SUMMARY STATEMENT OF UNCONSOLIDATED FINANCIAL INFORMATION

SUMMARY STATEMENT OF UNCONSOLIDATED ASSETS AND LIABILITIES - AS RESTATED

AS AT
PARTICULARS 30.09.09 2009
Rs. in Rs. in
Million Million
Fixed Assets
Gross Block 626.78 615.79
Less: Accumulated Depreciation 202.83 173.24
Net Block 423.95 442.55
Less: Revaluation Reserve - -
Net Block after adjustment for
423.95 442.55
Revaluation Reserve
Capital WIP including Capital
15.75 6.46
Advances
Total (a) 439.70 449.01
Goodwill (b) - -
Investments (c) 1,267.87 1,256.78
Current Assets, Loans and
3,686.16 - -
Advances
Inventories 902.85 748.16
Sundry Debtors 2,297.37 2,195.11
Cash and Bank Balances 284.78 200.56
Other current Assets 440.06 297.18
Loans and Advances 3,839.24 3,264.07
Total (d) 7764.30 6,705.08
Total Assets [a+b+c+d] (e) 9,471.87 8,410.87
Liabilities and Provisions
Secured Loans 1,220.54 1,050.11
Unsecured Loans 290.91 714.59
Current Liabilities 2,625.85 1,965.46
Provisions 814.22 852.90
Deferred Tax Liability / (Asset) -8.88 -3.83
TOTAL (f) 4,942.64 4,579.24
Net Worth [ e-f ] 4,529.22 3,831.63
Net Worth Represented by :
Share Capital (g) 792.16 759.15
Reserves and Surplus 3,737.07 3,072.48
Share Application Money - -
Less: Revaluation Reserve - -
Reserves and Surplus (Net of
(h) 3,737.07 3,072.48
Revaluation Reserve)
Less: Miscellaneous
(i) - -
Expenditure
(to the extent not written off or
adjusted)
NET WORTH (g+h-i) 4,529.22 3,831.63

10

SUMMARY STATEMENTS OF UNCONSOLIDATED PROFITS AND LOSSES AS RESTATED

For the

Period
ended
PARTICULARS 30.09.09 2009 2008
Rs. in Rs. in Rs. in
Million Million Million
Operating Income
Sales
Gross Sales(See Note III 4 of
3,103.55 5,258.45 6,161.68
Schedule 1)
Less: Work Contract Tax /
-106.11 -179.43 -139.12
VAT Collected
Less: Service Tax Collected -68.28 -165.75 -135.48
Increase/ (Decrease) in
139.69 213.59 -36.21
Unbilled Revenue
Turnover (Net) 3,068.87 5,126.86 5,850.87
Other Operating Income
Share of Profit From a
61.45 25.26 29.61
Partnership Firm/AOP
Rent/Compensation 23.50 39.80 36.72
84.94 65.06 66.33
Total Operating Income 3,153.81 5,191.92 5917.20
Other Income 38.79 113.64 114.18
TOTAL INCOME 3192.60 5,305.56 6,031.38
Cost of Sales 2,531.66 3,919.88 4,255.52
Employees Cost 146.77 318.68 299.61
Operating and Administrative
118.93 247.38 271.15
Cost
Finance Cost 105.20 253.50 159.51
Provision for Contingency - 200.00 -
Depreciation 29.59 57.26 40.48
TOTAL EXPENDITURE 2,932.15 4996.70 5,026.27
Profit Before Tax 260.45 308.86 1,005.11
Less: Provision For
Current Tax 80.23 96.32 366.00
Deferred Tax -5.06 -1.68 -8.28
Fringe Benefit Tax - 3.64 17.96
75.17 98.28 375.68
Net Profit After Tax 185.28 210.58 629.43
ADJUSTMENTS:
Adjustments on account of
11.59 167.83 17.96
Restatements
Current Tax Adjustments -3.04 -59.75 -10.37
Deferred Tax Adjustments - - -
Total of Adjustments 8.55 108.08 7.59
Net Profit As Restated 193.83 318.66 637.02
Profit or (Loss) at the
1,711.72 1,393.06 756.04
beginning of the year
Balance Available for
1,905.55 1,711.72 1,393.06

