Profit and Loss Account of SBI

Balance Sheet of SBI Capital 671.04 635 634.88 634.88 631.47 526.3 526.3 Reserves Total 83,280.16 64,351.04 65,314.32 57,312.82 48,401.19 30,772.26 27,117.79 Equity Share Warrants 0 0 0 0 0 0 0 Equity Application Money 0 0 0 0 0 0 0 742,073.1 537,403.9 435,521.0 380,046.0 Deposits 1,043,647.36 933,932.81 804,116.23 3 4 9 6 Borrowings 127,005.57 119,568.96 103,011.60 84,057.93 51,727.41 39,703.33 30,641.24 Other Liabilities & Provisions 82,805.30 106,206.00 80,879.58 80,964.20 83,961.07 60,283.15 55,829.23 Others 0 0 0 0 0 0 0 965,042.9 722,125.0 566,806.1 494,160.6 TOTAL LIABILITIES 1,337,409.43 1,224,693.81 1,053,956.61 6 8 3 2 Cash & Balances with RBI 54,075.94 94,395.50 61,290.86 55,546.17 51,534.61 29,076.43 21,652.70 Balances with Banks & money at Call 43,087.22 28,478.64 24,897.85 48,857.63 15,931.72 22,892.26 22,907.30 Investments 312,197.61 295,600.57 295,785.20 275,953.9 6 189,501.2 7 149,148.8 8 162,534.2 4 Advances 867,578.89 756,719.45 631,914.15 542,503.2 0 416,768.2 0 337,336.4 9 261,800.9 4 Fixed Assets 5,466.55 4,764.19 4,412.91 3,837.85 3,373.48 2,818.87 2,752.93 Other Assets 55,003.22 44,735.46 35,655.64 38,344.15 45,015.80 25,533.20 22,512.51 Miscellaneous Expenditure not written off 0 0 0 0 0 0 0 Others 0 0 0 0 0 0 0 TOTAL ASSETS 1,337,409.43 1,224,693.81 1,053,956.61 965,042.9 6 722,125.0 8 566,806.1 3 494,160.6 2 Contingent Liability 832,605.33 730,484.61 548,446.88 723,699.7 5 810,796.4 8 526,954.6 6 228,881.3 8 Bills for collection 66,959.85 59,904.98 47,922.33 43,870.57 18,946.80 23,367.51 20,592.95 Profit and Loss Account of SBI Interest Earned 106,521.45 81,394.36 70,993.92 63,788.43 x 48,950.3 1 37,242.3 3 35,979.57 Other Income 14,351.45 15,824.60 14,968.15 12,694.31 9,398.43 7,405.98 7,469.75 58,348.7 44,648.3 Total 120,872.90 97,218.96 85,962.07 76,482.74 4 1 43,449.32 II. Expenditure 31,929.0 8 22,184.1 3 20,390.45 Interest expended 63,230.37 48,867.96 47,322.48 42,915.29 Payments to/provisions for Employees 16,974.04 15,211.62 12,754.65 9,747.31 7,785.87 7,932.59 8,123.05 Operating Expenses & 4,564.82 4,089.86 3,598.09 2,927.84 2,382.81 1,942.13 1,808.99

Administrative Expenses Depreciation 1,007.17 990.49 932.66 763.14 679.98 602.39 763.68 Other Expenses, Provisions & Contingencies 16,613.19 13,104.80 7,428.11 5,948.51 5,132.11 4,361.99 5,457.00 Provision for Tax 6,341.37 5,712.89 6,167.78 5,972.52 3,824.20 3,015.10 1,683.59 Fringe Benefit tax -21.28 0 0 142 105 88.5 458 Deferred Tax 455.93 976.82-1,407.75-1,055.10-219.43-19.83 357.89 51,619.6 40,107.0 Total 109,165.61 88,954.44 76,796.02 67,361.51 2 0 39,042.65 III. Profit & Loss Reported Net Profit 11,707.29 8,264.52 9,166.05 9,121.23 6,729.12 4,541.31 4,406.67 Balance Sheet of HDFC Ltd. Share Capital 295.39 293.37 287.11 284.45 284.03 253 249.56 Reserves Total 18,722.19 17,023.14 14,910.55 12,852.94 11,663.31 5,298.39 4,218.77 Equity Share Warrants 0 0 0 0 0 0 0 Equity Application Money 0 0 0 0 0 0 0 Total Shareholders Funds 19,017.58 17,316.51 15,197.66 13,137.39 11,947.34 5,551.39 4,468.33 Secured Loans 91,849.96 81,641.52 63,605.65 55,180.08 51,736.69 39,668.71 31,344.01 Unsecured Loans 47,277.54 33,470.78 32,959.65 28,676.00 17,414.53 17,524.32 15,377.34 Total Loan Funds 139,127.50 115,112.30 96,565.30 83,856.08 69,151.22 57,193.03 46,721.35 Other Liabilities 2,540.81 1,726.12 0 0 0 0 0 Total Liabilities 160,685.89 134,154.93 111,762.96 96,993.47 81,098.56 62,744.42 51,189.68 Loan / Non-Current Assets 127,426.14 101,774.33 97,966.99 85,198.11 73,327.78 56,512.36 44,990.12 Fixed Assets Gross Block 555.58 547.54 524.45 493.85 488.57 493.11 515.37 Less: Accumulated Depreciation 321.63 313.59 302.34 290.44 277.91 277.87 258.42 Less:Impairment of Assets 0 0 0 0 0 0 0 Net Block 233.95 233.95 222.11 203.41 210.66 215.24 256.95 Lease Adjustment 0 0 0 0-2.17-2.17-9.64 Capital Work in Progress 0 0 0 0 0 0 0 Investments 12,207.00 11,832.42 10,727.45 10,468.75 6,915.01 3,666.23 3,876.34 Current Assets,Loans & Advances Inventories 0 0 0 0 0 0 0 Sundry Debtors 60.21 1.27 0.73 27.77 2.01 5.02 2.19 Cash and Bank Balance 5,472.85 6,130.03 5,224.15 1,718.54 777.73 1,373.35 1,201.62 Loans and Advances 20,433.56 18,472.60 2,214.27 3,824.52 3,042.87 3,678.19 3,003.22 Total Current Assets 25,966.62 24,603.90 7,439.15 5,570.83 3,822.61 5,056.56 4,207.03 xi

Less: Current Liab. & Provisions Current Liabilities 4,263.52 3,003.09 2,656.16 2,883.37 1,906.95 1,484.97 1,101.36 Provisions 2,570.53 2,084.34 2,222.31 1,780.08 1,415.02 1,341.93 1,107.14 Total Current Liabilites & Provisions 6,834.05 5,087.43 4,878.47 4,663.45 3,321.97 2,826.90 2,208.50 Net Current Assets 19,132.57 19,516.47 2,560.68 907.38 500.64 2,229.66 1,998.53 Miscellaneous Expenses not written off 0 0 0 0 0 0 0 Deferred Tax Assets 677.64 497.7 335.71 267.72 200.28 177.83 137.47 Deferred Tax Liability 49.44 49.57 49.98 51.9 53.64 54.73 60.09 Net Deferred Tax 628.2 448.13 285.73 215.82 146.64 123.1 77.38 Other Assets 1,058.03 349.63 0 0 0 0 0 Total Assets 160,685.89 134,154.93 111,762.96 96,993.47 81,098.56 62,744.42 51,189.68 Contingent Liability 3,330.40 2,024.95 1,409.68 1,066.56 615.8 425.04 506.71 Profit and Loss Account of HDFC Ltd. Year 2011-12 2010-11 2009-10 2008-09 2007-08 2006-07 2005-06 Operating Income 17,332.94 12,852.93 11,338.28 10,994.79 8,176.35 5,831.68 4,210.39 Other Income 21.34 25.14 22.55 22.87 697.68 70.96 76.5 Total Income 17,354.28 12,878.07 11,360.83 11,017.66 8,874.03 5,902.64 4,286.89 EXPENDITURE : Operating & Administration Expenses 159.94 144.2 147.91 146.56 134.16 111.54 105.56 Miscellaneous Expenses 154.38 119.27 83.87 74.29 56.34 48.26 33.23 Interest 11,156.78 7,559.94 7,063.08 7,432.45 5,184.59 3,673.23 2,497.52 Less: Pre-operative Expenses Capitalised 0 0 0 0 0 0 0 Employee Expense 197.02 168.5 131.78 127.86 108.84 84.37 74.59 Total Expenditure 11,668.12 7,991.91 7,426.64 7,781.16 5,483.93 3,917.40 2,710.90 Gross Profit 5,686.16 4,886.16 3,934.19 3,236.50 3,390.10 1,985.24 1,575.99 Depreciation 20.54 19.2 18.2 17.46 16.6 17.46 18.69 Profit Before Tax 5,665.62 4,866.96 3,915.99 3,219.04 3,373.50 1,967.78 1,557.30 Tax 1,555.00 1,351.00 1,091.00 942 955 415 306 Fringe Benefit tax 0 0 0 2.5 2.25 2.4 2 Deferred Tax -12-19 -1.5-8 -20-20 -8 Reported Net Profit 4,122.62 3,534.96 2,826.49 2,282.54 2,436.25 1,570.38 1,257.30 xii

