MIRA
INFORM REPORT
|
Report Date : |
25.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
BHARAT HEAVY ELECTRICALS LIMITED |
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Registered
Office : |
BHEL House, Siri Fort, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
13.11.1964 |
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Com. Reg. No.: |
55-004281 |
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Capital
Investment / Paid-up Capital : |
Rs.4895.200 Millions |
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CIN No.: [Company Identification
No.] |
L74899DL1964GOI004281 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELB06995C |
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PAN No.: [Permanent Account No.] |
AAACB4146P |
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Legal Form : |
A Public Limited Liability
Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturing and
sale of Boilers, Hydro Turbines, Gas Turbines etc. |
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No. of Employees
: |
46748 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (73) |
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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 |
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Maximum Credit Limit : |
USD 806000000 |
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Status : |
Very Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Company is well established
and a reputed company having good track. Financials appear to be sound.
Directors are reported to be experienced and respectable businessmen.
Fundamentals are strong and healthy. Trade relations are reported as fair.
Business is active. Payments are regular and as per commitments. The Company can
be considered good for normal business dealings at usual trade terms and
conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
BHEL House, Siri Fort, |
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Tel. No.: |
91-11-66337000 (Multiple Lines) |
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Fax No.: |
91-11-26493021/ 26492534 |
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E-Mail : |
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Website : |
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Head Office : |
17, Rajasthan Voyoc
Nagar, G.T. Kanal Road, |
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Plant Location : |
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BHEL Manufacturing Units : |
Goindwal
Haridwar
Jagdishpur
Rudrapur
Ranipet
Tiruchirappalli
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BHEL Repairs units : |
Mumbai
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BHEL Subsidiaries : |
Kasaragod
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DIRECTORS
AS ON 31.07.2011
|
Name : |
Mr. B.Prasada. Rao |
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Designation : |
Chairman and
Managing Director |
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Name : |
Mr. S. Ravi |
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Designation : |
Director |
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Name : |
Mr. Ashok Kumar Basu |
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Designation : |
Director |
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Name : |
Mr. M.A. Pathan |
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Designation : |
Director |
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Name : |
Mrs. Reva Nayyar |
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Designation : |
Director |
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Name : |
Mr. V. K. Jairath |
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Designation : |
Director |
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Name : |
Mr. Anil Sachdev |
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Designation : |
Director |
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Name : |
Mr. Atul Saraya |
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Designation : |
Director |
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Name : |
Mr. O.P. Bhutani |
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Designation : |
Director |
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Name : |
Mr. Trimbakdas S Zanwar |
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Designation : |
Director |
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Name : |
Mr. M.K Dube |
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Designation : |
Director (Is and P) |
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Name : |
Mr. P.K Bajpai |
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Designation : |
Director (Finance) |
KEY EXECUTIVES
|
Name : |
Mr. Saurabh
Chandra |
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Designation : |
Additional Secretary and Financial Adviser |
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Qualification : |
B Electrical Engineering |
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Date of Appointment : |
20.07.2009 |
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Name : |
Mr. Ambuj Sharma |
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Designation : |
Joint Secretary |
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Name : |
I. P. Singh |
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Designation : |
Company Secretary |
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Address : |
BHEL House, Siri Fort, |
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Phone : |
91-11-66337501 |
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Fax: |
91-11-66337533 |
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Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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331,510,400 |
67.72 |
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331,510,400 |
67.72 |
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Total shareholding of Promoter and Promoter Group (A) |
331,510,400 |
67.72 |
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(B) Public Shareholding |
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|
317458847 |
6.49 |
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|
1847927 |
0.38 |
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|
31761040 |
6.49 |
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63016321 |
12.87 |
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|
128371135 |
26.22 |
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17369532 |
3.55 |
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10348416 |
2.18 |
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240629 |
0.05 |
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|
620 |
- |
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|
189815 |
0.04 |
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|
343083 |
0.07 |
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|
821475 |
0.17 |
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|
158 |
- |
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|
29638465 |
6.05 |
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Total Public shareholding (B) |
158009600 |
32.28 |
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Total (A)+(B) |
489520000 |
100.000 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
489520000 |
100.000 |
(1) Indian
Central Government / State Government(s)
Individual shareholders holding nominal
share capital up to Rs.0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturing and
sale of Boilers, Hydro Turbines, Gas Turbines etc. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
46748 (Approximately) |
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Bankers : |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
S. N Dhawan and
Company Chartered
Accountants Delhi, India Gandhi Minocha and Company Chartered Accountants Delhi, India Chandran and Raman Chartered Accountants Chennai, Tamilnadu, India Jawahar and Associates Chartered Accountants Hyderabad, Andhra pRadesh,
India Mehrotra and Mehrotra Chartered Accountants Phillipos and Company Chartered Accountants Bangalore, Karnataka, India S.L Chhajed and Company Chartered Accountants Bhopal, Madhya Pradesh, India |
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Cost Auditors : |
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Name : |
K.L Jaisingh and Company Chartered Accountants (for Electric Motors at HEP Geeyes and Company Chartered Accountants (for Steel Tubes and Pipes at SSTP Trichy) |
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Memberships : |
Confederation of
Indian Industry |
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Joint Ventures : |
·
Power
