PARTICULARS		31-3-2005		31-03-2004
		Rs.		Rs.
SCHEDULE - 1
SHARE CAPITAL
Authorised :
2,00,000  7.5% Cumulative Preference Share
of Rs. 100/- each		20000000		20000000
28,00,000     Equity Shares of Rs.100/- each		280000000		280000000
		300000000		300000000
Issued & Subscribed   & Paid up :
15,32,514     Equity Shares of Rs.100/- each		153251400		153251400
Total  :		153251400		153251400
SCHEDULE - 2
RESERVES AND SURPLUS
Capital Reserve
As per last Balance Sheet		661255		661255
		661255		661255
Research and Development Reserves
As per last Balance Sheet		5000000		5000000
		5000000		5000000
General Reserve
As per last Balance Sheet		1349999392		1109999392
Transfer from Profit and Loss Account		1160000000		240000000
		2509999392		1349999392
Profit & Loss Account
Balance of profit		6794226		2755401
TOTAL :
		2522454873		1358416048
PARTICULARS		31-3-2005		31-03-2004
		Rs.		Rs.
SCHEDULE - 4
INVESTMENTS
Shares of Rs. 5/- each fully paid
up of Co-operative Stores at Mines.		2500		2500
Shares of Rs. 25/- each fully paid
up of Co-operative Societies at Mines.		40300		40300
Shares of Rs. 10/- each fully paid
up of Co-operative Socities at Mines.		110560		110560
TOTAL :		153360		153360
NOTE :- 1.  Shares of the value of Rs. 0.03 lakh(Rs. 0.03 lakh) are in Co-operative
Stores, which are Unregistered.
2.  Shares, are unquoted and are at cost.
PARTICULARS		31-3-2005		31-03-2004
		Rs.		Rs.
SCHEDULE - 5
CURRENT ASSETS
(i)  Inventories :
Stock of  Raw material valued at cost		8900078		11687493
and certified by Management
Stock of Stores & Spares valued at cost	34021304
and certified by Management
Less provision for loss on	(304270)	33717034		33911877
sale of obsolete store and   spares
Stock in Transit at cost		152404		720494
Stock in trade at cost or Net
Realisable value whichever is less
and certified by Management
Stock in Trade		441585994		207131424
Work -In-Process		798870		500725
TOTAL :		485154380		253952013
ii)  Sundry Debtors
a)   Considered Good
Debts outstanding for period exceeding
6 months		1401266		9777892
Others		652340619		428663988
b)   Considered Doubtful		8125105		9380778
SUB TOTAL		661866990		447822658
Less :       Provision for doubtful debts		(8125105)		(9380778)
TOTAL :		653741885		438441880
iii) Cash & Bank Balances
Cash in Hand  - At Head Office		221986		181933
At Mines		1727714		3463442
Balance with Schedule Banks
(a)  In Fixed Deposits		1657047467		638109790
(b)  In Current Account		2912483		13528058
(c)  Surplus in Cash Credit Account		64974363		58194180
TOTAL		1726884013		713477403
iv)  Other current assets
Interest accrued on fixed & other Deposits		35367956		8314854
Sundry Receivable		5925126		5872575
TOTAL  :		41293082		14187429
GRAND TOTAL  :		2907073360		1420058725
NOTES :
I) Cash -in-hand includes Revenue Stamps and Postage  worth Rs. 7658/-(Rs. 5089/-) and
cheque worth Rs.Nil(Rs.9,75,000/-)
II) Fixed Deposits Receipt to the extent of Rs. 87.57 lakhs( 0.08 lakhs) are held  by
Bank/Govt.Deptt. meant for obtaining Bank Guarantee/Secutity.
PARTICULARS		31-3-2005		31-03-2004
		Rs.		Rs.
