MIRA INFORM REPORT

Report Date :

05.04.2014

IDENTIFICATION DETAILS

Name :	KARNATAKA NEERAVARI NIGAM LIMITED
Registered Office :	4th Floor, Coffee Board Building,No.1, Dr. Ambedkar Veedhi, Bangalore – 560001, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.12.1998
Com. Reg. No.:	08-024503
Capital Investment / Paid-up Capital :	Rs.86226.565 Millions
CIN No.: [Company Identification No.]	U85110KA1998SGC024503
TAN No.: [Tax Deduction & Collection Account No.]	BLRK03207B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Undertake Government Project in Infrastructure of Dam Canal.
No. of Employees :	5000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 537000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exists
Comments :	Subject is a State Government of Karnataka Company. It is an established company having good track record. The company has recorded some accumulated losses however capital base of the company is strong. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view of Government company, the company can be considered good 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Proposed Bond Programme A+ (SO)
Rating Explanation	Adequate degree of safety. It carry low credit risk.
Date	February 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Ms. Nagaveena
Designation :	Finance Department
Contact No.:	91-80-22283074
Date :	03.04.2014

LOCATIONS

Registered Office :	4th Floor, Coffee Board Building,No.1, Dr. Ambedkar Veedhi, Bangalore – 560001, Karnataka, India
Tel. No.:	91-80-22283074 / 77 / 78
Fax No.:	91-80-22267314 / 22386015
E-Mail :	knnl@knnlindia.com csknnl@vsnl.net
Website :	www.knnlindia.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Rudraiah

Designation :

Managing Director

Address :

PWD Quarters, Methodist Church, Aiwan Eshai Road, Gulbarga – 585102, Karnataka, India

Date of Birth/Age :

12.12.1959

Date of Appointment :

05.11.2012

DIN No.:

06453760

Name :

Mr. Dhathatraiah Narayanrao Desai

Designation :

Nominee Director

Address :

Hig No. 1, 1^st, A, Main , KHB Colony, 1 Stage, Dbasaveshwarnagar, Bangalore – 560001, Karnataka, India

Date of Birth/Age :

08.01.1932

Date of Appointment :

13.03.2006

Voter ID :

KJ/13/077/867065

DIN No.:

00229518

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L85320KA1994SGC016101	KRISHNA BHAGYA JALA NIGAM LIMITED	Director	23/06/2004	23/06/2004	-	Active	NO
2	U85110KA1998SGC024503	KARNATAKA NEERAVARI NIGAM LIMITED	Nominee director	13/03/2006	13/03/2006	-	Active	NO
3	U45205KA2003SGC032044	CAUVERY NEERAVARI NIGAMA LIMITED	Director	03/01/2008	03/01/2008	30/08/2008	Active	NO

Name :

Mr. Praful Veerbasappa Jatti

Designation :

Nominee Director

Address :

Plot No. 83, Sangameshwaranagar, Belgum – 590016, Karnataka, India

Date of Birth/Age :

24.06.1940

Date of Appointment :

19.07.2013

DIN No.:

00896054

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65910KA1997PTC022617	BELGAUM FINANCIERS PRIVATE LIMITED	Director	14/10/2006	14/10/2006	-	Under liquidation	NO
2	U85110KA1998SGC024503	KARNATAKA NEERAVARI NIGAM LIMITED	Nominee director	19/07/2013	19/07/2013	-	Active	NO

Name :

Mr. Narasimha Raju Narasappa Doddahosahalli

Designation :

Nominee Director

Address :

No. 222/A, 2^nd Main, Mahalakshmi Layout, Bangalore – 560086, Karnataka, India

Date of Birth/Age :

28.04.1956

Date of Appointment :

28.05.2013

DIN No.:

