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Notes to Accounts of Hindustan Zinc Ltd.

Mar 31, 2015

NOTE 1

Company Overview

Hindustan Zinc Limited (HZL or Company) was incorporated on January 10, 1966 under the laws of the Republic of India and has its registered office at Udaipur (Rajasthan). HZL''s shares are listed on National Stock Exchange and Bombay Stock Exchange. HZL is mainly engaged in the mining and smelting of zinc, lead and silver metal in India.

HZL''s operations include five zinc-lead mines, four zinc smelters, one lead smelter, one zinc-lead smelter, seven sulphuric acid plants, a silver refinery plant and five captive power plants in the state of Rajasthan. In addition, HZL also has a rock-phosphate mine in Maton near Udaipur in Rajasthan and zinc, lead & silver processing and refining facilities in the State of Uttarakhand. The Company also has wind power plants in the States of Rajasthan, Gujarat, Karnataka, Tamilnadu and Maharashtra.

In view of the scheme of amalgamation and arrangement amongst the group companies and made effective during the previous year with the effective date of August 17, 2013, Sesa Sterlite Limited became the holding Company of HZL.

NOTE 2 Contingent liability

(Rs. in Crore)

Particulars As at March 31, 2015 As at March 31, 2014

Claims against the Company not acknowledged as debts (matters pending in court or arbitration)

- Suppliers and contractors 42.07 101.80

- Ex-employees and others 306.30 123.55

- Mining cases 333.90 333.90

Guarantees issued by the banks (bank guarantees are provided under legal or contractual obligations.) 55.92 63.83

Sales tax demands (this pertains to disputes in respect of differential sales tax, classification and stock transfer issues etc. in respect of tax rate difference/ classification, stock transfer matters) 13.46 64.63

Entry tax demands (this pertains to disputes in respect of entry tax on goods.) 121.52 48.06

Income tax demands (this pertains largely to deduction and allowances claimed under Chapter VIA, etc.) 1129.18 1129.18

Excise Duty demands (this pertains to mainly admiss -ibility of cenvat credit on inputs & capital goods, captive use of intermediate goods, clearance of by products, classification of coal etc.) 465.17 142.54

Future cash out flows in respect of the above matters are determinable only on receipt of judgments or decisions pending at various forums.

NOTE 3 Commitments

a. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 1,798.48 Crore (2014: Rs. 2,684.93 Crore)

b. The Company had export obligations of Rs. 542.65 Crore (2014: Rs. 2,060.73 Crore) on account of concessional rates of import duties paid on capital goods under the Export Promotion Capital Goods Scheme enacted by the Government of India which is to be fulfilled over the next eight years or six years effective 2013-14 from purchase. If the Company is unable to meet these obligations, its liabilities currently unprovided would be Rs. 101.70 Crore (2014: Rs. 337.38 Crore) reduced in proportion to actual export. This liability is backed by the bonds executed in favour of customs department amounting to Rs. 1,088.36 Crore (2014: Rs. 1,067.78 Crore).

NOTE 4

a) The title deeds are still to be executed in respect of 10.63 acres of freehold land at Vishakhapatnam.

(b) During the previous year, the Company had commenced dismantling its assets at Vishakhapatnam Smelter plant post closure of its operations at that location, which is for use at other locations of the Company or for disposal.

NOTE 5 Joint Venture

a. The Company had access up to 31.5 million MT of coal as a partner in the joint venture ''Madanpur South Coal Company Limited'' (Madanpur JV) where it holds 18.05% of ownership interest (2014: 18.05%). During the current year, Honorable Supreme Court has passed the judgment cancelling all the coal blocks including Madanpur JV allocated since 1993 with certain exceptions. Accordingly, the Company has created 100% provision against its investment in Madanpur JV amounting to Rs. 2.81 Crore, even as the Companies interest is reported as non-current investments (Note 10).

The Company''s interest in the joint venture is reported as non-current investments (Note 10) and stated at cost, which has been fully provided for as mentioned above. The Company''s share of each of the assets, liabilities, income and expenses etc. (each without elimination of the effect of transactions between the Company and the joint venture) related to its interests in these joint ventures are:

NOTE 6 The Mines and Minerals (Development and Regulation) Amendment Act, 2015

Pursuant to introduction of ''The Mines and Mineral (Development and Regulation) Amendment Act, 2015'' during the year, which is effective from January 12, 2015, the Company has created liability in terms of Sections 9 B(6) and 9C of the Act towards proposed contribution to ''District Mineral Foundation'' and ''National Mineral Exploration Trust'' amounting to Rs. 119.98 Crore on best management estimates. Above charge to Statement of Profit and Loss has been included under Royalty expenses, which has been calculated @33% and @2% on the royalty expenses respectively.

During the year, with effect from April 1, 2014, the Company has revised the estimated useful lives of certain assets based on a technical study and evaluation of the useful life of the assets conducted in this regard and management''s assessment thereof. The details of previously applied depreciation rates and useful life and revised useful life are as follows:

Consequent to the change arising from the assessment of the useful lives of certain assets as above:

(i) The Company has fully depreciated the carrying value of assets, net of residual value, where the remaining useful life of the asset was determined to be nil as on April 1, 2014, and has adjusted an amount of Rs. 38.65 Crore (including deferred tax of Rs. 1.78 Crore) against the opening Surplus balance in the Statement of Profit and Loss under Reserves and Surplus.

(ii) As a result the net depreciation charge for the year is lower by Rs. 180.59 Crore

Matured fixed deposits of Rs. 0.08 Crore (2014: Rs. 0.08 Crore) due for transfer to Investor Education and Protection Fund have not been transferred in view of pending legal litigation between the beneficiaries.

NOTE 7 Vedanta Resources Long Term Incentive Plan (LTIP) and Employee Share Ownership Plan (ESOP) -

The Company offers equity-based award plans to its employees, officers and directors through its parent, Vedanta Resources Plc (The Vedanta Resources Long-Term Incentive Plan (''LTIP'') and Employee Share Ownership Plan (''ESOP'')).

