MIRA INFORM REPORT

Report Date :

06.05.2013

IDENTIFICATION DETAILS

Name :	BLUE STAR LIMITED
Formerly Known As :	BLUE STAR ENGINEERING COMPANY (BOMBAY) PRIVATE LIMITED
Registered Office :	Kasturi Building, Jamshedji Tata Road, Mumbai – 400020, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.01.1949
Com. Reg. No.:	11-006870
Capital Investment / Paid-up Capital :	Rs. 179.872 Millions
CIN No.: [Company Identification No.]	L28920MH1949PLC006870
IEC No.:	0388021454
TAN No.: [Tax Deduction & Collection Account No.]	MUMB11714D
PAN No.: [Permanent Account No.]	AAACB4487D
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.
Line of Business :	Manufacturer and Exporter of consumer goods.
No. of Employees :	2790 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (68)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 10000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an old, well established and reputed company and it one of the largest central Air Conditioning and commercial refrigeration companies in India. It is having a fine track record. It has incurred some loss from operation during 2012. However, Directors are reported as experience and respectable businessmen. Financial position of the company appears to be sound. Trade relations are reported as decent. 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities: AA+
Rating Explanation	High degree of safety and very low credit risk
Date	30.04.2012

Rating Agency Name	CARE
Rating	Short Term Bank Facilities: A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	30.04.2012

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.

INFORMATION PARTED BY

Name :	Mr. S. S. Basisth
Designation :	DGM
Contact No.:	91-9820045298
Date :	04.05.2013

LOCATIONS

Registered Office/ Head Office/ Corporate Office :	Kasturi Building, Jamshedji Tata Road, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-66654000
Mobile No.:	91-9820045298 (Mr. S. S. Basisth)
Fax No.:	91-22-66654151
E-Mail :	sanjeev_sehgal@vsnl.com info@bluestarindia.com kptkutty@bluestarindia.com sangameshwar@bluestarindia.com ssbasisth@bluestarindia.com
Website :	http://www.bluestarindia.com
Factory 1 :	2^nd Pokhran Road, Majiwada, Thane – 400601, Maharashtra, India
Tel. No.:	91-22-25346265
Fax No.:	91-22-25345525
Factory 2 :	Plot Nos. 4 and 5, GIDC Industrial Estate, Narmada Nagar Post, Bharuch - 392 015, Gujarat, India
Tel. No.:	91-2642-246116
Fax No.:	91-2642-246026
Factory 3 :	Survey No. 265/2, Demni Road, Dadra - 396 191, Union Territory of Dadra and Nagar Haveli, India
Tel. No.:	91-260-2648617 / 618
Fax No.:	91-260-2648503
Factory 4 :	Nahan Road, Rampur Jattan Kala Amb, District Sirmour, Himachal Pradesh 173030, India
Factory 5 :	Village Vasuri Khurd Khanivali Road Po: Khupari Taluka: Wada Dist: Thane – 421 312, Maharashtra, India
Factory 6:	Survey No. 265/2, Demni Road, U. T. of Dadra and Nagar Haveli – 396 193, India
Factory 7:	501/3, 503/2, Tejpur Road, Sarkhej Baula Highway, Changodar, Ahmedabad - 382 213, Gujarat, India
Regional Office:	Ø Blue Star House, 9A, Ghatkopar Link Road, Sakinaka, Mumbai – 400072, Maharashtra, India Tel No. 91-22-28523600 Fax No. 91-22-28522988 Ø Block 2-A, DLF Corporate Park, DLF Qutab Enclave, Phase III, Gurgaon - 122 002, Haryana, India Tel. No. 91-124-26359001-20 Fax No. 91-124-26359220 Ø 7, Hare Street, Kolkata - 700 001, West Bengal, India Tel. No. 91-33-22480131 Fax No. 91-33-22481599 Ø 133, Kodambakkam High Road, Chennai - 600 034, Tamilnadu, India Tel. No. 91-44-28272056 Fax No. 91-44-28253121
Overseas Office :	· Malaysia · U.A.E. · U.S.A.
Sales & Services Offices:	Ø Sahas, 414/2 Veer Savarkar Marg, Prabhadevi, Mumbai 400025, Maharashtra, India Tel. No 91-22-56664000 Fax. No. 91-22-56664001 Location: Owned Ø 59 Forbes Street, Mumbai 400 001, Maharashtra Tel: 91-22-22843873 Ø Unit G-2, Shalimar Industrial Estate, Dharavi Road, Matunga, Mumbai 400 019, Maharashtra Tel. No 91-22-24075356/57 Fax. No 91-22-24024644 Ø Unit 1 Prabhadevi Industrial Estate, Prabhadevi, Mumbai 400025, Maharashtra Tel. No 91-22-24227305 Fax. No 91-22-24376041 Ø 201/A, Nityanand Complex, 247/A Bund Garden Road, Pune 411011, Maharashtra Tel. No 91-20-26127230 Fax. No 91-20-26121342 Ø Ramkrishna Chambers, Productivity Road, Alkapuri, Vadodara, Gujarat Tel. No 91-265-2332022 Fax. No 91-265-2337516 Ø 219 Bajaj Nagar, 1st Floor, South Ambazari Road, Nagpur 440010, Maharashtra Tel. No. 91-712-2249301 / 2249304 Ø "Star Arcade", 2nd Floor, Plot No. 165A and 166, Zone - I, Maharana Pratap Nagar, Bhopal - 462 011, Madhya Pradesh Tel. No 91-755-25273378 Ø 1st Floor, Flat No.1, Vaibhav Apartment, Vidyanagar Colony, Miramar, Panjim, Goa 403 001 Tel. No. 91-832-2462756 Ø E-44/12, Okhla Industrial Area, Phase II, New Delhi 110 020 Tel. No 91-11-51494000 Fax. No 91-11-51494004 Ø T.C.IX/1490, Chandrika, Sasthamangalam, Thiruvananthapuram - 695 010, Kerala Tel. No. 91-471-2720025 Ø 1, Madhya Marg, Sector 26, Chandigarh - 160 019 Tel. No 91-172-2791101/2792934 Fax. No 91-172-2791101 Ø B-140, Nirala Nagar, Lucknow 226 007, Uttar Pradesh Tel. No 91-522-2789172 Ø A-19, First Floor, Main Sahakar Path, Nr. Sahakar Bhavan, Jaipur, Rajasthan Tel. No 91-141-5179359/60 Ø 2^nd Floor, New Star Freeze Building, Opposite Kunjalata Bibah Bhawan, G S Road, Guwahati – 781005, Assam Tel. No. 91-361-2340619 Ø 3A, Satya Nagar, 2nd Floor, Bhubaneswar 751 007, Orissa Tel. No 91-674-2508239 / 2508270 Ø 5 Bazullah Road, T Nagar, Chennai 600 017, Tamilnadu Tel. No 91-44-28235531 / 28235534 Fax. No. 91-44-28235667 Ø 11 A Magarath Road, Bangalore 560 025, Karnataka Tel. No 91-80-25584728 Fax. No. 91-80-25584599 Ø Meenakshi Mandiram, XXXIX/4080, M.G. Road, Kochi – 682016, Kerala Tel. No. 91-484-2361282 / 2367843 Ø 207 Sikh Road, Bantia Estate, Secunderabad 500 003, Andhra Pradesh Tel. No. 91-40-27842057 / 27842058 Fax. No. 91-40-27841445 Ø 47-12-6/7, 2nd Floor, Amaravathi Complex, Dwarakanagar, Visakhapatnam, Andhra Pradesh, India Tel. No. 91-891-2748433 Fax. No. 91-891-2701041
Branch Office:	No. 46, Garuda Buildings, Cathedral Road, Chennai – 600 086, Tamilnadu, India
Tel No.:	91-44-42444250
Fax No.:	91-44-42444190
Email:	kslakshmanan@bluestarindia.com
Location:	Rented

