MIRA INFORM REPORT

Report Date :

12.07.2013

IDENTIFICATION DETAILS

Name :	BGR ENERGY SYSTEMS LIMITED
Formerly Known As :	GEA ENERGY SYSTEM INDIA LIMITED
Registered Office :	Plot No. A-5, Panamgadu Industrial Estate, Ramapuram Post, Sullurpet (T), Nellore – 524401, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.02.1985
Com. Reg. No.:	01-005318
Capital Investment / Paid-up Capital :	Rs. 721.600 Millions
CIN No.: [Company Identification No.]	L40106AP1985PTC005318
TAN No.: [Tax Deduction & Collection Account No.]	HYDG01305D
PAN No.: [Permanent Account No.]	AABCG2202J
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Capital Equipment for Power Plants, Petrochemical Industries, Refineries, Process Industries and undertake turnkey BOP and EPC contracts for Power plants.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (55)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 44580000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having fine track record. There appears continuous dip in the turnover and net profit and also in the market price of the company’s share. However, financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term rating : BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	January 23, 2013

Rating Agency Name	ICRA
Rating	Short term rating : A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	January 23, 2013

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 :	Plot No. A - 5, Panamgadu Industrial Estate, Ramapuram Post, Sullurpet (T), Nellore – 524401, Andhra Pradesh, India
Tel. No.:	91-44-27948249/ 27900181
Fax No.:	91-44-27948359/ 27948249
E-Mail :	gea@vsnl.com siva@gea-india.com compliance@bgrenergy.com response@bgrenergy.com
Website :	http://www.bgrcorp.com
Corporate/ Marketing & Sales Office :	443, Anna Salai, Teynampet, Chennai – 600018, Tamilnadu, India
Tel. No.:	91-44-24335958/ 24334940/ 24326171/ 24352436
Fax No.:	91-44-24338775/ 24360576/ 24315678
E-Mail :	bgr@md4.vsnl.net.in rrk@brenergy.com ppd@bgrenergy.com cpg@bgrenergy.com
Overseas Office :	610036, Room 1, 4^th Floor, Unit 1, 4^th Building in Ming Yuan, Jing Cheng Yuan Garden, No. 289 ShuHan Road, Chengdu City, China
Tel. No.:	86 28 87583520
Regional Offices :	Located at: New Delhi Mumbai Hyderabad
Factory 1 :	171, Panjetty Village, Ponneri Taluk, Ponneri, Tamilnadu, India
Factory 2 :	Survey 167/1 and 173, Thurai Nallur Village, Puduvoyal Arni Road, Puduvoyal Post, Ponneri Taluk, Tiruvallur District, Tamilnadu, India

DIRECTORS

AS ON 31.03.2012

Name :

Mr. Balakrishnan Govindaswamy Raghupathy

Designation :

Managing Director

Address :

60 (Old No. 100), IV Street, Abhiramapuram, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

28.09.1952

Date of Appointment :

11.10.2008

PAN No.:

AAFPR5779J

Voter ID No.:

TN/03/013/0021350

DIN No.:

00174472

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L40106AP1985PLC005318	BGR ENERGY SYSTEMS LIMITED	Managing director	11/10/2008	18/02/1985	-	Active	NO
2	U51103TN1991PTC020534	BOWN GRANITES COMPANY PRIVATE LIMITED	Director	25/03/1991	25/03/1991	02/07/2007	Active	NO
3	U70101TN1993PTC025438	SASIKALA ESTATE PRIVATE LIMITED	Director	14/07/1993	14/07/1993	09/02/2013	Active	NO
4	U29141TN1994PLC026639	PROGEN SYSTEMS AND TECHNOLOGIES LIMITED	Director	27/01/1994	27/01/1994	-	Active	NO
5	U65991TN1994PTC027177	VANI SECURITIES PRIVATE LIMITED	Director	30/03/1994	30/03/1994	-	Active	NO
6	U65991TN1994PLC027174	BGR INVESTMENT HOLDINGS COMPANY LIMITED	Director	30/03/1994	30/03/1994	-	Active	NO
7	U65991TN1994PTC027175	PRIYA SECURITIES PRIVATE LIMITED	Director	30/03/1994	30/03/1994	-	Active	NO
8	U65991TN1994PTC027176	ARJUN SECURITIES PRIVATE LIMITED	Director	30/03/1994	30/03/1994	-	Active	NO
9	U30009PY1986PLC000437	PRAGATI COMPUTERS LIMITED	Director	22/03/1995	22/03/1995	02/07/2007	Active	NO
10	U29191TN1996PTC035263	GEA COOLING TOWER TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	22/04/1996	22/04/1996	-	Active	NO
11	U92199GA1996PTC002186	GOA OCEANARIUM PRIVATE LIMITED	Director	03/12/1996	03/12/1996	02/07/2007	Active	NO
12	U74999TN1997PTC038530	GERMANISCHER LLOYD INDUSTRIAL SERVICES INDIA PRIVATE LIMITED	Director	30/06/1997	30/06/1997	-	Active	NO
13	U45207TN1993PLC026243	CUDDALORE POWERGEN CORPORATION LIMITED	Director	22/01/2010	04/07/1997	-	Active	NO
14	U72300TN1997PTC038980	PRAGATI INFORMATION TECHNOLOGIES PRIVATE LIMITED	Director	09/09/1997	09/09/1997	02/07/2007	Strike off	NO
15	U40101TN1999PLC041895	ERODE POWER CORPORATION LIMITED	Director	15/02/1999	15/02/1999	02/07/2007	Strike off	NO
16	U45201TN1995PTC033737	ANI CONSTRUCTIONS PRIVATE LIMITED	Director	15/02/1999	15/02/1999	-	Active	NO
17	U40101TN1999PLC041896	BGR POWER LIMITED	Director	15/02/1999	15/02/1999	-	Active	NO
18	U25199TN1999PTC042481	SCHMITZ INDIA PRIVATE LIMITED	Director	06/12/1999	06/12/1999	-	Active	NO
19	U45201TN1996PLC036430	GOVIN ENGINEERING AND CONSTRUCTIONS LIMITED	Director	27/12/2000	27/12/2000	02/07/2007	Active	NO
20	U51909TN2004PTC052377	JOVE TRADEX PRIVATE LIMITED	Director	23/01/2004	23/01/2004	02/07/2007	Strike off	NO
21	U93090TN1995PLC030467	MEGA FUNDS INDIA LIMITED	Director	21/06/2004	21/06/2004	-	Active	NO
22	U05005AP1992PLC040434	BGR AQUAATECH INDIA LIMITED	Director	23/09/2006	23/09/2006	-	Active	NO
23	U15511TN2007PTC064007	VINDIANA WINES PRIVATE LIMITED	Director	19/06/2007	19/06/2007	-	Strike off	NO
24	U40105TN2007PLC064141	GEA BGR ENERGY SYSTEM INDIA LIMITED	Director	28/06/2007	28/06/2007	-	Active	NO
25	U40300TN2009PTC070541	BGR TURBINES COMPANY PRIVATE LIMITED	Director	23/01/2009	23/01/2009	-	Active	NO
26	U31100TN2009PLC070540	BGR POWER MACHINES LIMITED	Director	23/01/2009	23/01/2009	-	Strike off	NO
27	U74200TN2009PTC070539	BGR BOILERS PRIVATE LIMITED	Director	23/01/2009	23/01/2009	-	Active	NO
28	U70109TN2006PTC061619	MENMAI ESTATE PRIVATE LIMITED	Director	22/06/2009	22/06/2009	-	Active	NO
29	U70102TN2006PTC061623	NANNILAM PROPERTY PRIVATE LIMITED	Additional director	14/01/2010	14/01/2010	02/04/2010	Active	NO
30	U40102TN2010PLC077392	BGR ODISHA POWERGEN LIMITED	Director	20/09/2010	20/09/2010	-	Active	NO
31	U45200TN2006PTC061692	ACCORD FOUNDATIONS PRIVATE LIMITED	Additional director	15/12/2010	15/12/2010	-	Active	NO
32	U65910TN2011PLC080324	BGR FINANCE AND CAPITAL INDIA LIMITED	Director	26/04/2011	26/04/2011	-	Active	NO
33	U70100TN2011PLC080323	BGR ESTATE HOLDINGS LIMITED	Director	26/04/2011	26/04/2011	-	Active	NO
34	U40106TN2011PTC080318	BGR FLAGSOL SOLAR POWER INDIA PRIVATE LIMITED	Director	26/04/2011	26/04/2011	08/02/2013	Active	NO
35	U62100TN2011PLC080336	BGR AVIATION LIMITED	Director	27/04/2011	27/04/2011	-	Active	NO
36	U40300TN2011PTC082266	TRG ENERGY PRIVATE LIMITED	Director	09/09/2011	09/09/2011	-	Strike off	NO
37	U70109TN2012PTC085532	VAANI ESTATES PRIVATE LIMITED	Director	20/04/2012	20/04/2012	08/02/2013	Active	NO
38	U70200TN2012PTC088071	ARJUN GOVIN ESTATE PRIVATE LIMITED	Director	15/10/2012	15/10/2012	08/02/2013	Active	NO
39	U70200TN2002PLC049497	SRAVANAA PROPERTIES LIMITED	Director	02/11/2012	02/11/2012	-	Active	NO

