Grindwell Norton Limited (Consolidated : 2004-2012) Dec'2004 Sales Tunover (Gross) 301.35

18.4% Less: Excise Duty (35.63)

Sales Turnover (Net) 265.72

Other Income 11.61 Total Income 277.34

Less: Expenditure Raw materials consumed (Production Oriented) 86.32 Cost of Purchase of Finished goods for Trade 13.07 (Increase) / Decrease in Stocks (6.66) Manufacturing, Administration & Selling Expenses 94.23 Employee benefits expense 39.00 Finance Costs 0.20 Depreciation & Amortization 6.74 Doubtful Debt Provision/Written Off (or Written Back) 0.85

Total Expenditure 233.75

Profit Before Tax & Extraordinary Items 43.58

Extraordinary Item (0.91)

Profit Before Tax 42.67

Less: Tax Current Income Tax 14.70 Deferred Income Tax (1.21) Fringe Benefit Tax - Tax Adjusted for Earlier Years - Total 13.49

Profit After Tax 29.18

Profit After Tax (% Change YoY)

Dec' 2005 Dec' 2006 Dec' 2007 Dec' 2008 Mar' 2010 Mar' 2011

360.49 421.29 497.01 554.98 744.88 837.62 19.6% 16.9% 18.0% 11.7% 34.2% 12.4%

(42.61) (48.36) (56.18) (53.36) (42.66) (56.88)

317.88 372.92 440.83 501.62 702.22 780.74

11.03 13.12 21.32 20.72 23.45 26.82 328.91 386.04 462.14 522.34 725.67 807.56

104.39 117.99 157.83 188.98 233.65 277.62 15.45 31.23 31.21 37.70 52.40 67.63 2.14 (5.62) (15.11) (14.48) 6.73 (18.54) 105.36 119.04 137.52 155.99 197.00 248.81 40.16 44.73 55.38 61.81 90.83 84.31 0.13 0.15 0.29 0.61 2.51 3.42 7.55 9.30 12.18 13.96 21.70 21.04 0.18 0.71 0.68 (0.54) 0.01 0.48

275.36 317.53 379.99 444.02 604.83 684.76

53.56 68.51 82.15 78.32 120.84 122.80

- - 77.00 - 7.72 -

53.56 68.51 159.15 78.32 128.56 122.80

17.57 21.91 24.37 22.95 38.55 39.07 0.04 (0.48) 0.57 0.51 3.72 0.99 0.54 1.06 0.81 0.65 0.25 -

### - - - - - 18.15 22.49 25.75 24.11 42.52 40.06

35.41 46.02 133.40 54.21 86.05 82.74

21% 30% 190% -59% 59% -4%

(Figures in Crores) Mar'2012 CAGR (%) Mar' 2013 (Est)

951.32 17.85% 1,094.01 13.6%

(66.98) 9.44% (88.58)

884.34 18.74% 1,005.43

34.11 16.64% 43.76 918.45 18.66% 1,049.19

310.02 20.04% 350.08 74.74 28.28% 87.52 (10.56) 6.81% 5.47 274.22 16.49% 306.32 96.61 13.84% 109.40 3.18 48.46% 3.66 21.44 17.97% 27.35 0.62 -4.41% 1.09

770.26 18.57% 890.90

148.19 158.29

- -

148.19 19.46% 158.29

43.63 16.81% 1.72 - - 45.35 18.91% 50.29

102.84 19.72% 108.00

24% 5%

Dec'2004 Dec' 2005

Sales Growth (YoY) 18.4% 19.6%

Excise Duty to Sales (%) 11.8% 11.8%

Other Income to Sales (%) 3.9% 3.1%

Raw Materials Consumed to Sales (%) 28.6% 29.0% Cost of Purchase of Finished Goods for Trade 4.3% 4.3% (Increase) / Decrease in Stock to Sales (%) 2.2% 0.6% Manufacturing, Administration & Selling Expense to Sales 31.3% 29.2% Employee Expenses to Sales (%) 12.9% 11.1% Finance Cost to Sales 0.1% 0.0% Depreciation to Sales (%) 2.2% 2.1% Doubtful Debt Provision/Written Off (or Written Back) to Sales (%) 0.3% 0.0%

Total Expenditure to Sales (%) 77.6% 76.4%

Profit Before Tax (PBT) to Sales (%) 14.2% 14.9%

Effective Rate of Tax 31.6% 33.9%

Profit After Tax to Sales (%) 9.7% 9.8%

Gross Margin (Gross Profit/Gross Sales) 69.2% 66.2% EBITDA Margin (EBITDA/Gross Sales) 17.0% 17.0%

Dec' 2006 Dec' 2007 Dec' 2008 Mar' 2010 Mar' 2011 Mar'2012

16.9% 18.0% 11.7% 34.2% 12.4% 13.6%

11.5% 11.3% 9.6% 5.7% 6.8% 7.0%

3.1% 4.3% 3.7% 3.1% 3.2% 3.6%

28.0% 31.8% 34.1% 31.4% 33.1% 32.6%7.4% 6.3% 6.8% 7.0% 8.1% 7.9%1.3% 3.0% 2.6% 0.9% 2.2% 1.1%

