MIRA INFORM REPORT

Report Date :

12.04.2012

IDENTIFICATION DETAILS

Name :	BANGALORE ELECTRICITY SUPPLY COMPANY LIMITED
Registered Office :	K.R. Circle, Bangalore-560001, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.04.2002
Com. Reg. No.:	08-30438
Capital Investment / Paid-up Capital :	Rs.2059.500 Millions
CIN No.: [Company Identification No.]	U04010KA2002SGC030438
TAN No.: [Tax Deduction & Collection Account No.]	BLRB04524C BLRB05396G BLRB03804D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Distributors of Electricity.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 47000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. The company is wholly owned by Government of Karnataka. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Payments are reported to be usually correct. The company can be considered normal for 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	K.R. Circle, Bangalore-560001, Karnataka, India
Tel. No.:	91-80-22354929
Fax No.:	91-80-22354928
E-Mail :	Rsridhara48@rediffmail.com cs_kptcl@yahoo.com
Website :	www.bescom.org

DIRECTORS

As on 29.09.2011

Name :

Mr. Ponniah Manivannan

Designation :

Managing Director

Address :

C17, I Cross, Vasanth Nagar, Bangalore-560010, Karnataka, India

Date of Birth/Age :

27.11.1972

Date of Appointment :

30.10.2010

Din No.:

03348567

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U40109KA1999SGC025521	KARNATAKA POWER TRANSMISSION CORPORATION LIMITED	Director	30-10-10	30-10-10	Active	NO
2	U40101KA2007SGC043640	POWER COMPANY OF KARNATAKA LIMITED	Director	30-10-10	30-10-10	Active	NO
3	U04010KA2002SGC030438	BANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Managing director	30-10-10	30-10-10	Active	NO
4	U75112KA1996PLC020020	KARNATAKA RENEWABLE ENERGY DEVELOPMENT LIMITED	Director	25-11-10	25-11-10	Active	NO
5	U31101KA1975PLC002954	KARNATAKA VIDYUTH KARKHANE LIMITED	Director	02-12-10	02-12-10	Active	NO

Name :

Mr. Ravi Kumar Poondla

Designation :

Director

Address :

No. 373, 12 YH Cross, 5^th Main, HIG Colony, New Bel Road, Bangalore-560094, Karnataka, India

Date of Birth/Age :

03.05.1962

Date of Appointment :

19.05.2011

Din No.:

02285126

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U01135KA1973SGC002378	KARNATAKA STATE SEEDS CORPORATION LIMITED	Director	21-06-08	21-06-08	24-11-08	Active	NO
2	U85110KA1937SGC000199	THE MYSORE TOBACCO COMPANY LIMITED	Director	14-07-08	14-07-08	31-12-08	Active	NO
3	U85110KA1997PLC021862	NABARD FINANCIAL SERVICES LIMITED	Nominee director	21-08-08	21-08-08	21-06-11	Active	NO
4	U75112KA1974SGC002613	KARNATAKA RURAL INFRASTRUCTURE DEVELOPMENT LIMITED	Director	17-12-08	17-12-08	13-06-11	Active	NO
5	U40109KA1999SGC025521	KARNATAKA POWER TRANSMISSION CORPORATION LIMITED	Managing director	16-05-11	16-05-11	-	Active	NO
6	U04010KA2002SGC030438	BANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Director	19-05-11	19-05-11	-	Active	NO
7	U85110KA1970SGC001919	KARNATAKA POWER CORPORATION LIMITED	Director	19-05-11	19-05-11	-	Active	NO
8	U40101KA2007SGC043640	POWER COMPANY OF KARNATAKA LIMITED	Director	25-05-11	25-05-11	-	Active	NO
9	U40109KA2002SGC030425	MANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Director	25-05-11	25-05-11	-	Active	NO
10	U04010KA2002SGC030436	GULBARGA ELECTRICITY SUPPLY COMPANY LIMITED	Director	25-05-11	25-05-11	-	Active	NO
11	U75112KA1996PLC020020	KARNATAKA RENEWABLE ENERGY DEVELOPMENT LIMITED	Nominee director	25-06-11	25-06-11	-	Active	NO

