TATA STEEL Balance Sheet

Particulars

All Amounts are in Rs. Crores

2004-05
2005-06
2006-07

FUNDS EMPLOYED
SHARE CAPITAL
SHARE WARRANTS

553.67
0.00

553.67
0.00

580.67
147.06

553.67

553.67

727.73

RESERVES AND SURPLUS

6506.25

9201.63

13368.42

TOTAL SHAREHOLDERS' FUNDS

7059.92

9755.30

14096.15

HYBRID PERPETUAL SECURITIES

0.00

0.00

0.00

2468.18
271.52

2191.74
324.41

3758.92
5886.41

2739.70

2516.15

9645.33

829.42

957.00

748.94

0.00

0.00

0.00

1514.26

1388.71

1107.08

TOTAL FUNDS EMPLOYED

12143.30

14617.16

25597.50

APPLICATION OF FUNDS :
FIXED ASSETS
Gross Block
Less Impairment
Less Depreciation
Net Block

15055.25
97.52
5845.49
9112.24

16564.90
94.19
6605.66
9865.05

18526.93
100.41
7385.96
11040.56

2432.65

4069.96

6106.18

LOANS
Secured
Unsecured
Total Loans
DEFERRED TAX LIABILITY (NET)
FOREIGN CURRENCY MONETARY ITEM TRANSLATION
DIFFERENCE ACCOUNT
PROVISION FOR EMPLOYEE SEPARATION
COMPENSATION

INVESTMENTS

FOREIGN CURRENCY MONETARY ITEM

TRANSLATIONDIFFERENCE ACCOUNT

0.00

0.00

0.00

349.06
1523.34
581.82
0.20
246.72

442.66
1732.09
539.40
0.20
288.39

505.44
1827.54
631.63
0.20
7681.35

2701.14

3002.74

10646.16

1382.44

1234.86

3055.73

4083.58

4237.60

13701.89

2689.83
1010.16

2835.99
972.73

3523.20
1930.46

3699.99

3808.72

5453.66

NET CURRENT ASSETS

383.59

428.88

8248.23

MISCELLANEOUS EXPENDITURE (to the extent not

written off or adjusted)
Employee Separation Compensation

214.82

253.27

202.53

12143.30

14617.16

25597.50

CURRENT ASSETS
Stores and spare parts
Stock-in-trade
Sundry debtors
Interest accrued on investments
Cash & Bank balance

LOANS AND ADVANCES

Less : CURRENT LIABILITIES AND PROVISIONS

Current Liabilities
Provisions

TOTAL ASSETS (Net)

e Sheet
2007-08

2008-09

2009-10

2010-11

6203.30
0.00

6203.45
0.00

887.41
0.00

959.41
178.20

6203.30

6203.45

887.41

1137.61

21097.43

23972.81

36074.39

45807.02

27300.73

30176.26

36961.80

46944.63

0.00

0.00

0.00

1500.00

3520.58
14501.11

3913.05
23033.13

2259.32
22979.88

2009.20
26291.94

18021.69

26946.18

25239.20

28301.14

681.80

585.73

867.67

936.80

0.00

0.00

206.95

0.00

1071.30

1033.60

957.16

873.34

47075.52

58741.77

64232.78

78555.91

20847.04
100.47
8123.01
12623.56

23544.69
100.47
8962.00
14482.22

26149.66
106.07
10037.56
16006.03

29815.64
126.30
10914.86
18774.48

4103.19

42371.78

44979.67

46564.94

0.00

471.66

0.00

0.00

557.67
2047.31
543.48
0.20
465.04

612.19
2868.28
635.98
0.00
1590.60

623.76
2453.99
434.83
0.29
3234.14

716.18
3237.58
428.03
0.00
4141.54

3613.70

5707.05

6747.01

8523.33

33348.74

4578.04

5499.68

15688.97

36962.44

10285.09

12246.69

24212.30

3855.26
2913.52

6039.86
2934.19

6653.09
2346.52

7447.83
3547.98

6768.78

8974.05

8999.61

10995.81

30193.66

1311.04

3247.08

13216.49

155.11

105.07

0.00

0.00

47075.52

58741.77

64232.78

78555.91

TATA STEEL Profit and Loss Account

Partciulars
INCOME :
SALES AND OTHER OPERATING INCOME (Net)
OTHER INCOME
Total Income
EXPENDITURE :
MANUFACTURING AND OTHER EXPENSES
Depriciation
Less EXPENDITURE (OTHER THAN INTEREST)
TRANSFERRED TO CAPITAL AND OTHER
ACCOUNTS
NET FINANCE CHARGES

