MIRA INFORM REPORT

Report Date :

13.06.2013

IDENTIFICATION DETAILS

Name :	CAIRN INDIA LIMITED
Formerly Known As :	CAIRN ENERGY INDIA PTY LIMITED
Registered Office :	101, West View, Veer Savarkar Marg, Prabhadevi, Mumbai-400 025, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.08.2006
Com. Reg. No.:	11-163934
Capital Investment / Paid-up Capital :	Rs.19073.961 Millions
CIN No.: [Company Identification No.]	L11101MH2006PLC163934
TAN No.: [Tax Deduction & Collection Account No.]	CHEC01025D MUMC1453E
PAN No.: [Permanent Account No.]	AAACC3097L AACCC8799D
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the business of surveying, prospecting, drilling, exploring, acquiring, developing, producing, maintaining, refining, storing, trading, supplying, transporting, marketing, distributing, importing, exporting and generally dealing in minerals, oils, petroleum, gas and related by-products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 1276700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having good track record. The financial position seems to be strong. Company has achieved better growth in its net profitability. Fundamentals are healthy and liquidity position appears to be good. Trade relations are fair. Business is active. Payment terms are recorded as regular and as per commitments. In view of experienced promoters and holding company, the subject can be considered for business dealings at usual trade terms and conditions.

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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	AAA [Withdrawn]
Rating Explanation	The rating assigned to the NCD issue has been withdrawn with immediate effect as the company has fully repaid the amount under the sais issue.
Date	25.01.2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	101, West View, Veer Savarkar Marg, Prabhadevi, Mumbai-400 025, Maharashtra, India
Tel. No.:	91-22-24376136/ 24338306/ 93/ 23696248
Fax No.:	91-22-24311160
E-Mail :	marshall.mendonza@cairnindia.com perrti.chheda@cairn-energy.plc.uk
Website :	http://www.cairindia.com
Corporate Office :	3rd and 4th Floor, Vipul Plaza, Suncity, Sector 54, Gurgaon-122 002, Haryana, India
Principal Business Office :	3^rdand 4^th Floor, Orchid Plaza, Suncity Sector 54, Gurgaon – 122002, Haryana, India
Tel. No.:	91-124-4141360 / 2703456
Fax No.:	91-124-2889320 / 2889320
Head Office :	Cairn Energy Plc., 50, Lothian Road, Edinburgh, EH3 9BY, Scotland,U. K.
Tel. No.:	91-131- 2475 3000
Fax No.:	91-131- 2475 3030
E-Mail :	pr@cairn-energy.plc.uk
Website :	http://www.cairn-energy.plc.uk
Branch Office 1 :	3, Rajdoot Marg, Chanakyapuri, New Delhi – 110021, India
Tel. No.:	91-11-24670207
Fax No.:	91-11-24673595
Branch Office 2 :	12, Bhanwani House,Old Residency Road, Jodhpur - 342011, Rajasthan, India
Oil and Gas Fields :	Located at: Ravva (Andhra Pradesh) Cambay Basin (Gujarat) Barmer (Rajasthan)

DIRECTORS

AS ON 31.03.2012

Name :	Mr. Navin Agarwal
Designation :	Chairman
Name :	Mr. Rahul Dhir
Designation :	Managing Director
Name :	Mr. Tarun Jain
Designation :	Director
Name :	Ms. Priya Agarwal
Designation :	Director
Name :	Mr. Naresh Chandra
Designation :	Director
Name :	Dr. Omkar Goswami
Designation :	Director
Name :	Mr. Aman Mehta
Designation :	Director
Name :	Edward T Story
Designation :	Director

KEY EXECUTIVES

Audit Committee:	Mr. Aman Mehta (Chairman) Mr. Naresh Chandra Dr. Omkar Goswami Edward T Story Mr. Tarun Jain
Remuneration Committee :	Mr. Naresh Chandra (Chairman) Mr. Aman Mehta Dr. Omkar Goswami Mr. Navin Agarwal Mr. Tarun Jain
Nomination Committee :	Mr. Navin Agarwal (Chairman) Mr. Tarun Jain Mr. Rahul Dhir Edward T Story
Name :	Ms. Neerja Sharma
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2013

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	383840413	20.09
Sub Total	383840413	20.09
(2) Foreign
Bodies Corporate	738873586	38.68
Sub Total	738873586	38.68
Total shareholding of Promoter and Promoter Group (A)	1122713999	58.77
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	59751067	3.13
Financial Institutions / Banks	150582566	7.88
Insurance Companies	2182625	0.11
Foreign Institutional Investors	278117140	14.56
Qualified Foreign Investor	75050	0.00
Sub Total	490708448	25.69
(2) Non-Institutions
Bodies Corporate	43850079	2.30
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	46217464	2.42
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	5816944	0.30
Any Others (Specify)	200931220	10.52
Non Resident Indians	2250022	0.12
Clearing Members	1828000	0.10
Trusts	500852	0.03
Foreign Corporate Bodies	196174600	10.27
Directors & their Relatives & Friends	177746	0.01
Sub Total	296815707	15.54
Total Public shareholding (B)	787524155	41.23
Total (A)+(B)	1910238154	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	14.78
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	20.25
Total (A)+(B)+(C)	1910238154	0.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of surveying, prospecting, drilling, exploring, acquiring, developing, producing, maintaining, refining, storing, trading, supplying, transporting, marketing, distributing, importing, exporting and generally dealing in minerals, oils, petroleum, gas and related by-products.

Products :

Item Code No. (ITC Code)	27090000
Product Description	Crude Oil
Item Code No. (ITC Code)	27112100
Product Description	Natural Gas

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· State Bank of India · Deutsche Bank · Citibank
Facilities :	--

