MIRA INFORM REPORT

Report Date :

20.03.2013

IDENTIFICATION DETAILS

Name :	STERLITE INDUSTRIES (INDIA) LIMITED (w.e.f. 1986)
Formerly Known As :	STERLITE CABLES LIMITED
Registered Office :	SIPCOT Industrial Complex, Madurai Bypass Road, T.V. Puram P.O., Tuticorin - 628002, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.09.1975
Com. Reg. No.:	18-062634
Capital Investment / Paid-up Capital :	Rs.3361.200 Millions
CIN No.: [Company Identification No.]	L65990TN1975PLC062634
TAN No.: [Tax Deduction & Collection Account No.]	MRIS01730B
PAN No.: [Permanent Account No.]	AABCS4955Q
Legal Form :	A Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacturer of Copper Cathode, Continuous Cast Copper Rods and Phosphoric Acid.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Aa (71)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 989500000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having excellent track record. Financial position of the company appears to be sound. Directors are reported to experienced and respected businessman. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. It can be regarded as a promising business partner in medium to long run.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	AA+ (Long Term Rating)
Rating Explanation	High degree of safety and very low credit risk.
Date	December 19, 2012

Rating Agency Name	CRISIL
Rating	A1+ (Short Term Rating)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	December 19, 2012

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 :	SIPCOT Industrial Complex, Madurai Bypass Road, T.V. Puram P.O., Tuticorin-628002, Tamilnadu, India
Tel. No.:	91-461-4242591 (10 Lines)
Fax No.:	91-461-2340203
E-Mail :	comp.sect@vedanta.co.in
China Office :	RM 2305, Wenshen Center, Wenjin Plaza, No. 1010 North Wenjin Road, Luohu District, Shenzhen, Guangdong, China
Tel. No.:	86-755-25609246
Fax No.:	86-755-25609246
E-Mail :	jack.liu@vedanta.co.in
Corporate office :	Vedanta, 75 Nehru Road, Vile Parle (East), Mumbai - 400099, Maharashtra, India

DIRECTORS

As on 31.03.2011

Name :	Mr. Anil Agarwal
Designation :	Chairman
Name :	Mr. Navin Agarwal
Designation :	Executive Vice Chairman
Name :	Mr. Gautam Bhailal Doshi
Designation :	Director
Name :	Mr. Berjis Minoo Desai
Designation :	Director
Name :	Mr. Sandeep H. Junnarkar
Designation :	Director
Name :	Mr. Din Dayal Jalan
Designation :	Whole Time Director

KEY EXECUTIVES

Name :	Mr. Din Dayal Jalan
Designation :	Chief Finance Office
Name :	Mr. Anshu Goel
Designation :	Head Marketing
Name :	Mr. V. Krishnan
Designation :	Head Copper Concentrate Procurement
Name :	Mr. Mukul Agarwal
Designation :	AGM [Indirect Taxation]
Name :	Mr. P. Ramnath
Designation :	Chief Executive Officer [Copper]
Name :	Mr. Sridhar Narasimhan
Designation :	Associate Vice President [Finance]
Name :	Mr. Pankaj Kumar
Designation :	Associate Vice President [Operations]
Name :	Mr. Suresh Bose
Designation :	Head [Human Resources]
Name :	Mr. Ashok Varghese
Designation :	Head [Commercial]
Name :	Mr. Rajiv Choubey
Designation :	Company Secretary
Name :	M. S. Mehta
Designation :	Chief Executive officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2012

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
Individuals / Hindu Undivided Family	834160	0.03
Bodies Corporate	119953559	4.11
Sub Total	120787719	4.14
(2) Foreign
Bodies Corporate	1671144924	57.24
Sub Total	1671144924	57.24
Total shareholding of Promoter and Promoter Group (A)	1791932643	61.37
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	124485501	4.26
Financial Institutions / Banks	73742785	2.53
Central Government / State Government(s)	2800	0.00
Insurance Companies	118140687	4.05
Foreign Institutional Investors	472481703	16.18
Sub Total	788853476	27.02
(2) Non-Institutions
Bodies Corporate	102317917	3.50
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	114069120	3.91
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	35414926	1.21
Any Others (Specify)	87058260	2.98
Non Resident Indians	6465300	0.22
Trusts	71749318	2.46
Clearing Members	3784229	0.13
Foreign Bodies - D R	4324120	0.15
Directors & their Relatives & Friends	72000	0.00
Any Other	651180	0.02
Foreign Nationals	9113	0.00
Overseas Corporate Bodies	3000	0.00
Sub Total	338860223	11.61
Total Public shareholding (B)	1127713699	38.63
Total (A)+(B)	2919646342	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	165487852	0.00
(2) Public	276073340	0.00
Sub Total	441561192	0.00
Total (A)+(B)+(C)	3361207534	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Copper Cathode, Continuous Cast Copper Rods and Phosphoric Acid.

Products :

Product Description	Item Code
Copper Cathode	7403.11
Continuous Cast Copper Rods	7407.10
Phosphoric Acid	2809

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity
Continuous Cast Copper Rod	MT	268000
Copper Cathodes	MT	405000
Aluminium Cold Rolled Products	MT	20000
Phosphoric Acid	MT	230000
Sulphuric Acid	MT	1300000

Actual Production:

Particulars	Unit	Actual Production
Continuous Cast Copper Rod#	MT	187892
Copper Cathodes**	MT	303991
Phosphoric Acid	MT	968760
Sulphuric Acid***	MT	154232

NOTE:

1. # (i) Net of 6 MT (Previous Year Nil) loss of material, (ii) Includes 925 MT produced under Job work.

2. ** (i) Includes 187397 MT (Previous Year 197774 MT) used for captive consumption,

(ii) Net of 14 MT (Previous Year 28 MT) loss of material.

3. *** Includes 441542 MT (Previous Year 560628 MT) used for captive consumption.

