MIRA INFORM REPORT

Report Date :

14.06.2014

IDENTIFICATION DETAILS

Name :	BHARAT ALUMINIUM COMPANY LIMITED
Registered Office :	Aluminium Sadan Core-6, Scope Office Complex, 7 Lodhi Road, New Delhi – 110003
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.11.1965
Com. Reg. No.:	55-004518
Capital Investment / Paid-up Capital :	Rs.2206.245 Millions
CIN No.: [Company Identification No.]	U74899DL1965PLC004518
TAN No.: [Tax Deduction & Collection Account No.]	JBPB00978F / JBPB01022A
PAN No.: [Permanent Account No.]	AAACB1290N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Aluminium Ingots in Any Form, Wire Rods and Rolled Products.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 1965 as a public sector undertaking (PSU) and in the year 2001 Government of India divested 51% equity in favour of the then Sterlite Industries (I) Limited. Further the remaining 49% is with GOI. Balco is a subsidiary of “Sesa Sterlite Limited”. It is a well-established company having fine track. The company enjoys high financial flexibility as a part of the “Vedanta Group”. Whereas presently the company possess a moderate financial profile marked by an acceptable networth base along with huge deterioration it is cash reserves. Moreover, till the completion of the ongoing dispute between the subject’s parent and Government of India regarding exercising the option for buying out the remaining stake from GOI, the subject will continue to fund its capex programme through debt. Managing has reported a drastic dip in its net profitability during FY 2014, due to increase in cost of production as a result of increase in input cost. However, trade relations are fair. Business is active. Payment terms are reported as regular and as per commitments. In view of healthy market position, the subject can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	AA – [Cash Credit]
Rating Explanation	High degree of safety. It carry very low credit risk.
Date	09.01.2014

Rating Agency Name	CRISIL
Rating	A1+ [Letter of Credit]
Rating Explanation	Highest degree of safety. It carry lowest credit risk.
Date	09.01.2014

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.

INFORMATION DECLINED

Management non co-operative [91-22-40902600 / 66461000 / 91-7759-240155]

LOCATIONS

Registered Office :	Aluminium Sadan Core-6, Scope Office 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 balcolegal@vedanta.co.in
Website :	http://www.balcoindia.com
Aluminium Export Division :	Solitaire Corporate Park, Business Square, “C” Wing, 2nd Floor, Andheri Kurla Road, Chakala, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-66434636 / 66434641 / 66434642
Fax No.:	91-22-66434652
E-Mail :	aluminium.exports@vedanta.co.in
Central Marketing/Factory :	Marketing Department, Utpadan Bhavan, P O Box Chhattisgarh, Balco Nagar, Korba – 495 684, Chhattisgarh, India
Tel. No.:	91-7759-240155 / 240004 / 242213 / 241490
Fax No.:	91-7759-241284 / 242050
E-Mail :	central_mktg.aluminium@vedanta.co.in
Regional Office :
Eastern Regional Office :	Chatterjee International Centre, 20th Floor, 33 A - 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
Southern Regional Office :	705, 7th Floor, North Block, Rear Wing, Manipal Centre, Bangalore – 560 001, Karnataka, India
Tel. No.:	91-80-25596001 / 25596000 / 41486189
Fax No.:	91-80-41320595
E-Mail :	south.aluminium@vedanta.co.in
Western Regional Office :	Solitaire Corporate Park, Business Square, “C” Wing, 2nd Floor, Andheri Kurla Road, Chakala, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-66434500 / 66434648 / 66434637 / 66434635
Fax No.:	91-22-67105068
E-Mail :	west.aluminium@vedanta.co.in

DIRECTORS

AS ON 19.06.2013

Name :

Mr. Navin Kumar Agarwal

Designation :

Director

Address :

Soham 8/738, Behramji Gamadia (Carmichael Road), Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

11.01.1961

Date of Appointment :

02.03.2001

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	MALCO Energy Limited	Director	18/01/2001	18/01/2001	25/09/2013	Active	NO
6	U74899DL1965PLC004518	BHARAT ALUMINIUM CO LIMITED	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 Chandmal Jain

Designation :

Director

Address :

411, Akshay Giri Kunj, Pali Ram Road, Opp. Andheri (West) Railway Station, Andheri (West), Mumbai – 400 058, Maharashtra, India

