MIRA INFORM REPORT

Report No. :	354163
Report Date :	08.12.2015

IDENTIFICATION DETAILS

Name :	VEDANTA LIMITED

Formerly Known As :	SESA STERLITE LIMITED

Registered Office :	Sesa Ghor 20 Edccomplex Patto, Panjim – 403001, Goa
Tel. No.:	91-832-2460600

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	25.06.1965

Com. Reg. No.:	24-000044

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

CIN No.: [Company Identification No.]	L13209GA1965PLC000044

IEC No.:	Not Divulged

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 Exchanges.

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

No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Status :	Good

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject was incorporated in the year 1965 and it is a diversified natural resources company. The company is engaged in mining of zinc, copper, iron, ore and aluminum. It is also generates power and produces oil and gas. For the financial year ended 2014, company has reported 13.69% sales turnover growth as compared to previous sales turnover and it has maintained above average profitability margins at 5.93% during the year under a review. Ratings continue to reflect Vedanta’s diversified business profile supported by its promoter’s extensive industry experience along with cost leadership in zinc and oil and gas segments and satisfactory financial profile. Rating strengths is partially offset by susceptibility to volatility in commodity prices, regulatory risks in the iron ore business, and project execution risks associated with sizeable capital expenditure programs in its aluminum and power projects. Rating also takes into consideration Vedanta’s consolidated earnings lower than expected mainly because of weak commodity prices, slow ramp-up of the company’s aluminum smelting and power capacities and lower volumes from the iron ore business. Consequently, Vedanta’s net debt (includes around USD5.1 billion debt of Vedanta Resources Pic) to EBIDTA is likely to significantly exceed and will now take longer than expected to correct in the backdrop of weak commodity prices. Trade relations are reported as fair. Payments are reported to be slow but correct. In view of aforesaid, 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: AA+
Rating Explanation	High degree of safety and very low credit risk.
Date	10.08.2015

Rating Agency Name	CRISIL
Rating	Short term rating: A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	10.08.2015

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION DENIED

Management non co-operative (Tel. No.: 91-22-66461000/ 832-2460600)

LOCATIONS

Registered Office :	Sesa Ghor 20 Edccomplex 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

Head Office :	Business Square, C Wing 2^nd Floor Andheri Kurla Road, Chakala Andheri East Mumbai – 400096, Maharashtra, India

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 Master’s degree in Science from the University of Aston, Birmingham, UK
DIN No.:	00016184

KEY EXECUTIVES

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

SHAREHOLDING PATTERN

AS ON 30.09.2015

Category of Shareholder	No. of Shares	of Holdings
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	428996	0.02
Bodies Corporate	121740	0.00
Sub Total	550736	0.02
(2) Foreign
Bodies Corporate	1764165424	64.38
Sub Total	1764165424	64.38
Total shareholding of Promoter and Promoter Group (A)	1764716160	64.40
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	101856188	3.72
Financial Institutions / Banks	119495627	4.36
Central Government / State Government(s)	1680	0.00
Insurance Companies	28811503	1.05
Foreign Institutional Investors	431508816	15.75
Sub Total	681673814	24.88
(2) Non-Institutions
Bodies Corporate	58909402	2.15
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	160200934	5.85
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	17209184	0.63
Any Others (Specify)	57357221	2.09
Non Resident Indians	4904196	0.18
Trusts	45924266	1.68
Clearing Members	5100561	0.19
Others	7794	0.00
Others	1415004	0.05
Foreign Individuals	5400	0.00
Sub Total	293676741	10.72
Total Public shareholding (B)	975350555	35.60
Total (A)+(B)	2740066715	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	99292708	0.00
(2) Public	125334816	0.00
Sub Total	224627524	0.00
Total (A)+(B)+(C)	2964694239	0.00

BUSINESS DETAILS

Line of Business :

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

Products :

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

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Available

Purchasing :

Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management.

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, 1-16, Jaypee House, Opposite Patel Petrol Pump, Vapi Silvasa Road, Dadra Nagar Haveli, Silvassa

