MIRA INFORM REPORT

Report Date :

02.09.2014

IDENTIFICATION DETAILS

Name :	SESA STERLITE LIMITED (w.e.f. 18.09.2013) STERLITE INDUSTRIES (INDIA) LIMITED (AMALGAMATED WITH SESA STERLITE LIMITED)

Formerly Known As :	SESA GOA LIMITED

Registered Office :	Sesa Ghor, P O Box 125, 20 EDC Complex, Patto, Panjim – 403001, Goa

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	25.06.1965

Com. Reg. No.:	24-000044

Capital Investment / Paid-up Capital :	Rs. 2965.000 Millions

CIN No.: [Company Identification No.]	L13209GA1965PLC000044

TAN No.: [Tax Deduction & Collection Account No.]	BLRS14062G

PAN No.: [Permanent Account No.]	AACCS7101B

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.

Line of Business :	Subject is engaged in the business of iron ore mining, non-ferrous metals (copper and aluminium production) and commercial power generation.

No. of Employees :	3857 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (64)

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

Maximum Credit Limit :	USD 1300000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Exist

Comments :	Subject is well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view of strong holding, the company can be considered good for normal 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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

India

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

INDIAN ECONOMIC OVERVIEW

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years. China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes that many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies. A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: AA+
Rating Explanation	High degree of safety and very low credit risk.
Date	22.08.2014

Rating Agency Name	CRISIL
Rating	Short term rating: A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	22.08.2014

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 31-03-2014.

INFORMATION PARTED BY (PARTIAL DETAILS)

Name :	Ms. Neha Bhandari
Designation :	Head of Corporate Finance
Contact No.:	91-22-66461516
Date :	27.08.2014

LOCATIONS

Registered Office :	Sesa Ghor, P O Box 125, 20 EDC Complex, Patto, Panjim – 403001, Goa, India
Tel. No.:	91- 832-2460600
Fax No.:	Not Available
E-Mail :	c.chitnis@vedanta.co.in neha.bhandari@vedanta.co.in comp.sect@vedanta.co.in
Website :	www.sesagoa.com

Corporate Office :	Vedanta 75, Nehru Road, Vile Parle, Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-66461000

Plant Locations : (Division)

Copper Anodes (Smelter), Refinery, Continuous Cast Copper Rods and Captive Power Plant :	SIPCOT Industrial Complex, Madurai By-pass Road, T.V. Puram PO, Tuticorin – 628002, Tamilnadu, India

Copper Cathodes (Refinery) and Continuous Cast Copper Rods :	1/1/2 Chinchpada,Silvassa – 396230 Union Territory of Dadra and Nagar Haveli, India

Continuous Cast Copper Rods :	209-B, Piparia Industrial Estate, Piparia, Silvassa – 396230, Union Territory of Dadra and Nagar Haveli, India

Iron Ore - Mining :	Codli Mine, P.O. Kirlapale, Dabal - 403706, Goa, India
Tel. No.:	91-832-2617200
Fax No.:	91-832-2618280

Iron Ore – Mining :	Madakeritura and other villages in Holakere and Chitradurga District, Karnataka, India

Pig Iron/ Metallurgical Coke (Met Coke) :	Navelim / Amona Village, Bicholim Taluka, Goa, India

Aluminium Smelters (erstwhile Vedanta Aluminium Limited) :	PMO Office, Bhurkhamunda, P O: Sripura, District: Jharsuguda – 768201, Orissa, India

Alumina Refinery (erstwhile Vedanta Aluminium Limited) :	Alumina Refinary Project, At / PO – Lanjigarh, Via – Viswanathpur, Kalahandi, Lanjigarh -766027, Odisha, India

Aluminium (erstwhile Madras Aluminium Company Limited) :	Mettur Dam R.S., Salem District - 636402, Tamilnadu, India

Power (erstwhile Sterlite Energy Limited) :	PMO Office, Bhurkahamunda PO-Sripura, Dist- Jharsuguda -768202, Odisha, India

Plant :	Business Square, Solitaire park, Andheri- Mumbai – 400093, Maharashtra, India

Shipping:	Queeny Elite, 1st Floor Swatantrapath, Vasco Da Gama - 403802, Goa, India
Tel. No.:	91-832-2513053
Fax No.:	91-832-2511916

Coke Plant:	MetCoke Division, P.O. Bicholim, Amona, Goa - 403505 India
Tel. No.:	91-832-3981400

Pig Iron Plant:	P.O. Bicholim, Amona, Goa - 403107, India
Tel. No.:	91-832-2386090

Ship Building:	Sirsaim, Tivim Bardez Goa - 403502, India
Tel. No.:	91-832-2298357
Fax No.:	91-832-2298439

Sesa Community:	Development Foundation - NCM Sesa Technical School, - Sesa Football Academy, P.O. Sanquelim, Goa – 403505, India
Tel. No.:	91-832-2365509

Iron Ore Division:	Located at Shanghai

DIRECTORS

As on 31.03.2014

Name :	Mr. Navin Agarwal
Designation :	Executive Chairman
Date of Birth/ Age:	53 Years

Name :	Lalita D, Gupte
Designation :	Independent Non executive Director
Date of Birth/ Age:	65 Years
Qualification :	Bachelor’s Degree in Economics and a Master’s degree in Business Management, advanced management programme from INSEAD
DIN No.:	00043559

Name :	Mr. Naresh Chandra
Designation :	Independent Non executive Director
Date of Birth/ Age:	79 Years
Qualification :	Post graduate, Master of Science in Mathematics from Allahabad University and a retired officer of the Indian Administrative Services.
DIN No.:	00015833

Name :	Mr. Ravi Kant
Designation :	Independent Non executive Director

Name :	Mr. Gurudas Kamat
Designation :	Independent Non executive Director

Name :	Tarun Jain
Designation :	Whole-time Director
Date of Birth/ Age:	54 Years
Qualification :	Mr. Jain is a Fellow Member of The Institute of Chartered Accountants of India, a graduate of The Institute of Cost and Works Accountants of India and a Fellow member of The Institute of Company Secretaries of India
DIN No.:	00006843

Name :	D. D. Jalan
Designation :	Whole-time Director and Chief Financial Officer
Date of Birth/ Age:	57 Years
Qualification :	Mr. Jalan is a Fellow Member of The Institute of Chartered Accountants of India.
DIN No.:	00006882

Name :	Tom Albanese
Designation :	Director and Chief Executive Officer

Name :	Mr. Ravi Kant
Designation :	Independent Non-executive Director
Date of Birth/ Age:	69 Years
Qualification :	Bachelor of Technology degree in Metallurgical Engineering from the Institute of Technology, Kharagpur and a Masters degree in Science from the University of Aston, Birmingham, UK
DIN No.:	00016184

KEY EXECUTIVES

Name :	Ms. Neha Bhandari
Designation :	Head of Corporate Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2014

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	445496	0.02
Bodies Corporate	121740	0.00
Sub Total	567236	0.02
(2) Foreign
Bodies Corporate	1691084415	62.02
Sub Total	1691084415	62.02
Total shareholding of Promoter and Promoter Group (A)	1691651651	62.04
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	60951679	2.24
Financial Institutions / Banks	105084926	3.85
Central Government / State Government(s)	1680	0.00
Insurance Companies	29520700	1.08
Foreign Institutional Investors	517986159	19.00
Sub Total	713545144	26.17
(2) Non-Institutions
Bodies Corporate	98457797	3.61
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	147367995	5.41
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	18750833	0.69
Any Others (Specify)	56721415	2.08
Non Resident Indians	4227647	0.16
Trusts	46156082	1.69
Directors & their Relatives & Friends	1000	0.00
Foreign Nationals	5400	0.00
Clearing Members	1776699	0.07
Foreign Bodies - D R	4546793	0.17
Foreign Corporate Bodies	7794	0.00
Sub Total	321298040	11.78
Total Public shareholding (B)	1034843184	37.96
Total (A)+(B)	2726494835	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	99292708	0.00
(2) Public	138886944	0.00
Sub Total	238179652	0.00
Total (A)+(B)+(C)	2964674487	0.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of iron ore mining, non-ferrous metals (copper and aluminium production) and commercial power generation.

