MIRA INFORM REPORT

Report Date :

11.11.2013

IDENTIFICATION DETAILS

Name :	CAIRN ENERGY HYDROCARBONS LTD.

Registered Office :	Blue Square House 272 Bath Street Glasgow, G2 4JR

Country :	United Kingdom

Financials (as on) :	31.03.2013

Date of Incorporation :	19.02.1997

Com. Reg. No.:	SC172470

Legal Form :	Private Subsidiary

Line of Business :	Subject is engaged exploration for and development and production of oil and gas.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

United Kingdom

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

UNITED KINGDOM - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the second largest economy in Europe after Germany. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of up to £375 billion (approximately $605 billion) as of December 2012. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase

Source : CIA

Company name and address

CAIRN ENERGY HYDROCARBONS LTD.

Blue Square House
272 Bath Street

Glasgow, G2 4JR
United Kingdom
(Trading Address) Registered Address


Tel:	44-1314753000

Employees:	NA
Company Type:	Private Subsidiary
Corporate Family:	44 Companies
Ultimate Parent:	Vedanta Resources plc

Quoted Status:	Non-quoted Company
Incorporation Date:	19-Feb-1997
Auditor:	Ernst & Young LLP


Fiscal Year End:	31-Mar-2013
Reporting Currency:	US Dollar
Annual Sales:	1,871.3 ¹
Net Income:	181.6
Total Assets:	1,686.3

Business Description

Oil & Gas Exploration Services

Industry

Industry	Petroleum and Natural Gas Extraction
ANZSIC 2006:	0700 - Oil and Gas Extraction
ISIC Rev 4:	0610 - Extraction of crude petroleum
NACE Rev 2:	0610 - Extraction of crude petroleum
NAICS 2012:	211111 - Crude Petroleum and Natural Gas Extraction
UK SIC 2007:	0610 - Extraction of crude petroleum
US SIC 1987:	1311 - Crude Petroleum and Natural Gas

Key Executives

Name	Title
Paul John Cooper	Director
Elango Pandarinathan	Director
David Rudge	Director

Financial Summary

FYE: 31-Mar-2013

USD (mil)

Key Figures
Current Assets	273.32
Fixed Assets	1,413.01
Total Liabilities	89.11
Net Worth	1,417.79

Key Ratios
Current Ratio	3.07
Acid Test	2.84

Key IDSM Number: 47338833

Registered No.(UK): SC172470

1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1

2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1

Corporate Overview

Location
Blue Square House
272 Bath Street
Glasgow, G2 4JR
Glasgow City County
United Kingdom

Tel:	44-1314753000

www.carinenergy.com

Sales USD(mil):	1,871.3
Assets USD(mil):	1,686.3
Employees:	NA
Fiscal Year End:	31-Mar-2013



Industry:	Oil and Gas Operations

Registered Address:
Blue Square House
272 Bath Street
Glasgow, G2 4JR
United Kingdom

Incorporation Date:	19-Feb-1997
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Previous Name:	Cairn Energy Offshore Ltd.
Registered No.(UK):	SC172470


Director:	Elango Pandarinathan

Industry Codes

ANZSIC 2006 Codes:
0700	-	Oil and Gas Extraction

ISIC Rev 4 Codes:
0610	-	Extraction of crude petroleum

NACE Rev 2 Codes:
0610	-	Extraction of crude petroleum

NAICS 2012 Codes:
211111	-	Crude Petroleum and Natural Gas Extraction

US SIC 1987:
1311	-	Crude Petroleum and Natural Gas

UK SIC 2007:
0610	-	Extraction of crude petroleum

Business Description

Exploration for and development and production of oil and gas.

More Business Descriptions

Oil & Gas Exploration Services

Financial Data

Financials in:	USD(mil)

Revenue:	1,871.3
Net Income:	181.6
Assets:	1,686.3
Current Assets:	273.3
Fixed Assets:	1,413.0
Long Term Debt:	0.0
Total Liabilities:	89.1
Issued Capital:	270.9
Working Capital:	184.2
Net Worth:	1,417.8

Date of Financial Data:	31-Mar-2013

1 Year Growth

62.9%

Key Corporate Relationships

Auditor:	Ernst & Young LLP

Auditor:	Ernst & Young LLP

Auditor History
Ernst & Young LLP	31-Mar-2013
Ernst & Young LLP	31-Dec-2011
Ernst & Young LLP	31-Dec-2010
Ernst And Young LLP	31-Dec-2009
Ernst And Young LLP	31-Dec-2008

