BPSL Annual Report 2014 PDF

ANNEXURE-A TO THE DIRECTORS’ REPORT FOR THE YEAR ENDED 31ST MARCH 2014
INFORMATION AS PER SECTION 217 (2A) OF THE COMPANIES ACT, 1956 READ WITH THE COMPANIES (PARTICULARS OF EMPLOYEES)
RULES, 1975 AND FORMING PART OF THE DIRECTORS’ REPORT FOR THE YEAR ENDED 31ST MARCH 2014.
1. Employed throughout the year and were in receipt of remuneration of not less than ` 60,00,000 per annum.
S. Name Designation Remuneration 3WCNKſECVKQP Age Experience Date of Nature of Duties Last employment &
No (` in Lacs) (Years) (Years) commencement designation held
of employment
1. Mr. Sanjay Chairman & 72.00 Graduate 54 34 30.06.2003 Planning, policy Bhushan Steel Ltd
Singal Managing (Re-appointed decision & Managing
Director w.e.f. Management Director
30.06.2013) of day to day
working
2. Employed for the part of the year and were in receipt of remuneration aggregating to not less than ` 5,00,000 per month.
S. Name Designation Remuneration 3WCNKſECVKQP Age Experience Date of Nature of Duties Last employment &
No (` in Lacs) (Years) (Years) commencement designation held
of employment
1. Mr. A. K. Khushu Dy Managing 34.00 B. Tech 63 39 07.09.2014 Project Allied Strips Ltd –
Director Implementation Managing Director
and day to day
working
Notes:
1. The condition of employment of Mr. Sanjay Singal and Mr. A. K. Khushu is/was contractual and the contract of employment was approved
by the members of the Company.
2. Remuneration as shown includes salary, allowances, medical expenses, house rent, taxable value of perquisites but excludes gratuity
provision.
22
ANNEXURE- B TO THE DIRECTORS’ REPORT FOR THE YEAR ENDED 31ST MARCH 2014
INFORMATION AS PER SECTION 217 (1) (e) READ WITH COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT
OF BOARD OF DIRECTORS) RULES, 1988 AND FORMING PART OF THE DIRECTORS’ REPORT FOR THE YEAR ENDED
31ST MARCH 2014.
CONSERVATION OF ENERGY:
(a, b & c) Your Company has always been conscious of the need to conserve energy and has always attempted various measures for the same
wherever possible to achieve reduction in the cost of production. The Company has been undertaking Energy Audit at Kolkata Plant
and adopted innovative methods resulted into saving of energy consumption. Company has commissioned Captive Power Plant of
506 MW at its Integrated Steel Plant in Odisha and is open for suggestions of experts in the areas where conservation of energy is
possible.
(d) The details regarding present energy consumption including captive generation are furnished as per Form A of the Annexure to the
Rules.
FORM A
A. POWER & FUEL CONSUMPTION
2013-14 2012-13
1. Electricity
(a) Purchased
Units (No. in Lacs) * 3,593.22 4,151.77
Total Amount (` In Lacs) 24,402.87 27,600.56
Average rate per unit (`) 6.79 6.65
(b) Own Generation
(i) Through Diesel
Units (No. in Lacs) 155.66 161.90
Qty (Ltrs in Lacs) 43.22 44.72
Total Amount (` In Lacs) 2,219.70 1,852.59
Average rate per unit (`) 14.26 11.44
(ii) Through Steam Turbine
Units Generated Kwh (No in Lacs)** 26,025.81 21,602.97
Coal Quantity (MT in Lacs) 27.08 25.15
Total Amount (` in Lacs) 26,031.58 30,098.31
Average rate per MT (`) 961.32 1,196.95
Average rate (` per unit) 1.00 1.39
2. Fuel Oil
Qty (Ltrs in Lacs) 219.03 181.46
Average rate per litre (`) 46.64 36.64
3. LPG Propane Gas
Qty (MT) 52,295.77 24,914.51
Average rate per MT (` in Lacs) 0.61 0.54
B. CONSUMPTION PER UNIT OF PRODUCTION
Production (MTs)*** 91,31,314 72,34,764
Electricity (Unit/MT) 303.99 339.58
Fuel Oil (Ltrs/MT) 2.40 2.51
LPG (Kg./MT) 5.73 3.44
Captive use of electric units (Nos in Lacs) 24,327.22 20,721.12
Capitalized (No. of units in Lacs) 317.47 467.08
Total Amount capitalized (` in Lacs) 2,110.66 3,046.39
* Includes 317.47 Lac Units (Previous year 467.08 Lac units) for ` 2,110.66 Lac (Previous year ` 3,046.39 Lac) capitalized.
** Out of generated (Kwh) 26,025.80 Lac Units (Previous year 21,602.97 Lac Units), 1,698.59 lac Units (Previous year 881.85 Lac Units) sold.
*** Includes production for capitalized/packing and captive use 68,58,478 MT (Previous year 54,02,629 MT).
23
FORM B
RESEARCH & DEVELOPMENT (R & D)
1. 5RGEKſECTGCKPYJKEJ4&KUECTTKGFQWVD[VJG%QORCP[ : At Odisha Plant (CSP unit):-
Ŗ &GXGNQROGPVQHJQVDCPFUHQTRTQFWEKPIWNVTCVJKPEQNFTQNNGFUVTKRſTUVVQ
develop such kind of steel through coal based DRI route.
Ŗ Development of high strength low alloy steel in thinner section for
automobile application.
Ŗ Development of hot rolled bands for high strength low alloy CRCA
application.
Ŗ Development of Deep drawing hot rolled product through coal based DRI
route.
At Kolkata Plant :
Ŗ Successfully implemented two electrical energy saving projects based on
the energy audit reports and observations. This has been done through
technological up-gradation of centralized lighting system.
Ŗ Successfully developed BLACK CR material with in-house R&D through
process innovations. This has wide applications in export market.
2. $GPGſVUFGTKXGFCUCTGUWNVQHVJGCDQXG4& : At Odisha Plant:
Ŗ Major energy saving measures was taken up during this year, which has
given substantial savings. Details are as follows:
Ŗ DC drives of DRI Kiln Cooler of Kiln 1, 2, 3&4 were replaced with energy
GHſEKGPV#$$OCMG888(&TKXGU-YJRGT-KNPRQYGTUCXKPIJCFDGGP
achieved.
Ŗ #NNſXGPWODGTU#KT%QORTGUUQT5VCVKQPYGTGLQKPGFKPEQOOQPTKPIJGCFGT
of Instrument and Service cum Process Air of all units of the total Plant.
Which has lead to the optimum loading of Compressors and switching of
other Compressors. Power savings equivalent to three Compressors i.e.,
3 × 630=1890KW/H was achieved.
AT Kolkata Plant:
Ŗ 6JG'PGTI[UCXKPIRTQLGEVUKORNGOGPVGFJCUDGPGſVGFVJG%QORCP[D[
102200 Units annually.
Ŗ The new product developed has been well accepted in the market of Africa
and has resulted in new avenue of export growth. Repeat orders has been
executed for various African markets. Company had already planned to
setup one dedicated unit at our Odisha plant.
3. Future Plan of action : ;QWTEQORCP[JCUUWEEGUUHWNN[UGVWRVJGHCEKNKVKGUWPFGTRJCUG8QH1FKUJC
RTQLGEVCJGCFQHUEJGFWNGCEJKGXGFVQVCNKPVGITCVKQP2JCUG8JCUETGCVGF
U[PGTIKGUGHſEKGPE[QHRTQFWEVKQPEQUVKPVGITCVKQPQHRTKOCT[UGEQPFCT[
products at one place. Company envisages expansion of market with Phase-
8+QHVJGRTQLGEVKORNGOGPVCVKQPYJKEJKUKPRTQITGUU
4. Expenditure on R&D (` in lacs) Capital/Recurring : Recurring. Not segregated
TECHNOLOGY ABSORPTION, ADAPTATION & INNOVATION:

1. Efforts in brief made towards technology, absorption, : Company has adopted following technologies for its plant at Odisha:-
adaptation and innovation
Ŗ Lurgi Technology for Sponge iron production.
Ŗ SSIT-CHINA for Blast furnace.
Ŗ TECHINT-ITALY technology for steel making.
Ŗ SMS-SIEMAG for six stand hot strip mill.
Ŗ Danielli, Italy for Wire & Rod Mill of alloy grades.
Ŗ AJAX-TOCCO, USA make High Frequency Furnace for Acrylic coating in Color
Coating Line.
Ŗ CMI, Belgium Technology Cold for Rolling Mills.
24
Ŗ ABB, Sweden make Flatness Control System for Cold Rolling Mills.
Ŗ OUTOTEC, Germany Technology Pellet Plant.
Ŗ Bradley, UK make Coke and Bentonite for Grinding Mills
Ŗ Metso Minerals, Sweden Technology & Allminerals , USA Technology for Iron Ore
(KPGU$GPGſEKCVKQP2NCPV
Ŗ LINDE, Germany Technology for Oxygen Plant.
Ŗ The market share in narrow width segment increased as a result of capacity
enhancement.
2. $GPGſVU FGTKXGF CU C TGUWNV QH CDQXG GHHQTVU GI RTQFWEV : %QORCP[FGTKXGFVJGHQNNQYKPIDGPGſVUHTQO&4+RNCPVU[UVGO
improvement, cost reduction, product development, import Ŗ Recovery of waste heat from Kiln of gas producing about 11MW per kiln.
substitution etc.
Ŗ 7VKNK\CVKQP QH EJCT RTQFWEGF CU YCUVG HTQO &4+ MKNPU CU C HWGN ƀWKFK\GF DGF
combustion boiler.
Ŗ 7VKNK\CVKQPQHOKFFNKPIQHEQCNYCUJGT[CUCHWGNKPƀWKFK\GFDGFEQODWUVKQPDQKNGT
as a fuel.
Ŗ Cost of production shall be reduced due to its backward integrated facilities.
Ŗ Reliability of operation has increased considerably at Kolkata Unit.
Ŗ 8CTKQWUCEVKXKVKGUJCUDGGPEQORNGVGFCV-QNMCVCWPKVHQTEQUVTGFWEVKQPRTQFWEV
development.
3. +PECUGQHKORQTVVGEJPQNQI[
KORQTVGFFWTKPIVJGNCUV[GCTUTGEMQPGFHTQOVJGDGIKPPKPIQHVJGſPCPEKCN[GCTHQNNQYKPIKPHQTOCVKQPOC[DG
furnished.
a. Technology Imported : The basic engineering of CSP Plant for HR Coil has been given by SMS Siemag,
Germany.
0GEGUUCT[OQFKſECVKQPUVQCFQRVVJKUKORQTVGFVGEJPQNQI[HQT+PFKCPEQPFKVKQPUCUYGNN
as for requirement of export market have been carried out indigenously successfully.
b. Year of Import : Technology from SMS Siemag, Germany imported in year 2005-06
c. Has Technology been fully absorbed : Technology has been fully absorbed
d. If not fully absorbed, areas where this has not taken place : Not Applicable
reason thereof and future plan of action.
4. FOREIGN EXCHANGE EARNINGS AND OUTGO

1. Activities relating to exports, initiatives taken to increase : Company’s products in the international market conforming to stringent international
exports, development of new export market for products standards and quality has wide acceptance.
and services and export plan.
2. Total Foreign Exchange used and earned : Used: ` 1,962.62 crore
Earned: ` 2,265.69 crore
25
ANNEXURE - C TO THE DIRECTORS’ REPORT FOR THE YEAR ENDED 31ST MARCH 2014
REPORT ON CORPORATE GOVERNANCE
1. VISION
A focused mindset with continuous learning aimed to have completely integrated operations for self reliance and to be the global leader in
the business.
2. MISSION
6QCVVCKPCNGXGNYJGTGVJGTGKUPQFGſPGFNKOKVHQTITQYVJVQRTQOQVGCYQTMENKOCVGVJCVJCTPGUUVJGDGUVQHJWOCPRQVGPVKCNGPEQWTCIG
to compete with self, protect environment and to explore all possible means for unmatched growth.
3. COMPANY’S PHILOSOPHY ON CODE OF GOVERNANCE:

Company’s guiding principles are focused to achieve highest standard of Corporate Governance and has therefore Company believes in
adopting the best practices in the area of Corporate Governance. Board is accountable to all the stakeholders for good governance to ensure
transparency in its operations, make appropriate disclosure and enhance stakeholder’s value by value addition and customer satisfaction
coupled with high standard of quality products without compromising anyway in compliance with laws and regulations.
4. BOARD OF DIRECTORS
6JG$QCTFQH&KTGEVQTUEQPUKUVUQHVGP&KTGEVQTUQWVQHYJKEJſXG&KTGEVQTUCTG0QP'ZGEWVKXGCPF+PFGRGPFGPV&KTGEVQTU6JG%QORCP[
has Executive Chairman. Guidelines issued by the SEBI for Composition of Board of Directors, statutorily not applicable, have been followed
and Composition of Board of Directors is as follows:
Sr. No. Category Name of the Director
1. Executive Directors Mr. Sanjay Singal
Mrs. Aarti Singal
Mr. R. P. Goyal
Mr. R. N. Yadav

0QVG/T#--JWUJWTGUKIPGFYGH/T*%8GTOCTGUKIPGFCU
Whole Time Director but continue to be a Director)
2. Non–Executive and Independent Directors Mr. Anil S Supanekar
Mr. R. D. Batra
Mr. Dinesh Kumar Behal
3. Non Executive Nominee Directors Mr. S. N. Baheti(Nominee IDBI Bank Ltd)
Mr. Jimmy Mahtani (Investors Nominee Director)
4. Non Executive Professional Director /T*%8GTOC
None of the Directors on the Board is a Member of more than 10 committees and Chairman of more than 5 committees across all the
Company/ies in which he is a Director.
26
Attendance of each Director at the Board Meetings, last Annual General Meeting and number of other Directorship and
Chairmanship/Membership of Committee in various Companies.
S. Name of Director Attendance Particulars No. of Other Directorship and Committee

No. Member/Chairmanship
No. of Board No of Board Attendance Other Committee Committee
Meetings Meetings at last AGM Directorship Member Chairmanship
held attended
1 Mr. Sanjay Singal 4 3 Yes 6 4 4
2 Mrs.Aarti Singal 4 1 No 7 2 1
3 Mr. S. N. Baheti 4 2 No 2 -- --
(Nominee of IDBI)
appointed w.e.f 08.11.2013
4 Mr. Anil S. Supanekar 4 4 No -- 2 1
5 Mr. Jimmy Mahtani 4 Nil No 7 -- --
6 Mr. R. P. Goyal 4 2 Yes 5 7 1
7 /T*%8GTOC 4 3 No 1 4 --
8 Mr. R. N. Yadav 4 Nil No -- 2 --
9 Mr. R. D. Batra 4 3 No -- 6 1
10 Mr. Dinesh Kumar Behal 4 4 Yes 1 4 1
11. Mr. Melwyn Rego 4 Nil No 1 -- --
Withdrawal of Nomination
w.e.f 30.08.2013
12 Mr. A. K. Khushu 4 1 No -- -- --
Resigned w.e.f 20.05.2014
Number and the dates of Board Meetings

During the year 2013-2014 four (04) Board Meetings were held on 24th June 2013, 7th September 2013, 28th December 2013 and
29th March 2014.
Dates for Board Meetings are decided in advance and communicated to the Directors in writing. The agenda alongwith Explanatory notes
are sent to the Directors in advance.
5. AUDIT COMMITTEE
Audit Committee of Directors presently consists four Directors as Members namely (i) Mr. Dinesh Kumar Behal (ii) Mr. Anil S. Supanekar,
(iii) Mr. R. P. Goyal and (iv) Mr. R. D. Batra. Mr. Dinesh Kumar Behal is the Chairman of the Audit Committee, who is an independent Director
QPVJG$QCTF6JGRTGUGPVEQOOKVVGGEQPUVKVWVKQPEQPſTOVJGTGSWKTGOGPVUQH5GEVKQPQHVJG%QORCPKGU#EV
EQTTGURQPFKPI
Section 292A of Companies Act, 1956). Members of the Audit Committee possess accounting exposure.
The terms of reference of the Committee has been amended by the Board of Directors conform to the provisions of Section 292 A of the
Companies Act, 1956 as detailed hereunder: -
C 1XGTXKGYVJG%QORCP[ŏUſPCPEKCNTGRQTVKPIRTQEGUUCPFVJGFKUENQUWTGUOCFGKPVJGſPCPEKCNUVCVGOGPVUVQGPUWTGVJGKTEQTTGEVPGUU
dependability and accuracy.
D 4GEQOOGPFKPIVJGCRRQKPVOGPVCPFTGOQXCNQHVJGCWFKVQTUſZCVKQPQHCWFKVHGGCPFCNUQCRRTQXCNHQTRC[OGPVHQTCP[QVJGTUGTXKEGU
E 4GXKGYKPI VJG CPPWCN ſPCPEKCN UVCVGOGPVU DGHQTG VJG UCOG CTG RNCEGF DGHQTG VJG $QCTF DCUKECNN[ KP VJG HQNNQYKPI CTGCU
K CP[
change in the accounting policies and practices and its effect on Company’s working, (ii) major accounting entries based on exercise
QHLWFIGOGPVD[OCPCIGOGPV
KKKSWCNKſECVKQPKPFTCHV#WFKV4GRQTV
KXKORQTVCPVCPFUKIPKſECPVCFLWUVOGPVUCTKUKPIQWVQHCWFKV
(v) the going concern assumption, (vi) compliance with all applicable accounting standards and (vii) compliance with legal requirements
EQPEGTPKPIYKVJſPCPEKCNUVCVGOGPVU
d. Any related party transactions i.e. transactions of the Company of material nature with promoters or the management, their subsidiaries
QTTGNCVKXGUGVEVJCVJCXGRQVGPVKCNEQPƀKEVYKVJVJGKPVGTGUVQHVJG%QORCP[CVNCTIG
e To look into the reasons for substantial defaults in the payments to the depositors, debenture holders, shareholders (in case of non
payment of declared dividends) and creditors.
During the year, the Committee held four meetings on 24th June 2013, 7th September 2013, 28th December 2013 and 29th March
2014.
27
6. COMMITTEE OF DIRECTORS ON BORROWINGS
Committee of Board of Directors on Borrowings presently consists of four Directors namely (i) Mr. Sanjay Singal, (ii) Mrs Aarti Singal
(iii) Mr. R. P. Goyal and (iv) Mr. R. D. Batra. Mr. Sanjay Singal is the Chairman of the Committee.
30 Nos. of Meetings of Committee of Board of Directors on Borrowings were held during the year 2013-2014 on 30.04.2013, 16.05.2013,
03.06.2013, 10.06.2013, 18.06.2013, 22.06.2013, 26.06.2013, 28.06.2013, 02.07.2013, 09.07.2013, 19.07.2013, 23.07.2013, 30.07.2013,
05.08.2013, 21.09.2013, 25.09.2013, 21.10.2013, 25.10.2013, 01.11.2013, 07.11.2013, 19.11.2013, 26.11.2013, 07.12.2013, 29.01.2014,
13.02.2014, 19.02.2014, 27.02.2014, 07.03.2014, 10.03.2014 and 28.03.2014
7. (a) SHARE ALLOTMENT & TRANSFER COMMITTEE