The LTIP is the primary arrangement under which share- based incentives are provided to the defined management group. The maximum value of shares that can be awarded to members of the defined management group is calculated by reference to the balance of basic salary and share-based remuneration consistent with local market practice. The performance condition attaching to outstanding awards under the LTIP is that of Vedanta''s performance, measured in terms of Total Shareholder

Return (''TSR'') compared over a three year period with the performance of the companies as defined in the scheme from the date of grant. Under this scheme, initial awards under the LTIP were granted in February 2004 and subsequently further awards were granted in the respective years. The awards are indexed to and settled by Vedanta shares. The awards provide for a fixed exercise price denominated in Vedanta''s functional currency at 10 US cents per share, the performance period of each award is three years and the same is exercisable within a period of six months from the date of vesting beyond which the option lapse.

Vedanta has also granted an ESOP schemes that shall vest based on the achievement of business performance in the performance period. The vesting schedule is staggered over a period of three years. Under these schemes,

Vedanta is obligated to issue the shares

Further, in accordance with the terms of agreement between Vedanta and Sesa Sterlite Ltd (''SSL''), on the grant date fair value of the awards is recovered by Vedanta from SSL. SSL in turn recovers the same from the Company.

Amount recovered by SSL and recognised by the Company in the Statement of Profit and Loss for the financial year ended March 31, 2015 was Rs. 40.90 Crore (2014: Rs. 56.45 Crore). The Company considers these amounts as not material and accordingly has not provided further disclosures.

NOTE 8 Employee benefits

LONG TERM

(a) Defined Contribution Plans: Family Pension Scheme

The Company offers its employees benefits under defined contribution plans in the form of family pension scheme. Family pension scheme covers all employees on the roll. Contributions are paid during the year into the fund under statutory arrangements. The contribution to family pension fund is made only by the Company based on prescribed rules of family pension scheme. The contributions are based on a fixed percentage of the employee''s salary, subject to a ceiling, as prescribed in the respective scheme.

A sum of Rs. 6.25 Crore (2014: Rs. 3.58 Crore) has been charged to the Statement of Profit and Loss during the year.

(b) Defined benefit plans :

Provident fund

The Company offers its employees benefits under defined benefit plans in the form of provident fund scheme which covers all employees on roll. Contributions are paid during the year into ''Hindustan Zinc Limited Employee''s Contributory Provident Fund'' (''Trust''). Both the employees and the Company pay predetermined contributions into the Trust.

A sum of Rs. 25.82 Crore (2014: Rs. 23.18 Crore) has been charged to the Statement of Profit and Loss in this respect during the year.

The Company''s Trust is exempted under section 17 of Employees Provident Fund Act, 1952. The conditions for grant of exemption stipulate that the employer shall make good the deficiency, if any, between the return guaranteed by the statute and actual earning of the Trust. Based on a Guidance Note from The Institute of Actuaries - Valuation of Interest Guarantees on Exempt Provident Funds under AS 15 (Revised 2005) - for actuarially ascertaining such interest liability, there is no interest shortfall that is required to be met by the Company as of March 31, 2014 and March 31, 2015. Having regard to the assets of the Trust and the return in the investments, the Company also does not expect any deficiency in the foreseeable future.

Gratuity

The Company offers its employees, defined benefit plans in the form of gratuity. Gratuity Scheme covers all employees as statutorily required under Payment of Gratuity Act 1972. The Company has constituted a trust recognized by Income Tax authorities for gratuity to employees. The Company contributes funds to Life Insurance Corporation of India. Commitments are actuarially determined at the year-end. The actuarial valuation is done based on Projected Unit Credit Method. Gains and losses of changed actuarial assumptions are charged to the Statement of Profit and Loss under the head Employee benefits expense.

(v) The plan assets of the Company are managed by the Life Insurance Corporation of India, the details of investment relating to these assets is not available with the Company. Hence the composition of each major category of plan assets, the percentage or amount that each major category constitutes to the fair value of the total plan assets has not been disclosed.

(vii) Actuarial assumptions

The actuarial assumptions used to estimate defined benefit obligations and fair value of plan assets are based on the following assumptions which if changed, would affect the defined benefit obligation''s size and funding requirements.

The estimates of future salary increases considered in the actuarial valuation, take account of inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market. The above information is actuarially determined upon which reliance is placed by the auditors.

The details of experience adjustments arising on account of plan assets and plan liabilities as required by paragraph 120(n) (ii) of AS 15 (Revised) on "Employee Benefits" are not available in the valuation report and hence not furnished.

(ix) The contribution expected to be made by the Company during the financial year 2015-16 is Rs. 11.07 Crore.

(c) Other long term benefit plan - Compensated absences

The Company has provided for the liability on the basis of actuarial valuation as at the year end.

(iii) Note:

b) Business Segment

The Company has identified the following business segments:

- Mining and smelting of zinc, lead and silver

- Wind energy

Additional intra segment information of revenues and results for the silver metal have been provided to enhance understanding of segment business. Silver occurs in zinc & lead and is recovered in the smelting and refining process.

c) Geographical Segment

The Geographical segments considered for disclosure are as follows:

- Revenue within India includes sales to customers located within India and earnings in India

- Revenue outside India includes sales to customers located outside India and earnings outside India and export incentive benefits

NOTE 36 Related party disclosures

a. Names of related parties and description of relation:

(I) Holding companies;

Immediate & ultimate in India: Sesa Sterlite Limited Ultimate in UK: Vedanta Resources Plc. UK

(ii) Fellow subsidiaries;

Bharat Aluminium Company Limited

MALCO Energy Limited (Earlier Vedanta Aluminium Limited)

Copper Mines of Tasmania Pty Limited

Konkola Copper Mines Plc

Talwandi Sabo Power Limited

Black Mountain Mining (Proprietary) Limited

Vedanta Lisheen Mining Limited

(iii) Joint Venture- Jointly controlled entity Madanpur South Coal Company Limited

(iv) Key Managerial Personnel Mr. Akhilesh Joshi**

(v) Others Vedanta Foundation

** Appointed as CEO & Whole-time Director effective February 1, 2012

NOTE 37 Financial and derivative instruments disclosure

a) The following are the outstanding Forward Exchange Contracts entered into by the Company and outstanding as at March 31, 2015.

b) The following are the outstanding position of commodity hedging open contracts as at March 31, 2015; Zinc forwards/futures sale/buy for 3000 MT (2014: 1400 MT)

Lead forwards/futures sale/buy for 1500 MT (2014: 3525 MT)

Silver forwards / futures sale/buy for 387,459 OZ (2014: 884,626 OZ)

c) All derivative and financial instruments acquired by the Company are for hedging purposes.

d) Un-hedged foreign currency exposure ;

Arising from the announcement of ICAI on March 29, 2008, the Company has, since 2008, chosen to early adopt Accounting Standard (AS) 30 - Financial Instruments: Recognition and Measurement. Coterminous with this, in the spirit of complete adoption, the Company has also implemented the consequential limited revisions as have been announced by the ICAI in view of AS 30 to certain Accounting Standards. Accordingly, current investments which under AS-13 Accounting for Investments would have been carried at lower of cost and fair value, have been accounted for at fair value in accordance with AS-30, resulting in investments being valued as at March 31, 2015 at Rs. 3,592.65 Crore (2014 - Rs. 1486.10 Crore) above their cost and, consequently, the profit after tax for the year is higher by Rs. 1235.14 Crore (2014- higher by Rs. 806.14 Crore).

