Balance Sheet

CONSOLIDATED BALANCE SHEET (All amounts in Rupees Million, unless otherwise stated)    As at December 31, 2006 2005 ASSETS     Current assets     Cash and cash equivalents 2,762.81 2,286.33 Restricted cash 108.18 64.79 Accounts receivable, net of allowances 15,599.43 11,237.96 Inventories 15,992.42 13,539.97 Deferred income taxes 1,091.14 1,806.51 Income taxes recoverable 1,757.31 1,608.02 Other current assets, net of allowances 3,619.99 3,416.30 Total current assets 40,931.28 33,959.88 Property, plant and equipment, net 19,698.91 17,325.11 Deferred income taxes 1,792.04 1,753.44 Investment securities 600.24 423.21 Goodwill, net 10,262.79 4,379.95 Intangible assets, net 7,852.11 1,334.19 Other assets 1,042.63 670.96 Total assets 82,180.00 59,846.74 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Borrowings from banks and financial institutions 13,600.74 13,748.02 Current portion of long term debt 3,490.11 3,142.86 Trade accounts payable 7,889.38 7,357.27 Income taxes payable 830.59 765.14 Accrued expenses 2,159.19 2,085.65 Other current liabilities 1,285.30 1,346.42 Total Current Liabilities 29,255.31 28,445.36 Long-term debt, excluding current portion 22,432.96 3,116.74 Deferred income taxes 1,697.08 1,600.33 Deferred revenue 159.48 138.96 Other liabilities 1,848.35 958.71 Total Liabilities 55,393.18 34,260.10 Minority interest 334.28 164.72 Commitments and contingencies (See Note K, L,S and V) Stockholders' equity Common stock, Rs. 5.00 par value, 598,000,000 equity shares authorized,     372,686,964 and 372,442,190 equity shares     issued and outstanding at December 31, 2006 and 2005 respectively 1,863.43 1,862.21 Additional paid in capital 6,735.13 6,388.29 Deferred stock-based compensation – (73.93) Retained earnings 17,486.04 17,036.85 Accumulated other comprehensive (loss) / income 367.94 208.50 Total stockholders’ equity 26,452.54 25,421.92 Total liabilities and stockholders’ equity 82,180.00 59,846.74 The accompanying notes are an integral part of these consolidated financial statements.