GENERAL INFORMATION

Bankers :

· Australia and New Zealand Banking Group Limied

· CITI Bank

· Credit Agricole

· DBS Bank Limited

· Deutsche Bank AG

· HDFC Bank Limited

· ICICI Bank Limited

· IDBI Bank Limited

· JP Morgan Chase Bank

· Royal Bank of Scotland

· Standard Chartered Bank

· State Bank of India

· Syndicate Bank

· The Hong Kong and Shanghai Banking

· Corporation Limited

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Redeemable Non Convertible Dentures		600.000
Buyers Credit From Banks* [* Net of arrangement fees paid in advance]		15094.400
Total	17651.200	15694.4.00

NOTE:

• Debentures referred at (A) above are secured by a first charge on pari passu basis in favour of the Trustees for the Debentures on the immovable properties situated at Tuticorin in the State of Tamil Nadu; Lonavala and Pune in the State of Maharashtra, Chinchpada in the Union Territory of Dadra and Nagar Haveli and Mouje Chatral of Kalol Taluka, District Gandhinagar, Gujarat. As on 31 March 2011, 8.24% debentures are due for redemption on 10 April 2013.

• Buyer’s Credit at (B) above are secured by way of first charge by hypothecation on the entire Stock of raw materials, goods in process and all semi-finished, finished, manufactured articles together with stores and spares and future book debts, receivables, claims and outstanding bills etc. and such charge in favour of the banks ranking pari passu inter se, without any preference or priority to one over the other. The charge on the above assets is yet to be created.

• Amount due within one year Rs.15094.400 Millions

• Amount due within one year Rs.21179.400 Millions

• Loans in D above represents commercial paper at the end of the year of Rs.11745.400 Millions (Previous Year Rs. Nil). Maximum amount outstanding at any time during the year was Rs.24745.400 Millions

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Name :	Chaturvedi and Shah Chartered Accountants
Entities Controlling the Company (Holding Companies):	Twinstar Holding Limited Vedanta Resources Holdings Limited Vedanta Resources Plc. Volcan Investments Limited
Fellow Subsidiary:	Sesa Goa Limited The Madras Aluminium Company Limited Konkola Copper Mines Plc. Sesa Industries Limited V S Dempo and Company Private Limited Dempo Mining Corporation Private Limited Sterlite Iron and Steel Company Limited
Subsidiaries:	Bharat Aluminium Company Limited Sterlite Infra Limited Copper Mines of Tasmania Pty Limited Thalanga Copper Mines Pty Limited Monte Cello B.V. Sterlite Opportunities and Ventures Limited Hindustan Zinc Limited Sterlite Energy Limited Fujairah Gold FZE Talwandi Sabo Power Limited Sterlite (USA) Inc. THL Zinc Holding B.V. (w.e.f. 15 February 2011) THL Zinc Namibia Holdings (Proprietary) Limited (w.e.f. 03 December 2010) Skorpion Zinc (Pty) Limited (w.e.f. 03 December 2010) Skorpion Mining Company (Pty) Limited (w.e.f. 03 December 2010) Namzinc (Proprietary) Limited (w.e.f. 03 December 2010) Amica Guesthouse (Proprietary) Limited (w.e.f. 03 December 2010) Rosh Pinah Health Care (Proprietary) Limited (w.e.f. 03 December 2010) Malco Power Company Limited (w.e.f. 19 February 2011, fellow Subsidiary from 16 April 2010 to 18 February 2011) Malco Industries Limited (w.e.f. 04 March 2011 fellow Subsidiary from 22 April 2010 to 03 March 2011) Black Mountain Mining (Proprietary) Limited (w.e.f. 04 February 2011) Vedanta Lisheen Finance Limited (w.e.f. 15 February 2011) Vedanta Base Metals (Ireland) Limited (w.e.f. 15 February 2011) Vedanta Lisheen Mining Limited (w.e.f. 15 February 2011) Killoran Lisheen Mining Limited (w.e.f. 15 February 2011) Killoran Lisheen Finance Limited (w.e.f. 15 February 2011) Lisheen Milling Limited (w.e.f. 15 February 2011) Killoran Concentrates Limited (w.e.f. 15 February 2011) Killoran Lisheen Limited (w.e.f. 15 February 2011) Azela Limited (w.e.f. 15 February 2011) Killoran Lisheen Holdings Limited (w.e.f. 15 February 2011) THL Zinc Ventures Limited (w.e.f. 19 November 2010) THL Zinc Limited (w.e.f. 19 November 2010) Vizag General Cargo Berth Private Limited (w.e.f. 20 April 2010) Paradip Multi Cargo Berth Private Limited (w.e.f. 08 February 2011) Pecvest 17 Proprietary Limited (w.e.f. 26 November 2010) Lisheen Mine Partnership (w.e.f. 15 February 2011) THL Zinc Co-Operative U.A (w.e.f. 01 December 2010)
Associates:	Vedanta Aluminium Limited (Fellow Subsidiary and associate)

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000000	Equity Shares	Re.1/- each	Rs.5000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3361207534	Equity Shares	Re.1/- each	Rs.3361.200 Millions

NOTE:

1. Of the above equity shares:

(a) 210000 Equity Shares of Rs.10 each were allotted as fully paid-up pursuant to a contract without payment being received in cash before buy back, extinguishment, sub-division and issue of bonus shares.

(b) 2324352742 Equity Shares of Rs.1 each (Previous Year 321973026 Equity Shares of Rs.2 each) were allotted as fully paid-up bonus shares by way of capitalization of General Reserve and Security Premium.

(c) 2733675 Equity Shares of Rs.10 each were allotted pursuant to scheme of Amalgamation without payment being received in cash before buy back, extinguishment, sub-division and issue of bonus shares.

(d) 4099400 Equity Shares were allotted as fully paid upon conversion of 50000 Foreign Currency Convertible Bonds before sub-division and issue of bonus shares.

(e) 109272684 (Previous Year 124992080) American Depository Shares (ADS) representing 437090736 underlying equity shares of Rs.1 each (Previous Year 124992080 of Rs.2 each) post bonus and split during the year. One (1) American Depository Share represents Four (4) Equity Shares of Rs.1 each.

2. Refer Note Number 3 of Schedule 21 in respect of reduction of Issued Subscribed and Paid-up capital and in respect of sub-division and issue of bonus shares.

