Indiainfoline.com SRF Ltd

Sheet3SRF LTD. SHARE HOLDING PATTERN30.06.0230.09.0231.12.0231.03.03CategoryShares Held% of Share HoldingShares Held% of Share HoldingChangeShares Held% of Share HoldingChangeShares Held% of Share HoldingChangePromotersIndian Promoters1254205319.441765212327.367.921826121228.300.91826121228.300.0Skylark Invest.& Trading Pvt Ltd924369714.33854369713.24-1.09854369713.240.0854369713.240.0Narmada Farms Pvt Ltd14305002.2214305002.22014305002.22(0.0)14305002.220.0Bhairav Farms Pvt Ltd16218502.5116218502.51016218502.510.016218502.510.0SRF Polymers Ltd.0058105779.019.0164196669.950.964196669.950.01229604719.061740662426.987.921801571327.920.91801571327.920.0Foreign Promoters21630003.3521630003.35021630003.350.021630003.350.0Shak Investments Ltd13750002.1313750002.13013750002.130.013750002.130.0Palma Holdings Ltd7880001.227880001.2207880001.220.07880001.220.00.0Persons acting in Concert7091701.1-1.10.0DCM Shriram Consolidated Ltd7091701.1-1.10.0Sub Total1541422323.891981512330.716.821981512330.71(0.0)1981512330.710.0Institutional Investors00.0Mutual Funds and UTI854608813.24838211812.99-0.25838176812.99(0.0)24941933.87(9.1)Unit Trust of India807426812.51794474612.31-0.2794454612.310.0figure not available.Banks,Financial Inst,Insurance Companies1127450717.471118659917.34-0.131118932717.340.01706387226.449.1IDBI34839245.434839245.4034839245.40(0.0)34839245.400.0IFCI Ltd15603422.4215601922.42015601922.42(0.0)15601922.420.0LIC19249972.9819249972.98019249972.980.019249972.980.0ICICI Ltd17794502.7616921922.62-0.1416921922.620.016921922.620.0Oriental Insurance Company Ltd8181901.278181901.2708181901.27(0.0)8181901.270.0New India Assurance Company Ltd7747831.27747831.207747831.200.07747831.200.0FIIS36270.0130000-0.0128000.000.028000.000.0Sub Total1982422230.721957171730.33-0.391957171730.330.01957171730.330.0Others00.00.0Private Corporate Bodies861156113.3541538366.44-6.9135778575.54(0.9)36344855.630.1Nerul Impex Pvt Ltd13945502.16-2.160.00.0Suryalok Marketing Pvt Ltd13907002.16-2.160.00.0SRF Employees Welfare Company Ltd7514501.16-1.160.00.0Indian Public2047502431.732079353232.220.492075811632.17(0.0)2068108632.05(0.1)Ravi K Sinha11584221.811584221.8011584221.80(0.0)11584221.800.0NRIs/OCBs2010590.311906810.3-0.011908090.30(0.0)1908180.300.0Others0012000012000.000.012000.000.0Sub Total2928764445.392513924938.96-6.432452798238.01(0.9)2452798238.010.0Grand Total6452608910064526089100064526089100.000.064526089100.000.0Note: In share holding pattern submitted to Mumbai Stock Exchanges as on 31.03.03 ,UTI and Mutual Fund holdingcame down remarkably by 9.1% and bank /FI/Insurance companies gross holding increased with same .Individual increase is not available at the same time UTIs holding is also not given separately.

Sheet7SRF LTD.- Quarterly ResultsSEGMENTAL ANALYSIS200203200206200209200212200212200112% Change200303200303(PERIOD)12M3339993(Est.)12(Est.)RevenueTyre Cord Fabric403.12113.33127.54123.01352.65293.9319.98126.00478.65Chemical(Refrigerant Gases)157.8353.8540.3230.65124.82117.955.8225.00149.82Others72.7120.7922.4123.6466.8352.2028.0324.0090.83Total633.66187.970.0190.27177.30544.30464.0817.29175.00719.30Less: Inter segmental16.129.989.754.0112.5011.637.484.0016.50Net Revenue617.54177.990.0180.52173.29531.80452.4517.54171.00702.80EBITTyre Cord Fabric60.4912.8220.4717.6850.9743.1318.1818.5069.47% of sales15.0111.310.016.0514.3714.4514.67(1.50)14.6829.14Chemical & Gases)53.6523.4014.767.2345.3941.589.165.0050.39% of sales33.9943.450.036.6123.5936.3635.253.1520.0056.36Others3.671.440.580.532.554.69(45.63)0.603.15% of sales5.056.930.02.592.243.828.98(57.53)2.506.32Total -EBIT117.8137.660.035.8125.4498.9189.4010.6424.10123.01% of sales18.5921.160.019.8414.6818.6019.76(5.87)14.0917.50Less:Interest54.7210.8111.5710.1132.5043.49(25.27)9.8042.30Other Exp.26.057.295.124.4116.8322.89(26.47)2.5019.3380.7718.100.016.6914.5249.3366.38(25.69)12.3061.63PBT37.0419.560.019.1210.9249.5823.02115.3811.8061.38

