MIRA INFORM REPORT

Report Date :

08.08.2011

IDENTIFICATION DETAILS

Name :	BHARAT BIJLEE LIMITED
Registered Office :	Electric Mansion, 6^th Floor, Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400 025, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.06.1946
Com. Reg. No.:	11-005017
Capital Investment / Paid-up Capital :	Rs. 56.516 millions
CIN No.: [Company Identification No.]	L31300MH1946PTC005017
TAN No.: [Tax Deduction & Collection Account No.]	MUMB11178G
PAN No.: [Permanent Account No.]	AAACB2900K
Legal Form :	A Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacturers of Electric Motors and Transformers.
No. of Employees :	3500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (73)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 111000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Fundamentals are strong and healthy. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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 :	Electric Mansion, 6^th Floor, Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400 025, Maharashtra, INDIA.
Tel. No.:	91-22-24306237 / 24306071
Fax No.:	91-22-24370624 / 24312532
E-Mail :	info@bharatbijlee.com, bblcorporate@bharatbijlee.com,
Website :	http://www.bharatbijlee.com
Factory 1 / Western Regional Offices :	No. 2, MIDC, Thane Belapur Road, Airoli, Navi Mumbai – 400 708, Maharashtra, India
Tel. No.:	91-22-27637200
Fax No.:	91-22-27637443
Factory 2 :	Post Box No 100, Belapur Road, Kalwa, Thane 400 601, Maharashtra, India
Tel. No.:	91-22-27600401/11
Fax No.:	91-22 - 2760 0454
Regional Offices:	Located at: Northern Region Milap Niketan, 4th Floor, 8 - A , Bahadur Shah Zafar Marg, New Delhi 110 002, India Tel. No. : 91-11-2331 9694 / 2371 1434 Fax No. : 91-11-2331 9413 Southern Region 204 - 207, Ramanashree Chambers, 2nd Floor, 37 Lady Curzon Road, Bangalore 560 001, Karnataka, India Tel. No. : 91-80 - 2559 2646/2137/2681 Fax No. : 91-80 - 2559-2823 Eastern Region Mansarower, 2nd Floor, 3B - Camac Street, Flat No 8,Kolkata 700 016, West Bengal, India Tel. No. : 91-33 - 2217 2382/83 Fax No. : 91-33 – 22172467 Western Region Swastik Chambers, 5th Floor, Junction of Sion Trombay Road and C.S.T. Road, Chembur, Mumbai 400 071, Maharashtra, India Tel. No. : 91-22-61457200 Fax No. : 91-22-61457255

DIRECTORS

AS ON 31.03.2011

Name :	Mr. Bansi S. Mehta
Designation :	Chairman
Name :	Mr. Nikhil J. Danani
Designation :	Vice Chairman and Managing Director
Name :	Mr. Nakul P. Mehta
Designation :	Vice Chairman and Managing Director
Name :	Mr. Jaisingh R. Danani
Designation :	Director
Name :	Mr. Mukul Harkisondass
Designation :	Director
Name :	Mr. Prakash V. Mehta
Designation :	Director
Name :	Mr. Anand J. Danani
Designation :	Director
Name :	Mr. Deepak S. Parekh
Designation :	Director
Name :	Mr. Sanjiv N. Shah
Designation :	Director
Name :	Mr. Jairaj C. Thacker
Designation :	Director
Name :	Mr. D. Vijayalakshmi
Designation :	Additional Director
Name :	Mr. Shome N. Danani
Designation :	Executive Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2011

