MIRA INFORM REPORT

Report Date :

11.01.2012

IDENTIFICATION DETAILS

Name :	BLUE STAR LIMITED
Formerly Known As :	BLUE STAR ENGINEERING COMPANY (BOMBAY) PRIVATE LIMITED
Registered Office :	Kasturi Building, Jamshedji Tata Road, Mumbai – 400020, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.01.1949
Com. Reg. No.:	11-6870
Capital Investment / Paid-up Capital :	Rs.179.872 Millions
CIN No.: [Company Identification No.]	L28920MH1949PLC006870
TAN No.: [Tax Deduction & Collection Account No.]	MUMB11714D
PAN No.: [Permanent Account No.]	AAACB4487D
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Distribution and Maintenance of Imported Professional Electronics and Industrial Systems
No. of Employees :	2825 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (68)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an old, well established and reputed company and it one of the largest central Air Conditioning and commercial refrigeration companies in India. Directors are reported as experience and respectable businessmen. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are correct 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)
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/ Head Office/ Corporate Office :	Kasturi Building, Jamshedji Tata Road, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-66654000
Fax No.:	91-22-66654151
E-Mail :	sanjeev_sehgal@vsnl.com info@bluestarindia.com kptkutty@bluestarindia.com sangameshwar@bluestarindia.com
Website :	http://www.bluestarindia.com
Factory 1 :	2^nd Pokhran Road, Majiwada, Thane – 400601, Maharashtra, India
Tel. No.:	91-22-25346265
Fax No.:	91-22-25345525
Factory 2 :	Plot Nos. 4 and 5, GIDC Industrial Estate, Narmada Nagar Post, Bharuch - 392 015, Gujarat, India
Tel. No.:	91-2642-246116
Fax No.:	91-2642-246026
Factory 3 :	Survey No. 265/2, Demni Road, Dadra - 396 191, Union Territory of Dadra and Nagar Haveli, India
Tel. No.:	91-260-2648617 / 618
Fax No.:	91-260-2648503
Factory 4 :	Nahan Road, Rampur Jattan Kala Amb, District Sirmour, Himachal Pradesh 173030, India
Factory 5 :	Village Vasuri Khurd Khanivali Road Po: Khupari Taluka: Wada Dist: Thane – 421 312, Maharashtra, India
Regional Office:	Ø Blue Star House, 9A, Ghatkopar Link Road, Sakinaka, Mumbai – 400072, Maharashtra, India Tel No. 91-22-28523600 Fax No. 91-22-28522988 Ø Block 2-A, DLF Corporate Park, DLF Qutab Enclave, Phase III, Gurgaon - 122 002, Haryana, India Tel. No. 91-124-26359001-20 Fax No. 91-124-26359220 Ø 7, Hare Street, Kolkata - 700 001, West Bengal, India Tel. No. 91-33-22480131 Fax No. 91-33-22481599 Ø 133, Kodambakkam High Road, Chennai - 600 034, Tamilnadu, India Tel. No. 91-44-28272056 Fax No. 91-44-28253121
Overseas Office :	· Malaysia · U.A.E. · U.S.A.
Sales & Services Offices:	Ø Sahas, 414/2 Veer Savarkar Marg, Prabhadevi, Mumbai 400025, Maharashtra, India Tel. No 91-22-56664000 Fax. No. 91-22-56664001 Location: Owned Ø 59 Forbes Street, Mumbai 400 001, Maharashtra Tel: 91-22-22843873 Ø Unit G-2, Shalimar Industrial Estate, Dharavi Road, Matunga, Mumbai 400 019, Maharashtra Tel. No 91-22-24075356/57 Fax. No 91-22-24024644 Ø Unit 1 Prabhadevi Industrial Estate, Prabhadevi, Mumbai 400025, Maharashtra Tel. No 91-22-24227305 Fax. No 91-22-24376041 Ø 201/A, Nityanand Complex, 247/A Bund Garden Road, Pune 411011, Maharashtra Tel. No 91-20-26127230 Fax. No 91-20-26121342 Ø Ramkrishna Chambers, Productivity Road, Alkapuri, Vadodara, Gujarat Tel. No 91-265-2332022 Fax. No 91-265-2337516 Ø 219 Bajaj Nagar, 1st Floor, South Ambazari Road, Nagpur 440010, Maharashtra Tel. No. 91-712-2249301 / 2249304 Ø "Star Arcade", 2nd Floor, Plot No. 165A and 166, Zone - I, Maharana Pratap Nagar, Bhopal - 462 011, Madhya Pradesh Tel. No 91-755-25273378 Ø 1st Floor, Flat No.1, Vaibhav Apartment, Vidyanagar Colony, Miramar, Panjim, Goa 403 001 Tel. No. 91-832-2462756 Ø E-44/12, Okhla Industrial Area, Phase II, New Delhi 110 020 Tel. No 91-11-51494000 Fax. No 91-11-51494004 Ø T.C.IX/1490, Chandrika, Sasthamangalam, Thiruvananthapuram - 695 010, Kerala Tel. No. 91-471-2720025 Ø 1, Madhya Marg, Sector 26, Chandigarh - 160 019 Tel. No 91-172-2791101/2792934 Fax. No 91-172-2791101 Ø B-140, Nirala Nagar, Lucknow 226 007, Uttar Pradesh Tel. No 91-522-2789172 Ø A-19, First Floor, Main Sahakar Path, Nr. Sahakar Bhavan, Jaipur, Rajasthan Tel. No 91-141-5179359/60 Ø 2^nd Floor, New Star Freeze Building, Opp. Kunjalata Bibah Bhawan, G S Road, Guwahati – 781005, Assam Tel. No. 91-361-2340619 Ø 3A, Satya Nagar, 2nd Floor, Bhubaneswar 751 007, Orissa Tel. No 91-674-2508239 / 2508270 Ø 5 Bazullah Road, T Nagar, Chennai 600 017, Tamilnadu Tel. No 91-44-28235531 / 28235534 Fax. No. 91-44-28235667 Ø 11 A Magarath Road, Bangalore 560 025, Karnataka Tel. No 91-80-25584728 Fax. No. 91-80-25584599 Ø Meenakshi Mandiram, XXXIX/4080, M.G. Road, Kochi – 682016, Kerala Tel. No. 91-484-2361282 / 2367843 Ø 207 Sikh Road, Bantia Estate, Secunderabad 500 003, Andhra Pradesh Tel. No. 91-40-27842057 / 27842058 Fax. No. 91-40-27841445 Ø 47-12-6/7, 2nd Floor, Amaravathi Complex, Dwarakanagar, Visakhapatnam, Andhra Pradesh, India Tel. No. 91-891-2748433 Fax. No. 91-891-2701041

DIRECTORS

AS ON 29.07.2011

Name :

Mr. Ashok Mohan Advani

Designation :

Executive Chairman

Address :

105, Samudra Mahal, Dr. Annie Besant Road, Mumbai – 400018, Maharashtra, India

Date of Birth/ Age :

17.11.1941

Qualification:

B. Sc., SB, MBA

Date of Appointment :

01.08.1979

DIN No.:

00001372

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L28920MH1949PLC006870	BLUE STAR LIMITED	Whole-time director	1/10/2011	1/8/1979	-	Active	NO
2	U99999MH1984PTC033317	ADMO HOLDINGS PRIVATE LIMITED	Director	6/4/1992	6/4/1992	-	Amalgamated	NO
3	U99999MH1984PTC033315	SUNASHAD INVESTMENTS PRIVATE LIMITED	Director	8/4/1992	8/4/1992	-	Amalgamated	NO
4	U99999MH1984PTC033314	SUNAG INVESTMENTS PRIVATE LIMITED	Director	8/4/1992	8/4/1992	-	Amalgamated	NO
5	U99999MH1997PTC109778	MOHAN T. ADVANI FINANCE PRIVATE LIMITED	Director	14/08/1997	14/08/1997	-	Amalgamated	NO
6	U99999MH1997PTC109854	J.T. ADVANI FINANCE PRIVATE LIMITED	Director	14/08/1997	14/08/1997	26/08/2008	Active	NO
7	L72200MH1997PLC110459	BLUE STAR INFOTECH LIMITED	Director	18/08/1998	18/08/1998	-	Active	NO
8	L29299PN1937PLC002732	ALFA LAVAL INDIA LIMITED	Director	27/02/2004	27/02/2004	-	Active	NO
9	U99999MH1973PTC017084	ASHOK SUNIL AND COMPANY PRIVATE LIMITED	Director	30/09/2004	30/09/2004	-	Amalgamated	NO

Name :

Mr. Suneel M. Advani

Designation :

Vice Chairman and Managing Director

Address :

232, Urvashi, 23^rd Floor, Petit Hall Complex, Nepeansea Road, Mumbai -400006, Maharashtra, India

Date of Birth/ Age :

23.02.1944

Qualification:

SB, SB, LL.B.,

Date of Appointment :

03.03.1983

DIN No.:

00001709

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L28920MH1949PLC006870	BLUE STAR LIMITED	Managing director	1/10/2011	3/3/1983	-	Active	NO
2	U99999MH1984PTC033317	ADMO HOLDINGS PRIVATE LIMITED	Director	6/4/1992	6/4/1992	-	Amalgamated	NO
3	U99999MH1984PTC033315	SUNASHAD INVESTMENTS PRIVATE LIMITED	Director	8/4/1992	8/4/1992	-	Amalgamated	NO
4	U99999MH1984PTC033314	SUNAG INVESTMENTS PRIVATE LIMITED	Director	8/4/1992	8/4/1992	-	Amalgamated	NO
5	U99999MH1997PTC109854	J.T. ADVANI FINANCE PRIVATE LIMITED	Director	4/8/1997	4/8/1997	-	Active	NO
6	U99999MH1997PTC109778	MOHAN T. ADVANI FINANCE PRIVATE LIMITED	Director	14/08/1997	14/08/1997	-	Amalgamated	NO
7	L72200MH1997PLC110459	BLUE STAR INFOTECH LIMITED	Managing director	7/6/2011	18/08/1998	-	Active	NO
8	U74210MH2003PLC143207	BLUE STAR DESIGN AND ENGINEERING LIMITED	Director	19/11/2003	19/11/2003	-	Active	NO
9	U99999MH1973PTC017084	ASHOK SUNIL AND COMPANY PRIVATE LIMITED	Director	30/09/2004	30/09/2004	-	Amalgamated	NO
10	U72200MH1969PTC014226	PIYUS COMPUTERS AND SERVICES PRIVATE LIMITED	Director	12/1/2005	12/1/2005	-	Active	NO
11	U32109DL1995PTC211887	ROLASTAR PRIVATE LIMITED	Director	25/09/2008	19/02/2008	7/7/2009	Active	NO
12	U31400MH2010PLC204612	BLUE STAR ELECTRO - MECHANICAL LIMITED	Director	30/09/2011	1/10/2010	-	Active	NO