QRSRF LTD.- Quarterly ResultsQUARTERLY RESULTSPERIODQ. EndQ. EndQ. EndQ. End200206200209200212200303200306200303200403in Rs crsJun-00Sep-00Dec-00Mar-01QtrQtrQtrQtrQtr12M12M(Est)Operating Rev168.81161.77184.14178.14177.99180.52173.29189.1209.48720.9770.00Raw Material Cost94.7160.16119.5980.1282.4787.3790.0390.0390.03Staff Cost8.837.649.4410.9810.6910.4712.0412.0412.04Power & Fuel17.8117.4317.1416.5819.4918.3818.2518.2518.25Other Expenditure24.4622.2728.1126.4924.6624.7919.6119.6119.61Cost Of Production145.81107.5174.28134.17137.31141.01139.93139.93139.93Stock Adj.-16.1122.38-23.818.93-0.160.34-1.69-1.69-1.69Cost Of Goods Sold129.70129.88150.47143.10137.15140.67141.62163.25170.53588.3637.00Operating Profit39.1131.8933.6735.0440.8439.8531.6725.8538.95132.61133.00% of Operating Rev.23.1719.7118.2919.6722.9522.0818.2813.6718.5918.417.27Other income6.870.761.832.181.852.041.615.532.9412.612.00EBIDTA45.9832.6535.5037.2242.6941.8933.2831.3841.89145.3145.00Interest16.7619.0418.914.5710.8111.5710.119.727.1342.228.00Depreciation9.629.589.7110.6912.3211.212.2512.3112.1848.148.08PBT19.604.036.8911.9619.5619.1210.929.3522.5855.068.92% of sales11.612.493.746.7110.9910.596.304.9410.787.68.95Tax1.620.330.59-0.251.31.250.820.711.573.85.00PAT before def.tax prov.17.983.706.3012.2118.2617.8710.108.6421.0151.263.92Deffered Tax Liability00005.865.793.582.97.3319.319.31PAT-After defered tax prv.12.4012.086.525.7413.6831.944.61Cash Profit0.000.000.000.0030.5829.0722.3520.9533.1999.3112.00Equity64.6965.5465.5465.5465.5465.5465.5465.5465.5465.5465.54EPS (Annualised)11.12.33.87.511.110.96.25.312.87.89.75CEPS (Annualised)0.00.00.00.018.717.713.612.820.315.117.09NOTE: EPS CALCULATED ON PAT BEFORE DEF.TAX PROV.SEGMENTAL ANALYSIS200203200303200206200209200212200303200306(PERIOD)12M12M33333RevenueTyre Cord Fabric403.12480.40113.33127.54123.01127.75131.31Chemicals157.83168.1353.8540.3230.6543.3157.02Others72.7188.5420.7922.4123.6421.7122.43Total633.66737.07187.97190.27177.30192.77210.76Less: Inter segmental16.1216.179.989.754.013.671.28Net Revenue617.54720.90177.99180.52173.29189.10209.48EBITTyre Cord Fabric60.4968.9912.8220.4717.6818.0216.40% of sales15.0114.3611.3116.0514.3714.1112.49Chemical53.6552.0423.4014.767.236.6517.00% of sales33.9930.9543.4536.6123.5915.3529.81Others3.67(2.25)1.440.580.53(1.72)(0.42)% of sales5.05(2.54)6.932.592.24(7.92)(1.87)Total -EBIT117.81118.7837.6635.8125.4422.9532.98% of sales18.5916.4821.1619.8414.6812.1415.74Less:Interest54.7242.2210.8111.5710.119.727.13Other Exp.26.0521.617.295.124.413.883.2780.7763.8318.1016.6914.5213.6010.40PBT37.0454.9519.5619.1210.929.3522.58

Sheet9Sales Break upProductValue% of(Rs.in crs)salesNylon Tyre Cord Fabric554.5273.87Refrigerant Gases125.7716.75Chloromethane38.675.15Others31.744.23Total750.70100.00SEGMENTAL ANALYSIS200203200303200206200209200212200303200306(PERIOD)12M12M33333RevenueTyre Cord Fabric403.12480.40113.33127.54123.01127.75131.31Chemicals157.83168.1353.8540.3230.6543.3157.02Others72.7188.5420.7922.4123.6421.7122.43Total633.66737.07187.97190.27177.30192.77210.76Less: Inter segmental16.1216.179.989.754.013.671.28Net Revenue617.54720.90177.99180.52173.29189.10209.48EBITTyre Cord Fabric60.4968.9912.8220.4717.6818.0216.40% of sales15.0114.3611.3116.0514.3714.1112.49Chemical53.6552.0423.4014.767.236.6517.00% of sales33.9930.9543.4536.6123.5915.3529.81Others3.67(2.25)1.440.580.53(1.72)(0.42)% of sales5.05(2.54)6.932.592.24(7.92)(1.87)Total -EBIT117.81118.7837.6635.8125.4422.9532.98% of sales18.5916.4821.1619.8414.6812.1415.74Less:Interest54.7242.2210.8111.5710.119.727.13Other Exp.26.0521.617.295.124.413.883.2780.7763.8318.1016.6914.5213.6010.40PBT37.0454.9519.5619.1210.929.3522.58

