JSW Steel

Balance Sheet
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 497.06 504.04 537.01 537.01 527.11
Equity Share Capital 218.03 225.01 248.08 248.08 248.08
Share Application Money 0 21.76 0 0 0
Preference Share Capital 279.03 279.03 288.93 288.93 279.03
Reserves 3,859.16 5,068.25 7,140.24 7,422.24 9,179.23
Revaluation Reserves 0 0 0 0 0
Networth 4,356.22 5,594.05 7,677.25 7,959.25 9,706.34
Secured Loans 4,058.71 3,632.50 5,497.08 8,214.61 8,987.51
Unsecured Loans 37.34 540.53 2,049.45 3,058.02 2,597.59
Total Debt 4,096.05 4,173.03 7,546.53 11,272.63 11,585.10
Total Liabilities 8,452.27 9,767.08 15,223.78 19,231.88 21,291.44
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 8,368.43 10,512.76 13,952.32 16,896.75 21,795.58
Less: Accum. Depreciation 1,850.45 2,323.66 2,996.83 3,810.31 4,929.44
Net Block 6,517.98 8,189.10 10,955.49 13,086.44 16,866.14
Capital Work in Progress 1,861.90 2,002.93 5,612.43 9,242.06 6,684.27
Investments 85.08 192.94 923.53 1,250.11 1,768.35
Inventories 924.23 1,011.35 1,549.16 2,051.42 2,585.77
Sundry Debtors 229.19 245.16 337.39 398.14 563.25
Cash and Bank Balance 55.77 165.96 205.78 207.91 117.4
Total Current Assets 1,209.19 1,422.47 2,092.33 2,657.47 3,266.42
Loans and Advances 1,493.12 1,008.75 997.26 1,980.02 2,216.05
Fixed Deposits 43.1 171.84 133.44 212.05 169.71
Total CA, Loans & Advances 2,745.41 2,603.06 3,223.03 4,849.54 5,652.18
Deffered Credit 0 0 0 0 0
Current Liabilities 2,668.89 3,340.60 5,054.69 9,115.34 9,415.28
Provisions 393.26 75.22 436.01 80.93 264.22
Total CL & Provisions 3,062.15 3,415.82 5,490.70 9,196.27 9,679.50
Net Current Assets -316.74 -812.76 -2,267.67 -4,346.73 -4,027.32
Miscellaneous Expenses 304.05 194.87 0 0 0
Total Assets 8,452.27 9,767.08 15,223.78 19,231.88 21,291.44
Contingent Liabilities 1,835.96 5,362.37 11,145.95 8,170.64 6,990.48
Book Value (Rs) 259.73 322.8 394.99 410.07 504