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Redeemable Non-Convertible Debentures a	103500.000	83000.000
Term loans from banks banks	216219.900	185015.400
Foreign currency loans from banks	31295.400	45248.400
Buyers' credit from banks	3113.100	992.100
Short-term borrowings
Buyers’ credit from banks a	56788.300	56060.600
Loans repayable on demand from banks b	489.800	704.600
Working capital loan	299.000	365.600
Term loan from banks	0.000	10000.000
Export packing credit	0.000	490.000
Total	411705.500	381876.700
NOTE: LONG TERM BORROWINGS Terms and conditions of Long-term borrowings a) Secured Redeemable Non-Convertible Debentures (NCDs) includes: (i) 9.10% NCDs issued by the Company of Rs. 25000.000 Million. 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 NCDs. 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. (ii) NCDs issued by the Company for an aggregate amount of Rs. 20000.000 Million. Out of these, Rs. 10000.000 Million NCDs are issued at a coupon rate of 9.40% per annum, while another Rs. 10000.000 Million NCDs have been issued at a coupon rate of 9.24% per annum. 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 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 currency of NCDs. These NCDs are redeemable in tranches of Rs. 5000.000 Million 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) 11.50% Non-Convertible Debentures (NCDs) issued by Aluminium division of Rs. 1333.300 Milion [including current maturity of long-term borrowings (Refer note no. 12)] 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 1MTPA Lanjigarh Alumina Refinery. These NCDs are redeemable on October 22, 2015. (iv) NCDs issued by the Company of Rs. 12000.000 Million in two tranches of Rs. 7500.000 Million and Rs. 4500.000 Million, 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 Million and on July 5, 2023 for Rs. 4500.000 Million. 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. (v) 9.36% NCDs of Rs. 15000.000 Million issued by Iron ore division in two tranches of Rs. 9750.000 Million and Rs. 5250.000 Million during the current year. These NCDs are redeemable in two instalments of Rs. 9750.000 Million and ` 525.00 Crore payable on October 30, 2017 and December 30, 2017 respectively. 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 “movable fixed assets” in relation to the Company’s Iron Ore business (Pig Iron & Met Coke assets) and Power Plant assets located in Goa and the Copper plant assets located at Tuticorin with a security cover of 1.25 times on the face value of outstanding NCDs at all times during the tenure of the NCDs. (vi) 12.25% NCDs issued by BALCO aggregating to Rs. 1666.700 Million (Previous year Rs. 3333.400 Million) [included in current maturity of long-term borrowings (Refer note no. 12)] are redeemable at par on November 17, 2015 secured by first pari passu charge on the movable and immovable properties of BALCO. (vii) NCD’s issued by BALCO of Rs. 5000.000 Million in two tranches and are carrying an interest of 8.58% per annum and 8.60% per annum respectively [including current maturity of long term borrowings of Rs. 2500.000 Million (Refer note no. 12)]. These are redeemable at par in two equal instalments on November 30, 2015 and May 31, 2016 and are secured by first pari passu charge over Fixed Assets of BALCO. b) Term loans from banks under secured borrowings includes: (i) Loan from State Bank of India taken by Aluminium division amounting to Rs. 43325.000 Million [including current maturity of long-term borrowings Rs. 1875.000 Million (Refer note no. 12)] at an interest rate of 10.60% per annum. The loan is secured by (i) first pari passu charge by way of hypothecation of all present and future movable fixed asset of Aluminium division, and (ii) first pari passu 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 Aluminium division. The loan is repayable as Rs. 187.500 Million within one year, Rs. 2500.000 Million within second year, Rs. 20000.000 Million within third to fifth year and Rs. 18950.000 Million after fifth year. (ii) Loan of Rs. 2500.000 Million taken by Aluminium division from Axis Bank at an interest rate of 10.40% per annum. The loan is secured by (i) first pari passu charge by way of hypothecation of all present and future movable fixed asset of Aluminium division, and (ii) first pari passu 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 Aluminium division.The loan is repayable as Rs. 750.000 Million in February 2017, Rs. 875.000 Million in February 2018 and Rs. 875.000 Million in February 2019. (iii) Loan of Rs. 2500.000 Million taken by Aluminium division from Vijaya Bank at an interest rate of 10.50% per annum. The loan is secured by (i) first pari passu charge by way of hypothecation of all present and future movable fixed asset of Aluminium division, and (ii) first pari passu 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 Aluminium division. The loan is repayable as Rs. 750.000 Million in February 2017, Rs. 875.000 Million in February 2018 and Rs. 875.000 Million in February 2019. (iv) Loan of Rs. 5000.000 Million taken by Aluminium division from Corporation Bank at an interest rate of 10.50% per annum. The loan is secured by (i) first pari passu charge by way of hypothecation of all present and future movable fixed asset of Aluminium division (ii) first pari passu 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 Aluminium division.The loan is repayable as Rs. 1500.000 Million in February 2017, Rs. 1750.000 Million in February 2018 and Rs. 1750.000 Million in February 2019. (v) Loan of Rs. 5000.000 Million taken by Aluminium division from Bank of India at an interest rate of 10.50% per annum. The loan is secured by (i) first pari passu charge by way of hypothecation