MIRA INFORM REPORT

Report No. :	346991
Report Date :	28.10.2015

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

IEC No.:	Not Available

TAN No.: [Tax Deduction and Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	A Public Limited Liability Company. The company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Subject is engaged in the 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 (Railways), Renewable Energy, Oil and Gas and Defence.

No. of Employees :	Information declined by the management

RATING and 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 970000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Exist

Comments :	Subject is an integrated power plant equipment manufacturer with Government of India holding 63.06% stake. It is a well-established company having fine track. The rating reflects on company’s strong financial risk profile, driven by low debt levels and robust liquidity. Ratings also take into account 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 commitment. In view of strong holdings of the promoters, the company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Dipak Kumar
Designation :	DGM Finance
Date :	23.10.2015

LOCATIONS

Registered Office :	BHEL House, Siri Fort, New Delhi – 110049, India
Tel. No.:	91-11-66337000 (Multiple Lines)
Mobile No.:	Not Available
Fax No.:	91-11-26493021
E-Mail :	shareholderquery@bhel.in
Website :	www.bhel.com

Overseas Offices :	Located at Jakarta, Indonesia Almaty, Republic of Kazakhstan Thimpu, Bhutan Dubai, UAE Shanghai, China

PLANT LOCATIONS:
BHEL Manufacturing Units:	BENGALURU : Electronics Division Electronics Systems Division Electro Porcelain Division BHOPAL: Heavy Electrical Plant GOINDWAL: Industrial Valves Plant HARIDWAR: Heavy Electrical Equipment Plant Central Foundry Forge Plant HYDERABAD: Heavy Power Equipment Plant JAGDISHPUR: Insulator Plant Centralised Stamping Unit JHANSI: Transformer Plant RUDRAPUR: Component Fabrication Plant RANIPET: Boiler Auxiliaries Plant TIRUCHIRAPPALLI 1: High Pressure Boiler Plant Seamless Steel Tube Plant THIRUMAYAM; Power Plant Piping Unit VISAKHAPATNAM: Heavy Plates and Vessels Plant

BHEL Repair Units:	MUMBAI: Electrical Machine Repair Plant VARANASI: Heavy Equipment Repair Plant

BHEL SUBSIDIARY:	Located at Kasaragod BHEL Electrical Machines Limited

DIRECTORS

AS ON 31.03.2015

Name :	Ms. Harinder Hira
Designation :	Part-time Non-official Director
Address :	Misty Haven, Murray Field Estate, Forest Hill Road, Shimla - 171002, Himachal Pradesh, India
DIN No.:	01858921

Name :	Mr. B. Prasada Rao
Designation :	Chairman and Managing Director
Address :	B - 278, Asian Games Village, Siri Fort, New Delhi – 110049, Delhi, India
DIN No.:	01705080

Name :	Mr. Sunil Kumar Bahri
Designation :	Additional Secretary and Financial Adviser, DIPP
Address :	DI-229, Vinay Marg, New Delhi - 110021, Delhi, India
DIN No.:	06855198

Name :	Mr. Atul Sobti
Designation :	Director (Power)
Address :	F 497, Vikas Puri, New Delhi - 110018, Delhi, India
DIN No.:	06715578

Name :	Mr. R. Krishnan
Designation :	Director (HR)

Name :	Mr. A.N. Roy
Designation :	Part-time Non-official Director
Address :	62, Sagar Tarang, Worli Seaface, Mumbai - 400025, Maharashtra, India
DIN No.:	01361110

Name :	Mr. W.V.K. Krishna Shankar
Designation :	Director (Industrial Systems and Products)

Name :	Mr. Rajesh Kumar Singh
Designation :	Nominee Director
Address :	3 Abul Fazal Road, New Delhi - 110001, Delhi, India
DIN No.:	06459343

Name :	Mr. Debashis Bandyopadhyay
Designation :	Whole-Time Director
Address :	11f Rai Bahadur Road, Behala, Kolkata - 700034, West Bengal, India
DIN No.:	07221633

Name :	Mr. Amitabh Mathur
Designation :	Whole-time director
Address :	B-3/44 Janakpuri, New Delhi - 110058, Delhi, India
DIN No.:	07275427

Name :	Subrata Biswas
Designation :	Additional Director
Address :	Flat No. 705, Asiad Games Village Complex, Siri Fort, New Delhi - 110049, Delhi, India
DIN No.:	07297184

