Bhushan Steel « Previous Years 

------------------- in Rs.
Balance Sheet Cr. -------------------
Mar '05 Mar '06 Mar '07 Mar '08 Mar '09

12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of Funds

Total Share Capital 40.47 41.27 42.47 42.47 42.47

Equity Share Capital 40.47 41.27 42.47 42.47 42.47

Share Application
Money 0 3.6 0 0 400.44

Preference Share
Capital 0 0 0 0 0
Reserves 690.12 848.4 1,172.03 1,582.85 1,985.59

Revaluation
Reserves 0 0 0 0 0
Networth 730.59 893.27 1,214.50 1,625.32 2,428.50

Secured Loans 1,089.79 1,650.91 2,412.84 3,333.11 5,136.32

Unsecured Loans 227.68 385.27 829.14 2,385.02 2,929.93

Total Debt 1,317.47 2,036.18 3,241.98 5,718.13 8,066.25

Total Liabilities 2,048.06 2,929.45 4,456.48 7,343.45 10,494.75

Mar '05 Mar '06 Mar '07 Mar '08 Mar '09

12 mths 12 mths 12 mths 12 mths 12 mths

Application Of
Funds
Gross Block 1,657.81 1,795.91 2,693.73 2,927.09 3,281.86

Less: Accum.
Depreciation 610.81 775.83 970.27 1,168.07 1,395.89
Net Block 1,047.00 1,020.08 1,723.46 1,759.02 1,885.97

Capital Work in
Progress 385.7 1,295.22 1,892.11 4,567.97 7,400.13

Investments 18.99 19.17 20.85 58.46 107.73

Inventories 581.67 474.78 756.34 1,129.63 1,230.36

Sundry Debtors 339.44 404.48 538.9 617.38 619.82

Cash and Bank
Balance 10.69 11.5 16.14 21.38 124.29

Total Current Assets 931.8 890.76 1,311.38 1,768.39 1,974.47

Loans and Advances 130.94 241.73 368.5 645.51 771.85

Fixed Deposits 6.7 70.02 84 6.25 0.08

Total CA, Loans &

Advances 1,069.44 1,202.51 1,763.88 2,420.15 2,746.40

Deffered Credit 0 0 0 0 0

Current Liabilities 464.96 593.49 926.02 1,442.82 1,617.77

Provisions 8.11 14.04 17.79 19.31 27.71

Total CL &
Provisions 473.07 607.53 943.81 1,462.13 1,645.48

Net Current Assets 596.37 594.98 820.07 958.02 1,100.92

Miscellaneous
Expenses 0 0 0 0 0
Total Assets 2,048.06 2,929.45 4,456.49 7,343.47 10,494.75

Contingent Liabilities 930.37 1,931.44 1,551.57 2,545.91 2,424.34

Book Value (Rs) 180.52 215.56 285.96 382.68 477.51

Source : Asian CERC

 ---------------
---- in Rs.
Profit & Cr.
Loss ---------------
account ----
Mar '05 Mar '06 Mar '07 Mar '08 Mar '09

12 mths 12 mths 12 mths 12 mths 12 mths

Income
Sales
Turnover 2,867.90 3,070.38 4,202.05 4,672.73 5,409.55
Excise
Duty 192.91 276.39 372.45 492.5 423.83
Net Sales 2,674.99 2,793.99 3,829.60 4,180.23 4,985.72
Other
Income 4.45 4.59 39 22.8 -180.91
Stock
Adjustment
s 164.55 -75.57 95.17 188.07 -98.17
Total
Income 2,843.99 2,723.01 3,963.77 4,391.10 4,706.64
Expenditure
Raw
Materials 2,247.41 2,112.06 3,004.82 3,223.83 3,377.06
Power &
Fuel Cost 108.31 126.6 147.7 196.22 203.83
Employee
Cost 23.61 36.43 51.01 73.87 100.86

Other
Manufactur
ing
Expenses 4.74 3.85 6.62 12.88 13.2

Selling and
Admin
Expenses 53.11 68.17 111.1 104.06 179.06
Miscellane
ous
Expenses 12.9 16.13 28.89 26.34 60.3