Name :

Mr. Satish Jamdar

Designation :

Deputy Managing Director

Address :

32, Orchid, 73 Nargis Dutt Road, Pali Hill Road, Bandra, Mumbai – 400050, Maharashtra, India

Date of Birth :

09.05.1952

Date of Appointment :

01.11.2003

DIN No.:

00036653

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L28920MH1949PLC006870	BLUE STAR LIMITED	Managing director	1/7/2009	1/11/2003	Active	NO
2	U31400MH2010PLC204612	BLUE STAR ELECTRO - MECHANICAL LIMITED	Director	30/09/2011	1/10/2010	Active	NO

Name :

Mr. Suresh N. Talwar

Designation :

Executive Director

Address :

10 Shivshanti Bhavan, 146 Mahrshikarve Road, Backbay Reclamation, Mumbai – 400020, Maharashtra, India

Date of Birth :

21.11.1937

Date of Appointment :

17.06.1986

DIN No.:

00001456

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U23200MH1980PTC022646	MOLY COLLOIDS PRIVATE LIMITED	Director	16/05/1980	16/05/1980	12/7/2007	Dormant	NO
2	U15430MH1948PLC006457	CADBURY INDIA LIMITED	Director	2/3/1981	2/3/1981	31/03/2011	Active	NO
3	U29196MH1981PTC024115	EMERSON PROCESS MANAGEMENT (INDIA) PRIVATE LIMITED	Director	25/03/1981	25/03/1981	-	Active	NO
4	L29224TN1954PLC000318	CARBORUNDUM UNIVERSAL LIMITED	Director	8/6/1983	8/6/1983	24/07/2008	Active	NO
5	L99999MH1967PLC013726	MERCK LIMITED	Director	17/01/1984	17/01/1984	-	Active	NO
6	U92110MH1944PTC004242	TWENTIETH CENTURY FOX CORPORATION (INDIA) PRIVATE LIMITED	Director	6/2/1985	6/2/1985	-	Strike off	NO
7	L28920MH1949PLC006870	BLUE STAR LIMITED	Director	17/06/1986	17/06/1986	-	Active	NO
8	L99999MH1982PLC026903	SHRENUJ AND COMPANY LIMITED	Director	30/12/1988	30/12/1988	-	Active	NO
9	U32104KL1981PLC003348	FCI OEN CONNECTORS LIMITED	Alternate director	1/8/2011	20/02/1989	-	Active	NO
10	U29299PN1960PTC011751	SANDVIK ASIA Private Limited	Director	29/03/1989	29/03/1989	-	Active	NO
11	U65920MH1995PTC092440	ROMIL FINANCE AND INVESTMENT PRIVATE LIMITED	Director	23/03/1996	23/03/1996	-	Dissolved	NO
12	U65993MH1996PTC102162	DECAGON INVESTMENTS PRIVATE LIMITED	Director	14/10/1996	14/10/1996	-	Active	NO
13	U65923MH1996PTC104084	SIDHAM FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	22/03/1997	22/03/1997	-	Active	NO
14	U67120MH1998FTC113138	SCHENECTADY (INDIA) HOLDINGS PRIVATE LIMITED	Alternate director	31/07/1998	31/07/1998	23/01/2009	Amalgamated	NO
15	L65920MH1994PLC080220	TRANSWARRANTY FINANCE LIMITED	Alternate director	27/12/1999	27/12/1999	-	Active	NO
16	L72200MH1997PLC110459	BLUE STAR INFOTECH LIMITED	Director	21/01/2000	21/01/2000	-	Active	NO
17	U65991MH2000PTC126846	INDIA VALUE FUND TRUSTEE COMPANY Private LIMITED	Director	18/11/2009	17/07/2000	-	Active	NO
18	U74140KA2000PTC027640	SWISS RE SHARED SERVICES (INDIA) PRIVATE LIMITED	Director	18/08/2000	18/08/2000	-	Active	NO
19	U22990MH1998PTC115305	MORGAN STANLEY INDIA COMPANY PRIVATE LIMITED	Director	21/06/2001	21/06/2001	27/10/2008	Active	NO
20	U28920MH1999PTC119104	ARMSTRONG WORLD INDUSTRIES (INDIA) PRIVATE LIMITED	Director	11/7/2001	11/7/2001	-	Active	NO
21	U99999MH2000PLC128110	BIRLA SUN LIFE INSURANCE COMPANY LIMITED	Director	11/9/2001	11/9/2001	-	Active	NO
22	L24200MH2000PLC123813	SOLVAY PHARMA INDIA LIMITED	Director	16/10/2001	16/10/2001	-	Amalgamated	NO
23	U74300MH1987PTC044227	REDIFFUSION DENTSU YOUNG AND RUBICAM PRIVATE LIMITED	Director	6/12/2001	6/12/2001	-	Active	NO
24	U99999MH1963PLC012674	SI GROUP - INDIA LIMITED.	Alternate director	22/01/2008	1/1/2002	22/01/2009	Active	NO
25	U24240MH1995PTC086243	PZ CUSSONS INDIA PRIVATE LIMITED	Alternate director	18/06/2010	7/5/2002	-	Active	NO
26	L72200MH1994PLC082110	SONATA SOFTWARE LIMITED	Director	30/10/2002	30/10/2002	-	Active	NO
27	U67200MH2002PTC137954	AON GLOBAL INSURANCE BROKERS PRIVATE LIMITED.	Director	24/02/2003	24/02/2003	11/10/2010	Active	NO
28	U66030TN2001PLC047977	CHOLAMANDALAM MS GENERAL INSURANCE COMPANY LIMITED	Director	14/04/2003	14/04/2003	20/03/2008	Active	NO
29	L24234KA1978PLC003417	BIOCON LIMITED	Director	17/05/2003	17/05/2003	-	Active	NO
30	U92110MH2003PTC142309	SHOWDIFF WORLDWIDE PRIVATE LIMITED	Director	21/01/2004	21/01/2004	22/02/2010	Active	NO
31	L24222PN1956PLC134746	ELANTAS Beck India Limited	Director	1/6/2009	5/7/2004	-	Active	NO
32	L99999MH1946PLC004768	LARSEN AND TOUBRO LIMITED	Director	6/7/2004	6/7/2004	-	Active	NO
33	L85190MH1947PLC005963	WYETH LIMITED	Director appointed in casual vacancy	20/03/2009	15/09/2004	26/10/2009	Active	NO
34	L99999MH1922PLC000987	GREAVES COTTON LIMITED	Director	1/10/2004	1/10/2004	-	Active	NO
35	L25209MH1976PLC018939	GARWARE WALL ROPES LIMITED	Alternate director	2/12/2011	4/12/2004	-	Active	NO
36	U74200MH1977PTC020041	UHDE INDIA PRIVATE LIMITED	Alternate director	16/09/2011	5/12/2004	-	Active	NO
37	U92110MH2003PTC141168	WARNER BROS PICTURES (INDIA) PRIVATE LIMITED	Director	20/01/2005	20/01/2005	-	Active	NO
38	L24110MH1965PLC013331	RHODIA SPECIALTY CHEMICALS INDIA LIMITED	Alternate director	14/02/2005	14/02/2005	-	Active	NO
39	U72200MH2005PTC153209	EPITOME GLOBAL SERVICES PRIVATE LIMITED	Director	11/5/2005	11/5/2005	-	Active	NO
40	U24222MH2005PTC215180	SNOWCEM PAINTS PRIVATE LIMITED	Director	12/9/2005	12/9/2005	-	Active	NO
41	U67110MH2005PTC157770	MF GLOBAL (INDIA) PRIVATE LIMITED	Director	1/2/2006	1/2/2006	-	Active	NO
42	U74899MH1994PTC166755	BIRLA SUN LIFE TRUSTEE COMPANY PRIVATE LIMITED	Director	22/02/2006	22/02/2006	-	Active	NO
43	U63031GA1965PTC000041	CHOWGULE AND COMPANY Private LIMITED.	Director	23/02/2006	23/02/2006	-	Active	NO
44	L65990MH1993PLC074306	VAARAD VENTURES LIMITED	Alternate director	19/05/2009	31/03/2006	29/07/2009	Active	NO
45	U29100MH1953PTC009189	JOHN FOWLER (INDIA) PRIVATE LIMITED	Director	26/07/2006	26/07/2006	-	Active	NO
46	U74140KA2006PTC040274	IVF TRUSTEE COMPANY PRIVATE LIMITED	Director	18/09/2006	18/09/2006	-	Active	NO
47	U33110MH1957PLC010928	JOHNSON AND JOHNSON LIMITED	Alternate director	28/04/2011	3/10/2006	-	Active	NO
48	L29299TN1987PLC058738	ESAB INDIA LIMITED	Director	22/04/2009	27/10/2006	-	Active	NO
49	U34101KA1996PTC020195	MAHINDRA REVA ELECTRIC VEHICLES PRIVATE LIMITED	Director	2/12/2006	2/12/2006	29/07/2010	Active	NO
50	U74140MH1999PTC122493	INGA CAPITAL PRIVATE LIMITED	Director	27/09/2007	12/2/2007	1/10/2009	Active	NO
51	U70100TN2007PLC062429	RAKINDO KOVAI TOWNSHIP LIMITED	Additional director	1/4/2007	1/4/2007	19/02/2008	Active	NO
52	U85110KA2004PTC034819	SWISS RE HEALTHCARE SERVICES PRIVATE LIMITED	Director	3/4/2007	3/4/2007	-	Amalgamated	NO
53	U85199KA2002PTC030218	TTK HEALTHCARE TPA PRIVATE LIMITED	Director	3/4/2007	3/4/2007	-	Active	NO
54	U74999PN2007PTC137041	WAVE SUSPENSION SYSTEMS INDIA PRIVATE LIMITED	Director	29/09/2008	25/05/2007	28/01/2011	Active	NO
55	U24299HR1962PLC007739	HINDUSTAN GUM AND CHEMICALS LIMITED	Alternate director	21/11/2008	13/06/2007	3/10/2011	Active	NO
56	U65993MH2005PTC155362	INDIA DEBT MANAGEMENT Private LIMITED	Director	17/06/2008	24/03/2008	17/06/2009	Active	NO
57	U65990MH1996PTC100190	MORGAN STANLEY INDIA CAPITAL PRIVATE LIMITED	Director	31/08/2009	10/12/2008	-	Active	NO
58	U35112MH1994PLC081331	SAMSON MARITIME LIMITED	Director	25/06/2010	1/12/2009	-	Active	NO
59	U45203PN2007PTC130582	CHOWGULE PORTS ANDINFRASTRUCTURE PRIVATE LIMITED	Director	8/7/2011	26/07/2010	-	Active	NO
60	U45300AP2010PLC070121	L&T METRO RAIL (HYDERABAD) LIMITED	Director	4/8/2011	11/2/2011	-	Active	NO
61	L17120MH1990PLC058361	S KUMARS NATIONWIDE LIMITED	Additional director	1/4/2011	1/4/2011	-	Active	NO