DIRECTORS

As on: 31.07.2012

Name :	Mr. Ashok Mohan Advani
Designation :	Executive Chairman
Address :	105, Samudra Mahal, Dr. Annie Besant Road, Mumbai – 400018, Maharashtra, India
Date of Birth/Age :	17.11.1941
Qualification :	B. Sc., SB, MBA
Date of Appointment :	01.08.1979
DIN No.:	00001372
Name :	Mr. Suneel M. Advani
Designation :	Vice Chairman and Managing Director
Address :	232, Urvashi, 23^rd Floor, Petit Hall Complex, Nepeansea Road, Mumbai -400006, Maharashtra, India
Date of Birth/Age :	23.02.1944
Qualification :	SB, SB, LL.B.,
Date of Appointment :	03.03.1983
DIN No.:	00001709
Name :	Mr. Satish Jamdar
Designation :	Deputy Managing Director
Address :	32, Orchid, 73 Nargis Dutt Road, Pali Hill Road, Bandra, Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	09.05.1952
Date of Appointment :	01.11.2003
DIN No.:	00036653
Name :	Mr. Vir Advani
Designation :	President - Electro Mechanical Projects Group and Executive Director
Address :	232, Urvshi, Patit Hall Complex, Napeansea Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	20.08.1975
Date of Appointment :	01.07.2010
DIN No.:	01571278
Name :	Mr. Shailesh Haribhakti
Designation :	Director
Address :	228, Kalpataru Habitat, B Wing, Dr. S S Rao Road, Parel, Mumbai – 400012, Maharashtra, India
Date of Birth/Age :	12.03.1956
Date of Appointment :	31.10.2005
DIN No.:	00007347
Name :	Mr. Pradeep Mallick
Designation :	Director
Address :	A/2, Pallonji House, 43 Cuffe Parde, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	20.11.1942
Date of Appointment :	29.01.2003
DIN No.:	00061256
Name :	Mr. Gurdeep Singh
Designation :	Director
Address :	178, Vasant Vihar, Vasant Marg, New Delhi – 100057, India
Date of Birth/Age :	23.07.1944
Date of Appointment :	23.05.2003
DIN No.:	00036922
Name :	Mr. Suresh N. Talwar
Designation :	Executive Director
Address :	10 Shivshanti Bhavan, 146 Mahrshikarve Road, Backbay Reclamation, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	21.11.1937
Date of Appointment :	17.06.1986
DIN No.:	00001456

KEY EXECUTIVES

Name :	Mr. Sangameshwar R. Iyer
Designation :	Company Secretary
Address :	12 D, 202 Anita Nagar, Lokhandwala Complex, Kandivali (East), Mumbai – 400101, Maharashtra, India
Date of Birth :	08.05.1959
Date of Appointment :	01.10.2010
DIN No.:	AAJPI4512N
Name :	Mr. Suneel M Advani
Designation :	Executive Vice Chairman
Name :	Mr. Mr. B Thiagarajan
Designation :	President - Airconditioning & Refrigeration Products Group
Name :	Mr. J M Bhambure
Designation :	Executive Vice President - R&D and Technology
Name :	Mr. Tojo Jose
Designation :	Executive Vice President - Human Resources
Name :	Mr. Manek Kalyaniwala
Designation :	Executive Vice President - Finance
Name :	Mr. Arun Khorana
Designation :	Executive Vice President - Professional Electronics & Industrial Systems
Name :	Mr. P Venkat Rao
Designation :	Executive Vice President- Central and Packaged Airconditioning Products
Name :	Mr. G Anandkumar
Designation :	Vice President - Plumbing Projects Division
Name :	Mr. R Aravindan
Designation :	Vice President - Airconditioning Projects Division, Southern Region
Name :	Mr. Sujan Chatterjee
Designation :	Vice President - Corporate Financial Services
Name :	Sumanta Chaudhuri
Designation :	Vice President - Electrical Projects Division
Name :	Mr. R G Devnani
Designation :	Vice President - Thane, Wada, Dadra & Bharuch Plants
Name :	Mr. C P Mukundan Menon
Designation :	Vice President- Room Airconditioners and Refrigeration Products & Systems
Name :	Mr. A Rakesh Rao
Designation :	Vice President - Business Development, Electro Mechanical Projects Group
Name :	Mr. D H Roy
Designation :	Vice President - Himachal Plants
Name :	Mr. D P Singh
Designation :	Vice President - Infrastructure Projects Division
Name :	Mr. K P Sukumar
Designation :	Vice President- Corporate Programmes
Name :	Mr. Rajendra Verma
Designation :	Vice President - Airconditioning Projects Division, Northern & Western Regions

