MIRA INFORM REPORT

Report Date :

03.07.2012

IDENTIFICATION DETAILS

Name :	ESSAR ENERGY PLC
Registered Office :	3rd Floor Landsdowne House 57 Berkeley Square London, W1J 6ER
Country :	United Kingdom
Financials (as on) :	31.12.2010
Date of Incorporation :	18.12.2009
Com. Reg. No.:	07108619
Legal Form :	Public Parent
Line of Business :	Extraction of crude petroleum and natural gas
No. of Employees :	2,357

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
United Kingdom	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name and address

Top of Form

Bottom of Form

Essar Energy PLC

3rd Floor
Landsdowne House
57 Berkeley Square
London, W1J 6ER
United Kingdom
Tel:	230-202-3136
www.essarenergy.com

Employees:

2,357

Company Type:

Public Parent

Corporate Family:

2 Companies

Traded:

London Stock Exchange (LON):

ESSR

Quoted Status:

Quoted Company

Incorporation Date:

18-Dec-2009

Auditor:

Deloitte LLP

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	US Dollar
Annual Sales:	14,904.7 ^1
Net Income:	(509.0)
Total Assets:	16,258.9 ^2
Market Value:	1,535.8
	(08-Jun-2012)

Business Description

Essar Energy Plc is an Indian-focused energy company with assets in the existing power and oil and gas businesses. The Company combines the existing energy portfolio of the Essar Group, a diversified Indian business corporation. It also owns a portfolio of oil, gas and coal seam gas (CSG) blocks. Vadinar is the Company’s oil refinery. Essar Energy’s operations are predominantly based in India and are split as: power, and oil and gas. Power includes generation and transmission. Oil and gas includes exploration and production, and refining and marketing. In August 2011, the Company acquired Stanlow Oil Refinery. For the six months ended 30 June 2011, Essar Energy Plc's revenue increased 37% to $6.53B. Net income increased 93% to $175.9M. Revenues reflect an increase in income from refining & marketing segment and higher income from exploration segment, increase in Power and corporate segments. Net income reflects an increase in Other operating income, higher Finance income and increased operating margin & gross margin.

Industry

Industry	Oil and Gas Operations
ANZSIC 2006:	0700 - Oil and Gas Extraction
NACE 2002:	1110 - Extraction of crude petroleum and natural gas
NAICS 2002:	211111 - Crude Petroleum and Natural Gas Extraction
UK SIC 2003:	1110 - Extraction of crude petroleum and natural gas
US SIC 1987:	1311 - Crude Petroleum and Natural Gas

Key Executives

Name	Title
Naresh K. Nayyar	Chief Executive Officer, Executive Director
P. Sampath	Chief Financial Officer
Mark Lidiard	Director of Investor Relations & Communications
Lalit K Gupta	Managing Director and Chief Executive, Essar Oil Ltd
Elaine Richardson	Secretary

Significant Developments

Topic	#*	Most Recent Headline	Date
Mergers / Acquisitions	2	Essar Energy PLC Completes Acquisition Of Stanlow Oil Refinery	1-Aug-2011
Officer Changes	1	Mr Ravi Ruia To Step Aside Temporarily As Chairman Of Essar Energy PLC	21-Dec-2011
Business Deals	3	Essar Energy PLC's Essar Power Jharkhand Limited Signs Long Term Power Purchase Agreement For Tori Power Plant	18-Oct-2011
Special Events / Other	1	Essar Energy PLC Launches ADR Programme	6-Dec-2011

* number of significant developments within the last 12 months

News

Title	Date
Croda lifted by forecast of robust second quarter Daily Telegraph (UK) (887 Words)	27-Jun-2012
ESSAR PLUNGES AFTER £771M TAX DEMAND Daily Mail (London, UK) (288 Words)	26-Jun-2012
More refineries will follow Coryton into administration, says Essar Oil UK chief Guardian Web (535 Words)	26-Jun-2012
MARKET MOVERS Independent (UK) (285 Words)	26-Jun-2012
Stanlow reveals pounds 20m cash loss Daily Post (Liverpool, UK) (425 Words)	26-Jun-2012

Financial Summary

As of 31-Dec-2011

Key Ratios	Company	Industry
Current Ratio (MRQ)	0.92	1.57
Quick Ratio (MRQ)	0.63	1.11
Debt to Equity (MRQ)	2.01	0.52
Net Profit Margin (TTM) %	-3.81	16.12
Return on Assets (TTM) %	-3.96	5.90
Return on Equity (TTM) %	-13.14	11.04

Stock Snapshot

Traded: London Stock Exchange (LON): ESSR

As of 8-Jun-2012

   Financials in: GBP

Recent Price	1.17	EPS	-0.26
52 Week High	4.43	Price/Sales	0.16
52 Week Low	1.00	Price/Book	0.69
Avg. Volume (mil)	5.61
Market Value (mil)	1,535.77

	Price % Change	Rel S&P 500%
4 Week	-10.99%	-8.60%
13 Week	5.77%	14.47%
52 Week	-72.44%	-70.15%
Year to Date	-31.51%	-30.64%

1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1

Corporate Overview

Location
3rd Floor
Landsdowne House
57 Berkeley Square
London, W1J 6ER
London County
United Kingdom

Tel:	230-202-3136

www.essarenergy.com

Quote Symbol - Exchange
ESSR - London Stock Exchange (LON)
Sales USD(mil):	14,904.7
Assets USD(mil):	16,258.9
Employees:	2,357
Fiscal Year End:	31-Dec-2011

Industry:	Oil and Gas Operations

Registered Address:
3Rd Floor, Landsdowne House
57 Berkeley Square
London, W1J 6ER
United Kingdom

Incorporation Date:	18-Dec-2009
Company Type:	Public Parent
Quoted Status:	Quoted
Registered No.(UK):	07108619

Chief Executive Officer, Executive Director:	Naresh K. Nayyar

Company Web Links

Corporate History/Profile

Executives

Financial Information

Home Page

Investor Relations

News Releases

Products/Services

Contents Industry Codes Business Description Financial Data Subsidiaries

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
26	-	Electricity Supply
0700	-	Oil and Gas Extraction

NACE 2002 Codes:
1110	-	Extraction of crude petroleum and natural gas
4011	-	Production of electricity

NAICS 2002 Codes:
211111	-	Crude Petroleum and Natural Gas Extraction
2211	-	Electric Power Generation

US SIC 1987:
4911	-	Electric Services
1311	-	Crude Petroleum and Natural Gas

UK SIC 2003:
1110	-	Extraction of crude petroleum and natural gas
4011	-	Production of electricity

Business Description

Essar Energy Plc is an Indian-focused energy company with assets in the existing power and oil and gas businesses. The Company combines the existing energy portfolio of the Essar Group, a diversified Indian business corporation. It also owns a portfolio of oil, gas and coal seam gas (CSG) blocks. Vadinar is the Company’s oil refinery. Essar Energy’s operations are predominantly based in India and are split as: power, and oil and gas. Power includes generation and transmission. Oil and gas includes exploration and production, and refining and marketing. In August 2011, the Company acquired Stanlow Oil Refinery. For the six months ended 30 June 2011, Essar Energy Plc's revenue increased 37% to $6.53B. Net income increased 93% to $175.9M. Revenues reflect an increase in income from refining & marketing segment and higher income from exploration segment, increase in Power and corporate segments. Net income reflects an increase in Other operating income, higher Finance income and increased operating margin & gross margin.

More Business Descriptions

World class, low cost, india focused energy company involved in power, exploration, production, refining and marketing.

The generation and transmission of electricity and the supply of oil and gas in India.

Financial Data

Financials in:	USD(mil)
Revenue:	14,904.7
Net Income:	-509.0
Assets:	16,258.9
Long Term Debt:	5,202.2
Total Liabilities:	12,790.8
Working Capital:	-0.1
Date of Financial Data:	31-Dec-2011

1 Year Growth

49.0%

NA

30.3%

Subsidiaries

Company	Percentage Owned	Country
Essar Power Canada Limited	100%	CANADA
Essar Oil Limited	87.1%	INDIA
Essar Energy Holdings Limited	100%	MAURITIUS
Vadinar Oil	100%	MAURITIUS
Vadinar Power Company Limited	100%	INDIA
Essar Energy Overseas Limited	100%	MAURITIUS
Essar Petroleum (East Africa) Limited	100%	KENYA
Essar Oil (UK) Limited	100%	UK
Essar Oil Germany GmbH	100%	GERMANY
Essar Oil Stanlow Limited	100%	UK
Essar Syngas Limited	100%	MAURITIUS
Essar Infrastructure Africa Limited	100%	NIGERIA
Essar Chemicals Limited	100%	MAURITIUS
Essar Power Holdings Limited	100%	MAURITIUS
Essar Gujarat Petrochemicals Limited	100%	INDIA
Essar Arkema Chemicals Holdings Limited	100%	MAURITIUS
Essar Eastman Chemicals Holdings Limited	100%	MAURITIUS
Essar Exploration and Production Limited	100%	MAURITIUS
Essar Exploration & Production Limited	100%	NIGERIA
Essar Exploration and Production India Limited	100%	INDIA
Essar Exploration and Production Madagascar Limited	100%	MADAGASCAR
Essar Power Hazira Holdings Limited	100%	MAURITIUS
Essar Power Transmission Company Limited	100%	INDIA
Essar Power Chattisgarh Limited	100%	INDIA
Essar Wind Power Private Limited	100%	INDIA
Essar Electric Power Development Corporation Limited	100%	INDIA
Main Street 736 (Proprietary) Limited	100%	SOUTH AFRICA
Essar Energy Services (UK) Limited	100%	UK
Essar Energy Services (Mauritius) Limited	100%	MAURITIUS
Essar Power (Nepal) Holdings Limited	100%	MAURITIUS
Essar Power (East Africa) Limited	100%	KENYA
Navabharat Power Private Limited	100%	INDIA
Essar Power & Minerals S.A. Limited	100%	MAURITIUS
Essar Recursos Minerals de Mozambique Limitada	100%	MOZAMBIQUE
PT Manoor Bultan Lestari Indonesia	100%	INDONESIA
PT Bara Pratma Indonesia	100%	INDONESIA
Algoma Energy LP	100%	CANADA
Bhander Power Limited	74%	INDIA
Essar Power Salaya Limited	100%	INDIA
PT Essar Minerals Indonesia	100%	INDONESIA
Algoma Power B.V	100%	NETHERLANDS
Algoma Power Cooperatief U.A	100%	NETHERLANDS
Essar Power Gujarat Limited	100%	INDIA
Essar Power (Orissa) Limited	74%	INDIA
Essar Power Tamil Nadu Limited	100%	INDIA
Essar Power Limited	100%	INDIA
Essar Minerals FZE	100%	UNITED ARAB EMIRATES
Essar Power MP Limited	100%	INDIA
Essar Power Overseas Limited	100%	BRITISH VIRGIN ISLANDS
Essar Power (Jharkhand) Limited	100%	INDIA
Essar Power Hazira Limited	100%	INDIA

Key Corporate Relationships

Auditor:	Deloitte LLP
Auditor:	Deloitte LLP, Deloitte LLP, Deloitte LLP
Auditor History
Deloitte LLP	31-Dec-2010

	USD(mil)
Audit Fees:	1.6
Non Audit Fees:	3.6
Audit Fiscal Year:	12-31-2010

Corporate Structure News

Essar Energy PLC
Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Essar Energy PLC	Parent	London	United Kingdom	Oil and Gas Operations	14,904.7	2,357
Essar Energy Services (UK) Ltd.	Subsidiary	London	United Kingdom	Business Services	3.5	5

Executives Report

Board of Directors

Name	Title	Function
Prashant S. Ruia	Interim Chairman of the Board	Chairman
Biography: Shri. Prashant S. Ruia has been appointed as Interim Chairman of the Board of Essar Energy plc with effect from December 21, 2011. Shri. Ruia has been involved with the Essar Group’s operations and management since 1985. He is fundamental to Essar Group’s strategy, and is actively involved in the its growth and diversification both within India and internationally. He was also a member of the Prime Minister of India’s advisory council on trade and industry in 2007. Shri. Ruia is a member of the Energy Boardroom at the World Economic Forum. Age: 42 Education: University of Mumbai (Commerce) Compensation/Salary:131,250 Compensation Currency: GBP
Philip S. Aiken	Non-Executive Independent Director	Director/Board Member
Biography: Mr. Philip Aiken is Non-Executive Independent Director of Essar Energy plc. He is currently Chairman of Robert Walters plc, Senior Independent Director of Kazakhmys plc and a Non-Executive Director of National Grid plc and Miclyn Express Offshore. He has over 35 years experience in industry and commerce having previously from 1997 to 2006, been Group President Energy and President Petroleum of BHP Billiton. Prior to that he held senior positions with BTR (1995–1997) and the BOC Group (1970–1995), both in the UK and Australia. He has also been a Senior Advisor for Macquarie Capital (Europe), was Chairman of the 2004 Sydney World Energy Congress and served on the boards of Governor of Guangdong International Consultative Council, World Energy Council and Monash Mt Eliza Business School. Age: 63 University of Sydney, BE (Chemical Engineering)
Sattar Hajee Abdoula	Non-Executive Independent Director	Director/Board Member
Biography: Mr. Sattar Hajee Abdoula is Non-Executive Independent Director of Essar Energy plc. He has been the transaction services partner of Grant Thornton in Mauritius since its launch in 1999. Mr. Hajee Abdoula is also the lead partner for litigation support. He has over 30 years experience in accounting, audit and consultancy. Since 1999 he has been specialising in transaction services and advising clients in various sectors including, banking, financial services, insolvency and global business. Mr. Hajee Abdoula is actively involved in providing support to Grant Thornton offices in African countries. He sits as an independent member on the board of two non-bank financial institutions in Mauritius and is also the Chairman of the Audit Committee. Mr. Hajee Abdoula has experience in global business (offshore) where he has been advising on structures and tax issues. Mr. Hajee Abdoula is a lead advisor to the Government of Ghana in setting up the Ghana International Financial Services Centre. Mr. Hajee Abdoula qualified as a Chartered Accountant (ICAEW) in 1985 and became a fellow of the Institute in 1995. Age: 51
Subhash C. Lallah	Non-Executive Independent Director	Director/Board Member
Biography: Mr. Subhash C. Lallah is Non-Executive Independent Director of Essar Energy plc. He has represented domestic and international companies in arbitration and has a legal career that spans 40 years. Mr. Lallah sits as independent Director on the boards of many international funds. His independent directorships include Mauritian Eagle Insurance Company Ltd, Mauritian Eagle Leasing Co Ltd and Deutsche Bank Offshore Mauritius Ltd. He is a former member of the Board of Governors of the Mauritius Broadcasting Corporation and he has acted as Chairman of the National Transport Corporation and appeared as Chairman and counsel in a number of enquiries. Mr. Lallah was a member of parliament of the Republic of Mauritius between 1982 and 1995 and was also a deputy chief whip and deputy speaker of the national assembly. Mr. Lallah read law and political science and was called to the UK Bar in 1970 and the Mauritius Bar in 1971. Age: 67
Steve Lucas	Non-Executive Director	Director/Board Member
Biography: Mr. Steve Lucas has been appointed as Non-Executive Director of Essar Energy PLC., with effect from 30 March 2012. Mr. Lucas was finance director at the power and gas transmission network operator National Grid plc from 2002 to 2010 and has in the international energy sector, infrastructure finance and treasury functions. Prior to National Grid, Mr Lucas worked for 11 years at Royal Dutch Shell and for six years at BG Group, latterly as group treasurer. He is currently a non-executive director of Transocean Ltd, the offshore oil and gas drilling company, and was also recently appointed as a non-executive director of Tullow Oil plc. He retired last year as a non-executive director of the catering company Compass Group plc where he was chairman of the audit committee. Age: 57 Education: University of Oxford, BA (Geology)
Simon Murray	Senior Independent Non-Executive Director	Director/Board Member
Biography: Mr. Simon Murray, CBE, is Senior Independent Non-Executive Director of Essar Energy plc. Currently, Mr. Murray is also a Director of a number of public companies: Cheung Kong Holdings Ltd.; Orient Overseas (International) Ltd.; USI Holdings Ltd.; and Richemont SA. Previously, between 1975 and 1993, Mr. Murray served on the boards of a number of Hong Kong public companies including South China Morning Post; Cross Harbour Tunnel Company; Hong Kong Aircraft & Engineering Corporation; and Hong Kong Electric. He was also Chairman of the Sheraton and Hilton Hotels between 1985 and 1993. In 1984 Mr. Murray became the Group Managing Director of Hutchison Whampoa, where he stayed for the next 10 years. He was instrumental in the launching of AsiaSat, China’s first international launching of a satellite, on the Board of which he served as Chairman between 1989 and 1993. After 10 years at Hutchison, Mr. Murray became the Executive Chairman of Asia/Pacific, Deutsche Bank Group. Mr. Murray was also a member of the advisory board of China National Offshore Oil Corporation and is on the advisory council of Imperial College London. Mr. Murray has served as a member of the International Advisory Board of General Electric Co. (USA); Bain (the consultancy company); and N.M. Rothschild. He is currently the Chairman of GEMS, a private equity investment company which he founded in 1998. Age: 72 Education: Bath University
Naresh K. Nayyar	Chief Executive Officer, Executive Director	Director/Board Member
Biography: Shri. Naresh K. Nayyar is Chief Executive Officer, Executive Director of Essar Energy plc. He is Managing Director and Chief Executive of Essar Oil. Shri. Nayyar joined Essar Oil in October 2007. Prior to joining Essar Oil, Shri. Nayyar was the CEO of ONGC Mittal Energy Limited (a joint venture between Oil & Natural Gas Corporation Limited and Mittal Investments) from November 2005 to September 2007. Previously, Shri. Nayyar was Director of planning and business development at Indian Oil Corporation Limited from October 2002 to November 2005, where he had worked since 1975. Shri. Nayyar was also Chairman of Lanka IOC Limited from October 2002 to November 2005 and a member of the boards of Oil & Natural Gas Corporation Limited, Petronet LNG and IBP. He was also the Chairman of the Indian Oil Marubeni Panipat Power Project from March 2003 to November 2005. Age: 58 Compensation/Salary:689,713 Compensation Currency: GBP
Ravikant N. Ruia	Director	Director/Board Member
Biography: Shri. Ravikant N. Ruia has been appointed as Director of Essar Energy plc with effect from December 21, 2011. Shri. Ruia belongs to generation of industrialists who have played a role in India’s industrial renaissance. An engineer by training, his entrepreneurial abilities have enabled the Essar Group to become one of the names in the global industry. Shri. Ruia began his career in the family business towards steering the Essar Group to its current position of eminence, helping in the consolidation of its businesses through backward and forward integration, and through setting up overseas ventures. Shri. Ruia has overseen Essar Group’s globalisation plans, including new ventures in Africa, South East Asia and the Middle East. He has led the recent acquisitions of Algoma Steel (now called Essar Steel Algoma) in Canada, and Minnesota Steel (now called Essar Steel Minnesota) and Trinity Coal in the USA. Shri. Ruia is a recipient of the Business India Businessman of the Year Award 2010. Age: 62 Compensation/Salary:225,000 Compensation Currency: GBP

