This document contains financial ratio analyses for three steel companies - Jindal Steel, Bhushan Steel, and Mukand Steel for the years 2007-2009. Some key highlights include: Jindal Steel's profitability ratios declined in 2009 due to increased operating expenses. Bhushan Steel's current and quick ratios improved in 2009, indicating better working capital management. Mukand Steel suffered losses in 2009 with many of its profitability and liquidity ratios deteriorating significantly from the previous years.

1. By: Kunal Sabharwal - 03 Saroja R -12 Sandeep Pawar -10

3. JINDAL STEEL Financial Ratios Formula Mar'09 Mar'08 Mar'07 Dividend Per Share Dividend Paid / No. of Equity Shares 5.5 4 18 Net Operating Profit Per Share (Rs) Net Operating Profit / No. of Equity Shares 496.46 348.67 1,144.14 Profitability Ratios Operating Profit Margin(%) Operating Profit / Sales * 100 34.35 42.76 40.01 Profit Before Interest And Tax Margin(%) PBIT / Sales * 100 27.98 33.99 30.15 Gross Profit Margin(%) GP / Sales * 100 28.71 34.35 30.46 Net Profit Margin(%) NP / Sales * 100 19.5 22.79 19.75 Return On Capital Employed(%) EBIT / Avg Total Cap. Employed * 100 23.16 24.95 18.47 Return On Net Worth(%) EAT / Networth * 100 28.38 32.95 28.19 Return on Assets EAT / Avg Total Assets * 100 10.6 12.71 9.25 Liquidity And Solvency Ratios Current Ratio CA / CL 1.04 1.25 0.68 Quick Ratio QA / QL 0.95 1.1 0.73 Debt Equity Ratio Total debt / Equity 0.92 1.03 1.4 Long Term Debt Equity Ratio Long term debt / Equity 0.77 0.9 1.06 Debt Coverage Ratios Interest Coverage Ratio EBIT / Interest 10.33 8.45 6.97 Management Efficiency Ratios Inventory Turnover Ratio COGS / Avg Inventory 9.08 7.01 6.99 Debtors Turnover Ratio Credit Sales / Avg Debtors 22.62 17.67 11.37 Dividend Payout Ratio Net Profit Total Dividend Paid / No. of Equity Shares * 100 5.55 5.86 9.14 Earnings Per Share Net profit available for Equity share holders / No. of Equity shares 99.35 80.34 228.3

4. JINDAL STEEL

8. BHUSHAN STEEL Key Financial Ratios Formula ------------------- in Rs. Cr. ------------------- Mar '09 Mar '08 Mar '07 Investment Valuation Ratios Dividend Per Share Dividend Paid / No. of Equity Shares 2.5 2.5 2.5 Net Operating Profit Per Share (Rs) Net Operating Profit / No. of Equity Shares 1,173.89 984.24 901.68 Profitability Ratios Operating Profit Margin(%) Operating Profit / Sales * 100 21.93 19.98 16.4 Profit Before Interest And Tax Margin(%) PBIT / Sales * 100 17.16 14.86 10.89 Gross Profit Margin(%) GP / Sales * 100 17.22 14.92 15.12 Net Profit Margin(%) NP / Sales * 100 8.42 10.09 8.14 Return On Capital Employed(%) EBIT / Avg Total Cap. Employed * 100 8.34 8.72 9.81 Return On Net Worth(%) EAT / Networth * 100 20.77 26.07 25.79 Return on Assets EAT / Avg Total Assets * 100 3.47 4.81 5.8 Liquidity And Solvency Ratios Current Ratio CA / CL 1.06 0.76 0.81 Quick Ratio QA / QL 0.92 0.88 1.07 Debt Equity Ratio Total debt / Equity 3.98 3.52 2.67 Long Term Debt Equity Ratio Long term debt / Equity 3.75 2.84 2.15 Debt Coverage Ratios Interest Cover EBIT / Interest 15.02 10.95 6.81 Management Efficiency Ratios Inventory Turnover Ratio COGS / Avg Inventory 4.75 4.4 5.09 Debtors Turnover Ratio Credit Sales / Avg Debtors 8.06 7.23 8.12 Dividend Payout Ratio Net Profit Total Dividend Paid / No. of Equity Shares * 100 2.94 2.93 3.96 Earnings Per Share Net profit available for Equity share holders / No. of Equity shares 99.2 99.77 73.76

10. BHUSHAN STEEL Cash flow `--------------Rs in Cr.------------------ Mar ' 09 Mar ' 08 Mar ' 07 Profit before tax 560.79 538.93 372.37 Net cash flow-operating activity 536.77 438.57 353.09 Net cash used in investing activity -1,806.13 -2,434.03 -1,298.33 Netcash used in fin. activity 1,366.10 1,922.95 963.86 Net inc/dec in cash and equivlnt 96.74 -72.51 18.62 Cash and equivalnt begin of year 27.63 100.14 81.52 Cash and equivalnt end of year 124.37 27.63 100.14

12. MUKAND STEEL Financial Ratios Formula Mar'09 Mar'08 Mar'07 Dividend Per Share Dividend Paid / No. of Equity Shares -- 1 1 Net Operating Profit Per Share (Rs) Net Operating Profit / No. of Equity Shares 264.7 263 247.82 Profitability Ratios Operating Profit Margin(%) Operating Profit / Sales * 100 0.18 13.14 14.61 Profit Before Interest And Tax Margin(%) PBIT / Sales * 100 -2.68 9.86 11.25 Gross Profit Margin(%) GP / Sales * 100 -2.8 10.13 9.49 Net Profit Margin(%) NP / Sales * 100 -9.27 3 5.03 Return On Capital Employed(%) EBIT / Avg Total Cap. Employed * 100 1.67 12.72 14.85 Return On Net Worth(%) EAT / Networth * 100 -41.79 9.33 15.42 Return on Assets EAT / Avg Total Assets * 100 -4.67 2.1 4.03 Liquidity And Solvency Ratios Current Ratio CA / CL 0.98 1.24 2 Quick Ratio QA / QL 1.36 1.46 1.89 Debt Equity Ratio Total debt / Equity 3.08 2.03 1.77 Long Term Debt Equity Ratio Long term debt / Equity 1.95 1.37 1.55 Debt Coverage Ratios Interest Coverage Ratio EBIT / Interest 0.16 1.59 1.93 Management Efficiency Ratios Inventory Turnover Ratio COGS / Avg Inventory 3.68 3.39 3.73 Debtors Turnover Ratio Credit Sales / Avg Debtors 3.18 3.45 3.5 Dividend Payout Ratio Net Profit Total Dividend Paid / No. of Equity Shares * 100 -- 14.4 9.17 Earnings Per Share Net profit available for Equity share holders / No. of Equity shares -25.62 8.12 12.76

13. MUKAND STEEL Cash Flow of Mukand ------------------- in Rs. Cr. ------------------- Mar '09 Mar '08 Mar '07 Net Profit Before Tax -204.28 80.87 113.04 Net Cash From Operating Activities 89.51 123.62 162.10 Net Cash (used in)/from -68.51 -223.68 -19.50 Investing Activities Net Cash (used in)/from Financing Activities -44.27 98.83 -183.91 Net (decrease)/increase In Cash and Cash Equivalents -23.27 -1.23 -41.30 Opening Cash & Cash Equivalents 55.29 56.52 97.82 Closing Cash & Cash Equivalents 32.01 55.29 56.52