KEY EXECUTIVES

AS ON 31.03.2015

Name :	Mr. Rajesh Kumar Singh
Designation :	Joint Secretary, DHI

Name :	Mr. I.P. Singh
Designation :	Company Secretary
Address :	AABPS7637J
PAN No.:	Flat No. 6, Dharam Kunj Appts., Sector-9, Rohini, Delhi, 110085, Delhi, India

MANAGEMENT COMMITTEE (24.07.2015)

Name :	Mr. B. Prasada Rao
Designation :	CMD

Name :	Mr. R. Krishnan
Designation :	Director, Human Resources

Name :	Mr. W.V.K. Krishna Shankar
Designation :	Director, Industrial Systems and Products

Name :	Mr. Atul Sobti
Designation :	Director, Power

Name :	Mr. A.V. Krishnan
Designation :	ED, Tiruchirappalli Complex

Name :	Mr. A.K. Dave
Designation :	ED, CMTandIP, MON and MM, New Delhi

Name :	Mr. C.K. Shrikhande
Designation :	ED, PS-NR, Noida

Name :	Mr. S. Gopinath
Designation :	ED, OSD, Tiruchirappalli, Complex

Name :	Mr. N. Ravi Chander
Designation :	ED, HPEP, Hyderabad

Name :	Mr. Anuj Bhatnagar
Designation :	ED, FQA and Safety, Noida

Name :	Mr. Prakash Chand
Designation :	ED, HEEP, Haridwar

Name :	Mr. Akhil Joshi
Designation :	ED, TLandJV, MandA, New Delhi

Name :	Mr. Rajeev Srivastava
Designation :	ED, PS-SSBG, Noida

Name :	Mr. S.C. Jain
Designation :	ED, PS-PMG and PS-TS, New Delhi

Name :	Mr. K.K. Seth
Designation :	ED, HRDI, NIC and CPG, Noida

Name :	Mr. Ramesh Koul
Designation :	ED, TBG, Noida

Name :	Mr. B.S. Vishwanatha
Designation :	ED, TSG and DBG, New Delhi

Name :	Mr. Devendra Raina
Designation :	ED, CPP, IPE, IPM and PMG, New Delhi

Name :	Mr. S.N. Maiti
Designation :	ED, PS-WR, Nagpur

Name :	Mr. M.K. Sharma
Designation :	ED, PEandSD, Hyderabad

Name :	Mr. L.K. Rawal
Designation :	ED, PandD, New Delhi

Name :	Mr. Amitabh Mathur
Designation :	ED, PS-ER, Kolkata

Name :	Mr. M. Khasgiwala
Designation :	ED, TP, Jhansi

Name :	Mr. J. Sankaran
Designation :	ED, HPVP, Visakhapatnam

Name :	Mr. S. Raj Sabapathy
Designation :	ED, CBU, Bengaluru

Name :	Mr. A.M.V. Yugandhar
Designation :	ED, HEP, Bhopal

Name :	Mr. Rajiv Garg
Designation :	ED, CSandIT, Noida

Name :	Mr. R.K. Tiwari
Designation :	ED, EDN, Bengaluru

Name :	Mr. N.R. Edkie
Designation :	ED, CFFP, Haridwar

Name :	Mr. V.K. Chohan
Designation :	ED, IO, New Delhi

Name :	Mr. Dr. Umakant Choudhury
Designation :	ED, Corp. RandD, Hyderabad

Name :	Mr. D. Bandyopadhyay
Designation :	ED, HRandCC, New Delhi

Name :	Mr. S. Biswas
Designation :	ED, CEPD and ARP, New Delhi

Name :	Mr. K. Mysaiah
Designation :	ED, BAP, Ranipet

Name :	Mr. Sandeep Narang
Designation :	ED, PS-PEM, Noida

Name :	Mr. K. Purswani
Designation :	ED, Corp. Quality, Noida

Name :	Mr. V.C. Krishnan
Designation :	ED, ISG, Bengaluru

Name :	Mr. Sudhanshu Pathak
Designation :	ED, Coordination, New Delhi

Name :	Mr. D. Guin
Designation :	GM-I, ROD, New Delhi

Name :	Mr. S. Vaidyanathan
Designation :	GM-I, Corp. Finance, New Delhi

Name :	Mr. Gururaj S. Rotti
Designation :	GM-I, Renewables and Water Business, New Delhi

