FINANCIAL MANAGEMENT

Project On Financial Management

Jaipuria Institute of Management, Noida

Submitted To: Dr. Asheesh Pandey Submitted By:(Group No.:- 5)
Anshu Aggarwal (PGSF1135) Heena kumara (Pgsf1107) Nilanshu Pandey (PGSF1133) Romana Aftab (PGSF1122) Kanak Kumari (PGSF1140) Satyam Kumar (PGSF1121)

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Acknowledgment

As we know that for reward efforts is necessary and for efforts motivation is necessary same is with the success of this project .It would not have been possible without to motivation and proper guidance .So I take the

opportunity to thanks all those who have motivated us and guided us through the entire project

We extend nay heartily thanks to my college Jaipuria Institute of Management Department of Post Graduate Diploma of Management for

providing us opportunity to understand and explore the subject.

For providing with an opportunity to understand and explore the subject of our own interest. We take the opportunity to thank people who have helped us in our project our project guide Dr. Asheesh Panday, our Finance faculty.

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CONTENT
SL NO 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. CONTENT Executive Summary Introduction of Hindustan Zinc Introduction of SAIL Introduction of Sterlite Dividend Policy Dividend Analysis Ratio Analysis Comparison of Ratio Cash Cycle Calculation Analysis of Cash cycle Comparison of Cash Cycle Annexure PG NO 4 5 6 7 8 9 10 11 12 13 14 15

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Executive summary
This report is the presentation of findings of the project work carried out. The project on analysis of the dividend payout ratio, retention ratio management report of three companies was undertaken and comparison of the dividend policy of three companies. The project was divided into three phases. In first phase comparison of dividend policy of three companies was analyzed. In second phase, comparison of cash cycle of the companies was analyzed. We have also analyzed the working capital policy of three companies with the help of liquidity ratio and working capital ratio. In the third phase, all the annexure and calculations related to the companies have been attached. The main objective was to understand and analyze the effect of dividend policy on the companies.

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Introduction of Hindustan Zinc

Hindustan Zinc is a Vedanta Group company in Zinc, Lead and Silver business. We are India's only and the world's largest integrated producer of Zinc-Lead. We are also one of the leading Silver producers in the world. We are one of the lowest cost producers in the world and are well placed to serve the growing demand of Asian countries. Hindustan Zinc is a subsidiary of the NYSE listed - Sterlite Industries (India) Limited (NYSE: SLT) and London listed FTSE 100 diversified metals and mining major - Vedanta Resources plc. Our core business comprises of mining and smelting of zinc and lead along with captive power generation. We have four mines and four smelting operations: mines are situated at Rampura Agucha, Sindesar Khurd, Rajpura Dariba and Zawar in the State of Rajasthan; while the smelters are located at Chanderiya, Debari and Dariba in the State of Rajasthan and Vizag in the State of Andhra Pradesh. Our current metal production capacity is 1,064,000 tonnes per annum (879,000 tonnes of zinc and 185,000 tonnes of lead). With reserves and resources of 313.2 million tonnes, our exploration programme is integral to our growth and future expansions. Successful exploration and subsequent development of mineral assets underlines our mission and business strategy. We also own 474 MW of coal based thermal captive power plants in Rajasthan to support our metallurgical operations. We also have 123.2 MW of wind energy in Gujarat and Karnataka, which is sold to the respective State grids. Taking our green energy initiative a step further, we had announced, in January 2011, an addition of 150 MW in our existing wind power capacity. Of this, around 135 MW has already been commissioned. The balance capacity is expected to be commissioned in Q4 FY 2012. Post the expansion, our wind power generation capacity will increase to 273 MW.

