MIRA INFORM REPORT

Report No. :	319950
Report Date :	30.04.2015

IDENTIFICATION DETAILS

Name :	BHARAT ELECTRONICS LIMITED
Registered Office :	Outer Ring Road, Nagavara, Bangalore – 560045, Karnataka
Tel. No.:	91-80-25039300 / 25039266
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.04.1954
Com. Reg. No.:	08-000787
Capital Investment / Paid-up Capital :	Rs. 800.000 Million
CIN No.: [Company Identification No.]	L32309KA1954GOI000787
TAN No.: [Tax Deduction & Collection Account No.]	BLRB04051F/ BLRC00582B
PAN No.: [Permanent Account No.]	AAACB5985C
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The Company is engaged in manufacture and supply of strategic electronic products primarily to Defence Services.
No. of Employees :	10305 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (76)

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 2100000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a public sector undertaking, was established under the Ministry of Defense (MOD) to cater to the needs of the defense sector. It is a well-established company having excellent track record. The rating takes into account the majority ownership by the Government of India. BEL’s strategic position as a dominant supplier of defense electronics to the Indian armed forces. The rating also takes into consideration company strong financial risk profile marked by healthy net worth and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	Fund based limits: “AAA”
Rating Explanation	Highest degree of safety and lowest credit risk.
Date	March 2014

Rating Agency Name	ICRA
Rating	Non-Fund based limits: “A1+”
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	March 2014

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 31-03-2014.

LOCATIONS

Registered Office :	Outer Ring Road, Nagavara, Bangalore – 560045, Karnataka, India
Tel. No.:	91-80-25039300 / 25039266
Fax No.:	91-80-25039305 / 25039233
E-Mail :	cmd@giasbg01.vsnl.net.in imd@bel-india.com info@bel-india.com secretary@bel.co.in rodel@bel.co.in nmdel@bel.co.in corpcomn@bel.co.in
Website :	http://www.bel-india.com
Factory 1 :	Jalahalli Post, Bangalore - 560013, Karnataka, India
Tel. No.:	91-80-28382626
Fax No.:	91-80-28382067
Factory 2 :	Site IV, Sahibabad Industrial Area, Bharat Nagar Post, Ghaziabad - 201 010, Uttar Pradesh, India
Tel. No.:	91-120-2777707
Fax No.:	91-120-2776730
Factory 3 :	NDA Road, Pashan, Pune - 411 021, Maharashtra, India
Tel. No.:	91-20-25865400, 22903000
Fax No.:	91-20-25880577, 25888789
Factory 4 :	Post Box No. 26, Ravindranath Tagore Road, Machalipatnam - 521 001, Andhra Pradesh, India
Tel. No.:	91-8672-223581-83
Fax No.:	91-8672-222640
Factory 5 :	Plot No. 405, Industrial Area, Phase III, Panchkula - 134 113, Haryana, India
Tel. No.:	91-172-3937252, 2591528, 3937400
Fax No.:	91-172-2594548 / 2591463
Factory 6 :	Balbhadrapur, Kotdwara - 246 149, Uttaranchal, India
Tel. No.:	91-1382-231171 to 231178
Fax No.:	91-1382-231132, 231135
Factory 7 :	Plot No. L-1, MIDC, Industrial Area, Raigad District, Taloja - 410 308, Maharashtra, India
Tel. No.:	91-22-27412701
Fax No.:	91-22-27412888 / 27412887
Factory 8 :	Post Box No. 981, Nandambakkam, Chennai – 600 089, Tamilnadu, India
Tel. No.:	91-44-22326906
Fax No.:	91-44-22326905
Factory 9 :	Nacharam Industrial Estate, Hyderabad – 500076, Andhra Pradesh, India
Tel. No.:	91-40-27194700
Fax No.:	91-40-27171406