Products :

Item Code No.	Product Description
26011100	Iron Ore
89011004	Vessels
27040009	Metallurgical coke

GENERAL INFORMATION

No. of Employees :

3857 (Approximately)

Bankers :

· Canara Bank

State Bank of India

ICICI Bank Limited

Kotak Mahindra Bank

Yes Bank Limited

Standard Chartered Bank India

DBS Bank India

HDFC Bank Limited

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Redeemable Non-Convertible Debentures a	58333.300	0.000
Term loans from banks b	112895.600	0.000
Foreign currency loans from banks c	32727.600	0.000
Short-term borrowings
Buyers’ credit from banks a	50520.400	0.000
Loans repayable on demand from banks b	30.100	0.000
Term loan from banks	10000.000	0.000
Total	264507.000	0.000
NOTE: Terms and conditions of Long-term borrowings a) Redeemable Non-Convertible Debentures includes; (i) 11.50% Non-Convertible Debentures (NCDs) issued by Jharsuguda Aluminium of Rs.2666.600 Millions [including current maturity of long-term borrowings of Rs.1333.300 Millions are secured by first pari passu charge in favour of Debenture Trustees on the immovable properties situated at Mauje Ishwarpura, Taluka Kadi, District Mehsana, Gujarat and in the District of Kalahandi, Orissa. These NCDs are further secured by first pari passu charge over the fixed assets of Jharsuguda Aluminium pertaining to 1MTPA Lanjigarh Alumina Refinery. These NCDs are redeemable in two equal installments payable at October 22, 2015 and October 22, 2014 respectively. (ii) NCDs issued by erstwhile Sterlite Industries (India) Limited for an aggregate amount of Rs.20000.000 Millions. Out of these, Rs.10000.000 Millions NCDs are issued at a coupon rate of 9.40% p.a., while another Rs.10000.000 Millions NCDs have been issued at a coupon rate of 9.24% p.a. These NCDs are secured by way of mortgage on the immovable property of the Company situated at Sanaswadi in the State of Maharashtra and also by way of hypothecation on the movable fixed assets of Jharsuguda 2400 MW Power plant with a security cover of 1.25 times on the face value of outstanding NCDs at all time during the currency of NCDs. These NCDs are redeemable in tranches of Rs.5000.000 Millions each on December 20, 2022, December 6, 2022, November 27, 2022 and October 25, 2022. In respect of all the four tranches of NCDs, the debenture holders and the Company have put and call option respectively at the end of the 5 years from the respective date of the allotment of the NCDs. (iii) NCDs issued by erstwhile Sterlite Industries (India) Limited of Rs.25000.000 Millions with an interest rate of 9.10% per annum. These NCDs are secured by way of mortgage on the immovable property of the Company situated at Tuticorin in the State of Tamilnadu and also by way of first ranking pari passu charge over the tangible and intangible movable fixed assets, both present and future of Jharsuguda 2,400 MW power plant with a security cover of 1.25 times on the face value of outstanding NCDs at all times during the tenure of the NCD. These NCDs are redeemable on April 5, 2023. The debenture holders of these NCDs and the Company have put and call option at the end of the 5 years from the respective date of the allotment of the NCDs. (iv) NCDs issued by erstwhile Sterlite Industries (India) Limited of Rs.12000.000 Millions in two tranches of Rs.7500.000 Millions and Rs.4500.000 Millions, with an interest rate of 9.17% per annum. These NCDs are secured by way of mortgage on the immovable property of the Company situated at Tuticorin in the state of Tamilnadu and also by way of first pari passu charge over the movable fixed assets of Lanjigarh refinery expansion project including 210 MW power plant project, with a security cover of 1.25 times on the face value of outstanding NCDs at all times during the tenure of the NCD. These NCDs are redeemable on July 4, 2023 for Rs.7500.000 Millions and on July 5, 2023 for Rs.4500.000 Millions. The debenture holders of these NCDs and the Company have put and call option at the end of the 5 years from the respective date of the allotment of the NCDs. b) Term loans from banks includes : (i) Loan from State Bank of India taken by Jharsuguda Aluminium amounting to Rs.96133.100 Millions [including an amount of Rs.4987.500 Millions classified under current maturity of long-term borrowings at an interest rate of 11.75%. These loans are secured by (i) first priority charge by way of hypothecation of all present and future unencumbered and encumbered movable fixed asset for the Alumina refinery expansion at Lanjigarh and smelter expansion Project at Jharsuguda (including but not limited to Plant and Machinery, Machinery Spares, tools and accessories, base stock funded by the Rupee Facility of the Project (ii) first charge by way of mortgage on all present and future immovable fixed asset (including leasehold land, if any) acquired or to be acquired for the project of Jharsuguda Aluminium (iii) first Charge on the Debt service receivable account and all monies lying to the credit of such amount from time to time (iv) second charge on current assets of Jharsuguda Aluminium for the project (v) These term loans are also backed by a Corporate Guarantee by Vedanta Resources Plc. These loans are repayable as Rs.4987.500 Millions within one year, Rs.9975.000 Millions within second year, Rs.15675.000 Millions within third year, Rs.21018.800 Millions within fourth year, Rs.25650.000 Millions within fifth year and Rs.18826.800 Millions in the sixth year. (ii) Loan of Rs.18000.000 Millions taken during the year by Jharsuguda Aluminium from Axis Bank at an interest rate of 10.50%. These loans are secured by a first charge by way of mortgage / hypothecation of movable / immovable of all present and future assets of Jharsuguda Aluminium. These loans are repayable as Rs.6000.000 Millions in February 2017, Rs.7000.000 Millions in February 2018 and Rs.5000.000 Millions in February 2019. (iii) Loan of Rs.4000.000 Millions [including Rs.250.000 Millions of current maturity of long-term borrowings taken during the year by Jharsuguda 2400 MW power plant from Canara Bank at an interest rate of 11.20 % per annum. The loan is secured by way of second pari passu charge on specific fixed assets of Jharsuguda 2,400 MW power plant except agricultural land. The loan is repayable in December 2018. c) Foreign currency loans from banks includes, External Commercial Borrowings (ECB) of Jharsuguda Aluminium aggregating to Rs.32727.600 Millions (US$ 544.55 million) in two tranches at an interest rate of LIBOR plus 400 basis points for Rs.30049.900 Millions (US$ 500.00 million) and LIBOR plus 360 basis points for Rs.2677.700 Millions (US$ 44.55 million). The ECB is repayable in three annual installments on April 21, 2015, April 21, 2016, April 21, 2017 and is secured by all present and future movable asset of Jharsuguda Aluminium including its movable plant and machinery, equipment, machinery, spare tools and accessories and other moveable whether installed or not and all replacements thereof and additions thereof whether by way of substitution, addition, replacement, conversion or otherwise howsoever together with all benefits, rights and incidental attached thereto which are now owned or to be owned in the future by the borrower. This loan is also backed by guarantee from Vedanta Resources Plc. a) Buyer’s credit from banks (Secured) includes : (i) Rs.17407.800 Millions of Jharsuguda Aluminium at an interest rate of LIBOR plus 50-200 basis points are secured by exclusive charge on the assets of Jharsuguda Aluminium imported under facility and first charge on current assets of Jharsuguda Aluminium on pari passu basis. (ii) Rs.32787.900 Millions of Copper India at an interest rate of 0.91% is secured by way of first charge by hypothecation on the entire stock of raw materials, work-in-progress and all semi-finished, finished, manufactured articles together with all stores, components and spares, both present and future book debts, outstanding monies, receivables, claims and bills arising out of sale etc and such charge in favour of the banks ranking pari passu inter se, without any preferences or priority to one over other(s) in any manner. (iii) Rs.324.700 Millions at the Jharsuguda 2,400 MW power plant is secured against first pari passu charge on entire current assets of Jharsuguda 2,400 MW power plant. b) Loan repayable on demand from banks is in respect of Cash Credit facility of Rs.30.100 Millions of Jharsuguda Aluminium and is secured by hypothecation of entire current assets of Jharsuguda Aluminium, both present and future, comprising stock of raw materials, work-in-progress, stock-in-transit, consumables, stores, spares, receivables. It is also backed by unconditional and irrevocable corporate guarantee of Vedanta Resources Plc. c) During the year Jharsuguda 2,400 MW power plant has obtained a Rs.10000.000 Millions loan from Axis Bank at an interest rate of 10.50 % per annum. The loan is secured by way of mortgage and charge on all immovable properties both present and future of Jharsuguda 2,400 MW power plant except agricultural land and second charge by way of pledge on all the movable fixed assets of Jharsuguda 2,400 MW power plant. The loan is repayable in September 2014.


