5 0.8 0.15
Miscellaneous Income 1.57 0 6.94
Stock Adjustments -6.77 4.7 9.1
Closing Stock Of WIP 34.78 5.27 6.59
Closing Stock of Finished Goods 6.97 36.2 43.98
Closing Stock of Other Materials 0 0 0
Opening Stock of WIP 0 34.78 5.27
Opening Stock of Finished Goods 48.52 6.97 36.2
Opening Stock of Other Materials 0 0 0
Adjustment on amalgamation / trial runs 0 4.98 0
Total Income 576.47 587.36 585.37
EXPENDITURE :
Raw Materials 297.42 304.05 303.06
Opening Stock of Raw Materials 0 27.6 33.77
Purchases of Raw Material 287.49 290.09 292.59
Purchase of Trading Goods 37.53 20.13 19.87
Direct Expense on Purchase/Adjustment 0 0 0
Closing Stock of Raw Materials 27.6 33.77 43.17
Power & Fuel Cost 88.65 95.03 91.95
Power, Oil & Fuel 88.65 95.03 91.95
Electricity Expenses 0 0 0
Water Charges 0 0 0
Employee Cost 57.24 57.92 58.3
Salaries,Wages & Bonus 44.53 44.99 43.97
Contribution to funds 4.09 4.35 4.23
Staff Welfare Expenses 6.28 6.5 6.67
VRS compensation 0.82 1.73 2.95
Gratuity Paid 1.52 0.35 0.48
Other Employee Cost 0 0 0
Other Manufacturing Expenses 57.24 55.78 57.95
Freight Inwards & Transport charges 0 0 0
Packing Materials 0 0 0
Job Work / Contract / Processing Charges 0 0 0
Drilling Operation Charges 0 0 0
Stores Consumed 49.85 50.36 51.84
Repairs 7.39 5.42 6.11
Repairs - Plant & machinery 5.05 3.59 4.12
Repairs - Building 1.02 0.81 0.9
Repairs - Others 1.32 1.02 1.09
Technical fees paid 0 0 0
Wheeling charges payable 0 0 0
Project / Production Charges 0 0 0
Own Film Production Expense 0 0 0
Handling, Clearing Charges 0 0 0
Coupon Sales, Food, Beverages 0 0 0
License Fee / Operation Charges 0 0 0
Other Operating Expenses 0 0 0
Selling and Administration Expenses 15.61 16.45 15.38
Rent,Rates and Taxes paid 0.8 0.85 0.87
Wealth Tax 0 0 0
Cess 0 0 0
Others 0.8 0.85 0.87
Sales Tax 0 0 0
Lease Rent / Hire Charges paid 0 2.24 1.1
Insurance 0.71 0.69 0.74
Discount paid 3.4 3 3.08
Advertisement 0 0 0
Marketing Expenses 0 0 0
Commssion expenses on sales 0 0 0
Distribution Expenses 7.9 9.27 9.19
Other Selling Expenses 0 0 0
Legal Expenses 0 0 0
Communication Expenses 0 0 0
Travel Expenses 0 0 0
Audit Expenses 0.05 0.06 0.06
Printing and Stationery 0 0 0
Royalty and technical fees 0 0 0
Other Fee Expenses 0 0 0
Director's Remuneration 0.29 0.34 0.34
Other Commission paid 0 0 0
R & D Expenses 0 0 0
Other Administrative Expenses 2.46 0 0
Miscellaneous Expenses 18.43 19.82 21.08
Donations 0.01 0.01 0
Loss on Sale of Assets 0.25 0.16 0.16
Loss on Sale of Investments 0 0 0
Loss on revaluation of investments 0 0 0
Loss on forex transactions 0 0 0
Loss on buy-back of share 0 0 0
Loss on buy-back of debenture 0 0 0
Bad Debts written off 0.25 2.13 2.02
Expenses Ammortised 0 0 0
Provision for doubtful loan/ Deposit/ Advances 0 0 0.75
Provision for Contingency 0 0 0
Other provisions and write offs 0 0 0
Provision/Impairment of Assets 0 0 0
Other Miscellaneous Expenses 17.92 17.52 18.15
Provision for dimunition in value of investment 0 0 0
Less: Pre-operative Expenses Capitalised 0 0 0
Raw Material 0 0 0
Operating Expenses 0 0 0
Administrative & Selling Expenses 0 0 0
Employees Cost 0 0 0
Others 0 0 0
Total Expenditure 534.59 549.05 547.72
Operating Profit 41.88 38.31 37.65

