1. Summary Information
|
Country |
|
||
|
Company Name |
BHARAT HEAVY ELECTRICALS LIMITED |
Principal Name 1 |
Mr. B. Prasada Rao |
|
Status |
Very Good |
Principal Name 2 |
Mr. V. K. Jairath |
|
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 |
Manufacturing |
|
Fax # |
91-11-26493021 |
Business Style 2 |
Selling |
|
Homepage |
Product Name 1 |
-- |
|
|
No. of employees |
1186 (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% Public - 32.28% |
Banking |
Allahabad Bank |
|
Public Limited Corp. |
Yes |
Business Period |
49 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Aa (73) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Joint Venture |
-- |
Power Plant Performance Improvement Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
456,791,900,000 |
Current Liabilities |
336,380,100,000 |
|
Inventories |
134,445,000,000 |
Long-term Liabilities |
1,234,300,000 |
|
Fixed Assets |
42,968,100,000 |
Other Liabilities |
76,413,700,000 |
|
Deferred Assets |
15,462,400,000 |
Total Liabilities |
414,028,100,000 |
|
Invest& other Assets |
18,092,800,000 |
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 : |
27.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
BHARAT HEAVY ELECTRICALS LIMITED |
|
|
|
|
Registered
Office : |
BHEL House, Siri
Fort, New Delhi – 110 049 |
|
|
|
|
Country : |
|
|
|
|
|
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
: |
1186 (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 – March 31st, 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 |
CRISIL |
|
Rating |
Long term rating: “AAA” |
|
Rating Explanation |
Highest degree of safety and lowest credit risk. |
|
Date |
22.03.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A1+” |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
22.03.2013 |
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 : |
BHEL House, Siri Fort, New Delhi – 110049,
India |
|
Tel. No.: |
91-11-66337000 (Multiple Lines) |
|
Fax No.: |
91-11-26493021 / 26492534 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
17, Rajasthan
Voyoc Nagar, G.T. Kanal Road, |
|
|
|
|
Branch Office 1: |
Ramchandrapuram, |
|
|
|
|
Branch Office 2: |
Piping Centre , 80, G. N. Chetty Road, Chennai-600017,
India |
|
|
|
|
Plant Location : |
|
|
BHEL Manufacturing Units : |
Goindwal
Haridwar
Jagdishpur
Rudrapur
Ranipet
Tiruchirappalli
|
|
|
|
|
BHEL Repairs units : |
Mumbai
|
|
|
|
|
BHEL Subsidiaries : |
Kasaragod
|
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 31.03.2013
|
Category
of Shareholder |
Number
of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1657552000 |
67.72 |
|
|
1657552000 |
67.72 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
1657552000 |
67.72 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
24471627 |
1.00 |
|
|
111840614 |
4.57 |
|
|
167510900 |
6.84 |
|
|
361122541 |
14.75 |
|
|
250 |
0.00 |
|
|
664945932 |
27.17 |
|
|
|
|
|
|
36667462 |
1.50 |
|
|
|
|
|
|
76771912 |
3.14 |
|
|
2316988 |
0.09 |
|
|
9345706 |
0.38 |
|
|
3100 |
0.00 |
|
|
856552 |
0.03 |
|
|
2742538 |
0.11 |
|
|
5742426 |
0.23 |
|
|
1090 |
0.00 |
|
|
125102068 |
5.11 |
|
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 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
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 : |
|
GENERAL INFORMATION
|
No. of Employees : |
1186 (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 : |
Chartered Accountants Delhi, India
Chartered Accountants Delhi, India
Chartered Accountants Chennai, Tamilnadu, India
Chartered Accountants Hyderabad, Andhra Pradesh, India
Chartered Accountants Kanpur, Uttar Pradesh, India
Chartered Accountants Bangalore, Karnataka, India
Chartered Accountants Bhopal, Madhya Pradesh, India |
|
|
|
|
Cost Auditors : |
|
|
Name : |
K.L Jaisingh and Company Cost Accountants (for Electric Motors at HEP Geeyes and Company Cost 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 Private Limited (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. 2/- each |