JSW Steel
Profit & Loss account
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Income
Sales Turnover 6,686.82 9,337.34 12,628.91 15,179.29 19,456.64
Excise Duty 594.43 742.31 1,237.86 1,172.70 1,289.18
Net Sales 6,092.39 8,595.03 11,391.05 14,006.59 18,167.46
Other Income 360.11 110.6 309.91 -608.47 474.25
Stock Adjustments 139.29 -66.54 283.56 285.22 64.74
Total Income 6,591.79 8,639.09 11,984.52 13,683.34 18,706.45
Expenditure
Raw Materials 3,511.95 4,377.23 6,560.14 9,386.47 11,415.86
Power & Fuel Cost 415.76 393.1 532.43 673.07 1,014.82
Employee Cost 127.04 175.47 273.98 288.75 365.2
Other Manufacturing Expenses 72.68 87.84 165.58 194.03 249.6
Selling and Admin Expenses 336.71 572.82 639.26 717.74 724.63
Miscellaneous Expenses 74.42 103.39 146.99 170.58 188.53
Preoperative Exp Capitalised 0 0 0 0 0
Total Expenses 4,538.56 5,709.85 8,318.38 11,430.64 13,958.64
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 1,693.12 2,818.64 3,356.23 2,861.17 4,273.56
PBDIT 2,053.23 2,929.24 3,666.14 2,252.70 4,747.81
Interest 365.01 406.81 494.84 836.82 900.26
PBDT 1,688.22 2,522.43 3,171.30 1,415.88 3,847.55
Depreciation 405.82 498.23 687.18 827.66 1,123.41
Other Written Off 61.79 109.02 0 0 0
Profit Before Tax 1,220.61 1,915.18 2,484.12 588.22 2,724.14
Extra-ordinary items 73.52 16.15 -33.16 176.8 96.03
PBT (Post Extra-ord Items) 1,294.13 1,931.33 2,450.96 765.02 2,820.17
Tax 437.6 639.33 722.77 306.52 797.43
Reported Net Profit 864.29 1,292.00 1,728.19 458.5 2,022.74
Total Value Addition 1,026.61 1,332.62 1,758.24 2,044.17 2,542.78
Preference Dividend 27.9 27.9 29.06 28.99 28.92
Equity Dividend 125.58 204.98 261.87 18.71 177.7
Corporate Dividend Tax 21.53 33.49 49.44 8.11 34.31
Per share data (annualised)
Shares in issue (lakhs) 1,569.76 1,639.79 1,870.49 1,870.49 1,870.49
Earning Per Share (Rs) 53.28 77.09 90.84 22.96 106.59
Equity Dividend (%) 80 125 140 10 95
Book Value (Rs) 259.73 322.8 394.99 410.07 504
Tata Steel
Balance Sheet
Mar '07 Mar '08 Mar '09

12 mths 12 mths 12 mths

Sources Of Funds
Total Share Capital 580.67 6,203.30 6,203.45
Equity Share Capital 580.67 730.78 730.79
Share Application Money 147.06 0 0
Preference Share Capital 0 5,472.52 5,472.66
Reserves 13,368.42 21,097.43 23,501.15
Revaluation Reserves 0 0 0
Networth 14,096.15 27,300.73 29,704.60
Secured Loans 3,758.92 3,520.58 3,913.05
Unsecured Loans 5,886.41 14,501.11 23,033.13
Total Debt 9,645.33 18,021.69 26,946.18
Total Liabilities 23,741.48 45,322.42 56,650.78
Mar '07 Mar '08 Mar '09

12 mths 12 mths 12 mths

Application Of Funds
Gross Block 16,029.49 16,479.59 20,057.01
Less: Accum. Depreciation 7,486.37 8,223.48 9,062.47
Net Block 8,543.12 8,256.11 10,994.54
Capital Work in Progress 2,497.44 4,367.45 3,487.68
Investments 6,106.18 4,103.19 42,371.78
Inventories 2,332.98 2,604.98 3,480.47
Sundry Debtors 631.63 543.48 635.98
Cash and Bank Balance 446.51 465 463.58
Total Current Assets 3,411.12 3,613.46 4,580.03
Loans and Advances 4,025.95 34,582.84 5,884.61
Fixed Deposits 7,234.84 0.04 1,127.02
Total CA, Loans & Advances 14,671.91 38,196.34 11,591.66
Deffered Credit 0 0 0
Current Liabilities 6,349.24 6,842.26 8,965.76
Provisions 1,930.46 2,913.52 2,934.19
Total CL & Provisions 8,279.70 9,755.78 11,899.95
Net Current Assets 6,392.21 28,440.56 -308.29
Miscellaneous Expenses 202.53 155.11 105.07
Total Assets 23,741.48 45,322.42 56,650.78
Contingent Liabilities 7,185.93 9,250.08 12,188.55
Book Value (Rs) 240.31 298.78 331.68

