ICICI Banking Corporation Ltd.

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS FORM II - OPERATING STATEMENT Name: Amounts in Rs. Crore Last 2 Years Actuals Current Yr. Next Year (As per audited accounts) Estimates Projections 2009 2010 2011 2012 12 12 12 12

Year No.of months

1. Gross Sales i. ii. Domestic Sales Export Sales Total 2. Less Excise Duty 3. Net Sales (1 - 2) 4. % age rise (+) or fall (-) in net sales as compared to previous year (annualised ) 5. Cost of Sales i. Raw materials (including stores and other items used in the process of manufacture) a. b. ii. Imported Indigenous 7469.57 9698.42 11636.33 N/A 10609.75 730.59 9879.16 N/A 13884.14 990.88 12893.26 30.51% 16740.91 1172.09 15568.82 20.75% 10609.75 13884.14 16740.91

7469.57

9698.42

11636.33

Other Spares a. b. Imported Indigenous 412.11 347.76 421.46 584.59 230.76 9466.25 469.80 460.61 547.12 728.58 262.47 12167.00 520.65 541.01 665.47 869.20 272.29 14504.94

iii. iv. v. vi.

Power and Fuel Direct Labour (Factory wages & salaries) Other manufacturing expenses Depreciation

vii. Sub-total (i to vi)

viii. Add: Opening Stock-in-process Sub-total (vii + viii) ix. x. Deduct: Closing Stock-in-process Cost of Production 70.78 -70.78

70.78 9537.03 65.54 9471.50

65.54 12232.54 53.15 12179.39

53.15 14558.09 87.93 14470.17

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xi.

Add: Opening Stock of finished goods Sub-total (x + xi) -70.78 22.76 -93.54

22.76 9494.26 25.89 9468.37

25.89 12205.28 32.45 12172.83

32.45 14502.62 43.82 14458.80

xii. Deduct: Closing Stock of finished goods xiii. Sub-total (Total Cost of Sales)

6. Selling, general and administrative expenses 7. Sub-total (5 + 6) 8. Operating Profit before Interest (3 - 7) 9. Interest 10. Operating Profit after Interest (8 - 9) 11. i. Add: Other non-operating Income a. b. c. d. Interest Income Profits on sale of non-trade investments Profit on disposal of fixed assets Others 93.54 -93.54 93.54

80.85 9549.22 329.94 120.68 209.26

89.56 12262.39 630.87 91.40 539.47

115.81 14574.61 994.21 111.59 882.62

12.56 3.72

3.30 6.78 10.50

2.03 10.77

183.23 199.51

2.83 23.41

3.14 15.94

Sub-total (Income) ii. Deduct: Other non-operating expenses a. b. c. d. Director's Sitting Fees Payment to Statutory Auditors Provisions for doubtful debts Others

0.74

0.78 2.81 0.75

0.77 3.36

20.95 21.68 177.83 93.54 387.09 140.99 93.54 246.10

79.21 83.54 -60.13 479.34 139.16 340.18

35.45 39.57 -23.63 858.99 187.70 671.29

Sub-total (Expenses) iii. Net of other non-operating income / expenses [net of 11(i) & 11(ii)]

12. Profit before tax/loss [10 + 11(iii)] 13. Provision for taxes 14. Net Profit / Loss (12 -13) 15. a. b. Equity dividend paid-amount (Already paid + B.S. provision) Dividend Rate (% age)

16. Retained Profit (14 - 15) 17. Retained Profit / Net Profit (% age)

93.54 100.00%

246.10 100.00%

340.18 100.00%

671.29 100.00%

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FORM III - ANALYSIS OF BALANCE SHEET LIABILITIES Name: Amounts in Rs. Crore Last 2 Years Actuals Current Yr. Next Year (As per audited BS) Estimates Projections 2009 2010 2011 2012 12 12 12 12

Year No.of months

CURRENT LIABILITIES 1. Short-term borrowing from banks (including bills purchased, discounted & excess borrowing placed on repayment basis) i. ii. iii. From applicant bank From other banks (of which BP & BD) Sub-total [i + ii] (A) 2. Short term borrowings from others 3. Sundry Creditors (Trade) 4. Advance payments from customers / deposits from dealers 5. Provision for taxation 6. Dividend payable 7. Other statutory liabilities (due within 1 year) 8. Deposits / instalments of term loans / DPGs / debentures etc. (due within 1 year) 9. Other current liabilities & provisions (due within 1 year) - specify major items a. b. c. d. Interest Accrued Unpaid Dividend Others Provisions 497.66 4.44 2.85 327.54 162.83 1481.28 1941.50 46.57 283.77 228.59 9.00 3.14 28.56 187.90 2199.11 2253.33 49.51 320.48 204.64 7.91 3.56 11.24 181.94 2260.80 2460.80 0.33 0.19 0.19 983.29 1639.99 1685.98 460.22 54.22 200.00 460.22 54.22 200.00