3. Of the above equity shares, 1836632776 (Previous Year 453123492) equity shares (including equity shares representing ADS) are held by Company’s holding company and 102453600 (Previous Year 25613400) by a fellow subsidiary of the Company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		3361.200	3361.200	1680.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		244012.600	228927.800	221000.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		247373.800	232289.000	222680.800
LOAN FUNDS
1] Secured Loans		17651.200	15694.400	1000.000
2] Unsecured Loans		35651.100	41915.900	52222.000
TOTAL BORROWING		53302.300	57610.300	53222.000
DEFERRED TAX LIABILITIES		0.000	4328.600	3638.100
TOTAL		300676.100	294227.900	279540.900
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14013.500	14672.100	15608.200
Capital work-in-progress		10929.100	7203.500	2658.100
INVESTMENT		85369.700	62378.500	109841.700
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25290.700	31898.700	19940.400
	Sundry Debtors	5198.600	7979.800	3851.100
	Cash & Bank Balances	3847.800	18912.800	22849.100
	Other Current Assets	15912.000	879.700	1139.100
	Loans & Advances	182692.300	188859.500	121361.500
Total Current Assets		232941.400	248530.500	169141.200
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		29998.100	8989.100
	Other Current Liabilities	36764.200	2226.300	2059.000
	Provisions	5813.400	6332.300	6660.200
Total Current Liabilities		42577.600	38556.700	17708.300
Net Current Assets		190363.800	209973.800	151432.900
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		300676.100	294227.900	279540.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	180915.800	152950.000	131142.800
		Other Income	15664.500	16240.900	11355.800
		TOTAL (A)	196580.300	169190.900	142498.600
Less	EXPENSES
		Purchases of Traded Goods		172.000	932.200
		Manufacturing and Other Expenses		146061.300	125475.900
		Personnel		885.700	772.800
		Selling & Distribution		868.300	919.000
		Administration & General		1119.700	1444.400
		Exceptional Items		0.000	2735.300
		Variation in Stock		(2960.000)	(3397.900)
		TOTAL (B)	169747.700	146147.000	128881.700
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		26832.600	23043.900	13616.900
Less	FINANCIAL EXPENSES (D)		5129.600	2774.600	2632.500
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		21703.000	20269.300	10984.400
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1624.600	1526.500	1506.400
Add	EXTRA ORDINARY ITEMS		108.200	0.000	0.000
	PROFIT BEFORE TAX (E-F) (G)		20186.600	18742.800	9478.000
Less	TAX (H)		3611.800	4545.700	1163.000
	PROFIT AFTER TAX (G-H) (I)		16574.800	14197.100	8315.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		30894.800	25909.800	26834.100
Less	APPROPRIATIONS
		Transfer (from)/ to Debenture Redemption Reserve	NA	(85.000)	29.000
		General Reserve	NA	5000.000	5000.000
		Proposed Dividend on Equity Shares	6722.400	3697.300	3151.500
		Tax on Proposed Dividend	140.300	599.800	523.400
		Additional dividend for previous year	0.000	0.000	461.700
		Tax on additional dividend for previous year	0.000	0.000	73.700
	BALANCE CARRIED TO THE B/S		NA	30894.800	25909.800
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	NA	62890.300	59210.700
		Management Fees	NA	9.100	172.300
		Others	NA	3636.500	816.900
	TOTAL EARNINGS		NA	66535.900	60199.900
	IMPORTS
		Raw Materials	NA	143578.300	120738.800
		Stores & Spares	NA	339.200	371.100
		Capital Goods	NA	13.100	57.100
	TOTAL IMPORTS		NA	143930.600	121167.000
	Earnings Per Share (Rs.) (Basic)		4.93	4.22	2.60
	Earnings Per Share (Rs.) (Diluted)		NA	3.81	2.46

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
Type	UnAudited 1^st Quarter	UnAudited 2^nd Quarter	UnAudited 3^rd Quarter
Net Sales	45610.800	48636.400	45363.700
Total Expenditure	46529.400	46180.200	44990.300
PBIDT (Excl OI)	(918.600)	2456.200	373.400
Other Income	3481.200	7728.900	7875.900
Operating Profit	2562.600	10185.100	8249.300
Interest	1506.000	1150.400	1448.100
Exceptional Items	0.000	0.000	0.000
PBDT	1506.000	9034.700	6801.200
Depreciation	360.400	366.800	435.200
Profit Before Tax	696.200	8667.900	6366.000
Tax	242.800	1620.200	947.600
Provision for contingencies	0.000	0.000	0.000
Profit After Tax	453.400	7047.700	5418.400
Extra ordinary items	0.000	0.000	0.000
Prior Period Expense	0.000	0.000	0.000
Net Adjustments	0.000	0.000	0.000
Net Profit	453.400	7047.700	5418.400

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	8.43	8.39	5.84
Net Profit Margin (PBT/Sales)	(%)	11.16	12.25	7.23
Return on Total Assets (PBT/Total Assets}	(%)	8.17	7.12	5.13
Return on Investment (ROI) (PBT/Networth)		0.08	0.08	0.04
Debt Equity Ratio (Total Debt/Networth)		0.22	0.25	0.24
Current Ratio (Current Asset/Current Liability)		5.47	6.45	9.55

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	No
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	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

[Rs. in Millions]

Particular	As on 31.03.2012	As on 31.03.2011
Deferred Sales Tax Liabilities		783.300
4% Convertible Senior note of US$ 1000 per note		19921.900
Loan From Banks
Foreign Currency Loans		0.000
Rupee Loans		247.500
Loans From Others		11745.400
Buyer’s Credit From banks* [* Net of arrangement fees paid in advance.]		9217.800
Total	35651.100	41915.900