	USD(mil)
Audit Fees:	0.0
Audit Fiscal Year:	03-31-2013

Corporate Structure News

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Vedanta Resources plc	Parent	London	United Kingdom	Metals Mining	14,989.8	31,071
Konkola Copper Mines PLC	Subsidiary	Chingola	Zambia	Metals Mining	1,825.0	22,000
Sesa Sterlite Ltd	Subsidiary	Panaji	India	Metals Mining	479.8	3,857
Sterlite Industries India Limited	Branch	Tuticorin	India	Metals Mining	8,943.1	16,000
Hindustan Zinc Limited	Subsidiary	Udaipur	India	Metals Mining	2,710.0	6,742
Skorpion Zinc	Subsidiary	Rosh Pinah	Namibia	Metals Mining
Asarco LLC	Subsidiary	Tucson, AZ	United States	Non-Metallic Minerals Mining	2,200.0	2,600
ASARCO Hayden Operations	Branch	Hayden, AZ	United States	Non-Metallic Minerals Mining	402.5	1,200
ASARCO Mission Complex	Branch	Sahuarita, AZ	United States	Non-Metallic Minerals Mining	201.3	600
Asarco LLC	Branch	Marana, AZ	United States	Non-Metallic Minerals Mining	51.7	154
Copper Basin Railway Inc	Subsidiary	Hayden, AZ	United States	Railroad Transport	12.7	45
Asarco LLC	Branch	Tucson, AZ	United States	Non-Metallic Minerals Mining	6.0	18
ASARCO Mineral Discovery	Branch	Sahuarita, AZ	United States	Miscellaneous Amusement and Recreation	2.1	15
ASARCO Amarillo Refinery	Branch	Amarillo, TX	United States	Metal Products Manufacturing	12.1	7
Asarco Ray Operations	Branch	Kearny, AZ	United States	Non-Metallic Minerals Mining	1.7	5
Copper Basin Railway Inc	Branch	Kearny, AZ	United States	Railroad Transport	1.4	5
Asarco WTP	Branch	Leadville, CO	United States	Non-Metallic Minerals Mining	0.8	3
Bridgeview Management Co. Inc.	Subsidiary	Perth Amboy, NJ	United States	Commercial Real Estate Leasing	1.4	2
Copper Mines of Tasmania Pty Limited	Subsidiary	Queenstown, TAS	Australia	Metals Mining	638.8	125
Bharat Aluminium Co Ltd	Subsidiary	New Delhi	India	Metal Products Manufacturing	750.2
Monte Cello BV	Subsidiary	Amsterdam	Netherlands	Metals Mining
Thalanga Copper Mines Pty Limited	Subsidiary	Charters Towers	Australia	Metals Mining
Sesa Resources Limited	Subsidiary	Panaji, Goa	India	Non-Metallic Minerals Mining		1,500
Goa Carbon Ltd	Subsidiary	Panaji	India	Petroleum Product Manufacturing	55.6	252
Aparant Iron and Steel Private Limited	Subsidiary	Panaji, Goa	India	Metal Products Manufacturing
Sesa Goa Limited	Branch	Goa, Goa	India	Metals Mining	1,102.4	1,000
Sesa Industries Limited	Subsidiary	Panjim, Goa	India	Metal Products Manufacturing	114.4
Vedanta Aluminium Limited	Subsidiary	Mumbai, Maharashtra	India	Electricity Generation and Distribution
Cairn India Limited	Subsidiary	Gurgaon	India	Petroleum and Natural Gas Extraction	3,414.3	1,299
Cairn Energy Netherlands Holdings B.V.	Subsidiary	Hague	Netherlands	Holding Companies
Cairn Energy Hydrocarbons Ltd.	Subsidiary	Glasgow	United Kingdom	Petroleum and Natural Gas Extraction	1,871.3
Madras Aluminium Company Limited	Subsidiary	Salem, Tamil Nadu	India	Metal Products Manufacturing	103.0
Cairn Petroleum India Ltd.	Subsidiary	Glasgow	United Kingdom	Petroleum and Natural Gas Extraction	0.0
Cairn Energy Holdings Ltd.	Subsidiary	Glasgow	United Kingdom	Banking
Cairn Energy Discovery Ltd.	Subsidiary	Glasgow	United Kingdom	Petroleum and Natural Gas Extraction
Vedanta Resources Holdings Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Vedanta Resources Finance Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Konkola Resources Plc	Subsidiary	Cardiff	United Kingdom	Metals Mining
Cairn Energy Gujarat Block 1 Ltd.	Subsidiary	Glasgow	United Kingdom	Petroleum and Natural Gas Extraction
Cairn Exploration (No.2) Ltd.	Subsidiary	Glasgow	United Kingdom	Petroleum and Natural Gas Extraction
Cairn Exploration (No.4) Ltd.	Subsidiary	Glasgow	United Kingdom	Petroleum and Natural Gas Extraction
Cairn Exploration (No.6) Ltd.	Subsidiary	Glasgow	United Kingdom	Petroleum and Natural Gas Extraction
Cairn Exploration (No.7) Ltd.	Subsidiary	Glasgow	United Kingdom	Petroleum and Natural Gas Extraction
Madras Aluminum Company Ltd.	Subsidiary	Salem, Tamil Nadu	India	Metal Products Manufacturing

