Jai Balaji Industries

1.  Contingent liabilities not provided for :             (Rs. in lacs)
 
                                                 As at 31st   As at 31st 
                                                 March 2008   March 2009
 
 a) Claims against the Company not acknowledged 
    as debts
 
 i) Excise and Service Tax Demands under 
    dispute/ appeal                               1,183.08       475.61
 
 ii) Sales Tax/VAT matters under dispute/appeal  10,727.92     2,830.65
 
 b) Letters of Credit, Bills discounted and 
    Bank Guarantees outstanding                   5,959.98     4,424.89
 
 c) Guarantees and Counter guarantees given by 
    the Company for loans obtained by 
    subsidiary company                            1,500.00          --
 
 d) Guarantee given for M/s Rohne Coal Company
    Private Limited, a Joint Venture Company        900.00          --
 
 2.  Estimated amount of contracts remaining to 
     be executed on Capital Account and not 
     provided for
     [Net of Advances Rs. 1,503.98 lacs 
     (Rs. 6,871.83 lacs)]                         3,568.97     7,979.40
 
 Proportionate amount of pending capital commitments on account of M/s
 Rohne Coal Company Private Limited, a Joint Venture Company is Rs 1.52
 lacs. (Rs Nil).
 
 3.  Gratuity and Leave
 
 The Company has a defined benefit gratuity plan. Every employee who has
 completed five years or more of service is entitled to gratuity on
 terms not less favourable than The Provisions of Gratuity Act, 1972.
 During the year the Company has funded its gratuity liability with an
 insurance company in the form of a qualifying insurance policy.
 
 4. a) During the previous year the Company has issued 96,00,000
 Warrants to the Promoters and others carrying a right to convert each
 warrant into an Equity Share of Rs. 10 each at a premium of Rs.316.90
 per warrant within a period of 18 months from the date of allotment
 i.e. 7th February 2008. The warrant holders have paid Rs. 6,178.41 lacs
 as application money against the above equity share warrants in the
 previous year.
 
 b) The Company has also issued 83,59,000 Zero Coupon Compulsorily
 Convertible Debentures at a price of Rs. 326.90 to Foreign Equity
 Investors in 2007-08. The debenture holders have the option to convert
 each debenture at any time into an equity share of Rs.10 each at a
 premium of Rs. 316.90 per debenture within 18 months from the date of
 allotment i.e. 7th February 2008. At the expiry of the said eighteen
 months the outstanding debentures shall be automatically converted into
 equal number of equity shares.
 
 5.  Related Party Disclosures a.  Name of Related Parties
 
 Subsidiary Company Nilachal Iron & Power Limited *
 
 Joint Venture Company Rohne Coal Company Private Limited
 
 Key Management Personnel Mr. Aditya Jajodia, Chairman and Managing
 Director
 
 Mr. Sanjiv Jajodia ,Wholetime Director
 
 Relatives of Key Mr. Rajiv Jajodia, Brother of Wholetime Director
 
 Management Personnel Mr. Devendra Prasad Jajodia, Brother of Wholetime
 Director
 
 Mr. Aashish Jajodia, Brother of Chairman and Managing Director
 
 Mr. Gourav Jajodia, Nephew of Wholetime Director
 
 Smt. Kanchan Jajodia, Sister-in-law of Wholetime Director
 
 Smt. Rina Jajodia, Sister-in-law of Chairman and Managing Director
 
 Smt. Sangeeta Jajodia, Wife of Wholetime Director
 
 Smt. Shashi Devi Jajodia, Sister-in-law of Wholetime Director
 
 Smt. Seema Jajodia, Wife of Chairman and Managing Director
 
 Enterprises owned or Chandi Steel Industries Limited
 
 significantly influenced by Jai Balaji Jyoti Steels Limited
 
 key management personnel Jai Salasar Balaji Industries (P) Limited
 
 or their relatives Balaji Ispat Udyog
 
 Jai Balaji Shakti Cement Limited
 
 Enfield Suppliers Limited
 
 Hari Management Limited
 
 Jain Vanijya Udyog Limited
 
 Jajodia Estate Private Limited
 
 K.D. Jajodia Steel Industries (P) Limited
 
 6.  Figures in brackets represent previous year’s figures, which have
 been rearranged / regrouped wherever necessary to conform to this
 year’s classification.