(Rs. Crore)
 
                                          As at 31st       As at 31st
                                         March, 2011      March, 2010
 
 1.  (I) Contingent Liabilities not 
 provided for in respect of:
 
 (a) Claims/Disputed Liabilities not 
 acknowledged as debt:
 Following demands are disputed by the 
 Company and are not provided for:
 
 (i) Demand notice by Asstt. Collector 
 Central Excise Mirzapur for excise duty 
 on power generated by Company''s 
 captive power plant, Renusagar Power 
 Company Limited (Since amalgamated).           9.12           9.12
 * Writ petition is pending with the 
 Hon''ble High Court of Delhi.
 Earlier demand raised was quashed by 
 the Hon''ble High Court of Delhi. The 
 amount has been sequestered in the 
 Aluminium Regulation account. According 
 to the terms of settlement dated
 5th December, 1983 between the Central 
 Govt. and the Company, this amount 
 will be reimbursed to the Company in
 the event case is decided 
 against the Company
 
 (ii)Demand of interest on past dues of the 
 Aluminium Regulation account up to 31st
 December, 1987.                                 6.33          6.33
 * The demand is in dispute with 
 Controller of Aluminium Regulation Account.
 
 (iii) Retrospective Revision of Water Rates 
 by UP Jal Vidyut Nigam Limited (April 1989 
 to June 1993 & Jan 2000 to Jan 2001).           4.08          4.08
 *  Writ petition pending with Lucknow 
 Bench of Hon''ble High Court of Allahabad. 
 The demand has been stayed vide order
 dated 11th May, 2001.
 
 (iv) Transit fees levied by Divisional 
 Forest officer, Renukoot, on Coal and 
 Bauxite.                                       93.43         74.21
 * Appeal pending with the Hon''ble High 
 Court of Allahabad and payment of 
 transit fee has been stayed. According 
 to the legal opinion received by the 
 Company, the Forest department has
 no authority to levy such fees.
 
 (v)M.P Transit Fee on Coal demanded by 
 Northern Coal Fields Limited.                  22.54         21.82
 * Company had paid Rs. 15.73 crore under 
 protest towards MP transit Fee on 
 Coal and filed Writ Petition before 
 the Hon''ble Jabalpur High Court. 
 The Hon''ble High Court has struck down
 the levy and also ordered for refund 
 of the amount paid under protest. The 
 State government has filed an appeal 
 against the order of the Hon''ble High 
 Court before the Hon''ble Supreme
 Court and the order of Hon''ble High 
 Court has been stayed.
 
 (vi) Imposition of Cess on Coal by 
 Shaktinagar Special Area
 Development Authority.                         6.30          5.16
 * Appeal is pending before the 
 Hon''able High Court of Allahabad.
 Demand and levy has been stayed. 
 According to legal opinion received 
 by the Company, the state has no 
 power to tax the mineral since this 
 field is covered under Mines and 
 Minerals Development and 
 Regulation Act.
 
 (vii)Demand of Royalty on Vanadium 
 by District Mining officer, Lohardaga.         8.44          8.44
 * Appeal is pending with the Hon''ble 
 High Court of Allahabad. The demand has 
 been stayed on certain conditions.
 
 (viii)The demand of Excise Duty on gold.     155.31        155.31
 *Part of the demand was confirmed 
 against which our ROM request is pending 
 at CESTAT. Department''s appeal is pending
 before the Hon''ble Supreme Court for 
 the part of the demand and penalty 
 that was dropped.
 
 (ix)Demand for disallowances of 
 depreciation claim and other claim                -         18.02
 on the leased assets by Lessor.
 - Arbitration proceedings completed, 
 matter settled.
 
 (x) Tax under MPGATSVA, 2005 @ 5% on 
 basic price of coal w.e.f.                    52.55         48.19
 30th September, 2005 by M.P. State 
 Government. *Writ petition has been 
 filed before the Hon''ble High Court of
 Madhya Pradesh at Jabalpur. 
 Demand has been stayed.
 
