MIRA INFORM REPORT

Report No. :	333342
Report Date :	22.07.2015

IDENTIFICATION DETAILS

Name :	BHARAT HEAVY ELECTRICALS LIMITED
Registered Office :	BHEL House, Siri Fort, New Delhi – 110049
Tel. No.:	91-11-66337000
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	13.11.1964
Com. Reg. No.:	55-004281
Capital Investment / Paid-up Capital :	Rs.4895.200 Million
CIN No.: [Company Identification No.]	L74899DL1964GOI004281
TAN No.: [Tax Deduction & Collection Account No.]	DELB06995C / DELB01364G / DELB01591C / DELB05940E
PAN No.: [Permanent Account No.]	AAACB4146P
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the business of Design, engineering, manufacture, construction, testing, commissioning and servicing of a wide range of products and services for the core sectors of the economy, viz. Power, Transmission, Industry, Transportation (Railway), Renewable Energy, Oil and Gas and Defence.
No. of Employees :	47,525 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (73)

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large

Maximum Credit Limit :	USD 974000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	BHEL is a “MAHARATNA” CPSE with Government of India holding 63.06% stake. BHEL is an Integrated Power Plant Equipment manufacturer and one of the largest engineering and manufacturing companies in India. It is a well-established company having fine track. The rating reflects on company’s strong financial risk profile, driven by low debt levels, robust liquidity and healthy financial flexibility. Rating further take strength on BHEL leading position in the power and industrial electrical equipment markets in India. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. In view of sound financial risk profile and strong market position, the company can be considered good for normal business dealings at usual trade terms and conditions.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term bank facilities : AAA
Rating Explanation	Highest degree of safety and carry lowest credit risk.
Date	April, 2015

Rating Agency Name	CRISIL
Rating	Short term bank facilities = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	April, 2015

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 31-03-2013.

LOCATIONS

Registered Office :	BHEL House, Siri Fort, New Delhi – 110049, India
Tel. No.:	91-11-66337000 (Multiple Lines)
Fax No.:	91-11-26493021/ 26492534
E-Mail :	cmdbs@asiad.bhel.co.in md@bhpvl.com tj@bheltry.co.in inder@bhel.in
Website :	http://www.bhel.com http://www.bhelhyderabad.com
Head Office :	17, Rajasthan Voyoc Nagar, G.T. Kanal Road, New Delhi, India
Branch Office 1:	Ramchandrapuram, Hyderabad – 502032, Telangana, India
Branch Office 2:	Piping Centre , 80, G. N. Chetty Road, Chennai-600017, Tamilnadu, India
BHEL Manufacturing Units1:	Lodhi Road Tiruchirappalli – 420014, Tamilnadu, India · High Pressure Boiler Plant · Seamless Steel Tube Plant
PLANT LOCATION
BHEL Manufacturing Units 2 :	Bangalore · Electronic Division, PB No. 2606, Mysore Road, Bangalore – 560026, Karnataka, India · Electronics Systems Division · Electro Porcelain Division Bhopal · Heavy Electrical Plant Goindwal · Industrial Valves Plant Haridwar, Uttaranchal · Heavy Electrical Equipment Plant · Central Foundry Forge Plant Hyderabad · Heavy Power Equipment Plant Jagdishpur · Insulator Plant · Centralised Stamping Unit P.O. BHEL, Jhansi – 284129, Uttar Pradesh, India · Transformer Plant Rudrapur · Components Fabrication Plant Ranipet · Boiler Auxiliaries Plant Thirumayam · Power Plant Piping Unit
BHEL Repairs units :	Mumbai · Electrical Machine Repair Plant Varanasi · Heavy Equipment Repair Plant
BHEL Subsidiaries :	Visakhapatnam · Bharat Heavy Plate and Vessels Limited Kasaragod · BHEL Electrical Machine Limited

