CONTENTS Proxy Form 65

Essar Steel LimitedSchedules forming part of Balance Sheet as at 31st March, 2008As at31st March, 2008As at31st March, 2007Rs. in Rs. in Crores Rs. in Crores Rs. in CroresCroresSchedule 1Share CapitalAuthorised3,52,00,00,000 Equity Shares of Rs. 10 each 3,520.00 3,520.006,00,00,000 0.01% Cumulative Convertible Preference Shares of Rs. 90 each 540.00 540.006,00,00,000 1% Cumulative Redeemable Preference Shares of Rs. 90 each 540.00 540.0010,00,00,000 10% Cumulative Redeemable Preference Shares of Rs. 10 each 100.00 100.0030,00,00,000 0.01% Cumulative Redeemable Preference Shares of Rs. 10 each 300.00 300.006,50,00,000 7% Compulsory Convertible Preference Shares of Rs. 350 each 2,275.00 2,275.007,275.00 7,275.00Issued, Subscribed and Paid-up1,13,98,10,888 (Previous year 1,13,98,10,888) Equity Shares of Rs. 10 each 1,139.81 1,139.81Add : 45,20,703 (Previous year 45,20,703) share Forfeited 0.67 0.671,140.48 1,140.48Nil (Previous year 20,29,24,832) 0.01% Cumulative Redeemable Preference shares (CRPS) ofRs.10 each (Refer Note 25(a) of Schedule 23) — 202.924,35,98,951 (Previous year 4,35,98,951) 10% Cumulative Redeemable PreferenceShares (CRPS) of Rs.10 each (Refer Note 25(b) of Schedule 23) 43.60 43.601,184.08 1,387.00Of the above:(a) 39,87,538 (Previous year 39,87,538) Equity Shares of Rs. 10 each were allotted as fully paid up Bonus Shares by capitalisation of General Reserve.(b) 1,50,000 (Previous year 1,50,000) Equity Shares of Rs. 10 each were allotted as fully paid up for consideration other than cash.(c) 71,60,49,226 (Previous Year 58,46,41,861) Equity shares of Rs. 10 each are held by Essar Steel Holding Limited, Mauritius, the holding Company.(d) 100 (Previous Year 100) Equity Shares of Rs. 10 each are held by ETHL Global Capital Limited, subsidiary of ultimate holding company.(e) 25,50,00,000 (Previous Year 25,50,00,000) Equity Shares of Rs. 10 each are held by Essar Power Limited, subsidiary of ultimate holding company.(f) 7,09,18,556 (Previous Year 7,06,65,726) Equity Shares of Rs. 10 each are held by Teletech Investments (India) Limited, subsidiary of ultimate holding company.(g) Nil (Previous Year 100) Equity Shares of Rs. 10 each are held by Essar Global Limited, Cayman Islands.(h) Nil (Previous Year 100) Equity Shares of Rs. 10 each are held by Essar Power holdings Ltd, subsidiary of ultimate holding company.Schedule 2Reserves and SurplusCapital Reserve 12.73 12.73Securities Premium AccountBalance as per last Balance Sheet 1,490.05 91.77Less: Premium on redemption of Preference Shares (50.73) —Add: Additions during the year — 1,398.281,439.32 1,490.05Debenture Redemption ReserveBalance as per last Balance Sheet 15.50 15.00Less: Transferred to Profit and Loss Account (15.50) (7.25)Add: Transferred from Profit and Loss Account — 7.75— 15.50Capital Redemption ReserveBalance as per last Balance Sheet — —Add: Transferred from Profit and Loss Account 202.92 —202.92 —General ReserveBalance as per last Balance Sheet 118.38 118.38Profit and Loss Account 1,673.90 1,444.293,447.25 3,080.95Schedule 3Secured LoansNon-convertible Debentures — 155.00Term LoansFrom BanksForeign Currency Loans 1,124.43 1,260.48Rupee Loans 2,562.44 3,190.943,686.87 4,451.42From Financial Institutions & othersForeign Currency Loans 336.90 476.07Rupee Loans 204.51 190.02541.41 666.09Working Capital Loans from Banks 843.79 1,081.89Buyers' credit for Operational use 234.72 97.09Buyers' credit for Capital Expenditure 76.32 81.835,383.11 6,533.3214