MIRA INFORM REPORT

Report No. :	318446
Report Date :	11.04.2015

IDENTIFICATION DETAILS

Name :	MANGALORE ELECTRICITY SUPPLY COMPANY LIMITED
Registered Office :	Paradigm Plaza, A B Shetty Circle, Karnataka - 575001, Mangalore
Tel No.:	91-824-2444300
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.04.2002
Com. Reg. No.:	08-030425
Capital Investment / Paid-up Capital :	Rs. 2160.702 Million
CIN No.: [Company Identification No.]	U40109KA2002SGC030425
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRM07167G BLRM07491B BLRM06028B BLRM04121F BLRM07112A
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Distribution of Electricity
No. of Employees :	4051 (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 11000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	The Subject is a state government company of Karnataka government. It is an established company having a satisfactory track record. The company possesses a sound financial position Marked by strong net worth and adequate liquidity. The rating takes into consideration better financial performance of the company when compared to its peers, its operating efficiency and its relatively less reliance on subsidy given by Karnataka govt. Trade relations are fair. Business is active. Payments are reported to be usually correct. The company can be considered 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 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term loans = BBB+
Rating Explanation	Moderate degree of safety, Moderate credit risk
Date	January 2015
Rating Agency Name	ICRA
Rating	Long term loans = A2
Rating Explanation	Strong degree of safety and low credit risk
Date	January 2015

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 31-03-2014.

INFORMATION PARTED BY (GENERAL INFORMATION)

Name :	Mr. Anand
Designation :	Personal Secretary
Contact No.:	91-824-2444300
Date :	20.04.2015

LOCATIONS

Registered Office :	Paradigm Plaza, A B Shetty Circle, Mangalore - 575001, Karnataka India
Tel. No.:	91-824-2444300
Mobile No.:	Not Available
Fax No.:	91-824-2428873
E-Mail :	kpclcs@gmail.com
Area :	Owned

DIRECTORS

As on 22.09.2014

Name :

Mr. G Kumar Naik, IAS

Designation :

Chairman

Address :

kaveri bhavan, KG Road, Bangalore - 560009, Karnataka, India

Date of Birth/Age :

12.09.1963

Date of Appointment :

13.08.2013

DIN No.:

01918435

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	27/10/2006	27/10/2006	27/09/2007	Active	NO
2	U01820KA1975SGC002883	KARNATAKA HANDLOOM DEVELOPMENT CORPORATION LIMITED	Director	14/12/2007	14/12/2007	30/09/2011	Active	NO
3	U40109KA1999SGC025521	KARNATAKA POWER TRANSMISSION CORPORATION LIMITED	Managing director	01/08/2013	01/08/2013	-	Active	NO
4	U40109KA2002SGC030425	MANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Director	13/08/2013	13/08/2013	-	Active	NO
5	U40101KA2007SGC043640	POWER COMPANY OF KARNATAKA LIMITED	Managing director	28/02/2014	13/08/2013	-	Active	NO
6	U85110KA1970SGC001919	KARNATAKA POWER CORPORATION LIMITED	Director	13/08/2013	13/08/2013	-	Active	NO
7	U75112KA1996PLC020020	KARNATAKA RENEWABLE ENERGY DEVELOPMENT LIMITED	Nominee director	13/08/2013	13/08/2013	-	Active	NO
8	U04010KA2002SGC030436	GULBARGA ELECTRICITY SUPPLY COMPANY LIMITED	Director	13/08/2013	13/08/2013	-	Active	NO
9	U04010KA2002SGC030438	BANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Director	13/08/2013	13/08/2013	-	Active	NO
10	U85110KA1989PLC009687	NGEF (HUBLI) LIMITED	Director	28/03/2014	28/03/2014	-	Active	NO
11	U40102DL2007GOI157615	Coastal Tamil Nadu Power Limited	Nominee director	17/09/2014	06/05/2014	-	Active	NO

Name :

Mr. Chikkananjappa nanjaiah

Designation :

Managing Director

Address :

Paradigm plaza AB Shetty Circle, Mangalore - 575001, Karnataka, India

Date of Birth/Age :

01.06.1958

Date of Appointment :

25.06.2014

DIN No.:

02451522

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	U40109KA2004SGC035177	CHAMUNDESHWARI ELECTRICITY SUPPLY CORPORATION LIMITED	Director	08/09/2008	08/09/2008	05/11/2008	Active	NO
2	U40109KA2002SGC030425	MANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Managing director	25/06/2014	05/11/2008	-	Active	NO
3	U31401KA2002SGC030437	HUBLI ELECTRICITY SUPPLY COMPANY LIMITED	Director	20/06/2009	20/06/2009	05/06/2012	Active	NO
4	U85110KA1945PLC000367	THE MYSORE ELECTRICAL INDUSTRIES LIMITED	Director	27/06/2009	27/06/2009	22/03/2013	Active	NO
5	U31101KA1975PLC002954	KARNATAKA VIDYUTH KARKHANE LIMITED	Director	26/07/2014	26/07/2014	-	Active	NO
6	U40101KA2007SGC043640	POWER COMPANY OF KARNATAKA LIMITED	Director	25/08/2014	25/08/2014	-	Active	NO

Name :

Mr. Lakshman

Designation :

Director

Address :

Paradigm plaza AB Shetty Circle, Mangalore - 575001, Karnataka, India

Date of Birth/Age :

16.06.1957

Date of Appointment :

02.08.2013

DIN No.:

06724550

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	U40109KA2002SGC030425	MANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Whole-time director	02/08/2013	02/08/2013	-	Active	NO
2	U85110KA1945PLC000367	THE MYSORE ELECTRICAL INDUSTRIES LIMITED	Director	06/09/2013	06/09/2013	-	Active	NO

Name :

Mr. KL Ramchandra

Designation :

Director

Address :

No. 239, 2^nd floor, Vikas Soudha, Bagalore – 560009, Karnataka, India

Date of Birth/Age :

01.04.1955

Date of Appointment :

04.12.2013

DIN No.:

06779649

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	U04010KA2002SGC030436	GULBARGA ELECTRICITY SUPPLY COMPANY LIMITED	Director	04/12/2013	04/12/2013	-	Active	NO
2	U40109KA2002SGC030425	MANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Director	04/12/2013	04/12/2013	-	Active	NO

Name :

Dr. Aditi Raja

Designation :

Director

Address :

Kaveri Bhavan, Bangalore, Karnataka, India

Date of Birth/Age :

18.09.1959

Date of Appointment :

24.09.2008

DIN No.:

00164313

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	U40109KA1999SGC025521	KARNATAKA POWER TRANSMISSION CORPORATION LIMITED	Director	22/08/2003	22/08/2003	-	Active	NO
2	U04010KA2002SGC030438	BANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Director	30/08/2004	30/08/2004	28/02/2008	Active	NO
3	U40109KA2004SGC035177	CHAMUNDESHWARI ELECTRICITY SUPPLY CORPORATION LIMITED	Director	07/03/2005	07/03/2005	28/02/2008	Active	NO
4	U31101KA1975PLC002954	KARNATAKA VIDYUTH KARKHANE LIMITED	Director	27/05/2005	27/05/2005	-	Active	NO
5	U85110KA1945PLC000367	THE MYSORE ELECTRICAL INDUSTRIES LIMITED	Director	10/11/2005	10/11/2005	-	Active	NO
6	U40102MH2006GOI188622	COASTAL ANDHRA POWER LIMITED	Additional director	14/08/2007	14/08/2007	29/01/2008	Active	NO
7	U40109KA2002SGC030425	MANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Director	24/09/2008	24/09/2008	-	Active	NO
8	U75112KA1996PLC020020	KARNATAKA RENEWABLE ENERGY DEVELOPMENT LIMITED	Director	03/11/2008	03/11/2008	-	Active	NO

Name :

Mr. Adoor Balakila Ibrahim

Designation :

Director

Address :

No. 102/5, Industrial - A Layout Bannimanrap, Mysore - 570015, Karnataka, India

Date of Birth/Age :

10.10.1960

Date of Appointment :

17.02.2014

DIN No.:

06695818

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	U40109KA2004SGC035177	CHAMUNDESHWARI ELECTRICITY SUPPLY CORPORATION LIMITED	Managing director	19/07/2013	19/07/2013	10/01/2014	Active	NO
2	U31101KA1975PLC002954	KARNATAKA VIDYUTH KARKHANE LIMITED	Director	08/08/2013	08/08/2013	14/02/2014	Active	NO
3	U40101KA2007SGC043640	POWER COMPANY OF KARNATAKA LIMITED	Director	21/08/2013	21/08/2013	02/04/2014	Active	NO
4	U40109KA2002SGC030425	MANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Director	17/02/2014	17/02/2014	-	Active	NO