DIRECTORS

AS ON 31.03.2014

Name :	Ms. Harinder Hira
Designation :	Part-time Non-official Director
Name :	Mr. B. Prasada Rao
Designation :	Chairman and Managing Director
Name :	Mr. S.K. Bahri
Designation :	Additional Secretary and Financial Adviser, DIPP
Name :	Mr. R. Krishnan
Designation :	Director (Human Resource)
Name :	Mr. W.V.K. Krishna Shankar
Designation :	Director (Industrial Systems and Products)
Name :	Mr. Ambuj Sharma
Designation :	Additional Secretary, DHI
Name :	Mr. P.K. Bajpai
Designation :	Director (Finance)
Name :	Mr. Atul Sobti
Designation :	Director (Power)

KEY EXECUTIVES

Name :	Mr. I.P. Singh
Designation :	Company Secretary

MANAGEMENT COMMITTEE
Name :	B. Prasada Rao
Designation :	CMD
Name :	P. K. Bajpai
Designation :	Director (Finance)
Name :	R. Krishnan
Designation :	Director (HR)
Name :	W.V.K. Krishna Shankar
Designation :	Director (ISandP)
Name :	Atul Sobti
Designation :	Director (Power)
Name :	A.V. Krishnan
Designation :	ED (Trichy)
Name :	Jainender Kumar
Designation :	ED (PMG)
Name :	B. Shankar
Designation :	ED (HR and CC)
Name :	T.N. Veeraraghavan
Designation :	ED (Ranipet)
Name :	S.C. Mittal
Designation :	ED (Finance and CCG)
Name :	K.C. Ramamurthy
Designation :	ED (EDN)
Name :	A.K. Dave
Designation :	ED (CMTandIP, MON and MM)
Name :	C.K. Shrikhande
Designation :	ED (PSNR)
Name :	S. Gopinath
Designation :	ED (Thirumayam and PC)
Name :	Rajiv Puri
Designation :	ED (PEM and ISG)
Name :	S.R. Prasad
Designation :	ED (Bhopal)
Name :	N. Ravi Chander
Designation :	ED (HPEP, Hyderabad)
Name :	Anuj Bhatnagar
Designation :	ED (FQA and Safety)
Name :	Prakash Chand
Designation :	ED (HEEP, Haridwar)
Name :	Akhil Joshi
Designation :	ED (TLandJV, MandA)
Name :	Dr. S. Sekar
Designation :	ED (Corp. RandD)
Name :	S.V.S. Narayana
Designation :	ED (CFFP, Haridwar)
Name :	Rajeev Srivastava
Designation :	ED (SSBG)
Name :	V. Venkata Krishnan
Designation :	ED (PS Mktg.)
Name :	S.C. Jain
Designation :	ED (PSWR)
Name :	K. Rajendran, ED
Designation :	(Coordination)
Name :	K.K. Seth
Designation :	ED (HRDI, NIC and CPG)
Name :	Ramesh Koul
Designation :	ED (TBG)
Name :	B.S. Vishwanatha
Designation :	ED (TSG)
Name :	Devendra Raina
Designation :	ED (IPE and IPM)
Name :	S.N. Maiti
Designation :	ED (PSTS)
Name :	M.K. Sharma
Designation :	ED (PEandSD)
Name :	Pradeep Singhal
Designation :	ED (CSR, HSE and Admn)
Name :	L.K. Rawal
Designation :	ED (PandD)
Name :	C.V.S.N. Murthy
Designation :	ED (Renewables and Water Business)
Name :	Amitabh Mathur
Designation :	ED (PSER)
PERMANENT INVITEES
Name :	S. Raj Sabapathy
Designation :	I (ROD and CFP)
Name :	R. Raghavan
Designation :	GM-I (ISG)
Name :	Kamalesh Das
Designation :	GM-I (CBU)
Name :	D. Bandyopadhyay
Designation :	GM-I (PSSR)
Name :	J. Sankaran
Designation :	GM-I (HPVP)
Name :	D. Guin
Designation :	GM-I (IO)
Name :	M. Khasgiwala
Designation :	GM-I (Jhansi)
Name :	K. Purswani
Designation :	GM-I (CQ)
SECRETARY
Name :	K.S. Shivaprasad
Designation :	GM (P and D)