 (xi)Demand raised on the assessment 
 for entry tax with retrospective             213.53        179.28
 effect from the period 1st November, 
 1999 to till date.
 * Writ petition is pending before 
 Hon''ble High Court of Allahabad
 and demand has been stayed.
 
 (xii)Demand raised on assessment under 
 CST Act and UP Sales Tax Act.                  9.07          5.56
 *  Appeals have been filed with Sales 
 Tax Tribunal and JC
 Appeal for different years.
 
 (xiii)Revision of surface rent on land 
 by Government of Jharkhand                    14.56         11.07
 w.e.f. 16th June, 2005.
 * Matter is in dispute at Hon''ble 
 High Court of Jharkhand.
 
 (xiv)Demand made by Nayab Tehsildar 
 Kusmi / Collector under                        3.47          2.71
 Chattisgarh as per Adhosanrachna 
 Vikas evam Parayavaran Upkar Adhiniyam, 
 2005 @ 5% as environment tax on royalty
 plus 5% as development tax.
 * The Writ petition which has been filed 
 by the Company before Hon''ble High Court 
 of Chhattisgarh at Bilaspur, has been
 transferred to the Hon''ble Supreme 
 Court and tagged with other
 Civil Appeals.
 
 (xv)Service tax paid on Goods Transport 
 Agency and Business Auxiliary
 Services.                                     11.27         11.27
 *  Commissioner has confirmed the 
 demand. Appeal is being filed at 
 CESTAT New Delhi.
 
 (xvi) M.P Transit fee on Bauxite.              1.26          1.20
 * Writ petition pending with the Hon''ble 
 High Court at Jabalpur.
 
 (xvii) Demand for Entry Tax relating to 
 valuation dispute of 2004-05
 to 2005-06, for which appeals 
 have been filed.                               4.37          1.18
 * Appeal has been filed with 
 Additional CCT, Sambalpur.
 
 (xviii) CST demand on reopening of 
 assessments for 1999-00 to 2003-04.            8.81          8.81
 * Appeals have been filed.
 
 (xix)   Demand on Interest on excess 
 CENVAT Credit taken.                           1.00          1.00
 *Appeal pending with CESTAT, Mumbai.
 
 (xx)  Demand for Sales Tax u/s 15B 
 for A.Y. 2001-02 & 2002-03.                    8.17         14.62
 * Appeal is pending with J. C 
 Appellate Authority, Baroda.
 
 (xxi) Demand for VAT for AY 2007-08
 *  Appeal pending with Special 
 Commissioner Appeal, Delhi                     9.56             -
 
 (xxii) Service tax on insurance 
 policy attributable to Renusagar.              4.49          2.86
 *  Commissioner has confirmed 
 the demand. Appeal is pending 
 before the CESTAT, New Delhi.
 
 (xxiii) Demand of Interest on
 differential duty on account of final
 assessment of Bill of Entries.                17.63         17.55
 * The matter is pending with 
 Commissioner of Customs, Appeal,
 Ahmedabad.
 
 (xxiv) Disallowance of CENVAT credit.          5.29          5.29
 * The matter is pending with 
 CESTAT, Ahmedabad.
 
 (xxv) Demand for interest on claim 
 with IFFCO, Kandla.                            7.53          6.79
 * Matter is pending with arbitrator.
 
 (xxvi) Demand raised on assessment 
 under CST Act and APGST Act                    5.26          5.56
 for various years.
 *  Appeals have been filed with 
 appropriate authorities.
 
 (xxvii)Demand for Service Tax on Consulting 
 Engineer Services and
 Scientific & Tech Service.                     3.84          3.84
 *  Appeal pending with Commissioner 
 (Appeals), Ahmedabad.
 
 (xxviii)Excise duty on Dross                  14.42          9.13
 
 *Company has challenged the letter 
 issued by Excise department
 to pay Excise duty on dross before 
 Hon''ble Allahabad High court.
 