Name :

Mr. Pradeep Mallick

Designation :

Director

Address :

A/2, Pallonji House, 43 Cuffe Parde, Mumbai – 400005, Maharashtra, India

Date of Birth :

20.11.1942

Date of Appointment :

29.01.2003

DIN No.:

00061256

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74210DL1981PTC012456	BRY- AIR (ASIA) PRIVATE LIMITED	Director	25/11/2000	25/11/2000	8/5/2008	Active	NO
2	L24222PN1956PLC134746	ELANTAS BECK INDIA LIMITED	Director	28/03/2002	28/03/2002	-	Active	NO
3	L32200MH1986PLC040652	AGC NETWORKS LIMITED	Director	20/05/2002	20/05/2002	7/3/2009	Active	NO
4	U63090MH1989PTC083789	APM TERMINALS INDIA PRIVATE LIMITED	Director	27/06/2002	27/06/2002	19/03/2008	Active	NO
5	U65990MH1992PTC065289	SBI FUNDS MANAGEMENT PRIVATE LIMITED	Director	4/9/2002	4/9/2002	4/9/2008	Active	NO
6	L28920MH1949PLC006870	BLUE STAR LIMITED	Director	29/01/2003	29/01/2003	-	Active	NO
7	U74999MH1996PTC100899	EDENRED (INDIA) PRIVATE LIMITED	Director	7/5/2003	7/5/2003	15/01/2010	Active	NO
8	L35921TN1949PLC002905	TUBE INVESTMENTS OF INDIA LIMITED	Director	2/6/2003	2/6/2003	-	Active	NO
9	L29299TN1987PLC058738	ESAB INDIA LIMITED	Director	23/10/2003	23/10/2003	-	Active	NO
10	U74140PN1988PTC013377	PRAGATI LEADERSHIP INSTITUTE PRIVATE LIMITED	Director	22/03/2005	22/03/2005	-	Active	NO
11	U63090TN1997PTC038784	ROYAL IMAGES DIRECT MARKETING PRIVATE LIMITED	Director	28/09/2007	10/3/2007	15/01/2010	Active	NO
12	L15543HP1991PLC019065	MOUNT EVEREST MINERAL WATER LIMITED	Director	27/08/2008	22/08/2007	-	Active	NO
13	L28932PN1990PLC016314	AUTOMOTIVE STAMPINGS AND ASSEMBLIES LIMITED	Director	18/01/2011	28/12/2007	-	Active	NO
14	U40101TN2005PTC058237	AURO MIRA ENERGY COMPANY PRIVATE LIMITED	Director	11/7/2008	1/2/2008	8/4/2011	Active	NO
15	U65999MH2008PTC178870	AEGON TRUSTEE COMPANY PRIVATE LIMITED	Director	10/8/2009	12/2/2009	17/10/2011	Active	NO
16	L63010GJ1992PLC018106	GUJARAT PIPAVAV PORT LIMITED	Director	23/06/2009	8/4/2009	17/12/2009	Active	NO
17	L67120KL1994PLC008265	JRG SECURITIES LIMITED	Director	25/07/2009	29/04/2009	-	Active	NO
18	U74140WB2010PTC141636	GRAVITATIONAL NETWORK ADVISORS PRIVATE LIMITED	Director	10/2/2010	10/2/2010	-	Active	NO
19	U72900MH2000PLC128943	IRIS BUSINESS SERVICES LIMITED	Director	9/8/2011	9/8/2010	-	Active	NO
20	L24294MH1958PLC011052	FOSECO INDIA LIMITED	Director	21/10/2011	21/10/2011	-	Active	NO

Name :

Mr. Gurdeep Singh

Designation :

Director

Address :

178, Vasant Vihar, Vasant Marg, New Delhi – 100057, India

Date of Birth :

23.07.1944

Date of Appointment :

23.05.2003

DIN No.:

00036922

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L28920MH1949PLC006870	BLUE STAR LIMITED	Director	23/05/2003	23/05/2003	-	Active	NO
2	U99999MH1962PLC012316	PERFECT CIRCLE INDIA LIMITED	Director	26/10/2005	26/10/2005	22/10/2009	Active	NO
3	L31500UP1991PLC012944	HALONIX LIMITED	Director	30/07/2007	25/09/2006	-	Active	NO
4	U29299DL1984PTC018517	TECNOVA INDIA PRIVATE LIMITED	Director	4/10/2006	4/10/2006	-	Active	NO
5	U25209HR2006PTC036006	KLOECKNER PENTAPLAST INDIA PRIVATE LIMITED	Director	4/2/2007	4/2/2007	-	Active	NO
6	L29200MH1978PLC020434	EVEREST KANTO CYLINDER LIMITED	Director	28/07/2009	30/07/2008	-	Active	NO
7	L34101PN1961PLC015735	GABRIEL INDIA LIMITED	Director	28/07/2009	28/07/2009	-	Active	NO
8	U60231DL2005PLC138598	GATEWAY RAIL FREIGHT LIMITED	Director	18/09/2010	23/08/2010	-	Active	NO

Name :

Mr. Shailesh Haribhakti

Designation :

Director

Address :

228, Kalpataru Habitat, B Wing, Dr. S S Rao Road, Parel, Mumbai – 400012, Maharashtra, India

Date of Birth :

12.03.1956

Date of Appointment :

31.10.2005

DIN No.:

00007347

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74140MH1990PTC059018	MOORES ROWLAND CONSULTING PRIVATE LIMITED	Director	16/11/1990	16/11/1990	-	Dormant	NO
2	L52399MH1987PLC044954	PANTALOON RETAIL (INDIA) LIMITED	Director	1/6/1999	1/6/1999	-	Active	NO
3	U65191MH2000PTC124386	ADVANTAGE MOTI (INDIA) PRIVATE LIMITED	Director	21/02/2000	21/02/2000	-	Active	NO
4	U74999MH2000PTC124842	BDO CONSULTING PRIVATE LIMITED	Director	13/03/2000	13/03/2000	-	Active	NO
5	U24231GJ1985PTC007714	MAVENVISTA TECHNOLOGIES PRIVATE LIMITED	Director	6/6/2000	6/6/2000	13/01/2009	Active	NO
6	U65991MH2000PLC125008	KOTAK MAHINDRA TRUSTEESHIP SERVICES LIMITED	Director	30/06/2000	30/06/2000	20/03/2010	Active	NO
7	L23200GJ1969PLC001569	INDIAN PETROCHEMICALS CORPORATION LIMITED	Director	4/6/2002	4/6/2002	20/08/2007	Amalgamated	NO
8	L45200MH1999PLC118949	MAHINDRA LIFESPACE DEVELOPERS LIMITED	Director	30/07/2004	30/07/2004	-	Active	NO
9	L52322MH1995PLC090643	MORARJEE TEXTILES LIMITED	Alternate director	30/04/2008	18/02/2005	25/12/2009	Active	NO
10	L29200MH1978PLC020434	EVEREST KANTO CYLINDER LIMITED	Director	5/7/2005	5/7/2005	-	Active	NO
11	L24100JH1976PLC001255	ADITYA BIRLA CHEMICALS (INDIA) LIMITED	Director	26/07/2005	26/07/2005	20/09/2007	Active	NO
12	L65910MH1991PLC062067	FORTUNE FINANCIAL SERVICES (INDIA) LIMITED	Alternate director	31/03/2009	2/8/2005	-	Active	NO
13	U65920MH1989PTC052900	OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED	Director	29/08/2005	29/08/2005	1/8/2009	Active	NO
14	L28920MH1949PLC006870	BLUE STAR LIMITED	Director	31/10/2005	31/10/2005	-	Active	NO
15	L45400MH1962PLC012385	HERCULES HOISTS LIMITED	Alternate director	8/2/2011	30/01/2006	-	Active	NO
16	L26940MH1936PLC002515	ACC LIMITED	Director	17/02/2006	17/02/2006	-	Active	NO
17	U75123MH2006PTC161104	NEUE ALLIANZ CORPORATE SERVICES PRIVATE LIMITED	Director	13/04/2006	13/04/2006	4/2/2009	Active	NO
18	U74140PN2002PTC017425	FIRST POLICY INSURANCE BROKERS PRIVATE LIMITED	Director	29/04/2006	29/04/2006	30/04/2009	Active	NO
19	L26942GJ1981PLC004717	AMBUJA CEMENTS LIMITED	Director	26/03/2007	3/5/2006	-	Active	NO
20	L45200MH1989PLC050688	HUBTOWN LIMITED	Director	6/9/2007	12/5/2006	11/3/2011	Active	NO
21	L72900MH1992PLC069662	HEXAWARE TECHNOLOGIES LIMITED	Director	29/06/2006	25/05/2006	-	Active	NO
22	U74140MH2006PTC162513	PLANET PEOPLE AND PROFIT CONSULTING PRIVATE LIMITED	Director	2/6/2006	2/6/2006	-	Active	NO
23	U67190MH2005PLC153471	RELIGARE ASSET MANAGEMENT COMPANY LIMITED	Director	29/09/2006	23/08/2006	29/10/2008	Active	NO
24	L11200MH2005PLC154793	GREAT OFFSHORE LIMITED	Director	19/12/2006	16/10/2006	4/5/2009	Active	NO
25	U72900MH2007PTC170259	QUADRUM SOLUTIONS PRIVATE LIMITED	Director	24/04/2007	24/04/2007	-	Active	NO
26	U74140MH2007PTC173853	LANDMARKS FINANCIAL ADVISORY SERVICES PRIVATE LIMITED	Director	6/9/2007	6/9/2007	29/08/2008	Active	NO
27	U91990MH2005NPL150661	FINANCIAL PLANNING STANDARDS BOARD INDIA	Director	10/9/2007	10/9/2007	10/9/2009	Active	NO
28	L29120MH2005PLC156795	FUTURE CAPITAL HOLDINGS LIMITED	Director	14/08/2008	27/09/2007	-	Active	NO
29	U66020MH2007PLC176066	LIC PENSION FUND LIMITED	Director	15/10/2008	21/11/2007	20/06/2009	Active	NO
30	U74140MH2006PTC164496	FINTOTAL INSIGHTS AND RESOURCES PRIVATE LIMITED	Director	4/1/2008	4/1/2008	28/02/2009	Active	NO
31	L65191KL1927PLC000307	DHANLAXMI BANK LIMITED	Director	27/09/2008	30/04/2008	-	Active	NO
32	L21010GJ1960PLC018099	JK PAPER LIMITED	Director	29/08/2008	21/07/2008	-	Active	NO
33	U67100MH2007PTC173664	FINANCIAL PLANNING CORPORATION INDIA PRIVATE LIMITED.	Director	26/12/2008	8/8/2008	1/2/2010	Active	NO
34	U67190MH2007PTC174287	JM FINANCIAL ASSET RECONSTRUCTION COMPANY PRIVATE LIMITED	Director	14/07/2009	15/09/2008	-	Active	NO
35	L17117MH1925PLC001208	RAYMOND LIMITED	Director	15/06/2010	15/06/2009	-	Active	NO
36	U29300MH2005PTC150533	AAA INDUSTRIES PRIVATE LIMITED	Director	27/06/2009	27/06/2009	-	Active	NO
37	U51395MH2004PTC150310	AAA INTERNATIONAL CAPITAL PRIVATE LIMITED	Director	27/06/2009	27/06/2009	-	Active	NO
38	U51900MH2005PTC157592	ADA ENTERPRISES AND VENTURES PRIVATE LIMITED	Director	27/06/2009	27/06/2009	-	Active	NO
39	U67120MH2005PTC157923	RELIANCE ENTERPRISES AND VENTURES PRIVATE LIMITED	Director	27/06/2009	27/06/2009	-	Active	NO
40	U74210MH2006PTC160533	AAA INFRASTRUCTURE CONSULTING AND ENGINEERS PRIVATE LIMITED	Director	27/06/2009	27/06/2009	-	Active	NO
41	U74900MH2008PTC182240	ECOFIRST SERVICES PRIVATE LIMITED	Director	9/9/2009	9/9/2009	-	Active	NO
42	U52599MH2007PLC167292	FUTURE CAPITAL FINANCIAL SERVICES LIMITED	Additional director	1/2/2010	1/2/2010	27/09/2010	Amalgamated	NO
43	U74999MH2010PTC203778	HARIBHAKTI SME TRANSFORMATION AND SUPPORT SOLUTIONS PRIVATE LIMITED	Director	7/6/2010	7/6/2010	-	Active	NO
44	U65990MH1994PLC083147	L & T FINANCE LIMITED	Additional director	28/06/2010	28/06/2010	24/09/2010	Active	NO
45	U52100MH2007PLC171524	FUTURE VALUE RETAIL LIMITED.	Director	28/08/2010	27/08/2010	-	Active	NO
46	U67120MH2008PLC181833	L&T FINANCE HOLDINGS LIMITED	Director	25/09/2010	25/09/2010	-	Active	NO
47	L24230GJ1972PLC002126	TORRENT PHARMACEUTICALS LIMITED	Director	30/07/2011	23/10/2010	-	Active	NO

