MIRA INFORM REPORT

Report Date :

28.05.2013

IDENTIFICATION DETAILS

Name :	BHARAT BIJLEE LIMITED
Registered Office :	Electric Mansion, 6^th Floor, Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400 025, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.06.1946
Com. Reg. No.:	11-005017
Capital Investment / Paid-up Capital :	Rs. 56.516 Millions
CIN No.: [Company Identification No.]	L31300MH1946PTC005017
TAN No.: [Tax Deduction & Collection Account No.]	MUMB11178G
PAN No.: [Permanent Account No.]	AAACB2900K
Legal Form :	A Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacturers of Electric Motors and Transformers.
No. of Employees :	3500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (67)

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 12740000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a good track record. Profitability of the company has seen a dip. However the financial position is strong. Fundamental are healthy. Trade relations are fair. Business is active. Payments are reported as regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 30, 2012

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A1+ (Fund Based Limits)
Rating Explanation	Highest credit quality in short term.
Date	November 2012

Rating Agency Name	ICRA
Rating	A1+ (Non Fund Based Limits)
Rating Explanation	Highest credit quality and lowest credit risk.
Date	November 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.

LOCATIONS

Registered Office :	Electric Mansion, 6^th Floor, Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400 025, Maharashtra, India.
Tel. No.:	91-22-24306237 / 24306071
Fax No.:	91-22-24370624 / 24312532
E-Mail :	info@bharatbijlee.com, bblcorporate@bharatbijlee.com,
Website :	http://www.bharatbijlee.com
Factory 1 / Western Regional Offices :	No. 2, MIDC, Thane Belapur Road, Airoli, Navi Mumbai – 400 708, Maharashtra, India
Tel. No.:	91-22-27637200
Fax No.:	91-22-27637443
Factory 2 :	Post Box No 100, Belapur Road, Kalwa, Thane 400 601, Maharashtra, India
Tel. No.:	91-22-27600401/11
Fax No.:	91-22 - 2760 0454
Regional Offices:	Located at: Northern Region 1^st Floor, 7-B, Rajindra Park, Pusa Road, New Delhi-110060, India Tel. No. : 91-11-25816931 / 6932 / 6933 Fax No. : 91-11-25816940 Southern Region 204 - 207, Ramanashree Chambers, 2nd Floor, 37 Lady Curzon Road, Bangalore 560 001, Karnataka, India Tel. No. : 91-80 - 2559 2646/2137/2681 Fax No. : 91-80 - 2559-2823 Eastern Region Mansarower, 2nd Floor, 3B - Camac Street, Flat No 8,Kolkata 700 016, West Bengal, India Tel. No. : 91-33 - 2217 2382/83 Fax No. : 91-33 – 22172467 Western Region Swastik Chambers, 5th Floor, Junction of Sion Trombay Road and C.S.T. Road, Chembur, Mumbai 400 071, Maharashtra, India Tel. No. : 91-22-61457200 Fax No. : 91-22-61457255

DIRECTORS

AS ON 31.03.2012

Name :	Mr. Bansi S. Mehta
Designation :	Chairman
Name :	Mr. Nikhil J. Danani
Designation :	Vice Chairman and Managing Director
Name :	Mr. Nakul P. Mehta
Designation :	Vice Chairman and Managing Director
Name :	Mr. Jaisingh R. Danani
Designation :	Director
Name :	Mr. Mukul Harkisondass
Designation :	Director
Name :	Mr. Prakash V. Mehta
Designation :	Director
Name :	Mr. Anand J. Danani
Designation :	Director
Name :	Mr. Sanjiv N. Shah
Designation :	Director
Name :	Mr. Jairaj C. Thacker
Designation :	Director
Name :	Mr. D. Vijayalakshmi
Designation :	Additional Director
Name :	Mr. Shome N. Danani
Designation :	Executive Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2013