Tata Steel
Profit & Loss account
Mar '07 Mar '08 Mar '09

12 mths 12 mths 12 mths

Income
Sales Turnover 19,756.84 22,191.43 26,843.53
Excise Duty 2,304.18 2,537.02 2,495.21
Net Sales 17,452.66 19,654.41 24,348.32
Other Income 362.12 586.41 603.07
Stock Adjustments 82.47 38.73 289.27
Total Income 17,897.25 20,279.55 25,240.66
Expenditure
Raw Materials 5,762.42 6,063.53 8,568.71
Power & Fuel Cost 1,027.84 1,038.77 1,222.48
Employee Cost 1,454.83 1,589.77 2,305.81

Other Manufacturing Expenses 1,561.40 1,654.96 2,127.48

Selling and Admin Expenses 244.92 247.77 400.24
Miscellaneous Expenses 805.99 1,029.30 1,180.08
Preoperative Exp Capitalised -236.02 -175.50 -343.65
Total Expenses 10,621.38 11,448.60 15,461.15
Mar '07 Mar '08 Mar '09

12 mths 12 mths 12 mths

Operating Profit 6,913.75 8,244.54 9,176.44

PBDIT 7,275.87 8,830.95 9,779.51
Interest 251.25 929.03 1,489.50
PBDT 7,024.62 7,901.92 8,290.01
Depreciation 819.29 834.61 973.4
Other Written Off 0.00 0.00 0.00
Profit Before Tax 6,205.33 7,067.31 7,316.61
Extra-ordinary items 57.29 0 0.00
PBT (Post Extra-ord Items) 6,262.62 7,067.31 7,316.61
Tax 2,040.47 2,380.28 2,114.87
Reported Net Profit 4,222.15 4,687.03 5,201.74
Total Value Addition 4,858.96 5,385.07 6,892.44
Preference Dividend 0 22.19 109.45
Equity Dividend 943.91 1,168.93 1,168.95
Corporate Dividend Tax 160.42 202.43 214.10
Per share data (annualised)
Shares in issue (lakhs) 5,804.73 7,305.84 7,305.92
Earning Per Share (Rs) 72.74 63.85 69.7
Equity Dividend (%) 155 160.00 160.00
Book Value (Rs) 240.31 298.78 331.68
Steel Authority of India
Balance Sheet
Mar '07 Mar '08 Mar '09

12 mths 12 mths 12 mths

Sources Of Funds
Total Share Capital 4,130.40 4,130.40 4,130.40
Equity Share Capital 4,130.40 4,130.40 4,130.40
Share Application Money 0 0 0
Preference Share Capital 0 0 0
Reserves 13,182.75 18,933.17 23,853.70
Revaluation Reserves 0 0 0
Networth 17,313.15 23,063.57 27,984.10
Secured Loans 1,556.39 925.31 1,473.60
Unsecured Loans 2,624.13 2,119.93 6,065.19
Total Debt 4,180.52 3,045.24 7,538.79
Total Liabilities 21,493.67 26,108.81 35,522.89
Mar '07 Mar '08 Mar '09

12 mths 12 mths 12 mths

Application Of Funds
Gross Block 29,912.71 30,922.73 32,728.69
Less: Accum. Depreciation 18,315.00 19,351.42 20,459.86
Net Block 11,597.71 11,571.31 12,268.83
Capital Work in Progress 1,236.04 2,389.55 6,544.24
Investments 513.79 538.2 652.7
Inventories 6,651.47 6,857.23 10,121.45
Sundry Debtors 2,314.75 3,048.12 3,024.36
Cash and Bank Balance 437.36 470.17 347.94
Total Current Assets 9,403.58 10,375.52 13,493.75
Loans and Advances 3,097.70 3,644.22 4,292.50
Fixed Deposits 9,172.47 13,289.27 17,880.59
Total CA, Loans & Advances 21,673.75 27,309.01 35,666.84
Deffered Credit 0 0 0
Current Liabilities 8,105.99 8,960.91 10,201.51
Provisions 5,550.78 6,797.83 9,408.21
Total CL & Provisions 13,656.77 15,758.74 19,609.72
Net Current Assets 8,016.98 11,550.27 16,057.12
Miscellaneous Expenses 129.15 59.48 0
Total Assets 21,493.67 26,108.81 35,522.89
Contingent Liabilities 5,605.90 17,143.54 32,193.13
Book Value (Rs) 41.92 55.84 67.75

