Board of Directors Shekhar Bajaj, Chairman ... - Bajaj Electricals

Board of DirectorsShekhar Bajaj, Chairman & Managing DirectorHarsh Vardhan GoenkaA.K. JalanAjit GulabchandV.B. HaribhaktiMadhur BajajDakshesh B. DhruvS.C. Batra (Upto 21.1.2005)H.R. Srivastava (Nominee of SBBJ)Company SecretaryMangesh PatilAuditorsDalal & Shah, Chartered AccountantsBankersState Bank of Bikaner & JaipurBank of IndiaUnion Bank of IndiaState Bank of IndiaYes Bank Ltd.ManagementShekhar Bajaj, Chairman & Managing DirectorR. Ramakrishnan, President & Chief Operating OfficerL.K. Mehta, Sr. Vice President & Head – Engineering & Projects BUP.S. Tandon, Vice President & Head – Appliances BUG.P. Satsangi, Vice President & Head – Luminaires BUA.S. Radhakrishna, Vice President & Head – Fans BUPravin Jathar, Vice President & Head – Corporate FinanceVijay Deshpande, Vice President – Human ResourcesHarsh Mittal, Vice President & Head – Lighting BU (upto 11.5.05)C.G.S. Mani, Vice President & Head – Lighting BU (wef 11.5.05)Chakan UnitSudeep P. Naigaonkar, Sr. General Manager & Head –Fans ManufacturingRanjangaon UnitS.C. Bhargava, Sr. General Manager & Head – Ranjangaon UnitRegistered Office45-47, Veer Nariman Road, Mumbai 400 023.FactoriesChakan Unit : Mahalunge, Chakan Talegaon Road,Khed, Pune 410 501.Wind Farm : Village Vankusawade, Dist.: Patan,Maharashtra 415 206.Ranjangaon Unit : Village Dhoksanghvi, Taluka Shirur,Ranjangaon, Dist.: Pune,Maharashtra 412 210.BranchesAhmedabad, Bangalore, Bhubaneshwar, Chandigarh,Chennai, Cochin, Delhi, Guwahati, Hyderabad, Indore,Jaipur, Kolkata, Lucknow, Mumbai, Noida, Patna, Pune,Raipur & Wardha.DepotsDaman, Dehradun, Faridabad, Goa, Parwanoo, Ranchi &Zirakhpur.A requestThe practice of distributing the Annual Report at theAnnual General Meeting has been discontinued in viewof the high cost of paper and printing. Shareholders aretherefore requested to bring their copies of the AnnualReport to the meeting.

Registered Office : 45-47, Veer Nariman Road, Mumbai 400 023.NOTICENOTICE is hereby given that Sixty-sixth Annual General Meeting of the Shareholders of Bajaj ElectricalsLimited will be held at Kamalnayan Bajaj Hall, Bajaj Bhavan, Jamnalal Bajaj Marg, Nariman Point,Mumbai 400 021 on Thursday, the 28 th day of July, 2005 at 11.30 A.M. (I.S.T.) to transact the followingbusiness:1. To consider and adopt the Audited Balance Sheet and Profit and Loss Account for the year ended31 st March, 2005 together with the Directors’ Report and Auditors’ Report thereon.2. To declare dividend on Preference Shares.3. To declare dividend on Equity Shares.4. To appoint a Director in place of Shri V.B. Haribhakti, who retires by rotation and being eligible, offershimself for re-appointment.5. To appoint a Director in place of Shri Ashok Kumar Jalan, who retires by rotation and being eligible, offershimself for re-appointment.6. To appoint Auditors to hold office from the conclusion of this Annual General Meeting until the conclusionof the next Annual General Meeting and in this connection, to consider and if deemed fit, to pass with orwithout modifications, the following Resolution as an Ordinary Resolution:“RESOLVED that Messrs. Dalal & Shah, Chartered Accountants, Mumbai, be and they are herebyreappointed as Auditors of the Company to hold office from the conclusion of this Annual GeneralMeeting until the conclusion of the next Annual General Meeting on a remuneration to be decided by theBoard of Directors or Committee thereof in addition to reimbursement of service tax, as applicable, actualtraveling and out-of-pocket expenses incurred by them.”SPECIAL BUSINESS7. To consider and, if thought fit, to pass, with or without modifications, the following Resolution as anOrdinary Resolution:“RESOLVED that in supersession of the Resolution passed at the Annual General Meeting of theCompany held on Tuesday, the 20 th day of July, 1999, the consent of the Company under section293(1)(d) of the Companies Act, 1956 be and is hereby accorded to the Board of Directors of theCompany to borrow, monies from time to time together with the monies already borrowed by theCompany upto a limit of Rs.200 crores (Rupees Two hundred crores only), (exclusive of interest), inexcess of aggregate of paid-up capital and free reserves at any time for the purposes of the Company(apart from temporary loans obtained from and/or to be obtained from the Company’s bankers in theordinary course of business), from the Company’s bankers or from any person or persons, firms, bodiescorporate or financial institutions, by way of deposits, advances or other loans, whether unsecured orsecured by mortgage, charge, hypothecation, or pledge of all or any of the Company’s assets andproperties including the whole or substantially the whole of undertaking or undertakings of the Companyon such terms and conditions as the Board of Directors may deem fit, and that the consent be and ishereby given to the Board of Directors for executing, if and when necessary, such instruments and2

documents as they may deem fit for mortgage, charge, hypothecation or pledge or otherwise, inconnection with the borrowings of the Company.”8. To consider and, if thought fit, to pass, with or without modifications, the following Resolution as aSpecial Resolution:“RESOLVED that subject to the provisions of Sections 198, 269, 309, 310, Schedule XIII and otherapplicable provisions, if any, of the Companies Act, 1956, the consent of the Company be and is herebyaccorded to the reappointment of Shri Shekhar Bajaj, as Managing Director of the Company with effectfrom 1 st November, 2004 for a period of five years on the following terms and conditions:-(a) Salary: Rs.2,00,000 (Rupees Two lacs only) per month in the Scale of Rs.2,00,000 - 25,000 -3,00,000.Accelerated increments may be given by the Board of Directors at their absolutediscretion.(b) Commission: In addition to the Salary, Commission equal to 100% of the Salary be paid to theManaging Director(c) Perquisites: Perquisites be allowed in addition to Salary and Commission. The perquisites areclassified into following three Categories:Category ‘A’(i) Housing I:The expenditure by the Company on hiring accommodation and providing furniture for theManaging Director will be subject to the following ceiling:-60% of the salary, over and above 10% payable by the Managing Director.Housing II:In case the accommodation is owned by the Company, then, ten percent of the Salary of theManaging Director shall be deducted by the Company.Housing III:In case no accommodation is provided by the Company, the Managing Director shall be entitled tohouse rent allowance subject to the ceiling laid down in Housing I.The expenditure incurred by the Company on gas, electricity, water and furnishings shall be valuedas per the Income-tax Rules, 1962. This, however, shall be subject to a ceiling of 10% of theSalary of the Managing Director.(ii)(iii)(iv)Medical Reimbursement:Reimbursement of expenses actually incurred for self and family subject to a ceiling of onemonth’s salary in a year or three months’ salary over a period of three years.Leave Travel Concession:Leave travel concession for self and family once in a year incurred in accordance with the rulesspecified by the Company.Personal Accident Insurance:Premium not to exceed Rs.4,000/- per annum.Category ‘B’(v) Provident Fund and Superannuation Fund:3

The contribution towards Provident Fund and Pension/Superannuation Fund as per the rules of theCompany, will not be included in the computation of the ceiling on perquisites to the extent theseeither singly or put together are not taxable under the Income-tax Act, 1961 (At present, this islimited to twenty seven per cent of the salary under the Income-tax Act).(vi)Gratuity:Gratuity as per the rules of the Company.Category ‘C’(vii) Car and Telephone:Provision of car for use for Company’s business and telephone at residence will not be consideredas perquisites. Personal long distance calls on telephone and use of car for private purpose shallbe billed by the Company to the Managing Director.Other Terms:(viii) Entertainment Expenses:The Managing Director will be entitled to reimbursement of entertainment expenses incurred in thecourse of business of the Company.(ix)Leave:The Managing Director shall also be entitled to leave on full pay and allowances as per the rulesof the Company.”“FURTHER RESOLVED that in case of absence or inadequacy of profits, the Managing Director will beentitled to a commission at such percentage of salary so that the total remuneration payable to him shallnot exceed the limits prescribed in clause B of Section II of Part II of Schedule XIII to the CompaniesAct, 1956, which at present is Rs.42,00,000/- per annum.”9. To consider and, if thought fit, to pass, with or without modifications, the following Resolution as aSpecial Resolution:“RESOLVED that pursuant to provisions of Section 314 and all other applicable provisions, if any, of theCompanies Act, 1956 and subject to the approval of the Central Government, consent of the Companybe and is hereby accorded to Shri Anant Bajaj, son of Shri Shekhar Bajaj, Chairman & Managing Directorof the Company, to hold and continue to hold an office or place of profit in the Company with thedesignation of General Manager (Special Assignments) or such other designation as the ManagingDirector may from time to time decide at a monthly remuneration together with other benefits andperquisites as set out herein, with authority to Managing Director at his discretion to give increments ashe may deem fit and proper and to sanction at his discretion and in due course promotion to next highergrade together with modifications in benefits and perquisites with effect from the date as may be decidedby the Managing Director, subject however that the maximum remuneration together with otherperquisites and benefits shall not exceed Rs.1,50,000/- per month.(a) Basic Salary: Rs.15,000/- (Rupees Fifteen Thousand only) per month(b) Other benefits and perquisites:1. House Rent Allowance : Rs.10,000/- per month;2. Additional Allowance: Rs.11,000/- per month;3. Conveyance Allowance: Rs.3,000/- per month or provision of Company’s car withreimbursement of maintenance and driver salary;4. Provident Fund and Superannuation fund contributions as applicable to other senior employeesin Manager’s grade (presently @ 12% and 15% respectively, of the Basic Salary);5. Gratuity as per the rules of the Company;6. Leave and encashment of unavailed leave as per rules of the Company;4

7. Leave Travel Assistance: Rs.18,000/- per annum;8. Medical Expenses : For self and family upto a limit of Rs.21,000/- per annum;9. Telephone : Expenses towards usage of telephones installed at residence will be reimbursed bythe Company upto a limit of Rs.12,000/- per annum;10. Mobile Phone : Rs.9,600/- per annum;11. Soft Furnishing : Rs.3,500/- per annum;12. Polishing & Painting : Rs.15,500/- for every three years;13. Portfolio Bag : Rs.2,000/- for every three years;14. Books & Periodicals : Rs.3,100/- per annum;15. Repairs & Maintenance : Rs.4,000/- per annum;16. Domestic Servant Allowance: Rs.7,800/- per annum;17. Other perquisites and emoluments as per the rules of the Company."NOTES:1. A MEMBER ENTITLED TO ATTEND AND VOTE IS ENTITLED TO APPOINT ONE OR MORE PROXIESTO ATTEND AND VOTE INSTEAD OF HIMSELF AND A PROXY NEED NOT BE A MEMBER OF THECOMPANY. THE INSTRUMENT APPOINTING PROXY SHOULD, HOWEVER, BE DEPOSITED AT THEREGISTERED OFFICE OF THE COMPANY NOT LESS THAN FORTYEIGHT HOURS BEFORE THECOMMENCEMENT OF THE MEETING.2. Shareholders are requested to bring their copy of Annual Report to the meeting.3. Members/Proxies should fill the Attendance Slip for attending the meeting.4. Pursuant to the provisions of Section 205A(5) of the Companies Act, 1956, unclaimed dividend that aredue for transfer to the Investor Education and Protection Fund are as follows:Particulars Financial Year Date of Declaration Due date for transferto IEP FundDividend 1997-98 05.08.1998 21.09.2005Dividend 1998-99 20.07.1999 05.09.2006Dividend 1999-00 16.08.2000 02.10.2007Dividend 2000-01 30.07.2001 03.09.20085. The Register of Members and the Share Transfer Books of the Company will remain closed from 20 th dayof July, 2005 to 28 th day of July, 2005, both days inclusive.6. Re-appointment of Directors:At the ensuing Annual General Meeting, Shri V.B. Haribhakti and Shri Ashok Kumar Jalan, retire by rotationand being eligible offer themselves for re-appointment. The information pertaining to the Directors to beprovided in terms of Clause 49 of the Listing Agreement with the Stock Exchanges is furnished in thestatement on Corporate Governance published in the Annual Report.By Order of the Board of DirectorsFor Bajaj Electricals LimitedMangesh PatilMumbai, 30th May, 2005 Company Secretary5

Registered Office : 45-47, Veer Nariman Road, Mumbai 400 023.Annexure to the NOTICEEXPLANATORY STATEMENT AS REQUIRED UNDER SECTION 173(2) OF THE COMPANIES ACT, 1956Item No. 7The Company at its Annual General Meeting held on Tuesday, 20 th day of July, 1999 had empowered the Boardof Directors of the Company to borrow and raise monies not exceeding Rs.100 crore (Rupees One hundredcrore only) in excess of the aggregate of the paid-up capital and the free reserves under section 293(1)(d) ofthe Companies Act, 1956.Since the year 1998-99, turnover of the Company has increased from Rs.338.17 crore to Rs.651.73 crore in2004-05. The Ranjangaon Unit of the Company, which manufactures High Masts, Galvanised Poles,Transmission Line Towers, etc., has been operating at its full capacity. Due to growth in the existing businessof the Company and possible new business opportunities, the requirement of working capital has increasedover the period. The developments in the finance sector have also necessitated giving more flexibility to theBoard of Directors to source the borrowings.In view of the above, to part finance increasing working capital requirements and acquisition of assets, theexisting borrowing limit is proposed to be increased from Rs.100 crore to Rs.200 crore in excess of theaggregate of the paid-up capital and the free reserves.The consent of the Company is required under the provisions of Section 293(1)(d) of the Companies Act, 1956to authorize the Board of Directors to borrow monies in excess of the aggregate of paid-up capital of theCompany and the free reserves and to specify the total amount upto which the monies may be borrowed bythe Board of Directors.The aggregate of the paid-up capital (equity & preference) and the free reserves of the Company as on 31 stMarch, 2005 is Rs.69.13 crores.None of the Directors is interested in this Resolution.Item No. 8At the Annual General Meeting of the Company held on 16 th August, 2000, the members of the Company hadapproved the reappointment and remuneration payable to Shri Shekhar Bajaj as Managing Director of theCompany for a period of five years from 1 st November, 2000. This term expired on 31 st October, 2004.The reappointment and remuneration of Shri Shekhar Bajaj, were approved by the Remuneration Committeeand the Board of Directors in their meetings held on 29 th October, 2004.The abstract of the terms of the contract and memorandum of concern or interest under Section 302 of theCompanies Act, 1956 in respect of reappointment of Shri Shekhar Bajaj as the Managing Director of theCompany has been circulated to all the members. The terms and conditions of the reappointment of ShriShekhar Bajaj, which are set out in the Resolution, are in conformity with Section 269 read with Schedule XIIIto the Companies Act, 1956.6

Pursuant to Sections 269, 198, 309, 310, 311 and all other applicable provisions of the Companies Act, 1956,including Schedule XIII, the reappointment of Shri Shekhar Bajaj as Managing Director of the Company is nowbeing placed before the Members in General Meeting for their approval by way of a Special Resolution.The Directors recommend the resolution as set out at Item No.8 of the Notice for the approval of the members.None of the Directors except Shri Madhur Bajaj and Shri Shekhar Bajaj is interested in this Resolution.The following additional information as required by Schedule XIII to the Companies Act, 1956 is given below.I. General Information:(i) Nature of Industry:The Company is engaged in marketing of various consumer household and industrial goods includingelectric lamps and bulbs, lighting fittings and electric domestic appliances like fans, air-coolers,pressure cookers, ovens, toasters, heaters, geysers, mixer grinders and parts thereof; pumps andparts thereof; water purifiers, water filters, etc. The Company is also manufacturing and/or marketingelectric fans and industrial items like highmasts, transmission line towers, etc.(ii)(iii)(iv)Date or expected date of commencement of commercial production:The Company was incorporated on 14 th July, 1938 under Indian Companies Act, 1913 and isregistered with the Registrar of Companies, Maharashtra. It commenced operations vide Certificateof Commencement of Business dated 12 th September, 1938.In case of new companies, expected date of commencement of activities as per project approved byfinancial institutions appearing in the prospectus:Not applicableFinancial performance based on given indicators as per audited financial results for the year ended31 st March, 2005:ParticularsRupees in CroresF.Y. ended F.Y. ended31.03.2005 31.03.2004Turnover and Other Income 651.73 522.01Net Profit as per Profit & Loss Account 13.66 10.31Profit as computed under section 309(5) read with section 198 13.55 (9.03)Net Worth 80.68 73.43(v)(vi)Export performance and net foreign exchange collaborations:Foreign Exchange Earnings : Rs.371.30 lakhsForeign Investments of collaborators, if any:NilII. Information about the appointee:(i) Background details:Shri Shekhar Bajaj, aged 56 years, is a Bachelor of Science from Pune University and MBA from7

New York University, USA. He has substantial experience in the management of Companies. He isthe President of Electric Lamp & Component Manufacturers’ Association of India (ELCOMA). He wasthe Past President of the Associated Chambers of Commerce & Industry of India, Indian Merchants’Chamber, Council for Fair Business Practices, Indian Fan Manufacturers Association etc. He hasbeen a Director in several other Companies and was also on the Board of IDBI Bank Ltd. He was firstappointed as Managing Director of the Company on 1 st November, 1984 and thereafter wasreappointed in 1989, 1994 and 2000 for a term of five years each.He was assigned and vested with onerous responsibility of managing and conducting the businessaffairs of the Company at a crucial time when the Company was passing through critical phase ofoperation. Shri Shekhar Bajaj managed the Company with great skill and ability and set the companyon revival path. An overall improvement of the Company, as reflected in the financials, is ampletestimony of his thoughtful planning and relentless efforts put in by him. In order to achieve higher,stronger and faster growth, the Board of Directors of the Company at their meeting held on 29 thOctober, 2004 have, subject to the shareholders’ approval, reappointed Shri Shekhar Bajaj as theManaging Director of the Company for a further period of five years from 1 st November, 2004 with theincreased remuneration.(ii) Past remuneration during the financial year ended 31 st March, 2004Salary of Rs.1,30,000/- (Rupees One lakh thirty thousand only) per month in the Scale ofRs.1,00,000/- - 10,000/- - 1,50,000/- per month and other perquisites, allowances and commission asmay be applicable.(iii)(iv)(v)(vi)(vii)Recognition or Awards:Not ApplicableJob profile and his suitability:Shri Shekhar Bajaj has over 25 years of varied and rich work experience in a wide range of functionswith emphasis on Marketing and Sales. He has been closely associated with a number of start upbusinesses as well as important business turnaround projects.Remuneration Proposed:Salary of Rs.2,00,000/- (Rupees Two lacs only) per month in the Scale of Rs.2,00,000/- - 25,000/- -3,00,000/-. per month, with effect from 1 st November, 2004 and other perquisites, allowances andcommission as set out in the Notice.Comparative remuneration profile with respect to industry, size of the Company, profile of the positionand person (in case of expatriates the relevant details would be with respect to the country of hisorigin):Taking into consideration the size of the Company, the profile of the appointee, his responsibilities,the industry benchmarks, the remuneration proposed to be paid is commensurate with theremuneration packages paid to similar senior level appointee(s) in other companies in the industry.Pecuniary relationship directly or indirectly with the Company, or relationship with the managerialpersonnel, if any:Shri Shekhar Bajaj is a member of the Promoter family which controls the management of theCompany.8

III. Other Information:(i) Reasons of loss or inadequate profits:As at 31 st March, 2004, the Company posted a net profit of Rs.1030.72 lakhs.(a) Acute competition;(b) High interest and depreciation burden; and(c) Inadequate capacity utilization at Ranjangaon Unit.(ii)Steps taken or proposed to be taken for improvement and Expected increase in productivity andprofits in measurable terms:(a) Restructuring of term loans of Rs.36 crores with banks/financial institutions for reduction in rateof interest, 2 years moratorium period and repayment in next 5 years in ballooning manner;(b) Rollover of Preference Shares of Rs.10 cores with reduction in coupon rate;(c) Sale of Development rights of Matchwel Land at Pune; and(d) Infusion of long term funds by way of issue of Rights Shares.Item No. 9Shri Anant Bajaj has been associated with the Company since last 8 years and has requisite experience oncorporate matters. Presently, Shri Anant Bajaj is designated as Manager (Special Assignments) and lookingafter international business of the Company. His appointment was made as per the Resolution passed by themembers of the Company under Section 314 of the Companies Act, 1956, at the Annual General Meeting ofthe Company held on 23 rd August, 2002. The salary and perquisites given to Shri Anant Bajaj have not beenrevised since his appointment in 2002.Shri Anant Bajaj, aged 28 years, is Commerce Graduate and holds Post Graduate Diploma in Family ManagedBusinesses (PGDFMB) from S.P. Jain Institute of Management, Mumbai. Considering his qualification andexperience, services of Shri Anant Bajaj will help the Company in achieving its Corporate Goals.Shri Anant Bajaj is a son of Shri Shekhar Bajaj, Chairman & Managing Director and nephew of Shri MadhurBajaj, Director of the Company. Therefore approval of the members by way of Special Resolution under Section314 of the Companies Act, 1956 is necessary for him to hold and continue to hold office of profit in theCompany on the increased remuneration and benefits as set out in the Resolution, subject however, to theapproval of the Central Government.The Directors recommend the Special Resolution as set out at Item No.9 of the Notice for the approval of themembers.None of the Directors except Shri Shekhar Bajaj and Shri Madhur Bajaj is concerned/interested in theResolution.By Order of the Board of DirectorsFor Bajaj Electricals LimitedMangesh PatilMumbai, 30th May, 2005 Company Secretary9

