BALANCE SHEET 2013 2014 2015 2016

EQUITY AND LIABILITIES

Shareholders funds
(a) Share capital 86.91 296.50 296.50 296.50
(b) Reserves and surplus 12936.88 33382.32 33761.37 43612.06
13023.79 33678.82 34057.87 43908.56
Non-current liabilities
(a) Long-term borrowings 1179.16 20534.22 21770.63 23316.42
(b) Deferred tax liabilities (net) 10.40 - - -
(c) Other long-term liabilities 2.32 393.33 202.59 1197.53
(d) Long-term provisions 1.81 2.26 1.81 1.81
1193.69 20929.81 21975.03 24515.76
Current liabilities
(a) Short-term borrowings 3651.91 13234.09 13113.72 16275.29
(b) Trade payables 244.30 2413.30 2878.81 3421.19
(c) Other current liabilities 280.74 12417.39 5529.19 7771.72
(d) Short-term provisions 40.88 816.27 979.78 86.71
4217.83 28881.05 22501.50 27554.91
Total 18435.31 83489.68 78534.40 95979.23
ASSETS
Non-current assets
(a) Fixed assets
(i) Tangible assets 1468.57 22488.90 21987.70 30537.99
(ii) Intangible assets 86.02 95.13 138.16 141.06
(iii) Capital work-in-progress 363.30 17327.33 17422.16 13567.15
1917.89 39911.36 39548.02 44246.20
(b) Non-current investments 14565.86 22419.11 26088.30 31762.29
(c) Long-term loans and advances 454.89 9905.52 3319.22 3421.28
(d) Other non-current assets - 104.40 70.39 63.15
16938.64 72340.39 69025.93 79492.92
Current assets
(a) Current investments 127.70 348.08 376.27 698.90
(b) Inventories 756.02 5678.70 5442.07 5026.14
(c) Trade receivables 140.44 1303.65 1157.69 1429.12
(d) Cash and bank balances 24.88 2110.36 464.14 642.56
(e) Short-term loans and advances 292.44 1283.44 1719.51 8201.61
(f)Other current assets 155.19 425.06 348.79 487.98
1496.67 11149.29 9508.47 16486.31
Total 18435.31 83489.68 78534.40 95979.23
INCOME STATEMENT 2013 2014 2015 2016
GROSS REVENUE FROM OPERATIONS 2448.30 30086.07 34312.88 31738.91
Less: Excise duty -100.67 -1549.54 -1810.47 -1928.29
Net revenue from operations 2347.63 28536.53 32502.41 29810.62
Other income 341.99 1817.06 2008.86 8823.82
Total Revenue 2689.62 30353.59 34511.27 38634.44
EXPENSES:
Cost of materials consumed 224.59 17945.59 18849.69 17164.00
Purchases of stock-in-trade 105.78 819.25 998.46 1045.24
Changes in inventories of finished goods, work-in-progress -205.77 -556.86 263.80 131.54
and stock-in-trade
Power & fuel 557.48 4673.67 4433.05 4361.42
Employee benefits expense 184.62 559.08 650.13 603.53
Finance costs 469.23 3564.96 3655.93 3541.36
Depreciation and amortisation expense 147.91 1504.79 1011.67 1217.97
Other expenses 1139.08 2783.88 2678.64 2599.07
Total expenses 2622.92 31294.36 32541.37 30664.13
(Loss)/Profit before exceptional items and tax 66.70 -940.77 1969.90 7970.31
Exceptional items -9.71 -130.88 -2.43 -2490.41
(Loss)/Profit before tax 56.99 -1071.65 1967.47 5479.90
Tax (benefit)/expense:
Current Tax for the year - - 45.13 8.02
Less: MAT credit entitlement 10.92 -189.12 -45.13 -
Tax adjustments related to previous years - -1565.97 - -
Net current tax (benefit)/expense 10.92 -1755.09 - 8.02
Deferred tax for the year -74.70 -392.65 40.27 -
Net tax (benefit)/expense -63.78 -2147.74 -40.27 -8.02
Profit for the year 120.77 1076.09 1927.20 5471.88