Name :

Mr. Vellore Ranganathan Mahadevan

Designation :

Whole-time director - Technologies and HR

Address :

A-5, Shanti Haven No. 128, St. Mary’s Road, Alwarpet, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

15.05.1959

Date of Appointment :

01.06.2010

PAN No.:

AADPM1663N

DIN No.:

00174667

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72300TN1997PTC038980	PRAGATI INFORMATION TECHNOLOGIES PRIVATE LIMITED	Director	09/09/1997	09/09/1997	-	Strike off	NO
2	U92199GA1996PTC002186	GOA OCEANARIUM PRIVATE LIMITED	Director	05/09/1998	05/09/1998	-	Active	NO
3	U30009PY1986PLC000437	PRAGATI COMPUTERS LIMITED	Director	18/07/1999	18/07/1999	-	Active	NO
4	U25199TN1999PTC042481	SCHMITZ INDIA PRIVATE LIMITED	Director	06/03/2000	06/03/2000	-	Active	NO
5	U45201TN1996PLC036430	GOVIN ENGINEERING AND CONSTRUCTIONS LIMITED	Director	04/08/2003	04/08/2003	-	Active	NO
6	L40106AP1985PLC005318	BGR ENERGY SYSTEMS LIMITED	Whole-time director	01/06/2010	01/06/2005	-	Active	NO
7	U40105TN2007PLC064141	GEA BGR ENERGY SYSTEM INDIA LIMITED	Director	30/10/2008	01/08/2007	-	Active	NO
8	U31100TN2009PLC070540	BGR POWER MACHINES LIMITED	Director	23/01/2009	23/01/2009	-	Strike off	NO
9	U74999TN1997PTC038530	GERMANISCHER LLOYD INDUSTRIAL SERVICES INDIA PRIVATE LIMITED	Director	10/07/2009	10/07/2009	-	Active	NO
10	U74200TN2009PTC070539	BGR BOILERS PRIVATE LIMITED	Director	05/09/2011	07/10/2010	-	Active	NO

Name :

Mr. Arumugam Swaminathan

Designation :

Whole-time director - Sales and Marketing

Address :

F-4, Shreyas Vepa, 4^th Street, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600004, Tamilnadu, India

Date of Birth/Age :

23.03.1956

Date of Appointment :

24.09.2010

PAN No.:

AHYPS1111P

DIN No.:

00673790

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U45207TN1993PLC026243	CUDDALORE POWERGEN CORPORATION LIMITED	Director	24/02/1998	24/02/1998	Active	NO
2	L40106AP1985PLC005318	BGR ENERGY SYSTEMS LIMITED	Whole-time director	24/09/2010	05/02/2010	Active	NO
3	U74200TN2009PTC070539	BGR BOILERS PRIVATE LIMITED	Nominee director	30/11/2012	30/11/2012	Active	NO

Name :

Gopalakrishna Muddusetty

Designation :

Director

Address :

12-2-823A/23, Santosh Nagar, Mehdipatnam, Hyderabad – 500028, Andhra Pradesh, India

Date of Birth/Age :

12.01.1939

Date of Appointment :

19.09.2008

DIN No.:

00088454

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L23209AP1984PLC004635	THE ANDHRA PETROCHEMICALS LIMITED	Director	30/09/1997	30/09/1997	30/08/2007	Active	NO
2	U31909AP1983PTC003971	PEC POTENTIOMETERS PRIVATE LIMITED	Director	17/09/2003	17/09/2003	30/04/2011	Active	NO
3	U24111AP1988PLC009231	ANDHRA PRADESH GAS POWER CORPORATION LIMITED	Director	09/01/2009	29/09/2003	30/09/2010	Active	NO
4	U31909AP1999PLC033104	RITHWIK ENERGY SYSTEMS LIMITED	Director	16/01/2004	16/01/2004	06/04/2009	Active	NO
5	L28990AP1978PLC002260	JOCIL LIMITED	Director	22/01/2005	22/01/2005	-	Active	NO
6	U01211AP2005PTC045437	SENTINI BIOPRODUCTS PRIVATE LIMITED	Director	11/05/2005	11/05/2005	-	Active	NO
7	L29253AP1983PLC004141	PITTI LAMINATIONS LIMITED	Additional director	28/06/2007	28/06/2007	-	Active	NO
8	L40106AP1985PLC005318	BGR ENERGY SYSTEMS LIMITED	Director	19/09/2008	18/07/2007	-	Active	NO
9	L64203AP2000PLC035451	GOLDSTONE INFRATECH LIMITED	Director	30/09/2008	29/10/2007	-	Active	NO
10	U40300AP2006PLC050927	ARANI POWER SYSTEMS LIMITED	Director	10/03/2008	10/03/2008	-	Active	NO
11	L30007AP1991PLC013211	KERNEX MICROSYSTEMS (INDIA)LIMITED........	Director	25/09/2008	25/09/2008	-	Active	NO
12	L72200AP1994PLC018351	B2B SOFTWARE TECHNOLOGIES LIMITED	Director	30/09/2009	30/09/2008	17/12/2010	Active	NO
13	U15540AP2008PTC060320	SENTINI BEVERAGES PRIVATE LIMITED	Director	31/12/2009	31/12/2009	02/01/2012	Active	NO
14	U24239AP2005PLC047307	VIJAYASRI ORGANICS LIMITED	Director	17/09/2010	19/05/2010	-	Active	NO
15	U74120AP2008PLC074583	NUZIVEEDU SEEDS LIMITED	Director	28/09/2011	17/08/2010	-	Active	NO
16	U15429AP2002PLC038489	NSL TEXTILES LIMITED	Director	30/09/2011	08/09/2010	-	Active	NO
17	U40109DL1985PTC114839	NSL RENEWABLE POWER PRIVATE LIMITED	Director	29/09/2010	28/09/2010	-	Active	NO
18	L24110AP1989PLC009713	SUVEN LIFE SCIENCES LIMITED	Additional director	14/11/2012	14/11/2012	-	Active	NO

Name :

Mr. Sharaf Ali Bohra

Designation :

Director

Address :

57, Shriniketan, Anushaktinagar, Mumbai – 400094, Maharashtra, India

Date of Birth/Age :

21.09.1944

Date of Appointment :

19.09.2008

DIN No.:

00791861

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	L40106AP1985PLC005318	BGR ENERGY SYSTEMS LIMITED	Director	19/09/2008	18/07/2007	Active	NO

Name :

Mr. Srinath Ragupathy Tagat

Designation :

Director

Address :

Old No. 4, New No. 7, Srikrishnapuram, Royapettah, Chennai – 600014, Tamilnadu, India

Date of Birth/Age :

27.09.1955

Date of Appointment :

19.09.2008

DIN No.:

01632756

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	L40106AP1985PLC005318	BGR ENERGY SYSTEMS LIMITED	Director	19/09/2008	18/07/2007	Active	NO

Name :

M. S. Sundara Rajan

Designation :

Director

Name :

Gnana Rajasekaran

Designation :

Director

Name :

Heinrich Bohmer

Designation :

Director

Address :

Blumenweg 1, D-40489, Dusseldorf, 0, Germany

Date of Birth/Age :

08.02.1936

Date of Appointment :

19.09.2008

DIN No.:

01710788

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	L40106AP1985PLC005318	BGR ENERGY SYSTEMS LIMITED	Director	19/09/2008	18/07/2007	Active	NO

Name :

Mrs. Sasikala Raghupathy

Designation :

Director

Address :

60 (Old No. 100), IV Street, Abhiramapuram, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

14.05.1956

Date of Appointment :

20.08.1985

PAN No.:

AAFPR5481B

Voter ID No.:

TN/03/013/021710

DIN No.:

00490686

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L40106AP1985PLC005318	BGR ENERGY SYSTEMS LIMITED	Director	20/08/1985	20/08/1985	-	Active	NO
2	U51103TN1991PTC020534	BOWN GRANITES COMPANY PRIVATE LIMITED	Director	25/03/1991	25/03/1991	02/07/2007	Active	NO
3	U05005AP1992PLC040434	BGR AQUAATECH INDIA LIMITED	Director	22/09/1992	22/09/1992	-	Active	NO
4	U70101TN1993PTC025438	SASIKALA ESTATE PRIVATE LIMITED	Director	14/07/1993	14/07/1993	-	Active	NO
5	U29141TN1994PLC026639	PROGEN SYSTEMS AND TECHNOLOGIES LIMITED	Director	27/01/1994	27/01/1994	08/02/2013	Active	NO
6	U65991TN1994PTC027177	VANI SECURITIES PRIVATE LIMITED	Director	30/03/1994	30/03/1994	-	Active	NO
7	U65991TN1994PLC027174	BGR INVESTMENT HOLDINGS COMPANY LIMITED	Director	30/03/1994	30/03/1994	-	Active	NO
8	U65991TN1994PTC027175	PRIYA SECURITIES PRIVATE LIMITED	Director	30/03/1994	30/03/1994	-	Active	NO
9	U65991TN1994PTC027176	ARJUN SECURITIES PRIVATE LIMITED	Director	30/03/1994	30/03/1994	-	Active	NO
10	U92199GA1996PTC002186	GOA OCEANARIUM PRIVATE LIMITED	Director	05/09/1998	05/09/1998	02/07/2007	Active	NO
11	U40101TN1999PLC041895	ERODE POWER CORPORATION LIMITED	Director	15/02/1999	15/02/1999	02/07/2007	Strike off	NO
12	U45201TN1995PTC033737	ANI CONSTRUCTIONS PRIVATE LIMITED	Director	15/02/1999	15/02/1999	-	Active	NO
13	U40101TN1999PLC041896	BGR POWER LIMITED	Director	15/02/1999	15/02/1999	-	Active	NO
14	U93090TN1995PLC030467	MEGA FUNDS INDIA LIMITED	Director	21/06/2004	21/06/2004	-	Active	NO
15	U40105TN2007PLC064141	GEA BGR ENERGY SYSTEM INDIA LIMITED	Director	28/06/2007	28/06/2007	-	Active	NO
16	U40300TN2009PTC070541	BGR TURBINES COMPANY PRIVATE LIMITED	Director	23/01/2009	23/01/2009	-	Active	NO
17	U31100TN2009PLC070540	BGR POWER MACHINES LIMITED	Director	23/01/2009	23/01/2009	-	Strike off	NO
18	U74200TN2009PTC070539	BGR BOILERS PRIVATE LIMITED	Director	23/01/2009	23/01/2009	-	Active	NO
19	U70109TN2006PTC061619	MENMAI ESTATE PRIVATE LIMITED	Director	29/09/2010	02/04/2010	-	Active	NO
20	U40102TN2010PLC077392	BGR ODISHA POWERGEN LIMITED	Director	20/09/2010	20/09/2010	-	Active	NO
21	U45200TN2006PTC061692	ACCORD FOUNDATIONS PRIVATE LIMITED	Additional director	15/12/2010	15/12/2010	-	Active	NO
22	U40106TN2011PTC080318	BGR FLAGSOL SOLAR POWER INDIA PRIVATE LIMITED	Director	26/04/2011	26/04/2011	08/02/2013	Active	NO
23	U65910TN2011PLC080324	BGR FINANCE AND CAPITAL INDIA LIMITED	Director	26/04/2011	26/04/2011	-	Active	NO
24	U70100TN2011PLC080323	BGR ESTATE HOLDINGS LIMITED	Director	26/04/2011	26/04/2011	-	Active	NO
25	U70109TN2012PTC085532	VAANI ESTATES PRIVATE LIMITED	Director	20/04/2012	20/04/2012	-	Active	NO
26	U70200TN2012PTC088071	ARJUN GOVIN ESTATE PRIVATE LIMITED	Director	15/10/2012	15/10/2012	-	Active	NO
27	U70200TN2002PLC049497	SRAVANAA PROPERTIES LIMITED	Director	02/11/2012	02/11/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ramanujam Ramesh Kumar
Designation :	Company Secretary
Address :	14 (Old No. W-3), North Main Road, Anna Nagar West Extension, Chennai – 600101, Tamilnadu, India
Date of Birth/Age :	15.05.1962
Date of Appointment :	21.12.1992
PAN No.:	AAFPR1688G
Name :	P. R. Easwar Kumar
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 05.06.2013

