File_2012_Document1

208 Jindal Steel & Power LimitedBusiness Leadership Sustainable Operations Excellent Governance Robust FinancialsAnnual Report 2011-12209ConsolidatedNOTES to the consolidated financial statements as at and for the year ended 31st March, 2012 NOTES to the consolidated financial statements as at and for the year ended 31st March, 20122. Material transactions with Key Management PersonnelName of RelatedPartyJSWSteel Ltd.MumbaiJSWEnergyLimitedJSWSteel Ltd.BellaryJindalStainlessLtd.JindalSawLimitedJindalRealityPvt. Ltd.TriShaktiRealEstate Pvt.LimitedMineralsManagementService(India) Pvt.Ltd.(` in Crore)IndiaFlysafeAviationLimitedRelationshipYearPurchase of2011-12 19 - 7.72 6.37 4.35 - - - -Goods/Services 2010-11 11.13 - 1.86 10.17 0.17 - - - -Sale of Goods 2011-12 0.65 3.61 233.51 33.52 797.06 0.19 - - -2010-11 - 6.63 279.97 37.04 569.07 - - - -Rendering of 2011-12 - - - 0.04 0.51 0.79 - - -services2010-11 - - - - - 1.36 - - -Other advances 2011-12 - - - - - - - - (18.47)given/(taken) 2010-11 - - - - - 22.05 10.13 - -Security Deposit 2011-12 - - - - - - - 50.00 -Given2010-11 - - - - - - - - -Interest received 2011-12 - - 0.55 - - 35.9 2.94 - -2010-11 - - 0.45 - - 27.45 1.41 - -Interest paid 2011-12 - - - - - - - - -2010-11 - - - - - - - - -Dividend Received 2011-12 - - - - - - - - -2010-11 - - - - - - - - -Lease Rent2011-12 - - - - - - - - 3.00Received2010-11 - - - - - - - - 3.00Hire Charges Paid 2011-12 - - - - - - - - 27.292010-11 - - - - - - - - 22.09Inter-corporate 2011-12 - - - - - - 8.64 - -deposits given 2010-11 - - - - - - - - -Inter-corporate 2011-12 - - - - - -33.04 - - -deposits repaid/adjusted2010-11 - - - - - - - - -3. Material transactions with Key Management Personnel(` in Crore)Year Shri NaveenJindalShri VikrantGujralShri AnandGoelShri NaushadAkhter AnsariShri ParasGoelShri A.K.MukherjeeRemuneration 2011-12 73.42 2.98 2.46 1.02 0.24 -2010-11 67.21 5.97 3.63 0.30 0.18 0.65Loans and 2011-12 0.18 0.01 0.50 - - -advances given2010-11 0.18 - - - - -39 Disclosure as per CLAUSE 32 of Listing AgreementLoans and Advances in the nature of Loans given to Subsidiaries, Associates and Others:(` in Crore)Name of the Company Relationship Amount Outstanding MaximumbalanceAs at31st March, 2012As at31st March, 2011Outstandingduring the yearFB Infra private Ltd Associate 7.22 - 7.22Notes :a) All the above loans and advances are interest bearing.b) None of the loanees have, per se, made investments in shares of the Company.40 Financial and Derivative Instruments:a) Derivatives contracts entered into by the Company and outstanding as on 31st March, 2012, for hedging currency andinterest rate related risks:Nominal amounts of derivative contracts entered into by the Company and outstanding is ` 3,764.70 crore (Previous year` 3,205.86 crore). Category wise break-up is given below:(` in Crore)Current Year Previous YearInterest rate Swaps 217.74 483.95(USD equivalent (USD equivalent40.88 Million) 108.38 Million)Options 47.94 93.76(USD 9.00 Million) (USD 21 Million)Forward Contracts 3,499.02 2,628.15(USD equivalent700.63 Million)(USD equivalent570.39 Million)b) The principal component of foreign currency loans/debts not hedged by derivative instruments amount to ` 2,248.22 crore(Previous year ` 2,087.81 crore) which in respective currencies is as under:Current Year Previous YearUS Dollars 138.54 Million 142.85 MillionJapanese Yen 19,577.87 Million 20,810.18 MillionEuro 46.42 Million 51.51 Millionc) In accordance with the accounting policy on financial derivative instruments, during the year, the Company has recognisedmark to market losses of ` 41.03 crore (Previous year ` 21.62 crore).