Date of Birth/Age :

06.03.1960

Date of Appointment :

02.03.2001

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 LIMITED	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	MALCO ENERGY LIMITED	Director	28/01/2004	28/01/2004	25/09/2013	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 :

Director

Address :

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

Date of Birth/Age :

09.05.1950

Date of Appointment :

31.01.2012

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	30/09/2013	Active	NO
5	L63030MH1950GOI008033	SHIPPING CORPORATION OF INDIA LIMITED	Director	23/09/2011	29/10/2010	29/10/2013	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	MALCO ENERGY LIMITED	Managing director	23/07/2011	02/06/2011	25/09/2013	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 LIMITED	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. Kannan Ramamritham

Designation :

Director

Address :

Karachi Citizens CHS, 205-B, New Link Road, D.N. Nagar, Andheri (West), Mumbai-400053, Maharashtra, India

Date of Birth/Age :

02.06.1949

Date of Appointment :

21.07.2011

Din No.:

00227980

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	U67190MH1991PTC061315	IMPERIAL CORPORATE FINANCE AND SERVICES PRIVATE LIMITED	Director	01/04/1994	01/04/1994	21/06/2010	Active	NO
2	U67120MH1995PTC088249	R K CHARI STOCK BROKING PRIVATE LIMITED	Director	21/01/2001	21/01/2001	19/10/2010	Active	NO
3	U67190MH2005PTC157752	ORIONSAYI CONSULTANT PRIVATE LIMITED	Director	02/12/2005	02/12/2005	-	Active	NO
4	L27203WB1960PLC024870	INDIA FOILS LIMITED	Director	30/12/2005	30/12/2005	19/11/2008	Amalgamated	NO
5	U27310AP2005PLC045171	SYNERGIES CASTINGS LIMITED	Additional director	28/03/2007	28/03/2007	01/07/2009	Active	NO
6	U70101KA2006PLC038670	PLAMA DEVELOPERS LIMITED	Director	16/08/2007	16/08/2007	28/03/2010	Active	NO
7	U63032MH2003PTC142871	LAKECITY VENTURES PRIVATE LIMITED	Director	30/09/2008	18/05/2008	-	Active	NO
8	U67190TN1995PLC069644	STERLITE ENERGY LIMITED	Director	10/10/2009	05/10/2009	04/10/2011	Amalgamated	NO
9	L22219MH1987PLC042083	ORIENT PRESS LIMITED	Director	28/08/2010	26/05/2010	-	Active	NO
10	U72200KA2010PTC054617	MENTISSOFT SOLUTIONS PRIVATE LIMITED	Director	29/07/2010	29/07/2010	-	Active	NO
11	L24117TN1976PLC007122	SHASUN PHARMACEUTICALS LIMITED	Director	29/07/2011	30/07/2010	-	Active	NO
12	L31300MH1992PLC067802	RAM RATNA WIRES LIMITED	Director	18/08/2011	28/05/2011	-	Active	NO
13	U74899DL1965PLC004518	BHARAT ALUMINIUM CO LIMITED	Director	19/06/2012	21/07/2011	-	Active	NO
14	U21090MH2011PTC221690	NEW LEAF EDUCATIONAL PRODUCTS PRIVATE LIMITED	Director	08/09/2011	08/09/2011	-	Active	NO
15	U74140KA1998PTC023423	REALTIME TECHSOLUTIONS PRIVATE LIMITED	Additional director	07/12/2011	07/12/2011	-	Active	NO
16	L65944MH1984PLC031807	SECURE EARTH TECHNOLOGIES LIMITED	Additional director	14/09/2012	14/09/2012	-	Active	NO
17	U45207MH2007PTC173440	PAN INDIA PARYATAN PRIVATE LIMITED	Alternate director	23/10/2013	05/10/2012	-	Active	NO

Name :

Mr. Naresh Kumar

Designation :

Nominee Director

Address :

D 63, Nivedita Kunj, Sector 10, R K Puram, New Delhi, 110022, India

Date of Birth/Age :

18.11.1963

Date of Appointment :

26.02.2013

Din No.:

03249776

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	U60210DL2010SGC207119	DELHI TRANSPORT INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED	Additional director	01/09/2010	01/09/2010	20/07/2011	Active	NO
2	L27204RJ1966PLC001208	HINDUSTAN ZINC LIMITED	Nominee director	17/08/2012	17/08/2012	06/12/2012	Active	NO
3	U74899DL1965PLC004518	BHARAT ALUMINIUM CO LIMITED	Director	19/06/2013	10/09/2012	-	Active	NO
4	L27201WB1967GOI028825	HINDUSTAN COPPER LIMITED	Director	04/12/2012	04/12/2012	28/01/2013	Active	NO
5	U36912MH1978PTC020126	HINDUSTAN DIAMOND COMPANY PRIVATE LIMITED	Nominee director	22/03/2013	22/03/2013	-	Active	NO

Name :

Ms. Sujata Prasad

Designation :

Nominee Director

Address :

D1/50, Rabindra Nagar, Opposite Amrita Shergil Marg, New Delhi-110003, India

Date of Birth/Age :

07.04.1958

Date of Appointment :

01.05.2013

Din No.:

06587461

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	Company/ LLP Status	Defaulting status
1	L27201WB1967GOI028825	HINDUSTAN COPPER LIMITED	Director	30/04/2013	30/04/2013	Active	NO
2	U74899DL1965PLC004518	BHARAT ALUMINIUM CO LIMITED	Nominee director	01/05/2013	01/05/2013	Active	NO
3	L23109WB1973GOI028844	COAL INDIA LIMITED GOVT OF INDIA UNDERTAKING	Director	18/09/2013	03/05/2013	Active	NO
4	L27204RJ1966PLC001208	HINDUSTAN ZINC LIMITED	Nominee director	03/05/2013	03/05/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Prerna Halwasiya
Designation :	Company Secretary
Address :	15-A, Mahatma Gandhi Marg, Hazratganj, Lucknow-226001, Uttar Pradesh, India
Date of Birth/Age :	21.05.1984
Date of Appointment :	19.04.2013
Pan No.:	ACPPH3631M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 19.06.2013

Names of Shareholders	No. of Shares
President of India, India	108106005
Sterlite Industries India Limited, Tuticorin	112518490
Anil Agarwal	1
Ashish Dilwaria	1
A Pakrashi	1
S.N. Singh	1
Sandeep Verma	1
TOTAL	220624500

AS ON 19.06.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	51.00
Government [Central and State]	49.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Aluminium Ingots in Any Form, Wire Rods and Rolled Products.

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

· Union Bank of India, Industrial Financial Branch, 1^st Floor, 239 Vidhan Bhawan Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India

· Axis Bank Limited, Jeevan Bima Marg, Opposite New Bus Stand, Raipur Branch, Pandri, Raipur-492004, Chhattisgarh, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Bonds/debentures	3333.400	5000.000
Borrowing from government semi-government bodies	11584.600	10008.200
Other loans and advances	10356.400	6408.900
Short Term Borrowings
Working capital loans from banks	700.000	1400.000
Loans repayable on demand from banks	1048.000	489.800
Other loans and advances	4691.300	1171.900
TOTAL	31713.700	24478.800
Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Borrowing from government semi-government bodies	0.000	1268.900
Short Term Borrowings
Commercial paper	6900.000	0.000
Other loans and advances	1020.500	569.700
Loans repayable on demand from banks	0.000	399.000
TOTAL	7920.500	2237.600