Executives

Name	Title	Function
Lalit K Gupta	Managing Director and Chief Executive, Essar Oil Ltd	Chief Executive Officer
Naresh K. Nayyar	Chief Executive Officer, Executive Director	Chief Executive Officer
Biography: Shri. Naresh K. Nayyar is Chief Executive Officer, Executive Director of Essar Energy plc. He is Managing Director and Chief Executive of Essar Oil. Shri. Nayyar joined Essar Oil in October 2007. Prior to joining Essar Oil, Shri. Nayyar was the CEO of ONGC Mittal Energy Limited (a joint venture between Oil & Natural Gas Corporation Limited and Mittal Investments) from November 2005 to September 2007. Previously, Shri. Nayyar was Director of planning and business development at Indian Oil Corporation Limited from October 2002 to November 2005, where he had worked since 1975. Shri. Nayyar was also Chairman of Lanka IOC Limited from October 2002 to November 2005 and a member of the boards of Oil & Natural Gas Corporation Limited, Petronet LNG and IBP. He was also the Chairman of the Indian Oil Marubeni Panipat Power Project from March 2003 to November 2005. Age: 58 Compensation/Salary:689,713 Compensation Currency: GBP
K. V. B. Reddy	Executive Director of Essar Power	Chief Executive Officer
Biography: Mr. KVB Reddy is Executive Director of Essar Power, a subsidiary of Essar Energy PLC. He is responsible for formulating and directing the overall business strategy of the Power business group and project execution and has been with the Essar Group since 1995. Mr. Reddy has more than 25 years of experience in the power industry and has previously worked for the National Thermal Power Corporation where he gained experience in the areas of project planning, materials, commercial and erection and commissioning. During this time, he set up three gas-based combined cycle power projects at Anta, Auraiya and Kawas. Mr. Reddy is a graduate in mechanical engineering from NIT Bhopal. Education: Maulana Azad National Institute of Technology (Mechanical Engineering)
Elaine Richardson	Secretary	Company Secretary
P. Sampath	Chief Financial Officer	Finance Executive
Biography: Mr. P. Sampath has been appointed as Chief Financial Officer of Essar Energy Plc. effective September 1, 2010. He joined the Essar Group in August 2008 and was previously the Chief Financial Officer of Essar Oil Limited. He has over 30 years of experience in various fields including global corporate finance and treasury, mergers and acquisitions, corporate business planning, investor relations, global HR strategy and financial and management accounting. Prior to this, Mr. Sampath held a number of senior finance roles including Group Chief Financial Officer for RPG Enterprises Limited and Managing Director of GHCL Limited. Mr. Sampath has a first class Bachelor of Commerce degree from Madras University, is a Fellow Member of both the Institute of Cost and Works Accountants of India and the Institute of Company Secretaries of India. Education: University of Madras, B
Mark Lidiard	Director of Investor Relations & Communications	Corporate Communications Executive
Biography: Mr. Mark Lidiard is Director - Investor Relations and Communications of Essar Energy plc and joined the Company in April 2010. Mr Lidiard was previously the Group Communications Director at Lloyds TSB from 2008 to 2009, Vice President of Investor Relations and Communications at BHP Billiton from 2002 to 2007, and Head of Investor Relations at Powergen Plc from 2000 to 2002. From 1997 to 2000, Mr Lidiard was the Assistant Group Treasurer and Head of Project Finance at Powergen which included responsibility for power project financings in India. He has a post graduate certificate in business management from Thames Valley University and a degree in Physics with Geology from Southampton University. Education: Southampton University, U.K (Physics)
Andrew Turpin	Head of Media Relations	Public Relations Executive

Directors and Shareholders Report

Annual Return Date: 18 Dec 2011

Individual Directors
Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Stephen Charles Burrard-Lucas	Current	14 Apr 1954	National Grid Plc 1-3 Strand, London , London WC2N 5EH	29 Mar 2012	NA	Current:3 Previous:41 Disqualifications:0
Simon Murray	Current	25 Mar 1940	Third Floor Landsdowne House 57 Berkeley Square, London , London W1J 6ER	06 Apr 2010	NA	Current:1 Previous:0 Disqualifications:0
Philip Stanley Aiken	Current	09 Jan 1949	Third Floor Landsdowne House 57 Berkeley Square, London , London W1J 6ER	06 Apr 2010	NA	Current:1 Previous:0 Disqualifications:0
Abdul Sattar Adam Ali Mamode Hajee Abdoula	Current	11 Jun 1959	Third Floor Landsdowne House 57 Berkeley Square, London , London W1J 6ER	06 Apr 2010	NA	Current:1 Previous:0 Disqualifications:0
Subhas Chandra Lallah	Current	14 Jun 1945	Third Floor Landsdowne House 57 Berkeley Square, London , London W1J 6ER	06 Apr 2010	NA	Current:1 Previous:0 Disqualifications:0
Prashant Ruia	Current	04 Jun 1969	Third Floor Landsdowne House 57 Berkeley Square, London , London W1J 6ER	06 Apr 2010	NA	Current:1 Previous:0 Disqualifications:0
Ravi Ruia	Current	22 Apr 1949	Third Floor Lansdowne House 57 Berkeley Square, London , London W1J 6ER	06 Apr 2010	NA	Current:1 Previous:0 Disqualifications:0
Naresh Kumar Nayyar	Current	26 Mar 1952	Third Floor Landsdowne House 57 Berkeley Square, London , London W1J 6ER	06 Apr 2010	NA	Current:2 Previous:0 Disqualifications:0
Raman Jaggi	Previous	11 Jan 1977	3Rd Floor Lansdowne House, London , London W1J 6ER	18 Dec 2009	06 Apr 2010	Current:1 Previous:2 Disqualifications:0

Corporate Directors

There are no corporate directors for this company.

Individual Secretaries
Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Elaine Richardson	Current	NA	Dcdm Building 7Th Floor, 10 Frere Felix De Valois Street, Port Louis	01 Feb 2012	NA	Current:1 Previous:0 Disqualifications:0

Corporate Secretaries
Company Name	Status	Registered Address	Appointment Date	Resignation Date
Sinews Global Limited	Current	5 Victor Lamarque Street, Curepipe, Mauritius	13 Jun 2011	NA
Excutive Services Limited	Previous	Les Jamalacs Building Vigux Conseti Street, Port Louis	16 Apr 2010	13 Jun 2011

Significant Developments

Mr Ravi Ruia To Step Aside Temporarily As Chairman Of Essar Energy PLC

Dec 21, 2011

Essar Energy PLC announced that Mr Ravi Ruia has voluntarily decided to temporarily step aside as Chairman, however he will continue as a director of Essar Energy. This decision follows allegations by India's Central Bureau of Investigation (CBI) that Mr Ruia, certain other executives of the Essar Group, and Essar Teleholdings Limited - an Indian company belonging to the Essar Group, had suppressed facts relating to the extent of equity holding of Essar Group in Loop Telecom Limited (Loop). As a result of Mr Ruia's decision, the Board of Essar Energy has appointed Mr Prashant Ruia as interim Chairman of Essar Energy. Mr Prashant Ruia is currently Vice Chairman of Essar Energy and is fully conversant with the strategy, business and operations of Essar Energy.

Essar Energy PLC Launches ADR Programme

Dec 06, 2011

Essar Energy PLC announced the launch of its sponsored level 1 American Depositary Receipt (ADR) programme. Trading under the symbol 'ERERY', each ADR represents two ordinary shares of Essar Energy and is traded on the U.S. Over-The-Counter (OTC) market. An ADR is a negotiable U.S. certificate representing ownership of shares in a non-U.S. company. ADRs are traded and settle in U.S. dollars. Essar Energy believes that the establishment of the ADR programme will benefit existing shareholders by making its shares more accessible to U.S. investors and providing Essar Energy with increased visibility within the U.S. market. BNY Mellon has been appointed as the depositary bank for the sponsored ADR programme.

Essar Energy PLC's Essar Power Jharkhand Limited Signs Long Term Power Purchase Agreement For Tori Power Plant

Oct 18, 2011

Essar Energy PLC announced that it has signed a power purchase agreement (PPA) with the Bihar State Electricity Board (BSEB) for 300 megawatts of contracted capacity from its 1,200MW coal-fired Tori I power station which is under construction in Jharkhand state, India. The binding PPA has been signed by BSEB with Essar Energy's subsidiary Essar Power Jharkhand Limited (EPJL) and has a 25 year duration. This follows the issue of a Letter of Intent to EPJL, as detailed by Essar Energy in an announcement on August 18, 2011. The PPA was secured following a competitive bidding process, with supply of power under the terms of the PPA being due to commence from May 2015. Under the terms of the PPA, the 300MW PPA will involve EPJL supplying power at a levelised tariff of INR3.28 per kWh (approximately $0.067 per kWh) net of transmission costs.

Essar Energy PLC,s Essar Power Gujarat Limited Terminates Long Term Power Purchase Agreement For Salaya II Power Plant

Aug 19, 2011

Essar Energy plc announced that its subsidiary, Essar Power Gujarat Limited has served notice on Gujarat Urja Vikas Nigam Limited (GUVNL), the Gujarat state electricity utility, to terminate with immediate effect the long term power purchase agreement (PPA) signed between the parties on May 11, 2010. This decision follows the failure by GUVNL to satisfy certain conditions under the PPA within the required timescale. The PPA with GUVNL was for 800MW for a 25 year period to supply power at a levelised tariff of INR2.80 per kWh (approximately USD0.062 per kWh) net of transmission costs. Essar Energy remains committed to the Salaya II power project and will be reviewing its options with regard to power sales. The Salaya II power project, located in the Jamnagar district of Gujarat, is an imported coal fired power project consisting of two generation units of 660MW each. It is currently scheduled to commission in first quarter 2014.

Essar Energy PLC To Sign Power Supply Pact With Bihar-Business Line

Aug 18, 2011

Business Line reported that Essar Energy PLC has will be signing an agreement to sell one-fourth of the 1,200-MW power to be generated from its Tori station to Bihar. BSEB has issued Essar Energy's subsidiary Essar Power Jharkhand Ltd a Letter of Intent to purchase the power over a 25-year period and it is expected that a binding PPA will be signed within two months. This follows a competitive bidding process.

Essar Energy PLC Completes Acquisition Of Stanlow Oil Refinery

Aug 01, 2011

Essar Energy PLC announced that it has completed the $350 million acquisition of the oil refinery and other associated assets at Stanlow, near Ellesmere Port, Cheshire, from Shell UK Limited. The Stanlow refinery, near to Ellesmere Port in the north west of England, is the second largest refinery in the UK with a nameplate capacity of 296,000 barrels of oil a day. It supplies approximately one sixth of the UK's petrol, as well as being a key manufacturer of diesel and aircraft fuel. The consideration for the acquisition of Stanlow is payable to Shell in two instalments. The first, which was paid on completion, was for $175 million less an adjustment to reflect certain costs associated with the transferring of the Stanlow refinery to Essar Energy's subsidiary, Essar Oil UK Limited. The second instalment, of $175 million plus interest at the rate of LIBOR plus 4%, is payable on the date of the first anniversary of completion. A separate payment of $916 million has been made to Shell for the stock of crude oil, refined products and certain other inventory items on the Stanlow refinery site. This was determined by the market prices of these items on completion of the acquisition and was at cost. The payment for this stock is being primarily funded from a working capital facility consisting of a three year secured revolving credit facility for USD1.5 billion.

Essar Energy PLC To Finalize UK Stanlow Refinery Buy July 31-DJ

Jul 04, 2011

Dow Jones reported that Essar Energy PLC expects to complete its $350 million acquisition of the U.K.'s Stanlow oil refinery on July 31. The company gave the date in a regulatory statement announcing a July 18 meeting for minority shareholders to approve the purchase.

Annual Profit & Loss

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2010
Period Length	54 Weeks
Filed Currency	USD
Exchange Rate (Period Average)	1
Consolidated	Yes
Turnover (Exports)	10,005.6
Total Turnover	10,005.6
Cost of Sales	9,288.2
Gross Profit	717.4
Depreciation	124.2
Other Expenses	212.6
Other Income	215.6
Interest Paid	351.6
Exceptional Income	-3.3
Discontinued Operations	0.0
Profit Before Taxes	365.5
Tax Payable / Credit	117.2
Extraordinary Items/Debits	0.0
Profit After Taxes	248.3
Audit Fees	1.6
Non Audit Fees	3.6
Number of Employees	2,357
Pensions	0.0
Employees Remuneration	42.4
Directors Emoluments	1.3
Other Costs	0.1
Directors Remuneration	1.4
Highest Paid Director	0.8

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2010
Filed Currency	USD
Exchange Rate	1
Consolidated	Yes
Total Tangible Fixed Assets	8,411.8
Intangible Assets	189.7
Investments	509.1
Total Fixed Assets	9,110.6
Stocks	904.3
Work in Progress	289.9
Total Stocks Work In Progress	1,194.2
Trade Debtors	754.0
Inter-Company Debtors	182.6
Director Loans	0.0
Other Debtors	152.6
Total Debtors	1,089.2
Cash and Equivalents	563.7
Other Current Assets	516.5
Total Current Assets	3,363.6
Total Assets	12,474.2
Trade Creditors	1,536.3
Hire Purchase (Current Liability)	0.0
Finance Lease (Current Liability)	10.8
Total Finance Lease/Hire Purchase (Current Liability)	10.8
Total Short Term Loans	0.0
Accruals/Deferred Income (Current Liability)	38.8
Corporation Tax	23.1
Other Current Liabilities	1,163.0
Total Current Liabilities	2,772.0
Group Loans (Long Term Liability)	136.0
Hire Purchase (Long Term Liability)	0.0
Leasing (Long Term Liability)	14.9
Total Hire Purchase Loans (Long Term Liability)	14.9
Other Long Term Loans	0.0
Other Long Term Liabilities	4,609.8
Total Long Term Liabilities	4,760.7
Deferred Taxation	299.4
Other Provisions	0.0
Total Provisions	299.4
Issued Capital	99.0
Share Premium Accounts	2,043.8
Revaluation Reserve	0.0
Retained Earnings	-431.9
Other Reserves	2,570.8
Minority Interests (Balance Sheet)	-360.4
Total Shareholders Funds	4,281.7
Net Worth	4,092.0

Financial Glossary	View:  5 Years | 10 Years
Annual Ratios
Financials in: USD (mil)

	31-Dec-2010
Period Length	54 Weeks
Filed Currency	USD
Exchange Rate	1
Consolidated	Yes
Current Ratio	1.21
Liquidity Ratio	0.78
Stock Turnover	8.07
Credit Period (Days)	28.56
Working Capital by Sales	6.14%
Trade Credit by Debtors	2.04
Return on Capital	3.63%
Return on Assets	2.82%
Profit Margin	3.65%
Return on Shareholders Funds	8.22%
Borrowing Ratio	3.95%
Equity Gearing	34.32%
Debt Gearing	3.69%
Interest Coverage	1.04
Sales by Tangible Assets	1.15
Average Remuneration per Employee	0.0
Profit per Employee	0.1
Sales per Employee	4.1
Capital Employed per Employee	4.1
Tangible Assets per Employee	3.6
Total Assets per Employee	5.3
Employee Remuneration by Sales	0.42%
Creditor Days (Cost of Sales Based)	62.76
Creditor Days (Sales Based)	58.26

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	9 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Special 31-Dec-2009	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor		Deloitte LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion		Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Sales	14,904.7	9,713.0	5,480.9	8,188.5	372.3
Revenue	14,904.7	9,713.0	5,480.9	8,188.5	372.3
Other Revenue	-	292.6	173.7	264.6	0.0
Other Revenue, Total	-	292.6	173.7	264.6	0.0
Total Revenue	14,904.7	10,005.6	5,654.6	8,453.1	372.3
Cost of Revenue	15,006.0	9,288.2	5,332.2	7,771.4	297.4
Cost of Revenue, Total	15,006.0	9,288.2	5,332.2	7,771.4	297.4
Gross Profit	-101.3	424.8	148.7	417.1	74.9
Selling/General/Administrative Expense	233.8	212.6	137.1	157.9	66.6
Total Selling/General/Administrative Expenses	233.8	212.6	137.1	157.9	66.6
Investment Income - Operating	-	-	0.0	61.2	199.8
Interest/Investment Income - Operating	-	-	0.0	61.2	199.8
Interest Expense (Income) - Net Operating Total	-	-	0.0	61.2	199.8
Other, Net	-30.5	-34.0	-11.8	-11.4	-3.5
Other Operating Expenses, Total	-30.5	-34.0	-11.8	-11.4	-3.5
Total Operating Expense	15,209.3	9,466.8	5,457.5	7,979.1	560.3
Operating Income	-304.6	538.8	197.1	474.0	-188.0
Interest Expense - Non-Operating	-687.2	-491.2	-296.8	-327.7	-308.1
Interest Capitalized - Non-Operating	287.4	154.6	59.0	40.1	260.1
Interest Expense, Net Non-Operating	-399.8	-336.6	-237.8	-287.6	-48.0
Interest Income - Non-Operating	111.8	49.2	22.1	27.9	3.1
Investment Income - Non-Operating	-372.8	107.3	146.1	-459.0	114.5
Interest/Investment Income - Non-Operating	-261.0	156.5	168.2	-431.1	117.6
Interest Income (Expense) - Net Non-Operating Total	-660.8	-180.1	-69.6	-718.7	69.6
Gain (Loss) on Sale of Assets	18.9	0.0	19.1	-	-
Other Non-Operating Income (Expense)	65.4	6.8	0.7	-	-
Other, Net	65.4	6.8	0.7	-	-
Income Before Tax	-881.1	365.5	147.3	-244.7	-118.4
Total Income Tax	-312.9	117.2	27.6	-77.7	-33.5
Income After Tax	-568.2	248.3	119.7	-167.0	-84.9
Minority Interest	59.2	-46.8	-30.9	33.6	14.3
Net Income Before Extraord Items	-509.0	201.5	88.8	-133.4	-70.6
Net Income	-509.0	201.5	88.8	-133.4	-70.6
Income Available to Common Excl Extraord Items	-509.0	201.5	88.8	-133.4	-70.6
Income Available to Common Incl Extraord Items	-509.0	201.5	88.8	-133.4	-70.6
Basic/Primary Weighted Average Shares	1,303.4	1,177.1	1,303.0	1,303.0	1,303.0
Basic EPS Excl Extraord Items	-0.39	0.17	0.07	-0.10	-0.05
Basic/Primary EPS Incl Extraord Items	-0.39	0.17	0.07	-0.10	-0.05
Dilution Adjustment	0.0	-	-	0.0	0.0
Diluted Net Income	-509.0	201.5	88.8	-133.4	-70.6
Diluted Weighted Average Shares	1,303.4	1,177.1	1,303.0	1,303.0	1,303.0
Diluted EPS Excl Extraord Items	-0.39	0.17	0.07	-0.10	-0.05
Diluted EPS Incl Extraord Items	-0.39	0.17	0.07	-0.10	-0.05
Dividends per Share - Common Stock Primary Issue	-	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	0.0	0.0	0.0	0.0
Interest Expense, Supplemental	329.6	234.7	237.8	287.6	48.0
Interest Capitalized, Supplemental	-287.4	-154.6	-59.0	-40.1	-260.1
Depreciation, Supplemental	154.0	124.2	88.1	112.6	33.7
Total Special Items	-18.9	0.0	-19.1	-	-
Normalized Income Before Tax	-900.0	365.5	128.2	-244.7	-118.4
Effect of Special Items on Income Taxes	-6.6	0.0	-3.6	-	-
Inc Tax Ex Impact of Sp Items	-319.5	117.2	24.0	-77.7	-33.5
Normalized Income After Tax	-580.5	248.3	104.2	-167.0	-84.9
Normalized Inc. Avail to Com.	-521.3	201.5	73.3	-133.4	-70.6
Basic Normalized EPS	-0.40	0.17	0.06	-0.10	-0.05
Diluted Normalized EPS	-0.40	0.17	0.06	-0.10	-0.05
Amort of Intangibles, Supplemental	4.0	4.4	2.7	1.2	0.8
Normalized EBIT	-304.6	538.8	197.1	535.2	11.8
Normalized EBITDA	-146.6	667.4	287.9	649.0	46.3
Current Tax - Total	-	30.6	2.6	2.4	0.1
Current Tax - Total	-	30.6	2.6	2.4	0.1
Deferred Tax - Total	-	86.6	25.0	-80.1	-33.6
Deferred Tax - Total	-	86.6	25.0	-80.1	-33.6
Income Tax - Total	-	117.2	27.6	-77.7	-33.5
Defined Contribution Expense - Domestic	-	3.0	1.3	1.8	1.9
Total Pension Expense	-	3.0	1.3	1.8	1.9