CASH FLOW STATEMENT 2013 2014 2015 2016

A. CASH FLOW FROM OPERATING ACTIVITIES
(Loss) / Profit before tax 56.99 -1071.65 1967.47 5479.90
Adjusted for :
- Exceptional items (Impairment of assets) - 66.84 2.43 2466.63
- Depreciation and amortisation expense 147.91 1504.79 1011.67 1217.97
- Dividend income -316.69 -1289.45 -1446.35 -8489.89
- Interest income -3.58 -349.92 -246.84 -189.82
Foreclosure Income - - -200.00 -
- Finance costs (excluding net loss on foreign currency transaction 279.04 3198.54 3503.45 3408.71
- Foreign exchange loss (net) 70.09 831.77 103.37 3.46
- Net gain on sale of current investments -12.00 -155.39 -45.47 -42.33
- Loss /(Profit) on sale of fixed assets -0.63 6.62 1.22 -0.88
- Provision for doubtful trade receivables/advances 0.07 247.01 320.40 5.01
Provision for diminuation on non-current investment written
back - - - -4.50
- Unclaimed liabilities written back - -42.01 -18.22 -37.06
164.21 4018.80 2985.66 -1662.70
Operating profit before working capital changes 221.20 2947.15 4953.13 3817.20
Adjusted for:
- Trade receivables and other assets 312.24 -161.51 -122.43 -459.98
- Inventories 1.27 794.74 237.08 415.93
- Trade payables and other liabilities -342.26 -649.99 -281.02 3690.14
Loans and advances - - -455.68 -69.93
-28.75 -16.76 -622.05 3576.16
Cash generated from operations 192.45 2930.39 4331.08 7393.36
Income taxes paid (net) -320.75 -98.02 -90.64 -30.82
Net cash generated from operating activities -128.30 2832.37 4240.44 7362.54
B. CASH FLOW FROM INVESTING ACTIVITIES
Payment towards share application money in a subsidiary compan- -56.21 -155.77 -8020.69
Payment towards Preference Shares in a subsidiary company -373.95 -118.49 3000.00 -
Foreclosure Income - - 65.00 135.00
Payment for acquisition of VAL's power business through slump
rate - - -2893.00 -
Payment for fixed assets including capital advances -340.67 -1258.98 -1416.47 -592.37
Sale of fixed assets 2.30 16.65 5.88 6.90
Purchase of current investments -7875.67 -44167.90 -33154.07 -39344.47
Sale of current investments 7955.72 44650.02 33171.35 39064.17
Proceeds from forward covers - - 282.58 57.54
Loans to related parties - -3177.14 -385.99 -307.61
Loans repaid by related parties - 267.45 8.57 75.03
Interest received 3.58 378.21 330.18 187.85
Dividend on investments 316.69 1289.45 1446.35 1906.32
Bank balances not considered as cash and cash equivalents
- Placed -0.59 -2538.33 -4008.00 -7.45
- Matured - 2173.59 5580.69 11.65
Net cash (used in)/from investing activities -312.59 -2541.68 1877.30 -6828.13
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Long-term borrowings - 7620.06 13140.00 6325.02
Repayment of Long-term borrowings - -4482.89 -14466.65 -4806.81
Net changes in other Short-term borrowings -369.35 -
Proceeds from Short-term borrowings 4719.49 46403.68 48670.40 41400.86
Repayment of Short-term borrowings -3517.82 -46087.54 -48888.93 -38356.36
Repayment of Long-term borrowings to related party - -324.02 -15.79 -7.52
Interest and finance charges paid -256.64 -2776.57 -3595.34 -3200.92
Dividend and tax thereon paid -181.74 -858.33 -1037.64 -1735.82
Net Cash from financing activities 393.94 -505.61 -6193.95 -381.55
Net increase/(decrease) in cash and cash equivalents -46.95 -214.92 -76.21 152.86
Cash and cash equivalents at the beginning of the year 62.50 15.55 289.72 213.99
Add: Pursuant to Scheme of Amalgamation - 489.09 0.48 -
Cash and cash equivalents at the end of the year 15.55 289.72 213.99 366.85
Add: Bank balances not considered as cash and cash equivalents 9.33 1820.64 250.15 275.71
Closing balance of Cash and bank balances 24.88 2110.36 464.14 642.56
BALANCE SHEET 2013 2014 2015 2016
Shareholders' Equity and Liability
Shareholders' equity 13023.79 33678.82 34057.87 43908.56

Current liabilities 4217.83 28881.05 22501.50 27554.91

Long-term debt and other liabilities 1193.69 20929.81 21975.03 24515.76
Total shareholders' equity and liability 18435.31 83489.68 78534.40 95979.23