Name :	Mr. G.K. Hedaoo
Designation :	GM-I, PS Marketing, New Delhi

Name :	Mr. A.K. Mukhopadhyay
Designation :	GM-I, PS-SR, Chennai

Name :	Mr. J. Govindaswamy
Designation :	GM-I, PPPU, Thirumayam and PC, Chennai

Name :	Mr. K.S. Shivaprasad
Designation :	GM, Corp. PandD, New Delhi; Secretary, Management Committee

SHAREHOLDING PATTERN

AS ON 30.09.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B+C)
(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	47668139	1.95
Financial Institutions / Banks	127217059	5.20
Insurance Companies	255393216	10.43
Foreign Institutional Investors	382633475	15.63
Sub Total	812911889	33.21
(2) Non-Institutions
Bodies Corporate	28923841	1.18
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	53911223	2.20
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	281055	0.01
Any Others (Specify)	8119992	0.33
Trusts	2469636	0.10
Clearing Members	1988359	0.08
Non Resident Indians	3658166	0.15
Foreign Individuals	331	0.00
Directors and their Relatives and Friends	3500	0.00
Sub Total	91236111	3.73
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	0	0.00
(1)	0	0.00
(2)	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 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 (Railways), Renewable Energy, Oil and Gas and Defence.

Products :

Product Description	Item Code No.
Boiler	2513
Turbine and Generator	2811
Construction and Service	42201

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

Customers :

Company Name :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Banker Name :	Allahabad Bank
Branch :	Not Available
Person Name (With Designation) :	Not Available
Contact Number :	Not Available
Name of Account Holder :	Not Available
Account Number :	Not Available
Account Since (Date/Year of Account Opening) :	Not Available
Average Balance Maintained :	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Available
Account Operation :	Not Available
Remark :	Not Available

Andhra Bank
Bank of Baroda
Canara Bank
Corporation Bank
Central Bank
Indian Bank
Indian Overseas Bank
Oriental Bank of Commerce
Punjab National Bank
Punjab and 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
CITI Bank N.A
Deutsche Bank AG
The Hongkong and Shanghai Banking Corporation Ltd.
Standard Chartered Bank
The Royal Bank of Scotland N.V
J P Morgan
Axis Bank
The Federal Bank Limited
HDFC Bank Limited
Kotak Mahindra Bank
ICICI Bank Limited
IndusInd Bank
Yes Bank

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
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)	0.000	25500.000
Total	0.000	25500.000

Auditors :
Name :	Wahi and Gupta Chartered Accountants
Address :	New Delhi, India

Name :	DSP and Associates Chartered Accountants
Address :	New Delhi, India

Name :	Vinay Kumar and Company Chartered Accountants
Address :	Allahabad, Uttar Pradesh, India

Name :	SBA and Company Chartered Accountants
Address :	Bhopal, Madhya Pradesh, India

Name :	V. Narayanan and Company Chartered Accountants
Address :	Trichy, Tamil Nadu, India

Name :	Rao Associates Chartered Accountants
Address :	Bengaluru, Karnataka, India

Name :	Anjaneyulu and Company Chartered Accountants
Address :	Hyderabad, Telangana, India

Name :	J.V. Ramanujam and Company Chartered Accountants
Address :	Chennai, Tamil Nadu, India

Cost Auditors:
Name :	Jugal K Puri and Associates Chartered Accountants
Address :	New Delhi, India

Name :	Sanjay Kasliwal and Associates Chartered Accountants
Address :	Bhopal, Madhya Pradesh, India

Name :	Narasimha Murthy and Company Chartered Accountants
Address :	Hyderabad, Telangana, India

Name :	Vishwanath Bhat and Company Chartered Accountants
Address :	Bengaluru, Karnataka, India

Name :	Sunil Singh and Company Chartered Accountants
Address :	Lucknow, Uttar Pradesh, India

Name :	RKMS and Associates Chartered Accountants
Address :	Chennai, Tamil Nadu, India

Collaborators :	Not Available

Membership :	Not Available

Related Parties where control exists (Joint Ventures):	Powerplant Performance Improvement Ltd. BHEL-GE Gas Turbine Services Pvt. Ltd. NTPC-BHEL Power Projects Pvt. Ltd. Raichur Power Corporation Ltd. Dada Dhuniwale Khandwa Power Ltd. Latur Power Company Ltd.

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

1000,00,00,000	Equity Shares	Rs. 2/- each	Rs. 20000.000 Million

Issued, Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount

244,76,00,000	Equity Shares	Rs. 2/- each	Rs. 4895.200 Million

Reconciliation of the number of shares

Equity Shares	Number of Shares
Shares outstanding at the beginning of the year	2447600000
Shares issued during the year	--
Shares outstanding at the end of the year	2447600000

Details of equity shares held by shareholders holding more than 5% shares:

Name of Shareholder	Number of Shares	% holding
President of India (POI) alongwith nominees	1543452000	63.06%
Life Insurance Corporation of India	230516784	9.42%
Total	1773968784	72.48%

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.

