The Company has only one class of Equity Shares having a par value of Rs. 10/- per share. Each shareholder is eligible for one vote per share held and in case of poll, the voting rights of every member shall be in proportion to his shares of the paid-up Equity Share capital of the Company.

2. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

3. 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.

4. Working Capital Term Loan (WCTL) :

Upon implementaion of the CDR Package (Refer Note 28), the overdrawn portion of the Cash Credit Accounts of the Company has been carved out into separate Working Capital Term Loans (WCTL).

5. Funded Interest Term Loan (FITL) :

Upon implementaion of the CDR Package (Refer Note 28), funding of interest has been provided for:

* Interest on existing term loans for a period of 24 months from the Cut-Off Date i.e from February 01, 2014 to January 31, 2016;

* Interest on WCTL for a period of 24 months from the Cut-Off Date i.e from February 01, 2014 to January 31, 2016;

* Interest on residual cash credit limit for a period of 9 months from the Cut-Off Date i.e February 01, 2014 to October 31, 2014

6. Nature of Security :

(i) In terms of the CDR package, Project Term Loans, Working Capital Term Loans, Funded Interest Term Loans and Working Capital Loan (Refer Note 8) are pooled together and secured as under:

7. First pari-passu charge on fixed assets by way of equitable mortgage of the land & building / shed along with all movable and immovable plant & machinery and other fixed assets thereon at Chhatna Dist. Bankura.

8. First pari-passu charge on the entire Current Assets of the Company comprised of stock of raw materials, semi finished and finished goods and book debts, outstanding moneys, receivables, both present and future pertaining to the Company's manufacturing units/divisions at Chhatna Dist. Bankura.

9. Collateral Security equitable mortgage on office space at 20A Thacker House 35, C. R. Avenue, Kolkata standing in the name of Sarita Patni & Corporate office of the group at SKP House, 132A, S.P. Mukherjee Road, Kolkata - 700 026 being 1st, 2nd, 3rd and 5th Floor, standing in the name of M/s. Marble Arch Properties Pvt. Ltd. on pari passu basis.

10. Personal guarantee of Promoters / Director - Mr. Suresh Kumar Patni, Mr. Rohit Patni, Mr. Ankit Patni & Mrs. Sarita Patni.

11. Corporate guarantee of the group companies - M/s. Vasupujaya Enterprises Pvt. Ltd., M/s. Poddar Mech Tech Services Pvt. Ltd., M/s. Suanvi Trading & Investment Co. Pvt. Ltd., M/s. Sarita Steel & Power Ltd., M/s. Marble Arch Properties Pvt. Ltd. & pledge of 8,11,80,000 shares of Company in the name of promoters & group associates.

12. Loans against Vehicle amounted to Rs. 10.77 Lacs are repayble by way of Equated Monthly Installments subsequent to taking of such loan. The original period of such loans is 3 yrs out of which Rs. 9.27 Lacs is payable in the next financial year & it is treated as a current liablities (Refer Note No. 6).

13. During the year, at the request of the Company - Ankit Metal & Power Limited, the Corporate Debt Restructuring Proposal (CDR Proposal) was referred to CDR Empowered Group (CDR EG) by the consortium of lenders led by State Bank of India (SBI). The CDR Proposal as recommended by SBI was approved by CDR EG on September 9, 2014 and communicated vide Letter of Approval dated 17th September, 2014, as amended / modified from time to time. Under CDR package, the Company's debts were restructured / rescheduled and additional credit facilities have been sanctioned as set out in the said Letter of Approval. The cut off date for CDR package is February 01, 2014. Upon implementation, the financial effect thereof has been taken into accounts w.r.t. the said CDR scheme as per the said LOA. The said accounts are subject to confirmation and reconciliation with the lenders.

14. The CDR Package includes reliefs / measures such as reduction in interest rates, funding of interest, rearrangement of securities etc. The key features of the CDR Proposal are as follows:

15. Repayment of Rupee Term Loans (RTL) after moratorium of 2 years from the cut-off date in 32 structured quarterly installments commencing from April 30, 2016 to January 31, 2024.

16. Conversion of various irregular/outstanding/devolved financial facilities into Working Capital Term Loan ('WCTL'). Repayment of WCTL after moratorium period of 2 years from cut-off date in 32 structured quarterly installments commencing from April 30, 2016 to January 31, 2024.

17. Restructuring of existing fund based and non fund based financial facilities.

18. Interest on RTL and WCTL during the moratorium period of 2 years from cut-off date and interest on Cash Credit limit for a period of 9 months from the cut-off date shall be converted to FITL. Repayment of FITL would be done in 20 structured quarterly installments commencing from April 30, 2016 to January 31, 2021.

19. The rate of interest on PTL, WCTL, FITL and Fund Based Working Capital Facilities shall be 11% (linked to the base rate of SBI) with the right to reset the rate of the Term loan(s) and FITL every year with the approval of CDR-EG.

20. Waiver of penal interest for irregularities in the Cash Credit accounts for the period from cut-off date to the date of implementation of the package.

21. Contribution of Rs. 3,807 Lacs in the Company by the promoters in lieu of bank sacrifices of Rs. 12,690 Lacs to meet the additional cost of the Company. The contribution is to be brought initially in the form of unsecured loan and the same is to be converted into equity.