Name :

Mr. D Basavaraju

Designation :

Director

Address :

Prasarana Bhavan and Sathepet Hassan

Date of Birth/Age :

24.12.1953

Date of Appointment :

29.12.2011

DIN No.:

05234386

Name :

Mr. M Nagaraj

Designation :

Director

Address :

AR Circle, Bangalore - 560001, Karnataka, India

Date of Birth/Age :

08.10.1956

Date of Appointment :

17.12.2008

DIN No.:

02893520

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	U04010KA2002SGC030436	GULBARGA ELECTRICITY SUPPLY COMPANY LIMITED	Director	17/12/2008	17/12/2008	-	Active	NO
2	U40109KA2002SGC030425	MANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Director	17/12/2008	17/12/2008	-	Active	NO
3	U40109KA1999SGC025521	KARNATAKA POWER TRANSMISSION CORPORATION LIMITED	Director	17/12/2008	17/12/2008	-	Active	NO
4	U04010KA2002SGC030438	BANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Director	17/12/2008	17/12/2008	-	Active	NO
5	U40109KA2004SGC035177	CHAMUNDESHWARI ELECTRICITY SUPPLY CORPORATION LIMITED	Director	08/10/2009	08/10/2009	-	Active	NO
6	U31401KA2002SGC030437	HUBLI ELECTRICITY SUPPLY COMPANY LIMITED	Director	06/09/2011	06/09/2011	-	Active	NO

Name :

Mr. V Venkatsiva Reddy

Designation :

Director

Address :

Ananda Rao Circle, Bangalore - 560001, Karnataka, India

Date of Birth/Age :

02.10.1954

Date of Appointment :

21.10.2011

DIN No.:

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	U40109KA1999SGC025521	KARNATAKA POWER TRANSMISSION CORPORATION LIMITED	Director	21/10/2011	21/10/2011	-	Active	NO
2	U40109KA2002SGC030425	MANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Director	21/10/2011	21/10/2011	-	Active	NO
3	U04010KA2002SGC030436	GULBARGA ELECTRICITY SUPPLY COMPANY LIMITED	Director	21/10/2011	21/10/2011	-	Active	NO
4	U40109KA2004SGC035177	CHAMUNDESHWARI ELECTRICITY SUPPLY CORPORATION LIMITED	Director	21/10/2011	21/10/2011	-	Active	NO
5	U04010KA2002SGC030438	BANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Director	21/10/2011	21/10/2011	31/10/2014	Active	NO
6	U31401KA2002SGC030437	HUBLI ELECTRICITY SUPPLY COMPANY LIMITED	Director	21/10/2011	21/10/2011	31/10/2014	Active	NO

Name :

Mr. Ms Shivram

Designation :

Director

Address :

Vidhana Soudha, Bangalore - 560001, Karnataka, India

Date of Birth/Age :

03.12.1956

Date of Appointment :

09.04.2013

DIN No.:

06374081

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	U85320KA1987PLC008555	KARNATAKA STATE WOMEN DEVELOPMENT CORPORATION LIMITED	Director	17/03/2012	17/03/2012	01/07/2013	Active	NO
2	U74999KA1977SGC003237	D.DEVARAJ URS BACKWARD CLASSES DEVELOPMENT CORPORATION LIMITED	Director	13/04/2012	13/04/2012	02/03/2013	Active	NO
3	U20293KA1975ULL002755	DR. B.R. AMBEDKAR DEVELOPMENT CORPORATION LIMITED	Director	24/09/2012	24/09/2012	02/03/2013	Active	NO
4	L15428KA1933SGC000142	MYSORE SUGAR COMPANY LIMITED	Director	01/02/2013	01/02/2013	-	Active	NO
5	U40109KA2002SGC030425	MANGALORE ELECTRICITY SUPPLY COMPANY LIMITED	Director	09/04/2013	09/04/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Anand
Designation :	Personal Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.09.2014