Assets
Current assets 1496.67 11149.29 9508.47 16486.31
Property, plant and equipment, net 363.30 17327.33 17422.16 13567.15
Long-term investments 15020.75 32429.03 29477.91 35246.72
Other assets 1468.57 22488.90 21987.70 30537.99
Other intangible assets 86.02 95.13 138.16 141.06
Total assets 18435.31 83489.68 78534.40 95979.23

INCOME STATEMENT 2013 2014 2015 2016

Net Revenue 2689.62 30353.59 34511.27 38634.44
Cost Of Goods Sold 1195.67 20049.20 22319.64 20361.88
Gross Profit 1493.95 10304.39 12191.63 18272.56

Operating Expenses:
Utility expense 557.48 4673.67 4433.05 4361.42
Other operating expenses 252.62 1501.73 1121.08 1181.48
Depreciation and amortisation expenses 147.91 1504.79 1011.67 1217.97
General and administrative expenses 469.23 3564.96 3655.93 3541.36
Total operating expenses 1427.24 11245.15 10221.73 10302.23

Operating Income 66.71 -940.76 1969.90 7970.33

Interest income and other, net -9.71 -130.88 -2.43 -2490.41
Income before taxes 56.99 -1071.65 1967.47 5479.90
Provision for income taxes 63.78 2147.74 -40.27 -8.02
Net income 120.77 1076.09 1927.20 5471.88
CASH FLOW STATEMENT 2013
A. CASH FLOW FROM OPERATING ACTIVITIES
Operating cash flow before working capital change 221.20
Adjustments -28.75
Cash generated from Operations 192.45
Direct Taxes Paid -320.75
Net Cash from Operating Activities -128.3
B. CASH FLOW FROM INVESTING ACTIVITIES
Net Cash from / ( used in ) Investing Activities -312.59
C. CASH FLOW FROM FINANCING ACTIVITIES
Net Cash from / ( used in ) Financing Activities 393.94
Net Increase or Decrease in cash Equivalent -46.95
Cash and Cash Euivalant Opening 62.50
Add: Pursuant to Scheme of Amalgamation -
Cash and Cash Euivalant Closing 15.55
 2014 2015 2016

2947.15 4953.13 3817.20

-16.76 -622.05 3576.16
2930.39 4331.08 7393.36
-98.02 -90.64 -30.82
2832.37 4240.44 7362.54

-2541.68 1877.30 -6828.13

-505.61 -6193.95 -381.55

-214.92 -76.21 152.86
15.55 289.72 213.99
489.09 0.48 -
289.72 213.99 366.85
Note no. Explaination
1 Shareholders' Equity = Share Capital + Reserves and Surplus
2 Current Liabilities = Short-Term Borrowings+Trade Payables+Short-Term Provisions

Long Term Debt and Other Liability = Long-Term Borrowings+Deferred Tax Liabilities (Net)
3 +Other Long Term Liabilities+Long-Term Provisions+Other Current Liabilities
Current Assets = Inventories+Trade Receivables+Cash and Bank Balances+Short-Term Loans
4 and Advances
Other Assets = Non-Current Investments+Deferred Tax Assets (Net)+Long-Term Loans and
5 Advances+Other Non-Current Assets+Other Current Assets

COGS = Cost of Materials Consumed+Purchase of Stock in Trade+Changes in Inventories of

Finished Goods+Work in Progress and Stock in Trade+Part of Employee Benefits+Part of
6 other expenses
Other Income/Loss = Compensation +Foreign gain/loss+ Adjustments pertaining to Earlier
7 Years
Other Expenses= Part of Employee Benefits+Part of other expenses+Depreciation and
8 Amortisation Expense
9 Interest Expense = Financial Cost
10 Taxes = Current Tax+Deferred Tax+MAT Credit+Earlier Years
 COGS
2013 2014 2015 2016
224.59 17945.59 18849.69 17164.00

105.78 819.25 998.46 1045.24

-205.77 -556.86 263.80 131.54

138.35 442.36 496.07 474.29

932.72 1398.86 1711.62 1546.81

Total 1195.67 20049.20 22319.64 20361.88

Other Expenses
46.27 116.72 154.06 129.23
206.35 1385.01 967.02 1052.25
Total 252.62 1501.73 1121.08 1181.48
 2013 2014
Employee benefit expense COGS Other ExpenCOGS Other Expe
Mining leases and concessions 2.9 2.9