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2013

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	21468354	23.87
Bodies Corporate	21731	0.02
Any Others (Specify)	14000711	15.57
Trusts	14000711	15.57
Sub Total	35490796	39.46
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	543075	0.60
Sub Total	543075	0.60
Total shareholding of Promoter and Promoter Group (A)	36033871	40.07
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	12669496	14.09
Financial Institutions / Banks	26980	0.03
Insurance Companies	1343751	1.49
Foreign Institutional Investors	7879017	8.76
Any Others (Specify)	252476	0.28
Foreign Mutual Fund	252476	0.28
Sub Total	22171720	24.65
(2) Non-Institutions
Bodies Corporate	2189220	2.43
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	19296118	21.46
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	8928698	9.93
Any Others (Specify)	1316478	1.46
Clearing Members	40228	0.04
Foreign Corporate Bodies	375	0.00
Market Maker	1046	0.00
Non Resident Indians	1273329	1.42
Trusts	1500	0.00
Sub Total	31730514	35.28
Total Public shareholding (B)	53902234	59.93
Total (A)+(B)	89936105	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	89936105	0.00

SHAREHOLDING BELONGING TO THE CATEGORY "PROMOTER AND PROMOTER GROUP"

o.	Name of the Shareholder	Details of Shares held		Encumbered shares (*)			Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)	No	As a percentage	As a % of grand total (A)+(B)+(C) of sub-clause (I)(a)
1	IL and FS Trust Company Ltd	74,58,354	8.29	0	0.00	0.00	8.29
2	IL and FS Trust Company Limited	35,54,722	3.95	0	0.00	0.00	3.95
3	JT Advani Finance Private Limited	21,731	0.02	0	0.00	0.00	0.02
4	Ashok Mohan Advani	1,08,57,481	12.07	0	0.00	0.00	12.07
5	Suneel Mohan Advani	58,04,258	6.45	0	0.00	0.00	6.45
6	Vir S Advani	50,000	0.06	0	0.00	0.00	0.06
7	Nargis Suneel Advani	27,20,695	3.03	0	0.00	0.00	3.03
8	Suneeta Nanik Advani	21,41,770	2.38	600000	28.01	0.67	2.38
9	Rohina Lulla	11,16,885	1.24	0	0.00	0.00	1.24
10	Anissa Khanna	10,76,630	1.20	0	0.00	0.00	1.20
11	Nanik Ramchand Vaswani	9,45,095	1.05	0	0.00	0.00	1.05
12	Armaan Sandeep Murthy	50,000	0.06	0	0.00	0.00	0.06
13	Uday Vir Advani	50,000	0.06	0	0.00	0.00	0.06
14	Sunaina S Advani	50,000	0.06	0	0.00	0.00	0.06
15	Sumer Sandeep Murthy	50,000	0.06	0	0.00	0.00	0.06
16	Anita Advani	30,000	0.03	0	0.00	0.00	0.03
17	Dev Khanna	18,750	0.02	0	0.00	0.00	0.02
18	Rana Rajiv Lulla	18,750	0.02	0	0.00	0.00	0.02
19	Iman Rajiv Lulla	18,750	0.02	0	0.00	0.00	0.02
	Total	3,60,33,871	40.07	600000	1.67	0.67	40.07

SHAREHOLDING BELONGING TO THE CATEGORY "PUBLIC" AND HOLDING MORE THAN 1% OF THE TOTAL NO. OF SHARES

l. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	HDFC Trustee Company Limited - HDFC Mid Copopportunities Fund	4659324	5.18	5.18
2	SBI Contra Fund	3715083	4.13	4.13
3	Kuroto Fund LP	2531788	2.82	2.82
4	ICICI Prudential Discovery Fund	3452938	3.84	3.84
5	Oriental Insurance Company Limited	1343751	1.49	1.49
6	Saif Advisor Mauritius Ltd A/C Saif India IV FII Holdings Limited	3803979	4.23	4.23
7	Kamal T Jagtiani	1107622	1.23	1.23
	Total	20614485	22.92	22.92

SHAREHOLDING BELONGING TO THE CATEGORY "PUBLIC" AND HOLDING MORE THAN 5% OF THE TOTAL NO. OF SHARES

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	HDFC Trustee Company Limited - HDFC Mid Copopportunities Fund	4659324	5.18	5.18
	Total	4659324	5.18	5.18

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of consumer goods.
Exports :
Products :	Consumer Goods
Countries :	Middle East Malaysia Singapore Europe US
Imports :
Products :	Raw Material
Countries :	Korea Hongkong China Taiwan
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

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

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

GENERAL INFORMATION

Customers :

• End Users

No. of Employees :

2790 (Approximately)

Bankers :

• The Hongkong and Shanghai Banking Corporation Limited, No. 30, Rajaji Salai,
• Chennai – 600 001, Tamilnadu, India
• The Hongkong & Shanghai Banking Corporation Ltd
• State Bank of India
• Oriental Bank of Commerce
• The Royal Bank of Scotland
• BNP Paribas

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Cash credit from banks	0.000	555.958
Buyers credit	1152.311	1489.930
Total	1152.311	2045.888
Cash credit and Buyers Credit from banks is Secured by hypothecation of stock-in-trade and trade receivables. The cash credit carries average interest @ 10.0% p.a and Buyers’ credit carries average interest @ Libor plus 1.25%. Cash credit are repayable on demand and Buyers’ Credit are availed for imports payables and are repayable within maximum tenure of 360 days from the date of shipment.