Banking Relations :	--

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Tower 3, 27^th - 32^nd Floor, Indiabulls Finance Centre, Eiphinstone Mill Compound, Senapati Bapat Marg, Elphinstone (West), Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-61854000
Fax No.:	91-22-61854501/4601

Entities Controlling the Company (Holding Companies):	· Volcan Investments Limited (Ultimate Holding Company) Vedanta Resources Plc (Intermediate Holding Company) Vedanta Resources Holdings Limited (Intermediate Holding Company) Richter Holding Limited (Intermediate Holding Company) Vedanta Resources Finance Limited (Intermediate Holding Company) Vedanta Resources Cyprus Limited (Intermediate Holding Company) Twin Star Holdings Limited (Intermediate Holding Company) Finsider International Company Limited (Intermediate Holding Company) Westglobe Limited (Intermediate Holding Company) Welter Trading Limited (Intermediate Holding Company)

Fellow Subsidiaries	· Konkola Copper Mines Plc The Madras Aluminium Company Limited* (Fellow Subsidiary upto August 17, 2014) Sterlite Technologies Limited Sterlite Grid Limited Sterlite Iron and Steel Company Limited Sterlite Industries (India) Limited*

Associates:	· Gaurav Overseas Private Limited Raykal Aluminium Company Private Limited

Subsidiaries:	· Hindustan Zinc Limited (Previous Year: Fellow Subsidiary) Bharat Aluminium Company Limited (Previous Year: Fellow Subsidiary) Malco Energy Limited (Earlier Vedanta Aluminium Limited) (Previous Year: Fellow Subsidiary) Copper Mines of Tasmania Pty Limited (CMT) Thalanga copper mines Pty Limited (TCM) Sterlite Infra Limited (SIL) Monte Cello B.V. (MOBV) Talwandi Sabo Power Limited (TSPL) (Previous Year: Fellow Subsidiary) Sesa Resources Limited (‘SRL’) Sesa Mining Corporation Limited (‘SMCL’) Goa Energy Limited Bloom Fountain Limited (‘BFL’) Twin Star Energy Holdings Limited (‘TEHL’) (Previous Year: Fellow Subsidiary) Twin Star Mauritius Holdings Limited (‘TMHL’) (Previous Year: Fellow Subsidiary) Western Cluster Limited Sterlite (USA) Inc. Fujairah Gold FZC THL Zinc Ventures Limited THL Zinc Limited THL Zinc Holding B.V. THL Zinc Namibia Holdings (Proprietary) Limited Skorpion Zinc (Proprietary) Limited Skorpion Mining Company (Proprietary) Limited Namzinc (Proprietary) Limited Amica Guesthouse (Proprietary) Limited Rosh Pinah Health Care (Proprietary) Limited Black Mountain Mining (Proprietary) Limited (Previous Year: Fellow Subsidiary) Vedanta Lisheen Holdings Limited (earlier Vedanta Lisheen Finance Limited) Vedanta Lisheen Mining Limited Killoran Lisheen Mining Limited Killoran Lisheen Finance Limited Lisheen Milling Limited Vedanta Exploration Ireland Limited (Date of Incorporation - May 16, 2013) Sterlite Ports Limited Maritime Ventures Private Limited Sterlite Infraventures Limited Pecvest 17 Proprietary Limited Vizag General Cargo Berth Private Limited (Previous Year: Fellow Subsidiary) Paradip Multi Cargo Berth Private Limited Lakomasko B.V. Cairn India Limited @ Cairn India Holdings Limited @ Cairn Energy Holdings Limited @ Cairn Energy Hydrocarbons Limited @ Cairn Exploration Limited @ Cairn Exploration Limited @ Cairn Exploration Limited @ Cairn Energy Gujarat Block 1 Limited @ Cairn Energy Discovery Limited @ Cairn Energy Cambay B.V. @ Cairn Energy India West B.V. @ Cairn Energy Gujarat B.V.@ Cairn Energy Netherlands Holdings B.V. @ Cairn Energy Australia Pty Limited @ Cairn Energy India Pty Limited @ CEH Australia Limited @ CIG Mauritius Holdings Private Limited @ CIG Mauritius Private Limited @ Cairn Lanka Private Limited @ Cairn South Africa Proprietary Limited @ Cairn Energy Investments Australia Pty Limited @1 Wessington Investments Pty Limited @1 Sydney Oil Company Pty Limited @1 Cairn Exploration (No.4) Limited @1 Cairn Petroleum India Limited @1 Cairn Energy India Holdings B.V. @1 Cairn Energy Group Holdings B.V. @1 Cairn Energy Gujarat Holding B.V @1 Cairn Energy India West Holdings B.V. @1 Cairn Energy Cambay Holding B.V. @1 CEH Australia Pty Limited @1 Cairn Energy Asia Pty Limited @1

Others:	· Vedanta Foundation Sesa Community Development Foundation Public and Political Awareness Trust Rampia Coal Mines and Energy Private Limited (Jointly Controlled Entity) Goa Maritime Private Limited (Jointly Controlled Entity)
NOTE: * Ceases to be related party for the Company pursuant to the Scheme of Amalgamation (Refer note no 31) @ Subsidiary w.e.f. August 26, 2013 (Previous Year: Associate) 1 Dissolved during the year $ Appointed as Chief Executive Officer w.e.f. April 1, 2014 # Appointed as Whole Time Director & Chief Financial Officer w.e.f. April 1, 2014

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1,000,000,000	Equity Shares	Rs.1/- each	Rs. 1000.000 Millions
50,260,000,000	Add: Pursuant to the Scheme of Amalgamation		Rs. 50260.000 Millions

	Total		Rs. 51260.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

869,101,423	Equity Shares	Rs.1/- each	Rs. 869.100 Millions
2,095,903,448	Add: Issued pursuant to the Scheme of Amalgamation *		Rs. 2095.900 Millions

	Total		Rs. 2965.000 Millions

NOTE:

* includes 330,384 equity shares pending allotment kept in abeyance.

Shares held by ultimate holding company and its subsidiaries/associates

Particulars	March 31, 2014
	Number of Shares	% of Holding
Twinstar Holdings Limited	1,144,661,034	38.61
Finsider International Company Limited	401,496,480	13.54
West Globe Limited	44,343,139	1.50
Welter Trading Limited	38,241,056	1.29
Total	1,628,741,709	54.94

(1) All the above entities are subsidiaries of Vedanta Resources Plc. Accordingly, Vedanta Resources Plc. is the ultimate holding company.

(2) In addition, Twin Star Holdings Limited holds 24,823,177 American Depository Shares representing 99,292,708 equity shares.

Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date

Particulars

March 31, 2014

Number of

Shares

Equity shares issued during the year pursuant to Schemes of Amalgamation

2,095,903,448

Equity shares allotted as fully paid-up shares for consideration other than cash pursuant to the Scheme of Amalgamation (in FY 2010-11)

9,398,864

Details of shareholders holding more than 5% shares in the Company other than as shown in (C) above

Particulars	March 31, 2014
	Number of Shares	% of Holding
Twinstar Holdings Limited	1,114,661,034	38.61
Finsider International Company Limited	401,496,480	13.54
CITI Bank N. A. New York# (American depository shares held as depository)	249,110,480	8.40

# Includes 24,823,177 American Depository Shares representing 99,292,708 equity shares on behalf of Twin Star

Holdings Limited.

OTHER DISCLOSURES

(1) The Company has one class of equity shares having a par value of Rs.1 per share. Each shareholder is eligible for one vote per share held and dividend as and when declared by the Company. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend which is paid as and when declared by the Board of Directors. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of

the Company, after distribution of all preferential amounts, in proportion to their shareholding.

(2) ADS shareholders do not have right to attend General meetings in person and also do not have right to vote. They are represented by depository, CITI Bank N.A. New York. As on March 31, 2014, 249,110,480 equity shares were held in the form of 62,277,620 ADS.

(3) For terms of conversion foreign currency convertible bonds

(4) In terms of Scheme of Arrangement as approved by the Hon'ble High Court of Judicature at Mumbai, vide its order dated April 19, 2002 the erstwhile Sterlite Industries (India) Limited during 2002-2003 reduced its paid up share capital by Rs.100.300 Millions. There are 219,937 equity shares of Rs.1 each pending clearance from NSDL/CDSL. The Company has filed application in Hon'ble High Court of Mumbai to cancel these shares, the final decision on which is pending. Hon'ble High Court of Judicature at Mumbai, vide its interim order dated September 06, 2002 restrained any transaction with respect to subject shares.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2965.000	869.100	869.100
(b) Reserves & Surplus	333823.200	129368.800	115019.000
(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)	336788.200	130237.900	115888.100

(3) Non-Current Liabilities
(a) long-term borrowings	205342.200	11791.600	9680.100
(b) Deferred tax liabilities (Net)	0.000	104.000	631.000
(c) Other long term liabilities	3933.300	23.200	775.100
(d) long-term provisions	22.600	18.100	43.300
Total Non-current Liabilities (3)	209298.100	11936.900	11129.500

(4) Current Liabilities
(a) Short term borrowings	132340.900	36519.100	33.100
(b) Trade payables	24133.000	2443.000	8771.600
(c) Other current liabilities	124173.900	2807.400	2160.300
(d) Short-term provisions	8162.700	408.800	3995.200
Total Current Liabilities (4)	288810.500	42178.300	14960.200

TOTAL	834896.800	184353.100	141977.800

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	224889.000	14685.700	7418.600
(ii) Intangible Assets	951.300	860.200	180.100
(iii) Capital work-in-progress	173273.300	3633.000	5045.400
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	224191.100	145658.600	17132.700
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	99055.200	4548.900	1529.800
(e) Other Non-current assets	1044.000	0.000	0.000
Total Non-Current Assets	723403.900	169386.400	31306.600

(2) Current assets
(a) Current investments	3480.800	1277.000	77505.400
(b) Inventories	56787.000	7560.200	6361.000
(c) Trade receivables	13036.500	1404.400	5068.800
(d) Cash and cash equivalents	21103.600	248.800	8913.200
(e) Short-term loans and advances	12834.400	2924.400	12681.600
(f) Other current assets	4250.600	1551.900	141.200
Total Current Assets	111492.900	14966.700	110671.200

TOTAL	834896.800	184353.100	141977.800

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	285365.300	23476.300	65134.500
	Other Income	18170.600	3419.900	3863.300
	TOTAL (A)	303535.900	26896.200	68997.800

Less	EXPENSES
	Cost of Materials Consumed	179455.900	2245.900	5888.100
	Purchases of Stock-in-Trade	8192.500	1057.800	3670.100
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(5568.600)	(2057.700)	319.100
	Power and Fuel	46736.700	5574.800	0.000
	Employees benefits expense	5590.800	1846.200	1914.400
	Other expenses	27838.800	11390.800	27297.300
	Exceptional item	1308.800	97.100	660.900
	TOTAL (B)	263554.900	20154.900	39749.900

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	39981.000	6741.300	29247.900

Less	FINANCIAL EXPENSES (D)	35649.600	4692.300	4200.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	4331.400	2049.000	25047.900

Less/ Add	DEPRECIATION/ AMORTISATION (F)	15047.900	1479.100	838.500

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(10716.500)	569.900	24209.400

Less	TAX (I)	(21477.400)	(637.800)	7410.000

	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	10760.900	1207.700	16799.400

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	20677.000	19621.000	11377.200

Add	TRANSFERRED ON AMALGAMATION OF SESA INDUSTRIES LIMITED	150.000	0.000	0.000

Add	PURSUANT TO THE SCHEME OF AMALGAMATION	(7747.900)	0.000	0.000

	APPROPRIATIONS
	Transferred to debenture redemption reserve	3183.700	0.000	3476.400
	Interim dividend [dividend per share Rs.1.50/-]	4447.000	0.000	79.200
	Proposed dividend [dividend per share Rs.1.75/- (Previous year Rs.0.10/-)]	5188.800	86.900	0.000
	Tax on Proposed dividend (net of dividend received from subsidiary u/s 115 O of Income-tax Act, 1961)	0.000	14.800	0.000
	Transferred to general reserve	1150.000	50.000	5000.000
	Balance Carried to the B/S	9870.500	20677.000	19621.000

	EARNINGS IN FOREIGN CURRENCY
	Export Earnings	126859.600	12125.900	51214.200
	Management fees	21.100	0.000	0.000
	Dispatch money	0.000	30.800	93.100
	Sale of Carbon Credits	0.000	27.600	79.400
	Other services	0.000	0.500	0.000
	Others (ADS Reimbursement from CITI)	71.500	0.000	0.000
	TOTAL EARNINGS	126952.200	12184.800	51386.700

	IMPORTS
	Raw Materials	176026.700	0.000	6972.200
	Components and spare parts	750.100	3518.400	139.200
	Fuel (including in transit)	10913.700	205.700	0.000
	Capital Goods	313.900	1115.900	276.200
	TOTAL IMPORTS	188004.400	4840.000	7387.600

	Earnings / (Loss) Per Share (Rs.)	3.67	1.39	19.33

QUARTERLY RESULTS

PARTICULARS			30.06.2014
			1^stQuarter
Net Sales			7,1358.000
Total Expenditure			6,2493.600
PBIDT (Excl OI)			8864.400
Other Income			6685.800
Operating Profit			1,5550.200
Interest			9853.300
Exceptional Items			0.000
PBDT			5696.900
Depreciation			3994.500
Profit Before Tax			1702.400
Tax			0.000
Provisions and contingencies			0.000
Profit After Tax			1702.400
Extraordinary Items			0.000
Prior Period Expenses			0.000
Other Adjustments			0.000
Net Profit			1702.400

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	(7.08)	4.49	24.35

Net Profit Margin (PBT/Sales)	(%)	(3.76)	2.43	38.96

Return on Total Assets (PBT/Total Assets}	(%)	(2.45)	1.63	82.56

Return on Investment (ROI) (PBT/Networth)		(0.03)	0.00	0.19

Debt Equity Ratio (Total Debt /Networth)		1.00	0.37	0.28

Current Ratio (Current Asset/Current Liability)		0.39	0.35	0.48

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	869.100	869.100	2965.000
Reserves & Surplus	115019.000	129368.800	333823.200
Net worth	115888.100	130237.900	336788.200

long-term borrowings	9680.100	11791.600	205342.200
Short term borrowings	33.100	36519.100	132340.900
Total borrowings	9713.200	48310.700	337683.100
Debt/Equity ratio	0.084	0.371	1.003

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	65134.500	23476.300	285365.300
		(63.957)	1,115.546

