Industry 2.0 October 2009 Issue by 9dot9 in

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EDITORIAL VOL. 09 | ISSUE 03 | OCTOBER 31, 2009

Managing Director: Dr Pramath Raj Sinha Printer & Publisher: Kanak Ghosh EDITORIAL Group Editor: R Giridhar

The Calm After the Storm

Assistant Editor: P K Chatterjee Sr. Correspondent: Satish Chavan Sub-Editor: Reshmi Menon DESIGN Creative Head: Kabir Malkani Art Director: Rohit A Chandwaskar Chief Designer: N V Baiju Illustrators: Shrikrishna Patkar, Chaitanya Surpur

R Giridhar editor@industry20.com

Photographer: Jiten Gandhi SALES & MARKETING VP Sales & Marketing: Naveen Chand Singh General Manager: Nabjeet Ganguli National Manager - Events & Special Projects: Mahantesh Godi Business Manager - Engagement Platforms: Arvind Ambo (09819904050) Assistant Brand Manager: Arpita Ganguli Co-ordinator Ad Sales: Aatish Mohite Bangalore: Vinodh Kaliappan (09740714817) Coimbatore: D K Karthikeyan (09843024566) Delhi: Pranav Saran (09312685289) Kolkata: Jayanta Bhattacharya (09331829284) Mumbai: Sachin N Mhashilkar (09920348755) PRODUCTION & LOGISTICS Sr. GM Operations: Shivshankar M Hiremath Production Executive: Vilas Mhatre Logistics: MP Singh, Mohamed Ansari, Shashi Shekhar Singh OFFICE ADDRESS Nine Dot Nine Interactive Pvt Ltd C/o KPT House, Plot 41/13, Sector 30 Vashi (Near Sanpada Railway Station), Navi Mumbai 400703 For any information, write to info@industry20.com For subscription details, write to subscribe@industry20.com For sales and advertising enquiries, write to advertise@industry20.com Printed and published by Kanak Ghosh for Nine Dot Nine Interactive Pvt Ltd C/o KPT House, Plot 41/13, Sector 30 Vashi (Near Sanpada Railway Station) Navi Mumbai 400703 Editor: Anuradha Das Mathur C/o KPT House, Plot 41/13, Sector 30 Vashi (Near Sanpada Railway Station) Navi Mumbai 400703 Printed at Silverpoint Press Pvt. Ltd, Plot No. A-403, MIDC, TTC Industrial Area, Mhape, Navi Mumbai 400709.

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ver the past few weeks, I have had the opportunity to meet many readers of this magazine, and to ask them about how their companies are doing. Many were optimistic about the state of the economy, and said that they were ramping up production to meet demand. I also found that there is also a growing realization that the global recession has changed the very dynamics of both markets and supply chains. The global recession has created new business opportunities. Many senior executives recounted how international companies, in their quest to cut costs and conserve resources, have been actively seeking collaborators, contractors and suppliers from India. Local companies that have been agile and innovative have managed to swiftly capture these opportunities to grow their revenues, or offset declines in the domestic market. The good news is that there is lots of business out there, even for small companies. We conducted a survey amongst the manufacturing community, and found that product quality and technology were among the top concerns. Respondents reported that customers are becoming increasingly quality conscious, even while demanding lower and lower prices. This is compelling producers to place a higher focus on getting it right the ﬁrst time—and avoiding waste and re-work. Manufacturers are also actively exploring new materials and technologies that can help deliver higher quality. Another large contributor to manufac-

INDUSTRY 2.0

turing quality is technology. Companies are increasingly looking at automated tools and advanced machines that can ensure better output—at greater volumes. Many are adopting CAD/CAM software, and are collaborating with customers on the design of products right from inception. From mere suppliers they are becoming strategic vendors. Senior executives are also actively considering implementing a wide range of IT solutions that could help their organizations compete more effectively in the marketplace. The recession has also helped many companies manage costs better. For one, prices of input commodities like metals, plastics, lubricants and other consumables were tempered by diminishing demand. With many global companies making distress sales, opportunistic sourcing also enabled producers to control costs and boost their bottom lines. But, tough times have also compelled many organizations to take a long, hard look at their total production costs. They have streamlined or eliminated existing operations, reduced waste and re-work, adopted new materials, re-jigged designs to reduce material consumption, and innovated on production methods to boost output or reduce the need for labour. Organizations have also used the recession to reduce their product lines, and to prune the supplier base. Companies that have made these kinds of fundamental changes are well placed to beneﬁt from the incipient upturn. How have you changed your organization? Write in, and let me know.

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CONTENTS IN CONVERSATION

18 Makrand Rajguru Director of Engineering Precision Automation & Robotics India

Methodology ..............................................................................................30 Top 500 SMBs ............................................................................................32

Cover Design: Anil T

Sunil Sikka, President, Havells India .......................................................80 Ajay Das, Managing Director, Timken India .............................................82 Sector Reports ...........................................................................................85

COVER STORY 10 Out of Focus Indian manufacturing needs to focus on machine vision.

INFORMATION TECHNOLOGY 21 Artificial Intelligence in Manufacturing Artificial intelligence can build highly efficient support functions like invoice management.

IN CONVERSATION

SUPPLY CHAIN & LOGISTICS 26 Managing Inbound Transportation Inbound transportation cost can be reduced to a great extent by following some basic principles.

80 Sunil Sikka President Havells India

OCTOBER 31, 2009 | INDUSTRY 2.0

82 Ajay Das Managing Director Timken India

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DEPARTMENTS 03

Editorial

Industry Update

Advertiser Index

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INDUSTRY UPDATE Energy Demand in Asia-Paciﬁc to Rise

Fossil fuels like oil and natural gas will play a vital role in meeting energy demands in 2030.

he energy demand in the Asia and Pacific region is expected to further rise and the region will have to invest between $7 trillion and $9.7 trillion from 2005 to 2030 to meet the growing demand. This was stated in a recent report released by the Asian Development Bank (ADB). The report adds

that the regional energy demand for the Asia and Pacific regions is expected to grow 2.4 per cent per year between 2005 and 2030, outpacing the world average of 1.5 per cent. Meanwhile, about 80 per cent of the region’s energy needs in 2030, would have to be met by fossil fuels—coal, oil and natural gas. The report also states that net oil imports are also likely to rise, nearly doubling the 2005 level by 2030. The report, jointly published by ADB and the Asia-Pacific Economic Cooperation, was launched together with another report, Energy Statistics in Asia and the Pacific (19902006), during the Pacific Energy Summit. The two studies were undertaken by the Asia Pacific Energy Research Centre of The Institute of Energy Economics of Japan.

MSME Sector on Recovery Path

he Indian micro, small and medium enterprises (MSMEs) have registered good growth during the second quarter of 2009-10. This was revealed in the MSME outlook survey, conducted by the Confederation of Indian Industry (CII). The survey analysis for the second quarter of 2009-10 (July – September) highlighted that 45 per cent respondents registered an increase in their turnover, 42 per cent witnessed an increase in their production and 38 per cent recorded a rise in their order booking as compared to the results of the ﬁrst quarter of 2009-10.

R&D Spending Rises during Recession

espite the economic recession, the world’s 1,000 largest publicly traded corporate research and development (R&D) spenders increased their spending on R&D in 2008. This was stated in a recent study conducted by global management consulting firm Booz & Company. The study, the fifth annual analysis of global innovation spending, noted that R&D outlays for these companies grew by 5.7 per cent to $532 billion. While the increase in

OCTOBER 31, 2009 | INDUSTRY 2.0

2008 R&D spend was less dramatic than 2007’s gain of 10 per cent, it was just slightly less than the 7.1 per cent global five-year compound annual growth rate (CAGR) for R&D. The study looked at R&D spending and its link to corporate performance. More than 90 per cent of those surveyed said that innovation is significant and fully 70 per cent of respondents stated that their companies are either maintaining or increasing their spending on R&D in 2009.

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SKF Targets Asia Paciﬁc

KF is planning to strengthen its focus on the Asia Pacific region. The company recently appointed Rakesh Makhija, presently managing director, to oversee business opportunities in the region. Makhija will be based in Shanghai. The Asia Pacific region recently replaced North America as the second largest revenue generator for SKF after Western Europe, contributing 19 per cent of the group’s global revenue in 2008. The company is therefore focusing on Asia to grow both in sales and development. SKF is currently setting up two new manufacturing units in Ahmedabad and Haridwar with a total investment of Rs 450 crore. The Ahmedabad unit has commenced production of large bearings for the railways and will later focus on wind energy sector, whereas production at Haridwar plant is expected to commence from end of January 2010. SKF has signed a five-year contract with Hero Honda to provide bearings.

Dassault Launches SolidWorks 10 Suite

assault Systemes SolidWorks has introduced the SolidWorks 2010 suite, a new set of software products that optimize and make seamless and watertight the core product design functions, which make designers and engineers successful. “Our core objective is to optimize the core design functions and to improve the design experience,” said Ved Narayan, vice president, Asia Paciﬁc Operations, Dassault Systèmes SolidWorks. The product line includes Premium CAD software, Simulation Premium, Enterprise PDM, 3DVIA Composer and Solidworks Sustainability. There are over 200 enhancements in the SolidWorks 2010 product line, and about 90 per cent of the enhancements were direct requests from customers, said Narayan. The key beneﬁts of the product line include easy installation, intuitive user interface and an improved environment for visualisation, rendering, collaboration and data sharing.

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INDUSTRY UPDATE MNRE to Boost Wind Energy Sector

Courtesy: Suzlon Energy

inistry of New and Renewable Energy (MNRE) is planning to introduce (energy) generation-based incentive (GBI), which is expected to attract foreign direct investments (FDIs) and independent power producers

Ten Indian states have already declared wind energy policy, and eight states are active in implementation with Tamil Nadu topping the list. (IPPs) in the wind power sector. Contextually, ten Indian states have already declared wind energy policy, and eight states are active in implementation with Tamil Nadu topping the list. Technology, re-powering, harnessing untapped off-shore potential and furthering wind resource assessment can play a key role in

India’s effort to provide energy to its ever growing demand in an economy—which will boom, and at the same time combat climate change, says a recent report. The report, jointly published by the Global Wind Energy Council (GWEC) and Indian Wind Turbine Manufacturers Association (IWTMA), examines the potential of wind power in India up to the year 2030. This also explains how India can provide up to 24 per cent of India’s power needs by 2030. The report covers three different scenarios, namely, normal or reference, moderate and advanced. Steve Sawyer, secretary general, GWEC, said, “Wind energy can be deployed at a very large scale in a very short period of time, keeping in mind India’s own ambitious plan of achieving 10 per cent of energy through renewable energy sources by 2020, and 20 per cent by 2030. MNRE has played a major role in long term policies such as preferential feed-in tariff and GBI, when introduced—they can make a real difference in improving India’s energy independence.”

EIB to Part-ﬁnance VW Manufacturing Unit

uropean Investment Bank (EIB), a financing institution promoting European objectives, has signed a finance contract with Volkswagen (VW) India, a subsidiary of the VW Group. As per the contract, EIB will lend EUR 100 million to VW India to part-finance a new car manufacturing facility in Maharashtra, where VW India will produce three models of small cars specifically adapted to the Indian market. The new cars will be equipped with modern engines, providing low-emission technology compatible with the local fuel quality. The project will enable VW to manufacture in India vehicles that comply

OCTOBER 31, 2009 | INDUSTRY 2.0

with tighter legislation on emissions of greenhouse gases that will be introduced by India from April 2010 onwards (Euro 4-equivalent to be introduced in Delhi and 10 other major Indian cities). EIB is extending the loan in the framework of the current lending mandate for Asia and Latin America (ALA IV), covering the period 2007 to 2013. Under this mandate, the EIB is authorised to lend up to EUR 3.8 billion for financing operations which support the EU’s presence in those regions through foreign direct investment or the transfer of technology and know-how, or which contribute to environmental sustainability.

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Aureos, ePlanet Invest in Continental Warehousing

ureos India Fund and ePlanet Ventures have invested $16 million in Indian container logistics and warehouse management services company, Continental Warehousing Corporation Nhava Seva (CWCNSL), which is a part of the NDR Group. Aureos India Fund has put in $10 million in CWCNSL, while ePlanet Ventures has invested $6 million. CWCNSL is planning to use the investment to increase the number of container freight stations it operates, and to extend its warehouse management solutions business to offer a ‘port to store’ service comprising transportation and cargo services. Aureos India Fund is an initiative of Aureos Capital, a private equity fund management company, specialising in investing in small to mid-sized businesses in emerging markets. ePlanet Ventures is a global venture capital and private equity ﬁrm headquartered in Silicon Valley.

Sagar, Vicat to Commence Work on Cement Plant

he construction work on the cement plant of Sagar Cements and Francebased Vicat Group is likely to commence shortly. The company has already acquired 1,600 acres of land in Gulbarga, Karnataka, and is awaiting registration approvals from the Government for another 1,200 acres of land, which will be used for the second phase of the plant. The Rs 2,500 crore cement plant will have a capacity of 5.5 million tonnes. The plant is being built as a joint venture pact signed between the two companies last year, with them holding 49:51 per cent stake in the plant. The ﬁrst phase of the plant will involve an investment of Rs 1,650 crore, out of which Rs 1,000 crore will be debt and Rs 650 crore equity. The new plant is scheduled to commence operations by September 2011, with the second phase likely to be operational by 2014.

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COVER STORY

OUT FOCUS of

Given the new imperative of consistent product quality to compete in a globalised economy, Indian manufacturing needs to focus on machine vision, and leverage it to build a reputation for quality. BY SATISH CHAVAN

OCTOBER 31, 2009 | INDUSTRY 2.0

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onsistent product quality is emerging as an important imperative for Indian manufacturing—as it integrates more with the global economy. This is especially so in export oriented industries like automotive components, pharmaceuticals, and textiles, where outsourcing from India is increasing. Most modern quality control techniques invariably involve inspection with the help of machine vision (MV). “Online quality check is one of the most useful and powerful applications of MV. It enables the operator to take timely online corrective measures and save further waste. MV also saves time on offline quality checks, and still assures the product quality,” opines Nitin Patwardhan, director at systems integrator Propix. While the use of MV for quality control in Indian manufacturing is not so widespread, the problem is further compounded by a very poor awareness among Indian companies about the benefits of using MV. “Since machine vision is a relatively new technology in India, a large fraction of potential users are yet to understand and get familiar with this technology. There is a basic reluctance to invest in this new and unfamiliar technology,” informs Dr Ganesh Devaraja, managing director of Soliton Technologies.

IMPORTANT APPLICATIONS OF MV Veriﬁcation of absence/presence Quality inspection

A laser camera uses 3D vision to measure prefrabricated machine parts. WWW.INDUSTRY20.COM

PICTURE COURTESY: PRESSEBOX

Measuring and comparing 2D Colour inspection Pattern recognition Label (bar codes) and packaging inspection Surface inspection Vision guided robot applications PCB circuit inspection Board alingment in SMT

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- TECHNOLOGY MANAGEMENT FOR DECISION-MAKERS | OCTOBER 31, 2009

COVER STORY Anish Soneja, co-founder of Imaging Association of India (IAI) and CEO of Menzel Vision & Robotics says, “Signficantly, only 30 per cent of sales of MV products is directly to end-users, the balance 70 per cent is sold to machine builders, OEMs, and system integrators.”

Machine Vision: A Conﬂuence of Technologies

A Nascent Market

According to the Imaging Association of India (IAI), the market for MV in Indian manufacturing industries is expected to grow exponentially in the near future. From Rs 34 crore in 2008, the MV market in India is expected to touch Rs 1,000 crore during 2010. The expectation of phenomenal growth is based on the fact that penetration of MV in India’s manufacturing sector is very low. Currently, only a few big companies in exporting industries like auto components, textiles, and pharmaceuticals, use MV for quality control. This reveals a latent market waiting to be tapped to its full potential. “The adoption of MV systems in Indian manufacturing is slowly increasing. But, we need more success stories for end-users to be convinced. If we can demonstrate few types of standard inspections to prospective customers, the chances of converting their requirements to actual projects are very high. But this needs a lot of investment in time and money,” laments Kannan Paulraj, CEO at systems integrator Procyon. However, “The acceptability of MV in manufacturing industries is growing continuously due to the need of maintaining consistent quality, and meeting the regulations laid down by regulatory bodies in India,” counters Rohit Bansal, country manager of Omron. The CEO of Lucid Imaging, Anand Chinnaswamy concurs, “The situation is changing. With more OEMs catering to the export market, quality heads their list of priorities. Also, more small businesses are willing to learn MV and apply it to add value to their respective businesses.” While 73 per cent of the installed MV base in Indian manufacturing shows a preference for PC based solutions, in contrast to the global trend, only 27 per cent of Indian companies use smart camera solutions. Although there are plenty of home grown MV companies like Soliton Technologies and PARI, alongside major global MV OEMs like Cognex, Menzel, and Omron, the Indian market is still an immature one. The biggest problem is a severe shortage of system integrators. “The growth of system integrators is not fast enough to grow the market, and so this becomes the primary bottleneck between the companies selling components and end-users requiring solutions,” says Dr Devaraja. System integrators are having to grapple with the problems of an immature industry. There is very little

OCTOBER 31, 2009 | INDUSTRY 2.0

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ill the end of the 20th century, MV was more an idea than a reality. With an eye on solving major problems of quality control and speeding up production cycles, many verticals in the manufacturing sector were waiting for MV to become applicable and affordable. Everyone could see the advantage of using cameras for quality control and accelerating the production line, but till recently MV technology failed to perform these tasks. However, a convergence of technologies; like advances in CPU and improvements in computer bus bandwidth, and advances in algorithms, have now made low-cost PC-based vision systems a reality. Performance gains in the latest CPUs are a good example of this. Originally developed for multimedia applications, Intel’s MMX technology has cranked up computing speeds by 400 per cent. Similarly, other machine vision functions have significantly improved performance; such as in filtering, thresholding, algorithms, and pattern matching operations. The most important parameters driving innovation in MV technology today are; speed, cost, accuracy, and robustness. Cutting edge developments in MV have always been driven by a combination of these four elements. But there’s always been a trade-off between these elements. Improvements in one aspect have always been at the expense of one other factor. Such as more accuracy was achieved at the expense of reduced processing speeds. However, new developments in smart cameras and increasing processing power in CPUs are diminshing these tradeoffs between complimentary functions. High performance and low cost are no longer mutually exclusive. Now, smart cameras integrate all functionalities of MV into a compact embedded unit, disposing away the need for separate image processing and control hardware. Smart cameras can now save a specific configuration to operate in a stand alone mode.

understanding of MV among customers. But as system integrators and end-users are gaining more experience, project timelines and costs are becoming more practical. Most integrators now insist on getting more representative sample sets during the initial study and development, and customer expectations are being set more realistically before the start of a project. “The technology behind vision based inspection is maturing. But the techniques of practical implemen-

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PICTURE COURTESY: FANUC

A 6-axis top loader robot for machine tending applications.

interface with any platform irrespective of the OS and the processor. Smart cameras are also available with dynamic range of over 120dB to see details—which were invisible with earlier CCD cameras using a 60dB dynamic range.

compared to the complexity of area scan solutions. Hence, line scan cameras are replacing the traditional area scan cameras. Apart from its efﬁcient conﬁguration, line scanning technology is spawning newer and faster inspection and alignment techniques. A line scan camera can scan a moving tray of parts, allowing parts to be examined together to speed up processing time.

Innovative Algorithms Evolution of MV Platforms

Integrating Vision and Motion

There is now a gradual shift to Windowsbased systems to provide standard interfaces, components, and design rules. Now, a smart camera takes a picture and delivers it to a board that plugs into a bus on the PC. “In recent times smart cameras have been the preferred configuration for the deployment of machine vision systems in the manufacturing industry,” comments Dr Ganesh, of Soliton Technologies, which recently released its latest version of Soliton Vision Artist (SVA), an all-in-one software to configure camera settings for specific applications like barcode readers, OCR (Optical Character Recognition) and OCV (Optical Character Verification), to control actions for PLCs, conveyors, alarms and PCs connected to various ports like RS232 serial port, ethernet port, digital output lines, and composite videos. This shift in embedded systems has acrrued steady increases in system performance, and a major reduction in cost. Complicated image processing functions are now performed by field programmable gate arrays (FPGA) to improve performance. Regardless of the platform design, most MV solutions now use either embedded systems or board-level products, freeing the CPU for more advanced image processing. Also, cameras are getting smaller to fit in the smallest of spaces. GigE interface and USB technology are allowing cameras to

Control systems are another major issue in MV technologies. Current alignment systems contain a vision board and motion board. There is no pre-deﬁned connection between vision and motion, which needs to be customised to individual user requirements. Currently, vision and motion aren’t calibrated to integrate, it is a task left to the customer. The emerging trend here is for vision and motion to be coupled together. Both are supplied either as a single board or as an embedded solution, depending on the level of performance required. Integrating the vision and motion systems into a single product will enhance its speed and accuracy, and cut costs further. This eliminates delays and inefﬁciencies that occur when integration and calibration are the customer’s responsibility, which is another cost saver.

Line Scan v/s Area Scan Compared to area scan cameras, the better option today is a line scan camera, which captures the entire object line by line to build an image and feed it into a frame grabber for input to the PC. The advantage of choosing line scan cameras is that they are cheaper than area scan cameras. Normally, several area scan cameras are required to provide the same coverage. The advantage of line scan is its simplicity,

According to popular perception, vision systems are difficult to program and too rigid to adapt to new changes. However, intelligent algorithms are now making MV systems easier to program, and adapt more readily to new changes in its operating environment. The new algorithms come in various forms; like neural nets, artificial intelligence, and geometric correlation. These algorithms enable factory inspection to adapt to changes in colour and shape of the parts being inspected in a much more robust way. But there are tradeoffs here; such flexible and intelligent algorithms require more processing horsepower.

Optical Comparators The most important trend in optical comparators now is the powerful Digital Readouts (DRO). PC based readout systems are now available. They are equipped with better optics, readout devices, software interfaces, geometric measuring capabilities, and screens ranging in size from 12 inches to 40 inches. They also provide horizontal and vertical orientations for the light path, depending on the ﬁnal application. Also, hybrid comparators are now available with video adaptors to create a videobased measuring system with superior light transmission of a video zoom lens and magniﬁcation, which is beyond the range of most older comparators.

COVER STORY tation are not yet matured. The trial and error method used by many integrators cause budget overruns and delayed timelines. System integrators need to learn the techniques of selection and implementation in a cost effective and reliable manner. This is a learning process needing time and investments. Maturity of the Indian MV market will take a few more years,” remarks Paulraj. While the MV industry in India is spawning more system integrators, there is an urgent need to disseminate information on MV applications among end-users in the manufacturing sector, to promote its wider usage for quality control and increasing productivity.

Leveraging Machine Vision The most important virtue of MV is that it never ‘relaxes’ and operates 24x7 at high speeds. Manual inspection cannot maintain this consistency where

reliable and repetitive inspection is impossible due to human fatigue. A proper use of inspection cameras at various stages of production can accelerate production cycles while maintaining product quality and saving costs. “Vision based poka yoke saves costs by preventing value adding operations from being performed on defective parts,” says Dr Devaraja. Industries bound by regulations (such as pharmaceutical and FMCG) and those driven by high quality demands combined with high volumes (automotive), are the primary verticals where demand for MV applications is the highest. MV systems are used for automated inspection and for part tracking to meet regulatory directives. Especially, electronics, printing, and packaging industries have requirements which can be best met by using vision based automated and semi-automated inspection systems.

“THERE IS

A NEED

TO EDUCATE

END-USERS” The Imaging Association of India (IAI), is a ﬂedgeling institution taking up the difﬁcult task of spreading awareness of machine vision (MV) among Indian manufacturing industries. During an interview with Industry 2.0, Managing Director of Soliton Technologies and a co-founder of IAI, Dr Ganesh Devaraja, discusses the MV ecology in India, and initiatives launched by the Association to increase the penetration of MV among Indian companies. How mature is the machine vision ecology in India? Machine vision is a relatively new technology in India. Hence, potential users are yet to understand what

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During recessionary times, MV can help manufacturers make quality products at less cost. “In a time like this, vision and automation can help manufacturers significantly; in reducing costs, eliminating waste by detecting defects during the process of making a part before further value is added. It simplifies changing over from one product to another and eliminates the need to hard tool or to fix a production line to one specific product. This provides the manufacturing flexibility required to keep overall manufacturing costs down,” says Justin Testa, executive vice president at Cognex Vision Systems. According to B K Verma, deputy manager of process engineering at Bajaj Auto, “By using MV we have eliminated manual activities like inspection, detection of correct position and proper loading etc., which has reduced track time and improved our utilization of machines.” In the pharma sector, MV systems are

machine vision can and cannot do! Also, how much time and money would it take to develop and implement a reliable and robust solution? There is an acute shortage of experienced machine vision systems integrators too. Manufacturers and distributors of machine vision components—like smart cameras, optics, lighting, frame grabbers, and software libraries, are therefore faced with the need to educate the system integrators and end users. MV companies have undertaken this activity by conducting seminars and full fledged training programmes. The recently established Machine Vision Centre of Excellence, at the Rajlakshmi Engineering College in Chennai, has undertaken this mission in a very significant way. These training programmes focus on exposing customers to the capabilities of MV, and how it can be used effectively by manufacturing companies—to improve quality and productivity. MV applications are already starting to mature in verticals like automotives and pharmaceuticals. What is the extent of penetration of MV in India’s manufacturing sector? The SME sector in general is not very receptive to new automation technology. There are definitely a set of SME

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also being used for inspecting ampoules and vials that contain transparent liquids, to detect impurities which could have disastrous consequences. Among emerging applications, apart from online tracking of parts for faults, the most important trend is the use of MV systems to monitor plant and equipment by analyzing statistical process control (SPC) data over time, and analyzing it to reveal gradual deterioration of manufacturing assets across their life cycle. For instance, an automated machine tool will eventually pose quality issues as the tool head wears over time. Another important application of MV is in reverse engineering, by using infra red technology. Commenting on future trends in MV applications, Testa says, “In MV applications we’re seeing that as larger substrates and products like solar cells and flat panels emerge, the need to look at larger areas and inspect

companies, which adopt new technologies as fast as, or even faster than, larger companies. But in general, the SME companies want to try out solutions using manual methods that are less capital intensive. On the other hand, the large companies that are in industries demanding high quality—are preferring to go for automation due to labour shortage, difﬁculty in managing a larger labour force, or to reduce undue dependence on specialized skills to ensure quality. With major industries like automotives and pharmaceuticals becoming more and more export driven, there is a surge of interest in inspection systems that ensure the quality of manufactured goods, and for automated manufacturing to increase throughput. Companies are also increasingly adopting vision based inspection systems to comply with regulations. These companies in turn also urge their suppliers to implement inspection systems in their factories, to ensure the quality of incoming goods that go into the next level of assembly. This chain reaction is driving faster adoption of vision based inspection systems in the SME sector, which is raising their quality standards. Has IAI launched any initiative to

INDUSTRY 2.0

increase awareness of the beneﬁts of using MV? The Imaging Association of India has been established very recently, and we are busy inviting MV companies to join the Association right now. We hope there will be good response to our invitation from MV companies in India. In fact, the IAI has been given a complimentary stall at Vision 2009 at Stuttgart, Germany, which is the world’s leading machine vision exhibition. The IAI will soon launch initiatives to increase the awareness of machine vision and imaging among Indian industries. What are the major problems faced by MV companies in India? How can those be resolved? The major problems faced by Indian MV companies include—a general lack of awareness about machine vision technology, and its applicability to address various quality issues in industries. Therefore, educating the user industry is the ﬁrst task to be taken up by the IAI. Training and increasing the pool of competent system integrators is another important need of the hour. The IAI will create a lot of opportunities for knowledge and information sharing among its members—to foster growth of the machine vision and imaging industry in India.

- TECHNOLOGY MANAGEMENT FOR DECISION-MAKERS | OCTOBER 31, 2009

PICTURE COURTESY: PARI

COVER STORY

Using machine vision for inspection

very small defects is driving towards defect inspection. There’s now a need to integrate high resolution cameras with even illumination and high speed processing power and vision software tools that can do defect detection and classification. So, this is an MV application area that (we see) is growing.” According to Chinnaswamy, “With the advent of faster cameras with higher frame rates and improved processing capabilities of computers that can churn out more data in less time, MV systems can now accelerate production cycles that are in fact limited only by the mechanical process, and not by the MV system. The benefits of this are obvious; 24 x 7 operation of the inspection system, consistent results over a longer period of time, better accuracy than human inspection, and production speeds that can go up to several hundred parts per minute.”

Users’ Demand The automotives, electronics, and pharmaceutical industries are among the most demanding users of MV. According to the production incharge at Flash Electronics, Amit Jaitley, “The biggest problem of using MV is the varying light intensity due to the reflecting (white) light while inspecting a circuit. This causes confusion while recognising a pattern, especially in gold plated PCBs.” In automotives, Verma

OCTOBER 31, 2009 | INDUSTRY 2.0

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says, “Our biggest problem is variations, it can be in any form; component, or fixture, or in lighting.” In pharmaceuticals Cinnaswamy says, “There were challenges like identifying a chip off from the top surface of a tablet, inspecting tablets in foils, etc. But with improved technology, these have been addressed.” End-users are also demadning new features in MV. “We would like compact hardware with powerful memory and processing speeds, which is modular. The software should be user friendly with drop down and flow diagrams, and PC based systems should have flexibilty with model variation and inbuilt I/O handling for user interfacing,” stipulates Verma. He adds, “OEM suppliers should also give quick response during equipment failures, provide adequate training to users, and have ready availability of spare parts.” There are two major factors inhibiting wider adoption of MV in India’s manufacturing industries. The more inhibiting factor is a lack of awareness of the benefits of using MV. The other inhibitant is the cost factor. While the IAI and individual companies have launched major initatives to disseminate information about MV among prospective user industries, the perception of MV requiring major capital investments needs to be changed by looking at the ROI in the long run.

Conclusion The first generation of MV systems required stand-alone hardware (and software support) which cost a lot. The next generation of PC based systems have reduced the cost factor substantially. Now, with advances in miniaturisation in electronic circuits and improvements in raw processing power of CPUs, the next generation of stand-alone ‘smart cameras’ have become even more cheaper. Coupled with a complete awareness of the benefits of MV, falling costs of components will stimulate a wider penetration of MV in Indian manufacturing.

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COVER STORY

“MACHINE VISION HAS USHERED IN A GOLDEN PERIOD FOR ROBOTS” A well known supplier of robots, machine vision, and automation products in India and abroad, the Rs 200 crore Precision Automation & Robotics India (PARI), has eight manufacturing facilities across the world. In an exclusive interview with Industry 2.0, the company’s Director of Engineering, Makrand Rajguru, focuses on the latest developments in robot vision and its emerging applications. What are the emerging trends in robot vision technology, especially advances in 3D vision? Developments in machine vision technologies for robotics are now matured enough. These are ready to be used in industrial environments for many applications. During the last five to six years, much research and developments have taken place in robot vision systems. I think this is a golden period. Now, most of the commonly used vision algorithms are available off-the-shelf for variety of applications

OCTOBER 31, 2009 | INDUSTRY 2.0

with vision systems. They are all preconfigured; one only needs to select the proper algorithm, define it, and directly interface it with the robot. There is no need for any R&D to customise applications anymore. Basically, 3D vision can now be used for palletising, pick-and-place, online tracking and packaging. Other important use of 3D robot vision is in gauging, inspection, reverse engineering, putting together complex assemblies and critical medical surgeries. Seam welding is one of the major

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applications now. Positional inaccuracies from the handling system and component variance can now be directly compensated by vision systems. Complex weld path programming can be simplified with this. The technology gives better quality and higher productivity. It also lowers production costs due to fewer rejects and field complaints. Tell us about the major developments for coordination between robot vision and control systems.

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INDUSTRY 2.0

- TECHNOLOGY MANAGEMENT FOR DECISION-MAKERS | OCTOBER 31, 2009

COVER STORY The most important development in this area is of real time control. You can track everything in real time, such as in welding applications. The robot corrects errors in real time during the welding process in just a few milli-seconds. Real time applications are also specifically used in 3D inspection (for surface), part orientation and general inspection. They find application in reverse engineering now, where they provide practical 3D data to inspect complex assemblies for any faults. In conjunction with control systems, robot vision helps in path planning and location mapping of parts for proper orientation. Another important development in robot vision coordinating with control systems is—navigation of the robot’s movements on the shop floor. If you define a path for the robot and there are changes in the path, the vision system will navigate the robot around it. There’s also research on high speed robots with a closed feedback loop for real time applications. People are working on open

OCTOBER 31, 2009 | INDUSTRY 2.0

robot controller systems where they can integrate all these developments. What are the latest developments in CPUs and other hardware, in terms of processing speeds? Mostly digital smart cameras are being used for this. These cameras have built-in vision processors and advanced algorithms for image processing. All the hardware like processors etc., are contained in the cameras as embedded systems. Their outputs— like coordinate measurements—are fed directly into the robot. The processing and feedback speeds are increased 10 times, which make it on-the-fly. Importantly, now there’s a trend towards miniaturisation and embedded systems by using nano technology. The hardware is getting more and more sophisticated. What are the latest developments in articiﬁcial intelligence for robot vision, especially algorithms? The most important trend here is of interfacing different software seam-

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lessly across different types of robots. Since machine vision technology is still developing, there is plenty of work being done on interfacing seamlessly with different kinds of software, and across a wide range of hardware. This is mostly focused on controllers for different types of vision systems, depending on individual requirements of the robots. People are working on this in parallel across each other’s products. Vision system developers are coordinating with robot manufacturers to this end. Companies are now developing open control systems to connect seamlessly across different brands, where anybody can integrate with anybody – and develop the required application. There are more capsule-based programs. These days, robots and vision systems have different algorithms of their own. They (algorithms) are now more application specific, and are plug-n-play type. As a result, the latest vision systems are getting increasingly smarter.

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Illustration: Shrikrishna Patkar

INFORMATION TECHNOLOGY

Adopting

Artiﬁcial Intelligence in Manufacturing

Manufacturing organizations have often been on the forefront of innovation. Artiﬁcial Intelligence can go beyond making machines smart, and build highly efﬁcient support functions—like invoice management. BY BRIAN LOBO

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INDUSTRY 2.0

- TECHNOLOGY MANAGEMENT FOR DECISION-MAKERS | OCTOBER 31, 2009

INFORMATION TECHNOLOGY

he manufacturing industry in India is riding the crest of an upswing in demand from a wide range of user industries. This demand is driven by the burgeoning spends on infrastructure as a result of the booming economy. Such demand-driven success notwithstanding, manufacturing organizations need to continuously improve their processes and operations through innovation. Success in a manufacturing scenario—as the Japanese showed the world—is not just about sales and marketing, but also about operational efficiency, productivity, speed and turn-around times, customer service and supplier relationship management. When it comes to building efficiency and productivity into their systems and processes,

invoices submitted without purchase orders, cost center errors, duplicates, errors in purchase order allocation and mis-matches in freight, are but a few of the invoice management issues. The effort and time required to remedy errors in invoice processing are huge and disproportionate.

Artiﬁcial Intelligence: A New Paradigm Artificial intelligence used in the processing of information together with a web-based workflow system is an innovative method of minimizing invoice management problems. It uses the best of tools available for a manufacturer. From the standpoint of improving efficiency and saving costs, it can have incremental benefits. In some cases where thousands of invoices are

The beauty of artiﬁcial intelligence is that it recognizes patterns, differentiates and analyzes information. It can be trained and conﬁgured to meet the users’ needs. manufacturing organizations need to look beyond the supply chain. There are a range of supporting functions like procurement, transportation logistics, finance, accounting and taxation, that are critical and integral to the manufacturing organization’s sustainable profitability. Case in point is invoice processing, a tedious, manual activity prone with errors, multiple layers of approvals, with scope for fraud at each level. A manufacturing organization’s operations face the danger of being affected due to glitches in the invoice processing function. Suppliers may delay or withhold crucial parts affecting the entire operations. Errors in quantity or quality shipped or the price of the goods, inadequate approvals, invoice disputes due to wrong credits and payments,

OCTOBER 31, 2009 | INDUSTRY 2.0

processed daily, cost savings are as much as 50 per cent, manpower reduction from 10 to 2, and time for processing down from the original two weeks to the muchimproved two to three days. This innovation also has the added advantage of integrating with the existing enterprise applications like SAP, SCM and CRM. Artificial Intelligence (AI) used for processing information on documents is a divergent view from a robot environment that manufacturing units typically envision. Machine learning has mostly been used in CAD / CAM tools to improve architecture or reduce design costs. ‘Smart’ in manufacturing has been limited to intelligent modules that communicate with each other and collaborate. The beauty of artificial intel-

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ligence is that it recognizes patterns, differentiates and analyzes information. It can be trained and configured to meet the users’ needs. In the context of processing information, it enables a PC to do whatever humans do with paper, using natural language processing. This is ideal for processing any type of documents, whether unstructured, semistructured or structured. Invoices typically fall under the category of semi-structured or unstructured documents, which do not follow a standard template, and thus increase substantially the scope for errors if done manually. To be effective, the AI solution needs to have business rules built-in, which uses fuzzy logic and image topography analytics. It needs multiple validations for data, and fields for seamless validation of output data – based on in-built rules and customized set of validations, and a confidence level. A fully-automated invoice processing and management solution may not suit the needs of many manufacturing organizations. The ‘confidence level’ thus acts as a provision for user intervention, which is asked for if the confidence level for a particular field is below the accepted limit. An information processing solution needs in-built automation that enables intelligent rendering of conventional pre-processing operations like de-speckle, de-skew, rotation and de-size. Through micro-registration of structured forms (for instance, boxes), the solution should be able to align such forms and identify them to standard orientation—if they lose alignment while scanning. It needs to identify and restore document integrity. This means that if the captured loads have instances—where the documents have irregular page sequences or page numbering errors, the solution should

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recognize these documents and re-sequence the pages / images (if needed), thereby establishing document integrity In the case of the intelligent web-based workflow system into which the captured and processed information enters, it should have an automatic routing or manual routing of invoices for approval. This really depends on such facts as the user, the type of invoice, amount of invoice and the speed at which it should be processed. Invoices in this system should be capable of being tracked at any point in the approval process, and it should also allow status change and reporting in real-time. An added feature can be access of the invoice image online with notes attached to the invoice. The web-based system goes a long way in improving supplier relationships—as suppliers can submit invoices online, view their status and track remittances

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using the supplier portal. The entire system, if available in a dashboard with real-time information and integrated with other enterprise applications, can act as wonder-drug for a manufacturing organization’s critical invoice management.

Challenges in Traditional Invoice Processing Invoice processing has traditionally been a paper-intensive process. It goes through multiple levels of approvals and hand-offs, and increases the probability of injection of manual errors. Each vendor / supplier submits invoices of different shapes, sizes and formats (unstructured documents). It becomes extremely difficult for the processing team to adapt themselves to the necessary fields like Invoice Amount, Invoice Date and Vendor Name—as the position of these fields are at different places in different invoices. Some

of the challenges faced during processing paper-based invoices are—variance in invoice formats (non-uniformity in field position) and capturing invoice information and its storage. In short, to work efficiently any invoice management system needs to meet the following challenges. Volume: Other challenges in the existing invoice processing process for many manufacturers include the volume of documents. An organization receives thousands of invoices, in some cases millions, annually. Such large volumes of documents to be processed hits the efficiency and productivity of the processing team. The cost, which an organization incurs in correcting manual errors is compounded with the loss of early payment discounts, or conversely late payment penalties. Multiple Sources: Invoices are

INDUSTRY 2.0

- TECHNOLOGY MANAGEMENT FOR DECISION-MAKERS | OCTOBER 31, 2009

INFORMATION TECHNOLOGY received at an organization through multiple sources and the task of integrating the flow of the invoices is daunting. An invoice can come through email, courier, fax, web-based forms and other electronic formats. The multiple sources add to the processing time. Document Management: The paper-intensive nature poses immense challenges not only in terms of its processing, but also in terms of its storage and filing for further processing and future references. Conservative estimates by various research agencies puts the amount of paper used every day at 700 pages per person, per year. Compliance Challenges: An organization must have an efficient and structured process in place to handle vendor invoices. With regulatory compliance requiring exercising higher control and VAT / Income Tax assessment getting more difficult, compliance chal-

OCTOBER 31, 2009 | INDUSTRY 2.0

lenges are increasing. Exception Handling: An inefficient Accounts Payables process can pose serious challenges while processing an invoice, if it doesnâ&#x20AC;&#x2122;t have processes defined for handling exceptions. Some scenarios could beâ&#x20AC;&#x201D;an invoice without a purchase order, general ledger code missing for a given line item or a missing vendor name. Updated Information: Updation of information related to existing and new vendors is a challenge, which delays the process before getting approvals for processing the invoices into the next step. There are similar problems with the Ledger and Sub-Ledger updation too. Integration with Applications: Invoice Management needs to be integrated with different applications, such as Procurement Management System, Treasury System and Corporate Management Information System. The extent of accuracy and

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efficiency that a solution with such features provides is manifested in the lower effort spent in resolving problems in invoices management. In a manufacturing scenario, the results are translated to improvement in process efficiency by over 50 per cent, and an accuracy of 99.9 per cent. If one includes logistics and transportation, then such a solution improves process efficiency by 93 per cent, and delivers an accuracy of 99.99 per cent. An important point to remember while choosing a vendor to implement such a solution is its domain expertise in manufacturing, combined with the depth of technology deployment experience. Such a solution is sure to give the cutting edge to a manufacturer in an increasingly competitive world, and aid in building the factory of the future. B Lobo is a senior vice president at Datamatics Global Services.

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SUPPLY CHAIN & LOGISTICS

Managing

Inbound Transportation Inbound transportation cost can be reduced to a great extent by following some basic principles. A sound business and logistics strategy can eliminate all existing practices that lead to an inďŹ&#x201A;ated transportation cost. BY DAN GOODWILL

OCTOBER 31, 2009 | INDUSTRY 2.0

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: Cha ation Illustr

itanya

Surpu

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- TECHNOLOGY MANAGEMENT FOR DECISION-MAKERS | OCTOBER 31, 2009

SUPPLY CHAIN & LOGISTICS

Illustration: Chaitanya Surpur

s a youngster growing up, I had the pleasure watching two of baseball’s greatest players, Dizzy Dean and Pee Wee Reese, provide the play by play description of the televised weekend ball games. They did a wonderful job. One of Dizzy Dean’s favourite expressions was “Oh, those bases on balls.” As a former star pitcher, Dizzy would often lament the damage done to baseball teams, when they would walk opposing batters—who would subsequently come home to score on a hit or walk later that inning. In freight transportation there is a similar problem. Oh, those inbound freight costs! Many companies don’t manage and control these expenses. Instead, they let these costs get away from them. I often hear shippers say, these freight costs are paid for by their vendors. Often this is only partially true. Ultimately, the purchaser of inbound materials is paying the freight as part of the landed cost of the goods.

managing this important expense item. Ultimately, both Transportation and Purchase departments report to the same CEO.

A Common Mistake What some companies don’t realize is that other companies manage these costs as a profit centre. One company’s inbound freight is another company’s outbound freight. The outbound shipper that is supplying the goods often negotiates effectively with its carriers, and applies a mark-up on the freight. The unsuspecting inbound receiver is paying more than, if they had negotiated the freight rates themselves.

The Eye Opener Recently, David DiSanto of DiSanto & Associates (a company consulting in Supply Chain Analysis & Optimization) pointed out, “When you leave shipping choices up to your vendors, you really have no control over the inflow of your goods and materials, which can lead to production delays, stock shortages, late deliveries, unhappy customers and higher costs for your company.” One of the other familiar refrains I hear is that inbound freight is managed by the Purchase department, a different silo with a different reporting structure. The company’s Transportation department has no say in the management of these costs. Again, while this may be true, it does not excuse the company from

OCTOBER 31, 2009 | INDUSTRY 2.0

Ways to Reduced Freight Expenses Of course, that is only one of the missed opportunities for shippers that neglect their inbound freight. Since inbound traffic can represent a significant volume for some companies, there is often an opportunity to leverage both inbound and outbound freight to create: inbound consolidations; and/or inbound milk runs by combining freight from multiple vendors at the most appropriate consolidation point; and/or round trips; and/or continuous moves; all of which can result in reduced freight expenses. As DiSanto points out, “You are the customer and you have the right

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to determine the freight terms and shipping arrangements that are the best for you. Evaluation should be performed on your current terms and arrangements, your shipment volumes, and your alternatives to determine the purchasing terms that are the best for your company. Remember… ‘leverage’ is the key term to optimize your distribution network.”

The Parting Shot The effective management of inbound freight begins with a sound business strategy and logistics strategy. The strategy focuses on creating the optimum network design. This implies the careful planning of customer service requirements, plant and warehouse locations. It also encompasses the thoughtful selection of vendors based on locations, costs, production times, transit times, inventory turnover levels, quality control issues and reverse logistics requirements. It includes consideration of the opportunities to use a company’s private fleet versus common carrier. Specifically, to what extent can inbound loads be matched to outbound loads to maximize private fleet utilization? How successfully can empty miles be kept to a minimum? Dan Goodwill is the president of Dan Goodwill & Associates Inc., (www.dantranscon.com).

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Every year Industry 2.0 analyzes and presents a list of the nationâ&#x20AC;&#x2122;s largest and most proďŹ table manufacturing companies. In our 7th annual ranking of the Top 500 companies in India, we present companies, both large and small, that have turned in an exceptional performance during the ďŹ nancial year 2008. To learn more about how we did the rankings, which companies made the cut, and what these companies do, we invite you to read this special section.

