COMPANY PROFILE
History of Blue Star Limited
Blue Star Limited was founded in the year 1943 by Late Mohan T Advani (popularly known as MTA). Blue Star is a distinctive colour with various intriguing and interesting connotations. MTA, an optimist by nature believed in the positive and productive attributes of “blue” – clear skies, conservatism, distinction in sports, but above all, its association with the word “cool”, the primary characteristics of air conditioning that his venture was to deal in. He appended the sapphire hue to “star”, that luminous celestial body which is a guiding light, showing the precise path to follow to attain certain success, and symbolic of the epitome of excellence.
Blue star Engineering Company as it was known then was located in contractor building at Ballard Estate with just two employees, C H Krishnan and an office boy, Dattu.
Today Blue Star has become a generic term synonymous in the century offering “cooling solutions” for any business segment. In September 2006, Blue Star completed 63rd years of existence and joined the exclusive club constituting fewer that 50 Indian Companies listed on the Bombay Stock Exchange which were established more that 63rd years ago. With an annual turnover of Rs.2574 crores, a network of 29 offices, five modern manufacturing facilities and about 2600 employees, Blue Star is recognized today as the largest and preferred air conditioning and commercial refrigeration company in the country.
Corporate Vision
Blue Star truly believes that the customer is the reason for existence and all activities are turned in to serve the ultimate customer. With this focus in view the corporate vision is appropriately coined “TO DELIVER A WORLD CLASS CUSTOMER EXPERIENCE”.
Mission Statement have the Corporate Financial Services Department
In line with the corporate vision to deliver a world-class customer experience, the support activities too need to be focused and aligned to achieve this cherished goal. The operating departments can perform efficiently only on proper help, guidance and support from the Finance, Accounts, Commercial, Taxation, Insurance, Legal, Secretarial and Internal audit departments. With this objective in view the Corporate Financial Services Department has decided to pursue the following as its mission, which is generally applicable for all support functions:
“TO BE RECOGNIZED AS THE MOST EFFECTIVE PROFESSIONAL CUSTOMER SUPPORT FUNCTION”
Blue Star Day
Blue Star Day is celebrated at all the locations on September 27, being the date on which the Founder, Mohan T Advani laid the foundation of a commercial enterprise in Mumbai.
About The Company
Corporate and Registration Office
Mohan T Advani Chowk,
Churchgate, Mumbai 400 020.
Phone: 5665 4000.
The Main Objective of the Company are: -
Payment of fair dividend to the shareholders
Maximization of the net present value of the business through effective management.
Accessibility of chairman and directors to the owners for getting information relating to the company.
Fair promotional practices.
Protecting workers from occupational hazards.
Supplying products of high quality.
Taking such measures that would promote consumer satisfaction and welfare.
Maintaining environmental ecology and adopting anti-pollution method.
Paying taxes and other duties to the government regularly and honestly.
Board of Directors
Ashok M Advani - Executive Chairman
Ashok M Advani is an MBA from the Harvard Graduate School of Business Administration, an Electrical Engineer from
He joined Blue Star in 1969 and held a variety of senior positions in manufacturing and finance in the Company before he took over the Company's affairs as Chairman and Chief Executive in 1984. He was redesignated as Chairman & Managing Director in 2005 and Executive Chairman with effect from July 1, 2009. As Executive Chairman, he oversees Corporate Strategy, Corporate Governance, Investor Relations and Corporate Social Responsibility.
Ashok is also the Vice Chairman of Blue Star Infotech Limited and on the board of Alfa Laval (
Suneel M Advani - Vice Chairman & Managing Director
Suneel M Advani is a double graduate in Electrical Engineering and Economics from
He joined Blue Star in 1969 as a Management Trainee and moved up steadily by holding responsible positions before he was elevated to the position of President and Vice Chairman in 1984. He was redesignated as Vice Chairman & Managing Director in 2005. As Vice Chairman & Managing Director, he oversees the Electro Mechanical Projects Group, Corporate Communications & Marketing and Public Relations.
Suneel is also the Chairman & Managing Director of Blue Star Infotech Limited, Chairman of Blue Star Design and Engineering Limited, Blue Star Infotech (UK) Limited and Blue Star Infotech America, Inc. Suneel is a Member of the CII National Council, the apex governing body of CII. Besides, he is also associated with other trade associations and was the President of the Refrigeration and Airconditioning Manufacturers' Association (RAMA).