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	29048134	40.25
Bodies Corporate	27248400	37.76
Sub Total	56296534	78.01
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	56296534	78.01
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1495599	2.07
Financial Institutions / Banks	63716	0.09
Insurance Companies	497989	0.69
Foreign Institutional Investors	2431957	3.37
Sub Total	4489261	6.22
(2) Non-Institutions
Bodies Corporate	1728962	2.40
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	6610123	9.16
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	631624	0.88
Any Others (Specify)	2405056	3.33
Directors & their Relatives & Friends	18851	0.03
Clearing Members	342930	0.48
Trusts	198	0.00
Non Resident Indians	239020	0.33
Foreign Corporate Bodies	1804057	2.50
Sub Total	11375765	15.76
Total Public shareholding (B)	15865026	21.99
Total (A)+(B)	72161560	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	72161560	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Capital Equipment for Power Plants, Petrochemical Industries, Refineries, Process Industries and undertake turnkey BOP and EPC contracts for Power plants.

Products/ Services :

ITC Code No.	Product Descriptions
84.19	Air Cooled Heat Exchanger
84.02	Deaerators
35.49	Oil and Gas Equipment
84799030	Machinery and Mechanical Appliances

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Air Cooled Heat Exchanger	No. of Bundles	NA	1000	898
Deaerators	Nos	NA	24	17
Oil and Gas Equipment	Nos	NA	65	27

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Settipalle Branch, Renigunta Road, Tirupati - 517506, Andhra Pradesh, India

State Bank of Hyderabad

State Bank of Travancore, Chennai Main Branch, United India Building, Esplanade, Chennai - 600018, Tamilnadu, India

State Bank of Patiala, Mid Corporate Branch, 30 Whites Road, Chennai - 600014, Tamilnadu, India

State Bank of Bikaner and Jaipur, Rajaji Salai, Chennai - 600001, Tamilnadu, India

State Bank of Mysore, Industrial Finance Branch, Second Floor, Moh Building No. 576, Anna Salai, Chennai - 600006, Tamilnadu, India

IDBI Bank Limited, IDBI Tower Wtc Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

Indian Bank, No. 91, First Main Road, Gandhi Nagar, Adyar, Chennai - 600020, Tamilnadu, India

Corporation Bank, No. 101, Armenian Street, George Town,, Chennai - 600001, Tamilnadu, India

Punjab National Bank, 21, Raja Annamalai Road, Purasawalkam, Chennai - 600084, Tamilnadu, India

Bank of India

Axis Bank Limited, Corporate Banking Branch, Ground Floor, Karumuthu Nilayam, 192, Anna Salai, Chennai - 600002, Tamilnadu, India

The Karur Vysya Bank Limited

Vijaya Bank Limited

Indian Overseas Bank

Central Bank of India

Allahabad Bank, Industrial Finance Branch, "Anna Theatre Building", No.41, Mount Road, Chennai - 600002, Tamil Nadu, India

Syndicate Bank

Andhra Bank

ING Vysya Bank Limited

State Bank of Indore, Oreintal House, 115, Broadway, Chennai - 600108, Tamilnadu, India

ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Export- Import Bank of India, Centre One Building, Floor 21, World Trade Centre, Cuffe Parade, Mumbai - 400005, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Term Loans from Banks	421.300	419.600
Fixed Assets Loans
a. From Banks	1.200	5.100
b. From Financial Institutions	1.700	4.300
SHORT TERM BORROWINGS
Working Capital Loans from Banks	12275.700	8073.700
Total	12699.900	8502.700
Note: LONG-TERM BORROWINGS Term Loan includes Rs.246.300 Millions (Rs.212.400 Millions) from State Bank of Travancore is secured by a first charge on fixed assets of the Company. The loan is repayable in 20 quarterly equal instalments starting from September, 2011. All the other term loans and fixed assets loans are secured against the assets purchased out of the respective loans. Fixed Assets loans are payable in monthly instalments. Fixed Assets purchased under Buyers Credit arrangements are payable on maturity. SHORT TERM BORROWINGS a) The balance in project specific escrow account have been netted off against respective project’s working capital loan account. b) The Company has availed Working Capital loans on pari-passu basis from State Bank of India and State Bank of Hyderabad. These loans are secured by hypothecation of inventories, trade receivables and movable assets of the Capital goods segment of the company. The loan from State Bank of India and State Bank of Hyderabad is further secured by a second charge on the fixed assets of the company. c) The Company has availed contract specific Working Capital loans from State Bank of India, State Bank of Hyderabad, State Bank of Travancore, State Bank of Patiala, State Bank of Bikaner & Jaipur, State Bank of Mysore, IDBI Bank, Punjab National Bank, Vijaya Bank, Indian Bank, Indian Overseas Bank, Corporation Bank, Allahabad Bank, Bank of India, Andhra Bank, Central Bank of India, Syndicate Bank, Axis Bank and The Karur Vysya Bank Limited. These loans are secured by hypothecation of inventories, trade receivables and movable current assets of the respective contracts. The participating banks share the securities on pari-passu basis.

