1.  contingent Liabilities not provided for
 
                                                  2010-11       2009-10 
                                           (rs. in Lakhs) (Rs. in Lakhs)
 
 a) Guarantees given by banks on 
 behalf of the Company                           1,774.03      1,269.29
 
 b) Bills discounted with banks                   5689.14           Nil
 
 c) Outstanding Letter of Credits                  369.72           Nil
 
 d) Various demands raised, which in the 
 opinion of the management are not tenable 
 and are pending with various forums / 
 authorities:
 
 i) Sales Tax                                    1,278.24        826.28
 
 ii) Excise, Custom Duty & Service Tax             387.22        103.50
 
 iii) Income Tax                                    59.76         59.76
 
 2. In the opinion of the Management, Current Assets and Loans &
 Advances have the value at which these are stated in the Balance Sheet,
 if, realized in the ordinary course of business, unless otherwise
 stated and adequate provisions for all known liabilities have been made
 and are not in excess of the amount reasonably required.
 
 3.  Balances of Sundry Debtors/Creditors are subject to confrmation and
 reconciliation, if any.
 
 4.  Segment reporting:
 
 The Companys main business is manufacturing and selling pipes. In
 addition, the Company is also manufacturing & selling Cement and
 producing Pig Iron and LAM Coke for captive use, which does not qualify
 as a reportable segment as per Accounting Standard –17 on segment
 reporting issued by the Institute of Chartered Accountants of India.
 Accordingly, in the opinion of the management Pipes is the only
 reportable segment.
 
 5.  Disclosure of related parties/related party transactions:
 
 Name of the Related Parties with whom transactions were carried out
 during the year and description of relationship:
 
 a) Associate Company:
 
 M/s Electrosteel Castings Limited
 
 b) Key Management Personnel & their relatives (KMP): Shri Mayank
 Kejriwal, Managing Director
 
 c) Enterprise where KMP have Significant infuence or control:
 
 Lanco Infratech Limited and Lanco Hills Technology Park Private
 Limited*
 
 6.  As stipulated in AS-28, the Company assessed potential generation
 of economic Benefits from its business units and is of the view that
 assets employed in continuing business are capable of generating
 adequate returns over their useful lives in the usual course of
 business, there is no indication to the contrary and accordingly, the
 management is of the view that no impairment provision is called for in
 these accounts.
 
 7.  Fixed deposits with scheduled banks include fxed deposit of Rs.
 164.02 Lakhs (Previous Year Rs. 201.43 Lakhs) lodged with Government
 Departments and Customers.
 
 8.  The Company has certain operating lease arrangements for offce
 accommodation etc. with tenure extending upto 2 years. Expenditure
 incurred on account of rent during the year amounting to Rs. 41.68
 lakhs (Previous year Rs. 35.05 lakhs) is recognized in the Proft and
 Loss Account.
 
 9.  Disclosure of loans and advances as per the requirement of Clause
 32 of the listing agreement with the Stock Exchanges in India.
 
 i) The Company does not have any subsidiary and has not given any loans
 and advances in the nature of loans to its associates.  
 
 ii) Interest free loans as per general rules of the
 Company have been given to its employees. Aggregate amount of
 such advances and loans outstanding at the year end is Rs. 22.77 lakhs
 (Previous year Rs. 20.36 lakhs).
 
 10.  Previous Years Figures have been re-grouped / re-arranged wherever
 necessary.