<table border=0 cellpadding=0 cellspacing=0 align=center width=100%>

<tr><td colspan=10 align=center width=100% ><b><font size='2'>Mahanagar Telephon

e Nigam Ltd<br>Industry : Telecommunications - Service Provider</font></b></td>
<table id="ratios" rules='all' border='1' style="width:100%;">
<tr>
<td><table width='100%' align='center' cellspacing='1' cellpaddi
ng='2' border='0' bordercolorlight='#FFFFFF'><tr><td class=SubSbHdrLeft nowrap
width=25%>&nbsp;&nbsp;Year</td><td class=SubSbHdr width=5%>Mar 14&nbsp;</td><td
class=SubSbHdr width=5%>Mar 13&nbsp;</td><td class=SubSbHdr width=5%>Mar 12&nbsp
;</td><td class=SubSbHdr width=5%>Mar 11&nbsp;</td><td class=SubSbHdr width=5%>M
ar 10&nbsp;</td></tr><tr ><td nowrap tdRowCol Rborder>Key Ratios</td><td colsp
an=100% tdRowCol Rborder>&nbsp;</td></tr><tr ><td nowrap class=tdRowAlterCol Rb
order>Debt-Equity Ratio</td><td align='right' width=5% class=tdRowAlterCol Rbord
er>11.52</td><td align='right' width=5% class=tdRowAlterCol Rborder>0.00</td><td
align='right' width=5% class=tdRowAlterCol Rborder>1.86</td><td align='right' w
idth=5% class=tdRowAlterCol Rborder>0.46</td><td align='right' width=5% class=td
RowAlterCol Rborder>0.00</td></tr><tr ><td nowrap tdRowCol Rborder>Long Term De
bt-Equity Ratio</td><td align='right' width=5% tdRowCol Rborder>6.67</td><td ali
gn='right' width=5% tdRowCol Rborder>0.00</td><td align='right' width=5% tdRowCo
l Rborder>1.04</td><td align='right' width=5% tdRowCol Rborder>0.16</td><td alig
n='right' width=5% tdRowCol Rborder>0.00</td></tr><tr ><td nowrap class=tdRowAl
terCol Rborder>Current Ratio</td><td align='right' width=5% class=tdRowAlterCol
Rborder>0.23</td><td align='right' width=5% class=tdRowAlterCol Rborder>0.23</td
><td align='right' width=5% class=tdRowAlterCol Rborder>0.25</td><td align='righ
t' width=5% class=tdRowAlterCol Rborder>0.55</td><td align='right' width=5% clas
s=tdRowAlterCol Rborder>0.88</td></tr><tr ><td nowrap tdRowCol Rborder></td><td
colspan=100% tdRowCol Rborder>&nbsp;</td></tr><tr ><td nowrap class=tdRowAlte
rCol Rborder>Turnover Ratios</td><td colspan=100% class=tdRowAlterCol Rborder>&
nbsp;</td></tr><tr ><td nowrap tdRowCol Rborder> Fixed Assets</td><td align='
right' width=5% tdRowCol Rborder>0.12</td><td align='right' width=5% tdRowCol Rb
order>0.11</td><td align='right' width=5% tdRowCol Rborder>0.11</td><td align='r
ight' width=5% tdRowCol Rborder>0.13</td><td align='right' width=5% tdRowCol Rbo
rder>0.16</td></tr><tr ><td nowrap class=tdRowAlterCol Rborder> Inventory</td
><td align='right' width=5% class=tdRowAlterCol Rborder>28.69</td><td align='rig
ht' width=5% class=tdRowAlterCol Rborder>27.06</td><td align='right' width=5% cl
ass=tdRowAlterCol Rborder>23.46</td><td align='right' width=5% class=tdRowAlterC
ol Rborder>21.50</td><td align='right' width=5% class=tdRowAlterCol Rborder>17.7
8</td></tr><tr ><td nowrap tdRowCol Rborder> Debtors</td><td align='right' wi
dth=5% tdRowCol Rborder>10.08</td><td align='right' width=5% tdRowCol Rborder>9.
66</td><td align='right' width=5% tdRowCol Rborder>10.10</td><td align='right' w
idth=5% tdRowCol Rborder>6.94</td><td align='right' width=5% tdRowCol Rborder>4.
87</td></tr><tr ><td nowrap class=tdRowAlterCol Rborder>Interest Cover Ratio</t
d><td align='right' width=5% class=tdRowAlterCol Rborder>-1.21</td><td align='ri
ght' width=5% class=tdRowAlterCol Rborder>-3.51</td><td align='right' width=5% c
lass=tdRowAlterCol Rborder>-3.33</td><td align='right' width=5% class=tdRowAlter
Col Rborder>-5.14</td><td align='right' width=5% class=tdRowAlterCol Rborder>-2,
740.32</td></tr><tr ><td nowrap tdRowCol Rborder>PBIDTM (%)</td><td align='righ
t' width=5% tdRowCol Rborder>-15.38</td><td align='right' width=5% tdRowCol Rbor
der>-77.68</td><td align='right' width=5% tdRowCol Rborder>-49.33</td><td align=
'right' width=5% tdRowCol Rborder>-24.80</td><td align='right' width=5% tdRowCol
Rborder>-46.31</td></tr><tr ><td nowrap class=tdRowAlterCol Rborder>PBITM (%)<
/td><td align='right' width=5% class=tdRowAlterCol Rborder>-49.75</td><td align=
'right' width=5% class=tdRowAlterCol Rborder>-120.76</td><td align='right' width
=5% class=tdRowAlterCol Rborder>-93.68</td><td align='right' width=5% class=tdRo
wAlterCol Rborder>-63.19</td><td align='right' width=5% class=tdRowAlterCol Rbor
der>-94.44</td></tr><tr ><td nowrap tdRowCol Rborder>PBDTM (%)</td><td align='r
ight' width=5% tdRowCol Rborder>-56.38</td><td align='right' width=5% tdRowCol R
border>-112.12</td><td align='right' width=5% tdRowCol Rborder>-77.48</td><td al
ign='right' width=5% tdRowCol Rborder>-37.11</td><td align='right' width=5% tdRo
wCol Rborder>-46.35</td></tr><tr ><td nowrap class=tdRowAlterCol Rborder>CPM (%

