1. Summary Information

		Country	India
Company Name	BHARAT HEAVY ELECTRICALS LIMITED	Principal Name 1	Mr. B. Prasada Rao
Status	Very Good	Principal Name 2	Mr. S. Ravi
		Registration #	55-004281
Street Address	BHEL House, Siri Fort, New Delhi – 110 049, India
Established Date	13.11.1964	SIC Code	--
Telephone#	91-11-66337000	Business Style 1	Manufacturer
Fax #	91-11-26493021	Business Style 2	Seller
Homepage	http://www.bhelhyderabad.com	Product Name 1	Boilers
# of employees	1079 (Approximately)	Product Name 2	Hydro Turbines
Paid up capital	Rs.4,895,200,000/-	Product Name 3	Gas Turbines
Shareholders	Promoter and Promoter Group-67.72% and Public Shareholding-32.28%	Banking	State Bank of India
Public Limited Corp.	Yes	Business Period	49 Years
IPO	Yes	International Ins.	-
Public Enterprise	Yes	Rating	Aa (73)
Related Company
Relation	Country	Company Name	CEO
Joint Ventures	-	BHEL-GE Gas Turbine Services Limited	-
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	361,705,400,000	Current Liabilities	336,380,100,000
Inventories	134,445,000,000	Long-term Liabilities	1,234,300,000
Fixed Assets	43,197,900,000	Other Liabilities	76,413,700,000
Deferred Assets	15,462,400,000	Total Liabilities	414,028,100,000
Invest& other Assets	112,949,500,000	Retained Earnings	248,836,900,000
		Net Worth	253,732,100,000
Total Assets	667,760,200,000	Total Liab. & Equity	667,760,200,000
Total Assets (Previous Year)	592,605,600,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	472,278,600,000	Net Profit	70,399,600,000
Sales(Previous yr)	415,661,300,000	Net Profit(Prev.yr)	60,112,000,000

MIRA INFORM REPORT

Report Date :

06.04.2013

IDENTIFICATION DETAILS

Name :	BHARAT HEAVY ELECTRICALS LIMITED
Registered Office :	BHEL House, Siri Fort, New Delhi – 110 049
Country :	India
Financials (as on) :	31.03.2012
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/ DELB01364G/ DELB01591C/ DELB05940E
PAN No.: [Permanent Account No.]	AAACB4146P
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.
Line of Business :	Manufacturing and Selling of Boilers, Hydro Turbines, Gas Turbines etc.
No. of Employees :	1079 (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 1000000000
Status :	Very Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a Union Government Company. It is well established and a reputed company having good track record. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	FITCH
Rating	AAA: National Long Term Rating
Rating Explanation	Having Lowest credit risk. This rating is assigned only in cases of exceptionally strong capacity for payment of financial commitment.
Date	December, 2011

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

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: 31.03.2012

Name :	Mr. B. Prasada Rao
Designation :	Chairman and Managing Director
Name :	Mr. V. K. Jairath
Designation :	Director
Name :	Mr. Trimbakdas S. Zanwar
Designation :	Director
Name :	Mr. S. Ravi
Designation :	Director
Name :	Mrs. Atul Saraya
Designation :	Director
Name :	Mr. O.P. Bhutani
Designation :	Director (E,R and D)
Name :	Mr. M.K. Dube
Designation :	Director (IS and P)
Name :	Mr. P. K. Bajpai
Designation :	Director (Finance)
Name :	Mr. R. Krishnan
Designation :	Director (HR)

KEY EXECUTIVES

Name :	Mr. I. P. Singh
Designation :	Company Secretary
Name :	Mr. Vijay S. Madan
Designation :	Additional Secretary and Financial Advisor
Name :	Mr. Ambuj Sharma
Designation :	Joint Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.12.2012

Category of Shareholders	Number 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	25446613	1.04
Financial Institutions / Banks	112832598	4.61
Insurance Companies	166956052	6.82
Foreign Institutional Investors	365276932	14.92
Sub Total	670512195	27.39
(2) Non-Institutions
Bodies Corporate	39375515	1.61
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	70509612	2.88
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1921238	0.08
Any Others (Specify)	7729440	0.32
Directors & their Relatives & Friends	3100	0.00
Trusts	878030	0.04
Clearing Members	1588363	0.06
Non Resident Indians	5258857	0.21
Foreign Nationals	1090	0.00
Sub Total	119535805	4.88
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	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	2447600000	0.00

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 :

1079 (Approximately)

Bankers :

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

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)
Joint Ventures :	· Power Plant Performance Improvement Limited · BHEL-GE Gas Turbine Services Limited · NTPC-BHEL Power Projects Private Limited · Udangudi Power Corporation Limited · Barak Power Pvt. Ltd. (wound up w.e.f. 11.10.2011) · Raichur Power Corporation Limited · Dada Dhuniwale Khandwa Power Limited · Latur Power Company Limited (w.e.f. 06.04. 2011)

