Final

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COMPARATIVE ANALYSIS OF FINANCIAL STATEMENT OF
SAIL WITH OTHER STEEL COMPANIES IN INDIA FOR THE
FINANCIAL YEAR 2009-2010
SUMMER INTERNSHIP PROJECT REPORT
June 2014 to July 2014
Submitted By:-
SuyashBagla
TAXILA BUSINESS SCHOOL
Under the guidance of Prof. Shikha Jain Mr.M.KSinghal
Taxila Business School Sr. Manager (Finance)
Steel Authority of India
Limited, Jaipur

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Purpose of the Report: Summer Internship 2014, Project
Report
Projects Undertaken: Comparative Analysis of Financial Statement of SAIL
with other Steel Companies in India
Company Name: Steel Authority of India Limited
(SAIL)
Address: Steel Authority of India Limited (SAIL),
Landmark Bldg,4th Floor, Block No-S-16a, Opposite
GujratiSamaj, MahaveerMarg, C Scheme, Jaipur –
302001
Department: Finance
Date of Reporting: 1st June 2014
Project Duration: 1st June 2014 to 31st July 2014
Project Guide: Mr.M.KSinghal
Sr. Manager (Finance)
SAIL, Jaipur
Submitted to:
Prof. Shikha Jain
TAXILA BUSINESS SCHOOL
Submitted by: SuyashBagla

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Acknowledgement
It is great pleasure for me to acknowledge the kind of help and guidance received to me during
my project work. I was fortunate enough to get support from a large number of people to whom I
shall always remain grateful.
I sincerely thank Mr.M.KSinghal. Sr. Manager (Finance), Person of amiable personality, for
assigning such a challenging project work which has enriched my work experience and getting
me acclimatized in a fit and final working ambience in the premises of Finance Department
(SAIL).
I acknowledge my gratitude to Prof. Shikha Jain for her extended guidance, encouragement,
support and reviews and without whom this project would not have been a success.
Last but not the least I would like to extend my thanks to all the employees at Finance
Department (SAIL) for their cooperation, valuable information and feedback during my project.
SuyashBagla

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Executive Summary
Steel Authority of India Limited (SAIL) is the leading steel-making company in India. It is a
fully integrated iron and steel maker, producing both basic and special steels for domestic
construction, engineering, power, railway, automotive and defense industries and for sale in
export markets. SAIL is also among the five Maharatnas of the country's Central Public Sector
Enterprises. The Government of India owns about 86% of SAIL's equity and retains voting
control of the Company.
Global business witnessed a worldwide downturn in all sphere of business including steel
industry in the second half of 2008-09. The global economy started recovering gradually
during2009-10. SAIL has reoriented production in line with market demand, substantially
increased production of value added steel and achieved the saleable steel production of 12.6 MT
representing 114% of capacity utilization. Sales volume of saleable steel also improved by 7% at
12.1 MT as against 11.3 MT in 2008-09. The steel prices which were at its lowest
duringOctober-December 2008 started recovering gradually from January 2009 onwards, but at a
very slow pace. Towards the end of current year, the steel prices reached its peak for the
financial year 2009-10.Despite higher sales volume of saleable steel for FY 2009-10, SAIL
achieved the turnover of 43935 Crore which was lower by 9.9 % as compared to previous year
mainly due to reduction in average net sales realization of saleable steel during 2009-
10. However, as compared to CPLY, the profitability improved due to higher saleable steel
production (1.1%) and sales volume (7%), improved production of value added products (24%),
improvement in BF productivity, reduction in coke rate and specific energy consumption,
favorable impact of input prices, particularly of imported coal, nickel, Ferro manganese, silicon
manganese, aluminum etc., reduction in ocean freight on imported coal, reduction in stores &
spares consumption, repair & maintenance expenses, optimization in procurement, prudent funds
management, curtailing cost of production, etc. The profitability was affected due to lower net
sales realization, increase in royalty on minerals, higher interest cost and depreciation etc. The
profit before tax of Rs. 10132 crore was higher by Rs. 733 crore over previous year (Rs. 9399
crore).

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During the year, SAIL has continued its thrust on better fund management. M/s FITCH and M/s
CARE, RBI approved credit rating agencies, maintained "AAA" ratings indicating the highest
safety to SAIL's long term borrowing programmed.
This project is a sincere effort to study and analyze the Financial Management of SAIL and its
competitors and also a good experience because every manufacturing company faces the
problem of Financial Management in their day to day processes and need to analysis financial
performance against its competitors.

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Table of Contents
Certificate from the Organization
Acknowledgement
Executive Summary
S. NO. PARTICULARS PAGE NO.
Chapter-1 Introduction 9-11
A. Objectivesof the study
B. Importance of study
C. Limitation of study
D. Research Methodology
E. Source of Data Collection
F. Methods of Data Analysis
Chapter-2 Company Profile 12-20
A. SAIL
Background
BusinessDescription
Marketingand Distribution Network
Activitiesduringthe financialyear 2009-10
CSR Initiatives
ExpansionPlans
B. TATA Steel
Background
BusinessDescription
Marketingand DistributionNetwork
CSR Initiatives
ExpansionPlans
C. JSW Steel
Background
BusinessDescription
Marketingand DistributionNetwork
CSR Initiatives
ExpansionPlans

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Chapter-3 UnderstandingTheoretical Background 21-24
Chapter-4 Data Analysis& Interpretation 25-34
A. ProductionPerformance
B. Financial Performance
C. Ratio Analysis
D. Segmental Break-up of key Expenses
E. Analysis of Cost & GSR/NSR
Conclusion
Annexure
A.Charts
B.Comparative Statements
Balance Sheet
Bibliography

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Chapter-1
Introduction
The project on comparison of financial statement of SAIL with other steel sectors in India has
been a very good experience. Every manufacturing company faces the problem of Financial
Management in their day to day processes. An organizations cost can be reduced and the profit
can be increased only if it is able to manage the financial position of its firm. At the same time
the company can provide customer satisfaction and hence can improve their overall productivity
and profitability.
This project is a sincere effort to study and analyze the Financial Management of SAIL and its
competitors. The project work was divided into two phases. The first phase was focused on
company profile of SAIL, Tata Steel and JSW Steel on the bases on Background, Business
Description, Marketing and Distribution Network, CSR Initiatives, etc and the second phase was
conducted a Comparative analysis of SAIL with its competitors TATA Steel and JSW Steel on
the bases of Production Performance, Financial Performance, Ratio Analysis, Segmental Break-
up and Analysis of Cost and GSR/NSR.
The internship is a bridge between the institute and the organization. This made me to be
involved in a project that helped me to employ my theoretical knowledge about how the Analysis
of Financial Statement is done by the firm. And in the process I could contribute substantially to
the organizations growth. The experience that I gathered over the past two months has certainly
provided the orientation, which I believe will help me in shouldering any responsibility in future.