LISTING DETAILS:

Subject Stock Code :

BSE : 500103

NSE : BHEL

ISIN : INE257A01026

SECTOR: Infrastructure - General

Stock Exchange Place :

The Stock Exchange, Mumbai

National Stock Exchange of India Limited

Listed Date :

Not Available

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 and 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	87178.400	96751.800
(c) Other current liabilities	91233.100	114453.200	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	39822.000	45251.300	43146.700
(ii) Intangible Assets	1583.200	1678.100	1438.200
(iii) Capital work-in-progress	5005.000	6220.100	11335.100
(iv) Intangible assets under development	173.000	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	11670.800	9055.400
(e) Other Non-current assets	114138.200	118810.700	106537.200
Total Non-Current Assets	199295.900	207723.300	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	20239.200	20291.200
(f) Other current assets	1750.300	2525.200	1999.800
Total Current Assets	485375.400	520188.400	509594.600

TOTAL	684671.300	727911.700	701286.600

PROFIT and LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	295419.700	383888.200	476176.700
	Other Operational Income	6410.100	7200.100	8069.800
	Other Income	12204.500	16160.300	11217.100
	TOTAL (A)	314034.300	407248.600	495463.600

Less	EXPENSES
	Cost of Materials Consumed	177583.200	221028.300	278993.700
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(3380.400)	10536.500	1162.100
	Employees benefits expense	54500.000	59337.800	57527.800
	Other expenses	36373.300	33085.000	37765.600
	Provisions (Net)	16042.300	22587.000	15657.700
	Less : Cost of Jobs done for internal use	(275.000)	(684.600)	(758.700)
	Add/ Less: Prior Period Adustments and Tax	101.100	60.100	4.400
	TOTAL (B)	280944.500	345950.100	390352.600

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	33089.800	61298.500	105111.000

Less	FINANCIAL EXPENSES	916.500	1326.300	1252.700

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	32173.300	59972.200	103858.300

Less	DEPRECIATION/ AMORTISATION	10773.200	9829.200	9533.900

	PROFIT/ (LOSS) BEFORE TAX	21400.100	50143.000	94324.400

Less	TAX	7207.200	15535.200	28177.100

	PROFIT/ (LOSS) AFTER TAX	14192.900	34607.800	66147.300

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	7473.600	13584.100	4386.800
	Interest	27.200	0.000	0.000
	Erection and other services	2754.100	2501.600	1431.200
	Miscellaneous	292.400	0.000	117747.900
	FE in Deemed Exports	43787.700	7169.170	0.000
	TOTAL EARNINGS	54335.000	23254.870	123565.900

	IMPORTS
	Raw Materials	19683.500	22486.700	30425.100
	Components and Stores parts	21039.000	40131.000	32454.100
	Capital Goods	1138.800	853.000	3198.600
	TOTAL IMPORTS	41861.300	63470.700	66077.800

	EARNINGS / (LOSS) PER SHARE (RS.)	5.800	14.140	27.030

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current maturities of finance lease obligation	568.300	676.800	752.400
Cash generated from operations	18053.800	66494.400	51023.000
Cash generated from (Used) operations	NA	NA	NA
Net cash inflow / (outflow) from operating activities	7754.800	45181.400	18647.800

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}	(%)	3.28	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. 217.55/-

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 and Surplus	299545.800	325575.300	335950.800
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
Current Maturities of Long term debt	752.400	676.800	568.300
Total borrowings	14904.400	27224.500	1178.300
Debt/Equity ratio	0.049	0.082	0.003

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	Yes
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)	Yes
16	No. of employees	No
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

OVERVIEW:

Forging ahead on the sturdy foundation of 50 illustrious years of engineering excellence and embracing the glorious next phase of its growth, BHEL is an integrated power plant equipment manufacturer and one of the largest engineering and manufacturing company of its kind in India engaged in the 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 (Railways), Renewable Energy, Oil and Gas and Defence with over 180 products offerings to meet the needs of these sectors. BHEL has been the solid bedrock of India’s Heavy Electrical Equipment industry since its evolution in 1964.