DividendToThe Members,The Directors are pleased to present their SixtysixthAnnual Report on the business and operationsof the Company and the Statement of Accounts forthe year ended 31 st March, 2005.Financial Highlights/Sales and Other IncomeThe year under review has been a year of significantturnaround in the operating performance of theCompany. Your Company earned revenues,comprising of sales and other income, of Rs.651.73crores, which is higher by about 24.85% over therevenue of Rs.522.01 crores earned in the previousyear. Profit before Tax and Provisions has improvedto Rs.21.79 crores (including Profit on Sale ofdevelopment rights of Land of Rs.2.37 crores) asagainst the profit of Rs.16.72 crores (including Profiton Sale of development rights of Land of Rs.11.70crores) in the previous year. Profit After Tax isRs.13.84 crores as compared to Rs.11.36 crores inthe previous year. The Company has a net worth ofRs.80.68 crores, which translates to a book value ofRs.93.35 per share.Financial ResultsFY 2004-05 FY 2003-04Rs. in lacs Rs. in lacsSales and Other Income* 65,172.62 52,200.95Gross Profit 2,809.25 2,385.16Less: Depreciation 598.75 602.32Profit before Taxes & Provisions 2,210.50 1,782.84Less: Provision for:Doubtful Debts & Advances (Net) (46.95) 110.51Taxation (including deferred taxation) 795.18 536.32Impact of discontinued operations 78.19 —Profit after Tax 1,384.08 1,136.01Less: Prior Period Adjustments 18.49 105.29Add: Balance brought forward from previous year 499.13 —Balance available for appropriation 1,864.72 1,030.72Appropriations:Proposed Dividend: Equity 259.29 86.43Preference 100.00 110.00Tax on Corporate Dividend 49.43 25.16Transferred (from)/to General Reserve 950.00 310.00Balance carried to Balance Sheet 506.00 499.13* Other income Rs. 2.09 crores (Previous year Rs. 3.39 crores) and Profit on Sale ofDevelopment Rights Rs. 2.37 crores (Previous year Rs. 11.70 crores)The Board has declared and paid, for the year ended31st March, 2005, interim dividend aggregating toRs.100.00 lacs on 1,00,00,000 - 10% CumulativeNon-Participating Preference Shares of Rs.10/-each, as per the terms of issue of PreferenceShares. The Directors recommend the same as thefinal dividend on Preference Shares.In view of the improved performance, the Directorsare pleased to recommend for the year ended 31 stMarch, 2005, a higher dividend of 30% (Rs.3/- pershare), as against 10% (Re.1/- per share) in theprevious year, on 86,42,880 Equity Shares, which, ifapproved by the shareholders at the Annual GeneralMeeting, will be paid to (i) all those EquityShareholders whose names appear in the Registerof Members as on 28 th July, 2005 and (ii) to thosewhose names as beneficial owners are furnished byNational Securities Depository Limited and CentralDepository Services (India) Limited. The dividendwill absorb a sum of Rs.295.65 lacs (includingdividend tax of Rs.36.36 lacs).Market Conditions and PerformancesThe Company has strived to improve its top line,reduce operational costs besides capitalizing on thestrong brand name of “bajaj”. The Management’sability to turn around the Company’s performance byfollowing clear and relevant strategies, coupled witheffective implementation and teamwork has stood itin good stead. These along with favourable marketconditions have helped the company in achieving asatisfactory growth in sales of 28.2% fromRs.505.07 crores last year to Rs.647.89 crores inthe current year.All major business units have shown a good top linegrowth. The improved focus on brand developmentacross products has resulted in better consumer pulland stronger dealer network resulting inimprovement in margin and higher turnover.Division-wise PerformanceLighting and Industrial ProductsThe turnover of lighting and industrial products vizLamps, Tubes, Luminaires, Highmasts and Projectsincreased by over 25% at Rs.311.76 crores duringthe year under review from Rs.248.71 crores in theprevious year.10

During the year, the Company has initiated adistribution agreement with a leading EuropeanLuminaries brand named ‘Trilux’ to promote and sellits products in India. The Company has alsointroduced two new ranges of luminaires, ‘Ambience’and ‘Le Magique’, which are targeted at the retailand landscape segment of the market respectively.Consumer DurablesThe turnover of consumer durables, which includefans and small appliances, increased by over 15%at Rs.259.10 crores during the year under reviewfrom Rs.224.14 crores in the previous year. TheCompany’s Morphy Richard brand products likeOvens, Mixers, Irons, Toasters, etc. introduced inthe premium segment have been well received inthe market. The contribution from this product rangeis expected to grow significantly in the comingyears. The Company has continued to introduce newproducts and different models in the existing rangeof products and improve the technology and qualitywherever possible, in order to have a competitiveadvantage. In order to take advantage of ExciseDuty benefits in Himachal Pradesh, a number ofCompany’s vendors of Appliances and Fans havestarted manufacturing activities in HimachalPradesh.Matchwel UnitIn pursuance of the Memorandum of Understandingentered into by the Company with M/s.BramhaBuilders, the Company had entered into anagreement with the said M/s.Bramha Builders forSale of Development Rights of part of the land for atotal consideration of Rs.5.50 crores and hasreceived the said amount. The Company has alsoreceived a sum of Rs.2.5 crores as advance againstthe sale of development rights for part of thebalance land.Chakan UnitThe production at this Unit showed marginalincrease during the year under review withproduction of 5,17,560 nos. of fans as against5,02,250 nos. of fans in the previous year. This Unitcontinues to show an improvement in its operations.Ranjangaon UnitThe Ranjangaon Unit has increased its capacityutilisation to 90% as compared to 78% in theprevious year and achieved a turnover of Rs.8849lacs as compared to Rs.3869 lacs in the previousyear, registering a growth of over 129%. The Unitproduced 1345 nos. of Highmast shafts and 18465nos. of Poles as against 1059 nos. and 7579 nos.respectively in the previous year. The Unit alsomanufactured 19841 MT of lattice masts/transmission line towers as against 14013 MT in theprevious year.The Unit continues to enjoy dominance in Highmastbusiness with over 60% market share. The Unit hassufficient orders to utilise the installed capacity andwith better prices the Unit is expected to continueits growth trajectory. The Ranjangaon unit has turnedaround and has achieved significant success in thePower Transmission Tower business. The E&P BUhas also started executing turnkey powertransmission tower contracts, which includeserection and commissioning. The major customersinclude Powergrid Corporation and various StateElectricity Boards.Wind EnergyThe 2.8 MW Wind Farm at Village Vankusawade inMaharashtra generated 42,79,980 electrical unitsduring the year under review (previous year44,07,462 units). The Company has transferredsales tax incentive available for Rs.165.40 lacs(previous year Rs. 166.96 lacs).Deferred Tax LiabilityIn terms of the Accounting Standard 22 dealing with“Accounting for Taxes on Income” of the Institute ofChartered Accountants of India the Company hasdebited to the Profit & Loss Account, net deferredtax liability of Rs.620.18 lacs in respect of the yearunder review.Depository SystemAs the members are aware, your Company’s sharesare tradable compulsorily in electronic form and yourCompany has established connectivity with both thedepositories i.e. National Securities DepositoryLimited (NSDL) and Central Depository Services(India) Limited (CDSL). In view of the numerousadvantages offered by the Depository system,members are requested to avail of the facility ofdematerialisation of the Company’s shares on eitherof the Depositories as aforesaid.11

Corporate GovernanceTo comply with conditions of Corporate Governance,pursuant to Clause 49 of the Listing Agreement withthe Stock Exchanges, a Management Discussionand Analysis Statement, Corporate GovernanceReport and Auditors’ Certificate, are included in theAnnual Report.Directors’ Responsibility StatementPursuant to Section 217(2AA) of the Act, theDirectors based on the information/representationsreceived from the Operating Management, confirmthat:(a) in the preparation of the annual accounts, theapplicable accounting standards have beenfollowed and that no material departures havebeen made from the same;(b) such accounting policies have been selectedand applied consistently and that reasonableand prudent judgments and estimates are madeso as to give a true and fair view of the state ofaffairs of the Company at the end of thefinancial year and of the profit or loss of theCompany for the period;(c) proper and sufficient care for the maintenanceof adequate accounting records in accordancewith the provisions of the Companies Act, 1956,for safeguarding the assets of the Company andfor preventing and detecting fraud and otherirregularities have been taken; and(d) the annual accounts are prepared on a goingconcern basis.DirectorsDuring the year, Shri S.C. Batra, a Director on theBoard of the Company, resigned with effect from 21 stJanuary, 2005. The Board places on record itsappreciation of the valuable contribution made to theCompany by Shri. S.C.Batra.In accordance with the provisions of the CompaniesAct, 1956 and the Articles of Association of theCompany, Shri V.B. Haribhakti and Shri AshokKumar Jalan retire by rotation and being eligible,offer themselves for re-appointment.AuditorsThe Auditors, M/s. Dalal & Shah, retire at theforthcoming Annual General Meeting of theCompany and being eligible offer themselves for reappointment.You are requested to appoint Auditorsand fix their remuneration.Particulars under the Companies (Disclosure ofparticulars in the Report of Board of Directors)Rules, 1988.The particulars prescribed under section 217(1)(e) ofthe Companies Act, 1956 read with the Companies(Disclosure of Particulars in the Report of Board ofDirectors) Rules, 1988 regarding conservation ofenergy, technology absorption, etc. to the extentapplicable are set out in the Annexure-I hereto.EmployeesParticulars with regard to employees as required bySection 217(2A) of the Companies Act, 1956 readwith the Companies (Particulars of Employees)Rules, 1975 and forming an integral part ofDirectors’ Report are given in the Annexure-IIhereto.The relations with the employees of the Companyhave continued to remain cordial.Your Directors would like to acknowledge thecontribution made by the Company employees inenabling the Company to turn around and becomeprofitable again.For and on behalf of the Board of DirectorsMangesh Patil A.K. Jalan Shekhar BajajMumbai, 30th May, 2005 Company Secretary Director Chairman & Managing Director12

Annexure-I to the Directors’ ReportInformation as per Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure ofParticulars in the report of Board of Directors) Rules, 1988 and forming part of the Directors’ Report forthe year ended 31st March, 2005.I. Conservation of Energy(a) Energy conservation measures taken:NIL(b) Additional Investments and proposals, if any, being implemented for reduction of consumption ofenergy:NIL(c) Impact of the measures at (a) and (b) above for reduction of energy consumption and consequentimpact on the cost of production of goods:NIL(d) Total energy consumption and energy consumption per unit of production as per Form-A of theAnnexure to the rules in respect of industries specified in the schedule thereto:76 units/ton/18,74,080 units per annum.II.Technology AbsorptionResearch and Development (R&D)1. Specific areas in which R & D carried out by the Company:NIL2. Benefits derived as a result of the above R & D:NIL3. Future Plan of Action:New Products Design4. Expenditure on R & D:(a) Capital : Rs. 10.26 lacs(b) Recurring : Rs. 199.77 lacs(c) Total : Rs. 210.03 lacs(d) Total R & D expenditure as a percentage of total turnover : 0.32 %III.Technology Absorption, Adaptation and Innovation:1. Efforts, in brief, made towards technology absorption, adaptation and innovation:NIL13

2. Benefits derived as a result of the above efforts e.g. product improvement, cost reduction, productdevelopment, import substitution, etc.:Not Applicable3. In case of imported technology (imported during the last 5 years reckoned from the beginning of thefinancial year), following information may be furnished:(a) Technology imported.(b) Year of import.(c) Has technology been fully absorbed ?(d) If not fully absorbed, areas where this has not taken place, reasons therefor and future plans ofaction.Not ApplicableIV.Foreign Exchange Earnings and Outgo:1. Activities relating to exports; initiatives taken to increase exports; development of new exportmarkets for products and services and export plans:During the year under review, export earnings were Rs.371.30 lacs as compared to Rs.212.58 lacs inthe previous year.Constant efforts are being made to explore new international markets.2. Total foreign exchange used and earned:(Refer Note No.14 of Schedule 14 to the Balance Sheet as at 31st March, 2005 for details)Foreign ExchangeAmountEarned Rs. 371.30 lacsUsedRs.2,595.90 lacsFor and on behalf of the Board of DirectorsMumbai, 30th May, 2005Shekhar BajajChairman & Managing Director14

Annexure-II to Directors’ ReportInformation as per Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 and forming part of the Directors’ Report for the year ended31st March, 2005.Name Designation and Remuneration Remuneration Qualifications Age Experience Date of Com- Last employment andNature of Duties (Gross) (Net) Yrs No. of Yrs. mencement of DesignationRupees Rupees Employment (Period of Service)1 2 3 4 5 6 7 8 9(A) EMPLOYED THROUGHOUT THE YEARShri Bajaj Shekhar Chairman & 4017334 3046896 B.Sc.(Hons.), 56 35 01-04-1980 Managing DirectorManaging Director M.B.A. Bajaj International (P) Ltd. (6)Shri Ramakrishnan R. President & C.O.O. 3494346 2328084 B.Sc.(Hons.), 44 23 19-11-1999 GM (New Products)PGDBM Asian Paints (I) Ltd. (17)(B) EMPLOYED FOR PART OF THE YEARKum. Daphne Alvares Commercial Officer 282914 280309 SSC 55 31 17-05-1973 MIDAS, Mumbai.Designated as StenoShri Dhotre R E Sr.Sales Executive (Fans) 553236 495922 B.Sc., DBM 58 33 05-08-1971 Theurapatic ChemicalResearch Corporation.Designated as ChemistSmt. Durham Jean Wayne Sr.Accounts Officer 235423 233623 B.Com.(BOMBAY) 42 21 17-10-1983 —DIP. COMP.Shri Kannan N Commercial Executive 577260 523726 SSLC 58 34 20-05-1970 Ratan S Mama & Co.Chartered AccountantsMumbai.Designated as StenographerSmt. Karkera Sharda L Commercial Officer 263445 263375 SSLC 54 29 01-02-1975 —Shri Mehrotra Arun Dy.General Manager & 652049 577875 B.Sc.(DELHI), 49 27 01-09-1977 Continental Courier Co. Ltd.,RM (North) DMSM New Delhi.(YMCA DHL)Designated as SalesRepresentativeShri P Vijayaraghavan Mechanic-I 273635 273550 SSC 58 33 01-07-1971 —Shri Puri P K Commercial Assistant 239827 239794 B.A. 59 33 11-10-1971 British Motor Car Co.(1934) P. Ltd.,Jullundur.Designated as StenographerShri Rathod D P Packer-I 205731 205680 VI STD 59 32 15-05-1972 —Shri Sehgal R G Asst.General Manager & 712607 604675 DEE (PUSA POLY) 48 24 12-07-1980 —RM(North)Kum. Shahani Asha Branch Sales Co-Ordination 674849 624087 MATRIC 59 40 28-12-1964 —ManagerShri Shastri Atul A Dy.General Manager 624171 581673 B.E.(A’GBAD) 58 15 01-07-1989 Khandelwal Group of(Devlopment), Lum BUCompanies, Mumbai.(Holding position ofJr.Mgt.cadre)Notes:1. All appointments are contractual.2. Gross Remuneration includes Salary, Bonus, Commission, House Rent Allowance, Contribution to Provident Fund, Superannuation Fund, Insurance Premium, Voluntary RetirementCompensation, Leave Encashment, Other Benefits and Gratuity Payments received from LIC wherever applicable and monetary value of perquisites, but it does not include Company’sContribution towards LIC’s Group Gratuity-cum-Life Assurance Scheme.3. Net remueration is arrived at after deducting IncomeTax, Contribution to Provident Fund and Professional Tax etc.4. None of the above Employees are related to any Director of the Company, except Shri Shekhar Bajaj who is relative of Shri Madhur Bajaj.For and on behalf of the Board of DirectorsMumbai, 30th May, 2005Shekhar BajajChairman & Managing Director15

REPORT ON CORPORATE GOVERNANCE1. Company’s Philosophy on Code of GovernanceGood Corporate Governance is the adoption of best business practices which ensure that the Companyoperates not only within the regulatory frame-work, but is also guided by ethics. The adoption of suchCorporate practices ensures accountability of the persons in charge of the Company on one hand andbrings benefits to investors, customers, suppliers, creditors, employees and the society at large on theother.The shareholders have role in Governance of their Companies by appointing Directors and Auditors andby ensuring that an appropriate governance structure is put in place. The management has the role indischarging their responsibility and the Government has the role to monitor and bring the same in publicglare.2. Board of DirectorsThe Board of Directors of your Company is presently comprised of two Promoter Directors (of whom oneis the Managing Director) and six Non-promoter, Independent and Non-executive Directors. Thecomposition of the Board is in conformity with Clause 49 of the Listing Agreement.None of the Directors on the Board is a Member on more than 10 Committees and Chairman of more than5 Committees (as specified in Clause 49), across all the companies in which he is a Director. Thenecessary disclosures made by the Directors regarding Committee positions are as under:Name Executive/Non- Number of Total Number of Number ofExecutive/Promoter/ Other Director- Membership(s) Chairmanship(s)Independent ship(s) (*) in other Board in other BoardCommittees (**) Committees (**)Shri Shekhar Bajaj Chairman & Managing Director 13 2 1(Promoter)Shri H.V. Goenka Non-Executive Director 9 1 1(Independent)Shri A.K. Jalan Non-Executive Director 6 3 3(Independent)Shri Ajit Gulabchand Non-Executive Director 12 2 —(Independent)Shri V.B. Haribhakti Non-Executive Director 10 8 4(Independent)Shri Madhur Bajaj Non-Executive Director 9 1 —(Promoter)Shri D.B. Dhruv Non-Executive Director 6 — —(Independent)Shri H.R. Srivastava Non-Executive Director — — —(Nominee Director)* This includes Directorships held in Private Limited Companies.** Represents Membership/Chairmanship of Audit Committees, Shareholders'/Investors' Grievance Committee andRemuneration Committee.16

Number and dates of Board Meetings, attendance at Board Meetings and previous Annual GeneralMeeting:Five Board meetings were held during the financial year, as against the minimum requirement of fourmeetings and the gap between two meetings did not exceed four months. The meetings were held on 11 thJune, 2004, 29 th July, 2004, 29 th October, 2004, 21 st January, 2005 and 17 th March, 2005.Name of the Director No. of Board Meetings 65th Annual General Meetingattended during the year held on 29th July, 2004AttendedShri Shekhar Bajaj 5 YesShri H.V. Goenka 2 YesShri A.K. Jalan 5 YesShri Ajit Gulabchand 3 YesShri V.B. Haribhakti 5 YesShri Madhur Bajaj 4 YesShri D.B. Dhruv 2 NoShri S.C. Batra* 2 NoShri H.R. Srivastava 5 Yes* Ceased to be a Director w.e.f. 21.1.2005Information placed before the Board of DirectorsThe information regularly placed before the Board includes:-— Annual operating plans and budgets and any updates.— Capital budgets and any updates.— Quarterly results for the Company and its operating divisions or business segments.— Minutes of meetings of audit and other committees of the Board.— Information on recruitment and remuneration of senior officers just below the board level, includingappointment or removal of Chief Financial Officer and the Company Secretary.— Show cause, demand, prosecution notices and penalty notices, which are materially important.— Fatal or serious accidents, dangerous occurrences, any material effluent or pollution problems.— Any material default in financial obligations to and by the Company, or substantial non-payment forgoods sold by the Company.— Any issue, which involves possible public or product liability claims of substantial nature, includingany judgement or order, which may have passed strictures on the conduct of the Company or takenan adverse view regarding another enterprise that can have negative implications on the Company.— Details of any joint venture or collaboration agreement.— Transactions that involve substantial payment towards goodwill, brand equity, or intellectual property.— Significant labour problems and their proposed solutions. Any significant development in HumanResources/Industrial Relation front like signing of wage agreement, implementation of VoluntaryRetirement Scheme, etc.17

— Sale of material nature, of investments, subsidiaries, assets, which is not in normal course ofbusiness.— Quarterly details of foreign exchange exposures and the steps taken by management to limit therisks of adverse exchange rate movement, if material.— Non-compliance of any regulatory, statutory nature or listing requirements and shareholders servicesuch as non-payment of dividend, delay in share transfer, etc.Board ProcedureAgenda papers are circulated to the Directors, in advance, with proper explanatory notes for all the itemson the agenda for facilitating meaningful, informed and focused discussions at the meeting. At themeeting, the Chairman reviews the overall performance of the Company, which is followed by discussionon Agenda. In addition to the matters statutorily required to be placed before the Board for its approval,all other matters of significant importance are considered by the Board.3. Audit CommitteeThe Company has an Audit Committee comprising three independent Directors and one ExecutiveDirector. The terms of reference, role and scope of the Audit Committee are in line with those prescribedby Clause 49 of the Listing Agreement with the Stock Exchanges. The Company also complies with theprovisions of Section 292A of the Companies Act, 1956 pertaining to Audit Committee and itsfunctioning.The terms of reference of the Audit Committee are as follows:-(a) Hold discussions with the Auditors periodically about internal control systems, the scope of auditincluding the observations of the auditors and review the quarterly and annual financial statementsbefore submission to the Board and also ensure compliance of internal control systems.(b) To oversee the Company’s financial reporting process and the disclosure of its financial informationto ensure that the financial statements are correct, sufficient and credible.(c) Recommending the appointment and removal of external auditor, fixation of audit fees and alsoapproval of payment for any other services.(d) Reviewing with management the quarterly, half-yearly and annual financial statements beforesubmission to the Board, focusing primarily on —— Any changes in accounting policies and practices.— Major accounting entries based on exercise of judgement by management.— Qualifications in draft audit report.— Significant adjustments arising out of audit.— The going concern assumption.— Compliance with accounting standards.— Compliance with Stock Exchange and legal requirements concerning financial statements.— Any related party transactions, i.e. transactions of the Company of material nature, withpromoters or the management, their subsidiaries or relatives, etc., that may have potentialconflict with the interests of the Company at large.18

