Calculate debt-to-equity ratio for 2013.

EXHIBIT 2: BALANCE SHEETS OF ASAHI INDIA GLASS LIMITED, 2004-2013 (As of March 31 in INR millions) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Equity Share Capital 80 80 160 160 160 160 160 160 160 160 Preference Share Capital 139 60 60 60 Reserves & Surplus 1,217 1,673 2,349 2,651 2,785 1,736 1,885 2,024 1,319 388 Advance against Rights Issue 500 Shareholders' Funds 1,436 1,813 2,569 2,871 2,945 1,896 2,045 2, 184 1,479 1,048 Borrowed Funds 2, 704 4,451 8,667 12,397 13,914 16, 173 14,706 15,349 13,564 13,921 Total Funds Deployed 4, 140 6,264 11,236 15,268 16,859 18,069 16,751 17,533 15,043 14,969 Deferred Tax Liabilities 39 239 285 Other Liabilities & Provisions 1,011 1,094 1,335 2,265 2,032 2,812 2, 199 2,880 7,506 8,415 Total Equity and Liabilities 5,151 7,358 12,610 17,772 19,176 20,881 18,950 20,413 22,549 23,384 Fixed Assets 3,042 4,805 9,718 13,030 12,954 13,931 12,271 12,237 12,801 12, 136 Investments 27 58 64 59 59 64 70 84 157 163 Deferred Tax Assets 241 270 161 442 920 Inventories 1,080 1, 168 1,497 2,415 3,631 3,504 3, 192 3,800 4,754 4,712 Trade Receivables 619 745 315 704 1,080 1,761 1,807 2,389 3,123 3,646 Cash and Cash Equivalents 121 95 81 240 164 169 122 217 166 603 Loans and Advances 215 411 833 1,200 1, 146 1,080 1,082 1,370 1, 103 1, 195 Other Assets 47 76 102 124 142 131 136 155 3 9 Total Assets 5,151 7,358 12,610 17,772 19,176 20,881 18,950 20,413 22,549 23,384 Source: Author's calculation based on Asahi India Glass Limited annual reports for the years 2004/05 to 2012/13