Bhushan Steel Limited (BSL)

February 2013

Disclaimer
These presentation materials have been prepared by Bhushan Steel Limited (BSL) solely for use at this presentation and have not been independently verified. This presentation material is highly confidential, is being presented solely for your information and may not be copied, reproduced or redistributed to any other person in any manner. The presentation does not constitute and offer or solicitation of an offer to purchase or subscribe for any securities in any jurisdiction including India and the United States. The distribution of these materials in certain jurisdictions may be restricted by law and persons into whose possession these materials come should inform themselves about and observe any such restrictions. Neither BSL nor any of its affiliates, advisers or representatives make any undertaking to update any such information subsequent to the date hereof. No representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this presentation. The information presented or contained in this presentation is current as of the date hereof and is subject to change without notice. Certain information and statements made in this presentation contain forward-looking statements. Such forward-looking statements can be identified by the use of forward-looking terminology such as anticipate, believe, considering, depends, estimate, expect, intend, plan, planning, planned, project, trend, and similar expressions. All forward-looking statements are the current expectation of future events and are subject to a number of factors that could cause actual results to differ materially from those described in the forward-looking statements. The company does not undertake to make any announcement in case of any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the company. This presentation should not be construed as legal, tax, investment or other advice. Caution should be taken with respect to such statements and you should not place undue reliance on any such forward-looking statements. Certain data in this presentation was obtained from various external data sources, and BSL has not verified such data with independent sources. Accordingly, BSL does not make representations as to, and assumes no responsibility or liability for, the accuracy or completeness of that data, and such data involves risks and uncertainties and is subject to change based on various factors. This presentation has not been reviewed or approved by any regulatory authority in India or otherwise, and does not constitute an offer or invitation to purchase or subscribe for any securities of the company and neither any part of this presentation nor any information or statement contained herein shall form the basis of or be relied upon in connection with any offer, investment, solicitation, contract or commitment whatsoever in any jurisdiction, including the United States. None of BSLs securities may be offered or sold in the United States without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration therefrom. By participating in this presentation, you agree to be bound by the foregoing limitations.

BSL Overview

Company Overview
Business Description Business Structure as January 31, 2013 (3)
BSL
29%

Incorporated in 1983, BSLs first plant commenced

commercial operations in 1989 in Sahibabad

Bhushan Energy Limited (71% held by Bhushan Group Promoter)

10.62%

Primary steel capacity of 2.2 MTPA, cold rolling capacity

of 1.25 MTPA

Primary steel capacity expansion at Meramandali facility,

Odisha

Bhushan Steel (South) Limited (BSL 100%)

Bhushan Steel Bengal Limited (BSBL) (BSL 100%)

Bhushan Steel (Orissa) Limited (BSL 100%)

Bhushan Steel Madhya Bharat Limited (BSL 100%)

Bhushan Steel Australia PTY Limited

Phase I and II have been completed, with Phase III

scheduled to be completed by April 2013

Bowen Energy Limited 3 (Compulsory acquisition of 100%)

Currently implementing final phase of a 4.7 MTPA

integrated steel plant (capacity of 2.5 MTPA currently under implementation in addition to already existing capacity of 2.2 MTPA) in Odisha to manufacture hot rolled coils and billets
Kondor Holdings PTY Ltd (BEL 100%) Bowen Coal PTY Limited (BEL 100%) Bowen Consolidated PTY Limited (BEL 100%) Golden Country Resources (Australia) PTY Limited (BEL 100%)

Focused and developed strong relationship with customers

in high growth auto and consumer goods sectors

Sales Mix (FY12)

Others 3% H&T & HTSS 2% HRSS 24%

Strategically located facilities to cater to key manufacturing

hubs in Northern, Western and Southern India and select export markets

Value Added Products (2) c.69%

CC Galva 8%

Backed by power generating facilities (own and through

associate companies) with installed capacity of 410 MW (1)

Precision Tubes 9% Billets 7%

CR Galva 24% CRSS 23% 110 MW owned by BSL as captive and 300 MW owned by Bhushan Energy; BSL also has 24 MW captive capacity at each of Sahibabad and Khopoli 2 Value added products include H&T (Hardened and Tempered Steel), HTSS (High tension Steel Strapping), Cold Rolled Steel Sheets (CRSS), Cold Rolled Galvanized Steel (CR Galva), Precision Tubes, Colour Coated Galvanized Steel (CC Galva) and others, and excludes HRSS (Hot Rolled Steel Strip) and Billets 3 Bowen Energy stands delisted from ASX from February 5, 2013; Bhushan Australia PTY Limited compulsorily acquired 100% of the company; Payment has been released to shareholders and procedural formalities are on

