LETTER OF OFFER - Securities and Exchange Board of India

As at and for the 12 month period ending December 31,
As at and for the 9
month period ending
Balance Sheet Statement 2008 2009 2010 September 2011
USD INR USD INR USD INR USD INR
Net Current Assets 141 6,987 147 7,276 130 6,432 133 6,600
Total Miscellaneous
Expenditure not written off
229 11,349 227 11,280 253 12,562 265 13,174
Total 461 22,908 466 23,128 472 23,425 490 24,312
As at and for the 12 month period ending December 31,
As at and for the 9
month period ending
Other financial data 2008 2009 2010 September 2011
USD INR USD INR USD INR USD INR
Dividend (%) - - - - - - - -
Earnings per share (ix) (0.08) (3.97) 0.55 27.21 0.37 18.54 0.47 23.33
Notes to extract of financial statements
(i) The above financial information has been extracted from the financial statements prepared in accordance with US
GAAP.
(ii) Profit Before Depreciation Interest and Tax has been calculated as Income from Operations plus Depreciation
as per the cashflow statement for the relevant period.
(iii) Reserves and Surplus include Additional paid-in capital, Accumulated deficit, accumulated other comprehensive
losses.
(iv) Secured loans include Long-term debt less Current portion; and Long-term asbestos liability less Long-term
asbestos insurance receivables and Long-term asbestos insurance asset.
(v) Unsecured loans include Pension and Accrued post-retirement benefits, Deferred income tax liability and other
liabilities less Deferred loan costs and Other assets.
(vi) Net fixed assets include Property, Plant and equipment (net).
(vii) Total miscellaneous expenditure not written off includes Goodwill, Intangible assets (net) and Deferred income
taxes, net.
(viii) No dividend was paid in any of the periods above.
(ix) Earnings Per Share has been calculated as profit/(loss) after tax for the relevant period divided by the number of
equity shares outstanding at the date of the balance sheet for the relevant period.
Note: Since the financials for the Acquirer are presented in US Dollars (USD) they have been converted into
Indian Rupees (INR) for purpose of convenience translation. INR to USD conversion has been assumed at the
rate of 1 USD = INR 49.6480 as on January 27, 2012. (Source: Reserve Bank of India- http://www.rbi.org.in).
Source: The consolidated financial information for the Acquirer set forth above has been extracted from the
audited consolidated financial statements as represented in the annual reports of the Acquirer for the years ended
December 31, 2010, 2009 and 2008 of the Acquirer audited by statutory auditors. The interim consolidated
financial information set forth above has been derived from the unaudited condensed consolidated financial
statements prepared in accordance with accounting principles generally accepted in the United States of
America (“US GAAP”), included in the Acquirer’s quarterly report in Form 10-Q as filed with the SEC on
October 27, 2011.
3.10. The major commitments and contingencies of the Acquirer are in relation to certain lawsuits against
certain subsidiaries of the Acquirer. The Acquirer has established reserves of USD 413.3 million as of
September 30, 2011 for the probable and reasonably estimable asbestos-related liability cost it believes
the subsidiaries will pay through the next 15 years. It has also established recoverables of USD 353.6
million as of September 30, 2011 for the insurance recoveries that are deemed probable during the
same time period. Net of these recoverables, the expected cash outlay on a non-discounted basis for
asbestos-related bodily injury claims over the next 15 years was USD 59.7 million as of September 30,
2011.
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