bhel-project report -manmohan singh chandoliya

8/9/2019 BHEL-project Report -Manmohan Singh Chandoliya

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A

PROJECT REPORT

ON

BHARAT HEAVY ELECTRONICS LIMITED

MANMOHAN SINGH CHANDOLIYA


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ACKNOWLEDGEMENT

I would like to express my gratitude for the people who were part of this Project Report,directly or indirectly people who gave unending support right from the stage the idea wasconceived.

In particular I would like to thank Mr. Naveen Sharma, Sr. Superintendent in B.E.L, whogave me some information about BHEL.

I would like to extend my heartiest thanks to Kiran maam providing me with the necessaryresources and guidance for the paper without which we may not have been able to undertakethe survey.


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TABLE OF CONTENTS

PART-I

1. Industry Profile Heavy electrical industry

2. Company relative position in that industry3. BHEL

Company overview Achievements Listing information Initiatives taken by BHEL SWOT analysis Outlook

PART-II1. Analysis and interpretation of various financial parameters2. Graphs3. Capital structure of company for last years

4. Dividend of company for last 5 years

5. BHEL at glance

6. Comparative study of the Bajaj steel industry ltd company of the

same industry

7.

Competitors of BHEL8. Balance sheet of BHEL

9. Key Ratios

10. News relevant to the company

11. Bibliography


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Part I

Industry Profile


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Heavy Electrical Industry

A brief description:-

Heavy industry sector is one of the core sectors of Indian economy. Therefore, its fundrequirements are inverse keeping in view the scale and size of the industrial units in thesector, the financial requirements are also huge. The heavy engineering sector is driving

primarily by technology. This, coupled with the fact that the initial investment required forheavy engineering or capital goods manufacturing facilities is relatively high, createsrelatively high entry barriers. Any business enterprises viability eventually boils down to cost

return trade off. Cost of funds is undoubtly, the most important determined of the viability.This becomes more crucial in heavy engineering sectors

The development of the Indian heavy electrical machinery industry is directly linked to thePerformance of the Power sector in India. With Indias dev elopment, the need for more andBetter Power supply has become essential for industries to grow. Thus with increasing focuson capacity expansion in the Power sector, the heavy electrical machinery manufacturingindustry is expanding vigorously.

BACKGROUND:-

Heavy Electrical Industry covers power generation, transmission and distribution andutilization equipments. These include turbo generators, boilers, various types of turbines,transformers, switchgears and other allied items. Majority of the products manufactured byheavy electrical industry in the country, which includes items like transformers, switchgearsetc. are used by all sectors of the Indian economy. Some major areas where these are used arethe multi core projects for power generation including nuclear power stations, petrochemicalcomplexes, chemical plants, integrated steel plants, non-ferrous metal units, etc.


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HISTORY:-

India is the only other developing country besides China, which produces a full range of

electric power generation and transmission equipment. In fact, the history and growth of(Bharat Heavy Electricals Ltd.), a public sector enterprise under in the country, symbolizesthe overall growth pattern of heavy electrical industry in the country.BHEL has the uniquedistinction of being one of the very few companies in the world, manufacturing all major

power generating equipment under one roof .The industry has been upgrading the existingtechnology and is now capable of taking up turnkey contracts also for export markets.

The industry has been deli censed. Foreign collaborations are allowed with 100 percent

FDI.The country is planning to add 150,000 MW power generation capacities in the next 10years. This will generate substantial demand for heavy electrical equipments. The heavyelectrical industry is capable of manufacturing transmission and distribution equipment up to400 KV AC and high voltage DC. The industry has taken up the work of up gradation andtransmission to the next higher voltage system of 765 KV and have upgraded theirmanufacturing facilities to supply 765 KV class transformers, reactors, CTS, CVT, bushingand insulators, etc.

BHEL

systems for power plants, defence and other applications. The company has commencedmanufacture of large scale desalination plants to help augment the supply of drinking water

Company background

1956 - Company was set up at Bhopal in the name of M/s Heavy electrical (India) Ltd. incollaboration with AEI, UK. Subsequently, three more plants were set up at Hyderabad,Hardwar and Trichy. The Bhopal Unit was controlled by the company, the other three wereunder the control of Bharat Heavy Electricals Ltd. - The Company`s object is to manufactureof heavy electrical equipments. 1972 - In July the Operations of all the four plants wereintegrated. 1974 - In January Heavy electrical (India) Ltd was merged with BHEL. - For themanufacture of a wide variety of products, the company has developed technologicalinfrastructure, skills and quality to meet the stringent requirements of the power plants,transportation, petro chemicals, and oil etc. - BHEL has entered into collaboration which aretechnical in nature. Under these agreements, the collaborators have transferred, furnished theinformation, documentation, including know-how relating to design, engineering,manufacturing assembly etc. 1982 - BHEL also entered into power equipments, to reduce itsdependence on the power sector.