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000000	Equity Shares	Rs. 2/- each	Rs. 20000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2447600000	Equity Shares	Rs.10/- each	Rs. 4895.200 Millions

a) Out of which 1223800000 equity shares of Rs. 2 each (previous year 244760000 equity shares of Rs. 10 each) allotted as bonus shares

b) The reconciliation of the number of equity shares outstanding is set out below:

Shares outstanding at the beginning of the year	489520000
Shares issued during the year towards split of shares from Rs. 10 to Rs. 2 per share	1958080000
Shares bought back during the year	-
Shares outstanding at the end of the year	2447600000

c) Details of shares held by shareholders holding more than 5% shares at the year end

	Number of Shares	Percentage of holding
President of India (POI) alongwith nominees	1657552000	67.72
Life Insurance Corporation of India	141433662	5.78
Face Value per share	-	2.00

d) Terms / rights attached to the equity shares:

The company has only one class of equity shares having a par value of Rs. 2 per share (previous year Rs. 10 per share). Each holder of the equity shares is entitled to one vote per share.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4895.200	4895.200	4895.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		248836.900	196643.200	154278.400
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		253732.100	201538.400	159173.600
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		1234.300	1633.500	1277.500
TOTAL BORROWING		1234.300	1633.500	1277.500
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		254966.400	203171.900	160451.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		43197.900	34009.200	24154.000
Capital work-in-progress		13246.300	17621.800	15500.500
INVESTMENT		4616.700	4391.700	798.400
DEFERREX TAX ASSETS		15462.400	21635.500	15272.300
OTHER NON CURRENT ASSETS		95086.500	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	134445.000	109630.300	92354.600
	Sundry Debtors	263361.300	273546.200	206887.500
	Cash & Bank Balances	66719.800	96301.500	97900.800
	Other Current Assets	1506.100	3096.300	4068.500
	Loans & Advances	30118.200	32373.100	27931.700
Total Current Assets		496150.400	514947.400	429143.100
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	102713.100	96019.200	75798.000
	Other Current Liabilities	233667.000	217446.500	204439.400
	Provisions	76413.700	75968.000	44179.800
Total Current Liabilities		412793.800	389433.700	324417.200
Net Current Assets		83356.600	125513.700	104725.900
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		254966.400	203171.900	160451.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Income	472278.600
		Other Income	20165.800
		TOTAL	492444.400
Less	EXPENSES
		Cost of material consumption, erection and engineering expenses	289077.300
		Increase in Work in progress and Finished Goods	(8232.000)
		Employee benefits expense	54658.300
		Other Expenses of Manufacture, Administration, Selling and Distribution	32228.200
		Provision Net	14025.800
		Cost of Jobs Done for Internal Use	(1041.100)
		Prior Period Items (Net)	192.500
		TOTAL	380909.000
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		111535.400
Less	INTEREST AND OTHER BORROWING COSTS		512.800
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		111022.600
Less/ Add	DEPRECIATION/ AMORTISATION		8000.000
	PROFIT BEFORE TAX		103022.600
Less	TAX		32623.000
	PROFIT AFTER TAX		70399.600
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8118.600
Less	APPROPRIATIONS
		Transfer to General Reserve	50000.000
		Dividend	15670.000
		Tax on Dividend	2540.000
	BALANCE CARRIED TO THE B/S		10308.200
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods	10065.300
		Interest	0.300
		Election and Other Services	4770.100
		FE in Deemed Export (incl. domestic contracts)	129355.800
	TOTAL EARNINGS		144191.500
	IMPORTS
		Raw Materials	48842.700
		Components & Spares Parts	40493.300
		Capital Goods	4012.500
	TOTAL IMPORTS		93348.500
	Earnings Per Share (Rs.)		28.76

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	415661.300	328611.100
		Interest and Other Income	17011.000	16486.200
		TOTAL	432672.300	345097.300
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)
		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
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		96045.200	70821.600
Less	INTEREST AND OTHER BORROWING COSTS		547.300	335.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		95497.900	70486.600
Less/ Add	DEPRECIATION/ AMORTISATION		5441.200	4580.100
	PROFIT BEFORE TAX		90056.700	65906.500
Less	TAX		29944.700	22800.100
	PROFIT AFTER TAX		60112.000	43106.400
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5753.900	5968.400
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
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods	7692.100	12315.900
		Interest	0.100	0.100
		Election and Other Services	4495.700	3351.100
		FE in Deemed Export (incl. domestic contracts)	80072.100	66967.100
	TOTAL EARNINGS		92260.000	82634.200
	IMPORTS
		Raw Materials	42430.700	39435.300
		Components & Spares Parts	28378.000	25087.400
		Capital Goods	7009.400	7836.600
	TOTAL IMPORTS		77818.100	72359.300
	Earnings Per Share (Rs.)		122.80	88.06

