1.  Contingent Liabilities not provided for in respect of:
 
 a) Bills Discounted Rs. 2,621.86 crores (Previous year Rs. 1,275.88
 crores).
 
 b) Guarantees provided to banks on behalf of subsidiaries (including
 step down subsidiaries) and others Rs. 1,620.51 crores (Previous year Rs.
 1,818.24 crores).
 
 c) Disputed statutory claims/levies including those pending in Courts
 (excluding interest, if any), in respect of:
 
 (i) Excise Duty Rs.179.70 crores (Previous year Rs. 96.67 crores);
 
 (ii) Customs Duty Rs. 242.87 crores (Previous year Rs. 108.07 crores);
 
 (iii) Income Tax Rs. 12.47 crores (Previous year Rs. 12.47 crores);
 
 (iv) Sales Tax / Special Entry taxRs. 72.36 crores (Previous year Rs.
 0.35 crores);
 
 (v) Service Tax Rs. 45.18 crores (Previous year Rs.24.86 crores);
 
 (vi) Miscellaneous Rs. 0.05 crore (Previous year Rs. 0.05 crore); and
 
 (vii) Levies by local authorities Rs. 3.04 crores (Previous year Rs. 3.04
 crores).
 
 d) Claims by Suppliers and other third parties not acknowledged as
 debts Rs. 207.41 crores (Previous year Rs. 6.31 crores).
 
 2.  Estimated amount of contracts remaining to be executed on capital
 account and not provided for (net of advances) Rs. 3,865.45 crores
 (Previous year Rs. 3,644.94 crores).
 
 3.  During the year, the Company issued 1,75,00,000 optional
 convertible warrants on a preferential basis, convertible into
 1,75,00,000 equity shares at the option of the holder on or before 15
 December 2011.  At 31 March 2011, 25% of the issue price of the
 warrants has been paid by the holders in accordance with the terms of
 the issue.
 
 4.  Details of utilization of funds received on preferential allotment:
 
 5.  Derivatives:
 
 a) The Company uses foreign currency forward contracts to hedge its
 risks associated with foreign currency fluctuations relating to certain
 firm commitments and highly probable forecast transactions. The use of
 foreign currency forward contracts is governed by the Companys
 strategy approved by the Board of Directors, which provide principles
 on the use of such forward contracts consistent with the Companys Risk
 Management Policy.
 
 b) The Company also uses derivative contracts other than forward
 contracts to hedge the interest rate and currency risk on capital
 account. Such transactions are governed by the strategy approved by the
 Board of Directors, which provide principles on the use of these
 instruments, consistent with the Companys Risk Management Policy. The
 Company does not use these contracts for speculative purposes.
 
 c) The year end foreign currency exposures that have not been hedged by
 a derivative instrument or otherwise are given below:
 
 6.  Research and Development Activities:
 
 Disclosure as required under Section 35(2AB) of the Income Tax Act,
 1961.
 
 b) The manufacturing and other expenses and depreciation include Rs. 3.85
 crores (previous year Rs. 3.23 crores) and Rs. 1.38 crores (Previous Year Rs.
 0.83 crore), respectively, in respect of Research and Development
 activities undertaken during the year.
 
 7.  Employee Benefits:
 
 a) Defined Contribution Plan:
 
 Companys contribution to Provident Fund Rs. 17.05 crores.  (previous
 year Rs. 12.89 crores)
 
 The Company expects to contribute Rs. 12.22 crores to its Gratuity Plan
 for the next year.
 
 In assessing the Companys Post Retirement Liabilities, the Company
 monitors mortality assumptions and uses up-to-date mortality tables,
 the base being the LIC 1994-96 ultimate tables.
 
 Expected return on plan assets is based on expectation of the average
 long term rate of return expected on investments of the fund during the
 estimated term of the obligations.
 
 The estimates of future salary increase, considered in actuarial
 valuation, take account of inflation, seniority, promotion and other
 relevant factors, such as supply and demand in the employment market.
 
 8.  Segment Reporting:
 
 The Company is primarily engaged in the business of manufacture and
 sale of I ron and Steel Products. The Company has identified two
 primary business segments, namely Steel and Power (used mainly for
 captive consumption), which in the context of Accounting Standard 17 on
 Segment Reporting constitute reportable segments.
 
 9.  Related Parties disclosure as per Accounting Standard (AS)-18:
 
 A.  List of Related Parties
 
 Parties with whom the Company has entered into transactions during the
 period where control exists :
 
 1.  Subsidiaries
 
 JSW Steel (UK) Limited
 
 JSW Steel Service Centre (UK) Limited
 
 Argent Independent Steel (Holdings) Limited
 
 JSW Natural Resources Limited
 
 JSW Natural Resources Mozambique Limitada
 
 JSW Steel (Netherlands) B.V.
 
 JSW Steel Holding (USA) Inc.
 
 JSW Steel (USA) Inc.
 
