@ Quaterly - JK Tyre & Industries Ltd:.

Dec'12 INCOME: Net Sales Turnover Other Income

Total Income

Sep'12 1,321.96 3.45

1,325.41

Jun'12 1,443.26 3.04

1,446.30

Mar'12 1,523.55 1.10

1,524.65

Dec'11 1,422.94 0.15

1,423.09

1,281.49 3.00
1,284.49

EXPENSES Stock Adjustments -49.42 Raw Material Consumed 944.57 Power and Fuel 0.00 Employee Expenses 80.36 Administration and Selling Expenses 0.00 Research and Development 0.00 Expenses Expenses Capitalised 0.00 Other Expenses 188.39 Provisions Made 0.00
TOTAL EXPENSES 1,163.90

-132.16 1,062.77 0.00 83.18 0.00 0.00 0.00 200.54 0.00

1,214.33

-65.73 1,099.09 0.00 78.75 0.00 0.00 0.00 205.28 0.00

1,317.39

155.62 960.82 0.00 74.88 0.00 0.00 0.00 214.37 0.00

1,405.69

-19.26 1,068.83 0.00 77.91 0.00 0.00 0.00 222.98 0.00

1,350.46

Operating Profit
EBITDA

117.59
120.59

107.63
111.08

125.87
128.91

117.86
118.96

72.48
72.63

Depreciation
EBIT

26.83
93.76

26.63
84.45

26.33
102.58

26.09
92.87

26.17
46.46

Interest
EBT

53.04
40.72

48.04
36.41

46.47
56.11

47.31
45.56

45.18
1.28

Taxes
Profit and Loss for the Year

8.91
31.81

11.24
25.17

11.37
44.74

40.38
5.18

-15.59
16.87

Extraordinary Items Prior Year Adjustment Other Adjustments

Reported PAT

0.00 0.00 0.00

21.14

0.00 0.00 0.00

25.99

0.00 0.00 0.00

24.71

0.00 0.00 0.00

86.34

0.00 0.00 0.00

-21.31

KEY ITEMS Reserves Written Back Equity capital Reserves and Surplus Equity Dividend Rate Agg. Non-Promoter Shares(lacks) Agg. Non-Promoter Holding (%) Government Share Capital Adequacy Ratio EPS (Rs.)
@ SHARE HOLDING PATTERN:

0.00 41.06 0.00 0.00 216.20 52.66 0.00 0.00 5.15

0.00 41.06 0.00 0.00 216.20 52.66 0.00 0.00 6.33

0.00 41.06 0.00 0.00 216.20 52.66 0.00 0.00 6.02

0.00 41.06 0.00 0.00 216.20 52.65 0.00 0.00 21.03

0.00 41.06 0.00 0.00 216.20 52.66 0.00 0.00 -5.19

Shareholding pattern - JK Tyre & Industries Ltd.

Holder's Name Promoters GeneralPublic OtherCompanies

No of Shares 19439481 6436324 3513035

% Share Holding 47.34% 15.68% 8.56%

ForeignOcb ForeignInstitutions FinancialInstitutions ForeignNRI NBanksMutualFunds CentralGovt Others Directors

3487500 3335403 1944168 1693138 877562 285520 42979 4236

8.49% 8.12% 4.74% 4.12% 2.14% 0.70% 0.10% 0.01

@ Director Report: Mar2011 Mar 2012 The Directors have pleasure in presenting the Annual Report and Audited Accounts of the Company for the year ended 31st March 2012. OPERATIONS Turnover for the year under review was at all time high of Rs. 6,152 Crores recording an increase of 17% over the previous year. Operating Profit for the year was Rs. 283 Crores and Profit Before Tax was Rs. 13 Crores. The Company along with its wholly owned subsidiary JK Tornel achieved a turnover of Rs. 7,456 Crores during the year. The year began on a promising note with robust sale of automotives across various segments. Economy was expected to grow at 9%. However, in order to contain inflation, monetary policy was tightened, during the year, resulting in steep increase in interest rates. The automotive sector was adversely affected and passenger car segment grew by merely 2.7%. Consequently demand for tyres slowed down. During the year, operations were disrupted at Mysore Plant II and Banmore Plant for 45 days and 60 days respectively, pursuant to go slow resorted to by a section of workmen at these locations. This illegal partial stoppage of work resulted in loss of production and profit to the Company. Second half of the year witnessed severe volatility in foreign exchange rate movement, thus substantially impacting the cost of imported raw materials. All round cost push on the one hand and slow down in the