All Amounts are in Rs. Crores

2004-05
2005-06 2006-07
14498.95 15139.39
143.84
244.81
14642.79 15384.20

2007-08

2008-09

2009-10

2010-11

17552.02 19693.28
418.04
325.02
17970.06 20018.30

24315.77
308.27
24624.04

25021.98 29396.35
853.79
790.67
25875.77 30187.02

10814.77 11645.24
819.29
834.61

15525.99
973.40

16396.00 18162.27
1083.18 1146.19

8658.41
618.78

9320.50
775.10

204.82
182.61

112.62
108.49

236.02
158.27

175.50
868.72

343.65
1152.69

326.11
1508.40

198.78
1300.49

PROFIT BEFORE TAXES AND EXCEPTIONAL ITEMS

5387.81

5292.73

6413.75

6845.23

7315.61

7214.30

9776.85

CONTRIBUTION FOR SPORTS INFRASTRUCTURE

EXCHANGE GAIN/(LOSS)
EMPLOYEE SEPARATION COMPENSATION
PROFIT ON SALE OF LONG TERM INVESTMENTS

0.00
0.00
-119.11
28.58

0.00
0.00
-52.77
0.00

0.00
0.00
-152.10
0.00

-150.00
597.31
-226.18
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

Profit Before Tax

5297.28

5239.96

6261.65

7066.36

7315.61

7214.30

9776.85

CURRENT TAX
DEFERRED TAX
FRINGE BENEFIT TAX

1833.66
-10.54
0.00

1579.00
127.58
27.00

2076.01
-52.51
16.00

2252.00
108.33
19.00

2173.00
-75.13
16.00

1998.00
169.50
0.00

2857.00
54.16
0.00

Profit After Tax

3474.16

3506.38

4222.15

4687.03

5201.74

5046.80

6865.69

DISTRIBUTION ON HYBRID PERPETUAL SECURITIES

BALANCE BROUGHT FORWARD FROM LAST YEAR

AMOUNT AVAILABLE FOR APPROPRIATIONS

0.00

0.00

0.00

0.00

0.00

0.00

4.54

3474.16

3506.38

4222.15

4687.03

5201.74

5046.80

6861.15

637.42

1790.21

2976.16

4593.98

6387.46

9508.98 12772.65

4111.58

5296.59

7198.31

9281.01

11589.20

14555.78 19633.80

719.51
0
101.86

719.51
0
100.92

943.91
0
160.42

1168.93
22.19
202.43

1168.95
109.45
214.1

3290.21

4476.16

6093.98

7887.46

10096.70

1500
0

1500
0

1500
0

1500
0

600
0

1790.21

2976.16

4593.98

6387.46

9496.7

APPROPRIATIONS
PROPOSED DIVIDENDS
DIVIDEND ON CUMULATIVE CONVERTIBLEPREFERENCE SHARES

TAX ON DIVIDENDS

GENERAL RESERVE
DEBENTURE REDEMPTION RESERVE
BALANCE CARRIED TO BALANCE SHEET

709.77
45.88
122.8

1151.06
0
156.71

13677.33 18326.03
504.68
400

686.57
1000

12772.65 16639.46

Steel Authority of India Ltd. Balance Sheet

Particulars

All Amounts are in Rs. Crores

2004-05
2005-06
2006-07

SOURCES OF FUNDS
Shareholders' Fund
Share Capital
Reserves and Surplus
Share Application Money

4130.40
5342.82

4130.40
8577.28

4130.40
13336.44

0.00

0.00

9.00

9473.22

12707.68

17475.84

1920.76
4246.55

1435.12
3177.56

2013.76
2625.15

6167.31

4612.68

4638.91

-0.11

0.06

0.18

1862.70

1497.42

1416.83

17503.12

18817.84

23531.76

30159.19
16965.11
13194.08
472.43
13666.51

30059.29
17485.57
12573.72
949.05
13522.77

30622.33
18652.47
11969.86
1829.03
13798.89

8.00

20.14

36.99

4523.45
1974.67
6370.32
144.07
1837.98
14850.49

6321.96
1911.85
6243.67
87.15
1342.60
15907.23

6756.50
2353.59
9812.51
154.67
1741.67
20818.94

Loan Funds
Secured Loans
Unsecured Loans

Minority Interest
Deferred Tax Liability (Net)

APPLICATION OF FUNDS
Fixed Assets
Gross Block
Less: Depreciation
Net Block
Capital Work-in-Progress

Investments
Current Assets, Loans & Advances
Inventories
Sundry Debtors
Cash & Bank Balances
Other Current Assets
Loans & Advances

Less: Current Liabilities & Provisions

Current Liabilities
Provisions

5225.85
6150.98
11376.83

5312.98
5536.17
10849.15

5637.06
5615.68
11252.74

Net Current Assets

Miscellaneous Expenditure (to the extent not written off

3473.66

5058.08

9566.20

or adjusted)

