---------------

---- in Rs.
Balance Cr.
Sheet of ---------------
Essar Oil ----
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of Funds
Total
Share
Capital 1,100.18 1,156.13 1,190.36 1,218.13 1,218.13
Equity
Share
Capital 1,100.18 1,156.13 1,190.36 1,218.13 1,218.13
Share Appl
ication Mon
ey 0 0 151.67 91.03 1,153.21
Preference
Share
Capital 0 0 0 0 0
Reserves 1,420.55 1,839.00 2,258.69 2,272.85 2,302.31

Revaluatio
n Reserves 0 0 0 0 0
Networth 2,520.73 2,995.13 3,600.72 3,582.01 4,673.65
Secured Lo
ans 5,602.96 7,739.08 9,134.05 9,419.15 9,470.59
Unsecured 
Loans 464.62 832.36 881.54 612.56 883.14
Total Debt 6,067.58 8,571.44 10,015.59 10,031.71 10,353.73
Total
Liabilities 8,588.31 11,566.57 13,616.31 13,613.72 15,027.38
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Application Of Funds
Gross
Block 279.12 303.86 551.68 13,364.74 13,802.50

Less:
Accum.
Depreciatio
n 94.76 107.59 121.6 758.9 1,493.15
Net Block 184.36 196.27 430.08 12,605.84 12,309.35
Capital
Work in
Progress 8,304.07 10,633.63 13,290.31 1,913.90 4,318.75
Investmen
ts 89.65 109.37 103.05 103.05 203

Inventories 36.49 3,417.97 4,890.92 2,250.93 3,969.44

Sundry
Debtors 81.12 176.84 803.36 1,165.35 2,033.30
Cash
and Bank 
Balance 31.4 114.65 142.78 155.44 117.09
Total
Current
Assets 149.01 3,709.46 5,837.06 3,571.72 6,119.83

Loans and
Advances 305.23 399.29 856.01 2,865.17 1,787.69
Fixed
Deposits 488.53 528.32 860.06 1,019.19 1,233.66

Total
CA, Loans 
&
Advances 942.77 4,637.07 7,553.13 7,456.08 9,141.18
Deffered
Credit 0 0 0 0 0
Current
Liabilities 931.04 4,002.75 7,747.31 8,439.81 10,922.09

Provisions 1.5 7.02 12.95 25.34 22.81

Total CL &
Provisions 932.54 4,009.77 7,760.26 8,465.15 10,944.90
Net
Current
Assets 10.23 627.3 -207.13 -1,009.07 -1,803.72
Miscellane
ous
Expenses 0 0 0 0 0
Total
Assets 8,588.31 11,566.57 13,616.31 13,613.72 15,027.38

Contingent
Liabilities 1,051.72 3,842.63 6,185.15 6,430.35 22,091.84

Book Value
(Rs) 23.26 26.28 29.38 29.05 29.3
 ---------------
---- in Rs.
Balance Cr.
Sheet of ---------------
Essar Oil ----
Mar '00 Mar '01 Sep '02 Dec '03 Mar '05

12 mths 12 mths 18 mths 15 mths 15 mths

Sources Of Funds
Total
Share
Capital 371.75 371.75 371.75 371.75 955.9
Equity
Share
Capital 371.75 371.75 371.75 371.75 955.9
Share
Application
Money 0 0 0 0 0
Preference
Share
Capital 0 0 0 0 0
Reserves 1,263.15 1,273.58 1,268.01 1,288.65 1,448.92

Revaluatio
n Reserves 0 0 0 0 0
Networth 1,634.90 1,645.33 1,639.76 1,660.40 2,404.82
Secured
Loans 3,836.52 4,239.55 5,188.83 5,826.75 4,833.06
Unsecured
Loans 43.19 288.73 333.5 267.52 281.65
Total Debt 3,879.71 4,528.28 5,522.33 6,094.27 5,114.71
Total
Liabilities 5,514.61 6,173.61 7,162.09 7,754.67 7,519.53
Mar '00 Mar '01 Sep '02 Dec '03 Mar '05

12 mths 12 mths 18 mths 15 mths 15 mths

Application Of Funds
Gross
Block 523.37 537.49 582.76 217.65 233.52

Less:
Accum.
Depreciatio
n 129.9 156.17 198.12 73.52 88.63
Net Block 393.47 381.32 384.64 144.13 144.89
Capital
Work in
Progress 5,113.98 5,899.16 7,109.35 8,241.48 7,429.74
Investmen
ts 68.99 69 76.27 78.19 73.05

Inventories 13.78 15.42 18.6 15.13 134.61

Sundry
Debtors 105.58 109.51 129.47 57.94 102.06
Cash and
Bank
Balance 24.6 16.41 9.12 7.97 39.03
Total
Current
Assets 143.96 141.34 157.19 81.04 275.7

Loans and
Advances 461.43 450.57 376.54 421.16 188.2
Fixed
Deposits 227.45 206.23 228.87 385.46 660.28
Total CA,
Loans &
Advances 832.84 798.14 762.6 887.66 1,124.18
Deffered
Credit 0 0 0 0 0
Current
Liabilities 910.98 1,000.99 1,185.44 999.21 706.16

Provisions 15.28 15.74 27.49 597.58 546.17

Total CL &
Provisions 926.26 1,016.73 1,212.93 1,596.79 1,252.33
Net
Current
Assets -93.42 -218.59 -450.33 -709.13 -128.15
Miscellane
ous
Expenses 31.59 42.72 42.16 0 0
Total
Assets 5,514.61 6,173.61 7,162.09 7,754.67 7,519.53