Appropriation As Restated

11

SUMMARY STATEMENTS OF UNCONSOLIDATED PROFITS AND LOSSES AS RESTATED

For the

Period
ended
PARTICULARS 30.09.09 2009 2008
APPROPRIATIONS
As per Audited Accounts
Transfer to General Reserve - - -
Dividend on Preference -
- - -
Paid/Provided
Dividend on Equity
- - -
Paid/Provided
Tax on Dividend on Preference
- - -
Shares
Tax on Dividend on Equity
- - -
Shares
Adjustment on Restatement - - -
Dividend on Preference Shares - - -
Tax on Dividend on Preference
- - -
Shares
Total Appropriation As
- - -
Restated
BALANCE CARRIED
FORWARDS AS 1,905.55 1,711.72 1,393.06

RESTATED

12

SUMMARY STATEMENT OF UNCONSOLIDATED CASH FLOW AS RESTATED

PARTICULARS

Cash Flow from Operating Activities

Net Profit Before Tax and Prior Year

Adjustments
Adjustments for :
Depreciation

(Profit)/ Loss on Sale

Assets/Investments
Employee Compensation Expenses

(ESOP)
Interest income
 Dividend Income
Interest expense
Provision for doubtful debts
Operating Profit before Working Capital

changes
Movements in Working Capital
Decrease/ (Increase) in Inventories
Decrease/ (Increase) in Sundry Debtors
Decrease/ (Increase) in Other Current

Assets
Decrease/ (Increase) in Loans and

Advances
Increase /(Decrease) in Trade Payables
Cash generated from Operations
Direct Taxes paid (net of refunds)
Cash Flow before Extraordinary Items
Net Cash from Operating Activities (A)
Cash Flow from Investing Activities
Purchase of Fixed Assets
Disposal of Fixed Assets
Purchase of Investments
Disposal of Investments
Interest received

Dividend received
Net Cash from Investing Activities (B)
Cash Flow from Financing Activities
Proceeds from issuances of Share Capital
Increase/(Decrease) in Share Application

Money
Redemption of Preference Capital

Availment (Repayment) of Long Term

Borrowings
Interest paid
Dividends paid

Tax on Dividend paid

Net Cash from Financing Activities ( C )

13
SUMMARY STATEMENT OF UNCONSOLIDATED CASH FLOW AS RESTATED

AS AT
PARTICULARS 30.09.09 2009 2008
Net increase in Cash and Cash Equivalents
84.22 -289.84 433.73
(A+B+C)
Cash and Cash Equivalents at the beginning
200.56 490.40 56.67
of the year
Cash and Cash Equivalents at the end of
284.78 200.56 490.40
the year
Components of Cash and Cash

Equivalents
Sep-09 2009 2008
Cash on Hand 8.85 8.12 15.14
With Banks - on Current Accounts 168.46 75.45 368.51
- on Deposit Accounts 107.47 116.99 106.76
284.78 200.56 490.40
 As At March 31,
2008 2007 2006 2005
Rs. in Rs. in Rs. in Rs. in
Million Million Million Million

516.01 314.12 243.57 180.96 FA 0.19337 0.64272

124.99 86.24 69.40 57.53 Sales -0.1203 0.57858
391.02 227.88 174.17 123.43 GFA 8.53966 10.658
- - - -

391.02 227.88 174.17 123.43

12.45 3.24 0.55 1.34

403.47 231.12 174.72 124.77

- - - -
1,115.65 534.36 52.77 116.35

- - - -

496.70 572.61 941.80 239.78

2,300.87 1,557.08 550.98 397.22
490.40 56.67 92.52 27.43
111.15 113.14 76.75 89.85
2,787.03 1,581.52 554.02 414.39
6,186.15 3,881.03 2,216.07 1,168.67
7,705.27 4646.50 2,443.56 1409.80

80.81 131.34 534.02 35.12

2463.30 465.47 632.85 477.42
1,371.25 1,296.74 567.22 400.77
784.96 459.12 170.67 97.33
-2.16 6.12 10.34 12.41
4,698.16 2,358.79 1,915.11 1,023.05
3,007.11 2,287.71 528.46 386.74