354.95

216.85

129.68

17503.12

18817.84

23531.76

Total

Balance Sheet
2007-08

2008-09

2009-10

2010-11

4130.40
18933.17

4130.40
23853.70

4130.40
29186.30

4130.40
32939.07

0.00

0.00

0.00

0.00

23063.57

27984.10

33316.70

37069.47

925.31
2119.93

1473.60
6065.19

7755.90
8755.35

11813.91
8351.58

3045.24

7538.79

16511.25

20165.49

0.00

0.00

0.00

0.00

1568.60

1332.15

1414.92

1491.07

27677.41

36855.04

51242.87

58726.03

30922.73
19351.42
11571.31
2389.55
13960.86

32728.69
20459.86
12268.83
6544.24
18813.07

35396.19
21780.91
13615.28
14953.13
28568.41

38263.20
23180.54
15082.66
22225.83
37308.49

538.20

652.70

668.83

684.14

6857.23
3048.12
13759.44
273.08
2379.75
26317.62

10121.45
3024.36
18228.53
1014.47
2122.06
34510.87

9027.46
3493.90
22436.37
780.34
3416.09
39154.16

11302.79
4161.30
17478.86
489.56
4657.85
38090.36

6400.92
6797.83
13198.75

7713.39
9408.21
17121.60

10918.38
6230.15
17148.53

11474.86
5882.10
17356.96

13118.87

17389.27

22005.63

20733.40

59.48

0.00

0.00

0.00

27677.41

36855.04

51242.87

58726.03

Steel Authority of India Ltd. Profit and Loss Account

Partciulars

All Amounts are in Rs. Crores

2004-05
2005-06
2006-07

2007-08

2008-09

2009-10

2010-11

INCOME
Sales
Less : Excise duty
Net Sales
Finished products internally consumed
Interest earned
Other revenues
Provisions no longer required written back

33482.65
3397.97
30084.68
295.92
255.85
805.18
156.92

32554.68
4426.94
28127.74
428
466.52
610.69
80.60

39510.23
5286.31
34223.92
410
756.74
806.59
59.43

45555.34
6045.19
39510.15
490.81
1184.76
646.27
60.62

48681.39
5531.31
43150.08
568.7
1828.96
579.03
121.84

43934.70
3383.32
40551.38
0
1860.98
820.9
86.35

47040.50
4321.79
42718.71
0
1381.17
773.55
45.24

Total Income

31598.55

29713.55

36256.68

41892.61

46248.61

43319.61

44918.67

-345.46

-1033.19

-220.00

-337.60

-1934.53

1161.01

-1352.67

10181.21
113.08
4604.24
2294.06
2400.28
297.35
701.59
1525.47
636.44
1204.68
23612.94
1536.88

12396.62
65.61
4204.30
2667.87
2618.57
389.56
753.48
1632.08
484.20
1257.12
25436.22
1520.45

13316.82
1.29
5145.05
3004.14
2759.14
418.99
692.35
1657.36
344.40
1261.75
28381.29
1648.73

13931.64
3.63
7919.02
3313.55
2825.56
532.50
717.85
1836.32
250.94
1235.48
32228.89
1803.72

20076.92
6.77
8401.51
3536.90
3119.42
617.38
766.67
2649.94
253.24
1285.12
38779.34
1930.40

17340.18
2.79
5416.81
3163.43
3369.35
569.74
674.28
2327.23
402.01
1337.24
35764.07
2553.27

22076.40
4.22
7623.33
3309.75
3597.04
670.04
705.33
2863.80
474.95
1485.80
41457.99
3629.93

EXPENDITURE
Accretion( - )/Depletion to stocks of
finished/semi-finished products
Raw materials consumed
Purchase of finished / semi-finished goods
Employees' Remuneration & Benefits
Stores & Spares Consumed
Power & Fuel
Repairs & Maintenance
Freight outward
Other expenses
Interest & finance charges
Depreciation
Total
Less : Inter Account Adjustments

Total Expenditure

22076.06

23915.77

26732.56

30425.17

36848.94

33210.80

37828.06

-58.84

-15.57

-17.03

1.29

3.78

23.22

103.70

Profit before tax

9463.65

5782.21

9507.09

11468.73

9403.45

10132.03

7194.31

Less: Provision for taxation

Current tax
Deferred tax
Fringe benefit tax
Earlier years

765.64
1847.05
0.00
-43.93

1931.83
-250.81
24.67
-1.57

3327.48
-80.49
26.81
-33.11

3745.81
155.94
32.90
-2.70

3468.67
-236.45
52.06
-55.64

3371.17
81.72
0
-75.23

2367.38
-63.04
0.00
-14.77

Profit after tax

6894.89

4078.09

6266.40

7536.78

6174.81

6754.37

4904.74

0.45
165.09
0
-879.6
0

0.17
89.31
-910.27
4812.07
0

0.12
38.42
0
6797.83
-14.59

0
86.39
0
10811.65
0

0
35.58
0
15877.66
0

0
0
0
20345.05
0

0
0
0
24774.29
0

6179.93

8069.03

13087.94

18434.82

22088.05

27099.42

29679.03

0
702.37
620.96
755.06
81.23
105.84

0
313.01
517.9
322.43
72.64
45.22

0
638.5
664.36
630.16
93.22
107.06

0
770
784.78
743.47
133.37
125.54

0
625
536.95
536.95
90
91.26

54.58
680
660.86
702.17
110.9
116.62

72.29
500
495.65
495.65
80.74
80.41

3914.47

6797.83

10954.64

15877.66

20207.89

24774.29

27954.29

Add: Adjustments pertaining to earlier years

Minority Interest
Transferred from Bonds Redemption Reserve ( Net )
Adjustment arising on amalgamation of IISCO
Balance brought forward from last year
Prov. towards long term service awards to employees upto 31-03-06 (net of tax)

Amount available for appropriation

APPROPRIATIONS
Amt. Trans. to Bonds Redemption Reserve (net)
Amount Transferred to General Reserve
Interim dividend
Proposed dividend ( Final )
Tax on Interim dividend
Tax on Proposed dividend ( Final )