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	Golf View, Corporate Tower B, Sector 42, Sector Road, Gurgaon-122 002, Haryana, India
Holding Company / Ultimate Holding Company :	· Vedanta Resources Plc. (w.e.f. 8 Dec 2011) · Vedanta Resources Holdings Limited (w.e.f. 8 Dec 2011) · Volcan Investments Limited (w.e.f. 8 Dec 2011) · Cairn UK Holdings Limited (upto 7 Dec 2011)* · Cairn Energy Plc. (upto 7 Dec 2011)* NOTE: * w.e.f. 8 December 2011 Cairn Energy Plc. and Cairn UK Holdings Limited only have significant influence over the company.
Fellow Subsidiary :	Sterlite Industries (India) Limited (w.e.f. 8 Dec 2011)
Subsidiaries :	· Cairn Energy Australia Pty Limited · Cairn Energy India Pty Limited · CEH Australia Pty Limited · Cairn Energy Asia Pty Limited · Sydney Oil Company Pty Limited · Cairn Energy Investments Australia Pty Limited · Wessington Investments Pty Limited · CEH Australia Limited · Cairn India Holdings Limited · CIG Mauritius Holding Private Limited · CIG Mauritius Private Limited · Cairn Energy Holdings Limited · Cairn Energy Discovery Limited · Cairn Exploration (No. 2) Limited · Cairn Exploration (No. 6) Limited · Cairn Energy Hydrocarbons Limited · Cairn Petroleum India Limited · Cairn Energy Gujarat Block 1 Limited · Cairn Exploration (No. 4) Limited · Cairn Exploration (No. 7) Limited · Cairn Energy Development Pte Limited (Liquidated during the previous year) · Cairn Lanka (Private) Limited · Cairn Energy Group Holdings BV · Cairn Energy India West BV · Cairn Energy India West Holding BV · Cairn Energy Gujarat Holding BV · Cairn Energy India Holdings BV · Cairn Energy Netherlands Holdings BV · Cairn Energy Gujarat BV · Cairn Energy Cambay BV · Cairn Energy Cambay Holding BV

CAPITAL STRUCTURE

AS ON 22.08.2012

Authorised Capital : Rs.50000.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.19102.767 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2250000000	Equity Shares	Rs.10/- each	Rs.22500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1907396000	Equity Shares	Rs.10/- each	Rs.19073.961 Millions

NOTES:

TERMS/ RIGHTS ATTACHED TO EQUITY SHARES

The Company has only one class of equity shares having par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The dividend, if any, proposed by the Board of Directors will be subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive assets of the Company remaining after settlement of all liabilities. The distribution will be in proportion to the number of equity shares held by the shareholders.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	19073.961	19019.171
(b) Reserves & Surplus	300122.235	299126.449
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	0.000	13500.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	12.365	7.994
(4) Current liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	132.125	118.102
(c) Other current liabilities	13309.914	1419.891
(d) Short-term provisions	5.990	1.043
TOTAL	332656.590	333192.650
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	25.655	24.739
(ii) Intangible Assets	0.000	0.016
(iii) Capital work-in-progress	540.318	218.780
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	308534.591	314865.228
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.542	4.082
(e) Other Non-current assets	35.378	38.351
(2) Current assets
(a) Current investments	18213.411	10817.291
(b) Inventories	0.000	0.000
(c) Trade receivables	4.721	1.681
(d) Cash and cash equivalents	4600.004	6529.282
(e) Short-term loans and advances	588.620	470.017
(f) Other current assets	112.350	223.183
TOTAL	332656.590	333192.650

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		18969.741
2] Share Application Money		463.978
3] Reserves & Surplus		301161.222
4] (Accumulated Losses)		(1227.534)
NETWORTH		319367.407
LOAN FUNDS
1] Secured Loans		13450.000
2] Unsecured Loans		0.000
TOTAL BORROWING		13450.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		332817.407
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.186
Capital work-in-progress		242.074
INVESTMENT		331290.939
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.831
	Sundry Debtors	15.728
	Cash & Bank Balances	1927.862
	Other Current Assets	12.360
	Loans & Advances	344.074
Total Current Assets		2309.855
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	201.178
	Other Current Liabilities	1279.484
	Provisions	30.062
Total Current Liabilities		1510.724
Net Current Assets		799.131
MISCELLANEOUS EXPENSES		485.077
TOTAL		332817.407

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	87.961	23.943	32.040
		Other Income	2401.358	927.078	1601.580
		TOTAL (A)	2489.319	951.021	1633.620
Less	EXPENSES
		Data acquisition and analysis	46.767	19.965
		Employee benefit expenses	153.757	217.021	1703.942
		Other expenses	520.129	290.837
		Unsuccessful exploration costs	178.778	682.704
		TOTAL (B)	899.431	1210.527	1703.942
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1589.888	(259.506)	(70.322)
Less	FINANCIAL EXPENSES (D)		1114.492	1866.911	662.806
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		475.396	(2126.417)	(733.128)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.388	0.304	0.504
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		475.008	(2126.721)	(733.632)
Less	TAX (H)		35.391	0.000	(44.098)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		439.617	(2126.721)	(689.534)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(3354.255)	(1227.534)	(538.000)
	BALANCE CARRIED TO THE B/S		NA	(3354.255)	(1227.534)
	EARNINGS IN FOREIGN CURRENCY
		Parent Company Overhead	87.961	23.943	32.040
		Interest	0.000	0.000	0.800
	TOTAL EARNINGS		87.961	23.943	32.840
	IMPORTS
		Stores & Spares	50.597	45.392	12.213
	Earnings / (Loss) Per Share (Rs.)		0.23	(1.12)	(0.36)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	17.66	(223.63)	(42.21)
Net Profit Margin (PBT/Sales)	(%)	540.02	(8882.43)	(2289.74)
Return on Total Assets (PBT/Total Assets}	(%)	2.01	(11.74)	(31.75)
Return on Investment (ROI) (PBT/Networth)		0.00	(0.01)	0.00
Debt Equity Ratio (Total Debt/Networth)		0.00	0.04	0.04
Current Ratio (Current Asset/Current Liability)		1.75	11.72	1.53

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Debentures
Series C - Nil (31 March 2011: 10 thousand) 8.50% non convertible debentures of Rs. 1,000 thousand each (Rs. 100 thousand called-up)	0.000	1000.000
Series B - 6.25 thousand (31 March 2011: 6.25 thousand) 8.40% non convertible debentures of Rs. 1,000 thousand each (fully paid up)	0.000	6250.000
Series A - 6.25 thousand (31 March 2011: 6.25 thousand) 8.35% non convertible debentures of Rs. 1,000 thousand each (fully paid up)	0.000	6250.000
TOTAL	0.000	13500.000
NOTES: a. Series A debentures are redeemable at par after 21 months from date of allotment viz. 12 October 2010. Series B debentures are redeemable at par after 24 months from date of allotment viz. 12 October 2010. Series C debentures were redeemable at par after 27 months from date of allotment viz. 12 October 2010 on which a coupon rate of 8.50 % was applicable for the first 12 months and thereafter a market determined floating rate subject to a minimum of 8.50 %. The Company during the current year bought back the debentures issued under Series C, after their offer of buy back was accepted by the debenture holders. b. The debenture holders have a negative lien on the assets of the Company. The Company had the option to prepay the debentures issued under series A and B at the end of 12 months from the date of issue.