SCHEDULE - 6
LOANS AND ADVANCES
(Considered Good)
i)   Secured :
Loans to employees		17878261		19005307
ii)  Unsecured :
Advances to employees		5704774		5476065
Advances for purchase of stores,
Spares, Plant & Machinery & Land	9080975
Less Provision for doubtful  advance	597885	8483090		9825731
Advances to Contractors & others	9251648
Less Provision for doubtful recovery	79855	9171793		4028942
Claims Receivable	485184
Less Provision for doubtful claims	485184	0		0
Pre-Paid Expenses		4342504		3888519
Deposit with Railway, Electricity
Board and Others		33118780		32397924
Advance Payment of Income Tax (Net)		0		49545496
TOTAL :		78699202		124167984
NOTES:
1. (a)   Advances to Officers		6303		7664
(b)   Maximum Outstandings against		103000		54537
individual Officers during the year
2. (a)    Advances to Chairman-cum		0		0
Managing Director.
(b)   Maximum Outstanding during the year		200875		12000
3.    Deposits include interest bearing		28179676		3903530
deposits with MSEB & MPEB
PARTICULARS		31-3-2005		31-03-2004
		Rs.		Rs.
SCHEDULE - 7
CURRENT LIABILITIES
Sundry Creditors
I) SSI (Outstanding Rs. 1 lakh or more	423228
for more than 30 days)
ii) Others	86527109	86950337		72717300
Advance from Customers		71669123		40618613
Security Deposits from suppliers		38790366		32536237
contractors & others
Liabilities for expenses		472731060		266473830
Other liabilities		19392148		20708863
TOTAL :		689533034		433054843
SCHEDULE - 8
PROVISIONS
Proposed Dividend on Equity Share		91950840		45975420
Provision for Tax on dividend		12896106		5890601
Provision for unavailed leave		90148672		76011900
Provisions for Income Tax(Net)		8942330		0
Provision for Mines closure expenses		5177998		0
TOTAL :		209115946		127877921
PARTICULARS		31-3-2005		31-03-2004
		Rs.		Rs.
SCHEDULE - 9
SALES
i)   Sale of Manganese Ore		3412179360		1930054351
ii)  Sale of EMD		76525049		42493642
iii) Sale of Ferro Manganese		299053832		314876687
TOTAL		3787758241		2287424680
PARTICULARS		31-3-2005		31-03-2004
		Rs.		Rs.
SCHEDULE - 10
OTHER INCOME
Interest
On Deposits		68841659		25633487
On Advances		1762314		1514778
On Outstanding		5177008		15872146
On  Income Tax /Sales Tax refund		0		31627
Recoveries from employees
Rent		208485		235494
Electricity		2131291		1554427
School Bus		190504		183740
Sale of Scrap		2245360		2741419
Rent on Buildings		960000		370000
Reimbursement from Welfare		182296		46308
Commissioner
Miscellaneous income		2540181		2353603
Sales tax set off/Refund		4998186		1928174
SUB- TOTAL		89237284		52465203
Sale of Ferro Mn. Slag	4876417
Less: Excise duty	679854
Sale of Ferro Mn. Slag(Net of E.duty)		4196563		6074067
TOTAL		93433847		58539270
PARTICULARS		31-3-2005		31-03-2004
		Rs.		Rs.
SCHEDULE -11
PROVISIONS WRITTEN BACK
Prov. For doubtful debts		1255673		0
Provision for doubtful advances-suppliers		7817		0
Loss on obsolete stores		0		664115
VRS Provision		0		0
Un-availed leave		0		0
Excess of stores & spares		0		0
TOTAL :		1263490		664115
PARTICULARS		31-3-2005		31-03-2004
		Rs.		Rs.
SCHEDULE -12
ACCRETION/(DECRETION) TO STOCKS
(i)   Manganese Ore
Closing Stock		306944349		175428575
Less Opening Stock		(175428575)		(295414860)
		131515774		(119986285)
(ii)  EMD
Closing Stock		7719316		20112915
Less Opening Stock		(20112915)		(4477274)
(Stock includes work
in process)
		(12393599)		15635641
(i)   Ferro Manganese
Closing Stock		127721199		12090658
Less Opening Stock		(12090658)		(7109582)
		115630541		4981076
TOTAL		234752716		(99369568)
PARTICULARS		31-3-2005		31-03-2004
		Rs.		Rs.