Banking Relations :	--
Financial Institutions :	IL and FS Trust Company Limited, IL and FS Financial Centre, Plot No. C 22, G Block, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	12, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India
PAN No:	AACFD4815A
Holding Company :	Sterlite Industries (India) Limited [L65990TN1975PLC062634]
Fellow Subsidiaries :	· Hindustan Zinc Limited [L27204RJ1966PLC001208] · Sterlite Energy Limited [U67190TN1995PLC069644] · Sesa Goa Limited [L13209GA1965PLC000044] · The Madras Aluminium Company Limited [U13202TZ1960PLC000372] · Vedanta Aluminium Limited [U31300TN2001PLC069645] · Talwandi Sabo Power Limited [U40101PB2007SGC031035] · Vedanta Medical Research Foundation [U85190CT2008NPL020624]
Others Related Parties :	· Anil Agarwal Foundation [U91990MH2004NPL146228] · Sterlite Technologies Limited [L31300DN2000PLC000340]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000000	Equity Shares	Rs.10/- each	Rs.5000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
220624500	Equity Shares	Rs.10/- each	Rs.2206.245 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2206.200	2206.200	2206.200
(b) Reserves & Surplus	41186.200	40504.400	37847.800
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	43392.400	42710.600	40054.000
(3) Non-Current Liabilities
(a) long-term borrowings	25274.400	22686.000	15951.400
(b) Deferred tax liabilities (Net)	1310.000	1319.200	1564.500
(c) Other long term liabilities	3103.500	2409.300	3153.400
(d) long-term provisions	1413.200	1295.200	1187.000
Total Non-current Liabilities (3)	31101.100	27709.700	21856.300
(4) Current Liabilities
(a) Short term borrowings	14359.800	4030.400	4321.200
(b) Trade payables	2628.900	3494.100	2521.600
(c) Other current liabilities	13301.900	20513.600	9865.100
(d) Short-term provisions	173.500	354.700	295.000
Total Current Liabilities (4)	30464.100	28392.800	17002.900
TOTAL	104957.600	98813.100	78913.200
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17592.200	18604.400	20363.300
(ii) Intangible Assets	73.100	0.000	0.000
(iii) Capital work-in-progress	75507.900	65068.100	42248.600
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1734.100	2703.900	4731.600
(e) Other Non-current assets	0.000	0.000	138.900
Total Non-Current Assets	94907.300	86376.400	67482.400
(2) Current assets
(a) Current investments	0.000	0.000	1230.500
(b) Inventories	5420.100	5490.500	4860.000
(c) Trade receivables	1817.000	1828.800	1443.100
(d) Cash and cash equivalents	7.200	2482.800	1769.400
(e) Short-term loans and advances	2806.000	2631.100	1422.500
(f) Other current assets	0.000	3.500	705.300
Total Current Assets	10050.300	12436.700	11430.800
TOTAL	104957.600	98813.100	78913.200

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	39167.200	37620.900	36500.900
		Other Income	365.100	623.000	1110.500
		TOTAL (A)	39532.300	38243.900	37611.400
Less	EXPENSES
		Cost of materials consumed	14428.600	12839.500	11544.100
		Purchases of stock-in-trade	450.200	0.000	0.000
		Employee benefit expense	3224.200	3070.300	3616.300
		Other expenses	17789.300	16365.200	12840.700
		Exceptional items	0.000	61.900	356.600
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(138.600)	(144.200)	138.600
		TOTAL (B)	35753.700	32192.700	28496.300
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3778.600	6051.200	9115.100
Less	FINANCIAL EXPENSES (D)		601.000	333.000	244.800
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3177.600	5718.200	8870.300
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2611.600	2703.000	3216.600
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		566.000	3015.200	5653.700
Less	TAX (H)		(17.800)	358.500	1245.100
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		583.800	2656.700	4408.600
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		32107.300	30450.600	27106.000
Less	APPROPRIATIONS
		Dividend [Inclusive of corporate dividend tax]	0.000	0.000	64.000
		Debenture Redemption Reserves	0.000	1000.000	1000.000
	BALANCE CARRIED TO THE B/S		32691.100	32107.300	30450.600
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	905.500	682.800	NA
	Earnings / (Loss) Per Share (Rs.)		2.65	12.04	19.98

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.47	6.95	11.72
Net Profit Margin (PBT/Sales)	(%)	1.45	8.01	15.49
Return on Total Assets (PBT/Total Assets}	(%)	1.92	8.94	15.42
Return on Investment (ROI) (PBT/Networth)		0.01	0.07	0.14
Debt Equity Ratio (Total Debt/Networth)		0.91	0.63	0.51
Current Ratio (Current Asset/Current Liability)		0.33	0.44	0.67

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	2206.200	2206.200	2206.200
Reserves & Surplus	37847.800	40504.400	41186.200
Net worth	40054.000	42710.600	43392.400
long-term borrowings	15951.400	22686.000	25274.400
Short term borrowings	4321.200	4030.400	14359.800
Total borrowings	20272.600	26716.400	39634.200
Debt/Equity ratio	0.506	0.626	0.913

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	36500.900	37620.900	39167.200
		3.068	4.110

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	36500.900	37620.900	39167.200
Profit	4408.600	2656.700	583.800
	12.08%	7.06%	1.49%