Category of Shareholder	No. of Shares	Percentage of Holding
Shareholding of Promoter and Promoter Group^2
Indian
Individuals/ Hindu Undivided Family	830402	14.69
Bodies Corporate	1185192	21.04
Sub Total(A)(1)	2015594	35.73
Foreign
Total Shareholding of Promoter and Promoter Group (A)= (A)(1)+(A)(2)	2015594	35.73
Public shareholding
Institutions
Mutual Funds/ UTI	541055	9.57
Financial Institutions ^/Banks	859108	15.20
Foreign Institutional Investors	7566	0.13
Sub-Total (B)(1)	1407729	24.91
Non-institutions
Bodies Corporate	305378	5.41
Individuals
Individuals -i. Individual shareholders holding nominal share capital up to Rs 0.100 Million	1720049	30.43
ii. Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	138453	2.45
Any Other (specify)	60557	1.07
NRIs/OCBs	60557	1.07
Sub-Total (B)(2)	2224437	39.36
Total Public Shareholding (B)= (B)(1)+(B)(2)	3632166	64.27
TOTAL (A)+(B)	5651560	100.00
Shares held by Custodians and against which Depository Receipts have been issued	-	-
GRAND TOTAL (A)+(B)+(C)	5651560	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Electric Motors and Transformers

Products :

Item Code No. (ITC Code)	8501
Product Description	Electric Motors
Item Code No. (ITC Code)	8504
Product Description	Electric Transformers

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Electric Motors	000 HP	NA	1700	1314
Transformers	MVA	NA	13380	11098
Others	Nos.	NA	1500	670

GENERAL INFORMATION

No. of Employees :

3500 (Approximately)

Bankers :

· Bank of India

· IDBI Bank limited

· Citibank n.a.

· Standard Chartered Bank

· HDFC Bank Limited.

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Working Capital Facilities from Banks:	0.000	0.000
Secured by hypothecation of all tangible moveable assets including stock of raw Materials, Stores, Spares, Fuel, Work-in progress, Finished Goods and Book Debts and by oral equitable mortgage, ranking second and subservient to mortgages created or to be created, on immovable properties excluding vacant land at Company’s Kalwe factory.
Total	0.000	0.000
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Fixed Deposits: (Rs. 60.860 millions falling due within one year – previous year Rs. 28.429 millions) (includes Rs. 2.500 millions from a director – previous year Rs. 2.500 millions)	195.593	187.186
Short Term Loans:
— Banks	0.000	32.072
— Inter Corporate Deposits	41.000	61.500
Total	236.593	280.758

Banking Relations :	--
Auditors :
Name :	Dalal and Shah Chartered Accountants
Solicitors:	Malvi Ranchoddas and Company
Associates/Subsidiaries :	· Danmet Chemicals Private Limited · Nasivan Investments Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs. 80.000 Millions
200000	12% Non-Convertible Redeemable Cumulative Preference Share	Rs. 100/- each	Rs. 20.000 Millions
	Total		Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5651560	Equity Shares	Rs.10/- each	Rs. 56.516 Millions

Notes:

Of the above shares,

47,05,830 equity Shares of Rs. 10/- each issued as fully paid Bonus Shares by capitalisation of reserves

3,46,230 equity Shares of Rs. 10/- each issued on conversion of Convertible Bonds

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		56.516	56.516	56.516
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2756.966	2185.923	1938.443
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2813.482	2242.439	1994.959
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		236.593	280.758	116.335
TOTAL BORROWING		236.593	280.758	116.335
DEFERRED TAX LIABILITIES		45.023	43.634	39.366
TOTAL		3095.098	2566.831	2150.660
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		712.442	709.426	675.205
Capital work-in-progress		122.383	22.610	50.660
Advances on Capital Account		16.703	5.746	0.000
INVESTMENT		223.838	567.145	75.457
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	844.109	779.143	889.650
	Sundry Debtors	1922.057	1800.515	1569.241
	Cash & Bank Balances	344.452	108.621	97.050
	Other Current Assets	196.089	0.663	0.000
	Loans & Advances	872.574	275.359	212.221
Total Current Assets		4179.281	2964.301	2768.162
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1230.455	693.518	583.370
	Other Current Liabilities	650.677	728.217	553.833
	Provisions	278.417	280.662	281.621
Total Current Liabilities		2159.549	1702.397	1418.824
Net Current Assets		2019.732	1261.904	1349.338
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3095.098	2566.831	2150.660

