Balance Sheet of Balrampur Chini Mills

------------------- in Rs. Cr. ------------------Mar '12 12 mths Mar '11 18 mths 25.63 25.63 0.00 0.00 1,263.55 0.18 1,289.36 1,706.69 300.00 2,006.69 3,296.05 Mar '11 2,500.60 790.67 1,709.93 6.45 128.61 1,491.31 89.74 29.11 1,610.16 530.11 3.12 2,143.39 0.00 Sep '09 12 mths 25.68 25.68 0.00 0.00 1,149.39 0.18 1,175.25 972.03 0.00 972.03 2,147.28 Sep '09 2,374.50 604.40 1,770.10 7.61 126.57 343.43 17.10 31.67 392.20 466.21 1.30 859.71 0.00 Sep '08 12 mths 25.55 25.55 0.00 0.00 989.35 0.18 1,015.08 1,250.68 109.20 1,359.88 2,374.96 Sep '08 2,374.18 498.17 1,876.01 8.21 5.49 556.39 48.99 33.76 639.14 334.29 1.37 974.80 0.00 Sep '07 12 mths 24.82 24.82 0.00 0.00 839.17 0.18 864.17 1,210.59 75.56 1,286.15 2,150.32 Sep '07 1,970.32 382.52 1,587.80 370.93 3.43 432.99 46.18 14.77 493.94 249.41 1.67 745.02 0.00

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 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

24.43 24.43 0.00 0.00 1,193.68 0.00 1,218.11 1,422.37 293.51 1,715.88 2,933.99 Mar '12 2,511.25 898.76 1,612.49 0.43 44.25 1,997.79 146.96 11.47 2,156.22 394.63 0.53 2,551.38 0.00

Current Liabilities Provisions Total CL & Provisions Net Current Assets Miscellaneous Expenses Total Assets Contingent Liabilities Book Value (Rs)

1,261.38 13.17 1,274.55 1,276.83 0.00 2,934.00 12.33 49.86

524.25 168.08 692.33 1,451.06 0.00 3,296.05 134.36 50.30

417.12 200.12 617.24 242.47 0.53 2,147.28 139.29 45.77

444.99 46.33 491.32 483.48 1.78 2,374.97 133.68 39.72

521.85 38.21 560.06 184.96 3.21 2,150.33 90.77 34.82

Profit

&

Loss

account

of

Balrampur Chini Mills

------------------- in Rs. Cr. ------------------Mar '12 12 mths Mar '11 18 mths Sep '09 12 mths Sep '08 12 mths Sep '07 12 mths

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

2,390.31 96.06 2,294.25 27.74 502.39 2,824.38 2,327.17 3.83 117.74 35.04 0.00

3,063.22 138.05 2,925.17 4.88 1,214.21 4,144.26 3,287.02 5.60 167.98 43.81 52.27

1,771.02 51.08 1,719.94 7.56 -283.17 1,444.33 794.52 3.75 95.50 31.48 25.04

1,553.66 96.84 1,456.82 17.26 131.54 1,605.62 1,079.67 5.13 87.29 34.36 29.60

1,476.32 100.39 1,375.93 17.81 229.39 1,623.13 1,354.88 4.02 78.88 28.34 24.39

Miscellaneous Expenses Preoperative Exp Capitalised Total Expenses 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 (%) Book Value (Rs)

74.63 0.00 2,558.41 Mar '12 238.23 265.97 147.41 118.56 110.78 0.00 7.78 0.26 8.04 1.18 6.62 231.24 0.00 0.00 0.00 2,443.14 0.27 0.00 49.86

47.79 0.00 3,604.47 Mar '11 534.91 539.79 148.02 391.77 168.11 0.53 223.13 2.32 225.45 61.63 164.41 317.45 0.00 18.52 3.00 2,562.75 6.42 75.00 50.30

28.34 0.00 978.63 Sep '09 458.14 465.70 108.29 357.41 107.94 1.25 248.22 15.31 263.53 37.01 226.51 184.12 0.00 77.03 13.09 2,567.55 8.82 300.00 45.77

28.45 0.00 1,264.50 Sep '08 323.86 341.12 100.96 240.16 117.21 1.43 121.52 1.12 122.64 25.61 97.03 184.84 0.00 12.78 2.17 2,555.36 3.80 50.00 39.72

23.39 0.00 1,513.90 Sep '07 91.42 109.23 63.09 46.14 80.22 1.43 -35.51 0.38 -35.13 6.48 -41.84 159.04 0.00 0.00 0.00 2,481.55 -1.69 0.00 34.82

Cash Flow of Balrampur Chini Mills

------------------- in Rs. Cr. ------------------Mar '12 12 mths Mar '11 18 mths Sep '09 12 mths Sep '08 12 mths Sep '07 12 mths

Net Profit Before Tax Net Cash From Activities Net Cash (used

7.78 Operating in)/from 195.03 -55.41 -283.35

226.00 -619.38 -126.56 745.45 -0.50 153.24 152.75

249.61 641.76 -23.14 -498.71 119.92 32.80 152.72

122.64 61.24 -75.24 33.14 19.14 13.66 32.80

-35.37 97.78 -738.31 640.71 0.18 13.48 13.66

Investing Activities Net Cash (used in)/from Financing Activities Net (decrease)/increase In Cash