(e) Reviewing with the management, external and internal auditors, the adequacy of internal controlsystems.(f)Reviewing the adequacy of internal audit function, including the structure of the internal auditdepartment, staffing and seniority of the official heading the department, reporting structure coverageand frequency of internal audit.(g) Discussion with internal auditors on any significant findings and follow up thereon.(h) Reviewing the findings of any internal investigations by the internal auditors into matters where thereis suspected fraud or irregularity or a failure of internal control systems of a material nature andreporting the matter to the board.(i)(j)Discussion with the external auditors before the audit commences on the nature and scope of auditas well as post-audit discussion to ascertain any area of concern.Reviewing of Company’s financial and risk management policies.(k) To look into the reasons for substantial defaults in the payment to the depositors, debenture holders,shareholders (in case of non-payment of declared dividends) and creditors.The composition of the Audit Committee as on 31 st March, 2005 was as under:Name of the Director Designation No. of Meetings attended during the yearShri V.B. Haribhakti Chairman 3Shri D.B. Dhruv Member 1Shri Ashok Kumar Jalan Member 3The Committee met three times during the financial year 2004-05 on 10 th June, 2004, 29 th October, 2004and 21 st January, 2005.The Audit Committee invites such of the executives, as it considers appropriate to be present at itsmeetings. The heads of Internal Audit and Finance attend the meetings. The Statutory Auditors are alsoinvited to the meetings. Shri Mangesh Patil, the Company Secretary, acts as the Convenor of theCommittee.4. Share Transfer CommitteeThe Company has a Share Transfer Committee consisting of Shri Shekhar Bajaj, Shri.A.K.Jalan, and ShriMadhur Bajaj. In most cases, applications for transfer of shares are approved and the Certificates aredespatched/kept ready for delivery within 30 days’ time. Shri Mangesh Patil, Company Secretary hasbeen designated as Compliance Officer as required under the Listing Agreement.The Committee meets periodically to deal with matters relating to transfers, transmission, splitting andconsolidation of shares.5. Shareholders’ Grievance CommitteeThe Company has a Shareholders’ Grievance Committee comprising two independent Directors for19

edressal of the shareholders’ grievances, if any. Shri Mangesh Patil, Company Secretary has beendesignated as Compliance Officer. The Committee consists of the following Directors:Shri V.B. Haribhakti, ChairmanShri D.B. DhruvDuring the period from 1 st April, 2004 to 31 st March, 2005, the Company received 27 complaints from theshareholders. As on the date of this report, there are no unresolved shareholders’ complaints. Thesecretarial department endeavours to resolve the shareholders’ complaints within 2/3 working days’ time.At every meeting of the Board, the Secretary provides to the Directors, status as to the shareholders’grievances, which is taken on record by the Board.Since all the complaints of the shareholders were resolved at the executive level, the Committee had nooccasion to consider the unresolved complaints from the shareholders during the financial year 2004-05.6. Remuneration Committee/Remuneration paid to DirectorsThe composition of the Remuneration Committee as on 31 st March, 2005 was as under:Name of the Director Designation No. of Meetings attended during the yearShri V.B. Haribhakti Chairman 1Shri D.B. Dhruv Member —Shri Ashok Kumar Jalan Member 1All the above Directors are Independent & Non-Executive. The Committee met only once on 29.10.2004to consider the reappointment of Shri Shekhar Bajaj as the Managing Director of the Company.Terms of Reference:The terms of reference of the Committee include recommending to the Board of Directors specificremuneration package for Managing Director.Remuneration Policy:Non-Executive Directors:Non-Executive Directors are paid remuneration by way of sitting fees. The Non-Executive Directors werepaid a sitting fee of Rs.10,000/- for the Board/Committee Meeting attended by them.Executive Directors:The Company pays remuneration by way of salary, perquisites and allowances (fixed component) andcommission (variable component) to the Managing Director. Salary is paid within the range approved bythe Shareholders.Details of remuneration/sitting fees paid to all the Directors for the financial year is as follows:(i)The aggregate of salary, perquisites and commission paid in the financial year 2004-05 toShri Shekhar Bajaj, Chairman & Managing Director is Rs.41.15 lacs.20

(ii)The details of sitting fees paid to other Directors during the financial year 2004-05 are as follows:Name of the DirectorSitting Fees paid (Gross)Board Meetings Committee MeetingsShri H.V. Goenka Rs. 20,000/- N.A.Shri A.K. Jalan Rs. 50,000/- Rs.40,000/-Shri Ajit Gulabchand Rs. 30,000/- N.A.Shri V.B. Haribhakti Rs. 50,000/- Rs.40,000/-Shri Madhur Bajaj Rs. 40,000/- N.A.Shri Dakshesh B.Dhruv Rs. 20,000/- Rs.10,000/-Shri S.C. Batra* Rs. 20,000/- N.A.Shri H.R. Srivastava Rs. 50,000/- N.A.* Ceased to be a Director w.e.f. 21.1.2005.7. Details of General Body MeetingsThe last three Annual General Meetings (AGMs) were held as under:Financial Year Day & Date Time Venue2001-2002 Friday, 23 rd August, 2002 Kamalnayan Bajaj Hall,Bajaj Bhavan,2002-2003 Tuesday, 12 th August, 2003 4.30 P.M. Jamnalal Bajaj Marg,Nariman Point,2003-2004 Thursday, 29 th July, 2004 Mumbai 400 021.One Special Resolution was put to vote and carried by show of hands. No resolution was put to vote byballot. No resolution is proposed to be adopted through postal ballot at the ensuing Annual GeneralMeeting.8. Disclosure on materially significant related party transactions i.e. transactions of the Company ofmaterial nature, with its promoters, Directors or the management, their subsidiaries or relatives,etc. that may have potential conflict with the interests of the Company at large during the financialyear 2004-05.The Company has entered into the following contracts with one of its Promoter Directors; his relative andcertain Private Companies in which the Promoter Directors are interested as members/directors and/orthrough their relatives:(i)(ii)The Company has entered into an arrangement with Hind Musafir Agency Pvt. Ltd. (HMA) foravailing from them, travel related services. The Company has, during the Financial Year 2004-05,paid to HMA a sum of Rs.2.07 lacs for availing various travel related services (reimbursement ofactual expenditure on purchase of tickets, etc. excluded). Approval from Central Government undersection 297 of the Companies Act, 1956 has been obtained in respect of the said arrangement.The Company has entered into an agreement with Bajaj International Pvt. Ltd. (BIPL) for availingfrom them, services for export of fans. For rendering such services, BIPL is entitled to a21

commission @ 5% on the FOB value of such export. During the year under review, the Companyhas exported fans worth Rs.182.12 lacs through BIPL for which they are entitled to a commissionof Rs.9.35 lacs. Approval from Central Government under section 297 of the Companies Act, 1956has been obtained in respect of this agreement.(iii)(iv)(v)(vi)The Company has entered into an arrangement with Bajaj International Pvt. Ltd. (BIPL) for availingfrom them, import related services like information on products, intelligence on suppliers,negotiations with suppliers, arrangement with shipping Companies, customs clearance, etc. Forrendering such services, BIPL is entitled to a commission @ 1% on the CIF value of goodsimported. For the year under review, BIPL is entitled to a commission of Rs.24.88 lacs for providingimport related services. Approval from Central Government under section 297 of the CompaniesAct, 1956 has been obtained in respect of this arrangement.The Company has entered into a Registered User Agreement with Bajaj International Pvt. Ltd.(BIPL) to allow them to purchase from third parties, goods under Trade Marks owned by theCompany only for the purpose of export. BIPL is required to pay a royalty @ 1 % on FOB value ofsuch export. During the year under review, the Company has received the royalty of Rs.23.58 lacsfrom BIPL. The Company has been advised that no approval of the Government is required for suchan agreement.As per the request of Bajaj International Pvt. Ltd. (BIPL), who are providing export and importrelated services as also exporting the goods to other countries under the trade mark “bajaj”, theCompany has provided them the services of Shri Sanjay Sharma, General Manager and Shri AnantBajaj, Manager (Special Assignment) of the Company, on a part time basis. The Company ischarging Rs.20,000/- and Rs.10,000/- per month respectively as compensation for lending theabove referred services. The Company thus recovered a sum of Rs.3.20 lacs during the financialyear 2004-05 from BIPL on this account. The Company is advised that no approval from theGovernment is required for lending the services of its employees to BIPL on a part time basis.The Company has entered into an agreement with Mrs. Kiran Bajaj for use of a flat owned by her,bearing No.201, on 20 th floor, at Maker Tower “A”, Cuffe Parade, Mumbai 400 005, on a leave andlicence basis. The said flat has been allotted to Shri Shekhar Bajaj for his residence. The licencefee of Rs.50,000/- per month is payable for use of the said flat. The Company has placed with Mrs.Kiran Bajaj an interest free deposit of Rs.250 lacs as a security for due performance of the terms ofthe agreement. The Company is advised that no approval from the Government is required for thistransaction.9. Disclosure of pecuniary relationship or transactions of the Non-executive Directors vis-a-vis theCompany.The Company during the year gave certain professional assignments to Shri Dakshesh B.Dhruv, one ofthe non-executive Directors of the Company. The Company has, during the financial year 2004-05, paidan aggregate amount of Rs.10,04,750/- towards the fees for professional services and reimbursement ofout-of-pocket expenses.10. Details of non-compliance by the Company, penalties, strictures imposed on the Company byStock Exchanges or SEBI or any statutory authority, on any matter related to capital markets,during the last three years.None.22

11. Means of Communication(i)The Quarterly, Half yearly and Annual results are published in newspaper having wide circulation.During last two years, the results have been published in newspapers as follows:Period (Quarter/Year ended) Names of Newspapers Date of PublicationQuarter ended June, 2003 Free Press Journal & 02.08.2003Nav ShaktiQuarter ended September, 2003 (Reviewed) Same as above 30.10.2003Quarter ended December, 2003 Same as above 31.01.2004Year ended March, 2004 (Audited) Same as above 13.06.2004Quarter ended June, 2004 (Reviewed) Same as above 31.07.2004Quarter ended September, 2004 (Reviewed) Same as above 01.11.2004Quarter ended December, 2004 (Reviewed) Same as above 23.01.2005(ii)(iii)(iv)The financial results of the Company are also displayed on the Company’s Web Site:www.bajajelectricals.comComplete Annual Report is sent to every Shareholder.Management Discussion & Analysis Report is annexed to the Directors’ Report.12. General Shareholder Information(A)(B)Sixty-sixth Annual General Meeting:Day, Date and Time : Thursday, 28 th day of July, 2005at 11.30 A.M.Venue : Kamalnayan Bajaj HallBajaj BhavanJamnalal Bajaj MargNariman PointMumbai 400 021Financial Calendar of the Company:Financial Year : April to MarchFinancial Reporting for:First Quarter Results : End JulySecond Quarter Results : End OctoberThird Quarter Results : End JanuaryLast Quarter Results : End June with Audited Results.(C) Book Closure Date : 20 th July, 2005 to 28 th July, 2005(both days inclusive)(D) Dividend Payment Date : On or after 4 th August, 2005(E) Listing of Equity Shares on Stock Exchanges at : The Stock Exchange Mumbai(Regional Stock Exchange) andThe Delhi Stock ExchangeAssociation Ltd., Delhi23

(F) Stock Code : The Stock Exchange,Mumbai - 500031The Delhi Stock ExchangeAssociation Ltd., Delhi - 02031Demat ISIN : INE 193E01017(G)Stock Market Data and comparison of performance with BSE Sensex:The Stock Exchange Mumbai:Month Bajaj Sensex Performance of the Company'sElectricalsShare Prices vis-a-vis BSELtd. Sensex (+)High Low High Low Bajaj Electricals SensexLimited% %April 2004 46.00 35.45 5979.25 5599.12 ▲ 20.59 ▲ 1.00May 2004 43.50 32.00 5772.64 4227.50 ▼ (20.46) ▼(15.70)June 2004 50.00 34.60 5012.52 4613.94 ▲ 24.51 ▲ 0.07July 2004 50.00 41.00 5200.85 4723.04 ▲ 2.97 ▲ 7.41August 2004 55.60 43.10 5269.22 5022.29 ▲ 13.78 ▼ (0.02)September 2004 75.50 54.70 5638.79 5178.57 ▲ 28.30 ▲ 7.33October 2004 88.00 68.55 5803.82 5558.14 ▲ 4.22 ▲ 1.52November 2004 104.00 77.00 6248.43 5649.03 ▲ 22.62 ▲ 9.78December 2004 129.35 92.50 6617.15 6176.09 ▲ 27.14 ▲ 5.49January 2005 155.95 107.90 6696.31 6069.33 ▲ 19.80 ▼ (1.06)February 2005 208.90 146.00 6721.08 6508.33 ▲ 36.23 ▲ 2.26March 2005 319.00 195.00 6954.86 6321.31 ▲ 48.98 ▼ (3.47)(Source: BSE Website)Symbols:▲ (gain); ▼ (loss); (no change)+ (Difference between Opening and Closing Prices during the period.)▲▲Delhi Stock Exchange:Shares have not been traded at this Stock Exchange during the financial year 2004-05.(H)(I)Registrar & Share Transfer Agents : Intime Spectrum Registry LimitedC-13, Pannalal Silk Mills CompoundL B S Marg, Bhandup (West)Mumbai 400 078Share Transfer System:With a view to expedite the process of share transfers, the Board of Directors of the Company hasdelegated the power of share transfer to the Share Transfer Committee. The Share TransferCommittee attends to share transfer formalities at least once in a fortnight. The shares for transfer24

eceived in physical form are transferred expeditiously, provided the documents are complete andthe shares under transfer are not under any dispute. The share certificates duly endorsed arereturned immediately to the shareholders who prefer to retain the shares in physical form.Confirmation in respect of the requests for dematerialisation of shares is sent to the respectivedepositories i.e. National Securities Depository Limited (NSDL) and Central Depository Services(India) Limited (CDSL) expeditiously.(J)Dematerialisation of Shares:The shares of the Company are in compulsory demat segment and are available for trading in thedepository systems of both the National Securities Depository Limited (NSDL) and CentralDepository Services (India) Limited (CDSL). 59,57,457 Equity Shares of the Company, forming68.93% of the Share Capital of the Company, stand dematerialized as on 31 st March, 2005.(K) Shareholding Pattern and Distribution (Equity Shares) as on 31 st March, 2005:(a) Shareholding Pattern:ParticularsEquity SharesNo. of Shares Per centPromoters 58,33,195 67.49Financial Institutions, Banks etc. 9,61,528 11.13General Public 18,48,157 21.38Total 86,42,880 100.00(b) Distribution Schedule:Slab No. of Shareholders No. of SharesPhysical Demat Total % Physical % Demat % Total %1 – 500 2172 2534 4706 88.78 213288 2.47 341019 3.95 554307 6.41501 – 1000 73 174 247 4.66 53358 0.62 139202 1.61 192560 2.231001 – 2000 49 86 135 2.55 72007 0.83 132792 1.54 204799 2.372001 – 3000 16 39 55 1.04 41595 0.48 96953 1.12 138548 1.603001 – 4000 6 15 21 0.40 20760 0.24 56522 0.65 77282 0.894001 – 5000 6 14 20 0.38 26130 0.30 65117 0.75 91247 1.065001 – 10000 18 16 34 0.64 125085 1.45 107508 1.24 232593 2.6910001 & above 48 35 83 1.57 2133200 24.68 5018344 58.06 7151544 82.74Total 2388 2913 5301 100.00 2685423 31.07 5957457 68.93 8642880 100.0025

(L)Factories Location:1. Chakan Unit: 2. Wind Farm:Village Mahalunge, ChakanVillage VankusawadeChakan Talegaon RoadTal: PatanTal: Khed, Dist: PuneDist: SataraMaharashtraMaharashtraPIN: 410 501 PIN: 415 2063. Ranjangaon Unit:MIDC – RanjangaonVillage DhoksangaviTal: Shirur, Dist: PuneMaharashtraPIN: 412 210(M) For any query on Annual Report, you may write to : Company SecretaryBajaj Electricals Limited45-47, Veer Nariman RoadMumbai 400 02313. Information on Directors seeking Re-appointment:(i) Shri Ashok Kumar Jalan:Shri A.K.Jalan is a B.A. (Hons.). He is an Industrialist with substantial experience in business. Heis on the Board of your Company since 18 th January, 1989. He is also a Director of the followingCompanies:(a) Asiatic Textile Co. Ltd. (b) Elphinstone Spg. & Wvg. Mills Co. Ltd. (c) Webrands.Com Ltd.(d) Dupont Holdings Pvt. Ltd. (e) Dupont Exports Pvt. Ltd. (f) Dupont Sportswear Ltd.(ii) Shri V.B. Haribhakti:Shri Vishnubhai B. Haribhakti is a Chartered Accountant and in practice for the past several years.He was the President of the Institute of Chartered Accountants of India in the year 1968-69. He hasconsiderable experience in the field of accountancy and management. He is on the Board of yourcompany since 12 th August, 1991. He is also a Director of following Companies:(a) Rohit Pulp & Paper Mills Ltd. (b) The Simplex Mills Co. Ltd. (c) The Anglo-French Drug Co.(Eastern) Ltd. (d) Ester Industries Ltd. (e) Tilaknagar Industries Ltd. (f) Lakshmi Automatic LoomWorks Ltd. (g) Prudential ICICI Trust Ltd. (h) Hindustan Composites Ltd. (i) Haribhakti MRI CorporateServices Pvt. Ltd. (j) Moores Rowland Consulting Pvt. Ltd.For and on behalf of the Board of DirectorsMumbai, 30th May, 2005Shekhar BajajChairman & Managing Director26

ToThe Members ofBajaj Electricals LimitedCERTIFICATE BY THE AUDITORS ON CORPORATE GOVERNANCEWe have examined the records concerning the Company’s compliance of the conditions of CorporateGovernance as stipulated in Clause 49 of the Listing Agreement entered into by the Company with the StockExchanges of India for the financial year ended on March 31, 2005.The objective of our examination is to give our opinion on whether the Company has complied with theconditions of Corporate Governance as stipulated in the provisions of Clause 49 of the Listing Agreemententered into by the Company with the Stock Exchanges of India.Our examination was limited to procedures and implementation thereof, adopted by the Company for ensuringthe compliance of the conditions of the Corporate Governance. It is neither an audit nor an expression of anopinion on the financial statements of the Company.We have conducted our examination on the basis of the relevant records and documents maintained by theCompany and furnished to us for examination and the information and explanations given to us by theCompany.On the basis of the records maintained by the “Shareholders/Investor’s Grievance Committee” of the Company,we state that there were no investor grievances pending against the Company for a period exceeding onemonth.Based on such examinations, in our opinion, the Company has complied with the conditions of CorporateGovernance as stipulated in Clause 49 of the Listing Agreement of the Stock Exchanges of India.We further state that such compliance is neither an assurance as to the future viability of the Company nor tothe efficiency with which the management has conducted the affairs of the Company.For and on behalf ofDALAL & SHAHChartered AccountantsAnish AminPartnerMumbai, 30th May, 2005 Membership No. 4045127

MANAGEMENT DISCUSSION AND ANALYSISThe Management Discussion and Analysis presented in this Annual Report focuses on the theme of ‘Faster,Higher and Stronger’ which was the Company-wide initiative to continue on the path of profitable growth. Wehave achieved a significant success in the implementation of this theme. The Company has registered astrong revenue growth of 28.2% while reaching a turnover of Rs.650 crores and has achieved a Profit beforeTax of Rs.21.79 crores. The new organization structure, various strategies followed and processesimplemented, along with excellent team-work, a strong management and leadership has enabled the Companyto turn around and move forward on the path of profitable growth.Overall ReviewBajaj Electricals Limited is a 66-year-old diversified Company, with interests in Lighting, Luminaires,Appliances, Fans and Engineering & Projects. In the fiscal year 2004-05, the net turnover of the Company hasincreased to Rs.649.63 crores as against Rs.506.92 crores last year, registering a growth of over 28.2%. Thecosts of inputs in key raw materials like Steel, Copper, Plastics & Alluminium continued to escalate, therebyaffecting the material costs adversely. The industry witnessed intense competition for market share andsignificant pressures on margins and profits.The Company continued its focus on enhancing revenue growth through introduction of new products,expansion of the dealer and retailer network along with good brand building efforts. Various actions in terms ofcost reduction, value engineering, competitive sourcing and improving credit discipline have been undertaken.There has been a significant progress in the Power Transmission Tower business as also in the Luminaires andAppliances businesses.Business ReviewEngineering and Projects BUThe Engineering & Projects Business Unit has emerged as the largest BU in the company with an excellentperformance marked by a turnover of Rs.193 Crores, registering a growth of 91% and a CAGR of 60%. Thisbusiness is poised for continued healthy growth in the foreseeable future also. Another significant landmark isthe Rs.100 crores sales turnover from the Transmission Line Business. The Ranjangaon Unit has clockeddespatches worth Rs.120 crores and has achieved a capacity utilization of over 90%.The foray into the Transmission Line Construction activity is progressing satisfactorily with a prestigiousRs.42 Crores 400 KV Transmission Line Project of Power Grid Corporation of India under execution. Successfulcompletion of this project will open opportunities for further expansion of the construction activity.The leadership in the Highmast business has been maintained with an increase in market share to over 60%,having sold over 1350 masts during the year. The galvanized Octagonal Bajaj “Smart Poles” launched twoyears back have been received well and over 15000 poles have been sold. A prestigious football stadium withBajaj Highmasts has been commissioned recently in Oman. The Business Unit has also entered intofabrication of Signages and has been supplying Highmast Signages to various Petroleum Companies likeHPCL, BPCL, Indian Oil, etc.To meet the growing demand for Bajaj Highmasts and Poles, the Ranjangaon manufacturing capacity forHighmast & Poles is being increased and this plant is likely to be commissioned by September 2005. OurSpecial Project sales grew by 29% with significant business coming from our Power plant lighting jobs.The focus of the government on Infrastructure, Power Transmission, etc., offer a good opportunity to our E&PBU to improve its growth and profitability in the future.28

Appliances BUThe Appliances BU continues on its growth path and has achieved a growth of 14% over the previous year.Categories like Mixer Grinders, Water Heaters, Irons and Room Heaters have registered good growth rates. TheCompany continues to enjoy a strong market position in Irons, Water Heaters, Ovens and Room Coolers. Salesin the month of March were impacted due to implementation of VAT across many States as also the delay inthe on-set of the summer season.To avail of the excise duty benefits in Himachal Pradesh, many of the Appliances vendors have started theirproduction facilities in Himachal Pradesh, which has favourable cost implications for the Company. This hasgiven a competitive edge to the Company in the market place.The Morphy Richards brand has been rolled out to around 70 cities in the country and has received a goodconsumer response. This brand is under a Registered User Agreement with Morphy Richards, which is the No.1small appliances Company in the United Kingdom.The Company advertised its Morphy Richards brand, Bajaj Water Heaters and Room Coolers through effectivetelevision advertising. The Appliances BU with its good distribution network, strong product range, effectivesourcing strategies and good marketing is poised to do well in the future also.Fans BUThe Fans BU was affected significantly in the month of March, due to the implementation of VAT. Despite thisimpact, the Fans BU has grown by 8% over the previous year and has registered a healthy CAGR also. TheFans BU continued its efforts at expanding the dealer network, good marketing efforts along with the focus on“Bajaj Fans Dealer Privilege Club”. The year also witnessed the introduction of various new models such asBajaj “Elegance”, “Marvel”, “Victor”, “Kalash” as also the Premium end Magnifique range. The sub-economyfans namely “Bahar” and “Maxima” continued to do well in the market.The unorganized sector in the fan industry has been under pressure due to the introduction of lower pricedproducts by the organized sector. The Company’s products, which are exported through Bajaj InternationalPrivate Limited, are also doing well in the overseas market.The Fans BU is expected to do well with its excellent product range catering to all segments, the good effortsaimed at gaining shop share in key retailers and the good brand building efforts.Luminaires BUThe Luminaires BU has registered a strong growth of 24% and has also gained market share. The yearwitnessed the introduction of new products in various segments such as office lighting, retail lighting andlandscape lighting. The Luminaires BU also stepped up its marketing activities and demand generation effortswith key influencers and decision makers. These efforts are expected to improve the demand for theCompany’s products in the commercial and decorative range.The Luminaires BU has also initiated a Key Account Management strategy to focus on new products andemerging segments. The Luminaires BU has also initiated a Distribution Arrangement with M/s.Trilux Lenze ofGermany, who are a strong professional lighting Company in Europe. The Trilux products are aimed at thepremium segments of the market as also at Airports, Office lighting and Prestigious Installations. TheLuminaires BU is confident of improving its market share through innovative products, effective demandgeneration and strong supply chain system.Lighting BUThe Lighting BU has grown by 4% in the face of significant competitive pressures. However, the CFL segmenthas registered a strong growth due to greater adoption of energy saving lamps. A number of new products in29