Sub total [2 to 9] (B) 10. Total current liabilities [A + B]

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TERM LIABILITIES 11. Debentures (not maturing within 1 year) 12. Preference Shares (redeemable after 1 year) 13. Term loans (excluding instalments payable within 1 year) 14. Deferred Payment Credits (excluding instalments due within 1 year) 15. Term deposits (repayable after 1 year) 16. Other term liabilities 17. Total Term Liabilities [11 to 16] 18. Total Outside Liabilities [10 + 17] 1941.50 148.42 667.42 2920.75 148.50 359.59 2820.39 519.00 211.09

NET WORTH 19. Ordinary Share Capital 20. General Reserve 21. Revaluation Reserve 22. Other Reserves (excluding Provisions) 23. Surplus (+) or deficit (-) in Profit & Loss a/c 23. a. Others Share Premium Capital Redemption Reserve 24. Net Worth 25. TOTAL LIABILITIES [18 + 24] 1805.49 3746.99 2029.78 4950.53 2561.62 5382.01 79.99 1725.50 79.99 1949.79 79.99 2481.63

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FORM III - ANALYSIS OF BALANCE SHEET (Continued) ASSETS Name: Amounts in Rs. Crore Last 2 Years Actuals Current Yr. Next Year (As per audited BS) Estimates Projections 2009 2010 2011 2012 12 12 12 12 30.89 47.22 30.00

Year No.of months

CURRENT ASSETS 26. Cash and Bank Balances 27. Investments (other than long term) i. Govt. and other trustee securities ii. Fixed Deposits with banks 28. i. Receivables other than deferred & exports (incldg. bills purchased and discounted by banks) ii. Export receivables (incldg. bills purchased/discounted by banks) 29. Instalments of deferred receivables (due within 1 year) 30. Inventory: i. Raw materials (including stores and other items used in the process of manufacture) a. Imported b. Indigenous ii. Stocks-in-process iii. Finished goods iv. Other consumable spares a. Imported b. Indigenous 31. Advances to suppliers of raw materials and stores/spares 32. Advance payment of taxes 33. Other current assets (specify major items) a. Other Current Assets b. Prepaid Expenses c. Loans and Advances d. Security Deposit 34. Total Current Assets (26 to 33)

1429.93

1759.68

93.55

91.42

366.73

490.73

234.46 234.46 53.15 32.45 46.68 46.68 14.27 435.40 80.36 12.39 342.30 0.35 2277.22

294.79 294.79 87.93 43.82 64.20 64.20 17.67 439.42 85.97 14.95 338.16 0.35 2784.72

70.78 22.76

65.54 25.89

93.55

91.42

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FIXED ASSETS 35. Gross Block (land, building, machinery, work-in-progress) 36. Depreciation to date 37. Net Block (35 - 36) OTHER NON-CURRENT ASSETS 38. Investments/book debts/advances/deposits which are not current assets i. a. Investments in subsidiary companies / affiliates b. Others ii. Advances to suppliers of capital goods and contractors iii. Deferred receivables (maturity exceeding 1 year) iv. Others a. Security Deposits b. Loans to Subsidiaries c. Receivables over 6 months d. Loan Given to Employees 39. Non-consumable stores and spares 40. Other non-current assets including dues from directors 41. Total Other Non-current Assets (38 to 40) 42. Intangible Assets (patents, good will, prelim.expenses, bad / doubtful debts not provided for, etc. 43. Total Assets (34+37+41+42) 44. Tangible Net Worth (24 - 42) 45. Net Working Capital (34 - 10) 46. Current Ratio (34 / 10) 47. Total OUTSIDE Liabilities / Tangible Net Worth (18 / 44) 48. Total TERM Liabilities / Tangible Net Worth (17 / 44) ADDITIONAL INFORMATION A. Arrears of depreciation B. Contingent Liabilities: i. Arrears of cumulative dividends ii. Gratuity liability not provided for iii. Disputed excise / customs / tax liabilities iv. Other liabilities not provided for

4085.24 1454.71 2630.52

4240.02 1678.49 2561.53

34.53

33.90

13.62

5.42

20.91 13.61

28.48 19.69

7.31

8.79

8.26 42.79

1.86 35.76

93.55 93.55 #DIV/0!

