AC Choksi Share Brokers Private Limited

A C ChoksiShare Brokers Private LimitedA C Choksi Institutional Research |Initiation Report|MINING MOILApril 26, 2011Exhibit 91 -Common Size Income StatementMOILParticulars FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 E FY 2012 EPeriod Ended 31-Mar-06 31-Mar-07 31-Mar-08 31-Mar-09 31-Mar-10 31-Mar-11 31-Mar-12Net sales 100.0 100.0 100.0 100.0 100.0 100.0 100.0Other Operating Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0Total Operating Income 100.0 100.0 100.0 100.0 100.0 100.0 100.0Operating expenses & Raw material costs 38.0 42.4 19.1 19.6 27.2 21.1 22.1Manufacturing and electricity generation expenses 5.9 6.2 3.0 3.4 3.8 3.7 3.7Administrative and selling expenses 5.9 5.4 4.9 5.6 6.3 6.4 6.3Other Expenses 1.8 2.0 1.0 0.3 0.5 0.4 0.4Total operating expenses 51.7 56.0 27.9 28.9 37.9 31.5 32.5EBITDA 48.3 44.0 72.1 71.1 62.1 68.5 67.5Depreciation 3.5 3.4 1.6 1.9 2.6 2.4 2.9EBIT 44.8 40.6 70.4 69.2 59.5 66.2 64.6Less : Interest and finance charges 0.0 0.0 0.0 0.0 0.0 0.0 0.0Other income 6.2 6.8 4.8 8.6 13.4 11.7 13.1PBT 51.0 47.4 75.2 77.8 72.9 77.9 77.8Taxation 16.4 16.0 26.1 26.5 24.8 25.7 25.7Other Items/Adjustments 0.5 -0.1 1.9 -2.0 0.1 0.0 0.0PAT 34.1 31.5 47.2 53.4 48.0 52.2 52.1Source: RHP, A C Choksi Institutional Research_____________________________________________________________________________________A C Choksi Institutional Researchresearch@acchoksi.com 58