Banking Relations :	--
Auditors :
Name :	S R Batliboi and Associates Chartered Accountant
Joint Ventures :	Blue Star Qatar- WLL Blue Star M and E Engineering (Sdn) Bhd Blue Star Design and Engineering Limited
Associate :	Blue Star Infotech Limited
Subsidiary :	Blue Star Electro Mechanical Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

a) There is no movement in the shares outstanding at the beginning and at the end of the reporting period.

b) Terms/rights attached to equity shares

The company has only one class of equity shares having par value of Rs. 2 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31 March, 2012 the amount of per share dividend proposed as distribution to the equity shareholders is Rs.1 (31 March, 2011: Rs. 7)

c) Details of shareholders holding more than 5% shares in the Company

Particular	Number of Shares	% of Holding
Equity shares of Rs. 2 each fully paid
Ashok Mohan Advani	10857481	12.07
IL and FS Trust Company Limited #	7458354	8.29
Suneel Mohan Advani	5325098	5.92
HDFC Trustee Company Limited - HDFC Capital Builder Fund #	4888971	544

# these shares are held in Trust for the Promoter group who are the beneficial owners.

As per of the company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		179.872	179.872	179.872
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4559.122	5555.112	4736.873
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4738.994	5734.984	4916.745
LOAN FUNDS
1] Secured Loans		1152.311	2045.888	600.688
2] Unsecured Loans		2279.803	2137.884	59.236
TOTAL BORROWING		3432.114	4183.772	659.924
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		8171.108	9918.756	5576.669
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2183.332	1991.003	1976.569
Capital work-in-progress		190.147	193.197	25.964
INVESTMENT		1213.579	1018.379	42.033
DEFERREX TAX ASSETS		0.000	6.984	14.666
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4371.552	4945.074	2580.083
	Sundry Debtors	6958.611	7785.902	6282.129
	Cash & Bank Balances	508.062	464.889	204.315
	Other Current Assets	3411.806	4758.511	3609.201
	Loans & Advances	1669.142	1427.504	1314.231
Total Current Assets		16919.173	19381.880	13989.959
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	7029.968	6890.463	6646.625
	Other Current Liabilities	4772.582	4705.149	2665.543
	Provisions	532.573	1077.075	1160.354
Total Current Liabilities		12335.123	12672.687	10472.522
Net Current Assets		4584.050	6709.193	3517.437
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		8171.108	9918.756	5576.669

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income	27002.842	28589.178
		Other Income	243.066	339.959
		TOTAL (A)	27245.908	28929.137
Less	EXPENSES
		Cost of raw material and components consumed and Project related cost	16639.154	19406.204
		Purchase of traded goods	3693.793	3039.891
		(Increase)/decrease in inventories of finished goods, work-in-progress and traded goods	525.399	(2013.848)
		Employee benefits expense	2069.171	2061.383
		Other expenses	4185.878	3609.708
		Exceptional items - Profit on sale of Investments	0.000	(4.293)
		TOTAL (B)	27113.395	26099.045
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		132.513	2830.092
Less	FINANCIAL EXPENSES (D)		702.541	243.623
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(570.028)	2586.469
Less/ Add	DEPRECIATION/ AMORTISATION (F)		314.452	317.108
	PROFIT BEFORE TAX (E-F) (G)		(884.480)	2269.361
Less	TAX (H)		6.984	719.382
	PROFIT AFTER TAX (G-H) (I)		(891.464)	1549.979
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2797.715	2134.436
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	155.000
		Proposed Dividend	89.900	629.600
		Corporate Tax Dividend	14.600	102.100
	BALANCE CARRIED TO THE B/S		1801.751	2797.715
	EARNINGS IN FOREIGN CURRENCY
		Export of goods on F.O.B. basis	1149.663	1307.638
		Royalty, Know-how, Professional and Consultation fees	43.811	35.910
		Commission	282.971	246.585
		Other Earnings	18.115	13.064
	TOTAL EARNINGS		1494.560	1603.197
	IMPORTS
		Raw Materials	3491.942	3953.224
		Stores & Spares	142.188	87.451
		Capital Goods	339.902	7.667
		Finished Goods	1419.164	1517.495
		Others	0.105	1.034
	TOTAL IMPORTS		5393.301	5566.871
	Earnings Per Share (Rs.)		9.91	17.23

	PARTICULARS		31.03.2010
	SALES
		Income	24984.486
		Commission	265.260
		Other Income	190.654
		TOTAL (A)	25440.400
Less	EXPENSES
		Cost of Sales and Services	18700.570
		Employee Remuneration	1848.727
		Operating and General Expenses	1832.667
		TOTAL (B)	22381.964
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3058.436
Less	FINANCIAL EXPENSES (D)		84.540
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2973.896
Less/ Add	DEPRECIATION/ AMORTISATION (F)		347.332
	PROFIT ON SALE OF INVESTMENTS		139.649
	PROFIT BEFORE TAX (E-F) (G)		2766.213
Less	TAX (H)		651.356
	PROFIT AFTER TAX (G-H) (I)		2114.857
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1658.566
Less	APPROPRIATIONS
		Transfer to General Reserve	800.000
		Dividend	719.489
		Tax on Dividend	119.498
	BALANCE CARRIED TO THE B/S		2134.436
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	983.042
		Commission Earnings	276.722
		Other Earnings	49.458
	TOTAL EARNINGS		1309.222
	IMPORTS
		Raw Materials	3730.863
		Stores & Spares	8.465
		Capital Goods	44.080
		Others	921.979
	TOTAL IMPORTS		4705.387
	Earnings Per Share (Rs.)		23.52

Particulars	31.03.2013
Sales Turnover (Approximately)	30000.000

Expected Sales (2013-2014): Rs.33000.000 Millions

The above information has been parted by Mr. S.S Basisth (DGM)

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	7314.200	5786.000	5988.000
Total Expenditure	6978.900	5584.500	5733.700
PBIDT (Excl OI)	335.300	201.500	254.300
Other Income	70.100	64.700	20.600
Operating Profit	405.400	266.200	274.900
Interest	125.300	112.000	137.200
Exceptional Items	000	000	000
PBDT	280.100	154.200	137.700
Depreciation	74.700	81.500	84.000
Profit Before Tax	205.400	72.700	53.700
Tax	000	000	000
Provisions and contingencies	000	000	000
Profit After Tax	205.400	72.700	53.700
Extraordinary Items	000	000	000
Prior Period Expenses	000	000	000
Other Adjustments	000	000	000
Net Profit	205.400	72.700	53.700