CFL and consumer Luminaires have been introduced. The lighting industry has witnessed a reduction in GLSvolumes and severe price pressures due to intense competition. The Lighting BU aims to improve its retailpresence by expanding in the Kirana segment as also in key electrical outlets. A new advertising campaign ofBajaj lighting was aired on television and was received well.Financial ReviewThe Company achieved a PBT before extra ordinary items of Rs.2,257 lakhs as against Rs.502 lakhs in theprevious year. This is an increase of 350%. The interest burden has reduced to Rs. 1,638 lakhs as againstRs.1,865 lakhs in the previous year, which is a reduction of 12.2%. The net profit stands at Rs. 1,366 lakhs asagainst Rs.1,031 lakhs in the previous year, which is a growth of 32.5%. The previous years financials includeprofit on sale of development rights of land of Rs.1,170 lakhs as against Rs.237 lakhs in the current year.The Company continues to find ways and means to reduce its cost of borrowings and replacing its high costdebt with lower cost debt.Profitability StatementThe profitability performance has been very encouraging and the Company has bounced back with renewedvigor and confidence. The Company looks forward to continuing its focus on profitable growth in the comingyears.(Rupees in Lacs)FY 2004-05 FY 2003-04 FY 2002-03Sales and Other Income 65,172.62 52,200.95 44,027.64Gross Profit 2,809.25 2,385.16 (527.85)Less: Depreciation 598.75 602.32 635.80Less: Impact of discontinued operations 78.19 — —Profit before Taxes & Provisions 2,132.31 1,782.84 (1,163.65)Less: Provision for —(i) Doubtful Debts & Advances (Net) (46.95) 110.51 156.66(ii) Diminution in Value of Investments — — 27.24(iii) Taxation (including deferred taxation) 795.18 536.32 (367.74)Profit after Tax 1,384.08 1,136.01 (979.81)The Company expects to retain its focus on Profitable Growth in the year 2005-06 also.Faster, Higher, Stronger InitiativeTo continue on the path taken under the “War for Profit” initiative, the Company moved on the theme of “Faster,Higher, Stronger”. The Company aimed at faster revenue growth, faster pace of new product introduction andfaster net work expansion. This was coupled with a focus on higher profitability, better controls on workingcapital and higher market share. The Company also aimed to achieve a stronger bottom line, a stronger teamperformance and a stronger brand image. There has been significant progress across BUs’ on these initiatives.These efforts have been coupled with focus on process improvement, improvement in Information Technology/MIS and better management of costs to enable the Company to improve its financial performance. TheCompany believes that its strategy and direction is correct and will contribute to strengthening the organizationin the years ahead.OpportunitiesThe Indian economy is growing very well and the growth is also sustainable. With greater focus on industrialdevelopment, infrastructure sector, rural development and poverty alleviation programmes, we believe that theopportunities for the Company will remain positive in the foreseeable future. It is expected that consumerspending will continue to rise with rising income levels and higher aspirations of the people of India. The spurt30

in the industrial activity in sectors like manufacturing, capacity expansion, infrastructure, retail, BPO/I.T. etc.will result in a higher demand for the Company’s industrially oriented business of Luminaires and Engineering& Projects. The housing boom augurs well for businesses such as Fans, Appliances and Lighting.All the business units have structured their operations appropriately to take advantage of the opportunitiespresented by the environment. With an improvement in the Company’s corporate image as well as the brandimage, coupled with a clear strategy supported by effective implementation, the Company can look to thefuture with confidence.ChallengesCatering to the continuously evolving higher order needs of the Indian consumer, by offering innovativeproducts that are differentiated from competition is a continuous challenge. With the reduction in customs duty,there has been an increase in the flow of imported products into the country and the Company has respondedwith an appropriate sourcing strategy. The unorganized sector in the Fans, Appliances and Lighting businessesoffer a significant price challenge due to lower overheads and weaker product standards. Meeting therequirements of Power Transmission Towers by augmenting the production capacities and preparing forsignificant growth in the future will also be an important challenge. The Company needs to persevere with itsefforts to improve revenues along with higher operating margins, while reducing working capital and fixed costsin order to improve the profitability in the future also. However, all the challenges are in fact an opportunity forthe Company to take advantage of.Future OutlookThe Company has a good business portfolio with both consumer facing and industry facing businesses. Thehigher propensity to spend by the Indian consumer augurs well for the consumer facing businesses ofAppliances, Fans and Lighting. With increasing industrial activity, growing investments, higher capacitycreation and greater infrastructure focus, the Luminaires and Engineering & Projects businesses are likely todo well. The Company has internally become stronger in terms of its organization structure, process andsystems which will enable it to take advantage of the opportunities available for business. The outlook for thefuture is likely to be positive and the Company is confident about the prospects for the F.Y. 2005-06.Adequacy of Internal controlsThe Company believes that good Corporate governance is the adoption of best business practices whichensure that the Company operates not only within the regulatory framework but is also guided by ethics and astrong belief in the tradition of trust. The following committees are in place to ensure effective corporategovernance:lllllllBoard of DirectorsAudit CommitteeProject Management CommitteeShare Transfer CommitteeRemuneration CommitteeShareholders Grievance CommitteeManagement CommitteeHuman Resource DevelopmentThe Company believes that its human resource has played the most important role in enabling the Companyto turn around and embark upon a more prosperous future. The Company has invested on its human resourceby providing appropriate training and developmental inputs along with career progress opportunities todeserving employees. During the year 32 training programmes were conducted by faculty drawn from bothwithin and outside the Company and around 745 people were trained. The Company’s focus on having goodpeople related processes in terms of recruitment, training, performance appraisal and performance rewardshave been well received by all the employees. The Company has also achieved an award for “Best HR31

Practices for Employee Motivation” in the Asia Pacific HR Outsourcing Conference” held in February 2005 inMumbai. Earlier the Company was awarded a trophy for “HR Excellence - Organization that Creates Fun andJoy at Work Award 2004” in November 2004. Our President & C.O.O., Mr. R. Ramakrishnan was awarded the“Indira Super Achiever Award” by the Indira Group of Institutes, Pune in August 2004.Social ResponsibilityThe Company has continued to remain closely involved in various projects aimed at improving Quality and thestatus of women in the society. Some of the projects where Bajaj Electricals has been closely involvedinclude:IMC – Ramkrishna Bajaj National Quality award: This award is a part of our effort in supporting the Qualitymovement in the country. The Company has contributed Rs.7.5 Lacs towards the corpus of this prestigiousaward.IMC Ladies Wing – Jankidevi Bajaj Puraskar: The objective of this award is to encourage and developentrepreneurship in rural India by recognizing outstanding contribution of women, who have been involved inrural development. It comprises a cash award of Rs.1.5 Lacs. The Company has contributed Rs.11 Lacstowards the corpus of this award.SNDT Women’s University – The Company had contributed Rs.10 Lacs for establishing the “Center forHousehold Appliances Testing”. The center is also involved in Food and Nutrition education. The Company hasalso instituted a ‘Jankidevi Bajaj Puraskar’ for the best student in SNDT Women’s university.BMA Management Woman Achiever of the Year Award – The Company continues to sponsor the above Awardto recognize a Management Woman Achiever who has made a significant impact in her role in Management.This Award is expected to encourage women in Management to get a platform for recognition of theircontribution to their company and to the society at large.Paryavaran Mitra – The Company is also supporting the activities of a NGO called Paryavaran Mitra (Friendsof the Environment) which aims to protect the environment from Air Pollution, Water Pollution, ChemicalPollution and Noise Pollution. A number of activities are being carried out by the employees of the Company tosupport this initiative.Cautionary StatementStatements in the Management Discussion and Analysis, describing the Company’s strategies on business,projections and estimates, are forward-looking statements. The actual results may vary from those expressedor implied, depending upon economic conditions, Government policies, regulations, tax laws and otherincidental factors.For and on behalf of the Board of DirectorsMumbai, 30th May, 2005Shekhar BajajChairman & Managing Director32

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oIm narjH$boIm narjH$, _ogg© Xbmb E§S> emh H§$nZr ^r AmJm_rdm{f©H$ gmYmaU g^m Ho$ g_` godm{Zd¥Îm hm|Jo Am¡a Cn`wŠVVmHo$ AmYma na AnZr nwZ{Z©`wpŠV Ho$ {bE àñVwV h¢. Amngo{ZdoXZ h¡ {H$ CZH$s {Z`w{º$ Am¡a nm[al{_H$ {ZYm©aU H$a|.H§$nZr {Z`_ 1988 ({ZXoeH$ _§S>b H$s [anmoQ>© _| {ddaUm|H$m àH$Q>rH$aU) Ho$ A§VJ©V {ddaUH§$nZr A{Y{Z`_, 1956 H$s Ymam 217 (1) (B©) Am¡aH§$nZr {Z`_ 1988 ({ZXoeH$ _§S>b H$s [anmoQ>© _| {ddaUm| H$màH$Q>rH$aU) Ho$ g§`wŠV nR>Z Ho$ A§VJ©V D$Om© g§ajU,Q>oŠZmobm°Or, g_mdoeZ Am{X go g§~§{YV bmJy hmoZo dmbo{ZYm©[aV {ddaU g§b¾ n[a{eï>-I _| {XE JE h¢.H$_©MmarJUH§$nZr A{Y{Z`_, 1956 H$s Ymam 217(2E) Am¡a H§$nZr{Z`_ (H$_©Mm[a`m| H$m {ddaU) Ho$ g§`wŠV nR>Z Ho$ A§VJ©VH$_©Mm[a`m| H$m {ddaU Omo {H$ {ZXoeH$m| H$s [anmoQ>© H$m A{^ÝZA§J h¡, g§b¾ n[a{eï>-II _| {X`m J`m h¡.H$_©Mm[a`m| Ho$ gmW H§$nZr Ho$ g§~§Y gm¡hmX©nyU© ~Zo aho.AmnHo$ {ZXoeH$JU H§$nZr H$mo AÀN>r pñW{V _| bmZo VWm {\$ago bm^Xm`H$ ~ZmZo _| H$_©Mm[a`m| Ho$ `moJXmZ Ho$ à{V Am^maàH$Q> H$aVo h¢.{ZXoeH$ _§S>b Ho$ AmXoemZwgmaH¥$Vo ~OmO BbopŠQ´>H$ëg {b{_Q>oS>_w§~B© _§Joe nm{Q>b E.Ho$. OmbmZ eoIa ~OmO30 _B©, 2005 H§$nZr goH«o$Q>ar S>m`aoŠQ>a Mo`a_¡Z d _¡ZoqOJ S>m`aoŠQ>a36

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(é. bmIm| _|){dÎmr` df© {dÎmr` df© {dÎmr` df©2004-05 2003-04 2002-03{~H«$s VWm AÝ` Am` 65,172.62 52,200.95 44,027.64gH$b bm^ 2,809.25 2,385.16 (527.85)KQ>mE§ : _yë`õmg 598.75 602.32 635.80KQ>mE§ : ~ÝX n‹S> JE àMmbZ 78.19 - -H$a VWm àmdYmZmo go nyd© bm^ 2,132.31 1,782.84 (1,163.65)KQ>mE§ : {ZåZ hoVw àmdYmZ(i) g§{X½Y F$U VWm A{J«_ (ewÕ) (46.95) 110.51 156.66(ii) {Zdoe Ho$ _yë` _| õmg - - 27.24(iii) H$amYmZ (AmñW{JV H$amYmZ g{hV) 795.18 536.32 (367.74)H$a níMmV bm^ 1,384.08 1,136.01 (979.81)H§$nZr Amem H$aVr h¡ {H$ df© 2005-06 _| ^r AnZr ÑpîQ> {dH$mg na hr aIoJr.Vrd«Va, CÀMVa, Ñ‹T>Va (\$mñQ>a, hm`a, ñQ´>m§Ja) nhb""µ\$m`Xo Ho$ {bE O§J'' (dma \$m°a àm°{\$Q²>g) H$s nhb Ho$ amñVo na MbVo ahZo Ho$ {bE H§$nZr Zo ""Vrd«Va, CÀMVa, Ñ‹T>Va'' H$mZmam {X`m Wm. H§$nZr Zo Vrd«Va Am` d¥{Õ, ZE CËnmXm| H$mo àñVwV H$aZo _| VoµOr Am¡a ZoQ>dH©$ Ho$ àgma _| ^r VoµOr H$mo hr AnZm bú`~Zm`m. BgHo$ gmW hr gmW µOmoa Wm D§$Mo _wZmµ\o$, H$m`© ny§Or na {Z`§ÌU Am¡a ~mµOma _| µµÁ`mXm OJh hm{gb H$aZo na. H§$nZr H$mbú` Ztd H$mo _µO~yV H$aZm, XbJV H$m`©j_Vm H$mo _µO~yV ~ZmZm Am¡a EH$ VJ‹S>r ~«mÊS> N>{d I‹S>m H$aZm ^r Wm. BZ CnH«$_Um|_| gmar ~r`y _| _hËdnyU© g\$bVm {_br. BZ à`mgm| Ho$ gmW hr gmW à{H«$`m/àJ{V _| gwYma, gyMZm Q>oŠZmobm°Or _| gwYma/E_AmB© Eg Am¡a µH$s_Vm| H$m ~ohVa à~§YZ {Oggo {H$ H§$nZr H$s {dÎmr` H$m`©Hw$ebVm gwYmar Om gHo$, ^r {H$`m J`m. H§$nZr H$mo{dídmg h¡ {H$ h_mar Zr{V Am¡a {Xem C{MV h¡ Am¡a AmZo dmbo dfm] _| Bggo g§ñWm H$mo Am¡a ^r _µO~yVr hm{gb hmoJr.Adga^maVr` AW©ì`dñWm d¥{Õ Ho$ nW na AJ«ga h¡ Am¡a {dH$mg ^r µH$m`_ ahZo dmbm h¡. Am¡Úmo{JH$ {dH$mg, Bݵ\«$mñQ´>ŠMa goŠQ>a,J«m_rU {dH$mg Am¡a µJar~r {_Q>mAmo, H$m`©H«$_ na AË`m{YH$ EH$mJ«Vm hmoZo Ho$ H$maU bJVm h¡ {H$ AmJm_r ^{dî` _| H§$nZr Ho${bE JwUmË_H$ Adga {_bVo ah|Jo. `h ^r bJVm h¡ {H$ J«mhH$ H$s ì`` j_Vm ~‹T>Vr hr ahoJr. H$maU h¡ ^maV Ho$ bmoJm| H$sAm_XZr H$m ~‹T>Vm n¡_mZm Am¡a CZH$s D§$Mr AmH$m§jmE§ ! {Z_m©U, j_Vm {dñVmaU, B§\«$mñQ´>ŠMa, \w$Q>H$a, ~rnrAmo/AmB©.Q>r.Am{X joÌm| _| ì`mdgm{`H$ {H«$`mH$bmnm| H$m CN>mb Am OmZo Ho$ H$maU H§$nZr Ho$ ë`w{_Zm`g© Am¡a B§Or{Z`[a¨J E§S> àmoOoŠQ>g O¡goAm¡Úmo{JH$ AZwHy$bVm dmbo ì`dgm`m| H$s ^mar _m§J ~‹T> OmEJr. [ahm`er B_maVm| Ho$ bJmVma {Z_m©U go n§Im|, Eßbm`|goµO Am¡abmBqQ>J H$s _m§J ^r ~‹T>oJr.dmVmdaU Ûmam àñVwV Adgam| H$m ^anya bm^ CR>mZo Ho$ {bE, g^r ì`dgm{`H$ BH$mB`m| Zo, AnZr H$m`©àUm{b`m| H$mo, CÝht Ho$AZwê$n T>mb {b`m h¡. H§$nZr H$s H$m°nm}aoQ> N>{d Am¡a ~«mÊS> N>{d _| gwYma Ho$ gmW hr ñnîQ> bú` Am¡a VX²Zwgma à^mdXm`H$H$m`m©Ýd`Z; BZ g~Ho$ gmW H§$nZr ^{dî` H$s Amoa nyU©V: AmídñV hmoH$a XoI gH$Vr h¡.54

MwZm¡{V`m§^maVr` J«mhH$m| H$s bJmVma {dH${gV hmoVr Om aht, D§$Mo XO} H$s _m§Jm| H$mo XoIVo hþE, Xygao à{V`mo{J`m| go AbJ hQ> H$a, CÝh|A{^Zd CËnmX àXmZ H$aZm {Za§Va EH$ MwZm¡Vr h¡. gr_m ewëH$ _| H$_r hmoZo Ho$ H$maU Xoe _| Am`m{VV gm_mZm| H$s ~m‹T> gr AmJB© h¡ Am¡a H§$nZr Zo BgH$m Odm~ EH$ g_w{MV òmoV H$m¡eb go {X`m h¡. n§Im|, Eßbm`|goµO Am¡a amoeZr Ho$ H$mamo~mam| _| Ag§J{R>VjoÌ ^r EH$ _hËdnyU© _yë` MwZm¡Vr h¡ Š`m|{H$ BZHo$ ˜M} H$_ hmoVo h¢ Am¡a CËnmX H$s JwUdÎmm H$mµ\$s ˜am~ hmoVr h¡. nmda Q´>m§pñ_eZQ>mdg© Ho$ {bE {Z_m©U j_Vm _| d¥{Õ Am¡a ^{dî` _| _hËdnyU© {dH$mg Ho$ {bE V¡`mar ^r EH$ {deof MwZm¡Vr h¡. H§$nZr H$mo AnZoà`mgm| _| Am¡a ^r VËnaVm bmZr n‹S>oJr {Oggo H$m`©dhZ _| ^mar ~MV Ho$ gmW Am_XZr _o| ~‹T>moVar hmo O~{H$ H$m`© ny§Or Am¡a {Z`V˜Mm} _| H$_r hmo Vm{H$ ^{dî` _| ^r bm^àXVm _| gwYma hmo. VWm{n, `o gmar hr MwZm¡{V`m§ dmñVd _| EH$ Adga àXmZ H$aVr h¢{H$ H§$nZr BZ g^r H$m bm^ CR>mE.^mdr Ñ{ï>H$moU~hahmb H§$nZr H$m EH$ CÎm_ ì`mdgm{`H$ ê$n h¡ {\$a Mmho dh J«mhH$ H$s Amoa hmo Mmho CÚmoJ H$s Amoa ! J«mhH$m| Ûmam ˜Mm© H$aZoH$s CÎmamoÎma ~‹T>Vr àd¥{Îm, J«mhH$ g§~§Yr Eßbm`|goµO, n§Io Am¡a bmBqQ>J Ho$ ì`dgm`m| Ho$ gmW nyam Vmb _ob ~ZmVr h¡. ~‹T>Vr hþB©Am¡Úmo{JH$ J{V{d{Y`m§, ny§Or bJmZo _| d¥{Õ, ^mar VmXmX _| g§aMZm Am¡a Bݵ\«$mñQ´>ŠMa na A{YH$Va Ü`mZ go "ë`w{_Zm`g© Am¡aB§Or{Z`[a¨J E§S> àmoOoŠQ²>g' H$m H$mamo~ma ^r AÀN>m hmoJm, Eogm bJVm h¡. H§$nZr A§Xa go ^r g§JR>Z Ho$ T>m§Mo, à{H«$`m Am¡a VÝÌAm{X _| gwÑ‹T> hþB© h¡ {Oggo Bgo ì`dgm` _| CnpñWV Adgam| H$m bm^ CR>mZo _| g_W©Vm {_boJr. ^{dî` gH$mamË_H$ XrI n‹S>Vmh¡ Am¡a H§$nZr AnZo {dÎmr` df© 2005-06 H$s g§^mdZmAm| H$mo boH$a nyU©V: AmídñV h¡.Am§V[aH$ {Z`§ÌUm| H$s n`m©ßVVmH§$nZr H$s _mÝ`Vm h¡ {H$ AÀN>m H$m°nm}aoQ> àemgZ ì`dgm` H$s ghr Zr{V`m| H$mo AnZmZm hr h¡ {Oggo gw{ZpíMV hmoVm h¡ {H$ H§$nZrHo$db EH$ ~§Yr-Q>H$s ì`dñWm Ho$ A§VJ©V hr H$m_ Zht H$aoJr ~pëH$ Z¡{VH$Vm go ^r {Xem boJr Am¡a {dídmg H$s naånam _| JhZAmñWm aIoJr. AV: H$m°nm}aoQ> àemgZ H$mo à^mdembr ~ZmZo Ho$ {bE {ZåZ{b{IV g{_{V`m§ H$m`©aV h¢ :nnnnnnn{ZXoeH$ _§S>bboIm narjm g{_{VàmoOoŠQ> à~§YZ g{_{Veo`a Q´>m§ñ\$a g{_{Vnm[al{_H$ g{_{Veo`aYmaH$ {eH$m`V g{_{Và~§YZ g{_{V_mZd g§gmYZ {dH$mgH§$nZr H$s _mÝ`Vm h¡ {H$ _mZd g§gmYZ Zo H§$nZr _| CbQ>-\o$a H$aHo$ Bgo g_¥Õ ^{dî` H$s Amoa AJ«ga H$aZo _| H$mµ\$s ~‹S>m amobAXm {H$`m h¡. Bgr{bE H§$nZr Zo AnZo _mZd g§gmYZm| _| C{MV à{ejU XoZo, {dH$mgnaH$ {Zdoe Am¡a gmW hr `mo½` H$_©Mm[a`m|H$moH¡$[a`a _| AmJo ~‹T>Zo Ho$ gwAdgam| Am{X na H$mµ\$s ny§Or bJmB© h¡. Bg df© H§$nZr Zo 32 à{ejU H$m`©H«$_ MbmE {OZ_| H§$nZr Ho$^rVa Am¡a ~mha Ho$ ^r àmÜ`mnH$JU em{_b Wo Am¡a bJ^J 745 bmoJ à{e{jV {H$E JE. AÀN>o bmoJm| H$mo boH$a H§$nZr _| ^aVr55