automotive sales on the other, affected profitability. The Company continued its relentless drive towards improving operating parameters, cost cutting, enrichment of product mix and enlarging market network. This helped contain the impact of these factors to some extent. DIVIDEND Your Directors are pleased to recommend dividend of Rs. 2.50 per Equity Share of Rs. 10 each (25%) on the Equity Share Capital of Rs.41.06 Crores. The Dividend outgo will be Rs.11.93 Crores (inclusive of dividend tax of Rs. 1.67 Crores). APPROPRIATIONS The amount available for appropriation, including surplus from previous year and debenture redemption reserve no longer required is Rs. 60.45 Crores. The Directors propose this to be appropriated as under: (Rs. Crores) General Reserve Dividend Corporate Dividend Tax Surplus carried to Balance Sheet 60.45 EXPANSION PROJECTS Several expansion projects launched in the earlier years went on stream during the year: Truck Radials Expansion at Mysore for further enhancing the capacity to 10 lac tyres 10.00 10.26 1.67 38.52

p.a. was completed. Chennai Project The new green site all radial plant at Chennai went on stream towards the end of the year. This facility with a capacity of 25 lac Car radials p.a. and 2 lac Truck/ Bus radials p.a., will strengthen our market presence significantly in the year ahead. The coming financial year shall have the benefit of enhanced production from this Plant. Another expansion of Chennai Tyre Plant by 2 lac Truck/Bus radials p.a. has been undertaken, which is expected to go on stream during the current year. With the completion of the above projects, the turnover of the Company is expected to increase significantly in the current year, cementing JK Tyre''s leadership in Radials. Plans have been drawn for further enhancing capacity of Chennai Tyre Plant, both for Passenger Car Radial & Truck Radial tyres. JK TYRE-MOVING AHEAD Inspite of difficult and challenging year for the Tyre Industry, JK Tyre continued to march ahead driven by continued zest for growth; - Turnover from Indian Operations at Rs. 6,152 Crores grew by 17% and consolidated Turnover including JK Tornel, Mexico at Rs. 7,456 Crores up 16%, - Total exports from India and Mexico crossed Rs. 1,000 Crores, an increase of 35% over previous year. - JK Tyre maintained its leadership position as India''s No.l in Truck and Bus Radial tyre manufacturer. 27% of Company''s production in Truck/Bus tyre category is already radialised. This position will be further strengthened with the commissioning of its new capacities at Mysore and at the new all radials Chennai plant, - A number of new size of Ultra Large OTR tyres were introduced, for

various dumpers and loaders. Their performance have been applauded by the users. - Once again "JK Tyre" has been selected as a "Super Brand" and continues to be India''s first and only Tyre Super Brand. - JK Tyre partnered in the first ever Formula 1 championship held in India. It has acquired the rights of renowned world series ''Formula BMW Pacific''which is now known as "JK Racing Asia Series" with the participating cars racing on speclaiy made UK Tyres''. The race was run along with the First ever Formula 1 championship held In India. TRUCK/BUS RADIALISATION It Is Indeed heartening to note that radialization of truck/bus segment Is now catching up fast with current radialization being at 19%, which Is expected to Increase significantly to 35% In the next couple of years. Your Company envisioned this much earlier, built capacities and continues to be the Truck/Bus Radials'' leader In India. Already 27% of the Truck/Bus tyre production at JK Tyres Is that of Radlals. JK TREAD Doubling of capacity of retread material was completed during the year, as planned. The Company markets Its retreading services under the brand UK Tread''. The network of franchises has been expanded across the country, which offer end-to-end solutions to customers for retreading, both Blas as well as Radial truck/bus tyres. EXPORTS Your Company exports Its products to over 80 countries across the six continents, offering its wide range of products. During the year, your Company''s export registered an increase of 41% with exports at Rs. 590 Crores, In addition to exports from India It also exports tyres from JK Tomel, which amounted to Rs. 428 Crores, thus the total exports were at Rs.