LOCAL AGENCY FURTHER INFORMATION

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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10453220	26/08/2013	5,000,000,000.00	IL & FS TRUST COMPANY LIMITED	IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI - 400051, MAHARASHTRA, INDIA	B84263128
2	10377537	13/09/2012	1,392,000,000.00	DBS BANK LIMITED	BIRLA TOWER,25 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B58483223
3	10369994	17/07/2012	2,800,000,000.00	DBS BANK LIMITED	BIRLA TOWER,25 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B45482957
4	10332438	19/01/2012	10,057,800,000.00	IL & FS TRUST COMPANY LIMITED	IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI - 400051, MAHARASHTRA, INDIA	B30772164
5	10318493	25/10/2011	7,500,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B25630443
6	10258108	18/12/2010	2,500,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B02180669
7	10199142	08/01/2010	6,000,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	A77968956
8	10163912	27/09/2013 *	1,220,000,000.00	AXIS BANK LIMITED	JEEVAN BIMA MARG, OPP NEW BUS STAND, RAIPUR BRANCH, PANDRI, RAIPUR - 492004, CHHATTISGARH, INDIA	B87776456
9	10140954	14/02/2009	5,000,000,000.00	IL & FS TRUST COMPANY LIMITED	IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI - 400051, MAHARASHTRA, INDIA	A56184542
10	10141155	14/02/2009	5,000,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCIAL BRANCH,1ST FLOOR, 239 VIDHAN BHAWAN MARG, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	A56277098
* Date of charge modification

OPERATIONAL PERFORMANCE:

During the year, the production of saleable metal was 246940 MT from the 2.45 lakh mtpa pre-bake smelter as compared to 245654 MT in the previous year, higher production of hot metal primarily due to higher current efficiency, and higher no. of Pots in operation. Consequently, sales during the year were 245857 MT as compared to 239335 MT in the previous year.

The operating profit during the year was Rs. 566.000 Millions as compared to Rs. 3077.100 Millions. The operating profit lower in this year is mainly due to increase in input cost i.e. Coal, Alumina and Carbon. The profit before tax for year was Rs. 566.000 Millions as compared to Rs. 3015.200 Millions in the previous year.

The Company is in the process of implementing the 3.25 lakh MT pre-bake smelter. The surplus power generated consequent to the phasing out of the VSS smelter is being presently sold to the open access customers.

The Company’s operations including its captive power plants and its mines at Mainpat continued to be certified with all three management system certifications ?EMS ISO 14001 : 2004 in environment management, OHSAS 18001:2007 in safety and ISO 9001 (2000) for quality management system.

EXPORTS:

Domestic sales were the focus during the year for ensuring better sales realization through improved product mix. The aluminium exports during the year was 7,156 MT, generating revenue of Rs. 945.0000 Millions.

NEW PROJECTS:

The Company is in the process of setting up the 1200MW thermal based power plant pursuant to the Memorandum of Understanding with the Government of Chhattisgarh dated 7th October 2006 at a cost of Rs.46500.000 Millions as approved by the Board at its meeting held on 9th January 2008. The first and Second unit simulation synchronization on oil has been completed. Third unit Steam Blowing is ready for synchronization on oil. Fourth unit synchronization has been targeted in first quarter of FY 2013-2014. Second chimney civil work has been completed. The Company has incurred Rs. 42300.000 Millions towards the project till 31st March 2013.

The Company had commenced implementation of the Memorandum of Understanding dated 8th August 2007 with the Government of Chhattisgarh for setting up of a new smelter with a 6.5 lakh mtpa capacity at an estimated cost of Rs. 81000.000 Millions. Towards this, the Company has commenced the implementation process of the first phase of expansion for setting up 3.25 lakh mtpa pre-bake aluminium smelter at an estimated project cost of Rs.38000.000 Millions as approved by the Board on 25th July 2008. The first metal production is scheduled in First quarter of 2013-14 and full commissioning of the project is expected to be completed by the fourth quarter of 2013-14.

The Company has incurred Rs. 34730.000 Millions towards the project till 31st March 2013. As at 31st March 2013, the Company has spent an aggregate amount of Rs. 77030.000 Millions on the aforesaid projects. As at the year end, Rs. 42990.000 Millions represents funding through Long-term and short term - borrowings while balance Rs. 34030.000 Millions has been funded through internal accruals.

