Balance Sheet

CONSOLIDATED BALANCE SHEET AS AT DECEMBER 31, 2006    Rs. in Million Schedule 2006 2005 SOURCES OF FUNDS       SHAREHOLDERS' FUNDS       Share capital 1 1,863.43 1,862.21 Reserves and surplus 2 23,986.48 22,605.03     25,849.91 24,467.24 SHARE APPLICATION MONEY PENDING ALLOTMENT   8.79 2.78 MINORITY INTERESTS   334.43 165.91 LOAN FUNDS Secured Loans 3 3,369.62 6,078.65 Unsecured Loans 4  36,186.57 13,963.97   39,556.19 20,042.62 DEFERRED TAX LIABILITY 5  1,636.03 2,699.27     67,385.35 47,377.82 APPLICATION OF FUNDS   FIXED ASSETS 6  Gross block   51,173.89 29,920.31 Less : Depreciation   12,220.55 9,328.90 Net block   38,953.34 20,591.41 Capital works-in-progress 3,580.98 5,595.49 INVESTMENTS 7  362.35 171.72 DEFERRED TAX ASSET 5 981.16 2,698.34 CURRENT ASSETS, LOANS AND ADVANCES Inventories 8 16,115.52 13,624.02 Sundry debtors 9 15,716.33 11,403.52 Cash and bank balances 10 2,951.16 2,430.08 Other current assets 11 978.05 1,249.86 Loans and advances 12  5,343.03 4,621.30     41,104.09 33,328.78 Less :     CURRENT LIABILITIES AND PROVISIONS Current liabilities 13 12,127.86 10,599.96 Provisions 14  5,468.71 4,407.96     17,596.57 15,007.92  NET CURRENT ASSETS   23,507.52 18,320.86   67,385.35 47,377.82 SIGNIFICANT ACCOUNTING POLICIES 25   NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 26   The schedules referred to above form an integral part of the consolidated financial statements. This is the consolidated balance sheet referred to in our report of even date.   On behalf of the Board of Directors For WALKER, CHANDIOK & CO Chartered Accountants TEJENDRA KHANNA Chairman   VINOD CHANDIOK Partner Membership No. 10093   DR. BRIAN W. TEMPEST Chief Mentor & Executive Vice Chairman MALVINDER MOHAN SINGH CEO & Managing Director   ATUL SOBTI Chief Operating Officer & Whole-time Director   RAM S. RAMASUNDAR President & CFO Place : Gurgaon Dated : March 29, 2007 SUSHIL K. PATAWARI Secretary