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Objectives of the study
 To study the financial position of the SAIL and its competitors.
 To analyze the financial stability SAIL in general.
 To analyze and interpret the trends as revealed by various ratios of the SAIL in particular.
Importance of the study
 By Financial Performance Analysis of SAILwe would be able to get a fair picture of the
financial position of SAIL.
 Protecting the property of the business.
 Compliances with legal requirement.
Limitation of the study
 The analysis and interpretation are based on secondary data contained in the published
annual reports of SAIL for the study period.
 The comparison is rendered difficult because of differences in situations of one company
as compared to the other.
 Ratios are tool of quantitative analysis only. Normally qualitative factors are needed to
draw conclusions.
 The study of financial performance can be only a means to know about the financial
condition of the company and cannot show a through picture of the activities of the
company.

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ResearchMethodology
Research methodology is a way to systematically solve the research problem. It may be
understood as a science of studying how research is done scientifically. So, the research
methodology not only talks about the research methods but also considers the logic behind the
method used in the context of the research study. During my project work, I have used a lot of
data to understand concept of comparative financial statements and Ratio Analysis. The data
collected was interpreted and then used as information in project.
Source of Data Collection
The required data for the study are basically secondary in nature and the data are collected from
the audited reports of 2009- 2010 of the SAIL and its competitors- TATA Steel and JSW and
from reference books.
Methods of Data Analysis
The data collected were edited, classified and tabulated for analysis. The analytical tools used in
this study are:
 Comparative Financial Statements.
 Ratio Analysis.

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Chapter-2
Company Profile
SAIL- Steel Authority of India Limited, a Maharatna Company
Tag Line: There is a bit of SAIL in everybody’s Life
Headquarter: Delhi
Key Person:C S Verma (Chairman)
Background
Steel Authority of India Ltd (SAIL), established in 1973, is one of India’s largest steel
manufacturing companies. SAIL owns and operates five integrated steel plants at Bhilai, Bokaro,
Durgapur, Rourkela and Burnpur and three special steel plants at dugapur in WB, Salam in TN
and Visvesarya in Karnataka. A subsidiary, Maharashtra Elektrosmelt Ltd (MEL), at Chandrapur
produces Ferro alloys. The company is a PSU under the Gol, which holds, 85.82% of the
former’s equity. In May 2010, SAIL was awarded the Maharatna status by the Gol.
Business Description
SAIL manufactures the widest spectrum of steel products in the country, covering hot and cold
rolled sheets and coils, galvanized sheets, electrical sheets, structurals, railway products, plates,
bars and rods, stainless steel and other alloy steels. The products of the company are used in
several sectors, encompassing construction, engineering, power, railway, automotive and defence
industries apart from catering to the export market.
During FY10, the steel plants of SAIL produced 14.5 MT of hot metal, 13.5 MT of crude steel
and 12.6 MT of saleable steel with saleable steel achieving 114% of capacity utilization. During
the year several new products were developed, such as 3mm Chequered Coils, SAIL-MC60 HR
Coils, C30 HMn 1.2 HR Coils, SAE1541 HR Coils &API X60 ERW Pipes at RSP, DMR 249B
Plates at RSP & BSP and ATM Grade Plates at BSP.

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Marketing and Distribution Network
SAIL has established a country wide marketing network with 37 branch sales offices, 25
Departmental Warehouses, 42 Consignment Agents and 27 Customer Contact Offices. It also
extended its distribution through its dealers. As on Apr 1, 2010, SAIL distribution network
covered 630 districts of the country with around 2,500 dealers in place.
Activities during the financial year 2009-10
 During the year, SAIL agreed to merge its subsidiary, Maharashtra Electrosmelt Ltd (MEL)
with itself.
 Signed anMoU with IRCON international Ltd, a PSU under the Ministry of Railways, for
jointly working on rail infrastructure project both in India and abroad.
 The company established a JV SAIL SCI Shipping Pt Ltd in May 2010, to cater to its
requirements of shipping imports of coal.
 Entered into a JV with RITES Ltd for establishing a wagon manufacturing plant in Kulti, in
WB.
 Signed anMoU with Kobe Steel Japan, for exploring feasibility of ITmk3 technology for
producing premium grade iron nuggets using iron ore fines and non coking coal.
 Signed anMoU with POSCO, Korea for exploring business opportunities in the areas of
manufacturing and commercialization of CRNO; and exploration of upstream & downstream
opportunities in utilizing FINEX technology.
 Signed anMoU with RashtriyaIspat Nigam Ltd for jointly exploring and developing high
grade low silica limestone deposits of Qalhat in the sultanate of Oman for supply to steel
plants of SAIL & RINL on a long term basis.
CSR Initiatives
In its endeavor to spread the value and knowledge of education among its employees and
workers, SAIL has opened about 138 schools in the vicinity of its plants and currently provides
education to more than 70,000 children. In order to facilitate dissemination of knowledge among
tribal children, SAIL also provides assistance to over 260 schools with more than 55,000
students of villages surrounding its units. The company is also providing mid-day meals to
21,500 children in schools in and around Bhilai. To provide access to portable water, the
company has also installed over 4,700 water sources in the remote areas surrounding its plants.

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Expansion Plans
SAIL is currently in the process of implementing various growth plans to enhance its hot metal
capacity from the level of 14.5 MTPA to 26.2 MTPA and crude steel from 13.5 MTPA to 24.6
MTPA. Under the ongoing Phase-l of modernization and expansion plan, hot metal production
capacity will expand to 23.5 MT by 2012. Its modernization & expansion plans include
installation of new coke oven batteries, new steel melting shops, installation of new mills, new
blast furnaces of bigger capacity with up gradation of existing blast furnaces, among others. The
ongoing expansion has been planned to achieve saleable steel production of 20.23 MTPA. Apart
from increasing the production capacity, the plan addresses the vital issues of elimination of
technological obsolescence, installing energy efficient & environment friendly technologies,
value addition/ product mix improvement / sustenance of existing assets of the plants and
introduction of customer centricprocesses.

