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Jindal Steel & Power Ltd(Industry :   Steel - Sponge Iron)
 
BSE Code:532286NSE Symbol: JINDALSTELP/E  (TTM): 0
ISIN Demat:INE749A01030Div Yield %:0EPS   (TTM) :0
Book Value (Rs):136.748917Market Cap (RsCr):5031.97Face Value (Rs) :1
  Change Company 






Notes To the Financial Statements









As at and for the year ended 31st March, 2013

1. OVERVIEW

Jindal Steel & Power Limited which commenced operations in the year 1991 is one of the India's leading steel producers with significant presence in sector like mining, power generation and infrastructure. It is listed on the National Stock Exchange of India and Bombay Stock Exchange in India. Its business is spread across India and overseas. The corporate office is situated in New Delhi and the manufacturing plants in India are in the states of Chhattisgarh, Odisha, Jharkhand etc. The Company has global presence in Australia, Botswana, China, Liberia, Mauritania, Mozambique, Madagascar, Indonesia, South Africa, Sultanate of Oman, Tanzania and Zambia. There are several business initiatives running simultaneously across continents.

2. SIGNIFICANT ACCOUNTING POLICIES

i) Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention, on going concern basis and in terms of the Accounting Standards notified by Companies (Accounting Standards) Rules, 2006 in compliance with Section 211(3C) of the Companies Act, 1956. The Company follows the mercantile system of accounting and recognises income and expenditure on accrual basis to the extent measurable and where there is certainty of ultimate realisation of incomes. Accounting policies not specifically referred to otherwise are consistent and in consonance with the generally accepted accounting principles in India.

ii) Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent liabilities and commitments at the end of the reporting period and results of operations during the reporting period. Although these estimates are based upon the management's best knowledge of current events and actions, actual results could differ from these estimates. Difference between the actual result and estimates are recognised in the period in which the results are known/materialised.

iii) Fixed Assets - Depreciation and Amortisation

a) Tangible Assets

Tangible Assets are stated at cost less accumulated depreciation and impairment losses, if any. Costs include costs of acquisitions or constructions, including incidental expenses thereto and other attributable costs of bringing the asset to its working condition for its intended use and are net of available duty/tax credits.

b) Intangible Assets

Intangible assets are recognised in accordance with the criteria laid down in Accounting Standard (AS-26), whereas they are separately identifiable, measurable and the Company controls the future benefits arising out of them. Intangible assets are stated at cost less amortisation and impairment losses, if any.

c) Capital Work-in-Progress

Expenditure related to and incurred during implementation of new/expansion-cum-modernisation projects is included under capital work-in-progress and the same is allocated to the respective tangible asset on completion of its construction/erection.

d) Intangible Assets under Development

Mines development expenditure incurred in respect of new iron ore/coal and likewise mines is shown under 'Intangible assets under development' and amortised over a period of ten years starting from the year of commencement of commercial production or the future expected extraction period of the reserves based on actual extraction till date, whichever is shorter.

e) Depreciation and Amortisation

Depreciation on tangible assets is provided on straight-line method (SLM) at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956. Leasehold land is amortised over the period of lease. In the case of assets where impairment loss is recognised, the revised carrying amount is depreciated over the remaining estimated useful life of the asset.

Certain plant and machinery have been considered as continuous process plant on the basis of technical assessment and depreciation on the same is provided for accordingly.

Intangible Assets are amortised on straight-line method over the expected duration of benefits not exceeding ten years.

iv) Impairment of Assets

The carrying amount of assets is reviewed for impairment at each balance sheet date wherever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount for which the asset's carrying amount exceeds its recoverable amount being the higher of the assets net selling price and its value in use. Value in use is based on the present value of the estimated future cash flows relating to the asset. For the purpose of assessing impairment assets are grouped at the lowest levels for which there are separately identifiable cash flows (i.e. cash generating units).

Previously recognised impairment losses are reversed where the recoverable amount increases because of favorable changes in the estimates used to determine the recoverable amount since the last impairment was recognised. A reversal of an asset's impairment loss is limited to its carrying amount that would have been determined (net of depreciation or amortisation) had no impairment loss been recognised in prior years.

v) Accounting for Leases

a) Finance lease is recognised as an asset and a liability to the lessor at fair value at the inception of the lease.

b) The lease payments under operating lease as per respective lease agreements are recognised as expense in the statement of profit and loss based on the time pattern of the usage benefit over the lease term.

vi) Borrowing Cost

Borrowing cost related to a qualifying asset is worked out on the basis of actual utilisation of funds out of project specific loans and/or other borrowings to the extent identifiable with the qualifying asset and is capitalised with the cost of qualifying asset. Other borrowing costs incurred during the period are charged to statement of profit and loss.

vii) Segment Reporting

a) Identification of Segments

Primary Segment

The Company's operating businesses are organised and managed separately according to the nature of products manufactured and services provided, with each segment representing a strategic business unit that offers different products.

Secondary Segment

The geographical segments have been identified based on the locations of the customers: within India and outside India.

b) Inter-Segment Transfers

The Company accounts for inter-segment sales and transfers as if the sales or transfers were to third parties at current market prices. However, inter segment transfers for captive/ capital consumption is as per CAS-4 (Cost Accounting Standard-4).

c) Allocation of Common Costs

Common allocable costs are allocated to each segment on reasonable basis.

d) Unallocated Items

It includes general administrative expenses, Corporate and other office expenses and income that arise at the enterprise level and relate to enterprise as a whole, and which are not allocable to any business segment.

e) Segment Policies

The Company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements of the Company as a whole.

viii) Valuation of Inventories

Raw materials and stores & spares are valued at lower of cost, computed on weighted average basis or net realisable value. Cost includes the purchase price as well as incidental expenses. Scrap is valued at estimated realisable value. However in case of raw materials, components, stores & spares held for use in the production of finished goods are not written down below cost if the finished products are expected to be sold at or above cost.

Work-in-process is valued at lower of estimated cost or net realisable value and finished goods are valued at lower of weighted average cost or net realisable value. Cost for this purpose includes direct cost and appropriate administrative and other overheads.

Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale.

ix) Inter-Division Transfers

Inter-division transfer of goods, as independent marketable products produced by various divisions for captive consumption, is accounted for at approximate prevailing market price. The same is shown as a contra item in the statement of profit and loss. Any unrealised profit on unsold/unconsumed stocks is eliminated while valuing the inventories. The value of such inter-divisional transfer is netted off from sales and operational income and expenses under cost of materials consumed and other expenses.

Inter-divisional transfer/captive consumption related to fixed assets is at cost.

x) Foreign Currency Transactions

Foreign currency transactions are recorded at the rate of exchange prevailing at the date of the transaction. Monetary foreign currency assets and liabilities are translated at the year-end exchange rates and resultant gains / losses are recognised in the statement of profit & loss for the year, except to the extent that they relate to (a) new projects till the date of capitalisation which are carried to capital work-in-progress and those relating to tangible assets which are adjusted to the carrying cost of the respective assets; and (b) exchange difference arising on the loans provided to foreign subsidiaries being non-integral foreign operations is accumulated in foreign currency translation reserve.

In case of forward foreign exchange contracts, exchange differences are dealt with in the statement of profit & loss over the life of the contract except those relating to tangible assets in which case they are capitalised with the cost of respective tangible assets. Non-monetary foreign currency items are carried at historical cost.

xi) Investments

Investments that are readily realisable and intended to be held for not more than a year are classified as current investments. All other investments are classified as long-term investments. Non-current investments are carried at cost. Provision is made when, in the opinion of the management, diminution in the value of investment is other than temporary in nature. The reduction in carrying amount is reversed when there is a rise in value of investments or if the reason for the reduction no longer exists. Current investments are carried at the lower of cost or market / fair value.

xii) Revenue Recognition

a) Revenue from sale of goods is recognised on transfer of significant risks and rewards of ownership to the buyer.

b) Gross Revenue from operations comprises of sale of products and other operating income which also includes export incentives and aviation income. 'Net Revenue from operations', net of excise duty and Inter-divisional transfer is also disclosed separately.

c) Sales are inclusive of excise duty but net of returns, rebates, VAT and sales tax. Products returned are accounted for in the year of return.

d) Export sales are accounted for on the basis of the date of bill of lading/airways bill.

e) Export benefits available under the Export Import policy of the Government of India are accounted for in the year of export, to the extent measurable.

f) Income from aviation and other services is accounted for at the time of completion of service and billing thereof.

xiii) Other Income

a) Claims Receivable

The quantum of accruals in respect of claims receivable such as from Railways, Insurance, Electricity, Customs, Excise and the like are accounted for on accrual basis to the extent there is certainty of ultimate realisation.

b) Income from Investment

Income from Investment is accounted for on accrual basis when the right to receive income is established.

xiv) Excise Duty

Excise Duty liability on finished goods manufactured and lying in the factory is accounted for and the corresponding amount is considered for valuation thereof.

xv) Employee Benefits

Expenses & liabilities in respect of employee benefits are recorded in accordance with Accounting Standard (AS)-15- 'Employee Benefits'.

a) Provident Fund

The Company contributes to Government administered fund as well as Provident fund Trust. The interest rate payable by the trust to beneficiaries every year is being notified by Government. The Company makes good deficiency, if any, in the interest rate declared by the trust vis-a-vis statutory rate.

b) Gratuity

Gratuity is a post employment benefit and is in the nature of a defined benefit plan. The liability recognised in the Balance Sheet in respect of gratuity is the present value of the defined benefit/obligation at the Balance Sheet date less the fair value of plan assets, together with adjustment for unrecognised actuarial gains or losses and past service costs. The defined benefit/obligation is calculated at or near the Balance Sheet date by an independent Actuary using the projected unit credit method. Actuarial gains or losses are immediately recognised in the statement of profit & loss and not deferred.

c) Compensated Absences

Liability in respect of compensated absences due or expected to be availed within one year from the Balance Sheet date is recognised on the basis of undiscounted value of estimated amount required to be paid or estimated value of benefit expected to be availed by the employees. Liability in respect of compensated absences becoming due or expected to be availed more than one year after the Balance Sheet date is estimated on the basis of an actuarial valuation performed by an independent Actuary using the projected unit credit method.

d) Other Short Term Benefits

Expense in respect of other short term benefits is recognised on the basis of the amount paid or payable for the period during which services are rendered by the employee.

xvi) Research and Development Expenditure

Research and Development expenditure not fulfilling the recognition criteria as set out in Accounting Standard (AS-26) 'Intangible Assets' is charged to the statement of profit and loss while capital expenditure is added to the cost of fixed assets in the year in which it is incurred.

xvii) Taxes on Income

Provision for current tax is made considering various allowances and benefits available to the Company under the provisions of the Income Tax Act 1961.

In accordance with Accounting Standard (AS-22) 'Accounting for Taxes on Income', deferred taxes resulting from timing differences between book and tax profits are accounted for at the tax rate substantively enacted by the Balance Sheet date to the extent the timing differences are expected to be crystallised. Deferred tax assets are recognised and reviewed at each Balance Sheet date to the extent there is reasonable/virtual certainty of realising such assets against future taxable income.

Minimum Alternate Tax (MAT) credit is recognised as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period.

xviii) Provisions, Contingent Liabilities, Commitments and Contingent Assets

Provisions are recognised for present obligations of uncertain timing or amount arising as a result of a past event where a reliable estimate can be made and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Where it is not probable that an outflow of resources embodying economic benefits will be required or the amount cannot be estimated reliably the obligation is disclosed as a contingent liability and commitments, unless the probability of outflow of resources embodying economic benefits is remote.

Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more uncertain events, are also disclosed as contingent liabilities and commitments unless the probability of outflow of resources embodying economic benefits is remote. Contingent assets are neither recognised nor disclosed in the financial statements.

xix) Earnings Per Share

The earnings considered in ascertaining the Company's earnings per share (EPS) comprise of the net profit after tax attributable to equity shareholders. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the period adjusted for events of bonus issue post period end, bonus elements in right issue to existing shareholders, share split, and reverse share split (consolidation of shares). The diluted EPS is calculated on the same basis as basic EPS, after adjusting for the effect of potential dilutive equity shares unless impact is anti-dilutive.

xx) Financial Derivatives

Forward contracts, other than those entered into to hedge foreign currency risk on unexecuted firm commitments or highly probable forecast transactions, are treated as foreign currency transactions and accounted for as per Accounting Standard (AS-11) 'The Effects of Changes in Foreign Exchange Rates'. Exchange differences arising on such contracts are recognised in the period in which they arise.