H$aZo, à{ejU XoZo, CZH$s H$maJwµOmar H$mo _mÝ`Vm XoZo Am¡a AÀN>o H$m_ H$mo nwañH¥$V H$aZo H$m H§$nZr H$m ZµO[a`m H$_©Mm[a`m| Zo ^rhmWm|-hmW {b`m. gZ 2005 Ho$ \$adar _mh _|, _w§~B© _| hþB©, "E{e`m-n¡{g{µ\$H$ EM Ama AmCQ>gmo{gªJ H$mÝ\«|$g' _| H§$nZr Zo""~¡ñQ> EMAma àopŠQ>goµO µ\$m°a Eåßbm°B© _mo{Q>doeZ'' H$m nwañH$ma ^r OrVm. BgHo$ nyd© Zdå~a 2004 _| H§$nZr Zo ""EMAmaEŠgob¢g-Am°J©ZmBOoeZ X¡Q> {H«$EQ²>g µ\$Z E§S> Om°` EQ> dH©$ AdmS>© 2004'' H$s Q´>m°µ\$s ^r OrVr Wr. h_mao ào{gS>|Q> Amoagr.Amo.Amo. lr Ama. am_H¥$îUZ H$mo nwUo Ho$ B§{Xam J«wn Am°µ\$ B§ñQ>rQ²>`yQ²>g H$s Amoa go, AJñV 2004 _|, ""B§{Xam gwna EMrdaEdmS>©'', ^r àmßV hþAm.gm_m{OH$ {µOå_oXmarH§$nZr, g_mO _| {ó`m| H$m ñVa VWm pñW{V gwYmaZo Ho$ {bE ewé {H$E J`o {d{^Þ àmoOoŠQ> H$m`m] go Ow‹S>r hþB© h¡. Hw$N> àmoOoŠQ> {OZgo~OmO BbopŠQ´>H$ëg K{Zð>Vm go Ow‹S>m h¡, Bg àH$ma h¢ :AmB© E_ gr - am_H¥$îU ~OmO ZoeZb Šdm{bQ>r AdmS>© : `h nwañH$ma Xoe _| JwUdÎmm A{^`mZ H$mo g_W©Z XoZo H$s h_mar H$mo{eeH$m EH$ A§J h¡. H§$nZr Zo Bg à{V{ð>V nwañH$ma H$s {Z{Y Ho$ {bE é. 7.5 bmI H$m A§eXmZ {H$`m h¡.AmB© E_ gr boS>rµO qdJ - OmZH$sXodr ~OmO nwañH$ma : Bg nwañH$ma H$m CÔoí` J«m_rU {dH$mg _| g_{n©V Zmar Ho$ CËH¥$ï> `moJXmZH$mo _mÝ`Vm àXmZ H$aHo$ J«m_rU ^maV _| CÚ_erbVm H$mo àmoËgm{hV Ed§ {dH${gV H$aZm h¡. BgHo$ A§VJ©V é. 1.5 bmI H$s ZH$Xam{e àXmZ H$s OmVr h¡. H§$nZr Zo Bg nwañH$ma H$s {Z{Y hoVw é. 11 bmI H$m A§eXmZ {H$`m h¡.Eg EZ S>r Q>r _{hbm {díd{dÚmb` : H§$nZr Zo ""Kaoby CnH$aU Q>opñQ>¨J goÝQ>a'' H$s ñWmnZm Ho$ {bE é. 10 bmI H$m A§eXmZ{H$`m h¡. goÝQ>a Amhma VWm nmofU H$s {ejm go ^r gå~Õ h¡. H§$nZr Zo Eg EZ S>r Q>r _{hbm {díd{dÚmb` _| gdm}Îm_ {dÚmWuHo$ {bE ""OmZH$sXodr ~OmO nwañH$ma'' H$s ^r ñWmnZm H$s h¡.~rE_E _¡ZoO_oÝQ> ""df© H$s _{hbm'' CnbpãY nwañH$ma : _¡ZoO_oÝQ> Ho$ joÌ _| `{X H$moB© _{hbm AnZr C„oIZr` ^y{_H$m go_hÎdnyU© à^md O_mVr h¡ Vmo Cgo _mÝ`Vm àXmZ H$aZo Ho$ {bE H§$nZr `h nwañH$ma àm`mo{OV H$a ahr h¡. Amem H$s OmVr h¡ {H$ Bggå_mZ go _¡ZoO_oÝQ> joÌ go Ow‹S>r _{hbmAm| Ho$ `moJXmZ H$mo H§$nZr VWm g_mO _| _mÝ`Vm d àmoËgmhZ XoZodmbm EH$ _§M {_boJm.n`m©daU {_Ì - H§$nZr n`m©daU {_Ì Zm_H$ EH$ EZOrAmo H$s J{V{d{Y`m| _| ^r ghm`Vm H$aVr h¡ Š`m|{H$ BZH$m CÔoí` dmVmdaUH$mo dm`w àXyfU, Ob àXyfU, Ho${_H$b àXyfU Am¡a Üd{Z àXyfU go ~MmZm h¡. Bg nhb _| hmW ~§Q>mZo Ho$ {bE H$ånZr Ho$H$_©Mm[a`m| Ûmam H$B© H$m`©H«$_ MbmE Om aho h¢.gmdYmZr dº$ì`"à~§YZ MMm© Am¡a {díbofU' _| H§$nZr Ho$ ì`dgm`, ~‹T>V Am¡a AZw_mZm| Ho$ ~mao _| Cpëb{IV {dMma {dH$mgnaH$ dº$ì` h¢.dmñV{dH$ ZVrOo, Omo H$ho AWdm gmoMo J`o h¢, do AW© pñW{V`m|, gaH$mar Zr{V`m|, {Z`_ d YmamE§, H$a A{Y{Z`_ Am¡a Xygao BVaH$maUm| go à^m{dV hmoH$a {^ÝZ ^r hmo gH$Vo h¢.{ZXoeH$ _§S>b Ho$ AmXoemZwgmaH¥$Vo ~OmO BbopŠQ´>H$ëg {b{_Q>oS>_w§~B©, 30 _B©, 2005eoIa ~OmOMò a_¡Z d _¡ZoqOJ S>m`aoŠQ>a56

REPORT OF THE AUDITORS TO THE MEMBERSWe have audited the attached Balance Sheet of BAJAJ ELECTRICALS LIMITED, as at 31 st March, 2005 andalso the Profit and Loss Account annexed thereto and the Cash Flow Statement of the Company for the yearended on that date. These financial statements are the responsibility of the Company’s management. Ourresponsibility is to express an opinion on these financial statements based on our Audit.1. We conducted our audit in accordance with auditing standards generally accepted in India. ThoseStandards require that we plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatements. An Audit includes examining, on a test basis,evidence supporting the amounts and disclosures in financial statements. An audit also includesassessing the accounting principles used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that our audit provides a reasonablebasis for our opinion.2. As required by the Companies (Auditor’s Report) Order, 2003 (CARO, 2003), issued by the CentralGovernment of India in terms of Section 227(4A) of the Companies Act, 1956, we annexe hereto aStatement on the matters specified in paragraph 4 of the said Order.3. Further to our comments in Annexure referred to in paragraph 2 above, we report that:(a) We have obtained all the information and explanations, which to the best of our knowledge and beliefwere necessary for the purposes of our audit;(b) In our opinion, proper books of account as required by law have been kept by the Company so far asappears from our examination of the Books of the Company;(c) The Balance Sheet, Profit and Loss Account and the Cash Flow Statement dealt with by the report arein agreement with the Books of Account of the Company;(d) In our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement, dealtwith by this report, comply with the Accounting Standards referred to in Section 211 (3C) of theCompanies Act, 1956, to the extent applicable;(e) On the basis of the written representations received from the Directors as on 31 st March, 2005 andtaken on record by the Board of Directors, we report that none of the Directors is disqualified as on31 st March, 2005 from being appointed as a director in terms of clause (g) of sub-section (1) of section274 of the Companies Act, 1956.In our opinion and to the best of our information and according to the explanations given to us, the saidAccounts and read together with the notes thereon, give the information required by the Companies Act,1956, in the manner so required and present a true and fair view in conformity with the accountingprinciples generally accepted in India:(i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31 st March, 2005,(ii)(iii)In the case of the Profit and Loss Account, of the Profit for the year ended on that date, andIn the case of the Cash Flow Statement, the cash flows of the Company for the year ended on thatdate.For and on behalf ofDALAL & SHAHChartered AccountantsAnish AminPartnerMumbai, 30th May, 2005 Membership No. 4045157

ANNEXURE TO THE AUDITORS’ REPORTStatement referred to in Paragraph 2 of the Auditors’ Report of even date to theMembers of BAJAJ ELECTRICALS LIMITED on the Accounts for the year ended31 st March, 2005.On the basis of the records produced to us for our verification/perusal, such checks as we consideredappropriate, and in terms of information and explanations given to us on our enquiries, we state that:(i)(a) The Company has maintained proper records showing full particulars including quantitative detailsand situation of fixed assets.(b) As explained to us, considering the nature of the Fixed Assets, the same have been physicallyverified by the management at reasonable intervals during the year as per the verificationschedule adopted by the Company, whereby all the assets are verified, in a phased manner, oncein a block of three years. According to the information and explanations given to us and therecords produced to us for our verification, discrepancies noticed on such physical verificationwere not material and the same have been properly dealt with in the Books of Account.(c) As per the information and explanations given to us on our enquiries, the disposal of assets duringthe year were not substantial, other than those disposed off consequent to the previous closure ofthe die casting activity and the Matchwel unit, which however would neither have an adverseimpact on the operations of the Company nor affect its going concern.(ii)(a) The inventories have been physically verified by the management at reasonable intervals duringthe year in a phased manner and at the close of the year;(b) The procedures of physical verification of inventories followed by the management as explained tous are, in our opinion, reasonable and adequate in relation to the size of the Company and thenature of its business;(c) According to the records produced to us for our verification and the information and explanationsgiven to us upon our inquiries, proper records of inventory have been maintained by the Companyand the discrepancies noticed on physical verification of inventories referred to above, ascompared to book records, though not material, have been properly dealt with in the Books ofAccount.(iii)(a) As per the information and explanations given to us and the records produced to us for ourverification, the Company has granted unsecured loans to two companies covered in the registermaintained under section 301 of the Companies Act, 1956 aggregating Rs. 994.13 Lakhs of whichloans granted to one of the said companies, aggregating Rs. 694.13 Lakhs, have been fully repaidduring the year. As regards loans aggregating Rs. 300 Lakhs to the other company, no amountshave been received during the year.The Company has not granted any other loans to companies, firms or other parties covered in theregister maintained under section 301 of the Companies Act, 1956.(b) As per the explanations given to us, the rate of interest at which loans referred to in (a) above are,58

in our opinion, not prima facie prejudicial to the interest of the Company having regards to themarket yields and the business relationships with the companies to whom loans have beengranted.(c) The companies to whom loans have been granted, as referred to in (a) above, have been regularin the payment of interest wherever stipulated. However, no repayments as to principal have beenstipulated in respect of abovementioned loan outstanding during the year.(d) The Company has not taken any loans during the year, secured or unsecured, from thecompanies, firms, or other parties covered in the register maintained under section 301 of theCompanies Act, 1956.(iv)(v)In our opinion and according to the information and explanations given to us, there are adequateinternal control procedures commensurate with the size of the Company and the nature of its businesswith regard to the purchase of inventory and fixed assets and also for the sale of goods and services.As per the information given to us, no major weaknesses in the internal controls have been identifiedby the management or the internal audit department of the Company during the year. During the courseof our audit, nothing had come to our notice that may suggest a major weakness in the internal controlsystems of the Company.(a) On the basis of the audit procedures performed by us and according to the information andexplanations given to us on our enquires on this behalf and the records produced to us for ourverification, the particulars of contracts and arrangements required to be entered into the registerin pursuance of section 301 of the Companies Act, 1956 have been so entered.(b) The transactions so entered, aggregating in excess of Rs. 500,000/- in respect of each partyduring the year, have been, in our opinion, as per the information and explanations given to us,made at prices which are reasonable having regard to prevailing market prices as available withthe Company for such transactions or prices at which transactions, if any, for similar goods havebeen made with other parties at the relevant time.(vi)(vii)(viii)In our opinion, the Company has complied with the directives issued by the Reserve Bank of India andthe provisions of Section 58A or any other relevant provisions of the Companies Act, 1956 and theCompanies (Acceptance of Deposits) Rules, 1975, where applicable with regard to the depositsaccepted by it from the public. Since the Company has not defaulted in repayments of deposits,compliance of Section 58AA or obtaining any order from the Company Law Board, National CompanyLaw Tribunal, the Reserve Bank of India or any other court or tribunal does not arise;On the basis of the internal audit reports broadly reviewed by us, we are of the opinion that, theCompany has an adequate internal audit system commensurate with the size and nature of itsbusiness;We have broadly reviewed the Books of Account maintained by the Company pursuant to the rulesmade by the Central Government for the maintenance of Cost Records under Section 209(1)(d) of theCompanies Act, 1956, in respect of the Company's products to which the said rules are madeapplicable, and are of the opinion that prima facie the prescribed accounts and records have beenmade and maintained. We have, however, not made a detailed examination of the records with a viewto determine whether they are accurate;59

(ix)(a) According to the records of the Company, the Company has been generally regular in depositingundisputed statutory dues including Provident Fund, Investor Education and Protection Fund,Employees’ State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty,Excise Duty, Cess and other statutory dues with the appropriate authorities;(b) According to the records of the Company and the information and explanations given to us uponour enquiries in this regards, disputed dues in respect of Sales Tax, Income Tax, Wealth Tax,Service Tax, Customs Duty and Excise Duty/cess unpaid as at the last day of the financial year,are as follows:StatutesFORUMS BEFORE WHOM PENDINGSr. Commissioner High SupremeNo. Appeals Tribunal Court Court TotalRs. Rs. Rs. Rs. Rs.(1) Sales Tax 2,59,11,337 28,34,636 — — 2,87,45,973(2) Income Tax — 32,81,130 17,99,885 — 50,81,015(3) Wealth Tax — — — — —(4) Customs Duty — — — — —(5) Excise 52,72,077 9,54,697 — — 62,26,774(x)(xi)(xii)(xiii)(xiv)As per the information and explanations given to us, and keeping in mind the restructuring proposalssanctioned by the lenders, the Company has not defaulted in repayment of dues to banks or financialinstitutions during the year. The Company has not borrowed any sums through debentures;The Company has not granted any loans and advances on the basis of security by way of pledge ofshares, debentures and other securities;The terms and conditions at which guarantees have been given by the Company for loans taken fromfinancial institutions and/or banks by others, are, in our opinion, not prejudicial to the interest of theCompany;We were unable to establish any audit trail of fund flows, which can correlate end use withcorresponding funds raised. However, as per the information and explanations given to us and on thebasis of the total expenditure incurred on the various assets till date, the term loans obtained by theCompany, in our opinion, have been applied for the purpose for which they were obtained;As we were not able to establish any audit trail of fund flows, which can correlate end use withcorresponding funds raised we have examined the Balance Sheet of the Company as at 31 st March,2005 upon which we found that the Company as on that date had short term sources of fundsamounting to Rs. 97,64.07 Lakhs, which was entirely utilized towards short term applications;60

(xv)As per the information and explanations given to us on our enquiries on this behalf, there were nofrauds on or by the Company which have been noticed or reported during the year;In view of the nature of business carried on by the Company, clause no (xiii) of CARO, 2003 is not applicableto the Company. Further, in view of the absence of conditions prerequisite to the reporting requirement ofclauses (iii) (e), (f), (g), (x), (xiv), (xviii), (xix) and (xx) the said clauses are, at present, not applicable.For and on behalf ofDALAL & SHAHChartered AccountantsAnish AminPartnerMumbai, 30th May, 2005 Membership No. 4045161

Balance Sheet as at 31st March, 2005As at 31.3.2005 As at 31.3.2004Schedule Rs. lacs Rs. lacsI. SOURCES OF FUNDS(1) SHAREHOLDERS’ FUNDS(a) Share Capital 1 18,64.29 18,64.29(b) Reserves and Surplus 2 63,27.02 56,66.9681,91.31 75,31.25(2) LOAN FUNDS(a) Secured Loans 3 1,21,53.11 1,00,03.83(b) Unsecured Loans 4 46,65.03 40,02.681,68,18.14 1,40,06.51(3) DEFERRED TAX LIABILITY (See Note No. 3) 7,75.44 1,55.26TOTAL 2,57,84.89 2,16,93.02II.APPLICATION OF FUNDS(1) FIXED ASSETS 5(a) Gross Block 1,22,60.92 1,28,77.80(b) Less: Depreciation 34,09.93 32,71.47(c) Net Block 88,50.99 96,06.33Less: Impairments of Assets of Discontinued Operations 2,21.42 —86,29.57 96,06.33(d) Capital Work-in-Progress 1,30.17 1,26.9987,59.74 97,33.32(2) INVESTMENTS 6 14,96.62 4,95.85(3) CURRENT ASSETS, LOANS & ADVANCES 7(a) Inventories 87,40.44 55,20.47(b) Sundry Debtors 1,85,03.21 1,48,85.63(c) Cash & Bank Balances 16,70.79 16,35.36(d) Other Current Assets 14.69 62.31(e) Loans & Advances 30,65.85 42,57.353,19,94.98 2,63,61.12Less:CURRENT LIABILITIES & PROVISIONS 8(a) Liabilities 1,57,34.84 1,46,43.28(b) Provisions 8,55.18 4,42.641,65,90.02 1,50,85.92NET CURRENT ASSETS 1,54,04.96 1,12,75.20(4) MISCELLANEOUS EXPENSES 9 1,23.57 1,88.65(to the extent not written-off or adjusted)TOTAL 2,57,84.89 2,16,93.02SIGNIFICANT ACCOUNTING POLICIESAND NOTES ON FINANCIAL STATEMENTS 14As per our report attachedA. K. JalanFor and on behalf ofAjit GulabchandDalal & ShahV. B. HaribhaktiChartered AccountantsMadhur BajajD. B. DhruvAnish Amin Mangesh Patil Shekhar Bajaj H. R. SrivastavaPartner Company Secretary Chairman & Managing Director DirectorsMumbai, 30th May, 2005 Mumbai, 30th May, 200562

Profit and Loss Account for the year ended 31st March, 2005Year ended 31.3.2005 Year ended 31.3.2004Schedule Rs. lacs Rs. lacs Rs. lacs Rs. lacsINCOMESales 10-(a) 6,74,49.55 5,20,57.45Less: Discount 5,07.11 5,12.14Less: Excise duty on above 21,53.49 10,38.57Net Sales 6,47,88.95 5,05,06.74Operating Income 10-(b) 1,74.50 1,85.15Other Income 10-(c) 2,09.17 3,39.26Profit on sale of development rights of land (See Note No. 4) — 11,69.806,51,72.62 5,22,00.95EXPENSESCost of Goods Sold and Materials Consumed 11 4,91,30.25 3,90,17.97Other Expenditure 12 1,29,66.69 1,05,54.62Amounts Written Off 13 2,66.43 2,43.20Depreciation 6,33.52 6,40.62Less: Transferred from Revaluation Reserve 34.77 5,98.75 38.30 6,02.326,29,62.12 5,04,18.11Profit before Provisions and Tax 22,10.50 17,82.84Provision for: Doubtful Debts and Advances 52.31 1,37.52Doubtful Debts and Advances written back (99.26) (46.95) (27.01) 1,10.51Operating Profit before Tax 22,57.45 16,72.33Less: Impact of Discontinued Operations (See Note No. 5) 78.19 —Profit before Tax 21,79.26 16,72.33Taxation — Current 1,75.00 1,26.00Taxation — Deferred 6,20.18 4,10.32Profit for the year after Tax 13,84.08 11,36.01Prior Period Expenses (18.49) (1,05.29)13,65.59 10,30.72Add: Balance brought forward from previous year 4,99.13 —Balance available for appropriation 18,64.72 10,30.72APPROPRIATIONSInterim Dividend on Preference shares 1,00.00 1,10.00Proposed Dividend (Refer Directors’ Report) 2,59.29 86.43Tax on Corporate Dividend 49.43 25.16Transferred to General Reserve 9,50.00 3,10.00Balance carried to Balance Sheet 5,06.00 4,99.1318,64.72 10,30.72SIGNIFICANT ACCOUNTING POLICIESAND NOTES ON FINANCIAL STATEMENTS 14EPS — Numerator (See Note No. 27) 12,52.52 9,06.63Basic and diluted (Rs.) 14.49 17.17As per our report attachedA. K. JalanFor and on behalf ofAjit GulabchandDalal & ShahV. B. HaribhaktiChartered AccountantsMadhur BajajD. B. DhruvAnish Amin Mangesh Patil Shekhar Bajaj H. R. SrivastavaPartner Company Secretary Chairman & Managing Director DirectorsMumbai, 30th May, 2005 Mumbai, 30th May, 200563

Schedule Nos. 1-14 annexed to and forming part of the Financial Statements for the year ended 31st March, 2005.Schedule 1 - Share CapitalAs atAs at31st March, 2005 31st March, 2004Rs. lacsRs. lacsAuthorised:1,00,00,000 Equity Shares of Rs. 10 each 10,00.00 10,00.001,00,00,000 Preference Shares of Rs. 10 each 10,00.00 10,00.0020,00.00 20,00.00Issued, Subscribed & Paid up:86,42,880 Equity Shares of Rs. 10 each fully paid up 8,64.29 8,64.291,00,00,000 10% Cum. Redeemable Preference Sharesof Rs. 10 each fully paid up (See note 3 below) 10,00.00 10,00.0018,64.29 18,64.29Notes:1. The Equity Shares of Rs.100 each have been sub-divided into Equity Shares of Rs.10 each with effect from 28th November, 1994.Prior to sub-division of the above Shares:(a) 280 Equity Shares of Rs.100 each were allotted as fully paid pursuant to a contract without payment being received in cash,(b) 17,278 Equity Shares of Rs.100 each were issued to the Deferred Shareholders pursuant to the Scheme of Conversion ofDeferred Shares into Equity Shares,(c) 3,754 Equity Shares of Rs.100 each were issued as fully paid to the Shareholders of the erstwhile Matchwel Electricals (India)Limited in terms of the Scheme of Amalgamation,(d) 96,032 Equity Shares of Rs.100 each were allotted as fully paid Bonus Shares by capitalising Reserves.2. 14,40,480 Equity Shares of Rs. 10 each were allotted as fully paid Bonus Shares by capitalising Reserves.3. 1,00,00,000, 11 % Cumulative Redeemable Preference Shares of Rs. 10 each fully paid issued during 1998-99 on private placementbasis were redeemable at par after 5 years with put/call option after 3 years from the date of allotment, i.e., 7th January, 1999 w.r.t.70,00,000 shares and 21st January, 1999 w.r.t. the balance 30,00,000 shares. The tenure of the said Preference Shares has beenextended and the same are now redeemable in four installments with put and call option after 3 years from previous redemption duedate. On and after 1st April, 2004, preference shares carry dividend at the rate of 10%.4. 43,21,440 Equity shares of Rs. 10 each, fully paid up were issued during the financial year 2003-04 and allotted on 20th November,2003 at a premium of Rs. 15 per share, on right basis to the existing shareholders of the Company.Schedule 2 - Reserves and SurplusAs atAs at31st March, 2005 31st March, 2004Rs. lacsRs. lacsSecurities Premium AccountAs per last Accounts 22,89.83 16,59.78Received During the year — 6,48.2222,89.83 23,08.00Less: Share Issue Expenses — 18.1722,89.83 22,89.83Capital SubsidyFrom Maharashtra Energy Development AgencyAs per last Accounts 20.00 20.00Revaluation Reserve (See Note No. 8)As per last Accounts 14,31.96 15,67.25Less: Transferred to Profit & Loss Account 34.77 38.30Less: Adjusted on Sale of Fixed Assets 2,62.04 96.9911,35.15 14,31.96General ReserveAs per last Accounts 14,26.04 14,91.04Add: Transferred from Profit and Loss Account 9,50.00 3,10.0023,76.04 18,01.04Less: On adjustment to carrying cost of investment — 3,75.0023,76.04 14,26.04Profit and Loss Account 5,06.00 4,99.1363,27.02 56,66.9664