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	830242	14.69
Bodies Corporate	1191492	21.08
Sub Total	2021734	35.77
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2021734	35.77
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	254730	4.51
Financial Institutions / Banks	884529	15.65
Foreign Institutional Investors	14574	0.26
Sub Total	1153833	20.42
(2) Non-Institutions
Bodies Corporate	241561	4.27
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1939778	34.32
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	185811	3.29
Any Others (Specify)	108843	1.93
Any Other	108843	1.93
Sub Total	2475993	43.81
Total Public shareholding (B)	3629826	64.23
Total (A)+(B)	5651560	100
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0
(1) Promoter and Promoter Group	0	0
(2) Public	0	0
Sub Total	0	0
Total (A)+(B)+(C)	5651560	0

BUSINESS DETAILS

Line of Business :

Manufacturers of Electric Motors and Transformers

Products :

Item Code No. (ITC Code)	8501
Product Description	Electric Motors
Item Code No. (ITC Code)	8504
Product Description	Electric Transformers

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Electric Motors	000 HP	1700	1314
Transformers	MVA	13380	11098
Others	Nos.	1500	670

GENERAL INFORMATION

No. of Employees :

3500 (Approximately)

Bankers :

• Bank of India
• IDBI Bank limited
• Citibank N.A.
• Standard Chartered Bank
• HDFC Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Short-term borrowings
Working Capital Loans repayable on demand from banks	363.846	0.000
Secured by hypothecation of all tangible moveable assets including stock of Raw Materials and Components, Stores, Spares, Fuel, Work-in-Progress, Finished Goods, Stock-in-trade and Book Debts and by oral equitable mortgage, ranking second and subservient to mortgages created or to be created, on immovable properties excluding vacant land at Company’s Kalwe factory.
TOTAL	363.846	0.000

Banking Relations :	--
Auditors :
Name :	Dalal and Shah Chartered Accountants
Solicitors:	Malvi Ranchoddas and Company
Name :	Chartered Accountant
Related Parties :	Danmet Chemicals Private Limited Nasivan Investments Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs. 80.000 Millions
200000	12% Non Convertible Redeemable Cumulative Preference Shares	Rs.100/- each	Rs. 20.000 Millions
	TOTAL		Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5651560	Equity Shares	Rs.10/- each	Rs. 56.516 Millions

NOTES

(a) Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company

	No of Shares (% of holding)
1. Life Insurance Corporation of India	507815 (8.99)
2. Danmet Chemicals Private Limited	459777 (8.14)
3. Gayatri Education Medical and Research Foundation Private Limited	450185 (7.97)

(b) Rights, preferences and restrictions attached to shares

Equity Shares : The Company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

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		56.516	56.516	56.516
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3129.479	2756.966	2185.923
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3185.995	2813.482	2242.439
LOAN FUNDS
1] Secured Loans		363.846	0.000	0.000
2] Unsecured Loans		137.161	175.733	280.758
TOTAL BORROWING		501.007	175.733	280.758
DEFERRED TAX LIABILITIES		47.403	45.023	43.634
TOTAL		3734.405	3034.238	2566.831
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		898.860	712.442	709.426
Capital work-in-progress		50.230	122.383	22.610
Advances on Capital Account		0.000	0.000	5.746
INVESTMENT		95.266	223.838	567.145
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	981.669	844.109	779.143
	Sundry Debtors	2138.424	1916.659	1800.515
	Cash & Bank Balances	171.450	339.952	108.621
	Other Current Assets	124.376	206.391	0.663
	Loans & Advances	1598.819	886.426	275.359
Total Current Assets		5014.738	4193.537	2964.301
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1453.782	1574.800	693.518
	Other Current Liabilities	553.520	364.745	728.217
	Provisions	317.387	278.417	280.662
Total Current Liabilities		2324.689	2217.962	1702.397
Net Current Assets		2690.049	1975.575	1261.904
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3734.405	3034.238	2566.831