All other derivative contracts, including forward contracts entered into to hedge foreign currency/ interest rate risk on unexecuted firm commitments and highly probable forecast transactions, are recognised in the financial statements at fair value at each reporting date, in pursuance of the announcement of The Institute of Chartered Accountants of India (ICAI) on Accounting for Derivatives.

xxi) Cash and Cash Equivalents

Cash and cash equivalents consist of cash, bank balances in current and short-term highly liquid investments that are readily convertible to cash with original maturities of three months or less at the time of purchase.

(Rs. in Crore)

Particulars As at 31st March, 2013 As at 31st March, 2012
3. SHARE CAPITAL
Authorised
2,00,00,00,000 (Previous year 2,00,00,00,000) Equity Shares of Rs. 1 each 200.00 200.00
200.00 200.00
Issued, Subscribed and Fully Paid-up
93,48,33,818 (Previous year 93,48,33,818) Equity Shares of Rs. 1 each 93.48 93.48
Total Share Capital 93.48 93.48

(a) Reconciliation of the number of shares outstanding at the beginning and at the end of thereporting period

Particulars No. of Shares No. of Shares
Equity Shares outstanding at the beginning of the year 93,48,33,818 93,42,69,031
Add: Equity Shares issued under Employees Stock Option Scheme - 5,64,787
Equity Shares outstanding at the close of the year 93,48,33,818 93,48,33,818

b) Terms/rights attached to equity shares

The Company has only one class of equity shares having par value of Rs. 1 per share. Each holder of equity share is entitled to one vote per share. The Company declares dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting.

During the year ended 31st March, 2013, the amount of per share dividend proposed, subject to approval of shareholders in annual general meeting, for distribution to equity shareholders is Rs. 1.60 (Previous Year Rs. 1.60)

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.

c) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date:

During five years immediately preceeding 31st March, 2013, the Company has not alloted any equity shares as fully paid-up pursuant to contracts for consideration other than cash.

During five years immediately preceeding 31st March, 2013, the Company has not bought back any equity shares.

During the year ended 31st March, 2010, the Company allotted 77,56,51,530 equity shares as fully paid bonus shares by capitalising securities premium reserve.

In addition the Company allotted the following equity shares during the preceding five years under its various Employees Stock Option Schemes (note no:-3f below)

During the year ended No. of Shares
31st March, 2013 -
31st March, 2012 5,64,787
31st March, 2011 30,34,949
31st March, 2010 9,29,869
31st March, 2009 6,91,343
31st March, 2008 -
Total 52,20,948

d) Details of shareholders holding more than 5% shares in the Company

Name of the Shareholder 1

As at 31st March, 2013

As at 31st March, 2012

No. of Shares % holding No. of Shares % holding
Equity Shares of Rs. 1 each fully paid
Gagan Infraenergy Limited 6,69,54,060 7.16% 6,69,54,060 7.16%
Opelina Finance and Investment Limited 7,98,38,960 8.54% 7,98,38,960 8.54%
Sun Investment Limited 8,69,78,940 9.30% 8,69,78,940 9.30%

As per records of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

e) Forfeited Shares

Pursuant to the resolution passed at the extra ordinary general meeting dated 4th September, 2009, the Company reclassified the authorised share capital of the Company by cancellation of 1,00,00,000 Preference Shares of Rs. 100 each and simultaneous creation of 1,00,00,00,000 fresh Equity Shares of Rs. 1 each and increased the authorised share capital to Rs. 2,00,00,00,000.

Consequently, the Company had cancelled 20,00,000 preference shares of Rs. 100 each( Rs. 5 paid up) which were forefeited earlier. Upon cancellation of such shares, the amount of Rs. 1,00,00,000 was transferred to General Reserve.

f) Shares Reserved for Issue under Options

The details of shares reserved for issue under Employee stock option (ESOP) plan of the Company are as under:

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 (NSE) and Bombay Stock Exchange Limited (BSE) was given on 1st February, 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 fifty nine thousand four hundred) stock options on 26th November, 2005 at an exercise price of Rs. 1,014/- per share (Series-1) 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 2nd September, 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 27th April, 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 Employees Stock Option Scheme - 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 27th December, 2007, sub-division of the face value of each equity share of the Company from Rs. 5/- to 5 equity shares of Rs. 1/- each was approved by the shareholders in their General Meeting. Thereafter, the Compensation Committee has, in its meeting held on 27th January, 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 Rs. 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 Employees Stock Option Scheme-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 option s:-

a) 6,91,343 (Six lacs ninety one thousand three hundred forty three) equity shares of Rs. 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 Rs. 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 Rs. 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 Rs. 1/- each were available for allotment under ESOS-2005 after the above 3 allotments.

On 4th September, 2009, issue of 5 equity shares of Rs. 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 Employees Stock Option Scheme- 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 options and options yet to be granted from 43,31,034 (Forty three lacs thirty one thousand thirty four) to 2,59,86,204 (Two crore 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 Rs. 1/-each.

In-principle approval for listing of additional 2,16,55,170 (Two crore sixteen lacs fifty five thousand one hundred seventy) equity shares were obtained from NSE and BSE.

Thereafter, the following allotments of equity shares were made under ESOS-2005 on exercise of options:-

4,52,246 (Four lacs fifty two thousand two hundred forty six) equity shares of Rs. 1/-each were allotted on 30th January, 2010 on exercise of options granted under part 1 of Series III of ESOS-2005.

2,52,006 (Two lacs fifty two thousand six) equity shares of Rs. 1/- each were allotted on 13th April, 2010 on exercise of options granted under part 2 of Series II of ESOS-2005.

24,56,922 (Twenty four lacs fifty Six thousand nine hundred twenty two) equity shares of Rs. 1/- each were allotted on 23rd June, 2010 on exercise of options granted under part 3 of Series I of ESOS-2005.

3,26,021 (Three lacs twenty Six thousand twenty one) equity shares of Rs. 1/- each were allotted on 1st February, 2011 on exercise of options granted under part 2 of Series III of ESOS-2005.

2,40,564 (Two lacs forty thousand five hundred sixty four) equity shares of Rs. 1/- each were allotted on 14th April, 2011 on exercise of options granted under part 3 of Series II of ESOS-2005.

3,24,223 (Three lacs twenty four thousand two hundred twenty three) equity shares of Rs. 1/- each were allotted on 12th December, 2011 on exercise of options granted under part 3 of Series III of ESOS-2005.

The Details of ESOS-2005 are as under:

Particulars ESOS-2005
Series-I Series-II Series-III
1 Grant Price - Rupees 34 38 61
2 Grant Date 26th November, 2005 2nd September, 2006 27th April, 2007
3 Vesting commences on 26th November, 2007 2nd September, 2008 27th April, 2009
4 Vesting Schedule 50% of grant on 26th November, 2007, subsequent 25% of grant on 26th November, 2008 and balance 25% of grant on 26th November, 2009 50% of grant on 2nd September, 2008, subsequent 25% of grant on 2nd September, 2009 and balance 25% of grant on 2nd September, 2010 50% of grant on 27th April, 2009, subsequent 25% of grant on 27th April, 2010 and balance 25% of grant on 27th April, 2011
5 Option granted and outstanding at the beginning of the year - - -
6 Option granted during the year (due to bonus shares) - - -
7 Option lapsed and/or withdrawn during the period - - -
8 Option exercised during the year against which shares were allotted - - -
9 Options granted and outstanding at the end of the year of which - - -
- Options vested
- Options yet to be vest

(Rs. in Crore)

Particulars As at 31st March, 2013 As at 31st March, 2012
4. RESERVES AND SURPLUS
a) Sales Tax Subsidy/Capital Reserve
As per last financial statements 237.67 198.75
Add: During the year 30.63 38.92
Closing Balance 268.30 237.67

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. 30.63 crore (Previous year Rs. 38.92 crore) 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, 2013 is Rs. 266.74 crore (Previous year Rs. 236.11 crore).

b) Capital Redemption Reserve
As per last financial statements 70.00 70.00
Add: During the year - -
Closing Balance 70.00 70.00
c) Securities Premium Reserve
As per last financial statements 122.72 118.93
Add: Additions during the year on account of Employees' stock option schemes - 2.83
Add: Transferred from share options outstanding account - 0.96
Closing Balance 122.72 122.72
Note no.-3 (f)
d) Debenture Redemption Reserve
As per last financial statements 254.00 151.00
Add: Transferred from Statement of Profit and Loss 127.00 103.00
Closing Balance 381.00 254.00
e) Share Option Outstanding Account
As per last financial statements - 1.79
Less: Transferred to securities premium reserve - (0.96)
Less: Deferred employee stock compensation - (0.83)
Closing Balance - -
f) Other Reserves
Central/State Subsidy Reserve
As per last financial statements 0.12 0.12
Less: Transfer to General reserve - -
Closing Balance 0.12 0.12
Foreign Currency Translation Reserve
As per last financial statements 139.97 (17.09)
Add: During the year 32.37 157.06
Closing Balance 172.34 139.97
General Reserve
As per last financial statements 1,180.40 960.40
Add: Transferred from statement of profit and loss 175.00 220.00
Closing Balance 1,355.40 1,180.40
g) Surplus in Statement of Profit and Loss
As per last financial statements 8,747.05 7,112.01
Add: Profit for the year 1,592.55 2,110.65
Less: Appropriations
Transfer to Debenture Redemption Reserve 127.00 103.00
Transfer to General Reserve 175.00 220.00
Proposed dividend on equity shares (amount per share Rs. 1.60, previous year Rs. 1.60) 149.57 149.46
Corporate tax on proposed dividend 3.32 3.15
Net Surplus in the statement of Profit and Loss 9,884.71 8,747.05
Total Reserves & Surplus 12,254.59 10,751.93

The Company has made a provision of Rs. 3.32 crore net of reversal of Rs. nil (Previous year Rs. 3.15 crore net of reversal of Rs. 0.02 crore) for Corporate dividend tax on the amount of dividend proposed for the year ended 31st March, 2013 after considering the set-off of interim dividend declared by a subsidiary company for the same financial year, as per the provisions of section 115-0 of the Income Tax Act, 1961.

In the year 2010-11, dividend proposed relating to the shares under ESOS 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 year 2011-12 had been adjusted with the dividend proposed for the year ended on 31st March, 2012.