The Investors’ Grievances, Securities Allotment & Transfer Committee has been renamed as Share Allotment and Transfer Committee
CPFEQORTKUGUQH
K/T4&$CVTC
KK/T*%8GTOC
KKK/T40;CFCXCPF
KX/T&KPGUJ-WOCT$GJCN&KTGEVQTUQHVJG
Company. Independent Director Mr. R. D. Batra is the Chairman of the Committee. The Committee has been constituted inter alia
HQTCNNQVOGPVCRRTQXKPIVTCPUHGTCPFVTCPUOKUUKQPQHUJCTGUKUUWGQHFWRNKECVGUJCTGEGTVKſECVG
UEQPUQNKFCVKQPCPFUWDFKXKUKQP
QHUJCTGEGTVKſECVG
UQHHGTCPFKUUWGUGEWTKVKGUCPFVQFQCNNTGNCVGFOCVVGTUPGEGUUCT[KPEKFGPVCNVJGTGVQCPFUWIIGUVCPFOQPKVQT
measures to improve investors’ grievances. During the year under report, seven meetings of the Committee was held. Mr R.K. Gupta,
2TGUKFGPV%QORCP[5GETGVCT[KUVJG%QORNKCPEG1HſEGT6JGVGTOUQHTGHGTGPEGVJGEQOOKVVGGJCUDGGPCOGPFGFD[VJG$QCTF
(b) SHAREHOLDERS/INVESTORS GRIEVANCE COMMITTEE

Company has constituted Shareholders/Investors Grievance Committee comprises of (i) Mrs. Aarti Singal (ii) Mr. R. P. Goyal and
(iii) Mr. Dinesh Kumar Behal as members of the Committee. Mrs. Aarti Singal is the Chairperson of the Committee.
8. PUBLIC ISSUE COMMITTEE

6JGEQOOKVVGGEQORTKUGU
K/T5CPLC[5KPICN
KK/T42)Q[CN
KKK/T*%8GTOCCPF
KX/T4&$CVTC&KTGEVQTUQHVJG%QORCP[
The Committee has been constituted and authorized for taking the decisions pertaining inter-alia to public offer, issue & allotment of securities
including debt instruments listed on Stock Exchanges. During the year under report, no meeting of the Committee was held. The Board has
FGUKIPCVGF/T4-)WRVC2TGUKFGPV%QORCP[5GETGVCT[CUVJG%QORNKCPEG1HſEGT
9. REMUNERATION COMMITTEE
6JG%QOOKVVGGJCUDGGPEQPUVKVWVGFHQTſZCVKQPQHTGOWPGTCVKQPQHVJG'ZGEWVKXG&KTGEVQTUQHVJG%QORCP[6JGVGTOUQHTGHGTGPEGQHVJG
%QOOKVVGGJCUDGGPCOGPFGFD[VJG$QCTF6JG%QOOKVVGGTGXKGYUVJG%QORCP[ŏURQNKE[QPURGEKſETGOWPGTCVKQPRCEMCIG2TGUGPVN[VJG
Committee comprises of (i) Mr. Anil S. Supanekar, (ii) Mr. R. D. Batra and (iii) Mr. Dinesh Kumar Behal as Members. Mr. Anil S. Supanekar
is the Chairman of the Committee. One meeting of the Committee was held during the year under report.
10. PROJECT MANAGEMENT COMMITTEE

The Committee has been reconstituted for monitoring the progress of the Projects of the Company being set up at Odisha. The committee
comprises of (i) Mr. Sanjay Singal, (ii) Mr. R.N.Yadav, (iii) Mr. R.N.Pattajoshi and (iv) Mr. Arun Agarwal as members.
11. STRATEGIC INVESTMENT COMMITTEE

The Committee has been constituted for making strategic investments interalia for acquiring any venture having raw material or technology
QTQVJGTYKUGHQTVJGRNCPVUQHVJG%QORCP[6JG%QOOKVVGGCVRTGUGPVEQORTKUGU
K/T5CPLC[5KPICN
KK/T*%8GTOCCPF
KKK/T42
Goyal as members of the Committee. Mr. Sanjay Singal is the Chairman of the Committee. During the year under report, no meeting of the
Committee was held during the year.
12. GENERAL BODY MEETING:

(a) Location and time for the last three (03) Annual General Meetings (AGMs):
Year Location Date Time

2010-11 4th Floor, Tolstoy House, 15-17, 17.09.2011 2.30 P. M.
Tolstoy Marg, Connaught Place, New Delhi
2011-12 4th Floor, Tolstoy House, 15-17, 17.09.2012 2.30 P. M.
2012-13 4th Floor, Tolstoy House, 15-17, 30.09.2013 2.30 P.M
(b) No Extra Ordinary General Meeting of the Shareholders was held during the year under report.
(c) Passing of Resolution by Shareholders through Postal Ballot is not presently applicable to the Company.
28

C &KUENQUWTGQPOCVGTKCNN[UKIPKſECPVTGNCVGFRCTV[VTCPUCEVKQPUKGVTCPUCEVKQPUQHVJG%QORCP[QHOCVGTKCNPCVWTGYKVJKVU
2TQOQVGTUVJG&KTGEVQTUQTVJG/CPCIGOGPVVJGKTUWDUKFKCTKGUQTTGNCVKXGUGVEVJCVOC[JCXGRQVGPVKCNEQPƀKEVYKVJVJG
interest of the Company at large.
6JGTGYCUPQOCVGTKCNN[UKIPKſECPVVTCPUCEVKQPYKVJTGNCVGFRCTVKGUYJKEJYCUKPEQPƀKEVYKVJVJGKPVGTGUVQHVJG%QORCP[GZEGRVCU
stated in annual accounts.
(b) Detail of non-compliance by the Company, penalties and strictures imposed on the Company by any statutory authority, on
any matter related to provisions of Companies Act, 1956, during the last three years.
None
14. MEANS OF COMMUNICATION:

Annual Report is circulated to the Shareholders.
Company has its own website. www.bhushanpowersteel.com
15. GENERAL SHAREHOLDERS INFORMATION:

(i) Financial Calendar - 1st April to 31st March
(ii) Dividend/Interim Dividend Payment Date: Within 30 days from the date of declaration.
(iii) Share Allotment & Transfer Committee: Share Allotment & Transfer Committee inter-alia has its terms of reference for approval
of transfer and transmission of securities, issue of duplicate shares, allotment of shares and issue of shares after consolidation or
sub-division.
(iv) Dematerialisation Mode (Demat). Company has electronic connectivity with both the depositories namely NSDL and CDSL to extend
facility to its shareholders to hold shares in electronic mode. The Company’s ISIN is INE 347F01016. Some of the shareholders have
availed the demat facility.

X 5JCTG%GTVKſECVGU5JCTGEGTVKſECVGUCTGCNUQKPRJ[UKECNHQTO
(vi) Registrar for Connectivity: Link Intime India Pvt Ltd, A-40, 2nd Floor, Naraina Industrial Area, Phase-II, Near Batra Banquets,
Naraina, New Delhi-110 028 has been appointed as Registrar for connectivity with NSDL & CDSL.
(vii) Distribution of Shareholding as on 31.03.2014 :
Sr. Category %age
1. Individuals – Promoters 11.65
2. Body Corporate – Promoters 82.82
3 FII 5.53
Total 100.00
(viii) Location of Plants:

a. Plot No. 3, 71, 83, 141-142 at Industrial Area, Phase-1, Chandigarh
D 8KNNCIG*CTKRWT-JWTC#ODCNC%JCPFKICTJ4QCF&GTC$CUUK&KUVV/QJCNK
2WPLCD
c. NH-2, Bangihatti, Mallickpara (Hooghly) Serampore, Kolkata, West Bengal
F 8KNNCIG6JGNMQNQKCPF&JWDGPEJCRRGT6GJUKN4GPICNK&KUVV5CODCNRWT1FKUJC
e. Plot No. 55, KIADB Industrial Area, Chintamani Road, Hoskote Taluk, Bangalore (Karnataka)
(ix) Customer Service Centre

$GUKFGUUCNGUQHſEGUCNNQXGT+PFKC%QORCP[JCUHQNNQYKPIEWUVQOGTUGTXKEGEGPVGTVQOGGVVJGURGEKſETGSWKTGOGPVUQHVJGEWUVQOGTU
and OEMs.
a. Aurangabad, Pune, Nasik (Maharashtra)
b. Pantnagar (Uttrakhand)
c. Hosur (Tamil Nadu)
d. Ludhiana (Punjab)
e. Manesar, Faridabad (Haryana)
29
MANAGEMENT DISCUSSION & ANALYSIS
INDUSTRY OVERVIEW – GLOBAL SCENARIO
Change in the Government at the Centre has wired message of growth in the manufacturing sector which was slowed down over the years. Govt
has put its priority to bring the Industry on path of growth and generate employment. Steel, Power and Infrastructure industries are expecting the
policies to be growth oriented. The present GDP is 4.7% p.a. in 2013-14 is expected to grow upto 5.5 - 5.6% p.a. in 2014-2015. Reserve Bank of
+PFKCEQPUVCPVN[VCMKPIUVGRUVQMGGRVJGHQTGKIPGZEJCPIGƀWEVWCVKQPUWPFGTEQPVTQNCPFUVTGPIVJVJG+PFKCPEWTTGPE[/KPKPIRQNKEKGUCTGGZRGEVGF
to be growth oriented where the Government is steering for more mineable reserve to the industry. Govt. is also giving a thought to amend the
existing MMDRA to facilitate the quick disposal and smooth operation of mines. Simultaneously the Land Acquisition Act is also on the card of the
Govt. to consider and amend in the larger interest of the industry.
Govt. has been striving for strengthening the manufacturing sector for generating more employment. Production target of Steel under National
Steel Policy 2005 has also been set.
Globally the EU emerged out of its longest recession, the recovery in the USA gained ground (despite shutdown, tapering et al) and manufacturing
bounced back in the developed block. But China, despite a strong 7.7% GDP growth in 2013 remained in slowdown mode, a major concern for
the global steel fraternity. With betterment of overall economic conditions at home and globally widely projected in FY 2015, 2013-14 proved to be
another year when the Indian Steel Industry was at its resilient self.
The Global apparent steel use at 1481 MT in 2013 and projected at 1527 MT in 2014 is up by 3.1% and Chinese apparent steel use at 700 MT in
2013 and projected at 721 MT in 2014 increased by 3%.
Consumer and business spending in US is rising. Housing construction, auto sales and ISM manufacturing index has marginally moved. Further
the general feeling is that the steel industry will turn around in 2014-15.
Latest business environment ranking by the economist show india at 61st position with China at 49th , Brazil at 41st and Russia at 59th position,
JQYGXGT KP VGTOU QH KPHTCUVTWEVWTG EQPUVTWEVKQP OQUV EQWPVTKGU QVJGT VJCP %JKPC UEQTGF OWEJ NQYGT #U VJG VQVCN ſPCPEKPI QH VJG GPXKUCIGF
infrastructure investment in India is beyond the means of the government , an enabling environment for the private corporate sector and FDI capital
KPƀQYPGGFUVQDGETGCVGF
OVERVIEW OF INDIAN STEEL INDUSTRY
Indian steel industry however recorded a growth pattern. In 2013-14, production of crude steel was at 81.54 MT, an increase of 4%. Crude steel
capacity reached 99.57 MT a growth of 2.6%. Production for sale of sponge iron was 14.97 MT a growth of 4.5%. Pig iron production for sale was
/6CPKPETGCUGQH*QVOGVCNRTQFWEVKQPYCU/6CPKPETGCUGQHQXGTNCUV[GCT6QVCNſPKUJGFUVGGNRTQFWEVKQPHQTUCNGYCU
/6TGEQTFKPIKPVGTGUVQH'ZRQTVQHVQVCNſPKUJGFUVGGNTGCEJGF/6WRD[+ORQTVQHVQVCNſPKUJGFUVGGNYCU/6FGENKPG
QH+PFKCYCUCPGVGZRQTVGTQHVQVCNſPKUJGFUVGGN
The consumption pattern marginally increased with total consumption of 73.89 MT up by 0.6%. However abysmally low per capita consumption of
steel of 59 kg in India as compared to China 427 kg and world average of 206 kg strengthens The National Steel Policy has set up the target of 100
million tons of steel production by 2018 so as to increase the consumption.
Indian steel manufacturing market has been paying price for policy logjam. The new Govt has emphasis infrastructure growth, including the rail and
TQCFPGVYQTMCPFUKORNKſGFCPFVTCPURCTGPVRQNKE[OGEJCPKUOVJGTGD[FQKPICYC[YKVJCRNGVJQTCQHEQOOKVVGGUCPFUWDEQOOKVVGGUYKVJCXKGY
VQURGGFKN[UCPEVKQPRTQLGEVUCPFENGCTUVCNNGFRTQLGEVU5WEJUVGRUQHVJG)QXVYKNNOCMGCUKIPKſECPVRQUKVKXGKORCEVQPVJGWPEGTVCKPDWUKPGUU
scenario that was instrumental in pulling down entrepreneurial investment institutions, industrial growth and GDP.
Public Sector plants produced 16.78 MT while the rest and dominant contribution was of the private sector with share of 79% of total crude steel
RTQFWEVKQPYJKNGUJCTGQHVQVCNſPKUJGFUVGGNRTQFWEVKQPD[257UYCUCUEQORCTGFVQD[RTKXCVGUGEVQT
Maintaining rank of the 4th largest global crude steel producer in 2013, India has further made a mark globally in the production of sponge iron
production of 14.97 MT a growth of 4.5% over last year. Production of pig iron for sale stood at 7.29 MT a growth of 6.1% compared to last year,
EQPVTKDWVGFRTKOCTKN[HQTVJGRTKXCVGUGEVQTCTQWPFQHVQVCNQWVRWV6QVCNſPKUJGFUVGGNRTQFWEVKQPHQTUCNGYCU/6D[KPETGCUGQH
with the non alloy steel accounting for 93% share of total. Flat products with 52% share lead the production for sale while the rest was the share of
PQPƀCVRTQFWEVU2TQFWEVKQPHQTUCNGQH$CTCPFTQFUYCU/6WRD[JQVTQNNGFEQKNU/6CPKPETGCUGQHEQNFTQNNGFEQKNUYCU
8.5 MT up by 12%, GP / GC, 6.9 MT up by 11% and structural was 6.6 MT recording increase by 12% over last year.
OVERVIEW OF INDIAN POWER SECTOR
The total installed capacity of Indian power sector is app 2.12 lakh MW out of which fuel based power installed capacity is about 1.42 lakh MW.
Hydro (Renewable) capacity is 0.39 lakh MW, nuclear based power capacity is 0.05 lakh MW. Govt has initialed several policies to promote and
garner investments in power sector viz National Electricity policy, Ultra Mega Power Project Policy, Mega Power Policy CERC Policy, Tariff Policy
etc. National Electricity Policy in fact stipulates power for all and annual per capital consumption of electricity to rise to 1000 units by 2012.
Waste heat recovery process has been recognized the competitive generation cost of power. In the Indian scenario, electricity sector is predominantly
controlled by Public Sector Undertakings of Govt. of India in generation of electricity. Nuclear based power generation in the near future in the
30
country shall bridge the gap of generation and demand of power sector. State level Corporations are also involved in the generation of electricity.
The intra state distribution is managed by the State Electricity Boards (SEBs) and private companies. Power Grid Corporation of India is responsible
for the inter-state transmission of electricity and the development of national grid.
OPPORTUNITIES AND THREATS
Opportunities
Ŗ )QXVHQEWUGUQPTCVKQPCNK\KPIVJG#EVIQXGTPKPIUVGGNKPFWUVT[CPFOKPGUCPFNCPFCESWKUKVKQP
Ŗ )QXVRTKQTKVKGUKPHTCUVTWEVWTGFGXGNQROGPVYKVJURGGF[ITQYVJ
Ŗ 'PEQWTCIKPIRWDNKERTKXCVGRCTVPGTUJKRKPGZGEWVKQPQHRTQLGEVU
Ŗ 0CVKQPCN5VGGN2QNKE[CKOKPICVJKIJGTRTQFWEVKQPXK\CXK\JKIJGTEQPUWORVKQP2QNKE[JCUGPXKUCIGFVCTIGVQHOKNNKQPVQPUD[
Ŗ .KDGTNKUKPI(&+PQTOCPFGPEQWTCIKPIECRKVCNOCTMGV
Ŗ %JKPCCPF#HTKECPEQWPVTKGUCTGHQEWUKPIOQTGQPKPHTCUVTWEVWTGFGXGNQROGPVCPFCTGCNUQYKVPGUUKPIUVTQPIKPVGTPCNFGOCPF
Ŗ 4CVKQPCNK\CVKQPQHVCZCVKQPDQVJFKTGEVQTCPFKPFKTGEV
Ŗ 5VTQPIFQOGUVKEFGOCPFUWRRN[ICRKUEWTTGPVN[OGVVJTQWIJKORQTVU
Ŗ 'ZRGEVGFKPETGCUGKPRGTECRKVCNEQPUWORVKQPQHUVGGNKP+PFKCCUEQORCTGFVQYQTNFEQPUWORVKQP
Ŗ +PFKCKUNCTIGUVRTQFWEGTQHURQPIGKTQPKPVJGYQTNFYKVJEQCNDCUGFTQWVGCEEQWPVKPIHQTQHVQVCNRTQFWEVKQP
Ŗ 2GTECRKVCKPEQOGDQWPFVQKPETGCUG
Threats
Ŗ 4KUKPIEQUVQHKPRWVEQWRNGFYKVJUECTEKV[KPUWRRN[
Ŗ +TCSETKUKUCHHGEVKPIUWRRN[QHQKN
Ŗ +ORCEVQHNCPFCESWKUKVKQP#OGPFOGPV#EV
Ŗ 8QNCVKNKV[TKUKPIKORQTVDKNNQHETWFGQKNKPKPVGTPCVKQPCNOCTMGV
Ŗ 8QNCVKNKV[KPRTKEGUQHKPRWVEQUVUVGGNRTKEGUKPKPVGTPCVKQPCNUEGPCTKQFWGVQWPGZRGEVGFKPVGTPCVKQPCNGXGPVU
Ŗ 8QNCVKNKV[KPHQTGKIPGZEJCPIGEWTTGPE[9GCMTWRGGCICKPUV75&
Ŗ $WQ[CPVFWGVQUVTQPIITQYVJKPFGOCPF
Ŗ 4GEGUUKQPCT[VTGPFKPGTQ\QPGCPFFGDVETKUGUQH)TGGM
COMPANY’S PROSPECTS
9KVJVJGHCEKNKVKGUWPFGT2JCUG8RWVVQVTKCNTWP[QWT%QORCP[YKNNJCXGWPKSWGKPVGITCVGFUVGGNEQORNGZJCXKPIVQVCNKPVGITCVKQPQHRTKOCT[UVGGN
products i.e. sponge iron, pig iron/hot metal, Steel Billets, HR Coils and secondary steel products CR Coils/Sheets, Galvanized Plain/Corrugated
Sheets, Galvalume Sheets, Colour Coated Sheets, Black Pipes, GI Pipes, Precision Tubes, Cable Tapes and Special Alloy Steel, Bars, Wire Rod,
9KTGUCPFDTKIJVDCTU%QORCP[JCUKPKVKCVGFHCEKNKVKGUWPFGT2JCUG8+HQTGZRCPUKQPCPFUJCNNCEJKGXGECRCEKV[QH/62#
State of Odisha has recommended for grant of mining lease for 224 million tons of iron ore reserves in Thakurani block and Sundergarh Keonjhar
block.
Mining of Company’s coal blocks at Jamkhani and Bijhan and generation of additional power will further reduce the cost of inputs and saving in cost
QHRTQFWEVKQPCPFKPETGCUGKPRTQſVCDKNKV[4QJPG%QCN$NQEMKPVJG5VCVGQH,JCTMJCPFYKNNUWRRNGOGPVVQOGGVVJGEQCNFGOCPFQHVJG%QORCP[
further enhancing the self-reliance.
Allocation of Patal (E) coal block and Chatuburu Iron Ore Mines in the State of Jharkhand to the Company for its proposed Integrated Steel & Power
Project will further make the Company truly integrated. 1,000 MW Power project in the State of Chhattisgarh is envisaged for uninterrupted supply
of Power.
FINANCIAL OPERATIONAL PERFORMANCE
Term Lending
During the year under review, Company has availed Term Loan of Rs.186 Crore, out of sanctioned Rupee Term Loan of Rs. 3,250 Crore, ECA of
4U%TQTGQWVQHUCPEVKQPGF'%#QH4U%TQTGHTQO$C[GTP.$HQT1FKUJC2JCUG82TQLGEV
During the year under review, Company has availed ECA of Rs.132 Crore out of sanctioned ECA of Rs. 1,560 Crore from KFW IPEX GmbH
)GTOCP[&GWVUEJG$CPM5R#
+VCN[CPF+PVGUC5CPRCQNQ5R#
*QPIMQPIHQT1FKUJC2JCUG8+2TQLGEV
During the year under review, the company has received Long Term Loan of Rs. 4698 Crore. Further, the Company has also availed ECBs of
Rs.943 Crore for the replacement of its existing ECBs and RTLs.
31
Working Capital
Your company enjoyed working capital facilities of Rs. 7,700 crore (Fund Based Rs. 4,000 Crore and Non Fund Based Rs. 3,700 Crore) from
consortium of banks lead by Punjab National Bank.
Credit Rating
The credit rating agencies Fitch Ratings India (P) Limited and Credit Analysis & Research Limited (CARE Ratings) has done the rating of the
company. The rating assigned by the credit rating agencies are as under:-
Fitch Ratings India (P) Limited
The Fitch Ratings has assigned the Long Term rating of “A-(ind)”. Further it has assigned the rating of “F2+(ind)” for short term bank loans.
Credit Analysis & Research Limited (CARE Ratings)
CARE has assigned the Long Term rating of “CARE A-“ (Single A Minus). Further, it has assigned “CARE A1”(A one) rating to short term non fund
base facilities and STD/CP/NCD (carved out of sanctioned working capital limits) of your company and “CARE A2+” (A two plus) rating to short term
unsecured loan and STD/CP/NCD (standalone).
INTERNAL CONTROL SYSTEM
The Company has an adequate system of internal control implemented by management having regard to size and nature of business activities of
VJG%QORCP[VQCEJKGXGQRGTCVKQPCNGHſEKGPE[CEEWTCE[EQORNKCPEGQHRQNKEKGUCPFRTQEGFWTGUNCYCPFTGIWNCVKQPUCPFENQUGOQPKVQTKPI6JG
exercise is carried out across all locations of the Company. This ensures the control and safeguard of the Company’s assets against loss through
KPGHſEKGPE[YCUVGPGINKIGPEGQTHTCWF+PVGTPCN#WFKVHWPEVKQPKPIKUTGIWNCTN[TGXKGYGFD[VJG#WFKV%QOOKVVGG#HQNNQYWRCWFKVKUECTTKGFQWVVQ
review the progress on recommendation, if any, made.
%QUV#WFKVKUEQPFWEVGFGXGT[[GCTKPCEEQTFCPEGYKVJ%QUV#WFKV4WNGUTGNCVKPIVQUVGGNRNCPVYJKEJHWTVJGTGPJCPEGUNGXGNQHQRGTCVKQPCNGHſEKGPE[
and cost control
CONTINGENT LIABILITIES
&GVCKNUQHEQPVKPIGPVNKCDKNKVKGUCTGUVCVGFKPPQVGUVQ$CNCPEG5JGGVCPF5VCVGOGPVQH2TQſVCPF.QUU
STATUTORY COMPLIANCE
Company has been complying with all applicable statutory obligations, a declaration of compliance of statutory and legal obligations of various
applicable statutes is made by Whole Time Director and Company Secretary at each Board Meeting
QUALITY
Greater emphasis is laid down on total customer satisfaction, continuous up-gradation of technology and customer oriented marketing that represents
the total commitment to set higher standards for quality assurance.
SEGMENT REPORTING
The Company is engaged in iron & steel business, which in the context of Accounting Standard 17 is considered only business segment.
32
Independent Auditors’ Report
TO THE MEMBERS OF BHUSHAN POWER & STEEL LIMITED
1) Report on the Financial Statements
9GJCXGCWFKVGFVJGCEEQORCP[KPIſPCPEKCNUVCVGOGPVUQHVJG$JWUJCP2QYGT5VGGN.KOKVGFYJKEJEQORTKUGVJG$CNCPEG5JGGVCUCV
31st/CTEJVJG5VCVGOGPVQH2TQſVCPF.QUUCPFVJGECUJƀQYUVCVGOGPVHQTVJG[GCTGPFGFCPFCUWOOCT[QHUKIPKſECPVCEEQWPVKPI
policies and other explanatory information.
2) Management’s Responsibility for the Financial Statements
/CPCIGOGPVKUTGURQPUKDNGHQTVJGRTGRCTCVKQPQHVJGUGſPCPEKCNUVCVGOGPVUVJCVIKXGCVTWGCPFHCKTXKGYQHVJGſPCPEKCNRQUKVKQPſPCPEKCN
RGTHQTOCPEGCPFECUJƀQYUQHVJGEQORCP[KPCEEQTFCPEGYKVJCEEQWPVKPIRTKPEKRNGUIGPGTCNN[CEEGRVGFKP+PFKCKPENWFKPI#EEQWPVKPI5VCPFCTFU
referred to in Section 211(3C) of the Companies Act, 1956 (“the Act”), read with general circular 15/2013 dated 13th September, 2013 of the
ministry of Corporate affairs in the respect of section 133 of the companies Act, 2013. This responsibility includes the design, implementation
CPFOCKPVGPCPEGQHKPVGTPCNEQPVTQNTGNGXCPVVQVJGRTGRCTCVKQPQHVJGſPCPEKCNUVCVGOGPVUVJCVCTGHTGGHTQOOCVGTKCNOKUUVCVGOGPVYJGVJGT
due to fraud or error.
3) Auditor’s Responsibility
1WTTGURQPUKDKNKV[KUVQGZRTGUUCPQRKPKQPQPVJGUGſPCPEKCNUVCVGOGPVUDCUGFQPQWTCWFKV9GEQPFWEVGFQWTCWFKVKPCEEQTFCPEGYKVJ
the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical
TGSWKTGOGPVUCPFRNCPCPFRGTHQTOVJGCWFKVVQQDVCKPTGCUQPCDNGCUUWTCPEGCDQWVYJGVJGTVJGſPCPEKCNUVCVGOGPVUCTGHTGGHTQOOCVGTKCN
misstatement.
#PCWFKVKPXQNXGURGTHQTOKPIRTQEGFWTGUVQQDVCKPCWFKVGXKFGPEGCDQWVVJGCOQWPVUCPFFKUENQUWTGUKPVJGſPCPEKCNUVCVGOGPVU6JGRTQEGFWTGU
UGNGEVGFFGRGPFQPVJGCWFKVQTŏULWFIGOGPVKPENWFKPIVJGCUUGUUOGPVQHVJGTKUMUQHOCVGTKCNOKUUVCVGOGPVQHVJGſPCPEKCNUVCVGOGPVU
whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the Company’s preparation
CPFHCKTRTGUGPVCVKQPQHVJGſPCPEKCNUVCVGOGPVUKPQTFGTVQFGUKIPCWFKVRTQEGFWTGUVJCVCTGCRRTQRTKCVGKPVJGEKTEWOUVCPEGUDWVPQVHQTVJG
purpose of expressing an opinion on the effectiveness of the entities internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall
RTGUGPVCVKQPQHVJGſPCPEKCNUVCVGOGPVU
9GDGNKGXGVJCVVJGCWFKVGXKFGPEGYGJCXGQDVCKPGFKUUWHſEKGPVCPFCRRTQRTKCVGVQRTQXKFGCDCUKUHQTQWTCWFKVQRKPKQP
4) Opinion
+PQWTQRKPKQPCPFVQVJGDGUVQHQWTKPHQTOCVKQPCPFCEEQTFKPIVQVJGGZRNCPCVKQPUIKXGPVQWUVJGCHQTGUCKFſPCPEKCNUVCVGOGPVUIKXGVJG
information required by the Companies Act,1956, in the manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st/CTEJ
D KPVJGECUGQHVJG5VCVGOGPVQH2TQſVCPF.QUUQHVJGRTQſVHQTVJG[GCTGPFGFQPVJCVFCVGCPF
E KPVJGECUGQHVJG%CUJ(NQY5VCVGOGPVQHECUJƀQYUHQTVJG[GCTGPFGFQPVJCVFCVG
5) Report on Other Legal and Regulatory Matters
(i) As required by the Companies (Auditor’s Report) Order, 2003 (“the Order”) issued by the Central Government of India in terms of
5GEVKQP
#QHVJG#EVYGIKXGKPVJG#PPGZWTGCUVCVGOGPVQPVJGOCVVGTUURGEKſGFKPRCTCITCRJUCPFQHVJG1TFGT
(ii) As required by Section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the best of our knowledge and belief, were necessary for the
RWTRQUGQHQWTCWFKV
b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our
GZCOKPCVKQPQHVJQUGDQQMU
E 6JG$CNCPEG5JGGVCPF5VCVGOGPVQH2TQſVCPF.QUUCPFECUJƀQYUVCVGOGPVFGCNVYKVJD[VJKUTGRQTVCTGKPCITGGOGPVYKVJ
VJGDQQMUQHCEEQWPV
F +P QWT QRKPKQP VJG $CNCPEG 5JGGV 5VCVGOGPV QH 2TQſV CPF .QUU CPF %CUJ (NQY 5VCVGOGPV EQORN[ YKVJ VJG #EEQWPVKPI
Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956, read with general circular 15/2013 dated
13th5GRVGODGTQHVJGOKPKUVT[QH%QTRQTCVGCHHCKTUKPVJGTGURGEVQHUGEVKQPQHVJGEQORCPKGU#EV
e) On the basis of the written representation received from the directors as on 31st March, 2014 and taken on record by the Board
QH&KTGEVQTUPQPGQHVJGFKTGEVQTUKUFKUSWCNKſGFCUQPst March, 2014 from being appointed as a director in terms of clause

