VEDANTA INDIA LIMITED

Balance sheet
Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05

Sources of funds
Owner's fund
Equity share
capital 1.25 1.25 1.25 1.25 8.31

Share application
money - - - - -
Preference share
capital 10 10 10 10 -
Reserves &
surplus 15.88 3.11 1.18 0.66 -7.95

Loan funds
Secured loans 11.25 16.89 5.91 - 1

Unsecured loans 0.49 9.3 9.22 9.22 12.46

Total 38.88 40.55 27.56 21.12 13.82

Uses of funds
Fixed assets
Gross block 38.64 20.72 20.81 20.81 20.8

Less : revaluation
reserve - - - - -

Less :
accumulated
depreciation 5.43 7.73 7.35 6.64 5.92
Net block 33.21 12.99 13.46 14.17 14.88
Capital work-in-
progress - 3.94 0.12 0.01 -
Investments 2.83 4.98 4.45 4.86 0.03

Net current assets

Current assets,
loans & advances 4.46 20.39 10.61 3.79 0.49

Less : current
liabilities &
provisions 1.62 1.76 1.08 1.71 1.67
Total net current
assets 2.84 18.63 9.53 2.08 -1.18
Miscellaneous
expenses not
written - - - - 0.09
Total 38.88 40.55 27.56 21.12 13.82

Notes:
Book value of
unquoted
investments - - - 0.03 -

Market value of
quoted
investments 0.04 4.27 4.38 2.48 -
Contingent
liabilities - - - - -

Number of equity
sharesoutstanding
(Lacs) 125 125 125 125 83.1
Profit loss account
Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05

Income
Operating
income 5.25 3.94 0.01 - -

Expenses
Material
consumed - - - - -
Manufacturing
expenses  0.26 - - - -
Personnel
expenses 0.92 0.05 0.01 0.01 0.01

Selling expenses 0.21 0.05 0.02 0.05 -

Adminstrative
expenses 2.56 0.34 0.39 0.15 1.45
Expenses
capitalised - - - - -
Cost of sales 3.95 0.44 0.42 0.22 1.46

Operating profit 1.3 3.5 -0.41 -0.22 -1.46

Other recurring
income 0.37 0.54 2.81 2.62 3.74

Adjusted PBDIT 1.67 4.05 2.4 2.4 2.28

Financial
expenses 1.76 0.26 0.11 0.07 0.59
Depreciation  0.72 0.43 0.71 0.72 0.72

Other write offs - - - - -

Adjusted PBT -0.8 3.36 1.58 1.61 0.97
Tax charges  0.01 0.47 0.12 - -
Adjusted PAT -0.81 2.89 1.46 1.61 0.97
Non recurring
items -0.26 -0.03 - - -

Other non cash

adjustments - 0.01 - - -
Reported net
profit -1.07 2.86 1.46 1.61 0.97
Earnigs before
appropriation -1.07 2.86 1.46 1.61 0.97

Equity dividend - - - - -
Preference
dividend - 0.8 0.8 0.35 -
Dividend tax - 0.14 0.14 0.05 -
Retained
earnings -1.07 1.93 0.53 1.21 0.97
Ratio Analysis Ad
Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05 2
1.5

Per share 1
ratios 0.5
0
Adjusted EPS (Rs) -0.64 1.67 0.52 1.01 1.17 1 2
-0.5
Adjusted cash EPS
(Rs) -0.07 2.01 1.1 1.58 2.03 -1