During the current year ended 31st March 2013, the Company has utilized short term funds (including commercial paper) of Rs. 10259.400 Millions for repayment of long term project related loans which were due for repayment in current year. The Company currently intends to tie up long term loans for these projects during the financial year ending 31st March, 2014.

FIXED ASSETS:

· Land and Land Development

- Free Land

- Lease hold

· Buildings

· Railway Siding

· Plant and Machinery

· Furniture and Fittings

· Vehicles

· Mine Development

NEWS:

NO PREFERENCE TO VEDANTA IN HINDUSTAN ZINC, BALCO STAKE SALE: MAYARAM

JANUARY 12, 2014

NEW DELHI:

Vedanta Group, the owner of Hindustan Zinc and Balco, will not get any preference when the government auctions its residual stake in the two companies this financial year, Economic Affairs Secretary Arvind Mayaram has said.

"We have very clearly recommended that there should be no put and call option given to the original buyer (Vedanta). It should be auctioned. No first right of refusal, but they will have a right to participate in the auction," he told PTI.

"So whoever gives the highest price to the government can buy the shares, whether it is the owner at the moment who is the majority shareholder today or anybody else," Mr. Mayaram said.

On whether there is a legal impediment to the government's stake sale, he said, "I see no legal bar...The legal position is that it is a private company. It is no longer a government company...Therefore we are very confident that divestments will happen before March 31."

The government, which holds a 29.5 per cent stake in HZL and 49 per cent in Balco, is looking at exiting the two companies in which the Anil Agarwal-led Vedanta Group holds majority stake. The government sold controlling stakes in the companies between 2001-2003.

The government sold a 51 per cent stake in Bharat Aluminium Company Limited (Balco) to Vedanta firm Sterlite Industries (now Sesa Sterlite) in 2001. The valuation of the remaining 49 per cent stake in Balco has remained a bone of contention as the aluminium major is not a listed entity.

"We will go through a bidding process and it will be a transparent bidding process. So the price discovery will be a market price discovery," he said.

The Mines Ministry is currently preparing the final Cabinet note to divest the Balco stake through an offer for
sale.

MINISTERIAL PANEL STARTS PROCESS FOR STAKE SALE IN HINDUSTAN ZINC, BALCO: REPORT

FEBRUARY 07, 2014

NEW DELHI:

Moving ahead with the residual stake sale in Hindustan Zinc Limited (HZL) and Bharat Aluminium Company (Balco), an inter-ministerial panel has begun the process of valuation of the two companies so as to complete the deals by the end of March.

"We are in the process of valuing the two companies. The IMG discussed the issuance of Request for Proposals (RFP) for valuation of HZL and Balco," a senior Finance Ministry official said.

The government holds a 49 per cent stake in Balco and 29.5 per cent in HZL.

"We are working very hard to make it happen by March," Disinvestment Secretary Ravi Mathur told reporters here.

The government had budgeted to collect Rs. 140000.000 Millions through residual stake sales in private companies this fiscal year (FY14).

Last month, the Cabinet had cleared the stake sale in HZL through auction route while a decision on Balco is yet to be taken.

During 2001-03, the government had sold majority stakes in the two erstwhile PSUs to the Vedanta group.

At present, London-listed Vedanta holds a 64.92 per cent stake in HZL and owns 51 per cent in Balco.

In January 2012, Vedanta had proposed to acquire government's remaining stake in the two erstwhile PSUs for about Rs. 172750.000 Millions.

Last October, shareholders gave their nod to raise offers for acquiring the remaining government holding in HZL and Balco by up to 43 per cent or Rs. 246630.000 Millions.

After shareholders' approval, Vedanta Board is now empowered to make an offer of up to Rs. 216365.600 Millions for the remaining government stake in HZL. For Balco, the offer can be up to Rs. 30261.400 Millions.

Earlier this week, Vedanta chairman Anil Agarwal met Economic Affairs Secretary Arvind Mayaram and discussed the stake sale in two companies.

Mr. Agarwal later told reporters that he would bid for the companies if the price offered is lucrative.

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 records 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.59.47
UK Pound	1	Rs.100.93
Euro	1	Rs.80.71

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUB
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		60

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.