Plant Performance Improvement Limited ·
BHEL-GE
Gas Turbine Services Limited |
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Associates/Subsidiaries : |
·
All the
Government of India Undertaking Companies ·
SWIL
Limited ·
Tata
Refractories Limited ·
Spectrum Power Generation Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,000,000,000 |
Equity Shares |
Rs.10/- Each |
Rs.20000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
489,520,000 |
Equity Shares |
Rs.10/- Each |
Rs.4895.200 Millions |
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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 |
4895.200 |
4895.200 |
4895.200 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
196643.200 |
154278.400 |
124492.900 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
201538.400 |
159173.600 |
129388.100 |
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|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
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2] Unsecured Loans |
1633.500 |
1277.500 |
1493.700 |
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TOTAL BORROWING |
1633.500 |
1277.500 |
1493.700 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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TOTAL |
203171.900 |
160451.100 |
130881.800 |
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|
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
34009.200 |
24154.000 |
14704.000 |
|
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Capital work-in-progress |
17621.800 |
15500.500 |
11569.700 |
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|
|
|
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INVESTMENT |
4391.700 |
798.400 |
523.400 |
|
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DEFERREX TAX ASSETS |
21635.500 |
15272.300 |
18403.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
109630.300
|
92354.600
|
78370.200
|
|
|
Sundry Debtors |
273546.200
|
206887.500
|
159755.000
|
|
|
Cash & Bank Balances |
96301.500
|
97900.800
|
103146.700
|
|
|
Other Current Assets |
3096.300
|
4068.500
|
3502.100
|
|
|
Loans & Advances |
32373.100
|
27931.700
|
24236.700
|
|
Total
Current Assets |
514947.400
|
429143.100 |
369010.700 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
96019.200
|
75798.000 |
|
|
|
Other Current Liabilities |
217446.500
|
204439.400 |
|
|
|
Provisions |
75968.000
|
44179.800 |
49755.800
|
|
Total
Current Liabilities |
389433.700
|
324417.200 |
283329.000 |
|
|
Net Current Assets |
125513.700
|
104725.900 |
85681.700
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
203171.900 |
160451.100 |
130881.800 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
415661.300 |
328611.100 |
265901.400 |
|
|
|
Interest and Other Income |
17011.000 |
16486.200 |
10511.000 |
|
|
|
TOTAL |
432672.300 |
345097.300 |
276412.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Material Consumed |
232090.700 |
206723.200 |
224275.800 |
|
|
|
Employees remuneration and benefit
|
53967.100 |
65395.400 |
|
|
|
|
Other Expenses of Manufacture, Administration, Selling and
Distribution |
25358.800 |
20646.500 |
|
|
|
|
Provision Net |
27151.200 |
(9341.500) |
|
|
|
|
Cost of Jobs Done for Internal Use |
(685.100) |
(1208.700) |
|
|
|
|
Accretion/ Decreation to work in Progress and finished goods |
(1273.500) |
(7866.500) |
|
|
|
|
Prior Period Items (Net) |
17.900 |
(72.700) |
|
|
|
|
TOTAL |
336627.100 |
274275.700 |
224275.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
96045.200 |
70821.600 |
52136.600 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST AND
OTHER BORROWING COSTS |
547.300 |
335.000 |
307.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
95497.900 |
70486.600 |
51829.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
5441.200 |
4580.100 |
3342.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
90056.700 |
65906.500 |
48486.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
29944.700 |
22800.100 |
17104.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
60112.000 |
43106.400 |
31382.100 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5753.900 |
5968.400 |
4296.900 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
40000.000 |
30000.000 |
|
|
|
|
Dividend |
15248.500 |
11405.800 |
|
|
|
|
Tax on Dividend |
2498.800 |
1915.100 |
|
|
|
BALANCE CARRIED
TO THE B/S |
8118.600 |
5753.900 |
5954.600 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods |
7692.100 |
12315.900 |
NA |
|
|
|
Interest |
0.100 |
0.100 |
NA |
|
|
|
Election and Other Services |
4495.700 |
3351.100 |
NA |
|
|
|
FE in Deemed Export (incl. domestic contracts) |
80072.100 |
66967.100 |
NA |
|
|
TOTAL EARNINGS |
92260.000 |
82634.200 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
42430.700 |
39435.300 |
NA |
|
|
|
Components & Spares Parts |
28378.000 |
25087.400 |
NA |
|
|
|
Capital Goods |
7009.400 |
7836.600 |
NA |
|
|
TOTAL IMPORTS |
77818.100 |
72359.300 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
122.80 |
88.06 |
34.95 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
|
Type |
|
1st Quarter |
2nd
Quarter |
|
Net Sales |
|
72714.600 |
105455.100 |
|
Total Expenditure |
|
61582.300 |
85863.100 |
|
PBIDT (Excl OI) |
|
11132.300 |
19592.000 |
|
Other Income |
|
2486.500 |
2198.600 |
|
Operating Profit |
|
13618.800 |
21790.600 |
|
Interest |
|
88.000 |
96.400 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
13530.800 |
21694.200 |
|
Depreciation |
|
1709.100 |
1888.100 |
|
Profit Before Tax |
|
11821.700 |
19806.100 |
|
Tax |
|
3666.600 |
5685.800 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
8155.100 |
14120.300 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
8155.100 |
14120.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
13.89
|
12.49 |
11.35 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.81
|
20.06 |
18.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.40
|
14.54 |
12.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
0.41 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.94
|
2.04 |
2.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32
|
1.32 |
1.30 |
LOCAL AGENCY FURTHER INFORMATION
RATING OF BHEL
VIS-Ŕ-VIS MOU TARGETS
Performance of Subject for the year 2009-10 has been rated as
‘Excellent’ in terms of MoU signed with the Government of India. Subject has been
awarded the MoU Composite score of ‘1.17’. The MoU rating for 2010-11 is under
finalization by the Government of India. However, company’s own assessment
places performance of the company in ‘Excellent’ category for FY 2010-11.
FINANCIAL REVIEW
OF SUBSIDIARY COMPANIES
Bharat Heavy Plate
and Vessels Limited (BHPV)
Bharat Heavy Plate and Vessels Limited (BHPV) is 100% subsidiary company
of Subject taken over on 10.05.2008. Subject is in the process of reviving the
Company with adequate managerial and financial support. In 2010-11 BHPV
recorded a profit of Rs. 87.800 millions on a turnover of Rs. 1369.800
millions.
BHEL Electrical
Machines Limited
Subsidiary Company has been incorporated on 19th January 2011
as “BHEL Electrical Machines Limited.”, with Subject holding the majority stake
of 51% and Govt. of Kerala retaining 49%. BHEL Electrical Machines Limited
shall manufacture alternators and other rotating electrical machines.
FINANCIAL REVIEW
OF JOINT VENTURES COMPANIES
BHEL-GE Gas
Turbine Services Private Limited (BGGTS)
BGGTS is a Joint Venture Company of Subject and GE USA, formed to take
up repair and servicing of GE designed Gas Turbines.
NTPC-BHEL Power
Projects Private Limited (NBPPL)
A Joint Venture between Subject and NTPC incorporated on 28th April,
2008 for carrying out EPC activities in the Power Sector
Udangudi Power
Corporation Limited
A Joint Venture between Subject and TNEB, incorporated on 26th
December, 2008, to build, own and operate am 1600 MW (2x800 MW) Super Critical
Thermal Power Plant at Udangudi. The Corporation is in the process of setting
up a Thermal Power Plant of Capacity 2x800 MW at Udangudi, Tuticorin Dist. in
Tamilnadu.
Raichur Power
Corporation Limited
Subject has promoted a Joint Venture Company with Karnataka Power
Corporation Limited (KPCL) for setting up Supercritical Thermal Power Plant at
Karnataka on build, own and operate basis. The Joint Venture was incorporated
on April 15, 2009 under the name of “Raichur Power Corporation Limited”.
Dada Dhuniwale
Khandwa Power Limited
Subject has promoted a Joint Venture Company with Madhya Pradesh Power Generating Company Limited. (MPPGCL) for setting up of a 2x800MW Supercritical Thermal Power Plant at Khandwa, Madhya Pradesh on build, own and operate basis. The Joint Venture was incorporated on February 25, 2010 under the name of “Dada Dhuniwale Khandwa Power Limited”. Subject has invested Rs.25.000 millions in the equity of the Joint Venture.