ANNUAL-REV.PROFIT & LOSS A/C199903200003200103200203200303200203ConsolidatedSales Turnover689.63802.27795.37750.7879.1843.51Excise Duty119.37137.17123.26133.16158.2133.16Net Sales570.26665.1672.11617.54720.9710.35Raw Materials236.7286.01334.72292.47364.9Power & Fuel Cost53.1862.9368.5365.7275.81Other Manufacturing Expenses5464.1253.8751.2549.07Employee Cost32.5533.3535.3943.0947.87Selling and Administration Expenses21.9522.6629.9527.0223.3Miscellaneous Expenses31.1152.2527.825.927.97Cost of goods produced429.49521.32550.26505.45588.92Less:Cost of goods transferred to SRF Polymers0015.2126.730Stock Adjustments2.934.5-1.57-8.380.61Cost of goods sold426.56516.82536.62487.1588.31567.8Operating Profit143.7148.28135.49130.44132.59142.55% of sales25.2022.2920.1621.1218.3920.07Other Income12.0711.6417.379.512.648.41EBIDTA155.77159.92152.86139.94145.23150.96Interest & Financial Charges104.1491.1775.1356.4642.2257.32PBDT51.6368.7577.7383.48103.0193.64Depreciation36.6137.540.2946.4448.0757.02PBT15.0231.2537.4437.0454.9436.62Tax1.494.452.291.933.752.11PAT before Deferred Tax Prov.13.5326.835.1535.1151.19Prov.for Def.tax00.000.007.8219.317.82PAT13.5326.835.1527.2931.8826.69Cash Profit50.1464.375.4481.5599.2691.53Equity62.764.6665.5465.5465.5465.54EPS (Annulised)2.164.145.365.367.814.07CEPS (Annulised)8.009.9411.5112.4415.1413.97Equity Dividend (%)015202020BALANCE SHEET199903200003200103200203200303200203ConsolidatedSOURCES OF FUNDS :Share Capital62.764.6665.5465.5465.5465.54Reserves & Surplus217.25243.9235.63235.16263.91193.52Revalution Reserve142.08129.4187.2479.5571.1379.55Deff.Tax Liab.00044.6263.9144.61Total Shareholders Funds422.03437.97388.41424.87464.49383.22Secured Loans431.08354.6362.91314.76246.92346.93Unsecured Loans33.2837.1539.8235.420.8435.4Total Debt464.36391.75402.73350.16267.76382.33Total Liabilities886.39829.72791.14775.03732.25765.55APPLICATION OF FUNDS :Gross Block815.14830.61892.59949.11966.11038.66Less : Accum. Depreciation255.69303.96320.36370.27423.26404.98Net Block559.45526.65572.23578.84542.84633.68Capital Work in Progress17.55.239.674.112.864.23Investments108.3124.6291.2399.4494.6513.73Current Assets, Loans & AdvancesInventories61.5373.9385.8176.4103.9693.29Sundry Debtors89.3698.4281.6387.9774.3596.23Cash and Bank Balance16.720.3620.8818.7225.5821.58Loans and Advances163.07175.6453.8945.2349.1347.26Less : Current Liab. & Prov.Current Liabilities127.05181.3139.14118.22143.54126.21Provisions2.4713.815.0619.0318.2419.81Net Current Assets201.14173.2588.0191.0791.23112.34Miscellaneous Expenses not w/o0001.570.671.57Total Assets886.39829.72791.14775.03732.25765.55KEY INDICATORS199903200003200103200203200303200203ConsolidatedOPM%25.2022.2920.1621.1218.3920.07EPS2.164.145.365.367.814.07CEPS8.009.9411.5112.4415.1413.97Capital Employed Turnover ratio0.640.800.850.800.980.93RoCE( PBIT/CE)%13.4414.7514.2312.0613.2712.27RoNW(PAT/Networth)%3.216.129.058.2611.029.01Debt / Equity Ratio1.100.891.040.820.581.00Debt Collection period47.3044.7837.4642.7730.8741.64BV67.3167.7359.2664.8370.8758.47Div.paid %0.015.0020.0020.0020.00199903200003200103200203Sources of fundsCash profit50.1464.375.4481.55Increase in equity22.631.960.880Increase in other networth-Share Prem.24.6510.1800Increase in loan funds0010.980Decrease in gross block4.92000Decrease in investments0033.390Decrease in working capital6.7627.8985.240Others00017.73Total109.1104.33205.9399.28Application of fundsDecrease in networth0071.410Decrease in loan funds88.7572.61052.57Increase in gross block03.1796.4520.96Increase in investments15.4816.3208.21Increase in working capital0003.06Dividend0.1510.3314.1812.91Others4.721.923.891.57Total109.1104.33205.9399.28

annual-newPROFIT & LOSS A/C (Rs. In crs.)199903200003200103200203Sales Turnover689.63802.27795.37750.7Excise Duty119.37137.17123.26133.16Net Sales570.26665.1672.11617.54Cost of goods sold426.56516.82536.62487.1Operating Profit143.7148.28135.49130.44% of sales25.2022.2920.1621.12Other Income12.0711.6417.379.5EBIDTA155.77159.92152.86139.94Interest & Financial Charges104.1491.1775.1356.46PBDT51.6368.7577.7383.48Depreciation36.6137.540.2946.44PBT15.0231.2537.4437.04Tax1.494.452.291.93Prov.for Def.tax00.000.007.82PAT13.5326.835.1527.29Cash Profit50.1464.375.4481.55Equity62.764.6665.5465.54EPS (Annulised)2.164.145.364.16CEPS (Annulised)8.009.9411.5112.44Equity Dividend (%)0152020Book Value(Unit Curr.)44.6547.7245.9545.88BALANCE SHEET199903200003200103200203SOURCES OF FUNDS :Share Capital62.764.6665.5465.54Reserves & Surplus217.25243.9235.63235.16Revalution Reserve142.08129.4187.2479.55Deff.Tax Liab.00044.62Total Shareholders Funds422.03437.97388.41424.87Secured Loans431.08354.6362.91314.76Unsecured Loans33.2837.1539.8235.4Total Debt464.36391.75402.73350.16Total Liabilities886.39829.72791.14775.03APPLICATION OF FUNDS :Gross Block815.14830.61892.59949.11Less : Accum. Depreciation255.69303.96320.36370.27Net Block559.45526.65572.23578.84Capital Work in Progress17.55.239.674.11Investments108.3124.6291.2399.44Current Assets, Loans & AdvancesInventories61.5373.9385.8176.4Sundry Debtors89.3698.4281.6387.97Cash and Bank Balance16.720.3620.8818.72Loans and Advances163.07175.6453.8945.23Less : Current Liab. & Prov.Current Liabilities127.05181.3139.14118.22Provisions2.4713.815.0619.03Net Current Assets201.14173.2588.0191.07Miscellaneous Expenses not w/o0001.57Total Assets886.39829.72791.14775.03KEY INDICATORS199903200003200103200203OPM%25.2022.2920.1621.12EPS2.164.145.364.16CEPS8.009.9411.5112.44Capital Employed Turnover ratio0.640.800.850.80RoCE( PBIT/CE)%13.4414.7514.2312.06RoNW(PAT/Networth)%3.216.129.058.26Debt / Equity Ratio1.100.891.040.82Debt Collection period47.3044.7837.4642.77BV67.3167.7359.2664.83Div.paid %0.015.0020.0020.00199903200003200103200203Sources of fundsCash profit58.575.0751.5577.2Increase in equity22.631.960.880Increase in other networth24.639.1600Increase in loan funds0010.980Decrease in gross block4.92000Decrease in investments0033.390Decrease in working capital6.7627.8985.2441.56Others0000Total117.44114.08182.04118.76Application of fundsCash loss0000Decrease in networth0030.5514.85Decrease in loan funds85.3772.61052.57Increase in gross block03.1796.4520.96Increase in investments15.4816.3208.21Increase in working capital0000Dividend0.159.3112.8712.91Others16.4412.6742.179.26Total117.44114.08182.04118.76