Name :

Mr. Padam Kumar Garg

Designation :

Director

Address :

B-4, Senior Police Officers Quarter, 24-25, Hosur Road, Shoolay Circle, Bangalore, Karnataka, India

Date of Birth/Age :

26.04.1961

Date of Appointment :

23.10.2010

Din No.:

01959681

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L15428KA1933SGC000142	MYSORE SUGAR COMPANY LIMITED	Managing director	25-05-05	25-05-05	11-02-08	Active	YES
2	U04010KA2002SGC030436	GULBARGA ELECTRICITY SUPPLY COMPANY LIMITED	Director	23-10-10	23-10-10	-	Active	NO
3	U40109KA2002SGC030425	MANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Director	23-10-10	23-10-10	29-12-11	Active	NO
4	U04010KA2002SGC030438	BANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Director	23-10-10	23-10-10	-	Active	NO
5	U31401KA2002SGC030437	HUBLI ELECTRICITY SUPPLY COMPANY LIMITED	Director	23-10-10	23-10-10	-	Active	NO
6	U40109KA2004SGC035177	CHAMUNDESHWARI ELECTRICITY SUPPLY CORPORATION LIMITED	Director	23-10-10	23-10-10	-	Active	NO
7	L99999KA1936SGC000173	THE MYSORE PAPER MILLS LIMITED	Managing director	02-02-11	02-02-11	-	Active	NO

Name :

Mr. Naveen Kumar Mangalore

Designation :

Director

Address :

# 551, Dollars Colony, 13^th Cross, Bangalore-560094, Karnataka, India

Date of Birth/Age :

05.01.1956

Date of Appointment :

17.06.2011

Din No.:

02801160

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U40101KA2007SGC043640	POWER COMPANY OF KARNATAKA LIMITED	Managing director	25-06-09	25-06-09	Active	NO
2	U31401KA2002SGC030437	HUBLI ELECTRICITY SUPPLY COMPANY LIMITED	Director	15-09-09	15-09-09	Active	NO
3	U04010KA2002SGC030436	GULBARGA ELECTRICITY SUPPLY COMPANY LIMITED	Director	15-09-09	15-09-09	Active	NO
4	U75112KA1996PLC020020	KARNATAKA RENEWABLE ENERGY DEVELOPMENT LIMITED	Nominee director	28-04-10	28-04-10	Active	NO
5	U40102DL2007GOI157615	COASTAL TAMIL NADU POWER LIMITED	Nominee director	30-08-10	30-08-10	Active	NO
6	U04010KA2002SGC030438	BANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Director	17-06-11	17-06-11	Active	NO
7	U40109KA2004SGC035177	CHAMUNDESHWARI ELECTRICITY SUPPLY CORPORATION LIMITED	Director	21-10-11	21-10-11	Active	NO

Name :

Mr. Maheshwar M. Rao

Designation :

Director

Address :

B-111, KPWD Quarters, Jeevan Bima Nagar, Hal III Stage, Bangalore-560075, Karnataka, India

Date of Birth/Age :

20.08.1971

Date of Appointment :

17.06.2011

Din No.:

00324069

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U85110KA1993SGC014869	KARNATAKA URBAN INFRASTRUCTURE DEVELOPMENT AND FINANCE CORPORATION LIMITED	Director	30-06-05	30-06-05	31-12-08	Active	NO
2	U93000KA1964ULL001532	KARNATAKA STATE INDUSTRIAL AND INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED	Director	26-08-11	01-02-11	-	Active	NO
3	U75112KA1998PTC023647	KARNATAKA TRUSTEE COMPANY PRIVATE LIMITED	Nominee director	21-06-11	04-02-11	-	Active	NO
4	L27102MH1994PLC152925	JSW STEEL LIMITED	Nominee director	04-02-11	04-02-11	17-06-11	Active	NO
5	U75112KA1998PTC023646	KARNATAKA ASSET MANAGEMENT COMPANY PRIVATE LIMITED	Nominee director	21-06-11	04-02-11	-	Active	NO
6	U01513KA2003PLC031873	FOOD KARNATAKA LIMITED	Nominee director	04-02-11	04-02-11	-	Active	NO
7	U85110KA1966SGC001612	MYSORE SALES INTERNATIONAL LIMITED	Nominee director	04-02-11	04-02-11	-	Active	NO
8	U74999KA2007PLC042018	KSIIDC - IL&FS PROJECT DEVELOPMENT COMPANY LIMITED	Nominee director	25-02-11	25-02-11	20-05-11	Active	NO
9	U27101KA1982SGC005078	VIJAYANAGAR STEEL LIMITED	Director	11-03-11	11-03-11	-	Active	NO
10	U24231KA1981GOI004145	KARNATAKA ANTIBIOTICS AND PHARMACEUTICALS LIMITED	Nominee director	22-03-11	22-03-11	11-07-11	Active	NO
11	U63031KA2008SGC045831	BANGALORE AIRPORT RAIL LINK LIMITED	Nominee director	31-03-11	31-03-11	25-07-11	Active	NO
12	U04010KA2002SGC030436	GULBARGA ELECTRICITY SUPPLY COMPANY LIMITED	Director	17-06-11	17-06-11	29-12-11	Active	NO
13	U04010KA2002SGC030438	BANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Director	17-06-11	17-06-11	-	Active	NO
14	U75112KA1960SGC001384	KARNATAKA STATE SMALL INDUSTRIES DEVELOPMENT CORPORATION LIMITED	Director	18-06-11	18-06-11	-	Active	NO
15	L15428KA1933SGC000142	MYSORE SUGAR COMPANY LIMITED	Additional director	18-06-11	18-06-11	-	Active	YES
16	U85110KA1985SGC006743	KARNATAKA STATE COIR DEVELOPMENT CORPORATION LIMITED	Director	22-06-11	22-06-11	-	Active	NO
17	U75112KA1964SGC001526	KARNATAKA STATE HANDICRAFTS DEVELOPMENT CORPORATION LIMITED	Director	05-08-11	05-08-11	-	Active	NO
18	U31101KA1975PLC002954	KARNATAKA VIDYUTH KARKHANE LIMITED	Director	08-09-11	08-09-11	-	Active	NO
19	U92490KA2000NPL028238	KARNATAKA TRADE PROMOTION ORGANISATION	Director	10-11-11	10-11-11	-	Active	NO

Name :

Mr. Ramakrishna Konaiah

Designation :

Whole Time Director

Address :

# 143, 11^th Main, 2^nd Stage, 9^th Block Nagarbgavi, Bangalore-560072, Karnataka, India

Date of Birth/Age :

30.07.1958

Date of Appointment :

215.05.2011

Din No.:

02206374

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U04010KA2002SGC030436	GULBARGA ELECTRICITY SUPPLY COMPANY LIMITED	Whole-time director	28-02-08	28-02-08	26-06-10	Active	NO
2	U85110KA1945PLC000367	THE MYSORE ELECTRICAL INDUSTRIES LIMITED	Director	04-04-08	04-04-08	-	Active	NO
3	U40109KA2002SGC030425	MANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Whole-time director	26-06-10	26-06-10	25-05-11	Active	NO
4	U04010KA2002SGC030438	BANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Director	25-05-11	25-05-11	-	Active	NO

Name :

Pinne Gowda Bore Gowda

Designation :

Director

Address :

318, Dollars Colony, HIG, RMV, 2^nd Stage, Bangalore-560094, Karnataka, India

Date of Birth/Age :

16.07.1952

Date of Appointment :

17.06.2011

Din No.:

02266070

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U85310KA2000SGC026951	RAJIV GANDHI RURAL HOUSING CORPORATION LIMITED	Director	23-06-08	23-06-08	28-07-09	Active	NO
2	U40109KA2004SGC035177	CHAMUNDESHWARI ELECTRICITY SUPPLY CORPORATION LIMITED	Managing director	18-05-11	18-05-11	-	Active	NO
3	U04010KA2002SGC030438	BANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Director	17-06-11	17-06-11	-	Active	NO
4	U31401KA2002SGC030437	HUBLI ELECTRICITY SUPPLY COMPANY LIMITED	Director	17-06-11	17-06-11	21-10-11	Active	NO
5	U40101KA2007SGC043640	POWER COMPANY OF KARNATAKA LIMITED	Director	17-06-11	17-06-11	-	Active	NO
6	L15428KA1933SGC000142	MYSORE SUGAR COMPANY LIMITED	Additional director	18-06-11	18-06-11	-	Active	YES
7	U31101KA1975PLC002954	KARNATAKA VIDYUTH KARKHANE LIMITED	Director	30-07-11	30-07-11	-	Active	NO

Name :

Sivanaiah Sivamallu

Designation :

Director

Address :

No. 15, 1^st Cross, 3^rd Main, Srinidhi Layout, Konankunte, Bangalore-560062, Karnataka, India

Date of Birth/Age :

24.06.1947

Date of Appointment :

15.12.2009

Din No.:

02926029

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U40109KA1999SGC025521	KARNATAKA POWER TRANSMISSION CORPORATION LIMITED	Director	15-12-09	15-12-09	Active	NO
2	U04010KA2002SGC030438	BANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Director	15-12-09	15-12-09	Active	NO

Name :

Mr. Nagaraja Munivenkatappa

Designation :

Director

Address :

29/1, 2^nd Cross, Kanakana Palya, 4^th Block, Jayanagar, BBMP, Bangalore-560011, Karnataka, India

Date of Birth/Age :

08.10.1956

Date of Appointment :

17.12.2008

Din No.:

02893520

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U04010KA2002SGC030436	GULBARGA ELECTRICITY SUPPLY COMPANY LIMITED	Director	17-12-08	17-12-08	Active	NO
2	U04010KA2002SGC030438	BANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Director	17-12-08	17-12-08	Active	NO
3	U40109KA1999SGC025521	KARNATAKA POWER TRANSMISSION CORPORATION LIMITED	Director	17-12-08	17-12-08	Active	NO
4	U40109KA2002SGC030425	MANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Director	17-12-08	17-12-08	Active	NO
5	U40109KA2004SGC035177	CHAMUNDESHWARI ELECTRICITY SUPPLY CORPORATION LIMITED	Director	08-10-09	08-10-09	Active	NO
6	U31401KA2002SGC030437	HUBLI ELECTRICITY SUPPLY COMPANY LIMITED	Director	06-09-11	06-09-11	Active	NO

KEY EXECUTIVES

Name :	Mr. R. Shridhar
Designation :	Company Secretary [Corporate Office]
Name :	Mr. A.J. Hosamani
Designation :	CGM [Operation]
Name :	Mr. Anand Naik
Designation :	CGM [Customer Relations]
Name :	Mr. G.M. Ganghadhara Swamy, KAS
Designation :	GM [Administration]
Name :	Mr. C.S. Ramchandra
Designation :	GM [Power Purchase and Operations]
Name :	Mr. R. Jayakumar
Designation :	GM [Projects and DAS]
Name :	Mr. B.N. Satyaprem Kumar
Designation :	GM [DSM/NJ]
Name :	Mr. L Ravi
Designation :	GM [Corporate Affairs]
Name :	Mr. N.R.M. Nagarajan
Designation :	GM [Procurement]

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Shamim Banu Mehboojan	205949994
Ravi Kumar Poondla	1
Ponniah Manivannan	1
Padam Kumar Garg	1
Naveen Kumar Mangalore	1
Ramakrishna Konaiah	1
Haladodderi RAghavendra Rao Nagendra	1
Total	205950000

As on 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Government [Central and State]	100.00

BUSINESS DETAILS

Line of Business :

Distributors of Electricity.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Vijaya Bank, No. 34, 1^st Floor, Hariram Complex, K G Road Branch, Bangalore-560009, Karnataka, India