01070476

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U85110KA1995PLC017192	TAJ KARNATAKA HOTELS AND RESORTS LIMITED	Nominee director	30/09/2003	30/09/2003	27/09/2007	Active	NO
2	L40200DL1984GOI018976	GAIL (INDIA) LIMITED	Director	03/09/2007	30/11/2006	23/01/2009	Active	NO
3	L23220MH1952GOI008931	BHARAT PETROLEUM CORPORATION LIMITED	Additional director	06/12/2006	06/12/2006	07/05/2007	Active	NO
4	L11101AS1959GOI001148	OIL INDIA LIMITED	Nominee director	27/09/2008	01/08/2008	05/01/2012	Active	NO
5	U85110KA1970SGC001919	KARNATAKA POWER CORPORATION LIMITED	Director	21/05/2013	03/02/2012	-	Active	NO
6	U04010KA2002SGC030438	BANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Director	03/02/2012	03/02/2012	07/02/2013	Active	NO
7	U40109KA2004SGC035177	CHAMUNDESHWARI ELECTRICITY SUPPLY CORPORATION LIMITED	Director	03/02/2012	03/02/2012	07/02/2013	Active	NO
8	U40101KA2007SGC043640	POWER COMPANY OF KARNATAKA LIMITED	Director	03/02/2012	03/02/2012	07/02/2013	Active	NO
9	U31401KA2002SGC030437	HUBLI ELECTRICITY SUPPLY COMPANY LIMITED	Director	03/02/2012	03/02/2012	07/02/2013	Active	NO
10	U40109KA1999SGC025521	KARNATAKA POWER TRANSMISSION CORPORATION LIMITED	Director	21/05/2013	03/02/2012	-	Active	NO
11	U75112KA1996PLC020020	KARNATAKA RENEWABLE ENERGY DEVELOPMENT LIMITED	Nominee director	03/02/2012	03/02/2012	07/02/2013	Active	NO
12	U74900KA2012SGC063386	TADADI PORT LIMITED	Director	02/05/2012	02/05/2012	25/06/2013	Active	NO
13	U10200KA2012SGC066621	KARNATAKA STATE COAL MINING COMPANY LIMITED	Director	07/11/2012	07/11/2012	27/03/2013	Active	NO
14	U85110KA1998SGC024503	KARNATAKA NEERAVARI NIGAM LIMITED	Nominee director	28/05/2013	28/05/2013	-	Active	NO
15	U45205KA2003SGC032044	CAUVERY NEERAVARI NIGAMA LIMITED	Nominee director	28/05/2013	28/05/2013	-	Active	NO
16	L85320KA1994SGC016101	KRISHNA BHAGYA JALA NIGAM LIMITED	Nominee director	28/05/2013	28/05/2013	-	Active	NO
17	U16286KA1994GOI016286	BANGALORE METRO RAIL CORPORATION LIMITED	Nominee director	06/07/2013	06/07/2013	-	Active	NO
18	U55103KA1980SGC003775	JUNGLE LODGES AND RESORTS LIMITED	Nominee director	14/11/2013	14/11/2013	-	Active	NO
19	U45202KA1994FLC015118	INFORMATION TECHNOLOGY PARK LIMITED	Nominee director	26/11/2013	26/11/2013	-	Active	NO

Name :

Mr. Inturi Srinivas Nagesh Prasad

Designation :

Nominee Director

Address :

No. C-2, I-B, Main Road, Block No. 7, HSR Layout, Sector – VI, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

15.06.1963

Date of Appointment :

30.09.2013

DIN No.:

01469651

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45209KA2006PLC038590	MANGALORE SEZ LIMITED	Nominee director	11/08/2009	06/07/2006	-	Active	NO
2	U74999KA2007PLC042018	KSIIDC – IL and FS Project Development Company Limited	Nominee director	24/03/2009	03/05/2007	25/02/2010	Active	NO
3	U40107KA2006PLC041258	ONGC Mangalore Petrochemicals Limited	Director	23/09/2013	20/03/2008	-	Active	NO
4	U45209KA1999SGC025497	KARNATAKA ROAD DEVELOPMENT CORPORATION LIMITED	Managing director	08/07/2009	08/07/2009	06/11/2009	Active	NO
5	U85110KA1998SGC024503	KARNATAKA NEERAVARI NIGAM LIMITED	Nominee director	30/09/2013	18/11/2009	-	Active	NO
6	L85320KA1994SGC016101	KRISHNA BHAGYA JALA NIGAM LIMITED	Nominee director	28/09/2013	27/11/2009	-	Active	NO
7	U85110KA1970SGC001919	KARNATAKA POWER CORPORATION LIMITED	Director	06/09/2013	24/12/2009	-	Active	NO
8	U40109KA1999SGC025521	KARNATAKA POWER TRANSMISSION CORPORATION LIMITED	Director	06/09/2013	03/01/2010	-	Active	NO
9	U55103KA1980SGC003775	JUNGLE LODGES AND RESORTS LIMITED	Nominee director	13/05/2010	13/05/2010	18/09/2012	Active	NO
10	U74900KA2012SGC063386	TADADI PORT LIMITED	Director	30/09/2013	02/05/2012	-	Active	NO
11	U75112KA1998PTC023647	KARNATAKA TRUSTEE COMPANY PRIVATE LIMITED	Nominee director	10/07/2012	10/07/2012	10/09/2013	Active	NO
12	U75112KA1998PTC023646	KARNATAKA ASSET MANAGEMENT COMPANY PRIVATE LIMITED	Nominee director	10/07/2012	10/07/2012	05/09/2013	Active	NO
13	U75112KA1976SGC003055	KARNATAKA STATE ELECTRONIC DEVELOPMENT CORPORATION LIMITED	Nominee director	17/05/2013	23/08/2012	21/09/2013	Active	NO
14	U16286KA1994GOI016286	BANGALORE METRO RAIL CORPORATION LIMITED	Nominee director	18/09/2013	18/09/2013	-	Active	NO
15	U01551KA2003SGC032033	KARNATAKA STATE BEVERAGES CORPORATION LIMITED	Director	21/09/2013	21/09/2013	-	Active	NO
16	U63031KA2008SGC045831	BANGALORE AIRPORT RAIL LINK LIMITED	Director	23/09/2013	23/09/2013	-	Active	NO
17	U99999KA1962PLC001449	BANGALORE TURF CLUB LIMITED	Nominee director	25/09/2013	25/09/2013	-	Active	NO
18	U85110KA1966SGC001612	MYSORE SALES INTERNATIONAL LIMITED	Director	26/09/2013	26/09/2013	-	Active	NO
19	U45205KA2003SGC032044	CAUVERY NEERAVARI NIGAMA LIMITED	Nominee director	30/09/2013	30/09/2013	-	Active	NO
20	U85110KA1993SGC014869	KARNATAKA URBAN INFRASTRUCTURE DEVELOPMENT AND FINANCE CORPORATION LIMITED.	Nominee director	21/10/2013	21/10/2013	-	Active	NO
21	U93000KA1964ULL001532	KARNATAKA STATE INDUSTRIAL AND INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED	Director	30/10/2013	30/10/2013	-	Active	NO
22	U45203KA2001PLC028418	BANGALORE INTERNATIONAL AIRPORT LIMITED	Director appointed in casual vacancy	13/11/2013	13/11/2013	-	Active	NO

Name :

Mr. Jeevraj Ramesh Karadi

Designation :

Nominee Director

Address :

CTS No. 4855, 6/A, 1^st Main, 1^st Cross, Near LAD, Hospital, Sadashivnagar, Belgum – 590002, Karnataka, India

Date of Birth/Age :

26.06.1958

Date of Appointment :

27.08.2008

DIN No.:

02388497

Name :

Mr. Mallanagouda Basanagouda Patil

Designation :

Nominee Director

Address :

No.31/1, Akkamahadevi Cross, Road, Bijapur - 586101, Karnataka, India

Date of Birth/Age :

07.10.1964

Date of Appointment :

28.05.2013

DIN No.:

02558869

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U85110KA1994PLC016020	TERRA FIRMA BIO TECHNOLOGIES LIMITED	Director	22/03/1995	22/03/1995	02/05/2013	Active	NO
2	U15421KA2001PLC028434	SHREE BASAVESHWAR SUGARS LIMITED	Director	31/03/2002	31/03/2002	23/08/2013	Active	NO
3	U80301KA2011PTC061552	NEPA INTERNATIONAL SCHOOLS EDUCATION PRIVATE LIMITED	Director	08/12/2011	08/12/2011	21/10/2013	Strike off	NO
4	L85320KA1994SGC016101	KRISHNA BHAGYA JALA NIGAM LIMITED	Nominee director	28/05/2013	28/05/2013	-	Active	NO
5	U85110KA1998SGC024503	KARNATAKA NEERAVARI NIGAM LIMITED	Nominee director	28/05/2013	28/05/2013	-	Active	NO
6	U45205KA2003SGC032044	CAUVERY NEERAVARI NIGAMA LIMITED	Nominee director	28/05/2013	28/05/2013	-	Active	NO

