1.  Contingent Liabilities not provided for in respect of:
 
                                                    (Rs. in Crores)
 
 Description                          Current Year     Previous Year
 
 a) Guarantees issued by the Company''s 
 Bankers on behalf of the Company        351.11           323.39
 
 b) Letter of credit opened by banks   1,453.12         1,234.89
 
 c) Corporate guarantees/undertakings 
 issued on behalf of third parties.    3,359.50         1,825.95
 
 d) Disputed excise duty and
    other demands                        684.77           632.30
 
 e) Future liability on account of 
 lease rent for unexpired period.          -                8.85
 
 f) Bonds executed for machinery 
    imports under EPCG Scheme          3,039.99         2,529.15
 
 g) Income Tax demands where the cases 
 are pending at various stages of        187.21           111.03
 appeal with the authorities
 
 2.  Estimated amount of contracts remaining to be executed on capital
 account and not provided for (net of advances): Rs. 3,763.48 crores
 (Previous year Rs. 6,163.80 crores).
 
 3.  one of the Company''s expansion units at Raigarh (Chhattisgarh) is
 eligible for sales tax exemption owing to its investment in capital
 assets under the State industrial policy which aims towards the
 objective of industrialisation of the State and development of backward
 areas. The period of exemption is linked to the quantum of investment.
 The Company has been advised that the element of sales tax included in
 the sales price of products sold out of this Unit is in the nature of
 sales tax subsidy granted by the State Government. Accordingly, the
 same amounting to Rs. 32.23 crores (Previous year Rs. 33.33 crores) has
 been credited during the year to Sales Tax Subsidy Reserve Account. The
 cumulative amount credited to Sales tax Subsidy Reserve Account up to
 31st march, 2011 is Rs.197.19 crores (Previous year Rs. 164.96 crores).
 
 4.  in accordance with Accounting Standard (AS-29) ''Provisions,
 Contingent Liabilities and Contingent Assets'' and based on management
 assessment, the Company had made a provision for contingencies on
 account of duties and taxes payable under various laws. At the
 beginning of the financial year, there was an outstanding provision of
 Rs. 156.02 crores (Previous year Rs. 156.02 crores) included in ''other
 outstanding Liabilities''. No provision/utilisation was made either in
 the current year or in the previous year. At the end of the financial
 year, there is an outstanding provision of Rs. 156.02 crores (Previous
 year Rs.156.02 crores).
 
 5.  the employees Stock option Scheme - 2005 (eSoS- 2005) was approved
 by the shareholders of the Company in their Annual General meeting held
 on 25th July, 2005 and amended by shareholders on 27th September, 2006.
 under eSoS-2005, a maximum of 11,00,000 (Eleven lacs) equity shares of
 Rs. 5 each could be granted to the employees of the Company and its
 subsidiary company(ies). in-principle approval from National Stock
 exchange of india Limited and Bombay Stock exchange Limited was given
 on 01.02.2006. A Compensation Committee was constituted by the Board of
 directors of the Company in their meeting held on 12th may, 2005 for
 the administration of eSoS-2005. under eSoS-2005, the Compensation
 Committee has granted stock options as follows:
 
 a) 8,59,400 (eight lacs ffty nine thousand four hundred) stock options
 on 26.11.2005 at an exercise price of Rs. 1,014 per share (Series I)
 which would vest after 2 years from the date of grant to the extent of
 50% (Part 1), after 3 years from the date of grant to the extent of 25%
 (Part 2) and after 4 years from the date of grant to the extent of 25%
 (Part 3);
 
 b) 1,29,550 (one lac twenty nine thousand five hundred fifty) stock
 options on 02.09.2006 at an exercise price of Rs. 1,121 per share
 (Series II) which would vest after 2 years from the date of grant to
 the extent of 50% (Part 1), after 3 years from the date of grant to the
 extent of 25% (Part 2) and after 4 years from the date of grant to the
 extent of 25% (Part 3); and
 
 c) 1,36,950 (one lac thirty six thousand nine hundred fifty) stock
 options on 27.04.2007 at an exercise price of Rs.1,819 per share
 (Series III) which would vest after 2 years from the date of grant to
 the extent of 50% (Part 1), after 3 years from the date of grant to the
 extent of 25% (Part 2) and after 4 years from the date of grant to the
 extent of 25% (Part 3).
 