No borrowing costs are required to be capitalised during the year.

The disclosures relating to Micro, Small and Medium Enterprises have been furnished to the extent such parties have been identified on the basis of the intimation received from the suppliers regarding their status under the Micro, Small and Medium Development Act, 2006. There is no interest paid/payable as at March 31, 2015 (previous year Rs. Nil)

NOTE 9 Corporate Social Responsibility (CSR)

The provisions of Section 135 of the Companies Act, 2013 are applicable to the Company. Accordingly, the Company has incurred Rs. 59.28 Crore during the year on account of expenditure towards corporate social responsibility. No expenses have been incurred in construction of a capital asset under CSR during the year, however depreciation on assets amounting to Rs. 2.67 Crore falling under CSR assets during the earlier years have been included in above expenses. In addition to above, as outlined in Note no - 29, the Company has also provided for Rs. 119.98 Crore towards contribution to be made to the ''District Mineral Foundation'' and ''National Mineral Exploration Trust'' which is to work for the interest and benefit of persons and areas affected by mining related operations.

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


Mar 31, 2013

1 COMPANY OVERVIEW

Hindustan Zinc Limited (HZL or the Company) was incorporated on January 10, 1966 under the laws of the Republic of India and has its registered office at Udaipur (Rajasthan). HZL''s shares are listed on National Stock Exchange and Bombay Stock Exchange. HZL is mainly engaged in the mining and smelting of non-ferrous metals in India.

HZL''s operations include four lead zinc mines, four zinc smelters, two lead smelters, one lead zinc smelter, six sulphuric acid plants, a silver refinery plant and five captive power plants in the state of Rajasthan, one zinc smelter and a sulphuric acid plant in the state of Andhra Pradesh. In addition, HZL also has a rock-phosphate mine in Maton near Udaipur in Rajasthan and Zinc, Lead & Silver processing and refining facilities in the state of Uttarakhand. The Company also has wind power plants in the State of Rajasthan, Gujarat, Karnataka, Tamilnadu and Maharashtra.

i) 2,743,154,310 Equity Shares (2012: 2,743,154,310 ) are held by M/s. Sterlite Industries (India) Limited the holding company .The ultimate holding company is Vedanta Resourses PLC, United Kingdom (VRPLC) . No shares are held by VRPLC or its other subsidiaries or associates.

ii) Other disclosures

The Company has one class of equity shares having a par value of Rs. 2 per share. Each equity shareholder is eligible for one vote per share held. Each equity shareholder is entitled to dividends as and when declared by the Company. Interim Dividend is paid as and when declared by the Board. Final dividend is paid after obtaining shareholder''s approval. Dividends are paid in Indian Rupees.In the event of liquidation ,the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amount in proportion to their shareholding .

During the year ended March 31, 2013, the amount of per share final dividend recognised as distribution to equity shareholders was Rs. 1.50 per share (2012 : Rs. 0.90 per share)

2A Towards the year end, on March 30, 2013, the Company has entered into a share purchase agreement with a buyer for the sale of its entire equity investments in Andhra Pradesh Gas Power Corporation Limited (APGPCL) for an aggregate consideration of Rs. 110 Crores, subject to the approval of the Board of APGPCL. Pursuant to the said agreement, Investments aggregating to Rs. 98.41 Crores which were hitherto reflected as intangible assets at cost and amortised, have been reclassified as at the year end as Current Investments -Available for sale at fair value , with the gain on fair valuation aggregating to Rs. 11.59 Crores taken to the investment revaluation reserve , and the cummulative amortisation charge aggregating to Rs. 56.42 Crores (Rs. 51.72 Crores for prior years and Rs. 4.70 Crores for the year end) being adjusted in depreciation and amortisation expenses in the Statement of Profit and Loss. The said transfer of investments has since been approved by APGPCL subsequent to the year end on April 10, 2013 and the sale has been concluded as on that date.

3 COMMITMENTS

a) Estimated amount of contracts remaining to be executed on capital account not provided for Rs. 2777.67 Crores (2012: Rs. 796.93 Crores)

b) The Company had export obligations of Rs. 1,676.21 Crores (2012: Rs. 1,664.75 Crores) on account of concessional rates of import duties paid on capital goods under the Export Promotion Capital Goods Scheme enacted by the Government of India which is to be fulfilled over the next eight years. If the Company is unable to meet these obligations, its liabilities currently un-provided would be Rs. 247.24 Crores (2012: Rs. 239.31 Crores) reduced in proportion to actual export. This liability is backed by the bonds executed in favour of customs department amounting to Rs. 1133.96 Crores (2012: Rs. 1345.72 Crores).

4. The title deeds are still to be executed in respect of 10.63 acres of freehold land at Vishakhapatnam.

5. JOINT VENTURE

a. The Company has access upto 31.5 million tonnes of coal as a partner in the joint venture "Madanpur South Coal Company Limited" where it holds18.05% of ownership interest (2012: 18.05%).

6. AIMiral Matured fixed deposits of Rs. 0.08 Crores (2012: Rs. 0.08 Crores) due for transfer to Investor Education and Protection Fund have not been transferred in view of pending legal litigation between the beneficiaries.

7. VEDANTA RESOURCES LONG TERM INCENTIVE PLAN (LTIP)

The Company offers equity-based award plans to its employees, officers and directors through its ultimate parent, Vedanta Resource Plc (The Vedanta Resources Long-Term Incentive Plan (the "LTIP").