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	6970.443	6551.429	5446.953
		Other Income	146.335	116.772	29.923
		TOTAL (A)	7116.778	6668.201	5476.876
Less	EXPENSES
		Materials	5187.533	4856.109	3664.382
		Personnel	560.395	543.263	510.581
		Other	604.080	515.034	451.945
		Exceptional Item	(338.067)	0.000	0.000
		TOTAL (B)	6013.941	5914.406	4626.908
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1102.837	753.795	849.968
Less	FINANCIAL EXPENSES (D)		89.684	60.528	44.934
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1013.153	693.267	805.034
Less/ Add	DEPRECIATION/ AMORTISATION (F)		89.335	83.671	70.838
	PROFIT BEFORE TAX (E-F) (G)		923.818	609.596	734.196
Less	TAX (I)		188.562	200.709	255.586
	Short / (Excess) Provision for Tax For earlier years		0.003	(3.348)	3.331
	PROFIT AFTER TAX (G-I) (J)		735.253	412.235	475.279
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		293.786	246.306	136.328
Less	APPROPRIATIONS
		Transfer to General Reserve	500.000	200.000	200.000
		Dividend	141.289	141.289	141.289
		Tax on Dividend	22.921	23.466	24.012
	BALANCE CARRIED TO THE B/S		364.829	293.786	246.306
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	59.500	19.912	10.478
		Other Earnings	0.019	0.000	981.169
	TOTAL EARNINGS		59.519	19.912	991.647
	IMPORTS
		Raw Materials	140.760	164.507	338.070
		Stores & Spares	0.085	0.000	0.042
		Capital Goods	56.451	3.392	30.031
	TOTAL IMPORTS		197.296	167.899	368.143
	Earnings Per Share (Rs.)		70.28	72.94	84.10

QUARTERLY RESULTS

(Rs. In Millions)

PARTICULARS	30.06.2011
Net Sales	1149.200
Total Expenditure	1122.500
PBIDT (Excl OI)	26.700
Other Income	32.800
Operating Profit	59.500
Interest	19.700
Exceptional Items	260.900
PBDT	300.700
Depreciation	18.900
Profit Before Tax	281.800
Tax	6.800
Provisions and contingencies	0.000
Profit After Tax	275.000
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	275.000

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	10.33	6.18	8.68
Net Profit Margin (PBT/Sales)	(%)	13.25	9.30	13.48
Return on Total Assets (PBT/Total Assets}	(%)	18.88	16.59	21.32
Return on Investment (ROI) (PBT/Networth)		0.33	0.27	0.37
Debt Equity Ratio (Total Liability/Networth)		0.87	0.90	0.77
Current Ratio (Current Asset/Current Liability)		1.94	1.74	1.95

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS

Although the Indian economy in general, and the electrical equipment industry in particular, displayed growth and buoyancy, the overhang of built-up capacities coupled with inflation, surging commodity prices, and higher financing costs kept market conditions fiercely competitive and exerted relentless pressure on margins, Further,

up gradation of one of the transformer plants affected production and deliveries during the last two months of the year.

Against this backdrop, the Company was able to increase Income from Sales and Service from Rs. 7060.000 millions to Rs. 7630.000 millions, a growth of 8% over the previous year. The motors, drives, elevator systems and projects businesses contributed significantly to the turnover growth. The PBT from operations and before exceptional items decreased marginally, by Rs. 20.000 millions to Rs. 590.000 millions.

FINANCE

The Company continues to focus on efficient management of short-term and long-term funds through rigorous monitoring of deployment for working capital, a critical evaluation and negotiation of proposals for capital expenditure, and optimising terms from fund providers. This enabled the Company to restrict net financing cost (net of income from cash surplus) – notwithstanding increased interest rates – to 0.45% (previous year: 0.41%) of sales.

The Company sold 3,90,000 equity shares of Siemens limited. during the year through the open market at an average price of Rs. 874 with the objective of part financing contemplated expansions of the motors and transformers businesses. This generated exceptional income (free of both Capital Gains tax and Mat) of Rs. 341.000 millions, and is reflected as such in the accounts.

The Company’s free reserves as on March 31, 2011 increased by Rs. 571.100 millions to Rs. 2757.000 millions.