Methodology ..................................................................................................................... 30 Top 500 companies ......................................................................................................... 32 Interview : Sunil Sikka, President, Havells India ............................................................ 80 Interview : Ajay Das, Managing Director, Timken India ................................................. 82 Sector Report ................................................................................................................... 85

TOP 500

TOP 500 RANKING PROCESS

The Industry 2.0 rankings of manufacturing companies have been derived through an extensive and comprehensive analysis of ďŹ nancial data to give you insight into the performance of the manufacturing industry.

o determine ranking of manufacturing companies in India, data on key performance indicators was obtained the CMIE Prowess database. This repository contains information on more than 10,000 manufacturing companies. Organizations were selected based on the availability of financial data for the years 2006-07 and 2007-08. Subsequently, companies with negative Profit after Tax (PAT) for the year 2007-08 were eliminated. A total of 1,897 1,995 manufacturing companies that met the selection criteria were considered for further analysis. Given a wide range of companies in terms of sales rev1,995 selected companies were enues in the sample, the 1,897 divided into two groups. Companies with net revenues greater than Rs. 300 crore for the financial year 2007-08 were classified as Sample 1 (Top manufacturing companies), while companies with net revenues below Rs. 300 crore were included in Sample 2 (Top manufacturing 1,995 companies we looked at, 644 SMBs). Of the 1,879 583 com-

Manufacturing SMBs Auto Ancillary

Cement

Chemicals Drugs & Pharmaceuticals

Electrical machines, equipment and goods

Electronics, Communication Equipment, Consumer Electronics

Food & Beverages

11%

Iron & Steel

Mechanical, machines and equipment

Metals & Alloys

Paper & Wood Products

Plastic & Plastic Products

Textiles Tubes & Pipes

15%

OCTOBER 31, 2009 | INDUSTRY 2.0

15% 2%

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Large Manufacturing Companies Auto Ancillary

Automotive/Automobile

Cement

Chemicals

Drugs & Pharmaceuticals

11%

Electrical machines, equipment and goods

Electronics, Communication Equipment, Consumer Electronics

Engineering & Heavy Engineering Food & Beverages

7% 10%

Iron & Steel

11%

Metals & Alloys

Paper & Wood products

Petroleum Products & Petrochemicals

Textiles

Tubes & Pipes

prised Sample 1, and remaining 1,296 1,351 were classified as SMBs. This annual issue of Industry 2.0 lists the ranks of Top 500 Large Manufacturing Companies and Top 500 Manufacturing SMBs in two separate volumes. The performance of the selected companies was compared and ranked across 9 parameters (sales turnover, absolute increase in sales, percentage change in the sales turnover, net profit, increase in net profit, PAT/Sales ratio, return on capital employed, and increase across two financial years). This method offered the advantage of eliminating any subjectivity associated with assignment of weights to the parameters considered for ranking the performance of companies. Scores for all parameters were assigned based on the relative rank of an individual company on that parameter. Composite scores were then calculated for each company as the sum of the scores obtained by each company on all parameters. The companies were finally ranked on the composite score.

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Company

Industrial Activity

Net Sales 2006-07 2007-08

Change in Sales Rs. Crore Percentage

Industrial Activity

Net Sales 2006-07 2007-08 61.31 298.97 165.84 231.94 4.93 91.05 57.6 99.92 83.74 150.12 140.86 183.91 46.87 98.02 134.03 227.74 72.96 145.37 150.06 244.1 32.4 117.32 103.39 205.17 85.02 130.25 53.42 145.82 136.95 187.21 80.28 113.33 69.54 98.28 183.13 267.33 105.68 142.92 110.5 157.08 81.67 110.9 192.8 244.06 107.82 186.33 227.23 280.69 31.62 63.85 194.85 283.92 90.17 140.98 68.88 102.5 169.48 268.03 105.2 217.81

Change in Sales Rs. Crore Percentage 237.66 388% 66.1 40% 86.12 1747% 42.32 73% 66.38 79% 43.05 31% 51.15 109% 93.71 70% 72.41 99% 94.04 63% 84.92 262% 101.78 98% 45.23 53% 92.4 173% 50.26 37% 33.05 41% 28.74 41% 84.2 46% 37.24 35% 46.58 42% 29.23 36% 51.26 27% 78.51 73% 53.46 24% 32.23 102% 89.07 46% 50.81 56% 33.62 49% 98.55 58% 112.61 107%

The

Ranking

RANK 2009 2008

RANK 2009 2008 1 2 23 3 4 197 5 256 6 29 7 8 9 137 10 471 11 12 13 10 14 51 15 16 319 17 82 18 19 20 21 22 289 23 168 24 25 25 26 54 27 89 28 180 29 30 76

Company Hira Ferro Alloys Ltd. Facor Alloys Ltd. Shyam Star Gems Ltd. Bliss G V S Pharma Ltd. Vinati Organics Ltd. Gujarat Apollo Inds. Ltd. Smartchem Technologies Ltd. Kiri Dyes & Chemicals Ltd. Gulshan Polyols Ltd. Fisher Sanmar Ltd. Kilitch Drugs (India) Ltd. Nicomet Industries Ltd. Sulzer India Ltd. Triton Corp Ltd. Indian Additives Ltd. Anjaney Ferro Alloys Ltd. Disa India Ltd. Amtek Siccardi (India) Ltd. Orient Press Ltd. Fairfield Atlas Ltd. Flowserve Sanmar Ltd. Orient Abrasives Ltd. G E I Industrial Systems Ltd. Sicpa India Ltd. Anup Engineering Ltd. Ankit Metal & Power Ltd. Tilaknagar Industries Ltd. Nesco Ltd. Goyal Proteins Ltd. Fives Cail K C P Ltd.

Ferro alloys Ferro alloys Diamonds Sheath contraceptives Benzene Other construction machinery Ammonium nitrate Dyes Sorbitol Industrial valves Drug formulations Cobalt hydroxide Textile (incl. jute) machinery Apparels (Readymade garment) Lube oils & lubricants Ferro alloys Metallurgical machinery Automobile ancillaries Plastic packaging goods Gears Shoe uppers Abrasive powder or grain on a base Heat exchangers Printing ink Chemical machinery Finished Steel (Non-Alloy Steel) Indian made foreign liquors Textile (incl. jute) machinery Edible oils Sugar manufacturing machinery

*1) Net sales = Total income – Other income – Extra ordinary income – Prior period income – Indirect taxes. 2) PAT = PBIT – Tax. 3) PAT net of pne = PAT – Prior period income – Extra ordinary income + Prior period expenses + Extra ordinary expenses. 4) Roce = PAT net of pne/Avg capital employed.

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PAT (Rs. Crore) 2006-07 2007-08

Change in PAT Rs. Crore Percentage

ROCE 2006-07 2007-08

Change in ROCE Rs. Crore Percentage

PBIT (Rs. Crore) 2006-07 2007-08 16.36 43.64 14.68 68.87 0.66 20.33 6.5 35.38 7.47 26.34 30.38 55.01 6.46 21.18 14.39 32.64 8.59 26.64 28.42 43.82 2.3 16.72 12.09 25.58 10.98 23.76 12.73 25.75 5.59 24.42 7.6 24.53 21.35 27.86 26.52 49.29 3.89 15.15 3.22 17.75 27.46 40.85 15.77 33.26 14.25 26.34 39.45 60.13 1.8 13.22 21.07 48.35 16.6 30.05 23.44 53.45 3.49 11.43 7.34 15.11

PAT (Rs. Crore) 2006-07 2007-08 8.88 41.18 12.82 65.19 0.58 19.77 3.89 28.49 3.48 15.09 18.12 40.1 4.34 13.75 8.63 20.36 5.3 17.03 18.21 27.52 0.98 11.32 7.45 14.59 6.76 15.08 12.3 20.53 2.73 14.81 4.26 15.24 8.25 18.14 12.88 25.7 0.55 11.42 0.97 13.13 17.97 26.51 5.26 19.53 6.07 13.42 34.95 53.53 0.98 7.8 10.48 22.87 8.68 16.1 15.97 36.58 2.09 7.46 4.73 9.66

Change in PAT Rs. Crore Percentage 32.3 364% 52.37 409% 19.19 3309% 24.6 632% 11.61 334% 21.98 121% 9.41 217% 11.73 136% 11.73 221% 9.31 51% 10.34 1055% 7.14 96% 8.32 123% 8.23 67% 12.08 442% 10.98 258% 9.89 120% 12.82 100% 10.87 1976% 12.16 1254% 8.54 48% 14.27 271% 7.35 121% 18.58 53% 6.82 696% 12.39 118% 7.42 85% 20.61 129% 5.37 257% 4.93 104%

ROCE 2006-07 2007-08 11.89 41.36 31.19 97.13 6.87 100.15 25.89 63.99 8.9 30.24 26.61 44.42 10.59 35.4 21.43 29.75 12.34 22.98 28.71 34.3 4.24 22.61 27.49 41.66 19.47 38.02 20.77 27.02 5.53 26.59 19.34 51.46 20.34 51.7 8.16 14.54 9.05 68.73 1.74 20.48 52.3 72.69 6.06 16.91 11.24 19.91 62.9 66.04 10.89 49.37 9.19 13.93 24.28 30.21 64.97 70.71 20.73 50.56 93.76 112.78

Change in ROCE Rs. Crore Percentage 29.47 248% 65.94 211% 93.28 1358% 38.1 147% 21.34 240% 17.81 67% 24.81 234% 8.32 39% 10.64 86% 5.59 19% 18.37 433% 14.17 52% 18.55 95% 6.25 30% 21.06 381% 32.12 166% 31.36 154% 6.38 78% 59.68 659% 18.74 1077% 20.39 39% 10.85 179% 8.67 77% 3.14 5% 38.48 353% 4.74 52% 5.93 24% 5.74 9% 29.83 144% 19.02 20%

PAT/Net Sales 2006-07 2007-08

Industry 2.0 presents the Batch of 2009. Meet the top performers of India who have scored big through innovative thinking, cost-optimisation strategies, intelligent marketing and quality products and services, and, of course, sheer hard work.

PBIT (Rs. Crore) 2006-07 2007-08

PAT/Net Sales 2006-07 2007-08 27% 14% 9% 28% 13% 22% 11% 29% 9% 10% 22% 22% 14% 14% 11% 9% 12% 12% 19% 11% 7% 10% 12% 7% 13% 12% 24% 14% 4% 8% 9% 13% 31% 18% 14% 10% 4% 8% 3% 8% 34% 24% 8% 8% 13% 7% 17% 19% 6% 12% 11% 8% 18% 11% 34% 36% 2% 3% 7% 4%

5) Capital employed = (paid up equity capital + capital contribution by govt + cap suspense and other acct) +(paid up pref capital + pref suspense account) + (reserves and funds + res revaluation + misc exp not written off) + (borrowings â&#x20AC;&#x201C; sec short term bank borr unsec short term bank borr-commercial papers â&#x20AC;&#x201C; capital convertible warrants). 6) Source of Data: CMIE Prowess database. www.industry20.com

industry 2.0

- technology management for decision-makers | october 31, 2009

RANK 2009 2008 31 32 33 34 35 437 36 46 37 68 38 39 -

Company

TOP 500

Industrial Activity

Archidply Industries Ltd. Lumax D K Auto Inds. Ltd. Parenteral Drugs (India) Ltd. Indian Immunologicals Ltd. W S Industries (India) Ltd. Bihar Tubes Ltd. Natco Pharma Ltd. Kavveri Telecom Products Ltd. T A L Manufacturing Solutions Ltd.

Plywood Auto head lights Drug formulations Vaccines Electrical insulators, nec Galvanised pipes Drug formulations Broadcasting equipment Machine tools

Reliance Jute Mills (International) Ltd.

Jute & jute products

41 42 43 44 45 46 47 48 49 50 51 52 53 54

366 203 48 7 125 131 -

Jyoti Ltd. (Duplicate Name, Gujarat) Spice Mobiles Ltd. Tanfac Industries Ltd. Jhaveri Flexo India Ltd. Solvay Pharma India Ltd. Neo Corp Intl. Ltd. Indo Tech Transformers Ltd. Shanthi Gears Ltd. National Peroxide Ltd. Lipi Data Systems Ltd. Impex Ferro Tech Ltd. Jaysynth Dyestuff (India) Ltd. Ess Dee Aluminium Ltd. Goldstone Infratech Ltd.

Motors & generators Cordless phone Fluorides Other sheets, films & foils of plastics Drugs, medicines & allied products Sacks & bags of polyethylene Distribution transformers Gears Hydrogen peroxide Line printers Ferro alloys Dyes Aluminium foils Cables & other conductors

132

Lakshmi Electrical Control Systems Ltd.

Control panels

56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87

445 323 66 58 57 312 438 77 245 170 332 204 -

Evinix Accessories Ltd. Samsonite South Asia Pvt. Ltd. Aditya Birla Chemicals (India) Ltd. Nile Ltd. Dynamatic Technologies Ltd. Solar Industries India Ltd. Sudha Agro Oil & Chemical Inds. Ltd. Tega Industries Ltd. U I C Udyog Ltd. Foseco India Ltd. Apollo Earthmovers Ltd. Suraj Stainless Ltd. Astec Lifesciences Ltd. M I C Electronics Ltd. Jessop & Co. Ltd. Camson Bio Technologies Ltd. M I L Controls Ltd. Associated Alcohols & Breweries Ltd. W P I L Ltd. N C L Alltek & Seccolor Ltd. Chemtrols Industries Ltd. Bosch Rexroth (India) Ltd. Pioneer Distilleries Ltd. Indage Vintners Ltd. Kirloskar Systems Ltd. Hira Steels Ltd. Torrent Cables Ltd. [Merged] Rajendra Mechanical Inds. Ltd. Bio Green Papers Ltd. Shiva Texfabs Ltd. Kudos Chemie Ltd. Jolly Board Ltd.

Apparels (Readymade garment) Moulded luggage Sodium hydroxide (Caustic Soda) Other fabricated metal products Hydraulic pumps Industrial explosives Rice bran oil Rubber & rubber products Wires & ropes of iron & steel Miscellaneous chemicals Earth moving machinery Tubes & pipes Chemicals Display devices Diversified Agriseed Control valves Ethyl alcohol (strength less than 80%) - (potable a Pumps Industrial paints Level sensors & indicators General purpose machinery Ethyl alcohol (strength 80% or higher) Wines Drive transmission & steering parts Stainless steel bars & rods Cross linked polyethylene cables (XLPE) Tubes & pipes Kraft paper & paperboard Acrylic filament yarn (AFY) Caffeine & its salts Particle boards

Net Sales 2006-07 2007-08 90.33 134.73 56.07 114.22 169.55 210.35 156.92 191.96 164.87 226.09 201 277.15 184.92 236.3 50.44 139.87 141.05 218.84

Change in Sales Rs. Crore Percentage 44.4 49% 58.15 104% 40.8 24% 35.04 22% 61.22 37% 76.15 38% 51.38 28% 89.43 177% 77.79 55%

94.5

164.84

70.34

74%

145.11 209.6 124.27 104.38 146.44 61.85 156.11 203.34 64.62 125.11 174.43 13.62 143.57 25.6

206.56 290.01 166.4 131.16 170.99 108.4 193 245.98 109.54 165.97 264.06 77.58 288.04 50.95

61.45 80.41 42.13 26.78 24.55 46.55 36.89 42.64 44.92 40.86 89.63 63.96 144.47 25.35

42% 38% 34% 26% 17% 75% 24% 21% 70% 33% 51% 470% 101% 99%

70.19

119.85

49.66

71%

68.27 247.77 146.83 80.48 115.01 127.55 100.6 95.49 140.81 128.18 40.55 218.07 31.48 100.38 83.01 17.53 39.86 81.38 64.83 56.8 75.51 221.76 48.05 117.04 22.01 142.18 192.04 119.97 1.03 193.34 78.32 40.74

119.01 291.76 177.79 115.04 281.64 171.01 155.84 124.19 199.85 152.73 58.72 273.92 55.17 239.16 131.88 41.89 56.08 121.85 109.84 76.18 151.15 270.18 65.44 178.33 44.85 207.8 222.31 175.98 13.38 247.66 105.91 58.68

50.74 43.99 30.96 34.56 166.63 43.46 55.24 28.7 59.04 24.55 18.17 55.85 23.69 138.78 48.87 24.36 16.22 40.47 45.01 19.38 75.64 48.42 17.39 61.29 22.84 65.62 30.27 56.01 12.35 54.32 27.59 17.94

74% 18% 21% 43% 145% 34% 55% 30% 42% 19% 45% 26% 75% 138% 59% 139% 41% 50% 69% 34% 100% 22% 36% 52% 104% 46% 16% 47% 1199% 28% 35% 44%

october 31, 2009 | industry 2.0

- technology management for decision-makers

www.industry20.com

PBIT (Rs. Crore) 2006-07 2007-08 10.9 22.5 5.91 15.46 14.1 34.26 24.74 39.7 15.29 26.21 12.61 28.33 44.27 60.06 7.54 16.85 5.72 12.66

PAT (Rs. Crore) 2006-07 2007-08 5.25 14.24 3.38 9.16 4.77 19.14 13.76 22.71 5.41 15.83 6.06 15.26 29.43 41.7 5.91 11 3.79 10.39

Change in PAT Rs. Crore Percentage 8.99 171% 5.78 171% 14.37 301% 8.95 65% 10.42 193% 9.2 152% 12.27 42% 5.09 86% 6.6 174%

ROCE 2006-07 2007-08 14.5 22.62 15.94 27.51 7.46 16 13.02 20.96 6.81 13.48 27.88 32.75 14.9 17.58 15.05 21.02 6.74 15.38

Change in ROCE Rs. Crore Percentage 8.12 56% 11.57 73% 8.54 114% 7.94 61% 6.67 98% 4.87 17% 2.68 18% 5.97 40% 8.64 128%

PAT/Net Sales 2006-07 2007-08 12% 11% 11% 8% 8% 9% 16% 12% 9% 7% 6% 6% 24% 18% 15% 8% 4% 5%

1.19

6.51

0.17

4.8

4.63

2724%

1.87

55.43

53.56

2864%

17.23 6.39 10.22 6.83 29.2 3.87 39.83 57.33 9.34 8.48 10.99 0.63 34.21 4.4

23.42 15.63 18.49 16.92 42.74 13.52 58.37 74.36 19.92 17.77 23.32 4.75 74.45 13.75

5.05 2.62 6.44 3.96 18.32 1.15 26.25 33.54 3.87 5.58 3.37 0.62 27.62 2.24

10.55 11.01 11.84 13.41 27.92 7.1 39.07 44.13 10.59 12.26 10.7 4.61 61.71 9.78

5.5 8.39 5.4 9.45 9.6 5.95 12.82 10.59 6.72 6.68 7.33 3.99 34.09 7.54

109% 320% 84% 239% 52% 517% 49% 32% 174% 120% 218% 644% 123% 337%

10.84 5.07 13.69 8.36 24.39 3.78 30.68 18.55 5.09 11.25 5.48 4.55 23.31 4.05

20.48 15.15 24.9 22.29 33.06 19.26 33.15 21.03 12.98 20.08 12.72 28.31 20.61 15.43

9.64 10.08 11.21 13.93 8.67 15.48 2.47 2.48 7.89 8.83 7.24 23.76 -2.7 11.38

89% 199% 82% 167% 36% 410% 8% 13% 155% 78% 132% 522% -12% 281%

12% 3% 8% 7% 20% 6% 26% 28% 14% 7% 6% 5% 24% 17%

5% 4% 7% 10% 16% 7% 20% 18% 10% 7% 4% 6% 21% 19%

13.16

19.61

7.87

11.68

3.81

48%

18.3

22.65

4.35

24%

19%

10%

9.64 37.97 52.72 6.44 19.08 18.36 8.2 18.6 12.53 25.11 4.93 17.69 4.83 18.44 14.29 3.54 10.93 5.51 5.68 8.74 4.88 31.49 9.1 34.66 6.33 1.2 31.35 9.7 0.04 14.43 16.02 4.33

19.21 51.02 63.3 13.4 40.49 34.99 12.95 30.6 24.67 31.74 12.18 29.69 12.51 38.09 22.44 8.14 19.48 11.14 10.82 18.1 10.31 41.1 19.32 69.46 26.06 5.32 44.82 17.1 6.34 32.43 33.51 9.51

6.42 23.77 31.58 2.66 10 10.36 1.78 9.5 5.45 16.29 3.14 8.33 3.7 15.47 10.83 3.38 6.93 2.41 1.37 5.26 1.97 17.73 5.28 23.34 2.96 0.58 19.82 2.79 0.03 6.68 7.24 1.99

12.96 31.74 43.3 7 18.85 18.02 6.95 16.73 13.23 20.03 7.8 13.6 8.07 32.35 18.68 7.79 12.52 7.08 4.87 11.59 4.7 23.35 12.9 39.9 19.37 4.53 28.34 7.69 6.34 17.32 16.22 6.45

6.54 7.97 11.72 4.34 8.85 7.66 5.17 7.23 7.78 3.74 4.66 5.27 4.37 16.88 7.85 4.41 5.59 4.67 3.5 6.33 2.73 5.62 7.62 16.56 16.41 3.95 8.52 4.9 6.31 10.64 8.98 4.46

102% 34% 37% 163% 89% 74% 290% 76% 143% 23% 148% 63% 118% 109% 72% 130% 81% 194% 255% 120% 139% 32% 144% 71% 554% 681% 43% 176% 21033% 159% 124% 224%

16.22 41.75 13.23 10.71 17.37 6.54 3.86 31.57 10.37 31.15 25.01 15.99 17.54 34.38 17.54 25.75 37.95 4.95 7.99 32.84 10.84 19.43 9.87 15.38 1.18 3.24 34.07 4.63 0.23 6.63 10.9 10.89

19.23 43 16.27 24.26 17.37 10.56 14.24 34.83 14.12 37.76 43.59 20.6 26.73 28.53 18.07 34.36 49.7 14.58 22.95 41.22 23.29 21.18 18.47 14.49 7.27 19.63 35.5 12.29 40.86 9.67 14.44 27.22

3.01 1.25 3.04 13.55 0 4.02 10.38 3.26 3.75 6.61 18.58 4.61 9.19 -5.85 0.53 8.61 11.75 9.63 14.96 8.38 12.45 1.75 8.6 -0.89 6.09 16.39 1.43 7.66 40.63 3.04 3.54 16.33

19% 3% 23% 127% 0% 61% 269% 10% 36% 21% 74% 29% 52% -17% 3% 33% 31% 195% 187% 26% 115% 9% 87% -6% 516% 506% 4% 165% 17665% 46% 32% 150%

14% 15% 36% 8% 17% 14% 8% 19% 9% 20% 12% 8% 15% 18% 17% 20% 27% 7% 9% 15% 6% 14% 19% 30% 29% 1% 16% 8% 4% 7% 20% 11%

11% 11% 24% 6% 7% 11% 4% 13% 7% 13% 13% 5% 15% 14% 14% 19% 22% 6% 4% 15% 3% 9% 20% 22% 43% 2% 13% 4% 47% 7% 15% 11%

industry 2.0

- technology management for decision-makers | october 31, 2009

RANK 2009 2008 88 89 90 119 91 240 92 93 94 95 70 96 16 97 388 98 99 100 227 101 263 102 103 371 104 105 110 106 107 107 108 109 110 111 313 112 113 114 140 115 116 117 253 118 330 119 120 296 121 126 122 123 124 125 126 127 128 45 129 130 120 131 4 132 111 133 455 134 135 136 87 137 138 153 139 140 141 15 142 458 143 150 144 --145 122 146 -

Company

TOP 500

Gloster Jute Mills Ltd. Bajaj Ventures Ltd. Sah Petroleums Ltd. Hindustan Polyamides & Fibres Ltd. Astral Poly Technik Ltd. Mount Shivalik Inds. Ltd. Ferromatik Milacron India Ltd. Hawkins Cookers Ltd. Anjani Portland Cement Ltd. Plastiblends India Ltd. Photon Energy Systems Ltd. Jay Ushin Ltd. Vanaz Engineers Ltd. Kabra Extrusiontechnik Ltd. Ram Ratna Wires Ltd. Faiveley Transport India Ltd. Gandhi Special Tubes Ltd. Parekh Aluminex Ltd. Modison Metals Ltd. Ador Powertron Ltd. Goldiam Jewellery Ltd. Goa Carbon Ltd. S T I Sanoh India Ltd. Dhunseri Tea & Inds. Ltd. Prasha Technologies Ltd. Sowbhagya Media Ltd. Venus Remedies Ltd. T T K-L I G Ltd. Vandana Ispat Ltd. Gwalior Chemical Inds. Ltd. Indag Rubber Ltd. Shreyans Industries Ltd. Radha Madhav Corpn. Ltd. Fulford (India) Ltd. Mro-Tek Ltd. Balaji Wafers Pvt. Ltd. S N F (India) Pvt. Ltd. Rajaram Solvex Ltd. Bedmutha Wire Co. Ltd. Economic Explosives Ltd. Dhanuka Agritech Ltd. Emami Paper Mills Ltd. Media Industries Ltd. Deccan Cements Ltd. I M P Powers Ltd. G M M Pfaudler Ltd. Sturdy Industries Ltd. Machino-Basell India Ltd. Zodiac Clothing Co. Ltd. Electronics Corpn. Of Tamil Nadu Ltd. Twilight Litaka Pharma Ltd. Khadim India Ltd. Aquamall Water Solutions Ltd. Inox India Ltd. Eimco Elecon (India) Ltd. Alok Ferro Alloys Ltd. Jocil Ltd. Denison Hydraulics India Ltd. Silver Spark Apparel Ltd.

Industrial Activity

Jute & jute products Machine tools Lube oils & lubricants Organic surface-active agents other than soap Tubes, pipes & hoses & fittings of plastics Beer Injection moulding machines Cookers Cement Other colouring substances Solar appliances Automobile locks Other valves Rubber & plastic products machinery Copper winding wires Parts of railways & tramways, nec Tubes & pipes Other aluminium products Contactors Industrial electronics & automation equipment Jewellery Petroleum coke ERW tubes & pipes Tea Parts principally for rotating electric machines Shrimps Drugs, medicines & allied products Rubber contraceptives, males Semi-finished Steel Para chloro toluene Retreaded & other tyres Paper Plastic packaging goods Drug formulations Communication & broadcasting equipment Flour, flakes of potatoes Natural polymers Soyabean oil Wires & ropes of iron & steel Detonating, safety & other fuses, igniters Pesticides Paper VCD players Cement Distribution transformers Chemical machinery Tubes, pipes & hoses of poly vinyl chloride Polypropylene Apparels (Readymade garment) Communication & broadcasting equipment Drug formulations Slippers & chappals Water filters Reservoirs, tanks & other fabrications Mining machinery Ferro silico manganese Fatty acids Hydraulic pumps Apparels (Readymade garment)

Net Sales 2006-07 2007-08 128.78 157.68 34.46 47.76 183.02 211.61 149.65 204.23 97.51 139.97 50.36 85.77 135.07 165.76 173.58 204.31 67.26 103.13 126.57 161.3 35.59 72.97 155.45 240.22 85.99 134.04 127.72 147.01 211.47 287.91 122.68 150.6 60.82 77.27 186.32 298.62 82.19 105.83 56.65 109.12 10.65 55.14 191.6 214.19 71.17 88.89 71.6 104 18.75 57.24 2.91 22.93 140.12 212.63 203.34 226.82 140.42 184.79 206.62 295.36 61.19 73.99 198.31 218.91 78.6 141.65 143.15 165.89 115.38 139.33 183.4 258.16 30.21 49.53 52.4 81.7 71.34 113.48 36.78 47.11 200.12 248.25 177.58 257.76 82.42 172.51 143.04 188.23 67.83 103.33 116.24 146.16 67.03 112.81 140.7 174.75 211.96 242.88 29.02 36.07 197.52 296.04 149.33 198.3 202.76 237.39 130.92 193.85 99.22 120.2 31.24 37.97 85.77 115.36 34.19 49.97 73.44 93.38

Change in Sales Rs. Crore Percentage 28.9 22% 13.3 39% 28.59 16% 54.58 36% 42.46 44% 35.41 70% 30.69 23% 30.73 18% 35.87 53% 34.73 27% 37.38 105% 84.77 55% 48.05 56% 19.29 15% 76.44 36% 27.92 23% 16.45 27% 112.3 60% 23.64 29% 52.47 93% 44.49 418% 22.59 12% 17.72 25% 32.4 45% 38.49 205% 20.02 688% 72.51 52% 23.48 12% 44.37 32% 88.74 43% 12.8 21% 20.6 10% 63.05 80% 22.74 16% 23.95 21% 74.76 41% 19.32 64% 29.3 56% 42.14 59% 10.33 28% 48.13 24% 80.18 45% 90.09 109% 45.19 32% 35.5 52% 29.92 26% 45.78 68% 34.05 24% 30.92 15% 7.05 24% 98.52 50% 48.97 33% 34.63 17% 62.93 48% 20.98 21% 6.73 22% 29.59 34% 15.78 46% 19.94 27%

october 31, 2009 | industry 2.0

- technology management for decision-makers

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PBIT (Rs. Crore) 2006-07 2007-08 9.8 20.26 1.9 7.23 14.56 21.62 9.38 18.61 12.47 21.81 2.58 8.32 14.88 20.68 13.41 19.14 15.64 28.84 14.22 20.58 2.15 5.31 2.96 8.21 6.18 9.91 11.89 20.24 5.95 14.35 23.14 31.69 19.41 26.97 22.79 39.02 17.63 24.14 8.04 12.39 2 6.82 8.87 20.45 8.58 12.62 12.39 20.76 1.61 5.19 0.68 4.35 35.67 50.2 31.52 38.08 10.48 7.99 32.97 46.76 4.34 9.64 18.75 26.36 11.23 26.11 19.69 33.44 15.07 21.74 15.27 27.07 2.92 7.93 2.08 5.74 2.86 9 9.03 18.09 20.93 31.8 36.42 52.11 1.64 3.56 43.82 74.19 10 15.59 19.89 23.99 3.5 7.23 11.55 18.86 25.47 31.12 6.85 18.6 24.61 35.64 8.51 19.18 10.46 16.55 30.65 38.8 15.32 21.46 7.24 9.19 8.74 12.49 9.31 15.73 4.73 11.9

PAT (Rs. Crore) 2006-07 2007-08 3.77 10.08 1.24 6.23 9.99 16.3 3.4 9.15 9.12 17.08 1.24 4.35 9.53 13.16 7.49 11.13 11.15 16.31 12.09 15.93 1.4 4.03 0.22 4.36 2.95 5.61 7.99 14.79 1.05 5.3 14.82 20.46 13.08 18.92 13.97 26.12 10.07 14.06 4.81 7.22 1.97 6.8 2.45 10.15 5.74 9.62 6.84 13.03 0.71 3.24 0.43 3.07 28.74 38.52 22.58 28.66 5.53 8.77 18.75 25.25 2.1 7.22 6.35 14.15 6.04 13.83 12.47 21.35 11.45 15.63 12.28 22.14 1.74 5.04 0.4 3.53 0.27 3.58 5.41 11.09 10.26 16.89 22.94 31.31 1.24 2.85 28.57 47.98 3.47 7.29 12.53 15.57 0.91 3.67 6.4 9.49 14.27 18.72 0.99 8.39 13.96 17.89 2.93 7.84 8.47 12.66 20.26 24.68 8.36 13.35 3.4 9.33 4.71 8.66 5.8 9.17 2.66 7.75

Change in PAT Rs. Crore Percentage 6.31 167% 4.99 402% 6.31 63% 5.75 169% 7.96 87% 3.11 251% 3.63 38% 3.64 49% 5.16 46% 3.84 32% 2.63 188% 4.14 1882% 2.66 90% 6.8 85% 4.25 405% 5.64 38% 5.84 45% 12.15 87% 3.99 40% 2.41 50% 4.83 245% 7.7 314% 3.88 68% 6.19 90% 2.53 356% 2.64 614% 9.78 34% 6.08 27% 3.24 59% 6.5 35% 5.12 244% 7.8 123% 7.79 129% 8.88 71% 4.18 37% 9.86 80% 3.3 190% 3.13 783% 3.31 1226% 5.68 105% 6.63 65% 8.37 36% 1.61 130% 19.41 68% 3.82 110% 3.04 24% 2.76 303% 3.09 48% 4.45 31% 7.4 747% 3.93 28% 4.91 168% 4.19 49% 4.42 22% 4.99 60% 5.93 174% 3.95 84% 3.37 58% 5.09 191%

ROCE 2006-07 2007-08 7.52 16.76 8.84 38.29 13.96 19.54 5.32 11.12 18.18 18.69 7.44 22.7 24.67 29.74 33.38 42.55 22.79 23.24 21.75 23.98 12.51 26.68 0.85 12.64 14.38 22.86 14.92 22.25 3.53 14.1 26.08 27.45 23.86 28.41 15.74 13.76 23.1 26.63 38.67 41.71 29.38 31.84 4.79 18.19 24.18 33.47 7.88 10.82 5.53 22.88 8.78 46.17 35.29 27 15.52 18.17 13.35 18.18 11.75 11.16 12.93 35.18 8.68 16.74 9.14 9.72 19.45 21.4 12.99 16.84 38.14 32.72 10.11 21.7 2.91 21.43 1.67 15.86 15.51 25.5 27.43 26.97 7.37 6.93 13.05 24.92 29.3 24.1 5.81 10.85 19.15 20.8 3.91 15.1 24.57 28.42 14.44 16.89 3.06 23.16 24.97 22.08 4.91 9.52 17.86 20.9 47.85 38.72 7.61 12 10.09 28.19 5.85 10.44 26.89 31.21 4.34 12.02

Change in ROCE Rs. Crore Percentage 9.24 123% 29.45 333% 5.58 40% 5.8 109% 0.51 3% 15.26 205% 5.07 21% 9.17 27% 0.45 2% 2.23 10% 14.17 113% 11.79 1387% 8.48 59% 7.33 49% 10.57 299% 1.37 5% 4.55 19% -1.98 -13% 3.53 15% 3.04 8% 2.46 8% 13.4 280% 9.29 38% 2.94 37% 17.35 314% 37.39 426% -8.29 -23% 2.65 17% 4.83 36% -0.59 -5% 22.25 172% 8.06 93% 0.58 6% 1.95 10% 3.85 30% -5.42 -14% 11.59 115% 18.52 636% 14.19 850% 9.99 64% -0.46 -2% -0.44 -6% 11.87 91% -5.2 -18% 5.04 87% 1.65 9% 11.19 286% 3.85 16% 2.45 17% 20.1 657% -2.89 -12% 4.61 94% 3.04 17% -9.13 -19% 4.39 58% 18.1 179% 4.59 78% 4.32 16% 7.68 177%

PAT/Net Sales 2006-07 2007-08 8% 6% 6% 13% 8% 8% 6% 4% 13% 12% 5% 5% 11% 8% 8% 5% 23% 16% 11% 10% 6% 6% 2% 2% 7% 4% 9% 10% 3% 2% 19% 14% 32% 24% 12% 9% 21% 13% 14% 7% 19% 12% 5% 5% 12% 11% 17% 13% 9% 6% 23% 13% 25% 18% 16% 13% 7% 5% 16% 9% 7% 10% 9% 6% 14% 10% 14% 13% 13% 11% 8% 9% 10% 10% 4% 4% 4% 3% 25% 24% 10% 7% 21% 12% 2% 2% 31% 25% 15% 7% 17% 11% 5% 3% 8% 5% 12% 8% 24% 23% 12% 6% 6% 4% 5% 5% 23% 13% 15% 11% 23% 25% 10% 8% 27% 18% 6% 8%

industry 2.0

- technology management for decision-makers | october 31, 2009

RANK 2009 2008 147 148 149 150 151 64 152 153 183 154 370 155 156 157 158 159 160 269 161 162 368 163 265 164 165 470 166 167 168 169 198 170 452 171 172 188 173 17 174 175 176 177 37 178 442 179 180 121 181 182 183 184 156 185 186 187 216 188 21 189 190 191 415 192 134 193 194 195 196 197 243 198 199 242 200 201 202 194 203 164 204 205 -

Company

TOP 500

Page Industries Ltd. Andhra Petrochemicals Ltd. Domino’S Pizza India Ltd. Lona Industries Ltd. Autoline Industries Ltd. Titan Energy Systems Ltd. Mudra Lifestyle Ltd. A P W President Systems Ltd. Vikas Granaries Ltd. Nagreeka Foils Ltd. Apex Auto Ltd. Travancore Rubber & Tea Co. Ltd. Sarabhai Zydus Animal Health Ltd. Patels Airtemp (India) Ltd. Mayur Uniquoters Ltd. Himalya International Ltd. Indo Borax & Chemicals Ltd. Creative Health Care Pvt. Ltd. Insecticides (India) Ltd. Shiv Agrevo Ltd. Asian Granito India Ltd. Sharon Bio-Medicine Ltd. International Combustion (India) Ltd. Medi-Caps Ltd. Globus Spirits Ltd. Bharat Gears Ltd. Kemrock Industries & Exports Ltd. Rajasthan Explosives & Chemicals Ltd. A S M Technologies Ltd. G M Breweries Ltd. S M S Pharmaceuticals Ltd. Acrysil Ltd. Central Electronics Ltd. Gontermann-Peipers (India) Ltd. Anu’S Laboratories Ltd. Rishabhdev Technocable Ltd. Indo Nissin Foods Ltd. Swaraj Automotives Ltd. Anmol Biscuits Pvt. Ltd. R R Ispat Ltd. Pondy Oxides & Chemicals Ltd. N C L Industries Ltd. Steel & Industrial Forgings Ltd. Technico Agri Sciences Ltd. Bhagyanagar India Ltd. Honda Siel Power Products Ltd. Taikisha Engineering India Ltd. Progen Systems & Technologies Ltd. Nagpur Power & Inds. Ltd. Sabero Organics Gujarat Ltd. Gemini Communication Ltd. Chaman Lal Setia Exports Ltd. Wartsila India Ltd. G E E Ltd. Sumi Motherson Innovative Engg. Ltd. Balaji Amines Ltd. Usher Agro Ltd. Cheviot International Ltd. Decolight Ceramics Ltd.

Industrial Activity

Apparels (Readymade garment) Alcohols & their derivatives Pizzas Dyes Automobile ancillaries, nec Solar modules Cloth (Fabrics) Miscellaneous articles of base metals Guar gum Other articles of iron & steel Other Automobile ancillaries, nec Natural rubber Antibiotics Electric appliances Other coated / laminated textile fabrics Mushroom Borax Drugs, medicines & allied products Pesticides Edible oils Ceramic tiles Drugs, medicines & allied products Mining, construction & earth moving machinery Other pharmaceutical products, nec Indian made foreign liquors Gears including crown wheels Other articles of plastics Industrial explosives Computer systems Rectified spirit Drugs, medicines & allied products Tableware, kitchenware, other household articles Solar appliances Flat products Drugs, medicines & allied products Cables & other conductors Noodles Auto seating systems Biscuits Heavy structurals (Bridges & bridge sect, towers, l Zinc oxide Cement Forgings Agriseed Jelly filled cables Portable generating sets Control valve actuators Other fabricated metal products Ferro alloys Organophosphorous insecticides Computer peripherals Rice Generating sets with diesel engines Welding machinery Auto plastic moulded components Ethyl amines Rice Leather apparel & clothing accessories Ceramic tiles

Net Sales 2006-07 2007-08 137.27 195.6 268.47 287.55 137.84 209.98 94.62 133.63 163.23 239.69 27.04 68.55 164.23 272.55 98.79 131.2 2.61 16.57 35.34 58.89 72.88 113.89 15.23 24.64 85.96 95.03 40.87 53.91 66.63 90.7 31.51 46.76 24.48 38.16 7.76 25.39 167.85 198.95 116.32 150.89 145.8 182.35 89.11 171 80.23 95.89 24.37 31.08 111.71 157 198.85 239.84 136.78 219.72 36.86 45.6 30.23 40.85 172.96 185.64 169.55 210.81 20.08 30.53 127.64 153.82 151.95 177.28 104.01 145.02 10.53 31.09 40.52 58.91 56.29 67.22 82.24 108.96 146.11 196.55 95.38 135.29 148.64 194.21 42.49 52.27 21.61 31.04 186.82 204.98 236.69 260.41 189.74 229.06 11.92 17.73 6.71 13.64 155.6 198.24 142.09 210.62 94.92 120.86 268.25 274.63 39.59 73.29 115.93 137.26 169.82 212.72 38.16 69.26 23.41 28.34 51.44 82.18

Change in Sales Rs. Crore Percentage 58.33 42% 19.08 7% 72.14 52% 39.01 41% 76.46 47% 41.51 154% 108.32 66% 32.41 33% 13.96 535% 23.55 67% 41.01 56% 9.41 62% 9.07 11% 13.04 32% 24.07 36% 15.25 48% 13.68 56% 17.63 227% 31.1 19% 34.57 30% 36.55 25% 81.89 92% 15.66 20% 6.71 28% 45.29 41% 40.99 21% 82.94 61% 8.74 24% 10.62 35% 12.68 7% 41.26 24% 10.45 52% 26.18 21% 25.33 17% 41.01 39% 20.56 195% 18.39 45% 10.93 19% 26.72 32% 50.44 35% 39.91 42% 45.57 31% 9.78 23% 9.43 44% 18.16 10% 23.72 10% 39.32 21% 5.81 49% 6.93 103% 42.64 27% 68.53 48% 25.94 27% 6.38 2% 33.7 85% 21.33 18% 42.9 25% 31.1 81% 4.93 21% 30.74 60%

october 31, 2009 | industry 2.0

- technology management for decision-makers

www.industry20.com

PBIT (Rs. Crore) 2006-07 2007-08 27.6 37.46 59.95 58.48 8.82 14.52 2.61 8.41 22.32 34.45 2.64 6.09 22.68 40.54 11.63 15.75 0.05 2.57 2.92 7.02 10.15 18.91 5.42 8.28 12.2 15.35 4.35 8.17 4.76 8.86 5.19 10.56 7.03 11.18 0.82 3.08 11.24 18.34 3.7 7.34 30.34 42.02 13.49 25.19 13.01 18.45 9.32 15.95 12.62 20.45 18.01 21.61 35.98 61.27 1.9 5.79 3.29 5.42 20.07 24.5 39.13 38.46 2.21 5.29 4.66 10.85 26.28 29.84 21.16 34.26 1.17 3.47 4.33 6.28 4.28 8.34 2.79 6.21 4.43 5.34 6.34 11.79 37.31 58.77 3.86 8.85 4.74 6.29 29.93 38.64 25.07 33.7 30.46 35.19 1.18 4.2 0.48 7.72 11.87 19.6 22.58 49.8 5.09 9.19 23.79 30.98 2.9 6.22 11.18 18.54 21.14 25.42 3.24 6.33 3.78 8.01 11.05 18.83

PAT (Rs. Crore) 2006-07 2007-08 16.7 23.73 29.85 36.18 5.23 8.55 0.54 3.47 15.02 24.44 1.73 4.25 17.4 23.54 7.02 9.23 0.03 2.25 1.47 5.81 5.44 9.47 3.91 5.89 8.42 12.69 2.59 5.24 2.7 5.15 4.33 8.3 4.78 7.6 0.12 2.09 8.73 14.4 2.45 4.83 21.08 27.09 10.73 17.77 8.03 11.74 8.26 14.12 8.34 12.63 5.84 8.99 18.95 27.93 0.5 4.31 1.21 3.69 11.87 14.94 20.96 27.95 1.12 3.55 2.69 6.9 11.76 14.2 13.59 18.08 0.82 2.72 4.2 6.11 2.16 5.3 1.46 3.6 2.12 3.63 2.84 4.89 26.23 30.3 2.26 5.51 2.64 5.19 16.17 28.49 15.25 19.98 20.93 22.84 0.74 3.7 0.04 4.69 0.27 4.71 15.94 25.76 2.24 5.01 11.44 23.22 1.17 3.31 6.1 9.42 10 12.84 1.62 3.89 2.54 6.53 5.06 8.83

Change in PAT Rs. Crore Percentage 7.03 42% 6.33 21% 3.32 63% 2.93 543% 9.42 63% 2.52 146% 6.14 35% 2.21 31% 2.22 7400% 4.34 295% 4.03 74% 1.98 51% 4.27 51% 2.65 102% 2.45 91% 3.97 92% 2.82 59% 1.97 1642% 5.67 65% 2.38 97% 6.01 29% 7.04 66% 3.71 46% 5.86 71% 4.29 51% 3.15 54% 8.98 47% 3.81 762% 2.48 205% 3.07 26% 6.99 33% 2.43 217% 4.21 157% 2.44 21% 4.49 33% 1.9 232% 1.91 45% 3.14 145% 2.14 147% 1.51 71% 2.05 72% 4.07 16% 3.25 144% 2.55 97% 12.32 76% 4.73 31% 1.91 9% 2.96 400% 4.65 11625% 4.44 1644% 9.82 62% 2.77 124% 11.78 103% 2.14 183% 3.32 54% 2.84 28% 2.27 140% 3.99 157% 3.77 75%

ROCE 2006-07 2007-08 37.41 29.32 23.46 24.12 14.36 15.67 2.86 16.13 16.59 13.12 12.68 18.02 14.41 11.44 17.92 20.67 0.82 39.54 2.35 8.61 16.55 16.88 33.42 50.8 26.21 35.93 18.38 32.47 10.48 19.05 10.03 15.07 32.34 37.05 3.78 34.35 22.83 23.03 12.6 20.82 23.35 20.37 47.23 31.39 24.51 27.97 24.59 32 34.02 31.06 7.87 11.97 15.62 10.76 4.03 34.32 12.96 37.61 31.33 36.42 14.03 12.23 12.72 30.45 4.65 11.53 16.54 18.51 36.03 29.97 16.6 27.7 17.99 22.85 23.54 41.88 21.95 33.36 10.45 18.49 14.73 19.17 18.28 14.54 12.68 25.84 11.85 21.8 7.71 9.17 9.69 11.51 43.33 38.99 6.16 24.64 0.12 13.03 0.4 7.01 36.71 19.71 6.47 13.59 5.12 10.07 14.22 19.54 8.71 12.65 17.33 16.86 9.73 14.24 12.91 30.93 13.07 13.2

Change in ROCE Rs. Crore Percentage -8.09 -22% 0.66 3% 1.31 9% 13.27 464% -3.47 -21% 5.34 42% -2.97 -21% 2.75 15% 38.72 4722% 6.26 266% 0.33 2% 17.38 52% 9.72 37% 14.09 77% 8.57 82% 5.04 50% 4.71 15% 30.57 809% 0.2 1% 8.22 65% -2.98 -13% -15.84 -34% 3.46 14% 7.41 30% -2.96 -9% 4.1 52% -4.86 -31% 30.29 752% 24.65 190% 5.09 16% -1.8 -13% 17.73 139% 6.88 148% 1.97 12% -6.06 -17% 11.1 67% 4.86 27% 18.34 78% 11.41 52% 8.04 77% 4.44 30% -3.74 -20% 13.16 104% 9.95 84% 1.46 19% 1.82 19% -4.34 -10% 18.48 300% 12.91 10758% 6.61 1653% -17 -46% 7.12 110% 4.95 97% 5.32 37% 3.94 45% -0.47 -3% 4.51 46% 18.02 140% 0.13 1%

PAT/Net Sales 2006-07 2007-08 20% 12% 22% 13% 6% 4% 3% 3% 14% 10% 10% 6% 14% 9% 12% 7% 2% 14% 8% 10% 14% 8% 36% 24% 14% 13% 11% 10% 7% 6% 16% 18% 29% 20% 11% 8% 7% 7% 3% 3% 21% 15% 15% 10% 16% 12% 38% 45% 11% 8% 9% 4% 26% 13% 5% 9% 11% 9% 12% 8% 23% 13% 11% 12% 4% 4% 17% 8% 20% 12% 11% 9% 11% 10% 8% 8% 3% 3% 3% 2% 7% 4% 25% 16% 9% 11% 22% 17% 16% 14% 11% 8% 16% 10% 10% 21% 7% 34% 8% 2% 16% 12% 5% 4% 9% 8% 7% 5% 10% 7% 12% 6% 8% 6% 16% 23% 21% 11%

industry 2.0

- technology management for decision-makers | october 31, 2009

RANK 2009 2008 206 60 207 159 208 79 209 102 210 211 217 212 130 213 498 214 209 215 233 216 217 218 219 314 220 221 222 223 353 224 225 304 226 179 227 228 229 230 231 456 232 233 234 235 236 400 237 238 303 239 419 240 241 242 243 244 245

246 247

461 473

248

249 250 251 252 253 254 255 256 257 258 259 260 261 262

35 324 449 149 428 154 264 -

Company

TOP 500

Industrial Activity

Net Sales 2006-07 2007-08 113.72 139.3 146.4 173.54 91.83 169.9 165.33 281.06 88.59 122.91 11.45 87.48 194.65 230.64 17.79 22.54 14.7 22.7 238.58 285.16 2.85 37.14 11.5 21.68 217.31 256.98 85.57 104.87 4.81 16.44 126.39 164.45 54.73 81.14 114.71 147.76 21.67 34.08 28.51 35.27 41.94 62.99 251.04 291.07 146.74 169.46 77.47 125.02 0.66 21.62 17.14 24.4 149.75 188.42 43.58 57.49 9.93 30.07 63.59 99.71 149.52 166.44 240.84 264.53 212.17 202.98 95.37 129.63 159.72 203.39 62.96 86.25 113.11 136.31 114.67 195.63 26.21 34.1

Change in Sales Rs. Crore Percentage 25.58 22% 27.14 19% 78.07 85% 115.73 70% 34.32 39% 76.03 664% 35.99 18% 4.75 27% 8 54% 46.58 20% 34.29 1203% 10.18 89% 39.67 18% 19.3 23% 11.63 242% 38.06 30% 26.41 48% 33.05 29% 12.41 57% 6.76 24% 21.05 50% 40.03 16% 22.72 15% 47.55 61% 20.96 3176% 7.26 42% 38.67 26% 13.91 32% 20.14 203% 36.12 57% 16.92 11% 23.69 10% -9.19 -4% 34.26 36% 43.67 27% 23.29 37% 23.2 21% 80.96 71% 7.89 30%

Gupta Machine Tools Ltd. Elantas Beck India Ltd. Cords Cable Inds. Ltd. Rasoya Proteins Ltd. Pallishree Ltd. Ritesh Properties & Inds. Ltd. F C I Oen Connectors Ltd. Skyline Millars Ltd. Precision Seals Mfg. Ltd. Ajanta Pharma Ltd. Himachal Fibres Ltd. Tamboli Castings Ltd. Solaris Chemtech Ltd. Yuken India Ltd. J S L Structures Ltd. Eaton Fluid Power Ltd. Rusan Pharma Ltd. Bhoruka Aluminium Ltd. Aishwarya Telecom Ltd. Biddle Sawyer Ltd. Federal-Mogul T P R (India) Ltd. Gujarat Tea Processors & Packers Ltd. Bajaj Consumer Care Ltd. Kutch Salt & Allied Inds. Ltd. Sarla Gems Ltd. Sven Genetech Ltd. Shri Bajrang Alloys Ltd. Zydus Wellness Ltd. House Of Pearl Fashions Ltd. Richa Industries Ltd. I F B Agro Inds. Ltd. Bhansali Engineering Polymers Ltd. E C E Industries Ltd. Nissan Copper Ltd. Sahyadri Industries Ltd. Lincoln Pharmaceuticals Ltd. Flender Ltd. Anjani Synthetics Ltd. Shilp Gravures Ltd.