The LTIP is the primary arrangement under which share-based incentives are provided to the defined management group. The maximum value of shares that can be awarded to members of the defined management group is calculated by reference to the balance of basic salary and share-based remuneration consistent with local market practice. The performance condition attaching to outstanding awards under the LTIP is that of Vedanta''s performance, measured in terms of Total Shareholder Return ("TSR") compared over a three year period with the performance of the companies as defined in the scheme from the date of grant.

Under this scheme, initial awards under the LTIP were granted in February 2004 and subsequently further awards were granted in the respective years. The awards are indexed to and settled by Vedanta shares. The awards provide for a fixed exercise price denominated in Vedanta''s functional currency at 10 US cents per share, the performance period of each award is three years and the same is exercisable within a period of six months from the date of vesting beyond which the option lapse. During the year, Vedanta has granted a new LTIP tranche that shall vest based on the achievement of business performance in the performance period. The vesting schedule is staggered over a period of three years.

Under the scheme, Vedanta is obligated to issue the shares and the grant date fair value of the awards is recovered by Vedanta from the Company.

Amount recovered by Vedanta and recognised by the Company in the Statement of Profit and Loss for the financial year ended March 31, 2013 was Rs. 37.36 Crores (2012: Rs. 23.78 Crores). The Company considers these amounts as not material and accordingly has not provided further disclosures.

8. EMPLOYEE BENEFITS Long term

(a) Defined Contribution Plans : Provident Fund and Family Pension Scheme

The Company offers its employees benefits under defined contribution plans in the form of provident fund and family pension scheme. Provident fund and family pension scheme cover all employees on roll. Contributions are paid during the year into separate funds under certain statutory or fiduciary type arrangements. While both the employees and the Company pay predetermined contributions into the provident fund, the contribution to family pension fund is made only by the Company based on prescribed rules of family pension scheme. The contributions are based on a fixed percentage of the employee''s salary prescribed in the respective scheme.

The Company''s provident fund is exempted under section 17 of Employees Provident Fund Act, 1952. The conditions for grant of exemption stipulate that the employer shall make good the deficiency, if any, between the return guaranteed by the statue and actual earning of the Fund. Based on a Guidance Note from The Institute of Actuaries - Valuation of Interest Guarantees on Exempt Provident Funds under AS 15 (Revised 2005) - for actuarially ascertaining such interest liability, there is no interest shortfall that is required to be met by the Company as of March 31, 2012 and March 31, 2013. Having regard to the assets of the Fund and the return in the investments, the Company also does not expect any deficiency in the foreseeable future and hence operates the Provident Fund Scheme as a defined contribution plan.

(b) Defined benefit plans : Gratuity

The Company offers its employees, defined benefit plans in the form of gratuity. Gratuity Scheme covers all employees as statutorily required under Payment of Gratuity Act 1972. The Company has constituted a trust recognised by Income Tax authorities for gratuity to employees. The Company contributes funds to Life Insurance Corporation of India. Commitments are actuarially determined at the year-end. The actuarial valuation is done based on "Projected Unit Credit" method. Gains and losses of changed actuarial assumptions are charged to the Statement of Profit and Loss under the head Employee benefits expense.

(v) The plan assets of the Company are managed by the Life Insurance Corporation of India, the details of investment relating to these assets is not available with the Company. Hence the composition of each major category of plan assets, the percentage or amount that each major category constitutes to the fair value of the total plan assets has not been disclosed.

The estimates of future salary increases considered in the actuarial valuation, take account of inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market. The above information is actuarially determined upon which reliance is placed by the auditors.

The details of experience adjustments arising on account of plan assets and plan liabilities as required by paragraph 120(n)(ii) of AS 15 (Revised) on "Employee Benefits" are not available in the valuation report and hence not furnished.

(ix) The contributions expected to be made by the Company during the financial year 2013-14 are Rs. 13.43 Crores (FY2013: Rs. 5.19 Crores)

(c) Other long term benefit plan -Compensated absences

The Company has provided for the liability on the basis of actuarial valuation as at the year end

(iii) Note :

a) Business Segment

The Company has identified the following business segments:

- Mining and smelting of Zinc, Lead and Silver.

- Wind energy.

Additional intra segment information of revenues and results for the silver metal have been provided to enhance understanding of segment business. Silver occurs in Zinc & Lead and is recovered in the smelting and silver refining process.

b) Geographical Segment

The Geographical segments considered for disclosure are as follows:

- Revenue within India includes sales to customers located within India and earnings in India.

- Revenue outside India includes sales to customers located outside India and earnings outside India.

b) For hedging commodity related risks

Zinc forwards/futures sale for10,350 MT (2012: 12,150 MT)

Lead forwards/futures sale for 9,300 MT (2012: 1,550 MT)

Silver forwards / futures sale for 5,71,407 OZ (2012: 42,740 OZ)

c) All derivative and financial instruments acquired by the Company are for hedging purposes.

9. Arising from the announcement of ICAI on March 29, 2008, the Company has, since 2008, chosen to early adopt Accounting Standard (AS) 30 - Financial Instruments: Recognition and Measurement. Coterminous with this, in the spirit of complete adoption, the Company has also implemented the consequential limited revisions as have been announced by the ICAI in view of AS 30 to certain Accounting Standards. Accordingly, current investments which under AS-13 Accounting for Investments would have been carried at lower of cost and fair value, have been accounted for at fair value in accordance with AS-30, resulting in investments being valued as at March 31, 2013 at Rs. 550.66 Crores (As at March 31, 2012

- Rs. 268.44 Crores) above their cost and, consequently, the profit after tax for the year is higher by Rs. 178.65 Crores (2012: higher by Rs. 13.22 Crores).

(a) Exceptional item represents the amount incurred on Voluntary Retirement Scheme in respect of Zinc, Lead and Silver segment.

(b) No borrowings costs are required to be capitalised during the year.

10 The disclosures relating to Micro ,Small and Medium Enterprises has been furnished to the extent such parties have been identified on the basis ofthe intimation received from the suppliers regarding their status under the Micro, Small and Medium Development Act, 2006 (the Act). There is no interest paid/payable as at March 31,2013

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


Mar 31, 2012

COMPANY OVERVIEW

Hindustan Zinc Limited (HZL) was incorporated on January 10, 1966 under the laws of the Republic of India and has its registered office at Udaipur (Rajasthan). HZL's shares are listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). HZL is engaged mainly in non-ferrous metals and mining in India.