Balance carried to Balance Sheet

Earnings per Share

Profit after tax
Avg. Number of equity shares (FV Rs.10 per sh.)
Basic and Diluted Earnings per share

6894.44
4077.92
6266.28
4130400454 4130400545 4130400545
16.69
9.87
15.17

7536.78
4130400545
18.25

6174.81
4130400545
14.95

6754.37
4130400545
16.35

4904.74
4130400545
11.87

JSW Steel Balance Sheet

Particulars

All Amounts are in Rs. Crores

2004-05
2005-06
2006-07

FUNDS EMPLOYED
SHARE CAPITAL
SHARE WARRANTS

469.13
0.00

497.06
0.00

525.80
0.00

RESERVES AND SURPLUS

2680.59

3859.16

5068.25

TOTAL SHAREHOLDERS' FUNDS

3149.72

4356.22

5594.05

3568.44
0.00

4058.71
37.34

3633.50
540.53

3568.44

4096.05

4174.03

DEFERRED TAX LIABILITY (NET)

305.49

742.03

1012.66

Long Term advance from customer

267.97

0.00

0.00

TOTAL FUNDS EMPLOYED

7291.62

9194.30

10780.74

APPLICATION OF FUNDS :
FIXED ASSETS
Gross Block
Less Depreciation
Net Block
Capital Work-in-Progress
Total Fixed Assets

7520.30
1443.91
6076.39
349.30
6425.69

8368.43
1850.45
6517.98
1861.90
8379.88

10512.76
2323.66
8189.10
2002.93
10192.03

INVESTMENTS

229.57

85.08

192.94

CURRENT ASSETS
Inventories
Sundry debtors
Cash & Bank balance
Loans and Advances
Other Current Asset

743.41
266.60
122.49
761.50
0.00

924.23
229.19
98.87
979.42
513.70

1011.35
245.16
337.80
549.28
342.04

LOANS
Secured
Unsecured
Total Loans

Less : CURRENT LIABILITIES AND PROVISIONS

Current Liabilities
Provisions

NET CURRENT ASSETS

MISCELLANEOUS EXPENDITURE (to the extent not
written off or adjusted)

TOTAL ASSETS (Net)

1894.00

2745.41

2485.63

1375.95
232.31

1926.86
393.26

2210.51
75.22

1608.26

2320.12

2285.73

285.74

425.29

199.90

350.62

304.04

194.87

7291.62

9194.29

10779.74

Sheet
2007-08

2008-09

2009-10

2010-11

537.01
0.00

537.01
0.00

527.11
0.00

563.18
529.38

7140.24

7422.24

9179.30

16132.17

7677.25

7959.25

9706.41

17224.73

5497.08
2049.45

8214.61
3058.02

8987.51
2597.59

7675.82
4275.52

7546.53

11272.63

11585.10

11951.34

1251.84

1421.16

1964.95

2317.04

0.00

0.00

0.00

0.00

16475.62

20653.04

23256.46

31493.11

13952.33
2996.83
10955.50
5612.43
16567.93

16896.75
3810.31
13086.44
9242.06
22328.50

21795.58
4929.44
16866.14
6684.27
23550.41

27407.35
6305.20
21102.15
6169.05
27271.20

923.53

1250.11

1768.35

4098.81

1549.16
337.39
339.22
842.15
18.62

2051.42
398.14
419.96
1744.88
17.24

2585.77
563.25
287.11
2123.39
0.00

4138.41
838.65
1886.88
3324.43
0.00

3086.54

4631.64

5559.52

10188.37

3666.36
436.01

7476.28
80.93

7357.67
264.22

9667.23
397.40

4102.37

7557.21

7621.89

10064.63

-1015.83

-2925.57

-2062.37

123.74

0.00

0.00

0.00

0.00

16475.63

20653.04

23256.39

31493.75

JSW Steel Profit and Loss Account

Partciulars

All Amounts are in Rs. Crores

2004-05
2005-06
2006-07

INCOME
Domestic Turnover
Export Turnover
Sale of Carbon Credits

2007-08

2008-09

2009-10

2010-11

7035.90
356.54
6679.36
18.98

6766.09
585.99
6180.10
382.96

5743.70
3,593.64
0
9337.34
742.90
8594.44
105.15

Total Revenue

6698.34

6563.06

8699.59

11572.25

14260.81

18731.56

23445.89

EXPENDITURE
Materials
Employees Remuneration and Benefits
Manufacturing and Other Expenses
Interest and Finance Charges (net)
Depreciation
Miscellaneous Expenditure Written-off

2848.88
107.21
1376.42
469.87
359.54
60.48

2981.20
127.04
1325.75
360.32
405.82
61.79

4026.99
175.81
1574.13
399.59
498.25
109.68

5693.85
273.98
2097.57
440.44
687.18
0.00

8450.10
288.75
2429.29
797.25
827.66
0.00

10460.68
365.20
3103.70
858.92
1123.41
0.00

14254.10
534.47
3801.14
695.18
1378.71
0.00

Total Expenditure

5222.40

5261.92

6784.45

9193.02

12793.05

15911.91

20663.60

Profit before Taxation & Exceptional Items

1475.94

1301.14

1915.14

2379.23

1467.76

2819.65

2782.29

Exceptional Items
Exchange Loss/(Gain)