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	7177.789	7030.677	6551.429
		Other Income	195.967	86.101	116.772
		TOTAL (A)	7373.756	7116.778	6668.201
Less	EXPENSES
		Cost of materials consumed	5345.426	5097.053	5914.406
		Purchases of traded goods	151.130	101.599
		Employee benefits	696.849	621.655
		Other expenses	652.166	543.352
		Changes in inventories	(100.999)	(11.118)
		Profit on Sale of Long Term Investments	(260.892)	(338.067)
		TOTAL (B)	6483.680	6014.474	5914.406
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		890.076	1102.304	753.795
Less	FINANCIAL EXPENSES (D)		133.748	89.684	60.528
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		756.328	1012.620	693.267
Less/ Add	DEPRECIATION/ AMORTISATION (F)		96.077	89.335	83.671
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		660.251	923.285	609.596
Less	TAX (H)		123.528	188.029	200.709
	Short / (Excess) Provision for Tax For earlier years		0.000	0.003	(3.348)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		536.723	735.253	412.235
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		364.829	293.786	246.306
Less	APPROPRIATIONS
		Transfer to General Reserve	55.000	500.000	200.000
		Dividend	141.289	141.289	141.289
		Tax on Dividend	22.921	22.921	23.466
	BALANCE CARRIED TO THE B/S		682.342	364.829	293.786
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	305.347	53.810	19.912
		Other Earnings	0.000	0.019	0.000
	TOTAL EARNINGS		305.347	53.829	19.912
	IMPORTS
		Raw Materials	249.734	140.760	164.507
		Stores & Spares	2.293	0.085	0.000
		Capital Goods	44.388	56.451	3.392
	TOTAL IMPORTS		296.415	197.296	167.899
	Earnings Per Share (Rs.)		48.81	70.28	72.94

QUARTERLY RESULTS

(Rs. In Millions)

PARTICULARS	30.06.2012	30.09.2012	31.12.2012	31.03.2013
	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Audited / UnAudited	UnAudited	UnAudited	UnAudited	UnAudited
Net Sales	1041.600	1365.400	1122.400	1895.900
Total Expenditure	1056.800	1388.100	1138.600	1867.100
PBIDT (Excl OI)	(15.200)	(22.700)	(16.200)	28.800
Other Income	37.800	44.800	39.000	53.000
Operating Profit	22.600	22.100	22.800	81.800
Interest	32.500	29.400	31.400	30.900
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	(9.900)	(7.300)	(8.600)	50.900
Depreciation	24.800	26.600	28.000	27.700
Profit Before Tax	(34.700)	(33.900)	(36.600)	23.200
Tax	(10.400)	(9.500)	(20.800)	7.500
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	(24.300)	(24.400)	(15.800)	15.700
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	(24.300)	(24.400)	(15.800)	15.700

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.28	10.33	6.18
Net Profit Margin (PBT/Sales)	(%)	9.20	13.13	9.30
Return on Total Assets (PBT/Total Assets}	(%)	11.16	18.82	16.59
Return on Investment (ROI) (PBT/Networth)		0.21	0.33	0.27
Debt Equity Ratio (Total Debt /Networth)		0.16	0.06	0.13
Current Ratio (Current Asset/Current Liability)		2.16	1.89	1.74

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

Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long-term borrowings
Fixed Deposits
– From Related Party	3.250	3.250
– From Public	133.911	131.483
Short-term borrowings
Inter corporate deposits from related party	0.000	41.000
TOTAL	137.161	175.733
Note Long-term borrowings Fixed Deposits accepted in accordance with the provisions of Section 58A of the Companies Act, 1956 repayable over two/three years from 31st March, 2012.

GENERAL INFORMATION

Subject is one of the leaders in the electrical engineering industry in India. A multi-product, multi-divisional organization, its main products are transformers, projects, electric motors, elevator systems and drives. The Company has a well established all-India marketing network that ensures responsive pre and after sales service.

OPERATIONS

Industrial growth slowed significantly in 2011-2012 on account of weakened domestic demand compounded by interest rate sensitivity, deceleration in external demand and a subdued investment climate. New order placement

declined, and surplus capacities in several sectors resulted in low utilizations and brought margins under pressure.

Against this backdrop the Company achieved Income from Sales and Service of Rs. 7810.000 Millions as against Rs. 7690.000 Millions in the previous year, a nominal increase of Rs. 120.000 Millions. Revenues of the Industrial Systems businesses registered significant growth, and helped offset the degrowth in the Power Systems segment which was exacerbated by a planned shutdown of one of the Transformer plants in the first quarter of the year.