MANAGEMENT DISCUSSIONS AND ANALYSIS

Following a comprehensive review, the Rajasthan block's resource potential was estimated at 7.3 bn boe gross in-place. There have been exploration upsides — with the prospective resource base rising from an earlier estimate of 2.5 bn boe gross in-place to 3.1 bn boe gross in-place

The Rajasthan Project

The Rajasthan project is crucial for the nation. Oil production from the project helpsthe country to reduce significant quantities of oil imports.

The Mangala, Bhagyam and Aishwariya (MBA) fields, among others, constitute Cairn India's key assets in Rajasthan. The MBA are the three largest finds in Rajasthan. The Mangala field — considered to be the largest onshore hydrocarbon find in India inlast two decades — was discovered in January 2004. This was followed by discoveries at the Bhagyam and Aishwariya fields. To date, 25 discoveries have been made in the Rajasthan block. Studies indicate that it has further potential for growth. The Production Sharing Contract (PSC) for the project was signed on 15 May, 1995. In 1997, Cairn acquired an interest in the block. In 2002, Cairn acquired 100% of the exploration interest and assumed the role of operator.

Rajasthan Hydrocarbon Resources

As mentioned earlier, during FY2012 Cairn India carried out a comprehensive review of the resource potential of the Rajasthan block. This was done using detailed studies involving innovative technologies and advanced geo-science. In addition, a specialist agency, DeGolyer and MacNaughton (D&M), has conducted a study to arrive at anindependent estimate of reserves and contingent resources; it also reviewed the majority of the leads and prospects. D&M also undertook a separate reserves certificationexercise on behalf of the RJ-ON- 90/1 joint venture (JV).

• Based on the Company's assessment, the potential resource for the Rajasthan block is now estimated at 7.3 bn boe gross in-place. This is primarily due to an increase in the exploration upside with the prospective resource base now estimated at 3.1 bn boe gross in-place, versus an earlier estimate of 2.5 bn boe gross in-place.

• The Rajasthan recoverable risked prospective resource has increased from 250 mm boe gross to 530 mm

The Rajasthan Block

• Cairn India is the operator with 70% participating interest. Its joint venture (JV) partner, ONGC, has a 30% participating interest.

• The block consists of three contiguous development areas: (i) Development Area(DA) 1, which comprises the Mangala, Aishwariya, Raageshwari and Saraswati (MARS) fields;(ii) DA 2, consisting of the Bhagyam and Shakti fields; and (iii) DA 3, having the Kaameshwari West fields.

• At present, the block is producing 175,000 bopd, thanks to GoI approval for higher Mangala offtake of 150,000 bopd.

• Some other fields within the block have also commenced production. The Bhagyam field started production on 19 January, 2012 and is currently producing at around 25,000bopd. Saraswati began production on 27 May, 2011 and has produced over 75,000 barrels of oil till date. Raageshwari, which is primarily a gas field with marginal oil, also commenced production on 8 March, 2012 and is currently producing in excess of 250 bopd.boe gross primarily due to generation of additional leads and prospects.

• The Company with ONGC, its JV partner, is working with GoI to obtain the necessary approvals required to carry out further exploration and appraisal activity in the block.

• The discovered resource base has increased from 4.0 bn boe gross in-place to 4.2bn boe gross in-place. This is due to an increase in the Stock Tank Oil Initially in Place (STOIIP) from Mangala and other Rajasthan fields.

• The Rajasthan block's Expected Ultimate Recovery (EUR) has increased from 1.4 bnboe gross to 1.7 bn boe gross on account of increased recoverable risked prospective resource estimates.

• Given these new evaluations, the total resource base now provides a basin potential to produce 300,000 bopd, subject to further investments and regulatory approvals. This is equivalent to approximately 40% of India's current crude oil production.

The Mangala, Bhagyam and Aishwariya (MBA) fields have gross recoverable oil reserves and resources of over one bn boe. This includes proven plus probable (2P) gross reserves and resources of 636 mm boe with a further 308 mm boe or more of EOR resource potential. Today, Mangala and Bhagyam are cumulatively contributing more than 20% of India's current domestic crude oil production.

Mangala

At Mangala, a total of 148 development wells have been drilled and completed with 96producers and 33 injectors operationalised. The Company has successfully drilled and completed 11 horizontal wells at Mangala. Going forward, the Company intends to bringother wells on stream in a staged manner.

Bhagyam

Bhagyam is the second largest field in the Rajasthan block, with an approved production plateau of 40,000 bopd. A total of 62 development wells have been drilled till date with 21 producers and four injectors operational; 12 producer wells are yet to be drilled. Both Mangala and Bhagyamare connected to the Mangala Processing Terminal (MPT), which processes the crude oil from the Rajasthan fields.

Aishwariya

The Aishwariya field is the third largest discovery in the Rajasthan block. Following an assessment of higher production potential and design optimisation due to increased reserves and resources, Cairn India has commenced development work in the field.

The development will include nine well pads, 36 producer and 15 injector wells. Wellfluids from Aishwariya will be collected at a Cluster Well Pad — and the carbondioxide rich associated gas will be separated before transporting the well fluid to MPT.

The Company received JV approval in December 2011 to start work on the field. Hence, ithas awarded key contracts including the main EPC; and the contractor has been mobilized on-site. Crude oil production is expected to commence towards end CY2012, subject to JV and GoI approval.

Raageshwari Deep Gas Field

The Raageshwari Deep Gas field is meant to supply gas to meet the energy requirements at the MPT and the Mangala Development Pipeline, which runs approximately 670 km from Barmer to Viramgam to Salaya and then on to Bhogat, near Jamnagar, on the Arabian Seacoast.

During FY2012, the Company carried out drilling and completion of additional wells to augment gas production from the field as well as water production from the nearby Thumblisaline aquifer water field.

Application of new fracture stimulation and completion technology has proven to be successful in the field.

Saraswati and Raageshwari Fields

The Saraswati Field, which commenced production in May 2011, is currently producing ata rate of 250 bopd. Till date, it has produced over 75,000 barrels of oil. This oil is processed at the MPT, and blended with the Mangala oil which is sold through the pipeline. The marginal oil field at Raageshwari also commenced production in March 2012.

Satellite Fields

In Rajasthan, there are 19 other discoveries beyond MBARS and Barmer Hill —referred to as the satellite fields. These have been tested for hydrocarbons and have prospect for commercial development. In fact, Cairn India's recent technical work indicates a higher potential for these fields than what was earlier envisaged. The Company has carried the resource potential in books as contingent resources. Field Development Plans (FDPs) for four fields have been submitted; and FDPs for remaining fields are undervarious stages of preparation.

Barmer Hill and other Fields

Evaluation of other discoveries with the objective of optimising the Rajasthan development is currently under way. To test the potential of the Barmer Hill formation, Cairn India has planned a pilot hydraulic fracturing programme, subject to GoI approval. Adeclaration of commerciality for the Barmer Hill was submitted to the GoI in March 2010,and an FDP is under preparation. A staged development is being planned to

Enhanced Oil Recovery

What are they doing and what are the results?