QUARTERLY RESULTS

Particulars	30.06.2012	30.09.2012	31.12.2012
	1^st Quarter	2^nd Quarter	3^rdQuarter
Type	UnAudited	UnAudited	UnAudited
Net Sales	84390.100	105615.500	102197.100
Total Expenditure	72368.200	86620.800	85856.500
PBIDT (Excl OI)	12021.900	18994.700	16340.600
Other Income	3662.700	1306.700	3323.800
Operating Profit	15684.600	20301.400	19664.400
Interest	55.200	258.600	509.100
Exceptional Items	000	000	000
PBDT	15629.400	20042.800	19155.300
Depreciation	2283.900	2163.100	2197.900
Profit Before Tax	13345.500	17879.700	16957.400
Tax	4136.500	5135.200	5138.900
Provisions and contingencies	000	000	000
Profit After Tax	9209.000	12744.500	11818.500
Extraordinary Items	000	000	000
Prior Period Expenses	000	000	000
Other Adjustments	000	000	000
Net Profit	9209.000	12744.500	11818.500

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	14.29	13.89	12.49
Net Profit Margin (PBT/Sales)	(%)	21.81	20.81	20.06
Return on Total Assets (PBT/Total Assets}	(%)	19.10	16.40	14.54
Return on Investment (ROI) (PBT/Networth)		0.41	0.45	0.41
Debt Equity Ratio (Total Debt/Networth)		0.01	0.01	0.01
Current Ratio (Current Asset/Current Liability)		1.20	1.32	1.32

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

DETAILS OF LITIGATION

IN THE HIGH COURT OF DELHI AT NEW DELHI

EX.P.8/2013

MIS PEE TEE ENGINEERING ASSOCIATES….. Decree Holder

Through Mr.Saurabh Mishra, Adv. with

Mr.Kislay Kr.Jha, Adv.

Versus

BHARAT HEAVY ELECTRICALS LTD and ANR

….. Judgement Debtors

Through Mr.A.K.Roy, Adv.

CORAM:

HON?BLE MR. JUSTICE MANMOHAN SINGH

O R D E R

08.01.2013

E.A.No.19/2013 (exemption)

Exemption allowed, subject to just exceptions.

Ex.P.No.8/2013

Issue notice to the judgement-debtors. Learned counsel appearing om behalf of the judgemendebtors accepts notice. He seeks ten days time to inspect the papers. At his request, List on 21 st January, 2013.

MANMOHAN SINGH, J.

JANUARY 08, 2013/ka

$ 35

FINANCIAL HIGHLIGHTS

During the year, the company witnessed growth in turnover by 14.2% to Rs. 495100.000 Millions from Rs. 433370.000 Millions in the previous year. The Revenue from operations (Net) increased by 13.6% from Rs. 415661.300 Millions in 2010-11 to Rs. 47228.600 Millions in 2011-12. Profit before Tax for the year 2011-12 is placed at Rs. 103022.600 Millions as against Rs. 90054.400 Millions during 2010-11, a growth of 14.4% as compared to previous year. Profit after Tax is placed at Rs. 70399.600 Millions as against Rs. 60112.000 Millions during 2010-11, a growth of 17.1% over previous year. Excluding impact of change in policy related to warranty obligation for earlier years in 2010-11, the turnover, PBT and PAT were Rs. 412990.000 Millions, Rs. 84870.000 Millions and Rs. 56650.000 Millions respectively, an increase of 19.9%, 21.4% and 24.3% respectively in 2011-12 as compared to 2010-11.

The company has registered a significant growth in turnover, profit and other financial parameters during the year 2011-12. During the year company has sub-divided existing equity shares of face value of r 10/- into 5 equity shares of face value of r 2/- each and the record date was fixed October 04, 2011.

Net worth of the company has gone up from Rs. 201538.400 Millions to Rs. 253732.100 Millions registering an increase of 25.9%. Net asset value (NAV) per share has been placed at Rs. 103.67 in 2011-12 as against Rs. 82.34 (post-split) in 2010-11.

The company had filed Draft Red Herring Prospectus (DRHP) dated 28.09.2011 with Securities and Exchange Board of India (SEBI) on 30.09.2011 for disinvestment of 5% of the paid up equity capital out of Government of India’s shareholding. Consequent upon the receipt of ‘no-objection’ for withdrawal of DRHP for FPO, from Department of Heavy Industry/ Department of Disinvestment, the Board of Directors in its meeting held on April 03, 2012 has approved the withdrawal of DRHP filed by the company with SEBI.

MANAGEMENT DISCUSSION AND ANALYSIS

Bharat Heavy Plate and Vessels Limited (BHPV)

Bharat Heavy Plate and Vessels Ltd. (BHPV) is 100% subsidiary co. of BHEL taken over on 10.05.2008. In

2011-12 BHPV recorded a profit of Rs. 104.400 Millions on a turnover of Rs. 1558.000 Millions.

Particular	2011-12
BHEL's Investment in Equity	At Rs. 1/-
Advance against issue of shares	340.000
Turnover	1558.000
Profit after Tax	104.400

BHEL Electrical Machines Limited

A subsidiary Company has been incorporated on 19^th January 2011 as "BHEL Electrical Machines Limited", with

BHEL holding the majority stake of 51% with an equity investment of Rs. 53.600 Millions and Govt. of Kerala retaining 49%. In 2011-12, BHEL EML recorded a loss of Rs. 03.800 Millions on a turnover of Rs. 211.400 Millions.