· South Indian Bank

· Bank of India

· Bank of Baroda

· Canara Bank

· Syndicate Bank

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Loans from Rural Electrification Corporation Limited, New Delhi.	0.000	21.992
Loans from Rural Electrification Corporation Limited, New Delhi. - APDRP Counterpart funding (Secured by Hypothecation of all existing unencumbered moveable properties including machinery, equipments, machinery spares, tools, implements, and accessories installed / created / erected and all future moveable including machinery, equipments, machinery spares, tools, implements, and accessories installed / created / erected in future and its stock of materials equipments bought or to be bought out of the loan amount at 9.5% and 11.25% interest rates.)	1203.896	1398.860
Term Loans from Commercial Banks
State Bank of India loan Secured by way of hypothecation of all existing and unencumbered present and future goods, book debts and all other movable assets of the Borrower including documents of the title to the goods, outstanding money, receivables including receivables by way of cash assistance and / or cash incentive under the Cash Incentive Scheme or any other Scheme claims including claims by way of refund of customs/excise duties under the duty drawback credit scheme or any other scheme, bills invoices, documents, contracts, insurance policies, guarantees, engagements, securities, investments and rights and the present machinery listed in the schedule hereunto and all future machinery belonging to or in the possession or under the control of the borrower wherever lying stored (including all such goods, other movable assets as may be in course of shipment transit or delivery) by way of first charge (subject, however to any charge in favour of any third party which may have been notified by the borrower and accepted by the Bank as having priority over its own charge) as security. At vario (The terms of Repayment are 24 Quarterly equal installments with one year moratorium repayable over 7 years from the date of first drawal of the loan availment. Interest servicing is to be carried out on monthly basis at the rate of 8.9%, 9% & 9.70% per annum)	419.428	728.058
Oriental Bank of Commerce: Secured by way of hypothecation of all existing and unencumbered present and future goods , book debts and all other movable assets of the Borrower including documents of the title to the goods, outstanding moneys , receivables including receivables by way of cash assistance and / or cash incentive under the Cash Incentive Scheme or any other Scheme claims including claims by way of refund of customs/excise duties under the duty drawback credit scheme or any other scheme, bills invoices, documents , contracts , insurance policies, guarantees, engagements , securities, investments and rights and the present machinery listed in the schedule hereunto and all future machinery belonging to or in the possession or under the control of the borrower wherever lying stored (including all such goods, other movable assets as may be in course of shipment transit or delivery) by way of first charge (subject, however to any charge in favour of any third party which may have been notified by the borrower and accepted by the Bank as having priority over its own charge) as security. Interest @ 7% per annum. (The terms of Repayment are 24 Quarterly equal installments with one year moratorium repayable over 7 years from the date of first drawal of the loan availment. Interest servicing is to be carried out on monthly basis)	61.987	145.404
Corporation Bank Secured by way of hypothecation of all existing and unencumbered present and future goods, book debts and all other movable assets of the Borrower including documents of the title to the goods, outstanding money, receivables including receivables by way of cash assistance and / or cash incentive under the Cash Incentive Scheme or any other Scheme claims including claims by way of refund of customs/excise duties under the duty drawback credit scheme or any other scheme, bills invoices, documents , contracts , insurance policies, guarantees, engagements, securities, investments and rights and the present machinery listed in the schedule hereunto and all future machinery belonging to or in the possession or under the control of the borrower wherever lying stored (including all such goods, other movable assets as may be in course of shipment transit or delivery) by way of first charge (subject, however to any charge in favour of any third party which may have been notified by the borrower and accepted by the Bank as having priority over its own charge) as security. Interest @ 9% per annum. (The terms of Repayment are 24 Quarterly equal installments with one year moratorium repayable over 7 years from the date of first drawal of the loan availment. Interest servicing is to be carried out on monthly basis)	145.285	228.685