Names of Shareholders	No. of Shares
Governor of Karnataka (represented by P Ravikumar, IAS)	216070222
G kumar Naik, IAS Nominee of Gok	1
Chikkananjappa Nanaiah Nominee of Gok	1
Dr. Aditi Raja Nominee of Gok	1
iSN Prasad, IAS, Nominee Of Gok	1
N Lakshman Nominee of Gok	1
KL Ramchandra Nominee of Gok	1
Dr. Ashok DR Nominee of Gok	1
Dr Jayram Alva Nominee of Gok	1
M Shrinivasmurthy Nominee of Gok	1
	1
Total	216070231

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Government (Central and State)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Distribution of Electricity
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Others
Purchasing :	Others

GENERAL INFORMATION

Suppliers :

• KPCL
• NTPC RSTPS
• Madras Automic Power Station
• Neyveli Lignite Corporation Limited
• Sandur Power Company Limited
• Sahyadri Power Company Limited
• Kalson Power
• Graphite India Limited
• BPCL (NERIA)
• Moodabagil Power Private Limited
• Maruthi Power Gen (India) Kabini Private Limited
• Malavalli Power Plant
• Rayalseema Alkalies
• Tata Company Limited
• UPCL
• GMR

Customers :

Others

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

4051 (Approximately)

Bankers :

Banker Name	Syndicate Bank
Branch Address	Bagalore, Karnataka, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2014
Long Term Borrowing
From banks	2885.655	2882.337
From Others	247.407	86.581
Short Term Borrowing
State Bank of Mysore	460.411	203.474
Vijaya Bank	383.285	311.244
Central Bank of India	290.251	172.383
St loan- Syndicate Bank	650.000	0.000
ST Loan- Corporation Bank	350.000	0.000
Total	5267.009	3656.019

Auditors :
Name :	Rodrigues and D’Souza Chartered Accountant
Address :	Catholic center, II Floor, Hampankatta. Mangalore – 575001, Karnataka, India
PAN No.:	AADFR2060A
Memberships :	Not Available
Collaborators :	Not available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 22.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
300,000,000	Equity Shares	Rs.10/- each	Rs. 3000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2160,702,31	Equity Shares	Rs.10/- each	Rs. 2160.702 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2160.702	1910.702	1720.699
(b) Reserves & Surplus	1620.288	1275.121	3824.848
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	140.000	0.000	0.003
Total Shareholders’ Funds (1) + (2)	3920.990	3185.823	5545.550
(3) Non-Current Liabilities
(a) long-term borrowings	3318.987	3103.543	3170.930
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	17458.779	14057.498	9997.315
(d) long-term provisions	305.862	269.601	224.663
Total Non-current Liabilities (3)	21083.628	17430.642	13392.908
(4) Current Liabilities
(a) Short term borrowings	2133.947	687.101	906.261
(b) Trade payables	1973.178	3713.802	3606.883
(c) Other current liabilities	3119.801	2553.572	3336.471
(d) Short-term provisions	50.946	46.395	69.872
Total Current Liabilities (4)	7277.872	7000.870	7919.487
TOTAL	32282.490	27617.335	26857.945
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8130.417	7521.480	9269.946
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	943.893	533.861	722.373
(iv) Intangible assets under development	27.211	23.006	0.000
(b) Non-current Investments	25.100	25.100	25.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	700.908	504.665	377.878
(e) Other Non-current assets	10600.918	8462.892	8350.188
Total Non-Current Assets	20428.447	17071.004	18745.485
(2) Current assets
(a) Current investments
(b) Inventories	673.305	347.235	325.029
(c) Trade receivables	4760.532	4139.021	3512.089
(d) Cash and cash equivalents	392.510	468.761	373.969
(e) Short-term loans and advances	349.935	318.881	218.265
(f) Other current assets	5677.761	5272.433	3683.108
Total Current Assets	11854.043	10546.331	8112.460
TOTAL	32282.490	27617.335	26857.945

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	19502.393	18989.966	15453.056
		Other Income	2589.893	727.184	1635.941
		TOTAL	22092.286	19717.150	17088.997
Less	EXPENSES
		Cost of Materials Consumed	0.000	0.000	0.000
		Purchases of Stock-in-Trade	16688.817	15374.287	12762.560
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.000	0.000
		Employees benefits expense	2228.364	2085.488	1877.944
		Exceptional Item	0.000	(700.640)	0.000
		Other expenses	821.903	561.520	558.050
		TOTAL	19739.084	17320.655	15198.554
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		2353.202	2396.495	1890.443
Less	FINANCIAL EXPENSES		1801.384	1826.004	1191.755
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		551.818	570.491	698.688
Less/ Add	DEPRECIATION/ AMORTISATION		549.801	510.964	613.097
	PROFIT BEFORE TAX		2.017	59.527	85.591
Less	TAX		0.000	(66.417)	21.472
	PROFIT AFTER TAX		2.017	125.944	64.119
	Earnings Per Share (Rs.)		0.01	0.73	0.40