Balance Sheet of Maruti Suzuki Ltd. Share Capital 144.5 144.5 144.5 144.5 144.5 144.5 144.5 Reserves Total 15,042.90 13,723.00 11,690.60 9,200.40 8,270.90 6,709.40 5,308.10 Equity Share Warrants 0 0 0 0 0 0 0 Equity Application Money 0 0 0 0 0 0 0 Total Shareholders Funds 15,187.40 13,867.50 11,835.10 9,344.90 8,415.40 6,853.90 5,452.60 Secured Loans 0 0 26.5 0.1 0.1 63.5 71.7 Unsecured Loans 0 139 794.9 698.8 900.1 567.3 0 Total Debt 0 139 821.4 698.9 900.2 630.8 71.7 Other Liabilities 264.9 235.5 0 0 0 0 0 Total Liabilities 15,452.30 14,242.00 12,656.50 10,043.80 9,315.60 7,484.70 5,524.30 Gross Block 14,734.70 11,737.70 10,406.70 8,720.60 7,285.30 6,146.80 4,954.60 Less : Accumulated Depreciation 7,214.00 6,208.30 5,382.00 4,649.80 3,988.80 3,487.10 3,259.40 Less:Impairment of Assets 0 0 0 0 0 0 0 Net Block 7,520.70 5,529.40 5,024.70 4,070.80 3,296.50 2,659.70 1,695.20 Lease Adjustment 0 0 0 0 0 0 0 Capital Work in Progress 611.4 862.5 387.6 861.3 736.3 250.7 92 Investments 6,147.40 5,106.80 7,176.60 3,173.30 5,180.70 3,409.20 2,051.20 Current Assets, Loans & Advances Inventories 1,796.50 1,415.00 1,208.80 902.3 1,038.00 701.4 881.2 Sundry Debtors 937.6 824.5 809.9 937.8 655.5 747.4 646.1 Cash and Bank 2,436.10 2,508.50 98.2 1,939.00 330.5 1,422.80 1,401.60 Loans and Advances 1,154.70 876.6 1,655.50 1,730.90 1,073.90 1,533.40 812 Total Current Assets 6,324.90 5,624.60 3,772.40 5,510.00 3,097.90 4,405.00 3,740.90 Less : Current Liabilities and Provisions Current Liabilities 6,017.40 3,632.50 2,936.50 3,035.80 2,456.20 2,011.00 1,505.80 Provisions 530.2 386.2 631.3 380.7 369.5 1,061.40 471.3 Total Current Liabilities 6,547.60 4,018.70 3,567.80 3,416.50 2,825.70 3,072.40 1,977.10 Net Current Assets -222.7 1,605.90 204.6 2,093.50 272.2 1,332.60 1,763.80 Miscellaneous Expenses not written off 0 0 0 0 0 0 0 Deferred Tax Assets 82.5 86.8 83.6 78.9 99.6 110.1 121.1 Deferred Tax Liability 384.8 251.2 220.6 234 269.7 277.6 199 Net Deferred Tax -302.3-164.4-137 -155.1-170.1-167.5-77.9 Other Assets 1,697.80 1,301.80 0 0 0 0 0 Total Assets 15,452.30 14,242.00 12,656.50 10,043.80 9,315.60 7,484.70 5,524.30 Contingent Liabilities 4,131.90 4,266.10 2,696.50 1,339.60 2,186.10 1,684.40 881.4 xiii

Profit and Loss Account of Maruti Suzuki Ltd. Sales Turnover 39,495.30 40,871.50 31,947.70 23,180.60 21,025.20 17,205.90 14,753.10 Excise Duty 3,908.20 4,253.10 2,848.80 2,726.90 3,133.60 2,509.60 2,737.20 Net Sales 35,587.10 36,618.40 29,098.90 20,453.70 17,891.60 14,696.30 12,015.90 Other Income 826.8 508.8 1,024.30 1,000.10 837.1 598.4 429.2 Stock Adjustments 131.2 56 193.3-281.8 336.3-243.1 236 Total Income 36,545.10 37,183.20 30,316.50 21,172.00 19,065.00 15,051.60 12,681.10 EXPENDITURE : Raw Materials 28,239.50 28,419.90 22,363.50 15,763.10 13,791.50 10,739.00 9,335.60 Power & Fuel Cost 229.5 210.2 216.6 193.6 147.3 97.4 57.2 Employee Cost 843.8 703.6 538 463.5 346.8 266.29 211.45 Other Manufacturing Expenses 181.5 155 308.9 254.7 197.8 153.5 141.3 Selling and Administration Expenses 2,906.20 2,963.10 2,120.97 1,553.56 1,141.28 941.67 668.56 Miscellaneous Expenses 847.5 609.8 317.53 510.24 309.52 264.94 211.19 Less: Pre-operative Expenses Capitalised 42.7 25.7 0 0 0 0 0 Total Expenditure 33,205.30 33,035.90 25,865.50 18,738.70 15,934.20 12,462.80 10,625.30 Operating Profit 3,339.80 4,147.30 4,451.00 2,433.30 3,130.80 2,588.80 2,055.80 Interest 55.2 25 33.5 51 59.6 37.6 20.4 Gross Profit 3,284.60 4,122.30 4,417.50 2,382.30 3,071.20 2,551.20 2,035.40 Depreciation 1,138.40 1,013.50 825 706.5 568.2 271.4 285.4 Profit Before Tax 2,146.20 3,108.80 3,592.50 1,675.80 2,503.00 2,279.80 1,750.00 Tax 413.8 810.1 1,123.00 459.2 759.8 621.4 587.3 Fringe Benefit tax 0 0 0 9.7 9.8 6.7 5.7 Deferred Tax 97.2 10.1-28.1-11.8 2.6 89.7-32.1 Reported Net Profit 1,635.20 2,288.60 2,497.60 1,218.70 1,730.80 1,562.00 1,189.10 Balance Sheet of Infosys Ltd. Share Capital 287 287 287 286 286 286 138 Reserves Total 29,470.00 24,214.00 21,749.00 17,523.00 13,204.00 10,876.00 6,759.00 Equity Share Warrants 0 0 0 0 0 0 0 Equity Application Money 0 0 0 0 0 0 0 17,809.0 13,490.0 11,162.0 Total Shareholders Funds 29,757.00 24,501.00 22,036.00 0 0 0 6,897.00 Secured Loans 0 0 0 0 0 0 0 Unsecured Loans 0 0 0 0 0 0 0 xiv

Total Debt 0 0 0 0 0 0 0 Other Liabilities 21 25 0 0 0 0 0 17,809.0 13,490.0 11,162.0 Total Liabilities 29,778.00 24,526.00 22,036.00 0 0 0 6,897.00 Gross Block 7,173.00 6,934.00 6,357.00 5,986.00 4,508.00 3,889.00 2,837.00 Less:Accumulated Depreciation 3,112.00 2,878.00 2,578.00 2,187.00 1,837.00 1,739.00 1,275.00 Less:Impairment of Assets 0 0 0 0 0 0 0 Net Block 4,061.00 4,056.00 3,779.00 3,799.00 2,671.00 2,150.00 1,562.00 Lease Adjustment 0 0 0 0 0 0 0 Capital Work in Progress 588 249 409 615 1,260.00 957 571 Investments 1,409.00 1,325.00 4,626.00 1,005.00 964 839 876 Current Assets, Loans & Advances Inventories 0 0 0 0 0 0 0 Sundry Debtors 5,404.00 4,212.00 3,244.00 3,390.00 3,093.00 2,292.00 1,518.00 Cash and Bank 19,557.00 15,165.00 9,797.00 9,039.00 6,429.00 5,470.00 3,279.00 Loans and Advances 3,163.00 2,373.00 3,898.00 3,164.00 2,705.00 1,199.00 1,252.00 Total Current Assets 28,124.00 21,750.00 16,939.00 15,593.00 12,227.00 8,961.00 6,049.00 Less : Current Liabilities and Provisions Current Liabilities 1,609.00 1,318.00 1,388.00 1,126.00 1,095.00 881 642 Provisions 4,428.00 3,010.00 2,410.00 2,179.00 2,636.00 943 1,575.00 Total Current Liabilities 6,037.00 4,328.00 3,798.00 3,305.00 3,731.00 1,824.00 2,217.00 Net Current Assets 22,087.00 17,422.00 13,141.00 12,288.00 8,496.00 7,137.00 3,832.00 Miscellaneous Expenses not written off 0 0 0 0 0 0 0 Deferred Tax Assets 459 406 313 139 99 79 56 Deferred Tax Liabilities 270 176 232 37 0 0 0 Net Deferred Tax 189 230 81 102 99 79 56 Other Assets 1,444.00 1,244.00 0 0 0 0 0 17,809.0 13,490.0 11,162.0 Total Assets 29,778.00 24,526.00 22,036.00 0 0 0 6,897.00 Contingent Liabilities 4,194.00 2,749.00 2,110.00 2,370.00 2,661.00 1,945.00 1,434.00 Profit and Loss Account of Infosys Ltd. Year 2011-12 2010-11 2009-10 2008-09 2007-08 2006-07 xv 2005-06 Operating Income 31,254.00 25,385.00 21,140.00 20,264.00 15,648.00 13,149.00 9,028.00 Excise Duty 0 0 0 0 0 0 0 Net Operating Income 31,254.00 25,385.00 21,140.00 20,264.00 15,648.00 13,149.00 9,028.00 Other Income 2,313.00 1,147.00 967 876 683 381 227 Stock Adjustments 0 0 0 0 0 0 0 Total Income 33,567.00 26,532.00 22,107.00 21,140.00 16,331.00 13,530.00 9,255.00