(Rs. in Crore)

Particulars

Non-Current Portion

Current Portion

31st March, 2013 31st March, 2012 31st March, 2013 31st March, 2012
5. LONG-TERM BORROWINGS
a) Secured Long-term Borrowings
i) Debentures
9.80% Secured Redeemable Non Convertible Debentures of Rs. 10,00,000 each 1,000.00 1,000.00
(Privately placed initially with Life Insurance Corporation of India)
9.80% Secured Redeemable Non Convertible Debentures of Rs. 10,00,000 each 62.00 62.00
(Privately placed initially with SBI Life Insurance Company Limited)
8.50% Secured Redeemable Non Convertible Debentures of Rs. 10,00,000 each 25.00 25.00
(Privately placed initially with ICICI Lombard General Insurance Company Limited)
8.50% Secured Redeemable Non Convertible Debentures of Rs. 10,00,000 each 75.00 75.00
(Privately placed initially with ICICI Prudential Life Insurance Company Limited)
9.80% Secured Redeemable Non Convertible Debentures of Rs. 10,00,000 each 500.00 500.00
(Privately placed initially with Life Insurance Corporation of India)
1,662.00 1,662.00 - -
ii) Term Loans from Banks 8,564.21 4,696.69 850.80 316.97
iii) Other Loans from Banks 149.92 177.32 - -
8,714.13 4,874.01 850.80 316.97
Secured Long-term Borrowings 10,376.13 6,536.01 850.80 316.97

DEBENTURES

i) Debentures of Rs. 1,000 crore placed initially with Life Insurance Corporation of India on private placement basis are redeemable at par in 2 equal annual instalments at the end of 9.5 and 10.5 years from the date of respective allotments i.e. Rs. 100 crore (12th October, 2009), Rs. 150 crore (22nd October, 2009), Rs. 150 crore (24th November, 2009), Rs. 150 crore (24th December, 2009), Rs. 150 crore (25th January, 2010), Rs. 150 crore (19th February, 2010) and Rs. 150 crore (26th March, 2010). The debentures are secured on pari-passu charge basis byway of mortgage of immovable properties and hypothecation of movable fixed assets created/to be created on the 6x135 MW Power Plant Project at Angul, Odisha in favour of the Debenture Trustees.

ii) Debentures placed initially with SBI Life Insurance Company Limited on private placement basis are redeemable at par in 5 equal annual instalments commencing from the end of 8 years from the date of allotment i.e. 29th December, 2009. The debentures are secured on pari passu basis by way of mortgage of immovable properties and hypothecation of movable assets created/to be created on the 6x135 MW Power Plant Project at Angul, Odisha in favour of the Debenture Trustees.

iii) Debentures placed initially with ICICI Lombard General Insurance Company Limited on private placement basis are redeemable at par at the end of 5 years from the date of allotment i.e. 3rd December, 2009. The debentures are secured on pari-passu basis by way of mortgage of immovable properties and hypothecation of movable fixed assets of the Company in favour of the Debenture Trustees.

iv) Debentures placed initially with ICICI Prudential Life Insurance Company Limited on private placement basis are redeemable at par at the end of 5 years from the date of allotment i.e. 3rd December, 2009. The debentures are secured on pari-passu basis by way of mortgage of immovable properties and hypothecation of movable fixed assets of the Company in favour of the Debenture Trustees.

v) Debentures of Rs. 500 crore placed initially with Life Insurance Corporation of India on private placement basis are redeemable at par in 2 equal annual instalments at the end of 9.5 and 10.5 years from the date of respective allotments i.e. Rs. 100 crore (24th August, 2009), Rs. 80 crore (8th September, 2009), Rs. 80 crore (8th October, 2009), Rs. 80 crore (9th November, 2009), Rs. 80 crore (8th December, 2009) and Rs. 80 crore (8th January, 2010) . The debentures are secured on pari-passu charge basis by way of mortgage of immovable properties and hypothecation of movable fixed assets of the Company in favour of the Debenture Trustees.

TERM LOANS Security

i) Loans of Rs. 97.98 crore (Previous year Rs. 176.54 crore) are secured by exclusive charge on fixed assets created under Steel expansion project at Raigarh, Chhattisgarh;

ii) Loans of Rs. 104.04 crore (Previous year Rs. 150.40 crore) are secured by exclusive charge on fixed assets created under Plate Mill project at Raigarh, Chhattisgarh;

iii) Loans of Rs. 42.86 crore (Previous year Rs. 77.14 crore) are secured by exclusive charge on fixed assets created under 3x25 MW Power Plant at Raigarh, Chhattisgarh;

iv) Loans of Rs. 2799.40 crore (Previous year Rs. Nil) are secured by exclusive charge on fixed assets created/to be created under the DRI project at Angul, Odisha;

v) Loans of Rs. 609.59 crore (Previous year Rs. 698.47 crore) are secured by exclusive charge on fixed assets created under 2X135 MW Power Plant (Phase-1) at Dongamauha, Raigarh, Chhattisgarh;

vi) Loans of Rs. 680.25 crore (Previous year Rs. 450.00 crore) are secured by exclusive charge on fixed assets created/ to be created under 2X135 MW Power Plant (Phase- 2) at Dongamauha, Raigarh, Chhattisgarh;

vii) Loans of Rs. 3,154.55 crore (Previous year Rs. 1,841.10 crore) are secured by exclusive charge on fixed assets created/to be created under 1.6 MTPA Integrated Steel Plant and 1.5 MTPA Plate Mill project at Angul, Odisha;

viii) Loans of Rs. 1,692.20 crore (Previous year Rs. 1,370.00 crore) are secured/to be secured by exclusive charge on fixed assets created/to be created under 6x135 MW Power Plant Project at Angul, Odisha;

ix) Loan of Rs. 234.14 crore (Previous year Rs. 250.00 crore) are secured by subservient charge on fixed assets of the Company.

Repayments and Interest rates for the above Term Loans are as follows:

Year 2013-14 2014-15 2015-16 2016-17 & Above
Amount (Rs. in Crore) 850.80 1434.23 1356.99 5,772.99

The interest rate for the above term loans varies from 8.41% to 13.25% p.a

OTHER LOANS

Security

i) Loans of Rs. 95.75 crore (Previous year Rs. 135.55 crore) are Secured by hypothecation by way of first charge on stocks of finished goods, raw material, work in progress, stores and spares and book debts and second charge in respect of other movable and immovable assets; the charge on immoveable assets being an umbrella charge upto Rs. 467.50 crore to secure cash credit from banks and other loans as per note 8 (a).

ii) Loans of Rs. 54.17 crore (Previous year Rs. 41.77 crore) are secured by hypothecation of book debts and stocks.

(Rs. in Crore)

Particulars

Non-Current Portion

Current Portion

31st March, 2013 31st March, 2012 31st March, 2013 31st March, 2012
i) Term Loans
Unsecured Term Loans from
Banks
Other Loans 428.09 784.91 - -
Unsecured Loans from Others
Fixed Deposits from public - 6.08 5.94 31.14
428.09 790.99 5.94 31.14
ii) Other Loans & Advances
External Commercial Borrowings 1,056.70 1,166.92 118.54 993.75
Unsecured Long-term 1,484.79 1,957.91 124.48 1,024.89
Borrowings
11,860.92 8,493.92 975.28 1,341.86
Amount disclosed under other-current Liabilities [Note no-10 (a)] - - (969.34) (1,341.86)
Amount disclosed under short term borrowings [Note no.-8 (b)(iv)] - - (5.94) -
Total Long-term Borrowings 11,860.92 8,493.92 - -

(Rs. in Crore)

Particulars As at 31st March, 2013 As at 31st March, 2012
6. OTHER LONG-TERM LIABILITIES
a) Others
Security Deposits and Advances 560.58 141.24
Total Other Long-term Liabilities 560.58 141.24

(Rs. in Crore)

Particulars As at 31st March, 2013 As at 31st March, 2012
7. LONG-TERM PROVISIONS
Provision for Employee Benefits
Gratuity 11.58 8.34
Other defined benefit plans {Note no.-33(b)} 9.36 10.38
Total Long-term Provisions 20.94 18.72

(Rs. in Crore)

Particulars As at 31st March, 2013 As at 31st March, 2012
8. SHORT-TERM BORROWINGS
a) Secured Short-term Borrowings
From Banks
Cash Credit from Banks 504.49 447.63
Other Loans 696. 80 259.58
Secured Short-term Borrowings 1,201.29 707.21

Cash Credit from Banks

Secured by hypothecation by way of first charge on stocks of finished goods, raw material, work in progress, stores and spares and book debts and second charge in respect of other movable and immovable assets; the charge on immoveable assets being an umbrella charge upto Rs. 467.50 crore to secure other loans from banks as per note 5(a)(iii) and other loans under note 8(a). The cash credit is repayable on demand.

Other Loans

i) Loans of Rs. 201.43 crore (Previous year Rs. 259.58 crore) are Secured by hypothecation by way of first charge on stocks of finished goods, raw material, work in progress, stores and spares and book debts and second charge in respect of other movable and immovable assets; the charge on immoveable assets being an umbrella charge upto Rs. 467.50 crore to secure other loans from banks as per note 5(a)(iii) and cash credit from banks under note 8(a).

ii) Loans of Rs. 295.37 crore (Previous year nil) are secured by hypothecation of book debts and stocks.

iii) Loans of Rs. 200.00 crore (Previous year nil) are secured by sbservient charge by way of hypothecation of current assets.

(Rs. in Crore)

Particulars As at 31st March, 2013 As at 31st March, 2012
b) Unsecured Short-term Borrowings
i) From Banks
Short Term Loans 1,807.99 257.21
Other Loans 1,761.24 2,207.56
3,569.23 2,464.77
ii) Other Loans 1,125.00 220.00
iii) Loans and Advances from Related Parties
Inter Corporate Deposits (from subsidiary) {Note no.-36(b)} 1,738.56 2,486.56
iv) Fixed Deposits from Public 5.94 -
Unsecured Short-term Borrowings 6,438.73 5,171.33
Total Short-term Borrowings 7,640.02 5,878.54

(Rs. in Crore)

Particulars As at 31st March, 2013 As at 31st March, 2012
9. TRADE PAYABLES
Trade Payables 628.20 998.31
Total Trade Payables 628.20 998.31

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 have not been given.

(Rs. in Crore)

Particulars As at 31st March, 2013 As at 31st March, 2012
10. OTHER CURRENT LIABILITIES
a) Current maturities of long-term debts 969.34 1,341.86
b) Interest accrued but not due on borrowings 30.90 45.84
c) Investor Education & Protection Fund*
Unpaid dividend 7.50 16.50
Unpaid matured deposits and interest accrued 0.87 1.55
d) Other Payables
Statutory dues** 548.94 472.01
Advance from customer and others 282.36 289.73
Security deposits and advances 15.40 13.01
Creditors for capital expenditure 392.98 936.00
Outstanding liabilities for expenses 220.88 501.47
Others 115.22 43.56
Total Other Current Liabilities 2,584.39 3,661.53

*There is no amount due and outstanding to be credited to Investor Education and Protection Fund

**ln 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 crore (Previous year Rs. 156.02 crore) included in 'Other Payables' with no provision/utilisation, at the end of the financial year, there is an outstanding provision of Rs. 156.02 crore (Previous year Rs. 156.02 crore).

(Rs. in Crore)

Particulars As at 31st March, 2013 As at 31st March, 2012
11. SHORT-TERM PROVISIONS
a) Provision for Employee Benefits
Leave Encashment 60.18 50.21
60.18 50.21
b) Other Provisions
Provision For Taxation-In come Tax 2,737.67 2,248.87
Provision For Taxation-Wealth Tax 1.11 0.81
Proposed Dividend 149.57 149.57
Corporate Tax On Dividend 3.32 3.17
2,891.67 2,402.42
Total Short-term Provisions 2,951.85 2,452.63

(Rs. in Crore)

Gross Carrying Value

Depreciation

Net Carrying Value

Particulars As at 1st April, 2012 Additions Disposals/ Adjustments Other Adjustments As at 31st March, 2013 As at 1st April, 2012 For the period Other Adjustments As at 31st March, 2013 As at 31st March, 2013 As at 31st March, 2012
12. FIXED ASSETS
Tangible Assets
Land Freehold 197.01 15.71 1.17 - 211.55 - - - - 211.55 197.01
Land Leasehold 321.33 30.06 - - 351.39 11.56 4.42 - 15.98 335.41 309.77
Live Stock 0.14 - - - 0.14 - - - - 0.14 0.14
Buildings 1,734.05 528.11 0.29 42.12 2,303.99 159.64 76.10 0.02 235.72 2,068.27 1,574.41
Plant and Equipment 11,916.64 2,628.38 1.40 375.71 14,919.33 3,221.09 921.41 0.58 4,141.92 10,777.41 8,695.55
Electrical Fittings 389.78 35.80 0.03 0.53 426.08 49.71 19.00 0.00 68.71 357.37 340.07
Furniture and Fixtures 65.32 10.21 0.00 - 75.53 16.99 4.61 0.00 21.60 53.93 48.33
Vehicles 200.44 24.00 4.60 (0.13) 219.71 88.92 20.59 1.45 108.06 111.65 111.52
Aircraft 285.18 - 29.16 - 256.02 60.14 15.69 10.60 65.23 190.79 225.04
Office equipment 36.55 7.27 0.19 - 43.63 6.09 1.91 0.03 7.97 35.66 30.46
Total 15,146.44 3,279.54 36.84 418.23 18,807.37 3,614.14 1,063.73 12.68 4,665.19 14,142.18 11,532.30
Previous Year 12,737.92 2,150.03 67.81 326.31 15,146.45 2,757.04 875.20 18.09 3,614.14 11,532.30 9,980.88

(Rs. in Crore)

Gross Carrying Value :