of all present and future movable fixed asset of Aluminium division (ii) first pari passu 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 Aluminium division. The loan is repayable as Rs. 1500.000 Million in February 2017, Rs. 1750.000 Million in February 2018 and Rs. 1750.000 Million in February 2019. vi) Loan of Rs. 5000.000 Million taken by Aluminium division from Syndicate Bank at an interest rate of 10.50% per annum. The loan is secured by (i) first pari passu charge by way of hypothecation of all present and future movable fixed asset of Aluminium division (ii) first pari passu 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 Aluminium division.The loan is repayable as Rs. 1500.000 Million in February 2017, Rs. 1750.000 Million in February 2018 and Rs. 1750.000 Million in February 2019. (vii) Loan from Union Bank of India taken by Aluminium division amounting to Rs. 9850.000 Million [including current maturity of long-term borrowings Rs. 1000.000 Million (Refer note no. 12)] at an interest rate of 10.40% per annum. The loan is secured by (i) first pari passu charge by way of hypothecation of all present and future movable fixed asset of Aluminium division (ii) first pari passu 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 Aluminium division. The loan is repayable as Rs. 1000.000 Million within one year, Rs. 1400.000 Million within second year, Rs. 6600.000 Million within third to fifth year and Rs. 850.000 Million after fifth year. (viii) Loan from Bank of India taken by Aluminium division amounting to Rs. 19050.000 Million [including current maturity of long-term borrowings Rs. 2000.000 Million (Refer note no. 12)] at an interest rate of 10.50% per annum. The loan is secured by (i) first pari passu charge by way of hypothecation of all present and future movable fixed asset of Aluminium division (ii) first pari passu 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 Aluminium division.The loan is repayable as Rs. 2000.000 Million within one year, Rs. 2800.000 Million within second year, Rs. 1,3200.000 within third to fifth year and Rs. 1050.000 Million after fifth year. (ix) Loan from Syndicate Bank taken by Aluminium division amounting to Rs. 10147.500 Million [including current maturity of long-term borrowings Rs. 1025.000 Million (Refer note no. 12)] at an interest rate of 10.50% per annum. The loan is secured by (i) first pari passu charge by way of hypothecation of all present and future movable fixed asset of Aluminium division (ii) first pari passu 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 Aluminium division. The loan is repayable as Rs. 1025.000 Million within one year, Rs. 1435.000 Million within second year, Rs. 6765.000 Million within third to fifth year and Rs. 922.500 Million after fifth year. x) Loan from Bank of Baroda taken by Aluminium division amounting to Rs. 19800.000 Million [including current maturity of long-term borrowings Rs. 2000.000 Million (Refer note no. 12)] at an interest rate of 10.50% per annum. The loan is secured by (i) first pari passu charge by way of hypothecation of all present and future movable fixed asset of Aluminium division (ii) first pari passu 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 Aluminium division. The loan is repayable as Rs. 2000.000 Million within one year, Rs. 2800.000 Million within second year, Rs. 13200.000 Million within third to fifth year and Rs. 1800.000 Million after fifth year. (xi) Loan from State Bank of Bikaner and Jaipur taken by Aluminium division amounting to Rs. 4950.000 Million [including current maturity of long-term borrowings Rs. 500.000 Million (Refer note no. 12)] at an interest rate of 10.50% per annum. The loan is secured by (i) first pari passu charge by way of hypothecation of all present and future movable fixed asset of Aluminium division (ii) first pari passu 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 Aluminium division.The loan is repayable as Rs. 500.000 Million within one year, Rs. 700.000 Million within second year, Rs. 3300.000 Million within third to fifth year and Rs. 450.000 Million after fifth year xii) Loan of Rs. 9375.000 Million [including Rs. 2500.000 Million of current maturity of long-term borrowings (Refer note no. 12)] taken during the year by Jharsuguda 2,400 MW power plant from Canara Bank at an interest rate of 10.50% 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 fifteen equal quarterly instalments of Rs. 625.000 Million each. (xiii) Loan of Rs. 5000.000 Million taken during the year by TSPL at an interest rate of 10.1% per annum [including current maturity of long-term borrowings Rs. 440.000 Million (Refer note no. 12)] with a tenure of 86 months and repayment on quarterly basis starting from December 31, 2015. The loan is secured by way of first charge on pari passu basis on all the movable and immovable assets of TSPL. xiv) Term loan of Rs. 75109.000 Million (US$ 1,200 million) [including current maturity of long-term borrowings Rs. 20342.000 Million (Refer note no. 12)] from Standard Chartered Bank (as facility agent) taken by TMHL. The loan carries an interest rate of LIBOR plus 275 basis points and is due for repayment in four equal annual installments starting from June 2015. The facility is guaranteed by Vedanta Resources Plc. Further TEHL has pledged all the shares it holds in TMHL as security for this loan. xv) Term loan of Rs. 31295.400 Million (US$ 500 million) from Standard Chartered Bank and First Gulf Bank PJSC taken by TMHL of which US$ 250 million is under a commodity murabaha structure (Islamic financing) and balance US$250 million is under a conventional loan structure. The loan of Rs. 17994.900 Million (US$ 287.50 million) carries an interest rate of LIBOR