Based on the oil and reservoir properties, Cairn India recognised the potential for EOR application in the MBA fields early in their life.

Screening and laboratory evaluations identified chemical EOR methods viz. Polymer Flooding and Alkaline-Surfactant-Polymer (ASP) flooding as the most suitable methods for the MBA fields.

They are currently conducting an EOR pilot in the Mangala field. Details of which are:

• Eight wells including four injectors, one central producer and three observation wells were drilled for this test

• Polymer injection was started through newly built facilities in August 2011.Polymer flood results were positive

• Preparations for next phase of ASP flooding are in progress

Based on the positive response, a full field polymer flood development plan has been prepared for Mangala. The development plan would include:

• Drilling of new injector wells from the existing 15 well pads

• Formal approval from the JV partner and regulatory authorities.

Accordingly, the Company has booked 2P reserves of 70 mm bbls.

Going forward, post Mangala implementation, they also intend to implement chemical flooding in Bhagyam and Aishwariya fields.

The current assessment of the EOR resource base is more than 300 mm bbls of incremental recoverable oil from the MBA fields.

Global Hydrocarbon Resources

US Geological Survey (USGS) World Petroleum Resources Project released new estimates for the Undiscovered Conventional Oil & Gas Resources of the World, 2012

This is a complete reassessment of the world since the last report was published in2000

In this study, 313 Assessment Units within 171 geologic provinces were defined andassessed for undiscovered oil and gas accumulations

For undiscovered, technically recoverable resources, the mean totals for the world are:

• 565,298 million barrels of oil (MMBO)

• 5,605,626 billion cubic feet of gas (BCFG)

• 166,668 million barrels (MMBNGL) of natural gas liquids

The assessment results indicate that about 75 percent of the undiscovered conventionaloil of the world is in four regions: (1) South America and Caribbean, (2) Sub-Saharan Africa, (3) Middle East and North Africa, and (4) the Arctic provinces portion of North America. Significant undiscovered conventional gas resources remain in all of the world's regions

Hydrocarbon Reserves

The E&P industry accordingly has significant potential to increase world's proved reserves

Over the years, world proved reserves have continually increased: The reserves increased from 1,032 thousand million bbls at beginning of 1992 to 1,652 thousand million bbls at the beginning of 2012

India, though, constitutes an insignificant part of the world pie: Indian proved reserves represent 0.3 percent of the world's pie, but its share in consumption pie is 3.9percent

India's Proved reserves base has fallen from 6.1 thousand million bbls at the beginning of 1992 to 5.7 thousand million bbls at the beginning of 2012

• Potential resource for the block now estimated at 7.3 bn boe gross in-place

• Exploration potential now estimated at 530 mm boe gross recoverable risked prospective resource

• Increasing confidence on the Mangala EOR polymer pilot led towards booking of 70mm bbls of gross 2P reserves

The Company became the first operator in India to successfully deploy straddle stimulation technology for production and injection wells in the Rajasthan block

Well Services and Production Optimisation

Cairn India's endeavour is to maintain plateau production in Rajasthan for as long as it is physically and geologically possible. Doing so requires the use of novel, state-of-the-art well services and intervention technologies. Cairn India has applied some of the best such interventions in Rajasthan. Here are some examples:

Straddle Stimulation Technology

The Company became the first operator in India to successfully deploy straddle stimulation technology for production and injection wells in Rajasthan area. Operated through a tele-coil, the system is an advanced version of the conventional coiled tubing string, and is used to capture real-time data, which allows for more accurate understanding of the reservoir's response to different stimulation treatments.

The treatment techniques were utilised to stimulate wells using various chemical recipes, which were developed through comprehensive laboratory analysis and practical observations.

Advanced Down-hole Tools

High impact Roto-Jet cleaning technology: This has been effectively used toclean-out deposits such as sediment, wax and scale through the use of 'stress-cycling'. Removal of such deposits has led to increased productivity of certain producer wells, particularly those in which inflow control devices were installed. Thus far, incrementa lproduction of approximately 1,850 bopd has been achieved through this technology in three producer wells.

Roto-Pulse technology: By creating hydraulic vibrations down-hole, this tool effectively dislodges 'plugging fines' and

other undesirable deposits such as wax and scale, which retard well productivity. It has delivered excellent results in producer wells which were installed with sand screens. Thus far, an incremental production of approximately 5,400 bopd has been achieved through this technology in six producer wells.

Coiled tubing conveyed perforation:

This technology was applied to execute under-balanced perforation in order to minimize near-well-bore damage — usually caused due to conventional explosive based perforation. Moreover, it has helped to optimise the time spent in perforating long intervals, particularly in water injector wells, thus reducing the cost of large scale perforation operations.

Perforation Using Reactive Element

Charges: This approach was utilised to conduct a balanced perforation in water injector wells. This avoids debris deposition in perforation tunnels — a phenomenon associated with regular explosive based perforation.

Advanced Fishing and Milling Technology: State-of-the-art technology, such as indexing tools and flow-activated elbows, were applied to overcome down-hole complications in certain cases.

Thus, production was regained without substantial production down time.

Digital Oil Field (DOF)

DOF is a key technology project which was conceptualised during the Rajasthan field development phase. It integrates the production process with efficient well monitoring— thus optimising the entire asset. DOF provides a user friendly, web-based interface with enhanced data mining and visualisation capabilities. It also acts as a centrallocation for accessing real-time data available through distributed control systems/supervisory control and data acquisition (DCS/SCADA) systems — which involves manually entered production data, laboratory data and other allocated production as wellas field-level data. Given below are some details.

• Capturing real time well-head parameters from nearly 200 wells and process parameters from DCS/ SCADA

• Allowing a unique production allocation system with two different methods for amore robust and reliable well-head level allocation

• Configuring modules to capture the crucial manual production data

• Setting up of high-end servers at Barmer and Gurgaon for the storage of DCS data

• Remotely accessing DCS screens at the Company's offices in the MPT and Gurgaon

• Developing a 'Well Test Interface' to record daily well tests

• Installing a main Production Server and an alternative Test Server forum interrupted reporting and monitoring, while simultaneously continuing development activities

• Setting up a centralised database reconciliation package which is now becoming the central database for production related data

• Incorporating a 'Production Reporting System' (PRS) which includes Mangala and the JV's daily production reports

Commissioning of the DOF project for Mangala in November 2011 marks an important milestone for the Company. Thanks to it, the Rajasthan project has seen significant efficiency gains and cost reductions. This is largely on account of smart monitoring, error free production reporting, early detection of well productivity and injection issues, and troubleshooting of network bottlenecks. Going forward, Cairn India intends to expand the DOF and the PRS to the entire Rajasthan field.