Amortisation

Net Carrying Value

Particulars As at 1st April, 2012 Additions Disposals/ Adjustments Other Adjustments As at 31st March, 2013 Balance as at 1st April, 2012 For the period Other Adjustments As at 1st April, 2013 As at 31st March, 2013 As at 31st March, 2012
Intangible Assets
Computer software-Bought out 13.05 9.33 - - 22.38 6.24 2.80 - 9.04 13.34 6.81
Services and operating rights 43.92 6.66 - - 50.58 34.86 15.71 - 50.57 0.01 9.06
Designs and drawings 0.84 - - - 0.84 0.01 0.17 - 0.18 0.66 0.84
Total 57.81 15.99 - - 73.80 41.11 18.68 - 59.79 14.01 16.71
Previous Year 49.43 8.38 - - 57.81 29.89 11.22 - 41.11 16.71 19.54
GRAND TOTAL 15,204.25 3,295.53 36.84 418.23 18,881.17 3,655.25 1,082.41 12.68 4,724.98 14,156.19 11,549.01
Previous Year 12,787.35 2,158.41 67.81 326.31 15,204.26 2,786.93 886.42 18.09 3,655.25 11,549.01 10,000.42
Capital work in progress (including pre-ope rative expenses peniding allocation/ capitalisation and capital goods lying in stores) 11,466.12 10,479.86

Notes:

a) Statement Showing the details of Pre-operative Expenditure as at 31st March, 2013

(Rs. in Crore)

Particulars Current Year Previous Year
Amount brought forward from last year 597.15 383.42
Add: Expenses during the Year
Personnel Expenses 120.75 100.09
Consultancy Charges 24.11 68.27
Financial Expenses 0.17 11.47
Foreign Exchange Fluctuations (23.85) 27.26
Depreciation 33.94 19.24
Miscellaneous Expenses 133.63 143.84
885.90 753.59
Less: Capitalised as part of
Plant & machinery 194.64 144.92
Building 27.52 10.37
Other fixed assets 0.93 1.15
Amount carried forward in CWIP 662.81 597.15

Depreciation during the year includes Rs. 33.94 crore (previous year Rs. 19.24 crore) transferred to pre-operative expenses.

b) Freehold land includes Rs. 5.85 crore jointly owned with a company with 50% share and pending registration.

c) Capital work-in-progress includes Rs. 662.89 crore (previous year Rs. 597.14 crore) being pre-operative expenditure and Rs. 585.22 crorefprevious year Rs. 1,079.40 crore) being capital stores.

d) Addition to fixed assets includes Rs. 11.10 crore (previous year Rs. 4.84 crore) and addition to capital work-in-progress includes Rs. 3.24 crore (previous year Rs. 0.48 crore) being expenditure incurred on research & development activities. The capital work-in-progress accumulated balance as on 31st March,13 is Rs. 4.05 crore (previous year Rs. 0.84 crore). Adjustments includes Rs. 1.82 crore of assets earlier used for R&D activities now transferred to other units.

e) Additions/fadjustments) to plant and machinery/capital work-in-progress includes addition of Rs. 130.00 crore (previous year addition of Rs. 332.22 crore) on account of foreign exchange fluctuation on long-term liabilities relating to acquisition of fixed assets pursuant to the notifications issued by the Ministry of Corporate Affairs relating to Accounting Standard ( AS-11) 'The Effects of Changes in Foreign Exchange Rates'.

f) Borrowing cost incurred during the year and capitalised is Rs. 147.58 crore (previous year Rs. 50.48 crore). Borrowing cost incurred during the year and transferred to capital work-in-progress is Rs. 429.32 crore (previous year Rs. 372.33 crore).

g) Expenditure during trial tun period has been capitalised/decapitaised with fixed assets as under

(Rs. in Crore)

Particulars Current Year Previous Year
Income
Sales 36.02 30.86
Increase/fdecrease) in stock - -
Total Income (A) 36.02 30.86
Less: Expenditure
Raw materials consumed 17.58 -
Power & fuel 27.65 11.94
Personnel expenses 1.47 -
Stores & spare parts consumed 0.22 1.14
Others 0.21 0.16
Total Expenditure (B) 47.13 13.24
(A-B) Profit/(Loss) during trial run period during the current financial year (11.11) 17.62
Decapitalised/(capitalised) with the cost of fixed assets (11.11) 17.62

(Rs. in Crore)

Particulars As at 31st March, 2013 As at 31st March, 2012
13. NON-CURRENT INVESTMENTS
i) Other than Trade Investments-Unquoted
a.l) Unquoted fully paid-up equity shares of associated companies
Angul Sukinda Railway Limited 25,000 (Previous year 25,000) Equity Shares of Rs. 10 each 0.03 0.03
JB Infra Private Limited (Earlier known as FB Infra Private Limited) 0.98 0.00
9,80,000 (Previous year 4,900) Equity Shares of Rs. 10 each
Jindal Infosolutions Limited - 0.02
NIL (Previous year 24,750) Equity Shares of Rs. 10 each
Nalwa Steel & Power Limited 2.00 2.00
20,00,000 (Previous year 20,00,000) Equity Shares of Rs. 10 each
a.2) Unquoted partly paid-up equity shares of associated company
Angul Sukinda Railway Limited
10,49,75,000 (Previous year Nil) Equity Shares of Rs. 10 each, Rs. 3.02 paid up) 31.71 -
Sub Total (a) 34.72 2.05
b) Unquoted fully paid-up equity shares of incorporated joint ventures
Jindal Synfuels Limited 0.70 0.70
7,00,000 (Previous year 7,00,000) Equity Shares of Rs. 10 each
Shresht Mining and Metals Private Limited 1.00 0.01
10,00,000 (Previous year 5,000) Equity Shares of Rs. 10 each
Urtan North Mining Company Limited 5.95 0.67
59,46,689 (Previous year 6,66,689) Equity Shares of Rs. 10 each
Sub Total (b) 7.65 1.38
c) Unquoted fully paid-up equity shares of subsidiary/step down subsidiary companies
Sky High Overesas Limited 111.03 -
2,23,50,029 (Previous year Nil) Equity Shares of US$1 each
Jindal Power Limited 867.05 867.05
1,30,05,75,000 (Previous Year,30,05,75,000) Equity Shares of Rs. 10 each
Jindal Steel Bolivia S.A. 227.84 269.47
33,45,600 (Previous year 42,53,511) Equity Shares of Bolivianos 100 each
Jindal Steel & Power (Mauritius) Limited 383.13 231.83
7,50,00,000 (Previous year 5,00,00,000) Equity Shares of US$1 each
Attunli Hydro Electric Power Company Limited 0.00 0.00
1 (Previous Year) Equity Shares of Rs. 10 each
Etalin Hydro Electric Power Company Limited 0.00 0.00
1 (Previous Year) Equity Shares of Rs. 10 each
Kamala Hydro Electric Power Company Limited (Earlier known as Subansiri Hydro Electric Power Company Limited) 0.00 0.00
(Previous Year) Equity Shares of Rs. 10 each
Sub Total (c) 1,589.05 1,368.35
d) Unquoted Investment in Government and Trust Securities
National Saving Certificates* 0.06 0.06
Rs. 6,10,000 (Previous year Rs. 6,10,000)
*[Pledged with Government departmentsRs. 0.06 crore (Previous year Rs. 0.06 crore)]
Sub Total (d) 0.06 0.06
e) Investment in Bonds
8.15% ICICI-2016 Bond 0.50 0.50
5 (Previous year 5) units of Rs. 10,00,000 each
Sub Total (e) 0.50 0.50
f) Unquoted Equity Shares
Brahamputra Capital and Finance Limited 19.20 19.20
1,92,00,000 (Previous Year,92,00,000) Equity Shares of Rs. 10 each
Jindal Holding Limited 14.48 14.48
24,14,000 (Previous year 24,14,000) Equity Shares of Rs. 10 each
Jindal Petroleum Limited 0.05 0.05
49,400 (Previous year 49,400) Equity Shares of Rs. 10 each
Jindal Rex Exploration Private Limited 0.01 0.01
9,800 (Previous year 9,800) Equity Shares of Rs. 10 each
Stainless Investments Limited 6.05 6.05
12,42,000 (Previous Year2,42,000) Equity Shares of Rs. 10 each
Rs.-ZoneSDN BHD 0.04 0.04
36,250 (Previous year 36,250) Equity Shares of Malaysian Ringgit 1 each
Sub Total (f) 39.83 39.83
Less: Provision for diminution in value of Investments (341.09) -
Total Non-current Other Investment 1,330.72 1,412.17
Total Non-current Investment 1,330.72 1,412.17
Aggregate book value/market value of quoted investments - -
Aggregate book value of unquoted investments 1,671.81 1,412.17
The Company has unquoted investments of Rs. 1,671.25 crore in bodies corporate (Previous year Rs. 1,411.61 crore).
Aggregate provision for diminution in value of investments 341.09 -

(Rs. in Crore)

Particulars As at 31st March, 2013 As at 31st March, 2012
14. LONG-TERM LOANS & ADVANCES
Unsecured, Considered Good
Capital Advances 674.05 629.98
Security Deposits 92.63 124.63
Others
Share application money 96.42 197.04
Others 362.36 45.45
Total Unsecured Long-term Loans & Advances 1,225.46 997.10
Total Long-term Loans & Advances 1,225.46 997.10

(Rs. in Crore)

Particulars As at 31st March, 2013 As at 31st March, 2012
15. OTHER NON-CURRENT ASSETS
Bank balances* 0.55 4.63
Total Other Non Current Assets 0.55 4.63

*Pledged with Government departments and Others Rs. 0.55 crore (Previous year Rs. 1.04 crore)

(Rs. in Crore)

Particulars As at 31st March, 2013 As at 31st March, 2012
16. INVENTORIES
a) Raw Materials
Inventories 1,278.34 863.13
Goods In transit 92.88 252.19
1,371.22 1,115.32
b) Work-in-process
Work in process 192.93 179.03
192.93 179.03
c) Finished Goods
Inventories 1,440.50 1,279.17
1,440.50 1,279.17
d) Stores & Spares
Inventories 559.29 438.69
Goods In Transit 23.27 25.96
582.56 464.65
e) Others
Scrap 11.31 13.14
11.31 13.14
Total Inventories 3,598.52 3,051.31

(Rs. in Crore)

Particulars As at 31st March, 2013 As at 31st March, 2012
17. TRADE RECEIVABLES
a) Unsecured
Exceeding Six Months
Considered good 93.70 44.45
Considered doubtful 1.31 1.31
Less: Provision for bad and doubtful debts (1.31) (1.31)
Others
Considered good 1,332.43 860.61
1,426.13 905.06
Total Unsecured Trade Receivable 1,426.13 905.06
Total Trade Receivable 1,426.13 905.06

(Rs. in Crore)

Particulars

Non-Current Portion

Current Portion

31st March, 2013 31st March, 2012 31st March, 2013 31st March, 2012
18. CASH & BANK BALANCES
a) Cash & Cash Equivalents
Cash on hand - - 0.86 1.10
Cheques/Drafts In hand - - 7.95 1.60
Bank Balances in current accounts - - 14.66 10.50
Deposits with original maturity of less than three months - - - 0.16
Others - - 0.04 0.02
Total Cash & Cash Equivalents - - 23.51 13.38
b) Other Bank Balances
i) Banks with Earmarked Balances - - - -
Earmarked for unpaid dividend - - 7.50 16.50
ii) Banks Deposits
Deposits with original maturity upto twelve months - - 5.76 1.06
Deposits with original maturity more than twelve months 0.55 4.63 - -
Amount disclosed under other non-current assets (Note no-15) (0.55) (4.63) -
Total Cash & Bank Balances - - 36.77 30.94

(Rs. in Crore)

Particulars

Non-Current Portion

Current Portion

31st March, 2013 31st March, 2012 31st March, 2013 31st March, 2012
19. SHORT-TERM LOANS & ADVANCES
a) Loa ns a n d Ad va nces to Related Parties
Unsecured, considered good - - 1,417.48 1,417.89
- - 1,417.48 1,417.89
b) Loans and Advances to Others
Unsecured, considered good* 674.05 629.98 966.65 646.08
Doubtful - - 5.76 5.76
Less: Provision for doubtful advances - - (5.76) (5.76)
674.05 629.98 966.65 646.08
c) Security Deposit - - 1.60 1.21
1.60 1.21
d) Other Loans and Advances
Balances with statutory/ government authorities - - 886.09 574.03
Advance income tax including TDS - - 2,671.72 2,167.08
- - 3,557.81 2,741.11
Amount disclosed under long term loans & advances (Note no-14) (674.05) (629.98) - -
Total Short-term Loans & Advances - - 5,943.54 4,806.29

*Advances recoverable in cash or in kind or for value to be received includes Nil (Previous year Rs. 0.69 crore) being the amount due from directors/officers of the Company.