3.33

0.00

0.00

-104.89

790.13

0.00

0.00

Profit before Taxation

1472.61

1301.14

1915.14

2484.12

677.63

2819.65

2782.29

Less : Excise duty

Net Sales
Other revenues

9021.75
3,496.05
111.11
12628.91
1208.91
11420.00
152.25

10680.50
4,450.21
48.58
15179.29
1178.04
14001.25
259.56

16460.61
2935.82
60.21
19456.64
1254.16
18202.48
529.08

21429.87
3662.22
38.68
25130.77
1967.52
23163.25
282.64

Less: Provision for Taxation (including Wealth Tax)

Share of Profits of Associates
Profit after tax

602.50
0.00
870.11

436.85
0.00
864.29

623.25
12.00
1279.89

755.93
0.00
1728.19

219.13
0.00
458.50

796.91
0.00
2022.74

771.61
0.00
2010.68

Profit brought forward from earlier years

132.79

711.81

1384.47

2267.56

3505.86

3883.15

5327.78

1002.90

1576.10

2664.36

3995.75

3964.36

5905.89

7338.46

-25
-87.02
-47.49
-103.23
-20.59
0

17
-86.43
-27.9
-125.58
-21.53
0

39.48
-129.21
-27.9
-204.98
-33.49
0

23.3
-172.82
-29.06
-261.87
-49.44
0

20.45
-45.85
-28.99
-18.71
-8.11
0

-125
-202.28
-28.92
-177.7
-34.31
-9.9

0
-4200
-27.9
-273.32
-48.87
0

719.57

1331.66

2308.26

3505.86

3883.15

5327.78

2788.37

64.98
59.66

55.57
55.57

80.86
79.62

95.26
94.18

22.7
22.7

106.34
105.94

97.17
96.33

Amount available for Appropriation

APPROPRIATIONS
Transferred from Debenture Redemption Reserve
Transfer to General Reserve
Dividend on Preference Shares
Proposed Final Dividend on Equity Shares
Corporate Dividend Tax
Transfer to Capital Redemption Reserve

Balance carried to Balance Sheet

Earnings per share (Equity shares, par value of Rs.10 each) (in Rs.)
Basic
Diluted

Liquidity Ratio
Current ratio

Tata Steel
SAIL
JSW Steel

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11

1.527
1.670
3.028
5.578
1.257
1.317
1.858
1.305
1.466
1.850
1.994
2.016
2.283
2.195
1.178
1.183
1.087
0.752
0.613
0.729
1.012
Quick Ratio

Tata Steel
SAIL
JSW Steel

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11

0.648
0.775
2.090
0.300
0.510
0.508
0.517
0.908
0.884
1.250
1.474
1.424
1.757
1.543
0.715
0.785
0.645
0.375
0.341
0.390
0.601
Interest coverage ratio

Tata Steel
SAIL
JSW Steel

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11

30.504
49.785
41.524
8.880
7.347
5.783
8.518
15.870
12.942
28.605
46.703
38.133
26.203
16.148
4.134
4.611
5.793
6.640
1.850
4.283
5.002

TATA Steel Current Assets

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Inventories
1872.40 2174.75 2332.98 2604.98 3480.47 3077.75 3953.76
Sundry debtors
581.82
539.40
631.63
543.48
635.98
434.83
428.03
Interest accrued on investments
0.20
0.20
0.20
0.20
0.00
0.29
0.00
Cash & Bank balance 246.72
288.39 7681.35
465.04 1590.60 3234.14 4141.54
LOANS AND ADVANCES
1382.44 1234.86 3055.73 33348.74 4578.04 5499.68 15688.97

Inventories
Sundry Debtors
Cash & Bank
Balances
Other Current
Assets
Loans & Advances

SAIL Current Assets

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
4523.45 6321.96 6756.50 6857.23 10121.45 9027.46 11302.79
1974.67 1911.85 2353.59 3048.12 3024.36 3493.90 4161.30
6370.32

6243.67

9812.51 13759.44 18228.53 22436.37 17478.86

144.07

87.15

154.67

273.08

1014.47

780.34

489.56

1837.98

1342.60

1741.67

2379.75

2122.06

3416.09

4657.85

2004-05
Inventories
743.41
Sundry debtors
266.60
Cash & Bank balance 122.49
Loans and Advances 761.50
Other Current Asset
0.00

JSW Current Assets

2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
924.23 1011.35 1549.16 2051.42 2585.77 4138.41
229.19
245.16
337.39
398.14
563.25
838.65
98.87
337.80
339.22
419.96
287.11 1886.88
979.42
549.28
842.15 1744.88 2123.39 3324.43
513.70
342.04
18.62
17.24
0.00
0.00