The MPT is designed to process crude from the Rajasthan fields. The facilities at MPT are being continually upgraded to support higher production levels in line with the production ramp-up

The Mangala Processing Terminal

The Mangala Processing Terminal (MPT) spread over an area of 1.6 km2 is a core asset of the Rajasthan Project. It is located 40 km from the nearest town, Barmer, which is 200 km from Jodhpur and 150 km from Jaisalmer. The MPT processes crude oil extracted from the Rajasthan fields. Following the processing, the crude oil is transported to distant consumer refineries through a 24" diameter continuously heated and insulated pipeline.

The MPT integrated production facilities support FDP approved production of 175,000bopd, which is in line with the Company's unified Rajasthan block offtake capability. Cairn India adheres to strict standards to ensure efficient and safe operations. DuringFY2012, the up-time for the MPT (processing and drilling) was over 99 per cent, and thus well within the top decile among global peers. The facilities at MPT are being continually upgraded to support higher production levels as per production ramp-up.

Associated Facilities Project

The associated facilities are systems & equipments to supplement production facilities at the MPT. Increased production will demand additional infrastructure such as handling of additional water, more substantial vent gas management, additional storage, evacuation capabilities etc. These will be largely achieved by:

• Installing injection water filters and additional pumps to increase the water injection rate.

• Not flaring the additional vent gas; and, instead, using compressors to pressurise this gas as combustible fuel in the boilers for steam generation.

• Installing two steam boilers and one more steam turbine for additional power generation.

• Building a sub-station for optimal power distribution.

Thumbli Water Project

Water is an important input to the crude production process. The Thumbli saline aquifer supplies the total raw water requirement to MPT for the entire MBA operations. The Thumblifield is connected with Mangala through a 20" carbon steel pipeline running over 22km. To ensure reliability of existing infrastructure and meet future demand for water, the Company envisages:

• Laying a new pipeline between existing water well pad and the MPT.

• Developing a new water well pad with the required infrastructure.

• Developing a corridor between the new and the existing water well pads to optimise the saline water supply.

The Mangala Development Pipeline is not a conventional pipeline. It is a work of technological ingenuity. Going forward, the Company plans to de-bottleneck and augment the pipeline capacity in line with production ramp-up

The Mangala Development Pipeline

The Mangala Development Pipeline (MDP) is designed to evacuate the crude oil produced from the Rajasthan block and thus provide access to markets.

It starts at the MPT and passes through eight districts across two states, i.e. Rajasthan and Gujarat, for approximately 670 km before reaching the coastal location of Bhogat near Jamnagar on the western coast of India. It is, thus, the world's longest continuously heated and insulated pipeline.

The current pipeline capacity is 175,000 bopd. At the time of writing this report, the MPT to Salaya section (approximately 590 km) of the pipeline is operational while the balance is under construction. The construction from Barmer to Salaya was completed in are cord time of 18 months.

During the period, the MPT to Salaya section of the pipeline with its delivery infrastructure continued to safely supply crude oil to Indian Oil Corporation Limited (IOCL) and private refiners. It has recorded more than 3.7 million lost timeinjury (LTI) -free man hours till date. This section of the pipeline provides the Company access to over 1.6 million barrels per day of refining capacity.

The MDP is not a conventional pipeline. Its technological ingenuity was necessitated on account of the waxy nature of the Rajasthan crude. The challenge was to ensure that the crude oil remains above the Wax Appearance Temperature (WAT) of 65C, through its entire length. This required Cairn India to build the world's longest continuously heated and insulated pipeline.

The pipeline also incorporates the first of its kind Pipeline Intrusion Detection System. This provides security along the entire length, utilising a fibre optic electronic vibration system that generates an alarm. This is linked to a central control unit via a Geographic Information System (GIS)-based mapping system. The entire length of the pipeline is monitored at the MPT, Viramgam and Bhogat terminals for flow, temperature, pressure, and other operational parameters.

Salaya to Bhogat

The Salaya-Bhogat Pipeline (SBPL) section is being developed as a part of the Phase-II development of MDP Project (MDPP). The SBPL will facilitate the storage and evacuation of Rajasthan crude oil through Crude Oil Storage Terminal at Bhogat and an offshore Single Point Mooring (SPM) system on the Arabian Sea.

This section of the pipeline is facing some execution challenges, and is expected to be completed in H1 CY 2013. Post completion of the entire pipeline from MPT to Bhogat, i.e. approximately 670 km, the pipeline will give Cairn India access to a much wider crude oil market.

Bhogat Terminal Facilities

The Bhogat terminal is a 160 hectare site located 8 km from the Arabian Sea coast at Bhogat in Jamnagar District, Gujarat. The terminal will facilitate the storage and evacuation of Rajasthan crude by sea. Some key elements of Bhogat terminal are:

• A total crude storage capacity of 2.1 mm bbls

• Two 24" sub-sea export pipelines from the Bhogat land fall point to the Single Point Mooring (SPM) system to enable crude transfer

• SPM system and sub-sea pipeline end manifold in deep sea to enable tanker berthing and loading

Going forward, the Company plans to de-bottleneck and augment the MDP, which is expected to add around 10% extra capacity to the pipeline. Further capacity expansion is being envisaged through incremental investments. This will enable the Company to ramp upthe production from the block, subject to the JV and GOI approval.

FY2012 was a special year, in that it saw the start of production from Bhagyam, Raageshwari and Saraswati. These production commencements and GoI approvals have enabled the Cairn India-ONGC JV to reach a major milestone — the production of 175,000 bopdfrom Rajasthan

Rajasthan Sales

With the commencement of production from the Bhagyam field, FY2012 witnessed crude oil sales ramp up to approximately 150,000 bopd. In January 2012, after completion of the facilities at Viramgam, the Company began supplies to IOCL's Koyali refinery. Today, CairnIndia's Rajasthan crude oil is being supplied to IOCL's Panipat and Koyali refineries, andto private refiners on the west coast of India.

FY2012 was a special year in that it saw the start of production from Bhagyam, Raageshwari and Saraswati. Bhagyam is currently producing 25,000 bopd. Similarly, Raageshwari and Saraswati fields, which commenced production during the year, are cumulatively producing at around 500 bopd.

These production commencements and GoI approvals have enabled the Cairn India-ONGC JV to reach a major milestone — the production of 175,000 bopd from Rajasthan on 20April, 2012.

Accordingly, for FY2013, crude oil sales agreements have been renewed with buyers for volumes in excess of 175,000 bopd.