(Rs. in Crore)

Particulars As at 31st March, 2013 As at 31st March, 2012
20. OTHER CURRENT ASSETS
Pre-Paid expenses 1.94 2.34
Interest receivable on short term loans & advances* 368.73 280.08
Dividend receivable 130.06 -
Other receivables 107.38 25.22
Total Other Current Assets 608.11 307.64

* Including recoverable from related parties

(Rs. in Crore)

Particulars Year ended 31st March, 2013 Year ended 31st March, 2012
21. REVENUE FROM OPERATIONS
a) Sale of Products
Finished goods 16,447.98 14,178.62
Traded goods 281.84 439.49
Inter-division transfer 4,656.06 2,856.43
21,385.88 17,474.54
b) Other Operating Revenues
Scrap sale 66.08 43.87
Export incentives 68.91 39.61
Aviation income 17.04 22.25
Others 3.99 17.97
156.02 123.70
Less: Inter-division transfer (4,656.06) (2,856.43)
Total Revenue from Operations 16,885.84 14,741.81

(Rs. in Crore)

Particulars Year ended 31st March, 2013 Year ended 31st March, 2012
22. OTHER INCOME
a) Dividend income on non-current investments 130.06 130.06
[includes Rs. 130.06 crore from a subsidiary (Previous year Rs. 130.06 crore)]
b) Net gain on sale of current investments 2.47 0.44
c) Other non operating income
Profit on sale/transfer of fixed assets 4.69 11.06
Liability/provisions no longer required, written back 1.13 19.43
Others 20.93 23.49
Total Other Income 159.28 184.48
Total Revenue 17,045.12 14,926.29

(Rs. in Crore)

Particulars Year ended 31st March, 2013 Year ended 31st March, 2012
23. COST OF MATERIALS CONSUMED
a) Raw material consumed 4,943.30 4,529.84
b) Inter division transfer 4,656.06 2,856.43
9,599.36 7,386.27
Less:lnter division transfer (4,656.06) (2,856.43)
Total Cost of Material Consumed 4,943.30 4,529.84

(Rs. in Crore)

Particulars Year ended 31st March, 2013 Year ended 31st March, 2012
24. PURCHASE OF STOCK-IN-TRADE 286.58 452.75

(Rs. in Crore)

Particulars Year ended 31st March, 2013 Year ended 31st March, 2012
25. CHANGES IN INVENTORIES OF FINISHED GOODS, WORK-IN PROCESS AND STOCK-IN-TRADE
Opening Stock - Finished Goods 1,279.17 872.50
- Work in Process 179.03 165.58
- Scrap 13.14 6.56
1,471.34 1,044.64
Closing Stock - Finished Goods 1,440.50 1,279.17
- Work in Process 192.93 179.03
- Scrap 11.31 13.14
1,644.74 1,471.34
NET (INCREASE)/DECREASE IN STOCK (173.40) (426.70)
Excise duty on account of increase/fdecrease) on stock of finished goods 25.20 47.46
Total (lncrease)/Decrease in Stock (148.20) (379.24)

(Rs. in Crore)

Particulars Year ended 31st March, 2013 Year ended 31st March, 2012
26. EMPLOYEE BENEFITS EXPENSE
a) Salaries and Wages 412.31 344.24
b) Contribution to Provident and other funds 19.01 27.15
c) Employees compensation expenses under Employee Stock Option Scheme {Note no. 4 (e)} - (0.83)
d) Staff welfare expenses 16.57 14.88
Total Employee Benefits Expense 447.89 385.44

(Rs. in Crore)

Particulars Year ended 31st March, 2013 Year ended 31st March, 2012
27. FINANCE COST
a) Interest Expense
Debentures and other term-loans 578.57 370.73
Others 388.20 314.16
966.77 684.89
b) Less: Interest Income
Interest on Inter-corporate deposits (112.38) (132.42)
Others (33.62) (15.70)
(146.00) (148.12)
Total Finance Cost 820.77 536.77

(Rs. in Crore)

Particulars Year ended 31st March, 2013 Year ended 31st March, 2012
28. OTHER EXPENSES
a) Consumption of stores and spares 1,698.66 1,457.17
b) Consumption of power and fuel 939.38 838.37
c) Other manufacturing expenses 693.58 259.66
d) Repair and Maintenance
Plant and machinery 115.24 140.99
Building 28.94 35.67
Others 126.68 112.99
e) Royalty 185.34 172.96
f) Rent* 8.34 12.27
g) Rates and Taxes 21.68 16.65
h) Insurance 16.76 14.46
i) Payment to Statutory Auditors
Audit fees 0.50 0.50
Taxation matters 0.10 0.10
Company law matters - 0.03
Other services 0.13 0.14
Reimbursement of expenses 0.08 0.07
j) Miscellaneous expenses 438.61 419.05
k) Loss arising from business investment** 233.03 167.20
I) Provision for diminution in value of business investments** 341.09 -
m) Research and Development expenses*** 14.25 6.46
n) Loss on sale/discard of fixed assets 0.66 5.33
o) Donation 41.66 87.98
p) Directors sitting fees 0.18 0.08
q) Selling expenses 420.02 349.91
r) Bad debts/provision for doubtful debts - 0.10
s) Financial expenses 95.58 139.07
t) Foreign exchange fluctuation (net) 66.19 45.46
[net of income of Rs. 138.96 crore (Previous year Rs. 97.19 crore)]
Total Other Expenses 5,486.68 4,282.67

* The Company has paid lease rentals of Rs. 8.34 crore (previous year Rs. 12.27 crore) under cancellable operating leases. There are no non-cancellable operating leases

** Exceptional item (refer note no.34 to financial statements)

*** Expenditure on Research and Development activities, incurred during the year, is Rs. 28.57 crore (including capital expenditure of Rs. 14.32 crore) (previous year Rs. 8.97 crore, including capital expenditure of Rs. 2.51 crore)

(Rs. in Crore)

Particulars Current Year Previous Year
29. CONTINGENT LIABILITIES AND COMMITMENTS
1. Contingent Liabilities not provided for in respect of:
Description
a) Guarantees issued by the Company's Bankers on behalf of the Company 430.05 376.02
b) Letter of credit opened by banks 786.72 628.90
c) Corporate guarantees/undertakings issued on behalf of third parties. 5,044.15 3,333.79
d) Disputed Excise Duty and Other demands 937.17 780.96
e) Future liability on account of lease rent for unexpired period 10.05 13.15
f) Bonds executed for machinery imports under EPCG Scheme 3,081.41 2,773.22
g) Income Tax demands where the cases are pending at various stages of appeal with the authorities 191.94 187.76
h) Claims against the Company, not acknowledged as debt 36.16 -
i) Uncalled liability towards partly paid up shares 73.27 -
II. Commitments
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) 2,765.83 3,104.16

30. 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 and considered adequate.

31. 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.

b) Movement of deferred tax provision/adjustment in accordance with Accounting Standard (AS-22) 'Accounting for Taxes on Income' is as under:

(Rs. in Crore)

Particulars As on 1st April, 2011 Charge/ (Credit) during 2011-12 As on 1st April, 2012 Charge/ (Credit) during the year As on 31st March, 2013
A. Deferred Tax Assets
a) Disallowance u/s 43-B of the Income Tax Act 1961 (100.82) (12.87) (113.69) (25.94) (139.63)
b) Provision for doubtful debts (1.51) (0.78) (2.29) - (2.29)
c) Provision for diminution in value of business investments - - - (114.03) (114.03)
Deferred Tax Assets (102.33) (13.65) (115.98) (139.97) (255.95)
B. Deferred Tax Liabilities
a) Difference between book and tax depreciation 979.63 204.16 1,183.79 287.12 1470.91
b) Miscellaneous Expenditure 1.03 (1.03) - - -
Deferred Tax Liabilities 980.66 203.13 1,183.79 287.12 1,470.91
C. Total Deferred Tax Liabilities (Net) 878.33 189.48 1,067.81 147.15 1,214.96

(Rs. in Crore, except per share data)

Particulars Current Year Previous Year
32. 'EARNINGS PER SHARE', IN ACCORDANCE WITH ACCOUNTING STANDARD (AS-20)
Profit for the year after taxation 1,592.55 2,110.65
Profit attributable to ordinary shareholders 1,592.55 2,110.65
Number of Eauitv Shares (in nos.)
a) Issued and subscribed 93,48,33,818 93,45,99,380
b) Number of potential equity shares (under Employees' stock option scheme) - -
Total number of shares including potential equity shares 93,48,33,818 93,45,99,380
Basic earnings per Share (Rs.) 17.04 22.58
Diluted earnings per Share (Rs.) 17.04 22.58

(Rs. in Crore)

Current Year

Previous Year

Particulars Gratuity Leave Encashment Gratuity Leave Encashment
33. 'EMPLOYEE BENEFITS', IN ACCORDANCE WITH ACCOUNTING STANDARD (AS-15)
A. Gratuity & Leave Encashment
1 Components of Employer Expense Funded Non-Funded Funded Non-Funded
1 Cu rrent Service Cost 5.24 11.77 4.45 8.37
2 Interest Cost 2.49 4.07 2.20 2.93
3 Expected Return on Plan Assets (2.05) - (1.63) -
4 Curtailment Cost/(Credit) - - - -
5 Settlement Cost/ (Credit) - - - -
6 Past Service Cost 0.67 5.90 (1.54) 2.14
7 Actuarial Losses/ (Gains) 1.79 (7.17) 0.58 4.81
8 Total expense recognised in the Statement of Profit and Loss 8.14 14.58 4.06 18.25
II Actual Returns for the year ended 31st March, 2013 2.12 - 1.66 -
III Net Assets/ (Liability) recognised in the Balance Sheet
1 Present value of Defined Benefit Obligation (37.83) (60.18) (30.45) (50.21)
2 Fair Value of Plan Assets 26.26 - 21.44 -
3 Status {Surplus/fDeficit)} (1-2) (11.58) (60.18) (9.01) (50.21)
4 Unrecognised Past Service Cost 0.00 - 0.67 -
Net Assets/ (Liability) recognised in (11.58) (60.18) (8.34) (50.21)
the Balance Sheet (3+4)
IV Change in Defined Benefit Obligation (DBO)
Present Value of DBO at the beginning of the year (30.45) (50.21) (26.30) (36.98)
1 Current Service Cost (5.24) (11.77) (4.45) (8.37)
2 Interest Cost (2.49) (4.07) (2.20) (2.93)
3 Curtailment Cost/(Credit) - - - -
4 Settlement Cost/ (Credit) - - - -
5 Plan Amendments - (5.90) 2.21 (2.14)
6 Acquisitions 0.00 - (0.02) -
7 Actuarial (Lossesj/Gains (1.86) 7.17 (0.62) (4.81)
8 Benefits Paid 2.21 4.61 0.93 5.03
Present Value of DBO at the end of the year (37.83) (60.18) (30.45) (50.21)
V Change in Fair Value of Assets
Plan Assets at the beginning of the year 21.44 - 16.48 -
1 Acquisition Adjustment 0.00 - 0.02 -
2 Expected Return on Plan Assets 2.05 - 1.63 -
3 Actuarial (Lossesj/Gains 0.07 - 0.03 -
4 Actual Company Contribution 4.29 - 4.21 5.03
5 Benefit Paid (1.60) - (0.93) (5.03)
Plan Assets at the end of the year 26.26 - 21.44 -
VI Actuarial Assumptions
1 Discount Rate (%) 8.00 8.00 8.50 8.50
2 Expected Return on Plan Assets (%) 9.00 9.00
3 Salary escalation rate 10.00 10.00 12.00 12.00

 

Gratuity

Particulars 2012-13 2011-12 2010-11 2009-10 2008-09
VII Experience History
1 Defined benefit obligation 37.83 (30.5) (26.3) (21.1) (9.51)
2 Plan Assets 26.26 21.44 16.48 9.97 7.04
3 Surplus/fDeficit) 11.58 (9.01) (9.82) (11.2) (2.47)
4 Experience (Loss)/Gain on plan liabilities (2.42) (0.62) (0.66) (0.22) 0.02
5 Experience (Loss)/Gain on plan assets 0.07 0.03 0.12 (0.1) 0.29
6 Actuarial (Loss)/Gain due to change of assumptions 0.56 - (1.18) 0.87 (0.44)

 

Particulars

Leave Encashment

2012-13 2011-12 2010-11 2009-10 2008-09
1 Defined benefit obligation 60.18 (50.2) (37) (31.9) (26.2)
2 Plan Assets - - - - -
3 Surplus/fDeficit) 60.18 (50.2) (37) (31.9) (26.2)
4 Experience (Loss)/Gain on plan liabilities (8.26) (4.81) (1.94) 4.9 6.12
5 Experience (Loss)/Gain on plan assets N.A. N.A. N.A. N.A. N.A.
6 Actuarial (Loss)/Gain due to change of assumptions 15.42 - 2.27 (3.9) (1.8)

B. Provident Fund

The Company contributed/ provided Rs. 13.94 crore and Rs. 22.97 crore towards provident fund during the year ended 31st March, 2013 & 31st March, 2012 respectively.