HZL's operations include four Lead Zinc mines, four Zinc smelters, two Lead smelters, one Lead Zinc smelter, six Sulphuric Acid plants, a silver refinery plant and five captive power plants in the state of Rajasthan, one Zinc smelter and a Sulphuric Acid plant in the state of Andhra Pradesh. In addition, HZL also has a rock- phosphate mine in Maton near Udaipur in Rajasthan and Zinc, Lead & Silver refining facilities in the State of Uttarakhand. The Company also has wind power plants in the States of Rajasthan, Gujarat, Karnataka, Tamilnadu and Maharashtra.

i) 2,743,154,310 Equity Shares (FY2011: 2,743,154,310 ) are held by M/s. Sterlite Opportunities and Ventures Limited (SOVL), the holding company. SOVL is a subsidiary of Sterlite Industries (India) Limited and the ultimate holding company is Vedanta Resourses PLC, United Kingdom (VRPLC) . No shares are held by VRPLC or its other subsidiaries or associates.

ii) Other disclosures

The Company has one class of equity shares having a par value of Rs 2 per share. Each equity shareholder is eligible for one vote per share held. Each equity shareholder is entitled to dividends as and when declared by the Company .Interim dividend is paid as and when declared by the Board .Final dividend is paid after obtaining shareholder's approval. Dividends are paid in Indian Rupees.

During the year ended March 31, 2012, the amount of per share final dividend recognised as distribution to equity shareholders was Rs 0.90 per share (FY2011 : Rs 1 per share)

Of the above the balance that meet the definition of cash and cash equivalents as per Accounting Standard 3: Cash flow statement .

Note -

Balances with banks include deposits amounting to Rs 4,875 Crores (FY2011: Rs 5,055 Crores) which have an original maturity of more than twelve months.

CONTINGENT LIABILITY (Rs in Crores)

Particulars As at March 31, As at March 31, 2012 2011

Claims against the Company not acknowledged as debts (Matters pending in court / arbitration. No cash out flow is expected in future)

- Suppliers and contractors 61.20 64.59

- Employees, ex-employees and others 59.97 19.93

- Land Tax 0.27 0.27

- Mining cases 333.90 333.90

Guarantees issued by the banks 62.24 46.02

(Bank guarantees are provided under legal / contractual obligation. No cash out flow is expected in future)

Sales tax demands 65.14 34.78 (This pertain to disputes in respect of tax rate difference / classification, stock transfer matters. No cash out flow is expected in future)

Entry tax demands 27.42 (This pertain to disputes in respect of entry tax on goods. No cash out flow is expected in future)

Income tax 749.92 556.86 (No cash out flow is expected in future)

Excise Duty demands 70.52 71.19 (This pertain to modvat / cenvat credit availed on inputs, capital goods, alleged duty demand on captive use of the goods. No cash out flow is expected in future)

Claim for compensation (CLZS land) Not Not ascertainable ascertainable

Estimated amount of contracts remaining to be executed on capital account not provided for Rs 796.93 Crores (FY2011: Rs 643.64 Crores)

The Company had export obligations of Rs 1,664.75 Crores (FY2011: Rs 2,504.45 Crores) on account of concessional rates of import duties paid on capital goods under the Export Promotion Capital Goods Scheme enacted by the Government of India which is to be fulfilled over the next eight years. If the Company is unable to meet these obligations, its liabilities currently unprovided would be Rs 239.31 Crores (FY2011: Rs 360.01 Crores) reduced in proportion to actual export.

The title deeds are still to be executed in respect of 10.63 acres of freehold land at Vishakapatnam.

Joint Venture

a. The Company has access to upto 31.5 Million tonnes of coal as a partner in the joint venture "Madanpur South Coal Company Limited" where it holds 18.05% of ownership interest (FY2011: 18.05%).

Matured fixed deposits of Rs 0.08 Crores (FY2011 : Rs 0.08 Crores) due for transfer to Investor Education and Protection Fund have not been transferred in view of pending legal litigation between the beneficiaries.

VEDANTA RESOURCES LONG TERM INCENTIVE PLAN (LTIP)

The Company offers equity-based award plans to its employees, officers and directors through its parent, Vedanta Resource Plc ("Vedanta").

The LTIP is the primary arrangement under which share-based incentives are provided to the defined management group. The maximum value of shares that can be awarded to members of the defined management group is calculated by reference to the balance of basic salary and share-based remuneration consistent with local market practice. The performance condition attaching to outstanding awards under the LTIP is that of Vedanta's performance, measured in terms of Total Shareholder Return ("TSR") compared over a three year period with the performance of the companies as defined in the scheme from the date of grant.

Under this scheme, initial awards under the LTIP were granted in February 2004 with further awards being made in June 2004, November 2004, February 2006, November 2007, February 2009, August 2009, January 2010, July 2010, October 2010, January 2011 and August 2011. The awards are indexed to and settled by Vedanta shares. The awards provide for a fixed exercise price denominated in Vedanta's functional currency at 10 US cents per share, the performance period of each award is three years and the same is exercisable within a period of six months from the date of vesting beyond which the option lapse. Under the scheme, Vedanta is obligated to issue the shares and the grant date fair value of the awards is recovered by Vedanta from the Company.

Amount recovered by Vedanta and recognised by the Company in the Statement of Profit and Loss for the financial year ended March 31, 2012 was Rs 23.78 Crores (FY2011: Rs 15.52 Crores). The Company considers these amounts as not material and accordingly has not provided further disclosures.

EMPLOYEE BENEFITS

Long term

(a) Defined Contribution Plans : Provident Fund and Family Pension Scheme

The Company offers its employees benefits under defined contribution plans in the form of provident fund and family pension scheme. Provident fund and family pension scheme cover all employees on roll. Contributions are paid during the year into separate funds under certain statutory / fiduciary type arrangements. While both the employees and the Company pay predetermined contributions into the provident fund, the contribution to family pension fund is made only by the Company based on prescribed rules of family pension scheme. The contributions are based on a fixed percentage of the employee's salary prescribed in the respective scheme.

