CONTENTS Proxy Form 65

Essar Steel LimitedSchedules forming part of Balance Sheet as at 31st March, 2008As at31st March, 2008As at31st March, 2007Rs. in Crores Rs. in Crores Rs. in Crores Rs. in CroresSchedule 4Unsecured LoansShort-term loans & AdvancesLoan from Bank 189.84 —Other loans & AdvancesLoan from a Company [Due within one year Rs. Nil (Previous Year Rs. Nil)] 254.27 100.00Dollar / Rupee Notes [Due within one year Rs. 4.29 Crores (Previous Year Rs.4.29 Crores)]* 282.77 298.61Term Loan from Housing Development Finance Corporation Ltd. [Due withinone year Rs. Nil (Previous Year Rs. 0.82 Crores)] — 0.82Finance Lease obligation [Due within one year Rs. 2.82 Crores (Previous YearRs. 2.16 Crores)] 6.59 543.63 10.49 409.92733.47 409.92Note:* Rupee Notes aggregating to Rs. 156.10 Crores (Previous Year Rs. 160.39 Crores) is repayable up to March 31, 2018 carrying interest @8% p.a. payable semi-annually. Dollar Notes aggregating to Rs. 126.67 Crores (Previous Year Rs. 138.22 Crores) is repayable on March31, 2018 carrying interest @ 0.25% p.a. payable semi-annually.Schedule 5Fixed AssetsDescriptionAs at01.04.2007Rs. in CroresGross Block Depreciation Net BlockDeletions As at As at For the On As at As at As at31.03.2008 01.04.2007 Period deletions 31.03.2008 31.03.2008 31.3.2007Additions/AdjustmentTangible AssetsFreehold Land 86.81 50.19 — 137.00 — — — — 137.00 86.81Leasehold Land — 4.08 — 4.08 — — — — 4.08 —Buildings 1,173.29 105.86 1.93 1,277.22 375.47 85.65 0.95 460.17 817.05 797.82Plant and Machinery 12,153.81 942.19 20.28 13,075.72 4,211.70 661.82 3.21 4,870.31 8,205.41 7,942.11Furniture and Fixtures 27.20 17.90 8.88 36.22 19.07 2.71 8.52 13.26 22.96 8.13Office Equipment 47.26 27.36 3.93 70.69 29.52 9.45 3.44 35.53 35.16 17.74Vehicles 8.01 4.56 0.27 12.30 5.58 1.59 0.02 7.15 5.15 2.43Ships and Vessels 7.13 — — 7.13 0.63 0.65 — 1.28 5.85 6.50Railway Sidings andWagons 30.69 — — 30.69 18.30 1.50 — 19.80 10.89 12.39Aircraft 19.99 — — 19.99 4.33 2.54 — 6.87 13.12 15.66Intangible AssetsSoftwares — 17.83 — 17.83 — 0.61 — 0.61 17.22 —13,554.19 1,169.97 35.29 14,688.87 4,664.60 766.52 16.14 5,414.98 9,273.89 8,889.59Previous year 10,447.54 3,122.65 16.00 13,554.19 4,049.09 631.04 15.53 4,664.60 8,889.59Notes:1. Additions / Adjustment to fixed assets / capital work-in-progress is net off adjustments on account of foreign exchange gain of Rs. 58.75 Crores(Previous year gain of Rs. 0.80 Crore).2. Land and Buildings includes certain properties under possession of the Company in respect of which the registration formalities are beingcompleted.3. Plant and Machinery include the Company’s share in the cost of Singanpur Weir and 220 KV Power Line amounting to Rs. 23.44 Crores,which was amortised over a period of five years (Current WDV Rs. Nil, Previous Year WDV Rs. Nil).4. Railway Sidings and Wagons include railway wagons (at Cost) of Rs. 17.92 Crores given on lease to Railway Authorities under ‘Own yourWagon’ scheme (Current WDV Rs. 5.79 Crores, Previous Year WDV Rs. 6.64 Crores).5. Plant and Machinery include Jetty of Rs. 108.35 Crores (at Cost), Net book value Rs. 8.27 Crores (Previous Year Rs. 17.07 crore), theownership of which has been claimed by Gujarat Maritime Board (GMB). The Company has disputed such claims.6. Plant and Machinery include equipments at Retail outlet of Rs. 2.14 Crores (at Cost) given on lease and its accumulated depreciation is Rs. 0.36Crores (Previous Year Rs. 0.24 Crores). Depreciation debited to Profit & loss account Rs. 0.11 Crores (Previous Year Rs. 0.13 Crores)7. Aircraft includes B200 Aircraft Beech Super King Air taken on finance leaseGross Book Value Rs. 10.91 Crores (Previous Year: Rs. 10.91 Crores)Net Book Value Rs. 6.84 Crores (Previous Year: Rs. 8.16 Crores)16