Name :

Mr. Vir Advani

Designation :

Executive Directors

Address :

232, Urvshi, Patit Hall Complex, Napeansea Road, Mumbai – 400006, Maharashtra, India

Date of Birth :

20.08.1975

Date of Appointment :

01.07.2010

DIN No.:

01571278

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74210MH2003PLC143207	BLUE STAR DESIGN AND ENGINEERING LIMITED	Director	28/08/2007	29/06/2004	Active	NO
2	U99999MH1997PTC109854	J.T. ADVANI FINANCE PRIVATE LIMITED	Director	25/08/2008	25/08/2008	Active	NO
3	L28920MH1949PLC006870	BLUE STAR LIMITED	Whole-time director	26/07/2010	1/7/2010	Active	NO
4	U31400MH2010PLC204612	BLUE STAR ELECTRO - MECHANICAL LIMITED	Director	30/09/2011	1/10/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Sangameshwar R. Iyer
Designation :	Company Secretary
Address :	12 D, 202 Anita Nagar, Lokhandwala Complex, Kandivali (East), Mumbai – 400101, Maharashtra, India
Date of Birth :	08.05.1959
Date of Appointment :	01.10.2010
DIN No.:	AAJPI4512N
Name :	Mr. Avinash Pandit
Designation :	Vice President – Electro Mechanical Projects Group
Name :	Mr. B. Thiagarajan
Designation :	President - Airconditioning and Refrigeration Products Group
Name :	Mr. J. M. Bhambure
Designation :	Executive Vice President – R and D and Technology
Name :	Mr. Tojo Jose
Designation :	Executive Vice President- Human Resources & Administration
Name :	Mr. Manek Kalyaniwala
Designation :	Executive Vice President - Finance
Name :	Mr. Arun Khorana
Designation :	Executive Vice President – Professional Electronics and Industrial Systems Division
Name :	Mr. G. Anandkumar
Designation :	Vice President – Plumbing Projects Division
Name :	Mr. R. Arvindan
Designation :	Vice President –Air Conditioning Project Division (South)
Name :	Mr. Sujan Chatterjree
Designation :	Vice President – Corporate finance and Accounts
Name :	Mr. Sumanta Chaudhari
Designation :	Vice President – Electrical Projects division
Name :	Mr. R G Devanani
Designation :	Vice President – Thane, Wada, Dadra and Bharuch Plants
Name :	Mr. C. P. Mukundan Menon
Designation :	Vice President –Room Airconditioners Division
Name :	Mr. P. Venkat Rao
Designation :	Vice President - Packaged Airconditioning Division and Refrigeration Products Division
Name :	Mr. D. H. Roy
Designation :	Vice President - Himachal Plants
Name :	Mr. D P Singh
Designation :	Vice President – Infrastructure Projects Division
Name :	Mr. K P Sukumar
Designation :	Vice President – Air conditioning and Refrigeration Service Division

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 31.12.2011)

Category	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	21,496,304	23.90
Bodies Corporate	21,731	0.02
Any Others (Specify)	14,000,711	15.57
Trusts	14,000,711	15.57
Sub Total	35,518,746	39.49
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	543,075	0.60
Sub Total	543,075	0.60
Total shareholding of Promoter and Promoter Group (A)	36,061,821	40.10
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	10,181,831	11.32
Financial Institutions / Banks	58,680	0.07
Insurance Companies	1,728,724	1.92
Foreign Institutional Investors	4,810,944	5.35
Any Others (Specify)	1,091,293	1.21
Foreign Mutual Fund	1,091,293	1.21
Sub Total	17,871,472	19.87
(2) Non-Institutions
Bodies Corporate	5,418,648	6.02
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	19,850,884	22.07
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	9,343,950	10.39
Any Others (Specify)	1,389,330	1.54
Clearing Members	28,521	0.03
Foreign Corporate Bodies	375	-
Market Maker	1,431	-
Foreign Nationals	21,750	0.02
Non Resident Indians	1,336,853	1.49
Trusts	400	-
Sub Total	36,002,812	40.03
Total Public shareholding (B)	53,874,284	59.90
Total (A)+(B)	89,936,105	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	89,936,105	100.00

BUSINESS DETAILS

Line of Business :

Distribution and Maintenance of Imported Professional Electronics and Industrial Systems

Products :

Item Code	Product Description
841500	Air Conditioning Machines
841800	Refrigeration Equipment

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity *	Actual Production
Refrigeration and Air conditioning Equipment	Nos.	893320	286425
Packaged Air Conditioning	Nos.	144180	53620
Industrial packaged chillers	Nos.	1872	1480
Air handling units	Nos.	12912	5223

* As certified by the Management and relied upon by the Auditors being technical matter.

GENERAL INFORMATION

Customers :

Ø The Presidential Palaces Complex, Damascus, Syria

Ø University of Baghdad

Ø State Bank Headquarters, Mauritius

Ø Taj Lanka Hotels, Colombo

Ø Kompleks Dami

Ø Kuala Lumpur

Ø US Geological Survey Mission, Jeddah

Ø Grand Hyatt Hotel

Ø SHAR Space Centre

Ø Infosys

Ø Wipro Limited

Ø Satyam

Ø Sterlite Industries

Ø Sri Sailam Left Bank, Andhra Pradesh

Ø Moser Baer India Limited, Noida, Uttar Pradesh

Ø DLF Square

Ø Palm Court

Ø Gateway Tower

Ø Nestle House, Gurgaon, Haryana

Ø Imax Dome Theatre, Mumbai

Ø UTI Bank, Chennai, Tamilnadu

Ø Sterling Towers, Chennai, Tamilnadu

Ø Ebony Showroom, New Delhi

Ø Amul

Ø Domino's

Ø Dinshaw

Ø Hindustan Lever Limited

Ø Johnson and Johnson

Ø Kodak

Ø Le Meridien

Ø McDonalds

Ø Oberoi Hotel

No. of Employees :

2825 (Approximately)

Bankers :

State Bank of India

Oriental Bank of Commerce

The Royal Bank of Scotland

· BNP Paribas Bank

French Bank Building, 62 Honji Street, Fort, Mumbai – 400001, Maharashtra, India

· The Hongkong and Shanghai Banking Corporation Limited

52/60, Mahatma Gandhi Road, Fort Mumbai – 400001, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loans and Advances From Banks
Cash Credit Facilities (Secured by hypothecation of stock in trade and book debts)	555.958	161.412
Buyers and Suppliers Credit (Secured by Hypothecation of stock in trade and Book Debts)	1489.930	439.276
Total	2045.888	600.688
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Short Term Loans
From Banks	700.000	0.000
Commercial Papers
From Banks	600.000	0.000
From Others	400.000	0.000
(Maximum Amountraised at any time during the year Rs. 1000.000 Millions)
Buyers and Suppliers Credit	437.884	59.236
Total	2137.884	59.236