EXPENDITURE : Cost of Traded Software Packages 0 0 0 0 0 0 0 Operating Expenses 3,256.00 2,636.00 1,913.00 1,576.00 1,295.37 1,163.40 717.46 Employee Cost 15,473.00 12,459.00 10,340.00 9,960.00 7,791.00 6,293.00 4,257.00 Power/Electricity Charges 154 142 122 125 106 88 62 Selling and Administration Exp. 2,162.00 1,724.00 1,362.72 1,556.00 1,363.09 1,298.60 967.03 Miscellaneous Expenses 146 9 40.28 513 111.54 65 105.51 Less : Pre-operative Expenses Capitalised 0 0 0 0 0 0 0 Total Expenditure 21,191.00 16,970.00 13,778.00 13,730.00 10,667.00 8,908.00 6,109.00 Operating Profit 12,376.00 9,562.00 8,329.00 7,410.00 5,664.00 4,622.00 3,146.00 Interest 2 1 2 2 1 1 1 Gross Profit 12,374.00 9,561.00 8,327.00 7,408.00 5,663.00 4,621.00 3,145.00 Depreciation 794 740 807 694 546 469 409 Profit Before Tax 11,580.00 8,821.00 7,520.00 6,714.00 5,117.00 4,152.00 2,736.00 Tax 3,053.00 2,521.00 1,696.00 898 650 375 325 Fringe Benefit tax 0 0 0 0 17 17 12 Deferred Tax 57-143 21-3 -20-23 -22 Reported Net Profit 8,470.00 6,443.00 5,803.00 5,819.00 4,470.00 3,783.00 2,421.00 Balance Sheet of Tata Steel Ltd. Share Capital 971.41 959.41 887.41 6,203.45 6,203.30 580.67 553.67 Reserves Total 51,649.95 45,807.02 36,074.39 23,972.81 21,097.43 13,368.42 9,201.63 Equity Share Warrants 0 178.2 0 0 0 147.06 0 Equity Application Money 0.17 0.61 0.14 0.24 5.65 0.01 0 Total Shareholders Funds 52,621.53 46,945.24 36,961.94 30,176.50 27,306.38 14,096.16 9,755.30 Secured Loans 1,915.47 1,860.05 2,259.32 3,913.05 3,520.58 3,758.92 2,191.74 Unsecured Loans 19,437.73 22,639.00 22,979.88 23,033.13 14,501.11 5,886.41 324.41 Total Debt 21,353.20 24,499.05 25,239.20 26,946.18 18,021.69 9,645.33 2,516.15 Other Liabilities 4,342.35 4,075.35 1,164.11 0 0 0 0 Total Liabilities 78,317.08 75,519.64 63,365.25 57,122.68 45,328.07 23,741.49 12,271.45 Gross Block 23,485.63 22,846.26 22,306.07 20,057.01 16,479.59 16,029.49 15,407.17 Less : Accumulated Depreciation 11,986.17 10,914.86 10,037.56 8,962.00 8,123.01 7,385.96 6,605.66 Less:Impairment of Assets 133.2 126.3 106.07 100.47 100.47 100.41 94.19 Net Block 11,366.26 11,805.10 12,162.44 10,994.54 8,256.11 8,543.12 8,707.32 Lease Adjustment 0 0 0 0 0 0 0 Capital Work in Progress 16,058.49 5,612.28 3,843.59 3,487.68 4,367.45 2,497.44 1,157.73 Investments 50,282.52 46,564.94 44,979.67 42,371.78 4,103.19 6,106.18 4,069.96 Current Assets, Loans & Advances Inventories 4,858.99 3,953.76 3,077.75 3,480.47 2,604.98 2,332.98 2,174.75 xvi

Sundry Debtors 904.08 424.02 434.83 635.98 543.48 631.63 539.4 Cash and Bank 3,946.99 4,138.78 3,234.14 1,590.60 465.04 7,681.35 288.39 Loans and Advances 1,950.27 6,596.67 5,503.89 5,032.70 33,348.94 3,055.93 1,235.06 Total Current Assets 11,660.33 15,113.23 12,250.61 10,739.75 36,962.44 13,701.89 4,237.60 Less : Current Liabilities and Provisions Current Liabilities 14,837.23 10,875.43 6,656.87 6,039.62 3,849.61 3,523.19 2,835.99 Provisions 2,066.24 2,219.85 2,346.52 3,950.79 3,984.82 3,037.54 2,361.44 Total Current Liabilities 16,903.47 13,095.28 9,003.39 9,990.41 7,834.43 6,560.73 5,197.43 Net Current Assets -5,243.14 2,017.95 3,247.22 749.34 29,128.01 7,141.16-959.83 Miscellaneous Expenses not written off 0 0 0 105.07 155.11 202.53 253.27 Deferred Tax Assets 1,017.27 1,125.07 1,178.58 1,306.57 1,211.46 970.02 771.15 Deferred Tax Liability 1,987.78 2,061.87 2,046.25 1,892.30 1,893.26 1,718.96 1,728.15 Net Deferred Tax -970.51-936.8-867.67-585.73-681.8-748.94-957 Other Assets 6,823.46 10,456.17 0 0 0 0 0 Total Assets 78,317.08 75,519.64 63,365.25 57,122.68 45,328.07 23,741.49 12,271.45 Contingent Liabilities 4,861.47 4,895.34 4,108.01 3,921.78 2,756.54 5,072.96 2,209.45 Profit and Loss Account of Tata Steel Ltd. Sales Turnover 37,005.71 31,902.14 26,757.80 26,843.73 22,189.55 19,762.57 17,140.24 Excise Duty 3,072.25 2,505.79 1,735.82 2,495.21 2,537.02 2,304.18 2,004.83 Net Sales 33,933.46 29,396.35 25,021.98 24,348.52 19,652.53 17,458.39 15,135.41 Other Income 1,397.44 1,176.45 1,193.58 651.51 975.08 568.31 356.24 Stock Adjustments 220.72 173.65-134.97 289.27 38.73 82.47 104.91 15,596.5 Total Income 35,551.62 30,746.45 26,080.59 25,289.30 20,666.34 18,109.17 6 EXPENDITURE : Raw Materials 8,223.89 6,424.21 5,663.82 6,068.78 3,743.14 3,572.06 3,024.38 Power & Fuel Cost 1,990.16 1,558.49 1,383.44 1,222.48 1,048.11 1,027.84 897.57 Employee Cost 3,047.26 2,837.46 2,354.08 2,295.41 1,803.87 1,598.96 1,397.39 Other Manufacturing Expenses 4,460.35 3,745.14 3,509.37 3,195.88 2,611.20 2,500.00 2,090.67 Selling and Administration Expenses 3,240.10 2,681.29 2,003.03 1,793.83 1,567.31 1,465.83 1,353.71 Miscellaneous Expenses 2,133.88 1,039.90 1,347.29 1,278.06 1,238.21 848.31 755.89 Less: Pre-operative Expenses Capitalised 478.23 198.78 326.11 343.65 175.5 236.02 112.62 Total Expenditure 22,617.41 18,087.71 15,934.92 15,510.79 11,836.34 10,776.98 9,406.99 Operating Profit 12,934.21 12,658.74 10,145.67 9,778.51 8,830.00 7,332.19 6,189.57 Interest 1,925.42 1,735.70 1,848.19 1,489.50 929.03 251.25 174.51 Gross Profit 11,008.79 10,923.04 8,297.48 8,289.01 7,900.97 7,080.94 6,015.06 Depreciation 1,151.44 1,146.19 1,083.18 973.4 834.61 819.29 775.1 Profit Before Tax 9,857.35 9,776.85 7,214.30 7,315.61 7,066.36 6,261.65 5,239.96 Tax 3,115.11 2,857.00 1,998.00 2,173.00 2,252.00 2,076.01 1,579.00 Fringe Benefit tax 0 0 0 16 19 16 27 xvii