28.3% 27.7% 28.1% 26.4% 29.7% 28.8%10.6% 11.1% 11.1% 12.2% 10.1% 10.2%0.0% 0.1% 0.1% 0.3% 0.4% 0.3%2.2% 2.5% 2.5% 2.9% 2.5% 2.3%0.2% 0.1% -0.1% 0.0% 0.1% 0.1%

75.4% 76.5% 80.0% 81.2% 81.8% 81.0%

16.3% 32.0% 14.1% 17.3% 14.7% 15.6%

32.8% 16.2% 30.8% 33.1% 32.6% 30.6%

10.9% 26.8% 9.8% 11.6% 9.9% 10.8%

65.9% 65.0% 61.8% 60.7% 61.0% 60.7%18.7% 19.2% 16.6% 19.5% 17.6% 18.2%

Mar' 2013 (Est)

15.0%

8.1%

4.0%

32.0%8.0%0.5%

28.0%10.0%0.3%2.5%0.1%

81.4%

14.5%

31.8%

9.9%

59.5%17.4%

Particulars Dec'2004 Dec' 2005 Sources of Funds: Shareholders Funds Share Capital 13.84 13.84 Reserves & Surplus 142.87 160.72 Total 156.71 174.56

Minority Interest - -

Loan Funds: Secured Loans - - Unsecured Loans 1.39 0.61 Long-Term Provisions Total 1.39 0.61

Deffered Tax liability (Net) 3.73 3.77

Current Liabilities And Provisions Current Liabilities 53.69 55.75 Provisions 24.74 32.06 Total 78.43 87.81

Total 240.26 266.75 Application of Funds: Fixed Assets Gross Block 132.17 143.24 Less: Depreciation (66.06) (72.06) Net Block 66.11 71.19

Work-in-Progress Capital Work in Progress 2.74 2.69

Investments 73.97 76.77

Current Assets Inventories 40.92 41.67 Sundry Debtors 38.73 47.71 Cash and Bank Balances 5.86 10.11 Short Term Loans And Advances 11.47 16.58 Other Current Assets Total 96.99 116.06

Long Term Loans And Advances

Total 239.80 266.72

(Figures in Crores) Dec' 2006 Dec' 2007 Dec' 2008 Mar' 2010 Mar' 2011 Mar'2012

27.68 27.68 27.68 27.68 27.68 27.68 170.63 252.05 280.29 327.71 372.55 433.51 198.31 279.73 307.97 355.39 400.23 461.19

- 1.31 5.29 6.38 5.90 5.78

- - 16.47 26.11 18.26 15.56 2.27 2.27 - - 4.65 5.81

15.56 15.23 2.27 2.27 16.47 26.11 38.47 36.60

3.29 3.86 4.37 8.08 9.08 10.80

74.76 103.71 102.98 116.19 133.01 183.42 38.29 46.04 42.54 48.74 39.80 45.38 113.04 149.75 145.52 164.93 172.81 228.80

316.91 436.92 479.61 560.89 626.49 743.18

199.35 225.74 258.55 343.28 364.58 390.40 (80.48) (88.86) (100.50) (117.54) (137.91) (157.99) 118.88 136.89 158.05 225.74 226.67 232.41

7.01 20.99 62.37 7.73 12.61 84.54

52.65 78.01 50.32 34.26 27.76 28.50

49.88 70.21 100.84 97.89 131.50 165.91 61.32 82.19 67.87 84.99 91.32 95.46 10.20 21.82 17.20 82.03 94.79 73.23 16.92 26.69 22.76 28.00 17.07 27.27

0.13 0.21 0.25 13.42 7.09 138.32 201.04 208.87 293.16 348.10 368.96

11.36 28.77

316.86 436.92 479.61 560.89 626.49 743.18

(Figures in Crores) CAGR (%)

10.41%17.18%16.67%

22.64%

59.53%

16.42%

19.19%9.05%

16.53%

17.51%#DIV/0!

16.73%13.27%19.67%

63.25%

-12.74%

22.14%13.75%43.44%13.17%

21.03%

Cash Inflow Net Cash flow from Operating Activities Sale of Fixed Assets Sale of Investments Proceeds from Loans Dividend from Investments Interest Received Inter Corporate Deposit Redeemed Proceeds from Sale of Lincoln Helios (India) Limited (Net fo Tax) Payment From Minority interest Total

Cash Outflow Purchase of Fixed assets Purchase of Investments Repayment of Loans Inter Corporate Deposit Placed Margin Money & Others Interest Paid Dividend paid Corporate Dividend Tax Purchase of Bonded Abrasives Business of Orient Abrasives Ltd. Total

Net Change in Cash, Bank Balances & Equivalents

Dec'2004 Dec' 2005 Dec' 2006 Dec' 2007 Dec' 2008

29.92 31.38 44.92 27.14 43.89 0.25 1.14 0.72 0.55 0.66 15.37 10.42 5.98 1.83 20.83 - - 2.12 1.63 16.30 1.76 3.11 4.20 6.87 2.44 1.39 1.48 0.83 0.70 1.11 - - 11.00 5.50 2.00 - - - 83.20 -