 Pursuant to Clause 5.3 (f) of SEBI (Employees Stock option Scheme and
 employees Stock Purchase Scheme) Guidelines, 1999 and Para 18 of the
 eSoS- 2005 of the Company, the Compensation Committee is authorised to
 make a fair and reasonable adjustment to the number of options and to
 the exercise price in respect of options granted to the employees under
 the Scheme in case of corporate actions such as right issue, bonus
 issue, merger etc.  on 27.12.2007, sub-division of the face value of
 each equity share of the Company from Rs. 5 to 5 equity shares of Re. 1
 each was approved by the shareholders in their General meeting.
 thereafter, the Compensation Committee has, in its meeting held on
 27.01.2008, made an adjustment to the exercise price by reducing it in
 case of Series I to Rs. 203 Series II to Rs. 225 and Series III to Rs.
 364 per equity share of Re. 1 each and to the number of options by
 increasing it 5 times the original grant consequent to which the number
 of maximum options that could be issued under the eSoS-2005 increased
 to 55,00,000 (Fifty five lacs) [originally 11,00,000 (Eleven lacs)]
 
 Thereafter, the following allotments of equity shares were made under
 eSoS-2005 on the exercise of options:
 
 a) 6,91,343 (Six lacs ninety one thousand three hundred forty three)
 equity shares of Re. 1 each were allotted on 16th June, 2008 on
 exercise of options granted under Part 1 of Series I of eSoS-2005;
 
 b) 57,136 (Fifty seven thousand one hundred thirty six) equity shares
 of Re. 1 each were allotted on 13th April, 2009 on exercise of options
 granted under Part 1 of Series ii of eSoS-2005;
 
 c) 4,20,487 (Four lacs twenty thousand four hundred eighty seven)
 equity shares of Re. 1 each were allotted on 21st July, 2009 on
 exercise of options granted under Part 2 of Series i of eSoS-2005.
 
 The remaining 43,31,034 (Forty three lacs thirty one thousand thirty
 four) equity shares of Re. 1 each were available for allotment under
 eSoS-2005 after the above 3 allotments.
 
 On 4th September, 2009, issue of 5 equity shares of Re. 1 each as bonus
 shares on each existing equity share of the Company was approved by the
 shareholders in their General meeting and on 19th September, 2009,
 fully paid-up bonus shares were allotted.
 
 Thereafter, pursuant to clause 5.3 (f) of SEBI (employees Stock option
 Scheme and employees Stock Purchase Scheme) Guidelines, 1999 and Para
 18 of the eSoS-2005 of the Company, the Compensation Committee has, in
 its meeting held on 31st october, 2009 made the following adjustments:-
 
 a) The number of unexercised options and options yet to be granted is
 increased by 5 times consequently increasing the number of unexercised
 and options yet to be granted from 43,31,034 (Forty three lacs thirty
 one thousand thirty four) to 2,59,86,204 (two Crores fifty nine lacs
 eighty six thousand two hundred four);
 
 b) The price of unexercised options was reduced in case of Series I to
 Rs. 34, Series II to Rs. 38 and Series III to Rs. 61 per equity share
 of Re. 1 each.
 
 In-principle approval for listing of additional 2,16,55,170 (two Crores
 sixteen lacs fifty five thousand one hundred seventy) equity shares were
 obtained from National Stock exchange of india Limited and Bombay Stock
 exchange Limited.
 
 Thereafter, the following allotments of equity shares were made under
 eSoS-2005 on exercise of options:-
 
 a) 4,52,246 (Four lacs fifty two thousand two hundred forty six) equity
 shares of Re. 1 each were allotted on 30th January, 2010 on exercise of
 options granted under Part 1 of Series III of eSoS-2005;
 
 b) 2,52,006 (two lacs fifty two thousand six) equity shares of Re. 1
 each were allotted on 13th April, 2010 on exercise of options granted
 under Part 2 of Series ii of eSoS-2005;
 
 c) 24,56,922 (twenty four lacs fifty Six thousand nine hundred twenty
 two) equity shares of Re. 1 each were allotted on 23rd June, 2010 on
 exercise of options granted under Part 3 of Series I of eSoS-2005;
 
 6.  a) Provision for current income tax has been made considering
 various benefits and allowances available to the Company under the
 provisions of the Income Tax Act, 1961.
 
 7.  Additions/(Adjustments) to Plant and machinery/Capital
 work-in-progress includes addition of Rs. 165.92 crores [Previous year
 adjustment of Rs. (149.87) crores] on account of foreign exchange
 fluctuation on long-term liabilities relating to acquisition of Fixed
 Assets pursuant to the Notification issued by the ministry of Corporate
 Affairs relating to Accounting Standard (AS-11) ''the effects of Changes
 in Foreign exchange Rates''.
 
 8.  Sales/Adjustments in gross block and depreciation under Schedule 5
 includes the assets taken out of active use during the financial year of
 Rs. Nil and Rs. Nil (Previous year Rs. 19.80 crores and Rs. 1.89
 crores) respectively.  these items of fixed assets are included in the
 inventory of stores & spares at estimated realisable value.
 