Rs. 4895.200 Millions |
|
|
|
|
|
a) Out of which 1223800000 equity shares of Rs. 2 each allotted as bonus shares
b) The reconciliation
of the number of equity shares outstanding is set out below:
|
Particulars |
31.03.2012 |
|
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
|
Particulars |
31.03.2012 |
|
|
|
Number of Shares |
Percentage of
holding |
|
President of India (POI) along with 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 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
4895.200 |
|
(b) Reserves & Surplus |
|
|
248836.900 |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
253732.100 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
1234.300 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
75507.700 |
|
(d) long-term
provisions |
|
|
50056.800 |
|
Total Non-current
Liabilities (3) |
|
|
126798.800 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
0.000 |
|
(b) Trade
payables |
|
|
102713.100 |
|
(c) Other
current liabilities |
|
|
158159.300 |
|
(d) Short-term
provisions |
|
|
26356.900 |
|
Total Current
Liabilities (4) |
|
|
287229.300 |
|
|
|
|
|
|
TOTAL |
|
|
667760.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
|
41607.200 |
|
(ii)
Intangible Assets |
|
|
1360.900 |
|
(iii)
Capital work-in-progress |
|
|
13246.300 |
|
(iv)
Intangible assets under development |
|
|
229.800 |
|
(b) Non-current Investments |
|
|
4616.700 |
|
(c) Deferred tax assets (net) |
|
|
15462.400 |
|
(d) Long-term Loan and Advances |
|
|
9001.000 |
|
(e) Other
Non-current assets |
|
|
95086.500 |
|
Total Non-Current
Assets |
|
|
180610.800 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
134445.000 |
|
(c) Trade
receivables |
|
|
263361.300 |
|
(d) Cash
and cash equivalents |
|
|
66719.800 |
|
(e)
Short-term loans and advances |
|
|
21117.200 |
|
(f) Other
current assets |
|
|
1506.100 |
|
Total
Current Assets |
|
|
487149.400 |
|
|
|
|
|
|
TOTAL |
|
|
667760.200 |
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
4895.200 |
4895.200 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
196643.200 |
154278.400 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
201538.400 |
159173.600 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
1633.500 |
1277.500 |
|
|
TOTAL BORROWING |
|
1633.500 |
1277.500 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
203171.900 |
160451.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
34009.200 |
24154.000 |
|
|
Capital work-in-progress |
|
17621.800 |
15500.500 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
4391.700 |
798.400 |
|
|
DEFERREX TAX ASSETS |
|
21635.500 |
15272.300 |
|
|
OTHER NON CURRENT ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
109630.300
|
92354.600
|
|
|
Sundry Debtors |
|
273546.200
|
206887.500
|
|
|
Cash & Bank Balances |
|
96301.500
|
97900.800
|
|
|
Other Current Assets |
|
3096.300
|
4068.500
|
|
|
Loans & Advances |
|
32373.100
|
27931.700
|
|
Total
Current Assets |
|
514947.400
|
429143.100 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
96019.200
|
75798.000 |
|
|
Other Current Liabilities |
|
217446.500
|
204439.400 |
|
|
Provisions |
|
75968.000
|
44179.800 |
|
Total
Current Liabilities |
|
389433.700
|
324417.200 |
|
|
Net Current Assets |
|
125513.700
|
104725.900 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
203171.900 |
160451.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
472278.600 |
415661.300 |
328611.100 |
|
|
|
Interest and Other Income |
20165.800 |
17011.000 |
16486.200 |
|
|
|
TOTAL |
492444.400 |
432672.300 |
345097.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Material Consumed |
289077.300 |
232090.700 |
206723.200 |
|
|
|
Employees remuneration and benefit
|
54658.300 |
53967.100 |
65395.400 |
|
|
|
Other Expenses of Manufacture, Administration, Selling and