SUBSIDIARIESSubsidairy NameTyrecord FabricSRF TransnationalSRF Overseas LtdSRF Intl (BVI) LtdSRF Americas IncYear200103200103200103200103200103No Of Shares280621825112418422893366500001600000Face Value (Unit Curr.)10100000Investment Cost33.2614.7385.151.575.62Holding (%)100100100100100Subsidiary's Year end200103200103200103200103200103NP in Holding Co a/cs (PY)00000NP not in Holding Co a/cs (PY)-96.73-2.51-37.8600NP in Holding Co a/cs (CY)00000NP not in Holding Co a/cs (CY)-16.70.385.2300Equity Subscribed280.6211.24000Subsidiary 's Reserves-89.311.31000Fixed Assets174.540000Net Current Assets31.523.32000Sales Turnover46.50.48000Profit After Tax-16.70.38000ProductProductProductProduct

TYRE CORD FABRICS LTD.KEY FINANCIAL DATA OF TYRE CORD FABRICS LTD.( DUPONT FIBRES LTD.)PARTICULARSFYFY(Rs. In Crs.)20002001Net Sales72.9144.5PBIDT-21.390.05Finance Charges0.50.36Depreciation16.6416.39PAT-38.53-16.7Equity280.62280.62Reserves-share premium a/c24.1124.11Accumulated loss-96.72-113.42Total Loans014.75Total Capital Employed208.01206.06Fixed Assets (Net)187.55174.53Net Current Assets20.4631.52Installed capacity(in MT.)65006500Capacity utilisationnilnilProduct -Nylon Tyre Cord fabric

Sheet8Investments DetailsQuantityValueQuotedDCM Shriram ConsolidatedEquity Shares400000.20IFCIEquity Shares5000000.31HDFCEquity Shares14900.08Unquoted0.59Subsidiaries & JVsSRF Overseas Ltd.,Dubai100%85.15SRF Americas,Inc.100%2.42Essilor SRF Optics LimitedJV0.49Indian Ophthalmic LensesJV0.58SRF Properties Pvt.LtdSub.5.9094.54OthersSBL Industries Ltd-Pref.Shares2.50SBIBonds of Rs.1000/-each25000.25Canara bnk.Bonds of Rs.1000/-each1000.01Sanghi Spinners Ltd.6700000.122.88US 64Units24535241.43Grand Total ( Rs. In crs.)99.44

SUBSIDIARIES DETAILSUBSIDIARIESNAMESInvestmentprofit/P&L -FY 2001AccumulatedHoldinglossCurrencyRevenueProfit/Profit /Loss31Losstill 31.03.01Rs. In Crs.31.03.02Rs. In Crs.SRF Overseas Ltd.,Dubai100%85.155.2385.15mln.87.084.12-32.63Nylon Tyre Cord Businessdirhamsin Middle East ,European& African MarketsSRF Americas,Inc.100%5.62-0.412.42In US $1744210-88428-9.26Industrial Fabrics DivisionTyre Cord Fabrics Ltd.100%33.26-16.70Rs in Crs44.5-16.7-113.42Industrial Fabrics BusinessSRF International (BVI) Ltd.100%1.5700In US $33470974-2.33SRF Transnational Holdings100%14.730.370Rs in Crs0.680.38-2.17Shri Ram Bearings Ltd.Pref.24.75SharesSBL Industries Ltd-Pref.Shares2.5Essilor SRF Optics LimitedJV1.30.49Indian Ophthalmic LensesJV3.250.58SRF Properties Pvt.LtdSub.05.9Total169.63

