1.  Estimated amounts of Capital Commitments (net of advances)
 outstanding as at 31 st March 2011 and not provided for isRs. 136.49
 (Previousyear-Rs. 893.93).
 
                                       (All figures are inRs. in lacs) 
 
 2.  Contingent Liabilities not provided for:
 
                                            2010-2011      2009-2010
 
 a) Claims against the Company not 
 acknowledged as debts:
 
 i) Sales tax matter under appeal [net 
 ofRs. 5.49                                       44.06          44.06
 (previousyear-Rs. 5.49) paid under protest]
 
 ii) Income tax matters under dispute           78.83          15.88
 
 iii) Service tax matters under dispute          1.54          33.62
 
 b) Letter of comfort/Corporate Guarantee 
 given to banks against term loan,          12,138.90       8,949.89
 working capital and Forwards Exchange 
 Contracts facility provided by them to a 
 step down subsidiary [ limit £ 16.65 
 million, (previousyear-£12.98 million)]
 
 Utilised at year end £8.45 million, 
 (previous year-£5.02 million)               6,163.84       3,461.09
 [Converted at year end rate]
 
 c) Corporate Guarantee given to Exim Bank 
 against term loan availed by a              2,700.00            Nil
 
 Body Corporate
 
 Utilised at year end                          962.20            Nil
 
 3. The Company, in March 2004, withdrew its application for exemption
 under Para 39 of the Employees'' Pension Scheme, 1995 (EPS, 95) pending
 with the Regional Provident Fund Commissioner (RPFC) at Rourkela.
 Subsequent thereto, from April 2004, the Company has been depositing
 contributions under EPS, 95 with the RPFC. A sum ofRs. 81.72 has been
 paid in earlier years to RPFC from the Company''s Superannuation Fund
 towards contribution (as estimated by the Company) under EPS, 95 for
 the period 16th November 1995 to 31 st March 2004 in respect of
 employees continuing in the Company''s employment as on 31 st March
 2004. RPFC has however demanded contribution also for persons who
 ceased to be employees of the Company in said period, which has been
 disputed by the Company.
 
 RPFC had raised a demand ofRs. 27.26 in March 1998 on the Company towards
 contribution under EPS, 95 for the period 16th November 1995 to 31 st
 January 1998, which was stayed by the Hon''ble Orissa High Court in a
 petition filed before them by the Company. The matter was disposed off
 by the Hon''ble High Court vide it''s Order dated 3rd March 2009 whereby
 liberty was granted to RPFC to take steps for recovery of amount due,
 if the same was found not deposited, no communication has since been
 received from RPFC.
 
 4.  Disclosure in respect of Employee Benefits in keeping with
 Accounting Standard 15.
 
 A.  In keeping with the Guidance on implementing Accounting Standard
 (AS) 15 on Employee Benefits issued by the Accounting Standards Board
 of the Institute of Chartered Accountants of India (ASB Guidance),
 employer established provident fund trusts are treated as Defined
 Benefit Plan since the Company is obligated to meet interest shortfall,
 if any, with respect to covered employees. However, there is no such
 interest shortfall at the year end.
 
 According to the actuary, actuarial valuation cannot be applied to
 reliably measure provident fund liabilities in absence of guidance from
 the Actuarial Society of India. Accordingly, the Company is currently
 not in a position to provide other related disclosures as required by
 the aforesaid AS 15 read with the ASB Guidance. During the year, the
 Company has contributed Rs. 35.57 (previous year - Rs. 27.67) to the
 Provident Fund.
 
 B.  Gratuity (Funded)
 
 The Company provides for gratuity, a defined benefit retirement plan
 covering eligible employees. As per the Scheme, the Gratuity Trust fund
 makes payments to vested employees on retirement, death, incapacitation
 or termination of employment. For employees joining after 1 st April
 2003, the amount is based on the respective employee''s eligible salary
 (half month''s salary) depending on the tenure of the service subject to
 a maximum of Rs. 10 as per the Payment of Gratuity Act, 1972. For
 employees joining before 1 st April 2003, the amount is calculated
 similarly as per the Payment of Gratuity Act, 1972 (with the cap of Rs.
 10) or the Company''s scheme, whichever is higher. Vesting occurs on
 completion of five years of service. Liabilities with regard to the
 Gratuity plan are determined by actuarial valuation as set out in Note
 1 (j) (vi) above, based on which the Company makes contribution to the
 fund. The most recent actuarial valuation of the fund was carried out
 as at 31 st March 2011.
 
