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INDIAN PETRO CHEMICALS LIMITED

Rs. Crores Mar-95 Mar-96 Mar-97 Mar-98 Mar-99

ASSETS

Gross fixed assets 4,023.28 4,792.12 5,815.87 7,022.09 8,507.67

Land and building 239.22 262.51 370.60 420.51 438.26

Plant and machinery 2,842.41 2,931.20 4,797.81 4,977.21 5,484.09Other fixed assets 71.89 82.32 106.73 172.39 132.45

Capital work-in-progress 869.76 1,516.09 540.73 1,451.98 2,452.87

1,189.79 1,312.89 1,465.59 1,702.84 1,974.67

Net fixed assets 2,833.49 3,479.23 4,350.28 5,319.25 6,533.00

Investments 22.70 25.50 25.50 63.00 69.66

Investment in group cos. 22.70 25.50 0.00 0.00 0.00

Investment in mutual funds 0.00 0.00 0.00 0.00 0.00

Other investments 0.00 0.00 25.50 63.00 69.66

Marketable investment 0.00 0.00 0.00 0.00 0.00

Marketable invest in group cos 0.00 0.00 0.00 0.00 0.00Quoted investment 0.00 0.00 0.00 0.00 0.00

Market value of quoted investment 0.00 0.00 0.00 0.00 0.00

Deferred tax assets 0.00 0.00 0.00 0.00 0.00

Inventories 424.64 459.15 488.29 670.03 661.38

Raw material, stores & spares 319.94 341.29 371.42 397.02 417.24

Stk of raw materials 58.35 63.69 57.99 81.15 76.11

Stk of stores & spares 261.59 277.60 313.43 315.87 341.13

Stk of finished/semi-finished goods 104.70 117.86 116.87 273.01 244.14

Stk of finished goods 74.96 87.11 73.56 233.88 205.82

Stk of semi-finished goods 29.74 30.75 43.31 39.13 38.32Stk incomplete construction contracts 0.00 0.00 0.00 0.00 0.00

Stk of real estate 0.00 0.00 0.00 0.00 0.00

Stk of shares & securities 0.00 0.00 0.00 0.00 0.00

Stk of other assets 0.00 0.00 0.00 0.00 0.00

Receivables 632.20 1,416.79 1,474.66 1,940.43 1,291.43

Sundry debtors 347.17 440.14 382.21 463.32 385.03

Debtors exceeding six months 5.37 14.96 42.03 46.53 112.96

Accrued income 0.00 0.00 0.00 0.00 0.00

Loans to corporate bodies 2.80 0.00 0.00 0.00 0.00

Loans to group cos 2.80 0.00 0.00 0.00 0.00

Loans to other cos 0.00 0.00 0.00 0.00 0.00Deposits with government, etc. 30.83 13.86 83.06 139.32 124.78

Advance payment of tax 16.58 406.21 525.68 559.71 586.40

234.82 556.58 483.71 778.08 195.22

Cash and bank balance 503.77 306.16 971.50 836.94 395.77

3.76 2.23 9.99 33.07 45.04

Bank balance 500.01 303.93 961.51 803.87 350.73

Intangible assets / DRE n.w.o 27.01 30.23 70.93 68.87 67.28

Intangible assets 0.00 0.00 0.00 0.00 0.00

Misc. exp not written off 27.01 30.23 70.93 68.87 67.28

VRS exp not written off 0.00 0.00 0.00 0.00 0.00Issue exp not written off 0.00 0.00 0.00 0.00 0.00

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Other DRE not written off 27.01 30.23 70.93 68.87 67.28

Total assets 4,443.81 5,717.06 7,381.16 8,898.52 9,018.52

LIABILITIES

Rs. Crores Mar-95 Mar-96 Mar-97 Mar-98 Mar-99

Net worth 1,958.24 2,460.89 2,822.40 2,959.38 2,963.04

Authorised capital 400.00 400.00 400.00 400.00 400.00

Issued capital 250.45 250.47 248.18 248.22 248.22

Paid-up equity capital 248.83 248.95 248.18 248.22 248.22

Preference capital 0.00 0.00 0.00 0.00 0.00

Bonus equity capital 0.00 0.00 0.00 0.00 0.00

Buy back shares 0.00 0.00 0.00 0.00 0.00

Buy back amount 0.00 0.00 0.00 0.00 0.00

Reserves and surplus 1,736.42 2,242.17 2,645.15 2,780.03 2,782.10

Free reserves 1,542.06 2,102.17 2,431.81 2,492.53 2,506.18

Premium reserves 562.50 564.13 565.27 565.69 565.70Other free reserves 979.56 1,538.04 1,866.54 1,926.84 1,940.48