Stampings & laminations Wire enamel Wires & cables, nec Soyabean oil cake Agriseed Apparels (Readymade garment) Connectors Construction machinery Rubber & rubber products Drug formulations Cotton yarn Castings Inorganic chemicals Fuel pumps Other refractories Other valves CNS stimulant formulations Other aluminium products Other communication equipment, nec Drug formulations Piston rings Tea Hair oil Salt Jewellery Amino acid liquids Other structurals (Steel windows, doors, frames) Protein concentrates Apparels (Readymade garment) Cloth processed Rectified spirit Acrylonitrile butadiene styrene Transformers Copper products, nec Corrugated asbestos sheets Drug formulations Gears Cloth (Fabrics) Printing machinery

Karnataka Antibiotics & Pharmaceuticals Ltd.

Drug formulations

121.69

186.94

65.25

54%

Rainbow Papers Ltd. J K Helene Curtis Ltd.

Kraft paper & paperboard Cosmetics & toilet preparations

141.91 88.83

166.59 102.81

24.68 13.98

17% 16%

Mahindra Engineering & Chemical Products Ltd.

Diversified

52.41

53.69

1.28

Panama Petrochem Ltd. Hydro S & S Inds. Ltd. Ambey Metallic Ltd. Uniword Telecom Ltd. Navin Fluorine Intl. Ltd. Asco (India) Ltd. B M W Industries Ltd. Grabal Alok Impex Ltd. Troikaa Pharmaceuticals Ltd. A H W Steels Ltd. Steel Strips Wheels Ltd. Srinivasa Hatcheries Ltd. Billets Elektro Werke Ltd. Amco Batteries Ltd.

Lube oils & lubricants Other articles of plastics, nec Sponge iron Amplifiers & PA systems Fluro carbon Hydraulic valves Tubes & pipes Special woven fabrics Drugs, medicines & allied products Bars & rods Wheels for automobiles Poultry Tools, implements, etc. Storage batteries

198.92 100.76 39.87 236.27 265.75 43.17 63.33 98.85 58.57 218.82 198.57 67.58 29.98 109.28

234.27 116.9 50.19 273.8 294.78 53.85 161.62 128.91 75.64 299.54 260.21 87.14 37.05 159.82

35.35 16.14 10.32 37.53 29.03 10.68 98.29 30.06 17.07 80.72 61.64 19.56 7.07 50.54

18% 16% 26% 16% 11% 25% 155% 30% 29% 37% 31% 29% 24% 46%

october 31, 2009 | industry 2.0

- technology management for decision-makers

www.industry20.com

PBIT (Rs. Crore) 2006-07 2007-08 16.16 20.93 25.34 29.87 12.82 24.98 8.78 14.12 6.81 9.11 8.72 15.8 30.55 39.4 1.34 6.1 4.21 6.43 29.9 40.58 -2.73 3.1 1.95 4.64 35.3 49.08 8.66 11.88 0.94 3.43 8.45 13.18 12.52 18.24 7.88 15.37 4.78 7.66 14.6 20.57 7.77 10.9 30.23 34.63 23.09 33.85 4.16 8.66 0.56 1.91 3.47 5.23 4.53 7.3 5.03 7.22 4.2 11.75 7.14 14.01 6.18 12.61 28.6 26.88 6.92 28.42 8.27 13.93 15.39 20.57 5.55 8.48 22.86 26.89 4.8 8.8 6.76 9.06

PAT (Rs. Crore) 2006-07 2007-08 7.97 10.41 16.95 19.28 7.06 13.77 4.44 6.92 4.34 5.95 7.88 12.65 20.28 22.69 0.98 5.32 2.05 3.99 11.85 15.95 -0.43 0.98 1.46 3.63 5.9 13.5 3.82 5.78 0.69 2.11 3.68 6.32 11.3 15.59 2.22 4.59 3.03 5.49 9.7 14.1 4.18 5.69 18.37 20.86 20.18 28.38 0.13 2.35 0.5 1.69 1.41 2.7 2.05 3.53 2.67 4.62 2.93 10.45 3.27 6.91 3.18 7.8 2.51 7.01 1.05 14.92 5.89 9.37 3.84 6.65 3.07 4.68 13.58 16.72 2.01 3.24 4.18 6.06

Change in PAT Rs. Crore Percentage 2.44 31% 2.33 14% 6.71 95% 2.48 56% 1.61 37% 4.77 61% 2.41 12% 4.34 443% 1.94 95% 4.1 35% 1.41 -328% 2.17 149% 7.6 129% 1.96 51% 1.42 206% 2.64 72% 4.29 38% 2.37 107% 2.46 81% 4.4 45% 1.51 36% 2.49 14% 8.2 41% 2.22 1708% 1.19 238% 1.29 91% 1.48 72% 1.95 73% 7.52 257% 3.64 111% 4.62 145% 4.5 179% 13.87 1321% 3.48 59% 2.81 73% 1.61 52% 3.14 23% 1.23 61% 1.88 45%

ROCE 2006-07 2007-08 23.09 23.85 23.92 22.57 31.11 20.71 16.99 16.46 17 19.38 44.37 30.05 15.89 14.71 9.72 26.22 19 29.94 7.08 7.61 1.88 42.89 19.25 26.81 1.91 3.37 10.53 16.96 12.61 27.03 6.22 9.41 29.02 24.17 9.86 14.65 36.71 39.31 19.97 23.31 10.73 13.89 26.19 22.86 59.34 48.65 0.53 8.09 77.52 99.71 13.62 36.24 16.67 22.41 14.22 20.5 1.89 3.49 5.71 7 6.5 11.94 2.7 8.85 1.4 17.37 19.1 17.55 4.29 6.9 10.08 14.3 39.05 34.58 9.28 12.27 16.6 22.67

Change in ROCE Rs. Crore Percentage 0.76 3% -1.35 -6% -10.4 -33% -0.53 -3% 2.38 14% -14.32 -32% -1.18 -7% 16.5 170% 10.94 58% 0.53 7% 41.01 2181% 7.56 39% 1.46 76% 6.43 61% 14.42 114% 3.19 51% -4.85 -17% 4.79 49% 2.6 7% 3.34 17% 3.16 29% -3.33 -13% -10.69 -18% 7.56 1426% 22.19 29% 22.62 166% 5.74 34% 6.28 44% 1.6 85% 1.29 23% 5.44 84% 6.15 228% 15.97 1141% -1.55 -8% 2.61 61% 4.22 42% -4.47 -11% 2.99 32% 6.07 37%

PAT/Net Sales 2006-07 2007-08 14% 7% 17% 11% 14% 8% 5% 2% 8% 5% 76% 14% 16% 10% 8% 24% 29% 18% 13% 6% -96% 3% 17% 17% 16% 5% 10% 6% 20% 13% 7% 4% 23% 19% 7% 3% 22% 16% 51% 40% 19% 9% 12% 7% 16% 17% 5% 2% 85% 8% 20% 11% 3% 2% 12% 8% 42% 35% 11% 7% 4% 5% 12% 3% 3% 7% 9% 7% 10% 3% 9% 5% 20% 12% 4% 2% 26% 18%

6.68

8.96

3.71

4.85

1.14

31%

10.59

12.32

1.73

16%

14.44 2.82

23.76 6.22

4.69 1.45

10.68 3.9

5.99 2.45

128% 169%

5.92 11.01

7.54 24.13

1.62 13.12

27% 119%

10% 3%

6% 4%

7.35

14.88

3.6

10.14

6.54

182%

9.25

24.01

14.76

160%

14%

19%

13.15 6.4 1.44 14.55 29.91 16.68 9.33 23.31 7.22 6.11 32.21 1.76 2.96 2.44

18.19 11.01 4.77 19.27 29.49 22.28 22.41 33.95 10.96 7.06 38.3 6.42 6.48 4.91

10.42 2.93 0.99 3.07 7.74 10.9 3.99 6.79 4.03 1.13 14.09 1.65 1.44 2.1

13.97 5.36 2.92 5.64 12.96 14.51 6.6 13.4 6.52 3.05 16.75 4.53 3.55 3.55

3.55 2.43 1.93 2.57 5.22 3.61 2.61 6.61 2.49 1.92 2.66 2.88 2.11 1.45

34% 83% 195% 84% 67% 33% 65% 97% 62% 170% 19% 175% 147% 69%

39.03 11.45 13.52 6.65 3.09 79.24 3.95 2.82 14.56 3.16 8.38 3.09 20.28 5.54

34.33 18.31 31.01 10.81 5.16 77.93 4.56 3.24 16.65 7.09 7.05 8.15 33.7 8.77

-4.7 6.86 17.49 4.16 2.07 -1.31 0.61 0.42 2.09 3.93 -1.33 5.06 13.42 3.23

-12% 60% 129% 63% 67% -2% 15% 15% 14% 124% -16% 164% 66% 58%

7% 6% 4% 6% 11% 39% 15% 24% 12% 3% 16% 3% 10% 2%

6% 5% 6% 2% 4% 27% 4% 10% 9% 1% 6% 5% 10% 2%

industry 2.0

- technology management for decision-makers | october 31, 2009

RANK 2009 2008 263 264 331 265 266 267 268 269 270 271 59

Company

TOP 500

Industrial Activity

Anuh Pharma Ltd. T P L Plastech Ltd. Raj Agro Mills Ltd. Dankuni Steels Ltd. Jay Shree Tea & Inds. Ltd. Auckland International Ltd. Mahalaxmi Seamless Ltd. Voith Paper Technology (India) Ltd. V S T Tillers Tractors Ltd.

Antibiotics Reservoirs, tanks, etc. Vanaspati Semi-finished Steel Tea Plastic coated / polyethylene jute bags Seamless tubes & pipes Paper & paper board manufacturing machinery Power tillers

272

451

Gulshan Sugars & Chemicals Ltd. [Merged]

Calcium carbonates

273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320

460 255 474 306 231 105 26 169 42 176 165 53 450 346 172 391 282 -

S P E L Semiconductor Ltd. Polyplex Corporation Ltd. Ripley & Co. Ltd. Goodricke Group Ltd. Ganesh Polytex Ltd. Asian Tiles Ltd. Bajaj Steel Inds. Ltd. Crystal Phosphates Ltd. J M T Auto Ltd. Refex Refrigerants Ltd. Taparia Tools Ltd. Nippo Batteries Co. Ltd. Alkyl Amines Chemicals Ltd. Lux Industries Ltd. Borax Morarji Ltd. Goa Shipyard Ltd. Grauer & Weil (India) Ltd. Paramount Minerals & Chemicals Ltd. Thangam Steel Ltd. Indsil Hydro Power & Manganese Ltd. Johnson Pump (India) Ltd. Ludlow Jute & Specialities Ltd. Advanta India Ltd. Ihsedu Agrochem Pvt. Ltd. Addison & Co. Ltd. A V T Mccormick Ingrediants Pvt. Ltd. Flex Art Foil Pvt. Ltd. Modern Insulators Ltd. Easun Reyrolle Ltd. K G Petrochem Ltd. Pharmed Ltd. Bharat Rasayan Ltd. Nitin Fire Protection Inds. Ltd. Precision Pipes & Profiles Co. Ltd. Kewal Kiran Clothing Ltd. Naga Ltd. Rishi Laser Ltd. Pudumjee Industries Ltd. Euro Merchandise (India) Ltd. Kaveri Seed Co. Ltd. Flex Foods Ltd. Ramdev Food Products Ltd. Mather & Platt Pumps Ltd. Shilpa Medicare Ltd. Haldyn Glass Gujarat Ltd. Ceeta Industries Ltd. Shivalik Agro Poly Products Ltd. A B I-Showatech (India) Ltd.

Integrated circuits Polyester film Polyester staple fibre (PSF) Tea Textured yarn of synthetic filament yarn Ceramic tiles Sacks & bags Pesticides Drive transmission & steering parts Refrigerant gases Hand tools Dry cells Amine function compounds Other garments, knitted or crocheted Borax Ships, boats, etc. Chemicals, nec Whitening agents Semi-finished Steel Ferro silicon Centrifugal pumps Jute & jute products Hybrid seeds Castor oil Drilling machines Spices & Condiments Aluminium foils Overhead line fittings Electronic relays Sacks & bags of polyethylene Drug formulations Pesticides Fire extinguishing / protection systems Automobile ancillaries, nec Apparels (Readymade garment) Wheat flour Other fabricated metal products Paper Ceramic tiles Agriseed Mushroom Other spices Centrifugal pumps Drugs, medicines & allied products Bottles Granite Biaxially oriented polypropylene (BOPP) film Automobile ancillaries, nec

Net Sales 2006-07 2007-08 83.88 113.68 44.94 60.44 80.66 115.72 191.89 272.85 249.99 282.51 64.95 84.85 27.88 35.61 21.03 33.02 163.88 190.55

Change in Sales Rs. Crore Percentage 29.8 36% 15.5 34% 35.06 43% 80.96 42% 32.52 13% 19.9 31% 7.73 28% 11.99 57% 26.67 16%

43.4

53.49

10.09

23%

54.88 199.94 121.08 221.81 63.08 24.76 175.79 184.27 162.98 49.88 91.27 286.79 132.11 166.72 61.25 178.88 139.4 42.7 26.27 34.87 33.39 131.44 75.7 50.1 132.63 104.56 68.32 201.23 133.89 30.62 38.36 60.17 28.03 109.78 141 131 50.87 80.71 39.3 66.89 35.92 68.8 132.09 70.64 56.72 9.5 41.34 138

75.98 209.75 178.35 237.35 106.4 36.48 188.19 217.13 201.3 88.43 112.29 265.5 161.03 228.34 81.08 107.54 173.04 65.19 81.08 52.71 46.58 157.97 130.04 59.31 154.41 140.82 86.78 220.74 187.49 49.62 51.66 69.96 38.65 127.29 168.18 218.88 104.97 101.36 61.35 98.27 42.02 80.07 182.9 98.18 63.99 14.91 53.09 128.78

21.1 9.81 57.27 15.54 43.32 11.72 12.4 32.86 38.32 38.55 21.02 -21.29 28.92 61.62 19.83 -71.34 33.64 22.49 54.81 17.84 13.19 26.53 54.34 9.21 21.78 36.26 18.46 19.51 53.6 19 13.3 9.79 10.62 17.51 27.18 87.88 54.1 20.65 22.05 31.38 6.1 11.27 50.81 27.54 7.27 5.41 11.75 -9.22

38% 5% 47% 7% 69% 47% 7% 18% 24% 77% 23% -7% 22% 37% 32% -40% 24% 53% 209% 51% 40% 20% 72% 18% 16% 35% 27% 10% 40% 62% 35% 16% 38% 16% 19% 67% 106% 26% 56% 47% 17% 16% 38% 39% 13% 57% 28% -7%

october 31, 2009 | industry 2.0

- technology management for decision-makers

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PBIT (Rs. Crore) 2006-07 2007-08 10.57 11.63 4.75 6.75 1.95 3.85 11.91 15.82 12.69 19.15 0.84 2.9 2.71 5.71 9.56 12.27 19.82 22.26

PAT (Rs. Crore) 2006-07 2007-08 6.9 7.76 2.66 3.78 0.61 2.02 5.03 6.06 3.9 9.72 0.21 2.09 1.62 3.52 6.29 7.8 12.37 13.87

Change in PAT Rs. Crore Percentage 0.86 12% 1.12 42% 1.41 231% 1.03 20% 5.82 149% 1.88 895% 1.9 117% 1.51 24% 1.5 12%

ROCE 2006-07 2007-08 21.6 21.35 20.66 26.49 4.67 12.61 11.05 11.69 1.69 3.85 1.77 15.94 15.42 25.29 42.31 41.95 24.44 22.63

Change in ROCE Rs. Crore Percentage -0.25 -1% 5.83 28% 7.94 170% 0.64 6% 2.16 128% 14.17 801% 9.87 64% -0.36 -1% -1.81 -7%

PAT/Net Sales 2006-07 2007-08 13% 7% 11% 6% 2% 2% 6% 2% 5% 3% 1% 2% 10% 10% 45% 24% 12% 7%

7.38

10.09

4.29

7.53

3.24

76%

8.85

12.06

3.21

36%

17%

14%

7.82 15.57 5.16 7.43 4.76 4.27 8.22 8.24 14.97 6.27 4.33 9.67 19.26 5.54 5.63 66.35 19.05 5.51 1.14 7.15 4.66 2.9 16.02 3.08 12.13 8.95 14.06 24.62 28.11 1.4 2.27 1.77 4.46 23 29.51 7.13 6.82 3.08 3.8 16.95 7.16 4.96 13.32 11.72 10.98 1.48 3.99 24.21

13.72 24.47 9.62 13.45 8.15 5.73 14.16 13.02 22.06 15.2 5.68 24.84 21.97 9.95 8.14 111.85 24.71 7.33 2.82 8.29 6 5.36 26.26 5.63 16.33 10.92 17.62 29.27 33.33 4.88 3.51 5.53 11.65 32.14 34.66 11.02 13.32 7.43 7.27 22.41 9.45 7.35 17.37 17.65 13.39 2.38 5.34 29.42

3.19 4.44 1.39 2.29 1.61 2 2.5 2.37 5.87 3.92 2.95 6 7.99 2.05 2.21 45.38 11.32 3.24 0.39 3.61 2.71 1.47 6.65 1.46 2.33 4.69 10.24 14.45 17.15 0.13 1.25 0.67 2.92 13.98 18.6 1.43 2.76 1.02 2.19 10.54 4.62 2.09 6.31 7.93 4.91 1.29 2.44 19.33

6.09 12.4 3.25 6.89 3.64 3.2 6.13 4.29 8.54 9.37 3.86 16.08 9.35 3.42 3.51 66.86 12.93 4.48 1.49 4.9 3.67 2.81 13.17 3.39 5.02 5.24 12.98 16.79 21.58 2.33 2.25 3.6 9.33 19.9 21.24 2.52 4.67 3.56 3.11 13.92 7.09 3.57 7.52 11.36 7.77 2.23 3.6 26.39

2.9 7.96 1.86 4.6 2.03 1.2 3.63 1.92 2.67 5.45 0.91 10.08 1.36 1.37 1.3 21.48 1.61 1.24 1.1 1.29 0.96 1.34 6.52 1.93 2.69 0.55 2.74 2.34 4.43 2.2 1 2.93 6.41 5.92 2.64 1.09 1.91 2.54 0.92 3.38 2.47 1.48 1.21 3.43 2.86 0.94 1.16 7.06

91% 179% 134% 201% 126% 60% 145% 81% 45% 139% 31% 168% 17% 67% 59% 47% 14% 38% 282% 36% 35% 91% 98% 132% 115% 12% 27% 16% 26% 1692% 80% 437% 220% 42% 14% 76% 69% 249% 42% 32% 53% 71% 19% 43% 58% 73% 48% 37%

4.69 1.95 3.3 3.25 5.22 12.91 6.85 12.32 5.34 38.6 20.86 5.39 7.3 7.35 9.58 21.31 15.48 15.53 4.03 5.39 25.47 8.17 6.3 10.43 3.7 14.57 46.25 22.71 31.85 0.39 22.87 2.17 17.54 27.64 20.68 4.46 6.08 2.46 20.24 38.06 8.39 11.74 38.69 19.57 12.49 13.19 19.35 29.29

6.9 5.75 6.47 9.31 7.57 19.21 14.23 15.84 6.27 23.15 25.62 13.92 8.4 9.64 14.36 26.01 13.12 16.38 9.53 7.86 28.56 14.69 4 19.89 7.81 15.54 37.31 20.19 11.13 6.55 32.03 11.25 16.35 20.7 14.52 6.8 6.47 7.16 21.98 19.6 12.64 20.03 30.97 14.06 15.2 21.75 23.23 31.17

2.21 3.8 3.17 6.06 2.35 6.3 7.38 3.52 0.93 -15.45 4.76 8.53 1.1 2.29 4.78 4.7 -2.36 0.85 5.5 2.47 3.09 6.52 -2.3 9.46 4.11 0.97 -8.94 -2.52 -20.72 6.16 9.16 9.08 -1.19 -6.94 -6.16 2.34 0.39 4.7 1.74 -18.46 4.25 8.29 -7.72 -5.51 2.71 8.56 3.88 1.88

47% 195% 96% 186% 45% 49% 108% 29% 17% -40% 23% 158% 15% 31% 50% 22% -15% 5% 136% 46% 12% 80% -37% 91% 111% 7% -19% -11% -65% 1579% 40% 418% -7% -25% -30% 52% 6% 191% 9% -49% 51% 71% -20% -28% 22% 65% 20% 6%

14% 8% 4% 3% 8% 17% 5% 4% 9% 13% 5% 3% 15% 3% 9% 37% 14% 13% 4% 21% 14% 2% 21% 6% 9% 9% 21% 12% 21% 5% 6% 3% 16% 21% 21% 5% 13% 4% 10% 25% 20% 7% 10% 17% 19% 16% 10% 18%

8% 6% 2% 3% 3% 9% 3% 2% 4% 11% 3% 6% 6% 1% 4% 62% 7% 7% 2% 9% 8% 2% 10% 6% 3% 4% 15% 8% 12% 5% 4% 5% 24% 16% 13% 1% 4% 4% 5% 14% 17% 4% 4% 12% 12% 15% 7% 20%

industry 2.0

- technology management for decision-makers | october 31, 2009

Company

TOP 500

RANK 2009 2008 321 322 345 323 324 290 325 326 88 327 309 328 401

Industrial Activity

Hightemp Furnaces Ltd. Hoganas India Ltd. Agrocel Industries Ltd. Hitech Plast Ltd. Tarapur Transformers Pvt. Ltd. Themis Medicare Ltd. Unifrax India Ltd. Binayak Tex Processors Ltd.

Furnaces or ovens, nec Granules & powders of pig iron, etc. Bromine Reservoirs, tanks, etc. Transformers Drug formulations Other ceramic products Cloth processed

329

Sree Sakthi Paper Mills Ltd.

Paper & paperboard, corrugated, crepped, embossed,

330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353

161 20 294 426 279 13 237 166 387 417 -

Marksans Pharma Ltd. Northern Strips Ltd. Axel Polymers Ltd. U V Boards Ltd. South India Paper Mills Ltd. Filatex Fashions Ltd. Sukhjit Starch & Chemicals Ltd. Maddi Lakshmaiah & Co. Ltd. Trichy Distilleries & Chemicals Ltd. Accurate Transformers Ltd. Jupiter Bioscience Ltd. H V Transmissions Ltd. English Indian Clays Ltd. H V Axles Ltd. Menon Pistons Ltd. Indoco Remedies Ltd. Simplex Castings Ltd. Pradeep Metals Ltd. Vindhya Telelinks Ltd. Biecco Lawrie Ltd. Scottish Assam (India) Ltd. Sethia Oil Inds. Ltd. Empire Industries Ltd. Karur K C P Packkagings Ltd.

Drugs, medicines & allied products Polyester film Plastic Products Wood Products Kraft paper & paperboard Knitted / crocheted fabrics Starches Tobacco Organic chemicals Transformers Oxygen function amino compounds Drive transmission & steering parts Diversified Automobile ancillaries Pistons Drug formulations Castings Automobile ancillaries Jelly filled cables Switchgears, nec Tea Rice bran oil Bottles Sacks & bags of polyethylene

354

355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 376 377

186 192 339 386 374 321 320 2 184 362

Garg Industries Ltd. (Duplicate Name, Copper products, nec Punjab) Zandu Pharmaceutical Works Ltd. Associated Pigments Ltd. Vikram Thermo (India) Ltd. Hi-Tech Gears Ltd. Aries Agro Ltd. Auto Ignition Ltd. Haldia Steels Ltd. Khoday India Ltd. National Plastic Technologies Ltd. Lokesh Machines Ltd. I F G L Refractories Ltd. Roto Pumps Ltd. Vinayak Steels Limited Beardsell Ltd. Unique Organics Ltd. Unipon (India) Ltd. Sagar Cements Ltd. Naihati Jute Mills Co. Ltd. India Tube Mills & Metal Inds. Ltd. Kakatiya Cement Sugar & Inds. Ltd. Pudumjee Pulp & Paper Mills Ltd. Wim Plast Ltd. Mazda Ltd.

Ayurvedic & unani medicaments Lead oxides Basic pharmaceuticals nec Drive transmission & steering parts Fertilisers Starter motors Semi-finished Steel Indian made foreign liquors Plastic Products General purpose machinery Refractory bricks Rotor pumps Semi-finished Steel Expandable polystyrene Spices & Condiments Cotton & blended yarn, texturised Cement Jute & jute products Reservoirs, tanks & other fabrications Cement Paper Other articles of plastics Domestic appliances (Electro-mechanical)

Net Sales 2006-07 2007-08 60.82 76.55 90.95 120.68 45.51 66.44 93.48 106.87 2.93 10.66 167.68 220.79 35.27 43.73 80.07 111.97

Change in Sales Rs. Crore Percentage 15.73 26% 29.73 33% 20.93 46% 13.39 14% 7.73 264% 53.11 32% 8.46 24% 31.9 40%

61.89

107.89

74%

242.39 64.02 32.51 7.2 113.63 3.98 162.22 52.01 42.69 172.55 103.84 175.27 242.5 196.19 84.03 247.31 135.5 54.68 54.7 46.07 10.5 82.07 107 187.21

246.42 156.12 42.85 13.76 122.61 10.12 180.11 64.01 39.99 180.53 130.55 190.84 266.32 202.15 101.44 264.15 149.83 70.47 214.84 51.42 12.59 105.03 139.57 197.19

4.03 92.1 10.34 6.56 8.98 6.14 17.89 12 -2.7 7.98 26.71 15.57 23.82 5.96 17.41 16.84 14.33 15.79 160.14 5.35 2.09 22.96 32.57 9.98

2% 144% 32% 91% 8% 154% 11% 23% -6% 5% 26% 9% 10% 3% 21% 7% 11% 29% 293% 12% 20% 28% 30% 5%

47.68

67.8

20.12

42%

131.65 32.68 13.59 270.8 72.76 145.42 195.94 101.49 26.52 90.35 155.91 31.65 39.33 51.98 4.65 17.74 198.4 86.97 40.1 121.79 190.62 54.32 52.51

138.44 142.08 17.41 287.62 101.85 135.64 271.95 117.78 37.86 110.42 179.29 39.97 68.13 60.27 20.7 26.03 223.62 104.9 88.94 148.9 222.6 72.05 59.67

6.79 109.4 3.82 16.82 29.09 -9.78 76.01 16.29 11.34 20.07 23.38 8.32 28.8 8.29 16.05 8.29 25.22 17.93 48.84 27.11 31.98 17.73 7.16

5% 335% 28% 6% 40% -7% 39% 16% 43% 22% 15% 26% 73% 16% 345% 47% 13% 21% 122% 22% 17% 33% 14%

october 31, 2009 | industry 2.0

- technology management for decision-makers

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PBIT (Rs. Crore) 2006-07 2007-08 7.53 12 12.43 13.25 2.81 5.13 9.52 11.35 0.28 2.34 16.5 19.68 13.7 16.07 7.84 9.98

PAT (Rs. Crore) 2006-07 2007-08 4.22 6.43 7.74 8.3 0.95 2.24 6.27 7.97 0.06 1.49 8.09 8.99 9.3 10.84 4.29 5.12

Change in PAT Rs. Crore Percentage 2.21 52% 0.56 7% 1.29 136% 1.7 27% 1.43 2383% 0.9 11% 1.54 17% 0.83 19%

ROCE 2006-07 2007-08 16.67 16.83 16.15 14.96 6.15 11.38 14.51 15.85 0.75 9.89 9.53 8.58 32.1 30.96 19.15 18.28

Change in ROCE Rs. Crore Percentage 0.16 1% -1.19 -7% 5.23 85% 1.34 9% 9.14 1219% -0.95 -10% -1.14 -4% -0.87 -5%

PAT/Net Sales 2006-07 2007-08 12% 8% 14% 7% 6% 3% 10% 7% 10% 14% 10% 4% 39% 25% 10% 5%

5.84

9.04

3.03

1.03

52%

5.04

6.95

1.91

38%

21.08 1.26 1.08 0.33 15.14 0.85 26.11 10.63 4.67 11.84 38.4 73.7 38.06 98.62 8.55 39.46 13.12 4.85 0.16 2.59 1.47 4.7 14.19 34.27

30.53 2.19 1.38 2.2 16.11 1.88 26.74 20.23 10.71 17.09 53.69 76.3 41.99 91.74 10.23 35.75 16.7 3.58 4.19 4.84 2.97 6.94 19.58 38.43

5.35 0.6 0.08 0.2 10.24 0.13 18.26 3.92 2.37 4.69 18.81 44.96 18.18 59.7 4.32 24.49 5.3 1.66 0.11 1.72 1.03 2.81 8.45 7.09

15.31 1.01 1.21 1.33 11.48 1.36 19.51 5.69 6.37 7.11 21.32 47.32 18.47 65.89 5.18 26.63 7.23 3.03 1.94 3.88 2.57 3.63 9.13 11.38

9.96 0.41 1.13 1.13 1.24 1.23 1.25 1.77 4 2.42 2.51 2.36 0.29 6.19 0.86 2.14 1.93 1.37 1.83 2.16 1.54 0.82 0.68 4.29

186% 68% 1413% 565% 12% 946% 7% 45% 169% 52% 13% 5% 2% 10% 20% 9% 36% 83% 1664% 126% 150% 29% 8% 61%

1.34 7.77 1.79 3.09 21.21 1.01 23 6.27 23.65 19.53 10 41.33 9.59 34.49 13.9 12.17 13.08 10.93 0.04 11.32 14.8 13.88 14.42 4.5

3.91 12.18 25.69 14.61 21.68 11.05 19.16 8.79 45.58 22.6 6.86 27.31 9.7 26.52 15.95 10.32 14.66 14.81 0.83 19.8 30.01 15.96 12.34 6.25

2.57 4.41 23.9 11.52 0.47 10.04 -3.84 2.52 21.93 3.07 -3.14 -14.02 0.11 -7.97 2.05 -1.85 1.58 3.88 0.79 8.48 15.21 2.08 -2.08 1.75

192% 57% 1335% 373% 2% 994% -17% 40% 93% 16% -31% -34% 1% -23% 15% -15% 12% 35% 1975% 75% 103% 15% -14% 39%

9% 2% 3% 5% 13% 21% 16% 20% 11% 7% 37% 42% 16% 50% 10% 16% 10% 9% 0% 6% 14% 6% 13% 18%

6% 1% 3% 10% 9% 13% 11% 9% 16% 4% 16% 25% 7% 33% 5% 10% 5% 4% 1% 8% 20% 3% 7% 6%

1.39

3.21

0.19

1.52

1.33

700%

2.78

10.02

7.24

260%

20.41 3.04 2.42 22.14 16.59 10.03 15.63 18.95 3.6 20.94 29.6 3.62 3.51 1.48 0.14 0.6 39.9 0.79 3.8 25.4 9.86 3.31 7.61

23.63 9.31 3.66 26.7 18.77 14.3 16.42 20.29 5.94 24.14 31.04 5.47 5.56 3.89 0.86 2.66 53.29 2.11 5.44 27.61 14.23 5.02 9.98

13.93 2.62 1.31 8.22 8.83 6.5 7.43 5.44 0.48 10.7 16.32 1.99 1.54 0.08 0.06 0.59 27.67 0.13 2.12 18.02 2.1 0.63 4.57

15.29 3.31 2.24 9.9 11.6 10.2 7.6 7.59 1.81 12 16.18 3.01 2.4 2.22 0.66 1.67 31.48 1.16 2.67 17.48 4.73 2.66 6.15

1.36 0.69 0.93 1.68 2.77 3.7 0.17 2.15 1.33 1.3 -0.14 1.02 0.86 2.14 0.6 1.08 3.81 1.03 0.55 -0.54 2.63 2.03 1.58

10% 26% 71% 20% 31% 57% 2% 40% 277% 12% -1% 51% 56% 2675% 1000% 183% 14% 792% 26% -3% 125% 322% 35%

21.28 69.68 17.85 7.35 33.47 16.55 7.64 4.4 2.95 15.71 17.49 16.89 8.75 0.54 2.03 5.81 47.12 2.12 10.52 15.45 1.38 1.13 24.02

20.92 61.01 27.65 8.99 17.15 22.97 7.4 5.98 10.19 12.78 16.44 21.35 10.71 13.71 19.94 14.06 16.41 16.61 11.17 13.97 3 5.21 25.22

-0.36 -8.67 9.8 1.64 -16.32 6.42 -0.24 1.58 7.24 -2.93 -1.05 4.46 1.96 13.17 17.91 8.25 -30.71 14.49 0.65 -1.48 1.62 4.08 1.2

-2% -12% 55% 22% -49% 39% -3% 36% 245% -19% -6% 26% 22% 2439% 882% 142% -65% 683% 6% -10% 117% 361% 5%

16% 9% 18% 8% 23% 7% 8% 19% 14% 23% 19% 11% 9% 3% 3% 3% 20% 1% 9% 21% 5% 6% 14%

11% 2% 13% 3% 11% 8% 3% 6% 5% 11% 9% 8% 4% 4% 3% 6% 14% 1% 3% 12% 2% 4% 10%

industry 2.0

- technology management for decision-makers | october 31, 2009

RANK 2009 2008 378 379 287 380 381 318 382 383 446 384 482 385 386 308 387 388 389 390 117 391 359 392 393 394 380 395 396 139 397 398 495 399 398 400 401 402 403 404 250 405 433 406 407 408 409 410 467 411 241 412 413 414 415 416 356 417 418 78

Company

TOP 500

Industrial Activity

Rasandik Engineering Inds. India Ltd. A C C Machinery Co. Ltd. Allied Strips Ltd. Poddar Developers Ltd. Q H Talbros Ltd. A V T Natural Products Ltd. Sarla Performance Fibres Ltd. G R M Overseas Ltd. Shakti Met-Dor Ltd. Arch Finechemicals Ltd. Ring Plus Aqua Ltd. Scan Steels Ltd. Rane Holdings Ltd. Shreyas Intermediates Ltd. San Engineering & Locomotive Co. Ltd. Schablona India Ltd. Rossell Tea Ltd. Sova Ispat Ltd. Z F Steering Gear (India) Ltd. Cheviot Co. Ltd. Sundaram Multi Pap Ltd. Foods & Inns Ltd. Deepak Industries Ltd. Hester Biosciences Ltd. Vasudha Pharma Chem Ltd. Polynova Industries Ltd. Austin Engineering Co. Ltd. Basant Agro Tech (India) Ltd. Inarco Ltd. Shakti Pumps (India) Ltd. Shree Karthik Papers Ltd. Indo Amines Ltd. Bhartiya International Ltd. Hind Rectifiers Ltd. Hiran Orgochem Ltd. Kulkarni Power Tools Ltd. Stripes Apparels Ltd. [Merged] Cetex Petrochemicals Ltd. [Erstwhile] Sterling Tools Ltd. Harita Seating Systems Ltd. Irizar T V S Ltd.

Automobile ancillaries, nec Industrial machinery Cold rolled coils, strips, sheets Apparels (Readymade garment) Steering linkages Essential oils Textured yarn of synthetic filament yarn Rice Metal furnitures & fixtures Dimehyl sulphate Thickwall, thinwall bearings Stainless steel bars & rods Steering gears Acrylonitrile Locomotives Other ceramic products Tea Sponge iron Steering gears Jute yarn Registers, account books, note books, etc. Vegetable / fruit products Gears including crown wheels Drugs, medicines & allied products Drugs, medicines & allied products Synthetic leather cloth Ball or roller bearings NPK mixed fertilisers Aprons Pumps Paper Amine function compounds Leather apparel & clothing accessories Semiconductor devices Drugs, medicines & allied products Machine tools for drilling, boring, milling, etc. Apparels (Readymade garment) Organic chemicals Screws, bolts, nuts, rivets, washers, etc. Auto seating systems Automobile bodies

419

Rajasthan Drugs & Pharmaceuticals Ltd.

Drug formulations

420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435

409 266 376 297 128 189 -

Shetron Ltd. C T R Manufacturing Inds. Ltd. M M Forgings Ltd. Salzer Electronics Ltd. Orson Holdings Co. Ltd. Vivimed Labs Ltd. Forbes Aquamall Ltd. Enso Secutrack Ltd. Narmada Gelatines Ltd. Krone Communications Ltd. Asian Paints Industrial Coatings Ltd. Rasi Electrodes Ltd. Asrani Tubes Ltd. Chembond Chemicals Ltd. Swiss Glascoat Equipments Ltd. Sponge Iron India Ltd. [Merged]

Tin On load tap changing gears Forgings Rotary switches Industrial valves Drugs, medicines & allied products Water filters Accounting & invoicing machines Gelatin Communication & broadcasting equipment Industrial paints Welding electrodes / sticks / wires / fluxes ERW tubes & pipes Chemicals, nec Other chemical machinery Sponge iron

Net Sales 2006-07 2007-08 159.2 183.52 47.84 62.14 106.65 155.31 37.79 46.89 157.77 178.86 72.9 86.89 101.45 112.81 94.43 177.73 58.15 69.08 29.14 45.23 72.28 81.78 262.05 269.21 32.17 41.95 61.76 88.57 36.37 47.78 9.31 19.06 56.59 55.16 48.8 70.2 222.26 228.53 160.62 183.78 82.65 111.75 111.29 149.34 181.12 155.91 21.2 31.69 137.9 165.66 65.49 74.48 64.48 73.6 92.64 109.79 36.35 40.91 40.24 61.16 13.77 19.15 65.02 83.56 124.86 142.35 87.78 102.05 109.02 121.92 44.75 58.55 3.16 31.6 70.25 83.68 139.31 155.46 154.9 192.42 55.82 78.65

Change in Sales Rs. Crore Percentage 24.32 15% 14.3 30% 48.66 46% 9.1 24% 21.09 13% 13.99 19% 11.36 11% 83.3 88% 10.93 19% 16.09 55% 9.5 13% 7.16 3% 9.78 30% 26.81 43% 11.41 31% 9.75 105% -1.43 -3% 21.4 44% 6.27 3% 23.16 14% 29.1 35% 38.05 34% -25.21 -14% 10.49 49% 27.76 20% 8.99 14% 9.12 14% 17.15 19% 4.56 13% 20.92 52% 5.38 39% 18.54 29% 17.49 14% 14.27 16% 12.9 12% 13.8 31% 28.44 900% 13.43 19% 16.15 12% 37.52 24% 22.83 41%

41.65

88.44

46.79

112%

85.99 60.7 181.68 59 8.05 125.49 21.97 49.95 53.37 83.25 48.71 9.92 51.18 76.52 33.26 57.61

106.46 72.42 196.58 70.13 15.3 155.02 44.1 65.89 56.92 96.61 62.41 14.58 79.89 97.39 41.4 60.51

20.47 11.72 14.9 11.13 7.25 29.53 22.13 15.94 3.55 13.36 13.7 4.66 28.71 20.87 8.14 2.9

24% 19% 8% 19% 90% 24% 101% 32% 7% 16% 28% 47% 56% 27% 24% 5%

october 31, 2009 | industry 2.0

- technology management for decision-makers

www.industry20.com

PBIT (Rs. Crore) 2006-07 2007-08 9.57 17.83 12.37 14.44 3.03 6.29 22.32 31.41 12.13 15.37 16.69 16.78 16.08 17.11 3.64 6.03 16.56 19.91 2.67 4.14 11.23 11.29 19.52 28.64 19.32 25.12 8.07 10.67 3.38 6.2 0.9 1.86 11.22 13.89 5.01 6.93 40.71 39.98 26.54 29.88 7.94 12.66 8.05 9.86 9.18 11.05 8.54 13.44 9.15 13.91 2.07 3.75 10.31 11.05 5.76 8.17 1.7 3.25 4.23 6.93 2.71 2.7 3.27 5.17 8.1 11.28 17.67 19.44 7.1 11.74 6.61 7.16 0.42 2.29 3.53 6 14.89 17.86 9.83 12.4 4.67 10.14

PAT (Rs. Crore) 2006-07 2007-08 3.59 6.79 8.18 9.12 0.67 1.54 17.38 24.61 6.96 8.12 8.81 9.15 11.34 12.45 1.18 1.86 10.73 12.52 1.02 2.13 5.84 7.34 8.16 11.56 16.88 20.89 5.35 7.24 0.79 2.04 0.52 1 4.99 8.6 1.71 2.71 27.29 28.05 22.61 22.21 4.24 8.32 2.36 2.95 4.11 5.93 5.15 7.08 5.05 7.35 0.81 2.11 5.44 6.59 3.56 4.97 0.64 1.9 2.1 3.9 0.72 1.83 1.52 2.26 4.67 6.51 11.18 12.24 0.82 4.32 2.34 3.33 0.08 0.65 0.78 1.92 6.58 7.65 5.9 6.41 3.83 6.38

Change in PAT Rs. Crore Percentage 3.2 89% 0.94 11% 0.87 130% 7.23 42% 1.16 17% 0.34 4% 1.11 10% 0.68 58% 1.79 17% 1.11 109% 1.5 26% 3.4 42% 4.01 24% 1.89 35% 1.25 158% 0.48 92% 3.61 72% 1 58% 0.76 3% -0.4 -2% 4.08 96% 0.59 25% 1.82 44% 1.93 37% 2.3 46% 1.3 160% 1.15 21% 1.41 40% 1.26 197% 1.8 86% 1.11 154% 0.74 49% 1.84 39% 1.06 9% 3.5 427% 0.99 42% 0.57 713% 1.14 146% 1.07 16% 0.51 9% 2.55 67%

ROCE 2006-07 2007-08 3.85 4.92 64.64 56.07 5.79 8.55 96.15 61.54 19.32 17.97 23.66 22.18 20.64 18.87 4.63 6.16 45.5 36.9 5.03 8.5 13.31 14.06 6.21 7.73 17.51 13.17 13.94 10.37 3.95 9.93 13.94 22.52 8.95 14.7 4.32 6.75 27.24 23.24 16.32 14.28 25.48 14.02 10.38 11.18 45.12 77.42 19.71 16.55 14.95 12.17 6.97 16.21 20.84 20.74 11.24 11.83 14.27 30.4 11.34 10.56 7.56 13.35 12.95 15.85 3.8 5.08 47.55 36.29 1.07 4.09 9.18 11.02 2.93 10.73 4.38 11.01 9.58 10.02 14.41 12.45 83.99 39.06

Change in ROCE Rs. Crore Percentage 1.07 28% -8.57 -13% 2.76 48% -34.61 -36% -1.35 -7% -1.48 -6% -1.77 -9% 1.53 33% -8.6 -19% 3.47 69% 0.75 6% 1.52 24% -4.34 -25% -3.57 -26% 5.98 151% 8.58 62% 5.75 64% 2.43 56% -4 -15% -2.04 -13% -11.46 -45% 0.8 8% 32.3 72% -3.16 -16% -2.78 -19% 9.24 133% -0.1 -0% 0.59 5% 16.13 113% -0.78 -7% 5.79 77% 2.9 22% 1.28 34% -11.26 -24% 3.02 282% 1.84 20% 7.8 266% 6.63 151% 0.44 5% -1.96 -14% -44.93 -53%

PAT/Net Sales 2006-07 2007-08 6% 4% 26% 15% 3% 1% 59% 52% 8% 5% 23% 11% 16% 11% 4% 1% 28% 18% 9% 5% 16% 9% 7% 4% 60% 50% 13% 8% 9% 4% 10% 5% 20% 16% 10% 4% 18% 12% 17% 12% 10% 7% 7% 2% 5% 4% 40% 22% 7% 4% 3% 3% 16% 9% 6% 5% 5% 5% 11% 6% 20% 10% 5% 3% 6% 5% 20% 12% 7% 4% 15% 6% 13% 2% 5% 2% 11% 5% 6% 3% 8% 8%

3.51

4.76

1.84

2.37

0.53

29%

16.62

15.43

-1.19

-7%

12.48 9.37 22.73 6.41 0.91 21.84 2.33 7.62 4.26 11.36 1.88 1.11 1.27 6 3.84 6

13.78 12.43 25.01 8.33 2.01 24.6 2.82 10.1 6.98 12.39 4.35 1.9 2.08 7.03 5.28 9.86

4.17 5.54 14.14 3.33 0.43 13.45 2.05 4.35 2.46 7.48 0.43 0.5 0.4 4.43 1.6 3.93

5.27 7.03 15.02 4.72 1.12 13.86 2.49 5.87 4.37 8 1.85 1.07 0.89 5.05 2.43 6.46

1.1 1.49 0.88 1.39 0.69 0.41 0.44 1.52 1.91 0.52 1.42 0.57 0.49 0.62 0.83 2.53

26% 27% 6% 42% 160% 3% 21% 35% 78% 7% 330% 114% 123% 14% 52% 64%

5.78 33.23 13.89 9.22 7.17 20.48 27.01 26.79 7.44 20.52 1.88 9.73 6.13 27.77 9.85 5.88

6.45 28.91 11.93 10.64 13.31 12.58 25.19 21.16 12.5 18.85 6.79 19.01 10.97 24.13 14.02 9.11

0.67 -4.32 -1.96 1.42 6.14 -7.9 -1.82 -5.63 5.06 -1.67 4.91 9.28 4.84 -3.64 4.17 3.23

12% -13% -14% 15% 86% -39% -7% -21% 68% -8% 261% 95% 79% -13% 42% 55%

15% 15% 13% 11% 11% 17% 11% 15% 8% 14% 4% 11% 2% 8% 12% 10%

5% 10% 8% 7% 7% 9% 6% 9% 8% 8% 3% 7% 1% 5% 6% 11%

industry 2.0

- technology management for decision-makers | october 31, 2009

RANK 2009 2008 436 -

Company

TOP 500

Industrial Activity

Empee Distilleries Ltd.