PERFORMANCE
OF BUSINESS SEGMENTS POWER SECTOR
Order Book
During
the year 2010-11, Power Sector - Marketing has secured orders worth Rs.
44341.000 Millions corresponding to 15,071 MW in physical terms.
Major
achievements during the year:
Record orders for
main plant equipment with supercritical parameters of 660/700/800 MW rating
from public as well as private sector utilities.
Record orders (9
Nos. Turbine generators sets and 7 Nos. Steam Generator sets) for Units of 660/
700/ 800 MW rating with Super-critical parameters, which include
First order for new
700 MW rating against stiff competition for Bellary-3 (1x700 MW) from KPCL
First order from a
JV of subject with a State Utility – Raichur Power Company Limited - for
super-critical sets for 2x800 MW Yeramarus TPS, followed by 1x800 MW Edlapur
TPS
Order against bulk
tender for 2x660 MW Mauda Turbine Generators Package from NTPC
Repeat orders for
10 sets of 270 MW from India Bulls Group (5x270 MW
Order for
Sagardighi TPEP Stage-II (2x500 MW) from WBPDCL who had earlier sourced Stage-I
(2x300 MW) of the project (already commissioned) from Chinese supplier.
New Customers added:
·
Visa Power Limited
·
Dainik Bhaskar Power Limited (DBPL)
·
Bajaj Hindusthan Limited
·
Raichur Power Corporation Limited (RPCL)
SIGNIFICANT ORDERS RECEIVED IN THE POWER SECTOR INCLUDE:
Super-critical
Thermal Sets (6,400 MW):
Orders received against stiff International Competitive Bidding (ICB)
1x700 MW Bellary TPS from KPCL.
3x660 MW Lalitpur TPS from Bajaj Hindusthan Limited
2x660 MW Mauda TG Package from
NTPC against Bulk tender.
ESP package orders for Nigrie STPP (2x660 MW) from Jaiprakash Power
Ventures Limited and for Bara STPP (3x660 MW) from Prayagraj Power Generation
Company Limited (Jaypee Group).
Orders received on Negotiation basis
2x800 MW Yeramarus TPS
Supercritical Power Project from Raichur Power Company Limited– A JVC of BHEL
and KPCL (State Utility of Karnataka).
1x800 MW Edlapur TPS Supercritical Power Project from Raichur Power
Company Limited – A JVC of BHEL and KPCL (State Utility of Karnataka).
Sub-critical
Thermal Sets (7,800 MW):
Orders received against stiff International Competitive Bidding (ICB)
5 sets of 270 MW Amravati Ph.II from Indiabulls group – Order of 5 sets
of 270 MW for Ph. I was received last year.
5 sets of 600 MW from Dainik Bhaskar Power Limited, Visa Power Limited
and Korba West Power Company Limited.
2 sets of 500 MW for Sagardighi TPEP Stg-II from West Bengal Power
Development Corporation Limited.
Orders received on Negotiation basis
5 sets of 270 MW Nasik Ph.II from Indiabulls group – Order of 5 sets of
270 MW for Ph. I was received last year.
1 set of 600 MW for Rayalseema #6 from APGENCO.
2 set of250 MW for Barauni TPS from Bihar State Electricity Board.
Gas Turbines (871
MW):
Orders received on Negotiation basis
750 MW Bamnauli CCPP (750 MW) from Pragati Power Corporation Limited
GTG orders for Monarchak (100 MW) from North mEastern Electric Power
Corporation (NEEPCO) and Rokhia (21 MW) from Tripura State Electricity
Corporation Limited
Nuclear Business:
Orders received on Negotiation basis
2x700 MWe TG package from NPCIL
for KAPP 3 and 4 – First 700 MWe TG order for Nuclear Power Plant.
SPARES AND
SERVICES BUSINESS GROUP (SSBG)
SSBG has booked orders worth Rs. 16510.000 millions for Spares, Rs.
471.000 millions for Services and Rs. 250.000 Millions for Supply and E and C
of R and M equipment totaling to Rs. 21470.000 Millions for 2010-11. SSBG
secured orders worth Rs. 1310.000 Millions for New Systems and Products in
2010-11. This includes Rs. 4960.000 millions for complete Overhauling mof 1000
MWe LMZ make Nuclear Steam Turbine from NPCIL/Kudankulam and Rs. 305.200
millions received for supply of spares and related services for Non-BHEL
m(Mitsubishi make) Boilers (2x500 MW) of UPRVUNL/ Anpara TPS Units 4 and 5.
SSBG added 13 nos. new customers in 2010-11 and secured orders worth Rs.
224.000 Millions SSBG received appreciations from 14 customers for services
rendered to them by BHEL/ SSBG.
PERFORMANCE OF
BHEL UTILITY SETS
Subject coal based sets registered PLF of 75.7 % against National
Average of 75.1%.
During the year, generation from Subject supplied 195 200/210/250/500 MW
coal based sets which form the backbone of country’s power generation went to
401709 MUs with PLF of 78.9 % and OA of 88.8%. 60% of total electric energy
generated by Coal sets min the country was contributed by these sets.
Seventeen stations equipped with Subject equipments recorded a PLF of
above 90% viz. Dahanu (100.5), Rihand (97.8), Raigarh (97.7), Singrauli (96.6),
Sipat (96.5), Korba East (96.4), Simhadari (96.1), Vindhyachal (95.0), Unchahar
(93.3), Korba-NTPC (93.1), Tanda (92.8), CESC (92.0), Bhilai (91.4), Korba West
(91.0), Kota (90.8), Ramagundam (90.7), Sabarmati (90.4).
178 subject supplied coal based sets achieved PLF of over 70%. Of these,
61 sets registered PLF of over 90% and 73 sets achieved PLF between 80-90%
Subject Coal Sets registered the Operating Availability (O.A.) of 86.1%
139 Thermal Sets of Subject make achieved O.A. higher than or equal to
90%.
171 BHEL supplied coal based sets clocked uninterrupted operation for
more than 90 days during the year out of which:
65 sets ran twice continuously for more than 90 days.
28 sets continuously ran for more than 200 days.
Subject continued its endeavor to render efficient customer service
aimed at facilitating uninterrupted power supply and keeping power plants in
good running condition. During the year, Power Sector moverhauled 120 sets
(including non-subject sets). Subject team made an impossible task possible
when flood ravaged Koteshwar HEP of THDC was rehabilitated in a record time of
five months and capacity addition of two units (200 MW) was achieved. CMD, THDC
expressed gratitude and congratulated Subject.
Commendations/appreciations received from reputed customers like NTPC,
MSPGCL, Reliance Infrastructure Limited, APGENCO, and WBPDCL etc. for excellent
support/services provided by Subject.