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Mar-2009	31-Mar-2008
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Auditor		Deloitte LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion		Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash	-	97.7	23.7	35.1	83.3
Cash & Equivalents	642.5	-	-	-	-
Short Term Investments	529.2	980.4	381.6	310.0	346.8
Cash and Short Term Investments	1,171.7	1,078.1	405.3	345.1	430.1
Trade Accounts Receivable - Net	3,090.7	936.6	707.9	425.8	538.3
Other Receivables	-	124.2	119.6	103.7	64.6
Total Receivables, Net	3,090.7	1,060.8	827.5	529.5	602.9
Inventories - Finished Goods	-	126.3	149.4	56.8	132.1
Inventories - Work In Progress	-	289.9	152.0	120.1	254.4
Inventories - Raw Materials	-	778.0	562.8	280.6	854.4
Total Inventory	2,027.7	1,194.2	864.2	457.5	1,240.9
Prepaid Expenses	-	28.4	31.6	56.7	4.5
Other Current Assets	107.6	2.1	6.9	20.3	3.7
Other Current Assets, Total	107.6	2.1	6.9	20.3	3.7
Total Current Assets	6,397.7	3,363.6	2,135.5	1,409.1	2,282.1
Land/Improvements	-	349.4	304.5	242.6	196.0
Machinery/Equipment	-	4,063.6	3,817.9	3,335.3	686.5
Construction in Progress	-	3,985.3	1,451.6	910.0	4,147.5
Natural Resources	-	369.7	107.3	82.0	76.9
Other Property/Plant/Equipment	-	24.3	14.3	9.9	9.2
Property/Plant/Equipment - Gross	-	8,792.3	5,695.6	4,579.8	5,116.1
Accumulated Depreciation	-	-380.5	-241.7	-138.5	-49.0
Property/Plant/Equipment - Net	9,319.4	8,411.8	5,453.9	4,441.3	5,067.1
Goodwill, Net	113.2	133.6	127.5	117.1	148.3
Intangibles - Gross	-	65.6	61.3	51.9	61.0
Accumulated Intangible Amortization	-	-9.5	-4.7	-1.9	-1.1
Intangibles, Net	61.3	56.1	56.6	50.0	59.9
LT Investment - Affiliate Companies	32.4	32.3	29.0	0.8	1.2
LT Investments - Other	36.0	51.9	18.5	9.8	17.4
Long Term Investments	68.4	84.2	47.5	10.6	18.6
Note Receivable - Long Term	115.2	293.2	124.5	9.3	7.1
Deferred Income Tax - Long Term Asset	183.7	0.2	0.4	0.3	0.0
Other Long Term Assets	-	131.5	69.9	22.6	43.6
Other Long Term Assets, Total	183.7	131.7	70.3	22.9	43.6
Total Assets	16,258.9	12,474.2	8,015.8	6,060.3	7,626.7
Accounts Payable	4,050.8	1,720.7	2,360.8	1,463.3	1,950.1
Accrued Expenses	8.5	42.9	22.6	13.3	4.4
Notes Payable/Short Term Debt	-	0.0	0.0	0.0	97.4
Current Portion - Long Term Debt/Capital Leases	1,754.6	760.8	929.3	590.6	658.5
Customer Advances	-	6.4	65.7	24.8	49.5
Security Deposits	-	2.1	2.0	5.5	1.6
Other Payables	-	184.6	56.4	73.4	78.3
Other Current Liabilities	1,175.3	54.5	16.9	14.1	44.9
Other Current liabilities, Total	1,175.3	247.6	141.0	117.8	174.3
Total Current Liabilities	6,989.2	2,772.0	3,453.7	2,185.0	2,884.7
Long Term Debt	5,173.7	3,747.6	2,190.1	1,866.1	2,352.0
Capital Lease Obligations	28.5	14.9	22.7	26.7	40.9
Total Long Term Debt	5,202.2	3,762.5	2,212.8	1,892.8	2,392.9
Total Debt	6,956.8	4,523.3	3,142.1	2,483.4	3,148.8
Deferred Income Tax - LT Liability	129.9	299.4	179.8	139.9	267.6
Deferred Income Tax	129.9	299.4	179.8	139.9	267.6
Minority Interest	200.7	360.4	356.3	289.6	392.9
Other Long Term Liabilities	268.8	998.2	130.7	72.6	18.1
Other Liabilities, Total	268.8	998.2	130.7	72.6	18.1
Total Liabilities	12,790.8	8,192.5	6,333.3	4,579.9	5,956.2
Common Stock	99.0	99.0	2,301.7	2,227.7	1,953.8
Common Stock	99.0	99.0	2,301.7	2,227.7	1,953.8
Additional Paid-In Capital	2,043.8	2,043.8	-	-	-
Retained Earnings (Accumulated Deficit)	1,861.5	2,165.0	-529.7	-534.4	-425.9
Translation Adjustment	-536.2	-26.1	-89.5	-212.9	142.6
Other Equity, Total	-536.2	-26.1	-89.5	-212.9	142.6
Total Equity	3,468.1	4,281.7	1,682.5	1,480.4	1,670.5
Total Liabilities & Shareholders’ Equity	16,258.9	12,474.2	8,015.8	6,060.3	7,626.7
Shares Outstanding - Common Stock Primary Issue	1,303.4	1,303.4	1,303.0	1,303.0	1,303.0
Total Common Shares Outstanding	1,303.4	1,303.4	1,303.0	1,303.0	1,303.0
Employees	-	2,357	2,143	1,889	1,680
Number of Common Shareholders	-	654	-	-	-
Accumulated Intangible Amort, Suppl.	-	9.5	4.7	1.9	1.1
Deferred Revenue - Current	-	6.4	65.7	24.8	49.5
Total Long Term Debt, Supplemental	-	6,723.2	3,129.0	2,472.1	3,133.4
Long Term Debt Maturing within 1 Year	-	969.3	920.5	584.7	749.3
Long Term Debt Maturing in Year 2	-	704.4	343.7	257.1	283.2
Long Term Debt Maturing in Year 3	-	704.4	343.7	257.1	283.2
Long Term Debt Maturing in Year 4	-	704.4	343.7	257.1	283.2
Long Term Debt Maturing in Year 5	-	704.4	343.7	257.1	283.2
Long Term Debt Maturing in 2-3 Years	-	1,408.9	687.4	514.3	566.4
Long Term Debt Maturing in 4-5 Years	-	1,408.9	687.4	514.3	566.4
Long Term Debt Matur. in Year 6 & Beyond	-	2,936.2	833.7	858.9	1,251.4
Total Capital Leases, Supplemental	-	25.7	33.1	35.8	51.1
Capital Lease Payments Due in Year 1	-	10.8	10.4	9.1	10.2
Capital Lease Payments Due in Year 2	-	2.9	4.6	5.6	8.8
Capital Lease Payments Due in Year 3	-	2.9	4.6	5.6	8.8
Capital Lease Payments Due in Year 4	-	2.9	4.6	5.6	8.8
Capital Lease Payments Due in Year 5	-	2.9	4.6	5.6	8.8
Capital Lease Payments Due in 2-3 Years	-	5.8	9.3	11.1	17.6
Capital Lease Payments Due in 4-5 Years	-	5.8	9.3	11.1	17.6
Cap. Lease Pymts. Due in Year 6 & Beyond	-	3.3	4.2	4.5	5.7
Total Operating Leases, Supplemental	-	25.7	33.1	-	-
Operating Lease Payments Due in Year 1	-	10.8	10.4	-	-
Operating Lease Payments Due in Year 2	-	11.6	18.5	-	-
Operating Lease Pymts. Due in 2-3 Years	-	11.6	18.5	-	-
Oper. Lse. Pymts. Due in Year 6 & Beyond	-	3.3	4.2	-	-
Accrued Liabilities - Domestic	-	-	-0.4	-0.2	-0.3
Net Assets Recognized on Balance Sheet	-	-	-0.4	-0.2	-0.3

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	9 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor		Deloitte LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion		Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income/Starting Line	-881.1	365.5	147.3	-244.7	-118.4
Depreciation	158.0	127.0	89.9	108.7	30.5
Depreciation/Depletion	158.0	127.0	89.9	108.7	30.5
Unusual Items	-24.8	-21.6	-18.3	-	-
Other Non-Cash Items	667.9	181.8	25.4	775.5	-35.6
Non-Cash Items	643.1	160.2	7.1	775.5	-35.6
Accounts Receivable	-1,945.5	-380.5	-305.7	-250.9	-105.9
Inventories	-190.3	-287.1	-369.9	593.2	23.3
Other Assets	-198.3	-91.5	-40.9	-240.4	-1.5
Accounts Payable	3,136.7	-158.2	656.6	-311.6	64.6
Other Liabilities	7.9	13.2	-17.7	-77.0	24.6
Other Operating Cash Flow	-47.6	-10.4	-2.5	-2.7	-8.1
Changes in Working Capital	762.9	-914.5	-80.1	-289.4	-3.0
Cash from Operating Activities	682.9	-261.8	164.2	350.1	-126.5
Purchase of Fixed Assets	-1,859.6	-2,555.0	-425.6	-467.7	-300.6
Purchase/Acquisition of Intangibles	0.0	-1.2	-0.3	-3.1	-2.9
Capital Expenditures	-1,859.6	-2,556.2	-425.9	-470.8	-303.5
Acquisition of Business	-1,024.0	-31.2	0.0	0.0	0.4
Sale of Fixed Assets	3.5	0.5	1.1	0.4	0.0
Sale/Maturity of Investment	33.6	37.0	0.0	0.0	17.9
Purchase of Investments	-36.1	-2.9	-12.1	-27.8	-8.2
Other Investing Cash Flow	-8.0	-59.2	-120.0	0.0	-296.2
Other Investing Cash Flow Items, Total	-1,031.0	-55.8	-131.0	-27.4	-286.1
Cash from Investing Activities	-2,890.6	-2,612.0	-556.9	-498.2	-589.6
Other Financing Cash Flow	-917.5	-286.9	-101.0	-1.4	-190.7
Financing Cash Flow Items	-917.5	-286.9	-101.0	-1.4	-190.7
Sale/Issuance of Common	0.0	2,442.5	74.0	273.9	787.7
Common Stock, Net	0.0	2,442.5	74.0	273.9	787.7
Issuance (Retirement) of Stock, Net	0.0	2,442.5	74.0	273.9	787.7
Short Term Debt, Net	340.2	29.5	218.1	-133.6	210.3
Long Term Debt Issued	4,140.7	2,051.6	345.0	141.6	177.0
Long Term Debt Reduction	-1,256.8	-909.1	-143.5	-182.6	-212.1
Long Term Debt, Net	2,883.9	1,142.5	201.5	-41.0	-35.1
Issuance (Retirement) of Debt, Net	3,224.1	1,172.0	419.6	-174.6	175.2
Cash from Financing Activities	2,306.6	3,327.6	392.6	97.9	772.2
Foreign Exchange Effects	-20.1	38.5	8.9	12.3	4.1
Net Change in Cash	78.8	492.3	8.8	-37.9	60.2
Net Cash - Beginning Balance	563.7	71.4	62.6	100.5	40.3
Net Cash - Ending Balance	642.5	563.7	71.4	62.6	100.5
Cash Interest Paid	-	309.1	178.8	199.0	179.5
Cash Taxes Paid	-	10.4	2.5	2.7	8.1

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	9 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Special 31-Dec-2009	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor		Deloitte LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion		Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Revenue	14,904.7	-	-	-	-
Sale of petroleum products	-	9,391.2	5,284.0	7,928.0	139.8
Revenue from power supply	-	321.8	196.9	260.5	232.5
Sales tax benefit	-	292.6	173.7	264.6	0.0
Total Revenue	14,904.7	10,005.6	5,654.6	8,453.1	372.3
Cost of sales	15,006.0	9,288.2	5,332.2	7,771.4	297.4
Other operating income	-30.5	-34.0	-11.8	-11.4	-3.5
Selling and distribution expenses	98.4	91.7	61.6	76.7	1.9
General and Administration Expense	135.4	120.9	75.5	81.2	64.7
Net loss on commodity derivatives	-	-	0.0	61.2	199.8
Total Operating Expense	15,209.3	9,466.8	5,457.5	7,979.1	560.3
Foreign exchange gains/(losses)	-371.4	94.4	146.1	-459.0	114.5
Share of profit from joint controlled en	-1.4	1.7	-	-	-
Profit on sale of investments	0.0	11.2	-	-	-
Gain on settlement of liabilities	5.9	10.1	-	-	-
Surplus on acquisition of joint controll	18.9	0.0	19.1	-	-
Other Gains/Losses	0.0	-3.3	0.7	-	-
Interest Expense	-655.5	-471.7	-289.9	-326.2	-308.1
Adjustment for loss of sales tax benefit	59.5	0.0	-	-	-
Capitalised Interest	287.4	154.6	59.0	40.1	260.1
Unwinding of discount	-31.7	-19.5	-6.9	-1.5	0.0
Interest income	111.8	49.2	22.1	27.9	3.1
Net Income Before Taxes	-881.1	365.5	147.3	-244.7	-118.4
Provision for Income Taxes	-312.9	117.2	27.6	-77.7	-33.5
Net Income After Taxes	-568.2	248.3	119.7	-167.0	-84.9
Minority Interest	59.2	-46.8	-30.9	33.6	14.3
Net Income Before Extra. Items	-509.0	201.5	88.8	-133.4	-70.6
Net Income	-509.0	201.5	88.8	-133.4	-70.6
Income Available to Com Excl ExtraOrd	-509.0	201.5	88.8	-133.4	-70.6
Income Available to Com Incl ExtraOrd	-509.0	201.5	88.8	-133.4	-70.6
Basic Weighted Average Shares	1,303.4	1,177.1	1,303.0	1,303.0	1,303.0
Basic EPS Excluding ExtraOrdinary Items	-0.39	0.17	0.07	-0.10	-0.05
Basic EPS Including ExtraOrdinary Items	-0.39	0.17	0.07	-0.10	-0.05
Dilution Adjustment	0.0	-	-	0.0	0.0
Diluted Net Income	-509.0	201.5	88.8	-133.4	-70.6
Diluted Weighted Average Shares	1,303.4	1,177.1	1,303.0	1,303.0	1,303.0
Diluted EPS Excluding ExtraOrd Items	-0.39	0.17	0.07	-0.10	-0.05
Diluted EPS Including ExtraOrd Items	-0.39	0.17	0.07	-0.10	-0.05
DPS-Ordinary Shares	-	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	-900.0	365.5	128.2	-244.7	-118.4
Inc Tax Ex Impact of Sp Items	-319.5	117.2	24.0	-77.7	-33.5
Normalized Income After Taxes	-580.5	248.3	104.2	-167.0	-84.9
Normalized Inc. Avail to Com.	-521.3	201.5	73.3	-133.4	-70.6
Basic Normalized EPS	-0.40	0.17	0.06	-0.10	-0.05
Diluted Normalized EPS	-0.40	0.17	0.06	-0.10	-0.05
Depreciation	154.0	124.2	88.1	112.6	33.7
Amortization	4.0	4.4	2.7	1.2	0.8
Interest Expense	329.6	234.7	237.8	287.6	48.0
Interest Capitalised	-287.4	-154.6	-59.0	-40.1	-260.1
Current tax	-	30.6	2.6	2.4	0.1
Current Tax - Total	-	30.6	2.6	2.4	0.1
Deferred tax	-	86.6	25.0	-80.1	-33.6
Deferred Tax - Total	-	86.6	25.0	-80.1	-33.6
Income Tax - Total	-	117.2	27.6	-77.7	-33.5
Defined benefit plans	-	1.9	0.9	1.4	1.6
Defined contribution plans	-	1.1	0.4	0.4	0.3
Total Pension Expense	-	3.0	1.3	1.8	1.9

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Mar-2009	31-Mar-2008
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Auditor		Deloitte LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion		Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Inventories	2,027.7	-	-	-	-
Trade and other receivables	3,090.7	754.0	627.0	374.5	404.8
Other financial assets	529.2	-	292.6	-	-
Derivative financial assets	107.6	2.1	6.9	20.3	3.7
Cash and cash equivalents	642.5	-	-	-	-
Raw material and consumables	-	778.0	562.8	280.6	854.4
Work in progress	-	289.9	152.0	120.1	254.4
Finished products	-	126.3	149.4	56.8	132.1
Receivable from related parties	-	182.6	80.9	51.3	133.5
Tax receivable	-	12.4	18.3	10.3	12.3
Sales tax receivable	-	52.9	50.8	46.5	0.0
Others receivables	-	45.7	36.3	25.0	17.0
Prepayments	-	28.4	31.6	56.7	4.5
Advances to suppliers	-	13.2	14.2	21.9	35.3
Available for sale investments	-	0.0	41.3	41.3	0.0
Bank deposits & other deposits	-	514.4	-	241.2	329.6
Cash at banks	-	97.7	23.7	35.1	83.3
Liquid investments	-	386.0	21.4	3.7	0.0
Bank deposits	-	80.0	26.3	23.8	17.2
Total Current Assets	6,397.7	3,363.6	2,135.5	1,409.1	2,282.1
Goodwill	113.2	133.6	127.5	117.1	148.3
Other intangible assets	61.3	-	-	-	-
Property, plant and equipment	9,319.4	-	-	-	-
Power Sales	-	56.5	53.6	45.6	55.7
Software	-	9.1	7.7	6.3	5.3
Accumulated Intangible Amortization	-	-9.5	-4.7	-1.9	-1.1
Producing Properties	-	41.7	38.3	35.1	35.5
Freehold Land & Buildings	-	349.4	304.5	242.6	196.0
Plant & Equipment	-	4,021.9	3,779.6	3,300.2	651.0
Assets Under Construction	-	3,985.3	1,451.6	910.0	4,147.5
Exploration & Evaluation	-	160.1	107.3	82.0	76.9
Mining properties	-	209.6	-	-	-
Other Property, Plant & Equipment	-	24.3	14.3	9.9	9.2
Accumulated Depreciation	-	-380.5	-241.7	-138.5	-49.0
Investments in joint controlled entities	32.4	32.3	29.0	0.8	1.2
Trade and other receivables	115.2	293.2	124.5	9.3	7.1
Others	-	43.6	38.6	21.5	19.0
Prepayments	-	87.9	30.0	0.0	20.6
Advances to suppliers	-	0.0	1.3	1.1	4.0
Other financial assets	36.0	51.9	18.5	9.8	17.4
Deferred tax assets	183.7	0.2	0.4	0.3	0.0
Total Assets	16,258.9	12,474.2	8,015.8	6,060.3	7,626.7
Trade and other payables	4,050.8	1,536.3	2,223.1	1,332.6	1,875.3
Provisions	1,139.8	0.0	-	-	-
Accrued expenses	-	11.3	8.9	6.2	0.6
Accrued employee cost	-	8.5	5.7	7.1	3.8
Due to related parties	-	184.4	137.7	130.7	74.8
Security deposits	-	2.1	2.0	5.5	1.6
Other current payables	-	86.4	56.4	73.4	78.3
Advances from customers	-	6.4	65.7	24.8	49.5
Financial guarantee obligations	-	4.5	4.6	4.8	6.8
Finance leases	5.8	10.8	10.4	9.1	10.2
Borrowings	1,748.8	750.0	918.9	581.5	648.3
Derivative financial liabilities	35.5	31.0	12.3	9.3	38.1
Bills of exchange	-	-	-	0.0	97.4
Deferred consideration	-	19.0	-	-	-
Tax payable	8.5	23.1	8.0	-	-
Liability towards acqusition	-	98.2	-	-	-
Total Current Liabilities	6,989.2	2,772.0	3,453.7	2,185.0	2,884.7
Finance leases	28.5	14.9	22.7	26.7	40.9
Borrowings	5,173.7	3,747.6	2,190.1	1,866.1	2,352.0
Total Long Term Debt	5,202.2	3,762.5	2,212.8	1,892.8	2,392.9
Trade and other payables	268.8	998.2	130.7	72.6	18.1
Deferred tax liabilities	129.9	299.4	179.8	139.9	267.6
Minority interest	200.7	360.4	356.3	289.6	392.9
Total Liabilities	12,790.8	8,192.5	6,333.3	4,579.9	5,956.2
Invested capital	-	0.0	2,301.7	2,227.7	1,953.8
Share capital	99.0	99.0	-	-	-
Share premium	2,043.8	2,043.8	-	-	-
Currency translation reserve	-536.2	-26.1	-89.5	-212.9	142.6
General Reserve	1,160.6	1,160.6	-	-	-
Fair value reserve	-	0.0	13.7	15.3	0.0
Other reserve	1,480.3	1,436.3	-	-	-
Convertible bond reserves	90.5	0.0	-	-	-
Retained deficit	-869.9	-431.9	-543.4	-549.7	-425.9
Total Equity	3,468.1	4,281.7	1,682.5	1,480.4	1,670.5
Total Liabilities & Shareholders' Equity	16,258.9	12,474.2	8,015.8	6,060.3	7,626.7
S/O-Ordinary Shares	1,303.4	1,303.4	1,303.0	1,303.0	1,303.0
Total Common Shares Outstanding	1,303.4	1,303.4	1,303.0	1,303.0	1,303.0
Accumulated Intangible Amortization	-	9.5	4.7	1.9	1.1
Deferred Revenue - Current	-	6.4	65.7	24.8	49.5
Number of Common Shareholders	-	654	-	-	-
Full Time Employees	-	2,357	2,143	1,889	1,680
Debt Maturing within 1 Year	-	969.3	920.5	584.7	749.3
Debt Maturing within 1-5 Years	-	2,817.7	1,374.8	1,028.5	1,132.7
Debt Maturing after 5 Years	-	2,936.2	833.7	858.9	1,251.4
Total Long Term Debt, Supplemental	-	6,723.2	3,129.0	2,472.1	3,133.4
Capital Lease Maturing within 1 Year	-	10.8	10.4	9.1	10.2
Capital Lease Maturing within 1-5 Years	-	11.6	18.5	22.2	35.2
Capital Lease Maturing after 5 Years	-	3.3	4.2	4.5	5.7
Total Capital Leases, Supplemental	-	25.7	33.1	35.8	51.1
Optg leases-year 1	-	10.8	10.4	-	-
Optg leases-year 2	-	11.6	18.5	-	-
Optg leases-year 6+	-	3.3	4.2	-	-
Total Operating Leases, Supplemental	-	25.7	33.1	-	-
Net Liability	-	-	-0.4	-0.2	-0.3
Net Assets Recognized on Balance Sheet	-	-	-0.4	-0.2	-0.3