plus 275 basis points with an average maturity of 5 years from initial drawdown and the loan of Rs. 13300.500 Million (US$ 212.50 million) carries an interest rate of LIBOR plus 340 basis points with an average maturity of 6 years from initial drawdown. The facility is guaranteed by Vedanta Resources Plc. 100% shares of TMHL (held by TEHL) have been pledged as security for this facility. c) Foreign Currency Loans from banks under secured borrowings includes: (i) External Commercial Borrowings (“ECB”) of Aluminium division aggregating Rs. 34084.100 Million (US$ 544.55 million) [including current maturity of long-term borrowings of Rs. 15306.900 Million (Refer note no. 12)] in two tranches at an interest rate of LIBOR plus 170 basis points for Rs. 31295.400 Million (US$ 500.00 million) and LIBOR plus 129 basis points for Rs. 2788.700 Million (US$ 44.55 million). The ECB on US$ 500 million is payable in three annual instalments on April 21, 2015 and April 21, 2016 for US$ 200 million each and on April 21, 2017 for US$ 100 million. The loan of US$ 44.50 million is due on July 24, 2015. The ECB is secured by all present and future movable asset of Aluminium division including its movable plant and machinery, equipment, spare tools and accessories and other movable 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. (ii) ECB of BALCO aggregating Rs. 12518.200 Million at a coupon rate linked to 6 month LIBOR plus 290 basis points. The ECB is repayable in three annual installments due in August 2016, August 2017 and August 2018. The facility is secured by first pari passu charges on all the fixed assets (excluding land) of the BALCO, both present and future along with secured lenders. d) Buyers Credit from Banks under secured borrowings includes: (i) Rs. 3438.700 Million availed by BALCO at an interest rate of LIBOR plus 120 basis points [including current maturity of long-term borrowings Rs. 325.600 Million (Refer note no. 12)] and secured by exclusive charge on assets to be imported under the facilities. (ii) Rs. 53.300 Million taken from ICICI Bank by TSPL at an interest rate of 12 month LIBOR plus 87 basis points [included in current maturity of long-term borrowings (Refer note no. 12)] and secured by first charge on pari passu basis on all the movable assets of TSPL. These buyers credit are repayable on June 23, 2015. (iii) Rs. 898.500 Million taken by VGCB from Axis Bank Limited at an interest rate ranging from 0.85% per annum to 2.24% per annum [included in current maturity of long-term borrowings (Refer note no. 12)] and secured by exclusive charge on the assets of VGCB imported under this facility. e) Unsecured deferred sales tax liability of Rs. 1385.800 Million [including current maturity of long-term borrowings Rs. 54.200 Million (Refer note no. 12)] outstanding as at March 31, 2015 is currently repayable in monthly instalments till March 2027. SHORT TERM BORROWINGS Terms & conditions of Short-term borrowings a) Buyers’ credit from banks under secured borrowings includes : (i) Rs. 18455.400 Million of Aluminium division at an interest rate of LIBOR plus 22- 55 basis points secured by exclusive charge on the assets of Jharsuguda Aluminium imported under facility and first charge on current assets of Aluminium division on pari passu basis. (ii) Rs. 28000.000 Million of Copper India at an interest rate of 0.68% per annum 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. 1688.400 Million at the Jharsuguda 2,400 MW power plant at an interest rate ranging from 0.52% to 0.86% per annum secured against first pari passu charge on entire current assets of Jharsuguda 2,400 MW power plant. (iv) Rs. 2518.700 Million of BALCO secured by way of hypothecation on the stock of raw materials, work-in-progress, semifinished, finished products, consumables, stores and spares, bills receivables, book debts and all other movables, both present and future and assets to be imported under the facilities. The charges rank pari passu among banks under the multiple banking arrangements, both for fund based and non fund based facilities. v) Rs. 5880.800 Million of TSPL at an interest rate ranging from 0.47% to 0.93% per annum with a tenure from one year to three years and subservient charge on the current assets and movable fixed assets of TSPL. vi) Rs. 245.000 Million of VGCB at an interest rate ranging from 0.85% to 2.24% per annum and exclusive charge on the assets of VGCB imported under this facility. These buyers credit are repayable ranging from 15 months to 36 months with respective banks. b) Loans repayable on demand from Banks under secured borrowings includes : Cash Credit of Rs. 489.800 Million of BALCO secured by way of hypothecation of stock of raw materials, work-in-progress, semi-finished, finished products, consumable stores and spares, bills receivables, book debts and all other movables, both present and future. The charges rank pari passu among banks under the multiple banking arrangements, both for fund based and non fund based facilities. Weighted average interest on cash credit utilization is 10.54% per annum (Previous year- 10.98% per annum). c) Working capital loan under secured borrowings includes Rs. 29.900 Million of BALCO secured by way of hypothecation of stock of raw materials, work-in-progress, semi-finished, finished products, consumable stores and spares, bills receivables, book debts and all other movables, both present and future. The charges rank pari passu among banks under the multiple banking arrangements, both for fund based and non fund based facilities. Weighted average interest rate is 10.00% per annum (Previous year- 10.20% per annum). d) The Group has not defaulted in the repayment of loans and interest as at Balance Sheet date.