Deferred Tax 45.82 54.16 169.5-75.13 108.33-52.51 127.58 Reported Net Profit 6,696.42 6,865.69 5,046.80 5,201.74 4,687.03 4,222.15 3,506.38 Balance Sheet of Tata Motors Ltd. Share Capital 634.75 634.65 570.6 514.05 385.54 385.41 382.87 Reserves Total 18,991.26 19,375.59 14,394.87 11,716.10 7,453.96 6,484.34 5,154.20 Equity Share Warrants 0 0 0 0 0 0 0 Equity Application Money 0 3.06 0 0 0 0 0 Total Shareholders Funds 19,626.01 20,013.30 14,965.47 12,230.15 7,839.50 6,869.75 5,537.07 Secured Loans 4,107.76 4,530.57 7,742.60 5,251.65 2,461.99 2,022.04 822.76 Unsecured Loans 3,896.74 5,148.85 8,851.94 7,913.91 3,818.53 1,987.10 2,114.08 Total Debt 8,004.50 9,679.42 16,594.54 13,165.56 6,280.52 4,009.14 2,936.84 Other Liabilities 2,605.89 3,474.30 0 0 0 0 0 Total Liabilities 30,236.40 33,167.02 31,560.01 25,395.71 14,120.02 10,878.89 8,473.91 Gross Block 24,985.39 21,883.32 18,416.81 13,905.17 10,830.83 8,775.80 7,971.55 Less : Accumulated Depreciation 9,965.87 8,466.25 7,212.92 6,259.90 5,443.52 4,894.54 4,401.51 Less:Impairment of Assets 0 0 0 0 0 0 0 Net Block 15,019.52 13,417.07 11,203.89 7,645.27 5,387.31 3,881.26 3,570.04 Lease Adjustment 0 0 0 0 0 0 0 Capital Work in Progress 4,036.67 3,799.03 5,232.15 6,946.89 5,064.96 2,513.32 951.19 Investments 20,493.55 22,624.21 22,336.90 12,968.13 4,910.27 2,477.00 2,015.15 Current Assets, Loans & Advances Inventories 4,588.23 3,891.39 2,935.59 2,229.81 2,421.83 2,500.95 2,012.24 Sundry Debtors 2,708.32 2,602.88 2,391.92 1,205.52 1,130.73 782.18 716.6 Cash and Bank 1,840.96 2,428.92 1,753.26 1,141.82 2,397.31 826.76 1,119.43 Loans and Advances 1,985.15 1,962.47 4,425.84 4,963.10 4,410.38 6,402.16 5,639.54 Total Current Assets 11,122.66 10,885.66 11,506.61 9,540.25 10,360.25 10,512.05 9,487.81 Less : Current Liabilities and Provisions Current Liabilities 19,222.91 16,986.41 14,609.16 8,762.09 8,643.67 6,363.68 5,726.82 Provisions 2,954.56 2,013.86 2,763.43 2,078.95 1,989.43 1,364.32 1,215.04 Total Current Liabilities 22,177.47 19,000.27 17,372.59 10,841.04 10,633.10 7,728.00 6,941.86 - Net Current Assets 11,054.81-8,114.61-5,865.98-1,300.79-272.85 2,784.05 2,545.95 Miscellaneous Expenses not written off 0 0 0 2.02 6.05 10.09 14.12 Deferred Tax Assets 990.63 685 791.5 1,144.89 397.45 176.6 150.75 Deferred Tax Liability 3,096.04 2,708.16 2,300.14 2,010.70 1,373.17 963.43 773.29 Net Deferred Tax -2,105.41-2,023.16-1,508.64-865.81-975.72-786.83-622.54 Other Assets 3,846.88 3,464.48 161.69 0 0 0 0 Total Assets 30,236.40 33,167.02 31,560.01 25,395.71 14,120.02 10,878.89 8,473.91 Contingent Liabilities 1,747.87 3,076.60 3,034.83 15,524.91 2,953.57 2,527.78 1,558.65 xviii

Profit and Loss Account of Tata Motors Ltd. Sales Turnover 59,220.94 51,183.95 37,795.71 28,088.35 32,885.03 31,611.21 23,673.43 Excise Duty 4,914.38 4,095.51 2,771.05 2,938.48 4,347.04 4,425.44 3,380.13 Net Sales 54,306.56 47,088.44 35,024.66 25,149.87 28,537.99 27,185.77 20,293.30 Other Income 574.08 422.97 2,564.23 1,543.05 996.05 574.11 693.92 Stock Adjustments 623.84 354.22 606.63-238.04-40.48 349.68 256.91 Total Income 55,504.48 47,865.63 38,195.52 26,454.88 29,493.56 28,109.56 21,244.13 EXPENDITURE : Raw Materials 40,328.77 34,421.60 24,905.83 18,368.00 20,190.19 19,374.93 14,263.86 Power & Fuel Cost 550.89 471.28 362.62 304.94 325.19 327.41 258.51 Employee Cost 2,691.45 2,294.02 1,807.76 1,514.93 1,534.41 1,361.20 1,141.48 Other Manufacturing Expenses 3,220.36 2,571.00 1,941.67 1,351.41 1,460.57 1,618.68 1,251.02 Selling and Administration Expenses 3,498.37 2,634.80 1,787.10 1,401.87 1,434.83 1,322.88 985.74 Miscellaneous Expenses 1,955.38 1,349.62 3,007.36 1,699.61 1,638.21 1,153.53 784.56 Less: Pre-operative Expenses Capitalised 907.13 817.68 726.46 885.08 744.23 577.05 308.85 Total Expenditure 51,338.09 42,924.64 33,085.88 23,755.68 25,839.17 24,581.58 18,376.32 Operating Profit 4,166.39 4,940.99 5,109.64 2,699.20 3,654.39 3,527.98 2,867.81 Interest 1,218.62 1,383.70 1,246.23 810.9 425.61 368.51 293.49 Gross Profit 2,947.77 3,557.29 3,863.41 1,888.30 3,228.78 3,159.47 2,574.32 Depreciation 1,606.74 1,360.77 1,033.87 874.54 652.31 586.29 520.94 Profit Before Tax 1,341.03 2,196.52 2,829.54 1,013.76 2,576.47 2,573.18 2,053.38 Tax 0.56 8.4 0 0 139.01 476 363.35 Fringe Benefit tax 0 0 0 15 7 6.5 19 Deferred Tax 98.24 376.3 589.46-2.5 401.54 177.22 142.15 Reported Net Profit 1,242.23 1,811.82 2,240.08 1,001.26 2,028.92 1,913.46 1,528.88 xix

Balance Sheet of Bharti Airtel Ltd. Share Capital 1,898.80 1,898.80 1,898.80 1,898.24 1,897.91 1,895.93 1,893.88 Reserves Total 47,530.80 42,212.80 34,652.30 25,745.43 18,342.35 9,517.33 5,439.55 Equity Share Warrants 0 0 0 0 0 0 0 Equity Application Money 0 0 186.1 0.29 1.23 0 0 Total Shareholders Funds 49,429.60 44,111.60 36,737.20 27,643.96 20,241.49 11,413.26 7,333.43 Secured Loans 2.9 17.1 39.4 51.73 52.42 266.45 2,863.37 Unsecured Loans 9,402.90 9,116.00 4,999.50 7,661.92 6,517.92 5,044.36 1,932.92 Total Debt 9,405.80 9,133.10 5,038.90 7,713.65 6,570.34 5,310.81 4,796.29 Other Liabilities 2,658.90 2,613.40 0 0 0 0 0 Total Liabilities 61,494.30 55,858.10 41,776.10 35,357.61 26,811.83 16,724.07 12,129.72 Gross Block 66,906.80 61,437.40 44,212.50 37,266.70 28,115.65 26,509.93 17,951.74 Less : Accumulated Depreciation 26,466.00 20,736.70 16,187.50 12,253.34 9,085.00 7,204.30 4,944.86 Less:Impairment of Assets 0 0 0 0 0 0 0 Net Block 40,440.80 40,700.70 28,025.00 25,013.36 19,030.65 19,305.63 13,006.88 Lease Adjustment 0 0 0 0 0 0 0 Capital Work in Progress 4,466.50 6,479.20 1,594.70 2,566.67 2,751.08 2,375.82 2,341.25 Investments 12,337.80 11,813.00 15,773.30 11,777.76 10,952.85 705.82 719.7 Current Assets, Loans & Advances Inventories 32.1 34.4 27.2 62.15 56.86 51.55 18.59 Sundry Debtors 2,134.50 1,461.90 2,105.00 2,550.05 2,776.46 1,873.30 1,076.17 Cash and Bank 481.2 133.2 816.7 2,251.60 502.94 780.46 307.43 Loans and Advances 10,862.10 3,573.10 6,381.00 4,561.21 2,923.61 2,587.25 1,857.82 Total Current Assets 13,509.90 5,202.60 9,329.90 9,425.01 6,259.87 5,292.56 3,260.01 Less : Current Liabilities and Provisions Current Liabilities 17,435.70 14,669.50 12,284.80 13,117.98 11,909.07 9,459.42 6,477.71 Provisions 557 527.4 658.7 634.4 209.88 1,262.33 539.3 Total Current Liabilities 17,992.70 15,196.90 12,943.50 13,752.38 12,118.95 10,721.75 7,017.01 Net Current Assets -4,482.80-9,994.30-3,613.60-4,327.37-5,859.08-5,429.19-3,757.00 Miscellaneous Expenses not written off 0 0 0 0.08 0.2 2.66 7.94 Deferred Tax Assets 1,078.00 780.9 796.3 917.31 436.3 143.74 80.73 Deferred Tax Liability 1,914.70 1,308.50 799.6 590.2 500.17 380.41 269.78 Net Deferred Tax -836.7-527.6-3.3 327.11-63.87-236.67-189.05 Other Assets 9,568.70 7,387.10 0 0 0 0 0 Total Assets 61,494.30 55,858.10 41,776.10 35,357.61 26,811.83 16,724.07 12,129.72 Contingent Liabilities 54,144.10 50,037.00 5,396.40 3,241.16 2,148.87 1,615.17 1,501.51 xx