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	9 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor		Deloitte LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion		Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income	-881.1	365.5	147.3	-244.7	-118.4
Depreciation	158.0	127.0	89.9	108.7	30.5
Unrealised loss/(gain) on derivatives	-60.3	28.9	5.4	-11.0	34.4
Interest cost	331.4	249.0	153.2	213.2	43.9
(Loss) / gain on disposal of property, p	0.0	-0.3	0.8	-	-
Surplus on acquisition of joint controll	-18.9	0.0	-19.1	-	-
Share in profit of joint controlled enti	1.4	-1.7	-0.7	-	-
Inventory written down	24.0	0.0	13.6	114.3	0.6
Foreign exchange (gains)/losses	371.4	-94.4	-146.1	459.0	-114.5
Profit on sale of investments	0.0	-11.2	-	-	-
Gain on settlement of liabilities	-5.9	-10.1	-	-	-
Tax (paid)/refund	-47.6	-10.4	-2.5	-2.7	-8.1
Trade and other receivables	-1,945.5	-380.5	-305.7	-250.9	-105.9
Inventories	-190.3	-287.1	-369.9	593.2	23.3
Other assets	-198.3	-91.5	-40.9	-240.4	-1.5
Trade and other payables	3,136.7	-158.2	656.6	-311.6	64.6
Other liabilities and provisions	7.9	13.2	-17.7	-77.0	24.6
Cash from Operating Activities	682.9	-261.8	164.2	350.1	-126.5
Acquisition of businesses	-999.0	-31.2	0.0	0.0	0.4
Costs related to acquisition	-25.0	-	-	-	-
Purchase of property, plant & Equip.	-1,753.2	-2,496.5	-405.5	-449.6	-244.3
Payment for exploration and evaluation	-106.4	-58.5	-20.1	-18.1	-56.3
Proceeds on disposal of property	3.5	0.5	1.1	0.4	0.0
Payment for purchase of intangible asset	0.0	-1.2	-0.3	-3.1	-2.9
Payment for purchase of investments	-33.4	0.0	-3.3	-27.8	-7.7
Movement in bank deposits	-9.3	-	-	-	-
Investments in joint controlled entities	-2.7	-2.9	-8.8	0.0	-0.5
Proceeds from disposal of investments	33.6	37.0	0.0	0.0	17.9
Decrease / (increase) in non-controlling	1.3	-59.2	-120.0	0.0	-296.2
Cash from Investing Activities	-2,890.6	-2,612.0	-556.9	-498.2	-589.6
Proceeds from capital contribution	0.0	630.2	-	-	-
Proceeds from issuance of invested capit	-	1,812.3	74.0	273.9	787.7
Proceeds from convertible bonds	543.6	-	-	-	-
Proceeds from borrowings	3,597.1	2,051.6	345.0	141.6	177.0
Repayment of borrowings	-1,256.8	-909.1	-143.5	-182.6	-212.1
Movement in acceptances	-406.7	22.2	77.8	197.6	-11.2
Movement in bills of exchange	340.2	29.5	218.1	-133.6	210.3
Interest paid	-510.8	-309.1	-178.8	-199.0	-179.5
Cash from Financing Activities	2,306.6	3,327.6	392.6	97.9	772.2
Foreign Exchange Effects	-20.1	38.5	8.9	12.3	4.1
Net Change in Cash	78.8	492.3	8.8	-37.9	60.2
Cash & cash equivalents at the beginning	563.7	71.4	62.6	100.5	40.3
Cash & cash equivalents at the end	642.5	563.7	71.4	62.6	100.5
Cash Interest Paid	-	309.1	178.8	199.0	179.5
Cash Taxes Paid	-	10.4	2.5	2.7	8.1

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 31-Dec-2011	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue	8,373.5	59.78%	14,904.7	48.96%	20.81%	136.21%
Operating Income	-754.8	-	-304.6	-	-	-
Income Available to Common Excl Extraord Items	-684.9	-	-509.0	-	-	-
Basic EPS Excl Extraord Items	-0.53	-	-0.39	-	-	-
Capital Expenditures	1,859.6	-27.25%	1,859.6	-27.25%	58.07%	28.04%
Cash from Operating Activities	682.9	-	682.9	-	24.95%	-
Free Cash Flow	-1,176.7	-	-1,176.7	-	-	-
Total Assets	16,258.9	30.34%	16,258.9	30.34%	38.95%	24.96%
Total Liabilities	12,790.8	56.13%	12,790.8	56.13%	40.83%	24.62%
Total Long Term Debt	5,202.2	38.26%	5,202.2	38.26%	40.08%	18.74%
Total Common Shares Outstanding	1,303.4	0.00%	1,303.4	0.00%	0.01%	0.01%

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Mar-2009	31-Mar-2008
Profitability
Gross Margin	-0.68%	4.37%	2.71%	5.09%	20.12%
Operating Margin	-2.04%	5.39%	3.49%	5.61%	-50.50%
Pretax Margin	-5.91%	3.65%	2.61%	-2.89%	-31.80%
Net Profit Margin	-3.42%	2.01%	1.57%	-1.58%	-18.96%
Financial Strength
Current Ratio	0.92	1.21	0.62	0.64	0.79
Long Term Debt/Equity	1.50	0.88	1.32	1.28	1.43
Total Debt/Equity	2.01	1.06	1.87	1.68	1.88
Management Effectiveness
Return on Assets	-3.96%	2.42%	1.70%	-2.44%	-1.31%
Return on Equity	-13.14%	6.76%	5.62%	-8.47%	-5.13%
Efficiency
Receivables Turnover	7.18	10.60	8.33	14.93	0.83
Inventory Turnover	9.32	9.02	8.07	9.15	0.29
Asset Turnover	1.04	0.98	0.80	1.24	0.06

Market Valuation USD (mil)
Enterprise Value	5,404.6	.	Price/Sales (TTM)	0.16
Enterprise Value/Revenue (TTM)	0.56	.	Price/Book (MRQ)	0.69
Market Cap as of 08-Jun-2012	2,388.2	.

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Mar-2008
Financial Strength
Current Ratio	0.92	1.21	0.62	0.79
Quick/Acid Test Ratio	0.61	0.77	0.36	0.36
Working Capital	-591.5	591.6	-1,318.2	-602.6
Long Term Debt/Equity	1.50	0.88	1.32	1.43
Total Debt/Equity	2.01	1.06	1.87	1.88
Long Term Debt/Total Capital	0.50	0.43	0.46	0.50
Total Debt/Total Capital	0.67	0.51	0.65	0.65
Payout Ratio	-	0.00%	0.00%	0.00%
Effective Tax Rate	-	32.07%	18.74%	-
Total Capital	10,424.9	8,805.0	4,824.6	4,819.3
Efficiency
Asset Turnover	1.04	0.98	0.80	0.06
Inventory Turnover	9.32	9.02	8.07	0.29
Days In Inventory	39.18	40.44	45.24	1,252.16
Receivables Turnover	7.18	10.60	8.33	0.83
Days Receivables Outstanding	50.83	34.44	43.80	437.21
Revenue/Employee	-	4,245,057	2,638,637	221,607
Operating Income/Employee	-	228,596	91,974	-111,905
EBITDA/Employee	-	283,157	134,344	-91,369
Profitability
Gross Margin	-0.68%	4.37%	2.71%	20.12%
Operating Margin	-2.04%	5.39%	3.49%	-50.50%
EBITDA Margin	-0.98%	6.67%	5.09%	-41.23%
EBIT Margin	-2.04%	5.39%	3.49%	-50.50%
Pretax Margin	-5.91%	3.65%	2.61%	-31.80%
Net Profit Margin	-3.42%	2.01%	1.57%	-18.96%
COGS/Revenue	100.68%	92.83%	94.30%	79.88%
SG&A Expense/Revenue	1.57%	2.12%	2.42%	17.89%
Management Effectiveness
Return on Assets	-3.96%	2.42%	1.70%	-1.31%
Return on Equity	-13.14%	6.76%	5.62%	-5.13%
Valuation
Free Cash Flow/Share	-0.90	-2.16	-0.20	-0.33
Operating Cash Flow/Share	0.52	-0.20	0.13	-0.10

Current Market Multiples
Market Cap/Earnings (TTM)	-4.67
Market Cap/Equity (MRQ)	0.69
Market Cap/Revenue (TTM)	0.16
Market Cap/EBIT (TTM)	-7.80
Market Cap/EBITDA (TTM)	-16.21
Enterprise Value/Earnings (TTM)	-16.43
Enterprise Value/Equity (MRQ)	2.41
Enterprise Value/Revenue (TTM)	0.56
Enterprise Value/EBIT (TTM)	-27.45
Enterprise Value/EBITDA (TTM)	-57.04

Annual Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	9 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Special 31-Dec-2009	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor		Deloitte LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion		Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Sales	14,904.7	9,713.0	5,480.9	8,188.5	372.3
Revenue	14,904.7	9,713.0	5,480.9	8,188.5	372.3
Other Revenue	-	292.6	173.7	264.6	0.0
Other Revenue, Total	-	292.6	173.7	264.6	0.0
Total Revenue	14,904.7	10,005.6	5,654.6	8,453.1	372.3
Cost of Revenue	15,006.0	9,288.2	5,332.2	7,771.4	297.4
Cost of Revenue, Total	15,006.0	9,288.2	5,332.2	7,771.4	297.4
Gross Profit	-101.3	424.8	148.7	417.1	74.9
Selling/General/Administrative Expense	233.8	212.6	137.1	157.9	66.6
Total Selling/General/Administrative Expenses	233.8	212.6	137.1	157.9	66.6
Investment Income - Operating	-	-	0.0	61.2	199.8
Interest/Investment Income - Operating	-	-	0.0	61.2	199.8
Interest Expense (Income) - Net Operating Total	-	-	0.0	61.2	199.8
Other, Net	-30.5	-34.0	-11.8	-11.4	-3.5
Other Operating Expenses, Total	-30.5	-34.0	-11.8	-11.4	-3.5
Total Operating Expense	15,209.3	9,466.8	5,457.5	7,979.1	560.3
Operating Income	-304.6	538.8	197.1	474.0	-188.0
Interest Expense - Non-Operating	-687.2	-491.2	-296.8	-327.7	-308.1
Interest Capitalized - Non-Operating	287.4	154.6	59.0	40.1	260.1
Interest Expense, Net Non-Operating	-399.8	-336.6	-237.8	-287.6	-48.0
Interest Income - Non-Operating	111.8	49.2	22.1	27.9	3.1
Investment Income - Non-Operating	-372.8	107.3	146.1	-459.0	114.5
Interest/Investment Income - Non-Operating	-261.0	156.5	168.2	-431.1	117.6
Interest Income (Expense) - Net Non-Operating Total	-660.8	-180.1	-69.6	-718.7	69.6
Gain (Loss) on Sale of Assets	18.9	0.0	19.1	-	-
Other Non-Operating Income (Expense)	65.4	6.8	0.7	-	-
Other, Net	65.4	6.8	0.7	-	-
Income Before Tax	-881.1	365.5	147.3	-244.7	-118.4
Total Income Tax	-312.9	117.2	27.6	-77.7	-33.5
Income After Tax	-568.2	248.3	119.7	-167.0	-84.9
Minority Interest	59.2	-46.8	-30.9	33.6	14.3
Net Income Before Extraord Items	-509.0	201.5	88.8	-133.4	-70.6
Net Income	-509.0	201.5	88.8	-133.4	-70.6
Income Available to Common Excl Extraord Items	-509.0	201.5	88.8	-133.4	-70.6
Income Available to Common Incl Extraord Items	-509.0	201.5	88.8	-133.4	-70.6
Basic/Primary Weighted Average Shares	1,303.4	1,177.1	1,303.0	1,303.0	1,303.0
Basic EPS Excl Extraord Items	-0.39	0.17	0.07	-0.10	-0.05
Basic/Primary EPS Incl Extraord Items	-0.39	0.17	0.07	-0.10	-0.05
Dilution Adjustment	0.0	-	-	0.0	0.0
Diluted Net Income	-509.0	201.5	88.8	-133.4	-70.6
Diluted Weighted Average Shares	1,303.4	1,177.1	1,303.0	1,303.0	1,303.0
Diluted EPS Excl Extraord Items	-0.39	0.17	0.07	-0.10	-0.05
Diluted EPS Incl Extraord Items	-0.39	0.17	0.07	-0.10	-0.05
Dividends per Share - Common Stock Primary Issue	-	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	0.0	0.0	0.0	0.0
Interest Expense, Supplemental	329.6	234.7	237.8	287.6	48.0
Interest Capitalized, Supplemental	-287.4	-154.6	-59.0	-40.1	-260.1
Depreciation, Supplemental	154.0	124.2	88.1	112.6	33.7
Total Special Items	-18.9	0.0	-19.1	-	-
Normalized Income Before Tax	-900.0	365.5	128.2	-244.7	-118.4
Effect of Special Items on Income Taxes	-6.6	0.0	-3.6	-	-
Inc Tax Ex Impact of Sp Items	-319.5	117.2	24.0	-77.7	-33.5
Normalized Income After Tax	-580.5	248.3	104.2	-167.0	-84.9
Normalized Inc. Avail to Com.	-521.3	201.5	73.3	-133.4	-70.6
Basic Normalized EPS	-0.40	0.17	0.06	-0.10	-0.05
Diluted Normalized EPS	-0.40	0.17	0.06	-0.10	-0.05
Amort of Intangibles, Supplemental	4.0	4.4	2.7	1.2	0.8
Normalized EBIT	-304.6	538.8	197.1	535.2	11.8
Normalized EBITDA	-146.6	667.4	287.9	649.0	46.3
Current Tax - Total	-	30.6	2.6	2.4	0.1
Current Tax - Total	-	30.6	2.6	2.4	0.1
Deferred Tax - Total	-	86.6	25.0	-80.1	-33.6
Deferred Tax - Total	-	86.6	25.0	-80.1	-33.6
Income Tax - Total	-	117.2	27.6	-77.7	-33.5
Defined Contribution Expense - Domestic	-	3.0	1.3	1.8	1.9
Total Pension Expense	-	3.0	1.3	1.8	1.9