DIRECTORS

As on: 31.03.2014

Name :	Mr. Anil Kumar
Designation :	Chairman and Managing Director
Name:	Mr. M L Shanmukh
Designation:	Director (Human Resources)
Name :	Mr. H N Ramakrishna
Designation :	Director (Marketing)
Name :	Mr. Sunil Kumar Sharma
Designation :	Director (Bangalore Complex)
Name :	Mr. Amol Newaskar
Designation :	Director (Other Units)
Name :	Dr. Ajit T Kalghatgi
Designation :	Director (Research & Development)
Part - Time Independent Directors
Name:	Mr. P K Mishra
Designation:	Joint Secretary (ES), Ministry of Defence, Department of Defence Production
Name:	Lt Gen S P Kochhar
Designation:	Bar to AVSM, SM, VSM, ADC, Signal Officer-in-Chief and Senior Colonel Commandant, Corps of Signals, Army Headquarters
Part-time Independent Directors
Name:	Mr. N Sitaram
Designation:	former Chief Controller (R&D), DRDO
Name:	Prof Anurag Kumar
Designation:	Professor, IISc, Bangalore
Name:	Prof R Venkata Rao
Designation:	Vice-Chancellor, National Law School of India University, Bangalore
Name:	Mr. S M Acharya
Designation:	IAS (Retd), ex - Secretary to Government of India
Name:	Lt Gen (Retd) Vinod Kumar Mehta
Designation:	ex - Director General Quality Assurance, Ministry of Defence
Name:	Mr. Vikram Srivastava
Designation:	IPS (Retd), ex - DG CRPF & ITBP
Permanent Special Invitees to all the Board Meetings :
Name:	Mr. P K Kataria
Designation:	Additional Financial Advisor and Joint Secretary, Ministry of Defense
Name:	Vice Admiral Dilip Deshpande
Designation:	AVSM, AVSM, VSM, Chief of Material, Indian Navy

KEY EXECUTIVES

Name:	Mr. M N Krishnamurthy, IPS
Designation:	Chief Vigilance Officer
Name:	Mrs. Elaine Mathias
Designation:	Executive Director
Name:	Mr. C.R. Prakash
Designation:	Company Secretary
General Managers :	Mr. P C Jain Mr. Vipin Katara Mr. Ghanshyam Narain Mr. V V Balakrishnan Mr. V K Mehta Mr. V D Bevinamarad Mr. Koshy Alexander
UNITS : (Executive Directors / General Manager)
Bangalore :	· Mr. Philip Jacob · Mr. Manmohan Handa · Mr. R Chandrakumar · Mr. A R Krishna Murthy · Mr. M M Joshi · Mr. M Vijayaraghavan · Mr. Sanmoy Kumar Acharya · Mr. M V Gowtama · Mr. K R Natarajan · Mr. Suresh Katyal · Mr. S Chandrasekar · Cdr (Retd) T Jagannath · Mr. Nataraj Krishnappa
Chennai :	· Mr. Vijay Gundannavar
Ghaziabad :	· Mr. Girish Kumar · Mr. R K Handa · Mr. A K Sharma
Hyderabad :	· Mr. R N Bagdalkar
Kotdwara :	· Mr. D K Mehrotra
Machilipacnam	· Mr. G Raghavendra Rao
Navi Mumbai	· Mr. S S Gokhale
Panchkula	· Mr. N Suresh
Pune :	· Mr. A R Vaidya
CRL, Bangalore :	Mr. V Mahesh, Chief Scientist

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2015

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)	60015859	75.02
Sub Total	60015859	75.02
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	60015859	75.02
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	6721390	8.40
Financial Institutions / Banks	112206	0.14
Insurance Companies	5477551	6.85
Foreign Institutional Investors	2746002	3.43
Sub Total	15057149	18.82
(2) Non-Institutions
Bodies Corporate	2417218	3.02
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1911156	2.39
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	168500	0.21
Any Others (Specify)	430118	0.54
Clearing Members	323637	0.40
Non Resident Indians	99406	0.12
Trusts	7075	0.01
Sub Total	4926992	6.16
Total Public shareholding (B)	19984141	24.98
Total (A)+(B)	80000000	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)	80000000	0.00

BUSINESS DETAILS

Line of Business :	The Company is engaged in manufacture and supply of strategic electronic products primarily to Defence Services.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

10305 (Approximately)