Name :

Mr. Belur Gurappa Gurupadaswamy

Designation :

Nominee Director

Address :

No. 137, 6^th Cross, Bapuji Layput, Vijaynagar, 2^nd Stage, Bangalore – 560040, Karnataka, India

Date of Birth/Age :

14.03.1961

Date of Appointment :

05.11.2012

DIN No.:

03497859

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74210KA1970PLC001379	TUNGABHADRA STEEL PRODUCTS LIMITED	Director	27/09/2013	16/03/2011	-	Active	NO
2	L85320KA1994SGC016101	KRISHNA BHAGYA JALA NIGAM LIMITED	Nominee director	26/03/2011	26/03/2011	-	Active	NO
3	U45205KA2003SGC032044	CAUVERY NEERAVARI NIGAMA LIMITED	Director	03/05/2011	03/05/2011	-	Active	NO
4	U85110KA1998SGC024503	KARNATAKA NEERAVARI NIGAM LIMITED	Nominee director	05/11/2012	13/05/2011	-	Active	NO
5	U75112KA1974SGC002613	KARNATAKA RURAL INFRASTRUCTURE DEVELOPMENT LIMITED	Director	13/06/2011	13/06/2011	-	Active	NO
6	U75112KA1996PLC020020	KARNATAKA RENEWABLE ENERGY DEVELOPMENT LIMITED	Nominee director	25/06/2011	25/06/2011	-	Active	NO

Name :

Mr. Venkappa Parappa Huggi

Designation :

Nominee Director

Address :

A/P House No. 28, Aishwarya Nagar, Ashram Road, Bijapur – 586103, Karnataka, India

Date of Birth/Age :

26.12.1956

Date of Appointment :

19.07.2013

DIN No.:

05185354

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74140KA2012PTC064032	B M PATIL BUSINESS VENTURES PRIVATE LIMITED	Director	16/05/2012	16/05/2012	-	Active	NO
2	U85110KA1998SGC024503	KARNATAKA NEERAVARI NIGAM LIMITED	Nominee director	19/07/2013	19/07/2013	-	Active	NO

Name :

Mr. Siddaramaiah

Designation :

Nominee Director

Address :

Vijaynagar, Bengalore – 560004, Karnataka, India

Date of Birth/Age :

12.08.1948

Date of Appointment :

28.05.2013

DIN No.:

06609424

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U85110KA1970SGC001919	KARNATAKA POWER CORPORATION LIMITED	Director	21/05/2013	21/05/2013	-	Active	NO
2	U40109KA1999SGC025521	KARNATAKA POWER TRANSMISSION CORPORATION LIMITED	Director	27/05/2013	27/05/2013	01/02/2014	Active	NO
3	L85320KA1994SGC016101	KRISHNA BHAGYA JALA NIGAM LIMITED	Nominee director	28/05/2013	28/05/2013	-	Active	NO
4	U85110KA1998SGC024503	KARNATAKA NEERAVARI NIGAM LIMITED	Nominee director	28/05/2013	28/05/2013	-	Active	NO
5	U45205KA2003SGC032044	CAUVERY NEERAVARI NIGAMA LIMITED	Nominee director	28/05/2013	28/05/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. G.S. Prakash
Designation :	Secretary
Address :	24. Poornapragna Layout, BSK III Stage, Bangalore – 560085, Karnataka, India
Date of Birth/Age :	29.05.1952
Date of Appointment :	06.05.2000
PAN No.:	AFIPP5428A

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Hon’ble Governor of Karnataka	135175692
Dhathatraiah Narayanrao Desai	1
Jeevraj Ramesh Karadi	1
Naeemulla Sha Khadri	1
Karnataka State Financial Corporation, India	2490299
S.V. Rangnath	1
Belur Gurappa Gurupadaswamy	1
D, Satya Murthy I.A.S	1
D. Randeep	1
Rudraiah	1
Narasimha Raju Narasappa Doddahosahalli	1
Venkappa Parappa Huggi	1
Praful Veerbasappa Jatti	1
Inturi Srinivas Nagesh Prasad	1
Total	137666003

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Government (Central and State)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Undertake Government Project in Infrastructure of Dam Canal.