IQHUWDUGEVKQP
QHUGEVKQPQHVJG%QORCPKGU#EV
FOR MEHRA GOEL & CO.

Chartered Accountants
Firm Registration No.: 000517N
Sd/-
Place : New Delhi R.K. MEHRA
Date : 7th July, 2014 PARTNER
M.NO.: 6102
33
Annexure
(Referred to in paragraph 3 of our report of even date)
K 6JG%QORCP[JCUOCKPVCKPGFRTQRGTTGEQTFUUJQYKPIHWNNRCTVKEWNCTUKPENWFKPISWCPVKVCVKXGFGVCKNUCPFUKVWCVKQPQHſZGFCUUGVU1PVJG
DCUKUQHCXCKNCDNGKPHQTOCVKQPKPQWTQRKPKQPVJGſZGFCUUGVUEQXGTKPIUKIPKſECPVXCNWGJCXGDGGPRJ[UKECNN[XGTKſGFD[VJGOCPCIGOGPVCV
TGCUQPCDNGKPVGTXCNUJCXKPITGICTFVQVJGUK\GQHVJG%QORCP[CPFVJGPCVWTGQHKVUſZGFCUUGVU#UKPHQTOGFVQWUPQOCVGTKCNFKUETGRCPEKGU
YGTGPQVKEGFQPUWEJXGTKſECVKQP0QUWDUVCPVKCNRCTVQHſZGFCUUGVUJCUDGGPFKURQUGFQHHFWTKPIVJG[GCTYJKEJOC[CHHGEVVJGIQKPI
concern status of the company.
ii) In our opinion and according to the information and explanations given to us, the inventories of the Company in its possession have been
RJ[UKECNN[XGTKſGFD[VJGOCPCIGOGPVCVTGCUQPCDNGKPVGTXCNU5VQEMUKPRQUUGUUKQPCPFEWUVQF[QHVJKTFRCTVKGUCPFUVQEMUKPVTCPUKVCUQP
31st/CTEJJCXGDGGPXGTKſGFD[VJGOCPCIGOGPVYKVJTGICTFVQEQPſTOCVKQPQTUVCVGOGPVQHCEEQWPVQTEQTTGURQPFGPEGQHVJGVJKTF
RCTVKGUQTUWDUGSWGPVTGEGKRVQHIQQFU6JGRTQEGFWTGQHRJ[UKECNXGTKſECVKQPQHKPXGPVQTKGUQHVJG%QORCP[HQNNQYGFD[VJG/CPCIGOGPVKU
reasonable and adequate in relation to the size of the Company and the nature of its business.
The Company is maintaining proper records of inventories. As explained to us, no material discrepancies were noticed on such physical
XGTKſECVKQPCUEQORCTGFVQDQQMTGEQTFU
iii) In our opinion and according to the information and explanations given to us, the Company has not taken/granted any loans, secured or
WPUGEWTGFHTQOVQ%QORCPKGUſTOUQTQVJGTRCTVKGUNKUVGFKPVJG4GIKUVGTOCKPVCKPGFWPFGT5GEVKQPQHVJG%QORCPKGU#EVFWTKPI
the year.
iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate
YKVJVJGUK\GQHVJG%QORCP[CPFVJGPCVWTGQHKVUDWUKPGUUHQTVJGRWTEJCUGQHKPXGPVQT[ſZGFCUUGVUCPFYKVJTGICTFVQUCNGQHIQQFUCPF
services. During the course of our audit, we have not observed any continuing failure to correct major weakness in such internal controls.
v) In respect of contracts or arrangements entered in the register maintained in pursuance of section 301 of the Companies Act, 1956, to the
best of our knowledge and belief and according to the information and explanations given to us:-
a) The particular of contracts or arrangements referred to Section 301 that needed to be entered in the register maintained under the
said Section have been so entered.
b) Where each of such transaction is in excess of ` 5 Lacs in respect of any party, the transaction have been made at a price which are
prima facie reasonable having regard to the prevailing market prices at the relevant time.
vi) To the best of our knowledge, the Company has not accepted any deposits covered under section 58A and 58AA or any other relevant
provisions of the Companies Act, 1956.
vii) To the best of our knowledge and explanations given to us, the Company has an internal audit system commensurate with its size and nature
of its business.
viii) The Central Government has under clause (d) of sub section (1) of Section 209 of the Companies Act, 1956 prescribed maintenance of Cost
Records for the Company. On the basis of records produced to us, we are of the opinion that, prima facie, such accounts and records have
been made and maintained by the Company. However, we have not, nor we are required, to carry out any detailed examination of such
accounts and records.
ix) According to the information and explanations given to us, in respect of statutory dues:
a) The Company is generally regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection
fund, Employee State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other
statutory dues with the appropriate authorities.
b) There were no undisputed amounts payable in respect of Income tax , Wealth tax , Service tax , Excise Duty,Cess, and other material
statutory dues in arrears as at 31st March,2014 for a period of more than six months from the date they become payable.
c) The disputed statutory dues aggregating Rs. 25,017.18 Lacs (net of paid under protest) that have not been deposited on account of
disputed matters pending before appropriate authorities are as under:
Nature of the statute Nature of dues Net of amount paid Period to which Forum where dispute is pending
(` in Lacs) amount related
Central Sales Tax Act, Demand 179.27 2003-04 & Sales Tax Tribunal (Cuttack)
1956 and Sales Tax Act 2005-06
of various states
Demand 487.43 2006-07 High Court ,Cuttack
Demand 56.57 2012-13 Add.Commissioner Sales Tax (Sambalpur)
Demand 11.70 2006-07 to D.C.S.T. ,Berhampur
2008-09
Demand 113.26 2010-11 to D.C.S.T.(Appeal) Sambalpur
2011-12
Demand 79.95 2006-07, Add.Commissioner Sales Tax (Cuttack)
2008-09 &
2009-10
Demand 5790.58 2006-07 to Addl. Commissioner, Commercial Sales Tax, West Bengal
2007-08,
2009-10 &
2010-11
34
Nature of the statute Nature of dues Net of amount paid Period to which Forum where dispute is pending
(` in Lacs) amount related
Demand 130.49 2006-07 4GXKUKQP ſNNGF DGHQTG 9GUV $GPICN EQOOKUUKQP VCZGU CRRGNNCVG
revisional board.
Penalty 0.66 2009-10 E.T.O. (M.W.), Belongi
Penalty 13.21 2007-08 & D.E.T.C (Patiala)
2013-14
Penalty 1.35 2007-08 A.E.T.C (M.W) Punjab
Demand 1260.43 2006-07 to Punjab & Haryana High Court, Chandigarh
2009-10
Demand 10.18 2005-06 to Joint Commissioner, Pune
2006-07
Penalty 6.13 2012-13 Appellate Authority, Indore
Orissa Entry Tax Act Additional 516.98 2003-04 to High Court, Delhi
Demand 2005-06
Central Excise Act,1944 Demand 13791.26 2000-01, CESTAT, Kolkata
2003-04 &
2007-08 to
2011-12
Service Tax Service Tax 10.93 2005-06 to CESTAT, Kolkata
2009-10
Income tax Demand 2526.48 1998-99 to Punjab & Haryana High Court, Chandigarh
2000-01 &
2003-04 to
2006-07
Demand 30.32 2003-04 Income tax Appellate Tribunal
Z 6JG%QORCP[JCUPQDTQWIJVHQTYCTFNQUUGUCPFJCUPQVKPEWTTGFCP[ECUJNQUUGUFWTKPIVJGſPCPEKCN[GCTCPFKPVJGKOOGFKCVG
RTGEGFKPIſPCPEKCN[GCT
xi) In our opinion, the company has not defaulted in repayment of dues to Financial Institutions or Banks or Debenture holders.
ZKK 1PVJGDCUKUQHXGTKſECVKQPQHCEEQWPVUCPFTGEQTFUOCKPVCKPGFD[VJG%QORCP[CPFVQVJGDGUVQHQWTMPQYNGFIGDGNKGHVJG
Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other
securities.
ZKKK +PQWTQRKPKQPVJG%QORCP[KUPQVCEJKVHWPFQTCPKFJKOWVWCNDGPGſVHWPFUQEKGV[
xiv) To the best of our knowledge and according to information and explanations given to us, the Company is not dealing or trading
in shares, securities and other investments. However, surplus funds are temporarily kept in short term securities in the name
of the Company.
xv) To the best of our knowledge and according to the information and explanations given to us, the Company has not given any
guarantee for loans taken by others from Banks/ Financial Institutions.
xvi) To the best of our knowledge and according to the information and explanations given to us, the term loans were applied for
the purpose for which the loans were obtained.
xvii) In our opinion and according to the information and explanations given to us and on the overall examination of balance sheet,
we report that no funds raised on short term basis have been used during the year for long term investments. However,
sometimes due to pending disbursement of long term loans, short term available loans have been temporarily utilised for long
term purposes.
xviii) According to the information and explanations given to us, the Company has made preferential allotment of cumulative
compulsory convertible preference shares to parties and companies covered in the Register maintained under section 301 of
the Companies Act, 1956. In our opinion, and according to the information and explanations given to us, the price, at which
preference shares have been issued is not prejudicial to the interest of the Company.
xix) According to the information and explanations given to us, the company has not issued any debentures during the year.
xx) According to the information and explanations given to us, the Company has not raised any money by Public Issue during the
year.
xxi) Based upon the audit procedure performed and information and explanations given by the management, we report that no
fraud on or by the Company has been noticed or reported during the year.
FOR MEHRA GOEL & CO.