BSLs Manufacturing Facilities Today

Strategic Locations Close to End Markets and Raw Materials

Secondary Steel Production: Sahibabad, UP Date of Commissioning:

Primary Steel Production: Meramandali, Odisha Date of Commissioning:

Phase I: Sep 2006 Phase II: Apr 2010 Phase III expected to be
completed by April 2013 Product & Capacities (MTPA):

1989
Product & Capacities (MTPA):

Cold Rolling: 0.73 Galvanized Sheets: 0.3 Other products: colour

coated, precision tubes, Galume

Current Capacity Hot Rolled Sheets / Coils and

Billets: 2.2 Power Plant: 110 MW

24 MW furnace oil and gas

generator plant

Post Phase III Hot Rolled Coils / Sheets and

Billets: 4.7

Secondary Steel Production: Khapoli, Maharashtra Date of Commissioning:

2004
Product & Capacities (MTPA):

Cold Rolling: 0.53 Galvanized Sheets: 0.24 Other products: color coated sheets/coils,
Galume, H&T steel, HTSS, ERW API pipes, precision tubes

24 MW furnace oil and gas generator plant

Steel Industry Backdrop

Indian Steel Industry Scenario

Overview of Indian Steel Industry

Increasing Share of Private Sector (%) in Steel Production

80 75 75 76 77

India is among the largest producer of crude steel in the

world; one of the most rapidly growing consumption centers

Share of private sector in total crude steel production has

increased substantially contributing more than 3/4th of the total pie (Source: Ministry of Steel Annual Report 2011-12)

70 68

72

India continues to be a net importer of steel importing c.10%

of its real finished steel consumption (Source: Ministry of Steel Annual Report 2011-12)

65

67

60 FY 07 FY 08 FY 09 FY 10 FY 11 2011-12 (Apr-Dec.)

Source: Ministry of Steel Annual Report 2011-12

Crude Steel Production and Capacity Utilization Trend in India

80 89% 64 (Million tonnes) 50.8 48 32 16 0 FY 07 FY 08 FY 09 FY 10 FY 11 Apr-Dec. 2011-12 53.9 88% 84% 80% 75% 70%
0 FY 08
8% CAGR: FY07-11

India Remains a Net Importer of Steel

9 7.0 (Million Tonnes) 7.4 6.8 5.1 5.8 5.0 4.4 3.3 3 3.5 3.0

90% 58.4

65.8 88%

69.6 89% 53.4

95% 90% 85%

FY 09 Import

FY 10 Export

FY 11

Apr-Dec 2011-12

Production (MT)
Source: Ministry of Steel Annual Report 2011-12

Capacity Utilization (%)

Source: Ministry of Steel Annual Report 2011-12

Indian Steel Capacity Addition and Challenges

Capacity Addition Planned..
No. of MOUs Signed

.. But Significant Execution Challenges Persist

57

49

63

76

16

18

22

Iron Ore Supply

200 173.0 700

Iron ore mines not allotted to steel producers or approval for mining leases are delayed inordinately No meaningful investment on the ground in the steel sector is happening to add new steel capacities High import dependency and government delays in allotting captive coal mines impacting competitiveness of steel players severely Indian steel manufacturers forced to seek / acquire coal assets overseas with mostly exploration stage assets Widely dispersed steel consumption centers involve high logistics especially given Indias infrastructure problems Inadequate railway network and port infrastructure leading to higher input and transportation costs Land allocation and acquisition, environment clearances and infrastructure connectivity for greenfield expansions remain the major challenges impacting creation of new capacities

(Million Tonne per annum)

120 105.1

Coking Coal

81.2 80 60.0 39.4 40

1

Logistics Issues

18.2 11.8 0 Karnataka Jharkhand

Source: www.steel.nic.in

Odisha

Chhattisgarh Paschim Banga

Andhra Other States Pradesh

Expansion Clearances

Limited Capacity Expansion Expected

Estimated

Strong Growth Drivers in Automobile Segment

Automobile Production Trends

Two Wheelers Only
CAGR FY06-FY12 Passenger Vehicles: 16% Commercial Vehicles: 15% Three wheelers: 12% Two Wheelers: 13%

Number of Vehicles (000)