91.42 1805.49 -1850.08 0.05 1.08

4950.53 2029.78 23.89 1.01 1.44 0.33

5382.01 2561.62 323.92 1.13 1.10 0.14

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FORM IV COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES Name: Amounts in Rs. Crore Last Year Current Yr. Next Year Peak Norms Actuals Estimates Projections Requirement Year 2010 2011 2012 A. CURRENT ASSETS 1. Raw materials (incl. stores & other items used in the process of manufacture) a. Imported Month's Consumption b. Indigenous Month's Consumption 2. Other Consumable spares, excluding those included in 1 above a. Imported Month's Consumption b. Indigenous Month's Consumption 3. Stock-in-process Month's cost of production 4. Finished goods Month's cost of sales 5. Receivables other than export & deferred receivables (incl. bills purchased & discounted by bankers) Month's domestic sales: excluding deferred payment sales 6. Export receivables (incl. bills purchased and discounted) Month's export sales 7. Advances to suppliers of raw materials & stores / spares, consumables 8. Other current assets incl. cash & bank balances & deferred receivables due within one year Cash and Bank Balances Investments (other than long term): i. Govt. and other trustee securities ii. Fixed Deposits with banks Instalments of deferred receivables (due within 1 year) Advance payment of taxes Other current assets 9. Total Current Assets
(To agree with item 34 in Form III)

234.46 (0.29)

294.79 (0.30)

65.54 (0.08) 25.89 (0.03)

46.68 (1.19) 53.15 (0.05) 32.45 (0.03)

64.20 (1.48) 87.93 (0.07) 43.82 (0.04)

1429.93 (1.24)

1759.68 (1.26)

14.27

17.67

466.29 30.89

516.64 47.22 30.00

91.42

435.40 2277.22

439.42 2784.72

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FORM IV COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES Name: Amounts in Rs. Crore Last Year Current Yr. Next Year Peak Norms Actuals Estimates Projections Requirement Year 2010 2011 2012 B. CURRENT LIABILITIES (Other than bank borrowings for working capital) 10. Creditors for purchase of raw materials, stores & consumable spares Month's purchases 11. Advances from customers 12. Statutory liabilities 13. Other current liabilities: Short term borrowings from others Provision for taxation Dividend payable Deposits / instalments of term loans / DPGs / debentures etc. (due within 1 year) Other current liabilities & provisions (due within 1 year) 14. Total (To agree with total B of Form-III)

983.29 (1.58)

1639.99 (1.98) 46.57 512.55 0.19

1685.98 (1.73) 49.51 525.31 0.19

497.99 0.33

283.77 497.66 1481.28 228.59 2199.11

320.48 204.64 2260.80

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FORM V COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL Name: Amounts in Rs. Crore Last Year Current Yr. Next Year Peak Actuals Estimates Projections Requirement Year 2010 2011 2012 91.42 1481.28 -1389.86 -347.47 -1850.08 -1042.40 460.22 -1042.40 1502.62 2277.22 2199.11 78.11 19.53 23.89 58.58 54.22 54.22 2784.72 2260.80 523.92 130.98 323.92 392.94 200.00 200.00

First Method of Lending

1. Total Current Assets (Form-IV-9) 2. Other Current Liabilities (other than bank borrowings (Form-IV-14) 3. Working Capital Gap (WCG) (1-2) 4. Min. stipulated net working capital: (25% of WCG excluding export receivables) 5. Actual / Projected net working capital
(Form-III-45)

6. Item-3 minus Item-4 7. Item-3 minus Item-5 8. Max. permissible bank finance
(item-6 or 7, whichever is lower)

9. Excess borrowings representing shortfall in NWC (4 - 5)

Second Method of Lending 1. Total Current Assets (Form-IV-9) 2. Other Current Liabilities (other than bank borrowings (Form-IV-14) 3. Working Capital Gap (WCG) (1-2) 4. Min. stipulated net working capital: (25% of total Current Assets excluding export receivables) 5. Actual / Projected net working capital
(Form-III-45)