Profit before Exceptional Items and Tax dropped by 32% to Rs. 399.400 Millions from Rs. 585.200 Millions principally due to poor price realisations in the Transformer business, cost overruns in Project operations, and increases in other costs.

Exceptional Items represent proceeds (free of both Capital Gains Tax and MAT) arising from the sale of shares of Siemens Limited in April 2011.

OTHER INITIATIVES

During the year, one of the Transformer plants was modernised to international standards. This has helped the Company to cater more extensively to international business, and has enhanced production capacity of higher ratings in the 220 KV class.

Training from an international High Voltage Institute in the specialised design software for Transformers up to 500 KV was completed, and will contribute significantly to design optimization and cost effectiveness.

The Motors business grew significantly over the previous year. The ongoing initiative to strengthen and synchronise the supply chain from end to end resulted in measurable improvements in market responsiveness and operational effectiveness, and will provide a strong platform for growth. Investment continues in manufacturing facilities and product range extension.

The Drives business continued to expand its application segments, and the new facility for production of a specific range of AC drives in cooperation with KEB of Germany is near completion.

FINANCE

In April 2011, the Company generated an exceptional tax free income of Rs. 260.900 Millions from the sale of 2,97,000 equity shares of Siemens Limited in the open market at an average price of Rs. 886 per share so as to augment its existing cash reserves for strategic business expansions.

As a guiding policy, the Company focuses upon the efficient management of short-term and long-term funds through rigorous monitoring of deployment towards working capital, a comprehensive evaluation and execution process for capital expenditure, and prudent deployment of surplus funds. Although the Company incurred interest and finance costs of Rs. 133.700 Millions, it also earned income of Rs. 140.500 Millions from deployment of surplus funds and treasury operations.

The Company’s free reserves as on 31st March, 2012 increased by Rs. 372.500 Millions to Rs. 3129.500 Millions.

As on 31st March, 2012, the Company had Fixed Deposits aggregating to Rs. 240.347 Millions. Out of the Fixed Deposits which matured for payment prior to 31st March, 2012, 71 deposits aggregating to Rs. 1.577 Millions were neither renewed nor claimed till 31st March, 2012. Of these 5 deposits aggregating to Rs. 0.095 Million have since been renewed or refunded on receipt of requests from the deposit holders. The balance of 66 deposits aggregating to Rs. 148.200 Millions have been neither claimed nor renewed till date of this Report, in spite of the Company’s intimation to the deposit holders. There has been no default or delay in meeting any maturity payment obligations.

During the year Rs. 0.149 Million was transferred to the Investor Education and Protection Fund.

MANAGEMENT DISCUSSION AND ANALYSIS

Economic growth slowed during 2011-12, and global uncertainties, the depreciating Rupee and volatile commodity prices combined to make it a challenging year. Monetary and financial policy action focused on controlling inflation, and domestic industrial growth was sluggish. Capital goods in particular fared badly due to concerns about lower public and private infrastructure spending, input price inflation, and rising interest rates. The sectors the Company operates in were affected by dull revenue growth due to overcapacity, consequential margin compression, slowing demand and high interest rates.

In these market conditions, the Company performed as under:

(Rs. In Millions)

Particulars	2011-2012	2010-2011
Orders received	7097.447	6730.767
Unexecuted Order Book (at year end)	3601.959	3621.644
Sales	7177.789	7030.677
Profit before Exceptional Items & Tax	399.359	585.218
Exceptional Items (Profit on sale of Long Term Investments)	260.892	338.067
Profit before Tax	660.251	923.285
PAT	536.723	735.253
EPS (Rs.)
– Including exceptional items	94.97	130.10
– Excluding exceptional Items	48.81	70.28

SEGMENT ANALYSIS

The Company operates in two Business Segments, viz. “Power Systems” and “Industrial Systems”.