Executives Report

Board of Directors

Name

Title

Function

Paul John Cooper

Director

Director/Board Member

Age: 56

Elango Pandarinathan

Director

Director/Board Member

Age: 52

David Rudge

Director

Director/Board Member

Age: 43

Directors and Shareholders Report

Individual Directors
Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Elango Pandarinathan	Current	18 Jul 1961	Blue Square House 272 Bath Street, Glasgow, Glasgow City G2 4JR	23 Aug 2011	NA	Current:9 Previous:0 Disqualifications:0
Paul John Cooper	Current	31 Jul 1957	18 South Street, Mayfair, London , London W1K 1DG	01 Jul 2013	NA	Current:15 Previous:7 Disqualifications:0
David Rudge	Current	29 Jan 1970	59 Ard Rearyt, Ramsey Road, Laxey, Isle Of Man	10 Jan 2013	NA	Current:20 Previous:55 Disqualifications:0
David Ginger	Previous	25 Apr 1962	50 Lothian Road, Edinburgh, Edinburgh, Edinburgh, City of EH3 9BY	30 Mar 2012	31 Aug 2012	Current:2 Previous:9 Disqualifications:0
Michael John Watts	Previous	04 Jan 1956	50 Lothian Road, Edinburgh, Edinburgh, Edinburgh, City of EH3 9BY	20 Aug 2002	03 Apr 2007	Current:42 Previous:13 Disqualifications:0
Norman Loch Murray	Previous	17 Mar 1948	8 Pentland Avenue, Edinburgh, Edinburgh, City of EH13 0HZ	22 Nov 2006	03 Apr 2007	Current:1 Previous:18 Disqualifications:0
William Benjamin Bowring Gammell	Previous	29 Dec 1952	5 Station Road, South Queensferry, Edinburgh, City of EH30 9HY	14 Jul 1997	16 Dec 2011	Current:7 Previous:30 Disqualifications:0
Janice Margaret Brown	Previous	09 Jun 1955	50 Lothian Road, Edinburgh, Edinburgh, City of EH3 9BY	15 Jan 2010	16 Dec 2011	Current:45 Previous:14 Disqualifications:0
Naresh Chandra	Previous	01 Aug 1934	Sector C4 Flat 4053, Vasant Kunj, New Delhi, 110 070	22 Nov 2006	03 Apr 2007	Current:0 Previous:3 Disqualifications:0
Omkar Goswami	Previous	29 Aug 1956	A-130 Neeti Bagh, New Delhi, 110 049	22 Nov 2006	03 Apr 2007	Current:0 Previous:1 Disqualifications:0
Oliver Bernard Louis Hoyng	Previous	03 Jun 1969	6 St Andrew Street, London , London EC4A 3AE	10 Jan 2013	01 Jul 2013	Current:1 Previous:11 Disqualifications:0
Indrajit Banerjee	Previous	14 Jan 1956	50 Lothian Road, Edinburgh, Edinburgh, Edinburgh, City of EH3 9BY	03 Apr 2007	23 Aug 2011	Current:0 Previous:9 Disqualifications:0
Simon John Thomson	Previous	10 Mar 1965	11 St. Bernard's Crescent, Edinburgh, Edinburgh, City of EH4 1NR	30 Jun 2011	16 Dec 2011	Current:52 Previous:7 Disqualifications:0
Omkar Goswami	Previous	29 Aug 1956	E-121 1St Floor, Masjid Moth Greater Kailash-3, New Delhi, Delhi	15 Jan 2010	30 Sep 2012	Current:1 Previous:1 Disqualifications:0
James Robert Will	Previous	30 Apr 1955	1 Exchange Crescent Conference Square, Edinburgh, Edinburgh, City of EH3 8UL	19 Feb 1997	14 Jul 1997	Current:2 Previous:85 Disqualifications:0
Iain Maury Campbell Meiklejohn	Previous	03 Nov 1954	14 Dalrymple Crescent, Edinburgh, Edinburgh, City of EH9 2NX	19 Feb 1997	14 Jul 1997	Current:0 Previous:189 Disqualifications:0
Malcolm Shaw Thoms	Previous	03 Nov 1955	50 Lothian Road, Fourth Floor, Edinburgh, Edinburgh, City of EH3 9BY	03 Apr 2007	30 Jun 2011	Current:2 Previous:16 Disqualifications:0
Hew Ralph Dundas	Previous	04 Aug 1953	86D Ravelston Dykes, Edinburgh, Edinburgh, City of EH12 6HE	24 Oct 1997	20 Oct 1998	Current:0 Previous:8 Disqualifications:0
Kevin Hart	Previous	14 Aug 1968	17 Napier Road, Edinburgh, Edinburgh, City of EH10 5AZ	04 May 1999	17 Nov 2006	Current:7 Previous:26 Disqualifications:0
Philip Oliver James Tracy	Previous	22 May 1950	50 Lothian Road, Edinburgh, Edinburgh, Edinburgh, City of EH3 9BY	14 Jul 1997	04 May 1999	Current:2 Previous:10 Disqualifications:0
Aman Mehta	Previous	01 Sep 1946	4/7 Shanti Niketan, New Delhi 110 021	22 Nov 2006	03 Apr 2007	Current:3 Previous:1 Disqualifications:0

