MIRA INFORM REPORT

Report Date :

19.05.2012

IDENTIFICATION DETAILS

Name :	BHARAT HEAVY ELECTRICALS LIMITED
Registered Office :	BHEL House, Siri Fort, New Delhi – 110 049
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.11.1964
Com. Reg. No.:	55-004281
Capital Investment / Paid-up Capital :	Rs. 4895.200 Millions
CIN No.: [Company Identification No.]	L74899DL1964GOI004281
TAN No.: [Tax Deduction & Collection Account No.]	DELB06995C
PAN No.: [Permanent Account No.]	AAACB4146P
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and Selling of Boilers, Hydro Turbines, Gas Turbines etc.
No. of Employees :	46748 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (73)

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large

Maximum Credit Limit :	USD 806000000
Status :	Very Good
Payment Behavithe :	Regular
Litigation :	Exists
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)
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 :	BHEL House, Siri Fort, New Delhi – 110 049, India
Tel. No.:	91-11-66337000 (Multiple Lines)
Fax No.:	91-11-26493021 / 26492534
E-Mail :	cmdbs@asiad.bhel.co.in md@bhpvl.com tj@bheltry.co.in inder@bhel.in
Website :	http://www.bhel.com http://www.bhelhyderabad.com
Head Office :	17, Rajasthan Voyoc Nagar, G.T. Kanal Road, Delhi, India
Branch Office :	Ramchandrapuram, Hyderabad – 502032, Andhra Pradesh, India
Plant Location :
BHEL Manufacturing Units :	Bangalore Electronic Division Electronics Systems Division Electro Porcelain Division Bhopal Heavy Electrical Plant Goindwal Industrial Valves Plant Haridwar Heavy Electrical Equipment Plant Central Foundry Forge Plant Hyderabad Heavy Power Equipment Plant Jagdishpur Insulator Plant Centralised Stamping Unit Jhansi Transformer Plant Rudrapur Components Fabrication Plant Ranipet Boiler Auxiliaries Plant Tiruchirappalli High Pressure Boiler Plant Seamless Steel Tube Plant
BHEL Repairs units :	Mumbai Electrical Machine Repair Plant Varanasi Heavy Equipment Repair Plant
BHEL Subsidiaries :	Visakhapatnam Bharat Heavy Plate and Vessels Limited Kasaragod BHEL Electrical Machine Limited

DIRECTORS

(AS ON 31.03.2011)

Name :	Mr. B. Prasada Rao
Designation :	Chairman and Managing Director
Name :	Mr. S. Ravi
Designation :	Director
Name :	Mr. Ashok Kumar Basu
Designation :	Director
Name :	Mr. M.A. Pathan
Designation :	Director
Name :	Mrs. Reva Nayyar
Designation :	Director
Name :	Mr. V. K. Jairath
Designation :	Director
Name :	Mr. Anil Sachdev
Designation :	Director
Name :	Mr. Atul Saraya
Designation :	Director
Name :	Mr. O.P. Bhutani
Designation :	Director
Name :	Mr. Trimbakdas S Zanwar
Designation :	Director
Name :	Mr. M.K Dube
Designation :	Director (Is and P)
Name :	Mr. P.K Bajpai
Designation :	Director (Finance)

KEY EXECUTIVES

Name :	Mr. Saurabh Chandra
Designation :	Additional Secretary and Financial Adviser
Qualification :	B Electrical Engineering
Date of Appointment :	20.07.2009
Name :	Mr. Ambuj Sharma
Designation :	Joint Secretary
Name :	I. P. Singh
Designation :	Company Secretary
Address :	BHEL House, Siri Fort, New Delhi – 110 049, India
Phone :	91-11-66337501
Fax:	91-11-66337533
Email :	shareholderquery@bhel.in

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 31.03.2012)