1,018 Crores. JKTORNEL JK Tomel, Mexico, recorded a Sales of 3447 Mn Pesos [Rs. 1,304 Crores) a growth of 13% over previous year. JK Tornel continues to Improve Its operations In several areas. There was significant Increase In the production of Passenger Car Radials. Plans have been drawn to expand Passenger Car Radials capacity to meet the growing demand In this segment, JK Tornel has entered for the first time In the highly competitive and prestigious Passenger Car Radial OE segment for supply of tyres to Chrysler and Nissan after a rigorous OEM approval procedure. Slow recovery in the American markets as well as Increased costs & foreign exchange rate volatility faced during the year was a challenge for JK Tornel. JK Tornel enhanced its exports to North and South American markets, it also exports tyres In "JKTYRE" brand in addition to its range of "TORNEL" branded tyres. R&D AND TECHNOLOGY Technology and R&D has been the key driving force at JK Tyre. Your Company''s vision to deliver world class products to the changing needs of the customer has enabled team JK Tyre to continuously deliver newer and newer innovative products. Your Company''s technology leadership is derived from Its In-house R&D Centres, multidisciplinary collaborative research work with premier institutions of R&D including HASETRI and raw material suppliers In the field of highly complex materials, predictive technology, tyre characteristics, testing and other allied areas Various projects have been Initiated for reduction of cycletimeinall operations, optimization of components In the tyres and standardization of materials and processes. New technological approaches and computing capabilities using mathematical methods to simulate the tyre behaviour in traction, breaking and cornering have been developed.

JK Tyre is also continuously improving productivity and quality in manufacturing processes like mixing, extrusion, calendaring, building and curing. Furthermore, innovative initiatives are being taken for substituting materials as well as using eco friendly raw material in manufacturing. VALUE ADDED SERVICES TO CUSTOMERS JK Tyre continues to drive the Radial Revolution in India. Providing value to customers has always been JK Tyre''s forte and towards this end, your Company has made significant investments. The Company serves its customers through "JK Truck Radial Tyre Care Centres" located along major National Highways in the country which operate 365 days/24 hours, for repair & service of tyres. The Company also runs a unique Fleet Management Program which has enabled major fleets to optimise operating costs through tyre care provided by dedicated JK Tyre service teams. Taking these initiatives further, JK Tyre has launched "TRUCK WHEELS" a new concept for providing "Total Tyre Solutions" for Truck/Bus tyres. Several such centres have been established, which enable truckers to avail of services like repair, retread, wheel alignment & balancing and other allied services like nitrogen air care which enhances tyre life. Your Company has been operating several one-stop passenger radial retail and tyre care outlets "JK Tyre Steel Wheels" across the country for last several years. These 130 outlets provide to the customers, value added services like computerized wheel alignment, balancing and automated tyre changing, air care etc., in addition to offering wide range of JK Tyre, under one roof. MOTORSPORTS The year 2011 was a remarkable one for Indian Motorsport and for JK Tyre, in particular. The highest echelon of motorsport-Formula 1 was successfully hosted in India. It was a proud moment for your Company to be a part of the biggest motorsport extravaganza and to join the most coveted club of top brands of the world.