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TATA SteelLimited
Tag Line: Values Strongerthan Steel
Headquarter: Mumbai
Key Person:RatanTata (Chairman)
Background
Tata Steel, formerly known as TISCO and Tata Iron and Steel Company Limited established
in 1907 at Mumbai, is now the world 10th largest steel company and the world’s 2nd most
geographically diversified steel producer. It is one of the world’s lowest cost producers of steel, a
shareholder base of over 800,000 people and employee strength over 81,000 across 5 continents.
Tata Steel is mainly involved in the manufacture of steel. Tata's international operations
include UK-based subsidiary Tata Steel Europe, Singapore's NatSteel, and Tata Steel Thailand.
The company also owns interests in coal and iron projects that supply the steel maker with raw
materials. The Tata Group owns about 30% of the company.
Tata Steel’s operations predominantly relate to the manufacture of steel conducted through its
steel division. Its other main divisions include the bearings division, which manufactures ball
bearings, double row self-aligning bearings, magneto bearings etc; ferro alloys & minerals
division that operates chrome mines and has units for making ferro chrome and ferro manganese;
agrico division manufactures hand tools and implements for application in agriculture; Tata
growth shop designs, develops, manufactures, erects and commissions equipments ranging from
overhead cranes to high precision components; tubes division engaged in commercial and
precision tube manufacturing; and wire division that produces coated and uncoated wires,
branded as Tata Wiron. Some of the company’s prominent brands include Tata Steelium,
Steelennium, Tata Tiscon, TataShakteeetc.

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The fiscal year FY 10 is a landmark year for Tata Steel’s Indian operations with an outstanding
performance across all its Units and Divisions. TATA Steel has an integrated steel plant, the
Company achieved its best ever production of hot metal (7.23 million tonnes), crude steel (6.56
million tonnes) located at Jamshedpur, Jharkhand and saleable steel (6.44 million tonnes) in FY
10.
Tata Steel Processing and Distribution Limited is wholly owned subsidiary of Tata Steel. With 8
large processing units, 23 sales locations and a host of partners like external processing agencies,
suppliers, retailers and other stakeholders, today TSPDL is India’s largest steel service
organization. Distribution centres are Jamshedpur, Kolkata, Raipur, Bhubneswar, Faridabad,
Noida, Gurgaon, Roorkee, Pantnagar, Kanpur, Pune, Chennai and Bengaluru.
Activities during the yearfinancial year 2009-10
 April, 2010, Tata Steel signed anMoU with Nippon Steel Corporation (NSC), Japan for
setting up a Continuous Annealing and Processing Line at Jamshedpur, India with 0.6 mtpa
capacity.
 Signed aMoU with the State Government of Orissa for setting up a 6 mtpa1Greenfield steel
plant in Orissa.
 Signed aMoU with the government of Chhattisgarh for setting up of a 5 mtpa Greenfield
integrated steel plant in Bastar.
1 Mtpa- million tonne per annam
 Entered into a Joint Venture (JV) with prominent steel making companies of India and
Thailand, Australia, SINTICIM (the Mozambican National Construction and Mineworkers
Union), Ivory Coast, Canada and Oman for the source of raw material.
 Continues to explore other materials and metal and goes to establish several plants within the
country and aboard.
 Joint Venture with Tata BlueScope Steel Ltd, company entered steel building and
construction application market.
 Acquisition of Corus and investment in global outfits like Millennium Steel (now Tata Steel
Thailand) and NatSteel holdings, Singapore- created manufacturing and marketing network
in Europe, SE Asia and the Pacific- Rim Countries.
 In accordance with the Tata Steel Group Vision, Tata Steel Group aspires to be the global
steel industry benchmark for value creation and corporate citizenship.

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CSR Initiatives
Regarded globally as a benchmark in Corporate Social Responsibility, Tata Steel’s commitment
to the community remains the bedrock of its hundred years of suitability. Its mammoth social
programmed covers the company-managed city of Jamshedpur and over 800 villages in and
around its manufacturing and raw materials operations through uplift initiatives in the areas of
income generation, a safe working place, health and medical care, water and sanitation,
education (NatSteel has awarded scholarships to 150 underprivileged students), sports, disaster
relief management, wasteland developments and Preservation and promotion of tribal culture and
heritage in tribal villages of Jharkhand and Orissa. Environmental sustainability has become an
increasingly important item on the Tata Steel Group agenda. Waste water treatment and the
elimination of dust during the production process are also areas of focus. TATA Steel is planning
a 50-50 balance between Greenfield facilities and acquisitions.
Expansion Plan
As part of the Brownfield expansion project, TATA Steel has commissioned H Blast Furnace in
May 2008, Caster #3 in October 2008 at the steel melting shop #1 and up gradation of Hot Strip
Mill roughing mill as part of 1.8 million tonne growth plan to reach capacity of 6.8 million
tonne. TATA Steel is continuing with its programme of expansion of hot metal and steel making
capacity by 3 million tonne to reach 10 million tonne. and Crude steel capacity as on March 31,
2009: 6.8 million tonne (Jamshedpur works) and Tata Steel has also envisaged massive
expansion of its capacities through various greenfield projects at Sarai Kala (Jharkhand),
Kalinganagar (Orissa) and Bastar (Chhattisgarh).

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JSW SteelLimited
Tag Line: No Limits
Headquarter: Mumbai
Key Person:Mrs. Savitri Devi Jindal
Background
JSW Group is one of the fastest growing business conglomerates with a strong presence in the
core economic sector. JSW Steel Ltd (JSW Steel) was incorporated in 1994 as Jindal
Vijayanagar Steel Ltd. It was promoted jointly by JISCO and KSIIDC. In FY04, JISCO’s
investment in the company was transferred to Jindal South West Holdings Ltd and JISCO was
merged with the company. In 2005, the company acquired its current name. During FY08, the
company merged Southern Iron & Steel Company Ltd with itself. On 21 December 2010, it was
declared that JSW Steel will buy controlling interest in Ispat Industries at an enterprise value of
$3 billion to emerge as India’s largest producer of the commodity with an annual capacity of
14.3 million tonnes. The company will now be called JSW Ispat Steel Ltd.
JSW Steel’s business is organized into two segments viz. steel and power that is generated
mainly for captive consumption. The company produces pellets, slabs, HR coils, HR plates,
CR coils, galvanized steel, and color-coated galvanized steel, TMT Rebars, Wire Rods & Special
Steel Bars, Rounds & Blooms. The Company has installed crude steel making capacity of 7.8
MTPA in India consisting 23% of value added flat products, (capacity of 1.8 MTPA), spread
across four locations, viz. Vijayanagar Works in Karnataka, Salem Works in Tamil Nadu and
Vasind&Tarapur Works in Maharashtra.
During the FY09-10, it had achieved crude steel production of 5.987 Million tonnes (the overall
production was 6.02 Million tonnes, considering trial run production from the expansion project)
and saleable steel of 5.720 Million tonnes (the overall sales was 5.74 Million tonnes, considering
trial run sales), which works out to around 94% of volume guidance of 6.4 Million tonnes and6.1
Million tonnes, respectively for the fiscal year under review. During the year, the production of
Rolled Products, both Long and Flat (including Value Added Flat), went up significantly
compared to last fiscal. HR Coil production has reached highest levels at 3.399 Million tonnes
during the year, which is around 106% of enhanced rated capacity of 3.2 Million tonnes.