Specific reserves 194.36 140.00 213.34 287.50 275.92

Revaluation reserves 0.00 0.00 0.00 0.00 0.00

Borrowings 1,821.27 2,039.59 3,286.73 4,323.70 4,639.14

Total bank borr. 0.00 344.69 389.74 356.59 752.51

Short term bank borr. 0.00 344.69 389.74 0.00 577.51

Long term bank borr. 0.00 0.00 0.00 356.59 175.00

Borr from financial institutions 4.88 4.30 12.49 10.31 7.80

Commercial papers 0.00 0.00 0.00 245.00 300.00

Debentures 394.96 232.98 523.11 1,014.94 940.68

Fixed deposits 186.92 194.45 195.39 441.40 392.61Foreign borr 979.77 1,032.53 1,954.69 2,085.47 2,105.88

Borr from corporate bodies 0.00 0.00 11.00 0.00 0.00

Borr from group companies 0.00 0.00 0.00 0.00 0.00

Borr from other companies 0.00 0.00 11.00 0.00 0.00

Borr from promoters/directors 0.00 0.00 0.00 0.00 0.00

Borr from govt./sales tax loans 254.74 230.64 200.31 169.99 139.66

Current portion of long term debt 187.24 181.50 240.46 615.78 677.59

Secured borrowings 650.82 1,086.06 1,412.96 1,651.06 1,679.18

Unsecured borrowings 1,178.14 959.91 1,879.90 2,686.48 2,972.57

Foreign currency borrowings 979.77 1,032.53 1,954.69 2,085.47 2,105.91

Deferred tax liability 0.00 0.00 0.00 0.00 0.00

Current Liabilities and Provisions

Current liabilities 525.15 694.23 574.15 898.05 777.79

Sundry creditors 309.81 442.34 361.51 638.69 506.94

Creditors for cap. goods 0.00 0.00 0.00 0.00 0.00

Accrued interest 54.81 41.80 66.21 93.61 95.38

Other current liabilities 160.53 210.09 146.43 165.75 175.47

Adv against work-in-progress 0.00 0.00 0.00 0.00 0.00

Share application money 0.00 0.02 0.00 0.00 0.00

Provisions 112.14 492.12 626.95 648.52 571.27

Tax provisions 42.13 366.40 82.94 28.69 3.52Dividend provisions 68.88 62.24 99.27 99.29 24.82

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Dividend tax provisions 0.00 0.00 9.93 9.93 2.48

Other provisions 1.07 21.31 26.27 19.16 20.41

Total liabilities 4,443.81 5,717.06 7,381.16 8,898.52 9,018.52

Contingent Liabilities

Bills discounted 4.51 2.57 2.86 1.86 1.14Total disputed taxes 60.87 133.16 109.11 196.23 383.11

Letters of credit 0.00 0.00 0.00 0.00 0.00

Total guarantees 75.00 51.41 70.38 67.36 74.83

Future lease payables 0.00 271.94 220.34 65.74 28.06

Liabilities on capital a/c 881.02 866.32 615.82 379.17 308.45

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Mar-00 Mar-01 Mar-02 Mar-03 Mar-04

8,903.11 8,842.61 9,493.36 9,682.57 9,730.74

627.45 644.93 643.07 644.58 646.40

7,760.19 7,908.59 8,056.10 8,790.17 8,791.43195.74 203.18 210.31 203.53 209.06

319.73 85.91 583.88 44.29 83.85

2,285.24 2,698.28 3,126.17 3,577.67 4,260.96

6,617.87 6,144.33 6,367.19 6,104.90 5,469.78

75.66 110.66 115.66 90.66 153.38

0.00 0.00 0.00 80.66 80.66

0.00 0.00 0.00 0.00 0.00

75.66 110.66 115.66 10.00 72.72

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 101.71 57.83 113.93

778.00 872.61 699.77 978.81 773.10

460.85 476.69 520.55 518.94 442.82

80.55 95.73 116.21 142.46 146.37

380.30 380.96 404.34 376.48 296.45

317.15 395.92 179.22 459.87 330.28

270.39 355.77 146.78 440.40 304.77

46.76 40.15 32.44 19.47 25.510.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