As on 31st March, 2011, the Company had Fixed Deposits aggregating to Rs. 195.593 millions. Out of the Fixed Deposits which matured for payment prior to 31st March, 2011, 32 deposits aggregating to Rs. 0.556 million were neither renewed nor claimed till 31st March, 2011 of these 4 deposits aggregating to Rs. 0.056 million have since been renewed or refunded on receipt of requests from the deposit holders. The balance of 28 deposits aggregating to Rs. 0.500 million have been neither claimed nor renewed till date of this report, in spite of the Company’s intimation to the deposit holders. There has been no default or delay in meeting any maturity payment obligations.

During the year Rs. 0.116 million was transferred to the Investor education and protection Fund.

MANAGEMENT DISCUSSION AND ANALYSIS

SEGMENT ANALYSIS

The Company has redefined its business segments as under:

Power Systems:

This segment comprises the design, commissioning and marketing of power transformers of voltage class 33 KV to 220 KV, up to 200 MVA, EPC projects for electrical substations up to 400 KV, commissioning, erection and servicing of transformers, and marketing of maintenance products.

Due to one of the transformer plants remaining closed for up gradation for two months, production was lower than the previous year by 8%, while competitive pressure arising from over-capacity led to a slow-down in order inflow.

nonetheless, prestigious orders (from MSETCL, RRVPNL, UPPTCL, MPPTCL, reliance Infra., PSTCL, KPTCL, PGCIL etc.) were received during the year, and the Company was able to retain its leadership position in the 220 KV class segment.

In the field of EPC projects, orders worth 55 crore - including a fast track order from PGCIL, Rai Bareli - were received during the year. The Company has, over the years, commissioned about 130 substations for industrial customers, is approved with leading consultants across various industries, and has recently been approved with

UPPTCL, APTRANSCO, and with PGCIL for turnkey projects up to 400 KV.

Industrial Systems:

This segment comprises the development, marketing and manufacture of a wide range of standard and customized electric motors, synchronous gearless machines for the elevator industry, and the engineering and supply of AC variable-speed drives and drive systems.

The motors business registered a 51% increase in order inflow, and sales – at 985 MW - grew by 32%. The newly developed large frame motors were well received by the market, and landmark orders were obtained, for infrastructure segments, from L and T, Century pulp and paper, JSW and ITC amongst others. Both the drives and the elevator systems businesses recorded significant growth in sales and order inflow.

FUTURE OUTLOOK

The economic landscape generally remains uncertain. Although investments to the power sector, and to the segments in which the Company operates, are expected to materialise, continued inflation, volatile commodity prices, tight liquidity and higher financing costs will inevitably dampen sales growth and continue their adverse effect on margins.

FIXED ASSETS:

v Tangible Assets

- Buildings Incl. Roads

- Plant and Machinery

- Furniture and Fixtures

- Office Equipment

- Motor Vehicles

v Intangible Assets

- Leasehold Land

- Application Software

- Technical Knowhow

UNAUDITED FINANCIAL RESULTS FOR THE THREE MONTHS ENDED 30^TH JUNE, 2011

(Rs. in millions)