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JSW Steel has established a country wide marketing network with 16 branch sales offices, 4
Manufacturing Plants, JSW Shoppe continues to expand from 50 in 2008-09 to 174 as on
March10 with Shoppe sales up by 114% to 0.64 million tones and leveraging the demand of
the Semi-Urban and Rural India by introducing innovative concept of Shoppe-On-
Wheel•. Additionally, JSW has been expanding its Distribution Points on a Pan-India basis as
well and company has STEELeMART, a B2B steel-trading portal is a venture of Sapphire
Technologies Ltd.
Activities during the yearfinancial year 2009-10
 During first quarter of FY 2009-10, the implementation of the Crude Steel capacity
expansion project by 2.8 MTPA to reach 6.8 MTPA at Vijayanagar Works was completed.
 Adapted tuyere gas control and a â€œJugadâ€• slag-splash technique for improving the
refractory life of EOF, introduced Economizer in captive power plant (CPP) to enhance fuel
efficiency and other scheme were implemented in Salem Works.
 30 MW Power Plant has been commissioned at Tarapur Works in December 2009, equipped
with latest ESP system and designed for zero affluent discharge.
 Signed a Strategic Collaboration Agreement with JFE Steel Corporation that both companies
will involve in Production of steel products other than automotive steel, Energy reduction
and Environmental programmes, Quality and yield improvement programmes, etc.
CSR Initiatives
The JSW group fulfills its social development responsibility through activities that are
undertaken through four public charitable trusts, viz. Jindal South West Foundation, Hampi
Foundation, a Heal Foundation and Friends of the Sir J J School of Arts Trust. These Trusts
annually consult with the Management and other company's personnel to identify the list of
activities that are subsequently incorporated into the JSW Group's business plans. The corporate
social initiatives undertaken are in the areas of community development, environment, sports and
arts and culture.

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Expansion Plan
By 2020, the Company aims to produce 34 million tons of steel annually with Greenfield
integrated steel plants coming up in West Bengal and Jharkhand. Further expansion of crude
Steel capacity by 3.2 MTPA to reach 10 MTPA at Vijayanagar Works along with associated
facilities is under implementation and targeted for completion by March 2011.With the
commissioning of Blooming Mill in FY 2010-11, Salem Works will complete expansion of
rolling capacity, matching with the existing cast steel production capacity.

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Chapter-3
Understanding TheoreticalBackground
Meaning
Financial statement analysis is a systematic process that examines past and current financial
data for the purpose of evaluating performance and estimating future risk and potentials. The
complex data given in these financial statements is divided/ broken into simple and valuable
elements and relationship are established between the elements of the same statements or
different financial statements. This process of division, establishing relationship and
interpretation thereof to understand the working and financial position of a business is known as
analysis of Financial Statements. Financial statement analysis is used by investors, creditor,
security analysts, bank lending officers, managers, governmental agencies, suppliers, and many
other parties who rely on financial data for making economic decisions about a company.
Tools ofFinancial Statements Analysis
 Comparative Financial Statements
 Common-Size Financial Statements
 Trend Percentage
 Ratio Analysis
 Fund Flow Statement
 Cash flow Statement
(Here for this study Comparative Financial Statements and Ratio Analysis were taken)
Comparative Financial Statements
It shows the operating results for a number of accounting periods so that change in data in terms
of money and percentage from one period to another may be known. Here we have make the
Comparative Financial Statements of SAIL, TATA Steel, JSW Steel and RINL.

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Objectives of Comparative Financial Statements
 To analyze the income and expenditure for two or more years.
 To analyze the increase or decrease in the income and expenditure in terms of rupee and
also the percentage.
 To review the business operations of the last year and its likely effect on the current years
operations.
Ratio Analysis
Ratio is simple arithmetical expression of the relationship of one number to another. It may be
defined as the indicated quotient of two mathematical expressions. Ratio analysis is an important
technique, which is widely used for interpreting financial statement. The technique serves as a
tool for assessing the current and long-term financial soundness of a business. It is also used to
analysis various aspects of operating efficiency and level of profitability. Thus, Ratio analysis is
a study of relationship among various financial factors in a business.
Objectives of Ratio Analysis
 To judge the earning capacity (profitability), financial soundness (position) and operating
efficiency of a business organization.
 To help in business planning and forecasting.
 To locate the weak spots in the business and take remedial action.
 Estimate about the trend of the business.

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ClassificationofRatios
Classification of ratio is made based on requirement by end users and they indicate symptoms as
characteristic of the company.
 Debt- Equity Ratios
It is used to compute the soundness of the long- term financial position of the firm. This ratio
expresses a relationship between debt (external equities) and equity (internal equities).
Debt- Equity Ratio = Debt (Long-term Loans)
Equity (Shareholders™ Funds)
Acceptable Debt-Equity Ratio is 2:1 which means debt can be twice the equity.
 PAT (profit after tax) to Avg. Net Worth Ratio
Return on Average Net Worth = Profit after Taxes X 100
Average Net Worth
(Net Worth = Equity Share Capital + Preference Share Capital + Reserves & Surplus
Miscellaneous Expenses to the extent not written off or adjusted - Foreign Currency Monetary
Translation Diff Account).
 Debtor Turnover Ratio
This ratio establishes the relationship between net credit sales and average debtors of the
year. Average debtors are calculated by dividing the sum of debtors in the beginning and at the
end by 2.
Debtor Turnover Ratio = Net Credit Sales
Average Debtors
Average Age of Debtors = 365days or 12months
Debtor Turnover
Average Age of Debtors is also called Debtors Velocity or Average Collection Period or Period
of Credit given. It is used to find out the period within which debtors are realized.