1,363.20 860.37 805.17 841.74 777.18

428.62 363.11 320.97 298.09 403.29

101.72 86.03 75.18 47.33 6.10

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00131.73 42.89 11.69 6.16 10.09

622.63 102.50 0.00 124.02 118.18

180.22 351.87 472.51 413.47 245.62

387.38 350.02 233.99 21.14 50.61

33.13 28.07 25.60 0.05 0.05

354.25 321.95 208.39 21.09 50.56

71.56 56.83 34.81 21.61 0.00

0.00 0.00 0.00 0.00 0.00

71.56 56.83 34.81 21.61 0.00

31.70 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

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39.86 56.83 34.81 21.61 0.00

9,293.67 8,394.82 8,358.30 8,116.69 7,337.98

Mar-00 Mar-01 Mar-02 Mar-03 Mar-04

2,961.03 3,138.34 2,792.48 2,263.51 2,272.12

400.00 400.00 400.00 400.00 400.00

249.05 249.06 250.53 250.53 250.53

249.05 249.05 249.05 249.05 249.05

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

2,783.54 2,946.12 2,578.24 2,036.07 2,023.07

2,430.20 2,597.04 2,393.49 1,926.07 1,941.85

565.71 565.71 565.71 565.71 563.131,864.49 2,031.33 1,827.78 1,360.36 1,378.72

353.34 349.08 184.75 110.00 81.22

0.00 0.00 0.00 0.00 0.00

4,734.77 4,336.89 4,201.58 3,888.19 2,693.96

2,824.64 795.76 1,859.94 2,129.44 1,316.23

2,824.64 795.76 1,434.94 1,174.74 619.10

0.00 0.00 425.00 954.70 697.13

4.90 1.93 0.00 0.00 0.00

195.00 450.00 0.00 375.00 325.00

963.23 1,536.40 838.00 638.00 450.17

417.15 271.00 236.30 131.79 31.79220.52 1,202.80 628.37 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

109.33 79.00 48.68 0.00 0.00

869.52 1,655.19 498.68 0.00 163.34

1,448.25 1,055.23 1,984.84 1,720.13 1,190.03

3,298.36 3,281.66 2,216.74 2,171.09 1,503.93

220.52 1,931.04 628.37 404.70 627.13

0.00 0.00 290.13 969.06 1,081.16

910.40 734.92 937.03 847.91 1,159.81

672.77 470.72 831.79 780.21 1,107.71

0.00 0.00 34.36 6.42 12.92

77.99 63.72 67.40 55.31 32.92

159.64 200.48 3.48 5.97 6.26

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

615.91 127.84 102.27 126.41 130.93

8.31 23.13 8.86 58.54 63.1049.65 74.47 49.65 55.85 62.05

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Indian Petrochemicals Corpn. Ltd.

Mar-95 Mar-96 Mar-97 Mar-98 Mar-99 Mar-00

Sales 3,192.64 3,808.96 3,433.82 3,726.76 3,868.79 4,985.23

Other income 48.72 55.19 73.49 76.84 59.36 46.55

Expenses capitalised 73.15 82.73 156.45 237.03 305.82 207.20

Change in stocks -27.15 13.16 -0.99 156.14 -33.44 56.22

Raw material, stores, etc. 876.27 955.27 995.19 1,250.97 1,253.22 1,870.55Power and fuel expenses 238.97 199.44 222.71 407.65 403.64 481.76

