1 RELATED PARTY DISCLOSURE
 
 A) As required by Accounting Standard-18 Related party dosclosure
 issued by the Institute of Chartered Accountants of India are as
 follows:-
 
 List of Related parties
 
 a.  Associates
 
 1 Jindal India Powertech Limited
 
 2 Rexor Holding SAS (W.e.f 29.03.2012) (Formerly Known as Jindal France
 SAS)
 
 b.  Companies
 
 1 Soyuz Trading Company Limited
 
 2 Rishi Trading Company Limited
 
 3 Consolidated Photo and Finvest Limited
 
 4 Jindal Photo Investment Limited
 
 5 Consolidated Finvest and Holding Limited
 
 6 Jindal Photo Limited
 
 7 Jasmin Investment Limited
 
 8 Consolidated Finvest and Investment Limited
 
 9 Passion Tea Pvt. Limited
 
 10 Anchor Image & Films Pvt. Limited
 
 11 Jindal India Limited
 
 12 Universal Foils Limited
 
 c.  Subsidiary Companies
 
 1 Hindustan Thermal Power Generation Limited (Formerly Hindustan
 Polysters Ltd.)
 
 2 Jindal Solar Rajasthan Limited
 
 3 Jindal Solar Powertech Limited
 
 4 Jindal Poly Films Investment Limited
 
 5 Jindal Metal & Mining Limited
 
 6 Haldia Synthetic Rubber Ltd
 
 7 Jindal Resources (Mozambique) Lda
 
 8 Trans Indian Mining Lda
 
 9 Jindal Metal & Mining International Limited (w.e.f.15.08.2011)
 
 10 Jindal Poly Finance Limited (w.e.f 13.05.2011)
 
 11 Rexor Holding SAS (Up to 28.03.2012) (Formerly Known as Jindal
 France SAS)
 
 12 Rexor SAS ( Up to 28.03.2012)
 
                             31.03.12             31.03.11
                              Rs.                 Rs.
 
 2.1.  Estimated amount 
 of contracts remaining 
 to be executed on capital 
 account and
 not provided for 
 (net of advances)           1,276,561,221       770,481,459
 
 2.2  Contingent Liabilities:
 
 a. Bank Guarantees            159,829,349       128,897,507
 
 b. Outstanding Letters
 of Credit (Including 
 Capital Goods)              1,586,719,520     1,290,308,211
 
 c. Claims against Company, 
 not acknowledged as debts      10,768,060        16,401,284
 
 d.  Uncalled liability of 
 partly paid shares          1,308,000,000     1,308,000,000
 
 e.  Demands raised by 
 authorities against which,
 Company has filed appeals:-
 
 i)      Income Tax             58,128,668        58,128,668
 
 ii)     Excise Duties/
         Service Tax            53,665,347             –
 
 iii)    Sales Tax             181,158,981        22,493,097
 
 (iv)    Custom Duties          61,366,000        61,366,000
 
 2.3 Exceptional items includes following:- a) During the year, the
 Company has disinvested 60% of its total shareholding in Jindal France
 SAS (wholly owned subsidiary), on
 
 which there is a loss of Rs. 1876.50 lacs. The balance 40% of the
 holding require a provision of Rs.1245.02 lacs on account of diminution
 in value of investment, thus total amount of loss for Rs.3121.52 lacs
 has been shown as exceptional item.
 
 (b) Pursuant to the adoption of Accounting Standards as prescribed by
 Companies (Accounting Standards) Rules,2006 issued by Ministry of
 Corporate Affairs vide notification no.G.S.R.914 (E) dated 29th
 December, 2011 and as required by Accounting Standard 11 –
 
 I.  Loss of Rs 4763.93 lacs (previous year gain of Rs 612.17 lacs) on
 translation/settlement of foreign currency monetary items including
 borrowings have been shown as exceptional items in the profit and loss
 account.
 
 II.  Gain on account of hedging against export exposures amounting to
 Rs Nil, (previous year Rs Nil) have been accounted under the head other
 income/(other expenses) in the profit & loss account.
 
 (c) During the year the company has made a provision of Rs 102.24 Lacs
 for permanent diminiution of its investment in Jindal Resources
 Muzambique Lda, (a subsidiary Company) which has been shown as
 exceptional item.
 
 (d) During the year the company has made a provision of Rs 5.00 Lacs
 for the diminution of its investment in Haldia Sythetic Rubber Ltd (a
 Subsidiary Company)due to the company has not been able to start its
 business, which has been shown as exceptional item.
 