A sum of Rs 24.80 Crores (FY2011: Rs 22.03 Crores) has been charged to the Statement of Profit and Loss in this respect, the components of which are tabulated below:

The Company's provident fund is exempted under section 17 of Employees Provident Fund Act, 1952. Conditions for grant of exemption stipulates that the employer shall make good the deficiency, if any, between the return guaranteed by the statue and actual earning of the Fund. Based on a Guidance Note from The Institute of Actuaries - Valuation of Interest Guarantees on Exempt Provident Funds under AS 15 (Revised 2005) - for actuarially ascertaining such interest liability, there is no interest shortfall that is required to be met by the Company as of March 31, 2011 and March 31, 2012. Having regard to the assets of the Fund and the return in the investments, the Company also does not expect any deficiency in the foreseeable future.

(b) Defined benefit plans : Gratuity

The Company offers its employees, defined benefit plans in the form of gratuity schemes. Gratuity Scheme covers all employees as statutorily required under Payment of Gratuity Act 1972. The Company has constituted a trust(s) recognised by Income Tax authorities for gratuity to employees. The Company contributes funds to Life Insurance Corporation of India. Commitments are actuarially determined at the year end. The actuarial valuation is done based on "Projected Unit Credit" method. Gains and losses of changed actuarial assumptions are charged to the Statement of Profit and Loss under the head Employee benefits expense.

(iii) Since the plan assets of the Company are managed by the Life Insurance Corporation of India, the details of investment relating to these assets is not available with the Company. Hence the composition of each major category of plan assets, the percentage or amount that each major category constitutes to the fair value of the total plan assets has not been disclosed.

The estimates of future salary increases considered in the actuarial valuation, take account of inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market. The above information is actuarially determined upon which reliance is placed by the auditors.

The details of experience adjustments arising on account of plan assets and plan liabilities as required by paragraph 120(n) (ii) of AS 15 (Revised) on "Employee Benefits" are not readily available in the valuation statement for the year 2007-08 received from Charan Gupta Consultants Pvt. Ltd. and hence, are not furnished.

(iv) The contributions expected to be made by the Company during the financial year FY2013 are Rs 5.19 Crores (FY2011 : Rs 9.55 Crores)

During the financial year FY2011 the existing Equity Shares of Rs 10 /- each were subdivided into 5 equity shares of Rs 2 /- each, and bonus shares in the ratio of 1 : 1 (post split) were allotted on March 9, 2011.

(V) Note :

a) Business Segment

The Company has identified the following business segments:

- Mining and smelting of Zinc, Lead and Silver.

- Wind Energy.

Additional intra segment information of revenues and results for the silver metal have been provided to enhance understanding of segment business. Silver occurs in Zinc & Lead and is recovered in the smelting and silver refining process.

b) Geographical Segment

The Geographical segments considered for disclosure are as follows:

- Revenue within India includes sales to customers located within India and earnings in India.

- Revenue outside India includes sales to customers located outside India and earnings outside India.

b) For hedging commodity related risks :-

Zinc forwards / futures sale for 12,150 MT (FY2011:4,925 MT)

Lead forwards / futures sale for 1,550 MT (FY2011: Nil)

Silver forwards / futures sale for 42,740 OZ (FY2011: Nil)

c) All derivative and financial instruments acquired by the Company are for hedging purposes.

d) Unhedged foreign currency exposure

Intangible assets represents Rs 98.41 Crores (FY2011 : Rs 98.41 Crores) being long-term investment in equity shares of Andhra Pradesh Gas Power Corporation Limited, Hyderabad, which entitles the Company to draw power in Andhra Pradesh for its Vishakapatnam unit. This has been amortised as a fixed asset. Amortisation for the year is Rs 4.67 Crores (FY2011 : Rs 4.67 Crores.), cumulative Rs 51.72 Crores (FY2011 : Rs 47.05 Crores).

The Company is an early adopter of Accounting Standard 30 - Financial Instruments: Recognition and Measurement effective April 1, 2007. Coterminous with this, in the spirit of complete adoption, as have been announced by the ICAI, the Company has also implemented the consequential limited revisions in view of AS-30 to certain Accounting Standards.

Accordingly, current investments which under AS-13 Accounting for Investments are carried at the lower of cost and fair value, have been accounted for at fair value resulting in investment being valued at Rs 268.44 Crores (FY2011 Rs 248.73 Crores) above their cost and the profit before tax for the year is higher by Rs 19.71 Crores (FY2011: higher by Rs 143.72 Crores).

Exceptional item represents the amount incurred on Voluntary Retirement Scheme in respect of Zinc, Lead and Silver segment.

The disclosures relating to Micro ,Small and Medium Enterprises has been furnished to the extent such parties have been identified on the basis of the intimation received from the suppliers regarding their status under the Micro, Small and Medium Development Act, 2006 (the Act). There is no interest paid/payable as at March 31, 2012

The Revised Schedule VI has become effective from April 1, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.


Mar 31, 2011

1. Contingent Liability: (Rs. in Crores)

As at 31st March As at 31st March 2011 2010

Claims against the Company not acknowledged as debts (Matters pending in court/ arbitration. No cash out flow is expected in future)

- Suppliers and contractors 64.59 60.62

- Employees, ex-employees and others 19.93 12.83

- Land Tax 0.27 0.27

- Mining cases 333.90 333.90

Guarantees issued by the banks

(Bank guarantees are provided under legal/contractual obligation.

No cash out flow is expected in future) 46.02 27.91

Sales tax demands

(This pertain to disputes in respect of tax rate diference/classifcation, stock transfer matters. No cash out flow is expected in future) 34.78 37.02

Income tax

(No cash out flow is expected in future) 556.86 396.64

Excise Duty demands

(This pertain to Modvat/Cenvat credit availed on inputs, capital goods, alleged duty demand on captive use of the goods.

No cash out flow is expected in future) 71.19 49.09

Bills Discounted

(No cash out flow is expected in future) 345.11 105.81

Claim for compensation (CLZS land) Not ascertainable Not ascertainable

2. Estimated amount of contracts remaining to be executed on capital account not provided for Rs. 643.64 Crores (2010: Rs. 470.40 Crores)

3. The Company has export obligations of Rs. 360.00 Crores (2010 : Rs. 465.37 Crores) against the import licenses taken for import of capital goods under Export Promotion Capital Goods & Advance License Scheme.

4. The title deeds are still to be executed in respect of 10.63 acres of freehold land at Vishakapatnam.

5. Joint Venture :

a. The Company has access upto 31.5 million tonnes of coal as a partner in the joint venture “Madanpur South Coal Company Limited” where it holds 18.05% of ownership interest (2010 : 18.05%).