Corporate Directors

There are no corporate directors for this company.

Individual Secretaries
Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Duncan Alexander Wood	Previous	27 Apr 1963	50 Lothian Road, Fourth Floor, Edinburgh, Edinburgh, City of EH3 9BY	14 Jul 1997	03 Apr 2007	Current:15 Previous:13 Disqualifications:0
Iain Maury Campbell Meiklejohn	Previous	03 Nov 1954	14 Dalrymple Crescent, Edinburgh, Edinburgh, City of EH9 2NX	19 Feb 1997	14 Jul 1997	Current:0 Previous:189 Disqualifications:0
Marshall Joseph Mendonza	Previous	27 Apr 1955	24/ Ritz Convent View Hsg Scty, 87 N B Patil Marg Chembur, Bombay, Maharashtra 400 071	03 Apr 2007	01 Jul 2008	Current:0 Previous:9 Disqualifications:0

Corporate Secretaries
Company Name	Status	Registered Address	Appointment Date	Resignation Date
Accomplish Secretaries Limited	Current	18 South Street, Mayfair, London	05 Sep 2012	NA

Individual Shareholders
Name	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Cairn India Holdings Ltd	270895162 Ordinary GBP 0.00	Ordinary	270,895,162	0.00	<0.01	100.00

Corporate Shareholders

There are no corporate shareholders for this company.

Annual Profit & Loss

	31-Mar-2013	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	65 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Consolidated	No	No	No	No	No

Turnover (UK)	-	-	-	-	0.0
Turnover (Exports)	-	-	-	-	0.0
Total Turnover	1,871.3	1,148.8	691.3	29.2	0.0
Cost of Sales	721.0	379.8	281.3	20.4	0.0
Gross Profit	1,150.3	769.1	410.0	8.9	0.0
Depreciation	0.1	-	-	-	-
Other Expenses	2.0	1.1	2.4	2.4	0.0
Operating Profit	1,148.3	767.9	407.6	6.5	0.0
Other Income	2.0	4.1	0.1	18.7	0.0
Interest Paid	21.7	90.6	20.9	27.3	0.0
Exceptional Income	0.0	0.0	0.0	0.0	0.0
Discontinued Operations	-	-	-	0.0	0.0
Profit Before Taxes	1,128.7	681.4	386.8	-2.2	0.0
Tax Payable / Credit	-14.5	32.8	-18.3	-47.4	0.0
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	961.5	231.0	-	-	-
Profit After Taxes	181.6	417.5	405.1	45.3	0.0
Audit Fees	0.0	0.0	0.0	0.0	0.0
Pensions	-	-	-	0.0	0.0
Directors Emoluments	-	-	-	0.0	0.0
Other Costs	2.0	-	-	0.0	0.0
Directors Remuneration	2.0	-	4.6	0.0	0.0
Highest Paid Director	-	-	-	0.0	0.0

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2013	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Consolidated	No	No	No	No	No