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)

Intermediate Holding Company :	· Finsider International Company Limited · Richter Holdings Limited · Twin Star Holdings Limited · Vedanta Resources Cyprus Limited · Vedanta Resources Finance Limited · Vedanta Resources Holdings Limited · Vedanta Resources Plc · Welter Trading Limited · Westglobe Limited

Fellow Subsidiaries (with whom transactions have taken place) :	Konkola Copper Mines Plc Sterlite Grid Limited Sterlite Iron and Steel Company Limited Sterlite Technologies Limited The Madras Aluminium Company Limited

Associates :	Gaurav Overseas Private Limited Raykal Aluminium Company Private Limited RoshSkor Township (Proprietary) Limited

Subsidiaries :	Amica Guesthouse (Proprietary) Limited Bharat Aluminium Company Limited Black Mountain Mining (Proprietary) Limited Bloom Fountain Limited Cairn Energy Australia Pty Limited Cairn Energy Cambay B.V. Cairn Energy Discovery Limited Cairn Energy Gujarat B.V. Cairn Energy Gujarat Block Limited Cairn Energy Holdings Limited Cairn Energy Hydrocarbons Limited Cairn Energy India Pty Limited Cairn Energy India West B.V. Cairn Energy Netherlands Holdings B.V. Cairn Exploration (No. 2) Limited Cairn Exploration (No. 7) Limited Cairn Exploration (No. 6) Limited Cairn India Holdings Limited Cairn India Limited Cairn Lanka Private Limited Cairn South Africa Proprietary Limited CEH Australia Limited1 CIG Mauritius Holdings Private Limited CIG Mauritius Private Limited Copper Mines of Tasmania Pty Limited Fujairah Gold FZC Goa Energy Limited Hindustan Zinc Limited Killoran Lisheen Finance Limited Killoran Lisheen Mining Limited Lakomasko B.V. Lisheen Milling Limited Malco Energy Limited (formerly Vedanta Aluminium Limited) Maritime Ventures Private Limited Monte Cello B.V. (MCBV) Namzinc (Proprietary) Limited Paradip Multi Cargo Berth Private Limited Pecvest 17 Proprietary Limited Rosh Pinah Health Care (Proprietary) Limited Sesa Mining Corporation Limited Sesa Resources Limited Skorpion Mining Company (Proprietary) Limited Skorpion Zinc (Proprietary) Limited Sterlite (USA) Inc. Sterlite Infra Limited* Sterlite Infraventures Limited Sterlite Ports Limited Talwandi Sabo Power Limited Thalanga Copper Mines Pty Limited THL Zinc Holding B.V. THL Zinc Limited THL Zinc Namibia Holdings (Proprietary) Limited THL Zinc Ventures Limited Twin Star Energy Holdings Limited Twin Star Mauritius Holdings Limited Vedanta Exploration Ireland Limited Vedanta Lisheen Holdings Limited (formerly Vedanta Lisheen Finance Limited) Vedanta Lisheen Mining Limited Vizag General Cargo Berth Private Limited Western Cluster Limited Cairn Energy Investments Australia Pty Limited Wessington Investments Pty Limited Sydney Oil Company Pty Limited Cairn Exploration (No.4) Limited Cairn Petroleum India Limited Cairn Energy India Holdings B.V. Cairn Energy Group Holdings B.V. Cairn Energy Gujarat Holding B.V. Cairn Energy India West Holdings B.V. Cairn Energy Cambay Holding B.V. CEH Australia Pty Limited Cairn Energy Asia Pty Limited

Others:	· Anil Agarwal Foundation Trust · Vedanta Foundation · Sesa Community Development Foundation · Rampia Coal Mines & Energy Private Limited (Jointly controlled entity) · Goa Maritime Private Limited (Jointly controlled entity)
NOTE: 1 Dissolved during the year 2 Fellow Subsidiary upto August 17, 2014 3 Deregistered during the year * Ceases to be a related party w.e.f. April 01, 2014 pursuant to the Scheme of Amalgamation (Refer note no. 33) @ Dissolved during the previous year # Subsidiary w.e.f. August 26, 2013 (Associate for remaining period in previous year)

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Equity Capital:

No. of Shares	Type	Value	Amount

51,260,000,000	Equity Shares	Rs.1/- each	Rs. 51260.000 Million
10,100,000	Add: Pursuant to the Scheme of Amalgamation		Rs. 10.100 Million

	Total		Rs. 51270.100 Million

Authorised Preference Capital:

No. of Shares	Type	Value	Amount

--	Opening balance
35,000,000	Add: Pursuant to the Scheme of Amalgamation		Rs. 350.000 Million

	Total		Rs. 350.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

2,965,004,871	Equity Shares	Rs.1/- each	Rs. 29650.000 Million

	Total		Rs. 2965.000 Million

NOTE:

* includes 310,632 (Previous year 330,384) equity shares kept in abeyance. These shares are not part of listed equity capital.

Shares held by ultimate holding company and its subsidiaries/associates

Particulars	March 31, 2015
Particulars	Number of Shares	% of Holding
Twinstar Holdings Limited	1,280,084,749	43.18
Twin Star Holdings Limited (2)	99,292,708	3.35
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	1,863,458,132	62.86

(1) All the above entities are subsidiaries of Volcan Investments Limited, the ultimate holding company.

(2) Represented by 24,823,177 American Depository Shares (“ADS”).

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, 2015

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	1,280,084,749	38.61
Twin Star Holdings Limited #	99,292,708	3.35
Finsider International Company Limited	401,496,480	13.54
CITI Bank N. A. New York# (American depository shares held as depository)	122,039,080	4.12

# 24,823,177 ADS, held by CITI Bank N.A. New York as a depository

OTHER DISCLOSURES

(1) The Company has one class of equity shares having a par value of ` 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, 2015, 221,331,788 equity shares were held in the form of 55,332,947 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 Million. There are 219,214 equity shares of ` 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 Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2965.000	2965.000	869.100
(b) Reserves & Surplus	337613.700	333823.200	129368.800
(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)	340578.700	336788.200	130237.900

(3) Non-Current Liabilities
(a) long-term borrowings	217706.300	205342.200	11791.600
(b) Deferred tax liabilities (Net)	0.000	0.000	104.000
(c) Other long term liabilities	2025.900	3933.300	23.200
(d) long-term provisions	18.100	22.600	18.100
Total Non-current Liabilities (3)	219750.300	209298.100	11936.900

(4) Current Liabilities
(a) Short term borrowings	131137.200	132340.900	36519.100
(b) Trade payables	28788.100	24554.200	2443.000
(c) Other current liabilities	55291.900	123752.700	2807.400
(d) Short-term provisions	9797.800	8162.700	408.800
Total Current Liabilities (4)	225015.000	288810.500	42178.300

TOTAL	785344.000	834896.800	184353.100

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	219877.000	224889.000	14685.700
(ii) Intangible Assets	1381.600	951.300	860.200
(iii) Capital work-in-progress	174221.600	173273.300	3633.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	260883.000	224191.100	145658.600
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	33192.200	99055.200	4548.900
(e) Other Non-current assets	703.900	1044.000	0.000
Total Non-Current Assets	690259.300	723403.900	169386.400