Vision
Be the world's largest and most admired Zinc-Lead & Silver Company

Mission

Enhance stakeholders value through exploration, innovation, operational excellence and sustainability Be a globally lowest cost producer Maintain market leadership and customer delight

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Introduction of Steel Authority of India

Steel Authority of India Limited (SAIL) is the leading steel-making company in India. It is a fully integrated iron and steel maker, producing both basic and special steels for domestic construction, engineering, power, railway, automotive and defense industries and for sale in export markets. SAIL is also among the five Maharatnas of the country's Central Public Sector Enterprises. SAIL manufactures and sells a broad range of steel products, including hot and cold rolled sheets and coils, galvanized sheets, electrical sheets, structural, railway products, plates, bars and rods, stainless steel and other alloy steels. SAIL produces iron and steel at five integrated plants and three special steel plants, located principally in the eastern and central regions of India and situated close to domestic sources of raw materials, including the Company's iron ore, limestone and dolomite mines. The company has the distinction of being Indias second largest producer of iron ore and of having the countrys second largest mines network. This gives SAIL a competitive edge in terms of captive availability of iron ore, limestone, and dolomite which are inputs for steel making. SAIL's International Trade Division ( ITD), in New Delhi- an ISO 9001:2000 accredited unit of CMO, undertakes exports of Mild Steel products and Pig Iron from SAILs five integrated steel plants. With technical and managerial expertise and know-how in steel making gained over four decades, SAIL's Consultancy Division (SAILCON) at New Delhi offers services and consultancy to clients world-wide. SAIL has a well-equipped Research and Development Centre for Iron and Steel (RDCIS) at Ranchi which helps to produce quality steel and develop new technologies for the steel industry. Besides, SAIL has its own in-house Centre for Engineering and Technology (CET), Management Training Institute (MTI) and Safety Organization at Ranchi. Our captive mines are under the control of the Raw Materials Division in Kolkata. The Environment Management Division and Growth Division of SAIL operate from their headquarters in Kolkata. Almost all our plants and major units are ISO Certified.

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Introduction of Sterlite
We are India's largest non-ferrous metals and mining company and are one of the fastest growing private sector companies. We are listed on the BSE and NSE in India and are the First Indian Metals & Mining Company to list on the New York Stock Exchange. Our primary businesses; Aluminum, Copper, Zinc & Lead and Commercial Energy.

Our Strategy
Our goal is to generate strong financial returns and create a world-class metals and mining company. To achieve this goal, we intend to take full advantage of our competitive strengths. Key elements of our strategy include: Increasing our capacities through Greenfield and Brownfield projects. We intend to continue the construction of new facilities to capitalize upon the growing demand for metals in India and abroad, particularly in China, Southeast Asia and the Middle East. Leveraging our project execution and operating skills and experience in building and operating captive power plants to develop a commercial power generation business. We believe the commercial power generation business represents an attractive growth opportunity in India and that our experience in building and operating captive power plants positions us to develop this as a stand-alone business. Continuing to focus on asset optimization and reducing the cost of production. We focus on reducing our cost of production, including maximizing our throughput and plant availability, reducing energy costs and consumption, increasing automation, improving recovery ratios, reducing our raw material costs and seeking better utilization of by-products. Seeking further growth and acquisition opportunities that leverage our transactional, project execution and operational skills. We continually seek new growth and acquisition opportunities in the metals and mining and related businesses, primarily in India, including government privatization programs. Consolidating our corporate structure and increasing our direct ownership of our underlying businesses to derive additional synergies as an integrated group. We have exercised our option to
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FINANCIAL MANAGEMENT acquire the Government of Indias remaining 49.0% ownership interest in BALCO and are seeking to complete this acquisition.

Dividend Policy
Dividend Policy of Hindustan Zinc
In 2008, face value of shares of Hindustan Zinc was Rs10/share and it till year 2010 but the face value of shares was Rs 2 in 2011. Dividend per share was Rs 5 in 2008 and it goes down by Rs 1 in 2009 and again increased by Rs 2 in 2010 and it goes down to Rs 1 in March 2011. The Board of Directors has recommended dividend of 50% i.e. Rs 1 per equity share of Rs 2 each on the increase capital after issue of bonus shares for the year 2010-11. The total outgo on account of dividend including tax on dividend will be Rs 491cr during FY 2011 as compared to Rs 296cr in FY2010.