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(3.27)	5.36	8.31
Net Profit Margin (PBT/Sales)	(%)	(3.27)	7.94	11.07
Return on Total Assets (PBT/Total Assets}	(%)	(4.63)	10.62	17.33
Return on Investment (ROI) (PBT/Networth)		0.18	0.39	0.56
Debt Equity Ratio (Total Debt /Networth)		0.73	0.73	0.13
Current Ratio (Current Asset/Current Liability)		1.37	1.53	1.34

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditor	7029.968	6890.463	6646.625
Total	7029.968	6890.463	6646.625

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

TRADE REFERENCES

• NAL Advanced Composite Division, Bangalore (Mr. Sudheendra, Head ACU and Mr. H. N. Ramachandra)
• Hindustan Aeronautics Limited

Foundry and Forge Division, Bangalore (Mr. Vijayaraghavan, Chief Manager QC)

• Central Power Research Institute , Professor Sir C. V. Raman Road Sadashivanagar, Bangalore – 560 080 (Dr. Sriramamoorthy, Director)
• Vikram Sarabhai Space Centre, MEE RFF Area, Trivandrum – 695 022 (Mr. Adalarasu) Tel No. 91-471-2562571

OPERATING PERFORMANCE

Total Revenue of the Company was Rs. 27245.908 Millions for the year ended March 31, 2012 compared to Rs. 28929.137 Millions in the previous year. Operating Profit Before Interest, Depreciation and Tax declined from Rs. 2830.092 Millions to Rs. 132.513 Millions.

The sharp decline in Operating Profit was largely caused by a combination of factors in the Electro Mechanical Projects business in Segment 1. These included a slowdown in execution of projects due to delays in collections from customers; inflationary cost over-runs and erosion of gross margins on fixed price contracts; and higher expected costs for completion of ongoing projects. In accordance with Accounting Standard AS7, all these cost increases were absorbed in the accounts for 2011-12, resulting in losses and reduced revenues.

In the Cooling Products segment, while top-line growth was favourable, margins were under pressure due to higher input costs and significant increases in fuel and freight costs. Consequently, the segment result was marginally lower. The Professional

Electronics and Industrial Systems business was also affected by the general business slowdown.

MANAGEMENT DISCUSSION AND ANALYSIS

INTRODUCTION

Blue Star is India’s leading central airconditioning and commercial refrigeration company, with over six decades of experience in providing expert cooling solutions. It fulfills the cooling requirements of a large number of corporate, commercial as well as residential customers; and also offers expertise in allied contracting activities such as electrical, plumbing and fire-fighting services, in order to provide a comprehensive solution. Blue Star’s other businesses include marketing and maintenance of imported professional electronics and industrial systems, and execution of industrial projects.

BUSINESS SEGMENTS

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

Electro Mechanical Projects And Packaged Airconditioning Systems

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

Cooling Products

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

Professional Electronics And Industrial Systems

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

INDUSTRY STRUCTURE AND DEVELOPMENTS

Airconditioning

In 2011-12, the estimated total market size for airconditioning in India was around Rs. 113000.000 Millions. Of this, the market for central airconditioning, including central plants, packaged/ducted systems and VRF systems was about Rs. 53000.000 Millions, while the market for room airconditioners comprised the balance Rs. 60000.000 Millions.

During the year, owing to the uncertain economic environment, the pace of inflow of orders as well as execution of projects in the central airconditioning segment was sluggish. While the commercial real-estate market continued to be adversely affected, there was demand from the IT/ITeS, retail, hospitality and industrial segments. Infrastructure projects, too, moved slower than anticipated with adverse impact on cash flow. Even in the room airconditioners business, which is largely driven by the home segment, for the first time in several years, the market declined as compared to the previous year. This was mainly due to a relatively mild summer coupled with reduced consumer spending on account of rising interest rates and inflationary pressures. However, the current penetration level of airconditioners in the country is a mere 3%, and this presents significant opportunities to the players in the room airconditioners business, when the economic as well as geographic climate is favourable.

Commercial Refrigeration

The commercial refrigeration segment includes a wide range of products such as cold storages, water coolers, bottled water dispensers, deep freezers, milk coolers, bottle coolers and ice cubers. During the year, these segments performed well with demand from the ice cream, dairy and frozen food industries. The Ministry of Agriculture in co-ordination with CII has been taking initiatives to develop a seamless and robust cold chain infrastructure which will enable remunerative price to farmers and quality produce in the hands of consumers. In addition, technical standards and cost norms for several cold chain components are also being developed. These initiatives are expected to significantly enhance demand for cold chain equipment in the country.

PROFESSIONAL ELECTRONICS AND INDUSTRIAL SYSTEMS

This segment comprises several strategic business units namely Industrial Projects, Industrial Products and Systems, Material Testing Equipment and Systems (Destructive / Non Destructive), Data Communication Products and Services, Test and Measuring Instruments, Analytical Instruments and Medical Diagnostic Equipment. Over the years, the Company has changed its business model from being only a distributor of leading global manufacturers to that of a system integrator and value added reseller, thereby moving up the value chain.

During the review period, due to the liquidity crunch and depreciation of the rupee, capital equipment procurement in the business lines of testing machines and industrial products and systems slowed down, with a decline in demand from major

EXPORTS

The main focus of product exports is on the Middle East markets. The Company offers products such as chillers, air handling units, fan coil units and roof top units apart from traditional cooling products like water coolers, ducted systems and room airconditioners. These products, which compete with global brands, enjoy a good reputation in the market. The Company has also taken initiatives to develop the products in 60 Hz for growing markets such as Saudi Arabia. During the year, the business was adversely affected due to the uprising in Libya, Syria, Egypt, Bahrain, Iran, Oman and Yemen. Several new projects have been deferred and investments are cautious. Qatar continues to have strong growth prospects, given its stable political environment. During the review period, the exports business booked several prestigious orders including Qatar Foundation, Marwa Tower and Hilton Garden Inn Hotel in Qatar; Larsen & Toubro project in Oman, and Hamriya Free Zone area in UAE.

As far as international projects are concerned, the Company has joint ventures in Qatar as well as in Malaysia. During the year, the Company continued to be selective in pursuing only projects with reasonable margins.

CORPORATE OUTLOOK

The Company is tackling the challenges posed by the current uncertain business environment by tough cost control measures coupled with focus on cash collections and control of working capital, and expects to return to modest profitability in FY13.