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	65134.500	23476.300	285365.300
Profit	16799.400	1207.700	10760.900
	25.79%	5.14%	3.77%

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	Yes

LITIGATION DETAILS

Reg. No. :- TXA / 25 / 2014

Stamp No. :- STM / 257 / 2014

Case Status :

Pending (Final Hearing)

Petitioner :

Commissioner of income tax

Respondent :

Sesa goa limited

Petitoner Adv. :

Asha A Desai

District :

North Goa

Bench :

Division

Act :

Income Tax Act, 1961

Category :

Income Tax Appeal

Case Stage :

FOR ADMISSION - FRESH

Hearing Date :

23 September 2013

Application Maters	Connected Maters
No application matters	TXA / 19 / 2013 TXA / 18 / 2013 TXA / 14 / 2013 TXA / 13 / 2013 TXA / 25 / 2014

This Case is updated on : 27 May 2014

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10510114	21/07/2014	50,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	C12127023
2	10497008	15/04/2014	5,000,000,000.00	STATE BANK OF BIKANER AND JAIPUR	COMMERCIAL NETWORK BRANCH, 239, P DE MELLO ROAD, NEAR G.P.O, MUMBAI, MAHARASHTRA - 400001, INDIA	C05304654
3	10470762	07/08/2014 *	20,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	C16284358
4	10467271	25/03/2014 *	10,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARAS HTRA - 400025, INDIA	C05299433
5	10464741	23/12/2013 *	12,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARAS HTRA - 400025, INDIA	B94118395
6	10449511	04/03/2014 *	10,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B98559131
7	10437388	27/09/2013 *	25,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, , PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B86679446
8	10419764	15/04/2013	20,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARAS HTRA - 400025, INDIA	B73207797
9	10403083	21/01/2013	20,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, , PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B67744896
10	10378088	04/09/2012	7,500,000,000.00	STATE BANK OF INDIA	C.A.G. MUMBAI, NEVILLE HOUSE, J.N.HEREDIA MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B58717232
11	10285311	21/04/2011 *	6,250,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, PATTO PLAZA, PANAJI, GOA - 403001, INDIA	B13742978
12	10276869	19/03/2011	1,600,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B09556101
13	10268621	26/07/2012 *	4,000,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B56079197
14	10217878	15/04/2010	1,000,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A85366698
15	10291966	07/01/2010	1,000,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, STATE BANK STAFF TRAINING CENT RE BLDG., PANAJI, GOA - 403001, INDIA	A86441441
16	10291957	07/12/2009	380,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, STATE BANK LEARNING CENTRE BLDG., PANAJI, GOA - 403001, INDIA	A83231258
17	10033074	22/03/2013 *	174,500,000.00	THE ROYAL BANK OF SCOTLAND N.V	4 NORTH AVENUE, MAKER MAXITY, BANDRA KURLA COMPLE X, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	B72817687
18	10033075	22/03/2013 *	2,000,000,000.00	DEUTSCHE BANK AG	HAZARIMAN SOMANI MARG, MUMBAI, MAHARASHTRA - 400001, INDIA	B72933484
19	10024200	22/03/2013 *	2,100,000,000.00	CITI BANK N.A.	CITIBANK CENTER, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	B72499650
20	10027283	22/03/2013 *	2,700,000,000.00	STANDARD CHARTERED BANK	19, RAJAJI SELAI, CHENNAI, TAMIL NADU - 600001, INDIA	B72486723
21	10033069	22/03/2013 *	4,000,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, NEVILLE HOUSE, J .N. HEREDIA MARG, MUMBAI, MAHARASHTRA - 400001, INDIA	B73025850
22	10024856	22/03/2013 *	5,000,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B72499031
23	10020828	22/03/2013 *	8,000,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B72463979
24	10026057	22/03/2013 *	17,000,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B72487580
25	80064579	21/01/2012 *	1,000,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWERS,, BANDRA KURLA COMPLEX,BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	B31675275
26	90001523	09/10/2003	1,150,000,000.00	ICICI BANK LTD.	LANDMARK, RACE COURSE CIRCLE, VADODARA, GUJARAT - 390007, INDIA	-
27	90144569	05/07/2003	2,500,000,000.00	WESTERN INDIA TRUSTEE AND EXECUTOR COMPANY LIMITED	161/C MITTAL COURT, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	-
28	90144006	15/07/2002	2,500,000,000.00	ICICI BANK LIMITED	RACE COURSE CIRCLE, VADODARA, MAHARASHTRA - 390007, INDIA	-
29	90001135	27/11/2000	245,000,000.00	HDFC BANK LTD.	169-A; ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA	-
30	90065050	07/06/2004 *	463,000,000.00	CANARA BANK	PANJIM GOA, PANJIM, GOA, INDIA	-
31	90001092	23/07/2000	300,000,000.00	ICICI BANK LTD.	110; MAHATMA GANDHI SALAI, NUNGAMBAKKAM, MADRAS, TAMILNADU - 600034, INDIA	-
32	90065022	28/06/2000 *	250,000,000.00	ICICI LTD.	ICICI TOWERS, BANDRA KURLA COMPLEX; BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	-
33	90000952	14/06/1999	100,000,000.00	THE HDFC BANK LTD.	169 A; ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA	-
34	90000899	25/11/2004 *	25,000,000.00	HDFC BANK LTD.	ITC CENTRE; 759 ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA	-
35	90000854	17/06/1998	20,000,000.00	THE HDFC BANK LTD.	169 A. ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA	-
36	90064966	25/10/1989 *	15,000,000.00	STANDAED CHARTERED BANK	VASCO DA GAMAM, GOA, GOA - 403001, INDIA	-
37	90065476	16/07/1997 *	15,000,000.00	CANARA BANK	VASCO DA GAMA, GOA, GOA, INDIA	-
38	90065462	15/03/1995	33,218,262.00	CANARA BANK	PANJIM, GOA, GOA, INDIA	-
39	90065255	30/03/2004 *	76,800,000.00	CANARA BANK	PANAJI, PANAJI, GOA, INDIA	-
40	90064930	12/04/1994	770,000.00	ICICI BANK LTD	141; MAKER TOWERS "F" ; CUFFE PARADE, BOMBAY, MAHA RASHTRA, INDIA	-
41	90065232	04/04/1995 *	15,000,000.00	STANDARD CHARTRED BANK	VASCO DA GAMA, VASCO DA GAMA, GOA, INDIA	-
42	90064883	15/05/1991 *	648,270.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION O F INDIA LT	163; BACKBAY ;RECLAMTION, BOMBAY, MAHARASHTRA - 40 0020, INDIA	-
43	90064873	15/05/1991 *	37,000,000.00	INDUSTRIAL FINANCE CORPO. OF INDIA	BANK OF BARODA BUILDING, 16;SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA	-
44	90064858	01/11/1990 *	14,900,000.00	STATE BANK OF INDIA	PANJIM GOA, PANJIM, GOA, INDIA	-
45	90065417	02/08/1993 *	14,900,000.00	STATE BANK OF INDIA	PANJIM, PANJIM, GOA, INDIA	-
46	90065211	21/12/1988	6,750,000.00	CANARA BANK	PANJIM GOA, PANJIM OA, GOA, INDIA	-
47	90000162	29/04/1987	12,443,000.00	INDIAN BANK	PATULLOS ROAD BRANCH, MADRAS, TAMIL NADU, INDIA	-
48	90065405	18/02/2011 *	3,130,000,000.00	CANARA BANK	MATHISA PLAZA, GROUND FLOOR, 18TH JUNE ROAD, PANA JI, GOA - 403001, INDIA	B08309106
49	90065199	15/12/1996 *	46,200,000.00	CANARA BANK	PANJIM GOA, PANJIM, GOA - 403001, INDIA	-
50	90000017	03/04/1973	3,342,263.00	THE INDUSTRIAL CREDIT AND INVEST. CORPN. OF INDIA LTD.	163; BACKBAY RECLAMATION, FORT, BOMBAY, MAHARASHTRA, INDIA	-

