MIRA INFORM REPORT

 

Report No. :

325657.2

Report Date :

17.06.2015

 

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 Millions

 

 

CIN No.:

[Company Identification No.]

L13209GA1965PLC000044

 

 

IEC No.:

Not Available

 

 

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 :

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is well-established company having fine track record.

 

The rating reflects company’s diversified business risk profile supported by its adequate liquidity levels and healthy financial position of the company.

 

Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment.

 

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

A1

A1

 

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

20.01.2015

 

 

Rating Agency Name

CRISIL

Rating

Short term rating: A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

20.01.2015

 

 

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 31-03-2014.

 

 

INFORMATION DENIED

 

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

 

 

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 2nd 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

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.03.2015

 

Category of Shareholder

 No. of Shares

% of Holdings

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

445496

0.02

http://www.bseindia.com/include/images/clear.gifBodies Corporate

121740

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

567236

0.02

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

1764165424

64.31

http://www.bseindia.com/include/images/clear.gifSub Total

1764165424

64.31

Total shareholding of Promoter and Promoter Group (A)

1764732660

64.33

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

40583841

1.48

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

98699311

3.60

http://www.bseindia.com/include/images/clear.gifCentral Government / State Government(s)

1680

0.00

http://www.bseindia.com/include/images/clear.gifInsurance Companies

28611503

1.04

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

514280291

18.75

http://www.bseindia.com/include/images/clear.gifSub Total

682176626

24.87

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

78075520

2.85

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

145750271

5.31

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

17665216

0.64

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

54962158

2.00

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

4322392

0.16

http://www.bseindia.com/include/images/clear.gifTrusts

46693809

1.70

http://www.bseindia.com/include/images/clear.gifForeign Nationals

5400

0.00

http://www.bseindia.com/include/images/clear.gifClearing Members

975006

0.04

http://www.bseindia.com/include/images/clear.gifForeign Bodies - D R

2957757

0.11

http://www.bseindia.com/include/images/clear.gifForeign Corporate Bodies

7794

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

296453165

10.81

Total Public shareholding (B)

978629791

35.67

Total (A)+(B)

2743362451

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

99292708

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

122039080

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

221331788

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

31.03.2014

(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.

 

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

Tower 3, 27th  - 32nd 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 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

24133.000

2443.000

(c) Other current liabilities

55291.900

124173.900

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

395480.200

224889.000

14685.700

(ii) Intangible Assets

0.000

951.300

860.200

(iii) Capital work-in-progress

0.000

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

NA

3183.700

0.000

 

Interim dividend [dividend per share Rs.1.50/-]

NA

4447.000

0.000

 

Proposed dividend [dividend per share Rs.1.75/- (Previous year Rs.0.10/-)]

NA

5188.800

86.900

 

Tax on Proposed dividend (net of dividend received from subsidiary u/s 115 O of Income-tax Act, 1961)

NA

0.000

14.800

 

Transferred to general reserve

NA

1150.000

50.000

 

Balance Carried to the B/S

29142.500

9870.500

20677.000

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

Export Earnings

NA

126859.600 

12125.900

 

Management fees

NA

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)

NA

71.500

0.000

 

TOTAL EARNINGS

NA

126952.200

12184.800

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

NA

176026.700 

0.000

 

Components and spare parts

NA

750.100

3518.400

 

Fuel (including in transit)

NA

 10913.700

205.700

 

Capital Goods

NA

 313.900

1115.900

 

TOTAL IMPORTS

NA

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

NA

NA

NA

 

 

QUARTERLY RESULTS

 

Particulars (Rs. In Million)

Jun 2014

Sep 2014

Dec 2014

Unaudited

Unaudited

Unaudited

Unaudited

Net Sales

71358.000

87352.500

86315.500

Total Expenditure

62493.600

74346.900

71811.400

PBIDT (Excl OI)

8864.400

13005.600

14504.100

Other Income

6685.800

10245.000

676.200

Operating Profit

15550.200

23250.600

15180.300

Interest

9853.300

9964.200

8515.700

Exceptional Items

0.000

(24.300)

0.000

PBDT

5696.900

13262.100

6664.600

Depreciation

3994.500

4024.200

4070.800

Profit Before Tax

1702.400

9237.900

2593.800

Tax

0.000

0.000

0.000

Provisions and contingencies

0.000

0.000

0.000

Profit After Tax

1702.400

9237.900

2593.800

Extraordinary Items

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

Net Profit

1702.400

9237.900

2593.800

 

 

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}

(%)

3.75

(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.195.90/-

 

 

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

 

 

LITIGATION DETAILS:

 

Reg. No. :- WP / 467 / 2012

Stamp No. :- STM / 1154/ 2012

Case Status :

Pending (Final  Hearing)

Petitioner :

THE COMMISSIONER OF INCOME TAX

Respondent :

M/S. SESA GOA LTD.