Products :

Products Description	ITC Code
Water Charges	99532341

Terms :

Purchasing :

Depend

GENERAL INFORMATION

Customers :	Others
No. of Employees :	5000 (Approximately)
Bankers :	State Bank of Mysore, Corporate Accounts Branch, No.18, Ramanashree Arcade, Mid Ford Gardens, M G Road, Bangalore - 560001, Karnataka, India Bank of Baroda, Jayanagar Branch, Jayanagar Bangalore, Bangalore - 560011, Karnataka, India

Banking Relations :	--
Auditors :
Name :	B.P. Rao and Company Chartered Accountants
Address :	No.5, Poorna Prasad Road, High Grounds, Bangalore-560001, Karnataka, India
PAN No.:	AAAFK7720M
Related Parties :	Government of Karnataka CIN No.: AAAAA9999A

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs.1000/- each	Rs.200000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
137666003	Equity Shares	Rs.1000/- each	Rs.137666.003 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs.1000/- each	Rs.200000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
86226565	Equity Shares	Rs.1000/- each	Rs.86226.565 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	86226.565	86226.565
(b) Reserves & Surplus	(6723.640)	(4997.975)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	54704.279	36175.053
Total Shareholders’ Funds (1) + (2)	134207.204	117403.643
(3) Non-Current Liabilities
(a) long-term borrowings	14.700	19.600
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	1312.421	987.341
(d) long-term provisions	7.462	4.447
Total Non-current Liabilities (3)	1334.583	1011.388
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	6708.281	7569.653
(c) Other current liabilities	488.795	1877.115
(d) Short-term provisions	22.230	26.057
Total Current Liabilities (4)	7219.306	9472.825
TOTAL	142761.093	127887.856
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	48897.266	40421.319
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	85223.484	76994.153
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	2.000	2.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	7393.200	6131.428
(e) Other Non-current assets	0.968	0.968
Total Non-Current Assets	141516.918	123549.868
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	3.329	3.613
(c) Trade receivables	134.537	124.849
(d) Cash and cash equivalents	836.744	3974.228
(e) Short-term loans and advances	96.600	107.897
(f) Other current assets	172.965	127.401
Total Current Assets	1244.175	4337.988
TOTAL	142761.093	127887.856

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		86226.565
2] Share Application Money		12035.278
3] Reserves & Surplus		(2644.151)
4] (Accumulated Losses)		0.000
NETWORTH		95617.692
LOAN FUNDS
1] Secured Loans		3317.397
2] Unsecured Loans		29.400
TOTAL BORROWING		3346.797
DEFERRED TAX LIABILITIES		0.000
TOTAL		98964.489
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		34361.619
Capital work-in-progress		60156.780
INVESTMENT		2.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.200
	Sundry Debtors	100.945
	Cash & Bank Balances	2938.479
	Other Current Assets	1265.093
	Loans & Advances	5924.136
Total Current Assets		10232.853
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4620.733
	Other Current Liabilities	1754.678
	Provisions	4.998
Total Current Liabilities		6380.409
Net Current Assets		3852.444
MISCELLANEOUS EXPENSES		591.646
TOTAL		98964.489

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	33.965	58.054	62.378
		Other Income	4,068.094	727.764	436.765
		TOTAL (A)	4,102.059	785.818	499.143
Less	EXPENSES
		Employee Benefits Expenses	444.362	386.407	334.960
		Other Expenses	4,883.317	2,190.338	596.365
		Exceptional Items	(9.956)	1.794	0.397
		TOTAL (B)	5,317.723	2,578.539	931.722
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(1,215.664)	(1,792.721)	(432.579)
Less	FINANCIAL EXPENSES (D)		48.008	180.970	20.342
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1,263.672)	(1,973.691)	(452.921)
Less	DEPRECIATION/ AMORTISATION (F)		461.767	379.994	2,191.040
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(1,725.439)	(2,353.685)	(2,643.961)
Less	TAX (H)		0.226	0.140	0.190
	Earnings Per Share (Rs.)
	Basic		(20.01)	(27.30)	(32.85)
	Diluted		(12.57)	(19.23)	(32.85)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(42.07)	(299.54)	(529.74)
Net Profit Margin (PBT/Sales)	(%)	(5080.05)	(4054.30)	(4238.61)
Return on Total Assets (PBT/Total Assets}	(%)	(3.00)	(4.62)	(5.93)
Return on Investment (ROI) (PBT/Networth)		(0.01)	(0.02)	(0.03)
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.04
Current Ratio (Current Asset/Current Liability)		0.17	0.46	1.60