)</td><td align='right' width=5% class=tdRowAlterCol Rborder>-71.04</td><td alig

n='right' width=5% class=tdRowAlterCol Rborder>-112.12</td><td align='right' wid
th=5% class=tdRowAlterCol Rborder>-77.48</td><td align='right' width=5% class=td
RowAlterCol Rborder>-37.88</td><td align='right' width=5% class=tdRowAlterCol Rb
order>-23.29</td></tr><tr ><td nowrap tdRowCol Rborder>APATM (%)</td><td align=
'right' width=5% tdRowCol Rborder>-105.41</td><td align='right' width=5% tdRowCo
l Rborder>-155.20</td><td align='right' width=5% tdRowCol Rborder>-121.83</td><t
d align='right' width=5% tdRowCol Rborder>-76.26</td><td align='right' width=5%
tdRowCol Rborder>-71.41</td></tr><tr ><td nowrap class=tdRowAlterCol Rborder>RO
CE (%)</td><td align='right' width=5% class=tdRowAlterCol Rborder>-6.29</td><td
align='right' width=5% class=tdRowAlterCol Rborder>0.00</td><td align='right' wi
dth=5% class=tdRowAlterCol Rborder>0.00</td><td align='right' width=5% class=tdR
owAlterCol Rborder>0.00</td><td align='right' width=5% class=tdRowAlterCol Rbord
er>0.00</td></tr><tr ><td nowrap tdRowCol Rborder>RONW (%)</td><td align='right
' width=5% tdRowCol Rborder>-81.67</td><td align='right' width=5% tdRowCol Rbord
er>0.00</td><td align='right' width=5% tdRowCol Rborder>0.00</td><td align='righ
t' width=5% tdRowCol Rborder>0.00</td><td align='right' width=5% tdRowCol Rborde
r>0.00</td></tr></TABLE></td>
</tr>
</table></tr>
<tr><td align=left><font face=Verdana size='2'><b>http://www.capitaline.com</b><
/font></td></tr>
</table>
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