 (xxix) Claim for Plot Rent at 
 Lohardaga Siding                                  -          3.39
 –   Matter settled
 
 (xxx) Demand of stamp duty on 
 imported cargo                                53.17         38.99
 * Matter is pending with Hon''ble 
 High Court, Ahmedabad Gujarat
 
 (xxxi) Other Contingent Liabilities 
 in respect of Excise, Customs, Sales
 Tax etc. each being for less than 
 Rs.  1 crore.
 * The demands are in dispute at 
 various legal forums.                         18.01          12.08
 
 Total                                        772.81         692.86
 *Indicating uncertainties
 
 (b) (i) Bills discounted with Banks            0.19           0.19
 
 (ii) Corporate Guarantees outstanding         74.22       7,462.75
 
 (Rs. 33.66 crore (previous year Rs. 
 7,446.04 crore**) given on behalf of
 subsidiary companies)
 
 (c) Customs duty on Capital Goods and 
 Raw Materials imported                       514.38         168.46
 under EPCG Scheme /Advance Licence, 
 against which export
 obligation is to be fulfilled.
 ** includes US$ 1.4 billion (Rs. 6,276.2 
 crore) given by the Company for due 
 performance of facility agreement entered
 into by one of its wholly owned 
 subsidiary Companies with the Bankers 
 for availing loan of US$ 981.80 
 million for acquisition of Novelis 
 Inc., since discharged.
 
 (II) Provisions:
 
 (a) The provision for excise duty and sales tax are on account of legal
 matters, where the Company anticipates probable outflow. The amount of
 provision is estimated by the Company considering the facts and
 circumstances of each case for which cash flow will be determined on
 settlement of these matters.
 
 (b) Provision for others is on account of dispute pertaining to
 non-supply of material to a customer.  
 
 (III) The Company has given undertakings to various Financial
 Institutions and Banks, as relevant, for:
 
 (i) Following Sponsors Undertakings have been given by the Company,
 along with Aditya Birla Nuvo Ltd, Grasim Industries Ltd. and Birla TMT
 Holdings Pvt. Ltd (the Sponsors), being promoters of Idea Cellular
 Ltd.( Idea):-
 
 (a) The Sponsors shall collectively continue to hold at least 33% of
 the equity capital of Idea till the end of FY 2015-16 and shall not
 without prior written approval of the Facility Agent, divest, transfer,
 assign, dispose of, pledge, charge, create any lien or in any way
 encumber 33% of shareholdings in Idea. Consequent upon the infusion of
 fresh equity capital of Idea, if the Sponsors'' stake gets diluted from
 40% to 33% in the equity capital of Idea, the Sponsors agree and
 undertake to obtain the prior consent of the Rupee Facility Agent and
 in other circumstances, the Sponsors agree and undertake to obtain the
 prior consent of the secured lenders representing 51% of the aggregate
 outstanding secured loans.
 
 (b) The Sponsors shall collectively continue to hold 26% of the equity
 capital of Idea after FY 2015-16 and shall not without the prior
 written approval of the Rupee Facility Agent, divest, transfer, assign,
 dispose of, pledge, charge, create any lien or in any way encumber 26%
 shareholdings in the capital of Idea.
 
 (c) Not without prior approval of the Facility Agent in writing divest
 shareholdings in the equity capital of Idea that may result in a single
 investor along with its affiliates holding more than 25% of the equity
 capital of Idea.
 
 (ii) A Common Rupee Loan Agreement (CRLA) has been executed by the
 Company as the Sponsor to avail financing of Rs. 4,906 crore for project
 undertaken by Utkal Alumina International Limited (Utkal), a
 wholly-owned subsidiary of the Company.
 