Particulars	Three Month Ended
	30.06.2011
	Unaudited
1. a) Net Sales/Income From Operation	1132.300
b) Other Operating Income	16.900
Total Income	1149.200
2. Expenditure
a)(Increase)/Decrease in stock in trade work in progress	(261.100)
b)Consumption of raw materials	1005.100
c)Purchase of traded goods	73.500
d)Employee cost	160.800
e)Depreciation and Amortisation	18.900
f)Other Expenditure	144.200
Total	1141.400
3. Profit for operations before other Income, Interest and Exceptional items ( 1-2 )	7.800
4. Other Income	32.800
5. Profit before Interest ( 3+4 )	40.600
6. Interest and Financial Charges	19.700
7. Profit/ Loss from Ordinary Activities before Tax ( 5-6 )	20.900
8. Exceptional Item	260.900
9. Profit(+)/Loss(-) from Ordinary Activities before Tax	281.800
10. Tax Expenses
Current Tax	7.900
Deferred Tax – Debit / Credit	(1.100)
9. Net Profit (+)/Loss(-) from Ordinary Activities after Tax ( 9-10 )	275.000
10. Paid Up-Equity Share Capital (Face Value of Rs.10/- each)	56.500
11.Reserve Excluding, Revaluation Reserve as per balance of previous accounting year	--
12. Earnings per shares (EPS) before and after extra ordinary items (Basic and Diluted)	48.66
13. Public Shareholdings
No. of Shares	3632166
Percentage of Shareholding	64.27
14. Promoter and Promoter Group Shareholding
a) Pledged / Encumbered
- Number of Shares	Nil
- Percentage of Shares (as a % of total shareholding of promoter and promoter group)	Nil
- Percentage of Shares (as a o/o of total share capital of the Company)	Nil
b) Non-Encumbered
- Number of Shares	2019394
- Percentage of Shares (as a % of total shareholding of promoter and promoter group)	100.00
- Percentage of Shares (as a o/o of total share capital of the Company)	35.73

SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT FOR THE THREE MONTHS ENDED 30TH JUNE, 2011

(Rs. in millions)

Sl. No.	Particulars	Three Month Ended
		30.06.2011
		Unaudited
1	Segment Revenue (Net of Excise & Other Taxes)
	a) Power Systems	507.300
	b) Industrial Systems	625.000
	Net Sales & Services	1132.300
2	Segment Results (Net Profit(+)/Loss(-) before Tax & Interest from each Segment)
	a) Power Systems	(19.400)
	b) Industrial Systems	92.700
	Total	73.300
	Less :Interest	19.70
	Less : Unallocable Expenses net of un-allocable income	32.700
	Profit/(Loss) before Exceptional Items & Tax	20.900
	Add : Exceptional Item	260.900
	Profit before Tax	281.800
3	Capital Employed (Segment Assets - Segment Liabilities)
	a) Power Systems	1257.400
	b) Industrial Systems	603.700
	Total Capital Employed in Segments	1861.100
	Add: Unallocable Assets less Liabilities	1772.400
	Total Capital Employed in the Company	3633.500

Segments are identified as under:

Power Systems = Transformers, Turnkey Projects for electrical sub stations and Maintenance Products

Industrial Systems = Electric Motors, AC Variable Speed Drives and Gearless Machines

NOTES:

1. There were no investor complaints pending at the beginning and at the end of the quarter. Nine complaints were received and duly resolved during the quarter.

2. Previous year's/Period's figures have been regrouped wherever necessary.

3. The above statement of Financial results has been reviewed and recommended by the Audit Committee and taken on record by the Board of Directors at its meeting held on 20th July, 2011. The Statutory Auditors have carried out Limited Review of the above Financial results.

WEB SITE DETAILS

PROFILE

Subject is engaged in the electrical engineering. The Company operates in two segments: Power Systems and Industrial Systems. The Power Systems is engaged in design, commissioning and marketing of power transformers of voltage class 33 kilovolts to 220 kilovolts, up to 200 megavolt amperes, engineering, procurement and construction projects for electrical substations up to 400 kilovolts, commissioning, erection and servicing of transformers, and marketing of maintenance products. The Industrial Systems segment is engaged in development, marketing and manufacture of a range of standard and customized electric motors, synchronous gearless machines for the elevator industry, and the engineering and supply of alternate current variable-speed drives and drive systems. The Company's manufacturing facilities are located on a 1, 93,000 square meters campus, with a working area of approximately 50,000 square meters, in Airoli. For the nine months ended 31 December 2010, Bharat Bijlee Limited revenues increased 12% to RS5B. Net income increased 47% to RS351.2M. Revenues reflects an increase income from sales and services and higher other income. Net income also reflects a decrease in purchase of traded goods and higher operating profit margin. The company engaged in development, manufacture and marketing of power transformers.