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BHEL has

1. Installed equipment for over 90000MW of power generation-for utilities, captive andindustrial users.

2. Supplied over 225000MW a transformer capacity and other equipment operating intransmission and distribution network up to 400Kv (AC& DC)

3. Supplied over 25000 motors with drive control system to power projects, petrochemicals, refineries, steel, aluminium, fertilizers, cement plants etc.

4. Supplied traction electrics and AC/DC locos to power over 12000kms railwaynetwork.

5. Supplied over one million valves to power plants and other industries.

BHEL caters to core sectors of the Indian economy viz; power generation & transmission,industry, transportation, telecommunication, renewable energy, defence etc. the wide networkof BHELs 14 manufacturing divisions, four power sector regional centres, over 100 projectsites, eight service centres and 14 regional offices enables the company to be closer to itscustomers and provide them with suitable products, systems and services efficiently and atcompetitive prices. Having attained ISO 9000 certification, BHEL is now well on its journeytowards total quality management (tqm). On the environmental management front, the majorunits of bhel have4 already acquired the ISO 14001 certification,

Power sector

Power generation sector comprises thermal, gas, hydro and nuclear power plant business. Asof 31-3-2004, BHEL supplied sets account for nearly 71,255 MW or 64% of the totalinstalled capacity of 1, 11,151 MW in the country, as against nil till 1969-70.

BHEL has proven turnkey capabilities for executing power projects from concepts tocommissioning. It possesses the technology and capability to produce thermal sets with supercritical parameters up to 1000 mw unit rating and gas turbine-generator sets of up to 250 mwunit rating. Cogeneration and combined-cycle plants have been introduced to achieve higher

plant efficiencies. To make efficient use of the high ash-content coal available in India,BHEL supplies circulating fluidized bed combustion boilers to both thermal and combined-cycle power plants.

The company manufactures 235 MW nuclear turbine generator sets and has commenced production of 500 MW nuclear turbine generator sets.

Custom-made hydro sets of Francis, Pelt on And Kaplan types for different head dischargecombinations are also engineered and manufactured by BHEL. In all, orders for more than700 utility sets of thermal, hydro, gas and nuclear have been placed on the company as ondate. The power plant equipment manufactured by BHEL is based on contemporarytechnology comparable to the best in the world, and is also internationally competitive.

The company has proven expertise plant performance improvement through renovation,

modernization and upgrading of a variety of power plant equipment, besides specializedknow how of residual life assessment, health diagnostics and life extension of plants.


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Transmission

BHEL also supplies a wide range of transmission products and systems of upto 400KV class.These include high voltage power & instrument transformers, dry type transformers, shunt &series reactors, sf switch gear, 33KV gas insulated subn station capacitors, insulators etc. foreconomic transmission of bulk power over long distances, High Voltage Direct Current(HVDC) systems are supplied. Series and shunt compensation systems, to minimizetransmission loses, have also been supplied.

Industry sector

Industries

BHEL is a major contributor of equipment and systems to industries: cement, sugar,fertilizer, refineries, petrochemicals, steel, paper etc. the range of systems and equipment

supplied includes: captive power plants, dg power plants, high speed industrial driveturbines, industrial boilers and auxiliaries, waste heat recovery boilers, gas turbines, heatexchangers and pressure vessels, centrifugal compressors, electrical machines, pumps, valves,seamless steel tubes and process controls, control systems for process industries, and controland instrumentation to people.

Transportation

Mosty of the trains operated by the Indian railways, including the metro in Calcutta, areequipped with BHELs traction electrics and traction control equipment. The company

supplies electric locomotives to Indian Railways and diesel shunting locomotives to variousindustries. 5000/4600 hp ac/dc locomotives developed and manufactured by BHEL have beensupplied to Indian railways. Battery powered road vehicles are also manufactured by thecompany.

BHEL also supplies traction electrics and traction control equipment for electric locos, dieselelectric locos, and EMUs/ DEMUs to the railways.

Telecommunication

Bhel also caters to telecommunication sector by way of small, medium, and large switchingsystems.

Renewable energy

Technologies that can be offered by BHEL for exploiting non-conventional and renewableresources of energy include: wind electric generators, solar power based water pumps,lighting and heating systems.

The company manufactures wind electric generators of unit size up to 250 KW for windfarms, to meet the growing demand for harnessing wind energy.


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International operations

BHEL has, over the years established its references in over 50 countries of the world, ranging

from the United States in the west to new-Zealand in the far east. These referencesencompass almost the entire product range of BHEL, covering turnkey power projects ofthermal, hydro and gas based type sub-station projects, rehabilitation projects, besides a widevariety of products, like switch gear, transformer, heat exchangers,insulators,castings andforgings. Apart from over 1100MW of boiler capacity contributed in Malaysia, some of theother major successes achieved by the company have been in Oman, Saudi Arabia,Libya,Greece,Cyprus,Malta,Egypt,Bangladesh,Azerbaijan,Sri lanka,Iraq etc. execution ofoverseas projectys has also provided BHEL the experience of working with world renownedconsulting organizations and inspection agencies.

Technology Up gradation and research and development

To remain competitive and meet customers expectations, BHEL lays great emphasis on thecontinuous up gradation of products and related technologies, and development of new

products. The company has upgraded its products to contemporary levels through continuousin-house efforts as well as through acquisitions of new technologies from leading engineeringorganizations of the world.

