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(Rs in Crs)

Year Mar 07 Mar 08 Mar 09 Mar 10 Mar 11 Mar 12

SOURCES OF FUNDS :

Share Capi 86.29 86.4 86.51 86.9 174.07 174.07

Reserves 393.28 531.18 732.29 848.49 1,217.04 1448.28

Equity Sh 0 0 0 0 0 Equity Ap 0 0 0 0 0

Total Shar 479.57 617.58 818.8 935.39 1,391.11 1622.35

Minority In 4.47 4.75 4.57 3.76 4.08

Secured L 120.38 97.56 98.05 70.23 70.31

Unsecured 39.52 1.6 131.94 109.07 980.69

Total Deb 159.9 99.16 229.99 179.3 1,051.00 1250.69

Total Liabi 643.94 721.49 1,053.36 1,118.45 2,446.19 2873.04

APPLICATION OF FUNDS :

Gross Blo 609.89 685.32 799.18 985.71 1,933.75 2301.16

Less : Accu 238.07 264.41 299.35 339.07 435.05 0.2250 517.71 0.224977

Less:Imp 0 0 0 0 0

Net Block 371.82 420.91 499.83 646.64 1,498.70 1783.45

Lease Adj 0 0 0 0 0

Capital W 7.34 44.35 59.33 30.09 43.01 86.21

Investme 0 0 0 0 0 0.00

Current A 80.7 203.72 346.97 264.11 427.44

Inventorie 257.11 302.48 375.47 426.22 708.53 843.15

Sundry D 141.97 172.32 177.88 119.84 355.47 423.01

Cash and 60.67 76.57 148.43 192.31 272.42 324.18

Loans and 180.71 222.53 249.02 367.39 516.11 614.17

Total Cur 640.46 773.9 950.8 1,105.76 1,852.53 2204.51 Less : Current Liabilities and Provisions

Current Li 361.52 457.97 461.48 466.93 714.07 849.74

Provisions 90.23 274.1 343.78 453.29 743.5 884.77

Total Cur 451.75 732.07 805.26 920.22 1,457.57 1734.51

Net Curre 188.71 41.83 145.54 185.54 394.96 470.00

Miscellan 19.82 13.95 8.64 2.74 101.02

Deferred 1.45 24.01 23.54 26.33 21.28

Deferred 25.9 27.28 30.49 37 40.22

Net Defer -24.45 -3.27 -6.95 -10.67 -18.94 -22.54

Total Ass 643.94 721.49 1,053.36 1,118.45 2,446.19

Contingen 204.17 90.86 142.1 129.22 142.5

ToatlAsset 4074.17

Total Liabil 4585.01

EFR -510.83

Total EFR for JSW steel is approx. Rs 11155.79cr. In forecasting the next year sales, the share capital is

kept constant. As the total sales expectation for the year 2012 is resulting it to be negative, therefore,

a growth of 20% is considered here. The company should go for the equity route as further debt

would increase the companys liability and would need more cash in order to serve that debts

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interest. JSW Steel reputation is high in the market and can draw cash at low cost (ke). One of the

reason that company should go for the equity route because the company have 16474.64cr of debt

and further debt would increase the cost of raising it. If the company continues with its present debt

with interest rate of 14.30%. As the company is already having high debt and raising the further debt

would cost more i.e. kd would be high because investor loses confidence in the company.