BHUSHAN POWER AND STEEL LTD.

Bhushan Power & Steel Limited, a fully integrated 2.3 Million TPA Steel making Company with turnover of
INR 4217 Crores (USD 937 Million) and 7 World Class ISO 9000 Certified State of the Art Plants at
Chandigarh, Derabassi, Kolkata and Orissa in India.

A leading manufacturer of flat, rounds and long products including value added products with total steel value
chain right from Coal Mining, Billets, HR Coils, Pig Iron, CR Coils, GP/GC, Precision Tubes, Black Pipe/GI
Pipe, Cable Tapes, Tor Steel, Wire Rod and Special Alloy Steel.

HISTORY
1970 - Started with very small initial outlay for manufacturing Door Hinges & later on, Rail Track Fasteners.

1973 - Manufacturing facilities set up for Tor Steel and Wire Rod in Chandigarh.

1981 - Rolling Mill Project commissioned at Chandigarh for Round and Narrow Strips.

1985 - Backward Integration Project for Steel Melting facilities.

1986 - Upgrading of Mini Steel Plant with continuous casting and ladle furnace facilities. 1997 - Commissioning of
Narrow Width Cold Rolling Project at Chandigarh.

1998 - Commissioning of Precision Pipe Project at Chandigarh.

2001 - Commissioning of Cold Rolling & Galvanizing Complex at Kolkata.

2002 - Addition of narrow width Cold Rolling facilities at Kolkata.

2003 - Expansion of wide width Cold Rolling facilities, ERW Water Pipes & Tubes down stream facilities at Kolkata.

2004 - Further expansion of Cold Rolling facilities at Kolkata.

2005 - Commissioning of Orissa Project consisting of 4 DRI Kilns, Steel Making Facilities, Coal Washery and 100 MW
Power Plant.

2007 - Commissioning of further expansion of Orissa Project consisting of HR Coil Mill, Steel making, Blast Furnance,
Sinter plant, Coke oven plant, Oxygen plant and Lime & Calcining Plant.

2009 - Commissioning of 3.5 million tpa Coal Washery, 146 MW Power Plant and 0.3 million tpa Sponge Iron under
Phase III of Orissa Project.

2010 - Commissioning of 130 MW Power Plant and Electric Arc Furnace under Phase III of Orissa Project and further
expansion of Orissa Project under Phase IV consisting of 6 DRI Kilns, 130 MW Power Plant, Steel Making Facilities, 6th
strand, 2nd CSP Caster & Tunnel Furnace, Oxygen Plant, Lime Calcining with downstream facilities - Cold Rolling,
Galvanizing, Galvalume, Colour Coating, Precision Tube & Black Pipe/GI Pipe.
BOARD OF DIRECTORS

Sh. Sanjay Singal

Chairman & Managing Director

Ms Aarti Singal
Vice Chairperson & Whole Time Director (Admin)

Sh. R.P. Goyal

Whole Time Director (Commercial)

Sh. H.C. Verma

Whole Time Director (Marketing)

Sh. R.N. Yadav

Whole Time Director (Technical)

Sh. Ashwini Kumar Sharma

Nominee Director - IDBI

Sh. R.D. Batra

Director

Sh. Dinesh Kumar Behal

Director

Sh. Jimmy Mahtani

Director

Sh. Anil S. Supanekar

Director

Major Customers in India: Hero Honda, Honda Scooters, Yamaha Motorcycles,

JBM, Bajaj Autos, Polar Industries, GE Motors, Amtek, Arihant Ind., Hindustan Motor,
GNA group, Hero Cycles, Avon Cycles, Atlas Cycles, Delton Cables, Finolex Cables,
Sterlite, Paramount Cables, TVS, Suzuki, Omax Auto, Maruti Udyog Ltd. etc.

