1.  Estimated amount of contracts remaining to be executed (Net of
 advances) on capital account and not provided for Rs. 55,214,228
 (Previous yearRs. 201,880,519).
 
 2.  Contingent Liabilities not provided for in respect of:
 
 a) Excise Duty Matters Pending Rs. 13,215,155 (Previous year Rs.
 13,215,155) plus Interest and Penalty if any.
 
 b) Jharkhand Entry Tax Matters Pending Rs. 8,175,000 (Previous yearRs.
 8,175,000)
 
 c) Electricity Matters with The Durgapur Projects Limited Pending Rs.
 9,793,882 (Previous year Rs. 9,793,882)
 
 3.  Travelling expenses include Directors Travelling Rs. 66,925 (Previous
 year Rs. 632,253).
 
 4.  Employee Benefits : Disclosure pursuant to Accounting Standard -15
 (Revised 2005). The Employee''s Gratuity Scheme is unfunded and the
 Actuarial Valuation of Gratuity Scheme is prepared as at 31st March,
 2011 under revised AS -15 norms and accordingly Rs. 1,188,775 has been
 provided in the books in the current financial year.
 
 5.  Mat Credit Entitlement amounting to Rs. 49,538,937 includes Rs.
 1,37,72,489 on account of taxes paid in earlier Assessment Years under
 section 115JB of the Income Tax Act, being Rs. 5,204,586 for the AY.
 2006-2007, Rs. 5,389,658 for the A.Y 2007- 2008, Rs. 3,178,245 for the A.Y.
 2010-2011 which are eligible for credit under Section 115JAA of the
 Income Tax Act, from the future Financial Year Tax Liabilities of the
 Company and the same has been accounted for this year though part of
 the credit had accrued in earlier Accounting Years.
 
 6.  i) Based on the risks and returns associated with the business
 operations and in terms of Accounting Standard -17, the Company is
 predominantly engaged in a single reportable segment of Iron and Steel
 during the year. The risks and returns of manufacturing of Pig Iron and
 trading of its Raw Material, Coking Coal & Iron Ore Fines, are directly
 associated with Iron and Steel business and hence treated as a single
 reportable business segment. The management is of the view that the
 disclosure already provided in the financial statements relating with
 the quantitative details of manufacturing and trading activities under
 paragraph 19(B) & (C) of Notes to Accounts, are in compliance with the
 requirement of Accounting Standard -17. The other activities for Cement
 manufacturing is less than 10% of Total Revenue and hence there are no
 additional disclosures to be made under Accounting Standard -17, other
 than those already provided in the financial statements.
 
 7.  Depreciation on Coke Oven Plant has not been provided during the
 year, since the Plant was not in operation due to commercial reason.
 The total unprovoked depreciation is Rs. 18,880,168 which has not been
 charged in the Profit and Loss Account in the current year as well as
 in the earlier years since 30th September, 2005.
 
 8. During the year the company has spent a sum of Rs. 36,262,509 towards
 relining of the Mini Blast Furnace which inter- alia includes
 replacement of the Refractory’s & few other major component which is
 quite usual in the manufacturing process of a Pig Iron Plant at a
 interval of every 5-6 years. Although the relining work does not result
 in the enhancement of the installed capacity of the Plant but is
 essential to retain the depleting production capacity of the plant and
 therefore the same has been treated as Capital Expenditure. On the
 basis of the technical opinion and the past experience, the management
 has thought it prudent to amortize 95% value of the Capital Expenditure
 over a period of 5 years from the date of completion of relining work.
 
 9. All related expenses of project, which is under implementation, are
 treated as Capital Work-in-progress. Administrative Expenses to said
 project as identified by the management, have been transferred to
 Pre-Operative Expenses Account.
 
 10. Salary, Wages, Allowances and Bonus and Contribution to Provident
 Fund and ESIC includes following remuneration to the Managing Director
 and Executive Director.
 
 11. The outstanding balances of Contractors, Suppliers, Debtors,
 Creditors and other are subject to confirmation and reconciliation.
 
 12. Unsecured Loan consists of Rs. 1,340,711,453 (Previous year Rs.
 901,269,002) from Banks against Letter of Credit, and advances for
 Supplies and Rs. 307,946,756 (Previous year Rs. 6,487,018) from Body
 Corporate.
 
 13. Excise Duty and Cess on Stock represent differential Excise Duty
 and Cess on Opening and Closing Stock of Finished Goods.
 
 14. The Foundry Division of the Durgapur Plant was licensed on short
 term basis for 11 months to M/s. Kajaria Iron & Steel Company Private
 Limited with effect from 1st August, 2010 on a Lease Rental of Rs.
 300,000 per month.
 
 15. The Company has allotted on 31st March, 2011, 14,550,000 of 7%
 Redeemable Non-Cumulative Preference Shares of Rs. 10 each, fully paid
 up, which is redeemable at par at any time between end of fifth year to
 twelfth year from the date of allotment, subject to approval from
 statutory bodies and Financial Institutions, if any.
 
 16. Balance Sheet Abstract and Company''s General Business Profile
 (Additional Information under Part IV of the Schedule VI to the
 Companies Act, 1956) is annexed herewith.
 
 17. In the opinion of the Board and to the best of their knowledge and
 belief, the value of the realization of Current Assets, Loan and
 Advances, in the ordinary course of business would not be less than the
 amount at which they are stated in the Balance Sheet.
 
 18. Micro, Small and Medium Class Enterprises :
 
 There are no Micro, Small and Medium Class Enterprises, to whom the
 company owes dues, which are outstanding for more than 45 days as at
 31st March, 2011. The above information regarding Micro, Small and
 Medium Class Enterprises has been determined to the extent such parties
 have been identified on the basis of information available with the
 Company.
 
 19. Previous year figures have been re-grouped/re-arranged wherever
 necessary.  Signature to Schedules 1 to 18