* Date of charge modification

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Deferred sales tax liability e	1385.700	0.000
Foreign currency convertible bonds g	0.000	11791.600
Short-term borrowings
Buyers’ credit from banks	20529.600	586.800
Commercial paper d	32800.000	25000.000
Packing credit from banks	4914.800	9115.600
Suppliers’ credit	13546.000	1816.700
Total	73176.100	48310.700
NOTE: e) Unsecured deferred sales tax liability of Rs.1426.200 Millions [including amount classified under current maturity of long-term borrowings of Rs.40.500 Millions outstanding as at March 31, 2014 is currently repayable in monthly installments till March 2027. g) Foreign currency convertible bonds/notes includes : (i) 4% Convertible Notes of US $1,000 each amounting to US$ 500 million issued by erstwhile Sterlite Industries (India) Limited in financial Year 2009- 10. Subject to certain exceptions, the note holders have an option to convert these Convertible Notes into ADSs (each ADS represents four equity shares) at any time prior to business day immediately preceding the maturity date at a conversion rate of 42.8688 ADSs per US$ 1,000 principal amount of notes which is equal to a conversion price of approximately US$ 23.33 per ADS. Upon effectiveness of the Scheme of Amalgamation and Arrangement, conversion rate has been changed to 25.7213 ADSs per US$ 1,000 principal amount of notes which is equal to a conversion price of approximately US$ 38.88 per ADS. The conversion price could be subject to adjustments should certain events occur. Further, at any time after November 4, 2012, Copper India has a right to redeem in whole or parts of the Convertible Notes, subject to meeting certain conditions. The amount which Copper India is required to pay contractually on October 30, 2014is US$ 500 million, unless the notes are converted, redeemed or purchased and cancelled. The amount outstanding as on March 31, 2014 is Rs.30049.900 Millions (US$ 500 million) [included in current maturity of long-term borrowings. (ii) 5% Convertible Bonds of US$ 1,000 each amounting to US$ 500 million issued by the Company in Financial Year 2009-10. The bondholders have an option to convert these FCCBs into shares, at a conversion price of Rs.346.88 per share and at a fixed rate of exchange on conversion of Rs.48.00 per US$ 1.00 at any time on or after December 9, 2009. The conversion price is subject to adjustment in certain circumstances. The FCCBs may be redeemed in whole, but not in part, on or after October 30, 2012, subject to certain conditions. Unless previously converted, redeemed or repurchased and cancelled, the FCCBs fall due for redemption on October 31, 2014 at par. Upto March 31, 2014, 2,832 FCCB’s have been converted into 39,188,159 equity shares. A part of the FCCB proceeds aggregating to Rs.10408.600 Millions has been utilised for the Company’s capital projects. The amount outstanding as on March 31, 2014 is Rs.13029.600 Millions (US$ 216.79 million) [included in current maturity of long-term borrowings d) Maximum amount outstanding at any time during the year was Rs.80200.000 Millions.

COMPANY OVERVIEW

Subject (formerly known as Sesa Goa Limited “SGL”) (“SSL” or “the Company”) is engaged in the business of iron ore mining, non-ferrous metals (copper and aluminium production) and commercial power generation. SSL’s equity shares are listed on National Stock Exchange and Bombay Stock Exchange in India and its American depository shares (“ADS”) are listed on New York Stock Exchange in United States of America. Each ADS represents four equity shares. SSL is majority-owned and controlled subsidiary of Vedanta Resources Plc, the London listed diversified natural resource company. The Scheme of Amalgamation and Arrangement amongst Sterlite Energy Limited (‘SEL’), Sterlite Industries (India) Limited (‘Sterlite’), Vedanta Aluminium Limited (‘VAL’), Madras Aluminium Company Limited (‘Malco’) and the Company was sanctioned by the High Court of Judicature of Bombay at Goa vide its order dated April 3, 2013 and the Honourable High Court of Madras vide its order dated

July 25, 2013. The Scheme of Amalgamation between Ekaterina Limited and Sesa Goa Limited was sanctioned by the Honourable Supreme Court of Mauritius by an order dated August 24, 2012 and the High Court of Judicature of Bombay at Goa vide its order dated April 3, 2013.The Scheme became effective for Sterlite, Ekaterina and Malco on August 17, 2013; and for SEL and VAL the scheme became effective on August 19, 2013. The Scheme has been given effect to in the financial statements for the year ended March 31, 2014.

The Company’s iron ore business (Iron ore) consist of iron ore exploration, mining, beneficiation and exports. SSL has iron ore mining operations in the States of Goa and Karnataka. SSL is also in the business of manufacturing pig iron and metallurgical coke. The Company’s copper business (Copper India) is principally of custom smelting and includes a copper smelter, a refinery, a phosphoric acid plant and power plants at Tuticorin, Tamilnadu and a refinery and two copper rod plants at Silvassa in the Union Territory of Dadra and Nagar Haveli.

The Company’s power business (Jharsuguda 2,400 MW power plant) comprise of 2,400 MW (four units of 600 MW each) thermal coal based power facility in the State of Odisha. The Company’s aluminium business (Jharsuguda aluminium) is principally of production of 1.0 mtpa alumina at Lanjigarh, Odisha, production of 0.5 mtpa aluminium at Jharsuguda, Odisha and captive power plants situated at Jharsuguda and Lanjigarh. The Company is also setting up a 1.25 mtpa aluminium smelter at Jharsuguda, 4.0 mtpa of alumina refinery at Lanjigarh and 210 MW at Lanjigarh.

Pursuant to approval received from Register of Companies, the name of the Company has been changed from Sesa Goa Limited to Sesa Sterlite Limited w.e.f. September 18, 2013.

PERFORMANCE REVIEW

The Group structure consolidation and simplification exercise, announced in February 2012, was concluded and took effect in two phases on August 17, 2013 and August 19, 2013. Therefore, the numbers of FY 2013-14 are not comparable with FY 2012-13. On account of the merger, the Company on standalone is into iron-ore, copper, aluminium and power businesses.

The merger of Sterlite Industries (India) Limited. and Sesa Goa Limited., and the consolidation of the Vedanta Group has created India’s largest and one of the world’s top seven diversified natural resource majors by market capitalisation and EBITDA.

The merger creates a platform to reinforce the Company’s position with a diversified portfolio to reduce the volatility of earnings through commodity cycles, lowering capital cost and enhancing value. The consolidation will generate significant financial and operational synergies.

RESULTS OF OPERATIONS

The strength of their portfolio continued to support the business performance during a year where they faced subdued commodity prices. Even though operating in a challenging economic environment, volatile markets and generally low global growth rate, their revenue and EBITDA remained strong and enabled to deliver robust profits in FY 2013-14.

The operational highlights during the year comprise: Full year record production of Oil and Gas, driven by production ramp-up in Rajasthan block Higher integrated refined metal production and stable mined metal production for the full year at Zinc India First metal tapping at the BALCO 325kt aluminium smelter during Q4 Strong utilisation at Tuticorin copper smelter; 2nd 80MW unit of power plant commissioned during Q4

The Honorable Supreme Court vide its order dated April 21, 2014 has conditionally lifted the ban on mining in the

State of Goa with cap of 20 mtpa Resumption of iron ore mining operation at Karnataka

SCHEME OF AMALGAMATION AND ARRANGEMENT

In terms of order dated April 2, 2013 of Hon’ble High Court of Bombay at Goa further confirmed by order dated August 27, 2013 of the Supreme Court of India, the merger of Sterlite Industries (India) Limited (‘Sterlite’) and The Madras Aluminium Company Limited (MALCO) with Sesa Goa and transfer of MALCO power plant to Vedanta Aluminium Limited (VAL) pursuant to the Scheme of amalgamation and arrangement amongst Sterlite, MALCO, Sterlite Energy Limited (SEL), VAL and Sesa Goa and their respective Shareholders and Creditors (‘Composite Scheme’) and the Scheme of Amalgamation of Ekaterina Limited (Ekaterina) with Sesa Goa and their respective Shareholders and Creditors (‘Ekaterina Scheme’) became effective from August 17, 2013. August 28, 2013 was fixed as the Record date for determining the list of the shareholders of Sterlite, MALCO and Ekaterina to whom the equity shares of the Sesa Goa were allotted as per terms of the scheme in the following manner: To the Shareholders of Sterlite: Every equity shareholder of Sterlite holding 5 (five) equity shares in Sterlite of Rs. 1 each fully paid up (‘Sterlite Shares’) as of the Record Date shall be entitled to be issued 3 (three) shares of face value Rs.1 each, at par, credited as fully paid up, of the Sesa Goa (‘Sesa Goa Shares’).