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.01	0.66	0.41
Operating Profit Margin (PBDIT/Sales)	(%)	12.07	12.62	12.23
Return on Total Assets (PBT/Total Assets}	(%)	0.01	0.22	0.33
Return on Investment (ROI) (PBT/Networth)		0.00	0.02	0.02
Debt Equity Ratio (Total Debt /Networth)		1.39	1.19	0.74
Current Ratio (Current Asset/Current Liability)		1.63	1.51	1.02

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1720.699	1910.702	2160.702
Reserves & Surplus	3824.848	1275.121	1620.288
Net worth	5545.547	3185.823	3780.990
long-term borrowings	3170.930	3103.543	3318.987
Short term borrowings	906.261	687.101	2133.947
Total borrowings	4077.191	3790.644	5452.934
Debt/Equity ratio	0.735	1.190	1.442

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	15453.056	18989.966	19502.393
		22.888	2.698

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	15453.056	18989.966	19502.393
Profit	64.119	125.944	2.017
	0.41%	0.66%	0.01%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
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	----------------------
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
From Government	19.756	23.191
From Others	166.170	111.434
Total	185.926	134.625

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10550297	26/12/2014	260,000,000.00	Syndicate Bank	MID CORPORATE BRANCH, LIGHT HOUSE HILL ROAD, HAMP ANKATTA, MANGALORE, Karnataka - 575001, INDIA	C44207918
2	10526181	30/09/2014	500,000,000.00	CORPORATION BANK	MANGALORE - RBC BRANCH, RAM BHAVAN COMPLEX, KODIA LBAIL ROAD, MANGALORE, Karnataka - 575003, INDIA	C29884772
3	10526347	23/09/2014	1,000,000,000.00	Syndicate Bank	MID CORPORATE BRANCH, LIGHT HOUSE HILL ROAD, HAMP ANKATTA, MANGALORE, Karnataka - 575001, INDIA	C30006936
4	10490536	24/03/2014	500,000,000.00	CORPORATION BANK	MANGALORE - RBC BRANCH, RAM BHAVAN COMPLEX, KODIA LBAIL ROAD, MANGALORE, Karnataka - 575003, INDIA	C03881810
5	10514134	20/03/2014	1,000,000,000.00	Syndicate Bank	MID CORPORATE BRANCH, LIGHT HOUSE HILL ROAD, HAMP ANKATTA, MANGALORE, Karnataka - 575001, INDIA	C15796410
6	10448012	27/12/2013 *	1,000,000,000.00	CANARA BANK	BALMATTA ROAD BRANCH, DR. SHIVARAM KARANTH ROAD, MANGALORE, Karnataka - 575001, INDIA	B93402543
7	10384994	16/10/2012	896,644,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, Delh i - 110003, INDIA	B61566493
8	10380909	28/09/2012	450,000,000.00	CENTRAL BANK OF INDIA	POST BOX NO.132, AROUZA BUILDING, HAMPANKATTA, MA NGALORE, Karnataka - 575001, INDIA	B59832907
9	10369875	07/08/2012	1,000,000,000.00	STATE BANK OF MYSORE	MANGALORE BRANCH, JANATHA BAZAR BUILDING, GANAPAT HY HIGH SCHOOL ROAD, MANGALORE, Karnataka - 575001 , INDIA	B45433471
10	10317820	08/11/2011	75,000,000.00	CORPORATION BANK	MANGALORE CITY CORPORATION BUILDING,, LALBAGH, M . G. ROAD,, MANGALORE, Karnataka - 575003, INDIA	B25372996

* Date of charge modification

FIXED ASSETS

• Land and Rights
• Buildings
• Hydraulic Works
• Other Civil Works
• Plant and Machinery
• Lines Cable Networks
• Vehicles
• Furniture and Fixtures
• Office Equipments

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.63.84
UK Pound	1	Rs.98.46
Euro	1	Rs.71.51

INFORMATION DETAILS

Information Gathered by :	RKH
Analysis Done by :	SUC
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	NO
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.