BHEL-GE Gas Turbine Services Private Limited (BGGTS)

BGGTS is a Joint Venture Company of BHEL and GE USA, formed to take up repair and servicing of GE designed Gas Turbines. The Financial highlights of the Company are as under:

Particular	2011-12
BHEL's Investment in Equity	23.800
Turnover	5132.800
Profit after Tax	607.600
Net Worth	1144.800

NTPC - BHEL Power Projects Private Limited (NBPPPL)

A Joint Venture between BHEL and NTPC incorporated on 28th April, 2008 for carrying out EPC activities in the Power Sector. The Financial highlights are as under:

Particular	2011-12
BHEL's Investment in Equity	250.000
Turnover	1455.500
Profit after Tax	130.600

Udangudi Power Corporation Limited

A Joint Venture between BHEL and TNEB, incorporated on 26th December, 2008, to build, own and operate a 1600 MW (2x800 MW) Super Critical Thermal Power Plant at Udangudi.

Particular	2011-12
BHEL's Investment in Equity	325.000
Net Block	290.900
Capital Work in Progress	417.500

Raichur Power Corporation Limited

BHEL has promoted a joint venture company with Karnataka Power Corporation Limited (KPCL) for setting up Supercritical Thermal Power Plant at Karnataka on build, own and operate basis. The Joint Venture was incorporated on 15.04.2009 under the name of "Raichur Power Corporation Limited ".

Particular	2011-12
BHEL's Investment in Equity	3315.200
Net Block	4.100
Capital Work in Progress (Including advances for capital expenditure)	14738.700

Dada Dhuniwale Khandwa Power Limited

BHEL has promoted a joint venture company with Madhya Pradesh Power Generating Company Limited

(MPPGCL) for setting up of a 2x800MW Supercritical Thermal Power Plant at Khandwa, Madhya Pradesh on build, own and operate basis. The Joint Venture was incorporated on 25.02.2010 under the name of "Dada Dhuniwale Khandwa Power Limited ".

Particular	2011-12
BHEL's Investment in Equity	225.000
Net Block	0.300
Capital Work in Progress	7.300

Latur Power Company Limited

BHEL has promoted a Joint venture company with Maharashtra State Power Generation Company Limited (MAHAGENCO) for setting up a 2x660 MW Thermal power plant or 1500 MW gas based Combined Cycle

Power Plant (CCPP) in Latur, Maharashtra. The Joint Venture Company was incorporated on 06.04.2011 under the name of "Latur Power Company Limited". The present paid up equity of the JVC is Rs. 50.000 Millions, subscribed to equally by both the partners.

Barak Power Private Limited

A Joint Venture between BHEL and PTC, incorporated on 1st Sept, 2008. The Joint Venture has been wound up w.e.f. 11.10.2011 and the investment has been written off during the year.

Power Plant Performance Improvement Limited

A Joint Venture between BHEL and Siemens and is under liquidation.

PERFORMANCE OF BUSINESS SEGMENTS POWER SECTOR

From one of the most rapidly growing sector till last year, the Indian Power Sector is witnessing slowdown during the year. The developers are facing numerous constraints like Coal allocation, Gas allocation, Environment clearance, Land acquisition, Legal issues, Financial closure etc which are affecting the on-going projects as well as the new projects.

As a result, bidding process of many projects was delayed and many projects, including those for which the bids had been opened in the last financial year, could not be concluded for one or more of the above issues. In the Power Sector business segment, BHEL continued to demonstrate its competitiveness by bagging most of the Power Plant and associated equipment orders placed during the year, in the country. Orders worth Rs. 140120.000 Millions for supply and installation of main equipment as well as spares and services were secured during the year.

Major achievements during the year

· Order received for the first ever 300 MW rating set with Forced Recirculation Boiler from Abhijeet Projects for 1x300 MW Vizag.

· New Customer added: Singareni Collieries Company Limited. (SCCL).

INDUSTRY SECTOR

In Industry Sector, BHEL secured orders worth Rs. 87820.000 Millions in Captive Power, Rail Transportation, Power Transmission, Oil and Gas, Renewable Energies and other Industrial Segments. Major orders received during the year / other business highlights – Industry segment-wise include:

Captive Power Plants

· Secured first ever order for GTG with Chiller from M/s Kribh Company Limited for their Hazira complex. Use of

· Chiller has resulted in enhanced power output. Order won against stiff competition.

· First ever order for CPP Group for CFBC Boiler designed to operate on 100% coal middlings. The order for 67.5MW BTG with 280TPH CFBC Boiler was secured from M/s Tecpro Systems Ltd for Power Plant being set up by M/s Kohinoor Power, Kolkata.