BHEL’sgrowth hasbeen synchronous with achieving self-sufficiency in indigenous manufacturing of heavy electrical equipment. BHEL constitutes a mammoth 20,000 MW per annum capacity for power plant equipment manufacturing in the country. A widespread network of 17 Manufacturing Divisions, 2 Repair Units, 4 Regional Offices, 8 Service Centres, 6 Overseas Offices, 6 Joint Ventures, 15 Regional Marketing Centres and current project execution at more than 150 project sites across India and abroad corroborates the humongous scale and size of its operations. Adding to its achievements, BHEL has joined the elite club of select global giants having an installed base of over 150 GW of power generating equipment globally. BHEL’s 55% share in India’s total installed capacity and 62% share in the country’s total generation from thermal utility sets (coal based) as of March 31, 2015 stand testimony to its valuable contribution towards nation building. The company has been earning profits continuously since 1971-72 and paying dividends since 1976-77 which is a reflection of the company’s commendable performance throughout.

BHEL also has a widespread overseas footprint in 77 countries with cumulative overseas installed capacity of BHEL manufactured power plants nearing 10,000 MW including Belarus, Bhutan, Egypt, Indonesia, Iraq, Kazakhstan, Malaysia, New Zealand, Oman, Rwanda, Sudan, Tajikistan and UAE. The high level of quality and reliability of BHEL products is due to adherence to international standards by acquiring and adapting some of the best technologies from leading companies in the world including General Electric Company, Alstom SA, Siemens AG and Mitsubishi Heavy Industries Ltd., together with technologies developed in its own RandD centers. Most of its manufacturing units and other entities have been accredited to Quality Management Systems (ISO 9001:2008), Environmental Management Systems (ISO 14001:2004) and Occupational Health and Safety Management Systems (OHSAS 18001:2007).

BHEL has been adept at transforming itself in line with the market requirements throughout its illustrious journey. Right from its incorporation in a protected market to facing the pressures of a liberalized economy and the current slowdown in the economic environment, BHEL has evolved with transforming its strategies from product manufacturing to market orientation; business excellence through portfolio restructuring and the current role of sustaining growth through diversification. BHEL owes its dexterity to the strong culture of strategic planning initiated in 1970 and today, the company is pursuing its seventh Corporate Plan with focus on Capability Enhancement, Project Execution, Cost Competitiveness and Quality, Diversification, Engineering and Technology, and People Development.

Diversification in Transportation, Transmission, Defence, Water and Renewables is the strategy adopted to maintain a balanced portfolio of offerings. This strategy of diversifying and capitalizing new business opportunities stems from the commitment to innovation led growth which is an indispensable part of BHEL’s business model. RandD focus of the organization is quite diverse ranging from advance ultra supercritical thermal power plants to IGCC power plants and grid connected renewable energy systems.

BHEL’s greatest strength is its highly skilled and committed workforce of about 45,000 employees who have been the cornerstones of BHEL’s journey ensuring success. Further, the concept of sustainable development is inculcated in the DNA of BHEL which is evident from its mission statement- “providing sustainable business solutions in the fields of energy, industry and infrastructure”. BHEL is also engaging with the society with its social initiatives aimed at Community Development, Health and Hygiene, Education, Environment Protection, Disaster Management, and Talent upgradation/Skill development.

The future is filled with both exciting opportunities and gruelling challenges. BHEL has embraced the new business opportunities by expanding its offerings and enhancing competitiveness seeking to realize its long term vision. Creating new business avenues and maximizing the utilization of available infrastructure will be the key to future growth and stakeholders’ wealth enhancement.

FINANCIAL PERFORMANCE:

Despite various issues relating to power projects like fuel linkages, fund constraints, land acquisition etc., BHEL recorded turnover of Rs. 309470.000 Million in the year 2014-15. Net worth of the company has gone up by 3.14 %. Performance of BHEL for the year 2013-14 has been rated as ‘Good’ in terms of MoU signed with the Government of India. BHEL has been awarded the MoU Composite score of ‘3.131’.