CHARGES

ENTITY	PERSON	COMPETENT AUTHORITY	REGULATORY CHARGES	REGULATORY ACTION(S) / DATE OF ORDER	FURTHER DEVELOPMENTS
STERLITE INDUSTRIES (INDIA) LIMITED	ANIL AGGARWAL HARSHAD MEHTA SHASHIKANT TARUN JAIN	SEBI	VIOLATED SECTION 24 (1) OF SEBI ACT, 1992 VIOLATED SECTION 27 OF SEBI ACT, 1992 VIOLATED SEBI (PFUTP) REGULATIONS, 1995	PROSECUTION LAUNCHED 15-MAY-2006
STERLITE INDUSTRIES (INDIA) LIMITED (Along with: TWINSTAR HOLDINGS LIMITED	VINAY GAOKAR	SEBI	DELAY IN MAKING DISCLOSURE OF SHAREHOLDING/CHANGES IN SHAREHOLDING TO STOCK EXCHANGES AS REQUIRED UNDER REGULATION 8(3) OF SEBI TAKEOVER CODE, 1997 DID NOT MAKE DISCLOSURE OF SHAREHOLDING/CHANGES IN SHAREHOLDING TO STOCK EXCHANGE AS REQUIRED UNDER REGULATIONS 6(2) AND 6(4) OF SEBI TAKEOVER CODE, 1997	IMPOSED PENALTY RS.1,00,000 06-APR-2005
STERLITE INDUSTRIES (INDIA) LIMITED		SEBI	PAID CONSIDERATION AMOUNT TO 8 NRI/FII/OCB SHAREHOLDERS VIZ.THE INDIA FUND, INC., METDIST INDIA HOLDINGS LIMITED, KRISHNA KUMAR RAJAMANI, LAL TOLANI, NAZIR GHULAMHUSAIN, SUURIN J. SHAH, ANUJA ROHIT WARIAWALLA ALIAS ANUJA KAUSHIK SHETH AND MERLYN LEE ON SEPTEMBER 04, 2002 I.E. AFTER A DELAY OF 40 DAYS AND TO SOCIETE GENERALE ON OCTOBER 3,2002 I.E. AFTER A DELAY OF 69 DAYS WHICH IS NOT WITHIN THE STIPULATED TIME LIMIT OF 30 DAYS FROM THE DATE OF CLOSURE OF OFFER	DIRECTED ACQUIRER TO PAY INTEREST FOR LOSS CAUSED TO SHAREHOLDERS 12-JUN-2003	SAT: IMPUGNED ORDER SET ASIDE AND APPEAL ALLOWED
STERLITE INDUSTRIES (INDIA) LIMITED		SEBI	MANIPULATED PRICE IN SCRIP OF STERLITE INDUSTRIES LTD. IN 1998	DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 19-APR-2001 TO 18-APR-2003 19-APR-2001	SAT: IMPUGNED ORDER SET ASIDE AND APPEAL ALLOWED
STERLITE INDUSTRIES (INDIA) LIMITED		SEBI	DID NOT COMPLY WITH SEBI TAKEOVER REGULATIONS, 1997	DIRECTED ACQUIRER TO MAKE PAYMENT IN CASH TO SHAREHOLDERS DIRECTED ACQUIRER TO PAY INTEREST FOR LOSS CAUSED TO SHAREHOLDERS 29-OCT-1998 INTEREST FOR LOSS CAUSED TO SHAREHOLDERS. 29-OCT-1998

Financial performance

During the year, the gross turnover of the Company increased by 18.85% from Rs.136764.700 Millions to Rs.162538.800 Millions. The increase in turnover by 18.85% was primarily due to the increase in the average Copper LME prices from US$ 6,112 / MT to US$ 8,138 / MT.

TC / RC (Treatment Charges and Refining Charges) realisation in the financial year 2011 was 11.90 USC / lb, as compared to the 13.54 USC / lb in the previous year due to suppressed spot TC / RCs market. The earnings before interest, tax depreciation and amortization for the same period increased by 40.92% from Rs.16352.200 Millions to Rs.23043.900 Millions and the Net Profit increased by 70.74% from Rs.8315.000 Millions to Rs.14197.100 Millions in the current year.

Operational Performance

The year was very challenging due to lower TC / RC and higher input costs, thereby reducing the product margin. Sulphuric acid and phosphoric acid realisation was higher as compared to the previous year in line, with the increasing sulphur prices. Production was also affected due to planned bi-annual maintenance shutdown and also due to temporary stoppage of the Tuticorin copper smelter as per the Honourable Madras High Court order, dated 28 September 2010 for closure of Tuticorin copper unit.

During the year, the Company consolidated its leadership position in domestic copper with record sales of 2,06,653 MT. Production of cathodes was 3,03,991 MT in the financial year 2011, lower by 9% year on year reflecting both the impact of the planned maintenance undertaken, the effect of lower copper grades in concentrate on production and temporary stoppage following the High Court order in end September 2010. On the Special Leave Petition (SLP) filed by the Company, Honourable Supreme Court of India stayed the operation of the order of Madras High Court directing closure of Copper Smelter at Tuticorin. The unit is currently operational at it's full capacity. The Company also exported 96,674 MT of copper, including exports of 31,377 MT of copper rods.

Projects

Copper Smelter - Four Lakh Tonnes Per Annum (4 LTPA) and 2 x 80 - 160 MW Captive Power Plant The construction of the Captive Power Plant at Tuticorin is in progress and the first unit is now scheduled for commissioning in Q4 of the financial year 2011-12. While the Ministry of Environment and Forest (MoEF) clearance is in place for the 4 LTPA, the Copper Smelter Expansion Project at Tuticorin is being rescheduled, awaiting the consent from the State Pollution Control Board.

MANAGEMENT DISCUSSION AND ANALYSIS

General Economic Outlook

Global economic growth exceeded their expectation in the financial year 2010-11, although the global economy remained volatile. Commodity prices declined at the start of the year but recovered in the second half as European Sovereign debt concerns receded and developed economies started to stabilise. Demand from Asian Economies remained robust and was key driver of growth.

The strong growth story in India with consumption of basic commodities increasing throughout the year. From Subjects perspective this meant their sustained investment in the down-turn of 2008-09, reaped rewards. Against the backdrop of this favourable increase in demand and strong prices, they delivered record production and a very strong set of results across their business as they focused on delivering operational excellence and sustained volume growth.

