1.  CONTINGENT LIABILITIES                     As At            As At
 
                                    31 st March, 2011 31 st March, 2010
 
                                          Rs. in lacs       Rs. in lacs
 
 a) Guarantees issued by the 
 Company''s bankers on behalf 
 of the Company                             93,263.13         70,188.92
 
 b) Letter of Credit Outstanding            90,367.15         49,397.52
 
 c) Bills discounted by banks                8,930.00                 -
 
 d) Claims against the company not 
 acknowledged as debts                         856.00                 -
 
 e) Corporate guarantees/ undertaking 
 issued to lenders of subsidiary 
 companies                                  12,878.51          2,685.11
 
 f) Disputed Excise duty, Custom Duty 
 and service tax                               162.29            122.87
 
 g) Income tax demands against which 
 company has preferred appeals               1,224.66            885.12
 
 h) Disputed Sales Tax                         595.93            627.37
 
 i) Liability in respect of Corporate 
 Guarantee/ Duty Saved for availing
 various export based incentive schemes     10,249.26          8,616.65
 
 2.  Estimated amount of contracts 
 remaining to be executed on capital 
 account and not provided for 
 (Net of Advances)                          35,775.34          9,326.79
 
 3.  A Scheme of Arrangement and Demerger (Scheme) entailing de-merger
 of Investment Undertaking into Hexa Tradex Limited (HTL) was filed by
 the Company with the Hon''ble High Court of judicature at Allahabad. As
 per the order of the Hon''ble High Court of Allahabad, the separate
 meetings of the shareholders and secured & unsecured creditors were
 convened and the Scheme was approved by them.
 
 As per the said Scheme, with effect from the Appointed Date i.e. I st
 January, 2011, the Investment Undertaking shall stand transferred to
 and vested in HTL on a going concern basis pursuant to the provisions
 contained in Sections 391to 394 and other applicable provisions of
 the Companies Act 1956. The Scheme is pending before the Hon''ble High
 Court of Allahabad for confirmation and hence the effect of the Scheme
 has not been given in the financial results for the year ended 31st
 March, 2011.
 
 Once the Scheme is made effective, as a consideration of transfer of
 Investment Undertaking, HTL will issue and allot to the Equity
 Shareholders of jindal Saw Ltd.1(one) equity share of face value of
 Rs. 21- (credited as fully paid-up) for ever/ 5 (five) fully paid-up
 equity shares of Rs. 21- each held by them in jindal Saw Ltd. as on the
 Record Date (to be fixed). The equity shares so allotted by HTL shall
 be listed on NSE and BSE.
 
 Had the effect of the Scheme after approval of the Hon''ble High Court
 of Allahabad and filing a certified copy with Registrar of Companies,
 Utter Pradesh, being taken, the Profit after tax would have been Rs.
 46,417.76 lacs (instead of Rs. 46,406.61 lacs), Reserves and Surplus
 Rs. 374,769.37 lacs (instead of Rs. 396,594.16 lacs), Investments Rs.
 62,866.93 lacs (instead of Rs. 65,430.84 lacs), Current Assets and
 Loans & Advances Rs. 363,443.63 lacs (instead of Rs. 382,707.99 lacs)
 Current liabilities and provision Rs. 97,259.76 lacs (instead of Rs.
 97,263.25 lacs).
 
 5.  The Company''s manufacturing facility at Nashik has been granted
 Mega Project Status by Government of Maharashtra and therefore is
 eligible for Industrial Promotion Subsidy (IPS) under Packaged Scheme
 of Incentive (PSI) 2007.
 
 Purpose of the Packaged Scheme of Incentive (PSI) 2007 is for
 intensifying and accelerating the process of dispersal of industnes to
 the less developed regions and promoting high tech industries in the
 developed areas of the state coupled with the object of generating mass
 employment opportunities.
 