Schedule Nos. 1-14 annexed to and forming part of the Financial Statements for the year ended 31st March, 2005.Schedule 3 - Secured LoansAs atAs at31st March, 2005 31st March, 2004Rs. lacsRs. lacsTerm LoansLong Term Loans:From BanksFrom State Bank of Patiala 4,93.80 5,06.81From Bank of Punjab Ltd. 4,45.63 4,56.76(Secured by first pari passu charge in favour of the above banks over the presentand future Fixed Assets situated at Chakan Unit including an equitable Mortgage ofimmovable properties at Chakan Unit)From State Bank of Bikaner & Jaipur 7,82.00 8,02.00From Bank of India 9,77.00 10,02.00From Punjab National Bank 2,44.00 2,50.00(Secured by first pari passu charge in favour of the above banks over the presentand future Fixed Assets situated at Ranjangaon Unit including an equitable Mortgageof immovable properties situated at Ranjangaon Unit)From UTI Bank Limited 4,58.54 —(i) (Secured by first pari passu charge to be created over present and future FixedAssets of the company, situated at Ranjangaon Unit, Chakan Unit and WindFarm including an equitable Mortgage of immovable properties situated atRanjangaon Unit, Chakan Unit and Wind Farm situated at Village Vankusawade,Satara District, Maharashtra)(ii) (Second charge to be created over the present and future stock of inventoriesand other current assets of the Company)From HDFC Bank Ltd. 6.65 —(Secured by way of hypothecation of vehicles acquired out of the said loan)Interest Accrued and Due on above Loans 17.25 1.98From OthersFrom Housing Development Finance Corporation Ltd. 5,17.56 5,90.56(Secured by way of equitable mortgage of the Company's immovable properties)From Indian Renewable Energy Development Agency Limited — 5,78.64(Secured by equitable mortgage by deposit of title deeds in respect of Company'sall immovable properties situated at Vankusawade Village, Satara District, Maharashtra)From Kotak Mahindra Primus Ltd. 11.61 —(Secured by way of hypothecation of vehicle acquired out of the said loan)Short Term LoansFrom HDFC Bank Ltd. 10,00.00 10,00.00(Secured by subservient charge over the present and future stock of inventoriesand other current assets of the Company)From IndusInd Bank Ltd. 10,00.00 5,00.00(Secured by subservient charge to be created over the present and future stockof inventories and other current assets of the Company)Carried forward... 59,54.04 56,88.7565

Schedule Nos. 1-14 annexed to and forming part of the Financial Statements for the year ended 31st March, 2005.Schedule 3 - Secured Loans — contd.As atAs at31st March, 2005 31st March, 2004Rs. lacsRs. lacsbrought forward... 59,54.04 56,88.75Working Capital LoansFrom consortium banksWorking Capital Demand Loan 27,42.43 34,24.82Cash Credit 34,56.64 8,90.26Secured by:(i) First pari passu charge by way of hypothecation of inventories, book debtsand an equitable mortgage of the Company’s immovable properties at Wardhaand Mumbai.(ii) Second charge over present and future Assets at Ranjangaon Unit includingequitable mortage on immovable property at Ranjangaon and Chakan UnitThese securities also extend to the various credit facilities including Guaranteesand Letters of Credit of Rs. 59,10.91 lacs (previous year Rs. 36,85.15lacs) executed on behalf of the Company established in the normal courseof business.1,21,53.11 1,00,03.83Schedule 4 - Unsecured LoansFrom Housing Development Finance Corporation Limited 34.62 54.44(Under a line of credit for employees)Less: Disbursed to Employees as per contra (See Schedule 7(e)) 34.62 54.44— —Fixed Deposits 9,87.50 8,61.83Sales Tax Deferral Loan 21,12.53 14,40.85(an incentive under 1993 Package Scheme of Incentives of SICOM)Short Term Loans:Inter-corporate Deposits 10,65.00 17,00.00From Arab Bangladesh Bank Ltd. 5,00.00 —46,65.03 40,02.6866

Schedule Nos. 1-14 annexed to and forming part of the Financial Statements for the year ended 31st March, 2005.Schedule 5 - Fixed AssetsGROSS BLOCK DEPRECIATION NET BLOCKAs at Additions/ Deductions As at As at For the Recoupment Upto As at Adjustment on Adjusted As at31.3.2004 Adjustments 31.3.2005 31.3.2004 year on 31.3.2005 31.3.2005 Impairments of Net block 31.3.2004Deductions Discontinued 31.3.2005Operations@Rs. lacs Rs. lacs Rs. lacs Rs. lacs Rs. lacs Rs. lacs Rs. lacs Rs. lacs Rs. lacs Rs. lacs Rs. lacs Rs. lacsGoodwill 0.38 — — 0.38 0.38 — — 0.38 — — — —*Land (Freehold) 3,89.60 — 78.94 3,10.66 — — — — 3,10.66 — 3,10.66 3,89.60*Land (Leasehold) # 2,88.34 — 3.02 2,85.32 — — — — 2,85.32 — 2,85.32 2,88.34Roads and Culverts 1,50.14 4.68 15.92 1,38.90 11.86 2.42 1.95 12.33 1,26.57 — 1,26.57 1,38.28*Buildings(See Note 8) 28,30.16 75.64 4,98.11 24,07.69 4,97.85 82.25 1,28.72 4,51.38 19,56.31 — 19,56.31 23,32.30*Ownership Premises(See Note 7) 13,72.06 78.63 1,02.10 13,48.59 2,12.64 24.18 24.58 2,12.24 11,36.35 — 11,36.35 11,59.43**Plant & Machinery 54,13.51 2,60.37 4,98.81 51,75.07 13,36.00 2,99.01 2,43.80 13,91.21 37,83.86 2,21.42 35,62.44 40,77.51Dies, Jigs andPatterns 4,27.54 1,03.92 34.66 4,96.80 1,42.83 51.00 16.16 1,77.67 3,19.13 — 3,19.13 2,84.71Furniture & Fixturesand Equipments 17,77.54 1,73.10 46.97 19,03.67 9,48.02 1,46.35 35.39 10,58.98 8,44.69 — 8,44.69 8,29.51Trade Marks 0.40 — — 0.40 0.40 — — 0.40 — — — —Vehicles 2,09.11 26.16 70.50 1,64.77 1,02.47 17.66 43.46 76.67 88.10 — 88.10 1,06.65Temporary Structures 19.02 10.65 1.00 28.67 19.02 10.65 1.00 28.67 — — — —Total 1,28,77.80 7,33.15 13,50.03 1,22,60.92 32,71.47 6,33.52 4,95.06 34,09.93 88,50.99 2,21.42 86,29.57 96,06.33Previous year 1,34,11.90 2,27.65 7,61.75 1,28,77.80 30,11.23 6,40.62 3,80.38 32,71.47 — — 96,06.33Notes:1. Gross Block at cost except items marked ‘*’ which are at book value (See Note 8).** Includes in net block assets not in use and held for disposal of Rs. 126.42 Lacs.# Represents Rs. 3.02 lacs which has been amortised over the lease period.@ See Note 5.67

Schedule Nos. 1-14 annexed to and forming part of the Financial Statements for the year ended 31st March, 2005.Schedule 6 - Investments at CostFace As at As atNo. and Class of Shares/Units Value 31.3.2005 31.3.2004Rupees Rs. lacs Rs. lacsLong Term:Quoted:6.75% Tax free Bond of Unit Trust of India 77,385 Bonds (77,385 Bonds) 100 77.39 77.39Unquoted:Government Securities:6 - Year National Savings Certificates — — 76,500 0.77 —6 - Year Indira Vikas Patra* — — 56,200 0.56 0.56Others:In Equity SharesM.P. Lamps Limited(Partly Paid Shares – Rs. 2.50 per sharepaid up, Called up Rs. 5.00 per share)(See Note 9) 48,000 Equity (48,000 Equity) 10 1.20 1.20M.P. Lamps Limited(Partly Paid Shares – Rs. 1.25 per sharepaid up, Called up Rs. 5.00 per share)(See Note 9) 95,997 Equity (95,997 Equity) 10 1.20 1.20Trade Investments (Fully Paid):The Kalyan Janata Sahakari Bank Ltd. 4,000 Equity (4,000 Equity) 25 1.00 1.00Hind Lamps Limited 2,00,000 ‘A’ Class (2,00,000 ‘A’ ClassEquity Equity) 25 25.00 25.00Utkal Electricals Ltd. 14,400 Equity (14,400 Equity) 100 14.40 14.40Mayank Electro Ltd. 100 Equity (100 Equity) 100 0.10 0.10Bajaj Ventures Ltd. 75,00,000 Equity (75,00,000 Equity) 10 3,75.00 7,50.00Less: Adjustment to carrying costs on — (3,75.00)rectification by averaging costs oninvestments sold in earlier yearIn Preference SharesBajaj Ventures Ltd. 1,00,00,000 – 2% Non-Cumulative (NIL) 10 10,00.00 —Redeemable Preference Shares14,19.23 4,18.4614,96.62 4,95.85As at 31.3.2005 As at 31.3.2004Particulars Cost Market Value Cost Market ValueRs. lacs Rs. lacs Rs. lacs Rs. lacsTotal quoted 77.39 81.00 77.39 83.79Total unquoted 14,19.23 N.A. 4,18.46 N.A.14,96.62 81.00 4,95.85 83.79Details of investments purchased and sold during the year Face Value CostRupees Rs. LacsIn Mutual FundsICICI Prudential Liquid Plan 2,22,35,079 Units 10 26,36.50* 6-Year Indira Vikas Patra of the Face Value of Rs. 52,800 which are matured but not encashed are lying with Governmentdepartment. See note 1(IV).Figures and words in brackets, in this schedule, indicate previous years No. and Class of Shares/Units.68

Schedule Nos. 1-14 annexed to and forming part of the Financial Statements for the year ended 31st March, 2005.Schedule 7 - Current Assets, Loans and Advances(a)As atAs at31st March, 2005 31st March, 2004Rs. lacsRs. lacsInventories: (As valued & certified by the Management)Stores, Spares and Packing Materials: At cost* 76.69 32.81Raw Materials and Components: At cost* 15,64.47 8,65.33Work-in-Process: At cost or net realisable value whichever is lower 6,51.91 3,11.12Finished Goods in Transit: (Cost to date) 34.13 1,34.04Finished Goods: At cost or net realisable value whichever is lower 64,13.24 41,77.1787,40.44 55,20.47* Except slow and non-moving inventory which is valued at realisable value.(b)(c)(d)(e)Sundry Debtors: UnsecuredOver six months:Good 31,50.31 15,35.90Doubtful 3,35.25 4,32.0334,85.56 19,67.93Others: Good 1,53,52.90 1,33,49.731,88,38.46 1,53,17.66Less : Provision 3,35.25 4,32.031,85,03.21 1,48,85.63Cash & Bank Balances:Cash in hand 9,39.63 9,45.20(including cheques on hand Rs. 9,19.78 lacs, previous year Rs. 9,35.13 lacs)Balance with Scheduled Banks:In Cash Credit Account 6,57.83 —In Current Accounts 47.93 29.34In Deposits (Deposit receipts of the value of Rs. 0.44 lacs, previous year 21.03 42.30Rs. 0.44 lacs are deposited with Government Departments matured butnot encashed)Margin Money 3.16 6,02.91Interest accrued but not due on above 1.01 25.20 15.56 6,60.77Balance with Co-operative Bank: In Current Account The Kalyan Janta SahakariBank Ltd. Maximum balance outstanding during the year Rs. 0.20 Lacs 0.20 0.05(Previous year Rs. 0.05 Lacs)16,70.79 16,35.36Other Current Assets:Interest accrued on Investments, Loans, etc. 14.69 62.31Loans & Advances:(Unsecured, considered good, unless otherwise stated):Loans given to CompaniesHind Lamps Ltd., an associate company. Maximum balance 3,00.00 3,00.00outstanding during the year Rs. 3,00.00 lacs (Previous yearRs. 3,00.00 lacs)*Bajaj Ventures Ltd., an associate company. Maximum balance — 6,94.13outstanding during the year Rs. 6,94.13 lacs (Previous yearRs. 6,94.13 lacs)3,00.00 9,94.13Housing Loans to Employees 72.00 96.65Less: Loan from HDFC as per contra (See Schedule 4) 34.62 54.4437.38 42.21Advances recoverable in cash or in kind or for value to be receivedGood 24,63.87 30,70.97Doubtful 1,82.30 1,32.4726,46.17 32,03.44Less: Provision 1,82.30 1,32.4724,63.87 30,70.97Advance Tax (Net of Provisions) 2,33.57 1,50.01Balances with Central Excise and Customs Department 31.03 0.0330,65.85 42,57.353,19,94.98 2,63,61.12*No repayment schedules have been stipulated.69

Schedule Nos. 1-14 annexed to and forming part of the Financial Statements for the year ended 31st March, 2005.Schedule 8 - Current Liabilities and ProvisionsAs atAs at31st March, 2005 31st March, 2004Rs. lacsRs. lacs(a)Current Liabilities:Acceptances (See Note 12) 50,91.88 60,71.16Sundry Creditors:Dues of Small Scale Industrial Undertakings (See Note 11(c)) 43.53 36.95Other than Small Scale Industrial Undertakings 99,08.29 77,57.71Overdrawn in Current Account (Temporary overdraft, as per books of account only) — 79.38Trade Deposits 4,01.19 4,05.45Advance against Proposed Sale of development rights of land 2,00.00 2,25.00Unclaimed Dividends 9.53 10.20Interest accrued but not due on Loans 80.42 57.431,57,34.84 1,46,43.28(b)Provisions:Provision for Leave Entitlement Liability 3,86.86 3,45.14Provision for Warranties & Claims 1,72.67 —Proposed Dividend 2,59.29 86.43Provision for Tax on Proposed Corporate Dividend 36.36 11.078,55.18 4,42.641,65,90.02 1,50,85.92Schedule 9 - Miscellaneous Expenditure(to the extent not written-off or adjusted)(a) Compensation on Voluntary Retirement (See Note 1(XII))Amount un-amortised at the beginning of the year 1,83.92 3,69.55Add: Amount transferred during the year — 14.34Less: Amount amortised during the year 60.35 1,99.97Amount un-amortised at the end of the year 1,23.57 1,83.92(b) Re-structuring Cost — 4.731,23.57 1,88.6570

Schedule Nos. 1-14 annexed to and forming part of the Financial Statements for the year ended 31st March, 2005.Schedule 10 - (a) SalesYear ended Year ended31st March, 2005 31st March, 2004Rs. lacsRs. lacsSales (net of returns, rebates, etc.) 6,69,86.99 5,15,68.98Job Work Receipts 1,90.21 3,07.47Sale of Manufacturing Scrap 2,72.35 1,81.006,74,49.55 5,20,57.45Schedule 10 - (b) Operating IncomeCompensation for transfer of Sales Tax Incentive entitlement 1,65.40 1,66.96Export Incentive 9.10 18.191,74.50 1,85.15Schedule 10 - (c) Other IncomeProfit on Sale of Assets (Net) 46.73 21.98Dividend Income 1.65 0.04Rent Income 3.64 1.13Foreign Exchange Fluctuation Gain — 99.64Miscellaneous Income (See Note 23) 1,57.15 2,16.472,09.17 3,39.26Schedule 11 - Cost of Goods Sold and Materials ConsumedYear ended Year ended31st March, 2005 31st March, 2004Rs. lacsRs. lacs(a) Raw Materials & Components Consumed:Stock at Commencement 8,65.33 9,92.27Purchases 1,12,09.51 60,65.371,20,74.84 70,57.64Less: Sales 16.63 6.60Less: Stock at Close 15,64.47 8,65.331,04,93.74 61,85.71(b) Components Processing Charges 7,48.67 5,60.87(c) Purchases:Finished Goods and Materials for Works Contracts 3,84,99.29 3,06,12.26Payments to Sub-Contractors 9,82.44 5,60.943,94,81.73 3,11,73.20(d) Freight, Octroi, Entry Tax, etc. 9,82.97 7,81.18(e) (Increase) / Decrease in Stock:Stock at Commencement:Work-in-Process 3,11.12 2,68.01Finished Goods 41,77.17 45,37.2944,88.29 48,05.30Stock at Close:Work-in-Process 6,51.91 3,11.12Finished Goods 64,13.24 41,77.1770,65.15 44,88.29(25,76.86) 3,17.014,91,30.25 3,90,17.9771

Schedule Nos. 1-14 annexed to and forming part of the Financial Statements for the year ended 31st March, 2005.Schedule 12 - Other ExpenditureYear ended Year ended31st March, 2005 31st March, 2004Rs. lacsRs. lacsStores, Spares and Tools Consumed 5,25.33 2,08.36Packing Materials Consumed 2,41.66 1,99.59Power, Fuel and Water 65.90 17.18Freight and Forwarding (Net) 6,68.83 5,92.56Salaries, Wages, Bonus, etc. 24,40.51 18,85.29Amortisation of compensation under Voluntary Retirement Scheme 60.35 1,99.97Contribution to Provident & Other Funds and Schemes 4,78.33 4,08.67Welfare Expenses 84.76 82.37Advertisement and Publicity 13,69.89 10,42.89Rent (Net) 2,51.25 2,32.64Rates & Taxes (Including Leasehold Land Rent Rs. 0.01 lacs, previous year Rs. 0.01 lacs) 46.16 22.68Lease Rent 74.88 18.51Insurance 52.56 33.68Travelling, Conveyance and Vehicle Expenses 9,01.07 7,81.91Postage, Telegrams, Telephone and Telex 2,31.08 2,36.99Printing and Stationery 92.42 79.02Repairs: Buildings and Roads 52.56 23.55Machinery 31.17 48.40Others 1,09.20 71.601,92.93 1,43.55Interest: Fixed Loans 7,76.56 11,11.06Other Loans 10,56.87 10,08.4318,33.43 21,19.49*Less: Received/Receivable (Gross) 1,95.84 2,54.3616,37.59 18,65.13Directors' Fees and Travelling Expenses 14.97 12.16Product Promotion & Service Charges (Net) 9,45.61 6,00.98Commission on sales 5,63.61 4,37.56Foreign Exchange Fluctuation Loss 50.76 —Donations 0.46 0.01Miscellaneous Expenses 19,75.78 14,52.921,29,66.69 1,05,54.62*Tax deducted under Section 194A Rs. 19.74 lacs (previous year Rs. 22.68 lacs).Schedule 13 - Amounts Written OffInvestment – On exchange of Units for Bonds — 31.53Less: Provided and charged for in earlier years — (27.24)Fixed Assets 21.31 31.05Leasehold land Amortised 3.02 3.02Bad Debts 2,11.31 1,71.93Irrecoverable Advances, Claims, etc. 30.79 32.912,66.43 2,43.2072

Schedule Nos. 1-14 annexed to and forming part of the Financial Statements for the year ended 31st March, 2005.Schedule 14 - Notes Forming Part of the Financial Statements1. Statement on significant Accounting Policies followed by the Company:I. System of Accounting:(i) The Company generally follows the accrual basis of accounting both as to income and expenditure except thosewith significant uncertainties.(ii) Financial statements are based on historical cost. These costs are not adjusted to reflect the impact of the changingvalue in the purchasing power of money.(iii) The preparation of financial statements in conformity with generally accepted accounting principles requiresmanagement to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenueand expenses and disclosure of contingent assets and liabilities. The estimates and assumptions used in theaccompanying financial statements are based upon management’s evaluation of relevant facts and circumstancesas of the date of the financial statements.II. (A) Fixed Assets:(i) Freehold Land, Leasehold Land, Buildings (including Leasehold Land appurtenant thereto) and Premises onOwnership basis have been revalued as on 30th September, 1994 and are accordingly carried thereafter atrevalued figures less accumulated depreciation/amortisation thereon, except freehold land which are carriedat their revalued figures. Additions thereafter are carried at their cost of acquisition less accumulateddepreciation.(ii) Capital goods manufactured by the Company for its own use are carried at their cost of production (includingduties and other levies, if any) less accumulated depreciation and Other Fixed Assets are carried at cost ofacquisition (including cost of specific borrowings) less accumulated depreciation.(B)Depreciation:(i) (a) Depreciation on all Fixed Assets (other than leasehold land which is amortised over the period of leaseand those mentioned in (ii) and (iii) below) is being provided on “Straight Line Method” and at the SLMrates and in the manner specified in Schedule XIV to the Companies Act, 1956.(b) Pursuant to the revision in the rates prescribed in Schedule XIV to the Companies Act, 1956 videnotification No. GSR 756(E) dt.16.12.93 issued by the Ministry of Law, Justice and Company Affairs,depreciation has been calculated at new rates only on additions to assets made after the said date.(ii) The depreciation on increased value due to revaluation of buildings and the premises on ownership basis,is being provided on Straight Line Method at the rates specified considering the balance period of life of theassets.The additional charge of depreciation on increased value due to revaluation of buildings and the premises onownership basis, has been transferred from Revaluation Reserve to the Profit and Loss Account.(iii) The Company has provided 100% depreciation on items of Plant & Machinery costing Rs.5,000/- or less upto15.12.93. Consequent to the amendment in the schedules as indicated in Note (i) (b) above from 16.12.93,on all additions to fixed assets costing Rs.5,000/- or less, 100% depreciation is provided.III.IV.Conversion of Foreign CurrenciesThe export sales are accounted with reference to the Mate’s Receipt. The foreign currency loans and current assetsoutstanding on the date of Financial Statements are stated at the relevant exchange rate prevailing at the close of theyear. The exchange difference arising from foreign currency transactions are dealt with in the Profit & Loss Account.InvestmentsInvestments are valued at cost of acquisition less provisions made for diminution in the value of investments which,in the judgment of the management, are necessary.V. Inventory ValuationCosts of Inventories have been computed to include all costs of purchases, cost of conversion and other cost incurredin bringing the inventories to their present location and condition.A. Finished Goods and Work-in-Process(a) Finished Goods(i) Traded finished goods and spares are valued at cost, determined on “First In First Out” basis or NetRealizable Value, whichever is lower.(ii) Finished goods manufactured by the Company are valued at lower of cost, determined on “First In FirstOut” basis or Net Realizable Value.(b) Work-in-Process is valued at cost.73

