Balance sheet (Rs crore)

Mar ' 10 Mar ' 09 Mar ' 08

Sources of funds

Shareholders' Funds:
Share Capital 2427.95 1192.37 1192.37
Share Application Money 0.00 0.00 0.06
Share Capital Suspense Account 0.00 21.60 0.00
Reserves and Surplus ### 42784.21 42427.09
A ### 43998.18 43619.52

Secured Loans ### 17565.13 7600.47

Unsecured Loans ### 27406.93 31220.46
B ### 44972.06 38820.93
Deferred Tax Liability (Net) C 4756.11 5473.63 6113.38
Foreign Currency Monetary Item TranslD 0.00 5.08 2200.17
TOTAL [ A+B+C+D] ### 94448.95 90754.00

Application of Funds
Fixed Assets & Intangible Assets:
Fixed Assets:
Gross Block ### 61718.64 63511.45
Less: Depreciation ### 27256.31 26858.06
Less: Impairment Loss 34.32 69.88 88.59
Net Block E ### 34392.45 36564.80

Intangible Assets:
Gross Block 756.95 626.66 392.79
Less: Amortisation 307.22 239.01 135.33
Less: Impairment Loss 1.65 1.65 1.65
Net Block F 448.08 386.00 255.81
Dismantled Capital Assets G 41.78 25.91 17.62
Capital Work-in-Progress H ### 18114.05 10084.90

Goodwill on Acquisition 0.00 0.00 47.34

Investments I ### 32232.13 20762.51
Foreign Currency Monetary Item TranslJ 0.10 0.00 10.60
Advances for Investments
Finance Lease Receivables 0.00 0.00 31.01

Current Assets, Loans and Advances:

Inventories ### 25149.60 37221.07
Sundry Debtors 5799.28 5937.86 5256.48
Cash and Bank Balances 1315.11 798.02 1060.22
Other Current Assets 1141.50 1051.58 791.28
Loans and Advances ### 11875.11 13939.16
### 44812.17 58268.21
Less: Current Liabilities and Provisions
Current Liabilities ### 32942.17 33914.01
Provisions ### 2609.55 1499.87
### 35551.72 35413.88
Net Current Assets K ### 9260.45 22854.33

Miscellaneous Expenditure L 18.17 37.96 125.08

TOTAL [ E+F+G+H+I+J+K+L] ### 94448.95 90754.00

Profit loss account (Rs crore)
Mar ' 10 Mar ' 09 Mar ' 08
Income

Sale of Products and Crude 274406.17 287820.61 238453.46

Less: Commission and Discounts 3332.55 2422.41 2473.74
Sale (Net of Commission & Discounts) 271073.62 285398.20 235979.72
Less: Excise Duty 21802.27 22682.89 28575.21

Sale (Net of Commission, Discount & Excise Duty) A 249271.35 262715.31 207404.51

Subsidy From Government of India (As per scheme) B 1623.09 1588.69 1543.91
Grant from Government of India C 15171.84 40383.01 18997.00
Increase/(Decrease) in Stocks D 5044.25 -1674.56 2799.42
Interest and other Income E 6623.67 4400.58 4613.20
TOTAL INCOME [ A+B+C+D+E] 277734.20 307413.03 235358.04

Expenditure
Purchase of Products and Crude for resale F 122084.15 136245.71 89651.29
Manufacturing, Admn., Selling & Other Expenses G 136674.28 160295.66 127784.38
Duties (Net) H 32.49 90.61 548.13
Depreciation and Amortisation on:
Fixed Assets 3159.05 2821.98 2998.81
Intangible Assets 68.09 59.73 42.90
I 3227.14 2881.71 3041.71
Interest Payments on:
Fixed period loans from Banks/Financial
Institutions/Others 209.48 345.57 385.13
Bonds / Debentures 239.40 458.50 108.59
Short term loans from Banks 823.71 2880.26 1183.44
Public Deposits 0.01 0.05 0.10
Others 253.86 267.76 126.64
J 1526.46 3952.14 1803.90
TOTAL EXPENDITURE [ F+G+H+I+J] 263544.52 303465.83 222829.45

PROFIT BEFORE PRIOR YEAR ITEMS & TAX 14189.68 3947.20 12528.59
Income/(Expenses) pertaining to prior years (Net)
"P" -83.59 381.39 -39.91
PROFIT BEFORE TAX 14106.09 4328.59 12488.68
Less: Provision for Tax
Current Tax 4601.96 1285.05 3851.87
Fringe Benefit Tax 1.10 44.10 32.48
Deferred Tax -717.52 49.89 53.77
PROFIT AFTER TAX 10220.55 2949.55 8550.56
Less: Share of Minority Interest 0.00 0.00 637.82
PROFIT FOR THE GROUP 10220.55 2949.55 7912.74
Balance brought forward from last year's account 5305.08 5305.08 100.02
PROFIT AVAILABLE FOR APPROPRIATION 15525.63 8254.63 8012.76
APPROPRIATIONS:
Add:
Insurance Reserve utilised 21.80 0.00 0.00
Less:
Proposed Dividend 3156.34 910.48 685.94
Corporate Dividend Tax on:Proposed Dividend 508.83 154.74 141.61
Insurance Reserve Account 20.00 10.00 10.00
Bond Redemption Reserve (Net) -269.10 539.53 220.95
General Reserve 12131.36 1334.80 1471.50
Balance carried to Balance Sheet 0.00 5305.08 5482.76
TOTAL 15525.63 8254.63 8012.76
Liquidity and Cash Ratios
SI No Ratio Formula Mar ' 10 Mar ' 09 Mar ' 08

1 Current Ratio Current Assets

Current Liabilities 1.33 1.26 1.65
Comments
An Increasing Current ratios generally indicates improvement in financial position
The ratio here is ideal for the company and clearly shows that the short term debts
can be paid with the assets that can be converted into cash within a year.