Total indirect taxes 679.76 761.23 686.82 756.08 774.53 958.95

Salaries and wages 137.42 302.62 232.90 272.54 308.96 318.59

Advertising expenses 1.83 3.59 3.34 2.56 1.80 1.92

Marketing expenses 21.79 29.44 45.50 63.40 105.52 98.30

Distribution expenses 44.90 65.60 69.19 121.04 118.90 124.40

Depreciation 121.38 122.46 152.16 237.35 270.38 318.98

Lease rent 44.25 52.10 51.60 48.87 47.76 15.19

Other financial charges 36.79 22.07 16.81 19.01 17.68 14.55

Tax provisions 42.13 366.40 82.94 28.69 3.52 8.31

PAT 562.32 603.70 510.20 243.69 29.36 188.60

PBDIT 1,031.18 1,378.36 1,113.11 991.90 884.27 1,060.22

PBDT 725.83 1,092.56 745.30 509.73 303.26 515.89

PBT 604.45 970.10 593.14 272.38 32.88 196.91

Dividends 68.88 99.58 109.20 109.22 27.30 60.57

Retained profits 493.44 504.12 401.00 134.47 2.06 128.03

DPS 2.75 3.98 4.00 4.00 1.00 1.99

Adjusted Closing Price 148.75 175.00 143.50 73.80 84.25 47.00

EPS 22.45 24.10 20.56 9.82 1.18 7.60

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Indian Petrochemicals Corpn. Ltd.: Cash Flow Statement

Rs. Crores Mar-95 Mar-96 Mar-97 Mar-98 Mar-99

Net Profit Before Tax & Extra Ord. Items 606.49 1,087.03 596.98 261.22 39.82

Depreciation 121.90 123.30 152.96 237.35 270.38

Interest Payable 224.31 211.63 299.40 259.57 261.87

Foreign exchange gain/loss 0.00 0.00 0.00 0.00 0.00Write offs/amortisations -8.77 0.00 -40.70 2.06 1.60

Profit on Sale of Investment 1.56 0.00 0.00 0.00 0.00

Profit on Sale of Assets 0.00 0.00 0.00 0.10 -1.20

Interest Income 0.00 0.00 0.00 -14.01 -15.80

Dividend Income 0.00 0.00 0.00 0.00 0.00

Other Income Adjustments 0.00 0.00 0.00 -7.11 0.00

Cash Flow Before working capital change 945.49 1,421.96 1,008.64 739.18 557.92

Trade and Other Receivables -4.99 -85.20 36.61 -353.44 296.23

Inventories 4.37 -34.51 -29.15 -181.74 8.64

Trade Payables -0.93 0.04 -82.26 419.79 -155.99

Cash Flow from operations 943.94 1,302.29 933.84 623.79 706.80

Interest paid -228.52 -224.63 -274.99 -240.45 -258.33

Direct taxes paid -16.06 -389.65 -119.50 -34.05 -26.59

Dividend tax paid 0.00 0.00 0.00 0.00 -9.93

Cash Flow Before Extra Ordinary Items 699.36 688.01 539.35 349.29 411.95

Extra Ordinary Items -2.04 -98.84 1.12 11.37 -4.63

Cash flow from Operating Activities 697.32 589.17 540.47 360.66 407.32

Net Cash used in Investing Activities -535.02 -877.19 -1,045.81 -1,433.02 -1,064.79

Purchase of Fixed Assets -547.38 -900.24 -1,071.52 -1,515.32 -487.39

Sale of Fixed Assets 10.37 1.50 0.20 72.48 2.83Acquisition of Companies 0.00 0.00 0.00 0.00 0.00

Purchase of Investment -18.00 -2.80 0.00 -4.20 -39.96

Sale of Investment 0.00 0.00 0.00 0.00 0.00

Project Expenses 0.00 0.00 0.00 0.00 0.00

Loans to Subsidiary/Group cos 0.00 0.00 0.00 0.00 0.00

Loans to Other Companies 0.00 0.00 0.00 0.00 0.00

Interest Received 19.99 24.35 25.51 14.02 15.80

Dividend Received 0.00 0.00 0.00 0.00 0.00

Other Income 0.00 0.00 0.00 0.00 0.00

Net Cash used in Financing Activity 84.95 90.41 1,170.68 937.80 216.30

Proceeds from Share Issue 211.85 1.76 1.18 0.45 0.01

Proceeds from Total Borr. 0.00 0.00 0.00 0.00 0.00

Proceeds from Long Term Borr. -119.00 218.32 1,247.13 1,044.68 314.21

Proceeds from Short Term Borr. 0.00 0.00 0.00 0.00 0.00

Repayment of Long Term Borr. 0.00 0.00 0.00 0.00 0.00

Repayment of Short Term Borr. 0.00 0.00 0.00 0.00 0.00

Share Issue Expenses 0.00 0.00 0.00 0.00 0.00

Dividend Paid -7.90 -129.67 -77.63 -107.33 -97.92

Other Financing Activity 0.00 0.00 0.00 0.00 0.00

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Net Cash Flow 247.25 -197.61 665.34 -134.56 -441.17

Opening cash balance 256.52 503.77 306.16 971.50 836.94

Closing cash balance 503.77 306.16 971.50 836.94 395.77

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Indian Petrochemicals Corpn. Ltd.