 9.  expenditure on Research & development Activities, incurred during
 the year, is Rs. 12.25 crores (including capital expenditure of Rs.
 6.45 crores) (Previous year Rs. 3.71 crores, including capital
 expenditure of Rs. 0.50 crores).
 
 10.  The Company has unquoted investments of Rs. 1,219.25 crores in
 body corporates (Previous year Rs. 1,075.78 crores).  The management
 had made a provision for diminution in the value of investments of Rs.
 11.54 crores during the earlier years. Based on the financial position
 of the investee companies, the management is of the view that the
 provision created is adequate.
 
 11.  in the opinion of the Board, Current Assets, Loans and Advances
 have a value on realisation in the ordinary course of business at least
 equal to the amount at which they are stated and provision for all
 known liabilities has been made.
 
 12.  Advances recoverable in cash or in kind or for value to be
 received includes Rs. 0.18 crores (Previous year Rs. 0.16 crores) being
 the amount due from directors/officers of the Company. maximum amount
 outstanding at anytime during the year was Rs. 0.45 crores (Previous
 year Rs. 0.48 crores).
 
 13.  the Company has so far not received information from vendors
 regarding their status under the micro, Small and medium enterprises
 development Act, 2006 and hence disclosure relating to amounts unpaid
 as at the year-end together with interest paid/payable under this Act
 has not been given.
 
 14.  The Company has paid lease rentals of Rs. 7.87 crores (Previous
 year Rs. 6.84 crores) under cancellable operating leases.  there are no
 non-cancellable operating leases.
 
 15.  donations include Rs. Nil (Previous year Rs. 0.50 crores) to
 Haryana Pradesh Congress Committee, being a political party.
 
 16.  Borrowing cost incurred during the year and capitalised by the
 Company is Rs. 71.02 crores (Previous year Rs. 0.28 crores). Borrowing
 Cost incurred during the year and transferred to Capital Work in
 Progress by the Company is Rs.  202.69 crores (Previous year Rs. 108.81
 crores).
 
 17.  in the previous year, dividend proposed relating to the shares
 under eSoP was made on the basis of options vested but not exercised
 till the end of the financial year. Provision made in respect of options
 lapsed and not exercised in the current year has been adjusted with the
 dividend proposed for the year ended on 31st march, 2011.
 
 18.  The Company has made a provision of Rs. 3.75 crores (Previous year
 Rs. 4.28 crores) net of reversal of Rs. 0.02 crores (Previous year Rs.
 Nil) for Corporate dividend tax on the amount of dividend proposed for
 the year ended 31st march, 2011 after considering the set-off of
 interim dividend declared by a subsidiary company for the same financial
 year, as per the provisions of section 115-o of the income tax Act,
 1961.
 
 19.  disclosures as required by Accounting Standard (AS-17) ''Segment
 Reporting'':
 
 The primary reportable segments are the business segments namely iron &
 Steel and Power.  the secondary reportable segments are geographical
 segments which are based on the sales to customers located in India and
 outside India.
 
 Segment accounting policies are in line with the accounting policies of
 the Company.  in addition, the following specific accounting policies
 have been followed for segment reporting:
 
 a) Segment revenue includes sales and other income directly identifiable
 with/allocable to the segment including inter-segment revenue.
 
 b) expenses that are directly identifiable with/allocable to segments
 are considered for determining the segment results.
 
 c) Expenses/Incomes which relates to the Company as a whole and not
 allocable to segments are included under other un-allocable expenditure
 (net of un-allocable income).
 
 d) Segment assets and liabilities include those directly identifiable
 with respective segments. un-allocable assets and liabilities represent
 the assets and liabilities that relate to Company as a whole and not
 allocable to any segment.
 
 20.  disclosure as required by Accounting Standard (AS-18) ''Related
 Party disclosures'':
 
 The names of related parties where control exist and/or with whom
 transactions have taken place during the year and description of
 relationship as identified and certifed by the management are:
 