 Modality of payment of IPS consists of the following:
 
 a.  Electricity Duty exemption for the period of 7 years from the date
 of commencement of commercial production from 10.09.2009 to 09.09.201 6
 
 b.  100% exemption from payment of Stamp duty
 
 c.  VAT and CST payable to the State Government (on sales made from
 Nashik plant, with a period of 7 years starting from 10th Sep 2009)
 
 IPS will be payable so as to restrict up to 75% of the Eligible Fixed
 Capital investments made from13th Sep 2007 to 10th Sep 2009 . The
 Eligibility Certificate issued allows maximum Fixed Capital Investment
 of Rs. 350 crores and restrict IPS to 75% of Rs 350 crores i.e. Rs.
 262.50 crores
 
 In terms of the Accounting Standard (AS 12) ''Accounting for Government
 Grants prescribed by Companies (Accounting Standards) Amendment Rules,
 2006, eligible incentive of Rs. 1,466.78 lacs is considered to be in
 the nature of promoter''s contribution and has been credited to Capital
 Reserve.
 
 6.  The Company''s significant leasing arrangements are in respect of
 operating leases for premises-residential and offices.  These leasing
 arrangements are cancellable. The aggregate lease rentals payables are
 charged as rent.
 
 7.  The Company has unquoted investments of Rs. 28,239.75 lacs
 (Previous Period Rs. 30,784.75 lacs) and share application money of Rs.
 33,661.75 lacs (Previous Period Rs. 8,980.1 8 lacs) in Subsidiary
 Companies, which have accumulated losses as per the latest available
 Balance Sheet and certain other unquoted investment where the fair
 value (amount unascertained) ,s lower than the cost, considering the
 long term strategic investments and future prospects, such diminution,
 in the opinion of the management, has been considered to be of
 temporary nature and hence no provision for the same is considered
 necessary.
 
 8.  An amount of Rs. 5,456.11 lacs (Previous Period Rs. 21,992.61
 lacs) is outstanding from Subsidiary companies, which have accumulated
 losses. Having regard to the long- term involvement & future prospects,
 no provision is considered necessary towards these outstanding.
 
 9.  Sundry Debtors, Creditors and other advances are subject to
 confirmation. The effect of the same, if any, which is not likely to be
 material, will be adjusted at the time of confirmation.
 
 10.  The company has provided sponsor''s undertakings to lenders of the
 projects being sponsored by its wholly owned subsidiary namely jindal
 ITF Limited. Major terms of the undertakings envisage investment of
 equity retention of major equity in subsidiary company, supporting the
 projects for shortfall in debt servicing and in the eventuality of any
 cost overrun.
 
 11.  The Stores and Spares consumed and Salaries & Wages incurred for
 repairs and maintenance of Plant and Machinery, Shed and Building have
 not been allocated to the respective repairs and maintenance accounts.
 
 12.  In the opinion of the Management, the realizable value of Current
 assets, loans & advances, in the ordinary course of business, would not
 be less than the amount at which they are stated.
 
 13.  Capital work in progress includes Advance against capital goods of
 Rs. 10,088.1 8 lacs (Previous Period Rs. 2,196.49 lacs).
 
 14.  The amount of foreign exchange fluctuation amounting to Rs.
 5,371.53 lacs (Credit) (Previous Period Rs. 4,830.94 lacs- Credit) ,s
 included under the relevant heads of expenditure and income.
 
 15.  During the year, the amount of foreign exchange fluctuation
 capitalized towards Fixed Assets is Rs. 143.82 lacs -Debit (Previous
 Period Rs. 779.26 lacs-Credit)
 
 16.  Profit for the year includes Prior Period Adjustment Nil (Previous
 Period - Rs. 10.30 lacs (Debit) and Rs. 0.11 lacs (Credit)
 
 17.  Profit or Loss on sale of Raw Materials, Stores and Spares is not
 ascertained or shown separately and sale proceeds have been credited to
 the respective consumption accounts.
 
 18.  Sundry Debtors include Nil (Previous Period Rs.136.25 lacs) due
 to Private Company in which director of the company ,s a director.
 
 19.  Chanty and Donations includes Nil (Previous Period Rs. 2 lacs to
 Bhartiya janta Party & Rs. 0.50 lacs to Indian National Congress, both
 of Gujarat State Unit) as contribution to political parties.
 