Petitoner Adv. :

SHIVRAJ GAONKAR

District :

North Goa

Bench :

Single

Act :

Consitution of India

Category :

OTHERS (W.P.)

Case Stage :

FOR ADMISSION – AFTER NOT

Hearing Date :                       29 August  2012

Application Maters

Connected Maters

No application matters

No connected matter 

This Case is updated on : 26 May 2015

 

 

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

31.03.2014

(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 :

 

 
  1. 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
  1. Sales Tax demands relating to tax on Freight and Entry Tax on imported goods

4984.600

--
  1. Excise Duty relating to disputes in respect of dutiability and availing of cenvat credit on certain capital goods and other inputs.

1543.200

--
  1. Service Tax demands for certain services rendered

259.500

--
  1. Custom duty relating to differential export duty on export shipments

140.400

344.100
  1. FERA/FEMA matters relating to disputes in respect of certain investments into the Company

599.000

--
  1. Forest development tax levied by Government of Karnataka

2978.000

1953.600
  1. 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
  1. Royalty demand in Karnataka

121.100

--
  1. 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 DECEMBER 31, 2014

 

PART I

 (Rs. In Millions)

Particulars

 

 

Quarter Ended

31.12.2014

Quarter Ended

30.09.2014

Nine

Months

Ended

31.12.2014

 

Unaudited

Unaudited

Unaudited

1. Income from operations

 

 

 

a) Net sales/ Income from operation (net of excise duty)

85929.500

86935.00

243544.900

b) Other operating income

386.000

417.500

1169.700

Total income from Operations(net)

86315.500

87352.500

244714.600

2.Expenses

 

 

 

a) Cost of material consumed

50998.900

51980.300

143223.900

b) Purchases of stock in trade

2329.700

2541.200

8265.800

c) Changes in inventories of finished goods, work-in-progress and stock-in-trade

(391.200)

(362.000)

(4770.700)

d) Employees benefit expenses

1450.800

1665.800

4600.300

e) Depreciation and amortization expenses

4070.800

4024.200

12089.500

f) Power and Fuel charges

11255.500

12246.900

34392.700

g) Exchange Loss / (Gain)

(0.900)

412.800

596.200

h Other expenses

6167.700

5861.900

596.200

Total expenses

75881.300

78371.100

220429.100

3. Profit/(loss) from operations before other income, financial costs and exceptional items

10434.200

8981.400

24285.500

4. Other income

675.300

10245.000

7735.600

5. Profit/ (loss) from ordinary activities before finance costs and exceptional

11109.500

19226.400

41891.600

6. Finance costs

8515.700

9964.200

28333.200

7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items

2593.800

9262.200

13558.400

8. Exceptional item

--

24.300

24.300

9. Profit from ordinary activities before tax Expense:

2593.800

9237.900

13534.100

10.Tax expenses

--

--

--

11.Net Profit / (Loss) from ordinary activities after tax

2593.800

 

9237.900

13534.100

12.Extraordinary Items (net of tax expense)

--

--

--

13.Net Profit / (Loss) for the period

2593.800

9237.900

13534.100

14.Paid-up equity share capital (Nominal value Re. 1/- per share)

2965.000

2965.000

2965.00

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

0.87*

3.12*

4.56*

(b) Diluted

0.87*

3.12*

4.56*

 

PART II

 

SELECT INFORMATION

 

Particulars

 

 

Quarter Ended

31.12.2014

Quarter Ended

30.09.2014

Nine

Months

Ended

31.12.2014

 

Unaudited

Unaudited

Unaudited

A. Particulars of shareholding

 

 

 

1. Public Shareholding

 

 

 

- Number of shares

978582499

1034843184

978582499

- Percentage of shareholding

3.01%

34.91%

33.01%

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

1764732660

1691651651

1764732660

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

100.00%

100.00%

100.00%

 

59.52%

57.06%

59.52%

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 4.12% represented 122081572 equity shares are held by CITI Bank as custodian.

 

Allotted in respect of 315432 equity shares to the shareholders of erstwhile Sterlite Industries (India) Limited have been kept in abeyance.

