The Company has only one class of equity shares having a per value of Rs.10 par share. Each holder of equity share is entitled to one vote per share and ranks Pari-pasu.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company after settlement of all outside liabilities. The distribution will be in proportion to the number of equity shares held by the shareholders.

(a) Balances with banks includes Fixed deposits under lien for Bank Guarantees of Rs. 46,00,000/- issued to Central Coalfields Ltd. and Rs.82,08,000/- to The Singareni Collieries Co. Ltd. (Previous Year Rs.1,02,16,000/-).

(b) Balances with banks in deposit accounts include deposits under lien of Rs.8,50,00,000/- (previous year Rs.8,50,00,000/-)to the HDFC Bank Ltd. as security against overdraft facility provided by the said bank against the aforesaid Fixed Deposits.

(c) Balances with banks include deposits of Rs.12,01,31,888/- (previous year Rs 11,08,42,966/- ) having original maturity of 12 months or more.

2 .Lease:

The Company has leased its RLHG/LPG Bottling Plant in the WBIIDC land located at ULUBERIA, Howrah, (W. Bengal) along with all existing building, structures and equipment, storage bullets, piping etc. situated on the same land and the plant and equipment and other immovable assets with effect from 21.3.2000. The Lease Period has been renewed for a period of 3 years from 01.04.2013 to 31.03.2016. The requirement of disclosure under AS 19 in respect of Lease is not applicable as it came into effect in respect of asset leased during accounting periods commencing on or after 01.04.2001 only.

3 . During the year, in terms of accounting standard AS-28 issued by the Institute of Chartered Accountants of India on 'Impairment of Assets', the company has determined that there was impairment loss in respect of its assets amounting to Rs. 1,85,037/- which has been charged in the Profit & Loss Account.

4 . Contingent Liabilities:

a) Bank Guarantees issued by the HDFC Bank in favour of Third Parties as follows:

i) Bank Guarantee No.014GT01133450003 dated 11.12.2013 for Rs.46,00,000/- issued in favour of Central Coal Fields Ltd. against which the company has pledged/ created lien on it fixed deposits with the HDFC Bank Ltd.

ii) Bank Guarantee No.GTEE/304557 dated 29.04.2014 for Rs.56,16,000/- issued in favour of The Singareni Collieries Co, Ltd. against which the company has pledged/ created lien on it fixed deposits with the HDFC Bank Ltd.

iii) Bank Guarantee No.GTEE/304734 dated 16.05.2014 for Rs.25,92,000/- issued in favour of The Singareni Collieries Co, Ltd. against which the company has pledged/ created lien on it fixed deposits with the HDFC Bank Ltd.

b) Claims not acknowledged by company are as under:-

                                            2014-15        2013-14
                                              (Rs.)          (Rs.)

(1)  VAT on Coal Purchase                  15,08,910       15,08,910
(net of payment)

(3)  CENVAT on capital goods
(net of payment)                           12,14,662       12,14,662

5 . The balances of debtors and creditors are subject to confirmation by the parties.

6 . Estimated amount of contracts remaining to be executed on Capital Accounts and not provided for(net of advance payment) Rs. Nil (Previous year Rs.Nil )

7 . Deposits include National Savings Certificates and Post Office Savings Deposit pledged with:

(i) Commercial Tax Authorities Rs.10, 000/- (Previous year Rs.10, 000/-)

(ii) Mining Licensing Authorities Rs.105, 000/- (Previous year Rs.105, 000/-)

8. There is decline other than temporary, in the value of one long term investment in Equity share, therefore the resultant reduction of Rs. 3,41,600/- in the carrying amount is charged to the profit & loss account as per AS-13.

9 . No interest has been paid/or is payable by the Company during the year to the "Suppliers" covered under the micro Small and Medium Enterprises Development Act, 2006. To the extent information available with the company, none of the suppliers were covered under the provisions of Micro Small and Medium Enterprises Development Act, 2006.

10 . Effective March, 2011; M/s. Central Coalfields Ltd., Ranchi, had increased the price of 'B' Grade coal by whopping approx. 130% overnight in one stroke resulting in the aforesaid coal becoming absolutely unviable and uneconomical for the production of Sponge Iron at Company's Sponge Iron Plant located at Jamshedpur. Accordingly, the Company had made several requests and representations, verbally and in writing to them with a request to supply Grade 'C' coal or lower grade of coal whose price increase was only 30% but Central Coalfields Ltd. most arbitrarily and illegally refused such valid requests of the company. Being highly aggrieved by this most illegal, unjustified, arbitrary and discriminatory act ; the Company had taken legal action against Central Coalfields Ltd. (CCL) in the Hon'ble High Court at Ranchi and that matter is under hearing and adjudication. As the Company suffered heavy losses for non- supply of coal by CCL, despite having provided them with Bank Guarantees of Rs.46,00,000/- and Coal advance amount of Rs.1,14,30,107/-; it got entitled for compensation from Central Coalfields Ltd. as per Clause No . 4.5 to 4.8 of FSA dated 29.04.2008 entered with them and also based on law of equity and justice and it accordingly raised on CCL a Compensation Bill of Rs. 99.45,450/- for accounting year 2011-12 and Rs. 99,45,450/- for accounting year 2012-13 along with an Interest amount of Rs. 6,86,644/- receivable on the said compensation amount and an Interest Bill of Rs. 45,33,763/- on Company's purchase advance amount of Rs. 1,14,30,107/- lying with them. Upon refusal by Central Coalfields Ltd. to pay the aforesaid compensation and interest amounts; the Company has filed legal suits against the Central Coalfields Ltd. at Hon'ble High Court at Ranchi and the said suits are pending for hearing and adjudication. Since the matter is subjudice; the Company will account for the aforesaid compensation and interest amount being legitimately receivable from Central Coalfields Ltd. on actual receipt basis after the final verdict is announced by the Hon'ble High Court at Ranchi and/or higher courts. The company has claimed further interest on the above accounts for the subsequent years and the total of such cumulative amounts stand at Rs.2,05,89,480/- as on 31.3.2015 and the same shall be accounted for on receipt basis.

11 . In accordance with Accounting Standard 19 on 'Leases' as notified under the Companies (Accounting Standards) Rules 2006 the following disclosures in respect of operating leases are made.

The Company has taken factory land premises at Adityapur from Adityapur Industrial Area Development Authority under operating lease on 11.03.99 for a period of 90 years.

12 Depreciation on Fixed Assets in the current year calculated and based on the method as prescribed in Schedule II of the Companies Act,2013 is Rs.67,45,638/-. However if depreciation was calculated based on earlier method prescribed in Schedule XIV of the previous Company's Act,1956 the amount of depreciation chargeable to Profit & Loss Account would have been Rs. 1,11,38,919. Therefore the difference arising due to the change in the method of depreciation is Rs. 43,93,281 and to that extent loss for the financial year under review is understated.

13 During the financial year ended 31.3.15, the company has provided unsecured inter corporate loans to M/s Consortium Capital Pvt. Ltd. & Limtex (India) Ltd. for their Working Capital needs but such loans have not exceeded the limits prescribed u/s 186 of the Companies Act, 2013. Beside these; the company has not provided loans to any other person or made any investments or given any kind of guarentee to or on behalf of any person.

14 The revised schedule III to the Companies Act, 2013 has become effective for preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Accordingly, the figures for the previous year have been re-classified, wherever necessary to conform with the current year's classification.