1. All amounts in the financial statements are presented in Rupees
Crores, unless otherwise stated. The note numbers appeared in the [ ]
are as they appear in the complete set of Financial Statements. These
abridged financial statements have been prepared in accordance with the
requirements of Rule 7A of the Companies (Central Government''s) General
Rules & Forms, 1956 and clause 32 of the Listing Agreement. These
abridged financial statements have been prepared on the basis of the
complete set of financial statements for the year ended March 31, 2011.
2. [B2]Contingent liabilities not provided for in respect of:
a. Letter of Credits outstanding for purchase of materials aggregating
to Rs. 50.92 crores (Previous Year- Rs. 162.75 crores).
b. Outstanding Bank Guarantees and Counter / Corporate Guarantees
given on behalf of subsidiary/associates companies aggregating to Rs.
1550.55 crores (Previous Year - Rs. 886.06 crores).
c. Capital commitments - Rs. 137.17 crores (Previous Year - Rs. 164.64
crores).
d. Bills discounted with banks aggregating to Rs. 32.41 crores
(Previous Year - Rs. 40.62 crores).
e. Duty on account of Advance Authorisation against Export Obligation
is Rs. 1.03 crores. (Previous Year - Rs. 1.61 crores).
f. Disputed amount involved in three income-tax demands under appeal -
Rs. 4.42 crores (Previous Year - Rs. 4.09 crores). 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.
g. A demand raised by the Service tax department of Rs. 0.06 crores
(Previous Year Rs. 0.06 crores), against which company has filed an
appeal to the jurisdiction authorities.
3. [B6]Greenearth 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
Greenearth Resources & 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 Greenearth Resources & Projects Limited
would be in favour of the company.
4. [B12]The company uses forward contracts to hedge its risks
associated with foreign currencies relating to foreign currency
liabilities. The company does not use forward contracts for speculative
purpose.
5. [B13]Exchange difference Gain/ (Loss) of Rs. (0.03) Crores
(Previous Year Rs. 0.58 Crores) in respect of unexpired period of
forward cover contracts will be recognised in the Profit & Loss
accounts in subsequent year.
6. [B14]Foreign Currency Convertible Bonds (FCCB)
The Company issued 600, Zero Coupon Unsecured Foreign Currency
Convertible Bonds (FCCB) of US$ 100,000 each aggregating US$ 60 Million
at par on 11th April, 2006. These bonds are convertible into equity
shares of the Company at the option of bondholders at a price of Rs.
44.64 per share, If not converted then they are redeemable on 12th
April, 2011 at 139.36% of the face value.
As on 31.03.2011, 426 Bonds has been converted into 3,18,98,284 equity
shares leaving balance of 174 bond as on 31.03.2011. Subsequently,
these bonds have also been converted and consequently 1,74,07,793
Equity Shares & 17,40,778 B Equity Shares have been allotted on 8th
April 2011. With these conversions, all the FCCB''s have been fully
converted.
7. [B16]Secured Non-Convertible Debentures:
- 11.90% Secured Redeemable Non Convertible Debentures of Rs. 100.00
Crores (Previous Year Rs. 100.00 Crores) are redeemable at par in 4
equal annual installments commencing from 07th February 2012.
- 11.00% Secured Redeemable Non Convertible Debentures of Rs. 250.00
Crores (Previous Year Nil) are redeemable at par in 8 equal half yearly
installments commencing from 29th April 2013.
- 12.50% Secured Redeemable Non Convertible Debentures of
- Rs. 10.00 Crores (Previous Year 10.00 Crores) are redeemable at par
in 4 equal annual installments commencing from 30th May 2012,
- Rs. 10.00 Crores (Previous Year 10.00 Crores) are redeemable at par
on 30th May 2012,
- Rs. 10.00 Crores (Previous Year 10.00 Crores) are redeemable at par
on 30th May 2013,
- Rs. 10.00 Crores (Previous Year 10.00 Crores) are redeemable at par
on 30th May 2014,
- Rs. 10.00 Crores (Previous Year 10.00 Crores) are redeemable at par
on 30th May 2015
8. [B19]For the Convenience of operations, Bajrang Bali Coke
Industries Ltd has appointed the Company as ''Operator'' to operate and
manage their plants at Bhachau Gujarat w.e.f. 1st April 2010 as per
terms of an agreement dated 1st April 2010. Pursuant to the said
agreement and supplementary agreement dated 28th March, 2011 the
Company has given an interest free Security Deposit of Rs. 30 Crores to
Bajrang Bali Coke Industries Ltd. Consequently, additionals capacity of
90,000 MT per annum of Metallurgical Coke has been available to the
company.
9. [B24] Previous Year figures have been regrouped / rearranged
wherever considered necessary.
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