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History of BEML Ltd.

Our Comp. was incorporated by Government of India as a public sector undertaking under the Administrative control of Ministry of Defence, Department of Defence Production & Supplies. We were incorporated as a private limited company vide our certificate of incorporation bearing number 1530 dated May 11, 1964 under the Companies Act by name `Bharat Earth Movers Limited'. On the formation of our Company, the rail coach of Hindustan Aeronautics Limited was transferred to us with land, building, plant & machinery, manpower and other infrastructure facilities as a going concern for a total consideration of approximately Rs. 6 crores, which was met by issue of shares for consideration other than cash.

In the year 1992, the GoI decided to dis-invest our Equity Shares & accordingly by a resolution passed at the EGM held on February 21, 1992, we were converted into a public limited Comp. through filing a statement in lieu of prospectus with the RoC. We are a multi-technology Comp. offering high quality products for diverse sectors of economy such as coal, mining, steel, limestone, power, irrigation, construction, road building, defence & railways. In the past four decades, we have come to the forefront of heavy engineering industry & have marked a significant presence in earthmoving industry.

Since our incorporation, we have changed our registered office once. At the time of formation of our Company, our registered office was situated at United Building, J. C. Road, Bangalore - 560002. Subsequently, we changed our registered office to the current Registered Office, which is at BEML Soudha, No. 23/1, 4th Main Road, Sampangiramanagar, Bangalore - 560 027.

We have our manufacturing units at Kolar Gold Fields Complex, Bangalore Complex and Mysore Complex. At our KGF Unit we are manufacturing heavy earth moving equipments like bulldozers, hydraulic excavators, mining shovels, backhoe loaders, walking draglines, loaders, etc. At our Bangalore Unit, we are manufacturing railway rolling stock, metro coaches, defence equipments & aggregates. At our Mysore unit, we are manufacturing dumpers, motor graders, engines of different sizes & capacities & also defence equipments. [For details with respect to area of land and location, please refer to the section of 'Property Details' of section on 'Our Business' on page 54 of this Red Herring Prospectus.s]

Our Subsidiary

We have one subsidiary, namely Vignyan Industries Limited, which is engaged in supply of different types of castings to diverse clientele. For further details with respect to the subsidiary, please refer section tited 'Our Promoter, Subsidiary & Group Companies' on page 109 of this Red Herring Prospectus.

Major Events:

YEAR EVENT

1964 - Incorporation of our Comp. as a private limited Comp. with the registered office at Bangalore. Simultaneously, we took over as a going concern the rail coach division of Hindustan Aeronautics Limited in Bangalore

1968 - Establishment of heavy earthmoving equipment division at Kolar Gold Fields.

1979 - Collaboration agreement entered into by us with Komatsu Limited, Japan for technical know-how in the manufacture of wide range of earthmoving equipments such as bulldozers

1985 - Dump truck division established at Mysore

1986 - Received National Import Substitution Award from Ministry of Science Technology, GoI

1987 - An exclusive hydraulics & powerline division & a full fledged research and development center set up at Kolar Gold Field

- Purchase of Mysore complex unit

1990 - Received Corporate Excellence Award for outstanding performance from department of public enterprises, GoI

- Asia largest 170 ton electric dump truck assembled & launched

1991 - Engine division set up at Mysore for manufacturing heavy-duty diesel engines

1992 - Conversion of our Comp. into a public limited company

- Sub-division of our Equity Shares of face value of Rs. 1000/- each to Equity Shares of Rs. 10/- each

- Recognition as an Export House with Star Exporter status

1994 - Public Issue of 60,00,000 12.50% secured redeemable partly convertible debentures of Rs. 195/- each for cash at par aggregating to Rs. 117 crores offered to public

- Listing of Equity Shares at the Stock Exchanges at Bangalore, Mumbai, Kolkata, Delhi & Chennai

- Mammoth equipment `walking dragline' launched

1995 - Rights issue of 10,00,000 12.50% secured redeemable partly convertible debentures of Rs. 180/- each.

- Crosses Rs. 1,00,000 lakh mark in sales turnover

- Received ISO 9000 certification

1996 - Major counter trade agreement with Syria executed against import of rock phosphate

1997 - Recipient of award for Best Employer of Physically handicapped from Ministry of Welfare, GoI

1998 - Bags orders against World Bank tenders valued at Rs. 70,000 lakh for equipment supply to CIL projects

1999 - Integrated hi-tech applications program implemented in divisions covering manufacturing, operations & communications

2001 - Awarded the Best Exporter by Department of Industry and Commerce, GoK

2002 - Awarded the Best Exporter by Department of Industry and Commerce, GoK

- Regional award for highest exports awarded by Engineering Export Promotion Council, Southern Region

2003 - Manufacture & supply of hi-tech stainless steel metro coaches to DMRC

- The Equipment division of Mysore unit was awarded the National Safety Award under the Scheme i & II

- Awarded the Best Exporter by Department of Industry and Commerce, GoK

- Certificate of Excellence obtained from Engineering Export Promotion Council, Southern Region

2004 - 7 T Class Excavator - BE71 & Backhoe loader - BL 9H were formally launched.

- Four cylinder indigenous engine B4D105 has been introduced as an earth moving equipment

- Awarded the Best Exporter by Department of Industry and Commerce, GoK.

- Our Company Equity Shares got voluntarily delisted from DSE & MSE, and application made for voluntary delisting of our Equity Shares to CSE.

2007 - The credit rating of our Comp. has been done by ICRA Limited & it has assigned 'IrAAA' [pronounced as Issuer Rating Triple As] to our Company. This rating indicates the highest credit quality rating assigned by ICRA Limited, which means our Company carries the lowest credit risk.

- Formation of Joint Venture Comp. in the name & style of BEML Midwest Limited on April 18, 2007 under the registration no. U13204AP2007PLC053653/2007-2008 with Midwest Granite Private Limited. 2007

- A consortium of BEML Ltd, Mitsubishi & Rotem has formally got the Delhi Metro Rail Corporation order worth Rs 1,144 crore for metro coaches.

- BEML Ltd has set up a subsidiary in Brazil for sourcing & assembling of mining & construction equipment to cater to the growing Latin American markets.

-Company name has been changed from Bharat Earth Movers Ltd to BEML Ltd.

2008

-BEML Ltd has appointed Shri. P Dwarakanath, as Director of Comp. effective March 01, 2008.

- BEML Ltd has informed that the Government of India has appointed Shri. M Pitchlah as Director [Finances] on the Board of Company. He took charge on July 14, 2008.

-BEML Ltd has informed that Sri. S Ramesh, DGM [CSs] holding charge of post of Comp. Secretary from September 01, 2008 consequent upon superannuation of Sri. K C Medapa, has been appointed as Comp. Secretary of Comp. by Board of Directors at their meeting held on September 18, 2008.