Total Tangible Fixed Assets	868.6	1,015.8	1,004.9	863.5	0.5
Intangible Assets	126.6	122.4	122.7	119.5	0.1
Investments	417.9	157.8	0.0	0.0	0.0
Total Fixed Assets	1,413.0	1,296.0	1,127.6	983.1	0.6
Stocks	-	-	-	-	0.0
Work in Progress	-	-	-	-	0.0
Total Stocks Work In Progress	20.3	13.1	12.9	10.0	0.0
Trade Debtors	196.2	72.8	110.6	5.3	0.0
Inter-Company Debtors	1.1	24.1	31.5	23.7	0.0
Director Loans	0.0	0.0	-	0.0	0.0
Other Debtors	8.0	6.5	5.2	13.5	0.0
Total Debtors	205.3	103.4	147.4	42.4	0.1
Cash and Equivalents	14.8	45.2	105.8	16.5	0.1
Other Current Assets	32.9	71.8	79.5	0.0	0.0
Total Current Assets	273.3	233.5	345.6	68.9	0.2
Total Assets	1,686.3	1,529.5	1,473.2	1,052.0	0.8
Bank Overdraft	0.0	0.0	0.0	1.5	0.0
Inter-Company Creditors	0.0	82.7	28.7	0.0	0.3
Director Loans (Current Liability)	0.0	0.0	0.0	0.0	0.0
Hire Purchase (Current Liability)	0.0	0.0	0.0	0.0	0.0
Finance Lease (Current Liability)	0.0	0.0	0.0	0.0	0.0
Total Finance Lease/Hire Purchase (Current Liability)	0.0	0.0	0.0	0.0	0.0
Total Short Term Loans	0.0	0.0	0.0	0.0	0.0
Accruals/Deferred Income (Current Liability)	-	-	54.9	-	-
Social Security/VAT	-	-	1.3	0.6	-
Corporation Tax	1.0	0.9	1.6	-	0.0
Other Current Liabilities	88.1	47.1	22.8	84.0	0.1
Total Current Liabilities	89.1	130.7	109.4	86.2	0.4
Group Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Director Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Hire Purchase (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Leasing (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Total Hire Purchase Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Loans	0.0	0.0	372.5	385.3	0.3
Accruals/Deferred Income (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Total Long Term Liabilities	0.0	0.0	372.5	385.3	0.3
Deferred Taxation	0.0	0.0	0.0	31.7	0.1
Other Provisions	52.9	36.0	46.1	3.3	0.0
Total Provisions	52.9	36.0	46.1	35.0	0.1
Issued Capital	457.5	457.5	457.5	457.5	0.1
Share Premium Accounts	19.6	19.6	19.6	19.6	0.0
Revaluation Reserve	0.0	0.0	0.0	0.0	0.0
Retained Earnings	885.7	704.1	286.5	-113.2	-0.2
Other Reserves	181.6	181.7	181.7	181.7	0.2
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0	0.0
Total Shareholders Funds	1,544.3	1,362.8	945.3	545.5	0.1
Net Worth	1,417.8	1,240.4	822.5	426.0	0.0

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2013	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	65 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Consolidated	No	No	No	No	No

Annual Ratios

Financials in: USD (mil)

	31-Mar-2013	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	65 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Consolidated	No	No	No	No	No

Current Ratio	3.07	1.79	3.16	0.80	0.57
Liquidity Ratio	2.84	1.69	3.04	0.68	0.57
Stock Turnover	7,393.00	8,796.00	5,348.00	293.00	-
Credit Period (Days)	4,785.00	2,312.00	5,840.00	6,587.00	-
Working Capital by Sales	1,230.00%	895.00%	3,417.00%	-5,893.00%	-
Return on Capital	5,653.00%	4,871.00%	2,836.00%	-22.00%	-214.00%
Return on Assets	5,354.00%	4,455.00%	2,626.00%	-20.00%	-121.00%
Profit Margin	6,031.00%	5,931.00%	5,596.00%	-737.00%	-
Return on Shareholders Funds	5,847.00%	5,000.00%	4,092.00%	-39.00%	-1,107.00%
Borrowing Ratio	-	666.00%	4,877.00%	9,082.00%	-124,496.00%
Equity Gearing	9,158.00%	8,910.00%	6,416.00%	5,185.00%	1,095.00%
Debt Gearing	-	-	45.29%	90.46%	-644.64%
Interest Coverage	5,212.00	752.00	1,855.00	-8.00	-49.00
Sales by Tangible Assets	172.00	113.00	69.00	3.00	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.73
UK Pound	1	Rs.100.92
Euro	1	Rs.84.06

INFORMATION DETAILS

Report Prepared by :

NIS

RATING EXPLANATIONS

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

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

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

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