 The Company has outstanding foreign currency related derivative
 contracts in the form of swap/options etc. The contracts have long
 dated tenure with multiple contingent/uncertain events. As such,
 ascertainment of fair value of these contracts is not feasible, however
 far value of the markto market (MTM) of all outstanding contracts has
 been estimated at approx. USD 148 million, against the company
 (previous period approx. USD 90 million). The aforesaid contracts also
 include contract(s) to the extent of approx. USD 32 million, the
 legality of which is under challenge before the Hon''ble High Court of
 Bombay for being declared as null and void. The Company intends to
 adopt AS-30 from next year and pending adoption of AS-30, the MTM is
 neither charged to Profit and Loss Account nor considered in the
 Balance Sheet. However, the game/loss is being accounted for on cash
 settlement 21. Related Party Transactions
 
 List of Related Parties & Relationship a) Subsidiaries
 
 i) Direct Subsidiaries:-
 
 S.No Name of the Company
 
 1 Hexa Securities & Finance Co. Ltd
 
 2 jindal ITF Ltd.
 
 3 lUPjmdal Metal & Alloys Ltd.
 
 4 S.V. Trading Ltd.
 
 5 jindal Saw Holdings FZE
 
 6 Hexa Tradex Limited (w.e.f. 28th Oct 2010) ii) Indirect Subsidiaries
 (Control Exist)
 
 S.No Name of the Company
 
 1 Jindal Saw USA LLC
 
 2 Jmdal Saw Middle East FZC
 
 3 jmdal Intellicom Limited (formerly known as jmdal Intellicom Pvt
 Limited)
 
 4 jITF Water Infrastructure Limited (formerly known as jindal Water
 Infrastructure Ltd.)
 
 5 jITF Urban Infrastructure Ltd. (formerly known as jindal Urban
 Infrastructure Ltd)
 
 6 JITF Shipyards Ltd. (formerly known as jindal Shipyards Ltd.)
 
 7 jindal Rail Infrastructure Ltd.
 
 8 JITF Waterways Ltd. (formerly known as jindal Waterways Ltd.)
 
 9 JITF Infralogistics Ltd. (formerly known as jindal Infralogistics
 Ltd.)
 
 10 JITF Water Infra (Naya Raipur) Ltd. (formerly known as jindal Water
 Infra (Naya Raipur) Ltd.) 
 
 11 JITF ESIPL CETP (Sitarganj) Ltd. (formerly known as jindal ESIPL
 CETP (Sitarganj) Ltd.)
 
 12 Timarpur-Okhla Waste Management Co. Pvt. Ltd.
 
 13 jindal Saw Gulf LLC
 
 14 Ralael Holdings Ltd. ( w.e.f. 9th July 2010)
 
 15 jmdal Saw Italia S.r.l(w.e.f. 1st October 2010)
 
 16 JITF Urban Infrastucture Services Ltd. (w.e.f. 6th July 2010 )
 
 17 Intellicom Insurance Advisors Ltd. (w.e.f. 9th August 2010)
 
 b) jointVenture
 
 1 JITF Manila Water Development Co Ltd. (w.e.f. 3rd May 2010)
 
 2 jmdal Sigma Ltd. (w.e.f. 26th July 2010)
 
 c) Key Management Personnel
 
 1 Ms Sminu Jindal Managing Director
 
 2 MrlndreshBatra Managing Director
 
 3 MrHSChaudhary Whole Time Director
 
 4 Mr O P Sharma Chief Operating Officer (Large D,a. Pipe- SBU)
 
 5 MrKChandrayya Director (Works-IPU)
 
 6 Mr V S Konnur Joint Managing Director (Seamless Business)
 
 d) Relative of Key Management Personnel Mr. P.R. Jmdal
 
 e) Enterprise over which Key Management Personnel having significant
 Influence Smmu Jmdal Charitable Trust
 
 20 Segment Reporting
 
 (i) Information about Business Segment
 
 The company has only one business segment'' Iron & Steel Products '' as
 primar/ Segment
 
 21.  Previous period figures have been regrouped / rearranged wherever
 considered necessary. Current Year figures of Profit & Loss Account are
 not comparable with Previous Period as the Previous Period figures are
 for fifteen months from 01 st January, 2009 to 31 st March, 2010.
 
 22.  Schedule1to 21 are annexed and form integral part of Balance
 Sheet and Profit and Loss Account.