Chartered Accountants
Firm Registration No.: 000517N
Sd/-
Place : New Delhi R.K. MEHRA
Date : 7th July, 2014 PARTNER
M.NO.: 6102
35
Balance Sheet
As at 31st March, 2014
(` in Lacs)
NOTE 31.03.2014 31.03.2013
I. EQUITY AND LIABILITIES
(1) Shareholders’ Funds
(a) Share Capital 2 23,664.66 20,133.37
(b) Reserves and Surplus 3 7,87,862.54 6,07,224.50
8,11,527.20 6,27,357.87
(2) Non Current Liabilities
(a) Long Term Borrowings 4 22,40,883.92 17,99,710.13
(b) Deferred Tax Liabilities (Net) 5 1,40,083.09 1,10,083.09
(c) Other Long Term Liabilities 6 1,18,827.04 2,06,616.44
(d) Long Term Provisions 7 2,871.61 2,834.78
25,02,665.66 21,19,244.44
(3) Current Liabilities
(a) Short Term Borrowings 8 4,98,542.40 4,86,033.14
(b) Trade Payables 9 1,34,693.35 91,191.09
(c) Other Current Liabilities 10 2,45,352.18 2,29,117.99
(d) Short Term Provisions 11 7,335.93 2,719.83
8,85,923.86 8,09,062.05
TOTAL 42,00,116.72 35,55,664.36
II. ASSETS
(1) Non Current Assets
(a) Fixed Assets 12
(i) Tangible Assets 22,98,168.77 13,74,227.03
(ii) Intangible Assets 1,802.10 114.62
(iii) Capital Work In Progress 10,57,831.41 14,19,398.16
(iv) Intangible Assets Under Development - 1,493.44
33,57,802.28 27,95,233.25
(b) Non-Current Investment 13 12,206.96 12,206.96
(c) Long-Term Loans and Advances 14 1,60,727.54 1,13,163.63
(d) Other Non-Current Assets 15 1,976.55 3,379.30
1,74,911.05 1,28,749.89
(2) Current Assets
(a) Current Investment 16 949.09 2,122.06
(b) Inventories 17 3,18,211.29 1,99,271.45
(c) Trade Receivables 18 1,62,436.69 1,71,840.61
(d) Cash & Bank Balances 19 17,604.26 73,365.32
(e) Short-Term Loans & Advances 20 1,68,105.30 1,85,081.78
(f) Other Current Assets 21 96.76 -
6,67,403.39 6,31,681.22
TOTAL 42,00,116.72 35,55,664.36
5KIPKſECPV#EEQWPVKPI2QNKEKGU 1
Notes forming part of Accounts 2 to 45
As per our report of even date attached

FOR MEHRA GOEL & CO. Sd/- Sd/-
Chartered Accountants (SANJAY SINGAL) (R. P. GOYAL)
Firm Registration No. : 000517N CHAIRMAN & MANAGING DIRECTOR WHOLE TIME DIRECTOR
Sd/- Sd/- Sd/-
(R.K. MEHRA) (ARUN K. AGRAWAL) (AMARJEET SHARMA)
PARTNER CHIEF FINANCIAL OFFICER ':'%76+8'&+4'%614
M. NO.: 6102
Sd/-
Place : New Delhi (R.K. GUPTA)
Date : 07th July, 2014 PRESIDENT &
COMPANY SECRETARY
36
5VCVGOGPVQH2TQſVCPF.QUU
(QTVJG[GCTGPFGFst March, 2014
(` in Lacs)
NOTE 31.03.2014 31.03.2013

I. REVENUE FROM OPERATIONS
Sale of Products 11,08,899.63 9,34,300.65
Other Operating Income 19,970.12 17,446.54
Gross Revenue From Operations 22 11,28,869.75 9,51,747.19
Less: Excise Duty 91,033.60 84,771.06
Net Revenue From Operations 10,37,836.15 8,66,976.13
II. OTHER INCOME 23 318.51 526.98
III. TOTAL REVENUE (I + II) 10,38,154.66 8,67,503.11
IV. EXPENSES
Cost of Raw Materials Consumed 24 4,65,069.60 4,29,851.78
Purchases of Traded Stock 33,238.10 29,165.64
Change in Inventories of Finished Goods, 25 (353.23) (26,879.22)
Work-in-progress and Stock-in-Trade
'ORNQ[GG$GPGſVU'ZRGPUGU 26 27,521.88 22,354.17
Finance Costs 27 1,43,802.89 1,08,165.37
Depreciation and Amortization Expense 12 87,838.27 74,655.12
Other Expenses 28 1,87,488.27 1,42,497.77
Total Expenses 9,44,605.78 7,79,810.63
V. PROFIT BEFORE TAX (III-IV) 93,548.88 87,692.48
VI. TAX EXPENSE :
- Current Tax 19,700.00 17,600.00
- Mat Credit Entitlement 19,700.00 17,600.00
- -
- Deferred Tax 30,000.00 30,000.00 30,500.00 30,500.00
PROFIT AFTER TAX 63,548.88 57,192.48
Earnings per share (Nominal value of share ` 10) 39
Basic 32.78 29.52
Diluted 26.33 25.63
5KIPKſECPV#EEQWPVKPI2QNKEKGU 1
Notes forming part of Accounts 2 to 45

Sd/- Sd/- Sd/-
M. NO.: 6102
Sd/-
COMPANY SECRETARY
37
Cash Flow Statement
(QTVJG[GCTGPFGFst March, 2014
(` in Lacs)
31.03.2014 31.03.2013
(A) CASH FLOW FROM OPERATING ACTIVITIES:
0GV2TQſVDGHQTGVCZCPFGZVTCQTFKPCT[KVGOU 93,548.88 87,692.48
Adjustments for :
Depreciation 87,838.27 74,655.12
2TQXKUKQPUHQT4GVKTGOGPV$GPGſVU 312.03 493.58
Interest & Financial Charges 1,48,116.32 1,11,702.09
Interest Income (4,313.42) (3,536.71)
2TQſV.QUUQP5CNG&KUECTFGFQH(KZGF#UUGVU (15.16) (274.87)
2TQſVNQUUQP5CNGQH+PXGUVOGPV (141.40) (19.46)
Diminution write back - (3.77)
Diminution in Investment 5.53 296.48
Dividend Received (2.77) (24.26)
Provision for Doubtful Debts 39.36 184.80
Exchange Fluctuation (1,983.37) 2,29,855.39 (292.06) 1,83,180.94
1RGTCVKPI2TQſV$GHQTG9QTMKPI%CRKVCN%JCPIGU 3,23,404.27 2,70,873.42
Adjustments for :
Inventories (1,15,778.12) (22,681.40)
Trade & Other Receivables 28,884.63 (1,19,268.96)
Trade Payables 58,929.34 (27,964.15) 1,265.87 (1,40,684.48)
Cash Generated from Operations 2,95,440.12 1,30,188.94
Less : Taxes Paid (Net of Refund) 19,700.00 17,272.90
Net Cash From Operating Activities (A) 2,75,740.12 1,12,916.04
(B) CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Fixed Assets/Capital Expenditure (5,50,353.47) (5,86,895.29)
Sale / Refund of Fixed Assets 2,294.71 1,324.36
Purchase of Investment 2,540.06 (1,451.42)
2TQſVNQUUQP5CNGQH+PXGUVOGPV 141.40 19.46
Dividend Received 2.77 24.26
Interest Income Received 4,313.42 3,209.61
Net Cash Used In Investing Activities (B) (5,41,061.11) (5,83,769.02)
(C) CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Issue of Share Capital 1,20,787.38 24,379.75
Long-Term Borrowings (Net) 4,05,026.17 5,47,983.81
Short-Term Borrowings (Net) 11,507.78 1,20,926.10
Inter Corporate Deposits (3,544.31) (2,655.98)
Interest & Financial Charges Paid (3,24,050.17) (2,32,346.89)
Dividend Paid (142.66) (96.97)
Dividend Tax Paid (24.25) (16.48)
Net Cash Flow From / (used in) Financing Activities (C) 2,09,559.94 4,58,173.34
Net Increase in Cash and Cash Equivalents (A+B+C) (55,761.06) (12,679.64)
Opening Balances of Cash and Cash Equivalents 73,365.32 86,044.96
Closing Balances of Cash and Cash Equivalents 17,604.26 73,365.32
(including balance in dividend account)

Sd/- Sd/- Sd/-
M. NO.: 6102
Sd/-
COMPANY SECRETARY
38
NOTE-1 SIGNIFICANT ACCOUNTING POLICIES
i) BASIS OF PREPARATION OF FINANCIAL STATEMENTS
(a) Basis of Accounting:
6JGſPCPEKCNUVCVGOGPVUJCXGDGGPRTGRCTGFKPCEEQTFCPEGYKVJ)GPGTCNN[#EEGRVGF#EEQWPVKPI2TKPEKRNGU
)##2KP
India and presented under the historical cost convention on accrual basis of accounting to comply with the accounting
standards prescribed in the Companies (Accounting Standards) Rules, 2006 and with the relevant provisions of the
Companies Act, 1956.
(b) Use of Estimates:
6JGRTGRCTCVKQPQHſPCPEKCNUVCVGOGPVUKPEQPHQTOKV[YKVJ)GPGTCNN[#EEGRVGF#EEQWPVKPI2TKPEKRNGU
)##2KP+PFKC
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and
VJGFKUENQUWTGUQHEQPVKPIGPVNKCDKNKVKGUQPVJGFCVGQHſPCPEKCNUVCVGOGPVUCPFTGRQTVGFCOQWPVUQHKPEQOGCPFGZRGPUGU
during the period. Difference between the actual result and estimates are recognized in the period in which the results
are known/ materialized.
ii) FIXED ASSETS
(a) Tangible Fixed Assets
(KZGF#UUGVUCTGUVCVGFCVEQUVPGVQH8#6/1&8#6%'08#6NGUUCEEWOWNCVGFFGRTGEKCVKQP6JGEQUVUEQORTKUGU
purchase price, borrowing costs relating to qualifying assets till commencement of commercial production and directly
attributable cost of bringing the assets to its working condition for the intended use. Any trade discounts and rebates are
deducted in arriving at the purchase price.
5WDUGSWGPVGZRGPFKVWTGTGNCVGFVQCPKVGOQHſZGFCUUGVKUCFFGFVQKVUDQQMXCNWGQPN[KHKVKPETGCUGUVJGHWVWTGDGPGſVU
from the existing assets beyond its previously assessed standard of performance.
From accounting periods commencing on or after 7 December 2006, the company adjusts exchange differences arising
on translation/settlement of long-term foreign currency monetary items pertaining to acquisition of a depreciable asset
to the cost of the asset and depreciated the same over the remaining life of asset.
/CEJKPGT[URCTGUVJCVECPDGWUGFQPN[KPEQPPGEVKQPYKVJCPKVGOQHſZGFCUUGVCPFVJGKTWUGKUGZRGEVGFVQDGKTTGIWNCT
are capitalized. Replacement of such spares is charged to revenue. Capital expenditure on assets not owned by the
EQORCP[YKVJGZENWUKXGTKIJVVQWUGKUTGƀGEVGFKPECRKVCNYQTMKPRTQITGUUVKNNVJGRGTKQFQHEQORNGVKQPCPFVJGTGCHVGTKP
ſZGFCUUGVU
(b) Assets in the course of construction
#UUGVUKPVJGEQWTUGQHEQPUVTWEVKQPCTGTGƀGEVGFKPECRKVCNYQTMKPRTQITGUU#VVJGRQKPVYJGPCUCUUGVKUQRGTCVKPI
CVOCPCIGOGPVŏUKPVGPFGFWUGVJGEQUVQHEQPUVTWEVKQPKUVTCPUHGTTGFVQCRRTQRTKCVGECVGIQT[QHſZGFCUUGVU%QUVU
associated with the commissioning of an asset are capitalized where the asset is available for use but incapable of
operating at normal levels until a period of commissioning has been completed.
(c ) Intangible Assets
In accordance with the Accounting Standard (AS) 26 relating to intangible assets, all costs incurred on technical know-
how / license fee relating to production process are charged to revenue in the year of incurrence. Costs incurred on
technical know-how / license fee relating to process design / plants / facilities are capitalized at the time of capitalization
QHVJGUCKFRNCPVHCEKNKV[CPFCOQTVK\GFQPRTQTCVCDCUKUQXGTCRGTKQFQHſXG[GCTU%QORWVGTUQHVYCTGKUECRKVCNKUGF
QPVJGFCVGQHKPUVCNNCVKQPCPFKUCOQTVKUGFQPRTQTCVCDCUKUQXGTCRGTKQFQHſXG[GCTU
iii) IMPAIRMENT OF ASSETS
Carrying amount of cash generating units / assets is reviewed for impairment, if events or changes in circumstances indicate that
the carrying amount of an asset may not be recoverable. If any such indication exists, the recoverable amount is estimated as
JKIJGTQHKVUPGVUGNNKPIRTKEGCPFXCNWGKPWUG#PKORCKTOGPVNQUUKUTGEQIPK\GFKPVJG5VCVGOGPVQH2TQſVCPF.QUUYJGPGXGT
the carrying amount of an asset/cash generating unit exceeds its recoverable amount.
iv) DEPRECIATION
&GRTGEKCVKQPQPſZGFCUUGVUKURTQXKFGFQPUVTCKIJVNKPGOGVJQFCVVJGTCVGUCPFKPVJGOCPPGTRTGUETKDGFKP5EJGFWNG:+8VQ
the Companies Act, 1956.
1PKPETGOGPVCNFGETGOGPVCNEQUVCTKUKPIQPCEEQWPVQHVTCPUNCVKQPQHHQTGKIPEWTTGPE[NKCDKNKVKGUHQTCESWKUKVKQPQHſZGFCUUGVU
depreciation has been provided as aforesaid over the residual life of the respective plants.
39
%CRKVCNGZRGPFKVWTGQPCUUGVUPQVQYPGFD[VJGEQORCP[YKVJGZENWUKXGTKIJVVQWUGKUCOQTVK\GFQXGTCRGTKQFQHſXG[GCTU
from the year in which the relevant assets have been completed and available for use. In other cases, these are amortized in
the year in which expenditure is incurred.
Premium of leasehold land is amortised over the period of lease except leasehold land acquired on lease of ninety years or
OQTG&GRTGEKCVKQPQPſZGFCUUGVUEQUVKPIWRVQ` 5,000/- is charged @ 100% on pro-rata basis.
v) REVENUE/EXPENDITURE RECOGNITION
4GXGPWGKUTGEQIPK\GFYJGPKVECPDGTGNKCDN[OGCUWTGFCPFYJGPCNNUKIPKſECPVTKUMUCPFTGYCTFUQYPGTUJKRCTGVTCPUHGTTGF
to the customer. Sales are inclusive of sales during trial run, excise duty and net of sales tax/vat.
Dividend income is recognized when the Company’s right to receive dividend is established. Interest income is recognized on
accrual basis in the income statement.
Expenditure is accounted for on accrual basis and provision is made for all known losses and liabilities.
vi) FOREIGN CURRENCY TRANSACTIONS
Transactions denominated in foreign currencies are normally recorded at the exchange rates prevailing at the date of the
transactions. Monetary items denominated in foreign currencies outstanding at the year-end are translated at the exchange
rate applicable as on that date. Non monetary items are valued at the exchange rate prevailing on the date of transaction.
From accounting periods commencing on or after 7 December 2006, the company accounts for exchange differences arising
on translation/settlement of foreign currency monetary items as follows:
a) Exchange differences relating to long-term monetary items, arising during the year, in so far as they relate to the acquisition
of depreciable capital assets are added to/deducted from the cost of asset and depreciated over the remaining useful
life of the asset.
b) In other cases such differences are accumulated in “Foreign Currency Monetary Item Translation Difference Account”
CPFCOQTVK\GFKPVJG5VCVGOGPVQH2TQſVCPF.QUUQXGTVJGDCNCPEGNKHGQHVJGNQPIVGTOOQPGVCT[KVGO
E #NNQVJGTGZEJCPIGFKHHGTGPEGUCTGTGEQIPK\GFCUKPEQOGQTGZRGPUGUKPVJG5VCVGOGPVQH2TQſVCPF.QUUKPVJGRGTKQF
in which they arise.
The premium or discount arising at the inception of forward exchange contracts is amortized & recognized as an expense/
income over the life of the contract. Exchange differences on such contracts which are long term foreign currency monetary
KVGOUCTGTGEQIPK\GFKPVJG5VCVGOGPVQH2TQſVCPF.QUUKPVJGRGTKQFKPYJKEJVJGGZEJCPIGTCVGEJCPIG#P[RTQſVQTNQUU
arising on cancellation of or renewal of such contracts is also recognized as income or expense for the period. Any gain/loss
arising on forward contracts which are long term foreign currency monetary items is recognized in accordance with para (a),
(b) and (c) above.
vii) INVESTMENTS
+PXGUVOGPVUCTGENCUUKſGFKPVQEWTTGPVCPFNQPIVGTOKPXGUVOGPVU%WTTGPVKPXGUVOGPVUGZEGRVHQTEWTTGPVOCVWTKVKGUQHNQPIVGTO
investments are stated at the lower of cost and quoted/ fair value. Long term investments are stated at cost less any provision
for other than temporary diminution in value.
viii) INVENTORY VALUATION
Inventories are valued at lower of cost or net realizable value except scrap which is valued at net realizable value. The cost
KUFGVGTOKPGFD[WUKPIſTUVKPſTUVQWV
(+(1OGVJQF(KPKUJGFIQQFUCPFYQTMKPRTQITGUUKPENWFGEQUVUQHEQPXGTUKQPCPF
other costs incurred in bringing the inventories to their present location and condition.
'ZEKUGFWV[QPENQUKPIUVQEMQHſPKUJGFIQQFUCPFUETCRCTGCEEQWPVGFHQTQPVJGDCUKUQHRC[OGPVUOCFGKPTGURGEVQHIQQFU
cleared as also provision made for goods lying in the factory and included in the value of such stocks.
ix) INCOME TAX
Provision for current income tax is made after taking credit for allowances and exemptions. In case of matters under appeal,
due to disallowance or otherwise, provision is made when the said liabilities are accepted by the Company.
/KPKOWO#NVGTPCVG6CZ
/#6RCKFKPC[GCTKUEJCTIGFVQ5VCVGOGPVQH2TQſVCPF.QUUCUEWTTGPVVCZ6JGEQORCP[TGEQIPK\GU
MAT credit available as an asset only to the extent that there is convincing evidence that the company will pay normal income
VCZFWTKPIVJGURGEKſGFRGTKQFKGVJGRGTKQFHQTYJKEJ/#6ETGFKVKUCNNQYGFVQDGECTTKGFHQTYCTF
40
In accordance with the Accounting Standard 22-AcEQWPVKPIHQT6CZGUQPKPEQOGCUPQVKſGFWPFGT%QORCPKGU
#EEQWPVKPI
5VCPFCTF4WNGUVJGFGHGTTGFVCZHQTVKOKPIFKHHGTGPEGUDGVYGGPVJGDQQMVCZRTQſVHQTVJGRGTKQFKUCEEQWPVGFHQT
using the tax rates and the tax laws that have been enacted or substantively enacted as of the Balance Sheet date.
Deferred tax assets arising from temporary timing difference are recognized to the extent there is virtual certainty that the asset
will be realized in future.
x) BORROWING COST
Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the arrangement of borrowings and
exchange differences arising from short term foreign currency borrowings to the extent they are regarded as an adjustment to
interest cost.
Borrowing Cost that are attributable to the acquisition or construction of qualifying assets are capitalised as part of the cost
of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use. All
QVJGTDQTTQYKPIEQUVUCTGGZRGPUGFKPVJG5VCVGOGPVQH2TQſVCPF.QUUKPVJGRGTKQFVJG[QEEWT
xi) MODVAT / CENVAT / VAT
/QFXCV%GPXCV8#6ENCKOGFQPECRKVCNCUUGVUKUETGFKVGFVQCUUGVUECRKVCNYQTMKPRTQITGUUCEEQWPV/QFXCV%GPXCV8#6
on purchase of raw materials and other materials are deducted from the cost of such materials.
xii) CLAIMS
Claims receivable are accounted for depending on the certainty of receipt and claims payable are accounted at the time of
acceptance.
xiii) PROPOSED DIVIDEND
Dividend as proposed by the Board of Directors is provided for in the books of account, pending approval at the Annual General
Meeting.
xiv) RETIREMENT/POST RETIREMENT BENEFITS
C 5JQTVVGTOGORNQ[GGDGPGſVUCTGTGEQIPK\GFCUCPGZRGPUGCVVJGWPFKUEQWPVGFCOQWPVKPVJG[GCTKPYJKEJTGNCVGF
service is rendered.
D 6JG%QORCP[JCUFGſPGFEQPVTKDWVKQPRNCPHQTRQUVTGVKTGOGPVDGPGſVUPCOGN['ORNQ[GGU2TQXKFGPV(WPFUEJGOG
administered through provident fund commissioner. The Company’s contribution is charged to revenue every year.
c) Company’s contribution to state plans namely Employees State Insurance Fund is charged to revenue every year.
F 6JG%QORCP[JCUFGſPGFDGPGſVURNCPUPCOGN[.GCXGGPECUJOGPV%QORGPUCVGFCDUGPEGCPF)TCVWKV[VJGNKCDKNKV[
for which is determined on the basis of Actuarial valuation at the end of the year. Gratuity Trust is administered through
“Life Insurance Corporation of India”.
G 6GTOKPCVKQPDGPGſVUCTGTGEQIPK\GFCUCPGZRGPUGKOOGFKCVGN[
H )CKPQT.QUUCTKUKPIQWVQHCEVWCTKCNXCNWCVKQPCTGTGEQIPK\GFKPVJG5VCVGOGPVQH2TQſVCPF.QUUCUKPEQOGQTGZRGPUG
xv) PROVISIONS
Show cause notices issued by various government authorities are not considered as obligation. When the demand notice are
TCKUGFCICKPUVUWEJUJQYECWUGPQVKEGCPFCTGFKURWVGFD[VJG%QORCP[VJGPVJGUGCTGENCUUKſGFCURQUUKDNGQDNKICVKQPU
Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a
TGUWNVQHRCUVGXGPVUCPFKVKURTQDCDNGVJCVVJGTGYKNNDGCPQWVƀQYQHTGUQWTEGU
xvi) FINANCIAL DERIVATIVE TRANSACTION
&GTKXCVKXGEQPVTCEVUQVJGTVJCPHQTYCTFEQPVTCEVUCTGOCTMGFVQOCTMGVCV[GCTGPFCPFVJGTGUWNVCPVRTQſVNQUUKUEJCTIGFVQ
5VCVGOGPVQH2TQſVCPF.QUUGZEGRVKPECUGUYJGTGKVTGNCVGUVQVJGFGRTGEKCDNGſZGFCUUGVUKPYJKEJECUGVJGUGCTGCFLWUVGF
to the carrying cost of such assets.
xvii) CONTINGENT LAIBILITY & COMMITMENTS
#EQPVKPIGPVNKCDKNKV[KUCRQUUKDNGQDNKICVKQPVJCVCTKUGUHTQORCUVGXGPVUYJQUGGZKUVGPEGYKNNDGEQPſTOGFD[VJGQEEWTTGPEG
or non occurrence of one or more uncertain future events beyond the control of the company. Where the potential liabilities
JCXGCNQYRTQDCDKNKV[QHET[UVCNNK\KPIQTCTGXGT[FKHſEWNVVQSWCPVKH[TGNKCDN[VJGUGCTGVTGCVGFCUEQPVKPIGPVNKCDKNKVKGU5WEJ
NKCDKNKVKGUCTGFKUENQUGFKPVJGPQVGUDWVCTGPQVRTQXKFGFHQTKPVJGſPCPEKCNUVCVGOGPVUCNVJQWIJVJGTGECPDGPQCUUWTCPEG
TGICTFKPIVJGſPCNQWVEQOGQHVJGNGICNRTQEGedings, the company does not expect them to have a materially adverse impact
QPVJGſPCPEKCNRQUKVKQPQTRTQſVCDKNKV[
41
NOTES TO ACCOUNT
(` in Lacs)
31.03.2014 31.03.2013
NOTE - 2 SHARE CAPITAL