Dividend Policy of SAIL

SAIL has the constant face value from 2008-211 i.e. Rs10 per share. The company paid interim dividend @ 12% of the paid up equity share capital during the year. The Board of Directors has further recommended and final dividend @12% subject to approval of shareholders thus making the total dividend @24% for the year 2010-11. A sum of Rs 500cr has been transfer to the general reserve during the year 2010-11.

Sterliet India Ltd

The face value of share for Rs2 from 2008 to 2010 and goes down to Rs 1 in 2011. They recommended a dividend of Rs 1.10 per equity share of Rs 1 each i.e. 110% for the FY 2010-11. They also issued bonus share in 1:1 ratio.

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Dividend Analysis
Analysis
Hindustan Zinc has provided a dividend of 50% on face value of shares, on the other hand Sterlite India Ltd has provided dividend of 110% on face value of share and SAIL has provided total dividend @ 24%. Hindustan Zinc and Sterlite India Ltd also issued bonus share in FY 201011 but SAIL didnt issue any bonus share in this year. From the above dividend policies of the company we have analyzed that Hindustan Zincs cash outflow have increased from 296cr to 491cr but SAIL has a profit and they have transferred Rs500cr in their general reserve. So, we can say that dividend policy used by SAIL has a positive impact and their general reserve has increased by 500cr which they can use for their further investment or in case of future uncertainty. Whereas, sterlites dividend policy has increased their cash outflow in dividend account which is not good for a companys growth.

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Ratio Analysis
SAIL SAILs current ratio fluctuate from year to year below the idel ratio 2 but reaches the ideal ratio after the year 2007 which is positive consideration. The liquidity ration denotes the concern head achieved more than the ideal ratio 1:1 till 2007 and lower liquid ratio in remaining year. Working capital ratio is increasing and it is good for the company as high ratio indicates efficient utilization of working capital. Sterlite Sterlites current ratio is higher than the ideal ratio i.e. 2 but having a current ratio more than 2 is also not good for company as it shows that stocks are moving slow, the figures of debtors is high because debt collection is not satisfactory and cash and bank balance is lying ideal. Sterlites working capital turnover is high which is good for company. Hindustan Zinc Hindustan Zinc current ratio is higher than the ideal ratio i.e. 2 but having a current ratio more than 2 is also not good for company as it shows that stocks are moving slow, the figures of debtors is high because debt collection is not satisfactory and cash and bank balance is lying ideal. Hindustan Zinc working capital turnover is high which is good for company.

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Comparison of Ratio

According to ratio analysis, we can say that SAIL is having a ideal current and working capital ratio which is a positive consideration for the company and it also shows that company is making sufficient profit, but in the case of Hindustan Zinc and Sterlite their working capital ratio is good but their current ratio is high which is not good for the companies as it shows that they are not using their funds efficiently. So, at last we can say that between these three companies SAIL has good financial position.

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Calculation of Cash Conversion Cycle

Cash Conversion Cycle of SAIL
Formula for cash conversion cycle =365/DTR+365/ITR-365/CTR 1) 2) 3) 4) 2011 2010 2009 2008 = = = = 29.29+60.6-155.98= -66.01 25.29+62.2-107= -19.5 24.4+42.34-114 = -47.29 32.79+87.7-143 =-22.51

Cash Conversion Cycle of HINDUSTAN ZINC

1) 2011 = 6.64+14.9-162.2 = -140.6 2) 2010 =7.20+10.9-185.2 = -167.05 3) 2009 =19.5+20.4-170.5 = -130.6 4) 2008 23.1+14.9-180.5 = -142.44