Profit and Loss of Bharti Airtel Ltd. Sales Turnover 41,603.80 38,017.70 35,609.50 34,014.29 25,703.51 17,851.60 11,231.47 Excise Duty 0 0 0 0 0 0 0 Net Sales 41,603.80 38,017.70 35,609.50 34,014.29 25,703.51 17,851.60 11,231.47 Other Income 624.7 321.2 377.3 525.14 359.91 148.49 94.3 Stock Adjustments 0 0-35 5.29 9.05 30.07-13.84 Total Income 42,228.50 38,338.90 35,951.80 34,544.72 26,072.47 18,030.16 11,311.93 EXPENDITURE : Raw Materials 18.3 16.1 35 125.09 155.3 53.95 54.42 Power & Fuel Cost 2,972.70 2,523.30 2,265.00 2,173.30 1,045.16 658.78 26.98 Employee Cost 1,391.50 1,451.20 1,525.60 1,404.54 1,306.57 1,102.03 754.99 Other Manufacturing Expenses 12,547.00 10,868.60 9,888.50 13,049.37 8,184.32 5,813.82 4,404.78 Selling and Administration Expenses 10,408.60 9,451.10 7,620.60 3,766.89 3,718.17 2,250.33 1,330.07 Miscellaneous Expenses 622 367.1 741.6 616.74 1,028.47 887.6 671.92 Less: Pre-operative Expenses Capitalised 0 0 49.7 107.4 112.4 1.8 0.85 Total Expenditure 27,960.10 24,677.40 22,026.60 21,028.53 15,325.59 10,764.71 7,242.31 Operating Profit 14,268.40 13,661.50 13,925.20 13,516.19 10,746.88 7,265.45 4,069.62 Interest 1,396.20 324.1-568 2,148.38 607.76 310.78 236.81 Gross Profit 12,872.20 13,337.40 14,493.20 11,367.81 10,139.12 6,954.67 3,832.81 Depreciation 5,916.00 4,611.60 3,793.90 3,206.28 3,166.58 2,353.30 1,547.02 Profit Before Tax 6,956.20 8,725.80 10,699.30 8,161.53 6,972.54 4,601.37 2,285.79 Tax 917.1 484.6 942.7 777.73 859.36 495.03 166.52 Fringe Benefit tax 0 0 0 35.87 37.23 25.5 19.05 Deferred Tax 309.1 524.3 330.4-395.91-168.24 47.61 88.14 Reported Net Profit 5,730.00 7,716.90 9,426.20 7,743.84 6,244.19 4,033.23 2,012.08 Balance Sheet of L &T Ltd. xxi Year 2011-12 2010-11 2009-10 2008-09 2007-08 2006-07 2005-06 Share Capital 122.48 121.77 120.44 117.14 58.47 56.65 27.48 Reserves Total 25,100.54 21,356.18 17,882.22 12,342.55 9,496.61 5,711.78 4,612.69 Equity Share Warrants 0 0 0 0 0 0 0 Equity Application Money 0 368.31 308.98 0 0 0 0 Total Shareholders Funds 25,223.02 21,846.26 18,311.64 12,459.69 9,555.08 5,768.43 4,640.17 Secured Loans 900 1,063.04 955.73 1,102.38 308.53 245.4 465.79

Unsecured Loans 4,430.06 6,098.07 5,845.10 5,453.65 3,275.42 1,832.35 987.78 Total Debt 5,330.06 7,161.11 6,800.83 6,556.03 3,583.95 2,077.75 1,453.57 Other Liabilities 651.07 0 0 0 0 0 0 Total Liabilities 31,204.15 29,007.37 25,112.47 19,015.72 13,139.03 7,846.18 6,093.74 Gross Block 10,557.59 8,956.67 7,290.09 5,590.50 4,205.75 2,876.30 2,300.78 Less : Accumulated Depreciation 2,942.61 2,302.48 1,788.53 1,466.18 1,279.58 1,112.83 974.44 Less:Impairment of Assets 6.93 6.93 6.93 6.93 6.93 6.93 4.71 Net Block 7,608.05 6,647.26 5,494.63 4,117.39 2,919.24 1,756.54 1,321.63 Lease Adjustment -3.07-3.07-3.07-3.07-3.07-3.07-3.07 Capital Work in Progress 758.68 813.94 874.2 1,080.28 729.27 471.22 286.06 Investments 15,871.90 14,684.82 13,705.35 8,263.72 6,922.26 3,104.44 1,919.52 Current Assets, Loans & Advances Inventories 1,776.62 12,502.89 7,723.44 5,805.05 4,305.91 3,001.14 2,210.27 Sundry Debtors 18,729.84 12,427.61 11,158.35 9,903.13 7,365.01 5,504.64 4,814.16 Cash and Bank 1,778.12 1,730.35 1,431.87 775.29 964.46 1,094.43 583.23 Loans and Advances 17,002.88 8,290.29 6,081.60 5,840.92 3,771.40 2,303.62 1,927.82 Total Current Assets 39,287.46 34,951.14 26,395.26 22,324.39 16,406.78 11,903.83 9,535.48 Less : Current Liabilities and Provisions Current Liabilities 34,243.76 25,589.82 19,090.47 14,776.15 11,741.72 8,176.30 5,888.93 Provisions 2,112.04 2,233.43 2,186.04 1,942.63 2,035.42 1,180.13 1,021.65 Total Current Liabilities 36,355.80 27,823.25 21,276.51 16,718.78 13,777.14 9,356.43 6,910.58 Net Current Assets 2,931.66 7,127.89 5,118.75 5,605.61 2,629.64 2,547.40 2,624.90 Miscellaneous Expenses not written off 0 0 0 0.26 3.06 9.84 21.98 Deferred Tax Assets 510.45 286.27 311.88 386.69 182.96 164.69 132.51 Deferred Tax Liability 643.46 549.74 389.27 435.16 244.33 204.88 209.79 Net Deferred Tax -133.01-263.47-77.39-48.47-61.37-40.19-77.28 Other Assets 4,169.94 0 0 0 0 0 0 Total Assets 31,204.15 29,007.37 25,112.47 19,015.72 13,139.03 7,846.18 6,093.74 Contingent Liabilities 2,102.63 1,247.34 1,141.10 606.88 405.35 270.22 224.73 xxii

Profit and Loss Account of L &T Ltd. Sales Turnover 53,737.78 44,231.90 37,330.51 34,301.40 25,314.69 17,938.29 14,994.79 Excise Duty 567.26 390.24 320.78 393.31 334.38 338.08 253.86 Net Sales 53,170.52 43,841.66 37,009.73 33,908.09 24,980.31 17,600.21 14,740.93 Other Income 1,393.28 1,577.22 2,185.75 1,734.13 547.89 484.51 559.82 Stock Adjustments 539.77 559.49-402.54 105.11 746.17 121.76-113.24 Total Income 55,103.57 45,978.37 38,792.94 35,747.33 26,274.37 18,206.48 15,187.51 EXPENDITURE : Raw Materials 24,988.94 20,643.47 15,859.55 16,177.17 13,009.51 8,434.51 7,026.24 Power & Fuel Cost 687.89 392.81 365.36 483.3 365.25 308.13 234.75 Employee Cost 3,663.45 2,797.11 2,310.49 1,918.00 1,497.43 1,238.40 882.41 Other Manufacturing Expenses 14,020.98 11,835.57 10,894.66 8,836.89 5,975.49 4,536.41 4,150.38 Selling and Administration Expenses 2,939.16 2,264.98 1,968.45 1,941.26 1,547.57 1,174.56 947.43 Miscellaneous Expenses 1,044.80 857.5 395.67 943.18 366.74 215.97 286.05 Less: Pre-operative Expenses Capitalised 18.75 37.87 36.25 24.48 11.42 3.3 1.89 Total Expenditure 47,326.47 38,753.57 31,757.93 30,275.32 22,750.57 15,904.68 13,525.37 Operating Profit 7,777.10 7,224.80 7,035.01 5,472.01 3,523.80 2,301.80 1,662.14 Interest 767.31 747.52 637.67 477.68 173.62 137.66 172.37 Gross Profit 7,009.79 6,477.28 6,397.34 4,994.33 3,350.18 2,164.14 1,489.77 Depreciation 699.46 575.81 383.65 284.83 195.94 160.13 107.12 Profit Before Tax 6,310.33 5,901.47 6,013.69 4,709.50 3,154.24 2,004.01 1,382.65 Tax 1,814.13 1,776.58 1,651.56 1,217.60 891.56 611.44 364.19 Fringe Benefit tax 0 0-10.01-0.2 69.31 15.18 21.67 Deferred Tax 39.7 167-3.38 10.44 19.95-25.63-15.35 Reported Net Profit 4,456.50 3,957.89 4,375.52 3,481.66 2,173.42 1,403.02 1,012.14 Balance Sheet of ITC Ltd. (Rs. In Crore) Year 2011-12 2010-11 2009-10 2008-09 2007-08 2006-07 Share Capital 781.84 773.81 381.82 377.44 376.86 376.22 375.52 Reserves Total 18,010.05 15,179.46 13,682.56 13,357.64 11,680.81 10,060.86 8,685.96 Equity Share Warrants 0 0 0 0 0 0 0 Equity Application Money 0 0 0 0 0 0 0 Total Shareholders Funds 18,791.89 15,953.27 14,064.38 13,735.08 12,057.67 10,437.08 9,061.48 Secured Loans 1.77 1.94 0 11.63 5.57 60.78 25.91 Unsecured Loans 87.35 97.26 107.71 165.92 208.86 140.1 93.82 xxiii 2005-06