· Grasim Cellulosic Division reposed their confidence in BHEL by placing order for 3x32MW and 1x20MW STGs for their Export Oriented Unit at Vilayat and Grasilene Division at Harihar, respectively.

· Reliance Industries also reposed their confidence in BHEL by placing order for 2 nos. Fr6B GTGs for Dahej Plant against stiff competition.

Renewables

Orders for two Grid Interactive Solar PV Power plants of 5 MW each from Karnataka Power Corporation and Indian Oil Corporation for their projects at Mandya and Phalodi respectively.

Defence Business

The 1st Aux Control System (ACS) after successful Factory Acceptance Test (FAT) at AVIO Italy has been delivered to MDL for installation at Naval Ship (P15A), thereby successfully launches the product.

Rail Transportation

Received single largest order for 85 sets 25kV AC EMU (Conv.) from ICF, Chennai and for 870 sets of Wheel and Axle assembly from Railway Board.

INTERNATIONAL BUSINESS

· The year 2011-12 witnessed unforeseen turmoil in various parts of the globe affecting BHEL's international business prospects. The widespread financial instability in Europe and political volatility in Middle East and North Africa (MENA) region has caused delays in financial closure and project financing resulting in postponement of finalization of new projects. These recent political and civil unrest in the Middle East and North Africa (MENA) and increasing security concerns have adversely affected the business prospects in the traditional markets.

· In spite of such difficult and uncertain trends, BHEL has made persistent efforts in maintaining its volume of international business. Though certain large orders expected to be finalized during the year were delayed, concerted efforts have helped us maintain the footprints by securing orders from 21 countries across the world.

· The year marked significant steps towards globalization with successful forays in new markets and new product areas, apart from firmly establishing the company's presence in existing markets.

JOINT VENTURES

I) BHEL-GE Gas Turbine Services Limited (BGGTS):

The Joint Venture Company, BHEL-GE Gas Turbine Services Limited (BGGTS), has been promoted by BHEL

with GE, USA for repair and servicing of GE designed Gas Turbines has completed fourteen full financial years of operation.

BGGTS achieved a sales turnover of Rs. 5132.800 Millions during the year 2011-12 with a profit after tax of

Rs. 607.600 Millions Orders for Rs. 10473.600 Millions approx were booked by BGGTS during the year including an order of Rs. 4520.000 Millions approx received from NTPC for renovation of GT package at Kawas. BGGTS successfully completed gas turbine servicing and supply of spares to various customers in both Public and Private sectors. For the year 2011-12, BGGTS has declared a dividend of 680% thereby maintaining its consistent record of improved performance.

II) Powerplant Performance Improvement Limited (PPIL):

The Joint Venture Company, Powerplant Performance Improvement Limited. (PPIL), has been promoted by BHEL with Siemens, Germany for plant performance improvement of old fossil fuel power plants.

PPIL is in the process of settlement of outstanding issues and collection of withheld payments for pending contracts. Since sufficient business to ensure viability of the company has not been forthcoming, the promoter partners have mutually agreed to gradually wind up the company.

III) NTPC BHEL Power Projects Private Limited (NBPPL):

BHEL along with NTPC Limited. has promoted a joint venture company “NTPC BHEL Power Projects Private

Limited” for carrying out EPC contracts for Power Plants and other Infrastructure Projects in India and abroad.

The JV Company can also take up manufacture and supply of equipments, for power plants and other infrastructure projects, which are not subject to any limitation or restriction under any ongoing collaboration agreement of promoter companies. BHEL's Board has approved to enhance BHEL's contribution in the equity from the initial Rs. 0.500 Million to Rs. 1000.000 Millions which will be done in tranches as per funds requirements of the JVC. The paid up capital of the JVC is presently Rs. 500.000 Millions, with BHEL and NTPC each having subscribed Rs. 250.000 Millions. The JVC has acquired land in Mannavaram, AP and is in the process of implementing Phase-I of the investment already approved. The JVC is also executing orders for Balance of Plant equipment assigned to it. For the financial year 2011-12, the JVC achieved a turnover of Rs 1455.500 Millions and PAT of Rs. 130.600 Millions approx. NBPPL has entered into a technical collaboration agreement with M/s DMW, USA for manufacture and supply of Coal Handling Plants.

IV) Barak Power Private Limited (BPPL):

BHEL had promoted a joint venture company with PTC India Ltd. for setting up of 2x125MW CFBC based power plant in Silchar, Assam. The JVC was incorporated on 1st September, 2008 under the name of Barak Power

Private Limited with an authorized and paid up capital of Rs1.000 Million subscribed to equally by BHEL and PTC. Due to non availability of local coal, the power plant has not been found to be viable. Promoters enhanced their contribution from Rs. 0.500 Million to Rs. 0.850 Million each to settle the outstanding obligation and wind up the JVC. As intimated by Registrar of Companies, the JVC has been wound up on 11.10.2011.