The Guidance on Implementing AS 15, Employee Benefits states that benefits involving employer established provident funds, which require interest shortfalls to be recompensed are to be considered as defined benefit plans. The Actuarial Society of India has issued the final guidance for measurement of provident fund liabilities. The actuary has accordingly provided a valuation and based on the below assumptions made a provision of Rs. 9.36 crore as at 31st March, 2013 (Previous Year Rs. 10.38 crore).

The details of fund and plan assets position are given below:

As at 31st March, 2013

As at 31st March, 2012

Particulars Provident Fund Interest Guarantee Provident Fund Interest Guarantee
Plan assets at period end, at fair value 214.88 172.63
Present value of benefit obligation at period end 214.88 9.36 172.63 10.38

Assumptions used in determining the present value obligation of the interest rate guarantee under Deterministic Approach:

Particulars 2012-13 2014 and thereafter 2011-12 2013 and thereafter
Expected Return on assets of exempted provident fund 8.40% 8.40% 8.20% 8.20%
Expected guaranteed interest rate 8.60% 8.60% 8.60% 8.60%
Discount rate 8.00% 8.50%

34. The Company has over the years, expanded its steel, power & mining businesses, both in India and internationally. The Company, as part of global expansion of its core steel and mining business and on being awarded the El Mutun Iron Ore contract ("Contract") by the Government of Bolivia, made strategic business investment in Bolivia, through its subsidiaries in Bolivia. In view of various recent developments, including termination of the aforesaid Contract with the Bolivian Government, the entire business investment made by the Company in Bolivia had impaired. Considering the same, it was decided to dispose off 49% of such investment in accordance with the terms of the said Contract in order to prevent any further business loss. Accordingly, in note 28 "Other expenses" in the Statement of Profit and Loss, "Loss arising from business investment" of Rs. 233.03 crore represents loss on disposal; and Rs. 341.09 crore, as a matter of prudence, represents "Provision for diminution in the value of business investments"; of aforesaid business investments. The previous year figure represents loss on certain other investment.

35. Disclosure as Required by Accounting Standard (AS-17) 'Segment Reporting'

The primary reportable segments arethe 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.

(Rs. in Crore)

Particulars Current Year Previous Year
1. Primary Segments (Business Segments)
1. Segment Revenue
a) Iron & Steel 15,875.92 14,131.34
b) Power 2,255.59 1,662.71
c) Others 371.57 228.58
Sub -Total (Gross) 18,503.08 16,022.63
Less : Inter-segment Revenue 1,617.24 1,280.82
Net Segment Revenue 16,885.84 14,741.81
2. Segment Results (Profit(+) / Loss(-) before Tax and interest from each segment)
a) Iron & Steel 3,231.10 3,665.44
b) Power 898.30 605.31
c) Others 37.10 0.03
Sub-Total 4,166.50 4,270.78
Less : Interest, financial expenses 920.90 682.67
Other un-allocable expenditure (net of un-allocable income) 1,017.10 745.10
Profit before Tax 2,228.50 2,843.01
Provision for Taxation
Income Tax 488.80 542.88
Deferred Tax 147.15 189.48
Profit for the year after tax 1,592.55 2,110.65
3. Other Information
1 Segment Assets
a) Iron & Steel 17,753.62 14,806.02
b) Power 7,350.83 6,995.18
c) Others 719.28 690.73
d) Un-allocated Assets* 13,986.20 11,066.18
Total Assets 39,809.93 33,558.11
II Segment Liabilities
a) Iron & Steel 2,966.30 1,921.81
b) Power 215.84 129.14
c) Others 168.25 138.84
d) Un-allocated Liabilities 4,616.47 4,756.07
Total Liabilities 7,966.86 6,945.86
III Capital Expenditure (Including Capital work in progress)
a) Iron & Steel 3,265.60 3,453.75
b) Power 1,428.72 2,419.80
c) Others 5.70 13.14
Total 4,700.02 5,886.69
IV Depreciation & Amortisation Expenses
a) Iron & Steel 732.90 661.95
b) Power 278.05 168.50
c) Others 37.51 36.74
Total 1,048.46 867.19
V Non-Cash Expenditure other than Depreciation
a) Iron & Steel - (0.73)
b) Power - -
c) Others 341.09 (11.54)
Total 341.09 (12.27)

* Unallocated assets include capital work in progress relating to ongoing projects with corresponding liabilities under unallocated liabilities.

(Rs. in Crore)

Particulars Current Year Previous Year
II. Secondary Segments (Geographical Segments)
1. Revenue by Geographical Market
a) India 15,257.94 13,242.84
b) Outside India 1,627.90 1,498.97
Total 16,885.84 14,741.81

2. All segments are located in India. Hence, no further disclosure is required.

36. DISCLOSURES AS REQUIRED BY ACCOUNTING STANDARD (AS-18) 'RELATED PARTY DISCLOSURES'

A. List of Related Parties and Relationships

a) Subsidiaries, Step down Subsidiaries

1. Subsidiaries

1. Jindal Power Limited

2. Jindal Steel Bolivia SA

3. Jindal Steel & Power (Mauritius) Limited

4. Skyhigh Overseas Limited (Demerged fromJSPML)

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. Ambitious Power Trading Company Limited (Formerly Jindal Power Trading Company Limited)

6. Jindal Power Transmission Limited

7. Kamala Hydro Electric Power Co. Ltd (Formerly Subansiri Hydro Electric Power Company Limited)

III. Subsidiaries of Skyhigh Overseas Limited

1. Gas to Liquids International S.A

IV. Subsidiaries of Jindal Steel & Power (Mauritius) Limited

1. Enduring Overseas Inc

2. Harmony Overseas Limited

3. Jin Africa Limited

4. Jindal Africa Investments (Pty) Limited

5. Jindal Africa Liberia Limited

6. Jindal Africa SA

7. Jindal Botswana (Pty) Limited

8. Jindal Brasil Mineracao S/A

9. Jindal (BVI) Ltd

10. Jindal Investimentos LDA

11. Jindal Investment Holding Limited

12. Jindal Madagascar SARL

13. Jindal Mining & Exploration Limited

14. Jindal Mining Namibia (Pty) Limited

15. Jindal Power LLC (ceased to exist as subsidiary w.e.f 6th December, 2012)

16. Jindal Steel & Minerals Zimbabwe Limited

17. Jindal Steel & Power (BC) Limited

18. Jindal Steel and Power(Australia) Pty Limited

19. Jindal Tanzania Limited

20. Jindal Zambia Limited

21. Jindal Mining Industry LLC (ceased to exist as subsidiary w.e.f 6th December, 2012)

22. JSPL Mozambique Minerals LDA

23. Jublient Overseas Limited

24. Osho Madagascar SARL

25. PTJindal Overseas

26. Rolling Hills Resources LLC (Under liquidation)

27. Shadeed Iron & Steel LLC

28. Tablet Blue Trade and Invest (Pty) Limited

29. Trans Asia Mining Pte. Limited

30. Trans Atlantic Trading Limited

31. Vision Overseas Limited

32. Worth Overseas Limited (Merged with JSPML)

33. Panacore Investment 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. PTBHI Mining Indonesia, a subsidiary of Jindal Investment Holding Ltd

4. PTSumber Surya Gemilang, a subsidiary of PTBHI Mining Indonesia

5. PT Maruwai Bara Abadi, a subsidiary of PTBHI Mining Indonesia

6. Jindal Mining (Pty) Limited, a subsidiary of Eastern Solid Fuels (Pty) Limited

7. Bon-Terra Mining (Pty) Limited,a subsidiary of Jindal (BVI) Ltd

8. CIC (Barbados) Holding Corp,a subsidiary of Jindal (BVI) Ltd

9. CIC Energy (Bahamas) Limited,a subsidiary of Jindal (BVI) Ltd

10. Jindal Energy (Botswana) Pty Limited,a subsidiary of Jindal (BVI) Ltd

11. Jindal Energy (SA) Pty Limited,a subsidiary of Jindal (BVI) Ltd

12. CICTransafrica (Barbados) Corp,a subsidiary of Jindal (BVI) Ltd

13. Jindal Resources (Botswana) Pty Limited,a subsidiary of CIC Transafrica (Barbados) Corp

14. Trans Africa Rail (Pty) Limited, a subsidiary of CIC Transafrica (Barbados) Corp

15. Sad-Elec (Pty) Limited, a subsidiary of Jindal energy (SA) pty Ltd

16. CIC (Barbados) Mining Corp, a subsidiary of CIC (Barados) Holding Corp

17. CIC (Barbados) Energy Corp,a subsidiary of CIC (Barados) Holding Corp

18. Meepong Resources (Mauritus) (Pty) Limited, a subsidiary of CIC (Barbados) Mining Corp

19. Meepong Resources (Pty) Limited, a subsidiary of Meepong Resources (Mauritus) (Pty) Limited

20. Meepong Energy (Mauritus) (Pty) Limited, a subsidiary of CIC (Barbados) Energy Corp

21. Meepong Energy (Pty) Limited, a subsidiary of Meepong Energy (Mauritus) (Pty) Limited

22. Meepong Service (Pty) Limited, a subsidiary of Meepong Energy (Pty) Limited

23. Meepong Water (Pty) Limited, a subsidiary of Meepong Energy (Pty) Limited

24. Core Ambition Ltd, a subsidiary of Panacore Investment Ltd

25. Core Forte Ltd, a subsidiary of Panacore Investment Ltd

26. Core Integrity Ltd, a subsidiary of Panacore Investment Ltd

27. Core Vision Ltd, a subsidiary of Panacore Investment Ltd

b) Associates

1. Angul Sukinda Railway Limited

2. Gujarat NRE Coking Coal Limited

3. JB Fablnfra Private Limited

4. Jindal Infosolutions Limited (ceased to exist as subsidiary w.e.f 24th September, 2012)

5. Koleko Resources

6. Nalwa Steel & Power Limited

7. Panacore Shipping Pte Ltd , Singapore

8. Prodisyne (Pty) Ltd

9. Sungu Sungu Pty Limited

c) Joint Ventures

1. Jindal Synfuels Limited

2. Shresht Mining and Metals Private Limited

3. Urtan North Mining Private Limited

d) Key Management Personnel

1. Shri Naveen Jindal

2. Shri Ravi Uppal (w.e.f. 1st October, 2012)

3. Shri Anand Goel

4. Shri Vikrant Gujral (upto 9th November, 2012)

5. Shri DK Saraogi (w.e.f. 9th November, 2012)

6. Shri Naushad Akhtar Ansari (upto 30th April, 2012)

7. Shri Ml. Gupta (w.e.f. 27th April, 2012 upto 9th November, 2012)

e) Enterprises over which Key Management Personnel and their relatives exercise significant influence and with whom transactions have taken place during the year