The corporate R&D division at Hyderabad leads BHELs research efforts in a number ofareas of importance to BHELs product ra nge. Research and product development centres ateach of the manufacturing divisions play a complementary role.

The investments in R & D by the electrical industry are amongst the largest in the corporate

sector in India. Large electrical equipment used in steel plants, petrochemical complexes andother such heavy industries are also being manufactured in the country. The domestic heavyelectrical equipment manufacturers are making use of the developments of the global marketwith respect to product designs and upgrading of manufacturing and testing facilities. Theheavy electrical industry has established its reference in the global arena also. Theseencompass thermal, hydro and gas based power plants, substation projects, rehabilitation

projects, besides a wide variety of products like transformers, photo voltaic equipments,insulators, switchgears, motors, etc


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.COMPANYS RELATIVE PO SITION IN THAT INDUSTRY:-

It is an integrated power plant equipment manufacturer and one of the oldest and largestengineering and manufacturing enterprise of India. It is worlds 12th largest power equipmentmanufacturer. It is Indias ninth largest publ ic sector undertaking. BHEL is one of the fewcompanies of the world who have the capability to manufacture entire range of power plantequipment.

Forbes business magazine of the year 2011 ranked BHEL as the ninth most innovativecompany of the world. BHEL is the only Indian engineering company to be listed. 2010edition of Forbes Asias fabulous list placed BHEL at 4th place. BHEL has beencontinuously earning profit since 1971-72.


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Bharat Heavy Electricals Limited (BHEL)

Company overview:-

Bharat Heavy Electricals (BHEL or the company) is an India-based engineering andmanufacturing company that develops electrical and power equipment in energy related andinfrastructure sector. It manufactures over 180 products under 30 major product groups andcaters to sectors including power generation and transmission, transportation, and renewable

energy, among others. The company operates in India and exports its products to severalcountries.

BHEL is headquartered in New Delhi, India and employs about 46,748 people. The companyrecorded revenues of INR418, 546.6 million ($9,178.7 million) during the financial yearended March 2011 (FY2011), an increase of 26.2% over FY2010. The operating profit of thecompany was INR72, 109 million ($1,581.4 million) during FY2011, an increase of 76.3%over FY2010.

The net profit was INR60,533.6 million ($1,327.5 million) in FY2011, an increase of 39.9%over FY2010.Note: The operating profit has been calculated after deducting the followingitems from net turnover as mentioned in the company's "Consolidated Profit and LossAccount" for FY2011: consumption of material, erection, and engineering expenses; otherexpenses of manufacture; employees' remuneration and benefits; administration, selling, anddistribution provisions (net); and depreciation and amortization.


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Organization Structure of BHEL:-

BHEL is spread out over various parts of the country from Haridwar in North to Tiruchi inSouth. Centralized policy making and decentralized administration Unit managers havecomplete authority and power Always has been reviewing its organizational structure toensure customer needs are fulfilled and internal synergy is maximized BHEL is commercialorganization. The Powers of company officials are well defined at all levels in theorganization. The duties are assigned from time to time.

BHEL- Achievements:-

Attained ISO - 9001 certification.

BHEL have been upgraded to the latest ISO-9001: 2000 version BHEL has beenawarded ISO -14001 certification for environmental management systems and

OHSAS-18001certification for occupational Health and safety management systems.

First Public Sector Company in the country to win the coveted PRIZE through itsHaridwar unit under the CII Exim Award Scheme based on globally recognized model ofEuropean Foundation for Quality Management

BHEL's R&D ops contribute Rs 1,151 cr to turnover in 2005-06 [May 192006] NEW DELHI: Bharat Heavy Electricals Ltd on May 18 said the company hasachieved a turnover of Rs 1,151 crores during 2005-06 through products developed byin-house research and development operations. This revenue was eight per cent of itstotal revenue of Rs 14,410 crores in 2005-06. This was the result of a constant thruston developing new technologies and products, improving existing products andsystems in terms of reliability, cost and quality through in-house R&D efforts. Thecompany invested about Rs 150 crores on Research and Development of products andsystems during the year, which was among the highest in the country. The companyalso filed for 84 patents, including three abroad, taking the total number of patentsfiled till date to 339. Out of this, BHEL has been granted 26 patents and the rest are invarious stages of processing. Thirteen copyrights have also been filed. R&D andtechnology development are of strategic importance to BHEL as it operates in acompetitive environment where technology is a major factor.