Preoperati
ve Exp
Capitalised -15.85 -41.03 -53.46 -104.26 -140.13
Total
Expenses 2,434.23 2,322.21 3,296.68 3,532.94 3,794.18
Mar '05 Mar '06 Mar '07 Mar '08 Mar '09

12 mths 12 mths 12 mths 12 mths 12 mths

Operating
Profit 405.31 396.21 628.09 835.36 1,093.37
PBDIT 409.76 400.8 667.09 858.16 912.46
Interest 79.39 75.38 85.82 107.8 117.27
PBDT 330.37 325.42 581.27 750.36 795.19
Depreciatio
n 164.72 165.76 208.92 211.41 234.41
Other
Written Off 0 0 0 0 0

Profit
Before Tax 165.65 159.66 372.35 538.95 560.78
Extra-
ordinary
items 0 -0.11 0 0 0
PBT (Post
Extra-ord
Items) 165.65 159.55 372.35 538.95 560.78
Tax 12.3 5.21 59.11 115.2 139.48
Reported
Net Profit 153.35 154.45 313.26 423.73 421.3

Total Value
Addition 186.82 210.14 291.85 309.12 417.12

Preference
Dividend 0 0 0 0 0
Equity
Dividend 10.12 10.32 10.62 10.62 10.62
Corporate
Dividend
Tax 1.32 1.45 1.8 1.8 1.8
Per share data
(annualised)
Shares in
issue
(lakhs) 404.72 412.72 424.72 424.72 424.72
Earning
Per Share
(Rs) 37.89 37.42 73.76 99.77 99.2
Equity
Dividend
(%) 25 25 25 25 25

Book
Value (Rs) 180.52 215.56 285.96 382.68 477.51

Source : Asian CERC

 ---------------
---- in Rs.
Cr.
---------------
Cash Flow ----
Mar '05 Mar '06 Mar '07 Mar '08 Mar '09

12 mths 12 mths 12 mths 12 mths 12 mths

Net Profit
Before
Tax 165.66 159.66 372.37 538.93 560.79

Net Cash
From
Operating
Activities 233.27 453.51 353.09 438.57 536.77
Net Cash
(used
in)/from
Investing
Activities -496.31 -948.88 -1298.33 -2434.03 -1806.13

Net Cash
(used
in)/from
Financing
Activities 269.13 559.49 963.86 1922.95 1366.1

Net
(decrease)
/increase
In Cash
and Cash
Equivalent
s 6.09 64.13 18.62 -72.51 96.74

Opening
Cash &
Cash
Equivalent
s 11.3 17.39 81.52 100.14 27.63

Closing
Cash &
Cash
Equivalent
s 17.39 81.52 100.14 27.63 124.37

Source : Asian CERC

Capital Structure
Period Instrumen --- CAPITAL (Rs. cr) --- -PAIDUP-
t
From To Authorise Issued Shares Face Capital
d (nos) Value
Equity
2008 2009 Share 80 43.29 42471662 10 42.47
Equity
2007 2008 Share 80 43.29 42471662 10 42.47
Equity
2006 2007 Share 80 43.29 42471662 10 42.47
Equity
2005 2006 Share 80 42.09 41271662 10 41.27
Equity
2004 2005 Share 80 41.29 40471662 10 40.47
Equity
2003 2004 Share 80 41.29 40471662 10 40.47
Equity
2002 2003 Share 80 41.29 40471662 10 40.47
Equity
2001 2002 Share 50 33.04 33039600 10 33.04
Equity
1999 2001 Share 50 33.04 33039600 10 33.04
Equity
1998 1999 Share 50 33.04 33039600 10 33.04
Equity
1997 1998 Share 50 33.04 33039600 10 33.04
Equity
1996 1997 Share 50 33.04 31954920 10 31.95
Equity
1995 1996 Share 50 214.75 26144800 10 26.14
Equity
1994 1995 Share 50 11 11000000 10 11
Equity
1993 1994 Share 15 11 11000000 10 11
Equity
1992 1993 Share 15 8.36 8356400 10 8.36