Authorised
37,50,00,000 (Previous Year 30,00,00,000) Equity Shares of `10/- each 37,500.00 30,000.00
75,00,000 (Previous Year 50,00,000) Preference Shares of `100/- each 7,500.00 5,000.00
45,000.00 35,000.00
Issued, Subscribed & Paid Up
19,37,15,000 (Previous Year 19,37,15,000) Equity Shares of `10/- each 19,371.50 19,371.50
42,93,155 (Previous year 7,61,867) 2% Cumulative Compulsorily Convertible 4,293.16 761.87
Preference Shares of `100/- each
23,664.66 20,133.37
Note 2.1 - Details of Shareholders holding more than 5% shares in the % Holding % Holding in
No. of shares No. of shares
Company in the class the class
Equity Shares of ` 10 each fully paid
8KUKQP5VGGN.VF 4,10,68,673 21.20% 4,10,68,673 21.20%
Diyajyoti Steel Ltd. 4,00,32,750 20.67% 4,00,32,750 20.67%
Jasmine Steel Trading Ltd. 3,97,72,500 20.53% 3,97,72,500 20.53%
Marsh Steel Trading Ltd. 3,95,53,500 20.42% 3,95,53,500 20.42%
Sh. Sanjay Singal 1,25,85,436 6.50% 1,25,85,436 6.50%
Baring Private Equity Asia III Mauritius Holdings (3) Limited 1,07,14,285 5.53% 1,07,14,285 5.53%
2% Cumulative Compulsory Convertible Preference Shares of `100 each
fully paid
8KUKQP5VGGN.VF 7,67,455 17.88% 2,21,797 29.11%
Diyajyoti Steel Ltd. 7,28,355 16.97% 1,76,055 23.11%
Jasmine Steel Trading Ltd. 7,34,880 17.12% 1,74,090 22.85%
Marsh Steel Trading Ltd. 7,42,915 17.30% 1,89,925 24.93%
Sh. Sanjay Singal 4,40,390 10.26% - -
Smt Aarti Singal 4,29,560 10.01% - -
Sh. Sanjay Singal (HUF) 2,63,350 6.13% - -
Note 2.2 - Reconciliation of share outstanding at the beginning and at

the end of the reporting period
(a) Equity Shares No. of shares Amount No. of shares Amount
Equity shares at the beginning of the year 19,37,15,000 19,371.50 19,37,15,000 19,371.50
Add: Equity share issued/cancelled during the year - - - -
Equity shares outstanding at the end of the year 19,37,15,000 19,371.50 19,37,15,000 19,371.50
(b) 2% Cumulative Compulsory Convertible Preference Shares of ` 100 No. of shares Amount No. of shares Amount
each fully paid
Preference shares at the beginning of the year 7,61,867 761.87 - -
Add: Fresh issue of Preference shares during the year 35,31,288 3531.29 7,61,867 761.87
Less: Redeemed /Cancelled during the year - - - -
Preference shares outstanding at the end of the year 42,93,155 4,293.16 7,61,867 761.87
42
Note 2.3 - Terms/Rights attached to Equity Shares
The Company has only one class of equity shares having a par value of ` 10 per share. Each holder of equity shares is entitled to one vote per share. Dividend shall
be paid proportionately to the amounts paid on shares. 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 2014, the amount of per share dividend recognized as distributions to equity shareholders was ` 0.05 (Previous year ` 0.05)
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Note 2.4 -Terms/Rights Attached to Preference Shares
2 % cumulative compulsorily convertible preference shares 7,61,867 of `100/- each were alloted at a premium of `RGTUJCTGFWTKPIVJGſPCPEKCN[GCT
13 on private/preferencial placement basis.
2 % cumulative compulsorily convertible preference shares 9,35,900 and 25,95,388 of `100/- each were alloted at a premium of ` 3100/- and ` 3400/- respectively
RGTUJCTGFWTKPIVJGſPCPEKCN[GCTQPRTKXCVGRTGHGTGPEKCNRNCEGOGPVDCUKU
All preference shares (Including share premium received) are cumpulsorily convertible into equity shares at fair market value either within 5 years or before initial public
offer or as may be decided by the board of directors or committee thereof, whichever is earlier. Preference shares do not carry any voting right and dividend will be
paid proportionately to the amount paid on shares.
However on non-payment of dividend for two years, the preference shareholders becomes entitled to vote as per section 87 of companies act, 1956.
In the event of liquidation of the company, the holder of the preference shares will be entitled to receive remaining assets of the company in preference over equity
shareholders. The distribution will be in proportion to the number of preference shares held by the shareholder.
Note 2.5 - Shares reserved for Issue under options
For details of shares reserved for issue on conversion of loans, refer note 4.2 regarding terms of conversion/redemption of loans.
(` in Lacs)
31.03.2014 31.03.2013
NOTE - 3 RESERVES AND SURPLUS
Capital Reserve 1.00 1.00
Capital Redemption Reserve 13.50 13.50
Securities Premium Account
As Per Last Balance Sheet 2,91,790.85 2,68,172.97
Add:-Received during the year 1,17,256.09 4,09,046.94 23,617.88 2,91,790.85
General Reserve
#FF6TCPUHGTTGFHTQO5WTRNWUDCNCPEGKPVJG5VCVGOGPVQH2TQſVCPF.QUU 33,000.00 2,00,000.00 20,763.81 1,67,000.00
Surplus
#FF2TQſVHQTVJGEWTTGPV[GCT 63,548.88 57,192.48
Less:- Transferred to General Reserve 33,000.00 20,763.81
Less:- Proposed Equity Final Dividend 96.86 96.86
Less:- Proposed Preference Dividend 45.81 0.11
Less:- Tax on Proposed Equity Dividend 16.46 16.46
Less:- Tax on Proposed Preference Dividend 7.79 1,78,801.10 0.02 1,48,419.14
7,87,862.54 6,07,224.50
NOTE - 4 LONG TERM BORROWINGS

SECURED LOANS
Term Loans From Banks
- Rupee Loans 15,88,317.60 12,56,839.37
- Foreign Currency Loans 6,20,829.47 5,41,820.96
Deferred Credits from Banks 1,736.85 1,049.80

UNSECURED LOANS
From Banks 30,000.00 -
22,40,883.92 17,99,710.13
43
NOTE 4.1 Security Detail of Long Term Borrowings (Including Current Maturities)
(i) Secured
(a) ` 21,98,661.08 Lacs (Previous year `.CEUUGEWTGFD[ſTUVEJCTIGQPCNNOQXGCDNGRTQRGTV[QHVJG%QORCP[KPENWFKPIRNCPVOCEJKPGT[
tools, spares, accessories, {excluding assets exclusively charged to IKB Deutsche Industrie Bank (Germany), Unicredit Bank (Austria), Bayern LB Bank
(Germany), KFW IPEX GmbH (Germany), Deutsche Bank S.p.A. (Italy) and Intesa Sanpaolo S.p.A. (Hongkong)} created and/or to be created in favour
of Company’s bankers.
6JGUG CTG HWTVJGT UGEWTGF D[ ſTUV EJCTIG QP +OOQXCDNG RTQRGTVKGU UKVWCVGF CV 2NQV 0Q +PFWUVTKCN #TGC %JCPFKICTJ &GTCDCUUK QP #ODCNC
Chandigarh Road, 186, G.T. Road, Ludhiana, Bangihatti Serampore (Near Kolkata), village Dhubenchhapar, Khadiapali, Thelkoloi, Jangla, Brahmmipali,
&GTDC-CVCTDCIC6WODGMGNCCPF&JCTTQRCPK&KUVV5CODCNRWT1FKUJCVYQEKV[QHſEGUCV%JQYTKPIJGG4QCF-QNMCVCCPFTGUKFGPVKCNRTGOKUGUUKVWCVGF
at Alipore, Kolkata (both present & future), ranking pari-passu interse between term lenders and further secured by personal guarantee of Chairman cum
/CPCIKPI&KTGEVQTCPF8KEG%JCKTRGTUQPEWO9JQNG6KOG&KTGEVQT
` 2,09,662.23 Lacs (Previous year `.CEUKUHWTVJGTUGEWTGFD[ſTUVEJCTIGKPHCXQWTQHUGEWTKV[CIGPVCEVKPIHQTKVUGNHCPFQVJGTNGPFGTUKP
respect of Company’s immovable property situated at D-818, New Friends Colony New Delhi.
(b) ` 1,52,964.45 Lacs (Previous year `.CEUKUUGEWTGFD[UWDUGTXKGPVEJCTIGQPGPVKTGEWTTGPVCPFſZGFCUUGVUQHVJG%QORCP[CPFHWTVJGT
UGEWTGFD[RGTUQPCNIWCTCPVGGQH%JCKTOCPEWO/CPCIKPI&KTGEVQTCPF8KEG%JCKTRGTUQPEWO9JQNG6KOG&KTGEVQT
(c) ` 8,634.91 Lacs (Previous year `.CEUKUUGEWTGFD[GZENWUKXGſTUVEJCTIGKPHCXQWTQHUGEWTKV[CIGPVUCEVKPICUCIGPVHQTGSWKROGPVUWRRNKGTU
QPVJGURGEKſEGSWKROGPVUWRRNKGFD[URGEKſEUWRRNKGTURGEKſEGSWKROGPVUOQXCDNGCUUGVU
QHXCNWGCRRTQZKOCVGN[` 10,000 Lacs ) erected/to be erected/
constructed/ installed at Rengali, Sambalpur, Odisha, wherein the equipments are located/ shall be located including CSP plant, CSP Caster shed, CSP
Tunnel Furnace shed, CSP Mill shed and Hot Rolled Coils Handling & Storage and further secured by immovable property situated at Flat No. 215-C
Pocket C, IInd Floor, Sidharth Extention, New Delhi.
(d) ` 2,194.35 Lacs (Previous year `.CEUKUUGEWTGFD[GZENWUKXGſTUVEJCTIGKPHCXQWTQHUGEWTKV[CIGPVUCEVKPICUCIGPVHQTGSWKROGPVUWRRNKGTU
QP VJG URGEKſE GSWKROGPV UWRRNKGF D[ URGEKſE UWRRNKGT URGEKſE GSWKROGPVU OQXCDNG CUUGVU GTGEVGFVQ DG GTGEVGF EQPUVTWEVGF KPUVCNNGF CV 4GPICNK
Sambalpur, Odisha, wherein the equipments are located/ shall be located includes Hicon/H2 Bell Annealer.
(e) ` 25,105.08 Lacs (Previous year ` .CEU KU UGEWTGF D[ GZENWUKXG ſTUV EJCTIG KP HCXQWT QH UGEWTKV[ CIGPVU CEVKPI CU CIGPV HQT GSWKROGPV
UWRRNKGTUQPVJGURGEKſEGSWKROGPVUWRRNKGFD[URGEKſEUWRRNKGTURGEKſEGSWKROGPVUOQXCDNGCUUGVU
QHXCNWGCRRTQZKOCVGN[` 19,435 Lacs) erected/to
be erected/ constructed/ installed at Rengali, Sambalpur, Odisha, wherein the equipments are located/ shall be located including Pellet Plant, Centreless
Grinding Line, Combined Drawling Line and Pealing Line.
(f) ` 16,821.67 Lacs (Previous year `0+.KUUGEWTGFD[GZENWUKXGſTUVEJCTIGKPHCXQWTQHUGEWTKV[CIGPVUCEVKPICUCIGPVHQTGSWKROGPVUWRRNKGTUQPVJG
URGEKſEGSWKROGPVUWRRNKGFD[URGEKſEUWRRNKGTURGEKſEGSWKROGPVUOQXCDNGCUUGVUGTGEVGFVQDGGTGEVGFEQPUVTWEVGFKPUVCNNGFCV4GPICNK5CODCNRWT
Odisha, wherein the equipments are located/ shall be located includes New Coke Oven Plant, New Blast Furnace, New SMS, Heavy Bar Mill, CDQ Plant
and New Sinter Plant.
(g) ` 2,116.85 Lacs (Previous year ` 1,234.80 Lacs) including current Maturity of ` 380.00 Lacs (Previous year ` 185.00 Lacs) is secured by hypothecation of
URGEKſECUUGVUWPFGTFGHGTTGFETGFKVRC[OGPVVGTOUCPFRGTUQPCNIWCTCPVGGQH%JCKTOCPEWO/CPCIKPI&KTGEVQT
(ii) Unsecured
` 30,000.00 Lacs (Previous year `0+.KUUGEWTGFD[RGTUQPCNIWCTCPVGGQH%JCKTOCPEWO/CPCIKPI&KTGEVQTCPF8KEG%JCKTRGTUQPEWO9JQNGVKOG
Director.
NOTE 4.2 Terms of repayment and conversion of Term Loans
(` in Lacs)
1. Terms of repayment 2014-15 2015-16 2016-17 &
beyond
1,95,614.46 3,60,973.00 18,80,912.40
(i) LOAN SANCTION UNDER SYNDICATION
(a) Domestic Loan of ` NIL (Previous year ` 9,695.85 Lacs) is outstanding as on 31.03.2014. Domestic loan converted into Foreign Currency (in USD) outstanding
as on 31.03.2014 amounts to ` NIL (Previous year ` 16,249.04 Lacs).
(b) Domestic Loan of ` 47,108.68 Lacs (Previous year ` 65,904.06 Lacs) is outstanding as on 31.03.2014. Interest is linked with base rate of the respective bank
and lead bank rate is presently @13% p.a. is payable on said loan. Domestic loan converted into Foreign Currency (in USD) outstanding as on 31.03.2014
amounts to ` 60,781.73 Lacs (Previous year ` 28,687.21 Lacs) on which Interest is payable @ LIBOR + (425) basis points (presently 4.62%) p.a. Amount
due is repayable in quarterly installments as mentioned.
(c) Domestic Loan of ` 2,06,123.27 Lacs (Previous year ` 2,22,355.08 Lacs) is outstanding as on 31.03.2014. Interest is linked with base rate of the respective
bank and lead bank rate is presently @12.75% p.a. is payable on said loan. Domestic loan converted into Foreign Currency (in USD) outstanding as on
31.03.2014 amounts to ` 3,538.96 Lacs (Previous year ` 29,338.88 Lacs) on which Interest is payable @ LIBOR + (475) basis points (presently 5.20% to
7.45%) p.a. Amount due is repayable in quarterly installments as mentioned.
(d) Domestic Loan of ` 3,31,029.09 Lacs (Previous year ` 3,02,439.43 Lacs) is outstanding as on 31.03.2014. Interest is linked with base rate of the respective
bank and lead bank rate is presently @12.25% p.a. is payable on said loan. Domestic loan converted into Foreign Currency (in USD) outstanding as on
31.03.2014 amount to ` NIL (Previous year ` 2,748.88 Lacs). Amount due is repayable in quarterly installments as mentioned.
(e) Foreign Currency Loan of ` 4,53,502.92 Lacs (Previous year ` 4,18,727.84 Lacs) is outstanding as on 31.03.2014. Out of this ` 85,683.13 Lacs (Previous
year ` 64,512.96 Lacs) is repayable in half yearly installments carrying interest @ 3/6 Months LIBOR/EURIBOR + (70 to 200) basis points (presently 1.15%
to 2.45%) p.a., ` 3,67,819.79 Lacs (Previous year ` 3,54,214.88 Lacs) is repayable in yearly installments carrying interest @ 3/6 Months LIBOR + (220 to
475) basis points (presently 2.48% to 5.03%) p.a. Amount & period of repayment is as mentioned.
44
(ii) LOAN OTHER THEN SYNDICATION
(a) Domestic loan of ` 10,45,796.45 Lacs (Previous year ` 6,89,369.15 Lacs) is outstanding as on 31.03.2014. Interest @(11.65% to 13.50%) p.a. is payable on
said loan. Domestic loan converted into foreign currency (in USD) outstanding as on 31.03.2014 amounts to ` 1,09,315.86 Lacs (Previous year ` 43,485.69
Lacs) on which Interest is payable @ LIBOR + (500 to 750) basis points (presently 5.45% to 7.95%) p.a. Amount & period of repayment is as mentioned.
(b) Foreign Currency Loan of ` 51,085.00 Lacs (Previous year ` 46,231.50 Lacs) is outstanding as on 31.03.2014 is repayable in half yearly installments carrying
interest @ 3/6 Months on which Interest is payable @ LIBOR + (500 to 750 )basis points (presently 4.45% to 7.95%) p.a. Amount & period of repayment is
as mentioned.
(c) Unsecured loan amounting of ` .CEU UCPEVKQPGF D[ #NNCJCDCF DCPM CU C UWD NKOKV QH VGTO NQCP VQ DG UCPEVKQPGF HQT 2JCUG8+ 4GRC[CDNG KP
quarterly installment carrying interest @ 13.25% repayments start with term loan from 01.04.2018. Amount & period of repayment is as mentioned.
(d) The Company also has term loan aggregating to ` 31,099.57 Lacs (Previous year ` 53,548.64 Lacs). From Bank of India of ` 229.86 Lacs (Previous year
` 12,000.00 Lacs) presently at 13.25% p.a., Canara Bank of ` 6,062.94 Lacs (Previous year ` 11,800.00 Lacs) @ 13.25%, United Bank Of India of ` 1,598.61
Lacs (Previous year `.CEU"RC8KLC[C$CPMQH` 8,038.00 Lacs (Previous year ` 10,000.00 Lacs) @ 13.25%, and Andhra Bank of
` 15,170.15 (Previous year `.CEU"RCYKVJOQPVJN[TGUVKUWVKNKUGFHQT2JCUG+8QHVJG1FKUJCRTQLGEV#OQWPVFWGKUTGRC[CDNGKPJCNH
yearly / yearly installments as mentioned. The lenders were having option to convert into equity shares in case the company comes out with IPO within 3
[GCTUHTQOVJGFCVGQHſTUVFKUDWTUGOGPVCVNQYGTRTKEGQHDCPFKPECUGQHDQQMDWKNFKPIQTCVVJGKUUWGRTKEGKPECUGQHſZGFRTKEGKUUWGJQYGXGTVJGQRVKQP
of conversion has expired during the year.
2. Terms of Conversion of Term Loan into Equity Shares
Domestic Loan of ` 65,000.00 Lacs (Previous year ` 65,000.00 Lacs) is outstanding as on 31st March, 2014 interest @13.25% p.a. is payable on said loan.
6JGUCKFNQCPKUWVKNKUGFHQT2JCUG8QHVJG1FKUJCRTQLGEVYKVJQRVKQPVQEQPXGTVKPVQGSWKV[UJCTGUKPECUGVJGEQORCP[EQOGUQWVYKVJ+21YKVJKP[GCTU
HTQOVJGFCVGQHſTUVFKUDWTUGOGPVCVCOWVWCNN[RTGCITGGFFKUEQWPVVQ+21RTKEG
(` in Lacs)
31.03.2014 31.03.2013
NOTE - 5 DEFERRED TAX LIABILITIES
Deferred Tax Liability On Account Of :
Related To Fixed Assets 1,41,706.81 1,11,665.64
Deferred Tax Assets On Account Of :
Provision For Doubtful Debts 679.84 636.21
Disallowances Under The Income Tax Act,1961 943.88 1,623.72 946.34 1,582.55
Net Deferred Tax Liability 1,40,083.09 1,10,083.09
NOTE - 6 OTHER LONG TERM LIABILITIES

