Clasificaci´ on de g´ eneros de m´ usica

Due within one year 218.4 295.3

1,521.9 818.9

The principal loans held by Group companies at 31 March 2005 were as follows: Hindustan Zinc Limited

Foreign Currency Syndicated Loan

In September 2003, HZL secured a $125 million syndicated loan. The loan is secured by a first charge on certain of HZL’s fixed assets. The interest rate on the loan is approximately LIBOR plus 120 basis points. The loan is repayable in November 2006 ($30 million), November 2008 ($65 million) and November 2010 ($30 million). Bharat Aluminium Company Limited

Term Loans

At 31 March 2005, BALCO held two syndicated Indian rupee term loans totalling $274.3 million at an average interest rate of 7.6% per annum. These loans are secured by a first charge on the fixed assets of BALCO. The first loan of $228.6 million is repayable in 12 quarterly instalments, due to commence in January 2007; the second loan of $45.7 million is repayable in 8 quarterly instalments, due to commence from May 2009. Project Buyers’ Credit

As at 31 March 2005, BALCO was provided with extended credit terms relating to purchases of fixed assets for its projects. The extended credit amounted to $158.0 million, of which $71.1 million is repayable in March 2007 and the balance repayable within six months of draw down.

Sterlite Industries (India) Limited Non-Convertible Debentures

Sterlite had $25.9 million of Indian rupee non-convertible debentures in issue with various institutions at 31 March 2005. The debentures are repayable from June 2005 to April 2013 with interest rates varying from 7.9% to 13.25% per annum. These debentures are secured upon Sterlite’s immoveable property at Lonavala, Tuticorin, Gujarat and Chinchpada.

Floating Rate Loan Note

At 31 March 2005, Sterlite had a floating rate loan note (“FRN”) in issue of $13.4 million. Interest currently accrues at 6.54% per annum after taking into account currency and interest rate swaps. The FRN matures for repayment in June 2007.

Foreign Currency Loans

Sterlite had foreign currency loans with various banks amounting to $181.7 million as at 31 March 2005. The loans mature between October 2005 and October 2008 and bear effective interest rates (after taking account of currency swaps, where applicable) of between 4.4% and 8.2% per annum. Of these, loans amounting to $89.1 million are secured by a first charge on all the assets of Tuticorin and Silvassa sites, with loans amounting to $92.6 million being unsecured.

Foreign Currency Redeemable Convertible Bonds

In October 2003, Sterlite issued 50,000 1% $1,000 redeemable convertible bonds which are redeemable by Sterlite at a premium of $180 per bond on 27 October 2008. These bonds can be converted into ordinary shares of Sterlite at a conversion price of INR 550 per ordinary share, subject to adjustment on the occurrence

Notes to the Financial Statements continued

19. Creditors: Amounts Falling due After More than One Year continued

Sterlite Industries (India) Limited Working Capital Loans

Sterlite has $28.3 million of Indian rupee working capital loans with various banks. The loans bear interest at rates of between 3.5% and 4.0% per annum.

Vedanta Resources plc Long Term Bonds

In December 2004 and January 2005, Vedanta issued a total of $600 million 6.625% bonds due February 2010 in the United States of America (“USA”) pursuant to Rule 144A of the US Securities Act of 1933 (“Securities Act”) and outside of the USA in reliance of Regulation S pursuant to the Securities Act. The bonds are unsecured and are rated BB by Standard and Poor and Ba2 by Moody’s. The proceeds from the bonds were substantially remitted to India by 31 March 2005 for the funding of the Group’s projects.

Konkola Copper Mines PLC Term Loans

As at 31 March 2005, KCM had loans amounting to $26.5 million payable to ARH Limited S.A (“ARH”), a subsidiary of Anglo American plc (“AA plc”). The loans were advanced on 17 September 2002 when KCM and AA plc entered into the Exit Deed in which AA plc divested of its interest in KCM. The loans bear interest at LIBOR.

The loans are secured on the proceeds, if any, receivable from KCM’s insurers in respect of the Nchanga Open Pit accident, which occurred on 8 April 2001.

The loans are to be repaid:

i. immediately to the extent of any insurance proceeds in respect of the Nchanga Open Pit accident received by the Company; and

ii. from the third anniversary of the date of Exit Deed, in which case the aggregate outstanding amount of the loan at the second anniversary shall be repaid together with interest accrued thereon in tranches of 20% of the aggregate of balance. Amounts and all interest accrued thereon as at the seventh anniversary will be repaid on the seventh anniversary.