Distribution |
32228.200 |
25358.800 |
20646.500 |
|
|
|
Provision Net |
14025.800 |
27151.200 |
(9341.500) |
|
|
|
Cost of Jobs Done for Internal Use |
(1041.100) |
(685.100) |
(1208.700) |
|
|
|
Accretion/ Decretion to work in Progress and finished goods |
(8232.000) |
(1273.500) |
(7866.500) |
|
|
|
Prior Period Items (Net) |
192.500 |
17.900 |
(72.700) |
|
|
|
TOTAL |
380909.000 |
336627.100 |
274275.700 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
111535.400 |
96045.200 |
70821.600 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST AND
OTHER BORROWING COSTS |
512.800 |
547.300 |
335.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
111022.600 |
95497.900 |
70486.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
8000.000 |
5441.200 |
4580.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
103022.600 |
90056.700 |
65906.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
32623.000 |
29944.700 |
22800.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
70399.600 |
60112.000 |
43106.400 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8125.900 |
5753.900 |
5968.400 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50000.000 |
40000.000 |
30000.000 |
|
|
|
Dividend |
15670.000 |
15250.000 |
11405.800 |
|
|
|
Tax on Dividend |
2540.000 |
2490.000 |
1915.100 |
|
|
BALANCE CARRIED
TO THE B/S |
10315.500 |
8125.900 |
5753.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods |
10065.300 |
7692.100 |
12315.900 |
|
|
|
Interest |
0.300 |
0.100 |
0.100 |
|
|
|
Election and Other Services |
4770.100 |
4495.700 |
3351.100 |
|
|
|
FE in Deemed Export (incl. domestic contracts) |
129355.800 |
80072.100 |
66967.100 |
|
|
TOTAL EARNINGS |
144191.500 |
92260.000 |
82634.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
48842.700 |
42430.700 |
39435.300 |
|
|
|
Components & Spares Parts |
40493.300 |
28378.000 |
25087.400 |
|
|
|
Capital Goods |
4012.500 |
7009.400 |
7836.600 |
|
|
TOTAL IMPORTS |
93348.500 |
77818.100 |
72359.300 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
28.76 |
122.80 |
88.06 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Type |
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
|
Audited / UnAudited |
UnAudited |
UnAudited |
UnAudited |
UnAudited |
|
Net Sales |
84390.100 |
105615.500 |
102197.100 |
192043.800 |
|
Total Expenditure |
72368.200 |
86620.800 |
85856.500 |
145531.600 |
|
PBIDT (Excl OI) |
12021.900 |
18994.700 |
16340.600 |
46512.200 |
|
Other Income |
3662.700 |
1306.700 |
3323.800 |
2923.900 |
|
Operating Profit |
15684.600 |
20301.400 |
19664.400 |
49436.100 |
|
Interest |
55.200 |
258.600 |
509.100 |
405.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
15629.400 |
20042.800 |
19155.300 |
49030.800 |
|
Depreciation |
2283.900 |
2163.100 |
2197.900 |
2889.000 |
|
Profit Before Tax |
13345.500 |
17879.700 |
16957.400 |
46141.800 |
|
Tax |
4136.500 |
5135.200 |
5138.900 |
13766.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
9209.000 |
12744.500 |
11818.500 |
32375.400 |
|
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 |
9209.000 |
12744.500 |
11818.500 |
32375.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
14.30 |
13.89
|
12.49 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
21.81 |
20.66
|
20.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.24 |
16.40
|
14.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41 |
0.45
|
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.01
|
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.70 |
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 |
Yes |
|
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 |
Yes |
|
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 |
LITIGATION DETAILS
IN THE HIGH COURT OF DELHI AT NEW DELHI
ARB.P. 147/2013
KIDDE INDIA LTD ..... Petitioner
Through Mr.Chandan Kumar, Adv. With
Mr.S. K. Jha, Adv.