91.42 1481.28 -1389.86

2277.22 2199.11 78.11

2784.72 2260.80 523.92

22.86 -1850.08 -1412.72 460.22 -1412.72 1872.94

569.31 23.89 -491.20 54.22 -491.20 545.42

696.18 323.92 -172.26 200.00 -172.26 372.26

6. Item-3 minus Item-4 7. Item-3 minus Item-5 8. Max. permissible bank finance
(item-6 or 7, whichever is lower)

9. Excess borrowings representing shortfall in NWC (4 - 5)

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FORM VI FUNDS FLOW STATEMENT Name: Amounts in Rs. Crore Last Year Current Yr. Next Year Actuals Estimates Projections 2010 2011 2012

Year

1. SOURCES a. b. c. d. e. Net Profit Depreciation Increase in Capital Increase in Term Liabilities (including Public Deposits) Decrease in i. ii. f. g. Fixed Assets Other non-current Assets 1479.40 1805.49 2462.31 902.09 7.03 79.99 667.42 246.10 340.18 1454.71 671.29 223.77

Others TOTAL

2. USES a. b. c. Net loss Decrease in Term Liabilities (including Public Deposits) Increase in i. ii. d. e. f. Fixed Assets Other non-current Assets 4085.24 42.79 154.78 307.83

Dividend Payments Others TOTAL 115.89 4243.91 139.45 602.06

3. Long Term Surplus (+) / Deficit (-) [1-2]

1805.49

-1781.60

300.03

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4. Increase/decrease in current assets * (as per details given below) 5. Increase/decrease in current liabilities other than bank borrowings 6. Increase/decrease in working capital gap 7. Net Surplus / Deficit (-) [3-6] 8. Increase/decrease in bank borrowings 9. Increase/decrease in NET SALES

-2.13 1481.28 -1483.41 3288.90 460.22 N/A

2185.80 717.83 1467.97 -3249.57 -406.00 3014.10

507.50 61.69 445.81 -145.78 145.78 2675.56

* Break up of item-4 i. Increase/decrease in Raw Materials ii. Increase/decrease in Stocks-in-Process iii. Increase/decrease in Finished Goods iv. Increase/decrease in Receivables a) b) Domestic Export 46.68 -0.01 -2.13 480.56 2185.80 17.52 53.76 507.50 1429.93 329.75 -5.25 3.13 234.46 -12.39 6.56 60.33 34.78 11.37

v. Increase/decrease in Stores & Spares vi. Increase/decrease in other current assets TOTAL

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Key Indicators S. No For year ended / ending September 30, 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Net Sales PBILDT PBT PAT Net Cash Accruals P B I L D T/ Net Sales (%) PAT/ Net Sales (%) Dividend/PAT (%) Gross Block Net Block Paid up Capital Tangible Networth (TNW) Group Invetsments Adjusted T N W LTD/TNW DFS/TNW TOL/TNW Current Assets Current Liabilities Net Working Capital Current Ratio 93.55 #DIV/0! #DIV/0! #DIV/0! #DIV/0! 93.55 1805.49 0.25 1.08 91.42 1941.50 -1850.08 0.05 -451.85 0.33 0.42 -6.46 2277.22 2253.33 23.89 1.01 2561.62 0.14 0.29 1.10 2784.72 2460.80 323.92 1.13 79.99 1805.49 4085.24 2630.52 79.99 -451.85 4240.02 2561.53 79.99 2561.62 93.54 93.54 93.54 93.54 #DIV/0! #DIV/0! 2009 Actual 2010 Actual 9879.16 #REF! 387.09 246.10 #REF! #REF! 2.49% 2011 Estimate 12893.26 833.21 479.34 340.18 602.65 6.46% 2.64% 2012 Projection 15568.82 1242.87 858.99 671.29 943.58 7.98% 4.31%

Other Indicators 22 23 24 R O C E (%) Interest Coverage Ratio DSCR 99.99% #DIV/0! -23.74% #REF! #REF! 20.84% 9.77 9.77 28.90% 11.35 3.20

Fund Flow Analysis Year Ended / Ending September 30, Long Term Sources Long Term uses Surplus/Deficit Surplus / Incremental build up of current assets (%) 1805.49 -2.28% 2010 1805.49 2011 2462.31 4243.91 -1781.60 2390.94% 2012 902.09 602.06 300.03 22.29%

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Pattern of TCA Funding 1999 Year ended / Ending 30 September Sundry Creditors Other Current Liabilities Bank Borrowings Long Term funds 100.00% 1075.57% 544.73% 503.41% -2023.71% 72.02% 24.55% 2.38% 1.05% 60.54% 20.64% 7.18% 11.63% 2000 2001 2002

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