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Central Government / State Government(s)	1657552000	67.72
Sub Total	1657552000	67.72
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1657552000	67.72
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	35324113	1.44
Financial Institutions / Banks	112460429	4.59
Insurance Companies	166521052	6.80
Foreign Institutional Investors	330058708	13.48
Sub Total	644364302	26.33
(2) Non-Institutions
Bodies Corporate	69234164	2.83
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	63727503	2.60
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	2042245	0.08
Any Others (Specify)	10679786	0.44
Directors & their Relatives & Friends	3100	-
Trusts	1262523	0.05
Clearing Members	4674616	0.19
Non Resident Indians	4738757	0.19
Foreign Nationals	790	-
Sub Total	145683698	5.95
Total Public shareholding (B)	790048000	32.28
Total (A)+(B)	2447600000	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)	2447600000	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Boilers, Hydro Turbines, Gas Turbines etc.

Products :

Item Code No.	Product Description
840210	Boilers other than parts
85023902	Complete generating sets including hydro turbines
84118206	Gas Turbine of thrust exceeding 115000 KW

GENERAL INFORMATION

No. of Employees :

46748 (Approximately)

Bankers :

• State Bank of India
• Allahabad Bank
• Andhra Bank
• Axis Bank
• Bank of Baroda
• Bank of India
• Canara Bank
• Central Bank
• Citi Bank
• Corporation Bank
• Deutsche Bank AG
• The Federal Bank Limited
• HDFC Bank
• ICICI Bank
• IDBI Bank
• Indian Bank
• Indusind Bank
• Kotak Mahindra Bank Limited
• Oriential Bank of Commerce
• Punjab National Bank
• Punjab and Sind Bank
• Standard Chartered Bank
• State Bank of Hyderabad
• State Bank of Travancore
• Syndicate Bank
• The Hongkong and Shanghai Banking Corporation Limited
• UCO Bank
• Union Bank of India
• United Bank of India
• Vijaya Bank

Facilities :

Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Credits for Assets taken on lease (Due within one year s 533.900 millions (Previous Years 474.200 millions)	1572.700	1221.600
Interest accrued and due on :
- State Government Loans	23.300	23.300
- Credits for Assets taken on lease	37.500	32.600
Total	1633.500	1277.500

Banking Relations :	--
Auditors :
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 Kanpur Phillipos and Company Chartered Accountants Bangalore, Karnataka, India S.L Chhajed and Company Chartered Accountants Bhopal, Madhya Pradesh, India
Cost Auditors :
Name :	K.L Jaisingh and Company Chartered Accountants (for Electric Motors at HEP Bhopal) Geeyes and Company Chartered Accountants (for Steel Tubes and Pipes at SSTP Trichy)
Memberships :	Confederation of Indian Industry
Joint Ventures :	· Power Plant Performance Improvement Limited · BHEL-GE Gas Turbine Services Limited
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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
489,520,000	Equity Shares	Rs. 10/- Each	Rs. 4895.200 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

STHECES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		4895.200	4895.200	4895.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		196643.200	154278.400	124492.900
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		201538.400	159173.600	129388.100
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		1633.500	1277.500	1493.700
TOTAL BORROWING		1633.500	1277.500	1493.700
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		203171.900	160451.100	130881.800
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		34009.200	24154.000	14704.000
Capital work-in-progress		17621.800	15500.500	11569.700
INVESTMENT		4391.700	798.400	523.400
DEFERREX TAX ASSETS		21635.500	15272.300	18403.000
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	233573.200
	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
		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)	224275.800
		Cost of Jobs Done for Internal Use	(685.100)	(1208.700)
		Accretion/ Decretion 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
	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	NA
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	NA
	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 / SUMMARISED RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	72714.600	105455.100	107430.800
Total Expenditure	61582.300	85863.100	86626.300
PBIDT (Excl OI)	11132.300	19592.000	20804.500
Other Income	2486.500	2198.600	1960.200
Operating Profit	13618.800	21790.600	22764.700
Interest	88.000	96.400	145.000
Exceptional Items	0.000	0.000	0.000
PBDT	13530.800	21694.200	22619.700
Depreciation	1709.100	1888.100	1861.400
Profit Before Tax	11821.700	19806.100	20758.300
Tax	3666.600	5685.800	6432.200
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	8155.100	14120.300	14326.100
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	8155.100	14120.300	14326.100