Steel Authority of India

Profit & Loss account
Mar '07 Mar '08 Mar '09

12 mths 12 mths 12 mths

Income
Sales Turnover 39,722.59 46,175.85 49,331.47
Excise Duty 5,393.82 6,217.18 5,532.89
Net Sales 34,328.77 39,958.67 43,798.58
Other Income 1,408.71 1,701.59 2,002.77
Stock Adjustments 289.15 436.28 1,872.87
Total Income 36,026.63 42,096.54 47,674.22
Expenditure
Raw Materials 16,252.28 17,257.67 23,915.45
Power & Fuel Cost 2,578.84 2,825.56 3,119.42
Employee Cost 5,087.76 7,919.28 8,401.73
Other Manufacturing Expenses 346.59 492.18 643.35
Selling and Admin Expenses 1,602.31 1,727.55 1,587.61
Miscellaneous Expenses 528.71 737.79 992.85
Preoperative Exp Capitalised -1,423.08 -1,832.22 -1,930.40
Total Expenses 24,973.41 29,127.81 36,730.01
Mar '07 Mar '08 Mar '09

12 mths 12 mths 12 mths

Operating Profit 9,644.51 11,267.14 8,941.44

PBDIT 11,053.22 12,968.73 10,944.21
Interest 332.13 250.94 253.24
PBDT 10,721.09 12,717.79 10,690.97
Depreciation 1,211.48 1,235.48 1,285.12
Other Written Off 128.59 75.49 128.02
Profit Before Tax 9,381.02 11,406.82 9,277.83
Extra-ordinary items 60.57 64.61 181.26
PBT (Post Extra-ord Items) 9,441.59 11,471.43 9,459.09
Tax 3,253.80 3,934.65 3,284.28
Reported Net Profit 6,202.29 7,536.78 6,174.81
Total Value Addition 8,721.13 11,870.14 12,814.56
Preference Dividend 0 0 0
Equity Dividend 1,280.42 1,528.25 1,073.90
Corporate Dividend Tax 197.98 258.91 181.26
Per share data (annualised)
Shares in issue (lakhs) 41,304.01 41,304.01 41,304.01
Earning Per Share (Rs) 15.02 18.25 14.95
Equity Dividend (%) 31 37 26
Book Value (Rs) 41.92 55.84 67.75

Year→
Company→
Ratios↓
Current Ratio
Quick Ratio
Debt Equity Ratio
Interest Coverage Ratio
Total Assets Turnover
Fixed Assets Turnover Ratio
Inventory Turnover Ratio
Debtors Turnover Ratio
Net Profit Margin(%)
Gross Profit Margin(%)
Operating Profit Margin(%)
Return On Net Worth(%)
Return on Assets
Return On Capital Employed(%)
Earnings Per Share
Formula
Current Assets/Current Liabilities
(current Assets-Inventories)/Current Liabilities
External Debt/Proprietors Fund
PBIT/Net Interest Charge
Sales/Total Assets
Sales/Fixed Assets
Cost of Sales/Inventories
Credit Sales/Average Debtors
Net Profit After Tax/Sales
(Gross Profit/Net Sales) * 100
(Sales-Cost of Sales)/Sales
Net Profit After Tax/Equity
Net Profit Before Interest/Total Assets
(Net Profit Before Interest On LT-Debt)/(Equity+LT Debt)
Net Profit After Tax/No Of Shares Outstanding
 2007 2008 2009
JSW TATA SAIL JSW TATA SAIL JSW TATA