 Under the CRLA, the Company has following obligations as under:
 
 a) To infuse base equity of Rs. 2,103 crore in Utkal.
 
 b) To ensure that debt: equity ratio is always maintained at 70:30 in
 Utkal.
 
 c) To hold minimum 51% equity shares in Utkal.
 
 d) To bring funds for meeting cost overrun of the project.
 
 e) If Utkal exercises its right or requires to replace any lender under
 the CRLA and to enable to bring other lender to replace such a lender
 within the permitted time, the Company is required to infuse funds for
 prepayment of the loan to such lender and for undrawn portion of such
 rupee lender.
 
 2.  The Company has received a notice dated 24th March, 2007 from
 collector (Stamp) Kanpur, Uttar Pradesh alleging that stamp duty of Rs.
 252.96 crore is payable in view of order dated 18th November, 2002 of
 Hon''ble High Court of Allahabad approving scheme of arrangement for
 merger of Copper business of Indo Gulf Corporation Limited with the
 Company. The Company is of the opinion that it has a very strong case
 as there is no substantive/computation provision for levy/calculation
 of stamp duty on court order approving scheme of arrangement under
 Companies Act, 1956 within the provisions of Uttar Pradesh Stamp Act,
 moreover the properties in question are located in the State of Gujarat
 and thus the Collector (stamp) Kanpur has no territorial jurisdiction
 to make such a demand. It is pertinent to note that the Company in
 2003-04 has already paid stamp duty which has been accepted as per the
 provisions of the Bombay Stamp Act 1958 with regard to transfer of
 shareholding of Indo Gulf Corporation Limited as per the Scheme of
 Arrangement. Furthermore, the demand made is on an incorrect
 assumption. The Company''s contention amongst the various other grounds
 made is that the demand is illegal, against the principles of natural
 justice, incorrect, bad in law and malafide. The Company has filed a
 writ petition before the Hon''ble High Court of Allahabad, inter alia,
 on the above said grounds, which is pending determination.
 
 3.  (a) Purchase of Copper Concentrate is accounted for provisionally
 pending finalisation of contents in the concentrate, price, and custom
 duty including interest. Variations are accounted for in the year of
 settlement.
 
 (b) Sales of Continuous Cast Copper Rod and Copper Cathode are
 accounted for provisionally, pending finalization of price. Variations
 are accounted for in the year of settlement.
 
 (c) Final price payable on purchase of copper concentrate for which
 quotational price and quantity were not finalized in previous year,
 were realigned based on monthly average of LME & LMBA rate at the year
 end copper and precious metals respectively and accordingly provision
 for Rs. 108.06 crore (previous year Rs. 161.93 crore ) was made. During the
 year final price payable was settled at Rs. 24.66 crore (previous year Rs.
 420.18 crore) and accordingly receivable of Rs. 132.71 crore (previous
 year additional liabilities of Rs. 258.25 crore) have been adjusted in
 raw material consumption. Further, provisions for Rs. 3.54 crore
 (previous year Rs. 108.05 crore) was made on realignment of receipt of
 copper concentrate as on 31st March, 2011. Actual outflow is expected
 on finalization of quotational price and quantity in the next financial
 year.
 
 (d) Final price receivable from sale of Copper for which quotational
 price was not finalized in previous year, were realigned at year end
 rate based on LME Rate and reversal of sales for Rs. 4.99 crore (previous
 year additional sales Rs. 0.08 crore) were accounted for. During the Year
 final price was settled at Rs. 13.35 crore (previous year Rs. 8.05 crore)
 and further reversal of sales for Rs. 8.36 crore (previous year credit
 for further sales Rs. 7.97 crore) was taken into account. As on 31st
 March, 2011, sale of Copper, Gold, Silver & Anode Slime amounting to Rs.
 649.40 crore (previous year Rs. 553.12 crore) pending for price
 finalization were realigned at year-end rate of LME and an additional
 sales of Rs. 8.86 crore (previous year reversal of sales Rs. 4.99 crore)
 was accounted for. Actual inflow or outflow is expected on finalization
 of price.
 