 A.  List of Related Parties and Relationships
 
 a) Subsidiaries & Step-down Subsidiaries
 
 I.  Subsidiaries
 
 1.  Jindal minerals & metals Africa Limited
 
 2.  Jindal Power Limited
 
 3.  Jindal Steel & Power (mauritius) Limited
 
 4.  Jindal Steel Bolivia SA
 
 ii.  Subsidiaries of Jindal Power Limited
 
 1.  Attunli Hydro electric Power Company Limited
 
 2.  etalin Hydro electric Power Company Limited
 
 3.  Jindal Hydro Power Limited
 
 4.  Jindal Power distribution Limited
 
 5.  Jindal Power trading Company Limited (formerly Chhattisgarh energy
 trading Company Limited)
 
 6.  Jindal Power transmission Limited
 
 7.  Subansiri Hydro electric Power Company Limited
 
 iii.  Subsidiaries of Jindal minerals & metals Africa Limited
 
 1.  Jindal minerals and metals Africa Congo SPRL
 
 iv.  Subsidiaries of Jindal Steel & Power (mauritius) Limited
 
 1.  Affiliate overseas Limited
 
 2.  enduring overseas Limited
 
 3.  Harmony overseas Limited
 
 4.  Jindal Africa investments (Pty) Limited
 
 5.  Jindal Brasil mineracao SA
 
 6.  Jindal dRCSPRL
 
 7.  Jindal Investments LdA
 
 8.  Jindal investment Holdings Limited
 
 9.  Jindal madagascar SARL
 
 10.  Jindal minerals mining Limited (till 03.11.2010)
 
 11.  Jindal mining & exploration Limited
 
 12.  Jindal mining industry LLC
 
 13.  Jindal Power LLC
 
 14.  Jindal Steel & Power (Australia) Pty Limited (w.e.f. 15.06.2010)
 
 15.  Jindal Steel & Power Zimbabwe Limited (w.e.f. 06.05.2010)
 
 16.  JSPL mozambique Minerals LdA
 
 17.  Jubilant overseas Limited
 
 18.  osho madagascar SARL
 
 19.  Pt Jindal overseas
 
 20.  Rolling Hills Resources LLC
 
 21.  Shadeed iron & Steel Co. LLC (w.e.f. 29.06.2010)
 
 22.  Skyhigh overseas Limited
 
 23.  trans Atlantic trading Limited
 
 24.  Vision overseas Limited
 
 25.  worth overseas Limited V.  others
 
 1.  Belde empreendimentos mineiros Limited, a subsidiary of JSPL
 mozambique Minerals LdA
 
 2.  eastern Solid Fuels (Pty) Limited, a subsidiary of Jindal mining &
 exploration Limited
 
 3.  Gas to Liquids international SA, a subsidiary of worth overseas
 Limited
 
 4.  Jindal mining (Pty) Limited, a subsidiary of eastern Solid Fuels
 (Pty) Limited
 
 5.  Kasai Sud diamant, a subsidiary of Jindal dRC SPRL
 
 b) Associates
 
 1.  Angul Sukinda Railway Limited
 
 2.  Nalwa Steel & Power Limited
 
 3.  Saras mineracao de Ferro S.A. (Associate of Jindal Steel & Power
 mauritius Limited) (till 02.06.2010)
 
 4.  Jindal infosolutions Private Limited (w.e.f. 30.03.2011)
 
 c) Joint Ventures
 
 1.  Jindal Synfuels Limited (formerly Jindal Coal to Liquid Limited)
 
 2.  Shresht mining and metals Private Limited
 
 3.  urtan North mining Private Limited
 
 d) Key Management Personnel
 
 1.  Shri Naveen Jindal (exec. Vice Chairman & managing director)
 
 2.  Shri Vikrant Gujral (Group Vice Chairman & Head Global Ventures)
 
 3.  Shri Anand Goel (Jt. managing director, Corporate Affairs)
 
 4.  Shri Arun K. mukherji (whole time director upto 23.11.2010)
 
 5.  Shri Naushad Akhter Ansari (whole time director from 01.12.2010)
 
 e) Enterprises over which Key Management Personnel and their relatives
 exercise significant infuence and with whom transactions have taken
 place during the year
 
 1.  Advance Sporting Arms Private Limited
 
 2.  Bir Plantation Private Limited
 
 3.  Gagan infraenergy Limited (formerly Gagan Sponge iron Limited)
 
 4.  india Flysafe Aviation Limited
 
 5.  Jindal Coal Private Limited
 
 6.  Jindal Realty Private Limited
 
 7.  Jindal Rex exploration Private Limited
 
 8.  Jindal Saw Limited
 
 9.  Jindal Stainless Limited
 
 10.  Jindal System Private Limited
 
 11.  minerals management Services (india) Private Limited (formerly
 minerals management Services (india) Limited)
 
 12.  Nalwa Sons investment Limited
 
 13.  opelina Finance and investment Limited
 
 14.  trishakti Real estate infrastructure and developers (P) Limited
 
 15.  uttam Vidyut transmission Private Limited
 
 16.  YNo Finvest Private Limited
 
 21.  Financial and derivative instruments:
 
 a) Derivatives contracts entered into by the Company and outstanding as
 on 31st march, 2011, for hedging currency and interest rate related
 risks:
 
 c) In accordance with the accounting policy on financial derivative
 instruments, during the year, the company has recognised mark to market
 losses of Rs. 21.62 crores (Previous year Rs. Nil being market to
 market gains).
 
 22.  Previous year figures have been regrouped and/or rearranged
 wherever considered necessary to facilitate comparison with current
 year figures.