V) Udangudi Power Corporation Limited (UPCL):

BHEL has promoted a joint venture company with Tamilnadu Electricity Board for setting up of a 2x800MW

Supercritical Thermal Power Plant at Udangudi, Tuticorin, Tamilnadu on build, own and operate basis. The JVC was incorporated on 26.12.2008 under the name of “Udangudi Power Corporation Limited”. The initial authorized and paid up equity of the JVC was Rs. 100.000 Millions subscribed to equally by TNEB and BHEL. As per the

Joint Venture Agreement, the equity structure is to be subsequently diluted to bring in Financial Institution/ Banks who would hold 48% of equity and TNEB and BHEL would hold 26% each. The State Government had allotted land for the JVC project for which the payment has been made to Govt. of Tamilnadu with equal equity contribution by both promoters. At present the paid up equity capital of JVC is Rs. 650.000 Millions, with BHEL and TNEB each having subscribed Rs. 325.000 Millions. The JVC has been awaiting grant of coal linkage and MOEF clearance before proceeding with finalizing main plant equipment order on BHEL. In March 2012, Government of Tamilnadu has indicated that they would like to pursue this project as a state project rather than as a JV project.

VI) Raichur Power Corporation Limited (RPCL):

BHEL has promoted a joint venture company with Karnataka Power Corporation Limited (KPCL) for setting up of a 2x800MW Supercritical Thermal Power Plant at Yeramarus, Raichur, Karnataka and 1x800MW Supercritical Thermal Power Plant at Edlapur, Raichur, Karnataka on build, own and operate basis. The Joint Venture Agreement with KPCL was signed on 12.01.2009 and the JVC was incorporated on 15.04.2009 under the name of “Raichur Power Corporation Limited”. The initial authorized and paid up equity of the JVC was Rs. 100.000 Millions subscribed to equally by KPCL and BHEL. Pursuant to financial closure in November 2011 and induction of IFCI as the third equity partner, a change in equity structure has been agreed and ultimately KPCL would hold 50%, BHEL 26% and IFCI 24%. The JVC has received MOEF clearance for the 2x800MW Yeramarus power project and the order for supply and E and C of main plant equipment for the 2x800MW Yermarus project has been placed on BHEL for a value of approx. Rs. 63000.000 Millions. The LOA for 1x800MW Edlapur project valuing Rs. 31000.000 Millions has also been settled and Notice to Proceed would be issued after MOEF clearance. At present the total paid up equity capital of JVC is approx Rs. 7280.000 Millions, with BHEL holding Rs.3315.000 Millions, KPCL holding Rs. 3465.000 Millions and IFCI holding Rs. 500.000 Millions.

VII) Dada Dhuniwale Khandwa Power Limited (DDKPL):

BHEL has promoted a joint venture company with Madhya Pradesh Power Generating Company Limited (MPPGCL) for setting up of a 2x800MW Supercritical Thermal Power Plant at Khandwa, Madhya Pradesh on build, own and operate basis. The Joint Venture Agreement with MPPGCL was signed on 28.01.2010 and the JVC was incorporated on 25.02.2010 under the name of “Dada Dhuniwale Khandwa Power Limited”. The initial authorized and paid up equity of the JVC was Rs. 50.000 Millions subscribed to equally by MPPGCL and BHEL. A change in equity structure has been approved with BHEL holding 26%, MPPGCL-10%, PSUs/PSUFIs/

PSU bank-16% and balance 48% by a partner. The process of selection of 48% partner has been initiated. At present the paid up equity capital is Rs. 450.000 Millions, with BHEL and MPPGCL each having subscribed to Rs. 225.000 Millions, to enable JVC to meet land acquisition expenses. The JVC has been awaiting grant of coal linkage and MOEF clearance before proceeding with finalizing main plant equipment order on BHEL.

VIII) Latur Power Company Limited (LPCL):

BHEL has promoted a Joint venture company with Maharashtra State Power Generation Company Limited (MAHAGENCO) for setting up a 2x660 MW Thermal power plant or 1500 MW gas based Combined Cycle Power Plant (CCPP) in Latur, Maharashtra. The Joint Venture Agreement with MAHAGENCO was signed on

11.11.2010 and the JVC was incorporated on 06.04.2011 under the name of “Latur Power Company Limited”. The present paid up equity of the JVC is Rs. 50.000 Millions, subscribed to equally by both the partners. The equity structure would be diluted subsequently to bring in Financial Institution/Banks etc, so that MAHAGENCO and BHEL hold 26% equity each. The JVC is reviewing the viability of various options to set up a coal based or gas based project keeping in view the constraints ofavailability of sufficient water and fuel for the project.