BHEL to manufacture 800 mw thermal sets [Apr 14 2006] Catching up with theadvancement in global technologies, Bharat Heavy Electricals Ltd (BHEL), throughthe efforts of its corporate research and development division in Hyderabad, is now


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equipped to manufacture 800 mw super-critical thermal power sets in the country.Much sought-after by several players in power generation, including APGenco, for itsfuel efficiency, the super-critical technology has been till now viewed as the soledomain of developed world. As part of its effort to emerge as one of the globaltechnology players in power systems and other new technologies, the R&D divisionof BHEL has started fresh initiatives by setting up centres of excellence for surfaceengineering (Coe-SE) and intelligent machines and robotics (CIMAR). According tothe source, CIMAR would be set up at the Corporate R&D division in Hyderabad atan initial investment of Rs 4.77 crores. Among the new products, the BHELCorporate R&D has successfully completed design, supply and commissioning ofautomated storage and retrieval systems for four of the 13 warehouses at the CentralOrdnance Depot, Kanpur.

1. BHEL inks agreement with IIT Madras for new courses [Apr 25 2006 ]Chennai: Bharat Heavy Electricals Ltd and the Indian Institute of Technology-Madrashave signed a memorandum of understanding for collaborative research in the areas ofdesign of boilers, manufacturing, metallurgical engineering, mechanical engineering,information technology and other areas of mutual interest. With the help of BHEL,Tiruchi, IIT-M will establish a research centre at the BHEL campus for the purpose.IIT-M will select MS/PhD research scholars to work as research associates/projectassociates. BHEL on its part will make available its research facilities and laboratoriesfor the purpose. The collaboration has also given scope for IIT-M to start two newcourses one on energy engineering and another on welding engineering. The courseswill start from the academic year 2006-07. BHEL, which designs power plant boilers

for handling a variety of coals, is also interested in getting into coal research.

2. BHEL secures Rs 80 cr export order from EETC [May 10 2006] NEW DELHI:Bharat Heavy Electricals Ltd (BHEL) has bagged its largest ever export order fortransformers worth Rs 80 crores from Egyptian Electricity Transmission Co (EETC).BHEL will supply 14 transformers of 125 MVA to the state-run Egyptian company asa part of the order. These transformers would be installed in eight sub-stations atdifferent locations in Egypt. The transformers, to be built at the company's Jhansi

plant, would be installed and commissioned under BHEL supervision. The company

had earlier executed a boiler project at Al Arish in Egypt. With the order fortransformers, BHEL has also established itself in the transmission market in Egypt.BHEL had earlier reported a six-fold increase in its export orders booking for thefiscal ended March 31 at Rs 3,348 crores. These orders contributed to one-fifth of thecompany's total orders booked last year. With this BHEL is poised to achieve aquantum growth in its export business driven by consolidation in existing markets andwidening its export base through expansion of existing basket of products andservices and entering new markets.

3. BHEL net profit up 62 pc(the tribune,3 june 2006) BHEL has posted a net profit ofRs 867.95 crores for the quarter ended March 31,2006, as compared to Rs 534.28crores for the quarter ended March 31, 2005, an increase of 62.45 pc. Total income


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has increased from Rs 4,518.94 crores in Q4 FY 04-05 to Rs 5728.96 crores for Q4FY 05-06.It has posted a net profit of Rs 1679.16 crores for the year ended March 31,2006(FY 05-06) as compared to Rs 953.40 crores for the urea ended March 31, 2005.Total income has increased from Rs 9977.36 crores in FY 04-05 to Rs 13820.02crores for FY 05-06.The board of directors has recommended a final dividend of 20

percent of equity of the company, making it to total of 145 percent of the equity sharecapital of the company for the financial year 2005-06. This includes the interimdividend of 40 percent and special dividend of 85 percent already paid during theyear.

Workers participation in management yields savings at BHEL, HardwarDEHRA DUN, Nov 16 : Empowerment of employees through the "quality the areas ofimport substitution, revamping of old machine tools and safety over the past twodecades based on the principle of people-building and mutual development, the"quality circle" was adopted by the BHELs Hardwar Plant in the year 1981 and has,

since then, yielded savings of nearly Rs five crores, according to Mr Ashbin Dear,Public Relations Officer of the organisation. The quality circle guides the combinedefforts and knowledge of workmen of a particular section. There are more than fourhundred quality circles actively working to enhance the excellence on the process,quality and delivery fronts, Mr Dear said. Coordinators and facilitators along withother members of the workers groups identify problems and think of solutionscollectively to prevent defects and maintain overall quality. Mr Dear said upgrading,renovation and modernisation of hydro sets installed at various power stationsequipped with BHEL and non-BHEL equipment was being now undertaken by the

Hardwar unit through its research and development efforts. The Hardwar unit ofBHEL has received an order of Rs eight crores from Power DevelopmentCorporation, Jammu and Kashmir, to carry out renovation and modernisation of thelower Jhelum Hydro Electric Project. This project is equipped with turbine andoperator equipment supplied by BHEL and the project was commissioned in 1980.Another order, worth Rs thirty crores, was received by the BHEL plant for renovation,modernisatup rating prating of the units of Ganguwal and Kotla Hydro ElectricProjects under Bhakra Beas Management Board and will ensure an increased outputof the generating units by as much as twenty per cent. Earlier, one unit each of theabove machines was renovated and up rated by the BHEL resulting in a similar outputincrease for these machines. More than a hundred sets of different capacities supplied

by BHEL, Hardwar, are commissioned at various power stations all over the country.The hydro sets are tailor-made to suit varying hydro electric parameters


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Listing Information:-

Face Value 2.0

Market Lot of Equity Shares 1

BSE Code 500103

BSE Group A


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BHEL has put in place a number of initiatives, as follows ,

.