Security Deposits 14,618.50 16,316.69
Liability For Capital Goods/Expenditures 93,555.04 1,90,299.75
Other (Forward Premium) 10,653.50 -
1,18,827.04 2,06,616.44
NOTE - 7 LONG TERM PROVISIONS

2TQXKUKQPUHQT'ORNQ[GG$GPGſVU
Provision for Gratuity 1,547.14 1,519.08
Leave Encashment 1,324.47 1,315.70
2,871.61 2,834.78
NOTE - 8 SHORT TERM BORROWINGS

SECURED LOANS FROM BANKS
Working Capital Loans
- Rupee Loans 3,40,521.06 2,04,956.55
- Foreign Currency Loans 57,973.91 48,262.45
Term Loans
-Rupee Loans 91,045.95 1,97,641.10
-Foreign Currency Loans - 5,173.04
UNSECURED LOANS
From Banks
-Commercial Paper 8,000.00 25,000.00
-Rupee Loans - 5,000.00
From Others
-Loan From Related Party 1,001.48 -
4,98,542.40 4,86,033.14
45
NOTE 8.1
Security Detail of Short Term Borrowings
(i) Secured
(a) ` 3,98,494.97 Lacs (Previous year `.CEUUGEWTGFD[ſTUVEJCTIGQPEWTTGPVCUUGVU
DQVJRTGUGPVCPFHWVWTGD[YC[QHJ[RQVJGECVKQPQHUVQEMU
book–debts, investments , other current assets and all moveable property {(excepts assets exclusively charged to IKB Deutsche Industrie Bank, Germany,
Unicredit Bank, Austria and Bayern LB Bank, Germany), KFW IPEX GmbH (Germany), Deutsche Bank S.p.A. (Italy) and Intesa Sanpaolo S.p.A. (Hongkong)}
CPFHWTVJGTUGEWTGFD[UGEQPFEJCTIGETGCVGFCPFQTVQDGETGCVGFQPCNNOQXCDNGCUUGVUHQTOKPIRCTVQHſZGFDNQEMQHCUUGVU
DQVJRTGUGPVHWVWTGCPFQP
immovable properties, building, structure and all plant & machinery fastened to earth at Plot No. 22, 71, Industrial Area, Chandigarh,Derabassi on Ambala-
Chandigarh Road,186, G.T. Road, Ludhiana, Bangihatti Serampore (Near Kolkata),village Dhubenchhapar, Khadiapali,Thelkoloi,Jangla, Brahmmipali,
&GTDC-CVCTDCIC6WODGMGNCCPF&JCTTQRCPK&KUVV5CODCNRWT1FKUJCCPFVYQEKV[QHſEGUUKVWCVGFCV%JQYTKPIJGG4QCF-QNMCVCCPFTGUKFGPVKCNRTGOKUGU
situated at Alipore, Kolkata. The security ranks pari-passu inter-se between consortium member banks.Loans are further secured by personal guarantee of
%JCKTOCPEWO/CPCIKPI&KTGEVQTCPF8KEG%JCKTRGTUQPEWO9JQNGVKOG&KTGEVQT
(b) ` 76,955.19 Lacs (Previous year `.CEUKUUGEWTGFD[UWDUGTXKGPVEJCTIGQHſZGFCUUGVUEWTTGPVCUUGVUQHVJGEQORCP[
(c) ` 14,090.76 Lacs (Previous year ` 39,597.08 Lacs) is secured by First charge on current assets of the company.
(ii) Unsecured
` NIL (Previous year `.CEUKUUGEWTGFD[RGTUQPCNIWCTCPVGGQH%JCKTOCPEWO/CPCIKPI&KTGEVQTCPF8KEG%JCKTRGTUQPEWO9JQNGVKOG&KTGEVQT
(` in Lacs)
31.03.2014 31.03.2013
NOTE - 9 TRADE PAYABLE
Outstanding dues to Micro & Small Enterprises (Refer Note 34) 189.81 123.74
Outstanding dues to other than Micro & Small Enterprises 1,34,503.54 91,067.36
1,34,693.35 91,191.09
NOTE - 10 OTHER CURRENT LIABILITIES
Current Maturities of Long Term Debts 1,95,614.46 1,95,305.91
Interest Accrued but not due on borrowings 14,732.38 11,681.41
Advances from Customers 4,385.43 4,649.28
Accrued Expenses 4,486.01 2,894.96
Security Deposits 118.40 338.86
Due to Directors 11.81 13.12
Statutory Dues 18,830.46 9,157.76
Other Payables* 7,173.23 5,076.69
2,45,352.18 2,29,117.99
*(Includes amount payable to employees)
NOTE -11 SHORT TERM PROVISIONS

2TQXKUKQPHQT'ORNQ[GG$GPGſVU
Provision for Gratuity 363.05 125.00
Provision for Leave Encashment 180.88 143.72
Other Provisions
Provision for Proposed Equity Dividend 96.86 96.86
Provision for Proposed Preference Dividend 45.82 0.11
Provision for Tax on Proposed Equity Dividend 16.46 16.46
Provision for Tax on Proposed Preference Dividend 7.79 0.02
Provision for Income tax (Net) 6,446.95 2,194.80
Provision for Wealth Tax (Net) 178.12 142.86
7,335.93 2,719.83
46
NOTE - 12 FIXED ASSETS (` in Lacs)
GROSS BLOCK DEPRECIATION NET BLOCK
As At Additions Adjustment Sale/ As At As At For the Adjustment Written back As at As At As At

DESCRIPTION 01.04.2013 During the during the Discarded 31.03.2014 01.04.2013 Year during the during the 31.03.2014 31.03.2014 31.03.2013
OF Year year During the Year Year
FIXED ASSETS Year
Tangible Assets
Freehold Land 18,202.14 1,493.87 317.67 - 20,013.68 - - - - - 20,013.68 18,202.14
Leasehold Land 25,212.73 1,424.99 (306.55) - 26,331.17 41.75 38.37 - - 80.12 26,251.05 25,170.98
Building 3,95,823.35 2,45,316.59 50,455.99 561.79 6,91,034.14 24,936.04 14,377.28 - 307.67 39,005.65 6,52,028.49 3,70,887.31
Railway Siding 2,680.66 - - - 2,680.66 863.63 127.33 - - 990.96 1,689.70 1,817.03
Plant & Equipment 12,00,849.41 5,05,647.36 2,07,705.78 10,107.72 19,04,094.83 2,46,404.66 71,284.57 - 8,083.55 3,09,605.68 15,94,489.15 9,54,444.75
Furniture & Fixture 1,528.73 113.89 - - 1,642.62 496.40 98.44 - - 594.84 1,047.78 1,032.33
1HſEG'SWKROGPV 613.52 59.22 - 0.07 672.67 200.75 36.67 - 0.02 237.40 435.27 412.77
8GJKENGU 3,905.00 375.85 - 13.34 4,267.51 1,988.06 301.23 - 12.12 2,277.17 1,990.34 1,916.94
Assets not owned by the 4,904.71 2,183.20 - - 7,087.91 4,561.93 2,302.67 - - 6,864.60 223.31 342.78
Company
Sub-total (A) 16,53,720.25 7,56,614.97 2,58,172.89 10,682.92 26,57,825.19 2,79,493.22 88,566.56 - 8,403.36 3,59,656.42 22,98,168.77 13,74,227.03
Intangible Assets
Technical Knowhow 127.64 - - - 127.64 127.64 - - - 127.64 - -
Computer Softwares 162.04 1,720.84 - - 1,882.89 47.42 33.35 - - 80.77 1,802.10 114.62
Sub-total (B) 289.68 1,720.84 - - 2,010.53 175.06 33.35 - - 208.41 1,802.10 114.62
Total(A+B) 16,54,009.93 7,58,335.81 2,58,172.89 10,682.92 26,59,835.72 2,79,668.28 88,599.91 - 8,403.36 3,59,864.83 22,99,970.87 13,74,341.65
Previous Year 14,63,189.37 1,47,700.57 48,831.99 5,712.00 16,54,009.93 2,08,426.82 75,903.97 1,248.85 3,413.66 2,79,668.28
Capital Work-in-Progress 10,57,831.41 14,19,398.16
Intangible Assets Under Development - 1,493.44
Total 33,57,802.28 27,95,233.25
Note:
1. No write off has been done for lease hold land acquired on lease of 90 years and more.
2. Depreciation for the year includes ` 761.64 Lacs (Previous year ` 1,248.85 Lacs) charged to capital work in progress.
3. Adjustment during the year includes:
a) Addition of `NCEUQPCEEQWPVQHDQTTQYKPIEQUVGZEJCPIGƀWEVWCVKQP
b) ` 11.12 Lacs (Previous year Nil) regrouped from Building to leasehold land and ` 317.67 Lacs (Previous year Nil) regrouped from leasehold land to freehold land.
47
(` in Lacs)
31.03.2014 31.03.2013
NOTE -13 NON-CURRENT INVESTMENT
QUOTED
Long Term, Trade (Valued At Cost)
Investment in Equity Shares (Fully paid up)
- ASSOCIATES
Nova Iron & Steel Ltd ( Refer note 32 )
1,42,69,146 (Previous Year 1,42,69,146 ) Equity Shares of ` 10/-each 7,672.35 7,672.35
- OTHERS
Orissa Sponge Iron & Steel Ltd
840 (Previous Year 840 ) Equity Shares of ` 10/-each 7.80 7.80
Aggregate Value of Quoted Investment (A) 7,680.15 7,680.15
UNQUOTED
Long Term, Trade (Valued At Cost)
Investment in Equity Shares (Fully paid up)
- ASSOCIATES
Ambey Steel & Power Pvt Ltd
28,14,215 (Previous Year 28,14,215 ) Equity Shares of ` 100/-each 2,828.29 2,828.29
Aarti Minerals (Australia) PTY. Ltd.
5,66,000 ( Previous Year 5,66,000 ) Ordinary Shares of AUD 1 each 295.04 295.04
Less :- Provision for diminution (295.04) (295.04)
- JOINT VENTURE
Rohne Coal Company Pvt. Limited
2,40,900 (Previous Year 2,40,900 ) Equity Shares of `10/-each fully paid up 24.09 24.09
- OTHERS
Skap Electronics Pvt. Ltd.
980 ( Previous Year 980 ) Equity Shares of `100/-each 982.45 982.45
Investment in Preference Shares (Fully paid up)
- JOINT VENTURE
Rohne Coal Company Pvt. Limited
69,19,778 (Previous Year 69,19,778 ) 1 % Non Cumulative Redeemable
Preference Shares of `10/-each 691.98 691.98
Aggregate Value of Unquoted Investment (B) 4,526.81 4,526.81
(A+B) 12,206.96 12,206.96
Aggregate Value of Quoted Investment 7,680.15 7,680.15
Aggregate Value of Unquoted Investment 4,526.81 4,526.81
Market Value of Quoted Investment 2,725.95 1,448.91
NOTE - 14 LONG TERM LOANS AND ADVANCES

(Unsecured, Considered good)
Capital Advances 67,857.62 40,772.91
Security Deposits 8,956.61 7,680.60
Loans and Advances to Employees* 613.38 1,237.57
#FXCPEG(QT.QPI6GTO+PXGUVOGPV
6QC,QKPV8GPVWTG 359.93 232.55
MAT Recoverable 82,940.00 63,240.00
1,60,727.54 1,13,163.63
*Loans and Advances include ` Nil (Previous year `.CEUFWGHTQOQHſEGTQHVJG%QORCP[
NOTE - 15 OTHER NON CURRENT ASSETS

(Unsecured,Considered Good Unless Stated Otherwise)
(A) Long Term Trade Receivables
Considered Good 1,742.06 3,379.30
Doubtful 2,000.12 1,960.88
3,742.18 5,340.18
Less:- Provision For Doubtful Debts 2,000.12 1,960.88
1,742.06 3,379.30
(B) Cash & Bank Balance
Non Current Fixed Deposit (Refer Note-19) 234.49 -
1,976.55 3,379.30
48
(` in Lacs)
31.03.2014 31.03.2013
NOTE - 16 CURRENT INVESTMENT
UNQUOTED
Non- Trade (Valued at Lower of Cost and Fair Value)
Investment in Bonds
Indusind Bank
NIL ( Previous Year 10 ) Unsecured, Non Convertible Bond of
` 10 Lacs each, fully paid up - 100.00
Cholamandlam Investment & Finance Co.Ltd (Bonds)
NIL (Previous Year 100 ) Bonds of ` 5 lacs each - 510.63
Investment in Mutual fund - Liquid Fund
Canara Robeco Indigo Growth Fund-IG-GP
NIL ( Previous Year 8,20,761.9950 ) Units of ` 10/- each - 100.00
Canara Robeco Gold Saving Fund-dividend
12,32,869.1413 (Previous Year 13,69,762.5301 )Units of ` 10/- each 120.13 138.00
Less :- Provision for diminution (5.53) -
CP1G Union KBC Capital Protection Oriented Fund
19,99,990(Previous Year 19,99,990 )Units of ` 10/- each 199.77 199.77
20,00,000(Previous Year 20,00,000 )Units of ` 10/- each 200.00 200.00
10,00,000(Previous Year Nil )Units of ` 10/- each 100.00 -
EFGR Union KBC Equity Fund Growth
NIL ( Previous Year 10,00,000 ) Units of ` 10/- each - 100.00
SBI - Magnum Income - Fund Growth
NIL (Previous Year 17,35,285.6450 )Units of ` 10/- each - 500.00
Canara Robeco Capital Protection Oriented Fund
5,50,000 (Previous Year NIL) Units of ` 10/- each 55.00 -
Canara Robeco Tresure Advantage Fund-Dividend
289.6491 (Previous Year 1907.2072 )Units of ` 1000/- each 3.59 23.66
Canara Robeco Monthly Income Plan
38535.8780(Previous Year NIL )Units of ` 10/- each 5.18 -
Canara Robeco Short Term Fund Growth
26120.2727 (Previous Year NIL )Units of ` 10/- each 3.75 -
Canara Robeco Income Regular Growth
39728.1930 (Previous Year NIL )Units of ` 10/- each 10.00 -
PNB- Principal Income Fund Long Term Plan
4,93,710.0710 (Previous Year NIL )Units of ` 10/- each 100.00 -
DSP Blackrock MIP Fund Growth
2,36,603.5090(Previous Year 2,36,603.5090 )Units of ` 10/- each 50.00 50.00
UTI Floating Rate Growth Fund
5036.1868 (Previous Year Nil) )Units of ` 100/- each 103.20 -
UTI Nifty Index Fund-Growth
9778.7089 (Previous Year Nil) )Units of ` 100/- each 4.00 -
UTI short Term Income Fund
Nil (Previous Year 15,05,325.1140 )Units of ` 10/- each - 200.00
Aggregate Value of Unquoted Investment 949.09 2,122.06
NOTE - 17 INVENTORIES
Raw Material 1,87,755.09 94,362.02
Raw Material-in-Transit 6,017.91 4,270.35
Work-in-Progress 4,256.19 5,747.89
Finished Goods 78,469.98 72,111.17
Finished Goods in Transit 5,832.93 5,833.86
Stock-in-Trade 1,269.86 5,819.71
Stores & Spares 33,802.94 10,356.95
Others 806.39 769.50
3,18,211.29 1,99,271.45
49
(` in Lacs)
31.03.2014 31.03.2013
NOTE - 18 TRADE RECEIVABLE
(Unsecured, Considered Good)
Outstanding for a period exceeding six months from due date 2,922.21 3,904.12
Others 1,59,514.48 1,67,936.49
1,62,436.69 1,71,840.61
NOTE -19 CASH & BANK BALANCE
(A) Cash and Cash Equivalents
Cash on Hand 59.63 93.65
Balances with Scheduled Banks
- In Current Account 12,425.57 63,806.67
- Deposits with original maturity of less than three months 1,359.04 2,102.13
(B) Other Bank Balances
Fixed Deposits Having Maturity Period:-
- For More Than 12 Months* 245.22 6.49
- 3 to 12 Months* 3,749.29 7,356.38
17,838.75 73,365.32
Less Non Current Fixed Deposit 234.49 -
17,604.26 73,365.32
*(Including interest accrued but not due, under bank lien)
NOTE -20 SHORT TERM LOANS & ADVANCES