SCHEDULE -13
ORE RAISING / OPERATING EXPENSES
Salaries, Wages & Allowances		699763691		567739512
Contribution to P.F. & other Funds		57252662		53319025
Bonus		41878		317976
Group gratuity Insurance and Gratuities *		40523561		37629712
Welfare Expenses		39090807		36085917
Transport, Railing & Other works through
Contractors		185571593		160244686
Stores & Spares		194444790		157303412
Power & Fuel		89473957		92444128
Railway Siding & Maintenance		18895508		3770678
Repairs and Maintenance to :
Buildings		12612814		14858556
Plant & Machinery		31191245		30613448
Furniture & Fixtures		1796136		1641728
Vehicles		8734280		8108557
Rent		140812		157407
Rates & Taxes		7876745		8074180
Insurance		2848654		2193573
Printing & Stationery		1434105		1205991
Postage, Telegram and Telephone /Fax		1017182		929538
Entertainment		49416		23488
Travailing & Conveyance Allowance		9685658		9538703
Administrative charges for P.F.		4262303		3865758
Management Training		2662293		3305206
Miscellaneous Expenses		5551404		5554362
SUB TOTAL :		1414921494		1198925541
Less cost of Manganese Ore
transferred to EMD & Fe.Mn. Plant		35600570		40153620
TOTAL :		1379320924		1158771921
NOTES :
1. Repairs and Maintenance of Assets include salaries and wages of Rs.  21123966     (Rs.19341177)
and stores and spares of Rs.  5363656    ( Rs.4685200)
2.* Includes Gratuity for H.O. employees
PARTICULARS		31-3-2005		31-03-2004
		Rs.		Rs.
SCHEDULE - 14
MANUFACTURING EXPENSES
a)   Electrolytic Manganese Dioxide
Salaries, Wages & Allowances		10528431		10050653
Contribution to P.F.		787953		858499
Gratuity		611239		694784
Welfare Expenses		252509		281773
Contractors Payment
Ore reduction expenses		6633774		6421802
Others		1156769		994859
Raw Materials Consumption		3114848		3049334
Sundry Consumables		2650494		1122972
Repairs to Plant & Machinery		1491038		570087
Insurance		96240		80200
Power & Fuel		15932261		18219570
Travailing & Conveyance Allowances		105124		135892
Administrative Charges for P.F.		84046		91576
Stores Handling		28300		706
Miscellaneous Expenses		105744		184969
TOTAL :		43578770		42757676
b)   Ferro Manganese
Salaries, Wages & Allowances		6086744		4835902
Contribution to P.F.		476801		412085
Gratuity		401606		296220
Welfare Expenses		236338		66633
Contractors Payment		8623205		3006547
Raw Materials Consumption		92653875		89890138
Sundry Consumables		7371799		2485649
Repairs to Plant & Machinery		604944		185728
Insurance		83216		82120
Power & Fuel		118454508		125857091
Travailing & Conveyance Allowances		347856		297837
Administrative Charges for P.F.		37068		34080
Miscellaneous Expenses		2587712		1315051
TOTAL :		237965672		228765081
GRAND TOTAL :		281544442		271522757
PARTICULARS		31-3-2005		31-03-2004
		Rs.		Rs.
SCHEDULE -15
EXCISE DUTY - SALE
i)   On Sale of  Manganese Ore(HIMS)		61495		0
ii)   On Sale of EMD		10688349		5861192
iii)  On Sale of Ferro Manganese		29385475		41292284
iii)  On Sale of Manganese Ore (HIMS)		0		0
SUB -TOTAL		40135319		47153476
iv) On sale of Ferro Mn. Slag		679854		971840
EXCISE DUTY ON SALE		40815173		48125316
EXCISE DUTY - CLOSING STOCK
i)   On   EMD
On  Opening Stock	2774195
On  Closing Ctock	1083040	(1691155)		2156640
ii)  On   Ferro Manganese
On  Opening Stock	895604
On  Closing Ctock	17919619	17024015		(85028)
iii)  On   Manganese Ore (HIMS)
On  Opening Stock	19732
On  Closing Ctock	5202	(14530)		0
SUB - TOTAL		15318330		2071612
PARTICULARS		31-3-2005		31-03-2004
		Rs.		Rs.