Schedule 14 - Contd.B. Raw MaterialsRaw materials are valued at monthly weighted average cost.C. Stores, Spares and Loose tools(i) Stores are valued at monthly weighted average cost.(ii) Spares are valued at monthly weighted average cost.(iii) Loose tools are valued at monthly weighted average cost.D. However, obsolete and non-moving inventory of raw materials, stores and spares is carried at cost or market value,whichever is lower.VI.VII.Income from Works Contracts“Works Contract” revenues are recognized by reference to the stage/percentage of completion against each contractat the end of every accounting period. Stage of completion for each contract, is arrived at by reference to the aggregatebillings to the total contract value. However, where the net outcome of any ongoing contract is reliably estimated to bea loss, due provisions for the estimated losses are made.Retirement BenefitsA. GratuityThe Company is making contributions on an actuarial basis as determined by the Life Insurance Corporation ofIndia (LIC), through Bajaj Electricals Limited Employees’ Group Gratuity Trust, to the “Group Gratuity-cum-LifeAssurance Scheme” under the Cash Accumulation Policy, which also covers employees who are entitled to gratuityafter attainment of retirement age.B. SuperannuationContribution to Superannuation fund is being made to Life Insurance Corporation of India as per the Scheme ofthe Company.C. Provident FundEmployees’ own and employer’s contribution (after paying Family Pension Scheme portion to Provident FundAuthority) are paid to the trustees “Bajaj Electricals Limited Employees’ Provident Fund Trust”/Concerned Authorities.D. Employees’ Pension SchemeContribution to Employees’ Pension Scheme, 1995 is made to the Government Provident Fund Authority.VIII.IX.Leave EncashmentLeave Encashment benefit is provided on the basis of actual liability as at the year end depending on the last drawnsalary and the un-availed leave, subject to the maximum ceiling prescribed, to the credit of each eligible employee.Export IncentivesExport incentives are accounted for on export of goods if entitlement can be estimated with reasonable accuracy andconditions precedent to claim are fulfilled.X. Borrowing CostsBorrowing costs are recognized in the Financial Statements except in respect of specific borrowing raised for acquisitionof capital asset until such time the asset is ready to be put to use for its intended purpose, which are added to carryingcost of such asset.XI.XII.Taxation(i) Deferred Tax Assets and Liabilities are recognized for the future tax liability arising on account of timing differencebetween the taxable income and the profits as per the Financial Statements.(ii) Deferred Tax Assets are recognized to the extent the management is virtually certain they are going to be realizedin future.(iii) Deferred Tax Assets and Liabilities have been recognized by considering the tax rate which has been enacted/enacted subsequently after the date of Financial Statements.Voluntary Retirement benefitsIn order to achieve ‘Business Restructuring’ through employee strength realignment, the Company, with a long-term view,retires employees by offering a Voluntary Retirement Scheme. Aggregate liability on account of the retirement packageand connected statutory and other payments are, together, deferred over five financial years, being the estimated periodof benefit.74

Schedule 14 - Contd.XIII.XIV.Discontinued OperationsAssets and Liabilities of Discontinued Operations are assessed at each Balance Sheet Date. Impacts of any impairmentsand write backs are dealt with in the Profit and Loss Account.Impacts of Discontinued Operations are distinguished from the Ongoing Operations of the Company, so as their impacton the Profit and Loss Account for the year can be perceived.ProvisionsProvisions are recognized for current obligations which are likely to entail outflow of economic resources in future periodsconsequent to obligating events prior to the close of the year.However, where such obligations are not likely to entail outflows in future periods and are contingent on the futureoutcome of events, are disclosed as a matter of information as “Contingent Liabilities”.2. (i) Contingent Liabilities not provided for:As at 31.3.2005 As at 31.3.2004Rs. lacsRs. lacs(a) Disputed Income-tax Matters 50.81 55.97(b) Disputed Excise Matters — Gross 93.76 97.95— Net of tax 62.20 62.81(c) Disputed Sales Tax Matters — Gross 3,47.47 4,22.35— Net of tax 2,30.51 2,70.83(d) Disputed Customs Duty Matters — Gross 15.00 15.00— Net of tax 9.95 9.62(e) Claims against the Company not acknowledged as debts — Gross 4,93.35 11,92.48— Net of tax 3,27.29 7,64.68(f)Disputed Liability in respect ofGratuity Contribution as demanded by LIC — Gross 6,22.98 5,40.07— Net of tax 4,13.28 3,46.32(g) Guarantees/Letter of Comfort given on behalf of other Companies 11,00.00 11,00.00(Including Rs. 4,50.00 lacs discharged in April 2005)(h)Penalty/damages/interest, if any,due to non-fulfillment of any of the terms of works contractsAmounts not ascertainable(ii) Uncalled liability in respect of partly paid Shares held as investments 7.20 7.203. The Company has recognised Deferred Taxes which result from the timing difference between the Book Profits and TaxableIncome for the year 2004-05, the details of which are as under:Particulars Balance as at For the year ended Balance carried31st March, 2004 on 31.3.2005 as at 31.3.2005Rs. in Lacs Rs. in Lacs Rs. in LacsDeferred Tax LiabilitiesOn Account of timing difference in(a) Depreciation 14,23.63 (1,35.11) 12,88.52(b) Re-structuring Cost 1.70 (1.70) —Total 14,25.33 (1,36.81) 12,88.52Deferred Tax AssetsOn Account of timing difference in(a) Unabsorbed Depreciation 11,35.61 (7,62.72) 3,72.89(b) Section 43B Disallowances 8.50 (0.53) 7.97(c) MAT credit 2.14 (0.13) 2.01(d) Leave Entitlement Liability 1,23.82 6.39 1,30.21Total 12,70.07 (7,56.99) 5,13.08Net Deferred Tax (Asset)/Liability 1,55.26 6,20.18 7,75.4475

Schedule 14 - Contd.The management has recognized Deferred Tax Assets represented in Carried Forward Unabsorbed Depreciation on virtualcertainty of the availability of adequate taxable profits in future years, which, in operations, is demonstrated by the improvedprofitability of some earlier under-performed operations of the Company coupled with a healthy and growing order book forthe products.4. The Company has, during the year, sold development rights attributable to the portion of land, at the erstwhile Matchwel Unit,vacant on closure of the said unit as against past sale of development rights of vacant surplus land.Hence, the results of the aforementioned sale, this year, is treated as an “Impact of Discontinued Operations” detailed inNote 5 below, as required by Accounting Standard 24 issued by the Institute of Chartered Accountants of India.5. Impact of Discontinued Operations:The Company had in the previous years discontinued the operations of the Matchwel Unit and the Die Casting activity atChakan Unit. The impact of the realizations on assets disposed off this year and impairment of assets held for disposal isdetailed below:Particulars 2004-05 2003-04Rs. In Lacs Rs. In LacsProfit on Sale of Development Rights of Factory Land (Matchwel Unit) 2,36.65 —Less: Impairment in the value of assets of die-casting activity 3,14.84 —Impact of impairment of Discontinued Operations (78.19) —6. As required by Accounting Standard 29 – “Provisions, Contingent Liabilities and Contingent Assets” mandatory in itsapplication with effect from 1 st April, 2004, recognized a liability aggregating to Rs. 172.67 lacs for expected warranty claimsthat are estimated to be incurred in future periods arising out of sales made upto the closure of the year. Until last year,the liability in respect of warranty claims was recognized by charging one-third value of spares inventory.7. Ownership premises include the sum of Rs. 950 (Previous Year Rs. 1,700) being the Face Value of Shares in co-operativesocieties required to be held under their respective bye-laws.8. The buildings (including leasehold land appurtenant thereto) and ownership premises had been revalued as on 1st January,1985 then resulting in the net increase in the book value by Rs. 3,21.01 lacs which had been transferred to RevaluationReserve. All the freehold land, leasehold land, buildings (including leasehold land appurtenant thereto) and premises onownership basis had been revalued as on 30th September, 1994 resulting in a further net increase in the book value of thesaid assets as on 1st October, 1994 by Rs. 23,05.87 lacs which also had been transferred to the Revaluation Reserve.As a result of the above, the total net increase in the book value of the said assets aggregates to Rs. 26,26.88 lacs(Rs. 62.51 lacs on freehold and Rs. 13.69 lacs on leasehold land, Rs. 8,16.49 lacs on building and Rs. 17,34.19 lacs onownership premises).The depreciation on the increased value has resulted in an additional charge for the year of Rs. 34.77 lacs (Previous YearRs. 38.30 lacs). An amount equivalent to the additional charge has been transferred from Revaluation Reserve to Profit &Loss A/c. Such transfer, according to an authoritative professional view, is acceptable for the purpose of the Company’sFinancial Statements. The balance depreciation charged on original cost of assets is in accordance with the SLM ratesspecified in Schedule XIV to the Companies Act, 1956.9. In respect of Investments made in M. P. Lamps Ltd., a call of Rs. 2.50 on 48,000 equity shares and Rs. 3.75 on 95,997equity shares aggregating to Rs. 4.80 lacs has not been paid by the Company. Against this, M. P. Lamps Limited holds asum of Rs. 2.10 lacs due to the Company as one of the promoters. The entire matter continues to be under negotiationwith them and the necessary adjustment will be made on finalisation of negotiations.10. Estimated amount of contracts remaining to be executed on capital account Rs. 3,33.42 lacs (Previous Year Rs. 96.50 lacs)net of advances.11. (a) To the extent of information available with the Company, no amount is overdue and outstanding at the close of the year(Previous Year Rs. Nil) payable to Small Scale and Ancillary Industrial Undertakings as defined by the Interest on DelayedPayments to Small Scale and Ancillary Industrial Undertakings Act, 1993. Consequently, no provision (Previous YearRs. Nil) in respect of Interest Payable on Delayed Payments as required by the said Act is necessary.(b)As per the records maintained and to the extent of information available with the Company, the outstanding dues toSmall Scale Industrial Undertaking at the close of the year has been shown in Schedule 8 separately under the head“Sundry Creditors”. A Small Scale Industrial Undertaking has the same meaning as assigned to it under clause (j) ofsection 3 of the Industries (Development and Regulation) Act, 1951.76

Schedule 14 - Contd.(c)Names of Small Scale Industrial Undertakings to whom an amount was payable and outstanding for more than 30 daysare as under:1. Prakash Corrugated Pvt. Ltd. 2. Gild Packaging Pvt. Ltd. 3. KSP Electricals Pvt. Ltd.4. HCPL Electricals Pvt. Ltd. 5. Sankhya Shafts & Spindels Pvt. Ltd. 6. Jayshree Industries7. Theromolite Packaging Pvt. Ltd. 8. Fan Regulators 9. Jimcap Electronics India10. Pearl Engineering Co. 11. Goa Precision Stampings Pvt. Ltd.12. Tulika Appliances Pvt. Ltd.12. Acceptances include Rs. 13,27.02 lacs (Previous Year Rs. 14,40.55 lacs) for bills accepted by the Company and discountedby the suppliers with Small Industries Development Bank of India under a line of credit extended to the Company, whichare secured by a second charge on raw materials, goods in process, semi-finished goods, finished goods and book debtsand also on the collateral security created by way of equitable mortgage on the Company’s properties at Mumbai and Wardha.13. Provision for taxation includes Rs. 5.00 lacs (Previous Year Rs. 5.00 lacs), provided in respect of wealth tax liability for theyear.14. C.I.F. value of imports, expenditure and earnings in foreign currencies:Previous YearRs. lacsRs. lacs(a) C.I.F. value of imports:(i) Raw Materials 64.47 2,55.30(ii) Capital Goods 35.14 —(iii) Finished Goods 23,61.69 14,86.30(iv) Machinery Spares 1.30 —24,62.60 17,41.60(b)(c)Expenditure in foreign currency, Gross:(i) Other Expenses 1,33.30 64.991,33.30 64.99Earnings in foreign exchange:(i) F.O.B. value of exports 3,71.30 1,92.11(ii) Freight & Insurance on exports — 20.473,71.30 2,12.5815. Payments made to Auditors:(a) Audit Fees (including service tax) 9.92 8.10(b) Tax Audit Fees (including service tax) 4.03 3.24(c) Certification Work (including service tax) 3.70 6.21(d) Out of Pocket Expenses 0.82 0.6818.47 18.2316. Commission Payable to the Managing Director as per Section 309(5) of the Companies Act, 1956ParticularsPrevious YearRs. lacs Rs. lacs Rs. lacs Rs. lacsProfit Before Provisions 22,24.04 17,82.84Add:(i) Depreciation 5,98.75 6,02.32(ii) Managerial Remuneration 27.61 21.95(iii) Compensation under VRS 60.35 1,99.97(iv) Directors’ Sitting Fees 3.70 6,90.41 3.30 8,27.5429,14.45 26,10.38Less:(i) Depreciation as per Section 350 5,98.75 6,02.32(ii) Profit on Sale of Fixed Assets 46.73 11,91.78(iii) Gratuity, LE under VRS included in (iii) above 11.16 6,56.64 30.89 18,24.99Net Profit computed in accordance with Section 349 22,57.81 7,85.39Excess of Expenditure over Income of previous year 9,03.26 16,88.65Net Profit computed in accordance with Section 349 13,54.55 (9,03.26)Commission payable to Managing Director 13.54 —77

Schedule 14 - Contd.17. Managing Director’s Emoluments, included under ‘Salaries, Wages, Bonus, etc.’ in Schedule 12 – Other ExpenditureRs. lacsPrevious YearRs. lacsSalary 19.10 14.90Contribution to Provident Fund, Gratuity Fund & Superannuation Scheme, etc. 5.16 5.26Perquisites 3.35 1.79Commission 13.54 —41.15 21.9518. Information about Business SegmentsCompany has identified its Business Segments as its Primary reportable segments which comprise of (i) Lighting,(ii) Consumer Durables, (iii) Galvanised Structures and (iv) Others. ‘Lighting’ includes Lamps, Tubes, Luminaires & Projects.‘Consumer Durables’ includes Appliances & Fans and ‘Others’ includes Die-Casting and Wind Energy.Previous YearRs. Lacs Rs. LacsPrimary Segment Information(1) Segment Revenue(a) Lighting 3,08,67.74 2,44,52.50(b) Consumer Durables 2,49,85.11 2,15,38.65(c) Galvanised Structures 89,45.10 45,33.78(d) Others 2,04.18 2,68.45Sub-total 6,50,02.13 5,07,93.38Less: Inter-segment Revenue 38.68 1,01.49Net Sales / Income from Operations 6,49,63.45 5,06,91.89(2) Segment Results [Profit/(Loss)] before Tax and Interest from each segment(a) Lighting 26,75.45 19,02.19(b) Consumer Durables 11,99.24 12,28.57(c) Galvanised Structures 2,85.07 (3,63.80)(d) Others 69.78 93.73Sub-total 42,29.54 28,60.69Less: (i) Interest 16,37.59 18,65.13(ii) Other un-allocable expenditure net of un-allocable income 3,81.45 3,82.52Operating Profit / (Loss) 22,10.50 6,13.04Extra ordinary item of income (78.19) 11,69.80Profit / (Loss) before Tax 21,32.31 17,82.84Provision for Doubtful Debts & Advances (46.95) 1,10.51Provision for Tax – Charge / (Release) 1,75.00 1,26.00Provision for Deferred Tax – Charge / (Release) 6,20.18 4,10.32Prior Period Expenses 18.49 1,05.29Profit / (Loss) after Tax 13,65.59 10,30.72(3) Capital Employed (Segment Assets less Segment Liabilities)Previous YearAssets Liabilities Net Assets Liabilities N e tRs. lacs Rs. lacs Rs. lacs Rs. lacs Rs. lacs Rs. lacs(a) Lighting 1,07,87.14 47,82.26 60,04.88 92,83.25 59,56.58 33,26.67(b) Consumer Durables 91,31.83 38,74.60 52,57.23 86,28.17 37,19.23 49,08.94(c) Galvanised Structures 99,07.78 17,81.21 81,26.57 53,77.29 7,08.12 46,69.17(d) Others 15,60.84 — 15,60.84 22,92.90 3.68 22,89.22(e) Other Un-allocable 1,08,63.75 61,51.95 47,11.80 1,14,24.87 46,98.31 67,26.56Total 4,22,51.34 1,65,90.02 2,56,61.32 3,70,06.48 1,50,85.92 2,19,20.5678

Schedule 14 - Contd.Previous YearRs. Lacs Rs. Lacs(4) Total cost incurred during the year to acquire segment assets that are expectedto be used during more than one period.(a) Lighting 95.42 —(b) Consumer Durables 6.20 21.45(c) Galvanised Structures 2,60.37 57.23(d) Others — —(e) Other Unallocable 3,71.16 1,48.97Total 7,33.15 2,27.65(5) Depreciation and Amortisation:(a) Lighting 1,38.03 1,28.72(b) Consumer Durables 34.10 32.31(c) Galvanised Structures 1,12.93 1,05.31(d) Others 1,02.89 1,32.45(e) Other Unallocable 2,13.82 2,06.55Total 6,01.77 6,05.34The Company caters mainly to the needs of the Indian Markets and the export turnover being 0.55% (Previous Year 0.38%)of the total turnover of the Company; there are no reportable geographical segments. All assets are located in India.19. Related Party TransactionsDetails of Transactions with Related Parties during the year as required by Accounting Standard - 18 on ‘Related PartyTransactions’ has been disclosed on the basis of parties identified by the Key managerial personnel to be within the definitionof Related Parties as per the Standard and noted by the Board of Directors. Accordingly, the information is disclosedhereunder.Names of Related Parties Nature of Transactions Transaction Value OutstandingAmounts Carried inthe Balance SheetRs. lacsRs. lacs(A) Associates & Joint Ventures:Hind Lamps Ltd. Purchases 52,59.16 435.11Sales 0.08 0.14Contribution to Equity — 25.00Trade Advances Given — 3,00.00Interest Received 28.16 —Services Rendered 4.00 —Bajaj Ventures Ltd. Purchases 3.68 (19.84)Sales 0.56 —Contribution to Equity — 3,75.00Contribution to 2% Non-CumulativeRedeemable Preference Shares 10,00.00 10,00.00Interest Received 40.67 —Trade Advances Given (6,94.13) —Services Received 7.51 —(B) Directors & Relatives:Mr. Shekhar Bajaj Remuneration Paid 41.15 —Mr. Madhur Bajaj Sitting Fees 0.40 —Mrs. Kiran Bajaj Rent Paid 6.00 —Rent Deposit Advanced — 2,50.00Mrs. Minal Bajaj NIL — —Mr. Anant Bajaj Remuneration Paid 2.08 —Ms. Kumud Bajaj NIL — —Mr. Niraj Bajaj NIL — —Mr. Niravnayan Bajaj NIL — —79

Schedule 14 - Contd.Names of Related Parties Nature of Transactions Transaction Value OutstandingAmounts Carried inthe Balance SheetRs. lacsRs. lacsMs. Deepa Bajaj NIL — —Mr. Rahul Bajaj NIL — —Mr. Rajivnayan Bajaj NIL — —Ms. Ruparani Bajaj NIL — —Mr. Sanjivnayan Bajaj NIL — —Ms. Minakshi Bajaj NIL — —Mr. Kushagra Bajaj NIL — —Mr. Shishir Bajaj NIL — —(C)Enterprises over which any persondescribed in (B) above is able toexercise significant influenceHind Musafir Agency Ltd. Services Received 2.07 —Reimbursement of Expenses 9.94 (17.82)Bajaj Auto Ltd. Sales 0.69 0.73Dividend on Preference Shares 30.00 —Bajaj Hindustan Ltd. Sales 2.86 0.61Bajaj Sevashram Pvt. Ltd. NIL — —Jamnalal Bajaj Seva Trust Sales 0.05 —Hall Hire Charges Paid 0.10 —Maharashtra Scooters Ltd. Sales — 0.23Mukand Engineers Ltd. Sales — 0.16Mukand Ltd. Interest Received — 0.68Bajaj International Pvt. Ltd. Commission paid on Imports 24.88 2.22Services Rendered 3.20 1.40Royalty Received 23.58 23.58Commission paid on Exports 9.35 6.02Hindustan Housing Co. Ltd. Services Received 6.16 —Jamnalal Sons Pvt. Ltd. Rent Paid 17.63 —Rent Deposit Advanced — 50.00Hercules Hoists Ltd. Corporate Loan received (50.00) —Interest paid on loan 4.11 —Bajaj Allianz General InsuranceCo. Ltd. Insurance Premia paid 33.04 —Bajaj Auto Finance Ltd. Sales 0.09 —Allianz Bajaj Life Insurance Co. Ltd. NIL — —Anant Trading Co. NIL — —Bajaj Consumer Care Ltd. NIL — —Bajaj Auto Holdings Ltd. NIL — —Bachhraj Trading Co. NIL — —Bachhraj & Co. Pvt. Ltd. NIL — —Baroda Industries Pvt. Ltd. NIL — —Bachhraj Factories Pvt. Ltd. NIL — —Kamalnayan Investments &Trading Pvt. Ltd. NIL — —Kushagra Trading Co. NIL — —Madhur Securities Pvt. Ltd. NIL — —Rahul Securities Pvt. Ltd. NIL — —Sikkim Janaseva Pratisthan Pvt. Ltd. NIL — —Hind Rectifiers Ltd. NIL — —Hopset Steels Ltd. NIL — —Jeewan Ltd. NIL — —Kalyani Mukand Ltd. NIL — —Mukand International Ltd. NIL — —Mukand Global Finance Ltd. NIL — —Shishir Holding Pvt. Ltd. NIL — —Vidyavihar Containers Ltd. NIL — —80