Ratio Analysis
1

Current Ratio
100%

6.000

90%
5.000

80%

4.000

70%

3.000

60%

2.000

50%
40%

1.000

30%
0.000

2004-05

2005-06

2006-07

2007-08

2008-09

2009-10

2010-11

20%

Tata Steel

1.527

1.670

3.028

5.578

1.257

1.317

1.858

10%

SAIL

1.305

1.466

1.850

1.994

2.016

2.283

2.195

JSW Steel

1.178

1.183

1.087

0.752

0.613

0.729

1.012

0%

Quick Ratio
100%

2.500

90%
80%

2.000

Ratio

70%
1.500

60%
50%

1.000

40%
0.500

30%
20%

0.000

2004-05

2005-06

2006-07

2007-08

2008-09

2009-10

2010-11

10%

Tata Steel

0.648

0.775

2.090

0.300

0.510

0.508

0.517

0%

SAIL

0.908

0.884

1.250

1.474

1.424

1.757

1.543

JSW Steel

0.715

0.785

0.645

0.375

0.341

0.390

0.601

Interest Coverage Ratio

100%

60.000

Ratios

90%

50.000

80%

40.000

70%
60%

30.000

50%
40%

20.000

30%

10.000
0.000

20%

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11

Tata Steel 30.504

SAIL
15.870

49.785

41.524

8.880

7.347

5.783

8.518

12.942

28.605

46.703

38.133

26.203

16.148

JSW Steel

4.611

5.793

6.640

1.850

4.283

5.002

4.134

10%
0%

is
TATA STEEL Current Assets
100%
90%
80%

LOANS AND ADVANCES

70%
60%

Cash & Bank balance

50%
40%

Interest accrued on
investments

30%

Sundry debtors

20%
Inventories

10%
0%

SAIL Current Assets

100%
90%
80%
70%
60%

Loans & Advances

50%

Other Current Assets

40%

Cash & Bank Balances

30%

Sundry Debtors

20%

Inventories

10%
0%

JSW Current Assets

100%
90%
80%
70%
60%

Other Current Asset

50%

Loans and Advances

40%

Cash & Bank balance

30%

Sundry debtors

20%

Inventories

10%
0%

Turnover Ratio
Debtor Turnover ratio (in days)
2004-05
Tata Steel
SAIL
JSW Steel

2005-06 2006-07 2007-08 2008-09 2009-10 2010-11

13.516
12.176
10.890
8.852
7.810
5.357
23.347
27.260
28.464
27.705
27.210
34.452
13.546
14.008
12.370
11.754
12.531
14.056
Assets Turnover Ratio

Tata Steel
SAIL
JSW Steel

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11

1.215
1.054
0.691
0.420
0.418
0.390
0.374
1.065
0.970
0.999
0.980
0.810
0.593
0.561
0.781
0.551
0.668
0.555
0.496
0.589
0.557

Fixed Assets Turnover Ratio

Tata Steel
SAIL
JSW Steel

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11

1.591
1.535
1.590
1.560
1.679
1.563
1.566
2.223
2.112
2.510
2.865
2.324
1.419
1.145
1.039
0.737
0.843
0.689
0.627
0.773
0.849

Working Capital Turnover Ratio

Tata Steel
SAIL
JSW Steel

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11

37.798
35.300
2.128
0.652
18.547
7.706
2.224
9.724
6.521
4.173
3.510
2.832
1.997
2.269
23.376
14.531
42.994
-11.242
-4.786
-8.826 187.193

Tata Steel Assets

2004-05 2005-06 2006-07 2007-08
Fixed Assets 9112.24 9865.05 11040.56 12623.56
Investments 2432.65 4069.96 6106.18 4103.19
Current Assets4083.58 4237.60 13701.89 36962.44

2008-09
14482.22
42371.78
10285.09

2009-10
16006.03
44979.67
12246.69

2010-11
18774.48
46564.94
24212.30

SAIL Assets
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Fixed Assets 13666.51 13522.77 13798.89 13960.86 18813.07 28568.41 37308.49

Investments
8.00
20.14
36.99
538.20
652.70
668.83
684.14
Current Assets
14850.49 15907.23 20818.94 26317.62 34510.87 39154.16 38090.36

JSW Assets
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Fixed Assets 6425.69 8379.88 10192.03 16567.93 22328.5 23550.41 27271.2
Investments 229.57
85.08
192.94
923.53 1250.11 1768.35 4098.81
Current Assets 1894 2745.41 2485.63 3086.54 4631.64 5559.52 10188.37

Ratio Analysis
Turnover Ratios
0

Debtors Turnover Ratio (in days)

