We have audited the attached Consolidated Balance Sheet of SESA GOA LIMITED (“the Company”) and its
subsidiaries (the Company and its subsidiaries constitute “the Group”) as at 31st March, 2011, the Consolidated
Proﬁt and Loss Account and the Consolidated Cash Flow Statement of the Group for year ended on that date,
both annexed thereto. These ﬁnancial statements are the responsibility of the Company’s management and have
been prepared by the management on the basis of separate ﬁnancial statements and other ﬁnancial information
regarding components. Our responsibility is to express an opinion on these Consolidated Financial Statements
based on our audit.
We conducted our audit in accordance with the 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 the 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.
We report that the Consolidated Financial Statements have been prepared by the Company in accordance
with the requirements of Accounting Standard 21 (Consolidated Financial Statements) as notiﬁed under the
Companies (Accounting Standards) Rules, 2006.
Based on our audit and on consideration of the separate audit reports on the individual ﬁnancial statements of
the Company and its subsidiaries and to the best of our information and according to the explanations given
to us, in our opinion, the Consolidated Financial Statements give a true and fair view in conformity with the
accounting principles generally accepted in India:
in the case of the Consolidated Balance Sheet, of the state of afairs of the Group as at 31st March, 2011;
in the case of the Consolidated Proﬁt and Loss Account, of the proﬁt of the Group for the year ended on
31st March, 2011; and
in the case of the Consolidated Cash Flows Statements, of the cash ﬂows of the Group for the year ended on
31st March, 2011.