The strong growth story in India with consumption of basic commodities increasing throughout the year. From Subjects perspective this meant their sustained investment in the down-turn of 2008-09, reaped rewards. Against the backdrop of this favourable increase in demand and strong prices, they delivered record production and a very strong set of results across their business as they focused on delivering operational excellence and sustained volume growth. Similar to last year, overall Indian copper demand grew by 4% in the financial year 2010-11. The demand of refined copper has been average in the second half of 2010-11, on account of rising LME and increasing gap between primary and secondary copper. Compared to the financial year 2009-10, in the domestic market, Subject recorded a 9% rise in sales of copper cathodes. There has been an increase in the consumption of refined copper to the extent of 5% in the transformer segment. SIIL enjoyed nearly 50% share across all the major segments–winding wire, transformers and cable segments during the financial year 2010-11. Growth in these major segments is well supported by the fact of increasing investments in the power sector in India. 32,512 MW of power capacity has been already added under the eleventh five year plan'. Yet, over the span of the year, the Indian economy posted a remarkable recovery, not only in terms of overall growth figures but, more importantly, in terms of certain fundamentals, which justify optimism for the Indian economy in the medium to long term. The Company also feels that the worst is over and is fully geared to take advantage of the improved economic indicators.

SUBSIDIARY COMPANIES

The Company had 36 subsidiary companies as on 31 March 2011. The shareholders may refer to the statement under Section 212 of the Companies Act, 1956 and information on the financial statements of subsidiaries appended to the above Statement under Section 212 of the Companies Act, 1956 in this Annual Report for further information on these subsidiaries. The Company undertakes that annual accounts of the subsidiary companies and the related detailed information be made available to shareholders of the holding and subsidiary companies seeking such information at any point of time. The annual accounts of the subsidiary companies are also kept for inspection by any shareholders at the registered office of the holding company and of the subsidiary companies

concerned at the respective companies’ registered offices. A hard copy of details of accounts of subsidiaries to any shareholder shall be provided on demand. Members may write to the Company Secretary at Subject Industries (India) Limited, SIPCOT Industrial Complex, Madurai By-pass Road, Tuticorin – 628 002 to obtain a copy of the financial statements of the subsidiary companies. The consolidated financial statements, in terms of Clause 32 of the Listing Agreement and in terms of Accounting Standards 21, as prescribed by Companies (Accounting Standards) Rules, 2006 issued by Ministry of Corporate Affairs vide notification no. G.S.R. 739 (E)

dated 07 December 2006.

Commercial Energy Business

The Subject Group has set up and operating captive power plants since 1997. Subject is currently developing a commercial power generation business in India that leverages its experience in setting up and operating captive power plants that support its primary businesses. As at March 31, 2011, the total surplus power generation capacity of its thermal power plants and wind power plants was 1,041 MW of which approximately 870 MW was from coalbased thermal captive power plants. Their wholly-owned subsidiary Subject Energy is setting up a 2,400 MW thermal coal-based power facility (comprising four units of 600 MW each) in Jharsuguda in the State of Orissa. The 2400 MW Independent Power Plant Jharsuguda, Orissa at a cost of Rs.84840.000 Millions is under progress and is expected to complete by end of FY 2012. First unit of 600 MW has been capitalized in March, 2011. The Company’s commercial power generation business also includes the wind power plants. The establishment of additional wind power plants of 150 MW was announced by HZL, of which 48 MW have already been commissioned during the year taking the wind generation capacity to 171 MW as on 31 March 2011. The power generated from these wind power plants is proposed to be sold to state electricity boards in India. This project is anticipated to be funded through internal resources and would provide tax incentives under the Income Tax Act.

Ports and Infrastructure Business

The Company was the successful bidder for mechanisation of the coal handling facilities at the outer harbour of

Vishakapatnam port on the east coast of India, which is based on the Public Private Partnership (PPP) model. The Company has a seventy four percent equity interest in VIZAG General Cargo Berth Private Limited (VGCB), a special purpose vehicle formed as a joint venture between the Company and Leighton Contractors India (Private) Limited. The initial capacity of the upgraded berth will be 10.2 million tonnes per annum with flexibility to upgrade to 12.5 million tonnes per annum. VGCB entered into a concessionaire agreement on October 08, 2010 with Vishakapatnam Port Trust, for mechanisation the coal handling facilities and upgrade the general cargo berth on a build-operate-transfer basis for 30 years commencing on the date of award of concession. Vishakapatnam Port Trust will receive a share of the revenue earned from the berth. The expected costs for the project is Rs.6750.000 Millions (US$ 150 million) and construction has commenced with completion of the berth expected by mid 2012.

Overview

Global economy growth exceeded most expectations in the financial year although the global economy remained volatile. Commodity prices declined at the start of the year but recovered in the second half as European sovereign debt concerns receded and developed economies started to stabilise. Demand from Asian economies remained robust and was the key driver of growth. Growth story in India continues to remain strong with increased consumption demand of commodities. They remain focused on delivering operational excellence and sustained volume growth. On the backdrop of this favourable increased demand and strong prices they delivered record productions and a very strong set of results across their businesses.

During the year 2010-11, they completed the acquisition of Zinc assets of Anglo- American Plc. (Anglo Zinc) comprising its Skorpion mines in Namibia, Lisheen mines in Ireland and 74% owned Black Mountain mines in South Africa, which includes the Black Mountain mine and the Gamsberg project. Subject is the world’s largest integrated zinc-lead producer and has significant operating expertise with zinc. The acquired zinc assets is an excellent operational and strategic fit with their existing business and is expected to create significant long term value.

During the year all their businesses delivered volume growth, with significant increase in zinc and commercial power production. Their ongoing cost reduction measures have helped to contain the impact of higher input prices while higher volumes have also benefited unit operating costs. Stronger commodity prices for copper, aluminium

and zinc have also contributed to the increase in PBDIT during the year.

They have made excellent progress during the year in executing their project led organic growth programme. Their focus on continued asset optimisation and reduction of controllable costs remains key to delivery excellent results and long term value.

Performance – Copper

Market Overview

Global refined copper production in 2010 was reported as 19.1 million tonnes, an increase of about 4%, over the 2009 figure of 18.4 million tonnes. Global refined consumption exceeded supply by about 2,50,000 tonnes. Global mine production growth slowed to 0.8% in 2010, hampered by falling copper grades and labour disputes. Global copper consumption is estimated to increase by about 5% during 2011. Similar to last year, overall Indian copper consumption grew by 4% in the financial year 2011, constrained by increased imports of finished electrical machinery. They sold 68% of production in their local market and the remaining 32% was exported to China, South East Asia and the Middle East.