As per the RJ-ON-90/1 PSC, the Rajasthan crude oil price is benchmarked to Bonny Light with appropriate adjustments for quality. Bonny Light is comparable to the low sulphur crude that is frequently traded in the region.

The implied crude oil price realisation for FY2012 represents a lower discount than the stated guidance of 10%-15% discount to Brent. This was largely due to the prevailing global macro-economic conditions.

After the Salaya to Bhogat section of the pipeline becomes operational, the Rajasthan crude oil is expected to serve a wider market, subject to GoI approval.

The Company has a strong balance sheet backed by robust cash flows from the producing assets i.e. Rajasthan, Ravva and Cambay

Financial Overview

During the FY2012 annual results announcements the CIL board approved a Dividend Policy that aims to maintain dividend payout at around 20% of annual consolidated net profit. Whilst formulating the policy, the intent was to maintain a balance between stable dividend payouts and retaining flexibility to invest in growing the resource base and to protect equity value. The actual dividend payout would depend on a consideration of avariety of factors, including the outlook for earnings growth, capital expenditure requirements, cash flow from operations, potential acquisition opportunities, etc.

Corporate re-organisation is a prerequisite for any dividend payments from CIL. The corporate reorganisation was undertaken in order to simplify and consolidate themulti-layered structure of the company. The scheme of arrangement will transfer cash generating assets from some of its wholly owned subsidiaries into the Company. This scheme of arrangement was approved by shareholders of the company, the Hon'ble High Court ofMadras and the Hon'ble High Court of Bombay with retrospective effect from 1 January, 2010. Regulatory authorities are yet to approve the scheme. Thus, no provisioning has been made in the financial results.

With the daily gross operated production of 172,887 boepd the company reduced the nation's crude oil import bill by ~US$ 6 billion and contributed ~US$ 2.4 billion to the national exchequer (excluding direct taxes). This is expected to increase with the Rajasthan block production growth and the higher oil prices.

As at 31 March, 2012, the Cairn India group had Gross Cash & Cash equivalent of INR 91,436 million (US$ 1,789 million). The non-convertible debentures (NCD) outstanding as on31 March, 2012 were INR 12,500 million (US$ 245 million). This outstanding NCD matures inFY2013 and will be repaid in two tranches during the year. Overall, the net cash stands at INR 78,936 million (US$ 1,544 million). The group (company) generates its revenue in US$ and has a net surplus funds primarily in US$.

Currency market has been extremely volatile during the year. Indian economy faced significant INR depreciation mainly due to thin Foreign Institutional Investor inflows and increase in trade and fiscal deficit of India coupled with US$ appreciated on account of increase in demand of reserve currency. The rupee moved between 43.9 and 54.07 to the US$during the year. The company continues to adopt a strategy to hedge predominantly through US$ put options to the extent of net rupee exposure.

As at 31 March, 2012 the company held its financial assets in the form of bank deposits and investments in liquid money market (debt) mutual funds. The company has a strong balance sheet backed by robust cash flows from the operating assets i.e. Rajasthan, Ravva and Cambay. This gives the Company sufficient liquidity to meet the planned capital expenditures and flexibility for the future growth.

While the Ravva field demonstrates the application of innovative technologies, the Cambay fields are an example of optimal asset utilization

Outlook

It is difficult to predict the state of play for an oil and gas player in most geographies. South Asia is no exception. On the positive side, the Company believes that despite the recent softening of crude oil prices, Cairn India is poised to earn sufficient revenues and profits in FY2013. On the negative side, hydrocarbon players tend to attract hefty taxes whenever a country's exchequer feels the need for additional financial resources. If that were to happen, it would constrain — even shrink — the Company's post-tax profits. On balance, however, Cairn India remains cautiously optimistic about FY2013.

Awards and Recognitions

• The Company was adjudged the fastest growing energy company in Asia and the fourth fastest in the world at the Platts Top 250 Energy Company Awards 2011 at the International Energy Week, Singapore

^ Rajasthan operations bagged 12 awards in the "Silver Jubilee Mines Safety Week" function at Bikaner, Rajasthan under the aegis of the Directorate General of Mines Safety (DGMS)

• Ravva won the prestigious Offshore Industry Safety Directorate Award under the offshore platform category

^ Mangala Development Pipeline Project was declared runner-up in "Project of the Year" award organised by Project Management International

• Golden Peacock Award for Corporate Social Responsibility, 2012

• Cairn India won the CMO Asia Award for Best CSR Practice (Overall) in 2011. The award was presented in Singapore on 22 June, 2011

^ Thomson Reuters Extel Survey 2011 Award - Second best Company for Investor Relations in India

Cairn India is committed to the highest standards of Corporate Social Responsibility (CSR). It is the Company's conviction that business growth should empower communities and create value for all stakeholders. It is committed to conduct its operations in a socially responsible manner. The Company through its 3Rs ideology of 'Respect, Relationships and Responsibility' makes a difference in its area of operations.

FIXED ASSETS:

· Freehold Land

· Buildings

· Office Equipments

· Furniture and Fittings

· Vehicles

· Computer Software

STATEMENT OF STANDALONE AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2013

(Rs. in millions)

Sr. No.	Particulars	Quarter ended 31.03.2013	Preceding quarter ended 31.12.2012	Current year ended 31.03.2013
		Audited (Note 2)	Unaudited	Audited
1	Income from operations
	a) Income from operations	23159.900	22439.300	92009.800
	b) Other operating income	-	-	-
	Total income from operations (net)	23159.900	22439.300	92009.800
2	Expenses
	a) Share of expenses in producing oil and gas blocks	1840.700	1074.800	4855.900
	b) (Increase)/Decrease in inventories of finished	(15.600)	9.400	(140.600)
	goods
	c) Employee benefit expenses	186.500	146.300	960.400
	d) Depletion, depreciation and amortization expenses	2254.400	2699.700	9618.000
	e) Cess	3466.700	3572.400	14157.500
	f) Unsuccessful and general exploration costs	200.100	160.800	682.800
	g) Other expenses	942.900	658.600	2757.400
	Total expenses	8875.700	8322.000	32891.400
3	Profit/(loss) from operations before other income, exchange fluctuation, finance costs (1-2)	14284.200	14117.300	59118.400
4	a) Other income	1850.800	1493.000	6167.800
	b) Foreign exchange fluctuation gain/(loss)-net	169.100	1380.100	2828.900
5	Profit before finance costs (3+4)	16304.100	16990.400	68115.100
6	Finance costs	141.700	46.800	664.100
7	Profit/(loss) before tax (5-6)	16162.400	16943.600	67451.000
8	Tax expense
	a) Current tax	3174.900	3318.600	13362.700
	b) MAT credit entitlement	(2903.800)	(2785.100)	(10407.400)
	c) Deferred tax charge / (credit)	345.600	(107.800)	(310.800)
	Total	616.700	425.700	2644.500
9	Net Profit/(loss) for the period (7-8)	15545.700	16517.900	64806.500
10	Impact of scheme of arrangement for earlier periods (Note 6)	-	115993.300	82661.200
11	Net Profit/(loss) for the period after giving impact of scheme of arrangement for earlier periods (9+10)	15545.700	132511.200	147467.700
12	Paid-up equity share capital (Face value of f 10 each)	19102.400	19099.200	19102.400
13	Reserves excluding Revaluation Reserves	--	--	321071.200
14	Earnings per share (in Rs.) (not annualized): a) Basic b) Diluted	8.14 8.13	69.39 69.28	77.25 77.14
	c) Basic (before giving impact of scheme of arrangement for earlier periods)	8.14	8.65	33.95
	d) Diluted (before giving impact of scheme of arrangement for earlier periods)	8.13	8.64	33.90

