To the Members of Sesa Goa Limited
- We have audited the attached Balance Sheet of SESA GOA LIMITED (“the Company”) as at 31st March, 2011, the
Proﬁt and Loss Account and the Cash Flow Statement of the Company for year ended on that date, both annexed
thereto. These ﬁnancial statements are the responsibility of the Company’s management. Our responsibility is to
express an opinion on these ﬁnancial statements based on our audit.
- We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards
require that we plan and perform the audit to obtain reasonable assurance about whether the ﬁnancial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the ﬁnancial statements. An audit also includes assessing the accounting
principles used and signiﬁcant estimates made by the Management, as well as evaluating the overall ﬁnancial
statement presentation. We believe that our audit provides a reasonable basis for our opinion.
- As required by the Companies (Auditor's Report) Order, 2003, issued by the Central Government of India in terms
of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters speciﬁed
in paragraphs 4 and 5 of the same order.
- Further to our comments in the Annexure referred to in paragraph 3 above, we report that:
we have obtained all the information and explanations which, to the best of our knowledge and belief
were necessary for the purposes of our audit;
- in our opinion, proper books of account as required by law have been kept by the Company so far as it
appears from our examination of those books;
- the Balance Sheet, the Proﬁt and Loss Account and the Cash Flow Statement dealt with by this report are in
agreement with the books of account;
- in our opinion, the Balance Sheet, the Proﬁt and Loss Account and the Cash Flow Statement dealt with
by this report are in compliance with the Accounting Standards referred to in Section 211(3C) of the
Companies Act, 1956;
- in our opinion and to the best of our information and according to the explanations given to us, the said
ﬁnancial statements give the information required by the Companies Act, 1956 in the manner so required
and give a true and fair view in conformity with the accounting principles generally accepted in India:
- in the case of the Balance Sheet, of the state of afairs of the Company as at 31st March, 2011;
- in the case of the Proﬁt and Loss Account, of the proﬁt of the Company for the year ended on
31st March, 2011; and
- in the case of the Cash Flow Statement of the cash ﬂows for the year ended on 31st March, 2011.
On the basis of written representations received from the directors as on 31st March, 2011, and taken on record
by the Board of Directors, we report that none of the Directors is disqualiﬁed as on 31st March, 2011 from being
appointed as a director in terms of Section 274(1)(g) of the Companies Act, 1956.
For DELOITTE HASKINS & SELLS
(Registration No. 117366W)
Rajesh K. Hiranandani
(Membership No. 36920)
Place: Panaji - Goa
Dated: 25th April, 2011