Cash conversion Cycle of Sterlite

1)2011 =14.11+70.7-91.7 =-6.89 2)2010 =12.69+51.9-44.8 =19.8 3)2009 =21.4+40.8-44.8 =17.42

4)2008 =25.13+61.4-35.47 =51.10

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Analysis of Cash Cycle

SAIL SAILs cash conversion cycle shows negative fluctuation. Negative fluctuation means that their creditors conversion period is more than the addition of debtors conversion period and inventory conversion period. This shows that the creditors provide more time period to the company to pay their debt, it means that company can retain cash for longer time period, so the company can use the cash for other purposes. Hindustan Zinc Hindustan Zincs cash conversion cycle shows negative fluctuation. Negative fluctuation means that their creditors conversion period is more than the addition of debtors conversion period and inventory conversion period. This shows that the creditors provide more time period to the company to pay their debt, it means that company can retain cash for longer time period, so the company can use the cash for other purposes.

Sterlite Sterlites cash conversion cycle was positive till 2010. This shows that addition of debtors conversion period and inventory conversion period is more than creditors conversion period which is not good for the company, but in 2011, they has a negative cash conversion cycle which is a positive consideration for Stertite.

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Comparison of Cash Cycle

After analyzing the cash conversion cycle, In Hindustan Zinc we found that the fluctuation in conversion period in very low and the conversion period is negative. So, this shows that their creditors conversion period is more than the addition of debtors conversion period and inventory conversion period. Whereas in case of SAIL, the conversion period is also negative but the fluctuation is high. And in case of Sterlite, the conversion cycle is positive. This shows that addition of debtors conversion period and inventory conversion period is more than creditors conversion period which is not good for the company. So, after comparison, we can say that Hindustan Zincs cash conversion cycle is better than Sterlite and SAIL.

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ANNEXURE

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Balance Sheet of Steel Authority of India

Sources Of Funds Total Share Capital Equity Share Capital Share Application Money Preference Share Capital Reserves Revaluation Reserves Networth Secured Loans Unsecured Loans Total Debt Total Liabilities

------------------- in Rs. Cr. ------------------Mar '11 Mar '10 12 mths 12 mths 4,130.40 4,130.40 4,130.40 4,130.40 0.00 0.00 0.00 0.00 32,939.0729,186.30 0.00 0.00 37,069.4733,316.70 11,813.917,755.90 8,351.58 8,755.35 20,165.4916,511.25 57,234.9649,827.95 Mar '11 Mar '10 12 mths 12 mths Mar '09 12 mths 4,130.40 4,130.40 0.00 0.00 23,853.70 0.00 27,984.10 1,473.60 6,065.19 7,538.79 35,522.89 Mar '09 12 mths 32,728.69 20,459.86 12,268.83 6,544.24 652.70 10,121.45 3,024.36 347.94 13,493.75 4,292.50 17,880.59 35,666.84 0.00 10,201.51 9,408.21 19,609.72 Mar '08 12 mths 4,130.40 4,130.40 0.00 0.00 18,933.17 0.00 23,063.57 925.31 2,119.93 3,045.24 26,108.81 Mar '08 12 mths 30,922.73 19,351.42 11,571.31 2,389.55 538.20 6,857.23 3,048.12 470.17 10,375.52 3,644.22 13,289.27 27,309.01 0.00 8,960.91 6,797.83 15,758.74
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Application Of Funds Gross Block Less: Accum. Depreciation Net Block Capital Work in Progress Investments Inventories Sundry Debtors Cash and Bank Balance Total Current Assets Loans and Advances Fixed Deposits Total CA, Loans & Advances Deffered Credit Current Liabilities Provisions Total CL & Provisions
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38,260.6035,382.49 23,180.5421,780.91 15,080.0613,601.58 22,228.4315,039.83 684.14 668.83 11,302.799,027.46 4,161.30 3,493.90 143.99 230.76 15,608.0812,752.12 6,175.81 5,155.32 17,334.8722,205.61 39,118.7640,113.05 0.00 0.00 13,994.3313,383.67 5,882.10 6,211.67 19,876.4319,595.34

