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 7Deferred Tax Assets/(Liabilities) (Net)Deferred Tax AssetsUnabsorbed depreciation and carry forward losses 799.02 1,061.95Provision for doubtful debts 1.04 1.23Provision for doubtful advance 2.72 4.07Deferred power charges 36.57 40.24Other timing differences (disallowances under Section 43 B of the Incometax Act, 1961) 54.88 87.76894.23 1,195.25Less: Deferred Tax LiabilitiesFixed Assets (excess of net book value over written down value as per theprovisions of the Income tax Act, 1961) 909.54 931.21Pre-operative expenses included in capital work in progress 1.68 10.03Effect of lease accounting 12.75 15.78923.97 957.02Deferred Tax Assets/(Liabilities) (Net) (29.74) 238.23Schedule 8Inventories (at lower of cost or net realisable value)Raw Materials [Including stock in transit Rs. 36.17 Crores (Previous Year Rs.84.02 Crores)] 295.74 528.84Production Consumables, Stores and Spares [Including stock in transit Rs.98.27 Crores (Previous Year Rs. 67.45 Crores)] 776.27 594.97Work-in-Progress 560.01 677.72Finished Goods 476.09 527.10Traded Goods — 0.142,108.11 2,328.77Schedule 9Sundry Debtors(Unsecured)Trade (Refer note 28(i) of Schedule 23)Debts outstanding for a period exceeding six monthsConsidered Good 40.30 44.71Considered Doubtful 3.02 3.13Less: Provision for Doubtful Debts 3.02 3.1340.30 44.71Other debts - Considered Good 283.20 294.52323.50 339.23Others (Refer note 28(i) of schedule 23)Debts outstanding for a period exceeding six monthsConsidered Good 29.16 187.56Considered Doubtful 0.03 0.54Less: Provision for Doubtful Debts 0.03 0.5429.16 187.56Other debts - Considered Good 7.74 20.0636.90 207.62360.40 546.8518