1. Strengthening companys core businesses of Power Generation, Transmission &Distribution, Transportation and Industrial Systems & Products, through accelerated

project completion and consequent benefits to customers, along with new initiatives inmarketing, technology, facility up-gradation and modernisation, enhancing operationaleffectiveness etc.

i. .2. Business Development efforts in related and allied areas utilising the organisational

strengths and forming customer focused specialised business groups e.g. formation ofOil Sector R&M Business Group to address business in Renovation and Modernisationof off-shore and on-shore oil platforms, downstream petroleum refining areas and PowerPlant Operational Services Group to provide Operations and Maintenance (O&M) ,Services for Power Plants.

3. After Market Services being the areas for future growth, spares and R&M services business have been integrated into one focused group. R&M for hydro sets is an areahaving major growth opportunity which BHEL is poised to tap.

4. Exploring Business opportunities in areas like Energy Conservation, WaterManagement, Pollution Control and Waste Management, Ports, LNG terminals etc.

5. Positioning for Information technology Business leveraging the domain knowledge inPower Sector& Engineering field to provide IT enabled services for Power Sector andsoftware services for Engineering Industry.

6. Sustain and Enhance Exports for products and services through multi-prongedapproaches like entering new territories, focus on product sales, entry into IPP segment,offering O&M and LTSA, EPC, becoming a service centre for international OriginalEquipment Manufacturers (OEMs) and setting up of manufacturing assembly and repairenters in the regions of demand etc.

BHEL is also taking steps to re-position it to meet the demands of the new market economythrough suitable strategies keeping in view the ultimate objective of enhancing value for itsstakeholders.


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Swot analysis of bhel:-

STRENGTH

Robust research and development activity

Leading market positions

WEAKNESS

Safety issues Non autonomy

OPPORTUNITIES

Expanding manufacturing capacity

Strong order intake

THREATS

International laws and regulations

Increasing price of raw material


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In order to accelerate rural electrification, it has been proposed to treat ruralelectrification as a basic minimum service in the Pr ime Ministers Gramodaya Yojna.

Rural electrification plan for electrification of 62000 villages by 2007 and 18000 remotevillages (through renewable) by 2012 is being proposed.

OUTLOOK

While the Indian Economy is continuing to grow at slow pace, there are positive

impulses like on-going Restructuring and initiative. Reforms in the Power Sector,enhanced focus on Distribution, vie increased outlay for Accelerated PowerDevelopment and Reforms Programme (APDRP), creating regulatory system, newElectricity Bill etc. Governments commitment to enhance private and publicinvestments in the infrastructure is a positive aspect that will spur Industrial Growthand enhance market prospects for industrial products in the coming years.


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Part II-

Analysis and Interpretation of VariousFinancial Parameters


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CALCULATION OF:-

Change in Share Price of the Company in last five years ( On the basis of MonthlyObservations for long term and medium term analysis and on the basis of daily observationsfor a short term analysis)

the Beta Value of the company for a period of last 5 years considering daily observations andinterpret it. Sub-divide the analysis on the basis of Long Term, Medium Term and ShortTerm Analysis.

the Risk involved in stock price movement through Standard Deviation and coefficient ofvariation for long term medium term and short term duration


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GRAPHS


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Data of daily basis

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-0.2

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On monthly basis

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Yearly basis:-

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-0.7

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Capital structure of the company for last five years

(Rs crores)

FromYear

ToYear

Class OfShare

AuthorizedCapital

IssuedCapital

Paid UpShares ( Nos )

Paid UpFace

Value

Paid UpCapital

2011 2012 EquityShare 2,000.00 489.52 2447600000 2 489.52

2010 2011EquityShare 2,000.00 489.52 489520000 10 489.52

2009 2010 EquityShare 2,000.00 489.52 489520000 10 489.52

2008 2009 EquityShare 2,000.00 489.52 489520000 10 489.52

2007 2008 EquityShare 2,000.00 489.52 489520000 10 489.52


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Dividend of the company for last five years

Year Month Dividend (%)

2013 Jan 1062012 May 184

2012 Feb 136

2011 May 179

2011 Mar 133

2010 May 123

2010 Jan 110

2009 May 80

2009 Jan 902008 May 63

2008 Jan 90

2007 May 60

2007 Jan 125


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BHEL AT A GLANCE: -

Turnover [Rs. In Crores]:-

Profit Before Tax [Rs. In Crores]

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Net Profit [Rs. In Crores]

R&D Investment [Rs. In crores]

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Record Performance under difficult market conditions:- Financial highest turnover and profit XI plan capacity addition nearly double of that achieved in X plan period. Increased focus on Engineering and R&D- highest R&D expenditure and highest

patents / copyrights field.