Bhushan's products are being exported to China, Singapore, Malaysia,

Hong Kong, Indonesia, Philippines, Dubai, Oman, Saudi Arabia, South Africa, Thailand,
Korea, Myanmar, Sri Lanka, Nepal, Bangladesh, Vietnam, USA, nepal, England,
Belgium, Turkey, Angola, and a host of African countries.
 Manufacturing Units
Industrial Area
Chandigarh, Plot No 03: MS Tor Steel, MS Wire Rods, MS Wire
Industrial Area
Chandigarh, Plot No 71: Alloy & Non Alloy Steel Billets, Steel Rolled Products
Industrial Area
Chandigarh, Plot No 83: Precision Steel Tube
Industrial Area
Chandigarh, Plot No 141 – 142: Narrow Cold Rolled Steel Strips in coils and cut length
Derabassi, Punjab Hot Rolled Products, MS Steel Tubes, Galvanized Steel Tubes, Black / Galvanised Pipe,
Cable Tapes
Bangihatti Dist. Hooghly
West Bengal: Wider Cold Rolled Strips in coils and cut length, Narrow Cold rolled strips in coils and cut
length, Galvanized Sheets in coils and cut Length, Galvanized corrugated sheets, Precision Tubes, Black Pipes,
Cable Tape
NH-2, Bangihatti, Mallickpara (Hoogly) Serampore- Kolkata (West Bengal)
Thelkoloi, Orissa: HR Coil, Sponge Iron, Metallurgical Coke, Pig Iron, Billet, Power Generation

ORISSA POWER AND STEEL PROJECT

Highlights
The Company has successfully implemented 2.3 million tpa Integrated Steel and Power Plant in
Orrisa comprising 8 DRI Kilns of 500 TPD, 376 MW Power Plant, Coal Washery, CSP Plant, Blast
Furnace, Coke Oven Plant, Sinter Plant, Oxygen Plant, Steel Making and Lime & Dolomite Plant.

The integrated power and steel project at Orissa is a landmark in the nation’s infrastructure
development.

It combines our deep expertise with the best technology that the world offers to integrate the
entire steel manufacturing process – from mining to the production of value-added products. It
also generates captive power using gases from the process.

Features
• Proposed facilities in close proximity of two bulk inputs i.e. iron ore and coal to minimize input
freight

• Already been allotted three adjoining non-coking coal blocks at nearby Jamkhani, Bijhan in
Orissa,and Patal East in Jharkhand and has got one coking coal block at Rohne in Jharkhand,
providing added logistic advantage in mining. Iron ore mines at Chatupura, Jharkhand has been
alloted.

• Captive and inexpensive power generation using hot gases from sponge iron kilns and
unusable coal

• Operating synergy enhanced by captive coal washery that processes locally available coal to
ensure uninterrupted supplies and lower costs

• Captive limestone reduces cost further.

• Use of Iron Ore fines in making sinter, for use in blast furnace.

• With hot metal infusion into EAF, exothermic reaction gives quicker steel production and
enhances capacity without additional capex.

• Captive coke oven plant to reduce import costs

• The power consumption for EAF Steel melting reduces from around 800 units/pmt to about 400
units, providing cost efficiency.

• Large reduction in consumption of expensive consumables like electrodes and refractories.

• With added capacities for both long and flat products, Bhushan Power & Steel will emerge as a
completely integrated, wider range player with a long term competitive edge.

Key Technical Associates

SMS Siemag, Germany

Supply of CSP Plant

Siemeg, Germany
Supply of Electrical, Automation & Spare parts Design

Waldrich Siegen, Germany

Supply of Roll Grinding Machine and Design and Training
Techint Tagliaferry, Italy
Supply of Electric Arc Furnace, Ladle Furnace / Relevant Auxiliaries

Beijing Sino–Steel & Group Corporation (SSIT), China Industry

Supply of Blast furnace plant, Blower for furnace, Sinter Plant & Coke Oven Plant