POWER SYSTEMS

The Power Systems segment comprises Power Transformers up to 200 MVA, 220 KV voltage class, EPC projects for electrical substations up to 400 KV; and marketing of maintenance products.

During the year, one of the Transformer plants was upgraded to global standards in accordance with the Company’s increasing focus on expanding its international business presence. Despite the shutdown, production

and dispatches were maintained at the previous year’s levels. Transformer orders inflow grew by 30% in units, but not commensurately in value due to depressed price realizations caused by over-capacities and resultant intense competition. The unexecuted Order Book as at March 31, 2012 stood 10% higher in value compared to the previous year. Important inroads were made with customers in key infrastructure sectors, notably steel, and with transmission utilities. Exports to Gulf and African nations increased significantly.

The Projects business received significant orders from important customers in both the private and public sectors, and several major substations were commissioned during the year. The emphasis on the quality and timeliness of

execution continues.

INDUSTRIAL SYSTEMS

This segment comprises the marketing, engineering, design and manufacture of a full range of LT industrial AC electric motors, synchronous gearless machines for elevators, and AC variable speed drives and drive systems.

The Motors business registered a 28% growth in sales value; better price realizations coupled with improved product mix, operational effectiveness, sharper market focus, and important project and export orders, contributed to better results for the year.

Falling price realizations, volatile commodity prices and stagnation of demand have been observed from the second half of the year, and will pose a challenge during the current year.

The Drives business presently caters to highly engineered application segments, and doubled its sales turnover during the year. Production of a range of AC drives at their Airoli Works is expected to commence during the first half of the current year, and will widen the customer and application segments the Company caters to.

Sales of AC permanent-magnet gearless machines for the elevator industry grew by 50%. The Company continues its leadership position in this market, and has increased production capacities to sustain the growth momentum.

FUTURE OUTLOOK

One can hope that business confidence will improve, but project completion delays, the overhang of excess capacities, financially distressed State Electricity Boards, rising input costs and the currency volatility associated with general economic uncertainty may combine to compress margins further and lead to idle capacities and cost overruns. It is likely that the current year will be another challenging one.

FIXED ASSETS

v Tangible Assets

- Buildings Incl. Roads

- Plant and Machinery

- Furniture and Fixtures

- Office Equipment

- Motor Vehicles

v Intangible Assets

- Leasehold Land

- Application Software

- Technical Knowhow

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE THREE MONTHS ENDED 31ST DECEMBER, 2012

(Rs. in millions)

Sr. No.	Particular	Quarter Ended		Year Ended
		31.12.2012 (Unaudited)	30.09.2012 (Unaudited)	31.12.2012 (Unaudited)
1.	Income from Operations
	Net Sales	1104.000	1337.700	3474.800
	Other Operating Income	18.400	27.700	54.600
	Net Sales/Income from Operations	1122.400	1365.400	3529.400
2.	Expenditure
	Cost of Material Consumed	1103.100	1018.400	3030.400
	Purchase of Stock In Trade	27.500	25.200	112.100
	Change in Inventories of Finished Goods, Work-In-Progress and Stock In Trade	(299.600)	31.100	(496.00)
	Employee Benefits Expenses	180.700	165.900	532.100
	Depreciation and Amortization Expenses	28.000	26.600	79.400
	Other Expenses	126.900	147.500	404.900
	f) Total	1166.600	1414.700	3662.900
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	(44.200)	(49.300)	(133.500)
4.	Other Income	39.000	44.800	121.600
5.	Profit Before Interest and Exceptional Items (3+4)	(5.200)	(4.500)	(11.900)
6.	Interest	31.400	29.400	93.300
7.	Profit After Interest but before Exceptional Items (5-6)	(36.600)	(33.900)	(105.200)
8.	Exceptional Items	--	--	--
9.	Profit from Ordinary Activities before Tax (7+8)	(36.600)	(33.900)	(105.200)
10.	Tax Expense
	a) Current tax	--	--	--
	b) Deferred tax	(20.800)	(9.500)	(40.400)
	c) Short / (Excess) Provision for Tax for earlier years	--	--	(0.300)
11.	Net Profit from Ordinary Activities after Tax (9-10)	(15.800)	(24.400)	(64.500)
12.	Extraordinary Item (net of expense)	--	--	--
13.	Net Profit for the period (11-12)	(15.800)	(24.400)	(64.500)
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	56.500	56.500	56.500
15.	Reserves Excluding Revaluation Reserve	--	--	--
16.	Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised
	a) Basic and diluted EPS before extraordinary items	(2.80)	(4.32)	(11.41)
	b) Basic and diluted EPS after extraordinary items	(2.80)	(4.32)	(11.41)
17.	Public Shareholding
	-Number of Shares	3629826	3629826	3629826
	- Percentage of Shareholding	64.23	64.23	64.23
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	--	--	--
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	--	--	--
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	--	--	--
	b) Non Encumbered
	- Number of Shares	2021734	2021734	2021734
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100.00	100.00	100.00
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	35.77	35.77	35.77