2010-2011 2010-2011 2011-2012(Provisional)

% change

Turnover 43337 41299 49301 increase 19.4

Profit beforetax

9006 8487 10001 increase 17.8

Net Profit 6011 5665 6868 increase 21.2

Net worth 20154 19808 24947 increase 25.9

Earnings PerShare

24.56 23.15 28.06 increase 21.2

R&DInvestment

982 982 1162 increase 18.3


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Comparative study of the following company of the same industry:

BAJAJ STEEL INDUSTRIES LIMITED , a professionally managed organization isengaged in offering a technically advanced solution to the cotton Ginning & PressingIndustry. Backed by well-furnished CNC Turning Centers from Taiwan, CNC Planomillers,Drilling & Assembly Centers, we have been designing high tech Cotton Processing Machinefor higher as well as accurate production. Our more than 100 years of experience assists us indeveloping machines to gin and press cotton at lowest per unit cost at optimum capitalinvestment. Using advanced manufacturing practices, we design ginning and pressingmachines under Technical Collaboration from Central Institute for Research on CottonTechnology (CIRCOT ICAR), the Pioneer Technical Body of Government of India in respectto Cotton Ginning & Pressing Technology. Our machines give highest production at lowest

cost with best fiber parameters and lowest electrical power consumption per unit of production in trouble free manner. Today, we have carved a niche as one of the keyDecorticator Manufacturers and Auto Feeder Machine Suppliers based in India. Adhering toethical business policies, we have become an approved supplier, under Technology Missionon Cotton & Technology up gradation fund for cotton ginning & pressing plant machinery byMinistry of Textiles, Government of India. On the grounds of our right wok ethics, we havespread the business regime to all over India, Bangladesh, Egypt, Kenya, Madagascar,Malaysia, Myanmar, Nigeria, Pakistan, Peru, South Africa, Tajikistan, Tanzania, Uganda,Zambia, Zimbabwe and many other countries. Last but not the least, we always endeavor tomaintain a long lasting relationship of trust with the esteemed clients.


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The summary page of Bajaj Steel Industries Ltd. captures the information on its Live StockPrice and Volume, 52 Week High Low, Intraday and Historical Price Chart, Key Ratios,F&O Quotes, Competitors, Comparative Analysis, Buy Sell Recommendations, Company

News and Announcements, Shareholding Pattern, Key Quarterly and Annual P&L A/c items,

and Community Prediction

Quarterly - Bajaj Steel Industries Ltd.Sep'12 Jun'12 Mar'12 Dec'11 Sep'11

INCOME: Net Sales Turnover 76.91 41.63 70.21 105.31 88.88Other Income 0.62 0.55 0.88 0.46 0.55Total Income 77.53 42.18 71.09 105.77 89.43EXPENSES

Stock Adjustments 6.34 -6.97 1.70 4.43 5.98Raw Material Consumed 48.63 38.24 44.99 72.58 50.18Power and Fuel 0.00 0.00 0.00 0.00 0.00Employee Expenses 4.88 4.65 5.46 5.82 5.41Administration and Selling Expenses 0.00 0.00 0.00 0.00 0.00Research and DevelopmentExpenses 0.00 0.00 0.00 0.00 0.00

Expenses Capitalised 0.00 0.00 0.00 0.00 0.00Other Expenses 9.94 7.29 14.59 11.16 21.87Provisions Made 0.00 0.00 0.00 0.00 0.00TOTAL EXPENSES 69.79 43.21 66.75 94.00 83.44Operating Profit 7.12 -1.58 3.46 11.31 5.44EBITDA 7.74 -1.03 4.35 11.77 5.99Depreciation 1.26 1.26 1.44 1.39 1.39EBIT 6.48 -2.29 2.90 10.38 4.60Interest 1.66 1.73 1.69 1.68 1.87EBT 4.82 -4.02 1.21 8.70 2.72Taxes 0.26 0.00 0.40 2.81 0.59Profit and Loss for the Year 4.56 -4.02 0.81 5.89 2.13Extraordinary Items 0.00 0.00 0.00 0.00 0.00Prior Year Adjustment 0.00 0.00 0.00 0.00 0.00

Other Adjustments 0.00 0.00 0.00 0.00 0.00Reported PAT 4.56 -4.02 0.81 5.89 2.13KEY ITEMSReserves Written Back 0.00 0.00 0.00 0.00 0.00Equity capital 2.35 2.35 2.35 2.35 2.35Reserves and Surplus 0.00 0.00 0.00 0.00 0.00Equity Dividend Rate 0.00 0.00 0.00 0.00 0.00Agg. Non-Promoter Shares(lacks) 14.89 14.89 14.89 14.89 14.89Agg. Non-Promoter Holding (%) 63.38 63.38 63.37 63.38 63.37Government Share 0.00 0.00 0.00 0.00 0.00Capital Adequacy Ratio 0.00 0.00 0.00 0.00 0.00EPS (Rs.) 19.41 -17.09 3.45 25.06 9.08


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Yearly - Bajaj Steel Industries Ltd.