Current Assets-
2 Quick Ratio Inventory
Current Liabilities 0.51 0.55 0.59
Comments
The higher the ratio, the better position is the company to pay its current liabilities.
Here the ideal ratio being 1, it shows that the company has less liquidity and held
up in stock.

Cash and cash

3 Absolute cash ratio equivalent
Current Liabilities 0.03 0.02 0.03
Comments
The ratio gives th eextend of cash and cash equivalent held by a firm relation to
current liabilities. Here the ideal ratio being 1:1, it shows that the company has less
liquidity against the current liabilities

Cash positions to total Cash and cash

4 assets equivalent
Current Assets 0.02 0.02 0.02
Comments
The ratio shows the proportion of cash held in total assets
Here the ratio indicates that the assets held are in more proportion than the
liquid cash

Cash and cash

5 Expenses Coverage equivalent
Average daily cash
Expenses 0.01 0.00 0.00
Comments
The ratio indicates the period for which the present holding of cash and cash
equivalents will last. The holding of the cash or cash eqivalents are very low
Capital structure/Leverage Ratio
SI No. Ratio Formula Mar ' 10 Mar ' 09 Mar ' 08

1 Debt/Equity ratio Debt

Equity 0.88 1.02 0.89
Comments
The Debt Equity Ratio indicates the percetage of funds being financed through
borrowings. The ratio here indicates that the debt is comparitively a little higher
than the ideal 2:1 ratio.

2 Fixed assets ratio Fixed Assets

Long term funds 0.92 0.76 0.94
Comments
The ratio indicates the extend to which the fixed assets have been financed by the
long-term funds. Here the ratio indicates that the fixed assets are financed to a safe
extend by the long term funds.

3 Proprietary ratio Proprietary funds

Total Assets 1.23 1.28 1.19
Comments
The ratio indicates the extend to which the fixed assets have been financed by the
Owner's funds. Here the ratio indicates that the fixed assets are financed to a
much safer extened by the Proprietary ratio

Total Liabilities to
4 Networth Total Liabilities
Networth 1.86 1.95 1.89
Comments
The ratio indicates relative weights of total liabilities and owners funds. Here the
ratio indicates that the Total liabilities are much higher than the owner's fund, which
indicates that that the company has more debt than the equity

5 Gearing ratio Borrowing

Net Assets 1.19 1.45 1.28
Comments
The ratio indicates the portion of assets invested in a business that are financed by
borrowing. The higher the ratio higher the risk to business, the borrowing here are
much higher that the net assets which puts the business in much risk.

6 Interest Coverage Ratio EBIT

Interest on Debt 9.30 1.00 6.95
Comments
The ratio indicates the number of times the earnings cover interest obligations.
The ratio shows that the interest payable capacity is good, considering the EBIT of
 mar' 09 being low had some risk, but the following year shows the capability to pay.

Preference Dividend
7 Coverage ratio PAT
Preference Dividend 0.00 0.00 0.00
Comments
The ratio indicates the number of times the net profit covers the preference dividends
The company has not issued the preference shares, so the ratio cannot be ascertained

Turnover ratio/Activity ratio

SI No. Ratio Formula Mar ' 10 Mar ' 09 Mar ' 08

1 Stock Turnover ratio Cost of Goods sold

Average Stock 3.75 6.37 3.43
[In no. of times]

Average Stock X 360

Cost of Goods sold 26.64 15.69 29.13
[In no. of days]
Comments
The ratio indicates the number of times the stock has turned over and will last
The first ratio shows the no. of time the stock can be turned over to sales
The second ratio shows the no of days the stock will last

2 Debtor's Turnover ratio Sales

Average Debtors 42.48 46.94 78.91
[In no. of times]

Average Debtors X 360

Sales 8.48 7.67 4.56
[In no. of days]
Comments
The ratio indicates the number of times the debtors have turned over
The first ratio shows the no. of time the debtors have turned over during a period to the
debt collection. The second ratio shows the no of days outstanding in the form of debtor

3 Creditor's Turnover ratio Purchase

Average Creditor 0.00 0.00 0.00
[In no. of times]

Average Creditor X 360

Purchase 0.00 0.00 0.00
[In no. of days]
Comments
The ratio indicates the number of times the creditors have turned over
 The first ratio shows the no. of time the creditors have turned over during the credit
period. The second ratio shows the no of days outstanding in the form of creditors.

4 Sales to capital employed Sales

ratio Average Capital
employed 0.68 0.77 1.26
Comments
The ratio measures the sales per rupee of long term funds employed
The ratios shows what sales are being generated with each penny invested, here being
less than 1

5 Sales
Sales to Fixed assets
Fixed assets 6.06 7.64 5.67
Comments
The ratio measures the sales per rupee of fixed assets used
The ratios shows what sales are being generated with each penny invested in
fixed assets

6 Sales
Sales to Working Capital
Working Capital 11.74 14.50 20.57
Comments
The ratio measures the sales per rupee of working Capital Employed
The ratios shows what sales are being generated with each penny of Working capital

7 Sales
Sales to Total Assets
Total Assets 2.48 3.32 2.19
Comments
The ratio measures the sales per rupee of working Capital Employed
The ratios shows what sales are being generated with each penny of Working capital