INDUSTRY SECTOR
In Industry Sector, Subject secured orders worth Rs. 114050.000 millions
in Captive Power, Rail Transportation, Power Transmission, Oil and Gas, Renewable
Energies and other Industrial Segments.
Major orders received during the year and other business highlights from
Industry segment include:
CAPTIVE POWER
PLANTS
Breakthrough order from M/s India Power Corporation limited. Haldia, West Bengal for 3x150 MW Boiler,
Turbine and Generator package with single cylinder reheat machines.
Significant order for double controlled extraction STG set from
Tamilnadu Newsprint and Paper Limited for 1x41 MW STG set.
Orders for cost effective 67.5 MW rating units from M/s Shree Metallics
and from Bhubaneswar power
Order for 80 MW STG set with ACC configuration from M/s Suryadev Alloys
Received 4 orders in a row for captive power equipment from Maruti
Suzuki India Limited in a year
RAIL
TRANSPORTATION
Orders for State-of-the-art propulsion equipment for 6000 HP Electric
Locomotives and 1400 HP AC EMUs from Indian Railways amidst stiff competition
from leading international suppliers Indian Railways have reposed their
confidence in subject capabilities and technological excellence.
Orders for 198 sets of Electrics for conventional AC\ EMU/ DEMU and also
for 588 nos. of Traction motors received from Railway Board and Indian Railways
manufacturing units at ICF, RCF, DLW, etc.
Order for 11 nos. 700 HP Diesel Electric Shunting Locomotives received
from JSW Steel Limited, Bellary.
Other business highlights in this segment include:
Subject has established itself as a manufacturer of IGBT based traction
propulsion equipments for Indian Railways. Indigenous Development of IGBT based
equipment shall help Indian Railways to reduce dependence on costly imports.
Subject has supplied, erected and
successful commissioned Electric propulsion systems, controls and other equipments
for prototype rakes of Kolkata Metro coaches and are successfully running under
commercial operations. Series manufacture and supply of equipments for
remaining 11 rakes are in progress.
Subject signed a JV agreement with Government of Kerala to take over
Kasaragod unit of KEL. After due diligence exercise, A JV company named BHEL
Electricals Machines Limited, has been registered. In addition to present range
of manufacture of Alternators, other complementary products like LT motors,
WEG’s Alternators and traction equipments for IR are proposed to be taken up
for manufacture by JV.
Subject has signed a JV agreement with Alstom, France for participation
in IR tender for setting up a factory at Dankuni, West Bengal on Public-Private
Partnership pattern for manufacture and supply of Electric Loco components to
CLW.
Loco manufacturing capacity at Jhansi unit has been augmented from 30
numbers to 50 numbers Further augmentation from 50 numbers. to 75 numbers per
year is underway to meet Railways’ increased requirements.
INDUSTRIAL
PRODUCTS (ELECTRICAL)
Highest value single order for HT Motors finalized in the country so
far, for 20 numbers 6 MW 4P SCIMs for special coolant pump application of RAPP
and KAPP 700 MW sets of M/s NPCIL.
Orders for 124 motors (180 – 2100 KW) for M/s IOCL’s Paradeep refinery
which include 110 numbers flame proof motors. Other business highlights in this
segment include:
Design and manufacture of largest BFP motor - 17500KW 11 KV 4 Pole SCIM
for NTPC Barh 2 X 660 MW. The motor has been successfully tested and approved
by NTPC.
New design of vertical synchronous motor developed - 4000KW 11 KV 16
Pole, and motor manufactured and tested for AMR Lift Irrigation Scheme through
M/s WPIL.
Manufacturing capacity for electrical machines expanded to 2250 machines
p.a. at Bhopal to address market requirements in line with the growth
projections.
INDUSTRIAL
PRODUCTS (MECHANICAL)
Order for 3 nos. Turbo Blower Package with Steam Turbine Drive from
SAIL-Bhilai Steel Plant
Orders for Compressors from Fertilizer Sector (NFL Bhatinda, NFL Nangal
, NFL Panipat and GNFC Bharuch) and Refinery Sector (BPCL Mumbai). In addition
an order for CO2 Compressor revamp from, NFL Vijaipur.
Highest value order for supply of WH and XMT from ONGC Bassein and
Satellite Assets. Other business highlights in this segment include:
Collaboration entered into with M/s GENP, Italy for manufacture of
centrifugal compressors. This will further enhance subject capability to
address, market requirement of higher size compressors for refinery,
fertilizer, petrochemical, pipeline and other applications.
MOU entered into with M/s NOV, USA for AC Drives for Oil Rigs
DEFENCE BUSINESS
Prestigious order for Integrated Platform Management System for the 1st
Air Defence Ship (Indigenous Aircraft Carrier) being manufactured in India for
the first time The order has been received against stiff competition from the
global giants.
TRANSMISSION
SYSTEMS – SUB-STATION / SWITCHYARDS
Breakthrough order from PGCIL for the world’s first ± 800 kV, 6000 MW
Ultra High Voltage Multi terminal DC Transmission Link, in consortium with ABB,
Sweden has been bagged. This will be world’s first ± 800 kV, 6000 MW Ultra High
Voltage Multi-terminal DC transmission link. The link comprises three converter
terminals and a power transmission system with a built in capacity up to 8,000
MW which is the largest HVDC transmission system ever built. The use of Ultra
High Voltage (±800 kV) minimizes transmission losses. In financial terms, this
is the largest order finalized in T and D sector anywhere in the world.
Order for 220 kV Substation and associated transmission lines from DPL
Order for installation of 4 nos. 63 MVAr Shunt Reactors at various
substations from KPTCL other business highlights in this segment include:
Subject is the first company in India to indigenously develop and
manufacture 1200 kV transformers. At newly constructed manufacturing block at
Bhopal, BHEL has manufactured 1200 kV 180 MVA test transformer which shall be
used as testing transformer in UHV Lab.
Subject has also manufactured 1200 kV CVT required for Bina station in
addition to 420 kN disc insulators already supplied for the 1200 kV test transmission
line at Bina.
TRANSMISSION PRODUCTS
Order from Indiabulls for 36 transformers totalingto 4078 MVA including
10 generator transformers each of 330m MVA, 400 kV for Phase-II of Nasik and
Amravati projects
Order for the largest rating state-of-the-art Dry Type Transformers, in
the country. Order was secured for 6 nos., 15 MVA dry type transformers from
Bluestar for Reliance Sasan project, against international competition
NEW AND RENEWABLE ENERGIES
Four significant orders of SPV power generation plants totaling to 8
MWp: Union Territory of Lakshadweep for Augmentation, Renovation and Operation
and Maintenance of aggregate 2.15 MWp SPV plants at various Islands, 6 MWp
orders from Indiabulls for projects at Bareilly and Nagpur.