Bank of India In 28 quarter, 27 quarterly installments of Rs.71.500 millions per quarter commencing from 3 years from the date of first disbursement. 28ht installment will be of Rs.69.500 millions. Interest to be serviced monthly. ROI 3% below BPLR.	2000.000	0.000
Canara Bank Repayment within 13 years (including moratorium period of three years.) payable in 40 quarterly installments of Rs.100.000 millions each. Interest to be paid as and when due.	1999.993	0.000
PFC - RAPDRP The tenure of loan will be 10 years from the date of disbursement including moratorium period of 3 years for both Principal and interest. Interest to be paid as notified by Ministery of Finance from time to time. The loan together with all interest (including penal interest) costs expenses and other omnies whatsoever stipulated in the Memorandum of Agreement shall be secured by a guarantee from State Government loan along with interest thereon shall be converted and verified by an impendent agency appointed by Ministry of Power (MOP)	784.080	781.711
RAPDRP PFC (B) The tenure of loan will be 20 years including moratorium period of 5 years. The interest and interest tax on the said loan shall be borne by the Utility and shall being to accrue from the date of release of loan by Ministry of Power to PFC. If the distribution utilities achieve years in the project area and the project is completed within time schedule fixed by the steering committee, loan will be convertible into grant.	435.420	0.000
PFC DRUM The loan shall be repaid by the distribution company in 40 equal quarterly installments. The first installment will become due on 15^th day of April 2008 interest on the said loan at the rate of interest prevailing on the date of each disbursement. The loan is secured by way of hypothecation in favour of the corporation of all assets created under the loan. The distribution company shall enhance/open an escrow account for the entire pendency of the loan to the satisfactory of the corporation.	120.360	0.000
JICA (Japan International Co-Operative Agency)	305.545	0.000
Total	7475.994	3304.710
Unsecured Loan
Loans from Government - PMGY (The repayments to be made in 20 annual equal installments together with interest at the rate 12% on the outstanding balance commencing from 2002-2003 pertaining to Rs.4.533 millions and commencing from 2005-06 pertaining to Rs.8.750 millions. However, 50% of loans will enjoy 5 year initial grace period after which repayment of these loans will be effected in 15 annual equal installments.)	12.128	13.230
Loans from Government - APDRP (The repayments to be made in 20 annual equal installments together with interest at the rate 11.50% on the outstanding balance commencing from 2003-2004. However, 50% of loans will enjoy 5 year initial grace period after which repayment of these loans will be effected in 15 annual equal installments.)	500.504	542.212
GOK Interest free Loan Government of Karnataka has released interest free loan to BESCOM towards payment to power suppliers for supply of power to State Grid during 2008-09	9.410	9.410
South Indian Bank - STL (Bullet payment of Rs.1000.000 millions as per terms of sanction from time to time and monthly interest to be serviced regularly at BPLR-6.5% presently 9% per annum.)	999.995	999.995
Bank of India (Bullet payment of Rs.2000.000 millions within 90 days from 3:03:2010and monthly interest to be serviced regularly @ 5.25% per annum.)	0.000	2000.000
Term Loan from PFC (The loan amount is accounted as per the advice of KPTCL and it comprising of various loans with varied terms and conditions. Interest varies from 10.75% - 11%)	27.892	40.517
Corporation Bank	1250.000	0.000
Vijaya Bank (STL)	1500.000	0.000
Loan from Government (through REC) - RGGVY (The Total repayment period will be 15 years inclusive of 5 years moratorium period together with interest @ 5% - 10.4% with quarterly interest)	165.401	165.401
Loan from GoK for Power Sector Automation	10.290	14.700
Loan from GoK Ganga Kalyana. Loan to be repaid in 10 annual installments commencing from FY 2007-08 carrying interest rate of 11% per annum.	27.050	32.460
Overdraft from Bank of Baroda BOB has sanctioned Rs.1000.000 millions	519.934	986.701
Overdraft from Vijaya Bank OD Facility provided by VB Rs.3000.000 millions	2673.040	1013.346
Overdraft from Canara Bank OD Facility provided by VB Rs.2000.000 millions	2066.605	638.799
Overdraft from Syndicate Bank OD Facility provided by VB Rs.1000.000 millions	296.054	14.722
Overdraft From Bank of India OD Facility provided by VB Rs.1000.000 millions	111.968	0.000
Total	10170.271	6471.493