Banking Relations :	--
Auditors :
Name :	S R Batliboi and Associates Chartered Accountant
Subsidiaries :	· Blue Star Electro – Mechanical Limited
Associates :	· Blue Star Infotech Limited · Ravistar India Private Limited (upto 19.11.2009)
Joint Ventures :	· Blue Star Qatar –WLL · Blue Star M and E Engineering (Sdn) Bhd · Blue Star Design and Engineering Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
148700000	Equity shares	Rs.2/- each	Rs.297.400 Millions
10000	7.8% Cumulative Preference shares	Rs.100/- each	Rs.1.000 Millions
16000	Unclassified shares	Rs.100/- each	Rs.1.600 Millions
	Total		Rs.300.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
89936105	Equity Shares	Rs.2/- each	Rs.179.872 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23391015	Equity Shares fully paid in cash	Rs.2/- each	Rs.46.782 Millions
4645	Shares allotted as fully paid pursuant to a contract without payment being received in cash	Rs.2/- each	Rs.0.009 Millions
66526340	Shares allotted as fully paid up Bonus Shares by Capitalisation of Reserves and Share Premium	Rs.2/- each	Rs.133.053 Millions
14105	Shares allotted as fully paid shares on conversion of 425 - 7.8% Cumulative Preference Shares of Rs. 100 each as per terms of the prospectus dated June 24, 1969	Rs.2/- each	Rs.0.028 Millions
	Total		Rs.179.872 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		179.872	179.872	179.872
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5555.109	4736.873	3491.422
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5734.981	4916.745	3671.294
LOAN FUNDS
1] Secured Loans		2045.888	600.688	272.822
2] Unsecured Loans		2137.884	59.236	0.000
TOTAL BORROWING		4183.772	659.924	272.822
DEFERRED TAX LIABILITIES		0.000	0.000	6.171
TOTAL		9918.753	5576.669	3950.287
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1930.784	1976.569	1875.878
Capital work-in-progress		284.724	25.964	247.888
INVESTMENT		1018.379	42.033	43.823
DEFERREX TAX ASSETS		6.984	14.666	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4005.744	2580.083	2080.575
	Sundry Debtors	7785.902	6282.129	6086.371
	Cash & Bank Balances	464.888	204.315	91.953
	Other Current Assets	4725.435	3609.201	864.685
	Loans & Advances	1361.924	1314.231	1255.233
Total Current Assets		18343.893	13989.959	10378.817
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	7035.361	6646.625	3827.554
	Other Current Liabilities	3607.925	2665.543	3693.852
	Provisions	1022.725	1160.354	1080.705
Total Current Liabilities		11666.011	10472.522	8602.111
Net Current Assets		6677.882	3517.437	1776.706
MISCELLANEOUS EXPENSES		0.000	0.000	5.992
TOTAL		9918.753	5576.669	3950.287

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	28318.595	24984.486	25231.713
		Commission	250.438	265.260	291.160
		Other Income	360.102	190.654	217.511
		TOTAL (A)	28929.135	25440.400	25740.384
Less	EXPENSES
		Cost of Sales and Services	21850.863	18700.570	19497.344
		Employee Remuneration	2061.383	1848.727	1822.558
		Operating and General Expenses	2190.203	1832.667	1643.893
		TOTAL (B)	26102.449	22381.964	22963.795
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2826.686	3058.436	2776.589
Less	FINANCIAL EXPENSES (D)		243.870	84.540	135.529
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2582.816	2973.896	2641.060
Less/ Add	DEPRECIATION/ AMORTISATION (F)		317.108	347.332	258.832
	PROFIT ON SALE OF INVESTMENTS		4.293	139.649	--
	PROFIT BEFORE TAX (E-F) (G)		2270.001	2766.213	2382.228
Less	TAX (H)		720.025	651.356	579.342
	PROFIT AFTER TAX (G-H) (I)		1549.976	2114.857	1802.886
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2134.436	1658.566	1192.231
Less	APPROPRIATIONS
		Transfer to General Reserve	155.000	800.000	600.000
		Dividend	629.600	719.489	629.553
		Tax on Dividend	102.140	119.498	106.992
	BALANCE CARRIED TO THE B/S		2797.672	2134.436	1658.572
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1307.638	983.042	2009.378
		Commission Earnings	246.585	276.722	305.242
		Other Earnings	48.974	49.458	251.370
	TOTAL EARNINGS		1603.197	1309.222	2565.990
	IMPORTS
		Raw Materials	3953.224	3730.863	3944.910
		Stores & Spares	7.667	8.465	509.379
		Capital Goods	87.451	44.080	155.834
		Others	1518.529	921.979	443.322
	TOTAL IMPORTS		5566.871	4705.387	5053.445
	Earnings Per Share (Rs.)		17.23	23.52	20.04

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011
Type	1^st Quarter	2^nd Quarter
Net Sales	7046.800	6046.500
Total Expenditure	6770.900	6104.500
PBIDT (Excl OI)	275.900	(58.000)
Other Income	0.600	9.700
Operating Profit	276.500	(48.300)
Interest	75.600	111.400
Exceptional Items	0.000	0.000
PBDT	200.900	(159.700)
Depreciation	71.300	80.000
Profit Before Tax	129.600	(239.700)
Tax	31.700	(31.700)
Provisions and contingencies	0.000	0.000
Profit After Tax	97.900	(208.000)
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	97.900	(208.000)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.36	8.31	7.00
Net Profit Margin (PBT/Sales)	(%)	8.02	11.07	9.33
Return on Total Assets (PBT/Total Assets}	(%)	11.20	17.33	17.83
Return on Investment (ROI) (PBT/Networth)		0.40	0.56	0.65
Debt Equity Ratio (Total Liability/Networth)		2.76	2.26	2.72
Current Ratio (Current Asset/Current Liability)		1.57	1.34	1.18

LOCAL AGENCY FURTHER INFORMATION

HISTROY

Subject was founded in 1943, by Mohan T Advani, an entrepreneur of exemplary vision and drive. The Company began as a modest 3-member team engaged in reconditioning of air conditioners and refrigerators.

Within three years, the Company secured the agency for US-based Melchoir Armstrong Dessau's air conditioning equipment. Shortly after, the Company was selected by Worthington, the US leader in air conditioning, as its India based partner - these were the first of numerous foreign associations to follow.

An expanding Subject then ventured into the manufacture of ice candy machines and bottle coolers and also began the design and execution of central air conditioning projects. Then came the manufacture of water coolers. In 1949, the proprietorship company set its sights on bigger expansion, took on shareholders and became Subject.

Ever since, there has been a constant and profitable growth. Subject diversified and took up agencies for Material Testing Machines and Business Machines. The export arena beckoned and the Company began exporting water coolers to Dubai, where in fact, 'Subject' soon became the generic name for water coolers.

The sixties and the early seventies witnessed Subject continuing to expand and thrive. A team of dedicated professionals aided Mohan T Advani in ever furthering his vision of a profitable company dedicated to its ideals of professionalism and success. Employee strength crossed the 1000 mark and the company went public in 1969 to become Subject, as it continues to be called today.

In 1970, the Company took up the all-India distributorship of Hewlett-Packard products, a business relationship which continues today and has grown ever stronger through the years. As the Company's reputation for delivering the goods in the most challenging of air conditioning projects grew steadily, the early seventies saw a series of prestigious projects being entrusted to Subject - skyscrapers such as Air India Building, Express Towers, the Oberoi Hotel in Mumbai, apart from several others. Revenues touched the Rs. 100.000 Millions mark and staff strength doubled to exceed 2000.

As its Indian presence reached greater heights, the Company began building determinedly upon its existing overseas presence, Subject set up a joint venture with Al Shirawi in Dubai and went on to execute some outstanding projects in Syria, Iraq and Saudi Arabia. To complement its air conditioning projects and undertake turnkey industrial projects, an Industrial Division was set up in 1978.

Always moving with the times and ever on the lookout for business possibilities, subject next set up a software export unit at Seepz, Mumbai in 1983. Then came associations with more global leaders - a collaboration with York International of USA for central air conditioning equipment and joint ventures with Motorola and Yokogawa.

In 1984, Ashok M Advani and Suneel M Advani, the sons of Mohan T Advani, took over the reins of the Company, after spending nearly 15 years within the Company steadily climbing up the ladder. A renewed thrust was placed on the company's core business areas - air conditioning and refrigeration and the distribution of professional electronics equipment - and the company emerged a market leader in these focus areas.

The nineties witnessed India entering an era of economic liberalisation and an upsurge in competition as the dynamic business scenario attracted the world's most forward-looking corporations. It was time to re-look at existing business competencies, re-engineer those that were obsolete and forge ahead in acquiring new business competencies. Subject was more than equal to the challenge and expansion continued unabated.

In keeping with this focus, an advanced manufacturing facility was set up at Dadra in 1997, in technical collaboration with Rheem, USA, to enhance manufacturing competency. Today it bears the distinction of being regarded as the best such plant India-wide. The dealer network was strengthened and expanded to bring products within easy reach of every customer.

With the advent of the much awaited new millennium in 2000, the action continued. The software unit was spun off into a separate company, Subject InfoTech Limited., the export of air conditioning products from the Dadra factory began and contract manufacturing for local and foreign brands commenced. A new Corporate Vision was developed - "To deliver a world-class customer experience". Every employee is determined to follow this vision and keep their organization a competitive and forward-looking one.

Subject crossed the Rs. 5000.000 Millions milestone in 2000 and the Rs. 6000.000 Million milestone in 2002-03. With the boom in construction activity and increased infrastructure investments, the Company leveraged its leadership position to grow aggressively. In the following three years, the Company nearly doubled its turnover, clocking Rs 11780.000 Millions in 2005-06.

Even more than size, Subject enjoys an enviable reputation as an ethical corporation, ever mindful of its obligations towards customers, shareholders, dealers, business partners, employees and the environment in which it operates.

HIGHLIGHTS OF 2010-11:
 

· Total Income grew by 14% to Rs. 28929.100 Millions.

· Profit before Interest, Depreciation and Tax declined by 8% to Rs. 2826.700 Millions from Rs. 3058.400 Millions in the previous year.

· Earnings per share were Rs. 17.23 (face value of Rs. 2.00) compared to Rs. 23.52 in the previous year.

· A dividend of Rs. 7.00 per share (Rs. 8.00 for last year) has been recommended.