 (e) During the year, the Company has reversed Rs.560,00,000/-, which
 was charged to profit and loss account in the previous year on account
 of advance paid to vendor.
 
 2.4 A sum of Rs.12,469,349 (previous year Rs.21,197,894) being the
 difference between domestic vs. imported raw material prices prevailing
 at the year ended on 31st March 2012 on account of advance licences
 excess utilized for which exports are yet to be made, has been adjusted
 in the cost of raw material.
 
 Export Incentive under Duty Entitlement Pass Book Scheme (DEPB) amount
 to Rs. 114,565,178 (Previous year Rs. 174,115,932) has been credited in
 the account of raw material.
 
 2.5 Advance receivable in cash or in kind includes Rs. 28,254,171
 (Previous Year Rs. 28,254,171 ) being the amount of custom duty
 deposited against import of capital goods assessed under provisional
 assessments in earlier year.
 
 2.6 Non – Current Investment includes the following:- (a) 600 shares
 of Hindustan Thermal Power Generation Ltd. (Formerly Hindustan
 Polyester Ltd.) of which the Company is beneficial owner are held by
 certain individuals in fiduciary capacity.
 
 (b) 6 shares of Jindal Metal & Mining Ltd. of which the Company is
 beneficial owner are held by certain individuals in fiduciary capacity.
 
 (c) 6 shares of Jindal Poly films Investments Ltd. of which the Company
 is beneficial owner are held by certain individuals in fiduciary
 capacity.
 
 (d) 6 shares of Haldia Synthetic Rubber Ltd of which the Company is
 beneficial owner are held by certain individuals in fiduciary capacity.
 
 (e) 6 shares of Jindal Poly Finance Ltd of which the Company is
 beneficial owner are held by certain individuals in fiduciary capacity.
 
 2.7 Certain old balances of sundry debtors and sundry creditors are
 subject to reconciliation and confirmation.
 
 2.8 Under the Package Scheme of Incentive approved by the Government
 of Maharashtra, the Company is entitled to industrial promotion subsidy
 to the extent of 100% of the fixed capital investment or the extent of
 taxes paid to the State Government within a period of 7 years,
 whichever is lower. During the year, the Company is entitled for an
 amount of Rs. 432,384,451, (previous year Rs.474, 219,586), under that
 scheme and the same has been shown as revenue from operation.
 
 2.9 In the opinion of the Board and to the best of their knowledge
 and belief, the realizable value of current assets, loans and advances
 in the ordinary course of business would not be less than the amount at
 which they are stated in the Balance Sheet.
 
 2.10 Stores and spares consumed and salaries and wages incurred during
 the year for repair and maintenance of plant & machinery and sheds &
 building, have been charged to the former accounts wherever separation
 is not ascertainable.
 
 2.11 The Company has not received from suppliers regarding their
 status under the Micro, Small and Medium Enterprises Development Act,
 2006 and hence disclosures, if any, relating to amounts unpaid as at
 the year end together with interest paid/payable as required under the
 said Act have not been given.
 
 2.12 The Export obligation undertaken by the company for import of
 capital equipments under EPCG scheme of the Central government at the
 concessional rate of custom duty are in the opinion of the management
 expected to be fulfilled within their respective due dates/extended due
 dates.
 
 2.13 During the year a part of the Work In Progress Plant & Machinery
 at Gulaothi & Khanvel Units were disposed off during the year for Rs.
 230.84 Lacs. The same has been adjusted from Gross Block of the WIP
 under Fixed Asset, the profit / loss, if any, is ascertainable only
 after completion of the total disposal of Plant & Machinery.
 
 2.14 Search and seizure
 
 The Income Tax Department had conducted search and seizure u/s 132 and
 survey u/s 133A of the Income Tax Act,1961 on 14.11.2011 on various
 premises of the company and its directors/promoters and had seized
 various records of the company .
 
 Till date no notice has been received by the company for initiation of
 proceedings u/s 153C.The tax liability, if any arises will be provided
 as and when the case is finalized.
 
 2.15 During the year , company has pledged 428,571,429 equity shares
 of Rs. 10 each (Rs.7 Called and paid up)of Jindal India Powertech
 limited (JIPL), an associate company, to IFCI Ltd as security for 14
 % OCD issued by JIPL subscribed by IFCI Ltd in terms of the Debenture
 subscription agreement between JIPL ans IFCI Ltd for a sum of Rs. 300
 crore.
 
 2.16 Previous year''s figures have been regrouped and/or rearranged
 wherever required.