VERSUS
BHARAT HEAVY ELECTRICALS LTD ..... Respondent
Through Mr.J.C.Seth, Adv.
CORAM:
HON'BLE MR. JUSTICE MANMOHAN SINGH
ORDER
31.05.2013
No time left, as there is a full court reference.
Re-notify on 2nd August, 2013.
MANMOHAN SINGH, J.
MAY 31, 2013/ka
CHARGES
|
ENTITY |
PERSON |
COMPETENT AUTHORITY |
REGULATORY CHARGES |
REGULATORY
ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
|
BHARAT HEAVY ELECTRICALS LIMITED |
|
EPFO |
Exempted and unexempted establishments defaulted with epfo
including provident fund, pension and edli contribution, administration
charges and penal damages of Rs.12.018 millions |
Among other actions, names of defaulters put on the epfo
website |
|
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 Limited (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 19th 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 Government 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 of availability of sufficient water and fuel for the project.
UNSECURED LOAN
|
Particulars |
31.03.2012 Rs. in million |
31.03.2011 Rs. in million |
|
Long Term
Borrowings |
|
|
|
Long term maturities of finance lease obligations |
1234.300 |
1633.500 |
|
Total |
1234.300 |
1633.500 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2012 Rs. in million |
31.03.2011 Rs. in million |
|
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 court cases and litigations and claims disputed by the company financial impact as to outflow of resources is not ascertainable at this stage). |
||
FINANCIAL RESULTS FOR THE QUARTER/ YEAR ENDED 31ST MARCH 2013
(Rs. In millions)
|
SL. NO. |
PARTICULARS |
3 Months Ended 31.03.2013 # |
Preceding 3 Months Ended 31.12.2012 |
Current Year Ended 31.03.2013 # |
|
Unaudited |
Unaudited |
Audited |
||
|
1 |
Income from Operations |
|
|
|
|
|
Sales/Income from Operations |
198668.000 |
105395.000 |
501565.000 |
|
|
Less: Excise Duty / Service Tax |
10166.000 |
4979.000 |
25388.000 |
|
a |
Net Sales/Income from Operations |
188502.000 |
100416.000 |
476177.000 |
|
b |
Other Operating Income |
3542.000 |
1781.000 |
8070.000 |
|
2 |
Expenses |
|
|
|
|
a |
Cost of materials consumed (including
erection & engineering) |
96624.000 |
55878.000 |
272396.000 |
|
b |
Changes in inventories of finished goods,
work-in- |
9667.000 |
1486.000 |
1162.000 |
|
|
progress and stock in trade |
|
|
|
|
c |
Employee benefits expense |
14391.000 |
14373.000 |
57528.000 |
|
d |
Depreciation and amortisation expense |
2889.000 |
2198.000 |
9534.000 |
|
e |
Other expenses |
24850.000 |
14119.000 |
59267.000 |
|
|
Total Expenses |
148421.000 |
88054.000 |
399887.000 |
|
3 |
Profit from Operations before Other Income,
finance |
43623.000 |
14143.000 |
84360.000 |
|
|
costs and Exceptional Items (1-2) |
|
|
|
|
4 |
Other Income |
2924.000 |
3324.000 |
11217.000 |
|
5 |
Profit from ordinary activities before
finance costs and |
46547.000 |
17467.000 |
95577.000 |
|
|
Exceptional Items (3 + 4) |
|
|
|
|
6 |
Finance costs |
405.000 |
509.000 |
1253.000 |
|
7 |
Profit from ordinary activities after
finance costs but |
46142.000 |
16958.000 |
94324.000 |
|
|
before Exceptional Items (5 - 6) |
|
|
|
|
8 |
Exceptional Items |
- |
- |
- |
|
9 |
Profit from ordinary activities before tax