OPERATING PERFORMANCE

The revenues of the Company increased by 14% for the year, primarily due to growth of 35% in the Cooling Products segment and 40% in the Professional Electronics and Industrial Systems segment. However, the revenues of the Company’s largest segment, Electro Mechanical Projects and Packaged Airconditioning Systems grew by a modest 4%, reflecting the general slowing in infrastructure growth.

Consistently high commodity prices and increase in general operating costs due to the overall inflationary conditions eroded margins and resulted in a reduction of 8% in the Profit before Interest, Depreciation and Taxation to Rs. 2826.700 Millions as compared to Rs. 3058.400 Millions in the previous year.

FINANCIAL PERFORMANCE

The Company’s financial expenses increased sharply from Rs. 84.500 Millions in the previous year to Rs. 243.900 Millions in the current year, due to a higher interest rate regime and additional borrowings. The major slowdown in execution of several large projects, resulted in a comparatively tardy cash flow and increase in the Capital Employed in the business. As a result, the Profit before Tax for the year saw a reduction of 18% to Rs. 2270.000 Millions as compared to Rs. 2766.200 Millions in the previous year.

The higher income tax rate rose mainly due to lower benefits for the Himachal plant. This resulted in the Profit after Tax declining by 27% from Rs. 2114.900 Millions to Rs. 1550.000 Millions.

EXPORT AND FOREIGN EXCHANGE EARNINGS

Product exports revived during the year, growing by 33% to Rs. 1308.000 Millions. Foreign Exchange inflow for the year, including commission income, was Rs. 1603.000 Millions as compared to Rs. 1294.000 Millions for the previous year. Foreign Exchange outflow for the year was Rs. 5615.000 Millions as compared to Rs. 4755.000 Millions in the previous year.

SUBSIDIARY COMPANY

During the year, the Company made an investment of Rs. 980.000 Millions in the acquisition of the plumbing and fire fighting business of D S Gupta Construction Private Limited, through the Company’s wholly owned subsidiary, Blue Star Electro-Mechanical Limited, which was incorporated during the year.

MANAGEMENT DISCUSSION AND ANALYSIS

INTRODUCTION

Blue Star is India’s leading central airconditioning and commercial refrigeration company, with over six decades of experience in providing expert cooling solutions. It fulfills the cooling requirements of a large number of corporate,

commercial as well as residential customers and also offers expertise in allied contracting activities such as electrical, plumbing and fire fighting services in order to provide a comprehensive solution. Blue Star’s other businesses include marketing and maintenance of imported professional electronic and industrial systems and execution of industrial projects.

BUSINESS SEGMENTS

In accordance with the nature of products and markets, business drivers, and competitive positioning, the lines of business of Blue Star can be segmented as follows:

ELECTRO MECHANICAL PROJECTS AND PACKAGED AIRCONDITIONING SYSTEMS

This business segment covers the design, manufacturing, installation, commissioning and maintenance of central airconditioning plants, packaged/ducted systems and variable refrigerant flow (VRF) systems, as well as contracting services in electrification, plumbing and fire fighting. After-sales services such as revamp, retrofit and upgrades as well as energy management and green building services are also included in this segment.

COOLING PRODUCTS

Blue Star offers a wide variety of contemporary and stylish room airconditioners for both residential as well as commercial applications. It also manufactures and markets a comprehensive range of commercial refrigeration products and cold chain equipment.

PROFESSIONAL ELECTRONICS AND INDUSTRIAL SYSTEMS

For over five decades, Blue Star has been the exclusive distributor in India for many internationally renowned manufacturers of professional electronic equipment and services, as well as industrial products and systems. The Company is also in the business of specialized industrial projects for the steel industry.

FINANCIAL HIGHLIGHTS

Total Income for the year ended March 31, 2011 was Rs. 28929.100 Millions, compared to Rs. 25440.400 Millions in FY10. Profit before Tax (excluding exceptional items) declined by 13.7% to Rs. 2265.700 Millions. Net Profit at Rs. 1550.000 Millions registered a decline of 26.7% over the previous year. Earnings per share for FY11 (Face value of Rs. 2.00) stood at Rs. 17.23 vis-à-vis Rs.23.52 in the previous year. Return on Capital Employed (ROCE) declined to 22.9% from 49.6%, while Return on Shareholders’ Funds was 27.0% compared to the previous year’s figure of 43.0%.

INDUSTRY STRUCTURE AND DEVELOPMENT

AIRCONDITIONING

In 2010-11, the estimated total market size for airconditioning in India was around Rs. 131000.000 Millions. Of this, the market for central airconditioning, including central plants, packaged/ ducted systems and VRF systems was about Rs. 61000.000 Millions, while the market for room airconditioners comprised the balance Rs. 70000.000 Millions.

During the year, the central airconditioning industry saw good growth prospects from the healthcare, education and hospitality segments. However, the commercial realestate market after a modest pick-up in the first half of the year, slowed down in the latter half. Infrastructure projects, too, have been moving slower than anticipated with adverse impact on cash flow. The telecom industry is reeling under severe margin pressures coupled with corruption issues and has significantly cut back on expansion. While there was a modest recovery in the IT/ITES and retail segments, it may take a while for these segments to get into an aggressive expansion mode. On the other hand, consumer spending on room airconditioners has been on the rise and the market continues to grow rapidly. The current penetration level of Airconditioners in the country is a mere 3% and according to some industry estimates, the penetration is expected to double over the next 3-4 years. This presents significant opportunities to the players in the room airconditioners business.

COMMERCIAL REFRIGERATION

The commercial refrigeration segment includes a wide range of products such as cold storages, water coolers, bottled water dispensers, deep freezers, milk coolers, bottle coolers and ice cubers. The cold chain infrastructure is characterized by long and fragmented supply lines leading to high wastage. The major constraints on the development of the cold chain industry are high capital cost and electricity bills coupled with low rental revenues and inadequate availability of concessional finance. The Ministry of Agriculture in co-ordination with CII has constituted a Task Force, comprising experts from all stakeholders and the realistic target for developing a cold chain has been mapped out. Based on the recommendation of the task force, the Government has taken a decision to set up a body called National Centre for Cold Chain Development (NCCD) to develop a seamless cold chain network to balance demand and supply issues with remunerative price to farmers and to deliver quality produce in the hands of consumers. In addition, the task force has been developing technical standards and cost norms for several cold chain components.

CORPORATE OUTLOOK

The general economic outlook for the Indian Economy for FY12 indicates a slower rate of GDP growth than for FY11. Inflation remains stubbornly high which will continue to squeeze margins. Rising interest rates and slow down in cash flow will also affect business growth. The Company is tackling these challenges by tough cost control measures and a focus on cash collections and control of working capital.

COMPANY PROFILE

Subject is India's largest central air conditioning company with an annual turnover of Rs 25740.000 Millions, a network of 29 offices, 5 modern manufacturing facilities, 700 dealers and around 2600 employees.

It fulfils the air conditioning needs of a large number of corporate and commercial customers and has also established leadership in the field of commercial refrigeration equipment ranging from water coolers to cold storages. The Company has also started offering Electrical Contracting and Plumbing and Fire Fighting Services. Subject's other businesses include marketing and maintenance of hi-tech professional electronic and industrial products.

Subject has business alliances with world renowned technology leaders such as Rheem Mfg Co, USA; Hitachi, Japan; Eaton - Williams, UK; Thales e-Security Limited., UK; Jeol, Japan and many others, to offer superior products and solutions to customers.

The Company has manufacturing facilities at Thane, Dadra, Bharuch, Himachal and Wada which use state-of-the-art manufacturing equipment to ensure that the products have consistent quality and reliability.

Subject primarily focuses on the corporate and commercial markets. These include institutional, industrial and government organizations as well as commercial establishments such as showrooms, restaurants, banks, hospitals, theatres, shopping malls and boutiques. In accordance with the nature of products and markets, business drivers, and competitive positioning, the lines of business of Subject can be segmented as follows:

Electro Mechanical Projects and Packaged Air conditioning Systems

This comprises central and packaged air conditioning as well as electrical projects and plumbing and fire fighting projects. The central and packaged air conditioning business involves design, engineering, manufacturing, installation, commissioning and support of large central air conditioning plants, packaged air conditioners and ducted split air conditioners. In addition to this, Subject promotes after-sales service as a business, by offering several value added services in the areas of upgrades and enhancements, air management, water management, energy management and LEED certification consultancy for Green Buildings.

The Company also executes building electrification contracting projects and offers expertise in the areas of electrical design and engineering, supply and installation of entire power systems as well as liasioning, approvals, commissioning and asset management.

Subject has extended its mechanical contracting offering to include plumbing and fire fighting projects. With this, Subject has developed capabilities for executing integrated MEP (Mechanical, Electrical and Plumbing) projects.

Cooling Products

Subject offers a wide range of contemporary window and split air conditioners. The Company also manufactures and markets a comprehensive range of commercial refrigeration products and services that cater to the industrial, commercial and hospitality sectors. These include water coolers, bottled water dispensers, deep freezers, cold storages, bottle coolers, ice cube machines and supermarket refrigeration products.

Professional Electronics and Industrial Systems

For over five decades, the Electronics Division has been the exclusive distributor in India for many internationally renowned manufacturers of hi-tech professional electronic equipment and services, as well as industrial products and systems. The Company has carved out profitable niches for itself in most of the specialized markets it operates in, such as analytical instruments, medical electronics, data communication products, material testing, and test and measuring instruments.

CONTINGENT LIABILITIES

(Rs. In Millions)

	31.03.2011	31.03.2010
Claims against the Company not acknowledged as debts	6.644	6.644
Sales Tax Matters	527.988	520.532
Excise duty Matters	8.030	8.030
Service Tax Matters	48.343	24.121
Income Tax Matters	168.452	172.642
Corporate Guarantee given on behalf of Associates and other	814.143	356.991

Future Cash Outflow in respect of above matters are determinable only on receipts of judgments/ decision pending at various Forums/ Authorities.