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

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	No
No. of Employees	Yes
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----------
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----------
Litigations that the firm/ Promoters Involved in	------------
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----------
Buyer visit details	-----------
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

CONTINGENT LIABILITIES

Particulars	Rs. in million 31.03.2011	Rs. in million 31.03.2010
A Claims against the company not acknowledged as debt : i) a Income Tax Pending Appeals s b Against which paid under protest included under the head “deposit others”	326.100 0.200	287.700 0.300
ii) a Sales Tax Demand s b Against which paid under protest included under the head “Advances Recoverable”	5098.400 929.700	3530.600 769.100
iii) a Excise Duty demands s b Against which paid under protest included under the head “Advances Recoverable”	2161.400 84.100	1954.700 50.100
iv) a Custom Duty demands s b Against which paid under protest included under the head “Advances Recoverable”	2.100 0.600	2.100 0.600
v) Cthet & Arbitration cases	3750.700	2542.600
vi) a Liquidated Damages s b Amount deducted by customers towards LD included in vi)a	14011.100 8257.000	12879.400 7305.700
vii) Counter Claim by contractors	6.100	6.100
viii) a Service Tax Demand s b Against which paid under protest	2141.300 2.200	1057.400 2.200
ix) Others	1205.800	591.000
(In view of the various cthet cases and litigations and claims disputed be the company financial impact as to outflow of restheces is not ascertainable at this stage).

FIXED ASSETS:

· Freehold Land

· Leasehold Land, Roads

· 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

UNAUDITED FINANCIAL RESULTS [STANDALONE] FOR AND UPTO THE QUARTER ENDED 31.12.2011

Rs. in Millions

SL. NO.	PARTICULARS	3 Months Ended 31.12.2011	Previous 3 months Ended 30.09.2011	9 Months Ended 31.12.2011
1.	Sales / Income from Operations	110783	107576	292691
	Less: Excise Duty/Service Tax	5303	4590	12969
2	Net sales/income from operations	105480	102986	279722
3	Value of production (Net of Excise duty/Service Tax)	109930	106984	292315
4	Other Operating Income	1951	2469	5878
5	Total Expenditure	88488	87751	239530
a)	(Increase)/decrease in stock-in-trade and work in progress	(4745)	(4478)	(13530)
b)	Consumption of raw materials	64882	65658	176346
c)	Staff Cost	13377	13491	39878
d)	Depreciation	1861	1888	5459
e)	Other expenditure	13113	11192	31377
6	Profit from operations before other income, interest & taxation (2+4-5)	18943	17704	46070
7	Other income	1960	2199	6645
8	Profit before interest & taxation (6+7)	20903	19903	52715
9	Interest	145	97	329
10	Profit Before Tax (8-9)	20758	19806	52386
11	a) Provision for Taxation (incl deferred tax) b) Prior period tax	6432	5686	15784
12	Net Profit (10-11)	14326	14120	36602
13	Paid-up Equity Share Capital	4895	4895	4895
	(Face Value per Share (Rs.))	(2)	(10)	(2)
14	Reserves excluding revaluation reserves
15	Earnings per Share Basic and Diluted (not annualised) (Rs.)	5.85	28.85	14.95
16	Public shareholding
	No. of Shares	790048000	158009600	790048000
	Percentage of shareholding	32.28%	32.28%	32.28%
17	Promoters and promoter group Shareholding a) Pledged/Encumbered
	-No. of Shares	NIL	NIL	NIL
	-Percentage of shares (as a % of the total	NIL	NIL	NIL
	shareholding of promoter and promoter group)
	-Percentage of shares (as a % of the total share	NIL	NIL	NIL
	capital of the company)
	b) Non-Encumbered
	-No. of Shares	1657552000	331510400	1657552000
	-Percentage of shares (as a % of the total	100%	100%	100%
	shareholding of promoter and promoter group)
	-Percentage of shares (as a % of the total share	67.72%	67.72%	67.72%
	capital of the company)