726.15 354.82 301.60 109.68

2,280.96 1,932.89 226.86 277.06
- - - -
- - - -

2,280.96 1,932.89 226.86 277.06

- - - -

3,007.11 2,287.71 528.46 386.74

For the year ended as on March 31,

2007 2006 2005

Rs. in Rs. in Rs. in
Million Million Million

3692.80 1,502.69 1,343.57

-50.37 -18.65 -35.34

-62.29 -51.36 -

44.08 6.58 6.82

3,624.22 1,439.26 1,315.05

129.90 -3.25 -

23.94 11.91 4.53

153.84 8.66 4.53
3,778.06 1,447.92 1,319.58
42.70 43.81 9.69
3,820.76 1,491.73 1,329.27 -0.1203 0.57858
2,845.21 1,064.93 1,071.93
108.02 74.62 47.15

118.14 61.48 45.36

 39.26 30.67 27.04
- - -
21.76 18.90 13.04
3,132.39 1250.60 1,204.52
688.37 241.13 124.75

192.50 88.59 44.01

5.57 -2.07 1.51
1.38 1.10 -
199.45 87.62 45.52
488.92 153.51 79.23

-191.42 -6.00 8.35

67.49 1.86 -3.03

9.78 - -
-114.15 -4.14 5.32
374.77 149.37 84.55

381.27 256.41 196.17

756.04 405.78 280.72

For the year ended as on March 31,

2007 2006 2005

- 16.90 8.00

- 10.66 6.02

- - 4.32
- 1.21 0.79

- - 0.57

- - -
- -4.00 3.99

- -0.27 0.64

- 24.50 24.31

756.04 381.27 256.41

AS AT As At March 31,
30.09.09 2009 2008 2007 2006 2005
Rs. in Rs. in Rs. in Rs. in Rs. in
Rs. in Million
Million Million Million Million Million

272.04 476.69 1,023.07 496.94 235.14 133.10

29.59 57.26 39.69 21.62 16.69 12.94

of
-2.83 0.46 -45.11 -21.84 -28.55 -2.01

2.08 4.16 65.89 - - -

-34.40 -111.67 -58.91 -8.85 -11.59 -4.52

 0.00 -1.52 -7.50 -7.98 -0.57 -0.44
105.20 253.50 137.16 39.26 30.67 27.67
12.63 19.42 44.18 - - -

384.30 698.30 1,198.46 519.14 241.79 166.74

-147.49 -205.42 102.69 381.80 -672.80 17.09

-114.89 86.33 -787.97 -1006.10 -153.76 -250.61

-142.88 -186.03 -407.39 372.98 23.96 -18.98

-554.13 -319.35 -352.64 -1,329.97 -79.81 -56.19

538.43 512.31 -7.27 931.97 166.18 78.61

-36.65 586.14 -254.11 -130.17 -474.45 -63.34
-21.04 -167.55 -461.46 -144.91 -71.27 -39.28
-57.69 418.59 -715.58 -275.08 -545.72 -102.62
-57.69 418.59 -715.58 -275.08 -545.72 -102.62

-19.83 -116.61 -212.16 -103.21 -67.87 -38.99

- 13.36 0.27 44.12 3.96 1.76
-33.75 -578.67 -583.30 -483.78 -22.53 -104.72
25.49 437.55 46.98 2.68 111.60 3.33

34.40 111.67 58.91 8.85 11.59 4.52

0.00 1.52 7.50 7.98 0.57 0.44
6.32 -131.18 -681.80 -523.36 37.32 -133.66

- 501.70 16.50 1384.50 100.00 -

- - - - - -75.00

- - - - -100.08 100.00

248.45 -779.41 1,978.55 -570.05 654.32 240.56

-112.86 -299.54 -163.93 -51.87 -59.90 -27.67

- - - - -18.60 -2.40
- - - - -2.24 -0.31
135.59 -577.25 1,831.12 762.58 573.50 235.17
As At March 31,
2007 2006 2005

-35.85 65.10 -1.11

92.52 27.43 28.53

56.67 92.52 27.43

As At March 31,

2007 2006 2005

6.88 3.39 2.95
39.73 84.34 15.79
10.06 4.80 8.69
56.67 92.52 27.43
 CAGR
0.28965 0.345988 FA 0.277527
1.561295 0.122217 Sdales 0.318936
9.205209 5.349675 PAT 0.215921
1.561295 0.122217
Figures in Million