Freehold Land 156.11 1048.22

Leasehold Land 1.94 469.03

Building(25%COGS) 60.7 182.11 1410.48 4231.45

Buildings leasehold(25%COGS) - - 3.16 9.48

Aircraf 1.47 1.36

River Fleet 131.92 142.88

ship(25%COGS) 8.56 25.69 43.125 129.38
Plant and equipment 873.21 17859.37
Furniture and fixtures 3.62 79.97
Berth 132.79
Vehicles(25%COGS) 1.54 4.6 17.67 53.01
Office Equipment 8.18 245.99
Railway siding 737.52
Road and bunders 9.02 12.72
Mine reserve and development(75%COGS) 612.51 204.17
Cost of producing facilities 3864.36
Rehabilitation & decommissioning asset 110.59
Total 1103.02 368.55 24861.80 6560.34
Ratio 2.99 1 3.79 1

Other Expenses COGS Other COGS Other

Consumption of stores and spare parts 159.96 365.21
Cess on crude oil, etc. 28.58
Water charges 0.16 69.02
Repairs to machinery 25.55 228.49
Repairs to building 4.41 20.99
Repairs others 2.11 15.26
Mining expenses
Excise duty 13.13 1.14
Royalty 58.46 0.75
Rates & taxes 1.84 8.19
Rent 2.97 10.90
Insurance 8.07 57.10
Conveyance and travelling expenses 1.34 4.03 4.545 13.64
Loss on sale of fixed assets (net) 6.62
Sitting fees and commission to directors 0.35 1.49
Payment to auditors 2.46 7.49
Provision for doubtful trade receivables/advances 0.07 247.01
Carriage outward 159.71 237.11
Export duty 341.95
General Expenses 19.48 58.44 197.19 591.56
Total 707.99 156.5 1061.125 1051.16
Ratio 4.52 1 1.01 1
 2015 2016
COGS Other ExpensCOGS Other Expenses
2.38 2.38

1115.61 1794.08

423.05 378.27

1540.23 4620.69 1981.70 5945.10

3.01 9.04 2.845 8.535

1.27 1.16

136.8 136.17
36.06 108.28 34.43 103.29
17441.81 23586.03
220.25 174.78
127.67 122.55
18.74 56.22 16.64 49.92
321.2 252.47
914.05 917.23
9.85 97.92
531.9 179.7 1119 373
2533.6 3311.11
82.13 114.39
23223.34 7210.20 31848.22 8674.79
3.22 1 3.67 1

COGS Other COGS Other

605.65 542.01

101.25 101.62
313.50 269.19
34.39 31.89
22 27.17
123.5 189.41
-6.18 -0.98
0.95 115.01
13.41 11.2
7.94 9.95
52.13 47.52
 6.44 19.33 5.89 17.68
1.22
2.19 2.4
7.73 7.9

232.59 161.63
13.16 24.98
194.46 583.38 190.14 570.42
1489.3 839.74 1383.25 941.78
1.77 1 1.47 1
BALANCE SHEET 2013 2014 2015 2016
Shareholders' Equity and Liability
Shareholders' Equity 100.00 158.59 161.5 237.1411

Current Liabilities 100.00 584.73 433.48 553.29

Long Term Debt and Other Liability 100.00 1753.37 1740.93 1953.77
Total shareholders' equity and liability 100.00 352.87 425.99 520.62

Assets
Current assets 100.00 644.9397 535.3083 1001.533
Property, plant and equipment, net 100.00 4669.42 4695.52 3634.42
Long-term investments 100.00 115.89 96.24 134.65
Other assets 100.00 1431.34 1397.21 1979.43
Other intangible assets 100.00 10.59 60.61 63.98
Total Assets 100.00 352.87 325.99 420.62

CASH FLOW STATEMENT 2013 2014 2015 2016

A. CASH FLOW FROM OPERATING ACTIVITIES
Operating cash flow before working capital change 100.00 1232.34 2139.2 1625.67
Adjustments 100.00 -41.7 2063.65 -12338.8
Cash generated from Operations 100.00 1422.67 2150.49 4025.41
Direct Taxes Paid 100.00 -69.45 -71.75 -90.4
Net Cash from Operating Activities 100.00 -2307.61 3405.09 -5838.53
B. CASH FLOW FROM INVESTING ACTIVITIES
Net Cash from / ( used in ) Investing Activities 100.00 713.1 -700.56 2084.37
C. CASH FLOW FROM FINANCING ACTIVITIES
Net Cash from / ( used in ) Financing Activities 100.00 -228.34 -1672.3 -196.85
Net Increase or Decrease in cash Equivalent 100.00 357.76 62.32 -425.58
Cash and Cash Euivalant Opening 100.00 -75.12 363.552 242.38
Cash and Cash Euivalant Closing 100.00 1763.15 1376.14 2259.09
INCOME STATEMENT 2013 2014 2015 2016
Net Revenue 100.00 1028.546 1183.128 1336.427
Cost Of Goods Sold 100.00 1576.817 1766.706 1602.968
Gross Profit 100.00 589.7413 716.0668 1123.104