(2) Current assets
(a) Current investments	3762.700	3480.800	1277.000
(b) Inventories	54420.700	56787.000	7560.200
(c) Trade receivables	11576.900	13036.500	1404.400
(d) Cash and cash equivalents	4641.400	21103.600	248.800
(e) Short-term loans and advances	17357.800	12834.400	2924.400
(f) Other current assets	3325.200	4250.600	1551.900
Total Current Assets	95084.700	111492.900	14966.700

TOTAL	785344.000	834896.800	184353.100

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	325024.100	285365.300	23476.300
	Other Income	20088.600	18170.600	3419.900
	TOTAL (A)	345112.700	303535.900	26896.200

Less	EXPENSES
	Cost of Materials Consumed	188496.900	179455.900	2245.900
	Purchases of Stock-in-Trade	9984.600	8192.500	1057.800
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	2638.000	(5568.600)	(2057.700)
	Power and Fuel	44330.500	46736.700	5574.800
	Employees benefits expense	6501.300	5590.800	1846.200
	Exchange Loss/Gain	8.100	0.000	0.000
	Other expenses	26778.300	27838.800	11390.800
	Exceptional item	24.300	1308.800	97.100
	TOTAL (B)	278762.000	263554.900	20154.900

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	66350.700	39981.000	6741.300

Less	FINANCIAL EXPENSES (D)	36559.300	35649.600	4692.300

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	29791.400	4331.400	2049.000

Less	DEPRECIATION/ AMORTISATION (F)	10116.700	15047.900	1479.100

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	19674.700	(10716.500)	569.900

Less	TAX (I)	402.700	(21477.400)	(637.800)

	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	19272.000	10760.900	1207.700

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	9870.500	20677.000	19621.000

Add	TRANSFERRED ON AMALGAMATION OF SESA INDUSTRIES LIMITED	0.000	150.000	0.000

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

	APPROPRIATIONS
	Transferred to debenture redemption reserve	3104.100	3183.700	0.000
	Interim dividend [dividend per share Rs.1.50/-]	5188.200	4447.000	0.000
	Proposed dividend [dividend per share Rs.1.75/- (Previous year Rs.0.10/-)]	6967.800	5188.800	86.900
	Tax on Proposed dividend (net of dividend received from subsidiary u/s 115 O of Income-tax Act, 1961)	0.000	0.000	14.800
	Transferred to general reserve	0.000	1150.000	50.000
	Balance Carried to the B/S	29142.500	9870.500	20677.000

	EARNINGS IN FOREIGN CURRENCY
	Export Earnings	144238.000	126859.600	12125.900
	Management fees	23.500	21.100	0.000
	Dispatch money	NA	0.000	30.800
	Sale of Carbon Credits	NA	0.000	27.600
	Other services	NA	0.000	0.500
	Others (ADS Reimbursement from CITI)	30.300	71.500	0.000
	TOTAL EARNINGS	144291.800	126952.200	12184.800

	IMPORTS
	Raw Materials	176602.300	176026.700	0.000
	Components and spare parts	939.800	750.100	3518.400
	Fuel (including in transit)	13123.300	10913.700	205.700
	Capital Goods	113.000	313.900	1115.900
	TOTAL IMPORTS	190778.400	188004.400	4840.000

	Earnings / (Loss) Per Share (Rs.)	6.50	3.67	1.39

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	43310.800	29303.900	1924.500
Net cash flow from (used in) operation	42404.400	28323.700	(1283.000)

QUARTERLY RESULTS

Particulars (Rs. In Million)	30.06.2015 1^st Quarter	30.09.2015 2^nd Quarter
Unaudited	Unaudited	Unaudited
Net Sales	78870.900	72809.200
Total Expenditure	69404.000	64508.900
PBIDT (Excl OI)	9466.900	8300.300
Other Income	7416.000	3219.100
Operating Profit	16882.900	11519.400
Interest	8404.400	8933.300
Exceptional Items	NA	NA
PBDT	8478.500	2586.100
Depreciation	2382.400	2396.400
Profit Before Tax	6096.100	189.700
Tax	NA	67.900
Provisions and contingencies	NA	NA
Profit After Tax	6096.100	121.800
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	6096.100	121.800

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013

Net Profit Margin PAT / Sales	(%)	5.93	3.77	5.14

Operating Profit Margin (PBDIT/Sales)	(%)	20.41	14.01	28.72

Return on Total Assets (PBT/Total Assets}	(%)	5.62	-2.45	1.63

Return on Investment (ROI) (PBT/Networth)		0.06	-0.03	0.00

Debt Equity Ratio (Total Liability/Networth)		1.02	1.00	0.37

Current Ratio (Current Asset/Current Liability)		0.42	0.39	0.35

STOCK PRICES

Face Value	Rs. 1.00/-
Market Value	Rs. 88.40/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	869.100	2965.000	2965.000
Reserves & Surplus	129368.800	333823.200	337613.700
Share Application money pending allotment	0.000	0.000	0.000
Net worth	130237.900	336788.200	340578.700

long-term borrowings	11791.600	205342.200	217706.300
Short term borrowings	36519.100	132340.900	131137.200
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	48310.700	337683.100	348843.500
Debt/Equity ratio	0.371	1.003	1.024

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	23476.300	285365.300	325024.100
		1,115.546	13.898