Contingent
Liabilities 1,272.83 1,126.97 1,382.24 1,831.65 1,580.39

Book Value
(Rs) 46.03 46.33 46.17 46.75 25.6
 ---------------
Profit & ---- in Rs.
Loss Cr.
account of ---------------
Essar Oil ----
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Income
Sales
Turnover 649.27 473.98 562.29 41,855.97 42,401.68
Excise
Duty 0 0 0 3,749.62 5,086.27
Net Sales 649.27 473.98 562.29 38,106.35 37,315.41
Other
Income 41.11 10.39 14.49 -1,117.35 871.93
Stock
Adjustment
s -97.79 96.85 317.13 -991.75 310.81
Total
Income 592.59 581.22 893.91 35,997.25 38,498.15
Expenditure
Raw
Materials 542.42 562.93 911.51 33,265.56 34,633.58
Power &
Fuel Cost 0 0 0 159.31 202.37
Employee
Cost 18.5 12.32 2.3 96.88 97.5

Other
Manufactur
ing
Expenses 0 0 0 182.79 174.11

Selling and
Admin
Expenses 93.84 31.51 9.95 1,090.10 1,345.34
Miscellane
ous
Expenses 3.88 13.85 5.63 0 107.43

Preoperativ
e Exp
Capitalised 0 0 0 0 0
Total
Expenses 658.64 620.61 929.39 34,794.64 36,560.33
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Operating
Profit -107.16 -49.78 -49.97 2,319.96 1,065.89
PBDIT -66.05 -39.39 -35.48 1,202.61 1,937.82
Interest 21.14 10.65 6.06 1,091.48 1,180.93
PBDT -87.19 -50.04 -41.54 111.13 756.89
Depreciatio
n 4.66 4.51 2.53 654.85 728.31
Other
Written Off 0 0 0 0 0

Profit
Before Tax -91.85 -54.55 -44.07 -543.72 28.58
Extra-
ordinary
items 0 0 0 0 0.88
PBT (Post
Extra-ord
Items) -91.85 -54.55 -44.07 -543.72 29.46
Tax 1.63 12.94 -2.89 -30.21 0
Reported
Net Profit -93.68 -67.49 -41.18 -513.51 29.46

Total Value
Addition 116.22 57.68 17.88 1,529.08 1,926.75

Preference
Dividend 0 0 0 0 0
Equity
Dividend 0 0 0 0 0
Corporate
Dividend
Tax 0 0 0 0 0
Per share data
(annualised)
Shares in
issue
(lakhs) 10,835.77 11,395.31 11,737.58 12,015.30 12,015.30
Earning
Per Share
(Rs) -0.86 -0.59 -0.35 -4.27 0.25
Equity
Dividend
(%) 0 0 0 0 0

Book Value
(Rs) 23.26 26.28 29.38 29.05 29.3
 ---------------
Profit & ---- in Rs.
Loss Cr.
account of ---------------
Essar Oil ----
Mar '00 Mar '01 Sep '02 Dec '03 Mar '05

12 mths 12 mths 18 mths 15 mths 15 mths

Income
Sales
Turnover 229.89 167.94 292.64 173.25 1,062.10
Excise
Duty 0 0 0 0 0
Net Sales 229.89 167.94 292.64 173.25 1,062.10
Other
Income -2.29 16.99 31.48 44.51 83.4
Stock
Adjustment
s 0 0 0 12.43 118.78
Total
Income 227.6 184.93 324.12 230.19 1,264.28
Expenditure
Raw
Materials 21.2 16.15 21.05 69.86 1,079.99
Power
& Fuel
Cost 0.18 0 0 0 0
Employee 
Cost 56.73 56.87 94.9 44.87 14.72

Other
Manufactur
ing
Expenses 48.29 24.96 40.41 17.23 0.06

Selling and
Admin
Expenses 25.01 27.68 40.55 40.51 127.97
Miscellane
ous
Expenses 11.62 2.17 13.11 5.44 3.95

Preoperativ
e Exp
Capitalised 0 0 0 0 0
Total
Expenses 163.03 127.83 210.02 177.91 1,226.69
Mar '00 Mar '01 Sep '02 Dec '03 Mar '05

12 mths 12 mths 18 mths 15 mths 15 mths

Operating
Profit 66.86 40.11 82.62 7.77 -45.81
PBDIT 64.57 57.1 114.1 52.28 37.59
Interest 31.48 21.05 24.39 9.36 17.01
PBDT 33.09 36.05 89.71 42.92 20.58
Depreciatio
n 22.3 20.99 35.47 17.69 6.22
Other
Written Off 7.57 2.11 11.94 11.2 0

Profit
Before Tax 3.22 12.95 42.3 14.03 14.36
Extra-
ordinary
items 0 0 -30.73 2.04 6.04
PBT (Post
Extra-ord
Items) 3.22 12.95 11.57 16.07 20.4
Tax 5.99 2.52 17.14 -4.57 10.54
Reported
Net Profit 25.05 10.43 25.16 20.64 9.86

Total Value
Addition 141.83 111.68 188.97 108.05 146.7

Preference
 Dividend 0 0 0 0 0
Equity Divi
dend 0 0 0 0 0
Corporate 
Dividend
Tax 0 0 0 0 0
Per share data
(annualised)
Shares in
issue
(lakhs) 3,551.44 3,551.44 3,551.44 3,551.44 9,392.98
Earning
Per Share
(Rs) 0.71 0.29 0.71 0.58 0.1
Equity Divi
dend (%) 0 0 0 0 0

Book Value
(Rs) 46.03 46.33 46.17 46.75 25.6