(7 + 8) |
46142.000 |
16958.000 |
94324.000 |
|
10 |
a. Tax expense (incl.deferred tax) |
14377.000 |
5139.000 |
28787.000 |
|
|
b. Prior Period Tax |
(610.000) |
0.000 |
(610.000) |
|
11 |
Profit from ordinary activities after tax
(9 - 10) |
32375.000 |
11819.000 |
66147.000 |
|
12 |
Extraordinary Item (net of tax expense) |
- |
- |
- |
|
13 |
Net Profit for the period (11 ± 12) |
32375.000 |
11819.000 |
66147.000 |
|
14 |
Share of profit / (loss) of associates |
- |
- |
- |
|
15 |
Minority Interest |
- |
- |
- |
|
16 |
Net Profit after taxes, minority interest
and share of |
|
|
|
|
|
profit /(loss) of associates (13 + 14 - 15) |
32375.000 |
11819.000 |
66147.000 |
|
17 |
Paid-up equity share capital (Face Value Rs. 2 per share) |
4895.000 |
4895.000 |
4895.000 |
|
18 |
Reserve excluding Revaluation Reserves as
per balance sheet of previous accounting year |
|
|
299546.000 |
|
19 |
Basic and Diluted Earnings Per Share
(before and after extraordinary items) (Rs) |
13.23 (not annualised) |
4.83 (not annualised) |
27.03 |
|
|
PART -II |
|
|
|
|
A |
Particulars of Share holding |
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
- Number
of shares - Percentage
of shareholding |
790048000 32.28% |
790048000 32.28% |
790048000 32.28% |
|
2 |
Promoters and Promoter Group Shareholding |
|
|
|
|
a |
Pledged / Encumbered |
|
|
|
|
|
-
Number of shares |
NIL |
NIL |
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 |
1657552000 |
1657552000 |
|
|
- Percentage of shares (as a % of the total
shareholding |
100.00% |
100.00% |
100.00% |
|
|
of the Promoter and Promoter group) |
|
|
|
|
|
-
Percentage of shares (as a % of the total share capital of the
company) |
67.72% |
67.72% |
67.72% |
|
Particulars |
31.03.2013 |
|
B Investor
Complaints (No.) |
|
|
Pending at the beginning of the quarter |
0 |
|
Received during the quarter |
276 |
|
Disposed of during the quarter |
276 |
|
Remaining unresolved at the end of the quarter |
0 |
SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In millions)
|
SL. NO. |
PARTICULARS |
3 Months Ended 31.03.2013# |
Preceding 3 Months Ended 31.12.2012 |
Current Year Ended 31.03.2013 # |
|
|
|
Unaudited |
Unaudited |
Audited |
|
1 |
Segment Revenue |
|
|
|
|
A |
Power |
155392.000 |
83076.000 |
395767.000 |
|
B |
Industry |
43409.000 |
22365.000 |
106040.000 |
|
|
Total |
198801.000 |
105441.000 |
501807.000 |
|
|
Inter segmental revenue |
|
|
|
|
|
Sales / Income from operations |
198801.000 |
105441.000 |
501807.000 |
|
2 |
Segment Results (Profit before Tax &
Finance Cost) |
|
|
|
|
A |
Power |
40616.000 |
15225.000 |
85595.000 |
|
B |
Industry |
9363.000 |
4088.000 |
21966.000 |
|
|
Total |
49979.000 |
19313.000 |
107561.000 |
|
|
Less: Finance Cost |
405.000 |
509.000 |
1253.000 |
|
|
Other unallocable expenditure net of income |
3432.000 |
1846.000 |
11984.000 |
|
|
Total Profit before Tax |
46142.000 |
16958.000 |
94324.000 |
|
3 |
Capital Employed |
|
|
|
|
|
(Segment Assets - Segment Liabilities) |
|
|
|
|
A |
Power |
|
|
166559.000 |
|
B |
Industry |
|
|
58556.000 |
|
|
Capital Employed (including unallocable
common) |
|
|
291607.000 |
# Subject to audit u/s 619(4) of the Companies Act, 1956 by the
C&AG of India
Note
1.