During the year, the Company acquired the Formula BMW Series and rechristened it as the JK Racing Asia Series (JKRAS). With this acquisition, JK Tyre created history in Indian Motorsport by becoming the first Indian company to acquire an FIA accredited series. At the 2011 inaugural season, the JKRAS was a support race at the Formula One Grand Prix in Malaysia, Singapore and India, providing exposure to the young racing talents to prove their mettle in front of motorsports fraternity. These races had a very large viewership across the globe, providing JK Tyre an excellent platform for reinforcing its presence in the Motorsports which added significant value to JK Tyre brand. AWARDS During the year, your Company received several coveted awards. To mention a few, the Company received GOLDEN PEACOCK AWARD for "ENVIRONMENT MANAGEMENT", Asia''s best Employer Branding Awards 2011 for "TALENT MANAGEMENT" and Greentech Environment Award "CATEGORY GOLD". JK Tyre has been selected as a Super Brand once again and continues to be India''s first and only Tyre Super brand. JK Tyre has also been recognized as an Indian Power brand. It is heartening to note that Dr. Raghupati Singhania, Vice Chairman & Managing Director of the Company received "CORPORATE ICON OF THE YEAR AWARD" by IIPM POWER BRAND. CONSERVATION OF ENERGY ETC. The details as required under the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 are annexed, Annexure -1. DIRECTORS Shri Swaroop Chand Sethi and Shri Arvind Singh Mewar retire by rotation and being eligible offer themselves for re-appointment at the Annual General Meeting.

The Board of Directors appointed Shri Vimal Bhandari and Shri Ashwani Kumar Puri, as Additional Directors pursuant to Section 260 of the Companies Act, 1956 with effect from 29th July 2011. Shri Puri has since resigned and has ceased to be a Director. In terms of the said Section, Shri Bhandari will hold office as Director upto the date of the ensuing Annual General Meeting, The Company has received a notice in writing from a member proposing candidature of Shri Bhandari for being appointed as a Director, liable to retire by rotation. The Board recommends appointment of Shri Bhandari as a Director. Nomination of Shri Ashok U. Katra has been withdrawn by IDBI Bank Ltd. from the Board of the Company with effect from 10th May 2012. The Board records its deep appreciation for the valuable services rendered by Shri Katra and Shri Puri during their respective tenures of office. SUBSIDIARY COMPANIES The particulars required under the provisions of the Companies Act, 1956 in respect of the subsidiary companies are appended. The statement pursuant to Section 212 of the Companies Act, 1956 read with General Circular No, 51/12/2007-CL-lll dated 8th February, 2011 of the Ministry of Corporate Affairs, containing the details of the Company''s subsidiaries is attached, In terms of the said Circular dated 8th February 2011 and the Company having satisfied the conditions stipulated therein, copies of the Balance Sheet, Profit & Loss Account, Reports of the Board and the Auditors of all the subsidiary companies have not been attached to the Balance Sheet of the Company. However, the annual accounts of the subsidiary companies and the related detailed information will be made available to the members of the Company and of the subsidiary companies seeking such information at any point of time. The annual accounts of the subsidiary companies are also available for inspection by any member at the Head Office of the Company and that of the subsidiary companies concerned.

AUDITORS M/s Lodha & Co., Chartered Accountants, Auditors of the Company, retire and are eligible for re-appointment. The observations of the Auditors In their report on Accounts read with the relevant notes are self explanatory, COST AUDIT The Cost Audit for the financial year ended 31st March 2011 was conducted by M/s R.J. Goel & Co., Cost Accountants, Delhi and as required Cost Audit report was duly filed with Ministry of Corporate Affairs, Government of India. The Audit of the Cost Accounts of the Company for the year ended 31st March 2012 is being conducted by the said firm and the Report will also be filed. PARTICULARS OF EMPLOYEES Information In accordance with the provisions of Section 217(2A) of the Companies Act 1956 read with the Companies (Particulars of Employees) Rules 1975 as amended regarding employees Is annexed to this Report. However, as per the provisions of Section 219(l)(b)(iv) of the Companies Act, 1956, the Report and Accounts are being sent to all the members of the Company and others entitled thereto, excluding the aforesaid Information. Any member Interested In obtaining such particulars may write to the Company Secretary at the registered office of the Company, CORPORATE GOVERNANCE Your Company reaffirms its commitment to the highest standards of corporate governance practices, Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, a Management Discussion and Analysis, Corporate Governance Report and Auditors Certificate regarding compliance of conditions of Corporate Governance are made a part of this Annual Report. DIRECTORS'' RESPONSIBILITY STATEMENT As required under Section 217 (2AA) of the Companies Act 1956, your