Total Debt 89.12 99.2 107.71 177.55 214.43 200.88 119.73 Other Liabilities 122.64 114.64 0 0 0 0 0 Total Liabilities 19,003.65 16,167.11 14,172.09 13,912.63 12,272.10 10,637.96 9,181.21 Gross Block 14,144.35 12,765.86 11,967.86 10,558.65 8,959.70 7,134.31 6,227.17 Less : Accumulated Depreciation 5,045.16 4,420.75 3,825.46 3,286.74 2,790.87 2,389.54 2,065.44 Less:Impairment of Assets 0 0 0 0 0 0 0 Net Block 9,099.19 8,345.11 8,142.40 7,271.91 6,168.83 4,744.77 4,161.73 Lease Adjustment 0 0 0 0 0 0 0 Capital Work in Progress 2,276.75 1,333.40 1,008.99 1,214.06 1,126.82 866.14 243.4 Investments 6,316.59 5,554.62 5,726.87 2,837.75 2,934.55 3,067.77 3,517.01 Current Assets, Loans & Advances Inventories 5,637.83 5,269.17 4,549.07 4,599.72 4,050.52 3,354.03 2,636.29 Sundry Debtors 986.02 885.1 873.35 680.55 748.96 648.11 559.02 Cash and Bank 2,818.93 2,243.24 1,126.28 1,031.01 570.25 900.16 855.82 Loans and Advances 637.48 656.71 1,594.50 1,860.33 1,661.57 1,398.84 1,121.83 Total Current Assets 10,080.26 9,054.22 8,143.20 8,171.61 7,031.30 6,301.14 5,172.96 Less : Current Liabilities and Provisions Current Liabilities 4,786.08 4,452.40 3,514.42 2,986.00 2,799.00 2,396.17 2,200.09 Provisions 4,303.95 4,012.46 4,549.94 1,729.51 1,645.33 1,472.84 1,389.04 Total Current Liabilities 9,090.03 8,464.86 8,064.36 4,715.51 4,444.33 3,869.01 3,589.13 Net Current Assets 990.23 589.36 78.84 3,456.10 2,586.97 2,432.13 1,583.83 Miscellaneous Expenses not written off 0 0 0 0 0 0 0 Deferred Tax Assets 424.25 408.31 336.23 289.88 287.72 255.41 223.16 Deferred Tax Liability 1,296.97 1,210.16 1,121.24 1,157.07 832.79 728.26 547.92 Net Deferred Tax -872.72-801.85-785.01-867.19-545.07-472.85-324.76 Other Assets 1,193.61 1,146.47 0 0 0 0 0 Total Assets 19,003.65 16,167.11 14,172.09 13,912.63 12,272.10 10,637.96 9,181.21 Contingent Liabilities 313.48 281.57 285.13 292 314.53 190.35 163.14 Profit and Loss Account of ITC Ltd. (Rs. In Crore) Sales Turnover 35,247.25 30,819.28 26,259.60 23,143.53 21,355.94 19,300.04 16,224.43 Excise Duty 10,073.43 9,360.30 8,106.41 7,531.61 7,435.18 7,206.16 6,438.09 Net Sales 25,173.82 21,458.98 18,153.19 15,611.92 13,920.76 12,093.88 9,786.34 Other Income 825.34 579.82 636.55 557.48 635.24 349.96 295.02 Stock Adjustments 65.59 270.55-175.24 136.35 32.46 266.3 145.86 Total Income 26,064.75 22,309.35 18,614.50 16,305.75 14,588.46 12,710.14 10,227.22 xxiv

EXPENDITURE : Raw Materials 9,698.12 8,431.28 6,832.02 6,094.22 6,022.39 5,390.67 4,124.90 Power & Fuel Cost 453.19 421.06 387.34 394.12 309.9 253 245.17 Employee Cost 1,248.47 1,122.86 1,002.39 886.57 728.51 628 539.4 Other Manufacturing Expenses 1,059.32 944.29 820.77 813.48 320.22 276.23 235.32 Selling and Administration Expenses 3,117.07 2,802.07 2,388.60 2,273.23 1,705.17 1,408.81 1,110.88 Miscellaneous Expenses 794.58 575.66 540.96 493.88 567 490.29 409.72 Less: Pre-operative Expenses Capitalised 0 0 71.88 72.55 112.75 42.52 15.78 Total Expenditure 16,370.75 14,297.22 11,900.20 10,882.95 9,540.44 8,404.48 6,649.61 Operating Profit 9,694.00 8,012.13 6,714.30 5,422.80 5,048.02 4,305.66 3,577.61 Interest 97.96 87.98 90.28 47.65 37.79 16.04 21.1 Gross Profit 9,596.04 7,924.15 6,624.02 5,375.15 5,010.23 4,289.62 3,556.51 Depreciation 698.51 655.99 608.71 549.41 438.46 362.92 332.34 Profit Before Tax 8,897.53 7,268.16 6,015.31 4,825.74 4,571.77 3,926.70 3,224.17 Tax 2,664.29 2,263.96 2,036.87 1,215.31 1,355.48 1,062.48 1,020.12 Fringe Benefit tax 0-0.25-0.38 24.72 23.97 16.08 20.03 Deferred Tax 70.87 16.84-82.18 322.12 72.22 148.17-51.33 Reported Net Profit 6,162.37 4,987.61 4,061.00 3,263.59 3,120.10 2,699.97 2,235.35 Balance Sheet of Bharat Heavy Electricals Ltd. (Rs. In Crore) Share Capital 489.52 489.52 489.52 489.52 489.52 244.76 244.76 Reserves Total 24883.69 19664.32 15427.84 12449.29 10284.69 8543.50 7056.62 Equity Share Warrants 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Equity Application Money 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total Shareholders Funds 25373.21 20153.84 15917.36 12938.81 10774.21 8788.26 7301.38 Secured Loans 0.00 0.00 0.00 0.00 0.00 0.00 500.00 Unsecured Loans 185.86 157.26 127.75 149.37 95.18 89.33 58.24 Total Debt 185.86 157.26 127.75 149.37 95.18 89.33 558.24 Other Liabilities 12556.45 14065.63 0.00 0.00 0.00 0.00 0.00 Total Liabilities 38115.52 34376.73 16045.11 13088.18 10869.39 8877.59 7859.62 Gross Block 9706.64 8049.74 6580.14 5224.87 4443.47 4135.05 3822.06 Less : Accumulated Depreciation 5413.47 4648.64 4150.52 3713.25 3403.08 3117.05 2852.76 Less:Impairment of Assets 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Net Block 4293.17 3401.10 2429.62 1511.62 1040.39 1018.00 969.30 Lease Adjustment 3.64-0.18-14.22-41.22-59.13-29.26 12.98 Capital Work in Progress 1347.61 1733.76 1550.05 1156.97 658.03 302.54 184.57 Investments 461.67 439.17 79.84 52.34 8.29 8.29 8.29 Current Assets, Loans & Advances Inventories 13444.50 10852.05 9292.58 7888.87 5782.36 4217.67 3744.37 Sundry Debtors 26336.13 20103.50 20688.75 15975.50 11974.87 9612.81 7168.07 xxv

Cash and Bank 6671.98 9630.15 9790.08 10314.67 8386.02 5808.91 4133.97 Loans and Advances 2262.33 2692.16 3200.02 2773.88 1808.89 4526.58 3421.42 Total Current Assets 48714.94 43277.86 42971.43 36952.92 27952.14 24165.97 18467.83 Less : Current Liabilities and Provisions Current Liabilities 26024.81 22210.25 28023.74 23357.32 16576.45 11732.87 8807.75 Provisions 2635.69 2673.31 4475.10 5027.43 3491.81 5790.24 3649.32 Total Current Liabilities 28660.50 24883.56 32498.84 28384.75 20068.26 17523.11 12457.07 Net Current Assets 20054.44 18394.30 10472.59 8568.17 7883.88 6642.86 6010.76 Miscellaneous Expenses not written off 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Deferred Tax Assets 1686.26 2286.56 1601.22 1898.08 1394.45 994.61 771.11 Deferred Tax Liability 140.02 123.01 73.99 57.78 56.52 59.45 97.39 Net Deferred Tax 1546.24 2163.55 1527.23 1840.30 1337.93 935.16 673.72 Other Assets 10408.75 8245.03 0.00 0.00 0.00 0.00 0.00 Total Assets 38115.52 34376.73 16045.11 13088.18 10869.39 8877.59 7859.62 Contingent Liabilities 5556.30 3594.32 2202.93 2067.14 1356.69 861.75 797.64 Profit and Loss Account of Bharat Heavy Electricals Ltd. (Rs. In Crore) Sales Turnover 50,260.81 44,017.46 34,602.14 28,491.34 21,726.57 19,016.18 14,740.59 Excise Duty 2,297.07 1,783.08 1,299.46 1,901.20 2,240.30 1,695.44 1,298.01 Net Sales 47,963.74 42,234.38 33,302.68 26,590.14 19,486.27 17,320.74 13,442.58 Other Income 1,265.55 1,020.64 1,207.18 1,051.10 1,119.20 546.84 346.6 Stock Adjustments 823.2 127.35 786.65 1,151.54 827.26 181.19 386.01 Total Income 50,052.49 43,382.37 35,296.51 28,792.78 21,432.73 18,048.77 14,175.19 EXPENDITURE : Raw Materials 24,445.24 19,349.08 17,174.47 15,087.76 10,030.99 8,183.59 6,829.17 Power & Fuel Cost 510.25 402.86 337.99 341.82 273.07 259.08 229.01 Employee Cost 5,463.29 5,394.68 6,537.54 2,982.90 2,611.01 2,368.14 1,877.82 Other Manufacturing Expenses 4,860.13 4,201.85 3,538.42 2,644.65 1,896.29 1,914.97 1,384.85 Selling and Administration Expenses 1,414.26 1,126.14 1,078.47 982.88 778.91 690.98 553.17 Miscellaneous Expenses 2,205.78 3,303.47-452.4 1,539.11 1,079.51 579.7 432.2 Less: Pre-operative Expenses Capitalised 0 0 0 0 0 0 0 Total Expenditure 38,898.95 33,778.08 28,214.49 23,579.12 16,669.78 13,996.46 11,306.22 Operating Profit 11,153.54 9,604.29 7,082.02 5,213.66 4,762.95 4,052.31 2,868.97 Interest 51.28 54.73 33.5 30.71 35.42 43.33 58.75 Gross Profit 11,102.26 9,549.56 7,048.52 5,182.95 4,727.53 4,008.98 2,810.22 Depreciation 800 544.12 458.01 334.27 297.21 272.97 245.93 Profit Before Tax 10,302.26 9,005.44 6,590.51 4,848.68 4,430.32 3,736.01 2,564.29 Tax 2,645.00 3,630.55 1,971.42 2,172.28 1,946.65 1,435.24 1,022.57 Fringe Benefit tax 0 0-4.62 40.56 27.1 49 18 Deferred Tax 617.3-636.31 313.07-502.37-402.77-162.93-155.44 Reported Net Profit 7,039.96 6,011.20 4,310.64 3,138.21 2,859.34 2,414.70 1,679.16 xxvi