Particulars	3 Months ended on December 31, 2012
Pending at the beginning of the quarter	Nil
Received during the quarter	8
Disposed of during the quarter	8
Remaining unresolved at the end of the quarter	Nil

SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT FOR THE THREE MONTHS ENDED 31^ST DECEMBER, 2012

(Rs. in millions)

Sl. No.	Particulars	Quarter Ended		Nine Months Ended
		31/12/2012	30/09/2012	31/12/2012
		(Unaudited)	(Unaudited)	(Unaudited)
1	Segment Revenue
	Net Sales from Operations
	a) Power Systems	531.600	741.700	1615.600
	b) Industrial Systems	572.400	596.000	1859.200
	Net Sales and Services	1104.000	1337.700	3474.800
2	Segment Results
	Profit/(Loss) before Finance Costs, Exceptional Items & Tax
	a) Power Systems	(2.400)	(29.200)	(102.800)
	b) Industrial Systems	37.00	48.800	190.800
	Total	34.600	19.600	88.000
	Less:
	i. Finance Costs	31.400	29.400	93.300
	ii. Unallocable Expenses net of un-allocable income	39.800	24.100	99.900
	Profit/(Loss)before Exceptional Items & Tax	(36.600)	(33.900)	(105.200)
	Add : Exceptional Item	--	--	--
	Profit/(Loss) before Tax	(36.600)	(33.900)	(105.200)
3	Capital Employed
	(Segment Assets - Segment Liabilities)
	a) Power Systems	1423.500	1165.000	1423.500
	b) Industrial Systems	875.800	970.300	875.800
	Total Capital Employed in Segments	2299.300	2135.300	2299.300
	Add: Unallocable Assets less Liabilities	822.200	1002.000	822.200
	Total Capital Employed in the Company	3121.500	3137.300	3121.500
Segments are identified as under: Power Systems = Transformers, Turnkey Projects for electrical sub stations and Maintenance Products Industrial Systems = Electric Motors, AC Variable Speed Drives and Gearless Machines

NOTES

1. The above statement of Financial Results has been reviewed by the Audit Commitee and taken on record by the Board of Directors at its meeting held on 31^st January, 2013. The Statutory Auditors have carried out Limited Review of the above Financial Results .

2. Previous year's/period's figures have been regrouped / recast / reclassified, wherever necessary.

WEB SITE DETAILS

HISTORY

1946

Bharat Bijlee was born in 1946 with a small investment, few people, big dreams and colossal determination to succeed. The impetus was to substitute the import of electric motors with indigenous manufacture. The spirit that would guide and propel future success was inherent in all decisions taken this point on.

1947-1954

In 1954 BBL started the manufacture of power transformers. These would become in time one of the company's key competencies. Transformer production begins.

1958

Laying the foundation of this critical competency was a comprehensive technical collaboration for the manufacture of transformers and motors finalized with Siemens AG, in 1958.

1965

In 1965, with technical help from Siemen's BBL set up its new, sophisticated manufacturing plant at Airoli (Navi Mumbai) to produce transformers and motors.

