1.0 Previous Year''s figures are regrouped and rearranged wherever
 necessary.
 
 1.1 Contingent Liabilities not provided for in respect of :
 
                                                           (Rs in Crores)
 
                                   31st March, 2011     31st March, 2010
 
 (a) Letters of Credit outstanding       591.93              1346.31
 
 (b) Bank Guarantees                      92.54                19.17
 
 (c) Estimated amount of contracts 
 remaining to be                          60.04                54.00 
 executed on capital account and not 
 provided for
 
 (d) Bills Discounted                       NIL                  NIL
 
 1.2 The Company had given a corporate guarantee of Rs 87.54 Crores
 (Previous Year Rs 91.94 Crores) to Commissioner of Customs against
 export obligation of Uttam Galva Metallics Limited.
 
 1.3 The company has given a corporate guarantee of USD 40 million
 (Previous Year USD 40 Million) to Standard Chartered Bank against
 credit facility availed by Atlantis International Service Company
 Limited, Sundry Creditors under the head current liability includes Rs
 NIL (Previous Year Rs 166.93 Crores) towards the liability payable to
 subsidiary company.
 
 1.4 The company has given a corporate guarantee of USD 30 million
 (Previous Year USD Nil) to ICICI Bank against credit facility availed
 by Ferro Zinc International FZE, Sundry Creditors under the head
 current liability includes Rs 142.78 (Previous Year Nil) towards the
 liability payable to subsidiary company.
 
 2.0 (a) The Income Tax Assessment is completed up to 31st March, 2007.
 i.e. Assessment Year 2007-08.
 
 (b) The Sales Tax Assessments are completed up to 31st March, 2010.
 
 (c) The Company does not expect any liability on remaining assessments
 / appeals.
 
 3.0 Pursuant to revision of Accounting Standard 11 (AS 11), exchange
 fluctuation Loss of Rs 31.88 Crores (Previous Year Rs 31.29 Crores) on
 Foreign Currency Loans is adjusted against cost of relevant fixed
 assets.
 
 4.0 Taxation :
 
 4.1 The Company has taxable income as per the provisions of the Income
 Tax Act, 1961.
 
 4.2 The company has provided for deferred income tax liability to the
 tune of Rs 15.17 Crores (Previous Year Rs32.02 Crores) arising on account
 of timing difference between the book and tax profit of the period. The
 same is net of tax incentive available at a future date and deferred
 income tax payable at future date.
 
 4.3 During the year the Company has recognised ‘MAT Credit Entitlement''
 to the sum of Rs NIL (Previous Year Rs7.98 Crores) pertaining to MAT
 payment for the current year.
 
 5.0 During the year, the Company decided to prepay Value added tax
 (VAT) payable under Deferral Sales Tax Scheme, Against the Deferral
 Sales Tax liability of Rs 100.52 Crores (Previous year Rs 79.31 Crores)
 for period upto March, 11. The Company has prepaid Rs 28.15 Crores
 (Previous year Rs 22.21 Crores) at Net Present Value (NPV) as
 prescribed, and consequential balance of Rs 72.37 Crores (Previous Year
 Rs 57.10 Crores) is treated as Sales. This credit has accrued and arisen
 during the financial year 2010-11.
 
 6.0 During the year Company Commenced trial runs of Captive Power Plant
 (CPP). Power Generated 31188 MWH out of this 25888 MWH has been
 consumed by UGSL & balance sold to outside parties.
 
 7.0 The Company has provided for Unclaimed Leave Encashment Benefits as
 at 31st March, 2011 to the tune of Rs 5.40 Crores.
 
 Note : CWIP includes Rs 216.87 Crores (Previous Year Rs 144.52 Crores) of
 assets being built on plots yet to be transferred in the name of the
 Company.
 
 8.0 (a) During the year, Uttam Galva Steels Netherlands B.V. a wholly
 owned subsidiary has been incorporated on 31st Day of December, 2010 in
 Amsterdam.
 
 9.0 (a) List of Related Parties As per Accounting Standard 18 (AS.18)
 with whom the Company have entered into transactions during the year in
 the ordinary course of business : (i) Key Managerial Personnel :
 
 Mr. Rajinder Miglani Mr. Praveen Miglani Mr. Anuj Miglani Mr. Ankit
 Miglani
 
 Note : Details relating to remuneration to the above key management
 personnel have been disclosed in Note No. 16 (a).
 
 (ii) Other Related Parties :
 
 (Associates of the Company / Enterprises over which key management
 personnel and / or their relatives exercise significant influence)
 
 1) Wholly Owned Subsidiary / Step down Subsidiary:
 
 Uttam Galva Holding Limited
 
 Atlantis International Services Company Limited
 
 Ferro Zinc International FZE
 
 Uttam Galva Steels, Netherland B. V.
 
 2) Associates / Joint Ventures
 
 Growell Mercantile Limited Shree Uttam Steel and Power Limited Uttam
 Galva Metallics Limited Uttam Distribution Network Limited Uttam Utkal
 Steels Limited.  Texturing Technology Private Limited Moira Madhujore
 Coal Limited
 
 3) Ability to Control / Exercise Significant Influence :
 
 ArcelorMittal Netherlands, (BV) ArcelorMittal International, Brazil
 ArcelorMittal International, Romania ArcelorMittal Cons Reunion
 ArcelorMittal SSC, Italia AM Trading SA ArcelorMittal International FZE
 ArcelorMittal Internation Luxembourg
 
 10.1 During the year the company has entered into financial derivative
 transactions to hedge its exposure to foreign currency transactions.
 The outstanding position as on 31st March, 2011 in respect of forward
 covers related to imports / exports is Rs189.78 Crores.