6. Matured fixed deposits of Rs. 0.08 Crore (2010: Rs. 0.08 Crores) due for transfer to Investor Education and Protection Fund have not been transferred in view of pending legal litigation between the beneficiaries.

7. Long-term Incentive Plan (LTIP)

The Company offers equity-based award plans to its employees, officers and directors through its parent, Vedanta (The Vedanta Resources Long-term Incentive Plan (the “LTIP”).

The LTIP is the primary arrangement under which share-based incentives are provided to the defined management group. The maximum value of shares that can be awarded to members of the defined management group is calculated by reference to the balance of basic salary and share-based remuneration consistent with local market practice. The performance condition attaching to outstanding awards under the LTIP is that of Vedantas performance, measured in terms of Total Shareholder Return (“TSR”) compared over a three year period with the performance of the companies as defined in the scheme from the date of grant.

Under this scheme, initial awards under the LTIP were granted in February 2004 with further awards being made in June 2004, November 2004, February 2006, November 2007, August 2009, January 2010, July 2010, October 2010 and January 2011. The awards are indexed to and settled by Vedanta shares. The awards provide for a fixed exercise price denominated in Vedantas functional currency at 10 US cents per share, the performance period of each award is three years and the same is exercisable within a period of six months from the date of vesting beyond with the option lapse. Under the scheme, Vedanta is obligated to issue the shares. Further, in accordance with the terms of agreement between Vedanta and SIIL, the grant date fair value of the awards is recovered by Vedanta from SIIL.

Amount recovered by Vedanta and recognised by the Company in the statement of income for the financial year ended 31 March 2010 and 2011 was Rs. 11.14 Crores and Rs. 15.52 Crores respectively. The Company considers these amounts as not material and accordingly has not provided further disclosures.

8. Employee benefits Long-term

(a) Defined Contribution Plans: Provident Fund and Family Pension Scheme

The Company ofers its employees benefts under defned contribution plans in the form of provident fund and family pension scheme. Provident fund and family pension scheme cover all employees on roll. Contributions are paid during the year into separate funds under certain statutory/fduciary type arrangements. While both the employees and the Company pay predetermined contributions into the provident fund, the contribution to family pension fund is made only by the Company based on prescribed rules of family pension scheme. The contributions are based on a fixed percentage of the employees salary prescribed in the respective scheme.

15. Intangible assets represents Rs. 98.41 Crores (2010 : Rs. 98.41 Crores) being long-term investment in equity shares of Andhra Pradesh I Gas Power Corporation Limited, Hyderabad, which entitles the Company to draw power in Andhra Pradesh for its Vishakapatnam I unit. This has been amortised as a fixed asset. Amortisation for the year is Rs. 4.67 Crores (2010 : Rs. 4.67 Crores.), cumulative I Rs.47.05 Crores (2010 : Rs. 42.38 Crores).

16. Arising from the Announcement of the Institute of Chartered Accountants of India (ICAI) on 29 March 2008, the Company I has, since 2007-08, chosen to early adopt Accounting Standard (AS) 30, Financial Instruments: Recognition and Measurement. I Coterminous with this, in the spirit of complete adoption, as have been announced by the ICAI, the Company has also implemented I the consequential limited revisions in view of AS-30 to certain Accounting Standards.

Accordingly, current investments which under AS-13 Accounting for Investments are carried at the lower of cost and fair value, I have been accounted for at fair value resulting in investment being valued at Rs. 248.73 Crores (2010 : Rs. 105.01 Crores) above their I cost and the profit before tax for the year is higher by Rs. 143.72 Crores (2010 : higher by Rs. 0.60 Crore).

17. Exceptional item represents the amount incurred on Voluntary Retirement Scheme in respect of Zinc, Lead and Silver segment.

18. Previous years figures have been regrouped and rearranged, wherever necessary.


Mar 31, 2010

1. Contingent Liability: (Rsincrore)

As at As at

31/03/2010 31/03/2009

Claims against the company not acknowledged as debts (Matters pending in court/arbitration. No cash out flow is expected in future) -Suppliers and contractors 60.62 40.11 -Employees, ex-employees and others 12.83 16.37 -Land Tax 0.27 0.27

Guarantees issued by the banks (Bank guarantees are provided under legal/contractual obligation. No cash out flow is expected in future) 27.91 25.91

Sales tax demands (This pertain to disputes in respect of tax rate difference/classification, stock transfer matters. No cash out flow is expected in future) 37.02 26.45

Income tax (No cash out flow is expected in future) 396.64 IO6.76

Excise Duty demands (This pertain to

Modvat/Cenvat credit availed on inputs, capital

goods, alleged duty demand on captive use of

the goods. No cash out flow is expected

in future) 49.09 46.52

Bills Discounted (No cash out flow is

expected in future) 105.81 20790

Claim for compensation (CLZS land) Not ascertainable Not

ascertainable

2. Estimated amount of contracts remaining to be executed on capital account not provided for Rs 470.40 crore (2009: Rs 1492.31 crore).

3. The Company has export obligations of Rs 465.37 crore (previous year Rs 460.41 crore) against the import licenses taken for import of capital goods under Export Promotion Capital Goods & Advance License Scheme.

4. The title deeds are still to be executed in respect of IO.63 acres of freehold land at Vishakapatnam.

5. Additions to fixed assets and year end capital work in progress include Foreign Exchange loss Rs nil crore (2009: Rs 2.83 crore).

6. During the year,Company has borrowed money byway of commercial paper, the amount outstanding as at March 31,2010 is Rs nil (2009: Rs nil) and maximum amount raised at anytime during the year is Rs 500 crores (2009: Rs nil).

7. Matured fixed deposits of Rs 0.08 crore (2009: Rs 0.08 crore) due for transfer to Investor Education and Protection Fund have not been transferred in view of pending legal litigation between the beneficiaries.

8. Long Term Incentive Plan (LTIP)

Ultimate Parent company (Vedanta Resources pic or Vedanta) of the Company offers equity-based award plans to its employees, officers and directors based on the performance conditions as set out in the scheme. The performance condition attached to outstanding awards under the LTIP is that of Vedantas performance, measured in terms of Total Shareholder Return (TSR) compared over a three year period or such period as the Board of Vedanta may determine with the performance of the companies as defined in the scheme from the date of grant. Under this scheme, initial awards under the LTIP were granted in February 2004 with further awards being made in June 2004, November 2004, February 2006, November 2007, February 2009,August 2009 and January 2010.