BOARD OF DIRECTORS

Mr. Ashok M. Advani

Executive Chairman

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

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

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

Mr. Suneel M. Advani

Vice Chairman and Managing director

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

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

Mr. Satish Jamdar

Managing Director

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

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

Mr. Vir S. Advani

Executive Director

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

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

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

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

Mr. Shailesh Haribhakti

Director

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

Mr. Pradeep Mallicvk

Director

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

Mr. Gurdeep Singh

Director

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

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

Mr. Suresh N. Talwar

Director

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

UNSECURED LOAN

(Rs in Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Buyers credit	884.965	437.884
Commercial Papers from Banks	100.000	600.000
Commercial Papers from Others	1210.000	400.000
Term Loans from Banks -
Foreign Currency loan	0.000	700.000
Indian Rupee Loans	84.838	0.000
Total	2279.803	2137.884

NOTE:

Commercial Papers carry average interest rate @ 9.80% p.a. for the current year. These are repayable within 45 days to 365 days from the date of drawdown.

Foreign Currency Loan carry average interest @ 7% p.a. for the current year. The loan is repayable after one year from the date of its origination.

Indian Rupee loan carry average interest @ 9.75% p.a. The loan are repayable within maximum tenure of 60 days from the date of its origination.

CONTINGENT LIABILITIES

(Rs in Millions)

Particular	31.03.2012	31.03.2011
Claims against the Company not acknowledged as debts	7.176	6.644
Sales Tax matters	535.393	527.988
Excise Duty matters	10.525	8.030
Service Tax matters	48.343	48.343
Income Tax matters	283.704	168.452
Corporate Guarantee given on behalf of Subsidiary, Associates and others	831.874	814.143

FIXED ASSETS

• Land Freehold
• Land Leasehold
• Building
• Pant And Equipments
• Furniture And Fixtures
• Vehicles
• Computers

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2012

(Rs in Millions)

Sr. No.	Particular	Quarter Ended (Unaudited)		Nine Months Ended (Unaudited)
		31.12.2012	30.09.2012	31.12.2012
1	Income from Operations
	a) Net Sales / Income from Operations (Net of Excise Duty)	5930.200	5734.600	18896.600
	b) Other Operating Income	57.800	51.400	191.600
	Total Income from Operations (Net)	5988.000	5786.000	19088.200
2	Expenses
	a) Cost of materials consumed (including direct project cost)	3692.300	3343.400	11121.000
	b) Purchase of Stock in trade	1031.300	951.100	3062.900
	c) Changes in Inventories of Finished Goods, Work-in-progress and Stock-in-Trade	(455.400)	(143.700)	(372.800)
	d) Employee Benefits Expense	511.900	536.500	1576.700
	e) Depreciation and Amortisation Expense	84.000	81.500	240.200
	f) Other Expenses	953.600	897.200	2909.300
	Total Expenses	5817.700	5666.000	18537.300
3	Profit / (Loss) from Operations before Other Income, Finance Cost and Exceptional Items (1-2)	170.300	120.000	550.900
4	Other Income	20.600	64.700	155.500
5	Profit / (Loss) before Finance Cost and Exceptional Items (3+4)	190.900	184.700	706.400
6	Finance Costs	137.200	112.000	374.600
7	Profit / (Loss) after Finance cost but before Exceptional Items (5-6)	53.700	72.700	331.800
8	Exceptional Items	-	-	-
9	Profit / (Loss) before Tax (7+8)	53.700	72.700	331.800
10	Tax Expense	-	-	-
11	Net Profit / (Loss) after Tax (9-10)	53.700	72.700	331.800
12	Extraordinary Items (net of tax expense)	-	-	-
13	Net Profit / (Loss) for the Period (11-12)	53.700	72.700	331.800
14	Paid Up Equity Share Capital (Face Value of the share – Rs. 2/- each)	179.900	179.900	179.900
15	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year
16	Earnings Per Share (EPS) (in Rs.)
	a) Basic	0.60	0.81	3.69
	b) Diluted	0.60	0.81	3.69

SELECT INFORMATION FOR THE QUARTER ENDED DECEMBER 31, 2012

Sr. No.	Particular	Quarter Ended (Unaudited)		Nine Months Ended (Unaudited)
		31.12.2012	30.09.2012	31.12.2012
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	- Number of Shares	53902234	53874284	53902234
	- Percentage of Shareholding	59.93	59.90	59.93
2	Promoters and Promoter Group Shareholding
	a) Pledged / Encumbered
	- Number of Shares	600000	600000	600000
	- Percentage of Shares (as a % of total shareholding of promoter and promoter group)	1.67	1.66	1.67
	- Percentage of Shares (as a % of total share Capital of the Company)	0.67	0.67	0.67
	b) Non-Encumbered
	- Number of Shares	35433871	35461821	35433871
	- Percentage of Shares (as a % of total shareholding of promoter and promoter group)	98.33	98.34	98.33
	- Percentage of Shares (as a % of total share Capital of the Company)	39.40	39.43	39.40

INVESTOR COMPLAINTS QUARTER ENDED 31.12.12

Pending at the beginning of the quarter	Received during the quarter	Disposed during the quarter	Remaining unresolved at the end of the quarter
	6	6

UNAUDITED SEGMENT WISE REVENUE, RESULTS & CAPITAL EMPLOYED FOR THE QUARTER ENDED DECEMBER 31, 2012

(Rs in Millions)