FIXED ASSETS:

v Land- Freehold

v Land Leasehold

v Building Sheds and Road

v Plant and Machinery

v Furniture, Fittings and Equipments

v Vehicles

v Computers

v Intangible Assets- BAAN SYSTEM

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE YEAR ENDED 30.09.2011

(RS. IN MILLIONS)

Particulars	Unaudited for the Quarter Ended 30.09.2011	Unaudited for the Half year Ended 30.09.2011
1. a) Net Sales/Income from Operations	5987.500	13019.300
b) Other Operating Income	59.000	74.000
Total Income	6046.500	13093.300
2. Expenditure
a) (Increase)/Decrease in Stock in Trade and work-in-progress	(160.800)	(86.200)
b) Consumption of Raw Materials	4487.600	8690.400
c) Purchase of traded Goods	549.300	1787.900
d) Employees Cost	499.700	991.200
e) Depreciation	80.000	151.300
f) Other Expenditure	534.500	1291.800
Total Expenditure	5990.300	12826.400
3. Profit from Operations before Other Income, Interest and Foreign Exchange Fluctuation on Term Loan Liability [1-2]	56.200	266.900
4. Other Income	9.700	10.300
Profit before Interest and Foreign Exchange Fluctuation on Term Loan Liability [3+4]	65.900	277.200
6. Interest	305.600	387.300
7.Profit after Interest but before Exceptional Items (5-6)	(239.700)	(110.100)
8. Exceptional Items	--	--
9. Profit from ordinary activities before Tax [7-8]	(239.700)	(110.100)
10. Tax Expense	(31.700)	--
11. Net Profit from ordinary activities after tax[9-10]	(208.000)	(110.200)
12. Extra ordinary Items (net of tax expense)	--	--
13. Net Profit/ Loss for the period(11-12)	(208.000)	(110.200)
14. Paid up equity share capital (Face value per share Rs.2/-)	179.900	179.900
15. Reserves Excluding Revaluation Reserves As Per Balance Sheet As On 31^st March 2009	--	--
16. Earning Per Share (EPS)
a) Basic and diluted EPS before Extraordinary items	(2.31)	(1.22)
b) Basic and diluted EPS after Extraordinary items	(2.31)	(1.22)
17. Public Shareholding
Numbers of Shares	53850284	53850284
Percentage of Shareholding	59.88	59.88
18. Promoters and Promoters group shareholding
a) Pledged/ Encumbered
Number shares	600000	600000
Percentage of shares (as % to total shareholding of promoter and promoter group)	1.66	1.66
Percentage of shares (as % to total share capital of the company)	0.67	0.67
b) Non Encumbered
Number shares	35485821	35485821
Percentage of shares (as % to total shareholding of promoter and promoter group)	98.34	98.34
Percentage of shares (as % to total share capital of the company)	39.46	39.46

NOTE:

The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on October 22, 2011 and have been subjected to Limited Review by the Statutory Auditors.

2. In accordance with the established practice in relation to construction contracts, contract revenue is calculated based on the ratio of the cost incurred to total estimated cost to complete the project. During the quarter and half year ended September 30, 2011, there have been revisions in the estimates of project revenue and cost resulting in a decrease in revenue and profits.

3. Financial expenses for the quarter and half year ended September 30, 2011 include unrealised exchange loss of Rs.194.200 Millions and Rs. 202.100 Millions respectively (Previous period unrealised gain of Rs.17.000 Millions and Rs.16.700 Millions respectively).

4. Figures of the corresponding previous quarter and year have been regrouped, wherever necessary, to conform to the figures of the current quarter.

5. During the quarter ended September 30, 2011, the Company received and disposed of 16 investor complaints. No complaints were pending at the beginning and at the end of the quarter.

UNAUDIATED STANDALONE SEGMENT WISE REVENUE RESULTS AND CAPITAL EMPLOYED FOR THE QAUARTER ENDED SEPTEMBER 30, 2011

(RS. IN MILLIONS)

Particulars	Unaudited for the Quarter Ended 30.09.2011	Unaudited for the Half year Ended 30.09.2011
I. SEGMENT REVENUE
i. Electro Mechanical Projects and Packaged Airconditioning Systems	3824.700	7241.600
ii. Cooling Products	1568.700	4850.100
iii. Professional Electronics and Industrial Systems	594.100	927.600
TOTAL SEGMENT REVENUE	5987.500	13019.300
Less: Inter Segment Revenue	--	--
Net Sales/ Income from Operations	5987.500	13019.300
II. SEGMENT RESULTS PROFIT / LOSS BEFORE INTEREST AND TAX
i. Electro Mechanical Projects and Packaged Airconditioning Systems	(34.100)	(122.800)
ii. Cooling Products	84.800	526.200
iii. Professional Electronics and Industrial Systems	173.200	252.800
TOTAL SEGMENT RESULTS	223.900	656.200
Less:
i. Financial Expenses	305.600	387.300
ii. Other un-allocable Expenditure net of un-allocable income	158.000	379.000
TOTAL PROFIT BEFORE TAX AND EXCEPTIONAL ITEM	(239.700)	(110.100)
Add: Exceptional Item	--	--
PROFIT/LOSS BEFORE TAX	(239.700)	(110.100)
III. CAPITAL EMPLOYED (segment assets- Segment Liabilities)
i. Electro Mechanical Projects and Packaged Air-conditioning Systems	6377.000	6377.000
ii. Cooling Products	2699.800	2699.800
iii. Professional Electronics and Industrial Systems	754.800	754.800
TOTAL CAPITAL EMPLOYED IN SEGMENTS	9831.600	9831.600
Add: Un-Allocable Corporate Assets Less Liabilities	(4206.800)	(4206.800)
TOTAL CAPITAL EMPLOYED IN COMPANY	5624.800	5624.800

STATEMENT OF ASSETS AND LIABILITIES AS ON SEPTEMBER 30, 2011

(RS. IN MILLIONS)

Particulars	Standalone 30.09.2011
Shareholder’s Funds
Share Capital	179.900
Reserve and Surplus	5444.900
Loans Funds	6207.600
Deferred Tax Liabilities, Net	--
Total	11832.400
FIXED ASSETS AND CAPITAL WIP	2281.100
INVESTMENTS	1213.600
Deferred Tax Assets, Net	7.000
CURRENT ASSETS, LOANS AND ADVANCES
Inventories	3792.400
Sundry Debtors	7491.900
Cash & Bank Balances	229.800
Other Current Assets	3893.300
Loans & Advances	1916.100
Total	17323.500
Less: Current Liabilities and Provision
Current liabilities	8654.800
Provision	338.000
Total	8992.800
NET CURRENT ASSETS	8330.700
TOTAL	11832.400

FIXED ASSETS:

· Land – Freehold

· Land – Leasehold

· Building

· Plant and Machinery

· Furniture, Fitting and equipments

· Vehicles

· Computers

BUSINESS DESCRIPTION

Subject is a central airconditioning and commercial refrigeration company. Blue Star’s other businesses include marketing and maintenance of imported professional electronic and industrial systems and execution of industrial projects. It has three segments: electro-mechanical products and packaged airconditioning systems, cooling products, and professional electronics and industrial systems. The electro-mechanical products and packaged airconditioning systems segment covers the design, manufacturing, installation, commissioning and maintenance of central airconditioning plants and packaged systems and variable refrigerant flow systems, as well as contracting services in building electrification and plumbing and fire fighting. It offers a variety of room airconditioners for both residential, as well as commercial applications. Blue Star is a distributor for manufacturers of professional electronic equipment and services, as well as industrial products and system for the nine months ended 31 December 2010, Blue Star Limited's revenues increased 18% to RS19.75B. Net income decreased 26% to RS981.4M. Revenues reflects an increase in income from Cooling Products and higher income from Elecro Mechnical Projects and Packaged Air-conditioning systems segment. Net income was offset by a rise in financial expenses, higher employees cost and increased other expenditure

BOARD OF DIRECTORS

Mr. Ashok M. Advani

Executive Chairman

Ashok M Advani is an MBA from the Harvard Graduate School of Business Administration, an Electrical Engineer from MIT, USA and a B.Sc (Honours) from Mumbai University.

He joined Blue Star in 1969 and held a variety of senior positions in manufacturing and finance in the Company before he took over the Company’s affairs as Chairman and Chief Executive in 1984. He was redesignated as Chairman and Managing Director in 2005 and Executive Chairman with effect from July 2009. As Executive Chairman, he oversees Corporate Strategy, Corporate Governance, Investor Relations and Corporate Social Responsibility.

Ashok is the Vice Chairman of Blue Star Infotech Limited and on the Board of Alfa Laval (India) Limited. He has been a member of the Local Advisory Board of The Chase Manhattan Bank and a past President of the Bombay Chamber of Commerce and Industry.

Mr. Suneel M. Advani

Vice Chairman and Managing director

Suneel M Advani is a double graduate in Electrical Engineering and Economics from MIT, USA. He also holds a degree in Law from Mumbai University.

He joined Blue Star in 1969 as a Management Trainee and moved up steadily by holding responsible positions before he was elevated to the position of President and Vice Chairman in 1984. He was redesignated as Vice Chairman and Managing Director in 2005. As Vice Chairman and Managing Director, he oversees the Electro Mechanical Projects Group, Corporate Communications and Marketing and Public Relations. Suneel is also the Chairman and Managing Director of Blue Star Infotech Limited, Chairman of Blue Star Design and Engineering Limited, Blue Star Infotech (UK) Limited and Blue Star Infotech America, Inc and a Director of Blue Star Electro-Mechnical Limited. Suneel is a Member of the CII National Council, the apex governing body of CII. Besides, he is also associated with other trade associations and was the President of the Refrigeration and Airconditioning Manufacturers’ Association (RAMA).

Mr. Satish Jamdar

Managing Director

Satish Jamdar is a Mechanical Engineering graduate from IIT Bombay and also qualified in Systems Management from NIIT and Management Studies from UK and USA. He joined Blue Star in 1996 as Vice President - Manufacturing and has over 35 years of experience in manufacturing, materials management and IT projects having worked for companies such as Siemens, BPL-Sanyo and Alstom.

After joining Blue Star, Satish spearheaded the establishment of Blue Star’s modern manufacturing facilities in Dadra, Himachal and Wada. He was also responsible for corporate financial services, airconditioning and refrigeration service, international operations as well as the customised OEM business. Satish was promoted as Executive Director in 2003, Deputy Managing Director in 2007 and Managing Director in 2009. In his current appointment as Managing Director, Satish oversees the operations and support services of the Company. Satish is also a Director of Blue Star Electro-Mechanical Limited.

Mr. Vir S. Advani

Executive Director

Vir S Advani holds a BS degree in Systems Engineering and a BA degree in Economics from the University of Pennsylvania.

He has also completed a comprehensive Executive Management Programme on Leadership Development at Harvard Business School. Vir has been in the Blue Star Group for over a decade, after a 2-year working stint in New York.