2,983 2,357 10,513

13,349

2,800 2,100 1,400 700 0 2005-06 1,309 391 434 7,609

12,800 9,600 912 878 6,400 3,200 0

8,467 1,545 520 556

1,778

8,027

1,839

8,420

549 501

417 497

568 619

761 800

2006-07

2007-08

2008-09 Commercial Vehicles (LHS)

2009-10 Three Wheelers (LHS)

2010-11 Two Wheelers (RHS)

2011-12

Passenger Vehicles (LHS)

Source: http://www.siamindia.com

Auto Sector Growth Drivers

Rising incomes, young population
Growing Demand

Greater availability of financing options Growth expected in various sub-segments, namely, commercial vehicles, passenger vehicles, tractors and two- and threewheelers would collectively drive the growth of the automobile sector

Developing India as manufacturing and R&D hub

Policy Support

Support in terms of sops, taxes and FDI encouragement Auto majors moving manufacturing to India

Increasing Investments

Skilled manpower and cost advantages driving further investments

Number of Vehicles (000)

3,500

3,124

15,454

16,000

Key Strengths

Key Strengths

Well-positioned in a Supply Deficit Market with Diverse Product Range

Integrated Business Model with Focus on Value Added Products

Strategically Located Facilities and Established Customer Relations

Advanced Plant Configuration Provides Strong Technological Advantage

High Margin, High Growth Business

Experienced Board of Directors and Management Team

11

BSL Well Positioned in a Supply Deficit Market with Diverse Product Range
Upcoming Value Capacity in a Supply Deficit Market BSL: Strong Capacity Addition in Line
6 4.7 4

India Continues to be a Net Importer of Finished Steel

Million Tons
12.0
Imports 10%

(MTPA)

2.2 2

9.0
0 Current Post Commissioning of Phase III of Meramandali Facility
Total Finished Steel Consumption FY12: 65.6 MT

7.4 7.0 6.8 5.8 5.1 4.4 3.5 3.0 5.0

Diverse Portfolio to Meet Demand in a Deficit Flat Steel Market

Hot Rolled Coil Cold Rolled Sheets / Coils Cold rolled and close annealed (CRCA) Galvanized sheets and coils Galume Sheets and coils Colour-coated sheets and coils Precision Pipes High-tension steel strapping (HTSS) Hardened and tempered (H&T) Steel Strips
Import Export 0.0 FY 08 FY 09 FY 10 FY 11 Apr-Dec FY12 3.0 6.0

3.3

Billets

Source: Ministry of Steel, Annual Report 2011-12

12

Downstream Player Integrating Backwards into Primary Steel Production

Cost Advantage Higher Margins Traditional Strength Areas
Iron Processing Primary Steel Production Hot Rolled Coils/ Plates Value Added Production Distribution

Sinter Coke Current

Iron Making

Crude Steel

Slabs

Cold Rolled Value Added Products

Sales Offices

Odisha Steel Plant Sponge Iron: 0.90 MTPA HRC: 1.90 MTPA Billets: 0.30 MTPA

Sahibabad & Khopoli Plants Cold Rolling: 1.25 MTPA Galvanized: 0.54 MTPA

30 sales offices across the country

Proposed/ Planned

Blast Furnace

Phase III Expansion HRC: Additional 2.50 MTPA Setting up of a 0.35 MTPA CR Complex and a 1.80 MTPA capacity PLTCM1

Continue to leverage the existing distribution network

Move Towards an Increasingly Integrated Model

1 Pickling Line Tandem Cold Mill

13

Strategically Located Facilities and Established Customer Relations

Established Sales Network & Strong Customer Relations

Sahibabad, UP Products: Secondary (CRC, Galvanised Sheets, Galume, Precision Tubes, Color Coated) Market: Automotive and Consumer Durables manufacturing industry

In addition to direct OEM sales at plant sites, also carries out sales at 30 sales offices Strong diversified customer base of c. 3,300 customers as at March 31, 2012 Relations in international markets including South America, East, West and South Africa and the Middle East, in addition to European countries

Auto and appliances hub Delhi

Mineral Belt of India

Meramandali, Odisha Products: Primary (Billets, Slabs, HRC) Located close to iron ore and coal mines and feeds downstream units

Khopoli, Maharashtra Products: Secondary (CRC, Galvanised Sheets, H&T Strips, Galume, Precision Tubes, High Tensile Steel, ERW Pipe) Market: South and Western India, exports to South America and East, West and South Africa and Middle East
Pune auto hub Proximity to Paradip Port, iron ore & Mahanadi Coalfields