Directors state that :I) In the preparation of annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures; II) the accounting policies have been selected and applied consistently and judgments and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for that period; III) proper and sufficient care has been taken for maintenance of adequate accounting records in accordance with the provisions of the said Act for safeguarding the assets of the Company and for preventing
and detecting fraud and other Irregularities; and

@ Company History - JK Tyre & Industries: YEAR EVENTS 1951 - The company was incorporated as a private limited company in West Bengal in 14th February, 1951. Until 31st March 1970, the company was engaged in the managing agency business. Thereafter, the company decided to undertake manufacturing activities and obtained a letter of intent in February 1972 for the manufacture of automobile tyres and tubes. - The letter of intent was converted into an industrial licence in February 1974 for the manufacture of 4 lakh nos. each automobile tyre and tubes per annum. The company was converted into a public limited company on 1st April 1974. The manufacturing project was promoted by Straw Products Ltd and J.K. Synthetics Ltd. - The company entered into technical collaboration with General Tire International Co., U.S.A., (a subsidiary of General Tire & Rubber Co., U.S.A.) for technical services for a period of 5 years and sales agreement for the supply of technical know-how, engineering and documentation for operational facilities (for a period of 8 years from 23.8.73). - Under the collaboration agreement, the Company has the right to use on its products the wording "Made in collaboration with General Tire International Co., USA". 1982 - The company's technical collaboration agreement with General Tire International Co., was renewed for a further period of 5 years.

1987 - The overall working resulted in substantial profits despite a 51-days strike as well as go-slow from 14th October. The strike had since then been resolved and amicable settlement was reached. Efforts were on to launch a new pattern in steel belted radial tyres. 1988 - New steel radial tyres for Maruti Gypsy and Tata mobile were introduced. The Company proposed to incur an expenditure of Rs 300 lakhs for installationof latest and sophisticated R&D equipment. 1989 - Several new patterns and sizes of tyres were introduced including a semi-lug Nylon Truck tyre, all of which were well received in the market. 1991 - Handeep Investment, Ltd., Hidrive Finance Ltd., Panchanan Investment Ltd., and Radial Finance Ltd., J. K. International Ltd., Shivdham Properties Ltd., and J.K. Asia Pacific, Ltd., are subsidiaries of the Company. 1992 - The J.K. International division expanded its activities by opening its office in Moscow besides starting Company's subsidiaries in U.K. & Honkong. The radial tyres for tractors and business launched in the previous year were well received. 1993 - New radial tyres `Brute' and `Ultima' were introduced. The Company was in the process of developing steel belted radial tyres for the prestigious cars in the Mercedes Benz, Peugeot, Daewoo race and Opel Astra. A new pattern developed for bus and trucks `PE-T8' was well received in the market. 1994 - The company maintained its pace of growth, despite steep rise in raw material and input costs and competition. The Company effected an all round cost reduction and attained higher capacity utilisation at both the tyre plants at Jaykaygram and Banmore. - The T-rated Ultima tyres launched for new generation cars found its acceptance in DCM Daewoo's `Ceilo'. Also J.K. Steel radial was chosen for Mercedes Benz India. - The Company undertook to develop steel radials for GM's `Astra'. PAL's `Peugekot' FIAT's, `UNO' and M & M's `Ford'. - The Company launched a premium truck tyre `Jet Trak' - 39 which was introduced to meet the need sof the heavy load market. The new tractor rear tyre `SONA' was well received in the market. 1996 - During this period, a new Car tyre "Jet Drive XS", the widest nylon car tyre for Maruti 800 was launched. Along with new semi-lug and heavy duty lug tyre for trucks, a new lug tyre for super heavy load applications "Jet Trak 39" was also introduced. In the Radial category, "Ultima XR Radial", a terrain tyre was introduced. All these products were well received in the market. - Both the tyre plants operated to full capacity. In line with JK tyre, the radials unit