 4.  Income amounting to Rs. 35.14 crore of dividend (previous year Rs.
 81.47 crore), Rs. 0.36 crore of interest (previous year Rs. 10.08 crore)
 and Rs. 1.98 crore of profit on sale of investments (previous year Rs. 4.29
 crore) derived from temporary deployment of surplus fund out of
 specific borrowing for various projects have been deducted from
 borrowing costs incurred.
 
 5.  On January 24, 2011, AV Minerals (Netherlands) B.V., a wholly-owned
 subsidiary of the Company, has reduced its nominal value of shares from
 Euro 1,000 per share to Euro 778.20 per share and has returned the
 excess paid up capital after paying up dues on partly paid-up shares.
 The extent of ownership interest of the Company in AV Minerals has not
 been affected by the reduction in the paid up capital.
 
 The net excess paid up capital amounting to Rs. 2,962.72 crore
 (equivalent to Euro 477.58 million) was returned to the Company on
 January 25, 2011.
 
 The carrying value of the investment has been adjusted for the above
 transaction and the resulting foreign exchange gain of Rs. 41.38 crore
 has been recorded under the head Miscellaneous Expenses in Schedule 17
 to Profit and Loss Account.
 
 6.  The Company is one of the promoter members of Aditya Birla
 Management Corporation Private Limited (ABMCPL), a Company limited by
 guarantee which has been formed to provide common facilities and
 resources to its members, with a view to optimize the benefits of
 specialization and minimize cost for each member. The Company is one of
 the participants in the common pool and shares the expenses incurred by
 ABMCPL and accounted for under appropriate heads.
 
 7.  Loans and Advances include
 
 (c) Inter Corporate Deposits include Rs. 51.23 crore (previous year Rs.
 32.35 crore) given to Aditya Birla Science and Technology Company
 Limited, an associate of the Company, bearing interest. Maximum balance
 outstanding during the year was Rs. 51.23 crore (previous year Rs. 32.35
 crore).
 
 (d) Loan to employees as per Company''s policy are not considered.
 
 (e) Balances with Trident Trust representing 16,316,130 equity shares
 of Rs. 1/- each of the Company issued pursuant to the Scheme of
 Arrangement approved by the Hon''ble High Courts at Mumbai and Allahabad
 vide their Orders dated 31st October, 2002 and 18th November, 2002,
 respectively, to the Trident Trust, which is created wholly for the
 benefit of the Company and is being managed by trustees appointed by
 it. The tenure of the trust is upto 23rd January, 2017.
 
 8.  Although the book / market value of certain investments (amount
 not ascertained) is lower than cost, considering the strategic and long
 term nature of the investments and asset base of the investee
 companies, in the opinion of the management such decline is temporary
 in nature and no provision is necessary for the same.
 
 9.  213,147,391 equity shares of Rs. 1/- each at a premium of Rs. 129.90
 were issued through Qualified Institutions Placement (QIP) on 1st
 December, 2009. Entire amount has been spent for various ongoing
 projects and issue related expenses within 31st March, 2011.
 
 10.  Indal Exports Limited, a wholly- owned subsidiary of the Company,
 has been dissolved on 4th March, 2011 following the Easy Exit Scheme,
 2011 introduced by the Ministry of Corporate Affairs.
 
 11. The Company had formulated a scheme of financial restructuring
 under Sections 391 to 394 of the Companies Act 1956 (the Scheme)
 between the Company and its equity shareholders approved by the High
 Court of Judicature of Bombay to deal with various costs associated
 with its organic and inorganic growth plan. Pursuant to this, a
 separate reserve account titled as Business Reconstruction Reserve
 (BRR) was created during the year 2008-09 by transferring balance
 standing to the credit of Securities Premium Account of the Company for
 adjustment of certain expenses as prescribed in the Scheme.
 
