a) Equity shares

The Company has issued Equity Shares having a par value of Rs, 10. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors, if any, is subject to the approval of shareholders in Annual General Meeting. In the event of liquidation of the Company the holder of the equity shares will be entitled to receive remaining assets of the Company offer settlement of all preferential amounts, The distribution will be in proportion to the number of equity shares held by the equity shareholders.

The rights attached to 30 lakh equity shares out of warrant conversion has been restrained by the Delhi High Court till disposal of the matter,

b) Preference Shares

The Company has issued 2 crores 10 % Cumulative Non (avertable Redeemable Preference Shores of Rs,10 each at par amounting to Rs,2Q crores or by private placement redeemable on the expiry of 12 years from the date of Issue. The shares were allotted to Manet Ispat & Energy Limited amounting 19,51 crores and Torsteel Services Private Limited (a relative party) amounting to Rs,49 lakhs. These shares are not listed,

2. a) Money received against Share Warrants

Equity shore warrants amounting to f 601.50 lacs represent 10 % consideration received from a party against share warrants issued an preferential basis during the year 2007-08. The issue relating to conversion of share warrants to equity has been referred to Securities Appellate Tribunal (SAT) and the decision is awaited.

3. Purim the year State Bank of Bikoner and Jaipur (SBB)) have assigned the financial exposure taken in the Company by transfer of debts, rights and obligations to Edelweiss Asset Reconstruction Company Limited (EARQ vide their letter dated 24.07.2014

4. All the lenders of Term Loan except IREDA viz, SBI, BQI. PNB & EARC hove issued loan recall notice to the company under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 during the year. Consequently term loan repayments due and payable to SBF, BOI & PNB have been shown undercurrent maturity.

5. Term loans from banks and other parties are secured / to be secured by joint equitable mortgage by deposit of title deed of immovable properties and hypothecation of all moveable assets of the Company both present and future (save and except book debts) ranking pan-passu subject to prior charge created in favor of the Company's bankers far securing working capital finance on stock of raw material, finished goods etc. and also by second charge on current assets. Further, the above term loans have been guaranteed by the personal guarantee of the Vice Chairman & Managing Director if the Company.

6. interest and maturity profile on Term Loans are set out below:

Interest an term loan from banks and other parties carry interest @ 1 5.75% to 16.75 % and 10% to 12.89 % respectively.

7. Disclosure as reburied under AS 29

Provision for Entry Tax, Sales To* and Interest on Bonk Borrowings have been recognized In the financial statements considering the following:

i) The Company has a present obligation as a result of past event

ii) It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation: and

iii) Are liableness tamale can be made of the amount of the obligation.

8. During the year State Bank of Bikaner and Japura (SBBJ) have assigned the financial exposure taken in the Company by transfer of debts, rights and obligations to Edelweiss Asset Reconstruction Company Limited (EARQ vide their letter dated 20.07.2014.

9. All the lenders of working capital to the Company viz. SBI, BOI. & EARC have issued loan recall notice to the Company under Section

10.(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 during the year.

11. Gash Credit from banks are sanctioned on a consortium basis by hypothecation of raw materials, finished goods, stores and spares, hook debts etc, pari-passu secured charge on immovable properties and other fixed assets and also guaranteed by personal guarantee of vice- chairman of the Company (Dr. P. K. Mohanty). The above cash credit is repayable on demand and carries interest @15.75 % to 17.15 %.

* Based on and to the extent of information obtained from suppliers regarding their status as Micro, Small or Medium enterprises under the Micro, Small and Medium Enterprises Development Act, 2006, there are no amounts due to them as at the end of the year.

12. Loons and advances to related parties includes:

Advances to Bilati (Orissa) Ltd (BOL) - doubtful Rs, 1,927.51 Iocs (Rs, 1,927.51 lacs)

As the prospect of reviving of Bilati (Orissa) Ltd. (which is under BIFR). appears to be uncertain, provision has been made for advances due from Bilati (Orissa) Ltd.

13. Lang Term Advances under doubtful Includes claim receivable amounting to of 119.QC lacs from Mahanadl Coalfield Ltd. Mahanadl Coalfield Ltd. encased the bonk guarantee given to them for purchasing of coal under the jells supply agreement The Company has contested such encashment of bank guarantee and the matter is subjudice.

14. Advqnce to Bamra Iron & Steel Company (India) Limited amounting to Rs, 8,525.770 has been written off as the name of the said company has been struck off from the Register of Companies as per Order of the Registrar of Companies, Odisha.

b) Defined Benefit Plans :

i) Compensated Absences: Liability for Compensated Absences is provided on the basis of valuation, as at the Balance Sheet date, carried out by an independent actuary. The actuarial valuation method used for measuring the liability is, the Projected Unit Credit method. Under this method, the Defined Benefit Obligation is calculated taking into account pattern of avail meat of leave while in service and qualifying salary and the date of a ailment of leave. In respect of encashment of leave, the Defined Benefit obligation is calculated taking into account in qualifying salary projected up to the assumed date of encashment

15. Subsidiary Company

Bamra Iron h. Steel Company (India) Limited, is a wholly owned subsidiary has been struck off from the Registrar of Companies to non Operation by the order of Registrar of Companies Desha. Consequently the provisions relating to subsidiary Companies are not applicable for the reporting period.

In computing diluted corning per share equity share warrants (10% consideration of 35,00,000 equity shares) allotted an preferential basis has been excluded as the conversion of warrants into equity shares is under sub-juice. 35, As the Company's business activity falls within a single primary business segment, viz. "Iron & Steel" the disclosure requirement of Accounting

Standard 17-Segment reporting are not applicable. 36- Related Party d Indosuez under Accounting Standard -1B

A. Name of related party and relationship :

I. Subsidiary : Bamra Iron and Steel Company (India) Limited,

II. Associates : Torsteel Research Foundation In India

TRFl Investment Pvt. Ltd.

OSIL-TRFI Community Services

OSIL-TRFI Community Services Trust

Bilati (Orissa) Limited

Torsteel Services Pvt Ltd.

Keonjhar Infrastructure Development Company Limited HI. Key Management Personnel : Dr. P. K. Mohanty

Mr. Munir Mohanty

16. Exceptional item represent written off advance Rs. 85.26 lacs end investment Rs. 74.99 lacs in the subsidiary company Bamra Iron fit Steel Company (India) Limited,

17. All the amounts in Rupees have been rounded off to lacs with thousands in decimals.

18. Previous year's figures

Previous year figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.