CONTENTS Proxy Form 65

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BOARD OF DIRECTORSShashi RuiaRavi RuiaPrashant RuiaRewant RuiaVikram AminRobin BanerjeeDilip OommenV. G. RaghavanJatinder MehraS. V. VenkatesanK. V. KrishnamurthyNarottam B. VyasChairmanVice-ChairmanDirector - MarketingDirector - FinanceChief Executive OfficerCompany SecretaryBANKERSState Bank of IndiaPunjab National BankBank of IndiaAllahabad BankIDBI BankState Bank of PatialaState Bank of MysoreIndian BankState Bank of SaurashtraState Bank of IndoreState Bank of Bikaner & JaipurREGISTERED OFFICEPost : Hazira Pin: 394 270Dist : SuratGujaratTel. : 0261-668 2400Fax : 0261-668 2796CORPORATE OFFICEEssar House,11 Keshavrao Khadye Marg,Mahalaxmi,Mumbai - 400 034.Tel. : 022-66601100Fax : 022-66602748CONTENTSBoard of Directors 01Directors’ Report 02Auditors’ Report 09AUDITORSM/s. S.R. Batliboi & Co.Chartered Accountants,6th Floor, Express Towers,Nariman Point, Mumbai 400 021SOLICITORSM/s. Crawford Bayley & Co.State Bank Buildings,NGN Vaidya Marg, Fort,Mumbai - 400 023.TRANSFER AGENTSData Software Research Co. Pvt. Ltd.Sree Sovereign Complex,No. 22, IVth Cross Street,Trustpuram, Kodambakkam,Chennai - 600 024.Tel. : 044-24834487/3738Fax : 044-24834636E-mail : dsrcmd@md3.vsnl.net.inVisit us at our websitehttp://www.essar.comBalance Sheet 12Profit & Loss Account 13Schedules forming part of Accounts 14Balance Sheet Abstract 37Cash Flow Statement 38Accounts of Subsidiaries 39Proxy Form 651
Essar Steel LimitedDIRECTORS’ REPORTTo the Members of Essar Steel LimitedYour Directors have pleasure in presenting the 32 nd Annual Report ofyour Company together with the Audited Statement of Accounts for theyear ended 31 st March, 2008.FINANCIALSParticularsYear ended(Rs. in Crores)March 31, 2008 March 31, 2007Sales and other Income 11,926.87 9,019.68Profit before Finance Cost(net), Depreciation, Chargespertaining to earlier years,Exceptional Item and Taxation 2,324.30 1,955.25Less: Finance Cost (Net) 726.40 617.94Profit before Depreciation,Charges pertaining to earlieryears, Exceptional Item andTaxation 1,597.90 1,337.31Less: Depreciation 766.52 631.04Profit before charges pertainingto earlier years, ExceptionalItem and Taxation 831.38 706.27Less: Charges pertaining toearlier years and exceptionalitems — 22.81Profit before Taxation 831.38 683.46Less: Provision for Deferred tax 267.97 187.52Less: Current Tax 108.88 55.01Less: Short / (excess) tax19.83 (1.22)provisions related to earlieryears (Net)Less: Provision for FringeBenefit Tax 6.08 5.66Profit after taxation 428.62 436.49(Less)/Add: Balance broughtforward from previous year 1,444.29 1,008.30Add: Net Gain on adoption ofAS-15 (Revised) 1.87 —Add: Transfer from DebentureRedemption Reserve 15.50 7.25Less: Transfer to DebentureRedemption Reserve — 7.75Less: Transfer to CapitalRedemption Reserve 202.92 —Less: Preference Dividend(Including DDT) 13.46 —Balance carried forward tonext year 1673.90 1444.29DIVIDENDOPERATIONSManufacturing:Company has made efforts to increase its operational efficiency andquality of products at Essar Steel, Hazira during FY 2007-08The major steps taken in this regard were:• Physical and chemistry improvement in the quality ofpellets at the pelletisation plant.• All the HBI modules were run efficiently and the processwas stable.• Increase in usage of Hot DRI by 20% and saving powerin Steel Melt Shop.• Utilisation Index of HSM increased by 0.7%, from 83.7 in2006-07 to 84.4 in 2007-08.• Quality improvement programme with Kobe Steel Japanwas implemented to supply to Auto majors and the whitegoods sector.The major benefits derived from the above steps are:• HBI production has been increased by 16% over whatwas achieved in the last financial year.• Natural gas consumption in the HBI process was reducedby 5 sm3/tonne compared to what was consumed in thelast financial year.• Steel production was increased by 19% over what wasachieved in the last financial year.• Power consumption was reduced by 23 kwh/tonne comparedto what was consumed in the last financial year.• Hot Strip Mill production was increased by 15 percent overwhat was achieved in the last financial year.During the year under review the Company paid Dividend (cumulatedfor three years) on 0.01% Cumulative Redeemable Preference Sharesof Rs.10/- each alongwith redemption proceeds in terms of authorityobtained from those shareholders vide postal ballot process held inDecember, 2007. The Company also paid dividend (cumulated for twoand half years) on 10% Cumulative Redeemable Preference Sharesof Rs.10/- each. In view of the need to conserve resources, the Boarddoes not recommend any equity dividend for the year.2
Page 4 and 5: Sales and Marketing Sales of flat r
Page 6 and 7: Annexure - ‘A’ to Directors’
Page 8 and 9: FORM BRESEARCH AND DEVELOPMENT (R &
Page 10 and 11: Auditors’ Report to the Members o
Page 12 and 13: Name of the statute Nature of dues
Page 14 and 15: Profit and Loss Account for the yea
Page 16 and 17: Schedules forming part of Balance S
Page 19 and 20: Essar Steel LimitedSchedules formin
Page 21 and 22: Essar Steel LimitedSchedules formin
Page 23 and 24: Essar Steel LimitedSchedule forming
Page 25 and 26: Essar Steel LimitedShort term compe
Page 27 and 28: Essar Steel Limited4 Essar Steel (H
Page 29 and 30: Essar Steel LimitedRs. CroresThe As
Page 31 and 32: Essar Steel Limited9. Earnings per
Page 33 and 34: Essar Steel Limited15. Consumption
Page 35 and 36: Essar Steel LimitedAs at31st March
Page 37 and 38: Essar Steel Limited(ii)Provision fo
Page 39 and 40: Essar Steel LimitedCash Flow Statem
Page 41 and 42: Essar Steel Jharkhand LimitedFormer
Page 49 and 50: Essar Steel Orissa LimitedToThe Mem
Page 51 and 52: Balance Sheet as at 31st March, 200
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As at31st March, 2008As at31st Marc
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are consistent with the currency an
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ParticularsYear Ended31st March, 20
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Cash Flow Statement for the period
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Income Statement for the year ended
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NOTES TO THE FINANCIAL STATEMENTSAt
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equirements. The facility is repaya
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ESSAR STEEL LIMITEDRegd. Office: Po
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