Banking Relations :	--
Auditors :
Name :	R Subramanian and Company Chartered Accountants
Address :	S-616, Manipal Centre, # 47, Dickenson Road, Bangalore-560042, Karnataka, India
Tel. No.:	91-80-25585443
Fax No.:	91-80-25597494
E-Mail :	partner@pchandrasekar.com
Pan No.:	AAAFR0602F

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000000	Equity Shares	Rs.10/- each	Rs.10000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
205950000	Equity Shares	Rs.10/- each	Rs.2059.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		2059.500	2059.500	2059.500
2] Share Application Money		2984.651	2100.151	0.151
3] Reserves & Surplus		10453.507	9858.871	9063.868
4] (Accumulated Losses)		(3506.843)	(3508.879)	(3624.776)
NETWORTH		11990.815	10509.643	7498.743
LOAN FUNDS
1] Secured Loans		7475.994	3304.710	3394.839
2] Unsecured Loans		10170.271	6471.493	4658.205
TOTAL BORROWING		17646.265	9776.203	8053.044
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
Services Line and Security Deposit And Share Deposits		19632.152	18325.072	17401.356
TOTAL		49269.232	38610.918	32953.143
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		28426.931	28208.004	25598.561
Capital work-in-progress		3877.485	1634.768	1378.941
INVESTMENT		0.100	0.100	0.100
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	879.644	1050.100	1479.899
	Sundry Debtors	26945.752	17919.759	14803.915
	Cash & Bank Balances	1364.438	1108.146	595.440
	Other Current Assets	3771.775	3982.739	4877.653
	Loans & Advances	2573.317	1716.012	1718.834
Total Current Assets		35534.926	25776.756	23475.741
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12345.864	12347.563	11331.634
	Other Current Liabilities	5724.785	4062.798	5721.517
	Provisions	499.561	598.349	447.049
Total Current Liabilities		18570.210	17008.710	17500.200
Net Current Assets		16964.716	8768.046	5975.541
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		49269.232	38610.918	32953.143

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	82456.766	67915.850	61903.219
		Other Income	1785.847	1566.186	1463.944
		TOTAL (A)	84242.613	69482.036	63367.163
Less	EXPENSES
		Purchase of power	77574.983	60320.261	60870.536
		Repairs and maintenance	306.865	321.095	370.681
		Employee cost	5420.082	4309.099	3399.131
		Administrative and other expenses	609.441	651.531	608.954
		Other charges (Debits)	859.809	1549.528	2814.012
		Prior period credits	(4000.633)	(818.453)	(696.731)
		TOTAL (B)	80770.547	0.000	0.000
				66333.061	67366.583
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3472.066	3148.975	(3999.420)
Less	FINANCIAL EXPENSES (D)		1994.466	1809.125	1231.703
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1477.600	1339.850	(5231.123)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1455.506	1219.875	642.509
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		22.094	119.975	(5873.632)
Less	TAX (H)		20.058	4.078	8.800
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		2.036	115.897	(5882.432)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(3508.879)	(3624.776)	2257.656
	BALANCE CARRIED TO THE B/S		(3506.843)	(3508.879)	(3624.776)
	Earnings / (Loss) Per Share (Rs.)		0.01	0.56	(28.52)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.00	0.17	(9.28)
Net Profit Margin (PBT/Sales)	(%)	0.03	0.18	(9.49)
Return on Total Assets (PBT/Total Assets}	(%)	0.03	0.22	(11.97)
Return on Investment (ROI) (PBT/Networth)		0.00	0.01	(0.78)
Debt Equity Ratio (Total Liability/Networth)		3.02	2.55	3.41
Current Ratio (Current Asset/Current Liability)		1.91	1.52	1.34