MAJOR SHAREHOLDERS

AS ON 30.06.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Central Government / State Government(s)	1543452000	63.06
Sub Total	1543452000	63.06
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1543452000	63.06
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	41888066	1.71
Financial Institutions / Banks	126437661	5.17
Insurance Companies	256127837	10.46
Foreign Institutional Investors	394269174	16.11
Sub Total	818722738	33.45
(2) Non-Institutions
Bodies Corporate	23226795	0.95
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	53426916	2.18
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	332055	0.01
Any Others (Specify)	8439496	0.34
Trusts	2336393	0.10
Clearing Members	2236291	0.09
Non Resident Indians	3861962	0.16
Others	4100	0.00
Others	750	0.00
Sub Total	85425262	3.49
Total Public shareholding (B)	904148000	36.94
Total (A)+(B)	2447600000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	2447600000	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Design, engineering, manufacture, construction, testing, commissioning and servicing of a wide range of products and services for the core sectors of the economy, viz. Power, Transmission, Industry, Transportation (Railway), Renewable Energy, Oil and Gas and Defence.

Products :

Product Description	Item Code No.
Boilers other than parts	840210
Complete generating sets including hydro turbines	85023902
Gas Turbine of thrust exceeding 115000 KW	84118206

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Supplier :

Not Divulged

Customer :

Not Divulged

No. of Employees :

47,525 (Approximately)

Bankers :

· Allahabad Bank

· Andhra Bank

· Bank of Baroda

· Canara Bank

· Corporation Bank

· Central Bank

· Indian Bank

· Indian Oversea Bank

· Oriental Bank of Commerce

· Punjab National Bank

· Punjab & Sindh Bank

· State Bank of India

· State Bank of Hyderabad

· Syndicate Bank

· State Bank of Travancore

· UCO Bank

· Union Bank of India

· United Bank of India

· Vijaya Bank

· IDBI Bank

· CITI Bank N.A

· Deutsche Bank AG

· The Hongkong and Shanghai Banking Corporation Limited

· Standard Chartered Bank

· The Royal Bank of Scotland N.V.

· J P Morgan

· Axis Bank

· The Federal Bank Limited

· HDFC

· Kotak Mahindra Bank

· ICICI Bank

· Indusind Bank

· Yes Bank

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
LONG TERM BORROWINGS
Long term maturities of finance lease obligations	NA	1047.700
SHORT TERM BORROWINGS
From banks
Rupee export packing credit (Secured by first charge by way of hypothecation of raw materials, components, work-in-progress, finished goods, stores, trade receivables both present and future)	NA	25500.000
Total	NA	26547.700

Auditors :	· S.N. Dhawan and Company Chartered Accountants New Delhi, India · Wahi and Gupta Chartered Accountants New Delhi, India · Vinay Kumar and Company Chartered Accountants Allahabad, Uttar Pradesh, India · Anjaneyulu and Company Chartered Accountants Hyderabad, Andhra Pradesh, India · Vardhaman and Company Chartered Accountants Trichy, Tamilnadu, India · Patel Mohan Ramesh and Company, Chartered Accountants Bangalore, Karnataka, India · SBA and Company Chartered Accountants Bhopal, Madhya Pradesh, India · J. V. Ramanujam and Company Chartered Accountants Chennai, Tamilnadu, India
Cost Auditors :	· Jugal K. Puri and Associates Cost Accountants New Delhi, India · K.L. Jaisingh and Company Cost Accountants Noida, India Narsimha Murthy and Company Cost Accountants Hyderabad, Andhra Pradesh, India · RKMS and Associates Cost Accountants Chennai, Tamilnadu, India · Vishwanath Bhat and Company Cost Accountants Bangalore, Karnataka, India · Sunil Singh and Company Cost Accountants Lucknow, Uttar Pradesh, India · Sanjay Kasliwal and Associates Cost Accountants Bhopal, Madhya Pradesh, India · Velamarthi and Associates Cost Accountants Visakhapatnam, Andhra Pradesh, India
Joint Ventures :	· Powerplant Performance Improvement Limited · BHEL-GE Gas Turbine Services Private Limited · NTPC-BHEL Power Projects Private Limited · Raichur Power Corporation Limited · Dada Dhuniwale Khandwa Power Limited · Latur Power Company Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.4895.200 Million

AS ON 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2447600000	Equity Shares	Rs.2/- each	Rs.4895.200 Million