Bankers :

· State Bank of India

· State Bank of Hyderabad

· State Bank of Patiala

· State Bank of Travancore

· State Bank of Mysore

· State Bank of Bikaner & Jaipur

· ICICI Bank

· AXIS Bank

· IDBI Bank

· HDFC Bank

· Canara Bank

· Syndicate Bank

· Vijaya Bank

· Bank of Baroda

· Andhra Bank

Facilities :

(Rs. In Million)

Secured Loan

As on

31.03.2014

As on

31.03.2013

Long Term Borrowings

Outstanding liability on Leased Assets

0.000

0.136

Less: Amount expected to be paid within next 12 months

0.000

(0.136)

Total

0.000

0.000

Note:

Terms of Repayment

Fixed Non-cancellable period is 60 months from date of commencement of the rentals.

- Lease Rentals in respect of each vehicle is determined based on prevailing interest rate at the time of availment of Lease Finance.

- Lease Rental variation clause is applicable.

- In case of premature termination of Lease (with the consent of the Lessor), the Lessee shall pay the Lessor the discounted value of future receivables.

- Termination Value at the rate of 1% of the Lease amount of vehicle is payable for sale of car on behalf of Lessor.

As per the provisions of Accounting Standard 19, the following information is disclosed in respect of above Finance Lease:

The net carrying amount (WDV) at the Balance Sheet date	0.094	0.750
Total minimum lease payments as at the reporting period date	0.142	1.043
The present value of minimum lease payments as at the reporting period date	0.136	0.981

Statutory Auditors :
Name :	R G N Price and Company Chartered Accountants
Branch Auditors :
Name :	· Mittal Gupta and Company, Lucknow · Rao and Narayan Vijayawada · M B Bafna and Company, Pune
Cost Auditors:	P S V and Associates Chartered Accountants
Address:	Bangalore, India
Subsidiary :	· BEL Optronic Devices Limited (Equity Holding 92.79%)
Joint Venture Companies :	· GE BE Private Limited (Equity Holding 26 %) · BEL Multitone Private Limited (Equity Holding 49 %)

CAPITAL STRUCTURE

As on: 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs.10/- each	Rs. 800.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	800.000	800.000	800.000
(b) Reserves & Surplus	69372.377	62236.946	55422.101
(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)	70172.377	63036.946	56222.101
Government Grants	126.125	191.716	147.456
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.138
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	69.461	43.230	41.813
(d) long-term provisions	3561.895	3484.185	3032.207
Total Non-current Liabilities (3)	3631.356	3527.415	3074.158
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	11970.591	11268.561	10814.269
(c) Other current liabilities	56939.354	62759.237	75466.886
(d) Short-term provisions	2432.965	3677.540	2854.975
Total Current Liabilities (4)	71342.910	77705.338	89136.130
TOTAL	145272.768	144461.415	148579.845
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6504.489	5742.274	5063.212
(ii) Intangible Assets	4.977	12.272	38.379
(iii) Capital work-in-progress	1967.373	1612.992	1134.447
(iv) Intangible assets under development	1.199	1.199	1.199
(b) Non-current Investments	119.811	119.811	119.811
(c) Deferred tax assets (net)	2994.946	2715.731	2281.557
(d) Long-term Loan and Advances	628.411	1303.036	1734.169
(e) Other Non-current assets	937.311	798.378	1171.576
Total Non-Current Assets	13158.517	12305.693	11544.350
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	32987.083	31912.865	26749.854
(c) Trade receivables	41285.369	33346.708	26865.791
(d) Cash and cash equivalents	45643.661	53024.923	67725.223
(e) Short-term loans and advances	11535.302	13079.462	15078.458
(f) Other current assets	662.836	791.764	616.169
Total Current Assets	132114.251	132155.722	137035.495
TOTAL	145272.768	144461.415	148579.845