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

Rs. in Millions

	Particulars	3 Months Ended 31.12.2011	Previous 3 months Ended 30.09.2011	9 Months Ended 31.12.2011
1	Segment Revenue
	A. Power	87115	77973	222891
	B. Industry	23668	29603	69800
	Total	110783	107576	292691
	Inter segmental revenue
	Sales / Income from operations	110783	107576	292691
2	Segment Results (Profit before Tax and interest)
	A. Power	16560	13159	39237
	B. Industry	7486	8004	19223
	Total	24046	21163	58460
	Less Interest	145	96	329
	Other un-allocable expenditure net of income	3143	1260	5745
	Total Profit before Tax	20758	19806	52386
3	Capital Employed (Segment Assets - Segment Liabilities) A. Power B. Industry Capital Employed (including unallocable common)			100694 43425 219287

The figures have been regrouped, wherever necessary.

Notes :

1. Details of investor complaints : Pending as on 01.10.2011 – Nil, Received during the quarter – 329, Resolved during the quarter – 329, Pending as on 3112.2011 - Nil

2. Pursuant to the resolution passed by the shareholders of the company in the AGM held on 20.09.2011, the existing equity shares (Face Value Rs.10) have been sub-divided into 5 equity shares of Rs.2 each w.e.f. 04.10.2011.

3. The company has an outstanding order book position of about Rs.1465000 millions at the end of Quarter-III 2011-12.

4 The above results have been reviewed by the Audit Committee and were taken on record by the Board of Directors in their meeting held on 27.01.2012.

AS PER WEB DETAILS

PROFILE

They are an integrated power plant equipment manufacturer and one of the largest engineering and manufacturing companies in India in terms of turnover. They were established in 1964, ushering in the indigenous Heavy Electrical Equipment industry in India - a dream that has been more than realized with a well-recognized track record of performance. The company has been earning profits continuously since 1971-72 and paying dividends since 1976-77 

They are engaged in the design, engineering, manufacture, construction, testing, commissioning and servicing of a wide range of products and services for the core sectors of the economy, viz. Power, Transmission, Industry, Transportation, Renewable Energy, Oil & Gas and Defence. They have 15 manufacturing divisions, two repair units, fthe regional offices, eight service centres, eight overseas offices and 15 regional centres and currently operate at more than 150 project sites across India and abroad. They place strong emphasis on innovation and creative development of new technologies. The research and development (R&D) efforts are aimed not only at improving the performance and efficiency of the existing products, but also at using state-of-the-art technologies and processes to develop new products. This enables us to have a strong customer orientation, to be sensitive to their needs and respond quickly to the changes in the market.

The high level of quality & reliability of the products is due to adherence to international standards by acquiring and adapting some of the best technologies from leading companies in the world including General Electric Company, Alstom SA, Siemens AG and Mitsubishi Heavy Industries Ltd., together with technologies developed in the own R&D centres. Most of the manufacturing units and other entities have been accredited to Quality Management Systems (ISO 9001:2008), Environmental Management Systems (ISO 14001:2004) and Occupational Health & Safety Management Systems (OHSAS 18001:2007).

They have a share of around 59% in India's total installed generating capacity contributing 69% (approx.) to the total power generated from utility sets (excluding non-conventional capacity) as of March 31, 2012. They have been exporting the power and industry segment products and services for approximately 40 years. They have exported the products and services to more than 70 countries. They had cumulatively installed capacity of over 8,500 MW outside of India in 21 countries, including Malaysia, Iraq, the UAE, Egypt and New Zealand. The physical exports range from turnkey projects to after sales services.