40.000
35.000
30.000
Ratio

25.000
20.000
15.000
10.000
5.000
0.000

2004-05

Tata Steel
SAIL
JSW Steel

2005-06

2006-07

2007-08

2008-09

2009-10

2010-11

13.516
23.347
13.546

12.176
27.260
14.008

10.890
28.464
12.370

8.852
27.705
11.754

7.810
27.210
12.531

5.357
34.452
14.056

Assets Turnover Ratio

1.400
1.200

Ratio

1.000
0.800
0.600
0.400
0.200
0.000

2004-05

2005-06

2006-07

2007-08

2008-09

2009-10

2010-11

Tata Steel

1.215

1.054

0.691

0.420

0.418

0.390

0.374

SAIL

1.065

0.970

0.999

0.980

0.810

0.593

0.561

JSW Steel

0.781

0.551

0.668

0.555

0.496

0.589

0.557

SAIL

1.065

0.970

0.999

0.980

0.810

0.593

0.561

JSW Steel

0.781

0.551

0.668

0.555

0.496

0.589

0.557

2
3

Fixed Assets Turnover Ratio

Ratio

3.500
3.000
2.500
2.000
1.500
1.000
0.500
0.000

100%
90%
80%
70%
60%
50%
40%
30%

200405

200506

200607

200708

200809

200910

201011

Tata Steel

1.591

1.535

1.590

1.560

1.679

1.563

1.566

10%

SAIL

2.223

2.112

2.510

2.865

2.324

1.419

1.145

0%

JSW Steel

1.039

0.737

0.843

0.689

0.627

0.773

0.849

20%

Working Capital Turnover Ratio

100%

200.000

90%

150.000
Ratio

80%

100.000

70%

50.000

60%
50%

0.000

40%

-50.000

200405

200506

200607

200708

200809

200910

201011

30%

Tata Steel 37.798

SAIL
9.724

35.300

2.128

0.652

18.547

7.706

2.224

10%

6.521

4.173

3.510

2.832

1.997

2.269

JSW Steel 23.376

14.531

42.994

-11.242

-4.786

-8.826

187.193

20%

nalysis

r Ratios

2010-11

5.357
34.452
14.056

TATA Steel Assets

100%
90%
80%
70%
60%

Current Assets

50%

Investments

40%

Fixed Assets

30%

2010-11

20%
10%
0%
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11

0%
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11

SAIL Assets
100%
90%
80%
70%
60%

Current Assets

50%

Investments

40%

Fixed Assets

30%
20%
10%
0%
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11

JSW Assets
100%
90%
80%
70%
60%

Current Assets

50%

Investments

40%

Fixed Assets

30%
20%
10%
0%
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11

Ratio Analysis
Profitability Ratios
Operating Profit Ratio
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Tata Steel
36.015
33.316
33.717
36.629
32.145
30.145
34.317
SAIL
29.430
17.944
23.808
24.566
16.293
19.093
12.560
JSW Steel
34.465
33.451
32.730
31.626
16.445
26.381
20.965

Operating Profit Ratio

40.000
35.000
30.000
Ratio

25.000
20.000
15.000
10.000
5.000
0.000

2004-05

2005-06

2006-07

2007-08

2008-09

2009-10

2010-11

Tata Steel

36.015

33.316

33.717

36.629

32.145

30.145

34.317

SAIL

29.430

17.944

23.808

24.566

16.293

19.093

12.560

JSW Steel

34.465

33.451

32.730

31.626

16.445

26.381

20.965

Net Profit Margin

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Tata Steel
23.726
22.792
23.495
23.414
21.125
19.504
22.744
SAIL
21.820
13.725
17.283
17.991
13.351
15.592
10.919
JSW Steel
12.990
13.169
14.712
14.934
3.215
10.799
8.576

Net Profit Margin

25.000
20.000

ratio

15.000
10.000

5.000
0.000

2004-05

2005-06

2006-07

2007-08

2008-09

2009-10

2010-11

Tata Steel

23.726

22.792

23.495

23.414

21.125

19.504

22.744

SAIL

21.820

13.725

17.283

17.991

13.351

15.592

10.919

JSW Steel

12.990

13.169

14.712

14.934

3.215

10.799

8.576

Return on Capital Employed

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Tata Steel
44.981
36.819
24.950
16.066
13.968
13.072
13.848
SAIL
52.140
27.548
35.235
35.581
19.327
15.110
9.137
JSW Steel
33.166
23.253
26.575
21.922
11.149
20.648
15.420

Return on Capital Employed

60.000
50.000

Ratio

40.000
30.000
20.000
10.000
0.000

2004-05

2005-06

2006-07

2007-08

2008-09

2009-10

2010-11

Tata Steel

44.981

36.819

24.950

16.066

13.968

13.072

13.848

SAIL

52.140

27.548

35.235

35.581

19.327

15.110

9.137

JSW Steel

33.166

23.253

26.575

21.922

11.149

20.648

15.420

Return on Net Worth

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Tata Steel
49.210
35.943
29.953
17.168
17.238
13.654
14.172
SAIL
72.783
32.092
35.858
32.678
22.065
20.273
13.231
JSW Steel
27.625
19.840
22.879
22.511
5.761
20.839
11.673

Retuen on Net Worth

80.000
70.000
60.000

70.000
60.000
Ratio

50.000
40.000
30.000
20.000
10.000
0.000

2004-05

2005-06

2006-07

2007-08

2008-09

2009-10

2010-11

Tata Steel

49.210

35.943

29.953

17.168

17.238

13.654

14.172

SAIL

72.783

32.092

35.858

32.678

22.065

20.273

13.231

JSW Steel

27.625

19.840

22.879

22.511

5.761

20.839

11.673

Return on Fixed Assets

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Tata Steel
38.126
35.543
38.242
37.129
35.918
31.531
36.569
SAIL
50.451
30.157
45.412
53.985
32.822
23.643
13.146
JSW Steel
13.541
10.314
12.558
10.431
2.053
8.589
7.373