The fair values were calculated using a Monte Carlo model with suitable modifications to allow for the specific performance conditions of the LTIP. The inputs to the model include the share price at date of grant, exercise price, expected volatility, expected dividends and the risk free rate of interest. A progressive dividend growth policy is assumed in all fair value calculations. Expected volatility has been calculated using historical share prices over the period to date of grant that is commensurate with the performance period of the option. The share prices of the mining companies in the Adapted Comparator Group have been modelled based on historical price movements over the period to date of grant which is also commensurate with the performance period for the option. The history of share prices is used to determine the volatility and correlation of share prices for the companies in the Adapted Comparator Group and is needed for the Monte Carlo simulation of their future TSR performance relative to the Companys TSR performance. All options are assumed to be exercised six weeks after vesting.

The awards are indexed to and settled by Vedanta shares. The awards provide for a fixed exercise price denominated in Vedantas functional currency at 10 US cents per share. Vedanta is obligated to issue the shares. In accordance with the terms of agreement between Vedanta and Sterlite Industries (India) Ltd (Sterlite), the grant date fair value of the awards is recovered by Vedanta from Sterlite. Accordingly, Sterlite, on the basis of fair value of options granted to the Company employees charged a proportionate cost to the Company in the amount of Rs 11.14 Crores (Previous Year Rs 1979 Crores) which is charged to the Profit & Loss Account under the head Employee remuneration and benefits.

The ultimate parent Company Vedanta has obtained an overall valuation of the options granted by it to Sterlite group. Hence the information related to options granted to the eligible employees of the Company is not readily available and accordingly the movement in options have not been disclosed.

9. Employee Benefits

Long Term

a) Defined Contribution Plans: Provident Fund and Family Pension Scheme

The Company offers its employees benefits under defined contribution plans in the form of provident fund and family pension scheme.

Provident fund and family pension scheme cover all employees on roll. Contributions are paid during the year into separate funds under certain statutory/fiduciary type arrangements. While both the employees and the Company pay predetermined contributions into the provident fund, the contribution to family pension fund is made only by the Company based on prescribed rules of family pension scheme. The contributions are based on a fixed percentage of the employees salary prescribed in the respective scheme.

The Companys provident fund is exempted under section 17 of Employees Provident Fund Act, 1952. Conditions for grant of exemption stipulates that the employer shall make good deficiency, if any, in the interest rate declared by Trust over statutory limit. Having regard to the assets of the Fund and the return in the investments, the Company does not expect any deficiency in the foreseeable future.

The Guidance on implementing AS 15 (revised 2005) issued by the Accounting Standards Board states that benefit plans involving employer established provident funds, which require interest shortfall to be recompensed are to be considered as defined benefit plan. Pending the issuances of the guidance note from the actuarial society of India, the Companys actuary has expressed an inability to reliably measure provident fund liabilities. Accordingly the Company is unable to exhibit the related information.

b) Defined benefit plans: Gratuity

The Company offers its employees, defined benefit plans in the form of gratuity schemes. Gratuity Scheme covers all employees as statutorily required under Payment of Gratuity Act 1972. The Company has constituted a trust(s) recognised by Income Tax authorities for gratuity to employees. The Company contributes funds to Life Insurance Corporation of India. Commitments are actuarially determined at the year end. The actuarial valuation is done based on Projected Unit Credit method. Gains and losses of changed actuarial assumptions are charged to the profit and loss account under the head Personnel Costs.

The details of experience adjustments arising on account of plan assets and plan liabilities as required by paragraph 120(n)(ii) of AS 15 (Revised) on Employee Benefits are not readily available in the valuation statement for the year 2007-08 received from Charan Gupta Consultants Pvt Ltd. and hence, are not furnished.

(iii) Note:

a) Business Segment:

The Company is engaged in the business of mining and smelting of zinc, lead & silver operations. The company has also entered into wind energy business; however, its operations for the year are within the threshold limits stipulated under AS-17Segment Reporting and hence it does not require disclosure as a separate reportable segment. In the previous year, the Company operated in a single segment of mining and smelting of zinc and lead operations.

b) Geographical Segment

The Geographical segments considered for disclosure are as follows:

-Revenue with in India includes sales to customers located within India and earnings in India.

- Revenue outside India includes sales to customers located outside India and earnings outside India.

Note: 1 represents transaction with Sterlite Opportunities and Ventures Limited

2 represents transaction with Sterlite Industries (India) Limited

3 represents transaction with Bharat Aluminium Company Limited and SESA Goa Ltd

10. Intangible assets represents Rs 98.41 crore (2009: Rs 98.41 crore) being long term investment in equity shares of Andhra Pradesh Gas Power Corporation Limited, Hyderabad, which entitles the company to draw power in Andhra Pradesh for its Vishakapatnam unit. This has been amortised as a fixed asset. Amortisation for the year is Rs 4.67 crore (2009: Rs 4.67 crore.), cumulative Rs 42.38 crore (2009: Rs 3771 crore).

11. Arising from the Announcement of the Institute of Chartered Accountants of India (ICAI) on 29 March 2008, the Company has chosen to early adopt Accounting Standard 30, Financial Instruments: Recognition and Measurement. Coterminous with this, in the spirit of complete adoption, the Company has also implemented the consequential limited revisions in view of AS-30 to certain Accounting Standards as have been announced by the ICAI. Consequent to this adoption, current investments which under AS-13 Accounting for Investments are carried at the lower of cost and fair value, have been accounted for at fair value resulting in investment being valued at Rs 105.01 crore (2009 Rs 10441 crore) above their cost and the profit before tax being higher by Rs 0.60 crore (2009 lower by Rs 24743 crore).

12. The disclosures relating to Micro, Small and Medium Enterprises has been furnished to the extent such parties have been identified on the basis of the intimation received from the suppliers regarding their status under the Micro, Small and Medium Development Act, 2006 (the Act). There is no interest paid/payable as at 31 March 2010

SNo. Particulars 2010 2009

1 Amount Outstanding 4.76 0.32

2 Interest Outstanding

13. Previous years figures have been regrouped and rearranged, wherever necessary.

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