Other Business highlights in this segment include:
Subject is working with Bharat Electronics Limited to set-up a
manufacturing plant of approx. 240 MW solar PV products and systems. This will
bring economies of scale offering solar PV products and systems at competitive
prices in India and abroad.
Subject has entered in to a manufacturing cooperation agreement with GE
India Industrial Private Limited (GEIIPL), India. Both partners will jointly
address requirement of state-of-the-art Water treatment plants for the Power
Plants, Industry and Municipal corporations. With this agreement, subject
Ranipet plant will benefit with development of capabilities in offering the
large size water treatment plant as turnkey solutions to the customers.
With the aim of providing EPC solutions in Concentrated Solar Thermal
area subject has signed an agreement with M/s Abengoa Spain, through which EPC
solutions would be offered to clients, based on parabolic and power tower
technologies. Subject units at Tiruchirapalli, Hyderabad, Bhopal, Haridwar and
Bangalore would deliver the major equipment like power block, heat transfer
equipment, steam generators, piping etc
INTERNATIONAL
BUSINESS
In International
Business, the global outlook still remains cautious and signs of recovery after
global meltdown are unable to create a positive atmosphere for infrastructure
investments. Energy investment worldwide has plunged resulting in project
deferments and cancellation due to financial crunch. Recent developments in the
Middle East and North Africa have also adversely affected the business
prospects in their traditional markets with many projects on hold.
In spite of such
challenging trends, subject has been able to sustain its exports momentum with
a physical export order inflow of Rs. 37380.000 millions from 24 countries
spread over five continents during the year registering a 5% growth over last
year.
The year marked
significant steps towards globalization with successful forays in new markets
and new product areas, apart from firmly establishing the company’s presence in
existing markets.
MAJOR ACHIEVEMENTS
DURING 2010-11:
During the year
Subject secured following prestigious orders:
Single largest export
order for Gas Turbine based Power Project – Further strengthening its foothold
in Yemen, subject secured the prestigious order for the 4x168 MW Gas Turbine
based Marib-II Power Project. This is the largest ever order for an overseas
gas turbine based power project.
First ever order
for motors from
Maiden order for
Solar cells from Hong Kong and
Order for Control
Equipment from
Continued focus on
After Sales Services led to orders for Spares and Services from UAE,
EXECUTION OF MAJOR OVERSEAS ORDERS:
Major milestone of the year was the commissioning of four
power plants in
JOINT VENTURES
BHEL-GE Gas
Turbine Services Limited (BGGTS):
The Joint Venture
Company, BHEL-GE Gas Turbine Services Limited (BGGTS), promoted by subject with
BGGTS achieved a
sales turnover of Rs. 4180.000 millions during the year 2010-11 with a profit
after tax of Rs. 570.000 millions Orders for Rs. 5090.000 millions were booked
by BGGTS during the year including export orders from overseas. BGGTS
successfully completed gas turbine servicing and supply of spares to various
customers in both Public and Private sectors. BGGTS also completed export
orders of Rs. 320.000 millions. For the year 2010-11, BGGTS has declared a
dividend of 660 % thereby maintaining its consistent record of improved performance.
Powerplant Performance Improvement Limited (PPIL):
The Joint Venture Company, Powerplant Performance Improvement Limited
(PPIL), has been promoted by subject with Siemens, Germany for plant
performance improvement of old fossil fuel power plants.
PPIL is in the process of settlement of outstanding issues and
collection of withheld payments for pending contracts. Since, sufficient
business to ensure viability of the company has not been forthcoming, both the promoter
partners have mutually agreed to gradually wind up the company.
NTPC BHEL Power Projects Limited (NBPPL):
Subject along with NTPC Limited has promoted a Joint Venture Company
“NTPC Subject Power Projects Private Limited” for carrying out EPC contracts
for Power Plants and other Infrastructure Projects in India and abroad. The JV
Company can also take up manufacture and supply of equipments, for power plants
and other infrastructure projects, which are not subject to any limitation or
restriction under any ongoing collaboration agreement of promoter companies.
The JV Company was incorporated on 28th April, 2008 with initial authorized and
paid up capital of Rs. 1.000 millions subscribed to equally by NTPC and
Subject. Further, Board has also decided to enhance Subject contribution from
Rs. 0.500 millions to Rs. 1000.000 millions which will be done in tranches
depending upon the requirements. The paid up capital is Rs.500.000 Millions,
with BHEL and NTPC each subscribed Rs. 250.000 millions. The JVC has acquired
land in Mannavaram, AP and is in the process of implementing Phase-I of the
investment already approved. The JVC is also executing orders for Balance of
Plant equipment assigned to it. NBPPL has entered into a technical
collaboration agreement with M/S DMW, USA for manufacture and supply of Coal
Handling Plants.
Barak Power Private Limited (BPPL):
Subject has promoted a Joint Venture Company with
PTC India Limited for setting up of 2x125MW CFBC based power plant in Silchar,
Assam. The JVC was incorporated on 1st September, 2008 under the name of Barak
Power Private Limited with an authorized and paid up capital of Rs. 1.000
millions subscribed to equally by subject and PTC. Due to non availability of
local coal, the power plant has not been found to be viable. JV is under
winding up.
Udangudi Power Corporation Limited (UPCL):
Subject has promoted a Joint Venture Company with Tamilnadu Electricity
Board for setting up of a 2x800MW Supercritical Thermal Power Plant at
Udangudi, Tuticorin, Tamilnadu on build, own and operate basis. The JVC was
incorporated on December 26, 2008 under the name of “Udangudi Power Corporation
Limited. The initial authorized and paid up equity of the JVC is Rs. 100.000
millions subscribed to equally by TNEB and subject. The equity structure would
be diluted subsequently to bring in Financial Institution/Banks etc., so that
TNEB and subject hold 26% equity each. The state Govt. has allotted land to the
JVC for the project. The JVC is also in the process of obtaining coal linkage,
MOEF clearance and finalizing main plant equipment order on subject. At present
the paid up equity capital is Rs.650.000 millions with subject and TNEB each
subscribed Rs. 325.000 millions
Raichur Power Corporation Limited (RPCL):
Subject has promoted a joint venture company with Karnataka Power
Corporation Limited (KPCL) for setting up of a 2x800MW Supercritical Thermal
Power Plant at Yeramarus, Raichur, Karnataka and 1x800MW Supercritical Thermal
Power Plant at Edlapur, Raichur, Karnataka on build, own and operate basis. The
Joint Venture Agreement with KPCL was signed on January 12, 2009 and the JVC
was incorporated on April 15, 2009 under the name of “Raichur Power Corporation
Limited”. The initial authorized and paid up equity of the JVC is Rs.100.000
millions subscribed to equally by KPCL and Subject. A change in equity
structure has been approved with KPCL holding 50%, BHEL 26% and balance by
Financial Institution/Banks. The JVC has received MOEF clearance for the
2x800MW Yeramarus power project and the order for supply and E and C of main
plant equipment for the 2x800M Yermarus project has been placed on subject for
a value of approximately Rs. 63000.000 millions The EOI for 1x800MW Edlapur
project valuing Rs. 31000.000 millions has also been settled and LOA would be
placed after MOEF clearances. At present the paid up equity capital is Rs.