They work with a vision of becoming a world-class engineering enterprise, committed to enhancing stakeholder value.

The greatest strength is the highly skilled and committed workforce of over 49,000 employees. Every employee is given an equal opportunity to develop himself and grow in his career. Continuous training and retraining, career planning, a positive work culture and participative style of management - all these have engendered development of a committed and motivated workforce setting new benchmarks in terms of productivity, quality and responsiveness.

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, fthe 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.

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 Jawaharlal Nehru Technological University, Kakinada, Andhra Pradesh and did his post graduate diploma in ‘Industrial Engineering’ from National Institute for Training in Industrial Engineering, Mumbai. He has approximately 33 years of diversified and varied experience working in all major segments of the Company like corporate, planning and development; gas turbine division, diversification and strategic planning; and erection and commissioning etc. He started his career in subject as an industrial engineer at industrial systems group in 1978 and initiated the planning function and was responsible for conceptualizing approach for organization of industry sector and drawing up a blueprint for electronics in the Company. Diversification initiative at ‘Electronics Division’ for the Company's entry into defense simulators was spearheaded by him. He has represented India in the Study Group of World Energy Council on their initiative for developing ‘deciding the Future: Energy Policy Scenarios to 2050’. He is a member of ‘CII – National Committee on Capital Goods and Engineering’. Presently, he is the part-time chairman of Bharat Heavy Plate and Vessels Limited and has also been appointed as member, First Society and Board of Governors, IIM-Kashipur.

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, Kanpur and a degree of Master of Business Administration from the University of Leeds, United Kingdom and is also a member of the Institute of Cost and Works Accountants of India, Calcutta. He joined the Company in the year 1977 and has approximately 34 years of experience. He played a role as head of finance of profit centers comprising entire value chain of the organization viz., Engineering (Project Engineering and Management), Manufacturing (Bhopal Unit) and Erection Commissioning and Services (Erection and Commissioning Unit, Power Sector - Northern Region). He also worked in corporate financial services division looking after treasury management, forex exposure management, receivables management, operation surplus/deficit management, banking facility - cash/non cash limits. He also worked as head of finance of power sector head quarters and dealt with human restheces, management services, IT and HRDD functions. As General Manager (Finance) Internal Audit / Management Improvement Cell, he has developed a system on effectiveness of internal audit and improvements for higher maturity level and effective coordination with CAG for 'Nil’ comments in balance sheet. Presently, he is the director on the board of Latur Power Company Limited

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, University of Calcutta. He has worked in various capacities and held important positions both in Government of West Bengal and GoI including Commissioner, Calcutta Municipal Corporation, Education Secretary, Labthe Secretary and Principal Secretary, Food and Civil Supply, Chief Electoral Officer of the State, Special Assistant to the Union Minister of Education, Social Welfare and Culture and Special Secretary, Ministry of Home Affairs. He was associated with industry and infrastructure sectors from the year 1988 to 2003. He was the Development Commissioner, Iron and Steel and then Joint Secretary, Ministry of Steel, Additional Secretary and Advisor (Industry and Minerals), Union Planning Commission and thereafter Secretary, Ministry of Steel and Mines, Government of India. As Secretary, Ministry of Power (June, 2000 - March, 2002), he took several important initiatives for reform and restructuring of the Indian electricity sector. He was also the chairman, Central Electricity Regulatory Commission during April 2002 to March 2007 and chairman, South Asia Forum of Infrastructure Regulation (SAFIR), during 2005-2006. Presently, he is a director on the board of VISA Comtrade Limited, Tata Metaliks Limited, JSW Bengal Steel Limited, Tinplate Company of India Limited, VISA Power Limited, Tata Power Company Limited and Carter Engineering Private Limited.