SATISH JAMDAR - Managing Director
Satish Jamdar is a Mechanical Engineering graduate from IIT Bombay, qualified in Systems Management from NIIT and completed his Management Studies in the
Satish joined Blue Star as Vice President, Manufacturing, and spearheaded the establishment of Blue Star’s three new manufacturing facilities. He was also responsible for International Operations, Customized OEM business and Customer Service business. Satish was promoted to the Board as Executive Director in 2003, and later as Deputy Managing Director in 2007.
As a part Blue Star’s organizational development and succession planning process, Satish was promoted as Managing Director of Blue Star, in 2009.
SHAILESH HARIBHAKTI - Director
Shailesh Haribhakti is a Fellow member of the Institute of Chartered Accountants of India. He is also a Graduate Cost Accountant, Certified Internal Auditor, Certified Fraud Examiner and Certified Financial Planner. He joined M/s. Haribhakti & Co, Chartered Accountants, Mumbai as Deputy Managing Partner in 1978 and is currently its Managing Partner.
Shailesh joined the Board of Blue Star in 2005. In addition to Blue Star, he is also on the Boards of several leading companies such as Ambuja Cement, Akruti, ACC and Pantaloon amongst others. He has been associated with several institutions and trade associations such as Indian Merchants' Chamber,
PRADEEP MALLICK - Director
Pradeep Mallick is a B.Tech from IIT Madras and Diploma holder in Business Management from
Pradeep is also on the Boards of several other leading Companies including Elantas Beck
GURDEEP SINGH - Director
Gurdeep Singh is a Chemical Engineering Graduate from IIT Delhi. After his graduation, he joined Hindustan Lever Limited as a Management Trainee. He held various responsible positions in the Company before he was expatriated to
SURESH N TALWAR - Director
Suresh N Talwar is a Commerce and Law graduate and a solicitor and Partner of M/s Talwar, Thakore & Associates, Mumbai. Before setting up this firm in April 2007, he was the Senior Partner of Crawford Bayley & Company. He joined the Board of Blue Star in 1986. In addition to Blue Star, he is also on the Boards of several leading companies such as Merck, Cadbury
SENIOR MANAGEMENT
| Ashok M Advani | Executive Chairman |
| Suneel M Advani | Vice Chairman & Managing Director |
| Satish Jamdar | Managing Director |
| Vir S Advani | President - Corporate Affairs & Special Projects |
| Avinash Pandit | President - Electro Mechanical Projects Group |
| B Thiagarajan | President - Channel Business Group |
| J M Bhambure | Executive Vice President - R&D and Manufacturing |
| Manek Kalyaniwala | Executive Vice President - Finance |
| Arun Khorana | Executive Vice President - Professional Electronics & Industrial Systems Division |
| R Aravindan | Vice President - Airconditioning Projects Division, Southern Region |
| Sumanta Chaudhuri | Vice President - Electrical Projects Division |
| R G Devnani | Vice President - Dadra & Bharuch Plant |
| Harish Govind | Vice President - Human Resources & Administration |
| C P Mukundan Menon | Vice President - Room Airconditioners Division |
| P Venkat Rao | Vice President - Packaged Airconditioning & Refrigeration Products Division |
| D H | Vice President – Wada & Himachal Plants |
| D P Singh | Vice President - Infrastructure Projects Division |
| K P Sukumar | Vice President - Airconditioning & Refrigeration Service Division |
| K P T Kutty | Company Secretary |
Market Share Have The Blue Star:
| Year | Book Value Per Share | Market Value Per Share |
| March 31,2006 | 44.24 | 95.00 |
| March 31,2007 | 51.27 | 31.75 |
| March 31,2008 | 53.59 | 64.15 |
| March 31,2009 | 64.22 | 82.00 |
| March 31,2010 | 72.17 | 141.45 |
Recent Achievements of the Company
The following were the new products developed during the year:
Air-cooled screw chillers to international standards, with computer connectivity and building management system compatibility.
Process chillers used in industrial applications to maintain the temperature of specific parts of machines. These chillers maintain the temperature within +/-0.5 degree Celsius.
Tendon scroll chillers have been developed which give 15% to 20% saving in energy consumption.