(Rs in Millions)

Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Long term maturities of finance lease obligations	1234.300	1633.500
Total	1234.300	1633.500

CONTINGENT LIABILITIES:

Particulars	Rs. in million 31.03.2012	Rs. in million 31.03.2011
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”	452.000 0.000	326.100 0.200
ii) a Sales Tax Demand b Against which paid under protest included under the head “Advances Recoverable”	7327.000 983.900	5098.400 929.700
iii) a Excise Duty demands b Against which paid under protest included under the head “Advances Recoverable”	3200.800 784.000	2161.400 841.000
iv) a Custom Duty demands b Against which paid under protest included under the head “Advances Recoverable”	2.100 0.600	2.100 0.600
v) Court and Arbitration cases	5592.300	3750.700
vi) a Liquidated Damages b Amount deducted by customers towards LD included in vi)a	22836.300 15791.900	14011.100 8257.000
vii) Counter Claim by contractors	6.100	6.100
viii) a Service Tax Demand b Against which paid under protest	1321.700 0.000	2141.300 2.200
ix) Others	1063.400	1205.800
x) Corporate Guarantee given on behalf of subsidiary company (BHPV)	95.700	0.000
(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
• Leashold buildings
• Railway siding
• Locomotives and wagons
• Plant and Machinery
• Electronic data processing equipments
• Electrical installations
• Construction Equipment
• Vehicles
• Furniture and fixtures
• Office and other equipments

UNAUDITED FINANCIAL RESULTS [STANDALONE] FOR THE QUARTER ENDED 30.06.2012

(Rs in Millions)

SL.	PARTICULARS PART I	30.06.2012 3 Months
1	Income from Operations
	Sales/Income from Operations	87409.000
	Less: Excise Duty / Service Tax	4147.000
a	Net Sales/Income from Operations	83262.000
b	Other Operating Income	1128.000
2	Expenses
a	Cost of materials consumed (including erection &
	engineering)	53850.000
b	Changes in inventories of finished goods, work-in-progress and stock in trade	(5272.000)
c	Employee benefits expense	13950.000
d	Depreciation and amortisation expense	2284.000
e	Other expenses	9840.000
	Total Expenses	74652.000
3	Profit from Operations before Other Income, finance costs and Exceptional Items (1-2)	9738.000
4	Other Income	3663.000
5	Profit from ordinary activities before finance costs and Exceptional Items (3 + 4)	13401.000
6	Finance costs	55.000
7	Profit from ordinary activities after finance costs but before Exceptional Items (5 - 6)	13346.000
8	Exceptional Items	-
9	Profit from ordinary activities before tax (7 + 8)	13346.000
10	Tax expense (incl. deferred tax)	4137.000
11	Profit from ordinary activities after tax (9 - 10)	9209.000
12	Extraordinary Item (net of tax expense)	-
13	Net Profit for the period (11 ± 12)	9209.000
14	Paid-up equity share capital (Face Value 7 2 per share w.e.f. 4-10-2011, earlier 7 10 per share)	4895.000
15	Reserve excluding Revaluation Reserves as per
	balance sheet of previous accounting year
16	Basic & Diluted Earnings Per Share (before and after extraordinary items) RESTATED (7)	3.76.000

	PART -II
A	Particulars of Share holding
1	Public shareholding
	- Number of shares	790048000
	- Percentage of shareholding	32.28%
2	Promoters and Promoter Group Shareholding
a	Pledged / Encumbered
	- Number of shares	NIL
	- Percentage of shares (as a % of the total
	shareholding of promoter and promoter group)
	- Percentage of shares (as a % of the total
	share capital of the company)
b	Non - encumbered
	- Number of shares	1657552000
	- Percentage of shares (as a % of the total	100.00%
	shareholding of the Promoter and Promoter
	- Percentage of shares (as a % of the total	67.72%
	share capital of the company)

B	Investor Complaints
	Pending at the beginning of the quarter	0	Disposed of during the quarter	243
	Received during the quarter	243	Remaining unresolved at the end of the quarter	0

SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED

SLNo	PARTICULARS	3 Months Ended 30.06.2012
1	Segment Revenue
A	Power	67719.000
B	Industry	19717.000
	Total	87436.000
	Inter segmental revenue
	Sales / Income from operations	87436.000
2	Segment Results (Profit before Tax & Interest)
A	Power	12064.000
B	Industry	4134.000
	Total	16198.000
	Less: Interest	55.000
	Other unallocable expenditure net of income	2797.000
	Total Profit before Tax	13346.000
3	Capital Employed
	(Segment Assets - Segment Liabilities)
A	Power	132300.000
B	Industry	53362.000
	Capital Employed	241460.000
	(including unallocable common)

NOTES:

1. Pursuant to the resolution passed by the shareholders of the company in the AGM held on 20.09.2011, the equity shares of Face Value 7 10 each have been sub-divided into 5 equity shares of face value 7 2 each w.e.f. 4.10.2011. Earning per share for 3 months ended 30.06.2011 has been restated to make it comparable on like to like basis.

2. Figures for preceding 3 months ended 31.03.2012 are the balancing figures between audited figures in respect of the full financial year 2011-12 and the published year to date figures upto the third quarter of 2011-12.

3. The company has an outstanding order book position of about 7 1329000 millions at the end of Quarter-I 2012-13.

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 26.07.2012.