Year IPC:

Mar-95 150.00 3260.96

Apr-95 148.75 3133.28May-95 149.00 3351.48

Jun-95 145.00 3247.36

Jul-95 152.00 3386.97

Aug-95 132.00 3346.76

Sep-95 137.00 3493.21

Oct-95 127.00 3423.47

Nov-95 109.00 2994.29

Dec-95 117.00 3110.49

Jan-96 130.00 2931.84

Feb-96 150.00 3391.99

Mar-96 157.00 3366.61

Apr-96 175.00 3826.72

May-96 166.25 3724.97

Jun-96 155.75 3812.52

Jul-96 135.00 3536.94

Aug-96 133.25 3514.61

Sep-96 111.25 3239.48

Oct-96 110.50 3163.78

Nov-96 107.25 2890.5

Dec-96 120.25 3085.2

Jan-97 115.75 3382.47

Feb-97 140.75 3651.91

Mar-97 138.25 3360.89

Apr-97 143.50 3841.11

May-97 121.25 3755.1Jun-97 145.00 4256.09

Jul-97 136.25 4305.76

Aug-97 120.25 3876.08

Sep-97 114.00 3902.03

Oct-97 107.75 3803.24

Nov-97 68.75 3560.29

Dec-97 70.75 3658.98

Jan-98 57.00 3224.36

Feb-98 58.00 3622.22

Mar-98 69.55 3892.75

Apr-98 73.80 4006.81

May-98 65.30 3686.39

Jun-98 51.50 3250.69

Jul-98 47.05 3211.31

Aug-98 41.90 2933.85

Sep-98 55.00 3102.29

Oct-98 57.40 2812.49

Nov-98 51.15 2810.66

Dec-98 57.30 3055.41

Jan-99 72.70 3315.57

ClosingPrice

IndexClosing

B S ESensex

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Feb-99 121.90 3399.63

Mar-99 110.50 3739.96

Apr-99 84.25 3325.69

May-99 100.40 3963.56

Jun-99 102.60 4140.73

Jul-99 114.80 4542.34

Aug-99 135.35 4898.21Sep-99 133.00 4764.42

Oct-99 111.80 4444.56

Nov-99 119.25 4622.21

Dec-99 109.00 5005.82

Jan-00 100.00 5205.29

Feb-00 81.00 5446.98

Mar-00 60.70 5001.28

Apr-00 47.00 4657.55

May-00 52.70 4433.61

Jun-00 61.50 4748.77

Jul-00 55.70 4279.86

Aug-00 62.25 4477.31

Sep-00 54.75 4090.38

Oct-00 49.45 3711.02

Nov-00 59.35 3997.99

Dec-00 62.65 3972.12

Jan-01 75.70 4326.72

Feb-01 71.35 4247.04

Mar-01 54.05 3604.38

Apr-01 52.35 3519.16

May-01 59.95 3631.91

Jun-01 51.25 3456.78

Jul-01 44.95 3329.28

Aug-01 42.45 3244.95

Sep-01 39.50 2811.6Oct-01 39.65 2989.35

Nov-01 54.95 3287.56

Dec-01 52.55 3262.33

Jan-02 60.20 3311.03

Feb-02 82.25 3562.31

Mar-02 83.50 3469.35

Apr-02 110.90 3338.16

May-02 150.50 3125.73

Jun-02 152.20 3244.7

Jul-02 151.75 2987.65

Aug-02 77.10 3181.23

Sep-02 65.10 2991.36

Oct-02 65.50 2949.32

Nov-02 73.45 3228.82

Dec-02 78.95 3377.28

Jan-03 89.75 3250.38

Feb-03 90.70 3283.66

Mar-03 83.95 3048.72

Apr-03 82.75 2959.79

May-03 96.20 3180.75

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Jun-03 108.45 3607.13

Jul-03 116.00 3792.61

Aug-03 151.65 4244.73

Sep-03 173.40 4453.24

Oct-03 189.25 4906.87

Nov-03 213.45 5044.82

Dec-03 225.85 5838.96Jan-04 178.80 5695.67

Feb-04 187.65 5667.51

Mar-04 182.00 5590.6

Apr-04 189.20 5655.09