Subordinated Term Facility

The Government of the Republic of Zambia has extended a loan to KCM for an aggregate amount of $8.5 million. The facility is secured upon a second charge over all KCM’s rights, title and interest, in respect of proceeds arising under the insurance claim described above. Interest is payable at LIBOR. The facility is repayable in five equal consecutive annual instalments commencing on 17 September 2005, the third anniversary of the date of the Exit Deed.

20. Provisions for Liabilities and Charges

Restoration, Pension and Deferred rehabilitation and

similar obligations taxation environmental Other Total $ million $ million $ million $ million $ million

Balance at 1 April 2004 4.6 123.2 10.3 24.8 162.9

Acquisition of subsidiary undertaking

(note 26a) 59.8 – 50.8 137.9 248.5

Charged/(credited) to profit and loss 5.9 20.9 0.8 (9.2) 18.4

Amounts applied (5.8) – 0.1 0.6 (5.1)

Foreign exchange differences (0.1) (0.3) 0.1 (0.7) (1.0)

Other movements 0.1 2.5 – (2.1) 0.5

Balance at 31 March 2005 64.5 146.3 62.1 151.3 424.2

Notes to the Financial Statementscontinued

20. Provisions for Liabilities and Charges continued

(b) Deferred Taxation

The Group has accrued significant amounts of deferred tax. The majority of the deferred tax liability represents accelerated tax relief for the depreciation of capital expenditure, net of losses carried forward by MALCO and CMT. No benefit has been recognised for excess losses of CMT, TCM, IFL, VRHL and the Company on the grounds that their successful application against future profits is not probable in the foreseeable future. The deferred tax asset that has been recognised on the acquisition of KCM is attributable to carry forward tax losses:

Deferred Tax Assets of KCM Classified as Debtors (note 16)

$ million

Balance at 1 April 2004 –

Acquisition of subsidiary undertaking (101.4)

Charged to profit and loss 11.3

Foreign exchange differences 0.1

Balance at 31 March 2005 (90.0)

The amounts of deferred taxation and timing differences, provided and not provided, in the accounts are as follows:

Provided – Liabilities/(Assets)

31 March 2005 31 March 2004 $ million $ million

Accelerated capital allowances 234.4 145.9

Unutilised tax losses (159.7) (26.7)

Other timing differences (18.4) 4.0

56.3 123.2

Recognised as:

Deferred tax liability provided 146.3 123.2

Deferred tax asset recognised (90.0) –

Not Provided – Liabilities/(Assets)

31 March 2005 31 March 2004 $ million $ million

Accelerated capital allowances – 3.3

Unutilised tax losses (2.6) (4.1)

Other timing differences – (0.1)

(2.6) 0.9

(c) Restoration, Rehabilitation and Environmental

The provisions for restoration, rehabilitation and environmental liabilities represent the Directors’ best estimate of the costs which will be incurred in the future to meet the Group’s obligations under existing Indian, Australian and Zambian law and the terms of the Group’s mining and other licences and contractual arrangements.

(d) Other

Other provisions comprise the Directors’ best estimate of the costs which may be incurred in the future to settle certain legal and tax claims outstanding against the Group, primarily in India and also a provision recognised as part of acquisition accounting for the price participation agreement between KCM and ZCCM.

Notes to the Financial Statementscontinued

21. Minority Interests

(a) Non Equity Interests

Non equity minority interests are represented by the deferred shares in KCM held by ZCI of $47.5 million and ZCCM of $11.9 million. The deferred shares have no voting rights or rights to KCM`s dividends, but are entitled on a winding up to a return of $0.99 per share once all of KCM’s ordinary shares have received a distribution equal to their par value and any share premium created on their issue and which remains distributable to them.

(b) Equity Interests

$ million

Balance at 1 April 2004 405.2

Prior year adjustment 18.1

Balance at 1 April (restated) 423.3

Profit for the period 114.7

Acquisition of subsidiary undertaking (note 26a) 98.7

Increase/(reduction) in minority interests due to increase/decrease interest in subsidiary shareholdings:

– acquisition of Sterlite shares from SEWT (note 26b) (2.6)

– subscription to Sterlite rights issue (note 26c) 21.1

– subscription to VAL equity (note 26d) 8.0

– conversion of Sterlite convertible bonds (note 26e) 25.1

Foreign exchange differences 1.0

Dividends paid (7.7)

Balance at 31 March 2005 681.6

22. Called Up Equity Share Capital

31 March 2005 31 March 2004

Number of Value of shares Number of Value of shares

shares $ million shares $ million

(restated)

Authorised

Ordinary shares of 10 US cents each 400,000,000 40.0 400,000,000 40.0

Deferred shares of £1 each 50,000 0.1 50,000 0.1

400,050,000 40.1 400,050,000 40.1