 12. Share-Based Compensation
 
 The shareholders of the Company has approved an Employee Stock Option
 Scheme (ESOS 2006), formulated by the Company, under which the
 Company may issue 3,475,000 options to its permanent employees in the
 management cadre, in one or more tranches, whether working in India or
 out of India, including the Whole Time Directors of the Company. The
 shareholders have also approved giving discount upto 30% of the average
 price of the equity shares of the Company in the immediate preceding
 seven day period on the stock exchange. The ESOS 2006 is administered
 by the Compensation Committee of the Board of Directors of the Company
 (the Committee). Each option when exercised would be converted into
 one fully paid-up equity share of Rs. 1/- each of the Company. The
 options will vest in 4 equal annual installments after one year of the
 grant. The maximum period of exercise is 5 years from the date of
 vesting. Further, forfeited/lapsed options are available to the
 Committee for grant.
 
 During the year, under ESOS 2006, 572,160 options have been granted as
 Tranche III to its eligible employees as on 3rd September, 2010.
 However, under the ESOS 2006, so far the Committee has granted
 3,545,550 options to its eligible employees in three tranches out of
 which 701,274 options were forfeited/lapsed and are available to the
 Committee for grant as per term of the Scheme.
 
 The compensation cost of stock options granted to employees have been
 accounted by the Company using the intrinsic value method. Accordingly,
 employee cost includes Rs. 1.34 crore (Previous year Rs. 1.00 crore) being
 the amortization of intrinsic value for the year ending 31st March,
 2011.
 
 F Principal Actuarial Assumptions
 
 The Company has various schemes (funded/unfunded) for payment of
 gratuity to all eligible employees calculated at specified number of
 days (ranging from 15 days to 1 month) of last drawn salary depending
 upon the tenure of service for each year of completed service subject
 to minimum service of five years payable at the time of separation upon
 superannuation or on exit otherwise.
 
 (ii) In respect of Defined contribution schemes –
 
 (a) As required under Guidance Notes on Implementation of Accounting
 Standard 15 (revised) issued by the ICAI in respect of exempted
 Provident Fund, the Company has ascertained shortfall in interest
 payable to the members of Provident Fund based on actuarial valuation
 and made appropriate provision in the books. The Company contributes
 12% of salary for all eligible employees towards Provident Fund managed
 either by approved trusts or by the Central Government. The amount
 debited to Profit & Loss Account during the year was Rs. 55.00 crore
 (previous year Rs. 50.62 crore).  In view of typical nature of such
 Provident fund scheme involving defined benefit underpin in respect of
 interest payable to members as declared by The Employees Provident Fund
 Organisation, the defined benefit obligation relating to interest
 shortfall is considered to be Other Long Term Employee Benefit.
 
 (b) The Company contributes a certain percentage of salary for all
 eligible employees in managerial cadre towards Superannuation Funds
 managed by approved trusts or by Life Insurance Corporation of India.
 The amount debited to Profit & Loss Account during the year was Rs. 10.41
 crore (previous year Rs. 9.38 crore).
 
 13. Derivative Financial Instrument
 
 a) The Company had adopted Accounting Standard 30, Financial
 Instruments: Recognition and Measurement issued by The Institute of
 Chartered Accountants of India so far as it related to derivative
 accounting during the year 2009-10.
 
 b) In the ordinary course of business, the Company is exposed to risks
 resulting from changes in prices of commodity, exchange rate
 fluctuation and interest rate movements. It manages its exposure to
 these risks through derivative financial instruments. It uses
 derivative instruments such as forwards, futures, swaps and options to
 manage these risks. These derivative financial instruments reduce the
 impact of both favourable and unfavourable fluctuations. Except where
 noted, the derivative contracts are marked- to-market (MTM) and the
 related gains and losses are included in Profit and Loss Account in the
 current accounting period.
 
 The Company''s risk management activities are subject to the management,
 direction and control of Risk Management Board (RMB). The RMB is
 composed of two directors including Managing Director, Chief Financial
 Officer and other officers and employees selected by the Managing
 Director. The RMB reports to the Board of Directors on the scope of its
 activities.
 