 

 

Particular

 

Quarter ended 30.12.2014

B. Investor Complaints (Nos.)

 

Pending at the beginning of the quarter

--

Receiving during the quarter

9

Disposed of during the quarter

9

Remaining unreserved at the end of the quarter

--

 

 

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

 

(Rs. In Millions)  

Particulars

Quarter Ended

31.12.2014

Quarter Ended

30.09.2014

Nine

Months

Ended

31.12.2014

 

(Unaudited)

(Unaudited)

(Unaudited)

1. Segment Revenue

 

 

 

a. Copper

50909.300

52340.100

141520.700

b. Iron Ore

707.400

1102.700

2635.700

c. Aluminium

23819.900

22986.500

67993.900

d. Power

6622.800

5770.200

18973.600

e. Others

6740.200

6298.800

17436.100

Total

87799.600

88498.300

248560.000

Less : Inter Segment Revenue

1870.100

1563.300

5015.100

Net Sales/ Income from Operations

85929.500

86935.000

243544.900

 

 

 

 

2. Segment Result

(Profit before Interest and Tax)

 

 

 

a. Copper

5227.100

5034.700

11335.400

b. Iron Ore

(724.900)

(39.000)

(999.700)

c. Aluminium

4684.200

3066.800

10006.600

d. Power

530.200

667.300

2650.700

e. Others

926.500

885.600

2368.200

Total

10643.100

9615.400

25361.200

 

 

 

 

Less : Finance Cost

8515.700

9964.200

28333.200

Add: Other un-allocable income net off expenses

466.400

9611.000

2996.300

Less: Exceptional Items

--

24.300

24.300

Profit before Tax

2593.800

9237.900

13534.100

3. Capital Employed

 

 

 

a. Copper

47142.200

50757.000

47142.200

b. Iron Ore

17159.600

16735.100

17159.600

c. Aluminium

289182.600

289995.600

289182.600

d. Power

76132.700

75236.000

76132.700

e. Others

11299.400

10828.700

11299.400

f. Unallocated

(97359.500)

(97530.200)

(97359.500)

Total

343557.000

346022.200

343557.000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PRESS RELEASE

 

 

VEDANTA DECLARED “BEST DIVERSIFIED EXPORTER” AT THE ECGC – D&B INDIAN EXPORTERS’ EXCELLENCE AWARDS 2015

 

 

Vedanta, one of India’s largest diversified natural resources company, with operations across zinc, lead, silver, oil and gas, iron ore, copper, aluminium and commercial power has been declared as India’s ‘Best  Diversified  Exporter’ at the ECGC (Formerly Export Credit Guarantee Corporation of India Limited) – D and B (Dun and Bradstreet ) Indian Exporters’ Excellence Awards 2015.

 

The award instituted by ECGC Ltd serves as a driving point for the exporters to pursue excellence and demonstrate exemplary performance. This award conferred on Vedanta recognizes the contribution of natural resources exports which contributed significantly to the Indian economy.

 

Commenting on the achievement, Mr. Tom Albanese, Group CEO, Vedanta, said, “This award is a testament to Vedanta’s Best of Class Business which leverage technology to ensure the best quality of exported commodities. At Vedanta, we believe in creating and delivering significant meaningful value to our stakeholders, and partnering India’s growth through the natural resources sector. ”

 

The Total Export Revenues (excluding deemed revenue) of Vedanta’s Indian operations in the financial year 2013-2014 stood at Rs. 155990.000 million. The top 3 products exported were copper cathode, zinc ingots and aluminium ingots.

 

 

The award was presented by Ms. Nirmala Sitharaman, Honourable Minister of State, Ministry of Commerce and Industry, at a ceremony held in Mumbai recently. Representing Vedanta, the award was received by Mr.  Puneet Jagatramka, senior Vice President Central procurement and Marketing- Aluminium Business, Mr. Alok Ranjan, Head Copper business and Mr. Nikhil Supekar, Head International Sales, Hindustan Zinc.

 

 

About ECGC - D&B Indian Exporters’ Excellence Awards 2015

 

Indian Exporters’ Excellence Awards 2015 is a tribute to the leading exporters from various sectors which include manufacturing; trading and services. Companies with minimum 10% revenue from the export sales for FY14 were eligible for nomination. The award program included award categories across various revenue segments providing opportunity for all types of exporters across the country.

 

 

About Vedanta

 

Vedanta is a diversified natural resources company, whose business primarily involves exploring and processing minerals and oil and gas. The Company produces oil and gas, zinc, lead, silver, copper, iron ore, aluminium and commercial power and has a presence across India, South Africa, Namibia, Ireland, Australia, Liberia and Sri Lanka. Sesa Sterlite Limited (SSLT), formerly Sesa Goa Limited, is the Indian subsidiary of Vedanta Resources Plc, a Londonlisted company. Sustainability is at the core of SSLT's strategy, with a strong focus on health, safety and environment and on enhancing the lives of local communities. SSLT is listed on the Bombay Stock Exchange and the National Stock Exchange in India and has ADRs listed on the New York Stock Exchange.