Source : Asian CERC

 ---------------
---- in Rs.
Cr.
Yearly ---------------
Results ----

Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

Sales
Turnover 2,792.74 3,837.73 4,203.95 4,957.56 5,640.35
Other
Income 12.41 30.43 53.45 17.92 117.78
Total
Income 2,805.15 3,868.16 4,257.40 4,975.48 5,758.13
Total
Expenses 2,396.70 3,209.62 3,371.35 3,924.12 4,187.61
Operating
Profit 396.04 628.11 832.6 1,033.44 1,452.74
Profit On
Sale Of
Assets -- -- -- -- --

Profit On
Sale Of
Investment
s -- -- -- -- --

Gain/Loss
On Foreign
Exchange -- -- -- -- --

VRS
Adjustment -- -- -- -- --

Other
Extraordin
ary
Income/Ex
penses -- -- -- -- --

Total
Extraordin
ary
Income/Ex
penses -- -- -- -- --
Tax On
Extraordin
ary Items -- -- -- -- --

Net Extra
Ordinary
Income/Ex
penses -- -- -- -- --
Gross
Profit 408.45 658.54 886.05 1,051.36 1,570.52
Interest 83.03 77.25 136.85 252.96 210.01
PBDT 325.42 581.29 749.2 798.4 1,360.51
Depreciatio
n 165.76 208.92 209.98 236.66 209.14

Depreciatio
n On
Revaluatio
n Of
Assets -- -- -- -- --
PBT 159.66 372.37 539.22 561.74 1,151.37
Tax 5.21 59.11 128.1 148.95 305.57
Net Profit 154.45 313.26 411.12 412.79 845.8

Prior Years
Income/Ex
penses -- -- -- -- --

Depreciatio
n for
Previous
Years
Written
Back/
Provided -- -- -- -- --
Dividend -- -- -- -- --
Dividend
Tax -- -- -- -- --
Dividend
(%) -- -- -- -- --
Earnings
Per Share 37.42 73.76 96.8 97.2 199.15
Book
Value -- -- -- -- --
Equity 41.27 42.47 42.47 42.47 42.47
Reserves 848.4 1,172.03 -- -- --

Face Value 10 10 10 10 10

Source : Asian CERC

Finished ---------------------- in Rs. Cr.
Products --------------------- Mar 2009
Product Unit Installed Production Sales Sales
Name
Capacity Quantity Quantity Value
Cold Metric 1,000,000 804,231.00 344,681.00 1,694.52
Rolled Tonnes
Steel
Strips/She
ets

Cold Metric 465,000 386,120.00 315,755.00 1,625.08

Rolled Tonnes
Galvanised
Sheets

Billets Metric 340,000 302,229.00 240,678.00 805.31

Tonnes
Galvanised Metric 80,000 76,393.00 75,857.00 478.51
Plain (GP) Tonnes
Colour
Coated
Sheets/Coi
ls

Precision Metric 100,000 72,916.00 69,329.00 371.62

Tubes Tonnes
Wire Rods Metric 20,000 52,455.00 51,758.00 182.79
Tonnes
Others - NA NA NA 106.17
Hardened Metric 11,000 7,777.00 7,846.00 70.97
& Tonnes
Tempered
Cold
Rolled
Steel
Strips

High Metric 20,000 8,806.00 9,164.00 54.34

Tensile Tonnes
Steel
Strapings

Other - NA NA NA 14.24
Fiscal
Benefits
Sections Metric 3,000 923 943 4.55
Tonnes
Sponge Metric 680,000 352,445.00 1,027.00 1.46
Iron Tonnes
Coal - NA NA NA 0
Total 5409.56