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 Institute of Technology, Kanpur which he cleared in First Class with distinction. He also has a Diploma in Management from All India Management Association, New Delhi. In a career of over three decades, he has served at senior Government positions, both in the State Government of Uttar Pradesh and Government of India. The positions held by him in recent years, include, Principal Secretary in the Rural Engineering Services Department and Science and Technology Department under the Government of Uttar Pradesh and Joint Secretary in the Departments of Disinvestment and Revenue in the Ministry of Finance, Government of India. Since February 2009, he is posted as Additional Secretary and Financial Adviser to the Government of India in the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, with additional charge of the Ministry of Micro, Small and Medium Enterprises and Departments of Heavy Industries and Public Enterprises respectively.

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 Bhopal University. He joined BHEL as an engineer trainee in 1976. Shri Dube has more than 35 years of diversified and versatile professional experience. As Executive Director (Power Sector Technical Services), he was responsible for monitoring the performance of Subject supplied equipment, enabling the processes of performance testing and troubleshooting as well as exploring solutions to generic issues in power generating equipment. In January 2009, he took charge of the Bhopal manufacturing plant as Executive Director. Under his stewardship, the Bhopal plant achieved many milestones including the manufacture and testing of India's first 1200 kV, 333 MVA auto transformers and the development of IGBT based traction convertor for 3 phase drive technology in the EMU segment. Under his leadership, capability building initiatives were taken to enhance total capacity to 30000 MVA for Transformers and to 2250 nos. for Motors. For his contribution to the field of hydro power, he was awarded the ENERTIA Award 2010

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 Punjab University. He has approximately 26 years of experience in public administration, rural development, poverty alleviation, infrastructure, finance, industry, urban development, environmental management and has worked at various important positions in Government of India and the State Government of Maharashtra. As Principal Secretary (Industries), Government of Maharashtra from February, 2005 to March, 2008, he participated in formulating important policies and also actively associated with industrial investment and infrastructure development. He has also worked as ex-officio director on the board of State Industrial and Investment Corporation of Maharashtra (SICOM), Mahanagar Gas Limited, Manganese Ore India Limited, United Western Bank, Sangli Bank Limited, Maharashtra Industrial Development Corporation (MIDC), Maharashtra Airport Development Company and Maharashtra Maritime Board. Presently, he is an independent director on the board of Tata Motors Limited and a part-time member of SEBI.

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 resthece 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 India and Sikkim. She also worked as Adviser, Planning Commission of India; Member-Secretary National Commission for Women; Joint Secretary, Department of Revenue; Joint Secretary, Lok Sabha; Secretary, Cultural Affairs, Government of Haryana. Presently, She is serving as chairperson of Community Friendly Movement and Bal Sahyog Society, Delhi and is a director on the board of Essel Social Welfare Foundation. She is also trustee of Micronutrient Initiatives India and the Cathedral Vidya Trust.

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 University of Bombay. He undertook the ‘Petroleum Management Program’ conducted at Cambridge, Massachusetts by Arthur A. Little Management Education Institute, Inc in the year 1984. He has about fthe decades of diverse experience in the oil industry. He has been the recipient of several prestigious awards like ‘Pride of Nation Award – 2000’ conferred upon him by the United Indians, ‘Top CEO of the Year Award – 2000’ given by the Institute of Marketing and Management etc. He was the chairman, Indian Oil Corporation Limited from February, 1997 till March, 2002 and was on its board since 1994. In the past, he held high positions like chairman of Indian Oil Tanking Limited, chairman and member of the governing council of Petroleum Federation of India and director on the board of World LP Gas Association, resident director with TATAs, regional director for South and South-East Asia, Global Union Ventures Limited etc. Presently, he is associated with Tata Tele services Limited as Chief Mentor (Enterprise Business) and Strategic Advisor for IOT Infrastructure and Energy Services Limited. He is also the Chairman of the board of Tata Petrodyne Limited and IOT Engineering Projects Limited and director on the board of Nagarjuna Oil Corporation Limited. Additionally, he is also the chairman of the Apex Group for guidance and monitoring of research and development activities at Indian Oil Corporation Limited, New Delhi.