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 Earnings per Share
EPS indicates the quantum of net profit of the year that would be ranking for dividend for each
share of the company being held by the equity share holders.
Earnings per Share = Net profit after Taxes - Preference Dividend
No. of Equity Shares
This ratio helps in evaluating the prevailing market price of share in the light of profit-
earningcapacity. The more the earning per share better is the performance and prospects of the
company.
 Current Ratio
It is the relationship between the current assets and current liabilities and is computed to assess
the short-term financial position of the enterprise.
Current Ratio = Current Assets
Current Liabilities
As a conventional rule a Current Ratio of 2:1 is considered most satisfactory. Higher the current
ratio, greater the short-term solvency.
 PBT/Turnover
PBT/Turnover = Profit before Tax
Turnover
(Profit before Taxes + (-) Exceptional Items)
 PAT/Turnover
PAT/Turnover = Profit after Tax
Turnover

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Chapter-4
Data Analysis & Interpretation
COMPARISON OF SAIL WITH ITS COMPETITORS FOR FY2009-2010
A. Production Performance
MT
SAIL TATA JSW
Hot Metal 14.5 7.23 NA
(14.3) (6.25)
Crude Steel 13.5 6.56 5.98
(13.1) (5.65) (3.72)
Saleable 12.63 6.44 5.72
Steel (12.49) (5.37) (3.42)
 Major Reasons for increase in the production of all the three companies during the year
were the improvement of furnaces and reduction in coal rate and fuel, increased
production at the coke ovens at their plants, higher captive power generation and low
maintenance cost but SAIL has registered a growth of 1% over CPLY in saleable steel
production with 114% capacity utilization while Tata Steel has registered a growth of
20% for saleable steel production and JSW steel registered a growth of 67% in saleable
steel Production.

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B. Financial Performance
Based on published results / Annual Reports for the financial year 2009-2010, the financial and
physical performance of SAIL has been compared with published information domestic steel
companies (Tata Steel, JSW Steel). Annexures are also placed in the file giving full information
of comparative income statements of SAIL and other domestic steel companies.
Company TATA JSW SAIL
Profit & Loss account Mar '10 Mar '10 Mar '10
Operating Profit 8,905.59 4,273.56 9,215.04
PBDIT 10,146.67 4,747.81 11,772.04
Interest 1,848.19 900.26 402.01
PBDT 8,298.48 3,847.55 11,370.03
Depreciation 1,083.18 1,123.41 1,337.24
Other Written Off 0 0 10.33
Profit Before Tax 7,215.30 2,724.14 10,022.46
Extra-ordinary items 0 96.03 184.8
PBT (Post Extra-ord Items) 7,215.30 2,820.17 10,207.26
Tax 2,168.50 797.43 3,452.89
Reported Net Profit 5,046.80 2,022.74 6,754.37
Total Value Addition 7,543.64 2,542.78 11,612.29
Preference Dividend 45.88 28.92 0
Equity Dividend 709.77 177.7 1,363.03
Corporate Dividend Tax 122.8 34.31 227.52
Per share data (annualized)
Profit & Loss Statement

27 | P a g e
Shares in issue (lakhs) 8,872.14 1,870.49 41,304.01
Earning Per Share (Rs) 56.37 106.59 16.35
Equity Dividend (%) 80 95 33
Book Value (Rs) 418.94 504 80.66
From the above summarized & re- drawn P&L A/cs, the apparent observations are as under:
 The sales quantity of SAIL is 12.11 which was improved CPLY by 7% but TATA has
significant advantage in sales realization per tonne of saleable steel sales. The GSR/t of
Tata Steel at 42873/t is higher by Rs. 6592.3 as compared to SAIL but SAIL has
advantage of Rs. 2264.6/t as compared to GSR/t of JSW steel.
 Higher per tonne sale realization of TATA is mainly due to enrichment of product mix.
Other factors such as reduction in credit tenure, shortened supply lead time, introduction
of price extras, Customer meets, new supply points, domestic and export sales, etc may
also contributed to variation in realization per tonne of saleable steel.
 The NSR/t of SAIL at 34110.0 is lower by Rs. 5949.7 as compared to TATA but higher
by Rs. 2092.5 as compared to JSW Steel and 6% decrease over CPLY in SAIL in net
sales turnover while there is an increase of 3% in Tata Steel.
 However, on expenditure side, total expenditure per tonne of saleable steel sales is lower
in SAIL by about Rs. 3482.7/t as compare to TATA. Apart from production mix which
affects the cost, the item wise analysis of expenditure are as under:-
 Raw Material expenditure in TATA is lower by Rs. 3901/t as compared to SAIL. One of
the reasons of lower expenditure in Tata Steel would be lower imported coal as compared
to SAIL. Over CPLY there is 15% and 7% decrease in SAIL and TATA respectively
whereas in JSW, there is increase about 66% in raw material consumed.
 Employee/Staff cost in Tata Steel at Rs.3666.9/t if saleable sales is lower in comparison
to SAIL Employee cost at Rs. 4288.2/t. Labour productivity in SAIL is 226 Tonnes
CS/M/Y and in Tata, it was 510 tonne CS/M/Y. Over CPLY there is 2% and 2% increase
in JSW and TATA respectively whereas in SAIL, there is decrease about 36% in staff
cost.
 EBIDTA up by 55% to Rs. 4,806 crores (Rs.8401.6/t) mainly due to reduction in cost of
production relative to last year and foreign exchange gains of Rs. 412.95 crores in JSW
Steel and over CPLY, there is change about 109% whereas EBIDTA up by 8.5% to Rs.

28 | P a g e
11,871 crore (Rs. 9802.9/t) in SAIL and in TATA, EBIDTA up by 4% to Rs. 9805.88 crore (Rs
15892.8/t).
 The profitability of SAIL was affected due to lower net sales realisation, increase in royalty
on minerals, higher interest cost and depreciation etc. The profit before tax (PBT) of Rs.
10132 crore (Rs. 8366.7/t) was higher by Rs. 733 crore over previous year (Rs. 9399 crore)
and profit after tax (PAT) was Rs. 6754 crore (Rs. 5577.5/t) which was higher by Rs. 583
crore i.e., 9% increase over CPLY and JSW also posted a highest ever Profit after Tax of Rs.
2,022.74 crores (Rs. 3536.3/t), up 341% over CPLY whereas there is a decrease of 1% (Rs.
11692.5/t) and 3% in PBT and PAT (Rs. 8179.6/t) respectively in TATA Steel which affects
its profitability during the FY09-10.
 Share Capital in SAIL is Rs. 4130.40/crore whereas in Tata Steel, it is Rs. 887.41./crore and
in JSW, it is 527.11/crore. EPS Basic is Rs. 16.35/share in SAIL and Rs. 60.26/share in
TATA whereas Rs. 106.34/share in JSW Steel.
 Staff cost to Total cost is higher in SAIL which is 17% whereas 13% and 2% in TATA and
JSW respectively.
 EBIDTA Margin (EBIDTA/Net Sales Turnover) is higher in TATA which is 40% as
compared to SAIL (29%) and JSW (26%).
A further analysis of cost and profitability has been attempted between SAIL, Tata Steel and
JSW Steel on like to like basis in part of the note.