Interest 23.91 24.48 20.87
Debenture Interest 0 0 0
Fixed Interest 6.87 7.76 7.66
Interest on Deposits 2.38 2.19 1.7
Interest on External Commercial Borrowings 0 0 0
Other Interest 14.66 14.53 11.51
Financial Charges 0 0 0
Premium on redemption of debentures 0 0 0
Less : Interest Capitalised 0 0 0
Gross Profit 17.97 13.83 16.78
Depreciation 13.84 13.28 13.56
Depreciation for the current year 13.84 13.28 13.56
Less : On Revalued Assets 0 0 0
Lease Adjustment 0 0 0
Other Adjustment 0 0 0
Profit Before Tax 4.13 0.55 3.22
Tax 0.48 0.05 0.42
Tax for the current year 0.48 0.05 0.24
Adjustment for Previous Year 0 0 0.18
Others 0 0 0
Fringe Benefit tax 0 0 0
Fringe Benefit Tax for Current Year 0 0 0
Others 0 0 0
Deferred Tax 0 0 1.1
Deferred Tax for Current Year 0 0 1.1
Others 0 0 0
Reported Net Profit 3.65 0.5 1.7
Extraordinary Items -0.19 1.18 2.49
Profit/(Loss) on Sale of Assets -0.22 1.33 -0.16
Profit/(Loss) on Sale of Investment. 0 0 0
Income/(Expenses) of prior years 0 0 0
Gain / (loss) on foreign exchange transactions 0 0 0
Depreciation written back/(Not provided) 0 0 0
(Depreciation on Revaluation of Assets) 0 0 0
VRS Adjustment 0 -1.73 -2.95
Miscellaneous Income/Expense 0 1.63 6.94
Less : Tax on Extra Ordinary Income/Expense 0.03 0.05 0.24
Less : Deferred Tax on Extra Ordinary Income/Exp. 0 0 1.1
Adjusted Net Profit 3.84 -0.68 -0.79
Adjst. below Net Profit 0 0 0

Depreciation provided /[Written back] 0 0 0
Prior Year Expenses / (Income) 0 0 0
VRS compensation 0 0 0
Short/(Excess) provision for tax 0 0 0
Other adjustments 0 0 0
P & L Balance brought forward 0 0.13 0.63
Statutory Appropriations 0 0 0
Appropriations 3.52 0 0
Appropriation to Capital Redemption Reserve 0 0 0
Appropriation to Debenture Redemption Reserve 0 0 0
Appropriation to General Reserve 0 0 0
Appropriation to Investment Allowance Reserve 0 0 0
Appropriation to Other Reserves 0 0 0
Prior Year Dividend Paid 0 0 0
Provision for Equity Dividend 3.17 0 0
Provision for Preference Dividend 0 0 0
Dividend Tax 0.35 0 0
INTERIM DIVIDEND PAID 0 0 0
P & L Balance carried down 0.13 0.63 2.33
Dividend 3.17 0 0
Preference Dividend 0 0 0
Equity Dividend % 10 0 0
Earnings Per Share-Unit Curr 1.04 0.16 0.54
Earnings Per Share(Adj)-Unit Curr 1.04 0.16 0.54
Book Value-Unit Curr 46.41 46.57 46.58
200203(12)