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In millions)
|
|
Particulars |
At
the end of 31.03.2013
# |
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholders' fund |
|
|
a |
Share capital |
4895.000 |
|
b |
Reserves &
surplus |
299546.000 |
|
|
Sub-total Shareholders' funds |
304441.000 |
|
2 |
Minority Interest |
|
|
3 |
Non-current liabilities |
|
|
a |
Long-term
borrowings |
1292.000 |
|
b |
Deferred tax
liabilities (Net) |
0.000 |
|
c |
Other long term
liabilities |
57897.000 |
|
d |
Long term
provisions |
59329.000 |
|
|
Sub-total Non Current liabilities |
118518.000 |
|
4 |
Current Liabilities |
|
|
a |
Short-term
borrowings |
12860.000 |
|
b |
Trade payables |
96753.000 |
|
c |
Other current
liabilities |
138621.000 |
|
d |
Short-term
provisions |
30092.000 |
|
|
Sub-total Current liabilities |
278326.000 |
|
|
TOTAL - EQUITY AND LIABILITIES |
701285.000 |
|
B |
ASSETS |
|
|
1 |
Non Current Assets |
|
|
a |
Fixed Assets
(incl.CWIP) |
56301.000 |
|
b |
Goodwill on
consolidation |
|
|
c |
Non-current
investments |
4292.000 |
|
d |
Deferred tax assets
(net) |
15507.000 |
|
e |
Long-term loans and
advances |
9053.000 |
|
f |
Other non-current
assets |
106537.000 |
|
|
Sub-total Non Current assets |
191690.000 |
|
2 |
Current assets |
|
|
a |
Current investments |
|
|
b |
Inventories |
117638.000 |
|
c |
Trade receivables |
292345.000 |
|
d |
Cash and cash
equivalents |
77321.000 |
|
e |
Short term loans
and advances |
20291.000 |
|
f |
Other current
assets |
2000.000 |
|
|
Sub-total Current assets |
509595.000 |
|
|
TOTAL ASSETS |
701285.000 |
# Subject to audit u/s 619(4) of the Companies Act, 1956 by the C&AG of India
2 The consolidated financial statements have
been prepared in accordance with Accounting Standard-21 on "Consolidated
Financial Statements" and Accounting Standard-27 on "Financial
Reporting of interest in Joint Ventures".
3 The Company has sold its long term
investment in Joint Venture company Udangudi Power Corporation Limited on
26.03.2013.
4 The Board of Directors have recommended a
final dividend of X 3.29 per share (Face Value X 2 per share) in addition to the interim
dividend of X 2.12 per share (Face Value X 2 per share) paid during the year.
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 third quarter of the current financial
year.
6 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 23.05.2013.
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
WEBSITE DETAILS
PRESS RELEASE
BHEL BAGS RS.4500.000 MILLION WORLD BANK FUNDED RENOVATION AND
MODERNISATION CONTRACT FOR 210 MW THERMAL UNIT AT KORADI TPS
18-June-2013
In the face of stiff competition under International Competitive Bidding (ICB), Bharat Heavy Electricals Limited (BHEL) has won a prestigeous order for the Energy Efficient Renovation and Modernisation (EE R&M) of a 210 MW thermal unit in Maharashtra.
The World Bank-funded contract has been placed on BHEL by the Maharashtra State
Power Generation Corporation Limited (MSPGCL). The order envisages design,
supply and installation for the EER&M of the 1x210 MW Boiler, Turbine and
Generator package for the 210 MW Unit 6 at Koradi Thermal Power Station (TPS).
With this order, BHEL has made an entry into the Energy Efficient Renovation,
Modernisation and Uprating business. More and more Utilties in the country are
preparing to go in for R&M of aging thermal units to extend the life of the
plants as well as to maximize generation.