In 2000, he joined Blue Star Infotech, and then founded Blue Star Design and Engineering in 2003, designated as its Chief Executive Officer. In 2007, he moved to Blue Star as Vice President - Corporate Affairs, where he made valuable contributions in a companywide profit improvement programme as well as in electro mechanical projects, in a short span of time. He was promoted as Executive Vice President in 2008; President – Corporate Affairs and Special Projects in 2009 and Executive Director in 2010.

Vir is also a Director of Blue Star Design and Engineering Limited, Blue Star Electro-Mechanical Limited and J T Advani Finance Private Limited.

Mr. Shailesh Haribhakti

Director

Shailesh Haribhakti is a Fellow member of Institute of Chartered Accountants of India. He is the Managing Partner of M/s Haribhakti and Company, Chartered Accountants and Chairman of BDO Consulting Private Limited. He served a three-year term on the Standards Advisory Council of the International Accounting Standards Board. Shailesh joined the Board of Blue Star in 2005. He is a Committee member of Futures and Options segment of National Stock Exchange of India and a Member of the SEBI Committee on Disclosures and Accounting Standards. He serves as Member of Managing Committees of ASSOCHAM and IMC and Corporate Governance Committees of ASSOCHAM and CII and is the Chairman of the Global Warming Committee of IMC. He is on the Board of Directors of several listed and private companies.

Mr. Pradeep Mallicvk

Director

Pradeep Mallick is a B. Tech from IIT Madras and Diploma holder in Business Management from UK. He is also a Chartered Engineer and Fellow of the Institution of Engineering and Technology, London. Pradeep was the Managing Director of Wartsila India Limited from 1988 to 2003, prior to which he worked with several leading companies in the field of electrical power transmission and distribution. He joined the Board of Blue Star in 2003. Pradeep is also on the Boards of several other leading companies including Automotive Stampings and Assemblies, Elantas Beck India, ESAB India, Mount Everest Mineral Water and Tube Investments of India. In addition, he is associated with Industry Associations such as CII, Bombay Chamber of Commerce and Industry and social organizations like Population First.

Mr. Gurdeep Singh

Director

Gurdeep Singh is a Chemical Engineering Graduate from IIT Delhi. After his graduation, he joined Hindustan Lever Limited as a Management Trainee. He held various responsible positions in the Company before he was expatriated to Brazil as Technical Director of Unilever Detergents business. Gurdeep returned to Hindustan Lever in 1998 as Director - Human Resources , Corporate Affairs and Technology, and retired from the Company in October 2003.

He joined the Board of Blue Star in 2003. He is also on the Boards of several leading companies including Halonix, Gabriel India, Everest Kanto Cylinder, Renuka do Brazil S A and Tecnova India.

Mr. Suresh N. Talwar

Director

Suresh N Talwar is a Commerce and Law Graduate and Solicitor and Partner of M/s Talwar, Thakore and Associates, Mumbai. Before setting up this firm in April 2007, he was the Senior Partner of Crawford Bayley and Company. He joined the Board of Blue Star in 1986. In addition to Blue Star, he is also on the Boards of several leading companies such as Merck, Larsen and Toubro, Greaves Cotton, Sandvik Asia, ESAB India, Johnson and Johnson and Uhde India, amongst others.

AS PER WEBSITES

PRESS RELEASES

Blue Star to set up factory in Ahmedabad for manufacturing of refrigeration products

Place: Mumbai

Date: December 23, 2011

Central airconditioning and commercial refrigeration major, Blue Star has announced that it is in the process of setting up a factory at Changodar, Ahmedabad. Spread over 15,000 sq m, this plant will initially manufacture refrigeration products such as deep freezers, bottle coolers, milk coolers and water coolers.

Driven by the ice cream, frozen food and dairy segments, the commercial refrigeration business of Blue Star has been on the rise and considering the expected demand in the future, the Company thought it prudent to expand its manufacturing capacity for refrigeration products. Blue Star currently manufactures refrigeration products in its plant at Bharuch in Gujarat which was set up about three decades ago and this new plant at Ahmedabad will augment the current production capacity of these products significantly.

According to Mr Satish Jamdar, Managing Director, Blue Star Limited "We anticipate the refrigeration products business to be a significant growth-driver of the Company in the years to come and it was necessary to enhance the production capacity of these products. This plant is currently awaiting statutory approvals and we hope to begin manufacturing towards the end of this financial year. The Company will be making an investment of about Rs 150.000 Millions in this plant in the current financial year."

Blue Star awarded Rs 840.000 Millions order for Bangalore Metro Rail Project Phase – 1

Place: Mumbai

Date: December 22, 2011

Central Airconditioning major, Blue Star has won the order for the Environmental Control System and Building Management System for the 7 underground stations of Phase-I of Bangalore Metro Rail project, valued at Rs 840.000 Millions. The scope of work includes design, supply, installation, testing and commissioning of chillers, pumps, air handling units, fan coil units, cooling towers, ventilation fans, motor control centre panels and building management system along with the associated work of piping, ducting, grilles and insulation, amongst others.

The Bangalore Metro Rail Corporation Limited, a joint venture of Government of India and Government of Karnataka, is a special purpose vehicle for implementation of Bangalore Metro Rail Project. This project, commonly known as Namma Metro, will weave through the bustling commercial and residential areas of Bangalore City. Phase-1 consists of double line electrified (750 v DC third rail) North-South and East–West corridor, covering a total length of 42.30 km. The East-West corridor will be 18.10 km long and the North- South corridor will be 24.20 km, with Majestic being the interchange station for the two corridors. Out of the 42.30 km., 8.82 km will be underground and the rest will be elevated.

Blue Star's expertise and competence in project execution coupled with the execution of several projects for Delhi Metro over the last few years helped the Company win this order.

Blue Star Q2 Total Operating Income at Rs.6040.000 Millions

Place: Mumbai

Date: October 22, 2011

Financial Performance for the quarter ended September 30, 2011 (Q2FY12)

Blue Star Limited reported Total Operating Income of Rs 6046.500 Millions for the quarter ended September 30, 2011, as compared to Rs 6947.600 Millions in Q2FY11, representing a decline of 13%.

Operating profit (PBIDT excluding Other Income) for the quarter declined by 80% to Rs 136.200 Millions. The overall economic climate continued to deteriorate during the quarter due to slower GDP growth, high inflation, interest rate increases and weakening of the rupee. All the three business segments were adversely impacted. The contracting business was affected the most as input costs and general operating expenses increased resulting in lower margins in various long-gestation projects.

Financial expenses during the quarter increased from Rs 32.800 Millions to Rs 305.600 Millions. This was due to higher interest costs and unrealized foreign exchange losses on account of strengthening of the dollar.

Consequently, there was a Net Loss of Rs 208.000 Millions compared to Net Profit of Rs 386.500 Millions in Q2FY11.

The Electro Mechanical Projects and Packaged Airconditioning business accounting for 64% of the total revenues in the quarter, declined by 19% while segment results fell sharply to a loss of Rs 34.100 Millions as compared to a profit of Rs 43.37 crores during Q2FY11. Cooling Products revenue registered an increase of 11% in the quarter. However, Segment results, declined by 45% due to cost pressure. The Professional Electronics and Industrial Systems business revenues declined by 12%, while segment results increased by 2%.

Carry Forward Order Book as on September 30, 2011 increased to Rs 21620.000 Millions compared to Rs 19990.000 Millions as at September 30, 2010, representing a growth of 8%.

Financial Performance for the half-year ended September 30, 2011 (H1FY12)

For the half-year ended September 30, 2011, the Company reported Total Operating Income of Rs 13093.200 Millions, as compared to Rs 13595.900 Millions over the same period in the previous year, a decline of 4%.

Operating Profit (PBIDT excluding Other Income) declined by 66% from 1260.600 Millions to Rs 418.200 Millions.

There was a Net Loss of Rs 110.100 Millions in the half-year period as compared to a Net Profit of Rs 757.900 Millions in the corresponding period last year.

Outlook

Order inflow continues to be slow from the commercial construction industry. The business slowdown is expected to continue for some time. Revenues as well as profitability will be under pressure. Decrease in commodity prices such as copper is expected to help to cushion the erosion of margins. The Company plans to focus on cash flow, management of working capital and tight cost control to tide over the current difficult phase.

Blue Star Q1 Total Operating Income up 6%.

Place: Mumbai

Date: July 29, 2011

Financial Performance for Q1FY12

Central Airconditioning and commercial refrigeration major Blue Star Limited reported Total Operating Income of Rs 7046.800 Millions for the quarter ended June 30, 2011, as compared to Rs 6648.300 Millions in Q1FY11, representing an increase of 6%.

Operating profit (PBIDT excluding Other Income) for the quarter declined by 55% to Rs 275.900 Millions. The contracting environment in the country is becoming increasingly challenging as labour, raw material input costs and general operating expenses increases continue unabated. The Company has responded by sharpening oversight on project costs and examining the project profitability more critically, largely in the Electro Mechanical Projects & Packaged Airconditioning Segment. As a result, the top and bottom lines from contracting activities have been and will continue to be under pressure for the immediate future.

Net Profit was lower by 74% at Rs 97.900 Millions compared to Rs 371.500 Millions in Q1FY11.

Earnings per share for the quarter (Face value of Rs 2.00) stood at Rs 1.09 vis-à-vis Rs 4.13 in the corresponding quarter of the previous year.

The Electro Mechanical Projects and Packaged Airconditioning business accounting for 49% of the total revenues in the quarter, declined 9% while segment results fell sharply to a loss of Rs 88.700 Millions as compared to a profit of Rs 335.700 Millions during Q1FY11. Cooling Products revenue registered a healthy increase of 30% in the quarter, driven mainly by higher room airconditioner sales. Segment results, increased by 24%. The Professional Electronics and Industrial Systems business revenues increased marginally by 3%, but segment results registered a substantial increase of 46%.

Carry Forward Order Book as on June 30, 2011 increased to Rs 20990.000 Millions compared to Rs.19760.000 Millions as at June 30, 2010, representing a growth of 6%.

Outlook

After showing some signs of revival, the overall investment climate has significantly deteriorated in the past year. The Company expects the next few quarters to be a challenging period for the Electro Mechanical Projects business. While, the market continues to be sluggish in terms of new orders and project execution times, the Company's focus will continue to be on managing the capital employed in this business. The other two segments namely the Cooling Products business and the Professional Electronics and Industrial Systems business performed well during the quarter and this trend is likely to continue in the coming quarters as well.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.52.22
UK Pound	1	Rs.80.83
Euro	1	Rs.66.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		68

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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