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L.T. Debt 188.35 185.59 208.43 4907.23 4672.22 4705.48

Current Liabilities 110.93 104.97 101.32 2614.76 2970.26 2999.03

Total Liabilities 446.86 438.63 460.63 12080.39 12530.91 12540.82

Gross Block 297.7 298.82 302.4 10668.33 11258.17 11742.44

Investments 0.33 0.3 0.3 800.78 846.92 912.74

Cash 1.75 1.82 1.06 193.38 239.23 219.2

Total Assets 446.86 438.63 460.63 12080.39 12530.91 12540.82

4225.61 3382.21 2739.7 2516.15

4134.6 4278.43 5214.25 5197.43

12386.45 13016.46 15843.29 18425.88

12393.79 13269.47 15051.92 16564.9

1194.55 2194.12 2432.65 4069.96

373.12 250.74 246.72 288.39

12386.45 13016.46 15843.29 18425.88

-859.62 -1720.65 -1377.39 -1248.22

Carried down to BS 0.13 0.63 2.33 188.93 214.76 215.82

1097.92 1634.4 3015.14 3290.08

307.45 637.42 1790.21 2976.16

EPS before Minority Interest (Unit Curr.) 0 0 0

Add: Key Adjustments

Subtract: Cash Operating Tax

Add: Tax Subsidy on Deductible Expense 1.63 -0.35 -6.25 114.94

Tax Rate 4% -1% -18% 14%

Net 2.11 -0.30 -7.52 168.94

49 46.1 250.19 919.74 1823.12 1733.58

57.74 118.03 166.64 306.8861 319.3793 327.6943

6% 13% 19% 36% 38% 35%

106.74 -1,226.22 -420.60 1,226.89 2,153.04 1,933.69

1 Total 335.93 333.66 359.31 9465.63 9560.65

2 Cash Flow Adjustments

3 Off-Balance Sheet Adjustments

Net 335.93 333.66 359.31 9465.63 9560.65

1 Total 335.93 333.66 359.31 9465.63 9560.65

9541.79 8251.85 8738.03 10629.04 13228.45

9541.79 8251.85 8738.03 10629.04 13228.45

12540.82 12386.45 13016.46 15843.29 18425.88

9541.79 8251.85 8738.03 10629.04 13228.45

Average Book Equity 147.58 147.825 148.08 4558.4 4723.415 4167.195

Debt % 72.45% 73.65% 72.82% 63.51% 67.04% 64.45%

Cost of Equity 7% 7% 7% 13% 12% 12%

WACC 10.74% 11.50% 9.62% 8.89% 9.52% 9.28%

Beta 0.00603 0.006 0.0061 1.1055 1.0957 1.0976

Ke=rfr+β(Rm-rfr) 7% 7% 7% 13% 12% 12%

3186.02 3850.94 5787.89 8407.61

30.51% 25.57% 19.71% 12.74%

13% 13% 13% 13%

10.74% 10.45% 11.13% 11.65%

1.1119 1.1453 1.1433 1.1433

13% 13% 13% 13%

NOPAT 33.49 19.15 12.50 0.00 662.41 1,104.77 668.19

WACC 10.74% 11.50% 9.62% 8.89% 9.52% 9.28%

INVESTED CAPITAL 335.93 333.66 359.31 9465.63 9560.65 9541.79

EVA -2.579081 -19.20609 -22.08329 EVA -178.9268 194.9375 -216.91407 EVA

400 NOPAT 12000

1,376.78 1,779.73 3,157.73 3,404.37

10.74% 10.45% 11.13% 11.65%

8251.85 8738.03 10629.04 13228.45

490.4679 866.6348 1974.945 1863.207

Interest Cost 12.69% 13.09% 10.59% 7.91%

NPM 1.88% -0.95% -1.79% 5.40%

Revenue Growth 0.05% -2.24%

Current Ratio 2.30 2.43 2.71 1.08