(Unsecured, Considered Good)
Advances recoverable in cash or in kind or
for value to be received* 1,14,547.09 1,34,257.88
Loans and Advances
-To related parties 7,802.25 7,739.38
-To Employees** 397.58 353.76
-To Corporate Bodies & Others 17,080.71 13,536.40
Advance for Investment - 1,500.00
Balance with Excise Authorities 0.57 5.76
$CNCPEGQH/QFXCV%GPXCV5GTXKEG6CZ8CV 28,277.10 27,688.60
1,68,105.30 1,85,081.78
* "Advances recoverable in cash or in kind for value to be received” includes ` 13,692 Lacs
(Previous year ` 13,692 Lacs) given to a Private Company in which directors are Members/
Director.
**Loans and Advances include ` 1.60 Lacs (Previous year `.CEUFWGHTQOQHſEGTQHVJG
Company. Maximum amount outstanding at any time during the year ` 3.35 Lacs (Previous
year ` 9.03 Lacs).
NOTE -21 OTHER CURRENT ASSETS

Fixed Assets held for Disposal 96.76 -
96.76 -
NOTE -22 REVENUE FROM OPERATIONS
Sales 8,73,328.30 7,78,405.37
Export Sales 2,35,571.33 1,55,895.28
Sales including Excise Duty 11,08,899.63 9,34,300.65
Other Operating Revenue
Scrap Sales 12,625.63 10,246.81
Export Sales (Scrap) 449.00 1,738.69
Export Incentives 6,895.49 5,461.04
19,970.12 17,446.54
Gross Revenue from Operations 11,28,869.75 9,51,747.19
50
(` in Lacs)
31.03.2014 31.03.2013
NOTE -23 OTHER INCOME
Misc. Income 159.18 204.62
2TQſVQP5CNGQH5JQTV6GTO+PXGUVOGPV 141.40 19.46
2TQſVQP5CNG&KUECTFGFQH(KZGF#UUGVU
0GV 15.16 274.87
Diminution Write Back - 3.77
Dividend Received on Current Investment 2.77 24.26
318.51 526.98
NOTE -24 COST OF RAW MATERIAL CONSUMED
Raw Material Consumed 4,65,912.19 4,30,771.02
Less :
Cost of Material Transferred to Projects Commissioned /Under Commissioning /Trial Run 842.59 919.24
4,65,069.60 4,29,851.78
NOTE -25 CHANGE IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS &
STOCK-IN-TRADE
Opening Stock
Finished Goods 77,945.02 59,924.03
Stock-in-Trade 5,819.71 342.82
Work-In-Progress 5,747.89 2,222.43
Others 769.50 913.62
90,282.12 63,402.90
Closing Stock
Finished Goods 84,302.91 77,945.02
Stock-in-Trade 1,269.86 5,819.71
Work-In-Progress 4,256.19 5,747.89
Others 806.39 769.50
90,635.35 90,282.12
Net (353.23) (26,879.22)
NOTE -26 EMPLOYEES BENEFITS EXPENSES

Salary, Wages & Bonus 40,038.34 31,097.40
Contribution to PF & Other Funds 545.52 530.18
5VCHH$GPGſVU 667.88 683.85
41,251.74 32,311.43
Less :
-Transferred to Projects Commissioned /Under Commissioning /Trial Run 13,729.86 9,957.26
27,521.88 22,354.17
NOTE -27 FINANCE COSTS

Interest Expenses* 2,95,490.64 2,24,943.98
Other Borrowing Costs 31,610.51 7,019.90
3,27,101.15 2,31,963.88
Less :
Interest Earned** 4,313.42 3,536.71
3,22,787.73 2,28,427.17
Less :
-Transferred to Projects Commissioned /Under Commissioning /Trial Run 1,78,984.84 1,20,261.80
1,43,802.89 1,08,165.37
*Includes ` Nil (Previous Year `400.83) on short payment of advance tax

** Tax Deducted at Source `392.20 Lacs (Previous year ` 327.10 Lacs)
51
(` in Lacs)
31.03.2014 31.03.2013
NOTE - 28 OTHER EXPENSES
Stores Consumed 29,179.12 28,865.78
Power & Fuel 94,124.28 78,336.82
Excise Duty Provided on Stock (Net) 3,161.73 107.23
Rates and Taxes 815.10 793.27
Legal & Professional Charges 2,013.65 802.33
Insurance 554.55 384.71
Auditors' Remuneration 124.52 104.83
Travelling & Conveyance 2,894.00 2,428.24
Advertisement & Sales Promotion 168.06 61.41
Postage, Telegrams & Telephone 531.03 439.54
Utility & Facility 587.10 1,225.22
Rebate and Discount 3,266.85 3,096.31
Selling and Distribution Expenses 48,127.30 27,907.76
Selling Commission 492.25 74.80
Repair and Maintenance:
- Building 342.83 126.59
- Machinery 4,882.93 5,973.63
8GJKENG 1,125.58 1,134.21
Rent 24.01 201.12
Other Administrative Expenses 427.13 507.41
Exchange Fluctuation (Net) 2,819.75 557.36
Investment Written Off - 1.43
Provision for Doubtful Debts 39.36 184.80
Diminution in Investment 5.53 295.04
1,95,706.66 1,53,609.84
Less :
-Transferred to Projects Commissioned /Under Commissioning /Trial Run 8,218.39 11,112.07
1,87,488.27 1,42,497.77
(` in Lacs)
31.03.2014 31.03.2013
NOTE - 29 CONTINGENT LIABILITY
A Contingent Liability
Bills discounted with banks 43,239.49 17,468.69
Claims against the Company not acknowledged as debt 12,601.42 13,008.70
Central / State Sales Tax Act 8,145.87 6,802.45
Odisha Entry Tax Act 516.98 516.98
Central Excise Act,1944 13,791.26 5,010.03
Income Tax Act,1961 3,847.37 5,373.05
Service Tax 10.93 14.56
B Commitments
a) Capital Commitments
Estimated amount of contracts remaining to be executed on capital account and not
2,63,064.13 1,88,702.20
provided for (Net of Advances)
b) Other Commitments
Outstanding guarantees furnished to Banks & Financial Institutions including in
49,202.51 47,882.38
respect of letters of credit (availed by the company)
NOTE - 30 130 MW Power Plant, Cold Rolling Mill, Galvanised and Steel Strips Plant and Tube Mill Plant have been commissioned during the
year. Pellet Plant is put under Trial Run.
52
NOTE-31 Pre - Operative Expenses (In respect of project to be capitalised)
(` in Lacs)
31.03.2014 31.03.2013
EXPENDITURE DURING CONSTRUCTION / INSTALLATION

Opening Balance 2,88,742.31 1,92,837.00
Pre-Operative/Trial Run Expenses transfer from Statement of 22,790.84 21,988.57
2TQſVCPF.QUU
4GHGTPQVG
Finance Costs (Refer note-27) 1,78,984.84 1,20,261.80
Depreciation 761.64 2,02,537.32 1,248.85 1,43,499.22
Total 4,91,279.63 3,36,336.22
Less : Capitalised during the year 2,50,719.79 47,593.91
Transferred to Capital Work in Progress 2,40,559.84 2,88,742.31
NOTE-32 6JGEQORCP[JCUOCFGNQPIVGTOUVTCVGIKEKPXGUVOGPVKP0QXC+TQP5VGGN.VFJCXKPICEEWOWNCVGFNQUUGU6JGUCKFEQORCP[ſNGF
a scheme of capital reduction and restructuring with Hon’ble High Court of Chhattisgarh, which approved the said scheme vide its
order dated 18th Sept., 2012.
Pursuant to the order of the Hon’ble High Court, the capital of the said company has been reduced from 15,05,81,200 No. of Equity
Shares of ` 10/- each to 15,05,81,200 No. of Equity Shares of `. 2.40/- each. Also share of said companies were transferred during
the previous year under report which were acquired under SEBI (SAST) Regulations, in 2011.
Simultaneously, pursuant to share holders approval 100 shares of ` 2.40/- each have been consolidated to 24 equity shares of
` 10/- each.
In the opinion of management, the fall in market price of shares of Nova Iron & Steel Ltd. is temporary in nature. Based on legal opinion
sought no provision for diminution has been made.
(` in Lacs)
31.03.2014 31.03.2013
NOTE-33 Auditor’s Remuneration includes:
- Audit Fee 80.00 70.00
- Tax Audit Fee 20.00 15.00
%GTVKſECVKQP(GG 10.00 10.00
- Corporate Governance 5.00 -
- Expenses Reimbursed 9.52 9.83
Total 124.52 104.83
NOTE-34 In respect of amounts due to Micro, Small and Medium Enterprises under “The Micro, Small and Medium Enterprises Development
#EVŒVJG%QORCP[JCUEGTVKſGFVJCVCUCRQNKE[VJGRC[OGPVVQUWRRNKGTUKUOCFGYKVJKPFC[UGZEGRVKPFKURWVGFECUGU6JG
amount remaining unpaid as at 31st March, 2014 was ` 189.81 Lacs (Previous year `.CEU+PKFGPVKſGFECUGUPQKPVGTGUV
was paid or payable under the Act.
The detail of amount outstanding to Micro, Small and Medium enterprises based on available information with the company as under:-
(` in Lacs)
31.03.2014 31.03.2013
Principal amount due and remaining unpaid - -
Interest due on above and the unpaid interest - -
Interest Paid - -
Payment made beyond the appointed day during the year - -
Interest due and payable for the period of delay - -
Interest Accrued and remaining unpaid - -
Amount of further interest remaining due and payable in succeeding years - -
NOTE-35 The Company has recognized liability based on substantial degree of estimation for excise duty payable on clearance of goods lying
in stock as on 31.03.2014 of ` 8,379.87 Lacs (Previous year `.CEUCURGTGUVKOCVGFRCVVGTPQHFKURCVEJGU#EVWCNQWVƀQY
is expected in next year.
There is no other present obligation requiring provision in accordance with the guiding principles as enunciated in Accounting Standard
CUPQVKſGFWPFGT%QORCPKGU
#EEQWPVKPI5VCPFCTF4WNGUCUKVKUPQVRTQDCDNGVJCVCPQWVƀQYQHTGUQWTEGUGODQF[KPI
GEQPQOKEDGPGſVYKNNDGTGSWKTGF
53
NOTE-36 #URGT#EEQWPVKPI5VCPFCTF
#5ő'ORNQ[GG$GPGſVUŒVJGFKUENQUWTGQHGORNQ[GGDGPGſVUCUFGſPGFKPVJG#EEQWPVKPI5VCPFCTFU
are given below:-
(A) &GſPGF%QPVTKDWVKQP2NCPU
%QPVTKDWVKQPVQFGſPGFEQPVTKDWVKQPRNCPTGEQIPK\GFCUGZRGPUGURTGQRGTCVKXGGZRGPUGFKUCUWPFGT
(` in Lacs)
31.03.2014 31.03.2013
a) Employer contribution to Provident Fund / Other Funds 545.52 530.18
b) Employer contribution to State Plans
i) Employee State Insurance 101.24 110.39
ii) Labour Welfare Fund 0.82 0.53
(B) &GſPGF$GPGſV2NCP
a) Leave Encashment/ Compensated Absence.
b) Contribution to Gratuity Funds - Employee’s Gratuity Fund.
+PCEEQTFCPEGYKVJ#EEQWPVKPI5VCPFCTF
#5
TGXKUGFVJGCEVWCTKCNXCNWCVKQPECTTKGFQWVKPTGURGEVQHVJGCHQTGUCKFFGſPGFDGPGſV
plans is based on the following assumption.
(` in Lacs)
i) Actuarial Assumptions:- Leave Leave Employee Employee
Encashment/ Encashment/ Gratuity Gratuity
Compensated Compensated Fund Fund
Absence 31.03.14 Absence 31.03.13 31.03.14 31.03.13
Discount Rate (per annum) 8.50% 8.00% 8.50% 8.00%

Rate of increase in compensation levels 7.50% 7.50% 7.50% 7.50%
Rate of return on plan assets. N.A. N.A. 9.40% 9.40%
Expected Average remaining working lives of employees (years) 24.12 24.30 24.09 24.30
ii) Change in the obligation during the year ended
31st March,2014
Present value obligation as at beginning of the year 1,459.43 1,157.04 2,566.34 2,164.98
Interest cost 116.75 92.56 205.31 173.20
Past service cost - - - -
Current service cost 301.92 330.79 425.11 392.58
Curtailment cost - - - -
Settlement cost - - - -
$GPGſVURCKF (207.12) (140.56) (142.30) (104.43)
Actuarial (gain)/ loss on obligations (165.64) 19.60 (100.47) (59.98)
Present value obligation as at end of the year 1,505.34 1,459.43 2,954.00 2,566.34
iii) Change in fair value Plan Assets
Fair value of plan assets as at beginning of the year - - 922.26 712.08
Expected return on plan assets - - 86.69 66.94
Contributions - - 180.12 226.50
$GPGſVURCKF - - (142.30) (104.43)
Actuarial gain/ (loss) on plan assets - - (2.97) 21.17
Fair value of plan assets as at end of the year - - 1,043.80 922.26
iv) 4GEQPEKNKCVKQPQH2TGUGPVXCNWGQH&GſPGF$GPGſV
Obligation and Fair value of Assets
Present value obligation as at end of the year 1,505.34 1,459.43 2,954.00 2,566.34
Fair value of Plan Assets as at end of the year - - 1043.80 922.26
Funded status (1,505.34) (1,459.43) (1,910.20) (1,644.08)
Present value of unfunded obligation as at end of the year - - - -
Excess of actual overestimated - - (2.97) 21.17
Unfunded net asset/ (liability) recognised in Balance Sheet. (1,505.34) (1,459.43) (1,910.20) (1,644.08)
54
(` in Lacs)
v) 'ZRGPUGUTGEQIPKUGFKP5VCVGOGPVQH2TQſVCPF.QUU Leave Leave Employee Employee
Encashment/ Encashment/ Gratuity Gratuity
Compensated Compensated Fund Fund
Absence 31.03.14 Absence 31.03.13 31.03.14 31.03.13
Current service cost 301.92 330.79 425.11 392.58

Past service cost - - - -
Interest cost 116.75 92.56 205.31 173.20
Expected return on plan assets - - (86.69) (66.94)
Curtailment cost - - - -
Settlement cost - - - -
Net Actuarial (gain)/ loss recognised during the year (165.64) 19.60 (97.50) (81.15)
Paid to left employees - - - -
6QVCN'ZRGPUGTGEQIPKUGFKP5VCVGOGPVQH2TQſVCPF.QUU 253.03 442.96 446.23 417.69
(Including transfered to capital work in progress)
0QVG6JGGUVKOCVGQHHWVWTGUCNCT[KPETGCUGEQPUKFGTGFKPCEVWCTKCNXCNWCVKQPVCMGUKPVQCEEQWPVKPƀCVKQPUGPKQTKV[RTQOQVKQPCPFQVJGTTGNGXCPV
factors.
NOTE-37 6JG %QORCP[ KU GPICIGF KP VJG +TQP 5VGGN DWUKPGUU YJKEJ KP EQPVGZV QH #EEQWPVKPI 5VCPFCTF CU PQVKſGF WPFGT
Companies (Accounting Standard) Rules,2006 is considered the only business segment.
(` in Lacs)
31.03.2014 31.03.2013
a) Gross revenue of the Company as per geographical segment is as follows :-
Within India 8,85,953.93 7,88,652.18
Outside India (Including export incentives and high sea sales) 2,42,915.82 1,63,095.01
Total 11,28,869.75 9,51,747.19
b) Trade Receivable of the Company as per geographical segment is as follows :-
Within India 1,57,029.43 1,56,068.66
Outside India 7,149.32 19,151.25
Total 1,64,178.75 1,75,219.91
6JG%QORCP[JCUEQOOQPſZGFCUUGVUQVJGTEWTTGPVCUUGVUCPFNKCDKNKVKGUHQTRTQFWEKPIIQQFUHQTFQOGUVKECUYGNNCUQXGTUGCUOCTMGV
NOTE-38 Disclosure in accordance with the Accounting Standard-18 Related Party Transaction.
(i) Key Managerial Personnel:
Mr. Sanjay Singal (Chairman & Managing Director)
Mrs. Aarti Singal
8KEG%JCKTRGTUQP9JQNG6KOG&KTGEVQT
Mr. Ashok Kumar Khushu (Dy. Managing Director) w.e.f 07.09.2013
Mr. R.P. Goyal (Whole Time Director)
/T*%8GTOC (Whole Time Director)
Mr. R.N. Yadav (Whole Time Director)
(ii) Subsidiary Companies:
Aarti Minerals (Australia ) PTY Ltd. (upto 30.03.2013)
Skap Electronics (P) Ltd. (upto 23.11.2012)
Aarti Resources Mozambique Limitada (Liquidated on 30.03.2013)
M/s Global Steel & Minerals Pte. Ltd. (Incorporated on 25.04.2013)*
55
(iii) Associates:
Nova Iron & Steel Limited
Ambey Steel & Power Private Limited
Aarti Minerals (Australia ) PTY Ltd. (w.e.f 31.03.2013)
Jasmine Steel Trading Ltd.
Marsh Steel Trading Ltd.
8KUKQP5VGGN.VF
Diyajyoti Steel Ltd
(iv) Joint Venture:
Rohne Coal Company Pvt. Ltd.
(v) 'PVGTRTKUGQXGTYJKEJMG[OCPCIGTKCNRGTUQPPGNCPFVJGKTTGNCVKXGUJCXKPIUKIPKſECPVKPƀWGPEG
Aarti International Ltd.
Atma Ram House Investment Pvt.Ltd.
Sanjay Singal (HUF)
(vi) Relative of key managerial personnel:
Mr. Aniket Singal
*Shares is yet to be allotted & operations not yet started.
Transactions with the above related parties are as follows : (` in Lacs)