Growth in the power sector in India, and increased spending on infrastructure including housing, continued to drive the growth of copper consumption. Over the medium to long term it is expected to grow at about 8-9% per annum.

Production Performance

Production of cathodes at their Copper— India business was 304 kt in the financial year 2011, lower by 9% year on year, reflecting the impact of bi-annual shutdown of smelter undertaken and temporary shutdown following the Hon’ble Madras High Court order in end of September 2010. The Company’s Special Leave Petition (SLP) challenging the High Court order is being heard by the Hon’ble Supreme Court, and the unit is currently operational at its full capacity. During the year they also stabilised the precious metal refinery and rod plant at Fujairah. Mined metal production at their Australian mines was 4.2% lower at 23 kt in the financial year 2010-11.

Financial Performance

PBDIT for the financial year 2010-11 was Rs.10430.000 Millions, 40% higher than the PBDIT of Rs.7440.000 Millions for the financial year 2009-10. This was primarily due to higher LME prices and lower unit costs at Copper India and with the improved byproduct realisation.

Outlook

The global market is expected to grow at around 5% in current year with higher demand from developing countries to support the infrastructure growth. They expect stable operating performance at their smelter in India and their mines in Australia.

Performance - Zinc and Lead

Market Overview

Global zinc demand rebounded strongly in 2010, growing by 14.8% following a fall of 9.4% in 2009, at 11.6 MT. Urbanisation and increased spending on infrastructure in developing countries have continued to be the key driver for demand. While long-term global demand is expected to grow at 3-4% per annum, the near term demand growth in Asia (excluding China), their key export market, is poised to grow at 7%. India, where their major zinc facilities are located, continues to present a promising growth trajectory on the back of low per capita zinc consumption at 0.45 kg as compared to the global average zinc consumption of 1.8 kg per capita zinc. Hindustan Zinc Limited (HZL), their Indian zinc-lead-silver business, has been successful in maintaining around 82% market share in the local zinc market, registering a 7% year on year growth.

Production Performance

Zinc India Operations:

Improved operational performance and ramp up of enhanced capacity at their mines contributed to an increase in mined metal production of zinc and lead in the financial year 2010-11, up 9.0% to 840 kt. The new mill at the mine achieved 84% capacity utilisation in March 2011. Refined zinc production also rose substantially to 712 kt, an increase of 23.2%, primarily due to additional volumes from the newly commissioned zinc smelter at Dariba. Lead production was 57 kt, a decrease of 7 kt over the previous year. Higher silver content in the Ore was the key factor behind the record silver production of 4.76 million ounces in the financial year 2010-11, 6.7% higher than the 4.46 million ounces produced in the financial year 2009-10.

Financial Performance

Increased production volumes, higher prices and by-product credit contributed to a strong increase in PBDIT for the financial year 2010-11, up 18% to Rs.55560.000 Millions, compared with the financial year 2009-10. This increase was partially off-set by increased net operating costs and royalties. The positive impact of higher volumes, rupee appreciation against US dollar and stable operating cost, contributed significantly to company’s operating margins.

Outlook

Zinc India continues to be on a volume growth path having recently reached its targeted mining capacity, equivalent to 1 MT of refined metal, and the ramp-up of the Sindesar Khurd mine is expected to increase silver content in concentrate. Commissioning of the lead smelter at Dariba will help conversion of lead concentrate to lead metal. The outlook for demand remains positive in their target markets and globally and their new acquisition, Zinc International, is expected to deliver steady performance.

Performance – Aluminium

Market Overview

The global aluminium industry recorded a 12.8% growth in production and 16.7% growth in consumption during the year after a turbulent period. Globally the industry is facing the challenge of rise in costs and other input costs. This is also re􀃀 ected in the increase in aluminium LME prices. Their aluminium facilities are located in India in the state of Orissa and Chattisgarh where there are abundant bauxite and coal deposits. This underscores India’s unique advantage of being rich in natural resources required to produce aluminium at a competitive cost. Subject emerged as the largest producer of aluminium in India and, within a short period, acquired industry leading market share of 39% (including VAL production) in the local Indian market. The Indian aluminium market is dominated by growing demand from the power sector. Over time, the relative share of aluminium applications in other segments is expected to pick up with rapid urbanisation and construction sector growth. Subject’s plants had focused on value added products like wire rods, rolled product and billets to capitalise on market growth and optimise returns.

Financial Performance

PBDIT for the financial year 2010-11 was Rs.6160.000 Millions, 3% higher than the financial year 2009-10. This improved performance was primarily driven by LME prices, partially off-set by higher carbon and coal costs, which were further increased by around 30% by Coal India in March 2011 and a new green tax on coal.

Outlook

They expect to increase volumes at their alumina refinery in Lanjigarh and improve operating performance at the new Jharsuguda smelter post stabilisation. They will continue to focus on value added products to optimise returns.

Performance – Energy

Operational Performance

During the financial year 2011, they sold 2,035 million units of power, compared with 1,416 million units in the previous year. This growth in volume was mainly on account of surplus power sales from 270 MW power plant at BALCO and commissioning of first unit of 600 MW commencing power generation at Jharsuguda, SEL.

Financial Performance

Revenue (net of inter-segment transfers) for the financial year 2011 was Rs.7280.000 Millions, compared with Rs.6570.000 Millions in the previous year and PBDIT for the FY 2010-11 was Rs.3350.000 Millions as against Rs.4180.000 Millions in the previous year. PBDIT was lower primarily due to higher operating costs, primarily coal and lower sales prices.