Interim Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	30-Jun-2011	31-Dec-2010	30-Jun-2010	31-Dec-2009
Period Length	6 Months	6 Months	6 Months	6 Months	9 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010	Updated Special 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Net Sales	8,373.5	6,531.2	5,240.8	4,764.8	5,480.9
Revenue	8,373.5	6,531.2	5,240.8	4,764.8	5,480.9
Other Revenue	-	-	-	-	173.7
Other Revenue, Total	-	-	-	-	173.7
Total Revenue	8,373.5	6,531.2	5,240.8	4,764.8	5,654.6
Cost of Revenue	9,043.7	5,962.3	4,821.8	4,466.4	5,332.2
Cost of Revenue, Total	9,043.7	5,962.3	4,821.8	4,466.4	5,332.2
Gross Profit	-670.2	568.9	419.0	298.4	148.7
Selling/General/Administrative Expense	94.9	138.9	110.8	101.8	137.1
Total Selling/General/Administrative Expenses	94.9	138.9	110.8	101.8	137.1
Investment Income - Operating	-	-	-	-	0.0
Interest/Investment Income - Operating	-	-	-	-	0.0
Interest Expense (Income) - Net Operating Total	-	-	-	-	0.0
Other, Net	-10.3	-20.2	-15.7	-18.3	-11.8
Other Operating Expenses, Total	-10.3	-20.2	-15.7	-18.3	-11.8
Total Operating Expense	9,128.3	6,081.0	4,916.9	4,549.9	5,457.5
Operating Income	-754.8	450.2	323.9	214.9	197.1
Interest Expense - Non-Operating	-364.3	-322.9	-258.1	-233.1	-296.8
Interest Capitalized - Non-Operating	149.9	137.5	105.2	49.4	59.0
Interest Expense, Net Non-Operating	-214.4	-185.4	-152.9	-183.7	-237.8
Interest Income - Non-Operating	59.1	52.7	31.9	17.3	22.1
Investment Income - Non-Operating	-333.4	-39.3	12.2	95.1	146.1
Interest/Investment Income - Non-Operating	-274.3	13.4	44.1	112.4	168.2
Interest Income (Expense) - Net Non-Operating Total	-488.7	-172.0	-108.8	-71.3	-69.6
Gain (Loss) on Sale of Assets	18.9	0.0	0.0	0.0	19.1
Other Non-Operating Income (Expense)	65.0	0.3	-4.0	10.8	0.7
Other, Net	65.0	0.3	-4.0	10.8	0.7
Income Before Tax	-1,159.6	278.5	211.1	154.4	147.3
Total Income Tax	-385.2	72.3	74.7	42.5	27.6
Income After Tax	-774.4	206.2	136.4	111.9	119.7
Minority Interest	89.5	-30.3	-26.0	-20.8	-30.9
Net Income Before Extraord Items	-684.9	175.9	110.4	91.1	88.8
Net Income	-684.9	175.9	110.4	91.1	88.8
Income Available to Common Excl Extraord Items	-684.9	175.9	110.4	91.1	88.8
Income Available to Common Incl Extraord Items	-684.9	175.9	110.4	91.1	88.8
Basic/Primary Weighted Average Shares	1,303.4	1,303.4	1,305.6	1,048.6	1,303.0
Basic EPS Excl Extraord Items	-0.53	0.13	0.08	0.09	0.07
Basic/Primary EPS Incl Extraord Items	-0.53	0.13	0.08	0.09	0.07
Dilution Adjustment	0.0	0.0	-	0.0	-
Diluted Net Income	-684.9	175.9	110.4	91.1	88.8
Diluted Weighted Average Shares	1,303.4	1,303.4	1,305.6	1,048.6	1,303.0
Diluted EPS Excl Extraord Items	-0.53	0.13	0.08	0.09	0.07
Diluted EPS Incl Extraord Items	-0.53	0.13	0.08	0.09	0.07
Dividends per Share - Common Stock Primary Issue	-	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	0.0	0.0	0.0	0.0
Interest Expense, Supplemental	174.2	292.9	107.1	177.0	237.8
Interest Capitalized, Supplemental	-149.9	-137.5	-105.2	-49.4	-59.0
Depreciation, Supplemental	91.9	66.1	65.4	62.6	88.1
Total Special Items	-18.9	0.0	0.0	0.0	-19.1
Normalized Income Before Tax	-1,178.5	278.5	211.1	154.4	128.2
Effect of Special Items on Income Taxes	-6.6	0.0	0.0	0.0	-3.6
Inc Tax Ex Impact of Sp Items	-391.8	72.3	74.7	42.5	24.0
Normalized Income After Tax	-786.7	206.2	136.4	111.9	104.2
Normalized Inc. Avail to Com.	-697.2	175.9	110.4	91.1	73.3
Basic Normalized EPS	-0.53	0.13	0.08	0.09	0.06
Diluted Normalized EPS	-0.53	0.13	0.08	0.09	0.06
Amort of Intangibles, Supplemental	-	-	-	-	2.7
Normalized EBIT	-754.8	450.2	323.9	214.9	197.1
Normalized EBITDA	-662.9	516.3	389.3	277.5	287.9
Current Tax - Foreign	-	43.3	21.6	4.5	-
Current Tax - Other	-	0.3	4.5	0.0	-
Current Tax - Total	-	-	-	-	2.6
Current Tax - Total	-	43.6	26.1	4.5	2.6
Deferred Tax - Foreign	-	28.1	47.3	37.0	-
Deferred Tax - Other	-	0.6	1.3	1.0	-
Deferred Tax - Total	-	-	-	-	25.0
Deferred Tax - Total	-	28.7	48.6	38.0	25.0
Income Tax - Total	-	72.3	74.7	42.5	27.6
Defined Contribution Expense - Domestic	-	-	-	-	1.3
Total Pension Expense	-	-	-	-	1.3

Annual Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Mar-2009	31-Mar-2008
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Auditor		Deloitte LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion		Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash	-	97.7	23.7	35.1	83.3
Cash & Equivalents	642.5	-	-	-	-
Short Term Investments	529.2	980.4	381.6	310.0	346.8
Cash and Short Term Investments	1,171.7	1,078.1	405.3	345.1	430.1
Trade Accounts Receivable - Net	3,090.7	936.6	707.9	425.8	538.3
Other Receivables	-	124.2	119.6	103.7	64.6
Total Receivables, Net	3,090.7	1,060.8	827.5	529.5	602.9
Inventories - Finished Goods	-	126.3	149.4	56.8	132.1
Inventories - Work In Progress	-	289.9	152.0	120.1	254.4
Inventories - Raw Materials	-	778.0	562.8	280.6	854.4
Total Inventory	2,027.7	1,194.2	864.2	457.5	1,240.9
Prepaid Expenses	-	28.4	31.6	56.7	4.5
Other Current Assets	107.6	2.1	6.9	20.3	3.7
Other Current Assets, Total	107.6	2.1	6.9	20.3	3.7
Total Current Assets	6,397.7	3,363.6	2,135.5	1,409.1	2,282.1
Land/Improvements	-	349.4	304.5	242.6	196.0
Machinery/Equipment	-	4,063.6	3,817.9	3,335.3	686.5
Construction in Progress	-	3,985.3	1,451.6	910.0	4,147.5
Natural Resources	-	369.7	107.3	82.0	76.9
Other Property/Plant/Equipment	-	24.3	14.3	9.9	9.2
Property/Plant/Equipment - Gross	-	8,792.3	5,695.6	4,579.8	5,116.1
Accumulated Depreciation	-	-380.5	-241.7	-138.5	-49.0
Property/Plant/Equipment - Net	9,319.4	8,411.8	5,453.9	4,441.3	5,067.1
Goodwill, Net	113.2	133.6	127.5	117.1	148.3
Intangibles - Gross	-	65.6	61.3	51.9	61.0
Accumulated Intangible Amortization	-	-9.5	-4.7	-1.9	-1.1
Intangibles, Net	61.3	56.1	56.6	50.0	59.9
LT Investment - Affiliate Companies	32.4	32.3	29.0	0.8	1.2
LT Investments - Other	36.0	51.9	18.5	9.8	17.4
Long Term Investments	68.4	84.2	47.5	10.6	18.6
Note Receivable - Long Term	115.2	293.2	124.5	9.3	7.1
Deferred Income Tax - Long Term Asset	183.7	0.2	0.4	0.3	0.0
Other Long Term Assets	-	131.5	69.9	22.6	43.6
Other Long Term Assets, Total	183.7	131.7	70.3	22.9	43.6
Total Assets	16,258.9	12,474.2	8,015.8	6,060.3	7,626.7
Accounts Payable	4,050.8	1,720.7	2,360.8	1,463.3	1,950.1
Accrued Expenses	8.5	42.9	22.6	13.3	4.4
Notes Payable/Short Term Debt	-	0.0	0.0	0.0	97.4
Current Portion - Long Term Debt/Capital Leases	1,754.6	760.8	929.3	590.6	658.5
Customer Advances	-	6.4	65.7	24.8	49.5
Security Deposits	-	2.1	2.0	5.5	1.6
Other Payables	-	184.6	56.4	73.4	78.3
Other Current Liabilities	1,175.3	54.5	16.9	14.1	44.9
Other Current liabilities, Total	1,175.3	247.6	141.0	117.8	174.3
Total Current Liabilities	6,989.2	2,772.0	3,453.7	2,185.0	2,884.7
Long Term Debt	5,173.7	3,747.6	2,190.1	1,866.1	2,352.0
Capital Lease Obligations	28.5	14.9	22.7	26.7	40.9
Total Long Term Debt	5,202.2	3,762.5	2,212.8	1,892.8	2,392.9
Total Debt	6,956.8	4,523.3	3,142.1	2,483.4	3,148.8
Deferred Income Tax - LT Liability	129.9	299.4	179.8	139.9	267.6
Deferred Income Tax	129.9	299.4	179.8	139.9	267.6
Minority Interest	200.7	360.4	356.3	289.6	392.9
Other Long Term Liabilities	268.8	998.2	130.7	72.6	18.1
Other Liabilities, Total	268.8	998.2	130.7	72.6	18.1
Total Liabilities	12,790.8	8,192.5	6,333.3	4,579.9	5,956.2
Common Stock	99.0	99.0	2,301.7	2,227.7	1,953.8
Common Stock	99.0	99.0	2,301.7	2,227.7	1,953.8
Additional Paid-In Capital	2,043.8	2,043.8	-	-	-
Retained Earnings (Accumulated Deficit)	1,861.5	2,165.0	-529.7	-534.4	-425.9
Translation Adjustment	-536.2	-26.1	-89.5	-212.9	142.6
Other Equity, Total	-536.2	-26.1	-89.5	-212.9	142.6
Total Equity	3,468.1	4,281.7	1,682.5	1,480.4	1,670.5
Total Liabilities & Shareholders’ Equity	16,258.9	12,474.2	8,015.8	6,060.3	7,626.7
Shares Outstanding - Common Stock Primary Issue	1,303.4	1,303.4	1,303.0	1,303.0	1,303.0
Total Common Shares Outstanding	1,303.4	1,303.4	1,303.0	1,303.0	1,303.0
Employees	-	2,357	2,143	1,889	1,680
Number of Common Shareholders	-	654	-	-	-
Accumulated Intangible Amort, Suppl.	-	9.5	4.7	1.9	1.1
Deferred Revenue - Current	-	6.4	65.7	24.8	49.5
Total Long Term Debt, Supplemental	-	6,723.2	3,129.0	2,472.1	3,133.4
Long Term Debt Maturing within 1 Year	-	969.3	920.5	584.7	749.3
Long Term Debt Maturing in Year 2	-	704.4	343.7	257.1	283.2
Long Term Debt Maturing in Year 3	-	704.4	343.7	257.1	283.2
Long Term Debt Maturing in Year 4	-	704.4	343.7	257.1	283.2
Long Term Debt Maturing in Year 5	-	704.4	343.7	257.1	283.2
Long Term Debt Maturing in 2-3 Years	-	1,408.9	687.4	514.3	566.4
Long Term Debt Maturing in 4-5 Years	-	1,408.9	687.4	514.3	566.4
Long Term Debt Matur. in Year 6 & Beyond	-	2,936.2	833.7	858.9	1,251.4
Total Capital Leases, Supplemental	-	25.7	33.1	35.8	51.1
Capital Lease Payments Due in Year 1	-	10.8	10.4	9.1	10.2
Capital Lease Payments Due in Year 2	-	2.9	4.6	5.6	8.8
Capital Lease Payments Due in Year 3	-	2.9	4.6	5.6	8.8
Capital Lease Payments Due in Year 4	-	2.9	4.6	5.6	8.8
Capital Lease Payments Due in Year 5	-	2.9	4.6	5.6	8.8
Capital Lease Payments Due in 2-3 Years	-	5.8	9.3	11.1	17.6
Capital Lease Payments Due in 4-5 Years	-	5.8	9.3	11.1	17.6
Cap. Lease Pymts. Due in Year 6 & Beyond	-	3.3	4.2	4.5	5.7
Total Operating Leases, Supplemental	-	25.7	33.1	-	-
Operating Lease Payments Due in Year 1	-	10.8	10.4	-	-
Operating Lease Payments Due in Year 2	-	11.6	18.5	-	-
Operating Lease Pymts. Due in 2-3 Years	-	11.6	18.5	-	-
Oper. Lse. Pymts. Due in Year 6 & Beyond	-	3.3	4.2	-	-
Accrued Liabilities - Domestic	-	-	-0.4	-0.2	-0.3
Net Assets Recognized on Balance Sheet	-	-	-0.4	-0.2	-0.3

Interim Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	30-Jun-2011	31-Dec-2010	30-Jun-2010
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010
Filed Currency	USD	USD	USD	USD
Exchange Rate	1	1	1	1
Cash	-	-	563.7	-
Cash & Equivalents	642.5	1,454.5	-	1,331.1
Short Term Investments	529.2	769.8	514.4	409.4
Cash and Short Term Investments	1,171.7	2,224.3	1,078.1	1,740.5
Trade Accounts Receivable - Net	3,090.7	1,330.0	1,089.2	833.1
Total Receivables, Net	3,090.7	1,330.0	1,089.2	833.1
Total Inventory	2,027.7	1,319.6	1,194.2	834.6
Other Current Assets	107.6	5.7	2.1	9.5
Other Current Assets, Total	107.6	5.7	2.1	9.5
Total Current Assets	6,397.7	4,879.6	3,363.6	3,417.7
Land/Improvements	-	386.7	349.4	314.2
Machinery/Equipment	-	4,228.4	4,063.6	3,884.0
Construction in Progress	-	4,797.9	3,985.3	2,892.1
Natural Resources	-	433.2	369.7	131.6
Other Property/Plant/Equipment	-	26.1	24.3	20.9
Property/Plant/Equipment - Gross	-	9,872.3	8,792.3	7,242.8
Accumulated Depreciation	-	-446.5	-380.5	-302.3
Property/Plant/Equipment - Net	9,319.4	9,425.8	8,411.8	6,940.5
Goodwill, Net	113.2	133.9	133.6	128.7
Intangibles - Gross	-	-	65.6	-
Accumulated Intangible Amortization	-	-	-9.5	-
Intangibles, Net	61.3	55.4	56.1	55.0
LT Investment - Affiliate Companies	32.4	30.5	32.3	28.4
LT Investments - Other	36.0	56.0	51.9	46.9
Long Term Investments	68.4	86.5	84.2	75.3
Note Receivable - Long Term	115.2	505.9	424.7	249.2
Deferred Income Tax - Long Term Asset	183.7	0.3	0.2	0.2
Other Long Term Assets, Total	183.7	0.3	0.2	0.2
Total Assets	16,258.9	15,087.4	12,474.2	10,866.6
Accounts Payable	4,050.8	3,127.8	1,980.2	1,864.0
Notes Payable/Short Term Debt	-	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	1,754.6	633.1	760.8	666.0
Income Taxes Payable	8.5	24.5	-	14.9
Other Current Liabilities	1,175.3	41.7	31.0	18.4
Other Current liabilities, Total	1,183.8	66.2	31.0	33.3
Total Current Liabilities	6,989.2	3,827.1	2,772.0	2,563.3
Long Term Debt	5,173.7	5,090.5	3,747.6	2,897.7
Capital Lease Obligations	28.5	11.3	14.9	18.2
Total Long Term Debt	5,202.2	5,101.8	3,762.5	2,915.9
Total Debt	6,956.8	5,734.9	4,523.3	3,581.9
Deferred Income Tax - LT Liability	129.9	326.4	299.4	217.3
Deferred Income Tax	129.9	326.4	299.4	217.3
Minority Interest	200.7	397.3	360.4	317.1
Other Long Term Liabilities	268.8	856.1	998.2	682.0
Other Liabilities, Total	268.8	856.1	998.2	682.0
Total Liabilities	12,790.8	10,508.7	8,192.5	6,695.6
Common Stock	99.0	99.0	99.0	99.0
Common Stock	99.0	99.0	99.0	99.0
Retained Earnings (Accumulated Deficit)	3,905.3	4,491.3	4,208.8	4,197.4
Translation Adjustment	-536.2	-11.6	-26.1	-125.4
Other Equity, Total	-536.2	-11.6	-26.1	-125.4
Total Equity	3,468.1	4,578.7	4,281.7	4,171.0
Total Liabilities & Shareholders’ Equity	16,258.9	15,087.4	12,474.2	10,866.6
Shares Outstanding - Common Stock Primary Issue	1,303.4	1,303.4	1,303.4	1,303.4
Total Common Shares Outstanding	1,303.4	1,303.4	1,303.4	1,303.4
Accumulated Intangible Amort, Suppl.	-	-	9.5	-
Total Long Term Debt, Supplemental	-	-	6,723.2	666.0
Long Term Debt Maturing within 1 Year	-	-	969.3	666.0
Long Term Debt Maturing in Year 2	-	-	704.4	-
Long Term Debt Maturing in Year 3	-	-	704.4	-
Long Term Debt Maturing in Year 4	-	-	704.4	-
Long Term Debt Maturing in Year 5	-	-	704.4	-
Long Term Debt Maturing in 2-3 Years	-	-	1,408.9	-
Long Term Debt Maturing in 4-5 Years	-	-	1,408.9	-
Long Term Debt Matur. in Year 6 & Beyond	-	-	2,936.2	0.0
Total Capital Leases, Supplemental	-	-	25.7	-
Capital Lease Payments Due in Year 1	-	-	10.8	-
Capital Lease Payments Due in Year 2	-	-	2.9	-
Capital Lease Payments Due in Year 3	-	-	2.9	-
Capital Lease Payments Due in Year 4	-	-	2.9	-
Capital Lease Payments Due in Year 5	-	-	2.9	-
Capital Lease Payments Due in 2-3 Years	-	-	5.8	-
Capital Lease Payments Due in 4-5 Years	-	-	5.8	-
Cap. Lease Pymts. Due in Year 6 & Beyond	-	-	3.3	-
Total Operating Leases, Supplemental	-	-	25.7	-
Operating Lease Payments Due in Year 1	-	-	10.8	-
Operating Lease Payments Due in Year 2	-	-	11.6	-
Operating Lease Pymts. Due in 2-3 Years	-	-	11.6	-
Oper. Lse. Pymts. Due in Year 6 & Beyond	-	-	3.3	-

Annual Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	9 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor		Deloitte LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion		Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income/Starting Line	-881.1	365.5	147.3	-244.7	-118.4
Depreciation	158.0	127.0	89.9	108.7	30.5
Depreciation/Depletion	158.0	127.0	89.9	108.7	30.5
Unusual Items	-24.8	-21.6	-18.3	-	-
Other Non-Cash Items	667.9	181.8	25.4	775.5	-35.6
Non-Cash Items	643.1	160.2	7.1	775.5	-35.6
Accounts Receivable	-1,945.5	-380.5	-305.7	-250.9	-105.9
Inventories	-190.3	-287.1	-369.9	593.2	23.3
Other Assets	-198.3	-91.5	-40.9	-240.4	-1.5
Accounts Payable	3,136.7	-158.2	656.6	-311.6	64.6
Other Liabilities	7.9	13.2	-17.7	-77.0	24.6
Other Operating Cash Flow	-47.6	-10.4	-2.5	-2.7	-8.1
Changes in Working Capital	762.9	-914.5	-80.1	-289.4	-3.0
Cash from Operating Activities	682.9	-261.8	164.2	350.1	-126.5
Purchase of Fixed Assets	-1,859.6	-2,555.0	-425.6	-467.7	-300.6
Purchase/Acquisition of Intangibles	0.0	-1.2	-0.3	-3.1	-2.9
Capital Expenditures	-1,859.6	-2,556.2	-425.9	-470.8	-303.5
Acquisition of Business	-1,024.0	-31.2	0.0	0.0	0.4
Sale of Fixed Assets	3.5	0.5	1.1	0.4	0.0
Sale/Maturity of Investment	33.6	37.0	0.0	0.0	17.9
Purchase of Investments	-36.1	-2.9	-12.1	-27.8	-8.2
Other Investing Cash Flow	-8.0	-59.2	-120.0	0.0	-296.2
Other Investing Cash Flow Items, Total	-1,031.0	-55.8	-131.0	-27.4	-286.1
Cash from Investing Activities	-2,890.6	-2,612.0	-556.9	-498.2	-589.6
Other Financing Cash Flow	-917.5	-286.9	-101.0	-1.4	-190.7
Financing Cash Flow Items	-917.5	-286.9	-101.0	-1.4	-190.7
Sale/Issuance of Common	0.0	2,442.5	74.0	273.9	787.7
Common Stock, Net	0.0	2,442.5	74.0	273.9	787.7
Issuance (Retirement) of Stock, Net	0.0	2,442.5	74.0	273.9	787.7
Short Term Debt, Net	340.2	29.5	218.1	-133.6	210.3
Long Term Debt Issued	4,140.7	2,051.6	345.0	141.6	177.0
Long Term Debt Reduction	-1,256.8	-909.1	-143.5	-182.6	-212.1
Long Term Debt, Net	2,883.9	1,142.5	201.5	-41.0	-35.1
Issuance (Retirement) of Debt, Net	3,224.1	1,172.0	419.6	-174.6	175.2
Cash from Financing Activities	2,306.6	3,327.6	392.6	97.9	772.2
Foreign Exchange Effects	-20.1	38.5	8.9	12.3	4.1
Net Change in Cash	78.8	492.3	8.8	-37.9	60.2
Net Cash - Beginning Balance	563.7	71.4	62.6	100.5	40.3
Net Cash - Ending Balance	642.5	563.7	71.4	62.6	100.5
Cash Interest Paid	-	309.1	178.8	199.0	179.5
Cash Taxes Paid	-	10.4	2.5	2.7	8.1