introduced, the dual contact high traction and high performance Aquasonic steel radial car tyre. The unit also developed India's first and only H-rated ultima Xs' specially for Mercides - Benz Cars. 2000 - The Company proposes to reduce its debt by Rs 125 crore in the current fiscal from the current level of Rs 635 crore by way of loan repayment. - The Company and Indian Oil Corporation have entered into a marketing alliance for installing digital air pressure guages and setting up sales and services outlets at IOC petrol stations throughtout the country. 2001 - Raghupati Singhania managing director of J K Industries has been appointed the 19th Chairman of Automative Tyre Manufacturers Association, the representative body of tyre industry in India. 2002- J.K.Industries Ltd has informed BSE that CRISIL has assigned a P1+ rating to the Commercial Paper programme of the company. 2003 - J.K. Industries Ltd (JKI) has a new Marketing Director in Mr Ajay Kapila. Before joining JKI, Mr Kapila was Senior Vice-President (Sales and Marketing) at Kinetic Engineering Ltd. He was also Director on board and operational head of Kinetic's direct selling arm - Kinetic Marketing Services Ltd. -Completes its comprehensive restructuring exercise of businesses that leads to its emergence as a pure automotive tyre company. Along with the de-merger of its non-tyre business, Sugar and Agri Seeds, into separate companies namely JK Sugar Ltd and JK Agri-Genetics Ltd, JKI also completes the merger of Vikrant Tyres Ltd with itself -J.K.Industries delists from Jaipur Stock Exchange -divested its wholly-owned subsidiay called J.K. Drugs and Pharmaceuticals Ltd to TEVA Pharmaceuticals of Israel. 2004 -JK Industries Ltd has informed that its securities are delisted from Delhi Stock Exchange Association Ltd (DSE) w.e.f. January 29, 2004. 2007 - JK Industries Ltd has informed that the name of the Company has been changed from "J K Industries Ltd" to "JK Tyre & Industries Ltd" w.e.f. April 02, 2007. - Company name has been changed from JK Industries Ltd to JK Tyre & Industries Ltd.

2008 -The company has issued rights in the ratio of 1:3 at a premium of Rs.75 Per Share.

@ Balance Sheet (Standalone):

(Rs. in Crores) Standalone |

Consolidated Mar-10 Mar-09 Sep-07 41.06 41.06 30.79 Sep-06 30.79

Particulars Mar-12 Mar-11 SOURCES OF FUNDS : 673.66652.36534.77503.13560.93S 41.06 41.06 hare Capital Total Shareholders Funds629.54 670.60 714.72 Reserves Total 1,396.6 Secured Loans 692.77 9 Unsecured Loans 382.08 622.22 1,778.7 1,314.9 Total Debt 7 9 2,449.3 2,029.7 Total Liabilities 7 1 APPLICATION OF FUNDS : 1,321.021,209.131,101.50957.2786 2,781.9 2,737.3 0.03Gross Block 5 3 Less:Impairment of Assets1,338.76 0.00 0.00 Less : Accumulated Depreciation 1,443.1 1,416.3 Net Block 9 1 Lease Adjustment 0.00 0.00 Capital Work in Progress 749.20 192.14 Investments 100.89 93.56 Current Assets, Loans & Advances 708.05487.60442.47435.52477.89I 661.54 688.60 nventories Cash and Bank867.36 78.42 85.11 Sundry Debtors Loans and Advances 353.41 216.73 Total Current Assets 1,960.7 1,698.4

693.42 575.83 533.92 591.72 433.33 850.31 686.82 724.77 426.85 251.49 228.13 219.10 1,101.8 860.18 914.95 943.87 0 1,553.6 1,677.6 1,448.8 1,535.5 0 3 7 9 2,561.9 2,270.3 2,156.0 2,084.2 0 8 7 2 0.00 0.00 0.00 0.00 1,352.7 1,168.8 1,198.8 1,224.1 7 8 0 9 0.00 0.00 0.00 0.00 132.02 240.19 20.34 22.51 90.24 89.75 62.60 61.46 459.70 414.45 502.85 368.59 63.27 41.99 29.22 39.32