Overall Business Outlook

The medium and long term outlook for the resource sector remains positive. They have a strong growth pipeline and all their expansion projects are on track to deliver industry leading organic growth. They remain confident that they are on track to deliver superior results going forward.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / YEAR ENDED 30 JUNE, 2012

(Rs. In Millions)

Particulars
	30.06.2012
	Unaudited
Net Sales/ Income from Operations	45581.300
1. (b) Other Operating Income	29.500
Total Income From operations	45610.800
2. Expenditure
a. Cost of Raw Materials consumed	41457.000
b. Purchases of stock in trade	0.000
c. Changes in inventories of finished goods , work in progress and stock in trade	223.200
d. Employee benefit expenses	261.600
e. Depreciation and amortisation expense	360.400
g. Exchange loss	2194.600
h. Other Expenditure	2393.00
Total Expenditure	46889.800
3. Profit from Operations before Other Income, Interest and Exceptional Items (1-2)	(1279.000)
4. Other Income	3481.200
5. Profit before Interest and Tax	2202.200
6. Interest	1506.000
7. Profit from Ordinary Activities before Tax and exceptional items	696.200
8. Exceptional items	-
9. Profit from Ordinary Activities before Tax but before exceptional items	696.200
10. Tax Expenses	242.800
11. Net profit/(loss) for the period	453.400
12. Paid-up Equity Share Capital (face value Rs.2 per share)	3361.200
13. Reserves excluding revaluation reserve as per balance sheet of previous accounting year	-
14. Earning Per Share
a. Basic and b. Diluted	0.13
15. Public shareholding
- No. of shares	1143523659
- % of holding (to total shareholding)	34.02
Promoters And Promoter Group Shareholding a) Pledged/ Encumbered	-
-Number of Shares	-
-% of Shares (As a % of the total Shareholding of Promoter and Promoter Group)	-
-% of Shares (as a % of the total share capital of the Company)	-
b) Non Encumbered
- Number of Shares	1791932643
-% of Shares (As a % of the total Shareholding of Promoter and Promoter Group)	100.00
-% of Shares (as a % of the total share capital of the Company)	53.31

INVESTOR COMPLAINTS	30.06.2012
Pending at the beginning of the quarter	-
Received during the quarter	10
Disposed if during the quarter	10
Remaining unresolved the end of the quarter	-

(Rs. In Millions)

Particulars	Quarter Ended
	30.06.2012
1. SEGMENT REVENUE
Copper	43829.600
Phosphoric Acid	1897.800
Others	-
Total Segment Revenue	45727.400
Less: Inter Segment Revenue	146.100
Net Sales/Income from Operations	45581.300
2. SEGMENT RESULTS
Copper	1244.200
Phosphoric Acid	91.800
Others	(0.700)
Total Segment Results	1355.300
Less: Finance Cost	1506.000
Add:- Other unallocable income net of	866.900
unallocable expenditure	-
Total Profit before tax	696.200
3. CAPITAL EMPLOYED
Copper	31547.600
Phosphoric Acid	2151.100
Others	50.100
Unallocated	213710.300
Total Capital Employed	247459.100

· The above results have been reviewed by Audit Committee. The Board of Directors at its meeting held on July 26, 2012 approved the above results and its release.

· The above results are prepared in accordance with the recognition and measurement principles laid down in Accounting Standard 25 (AS 25 – Interim Financial Reporting) and have been subjected to "Limited Review" by the statutory auditors of the Company.

· As a part of the overall Vedanta Group consolidation and simplification exercise, the Board of Directors had approved the amalgamation of the Company into Sesa Goa Limited with the appointed date as April 1, 2011, subject to necessary approvals from various statutory authorities and the Jurisdictional Hon'ble High Courts. In the Court convened meeting of the equity shareholders of the Company held on June 21, 2012, the Scheme has been approved by the Company's shareholders with requisite majority. The petitions for merger have been filed and admitted by the Hon'ble High Court of Madras

· Arising from the announcement of the Institute of Chartered Accountants of India (ICAI) on March 29, 2008, the Company had adopted Accounting Standard (AS) 30 – ‘Financial Instruments: Recognition and Measurement’ effective from accounting year ended March 31, 2008. Accordingly 4 % Convertible Senior Notes, issued in October 2009, has been accounted for as per AS 30 wherein the conversion option has been measured at the fair value through profit and loss account and the Notes carried at amortised cost. If AS 30 had not been adopted for this transaction, for the quarter ended June 30, 2012 other income would have been lower by Rs 101.900 Millions, finance costs would have been lower by Rs 320.600 Millions and profit after tax would have been higher by Rs. 176.400 Millions

Vedanta Aluminium Limited (VAL), an associate of the Company, is in the process of expanding its alumina refinery and its aluminium smelter in the state of Orissa. Ministry of Environment and Forests ("MOEF") denied issue of final stage forest clearance for Niyamgiri Mining lease of Orissa Mining Corporation (OMC) which is one of the sources of supply of bauxite to the alumina refinery of VAL. As an in-principle forest diversion was earlier allowed by the Hon’ble Supreme Court, OMC has filed a petition in the Hon’ble Supreme Court which is pending for disposal.

· Pursuant to the Hon’ble Orissa High Court's observation that the clarification issued by MoEF earlier with regard to grant of environmental clearance for refinery expansion lacked statutory authority, VAL had applied afresh for environmental clearance and the application is under process.MoEF has now sought certain clarification from Govt. of Orissa based on which it will advise on the public hearing for the proposed expansion project. In the meantime, VAL has put the expansion activity on hold. The management of the Company has evaluated and considered good, its loan granted and investment made in VAL, aggregating Rs. 105050.000 Millions

· The unaudited figures in respect of the results for preceding quarter ended March 31, 2012 are the balancing figures between the audited financial results in respect of the full financial year ended March 31, 2012 and the published year to date figures upto the third quarter ended December 31, 2011.

· Consequent to the merger of the Company's wholly owned subsidiary Sterlite Opportunities and Ventures Limited (SOVL) with the Company with effect from April 1, 2011, and approved by Hon'ble High Court of Madras vide its order dated March 29, 2012 the figures for the corresponding quarter ended June 30, 2011 have been restated to make them comparable.