Return on Fixed Assets

60.000
50.000

Ratio

40.000
30.000
20.000
10.000
0.000

2004-05

2005-06

2006-07

2007-08

2008-09

2009-10

2010-11

Tata Steel

38.126

35.543

38.242

37.129

35.918

31.531

36.569

SAIL

50.451

30.157

45.412

53.985

32.822

23.643

13.146

JSW Steel

13.541

10.314

12.558

10.431

2.053

8.589

7.373

Solvency Ratios
Debt Ratio

Tata Steel
SAIL
JSW Steel

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10

0.226
0.172
0.377
0.383
0.459
0.394
0.352
0.245
0.197
0.110
0.205
0.322
0.489
0.445
0.387
0.458
0.546
0.498

Debt-Equity

Tata Steel
SAIL
JSW Steel

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10

0.388
0.258
0.684
0.660
0.893
0.683
0.651
0.363
0.265
0.132
0.269
0.496
1.133
0.940
0.746
0.983
1.416
1.194

Total Debt to Total Asset Ratio

Tata Steel
SAIL
JSW Steel

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10

0.230
0.175
0.380
0.384
0.463
0.393
0.216
0.157
0.134
0.075
0.140
0.241
0.417
0.365
0.324
0.367
0.400
0.375

Fixed Assets to total Asset

Tata Steel
SAIL
JSW Steel

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10

0.575
0.535
0.356
0.234
0.214
0.219
0.479
0.459
0.398
0.342
0.349
0.418
0.041
0.166
0.156
0.273
0.328
0.216

TATA Steel Debt

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10
SHAREHOLDERS' FUNDS
7059.92 9755.30 14096.15 27300.73 30176.26 36961.80
Long Term LOANS
2739.70 2516.15 9645.33 18021.69 26946.18 25239.20
Deferred Tax Liability(Net)
829.42
957.00
748.94
681.80
585.73
867.67
Prov. For Employee Seperation Compesation 1514.26 1388.71 1107.08 1071.30 1033.60
957.16

SAIL Debt

SHAREHOLDERS' FUNDS
Long Term LOANS
Deferred Tax Liability(Net)

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10

9473.22 12707.68 17475.84 23063.57 27984.1 33316.7
6167.31 4612.68 4638.91 3045.24 7538.79 16511.25
1862.7 1497.42 1416.83
1568.6 1332.15 1414.92

JSW Debt

SHAREHOLDERS' FUNDS
Long Term LOANS
Deferred Tax Liability(Net)

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10

3149.72 4356.22 5594.05 7677.25 7959.25 9706.41
3568.44 4096.05 4174.03 7546.53 11272.63 11585.1
305.49
742.03 1012.66 1251.84 1421.16 1964.95

2010-11
0.360
0.343
0.379

2010-11
0.603
0.544
0.694

2010-11
0.360
0.265
0.288

2010-11
0.210
0.490
0.148

2010-11
46944.63
28301.14
936.80
873.34

2010-11
37069.47
20165.49
1491.07

2010-11
17224.73
11951.34
2317.04

Ratio Analysis
Solvency Ratios
1

Debt Ratio
0.600
0.500

Ratio

0.400
0.300
0.200
0.100
0.000

2004-05

2005-06

2006-07

2007-08

2008-09

2009-10

2010-11

Tata Steel

0.226

0.172

0.377

0.383

0.459

0.394

0.360

SAIL

0.352

0.245

0.197

0.110

0.205

0.322

0.343

JSW Steel

0.489

0.445

0.387

0.458

0.546

0.498

0.379

1
2

Debt-Equity
1.600
1.400
1.200
Ratio

1.000
0.800
0.600
0.400
0.200
0.000

2004-05

2005-06

2006-07

2007-08

2008-09

2009-10

2010-11

Tata Steel

0.388

0.258

0.684

0.660

0.893

0.683

0.603

SAIL

0.651

0.363

0.265

0.132

0.269

0.496

0.544

JSW Steel

1.133

0.940

0.746

0.983

1.416

1.194

0.694

JSW Steel

1.133

0.940

0.746

0.983

1.416

1.194

0.694

Total Debt to Total Asset

0.500
0.450
0.400
0.350

Ratio

0.300
0.250
0.200
0.150

0.100
0.050
0.000

2004-05

2005-06

2006-07

2007-08

2008-09

2009-10

2010-11

Tata Steel

0.230

0.175

0.380

0.384

0.463

0.393

0.360

SAIL

0.216

0.157

0.134

0.075

0.140

0.241

0.265

JSW Steel

0.417

0.365

0.324

0.367

0.400

0.375

0.288

Analysis

y Ratios

Tata Steel Debt

100%
90%
80%
70%
60%

Prov. For Employee

Seperation Compesation

50%

Deferred Tax Liability(Net)

40%

Long Term LOANS

30%
20%

SHAREHOLDERS' FUNDS

10%
0%

SAIL Debt
100%
90%
80%
70%
60%

Deferred Tax
Liability(Net)

50%

Long Term LOANS

40%
30%
20%

10%
0%

SHAREHOLDERS'
FUNDS

JSW Debt
100%

90%
80%
70%
60%
50%

Deferred Tax
Liability(Net)
Long Term LOANS

40%
30%
20%
10%
0%

SHAREHOLDERS'
FUNDS