Nature of Subsidiaries Associates Joint Ventures Key Managerial Enterprise over Relative of key TOTAL
Transactions Personnel which key managerial managerial personnel
personnel and their
relative having
UKIPKſECPVKPƀWGPEG
31.03.2014 31.03.2013 31.03.2014 31.03.2013 31.03.2014 31.03.2013 31.03.2014 31.03.2013 31.03.2014 31.03.2013 31.03.2014 31.03.2013 31.03.2014 31.03.2013
Salary and Perquisites
Mr. Sanjay Singal 69.03 72.00 69.03 72.00
Mrs.Aarti Singal 36.00 34.50 36.00 34.50
Mr.R.N.Yadav 27.55 23.39 27.55 23.39
Mr. R.P.Goyal 31.53 28.65 31.53 28.65

/T*%8GTOC 33.15 29.04 33.15 29.04
Mr. A.K. Khushu 34.00 - 34.00 -
Total 231.26 187.58 231.26 187.58

Rent Paid
Skap Electronics - 5.14 - 5.14
Atma Ram House 8.40 6.00 8.40 6.00
Invesment Pvt.Ltd.
Total - 5.14 8.40 6.00 8.40 11.14
Rent Received
Ambey Steel & Power 0.30 0.30 0.30 0.30
Pvt. Ltd.
Investment Made:-
In Equity Shares :
Aarti Minerals (Austrila) - 132.68 - 132.68
Pty.Ltd.
For Preference
Shares:
Rohne Coal Company 127.38 114.07 127.38 114.07
Pvt. Ltd.
Interest earned
Nova Iron & Steel Ltd. 908.05 838.20 908.05 838.20
Purchase
Nova Iron & Steel Ltd. 2,650.01 12,158.79 2,650.01 12,158.79
Sale
Nova Iron & Steel Ltd. 1,427.80 395.09 1,427.80 395.09
Advance Received
Aarti International Ltd. 101.48 - 101.48 -
Issue of Pref.Shares
of the Company
Jasmine Steel Trading 19,399.65 5,570.88 19,399.65 5,570.88
Ltd.
Marsh Steel Trading 19,123.35 6,077.60 19,123.35 6,077.60
Ltd.
8KUKQP5VGGN.VF 18,866.73 7,097.50 18,866.73 7,097.50
Diyajyoti Steel Ltd 19,088.40 5,633.76 19,088.40 5,633.76
Sanjay Singal 14,944.90 - 14,944.90 -
Aarti Singal 14,565.85 - 14,565.85 -
Sanjay Singal (HUF) 8,748.50 - 8,748.50 -
Aniket Singal 6,050.00 - 6,050.00 -
Total 76,478.13 24,379.74 29,510.75 - 8,748.50 - 6,050.00 - 1,20,787.38 24,379.74
56
Balance as at 31st March,2014 (` in Lacs)
Nature of Subsidiaries Associates Joint Ventures Key Managerial Enterprise over Relative of key TOTAL
Transactions Personnel which key managerial managerial personnel
personnel and their
relative having
UKIPKſECPVKPƀWGPEG
31.03.2014 31.03.2013 31.03.2014 31.03.2013 31.03.2014 31.03.2013 31.03.2014 31.03.2013 31.03.2014 31.03.2013 31.03.2014 31.03.2013 31.03.2014 31.03.2013
Payable
Mr. Sanjay Singal 3.57 2.68 3.57 2.68
Mrs.Aarti Singal 2.22 4.99 2.22 4.99
Mr.R.N.Yadav 0.98 0.96 0.98 0.96
Mr. R.P.Goyal 1.61 3.30 1.61 3.30
/T*%8GTOC 3.05 1.18 3.05 1.18
Total 11.43 13.11 11.43 13.11
Trade/Other Receivable
Ambey Steel & Power - 0.30 - 0.30

Pvt. Ltd.
Nova Iron & Steel Ltd. 4,150.53 439.72 4,150.53 439.72
Total 4, 150.53 440.02 41,50.53 440.02
Security Deposit
Atma Ram House 13692.00 13692.00 13,692.00 13,692.00

Investment Pvt.Ltd.
Adv.Paid for Share

Capital:-
For Preference
Shares:

Pvt. Ltd.
Investment :-
In Equity Shares:
Aarti Minerals (Austrila) 295.04 295.04 295.04 295.04

Pty.Ltd.
Ambey Steel & Power 2,828.29 2,828.29 2,828.29 2,828.29

Pvt. Ltd.

Pvt. Ltd.
In Preference Share:

Pvt. Ltd.
Total 3,123.33 3,123.33 716.07 716.07 3,839.40 3,839.40
Advance Received
Aarti International Ltd. 101.48 - 101.48 -
Loan & Interest

Recoverable
Nova Iron & Steel Ltd. 7,802.25 7739.38 7,802.25 7,739.38
Note:-4GNCVGFRCTV[TGNCVKQPUJKRKUCUKPFGPVKſGFD[VJG%QORCP[CPFTGNKGFWRQPD[VJGCWFKVQTU
57
NOTE-39 Earning Per Share (EPS) (` in Lacs)
31.03.2014 31.03.2013
Nos. Nos.
Opening Balance of Equity Share 19,37,15,000 19,37,15,000
Total Number of Equity Shares for EPS (A) 19,37,15,000 19,37,15,000
Potential Equity Shares On Conversion of Convertible Debts* 1,88,95,349 3,69,68,750
Potential Equity Shares On Conversion of Preference Shares* 2,87,49,143 56,357
Weighted Average of Diluted Potential Equity Shares (B) 4,76,44,492 3,70,25,107
Weighted Average of Equity Shares for Diluted EPS (C)=(A+B) 24,13,59,492 23,07,40,107
2TQſVCHVGTVCZ 63,548.88 57,192.48
Less:- Preference dividend including tax thereon 53.61 0.13
Earnings Attributable To Equity Shareholders – For EPS (D) 63,495.27 57,192.35
Add: Interest on convertible portion of loan (Net of Tax and Interest Capitalised) - 1,937.53
Add: Preference Dividend including tax thereon 53.61 0.13
Earnings Attributable To Equity Shareholders-For Diluted EPS (E) 63,548.88 59,130.01
Basic Earning Per Share (`) (D/A) 32.78 29.52
Diluted Earning Per Share (`) (E/C) 26.33 25.63
* Conversion made at estimated issue price of ` 344/- (Previous year ` 320/-) Per equity share
NOTE-40 The Company has one joint venture namely Rohne Coal Company Private Limited incorporated in India. The Company has
24.09% holding in the joint venture.
$CUGFQPVJGCWFKVGFſPCPEKCNUVCVGOGPVUTGEGKXGFVJGRTQRQTVKQPCVGUJCTGQHCUUGVUNKCDKNKVKGUKPEQOGCPFGZRGPFKVWTG
of the entity is as under:
(` in Lacs)
31.03.2014 31.03.2013
Equity and Liabilities
Shareholder’s Funds
-Share Capital 716.07 716.07
-Reserves and Surplus -8.36 -8.55
707.71 707.52
Share Application Money Pending Allotment 342.29 268.88

Current Liabilities
-Other Current Liabilities 0.10 0.01
-Short Term Provisions 0.27 0.27
0.37 0.28
Total 1,050.37 976.68
Non-Current Assets
-Tangible Assets 304.86 301.29
-Capital Work-In-Progress 703.72 641.96
-Long Terms Loans & Advances 36.95 31.47
1,045.53 974.72
Current Assets
-Current Investments - 1.18
-Cash and Bank Balances 4.82 0.76
-Short Terms Loans and Advances .02 0.02
4.84 1.96
Total 1,050.37 976.88
Income
Other Income 0.64 0.47
Expenses
Administrative, Selling and Distribution Expenses 0.45 0.39
Capital Commitment 2.24 3.52
58
NOTE-41 Derivative Instruments
a) The company has entered into derivatives instruments for hedging currency risk. Forward contracts entered into by the company
and outstanding as on 31.03.2014 are as follows :-
Current Year Previous Year
US$ INR US$ INR
Equivalent Equivalent Equivalent Equivalent
(Lacs) (Lacs) (Lacs) (Lacs)
Loan Payable 1,600.00 96,160.00 -- --
b) The Foreign currency exposure that are not hedged by derivatives instruments as on 31.03.2014 are as follows:-
i) Amount receivable in foreign currency on account of :-
Sale of Goods 118.96 7,149.32 352.11 19,151.25
Advance to Supplier against Goods 467.62 28,104.07 303.11 16,486.21
Fixed Deposit 0.30 18.22 0.30 16.49
ii) Amount payable in foreign currency on account of :-
Creditors/ Acceptances 2,625.56 1,57,796.26 4,100.69 2,23,037.77
Loans/Interest Payable 10,705.12 6,43,377.85 12,203.80 6,63,756.01
Security Deposits 93.40 5,613.44 300.00 16,316.69
Advance received from Customers 13.21 793.93 1.83 99.59
NOTE-42 Remitance in foreign currency on account of Dividend

The Company has paid dividend in respect of shares held by Non-Residents on repatriation basis. The amount remittable in this
respect is given herein below:
Current Year Previous Year
(a) Number of Non-Resident Shareholders 1 1
(b) Number of Equity Shares held by them 1,07,14,285 1,07,14,285
US$ INR US$ INR
(c) i) Amount of dividend paid (Gross) 8,693.13 5,35,714.00 9,626.49 5,35,714.00
ii) Tax deducted at source - - - -
iii) Year to which dividend relates 2012-13 2011-12
NOTE-43 $CNCPEGU QP CEEQWPV QH VTCFGQVJGT TGEGKXCDNGU VTCFGQVJGT RC[CDNGU CPF NQCPU CPF CFXCPEGU CTG UWDLGEV VQ VJG EQPſTOCVKQP CPF
reconciliation with respective parties.
NOTE-44 Previous Year Figures have been rearranged/regrouped wherever considered necessary.
NOTE-45 OTHER ADDITIONAL INFORMATION
A. DETAIL OF OPENING STOCK, CLOSING STOCK AND SALES (` in Lacs)

i) Opening Stock :- 31.03.2014 31.03.2013
H.R.Coil 12,296.44 9,758.47
Sponge Iron 679.45 151.96
Cold Rolled Steel Strips/Sheets/Coils 20,174.48 19,714.13
Pig Iron 104.36 15.15
Bars, Rods of Alloys Steel, Iron & Non Alloy Steel & Other Hot Rolled Products 12,489.15 8,680.14
Iron & Non Alloy Steel and Alloy Steel Ingots/Billets & Other Primary Forms 4,252.80 3,050.95
Galvanised Steel Strips/Sheets 10,324.27 11,652.87
Black & Galvanised Steel Tubes & Pipes & ERW Precision Tubes 10,242.00 4,780.95
Colour Coated Sheets 7,176.28 1,904.88
Cable Tape 205.79 214.53
Iron & Steel 5,819.71 342.82
83,764.73 60,266.85
59
(` in Lacs)
ii) Closing Stock :- 31.03.2014 31.03.2013
Iron Ore Pellet 78.66 0.00
H.R.Coil 9,081.60 12,296.44
Sponge Iron 123.66 679.45
Cold Rolled Steel Strips/Sheets/Coils 31,166.66 20,174.48
Pig Iron 87.78 104.36
Bars, Rods of Alloys Steel, Iron & Non Alloy Steel & Other Hot Rolled Products 10,409.37 12,489.15
Galvanised Steel Strips/Sheets 10,714.04 10,324.27
Black & Galvanised Steel Tubes & Pipes & ERW Precision Tubes 14,113.05 10,242.00
Cable Tape 170.86 205.79
Iron & Steel 1,269.86 5,819.71
85,572.77 83,764.73
(` in Lacs)
iii) Turnover : - 31.03.2014 31.03.2013
Iron Ore Pellet 13,418.61 -
H.R. Coil 90,686.10 73,488.58
Sponge Iron 201.81 -
Cold Rolled Steel Strips/Sheets/Coils 3,08,959.40 2,78,955.32
Pig Iron - 1,831.80
Bars, Rods of Alloys Steel, Iron & Non Alloy Steel & Other Hot Rolled Products 1,54,740.38 1,56,436.36
Metallurgical Coke 807.65 -
Galvanised Steel Strips/Sheets 2,26,210.66 1,83,871.26
Black & Galvanised Steel Tubes & Pipes & ERW Precision Tubes 1,96,728.67 1,31,474.52
Cable Tape 7,939.99 6,840.31
Power 2,897.24 2,411.87
Sale of Inputs 1,009.13 1,462.71
Iron & Steel 39,079.08 26,228.94
Scrap & Others 13,074.59 10,246.81
Export Incentive 6,895.49 5,461.04
11,28,869.75 9,51,747.19
B. Consumption of raw material and components :-

Raw Material Consumed
Iron Ore 89,581.83 97,887.24
Coal / Coke 1,09,217.05 1,17,198.91
Dolomite 4,819.79 4,727.65
Hot Rolled , Galvanised ,Sheet & Coil , Steel Scrap etc. 2,19,523.76 1,82,812.87
Zinc 37,502.33 22,783.21
Paint 5,267.43 5,361.14
4,65,912.19 4,30,771.02
C. Purchase of goods traded :-

Iron & Steel 33,238.10 29,165.64
33,238.10 29,165.64
60
D. C.I.F. value of Imports :- (` in Lacs)
31.03.2014 31.03.2013
i) Raw Material 94,369.96 97,540.26
ii) Raw Material Traded 25,630.24 23,805.81
iii) Stores & Spares 5,967.37 3,989.02
iv) Capital Goods 21,683.13 66,076.84
E. Expenditure incurred in Foreign Currency :-
i) Travelling 162.97 44.82
ii) Interest 28,990.13 26,884.89
iii) Bank Charges & Front End Fees 19,017.33 -
iv) Commission 119.28 27.23
v) Others 321.46 140.48
F. Earning in Foreign Currency :-
i) (1$8CNWGQH'ZRQTVU 2,26,569.04 1,50,194.12
G. Value of Imported and Indigenous Raw Material, Spares and Components consumed :-
31.03.2014 % age 31.03.2013 % age
(` in Lacs) (` in Lacs)
i) Raw Material
Imported 1,17,743.54 25.27 1,26,619.63 29.39
Indigenous 3,48,168.65 74.73 3,04,151.39 70.61
4,65,912.19 100.00 4,30,771.02 100.00
ii) Stores & Spares
Imported 6,721.62 23.04 4,449.04 15.41
Indigenous 22,457.50 76.96 24,416.73 84.59
29,179.12 100.00 28,865.78 100.00

Sd/- Sd/- Sd/-
M. NO.: 6102
Sd/-
COMPANY SECRETARY
61
NOTES
62

BPSL Annual Report 2014 PDF

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

BPSL Annual Report 2014 PDF

Uploaded by

Copyright:

Available Formats

ANNEXURE-A TO THE DIRECTORS’ REPORT FOR THE YEAR ENDED 31ST MARCH 2014

TECHNOLOGY ABSORPTION, ADAPTATION & INNOVATION:

4. FOREIGN EXCHANGE EARNINGS AND OUTGO

3. COMPANY’S PHILOSOPHY ON CODE OF GOVERNANCE:

S. Name of Director Attendance Particulars No. of Other Directorship and Committee

Number and the dates of Board Meetings

7. (a) SHARE ALLOTMENT & TRANSFER COMMITTEE

(b) SHAREHOLDERS/INVESTORS GRIEVANCE COMMITTEE

8. PUBLIC ISSUE COMMITTEE

10. PROJECT MANAGEMENT COMMITTEE

11. STRATEGIC INVESTMENT COMMITTEE

12. GENERAL BODY MEETING:

Year Location Date Time

14. MEANS OF COMMUNICATION:

15. GENERAL SHAREHOLDERS INFORMATION:

(viii) Location of Plants:

(ix) Customer Service Centre

FOR MEHRA GOEL & CO.

FOR MEHRA GOEL & CO.

As per our report of even date attached

NOTE 31.03.2014 31.03.2013

As per our report of even date attached

As per our report of even date attached

NOTE - 2 SHARE CAPITAL

Note 2.2 - Reconciliation of share outstanding at the beginning and at

NOTE - 4 LONG TERM BORROWINGS

Deferred Credits from Banks 1,736.85 1,049.80

NOTE - 6 OTHER LONG TERM LIABILITIES

NOTE - 7 LONG TERM PROVISIONS

NOTE - 8 SHORT TERM BORROWINGS

NOTE -11 SHORT TERM PROVISIONS

As At Additions Adjustment Sale/ As At As At For the Adjustment Written back As at As At As At

Freehold Land 18,202.14 1,493.87 317.67 - 20,013.68 - - - - - 20,013.68 18,202.14

Railway Siding 2,680.66 - - - 2,680.66 863.63 127.33 - - 990.96 1,689.70 1,817.03

Technical Knowhow 127.64 - - - 127.64 127.64 - - - 127.64 - -

Capital Work-in-Progress 10,57,831.41 14,19,398.16

Intangible Assets Under Development - 1,493.44

Total 33,57,802.28 27,95,233.25

NOTE - 14 LONG TERM LOANS AND ADVANCES

NOTE - 15 OTHER NON CURRENT ASSETS

NOTE -20 SHORT TERM LOANS & ADVANCES

NOTE -21 OTHER CURRENT ASSETS

NOTE -26 EMPLOYEES BENEFITS EXPENSES

NOTE -27 FINANCE COSTS

*Includes ` Nil (Previous Year `400.83) on short payment of advance tax

EXPENDITURE DURING CONSTRUCTION / INSTALLATION

Discount Rate (per annum) 8.50% 8.00% 8.50% 8.00%

Current service cost 301.92 330.79 425.11 392.58

Transactions with the above related parties are as follows : (` in Lacs)

Mr. R.P.Goyal 31.53 28.65 31.53 28.65

Total 231.26 187.58 231.26 187.58

Mr. Sanjay Singal 3.57 2.68 3.57 2.68

Mrs.Aarti Singal 2.22 4.99 2.22 4.99

Mr.R.N.Yadav 0.98 0.96 0.98 0.96

Mr. R.P.Goyal 1.61 3.30 1.61 3.30

/T*%8GTOC 3.05 1.18 3.05 1.18

Total 11.43 13.11 11.43 13.11

Ambey Steel & Power - 0.30 - 0.30

Nova Iron & Steel Ltd. 4,150.53 439.72 4,150.53 439.72

Total 4, 150.53 440.02 41,50.53 440.02

Atma Ram House 13692.00 13692.00 13,692.00 13,692.00

Adv.Paid for Share

Rohne Coal Company 359.93 232.55 359.93 232.55

/T*%8GTOC 3.05 1.18 3.05 1.18