-143.72 and Cash Equivalents Opening Cash & Cash Equivalents 152.74 Closing Cash & Cash Equivalents 9.02

Key

Financial

Ratios

of Mar '12 Mar '11 Sep '09 Sep '08 Sep '07

Balrampur Chini Mills

Investment Valuation Ratios Face Value 1.00 Dividend Per Share -Operating Profit Per Share (Rs) 9.75 Net Operating Profit Per Share 93.91 (Rs) Free Reserves Per Share (Rs) --

1.00 0.75 20.87 114.14 47.81

1.00 3.00 17.84 66.99 43.13

1.00 0.50 12.67 57.01 37.54

1.00 -3.68 55.45 32.60

Bonus in Equity Capital 60.69 Profitability Ratios Operating Profit Margin(%) 10.38 Profit Before Interest And Tax 5.48 Margin(%) Gross Profit Margin(%) 5.55 Cash Profit Margin(%) 5.05 Adjusted Cash Margin(%) 5.05 Net Profit Margin(%) 0.28 Adjusted Net Profit Margin(%) 0.28 Return On Capital Employed(%) 5.28 Return On Net Worth(%) 0.54 Adjusted Return on Net Worth(%) 0.54 Return on Assets Excluding 49.86 Revaluations Return on Assets Including 49.86 Revaluations Return on Long Term Funds(%) 5.28 Liquidity And Solvency Ratios Current Ratio 2.00 Quick Ratio 0.43 Debt Equity Ratio 1.41 Long Term Debt Equity Ratio 1.41 Debt Coverage Ratios Interest Cover 1.05 Total Debt to Owners Fund 1.41 Financial Charges Coverage Ratio 1.80 Financial Charges Coverage Ratio 1.80 Post Tax Management Efficiency Ratios

60.69 18.28 12.47 12.53 11.60 11.60 5.58 5.58 11.59 12.75 13.38 50.30 50.31 16.57 0.80 0.86 1.56 0.79 2.58 1.56 3.72 3.25

60.57 26.63 20.21 20.35 18.77 18.77 13.07 13.07 16.82 19.28 18.39 45.75 45.75 16.82 1.39 0.74 0.83 0.83 3.34 0.83 4.35 4.10

60.86 22.23 14.00 14.18 14.63 14.63 6.57 6.57 9.42 9.57 9.59 39.65 39.65 10.43 1.02 0.65 1.34 1.11 2.22 1.34 3.39 3.14

62.67 6.64 0.80 2.85 2.76 2.39 -3.01 -3.49 0.98 -4.84 -5.63 34.69 34.69 1.61 0.33 0.47 1.49 0.51 0.33 1.49 1.63 1.63

Inventory Turnover Ratio Debtors Turnover Ratio Investments Turnover Ratio Fixed Assets Turnover Ratio Total Assets Turnover Ratio Asset Turnover Ratio

1.20 19.39 1.20 0.91 0.78 0.74

2.12 54.76 2.12 1.17 0.89 -13.55 273.62 267.87

5.94 52.05 5.94 0.72 0.80 0.76 44.70 49.35 50.75

3.14 30.61 3.14 0.61 0.61 0.61 4.66 128.95 119.47

3.20 27.02 4.06 0.81 0.64 0.70 4.01 88.40 48.39

Average Raw Material Holding -Average Finished Goods Held -Number of Days In Working 200.35 Capital Profit & Loss Account Ratios Material Cost Composition 101.43 Imported Composition of Raw -Materials Consumed Selling Distribution Cost -Composition Expenses as Composition of Total 0.03 Sales Cash Flow Indicator Ratios Dividend Payout Ratio Net Profit -Dividend Payout Ratio Cash Profit -Earning Retention Ratio 100.00 Cash Earning Retention Ratio 100.00 AdjustedCash Flow Times 14.62 Earnings Per Share 0.27 Book Value 49.86 Management - Balrampur Chini Name Naresh Chandra

112.37 7.00 0.95 1.68

46.19 -0.67 0.44

74.11 -0.91 0.19

98.46 -0.79 --

13.09 6.46 87.53 93.70 5.88 6.42 50.30

39.78 26.84 58.29 72.29 2.99 8.82 45.77

15.40 6.93 84.63 93.08 6.30 3.80 39.72

---100.00 38.77 -1.69 34.82

Designation Chairman

Vivek Saraogi R K Choudhury Kishor Shah Arvind Krishna Saxena Name Kamal Nayan Saraogi Meenakshi Saraogi R Vasudevan R N Das

Managing Director Director Director & CFO Whole Time Director Designation Chairman Emeritus Joint Managing Director Director Director

Introduction
Balrampur Chini Mills Ltd is one of the largest integrated sugar manufacturing companies in India . Its allied business consists of manufacturing and marketing of Ethyl Alcohol & Ethanol, generation and selling of power and manufacturing and marketing of organic manure . Company has sugar factories located in U.P. having an aggregaten crushing capacity of 76,500 tons per day.