Interim Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	30-Jun-2011	31-Dec-2010	30-Jun-2010	31-Dec-2009
Period Length	12 Months	6 Months	12 Months	6 Months	9 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Net Income/Starting Line	-881.1	278.5	365.5	154.4	147.3
Depreciation	158.0	66.1	127.0	62.6	89.9
Depreciation/Depletion	158.0	66.1	127.0	62.6	89.9
Unusual Items	-24.8	-0.1	-21.6	-21.5	-18.3
Equity in Net Earnings (Loss)	1.4	0.9	-1.7	-0.9	-0.7
Other Non-Cash Items	618.9	200.3	173.1	57.6	23.6
Non-Cash Items	595.5	201.1	149.8	35.2	4.6
Accounts Receivable	-1,945.5	-359.1	-380.5	-10.5	-305.7
Inventories	-190.3	-133.7	-287.1	28.2	-369.9
Other Assets	-198.3	38.1	-91.5	-55.3	-40.9
Accounts Payable	3,136.7	1,146.4	-158.2	-115.3	656.6
Other Liabilities	7.9	-18.6	13.2	-6.1	-17.7
Changes in Working Capital	810.5	673.1	-904.1	-159.0	-77.6
Cash from Operating Activities	682.9	1,218.8	-261.8	93.2	164.2
Purchase of Fixed Assets	-1,859.6	-819.4	-2,555.0	-1,537.9	-425.6
Purchase/Acquisition of Intangibles	0.0	-0.1	-1.2	-0.4	-0.3
Capital Expenditures	-1,859.6	-819.5	-2,556.2	-1,538.3	-425.9
Acquisition of Business	-1,024.0	0.0	-31.2	0.0	0.0
Sale of Fixed Assets	3.5	0.0	0.5	0.0	1.1
Sale/Maturity of Investment	33.6	34.8	37.0	33.2	0.0
Purchase of Investments	-36.1	-36.2	-2.9	-0.5	-12.1
Other Investing Cash Flow	-8.0	-415.9	-59.2	-65.3	-120.0
Other Investing Cash Flow Items, Total	-1,031.0	-417.3	-55.8	-32.6	-131.0
Cash from Investing Activities	-2,890.6	-1,236.8	-2,612.0	-1,570.9	-556.9
Other Financing Cash Flow	-917.5	-398.4	-286.9	-163.9	-101.0
Financing Cash Flow Items	-917.5	-398.4	-286.9	-163.9	-101.0
Sale/Issuance of Common	0.0	0.0	2,442.5	2,441.5	74.0
Common Stock, Net	0.0	0.0	2,442.5	2,441.5	74.0
Issuance (Retirement) of Stock, Net	0.0	0.0	2,442.5	2,441.5	74.0
Short Term Debt, Net	340.2	-145.6	29.5	-95.4	218.1
Long Term Debt Issued	4,140.7	1,687.6	2,051.6	1,061.4	345.0
Long Term Debt Reduction	-1,256.8	-240.5	-909.1	-540.5	-143.5
Long Term Debt, Net	2,883.9	1,447.1	1,142.5	520.9	201.5
Issuance (Retirement) of Debt, Net	3,224.1	1,301.5	1,172.0	425.5	419.6
Cash from Financing Activities	2,306.6	903.1	3,327.6	2,703.1	392.6
Foreign Exchange Effects	-20.1	5.7	38.5	34.3	8.9
Net Change in Cash	78.8	890.8	492.3	1,259.7	8.8
Net Cash - Beginning Balance	563.7	563.7	71.4	71.4	62.6
Net Cash - Ending Balance	642.5	1,454.5	563.7	1,331.1	71.4
Cash Interest Paid	-	205.3	309.1	162.9	178.8
Cash Taxes Paid	-	36.8	10.4	1.7	2.5

Annual Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	9 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Special 31-Dec-2009	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor		Deloitte LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion		Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Revenue	14,904.7	-	-	-	-
Sale of petroleum products	-	9,391.2	5,284.0	7,928.0	139.8
Revenue from power supply	-	321.8	196.9	260.5	232.5
Sales tax benefit	-	292.6	173.7	264.6	0.0
Total Revenue	14,904.7	10,005.6	5,654.6	8,453.1	372.3
Cost of sales	15,006.0	9,288.2	5,332.2	7,771.4	297.4
Other operating income	-30.5	-34.0	-11.8	-11.4	-3.5
Selling and distribution expenses	98.4	91.7	61.6	76.7	1.9
General and Administration Expense	135.4	120.9	75.5	81.2	64.7
Net loss on commodity derivatives	-	-	0.0	61.2	199.8
Total Operating Expense	15,209.3	9,466.8	5,457.5	7,979.1	560.3
Foreign exchange gains/(losses)	-371.4	94.4	146.1	-459.0	114.5
Share of profit from joint controlled en	-1.4	1.7	-	-	-
Profit on sale of investments	0.0	11.2	-	-	-
Gain on settlement of liabilities	5.9	10.1	-	-	-
Surplus on acquisition of joint controll	18.9	0.0	19.1	-	-
Other Gains/Losses	0.0	-3.3	0.7	-	-
Interest Expense	-655.5	-471.7	-289.9	-326.2	-308.1
Adjustment for loss of sales tax benefit	59.5	0.0	-	-	-
Capitalised Interest	287.4	154.6	59.0	40.1	260.1
Unwinding of discount	-31.7	-19.5	-6.9	-1.5	0.0
Interest income	111.8	49.2	22.1	27.9	3.1
Net Income Before Taxes	-881.1	365.5	147.3	-244.7	-118.4
Provision for Income Taxes	-312.9	117.2	27.6	-77.7	-33.5
Net Income After Taxes	-568.2	248.3	119.7	-167.0	-84.9
Minority Interest	59.2	-46.8	-30.9	33.6	14.3
Net Income Before Extra. Items	-509.0	201.5	88.8	-133.4	-70.6
Net Income	-509.0	201.5	88.8	-133.4	-70.6
Income Available to Com Excl ExtraOrd	-509.0	201.5	88.8	-133.4	-70.6
Income Available to Com Incl ExtraOrd	-509.0	201.5	88.8	-133.4	-70.6
Basic Weighted Average Shares	1,303.4	1,177.1	1,303.0	1,303.0	1,303.0
Basic EPS Excluding ExtraOrdinary Items	-0.39	0.17	0.07	-0.10	-0.05
Basic EPS Including ExtraOrdinary Items	-0.39	0.17	0.07	-0.10	-0.05
Dilution Adjustment	0.0	-	-	0.0	0.0
Diluted Net Income	-509.0	201.5	88.8	-133.4	-70.6
Diluted Weighted Average Shares	1,303.4	1,177.1	1,303.0	1,303.0	1,303.0
Diluted EPS Excluding ExtraOrd Items	-0.39	0.17	0.07	-0.10	-0.05
Diluted EPS Including ExtraOrd Items	-0.39	0.17	0.07	-0.10	-0.05
DPS-Ordinary Shares	-	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	-900.0	365.5	128.2	-244.7	-118.4
Inc Tax Ex Impact of Sp Items	-319.5	117.2	24.0	-77.7	-33.5
Normalized Income After Taxes	-580.5	248.3	104.2	-167.0	-84.9
Normalized Inc. Avail to Com.	-521.3	201.5	73.3	-133.4	-70.6
Basic Normalized EPS	-0.40	0.17	0.06	-0.10	-0.05
Diluted Normalized EPS	-0.40	0.17	0.06	-0.10	-0.05
Depreciation	154.0	124.2	88.1	112.6	33.7
Amortization	4.0	4.4	2.7	1.2	0.8
Interest Expense	329.6	234.7	237.8	287.6	48.0
Interest Capitalised	-287.4	-154.6	-59.0	-40.1	-260.1
Current tax	-	30.6	2.6	2.4	0.1
Current Tax - Total	-	30.6	2.6	2.4	0.1
Deferred tax	-	86.6	25.0	-80.1	-33.6
Deferred Tax - Total	-	86.6	25.0	-80.1	-33.6
Income Tax - Total	-	117.2	27.6	-77.7	-33.5
Defined benefit plans	-	1.9	0.9	1.4	1.6
Defined contribution plans	-	1.1	0.4	0.4	0.3
Total Pension Expense	-	3.0	1.3	1.8	1.9

Interim Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	30-Jun-2011	31-Dec-2010	30-Jun-2010	31-Dec-2009
Period Length	6 Months	6 Months	6 Months	6 Months	9 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010	Updated Special 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Revenue	8,373.5	6,531.2	5,240.8	4,764.8	-
Sale of petroleum products	-	-	-	-	5,284.0
Revenue from power supply	-	-	-	-	196.9
Sales tax benefit	-	-	-	-	173.7
Total Revenue	8,373.5	6,531.2	5,240.8	4,764.8	5,654.6
Cost of sales	9,043.7	5,962.3	4,821.8	4,466.4	5,332.2
Other operating income	-10.3	-20.2	-15.7	-18.3	-11.8
Selling and distribution expenses	46.6	51.8	46.6	45.1	61.6
General and Administration Expense	48.3	87.1	64.2	56.7	75.5
Net loss on commodity derivatives	-	-	-	-	0.0
Total Operating Expense	9,128.3	6,081.0	4,916.9	4,549.9	5,457.5
Foreign exchange gains/(losses)	-332.9	-38.5	11.6	82.8	146.1
Surplus on acquisition of joint controll	-	-	-	-	19.1
Share in (loss)/profit of joint controll	-0.5	-0.9	0.8	0.9	-
Surplus on acquisition of a subsidiary	18.9	0.0	0.0	0.0	-
Profit on Sale of Investments	0.0	0.1	-0.2	11.4	-
Other Gains/Losses	5.5	0.3	-4.0	10.8	0.7
Interest Expense	-347.0	-308.5	-247.5	-224.2	-289.9
Adjustment for loss of sales tax benefit	59.5	0.0	0.0	0.0	-
Interest Capitalised	149.9	137.5	105.2	49.4	59.0
Unwinding Discount	-17.3	-14.4	-10.6	-8.9	-6.9
Finance income	59.1	52.7	31.9	17.3	22.1
Net Income Before Taxes	-1,159.6	278.5	211.1	154.4	147.3
Provision for Income Taxes	-385.2	72.3	74.7	42.5	27.6
Net Income After Taxes	-774.4	206.2	136.4	111.9	119.7
Minority Interest	89.5	-30.3	-26.0	-20.8	-30.9
Net Income Before Extra. Items	-684.9	175.9	110.4	91.1	88.8
Net Income	-684.9	175.9	110.4	91.1	88.8
Income Available to Com Excl ExtraOrd	-684.9	175.9	110.4	91.1	88.8
Income Available to Com Incl ExtraOrd	-684.9	175.9	110.4	91.1	88.8
Basic Weighted Average Shares	1,303.4	1,303.4	1,305.6	1,048.6	1,303.0
Basic EPS Excluding ExtraOrdinary Items	-0.53	0.13	0.08	0.09	0.07
Basic EPS Including ExtraOrdinary Items	-0.53	0.13	0.08	0.09	0.07
Dilution Adjustment	0.0	0.0	-	0.0	-
Diluted Net Income	-684.9	175.9	110.4	91.1	88.8
Diluted Weighted Average Shares	1,303.4	1,303.4	1,305.6	1,048.6	1,303.0
Diluted EPS Excluding ExtraOrd Items	-0.53	0.13	0.08	0.09	0.07
Diluted EPS Including ExtraOrd Items	-0.53	0.13	0.08	0.09	0.07
DPS-Ordinary Shares	-	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	-1,178.5	278.5	211.1	154.4	128.2
Inc Tax Ex Impact of Sp Items	-391.8	72.3	74.7	42.5	24.0
Normalized Income After Taxes	-786.7	206.2	136.4	111.9	104.2
Normalized Inc. Avail to Com.	-697.2	175.9	110.4	91.1	73.3
Basic Normalized EPS	-0.53	0.13	0.08	0.09	0.06
Diluted Normalized EPS	-0.53	0.13	0.08	0.09	0.06
Depreciation and amortisation	91.9	66.1	65.4	62.6	88.1
Amortization	-	-	-	-	2.7
Interest Expense	174.2	292.9	107.1	177.0	237.8
Interest Capitalised	-149.9	-137.5	-105.2	-49.4	-59.0
Current tax	-	-	-	-	2.6
Current Tax - India	-	43.3	21.6	4.5	-
Others	-	0.3	4.5	0.0	-
Current Tax - Total	-	43.6	26.1	4.5	2.6
Deferred tax	-	-	-	-	25.0
Deferred Tax - India	-	28.1	47.3	37.0	-
Others	-	0.6	1.3	1.0	-
Deferred Tax - Total	-	28.7	48.6	38.0	25.0
Income Tax - Total	-	72.3	74.7	42.5	27.6
Defined benefit plans	-	-	-	-	0.9
Defined contribution plans	-	-	-	-	0.4
Total Pension Expense	-	-	-	-	1.3

Annual Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Mar-2009	31-Mar-2008
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Auditor		Deloitte LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion		Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Inventories	2,027.7	-	-	-	-
Trade and other receivables	3,090.7	754.0	627.0	374.5	404.8
Other financial assets	529.2	-	292.6	-	-
Derivative financial assets	107.6	2.1	6.9	20.3	3.7
Cash and cash equivalents	642.5	-	-	-	-
Raw material and consumables	-	778.0	562.8	280.6	854.4
Work in progress	-	289.9	152.0	120.1	254.4
Finished products	-	126.3	149.4	56.8	132.1
Receivable from related parties	-	182.6	80.9	51.3	133.5
Tax receivable	-	12.4	18.3	10.3	12.3
Sales tax receivable	-	52.9	50.8	46.5	0.0
Others receivables	-	45.7	36.3	25.0	17.0
Prepayments	-	28.4	31.6	56.7	4.5
Advances to suppliers	-	13.2	14.2	21.9	35.3
Available for sale investments	-	0.0	41.3	41.3	0.0
Bank deposits & other deposits	-	514.4	-	241.2	329.6
Cash at banks	-	97.7	23.7	35.1	83.3
Liquid investments	-	386.0	21.4	3.7	0.0
Bank deposits	-	80.0	26.3	23.8	17.2
Total Current Assets	6,397.7	3,363.6	2,135.5	1,409.1	2,282.1
Goodwill	113.2	133.6	127.5	117.1	148.3
Other intangible assets	61.3	-	-	-	-
Property, plant and equipment	9,319.4	-	-	-	-
Power Sales	-	56.5	53.6	45.6	55.7
Software	-	9.1	7.7	6.3	5.3
Accumulated Intangible Amortization	-	-9.5	-4.7	-1.9	-1.1
Producing Properties	-	41.7	38.3	35.1	35.5
Freehold Land & Buildings	-	349.4	304.5	242.6	196.0
Plant & Equipment	-	4,021.9	3,779.6	3,300.2	651.0
Assets Under Construction	-	3,985.3	1,451.6	910.0	4,147.5
Exploration & Evaluation	-	160.1	107.3	82.0	76.9
Mining properties	-	209.6	-	-	-
Other Property, Plant & Equipment	-	24.3	14.3	9.9	9.2
Accumulated Depreciation	-	-380.5	-241.7	-138.5	-49.0
Investments in joint controlled entities	32.4	32.3	29.0	0.8	1.2
Trade and other receivables	115.2	293.2	124.5	9.3	7.1
Others	-	43.6	38.6	21.5	19.0
Prepayments	-	87.9	30.0	0.0	20.6
Advances to suppliers	-	0.0	1.3	1.1	4.0
Other financial assets	36.0	51.9	18.5	9.8	17.4
Deferred tax assets	183.7	0.2	0.4	0.3	0.0
Total Assets	16,258.9	12,474.2	8,015.8	6,060.3	7,626.7
Trade and other payables	4,050.8	1,536.3	2,223.1	1,332.6	1,875.3
Provisions	1,139.8	0.0	-	-	-
Accrued expenses	-	11.3	8.9	6.2	0.6
Accrued employee cost	-	8.5	5.7	7.1	3.8
Due to related parties	-	184.4	137.7	130.7	74.8
Security deposits	-	2.1	2.0	5.5	1.6
Other current payables	-	86.4	56.4	73.4	78.3
Advances from customers	-	6.4	65.7	24.8	49.5
Financial guarantee obligations	-	4.5	4.6	4.8	6.8
Finance leases	5.8	10.8	10.4	9.1	10.2
Borrowings	1,748.8	750.0	918.9	581.5	648.3
Derivative financial liabilities	35.5	31.0	12.3	9.3	38.1
Bills of exchange	-	-	-	0.0	97.4
Deferred consideration	-	19.0	-	-	-
Tax payable	8.5	23.1	8.0	-	-
Liability towards acqusition	-	98.2	-	-	-
Total Current Liabilities	6,989.2	2,772.0	3,453.7	2,185.0	2,884.7
Finance leases	28.5	14.9	22.7	26.7	40.9
Borrowings	5,173.7	3,747.6	2,190.1	1,866.1	2,352.0
Total Long Term Debt	5,202.2	3,762.5	2,212.8	1,892.8	2,392.9
Trade and other payables	268.8	998.2	130.7	72.6	18.1
Deferred tax liabilities	129.9	299.4	179.8	139.9	267.6
Minority interest	200.7	360.4	356.3	289.6	392.9
Total Liabilities	12,790.8	8,192.5	6,333.3	4,579.9	5,956.2
Invested capital	-	0.0	2,301.7	2,227.7	1,953.8
Share capital	99.0	99.0	-	-	-
Share premium	2,043.8	2,043.8	-	-	-
Currency translation reserve	-536.2	-26.1	-89.5	-212.9	142.6
General Reserve	1,160.6	1,160.6	-	-	-
Fair value reserve	-	0.0	13.7	15.3	0.0
Other reserve	1,480.3	1,436.3	-	-	-
Convertible bond reserves	90.5	0.0	-	-	-
Retained deficit	-869.9	-431.9	-543.4	-549.7	-425.9
Total Equity	3,468.1	4,281.7	1,682.5	1,480.4	1,670.5
Total Liabilities & Shareholders' Equity	16,258.9	12,474.2	8,015.8	6,060.3	7,626.7
S/O-Ordinary Shares	1,303.4	1,303.4	1,303.0	1,303.0	1,303.0
Total Common Shares Outstanding	1,303.4	1,303.4	1,303.0	1,303.0	1,303.0
Accumulated Intangible Amortization	-	9.5	4.7	1.9	1.1
Deferred Revenue - Current	-	6.4	65.7	24.8	49.5
Number of Common Shareholders	-	654	-	-	-
Full Time Employees	-	2,357	2,143	1,889	1,680
Debt Maturing within 1 Year	-	969.3	920.5	584.7	749.3
Debt Maturing within 1-5 Years	-	2,817.7	1,374.8	1,028.5	1,132.7
Debt Maturing after 5 Years	-	2,936.2	833.7	858.9	1,251.4
Total Long Term Debt, Supplemental	-	6,723.2	3,129.0	2,472.1	3,133.4
Capital Lease Maturing within 1 Year	-	10.8	10.4	9.1	10.2
Capital Lease Maturing within 1-5 Years	-	11.6	18.5	22.2	35.2
Capital Lease Maturing after 5 Years	-	3.3	4.2	4.5	5.7
Total Capital Leases, Supplemental	-	25.7	33.1	35.8	51.1
Optg leases-year 1	-	10.8	10.4	-	-
Optg leases-year 2	-	11.6	18.5	-	-
Optg leases-year 6+	-	3.3	4.2	-	-
Total Operating Leases, Supplemental	-	25.7	33.1	-	-
Net Liability	-	-	-0.4	-0.2	-0.3
Net Assets Recognized on Balance Sheet	-	-	-0.4	-0.2	-0.3