6630.000 millions, with subject and KPCL each having subscribed Rs.3315.000
millions.
Dada Dhuniwale Khandwa Power Limited (DDKPL):
Subject has promoted a joint venture company with Madhya Pradesh Power
Generating Company Limited (MPPGCL) for setting up of a 2x800MW Supercritical
Thermal Power Plant at Khandwa, Madhya Pradesh on build, own and operate basis.
The Joint Venture Agreement with MPPGCL was signed on January 28, 2010 and the
JVC was incorporated on February 25, 2010 under the name of “Dada Dhuniwale
Khandwa Power Limited”. The initial authorized and paid up equity of the JVC
was Rs.50.000 millions subscribed to equally by MPPGCL and Subject. A change in
equity structure has been approved with Subject holding 26%, MPPGCL-10%,
PSUs/PSU-FIs/PSU bank-16% and balance 48% by a partner. The process of
selection of 48% partner has been initiated. At present the paid up equity
capital has been increased from Rs. 50.000 millions to Rs. 450.000 millions
with Subject and MPPGCL each having subscribed, Rs. 2250.000 milions to enable
JVC to meet land acquisition expenses.
Latur Power Company Limited (LPCL):
Subject has promoted a Joint
Venture Company with Maharashtra State Power Generation Company Limited
(MAHAGENCO) for setting up a 2x660 MW Thermal power plant or 1500 MW gas based
Combined Cycle Power Plant (CCPP) in Latur, Maharashtra. The Joint Venture
Agreement with MAHAGENCO was signed on November 11, 2010 and the JVC was
incorporated on April 6, 2011 under the name of “Latur Power Company Limited”.
The initial authorized equity of the JVC is Rs. 50.000 millions. The equity
structure would be diluted subsequently to bring in Financial Institution/Banks
etc., so that MAHAGENCO and Subject hold 26% equity each.
BHEL Electrical Machines Limited:
The Joint Venture Agreement was entered on 8th September 2010 with Government
of Kerala for acquiring the Kasaragod Unit of Kerala Electrical and Allied
Engineering Company Limited (KEL), a wholly owned undertaking of Govt. of
Kerala. The Company has been incorporated on 19th January 2011 as “BHEL
Electrical Machines Limited.”, with Subject holding the majority stake of 51%
and Government of Kerala retaining 49%. The Company shall manufacture
alternators and other rotating electrical machines.
Awards won by BHEL, Units and employees
Prime Minister’s Shram Awards (declared by Ministry of Labour)
Prime Minister’s Shram Awards are given to workmen in Private and Public
Sector of Central and State Government in recognition of their distinguished
performance, innovative abilities, outstanding contribution in the field of Productivity
and exhibition of exceptional courage and presence of mind.
Prime Minister’s Shram Award
2008 (declared on 15th August 2010):
Shram Bhushan Award (One award won by an employee from EDN-Bangalore);
Shram Vir Award (One award won by an employee from HEP-Bhopal); Shram Shree
Awards (Two awards won by an employee from CFFP-Haridwar and an employee from
HPEP-Hyderabad).
Prime Minister’s Shram Award 2009 (declared on 21st February 2011): Shram Vir
Award (One award won by an employee from CFFP-Haridwar); Shram Shree Award (One
award won by 3 employees from HPEP-Hyderabad).
Prime Minister’s Shram Award 2010 (declared on 5th July 2011): Shram Bhushan
Award (One award won by 4 employees from HPBP-Trichy); Shram Shree Award (One
award won by an employee from BAP-Ranipet).
POSITIONING FOR THE FUTURE
The company continues its focus on six priority areas for growth viz.
Capacity Enhancement, Accelerated Project Execution, Product Cost
Competitiveness and Quality, Diversification, Engineering and Technology and
People Development to sustain its leadership in the power sector and capture
opportunities in emerging areas.
Towards manufacturing capacity enhancement, capability to deliver 15,000
MW p.a. has been realized. Further expansion to 20,000 MW by March 2012 is in
progress. By ensuring that investments are timely, well planned and scalable,
the company continues to harness emerging opportunities in domestic Power
sector.
Subject is actively pursuing several opportunities for sustaining future
growth. These include:
Strategic Alliance with Toshiba, Japan to establish a JVC to address
Transmission and Distribution (T and D) business in India and other mutually
agreed countries. The JVC will cover equipments and projects in EHVAC and UHVAC
range including 765 kV transformers and reactors and GIS, in addition to other
products and systems.
Transportation business where subject is participating in tenders for
setting up factory for Electric Loco components and Diesel Loco factory
Proactive participation in Nuclear Business segment by entering into a
tripartite JV with NPCIL and Alstom for conventional island of Nuclear Projects
for 700 MWe
Joint Working Arrangement with Abengoa, Spain for Concentrated Solar
Thermal Power Plant (CSP) and the Strategic Alliance with BEL for formation of
JV for setting up manufacturing facility (240 MW) for silicon wafers, solar
cells and modules.
Increased focus in water business area where the company has entered
into a manufacturing associate agreement with GE India Industrial Private
Limited (GEIIPL), for Water Treatment Equipment.
In the company’s quest to make its supply chain more agile and
accelerate project execution, initiatives like vendor base expansion,
outsourcing, advanced manufacturing action, rate contracts, deployment of
additional tools and plants, global sourcing and away centre fabrication, etc.
are being pursued continually.
Capability building initiatives like Lean Manufacturing (LM),
Design-to-Cost (DTC) and Purchase-Supply-Management (PSM) in identified product
areas across the company would enable the company remain cost competitive.
As a part of strategic initiative to enhance and strengthen manpower, an
induction of 15,606 people has been done during 2007-11. Alignment of HR
processes and systems with business requirement would be continued with focus
on enhancing employee engagement and development of skills and competencies
besides ensuring succession planning.
Despite slow recovery in international business, Subject is poised to
consolidate its position in existing international markets and make foray in
new markets to expand its international footprint. Manufacturing and service
presence in export markets will be explored for geographical diversification.
To capture emerging opportunities, subject would continue to pursue
strategic alliances by way of Joint Ventures with State Utilities to leverage
equipment sales in supercritical thermal projects, and with others for sourcing
of technology, critical inputs and equipments.