5. The above results have been reviewed by the Auditors as per clause 41 of the listing agreement.

PRESS RELEASE

25-March-2013

BHEL WINS DSIJ AWARD FOR THE FASTEST GROWING MAHARATNA PSU

Bharat Heavy Electricals Limited (BHEL) has been awarded the DSIJ Award for the Fastest Growing Maharatna PSU. The award was presented to Mr. B. Prasada Rao, Chairman and Managing Director, BHEL, by Mr. Ajit Singh, Hon'ble Union Minister of Civil Aviation.

21-March-2013

Mr Atul Saraya, Director (Power), BHEL handing over keys for four Mobile Medical Unit Vans to Helpage India

Mr. Atul Saraya, Director (Power), BHEL handing over the keys for four Mobile Medical Unit (MMU) Vans to Helpage India. The MMUs have been provided by BHEL to Helpage India as part of the company's CSR Initiatives.

18-March2013

Mr. P.K. Bajpai, Director (Finance), BHEL, receives CNBC TV18 Best CFO Award 2013

Mr. P.K. Bajpai, Director (Finance), BHEL, receiving CNBC TV18 Best CFO Award 2013 from the Hon'ble Union Minister of State (Independent Charge) for Corporate Affairs, Mr. Sachin Pilot.

27-February-2013

BHEL and Indian Railways sign MoU for setting up a greenfield Mainline Electric Multiple Unit coach factory

New Delhi, February 25: Bharat Heavy Electricals Limited (BHEL) and Indian Railways have signed a Memorandum of Understanding (MoU) for setting up a greenfield Mainline Electric Multiple Unit (MEMU) coach factory at Bhilwara in Rajasthan to cater to the growing demand for more local and suburban trains. 

The MoU was signed in the presence of Sh. Praful Patel, Hon’ble Union Minister of Heavy Industries and Public Enterprises, Government of India and Sh. Pawan Kumar Bansal, Hon’ble Union Minister of Railways and other dignitaries. Sh. B.P. Rao, Chairman and Managing Director, BHEL and Sh. Kul Bhushan, Member Electrical, Railway Board, signed the MoU.

4-Jan-2013

BHEL Celebrates Foundation Day

Mr. B. Prasada Rao, CMD, BHEL felicitating Mr. Praful Patel, Union Minister of Heavy Industries and Public Enterprises, on the occasion of BHEL's Foundation Day at a function organised in New Delhi.

NEWS

March 28, 2013, 11.09 PM IST

BHEL EXITS UDANGUDI POWER CORPORATION JOINT VENTURE

State-run BHEL today said it has exited Udangudi Power Corp by selling entire stake to joint venture partner Tamil Nadu Generation and Distribution Corporation (TANGEDCO).

However, financial details were not disclosed. The 1,600 MW Udangudi power plant is expected to cost around Rs 90830.000 Millions, according to TANGEDCO website.

In a filing to the BSE, BHEL said the exit from the joint venture was after request from TANGEDCO to undertake the Udangudi project as a state government initiative.

The joint venture was to develop the Udangudi power project. It was set up as a joint venture between power equipment major BHEL and Tamil Nadu Electricity Board in November, 2008.

Following its restructuring in 2010, Tamil Nadu Electricity Board's stake in the joint venture was transferred to TANGEDCO.

March 19, 2013, 07.21 PM IST

BHEL TOUCHES 52-WEEK LOW ON CITI SELL REPORT, DOWN 4.5%

State-owned engineering firm Bharat Heavy Electricals (BHEL) dropped more than 4.6 percent intraday to touch a new 52-week low of Rs 187.10 on Tuesday.

The research house Citigroup has recommended a sell rating on the stock with a target price of Rs 183 as company's working capital has historically been at precarious levels.

Citi has cut BHEL's valuation target on a worsening business outlook.

Shares witnessed fall in six out of seven sessions since last week, losing nearly 10 percent during that period.

At 14:18 hours IST, the stock lost 4.41 percent to Rs 187.55 amid large volumes on Bombay Stock Exchange.

Trading volumes more than doubled to 7.3 lakh equity lakh shares compared to its five-day average.

Engineering company's net profit fell by 17.5 percent year-on-year to Rs 11820.000 Millions in the December quarter. Even revenues dropped by 4.8 percent to Rs 100410.000 Millions during the same period.

Outstanding order book declined to Rs 1.13 lakh crore as on December 31 as against Rs 1.22 lakh crore reported in September quarter.

February 28, 2013, 11.22 AM IST

BHEL, L&T GAIN ON INCREASE IN GOVT EXPENDITURE

Engineeing majors Larsen and Toubro and BHEL gained 1.6 percent to Rs 1433.90 and 1.16 percent to Rs 208.85 on Thursday on Bombay Stock Exchange, respectively.

The government plans expenditure of Rs 55.300 Million crore for the financial year 2013-14.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 54.88
UK Pound	1	Rs. 83.54
Euro	1	Rs. 70.90

INFORMATION DETAILS

Report Prepared by :

UDS

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	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		73

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

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

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

RATING EXPLANATIONS

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

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