Balance Sheet of Reliance Industries Ltd. Share Capital 3,271.00 3,273.00 3,270.37 1,642.78 1,453.39 1,453.35 1,393.17 Reserves Total 162,825.00 148,267.00 133,900.24 124,730.19 78,312.81 62,513.78 48,411.09 Equity Share Warrants 0 0 0 0 1,682.40 0 0 Equity Application Money 1 10 1.36 1.42 0 0 0 Total Shareholders Funds 166,097.00 151,550.00 137,171.97 126,374.39 81,448.60 63,967.13 49,804.26 Secured Loans 6,949.00 10,104.00 11,670.50 10,697.92 6,600.17 9,569.12 7,664.90 Unsecured Loans 61,498.00 57,499.00 50,824.19 63,206.56 29,879.51 18,256.61 14,200.71 Total Debt 68,447.00 67,603.00 62,494.69 73,904.48 36,479.68 27,825.73 21,865.61 Other Liabilities 0 0 0 0 0 0 0 Total Liabilities 234,544.00 219,153.00 199,666.66 200,278.87 117,928.28 91,792.86 71,669.87 Gross Block 205,493.00 221,253.00 215,864.71 149,628.70 104,229.10 99,532.77 84,970.13 Less : Accumulated Depreciation 91,770.00 78,546.00 62,604.82 49,285.64 42,345.47 35,872.31 29,253.38 Less:Impairment of Assets 0 0 0 0 0 0 0 Net Block 113,723.00 142,707.00 153,259.89 100,343.06 61,883.63 63,660.46 55,716.75 Lease Adjustment 0 0 0 0 0 0 0 Capital Work in Progress 7,754.00 12,228.00 12,138.82 69,043.83 23,005.84 7,528.13 6,957.79 Investments 54,008.00 37,652.00 23,228.62 21,606.49 22,063.60 16,251.34 5,846.18 Current Assets, Loans & Advances Inventories 35,955.00 29,825.00 26,981.62 14,836.72 14,247.54 12,136.51 10,119.82 Sundry Debtors 18,424.00 17,442.00 11,660.21 4,571.38 6,227.58 3,732.42 4,163.62 Cash and Bank 39,598.00 27,135.00 13,462.65 22,176.53 4,280.05 1,835.35 2,146.16 Loans and Advances 11,338.00 7,032.00 10,274.62 13,127.64 18,130.67 12,209.07 8,144.85 Total Current Assets 105,315.00 81,434.00 62,379.10 54,712.27 42,885.84 29,913.35 24,574.45 Less : Current Liabilities and Provisions Current Liabilities 44,216.00 49,403.00 36,848.04 32,689.58 21,045.47 16,865.53 12,563.50 Provisions 4,258.00 4,601.00 3,565.43 3,010.90 2,992.62 1,712.87 3,890.98 Total Current Liabilities 48,474.00 54,004.00 40,413.47 35,700.48 24,038.09 18,578.40 16,454.48 Net Current Assets 56,841.00 27,430.00 21,965.63 19,011.79 18,847.75 11,334.95 8,119.97 Miscellaneous Expenses not written off 0 0 0 0 0 0 0 Deferred Tax Assets 85 181 242.95 247.51 310.53 297.64 121.7 Deferred Tax Liability 12,207.00 11,743.00 11,169.25 9,973.81 8,183.07 7,279.66 5,092.52 Net Deferred Tax -12,122.00-11,562.00-10,926.30-9,726.30-7,872.54-6,982.02-4,970.82 Other Assets 14,340.00 10,698.00 0 0 0 0 0 Total Assets 234,544.00 219,153.00 199,666.66 200,278.87 117,928.28 91,792.86 71,669.87 Contingent Liabilities 45,104.00 48,700.68 17,650.06 19,278.00 24,308.69 28,356.90 18,339.06 xxvii

Profit and Loss Account of Reliance Industries Ltd. Sales Turnover 339,792.00 258,651.00 200,399.79 146,328.07 139,269.46 118,353.71 89,124.46 Excise Duty 9,888.00 10,481.00 7,938.77 4,369.07 5,463.68 6,654.68 8,246.67 Net Sales 329,904.00 248,170.00 192,461.02 141,959.00 133,805.78 111,699.03 80,877.79 Other Income 6,192.00 3,052.00 2,460.32 2,148.40 6,615.62 478.28 682.92 Stock Adjustments 872 3,243.00 3,947.89 427.56-1,867.16 654.6 2,131.19 Total Income 336,968.00 254,465.00 198,869.23 144,534.96 138,554.24 112,831.91 83,691.90 EXPENDITURE : Raw Materials 276,255.00 194,698.00 150,915.03 107,010.32 96,311.56 78,692.94 58,342.31 Power & Fuel Cost 4,094.00 2,255.00 2,706.71 3,355.98 2,052.84 2,261.69 1,146.26 Employee Cost 2,862.00 2,624.00 2,307.73 2,357.40 2,049.95 2,045.95 932.09 Other Manufacturing Expenses 6,309.00 6,600.00 5,578.24 3,704.00 3,951.40 3,486.87 2,217.72 Selling and Administration Expenses 6,925.00 6,807.00 5,549.74 4,619.24 4,882.01 5,342.31 5,765.46 Miscellaneous Expenses 749 333-11.48 1,379.92 547.3 588.85 461.19 Less: Pre-operative Expenses Capitalised 37 30 1,217.92 3,265.65 175.46 111.21 155.14 Total Expenditure 297,157.00 213,287.00 165,828.05 119,161.21 109,619.60 92,307.40 68,709.89 Operating Profit 39,811.00 41,178.00 33,041.18 25,373.75 28,934.64 20,524.51 14,982.01 Interest 2,667.00 2,328.00 1,997.21 1,745.23 1,077.36 1,188.89 877.04 Gross Profit 37,144.00 38,850.00 31,043.97 23,628.52 27,857.28 19,335.62 14,104.97 Depreciation 11,394.00 13,608.00 10,496.53 5,195.29 4,847.14 4,815.15 3,400.91 Profit Before Tax 25,750.00 25,242.00 20,547.44 18,433.23 23,010.14 14,520.47 10,704.06 Tax 5,150.00 4,320.00 3,111.77 1,206.50 2,604.96 1,617.10 900 Fringe Benefit tax 0 0 0 56.87 47 40.34 30.72 Deferred Tax 560 636 1,200.00 1,860.54 899.89 919.63 704 Reported Net Profit 20,040.00 20,286.00 16,235.67 15,309.32 19,458.29 11,943.40 9,069.34 xxviii