QUANTITATIVE DATASales BreakupRevisedSr.Year ( In Rs.Crs.)Mar-99% ofMar-00% ofMar-01% ofMar-01% ofMar-02% ofNo.Product Nametotal salestotal salestotal salestotal salestotal sales1Nylon Tyre Cord / Industrial Yarn FabricInstalled Capacity2105521055210552755534055Production Quantity (In MT)1903221214207582075828631Capacity utilisation In %90.4100.898.698.684.07Sold Quantity18660214842100521832.2328650.7Sales Amount430.7262.46489.9861.07452.4155.45469.1658.99554.5273.87% growth YOY13.76-7.67668.18900.11Unit Realisation rate ( Rs. Per MT.)2,30,8322,28,0712,15,390214893.30193545.012Flurocarbon Refrrigerant GasInstalled Capacity2500025000250002500025000Production Quantity (In MT)1054411396111451114511145Capacity utilisation In %42.245.644.644.644.6Sold Quantity10957110761149011323.7411266.97Sales Amount129.5218.78132.1716.47133.8416.40133.8416.83125.7616.75% growth YOY2.051.26712.41666.69Unit Realisation rate ( Rs. Per MT.)1,18,2121,19,3341,16,487118194.17111618.303Synthetic filament Yarn Industrial/Tyre CordInstalled Capacity2150021500215002150021500Production Quantity (In MT)32262862425042504250Capacity utilisation In %15.213.319.819.819.8Sold Quantity3126342465965428.191355.39Sales Amount45.836.6562.567.8094.5811.5977.429.7313.931.86% growth YOY36.5051.18892.8320.18Unit Realisation rate ( Rs. Per MT.)1,46,6111,82,7091,43,395142625.81102774.854Polyster FilmsInstalled Capacity38403840415041504150Production Quantity (In MT)23493268353235323532Capacity utilisation In %61.285.185.185.185.1Sold Quantity2340327735462520.80Sales Amount20.743.0133.854.2235.854.3925.343.1900.00% growth YOY63.215.91500.58-100.00Unit Realisation rate ( Rs. Per MT.)88,6301,03,3061,01,093100523.640.005Nylon Moulding PowderInstalled Capacity25802580258025802580Production Quantity (In MT)19762760298029802980Capacity utilisation In %76.6107115.5115.5115.5Sold Quantity197927483014.4123.090Sales Amount23.223.3738.894.85415.0231.043.9000.00% growth YOY67.485.43540.33-100.00Unit Realisation rate ( Rs. Per MT.)1,17,3321,41,4961,36,01313443048.90.006ChloromethanesInstalled Capacity1855018750225002250022500Production Quantity (In MT)1728410770145531455314553Capacity utilisation In %93.1757.4464.6864.6864.68Sold Quantity801210606132231322314629Sales Amount23.953.4726.783.3437.064.5437.064.6638.675.15% growth YOY11.8238.391010.24751.40Unit Realisation rate ( Rs. Per MT.)29894252492802828026.9226433.43TOTAL SALES673.98784.23794.74773.86732.887Other Sales ( By Products /Wastes ) etc.14.122.0518.042.2515.881.959.261.166.060.818Traded Goods1.510.220.000.005.330.655.330.674.930.669Conversion Income6.916.81TOTAL SALE689.61100.00802.27100.00815.95100.00795.36100.00750.68100.000.0MAJOR RAW MATERIALMar.99% of% ofMar.00% of% ofMar.01% of% ofpurch.salespurch.salespurch.sales1CaprolactumQuantity consumed21250243422345023900Purchase Amt ( in Rs. Crs.)159.5958.328.0189.0856.628.4197.3249.928.5151.2Unit rate ( Rs. Per MT.)75103776778414663263.602Many goods with details available51.2718.79.059.317.78.974.2918.810.73With no details available62.9823.011.085.7325.712.9123.4531.217.8Total273.84100.048.0334.11100.050.2395.06100.057.0less : modvate credit availed37.1413.66.548.0914.47.252.7613.47.6Cost of raw material consumed236.786.441.5286.0285.643.0342.386.649.4

Sheet1DEMAND SUPPLY SITUATION OF NTCFDEMANDSUPPLYSURPLUS / SHORTFALLUnit (KTA)CAPACITYDEMAND1998-991999-002000-011998-991999-002000-011998-991999-002000-01Year2000200520002005Domestic Tyre467765231150604Global115012089131118Export Tyre9360963310284Other Asia341341246314Others433545524800China211211145185India63806282

cont.liab.Details of Contingent LiabilitiesAmountManagement perception(In Rs.crs.)1Liability on account of Bills Discounted6.482Claims not acknowledged as DebtExcise Duty7.48Deposited 20 lacs, legally tenable,maturity of liability unliklySales Tax2.54Deposited 12 lacs, legally tenable,maturity of liability unlikly3Show cause of additional excise/customCompany has been advised that contention of deptt.is notduty32.59tenable hence demand is not sustainable.4diversion Tax1.97For converting Agricultural land into industrial land,not sustainable5stamp duty on acquiring Tyre cord div.Filled case with High Court and stay been granted onof Ceat23.72furnishing 1 crs.gurantee.Penalty on above5.096Demand from SIPCOT for additionalland cost4.27Taken up the matter with institution for waiver.7Export obligation against concessionalImport of Capital goods76.888Gurantee provided for:Shriram Needle Bearing8.25Total169.27