To the ADS holders of Sterlite:

Every holder of Sterlite ADSs (each representing 4 (four) Sterlite shares) holding 5 (five) Sterlite ADSs shall be entitled to receive 3 (three) Sesa Goa ADSs (each representing 4 (four) Sesa Goa shares).

To the Shareholders of MALCO:

Every equity shareholder of MALCO holding 10 (ten) equity shares in MALCO of Rs. 2 each fully paid up as of the

Record Date shall be entitled to be issued 7 (seven) equity shares of face value Rs.1 each, at par, credited as fully paid up, of the Sesa Goa.

To the Shareholders of Ekaterina:

Every equity shareholder of the Ekaterina Limited holding 25 (Twenty Five) equity shares in Ekaterina Limited of USD 0.1 each fully paid up as of the Record Date shall be entitled to be issued 1 (One) equity share of the face value of Rs.1 each, at par, credited as fully paidup, of the Sesa Goa.

The shares were allotted on August 29, 2013 and the shares were credited to the depository accounts and share certificates dispatched in first week of September, 2013. Consequent to allotment the share paid up share capital of the Company went up from Rs.869.101 Millions to Rs.2964.674 Millions.

Treatment of fractional entitlements:

All fractional entitlements (cumulatively) of individual shareholders were allotted to Mr. P. K. Mukherjee, Executive Director as Trustee for and on behalf of such shareholders of Sterlite and MALCO and the shares were disposed of and the proceeds distributed to such shareholders in proportion to and in lieu of their respective fractional entitlements. The Proceeds also included interim dividend of Rs.1.50 per share declared by the Board on October 31, 2013.

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2014	31.03.2013
(a)Disputed liabilities in appeal :
i. Income Tax demands principally in respect of depreciation consequent to block assessment, disallowance of short term capital loss, disallowance of commission on sales paid to non resident, Section 14A, demurrage, Section10B deduction and additional depreciation on plant and machinery.	13474.900	15224.700
ii. Sales Tax demands relating to tax on Freight and Entry Tax on imported goods	4984.600	--
iii. Excise Duty relating to disputes in respect of dutiability and availing of cenvat credit on certain capital goods and other inputs.	1543.200	--
iv. Service Tax demands for certain services rendered	259.500	--
v. Custom duty relating to differential export duty on export shipments	140.400	344.100
vi. FERA/FEMA matters relating to disputes in respect of certain investments into the Company	599.000	--
vii. Forest development tax levied by Government of Karnataka	2978.000	1953.600
viii. Cess on transportation of Ore, coal and coke levied by Government of Goa under the Goa Rural and Development and Welfare Cess Act, 2000 (Goa Act 29 of 2000)	1073.300	1053.300
ix. Royalty demand in Karnataka	121.100	--
x. Other matters principally related to Building Cess under Building and Construction Workers (RECS) Act, 1996 and corresponding Welfare Cess Act, 1996	106.300	--
(b)Claims against the company not acknowledged as debts principally related to commercial and employment contracts, stacking charges, dead rent on deemed mining leases and royalty.	2492.900	238.300
(c) Estimated cost of variation in copper and precious metals quantity due to adjustments done based on metal contents as per laboratory assessments pending receipt of final invoice amounts to Rs.372.800 Millions (Previous year Nil). (d) Shenzhen Shandong Nuclear Power Construction Co. Limited (‘SSNP’) subsequent to terminating the EPC contract invoked arbitration as per the contract alleging non-payment of their dues towards construction of a 210 MW co-generation power plant for refinery expansion project, and filed a claim of Rs.17801.600 `. SSNP also filed a petition under Section 9 of the Arbitration and Conciliation Act, 1996 before the Bombay High Court praying for interim relief. The Bombay High Court initially dismissed their petition, but on a further appeal by SSNP, the Division Bench of the Bombay High Court directed Jharsuguda aluminium to deposit a bank guarantee for an amount of Rs.1870.000 ` as a security, being a prima facie representation of the claim, until arbitration proceedings are completed. Jharsuguda Aluminium has deposited a bank guarantee of equivalent amount. Management is of the opinion that this claim is not valid under the terms of the contract with SSNP and it is unlikely that SSNP can legally sustain the claim and accordingly, no provision is considered necessary. (e) Future cash flows in respect of the above, if any, is determined only on receipt of judgement/decisions pending with relevant authorities. The Company does not expect the outcome of matters stated above to have a material adverse effect on the Company’s financials conditions, result of operations or cash flows.

STATEMENT OF UNAUDITED STANDALONE RESULTS FOR THE QUARTER ENDED JUNE 30, 2014

PART I

(Rs. In Millions)

Particulars	Quarter ended 30.06.2014
	Unaudited
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	70680.400
b) Other operating income	677.600
Total income from Operations(net)	71358.000
2.Expenses
a) Cost of material consumed	40244.700
b) Purchases of stock in trade	3394.900
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(222.800)
d) Employees benefit expenses	1483.700
e) Depreciation and amortization expenses	3994.500
f) Power and Fuel charges	10890.300
g) Exchange Loss / (Gain)	184.300
h Other expenses	6518.500
Total expenses	66488.100
3. Profit/(loss) from operations before other income, financial costs and exceptional items	4869.900
4. Other income	6685.800
5. Profit/ (loss) from ordinary activities before finance costs and exceptional	11555.700
6. Finance costs	9853.300
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	1702.400
8. Exceptional item	--
9. Profit from ordinary activities before tax Expense:	1702.400
10.Tax expenses	--
11.Net Profit / (Loss) from ordinary activities after tax	1702.400
12.Extraordinary Items (net of tax expense)	--
13.Net Profit / (Loss) for the period	1702.400
14.Paid-up equity share capital (Nominal value Re. 1/- per share)	2965.000
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16.i) Earnings per share (before extraordinary items) of Re. 1/- each) (not annualised):
(a) Basic	0.57*
(b) Diluted	0.57*

PART II

SELECT INFORMATION

Particulars	Quarter ended 30.06.2014
	Unaudited
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	1034843184
- Percentage of shareholding	34.91%
2. Promoters and Promoters group Shareholding (Excluding shares against with ADRs are issued) $
a) Pledged /Encumbered
Number of shares	--
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	--
Percentage of shares (as a % of total share capital of the company)	--

b) Non Encumbered
Number of shares	1691651651
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00%
	57.06%
Percentage of shares (as a % of total share capital of the company)

$ The promoter and promoter group in addition to the equity shareholding also hold 3.35% of the equity capital in the form of ADR represented by 99292708 equity shares as on June 30, 2014.

The balance ADR of 4.68% represented by 138886944 equity shares are held by CITI Bank as custodian.

Allotted in respect of 330384 equity shares to the shareholders of erstwhile Sterlite Industries (India) Limited have been kept in abeyance.