Mar'12 Mar'11 Mar'10 Mar'09 Mar'08INCOME: Net Sales Turnover 315.48 204.38 212.26 229.08 187.83Other Income 2.29 1.58 2.27 5.49 1.65Total Income 317.77 205.96 214.52 234.58 189.48EXPENSESStock Adjustments 13.52 -9.88 -12.90 6.71 -3.86Raw Material Consumed 196.89 147.68 131.55 156.41 136.23Power and Fuel 0.00 0.00 0.00 0.00 0.00Employee Expenses 21.43 20.18 15.88 8.24 15.14Administration and Selling Expenses 0.00 0.00 0.00 0.00 0.00Research and DevelopmentExpenses 0.00 0.00 0.00 0.00 0.00

Expenses Capitalised 0.00 0.00 0.00 0.00 0.00Other Expenses 61.67 33.96 53.99 31.18 24.23Provisions Made 0.00 0.00 0.00 0.00 0.00TOTAL EXPENSES 293.51 191.95 188.53 202.54 171.74Operating Profit 21.97 12.43 23.73 26.55 16.09EBITDA 24.26 14.01 26.00 32.04 17.74Depreciation 5.61 5.48 5.14 4.37 2.54EBIT 18.64 8.54 20.86 27.66 15.20

Interest 6.85 5.91 5.60 4.54 4.73EBT 11.80 2.63 15.26 23.13 10.46Taxes 3.80 0.92 5.01 7.31 3.40Profit and Loss for the Year 8.00 1.71 10.24 15.82 7.06Extraordinary Items 0.00 0.00 0.00 0.00 0.00Prior Year Adjustment 0.00 0.00 0.00 0.00 0.00Other Adjustments 0.00 0.00 0.00 0.00 0.00Reported PAT 8.00 1.71 10.24 15.82 7.06KEY ITEMSReserves Written Back 0.00 0.00 0.00 0.00 0.00Equity capital 2.35 2.35 2.20 2.20 2.20Reserves and Surplus 0.00 441.19 44.12 0.00 0.00Equity Dividend Rate 0.00 0.00 0.00 0.00 0.00Agg. Non-Promoter Shares(lacks) 14.89 14.89 14.40 14.37 14.20Agg. Non-Promoter Holding (%) 63.37 63.37 65.44 65.33 64.53Government Share 0.00 0.00 0.00 0.00 0.00Capital Adequacy Ratio 0.00 0.00 0.00 0.00 0.00EPS (Rs.) 34.03 7.26 46.56 71.91 32.11


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Competitors of BHEL

In this kind of economy, its no surprise that BHEL has competitions to keep the market intheir hands. Their biggest competitor being Larsen and Turbo (L&T), though still a bit faraway, in future they are a concern for BHEL, especially since they have greater turnover,

profit and assets at present and only defeated in terms of market share. 73% of energy production is by BHEL manufactured equipments.

Heres a list of all the competitors in the Indian market for energy sector with their particulardetails from Top News-
http://1.bp.blogspot.com/_HOpywfQ6Mbo/S34O20FDNoI/AAAAAAAAAC4/WAyMZPoJx7k/s1600-h/Picture%203.png


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Balance sheet - Bharat Heavy Electricals Ltd.

Particulars Mar'12 Mar'11 Mar'10 Mar'09 Mar'08Liabilities 12 Months 12 Months 12 Months 12 Months 12 MonthsShare Capital 489.52 489.52 489.52 489.52 489.52Reserves & Surplus 24,883.69 19,664.32 15,427.84 12,449.29 10,284.69Net Worth 25,373.21 20,153.84 15,917.36 12,938.81 10,774.21Secured Loans 0.00 0.00 0.00 0.00 0.00Unsecured Loans 123.43 163.35 127.75 149.37 95.18TOTAL LIABILITIES 25,496.64 20,317.19 16,045.11 13,088.18 10,869.39AssetsGross Block 9,729.62 8,049.30 6,579.70 5,224.43 4,443.03(-) Acc. Depreciation 5,409.83 4,648.82 4,164.74 3,754.47 3,462.21Net Block 4,319.79 3,400.48 2,414.96 1,469.96 980.82Capital Work in Progress. 1,324.63 1,762.62 1,550.49 1,212.70 658.47Investments. 461.67 439.17 79.84 52.34 8.29Inventories 13,444.50 10,963.03 9,235.46 7,837.02 5,736.40Sundry Debtors 26,336.13 27,354.62 20,688.75 15,975.50 11,974.87Cash And Bank 6,671.98 9,630.15 9,790.08 10,314.67 8,386.02Loans And Advances 14,217.32 13,267.07 4,801.24 4,616.67 7,366.17Total Current Assets 60,669.93 61,214.87 44,515.53 38,743.86 33,463.46Current Liabilities 33,638.01 31,469.58 28,097.73 23,415.10 16,632.97

Provisions 7,641.37 15,030.37 4,417.98 4,975.58 7,608.68

Total Current Liabilities 41,279.38 46,499.95 32,515.71 28,390.68 24,241.65NET CURRENT ASSETS 19,390.55 14,714.92 11,999.82 10,353.18 9,221.81Misc. Expenses 0.00 0.00 0.00 0.00 0.00TOTAL ASSETS (A+B+C+D+E) 25,496.64 20,317.19 16,045.11 13,088.18 10,869.39