MANAGEMENT

BANSIDHAR S. MEHTA - INDEPENDENT NON-EXECUTIVE CHAIRMAN OF THE BOARD

Shri. Bansidhar S. Mehta is Independent Non-Executive Chairman of the Board of Bharat BijIee Limited. He holds a degree in Commerce and is a fellow member of the Institute of Chartered accountants in India. He has been a Director on the Board of the Company since September 26th, 1986 and Chairman of the Board of Directors since November 29, 1994.

NIKHIL J. DANANI - EXECUTIVE VICE CHAIRMAN OF THE BOARD, MANAGING DIRECTOR

Mr. Nikhil J. Danani is Executive Vice Chairman of the Board, Managing Director of Bharat BijIee Limited. He holds a Bachelor Degree in Mechanical engineering and a Masters Degree in Business administration from Rutgers University, USA. He has been employed with the Company since May, 1975 and is one of the Managing Directors, since 1st April, 1990. Mr. Danani has over 30 years experience in the business of transformers and Motors with knowledge in the field of electrical engineering. He is a Director on the Board of M/s. Danmet Chemicals Private Limited.

Education

M Business Administration, Rutgers University

B Mechanical Engineering, Rutgers University

NAKUL P. MEHTA - EXECUTIVE VICE CHAIRMAN OF THE BOARD, MANAGING DIRECTOR

Mr. Nakul P. Mehta is Executive Vice Chairman of the Board, Managing Director of Bharat BijIee Limited. He holds a Bachelor Degree in Science and also a Bachelor and Master of Science Degree in Mechanical engineering. He has been employed with the Company since 1984 and is one of the Managing Directors since 1st April 1990. Mr. Mehta has experience in the field of elevator business and over 24 years experience in the electrical engineering Industry. He is a Director on the Board of M/s. Nasivan Investments Private Limited. and a managing committee member of M/s. Gayatri education, Medical and research Foundation Private Limited.

SHOME N. DANANI - EXECUTIVE DIRECTOR

Mr. Shome N. Danani is Executive Director of Bharat BijIee Limited since 28th January, 2009. Mr. Shome N. Danani holds a Bachelors Degree in Industrial and Operations Engineering from the University of Michigan and a Masters Degree in Business Administration from INSEAD. He began his professional career with HDFC (Business Development where he was part of the core team that launched Credit Information Bureau (India) Limited. (CIBIL). Thereafter, he joined Bharat Bijlee Limited. In 2002 and has been responsible for various initiatives and growth strategies. He has been instrumental in building scalable systems and processes. This has resulted in the Company undertaking a BPR (business process re-engineering) exercise followed by the implementation of SAP (ERP package). He has contributed significantlyto business strategy restructuring, re-branding, and the growth plans of the company. Mr. Danani is a Director on the Board of MIs. Danmet Chemicals Private Limited.

Education

M Business Administration, INSEAD

B Industrial and Operations Engineering, University of Michigan

JAISINGH R. DANANI - NON-EXECUTIVE DIRECTOR

Mr. Jaisingh R. Danani is Non-Executive Director of Bharat BijIee Limited since 27th August, 1955 and was one of the Managing Directors of the Company from March 18th, 1963 to March 31st, 1990. Mr. Danani along with the late Mr. prahlad C. Mehta nurtured the Company for over 35 years with his entrepreneurial skill, dedication, high ethical standards and vision to create core values and principles which have helped the Company to withstand a competitive environment for well over 50 years. Mr. Danani has over 50 years of experience in the electrical engineering Industry and it was under his guidance that the Company entered the lift business 30 years ago and established its “Olympus” brand of lifts in India.

ANAND J. DANANI - NON-EXECUTIVE DIRECTOR

Mr. Anand J. Danani is a Non-Executive Director of Bharat BijIee Limited since 23rd March, 1995. He holds a degree in Commerce from the Mumbai University and a Masters Degree in Business Administration from USA.

Education

Commerce, University of Mumbai

MUKUL HARKISONDASS - INDEPENDENT NON-EXECUTIVE DIRECTOR

Mr. Mukul Harkisondass is Independent Non-Executive Director of Bharat BijIee Limited since 29th August, 1972. He has knowledge and experience in various fields including Merchant Banking, Finance and regulatory authorities. He is the Chairman of the Audit, Remuneration and Shareholder/Investor Grievance Committees and a member of the Share transfer Committee of the Company.