29 | P a g e
C. Ratio Analysis
A brief ratio analysis has also been attempted between SAIL and domestic competitors (Tata
Steel, JSW Steel and RINL).The ratios of competitors are either taken from published Annual
Reports or re-computed for like to like comparison.
The major Ratios for the year 2009-10 are tabulated below:
S.NO. RATIOS UNITS SAIL TATA JSW STEEL
STEEL
1. Debt Equity Times 0.50:1 0.61:1 1.07:1
2. PAT to Avg. Net Worth % 21.98% 15.12% 23.66%
3. Average Age of Debtors Days 29 8 11
4. EPS Rs/Share 16.35 60.26 106.34
5. PBT/Turnover % 24.99% 28.83% 15.49%
6. PAT/Turnover % 16.65% 20.17% 11.11%
7. Current Ratio Times 3.52 1.15 0.72
 Debt- Equity Ratio: Increase in the ratio of SAIL in FY09-10 is due mainly on account of
increase in borrowings for capital expenditure while the debts are decreased in Tata Steel due
to stringent credit control measures and lower exports. There is decrease in Debt- Equity
ratio of JSW from 1.24:1 to 1.07:1 is due to additional borrowings for expansion projects.
 PAT (profit after tax) to Avg. Net Worth: The ratio is highest for JSW at 23.7% followed
by SAIL at 22% and 15% for Tata Steel. The ratio has decreased for SAIL and increased for
JSW due to an increase in the Company’s profit. The ratio of Tata Steel is declined due to
issue of Cumulative Preference Shares.
 Average Age of Debtors: The ratio is one part of measuring efficiency of fund/working
capital management. The collection period is 8 days for Tata Steel and 10 days for JSWas
compared to 29 days for SAIL. One of the reasons for higher age of debtors SAIL may be
due to compulsive credit sales to Govt. Departments/PSU.

30 | P a g e
 Earnings per Share (EPS): EPS at Rs. 106.34 per share is highest for JSW as compared to
Rs. 16.35 for SAIL and Rs. 60.26 for Tata Steel. The lower EPS in case of SAIL is due to its
large paid up capital base (Rs. 4130 crores) as compared to Tata Steel and JSW.
 Current Ratio: The ratios compute the number of times the current assets are in excess over
current liabilities. SAIL has a high ratio i.e., 3.52 which shows that it has enough liquidity
while JSW has low ratio i.e., 0.72 which means company is unable to meet its current
liabilities on time.
D.Segmental Break-up of key Expenses: 2009-2010 (as proportion of Net Sales %)
Segment SAIL TATA JSW
Raw Material 39.54 22.63 57.63
Power & Fuel 8.29 5.06 5.57
Employee Cost 13.35 9.43 2.00
Total 61.18 37.12 65.2

31 | P a g e
E.Analysis of Cost & GSR/ NSR
A. Material Cost -
Material cost per tonne of saleable steel is SAIL is higher by about Rs. 3901/t as compared to
Tata Steel.
B.Energy Consumption -
1. Power & Fuel Consumption
SAIL TATA JSW
Electricity- Avg. Rate/ Unit (Rs./ KWH)
Purchased 3.46 2.84 3.52
Own Generation 4.67 2.08 2.62
Coal- Avg. Rate (Rs./Tonne)
Coking Coal 8786 5731.88 7996
Non Coking Coal 2268 ----
Furnace Oil- Avg. Rate (Rs./ Kilo Litres) 28439 23145.44 25820
Coke- Avg. Rate (Rs./Tonne) 23529 ---- 14056
LPG- Avg. Rate (Rs./MT) 34350.32 33405
2.Consumption per Tonne of Saleable Steel Production
SAIL TATA JSW
Purchased Electricity (KWH) 489 389.98 -
Fuel oils (litres) 3 -
Coking Coal (kgs) 1083 620 -
Coke (kgs) 20 -
Non â€“coking Coal (kgs) 56 -

32 | P a g e
C. Employee Cost -
 Employee cost in Tata Steel at Rs.3666.9/t if saleable sales is lower in comparison to SAIL
Employee cost at Rs. 4288.2/t.
 The manpower of Tata Steel as on 31.03.10 was 34,101 as against on the same date in SAIL.
The manpower is 1, 16,950 for 5 ISPs in SAIL and in JSW Steel, the manpower is near about
7,703.
 Average employee cost in Tata Steel is around Rs. 6.92 lakhs per annum per employee as
compared to Rs. 4.63 lakhs per annum in SAIL and in JSW Steel, it is around 4.73 lakhs.
 Labour productivity in SAIL is 226 Tonnes CS/M/Y and in Tata, it was 510 tonne CS/M/Y.
 In JSW Steel, Employee remuneration and benefits are increased from 288.75 crores to 365.2
crores mainly because of annual increments and rise in manpower relating to operations, on
commissioning of new facilities at Vijayanagar, which were under construction in last year.
 In SAIL, the Employee remuneration and benefits were decreased with a significant change
around 36% over CPLY whereas there is 2% and 2% increase in JSW and TATA
respectively.
 While in Tata Steel, the Staff cost or Employee remuneration and benefits was higher mainly
due to annual increases in salary and allowances partly offset by lower charges of employee
benefits towards gratuity and ESS on account of higher discounting rates applied for actuarial
valuation.