BHEL’s scope of work in the current contract involves design, engineering,
manufacture, supply and erection and commissioning of critical parts of the
Boiler, Turbine and Generator, along with their Controls and Instrumentation.
The order also envisages uprating of the unit.
The successful EE R&M of the unit will lead to enhancement in the rated
capacity of the unit with a substantial improvement in the Plant Load Factor
(PLF). The unit efficiency will also increase due to a reduced heat rate and
auxiliary power consumption. In addition, the EE R&M will ensure reduction
in emission levels of flue gas, conforming to the current environmental norms.
Major equipment for the above contract will be manufactured and supplied by BHEL’s
plants at Trichy, Ranipet, Haridwar, Hyderabad and Bangalore.
BHEL has been committed to the nation’s power development programme and has
reaffirmed its commitment to the Indian Power Sector by equipping itself by way
of contemporary technology, state-of-the-art manufacturing facilities and
skilled technical manpower. Significantly, the company has established the
capability to deliver power plant equipment of 20,000 MW per annum.
BHEL REGISTERS SIGNIFICANT INCREASE IN
INTELLECTUAL CAPITAL; FILES ONE PATENT A DAY; R AND D SPEND GOES UP TO
RS.12510.000 MILLION
6-Jun-2013
As a result of constant thrust on developing new technologies and products, Bharat Heavy Electricals Limited (BHEL) has recorded a 10% growth in its Intellectual Capital in FY 2012-13. During the year, a record 385 patents and copyrights were filed by the company, translating into filing of over one patent / copyright every working day.
With this, the company’s intellectual capital has gone up to 2,170 patents and
copyrights filed, which are in productive use in the company’s business. During
this period, BHEL invested an all-time high Rs.12,520 Million on R&D
initiatives, over 4% higher than the previous year. With an R&D spend at
nearly 2.5% of its turnover; BHEL is the highest spender on R&D in India
for its kind of industry.
Commercialisation of products and systems developed by way of in-house Research
and Development contributed around 20% to the company’s total turnover of Rs.501560.000
Million in 2012-13.
R&D efforts of the company are aimed at improving the performance and
efficiency of existing products, and also developing new products using
state-of-the-art technologies and processes. Focus is on the relevance to the needs
of the country to remain contemporary both in terms of technology and features
vis-à-vis global benchmarks.
Significantly, 145 Technology Plans with over 1500 R&D projects have been
identified for establishing self sufficiency in the areas of UHV transmission,
Transportation, Ultra Super Critical Plants, Renewable energy, IGCC, Water,
etc. BHEL has also initiated a major programme for Knowledge Based Engineering
(KBE) and design automation for all its major products across the company to
offer optimized benchmark solutions. This is expected to substantially reduce
the engineering cycle time and eliminate errors.
Notably, BHEL is one of the only four Indian companies and the only Indian
Public Sector Enterprise figuring in ‘The Global Innovation 1000’ of Booz and
Company, a list of 1,000 publicly-traded companies which are the biggest
spenders on R&D in the world. BHEL has also won the coveted CII-Thompson
Reuters Innovation Award in the ‘Hi-tech Corporate’ category. The award
recognises BHEL’s innovation and entrepreneurship in India based on number of
patents and efficiency and impact of innovation as measured by patent
citations. In addition, BHEL’s innovativeness was recognised by Forbes that
ranked it as the Ninth Most Innovative Company in the world.
R&D and technology development are of strategic importance to the company
as it operates in a competitive environment where technology is a major factor.
BHEL's long term R&D programme focuses on emerging technology areas such as
Clean Coal technologies; Nano technology; Hydrogen Energy technologies;
Superconducting applications and Solar technologies and products and systems
for Ultra-high Voltage transmission segment for addressing the country’s future
demands.