Balance Sheet of Hindalco Industries Ltd. Share Capital 191.48 191.46 191.37 170.46 123.06 104.33 98.57 Reserves Total 31,299.68 29,508.64 27,715.61 23,584.69 17,171.53 12,313.71 9,507.69 Equity Share Warrants 0 0 0 0 139.1 0 0 Equity Application Money 541.31 0 4.43 3.62 0.35 0.4 3.07 Total Shareholders Funds 32,032.47 29,700.10 27,911.41 23,758.77 17,434.04 12,418.44 9,609.33 Secured Loans 11,112.11 5,142.99 5,153.90 5,713.23 6,205.42 6,410.20 2,848.05 Unsecured Loans 3.02 4.55 1,203.00 2,611.06 2,123.16 949.03 2,055.39 Total Debt 11,115.13 5,147.54 6,356.90 8,324.29 8,328.58 7,359.23 4,903.44 Other Liabilities 1,240.42 558.57 0 0 0 0 0 Total Liabilities 44,388.02 35,406.21 34,268.31 32,083.06 25,762.62 19,777.67 14,512.77 Gross Block 14,477.87 14,287.31 13,793.35 13,393.07 12,608.46 11,252.66 10,418.25 Less : Accumulated Depreciation 7,121.99 6,484.97 5,840.00 5,241.65 4,636.81 4,056.33 3,531.07 Less:Impairment of Assets 205.68 217.96 218.53 264.45 162.32 189.62 104.38 Net Block 7,150.20 7,584.38 7,734.82 7,886.97 7,809.33 7,006.71 6,782.80 Lease Adjustment 0 0 0 0 0 0 0 Capital Work in Progress 16,256.94 6,030.41 3,702.79 1,389.63 1,119.87 1,476.42 832.92 Investments 18,087.10 18,246.75 21,480.83 19,148.84 14,107.99 8,675.32 3,971.29 Current Assets, Loans & Advances Inventories 7,742.86 7,651.40 5,921.41 4,070.14 5,097.91 4,315.31 4,095.09 Sundry Debtors 1,427.45 1,255.49 1,311.87 1,201.22 1,565.02 1,504.50 1,248.40 Cash and Bank 722.3 233.39 140.21 843.72 146.98 665.5 917.29 Loans and Advances 2,003.43 1,591.83 1,490.80 1,624.83 1,041.76 1,293.03 1,041.99 Total Current Assets 11,896.04 10,732.11 8,864.29 7,739.91 7,851.67 7,778.34 7,302.77 Less : Current Liabilities and Provisions Current Liabilities 9,115.16 9,027.21 5,426.49 1,868.46 2,896.56 2,752.35 2,196.49 Provisions 919.88 815.43 721.49 803.16 906.01 1,284.14 953.16 Total Current Liabilities 10,035.04 9,842.64 6,147.98 2,671.62 3,802.57 4,036.49 3,149.65 Net Current Assets 1,861.00 889.47 2,716.31 5,068.29 4,049.10 3,741.85 4,153.12 Miscellaneous Expenses not written off 0 0 0 0 0 3.17 6 Deferred Tax Assets 113.45 102.1 97.82 84.33 83.42 67.83 12.32 Deferred Tax Liability 1,338.01 1,389.59 1,464.26 1,495.00 1,407.09 1,193.63 1,245.68 Net Deferred Tax -1,224.56-1,287.49-1,366.44-1,410.67-1,323.67-1,125.80-1,233.36 Other Assets 2,257.34 3,942.69 0 0 0 0 0 Total Assets 44,388.02 35,406.21 34,268.31 32,083.06 25,762.62 19,777.67 14,512.77 Contingent Liabilities 1,095.72 1,361.60 8,559.38 8,209.13 16,952.19 927.46 1,539.81 xxix

Profit and Loss Account of Hindalco Industries Ltd. Sales Turnover 28,296.96 25,348.12 20,441.41 19,551.66 20,729.98 19,701.99 12,201.99 Excise Duty 1,700.18 1,488.91 1,047.58 1,498.69 1,825.67 1,608.47 1,082.35 Net Sales 26,596.78 23,859.21 19,393.83 18,052.97 18,904.31 18,093.52 11,119.64 Other Income 615.79 347.49 388.11 851.05 857.75 601.83 567.2 Stock Adjustments 407.31 394.67 755.25-520.58 141.8 443.89 1,036.30 Total Income 27,619.88 24,601.37 20,537.19 18,383.44 19,903.86 19,139.24 12,723.14 EXPENDITURE : Raw Materials 18,049.08 16,054.51 13,297.67 10,444.13 12,144.24 11,134.91 6,603.37 Power & Fuel Cost 2,881.74 2,224.30 1,938.00 1,897.57 1,910.83 1,848.62 1,795.59 Employee Cost 1,159.27 1,064.68 856.87 807.49 621.22 514.64 458.98 Other Manufacturing Expenses 764.93 668.67 603.39 583.59 481.6 491.25 526.74 Selling and Administration Expenses 593.09 471.93 465.07 483.98 389.52 380.06 355.95 Miscellaneous Expenses 659.55 737.52 162.27 495.09 462.4 469.94 134.96 Less: Pre-operative Expenses Capitalised 208.33 122.42 0 0 0 0 0 Total Expenditure 23,899.33 21,099.19 17,323.27 14,711.85 16,009.81 14,839.42 9,875.59 Operating Profit 3,720.55 3,502.18 3,213.92 3,671.59 3,894.05 4,299.82 2,847.55 Interest 293.63 219.96 278 336.93 280.63 242.39 225.17 Gross Profit 3,426.92 3,282.22 2,935.92 3,334.66 3,613.42 4,057.43 2,622.38 Depreciation 689.97 687.48 671.36 644.34 587.81 552.8 516.68 Profit Before Tax 2,736.95 2,594.74 2,264.56 2,690.32 3,025.61 3,504.63 2,105.70 Tax 562.68 555.68 261.03 327.28 65.69 984.1 324.11 Fringe Benefit tax 0 0 0 11.37 11.4 11.3 10.06 Deferred Tax -62.93-97.86 87.9 121.4 87.58-55.1 115.98 Reported Net Profit 2,237.20 2,136.92 1,915.63 2,230.27 2,860.94 2,564.33 1,655.55 Balance Sheet of ONGC Ltd. Share Capital 4,277.76 4,277.76 2,138.89 2,138.89 2,138.89 2,138.89 1,425.93 Reserves Total 108,678.97 93,226.67 85,143.71 76,596.53 68,478.51 59,785.04 52,533.74 Equity Share Warrants 0 0 0 0 0 0 0 Equity Application Money 0 0 0 0 0 0 0 Total Shareholders Funds 112,956.73 97,504.43 87,282.60 78,735.42 70,617.40 61,923.93 53,959.67 Secured Loans 4,500.00 0 0 0 0 0 0 Unsecured Loans 0 0 16,405.65 16,035.70 12,482.71 15,109.07 12,722.61 Total Debt 4,500.00 0 16,405.65 16,035.70 12,482.71 15,109.07 12,722.61 Other Liabilities 21,875.05 21,405.97 0 0 0 0 0 xxx

Total Liabilities 139,331.78 118,910.40 103,688.25 94,771.12 83,100.11 77,033.00 66,682.28 Gross Block 90,512.33 80,938.59 71,553.78 61,355.61 57,463.78 52,038.07 47,882.35 Less : Accumulated Depreciation 68,656.70 62,137.55 55,900.09 51,032.99 46,942.72 43,181.81 40,024.36 Less:Impairment of Assets 175.49 161.5 5.18-91.76 3.05 17.14 15.79 Net Block 21,680.14 18,639.54 15,648.51 10,414.38 10,518.01 8,839.12 7,842.20 Lease Adjustment 0 0 0 0 0 0 0 Capital Work in Progress 26,879.29 21,724.12 15,791.03 16,765.19 10,967.27 8,225.69 5,783.38 Investments 5,216.25 5,182.79 5,772.03 5,090.32 5,899.50 5,702.05 4,888.57 Current Assets, Loans & Advances Inventories 5,533.59 4,477.95 5,052.02 4,420.83 3,874.91 3,390.48 3,038.49 Sundry Debtors 6,194.82 3,994.68 3,058.64 4,083.80 4,360.37 2,759.44 3,704.28 Cash and Bank 20,124.56 14,481.09 18,231.04 19,096.21 22,417.65 19,280.80 8,812.82 Loans and Advances 4,247.68 3,328.76 27,803.07 27,359.28 19,574.48 54,214.51 48,660.20 Total Current Assets 36,100.65 26,282.48 54,144.77 54,960.12 50,227.41 79,645.23 64,215.79 Less : Current Liabilities and Provisions Current Liabilities 18,955.36 18,230.83 12,087.56 14,025.28 10,915.14 8,816.96 6,527.01 Provisions 2,610.74 1,284.76 7,785.85 7,439.97 7,087.40 40,121.91 31,115.19 Total Current Liabilities 21,566.10 19,515.59 19,873.41 21,465.25 18,002.54 48,938.87 37,642.20 Net Current Assets 14,534.55 6,766.89 34,271.36 33,494.87 32,224.87 30,706.36 26,573.59 Miscellaneous Expenses not written off 0 0 841.32 650.61 673.9 514.06 366.33 Deferred Tax Assets 6,481.81 6,619.03 6,238.76 6,036.78 4,197.00 4,496.27 3,633.63 Deferred Tax Liability 17,679.68 16,569.42 15,156.97 13,839.02 11,567.80 11,019.02 9,988.76 Net Deferred Tax -11,197.87-9,950.39-8,918.21-7,802.24-7,370.80-6,522.75-6,355.13 Other Assets 35,842.59 32,971.79 0 0 0 0 0 Total Assets 139,331.78 118,910.40 103,688.25 94,771.12 83,100.11 77,033.00 66,682.28 Contingent Liabilities 24,097.09 18,338.43 16,463.94 17,675.70 13,181.48 11,452.88 23,626.80 Profit and Loss Account of ONGC Ltd. Sales Turnover 76,887.06 68,648.80 60,204.82 63,947.71 60,137.02 56,912.31 48,244.39 Excise Duty 399.04 332.63 241.04 378.75 288.72 276.73 268.69 Net Sales 76,488.02 68,316.17 59,963.78 63,568.96 59,848.30 56,635.58 47,975.70 Other Income 7,593.53 3,406.85 4,186.69 5,378.04 5,124.24 5,481.13 3,036.80 Stock Adjustments 91.34 12.91 118.04 81.1 114.11-19.72 211.58 Total Income 84,172.89 71,735.93 64,268.51 69,028.10 65,086.65 62,096.99 51,224.08 EXPENDITURE : Raw Materials 283.58 294.4 290.53 9,014.99 6,909.37 6,119.03 3,585.65 Power & Fuel Cost 316.18 285.6 260.38 270.79 317.15 320.28 195.45 Employee Cost 6,041.58 5,838.84 5,268.50 4,065.62 4,344.89 3,702.08 2,778.14 xxxi