· Previous Period/Year figures have been regrouped / restated wherever necessary to make them comparable

CONTINGENT LIABILITIES:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
(a) Disputed liabilities in appeal:
(i) Income Tax (No cash outflow is expected in the near future)	522.500	807.000
(ii) Sales Tax (relating to sale value)	72.600	72.600
(iii) Custom Duty (No cash outflow is expected in the near future)	62.300	102.000
(iv) Excise Duty (Mainly on account of difference in valuation of intermediate products meant for captive consumption at other locations and clearance of intermediate products to other locations on job basis. No cash outflow is expected in the near future).	383.900	383.900
(v) Claim against the Company not acknowledged as debt (No outflow is expected in the near future)	225.800	244.800
(vi) Service Tax (On account of credit taken on outward freight paid to goods transport agent and no outflow is expected in the near future)	185.700	185.700
(vii) FERA / FEMA (No outflow is expected in the near future)	599.000	599.000
(viii) Others (No outflow is expected in the near future)	100.900	100.900
(b) Unexpired Letters of Credit (These are established in favour of vendors but cargo / material under the aforesaid Letter of Credit are yet to be received as on year end date. Cash outflow expected on the basis of payment terms as mentioned in Letter of Credit).	17081.800	11471.200
(c) Bank Guarantees (Bank guarantees are provided under contractual / legal obligation. No cash outflow is expected)	1857.600	1164.800
(d) Sales Bill Discounted	12140.400	9207.000
Total	33232.500	24338.900

FIXED ASSETS:

• Land
• Building
• Building Leasehold
• Plant and Machinery
• Furniture and Fixtures
• Data Processing Equipments
• Office Equipments
• Electrical Fittings
• Vehicles
• Computer Software
• Technical Know-How

WEBSITE DETAILS:

MANAGEMENT:

Mr. Anil Agarwal – Chairman

Mr. Agarwal, who founded the Vedanta/Subject group in 1976, is their Chairman and was appointed to their Board of Directors in 1978. Based in the United Kingdom, he is also the Executive Chairman of Vedanta Resources Plc and the Director of BALCO, HZL, VAL. He has over 30 years of experience as an industrialist and has been instrumental in their growth and development since their inception.

Mr. Navin Agarwal - Executive Vice-Chairman

Mr. Agarwal was appointed to their Board of Directors in August 2003. His responsibilities include executing their business strategy and monitoring the overall performance and growth of their organisation. Mr. Agarwal has been with the Company since its inception. He is also the Chairman of KCM and MALCO, Deputy Executive Chairman of Vedanta Resources Plc and Director BALCO, HZL, VAL.

Mr. Navin Agarwal has over 20 years of experience in strategic management. He holds a Bachelor of Commerce degree from Sydenham College, Mumbai, and has also completed the Owner/President Management Program at Harvard University.

Mr. Berjis Minoo Desai - Non - Executive Director

Mr. Desai, is a Non-executive Director and was appointed to their Board of Directors in January 2003. He holds a Masters Degree in law from the University of Cambridge and has been the managing partner of Messrs J. Sagar Associates since 2003. His expertise lies in laws relating to mergers and acquisitions, securities, international commercial arbitration and in financial and international business law. Before 2003, he was a partner at Messrs Udwadia, Udeshi and Berjis.

Mr. Gautam Bhailal Doshi - Non Executive Director

Mr. Doshi, is an Independent Nonexecutive Director and was appointed to their Board of Directors in December 2001. Since August 2005, he has been employed with Reliance ADA Group Private Limited. Before that, he was a partner of RSM and Co. in India from September 1997 to July 2005. Mr. Doshi has 24 years of experience in audit, finance and accounting. Mr. Doshi is a Fellow Member of the Institute of Chartered Accountants of India and was a member of the Central Council and the Western India Regional Council of the Institute of Chartered Accountants of India.

Mr. Sandeep H. Junnarkar - Non Executive Director

Mr. Junnarkar, is their Non-executive Director and was appointed to their Board of Directors in June 2001. He is a solicitor and a partner of Messrs Junnarkar and Associates. Earlier, he was a partner at Messrs Kanga and Co. from 1981 to 2002. Mr. Junnarkar specializes in banking and corporate law. He has a Bachelor of Science (Honours) degree followed by a Bachelor of Law degree, both from the University of Mumbai and is a member of the Bombay Incorporated Law Society.

Mr. Mahendra Singh Mehta-Chief Executive Officer

Mr. Mahendra Singh Mehta is currently Chief Executive Officer of Vedanta Resources Plc. He is also designated as the Group CEO. Mr. Mehta joined the Vedanta Group in April 2000 and held various leadership positions within their group, including as the CEO and Whole-Time Director of Hindustan Zinc Limited (HZL) and was also the Commercial Director for base metals. Mr. Mehta has a Bachelor of Mechanical Engineering from MBM Engineering College, Jodhpur, and a Master of Business Administration from the Indian Institute of Management, Ahmedabad. He has over 30 years of experience with companies in the steel, mining and non-ferrous metal sectors.

Mr. Din Dayal Jalan – Whole Time Director and Chief Financial Officer

Mr. Jalan joined Subject in 2001 as President – Australian Operations, responsible for TCM and CMT mines. He has over 27 years of experience with various companies in the engineering, mining and non-ferrous metal sectors. Mr Jalan has been associated with the Aditya Birla Group in various capacities and, from 1996 to 2000, was in charge of commercial and financial activities at the copper smelter business of Indo-Gulf Fertiliser Limited Mr Jalan are a member of the Institute of Chartered Accountants of India.

Press Release

MORGAN STANLEY UPGRADES INDIA'S STERLITE TO 'OVERWEIGHT'

Jan 11, 2013, 05.23 PM IST

Shares in Sterlite Industries (India) Limited rise 2 percent to 117.90 rupees after Morgan Stanley upgrades the stock to "overweight" from "neutral" and raises its target price to 142 rupees from 110.20 rupees.

The investment bank says Sterlite shares have been "cheap for a while," and adds group restructuring and minority consolidation, improving sentiment in power and aluminum, and a bottoming in China's economic outlook as the key reasons for the upgrade.

Morgan Stanley expects the merger of Sesa Goa Limited and Sterlite to be concluded by the end of March, saying it will lift sentiment due to a simplified holding structure and healthier diversification.

The bank also sees an increased possibility that Sterlite may be able to exercise its call option on the government's remaining stakes in Hindustan Zinc Limited and Bharat Aluminum Company Limited

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.54.26
UK Pound	1	Rs.81.94
Euro	1	Rs.70.21

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		71

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.