2009 2008 2007 2006 2005

Sales 5,305.56 6,031.38 3,820.76 1,491.73 1,329.27
COS & Exp 4,485.94 4,826.28 3,071.37 1,201.03 1,164.44
Depr 57.26 40.48 21.76 18.9 13.04
EBIT 762.36 1,164.62 727.63 271.80 151.79
Int 253.50 159.51 39.26 30.67 27.04
Contingency 200.00
PBT 308.86 1,005.11 688.37 241.13 124.75
Tax 98.28 375.68 199.45 87.62 45.52
PAT 210.58 629.43 488.92 153.51 79.23

GFA 615.79 516.01 314.12 243.57 180.96

Accum Depr 173.24 124.99 86.24 69.4 57.53
LTD 1,764.70 2,544.11 596.81 1,166.87 512.54
NCWC 422.09 752.51 486.98 831.64 228.75
Cash 200.56 490.40 56.67 92.52 27.43

Depr % 28% 24% 27% 28% 32%

Int% 12% 10% 4% 4% 11%

GFA Turn Over 8.54 10.66 9.21 5.35

AVG GFA Turn 8.44

Avg Depr 28%

Data Used

Depr Rate 28%

Growth Rate 1st 5 yrs 15%
Growth Rate 2nd 5 yrs 15%
Terminal Growth Rate 5%
Tax 33%
WACC 14.30% (Assumed Constant)

Forecasting
2009 2010 2011 2012 2013
Sales Forecast 5,305.56 6101.394 7016.603 8069.094 9279.458
COS & EXP 4,485.94 5158.831 5932.656 6822.554 7845.937
Depr 57.26 30.05949 30.38951 34.94794 40.19013
EBIT 762.36 912.50 1,053.56 1,211.59 1,393.33
GFA 615.79 723.0731 831.5341 956.2642 1099.704
Accum Depr 172.537256802073 202.5967 232.9863 267.9342 308.1243
Add Depr 57.26 30.05949 30.38951 34.94794 40.19013
Non Cash WC 422.09 485.4035 558.214 641.9461 738.238

Cashflow & Valuation

2009 2010 2011 2012 2013
EBIT 762.36 912.50 1,053.56 1,211.59 1,393.33
EBIT(1-T) 510.78 611.38 705.88 811.77 933.53
Depr 57.26 30.05949 30.38951 34.94794 40.19013
Increase in NCWC -330.42 63.31 72.81 83.73 96.29
Capex 99.78 107.2831 108.461 124.7301 143.4396

0 1 2 3 4
FCF 798.68 470.84 555.00 638.25 733.99
DF 1 0.874891 0.765434 0.669671 0.585889
PV 798.681200000001 411.9337 424.8171 427.4188 430.0364
Total Value 10,165.39
Debt 1,764.70
Cash 200.56
Value of equity 8,601.25

Proceeds from IPO 1780

Equity 90
Per Share 115.35
 2014 2015 2016 2017 2018 2019
10671.38 12272.08 14112.9 16229.83 18664.3 21463.95
9022.828 10376.25 11932.69 13722.59 15780.98 18148.13
46.21865 53.15145 61.12416 70.29279 80.83671 92.96221
1,602.33 1,842.68 2,119.08 2,436.94 2,802.49 3,222.86
1264.659 1454.358 1672.512 1923.389 2211.897 2543.682
354.343 407.4944 468.6186 538.9114 619.7481 712.7103
46.21865 53.15145 61.12416 70.29279 80.83671 92.96221
848.9738 976.3198 1122.768 1291.183 1484.86 1707.589

2014 2015 2016 2017 2018 2019

1,602.33 1,842.68 2,119.08 2,436.94 2,802.49 3,222.86
1,073.56 1,234.60 1,419.78 1,632.75 1,877.66 2,159.31
46.21865 53.15145 61.12416 70.29279 80.83671 92.96221
110.74 127.35 146.45 168.42 193.68 222.73
164.9556 189.6989 218.1537 250.8768 288.5083 331.7846

5 6 7 8 9 10 TV
844.09 970.70 1,116.31 1,283.75 1,476.32 1,697.76 19,168.30
0.512588 0.448459 0.392352 0.343266 0.30032 0.262747 0.262747
432.67 435.3198 437.9858 440.6681 443.3669 446.0821 5036.411
2009 2008 2007 2006 2005

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
2019