Indian made foreign liquors

Shri Nataraj Ceramic & Chemical Inds. Ltd.

Other refractories

Cera Sanitaryware Ltd. Piccadily Agro Inds. Ltd. Camex Ltd. Alfa Transformers Ltd. Damodar Threads Ltd. Multimetals Ltd. Sanjivani Paranteral Ltd. Proseal Closures Ltd. Poddar Pigments Ltd. Agro Dutch Inds. Ltd. Sonal Vyapar Ltd. Axtel Industries Ltd. Sah Polymers Ltd. Aksharchem (India) Ltd. Akar Tools Ltd. Yogeshwari Sugar Inds. Ltd. Pandian Chemicals Ltd. Euro Ceramics Ltd. Bansal Wire Inds. Ltd. Paushak Ltd. Setco Automotive Ltd. India Carbon Ltd. Cheminova India Ltd. Mahaan Foods Ltd. Sam Industries Ltd. Amines & Plasticizers Ltd. Simmonds Marshall Ltd. S N L Bearings Ltd. Kisan Mouldings Ltd. Agrawal Oil Extractions Ltd. Graziella Shoes Ltd. Sundaram Brake Linings Ltd. Reliance Chemotex Inds. Ltd. Choksi Imaging Ltd. Ultra International Ltd. Pochiraju Industries Ltd. Bhandari Foils & Tubes Ltd. Maharashtra Scooters Ltd. Krypton Industries Ltd. Lekar Pharma Ltd. Jayshree Chemicals Ltd.

Ceramic sinks, wash basins, etc. Sugar Phenol derivatives Transformers Cotton & blended yarn, processed Copper tubes & pipes Antibiotics Stoppers, caps & lids (including crown caps) Synthetic colouring substances Mushroom Bars & rods Dairy machinery Sacks & bags of polyethylene Dyes Machine tools Sugar Chlorates & perchlorates Ceramic tiles Wires & ropes of iron & steel Chemicals Clutch plates/discs Petroleum coke Pesticides Milk powder Soyabean oil Plasticisers Other Automobile ancillaries, nec Needle roller bearings Tubes, pipes & hoses of poly vinyl chloride Rice bran oil Leather shoes Brake linings Cotton & blended yarn Photographic film in plates, roles, unexposed Perfumes & toilet waters Flowers (Floriculture) Tubes & pipes Scooters Cycle tyres Drug formulations Sodium hydroxide (Caustic Soda)

437

438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 472 473 474 475 476 477 478

195 342 381 239 377 34 337 14 369 407 99 118 -

479

Ankur Chemfood Products (Gujarat) Ltd.

Iodised salt

480 481 482

225 -

Minda Corporation Ltd. Shilchar Technologies Ltd. Dwekam Electrodes Ltd.

483

484 485 486 487 488 489 490 491

151 155 -

Net Sales 2006-07 2007-08 130.2 167.01

Change in Sales Rs. Crore Percentage 36.81 28%

31.58

48.22

16.64

53%

106.54 71.63 41.01 20.65 63.05 110.84 68.94 31.24 92.67 209.2 84.22 22.78 8.94 34.46 55.55 22.94 20.25 181.35 91.86 21.3 124.83 114.5 260.36 67.78 20.13 91.84 24.34 14.81 104.81 55.47 65.71 187.63 105.19 46.34 9.81 29.34 192.22 30.73 11.12 20.69 50.6

127.99 117.02 59.93 36.5 176.85 116.86 91.85 36.75 100.34 208.55 124.99 32.6 17.98 48.64 69.9 43.33 26.38 235.8 112.21 24.75 141.34 113.86 269.68 92.48 23.02 106.29 30.73 16.05 124.48 65.88 80.41 187.43 147.53 61.77 17.17 37.23 190.83 28.78 17.58 25.4 51.37

21.45 45.39 18.92 15.85 113.8 6.02 22.91 5.51 7.67 -0.65 40.77 9.82 9.04 14.18 14.35 20.39 6.13 54.45 20.35 3.45 16.51 -0.64 9.32 24.7 2.89 14.45 6.39 1.24 19.67 10.41 14.7 -0.2 42.34 15.43 7.36 7.89 -1.39 -1.95 6.46 4.71 0.77

20% 63% 46% 77% 180% 5% 33% 18% 8% -0% 48% 43% 101% 41% 26% 89% 30% 30% 22% 16% 13% -1% 4% 36% 14% 16% 26% 8% 19% 19% 22% -0% 40% 33% 75% 27% -1% -6% 58% 23% 2%

80.19

93.32

13.13

16%

Automobile locks Transformers Welding electrodes / sticks / wires / fluxes

223.22 57.96 33.77

183.95 70.19 40.02

-39.27 12.23 6.25

-18% 21% 19%

Panasonic A V C Networks India Co. Ltd.

Television receivers, colour

131.27

135.35

4.08

Technical Associates Ltd. Bimetal Bearings Ltd. J K Agri Genetics Ltd. Shaw Wallace Breweries Ltd. Antarctic Industries Ltd. C C L Products (India) Ltd. Alpa Laboratories Ltd. K L R F Ltd.

Transformers Thickwall, thinwall bearings Pesticides Beer Semi-finished Steel Coffee Drugs, medicines & allied products Cotton yarn

94.02 93.59 82.1 26.11 46.88 219 100.78 118.3

108.23 107.99 93.73 30.4 52.08 255.86 136.85 140.14

14.21 14.4 11.63 4.29 5.2 36.86 36.07 21.84

15% 15% 14% 16% 11% 17% 36% 18%

october 31, 2009 | industry 2.0

- technology management for decision-makers

www.industry20.com

PBIT (Rs. Crore) 2006-07 2007-08 14.17 25.04

PAT (Rs. Crore) 2006-07 2007-08 8.73 9.81

Change in PAT Rs. Crore Percentage 1.08 12%

ROCE 2006-07 2007-08 20.35 11.56

Change in ROCE Rs. Crore Percentage -8.79 -43%

PAT/Net Sales 2006-07 2007-08 11% 6%

6.77

8.16

4.4

4.82

0.42

10%

20.21

17.51

-2.7

-13%

21%

10%

15.99 3.29 1.35 3.17 3.19 9.03 6.01 2.78 3.91 41.34 0.7 1.87 0.93 0.66 3.39 2.29 3.85 53.31 2.32 4.24 21.09 3.46 10.32 1.94 3.41 5.79 3.98 2.96 8.89 3.94 0.89 24.39 4.55 2.63 0.38 9.85 9.45 5.06 2.02 0.64 4.47

18.17 4.88 2.38 5.36 10.4 9.93 6.96 4.2 5.72 58.71 1.67 2.57 2.03 2.34 5.44 5.71 4.65 55.46 4.97 4.5 22.79 7.17 10.61 2.95 4.87 6.78 5.91 3.68 10.93 6.1 1.73 21.42 6.12 4.16 1.58 12.28 11.57 11.62 2.55 2.37 4.65

8.81 0.41 0.64 1.58 1.48 3.26 3.18 1.19 1.61 18.46 0.34 0.84 0.47 0.06 1.1 0.17 1.95 28.31 0.46 2.26 11.36 1.15 3.85 0.49 2.62 1.81 2.04 1.92 3.55 1.02 0.33 13.81 1.93 1.35 0.02 9.07 3.1 4.97 0.92 0.58 2.63

9.5 1.44 1.21 2.72 2.68 4.15 3.59 1.94 3.39 23.34 0.95 1.42 1.05 1.19 2.22 0.9 2.72 25.09 1.38 3.12 12.26 3.35 6.13 1.11 3.76 2.3 2.9 2.71 4.3 2.24 0.84 14.78 2.52 1.9 0.77 10.63 5.64 11.61 1.51 1.87 3.16

0.69 1.03 0.57 1.14 1.2 0.89 0.41 0.75 1.78 4.88 0.61 0.58 0.58 1.13 1.12 0.73 0.77 -3.22 0.92 0.86 0.9 2.2 2.28 0.62 1.14 0.49 0.86 0.79 0.75 1.22 0.51 0.97 0.59 0.55 0.75 1.56 2.54 6.64 0.59 1.29 0.53

8% 251% 89% 72% 81% 27% 13% 63% 111% 26% 179% 69% 123% 1883% 102% 429% 39% -11% 200% 38% 8% 191% 59% 127% 44% 27% 42% 41% 21% 120% 155% 7% 31% 41% 3750% 17% 82% 134% 64% 222% 20%

16.26 0.89 6.48 14.56 4.01 16.57 18.91 13.14 4.99 7.47 2.33 9.32 8.58 0.31 5.01 1.2 9.36 9.86 2.54 8.74 34.48 5.83 2.89 4.01 7.6 17.17 29.76 15.52 10.06 3.43 6.15 17.56 4.94 16.79 0.24 25.2 7.98 2.58 8.34 2.4 26.91

12.47 2.51 11.21 13.71 3.71 20.25 17.54 20.16 9.64 7.27 5.24 13.82 13.01 5.84 7.91 6.01 11.72 5.99 7.02 13.08 21.44 15.97 4.73 7.56 11.25 19.76 29.58 23.24 10.06 7.29 14.75 17.06 5.26 17.76 7.95 17.34 11.94 5.98 10.99 7.32 37.42

-3.79 1.62 4.73 -0.85 -0.3 3.68 -1.37 7.02 4.65 -0.2 2.91 4.5 4.43 5.53 2.9 4.81 2.36 -3.87 4.48 4.34 -13.04 10.14 1.84 3.55 3.65 2.59 -0.18 7.72 0 3.86 8.6 -0.5 0.32 0.97 7.71 -7.86 3.96 3.4 2.65 4.92 10.51

-23% 182% 73% -6% -7% 22% -7% 53% 93% -3% 125% 48% 52% 1784% 58% 401% 25% -39% 176% 50% -38% 174% 64% 89% 48% 15% -1% 50% 0% 113% 140% -3% 6% 6% 3213% -31% 50% 132% 32% 205% 39%

15% 5% 3% 15% 5% 8% 9% 9% 4% 20% 1% 8% 10% 2% 6% 10% 19% 29% 3% 20% 17% 3% 4% 3% 17% 6% 16% 20% 8% 7% 1% 13% 4% 6% 4% 34% 5% 16% 18% 3% 9%

7% 1% 2% 7% 2% 4% 4% 5% 3% 11% 1% 4% 6% 2% 3% 2% 10% 11% 1% 13% 9% 3% 2% 1% 16% 2% 9% 17% 3% 3% 1% 8% 2% 3% 4% 29% 3% 40% 9% 7% 6%

3.32

4.26

0.63

1.45

0.82

130%

4.98

10.53

5.55

111%

11.04 4.87 2.62

16.06 6.44 3.94

4.17 2.38 1.49

7.74 3.12 2.38

3.57 0.74 0.89

86% 31% 60%

8.26 13.53 14.33

12.19 14.04 16.88

3.93 0.51 2.55

48% 4% 18%

5% 8% 8%

4% 4% 6%

4.2

6.02

3.69

5.23

1.54

42%

8.5

10.92

2.42

28%

5.53 12.21 8.77 25.84 2.79 45.64 8.34 6.96

6.56 12.72 9.73 29.41 4.09 43.21 10.98 8.09

3.08 8.77 5.46 19.04 1.82 37.59 5.72 1.64

3.72 8.84 6.45 20.95 2.63 29.34 6.93 2.71

0.64 0.07 0.99 1.91 0.81 -8.25 1.21 1.07

21% 1% 18% 10% 45% -22% 21% 65%

10.61 8.35 4.44 4.31 21.54 16.16 26.44 3.42

11.47 7.97 4.97 4.51 24.73 10.09 11.17 4.9

0.86 -0.38 0.53 0.2 3.19 -6.07 -15.27 1.48

8% -5% 12% 5% 15% -38% -58% 43%

6% 13% 11% 99% 6% 21% 8% 6%

3% 8% 7% 69% 5% 11% 5% 2%

industry 2.0

- technology management for decision-makers | october 31, 2009

RANK 2009 2008 492 440 493 494 495 496 497 220 498 499 500 501 502 503 504 505 506 507 508 509 510 511 512 513 514 515 516 517 258 518 519 19 520 499 521 522 336

Company

TOP 500

Industrial Activity

Bharat Seats Ltd. Shaifali Steels Ltd. Steel & Metal Tubes (India) Ltd. Orbit Exports Ltd. Xomox Sanmar Ltd. Indo Asian Fusegear Ltd. Sunrise Containers Ltd. Bihar Foundry & Castings Ltd. Indication Instruments Ltd. G S Auto International Ltd. Asahi Songwon Colors Ltd. Indo Alusys Inds. Ltd. Binani Industries Ltd. Rolcon Engineering Co. Ltd. N H K Spring India Ltd. Mahalaxmi Rubtech Ltd. Zuari Seeds Ltd. G G Dandekar Machine Works Ltd. Arvind Remedies Ltd. Surana Telecom & Power Ltd. Avantel Ltd. Mangalam Timber Products Ltd. Southern Agrifurane Inds. Ltd. Rajoo Engineers Ltd. Vishal Pipes Ltd. Neuland Laboratories Ltd. Sigma Search Lights Ltd. Tudor India Ltd. Vamshi Rubber Ltd. Midland Rubber & Produce Co. Ltd. Lakshmi Precision Screws Ltd.

Auto seating systems Castings Tubes & pipes Cloth (Fabrics) Industrial valves Miniature circuit breakers Plastic bottles Semi-finished Steel Auto dashboard instruments Other Automobile ancillaries, nec Pigments Other aluminium products Zinc, unwrought Chains & anchors of iron & steel Automobile ancillaries, nec Rubber & rubber products Hybrid seeds Rice mill machinery Drug formulations Jelly filled cables Communication & broadcasting equipment Boards of woods Indian made foreign liquors Rubber & plastic products machinery Tubes & pipes Salbutamol Miniature lamps & lamps for torches Storage batteries Rubber & rubber products Tea Screws, bolts, nuts, rivets, washers, etc.

523

Gujarat Reclaim & Rubber Products Ltd.

Reclaimed rubber

524 525 526 527 528 529 530 531 532 533

457 -

Yogindera Worsted Ltd. Avery India Ltd. Bhawani Industries Ltd. K C L Ltd. Aplab Ltd. Kallam Spinning Mills Ltd. Advance Steel Tubes Ltd. Juhi Alloys Ltd. Glory Polyfilms Ltd. Multi-Arc India Ltd.

Acrylic filament yarn (AFY) Weighing machinery Tubes & pipes Cartons, boxes, cases, etc. Power control equipment Cotton & blended yarn Tubes & pipes Bars & rods Plastic film Other fabricated metal products

534

Chembond Ashland Water Technologies Ltd.

Miscellaneous chemicals

535 536 537 538 539 540 541 542 543 544 545 546 547 548

41 -

L J International Ltd. I T L Industries Ltd. Ontop Pharmaceuticals Ltd. Ghaziabad Organics Ltd. S I L Investments Ltd. Anjaneya Cold Storage Ltd. Kerala Agro Machinery Corpn. Ltd. Nutrine Confectionery Co. Ltd. Natraj Proteins Ltd. A M D Industries Ltd. Revathi Equipment Ltd. Kothari Petrochemicals Ltd. Nandan Petrochem Ltd. Poona Roller Flour Mills Ltd.

Plantation crops Sawing or cutting off machines Drugs, medicines & allied products Acetic acid Man-made fibres Meat & edible offals of other animals Agricultural machinery Chocolate & sugar confectionery Oil cakes & meals Crown caps Drilling machines Polyisobutylene Lube oils & lubricants Wheat flour

Net Sales 2006-07 2007-08 176.39 199.96 66.87 97.61 44.98 55.11 27.21 39.06 59.05 65.25 213.96 263.85 74.42 99.55 39.84 69.54 55.18 64.25 72.43 81.49 76.04 85.78 98.39 145.16 120.93 26.75 24.12 30.76 62.74 79.02 9.89 17.16 24.17 31.61 19.81 18.85 156.65 175.81 79.24 61.48 22.76 24.41 71.56 61.78 130.96 161.83 40.61 44.42 110.76 144 206.1 222.49 11.49 17.38 96.81 129.24 35.78 40.63 18.37 19.63 193.63 209.02

Change in Sales Rs. Crore Percentage 23.57 13% 30.74 46% 10.13 23% 11.85 44% 6.2 10% 49.89 23% 25.13 34% 29.7 75% 9.07 16% 9.06 13% 9.74 13% 46.77 48% -94.18 -78% 6.64 28% 16.28 26% 7.27 74% 7.44 31% -0.96 -5% 19.16 12% -17.76 -22% 1.65 7% -9.78 -14% 30.87 24% 3.81 9% 33.24 30% 16.39 8% 5.89 51% 32.43 33% 4.85 14% 1.26 7% 15.39 8%

86.66

110.82

24.16

28%

55.54 66.57 227.09 56.2 103.18 50.06 143.91 120.9 38.14 19.81

105.19 75.12 251.45 61.68 116.12 62.17 153.85 174.41 63.57 22.46

49.65 8.55 24.36 5.48 12.94 12.11 9.94 53.51 25.43 2.65

89% 13% 11% 10% 13% 24% 7% 44% 67% 13%

29.5

33.23

3.73

13%

8.54 22.14 9.57 18.48 11.13 126.54 92.09 152.92 141.12 70.25 92.5 73.45 40.11 173.8

11.2 33.87 14.07 29.49 15.58 136.68 103.05 141.39 160.23 84.9 125.87 90.39 57.7 222.26

2.66 11.73 4.5 11.01 4.45 10.14 10.96 -11.53 19.11 14.65 33.37 16.94 17.59 48.46

31% 53% 47% 60% 40% 8% 12% -8% 14% 21% 36% 23% 44% 28%

october 31, 2009 | industry 2.0

- technology management for decision-makers

www.industry20.com

PBIT (Rs. Crore) 2006-07 2007-08 4.67 5.52 4.5 6.03 0.84 1.7 1.85 3.45 18.4 18.91 25.63 27.44 8.79 9.35 1.06 1.83 5.71 6.8 2.71 4.07 12.55 13.55 5.56 7.24 13.11 20.98 1.54 2.41 7.2 11.09 1.53 2.68 1.55 1.99 6.36 5.12 11.43 16.29 4.9 8.18 3.85 5.24 6.6 9.29 10.32 12.38 3.3 4.13 2.3 3.38 13.65 15.63 0.54 0.92 10.21 9.54 1.33 3.31 1.83 3.68 18.7 23.64

PAT (Rs. Crore) 2006-07 2007-08 3.07 3.35 2.14 2.65 0.15 0.63 0.95 1.41 12.03 12.33 17.26 13.83 6.06 5.97 0.22 0.61 3.82 4.32 1.09 1.68 10.01 11.59 2.73 2.85 2.1 13.9 0.97 1.43 6.32 7.01 0.82 1.46 0.1 0.67 0.86 3.4 4.04 5.12 2.5 6.36 2.17 3 2.29 4.5 5.29 5.8 1.65 2.33 0.75 1.09 7.72 9.05 0.31 0.58 9.32 7.65 0.7 1.88 1.38 2.98 6.98 7.72

Change in PAT Rs. Crore Percentage 0.28 9% 0.51 24% 0.48 320% 0.46 48% 0.3 2% -3.43 -20% -0.09 -1% 0.39 177% 0.5 13% 0.59 54% 1.58 16% 0.12 4% 11.8 562% 0.46 47% 0.69 11% 0.64 78% 0.57 570% 2.54 295% 1.08 27% 3.86 154% 0.83 38% 2.21 97% 0.51 10% 0.68 41% 0.34 45% 1.33 17% 0.27 87% -1.67 -18% 1.18 169% 1.6 116% 0.74 11%

ROCE 2006-07 2007-08 11 11.7 6.37 6.38 5.41 18.53 10.87 13.28 70.47 60.66 17.45 11.64 12.77 10.69 3.85 7.35 11.58 12.1 8.61 14.45 38.48 22.12 10.77 9.45 0.62 5.01 15.58 19.48 11.13 8.31 8.51 10.23 1.68 13.19 4.87 12.36 5.54 5.79 3.56 8.34 19.47 23.24 9.8 16.28 13.39 9.63 17.49 21.99 6.78 8.4 8.82 7.14 15.05 23.97 32.12 21.51 5.15 10.34 4.23 9.11 7.5 6.98

Change in ROCE Rs. Crore Percentage 0.7 6% 0.01 0% 13.12 243% 2.41 22% -9.81 -14% -5.81 -33% -2.08 -16% 3.5 91% 0.52 4% 5.84 68% -16.36 -43% -1.32 -12% 4.39 708% 3.9 25% -2.82 -25% 1.72 20% 11.51 685% 7.49 154% 0.25 5% 4.78 134% 3.77 19% 6.48 66% -3.76 -28% 4.5 26% 1.62 24% -1.68 -19% 8.92 59% -10.61 -33% 5.19 101% 4.88 115% -0.52 -7%

PAT/Net Sales 2006-07 2007-08 3% 2% 7% 3% 2% 1% 7% 4% 31% 19% 12% 5% 12% 6% 3% 1% 10% 7% 4% 2% 17% 14% 6% 2% 11% 52% 6% 5% 11% 9% 15% 9% 6% 2% 32% 18% 7% 3% 6% 10% 17% 12% 9% 7% 8% 4% 8% 5% 2% 1% 7% 4% 5% 3% 11% 6% 4% 5% 10% 15% 10% 4%

16.92

15.6

9.89

9.1

-0.79

-8%

34.87

21.88

-12.99

-37%

20%

5.88 7.7 8.92 2.85 6.81 9.45 9.5 2.56 4.85 2.93

6.08 8.73 13 5.2 9.85 11.91 11.09 3.09 9.88 4.89

1.46 4.44 2.78 1.07 3.02 2.08 5.92 1.5 2.81 0.61

2.09 5.06 3.6 2.61 3.73 3.19 6.49 1.62 3.53 2.36

0.63 0.62 0.82 1.54 0.71 1.11 0.57 0.12 0.72 1.75

43% 14% 29% 144% 24% 53% 10% 8% 26% 287%

4.68 11.22 5.88 4.24 8.59 3.91 19.63 12.64 8.17 1.82

4.28 11.23 6.33 8.07 9.35 4.75 17.7 11.49 6.21 6.21

-0.4 0.01 0.45 3.83 0.76 0.84 -1.93 -1.15 -1.96 4.39

-9% 0% 8% 90% 9% 21% -10% -9% -24% 241%

11% 12% 4% 5% 7% 19% 7% 2% 13% 15%

2% 7% 1% 4% 3% 5% 4% 1% 6% 11%

3.7

4.35

2.17

2.59

0.42

19%

32.58

34.49

1.91

13%

1.91 2.41 0.65 1.55 10.74 7.13 8.83 8.22 1.8 5.56 19.6 5.53 2.04 0.61

2.63 2.97 0.96 2.85 14.49 8.33 9.53 8.23 2.95 8.94 23.18 6.86 3.57 1.17

1.36 1.34 0.36 0.24 8.69 4.69 5.8 4.65 0.26 1.32 12.41 5.52 0.61 0.35

1.98 1.68 0.49 1.08 10.42 5.37 6.19 6.28 0.86 2.92 9.76 6.19 0.93 0.65

0.62 0.34 0.13 0.84 1.73 0.68 0.39 1.63 0.6 1.6 -2.65 0.67 0.32 0.3

46% 25% 36% 350% 20% 14% 7% 35% 231% 121% -21% 12% 52% 86%

7.45 15.48 12.9 1.09 7.82 8.59 8.62 11.06 2.46 1.38 9.11 19.25 8.17 5.73

10.1 15.64 26.56 4.2 6.59 9.01 8.51 14.34 7.26 2.25 6.51 12.93 10.92 7.03

2.65 0.16 13.66 3.11 -1.23 0.42 -0.11 3.28 4.8 0.87 -2.6 -6.32 2.75 1.3

36% 1% 106% 285% -16% 5% -1% 30% 195% 63% -29% -33% 34% 23%

22% 11% 7% 8% 96% 6% 10% 5% 1% 8% 21% 8% 5% 0%

18% 5% 3% 4% 67% 4% 6% 4% 1% 3% 8% 7% 2% 0%

industry 2.0

- technology management for decision-makers | october 31, 2009

RANK 2009 2008 549 550 551 552 553 554 555 556 441 557 558 559 275 560 561 562 563 564 291 565 566 567 568 569 570 571 572 573 574 575 576 285 577 185 578 124 579 580 581 91 582 583 584 56 585 333 586 587 588 589 590 591 592 100 593 411 594 595 596 95 597 116 598 599 214 600 601 602 301 603 604 605 443 606 -

Company

TOP 500

Bay-Forge Ltd. Naval Technoplast Inds. Ltd. Caparo Maruti Ltd. Samrat Pharmachem Ltd. Weener Empire Plastics Ltd. S S D Oil Mills Co. Ltd. Capital Foods Ltd. Kothari Products Ltd. Gujarat Intrux Ltd. Shree Ajit Pulp & Paper Ltd. Super Tannery Ltd. Resins & Plastics Ltd. J B M Auto Ltd. Arthanari Loom Centre (Textile) Ltd. Link Up Textiles Ltd. Albert David Ltd. Metal Coatings (India) Ltd. Espiem Plasticss Ltd. A N G Auto Ltd. Sejal Architectural Glass Ltd. Forbes Facility Services Pvt. Ltd. Jaipuria Silk Mills Ltd. B C L Forgings Ltd. Granules India Ltd. Oil Palm India Ltd. Ramkrishna Forgings Ltd. Mahindra Composites Ltd. R D B Industries Ltd. S K M Egg Products Export (India) Ltd. M T R Foods Ltd. Arora Fashions Ltd. C G-P P I Adhesive Products Ltd. Su-Raj Diamond Industries Ltd. Kamarhatty Co. Ltd. Coromandel Agro Products & Oils Ltd. Shree Hari Chemicals Export Ltd. Metrochem Industries Ltd. Bhageria Dye-Chem Ltd. Amrit Feeds Ltd. Ori-Plast Ltd. Bhuruka Gases Ltd. Astra Microwave Products Ltd. Morgan Industries Ltd. Blossom Industries Ltd. Stelco Strips Ltd. A B C Paper Ltd. Dutron Plastics Ltd. Crew B O S Products Ltd. Ultramarine & Pigments Ltd. Mewar Polytex Ltd. Zicom Electronic Security Systems Ltd. Sirpur Paper Mills Ltd. Ruttonsha International Rectifier Ltd. Sumeet Industries Ltd. Jubilant Chemsys Ltd. Shiva Fertilizers Ltd. Remi Process Plant & Machinery Ltd. Siemens Healthcare Diagnostics Ltd.

Industrial Activity

Forgings Auxiliary machinery used in textile machinery Auto sheet metals parts Drugs, medicines & allied products Carboys, bottles & flasks Edible oils Sauces & ketchup Chewing tobacco, jarda, scented tobacco Steel castings Kraft paper & paperboard Leather, canvas & other shoes, chappals, etc. Amino/phenolic resins & polyurethanes Automobile ancillaries Cloth (Fabrics) Apparels (Readymade garment) Drug formulations Articles of iron & steel Plastic Products Suspension & braking parts Toughened & laminated (safety) glass Vacuum cleaners Silk & silk textiles Automobile ancillaries Paracetamol Palm oil Automobile ancillaries Other articles of plastics, nec Cigarettes Egg powder Instant & semi-processed foods (Packaged Foods) Apparels - knitted / crocheted Cellulose adhesive tapes Diamonds Jute & jute products Cotton seed oil H acid Dyes Sulphonated & nitrated derivatives of hydrocarbons Poultry feed Tubes, pipes & hoses of poly vinyl chloride Oxygen Microwave passive components Sheets, films, etc. of plastic, not reinforced Beer Cold rolled coils, strips, sheets Paper Tubes, pipes & hoses & fittings of plastics Leather cases of all kinds Ultramarine Boxes, cases & crates Electronic components Paper Semiconductor devices Polypropylene filament yarn (PPFY) Drugs, medicines & allied products Single superphosphate Agitators & mixers Medical equipment

Net Sales 2006-07 2007-08 105.61 143.37 22.01 24.74 156.74 157.44 26.61 29.74 17.3 37.05 250.03 297.21 26.45 50.29 213.56 227.24 24.64 30.77 50 56.63 182.57 205.8 47.64 53.17 145.13 186.53 51.87 61.69 39.54 58.82 138.72 156.21 88.98 113.58 32.88 39.27 114.14 147.2 38.44 55.46 6.19 11.8 30.08 30.95 43.35 64.69 175.49 187.71 29.64 27.11 146.17 202.02 26.05 32.12 29.04 30.69 90.19 115.06 157.9 185.57 113.67 113.93 14.44 15.07 227.26 251.57 94.79 109.64 69.44 73.2 67.79 80.21 240.95 249.5 58.58 66.09 217.78 260.23 64.43 73.4 34.26 29.82 101.24 118.96 26.13 45.55 65.76 76.15 173.98 183.19 150.27 165.93 22.47 29.62 186.04 218.16 78.29 88.07 20.63 23.36 157.26 165.98 245.01 249.17 11.26 14.01 113.05 130.14 21.97 51.64 48.92 63.57 18.38 23.9 75.24 54.88

Change in Sales Rs. Crore Percentage 37.76 36% 2.73 12% 0.7 0% 3.13 12% 19.75 114% 47.18 19% 23.84 90% 13.68 6% 6.13 25% 6.63 13% 23.23 13% 5.53 12% 41.4 29% 9.82 19% 19.28 49% 17.49 13% 24.6 28% 6.39 19% 33.06 29% 17.02 44% 5.61 91% 0.87 3% 21.34 49% 12.22 7% -2.53 -9% 55.85 38% 6.07 23% 1.65 6% 24.87 28% 27.67 18% 0.26 0% 0.63 4% 24.31 11% 14.85 16% 3.76 5% 12.42 18% 8.55 4% 7.51 13% 42.45 19% 8.97 14% -4.44 -13% 17.72 18% 19.42 74% 10.39 16% 9.21 5% 15.66 10% 7.15 32% 32.12 17% 9.78 12% 2.73 13% 8.72 6% 4.16 2% 2.75 24% 17.09 15% 29.67 135% 14.65 30% 5.52 30% -20.36 -27%

october 31, 2009 | industry 2.0

- technology management for decision-makers

www.industry20.com

PBIT (Rs. Crore) 2006-07 2007-08 19.32 19.93 1.56 2.3 10.33 12.43 0.75 1.77 1.89 4.23 3.21 5.32 0.52 1.37 91.37 77.43 4.77 5.53 3.83 5.11 7.54 9.91 3.01 4.03 13.59 14.54 4.3 4.65 1.39 2.07 17.13 16.06 1.95 3.64 2.6 3.2 29.28 30.83 6.37 14.27 0.3 0.48 7.36 9.76 2.83 4.71 21.47 26.44 12.4 12.06 27.08 32.35 0.77 2.24 10.06 13.53 12.91 11.74 18.91 21.17 5.27 7.97 2.89 3.72 12.36 11.65 1.91 3.34 2.42 3.34 8.95 8.97 14.92 19.01 2.24 3.28 6.51 7.35 3.6 4.36 4.67 1.76 41.69 34.58 2.04 2.98 9.6 11.26 9.72 13.35 19.96 25.3 2.29 2.66 30.57 29.66 22.62 20.58 0.66 1.56 16.29 18.48 30.8 43.58 1.16 1.53 8.43 9.13 6.21 6.06 1.32 2.12 2.45 3.13 9.66 5.35

PAT (Rs. Crore) 2006-07 2007-08 13.06 10.11 0.28 1.39 4.1 5.94 0.31 1.06 0.64 1.19 0.21 0.68 0.13 0.69 81.29 65.37 2.96 3.36 2.37 3.21 2.52 2.95 1.71 2.42 5.58 5.55 0.01 1.31 0.45 0.9 7.09 7.37 0.39 1.04 1.32 1.79 23.01 15.55 2.58 4.56 0.08 0.26 7.34 8.71 0.45 1.06 9.27 10.17 6.65 8.11 13.89 10.47 0.23 0.93 8.77 12.27 10.83 8.42 9.61 7.12 3.46 4.14 1.87 2.48 8.69 8.62 0.23 1.01 1.15 1.89 4.73 4.8 4.96 5.94 0.61 1.15 3.67 3.3 1.7 1.98 0.53 3.25 28.05 19.87 0.87 1.28 7.06 7.21 4.53 5.04 11 12.17 1.54 1.79 22.22 15.16 18.65 15.14 0.24 0.98 7.75 8.09 12.12 13.27 0.62 0.95 3.18 3.57 5.38 5.13 0.25 0.72 1.32 1.71 0.65 3.41

Change in PAT Rs. Crore Percentage -2.95 -23% 1.11 396% 1.84 45% 0.75 242% 0.55 86% 0.47 224% 0.56 431% -15.92 -20% 0.4 14% 0.84 35% 0.43 17% 0.71 42% -0.03 -1% 1.3 13000% 0.45 100% 0.28 4% 0.65 167% 0.47 36% -7.46 -32% 1.98 77% 0.18 225% 1.37 19% 0.61 136% 0.9 10% 1.46 22% -3.42 -25% 0.7 304% 3.5 40% -2.41 -22% -2.49 -26% 0.68 20% 0.61 33% -0.07 -1% 0.78 339% 0.74 64% 0.07 1% 0.98 20% 0.54 89% -0.37 -10% 0.28 16% 2.72 513% -8.18 -29% 0.41 47% 0.15 2% 0.51 11% 1.17 11% 0.25 16% -7.06 -32% -3.51 -19% 0.74 308% 0.34 4% 1.15 9% 0.33 53% 0.39 12% -0.25 -5% 0.47 188% 0.39 30% 2.76 425%

ROCE 2006-07 2007-08 24.63 13.78 2.64 10.88 6.06 8.16 6.03 18.21 6.54 7.47 1.11 2.78 1.79 4.5 17.34 12.22 27.55 25.13 16.22 16.4 5.82 6.64 12.49 15.12 8.16 6.3 0.04 4.28 5.97 8.2 12.63 9.82 1.51 3.39 10.57 13.19 38.12 13.77 9.45 5.61 7.27 18.71 26.57 24.44 1.38 2.89 7.31 5.46 13.91 15.4 14.64 7.35 2.11 8.18 19.76 15.98 20.41 13.45 20.92 16.51 11.49 14.23 20.14 23.34 11.48 8.77 1.82 5.26 13.65 17.57 37.6 29.61 3.71 4.18 5.99 11.06 9.19 8.46 13.91 15.58 1.16 6.99 29.31 15.67 3.55 4.37 25.91 17.57 9.84 9.68 36.64 11.4 11.35 12.03 23.71 11.95 26.9 20.1 3.12 11.71 8.14 7.16 3.8 3.31 11.84 16.27 5.1 5.24 23.53 10.84 2.61 6 19.51 19.04 1.57 7.34

Change in ROCE Rs. Crore Percentage -10.85 -44% 8.24 312% 2.1 35% 12.18 202% 0.93 14% 1.67 150% 2.71 151% -5.12 -30% -2.42 -9% 0.18 1% 0.82 14% 2.63 21% -1.86 -23% 4.24 10600% 2.23 37% -2.81 -22% 1.88 125% 2.62 25% -24.35 -64% -3.84 -41% 11.44 157% -2.13 -8% 1.51 109% -1.85 -25% 1.49 11% -7.29 -50% 6.07 288% -3.78 -19% -6.96 -34% -4.41 -21% 2.74 24% 3.2 16% -2.71 -24% 3.44 189% 3.92 29% -7.99 -21% 0.47 13% 5.07 85% -0.73 -8% 1.67 12% 5.83 503% -13.64 -47% 0.82 23% -8.34 -32% -0.16 -2% -25.24 -69% 0.68 6% -11.76 -50% -6.8 -25% 8.59 275% -0.98 -12% -0.49 -13% 4.43 37% 0.14 3% -12.69 -54% 3.39 130% -0.47 -2% 5.77 368%

PAT/Net Sales 2006-07 2007-08 18% 7% 7% 6% 7% 4% 3% 4% 11% 3% 1% 0% 2% 1% 43% 29% 19% 11% 8% 6% 4% 1% 6% 5% 9% 3% 8% 2% 4% 2% 12% 5% 2% 1% 8% 5% 26% 11% 17% 8% 5% 2% 24% 28% 7% 2% 12% 5% 42% 30% 19% 5% 3% 3% 35% 40% 14% 7% 12% 4% 5% 4% 20% 16% 5% 3% 2% 1% 3% 3% 13% 6% 6% 2% 4% 2% 3% 1% 6% 3% 14% 11% 41% 17% 8% 3% 15% 9% 6% 3% 13% 7% 10% 6% 16% 7% 29% 17% 3% 4% 10% 5% 13% 5% 10% 7% 7% 3% 28% 10% 3% 1% 13% 7% 13% 6%

industry 2.0

- technology management for decision-makers | october 31, 2009

RANK 2009 2008

Company

TOP 500

Industrial Activity

Brihan Maharashtra Sugar Syndicate Ltd.

Ethyl alcohol (strength less than 80%) - (potable a

395 103 -

Uni Deritend Ltd. Rama Steel Tubes Ltd. Alkali Metals Ltd. Vignyan Industries Ltd. Unison Metals Ltd. Bannari Amman Spinning Mills Ltd. Rapicut Carbides Ltd. Triton Valves Ltd. Mohit Industries Ltd. Meghmani Industries Ltd. N R Agarwal Inds. Ltd. Techno Forge Ltd. Supreme Tex Mart Ltd. Valiant Communications Ltd. Aluminium Powder Co. Ltd.

623

624 625 626 627 628 629 630 631 632 633 634 635 636 637 638 639 640 641 642 643 644 645 646 647 648 649 650 651 652 653 654 655 656 657 658 659 660 661 662 663

171 222 108 310 493 236 432 -

607

608 609 610 611 612 613 614 615 616 617 618 619 620 621 622

Net Sales 2006-07 2007-08

Change in Sales Rs. Crore Percentage

92.13

113.45

21.32

23%

Castings Tubes & pipes Alkali & alkali-earth metals Castings & forgings Cold rolled coils, strips, sheets Cotton yarn Tungsten Engine valves Cotton & blended yarn, texturised Pesticides Kraft paper & paperboard Forgings Synthetic staple fibres, not carded or combed Communication & broadcasting equipment Aluminium powders, flakes & paste

85.34 126.5 60.11 20.92 24.79 105.92 15.03 64.32 94.18 102.41 267.33 12.54 118 9.16 14.19

94.17 135.19 61.72 28.51 38.46 197.66 17.56 74.91 122.23 108.3 287.19 15.31 165.81 10.72 17.03

8.83 8.69 1.61 7.59 13.67 91.74 2.53 10.59 28.05 5.89 19.86 2.77 47.81 1.56 2.84

10% 7% 3% 36% 55% 87% 17% 16% 30% 6% 7% 22% 41% 17% 20%

K L T Automotive & Tubular Products Ltd.

Automobile engine parts

282.28

295.94

13.66

Sunrise Spices Ltd. Manjushree Technopack Ltd. At & S India Pvt. Ltd. Jagsonpal Pharmaceuticals Ltd. East India Udyog Ltd. Gufic Biosciences Ltd. V M T Spinning Co. Ltd. Menon Bearings Ltd. Elgi Rubber Co. Ltd. Puneet Resins Ltd. Dai-Ichi Karkaria Ltd. Kitex Garments Ltd. Ruchira Papers Ltd. Nitta Gelatin India Ltd. Golkunda Diamonds & Jewellery Ltd. Surya Fresh Foods Ltd. Dev Priya Inds. Ltd. Lubi Electricals Ltd. Diana Tea Co. Ltd. Birla Precision Technologies Ltd. Resonance Specialties Ltd. Southern Gas Ltd. Suraj Products Ltd. Elder Health Care Ltd. Bombay Burmah Trdg. Corpn. Ltd. Safari Industries (India) Ltd. Punjab Alkalies & Chemicals Ltd. Acknit Industries Ltd. Bal Pharma Ltd. Swaraj Engines Ltd. Wendt (India) Ltd. Medicamen Biotech Ltd. Onaway Industries Ltd. Bafna Pharmaceuticals Ltd. Power Build Ltd. Liberty Shoes Ltd. D H P India Ltd. Suryajyoti Spinning Mills Ltd. Raghuvar (India) Ltd. Primacy Industries Ltd.