ANIL SACHDEV – DIRECTOR

Shri. Anil Sachdev is Director - Human Restheces, Whole-Time Director of Subject since September 1, 2007. He is Mechanical Engineering Graduate from Jabalpur University and an MBA in Production He is a B.E (Mechanical Engineering) from Jabalpur University, Jabalpur and holds a degree of Masters in Business Administration in production management from CRIBM, Bhopal. He has approximately 32 years of experience in production at key units of the Company viz. Bhopal and Haridwar. During his tenure at Haridwar, he was responsible as head, Central Foundry Forge Plant, Haridwar (“CFFP”), for the turnaround of the CFFP in a short span of two and half years. His leadership as ‘Executive Director’ helped Heavy Electrical Equipment Plant, Haridwar to record an all time high turnover in 2006-07 and it also became the first unit of the Company to be awarded the ‘CII EXIM Bank Award for Business Excellence’. As Director (HR) of the Company, he has played a role in gearing up the Company to meet the heavy demands from the power sector and increasing competition from new players within the country and abroad. He is also involved in vendor development initiatives for castings and forgings, balance of plant items and turbine blades. Presently, he is also the chairman of the board of Raichur Power Corporation Limited.

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 Kanpur University and a post graduate diploma in Business Administration from Faculty of Arts, Annamalai University. Mr. Saraya joined the Haridwar unit of the Company, as an engineer trainee in 1976 and has approximately 35 years of experience of manufacturing at Company’s Heavy Electricals Equipment Plant, Haridwar, and business development at Power Sector-Marketing division at New Delhi and Project Implementation and Construction at Power Sector Eastern Region construction division, Kolkata. As Executive Director, he held the charge of both Power Sector Marketing and Power Sector Eastern Region concurrently. Apart from being the full time Director (Power) in BHEL, he is also on the boards of DDKPL, NBPPL, RPCL and UPCL. As Director (Power), he is responsible for spearheading the Power Sector of the Company, which handles about 80% of the organization’s business and is responsible for formulating strategies for securing not only business for the growth of the organization but also ensuring timely completion of the projects in hand leading to enhanced customer satisfaction.

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 University of Lucknow, a degree in Master of Business Administration from the Indira Gandhi National Open University, New Delhi and M.A. in Rural Social Development from the University of Reading, United Kingdom. In his career of approximately 28 years, he has served at senior Government positions, both in the State Government of Tamil Nadu and GoI. He has held important senior level positions in recent years including Principal Secretary in the Revenue Department, Special Secretary in Home Department and Industry Department and Commissioner of Municipal Administration and Water Supply Department in Tamilnadu. Presently, he is posted as Joint Secretary to the Government of India in Department of Heavy Industry, Ministry of Heavy Industries and Public Enterprises looking after the auto sector, heavy electrical equipment sector, vigilance and several public sector enterprises, including subject.

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 Marathwada Agricultural University, Parbhani and the Latur District Planning and Development Committee. Shri Zanwar is currently a Director on the Board of Shree Saibaba Sugars Limited.

Press Releases

14-May-2012

BHEL bags contract for installing 160 MW Combined Cycle Power Plant at Ramgarh in Rajasthan

Subject has secured a prestigious contract for setting up a 160 MW Combined Cycle Power Plant (CCPP) in Rajasthan.

Reposing confidence in BHEL’s proven technological excellence; Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL) has placed a repeat order worth Rs.3800 Million on the company, for setting up a Frame 9E Gas Turbine-based 160 MW CCPP as an expansion project (Stage IV) of Ramgarh power plant in Jaisalmer district of Rajasthan.