SCHEDULE - 16
ADMINISTRATIVE AND SELLING EXPENSES
i)   Administrative Expenses :
Salaries, Wages & Allowances  *		46863769		37298438
Contribution to P.F. & other Funds		3684414		3496023
Welfare Expenses		4939760		4369656
Power & Fuel		2474530		2425627
Repairs and Maintenance to :
Buildings		3551888		1747856
Plant & Machinery		21929		3600
Furniture & Fixtures		634035		441369
Vehicles		298518		170133
Rent		355541		123815
Rates & Taxes		639529		750582
Insurance		544691		625801
Printing & Stationery		2136552		1795364
Postage, Telegram and Telephone /Fax		1963606		1631797
Entertainment		64282		87725
Travailing & Conveyance Allowance		9188369		6216388
Legal/Professional Fees & Expenses		2008928		992256
Auditor's Remuneration		184034		176140
Administrative charges for P.F.		805531		760966
Bank Commission		1298077		1908831
Advertisement		3826330		1996183
Management Training		1469069		1365261
Books & Periodicals		190594		184793
Donation		5110000		50000
Miscellaneous Expenses		2124595		1969696
Directors Sitting Fees		53000		28000
SUB TOTAL :		94431571		70616300
ii)  Selling Expenses
Railway Freight & Forwarding Charges		3793278		21124469
Remuneration & Comm. to Port Agent		0		0
Shipping expenses		23400		2869633
Royalty & Cess		103652595		58652010
Cash Discount on sales		1945210		5623265
Domestic Ore Handling Freight charges		2266010		10735342
SUB TOTAL		111680493		99004719
TOTAL		206112064		169621019
NOTES :
1. Travelling Expenses include Travelling Expenses of
a) Chairman-Cum-Managing Director		869968		484879
b) Directors		1600394		513102
2. Auditors Remuneration
a) I) Audit Fee		137750		108000
ii) Expenses		0		32500
b) Other services		46284		35640
3. Advertisement expenses include		1362591		762760
expenditure on Public Relations & Publicity
4. Managerial Remuneration *
a) Salaries & Allowances		1694685		918170
b) Contribution to Provident Fund		183774		106895
c) Actual/Estimated value of perquisites		464027		279630
		2342486		1304695
(*) Chairman-Cum-Managing Director and Full-time Directors  have  been allowed  the use of  staff car/
hired cars for private journey up to a ceiling of 750 kms.  Per  month  on payment of Rs. 520/- for AC
car   in  accordance  with  the  provision  of  Govt. of  India, Ministry  of  Industry, Bureau  of   Public
EnterprisesO.M.No. 4(12)82/BPE(WC) dated 1.4.1987.
PARTICULARS		31-3-2005		31-03-2004
		Rs.		Rs.
SCHEDULE - 17
RESEARECH & DEVELOPMENT EXPENSES
Exploratory Drilling at Mines		13655213		10103164
Expenditure on studies on  Blasting, Rock
Mechanics and Stope design system etc.		3450410		652500
TOTAL :		17105623		10755664
PARTICULARS		31-3-2005		31-03-2004
		Rs.		Rs.
SCHEDULE - 18-A
WRITE OFF & PROVISIONS
Write off   of  discarded assets		2895658		2012490
Write off  of stores & Spares-shortage		44918		58842
provision for Un-availed leave		14136772		18693822
Write off of  Bad Debts		7462		20306
Provision for Mines closure Expenses		5177998		0
Prov. For doubtful debts		0		154452
Loss on sale of stores		0		0
Write off of abandonned projects		0		669250
Provision for doubtful advances-suppliers		0		7827
Provision for  Railway claim		0		212958
Provision for insurance claim		0		31162
Provision for Dead Freight claim		0		304973
Total		22262808		22166082
SCHEDULE - 18 - B
MISC. EXPENDITURE WRITTEN OFF
V R S  Expenses		41822572		38522572
Net Present value for  Forest land		5615320		0
diversion expenses
Total		47437892		38522572
SCHEDULE - 18 - C
PRIOR PERIOD ADJUSTMENT
Sales		0		0
Royalty on Export of Mn. Ore		0		0
Miscellaneous		0		0
Depreciation		0		0
Total		0		0