33 | P a g e
D.Other Operating Cost -
 Cost of Store & Spare is almost comparable. The cost is lower by Rs. 35.48/t in SAIL as
compared to Tata Steel. The part of difference may be due to proportion of stores and spares
internally manufactured, freight component, difference in requirements, procurement rate,
etc.
 Power & Fuel cost is lower in Tata Steel which is Rs.1969.3/t as compared to Rs. 25663.3/t
in SAIL. Lower cost in Tata Steel may be due to additional volumes of purchased power to
cater to its requirement for additional production whereas SAIL purchased electricity from
outside including JVCs. The power purchase rate in Tata Steel is around Rs. 2.84/kwh and
avg. cost from own generation is about Rs. 2.08/kwh. For SAIL, the avg. power purchase
cost is Rs. 3.46/kwh and for JSW, the avg. power purchase cost is Rs. 3.52.
 Repair & Maintenance cost Rs. 451/t in SAIL as against Rs. 1566.64/t in Tata Steel. This
repair and maintenance expenses for SAIL and Tata Steel includes repairs on building and
Plant & Machinery under the heading of store and spares, Employees' Remuneration &
Benefits, etc.
 Interest cost of Tata is higher as compared to SAIL and JSW. It is around Rs. 1508.4 crores
(Rs.2342.2/t) in Tata Steel and Rs 402.51 crores (Rs. 318.2/t) in SAIL and Rs. 822.68 crores
in JSW Steel.
 Freight and handling expenditure are higher in Tata Steel by Rs. 1573.8/t as compared to
SAIL. The reason may be higher volume of steel dispatches by both rail and road and port
handling charges under this head by Tata. This may resulted in lower expenditure in Tata
Steel as compared to SAIL.
 Depreciation is higher in Tata as compared to SAIL and JSW. It is around Rs. 1083.1crores
(Rs.1682 /t) in Tata Steel and Rs 1337.29 crores (Rs. 1058.6/t) in SAIL and Rs.
1123.41crores in JSW Steel.
 Other Expenses is higher in TATA at Rs. 8205.1/t as compared to Rs. 1705.3/t for SAIL.

34 | P a g e
E. GSR/NSR -
 Tata Steel has significant advantage in sales realization per tonne of saleable steel sales. The
GSR/t of Tata Steel at 42873/t is higher by Rs. 6592.3 as compared to SAIL but SAIL has
advantage of Rs. 2264.6/t as compared to GSR/t of JSW steel.
 Higher per tonne sale realization of Tata Steel is mainly due to enrichment of product mix.
Other factors such as reduction in credit tenure, shortened supply lead time, introduction of
price extras, Customer meets, new supply points, domestic and export sales, etc may also
contributed to variation in realization per tonne of saleable steel.
 The NSR/t of SAIL at 34110.0 is lower by Rs. 5949.7 as compared to Tata Steel but higher
by Rs. 2092.5 as compared to JSW Steel and 6% decrease over CPLY in SAIL in net sales
turnover while there is an increase of 3% in Tata Steel.
Charts and Comparative Statements of SAIL, TATA Steeland JSW Steelare
enclosedatAnnexure.

35 | P a g e
Chapter-5
Conclusion
In this project, I draw an Inter Firm Comparison between SAIL and its competitors and ratio
analysis; these statements and ratios are very useful to interpret financial position of the
company. From that it is clear that the SAIL, TATA and JSW are in advanced stage.
On the basis of analysis of financial statements and Ratios of SAIL we may conclude that the
overall working stability soundness have improved over the years.
 SAIL registered a turnover of Rs. 43,935 crore. EBIDTA of Rs. 11,871 crore - a growth of
8.5%. Profit before Tax (PBT) of Rs. 10,132 crore, higher by 8% - second highest since
inception. Profit after Tax (PAT) of Rs. 6,754 crore, higher by 9.5%.
 Produced 14.5 million tonnes of Hot Metal, 13.5 million tonnes of crude steel and 12.6
million tonnes of saleable steel. Best ever sales of 4.45 million tonnes of long products,
higher by 3% over last year.
 Highest ever labour productivity of 226 tonnes/ man/ year. Best ever coke rate at 517 Kg/thm
(1% improvement). Best ever specific energy consumption at 6.72 Gcal/tcs (Previous best of
6.74 Gcal/tcs achieved in FY'09).
 The debtor’s turnover ratio is lower for SAIL compared to its competitors which shows that
the debtors are less liquid implying inefficient management of debtors/sales.
 The proportion of current assets to total assets has increased comparing to current liabilities
which serve as an evidence for good working capital position of the company.
 The current ratio for SAIL is more than other competitors which shows that it has enough
liquidity in comparison to other competitors.
 The debt equity ratio is 0.50 which is lower than the competitors. This means that it is more
traditionally financed in comparison to other competitors. It has lower debt so it can easily
raise debt in future.
SAIL is more efficient and effective to utilize its fund

36 | P a g e
Annexure
Chart-1: Production Performance for the FY2009-10
.Chart-2: Production Performance for the FY2008-09
On OY Axis we have MT- Million Tonne on Chart-1 and Chart-2.

37 | P a g e
Chart-3: Financial Performance ofSAIL, TATA and JSW for the FY2009-10
Chart-4: Financial Performance ofSAIL, TATA and JSW for the FY2008-09
On OY Axis we have Rs. in Crore on Chart-3 and Chart-4.

40 | P a g e
List of Abbreviations
S. No. Abbreviated name Full Name
1 CPLY Corresponding Period Last Year
2 SAIL Steel Authority of India Limited
3 MT Million Tonne
4 FY Financial Year
5 PBT Profit before Tax
6 PAT Profit after Tax
7 RBI Reserve Bank of India
8 CSR Corporate social responsibility
9 GSR Gross Sales Realization
10 NSR Net Sales Realization
11 MEL Maharashtra Elektrosmelt Ltd
12 MoU Memorandum of Understanding
13 RINL RashtriyaIspat Nigam Limited
14 MTPA Million Tons Per Annum
15 JV Joint Venture
16 EPS Earnings per Share
17 KHW Kilowatt Hour
18 Kgs Kilos Grams
19 ISPs Integrated Steel Plants
20 CS/M/Y Crude Steel/Man/Year
21 CPP Captive Power Plant
22 PSUs Public Sector Units
23 B2B Business to Business
24 Gol Government of India
25 Rs. Indian Currency (Rupees)