22. The CDR Package as well as the provisions of the Master Circular on Corporate Debt Restructuring issued by the Reserve Bank of India, gives a right to the CDR Lenders to get a recompense of their waivers and sacrifices made as part of the CDR Proposal. The recompense payable by the Company is contingent on various factors, the outcome of which currently is materially uncertain and hence the proportionate amount payable as recompense has been treated as a contingent liability. The aggregate present value of the outstanding sacrifice made/ to be made by CDR Lenders as per the CDR package is approximately Rs. 48,176 Lacs.

23. Contingent Liabilities not provided for in the books of Accounts :

a) In respect of Letter of Credit amounting to Rs. NIL Lacs (P.Y.- Rs. 16,310.00 Lacs) & Bank guarantee amounting to Rs. 539.20 Lacs ( P. Y. Rs. 482.20 Lacs).

b) Right to Recompense to CDR Lenders for the relief and sacrifice extended, subject to provisions of CDR Guidelines, amounting to Rs. 4,440.00 Lacs.

c) Relating to Assessment year 2006-07, 2009-10 & 2012-13 a demand of Rs. 21.11 Lacs, Rs. 25.28 Lacs & Rs. 6,692.78 Lacs was raised by the Income Tax Department against which the Company has filed an application with respective department. An amount of Rs. 16.10 Lacs was paid under protest relating to A.Y 2006-07.

d) Relating to Earlier Financial years a demand of Rs. 384.70 Lacs (PY Rs. 186.98 Lacs) were raised by the CESTAT department against which appeal has been filed by the Company. The Company has paid Rs. 50.00 Lacs under protest.

e) Relating to Financial year 2005-06,2006 -07, 2007-08, 2008-09, 2009-10, 2011-12 a demand of Rs. 222.89 Lacs, Rs. 917.91 Lacs, Rs. 358.16 Lacs, Rs. 2,127.7 Lacs, Rs. 37.28 Lacs & Rs. 446.29 Lacs respectively were raised by the Sales Tax department against which appeal has been filed by the Company.

f) (i) A Suit of Rs. 100 Lacs filed by Mr. Ram Krishna Mukherjee for recovery of outstanding money against coal supplied to the Company in the year 2011. The Company has opposed the suit on the ground of inferior quality.

(ii) In the year 2013 M/s. Mjunction filed a money suit for recovery of outstanding from the Company, amount being Rs. 0.40 Lacs. Hearing is under process.

g) The Ministry of Railway issued a Show Cause Notice in respect of Evasion of Freight on loading of Iron-ore at a concessional rate and the penalty on such thereof amounting to Rs. 5,697.90 Lacs. The Company has filed a writ petition in the High Court in the year 2013 for issuing an unjustified notice.

Interest of Rs. NIL (P. Y Rs. 2,643.72 Lacs) capitalised during the year as identified for acquisition & construction of qualifying assets and a sum of Rs. NIL (P. Y Rs. 1,059.03 Lacs) transferred to pre operative expenses as a borrowing cost.

Excise duty payable on Closing Stock on Finished Goods valued at Rs. 1,260.31 Lacs (P. Y Rs. 302.10 Lacs) included in Closing Stock of Finished Goods and effect on Excise duty on change in stock of Finished Goods shown under Other Expenses (Notes No. 27). Due to above, there is no effect on profitability of the Company for the year under review.

Certain balances of the Sundry Creditors, Sundry Debtors, Unsecured Loan and Advances are subject to confirmation and reconciliation.

In the opinion of the Board of Directors, the Current Assets and Loans & Advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the accounts.

24. INTEREST IN JOINT VENTURE

The Company has the following investment, in a jointly controlled entity:

Name of the Entity : M/s. SKP Mining Pvt. Ltd.

Country of Incorporation : India

Percentage of ownership interest : 50% as at 31st March, 2015 Percentage of ownership interest : NIL as at 31st March, 2014

The Company's interest in this Joint Venture is reported as Non-current investment (Refer Note 13) and is stated at cost (net of provision for other than temporary diminution in value). The Company's share of each of the assets, liabilities, income, expenses, etc (each without elimination of the effect of transactions between the Company and the Joint Venture) related to its interest in this joint venture, based on the audited financial statements are :

The Company's business activity primarily falls within a single business segment i.e. Iron & Steel business. However, the Company also generate power from its captive power plant, which is entirely consumed in Iron & Steel manufacturing unit without any sale to third party. The details of such unit generated are shown below. Hence, there are no additional disclosure to be made under AS - 17.

Particulars                                     31-10-2015

Unit Generated (KWH )                             1,347.32

A. Name of the Related Parties where control exists irrespective of whether transactions have occurred or not:-

A.1 Enterprise on which the company has control :

Nil

SKP Mining Pvt. Ltd.

A.2 Entities/Individuals owning directly or indrectly an interest in the voting power that gives them control :

Sarita Patni SBM Steels Pvt. Ltd.

Gajkarna Merchandise Pvt. Ltd.

Shubham Complex Pvt. Ltd.

Rellybulls Derivatives & Commodities Pvt. Ltd.

Narmada River Resources Pvt. Ltd.

A. B. Infratel Pvt. Ltd.

26. PARTICULARS ON REMITTANCES OF DIVIDEND IN FOREIGN CURRENCY

i Number of Non Resident Shareholders                 NIL

ii Number of Equity Shares Held by them               NIL

Previous year's figures have been regrouped/restated wherever necessary to conform with this year's classification.