IMS Messsysteme, Germany

Supply of Compact Gauging System for CSP

Techint Italimpianti, Germany

Supply of Roller Hearth Tunnel Furnace

Qualical AG, Switzerland

Supplu of Lime & Dolomite Plant

Air Liquid Engineering, France

Supply of Oxygen Plant

Humbolt Wedag, Germany

Coal Washery

Lurgi Technology , Germany

Thyssen Krupp, Germany
Ferry Capital, France
Sponge Iron Kilns

Bolier- Isgec John Thompson, India

Turbine- Simens Finspong, Germany
Power Plant

Mecon Ltd, India

Technical Consultant
 FINANCIALS
Key Financial Indicators

2006 2007 2008 2009 2010

Gross Sales 2,419.00 3,018.00 3,873.00 4,782.00 4,217.00
Export Sales 580.00 655.00 756.00 1,117.00 868.00
EBDITA 347.00 464.00 728.00 1,103.00 1,117.00
Net Profit 170.00 201.00 325.00 326.00 256.00
Cash Profit After Tax 256.00 350.00 553.00 701.00 711.00
Equity 111.00 136.00 136.00 136.00 136.00
Net Worth 780.00 1,406.00 2,142.00 2,876.00 3,735.00
Gross Block 3,118.00 4,995.00 6,980.00 9,739.00 12,386.00
EBIDTA to Net Sales 15.92 17.08 20.93 25.20 27.87
Debt Equity Ratio 2.08 1.91 2.21 2.29 2.34
Total Debt to Equity 2.82 2.81 2.71 2.75 2.76
TOL/TNW 3.51 3.28 3.05 3.05 2.95
Current Ratio 1.36 1.36 1.34 1.33 1.33
FACR 1.46 1.69 1.62 1.69 1.63
DSCR 1.79 1.58 1.68 1.30 1.26
Interest Coverage 4.79 4.38 4.20 2.76 2.75
EPS (Rs.) 16.00 16.00 24.00 24.00 19.00
Book Value (Rs.) 70.00 103.00 143.00 180.00 231.00

BALANCE SHEET AS AT 31ST MARCH 2010 (Rs in Lacs)

 SCHEDULE 2010 2009
SOURCES OF FUNDS
Shareholders’ Funds
Share Capital 1 13,605.17 13,605.17
Reserves and Surplus 2 2,04,611.14 1,79,130.26
Advance For Share Capital 57,390.00 27,500.00
2,75,606.31 2,20,235.43
Loan Funds 3
Secured Loans 8,94,774.29 7,08,358.00
Unsecured Loans 1,56,108.42 95,280.88
10,50,882.71 8,03,638.88
Deferred Tax Liability (Net) 35,383.09 27,393.09
13,61,872.11 10,51,267.40
APPLICATION OF FUNDS
Fixed Assets 4
Gross Block 7,35,644.97 6,71,084.84
Less: Depreciation 1,25,215.99 90,774.05
Net Block 6,10,428.98 5,80,310.79
Capital Work in Progress 5,02,987.44 3,02,787.81
11,13,416.42 8,83,098.60
Investment 5 57,913.06 524.09
Current Assets, Loans & Advances
Inventories 6 1,05,891.04 1,04,399.80
Sundry Debtors 7 79,835.72 79,072.62
Cash & Bank Balances 8 48,143.84 46,094.36
Loans & Advances 9 71,191.21 52,387.99
3,05,061.81 2,81,954.77
Less: Current Liabilities & Provisions
Current Liabilities 10 1,13,056.59 1,13,230.42
Provisions 11 1,462.59 1,079.64
1,14,519.18 1,14,310.06
Net Current Assets 1,90,542.63 1,67,644.71
13,61,872.11 10,51,267.40
Significant Accounting Policies 15
Notes forming part of Accounts 16

PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2010 (Rs in
Lacs)

SCHEDULE 2010 2009

INCOME
Sale of Products 12 4,21,717.34 4,78,244.21
Less: Excise Duty 20,864.75 40,718.27
Net Sales 4,00,852.59 4,37,525.94
Other Income 5,604.09 4,047.03
4,06,456.68 4,41,572.97
EXPENDITURE
Manufacturing & Other Expenses 13 2,94,736.19 3,32,792.74
Profit Before Interest, Depreciation and Tax 1,11,720.49 1,08,780.23
Interest & Financial Charges 14 40,629.27 38,512.65
Profit Before Depreciation & Tax 71,091.22 70,267.58
Depreciation 37,526.15 30,022.34
Profit Before Tax 33,565.07 40,245.24
Less: Income Tax Expense :
- Current Tax 5,750.00 4,600.00
- Mat Adjustment 5,750.00 4,600.00
0.00 0.00
- Deferred Tax 7,990.00 7,500.00
7,990.00 7,500.00
- Fringe Benefit Tax — 110.00
7,990.00 7,610.00
- Earlier years 0.60 6.17
- Wealth Tax 14.00 8,004.60 13.00 7,629.17
Profit After Tax 25,560.47 32,616.07
Balance Brought Forward from Previous Year 53,343.61 42,057.13
Profit Available for Appropriation 78,904.08 74,673.20
APPROPRIATIONS
General Reserve 10,000.00 20,000.00
Transferred to Debenture Redemption Reserve 13,750.00 1,250.00
Proposed Dividend 68.03 68.03
Dividend Tax 11.56 11.56
Balance Carried to Balance Sheet 55,074.49 53,343.61
78,904.08 74,673.20
Basic earning per share (Refer Note No.14) 18.79 23.97
Diluted earning per share(Refer Note No.14) 17.62 22.59
Nominal value of Equity Shares in (Rs) 10.00 10.00
Significant Accounting Policies 15
Notes forming part of Accounts 16