41 | P a g e
Steel Authority of India Limited
Balance Sheetof SAIL Mar '13 Mar '12 Mar '11 Mar '10 Mar '09
SourcesOf Funds
Total Share Capital 4130.53 4130.53 4130.4 4130.4 4130.4
EquityShare Capital 4130.53 4130.53 4130.4 4130.4 4130.4
Share ApplicationMoney 0 0 0 0 0
Preference Share Capital 0 0 0 0 0
Reserves 36894.11 35680.79 32939.07 29186.3 23853.7
RevaluationReserves 0 0 0 0 0
Networth 41024.64 39811.32 37069.47 33316.7 27984.1
SecuredLoans 8746.16 7481.91 11813.91 7755.9 1473.6
UnsecuredLoans 12754.41 8615.3 8351.58 8755.35 6065.19
Total Debt 21500.57 16097.21 20165.49 16511.25 7538.79
Total Liabilities 62525.21 55908.53 57234.96 49827.95 35522.89
ApplicationOf Funds
Gross Block 42461.1 41367.19 38260.6 35382.49 32728.69
Less:Accum. Depreciation 25683.7 24239.81 23180.54 21780.91 20459.86
NetBlock 16777.4 17127.38 15080.06 13601.58 12268.83
Capital Workin Progress 35890.85 28049.14 22228.43 15039.83 6544.24
Investments 718.36 684.94 684.14 668.83 652.7
Inventories 16008.21 13742.37 11302.79 9027.46 10121.45
SundryDebtors 4424.18 4761.32 4161.3 3493.9 3024.36
Cash andBank Balance 3850.35 6415.7 143.99 230.76 347.94
Total CurrentAssets 24282.74 24919.39 15608.08 12752.12 13493.75
Loans andAdvances 6549.11 5556.17 6175.81 5155.32 4292.5
FixedDeposits 0 0 17334.87 22205.61 17880.59
Total CA,Loans & Advances 30831.85 30475.56 39118.76 40113.05 35666.84
DefferedCredit 0 0 0 0 0
CurrentLiabilities 14976.39 14606.26 13994.33 13383.67 10201.51
Provisions 6716.86 5822.23 5882.1 6211.67 9408.21

42 | P a g e
Total CL & Provisions 21693.25 20428.49 19876.43 19595.34 19609.72
NetCurrentAssets 9138.6 10047.07 19242.33 20517.71 16057.12
MiscellaneousExpenses 0 0 0 0 0
Total Assets 62525.21 55908.53 57234.96 49827.95 35522.89
ContingentLiabilities 31283.83 31836.92 30519.8 28382.46 32193.13
BookValue (Rs) 99.32 96.38 89.75 80.66 67.75

43 | P a g e
Tata Steel
Balance Sheetof Tata Steel Mar '14 Mar '13 Mar '12 Mar '11 Mar '10
SourcesOf Funds
Share ApplicationMoney 0 0 0 178.2 0
Preference Share Capital 0 0 0 0 0
Reserves 60176.58 54238.27 51649.95 45807.02 36281.34
Networth 61147.99 55209.68 52621.36 46944.63 37168.75
SecuredLoans 4400.55 4311.02 4190.47 3509.18 2259.32
UnsecuredLoans 21726.23 21600.49 19503.35 22639 22979.88
Total Debt 26126.78 25911.51 23693.82 26148.18 25239.2
ApplicationOf Funds
Gross Block 39019.72 38056.28 23081.58 22497.83 22306.07
NetBlock 24265.75 24875.05 11366.26 11805.1 12162.44
Investments 54661.8 50418.8 50282.52 46564.94 44979.67
Inventories 6007.81 5257.94 4858.99 3953.76 3077.75
SundryDebtors 770.81 796.92 904.08 424.02 434.83
Loans andAdvances 5863.68 9587.82 8773.73 17052.84 6678.55
FixedDeposits 0 0 0 0 2733.84
Provisions 3807.86 3657.68 3917.54 4421.32 3303.68

44 | P a g e
NetCurrentAssets -10162.18 -2894.95 -1392.09 9110.49 1422.25
Total Assets 87274.77 81121.19 76315.18 73092.81 62407.95
BookValue (Rs) 629.6 568.46 541.81 487.55 418.94

45 | P a g e
JSW Steel
Balance Sheetof JSW Steel Mar '14 Mar '13 Mar '12 Mar '11 Mar '10
SourcesOf Funds
Share ApplicationMoney 0 0 0 529.38 0
Preference Share Capital 764.44 279.03 279.03 279.03 279.03
Reserves 23216.99 19374.19 17934.31 16132.71 9179.23
Networth 24284.18 19937.37 18497.49 17225.27 9706.34
SecuredLoans 16685.63 10991.55 9495.46 7675.82 8987.51
UnsecuredLoans 8289.35 5552.24 2806.76 4275.52 2597.59
Total Debt 24974.98 16543.79 12302.22 11951.34 11585.1
ApplicationOf Funds
Gross Block 49638.09 37558.49 35118.06 27407.35 21795.58
NetBlock 37295.08 27638.79 27117.62 21102.15 16866.14
Investments 4380.55 4636.06 4413.42 4098.81 1768.35
Inventories 6196.57 4799.1 5179.08 4138.41 2585.77
SundryDebtors 2218.74 1862.2 1362.06 838.65 563.25
Loans and Advances 11011.55 9202.87 6407.82 3324.43 2216.05
FixedDeposits 0 0 1698.13 1750.62 169.71

46 | P a g e
Provisions 384.39 341.56 259.82 397.4 264.22
NetCurrentAssets 726.06 -868.23 -3884.84 -2193.4 -4027.32
Total Assets 49259.16 36481.16 30799.71 29176.61 21291.44
BookValue (Rs) 973.01 881.08 816.54 735.8 504

47 | P a g e
Bibliography
1. Following books were referred for carrying out the project: -
1.1.Annual Report 2009-2010
 SAIL
 TATA Steel
 JSW Steel
 Ministry of Steel (Govt. of India)
1.2.Other Books
 Analysis of Financial Statements by T.S. Grewal
2. Following websites were referred: -
http://www.sail.co.in/investor.php?tag=investor_financials
http://www.sail.co.in/investor.php?tag=investor_performance
http://www.sail.co.in/aboutus.php?tag=dealersnetwork
http://www.jsw.in/companies/company_JSWSteel.shtml
http://www.jsw.in/investor_zone/financials_quarter.shtml
http://www.jsw.in/investor_zone/steel_presentation_analyst.shtml
http://www.moneycontrol.com/competition/steelauthorityindia/comparison/SAI
http://www.moneycontrol.com/india/stockpricequote/steellarge/tatasteel/TIS
http://www.moneycontrol.com/india/stockpricequote/steellarge/jswsteel/JSW01
http://www.tatasteelindia.com/
http://www.tatasteel.com/investors/performance/financials.asp
http://www.tatasteelindia.com/corporate/company-profile.asp
http://www.dnb.com
http://money.rediff.com/

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