FINANCIAL MANAGEMENT Net Current Assets Miscellaneous Expenses Total Assets Contingent Liabilities Book Value (Rs) 19,242.3320,517.71 0.00 0.00 57,234.9649,827.95 30,519.8028,382.46 89.75 80.66 16,057.12 0.00 35,522.89 32,193.13 67.75 11,550.27 59.48 26,108.81 17,143.54 55.84

Profit & Loss account of Steel Authority of India

Income Sales Turnover Excise Duty Net Sales Other Income Stock Adjustments Total Income Expenditure Raw Materials Power & Fuel Cost Employee Cost Other Manufacturing Expenses Selling and Admin Expenses Miscellaneous Expenses Preoperative Exp Capitalised Total Expenses

------------------- in Rs. Cr. ------------------Mar '11 Mar '10 12 mths 12 mths 47,156.2544,059.72 4,621.95 3,463.82 42,534.3040,595.90 2,038.97 2,557.00 1,471.69 -1,157.45 46,044.9641,995.45 22,642.4718,611.12 3,586.07 3,364.30 7,530.24 5,417.00 1,310.00 870.35 1,927.46 1,754.02 45.42 206.62 0.00 0.00 37,041.6630,223.41 Mar '11 Mar '10 12 mths 12 mths 6,964.33 9,215.04 9,003.30 11,772.04 474.61 402.01 8,528.69 11,370.03 1,482.20 1,337.24 1.12 10.33 7,045.37 10,022.46 163.71 184.80 7,209.08 10,207.26 2,304.34 3,452.89 4,904.74 6,754.37 14,399.1911,612.29 0.00 0.00 991.30 1,363.03 Mar '09 12 mths 49,331.47 5,532.89 43,798.58 2,002.77 1,872.87 47,674.22 23,915.45 3,119.42 8,401.73 643.35 1,701.52 878.94 -1,930.40 36,730.01 Mar '09 12 mths 8,941.44 10,944.21 253.24 10,690.97 1,285.12 128.02 9,277.83 181.26 9,459.09 3,284.28 6,174.81 12,814.56 0.00 1,073.90 Mar '08 12 mths 46,175.85 6,217.18 39,958.67 1,701.59 436.28 42,096.54 17,257.67 2,825.56 7,919.28 492.18 1,727.55 737.79 -1,832.22 29,127.81 Mar '08 12 mths 11,267.14 12,968.73 250.94 12,717.79 1,235.48 75.49 11,406.82 64.61 11,471.43 3,934.65 7,536.78 11,870.14 0.00 1,528.25
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Operating Profit PBDIT Interest PBDT Depreciation Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax Reported Net Profit Total Value Addition Preference Dividend Equity Dividend
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FINANCIAL MANAGEMENT Corporate Dividend Tax Per share data (annualised) Shares in issue (lakhs) Earning Per Share (Rs) Equity Dividend (%) Book Value (Rs) 161.15 227.52 181.26 41,304.01 14.95 26.00 67.75 258.91 41,304.01 18.25 37.00 55.84

41,304.0141,304.01 11.87 16.35 24.00 33.00 89.75 80.66

Cash Flow of Steel Authority of India

Net Profit Before Tax Net Cash From Operating Activities Net Cash (used in)/from Investing Activities Net Cash (used in)/from Financing Activities Net (decrease)/increase In Cash and Cash Equivalents Opening Cash & Cash Equivalents Closing Cash & Cash Equivalents

