CONTENTS Proxy Form 65

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HoldingSubsidiaryFellowSubsidiaryAssociatesEnterprisescommonlycontrolled orinfluencedby majorshareholders/directors/KeyManagementPersonnel ofthe CompanyKeyManagementPersonnelIndividualsowning,directly orindirectly,an interestin thevotingpower thatgives themcontrol orsignificantinfluenceRs. Crores Rs. Crores Rs. Crores Rs. Crores Rs. Crores Rs. Crores Rs. Crores(p) Freight Outwards paid - - - - 621.56 - -- - (506.49) - - - -(q) Interest to Banks & Others (EIL) - - - - 5.83 - -- - (30.14) (0.37) (0.25) - -(r ) Lease Rentals - Plant and Equipments - - - - 5.68 - -- - (2.87) - (7.36) - -(s) Directors Remuneration (including perquisites) - - - - - 2.73 -- - - - - (2.52) -(t) Directors Sitting Fees * Rs. 55,000.00 - - - - - - *** Rs. 52,500.00 - - - - - - (**)(u) Capital Contract - - 338.51 - 0.22 - -- - (355.06) - (0.64) - -(v) Sales of Fixed assets (ECL and PTEI) - - 2.68 - 1.11 - -- - - - - - -(w) Loans given (Essar FZE) - 6.85 - - - - -- - - - - - -(x) Loans repaid (Essar FZE) - 6.85 - - - - -(ESHL) - - - (50.00) - - -(y) Loan Taken - - - - - - -(ESHL & EIL) - - - (50.00) (58.35) - -(z) Office Rent - - 0.36 - 6.68 - -- - - - (4.82) - -(aa) Miscellaneous Expenses - - 6.84 - 4.61 - -(EHL) - - - - (0.83) - -(ab) Sales Commission (Essar Steel Holdings Limited) 1.77 - - - - - -- - (0.26) - (0.94) - -(ac) ICD Given (EOL) - - - - 65.00 - -- - - - - - -(ad) Repayment of ICD given (EOL) - - - - 65.00 - -- - - - - - -(ae) ICD taken (EIL) - - - - 254.27 - -- - - - (100.00) - -(af) Repayment of ICD taken (EIL) - - - - 100.00 - -- - - - - - -(ag) Purchase of Investment - - 81.67 - - - -- (3.77) (76.12) (122.25) (0.05) - -(ah) Purchase of Fixed assets - - - - - - -(ECL) - - (2.58) - - - -(ai) Sale of Investment - - - - - - -(Essar Steel Holdings Limited & Teletech) (0.05) - - - (17.14) - -(aj) Sale of Investment Reversal - - - - - - -(ETHL) - - (76.12) - - - -(ak) Security Deposit given - - - - - - -(EPRL) - - - - (0.27) - -(al) Security Deposit Received (Essar SEZ) - - 54.00 - - - -(EOL) - - (2.00) - - - -(am) Deposit Refund (FTL) - - - - - - -- - - - (9.00) - -(an) Sale of Stores and Spares (EPOL) - - - 23.87 - - -(Essar SEZ & EPOL) - - (8.64) (28.10) - - -(ao) Miscellaneous balances written off (CFS) - - - - 0.95 - -- - - - - - -Long Term Investments - 3.87 146.95 350.09 13.78 - -- (3.87) (13.78) (415.37) - - -Sundry Debtors - - 77.16 0.32 9.35 - -- - (217.69) (2.64) (40.97) - -Loan & Advances -Deposit - - - - 87.59 - -- - (1.86) - (80.92) - -Other Advance (Including Advance towards Equity) - 6.22 6.46 - 14.36 0.26 -*** Rs. 50,000 - (20.41) (53.89) (25.76) (20.65) (***) --Capital Advances (Capital Work in Progress) - 40.58 - - - -- - (153.11) - (10.00) - -Sundry Creditors (Including Acceptances) 1.77 - 315.08 60.28 108.00 - -- - (390.75) (126.30) (9.79) - -Advance from Customers - 464.13 25.73 - 0.61 - -- (112.94) (4.36) - - - -Interest accrued on Investment - - - - 4.49 - -- - (4.49) - - - --Guarantees Given to various bank, financialinstitutions, finance companies, etc. on behalf ofothers [Facilities outstanding Rs.1,061.37 Crores(Previous Year 1,212.62 Crores)] - - 595.00 177.00 382.55 - -- - (382.55) (958.13) - - -27
Essar Steel LimitedRs. CroresThe Associates, Fellow Subsidiaries and Enterprises Commonly controlled or influenced by major shareholders/directors/Key Management Personnel of the company having the following material related party transactions:Nature of Transaction Name of Related PartyECL ESL EHL ISL EITL EOL FTL PTEI BPOL EPOL EBTL CFS ELL AEGIS ICPL VA VGR * RB EHSL EPL EPRL Essar FZE HPLT Essar SEZ ETHL ESHL Essar USA ESLL(a) Sale of Goods 54.78 - - - - 6.01 - - - 0.49 0.65 - 4.99 - - - - - - - - 291.68 3.05 - - 90.57 - -(120.19) - - - - - - (116.50) - - - (213.29) - - - - - - - - - - - - - - (48.01) -(b) Income - Lease Rentals/Rent building 0.25 3.30 - - - - - - - - - - 0.18 - - - - - - - - - - 4.02 - - - -- - - - - - - - - - - - - - - - - - - - - - - - - - - -(c) Interest Income-Others - - - - - 0.32 - - - - - - - - - - - - - - - - - - - - - -- - - - - - - - - - - - (9.11) - - - - - - - - - - - - - - -(d) Miscellaneous Income - - - - - - - - - - - - - - - - - - - - - - - - - 0.34 - -- - - - - (2.55) - - - - - - - - - - - - - - - - - - - - - -(f) Conversion charges/Raw Materials andFreight- 338.78 - - - - - - - - - - 136.88 - - - - - - - - - - - - 2.85 - -- (333.09) - - - - - - - - - - (113.69) - - - - - - - - - - - - - - -(g) Purchases of Stores and Spares and Freight 1.75 - - - - - - - - 6.58 - - 2.65 - - - - - - - - - - - - - - -(25.56) - - - - - - - - (47.23) - - - - - - - - - - - - - - - - - -(i) Power Processing Charges - - - - - - - - 138.64 198.91 - - - - - - - - - - - - - - - - - -- - - - - - - - (99.75) (209.76) - - - - - - - - - - - - - - - - - -(k) Repairs and Maintenance 5.86 - - - - - 0.13 - - 2.02 - - - - - - - - 22.20 - - - - - - - - -- - - - - - - - - (2.02) - - - - - - - - (18.00) - - - - - - - - -(l) Plant and Equipment Hire Charges 23.50 - - - - - - - - - - - 0.75 - - - - - - - - - - - - - - -(16.61) - - - - - (0.86) - - - - - - - - - - - - - - - - - - - - -(m) Labour Sub Contract Charges 30.15 - - - - - - - - - - - 25.01 - - - - - - - - - - - - - - -(31.59) - - - - - - - - - - - - - - - - - - - - - - - - - - -(n) Traveling and Conveyance - - - - - - 29.75 - - - - - - - - - - - 0.14 - - - - - - - - -- - - - - (0.29) (23.02) - - - - - - - - - - - - - - - - - - - - -(o) Professional Fees - - - 0.56 1.68 - - - - - - - - 9.60 - - - - - - - - - - - - - -(1.77) - - (8.09) - - - - - - - - - (7.18) - - - - - - - - - - - - - -(p) Freight Outwards paid - 47.58 - - - - - - - - - - 573.97 - - - - - - - - - - - - - - -- (131.01) - - - - - - - - - - (375.48) - - - - - - - - - - - - - - -(q) Interest to bank & others - - - - - - - - - - - - - - - - - - - - - - - - - - - -(28.11) - - - - - - - - (0.33) - - (2.03) - - - - - - - - - - - - - - -(r ) Lease Rentals - Plant and Equipments - 0.19 - - - 0.62 0.22 - - - - - - - 0.73 - - - - 3.37 0.54 - - - - - - -- - - - - (2.60) (3.10) - - - - - - - - - - - - (2.32) (1.58) - - - - - - -(s) Directors Remuneration (including perquisites) - - - - - - - - - - - - - - - 1.07 - 1.66 - - - - - - - - - -- - - - - - - - - - - - - - - (0.91) (1.01) (0.60) - - - - - - - - - -(u) Capital Contract 338.51 - - - - - - - - - - - - 0.22 - - - - - - - - - - - - - -(355.06) - - - - - - - - - - - - (0.64) - - - - - - - - - - - - - -(z) Office Rent - - 4.80 - - - - - - - - - - - - - - - 1.16 - 0.72 - - 0.36 - - - -- - (4.82) - - - - - - - - - - - - - - - - - - - - - - - - -(aa) Miscellaneous Expenses 6.84 - 0.40 - 1.47 - - - - - - - - 2.74 - - - - - - - - - - - - - -- - - - - - - - - - - - - - - - - - - - - - - - - - - -(ab) Sales Commission - - - - - - - - - - - - - - - - - - - - - - - - - - - -- - - - - (0.26) - - - - - (0.94) - - - - - - - - - - - - - - - -(ag) Purchase of Investment - - - - - - - - - - - - - - - - - - - - - - - - - 48.77 - 32.90- - - - - - - - (122.25) - - - - - - - - - - - - (3.77) - - (76.12) - - -* V.G.Raghavan (VGR) -Key management Personnel in Previous YearNote : Previous year’s figures are mentioned in the brackets below the current years figures.28
Page 2 and 3: BOARD OF DIRECTORSShashi RuiaRavi R
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: Essar Steel Limited4 Essar Steel (H
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
Page 53 and 54: As at31st March, 2008As at31st Marc
Page 55 and 56: are consistent with the currency an
Page 57 and 58: ParticularsYear Ended31st March, 20
Page 59 and 60: Cash Flow Statement for the period
Page 61 and 62: Income Statement for the year ended
Page 63 and 64: NOTES TO THE FINANCIAL STATEMENTSAt
Page 65 and 66: equirements. The facility is repaya
Page 67: ESSAR STEEL LIMITEDRegd. Office: Po

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