Banking Relations :	--
Statutory Auditors :
Name :	Manohar Chowdhry and Associates Chartered Accountants
Address :	No.27, Subramanian Street, Abhiramapuram, Chennai – 600018, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAAFM9052A
Internal Auditors :
Name :	J V Associates V Krishnan and Company Ramachandran and Murali Brahmayya and Company `Venkatesh and Company
Subsidiary Companies :	Progen Systems and Technologies Limited [U29141TN1994PLC026639] BGR Boilers Private Limited [U74200TN2009PTC070539] BGR Turbines Company Private Limited [U40300TN2009PTC070541]
Other Companies (Enterprises where significant influence exists and enterprises where key management personnel have significant influence) :	GEA Cooling Tower Technologies (India) Private Limited [U29191TN1996PTC035263] GEA BGR Energy System India Limited [U40105TN2007PLC064141] Germanischer Lloyd Industrial Services (India) Private Limited [U74999TN1997PTC038530] Mega Funds India Limited [U93090TN1995PLC030467] Sasikala Estate Private Limited [U70101TN1993PTC025438] Schmitz India Private Limited [U25199TN1999PTC042481] Cuddalore Powergen Corporation Limited [U45207TN1993PLC026243] ANI Constructions Private Limited [U45201TN1995PTC033737] Nannilam Property Private Limited [U70102TN2006PTC061623] Pragati Computers Limited [U30009PY1986PLC000437] BGR Odisha Powergen Limited [U40102TN2010PLC077392]
Joint Ventures :	Mecon – GEA Energy System (India) Limited (JV)

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs. 10/- each	Rs. 1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72161560	Equity Shares	Rs. 10/- each	Rs. 721.600 Millions

a. Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting year

Equity Shares

	31.03.2012
	No. of Shares	Rs. In Millions
At the beginning of the year	72161560	721.600
Issued during the period – Employee Stock Option Scheme	--	--
Outstanding at the end of the year	72161560	721.600

b. Terms/rights attached to equity shares

The company has one class of shares referred to as equity shares having a par value of ` 10/-. Each holder of equity shares is entitled to one vote per share.

c. 54000000 (54000000) Shares out of the issued, subscribed and paid up share capital were alloted as bonus shares in the last five years by capitalization of profits.

d. Details of shareholders holding more than 5% shares in the company

Name of Shareholders	31.03.2012
	No. of Shares	% held
B G Raghupathy	19712160	27.32
Sasikala Raghupathy	11583440	16.05
Priya Securities Private Limited	8640000	11.97
BGR Investment Holdings Company Limited	8640000	11.97
Vani Securities Private Limited	5428080	7.52
Arjun Securities Private Limited	4540320	6.29

e. The company has reserved issuance of 291100 (335851) Equity shares of ` 10/- each for offering to eligible employees of the company and its subsidiary under the employee stock option scheme - 2007.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	721.600	721.600
(b) Reserves & Surplus	10424.100	8776.000
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	11145.700	9497.600
(3) Non-Current Liabilities
(a) long-term borrowings	424.200	435.600
(b) Deferred tax liabilities (Net)	4013.500	3116.800
(c) Other long term liabilities	6512.100	7842.700
(d) long-term provisions	2044.500	1702.700
Total Non-current Liabilities (3)	12994.300	13097.800
(4) Current Liabilities
(a) Short term borrowings	17025.700	12823.700
(b) Trade payables	13027.700	11944.400
(c) Other current liabilities	3676.100	4158.600
(d) Short-term provisions	654.500	934.100
Total Current Liabilities (4)	34384.000	29860.800
TOTAL	58524.000	52456.200
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1839.100	1500.300
(ii) Intangible Assets	99.900	124.000
(iii) Capital work-in-progress	45.100	129.600
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	2358.500	1368.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2586.000	1784.900
(e) Other Non-current assets	5994.700	563.500
Total Non-Current Assets	12923.300	5470.300
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	295.600	383.600
(c) Trade receivables	31375.000	31025.100
(d) Cash and cash equivalents	8448.400	9448.100
(e) Short-term loans and advances	5247.000	5834.200
(f) Other current assets	234.700	294.900
Total Current Assets	45600.700	46985.900
TOTAL	58524.000	52456.200

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		720.000
2] Share Application Money		0.000
3] Reserves & Surplus		6312.020
4] (Accumulated Losses)		0.000
NETWORTH		7032.020
LOAN FUNDS
1] Secured Loans		4051.853
2] Unsecured Loans		4012.421
TOTAL BORROWING		8064.274
DEFERRED TAX LIABILITIES		1589.120
TOTAL		16685.414
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1390.859
Capital work-in-progress		103.629
INVESTMENT		47.800
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	154.441
	Sundry Debtors	19787.306
	Cash & Bank Balances	8972.589
	Other Current Assets	188.693
	Loans & Advances	7270.468
Total Current Assets		36373.497
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11033.383
	Other Current Liabilities	7864.638
	Provisions	2332.350
Total Current Liabilities		21230.371
Net Current Assets		15143.126
MISCELLANEOUS EXPENSES		0.000
TOTAL		16685.414

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operations	34470.500	47502.900	30692.489
		Other Income	52.600	191.200	247.030
		TOTAL (A)	34523.100	47694.100	30939.519
Less	EXPENSES
		Cost of Material Consumed	21727.900	34484.200
		Cost of Manufacturing & Construction	4476.700	4045.200
		Other Direct Cost	619.600	634.700
		(Increase) / Decrease in work in progress	1.700	(32.600)
		Employee Benefits Expense	1710.500	1431.200
		Other Expenses	1203.100	1538.600
		TOTAL (B)	29739.500	42101.300	27257.306
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4783.600	5592.800	3682.213
Less	FINANCIAL EXPENSES (D)		1354.200	604.700	537.620
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3429.400	4988.100	3144.593
Less/ Add	DEPRECIATION/ AMORTISATION (F)		161.100	168.100	97.849
	PROFIT BEFORE TAX (E-F) (G)		3268.300	4820.000	3046.744
Less	TAX (H)		1033.100	1577.900	1036.527
	PROFIT AFTER TAX (G-H) (I)		2235.200	3242.100	2010.217
	EARNINGS IN FOREIGN CURRENCY
		Sales	4545.100	11222.500	3350.603
		Services	0.000	26.500	25.431
	TOTAL EARNINGS		4545.100	11249.000	3376.034
	IMPORTS
		Raw Materials, Components, Consumables & Spare parts	6529.800	18906.200	9735.880
		Capital Items	178.200	110.200	304.297
	TOTAL IMPORTS		6708.000	19016.400	10040.177
	Earnings Per Share (Rs.)
	Basic		30.98	44.97	27.92
	Diluted		30.98	44.90	27.88