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U04010KA2002SGC030438
Name of the company	BANGALORE ELECTRICITY SUPPLY COMPANY LIMITED
Address of the registered office or of the principal place of business in India of the company	K.R. Circle, Bangalore-560001, Karnataka, India
Type of charge	Book Debts
Particular of charge holder	Vijaya Bank, No. 34, 1^st Floor, Hariram Complex, K G Road Branch, Bangalore-560009, Karnataka, India Email: ban.kgroad1118@vijayabank.co.in
Nature of description of the instrument creating or modifying the charge	Hypothecation Agreement
Date of instrument Creating the charge	03.02.2012
Amount secured by the charge	Rs.2000.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base Rate i.e. 10.65% p.a. (floating) Terms of Repayment Short Term Loan of Rs 2000.000 Millions to be repayable within 6 months. Interest to be served as and when debited. Margin 10% Extent and Operation of the charge First Charge
Short particulars of the property charged	Floating Charge on Book Debts of the Company with 10% margin

FIXED ASSETS:

· Land and Rights

· Building

· Civil Works (Pipelines, Sewage, Drainage, Water Supply)

· Other Civil Works

· Plant and Machinery

· Lines Cable Networks

· Vehicles

· Furniture and Fixtures

· Office Equipments

AS PER WEBSITE

HISTORY:

The erstwhile Mysore State had the enviable and glorious position of establishing the first major hydroelectric generating station for commercial operations at Shivasamudram as early as 1902. The art at that time was still in its infancy, even in the advanced countries. The longest transmission line, at the highest voltage in the world, was constructed to meet the power needs of mining operations at Kolar Gold Fields.

The generating capacity of the Shivasamudram Power House gradually increased to 42 MW in stages. To meet the increasing demand for power, the Shimsha Generating Station, with an installed capacity of 17.2 MW, was commissioned in the year 1940. The power demand was ever on the increase, for industries and rural electrification, and additions to generating capacity became imperative. The 1st Stage of 48 MW and 2nd stage of 72 MW of the Mahatma Gandhi Hydroelectric Station were commissioned during 1948 and 1965, respectively.

The State of Karnataka, with availability of cheap electric power, and other infrastructure facilities, was conducive for increased tempo of industrial activity. It became necessary to augment the power-generating capacity by harnessing the entire potential of the Sharavathi Valley. The first unit of 89.1 MW was commissioned in 1964 and completed in 1977.

The demand for power saw a phenomenal increase in the mid sixties and onwards with the setting up of many public sector and private industries in the State. As power generation in the state was entirely dependent on monsoon and was subject to its vagaries, the state government set up a coal based power plant at Raichur. The present installed capacity of the power plant at Raichur is 1260 MW. To augment the energy resources of the State, the Kalinadi Project with an installed capacity of 810 MW at Nagahari Power House and 100MW at Supa Dam Power House, with an energy potential of 4,112 Mkwh, were set up.

The transmission and distribution system in the state was under the control of the Government of Karnataka (then Mysore) till year 1957. In the year 1957, MSEB was formed and the private distribution companies were amalgamated with Karnataka Electricity Board

Till the year 1986, KEB was a profit-making organisation. However, in the subsequent years, like other State Electricity Boards in the country, KEB also started incurring losses, mainly due to the increase in agricultural consumption and due to the implementation of the socio-economic policies of the government.

To improve the performance of the power sector and in tune with the reforms initiated by Government of India, the Government of Karnataka came out with a general policy proposing fundamental and radical reforms in the power sector. Accordingly an Act, namely the Karnataka Electricity Reforms Act was passed by the Karnataka Legislature. The Reform has mandated major restructuring of the Karnataka Electricity Board and its Corporatisation. As part of corporatisation, Karnataka Electricity Board ceased to exit and Karnataka Power Transmission Corporation Limited was constituted from 1st August 1999.

As a part of the reforms, the distribution sector was further divided into 4 companies viz. Bangalore Electricity Supply Company Limited – BESCOM; Hubli Electricity Supply Company Limited - HESCOM; Mangalore Electricity Supply Company Limited – MESCOM; Gulbarga Electricity Supply Company Limited - GESCOM. These companies came into existence from 01.06.2002.

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 records 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 records 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.51.55
UK Pound	1	Rs.81.95
Euro	1	Rs.67.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.