------------------- in Rs. Cr. ------------------Mar '11 12 mths 7194.31 2156.02 -8933.28 1817.52 -4959.74 22439.00 17479.26 Mar '10 12 mths 10132.03 4800.48 -8021.15 7395.00 4174.33 18264.67 22439.00 Mar '09 12 mths 9403.45 6124.26 -4406.47 2751.30 4469.09 13759.44 18228.53 Mar '08 12 mths 11468.73 8378.18 -1139.89 -3088.68 4149.61 9609.83 13759.44

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Balance Sheet of Sterlite Industries (India) ------------------- in Rs. Cr. ------------------Mar '11 Mar '10 Mar '09 12 mths 12 mths 12 mths Sources Of Funds Total Share Capital 336.12 168.08 141.70 Equity Share Capital 336.12 168.08 141.70 Share Application Money 0.00 0.00 0.00 Preference Share Capital 0.00 0.00 0.00 Reserves 22,873.0322,067.40 13,897.32 Revaluation Reserves 19.75 32.60 0.82 Networth 23,228.9022,268.08 14,039.84 Secured Loans 1,569.44 100.00 303.80 Unsecured Loans 4,191.59 5,222.20 3,526.24 Total Debt 5,761.03 5,322.20 3,830.04 Total Liabilities 28,989.9327,590.28 17,869.88 Mar '11 Mar '10 Mar '09 12 mths 12 mths 12 mths Application Of Funds Gross Block 2,972.76 2,981.87 2,889.07 Less: Accum. Depreciation 1,505.55 1,421.05 1,275.41 Net Block 1,467.21 1,560.82 1,613.66 Capital Work in Progress 720.35 265.81 32.16 Investments 6,237.85 10,984.17 11,661.85 Inventories 3,189.87 1,994.04 1,406.90 Sundry Debtors 797.98 385.11 526.89 Cash and Bank Balance 72.02 89.90 61.50 Total Current Assets 4,059.87 2,469.05 1,995.29 Loans and Advances 18,984.4512,258.68 2,872.62 Fixed Deposits 1,819.26 2,195.01 1,676.34 Total CA, Loans & Advances 24,863.5816,922.74 6,544.25 Deffered Credit 0.00 0.00 0.00 Current Liabilities 3,665.83 1,477.24 1,306.62 Provisions 633.23 666.02 675.42 Total CL & Provisions 4,299.06 2,143.26 1,982.04
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Mar '08 12 mths 141.70 141.70 0.00 0.00 13,014.60 8.72 13,165.02 572.05 2,685.76 3,257.81 16,422.83 Mar '08 12 mths 2,765.34 1,109.85 1,655.49 52.49 12,357.03 2,305.99 831.88 45.67 3,183.54 1,261.11 31.31 4,475.96 0.00 1,149.72 968.42 2,118.14
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FINANCIAL MANAGEMENT Net Current Assets Miscellaneous Expenses Total Assets Contingent Liabilities Book Value (Rs) 20,564.5214,779.48 0.00 0.00 28,989.9327,590.28 18,727.229,957.57 69.05 264.58 4,562.21 0.00 17,869.88 6,696.82 198.15 2,357.82 0.00 16,422.83 2,825.95 185.69