Sells surplus to market

Mumbai Port

Bengaluru

Chennai

Key Manufacturing & Industrial Hubs (Proximity to customers)

Existing Plants

Marketing Network

Map not to scale

14

Advanced Plant Configuration Provides Strong Technological Advantage

Technology Advantage Advanced technology and processes to optimize production yield and product mix Khopoli facility is equipped for the production of Galume steel, colour coated sheets and coils, as well as an electric-resistance welded (ERW) pipe mill designed to manufacture X-80 grade pipes specially required for high pressure service Sahibabad facility includes a cold rolling mill imported from Hitachi, Japan Strong processes in place with ISO 9001:2008 certification for quality systems at the Khopoli and Meramandali facilities and ISO/TS 16949:2009 for quality systems at Sahibabad facility ISO 14001:2004 certification for environmental management system at the Sahibabad and Khopoli facilities, and OHSAS 18001:2007 certification for safety management system at Sahibabad facility Certification for safety management system at the Sahibabad facility Strong quality controls and customized support to ensure better customer loyalty Continual process and product improvements at each facility leading to higher capacity utilization Long standing technical assistance from Sumitomo continues for new grades and new products

High Capacity Utilization Rates (FY2012)

119 116

110 104 100

120

90

% Sahibabad Khopoli

100

70

80 Sahibabad Khopoli

Cold Roll Steel

Galvanized Steel

15

High Margin, High Growth Business: Strong Revenue Growth and Rising Operating Profitability
EBITDA(1)(2)(3)
US$ million
60% 1,856
800 40%

Net Revenue(1)(2)(3)
US$ million
2,000

1,500 1,305 42%

45%

600 26%

29%

30% 558

30% 30%

1,049 1,000 26% 24%

1,005 30%

400

379 300 271

20%

500

15%

200

10%

0 FY 10
Revenue (LHS)

0% FY 11 FY 12
YoY Growth (RHS)

0 FY 10
EBITDA (LHS)

0% FY 11 FY 12
EBITDA Margin (RHS)

6M FY13

6M FY13

Standalone figures
Assumes US$ / INR = 53.6793 (RBI reference rate as on February 11, 2013) Non-GAAP measure; Calculated as Profit from operations before other income, finance costs & exceptional items + Depreciation and Amortisation Expense Standalone financials for 6MFY13

16

Highly Experienced Board of Directors and Management

Photo

Name/Designation

Years of Experience

Profile

Brij Bhushan Singal Chairman Neeraj Singal Vice-Chairman & MD Nittin Johari Whole Time Dir. (Finance) Rahul Sengupta Whole Time Dir. (Technical) Prem Kumar Aggarwal Whole Time Dir. (Comm.) Mohan Lal Independent Director

50+

Founder/One of the Promoter of BSL Qualified Law graduate from Delhi University One of the promoters of BSL; Over 24 years of experience in senior management positions He is a graduate from Punjab University 26 years experience in accounts, finance, project financing, corporate financing; Holds Masters Degree from University of Rhoilkhand and is also a fellow member of ICAI Also serves as the Managing Director of Bhushan Steels subsidiary, Bowen Energy In-charge of handling Companys functional areas, planning, project implementation and technology evolution Holds a bachelors degree of science in mechanical engineering from University of Calcutta Prior to joining BSL, worked as an AGM with Bhushan Industries, among other capacities Holds a bachelors degree in science from Punjabi University and is also a fellow member of the ICAI Holds a masters degree in arts and a bachelors degree in law, both from the University of Delhi 63+ years of experience in field of law, particularly in income taxation; was designated a senior advocate Holds a masters degree in commerce and a bachelors degree in law from Agra University and holds a certified associateship with the Indian Institute of Banking 38 years of experience in banking industry including as Deputy MD of the State Bank of India Holds a masters degree in economics and a bachelors degree in law from University of Delhi, as well as a certificate of associateship from the Indian Institute of Bankers Has served as an officer of the Indian Administrative Service for nearly 47 years including posts as the Chief Election Commissioner of India, Secretary to the Ministry of Personnel, Public Grievances and Pensions, GoI and the Secretary to the Ministry of Mines, GoI Fellow member of the ICAI 35+ years of experience with LIC of India where he has held various positions including ED (audit) Holds a masters degree in science from the University of Delhi 32+ years of experience in working with LIC of India, where she has held positions such as secretary (personnel and industrial relations) and chief (personnel)