A complete range of evaporating and condensing units for refrigeration applications specifically to work in high ambient tropical conditions.
Deep freezers with hard top and glass top, which can be used in tropical conditions.
A complete range of ducted split heat pumps for the European market. These models comply with European standards for energy efficiency and safety.
Future Prospectus of the Company
Future plan involves setting up of modern R&D Lab at Dadra with calorimetric, Psychometric and noise measurement labs and reliability set-up; separate test lab for deep freezers at Bharuch and up-gradation of existing test facilities at Thane, to assure high quality products of international standards.
The company won a number of prestigious air conditioning contracts including DMRC,
A number of multiple outlet organization including HDFC Bank (40-50 branches, 90 ATMS) and Reliance Petroleum (200 outlets) chose Blue Star to do their air conditioning. The company also received significant orders from ICICI Bank, Reliance, HCL Technoligies, ING Vyasa Life Insurance, Birla Sun Life, Allianz Bajaj, MET Life Insurance, ING Vyasa Bank and Café Coffee Day amongst others.
On the export front, the company re-established itself in
Bankers
The Hongkong and Shanghai Corporation Ltd
State Bank of
Oriental Bank of Commerce
ABN – Amro Bank
BNP Paribas
Abu Dhabi Commercial Bank Ltd.
Insurance
Blue Star deals with the following public Sector Companies as under:
For WR & SR – Oriental Insurance Co.
For NR & ER – United India Insurance Co.
Company’s Values and Beliefs
| Sl. No. | Value / Belief | Stake Holder Group |
| 1 | Pursue the corporate vision: “Provide a world class Customer experience” | Customers |
| 2 | Focus on profitable company growth | All stake holder |
| 3 | Be a company that pleasure to do business with | Customers and Business Partners |
| 4 | Work in a boundary less manner between divisions (to Provide the best solutions to customers) | Customers |
| 5 | Win people’s heart’s and mind | Employees |
| 6 | Place the company’s interest above one’s own | Employees |
| 7 | Encourage innovation, creativity and experimentation in whatever be done. | Employees |
| 8 | Build an extended organization of committed business Partners. | Business partners |
| 9 | Be a good corporate citizen | Society |
| | Ethical Values | |
| 10 | Honor all personal and corporate commitments. | All stake holders |
| 11 | Maintain personal integrity | All stake holders |
| 12 | Ensure high standards of Corporate Governance | All stake holders |
The company has explicitly stated 12 guiding values and beliefs which each person in Blue Star is expected to internalize and apply in his/her day-to-day operations:
Note on personal integrity:
While all the twelve values are equally important, the company Places high premium on the personal integrity of its employees. It is a value which each Blue starite is expected to cherish and practice in their day-to-day operations.
The company sincerely believes that a person who does not have personal integrity has no place In Blue Star however good he may be in performing his duties/ responsibilities.
Factories
The factories are located in Thane, Bharuch and Dadra.
Thane Factory
Thane factory is the oldest of the three manufacturing units of Blue Star and was established in 1968.
Products Manufactured
Over a period a number of products have been developed at Thane factory, and today there are two distinct product lines.
Central Plant Products
Refrigeration Equipment
The following central plant products are manufactured at Thane:
Screw Chillers
Scroll Chillers
Reciprocating Chillers
Reciprocating Compressors
Air Handling Units
Fan Coil Units
Coils
The following refrigeration products are manufactured at Thane:
Cold Room Panels
Panels For Walk-in Cold Rooms and Freezers
Panels For Mortuary Chambers
Cooling Units
Bharuch Factory
The Bharuch factory is the second of the three manufacturing units of the company. It was Established in 1980. It manufactures water coolers, deep freezers and bottle
Dadra Factory
The factory at Dadra was set up in July 1997 and is located in the Union Territory of Dadra And Nagar Haveli about 10 kms from the city of
Products Manufactured:
The Dadra factory manufactures high end products like PCPA, Telepac, and Heat Pump Units with R407C and R22 refrigerators as well as other products like window air conditioners and Mini split air conditioners.
Who is Mr. Blue Star?
At each location, the senior most managers is designed as Mr. Blue Star, who also plays the role of the administrative head of the location. At the branch level, such person will be branch manager. There is Mr. Blue Star who represents the four regions too. Such a person is a one-point contact for outsiders with the company if they have any grievances or issues against the company.
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