Spices & Condiments Sacks & bags of polyethylene Printed circuit boards Drug formulations Transformers Drugs, medicines & allied products Cotton yarn Other Automobile ancillaries, nec Tyre treads Rubber & rubber products Chemicals, nec Apparels - knitted / crocheted Paper Gelatin Diamonds Fruit juice Kraft paper & paperboard Miscellaneous electronic equipment Tea Machine tools Drug formulations Hydrogen, rare & other gases Sponge iron Drug formulations Diversified Moulded luggage Sodium hydroxide (Caustic Soda) Gloves, mittens, etc. knitted or crocheted Drug formulations Diesel engines Machine tools Drug formulations Vials for injectables Drug formulations Motors & generators Other shoes Other valves Cotton yarn Vanaspati Perfumes

41.41 70.34 196.89 129.34 61.01 53.48 68.48 30.77 143.8 9.05 42.84 162.21 75.15 135.92 34.02 26.44 37.95 73.15 39.02 24.32 18.87 13.65 28.52 49.59 220.71 51.26 203.11 33.96 70.65 129.62 51.99 56.96 7.78 34.5 80.87 220.11 10.18 161.88 127.4 60.06

46.57 73.72 212.93 150.1 63.87 54.88 91.12 35.21 51.98 12.42 48.39 194.09 83.82 151.87 59.77 34.81 50.02 85.57 41.8 31.07 20.71 14.78 46.02 69.6 243 56.63 201.11 44.83 85.41 128.84 55.49 77.36 10.58 39.6 103.58 248.87 12.19 206.03 167.46 107.06

5.16 3.38 16.04 20.76 2.86 1.4 22.64 4.44 -91.82 3.37 5.55 31.88 8.67 15.95 25.75 8.37 12.07 12.42 2.78 6.75 1.84 1.13 17.5 20.01 22.29 5.37 -2 10.87 14.76 -0.78 3.5 20.4 2.8 5.1 22.71 28.76 2.01 44.15 40.06 47

12% 5% 8% 16% 5% 3% 33% 14% -64% 37% 13% 20% 12% 12% 76% 32% 32% 17% 7% 28% 10% 8% 61% 40% 10% 10% -1% 32% 21% -1% 7% 36% 36% 15% 28% 13% 20% 27% 31% 78%

october 31, 2009 | industry 2.0

- technology management for decision-makers

www.industry20.com

PBIT (Rs. Crore) 2006-07 2007-08

PAT (Rs. Crore) 2006-07 2007-08

Change in PAT Rs. Crore Percentage

ROCE 2006-07 2007-08

Change in ROCE Rs. Crore Percentage

PAT/Net Sales 2006-07 2007-08

2.91

4.03

0.14

0.73

0.59

421%

0.48

2.59

2.11

440%

12.12 4.11 10.26 1.47 0.51 21.51 1.34 3.97 4.64 13.17 23.7 1.09 13.02 1.52 1.77

12.46 5.69 10.36 1.94 1.07 26.67 2.14 5.73 6.06 13.67 22.39 2.2 19.34 2.32 2.43

7.76 1.47 7.6 1 0.14 16.6 0.7 2.01 2.35 11.29 10.54 0.36 5.56 1.21 1.11

7.53 2.02 7.93 1.15 0.49 9.34 1.15 2.45 2.56 10.95 9.11 0.89 5.55 1.97 1.5

-0.23 0.55 0.33 0.15 0.35 -7.26 0.45 0.44 0.21 -0.34 -1.43 0.53 -0.01 0.76 0.39

-3% 37% 4% 15% 250% -44% 64% 22% 9% -3% -14% 147% -0% 63% 35%

13.07 11.07 21.5 19.46 2.48 5.61 7.82 5.47 9.96 12.74 12.56 5.14 7.65 4.53 8.42

11.57 12.66 19.14 20.1 6.36 2.17 12.43 6.37 7.85 11 10.36 9.94 3.87 6.77 10.82

-1.5 1.59 -2.36 0.64 3.88 -3.44 4.61 0.9 -2.11 -1.74 -2.2 4.8 -3.78 2.24 2.4

-11% 14% -11% 3% 156% -61% 59% 16% -21% -14% -18% 93% -49% 49% 29%

14% 3% 17% 7% 2% 20% 9% 6% 5% 13% 9% 9% 11% 17% 12%

8% 1% 13% 4% 1% 5% 7% 3% 2% 10% 3% 6% 3% 18% 9%

40.99

49.21

20.15

18.58

-1.57

-8%

10.62

7.63

-2.99

-28%

15%

1.63 6.02 7.31 10.29 7 3.71 13.26 5.05 11.26 0.48 0.39 17.92 7.46 11.13 1.63 2.91 1.97 4.43 5.82 6.46 2.02 2.09 1.91 1.41 26.68 2.19 15.14 3.1 6.66 22.48 12.87 2.51 0.95 0.9 9.94 27.7 0.43 16.94 2.44 3.51

2.59 8.55 13.28 11.55 9.09 4.11 12.36 6.06 8.63 1.25 3.08 23.88 12.07 11.17 2.55 2.86 2.67 4.94 6.57 6.35 1.91 2.48 2.95 2.18 33.1 3.71 18.44 3.38 8.08 22.04 12.29 3.42 1.27 1.74 9.71 26.51 1.16 18.34 3.06 4.21

0.46 2.88 2.51 2.8 3.06 0.2 11.41 2.57 7.13 0.06 0.07 9.64 3.97 6.74 0.29 1.16 0.38 2.59 2.71 5.37 1.02 1.15 0.79 0.2 10.68 0.14 1.35 1.36 2.08 14.55 8.48 1.51 0.67 0.4 4.51 16.91 0.28 9.86 0.7 0.25

0.98 4.52 3.15 3.08 5.92 1.54 8.44 2.85 8.05 0.5 1.56 8.74 6.04 6.32 0.49 1.26 0.87 2.74 3.29 5.33 1.56 1.54 1.09 0.44 10.07 0.96 3.86 1.64 2.49 14.36 8.15 1.53 1.03 1.2 4.19 11.69 0.72 7.8 0.84 0.36

0.52 1.64 0.64 0.28 2.86 1.34 -2.97 0.28 0.92 0.44 1.49 -0.9 2.07 -0.42 0.2 0.1 0.49 0.15 0.58 -0.04 0.54 0.39 0.3 0.24 -0.61 0.82 2.51 0.28 0.41 -0.19 -0.33 0.02 0.36 0.8 -0.32 -5.22 0.44 -2.06 0.14 0.11

113% 57% 25% 10% 93% 670% -26% 11% 13% 733% 2129% -9% 52% -6% 69% 9% 129% 6% 21% -1% 53% 34% 38% 120% -6% 586% 186% 21% 20% -1% -4% 1% 54% 200% -7% -31% 157% -21% 20% 44%

6.74 10.56 1.94 4.18 46.75 0.9 17.09 9.64 4.86 0.96 0.13 17.34 7.34 9.29 4.42 6.12 3.6 11.24 6.04 38.32 8.33 15.53 4.68 2.11 3.96 1.09 0.91 7.24 5.06 21.26 24.59 11.01 4.58 2.83 15.62 14.14 3.43 7.53 7.64 1.23

12.46 9.99 2.52 4.25 31.37 7.85 9.38 10.38 7 7.5 2.88 9.23 5.19 8.22 5.9 8.13 5.85 10.64 7.47 25.44 11.88 18.59 5.15 4.58 3.15 6.99 2.75 7.49 5.04 18.08 21.19 10.19 6.64 6.24 10.85 8.42 8.83 4.09 6.96 1.72

5.72 -0.57 0.58 0.07 -15.38 6.95 -7.71 0.74 2.14 6.54 2.75 -8.11 -2.15 -1.07 1.48 2.01 2.25 -0.6 1.43 -12.88 3.55 3.06 0.47 2.47 -0.81 5.9 1.84 0.25 -0.02 -3.18 -3.4 -0.82 2.06 3.41 -4.77 -5.72 5.4 -3.44 -0.68 0.49

85% -5% 30% 2% -33% 772% -45% 8% 44% 681% 2115% -47% -29% -12% 33% 33% 62% -5% 24% -34% 43% 20% 10% 117% -20% 541% 202% 3% -0% -15% -14% -7% 45% 120% -31% -40% 157% -46% -9% 40%

4% 9% 4% 8% 11% 7% 19% 16% 8% 5% 1% 11% 10% 8% 5% 11% 5% 6% 15% 27% 11% 15% 7% 3% 12% 4% 7% 9% 9% 17% 25% 4% 12% 3% 12% 13% 4% 10% 2% 6%

2% 6% 1% 2% 9% 3% 9% 8% 15% 4% 3% 5% 7% 4% 1% 4% 2% 3% 8% 17% 8% 10% 2% 1% 4% 2% 2% 4% 3% 11% 15% 2% 10% 3% 4% 5% 6% 4% 1% 0%

industry 2.0

- technology management for decision-makers | october 31, 2009

RANK 2009 2008 664 -

Company

TOP 500

Industrial Activity

Net Sales 2006-07 2007-08 69.72 85.87

Change in Sales Rs. Crore Percentage 16.15 23%

Ajanta India Ltd.

Tooth paste Odouriferous mixtures used in industry

287.75

282.15

-5.6

-2%

23.01 100.14 29.68 9.42 23.96 107.92 17.73 55.52 16.06 235.26 41.07 44.04

23.73 105.75 37.51 12.21 28.43 120.8 20.2 60.9 18.52 236.41 37.6 47.88

0.72 5.61 7.83 2.79 4.47 12.88 2.47 5.38 2.46 1.15 -3.47 3.84

3% 6% 26% 30% 19% 12% 14% 10% 15% 0% -8% 9%

78.31

88.71

10.4

13%

33.36 19.5 141.78 29.61 123.08 40.77 68.47 48.8 61.4 140.11 212.1 52.06 87.27 45.32 30.67 83.41 40.6 90.87 142.54 59.63 16.47 39.75 101.09 37.14 84.73 21.5 87.72 63.04 20.08 28.45 118.76 43.08 86.36 209.43 44.89 12.35 23.23 43.68 301.98 53.21 174.57 34.48

53.27 23.42 171.59 36.58 126.5 47.8 82.94 51.46 78.7 183.7 241.57 60.3 109.03 67.4 30.55 94.13 56.51 93.79 167.41 83.78 30.17 56.63 117.98 31.15 94.13 20.46 99.14 73.44 21.57 39.62 144.96 46.99 97.15 228.77 51.32 15.78 31.29 63.95 255.54 55.68 190.78 40.16

19.91 3.92 29.81 6.97 3.42 7.03 14.47 2.66 17.3 43.59 29.47 8.24 21.76 22.08 -0.12 10.72 15.91 2.92 24.87 24.15 13.7 16.88 16.89 -5.99 9.4 -1.04 11.42 10.4 1.49 11.17 26.2 3.91 10.79 19.34 6.43 3.43 8.06 20.27 -46.44 2.47 16.21 5.68

60% 20% 21% 24% 3% 17% 21% 5% 28% 31% 14% 16% 25% 49% -0% 13% 39% 3% 17% 40% 83% 42% 17% -16% 11% -5% 13% 16% 7% 39% 22% 9% 12% 9% 14% 28% 35% 46% -15% 5% 9% 16%

665

International Flavours & Fragrances (India) Ltd.

666 667 668 669 670 671 672 673 674 675 676 677

424 357 210 114 418 -

Frontier Springs Ltd. E L Forge Ltd. D & H Welding Electrodes (India) Ltd. Fluidomat Ltd. Deltronix India Ltd. Uniproducts (India) Ltd. Natural Capsules Ltd. Valson Industries Ltd. K C India Ltd. Murudeshwar Ceramics Ltd. Bagrrys India Ltd. Makers Laboratories Ltd.

Leaf springs (Automotive) Automobile ancillaries Welding electrodes / sticks / wires / fluxes Electro-magnetic couplings Automobile ancillaries Floor coverings of plastics Empty capsules Textured yarn of synthetic filament yarn Guar gum Glazed ceramic tiles, paving & flags Cereal milling products Drug formulations

678

142

A D F Foods Ltd.

Semi processed snacks & foods,nec (Ready-to-eat ins

679 680 681 682 683 684 685 686 687 688 689 690 691 692 693 694 695 696 697 698 699 700 701 702 703 704 705 706 707 708 709 710 711 712 713 714 715 716 717 718 719 720

372 101 158 28 224 378 423 454 -

Marson’S Ltd. Empire Spices & Foods Ltd. Laffans Petrochemicals Ltd. Samrat Forgings Ltd. Faze Three Ltd. Mohit Paper Mills Ltd. Narmada Extrusions Ltd. Light Alloy Products Ltd. Vimta Labs Ltd. J N S Instruments Ltd. Rajapalayam Mills Ltd. Mcnally Sayaji Engg. Ltd. Hari Machines Ltd. Balmukund Concast Ltd. X L O India Ltd. Samkrg Pistons & Rings Ltd. Prabartak Jute Mills Ltd. Hercules Hoists Ltd. Ambika Cotton Mills Ltd. Keltech Energies Ltd. Solid Stone Co. Ltd. Milton Cycle Inds. Ltd. Steelcast Ltd. Stovec Industries Ltd. Poly Medicure Ltd. Hindustan Breweries & Bottling Ltd. Standard Electricals Ltd. Shivalik Bimetal Controls Ltd. Roop Telsonic Ultrasonix Ltd. I W L India Ltd. Delton Cables Ltd. Tirupati Foam Ltd. Ceekay Daikin Ltd. Sundaram Industries Ltd. Sudhakar Polymers Ltd. Polymechplast Machines Ltd. Eastern Treads Ltd. Prasol Chemicals Ltd. Fresenius Kabi Oncology Ltd. Akzo Nobel Chemicals (India) Ltd. Venus Garments (India) Ltd. Haldiram Bhujiawala Ltd.

Transformers Spices & Condiments Organic chemicals Forgings Cotton durries Paper Sacks & bags Aluminium castings Drugs, medicines & allied products Other auto panel instruments/parts Cotton yarn Construction machinery Other industrial machinery Bars & rods Steering gears Pistons Jute & jute products Other cranes Cotton yarn Explosives Granite Bicycle parts & accessories Steel castings Printing machinery Medical equipment Beer Miniature circuit breakers Hot rolled coils, strips, sheets Industrial electronics & automation equipment Cellulose adhesive tapes Cables & other conductors Rubber foam Drive transmission & steering parts Automobile ancillaries, nec PVC pipes Rubber & plastic products machinery Tyre treads Polyester or contract resins Drug formulations Catalysts, reaction initiators Apparels (Readymade garment) Instant & semi-processed foods (Packaged

october 31, 2009 | industry 2.0

- technology management for decision-makers

www.industry20.com

PBIT (Rs. Crore) 2006-07 2007-08 4.07 4.4

PAT (Rs. Crore) 2006-07 2007-08 0.89 1.31

Change in PAT Rs. Crore Percentage 0.42 47%

ROCE 2006-07 2007-08 2.1 3.03

Change in ROCE Rs. Crore Percentage 0.93 44%

PAT/Net Sales 2006-07 2007-08 6% 2%

66.65

57.61

43.11

37.32

-5.79

-13%

46.21

34.47

-11.74

-25%

23%

13%

1.7 11.56 4.3 1.79 3.79 7.53 3.88 2.8 1.12 52.45 7.25 1.92

2.46 13.94 4.13 2.13 4.85 8.69 4.42 3.54 2.05 52.8 8.49 2.3

0.9 4.9 2.65 1.04 1.45 3.08 2.51 1.56 0.47 29.56 5.33 0.77

1.43 5.94 2.61 1.16 1.85 3.45 2.67 2.11 1 26.57 6.54 1.15

0.53 1.04 -0.04 0.12 0.4 0.37 0.16 0.55 0.53 -2.99 1.21 0.38

59% 21% -2% 12% 28% 12% 6% 35% 113% -10% 23% 49%

13.06 8.43 25.19 16.56 9.17 5.51 17.09 7.34 5.09 9.08 36.63 8.27

17.54 6.85 21.25 16.85 9.78 5.17 16.41 8.55 8.7 7.31 32.03 12

4.48 -1.58 -3.94 0.29 0.61 -0.34 -0.68 1.21 3.61 -1.77 -4.6 3.73

34% -19% -16% 2% 7% -6% -4% 16% 71% -19% -13% 45%

7% 12% 14% 19% 16% 7% 22% 5% 7% 22% 18% 4%

6% 6% 7% 10% 7% 3% 13% 3% 5% 11% 17% 2%

11.96

13.05

8.65

8.11

-0.54

-6%

17.37

11.49

-5.88

-34%

15%

2.22 1 6.08 2.88 15.65 1.5 3.13 11.99 16.01 4.55 35.02 11.24 8.42 1.44 1.17 10.65 0.57 32.75 32.98 0.87 0.74 0.46 18.76 1.86 12.49 0.73 6.08 9.76 2.61 2.12 9.27 2.59 7.55 28.24 2.75 0.92 0.49 4.58 35.72 21.17 6.47 1.09

3.3 1.65 7.27 3.98 15.03 2.49 4.72 12.36 12.59 6.44 29.08 9.82 9.65 2.66 1.5 11.03 0.78 29.22 33.84 0.93 1.56 0.62 15.49 3.4 12.27 1.14 7.55 8.5 3.47 2.21 10.49 3.7 6.71 18.75 3.15 1.19 0.88 5 38.79 19.45 8.73 1.37

0.6 0.47 3.33 1.22 4.21 0.02 0.7 7.3 8.74 1.85 16.24 6.68 4.15 0.33 0.25 6.78 0.08 21.82 15.49 0.06 0.3 0.24 11.04 0.94 7.86 0.69 2.91 5.79 1.85 1.05 3.46 1.1 1.61 21.89 1.15 0.47 0.43 2.61 25.21 13.92 3.58 0.4

0.77 0.84 2.9 1.55 5.17 0.81 1.13 7.31 6.23 1.86 10.93 5.66 3.76 0.63 0.53 5.86 0.23 18.37 10.44 0.21 0.59 0.35 8.01 2.08 6.98 1.08 3.12 4.79 2.46 1.06 3.04 1.48 1.94 10.88 1.45 0.6 0.69 2.3 25.3 12.63 3.91 0.74

0.17 0.37 -0.43 0.33 0.96 0.79 0.43 0.01 -2.51 0.01 -5.31 -1.02 -0.39 0.3 0.28 -0.92 0.15 -3.45 -5.05 0.15 0.29 0.11 -3.03 1.14 -0.88 0.39 0.21 -1 0.61 0.01 -0.42 0.38 0.33 -11.01 0.3 0.13 0.26 -0.31 0.09 -1.29 0.33 0.34

28% 79% -13% 27% 23% 3950% 61% 0% -29% 1% -33% -15% -9% 91% 112% -14% 188% -16% -33% 250% 97% 46% -27% 121% -11% 57% 7% -17% 33% 1% -12% 35% 20% -50% 26% 28% 60% -12% 0% -9% 9% 85%

3.6 14.42 8.67 23.3 3.61 0.1 3.67 29.72 5.84 6.06 5.39 37.5 12.19 2.11 11.16 11.61 2.16 42.2 6.88 0.48 4.48 6.05 31.76 4.02 15.66 10.46 12.24 15.12 21.56 18.62 18.44 8.04 3.54 44.16 6.01 12.48 6.09 18 7.32 15.63 15.88 5.19

4.3 16.67 7.1 20.88 3.79 3.38 4.57 22.94 4.19 4.48 3.23 26.04 8.45 2.77 39.55 9.44 5.04 27.4 3.72 1.5 5.35 7.63 15.17 8.5 11.35 17.7 9.9 11.75 19.79 16.75 12.18 9.89 4.09 16.65 7.22 14.71 7.42 11.45 5.44 12.32 9.86 8.11

0.7 2.25 -1.57 -2.42 0.18 3.28 0.9 -6.78 -1.65 -1.58 -2.16 -11.46 -3.74 0.66 28.39 -2.17 2.88 -14.8 -3.16 1.02 0.87 1.58 -16.59 4.48 -4.31 7.24 -2.34 -3.37 -1.77 -1.87 -6.26 1.85 0.55 -27.51 1.21 2.23 1.33 -6.55 -1.88 -3.31 -6.02 2.92

19% 16% -18% -10% 5% 3280% 25% -23% -28% -26% -40% -31% -31% 31% 254% -19% 133% -35% -46% 213% 19% 26% -52% 111% -28% 69% -19% -22% -8% -10% -34% 23% 16% -62% 20% 18% 22% -36% -26% -21% -38% 56%

7% 5% 4% 10% 13% 4% 5% 25% 26% 3% 17% 22% 10% 3% 4% 13% 1% 36% 23% 1% 4% 1% 19% 5% 15% 3% 7% 15% 13% 7% 8% 6% 9% 13% 6% 7% 2% 10% 12% 40% 4% 3%

1% 4% 2% 4% 4% 2% 1% 14% 8% 1% 5% 9% 3% 1% 2% 6% 0% 20% 6% 0% 2% 1% 7% 7% 7% 5% 3% 7% 11% 3% 2% 3% 2% 5% 3% 4% 2% 4% 10% 23% 2% 2%

industry 2.0

- technology management for decision-makers | october 31, 2009

RANK 2009 2008 721 722 723 724 725 726 727 728 729 730 731 732 733 734 97 735 736 106 737 738 739 740 475 741 444 742 361 743 292 744 745 746 747 277 748 749 750 751 752 753 754 755 756 757 758 759 760 761 762 763 764 384 765 50 766 72 767 349 768 769 403 770 771 772 773 774 358 775 776 777 178 778 779 -

Company

TOP 500

Ozone Pharmaceuticals Ltd. Shri Keshav Cements & Infra Ltd. Pawanjay Sponge Iron Ltd. Lloyd Rockfibres Ltd. Bharat Box Factory Ltd. Paras Ship Breakers Ltd. New Horizons Ltd. Sunil Agro Foods Ltd. Welcast Steels Ltd. Rajvir Industries Ltd. Hilton Metal Forging Ltd. Mohit Diamonds Pvt. Ltd. Trans Asia Corpn. Ltd. Jindal Worldwide Ltd. Chemito Technologies Pvt. Ltd. A C E Designers Ltd. K L J Organic Ltd. Cenlub Industries Ltd. D I C Coatings India Ltd. Govind Rubber Ltd. United Nilgiri Tea Estates Co. Ltd. Asia Pacific Commodities Ltd. Diamond Dye-Chem Ltd. British Scaffolding (India) Ltd. High Quality Steels Ltd. Cabot Sanmar Ltd. Novopan Industries Ltd. York Exports Ltd. Tirupati Starch & Chemicals Ltd. Colorplus Fashions Ltd. Universal Radiators Ltd. Davangere Sugar Co. Ltd. Sri Rama Vilas Service Ltd. Ador Welding Ltd. Chordia Food Products Ltd. Kanakadurga Agro Oil Products Ltd. Entremonde Polyecoaters Ltd. Nandan Exim Ltd. Donear Industries Ltd. D F M Foods Ltd. Bindlas Duplux Ltd. Jagannath Textiles Co. Ltd. Speciality Papers Ltd. Sanghvi Forging & Engg. Ltd. Shree Digvijay Cement Co. Ltd. Fem Care Pharma Ltd. Kalyani Forge Ltd. Fenner (India) Ltd. Assam Petrochemicals Ltd. U M Cables Ltd. B & A Multiwall Packaging Ltd. Rexnord Electronics & Controls Ltd. Raj Rayon Ltd. Gopal Iron & Steels Co. (Gujarat) Ltd. Wires & Fabriks (S.A.) Ltd. Divya Jyoti Inds. Ltd. Pitti Laminations Ltd. Prakash Woollen Mills Ltd. Luxite Industries Ltd.

Industrial Activity

Drug formulations Cement Sponge iron Wool mats Cartons, boxes, cases of corrugated paper Miscellaneous articles of base metals Leather gloves Wheat flour Abrasive powder or grain on a base Cotton yarn Forgings Diamonds Drugs, medicines & allied products Bed linen, table linen, etc. Chromatographs Lathes Paraffins incl. paraffin wax Pumps Industrial paints Cycle tyres Tea Vegetable oils Synthetic colouring substances Medium structurals (Scaffolding, shuttering, etc.) Other fabricated metal products Silicon dioxide Particle boards Other garments, knitted or crocheted Maize starch Apparels (Readymade garment) Pressed steel cooling radiators Sugar Articles of iron & steel Welding electrodes / sticks / wires / fluxes Vegetable / fruit products Rice bran oil Coated / laminated textile fabrics Cloth (Fabrics) Man-made fabrics Wheat flour Kraft paper & paperboard Textiles Kraft paper & paperboard Forgings Cement Beauty or make-up preparations Automobile ancillaries V belt Methanol Jelly filled cables Paper products Instrument cooling fans Textured yarn of synthetic filament yarn Stainless steel angles, shapes & sections Textile products for technical uses Soyabean oil cake Stampings & laminations Blankets & travelling rugs Thickwall, thinwall bearings

Net Sales 2006-07 2007-08 65.57 66.66 7.73 14.46 29.74 41.01 11.69 14.42 227.08 269.95 13.62 28.58 64.99 64.73 58.94 58.38 133.39 153.21 165.9 191.35 59.38 88.71 216.74 219.44 106.58 133.85 115.41 144.59 36.97 43.55 266.76 245.15 50.17 79.41 11.7 14.62 38.65 41.95 243.73 250.73 20.44 23.07 155.34 170.48 140.08 161.69 86.11 101.96 7.12 10.12 25.51 26.08 77.91 80.61 7.54 10.11 38.15 44.76 121.82 147.21 9.36 14.48 98.86 123.58 19.91 22.1 277.69 273.01 24.69 29.8 63.39 76.38 27.28 32.87 224.38 295.8 164.75 177.96 40.71 50.2 40.36 40.32 173.49 297.54 45.09 72.8 18.9 22.36 262.12 254.93 69.77 94.3 182.83 191.71 229.9 253.12 61.84 64.08 162.81 190.06 15.52 16.82 11.56 16.13 265.49 282.88 60.9 91.41 44.78 49.63 171.39 188.12 146.77 169.87 32.84 42.36 17.56 17.61

Change in Sales Rs. Crore Percentage 1.09 2% 6.73 87% 11.27 38% 2.73 23% 42.87 19% 14.96 110% -0.26 -0% -0.56 -1% 19.82 15% 25.45 15% 29.33 49% 2.7 1% 27.27 26% 29.18 25% 6.58 18% -21.61 -8% 29.24 58% 2.92 25% 3.3 9% 7 3% 2.63 13% 15.14 10% 21.61 15% 15.85 18% 3 42% 0.57 2% 2.7 3% 2.57 34% 6.61 17% 25.39 21% 5.12 55% 24.72 25% 2.19 11% -4.68 -2% 5.11 21% 12.99 20% 5.59 20% 71.42 32% 13.21 8% 9.49 23% -0.04 -0% 124.05 72% 27.71 61% 3.46 18% -7.19 -3% 24.53 35% 8.88 5% 23.22 10% 2.24 4% 27.25 17% 1.3 8% 4.57 40% 17.39 7% 30.51 50% 4.85 11% 16.73 10% 23.1 16% 9.52 29% 0.05 0%

october 31, 2009 | industry 2.0

- technology management for decision-makers

www.industry20.com

PBIT (Rs. Crore) 2006-07 2007-08 5.14 5.38 0.67 2.29 3.34 4.44 0.28 0.93 18.51 20.21 0.18 0.35 1.77 2.8 1.06 2.1 4.47 4.61 20.41 20.91 7.94 7.98 13.41 12.95 0.58 0.61 14.06 15.39 4.17 4.95 71.96 60.07 7.08 5.56 1.46 1.71 4.63 5.39 11.92 12.95 4.14 4.23 4.59 5.93 28.55 21.46 9.21 7.25 0.17 0.31 10.39 9.72 10.36 12.82 0.63 0.86 3.51 4.19 19.61 11.59 1.34 1.92 17.19 15.47 5.25 5.39 38.82 32.97 2.26 2.39 2.94 2.97 1.69 2.03 34.59 36.44 23.46 19.64 2.14 3.43 2.44 4.21 22.99 13.27 6.18 4.58 3.65 5.11 52.18 32.69 15.08 6.11 18.38 18.2 48.24 47.03 13.39 14.93 7.73 6.94 0.96 1.65 0.86 1.21 16.05 17.71 3.04 2.92 4.88 5.68 1.83 1.97 16.93 14.91 2.14 2.94 2.71 2.95

PAT (Rs. Crore) 2006-07 2007-08 3.45 3.88 0.34 0.87 2.05 1.92 1.06 1.51 11.03 7.23 0.07 0.21 0.55 1.18 0.15 0.81 2.18 2.08 7.5 6.17 4.26 3.62 4.28 4.55 0.55 0.57 8.53 5.95 2.16 2.22 48.33 39.58 4.97 2.76 0.9 1.03 3.01 3.11 1.89 2.21 3.3 3.26 1.49 1.58 17.77 10.43 6.57 4.71 0.1 0.16 6.89 6.46 6.05 5.54 0.51 0.67 1.52 1.59 13.13 6.74 0.8 0.91 5.22 3.59 3.65 3.59 31.45 22.9 1.37 1.44 0.99 0.99 0.7 0.82 12.88 6.41 19.29 13.58 0.57 0.8 0.27 1.41 7.65 3.16 3.15 2.24 2 2.34 50.79 31.64 12.67 4.74 10.65 9.17 48.66 17.17 11.27 9.56 0.77 0.91 0.14 0.53 0.24 0.41 3.71 3.6 1.55 1.15 2.28 2.4 0.18 0.36 10.15 6.8 0.51 0.79 1.66 1.94

Change in PAT Rs. Crore Percentage 0.43 12% 0.53 156% -0.13 -6% 0.45 42% -3.8 -34% 0.14 200% 0.63 115% 0.66 440% -0.1 -5% -1.33 -18% -0.64 -15% 0.27 6% 0.02 4% -2.58 -30% 0.06 3% -8.75 -18% -2.21 -44% 0.13 14% 0.1 3% 0.32 17% -0.04 -1% 0.09 6% -7.34 -41% -1.86 -28% 0.06 60% -0.43 -6% -0.51 -8% 0.16 31% 0.07 5% -6.39 -49% 0.11 14% -1.63 -31% -0.06 -2% -8.55 -27% 0.07 5% 0 0% 0.12 17% -6.47 -50% -5.71 -30% 0.23 40% 1.14 422% -4.49 -59% -0.91 -29% 0.34 17% -19.15 -38% -7.93 -63% -1.48 -14% -31.49 -65% -1.71 -15% 0.14 18% 0.39 279% 0.17 71% -0.11 -3% -0.4 -26% 0.12 5% 0.18 100% -3.35 -33% 0.28 55% 0.28 17%

ROCE 2006-07 2007-08 19.49 17.08 5.13 4.99 10.39 8.59 33.81 27.5 12.9 5.8 1.18 3.38 5.04 9.85 2.14 10.67 12.18 10.15 8.02 4.88 30.4 9.88 5.98 5.89 8.59 7.99 9.56 4.86 21.44 17.49 57.34 34.32 29.81 13.65 15.14 14.71 17.28 15.07 3.45 4.01 11.26 10.39 5.17 5.34 15.42 6.46 26.31 15.54 14.29 19.05 34.61 30.57 11.69 10.73 5.9 7.28 13.31 12.32 16.72 7.45 9.87 9.11 4.57 3.19 18.78 16.05 28.76 18.98 7.71 7.97 7.4 7.73 10.99 11.93 9.29 2.53 13.86 6.62 3.39 4.62 1.09 4.26 4.8 1.56 9.18 5.53 36.73 24.31 56.67 26.83 50.73 12.34 11.54 7.47 39.98 6.4 17.29 12.87 1.64 1.63 2.72 9.09 3.03 5.51 2.52 2.22 14.41 9.75 6.06 6.13 1.38 2.49 19.21 8.46 2.38 3.12 10.15 11.02

Change in ROCE Rs. Crore Percentage -2.41 -12% -0.14 -3% -1.8 -17% -6.31 -19% -7.1 -55% 2.2 186% 4.81 95% 8.53 399% -2.03 -17% -3.14 -39% -20.52 -68% -0.09 -2% -0.6 -7% -4.7 -49% -3.95 -18% -23.02 -40% -16.16 -54% -0.43 -3% -2.21 -13% 0.56 16% -0.87 -8% 0.17 3% -8.96 -58% -10.77 -41% 4.76 33% -4.04 -12% -0.96 -8% 1.38 23% -0.99 -7% -9.27 -55% -0.76 -8% -1.38 -30% -2.73 -15% -9.78 -34% 0.26 3% 0.33 4% 0.94 9% -6.76 -73% -7.24 -52% 1.23 36% 3.17 291% -3.24 -68% -3.65 -40% -12.42 -34% -29.84 -53% -38.39 -76% -4.07 -35% -33.58 -84% -4.42 -26% -0.01 -1% 6.37 234% 2.48 82% -0.3 -12% -4.66 -32% 0.07 1% 1.11 80% -10.75 -56% 0.74 31% 0.87 9%

PAT/Net Sales 2006-07 2007-08 8% 6% 9% 6% 11% 5% 2% 10% 8% 3% 1% 1% 3% 2% 2% 1% 3% 1% 12% 3% 13% 4% 6% 2% 1% 0% 12% 4% 11% 5% 27% 16% 14% 3% 12% 7% 12% 7% 5% 1% 20% 14% 3% 1% 20% 6% 11% 5% 2% 2% 41% 25% 13% 7% 8% 7% 9% 4% 16% 5% 14% 6% 17% 3% 26% 16% 14% 8% 9% 5% 5% 1% 6% 2% 15% 2% 14% 8% 5% 2% 6% 3% 13% 1% 14% 3% 19% 10% 20% 12% 22% 5% 10% 5% 21% 7% 22% 15% 5% 0% 6% 3% 7% 3% 6% 1% 5% 1% 11% 5% 1% 0% 12% 4% 7% 2% 15% 11%

industry 2.0

- technology management for decision-makers | october 31, 2009

RANK 2009 2008 780 781 782 783 784 785 786 787 788 789 790 791 792 793 794 228 795 796 797 316 798 -

Company

TOP 500

Hindusthan Vidyut Products Ltd. Asahi Fibres Ltd. K K P Textiles Ltd. Indus Smelters Ltd. Ginza Industries Ltd. Neelamalai Agro Inds. Ltd. Kothari Sugars & Chemicals Ltd. R T S Power Corpn. Ltd. Gujarat Automotive Gears Ltd. U P Twiga Fiberglass Ltd. Pix Transmissions Ltd. Standard Surfactants Ltd. Tamil Nadu Fisheries Devp. Corpn. Ltd. Malt Company (India) Ltd. Chemfab Alkalis Ltd. Tuticorin Spinning Mills Ltd. Balmer Lawrie-Van Leer Ltd. Amrutanjan Health Care Ltd. M-Tech Innovations Ltd.

Industrial Activity

Cables & other conductors Cotton yarn Cotton yarn Bars & rods Other textile articles Tea Sugar Transformers Gears including crown wheels Glass & glass wares V belt Synthetic detergents Fish, crustaceans & molluscus Malt and malt extract Sodium hydroxide (Caustic Soda) Cotton yarn Reservoirs, tanks, etc. Ayurvedic & unani medicaments Other articles of plastics

Murugappa Morgan Thermal Ceramics Other ceramic products Ltd.

799

800 801 802 803 804 805 806 807 808 809 810 811 812 813 814 815 816 817 818 819 820 821 822 823 824

494 492 174 478 207 300 -

Mukesh Strips Ltd. Voith Paper Fabrics India Ltd. Esvee Precision Components Ltd. Rieter-Lmw Machinery Ltd. Syncom Formulations (India) Ltd. Kanpur Plastipack Ltd. Furnace Fabrica (India) Ltd. Magna Electro Castings Ltd. Indian Delco Pvt. Ltd. Suven Life Sciences Ltd. Jenburkt Pharmaceuticals Ltd. Balls & Cylpebs Ltd. Talbros Automotive Components Ltd. Dutron Polymers Ltd. Bansal Oil Mill Ltd. Fiem Industries Ltd. Maithan Ceramic Ltd. Gravity (India) Ltd. Stanes Motor Parts Ltd. India Nippon Electricals Ltd. Western India Plywoods Ltd. Aarti International Ltd. Kranti Automobiles Ltd. Organon (India) Ltd. Permanent Magnets Ltd.

Articles of iron & steel Felt Automobile ancillaries, nec Textile spinning machines Drug formulations Plastic packaging goods Other fabricated metal products Steel castings Tin plates, sheets & strips Drugs, medicines & allied products Drug formulations Ball bearing steel Gaskets Tubes, pipes & hoses of polyethylene Mustard oil Other auto lights Refractory bricks Man-made filaments & fibres Automobile ancillaries Flywheel magnetos Plywood Cotton yarn Three wheelers Drug formulations Electro-magnets, permanent magnets, etc.

825

Andhra Pradesh Heavy Machinery & Engg. Ltd.

Material handling equipment

826 827 828 829 830 831 832 833 834 835 836

202 360 396 -

Konark Synthetic Ltd. Centenial Surgical Suture Ltd. Wimco Ltd. Jasch Industries Ltd. Ashok Polymers Ltd. Black Rose Inds. Ltd. Real Strips Ltd. Aunde Faze Three Ltd. Lagan Engineering Co. Ltd. Euro Fashion Inners Intl. Pvt. Ltd. Biochemical & Synthetic Products Ltd.

Textured yarn of synthetic filament yarn Surgical equipment Matches Coated / laminated textile fabrics Sacks & bags of polyethylene Woven fabrics of synthetic staple fibres Stainless steel flat rolled products Coated / laminated textile fabrics Textile (incl. jute) machinery Apparels - knitted / crocheted Drugs, medicines & allied products

Net Sales 2006-07 2007-08 323.66 258.77 17.83 23 141.1 237.53 27.62 34.87 89.65 111.08 11.12 13.1 230.22 260.89 62.75 94.21 10.15 10.72 63.71 84.14 130.18 151.57 21.63 40.99 206.06 213.27 50.14 64.67 103.67 101.51 32.59 29.73 102.74 112.32 69 71.13 19.5 24.9

Change in Sales Rs. Crore Percentage -64.89 -20% 5.17 29% 96.43 68% 7.25 26% 21.43 24% 1.98 18% 30.67 13% 31.46 50% 0.57 6% 20.43 32% 21.39 16% 19.36 90% 7.21 3% 14.53 29% -2.16 -2% -2.86 -9% 9.58 9% 2.13 3% 5.4 28%

63.02

71.2

8.18

13%

30.31 46.49 47.68 128.49 61.37 65.7 197.06 47.96 66.32 113.02 35.7 25.17 160.21 23.86 21.97 168.29 78.89 33.49 13.05 147.28 63.43 276.56 11.76 196.11 48.75

35.61 47.69 51.84 147.52 69.08 74.31 201.91 56.12 81.62 120.25 38.71 31.67 177.89 29.89 25.5 179.11 83.12 36.77 18.3 126.89 75.38 283.83 14.56 156.92 66.42

5.3 1.2 4.16 19.03 7.71 8.61 4.85 8.16 15.3 7.23 3.01 6.5 17.68 6.03 3.53 10.82 4.23 3.28 5.25 -20.39 11.95 7.27 2.8 -39.19 17.67

17% 3% 9% 15% 13% 13% 2% 17% 23% 6% 8% 26% 11% 25% 16% 6% 5% 10% 40% -14% 19% 3% 24% -20% 36%

52.15

60.13

7.98

15%

26.4 35.27 173.98 34.97 41.58 18.63 79.37 57.96 14.29 22.42 12.99

59.21 39.61 203.76 41.49 58.39 32.53 111.58 65.11 25.09 26.92 14.23

32.81 4.34 29.78 6.52 16.81 13.9 32.21 7.15 10.8 4.5 1.24

124% 12% 17% 19% 40% 75% 41% 12% 76% 20% 10%

october 31, 2009 | industry 2.0

- technology management for decision-makers

www.industry20.com

PBIT (Rs. Crore) 2006-07 2007-08 39.96 39.75 0.28 0.61 14.33 8.44 0.98 1.53 15.78 17.6 2.7 2.52 23.24 17.56 7.16 6.88 0.72 0.94 10.53 10.56 11.55 12.85 2.23 2.35 0.95 2.07 5.57 7.99 27.8 22.56 3.35 3.12 7.23 6.79 10.98 9.29 1.67 2.29

PAT (Rs. Crore) 2006-07 2007-08 23.11 22.15 0.25 0.54 6.87 2.53 0.36 0.55 6.68 4.33 2.44 2.28 15.81 8.89 2.66 2.06 0.33 0.5 5.45 3.7 1.4 1.5 0.45 0.55 0.9 1.76 2.28 1.82 17.52 13.88 1.54 2.31 3.41 3.06 5.67 4.9 0.41 0.8

Change in PAT Rs. Crore Percentage -0.96 -4% 0.29 116% -4.34 -63% 0.19 53% -2.35 -35% -0.16 -7% -6.92 -44% -0.6 -23% 0.17 52% -1.75 -32% 0.1 7% 0.1 22% 0.86 96% -0.46 -20% -3.64 -21% 0.77 50% -0.35 -10% -0.77 -14% 0.39 95%

ROCE 2006-07 2007-08 14.2 10.39 2.67 4.62 18.31 6.05 3.67 5.36 6.74 4.08 14.73 13.01 7.61 3.24 9.05 4.96 12.36 17.48 6.87 3.98 1.5 1.37 2.29 2.41 125.87 72.58 10 7.82 29.17 20.07 5.43 6.93 8.15 7.14 22.03 17.98 3.31 4.09

Change in ROCE Rs. Crore Percentage -3.81 -27% 1.95 73% -12.26 -67% 1.69 46% -2.66 -39% -1.72 -12% -4.37 -57% -4.09 -45% 5.12 41% -2.89 -42% -0.13 -9% 0.12 5% -53.29 -42% -2.18 -22% -9.1 -31% 1.5 28% -1.01 -12% -4.05 -18% 0.78 24%

PAT/Net Sales 2006-07 2007-08 12% 9% 2% 2% 10% 1% 4% 2% 18% 4% 24% 17% 10% 3% 11% 2% 7% 5% 17% 4% 9% 1% 10% 1% 0% 1% 11% 3% 27% 14% 10% 8% 7% 3% 16% 7% 9% 3%

15.2

11.63

9.74

6.34

-3.4

-35%

31.41

15.94

-15.47

-49%

24%

0.38 15.58 4.43 10.2 6.93 3.59 14.73 8.68 2.29 13.16 2.89 2.05 11.56 1.48 0.91 17.17 5.46 0.6 0.61 21.68 10.73 41.1 0.5 27.96 2.82

0.77 13.95 4.43 6.69 6.19 4.91 13.03 7.96 3.3 10.93 3.14 2.01 13.68 1.31 1.03 16.11 6.23 1.06 0.72 18.04 11.19 29.16 1.14 26.67 3.02

0.09 10.01 2.88 5.71 4.55 1.44 11.47 5.78 0.34 11.33 1.2 1.24 4.56 0.47 0.28 10.54 2.51 0.42 0.16 18.56 4.38 13.48 0.07 19.74 0.57

0.34 8.7 2.84 3.92 3.8 1.81 8.41 3.97 0.53 8.36 1.3 1.2 3.83 0.67 0.46 8.46 2.55 0.74 0.23 15.47 3.35 11.16 0.27 15.31 0.62

0.25 -1.31 -0.04 -1.79 -0.75 0.37 -3.06 -1.81 0.19 -2.97 0.1 -0.04 -0.73 0.2 0.18 -2.08 0.04 0.32 0.07 -3.09 -1.03 -2.32 0.2 -4.43 0.05

278% -13% -1% -31% -16% 26% -27% -31% 56% -26% 8% -3% -16% 43% 64% -20% 2% 76% 44% -17% -24% -17% 286% -22% 9%

1.5 15.19 25.46 12.83 12.39 8.11 48.83 21.02 4.34 9.02 12.94 28.57 5.22 3.2 6.16 14.22 8.88 3.95 7.34 15.24 8 4.59 3.89 14.9 2.94

5.35 11.74 19.99 8.06 9.12 6.69 25.65 13.39 4.61 5.89 13.11 22.75 3.71 4.39 9.28 7.42 8.29 6.58 9.68 11.85 5.74 2.94 7.65 11.89 3.01

3.85 -3.45 -5.47 -4.77 -3.27 -1.42 -23.18 -7.63 0.27 -3.13 0.17 -5.82 -1.51 1.19 3.12 -6.8 -0.59 2.63 2.34 -3.39 -2.26 -1.65 3.76 -3.01 0.07

257% -23% -21% -37% -26% -18% -47% -36% 6% -35% 1% -20% -29% 37% 51% -48% -7% 67% 32% -22% -28% -36% 97% -20% 2%

1% 34% 9% 8% 11% 5% 7% 18% 3% 12% 8% 8% 7% 6% 4% 10% 7% 2% 5% 15% 17% 15% 4% 14% 6%

1% 18% 5% 3% 6% 2% 4% 7% 1% 7% 3% 4% 2% 2% 2% 5% 3% 2% 1% 12% 4% 4% 2% 10% 1%

8.73

6.35

5.64

3.9

-1.74

-31%

32.87

19.19

-13.68

-42%

17%

1.29 2.84 8.25 2.97 1.7 1.31 6.77 7.19 0.98 0.7 1.28

2.88 3.4 6.44 3.76 1.71 2.2 7.78 8.85 1.66 1.24 1.53

0.55 1.02 6.76 1.47 0.4 1.42 3.27 4.05 0.37 0.16 0.85

0.7 1.26 5.27 1.54 0.45 1.07 2.09 3.44 0.49 0.42 0.97

0.15 0.24 -1.49 0.07 0.05 -0.35 -1.18 -0.61 0.12 0.26 0.12

27% 24% -22% 5% 13% -25% -36% -15% 32% 163% 14%

3.05 12.36 15.87 7.93 4.44 25.72 9.25 7.97 4.37 1.15 11.78

1.99 11.63 5.38 7.03 4.54 16.21 4.82 6.4 4.47 3.96 12.56

-1.06 -0.73 -10.49 -0.9 0.1 -9.51 -4.43 -1.57 0.1 2.81 0.78

-35% -6% -66% -11% 2% -37% -48% -20% 2% 244% 7%

5% 8% 5% 8% 4% 7% 9% 12% 7% 3% 10%

1% 3% 3% 4% 1% 3% 2% 5% 2% 2% 7%

industry 2.0

- technology management for decision-makers | october 31, 2009

RANK 2009 2008 837 838 839 840 841 842 843 844 845 846 847 848 849 850 851 852 853 69 854 855 856 857 858 859 860 402 861 862 863 864 865 354 866 867 491 868 869 870 871 872 873 874 875 436 876 877 259 878 879 422 880 881 882 883 884 885 886 887 888 889 890 -

Company

TOP 500

Industrial Activity

Atotech India Ltd. Yashasvi Yarns Ltd. Vega Conveyors & Automation Ltd. Panchsheel Organics Ltd. Premco Global Ltd. Gayatrishakti Paper & Boards Ltd. Vishal Coaters Ltd. Brady & Morris Engg. Co. Ltd. Kilburn Office Automation Ltd. Group Pharmaceuticals Ltd. Omega Biotech Ltd. Riba Textiles Ltd. Prakash Solvent Extractions Ltd. Ghatge Patil Inds. Ltd. Subhash Polytex Ltd. A B L Biotechnologies Ltd. A B C Bearings Ltd. Ankur Udyog Ltd. Fermenta Biotech Ltd. Anjani Fabrics Ltd. Monga Brothers Ltd. Sayaji Industries Ltd. Perfectpac Ltd. Ashnoor Textile Mills Ltd. Shivalik Rasayan Ltd. Merchem Ltd. Lumax Auto Technologies Ltd. Coimbatore Agro Inds. Ltd. Alufluoride Ltd. Rose Zinc Ltd. Shri Dinesh Mills Ltd. Tokyo Plast International Ltd. Bansal High Carbons Pvt. Ltd. Supreme Paper Mills Ltd. Fairdeal Filaments Ltd. Saboo Sodium Chloro Ltd. Vippy Spinpro Ltd. J V Strips Ltd. Sona Okegawa Precision Forgings Ltd. Premier Ispat Ltd. Mayur Leather Products Ltd. Vybra Automet Ltd. Bhandari Hosiery Exports Ltd. Gennex Laboratories Ltd. Alom Extrusions Ltd. Vardhman Acrylics Ltd. Garg Furnace Ltd. Chemcel Biotech Ltd. Transmetal Ltd. India Dairy Products Ltd. Baheti Metal & Ferro Alloys Ltd. Valson Polyester Ltd. Century Extrusions Ltd. Uptron Powertronics Ltd.