History - Building the Company brick by brick Balrampur Chini Mills Limited (BCML) was incorporated in 1975 under the Companies Act as a wholly-owned subsidiary company of Balrampur Sugar Company Limited (Name changed to Balrampur Commercial Enterprises Limited) ("BCEL). By an indenture of conveyance dated 21 February 1976 , BCEL transferred to BCML the land, building and other assets and the entire staff of its Balrampur Sugar Factory with effect from 1 July 1975 . BCML ceased to be a subsidiary of BCEL with effect from 25 th June, 1979 and its shares were listed on the Calcutta Stock Exchange (CSE) in 1979. The Balrampur Mill started with a crushing capacity of 800 TCD (Metric Tonnes crushed per day) in 1975 and has since been expanded to its present capacity of 12,000 TCD. In 1990, BCML acquired a controlling stake in Babhnan Sugar Mill Ltd, which at that time, had a crushing capacity of 1,000 TCD. BCML undertook expansion and modernization programmes at the sugar mill in Babhnan (the Babhnan Unit) which resulted in an increase in crushing capacity from 2,500 TCD in the year 1992-1993 to the current crushing capacity of 10,000 TCD. Babhnan Sugar Mills Ltd. was merged with BCML with effect from 1 April 1994 . In 1995, BCML set up a distillery in Balrampur with a capacity of 60 KL per day which has now been raised to 160 KL per day for the production of distillery products using molasses, which is a by-product of the sugar production process. In February 2004, BCML commenced operation at a new distillery at Babhnan unit with a capacity of 60 KL per day.

In April 1998, BCML acquired a controlling stake in Tulsipur Sugar Co. Ltd. (TSC), a profit-making sugar company located near Balrampur in Eastern Uttar Pradesh with an installed capacity of 2,500 TCD. TSC was merged with BCML with effect from 1 April 1999 . The crushing capacity of Tulsipur Sugar was subsequently expanded to 7000 TCD. In March 2003, BCML commissioned a bagasse based co-generation power plant with a capacity of 19.55 MW at Balrampur and the said capacity has been increased to 24.55 MW. Further, the installed capacity of organic manure at Balrampur Unit is 30,000 MT and at Babhnan Unit is 18,000 MT During the period of 2003-2004 BCML set up an integrated sugar complex at Haidergarh (the Haidergarh Unit) consisting of a plant with a crushing capacity of 4,000 TCD and a bagasse based co-generation power plant with a capacity of 20.25 MW.The crushing capacity of the Haidergarh sugar division has since been increased to 5000 TCD. The company also set up the cogen plant of Babhnan Unit with a capacity of 3MW A greenfield sugar project having a capacity of 7000 TCD was set up at Akbarpur, Distt. Ambedkarnagar, U.P. which was commissioned in November 2005. A bagasse based co-generation power plant with a capacity of 18 MW was also installed at Akbarpur. The crushing capacity was subsequently expanded to 7,500 TCD. A new greenfield integrated sugar complex has been set up at Mankapur, Dist. Gonda, Eastern U.P. with a capacity of 8000 TCD sugar plant, 34 MW co-

generation power plant, 100 KLPD distillery and 20,000 MT Organic Manure facility. The plant has begun operations in November 2006. Preasently cogen capacity of power plant stands of 37MW. BCML acquired an integrated sugar unit having a sugar plant of 7500 TCD and co-generation power plant of 12MW situated at Rauzagaon, District Barabanki, U.P. from Dhampur Sugar Mills Ltd. in March 2006. The crushing capacity has been subsequently expanded to 8000 TCD and cogen facility to 25.75 MW through modernization scheme. A new greenfield integrated sugar complex has been set up at Kumbhi, Dist. Lakhimpur, Kheri, U.P. with the capacity of 8,000 TCD sugar plant and 20 MW co-generation power plant. The plant begun operations in April 2007. A greenfield integrated sugar complex has been set up at Gularia, Dist. Lakhimpur, Kheri, U.P. having sugar cane crushing of 8,000 TCD and cogeneration power plant capacity of 31.3 MW. The plant began operations in November 2007. BCML has refinery capacity of 500 TCD at its Haidergarh plant and of 700 TCD of the Rauzagaon plant. The capacity of two subdivisions : (1) Indo Gulf Industries Ltd, and (2) Balrampur Overseas Pvt. Ltd. a wholly owned subsidiary incorporated in Hong Kong. BCML has acquired a 53.96% stake in the equity capital of Indo Gulf Industries Ltd. BCML has taken over the management of IGIL after receiving of the approval from SEBI and completion of the open offer. IGIL has a sugar unit

having crushing capacity of 3000 TCD at Maizapur in Eastern U.P. The sugar division of IGIL situated at maizapur, gonda UP has been demerged from IGIC and merged with BCML pursuant to order dated 24.06.2011 of the BIFR apriority rehabilitation scheme of IGIL.