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012	31.03.2013
	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Sales Turnover	6109.400	6272.600	8049.500	1,0633.800
Total Expenditure	5228.800	5319.500	6943.200	9246.600
PBIDT (Excl OI)	880.600	953.100	1106.300	1387.200
Other Income	1.000	4.800	54.500	0.400
Operating Profit	881.600	957.900	1160.800	1387.600
Interest	342.000	400.800	503.000	501.300
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	539.600	557.100	657.800	886.300
Depreciation	41.300	43.100	44.300	57.000
Profit Before Tax	498.300	514.000	613.500	829.300
Tax	161.700	166.700	199.100	290.800
Provisions and Contingencies	0.000	0.000	0.000	0.000
Reported PAT	336.600	347.300	414.400	538.500
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	336.600	347.300	414.400	538.500

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	6.47	6.80	6.50
Net Profit Margin (PBT/Sales)	(%)	9.48	10.15	9.93
Return on Total Assets (PBT/Total Assets}	(%)	5.82	9.46	8.07
Return on Investment (ROI) (PBT/Networth)		0.29	0.51	0.43
Debt Equity Ratio (Total Debt/Networth)		1.57	1.40	1.15
Current Ratio (Current Asset/Current Liability)		1.33	1.57	1.71

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	Yes
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	--
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	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Deferred payment liabilities - Interest Free Sales Tax Loan	0.000	6.600
SHORT TERM BORROWINGS
Unsecured Loans - Banks	4750.000	4750.000
Total	4750.000	4756.600

COMPANY OVERVIEW

Subject is a public limited company incorporated under the provisions of Companies Act, 1956. Its equity shares are listed on Bombay Stock Exchange (“BSE”) and National Stock Exchange (“NSE”). The company is a manufacturer of Capital Equipment for Power Plants, Petrochemical Industries, Refineries, Process Industries and undertake turnkey BOP and EPC contracts for Power plants. The Company has been achieving its objectives through its five business units: Power projects, Electrical projects, Oil and Gas equipment, Environmental engineering and Air Fin Coolers.

BUSINESS PERFORMANCE

The Power Projects business of the Company is executing EPC and BoP turnkey project contracts for State electricity utilities and private sector IPPs. The projects have rated capacity of 500 MW, 600 MW and 660 MW and are of Sub critical and Super Critical technologies. The capital goods businesses are engaged in Electrical, Environment, Oil and Gas sector in India and abroad for executing turnkey contracts for supply of high tech equipment and installation of power equipment.

An overview and major milestones of operations during the year are as under;

a) An Engineering, Procurement and Construction (“EPC”) contract for 2 x 300 MW coal based thermal power project located in Chattisgarh from TRN Energy Private Limited, for a value of ` 16980.000 Millions was secured.

b) The company has emerged as the lowest bidder in the tender called for by NTPC for supply of 9 x 800 MW super critical Steam Turbine and Generators units and would supply 4 units of 2 x 800 MW to Lara Super Thermal Power project and 2 x 800 MW Darlipali Super Thermal Power project for an aggregate value of ` 29680.000 Millions.

c) The company has also emerged as the lowest bidder in NTPC’s 11 x 660 MW Super critical boiler tender. This tender is for supply of 11 Super critical boilers of 660 MW capacity. The Company would supply 6 units to 2 x 660 MW Solapur Super Thermal power project, 2 x 660 MW Meja Thermal Power project and 2 x 660 MW Raghunathpur Thermal Power project for an aggregate value of Rs.55650.000 Millions.

d) The Company successfully completed, perhaps, the World’s largest and tallest natural draught cooling tower with height of 202 meters and diameter of 145 meters at Kalisindh 1200 MW power project in Rajasthan.

e) Electrical Project Division has bagged a large EPC contract for Electrical systems for 4 units of 700 MW of Nuclear Power projects for a value of Rs. 4444.800 Millions from Nuclear Power Corporation. Electrical Projects business is qualified to implement large OPGW live-line projects and has installed over 2400 KM in various States for Power Grid Corporation. This division has executed projects for supply and installation of Gas Insulated Switch gear for PSU customers.

f) Air Fin Cooler division has achieved ever highest turnover of Rs.1780.000 Millions registering over 36% growth over the previous year and closed the year with healthy order book position of Rs. 1800.000 Millions. The Company made significant expansion of export markets in Kuwait, Oman and Qatar. Despite stiff competition and challenges in international markets, Air Fin Cooler business has achieved secular improvement in its performance.

g) Environment Engineering division is engaged in the business of supply of Deaerators, Condensate Polishing Unit (“CPU”) and Water Treatment Plant. During the year, significant success was made in Deaerator business and the company firmly established its market position in CPU business.

h) Despite drop in sales over the previous year, the Oil and Gas Equipment division has profitably executed contracts for supply of Oil storage tanks, Mobile Test separator, scrapper launching / receiving stations and gas processing units. The USD 80.5 million contract with SCOP Iraq for Akash and Al Mansuriya gas field development was terminated with mutual consent of the company and client and contractual claims will be settled with mutual agreement. This termination of contract became necessary in view of the client’s decision to award gas development projects to private companies.

INDIAN POWER SECTOR SCENARIO

The Indian power sector is making slow but steady progress even with peak shortage of 10.3% during FY 2011 – 12. The growth of power sector is synonymous with the sustenance and the drive to keep up growth momentum of GDP. The Government of India, State and Central utilities continue to give greater importance of adopting Super critical technology in all fossil fuel based power plants, with high efficiencies and lower emission. India made a modest beginning in deploying Super critical technology based power equipment of large unit sizes viz., Boilers, Turbine and Generators with increased visible presence only in recent years. In 12th plan period, about 60 % of the coal based power projects are of Super critical technology and in 13th plan period all coal based projects are likely to be based on super critical technology.

The increase in variable cost and interest rate has adversely affected the cost of power generation for Central, State utilities and independent power producers and it has in turn laid thrust on more efficient power plants in future to save on cost of fuel. The Integrated Energy Policy envisages coal to be the predominant fuel till 2031 – 32. With Central Electricity Authority directive of blending of 30% of imported coal and coal shortage, has further increased the importance of efficiency of power plants and proven technology products from BTG suppliers, with ability to handle variety of coal combinations. During the year , there has been a slow down and delays in award of contracts for large power projects by Central and State utilities and Independent power producers on account of variety of reasons including natural gas availability, coal linkage, abnormal increase in price of imported coal, land acquisition, environmental clearance and poor financial health of State Discoms. These factors adversely affected the economics of power generation, which in turn has drastically reduced the market potential for power plant EPC contractors and equipment manufacturers in the last fiscal year.

The company’s capital goods business service Power and Process sector in India and abroad. These businesses also have witnessed slowdown and delays in capacity addition by industries.