Operating Expenses:
Utility expense 100.00 738.3565 695.1944 682.3456
Other operating expenses 100.00 494.462 343.7812 367.6906
Depreciation and amortisation expenses 100.00 917.3687 583.9767 723.4535
General and administrative expenses 100.00 659.7468 679.1339 654.7173
Total operating expenses 100.00 687.8948 616.1886 621.8288

Operating Income 100.00 -1510.22 2852.931 11847.73

Interest income and other, net 100.00 1247.889 -74.9743 25547.89
Income before taxes 100.00 -1980.42 3352.307 9515.547
Provision for income taxes 100.00 3267.419 -163.139 -112.574
Net income 100.00 791.0243 1495.761 4430.827
BALANCE SHEET 2013 2014 2015 2016
Shareholders' Equity and Liability
Shareholders' Equity 70.64 40.33 43.36 45.74

Current Liabilities 22.87 34.59 28.65 28.7

Long Term Debt and Other Liability 6.48 25.06 27.98 25.54
Total shareholders' equity and liability 100 100 100 100

Assets
Current assets 8.11 13.35 12.1 17.17
Property, plant and equipment, net 1.97 20.75 22.18 14.13
Long-term investments 81.47 38.84 37.53 36.72
Other assets 7.96 26.93 27.99 31.81
Other intangible assets 0.46 0.11 0.17 0.146
Total Assets 100 100 100 100
INCOME STATEMENT 2013 2014 2015 2016
Net Revenue 100.00 100.00 100.00 100.00
Cost Of Goods Sold 44.45 66.05 64.67 52.70
Gross Profit 55.55 33.95 35.33 47.30

Operating Expenses:
Utility expense 20.73 15.40 12.85 11.29
Other operating expenses 9.39 4.95 3.25 3.06
Depreciation and amortisation expenses 5.50 4.96 2.93 3.15
General and administrative expenses 17.45 11.74 10.59 9.17
Total operating expenses 53.06 37.05 29.62 26.67

Operating Income 2.48 -3.10 5.71 20.63

Interest income and other, net -0.36 -0.43 -0.01 -6.45
Income before taxes 2.12 -3.53 5.70 14.18
Provision for income taxes 2.37 7.08 -0.12 -0.02
Net income 4.49 3.55 5.58 14.16

Return on Equity
TWO LEVELS
Return on Assets
Financial Leverage Multiplier
THREE LEVELS
Net Profit Margin
Asset Turn Over
Financial Leverage Multiplier
Gross Margin
Operation Margin
Profit Margin
EPS
COGS to Net Sales
COGS to Net Sales
Current Ratio
Debt to Asset Ratio
Effective Taxx Rate
Fixed Asset Turnover
Current Asset Turnover
Working Capital Turnover
Payout Ratio
Retention Ratio
Du Pont Analysis
2013
(Net Income)/(Avg. Equity) -
(Net Income)/(Avg. Total Assets) -
(Avg. Total Assets)/(Avg. Equity) -
(Net Income)/(Net Sale) 1.10
(Net Sales)/(Avg. Total Assets) -
(Avg. Total Assets)/(Avg. Equity) -
Ratios
2013
(Gross Profit)/(Net Sales)
(Operating Profit)/(Net Sales)
(Net Income)/(Net Sale)
(Net Income-Preffered Div.)/(Avg. Co -
(COGS)/(Net Sales)
(Conversion Cost)/(Net Sales)
(Current Assets)/(Current Liabilities)
(Total Liabilities)/(Total Assets)
(Tax Expense)/(PBT)
(Net Sales)/(Avg. of Net Tangible & Int -
(Net Sales)/(Avg. Current Assets) -
(Net Sales)/(Avg. Current Assets-Curren -
(Total Cash Dividend Declared)/(Taotal Earning for the equity shareholde
1-(Payout Ratio)
Analysis
2014 2015 2016
1.30 1.02 0.99

0.60 0.40 0.44

2.18 2.54 2.24

1.01 1.01 1.22

0.60 0.43 0.44
2.18 2.54 2.24

tios
2014 2015 2016

or the equity shareholders)