CONTENTS Proxy Form 65

Essar Steel Orissa LimitedSchedules forming part of the Balance Sheet as at 31st March, 2008As at31st March, 2008As at31st March, 2007In Rs.In Rs.Schedule 1 : Share capitalAuthorised113,000,000 (Previous period: 1,000,000) equity shares of Rs.10/- each 1,130,000,000 10,000,000100,000,000 (Previous period: Nil) 10% cumulative convertible Preference Shares of Rs. 10/- each 1,000,000,000 -2,130,000,000 10,000,000Issued, Subscribed and Paid-Up50,000 equity shares of Rs. 10/- each fully paid (Previous period: 50,000) 500,000 500,000Entire share capital is held by M/s Essar Steel Limited,the holding company together with its nominees84,747,621 (Previous period: Nil) 10% Cumulative Convertible Preference Shares (CCPS) of Rs. 10/-each fully paid-up issued to Essar Steel Holdings Limited, Mauritius 847,476,210 -(The above 10% CCPS are fully convertible to Equity Shares at par on or after 20th August 2008together with arrears of Dividend, if any)847,976,210 500,000Schedule 2: Secured LoansLetters of Credit 1,145,624,276 -(Secured by Margin Money Deposits and hypothecation of assets)1,145,624,276 -Schedule 3 : Fixed AssetsDescriptionAs at31-Mar-2007Additionsmade duringthe yearGross Block Depreciation / Amortisation Net BlockDeletionsAs at31-Mar-2008As at31-Mar-2007For theyearOnDeletionsAs at31-Mar-2008As at31-Mar-2008(In Rs.)As at31-Mar-2007Land Leasehold -Paradeep29,826,395 15,630,824 - 45,457,219 - 354,595 - 354,595 45,102,624 29,826,395Land Freehold- Joda 42,134,049 11,271,485 - 53,405,534 - - - - 53,405,534 42,134,049Land Freehold-Paradeep- 2,268,081 - 2,268,081 - - - - 2,268,081 -Office Leasehold-Bhubaneswar- 23,208,510 - 23,208,510 - 295,416 - 295,416 22,913,094 -Office Equipments 84,682 584,610 - 669,292 14,107 39,807 - 53,914 615,378 70,575Furniture & Fixtures 326,515 559,065 - 885,580 109,509 80,383 - 189,892 695,688 217,006Motor Vehicles - 1,080,923 - 1,080,923 - 225,513 - 225,513 855,410 -Computers 78,256 606,860 - 685,116 10,562 91,428 - 101,990 583,126 67,694Total 72,449,897 55,210,358 - 127,660,255 134,178 1,087,142 - 1,221,320 126,438,935 72,315,719Previous Year - 72,449,897 - 72,449,897 - 134,178 - 134,178 72,315,719 -As at31st March, 2008As at31st March, 2007In Rs.In Rs.Schedule 4: Capital Work in Progress (including Capital Advances)Capital Work in ProgressPlant & Machinery including Technical know-how & other capital expenditure [A] 274,697,826 -Capital AdvancesAdvance for Land Acquisition 209,357,970 216,098,494Advance for Office Premises - 21,602,264Advance for EPC Contracts 867,899,034 8,500,000[B] 1,077,257,004 246,200,758Pre-operative Expenditure - Pending allocationPersonnel Expenses:Salaries, Wages and Bonus 14,701,158 6,592,547Contribution to provident and other funds 535,352 32,976Gratuity and Leave encashment 457,605 243,587Staff Welfare Expenses 974,484 -16,668,599 6,869,110Project Promotion Expenses 1,889,525 1,178,88850