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

Equity Shares	Number of Shares	Rs. In Million
Shares outstanding at the beginning of the year	2447600000	4895.200
Shares bought back during the year	--	--
Shares outstanding at the end of the year	2447600000	4895.200

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

Name of Shareholders	Number of Shares	% holding
President of India (POI) along with nominees	1543452000	63.06%
Life Insurance Corporation of India	242890195	9.92%
Face Value per share	2.00	2.00

c) Terms / rights attached to the equity shares:

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

d) 4.66% of BHEL’s total paid up equity share capital (11,41,00,000 shares) were sold by Government of India through Block Deal to Life Insurance Corporation of India on 03.03.2014.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4895.200	4895.200	4895.200
(b) Reserves & Surplus	335950.800	325575.300	299545.800
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	340846.000	330470.500	304441.000
(3) Non-Current Liabilities
(a) long-term borrowings	610.000	1047.700	1292.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	53588.400	66001.700	57896.800
(d) long-term provisions	67552.100	74964.300	59440.200
Total Non-current Liabilities (3)	121750.500	142013.700	118629.000
(4) Current Liabilities
(a) Short term borrowings	0.000	25500.000	12860.000
(b) Trade payables	87989.400	87190.200	96751.800
(c) Other current liabilities	91233.100	114441.400	138623.700
(d) Short-term provisions	42852.300	28295.900	29981.100
Total Current Liabilities (4)	222074.800	255427.500	278216.600
TOTAL	684671.300	727911.700	701286.600
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	46583.200	45251.300	43146.700
(ii) Intangible Assets	0.000	1678.100	1438.200
(iii) Capital work-in-progress	0.000	6220.100	11335.100
(iv) Intangible assets under development	0.000	201.100	380.800
(b) Non-current Investments	4176.700	4201.700	4291.700
(c) Deferred tax assets (net)	22207.300	19689.500	15506.900
(d) Long-term Loan and Advances	12190.500	11671.400	9055.400
(e) Other Non-current assets	114138.200	118810.700	106537.200
Total Non-Current Assets	199295.900	207723.900	191692.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	101016.600	97975.500	117638.200
(c) Trade receivables	262235.000	280719.200	292344.900
(d) Cash and cash equivalents	98127.000	118729.300	77320.500
(e) Short-term loans and advances	22246.500	20238.600	20291.200
(f) Other current assets	1750.300	2525.200	1999.800
Total Current Assets	485375.400	520187.800	509594.600
TOTAL	684671.300	727911.700	701286.600

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations	295419.700	383888.200	476176.700
		Interest and Other Income	14750.400	23360.400	19286.900
		TOTAL	310170.100	407248.600	495463.600
Less	EXPENSES
		Consumption of Material Consumed	172582.800	220990.800	278993.700
		(Increase)/Decrease in work in progress and finished goods	(3380.400)	10574.000	1162.100
		Employees remuneration and benefit	54500.000	59337.800	57527.800
		Other Expenses of Manufacture, Administration, Selling and Distribution	53276.800	33085.000	37765.600
		Provision Net	0.000	22587.000	15657.700
		Cost of Jobs Done for Internal Use	0.000	(684.600)	(758.700)
		Prior Period Items (Net)	101.100	60.100	4.400
		TOTAL	277080.300	345950.100	390352.600
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		33089.800	61298.500	105111.000
Less	INTEREST AND OTHER BORROWING COST		916.500	1326.300	1252.700
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		32173.300	59972.200	103858.300
Less	DEPRECIATION/ AMORTISATION		10773.200	9829.200	9533.900
	PROFIT BEFORE TAX		21400.100	50143.000	94324.400
Less	TAX		7207.200	15535.200	28177.100
	PROFIT AFTER TAX		14192.900	34607.800	66147.300
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		11712.500	11021.200	10312.300
Add	ADJUSTMENT OF DEBIT BALANCE OF PROFIT AND LOSS ACCOUNT UPTO 30.09.2011 PURSUANT TO AMALGAMATION		NA	(2780.500)	0.000
Add	ADJUSTMENT PURSUANT TO AMALGAMATION FOR PROFIT DURING THE PERIOD FROM 01.10.2011 TO 31.03.2013		NA	599.500	0.000
Add	ADJUSTMENT FOR PROVISION FOR TAX AND DEFERRED TAX ON AMALGAMATION		NA	1368.500	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	25000.000	50000.000
		Dividend	NA	6926.800	13230.000
		Tax on Dividend	NA	1177.200	2208.400
	BALANCE CARRIED TO THE B/S		NA	11712.500	11021.200
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods	NA	13584.100	4386.800
		Interest	NA	0.000	0.000
		Election and Other Services	NA	2501.600	1431.200
		FE in Deemed Export (Including domestic contracts and SEZ)	NA	71691.700	117747.900
	TOTAL EARNINGS		NA	87777.400	123565.900
	IMPORTS
		Raw Materials	NA	22486.700	30425.100
		Components & Spares Parts	NA	40131.000	32454.100
		Capital Goods	NA	853.000	3198.600
	TOTAL IMPORTS		NA	63470.700	66077.800
	Earnings Per Share (Rs.)		5.80	14.14	27.03