0.64 1.69 1.52 0.51 3.81 1.68 0.44 0.91

0.43 1.37 1.01 0.28 3.52 1.23 0.28 0.57
0.84 0.69 0.24 1.06 1.08 0.13 1.51 1.34
5.85 26.19 30.64 6.13 8.35 48.48 3 5.71
0.88 0.74 1.61 0.75 0.43 1.55 0.73 0.43
0.93 1.68 2.71 0.82 1.2 1.31 0.83 1.22
8.52 7.69 5.36 9.26 10.84 8.62 8.75 9.36
36.24 29.81 16.36 39.11 33.45 14.9 38.09 41.29
14.98 23.53 17.38 14.92 23.43 18.16 3.23 21.09
28.55 39.84 29.94 23.43 37.7 25.1 14.51 33.69
32.79 39.61 28.09 29.46 41.94 28.19 20.42 37.68
23.1 29.95 35.34 22.99 21.52 31.77 5.59 21.1
9.8 13.19 17.65 394.99 296.65 55.69 410.07 330.24
22.89 27.71 44.94 18.76 17.11 44.03 11.53 15.01
77.09 72.74 15.02 90.84 63.85 18.25 22.96 69.7
SAIL

1.74
1.24
0.27
40.02
1.25
1.35
5.86
14.43
13.4
17.48
20.41
22.4
67.75
27.61
14.95
 1) Current Ratio

4.5
4
3.5
3
2.5 JSW
TATA
2
SAIL
1.5
1
0.5
0
2007 2008 2009

4) Interest Coverage Ratio

60

50

40

JSW
30
TATA
SAIL
20

10

0
2007 2008 2009

7) Inventory Turnover Ratio

12

10

JSW
12

10

JSW
6
TATA
SAIL
4

0
2007 2008 2009

10) Gross Profit Margin(%)

45

40

35

30

25 JSW
20 TATA
SAIL
15

10

0
2007 2008 2009

13) Return on Assets

450

400

350

300

250 JSW
200 TATA
SAIL
150

100

50
300

250 JSW
200 TATA
SAIL
150

100

50

0
2007 2008 2009
 2) Quick Ratio
4

3.5

2.5
JSW
2
TATA
1.5 SAIL

0.5

0
2007 2008 2009

5) Total Assets Turnover

1.8

1.6

1.4

1.2

1 JSW
0.8 TATA
SAIL
0.6

0.4

0.2

0
2007 2008 2009

8) Debtors Turnover Ratio

45
40
35
30
25 JSW
45
40
35
30
25 JSW
20 TATA
SAIL
15
10
5
0
2007 2008 2009

11) Operating Profit Margin(%)

45

40

35

30

25 JSW
20 TATA
SAIL
15

10

0
2007 2008 2009

14) Return On Capital Employed(%)

50
45
40
35
30
JSW
25
TATA
20 SAIL
15
10
5
30
JSW
25
TATA
20 SAIL
15
10
5
0
2007 2008 2009
 3) Debt Equity Ratio
1.6

1.4

1.2

1
JSW
0.8
TATA
0.6 SAIL

0.4

0.2

0
2007 2008 2009

6) Fixed Assets Turnover Ratio

2.5

JSW
1.5
TATA
SAIL
1

0.5

0
2007 2008 2009

9) Net Profit Margin(%)

25

20

15
JSW
25

20

15
JSW
TATA
10 SAIL

0
2007 2008 2009

12) Return On Net Worth(%)

40

35

30

25
JSW
20
TATA
15 SAIL

10

0
2007 2008 2009

15) Earnings Per Share

100
90
80
70
60
JSW
50
TATA
40 SAIL
30
20
10
60
JSW
50
TATA
40 SAIL
30
20
10
0
2007 2008 2009
 JSW
TATA
SAIL

2009

JSW
TATA
SAIL

2009

JSW
 JSW
TATA
SAIL

2009

JSW
TATA
SAIL

2009

JSW
TATA
SAIL
 JSW
TATA
SAIL

2009