1. JSW Steel Limited

2. JSW Energy Limited

3. Jindal Saw Ltd.

4. Jindal Stainless Ltd.

5. India Flysafe Aviation Limited

6. Jindal Reality Pvt. Ltd.

7. TriShakti Real Estate Pvt.Limited

8. Abhinandan Investments Ltd.

9. Jindal System Pvt. Ltd.

10. Gagan Infraenergy Ltd.

11. Colorado Trading Co. Ltd.

12. Nalwa Engineering Co. Ltd.

13. Opelina Finance and Investment Limited

14. Jindal Industries Limited

15. Jindal Coal Pvt. Limited

16. Minerals Management Services (India) Pvt. Ltd.

17. YNO Finvest Pvt. Ltd.

18. Jindal Rex Exploration Pvt. Ltd.

19. Bir Plantations Pvt Ltd

20. Nalwa Investment Ltd.

21. Rohit Towers Buildings Ltd

22. Uttam Vidyut Transmission Pvt Ltd

23. IndiaVenture Advisors Pvt. Ltd.

24 Bonanaza Trading Company Private Limited

B Transactions with Related Parties

(Rs. in Crore)

Description

Subsidiaries, Step down Subsidiaries, Associates and Joint ventures

Key Management Personnel

Enterprises controlled by Key Management personnel and their relatives

Current Year Previous Year Current Year Previous Year Current Year Previous Year
Purchase of Goods/Services 1,453.07 1,648.33 56.12 37.50
Sales of Goods (incl. capital goods) 529.07 441.98 1,035.42 1,062.77
Rendering of Services 7.98 6.49 2.17 2.89
Sale of Investments 111.18 -
Investment in Equity Shares/ preference shares 589.73 307.93
Advance against share Application money 143.74 100.73 33.20
Other Advances given/(taken) 47.82 (0.69) 0.69 (34.37) (18.42)
Security Deposit Given/(taken) (0.50) 0.75 50.00
Rent and other expenses Paid 6.41 - 0.24
Interest received/(paid){net} (212.55) (158.59) 34.29 39.38
Dividend received/(paid) 130.06 130.06
Remuneration* 63.04 80.12
Lease rent received 2.41 3.00
Hire charges paid 37.80 27.38
Guarantees/Corporate guarantees obtained/fgiven) (1,897.91) (143.31)
Inter corporate deposits given 853.45 208.15 8.64
Inter Corporate deposits Repaid/Adjusted 743.38 (187.50) 33.20 (33.04)
Inter Corporate deposits written off 23.73 (51.30)
Inter corporate deposits taken 871.00 1,688.00
Inter corporate deposits refunded 1,619.00 720.00
Outstanding Balance at the year end
Investment in Equity shares 1,631.41 1,371.77
Guarantees Outstanding 4,851.51 3,189.65 16.66
Inter Corporate Deposits Taken 1,738.56 2,486.56
Advance/security deposit (taken from)/ given to customer & Others (0.50) - 8.50
Loans and Advances (including Interest) 1,311.65 1,192.61 0.69 379.05 487.39
Advance against Share Application money 58.22 97.04 33.20
Debtors- Dr. Balance 100.23 16.57 156.36 119.22
Cr. Balance 6.59 - 0.40 -
Creditors-Dr. Balance 14.85 28.88 108.52 7.04
Cr. Balance 64.61 132.09 6.16 2.25

*Related Party remuneration includes Rs. 0.26 crore (previous year Rs. 0.24 crore) paid to relatives of Key Management Personnel.

C Disclosure in respect of material related party transactions during the year 1 Material transactions with Subsidiaries, Step Down Subsidiaries and Associates

(Rs. in Crore)

Name of Related Party Jindal Power Limited Jindal Mozambique Minerals LDA Jindal Steel & power (Mauritius) Limited Jindal Steel Shadeed Iron & Steel, Oman Sky high Overseas Limited Nalwa Steel & Power Limited indal Mining SA (Pty) Limited
Relationship Year Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Associate Subsidiary
Purchase of Goods/ Services 2012-13 205.26 - - - 538.12 - 518.27 170.04 :
2011-12 238.75 - - - 868.37 - 396.83 139.81
Sale of Goods 2012-13 194.05 6.55 - - 134.93 - 193.07 -
2011-12 63.65 - - - 12.69 - 361.91 1.67
Sale of investment 2012-13 - 111.03 - - - - -
2011-12 - - - - - - -
Rendering of services 2012-13 7.98 - - - - - - -
2011-12 6.09 - - - - - - -
Investment of Equity 2012-13 - - 262.33 177.28 - 111.03 - -
2011-12 - - 152.47 67.46 - - - -
Advance against share application money 2012-13 - - - 124.90 - - - -
2011-12 - - - 81.34 - - - -
Other advances given 2012-13 - - - - - - - -
2011-12 - - - - - - 47.50 -
Interest received 2012-13 - - 33.25 - - - - -
2011-12 - - 63.29 - - - - -
Interest paid 2012-13 245.80 - - - - - - -
2011-12 222.35 - - - - - - -
Dividend Received 2012-13 130.06 - - - - - - -
2011-12 130.06 - - - - - - -
Corporate guarantee/ Guarantee obtained/ (given) 2012-13 - - 1,615.36 - 282.55 - - -
2011-12 - - 25.58 99.31 - - - 18.42
Intercorporate deposits given 2012-13 - - 851.17 - - - - -
2011-12 - - 200.49 - - - - -
Intercorporate deposits repaid/ adjusted 2012-13 - (739.18) - - - - -
2011-12 - - (99.45) - - - - -
Intercorporate deposits written off 2012-13 - - (23.73) - - - - -
2011-12 - - (51.30) - - - - -
Intercorporate deposits taken 2012-13 871.00 - - - - - - -
2011-12 1,688.00 - - - - - - -
Intercorporate deposits refunded 2012-13 1,619.00 - - - - - - -
2011-12 720.00 - - - - - - -

2 Material transactions with Enterprises controlled by Key Management Personnel and/or their relatives

(Rs. in Crore)

Name of Related Party Year JSW Steel Ltd. Mumbai /Bellary JSW Energy Jindal Stainless Ltd. Hissar/ Jajpur Jindal Saw Jindal Reality Pvt. Ltd. TriShakt Real Estate Pvt. Ltd. Minerals Management Service (India) Pvt. Ltd. India Flysafe Aviation Limited
Purchase of Goods/Services 2012-13 32.02 - 6.67 17.42 - - -
2011-12 26.72 - 6.37 4.35 - - - -
Sale of Goods 2012-13 273.43 0.91 36.05 715.70 8.18 - 1.14 -
2011-12 234.16 3.61 33.52 787.82 0.19 - - -
Rendering of services 2012-13 - - - - - - - -
2011-12 - - 0.04 0.51 0.79 - - -
Advance against share application money 2012-13 - - - - - 33.20 - -
2011-12 - - - - - - - -
Other advances give n/(taken) 2012-13 16.00 - - 0.20 (0.57) (50.00)
2011-12 - - - - - - - (18.47)
Security Deposit Given 2012-13 - - - - - - - -
2011-12 - - - - - - 50.00 -
Interest received 2012-13 0.02 1.95 32.33 - -
2011-12 0.55 - - - 35.90 2.94 - -
Lease Rent Received 2012-13 - - - - - - - 2.41
2011-12 - - - - - - - 3.00
Hire Charges Paid 2012-13 - - - - - - - 37.80
2011-12 - - - - - - - 27.29
Inter Corporate deposits given 2012-13 - - - - - - - -
2011-12 - - - - - 8.64 - -
Inter Corporate deposits repaid/ adjusted 2012-13 - - - - - (33.20) - -
2011-12 - - - - (33.04) - - -

3 Material Transactions with Key Management Personnel

Particulars Year Shri Naveen Jindal Shri Ravi Uppal Shri Anand Goel Shri DK Saraogi Shri Vikrant Gujral Shri Naushad Akhter Ansari Shri ML Gupta
Remuneration 2012-13 54.98 3.02 2.64 0.41 1.32 0.25 0.16
2011-12 73.42 - 2.46 - 2.98 1.02 -
Loans and advances given 2012-13 - - - - - - -
2011-12 0.18 - 0.50 - 0.01 - -

37. DISCLOSURE AS PER CLAUSE 32 OF LISTING AGREEMENT

Loans and Advances in the nature of Loans given to Subsidiaries, Associates and Others:

(Rs. in Crore)

Name of the Company 1 Relationship 1

Amount outstanding :

Maximum balance outstanding

As at 31st March, 2013 1 As at 31st 1 1 March, 2012 1 during the year 1 during 1 the year
Jindal Steel & Power (Mauritius) Limited Subsidiary 1,038.58 943.97 1,070.54 1,130.87
JB Fab infra Private Limited (Earlier known as FB infra Private Limited) Associate 7.22 7.22 7.22

Notes :

a) All the above loans and advances in the nature of loan are interest bearing.

b) None of the loanees have, per se, made investments in shares of the Company.

38. FINANCIAL AND DERIVATIVE INSTRUMENTS

a) Derivatives contracts entered into by the Company and outstanding as on 31st March, 2013, for hedging currency and interest rate related risks:

Nominal amounts of derivative contracts entered into by the Company and outstanding is Rs. 473.56 crore (Previous year Rs. 3,764.70 crore). Category wise break-up is given below:

(Rs. in Crore)

Particulars Current Year Previous Year
Interest rate Swaps NIL 217.74 (US$ equivalent 40.88 million)
Options NIL 47.94 (US$9.00 million)
Forward Contracts 473.56 (US$ equivalent 84.26 million) 3,499.02 (US$ equivalent 700.63 million)

b) The principal component of foreign currency loans/debts not hedged by derivative instruments amount to Rs. 4,044.95 crore (Previous year Rs. 2,248.22 crore) which in respective currencies is as under:

Particulars Current Year Previous Year
US Dollars 621.28 million 138.54 million
Japanese Yen 6,161.55 million 19,577.87 million
Euro 44.57 million 46.42 million

c) In accordance with the accounting policy on financial derivative instruments, during the year, the Company has recognised mark to market losses of Rs. Nil (Previous year Rs. 41.03 crore).

39. INTEREST IN JOINT VENTURES

The Company's interest as a venturer, in jointly controlled entities (Incorporated Joint Ventures) is as under:

Particulars l Country of Incorporation Percentage of ownership interest as at 31st March, 2013 Percentage of ownership interest as at 31st March, 2012
Jindal Synfuels Limited India 70.00 70.00
Shresht Mining and Metals Private Limited India 50.00 50.00
Urtan North Mining Company Limited India 66.67 66.67

The Company's interests in the above Joint Ventures is reported as Non-Current Investments (Note-13) and stated at cost. However, the Company's share of assets, liabilities, income and expenses, etc. (each without elimination of the effect of transactions between the Company and the joint ventures) related to its interest in the Joint Ventures are:

(Rs. in Crore)

Particulars As at 31st March, 2013 As at 31st March. 2012
1. Liabilities
1. Current liabilities
a) Short term borrowings - -
Other current liabilities - 1.71
II. Assets
2. Non-Current Assets
a) Fixed Assets
Fixed Assets 1.34 0.02
Intangible assets under development 46.19 16.91
b) Long term loans & advances 1.38 1.35
c) Other non-current assets 1.39 -
3. Current Assets
Cash & cash equivalents 3.21 0.22
Short term loans & advances 0.14 -
Other current assets 0.09 0.26

40. ADDITIONAL INFORMATION

a) Installed Capacity

SI. No. Particulars Unit Current Year Previous Year
AT RAIGARH
1 Sponge Iron MT. 13,70,000 13,70,000
2 Mild Steel MT. 30,00,000 30,00,000
3 Ferro Alloys MT. 36,000 36,000
4 Power MW 893 893
5 Hot Metal/Pig Iron M.T. 16,70,000 16,70,000
6 Rail & Universal Beam Mill M.T. 7,50,000 7,50,000
7 Plate Mill M.T. 10,00,000 10,00,000
8 Fabricated Structures M.T. 1,20,000 1,20,000
9 Cement Plant M.T. 5,00,000 5,00,000
10 Medium & Light Section Mill M.T. 6,00,000 6,00,000
AT RAIPUR
11 Machinery and Castings M.T. 11,500 11,500
12 Ingots M.T. 30,000 30,000
13 CF Castings M.T. 3,000 3,000
AT BARBIL
14 Pelletisation Plant M.T. 45,00,000 45,00,000
AT SATARA (MAHARASHTRA)
15 Wind Energy MW 24 24
AT PATRATU
16 Wire Rod M.T. 6,00,000 6,00,000
17 Bar Mill M.T. 10,00,000 10,00,000
AT ANGUL
18 Power MW 540 270
19 Fabricated Structures M.T 84,000 40,000
20 Plate Mill M.T. 15,00,000 -