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	62755.232	61038.175	57676.408
	Other Income	4284.744	6099.830	5854.908
	TOTAL (A)	67039.976	67138.005	63531.316
Less	EXPENSES
	Cost of Materials Consumed	31395.310	32994.548	30452.648
	Purchases of Stock-in-Trade	4440.281	252.171	275.327
	Cost of Stores and Spares Consumed	0.000	7602.599	5962.373
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	473.328	(2780.012)	(899.489)
	Employees benefits expense	10304.256	11107.887	10812.305
	Other expenses	7224.400	5436.225	4927.121
	Prior Period Items	0.000	63.745	38.560
	TOTAL (B)	53837.575	54677.163	51568.845
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	13202.401	12460.842	11962.471
Less	FINANCIAL EXPENSES (D)	33.961	7.817	6.001
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	13168.440	12453.025	11956.470
Less/ Add	DEPRECIATION/ AMORTISATION (F)	1421.045	1307.104	1207.989
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	11747.395	11145.921	10748.481
Less	TAX (H)	2431.177	2247.593	2449.503
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	9316.218	8898.328	8298.978
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	26577.832	24090.014	21730.659
Less	APPROPRIATIONS
	Interim Dividend		480.000	800.000
	Proposed Final Dividend		1304.000	864.000
	Dividend Tax		299.483	269.942
	Transfer to General Reserve		4000.000	4000.000
	Transfer to Capital Reserve		327.027	5.681
	BALANCE CARRIED TO THE B/S	NA	26577.832	24090.014
	Earnings / (Loss) Per Share (Rs.)	82.91	111.23	103.74

Note:

The Company has obtained exemption from SEBI regarding segment reporting.

The audited annual results of subsidiary Company, viz, BEL Optronic Devices Limited (92.79% shareholding) and JVCs, viz, GE BE Private Limited (26% shareholding) and BEL Multitone Private Limited (49% shareholding) are included in the consolidated financial results. The consolidated financial results have been prepared as per the accounting standards AS-21 and AS-27.

BEL Multitone Private Limited (Joint Venture Company) is under liquidation consequent to special resolution passed by its members on November 25, 2013 for members voluntary winding up.

In addition to the interim dividend of Rs. 6 per share paid during the last quarter, a final dividend of Rs. 17.30 per share has been recommended by the board of directors at the meeting held on May 30, 2014.

The figures of fourth quarters of the respective financial years are the balancing figures between the audited figures of full financial years and the published figures up to third quarter of the respective financial years.

The financial results of the year ended March 31, 2014 have been audited by the statutory auditors of the Company.

The audited results of the year ended March 31, 2014 are subject to supplementary audit by the Comptroller and Auditor General of India u/s 619(3)(b) of the Companies Act 1956.

The above statement of financial results was reviewed by the audit committee, and also approved by the board of directors at its meeting held on May 30, 2014.

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	Jun 2014	Sep 2014	Dec 2014
	(1^st Quarter)	(2^nd Quarter)	(3^rd Quarter)
	Unaudited	Unaudited	Unaudited
Net Sales	1,0122.200	1,2940.300	1,6082.400
Total Expenditure	1,0577.300	1,1751.200	1,3301.000
PBIDT (Excl OI)	(455.100)	1189.100	2781.500
Other Income	1152.100	1106.400	1135.400
Operating Profit	697.000	2295.500	3916.800
Interest	0.000	03.200	0.000
Exceptional Items	0.000	0.000	0.000
PBDT	697.000	2292.400	3916.800
Depreciation	363.700	375.200	374.400
Profit Before Tax	333.400	1917.100	3542.400
Tax	77.3000	447.500	824.400
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	256.100	1469.600	2718.100
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	256.100	1469.600	2718.100

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	13.90	13.25	13.06
Net Profit Margin (PBT/Sales)	(%)	18.72	18.26	18.64
Return on Total Assets (PBT/Total Assets}	(%)	8.38	7.96	7.41
Return on Investment (ROI) (PBT/Networth)		0.17	0.18	0.19
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.85	1.70	1.54

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	800.000	800.000	800.000
Reserves & Surplus	55422.101	62236.946	69372.377
Net worth	56222.101	63036.946	70172.377
long-term borrowings	0.138	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.138	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	57676.408	61038.175	62755.232
		5.829	2.813