CURRENT MATURITIES OF FINANCE LEASE OBLIGATION DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current maturities of finance lease obligation	NA	676.800	752.400
Cash generated from operations	NA	66494.400	51023.000
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	4.80	9.02	13.89
Operating Profit Margin (PBIDT/Sales)	(%)	11.20	15.97	22.07
Return on Total Assets (PBT/Total Assets}	(%)	3.25	7.19	14.08
Return on Investment (ROI) (PBT/Networth)		0.06	0.15	0.31
Debt Equity Ratio (Total Debt /Networth)		0.00	0.08	0.05
Current Ratio (Current Asset/Current Liability)		2.19	2.04	1.83

STOCK PRICES

Face Value	Rs.2.00/-
Market Value	Rs.283.65/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	4895.200	4895.200	4895.200
Reserves & Surplus	299545.800	325575.300	335950.800
Share Application money pending allotment	0.000	0.000	0.000
Net worth	304441.000	330470.500	340846.000
long-term borrowings	1292.000	1047.700	610.000
Short term borrowings	12860.000	25500.000	0.000
Total borrowings	14152.000	26547.700	610.000
Debt/Equity ratio	0.046	0.080	0.002

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	476176.700	383888.200	295419.700
		(19.381)	(23.045)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	476176.700	383888.200	295419.700
Profit	66147.300	34607.800	14192.900
	13.89%	9.02%	4.80%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	-----
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

Case Details

Bench:-Bombay

Presentation Date:- 24/06/2015

Lodging No.:-

EXAL/1298/2015

Filing Date:-

24/06/2015

Petitioner:-

ALBILAL GROUP OF GENERAL CONTRACT LIMITED

Respondent:-

BHARAT HEAVY ELECTRICALS LIMITED

Petn.Adv.:-

ADVANI AND CO (I2028)

District:-

MUMBAI

Bench:-	SINGLE
Status:-	Pre-Admission	Category:-	EXECUTION APPLICATIONS.

Act :-

Code of Civil Procedure 1908

INDEX OF CHARGE:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90041091	21/01/2015 *	50,000,000,000.00	STATE BANK OF INDIA	CAG BRANCH, JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MAR  G, NEW DELHI, DELHI - 110001, INDIA	C43556943
2	80025169	21/01/2015 *	550,000,000,000.00	STATE BANK OF INDIA	CAG BRANCH, JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MAR  G, NEW DELHI, DELHI - 110001, INDIA	C43559517

*Date of modification Charges

FIXED ASSETS:

· Freehold land (incl. development exp.)

· Leasehold land (incl. development exp.)

· Roads, bridges and culverts

· Buildings

· Leasehold buildings

· Drainage, sewerage and water supply

· Railway siding

· Locomotives and wagons

· Plant and Machinery

· Electronic data processing equipments

· Electrical installations

· Construction Equipment

· Vehicles

· Furniture and fixtures

· Office and other equipments

· Software

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. 63.65
UK Pound	1	Rs.99.14
Euro	1	Rs.68.91

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUB
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		73

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

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

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

RATING EXPLANATIONS

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

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.