1973

1973 saw BBL diversify into the manufacture and installation of Olympus elevators. In 2004 this business was divested to a subsidiary of Kone Elevators India Private Limited. It served however to give us the knowhow and experience in vertical transportation that would later help us build new business on the back of this.

1981

The transformation from a functional to a product divisional organisation fosters business focus and market-orientation.

1982

The first 220 kV transformer is delivered. Commencement of Projects Division to undertake turnkey electrical projects involving EHV-substations and industrial electrification

1985

In 1985 inherent synergies and the growing engineering skills in power equipment manufacture, led to the formation of an independent Projects Division to design, install and commission High Tension electrical switchyards and distribution systems on turn-key basis.

1986

The millionth motor is sold. Schindler collaboration: A ten-year collabortion for elevators is formed with the Swiss Schindler group.

1996

Golden Jubilee: Fifty years of enterprise, focus and dedication in putting technology to work.

2004

Divestment of Elevator operations: The Elevator field operations business is divested to a subsidiary of Kone Elevators (India) Private Limited

2006

PWRLX: A world class facility for Transformers is commissioned tripling manufacturing capacity and increasing the range.

2007

Bharat Bijlee receives the coveted Forbes Asia's 'Best Under a Billion' Company Award.

Agreement with KEB, Germany for distribution of AC Variable Speed Drives

2008

Commenced manufacturing of Gearless machines for Elevators

2010

Extension of Motors Manufacturing Range up to 450 Frame – 1250 kW

2011

Enhancement of Transformer manufacturing capacity to 15000 MVA

BOARD OF DIRECTORS

Mr. Bansi S. Mehta (Chairman)

Mr. Bansi S. Mehta holds a Degree in Commerce and is a Fellow Member of the Institute of Chartered Accountants in India. He is a renowned expert in taxation, accountancy, and mergers and acquisitions. He has been a Director on the Board of the Company since 26th September, 1986 and Chairman of the Board of Directors since 19th November, 1994.

Mr. Nikhil J. Danani (Vice Chairman and Managing Director)

Mr. Nikhil J. Danani holds a Bachelor's Degree in Mechanical Engineering and a Master's Degree in Business Administration from Rutgers University, USA. He joined the Company in May, 1975 and has been one of the Managing Directors, since 1st April, 1990. Mr. Danani has experience of over 30 years in the business of Transformers and Motors with a vast knowledge in the field of Electrical Engineering.

Mr. Nakul P. Mehta (Vice Chairman and Managing Director)

Mr. Nakul P. Mehta holds a Bachelor's Degree in Science and also a Bachelor and Master of Science Degree in Mechanical Engineering. He joined the Company in 1984 and has been one of the Managing Directors since 1st April, 1990. Mr. Mehta has vast experience in the elevator business and experience of over 24 years in the Electrical Engineering Industry.

Mr. Shome N. Danani (Executive Director)

Mr. Shome N. Danani holds a Bachelor's Degree in Industrial and Operations Engineering from the University of Michigan and a Masters Degree in Business Administration from INSEAD. He began his career with HDFC (Business Development) as part of the core team that launched CIBIL. In 2002, he joined Bharat Bijlee Limited. He has been instrumental in building scalable systems and processes. He has contributed significantly to business strategy restructuring, re-branding and the growth plans of the Company.

Mr. Jaisingh R. Danani (Director)

Mr. Jaisingh R. Danani has been a Director on the Board of the Company since 27th August, 1955 and was one of the Managing Directors of the Company from 18th March, 1963 to 31st March, 1990. Mr. Danani along with the late Mr. Prahlad C. Mehta nurtured the Company for over 35 years with his entrepreneurial skill, dedication, high ethical standards and vision to create strong core values and principles have helped the Company withstand a highly competitive environment for well over 50 years. Mr. Danani has over 50 years of experience in the Electrical Engineering Industry and it was under his guidance that the Company entered the lift business 30 years ago and successfully established its "Olympus" brand of lifts in India.

Mr. Mukul Harkisondass (Director)

Mr. Mukul Harkisondass has been a Director on the Board of the Company since 29th August, 1972. He has vast knowledge and experience in various fields including Merchant Banking, Finance and Regulatory Authorities. The Company has benefited immensely by his expert advice over the years and has drawn strength from his experience and knowledge.