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	57676.408	61038.175	62755.232
Profit	8298.978	8898.328	9316.218
	14.39%	14.58%	14.85%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	No
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80037904	27/01/2014 *	29,000,000,000.00	State Bank of India	Specialized Mid Corporate Branch, No. 97, Railway  Parallel Road, Kumara Park West, Bangalore, Karnataka - 560020, INDIA	B95268611

* Date of charge modification

UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED

31^st December 2014

(Rs. In Million)

Particulars	Quarter Ended ( Unaudited)		Nine months ended
	31.12.2014	30.09.2014	31.12.2014
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	15816.596	12657.336	38441.066
b) Other operating income	265.846	282.965	703.859
Total income from Operations(net)	16082.442	12940.301	39144.925
2.Expenditure
a) Cost of material consumed	8075.379	7332.206	20514.382
b) Purchases of stock in trade	1081.757	957.573	2891.230
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	-292.258	-921.905	-659.040
d) Employees benefit expenses	3016.949	2976.317	8969.864
e) Depreciation and amortization expenses	374.382	375.214	1113.263
f) Other expenditure	1419.159	1407.532	3913.547
Total expenses	13675.368	12126.937	36743.246
3. Profit from operations before other income and financial costs	2407.074	813.364	2401.679
4. Other income	1135.384	1106.364	3393.62
5. Profit from ordinary activities before finance costs	3542.458	1919.728	5795.541
6. Finance costs	2.200	2.586	2.608
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	3542.436	1917.142	5792.933
8. Exceptional item	--	--	--
9. Profit from ordinary activities before tax Expense:	3542.436	1917.142	5792.933
10.Tax expenses	824.358	447.511	1349.174
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	2718.078	1469.631	4443.759
12.Extraordinary Items (net of tax expense)	---	---	---
13.Net Profit / (Loss) for the period (11 -12)	2718.078	1469.631	4443.759
14.Paid-up equity share capital (Nominal value Re. 1/- per share)	800.000	800.000	800.000
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	---	---	--
16.i) Earnings per share (before extraordinary items)	33.98	18.37	55.55
ii) Earnings per share (after extraordinary items)	33.98	18.37	55.55

Particulars	Quarter Ended ( Unaudited)		Nine months ended
	31.12.2014	30.09.2014	31.12.2014
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	19984141	19984141	19984141
- Percentage of shareholding	24.98%	24.98%	24.98%
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	Nil	Nil	Nil
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	Nil	Nil	Nil
Percentage of shares (as a % of total share capital of the company)	Nil	Nil	Nil
b) Non Encumbered
Number of shares	60015859	60015859	60015859
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100%	100%	100%
Percentage of shares (as a % of total share capital of the company)	75.02%	75.02%	75.02%

B. Investor Complaints
Pending at the beginning of the quarter	Nil
Receiving during the quarter	1
Disposed of during the quarter	1
Remaining unreserved at the end of the quarter	Nil

1. Company has obtained exemption from SEBI regarding Segment Reporting.

2. The quarterly results of Subsidiary Companies viz. BEL Optronic Devices Limited. & BEL-THALES Systems Limited and Joint Venture Companies Viz. GE BE Private limited & BEL Multitone Private limited are not included above.

3. BEL Multitone Private limited is under liquidation.

4. An interim dividend of Rs 6 per share for the year 2014-15 has been declared by the Board of Directors at the meeting held on January 23, 2015.

5. The Limited Review as required under clause 41 of Listing agreement has been completed by the Statutory Auditors.

6. The above statement of financial results was reviewed by the Audit Committee and approved by the Board of Directors at the Meeting held on January 23, 2015.

FIXED ASSETS

· Freehold land

· Leasehold land

· Roads and Culverts

· Buildings

· Installations

· Plant and Machinery

· Electronic Equipment

· Equipment for R and D Lab

· Vehicles

· Office Equipment and Furniture

· Fixtures and other Equipment

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. 63.20
UK Pound	1	Rs. 97.01
Euro	1	Rs. 69.34

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	9
--CREDIT LINES	1~10	8
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		76

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.