Profit & Loss account of Sterlite Industries ------------------- in Rs. Cr. ------------------(India) Mar '11 Mar '10 Mar '09 12 mths 12 mths 12 mths Income Sales Turnover 16,253.8813,676.47 12,277.74 Excise Duty 961.31 561.59 729.36 Net Sales 15,292.5713,114.88 11,548.38 Other Income 1,611.93 821.99 799.32 Stock Adjustments 296.00 339.79 -316.54 Total Income 17,200.5014,276.66 12,031.16 Expenditure Raw Materials 14,114.9512,178.58 9,618.17 Power & Fuel Cost 370.14 351.12 339.09 Employee Cost 88.57 77.28 82.28 Other Manufacturing Expenses 133.91 108.96 116.34 Selling and Admin Expenses 131.54 150.11 116.97 Miscellaneous Expenses 61.92 59.72 53.90 Preoperative Exp Capitalised 0.00 0.00 0.00 Total Expenses 14,901.0312,925.77 10,326.75 Mar '11 Mar '10 Mar '09 12 mths 12 mths 12 mths Operating Profit 687.54 528.90 905.09 PBDIT 2,299.47 1,350.89 1,704.41 Interest 273.91 256.44 203.92 PBDT 2,025.56 1,094.45 1,500.49 Depreciation 152.65 150.64 166.18 Other Written Off 0.00 0.00 0.00 Profit Before Tax 1,872.91 943.81 1,334.31 Extra-ordinary items 7.36 -32.27 50.84 PBT (Post Extra-ord Items) 1,880.27 911.54 1,385.15
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Mar '08 12 mths 13,451.59 778.01 12,673.58 546.46 130.80 13,350.84 11,303.70 295.53 66.18 90.55 153.54 48.42 0.00 11,957.92 Mar '08 12 mths 846.46 1,392.92 164.45 1,228.47 138.98 0.00 1,089.49 14.98 1,104.47
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FINANCIAL MANAGEMENT Tax Reported Net Profit Total Value Addition Preference Dividend Equity Dividend Corporate Dividend Tax Per share data (annualised) Shares in issue (lakhs) Earning Per Share (Rs) Equity Dividend (%) Book Value (Rs) 460.56 1,419.71 786.08 0.00 369.73 59.98 133.58 831.50 747.19 0.00 315.15 52.34 148.72 1,236.43 708.58 0.00 247.97 42.15 7,084.94 17.45 175.00 198.15 152.84 951.63 654.22 0.00 283.40 48.16 7,084.94 13.43 200.00 185.69

33,612.088,404.00 4.22 9.89 110.00 187.50 69.05 264.58

Cash Flow of Sterlite Industries (India)

Net Profit Before Tax Net Cash From Operating Activities Net Cash (used in)/from Investing Activities Net Cash (used in)/from Financing Activities Net (decrease)/increase In Cash and Cash Equivalents Opening Cash & Cash Equivalents Closing Cash & Cash Equivalents

------------------- in Rs. Cr. ------------------Mar '11 Mar '10 Mar '09 12 mths 12 mths 12 mths 1874.28 947.80 1339.15 265.11 -128.05 1976.24 -436.53 153.55 -17.87 95.96 78.09 -8623.91 8780.08 28.12 67.84 95.96 -1822.17 -163.21 -9.14 76.98 67.84

Mar '08 12 mths 1104.47 855.42 -9397.55 8387.04 -155.09 232.07 76.98

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Balance Sheet of Hindustan Zinc

Sources Of Funds Total Share Capital Equity Share Capital Share Application Money Preference Share Capital Reserves Revaluation Reserves Networth Secured Loans Unsecured Loans Total Debt Total Liabilities

------------------- in Rs. Cr. ------------------Mar '09 12 mths 422.53 422.53 0.00 0.00 13,935.05 0.00 14,357.58 8.30 0.39 8.69 14,366.27 Mar '09 12 mths 5,855.51 1,750.59 4,104.92 1,108.39 6,928.87 545.66 164.94 18.77 729.37 366.67 2,700.38 3,796.42 0.00 1,374.20 198.13 1,572.33 2,224.09 0.00 14,366.27 1,936.69 339.80 Mar '08 12 mths 422.53 422.53 0.00 0.00 11,425.66 0.00 11,848.19 0.00 0.39 0.39 11,848.58 Mar '08 12 mths 5,121.92 1,484.64 3,637.28 525.34 6,332.45 518.10 443.66 81.58 1,043.34 390.33 1,281.20 2,714.87 0.00 1,237.78 123.58 1,361.36 1,353.51 0.00 11,848.58 1,449.49 280.41