Part - II: Select Information for the Quarter and Year ended 31 March 2013

Sr. No.	Particulars	Quarter ended 31.03.2013	Preceding quarter ended 31.12.2012	Current year ended 31.03.2013
A	Particulars of shareholding
1	Public shareholding
	- Number of shares	787524155	787203674	787524155
	- Percentage of shareholding	41.23%	41.22%	41.23%
2	Promoters and promoter group shareholding
	a) Pledged / encumbered
	-Number of shares	-	-	-
	-Percentage of shares (as a % of the total share	-	-	-
	shareholding of promoter and promoter group)
	-Percentage of shares (as a % of the total share	-	-	-
	capital of the Company)
	b) Non-encumbered
	-Number of shares	1122713999	1122713999	1122713999
	-Percentage of shares (as a % of the total share	100.00%	100.00%	100.00%
	shareholding of promoter and promoter group)
	-Percentage of shares (as a % of the total share	58.77%	58.78%	58.77%
	capital of the Company)

	Particulars	Quarter ended 31.03.2013
B	Investor Complaints
	Pending at the beginning of the quarter	1
	Received during the quarter	364
	Disposed of during the quarter	364
	Remaining unresolved at the end of the quarter	1*
*The Complaint has been resolved on 4 April 2013.

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

Rs. in Millions

Sr. No.	Particulars	As at Current year end 31.03.2013 (Audited)
A	EQUITY AND LIABILITIES
1	Shareholders' funds
	(a) Share capital	19102.400
	(b) Reserves and surplus	321071.200
		340173.600
2	Non-current liabilities
	(a) Deferred tax liabilities (net)	2508.300
	(b) Long-term provisions	13197.000
		15705.300
3	Current liabilities
	(a) Trade payables	4355.700
	(b) Other current liabilities	5265.100
	(c) Short-term provisions	16916.200
		26537.000
	TOTAL	382415.900
B	ASSETS
1	Non-current assets
	(a) Fixed assets	67132.200
	(b) Non-current investments	160382.500
	(c) Long-term loans and advances	23932.100
	(d) Other non-current assets	2235.600
		253682.400
2	Current assets
	(a) Current investments	103720.200
	(b) Inventories	1070.400
	(c) Trade receivables	11695.400
	(d) Cash and bank balances*	1510.500
	(e) Short-term loans and advances	8862.600
	(f) Other current assets	1874.400
		128733.500
	TOTAL	382415.900

* includes cash and cash equivalents of Rs.10.400 millions (previous year: Rs.835.500 millions)

Notes:-

1. The above audited financial results for the year ended 31 March 2013 have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on 22 April 2013.

2. The figures for the quarter ended 31 March 2013 and 31 March 2012 are the balancing figures between audited figures in respect of the full financial year ended 31 March 2013 and 31 March 2012 respectively and the unaudited published year to date figures upto 31 December 2012 and 31 December 2011 respectively, being the end of the third quarter of the respective financial years, which were subjected to a limited review.

3. The individual items in the above financial results are net of amounts cross charged to oil and gas blocks where the Group is the operator. The Group's share of such net expenses in oil and gas blocks is treated as exploration, development or production costs, as the case may be.

4. Employee benefit expenses for the current quarter and year include stock option charge of Rs.37.800 millions and Rs.241.500 millions respectively, computed under the Intrinsic Value Method. The said charge for the current quarter and year would have been Rs.135.900 millions and Rs.724.600 millions respectively, if computed under the Fair Value (Black Scholes) Method.

5. 320,481 additional equity shares were issued during the current quarter on exercise of stock options by the employees of the Cairn India Group.

6. The shareholders of the Company had approved a Scheme of Arrangement ('Scheme') between the Company and some of its overseas subsidiaries with an appointed date of 1 January 2010 whereby, the Indian businesses of the said subsidiaries were to be transferred to the Company from the appointed date. The said Scheme had received the approvals of the Hon'ble High Court of Madras and the Hon'ble High Court of Bombay in 2010 and was subsequently approved by other relevant regulatory authorities in October 2012. Post receipt of the requisite approvals, the Company has considered the operations of the said subsidiaries from 1 January 2010 as its own operations and accounted for the same in its books of accounts after making necessary adjustments. Accordingly, profit after tax aggregating to Rs.115993.300 millions (net of tax of Rs.7716.800 millions), relating to operations of the said subsidiaries prior to 30 September 2012, and Rs.82661.200 millions (net of tax of Rs.6114.600 millions), relating to operations of the said subsidiaries prior to 31 March 2012, have been accounted for in the quarter ended 31 December 2012 and current year respectively.

Further, as per the provisions of the Scheme which had also been approved by the shareholders of the Company, the Company has adjusted goodwill of Rs.101670.300 millions arising pursuant to the implementation of the Scheme against the securities premium account and as a result both goodwill and securities premium account are stated lower by Rs.101670.300 millions each. This accounting, although different from that prescribed under the Accounting Standards, is in conformity with the accounting principles generally accepted in India, as the same has been approved by the Courts. The auditors have expressed an emphasis of matter on the same.

7. The Board of directors have proposed a final dividend of Rs.6.50 per equity share. Additionally, during the year an interim dividend of Rs.5 per equity share had been declared and distributed to the shareholders of the Company. The total proposed payout of dividend for the year of Rs.25528.700 millions (including dividend distribution tax), amounts to 21.2% of the consolidated profit for the year.