Sheet5SRF LTDSALES DATA ANALYSISYR.END 03 /98YR.END.03/99YR.END 03/00NOTESQT.CAP.REALISATION% OFQT.CAP.REALISATION% OFQT.CAP.REALISATION% OFINSTALLEDIN M.TUTILISAPER TONSALESNETINSTALLEDIN M.TUTILISAPER TONSALESNETINSTALLEDIN M.TUTILISAPER TONSALESNETCAPACITYTION(%)IN RS.AMTSALESCAPACITYTION(%)IN RS.AMTSALESCAPACITYTION(%)IN RS.AMTSALESCORE FINISHED PRODUCTNy.Tyre Cord Fabric/Ind.Y.Fibr21055181368622783141361.1421055186608923083243162.46210552148410222807149061.07SELLING RATES ARE STABLE WHILE QT.PRODUCED & SOLD ARE GROWING% CHANGE2.891.322.1615.13-1.20-2.23REACHED OVER 100% CAPACITY UTILISATIONFlu.Carb.Refrig.Gas250007838311201829413.9425000109574411821213018.7825000110764411933513216.47SELLING RATES ARE STABLE WHILE QT.PRODUCED & SOLD ARE GROWING% CHANGE39.79-1.6434.721.090.95-12.30CAPACITY UTILISATION IS ONLY 44% WHY ?Synth.Filament Yarn212004883231610567911.6421200312615146611466.6521500342416182710637.8SELLING PRICE PICKED UP REMARKABLY 24.62% IN YR 2000 BUT CAPACITY% CHANGE-35.98-8.97-42.879.5324.6217.29UTILISATION IS LOWER ONLY 16% WHY?Nylon Mould.Powder2580214983128252284.082580197977117331.99233.3725802748107141496394.85PRICES FIRMED UP .CAP.UTILISATION UP OVER 100%% CHANGE-7.91-8.51-17.4038.8620.5943.92Polyester Film3840159542113142182.67384023406188630213.013840327785103306344.22PRICES FIRMED UP .CAP.UTILISATION ALSO UP% CHANGE46.71-21.6612.7340.0416.5640.20Chloromethanes1855066703633959233.351855080124329894243.4718750106065725249273.34PRICES ARE UNDER PRESSURE.% CHANGE65420.12-11.976743.5832.38-15.54-3.75784.24NOTE:-IN GENERAL SEEN THAT SELLING PRICES FIRMED UP IN YEAR 2000 & CAPCITY UTILISATION ALSO IMPROVED.IN budget (01-02) custom duty CAPROLACUTM reduced from 25%t to 20%. LAST year's Budget(99-00), the basic customs dutyon nylon tyrecord fabricwas lowered from 40 per cent to 25 per cent and that of nylon tyre yarnfrom 35 per cent to 20 per cent.

Sheet2MAIN RAW MATERIALYR END 03/98YR END 03/99YR END 03/00CONSUMECOST /UNITTOTAL% OFQt CONSUMECOST / UNITTOTAL% OFQt CONSUMECOST / UNITTOTAL% OFMTRSVALUENET SALEMTRS 99VALUENET SALEMT/00RS /00VALUENET SALECr. RsCr. RsCr. RsNET SALE557573669Caprolactum21168.918127017230.892125075102.66159.5927.85243427767718928.26% CHANGE0.38-7.59-7.2414.553.4318.48Polyester Chips1648.76535558.831.5926874056510.91.90322550568162.44% CHANGE62.97-24.2623.4420.0324.6649.63Chlorine17626.83586610.341.86220305714.9512.592.20234165659131.98% CHANGE24.98-2.5821.766.29-0.995.24Chloromethanes3316.35209276.941.2556102046211.482.00700717840131.87% CHANGE69.16-2.2265.4224.89-12.818.89Fluorospar7355.4967024.930.891100169187.611.3310437803881.25% CHANGE49.563.2154.36-5.1216.2010.25OTHERS69.8712.5462.9810.9985.7212.81% CHANGE-9.936.1TOTAL COST OF RAW273265325

Sheet6SRF LTD.FINANCIAL HIGHLIGHTS:PERIOD(MONTHS)Mar-99% TOMar-00% TOMar-01% TOJun-00% TOSep-00% TODec-00% TOMar-01% TOIN RS. CRS.12N.SALE12N.SALE12N.SALE3N.SALE3N.SALE3N.SALE3N.SALEGROSS SALES692.56120.83806.77120.5168.81100161.77100184.14100EXCISE DUTY119.3720.83137.1720.500NET SALES573.19100.00669.6100.0168.81100161.77100184.14100GRTH. OVER PREV.PRD.OTHER INCOME12.072.1111.641.76.874.070.760.471.830.99TOTAL INCOME585.26102.11681.24101.7175.68104.07162.53100.47185.97100.99COST OF MATERIAL233.7740.78281.5142.076.8845.5482.5451.0282.5444.82EMPLOYEE COST32.555.6833.355.08.835.237.644.729.445.13POWER & FUEL53.189.2862.939.417.8110.5517.4310.7717.149.31SELLING &ADM.EXPENSE21.953.8322.663.4OTHER EXP.*85.1114.85116.6417.423.613.9822.2713.7728.1215.27COST OF SALES426.5674.42517.0977.2129.776.83129.8880.29150.4781.71PBIDT158.727.69164.1524.54627.2432.6520.1835.519.28GRTH. OVER PREV.PRD.0.000.003.43-28.998.73INTT.&FINANCE CHARG.104.1418.1791.1713.616.769.9319.0411.7718.910.26DEPRECIATIONS36.616.3937.55.69.625.709.585.929.715.27OTHER INCOME53.0768.5327.613.2816.01PBT17.953.1335.485.319.611.614.032.496.893.74TAX PROVISION1.490.264.450.71.620.960.330.200.590.32PAT16.462.8731.034.617.9810.653.72.296.3GRTH. OVER PREV.PRD.0.000.0088.52-79.4270.27EXTRA ORD.ITEMS0.000.05.743.402.651.640ADJUSTED PAT16.462.8731.034.612.247.251.050.656.33.42EQUITY62.764.6664.6965.5465.54EPS2.624.81.890.160.96