Mar '11 Mar '10 12 mths 12 mths 845.06 422.53 845.06 422.53 0.00 0.00 0.00 0.00 21,688.1317,701.44 0.00 0.00 22,533.1918,123.97 0.00 0.00 0.39 60.47 0.39 60.47 22,533.5818,184.44 Mar '11 Mar '10 12 mths 12 mths 9,802.33 8,240.66 2,548.12 2,076.57 7,254.21 6,164.09 875.23 1,112.96 9,334.59 10,949.17 762.38 451.74 208.89 151.83 77.91 27.52 1,049.18 631.09 991.82 466.64 5,555.00 900.01 7,596.00 1,997.74 0.00 0.00 1,959.37 1,699.98 567.08 339.54 2,526.45 2,039.52 5,069.55 -41.78 0.00 0.00 22,533.5818,184.44 1,736.37 1,132.68 53.33 428.94

Application Of Funds Gross Block Less: Accum. Depreciation Net Block Capital Work in Progress Investments Inventories Sundry Debtors Cash and Bank Balance Total Current Assets Loans and Advances Fixed Deposits Total CA, Loans & Advances Deffered Credit Current Liabilities Provisions Total CL & Provisions Net Current Assets Miscellaneous Expenses Total Assets Contingent Liabilities Book Value (Rs)

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FINANCIAL MANAGEMENT

Profit & Loss account of Hindustan Zinc

Income Sales Turnover Excise Duty Net Sales Other Income Stock Adjustments Total Income Expenditure Raw Materials Power & Fuel Cost Employee Cost Other Manufacturing Expenses Selling and Admin Expenses Miscellaneous Expenses Preoperative Exp Capitalised Total Expenses

------------------- in Rs. Cr. ------------------Mar '11 Mar '10 12 mths 12 mths 10,489.828,437.87 581.89 414.71 9,907.93 8,023.16 964.65 711.27 155.64 -75.32 11,028.228,659.11 1,188.40 1,022.60 510.78 1,436.73 274.73 158.48 -14.05 4,577.67 Mar '11 12 mths 5,485.90 6,450.55 18.28 6,432.27 474.74 0.00 5,957.53 -16.28 5,941.25 1,040.76 4,900.49 3,389.27 0.00 422.53 68.55 587.61 723.86 457.36 1,155.60 244.82 121.54 -13.33 3,277.46 Mar '10 12 mths 4,670.38 5,381.65 40.75 5,340.90 334.25 0.00 5,006.65 7.65 5,014.30 972.89 4,041.41 2,689.85 0.00 253.52 42.11 Mar '09 12 mths 6,141.47 452.96 5,688.51 923.08 24.38 6,635.97 676.96 811.38 379.00 777.42 247.67 107.24 -20.94 2,978.73 Mar '09 12 mths 2,734.16 3,657.24 21.88 3,635.36 285.27 0.00 3,350.09 40.57 3,390.66 663.05 2,727.61 2,301.77 0.00 169.01 28.73 4,225.32 64.55 40.00 Mar '08 12 mths 8,736.91 841.44 7,895.47 684.33 -59.11 8,520.69 474.71 545.38 308.19 771.73 293.18 60.74 -15.55 2,438.38 Mar '08 12 mths 5,397.98 6,082.31 23.05 6,059.26 220.51 1.53 5,837.22 227.81 6,065.03 1,668.96 4,396.07 1,963.67 0.00 211.26 35.90 4,225.32 104.04 50.00
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Operating Profit PBDIT Interest PBDT Depreciation Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax Reported Net Profit Total Value Addition Preference Dividend Equity Dividend Corporate Dividend Tax Per share data (annualised) Shares in issue (lakhs) Earning Per Share (Rs) Equity Dividend (%)
JAIPURIA INSTITUTE OF MANAGEMENT

42,253.194,225.32 11.60 95.65 50.00 60.00

FINANCIAL MANAGEMENT Book Value (Rs) 53.33 428.94 339.80 280.41

JAIPURIA INSTITUTE OF MANAGEMENT

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