BHEL
TO INVEST RS.5000.000 MILLION FOR SETTING UP GREENFIELD POWER
EQUIPMENTFABRICATION PLANT AT BHANDARA; MAHARASHTRA CM LAYS FOUNDATION STONE
FOR THE NEW UNIT
14.05.2013
Bharat Heavy Electricals Limited (BHEL) is setting up a new Power Equipment Fabrication Plant at Bhandara in the Vidharba region of Maharashtra. The green field unit is being set up by BHEL at an initial investment of Rs.5000.000 Million and will provide direct employment to about 700 persons.
The foundation stone for the new unit was laid here today by Sh. Prithviraj
Chavan, Hon'ble Chief Minister of Maharashtra. The ceremony was presided over
by Sh. Sharad Pawar, Hon'ble Union Minister for Agriculture and Food Processing
in the presence of Sh. Praful Patel, Hon'ble Union Minister for Heavy
Industries and Public Enterprises, Sh. B. Prasada Rao, Chairman and Managing
Director, BHEL; Directors on the Board of BHEL and other dignitaries.
In his address, Sh. Chavan said that electricity is one of the most vital
elements for sustained economic growth. We need commensurate growth in power
supply and BHEL has taken various capacity and capability building initiatives
towards this. Today's milestone is an outcome of such initiatives. He lauded
the efforts of Sh. Praful Patel in guiding BHEL in various initiatives with a
focus on country's power generation capacity addition targets.
In his presidential address, Sh. Sharad Pawar said that industry has a major
role to play in ensuring that manufacturing growth rates are enhanced. Power is
projected to grow at a much quicker pace in the coming years. The government
has drawn up ambitious plans for adding additional 234 GW capacity to the power
generating base in the XI and XII plan periods. BHEL has done a commendable job
in ensuring self sufficiency in power equipment manufacture and is well poised
to encash emerging opportunities.
Lauding BHEL's efforts in preparing itself to meet future challenges in the
Power Sector, Sh. Praful Patel said that its technology tie-up for
supercritical boilers for 800 MW units is one such example which will enable
BHEL to cater to the requirements of power stations with higher efficiencies
and low emissions. The company has already enhanced its capability to deliver
20,000 MW of power equipments per annum in line with the requirements of the
nation. In the recently concluded eleventh plan, BHEL has commissioned 25,385
MW of utility sets which is nearly double of 13,613 MW achieved in the X Plan
period, he said.
Earlier, in his welcome address, Sh. B. Prasada Rao, CMD,BHEL said that BHEL
had made its entry in Maharashtra with the commissioning of a 30 MW thermal set
at Parli way back in early 1970s. Today, the company's contribution is over 60%
to the total power generating capacity of 13,398 MW in Maharashtra. In
addition, BHEL is currently executing 7,700 MW of power projects in Maharashtra
at various sites like Chandrapur, Parli, Mauda, Amravati, and Nasik.
The CMD informed the gathering that the land acquisition process is in advanced
stages of completion and the construction of the factory will start now. BHEL
intends to start production in this factory in 24 months from the completion of
land acquisition activity. BHEL is hopeful that the turnover from this new
plant will progressively rise to approximately Rs.10000.000 millions. The
factory will be actively supported by BHEL's manufacturing unit at Trichy.
BHEL's other units at Bhopal, Haridwar, Ranipet and Hyderabad will also extend
full support through their fabrication works.
BHEL WINS DSIJ AWARD FOR THE FASTEST
GROWING MAHARATNA PSU
25-March-2013
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.
BHEL EXITS UDANGUDI POWER CORPORATION JOINT VENTURE
MARCH 28, 2013
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.
BHEL TOUCHES 52-WEEK LOW ON CITI SELL REPORT, DOWN 4.5%
MARCH 19, 2013
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.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court Declaration :
No 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. 56.50 |
|
|
1 |
Rs. 86.01 |
|
Euro |
1 |
Rs. 73.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
73 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.