24+

26

31

30+

63+

Vinod Kumar Mehrotra Independent Director

38

Brij Bihari Tandon Independent Director

47

Malakapalli Venkata Suryanarayana Independent Director Sunita Sharma Nominee Director

35+

32+

17

Highly Experienced Select Management

Photo

Name/Designation

Responsibility

A.K. Verma Chief Operating Officer

Currently in-charge of handling the companys overall operations

Shanker Batra EVP Commercial

In-charge of the marketing activities and commercial operations at the Sahibabad plant

R.N. Mahendru President

Serves as President (projects) and advices on implementation of new projects of the company

A.K. Raina Executive Director

Responsible for overall strategic initiatives of the company and oversees new projects

Anil Ahuja Executive VP

Heads the raw materials procurement division of the company

AV Ratna Prasad President Steel Making

Serves as the technical head of the Odisha plant

P.K. Tambey Sr. Vice President

In charge of operations at the Khopoli plant

18

Future Growth Plans and Strategy

Our Strategy

Further Integration of Production Facilities

The production of HR sheets and coils at Meramandali facility to continue as the

primarily captive feedstock for existing CR facilities Improve overall efficiency, production volumes, margins, and value-added products mix

Secure captive supply of HR coils to provide ability to improve production yield and

Reap Benefits from Economies of Scale

product mix and reduce supply costs Secure supply from under development / exploration captive thermal coal and coking coal resources to reduce raw material costs Increased focus on reducing cycle times, optimizing inventories and improving logistics
Continue to provide diversified and value-added products primarily in high growth

Leverage Existing Demand Segment with a keen focus on OEM and Exports Continue Scouting for Key Raw Material Resources

automotive and consumer durables manufacturing industry Continue focus towards the OEM and export segments Leverage diverse high quality product range and locational advantage of manufacturing plants
Continue exploring additional opportunities in India and overseas to obtain mining rights

to key raw materials for our organic or inorganic growth Investment in Bhushan Steel (Australia) Pty gives access to a coking coal mine in Queensland, Australia

Bhushan Steel is well positioned to benefit from Indias continuing growth in steel demand and a rebound in steel demand globally

20

Secure Access to Diverse Raw Material Base

Mines/ Company

Current Status

Iron Ore

Diverse Domestic Supplier Base

Diverse base of domestic suppliers for iron ore including Odisha Mining Corporation, Rungta
Mines Limited, Essel Mining & Industries Limited

Allocated Coal Block for approx. 235 MT of reserves in the Andal East Coal Block with other coThermal Coal
West Bengal allottees

Linkage to procure coal from Mahanadi Coal Fields, a state government undertaking

BHP Billiton and Others

Import of coking coal from BHP Billiton, Australia and others Investment in Bhushan Steel Australia Pty Limited provides access to coal mine resource in
Queensland, Australia

Coking Coal

Bowen Energy (Compulsory acquisition of 100%)

Presently in final exploration stage Sourced majority of its power requirement internally from captive plants and associate Bhushan
Energy Limited

Power

Limited Dependence on Third Parties

21

Additional Information

BSL Rights Issue

On January 28, 2012, Board of Directors approved a Rights Issue of shares to existing shareholders to raise approximately Rs. 474.27 Crores (US$ 88.36 million) Record date for rights issue was fixed as January 16, 2013 Rights Issue ratio of 1:15 at a price of Rs. 335 per share Funds proposed to be utilized for repayment of debt and general corporate purposes Update: Rights issue has closed on February 6, 2013

Rights Issue

Yet to be allotted

Rights Issue - Consolidated Statement on Capitalization (US$ Million)

Year ending March 31 Short-term Debt Long-term-Debt (Including current maturities of long term debt) Total Debt Shareholders funds: Share Capital Reserves 1 Preference Share Application Money pending allotment Total Shareholders Funds Total Capitalization Long-term Debt/Equity ratio Total Debt/Equity ratio 23.9 1,665.1 71.4 1,760.4 6,447.0 2.23 2.66 24.4 1,752.9 71.4 1,848.7 6,535.3 2.13 2.54 Pre-Issue As at September 30, 2012 757.2 3,929.4 4,686.6 As Adjusted Post Issue 757.2 3,929.4 4,686.6