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Key Ratios

Years Mar-12 Mar-11 Mar-10 Mar-09 Mar-08

Debt-Equity Ratio 0.0 0.0 0.0 0.0 0.0

Long Term Debt-Equity Ratio 0.0 0.0 0.0 0.0 0.0

Current Ratio 1.8 1.6 1.4 1.4 1.5

Fixed Assets 5.7 6.0 5.9 5.9 5.1

Inventory 4.1 4.4 4.0 4.2 4.4

Debtors 2.2 2.2 1.9 2.0 2.0

Interest Cover Ratio 201.9 165.5 197.7 158.9 126.1

PBIDTM (%) 22.2 21.8 20.5 18.3 21.9

PBITM (%) 20.6 20.6 19.1 17.1 20.6

PBDTM (%) 22.1 21.7 20.4 18.2 21.8

CPM (%) 15.6 14.9 13.8 12.2 14.5

APATM (%) 14.0 13.7 12.5 11.0 13.2

ROCE (%) 28.6 35.9 45.5 40.7 45.2

RONW (%) 30.9 33.3 29.9 26.5 29.2

PE 9.3 17.5 28.4 24.6 36.8

EBIDTA 11,153.5 9,604.3 7,082.0 5,213.7 4,763.0

DivYield 2.5 1.5 1.0 1.1 0.7

PBV 2.5 5.0 7.3 5.7 9.3

EPS 27.7 117.7 84.2 61.2 55.8


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News relevant to the company:-

Bharat Heavy Electricals Ltd - Record DateSource: NSE India04/03/2011

Type: Corporate

Bharat Heavy Electricals Limited has informed that the Company has fixed March 21, 2011as the 'Record Date' to ascertain the names of the shareholders/beneficial owners of the

company to whom the interim dividend shall be payable, if approved by the Board ofDirectors at its Meeting to be held on March 15, 2011.

Bharat Heavy Eel - Fixes Record Date for Interim DividendSource: BSE India23/01/2013

Type: Corporate

Bharat Heavy Electricals Ltd has informed BSE that February 06, 2013, has been fixed as aRecord Date for the purpose of Interim Dividend.

Bharat Heavy Ele - Board declares Interim DividendSource: BSE India01/02/2013

Type: Corporate

Bharat Heavy Electricals Ltd has informed BSE that the Board of Directors of the Companyat its meeting held on February 01, 2013, has declared and approved payment of InterimDividend @106% i.e. Rs. 2.12 per equity share for the financial year 2012-13.

Interim Dividend shall be paid/ dispatched on February 15, 2013


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BHEL to set up 1980 MW thermal power project in BiharSource: Dion Global05/02/2013

Type: Corporate

State-run Bharat Heavy Electricals Ltd (BHEL) today announced that it has secured acontract worth Rs 2,854 crore from Nabinagar Power Generation Company Ltd for setting upa 1,980 MW thermal power project in Bihar.

"BHEL has bagged a contract for supply of the Steam Generator Package for three coal-firedthermal units of 660 MW each. Valued at Rs 2,854 Crore, the order has been placed on

BHEL by Nabinagar Power Generation Company Ltd," the power plant equipmentmanufacturer said in a statement.

Nabinagar Power Generation Company is a joint venture of NTPC Ltd and Bihar StateElectricity Board for this project.

BHEL - Updates on Outcome of AGMSource: BSE India19/10/2012

Type: Corporate

Bharat Heavy Electricals Ltd has submitted to BSE a copy of the Minutes of 48th AnnualGeneral Meeting (AGM) of the Company held on September 19, 2012

Bharat Heavy Ele - Grant of Maharatna status to BHELSource: BSE India01/02/2013

Type: Corporate

Bharat Heavy Electricals Ltd has informed BSE that Ministry of Heavy Industries and PublicEnterprises, Department of Public Enterprises vide its letter dated February 01, 2013, hasinformed that the competent authority has approved the grant of Maharatna status to BharatHeavy Electricals Limited (BHEL). The delegation of powers, exercise of delegated powersetc. will be governed as per guidelines laid down vide Departments O.M. of even numberdated February 04, 2010, which inter alia, provide that the exercise of delegated Maharatna

powers is subject to appointment of requisite number of non-official Directors as per SEBIguidelines


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Bibliography

1. http://economictimes.indiatimes.com/bharat-heavy-electricals-ltd/stocknews/companyid-11831,cn-bharat-heavy-electricals-ltd.cms

2. http://economictimes.indiatimes.com/bajaj-steel-industries-ltd/stocks/companyid-13980.cms

3. http://ww5.nationalstockexchangeofindia.com/ 4. http://www.moneycontrol.com/india/stockpricequote/ engineering-

heavy/bharat-heavy-electricals/BHE

5. http://money.rediff.com/companies/Bharat-Heavy-Electricals-Ltd/13510039

6. www.google.com
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bhel-project report -manmohan singh chandoliya

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