 Periama Holdings LLC (West Virginia LLC) (w.e.f. 3.05.2010)
 
 Planck Holdings LLC (w.e.f. 3.05.2010)
 
 Rolling S Augering LLC (w.e.f. 3.05.2010)
 
 Carreta Minerals LLC (w.e.f. 3.05.2010)
 
 Periama Handling LLC (w.e.f. 3.05.2010)
 
 Lower Hutchinson Minerals LLC (w.e.f. 3.05.2010)
 
 Purest Energy LLC (w.e.f. 3.05.2010)
 
 Meadow Creek Minerals LLC (w.e.f. 3.05.2010)
 
 Keenan Minerals LLC (w.e.f. 3.05.2010)
 
 Hutchinson Minerals LLC (w.e.f. 3.05.2010)
 
 RC Minerals LLC (w.e.f. 3.05.2010)
 
 Peace Leasing LLC (w.e.f. 3.05.2010)
 
 Prime Coal LLC
 
 JSW Panama Holdings Corporation
 
 Inversiones Eurosh Limitada
 
 Santa Fe Mining
 
 Santa Fe Puerto S.A.
 
 JSW Steel Processing Centres Limited
 
 JSW Jharkhand Steel Limited
 
 JSW Bengal Steel Limited
 
 Barbil Benefication Company Limited
 
 JSW Building Systems Limited
 
 JSW Natural Resources India Limited
 
 JSW ADMS Carvo Limited
 
 2.  Associates
 
 Jindal Praxair Oxygen Company Private Limited
 
 JSW Energy (Bengal) Limited
 
 Ispat Industries Limited (w.e.f. 24.01.2011)
 
 3.  Joint Ventures
 
 Vijayanagar Minerals Private Limited
 
 Rohne Coal Company Private Limited
 
 JSW Severfield Structures limited
 
 Gourangdih Coal Limited
 
 Toshiba JSW Turbine and Generator Private Limited
 
 MJSJ Coal Limited
 
 4.  Key Management Personnel (KMP)
 
 Mr. Sajjan Jindal
 
 Mr. Seshagiri Rao M V S
 
 Dr. Vinod Nowal
 
 Mr. Y Siva Sagar Rao (Upto 15.05.2009)
 
 Mr. Jayant Acharya
 
 5.  Relatives of Key Management Personnel
 
 Mrs. Savitri Devi Jindal
 
 6.  Enterprises over which Key Management Personnel and Relatives of
 such personnel exercise significant influence 
 
 JSW Energy Limited
 
 JSL Limited
 
 JSW Realty & Infrastructure Private Limited
 
 Jindal Saw Limited
 
 Jindal Steel & Power Limited
 
 Jindal South West Holdings Limited
 
 JSOFT Solutions Limited
 
 Jindal Industries Limited
 
 JSW Energy (Ratnagiri) Limited
 
 JSW Cement Limited
 
 JSW Jaigarh Port Limited
 
 Nalwa Sons & Investments Limited
 
 JSW Investments Private Limited
 
 Reynold Traders Private Limited
 
 Raj West Power Limited
 
 JSW Power Trading Company Limited
 
 JSW Aluminium Limited
 
 O P Jindal Foundation
 
 JSW Infrastructure & Logistic Limited
 
 South West Port Limited
 
 JSW Techno Projects Management Limited
 
 Sapphire Technologies Limited
 
 10.  Operating Lease
 
 a) As Lessor:
 
 i.  The Company has entered into lease arrangements, for renting :
 
 - 2,279 houses (admeasuring approximately 1,410,997 square feet) at the
 rate of Rs. 100/- per house per annum, for a period of 180 months.
 
 - 662 houses (admeasuring approximately 330,453 square feet) at the
 rate of Rs. 24/- per square feet per annum, for a period of 36 to 60
 months.
 
 - 1 house at the rate of Rs. 0.72 lacs per annum, for a period of 11
 months.
 
 - 9 houses (admeasuring approximately 645.15 square feet) at the rate
 of Rs. 40/- per square feet per month per house, for a period of 60
 months.
 
 The agreements are renewable at the option of the lessee after the end
 of the lease term.
 
 The agreements are executed for a period of 11 to 60 months with a
 renewable clause and also provide for termination at will by either
 party giving a prior notice period of 1 to 3 months.
 
 11.  The Company has the following Joint venture interest in India as
 at 31 March 2011:
 
 Interest as Venturer
 
 Vijayanagar Minerals Private Limited: Percentage of holding - 40%
 (Previous year 40%)
 
 Rohne Coal Company Private Limited: Percentage of holding -49%
 (Previous year 49%)
 
 JSW Severfield Structures Limited : Percentage of holding - 50%
 (Previous Year 50%)
 
 Gaurangdih Coal Limited : Percentage of holding - 50% (Previous Year
 50%)
 
 Interest as Investor
 
 MJSJ Coal Limited: Percentage of holding - 11% (Previous year 11%)
 
 Toshiba JSW Turbine and Generator Private Limited - 5% (Previous year
 5%)
 
 12. Comparative financial information (i.e. the amounts and other
 disclosure for the preceding year) presented above, is included as an
 integral part of the current years financial statements, and is to be
 read in relation to the amounts and other disclosures relating to the
 current year. Figures of the previous year are regrouped and
 reclassified wherever necessary to correspond to figures of the current
 year.