Schedule 14 - Contd.Names of Related Parties Nature of Transactions Transaction Value OutstandingAmounts Carried inthe Balance SheetRs. lacsRs. lacsStainless India Ltd. NIL — —Niraj Holding Pvt. Ltd. NIL — —Shekhar Holdings Pvt. Ltd. NIL — —Bombay Forging Ltd. NIL — —Dhru & Co. Consultancy Charges Paid 10.05 —20. Details of materials consumption:(a) Raw materials and components consumed:Previous YearParticulars Unit Quantity Rs. lacs Quantity Rs. lacsFerrous Metal & Components Nos. (100) 4,552 ) 70,32.07 4,010 ) 36,63.89Nos. 33,53,135 ) 33,07,919 )Sets 4,17,845 ) 4,58,333 )M.Tons 25,756 ) 15,130 )Non-Ferrous Metal & Components Kgs. 7,56,318 ) 19,21.77 6,57,405 ) 14,34.01Nos. 22,50,306 ) 21,90,974 )Sets 6,01,451 ) 5,29,091 )Nos. (100) 50,505 ) 32,225 )M.Tons 1,177 ) 971 )Electrical Stampings Kgs. — ) 4,67.01 — ) 4,96.38Nos. 10,50,002 ) 10,96,990 )Components Others Nos. 9,14,902 ) 1,10.84 8,09,690 ) 1,01.13Sets 43 ) 1,565 )Nos. (100) 1,978 ) 1,020 )Paints Ltrs. 21,330 ) 97.78 19,714 ) 85.06Kgs. 39,739 ) 34,656 )Others 8,64.24 4,05.241,04,93.74 61,85.71Previous YearImported and indigenous raw materials consumed: % Rs. lacs % Rs. lacsImported 0.61 64.46 4.13 2,55.24Indigenous 99.39 1,04,29.28 95.87 59,30.47100.00 1,04,93.74 100.00 61,85.71(b) Imported and indigenous stores, spare % Rs. lacs % Rs. lacsparts and tools consumed:Imported — — — —Indigenous 100.00 5,25.33 100.00 2,08.36100.00 5,25.33 100.00 2,08.3681

Schedule 14 - Contd.21. Licensed and installed capacity and production:Particulars Unit Licensed capacity *Installed capacity Production2004-05 2003-04 2004-05 2003-04 2004-05 2003-04p.a. p.a. p.a. p.a.Fans Nos. 8,00,000 8,00,000 10,00,000 10,00,000 5,17,560 5,02,250Parts & Accessories of Fans Nos. 50,000 50,000 — — — —Fractional horse power motors Nos. — 6,000 — — — —Magneto Assemblies Nos. 5,00,000 7,25,000 3,00,000 3,00,000 — —Parts & Accessories for Magneto Nos. 25,000 25,000 25,000 25,000 — —Electric Motors Nos. 25,000 25,000 — — — —Parts & Accessories forElectric Motors Nos. 5,000 5,000 — — — —Dies made of Steel Nos. 90 90 24 24 — —Parts & Accessories for Dies Nos. — 50 — 20 — —Power Generated 2.8 2.8 42,79,980 44,07,462MW MW KWH KWHHighmast Shafts** Nos. 3,000 3,000 1,345 1,059Swaged/Octagonal Poles** Nos. 10,000 10,000 18,465 7,579Lattice Mast/TransmissionLine Towers/Others M.Tons 22,525 22,525 23,705 21,382(Galvanising Job work etc.)*** The installed capacity as certified by the Management, being a technical matter accepted by the Auditors ascorrect.** The installed capacity is interchangeable based on business prospects.22. Quantitative information regarding Opening and Closing Stock, Production excluding job work for outside parties, Purchasesand Sales(Quantity in ’000 pcs)Opening Stock Production Purchases for Resale Closing Stock SalesValue Value Value ValueProducts Quantity Rs. lacs Quantity *Quantity Rs. lacs Quantity Rs. lacs Quantity Rs. lacs1. Lamps 2087 5,38.05 69828 89,44.52 2875 6,30.19 69040 1,06,17.38(2453) (5,55.28) (68265) (82,39.02) (2087) (5,38.05) (68631) (99,42.49)2. Fittings 360 13,13.54 6060 1,35,71.25** 593 16,87.19 5827 2,05,58.86(398) (10,82.89) (4986)(1,01,13.63)** (360) (13,13.54) (5024)(1,49,28.41)3. Galvanized ***891 2,54.14 23399 — — 971 5,42.54 23319 99,45.19Structure ***(497) (1,76.05) (15995) (—) (—) (891) (2,54.14) (15601) (41,41.20)4. Appliances 177 11,82.50 1950 1,10,08.75 292 19,86.84 1835 1,42,11.70(195) (12,48.98) (1473) (86,03.02) (177) (11,82.50) (1491)(1,17,03.67)5. Fans 135 8,74.17 517 944 59,42.96 222 15,60.24 1374 1,16,97.94(214) (14,04.31) (502) (685) (41,17.48) (135) (8,74.17) (1266)(1,07,09.98)6. Others 14.77 14.24 6.24 4,18.48(69.78) (1,00.05) (14.77) (6,31.69)41,77.17 3,94,81.73 64,13.24 6,74,49.55(45,37.29) (3,11,73.20) (41,77.17) (5,20,57.45)* After adjusting breakages, excess/shortage, samples, etc.** Including works contracts materials and payments to Sub-Contractors.*** Figures are in Metric tones.Note: Figures include value of spares but not quantity.Figures in brackets pertain to previous year.23. Miscellaneous Income includes Rs. 28.33 lacs (Previous Year Rs. 76.59 lacs) being the liabilities no longer payable.82

Schedule 14 - Contd.24. Premises & Vehicles Taken on Operating Lease:The total future minimum lease rentals payable at the date of Financial Statements is as under:Rs. LacsPrevious YearRs. lacsRent Lease Rent Total Rent Lease Rent TotalFor a period not later than one year 2,33.10 80.34 3,13.44 1,94.98 64.72 2,59.70For a period later than one year 9,12.88 2,29.23 11,42.11 7,42.30 2,40.35 9,82.65and not later than five years25. Previous year’s figures have been regrouped wherever necessary to make them comparable with those of the current year.26. Statement of Abstract of Financial Statements and Company’s General Business Profile, as compiled by the Company, isattached hereto.27. Determination of Profits & Capital for computation of EPS:Rs. lacsPrevious YearRs. lacsA. Profit/(Loss) for the year after Tax & Prior Period Adjustments 13,65.60 10,30.72Less: Preference Dividend (1,13.07) (1,24.09)12,52.53 9,06.63B. Equity Shares of Rs. 10/- eachFor whole of the year 86.43 43.21Shares allotted on 20.11.2003 on Rights basis N.A. 43.22E P S in Rs. = A/B (On pro-rata basis for shares issued during the year)Pre Rights Issue N.A. 13.36Post Rights Issue N.A. 3.81Total for the year 14.49 17.17As per our report attachedA. K. JalanFor and on behalf ofAjit GulabchandDalal & ShahV. B. HaribhaktiChartered AccountantsMadhur BajajD. B. DhruvAnish Amin Mangesh Patil Shekhar Bajaj H. R. SrivastavaPartner Company Secretary Chairman & Managing Director DirectorsMumbai, 30th May, 2005 Mumbai, 30th May, 200583

Cash Flow Statement for the year ended 31st March, 2005Previous YearRs. Lacs Rs. Lacs Rs. Lacs Rs. LacsA. CASH FLOW FROM OPERATING ACTIVITIES :Profit/(Loss) before Tax 21,79.26 16,72.33Less: Liability written back (28.33) (86.88)Add: Amounts written off 2,66.43 2,43.20Add : Loss/(Profit) on sale of assets (46.73) 1,91.37 (11,91.78) (10,35.46)Net Profit/(Loss) before tax provision & extraordinary items 23,70.63 6,36.87Adjustments for:Amortisation of Deferred Revenue Expenditure 65.08 2,96.04Depreciation 5,98.75 6,02.32Adjustment in Fixed Assets on account of Discontinued operations 2,21.42 —Interest on Loans 18,33.43 27,18.68 21,19.49 30,17.85Interest Received (1,95.84) (2,54.36)Dividend Received (1.65) (0.04)Compensation under Voluntary Retirement Scheme (15.03) (98.97)Operating Profit before Working Capital changes 48,76.79 33,01.35Adjustments for (Increase)/Decrease in:Trade & Other Receivables (Gross before write-offs &making provision for doubtful recoveries) (32,78.75) (11,91.30)Inventories (32,19.97) 3,60.51Increase/(Decrease) in Trade Payables before write-back 13,26.99 (51,71.73) (16,94.31) (25,25.10)Cash Generated from Operations (2,94.94) 7,76.25Direct Taxes Paid (2,82.70) (31.37)Prior Period Items (18.49) (1,05.29)Net Cash from Operating Activities (A) (5,96.13) 6,39.59B. CASH FLOW FROM INVESTING ACTIVITIES :Purchase of Fixed Assets (7,36.33) (3,48.60)Sale of Fixed Assets 6,39.66 14,76.17Assets Written-off (24.33) (34.07)Redemption/Diminution/(Purchase) of Investments (1,000.77) 0.54Loan given to Company 6,94.13 —Interest Received 2,43.46 2,46.67Dividend Received 1.65 (1,82.53) 0.04 13,40.75Net Cash Flow from Investing Activities (B) (1,82.53) 13,40.7584

Cash Flow Statement - Contd.Previous YearRs. Lacs Rs. Lacs Rs. Lacs Rs. LacsC. CASH FLOW FROM FINANCING ACTIVITIES :Proceeds from issue of share capital :Equity share capital — 4,32.15Securities Premium Account — 6,48.22Less: Share issue expenses — (18.17)— 10,62.20Interest paid (18,10.44) (21,71.55)Proceeds from/(Repayment of) borrowings 28,11.63 (8,62.96)Dividends paid (1,87.10) 8,14.09 (1,12.00) (20,84.31)Net Cash Flow from Financing Activities ( C ) 8,14.09 (20,84.31)Net Increase/(Decrease) in cash and cash equivalents ( A+B+C ) 35.43 (1,03.97)Cash and cash equivalents as at 1.4.2004 16,35.36 17,39.33Cash and cash equivalents as at 31.3.2005 16,70.79 16,35.36As per our report attachedA. K. JalanFor and on behalf ofAjit GulabchandDalal & ShahV. B. HaribhaktiChartered AccountantsMadhur BajajD. B. DhruvAnish Amin Mangesh Patil Shekhar Bajaj H. R. SrivastavaPartner Company Secretary Chairman & Managing Director DirectorsMumbai, 30th May, 2005 Mumbai, 30th May, 200585

Balance Sheet Abstract and Company's General Business ProfileI. Registration DetailsRegistration No. 9887 State Code 11Balance Sheet Date 31 03 2005Date Month YearII. Capital Raised during the year (Rs. ’000s)Public IssueRight IssueNilNilBonus IssuePrivate PlacementNilNilIII. Position of Mobilisation and Deployment of Funds (Rs. '000s)Total LiabilitiesTotal Assets2,578,489 2,578,489Sources of FundsPaid Up CapitalReserves & Surplus186,429 632,702Secured LoansUnsecured Loans1,215,311 466,503Deferred Tax Balance77,544Application of FundsNet Fixed AssetsInvestments875,974 149,662Net Current AssetsMiscellaneous Expenditure1,540,496 12,357IV. Performance of Company (Rs. '000s)TurnoverTotal Expenditure6,496,345 6,296,212Profit / (Loss) Before TaxProfit / (Loss) After Tax217,926 138,408Earning Per Share in Rs. Dividend Rate %14.49 30%V. Generic Names of Principal Products/Services of CompanyItem Code No. (ITC Code)Product Description1. 841451.02 Ceiling Fans2. 853910.00Filament Lamps excludingUltra Violet or Infra Red Lamps3. 851640.00 Electric Irons4. 730820.01 Galvanized StructuresFor and on behalf of the Board of DirectorsMumbai, 30th May, 2005Shekhar BajajChairman & Managing Director86

Financial Position at a GlanceAs at 31st March 31st March 31st March 31st March 31st MarchIn lacs of Rupees 2005 2004 2003 2002 2001We Owned :Fixed Assets after deducting depreciation 87,59.74 97,33.32 1,04,06.71 1,09,65.35 1,16,75.44Investments, Advances and Deposits 43,43.59 46,65.50 52,24.19 64,75.85 57,29.62Materials and Products for use or sale 87,40.44 55,20.47 58,80.98 43,30.87 53,74.70Amount due from Customers 1,85,03.21 1,48,85.63 1,37,12.62 1,18,91.12 1,15,21.60Deferred Tax Asset (Net) — — 2,55.06 — —Cash and Bank Balances 16,70.79 16,35.36 17,39.33 13,78.02 13,75.68Advance Payment of Tax (Net) 2,33.57 1,50.01 2,58.73 2,70.88 1,88.41Total : 4,22,51.34 3,65,90.29 3,74,77.62 3,53,12.09 3,58,65.45We Owed :To Banks 61,99.07 47,31.27 49,69.48 49,34.42 38,61.60To Others for Deposits & Loans 1,06,19.07 92,75.24 98,99.99 95,72.35 1,19,93.34For Materials, Expenses, etc. 1,63,21.20 1,49,89.29 1,68,96.09 1,38,44.47 1,21,46.57For Deferred Tax Liability (Net) 7,75.44 1,55.26 — 2,25.86 —For Dividends 2,68.82 96.63 12.20 12.41 76.36Total : 3,41,83.60 2,92,47.69 3,17,77.76 2,85,89.51 2,80,77.87Net Worth :Share Capital 18,64.29 18,64.29 14,32.14 14,32.14 14,32.14Reserves (Net of Deferred Revenue Expenditure) 62,03.45 54,78.31 42,67.72 52,90.44 63,55.44Total : 80,67.74 73,42.60 56,99.86 67,22.58 77,87.5887

Range of Productsn APPLIANCESIrons – DX5 Nonstick, DX5 Teflon, DX7, DX9, Light Weight,Glider, Popular, MX3, MX7, MX8, MX9, MX10, MX12Toasters – Pop-up, Easypop, Digipop, Auto pop, Toastmaster(Metalic), Majesty 2 Grill, SnackmasterOTGs – 600 QT, 1602T, 1600 EC3, 1602T SS, 1600 T3, 2200 T,2200T SS, 2200 TM, 3400 TM, 3400 TMCElectric Kettles – 1 Ltr, 1.7 Ltrs.Coolest – PC 2000, PC2000 DLX, TC2003, DC2000,DC2000 DLX, MD2000, DB2000,SB2003, DC2004, RC2004TRoom Heaters – Minor, Flashy, Deluxe, Blow Hot, RX8, RX10, RX11,Majesty Fan Heater, Majesty Heat Convector, OFR 7,OFR 9, OFR 9F, OFR 11, OFR 11F, RPX 7, RPX 9,RPX 10RTStorage Water Heaters – Energy Smart Range (Metal Body): 6, 10, 15, 25, 35,50 Ltrs.-Vertical / Horizontal.Majesty Range (Plastic Body): 6, 10, 15 and 25 Ltrs.VerticalMajesty IQ Range (Plastic Body): 15, 25, 35 Ltrs.-Vertical / HorizontalShakti (Metal body): 10, 15, 25 Ltrs.-Vertical/HorizontalInstant Water Heaters – Metal Body: Mark I & Mark II in 1 Ltr,Mark-VII in 3 Ltrs,Plastic Body: Majesty in 1 Ltr and 3 Ltrs,Plastic Body: Majesty IQ (Dual Heating) in 1 Ltr,Aquatherm Instant Gas Water HeaterImmersion Heaters – 1, 1.5 & 2KW Fixed TypeMicrowave Oven – 2001 ETB, 2301 ETB,2502 ETC, 2801 ETBMixers – GX-07, GX-08, GX-10, GX-15, GX-21 and WinnerMixer GrindersJX-03, JX-05, JX-10 JMGMajesty Juice ExtractorCitrus JuicerHard Blenders – HB01, HB02 and HB0388

Range of ProductsGas Stoves – Popular, AX1, AX2, AX3, AX4 in 2, 3 & 4 BurnerModels,iX2, iX3 Models in 2 & 3 Burners with Auto IgnitionRice Cookers – RCX 7, RCX 10, RCX15Water Filters – Aqualife Stainless Steel Stationary Water Filter Modelsin 18, 20 & 26 Ltrs. Regular, Lo-hite & Silver SupremeWater Filter Candles. Aquanaturale Stationary WaterPurifiern MORPHY RICHARDSIrons – Dry and Steam Irons – Glide, Swift, Super Glide,Voyager, Turbo Anti Scale, Turbo Blue, Mirage andComfigrip Professional Plus, Configrip Pro & ComfigripDigital.Toasters – Sandwich Toasters – Toast and Grill, Triangular, GrillPlate, Essentials,Toasters – Essentials Pop-up Toasters – 2 Slice/4Slice.Coffee-Tea Makers – Coffee Makers – Europa Espresso, Cappuccino withfrother, Cafe Rico Filter, Cafe Rico Espresso– Tea MakerHand Blenders – Double Speed – 200W300W SS Stick300W Chopper300W SS Stick with Chopper300W with Chopper & WhiskerFood Processor – Select 600Mixer Grinders – Icon Deluxe, Classique & EssentialsJuicer Mixer Grinders – Maestro & EssentialsJuicer – Citrus JuicerOven Toaster Grillers – OTG 09, OTG 09 SS, OTG 14, OTG 14 SS, OTG 28,OTG 28 SS, OTG 28R, OTG 28R SS, OTG 28 C,OTG 28C SS and OTG 28 RCHair Dryers – Basic, Travel and Advance models, with attractivecolour combinations (8 models)89

Range of Productsn LAMPSGeneral Lighting Service Lamps – 25W to 200W Standard Clear Lamps40/60/100W Softlite & Frosted LampsSpecial Incandescent Lamps – 15W Clear, Night, Decoration Lamps, Pigmy andCandle Lamps– 40W Coloured Spot Lux Lamps– 40W, 60W, 75W, 100W, 150W Spot Lux LampsH.W. Lamps – 300W & 500W GES LampsFluorescent Lamps – 18W, 20W, 36W & 40W TruluxMiniature Lamps – Flashlight – Focus & Prefocus (Vacuum & Krypton)Compact Fluorescent Lamps – Non-retrofit Range – 9W & 11W (S Type)(Cool White/Warm White)10W, 13W & 18W (D Type)36W BLL– Retrofit Range – 5W, 8W, 9W, 11W, 15W & 20W(EL Type – Tubular)11W, 15W, 23W & 26W(EL Type – Spiral)Consumer Luminaires – Range of luminaires suitable for compact fluorescentlamps and fluorescent lamps.n HID LAMPSHigh Pressure Mercury Vapour Lamps – 50W, 125W, 250W & 400WBlended Light Lamps – 60W & 250WLow Pressure Sodium Vapour Lamp – 35WHigh Pressure Sodium Vapour Lamps – 70W, 150W, 250W, & 400WMetal Halide Lamps – Single Ended: 50W, 70W, 100W, 150W, 175W,250W & 400WDouble Ended: 70W & 150Wn LUMINAIRESCommercial Decorative Lighting – CFL / FTL / T5 / MH lamp decorative luminaires invarious sizes and designed with different types oflouvers, diffusers, Mirror optic reflectors suitable forSurface, Recess and Suspension mounting.90

Range of Products– New range of Clean room luminaires for Healthcaresector application.Legend – New range of CFL / FTL / T5 luminaires with 3DLamellae Technology is introduced for IT Park, Offices,Banks and Shopping Mall applications, suitable forSurface, Semi-recess, Recess and Suspensionmounting.– New range of CFL/FTL/T5 luminaires with DimmableElectronic ballast for Auditorium, Conference room andArt Gallery lighting.Ambience – New range of PAR/QAR/QT/LED/CFL/luminairesintroduced for retail lighting application.Industrial Lighting – FTL / T5 Industrial luminaires in various sizes anddesigned with different reflectors and cover glass tomeet all industrial applications.– HID lamp Industrial Highbay luminaires with stepped,faceted and reeded reflectors having uniqueGLASKOTE finish available for HPMV / HPSV / MHlamps.Hazardous Area Lighting – GLS / FTL / HID lamp Flameproof / Increased safetyluminaires in various sizes, designed forIndoor / Outdoor applications used in Chemical, Petrochemical,Fertilizer plants etc.Roadway Lighting – CFL / FTL / HID lamp Street light / Post Top Lantern /Indirect lighting / Semi highmast luminaires in varioussizes, with aluminium anodised reflector / GLASKOTEreflector to illuminate all types of Roads, Junctions,Parks and Gardens.Renaissance – New range of CFL / HID lamp walkover luminairesintroduced for Gardens, Landscapes, Resorts andParks etc.Le Magique – New range of PAR/DH/LED/CFL/luminaires introducedfor landscape lighting application.91

Range of ProductsArea Lighting – Halogen / HID lamp Non-Integral / Integral Flood Lightluminaires in various sizes and configurations, withaluminium anodised reflector, GLASKOTE reflector forall types of outdoor applications like Sports arenas,Apron lighting and Railway marshallingyard etc.Accessories – Accessories for complete range of luminairesi.e. CFL / FTL / HPMV / LPSV / HPSV / MH Ballasts,Starters, Ignitors, Lamp Holders, Starter holders,Capacitors, Nature Switch and Trend Setter etc.Energy Conservation Concepts – T5 Attache for FTL lamps and Energy Pack for Outdoorluminaires and Magic Box for HPSV Lamp luminairesto save energy.n ENGINEERING & PROJECTS SERVICES – Design, Engineering and Turnkey Execution of Illuminationand Power Projects, including Fibre Optic Lighting,Energy Management Systems, Highmast Systems,Signages, Telecommunication Towers, TransmissionLine Towers, Wind Energy Towers,Sub-station Structures, Galvanised Polygonal / TubularStreet Lighting Poles, Cast Iron Poles, Mobile LightingMasts, Hot-Dip Galvanising and Construction ofTransmission Lines.n FANSCeiling Fans – Euro, Crown, Regal, Regal Gold,Grace HS / Grace DHS, Grace Gold DHS,Grace Gold DLX, Ultima, Maxima, Bahar, Crown Dx,Utima D'ziner, Marvel, Elegance, Kalash, Crystal,Victor, Bahar Deco, BoxerMagnifique Range (5 models)Table Fans – Ultima 400mm, Grace 400mmBahar Dx 400mmFreshair Fans – Bahar (Size 225 mm 305 mm)Pedestal Fans – Grace 400mm, 450mmFaratta 500mmWall Fans – Grace 400mm92

Range of ProductsBajaj Midea Fans:Table Fans – BT-01, BT-02, BT-04, BT-05 (Size 400 mm)Wall Fans – BW-04, BW-01-12 (Size 400 mm)Pedestal Fans – BP-04, BP-05 (Size 400 mm)Maxima Exhaust Fans – Maxima DX (Size 150 mm, 200 mm,250 mm, 300 mm)Maxima DX-R (Size 150 mm, 200 mm)93