peersetSRF LTD - COMPARISION WITH PEERSETCOMPANIESMkt.P/ECashDiv.BV/Year EndNetOPOPMNetNetCashEquityEPS*CEPSP/ECashRoCERoNWDebt/DivPriceP/EYldShare(Rs in crs.)Sales( % )ProfitProfit*Profit(Rs.)(Rs.)P/E( % )%Equity(%)NYLON TYRE CORD PEERS (AND % OF NTCF SALES TO THEIR TOTAL SALESSRF21.64.01.79.364.8Mar.0261813021.0434.523581.565.545.3412.4412.068.260.8220(NTCF-74%)2.31.3Dec.02(9)532.0011221.0545.3946.0082.0065.549.3616.682.311.29Century Enka794.51.87.6153.0Mar.0270811315.9634.5250.52125.3328.6417.6443.7611.7411.200.2560(NTCF-19.85%)3.52.2Dec.02(9)558.009016.1345.3949.1478.2428.6422.8836.420.940.59Nirlon230.60.04.4Mar.0291-14.5(15.93)-3.29-3.290.3858.22-0.570.072.731.1325.410(NTCF-90%)Dec.02(9)78.50-5(5.96)-8.15-8.15-5.5158.22-1.87-1.26-11.57-17.12NRC6-2.05.20.07.5Mar.0231822.857.19-6.24-8.073.1427.35-2.951.156.500.0010.610(NTCF-28.65%)2.00.9Dec.02(9)228.002711.844.406.9715.4330.953.006.657.193.25REFRIGERATION GASES PEERS ( AND % OF FLUROCHEMICAL SALES TO THEIR TOTAL SALESChemplast San.283.31.814.328.3Mar.0244284.5519.1334.52305535.188.5315.6319.0730.172.7340(CFCs-4%)4.12.2Dec.02(9)330.006018.1845.3918.0033.0035.186.8212.513.171.73Guj.Flurochem.642.42.24.7222.8Mar.0212028.3323.6134.5230.5433.0511.5826.3728.5415.1511.83030(CFCs-100%)2.32.2Dec.02(9)90.002527.2245.3923.8325.6611.5827.4429.550.790.73Note : Net Profit is before Deferred Tax Prov.EPS/CEPS for Dec.( 9 M) has been annulised .

key-fin31.631.6Year EndN. SalesOPN. ProfitN. Profit*CashEquityEPS*CEPSP/ECashOPMRoCERoNWDebt/Div(Rs in crs.)Profit(Rs.)(Rs.)P/E( % )( % )%Equity(%)Mar.99570.26143.7013.5313.5350.1462.702.168.0014.643.9525.2013.443.211.100Mar.00665.10148.2826.8026.8064.3064.664.149.947.623.1822.2914.756.120.8915Mar.01672.11135.4935.1535.1575.4465.545.3611.515.892.7520.1614.239.051.0420Mar.02617.54130.4427.2935.1181.5565.545.3612.445.902.5421.1212.068.260.8220Mar.03720.90132.6131.0051.2099.3065.547.8115.154.052.0918.4013.2711.020.5820Jun.03 (Qtr.)209.4838.9521.0133.1965.5412.8220.262.461.5618.59Mar.04 (Est.)770.00133.0031.0067.90112.0065.5410.3617.093.051.8517.271. Net Profit is before Deferred Tax Prov.2. EPS /CEPS for June.03 Quarter is annualised.

topSRF LTDRs.31.60IndustryNylon Tyre Cord & Refrig.gasP/E ( Mar.04 Est.earnings)3.05PromotersArun Bharat RamDiv.Yld.% ( 200303)6.32%Share Holding(%)Promoters : 31.79BV/Share ( on 31.03.03)Rs.70.87(30.06.03)Ind.Institutions : 29.99Mkt.CapRs.207.11 CrsPvt.Corp.Bodies : 6.02Shares Outstanding65.54 Million SharesOthers : 32.2052-Wk H/LRs. 32.5 - 18Daily avg.traded volume70000 sharesListingNSE,BSEEnterprise ValueRs.474.87 Crs.FVRs.10Enterprise Value / EBIDTA3.39

Sheet4NTCFMajor ProductsNTCFProductionImportsTotal94-95441989953.454151.4Production ( IN MT)InstalledCap.2001-022000-011999-20001998-991997 - 98CapacityUtil.Companyin MT%95-965066610983.861649.8SRF3930072.852863120758212141903218081Nirlon Ltd.720076.2654915688500049794359NRC Ltd.750076.165712611563436054573296-97534219882.163303.1Century Enka1340065.80881710093103729396779497-984691413156.960070.9Baroda Rayon40000.000911553447392098-994886414856.763720.7J.K.Synthetic73000.00000091499-200046514829654810Domestic Supp.7870061.824865142663440844290840800April.013457340.23797.2Consumption5949554779627165827159969June.01374785.93832.9Gap ( Cons. Higher than supp.)1084412116186321536319169% of consumption18.2322.1229.7126.3631.96July.013921871.44792.4CFCProductionImportsTotalCompanyCapacityCapacity2001-022000-011999-20001998-991997 - 9894-95441989953.454151.4Production ( in MT)InstalledUtil.%Chemplast Sanmar Ltd250065.0816272285238023782360Gujarat Flourochemicals Ltd1900063.06119811192313078104259767.53SRF Ltd2500045.5711392.8211144.8611396.1110544.137521DOMESTIC TOTAL4650053.7725000.8225352.8626854.1123347.1319648.53ProductionImportsTotalCompanyCapacity94-95441989953.454151.4Chloromethane2001-022000-011999-20001998-991997 - 98Oct.013574759.64333.6ProductionChemplast Sanmar Ltd220003230932851308803068522328Gujarat Flourochemicals Ltd211202460525914234902102119260SRF Ltd2250014291.1214552.6810769.8517283.7213223Production6562071205.1273317.6865139.8568989.7254811Sales6899970030610575744745667NTCF - GLOBAL SITUATION1990199520002001 - 2002EXP.IN 2005(in '000 MT)CapacityDemandCapacityDemandCapacityDemandCapacityDemandCapacityDemandAmerica245197245243245253248221248292Europe375268375272274191272192315225Africa8221622161618161820OtherAsia271255271276341246341234341314China6260124120211145215135215185India62356252636267648082GLOBAL TOTAL102383710939851150913116186212171118RAW MATERIAL - CAPROLACTAM94-95441989953.454151.4Production ( IN MT)InstalledCap.2001-022000-011999-20001998-991997 - 98CapacityUtil.Companyin MT%FACT5000097.734886552541507233878340451GSFC7000085.07595466505164647659875950112000090.341084111175921153701047709995294-95441989953.454151.4CONSUMPTION ( IN MT)2001-022000-011999-20001998-991997 - 98CompanyBaroda Rayon Corporation Ltd1355669170059145385Century Enka Ltd1655615666152481300610846JCT Ltd6089.538645.1587768776.51977Modipon Ltd7156.47988.867716.796971.886192.9Nirlon Ltd574663107117.957826.977624NRC Ltd5936653768.8264167696.53Shree Synthetics00330140276165JK Synthetic00004015SRF Ltd23900.0123449.6724341.7721249.5821168.9166738.9469265.6868270.3374187.9371070.34Demand -Supply gap41672.0648326.3247099.6730582.0728881.66

