EXHIBIT 3: PIDILITE BALANCE SHEET (IN MILLION) March Year-End 2011 2012 2013 2014 2015 EQUITY AND LIABILITIES Share Capital 506 508 513 513 513 Share Warrants & Outstandings 0 0 0 4 3 Total Reserves 10,341 12,698 16,003 19,010 22,190 Shareholders' Funds 10,847 13,206 16,515 Secured Loans 610 600 Unsecured Loans 1,999 323 500 19,526 22,706 0 0 0 5 Deferred Tax Assets/Liabilities 420 468 499 537 566 Other Long-Term Liabilities 0 0 0 0 0 Long-Term Provisions 92 109 170 319 239 Total Non-Current Liabilities 3,122 1,500 669 857 810 Trade Payables 1,737 2,058 2,501 3,474 3,319 Other Current Liabilities 2,967 5,135 3,886 3,036 3,613 Short-Term Borrowings 500 560 510 459 579 Short-Term Provisions 1,252 1,179 2,069 1,890 2,069 Total Current Liabilities 6,456 8,932 8,966 8,859 9,580 Minority Interest 2 5 10 42 51 Total Liabilities 20,427 23,643 26,160 29,284 33,148 ASSETS Gross Block 10,599 11,792 12,828 14,442 18,083 Less: Accumulated Depreciation 4,960 5,616 6,370 7,150 8,298 Net Block 5,639 6,177 6,458 7,291 9,785 Capital Work in Progress 3,436 3,938 4,280 4,580 4,618 Non-Current Investments 63 74 244 262 907 Long-Term Loans and Advances 186 255 767 672 1,059 Total Non-Current Assets 9,324 10,443 11,750 12,806 16,370 Other Non-Current Assets 9 13 Currents Investments 1,641 909 39 51 62 71 2,696 2,341 2,692 Inventories 4,092 4,541 5,236 5,997 6,410 Sundry Debtors 3,460 3,952 4,305 5,244 5,861 Cash and Bank 1,038 2,732 1,506 1,772 860 Other Current Assets 76 96 138 187 153 Short-Term Loans and Advances 785 957 479 876 730 Total Current Assets 11,093 13,187 14,360 16,416 16,707 Total Assets 20,427 23,643 26,160 29,284 33,148 Source: Accord Fintech, "Pidilite Industries Financials," Ace Analyser, accessed July 15, 2016, www.aceanalyser.com.