Miscellaneous chemicals Partially oriented yarn (POY) Conveyors Drugs, medicines & allied products Rubberised textile fabrics (elastic tapes) Composite paper & paperboard (packaging paper) Paper Other material handling equipment Franking machines Drug formulations Drug formulations Towels including turkish towels Edible oils Auto castings Acrylic filament yarn (AFY) Empty capsules Ball or roller bearings Textured yarn of synthetic filament yarn Drugs, medicines & allied products Cloth (Fabrics) Cold rolled coils, strips, sheets Starches Cartons, boxes, cases, etc. Terry towelling & similar woven terry fabrics Dimethoate Rubber chemicals Automobile ancillaries Wheat flour Aluminium fluoride Zinc Woven fabrics of wool Other articles of plastics Wires & ropes of iron & steel Paper Cotton & blended yarn Salt Cotton yarn Cold rolled coils, strips, sheets Gears including crown wheels Bars & rods Shoe uppers Automobile ancillaries Apparels - knitted / crocheted Drugs, medicines & allied products Aluminium structures Acrylic fibre Stainless steel ingots Amino acid liquids Other chlorides Milk Ferro alloys Textured yarn of synthetic filament yarn Other aluminium products Rectifiers, battery charging

Net Sales 2006-07 2007-08 61.29 67.81 87.15 108.55 11.22 13.84 18.74 18.02 23.13 24.73 109.06 125.2 18.16 21.61 13.99 20.77 29.16 29.89 34.1 40.79 36.88 39.01 45.51 52.45 1.99 15.87 205.82 251.32 25.3 30.78 10.84 17 184.54 168 133.11 120.85 27.39 31.23 112.66 86.3 26.94 37.64 197.08 217.39 64.52 71.33 33.91 50.36 15.85 14.65 74.87 83.39 160.49 177.4 20.99 40.87 20.72 19.46 51.28 52.92 74.98 79.96 17.85 23.53 96.28 97.28 29.45 34.3 62.08 70.42 11.39 11.69 38.44 39.5 137.65 148.4 113.33 138.13 81.22 102.66 27.8 27.23 57.91 60.2 65.39 75.22 10.99 22.31 73.68 80.5 197.69 211.15 161.83 162.06 23.35 24.58 57.23 61.43 9.65 12.86 61.99 69.68 61.68 63.85 102.66 101.56 6.99 13.75

Change in Sales Rs. Crore Percentage 6.52 11% 21.4 25% 2.62 23% -0.72 -4% 1.6 7% 16.14 15% 3.45 19% 6.78 48% 0.73 3% 6.69 20% 2.13 6% 6.94 15% 13.88 697% 45.5 22% 5.48 22% 6.16 57% -16.54 -9% -12.26 -9% 3.84 14% -26.36 -23% 10.7 40% 20.31 10% 6.81 11% 16.45 49% -1.2 -8% 8.52 11% 16.91 11% 19.88 95% -1.26 -6% 1.64 3% 4.98 7% 5.68 32% 1 1% 4.85 16% 8.34 13% 0.3 3% 1.06 3% 10.75 8% 24.8 22% 21.44 26% -0.57 -2% 2.29 4% 9.83 15% 11.32 103% 6.82 9% 13.46 7% 0.23 0% 1.23 5% 4.2 7% 3.21 33% 7.69 12% 2.17 4% -1.1 -1% 6.76 97%

891

Panasonic Home Appliances India Co. Ltd.

Cooking ranges

74.06

80.39

6.33

892 893 894

112 -

Suyash Laboratories Ltd. Barak Valley Cements Ltd. Mahindra Steel Service Centre Ltd.

Drugs, medicines & allied products Cement Flat products

33.38 72.68 17.96

36.74 69.24 15.48

3.36 -3.44 -2.48

10% -5% -14%

october 31, 2009 | industry 2.0

- technology management for decision-makers

www.industry20.com

PBIT (Rs. Crore) 2006-07 2007-08 10.22 9.5 3.77 6.06 1.43 1.77 1.26 1.76 1.17 1.75 8.26 10.49 0.99 1.45 1.4 2.06 4.68 5.98 2.19 2.39 2.76 2.94 7.2 7.13 0.09 0.14 18.09 16.59 0.62 0.91 3 2.98 36.25 28.09 1.86 3.87 5.79 5.32 3.76 4.96 0.33 0.57 6.13 7.27 2.18 2.55 2.67 2.94 0.23 0.52 8.35 13.13 4.98 5.27 0.92 1.47 3.81 2.79 2.02 2.7 16.29 13.11 1.33 1.86 1.9 2.74 1.19 1.17 2.3 2.81 0.64 1.56 2.33 2.71 2.82 3.4 18.45 13.52 0.79 0.96 4.12 4.15 5.92 7.54 3.4 3.94 1.19 1.21 2.47 3.31 24.37 20.18 2.09 2.52 2.06 2.73 9.24 8.83 1.53 1.99 1.42 2.06 6.25 6.43 4.48 6.53 -0.31 0.4

PAT (Rs. Crore) 2006-07 2007-08 6.19 4.9 1.04 1.07 1.03 1.19 0.65 1.06 0.79 1.04 2.91 2.51 0.41 0.62 0.71 0.9 0.28 0.96 0.89 0.93 2.06 2.04 5 3.94 0.07 0.1 8.58 3.53 0.25 0.35 2.16 1.8 21.76 15.82 0.76 1.85 5.07 4.1 1.31 1.93 0.05 0.11 0.97 0.93 0.21 0.45 2.2 1.41 0.13 0.32 4.24 4.15 2.85 2.61 0.37 0.5 2.09 2.21 0.38 0.76 9.48 6.85 0.26 0.48 0.54 0.86 0.69 0.79 0.84 1.05 1.02 1.14 0.56 1.02 0.47 0.62 10.56 5.95 0.2 0.24 2.59 2.48 3.54 3.58 1.68 1.63 0.68 0.7 1.34 1.35 9.07 5.28 0.44 0.81 0.94 1.23 5.81 4.38 0.58 0.67 0.41 0.65 3.17 3.46 2.93 2.87 -0.84 0.38

Change in PAT Rs. Crore Percentage -1.29 -21% 0.03 3% 0.16 16% 0.41 63% 0.25 32% -0.4 -14% 0.21 51% 0.19 27% 0.68 243% 0.04 4% -0.02 -1% -1.06 -21% 0.03 43% -5.05 -59% 0.1 40% -0.36 -17% -5.94 -27% 1.09 143% -0.97 -19% 0.62 47% 0.06 120% -0.04 -4% 0.24 114% -0.79 -36% 0.19 146% -0.09 -2% -0.24 -8% 0.13 35% 0.12 6% 0.38 100% -2.63 -28% 0.22 85% 0.32 59% 0.1 14% 0.21 25% 0.12 12% 0.46 82% 0.15 32% -4.61 -44% 0.04 20% -0.11 -4% 0.04 1% -0.05 -3% 0.02 3% 0.01 1% -3.79 -42% 0.37 84% 0.29 31% -1.43 -25% 0.09 16% 0.24 59% 0.29 9% -0.06 -2% 1.22 -145%

ROCE 2006-07 2007-08 35.38 18.98 4.37 3.45 75.18 52.42 6.27 9.02 5.3 7.2 5.57 4.34 9.83 10.65 16.36 11.59 1.08 3.95 7.24 7.33 19.45 17.3 12.83 8.48 3.84 5.05 13.7 5.13 5.44 7.63 22.87 11.82 31.4 19.27 1.27 2.81 28.48 16.91 6.59 8.15 1.45 2.91 2.07 1.97 1.75 3.44 32.14 15.76 12.68 21.84 19.58 9.5 8.72 5.75 7.99 5.73 26.76 23.62 3.05 5.66 11.51 7.35 1.02 1.74 5.93 7.77 8.76 8.95 4.13 4.17 13.46 13.53 2.85 4.76 2.1 2.57 15.86 3.83 5.7 4.99 16.15 15.01 8.54 6.61 13.51 9.71 4.34 3.49 7.23 6.79 5.38 3.37 2.09 3.63 9.39 9.3 19.8 12.56 5.51 5.28 4.29 4.7 15.59 9.81 14.22 12.67 128.24 33.48

Change in ROCE Rs. Crore Percentage -16.4 -46% -0.92 -21% -22.76 -30% 2.75 44% 1.9 36% -1.23 -22% 0.82 8% -4.77 -29% 2.87 266% 0.09 1% -2.15 -11% -4.35 -34% 1.21 32% -8.57 -63% 2.19 40% -11.05 -48% -12.13 -39% 1.54 121% -11.57 -41% 1.56 24% 1.46 101% -0.1 -5% 1.69 97% -16.38 -51% 9.16 72% -10.08 -51% -2.97 -34% -2.26 -28% -3.14 -12% 2.61 86% -4.16 -36% 0.72 71% 1.84 31% 0.19 2% 0.04 1% 0.07 1% 1.91 67% 0.47 22% -12.03 -76% -0.71 -12% -1.14 -7% -1.93 -23% -3.8 -28% -0.85 -20% -0.44 -6% -2.01 -37% 1.54 74% -0.09 -1% -7.24 -37% -0.23 -4% 0.41 10% -5.78 -37% -1.55 -11% -94.76 -74%

PAT/Net Sales 2006-07 2007-08 17% 7% 4% 1% 13% 9% 7% 6% 5% 4% 8% 2% 5% 3% 10% 4% 16% 3% 6% 2% 7% 5% 16% 8% 5% 1% 9% 1% 2% 1% 28% 11% 20% 9% 1% 2% 21% 13% 3% 2% 1% 0% 3% 0% 3% 1% 8% 3% 1% 2% 11% 5% 3% 1% 4% 1% 18% 11% 4% 1% 22% 9% 7% 2% 2% 1% 4% 2% 4% 1% 6% 10% 6% 3% 2% 0% 16% 4% 1% 0% 15% 9% 10% 6% 5% 2% 11% 3% 3% 2% 12% 3% 1% 0% 9% 5% 16% 7% 16% 5% 2% 1% 10% 5% 4% 3% -4% 3%

2.47

2.9

1.33

1.32

-0.01

-1%

7.18

6.83

-0.35

-5%

3.31 19.41 7.34

3.31 16.73 7.2

1.71 14.31 4.33

1.74 11.05 4.2

0.03 -3.26 -0.13

2% -23% -3%

4.84 23.24 15.56

4.72 14.53 13.73

-0.12 -8.71 -1.83

-2% -37% -12%

10% 27% 41%

5% 16% 27%

industry 2.0

- technology management for decision-makers | october 31, 2009

RANK 2009 2008 895 896 897 248 898 899 262 900 338 901 902 208 903 904 905 906 394 907 410 908 909 910 911 85 912 913 914 367 915 916 917 918 315 919 920 229 921 922 923 924 447 925 926 927 928 929 930 931 932 9 933 145 934 935 936 937 938 939 -

Company

TOP 500

Industrial Activity

Dhanalaxmi Roto Spinners Ltd. Shivagrico Implements Ltd. Hindustan Files Ltd. Reil Electricals India Ltd. Anil Products Ltd. Lakshmi Precision Tools Ltd. Indo Colchem Ltd. Birla Cotsyn India Ltd. Hi-Tech Elastomers Ltd. J M G Corporation Ltd. Arcotech Ltd. Bhagiradha Chemicals & Inds. Ltd. Rathi Bars Ltd. Panasonic Carbon India Co. Ltd. Synergy Steels Ltd. Amalgamations Repco Ltd. Tayo Rolls Ltd. J S L Industries Ltd. Garg Tube Ltd. Tyche Industries Ltd. Fenoplast Ltd. Sita Shree Food Products Ltd. K A R Mobiles Ltd. Frick India Ltd. Rambal Ltd. Vishnu Chemicals Ltd. Raj Packaging Inds. Ltd. Guindy Machine Tools Ltd. Kaycee Industries Ltd. Magnum Ventures Ltd. Ashok Granites Ltd. Mahindra Sona Ltd. Elpro Packaging Ltd. Kumar Food Inds. Ltd. Punjab Gas Cylinders Ltd. Jumbo Bag Ltd. Sharat Industries Ltd. Cubex Tubings Ltd. International Conveyors Ltd. Jagjanani Textiles Ltd. Pokarna Fashions Ltd. Sainsons Paper Inds. Ltd. J R Foods Ltd. Namo Alloys Pvt. Ltd. Victor Gaskets India Ltd.

Cotton yarn Agricultural implements Files Starter motors Starches modified, adhesives, etc. Machine tools for drilling, boring, milling, etc. Dyes Textured yarn of synthetic filament yarn Articles of vulcanised rubber Cellulose adhesive tapes Non-ferrous metals, nec Chlorpyriphos Bars & rods Welding machinery Semi-finished Steel Drive transmission & steering parts Flat products Electrical machinery other than electronics Tubes & pipes Drugs, medicines & allied products Synthetic leather cloth Wheat flour Engine valves Commercial refrigerators Fuel injection equipment/spares Sodium Plastic packaging goods Machine tools Rotary switches Paper Granite Automobile ancillaries Plastic packaging goods Pulses milling products LPG cylinders & other gas containers Sacks & bags Shrimps Copper tubes & pipes PVC belt conveyor Cotton yarn Apparels (Readymade garment) Writing, printing paper Edible oils Aluminium alloy ingots Gaskets

Net Sales 2006-07 2007-08 6.33 11.38 13.95 12 28.89 35.56 32.78 33.19 201.86 225.39 28.96 32.57 48.43 64.54 54 85.18 14.24 14.55 3.64 30.99 3.42 27.61 83.18 83.98 164.47 224.67 34.13 29.78 213.83 212.98 63.02 67.88 195.75 214.21 23.91 27.24 82.56 84.32 27.33 29.37 100.76 97.57 80.77 95.43 70.99 89.69 55.99 58.9 36.52 43.11 114.83 121.21 17.56 17.52 31.17 31.42 16.32 19.96 91.22 85.35 24.72 25.69 156.07 144.22 7.04 14.17 53.06 55.18 24.51 29.75 48.78 56.81 21.93 25.13 92.29 97.78 49.13 65.01 18.03 35.48 5.23 10.65 35.03 38.97 16.06 15.93 117.94 116.29 32.33 34.55

Change in Sales Rs. Crore Percentage 5.05 80% -1.95 -14% 6.67 23% 0.41 1% 23.53 12% 3.61 12% 16.11 33% 31.18 58% 0.31 2% 27.35 751% 24.19 707% 0.8 1% 60.2 37% -4.35 -13% -0.85 -0% 4.86 8% 18.46 9% 3.33 14% 1.76 2% 2.04 7% -3.19 -3% 14.66 18% 18.7 26% 2.91 5% 6.59 18% 6.38 6% -0.04 -0% 0.25 1% 3.64 22% -5.87 -6% 0.97 4% -11.85 -8% 7.13 101% 2.12 4% 5.24 21% 8.03 16% 3.2 15% 5.49 6% 15.88 32% 17.45 97% 5.42 104% 3.94 11% -0.13 -1% -1.65 -1% 2.22 7%

940

Peria Karamalai Tea & Produce Co. Ltd.

Tea

24.06

24.56

0.5

941 942

Karuturi Global Ltd. Ethics Commercials Ltd.

Flowers & flower buds, cut Silk fabrics, processed

35.92 36.29

38.82 55.15

2.9 18.86

8% 52%

943

Mohan Rocky Springwater Breweries Ltd.

Indian made foreign liquors

29.42

31.45

2.03

944 945 946 947 948 949 950 951

43 317 -

Clutch Auto Ltd. Garware Marine Inds. Ltd. G T P Granites Ltd. Porwal Auto Components Ltd. Ahlcon Parenterals (India) Ltd. C I I Guardian Intl. Ltd. M M Rubber Co. Ltd. Rathi Graphic Technologies Ltd.

Drive transmission & steering parts Fishing nets Granite Cast iron castings Drug formulations Relays Other rubber products Chemicals for photographic uses

234.94 16.77 51.2 28.18 49.15 30.28 9.21 13.81

217.55 12.29 47.56 35.72 45.82 30.21 10.98 14.58

-17.39 -4.48 -3.64 7.54 -3.33 -0.07 1.77 0.77

-7% -27% -7% 27% -7% -0% 19% 6%

october 31, 2009 | industry 2.0

- technology management for decision-makers

www.industry20.com

PBIT (Rs. Crore) 2006-07 2007-08 0.21 0.42 0.85 1.08 2.76 1.56 4.51 3.53 14.75 16.78 4.2 3.65 2.41 2.48 3.41 4.01 1.17 1.3 0.53 0.63 0.19 1.69 16.01 8.78 8.76 5.42 7.8 7.33 4.37 5.68 2.47 2.38 18.4 13.4 1.23 1.59 1.32 1.43 5.78 4.87 7.28 7.21 2.36 3.16 4.81 4.33 4.6 5.97 3.67 3.88 17.43 18.01 1.25 1.38 6.97 6.43 1.07 1.35 18.24 17.64 2.24 2.28 25.15 16.7 1.08 0.7 1.97 2.34 0.23 0.47 3.63 4.15 1.5 1.76 9.67 6.04 8.56 6.26 3.74 3.39 0.41 1.15 2.41 4.38 0.46 0.99 1.52 1.87 1.12 1.26

PAT (Rs. Crore) 2006-07 2007-08 0.1 0.17 0.43 0.7 2.43 1.76 3.68 2.88 4.89 3.21 2.65 2.17 2 1.33 1.73 1.38 0.43 0.57 0.41 0.36 8.14 2.03 9.79 6.54 6.02 2 5.09 4.7 1.67 2.01 0.99 1.05 10.56 4.53 0.21 0.42 0.4 0.57 4.47 3.44 2.08 2.36 0.93 1.39 2.42 1.58 3.74 3.23 0.54 0.67 11.26 8.39 0.67 0.76 3.93 3.51 0.61 0.69 8.51 7.72 0.65 0.82 16.28 10.06 1.08 0.7 0.53 0.63 0.06 0.12 1.31 1.15 0.85 0.98 9.53 5.37 6.49 2.63 2.54 1.62 0.03 0.1 0.77 0.98 0.12 0.49 0.74 0.88 0.4 0.67

Change in PAT Rs. Crore Percentage 0.07 70% 0.27 63% -0.67 -28% -0.8 -22% -1.68 -34% -0.48 -18% -0.67 -34% -0.35 -20% 0.14 33% -0.05 -12% -6.11 -75% -3.25 -33% -4.02 -67% -0.39 -8% 0.34 20% 0.06 6% -6.03 -57% 0.21 100% 0.17 42% -1.03 -23% 0.28 13% 0.46 49% -0.84 -35% -0.51 -14% 0.13 24% -2.87 -25% 0.09 13% -0.42 -11% 0.08 13% -0.79 -9% 0.17 26% -6.22 -38% -0.38 -35% 0.1 19% 0.06 100% -0.16 -12% 0.13 15% -4.16 -44% -3.86 -59% -0.92 -36% 0.07 233% 0.21 27% 0.37 308% 0.14 19% 0.27 68%

ROCE 2006-07 2007-08 2.38 3.68 9.48 12.41 138.07 47.63 25.81 21.73 5.93 3.16 32.74 22.53 13.5 7.96 6.1 2.11 12.3 14.49 6.06 4.4 38.55 6.83 26.56 16.28 19.06 4.2 10.42 9.48 7.76 6.85 5.2 5.5 21.3 8.22 2.11 4.07 6.63 8.16 27.22 17.74 9.33 8.42 11.79 5.38 12.13 6.47 9.23 7.18 1.78 2.12 20.04 6.77 11.74 13.1 20.84 15.39 20.1 16.14 7.76 5.71 4.37 5.94 33.35 18.81 36.49 18.18 9.68 10.55 6.98 8.45 5.94 5.07 2.21 2.47 28.71 12.48 26.1 7.67 9.19 3.18 0.74 1.38 3.22 3.35 1.02 4.26 5.53 6.5 1.79 2.98

Change in ROCE Rs. Crore Percentage 1.3 55% 2.93 31% -90.44 -66% -4.08 -16% -2.77 -47% -10.21 -31% -5.54 -41% -3.99 -65% 2.19 18% -1.66 -27% -31.72 -82% -10.28 -39% -14.86 -78% -0.94 -9% -0.91 -12% 0.3 6% -13.08 -61% 1.96 93% 1.53 23% -9.48 -35% -0.91 -10% -6.41 -54% -5.66 -47% -2.05 -22% 0.34 19% -13.27 -66% 1.36 12% -5.45 -26% -3.96 -20% -2.05 -26% 1.57 36% -14.54 -44% -18.31 -50% 0.87 9% 1.47 21% -0.87 -15% 0.26 12% -16.23 -57% -18.43 -71% -6.01 -65% 0.64 86% 0.13 4% 3.24 318% 0.97 18% 1.19 66%

PAT/Net Sales 2006-07 2007-08 3% 1% 6% 6% 10% 5% 14% 9% 7% 1% 15% 7% 5% 2% 6% 2% 8% 4% 15% 1% 6% 7% 19% 8% 5% 1% 23% 16% 2% 1% 4% 2% 9% 2% 5% 2% 2% 1% 21% 12% 7% 2% 3% 1% 7% 2% 8% 5% 10% 2% 15% 7% 7% 4% 22% 11% 7% 3% 20% 9% 9% 3% 16% 7% 15% 5% 4% 1% 1% 0% 7% 2% 7% 4% 10% 5% 17% 4% 21% 5% 8% 1% 7% 3% 3% 3% 1% 1% 3% 2%

1.71

1.85

1.2

1.31

0.11

5.62

5.86

0.24

13.52 0.61

14.41 0.54

12.87 0.47

11.95 0.37

-0.92 -0.1

-7% -21%

11.86 2.95

3.94 2.27

-7.92 -0.68

-67% -23%

38% 2%

31% 1%

1.24

2.01

0.28

0.39

0.11

39%

14.18

14.83

0.65

34.09 1.51 4.13 1.65 13.12 1.85 -1.73 2.51

27.55 1.28 3.26 2.22 11.42 1.86 0.66 2.94

20.95 0.53 1.66 1.32 8.08 1.15 -1.98 1.18

13.48 0.67 1.82 1.37 6.3 1.15 0.55 1.25

-7.47 0.14 0.16 0.05 -1.78 0 2.53 0.07

-36% 26% 10% 4% -22% 0% -128% 6%

20.76 8.02 4.15 5.09 30.85 17.23 311.81 10.27

10.32 10.63 4.75 2.93 18.49 16.15 41.83 8.71

-10.44 2.61 0.6 -2.16 -12.36 -1.08 -269.98 -1.56

-50% 33% 14% -42% -40% -6% -87% -15%

15% 9% 8% 6% 27% 6% -19% 18%

6% 5% 4% 4% 14% 4% 5% 9%

industry 2.0

- technology management for decision-makers | october 31, 2009

RANK 2009 2008 952 953 954 955 956 957 385 958 959 247 960 961 348 962 963 964 281 965 307 966 967 968 969 970 971 972 973 67 974 975 976 977 978 -

Company

TOP 500

Logwell Forge Ltd. Endo Labs Ltd. Ruby Mills Ltd. Quality Steel Products Ltd. Keventer Agro Ltd. Munjal Auto Inds. Ltd. Mihir Engineers Ltd. Hind Aluminium Inds. Ltd. De Nora India Ltd. Super Sales India Ltd. Shivam Autotech Ltd. Liberty Urvarak Ltd. Vadilal Industries Ltd. Uni Abex Alloy Products Ltd. Hindustan Adhesives Ltd. Satia Paper Mills Ltd. H K Finechem Ltd. Sona Processors (India) Ltd. Lumax Automotive Systems Ltd. Daikaffil Chemicals India Ltd. Circuit Systems (India) Ltd. Batliboi Ltd. Suprajit Engineering Ltd. Ajanta Soya Ltd. Amtech Electronics (India) Ltd. Zodiac-Jrd-Mkj Ltd. Everlon Synthetics Ltd.

Industrial Activity

Forgings Drugs, medicines & allied products Cloth (Fabrics) Steel tubular structural poles Fruit juice Automobile ancillaries, nec Industrial cooling towers Aluminium bars & rods Miscellaneous articles of base metals, nec Cotton yarn Automobile ancillaries Single superphosphate Icecreams & kulfi Tubes & pipes Cellulose adhesive tapes Writing, printing paper Fatty acids Cloth processed Filter elements, inserts Dyes Printed circuit boards Diversified Automobile equipment Vanaspati AC variable speed drives Diamonds Textured yarn of synthetic filament yarn

Net Sales 2006-07 2007-08 46.94 52.36 26.29 27.52 108.55 119.05 44.1 47.56 94.92 115.12 245.05 218.16 12.34 14.46 202.46 206.5 22.77 21.32 104.21 97.14 129.89 124.29 29.98 27.54 120.04 133.22 61.5 62.49 28.82 34.72 170.61 176.29 27.17 31.1 24.12 25.69 96.99 102.08 14.34 14.32 37.94 38.69 128.35 130.25 132.68 138.22 199.61 245.57 14.29 19.05 11.68 12.68 14.45 15.92

Change in Sales Rs. Crore Percentage 5.42 12% 1.23 5% 10.5 10% 3.46 8% 20.2 21% -26.89 -11% 2.12 17% 4.04 2% -1.45 -6% -7.07 -7% -5.6 -4% -2.44 -8% 13.18 11% 0.99 2% 5.9 20% 5.68 3% 3.93 14% 1.57 7% 5.09 5% -0.02 -0% 0.75 2% 1.9 1% 5.54 4% 45.96 23% 4.76 33% 1 9% 1.47 10%

Omkar Overseas Ltd. (Duplicate Name, Cloth (Fabrics) Gujarat)

20.07

22.72

2.65

13%

Khator Fibre & Fabrics Ltd. Ocean Agro (India) Ltd. Machino Plastics Ltd. Gujarat Terce Laboratories Ltd.

Cloth processed Plastic packaging goods Other articles of plastics, nec Drug formulations

10.43 12.37 82.72 10.6

10.91 12.11 90.85 12.49

0.48 -0.26 8.13 1.89

5% -2% 10% 18%

Sree Rayalaseema Hi-Strength Hypo Ltd.

Inorganic chemicals

115.47

112.61

-2.86

-2%

985 986 987 988 989 990 991 992 993 994 995

334 205 484 52 160 -

Carol Info Services Ltd. Shantivijay Jewels Ltd. Spenta International Ltd. J H S Svendgaard Laboratories Ltd. Modinagar Paper Mills Ltd. Titagarh Steels Ltd. I P Rings Ltd. Investment & Precision Castings Ltd. Shaw Wallace & Co. Ltd. [Merged] P I Drugs & Pharmaceuticals Ltd. Surbhi Industries Ltd.

Pesticides Diamonds Other clothing accessories, knitted or crocheted Preparations for oral or dental hygiene Kraft paper & paperboard Steel castings Piston rings Castings Liquors Drugs, medicines & allied products Textured yarn of synthetic filament yarn

39.39 56.32 14.97 32.53 23.26 74.16 49.26 65.13 212.95 39.98 13.61

40.97 60.4 15.39 37.26 26.44 81.05 53.9 62.21 204.13 67.7 16.6

1.58 4.08 0.42 4.73 3.18 6.89 4.64 -2.92 -8.82 27.72 2.99

4% 7% 3% 15% 14% 9% 9% -4% -4% 69% 22%

996

379

Mitsubishi Heavy Inds. India Precision Machine tools Tools Ltd.

37.45

42.99

5.54

15%

997 998 999 1000 1001 1002 1003 1004 1005 1006 1007

82.11 31.9 38.85 34.41 161.4 59.16 230.34 48.06 31.55 51.96 11.48

98.8 31.91 43.81 33.79 146.73 61.71 218.38 50.96 29.04 63.69 12.68

16.69 0.01 4.96 -0.62 -14.67 2.55 -11.96 2.9 -2.51 11.73 1.2

20% 0% 13% -2% -9% 4% -5% 6% -8% 23% 10%

979

980 981 982 983

212 -

984

Ramaraju Surgical Cotton Mills Ltd. Sarup Tanneries Ltd. Alfa Ica (India) Ltd. Agio Paper & Inds. Ltd. East India Commercial Co. Ltd. Vishal Malleables Ltd. Birla Power Solutions Ltd. North Eastern Tubes Ltd. Sacheta Metals Ltd. Cosmos Industries Ltd. Sainik Finance & Inds. Ltd.

Cotton yarn Leather shoes Sheets, films, etc. of plastic, not reinforced Paper Jute & jute products Castings Portable generating sets Tubes & pipes Aluminium kitchen ware Sugar Ordinary portland cement

october 31, 2009 | industry 2.0

- technology management for decision-makers

www.industry20.com

PBIT (Rs. Crore) 2006-07 2007-08 3.47 3.7 1.06 1.5 14.77 12.34 0.35 0.4 4.59 5.12 28.07 15.96 1.77 1.53 9.44 7.74 7.81 5.64 22.8 19.64 27.68 21.1 1.32 2.09 11.2 9.61 6.65 5.83 1.89 2.98 15.38 15.46 1.25 1.68 1.28 1.29 6.33 6.74 0.91 1.05 4.99 5.33 18.85 15.68 21.95 14.83 2.43 1.6 0.86 0.81 1.24 1.32 0.07 0.22

PAT (Rs. Crore) 2006-07 2007-08 0.98 1.13 0.31 0.52 8.4 5.27 0.15 0.2 1.47 1.08 18.33 10.31 1.14 0.97 5.91 4.24 4.96 3.85 11.6 8.91 16.33 11.63 0.21 0.56 5.59 3.18 3.84 2.94 0.39 0.38 5.62 4.13 0.08 0.27 0.32 0.51 2.57 2.18 0.54 0.63 2.66 2.66 11.2 6.6 12.48 6.37 1.09 0.39 0.57 0.5 0.99 1.06 0.04 0.16

Change in PAT Rs. Crore Percentage 0.15 15% 0.21 68% -3.13 -37% 0.05 33% -0.39 -27% -8.02 -44% -0.17 -15% -1.67 -28% -1.11 -22% -2.69 -23% -4.7 -29% 0.35 167% -2.41 -43% -0.9 -23% -0.01 -3% -1.49 -27% 0.19 238% 0.19 59% -0.39 -15% 0.09 17% 0 0% -4.6 -41% -6.11 -49% -0.7 -64% -0.07 -12% 0.07 7% 0.12 300%

ROCE 2006-07 2007-08 4.91 4.19 3.36 5.22 6.98 2.78 9.04 10.44 5.46 2.99 31.52 16.13 20.27 15.37 23.7 11.97 19.91 15.16 13.61 8.24 18.25 8.7 2.39 5.54 12.67 6 36.85 23.26 3.42 4.03 11.61 6.39 0.36 1.21 2.73 4.27 8.42 6.12 10.12 10.96 8.5 6.22 23.22 10.29 17.44 6.91 4.55 1.59 11.64 9.23 2.21 2.29 1.21 4.51

Change in ROCE Rs. Crore Percentage -0.72 -15% 1.86 55% -4.2 -60% 1.4 15% -2.47 -45% -15.39 -49% -4.9 -24% -11.73 -49% -4.75 -24% -5.37 -39% -9.55 -52% 3.15 132% -6.67 -53% -13.59 -37% 0.61 18% -5.22 -45% 0.85 236% 1.54 56% -2.3 -27% 0.84 8% -2.28 -27% -12.93 -56% -10.53 -60% -2.96 -65% -2.41 -21% 0.08 4% 3.3 273%

PAT/Net Sales 2006-07 2007-08 7% 2% 4% 2% 14% 4% 1% 0% 5% 1% 11% 5% 14% 7% 5% 2% 34% 18% 22% 9% 21% 9% 4% 2% 9% 2% 11% 5% 7% 1% 9% 2% 5% 1% 5% 2% 7% 2% 6% 4% 13% 7% 15% 5% 17% 5% 1% 0% 6% 3% 11% 8% 0% 1%

0.45

0.41

0.29

0.36

0.07

24%

105.45

98.63

-6.82

-6%

0.66 1.12 8.94 0.44

1.09 1.35 6.57 0.47

0.31 0.08 5.56 0.02

0.5 0.48 3.2 0.14

0.19 0.4 -2.36 0.12

61% 500% -42% 600%

3.21 0.4 12.72 0.39

4.52 2.31 6.56 2.54

1.31 1.91 -6.16 2.15

41% 478% -48% 551%

6% 9% 11% 4%

5% 4% 4% 1%

9.98

9.05

5.7

4.53

-1.17

-21%

12.91

9.01

-3.9

-30%

24.5 1.95 2.43 5.71 0.43 4.92 6.62 13.75 74.01 9.15 0.57

24.76 2.23 2.32 5.08 0.5 5.81 4.75 9.62 43.43 4.21 0.88

29.43 1.05 1.02 4.37 0.11 3.68 3.9 8.29 57.7 7.61 0.08

13.45 1.03 1.07 3.54 0.2 1.94 2.56 5.65 18.13 1.8 0.17

-15.98 -0.02 0.05 -0.83 0.09 -1.74 -1.34 -2.64 -39.57 -5.81 0.09

-54% -2% 5% -19% 82% -47% -34% -32% -69% -76% 113%

7.99 4.64 8.7 12.64 2.91 28.74 8.76 19.79 31.18 29.73 1.01

3.53 4.41 7.91 4.92 4.5 15.63 5.74 11.72 6.81 3.27 2.1

-4.46 -0.23 -0.79 -7.72 1.59 -13.11 -3.02 -8.07 -24.37 -26.46 1.09

-56% -5% -9% -61% 55% -46% -34% -41% -78% -89% 108%

62% 3% 16% 18% 2% 7% 13% 21% 35% 23% 4%

33% 2% 7% 10% 1% 2% 5% 9% 9% 3% 1%

10.49

7.56

7.32

4.11

-3.21

-44%

13.98

4.97

-9.01

-64%

28%

10%

11.32 2.03 2.38 4.55 12.08 1.96 19.97 2.33 0.47 8.26 2.65

10.22 2.03 2.68 4.97 11 2.46 16.02 2.51 1.17 6.01 2.23

3.08 1.38 0.73 4.35 6.73 0.9 7.01 1.04 0.15 3.21 1.21

1.77 1.38 0.69 3.56 5.13 0.94 6.58 1.02 0.4 1.64 1.08

-1.31 0 -0.04 -0.79 -1.6 0.04 -0.43 -0.02 0.25 -1.57 -0.13

-43% 0% -5% -18% -24% 4% -6% -2% 167% -49% -11%

2.95 5.39 3.69 31.48 12.99 6.85 5.1 9.45 2.39 28.52 4.29

1.13 5.36 3.74 17.22 9.17 6.3 3.13 8 5.53 9.46 3.87

-1.82 -0.03 0.05 -14.26 -3.82 -0.55 -1.97 -1.45 3.14 -19.06 -0.42

-62% -1% 1% -45% -29% -8% -39% -15% 131% -67% -10%

14% 6% 6% 13% 7% 3% 9% 5% 1% 16% 23%

2% 4% 2% 11% 3% 2% 3% 2% 1% 3% 9%

industry 2.0

- technology management for decision-makers | october 31, 2009

RANK 2009 2008 1008 1009 1010 1011 1012 129 1013 1014 1015 1016 1017 1018 1019 1020 1021 1022 1023 1024 1025 1026 1027 1028 1029 399 1030 1031 74 1032 1033 1034 1035 1036 1037 1038 1039 1040 1041 1042 1043 32 1044 1045 1046 278 1047 1048 1049 141 1050 1051 1052 -

Company

TOP 500

Industrial Activity

Harinagar Sugar Mills Ltd. Jodhani Papers Ltd. Dujodwala Paper Chemicals Ltd. Hindustan Hardy Spicer Ltd. Centum Electronics Ltd. Lifelong India Ltd. Modinagar Rolls Ltd. Jai Hind Wire Rod Mills Ltd. Raghuvir Synthetics Ltd. Amarawati Tea Co. Ltd. Rajasthan Tube Mfg. Co. Ltd. Deccan Polypacks Ltd. National Oxygen Ltd. Gujarat Foils Ltd. Pithampur Steels Ltd. S M Milkose Ltd. Golden Tobacco Ltd. A K C Steel Inds. Ltd. Span Diagnostics Ltd. Shri Jagdamba Polymers Ltd. Teesta Agro Inds. Ltd. Gujarat Polybutenes Pvt. Ltd. Adinath Bio-Labs Ltd. Aro Granite Inds. Ltd. Elgi Ultra Inds. Ltd. Divyashakti Granites Ltd. Dynemic Products Ltd. Crazy Infotech Ltd. Spectrum Ethers Ltd. Vinyoflex Ltd. Milk Specialities Ltd. Polyspin Exports Ltd. Autometers Alliance Ltd. Ecoplast Ltd. N D Metal Inds. Ltd. Orient Ceramics & Inds. Ltd. Kaira Can Co. Ltd. Allied Nippon Ltd. Sportking India Ltd. Zenith Exports Ltd. Smruthi Organics Ltd. Freshtrop Fruits Ltd. Pooja Forge Ltd. Mid India Inds. Ltd. Gansons Ltd.

Sugar Kraft paper & paperboard Amino/phenolic resins & polyurethanes Propeller shafts Hybrid integrated circuits Automobile ancillaries Flat products Semi-finished Steel Cloth processed Tea Tubes & pipes Plastic packaging goods Oxygen Aluminium foils Light structurals Dairy products Cigarettes Bars & rods Drugs, medicines & allied products Sacks & bags of polyethylene Single superphosphate Polyisobutylene Pharmaceutical products, nec Granite Grinders & mixers Granite Dyes Paraffins incl. paraffin wax Phorate Sheets of polyethylene Milk powder HDPE woven sacks Static converters & rectifiers Other sheets, films & foils of plastics Bars, rods, etc. of refined copper Glazed ceramic tiles, paving & flags Milk Brake linings Acrylic filament yarn (AFY) Silk & silk textiles Drugs, medicines & allied products Fruit & nuts, frozen, preserved Screws, bolts, nuts, rivets, washers, etc. Cotton & blended yarn Chemical machinery

1053

Darjeeling Dooars Plantations (Tea) Ltd.

Tea

1054 1055 1056 1057 1058 1059 1060 1061 1062 1063 1064 1065

365 -

Palco Metals Ltd. Anchor Daewoo Inds. Ltd. C C S Infotech Ltd. M & M Auto Inds. Ltd. Sonal Adhesives Ltd. Gurukrupa Polyplast Ltd. Talbros Engineering Ltd. Vidhi Dyestuffs Manufacturing Ltd. Bharat Bobbins Ltd. Coral Laboratories Ltd. Ipisteel Ltd. Bharat Insulation Co. (India) Ltd.

Aluminium castings Consumer electronics Computer peripherals Leaf springs (Automotive) Self-adhesive plates, sheets, films, etc. Sheets of polyethylene Axle shafts Dyes Textile (incl. jute) machinery Drug formulations Bars & rods PVC insulated cables & flexes

Net Sales 2006-07 2007-08 204.73 149.55 18.86 28.81 64.82 81.85 30.69 33.15 103.98 51.65 202.41 200.61 9.66 13.27 41.06 56.75 41.35 43.92 17 20.04 55.06 60.48 25.67 28.32 13.16 12.27 88.35 83.47 34.42 40.35 74.06 78.95 189.14 160.35 106.06 120.5 53.32 61.32 8.83 12.56 43.17 40.26 53.76 57.37 21.07 21.75 104.03 101.43 55.91 65.64 37.28 31.76 33.93 37.34 14.84 18.46 24.07 36.71 17.6 21.91 72.15 80.57 34.92 35.66 77.28 90.25 34.85 37.31 46.58 40.56 186.39 213.46 176.5 165.87 142.82 147.04 200.68 238.63 210.93 238.33 53.59 55.45 47.85 42.31 113.93 110.27 16.55 20.26 47.49 48.04

Change in Sales Rs. Crore Percentage -55.18 -27% 9.95 53% 17.03 26% 2.46 8% -52.33 -50% -1.8 -1% 3.61 37% 15.69 38% 2.57 6% 3.04 18% 5.42 10% 2.65 10% -0.89 -7% -4.88 -6% 5.93 17% 4.89 7% -28.79 -15% 14.44 14% 8 15% 3.73 42% -2.91 -7% 3.61 7% 0.68 3% -2.6 -2% 9.73 17% -5.52 -15% 3.41 10% 3.62 24% 12.64 53% 4.31 24% 8.42 12% 0.74 2% 12.97 17% 2.46 7% -6.02 -13% 27.07 15% -10.63 -6% 4.22 3% 37.95 19% 27.4 13% 1.86 3% -5.54 -12% -3.66 -3% 3.71 22% 0.55 1%

26.47

30.38

3.91

15%

95.78 233.73 45.73 36.44 23.37 8.81 51.71 31.25 12.38 30.45 18.78 187.73

99.94 139.92 58.57 37.52 22.8 11.68 61.06 31.48 10.45 32.98 37.91 199.77

4.16 -93.81 12.84 1.08 -0.57 2.87 9.35 0.23 -1.93 2.53 19.13 12.04

4% -40% 28% 3% -2% 33% 18% 1% -16% 8% 102% 6%

october 31, 2009 | industry 2.0

- technology management for decision-makers

www.industry20.com

PBIT (Rs. Crore) 2006-07 2007-08 7.46 17.88 1.05 1.39 2.61 3.23 1.59 1.69 17.2 11.39 10.81 9.06 0.44 0.62 2.19 3.38 2.48 1.88 0.57 0.79 1.42 1.75 1.43 1.92 2.99 1.7 3.04 3.36 0.05 0.05 1.26 1.38 30.52 19.48 3.86 4.17 4.84 5.95 1.24 1.36 1.5 2.19 2.31 2.55 1.48 1.54 16.08 13.5 2.24 2.78 5.56 4.38 4 3.41 2.4 1.63 1.33 2.43 0.91 0.88 2.71 3.24 1.6 1.77 14.56 6.62 1.9 2.07 1.29 1.91 22.11 13.66 3.95 4.33 16.94 10.43 21.35 13.43 7.4 7.03 5.44 5.54 7.94 5.99 13.23 12.75 0.29 0.45 3.05 2.41

PAT (Rs. Crore) 2006-07 2007-08 1.14 1.75 0.39 0.38 0.87 0.59 0.78 0.75 12.4 6.19 4.95 3.49 0.16 0.23 1.07 0.75 0.88 0.84 0.13 0.21 0.31 0.35 0.33 0.39 1.32 1.15 1.3 1.26 0.03 0.05 0.03 0.06 51.7 11.87 1.26 0.86 2.02 1.35 0.59 0.51 0.45 0.77 1.08 1.05 0.98 1 15.21 8.03 0.26 0.25 4.91 3.59 2.61 1.76 2.03 1.09 0.27 0.19 0.29 0.29 0.6 0.53 0.37 0.46 8.71 2.6 0.7 0.72 0.59 0.83 11.52 2.49 0.95 0.98 11.05 4.83 9.41 1.37 1.58 0.45 2.34 1.89 6.71 4.16 6.64 4.78 0.25 0.4 1.03 0.9

Change in PAT Rs. Crore Percentage 0.61 54% -0.01 -3% -0.28 -32% -0.03 -4% -6.21 -50% -1.46 -29% 0.07 44% -0.32 -30% -0.04 -5% 0.08 62% 0.04 13% 0.06 18% -0.17 -13% -0.04 -3% 0.02 67% 0.03 100% -39.83 -77% -0.4 -32% -0.67 -33% -0.08 -14% 0.32 71% -0.03 -3% 0.02 2% -7.18 -47% -0.01 -4% -1.32 -27% -0.85 -33% -0.94 -46% -0.08 -30% 0 0% -0.07 -12% 0.09 24% -6.11 -70% 0.02 3% 0.24 41% -9.03 -78% 0.03 3% -6.22 -56% -8.04 -85% -1.13 -72% -0.45 -19% -2.55 -38% -1.86 -28% 0.15 60% -0.13 -13%

ROCE 2006-07 2007-08 1.11 1.21 5.41 3.75 2.9 1.69 9.02 8.28 33.68 20.4 14.93 10.05 3.09 3.16 8.34 4.04 3.16 3.47 2.08 2.98 3.09 3.4 8.84 8.75 7.91 7.55 12.55 11.23 0.72 1.15 0.23 0.5 143.03 13.09 6.01 3.55 10.72 6.15 8.17 5.41 1.42 2.36 12.16 8.88 3.78 3.83 17.25 7.23 0.77 0.74 23.19 15.11 8.56 5.69 60.24 17.34 2.86 2.05 4.65 4.48 2.92 2.51 3.81 4.84 23.91 5.75 5.06 4.78 3.54 4.49 18.47 2.84 5.52 5.29 24 7.43 9.69 1.1 1.56 0.43 8.88 6.24 46.68 20.9 12.54 7.07 6.77 5.14 11.15 9.8

Change in ROCE Rs. Crore Percentage 0.1 9% -1.66 -31% -1.21 -42% -0.74 -8% -13.28 -39% -4.88 -33% 0.07 2% -4.3 -52% 0.31 10% 0.9 43% 0.31 10% -0.09 -1% -0.36 -5% -1.32 -11% 0.43 60% 0.27 117% -129.94 -91% -2.46 -41% -4.57 -43% -2.76 -34% 0.94 66% -3.28 -27% 0.05 1% -10.02 -58% -0.03 -4% -8.08 -35% -2.87 -34% -42.9 -71% -0.81 -28% -0.17 -4% -0.41 -14% 1.03 27% -18.16 -76% -0.28 -6% 0.95 27% -15.63 -85% -0.23 -4% -16.57 -69% -8.59 -89% -1.13 -72% -2.64 -30% -25.78 -55% -5.47 -44% -1.63 -24% -1.35 -12%

PAT/Net Sales 2006-07 2007-08 4% 1% 6% 1% 4% 1% 5% 2% 17% 12% 5% 2% 5% 2% 5% 1% 6% 2% 3% 1% 3% 1% 6% 1% 23% 9% 3% 2% 0% 0% 2% 0% 16% 7% 4% 1% 9% 2% 14% 4% 3% 2% 4% 2% 7% 5% 15% 8% 4% 0% 15% 11% 12% 5% 16% 6% 6% 1% 5% 1% 4% 1% 5% 1% 19% 3% 5% 2% 3% 2% 12% 1% 2% 1% 12% 3% 11% 1% 4% 0% 10% 3% 17% 10% 12% 4% 2% 2% 6% 2%

0.75

0.91

0.07

0.13

0.06

86%

0.8

1.24

0.44

55%

3.04 26.91 2.06 3.25 0.9 0.1 2.45 2.25 3.76 6.5 -5.52 6.89

4.16 3.85 1.66 4.16 0.87 0.11 2.53 2.15 2.78 4.36 0.05 7.66

1.19 19.69 1.3 0.88 0.22 0.07 0.84 1.03 2.69 5.62 -5.57 1

1.16 8.69 0.71 0.98 0.37 0.1 0.61 1 1.95 2.78 0.04 0.7

-0.03 -11 -0.59 0.1 0.15 0.03 -0.23 -0.03 -0.74 -2.84 5.61 -0.3

-3% -56% -45% 11% 68% 43% -27% -3% -28% -51% -101% -30%

7.54 11.49 8.62 3.93 2.55 1.52 5.17 6.33 43.21 27.08 27850 5.24

4.97 6.07 4.26 3.53 4.17 1.86 3.37 5.81 25.93 9.88 0.81 2.79

-2.57 -5.42 -4.36 -0.4 1.62 0.34 -1.8 -0.52 -17.28 -17.2 -27849.19 -2.45

-34% -47% -51% -10% 64% 22% -35% -8% -40% -64% -100% -47%

3% 12% 5% 9% 4% 1% 5% 7% 30% 21% -29% 4%

1% 6% 1% 3% 2% 1% 1% 3% 19% 8% 0% 0%

industry 2.0

- technology management for decision-makers | october 31, 2009

RANK 2009 2008 1066 1067 1068 1069 1070 1071 1072 1073 1074 1075 1076 1077 1078 1079 1080 1081 1082 1083 1084 1085 1086 1087 1088 1089 1090 1091 1092

1093 1094 1095 1096 1097 1098 1099 1100

295

1101

1102 1103 1104 1105 1106 1107 1108 1109 1110 1111 1112 1113 1114 1115 1116 1117 1118

486 -

1119 1120 1121

Company

TOP 500

Industrial Activity

Mini Diamonds (India) Ltd. Bally Jute Co. Ltd. Shaily Engineering Plastics Ltd. S B & T International Ltd. Padmavati Oils (India) Ltd. Kings International Ltd. Dynacons Systems & Solutions Ltd. Shri Chlochem Ltd. Greenland Paper Mills Ltd. R M Mohite Textiles Ltd. Godavari Edible Bran Oil Ltd. Nova Flexipack Pvt. Ltd. Madras Radiators & Pressings Ltd. Arofine Polymers Ltd. Sangal Papers Ltd. Rama Paper Mills Ltd. Annam Feeds Ltd. Somi Conveyor Beltings Ltd. National General Inds. Ltd. Maruti Papers Ltd. Winsome Textile Inds. Ltd. Bhatkawa Tea Inds. Ltd. Beekay Steel Inds. Ltd. Incap Ltd. Mangalam Drugs & Organics Ltd. Central Cables Ltd.