Subject will enhance its responsibility towards socioeconomic and
community development programmes in various villages located near its
manufacturing plants and projects sites spread across the country.
Subject will continue to excel in innovation-led business strategy to
ensure that the company is at the forefront of industry developments and
continually improves products and services.
As a part of ‘National Mission for Clean Coal (Carbon) Technologies’,
the company would play a significant role in development of Advanced Ultra
Supercritical (ADV-SC) technology in association with Indira Gandhi Centre for
Atomic Research (IGCAR) and NTPC.
The company is on track to meet the Strategic Plan 2012 target of US$
10-11 Billion by 2011-12.
Formulation of ‘Strategic Plan 2012-17’, seventh in the series of
Corporate Plans adopted by the company since 1974 is under process to address
market challenges and enable the company enter next level of growth.
BUSINESS
DESCRIPTION
Subject is an India-based engineering and manufacturing company. It is
engaged in the energy related/infrastructure sector. The Company caters to
sectors, including power generation and transmission, industry, transportation,
renewable energy and defense. It has a network of 15 manufacturing divisions,
two repair units, four power sector regions, eight service centers, 15 regional
offices, two subsidiaries and a number of project sites spread all over India
and abroad. Subject manufactures a range of products and systems for thermal,
nuclear, gas and hydro-based utility power plants. Subject supplies steam
turbines, generators, boilers and matching auxiliaries up to 800 megawatts
ratings including sets of 660/700/800 megawatts based on supercritical
technology. On January 19, 2011, BHEL incorporated, BHEL Electrical Machines
Limited with subject holding the majority stake of 51% and Government of Kerala
retaining 49%. For the fiscal year ended 31 March 2010, Subject revenues rose
24% to Rs. 348.17B. Net income rose 39% to Rs. 43.27B. Revenues reflect an
increase in income from Power segment and higher income from industry segment.
Net income also reflects an increase in gross operating profit margin. Subject
is an India-based company engaged in engineering and manufacturing in the
energy-related and infrastructure sector.
FIXED ASSETS:
·
·
·
Bridges And Culverts
·
Buildings
·
Lease-hold Buildings
·
Drainage, Sewerage and Water supply
·
Locomotive and Wagons
·
Railway Siding
·
Plant and Machinery
·
Construction Equipment
·
Electrical Installations
·
Vehicles
·
Furniture And Fixtures
·
Office And Other Equipments
·
Trade Marks
·
Patents and Designs
·
Electronic Data Processing Equipments
·
Software
·
Technical Know-how
DIRECTOR
B.P RAO – CHAIRMAN AND MANAGING DIRECTOR
Shri. B. Prasada Rao is Executive Chairman of the Board,
Managing Director of Subject, since October 01, 2009. He was inducted as
Director (IS and P) of subject w.e.f. 1st September, 2007. Mr. Rao is a B.Tech (Mech)
from
P. K. BAJPAI –
DIRECTOR – FINANCE WHOLE TIME DIRECTOR
Shri. P. K. Bajpai is Director - Finance, Whole-Time
Director of Subject. He holds a degree of B.Tech (Mech) from IIT,
ASHOK KUMAR BASU –
PART TIME NON OFFICIAL INDEPENDENT DIRECTOR / BOARD MEMBER
Shri. Ashok Kumar Basu is Part-Time Non-Official Independent
Director of Subject since 22.06.2009. He is a retired IAS officer of 1965 batch
and holds a degree of Bachelor of Arts in Economics and Political Science,
O.P BHUTANI –
DIRECTOR ENGINEERING, RESEARCH AND DEVELOPMENT, WHOLE TIME DIRECTOR
Shri. O. P. Bhutani is Director - Engineering, Research and Development, Whole-Time Director of Subject. He was inducted as Director (Engineering, Research and Development) on December 24, 2009. A B.Sc. (Mechanical Engineering) from Delhi College of Engineering, New Delhi and Master of Business Administration from Faculty of Management Studies, New Delhi. Mr. Bhutani has an experience of approximately 35 years, spanning a wide range of functions, including marketing and business development, project execution, construction management, product design and engineering, operations, planning and strategic management. As Director (Engineering, Research and Development), he has placed a emphasis on the development and deployment of clean technologies, improvement of energy efficiency in all products as well as on capability and capacity augmentation of the Company to overcome the competition being faced by it. Further, Mr. Bhutani is also in-charge of corporate monitoring, capital investment planning and materials management functions of the Company. Mr. Bhutani is presently a director on the board of Udangudi Power Corporation Limited and serves as the chairman on the board of Latur Power Company Limited.
SAURABH CHANDRA –
PART TIME DIRECTOR
Shri. Saurabh Chandra is Part-Time Official Director -
Government Nominee of Subject, since July 20, 2009. He is an IAS officer of 1978
batch and holds a degree of Bachelor Technology (Electrical), from the
M.K DUBY – DIRECTOR
INDUSTRIAL SYSTEMS AND PRODUCTS, WHOLE TIME DIRECTOR
Mr. M.K. Dube is Director - Industrial Systems and Products,
Whole-Time Director of Subject, since June 25, 2011. He holds a degree of
Bachelor of Engineering (Mech) from
V.K JAIRATH – PART
TIME NON OFFICIAL INDEPENDENT DIRECTOR
Shri. V. K. Jairath is Part-Time Non-Official Independent
Director of Subject. He is a former IAS officer of 1982 batch and holds a
degree of Bachelor of Arts and Bachelors in Law from
REVA NAYYAR – PART
TIME NON OFFICIAL DIRCTOR
Smt. Reva Nayyar is Part-Time Non-Official Independent
Director of Subject, since 22.06.2009. She is a retired IAS officer of 1968
batch from Haryana cadre. She holds post graduate degree of M.A. (Political
Science). She possess approximately 31 years experience in public
administration and human resource management with varied exposure to governance
at centre and state level as well as in state PSUs and the Union Parliament.