The order for Stage III of Ramgarh was also earlier placed on BHEL. The repeat order for Stage IV is a reflection of BHEL's capabilities and reinforces BHEL's leadership status in the execution of Gas-based Combined Cycle Power Projects.

BHEL’s scope of work in the present contract envisages design, engineering, manufacture, supply, erection and commissioning of the Main Plant & equipment for the Gas-based power project comprising one Frame 9E Gas Turbine with Generator, one Heat Recovery Steam Generator, one Steam Turbine Generator and Associated Auxiliaries with state-of-the-art Controls & Instrumentation (C&I) system. The equipment for the project shall be supplied by BHEL’s Hyderabad, Trichy and Bangalore plants, while BHEL’s Power Sector – Northern Region will undertake erection and commissioning of the equipment.

BHEL has fully established state-of-the-art technology for Gas-based Combined Cycle Power Plants with Gas Turbines of ratings up to 290 MW and Coal-based Thermal sets up to 1,000 MW rating. To meet customer demand, the company has introduced new rating Thermal sets of 150 MW, 270 MW, 300 MW, 525 MW and 600 MW, in addition to 250 MW and 500 MW sets in the sub-critical range.

The company has also equipped itself to produce thermal sets with Supercritical parameters of 660/700/800 MW unit ratings, suited to Indian conditions, using Indian as well as imported coal.

7-May-2012

BHEL's thermal power generating sets achieve record generation in FY 2011-12; Contribute 75 per cent of the country's total thermal power generation; Power stations equipped with BHEL equipment win Maximum Productivity Awards

Power generation in the country received a boost with BHEL-built thermal sets generating 5.5% more power in fiscal 2011-12, compared to the previous fiscal. During the year, these sets registered a record generation of 459 Billion Units of electricity against 435 Billion Units in the year before. Significantly, this constituted 75% of the total power generated in the country from coal-based thermal utility sets. Similarly 42% of country’s generation from hydro sets and 66% of country’s generation from nuclear sets was contributed by BHEL sets.

Consistently exceeding the national average efficiency parameters, in 2011-12 also, BHEL-manufactured thermal sets achieved an impressive Operating Availability (OA) of 85.9%, while the Plant Load Factor (PLF) at 75.5% was 2.3% higher than the national average.

BHEL-make 200-500 MW thermal sets, which form the backbone of the country's thermal generating capacity, operated at an OA of 89% and a PLF of 79%. Notably, 14 BHEL-make thermal sets of various ratings operated at a PLF of over 90% and 152 sets achieved an OA of more than 90%. BHEL-make 500 MW thermal sets also maintained their record of consistent availability of above 90% for last five years.

Significantly, 9 Power Stations out of 12 and 10 power stations out of 13 in the country awarded with the Government of India’s National Awards for Meritorious Performance for the years 2009-10 & 2010-11 respectively are equipped with generating equipment manufactured by BHEL, reaffirming the reliability and quality of BHEL equipment.

BHEL has fully established state-of-the-art technology for manufacture of thermal sets up to 600 MW rating in the sub-critical range and has the capability to manufacture sets up to 1,000 MW rating. The company has also equipped itself to produce 660 MW / 700 MW / 800 MW thermal sets with supercritical parameters, and is shoring up its capability for higher rating Hydro sets and advanced class Gas Turbines to cater to upcoming market requirements.

BHEL has been committed to the nation’s power development programme and has reaffirmed its commitment to the Indian Power Sector by equipping itself by way of contemporary technology, state-of-the-art manufacturing facilities and skilled technical manpower. Significantly, the company has established the capability to deliver power plant equipment of 20,000 MW per annum.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various stheces including but not limited to: The Cthets, 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] Cthet 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 :

The 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.

The 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. 54.87
UK Pound	1	Rs. 86.46
Euro	1	Rs. 69.48

INFORMATION DETAILS

Report Prepared by :

ACH

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 unfavtheable 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.