Diamonds Jute & jute products Plastic Products Jewellery of pearls, precious & semi-precious stone Edible oils Fish, crustaceans & molluscus Computer systems Monochloroacetic acid Kraft paper & paperboard Cotton yarn Vegetable oils Plastic film Automobile ancillaries, nec Emulsion paints, nec Writing, printing paper Writing, printing paper Poultry feed Conveyor belting Bars & rods Kraft paper & paperboard Cotton yarn Tea Bars & rods Electrolytic capacitors Drugs, medicines & allied products Cables & other conductors

Asansol Bottling & Packaging Co. Pvt. Ltd.

Rectified spirit

Indian Card Clothing Co. Ltd. Kilburn Chemicals Ltd. Eurocoustic Products Ltd. Sanrhea Technical Textiles Ltd. Tamil Nadu Salt Corpn. Ltd. Ferro Scrap Nigam Ltd. Modern Steels Ltd. Vijayeswari Textiles Ltd.

Net Sales 2006-07 2007-08 8.53 20.81 94.62 100.14 49.91 60.1 88.66 95.77 28.17 40.84 15.19 15.27 32.91 43.13 18.29 20.76 11.96 12.1 100.58 106.14 61.22 82.58 18.24 19.24 24.9 25.88 17.93 18.38 42.41 35.99 83.84 84.57 19.07 19.43 15.42 15.86 14.32 16.01 12.34 15.42 145.17 163.39 10.57 10.6 286.82 272.11 13.65 11.73 83.9 91.78 35.63 32

Change in Sales Rs. Crore Percentage 12.28 144% 5.52 6% 10.19 20% 7.11 8% 12.67 45% 0.08 1% 10.22 31% 2.47 14% 0.14 1% 5.56 6% 21.36 35% 1 5% 0.98 4% 0.45 3% -6.42 -15% 0.73 1% 0.36 2% 0.44 3% 1.69 12% 3.08 25% 18.22 13% 0.03 0% -14.71 -5% -1.92 -14% 7.88 9% -3.63 -10%

31.68

40.82

9.14

29%

Metallised yarn Titanium dioxide Metal furnitures & fixtures Cloth (Fabrics) Salt Ferrous waste & scrap Bars & rods Cotton yarn

52.7 74.57 23.59 7.48 17.36 109.86 278.1 149.08

51.33 87.73 20.39 11.22 17.9 127.55 289.6 141.92

-1.37 13.16 -3.2 3.74 0.54 17.69 11.5 -7.16

-3% 18% -14% 50% 3% 16% 4% -5%

Rajasthan State Ganganagar Sugar Mills Ltd.

Sugar

241.32

244.2

2.88

Zenith Fibres Ltd. Golden Laminates Ltd. Pearl Polymers Ltd. Banaras Beads Ltd. Transpek Industry Ltd. Ador Multiproducts Ltd. Dagger-Forst Tools Ltd. Luxmi Tea Co. Ltd. Auchtel Products Ltd. Gujarat Forgings Ltd. Malu Paper Mills Ltd. Mothi Spinner Ltd. Lotus Chocolate Co. Ltd. Puja Agro Food Ltd. Spin Packaging Ltd. Anil Modi Oil Inds. Ltd. R K Wire Products Ltd.

Polypropylene fibre Sheets, films, etc. of plastic, not reinforced Carboys, bottles & flasks Glass beads, bangles, imitation pearls, etc. Salts of inorganic acids & metals Cosmetics & toilet preparations Broaching machines Tea Miscellaneous inorganic chemicals Internal combustion engines Newsprint Synthetic filament yarn other than sewing threads Chocolate confectionery Bakery products Sacks & bags of polyethylene Rice bran oil Wires & ropes of iron & steel

34.55 40.36 127.94 27.15 83.07 10.17 36.79 53.35 58.01 42.03 56.04 66.43 22.33 25.42 36.93 87.04 22.33

33.9 46.08 135.4 18.22 108.89 10.86 41.2 48.44 57.7 46.33 57.35 82.59 23.73 23.87 38.09 105.63 16.44

-0.65 5.72 7.46 -8.93 25.82 0.69 4.41 -4.91 -0.31 4.3 1.31 16.16 1.4 -1.55 1.16 18.59 -5.89

-2% 14% 6% -33% 31% 7% 12% -9% -1% 10% 2% 24% 6% -6% 3% 21% -26%

Tainwala Chemicals & Plastics (India) Ltd.

Sheets, films, etc. of plastic, not reinforced

14.35

13.36

-0.99

-7%

Sandu Pharmaceuticals Ltd. Arasan Syntex Ltd.

Ayurvedic & unani medicaments Cotton yarn

11.89 26.06

13.44 24.06

1.55 -2

13% -8%

october 31, 2009 | industry 2.0

- technology management for decision-makers

www.industry20.com

PBIT (Rs. Crore) 2006-07 2007-08 0.26 0.23 4.58 5.13 5.09 4.49 4.05 3.83 1.17 1.24 0.88 1.08 1.14 1.16 0.77 1.07 0.49 0.51 13.25 11.94 1.79 1.92 0.91 0.97 1.22 1.39 1.79 1.94 1.99 3.05 9.78 11.67 0.23 0.34 2.45 2.98 1.62 1.23 0.82 0.93 20.19 19.29 0.95 0.84 16.76 18.83 1.03 1.08 3.66 4.3 3.12 2.55

PAT (Rs. Crore) 2006-07 2007-08 0.22 0.15 1.55 1.2 2.12 1.26 1.48 1.02 0.27 0.22 0.52 0.53 0.47 0.31 0.47 0.35 0.06 0.13 5.37 2.9 0.67 0.29 0.42 0.42 0.32 0.35 1.09 1.04 0.61 0.87 3.81 3.07 0.06 0.1 1.35 1.38 1.18 0.87 0.26 0.32 5.38 1.64 0.85 0.75 8.22 5 0.53 0.55 0.81 0.57 1.68 1.5

Change in PAT Rs. Crore Percentage -0.07 -32% -0.35 -23% -0.86 -41% -0.46 -31% -0.05 -19% 0.01 2% -0.16 -34% -0.12 -26% 0.07 117% -2.47 -46% -0.38 -57% 0 0% 0.03 9% -0.05 -5% 0.26 43% -0.74 -19% 0.04 67% 0.03 2% -0.31 -26% 0.06 23% -3.74 -70% -0.1 -12% -3.22 -39% 0.02 4% -0.24 -30% -0.18 -11%

ROCE 2006-07 2007-08 6.58 3.93 1.81 1.28 6.71 2.76 1.32 0.93 8.82 4.65 11.89 10.94 1.38 0.9 8.54 7.85 2.48 5.14 6.33 2.82 11.03 3.74 7.31 7.2 5.75 6.27 16.74 11.53 3.73 4.07 8.94 4.79 4.44 6.69 25.5 11.77 9.11 6.32 5.53 4.21 5.59 1.2 16.82 12.68 8.83 4.79 6.18 6.56 1.95 1.36 5.65 4.95

Change in ROCE Rs. Crore Percentage -2.65 -40% -0.53 -29% -3.95 -59% -0.39 -30% -4.17 -47% -0.95 -8% -0.48 -35% -0.69 -8% 2.66 107% -3.51 -55% -7.29 -66% -0.11 -2% 0.52 9% -5.21 -31% 0.34 9% -4.15 -46% 2.25 51% -13.73 -54% -2.79 -31% -1.32 -24% -4.39 -79% -4.14 -25% -4.04 -46% 0.38 6% -0.59 -30% -0.7 -12%

PAT/Net Sales 2006-07 2007-08 3% 1% 5% 1% 10% 2% 5% 1% 4% 1% 6% 3% 3% 1% 4% 2% 4% 1% 13% 3% 3% 0% 5% 2% 5% 1% 10% 6% 5% 2% 12% 4% 1% 1% 16% 9% 11% 5% 7% 2% 14% 1% 9% 7% 6% 2% 8% 5% 4% 1% 9% 5%

0.72

0.6

0.47

0.35

-0.12

-26%

9.84

5.33

-4.51

-46%

9.7 10.94 4.93 0.57 1.2 3.84 18.15 22.81

6.02 6.38 3.56 0.71 1.02 2.87 13.88 22.44

6.45 6.96 3.01 0.23 0.73 1.07 8.04 13.44

3.77 1.81 2.16 0.21 0.66 0.32 2.39 7.57

-2.68 -5.15 -0.85 -0.02 -0.07 -0.75 -5.65 -5.87

-42% -74% -28% -9% -10% -70% -70% -44%

8.82 12.64 45.23 4.41 9.76 0.83 12.07 12.02

4.81 3 21.51 3.07 8.17 0.25 3.12 4.04

-4.01 -9.64 -23.72 -1.34 -1.59 -0.58 -8.95 -7.98

-45% -76% -52% -30% -16% -70% -74% -66%

18% 15% 21% 8% 7% 3% 7% 15%

7% 2% 11% 2% 4% 0% 1% 5%

2.59

1.79

1.21

0.82

-0.39

-32%

11.74

6.79

-4.95

-42%

4.17 2.2 8.01 2.22 9.4 0.45 4.74 4.39 4.21 2.88 6.16 7.03 1.43 0.48 0.31 1.94 0.25

2.81 5.05 8.54 1.7 4.81 0.42 3.89 4.85 3.75 3.56 5.15 5.43 0.94 0.71 0.4 2.08 0.37

2.66 0.83 1.61 2.17 3.6 0.26 0.91 1.86 1.53 0.61 3.57 4.65 1.09 0.16 0.01 0.81 0.14

1.78 0.63 0.94 1.68 0.54 0.26 0.76 1.68 1.22 0.54 2.65 1.12 0.75 0.19 0.03 0.27 0.2

-0.88 -0.2 -0.67 -0.49 -3.06 0 -0.15 -0.18 -0.31 -0.07 -0.92 -3.53 -0.34 0.03 0.02 -0.54 0.06

-33% -24% -42% -23% -85% 0% -16% -10% -20% -11% -26% -76% -31% 19% 200% -67% 43%

21.65 5.12 2.15 6.98 5.72 6.71 1.92 4.32 6.91 3.28 5.9 8.24 15.06 4.66 0.16 5.29 6.51

13 3.51 1.19 5.88 0.78 6.72 1.34 3.72 5.38 2.67 2.92 1.65 10.85 6.27 0.51 1.6 8.55

-8.65 -1.61 -0.96 -1.1 -4.94 0.01 -0.58 -0.6 -1.53 -0.61 -2.98 -6.59 -4.21 1.61 0.35 -3.69 2.04

-40% -31% -45% -16% -86% 0% -30% -14% -22% -19% -51% -80% -28% 35% 219% -70% 31%

12% 5% 6% 8% 11% 4% 13% 8% 7% 7% 11% 11% 6% 2% 1% 2% 1%

5% 1% 1% 9% 0% 2% 2% 3% 2% 1% 5% 1% 3% 1% 0% 0% 1%

2.07

1.61

2.02

1.56

-0.46

-23%

8.68

5.73

-2.95

-34%

14%

12%

1.48 3.44

1.14 3.74

1.12 1.5

0.75 1.23

-0.37 -0.27

-33% -18%

8.8 5.43

5.5 4.56

-3.3 -0.87

-38% -16%

12% 13%

6% 5%

industry 2.0

- technology management for decision-makers | october 31, 2009

RANK 2009 2008 1122 1123 1124 1125 1126 1127 1128 1129 -

Company

TOP 500

Industrial Activity

Rungta Irrigation Ltd. Virgo Polymers (India) Ltd. Ceenik Exports (India) Ltd. Pokarna Ltd. Indian Toners & Developers Ltd. Maharaja Shree Umaid Mills Ltd. Century Aluminium Mfg. Co. Ltd. Jai Bharat Gum & Chemicals Ltd.

Tubes, pipes & hoses of poly vinyl chloride Sacks & bags of polyethylene Apparels (Readymade garment) Granite Duplicating ink Cotton & blended yarn Other aluminium products Guar gum

Mohamed Aboobacker Chank Lungi Ltd.

Other textile articles

Arex Industries Ltd. Grobest Feeds Corpn. India Ltd. Jainex Metaliks Ltd. Bhagwandas Metals Ltd. Zamzam Exports Ltd. Shukra Jewellery Ltd. Gangotri Iron & Steel Co. Ltd. Rajratan Global Wire Ltd. Cardwell Spinning Mills Ltd. Bhagat Aromatics Ltd. Euro Leder Fashion Ltd. Bundy India Ltd. Sri Sarvaraya Sugars Ltd. Jost’S Engineering Co. Ltd. Fortune Foods Ltd. Sybly Industries Ltd. Isinox Steels Ltd. Polson Ltd. Asian Peroxide Ltd. Grover Vineyards Ltd. Phyto Chem (India) Ltd. Balaji Filaments Ltd.

Textile labels, badges, etc. Other animal feed Semi-finished Steel Finished Steel (Non-Alloy Steel) Psyllium husk Diamonds Bars & rods Wires & ropes of iron & steel Blended yarn Menthol Leather apparel & clothing accessories Bundy tubes Sugar Material handling equipment Vegetable / fruit products High tenacity yarn of polyesters Stainless steel wires Tanning extracts of vegetable origin Hydrogen peroxide Wines Pesticides Synthetic filament yarn other than sewing threads

1130

1131 1132 1133 1134 1135 1136 1137 1138 1139 1140 1141 1142 1143 1144 1145 1146 1147 1148 1149 1150 1151 1152

199 -

1153

Tamilnadu Forest Plantation Corpn. Ltd.

Sandal wood oil

1154 1155 1156 1157

Vaid Elastomer Processors Ltd. Pregna International Ltd. Goyal Ispat Ltd. Prathishta Weaving & Knitting Co. Ltd.

Automobile ancillaries Rubber contraceptives, females Heavy structurals (Bridges & bridge sect, towers, l Cotton & blended yarn

1158

485

Amaravathi Sri Venkatesa Paper Mills Ltd.

Writing, printing paper

1159 1160 1161 1162 1163 1164 1165 1166 1167 1168 1169 1170 1171 1172 1173 1174 1175 1176 1177

448 -

Sarda Proteins Ltd. Kalptaru Papers Ltd. Lactose (India) Ltd. Star Circlips & Engineering Ltd. Link Pharma Chem Ltd. Anest Iwata Motherson Ltd. Integra Hindustan Control Ltd. Parry Agro Inds. Ltd. Spaceage Switchgears Ltd. Seasons Textiles Ltd. Hawa Engineers Ltd. Aarvee Denims & Exports Ltd. Suncity Synthetics Ltd. Bhagwati Autocast Ltd. Sidmak Laboratories (India) Pvt. Ltd. Liberty Phosphate Ltd. Gujarat Craft Inds. Ltd. Raunaq Automotive Components Ltd. Unique Structures & Towers Ltd.

Mustard oil Newsprint Lactose & lactose syrup Other miscellaneous items Inorganic chemicals Industrial valves Switching apparatus Tea Switching apparatus Cloth (Fabrics) Valves Denim Textured yarn of synthetic filament yarn Automobile ancillaries Drug formulations Single superphosphate Sacks & bags of polyethylene Drive transmission & steering parts Structures

Net Sales 2006-07 2007-08 26.41 35.07 43.24 51.87 11.29 11.44 153.24 149.45 42.73 39.25 219.63 257.45 316.88 262.95 105.69 111.24

Change in Sales Rs. Crore Percentage 8.66 33% 8.63 20% 0.15 1% -3.79 -2% -3.48 -8% 37.82 17% -53.93 -17% 5.55 5%

15.66

16.86

1.2

14.15 32.86 30.56 47.65 31.76 28.67 32.44 96.41 13.13 46.78 24.48 68.59 195.08 36.59 23.07 64.24 7.51 49.22 67.09 13.46 9.69 40

16.16 28.84 44.48 46.55 31.49 50.4 37.88 107.09 11.62 47.16 26.02 74.3 188.81 41.72 14.5 72.93 24.07 50.55 61.16 21.24 12.45 46.54

2.01 -4.02 13.92 -1.1 -0.27 21.73 5.44 10.68 -1.51 0.38 1.54 5.71 -6.27 5.13 -8.57 8.69 16.56 1.33 -5.93 7.78 2.76 6.54

14% -12% 46% -2% -1% 76% 17% 11% -12% 1% 6% 8% -3% 14% -37% 14% 221% 3% -9% 58% 28% 16%

36.91

27.93

-8.98

-24%

39.99 12.55 164.92 16.16

37.13 12.43 105.02 17.73

-2.86 -0.12 -59.9 1.57

-7% -1% -36% 10%

83.89

86.25

2.36

18.13 35.66 25.02 26.62 13.76 14.1 14.68 111.66 34.17 30.56 20.21 250.95 13.51 49.33 33.4 148.82 23.15 54.24 68.18

23.88 37.81 26.86 27.63 11.09 15.43 12.48 96.81 34.42 34.14 21.81 251.92 13.68 49.04 34.87 101.19 23.67 52.05 62.1

5.75 2.15 1.84 1.01 -2.67 1.33 -2.2 -14.85 0.25 3.58 1.6 0.97 0.17 -0.29 1.47 -47.63 0.52 -2.19 -6.08

32% 6% 7% 4% -19% 9% -15% -13% 1% 12% 8% 0% 1% -1% 4% -32% 2% -4% -9%

october 31, 2009 | industry 2.0

- technology management for decision-makers

www.industry20.com

PBIT (Rs. Crore) 2006-07 2007-08 1.21 1.23 1.3 0.64 1.22 2.17 17.53 17.01 7.52 4.19 16.87 9.8 11.38 8.58 3.89 2.95

PAT (Rs. Crore) 2006-07 2007-08 0.73 0.36 0.53 0.32 0.48 0.55 9.02 5.1 4.4 2.7 8.02 0.27 5.69 3.19 2.29 1.15

Change in PAT Rs. Crore Percentage -0.37 -51% -0.21 -40% 0.07 15% -3.92 -43% -1.7 -39% -7.75 -97% -2.5 -44% -1.14 -50%

ROCE 2006-07 2007-08 1.59 0.78 3.47 2.09 2.3 2.18 5.3 2.05 16.14 8.78 6.33 0.18 15.98 8.65 10.58 5.22

Change in ROCE Rs. Crore Percentage -0.81 -51% -1.38 -40% -0.12 -5% -3.25 -61% -7.36 -46% -6.15 -97% -7.33 -46% -5.36 -51%

PAT/Net Sales 2006-07 2007-08 5% 1% 3% 1% 11% 5% 11% 3% 18% 7% 8% 0% 4% 1% 4% 1%

0.4

0.57

0.15

0.2

0.05

33%

3.95

4.25

0.3

2.58 2.4 0.43 0.47 3.33 3.24 2.03 7.44 0.51 1.78 0.62 5.16 32.04 4.22 5.13 2.03 0.21 3.22 9.44 1.73 0.68 1.25

2.48 2.4 0.68 0.52 6.17 0.75 2.15 6.09 0.75 2.06 0.65 4.01 19.98 2.04 2.24 2.46 0.35 3.25 6.57 2.24 0.87 1.76

1.12 1.44 0.43 0.2 0.73 3.22 0.98 3 0.18 0.41 0.23 2.64 12.87 2.92 5.01 0.44 0.2 1.58 6.28 0.53 0.05 0.48

0.76 1.36 0.25 0.24 0.89 0.42 0.92 1.13 0.27 0.47 0.23 1.31 4.9 0.82 1.99 0.26 0.07 1.15 3.26 0.28 0.05 0.41

-0.36 -0.08 -0.18 0.04 0.16 -2.8 -0.06 -1.87 0.09 0.06 0 -1.33 -7.97 -2.1 -3.02 -0.18 -0.13 -0.43 -3.02 -0.25 0 -0.07

-32% -6% -42% 20% 22% -87% -6% -62% 50% 15% 0% -50% -62% -72% -60% -41% -65% -27% -48% -47% 0% -15%

5.2 5.85 9.18 3.54 5.14 8.68 10.44 5.38 8.39 5.35 4.82 8.3 12.34 68.3 223.66 2.53 4.82 10.19 6.55 5.53 0.68 4.95

3.28 4.59 2.81 4.09 3.76 1.2 3.55 1.6 8.41 4.67 4.73 3.58 4.47 15.24 43.36 1.35 1.18 6.14 3.65 2.07 0.68 2.67

-1.92 -1.26 -6.37 0.55 -1.38 -7.48 -6.89 -3.78 0.02 -0.68 -0.09 -4.72 -7.87 -53.06 -180.3 -1.18 -3.64 -4.05 -2.9 -3.46 0 -2.28

-37% -22% -69% 16% -27% -86% -66% -70% 0% -13% -2% -57% -64% -78% -81% -47% -76% -40% -44% -63% 0% -46%

18% 7% 1% 1% 10% 11% 6% 8% 4% 4% 3% 8% 16% 12% 22% 3% 3% 7% 14% 13% 7% 3%

5% 5% 1% 1% 3% 1% 2% 1% 2% 1% 1% 2% 3% 2% 14% 0% 0% 2% 5% 1% 0% 1%

8.9

4.96

7.86

3.91

-3.95

-50%

20.17

8.44

-11.73

-58%

24%

14%

3.96 0.68 2.02 1.38

3.16 0.84 2.12 1.03

3.1 0.34 0.44 0.72

1.89 0.35 0.45 0.52

-1.21 0.01 0.01 -0.2

-39% 3% 2% -28%

18.84 4.23 2.53 6.94

10.23 4.32 2.77 5

-8.61 0.09 0.24 -1.94

-46% 2% 9% -28%

10% 5% 1% 9%

5% 3% 0% 3%

5.63

3.16

2.84

1.6

-1.24

-44%

19.33

7.46

-11.87

-61%

0.17 4.89 0.96 2.2 1.44 0.89 1.21 39.75 1.73 2.87 0.67 41.6 0.98 3.21 4.51 7.5 0.9 4.87 3.06

0.18 4.18 1.3 2.68 1.29 0.86 1.14 20.42 1.9 2.88 0.52 18.23 0.84 2.44 3.9 7.65 1.22 3.51 4.19

0.07 2.44 0.14 0.74 0.68 0.81 0.68 33.02 0.43 0.86 0.36 29.02 0.55 2.32 2.58 1.39 0.27 2.98 1.4

0.05 1.6 0.16 0.62 0.63 0.75 0.6 8.24 0.43 0.6 0.32 5.04 0.48 1.34 1.56 1.23 0.29 1.68 1.19

-0.02 -0.84 0.02 -0.12 -0.05 -0.06 -0.08 -24.78 0 -0.26 -0.04 -23.98 -0.07 -0.98 -1.02 -0.16 0.02 -1.3 -0.21

-29% -34% 14% -16% -7% -7% -12% -75% 0% -30% -11% -83% -13% -42% -40% -12% 7% -44% -15%

2.42 12.22 1.11 6.33 7.53 5.8 13.04 19.52 3.74 3.94 8.57 15.16 6.44 27.39 11.4 6.03 4.39 21.24 13.91

1.58 4.96 1.28 4.84 6.39 3.22 10.32 3.29 3.54 2.46 6.68 1.93 5.33 12.8 4.88 4.46 4.19 10.49 8.69

-0.84 -7.26 0.17 -1.49 -1.14 -2.58 -2.72 -16.23 -0.2 -1.48 -1.89 -13.23 -1.11 -14.59 -6.52 -1.57 -0.2 -10.75 -5.22

-35% -59% 15% -24% -15% -44% -21% -83% -5% -38% -22% -87% -17% -53% -57% -26% -5% -51% -38%

1% 14% 4% 8% 10% 6% 8% 36% 5% 9% 3% 17% 7% 7% 14% 5% 4% 9% 4%

0% 4% 1% 2% 6% 5% 5% 9% 1% 2% 1% 2% 4% 3% 4% 1% 1% 3% 2%

industry 2.0

- technology management for decision-makers | october 31, 2009

Company

TOP 500

RANK 2009 2008 1178 1179 1180 1181 1182 480

Industrial Activity

T Stanes & Co. Ltd. Liners India Ltd. Khandelwal Extractions Ltd. Purvi Bharat Steels Ltd. Bengal Tea & Fabrics Ltd.

Diversified Cylinder liners Rice bran oil Bars & rods Cotton yarn

1183

Tasty Bite Eatables Ltd.

Semi processed snacks & foods,nec (Ready-to-eat ins

1184 1185 1186 1187 1188 1189 1190 1191 1192 1193 1194 1195 1196

136

M I L Industries Ltd. Orient Steel & Inds. Ltd. Sijmak Oils Ltd. Southern Refineries Ltd. Baroda Extrusion Ltd. Krishna Industrial Corpn. Ltd. Pragati Chemicals Ltd. Salona Cotspin Ltd. V K S M Cotton Mills Ltd. Cupid Ltd. Indo German Carbons Ltd. Hema Engineering Inds. Ltd. Rajkumar Forge Ltd.

Unvulcanised rubber products Hot rolled coils, strips, sheets Other essential oils Lube oils & lubricants Copper products, nec Superphosphates Amino/phenolic resins & polyurethanes Cotton yarn Cotton yarn Rubber contraceptives, males Activated carbon Automobile ancillaries Forgings

1197

138

Mardia Samyoung Capillary Tubes Co. Ltd.

Brass

1198 1199 1200 1201 1202 1203 1204 1205 1206 1207 1208 1209 1210 1211 1212 1213 1214 1215 1216 1217 1218 1219 1220 1221 1222 1223 1224 1225

327 430 221 135 350 -

Alfred Herbert Ltd. Bemco Hydraulics Ltd. Morganite Crucible (India) Ltd. Abhishek Corporation Ltd. Rajagiri Rubber & Produce Co. Ltd. Harrisons Malayalam Ltd. M G Lifestyle Clothing Co. Pvt. Ltd. Sky Industries Ltd. Nalwa Sons Invsts. Ltd. Uni Klinger Ltd. Vinay Cements Ltd. Oodlabari Co. Ltd. Bengal Waterproof Ltd. Balaji Agro Oils Ltd. Arjay Apparel Industries Ltd. Upper India Steel Mfg. & Engg. Co. Ltd. Sunil Healthcare Ltd. Avanti Feeds Ltd. Denis Chem Lab Ltd. K E W Industries Ltd. Kandagiri Spinning Mills Ltd. Anand Tissues Ltd. Aarey Drugs & Pharmaceuticals Ltd. Shree Bharani Spinnings (India) Ltd. Electronica Machine Tools Ltd. Lotus Herbals Ltd. Amzel Ltd. U F M Industries Ltd.

1226

144

1227 1228 1229 1230 1231 1232 1233

Net Sales 2006-07 2007-08 135.86 130.78 37.95 43.52 17.63 16.56 35.24 36.79 116.19 126.85

Change in Sales Rs. Crore Percentage -5.08 -4% 5.57 15% -1.07 -6% 1.55 4% 10.66 9%

30.74

36.87

6.13

20%

15.89 132.69 19.01 10.69 18.51 31.99 15.79 41.24 20.13 18.81 25.27 265.75 39.08

15.4 148.75 19.83 11.17 20.29 38.58 15.43 46.22 22.27 24.44 23.07 263.69 42.67

-0.49 16.06 0.82 0.48 1.78 6.59 -0.36 4.98 2.14 5.63 -2.2 -2.06 3.59

-3% 12% 4% 4% 10% 21% -2% 12% 11% 30% -9% -1% 9%

32.16

10.68

-21.48

-67%

Rubber manufacturing machinery Hydraulic presses Ceramic ware for laboratory uses Cotton yarn Rubbers Tea Apparels - knitted / crocheted Rubberised textile fabrics (elastic tapes) Flat products Gaskets Portland slag cement Tea Hygeine & pharmaceutical rubber products Rice bran oil Apparels (Readymade garment) Bars & rods Empty capsules Other animal feed Other pharmaceutical products, nec Automobile ancillaries Cotton yarn Paper products Drug formulations High tenacity yarn of viscose rayon Machines for working on wire Ayurvedic & unani medicaments Batteries incl. Ni-Cd batteries Wheat flour

18.29 19.13 18.88 81.44 22.58 205.51 68.24 62.93 18.5 35.62 48.46 19.68 50.08 47.66 11.88 188.36 27.81 121.8 15.42 50.33 94.31 16.98 23.03 18.68 132.52 26.28 22.24 17.12

17.03 20.9 19.45 69.63 23.22 204.49 75.99 63.04 13.31 31.38 40.07 21.87 53.73 49.19 13.51 180.5 26.09 106.15 18.5 62.78 88.71 16.9 25.03 22.13 117.65 35.99 21.5 23.82

-1.26 1.77 0.57 -11.81 0.64 -1.02 7.75 0.11 -5.19 -4.24 -8.39 2.19 3.65 1.53 1.63 -7.86 -1.72 -15.65 3.08 12.45 -5.6 -0.08 2 3.45 -14.87 9.71 -0.74 6.7

-7% 9% 3% -15% 3% -0% 11% 0% -28% -12% -17% 11% 7% 3% 14% -4% -6% -13% 20% 25% -6% -0% 9% 18% -11% 37% -3% 39%

Sona Somic Lemforder Components Ltd.

Drive transmission & steering parts

103.27

97.14

-6.13

-6%

S B & T Designs Ltd. C J Gelatine Products Ltd. Fancy Fittings Ltd. Asian Fertilizers Ltd. Ganga Acrowools Ltd. Madhav Marbles & Granites Ltd. Ellora Paper Mills Ltd.

Jewellery Gelatin Plastic Products Single superphosphate Acrylic filament yarn (AFY) Granite Writing, printing paper

62.99 12.77 36.11 18.12 42.89 89.92 36.06

51.56 15.18 34.83 17.13 59.68 83.81 37.4

-11.43 2.41 -1.28 -0.99 16.79 -6.11 1.34

-18% 19% -4% -5% 39% -7% 4%

october 31, 2009 | industry 2.0

- technology management for decision-makers

www.industry20.com

PBIT (Rs. Crore) 2006-07 2007-08 6.32 6.34 2.21 3.33 0.49 0.56 0.82 0.83 11.32 5.94

PAT (Rs. Crore) 2006-07 2007-08 1.63 1.09 0.72 0.48 0.22 0.24 0.15 0.14 4.37 1.06

Change in PAT Rs. Crore Percentage -0.54 -33% -0.24 -33% 0.02 9% -0.01 -7% -3.31 -76%

ROCE 2006-07 2007-08 4.15 2.87 5.74 2.85 8.26 7.8 2.9 2.84 6.49 1.31

Change in ROCE Rs. Crore Percentage -1.28 -31% -2.89 -50% -0.46 -6% -0.06 -2% -5.18 -80%

PAT/Net Sales 2006-07 2007-08 5% 1% 6% 1% 3% 1% 2% 0% 10% 1%

1.61

1.97

1.01

0.49

-0.52

-51%

6.36

2.68

-3.68

-58%

1.33 3.59 4.11 1.78 1.62 1.5 2.44 5.42 3.25 3.92 4.53 8.26 6.52

1.31 4.19 2.17 0.85 0.97 1.84 1.35 3.31 2.32 3.02 2.62 8.55 3.29

0.75 3.6 2.72 1.63 0.69 0.36 1.55 2.64 1.72 2.68 3.63 4.14 4.74

0.64 0.63 1.28 0.75 0.44 0.19 0.85 1.02 0.87 0.74 1.58 2.04 1.23

-0.11 -2.97 -1.44 -0.88 -0.25 -0.17 -0.7 -1.62 -0.85 -1.94 -2.05 -2.1 -3.51

-15% -83% -53% -54% -36% -47% -45% -61% -49% -72% -56% -51% -74%

11.9 16.46 14.69 33.61 27.38 3.4 34.03 7.87 10.85 17.65 26.37 6.85 39.13

7.98 2.56 6.24 13.54 13.56 1.58 15.53 2.77 4.89 3.55 11.3 2.19 7.71

-3.92 -13.9 -8.45 -20.07 -13.82 -1.82 -18.5 -5.1 -5.96 -14.1 -15.07 -4.66 -31.42

-33% -84% -58% -60% -50% -54% -54% -65% -55% -80% -57% -68% -80%

8% 3% 22% 17% 9% 5% 15% 13% 16% 21% 18% 3% 17%

4% 0% 6% 7% 2% 0% 6% 2% 4% 3% 7% 1% 3%

3.71

0.27

3.27

1.46

-1.81

-55%

57.42

18.11

-39.31

-68%

12%

14%

1.11 1.51 2.28 22.09 2.04 23.75 5.41 4.31 17.56 6.51 5.35 1.36 4.34 2.36 0.3 4.76 4.35 4.43 1.34 6.16 12.58 2.07 1.01 1.72 13.8 0.75 0.88 0.56

0.87 1.48 2.05 9.6 1.32 16.79 2.36 3.75 8.04 3.73 4.23 0.92 5.67 1.92 0.31 4.56 4.22 5.89 1.93 6.22 11.47 2.28 0.74 1.23 9.22 0.73 0.9 0.35

0.66 0.48 1.13 13.66 1.54 10.9 1.85 0.85 12.52 3.78 4.7 1.01 0.25 0.62 0.01 2.18 1.62 1.69 0.48 3.77 4.7 0.29 0.84 0.57 7.1 0.44 0.7 0.4

0.52 0.39 0.81 5.33 0.83 2.63 0.66 0.65 4.4 1.75 2.77 0.52 0.19 0.41 0.01 1.15 1.09 1.08 0.29 0.48 2.27 0.3 0.48 0.3 3.25 0.1 0.44 0.12

-0.14 -0.09 -0.32 -8.33 -0.71 -8.27 -1.19 -0.2 -8.12 -2.03 -1.93 -0.49 -0.06 -0.21 0 -1.03 -0.53 -0.61 -0.19 -3.29 -2.43 0.01 -0.36 -0.27 -3.85 -0.34 -0.26 -0.28

-21% -19% -28% -61% -46% -76% -64% -24% -65% -54% -41% -49% -24% -34% 0% -47% -33% -36% -40% -87% -52% 3% -43% -47% -54% -77% -37% -70%

17.17 16.44 7.68 12.53 18.48 4.67 6.03 3.64 4.83 17.17 12.41 16.78 1.42 2.1 0.39 5.33 7.92 1.6 10.38 9.26 6 1.72 10.89 5.94 11.64 15.25 11.71 4.81

11.83 9.01 4.33 2.53 9.3 1.13 1.66 2.41 1.71 8.15 4.68 7.68 0.83 1.48 0.4 2.74 4.54 1.07 4.7 0.92 2.37 1.58 5.87 2.92 3.71 3.1 8.36 1.3

-5.34 -7.43 -3.35 -10 -9.18 -3.54 -4.37 -1.23 -3.12 -9.02 -7.73 -9.1 -0.59 -0.62 0.01 -2.59 -3.38 -0.53 -5.68 -8.34 -3.63 -0.14 -5.02 -3.02 -7.93 -12.15 -3.35 -3.51

-31% -45% -44% -80% -50% -76% -72% -34% -65% -53% -62% -54% -42% -30% 3% -49% -43% -33% -55% -90% -61% -8% -46% -51% -68% -80% -29% -73%

6% 8% 12% 27% 9% 12% 8% 7% 95% 18% 11% 7% 9% 5% 3% 3% 16% 4% 9% 12% 13% 12% 4% 9% 10% 3% 4% 3%

3% 2% 4% 8% 4% 1% 1% 1% 33% 6% 7% 2% 0% 1% 0% 1% 4% 1% 2% 1% 3% 2% 2% 1% 3% 0% 2% 1%

4.95

4.61

3.1

1.89

-1.21

-39%

9.34

3.89

-5.45

-58%

5.48 0.52 7.19 0.33 5.22 17.58 2.76

3.85 0.31 3.39 0.42 3.97 8.92 1.91

3.7 0.32 4.77 0.18 2.58 13.23 1.83

2.04 0.19 1.77 0.2 0.14 3.71 0.9

-1.66 -0.13 -3 0.02 -2.44 -9.52 -0.93

-45% -41% -63% 11% -95% -72% -51%

39.3 5.96 22.03 5.06 12.99 12.89 14.88

10.68 3.44 7.24 4.63 0.48 2.93 6.17

-28.62 -2.52 -14.79 -0.43 -12.51 -9.96 -8.71

-73% -42% -67% -8% -96% -77% -59%

9% 4% 20% 2% 12% 20% 8%

4% 1% 5% 1% 0% 4% 2%

industry 2.0

- technology management for decision-makers | october 31, 2009

RANK 2009 2008 1234 1235 1236 1237 431 1238 1239 1240 1241 1242 1243 1244 1245 1246 1247 1248 1249 1250 1251 1252 1253 261 1254 1255 80 1256 1257 1258 1259 1260 1261 1262 1263 1264 1265 1266 1267 1268 1269 1270 1271 1272 1273 1274 1275 1276 254 1277 1278 412 1279 1280 1281 1282 1283 1284 1285 1286 1287 1288 1289 1290 1291 1292 -

Company

TOP 500

C M Smith & Sons Ltd. Varun Jewels Pvt. Ltd. Nabha Steels Ltd. Cosmo Ferrites Ltd. Kilpest India Ltd. Usha Yarns Ltd. Ankit Ispat Pvt. Ltd. Polyspin Ltd. Caprihans India Ltd. Neogem India Ltd. K C P Sugar & Inds. Corpn. Ltd. Thanjavur Spinning Mill Ltd. Premier Explosives Ltd. Interfit India Ltd. Diagold Designs Ltd. English Tools & Castings Ltd. Gemini Dyeing & Printing Mills Ltd. Pawan Power & Telecom Ltd. Eimco-K C P Ltd. Shiva Texyarn Ltd. S R Industries Ltd. Mold-Tek Technologies Ltd. Dhanlaxmi Fabrics Ltd. Sun Paper Mill Ltd. Lippi Systems Ltd. Katare Spinning Mills Ltd. Priya Food Products Ltd. Fine Jewellery (India) Ltd. Venkateshwar Ispat Ltd. Anisa Carpets Ltd. Varsha Forgings Ltd. Diamines & Chemicals Ltd. Polycon International Ltd. Bhagyanagar Wood Plast Ltd. Suryavanshi Spinning Mills Ltd. Hindusthan Udyog Ltd. Veejay Terry Products Ltd. Oswal Knit India Ltd. Bhilwara Processors Ltd. Driplex Water Engg. Ltd. Canara Workshops Ltd. Remco Paper & Board Inds. Ltd. Sambandam Spinning Mills Ltd. Hisar Spinning Mills Ltd. Karthikeya Paper & Boards Ltd. A M L Steel Ltd. Arcee Industries Ltd. Atul Auto Ltd. Snowtex Udyog Ltd. La Opala R G Ltd. Jalaram Ceramics Ltd. Ambadi Enterprises Ltd. U I C Inds. Ltd. Sreechem Resins Ltd. Dhampure Specialty Sugars Ltd. Haryana Leather Chemicals Ltd. Amco India Ltd. Sree Jayalakshmi Autospin Ltd. Nutech Global Ltd.