Price trends(Rs.per Kg.)N-6%Caprolactum%Q1`01100100Q2`0194-695-5Q3`0192-2.127659574590-5.2631578947Q4`0187-5.434782608779-12.2222222222Q1`0281-6.896551724173-7.5949367089Q2`0277-4.93827160498516.4383561644Q3`028611.688311688310220Q4`02926.9767441861096.862745098Q1`0310210.86956521741155.504587156Ap.17`03102CAPACITY UTILISATIONNTCF200286%200180%DOMESTIC DEMANDNTCF1997-9847101998-9946751999-0051752000-0150802001-025330Apr.- Sept.025900MonthCAPROLACTAM PRICE - S.E. Asian $/MT CFRDec.01770Jan.02765Feb.02785Mar.02900April.02990May.021030June.021040Jul.021075Aug.021150Sept.021170Oct.021150Nov.021100Dec.021050Jan.031100Feb.031175Mar.031220Apr.031150

Price trends000000000000000000

N-6Caprolactum

UPDATE JUN-0100000000000000000

CAPROLACTAM PRICE - S.E. Asian $/MT CFR

SRF LTD.PERIODYr. End%OfYr. End%OfYr.End%OfQ. End%OfQ. End%OfQ. End%OfQ. End%OfQ. End%Ofin Rs crsMar-99ORMar-00ORMar-01ORJun-00ORSep-00ORDec-00ORMar-01ORJun-01ORTotal Sale689.63121802.27120.62215272660Excise Duty119.3720.9137.1720.6236562373Operating Rev .(OR)570.26100665.11100692.86100168.81100161.77100184.14100178.14100176.36100% growth over IPP16.634.17-4.1713.83-3.26-1.00%Growth over CPP4.47Stock adjustment-3.07-4.5-8.61-16.1122.38-23.818.93-3.47Raw Material Cost236.741.5073825974286.0143.0019094586342.2949.402476690894.7156.104496179160.1637.1886011003119.5964.94515042980.1244.975861681892.3152.3418008619Staff Cost32.95.769298214834.165.135992542636.895.3243079418.835.23073277657.644.7227545289.445.126534158810.986.163691478610.545.9764118848Power & Fuel53.189.325570792362.939.461592819268.259.850474843417.8110.550322848217.4310.774556469117.149.308135114616.589.30728640417.099.6904059878Other Expenditure89.9615.7752604075120.8918.1759408218114.3316.501169067324.4614.489662934722.2713.766458552328.1115.265558813926.4914.870326709317.349.8321614879Total Expenditure409.6771.8391610844499.4975.0988558284553.1579.8357532546129.776.8319412357129.8880.2868269766150.4781.7149994569143.180.3300774672133.8175.8732138807PBDIT160.5928.2165.6224.9139.7120.239.1123.231.8919.733.6718.335.0419.742.5524.1Interest106.4418.665170273294.7314.242756837269.279.997690731216.769.928321781919.0411.769796624818.910.263929618814.578.178960368215.568.8228623271Depreciation36.616.419878651837.55.638165115539.65.71544034879.625.69871453119.585.92198800779.715.273161724810.696.0008981711.056.265593105Other income-2.297.111.068996105911.641.67999307226.874.06966411940.760.46980280651.830.99380905832.181.22375659590.540.3061918802PBT15.252.674218777440.56.089218324842.486.131108737719.611.61068657074.032.49119119746.893.741718257811.966.713820590516.489.3445225675% growth over IPP0165.5724.89419351564.890.70560991960-79.44-49.105999573670.9738.540100975173.5841.307345717137.7921.4292595489Tax1.490.26128432644.450.66906226042.290.3305141011.620.9596587880.330.20399332390.590.3204083849-0.25-0.14033905921.260.7144477206PAT13.762.41293445136.055.420156064440.195.800594636717.9810.65102778273.72.28719787356.33.421309872912.216.854159649715.228.6300748469Extra ord. Item0-9.185.92APAT13.7626.8734.2717.983.76.312.2115.22Equity62.764.6765.5464.6965.5465.5465.5465.54EPS2.195.576.132.780.560.961.862.32P/E at current MP.156.842.692.455.4026.5715.608.056.46EPS has been annualised