Mr. Prakash V. Mehta (Director)

Mr. Prakash V. Mehta obtained a Bachelor's Degree in Law from the University of Bombay in 1963, thereafter qualified as a Solicitor in 1966 and since then has been practicing as a Solicitor. He is a partner of M/s. Malvi Ranchoddas and Company a renowned firm of Solicitors. He has considerable experience in the field of Law and is also an expert in Corporate Law, Acquisitions, joint Ventures and Foreign Collaborations. He has been a Director on the Board of the Company since 7th August, 1990.

Mr. Anand J. Danani (Director)

Mr. Anand J. Danani holds a degree in Commerce from the Mumbai University and a Masters Degree in Business Administration from USA. He has vast knowledge and experience in the Banking and Finance industry and is an expert in Business Management and Marketing. He has been a Director on the Board of the Company since 23rd March, 1995.

Mr. Sanjiv N. Shah (Director)

Mr. Sanjiv N. Shah holds a Degree (B.A.) in Economics and Statistics from the University of Mumbai, a Degree (B.Sc.) in Economics from the London School of Economics, is a Chartered Accountant from England and Wales and a Fellow Member of the Institute of Chartered Accountants of India. He was a partner of M/s. S. B. Billimoria and Company, a renowned firm of Chartered Accountants and is presently a partner in M/s. Sanjiv N Shah and Company, Chartered Accountants. He specialises in the Financial Services Industry and has been a member of the Board since 27th June, 2002.

Mr. Jairaj C. Thacker (Director)

Mr. Jairaj C. Thacker is a well known Industrialist and Educationalist. He holds a Degree in Commerce. He has been a member of the Board since 27th June, 2002. He is also a member of several Trusts which manage Schools, Colleges and Business Schools.

Mr. Harish Mishra (Director)

Mr. Harish Chandra Mishra has been appointed as an Additional Director on the Board of Directors of the Company w.e.f.19th October, 2012. He holds a Masters degree in Arts and is presently Director and Chief Executive of LICHFL Care Home Limited.

NEWS

DRIVES MANUFACTURING PLANT INAUGURATION

28 Aug 2012

Bharat Bijlee's new plant for the assembly and testing of AC Drives at Airoli was inaugurated by Mr. Thomas Brinkmann (CEO of KEB) and Mr. Nakul Mehta (Vice Chairman and Managing Director, Bharat Bijlee) on 28 August, 2012.

The ceremony was attended by Mr. Wolfgang Wiele (Managing Director and CTO) and Mr. Ralf Lueddecke (Head of Export Sales), and included the handing over of Drives to three of our key customers.

A range of KEB’s drives from 37kW to 250kW will now be manufactured under license at the new manufacturing facility which has been designed and built, under KEB’s guidance, to deliver KEB’s stringent standards of product quality.

With this new facility the company will provide its customers specialised automation solutions for a variety of applications, with an emphasis on delivery and service.

NEW TMV PLANT INAUGURATION

29 May 2012

Bharat Bijlee has taken another giant leap towards market leadership in Motors. On 29th May 2012, our new TMV plant was inaugurated by Mr. Venkat S Ramanathan – MD, Sulzer Pumps India Limited in the presence of their VC and MD, Mr. Nakul Mehta, VPs and Motors team.

The new TMV plant has capacity to manufacture 30 MV motors per month in TEFC enclosure up to 450 frame size (1000 kW). This has given us an edge to be among the top 5 players in the industry

• Medium Voltage (MV) / Traction Motor (TM) coil manufacturing (looping, consolidation, spreading and insulation taping of coils) with the best of indigenously manufactured equipments
• Mounting of coils and connections in dust free and humidity controlled environment
• Testing equipments like Tan Delta tester, High voltage Tester 0-20kV, Micro-ohm meter, Motorised 5kV megger and Jabbals Surge Tester.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 55.61
UK Pound	1	Rs. 84.18
Euro	1	Rs. 71.95

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--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		67

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.