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	86226.565	86226.565	86226.565
Reserves & Surplus	(2644.151)	(4997.975)	(6723.640)
Share Application money pending allotment	12035.278	36175.053	54704.279
Net worth	95617.692	117403.643	134207.204
Secured Loans	0.000	0.000	0.000
Unsecured Loans	3317.397	19.600	14.700
Total borrowings	3317.397	19.600	14.700
Debt/Equity ratio	0.035	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	62.378	58.054	33.965
		(6.932)	(41.494)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	62.378	58.054	33.965
Profit	(2,644.151)	(2,353.825)	(1,725.665)
	(4238.92%)	(4054.54%)	(5080.72%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	No
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS:

CASE PENDING

High Court of Karnataka -Bangalore Bench

WP 9084/2013

Petitioner/Appnt. Name	KIRLOSKA BROTHERS LIMITED	Respondent/Defnt. Name	KARNATAKA NEERAVARI NIGAM LIMITED
Petnr./Appnt. Advocate	VIVEK HOLLA	Respnt./Defnt. Advocate

Date Filed

19/02/2013

Classification

GM(RES)

District

Out Of State

Please Note Down the Group No:9084-9086

Stage

PENDING FOR ADMISSON

Last Posted For

PRELIMINARY HEARING

Last Action Taken

NOTICE

Last Date of Action

03/04/2013

Next Hearing Date

Latest Order	I.O.EXT
Before Hon'ble Judge/s	S.ABDUL NAZEER

CASE PENDING

High Court of Karnataka -Bangalore Bench

WP 34058/2013

Petitioner/Appnt. Name	NATIONAL HIGHWAY AUTHORITY OF INDIA	Respondent/Defnt. Name	M/S KARNATAKA NEERAVARI NIGAM LIMITED
Petnr./Appnt. Advocate	SUDEEP V C	Respnt./Defnt. Advocate	M R C RAVI FOR R1-3

Date Filed

30/07/2013

Classification

GM(RES)

District

Chitradurga

Stage

PENDING FOR ADMISSON

Last Posted For

PRELIMINARY HEARING

Last Action Taken

ADJOURNED

Last Date of Action

07/08/2013

Next Hearing Date

Latest Order	I.O. REJECTED LIST IN B GROUP
Before Hon'ble Judge/s	A.S.BOPANNA

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee Term Loan from others	14.700	19.600
Total	14.700	19.600

PROJECTS UNDER IMPLEMENTATION:

During the year, Government of Karnataka have entrusted

(i) Extension, Renovation and Modernization (ERM) works of Chandrampalli and Hattikuni, (ii) Modernisation of Tungabhdra Project, Ranikere and Dharma, (iii) Construction of Bairanpada LIS, Kachavi LIS and filling up of 22 tanks from Hiranyakeshi River for execution during FY 2012-13 at an aggregate estimated cost of Rs.23162.300 Millions. These ERM projects will ensure that the irrigation infrastructure are brought back to their original potential for irrigating the contemplated command areas of these projects. The company has also taken up the implementation of the Yettinahole scheme for diversion of 24.01 TMC of flood water from Sakleshpura at an estimated cost of Rs.83235.000 Millions. This project has been conceived to meet the drinking water demands of Kolar and Chikkaballapura districts as well as drought prone areas of middle and eastern districts of Karnataka namely Bangalore urban, Bangalore Rural, Ramnagar and Tumkur District. Considering the very high intensity of rainfall in the Western Ghats near Sakaleshpura which would flow to the west and join the Arabian Sea, the project is conceived to divert about 0.75% of yield of Netravati River from upper reaches of Western Ghats to the eastern plateau. The diversion is sought to be achieved by constructing small weirs across eight streams, lift and convey the water to the eastern side. The tendering process for the lift components comprising five packages at an aggregate cost of Rs.32700.000 Millions is under way and works are expected to be grounded in the current financial year. The implementation of Yettinahole project will go a long way in meeting the drinking water requirements of the people in the districts mentioned above. This demonstrates the Company’s capability to investigate, plan and implement such mega projects.