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	23476.300	285365.300	325024.100
Profit	1207.700	10760.900	19272.000
	5.14%	3.77%	5.93%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	-----
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	No
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	----
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	-----
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	-----
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

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, MAHARASHTRA - 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, MAHARASHTRA - 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 CENTRE 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 COMPLEX, 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, MAHARASHTRA, 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 - 400020, 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, PANAJI, 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 LOANS

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Deferred sales tax liability	1331.600	1385.700
Buyers' credit from banks	2962.100	0.000
Loans and advances from related parties	162099.900	234016.100
Short-term borrowings
Buyers’ credit from banks	44753.800	29477.200
Commercial paper d	81050.000	50400.000
Packing credit from banks	7208.400	4914.800
Suppliers’ credit	399.500	13546.000
Loans repayable on demand from banks	1929.200	164.900
Working capital loan	450.600	1862.200
Loans from banks	6307.600	5959.400
Total	308492.700	341726.300
NOTE: LONG TERM BORROWINGS Unsecured Buyers Credit from banks includes : (i) Rs. 1793.400 Million taken from Yes Bank by TSPL at an interest rate of 6 month LIBOR plus 53 basis points [included in current maturity of long-term borrowings (Refer note no. 12)]. These buyers credit are repayable from July 2015 to October 2015. (ii) Rs. 254.300 Million taken from ICICI Bank by TSPL at an interest rate of 3 month LIBOR plus 140 basis points. The facility has been utilised for rollover of Buyers Credit completing 3 years in March 15 for further period of 2 years. These buyers credit are repayable in March 2017. (iii) Rs. 2437.800 Million taken from Axis Bank by TSPL at an interest rate of 3 month LIBOR plus 150 basis points. The facility has been utilised for rollover of Buyer’s Credit completing 3 years in January 15 for further period of 2 years. These buyers credit are repayable in December 2016 and January 2017. g) Loan from Vedanta Resources Jersey II Limited amounting to Rs. 162099.900 Million (US$ 2,589.84 million) at an average interest rate of 7.34% per annum. The said loan is repayable from May 2016 to May 2023. h) The Group has not defaulted in the repayment of loans and interest as at Balance Sheet date.

COMPANY OVERVIEW:

Vedanta Limited [formerly known as Sesa Sterlite Limited/ Sesa Goa Limited] (“Vedanta” or “the Company”) is engaged in the business of iron ore mining, non-ferrous metals (copper and aluminium production) and commercial power generation. Vedanta’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. Vedanta is majority-owned and controlled subsidiary of Vedanta Resources Plc, the London listed diversified natural resource company.

The Company’s iron ore business (Iron ore) consist of iron ore exploration, mining, beneficiation and exports. Vedanta has iron ore mining operations in the States of Goa and Karnataka. Vedanta is also in the business of manufacturing pig iron and metallurgical coke.

The Company’s copper business (Copper India) principally consists 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) principally consists 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 & 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.

Subsequent to the year end, pursuant to the approval of the members of the Company and the receipt of fresh certificate of incorporation from the Ministry of Corporate Affairs dated April 21, 2015, name of the Company has been changed to Vedanta Limited.

During the previous year, pursuant to approval received from Registrar of Companies, the name of the Company had been changed from Sesa Goa to Sesa Sterlite Limited, w.e.f. September 18, 2013.

FINANCIAL HIGHLIGHTS

There have been several positive developments in 2015; record annual mined metal production at Zinc-India, record aluminium production as the new Jharsuguda-II and Korba-II smelters are ramping up well, and record alumina production at the Lanjigarh refinery. We have also commenced iron ore production in Karnataka and mining activities in Goa are expected to resume in the latter half of 2015. We have taken actions to maintain financial strength and flexibility during this period of weak commodity prices through capital re-phasing and cost management initiatives. We remain confident of our diversified business model and low cost asset base and will continue to generate attractive returns to our shareholders.

Strong underlying results, on the back of a diversified portfolio, in a weak commodity price environment

Revenue at Rs. 733640.000 Million

EBITDA at Rs. 222260.000 Million; EBITDA margin of 41%

Attributable pre-exceptional PAT at Rs. 50600.000 Million

Gross debt reduced by Rs. 28140.000 Million during the year, Cash and Cash equivalents of over Rs. 462000.000 Million

Free Cash Flow post capex of Rs. 34250.000 Million

OPERATIONAL HIGHLIGHTS

Record full year production of mined metal at Zinc India; better positioned for underground transition

Record full year production of mined metal at Zinc India; underground conversion better positioned

Commenced Iron ore production at Karnataka, final approval awaited at Goa; record annual production of Pig Iron

Oil and Gas production normalised post shutdown in Q2 FY 2014-15.

UPDATE ON THE SCHEME OF AMALGAMATION AND ARRANGEMENT

The Hon’ble High Court of Bombay at Goa had approved the Scheme of Amalgamation of the wholly owned subsidiary of the Company, Goa Energy Limited with the Company on March 12, 2015. The appointed date of the Scheme was April 1, 2014 and subsequent to filling the necessary forms, the Scheme has become effective from March 24, 2015.

The Hon’ble High Court of Madras, had on March 25, 2015 approved the Scheme of Amalgamation of the Company’s wholly owned subsidiary, Sterlite Infra Limited with the Company. The appointed date for the Scheme was April 1, 2014 and subsequent to filling the necessary forms, the Scheme has become effective from April 8, 2015.