 The decision of whether and when to execute derivative financial
 instruments along with its tenure can vary from period to period
 depending on market conditions and the relative costs of the
 instruments.  The tenure is always linked to the timing of the
 underlying exposure, with the connection between the two being
 regularly monitored. The Company is exposed to losses in the event of
 non-performance by the counterparties to the derivative contracts. All
 derivative contracts are executed with counterparties that, in our
 judgment, are creditworthy. The credit levels are reviewed to ensure
 that there is not an inappropriate concentration of outstanding to any
 particular counterparty.
 
 Commodity Price Risk
 
 Copper and Precious Metals
 
 This business is conducted under a conversion model. The prices of
 input and output are derived from the same benchmark and/or are linked
 to each other through a defined formula. The objective of risk
 management is to attempt to use derivatives to match the price
 fluctuations arising out of the timing mismatch in pricing the input
 and output so as to Rs.pass through'' the change in input cost to
 customers to make the margins immune to the fluctuations in prices of
 the input and output.
 
 Aluminium
 
 This business is vertically integrated. The main raw material viz.
 bauxite (mostly mined from own mines) and other purchased raw materials
 do not have any linkage with the output price which is Aluminium LME
 prices. When the prices of input(s) and output(s) do not follow the
 above condition, then risk management attempts to use derivatives so as
 to protect the margins from adverse movements in prices on either side,
 i.e. from a rise in input cost or from a fall in output price.
 
 As a condition of sale, customers often require the Company to enter
 into fixed price commitments.  These commitments expose the Company to
 the risk of fluctuating aluminum prices between the time the order is
 committed and the time that the material is shipped. The Company may
 enter into derivative financial instruments to mitigate the risk
 arising out of the fixed price commitments.  Consequently, the gain or
 loss resulting from movements in the price of aluminium on these
 contracts would generally be offset by an equal and opposite impact on
 the net sales and purchases being hedged.
 
 Foreign Currency Exchange Risk
 
 Exchange rate movements, particularly the United States Dollar (USD)
 and Euro (EUR) against Indian Rupee (INR), have an impact on our
 operating results. In addition to the foreign exchange flow from
 exports, the commodity prices in the domestic market are derived based
 on the landed cost of imports in India where LME prices and USD/INR
 exchange rate are the main factors. In case of conversion business, the
 objective is to match the exchange rate of outflows and related inflows
 through derivative financial instruments. With respect to Aluminium
 business where costs are predominantly in INR, the strengthening of INR
 against USD adversely affects the profitability of the business and
 benefits when INR depreciates against USD. The Company enters into
 various foreign exchange contracts to protect profitability. The
 Company also enters into various foreign exchange contracts to mitigate
 the risk arising out of foreign currency exchange rate movement in
 foreign currency contracts executed with foreign suppliers to procure
 capital items for its project activities.
 
 14. Related Party Disclosures A. List of Related Parties 
 
 (a) Subsidiaries of the Company
 
 1 Minerals & Minerals Limited
 
 2 Renukeshwar Investments and Finance Limited
 
 3 Renuka Investments and Finance Limited
 
 4 Lucknow Finance Company Limited
 
 5 Dahej Harbour and Infrastructure Limited
 
 6 Birla Resources Pty Limited
 
 7 Aditya Birla Minerals Limited
 
 8 Birla Maroochydore Pty Limited
 
 9 Birla Nifty Pty Limited
 
 10 Birla Mt. Gordon Pty Limited
 
 11 Aditya Birla Chemicals (India) Limited
 
 12 Utkal Alumina international Limited
 
 13 Suvas Holdings Limited
 
 14 Indal Exports Limited (dissolved on 4th March, 2011)
 
 15 Hindalco-Almex Aerospace Limited
 
 16 HAAL (USA) Inc.
 
 17 A V Minerals (Netherlands) B.V.
 
 18 A V Metals Inc.
 
 19 A V Aluminum Inc. (merged with Novelis w.e.f. 29th September, 2010)
 
 20 East Coast Bauxite Mining Company Private Limited
 
 21 Tubed Coal Mines Limited
 
 22 Mauda Energy Limited
 
 23 Novelis (India) Infotech Ltd.
 
 24 Novelis Inc.
 
 25 Novelis No. 1 Limited Partnership
 
 26 4260848 Canada Inc.
 
