1. Contingent liabilities not provided for in respect of: 
 
                                                   (Rs. in Crores)
 
                                                As on      As on
                                             31st March
                                             2012         31st March 2011
 
 i Letter of Credits outstanding 
 for purchase of materials.                    18.67          50.92
 
 ii Outstanding Bank Guarantees and 
 Counter / Corporate Guarantees             2,458.56       1,550.55
 given on behalf of subsidiary companies.
 
 iii Capital commitments                       58.73         137.17
 
 iv  Bills discounted under letter
 of credit with banks                          85.04          32.41
 
 v  Duty on account of Advance 
 Authorisation against Export obligation.       0.73           1.03
 
 vi On Balance Sheet date, the disputed 
 amount involved in four income-tax             8.29           4.42
 demands( Previous Year - three) under 
 appeal. The management is of view
 that the outcome of the appeal would be
 favourable to the company, hence
 no provision has been made against these 
 income-tax demands.
 
 vii A demand raised by the Service 
 tax department, against which company          0.06           0.06
 has filed an appeal to the jurisdiction 
 authorities.
 
 viii A demand raised by the Custom 
 department, against which company has          2.55             –
 filed an appeal to the jurisdiction
 authorities.
 
 2. Green earth Resources & Projects Limited (formerly known as Austral
 Coke & Projects Limited) had filed a defamation suit in Hon''ble Bombay
 High Court against the Company for Rs.600 Crores. The Company had also
 filed Civil Suit in Hon''ble Calcutta High Court against Austral Coke &
 Projects Limited, all its Directors, its merchant bankers and Auditors
 and others claiming for loss of damages worth Rs.4761 crores.
 Management is confident that outcome of the defamation suit filed by
 the Austral Coke & Projects Limited would be in favour of the company.
 
 3. On 16 October 2007, the company and Armada Singapore Pte Ltd
 (Armada) entered into five year charter party agreement which
 provided, inter alia, for Armada to supply vessels to ship the
 company''s tonnage, namely coal or coking coal from various destinations
 worldwide. Between late 2008 and early 2009, following the worldwide
 economic crisis, Armada experienced serious financial losses resulting
 into a large number of third party defaults under its shipping
 agreements. As a result, during the course of 2009 Armada entered into
 Judicial Management, a Singaporean insolvency regime. As a result of
 Armada''s insolvency, the Company refused to make further nominations
 since there was no assurance or security for Armada''s performance for
 the balance period under the agreement.
 
 Armada later on filed its claim submission in an arbitration proceeding
 against the company before Arbitration Tribunal in London.  Although
 there was no specific clause on jurisdiction or applicable law in the
 agreement and also the constitution of Arbitration Tribunal was not in
 accordance with the agreement and even after the company''s repetitive
 challenges to aforesaid, the Tribunal passed an order in favour of
 Armada assessing the liability of the company towards Armada as
 Rs.42.85 Crores (including interest of Rs.3.42 Crores).
 
 Aggrieved by the aforesaid order the company has filed a civil suit
 against Armada with the Hon''ble High Court at Calcutta claiming for
 damages for an amount of Rs 144 crores and cancellation of the
 aforesaid order being void and restraining Armada from giving any
 effect to the order passed by the Tribunal. Subsequently, an order was
 passed by the Hon''ble High Court at Calcutta restraining Armada to take
 any further steps to enforce the award passed by the Tribunal in India.
 The matter is presently sub judice before the Hon''ble High Court at
 Calcutta.
 
 4 Related Party Disclosures as required by Accounting Standard (AS-18)
 issued by the Institute of Chartered Accountants of India (ICAI), are
 given below:
 
 A.  Particulars of the Related Parties:
 
 Subsidiary Companies
 
 Wholly Owned 
 
 i Gujarat NRE Limited 
 
 ii Huntervalley Coal (P) Ltd.  
 
 iii Manor Dealcom (P) Ltd.
 
 Sub-Subsidiary Companies 
 
 i Gujarat NRE Coking Coal Ltd.
 
 ii Gujarat NRE Wonga Pty. Ltd. (formerly known as Gujarat NRE FCGL Pty.
 Ltd.)
 
 iii Wonga Coal Pty. Ltd.
 
 iv Gujarat NRE Resources NL
 
 v Gujarat NRE Coal (NSW) Pty. Ltd.
 
 vi South Bulli Holdings Pty. Ltd.
 
 vii Gujarat NRE Properties Pty. Ltd.
 
 viii Gujarat NRE India Pty. Ltd.
 
 Associates
 
 i Bharat NRE Coke Ltd.
 
 ii NRE Metcoke Ltd.
 
 iii Bajrang Bali Coke Industries Ltd.  
 
 iv Surajbari Traders Pvt. Ltd.
 
 v Dharwad Traders Pvt.  Ltd.  
 
 vi Mandvi Traders Pvt. Ltd.  vii Lunva Traders Pvt. Ltd.
 
 Enterprises in which key management personnel have significant
 Influence
 
 i Gujarat NRE Mineral Resources Ltd.
 
 ii Gujarat NRE Energy Resources Ltd.  
 
 iii Russell Vale Traders Pvt. Ltd.  iv Bulli Coke Ltd.
 
 Enterprise in which key management person is a trustee 
 
 i Girdharilal Arun Kumar Family Trust
 
 5. a The indicators of impairment listed in paragraph 8 to 10 of
 Accounting Standard (AS)- 28 Impairment of assets issued by ICAI have
 been examined by the management and on such examination, it has been
 found that none of the indicators are present in the case of the
 Company''s assets . A formal estimate of the recoverable amount has not
 been made, as there is no indication of a potential impairment loss.
 
 b In the opinion of Board of Directors and to the best of their
 knowledge and belief, the value on realization of Current Assets, Loans
 and Advances in the ordinary course of business will not be less than
 the amount at which they are stated in the Balance Sheet.
 
 6. Exceptional items for the year ended 31st March, 2012 represents net
 foreign exchange loss of Rs. 60.13 Crores due to unusual diminution in
 the value of Rupee as against the US Dollar during the year.
 
 7. There are no amounts due and outstanding to be credited to Investors
 Education and Protection Fund as at 31st March 2012
 
 8. Remittance in Foreign Currency on account of Dividend:
 
 The Company has paid dividend in respect of shares held by Non-resident
 on repatriation basis. This inter-alia includes portfolio investment
 and direct investment, where the amount is also credited to
 Non-Resident External Account (NRE A/c). The exact amount of dividend
 remitted in foreign currency cannot be ascertained. The total amount
 remitted in this respect is given herein below: