MIRA INFORM REPORT

Report Date :

02.10.2013

IDENTIFICATION DETAILS

Name :	VEDANTA ALUMINIUM LIMITED (w.e.f. 25.08.2007)
Formerly Known As :	VEDANTA ALUMINA LIMITED STERLITE TRANSMISSION LIMITED
Registered Office :	SIPCOT Industrial Complex, Madurai Bypass Road, T.V. Puram P.O., Tuticorin – 628 002, Tamilnadu.
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.01.2001
Com. Reg. No.:	18-069645
Capital Investment / Paid-up Capital :	Rs.2709.313 Millions
CIN No.: [Company Identification No.]	U31300TN2001PLC069645
TAN No.: [Tax Deduction & Collection Account No.]	BBNV00081E MUMV14868A
PAN No.: [Permanent Account No.]	AAHCS6869A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Production of Aluminium.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 31000000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Exists
Comments :	Subject is an established company having moderate track record. Liquidity position of the company is adversely affected due to continuous losses incurred from its operation. Also company has taken huge external borrowings. However, trade relations are reported to be fair. Business is active. Payment terms are reported to be slow. The company can be considered for business dealings under safe and secured 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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 – 628 002, Tamilnadu, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	Prerna.halwasiya@vedanta.co.in
Corporate Office :	Vedanta House 75, Nehru Road, Vile Parle (East), Mumbai-400 099, Maharashtra, India
Tel. No.:	91-22-66461000
Fax No.:	91-22-66461451
Regional Office :	Located At: · New Delhi : Core -6, 2^nd Floor, Scope Complex, 7 – Lodhi Road, New Delhi – 110003, India Tel. No.: 91-11-24360091 / 24361137/ / 24364193/24364975 Fax No.: 91-11-24320177 E-Mail: north.aluminium@vedanta.co.in · Bangalore : 705, 7^th Floor North Block Rear Wing, Manipal Centre, Near Dickension Road, Bangalore, Karnataka, India Tel. No.: 91-80-25596001 / 25596000 / 41486189 Fax No.: 91-80-41320595 E-Mail: south.aluminium@vedanta.co.in · Kolkata : 20th floor, Chatterjee International Centre, 33A, Jawaharlal Nehru Road, Kolkata – 700071, West Bengal, India Tel. No.: 91-33-40034402 / 40034401 / 40034405 Fax No.: 91-33-40073278 E-Mail: east.aluminium@vedanta.co.in
Project Office:	1^st Floor, City Mart Complex, Bubaneshwar - 751003, Orissa, India
Tel. No.:	91 674 6610300
Fax No.:	91 674 2354221
E-Mail :	Communications@vedanta.co.in
HR Department / Commercial Department:	PMO Office, Bhurkahamunda, Po-Sripura, Dist- Jharsuguda - 768202, Orissa, India
E-Mail :	hr.communication@vedanta.co.in
Commercial Department Lanjigarh :	Aluminium Refinary Projects, At/Po – Lanjigarh Via-Viswanahpur, Kalahandi – 766027, Orissa, India
E-Mail :	eriresponses@vedanta.co.in
Marketing Department:	Solitaire Corporate Park, Business Square, 'C' Wing, 2nd Floor, Andheri-Kurla Road, Chakala, Andheri (East), Mumbai-400093, Maharashtra, India
Tel. No.:	91-22-66434641
E-Mail :	almarketing@vedanta.co.in

DIRECTORS

As on: 14.07.2012

Name :

Mr. Navin Kumar Agarwal

Designation :

Director

Address :

8/738, Behramji Gamadia Road, Carmi Chael Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

11.01.1961

Date of Appointment :

18.01.2001

DIN No.:

00006303

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U13202TZ1960PLC000372	THE MADRAS ALUMINIUM COMPANY LIMITED	Director	18/01/1995	18/01/1995	-	Amalgamated	NO
2	L64200MH1995GAP087395	STERLITE TELECOM LIMITED	Director	17/04/1995	17/04/1995	-	Amalgamated	NO
3	U45203TN1999PLC069177	STERLITE INFRA LIMITED	Director	25/06/1999	25/06/1999	25/01/2010	Active	NO
4	U74140MH1998PLC115498	STERLITE TELELINK LIMITED	Director	26/07/1999	26/07/1999	-	Amalgamated	NO
5	U31300TN2001PLC069645	VEDANTA ALUMINIUM LIMITED	Director	18/01/2001	18/01/2001	-	Active	NO
6	U74899DL1965PLC004518	BHARAT ALUMINIUM CO LTD	Director	02/03/2001	02/03/2001	-	Active	NO
7	L27204RJ1966PLC001208	HINDUSTAN ZINC LIMITED	Director	11/04/2002	11/04/2002	-	Active	NO
8	L31300DN2000PLC000340	STERLITE TECHNOLOGIES LIMITED	Director	30/07/2003	30/07/2003	31/03/2009	Active	NO
9	L65990TN1975PLC062634	STERLITE INDUSTRIES (INDIA) LIMITED	Whole-time director	01/08/2008	01/08/2003	-	Amalgamated	NO
10	U63032MH2003PTC142871	LAKECITY VENTURES PRIVATE LIMITED	Director	24/10/2003	24/10/2003	12/03/2009	Active	NO
11	U27100MH2004PLC148764	STERLITE IRON AND STEEL COMPANY LIMITED	Director	22/09/2004	22/09/2004	-	Active	NO
12	U67190TN1995PLC069644	STERLITE ENERGY LIMITED	Director	13/12/2004	13/12/2004	05/10/2009	Amalgamated	NO
13	U74120MH2005PTC153211	STERLITE DISPLAY TECHNOLOGIES PRIVATE LIMITED	Director	11/05/2005	11/05/2005	22/04/2010	Active	NO
14	U40109TN2010PLC084216	STERLITE PORTS LIMITED	Director	16/04/2010	16/04/2010	19/07/2011	Active	NO
15	U28113TN2010PLC083718	STERLITE INFRAVENTURES LIMITED	Director	22/04/2010	22/04/2010	19/07/2011	Active	NO
16	U25202MH1999PTC121850	HARE KRISHNA PACKAGING PRIVATE LIMITED	Director	27/09/2010	30/07/2010	-	Active	NO
17	L11101MH2006PLC163934	Cairn India Limited	Director	22/08/2012	16/12/2011	-	Active	NO
18	L13209GA1965PLC000044	Sesa Sterlite Limited	Whole-time director	17/08/2013	17/08/2013	-	Active	NO

Name :

Mr. Tarun Jain

Designation :

Additional Director

Address :

411 Akshay Girikunj Pali Ram Road, Opp. Andheri (West), Mumbai-400058, Maharashtra, India

Date of Birth/Age :

06.03.1980

Date of Appointment :

28.01.2004

DIN No.:

00006843

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U13202TZ1960PLC000372	THE MADRAS ALUMINIUM COMPANY LIMITED	Director	18/01/1995	18/01/1995	30/06/2008	Amalgamated	NO
2	U74899DL1965PLC004518	BHARAT ALUMINIUM CO LTD	Director	02/03/2001	02/03/2001	-	Active	NO
3	U27100TN2002PLC068737	STERLITE OPPORTUNITIES AND VENTURES LIMITED	Director	14/01/2002	14/01/2002	-	Amalgamated	NO
4	L27204RJ1966PLC001208	HINDUSTAN ZINC LIMITED	Director	11/04/2002	11/04/2002	30/03/2009	Active	NO
5	U63032MH2003PTC142871	LAKECITY VENTURES PRIVATE LIMITED	Director	24/10/2003	24/10/2003	12/03/2009	Active	NO
6	U31300TN2001PLC069645	VEDANTA ALUMINIUM LIMITED	Director	28/01/2004	28/01/2004	-	Active	NO
7	L65990TN1975PLC062634	STERLITE INDUSTRIES (INDIA) LIMITED	Whole-time director	24/11/2004	24/11/2004	31/03/2009	Amalgamated	NO
8	U85190CT2008NPL020624	Vedanta Medical Research Foundation	Director	07/04/2008	07/04/2008	-	Active	NO
9	U45203TN1999PLC069177	STERLITE INFRA LIMITED	Director	11/06/2010	29/10/2009	-	Active	NO
10	U85191MH2011NPL215316	RAJTARU CHARITY FOUNDATION	Director	25/03/2011	25/03/2011	-	Active	NO
11	L11101MH2006PLC163934	Cairn India Limited	Director	22/08/2012	16/12/2011	-	Active	NO

Name :

Mr. Sushil Kumar Roongta

Designation :

Managing director

Address :

D 91, DLF Pinnacle, DLF Phase V, Opposite DLF Golf Course, Gurgaon - 122009, Haryana, India

Date of Birth/Age :

09.05.1950

Date of Appointment :

23.07.2011

DIN No.:

00309302

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L27109DL1973GOI006454	STEEL AUTHORITY OF INDIA LIMITED	Managing director	05/02/2004	05/02/2004	31/05/2010	Active	NO
2	U10100DL2009PTC190448	INTERNATIONAL COAL VENTURES PRIVATE LIMITED	Director	20/05/2009	20/05/2009	31/05/2010	Active	NO
3	L65110GJ1993PLC020769	Axis Bank Limited	Director	17/06/2011	15/07/2010	20/06/2011	Active	NO
4	L93090TN1956GOI003507	NEYVELI LIGNITE CORPORATION LIMITED	Director	12/09/2011	30/09/2010	-	Active	NO
5	L63030MH1950GOI008033	SHIPPING CORPORATION OF INDIA LIMITED	Director	23/09/2011	29/10/2010	-	Active	NO
6	L24100UP2007PLC032909	Jubilant Industries Limited	Director	23/08/2011	26/11/2010	-	Active	NO
7	L23201MH1952GOI008858	HINDUSTAN PETROLEUM CORPORATION LIMITED	Director	22/09/2011	10/01/2011	-	Active	NO
8	U04010CT1995PLC008985	JINDAL POWER LIMITED	Additional director	20/01/2011	20/01/2011	21/06/2011	Active	NO
9	L26940MH1936PLC002515	ACC Limited	Director	13/04/2011	03/02/2011	-	Active	NO
10	U31300TN2001PLC069645	VEDANTA ALUMINIUM LIMITED	Managing director	23/07/2011	02/06/2011	-	Active	NO
11	U67190TN1995PLC069644	STERLITE ENERGY LIMITED	Director	14/07/2012	19/01/2012	-	Amalgamated	NO
12	U40101PB2007SGC031035	TALWANDI SABO POWER LIMITED	Director	14/07/2012	19/01/2012	-	Active	NO
13	U74899DL1965PLC004518	BHARAT ALUMINIUM CO LTD	Director	19/06/2012	31/01/2012	-	Active	NO
14	U85190CT2008NPL020624	Vedanta Medical Research Foundation	Director	12/08/2013	20/12/2012	-	Active	NO

Name :

Mr. Mansoor Siddiqi

Designation :

Director

Address :

103, Bldg No.12, Indra Darshan II, Oshiwara, Andheri (west), Mumbai – 400 053, Maharashtra, India.

Date of Birth/Age :

31.08.1953

Date of Appointment :

18.02.2011

DIN No.:

01256089

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U31300TN2001PLC069645	VEDANTA ALUMINIUM LIMITED	Director	18/02/2011	04/06/2007	-	Active	NO
2	U35100TN2010PTC075408	Vizag General Cargo Berth Private Limited	Director	20/04/2010	20/04/2010	-	Active	NO
3	U35100TN2011PTC079116	Paradip Multi Cargo Berth Private Limited	Director	08/02/2011	08/02/2011	-	Active	NO
4	U40101PB2007SGC031035	TALWANDI SABO POWER LIMITED	Director	22/06/2011	22/04/2011	-	Active	NO

Name :

Mr. Pramod Suri

Designation :

Whole-time director

Address :

3 Sector 2, Balco Nagar, Korba – 495684, Chhattisgarh, India

Date of Birth/Age :

17.01.1958

Date of Appointment :

14.07.2012

DIN No.:

01483262

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1965PLC004518	BHARAT ALUMINIUM CO LTD	Director	01/10/2009	25/04/2007	21/07/2011	Active	NO
2	U85190CT2008NPL020624	Vedanta Medical Research Foundation	Director	07/04/2008	07/04/2008	31/05/2013	Active	NO
3	U85300OR2009NPL010568	LANJIGARH SCHEDULED AREA DEVELOPMENT FOUNDATION	Director	23/01/2009	23/01/2009	-	Under Process of Striking off	NO
4	U13203OR2009PTC010954	SOUTH WEST ORISSA BAUXITE MINING PRIVATE LIMITED	Nominee director	15/07/2009	15/07/2009	-	Active	NO
5	U67190TN1995PLC069644	STERLITE ENERGY LIMITED	Director	01/08/2011	05/10/2009	31/05/2013	Amalgamated	NO
6	U63090TN2004PTC054537	ALLIED PORT SERVICES PRIVATE LIMITED	Director	23/07/2011	20/01/2011	-	Amalgamated	NO
7	U31300TN2001PLC069645	VEDANTA ALUMINIUM LIMITED	Whole-time director	14/07/2012	01/08/2011	31/05/2013	Active	NO
8	U13203OR1999PTC005673	RAYKAL ALUMINIUM COMPANY PRIVATE LIMITED	Director	24/02/2012	24/02/2012	31/05/2013	Active	NO
9	U10101OR2008PTC009827	RAMPIA COAL MINE AND ENERGY PRIVATE LIMITED	Additional director	11/02/2013	11/02/2013	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Prerna Halwasiya
Designation :	Secretary
Address :	15 A, Mahatma Gandhi Marg, Hazrat Gunj, Lucknow - 226001, Uttar Pradesh, India
Date of Birth/Age :	21.05.1984
Date of Appointment :	19.01.2009
PAN No.:	ACPPH3631M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 14.07.2012

Names of Shareholders (Equity Shares)	No. of Shares
Sterlite Industries (India) Limited, India	252120037
Ekarterina Limited, Mauritius	602536123
Anil Agarwal	15
Tarun Jain	30
Navin Agarwal	15
Din Dayal Jalan	15
Mansoor Siddiqi	15
Total	854656250

Names of Shareholders (Preference Shares)	No. of Shares
Sterlite Industries (India) Limited, India	1000000
Total	1000000

Equity Share Break up (Percentage of Total Equity)

As on: 14.07.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	70.50
Bodies corporate	29.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Production of Aluminium.

Products :

Products	ITC Code
Aluminium Ingots	76012010

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Reliance House (2nd Floor), 34, Jawaharlal Nehru Road,, Kolkata - 700071, West Bengal, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Non-convertible debentures others	4000.000	4000.000
Term loans from banks	102349.200	0.000
Term loans from others	25578.300	0.000
Other loans and advances	7416.700	10629.700
SHORT TERM BORROWINGS
Term loans from banks	25.400	64485.000
Working capital loans from banks	2900.000	2750.000
Other loans and advances	16062.500	10039.000
Total	158332.100	91903.700

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India
PAN No.:	AACFD4815A
Subsidiary Company :	Allied Port Services Private Limited CIN No.: U63090TN2004PTC054537
Other Related Party :	· Anil Agarwal Foundation CIN No.: U91990MH2004NPL146228 · Vedanta Foundation
Holding Company :	Vedanta Resources Holding Limited
Ultimate Holding Company :	Vedanta Resources Plc
Fellow Subsidiary Company :	· Bharat Aluminium Co Ltd CIN No.: U74899DL1965PLC004518 · Hindustan Zinc Limited CIN No.: L27204RJ1966PLC001208 · Sesa Goa Limited CIN No.: L13209GA1965PLC000044 · Sterlite Energy Limited CIN No.: U67190TN1995PLC069644 · Sterlite Industries (India) Limited CIN No.: L65990TN1975PLC062634 · Sterlite Iron And Steel Company Limited CIN No.: U27100MH2004PLC148764 · Sterlite Opportunities And Ventures Limited CIN No.: U27100TN2002PLC068737 · Talwandi Sabo Power Limited CIN No.: U40101PB2007SGC031035 · The Madras Aluminium Company Limited CIN No.: U13202TZ1960PLC000372 · Vizag General Cargo Berth Private Limited CIN No.: U35100TN2010PTC075408 · Welter Trading Limited
Associate :	Raykal Aluminium Company Private Limited CIN No.: U13203OR1999PTC005673

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
880,000,000	Equity Shares	Rs.2/- each	Rs.1760.000 Millions
1,250,000	Preference Shares	Rs.1000/- each	Rs.1250.000 Millions
	Total		Rs.3010.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
854,656,250	Equity Shares	Rs.2/- each	Rs.1709.313 Millions
1,000,000	Preference Shares	Rs.1000/- each	Rs.1000.000 Millions
	Total		Rs.2709.313 Millions

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	2709.300	1709.300
(b) Reserves & Surplus	5121.100	6456.200
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	7830.400	8165.500
(3) Non-Current Liabilities
(a) long-term borrowings	172226.200	73785.700
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	3613.600	2569.600
(d) long-term provisions	54.500	25.800
Total Non-current Liabilities (3)	175894.300	76381.100
(4) Current Liabilities
(a) Short term borrowings	76611.500	147774.000
(b) Trade payables	2392.500	2145.500
(c) Other current liabilities	58397.100	67822.100
(d) Short-term provisions	181.000	148.500
Total Current Liabilities (4)	137582.100	217890.100
TOTAL	321306.800	302436.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	126944.100	127245.600
(ii) Intangible Assets	38.300	2.600
(iii) Capital work-in-progress	152379.300	136271.300
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	2007.000	460.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	6610.700	12378.500
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	287979.400	276358.000
(2) Current assets
(a) Current investments	1888.200	4242.600
(b) Inventories	12964.100	8422.100
(c) Trade receivables	2953.500	2993.200
(d) Cash and cash equivalents	2437.000	951.500
(e) Short-term loans and advances	12880.200	9112.300
(f) Other current assets	204.400	357.000
Total Current Assets	33327.400	26078.700
TOTAL	321306.800	302436.700

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1709.312
2] Share Application Money		0.000
3] Reserves & Surplus		20264.238
4] (Accumulated Losses)		(5365.471)
NETWORTH		16608.079
LOAN FUNDS
1] Secured Loans		70949.060
2] Unsecured Loans		151426.642
TOTAL BORROWING		222375.702
DEFERRED TAX LIABILITIES		0.000
TOTAL		238983.781
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		127112.810
Capital work-in-progress		115944.714
INVESTMENT		919.988
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7154.353
	Sundry Debtors	2479.465
	Cash & Bank Balances	1313.042
	Other Current Assets	215.916
	Loans & Advances	13355.207
Total Current Assets		24517.983
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	29341.470
	Other Current Liabilities
	Provisions	170.244
Total Current Liabilities		29511.714
Net Current Assets		(4993.731)
MISCELLANEOUS EXPENSES		0.000
TOTAL		238983.781

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	827.400	3414.200	14852.450
		Other Income	68.400	231.600	6628.300
		TOTAL (A)	895.800	3645.800	21480.750
Less	EXPENSES
		Cost of materials consumed	671.400	1690.900	12913.885
		Employee benefit expense	23.500	40.100
		Other expenses	567.200	423.900
		TOTAL (B)	1262.100	2154.900	12913.885
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(366.300)	1490.900	8566.865
Less	FINANCIAL EXPENSES (D)		1103.100	518.000	3532.555
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1469.400)	972.900	5034.310
Less/ Add	DEPRECIATION/ AMORTISATION (F)		94.300	296.000	3035.803
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(1563.700)	676.900	1998.507
Less	TAX (H)		(24615.100)	(10269.000)	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(26178.800)	(9592.100)	1998.507
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(14957.571)	(5365.471)	(5365.471)
	BALANCE CARRIED TO THE B/S		(41136.371)	(14957.571)	(5365.471)
	EARNINGS IN FOREIGN CURRENCY		14784.200	13550.900	9520.900
	Earnings/ (Loss) Per Share (Rs.)		(30.63)	(11.22)	2.34

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(2922.39)	(263.10)	9.30
Net Profit Margin (PBT/Sales)	(%)	(188.99)	19.83	13.45
Return on Total Assets (PBT/Total Assets}	(%)	(0.94)	0.41	1.31
Return on Investment (ROI) (PBT/Networth)		(0.20)	(0.08)	0.12
Debt Equity Ratio (Total Debt /Networth)		31.78	27.13	13.39
Current Ratio (Current Asset/Current Liability)		0.24	0.12	0.83

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	Yes
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	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
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

LITIGATION DETAILS:

CHENNAI COURT

Case Status:	Pending
Status Of:
Case No.:	759
Year :	2012
Petitioner :	M/S.TECHMO CAR S.P.A.
Respondent :	VEDANTA ALUMINIUM LIMITED
Pet's Advocate :	M/S.V.RAGHAVACHARI
Res's Advocate :	MR.K.RAMASAMY
Category :	NO CATEGORY MENTIONED
	Last Listed on: No Date Mentioned
Case Updated on :	Oct 10 2012

UNSECURED LOAN:

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Term loans from banks	996.700	6185.600
Other external commercial borrowings	3533.400	3930.400
Loans and advances from related parties	27791.900	48303.300
Other loans and advances	560.000	736.700
SHORT TERM BORROWINGS
Loans and advances from related parties	57623.600	70500.000
Total	90505.600	129656.000

MERGER OF ALLIED PORT SERVICES PRIVATE LIMITED WITH VEDANTA ALUMINIUM LIMITED:

The scheme of amalgamation between M/s Allied Port Services Private Limited (APSPL) and M/s Vedanta Aluminium Limited (VAL) (the Scheme) and their respective shareholder and creditors with April 1, 2011 as the appointed date has been approved by the Honorable High Court, Madras vide its order dated February 13, 2012. Upon necessary filing with the Registrar of Companies, the scheme has become effective on February 13, 2012 and the effect there of have been given in these accounts.

OPERATIONAL PERFORMANCE:

During 2010-11, the saleable Aluminium Metal production increased to 4,20,559 MT which was higher by 35,196 MT (8%) as compared to previous year. The production of Wire Rods and Billets during the year was 99,493 MT and 65,853 MT respectively. During this year, Aluminium Metal sales was 4,20,492 MT higher by 34,859MT (8%) compared to previous year.

The EBIDTA of the Company during the year was Rs.2976.900 Millions as compared to Rs.8099.400 Millions. After providing for depreciation, interest and taxes the loss for the year was Rs.26178.800 Millions.

PROJECT:

The smelter expansion project of the Company at Jharsuguda has been completed to the extent of 94%. The Company has spent Rs 104600.000 Millions on the project as at March 31, 2012.

The expansion of the Alumina refinery project is on hold in view of the directions of the Ministry of Environment and Forests to maintain status quo. The Company has challenged the direction of the MOEF in the Hon'ble High Court of Orissa and is order on the same is awaited.

The total amount spent as on March 31, 2011 on the projects of the Company was Rs.147070.000 Millions.

Ministry and Environment and Forests has rejected the Forest Clearance for the Niyamgiri Mines of Orissa Mining Corporation(OMC) – the identified mines for supply of Bauxite to the Refinery of the Company in terms of the Memorandum of Understanding of the Company with the Government of Orissa. In view of the Hon'ble Supreme Court of India having granted its approval for the forest diversion at Niyamgiri Hills for mining of Bauxite, OMC has filed a Writ Petition in the Hon'ble Supreme Court of India for grant of the forest clearance for its mines by MOEF. In the meantime the Company is pursuing with the Government of Orissa for grant of alternative mines for supply of Bauxite to its refinery.

BETWEEN THE COMPANY AND M/S ALLIED PORT SERVICES PRIVATELIMITED:

The Board of Directors in their meeting held on November 19, 2011 had approved a Scheme of Arrangement (Merger) of Allied Port Services Private Limited (APSPL), the Wholly Owned Subsidiary with the Company. The Scheme was approved by the Madras High Court vide order dated February 13, 2012. The appointed date of the merger was April 01, 2011.

SCHEME OF ARRANGEMENT BETWEEN THE COMPANY WITH SESA GOALIMITED:

The Board of Directors at its meeting held on February 25, 2012considered and approved a composite Scheme of Amalgamation &Arrangement of the Company. The proposed scheme will be as a part of the consolidation exercise and the same is proposed to be implemented through a composite scheme of amalgamation and arrangement:-

Merger of Sterlite Industries (India) Limited into Sesa Goa limited ("SGL").Hiving off and vesting of the Power Business Undertaking of The Madras Aluminium Company Limited ('MALCO') into the Company and merger of residual MALCO into SGL; Merger of Sterlite Energy Limited ('SEL') into SGL Demerger of the Aluminium Business Undertaking of the Company into SGL; Power plants of the Company to remain in the residual Company.

This exercise would achieve the following synergies for the group:

Consolidate and simplify the group structures; Elimination of group cross holdings and perceived conflicts of interest; Enhances earnings and cash flow visibility; Improved alignment of debt and cash flows; and Synergies arising out of consolidation of business including efficient utilization of tax losses. Further, this would benefit the shareholders, employees and all other stakeholders of the Company.

FUTURE PLAN OF ACTION:

Flue gas conditioning by in-house modification by dual point ammonia injection system in ESPs Replacement of Hydrazine gas by Carbo-hydrazide for dozing in boiler water. Thrust towards instrumental analysis from conventional time consuming wet chemical analysis

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10399629	08/01/2013	2,750,000,000.00	Axis Bank Limited	AXIS HOUSE C-2,2ND FLR, WADIA INTERNATIONAL CENTRE, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, Maharashtra - 400025, INDIA	B66371980
2	10335522	25/09/2012 *	5,000,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, Maharashtra - 400018, INDIA	B59090944
3	10304184	11/08/2011	22,550,000,000.00	Axis Bank Limited	805-809, Alexandra House, 18 Chater Road, Central, Hong Kong, NA, - 380006, HONG KONG	B19624451
4	10282496	01/10/2011 *	161,500,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA, MUMBAI, Maharashtra - 400005, INDIA	B22850572
5	10271589	22/02/2011	10,000,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B08110595
6	10236217	17/08/2010	7,000,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	A93549475
7	10172561	07/08/2009	10,000,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	A68561653
8	10161851	01/06/2009	5,000,000,000.00	AXIS BANK LIMITED	ATLANTA, 209, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	A63805774
9	10138259	19/01/2009 *	4,000,000,000.00	IL & FS TRUST COMPANY LIMITED	IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI, Maharashtra - 400051, INDIA	A55110894
10	10136547	13/05/2013 *	23,000,000,000.00	STATE BANK OF INDIA	RELIANCE HOUSE (2ND FLOOR), 34, JAWAHARLAL NEHRU ROAD, KOLKATA, West Bengal - 700071, INDIA	B76656826

* Date of charge modification

FIXED ASSETS:

• Leasehold land
• Plant and Machinery
• Office equipments
• Furniture and fittings
• Vehicles

AS PER WEBSITE DETAIL:

PRESS RELEASES:

NALCO REJECTS VEDANTA'S REQUEST FOR ALUMINA

September 28, 2013

BHUBANESWAR: Aluminium major Nalco has rejected a request to sell surplus alumina to bauxite starved Vedanta for its smelter at Jharsuguda, saying it was against the Navaratna PSU's policy to supply it in domestic market.

"We are not in a position to provide alumina or bauxite to any other company inside the country," Nalco CMD Ansuman Das told reporters after the company's annual general meeting here today.

According to the policy adopted by Nalco's board, the company does not sell either bauxite or alumina to other companies in the domestic market, Das said while responding to queries about the plea by Vedanta Aluminium Limited (VAL).

VAL's Managing Director S K Roongta had recently sought the Odisha government's intervention to impress upon Nalco to sell its surplus alumina for its smelter at Jharsuguda.

In a letter to Chief Secretary J K Mohapatra, he had said: "We earnestly request you to impress upon Nalco to start selling/allow participation of smelter companies located in Odisha, which would be treated as deemed exports for Nalco in its alumina tenders, so that same can be utilised for increasing revenues for the exchequer, ensuring value addition and also generation of employment opportunities."

Stating that Nalco was exporting surplus alumina of over one million tonne a year, Roongta said: "The diversion of this surplus alumina for VAL's alumina smelter will generate extra revenue for Nalco at around Rs 2000.000 Millions annually over and above its export realisation, thus helping improve its financial balance sheet."

As VAL's refinery at Lanjigarh in Kalahandi district is running at a depleted capacity of 30-40 per cent on outsourced bauxite from states such as Gujarat, Chhattisgarh and Jharkhand, this has been hurting alumina availability for its smelter plants, Roongta had said.

VAL has two smelters at Jharsuguda. The 0.5-million tonne per annum (mtpa) smelter plant, supported by a 1,215 Mw captive power plant, produces downstream products such as wire rods and billets. This unit was in operation and meeting its alumina requirement through imports, sources said.

The other smelting facility of 1.2 mtpa capacity was installed as a special economic zone (SEZ) unit. This was yet to be commissioned due to non-availability of alumina.

Overall performance of VAL's smelter was hit after Lanjigarh refinery faced shutdown between December 5, 2012 and July 11, 2013 as bauxite sources dried up, they said.

It may be noted that Nalco had earlier turned down VAL's request to allow it to participate in the tendering process for sale of surplus alumina. VAL had even offered a premium of 7-10 per cent over Nalco's export price of alumina.

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.62.36
UK Pound	1	Rs.101.20
Euro	1	Rs.84.54

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.