PRAKASH V. MEHTA - INDEPENDENT NON-EXECUTIVE DIRECTOR

Mr. Prakash V. Mehta is an Independent Non-Executive Director of Bharat BijIee Limited since August 7, 1990. He obtained a Bachelors Degree in Law from the University of Bombay in 1963, thereafter qualified as a Solicitor in 1966 and since then has been practicing as a Solicitor. He is a partner of MIs. MOM Ronchoddas and Company.

Education

B Law, Bombay University

SANJIV N. SHAH - INDEPENDENT NON-EXECUTIVE DIRECTOR

Mr. Sanjiv N. Shah is an Independent Non-Executive Director of Bharat BijIee Limited since 27 June, 2002. He holds a degree (Bachelor of Arts) in Economics and Statistics from the Universty of Mumbai, a degree (Bachelor of Science) in Economics from the London School of Economics, is a Chartered Accounts from England and Wales and a fellow member of The Institute of Chartered Accountants of India. He was a partner of M/s. S. B. Billimata and Company, a firm of Chartered Accountants and is presently a partner in M/s. Sanjiv N. Shah and Company Chartered Accountants.

Education

BS Economics, University of London

BA Economics, University of Mumbai

JAIRAJ C. THACKER - INDEPENDENT NON-EXECUTIVE DIRECTOR

Mr. Jairaj C. Thacker is an Independent Non-Executive Director of Bharat BijIee Limited since 27th June, 2002. He is Industrialist and educationalist. He holds a degree in Commerce and is the Chairman and Managing Director of M/s. Golden Chemicals Private Limited, manufacturers of Chromium Chemicals. He is also the Managing trustee of the prestigious Shri Narsee Monjee educational trust and Jamnabhai narsee public Charitable trust, executive and Governing Council Member of Dr. Balabhai nanavati Hospital, Vile Parle and executive Committee Member of Vile Parle Kelavani Mandal.

NEW

PRESS RELEASE

BHARAT BIJLEE FIXES BOOK CLOSURE FOR DIVIDEND AND AGM

17 May 2011

India, May 17 -- Bharat Bijlee has informed that the register of members and share transfer books of the company will remain closed from June 20, 2011 to June 24, 2011 (both days inclusive) for the purpose of payment of dividend and annual general meeting (AGM) of the company. The above information is part of the company's filing submitted to the BSE. Published by HT Syndication with permission from Accord Fintech.

AGM ON JUNE 24, 2011

14 May 2011

India, May 14 -- Bharat Bijlee Limited has informed BSE that 64th Annual General Meeting of the Company will be held at Walchand Hirachand Hall, Indian Merchants Chamber Building, Veer Nariman Road, Churchgate, Mumbai 400 020 on June 24, 2011 at 3.00 p.m. Published by HT Syndication with permission from ACCORD FINTECH BSE.

ANNUAL GENERAL MEETING

13 May 2011

India, May 13 -- Bharat Bijlee Limited has informed the Exchange that the Annual General Meeting of the Company will be held on June 24, 2011. Published by HT Syndication with permission from Accord Fintech.

BHARAT BIJLEE AT POWER & ELECTRICITY WORLD AFRICA 2011

19 Apr 2011

Bharat Bijlee was at Africa’s largest and most comprehensive energy show Power and Electricity World Africa 2011 on March 30-31 at Johannesburg, South Africa. In keeping with our pioneering status in Technology breakthroughs, anticipating market needs, keen customer focus and uncompromising thrust on product quality we showcased our range of products and capabilities. Visitors to the booth included Electrical Engineering contracting companies, trading Organizations and utilities. This exhibition was a stepping stone in our foray into the challenging African market.

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. 44.80
UK Pound	1	Rs. 72.85
Euro	1	Rs. 63.11

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	8
--RESERVES	1~10	9
--CREDIT LINES	1~10	8
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		73

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	-

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.