Reported EPS (Rs) -0.85 1.65 0.61 1.01 1.17

Operati
Reported cash EPS
4
(Rs) -0.28 1.99 1.19 1.58 2.03
Dividend per 3
share - - - - - 2
Operating profit 1
per share (Rs) 1.04 2.8 -0.32 -0.17 -1.76
0
Book value (excl 1 2 3
rev res) per share -1
(Rs) -2.64 6.77 1.95 1.53 0.32
-2
Book value (incl
rev res) per share
(Rs.) -2.64 6.77 1.95 1.53 0.32 Net
Net operating 70
income per share 60
(Rs) 4.2 3.15 0.01 - - 50
40
Free reserves per 30
share (Rs) 1.5 2.29 0.74 0.32 -0.1 20
10
0
Profitability -10 1 2 3
-20
ratios -30
Operating margin
(%) 24.8 88.91 -3,265.38 -9,677.53 -
Gross profit To
margin (%) 11.17 78.08 -8,921.24 -41,328.95 - 40
Net profit margin 35
(%) -19.06 63.91 55.69 61.41 25.93 30
Adjusted cash 25
margin (%) -1.68 74.02 76.97 88.77 45.18 20
15
10
Adjusted return 5
on net worth (%) -4.72 47.92 27.18 66.09 359.25
0
1 2
 20
15
10
5
0
1 2
Reported return
on net worth (%) -6.24 47.31 31.78 66.09 359.25
Return on long
term funds (%) 2.46 10.41 6.33 7.95 11.28 14
12

Leverage 10
ratios 8

Long term debt / 6

Equity 1.26 6.96 9.95 10.07 37.39 4
2
Total debt/equity 1.27 8.3 10.32 10.07 37.39
0
1 2
Owners fund as %
of total source 44.06 10.75 8.83 9.03 2.6
Fixed assets
turnover ratio 0.13 0.19 - - -
12
10
Liquidity ratios
Current ratio 2.76 11.58 9.85 2.22 0.29 8

Current ratio (inc. 6

st loans) 2.16 1.52 3.66 2.22 0.29
4
Quick ratio 2.72 11.17 5.66 0.17 0.17
2
Inventory
turnover ratio 97.26 0.1 - - - 0
1 2

Payout ratios

Dividend payout Ear

ratio (net profit) - 6.58 17.57 3.85 -
120

100
Dividend payout
ratio (cash profit) - 5.45 9.14 2.45 - 80
Earning retention 60
ratio - 93.5 79.46 96.15 100
40
Cash earnings
retention ratio - 94.6 90.12 97.55 100 20

0
Coverage 1 2
ratios
Adjusted cash
flow time total Financi
debt - 7.89 6.96 3.97 7.96
40
35
30
25
 Financi
40
35
Financial charges 30
coverage ratio 0.94 15.54 22.65 35.35 3.86
25
20
Fin. charges 15
cov.ratio (post tax) 0.79 13.64 22.57 35.28 3.86 10
5
0
Component 1 2
ratios
Material cost
component (%
earnings) - - - - -
Selling cost
Component 4.07 1.25 178.7 2,361.88 -

Exports as percent
of total sales - - - - -

Import comp. in
raw mat.
consumed - - - - -

Long term assets /

total Assets 0.88 0.51 0.62 0.83 0.96
 Adjusted EPS (Rs)
2
1.5
1 Adjusted EPS (Rs)
0.5
0
1 2 3 4 5
-0.5
-1

Operating profit per share (Rs)

4
3
2 Operating profit per
share (Rs)
1
0
1 2 3 4 5
-1
-2

Net profit margin (%)

70
60
50
40 Net profit margin (%)
30
20
10
0
-10 1 2 3 4 5
-20
-30

Total debt/equity
40
35
30
25 Total debt/equity
20
15
10
5
0
1 2 3 4 5
20
15
10
5
0
1 2 3 4 5

Current ratio
14
12
10
8 Current ratio

6
4
2
0
1 2 3 4 5

Quick ratio
12
10
8
Quick ratio
6
4
2
0
1 2 3 4 5

Earning retention ratio -

120

100

80 Earning retention ratio

-
60

40

20

0
1 2 3 4

Financial charges coverage ratio

40
35
30
25 Financial charges
coverage ratio
 Financial charges coverage ratio
40
35
30
25 Financial charges
coverage ratio
20
15
10
5
0
1 2 3 4 5
Cash flow Statement
Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05
Profit before tax -1.06 3.33 1.57 1.61 -1.35
Net cashflow-
operating activity 7.55 -0.59 0.35 6.62 0.3
Net cash used in
investing activity -15.53 -3.79 0.34 -4.84 -0.03
Netcash used in fin.
activity -2.37 9.87 4.93 -1.77 -0.35
Net inc/dec in cash
and equivlnt -10.34 5.48 5.61 0.01 -0.08
Cash and equivalnt
begin of year 11.1 5.62 0.01 - 0.02
Cash and equivalnt
end of year 0.76 11.1 5.62 0.01 -0.06