202.10 196.39 136.58 127.72 1,212.6 1,095.3 1,104.1 1,013.5

Less : Current Liabilities and Provisions 98.50107.0659.7735.9030.52Curre 1,282.2 938.35 987.94 750.26 804.04 766.34 nt Liabilities 3 Total Current Liabilities95.84 1,378.0 1,036.8 1,095.0 810.03 839.94 796.86 Provisions 7 5 0 Net Current Assets 582.66 661.64 117.67 285.27 264.23 216.66 Miscellaneous Expenses not 0.00 0.00 0.00 5.21 8.22 9.16 written off 11.3910.4721.1522.4116.42Deferred Tax Assets Deferred Tax Liability42.63 190.19 156.25 149.57 132.82 127.73 14.81 Net Deferred Tax -147.56 -144.86 -139.10 -111.67 -105.32 1.61 2,728.3 2,218.7 1,553.6 1,677.6 1,448.8 1,535.5 Total Assets 8 9 0 3 7 9 Contingent Liabilities 54.28 51.29 51.49 68.05 61.83 87.84

@ Balance Sheet (Consolidated)

(Rs. in Crores) Standalone |

Consolidated

Particulars Mar-12 Mar-11 Mar-10 Mar-09 Sep-07 Sep-06 SOURCES OF FUNDS : 817.28808.90650.58513.26568.57S 41.06 41.06 41.06 41.06 30.79 30.79 hare Capital Total Shareholders Funds714.26 755.32 858.34 849.96 691.64 544.05 599.36 Reserves Total Minority Interest 0.00 0.00 0.00 0.00 0.00 0.00 1,043.97713.451,107.14686.84724.78Secured Loans Unsecured Loans 1,805.02 336.91 566.78 445.45 275.28 228.13 219.10 2,141.9 1,610.7 1,158.9 1,382.4 Total Debt 914.97 943.88 3 5 0 2 2,897.2 2,469.0 2,008.8 2,074.0 1,459.0 1,543.2 Total Liabilities 5 9 6 6 2 4 APPLICATION OF FUNDS : 1,521.971,368.551,228.44957.2786 3,461.7 3,377.4 3,132.5 2,840.4 2,156.0 2,084.2 0.03Gross Block 7 5 0 5 7 2 Less: Impairment of 0.00 0.00 0.00 0.00 0.00 0.00

Assets1,592.21 Less: Accumulated Depreciation Net Block 1,869.5 1,855.4 1,763.9 1,612.0 1,198.8 1,224.1 6 8 5 1 0 9 0.000.000.000.000.00Lease Adjustment 765.15 200.02 188.19 290.54 20.34 22.51 100.69 87.13 80.45 75.89 71.40 67.58

Capital Work in Progress0.00 Investments Current Assets, Loans & Advances 822.80627.74548.85435.52477.89I 781.85 817.57 555.74 483.75 502.85 368.59 nventories Cash and Bank1,008.54 104.93 114.64 90.99 51.34 30.03 40.21 Sundry Debtors Loans and Advances 435.34 283.46 245.91 249.63 137.15 128.39 2,330.6 2,038.4 1,520.3 1,333.5 1,105.5 1,015.0 Total Current Assets 6 7 8 7 5 8 Less : Current Liabilities and Provisions 122.08166.56104.3535.9030.52Cur 1,577.6 1,215.4 1,238.4 1,026.8 804.07 766.37 rent Liabilities 7 9 5 1 Total Current Liabilities124.25 1,701.9 1,337.5 1,405.0 1,131.1 839.97 796.89 Provisions 2 7 1 6 700.90115.37202.41265.58218.19Net Current Assets Miscellaneous Expenses not 0.00 0.00 0.00 5.21 8.22 9.16 written off 628.74 Deferred Tax Assets 42.63 11.39 10.47 21.15 22.41 16.42 Deferred Tax Liability 190.19 156.25 149.57 133.15 127.73 14.81 Net Deferred Tax -147.56 -144.86 -139.10 -112.00 -105.32 1.61 3,216.5 2,698.6 2,008.8 2,074.0 1,459.0 1,543.2 Total Assets 8 7 6 6 2 4 Contingent Liabilities 61.40 59.46 54.37 69.82 61.83 87.84