Sr. No.	Particular	Quarter Ended (Unaudited)		Nine Months Ended (Unaudited)
		31.12.2012	30.09.2012	31.12.2012
I	SEGMENTREVENUE
	a) Electro Mechanical Projects and Packaged Airconditioning Systems	3960.200	3758.700	11389.400
	b) Cooling Products	1557.100	1686.400	6579.600
	c) Professional Electronics and Industrial Systems	470.700	340.900	1119.200
	TOTAL SEGMENT REVENUE	5988.000	5786.000	19088.200
	Less: Inter - Segment Revenue	-	-	-
	Total Income from Operations (Net)	5988.0000	5786.000	19088.200
II	SEGMENT RESULT PROFIT / (LOSS) BEFORE INTEREST & TAX
	a) Electro Mechanical Projects and Packaged Airconditioning Systems	229.400	264.200	617.300
	b) Cooling Products	37.800	79.100	492.400
	c) Professional Electronics and Industrial Systems	95.600	26.300	193.700
	TOTAL SEGMENT RESULT	362.800	369.600	1303.400
	Less: i) Interest and Other Financial Charges	137.200	112.000	374.600
	ii) Un-allocable Expenditure	171.900	184.900	597.000
	TOTAL PROFIT BEFORE TAXATION AND EXCEPTIONAL ITEM	53.700	72.700	331.800
	Exceptional item	-	-	-
	PROFIT BEFORE TAXATION	53.700	72.700	331.800
III	CAPITAL EMPLOYED (Segment Assets - Segment Liabilities)
	a) Electro Mechanical Projects and Packaged Airconditioning Systems	4777.200	4235.300	4777.200
	b) Cooling Products	2168.000	2375.100	2168.000
	c) Professional Electronics and Industrial Systems	683.100	671.600	683.100
	TOTAL CAPITAL EMPLOYED IN SEGMENTS	7628.300	7282.000	7628.300
	Add: Un-allocable Corporate Assets less Liabilities	(2554.400)	(2261.900)	(2554.400)
	TOTAL CAPITAL EMPLOYED IN THE COMPANY	5073.900	5020.100	5073.900

NOTES:

1 The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on January 18, 2013 and have been subjected to Limited Review by the Statutory Auditors.

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

BLUE STAR 9-MONTH NET PROFIT AT RS 331.800 MILLIONS

PLACE: MUMBAI

DATE: JANUARY 18, 2013

Financial Performance For Q3FY13

• Central airconditioning and commercial refrigeration major Blue Star Limited reported Total Operating Income of Rs 5988.000 Millions for the quarter ended December 31, 2012, as compared to Rs 5840.100 Millions in Q3FY12, representing an increase of 3%.
• Operating Profit (PBIDT excluding Other Income) for the quarter increased to Rs 254.300 Millions from a loss of Rs 88.100 Millions in Q3FY12.
• Financial Expenses for the quarter decreased by 38% to Rs 137.200 Millions from Rs 221.000 Millions in Q3FY12.
• Provision for taxation for the quarter was nil, same as that of Q3FY12. Although the Company is required to make a provision for MAT, due to the set-off of the carried forward business loss of the previous year, there is no taxable income for the year and hence no provision was required for tax.
• Consequently, Net Profit grew to Rs 53.700 Millions as compared to a Net Loss of Rs 327.600 Millions during the same quarter of the previous year.
• Earnings per share for the quarter (Face value of Rs 2.00) stood at Rs 0.60 vis-à-vis a negative of Rs 3.64 in the corresponding quarter of the previous year.
• The Electro Mechanical Projects and Packaged Airconditioning Systems business, accounting for 66% of the total revenues in the quarter, increased 8% while segment results increased to Rs 229.400 Millions as compared to a loss of Rs 151.800 Millions during Q3FY12, mainly due to better gross margins and focus on business from more profitable segments.
• Cooling Products revenue registered a decline of 5% in the quarter, while segment results declined by 47% to Rs 37.800 Millions Q3 are generally a lean season for this business. However, due to a change in the Bureau of Energy Efficiency norms which came into effect from Jan 1, 2013, there was a significant off-take in primary sales in Q3FY12, which was not applicable in the quarter during review. Further, the erosion of margins in sourcing and selling of installation accessories such as copper pipes and insulation material, which had adversely affected this segment in the previous quarter, had some impact in this quarter as well.
• The Professional Electronics and Industrial Systems business revenues reduced by 9%, while segment results declined 18% to Rs 95.600 Millions, owing to the unfavourable business climate and declining demand in the capital goods sector.
• Carry Forward Order Book as on December 31, 2012 reduced to Rs 16280.000 Millions compared to Rs 21600.000 Millions as at December 31, 2011, due to slower new order bookings as well as a concerted effort to improve the quality of new orders won.

Financial Performance For The Nine-Month Period Ended December 31, 2012 (Cumulative Q3FY13)

• For the nine-month period ended December 31, 2012, the Company reported a Total Operating Income of Rs 19088.200 Millions, as compared to Rs 18872.300 Millions over the same period in the previous year representing a marginal growth of 1%.
• Operating Profit (PBIDT excluding Other Income) increased 194% to Rs 791.100 Millions as compared to Rs 269.000 Millions during the same period last year.
• Net Profit grew to Rs 331.800 Millions as compared to a Net Loss of Rs 437.700 Millions during the same period of the previous year.

Outlook

While the external market environment continues to be challenging, businesses such packaged airconditioning, room airconditioners, refrigeration products and after-sales service have a positive outlook. However, the electro mechanical projects business is likely to continue to be negatively impacted for the next couple of quarters, mainly due to the slowdown in the commercial construction sector. The Company will focus on leveraging on the opportunities available in certain segments as well as in improving profitability over the next few quarters.