Reserves includes Deferred Tax of $199 Million & Foreign Currency Translation Reserve of $1 Million The Capitalisation Statement, adjusted for rights issue is prepared on the assumption that the rights issue of 1,41,57,220 Equity Shares at Rs. 335 per equity share will be subscribed fully 3 The Reserves has not been adjusted for any issue expenses for the right issue 4 Assumes exchange rate of INR 53.6793 per US$ (RBI reference rate as on February 11, 2013)
1 2

23

Financial Overview Summary Income Statement (Rs. million)

Consolidated Financials Year ending March 31 FY10 FY11 FY12

Standalone 6MFY12 6MFY13

Income from Operations Growth (%)

56,324

70,035 24.3%

99,612 42.2%

46,971

53,955 14.9%

EBITDA

14,548 25.8%

20,319 29.0%

29,974 30.1%

13,821 29.4%

16,115 29.8%

Margin (%)

Net Profit Margin (%)

8,432 15.0%

10,074 14.4%

10,148 10.2%

4,168 8.9%

4,074 7.6%

Excludes Other Income 2 Non-GAAP measure; Calculated as Profit from operations before other income, finance costs & exceptional items + Depreciation and Amortization Expense

24

Financial Overview Summary Balance Sheet (Rs. million)

Consolidated Financials Year ending March 31 Shareholders Funds Preference Share Application Money Pending Allotment Minority Interest Long term Borrowings Other Non-Current Liabilities and Deferred Tax Liabilities Non-Current Liabilities Short-Term Borrowings Trade Payables Other Current Liabilities and Short-Term Provisions Current Liabilities Total Equity and Liabilities Fixed Assets including CWIP Non-Current Investments Other Non-Current Assets and Long-Term Loans and Advances Non-Current Assets Current Investments Inventories Trade Receivables Cash and Bank Balances Other Current Assets and Short-Term Loans and Advances Current Assets Total Assets FY11 59,085 206 109,693 13,188 122,882 44,742 10,260 16,084 71,086 253,258 180,081 1,274 27,969 209,323 253 31,862 4,900 468 6,452 43,935 253,258 FY12 75,727 3,830 892 155,288 25,449 180,737 42,878 9,968 23,210 76,056 337,242 249,512 3,481 28,715 281,708 253 33,114 12,204 3,723 6,240 55,534 337,242 H1FY13 79,975 3,830 868 195,847 31,522 227,369 40,645 12,108 21,747 74,500 386,543 286,022 3,578 20,204 309,804 251 39,986 17,697 2,196 16,609 76,739 386,543

25

Financial Overview Summary Income Statement (US$ million)

Consolidated Financials Year ending March 31 FY10 FY11 FY12

Standalone 6MFY12 6MFY13

Income from Operations Growth (%)

1,049

1,305 24.3%

1,856 42.2%

875

1,005 14.9%

EBITDA

270 25.8%

379 29.0%

558 30.1%

257 29.4%

300 29.8%

Margin (%)

Net Profit Margin (%)

157 15.0%

188 14.4%

189 10.2%

78 8.9%

76 7.6%

Assumes US$ / INR = 53.6793 2 Excludes Other Income 3 Non-GAAP measure; Calculated as Profit from operations before other income, finance costs & exceptional items + Depreciation and Amortization Expense

26

Financial Overview Summary Balance Sheet (US$ million)

Consolidated Financials Year ending March 31 Shareholders Funds Preference Share Application Money Pending Allotment Minority Interest Long term Borrowings Other Non-Current Liabilities and Deferred Tax Liabilities Non-Current Liabilities Short-Term Borrowings Trade Payables Other Current Liabilities and Short-Term Provisions Current Liabilities Total Equity and Liabilities Fixed Assets including CWIP Non-Current Investments Other Non-Current Assets and Long-Term Loans and Advances Non-Current Assets Current Investments Inventories Trade Receivables Cash and Bank Balances Other Current Assets and Short-Term Loans and Advances Current Assets Total Assets
Assumes US$ / INR = 53.6793

FY11 1,101 4 2,043 246 2,289 834 191 300 1,324 4,718 3,355 24 521 3,900 5 594 91 9 120 818 4,718

FY12 1,411 71 17 2,893 474 3,367 799 186 432 1,417 6,283 4,648 65 535 5,248 5 617 227 69 116 1,035 6,283

H1FY13 1,490 71 16 3,648 587 4,236 757 226 405 1,388 7,201 5,328 67 376 5,771 5 745 330 41 309 1,430 7,201

27