CONTENTS Proxy Form 65

Essar Steel LimitedBalance Sheet as at 31st March, 2008ScheduleAs at31st March, 2008As at31st March, 2007Rs. in Crores Rs. in Crores Rs. in Crores Rs. in CroresSources of FundsShareholders' FundsShare Capital 1 1,184.08 1,387.00Reserves and Surplus 2 3,447.25 3,080.954,631.33 4,467.95Loan FundsSecured Loans 3 5,383.11 6,533.32Unsecured Loans 4 733.47 409.926,116.58 6,943.24Deferred Tax Liabilities (net) 7 29.74 —Long-term advances from customer (Refer note 24 of Schedule 23) 144.56 166.42{Amount payable within a year Rs.15.88 Crores (Previous YearRs. 8.66 Crores)}Total 10,922.21 11,577.61Application of FundsFixed Assets 5Gross Block 14,688.87 13,554.19Less: Accumulated Depreciation 5,414.98 4,664.60Net Block 9,273.89 8,889.59Capital Work-in-Progress (including Capital Advances)(Refer note 23 of schedule 23) 575.12 1,107.789,849.01 9,997.37Investments 6 515.22 433.43Deferred Tax Assets (net) 7 — 238.23Current Assets, Loans and AdvancesInterest accrued on Investments 4.51 4.51Inventories 8 2,108.11 2,328.77Sundry Debtors 9 360.40 546.85Cash and Bank Balances 10 399.49 432.86Loans and Advances 11 1,062.68 1,084.423,935.19 4,397.41Less: Current Liabilities and ProvisionsLiabilities 12 3,240.89 3,453.27Provisions 13 136.32 35.56Net Current Assets 557.98 908.58Total 10,922.21 11,577.61Notes to Accounts 23Schedules 1 to 13 and 23 referred to above form an integral part of Balance Sheet.As per our report of even dateFor and on behalf of the Board of Directors of Essar Steel LimitedFor S. R. Batliboi & Co. P. S. Ruia Robin BanerjeeChartered Accountants Director Director Financeper Hemal Shah V. G. Raghavan Vikram AminPartner Director Director MarketingMembership No. 42650Narottam B. VyasMumbai, July 07, 2008 Mumbai, July 07, 2008 Company Secretary12