BLUE STAR H1 NET PROFIT AT RS. 278.100 MILLIONS

PLACE: MUMBAI

DATE: OCTOBER 19, 2012

Financial Performance For Q2FY13

• Central airconditioning and commercial refrigeration major Blue Star Limited reported Total Operating Income of Rs 5786.000 Millions for the quarter ended September 30, 2012, as compared to Rs 5991.900 Millions in Q2FY12, representing a decrease of 3%.
• Operating Profit (PBIDT excluding Other Income) for the quarter increased 152% to Rs 201.500 Millions from Rs 80.200 Millions in Q2FY12.
• Financial Expenses for the quarter decreased significantly to Rs 112.000 Millions from Rs 305.600 Millions in Q2FY12.
• Provision for taxation for the quarter is nil as compared to reversal of Rs 31.700 Millions during the same period last year. Although the Company is required to make a provision for MAT, due to the set-off of the carried forward business loss of the previous year, there is no taxable income for the year and hence no provision is required for tax.
• Consequently, Net Profit grew to Rs. 72.700 Millions in Q2FY13 from a loss of Rs 208.000 Millions in Q2FY12.
• Earnings per share for the quarter (Face value of Rs 2.00) stood at Rs 0.81 vis-à-vis a negative of Rs 2.31 in the corresponding quarter of the previous year.
• The revenues of Electro Mechanical Projects and Packaged Airconditioning Systems business, accounting for 65% of the total revenues in the quarter decreased by 2%, while segment results increased to Rs 264.200 Millions as compared to a loss of Rs 34.100 Millions during Q2FY12, due to the focus on: (1) business from more profitable segments and at better gross margins and (2) the benefit of lower cost increases in ongoing projects in the current year.
• Cooling Products revenue registered a modest increase of 7% in the quarter, while segment results declined by 7% to Rs 79.100 Millions. The decline was mainly due to increase in input costs owing to foreign exchange rates and erosion of margins in sourcing and selling of installation accessories such as copper pipes.
• The Professional Electronics and Industrial Systems business revenues reduced significantly by 43%, while segment results declined 85% to Rs 26.300 Millions, owing to the unfavourable industrial projects business and declining demand in capital goods sector, and delay in finalization of a few significant new orders.
• Carry Forward Order Book as on September 30, 2012 reduced to Rs 167860.000 Millions compared to Rs 21620.000 Millions as at September 30, 2011, due to slower new order bookings as well as a concerted effort to improve the quality of new order bookings both in terms of margins and capital employed.

Financial Performance For The Half-Year Ended September 30, 2012 (H1FY13)

• For the half-year ended September 30, 2012, the Company reported a Total Operating Income of Rs 13100.200 Millions, as compared to Rs 13032.200 Millions over the same period in the previous year, a flat growth of 0.5%.
• Operating Profit (PBIDT excluding Other Income) increased by 50.37% from Rs. 357.000 Millions to Rs 536.800 Millions.
• There was a Net Profit of Rs 278.100 Millions in the half-year period as compared to a Net Loss of Rs 110.200 Millions in the corresponding period last year.

Outlook

After having returned to profitability in the last two consecutive quarters, the Company intends to build on the gains and consolidate its position. The external market environment continues to be challenging and the focus will be to improve operational efficiency and bottomline.

Blue Star Q1 Net Profit up 110%

Place: Mumbai

Date: July 31, 2012

Financial Performance For Q1FY13

• Central airconditioning and commercial refrigeration major Blue Star Limited reported Total Operating Income of Rs 7314.200 Millions for the quarter ended June 30, 2012, as compared to Rs 7040.300 Millions in Q1FY12, representing an increase of 4%.
• Operating Profit (PBIDT excluding Other Income) for the quarter increased 22% to Rs 335.300 Millions from Rs 275.300 Millions in Q1FY12.
• During the quarter, Other Income grew to Rs 70.100 Millions from Rs 7.300 Millions during the same period last year. This was mainly on account of income tax refunds and foreign exchange gains.
• Financial Expenses for the quarter increased to Rs 125.300 Millions from Rs 81.700 Millions in Q1FY12, due to higher interest costs and hedging/foreign exchange losses.
• Provision for taxation for the quarter was nil compared to Rs 31.700 Millions during the same period last year. Although the Company is required to make a provision for MAT, due to the set-off of the carried forward business loss of the previous year, there is no taxable income for the year and hence no provision was required for tax.
• Consequently, Net Profit grew 110% from Rs 97.900 Millions in Q1FY12 to Rs 205.400 Millions during the quarter.
• Earnings per share for the quarter (Face value of Rs 2.00) stood at Rs 2.28 vis-à-vis Rs 1.09 in the corresponding quarter of the previous year.
• The Electro Mechanical Projects and Packaged Airconditioning Systems business, accounting for 50% of the total revenues in the quarter, increased 7% while segment results increased to Rs 123.700 Millions as compared to a loss of Rs 88.700 Millions during Q1FY12, mainly due to better gross margin.
• Cooling Products revenue registered a marginal increase of 2% in the quarter, while segment results declined by 15% to Rs 375.500 Millions. A relatively mild summer across the country in April and May, coupled with cost pressures due to the appreciation of the dollar, resulted in the decline.
• The Professional Electronics and Industrial Systems business revenues reduced by 8%, while segment results declined 10% to Rs 71.800 Millions, owing to the unfavourable business climate.
• Carry Forward Order Book as on June 30, 2012 reduced to Rs 18480.000 Millions compared to Rs 20190.000 Millions as at June 30, 2011, due to slower new order bookings as well as a concerted effort to improve the quality of new orders won.

Outlook

The corrective steps taken by the Company in the previous year including price increases, value engineering and cost control have begun to show results with the Company showing significant profit improvement in Q1. The Company hopes to sustain the turnaround for the rest of the year in spite of the continuing economic slowdown, high inflation and weak rupee.

Standalone Financial Performance for 2011-12

Blue Star Limited reported Total Operating Income of Rs 27002.800 Millions for the year ended March 31, 2012, compared to Rs 28589.200 Millions earned last year, representing a decline of 6%.

Operating loss (PBIDT excluding Other Non-Operating Income) for the year stood at Rs 110.600 Millions as compared to the Operating Profit of Rs 2485.800 Millions in FY11. The unfavourable economic climate, cost overruns in electro mechanical projects, liquidity crunch and higher input costs were responsible for the significant decline in profitability.

Financial Expenses for the year increased from Rs 243.600 Millions to Rs 702.500 Millions due to higher interest costs and foreign exchange losses on account of strengthening of the dollar.

Consequently, there was a Net Loss of Rs 891.500 Millions as compared to a Net Profit of Rs 1550.000 Millions last year.

The Electro Mechanical projects and Packaged Airconditioners business accounting for 58% of the Company's total revenues, declined 17% during the year, while segment results fell sharply to a loss of Rs 850.900 Millions as compared to a profit of Rs 1758.700 Millions in FY11. Cooling Products revenue registered an increase of 18% in the year. However, Segment results declined by 3%. The revenues of the Professional Electronics and Industrial Systems business grew marginally by 3%, while segment results declined 4%.

Carry Forward Order Book as on March 31, 2012 declined marginally by 2% to Rs 19170.000 Millions compared to the order book of Rs 19600.000 Millions as at March 31, 2011.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 53.95
UK Pound	1	Rs. 83.80
Euro	1	Rs. 70.49

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		68

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

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

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

RATING EXPLANATIONS

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

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

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