CONTENTS Proxy Form 65

As at31st March, 2008As at31st March, 2007In Rs.In Rs.Travelling and Conveyance 5,231,268 3,317,049Testing Expenses 1,305,400 2,380,077Freight Charges on testing of Iron Ores 1,061,294 6,037,749Legal, Professional & Consultancy Charges 31,103,227 16,418,631Power and Fuel 327,487 446,901Commuincation Expenses 803,776 444,734Printing and Stationary 657,599 98,912Bank Charges 126,931 98,179Depreciation 1,087,142 134,178Rent 2,018,334 394,600Office Expenses 2,823,588 1,808,898Finance Cost:Interest on Loan 125,417 -Discounting Charges 24,692,741 -Capex L.C. Charges 33,749,780 -Bank Charges, Commission, management fees & others 83,200,243 -141,768,181 -Dredging expenses 95,506,974 -Guest House Expenses 683,527 -Miscellaneous Expenses 1,274,298 421,627304,337,150 40,049,533Add: Transfer Previous year Income to P&L 1,501,228 -Less: Transfer of Provision for Current Tax to P&L (505,313) -Less: Interest received from Scheduled Banks [Gross] (12,529,819) (1,501,228)Add : Provision for Current Tax - 505,313292,803,246 39,053,618Add: Balance brought forward from previous year 39,053,618 -[C] 331,856,864 39,053,618Total Capital Work In Progress [A]+[B]+[C] 1,683,811,694 285,254,376Schedule 5 : Cash and Bank BalancesCash on hand 4,366 115,337Balances with scheduled banks:On current accounts 467,031,463 1,740,254On Term deposit accounts 510,750,000 44,300,000On Margin Money deposit accounts 433,752,900 -1,411,538,729 46,155,591Schedule 6 : Other Current AssetsInterest Accrued on Bank Deposits 11,013,716 66,02111,013,716 66,021Schedule 7 : Loans and Advances(Unsecured, considered good unless otherwise stated)Advances recoverable in cash or in kind or for value to be received 20,429,229 396,338Amount due from Essar Project Management Consultants Limited[Maximum amount outstanding during the year of Rs. 9,700,000 /-(Previous year Nil)] 9,700,000 -Advance Tax - TDS (Net of Provision for Tax) 1,193,946 -31,323,175 396,338Schedule 8 : Current LiabilitiesSundry Creditors:Dues to Micro, Small and Medium Enterprises (Refer Note F of Schedule 10) - -Due to Others 27,440,611 194,253,438Advances from Customers 4,000,000 4,000,000Interest accrued but not due on acceptances and Buyer’s Credit 24,818,158 -Other Liabilities 6,722,545 1,674,06962,981,314 199,927,507Schedule 9 : ProvisionsProvision for Income Tax (Net of Advance Tax Rs.5,061,855) - 399,221Provision for Gratuity (Refer Note K of Schedule 10) 179,734 114,911Provision for Leave Encashment 153,332 128,676333,066 642,80851