 

 

MALCO ENERGY SUPPORTED PULSE POLIO IMMUNIZATION CAMPAIGN 2015

 

Vedanta's SSLT collaborated with the Primary Health Center at Komburankadu in Tamil Nadu for Pulse Polio Immunization Campaign 2015. This campaign held on January 18, 2015 benefitted 2,387 children.

 

"The main objective of MALCO Energy Limited through this campaign is to support the local government for reaching out to all locations under Primary Health Center at Komburankadu in Tamil Nadu to administer the Oral Polio Vaccine," said C Murugeswaran, Head Operations and Whole-time Director, MALCO Energy Limited. The awareness of this campaign was undertaken at a District level through print and electronic media.

 

MEL is supporting the pulse polio immunization campaign for the last 20 years which has so far benefitted more than 40,000 children in the nearby communities. MEL's support reiterates Vedanta's strong commitment towards health-care initiatives for the local communities.

 

The Pulse Polio Immunization campaign was launched in India in 1995-96. The children in the age group of 0-5 years were administered polio drops during national and sub- national immunization rounds every year.

 

 

 

ABOUT VEDANTA

 

Vedanta is a diversified natural resources company, whose business primarily involves exploring and processing minerals and oil and gas. The company produces oil & gas, zinc, lead, silver, copper, iron ore, aluminium and commercial power and has a presence across India, South Africa, Namibia, Ireland, Australia, Liberia and Sri Lanka.

Sesa Sterlite Limited (SSLT) formerly known as Sesa Goa Limited, is the Indian subsidiary of Vedanta Resources Plc, a London-listed company. Sustainability is at the core of SSLT's strategy, with a strong focus on health, safety and environment and on enhancing the lives of local communities.
SSLT is listed on the Bombay Stock Exchange and the National Stock Exchange in India and has ADRs listed on the New York Stock Exchange.

 

 

VEDANTA’S SSLT JHARSUGUDA DISTRIBUTES QUILTS TO SPECIAL CHILDREN AT BRUNDAMAL

Jharsuguda, Odisha, India, January9, 2015:  Vedanta's SSLT, Jharsuguda in partnership with Vedanta Foundation distributed quilts to the students of special school at Brundamal near its plant premises. During the occasion, Ms Matilata Dungdung, District Social Welfare Officer, Mr G.G. Pal, Dy. Plant 1 Head, SSLT, Jharsuguda, Mr Dinamani Bishi, Area Coordinator- Odisha, Vedanta Foundation distributed 87 quilts to the students of the school in presence of Ms Sudhansu Bala Muduli, Principal, Special School, Brundamal and Mr Sanjeev Patnaik, Head PR, SSLT, Jharsuguda.

The objective of the initiative was to support children in need of special care by providing them essentialities for basic comfort and the effort was lauded by Mrs. Dungdung. She appreciated this noble initiatives keeping in view of the severer prevailing cold condition in the region and also expressed hope for the other supports that can be extended in future. Mr Pal reiterated the commitment of the organization and said that such initiatives are our societal commitment and we must continue them. Led by our leader Mr. Anil Agarwal, we are committed to reach out to all the children in need of development care and protection and we are reaching out to thousands of children around our presence globally.

Present on the occasion were all the CSR and PR members of SSLT, Jharsuguda, guardians of the students and others citizens of the locality.

 

ABOUT VEDANTA

Vedanta is a diversified natural resources company, whose business primarily involves exploring and processing minerals and oil and gas. The company produces oil and gas, zinc, lead, silver, copper, iron ore, aluminium and commercial power and has a presence across India, South Africa, Namibia, Ireland, Australia, Liberia and Sri Lanka.

 

Sesa Sterlite Limited (SSLT) formerly known as Sesa Goa Limited, is the Indian subsidiary of Vedanta Resources Plc, a London-listed company. Sustainability is at the core of SSLT's strategy, with a strong focus on health, safety and environment and on enhancing the lives of local communities. SSLT is listed on the Bombay Stock Exchange and the National Stock Exchange in India and has ADRs listed on the New York Stock Exchange.

 

 

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. 64.15

UK Pound

1

Rs. 100.04

Euro

1

Rs. 72.27

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

SUB

 

 

Report Prepared by :

JYO

 

 

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

--PROFITABILITY

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.