Industrial Activity

Automobile ancillaries Diamonds Semi-finished Steel Soft ferrites Pesticides Cotton yarn Semi-finished Steel Sacks & bags of polyethylene Sheets, films, etc. of plastic, not reinforced Jewellery of gold Sugar Cotton yarn Industrial explosives S.G. iron castings Pearls & Precious Stones Machine tools Cloth processed Cables & other conductors Automobile engine parts Cotton yarn Terry towelling & similar woven terry fabrics Plastic packaging goods Cloth processed Paper Printing machinery Cotton yarn Biscuits Jewellery of gold Hot rolled coils, strips, sheets Carpets, etc. Forgings Amine function compounds Builders wares of plastics Tubes, pipes & hoses of poly vinyl chloride Cotton & blended yarn Steel castings Cotton yarn Apparels (Readymade garment) Cloth processed Water treatment plants Leaf springs (Automotive) Kraft paper & paperboard Cotton yarn Cotton yarn Paper Semi-finished Steel Tubes, pipes & hoses of poly vinyl chloride Three wheelers Refractory bricks Kitchen glass wares Glazed ceramic tiles, paving & flags Cloth (Fabrics) Wires & ropes of iron & steel Polyester or contract resins Maple sugar & maple syrup Leather auxilliaries Diversified Cotton yarn Woven fabrics of man-made filaments

Net Sales 2006-07 2007-08 59.82 67.04 141.95 141.91 40.63 50.48 31.45 31.64 13.05 13.25 16.59 17.4 37.03 47.18 30.32 28.71 126.92 124.26 110.3 54.91 304.59 226.31 35.45 41.54 67.94 58.57 29.5 24.11 92.65 73.65 23.26 24.9 25.89 24.05 29.25 23.54 14.52 16.28 99.25 96.15 40.22 36.08 82.46 18.77 52.36 46.72 71.74 80.47 10.61 11.13 21.12 22.09 53.13 57.37 75.94 77.93 18.87 23.79 17.38 17.59 18.04 16.78 22.87 19.45 27.08 29.4 8.31 10.16 212.3 172.33 30.18 23.4 19.19 18.32 62.99 65.87 24.39 25.32 107.31 82.88 18.97 23.25 29 32.5 135.68 133.24 16.63 15.18 19.46 18.93 167.55 61.47 10.32 12.61 123.91 82.09 18.7 16.84 49.72 51.08 66.3 69.33 55.03 56.76 20.23 18.76 23.89 24.51 16.9 17.06 23.84 21.31 92.42 90.46 9.26 11.92 24.21 25.31

Change in Sales Rs. Crore Percentage 7.22 12% -0.04 -0% 9.85 24% 0.19 1% 0.2 2% 0.81 5% 10.15 27% -1.61 -5% -2.66 -2% -55.39 -50% -78.28 -26% 6.09 17% -9.37 -14% -5.39 -18% -19 -21% 1.64 7% -1.84 -7% -5.71 -20% 1.76 12% -3.1 -3% -4.14 -10% -63.69 -77% -5.64 -11% 8.73 12% 0.52 5% 0.97 5% 4.24 8% 1.99 3% 4.92 26% 0.21 1% -1.26 -7% -3.42 -15% 2.32 9% 1.85 22% -39.97 -19% -6.78 -22% -0.87 -5% 2.88 5% 0.93 4% -24.43 -23% 4.28 23% 3.5 12% -2.44 -2% -1.45 -9% -0.53 -3% -106.08 -63% 2.29 22% -41.82 -34% -1.86 -10% 1.36 3% 3.03 5% 1.73 3% -1.47 -7% 0.62 3% 0.16 1% -2.53 -11% -1.96 -2% 2.66 29% 1.1 5%

october 31, 2009 | industry 2.0

- technology management for decision-makers

www.industry20.com

PBIT (Rs. Crore) 2006-07 2007-08 4.12 3.58 6.13 6.55 0.37 0.77 4.63 3.13 0.82 0.75 0.69 0.61 4.06 1.54 1.17 1.18 6.37 2.42 2.5 2.22 37.77 12.11 5.39 3.29 7.36 6.28 3.09 1.78 8.05 3.54 1.12 1.6 2.14 1.99 1.43 1.09 1.57 1.19 20.9 12.19 2.14 1.96 10.59 3.25 7.01 4.04 7.42 2.67 1.98 1.43 2.62 1.97 1.79 1.45 5.33 4.57 0.49 0.31 0.3 0.39 2.02 1.2 8.22 4.09 0.95 1.05 0.11 0.14 14.36 5.36 1.18 0.95 2.75 1.49 2.89 2.66 0.85 0.65 11.35 4.34 1.52 1.24 1.06 0.82 20.83 14 0.51 0.38 1.95 0.42 17.35 7.14 0.12 0.16 7.02 5.04 1.99 1.39 7.2 3.42 6.88 4.19 3.24 1.07 0.4 0.45 0.59 0.66 0.73 0.72 1.95 0.94 4.27 3.74 0.41 0.16 0.9 0.82

PAT (Rs. Crore) 2006-07 2007-08 2.16 0.85 1.6 0.82 0.25 0.05 2.41 1.26 0.31 0.28 0.48 0.34 2.06 0.37 0.31 0.27 2.84 1.2 0.86 0.66 21.33 4.26 1.49 0.38 2.73 1.36 2.19 1.12 6.36 2.1 0.24 0.18 1.28 0.81 0.67 0.5 0.8 0.39 15.05 2.86 0.06 0.07 8.3 2.36 3.85 1.74 3.73 0.59 1 0.52 1.4 0.65 1.19 0.46 1.22 0.48 0.2 0.07 0.07 0.07 1.37 0.68 5.15 1.63 0.23 0.15 0.06 0.02 5.87 1.73 0.64 0.48 0.76 0.43 0.21 0.05 0.02 0.01 6.42 1.99 0.38 0.09 0.39 0.14 11.19 1.73 0.39 0.26 1.91 0.38 12.26 2.52 0.06 0.01 3.18 1.27 0.93 0.48 4.57 0.98 2.3 0.43 1.88 0.5 0.05 0.04 0.11 0.05 0.5 0.29 1.46 0.65 1.27 0.4 0.27 0.05 0.29 0.11

Change in PAT Rs. Crore Percentage -1.31 -61% -0.78 -49% -0.2 -80% -1.15 -48% -0.03 -10% -0.14 -29% -1.69 -82% -0.04 -13% -1.64 -58% -0.2 -23% -17.07 -80% -1.11 -74% -1.37 -50% -1.07 -49% -4.26 -67% -0.06 -25% -0.47 -37% -0.17 -25% -0.41 -51% -12.19 -81% 0.01 17% -5.94 -72% -2.11 -55% -3.14 -84% -0.48 -48% -0.75 -54% -0.73 -61% -0.74 -61% -0.13 -65% 0 0% -0.69 -50% -3.52 -68% -0.08 -35% -0.04 -67% -4.14 -71% -0.16 -25% -0.33 -43% -0.16 -76% -0.01 -50% -4.43 -69% -0.29 -76% -0.25 -64% -9.46 -85% -0.13 -33% -1.53 -80% -9.74 -79% -0.05 -83% -1.91 -60% -0.45 -48% -3.59 -79% -1.87 -81% -1.38 -73% -0.01 -20% -0.06 -55% -0.21 -42% -0.81 -55% -0.87 -69% -0.22 -81% -0.18 -62%

ROCE 2006-07 2007-08 21.65 2.98 2.91 1.06 6.7 1.02 9.54 3.95 4.63 3.56 8.26 5.31 23.25 3.08 4.92 4.24 3.3 1.35 8.65 6.31 12.73 2.35 3.26 0.7 7.32 4 20.95 9.69 30.76 8.9 2.13 1.47 5.93 3.63 23.63 14.41 21.56 7.75 8.92 1.76 0.24 0.28 22.96 6.88 11.37 4.64 13.52 2.06 4.88 2.35 14.43 6.04 9.03 3.18 3.05 1.25 14.44 4.4 0.58 0.58 20.09 9.38 29.79 7.26 1.42 0.75 0.64 0.22 6.99 1.94 6.35 4.21 3.6 2.12 2.47 0.57 0.15 0.1 24.59 5.41 8.57 1.85 4.99 1.37 10.9 1.21 18.44 9.98 129.93 18.67 32.49 4.63 1.16 0.19 8.67 3.11 10.33 5.18 10.45 1.75 5.3 0.82 8.54 2.31 0.9 0.76 1.17 0.65 4.28 2.05 11.98 4.97 4.98 1.54 7.1 1.32 2.73 1.12

Change in ROCE Rs. Crore Percentage -18.67 -86% -1.85 -64% -5.68 -85% -5.59 -59% -1.07 -23% -2.95 -36% -20.17 -87% -0.68 -14% -1.95 -59% -2.34 -27% -10.38 -82% -2.56 -79% -3.32 -45% -11.26 -54% -21.86 -71% -0.66 -31% -2.3 -39% -9.22 -39% -13.81 -64% -7.16 -80% 0.04 17% -16.08 -70% -6.73 -59% -11.46 -85% -2.53 -52% -8.39 -58% -5.85 -65% -1.8 -59% -10.04 -70% 0 0% -10.71 -53% -22.53 -76% -0.67 -47% -0.42 -66% -5.05 -72% -2.14 -34% -1.48 -41% -1.9 -77% -0.05 -33% -19.18 -78% -6.72 -78% -3.62 -73% -9.69 -89% -8.46 -46% -111.26 -86% -27.86 -86% -0.97 -84% -5.56 -64% -5.15 -50% -8.7 -83% -4.48 -85% -6.23 -73% -0.14 -16% -0.52 -44% -2.23 -52% -7.01 -59% -3.44 -69% -5.78 -81% -1.61 -59%

PAT/Net Sales 2006-07 2007-08 7% 1% 4% 1% 1% 0% 15% 4% 6% 2% 4% 2% 11% 1% 4% 1% 5% 1% 2% 1% 12% 2% 15% 1% 11% 2% 10% 5% 9% 3% 5% 1% 8% 3% 5% 2% 11% 2% 21% 3% 5% 0% 13% 13% 13% 4% 10% 1% 19% 5% 12% 3% 3% 1% 7% 1% 3% 0% 2% 0% 11% 4% 36% 8% 4% 1% 1% 0% 7% 1% 4% 2% 14% 2% 5% 0% 3% 0% 11% 2% 8% 0% 4% 0% 15% 1% 3% 2% 10% 2% 10% 4% 1% 0% 6% 2% 11% 3% 14% 2% 10% 1% 6% 1% 2% 0% 2% 0% 4% 2% 8% 3% 5% 0% 4% 0% 4% 0%

industry 2.0

- technology management for decision-makers | october 31, 2009

RANK 2009 2008 1293 157 1294 1295 375 1296 -1297 1298 397 1299 1300 1301 1302 1303 230 1304 1305 1306 1307 173 1308 1309 500 1310 1311 1312 1313 1314 1315 1316 1317 1318 1319 1320 1321 1322 1323 1324 1325 1326 1327 1328 1329 1330 1331 1332 1333 1334 1335 1336 1337 1338 190 1339 1340 1341 1342 1343 1344 1345 1346 1347 1348 1349 344 1350 1351 -

Company

TOP 500

Gujarat Borosil Ltd. Feroke Boards Ltd. Indian Wood Products Co. Ltd. C A V Cotton Mills Ltd. G M R Industries Ltd. Unique Sugars Ltd. Joonktollee Tea & Inds. Ltd. Durairaj Mills Ltd. Gaurav Paper Mills Ltd. Warren Tea Ltd. Veejay Lakshmi Engg. Works Ltd. Pankaj Polymers Ltd. J J Exporters Ltd. Raipur Rotocast Ltd. Bajaj Sugar Ltd. Amarjothi Spinning Mills Ltd. Camphor & Allied Products Ltd. Harig Crankshafts Ltd. Kamadgiri Industries Ltd. I P Pins & Liners Ltd. Pet Plastics Ltd. Kadri Mills (Cbe) Ltd. Deco-Mica Ltd. Madhyadesh Papers Ltd. Purity Flex Pack Ltd. Sicgil India Ltd. Abhishek Steels Ltd. Dynamic Industries Ltd. Hardoli Paper Mills Ltd. Kish Exports Ltd. Vadilal Chemicals Ltd. Worldwide Leather Exports Ltd. Samtex Fashions Ltd. Indian Oxides & Chemicals Ltd. Sundaram Textiles Ltd. Suryalata Spinning Mills Ltd. Unitech Power Transmission Ltd. Roopa Industries Ltd. Saarc Net Ltd. Nelsun Paper Mill Ltd. Innocorp Ltd. Abilities India Pistons & Rings Ltd. Lucky Goldstar Co. Ltd. Galaxy Agrico Exports Ltd. Rampur Engineering Co. Ltd. Borosil Glass Works Ltd. High Energy Batteries (India) Ltd. Empee Sugars & Chemicals Ltd. Sulakshana Circuits Ltd. Sri Ram Spinning Mills Ltd. Chandra Textiles Ltd. Madhumilan Industries Ltd. Precision Electronics Ltd. Glittek Granites Ltd. Sri Vajra Granites Ltd. Seyad Cotton Mills Ltd. N G L Fine-Chem Ltd. Silktex Ltd. Premier Irrigation Equipment Ltd.

Industrial Activity

Glass & glass wares Plywood Products of food, beverages & tobacco, nec Cotton yarn Sugar Other sweetening agents Tea Cotton yarn Writing, printing paper Tea Textile (incl. jute) machinery Sacks & bags of polyethylene Silk & silk textiles Articles of iron & steel Sugar Cotton yarn Camphor Crankshafts Polyester staple fibre (PSF) Automobile engine parts Low density polyethylene (LDPE) Cotton yarn Sheets, films, etc. of plastic, not reinforced Newsprint Paper tarred, plastic coated, etc. Carbon dioxide Flat products Dyes Kraft paper & paperboard Women’s overcoats, etc. knitted or crocheted Ammonia Leather shoes Men’s suits, trousers, etc. knitted or crocheted Antimony oxides Cotton yarn Cotton & blended yarn Heavy structurals (Bridges & bridge sect, towers, l Drugs, medicines & allied products Computer systems Newsprint Plastic Products Pistons Silk fabrics, processed Agricultural implements Structures Laboratory glasswares Storage batteries Sugar Printed circuit boards Cotton yarn Cotton yarn Synthetic filament yarn other than sewing threads Printed circuit boards Granite Granite Cotton yarn Pharmaceutical products, nec Silk fabrics, processed Agricultural machinery

Net Sales 2006-07 2007-08 96.11 84.57 17.06 18.55 33.73 30.6 46.27 52.07 193.39 160 64.06 62.92 30.2 29.77 35.12 32.3 17.33 17.81 138.2 134.45 81.86 79.27 32.12 30.47 95.94 101.67 35.91 33.87 32.99 30.31 81.5 77.11 115.14 105.87 45.97 35.6 33.76 30.43 13.05 15.11 256.07 75.38 155.17 142.52 14.31 16.46 44.93 41.1 16.93 16.52 29.08 29.71 113.63 36.73 51.18 43.33 14.06 14.38 109.41 83.02 26.12 24.04 11.78 12.55 67.24 65.52 28.09 20.64 39.86 34.41 187.99 169.73 84.17 68.01 13.51 11.89 31.34 28.06 17.03 17.02 27.8 18.2 10.15 10.84 49.92 45.8 26.25 15.02 10.09 10.77 75.36 72.57 22.48 18.47 100.38 57.58 11.11 10.75 25.76 24.76 28.95 24.33 35.53 34.52 30.1 25.17 17.09 11.4 17.92 13.5 37.55 29.8 19.41 12.72 32.32 27.54 66.08 25.41

Change in Sales Rs. Crore Percentage -11.54 -12% 1.49 9% -3.13 -9% 5.8 13% -33.39 -17% -1.14 -2% -0.43 -1% -2.82 -8% 0.48 3% -3.75 -3% -2.59 -3% -1.65 -5% 5.73 6% -2.04 -6% -2.68 -8% -4.39 -5% -9.27 -8% -10.37 -23% -3.33 -10% 2.06 16% -180.69 -71% -12.65 -8% 2.15 15% -3.83 -9% -0.41 -2% 0.63 2% -76.9 -68% -7.85 -15% 0.32 2% -26.39 -24% -2.08 -8% 0.77 7% -1.72 -3% -7.45 -27% -5.45 -14% -18.26 -10% -16.16 -19% -1.62 -12% -3.28 -10% -0.01 -0% -9.6 -35% 0.69 7% -4.12 -8% -11.23 -43% 0.68 7% -2.79 -4% -4.01 -18% -42.8 -43% -0.36 -3% -1 -4% -4.62 -16% -1.01 -3% -4.93 -16% -5.69 -33% -4.42 -25% -7.75 -21% -6.69 -34% -4.78 -15% -40.67 -62%

october 31, 2009 | industry 2.0

- technology management for decision-makers

www.industry20.com

PBIT (Rs. Crore) 2006-07 2007-08 14.39 4.87 0.75 0.81 2.91 2.04 6.08 3.5 37.94 18.89 4.6 3.25 1.79 2.85 3.52 1.71 1.76 0.84 8.95 4.68 10.42 2.78 1 0.8 10.85 3.87 1.47 1.57 5.91 3.53 9.11 5.58 2.19 1.36 4.29 3.54 0.65 0.74 2.54 1.64 1.38 0.8 6.26 3.84 0.5 0.48 5.52 3.72 0.96 0.99 2.92 1.99 6.48 4.51 2.06 1.51 0.07 0.14 5.89 3.02 1.46 1.66 0.52 0.36 3.64 2.62 1.86 1.21 5.45 3.37 14.59 8.37 8.56 5.06 0.39 0.27 0.43 0.13 0.75 0.54 1.62 0.95 1.15 0.9 2.42 0.5 1.46 0.83 0.92 0.71 16.05 3.99 2.32 1.58 12.15 4.01 0.49 0.47 2.3 1.34 3.57 2.19 1.86 0.21 5.64 0.62 1.24 0.63 0.9 0.45 5.54 2.19 2.68 0.55 5.17 2.57 5.3 1.88

PAT (Rs. Crore) 2006-07 2007-08 9.52 1.7 0.23 0.1 1.3 0.56 2.04 0.18 11.44 1.23 2.53 0.79 0.61 0.37 2.76 0.97 1.38 0.26 5.97 0.76 7.21 1.15 0.14 0.07 7.29 0.03 0.58 0.29 3.36 0.91 3.94 0.72 1.73 0.39 2.52 0.92 0.05 0.03 1.3 0.24 1.38 0.53 1.99 0.27 0.18 0.01 2.29 0.61 0.44 0.21 1.79 0.41 3.95 1.02 0.55 0.2 0.06 0.02 2.51 0.61 0.39 0.16 0.26 0.07 1.71 0.21 0.77 0.36 2.06 0.53 5.28 0.18 2.45 0.5 0.29 0.11 0.28 0.09 0.55 0.11 0.17 0.06 0.48 0.08 2.3 0.38 0.57 0.21 0.39 0.06 10.96 0.52 0.91 0.26 9.56 0.82 0.22 0.03 0.73 0.03 1.7 0.26 0.95 0.01 3.78 0.39 0.41 0.02 0.63 0.06 1.78 0.02 1.59 0.16 3.72 0.11 1.87 0.1

Change in PAT Rs. Crore Percentage -7.82 -82% -0.13 -57% -0.74 -57% -1.86 -91% -10.21 -89% -1.74 -69% -0.24 -39% -1.79 -65% -1.12 -81% -5.21 -87% -6.06 -84% -0.07 -50% -7.26 -100% -0.29 -50% -2.45 -73% -3.22 -82% -1.34 -77% -1.6 -63% -0.02 -40% -1.06 -82% -0.85 -62% -1.72 -86% -0.17 -94% -1.68 -73% -0.23 -52% -1.38 -77% -2.93 -74% -0.35 -64% -0.04 -67% -1.9 -76% -0.23 -59% -0.19 -73% -1.5 -88% -0.41 -53% -1.53 -74% -5.1 -97% -1.95 -80% -0.18 -62% -0.19 -68% -0.44 -80% -0.11 -65% -0.4 -83% -1.92 -83% -0.36 -63% -0.33 -85% -10.44 -95% -0.65 -71% -8.74 -91% -0.19 -86% -0.7 -96% -1.44 -85% -0.94 -99% -3.39 -90% -0.39 -95% -0.57 -90% -1.76 -99% -1.43 -90% -3.61 -97% -1.77 -95%

ROCE 2006-07 2007-08 13.5 2.29 5.5 2.12 22.39 7.55 9.53 0.61 4.09 0.36 18.53 3.56 2.48 0.68 18.06 4.07 56.91 10.2 6.61 0.88 11.51 1.54 1.33 0.7 7.7 0.03 7.39 3.28 9.13 2.31 4.46 0.92 3.17 0.71 5.66 1.62 2.67 1.51 18.25 2.49 16.66 5.57 2.8 0.32 3.1 0.14 5.8 1.68 14.08 5.03 7.64 1.59 13.17 3.11 4.36 1.76 1.2 0.32 5.6 1.26 2.76 1.05 4.28 1.01 3.59 0.39 14.27 5.15 5.85 1.31 5.75 0.19 9.09 1.68 3.2 1.13 4.53 1.41 5.29 1.35 0.84 0.29 7.4 1.11 26.3 3.77 8.54 3.15 24.22 3.44 23.23 0.96 7.81 1.96 33.58 1.8 3.39 0.44 4.05 0.17 9.62 1.23 11.16 0.12 19.1 1.56 2.67 0.13 4.9 0.46 4.33 0.05 16.91 1.62 9.97 0.28 10.81 0.68

Change in ROCE Rs. Crore Percentage -11.21 -83% -3.38 -61% -14.84 -66% -8.92 -94% -3.73 -91% -14.97 -81% -1.8 -73% -13.99 -77% -46.71 -82% -5.73 -87% -9.97 -87% -0.63 -47% -7.67 -100% -4.11 -56% -6.82 -75% -3.54 -79% -2.46 -78% -4.04 -71% -1.16 -43% -15.76 -86% -11.09 -67% -2.48 -89% -2.96 -95% -4.12 -71% -9.05 -64% -6.05 -79% -10.06 -76% -2.6 -60% -0.88 -73% -4.34 -78% -1.71 -62% -3.27 -76% -3.2 -89% -9.12 -64% -4.54 -78% -5.56 -97% -7.41 -82% -2.07 -65% -3.12 -69% -3.94 -74% -0.55 -65% -6.29 -85% -22.53 -86% -5.39 -63% -20.78 -86% -22.27 -96% -5.85 -75% -31.78 -95% -2.95 -87% -3.88 -96% -8.39 -87% -11.04 -99% -17.54 -92% -2.54 -95% -4.44 -91% -4.28 -99% -15.29 -90% -9.69 -97% -10.13 -94%

PAT/Net Sales 2006-07 2007-08 15% 2% 4% 1% 9% 2% 13% 0% 20% 1% 7% 1% 6% 1% 10% 3% 10% 1% 6% 1% 13% 1% 3% 0% 11% 0% 4% 1% 18% 3% 11% 1% 2% 0% 9% 3% 2% 0% 19% 2% 1% 1% 4% 0% 3% 0% 12% 1% 6% 1% 10% 1% 6% 3% 4% 0% 0% 0% 5% 1% 6% 1% 4% 1% 5% 0% 7% 2% 14% 2% 8% 0% 10% 1% 3% 1% 1% 0% 4% 1% 6% 0% 11% 1% 5% 1% 6% 1% 9% 1% 21% 1% 10% 1% 12% 1% 4% 0% 9% 0% 12% 1% 5% 0% 19% 2% 7% 0% 5% 0% 15% 0% 14% 1% 16% 0% 8% 0%

industry 2.0

- technology management for decision-makers | october 31, 2009

interview

â&#x20AC;&#x153;Pricing competition in industry will remain intenseâ&#x20AC;? Like most other industries, the electrical equipment industry too went through its shares of ups and downs, due to the global economic recession. In an exclusive interview with Industry 2.0, Sunil Sikka, President, Havells India, speaks about the performance, opportunities and future of the electrical equipment industry in India. How is the electrical equipment industry shaping up in India, considering low, medium and high voltage segments separately? The Indian electrical equipment industry is growing at a phenomenal rate, and this has been made possible due to robust investment by the government in power sector, coupled with increased entry of private firms, growth in industrial activity and infrastructure development in major metros along with the tier 1 and tier 2 cities. The future looks bright in these areas despite erratic power supply and inefficient management. Real estate developers and contractors now-a-days, demand world-class lighting and other eletrical equipment products, as they intend to offer complete and ready-to-move-in homes to their buyers. Except the housing development sector, the industrial units consume more power, and hence the need for energy efficient products throws open a potential market. What was the impact of the global economic slowdown on this industry? Undoubtedly, there has been a contraction in demandâ&#x20AC;&#x201D;but the overall performance of the Sunil Sikka, President, Havells India.

october 31, 2009 | industry 2.0

- technology management for decision-makers

www.industry20.com

electrical equipment industry has been consistent. However, the capital goods and building installations have been immensely affected to an extent, due to delay or postponement of projects. As a result, the electrical industry has also witnessed a slight downturn in the third quarter of last fiscal year, due to delay in commercial projects—and fall in commodity prices. But, overall the sector has grown over the last year. Do you think that the India made items of electrical equipment are competitive worldwide? Yes, the Indian electrical equipment industry offers worldclass products at affordable prices, which stands resilient to any competition worldwide. Our commitment to quality and continuous innovation enable us to offer competitive products to global consumers. There is cost effectiveness bundled into

constant demand for newer, smaller and faster products and applications. Electrical industry is constantly on the look out for technological upgradation in the design of electrical equipment that cater largely to the emerging demand. Companies are installing the best modern machinery and developing research and development facilities in order to yield best products with optimum utilization of resources. They are now focusing more on optimization and increased productivity of resources to create world-class product designs through an integrated design team. How is the application of IT empowering the Indian electrical equipment designers? Information technology (IT) has led to enhanced proficien-

“The overall performance of the electrical equipment industry has been consistent” diverse product offerings, which provide quality at affordable retail prices—thus ensuring savings in overall energy costs. This helps us remain competitive even during testing times, when the global economic markets are facing crisis. Moreover, China offers great competition with their cheap products, but Indian products are known for reliability and durability. What kind of innovation is being seen in this industry as far as new product designs are concerned? Innovation has played an important role in the electrical equipment industry. It has led to

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cies and creativity of the Indian electrical equipment designers. Thousands of new software have been developed to create customised designs that are eco-friendly, elegant and modified. In addition, there has been emphasis on aesthetics, compactness, and coping up with the current competitive trends during design development. There is no dearth of design schools that churn the best of designers—who are adept in creating designs with panache and setting a world-class standard. What kind of paradigm shift is being observed among the users these days? During the last few years,

there has been a growing realization for safety and quality amongst the consumers. Customers have become quality centric, which plays a pivotal role in their affinity towards a particular company wordwide. They have become more focused towards design as money has become a secondary issue with the rise in middle class income.

Automatic transfer switch.

How do you foresee the future of this industry in India? On an optimistic note, electricity generation is going to increase, thanks to use of alternative sources of energy that will lead to more consumption, sustainability, and overall growth of the electrical equipment manufacturers. Energy and infrastructure have a key role to play in building an economy that will be self-sufficient. The development in the construction and infrastructure sectors leads to higher demand and growth for electrical industry, since they form the essence of any development strategy. With increasing level of awareness, the market pie of organized segment is also expected to expand both horizontally and vertically. Product innovations will also help in boosting demand, although pricing competition in the industry will remain intense. n

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- technology management for decision-makers | october 31, 2009

INTERVIEW

“The future looks promising” With worldwide slump in industrial production growth, the global bearings industry suffered decline in demand during the period of economic recession. However, today with the situation slowly coming back to normalcy, the industry is also optimistic of good growth in the near future. Ajay Das, Managing Director, Timken India, in a tete-a-tete with Reshmi Menon, discusses how the industry was affected by recession, the challenges it faces now, and what the future holds for it in India.

Ajay Das, Managing Director, Timken India.

How would you describe the current business scenario in India? I would say cautiously optimistic. The Indian economy, which is driven largely by the domestic demand, was not only spared of the worst of the downturn—but is now placed very well to make the most of the upturn. Most of the companies have used the downturn to make themselves lean, and although it has been a somewhat painful process, the future looks more promising. While the Indian consumers maintained their spending even in the downturn, the capital investments were put on hold by many companies. This impacted the industrial segments. As the government increases its thrust on the infrastructure build, the economic growth will accelerate. How did the economic slowdown affect the bearings market? The depth of the impact on industry is very hard to define.

OCTOBER 31, 2009 | INDUSTRY 2.0

As the industrial production went down across the globe, the demand for bearings was directly impacted. We saw the drop in demand from industry—beginning with the North American auto industry in 2008, moving through broader mobile industries and Europe, and then hitting global process industries and energy markets. Bearings’ demand directly depends on the manufacturing activities, and with the exception of China and India, the bearings’ demand at all other places were negatively impacted. What are the challenges in the growth path of this industry? As India builds its infrastructure, the bearings industry will witness a huge demand surge, especially, in large size bearings. Also, as consumers get more demanding and product liability and safety issues get more stringent, there is a need for a qualitative leap in the performance of the bearings. Meeting these two requirements in a competitive fashion is the key challenge for the bearings industry. The slowdown in the economy and demand apart, the industry has had to face increased cost of

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production due to the rise in price of inputs, especially steel. On a similar thread, cost-competitiveness due to higher import duties on raw materials (steel tubes, steel bars, grinding wheels, etc), also is a dampener. Counterfeiters also pose a threat to the industry. Low quality duplicate bearings—not only lead to crucial downtime for customers, but also tarnish the quality and brand value of superior manufacturers. All efforts are being taken to educate customers on the importance of using genuine high quality bearings. Which are the new technologies that the bearings industry will witness in the near future? Traditionally, while most of the bearings companies focus on how to make acceptable performance bearings at a competitive cost, Timken has taken a different approach. At our technology centres, We have invested heavily into analyzing and understanding the interaction between bearings and its supporting and surrounding components to help customers develop a better overall power train system. At Timken, engineers and

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- TECHNOLOGY MANAGEMENT FOR DECISION-MAKERS | OCTOBER 31, 2009

INTERVIEW gies can have endless societal impacts, from improved energy efficiency that saves businesses and consumer money—to reduced emissions that help sustain our environment. How does innovation help in the development of this industry? Very often, in designing compact and efficient power trains, bearings become a limiting factor from capacity and life expectancy points of view. Innovation is the key to push the boundaries on bearings and power train system designs, so that the world can witness high performance equipment at lower costs. Tapered roller bearings.

technologists are already working on these new possibilities. For example, planetary gear systems are used to transfer power in a variety of industries, from automotive and agriculture to aerospace and defence. Conventional systems have evolved to the point—where further refinements can only result in modest performance and capacity gains. Through extensive application analysis and technology developments, Timken has increased the power density

of planetary gear sets with the Timken Flex Drive. This design features a bearing assembly and annular sleeve that supports the gear, and provides significant torque reduction. Studies show that the flex drive can create 50 per cent more power than traditional designs—providing greater horsepower capacity within the same space. The future will witness technologies, which help in efficient ways to create, transfer and control power. These technolo-

How do you foresee the future of the bearings industry in India? As Indian infrastructure develops and the industry modernises, I see tremendous opportunities opening up for the bearings industry. As we move forward, customers will look for better and cleaner technologies, and more value added services (like maintenance of equipment, reliability monitoring, remanufacturing) that keep their equipment running efficiently and longer.

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SECTOR REPORT

Cement Sector to Maintain Growth Indian cement sector is showing signs of continuing its upward progress. Although somewhat dampened, it is still expected to end the year with a recorded growth of 9 to 10 per cent. BY JAYMIN PANCHAL

The industry has been able to achieve a total of 200 mmt per annum in FY09 with 30 mmt addition to the preceding year’s ﬁgure. The growth in realizations experienced a slowdown— as additional capacities coming on stream eased the supply pressures. Also, during FY09 realisations and volumes have increased—providing a boost in topline growth.

Source: HSBC Research

Current Happenings

Top three players (ACC, Grasim and Ambuja Cements) hold signiﬁcant market share all over India, except in south—where the market is fragmented.

ndian cement market stands second only to China in the world ranking. The industry comprises about 125 big companies and 300 small scale manufacturers. In FY09, it was evaluated to have a total capacity of almost 200 mmt (million metric tonnes). In the recent past, ﬁve major players have emerged, and they control about 60 per cent of the total capacity. Although, cement sector’s growth is co-related with the country’s economic status, in previous year despite economic slowdown—the industry produced a record 181 mmt of cement indicating 7.8 per cent y-o-y augmentation. Also, consumption continued to go up at a steady pace.

Geographical Performance The Indian cement Industry is displaying different trends in the northern, central and southern parts of the country. The north and central players seem to be in sync, and have strategies worked out to retain their market share. On the other hand, the southern market is under the threat of further fragmentation. The forthcomWWW.INDUSTRY20.COM

ing Common Wealth Games (to be held in 2010) has proved to be an additional beneﬁt for the north Indian cement market. It has paved way for the anticipation of a boost in demand. Down south, the CAGR has slumped down to a 10 per cent in FY09, from the 15 per cent of FY05-08. However, moderation of demand is being predicted in near future for the southern market. Andhra Pradesh, with 63 per cent of incremental demand growth in FY09, is showing signs of the expected amelioration in the scenario. Same thing is being expected for other southern states too.

Sector Performance The geographical location of the country has proved to be advantageous to this sector—by facilitating supply to the Middle-East and SouthEast Asian nations. Unfortunately, exports had to take a back seat as the domestic demand was exceeding, and inﬂation had to be contained. However, the average sector realizations were higher by about ﬁve per cent yoy, demand growth stood still at 10 per cent.

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The industry with its tremendous potential is proving to be a lucrative market for the multi-national companies. Acquisitions are happening at different levels. Holcim has acquired stake in Ambuja Cements. ACC is looking forward to further increasing its stake and gaining full control. In addition, companies like Lafarge, Heidelberg and Italicementi have taken steps forward to more acquisitions. Experts augur of further increase in the number of collaborations and acquisitions between domestic companies and multi-national companies till the year 2010-2011.

Outlook Although, progressing at a growth rate of nearly 9 to 10 per cent, and maintaining more than 100 mmt production for the past ﬁve years, the Indian cement sector still has a number of untapped avenues. As compared to the world average of 263 kg per capita consumption of cement and China’s 950 kg per capita consumption, India stands far behind with a mere 134 kg per capita consumption. With backing up of the Indian government’s incentives and the opening up of the housing sector, a demand moderation for cement can be foreseen. Govt investments in infrastructure and housing sector are going to be the main factors—aiding the industry to maintain its momentum, and to gain new heights.

- TECHNOLOGY MANAGEMENT FOR DECISION-MAKERS | OCTOBER 31, 2009

SECTOR REPORT

Government Boosts the Textile Sector With the positive efforts shown by the government, and economy coming to its normal affair, Indian textile industry is expected to rise to $115 billion by 2012. BY JAYMIN PANCHAL

Government’s Impetus

Sector Outlook

Budget of 2009–10, has provided restoration of four per cent optional excise duty on cotton textile, which will enable manufacturers to avail of export rebate of the duty paid from CENVAT credit, tax holiday on export proﬁts extended by one year to FY11, and lastly two per cent interest sub-

Industry analysts predict that, the domestic market, which is currently estimated to be $34.6 bn, will be valued around $60 bn by 2012. Also, it is being anticipated that India’s share of exports to the world would increase from the current four to around seven per cent during this period.

Source: CRISIL Research, Textile Committee

the woes of the sector. Also, the Indian textile industry continues to be characterized by a high level of fragmentation across the value chain. The 2008-09 year was very challenging for the textile industry due to the slowdown in the markets of importing countries, high cotton prices, high interest rates and tight credit availability. The sector registered a degrowth of 10 per cent in the same period. The Indian govt ofﬁcially scaled down the export target to $175 bn for the period from the earlier target of $200 bn in view of the global slowdown. Ensuing which the labour intensive industry observed many layoffs of the skilled work pool in FY09.

vention for textile sector extended by six months (up to March 2010). The budget has also suggested addition of one handloom mega cluster each in West Bengal and Tamil Nadu. Also, one power loom mega cluster in Rajasthan, plus new mega clusters for carpets in Srinagar and Mirzapur. These incentives are targeted towards preventing loss of jobs in the sector. Most importantly, the textile industry has been provided with substantially increased allocation through Technology Up-gradation Fund Scheme (TUFS) by an incredibly high 188 per cent to Rs 3140 crore for modernization of the industry, and making it more efficient. On the flip side, the excise duty on man-made fiber industry (MMF) and its inputs has been hiked from four to eight per cent, which will mildly impact the MMF sector, in its inter fibre competitiveness with cotton. The industry has also been featured in the Focus Product Scheme (FPS) of Foreign Trade Policy, 2009. Under FPS the inducements have been increased from 1.5 to 2 per cent. Also, the erstwhile key drivers for growth of the Indian textile industry were the export demands for its products and competitive prices for domestic cottons. The New cotton supply season is just about to start, and a comfortable cotton crop, at 29 to 30 million bale for the new 2009-10 season may enable the input price for the textile industry to go down.

Ready-made garment market, which was thriving on the US and UK markets until last ﬁscal year, will focus back to domestic territory for sustaining the growth, as global markets are yet to show remarkable recovery signs as against India.

he Indian textile industry is one of the oldest and most signiﬁcant industries in the country. The industry’s estimated size is US$52 billion, and it is the second largest producer in the world after China. The industry accounts for four per cent of the country’s GDP, 14 per cent of industrial production, and over 13 per cent of the country’s total export earnings. Moreover, it provides employment to more than 35 million people. Indian textiles, handlooms and handicrafts are exported to over 100 countries, with the US being the largest buyer. Readymade garments are leading in the export segment, accounting for 41 per cent of total textile exports.

Status Quo The industry faced its worst slump in last ﬁscal year with economy falling down owing to global ﬁnancial crisis; also, recessionary effects on developed nations like the US and UK, which happen to be the biggest markets for textile—certainly added to 86

OCTOBER 31, 2009 | INDUSTRY 2.0

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SECTOR REPORT

Paint Sector Presents a Rosy Picture As the Indian economy bounces back from the recent recession, paint companies are poised to capitalise on surging demand from the housing and automotives sector.

Source: RBI, Antique Research

BY JAYMIN PANCHAL

Average multiple of 1.7 has been applied to estimate the GDP growth. Therefore, assuming a GDP growth of 5.5 per cent during FY10, the Indian paint industry is expected to grow by about 9 per cent during the coming ﬁscal.

he Indian paint industry is well placed to capitalise on rising demand for decorative paints from the housing sector, with the Indian economy recuperating after the recent global economic crisis. The Indian paint sector has grown 12 per cent in FY09 to Rs.150 billion, from Rs. 134 billion during FY08, and is expected to grow about 9 per cent during FY10. The sector has been growing at 1.5 to 2 times of GDP growth. During the eight-year period (FY01-08), the average correlation between GDP growth and growth of the paint industry has been 1.7 times. The protective coatings industry is riding high on the growth of automobile industry, new construction and infrastructure. Per capita consumption of paints in India is still very low at 1.25 kg, against 51.7 kg in Qatar, 38 kg in Singapore and 25.8 kg in the US, providing a huge opportunity for paint companies

Demand Drivers Paint industry can be bifurcated into industrial paints and decorative WWW.INDUSTRY20.COM

paints, with decorative paints holding approximately 3/4th of the market share at 77 per cent. Industrial paint contributes about 23 per cent. Decorative paint segment is anticipated to move up by 11 per cent in the current year. Assuming a total growth of nine per cent, and an industrial paints growth rate of five per cent, decorative paints are expected to rise by 10 per cent during FY10. The assumption of industrial paints’ growth at five per cent is based on six per cent increase in automotive paints (which contributes for 45 per cent of industrial paints’ demand) and five per cent growth in powder coating and other industrial paints (forming remaining 55 per cent of industrial paints) which is related to the growth in IIP and consumer durables, which according to CMIE is expected to go up at 5.3 per cent during the period. While decorative paints derive about 60 per cent of its demand from repainting activities, the remaining 40 per cent demand is from new constructions with a lag of 12 to 18 months. Re-painting activities are estimated to

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occur every ﬁve to seven years. With constrains on income in FY10, repainting activities would remain under pressure during this period. Nevertheless, growth in the housing sector during the past ﬁve to seven years is expected to drive re-painting activities in FY10. Growth in loan disbursements in FY09 is expected to boost construction activity, which will drive demand in the next two years. There is an increasing demand for emulsion paints for interiors. The trend includes exteriors market—where emulsion-based coatings are now preferred against conventional cementbased coatings. Although the decorative segment has outpaced the industrial segment in growth rate, the latter holds greater potential in view of anticipated demand in the automobile industry.

Sector Performance During the past few years, organized players have grown faster than unorganized players. They dominate the market with a 70 to 75 per cent share, compared to unorganised players. The implementation of VAT and growing awareness for branded products have improved performance of the organised sector. Especially, after the reduction in excise duty from 16 to 8 per cent, organised players are expected to show better performances. This would be more so for decorative paints, where the share of unorganised players is maximum.

Outlook Although, there is a bit of economic depression with low GDP, the paint industry is expecting to fare better in the near future. With government taking the measures to open up the housing sector, and economy returning to its recovery path, the demand for paint is expected to increase.

- TECHNOLOGY MANAGEMENT FOR DECISION-MAKERS | OCTOBER 31, 2009

SECTOR REPORT

Pharma Sector on Firm Growth Path India is a leading producer of high quality, low cost generic drugs. It has a signiﬁcant market share of $80 billion in the world generic market, and is expected to increase it to 50 per cent by 2010. BY JAYMIN PANCHAL

New Millennium Indian Technology Leadership Initiative and the Drugs and Pharmaceuticals Research Programme—especially targeted at drugs and pharmaceutical research. In budget 2009-10, the Finance Minister has increased the allocation to the National Rural Health Mission by Rs 20,570 mn, over and above Rs 120,700 mn provided in the interim budget. Also, he has provided an amount of Rs 3,500 million towards the Rashtriya Swasthya Bima Yojana.

Opportunities

Source: Emkay Research

In 2008, Indian ﬁrms bagged 30 per cent of the total generic medicine approvals granted by the USFDA. In the ﬁrst quarter of 2009, Indian companies accounted for 35 per cent of all ANDA (Abbreviated New Drug Application) approvals given by the USFDA.

he Indian pharmaceutical industry is one of the world’s largest and developed markets. It ranks fourth and thirteenth respectively in terms of volume and value. The domestic pharma market is valued at $8.2 bn. According to McKinsey, India’s pharma market has the potential to grow to $20 bn by 2015, maintaining a CAGR of 12.3 per cent. This will make India the third largest market after US and China in terms of value in next 10 years.

Current State In past few years, as a result of persistent economic growth and health care reforms, the Indian pharma sector has been the central focus for the global pharma biz. Worldwide, the rising cost coupled with slim research pipeline and heavy pressure on prices,

OCTOBER 31, 2009 | INDUSTRY 2.0

have led the foreign companies to outsource their R&D activities to cost effective India. The country is rapidly developing as a contract research hub. Indian clinical research market, which is currently estimated to be well above $200 mn is expected to reach up to $600 mn by 2010 —highlights a joint study done by KPMG and the Confederation of Indian Industry (CII).

Regulations The Indian pharma sector has to give due credit to the government regulations for its sustained and high growth. Some of the regulations are offering tax-breaks up to 150 per cent to the units for the R&D expenditure incurred, streamlining the procedures that cover development of new drug molecules, clinical research etc., and launching of two new schemes—

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Currently, the size of the domestic pharmaceutical market is larger than the export market. However, owing to the growth of global generics’ market, stringent price controls in the domestic market and better margins, the export business is growing much faster. Patent expiry will be a major avenue of growth for the Indian pharma industry —as products worth $235 bn are going off patent within ﬁve years (2009—14). Also Japan, the second-largest pharma market, is focusing on generic drugs with a view to reducing the huge healthcare costs. With strong support from the govt, the country is in a desperate bid to introduce a number of generic-friendly policies, providing a very huge market for the Indian generic ﬁrms by 2012.

Outlook Indian pharma sector is export oriented and has recently witnessed tremendous volatility in the forex markets, with the rupee appreciating against the US dollars. This resulted in narrow margins. Although, companies have hedged their foreign currency exposure, this threat cannot be ignored. However, as consumers’ spending on healthcare is increasing in India, the Indian pharma industry will see tremendous growth in the coming years. WWW.INDUSTRY20.COM

SECTOR REPORT

Steel Pipes to See Huge Demand With new plans for investment in oil and gas sector, renewed focus on infrastructure development, improving irrigation and water supply networks, and replacement of age-old underground pipes, the demand for pipes will be very high soon. BY JAYMIN

PANCHAL This is further reinforced by the fact that despite the low oil price, oil and gas pipeline investments in the US is expected to increase in 2009. Demand for pipes is under threat due to fall in crude prices—as this can force oil majors to delay their capex plans. China is a major competitor for India, especially in seamless pipes, even though the potential risk is mitigated by the US and EU imposing anti-dumping duties on imports of Chinese steel pipes.

Outlook

Source: Macquarie Research

Government of India is planning an investment worth $83 bn for irrigation and water supply projects. Both of them will be major demand drivers for the Indian pipe manufacturing industry, in the coming years.

he Indian pipe industry ranks third in terms of manufacturing hubs, lower only to Japan and Europe. An extensive range of steel, cement and PVC pipes for use in various critical and non-critical applications is being produced by the Indian companies. In the last three to four years, the sales of Indian pipe companies have augmented owing to their low-cost and quality products. Also, the focus on investment in construction and oil exploration activities globally has enhanced their sales.

Industry Snapshot The pipe industry is highly dependent on steel imports, as this sector is decidedly raw material intensive. Currently, raw material accounts for over 80 per cent of the cost of production and approx.72 per cent of the total price of pipes. Hence, many steel companies have integrated backward to reduce heavy reliance on imports and risk of price volatility. The inte-

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gration of export and import in the sector’s basic foundation has added freight charges in the list of major cost deciding factors. Indian steel pipe manufacturing companies have made a comfortable place for themselves in the global market. Middle East, Russia, the US and UK and Africa are the biggest markets for this sector. Over 50 per cent of the total production of welded steel pipes and tubes in the world is used up by the Middle East, Russia and the US. The estimate of the entire export market of welded pipes is about $15 to 16 billion a year. As oil and gas sectors happen to be the largest consumers of steel pipes, they naturally become the main indicators for anticipating the demand of pipes. But, more inﬂuences are applied by structural factors like longterm infrastructure requirements, shifting to cleaner fuels, new O&G sources and geopolitics —than just medium-term oil-price ﬂuctuations.

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Global consultancy Simdex forsees, implementation of 710 pipeline projects of 326,000 km in the coming five years—with Asia and North America becoming the prime export markets. Old pipelines laid back in the 1960s and 70s need to be replaced ensuing generation of significant demand for submerged arc welded (SAW) pipes. It is being expected that about 50,000 km of pipes are in need of replacement within the next five years. Global O&G consultant, DouglasWestwood augur that $180 bn will be spent on onshore pipeline projects worldwide between 2008–12. Also, it is being estimated that a 16 per cent increase will be seen in pipeline mileage installed from 2008–12, compared with that in 2003–07. Now, Asia is the largest market by length of pipeline construction, accounting for $42 bn of forecast capital expenditures. In India the domestic gas availability is expected to rise to a double in next four years, also with planned investments and ongoing projects —gas transmission infrastructure will increase, and eventually conclude in development of a national gas grid. Indian govt is planning to build national gas highways ensuring a rise in demand of construction pipelines.

- TECHNOLOGY MANAGEMENT FOR DECISION-MAKERS | OCTOBER 31, 2009

SECTOR REPORT

Sweetness—Still Far in Sugar Sector After almost a year of lows, the sugar industry is expected to begin its upward journey with the opportunity in low per capita consumption of sugar. However, sugar is highly dependent on monsoon and other global parameters. BY JAYMIN PANCHAL

With monsoon deﬁcit, the second largest producer of sugar is expected to be the net importer in the coming two to three years.

ndia is the second largest producer of the sugar commodity. The country produced a record of 26.3 million tones of sugar in FY2008, which is just next to Brazil that produced 34.2 million tones in the same year. The domestic sugar market has been robust and offers a very huge opportunity, despite a bit of steep fall due to global recessionary effect and other environmental factors. This can be validated by the fact that per capita sugar consumption in India is very low at 18.6 kg —as against per capita consumption of Brazil and Mexico, which are 57.6 kg and 47.8 kg respectively. Although the sector is having these opportunities, the sugar industry is in red (although temporarily), with the monsoon playing truant, experts think that sugar production in India for the next season will reduce to 14 million tonnes, compared to current industry estimate of 16 million tonnes. It is now expected that India’s import requirement will be 15 million tonnes over a three-year period (FY09-11). India’s massive imports are likely to drive down global sugar inventories

OCTOBER 31, 2009 | INDUSTRY 2.0

to historic lows by 2010. While sugar prices have already shot up in anticipation—international prices are up by 80 per cent, the current domestic sugar price is backed by the most severe supply shortage in ﬁve decades. Currently, sugar is priced at Rs 31.5 per kg in domestic market, which is 73 per cent more than the previous year, and 132 per cent higher than the lows of Rs 13.5 per kg in 2007, further price rise is expected—as the bulk of Indian imports are yet to happen and the demand-supply stock situation worldwide is likely to get extremely tight over the next 12 months. Though the constantly rising prices is a concern for the govt, it will try to control the sugar price for only approximately six million tonnes of retail consumption. A price for the remaining 16 million tonnes of wholesale consumption is likely to be market determined. The govt proposal for increasing the levy quota from 10 to 20 per cent is a step to protect the interest of retail consumers of sugar. This move, while positive for sugar millers as it cuts out uncertainty of incremental

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govt intervention, will impact near-term sugar consumption adversely. The industry experts feel, this is not the right time for the govt to indiscriminately control prices. The next crushing season is about to start in two to three months, and given where the statutory minimum price (SMP) has been set and state advised price (SAP) is likely to be set, sugarcane prices will rule much above these benchmarks, if free pricing is allowed in sugar. This is necessary for the economics of cane cultivation to become attractive—especially like paddy, where prices are likely to rise significantly again on account of droughts. For parity to return with paddy support prices, the sugarcane prices paid to the farmers in Uttar Pradesh (for instance) need to be at Rs180/ quintal, compared to Rs140/quintal in last season. Uttar Pradesh (UP) govt has once again rejected the ambitious disinvestment plan for sugar mills in July this year, which is the fourth attempt in this process. The loss making UP sugar mills are a yearly Rs 900 crore burden on the govt. It is expected that disinvestment process will be completed by next season cycle, which will heave off the govt burden. Also, the mills will be able to operate more efficiently, bringing down the operational cost to sustain profit margin in the not-soconducive global scenario.

Sector Outlook Currently sugar sector is looking attractive—even if for the mid term. Domestically, govt can increase the levy sale price to the range of Rs 20 to 22 per kg from current level of around Rs 13.5 per kg. This will result in higher availability of goods through public distribution system at signiﬁcant discount to current retail price of Rs 32 per kg. WWW.INDUSTRY20.COM

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Tech/MH/MR/SOUTH-127/2006-08