FUTURE OUTLOOK, THE YEAR AHEAD

In Supercritical technology based power projects, many customers are opting for complete range of Engineering, Procurement and Construction (“EPC”) route over the multiple package route. The in-house capability to manufacture Super critical BTG have enabled the company to equip with proven, efficient and cost competitive technology solutions to customers. The company is one of the three Indian EPC companies to manufacture both Super critical boilers and steam turbine generators, which has a distinct advantage in offering a competitive and complete EPC package due to the vast experience in turnkey Balance of Plant. The company have an added advantage of continuous improvements in in-house engineering standards, augmentation, retention of human resources, adoption of best practices in construction, in-house manufacturing, increased mechanization and augmentation of construction equipment for faster execution.

The Capital goods business segment would continue to lay thrust on domestic and international markets. GIS sub stations, OPGW, LNG terminal, Hydro Carbon sector and export markets would offer significant growth opportunities for these business segment.

MANAGEMENT DISCUSSION AND ANALYSIS

HIGHLIGHTS OF 2011-12

During the year the Company emerged as the successful bidder in the Bulk tender process of NTPC for 4 units of 9 X 800 MW super-critical steam Turbine and Generators and 6 units of 11 X 660 MW super-critical steam Generators. These are prestigious break through orders for the company and will instil greater confidence in establishing manufacturing facility for super critical Boiler, Turbine and Generators in India. The construction of new facility will get initial impetus to with these orders on hand. The total value of orders from the NTPC bulk tender will be about Rs. 85000.000 Millionss to be executed over a period of 4 years.

The Company completed the Worlds’ Largest and Tallest Natural Draught Cooling Tower of 202 metres height and 145 metres diameter at the Kalisindh 1200 MW thermal power project. Air Fin Cooler business achieved all time high sales of Rs. 1780.000 Millions and posted creditable operating performance.

ECONOMIC SCENARIO

On the Order Booking front, FY 2011-12 continued to be slow due to concerns raised on Environment, land and fuel availability. This is 2nd year in a row where orders from IPP and State Utilities have been deferred. The requirements of domestic manufacturing facilities in the NTPC Bulk tendering process for supply of Super Critical Boilers, Turbine and Generators has thrown open opportunity to companies in the BTG segment. Given the power shortage in the country, it is inevitable that additional capacities have to be built. The capacity addition target for the 13th Plan in the order of 100,000 MW, they expect good order flow from the power sector during the coming years from State and Central Utilities. In 12th plan period, a substantial number of projects will adopt Super critical technology. During the 13th plan 2017-2022 the super critical technology would be adopted fully. The Company believes that preference of EPC route will prevail over the multiple package route.

REVIEW OF OPERATIONS

The BOP, EPC and Construction segment has achieved turnover of Rs. 31330.000 Millions which was lower compared to the previous year. The Capital Goods Segment has however, registered a modest growth of 17% in terms of Sales.

In the current year, they have successfully completed commercial operation of BOP contracts of 1 x 500 MW Kothagudem Thermal Power Station of APGENCO and 1 x 500 MW Khapherkheda Thermal Power Station of MAHAGENCO. The EPC contract of 1 x 600 MW Mettur TPS for TANGEDCO is in advanced stage of commissioning.

The project progress in respect of BOP contracts of 2 x 500 MW Marwa TPP (“CSPGCL”), 2 x 500 MW Chandrapur STPS (“MAHAGENCO”), 2 x 660 MW Krishnapatnam TPP (“TPCIL”) and EPC contract of 2 x 600 MW Kalisindh STPS (“RRVUNL”) are satisfactory.

The company has augmented various resources required for timely completion of contracts including equipments and manpower.

Air Fin Cooler division achieved a turnover of Rs. 1780.000 Millions during FY 2011-12, registering a growth of 36% over last year. New orders booked during the year were Rs. 1800.000 Millions. Despite economic recession in other parts of the world, the division hopes to significantly increase its turnover during FY 2012-13.

Environmental Engineering Division achieved an order booking of Rs. 360.000 Millions during FY 2011-12. Electrical Projects Division booked new order of Rs. 4530.000 Millions during the current year including an order of Rs. 4420.000 Millions from Nuclear Power Corporation of India Limited. The division is poised to significantly increase its revenue during 2012-13. Oil and Gas Equipment Division is progressing well to complete execution of Export and domestic projects on hand. During 2011-12 the division has booked its 1st domestic order on EPC basis from CPCL, Chennai for Rs. 250.000 Millions for construction of Fire Water Storage Tanks.

AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2013

(Rs. in Millions)

Particulars	STANDALONE
	Three Months ended			Year ended
	31.03.2013	31.12.2012	31.03.2013
Part I	(Audited)	(Unaudited)	(Audited)
1 Income from operations
(a) Net Sales / Income from Operations	10628.800	8049.100	31056.900
(b) Other Operating Income	5.000	0.400	14.800
Total Income from operations (net)	10633.800	8049.500	31071.700
2 Expenses
(a) Cost of Materials Consumed	8326.500	6049.100	23563.600
(b) Changes in Inventories of finished goods, work in progress and stock in trade	(8.000)	26.400	(64.700)
(c) Employee benefits expenses	537.700	557.400	1963.100
(d) Depreciation and amortisation	57.000	44.300	185.700
(e) Other Expenses	390.400	310.300	1276.300
Total expenses	9303.600	6987.500	26924.000
3 Profit/(Loss) from operations before other income, finance costs & exceptional Items (1-2)	1330.200	1062.000	4147.700
4 Other Income	0.400	54.500	54.400
5 Profit/(Loss) from ordinary activities before finance costs and exceptional Items (3+4)	1330.600	1116.500	4202.100
6 Finance costs (net)	501.300	503.000	1747.100
7 Profit/(Loss) from ordinary activities after finance costs but before exceptional Items (5-6)	829.300	613.500	2455.000
8 Exceptional items	-	-	-
9 Profit/ (Loss) from ordinary activities before tax (7-8)	829.300	613.500	2455.000
10 Tax expense	290.800	199.100	818.300
11 Net Profit/ (Loss) from ordinary activities after tax (9-10)	538.500	414.400	1636.700
12 Extraordinary Items (Net of tax expense)	-	-	-
13 Net Profit/(Loss) for the period (11-12)	538.500	414.400	1636.700
14 Share of Profit / (Loss) of associates	-	-	-
15 Minority interest
16 Net Profit / (Loss) after taxes, minority interest and share of profit / (loss) of associates (13-14-15)	538.500	414.400	1636.700
17 Paid -up equity share capital (Face value of the share Rs.10 each)	721.600	721.600	721.600
18 Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year			11473.800
19 i) Earnings per Share (EPS) before extraordinary items) (In Rs.) (not annuallsed)
a) Basic	7.46	5.74	22.68
b) Diluted	7.46	5.74	22.68
II) Earnings per Share (EPS) after extraordinary Items) (in Rs.) (not annualised)
a) Basic	7.46	5.74	22.68
b) Diluted	7.46	5.74	22.68
Part II :
Select Information for the Quarter and Year Ended 31 March 2013
A PARTICULARS OF SHARE HOLDING
1 Public shareholding
- Number of Shares	13617560	13617560	13617560
- Percentage of Shareholding	18.87%	18.87%	18.87%
2 Promoters and Promoter group Shareholding
a) Pledged / Encumbered
- Number of Shares	-	-	-
- 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	58544000	58544000	58544000
- Percentage of Shares (as a % of the total shareholding of
promoter and promoter group)	100.00%	100.00%	100.00%
- Percentage of Shares (as a % of the total share capital
of the company)	81.13%	81.13%	81.13%