Source : Asian CERC

Key Financial Ratios ------------------- in Rs. Cr. -------------------

Mar '05 Mar '06 Mar '07 Mar '08 Mar '09

Investment Valuation Ratios

Face Value 10 10 10 10 10
Dividend Per Share 2.5 2.5 2.5 2.5 2.5
Operating Profit Per Share (Rs) 100.15 96 147.89 196.68 257.44
Net Operating Profit Per Share (Rs) 660.95 676.97 901.68 984.24 1,173.89
Free Reserves Per Share (Rs) 149.68 198.1 254.72 364.45 454.63
Bonus in Equity Capital -- -- -- -- --
Profitability Ratios
Operating Profit Margin(%) 15.15 14.18 16.4 19.98 21.93
Profit Before Interest And Tax Margin(%) 8.97 8.21 10.89 14.86 17.16
Gross Profit Margin(%) 12.98 12.43 15.12 14.92 17.22
Cash Profit Margin(%) 11.86 11.41 13.57 14.98 17.06
Adjusted Cash Margin(%) 11.94 11.68 13.02 14.98 17.06
Net Profit Margin(%) 5.71 5.5 8.14 10.09 8.42
Adjusted Net Profit Margin(%) 5.79 5.77 7.59 10.09 8.42
Return On Capital Employed(%) 12.06 8.28 9.81 8.72 8.34
Return On Net Worth(%) 20.99 17.29 25.79 26.07 20.77
Adjusted Return on Net Worth(%) 21.28 18.21 24.06 25.69 30.54
Return on Assets Excluding Revaluations 6.08 4.37 5.8 4.81 3.47
Return on Assets Including Revaluations 6.08 4.37 5.8 4.81 3.47
Return on Long Term Funds(%) 16.08 9.9 11.44 10.26 9.1

Liquidity And Solvency Ratios

Current Ratio 0.7 0.83 0.81 0.76 1.06
Quick Ratio 1.03 1.2 1.07 0.88 0.92
Debt Equity Ratio 1.8 2.29 2.67 3.52 3.98
Long Term Debt Equity Ratio 1.1 1.75 2.15 2.84 3.75
Debt Coverage Ratios
Interest Cover 3.88 4.09 6.81 10.95 15.02
Total Debt to Owners Fund 1.8 2.29 2.67 3.52 3.98
Financial Charges Coverage Ratio 5.19 5.42 7.53 7.9 9.47
Financial Charges Coverage Ratio Post Tax 5.01 5.25 7.08 6.89 6.59

Management Efficiency Ratios

Inventory Turnover Ratio 4.61 5.91 5.09 4.4 4.75
Debtors Turnover Ratio 7.75 7.51 8.12 7.23 8.06
Investments Turnover Ratio 5.33 6.96 5.84 4.4 4.75
Fixed Assets Turnover Ratio 2.14 1.49 1.3 1.44 1.53
Total Assets Turnover Ratio 1.31 0.95 0.86 0.57 0.48
Asset Turnover Ratio 1.61 1.56 1.43 1.44 1.53
Average Raw Material Holding 36.7 35.46 47.49 61.67 79.39
Average Finished Goods Held 26.47 18.09 20.72 36.73 21.12
Number of Days In Working Capital 80.26 76.66 77.09 82.5 79.49

Profit & Loss Account Ratios

Material Cost Composition 84.01 75.59 78.46 77.12 67.73
Imported Composition of Raw Materials Consumed 27.57 63.28 33.74 37.82 36.97
Selling Distribution Cost Composition 1.8 2.14 2.66 2.05 2.81
Expenses as Composition of Total Sales 39.29 35.99 39.86 30.14 29.34

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit 7.46 7.61 3.96 2.93 2.94
Dividend Payout Ratio Cash Profit 3.59 3.67 2.37 1.95 1.89
Earning Retention Ratio 92.65 92.74 95.75 97.03 98
Cash Earning Retention Ratio 96.43 96.42 97.53 98.03 98.55
AdjustedCash Flow Times 4.11 6.21 6.47 9.09 9.45

Mar '05 Mar '06 Mar '07 Mar '08 Mar '09

Earnings Per Share 37.89 37.42 73.76 99.77 99.2

Book Value 180.52 215.56 285.96 382.68 477.51

Source : Asian CERC