UNSECURED LOAN:

Particulars	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long-term Borrowings
Long term maturities of finance lease obligations	610.000	1047.700
Total	610.000	1047.700

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2015
Claims against the company not acknowledged as debt :
Income Tax Pending Appeals	165.000
Against which paid under protest included under the head "Deposits "	07.000
Sales Tax Demand	15192.800
Against which paid under protest included under the head "Deposits"	2676.600
Excise Duty demands	5308.500
Against which paid under protest included under the head "Deposits"	234.000
Custom Duty demands	29.300
Against which paid under protest included under the head "Deposits"	28.300
Court and Arbitration cases	8627.200
Liquidated Damages	41071.900
Amount deducted by customers towards LD included in	24051.300
Counter Claim by contractors	06.100
Service Tax Demand	4589.500
Against which paid under protest	43.600
Others (In view of the various court cases, litigations and claims disputed by the company, the outflow of resources is not ascertainable at this stage).	1022.300
Total	103053.400

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2015

(Rs. In Million)

PARTICULARS	3 MONTHS ENDED (UNAUDITED)
	30.06.2015
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	42808.000
b) Other operating income	809.000
Total income from Operations(net)	43617.000
2.Expenditure
a) Cost of material consumed	28266.000
b) Purchases of stock in trade	0.000
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(4514.000)
d) Employees benefit expenses	14615.000
e) Depreciation and amortization expenses	2425.000
f) Power and Fuel	0.000
g) Other expenditure	7343.000
Total expenses	48135.000
3. Profit from operations before other income and financial costs	(4518.000)
4. Other income	4924.000
5. Profit from ordinary activities before finance costs	406.000
6. Finance costs	33.000
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	373.000
8. Exchange Currency Fluctuation Loss/ (Gain)	0.000
9. Profit from ordinary activities before tax Expense:	373.000
10.Tax expenses
-- Current Tax	34.000
-- MAT (Credit) / Reversal	0.000
-- Deferred Tax	0.000
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	339.000
12.Extraordinary Items (net of tax expense)	0.000
13.Net Profit / (Loss) for the period (11 -12)	339.000
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	4895.000
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic and diluted	0.14 (Not Annualized)

A. Particulars of shareholding
1. Public Shareholding
- Number of shares	90,41,48,000
- Percentage of shareholding	36.94%
2. Promoters and Promoters group Shareholding-	NIL
a) Pledged /Encumbered
Number of shares	NIL
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	NIL
Percentage of shares (as a % of total share capital of the company)	NIL

b) Non Encumbered
Number of shares	1,54,34,52,000
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00%
Percentage of shares (as a % of total share capital of the company)	63.06%

B. Investor Complaints
Pending at the beginning of the quarter	NIL
Receiving during the quarter	91
Disposed of during the quarter	91
Remaining unreserved at the end of the quarter	NIL

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT FOR THE QUARTER / HALF YEAR ENDED 30TH JUNE 2015

(Rs. In Million)

Particulars	3 Months Ended (UNAUDITED)
	30.06.2015
1. Segment Revenue
a) Power	33571.000
b) Industry	11436.000
Total segment revenue	45007.000
Less: Inter – segment revenue	0.000
Total income from operations (net sales)	45007.000

2. Segment Results
Profit/ (loss) before tax and interest
a) Power	2162.000
b) Industry	29.000
Total segment results	2191.000
(Add)/Less: Finance Costs	33.000
Other un-allocable expenditure net off un-allocable other operating income	1785.000
Total Profit Before Tax	373.000

3. Capital Employed
(Segment Assets – Segment Liabilities)
a) Power	168894.000
b) Industry	49271.000
Total Capital Employed
Add : Unallocable Assets Less Liabilities	95582.000

Total Capital Employed In the Company	313747.000

NOTES:

The above results have been reviewed by the Audit Committee and were taken on record by the Board of Directors in their meeting held on 07.08.2015.
The company has an outstanding order book position of about Rs. 1162000 millions as at the end of quarter 1/2015-16.
The above results have been reviewed by the Auditors as per clause 41 of the listing agreement.

INDEX OF CHARGE:

Sr. 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 MARG, 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 MARG, NEW DELHI, Delhi - 110001, INDIA	C43559517

*Date of modification Charges

FIXED ASSETS:

TANGIBLE ASSETS

· Land

· Building

· Roads, Bridges And Culverts

· Drainage, Sewerage And Water Supply

· Railway Siding

· Plant And Machinery

· Locomotives And Wagons

· Electronic Data Processing Equipments

· Electrical Installations

· Construction Equipment

· Furniture and Fixtures

· Computer

· Vehicles

· Office and Other Equipments

INTANGIBLE ASSETS

Software
Technical Know-how

CMT REPORT (Corruption, Money Laundering and Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 64.96
UK Pound	1	Rs. 99.73
Euro	1	Rs. 71.84

INFORMATION DETAILS

Information Gathered by :	DIPA

Analysis Done by :	AMT

Report Prepared by :	SYL

SCORE and 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
--PROFITABILITY	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 and 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.