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. in Millions)

Particulars	STANDALONE
	Three Months ended			Year ended
	31.03.2013	31.12.2012	31.03.2013
Part I	(Audited)	(Unaudited)	(Audited)
1 Segment Revenue
Capital Goods	788.400	586.500	2396.700
Construction and EPC Contracts	9845.400	7463.000	28675.000
Total	10633.800	8049.500	31071.700
Less: Inter Segment Revenue	-	-	-
Net Sales/Income from Operations	10633.800	8049.500	31071.700
2 Segment Results (Before Tax & Interest)
Capital Goods	65.300	68.500	174.900
Construction and EPC Contracts	1264.900	993.500	3972.800
Unallocable income net of expenditure	0.400	54.500	54.400
Total	1330.600	1116.500	4202.100
Less: Interest	501.300	503.000	1747.100
Total Profit Before Tax	829.300	613.500	2455.000
3 Capital Employed (Segment Assets-Segment Liabilities)
Capital Goods	1717.600	1649.500	1717.600
Construction and EPC Contracts	10477.800	10594.700	10477.800
Unallocated	-	-	-
Total	12195.400	12244.200	12195.400

STATEMENT OF ASSETS AND LIABILITIES AS PER CLAUSE 41(v)(h) OF THE LISTING AGREEMENT

(Rs. in Millions)

	Particulars	STANDALONE
		31.03.2013
		(Audited)
A	EQUITY AND LIABILITIES
1	Shareholders' funds
	(a) Share capital	721.600
	(b) Reserves and Surplus	11473.800
	Sub-total Shareholders' funds	12195.400
2	Share application money pending allotment	-
3	Minority Interest	-
4	Non-Current liabilities
	(a) Long term borrowings	130.900
	(b) Deferred tax liabilities (net)	4242.700
	(c) Other long-term liabilities	8405.700
	(d) Long-term provisions	2219.500
	Sub-total Non-current liabilities	14998.800
5	Current liabilities
	(a) Short-term borrowings	21880.000
	(b) Trade Payables	10502.500
	(c) Other current liabilities	4514.900
	(d) Short-term provisions	701.300
	Sub-total Current liabilities	37598.700
	TOTAL - EQUITY AND LIABILITIES	64792.900
B	ASSETS
1	Non-Current assets
	(a) Fixed Assets	2102.800
	(b) Non-Current Investments	3637.100
	(c) Long-term loans and advances	2495.000
	(d) Other non-current assets	5955.500
	Sub-total Non-current assets	14190.400
2	Current Assets
	(a) Inventories	298.900
	(b) Trade receivables	28600.000
	(c) Cash and Bank Balances	9151.600
	(d) Short-term loans and advances	4557.200
	(e) Other current assets	7994.800
	Sub-total Current assets	50602.500
	Total Assets	64792.900

B INVESTOR COMPLAINTS (Nos.)
Particulars	3 months ended
	31.03.2013
Pending at the beginning of the quarter	4
Received during the quarter	24
Resolved during the quarter	25
Remaining unresolved at the end of the quarter	3

Note

1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on May 29,2013.

2. The Board of Directors has recommended dividend of Rs 71- Per equity Share of face value of Rs.10/- each

3. The Consolidated Financial Statements are prepared in accordance with Accounting Standard 21" Consolidated

4. Financial Statements" and Accounting Standard 27" Financial Reporting of interest in Joint Ventures".

5. Figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the 3rd Quarter of the current financial year.

6. The figures for the previous period have been regrouped/ rearranged wherever necessary to conform to the current period of presentation.

CONTINGENT LIABILITIES:

Particulars	31.03.2012	31.03.2011
	(Rs. in Millions)
Claims against the company not acknowledged as debt
a) On account of Sales Tax	344.300	16.100
b) On account of Income Tax*	669.500	378.000
c) On account of Service Tax	0.000	4.200
d) On account of Contractual Obligations	235.000	235.000
e) On account of Royalty	213.800	0.000
Guarantees
Guarantees and Counter Guarantees given on behalf of Subsidiary and Other Company	50.200	74.400

FIXED ASSETS:

Tangible Assets

Land

Buildings

Plant and Equipment

Furniture and Fixtures

Office Fixtures

Office Equipments

Electrical Installations

Vehicles

Intangible Assets

Technical Know-How

Softwares

PRESS RELEASE:

HAVE RAISED RS 630.000 MILLIONS VIA OFS ROUTE: BGR ENERGY

Jul 08, 2013

Currently, promoter holding in BGR Energy is at 78.01 per cent and offloading via the Offer for Sale (OFS) route, would help the company in meeting the 25 per cent minimum public shareholding norms as stipulated by market regulator SEBI.

BGR Energy has sold around 44.22 lakh shares via the offer for sale (OFS) route.

The sale would help the company in meeting the 25 percent minimum public shareholding norms as stipulated by market regulator SEBI.

At present, promoter holding in BGR Energy is at 78.01 percent and offloading via the Offer for Sale (OFS) route, would help the company in meeting the 25 per cent minimum public shareholding norms as stipulated by market regulator SEBI.

In an interview to CNBC-TV18, PR Easwar Kumar, president and chief financial officer, BGR Energy said that funds raised will be used by promoters. "We have raised around Rs 630.000 Millions with stake sale transaction via the OFS route," he added.

Meanwhile, the company has registered around 20 percent year-on-year decline in its March quarter (FY13) profit to Rs 538.500 Millions. Sales also declined 6.5 percent to Rs 10630.000 Millions.

Currently, the order book is roughly over Rs 110000.000 Millions and the company is focused on execution, delivery and balance opportunities in current year.

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. 59.64
UK Pound	1	Rs. 90.14
Euro	1	Rs. 77.99

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		55

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

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

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

RATING EXPLANATIONS

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

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

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