Interim Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	30-Jun-2011	31-Dec-2010	30-Jun-2010
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010
Filed Currency	USD	USD	USD	USD
Exchange Rate	1	1	1	1
Inventories	2,027.7	1,319.6	1,194.2	834.6
Trade and other receivables	3,090.7	1,330.0	1,089.2	833.1
Available for sale investments	-	0.0	0.0	3.6
Other financial assets	529.2	769.8	514.4	405.8
Derivative financial assets	107.6	5.7	2.1	9.5
Cash and cash equivalents	642.5	1,454.5	-	1,331.1
Cash	-	-	563.7	-
Total Current Assets	6,397.7	4,879.6	3,363.6	3,417.7
Goodwill	113.2	133.9	133.6	128.7
Other intangible assets	61.3	-	-	-
Property, plant and equipment	9,319.4	-	-	-
Power Sales	-	-	56.5	-
Software	-	-	9.1	-
Accumulated Intangible Amortization	-	-	-9.5	-
Producing Properties	-	41.8	41.7	40.4
Freehold Land & Buildings	-	386.7	349.4	314.2
Plant & Equipment	-	4,186.6	4,021.9	3,843.6
Assets Under Construction	-	4,797.9	3,985.3	2,892.1
Mining properties	-	219.6	209.6	0.0
Exploration & Evaluation	-	213.6	160.1	131.6
Other Property, Plant & Equipment	-	26.1	24.3	20.9
Accumulated Depreciation	-	-446.5	-380.5	-302.3
Intangible Assets	-	55.4	-	55.0
Investments in joint controlled entities	32.4	30.5	32.3	28.4
Trade and other receivables	115.2	505.9	424.7	249.2
Other financial assets	36.0	56.0	51.9	46.9
Deferred tax assets	183.7	0.3	0.2	0.2
Total Assets	16,258.9	15,087.4	12,474.2	10,866.6
Trade and other payables	4,050.8	3,127.8	1,980.2	1,864.0
Provisions	1,139.8	-	-	-
Finance leases	5.8	9.7	10.8	10.8
Borrowings	1,748.8	623.4	750.0	655.2
Income Tax Liabilities	8.5	24.5	-	14.9
Derivative financial liabilities	35.5	41.7	31.0	18.4
Total Current Liabilities	6,989.2	3,827.1	2,772.0	2,563.3
Finance leases	28.5	11.3	14.9	18.2
Borrowings	5,173.7	5,090.5	3,747.6	2,897.7
Total Long Term Debt	5,202.2	5,101.8	3,762.5	2,915.9
Trade and other payables	268.8	856.1	998.2	682.0
Deferred tax liabilities	129.9	326.4	299.4	217.3
Minority interest	200.7	397.3	360.4	317.1
Total Liabilities	12,790.8	10,508.7	8,192.5	6,695.6
Share Capital	99.0	99.0	99.0	99.0
Share Premium	2,043.8	2,043.8	2,043.8	2,046.9
Currency translation reserve	-536.2	-11.6	-26.1	-125.4
General reserve	1,160.6	1,160.6	1,160.6	1,160.6
Convertible bond reserve	90.5	107.5	0.0	0.0
Fair value reserve	-	-	0.0	0.0
Other Reserves	1,480.3	1,480.3	1,436.3	1,436.3
Retained deficit	-869.9	-300.9	-431.9	-446.4
Total Equity	3,468.1	4,578.7	4,281.7	4,171.0
Total Liabilities & Shareholders' Equity	16,258.9	15,087.4	12,474.2	10,866.6
S/O-Ordinary Shares	1,303.4	1,303.4	1,303.4	1,303.4
Total Common Shares Outstanding	1,303.4	1,303.4	1,303.4	1,303.4
Accumulated Intangible Amortization	-	-	9.5	-
Debt Maturing within 1 Year	-	-	969.3	666.0
Debt Maturing within 1-5 Years	-	-	2,817.7	-
Debt Maturing after 5 Years	-	-	2,936.2	-
Total Long Term Debt, Supplemental	-	-	6,723.2	666.0
Capital Lease Maturing within 1 Year	-	-	10.8	-
Capital Lease Maturing within 1-5 Years	-	-	11.6	-
Capital Lease Maturing after 5 Years	-	-	3.3	-
Total Capital Leases, Supplemental	-	-	25.7	-
Optg leases-year 1	-	-	10.8	-
Optg leases-year 2	-	-	11.6	-
Optg leases-year 6+	-	-	3.3	-
Total Operating Leases, Supplemental	-	-	25.7	-

Annual Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	9 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor		Deloitte LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion		Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income	-881.1	365.5	147.3	-244.7	-118.4
Depreciation	158.0	127.0	89.9	108.7	30.5
Unrealised loss/(gain) on derivatives	-60.3	28.9	5.4	-11.0	34.4
Interest cost	331.4	249.0	153.2	213.2	43.9
(Loss) / gain on disposal of property, p	0.0	-0.3	0.8	-	-
Surplus on acquisition of joint controll	-18.9	0.0	-19.1	-	-
Share in profit of joint controlled enti	1.4	-1.7	-0.7	-	-
Inventory written down	24.0	0.0	13.6	114.3	0.6
Foreign exchange (gains)/losses	371.4	-94.4	-146.1	459.0	-114.5
Profit on sale of investments	0.0	-11.2	-	-	-
Gain on settlement of liabilities	-5.9	-10.1	-	-	-
Tax (paid)/refund	-47.6	-10.4	-2.5	-2.7	-8.1
Trade and other receivables	-1,945.5	-380.5	-305.7	-250.9	-105.9
Inventories	-190.3	-287.1	-369.9	593.2	23.3
Other assets	-198.3	-91.5	-40.9	-240.4	-1.5
Trade and other payables	3,136.7	-158.2	656.6	-311.6	64.6
Other liabilities and provisions	7.9	13.2	-17.7	-77.0	24.6
Cash from Operating Activities	682.9	-261.8	164.2	350.1	-126.5
Acquisition of businesses	-999.0	-31.2	0.0	0.0	0.4
Costs related to acquisition	-25.0	-	-	-	-
Purchase of property, plant & Equip.	-1,753.2	-2,496.5	-405.5	-449.6	-244.3
Payment for exploration and evaluation	-106.4	-58.5	-20.1	-18.1	-56.3
Proceeds on disposal of property	3.5	0.5	1.1	0.4	0.0
Payment for purchase of intangible asset	0.0	-1.2	-0.3	-3.1	-2.9
Payment for purchase of investments	-33.4	0.0	-3.3	-27.8	-7.7
Movement in bank deposits	-9.3	-	-	-	-
Investments in joint controlled entities	-2.7	-2.9	-8.8	0.0	-0.5
Proceeds from disposal of investments	33.6	37.0	0.0	0.0	17.9
Decrease / (increase) in non-controlling	1.3	-59.2	-120.0	0.0	-296.2
Cash from Investing Activities	-2,890.6	-2,612.0	-556.9	-498.2	-589.6
Proceeds from capital contribution	0.0	630.2	-	-	-
Proceeds from issuance of invested capit	-	1,812.3	74.0	273.9	787.7
Proceeds from convertible bonds	543.6	-	-	-	-
Proceeds from borrowings	3,597.1	2,051.6	345.0	141.6	177.0
Repayment of borrowings	-1,256.8	-909.1	-143.5	-182.6	-212.1
Movement in acceptances	-406.7	22.2	77.8	197.6	-11.2
Movement in bills of exchange	340.2	29.5	218.1	-133.6	210.3
Interest paid	-510.8	-309.1	-178.8	-199.0	-179.5
Cash from Financing Activities	2,306.6	3,327.6	392.6	97.9	772.2
Foreign Exchange Effects	-20.1	38.5	8.9	12.3	4.1
Net Change in Cash	78.8	492.3	8.8	-37.9	60.2
Cash & cash equivalents at the beginning	563.7	71.4	62.6	100.5	40.3
Cash & cash equivalents at the end	642.5	563.7	71.4	62.6	100.5
Cash Interest Paid	-	309.1	178.8	199.0	179.5
Cash Taxes Paid	-	10.4	2.5	2.7	8.1

Interim Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	30-Jun-2011	31-Dec-2010	30-Jun-2010	31-Dec-2009
Period Length	12 Months	6 Months	12 Months	6 Months	9 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Dec-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Net Income	-881.1	278.5	365.5	154.4	147.3
Depreciation	158.0	66.1	127.0	62.6	89.9
Unrealised loss/(gain) on derivatives	-60.3	32.7	28.9	8.9	5.4
Interest cost	331.4	154.6	249.0	128.8	153.2
Loss on disposal of property, plant	0.0	0.0	-0.3	0.0	0.8
Surplus on Acq. of joint controlled	-18.9	-	0.0	-	-19.1
Share in profit of joint controlled	1.4	0.9	-1.7	-0.9	-0.7
Inventory written down	24.0	11.3	0.0	4.4	13.6
Foreign exchange (gains)/losses	371.4	38.5	-94.4	-82.8	-146.1
Profit on Sale of Investments	0.0	-0.1	-11.2	-11.4	-
Gain on settlement of liabilities	-5.9	0.0	-10.1	-10.1	-
Tax (paid)/refund	-47.6	-36.8	-10.4	-1.7	-2.5
Trade and other receivables	-1,945.5	-359.1	-380.5	-10.5	-305.7
Inventories	-190.3	-133.7	-287.1	28.2	-369.9
Other assets	-198.3	38.1	-91.5	-55.3	-40.9
Trade and other payables	3,136.7	1,146.4	-158.2	-115.3	656.6
Other liabilities and provisions	7.9	-18.6	13.2	-6.1	-17.7
Cash from Operating Activities	682.9	1,218.8	-261.8	93.2	164.2
Acquisition of businesses	-999.0	0.0	-31.2	0.0	0.0
Costs related to acquisition	-25.0	-	-	-	-
Purchase of property, plant & Equip.	-1,753.2	-765.8	-2,496.5	-1,508.2	-405.5
Payment for exploration and evaluation	-106.4	-53.6	-58.5	-29.7	-20.1
Proceeds on disposal of property	3.5	0.0	0.5	0.0	1.1
Payment for purchase of intangible asset	0.0	-0.1	-1.2	-0.4	-0.3
Payment for purchase of investments	-33.4	-34.5	0.0	0.0	-3.3
Movement in bank deposits	-9.3	-415.9	0.0	0.0	-
Investments in joint controlled entities	-2.7	-1.7	-2.9	-0.5	-8.8
Proceeds from disposal of investments	33.6	34.8	37.0	33.2	0.0
Acquisition of minority interest	1.3	0.0	-59.2	-65.3	-120.0
Cash from Investing Activities	-2,890.6	-1,236.8	-2,612.0	-1,570.9	-556.9
Proceeds from capital contribution	-	-	630.2	-	-
Proceeds from issuance of invested capit	0.0	0.0	1,812.3	2,441.5	74.0
Proceeds from convertible bonds	543.6	543.6	0.0	0.0	-
Proceeds from borrowings	3,597.1	1,144.0	2,051.6	1,061.4	345.0
Repayment of borrowings	-1,256.8	-240.5	-909.1	-540.5	-143.5
Movement in acceptances	-406.7	-193.1	22.2	-1.0	77.8
Movement in short Term Borrowings	340.2	-145.6	29.5	-95.4	218.1
Interest paid	-510.8	-205.3	-309.1	-162.9	-178.8
Cash from Financing Activities	2,306.6	903.1	3,327.6	2,703.1	392.6
Foreign Exchange Effects	-20.1	5.7	38.5	34.3	8.9
Net Change in Cash	78.8	890.8	492.3	1,259.7	8.8
Cash & cash equivalents at the beginning	563.7	563.7	71.4	71.4	62.6
Cash & cash equivalents at the end	642.5	1,454.5	563.7	1,331.1	71.4
Cash Interest Paid	-	205.3	309.1	162.9	178.8
Cash Taxes Paid	-	36.8	10.4	1.7	2.5

Geographic Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Dec-10		31-Mar-09		31-Mar-08		31-Mar-07
India	6,918.3	69.1 %	6,305.0	74.6 %	372.3	100 %	202.7	100 %
Indonesia	900.4	9 %	228.2	2.7 %	0.0	0 %	0.0	0 %
Singapore	836.1	8.4 %	819.1	9.7 %	0.0	0 %	0.0	0 %
United Arab Emirates	749.7	7.5 %	1,040.0	12.3 %	0.0	0 %	0.0	0 %
Other Foreign	601.1	6 %	60.8	0.7 %	0.0	0 %	0.0	0 %
Segment Total	10,005.6	100 %	8,453.1	100 %	372.3	100 %	202.7	100 %
Consolidated Total	10,005.6	100 %	8,453.1	100 %	372.3	100 %	202.7	100 %
Total Revenue   USD (mil)
	31-Dec-10		31-Mar-09		31-Mar-08		31-Mar-07
India	6,918.3	69.1 %	6,305.0	74.6 %	372.3	100 %	202.7	100 %
Indonesia	900.4	9 %	228.2	2.7 %	0.0	0 %	0.0	0 %
Singapore	836.1	8.4 %	819.1	9.7 %	0.0	0 %	0.0	0 %
United Arab Emirates	749.7	7.5 %	1,040.0	12.3 %	0.0	0 %	0.0	0 %
Other Foreign	601.1	6 %	60.8	0.7 %	0.0	0 %	0.0	0 %
Segment Total	10,005.6	100 %	8,453.1	100 %	372.3	100 %	202.7	100 %
Consolidated Total	10,005.6	100 %	8,453.1	100 %	372.3	100 %	202.7	100 %

Geographic Segments

Financials in: As Reported (mil)

Interim

External Revenue   USD (mil)
	31-Dec-09		31-Mar-09		31-Dec-08
India	4,395.8	77.7 %	1,094.1	79.9 %	5,210.9	73.6 %
Indonesia	196.1	3.5 %	145.4	10.6 %	82.8	1.2 %
Singapore	82.4	1.5 %	59.9	4.4 %	759.2	10.7 %
United Arab Emirates	627.2	11.1 %	45.5	3.3 %	994.5	14 %
Other Foreign	353.1	6.2 %	24.3	1.8 %	36.5	0.5 %
Segment Total	5,654.6	100 %	1,369.2	100 %	7,083.9	100 %
Consolidated Total	5,654.6	100 %	1,369.2	100 %	7,083.9	100 %
Total Revenue   USD (mil)
	31-Dec-09		31-Mar-09		31-Dec-08
India	4,395.8	77.7 %	1,094.1	79.9 %	5,210.9	73.6 %
Indonesia	196.1	3.5 %	145.4	10.6 %	82.8	1.2 %
Singapore	82.4	1.5 %	59.9	4.4 %	759.2	10.7 %
United Arab Emirates	627.2	11.1 %	45.5	3.3 %	994.5	14 %
Other Foreign	353.1	6.2 %	24.3	1.8 %	36.5	0.5 %
Segment Total	5,654.6	100 %	1,369.2	100 %	7,083.9	100 %
Consolidated Total	5,654.6	100 %	1,369.2	100 %	7,083.9	100 %

Business Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Dec-10		31-Mar-09		31-Mar-08		31-Mar-07
Power	321.8	3.2 %	260.5	3.1 %	232.5	62.4 %	106.8	52.7 %
Exploration & Production	3.2	0 %	0.3	0 %	1.0	0.3 %	0.0	0 %
Refining & Marketing	9,680.6	96.8 %	8,192.3	96.9 %	138.8	37.3 %	95.9	47.3 %
Segment Total	10,005.6	100 %	8,453.1	100 %	372.3	100 %	202.7	100 %
Center	0.0	0 %	-	-	-	-	-	-
Elimination	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Consolidated Total	10,005.6	100 %	8,453.1	100 %	372.3	100 %	202.7	100 %
Intersegment Revenue   USD (mil)
	31-Dec-10		31-Mar-09		31-Mar-08		31-Mar-07
Power	27.8	100 %	25.2	98.4 %	0.0	0 %	0.0	0 %
Exploration & Production	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Refining & Marketing	0.0	0 %	0.4	1.6 %	0.0	0 %	0.0	0 %
Segment Total	27.8	100 %	25.6	100 %	0.0	0 %	0.0	0 %
Elimination	-27.8	-100 %	-25.6	-100 %	0.0	0 %	0.0	0 %
Consolidated Total	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %

Total Revenue   USD (mil)
	31-Dec-10		31-Mar-09			31-Mar-08			31-Mar-07
Power	349.6	3.5 %	285.7	3.4 %		232.5	62.4 %		106.8	52.7 %
Exploration & Production	3.2	0 %	0.3	0 %		1.0	0.3 %		0.0	0 %
Refining & Marketing	9,680.6	96.5 %	8,192.7	96.6 %		138.8	37.3 %		95.9	47.3 %
Segment Total	10,033.4	100 %	8,478.7	100 %		372.3	100 %		202.7	100 %
Center	0.0	0 %	-	-		-	-		-	-
Elimination	-27.8	-0.3 %	-25.6	-0.3 %		0.0	0 %		0.0	0 %
Consolidated Total	10,005.6	99.7 %	8,453.1	99.7 %		372.3	100 %		202.7	100 %
Cost of Revenue   USD (mil)
					31-Dec-10
Power					183.5			2 %
Exploration & Production					4.1			0 %
Refining & Marketing					9,128.4			98 %
Segment Total					9,316.0			100 %
Center					0.0			0 %
Elimination					-27.8			-0.3 %
Consolidated Total					9,288.2			99.7 %

Gross Profit   USD (mil)
	31-Dec-10		31-Mar-09		31-Mar-08		31-Mar-07
Power	166.1	23.2 %	107.1	15.7 %	82.8	110.5 %	39.3	98.3 %
Exploration & Production	-0.9	-0.1 %	-1.6	-0.2 %	0.4	0.5 %	0.0	0 %
Refining & Marketing	552.2	77 %	576.2	84.5 %	-8.3	-11.1 %	0.7	1.8 %
Segment Total	717.4	100 %	681.7	100 %	74.9	100 %	40.0	100 %
Center	0.0	0 %	-	-	-	-	-	-
Elimination	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Consolidated Total	717.4	100 %	681.7	100 %	74.9	100 %	40.0	100 %
Gross Margin (%)
	31-Dec-10		31-Mar-09		31-Mar-08		31-Mar-07
Power	47.5	-	37.5	-	35.6	-	36.8	-
Exploration & Production	-28.1	-	-533.3	-	40.0	-	-	-
Refining & Marketing	5.7	-	7.0	-	-6.0	-	0.7	-
Segment Total	7.2	-	8.0	-	20.1	-	19.7	-
Elimination	0.0	-	0.0	-	-	-	-	-
Consolidated Total	7.2	-	8.1	-	20.1	-	19.7	-

Depreciation   USD (mil)
	31-Dec-10		31-Mar-09		31-Mar-08		31-Mar-07
Power	42.2	33.2 %	32.8	30.2 %	29.9	98 %	12.7	96.2 %
Exploration & Production	0.3	0.2 %	0.1	0.1 %	0.3	1 %	0.0	0 %
Refining & Marketing	84.5	66.5 %	75.8	69.7 %	0.3	1 %	0.5	3.8 %
Segment Total	127.0	100 %	108.7	100 %	30.5	100 %	13.2	100 %
Center	0.0	0 %	-	-	-	-	-	-
Elimination	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Consolidated Total	127.0	100 %	108.7	100 %	30.5	100 %	13.2	100 %
Interest Income - Non-Operating   USD (mil)
	31-Dec-10		31-Mar-09		31-Mar-08		31-Mar-07
Power	3.7	7.8 %	1.5	5.4 %	1.1	35.5 %	1.0	58.8 %
Exploration & Production	0.0	0 %	0.1	0.4 %	0.0	0 %	0.0	0 %
Refining & Marketing	43.8	92.2 %	26.3	94.3 %	2.0	64.5 %	0.7	41.2 %
Segment Total	47.5	100 %	27.9	100 %	3.1	100 %	1.7	100 %
Center	3.0	6.3 %	-	-	-	-	-	-
Elimination	-1.3	-2.7 %	0.0	0 %	0.0	0 %	0.0	0 %
Consolidated Total	49.2	103.6 %	27.9	100 %	3.1	100 %	1.7	100 %