8. The Group operates in only one segment i.e. "Oil and Gas".

9. Previous quarters / year's figures have been regrouped / rearranged wherever necessary to confirm to the current year's presentation. Since the current quarter and year include the operations of the subsidiaries, as described in note 6 above, the same are not comparable with the corresponding quarter ended 31 March 2012 and previous year results respectively.

PRESS RELEASES:

CAIRN INDIA SEEKS RIGHT OF FIRST REFUSAL OVER RAJASTHAN BLOCK

May 30, 2013

NEW DELHI: Cairn India, the company which gave the nation its biggest oil discovery in more than two decades, has asked the Oil Ministry for rights to explore for unconventional shale gas in its prolific Rajasthan block.

Oil Ministry's draft policy for exploration of shale gas provides for giving operators of block awarded under New Exploration Policy (NELP) since 2000, the first right of refusal for exploiting the unconventional resource. It however does not confer the same rights to operators of pre-NELP blocks like Rajasthan.

"We believe that the draft shale gas policy which solicited public comments in August 2012 was forward looking when it stated that 'right of first refusal will be offered to the existing contractors'. However, the discrimination between NELP and pre-NELP blocks (in the draft policy now prepared) will defeat the purpose," Cairn CEO P Elango wrote to Oil Secretary on May 24.

Shale gas or natural gas trapped in sedimentary rocks (shale formations) below the earth's surface, is the new focus area in the US, Canada and China as an alternative to conventional oil and gas for meeting growing energy needs.

As per the available data, six basins -- Cambay (in Gujarat), Assam-Arakan (in the North-East), Gondawana (in central India), KG onshore (in Andhra Pradesh), Cauvery onshore and Indo Gangatic basins, hold shale gas potential. Rajasthan block too may hold shale gas potential.

The draft shale gas policy being prepared by the government has a mechanism to give the first right of refusal to existing contractors holding oil and gas blocks. However, this first right of refusal may be accorded to only NELP blocks.

Cairn demanded that the "first right of refusal should be available to all currently operating blocks, irrespective of pre-NELP or NELP, to ensure consistency and uniform implementation of the shale gas policy."

"Existing licences/leases should have the exclusive rights to explore for and develop all hydrocarbon resources encountered in a block and/or shale, which is just another form of hydrocarbon resource," Elango wrote.

The company said the original intent of the draft shale gas policy to give right of first refusal to all operators, irrespective of where the blocks were awarded pre-NELP or in NELP, should be restored as it was "fair and reasonable."

"Overlapping licenses/leases with simultaneous operations will pose significant health, safety and environment (HSE) risks and operational conflicts, leading to conflicting claims to resource ownership, sub optimal utilisation of capital, hampering development of hydrocarbon molecules present in multiple forms," he added.

AISHWARIYA FIELD COMMENCES OIL PRODUCTION

23 MARCH 2013

The Cairn-ONGC Joint Venture (JV) has commenced production from the Aishwariya field, the third largest discovery in the Rajasthan Block (RJ-ON-90/1). The field will achieve a gradual and safe ramp up to reach the currently approved FDP rate of 10,000 bopd.

The oil production from Aishwariya field was inaugurated today, by the Hon’ble Minister of Petroleum and Natural Gas, Dr M Veerappa Moily in Barmer, Rajasthan in the presence of the Hon’ble Chief Minister Shri Ashok Gehlot, the Hon’ble Union Minister of State of Petroleum and Natural Gas Smt. P. Lakshmi. Senior officials from the Ministry of Petroleum and Natural Gas, Government of India, Government of Rajasthan and the Cairn-ONGC JV were also present on the occasion.

The Mangala, Bhagyam and Aishwariya (MBA) fields have gross recoverable oil reserves and resources of approximately one billion barrels. Production from the Rajasthan Block currently contributes more than 23% of India’s domestic production.

COMMENCEMENT OF EXPLORATION DRILLING PROGRAMME IN THE RAJASTHAN BLOCK - SPUDDING OF THE FIRST WELL AFTER A FOUR YEAR HIATUS

25 February, 2013

Following endorsement of the exploration Work Programme for the Rajasthan Block (RJ-ON-90/1) by the Management Committee less than two weeks ago, Cairn India has today commenced drilling of the first exploration well, after a gap of more than four years, in the prolific Barmer Basin. This is pursuant to the clarity in policy by the Government of India (GoI), allowing for exploration operations in development blocks. This has enabled Cairn India to commence its planned aggressive exploration drilling programme to help harness the full potential of the Barmer Basin in Rajasthan.

Renewed exploration activity in the block will be beneficial for all stakeholders and will help us realise the estimated half a billion barrels of oil equivalent of risked recoverable prospective resource which amounts to about a third of the Estimated Ultimate Recovery potential in the Rajasthan block. This will help the Joint Venture to realise the basin production potential of 300,000 bopd from the Rajasthan block.

The Joint Venture is currently producing 170,000-175,000 bopd from the Rajasthan block with a strong focus on exiting the year FY 2013-14 at a production rate of 200,000-215,000 bopd from the block.

SRI LANKA EXPLORATION DRILLING UPDATE

28 February, 2013

Pursuant to the conduct of phase 2 exploration in Sri Lanka, Cairn Lanka Private Limited, a wholly owned subsidiary of Cairn India Limited, acquired 600sqkm of 3D seismic in Block SL 2007-01-001 in early 2012 and spud its fourth exploration well in the block on 2 February, 2013.

The well encountered multiple thick high quality reservoir sands, which were not hydrocarbon bearing. The data from this well along with the results of the prior two discoveries are being integrated to fully understand the future block potential.

The well was plugged and abandoned and the rig is being demobilized. The Petroleum Resource Development Secretariat (PRDS) of Sri Lanka is being notified.

CAIRN INDIA'S RENEWED EXPLORATION EFFORTS RESULT IN AN OIL DISCOVERY

09 April, 2013

Cairn India has made its latest oil discovery, the 26^th discovery so far in the RJ-ON-90/1 block, following recent policy clarity by Government of India (GoI) to conduct exploration activity in development blocks.

The Management Committee approved the exploration work programme for the RJON-90/1 block on 14 February, 2013, post which Cairn India, the Operator of the block, commenced the drilling of its first Exploration well, Raageshwari-South-1, on 25 February, 2013 located in the southern part of the block.

Technical evaluations indicate ~10 metres of gross oil column within Dharvi Dungar Formation. Oil has been discovered and tested for the first time in Dharvi Dungar sands in Raageshwari-Tukaram area, where previous discoveries were in the shallower Thumbli sands. The volumes of oil in place and the potential resource base associated with this discovery are under evaluation.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.58.27
UK Pound	1	Rs.91.15
Euro	1	Rs.77.50

INFORMATION DETAILS

Report Prepared by :

TPT / SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		62

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%)

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	-

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.