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
(a)Disputed liabilities in appeal :
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.	12096.300	13474.900
Sales Tax demands relating to tax on Freight and Entry Tax on imported goods	6872.000	4984.600
Excise Duty relating to disputes in respect of dutiability and availing of cenvat credit on certain capital goods and other inputs.	1604.200	1543.200
Service Tax demands for certain services rendered	398.300	259.500
Custom duty relating to differential export duty on export shipments	367.900	140.400
FERA/FEMA matters relating to disputes in respect of certain investments into the Company	599.000	599.000
Forest development tax levied by Government of Karnataka	2978.000	2978.000
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)	1093.800	1073.300
Royalty demand in Karnataka	121.100	121.100
Other matters principally related to Building Cess under Building and Construction Workers (RECS) Act, 1996 and corresponding Welfare Cess Act, 1996	110.700	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.	4009.300	2492.900

STATEMENT OF UNAUDITED STANDALONE RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2014

PART I

(Rs. In Million)

Particulars	Quarter Ended 30.09.2015	Quarter Ended 30.06.2015	Half Year Ended 30.09.2015
	Unaudited	Unaudited	Unaudited
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	72454.200	78600.800	151055.000
b) Other operating income	355.000	270.100	625.100
Total income from Operations(net)	72809.200	78870.900	151680.100
2.Expenses
a) Cost of material consumed	40749.100	44802.100	85551.200
b) Purchases of stock in trade	3221.300	1553.300	4774.600
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	2116.600	2120.300	4236.900
d) Employees benefit expenses	1372.500	1840.000	3212.500
e) Depreciation and amortization expenses	2396.400	2382.400	4778.800
f) Power and Fuel charges	10912.600	13122.300	24034.900
g) Exchange Loss / (Gain)	453.200	(65.500)	387.700
h Other expenses	5683.600	5966.000	11649.900
Total expenses	66905.300	71720.900	138626.200
3. Profit/(loss) from operations before other income, financial costs and exceptional items	5903.900	7150.000	13053.900
4. Other income	3219.100	7350.500	10569.600
5. Profit/ (loss) from ordinary activities before finance costs and exceptional	9123.000	14500.500	23623.500
6. Finance costs	8933.300	8404.400	17337.700
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	189.700	6096.100	6285.800
8. Exceptional item	--	--	67.900
9. Profit from ordinary activities before tax Expense:	189.700	6096.100	6217.900
10.Tax expenses	67.900	--	--
11.Net Profit / (Loss) from ordinary activities after tax	121.800	6096.100	6217.900
12.Extraordinary Items (net of tax expense)	--	--	--
13.Net Profit / (Loss) for the period	121.800	6096.100	6217.900
14.Paid-up equity share capital (Nominal value Re. 1/- per share)	2965.000	2965.000	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	0.04	2.06	2.10
(b) Diluted	0.04	2.06	2.10

PART II

SELECT INFORMATION

Particulars	Quarter Ended 30.09.2015	Quarter Ended 30.06.2015	Half Year Ended 30.09.2015
	Unaudited	Unaudited	Unaudited
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	975350555	977185631	975350555
- Percentage of shareholding	32.90%	32.96%	32.90%
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	1764716160	1764716160	1764716160
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00%	100.00%	100.00%

Percentage of shares (as a % of total share capital of the company)	59.52%	59.52%	59.52%

Particular	Quarter ended 30.09.2015
B. Investor Complaints (Nos.)
Pending at the beginning of the quarter	--
Receiving during the quarter	13
Disposed of during the quarter	13
Remaining unreserved at the end of the quarter	--

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Million)

Particulars	Quarter Ended 30.09.2015	Quarter Ended 30.06.2014	Half Year Ended 30.09.2015
	(Unaudited)	(Unaudited)	Unaudited
1. Segment Revenue
a. Copper	44444.000	47959.700	92403.700
b. Iron Ore	797.900	770.900	1568.800
c. Aluminium	18617.900	19073.700	37691.600
d. Power	5342.000	6782.200	12124.200
e. Others	4628.100	5410.800	10038.900
Total	73829.900	79997.300	153827.200
Less : Inter Segment Revenue	1375.700	1396.500	2772.200
Net Sales/ Income from Operations	72454.200	78600.800	1501055.000

2. Segment Result (Profit before Interest and Tax)
a. Copper	5368.500	5373.900	10742.400
b. Iron Ore	(561.500)	(390.500)	(952.000)
c. Aluminium	407.900	654.200	1062.100
d. Power	397.700	839.900	1237.600
e. Others	548.100	728.600	1276.700
Total	6160.700	7206.100	13366.800

Less : Finance Cost	8933.300	8404.400	17337.700
Add: Other un-allocable income net off expenses	2962.300	7294.400	10256.700
Less: Exceptional Items	--	--	--
Profit before Tax	189.700	6096.100	6285.800
3. Capital Employed
a. Copper	31236.800	48380.000	31236.800
b. Iron Ore	14986.400	14719.000	14986.400
c. Aluminium	28845.300	290220.000	28845.300
d. Power	71930.400	74765.900	71930.400
e. Others	10158.200	12244.800	10158.200
f. Unallocated	(80631.700)	(93342.800)	(80631.700)
Total	336525.400	346986.900	336525.400

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 66.63
UK Pound	1	Rs. 100.65
Euro	1	Rs. 72.40

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	KAR

Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.