During the year, the company has received an amount of Rs.2073.600 Millions as central assistance for Hipparagi, Bhadra Modernisation, Malaprabha and Varahi projects under the Accelerated Irrigation Benefit Programme (AIBP) and Prime Ministers Special Rehabilitation Package. The company has proposed to central government for inclusion of the Upper Tunga Project, Modernisation of Tunga, Gondi, Vijaynagar canals, Modernisation of Tungabhadra canal Systems, Singatalur LIS, Shiggon LIS and Upper Bhadra Project for inclusion under Accelerated Irrigation Benefit Programme. The Aggregate amount of central assistance sought for these projects is Rs.231010.000 Millions.

The following significant stages have been reached in the major projects under implementation by KNNL during the financial year 2012-13.

i) In respect of Upper Tunga Project, another major project under execution by the Company, it had been reported by the Company in the previous year that water was let out up to km 197. The total length of canal is 270 kms. Further works up to 212 km are in progress and works between km 223-242 are being grounded. There is a programme for creation of irrigation potential of 30,000 Ha during the current financial year.

All necessary actions have been taken to achieve this potential during the current financial year.

ii) Substantial progress is achieved in the Bhadra modernization works taken up under AIBP assistance. A cumulative financial progress of Rs.10132.300 Millions has been achieved on this project. This project is planned to be completed during 2013-14. When completed, the project will save 6 TMC water enabling diversion to Upper Bhadra Project which is under implementation by KNNL in the same sub-basin (Tungabhadra).

iii) The Tungabhadra Modernisation works, which are to be carried out in the limited period of closure of canals, has achieved substantial progress with an expenditure of Rs.14373.700 Millions incurred as against the estimated cost of Rs.21525.000 Millions covering 466.20 kms of main canal, 1,229.00 km of Distributaries an d 3304 structures. It is planned to complete the modernization works in the current financial year 2013-14.

iv) The major works of Singatlur LIS which include six Lifts, two on the right side and four on the left side of singatalur barrage have been awarded on turn-key basis for speedy completion and works are progressing satisfactorily. During the year, an expenditure of Rs.3370.000 Millions has been incurred on this project and a potential of 9,297 Ha was created during FY 2012-13.

v) The Modernization of Tunga Anicut canals, Gondi Canals and Vijaynagar Channels at an estimated cost of Rs.3090.000 Millions, Rs.820.000 Millions and Rs.3131.600 Millions respectively, which were to have been taken up during the year as reported in our previous years report, have been taken up in the current financial year. Further, the GOK has now entrusted all the balance works of Tungabhadra Modernization to KNNL and these works have been taken up for implementation in the current financial year.

(vi) Upper Bhadra Project, another prestigious project of KNNL has made substantial progress not only financially but also in terms of resolving the farmers issues related to land acquisition, forest clearance and commencement of tunnel work, which is critical for conveying water to the drought prone districts of Chikmagalur and Chitradurga. Another significant initiative taken in this project is introduction of drip irrigation in the entire command area of over 2 lakh hactares which has been approved by the Board of KNNL. This initiative on such a large scale is for the first time in the country, perhaps a first in Asia. With the increase in the irrigable command area to over 2 lakh hactares, the project now qualifies as a National Project. Proposals are under preparation to get Central Assistance under National Project.

vii) The Hipparagi Project, Bhima LIS and Singtalur Project were dedicated to the nation during the year under report.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10485783	28/02/2014	3,000,000,000.00	State Bank of Mysore	Corporate Accounts Branch, No.18, Ramanashree Arcade, Midford Gardens, M G Road, Bangalore, Karnataka - 560001, India	C00809772

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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 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 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.
UK Pound	1	Rs.
Euro	1	Rs.

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	DIV
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	3
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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.