Interest Expense - Operating   USD (mil)
	31-Dec-10		31-Mar-09		31-Mar-08		31-Mar-07
Power	71.2	21.2 %	49.2	17.1 %	46.2	96.3 %	21.6	41.2 %
Exploration & Production	1.9	0.6 %	0.2	0.1 %	0.0	0 %	0.0	0 %
Refining & Marketing	262.6	78.2 %	238.2	82.8 %	1.8	3.8 %	30.8	58.8 %
Segment Total	335.7	100 %	287.6	100 %	48.0	100 %	52.4	100 %
Center	2.2	0.7 %	-	-	-	-	-	-
Elimination	-1.3	-0.4 %	0.0	0 %	0.0	0 %	0.0	0 %
Consolidated Total	336.6	100.3 %	287.6	100 %	48.0	100 %	52.4	100 %
Income Before Tax   USD (mil)
	31-Dec-10		31-Mar-09		31-Mar-08		31-Mar-07
Power	111.7	33.5 %	52.7	-21.5 %	26.0	-22 %	13.6	-51.3 %
Exploration & Production	-1.1	-0.3 %	-7.8	3.2 %	-1.9	1.6 %	-0.3	1.1 %
Refining & Marketing	223.2	66.9 %	-289.6	118.3 %	-142.5	120.4 %	-39.8	150.2 %
Segment Total	333.8	100 %	-244.7	100 %	-118.4	100 %	-26.5	100 %
Center	31.7	9.5 %	-	-	-	-	-	-
Elimination	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Consolidated Total	365.5	109.5 %	-244.7	100 %	-118.4	100 %	-26.5	100 %

Pre-Tax Margin (%)
		31-Dec-10			31-Mar-09		31-Mar-08				31-Mar-07
Power		32.0		-	18.4	-	11.2		-		12.7		-
Exploration & Production		-34.4		-	-2,600.0	-	-190.0		-		-		-
Refining & Marketing		2.3		-	-3.5	-	-102.7		-		-41.5		-
Segment Total		3.3		-	-2.9	-	-31.8		-		-13.1		-
Elimination		0.0		-	0.0	-	-		-		-		-
Consolidated Total		3.7		-	-2.9	-	-31.8		-		-13.1		-
Total Income Tax   USD (mil)
	31-Dec-10			31-Mar-09		31-Mar-08				31-Mar-07
Power	37.6		33.4 %	8.9	-11.5 %	10.9		-32.5 %		3.2		-355.6 %
Exploration & Production	0.0		0 %	0.4	-0.5 %	0.0		0 %		0.0		0 %
Refining & Marketing	75.1		66.6 %	-87.0	112 %	-44.4		132.5 %		-4.1		455.6 %
Segment Total	112.7		100 %	-77.7	100 %	-33.5		100 %		-0.9		100 %
Center	4.5		4 %	-	-	-		-		-		-
Elimination	0.0		0 %	0.0	0 %	0.0		0 %		0.0		0 %
Consolidated Total	117.2		104 %	-77.7	100 %	-33.5		100 %		-0.9		100 %

Income After Tax   USD (mil)
	31-Dec-10			31-Mar-09		31-Mar-08				31-Mar-07
Power	74.1		33.5 %	43.8	-26.2 %	15.1		-17.8 %		10.4	-40.6 %
Exploration & Production	-1.1		-0.5 %	-8.2	4.9 %	-1.9		2.2 %		-0.3	1.2 %
Refining & Marketing	148.1		67 %	-202.6	121.3 %	-98.1		115.5 %		-35.7	139.5 %
Segment Total	221.1		100 %	-167.0	100 %	-84.9		100 %		-25.6	100 %
Center	27.2		12.3 %	-	-	-		-		-	-
Elimination	0.0		0 %	0.0	0 %	0.0		0 %		0.0	0 %
Consolidated Total	248.3		112.3 %	-167.0	100 %	-84.9		100 %		-25.6	100 %
Net Profit Margin (%)
		31-Dec-10			31-Mar-09		31-Mar-08			31-Mar-07
Power		21.2		-	15.3	-	6.5		-	9.7	-
Exploration & Production		-34.4		-	-2,733.3	-	-190.0		-	-	-
Refining & Marketing		1.5		-	-2.5	-	-70.7		-	-37.2	-
Segment Total		2.2		-	-2.0	-	-22.8		-	-12.6	-
Elimination		0.0		-	0.0	-	-		-	-	-
Consolidated Total		2.5		-	-2.0	-	-22.8		-	-12.6	-

Total Assets   USD (mil)
	31-Dec-10		31-Mar-09		31-Mar-08		31-Mar-07
Power	4,493.6	36.9 %	1,442.0	23.6 %	1,384.1	18 %	960.2	17.8 %
Exploration & Production	276.7	2.3 %	140.0	2.3 %	129.5	1.7 %	59.1	1.1 %
Refining & Marketing	7,409.3	60.8 %	4,532.3	74.1 %	6,170.9	80.3 %	4,371.5	81.1 %
Segment Total	12,179.6	100 %	6,114.3	100 %	7,684.5	100 %	5,390.8	100 %
Center	634.9	5.2 %	-	-	-	-	-	-
Elimination	-340.3	-2.8 %	-54.0	-0.9 %	-57.8	-0.8 %	-53.5	-1 %
Consolidated Total	12,474.2	102.4 %	6,060.3	99.1 %	7,626.7	99.2 %	5,337.3	99 %
Total Liabilities   USD (mil)
	31-Dec-10		31-Mar-09		31-Mar-08		31-Mar-07
Power	2,633.4	32.4 %	775.5	17.9 %	799.5	14.3 %	755.3	19.2 %
Exploration & Production	37.4	0.5 %	52.1	1.2 %	48.4	0.9 %	39.7	1 %
Refining & Marketing	5,458.5	67.1 %	3,496.0	80.9 %	4,747.0	84.8 %	3,130.2	79.7 %
Segment Total	8,129.3	100 %	4,323.6	100 %	5,594.9	100 %	3,925.2	100 %
Center	12.6	0.2 %	-	-	-	-	-	-
Elimination	-309.8	-3.8 %	-33.3	-0.8 %	-31.6	-0.6 %	-29.9	-0.8 %
Consolidated Total	7,832.1	96.3 %	4,290.3	99.2 %	5,563.3	99.4 %	3,895.3	99.2 %

Business Segments

Financials in: As Reported (mil)

Interim

External Revenue   USD (mil)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09		31-Mar-09
Refining & Marketing	6,184.0	97.7 %	5,236.1	97.1 %	4,444.5	96.3 %	5,457.7	96.5 %	1,301.0	95 %
Exploration & Production	0.4	0 %	2.9	0.1 %	0.3	0 %	0.0	0 %	0.0	0 %
Power	147.3	2.3 %	151.3	2.8 %	170.5	3.7 %	196.9	3.5 %	68.2	5 %
Segment Total	6,331.7	100 %	5,390.3	100 %	4,615.3	100 %	5,654.6	100 %	1,369.2	100 %
Corporate	0.0	0 %	0.0	0 %	0.0	0 %	-	-	-	-
Elimination	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Consolidated Total	6,331.7	100 %	5,390.3	100 %	4,615.3	100 %	5,654.6	100 %	1,369.2	100 %
Intersegment Revenue   USD (mil)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09		31-Mar-09
Refining & Marketing	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.2	3.2 %
Exploration & Production	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Power	20.5	100 %	13.8	100 %	14.0	100 %	20.7	100 %	6.1	96.8 %
Segment Total	20.5	100 %	13.8	100 %	14.0	100 %	20.7	100 %	6.3	100 %
Corporate	0.0	0 %	0.0	0 %	0.0	0 %	-	-	-	-
Elimination	-20.5	-100 %	-13.8	-100 %	-14.0	-100 %	-20.7	-100 %	-6.3	-100 %
Consolidated Total	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %

Total Revenue   USD (mil)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09		31-Mar-09
Refining & Marketing	6,184.0	97.4 %	5,236.1	96.9 %	4,444.5	96 %	5,457.7	96.2 %	1,301.2	94.6 %
Exploration & Production	0.4	0 %	2.9	0.1 %	0.3	0 %	0.0	0 %	0.0	0 %
Power	167.8	2.6 %	165.1	3.1 %	184.5	4 %	217.6	3.8 %	74.3	5.4 %
Segment Total	6,352.2	100 %	5,404.1	100 %	4,629.3	100 %	5,675.3	100 %	1,375.5	100 %
Corporate	0.0	0 %	0.0	0 %	0.0	0 %	-	-	-	-
Elimination	-20.5	-0.3 %	-13.8	-0.3 %	-14.0	-0.3 %	-20.7	-0.4 %	-6.3	-0.5 %
Consolidated Total	6,331.7	99.7 %	5,390.3	99.7 %	4,615.3	99.7 %	5,654.6	99.6 %	1,369.2	99.5 %
Gross Profit   USD (mil)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09		31-Mar-09
Refining & Marketing	470.0	84.3 %	334.6	64.1 %	217.6	111.4 %	227.2	70.5 %	227.8	89.1 %
Exploration & Production	-0.5	-0.1 %	0.6	0.1 %	-1.5	-0.8 %	-0.1	0 %	-1.1	-0.4 %
Power	88.3	15.8 %	186.9	35.8 %	-20.8	-10.7 %	95.3	29.6 %	29.1	11.4 %
Segment Total	557.8	100 %	522.1	100 %	195.3	100 %	322.4	100 %	255.8	100 %
Corporate	0.0	0 %	0.0	0 %	0.0	0 %	-	-	-	-
Elimination	11.1	2 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Consolidated Total	568.9	102 %	522.1	100 %	195.3	100 %	322.4	100 %	255.8	100 %

Gross Margin (%)
		30-Jun-11			31-Dec-10				30-Jun-10				31-Dec-09			31-Mar-09
Refining & Marketing		7.6		-	6.4		-		4.9		-		4.2		-	17.5	-
Exploration & Production		-125.0		-	20.7		-		-500.0		-		-		-	-	-
Power		52.6		-	113.2		-		-11.3		-		43.8		-	39.2	-
Segment Total		8.8		-	9.7		-		4.2		-		5.7		-	18.6	-
Elimination		-54.1		-	0.0		-		0.0		-		0.0		-	0.0	-
Consolidated Total		9.0		-	9.7		-		4.2		-		5.7		-	18.7	-
Depreciation   USD (mil)
	30-Jun-11			31-Dec-10				30-Jun-10				31-Dec-09				31-Mar-09
Refining & Marketing	43.0		65.1 %	42.9		66.6 %		41.6		66.5 %		61.1		68 %		17.1	71 %
Exploration & Production	0.2		0.3 %	0.1		0.2 %		0.2		0.3 %		0.1		0.1 %		-0.2	-0.8 %
Power	22.9		34.6 %	21.4		33.2 %		20.8		33.2 %		28.7		31.9 %		7.2	29.9 %
Segment Total	66.1		100 %	64.4		100 %		62.6		100 %		89.9		100 %		24.1	100 %
Corporate	0.0		0 %	0.0		0 %		0.0		0 %		-		-		-	-
Elimination	0.0		0 %	0.0		0 %		0.0		0 %		0.0		0 %		0.0	0 %
Consolidated Total	66.1		100 %	64.4		100 %		62.6		100 %		89.9		100 %		24.1	100 %

Interest Income - Non-Operating   USD (mil)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09		31-Mar-09
Refining & Marketing	45.6	87.2 %	28.4	92.2 %	15.4	92.2 %	20.3	91.9 %	3.7	94.9 %
Exploration & Production	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.1	2.6 %
Power	6.7	12.8 %	2.4	7.8 %	1.3	7.8 %	1.8	8.1 %	0.1	2.6 %
Segment Total	52.3	100 %	30.8	100 %	16.7	100 %	22.1	100 %	3.9	100 %
Corporate	2.9	5.5 %	2.4	7.8 %	0.6	3.6 %	-	-	-	-
Elimination	-2.5	-4.8 %	-1.3	-4.2 %	0.0	0 %	0.0	0 %	0.0	0 %
Consolidated Total	52.7	100.8 %	31.9	103.6 %	17.3	103.6 %	22.1	100 %	3.9	100 %
Interest Expense - Operating   USD (mil)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09		31-Mar-09
Refining & Marketing	133.1	78.2 %	119.5	77.7 %	143.1	78.6 %	198.2	83.3 %	56.6	78.6 %
Exploration & Production	0.2	0.1 %	-0.1	-0.1 %	2.0	1.1 %	0.4	0.2 %	0.0	0 %
Power	37.0	21.7 %	34.3	22.3 %	36.9	20.3 %	39.2	16.5 %	15.4	21.4 %
Segment Total	170.3	100 %	153.7	100 %	182.0	100 %	237.8	100 %	72.0	100 %
Corporate	17.6	10.3 %	0.5	0.3 %	1.7	0.9 %	-	-	-	-
Elimination	-2.5	-1.5 %	-1.3	-0.8 %	0.0	0 %	0.0	0 %	0.0	0 %
Consolidated Total	185.4	108.9 %	152.9	99.5 %	183.7	100.9 %	237.8	100 %	72.0	100 %

Income Before Tax   USD (mil)
	30-Jun-11			31-Dec-10		30-Jun-10			31-Dec-09			31-Mar-09
Refining & Marketing	245.3		81.6 %	157.6	72.8 %	65.6	56 %		94.2		64 %	132.1	95.4 %
Exploration & Production	0.5		0.2 %	1.2	0.6 %	-2.3	-2 %		-1.6		-1.1 %	-6.8	-4.9 %
Power	54.9		18.3 %	57.8	26.7 %	53.9	46 %		54.7		37.1 %	13.1	9.5 %
Segment Total	300.7		100 %	216.6	100 %	117.2	100 %		147.3		100 %	138.4	100 %
Corporate	-31.5		-10.5 %	-5.5	-2.5 %	37.2	31.7 %		-		-	-	-
Elimination	9.3		3.1 %	0.0	0 %	0.0	0 %		0.0		0 %	0.0	0 %
Consolidated Total	278.5		92.6 %	211.1	97.5 %	154.4	131.7 %		147.3		100 %	138.4	100 %
Pre-Tax Margin (%)
		30-Jun-11			31-Dec-10		30-Jun-10			31-Dec-09		31-Mar-09
Refining & Marketing		4.0		-	3.0	-	1.5	-		1.7	-	10.2	-
Exploration & Production		125.0		-	41.4	-	-766.7	-		-	-	-	-
Power		32.7		-	35.0	-	29.2	-		25.1	-	17.6	-
Segment Total		4.7		-	4.0	-	2.5	-		2.6	-	10.1	-
Elimination		-45.4		-	0.0	-	0.0	-		0.0	-	0.0	-
Consolidated Total		4.4		-	3.9	-	3.3	-		2.6	-	10.1	-

Total Income Tax   USD (mil)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09		31-Mar-09
Refining & Marketing	54.7	75.9 %	-97.7	63 %	22.6	53.2 %	16.2	58.7 %	48.5	94.5 %
Exploration & Production	0.0	0 %	0.0	0 %	0.0	0 %	0.1	0.4 %	0.4	0.8 %
Power	17.4	24.1 %	-57.5	37 %	19.9	46.8 %	11.3	40.9 %	2.4	4.7 %
Segment Total	72.1	100 %	-155.2	100 %	42.5	100 %	27.6	100 %	51.3	100 %
Corporate	0.2	0.3 %	-4.5	2.9 %	0.0	0 %	-	-	-	-
Elimination	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Consolidated Total	72.3	100.3 %	-159.7	102.9 %	42.5	100 %	27.6	100 %	51.3	100 %
Income After Tax   USD (mil)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09		31-Mar-09
Refining & Marketing	190.6	83.4 %	105.1	71.8 %	43.0	57.6 %	78.0	65.2 %	83.6	96 %
Exploration & Production	0.5	0.2 %	1.2	0.8 %	-2.3	-3.1 %	-1.7	-1.4 %	-7.2	-8.3 %
Power	37.5	16.4 %	40.1	27.4 %	34.0	45.5 %	43.4	36.3 %	10.7	12.3 %
Segment Total	228.6	100 %	146.4	100 %	74.7	100 %	119.7	100 %	87.1	100 %
Corporate	-31.7	-13.9 %	-10.0	-6.8 %	37.2	49.8 %	-	-	-	-
Elimination	9.3	4.1 %	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %
Consolidated Total	206.2	90.2 %	136.4	93.2 %	111.9	149.8 %	119.7	100 %	87.1	100 %

Net Profit Margin (%)
			30-Jun-11		31-Dec-10			30-Jun-10		31-Dec-09				31-Mar-09
Refining & Marketing			3.1	-	2.0		-	1.0	-	1.4		-		6.4		-
Exploration & Production			125.0	-	41.4		-	-766.7	-	-		-		-		-
Power			22.3	-	24.3		-	18.4	-	19.9		-		14.4		-
Segment Total			3.6	-	2.7		-	1.6	-	2.1		-		6.3		-
Elimination			-45.4	-	0.0		-	0.0	-	0.0		-		0.0		-
Consolidated Total			3.3	-	2.5		-	2.4	-	2.1		-		6.4		-
Total Assets   USD (mil)
	30-Jun-11		31-Dec-10			30-Jun-10			31-Dec-09				31-Mar-09
Refining & Marketing	9,113.6	62 %	7,409.3	60.8 %		6,420.5		63.8 %	5,871.3		71.9 %		4,532.3		74.1 %
Exploration & Production	305.5	2.1 %	276.7	2.3 %		236.1		2.3 %	243.8		3 %		140.0		2.3 %
Power	5,268.8	35.9 %	4,493.6	36.9 %		3,399.0		33.8 %	2,051.1		25.1 %		1,442.0		23.6 %
Segment Total	14,687.9	100 %	12,179.6	100 %		10,055.6		100 %	8,166.2		100 %		6,114.3		100 %
Corporate	839.8	5.7 %	634.9	5.2 %		1,054.6		10.5 %	-		-		-		-
Elimination	-440.3	-3 %	-340.3	-2.8 %		-243.6		-2.4 %	-150.4		-1.8 %		-54.0		-0.9 %
Consolidated Total	15,087.4	102.7 %	12,474.2	102.4 %		10,866.6		108.1 %	8,015.8		98.2 %		6,060.3		99.1 %

Total Liabilities   USD (mil)
	30-Jun-11		31-Dec-10		30-Jun-10		31-Dec-09		31-Mar-09
Refining & Marketing	6,967.9	69.3 %	5,458.5	67.1 %	4,624.9	70.4 %	4,712.8	77.3 %	3,496.0	80.9 %
Exploration & Production	50.3	0.5 %	37.4	0.5 %	165.6	2.5 %	117.6	1.9 %	52.1	1.2 %
Power	3,042.4	30.2 %	2,633.4	32.4 %	1,780.3	27.1 %	1,267.8	20.8 %	775.5	17.9 %
Segment Total	10,060.6	100 %	8,129.3	100 %	6,570.8	100 %	6,098.2	100 %	4,323.6	100 %
Corporate	471.5	4.7 %	12.6	0.2 %	20.0	0.3 %	-	-	-	-
Elimination	-420.7	-4.2 %	-309.8	-3.8 %	-212.3	-3.2 %	-121.2	-2 %	-33.3	-0.8 %
Consolidated Total	10,111.4	100.5 %	7,832.1	96.3 %	6,378.5	97.1 %	5,977.0	98 %	4,290.3	99.2 %

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.83
UK Pound	1	Rs.87.41
Euro	1	Rs.70.43

INFORMATION DETAILS

Report Prepared by :

PRL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.