 27 4260856 Canada Inc.
 
 28 Novelis Cast House Technology Ltd.
 
 29 Novelis Corporation
 
 30 Aluminum Upstream Holdings LLC
 
 31 Eurofoil Inc. (USA)
 
 32 Evermore Recycling LLC
 
 33 Logan Aluminium Inc.
 
 34 Novelis Brand LLC
 
 35 Novelis PAE Corporation
 
 36 Novelis South America Holdings LLC
 
 37 Novelis Belgique S.A.
 
 38 Novelis Benelux NV
 
 39 Albrasilis - Aluminio do Brasil Industria e Comércio Ltda.
 
 40 Novelis do Brasil Ltda.
 
 41 Novelis Foil France S.A.S.
 
 42 Novelis Laminés France S.A.S.
 
 43 Novelis PAE S.A.S.
 
 44 Novelis Aluminium Beteiligungs GmbH
 
 45 Novelis Deutschland GmbH
 
 46 Novelis Aluminium Holding Company
 
 47 Novelis Italia SpA
 
 48 Novelis Luxembourg S.A.
 
 49 Al Dotcom Sdn Berhad
 
 50 Alcom Nikkei Specialty Coatings Sdn Berhad
 
 51 Aluminum Company of Malaysia Berhad
 
 52 Novelis de Mexico, S.A. de C.V.
 
 53 Novelis Madeira, Unipessoal, Lda
 
 54 Novelis Korea Limited
 
 55 Novelis AG
 
 56 Novelis Switzerland S.A.
 
 57 Novelis Technology AG
 
 58 Novelis UK Ltd.
 
 59 Novelis Europe Holdings Limited
 
 60 Novelis Services Limited
 
 61 Novelis North America Holdings Inc.
 
 (b) Trust of the Company
 
 1 Trident Trust
 
 (c) Joint Ventures
 
 1 Hydromine Global Minerals GMBH Limited
 
 2 Mahan Coal Limited
 
 (d) Associate
 
 1 Aditya Birla Science & Technology Company Limited
 
 2 Idea Cellular Limited
 
 3 Consórcio Candonga
 
 4 France Aluminium Recyclage S.A.
 
 5 Aluminium Norf GmbH
 
 6 Deutsche Aluminium Verpackung Recycling GmbH
 
 7 MiniMRF LLC (Delaware)
 
 15. Segment Reporting:
 
 (a) Primary Segment Reporting (by Business Segment):
 
 i) The Company has two reportable segments viz. Aluminium and Copper
 which have been identified in line with the Accounting Standard 17 on
 Segment Reporting, taking into account the organizational structure as
 well as differential risk and return of these segments. Details of
 products included in each segments are as under:
 
 Aluminium : Hydrate & Alumina, Aluminium and Aluminium Products.
 
 Copper : Continuous Cast Copper Rods, Copper Cathode, Sulphuric Acid,
 DAP & Complexes, Gold and Silver.  
 
 ii) Inter-segment transfers are based on market rates.
 
 (b) Secondary Segment Reporting (by Geographical demarcation):
 
 i) The Secondary segment is based on geographical demarcation i.e India
 and Rest of the World.  Since all production and other facilities are
 located in India, segment assets except debtors are shown under one
 geographic segment i.e. India.
 
 16. The amount transferable to Investor Education and Protection Fund
 does not include any amount due and outstanding to be transferred to
 the said fund except Rs. 0.07 crore (previous year Rs. 0.07 crore)
 which is held in abeyance due to legal case pending.
 
 17. Figures of the previous year have been regrouped / rearranged
 wherever necessary.