Particular	Quarter ended 30.06.2014
B. Investor Complaints (Nos.)
Pending at the beginning of the quarter	--
Receiving during the quarter	--
Disposed of during the quarter	--
Remaining unreserved at the end of the quarter	--

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Millions)

Particulars	Quarter ended 30.06.2014
	(Unaudited)
1. Segment Revenue
a. Copper	38271.300
b. Iron Ore	825.600
c. Aluminium	21187.500
d. Power	6580.600
e. Others	5397.100
Total	72262.100
Less : Inter Segment Revenue	1581.700
Net Sales/ Income from Operations	70680.400

2. Segment Result (Profit before Interest and Tax)
a. Copper	1073.600
b. Iron Ore	(235.800)
c. Aluminium	2255.600
d. Power	1453.200
e. Others	556.100
Total	5102.700

Less : Finance Cost	9853.300
Add: Other un-allocable income net off expenses	6453.000
Less: Exceptional Items	--
Profit before Tax	1702.400
3. Capital Employed
a. Copper	50137.100
b. Iron Ore	16788.200
c. Aluminium	288678.300
d. Power	73580.800
e. Others	10950.800
f. Unallocated	(103141.500)
Total	336993.700

The main business segments are, (a) Copper which consist manufacturing of copper cathode, continuous cast copper rod, anode slime including from purchased concentrate and manufacturing of precious metal from anode slime, sulphuric acid, phosphoric acid (b) Iron ore (c) Aluminium which consist of manufacturing of alumina and various aluminium products (d) Power which consists of power excluding captive power but including power facilities predominantly engaged in generation and sale of commercial power and (e) Other business segment comprise of pig iron and metallurgical coke. The assets and liabilities that cannot be allocated between the segments are shown as unallocated corporate assets and liabilities respectively.

NOTE

1. The above results for the quarter ended June 30, 2014 have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on July 29, 2014. The statutory auditors of the Company have carried out a limited review of these results.

2. The Scheme of Amalgamation and Arrangement amongst Sterlite Energy Limited ('SEL'), Sterlite Industries (India) Limited ('Sterlite'), Vedanta Aluminium Limited ('VAL'), Ekaterina Limited ('Ekaterina'), Madras Aluminium Company Limited {'Malco') and the Company (the "Scheme") has been sanctioned by the Honourable High Court of Madras and the High Court of Judicature of Bombay at Goa. The Scheme has been given effect to in the quarter ended September 30, 2013. Consequent to the effectiveness of the Scheme as above, the results for the quarter and the figures in respect of earnings per share, are not comparable with previous corresponding period presented.

Subsequent to, the effectiveness of the Scheme, the Commissioner of income tax, Goa and the Ministry of Corporate Affairs have challenged the orders of the High Court of Judicature of Bombay at Goa by way of a Special Leave Petition before the Supreme Court. Further, a creditor and a shareholder have challenged the order of the High Court of Madras. The said petitions are pending admission/hearing.

3. The Honorable Supreme Court vide its judgement dated April 21, 2014 lifted the ban on iron ore mining in the State of Goa, subject to certain conditions. In pursuance of the said judgement, the State Government of Goa is expected to announce a policy on iron ore mining shortly. In the interim, the iron ore mining operations at Goa continues to remain suspended.

4. With regard to the alumina refinery expansion project at Lanjigarh, the Company's fresh application for environmental clearance is under process and the public hearing is scheduled on July 30, 2014. In the meantime the expansion project continues to be on hold.

5. The figures for the quarter ended March 31, 2014 are the balancing figures between audited figures in respect of the full financial year and the year to date figures upto the third quarter ended December 31, 2013.

6. Previous Period / Year figures have been regrouped / rearranged wherever necessary to conform to current period presentation.

FIXED ASSETS

Tangible Assets

· Mining Leases

Mining Concessions

Land Plots

Road and Bunders

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Office Equipment

Aircraft

River Fleet

Ship

Intangible Assets

· Computer Software

PRESS RELEASES

SESA EXPECTS TO RESUME GOA IRON ORE PRODUCTION IN SEPTEMBER

JULY 03, 2014

The miner expects its total iron ore output at 9.29 million tonnes in the current fiscal year to March 2015, Aniruddha Joshi, a vice president at Sesa Sterlite that operates in Goa and neighbouring Karnataka.

Sesa Sterlite Limited India's largest private iron ore miner, expects to resume production in the country's Goa state in September, a senior official of the company said on Thursday. The miner expects its total iron ore output at 9.29 million tonnes in the current fiscal year to March 2015, Aniruddha Joshi, a vice president at Sesa Sterlite that operates in Goa and neighbouring Karnataka, told Reuters in an interview. The Supreme Court in April lifted a ban on mining in Goa, in place for nearly two years to curb illegal mining, but ordered firms to renew mining leases and environmental clearances before restarting work.

Also Read: Sesa Sterlite Q4 net rises 13% to Rs 16220.000 Millions, margin dips Sesa Sterlite stock price On July 21, 2014, at 10:56 hrs Sesa Sterlite was quoting at Rs 298.85, up Rs 0.45, or 0.15 percent. The 52-week high of the share was Rs 318.40 and the 52-week low was Rs 119.45. The company's trailing 12-month (TTM) EPS was at Rs 3.63 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 82.33. The latest book value of the company is Rs 113.60 per share. At current value, the price-to-book value of the company is 2.63.

HOPEFUL OF MINING RESUMING AFTER MONSOON: SESA STERLITE

JULY 11, 2014

The company, which had exported 14 MT, of total 40 MT during the year 2011-12, before the apex court banned the mining activity in Goa, conceded that the exports would decrease once the mining activity resumes because of several conditions.

After two-year-long ban on the iron ore extraction industry, Sesa Sterlite a natural resource major, today said it expects export to resume soon post monsoon. "We recognise that part of the Supreme Court decision lifting the ban needs to be taken up by both the State and federal government."So we look forward for everyone working towards timely resumption of mining within those conditions by the end of the monsoon season," Sesa Sterlite CEO Tom Albanese told PTI here at the sidelines of the company's Annual General meeting. The company, which had exported 14 MT, of total 40 MT during the year 2011-12, before the apex court banned the mining activity in Goa, conceded that the exports would decrease once the mining activity resumes because of several conditions. During the AGM, Albanese told shareholders that they would be able to retain all their leases. He said that after the ban is lifted, the annual capping on the export would be 20 MT, which would easily be achieved considering the fact that the activity was stalled for last two years. "There is more than enough mining capacity to support 20 MT. I am confident that production will move up to the cap provided the economic conditions are good," he said. Albanese said the industry should also recognise that over past two years there has been a reduction in the prices of iron ore, so the margins that existed couple of years back, is no longer present now. "The profits on the ore export will be curbed due to continuation of the export duty and some of the ore that was mined two years ago may not be economical now," he added. He said that the Sesa Sterlite would be looking at fresh extraction primarily for the export market. The industry is also wary about the decrease in demand from China market, due to two yearlong lull. "With the mining ban being imposed in Goa, the loss has been compensated by increased production from Australia. Hopefully, once the ban is lifted, India can regain some of their market share," the CEO said. Earlier, addressing the shareholders, he said resumption of mining in Goa is only the start. "I believe, we need to use this as just the first step for a momentum to create Goa as a world class mining hub, to develop Goa as the state serving both the Indian steel mining sector and generating much needed export earnings," he said. Albanese said that the larger scale operation with larger fleet could make Goa a global iron ore hub. Export duties and high rail rates hinder the business, specially of lower grade iron ore, which Goa is known for. Sesa Sterlite stock price On July 21, 2014, at 10:57 hrs Sesa Sterlite was quoting at Rs 298.85, up Rs 0.45, or 0.15 percent. The 52-week high of the share was Rs 318.40 and the 52-week low was Rs 119.45. The company's trailing 12-month (TTM) EPS was at Rs 3.63 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 82.33. The latest book value of the company is Rs 113.60 per share. At current value, the price-to-book value of the company is 2.63.

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.60.47
UK Pound	1	Rs.100.43
Euro	1	Rs.78.40

INFORMATION DETAILS

Information Gathered by :	HNA

Analysis Done by :	KAR

Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		64

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.