NAME OF COMPANIES.

1. TATA TELE SERVICE 2. THE LEELA HOTELS 3. LARSEN & TOUBRO Ltd.

TATA TELESERVICE(MAH.)LTD. BALANCE SHEET AS ON 31/03/2008

PARTIULARS CURRENT ASSETS (A) CASH AND BANK BALANCE SUNDRY DEBTORS. INVETORIES. LOANS AND ADVANCES. RS.(IN Cr.) 34.46 201.48 2.22 216.99 455.15

CURRENT RATIO=C.A / C.L 455.15 =0.44 : 1 1015

(-)CURRENT LIABILITIES(B) CURRENT LIABILITIES 981.91 PROVISIONS 33.09 1015 (A) (B) (559.85)

STOK-W.C RATIO= CL.STOCK*100 W.C =2.22*100 559.85 =0.0039 :1

YEAR ON PERFORMANCE.(RS.IN CR.)

OF TATA TELESERVICE(MAH.)LTD.
PARTICULARS INCOME 04-05 807.47 05-06 1095.13 06-07 1406.98 07-08 1707.19

EBIDTA

(66.12)

124.71

302.60

485.55

LOSS AFTER TAX

(527.86)

(541.06)

(310.61)

(125.74)

1006 NO.OF SUBSCRIBERS

1840

3074

5079

ANALYSIS OF LEELA HOTELS WITH THE HELP OF CHARTS.

Millions 2500 2000 1500 1000 500 0 2004 2006 2008 NET PROFIT EBITDA

REVENUE BY REGIONS.

MUMBAI % BANG ORE %

MUMBAI G A KOVALAM BANGLORE

KOVA AM %

GOA %

PROFIT AND LOSS A/C F.T.Y.E. 31/03/2008

PARTICULARS

RS.(IN CR.) 24,946.11 21706.88

INCOME (-) COST OF GOODS SOLD REPORTED PBDIT (-) DEPRECIATION PBIT (-) FINANCIAL EXPENSES ADJUSTED PBT (-) TAX CHARGES ADJUSTED PAT (-) OTHER NON CASH ITEMS REPORTED PAT

1) RETURN ON PROPRIETORS FUND= NPAT*100 = 2173.42*100 = 22.80% NETWORTH 9529.13

3239.23 4405.03 3504.73 501.83 3002.90 982.05

2) RETURN ON CAPITAL EMPLOYED= EBIT *100 =3504.73 =36.77% RETURNS C. EMPLOYED 9529.13

3) RETURN ON EQUITY SHARE CAPITAL = NPAT - PREF.DIV *100 =2173.42*100 = 37.17% EQUITY SH. CAP 58.47 RETURNS

2020.85 151.80

2173.42

NO.OF EQ. SH. ISSUED 13,73,85,777. TOTAL SALES : 24,946.11 CURRENT MARKET PRICE : 2560rs.p/s
PARTICULARS RS.(IN CR.) 24,946.11 21706.88

INCOME (-) COST OF GOODS SOLD REPORTED PBDIT (-) DEPRECIATION PBIT (-) FINANCIAL EXPENSES ADJUSTED PBT (-) TAX CHARGES ADJUSTED PAT (-) OTHER NON CASH ITEMS REPORTED PAT

P/E RATIO = MPS EPS EPS = NPAT PREF DIVIDEND NUMBER OF EQUITY SHARE 21730000000 00 13,73,85,777 = 158 Rs PER SHARE. THERFORE P/E RATIO = 2560 = RS 16 PER SHARE 158

3239.23 4405.03 3504.73 501.83 3002.90 982.05

2020.85 151.80

2173.42

BALANCE SHEET AS ON 31/03/2008

PARTICULARS SOURCES OF FUND OWNED FUND (EQUITY) ----------------------------LOAN FUND TOT (CAPITAL EMPLOYED) USES OF FUND FIXED ASSETS NET CURRENT ASSETS NET URRENT LIABILITIES RS.(IN CR.) 1)PROPRITORY RATIO = P.FUND*100 TOTAL ASSETS =9529.18 *100 = .72 :1. = 72.66% 13113.17 2)LIQUIDITY RATIO--DEBT/EQUITY RATIO = DEBT EQUITY =3584 = 0.37:1 9529 3) TURN OVER RATIO =TOTAL ASSETS NET SALES =13113.17 1373.85 = 9.54:1

9529.18 58.47 3584 13113.17

15999.08 19064.96 13928.17

FUTURE CONTRACTS WITH L & T

L & T gets Rs 1000 cr orders in oil, power sectors. Larsen & Toubro (Oman) LLC, one of the leading Engineering & Construction majors in Oman, has received two EPC Contracts totaling US$ 79.71Mn ( Rs 315.20 Cr), from Dhofar Power Company and Muscat Electricity Distribution Company for Electrical Substations & associated works in Oman. Larsen & Toubro has bagged an order worth Rs 2,000 crore for development of Bombay Dyeing mills in Mumbai. It is a Rs 2,000 crore order for 9 million sq ft of land; 4 million sq ft at Worli and 5 million sq ft at Wadala, which is in the suburbs of Mumbai. L&T, Punj Lloyd join team for $200-b Al Noor project

FUTURE CONTRACTS WITH L & T

5 ) Larsen & Toubro, or L&T, is undertaking due diligence to acquire Crompton Greaves' project business, sources said. The project business contributes around 10-15% of the company's standalone revenues .

6)

7)

Mumbai, India, March 31, 2008 - Larsen & Toubro (L&T) Indias leading engineering, technology and construction company, has been awarded a Rs 576 crore order by Hindustan Petroleum Corporation Limited (HPCL). Larsen & Toubros (L&T) Construction Division has recently secured orders on Design and Build/Turnkey basis from leading Developers/ Owners. Prominent amongst these include Rs. 2000 crore orders from M/s. Kingston Properties Pvt. Limited for construction of various office & residential buildings in Mumbai, to be developed in a span of 4 years.