To the Board of Directors of Sesa Goa Limited

• 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.

For DELOITTE HASKINS & SELLS Chartered Accountants (Registration No. 117366W)

Rajesh K. Hiranandani Partner (Membership No. 36920)

Place: Panaji - Goa Dated: 25th April, 2011