She has worked as Secretary, Government of India, and Ministry of Woman and
Child Development during 2004-06 and participated in formulation of policy and
legislation pertaining to women and children. As Secretary, Department of
Development of North Eastern Region during January 2004 — June 2004, she
supervised overall development of all the seven states in the north-east of
M.A PATHAN – PART
TIME NON OFFICIAL DIRECTOR
Shri. M. A. Pathan is Part-Time Non-Official Independent
Director of Subject since 22.06.2009. He holds a degree of Bachelor of Arts from
ANIL SACHDEV –
DIRECTOR
Shri. Anil Sachdev is Director - Human Resources, Whole-Time
Director of Subject since September 1, 2007. He is Mechanical Engineering
Graduate from
ATUL SARAYA – BOARD
MEMBER AND DIRECTOR
Shri. Atul Saraya is Director - Power, Whole-Time Director
of Subject. He was inducted as Director (Power) on October 1, 2009. He holds a
degree in B.Sc (Electrical Engineering) from
AMBUJ SHARMA- PART
TIME OFFICIAL DIRECTOR
Shri. Ambuj Sharma has been appointed as Part-Time Official
Director - Government Nominee Subject, effective March 15, 2011. He is an IAS
officer of 1983 batch and holds a degree in M.Sc. (Geology) from the
TRIMBAKDAS S. ZANWAR
– PART TIME NON OFFICIAL DIRECTOR
Shri. Trimbakdas S. Zanwar has been appointed as Part-Time
Non-Official Director Subject, effective October 11, 2011. He holds a Post
Graduate degree in Law. He has experience in various fields including social,
political and education. He has been a member of various committees appointed
by the State Government from time to time. At present he is the President of
the Rajya Saksharata Parishad (State Literacy Council - State Minister Status)
and Member of the Marathwada State Council of Education and Agricultural
Research, Executive Council of the
Press Releases
28-Jul-2011
BHEL's Innovativeness gets Global Recognition;
Forbes ranks BHEL at No.9 in the list of the World's 100 Most Innovative
Companies
Bharat Heavy Electricals Limited (BHEL) has been ranked the
Ninth Most Innovative Company in the world by the renowned
Not only does the ranking reflect the innovativeness of the companies, it also
recognizes the role of the innovative CEOs that have woven the code for
innovation into their companies. The list uses the ‘innovation premium’ to rank
the world’s most innovative companies. It is the premium the market gives a
company because investors expect it to generate even bigger income streams in
future.
Embedded in each of these companies is a code for innovation, discernible in
their people, processes and philosophies, what is referred to as a ‘3P’
framework for understanding the DNA of innovative organizations. The study also
recognises the CEO that fully grasps how to embed the 3Ps deeply into a
company’s culture to create a powerful, positive innovation premium, setting
him apart from other CEOs.
The list is based on an eight-year study by Harvard Business School Professor
and master of disruptive innovation, Mr. Clayton M. Christensen, along with Mr.
Jeff Dyer, a professor at
Notably, the recognition comes close on the heels of BHEL being presented the
‘SCOPE Meritorious Award for R and D, Technology Development and Innovation’ by
the Hon’ble President of India.
Significantly, BHEL’s innovativeness and thrust on enhancing intellectual
capital has seen the company getting commendations and recognition by the
world’s most respected and credible institutions. In fact, BHEL is one of the
only four Indian companies and the only Indian Public Sector Enterprise
figuring in ‘The Global Innovation 1000’ of Booz and Co., a list of 1,000
publicly-traded companies which are the biggest spenders on R and D in the
world.
BHEL has also won the coveted CII-Thompson Reuters Innovation Award 2010 in the
‘Hi-tech Corporate’ category. The award recognises BHEL’s innovation and
entrepreneurship based on number of patents and efficiency and impact of
innovation as measured by patent citations. In addition, BHEL has been ranked
number one in terms of filing patents in
R and D and technology development are of strategic importance to the company
as it operates in a competitive environment where technology is a major factor.
As a result of constant thrust on developing new technologies and products,
BHEL has recorded a 31% growth in its intellectual capital in FY 2010-11.
During the year, 303 patents and copyrights were filed by the company,
translating into filing of over one patent / copyright every working day. With
this, the company’s intellectual capital has gone up to 1,438 patents and
copyrights filed, which are in productive use in the company’s business.
During fiscal 2010-11, BHEL invested an all-time high Rs.10,050 Million on R
and D efforts - 21% higher than the previous year. With an R and D spend at
over 2.3 per cent of its turnover; BHEL is the highest spender on R and D in
Bharat Heavy Electricals
Limited Wins INR40 Billion (Rs.40000.000 Millions) Contract To Set Up Power
Plant-Reuters
Oct 10, 2011
Financial Chronicle reported that Bharat Heavy Electricals Limited (Bhel) has bagged over Rs.40000.000 Millions (INR40 billion) contract for setting up a thermal power plant in Andhra Pradesh from Singareni Collieries Company. Bhel will set up 2x600 MW unit for SCCL's upcoming super thermal power project at Adilabad. It's scope of work envisages design, engineering, manufacture, supply, erection, testing and commissioning of Steam Turbines, Generators and Boilers, along with Controls and Instrumentation (C and I) and auxiliaries including associated civil work. The company has established the capability to deliver 15,000 MW per annum. It is being augmented to 20,000 MW. Bhel had also bagged a Rs.38000.000 Millions order from Dainik Bhaskar Power Limited last week, for setting up a 1,320-MW thermal power plant in Madhya Pradesh.
Tantia Constructions bags order worth Rs.157.400
Millions
01 November 2011
India, Nov. 01 -- Tantia Constructions has bagged orders worth Rs 157.400 millions from Bharat Heavy Electricals (BHEL), Noida for civil, structural and architectural works for certain BOP and misc building civil works at 2x750 MW Pragati-III combined cycle power project at Bawana, Delhi.Recently, the company had bagged various work orders worth Rs 1668.800 millions. Tantia Constructions operates as an infrastructure construction company in India. It is involved in the construction, widening, conversion, maintenance, strengthening, and beautification of roadways, road bridges, highways, and flyovers. Published by HT Syndication with permission from Accord Fintech
Tantia Constructions surges on bagging order worth
Rs.157.400 Millions
01 November 2011
India, Nov. 01 -- Tantia Constructions is currently trading
at Rs. 52.650, up by 0.50 points or 0.96% from its previous closing of Rs.
52.150 on the BSE. The scrip opened at Rs. 50.500 and has touched a high and
low of Rs. 53.450 and Rs. 50.500 respectively. So far 4914 shares were traded
on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52
week high of Rs. 99.00 on 26-Nov-2010 and a 52 week low of Rs. 43.50 on
19-Aug-2011.Last one week high and low of the scrip stood at Rs. 54.500 and Rs.
49.500 respectively. The current market cap of the company is Rs. 853.900
millions. The promoters holding in the company stood at 53.76% while
Institutions and Non-Institutions held 8.28% and 37.96% respectively. Tantia
Constructions has bagged orders worth Rs 157.400 millions from Bharat Heavy
Electricals (BHEL), Noida for civil, structural and architectural works for certain BOP and misc
building civil works at 2x750 MW Pragati-III combined cycle power project at
Bawana, Delhi. Recently, the company had bagged various work orders worth Rs
1668.800 millions. Tantia Constructions operates as an infrastructure
construction company in India. It is involved in the construction, widening,
conversion, maintenance, strengthening, and beautification of roadways, road
bridges, highways, and flyovers. Published by HT Syndication with permission
from Accord Fintech
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 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.52.10 |
|
|
1 |
Rs.81.30 |
|
Euro |
1 |
Rs.70.07 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
YES |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--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.