 C.  In keeping with the Company''s Superannuation Scheme (applicable to
 employees joined before 31st March 2004), employees are entitled to
 superannuation benefit on retirement/death/incapacitation/termination.
 Superannuation Scheme was amended from Defined Benefit Plan to Defined
 Contribution Plan effective 1 st April 2004 and the benefits under the
 Defined Benefit Plan were frozen as on 31 st March 2004. Necessary
 formalities/approvals have been complied with/obtained. Also refer
 Notes 1 (j) (iv) and (vi) for accounting policy relating to
 superannuation.
 
 D.  Leave Encashment (Unfunded)
 
 The Company provides for accumulated leave benefit for eligible
 employees (i.e. workmen) at the time of retirement, death,
 incapacitation or termination of employment, subject to a maximum of
 one hundred and twenty days based on the last drawn salary. Liabilities
 are determined by actuarial valuation as set out in Note 1 (j) (vii)
 above.
 
 The basis used to determine overall expected return on assets and the
 major categories of Plan Assets are as follows : The major portion of
 the assets is invested in units of Insurers and Government Bonds. Based
 on the asset allocation and prevailing yield rates on these asset
 classes, the long term estimate of the expected rate of return on the
 fund have been arrived at. Assumed rate of return on assets is expected
 to vary from year to year reflecting the returns on matching Government
 Bonds.
 
 The estimate of future salary increases takes into account inflation,
 seniority, promotion and other relevant factors.
 
 4.2 The Company has recognised, in the Profit and Loss Account, an
 amount of Rs. 131.76 (previous year - Rs. 96.01) as expenses under defined
 contribution plans.
 
 5.  Related Party Disclosures in keeping with Accounting Standard-18
 prescribed under ''the Act''.
 
 a) List of Related Parties
 
 Where Control exists:
 
 Holding Company 
 
 Bajoria Holdings Private Limited
 
 Subsidiary Companies (including step down subsidiaries)
 
 IFGL Worldwide Holdings Limited
 
 IFGLMonocon Holdings Limited
 
 Monocon International Refractories Limited
 
 Monocon Overseas Limited
 
 Mono Ceramics Inc.
 
 MonotecRefratariosLtda
 
 Tianjin Monocon Refractories Company Limited
 
 Tianjin Monocon Aluminous Refractories Company Limited
 
 Goricon Metallurgical Services Limited
 
 Goricon LLC
 
 IFGL GmbH
 
 Hofmann Ceramic GmbH
 
 HofmannGmbH&Co.OHG
 
 Hofmann Ceramic CZs.r.o.
 
 Hofmann Ceramic Limited
 
 Hofmann Ceramic LLC
 
 Hofmann Pyemetric LLC
 
 IFGL Pyemetric LLC
 
 IFGL Inc.
 
 El Ceramic LLC (w.e.f. September 10,2010)
 
 CUSC International Limited (w.e.f. September 10,2010)
 
 Fellow Subsidiaries        
 
 Heritage Health TPA Private Limited
 
 Bajoria Financial Services Private Limited
 
 IFGL Bio Ceramics Limited
 
 Ganges Art Gallery Private Limited
 
 Bajoria Enterprises Limited
 
 Bajoria Service Providers Private Limited
 
 Others
 
 Key Management Personnel    
 
 S K Bajoria (Chairman)
 
 P Bajoria (Managing Director)
 
 Relatives of Key Management Personnel     
 
 B P Bajoria
 
 Mihir Bajoria
 
 Enterprises in which key management personnel has significant influence
 
 Heritage Insurance Brokers Private Limited
 
 Coris Heritage Asia Pacific Private Limited
 
 IFGL Exports Limited
 
 6.  Expenses include reimbursements to/by the Company.
 
 7.  Previous year''s figures have been re-arranged and re-grouped
 wherever necessary to make the same comparable with the current year''s
 figures.