### - 1.32 4.08 48.69 47.53 69.78 128.73 91.31

12.77 13.65 41.80 46.79 65.47 5.50 6.00 - 20.00 0.52 1.54 0.78 - -

### - 8.00 5.50 2.00 - - - - - 0.73 0.13 0.15 0.29 0.61 9.26 13.76 15.24 30.68 32.78 1.15 1.96 2.14 6.48 3.76 - - 21.00 - - 30.96 36.28 88.32 109.74 105.15

17.73 11.25 (18.54) 18.99 (13.83)

(Figures in Crores) Mar' 2010 Mar' 2011 Mar'2012

103.57 83.06 118.68 0.36 0.26 0.03 1.36 1.49 8.64 9.64 - ### 2.31 3.62 4.05 1.09 0.81 1.45 - - ### - - ### 1.40 0.40 - 119.73 89.65 132.85

41.60 29.03 109.77 6.01 3.00 0.74 - 2.83 2.14 - - ### - - 0.26 2.51 3.42 3.18 22.09 33.13 33.22 3.76 5.52 5.39 - - ### 75.97 76.92 154.69

43.77 12.72 (21.83)

I) Sales (Net) Geographical Domestic Export

II) Class of Goods Units 1. Bonded Abrasives Realization Per Ton (INR/Ton) Tons 2. Coated Abrasives Realization Per Square Metre (INR/Square Metre) Square Metres 3. Abrasive Grains Realization Per Ton (INR/Ton) Tons 4. Refractories Realization Per Unit (INR/Unit) Tons 5. Others

III) Raw Material Procurement Imported Raw Materials INR Crores Indegeniously Obtained Raw Materials INR Crores Imported Spares & Stores INR Crores Indegniously Obtained Spares & Stores INR Crores

IV) Raw Materials & Components Consumed 1. Abrasive Grains Cost Per Ton Tons 2. Carbon Materials Cost Per Ton Tons 3. Others

V) Current Ratios Inventory Turnover Inventory Days Days

Debtors Turnover Debtor Days Days

Creditors Turnover Creditors Days Days

Dec'2004 Dec' 2005 Dec' 2006 Dec' 2007

238.45 284.78 332.23 396.25 27.28 33.10 40.69 44.58

Dec'2004 Dec' 2005 Dec' 2006 Dec' 2007 136.78 142.27 159.70 198.77 168,448.94 173,024.42 181,036.63 175,726.58 87.50 110.72 131.31 146.43 453.35 372.80 402.78 456.17 37.82 43.08 49.53 56.09 67,220.44 67,829.54 67,140.71 61,631.42 16.13 20.74 20.60 26.69 109,666.63 132,178.63 123,363.79 138,174.76 23.13 43.68 60.14 69.03

Dec'2004 Dec' 2005 Dec' 2006 Dec' 2007 40.19 43.45 59.77 83.54 56.71 74.25 72.50 89.03 0.09 0.15 0.25 0.21 6.58 6.78 7.65 10.68

Dec'2004 Dec' 2005 Dec' 2006 Dec' 2007 44.66 37.78 41.40 52.73 40,937.51 37,286.69 39,249.17 37,668.18 6.32 5.58 5.42 6.59 5,971.47 4,695.44 4,295.35 5,944.51 45.92 74.34 85.45 113.26

2.60 2.95 3.14 2.90 141 124 116 126

6.71 7.36 6.84 6.14 54 50 53 59

1.91 2.23 2.20 1.95 192 164 166 187

Dec' 2008 Mar' 2010 Mar' 2011 Mar' 2012

433.87 624.12 708.95 813.96 68.25 78.24 71.79 70.37

Dec' 2008 Mar' 2010 Mar' 2011 Mar' 2012 204.08 282.53 318.83 N/A 185,967.38 217,848.26 228,763.96 151.75 208.98 238.18 N/A 487.93 592.00 630.10 80.91 105.62 108.33 N/A 80,358.64 75,793.93 81,584.51 29.98 35.71 49.73 N/A 136,202.78 154,262.92 161,170.11 88.81 112.19 122.55 N/A

Dec' 2008 Mar' 2010 Mar' 2011 Mar' 2012 102.82 136.97 182.48 231.96 103.19 140.00 143.82 136.94 0.14 0.33 0.31 0.35 12.29 16.04 19.59 21.73

Dec' 2008 Mar' 2010 Mar' 2011 Mar' 2012 65.03 87.83 97.73 101.52 47,676.93 57,698.79 60,155.17 N/A 9.37 8.66 8.67 8.82 7,248.09 5,760.69 7,856.46 N/A 131.61 180.48 219.90 258.56

2.48 2.95 2.85 2.52 147 124 128 145

6.69 9.19 8.86 9.47 55 40 41 39

2.05 2.67 2.62 2.37 178 137 139 154

CAGR (%)

19.17%14.50%