Note: Installed capacity is as certified by the management and relied upon by the auditors being a technical matter,

b) Raw Material Consumption

(Amount Rs. in Crore)

SI. No. Particulars Unit

Current Year

Previous Year

Quantity Amount Quantity Amount
1 Iron Ore M.T. 70,71,026 1,761.87 65,54,480 1,397.09
2 Coking Coal M.T. 10,68,755 1,411.78 10,70,587 1,361.04
3 Hot Briquetted Iron M.T. 3,17,739 727.89 2,93,886 701.13
4 Others M.T. - 1,041.76 - 1,070.58
4,943.30 4,529.84

c) Quantitative Information of Stock of Manufactured Finished Goods

(Amount Rs. in Crore)

SI. No. Particulars Unit

Opening Stock

Opening Stock

Closing Stock

As At 1st April, 2011

As At 1st April, 2012

As At 31st March, 2013

Quantity Amount Quantity Amount Quantity Amount
1 Sponge Iron M.T. 10,929 9.06 2,595 1.81 3,615 3.12
2 M.S. Round M.T. 34,488 79.05 11,013 33.87 9,094 26.06
3 H.C. Ferro Chrome/ Silico Mangnese M.T. 1,812 9.42 1,195 5.98 274 1.22
4 Hot Metal/Pig Iron M.T. 33,064 55.64 28 0.06 - -
5 Parallel Flange Beam/ Columns M.T. 43,728 111.01 54,489 171.41 46,150 165.26
6 Other Finished Steel Products M.T. 16,611 45.40 9,478 29.82 13,450 49.41
7 Other Semi Steel Products M.T. 70,788 158.03 82,317 215.87 68,712 198.78
8 Machineries M.T. 685 5.16 1,156 14.18 2,584 34.87
9 Universal Plate/Coil M.T. 58,242 144.60 97,377 313.23 97,734 349.98
10 Wire Rod M.T. 27,451 85.60 22,671 77.88 37,756 134.02
11 Bars M.T. 106 0.43 20,139 67.92 41,722 154.02
12 Fabricated Structures M.T. 7,540 27.74 6,493 33.37 10,714 56.49
13 Cement M.T. 3,861 1.15 2,083 0.68 5,085 1.61
14 Medium & Light Sections M.T. 16,703 55.74 46,084 157.23 42,093 149.79
15 Iron Ore Pellets M.T. 2,35,076 30.62 22,352 11.43 1,37,095 76.70
16 Others - 53.85 - 144.43 - 39.17
872.50 1,279.17 1,440.50

d) Production

SI. No. Particulars Unit Current Year Quantity Previous Year Quantity
1 Sponge Iron M.T. 13,19,976 13,19,940
2 M.S. Round M.T. 4,03,007 4,82,496
3 H.C. Ferro Chrome/Silico Mangnese M.T. 33,840 22,663
4 Power Million KWH 5,973 4,668
5 Hot Metal/Pig Iron M.T. 16,60,898 16,53,060
6 Parallel Flange Beam/Columns M.T. 4,31,038 4,99,619
7 Universal Plate/Coil M.T. 7,00,470 7,29,493
8 Other Finished Steel Products M.T. 93,627 69,618
9 Other Semi Steel Products M.T. 26,20,967 22,76,630
10 Machineries M.T. 12,510 9,060
11 Wire Rod M.T. 3,24,940 2,50,598
12 Bars M.T. 3,22,039 97,145
13 Fabricated Structures M.T. 83,487 56,284
14 Cement M.T. 5,10,229 3,08,258
15 Medium & Light Sections M.T. 2,71,636 1,85,788
16 Iron Ore Pellets M.T. 40,42,025 37,36,915
17 Wind Energy Million KWH 54.82 57

e) Items used for Internal/Captive Consumption during the year

SI. No. Particulars Unit Current Year Quantity Previous Year Quantity
1 Sponge Iron M.T. 12,91,752 12,49,817
2 M.S. Round M.T. 752 181
3 H.C. Ferro Chrome / Silico Mangnese M.T. 34,761 23,280
4 Power Million KWH 3,451 3,045
5 Hot Metal /Pig Iron M.T. 16,36,165 16,13,167
6 Parallel Flange Beam/Columns M.T. 29,826 15,451
7 Other Semi Steel Products M.T. 15,80,738 16,50,781
8 Universal Plate/Coil M.T. 29,134 38,964
9 Other Finished Steel Products M.T. 3,474 4,974
10 Fabricated Structures M.T. 136 2,314
11 Cement M.T. 17,418 13,788
12 Medium & Light Sections M.T. 6,276 5,594
13 Wire Rod M.T. 6,326 80
14 Bars M.T. 7,575 47

f) Sales, Inter-divisional Transfers & Other Operations I) Sales:

(Amount Rs. in Crore)

SI. No. Particulars Unit

Current Year

Previous Year

Quantity Amount Quantity Amount
i. Manufactured Finished Goods
1 Sponge Iron M.T. 27,199 59.81 78,457 181.49
2 M.S. Round M.T. 4,04,174 1,553.64 5,05,790 1,931.40
3 H.C. Ferro Chrome M.T. - - - -
4 Power Million KWH 2,280 648.82 1,473 383.23
5 Pig Iron M.T. 24,761 71.37 72,930 199.46
6 Parallel Flange Beam/Columns M.T. 4,00,974 1,881.21 4,72,620 2,059.13
7 Universal Plate/Coil M.T. 6,51,748 2,586.81 6,44,697 2,644.00
8 Other Finished Steel Products M.T. 85,384 392.10 71,591 308.94
9 Other Semi Steel Products M.T. 3,36,109 1,538.58 2,39,304 1,016.23
10 Machineries M.T. 9,498 162.99 5,687 95.27
11 Iron Ore/Iron Ore Fines M.T. 92,768 57.72 7,17,582 468.06
12 Wire Rod M.T. 3,03,440 1,305.39 2,54,536 1,046.25
13 Bar M.T. 2,92,467 1,247.06 77,064 332.07
14 Fabricated Structures M.T. 79,104 479.92 54,987 309.81
15 Cement M.T. 4,81,683 199.46 2,92,582 103.24
16 Medium & Light Sections M.T. 2,62,420 1,171.77 1,50,604 610.32
17 Iron Ore Pellets M.T. 2,022.27 20,28,330 1,898.12
21,12,158
18 Wind Energy Million KWH 54.82 22.78 57 23.02
19 Others - 1,046.28 - 568.58
Total 16,447.98 14,178.62
ii. Traded Goods
1 Power Million KWH 677 225.35 635 181.61
2 Others M.T. 13,204 56.49 66,214 257.88
Total 281.84 439.49
Total Sales 16,729.82 14,618.11

II) Inter-divisional Transfers:

(Rs. in Crore)

SI. No. Particulars Unit

Current Year

Previous Year

Quantity Amount Quantity Amount
i. Manufactured Finished Goods
1 Sponge Iron M.T. 5 0.01 - -
2 Power Million KWH 242 120.52 150 72.78
3 Parallel Flange Beam/Columns M.T. 8,577 29.74 788 2.48
4 Universal Plate/Coil M.T. 19,231 85.24 6,698 24.88
5 Iron Ore/Iron Ore Fines M.T. 40,07,190 799.15 34,04,698 462.25
6 Steam Coal M.T. 67,76,633 427.23 58,89,579 352.43
7 Other Finished Steel Products M.T. 797 2.70 186 0.66
8 Other Semi Steel Products M.T. 7,17,725 2,246.86 3,75,016 1,147.46
9 Machineries M.T. 1,584 20.87 2,903 38.76
10 Wire Rod M.T. 89 0.35 762 2.92
11 Bars M.T. 414 1.49
12 Fabricated Materials M.T. 26 0.12 29 0.02
13 Cement M.T. 8,126 2.90 3,667 1.07
14 Medium & Light Sections M.T. 6,931 24.67 209 0.69
15 Iron Ore Pellets M.T. 18,15,124 850.62 19,21,308 732.24
16 Others - 40.15 - 15.01
Total 4,652.62 2,853.65
ii) Traded Goods
1 Power MillionKWH 8 3.44 7 2.47
2 Others - - - 0.31
Total 3.44 2.78
Total Inter-divisional Transfers 4,656.06 2,856.43

III) Other Operating Revenues:

(Rs. in Crore)

SI. No. Particulars Current Year Previous Year
1 Scrap Sale 66.08 43.87
2 Export Incentives 68.91 39.61
3 Aviation Income 17.04 22.25
4 Others 3.99 17.97
Total 156.02 123.70
Total (i + ii + iii) 21,541.90 17,598.24

g) Sales include goods issued for Projects/Captive (including trial run period):

(Amount Rs. in Crore)

SI. No. Particulars Unit

Current Year

Previous Year

Quantity Amount Quantity Amount
1 M.S. Round M.T. - - - -
2 Power Million KWH 65 33.32 27 11.56
3 Parallel Flange Beam/Columns M.T. 6,305 37.01 33,131 121.71
4 Plate/Coil M.T. 14,676 68.90 47,721 188.92
5 Other Semi Steel Products (Trial Period) M.T. - - - -
6 Other Finished Steel Products M.T. 2,099 8.67 3,076 11.54
7 Other Semi Steel Products M.T. 34,397 111.77 480 1.59
8 Fabricated Structures M.T. 28,897 150.45 25,396 128.67
9 Cement M.T. 2,06,394 80.43 1,66,820 54.88
10 Medium & Light Sections M.T. 6,352 27.11 23,152 83.75
11 Machineries M.T. 5,653 96.82 5,035 81.77
12 Wire rod M.T. - - 42 0.13
13 Bars M.T. 7,376 26.66 2,845 11.24
14 Others - 190.14 - 57.27
Total 831.28 753.03

h) CI.F. Value of Imports:

(Rs. in Crore)

SI. No. 1 Particulars Current Year Previous Year
1 Raw Material & Fuel 2,530.45 2,952.18
2 Components & Spare Parts 248.74 171.98
3 Capital Goods & Others 673.78 865.22
Total 3,452.97 3,989.38

i) Break up of consumption of Raw Materials and Stores & Spares into imported and indigenous:

(Amount Rs. in Crore)

SI. No. 1 Particulars

Current Year

Previous Year

Amount % Amount %
a) Raw Materials
i) Imported (including purchased through canalising agencies, High Sea Sales & others) 2,272.98 45.98 2,313.88 51.08
ii) Indigenous 2,670.32 54.02 2,215.96 48.92
4,943.30 100.00 4,529.84 100.00
b) Stores and Spares
i) Imported (including purchased through canalising agencies, High Sea Sales & others) 362.51 21.34 185.68 12.74
ii) Indigenous 1,336.15 78.66 1,271.49 87.26
1,698.66 100.00 1,457.17 100.00
c) Coke and Coal
i) Imported (including purchased through canalising agencies, High Sea Sales & others) 409.99 62.67 413.07 73.23
ii) Indigenous 244.17 37.33 150.99 26.77
654.16 100.00 564.06 100.00

j) Expenditure in Foreign Currency (As Remitted):

(Rs. in Crore)

SI. No. Particulars Current Year Previous Year
1 Travelling 2.06 0.60
2 Interest & Arrangement Charges 118.84 92.28
3 Dividend* 11.54 9.78
4 Technical Knowhow Fees 13.56 59.84
5 Others 31.35 94.33
Total 177.35 256.83

*Total number of non resident shareholders to whom dividend paid during current financial year for the year ended 31st March, 2012 : 43; number of shares : 7,21,73,344.

k) Earnings in Foreign Currency

(Rs. in Crore)

SI. No. Earnings In Foreign Currency Current Year Previous Year
1 FOB Value of Export Sales 1,598.53 1,428.84
2 Others 22.60 -
Total 1,621.13 1,428.84

41. Previous year figures have been regrouped/recast wherever considered necessary to facilitate comparison.

   
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