MIRA
INFORM REPORT
|
Report Date : |
02.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
BHARAT
ELECTRONICS LIMITED |
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Registered Office : |
Nagavara, Outer |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.04.1954 |
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Com. Reg. No.: |
08-787 |
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CIN No.: [Company
Identification No.] |
L32309KA1954G0l000787 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRB04051F BLRC00582B |
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PAN No.: [Permanent
Account No.] |
AAACB5985C |
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Legal Form : |
Public Limited
Liability Company. Company’s shares are listed on the stock Exchanges. |
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Line of Business : |
Engaged in manufacturing,
importing and exporting of Radars and Communication Equipments for the
defence services communication including Satcom Systems, Optical & Opto
Electronics and Telecommunications, Broadcast (Radio and TV) for I & B
Ministry and Electronic Components I.E. Semiconductors Electron Tubes and
X-Ray Tubes. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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Maximum Credit Limit : |
USD 80000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a very
old, well established and reputed company. The company is making steady
progress in its turnover and profits. Its products are well accepted in
Indian as well as overseas markets. The company’s payments are correct and as
per commitments. It can be
considered good for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
Nagavara, Outer
Ring Road, Bangalore-560045, |
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Tel. No.: |
91-80-25039300/25039266 |
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Fax No.: |
91-80-25039305/25039233 |
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E-Mail : |
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Website : |
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Corporate
Office : |
2nd
Floor, |
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Tel. No.: |
91-80-2559 5001 /
2559 5017 / 2558 3851 |
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Fax No.: |
91-80-2558 4911 /
2558 3675 |
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E-Mail : |
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Factory 1 : |
Jalahalli Post, |
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Tel. No.: |
91-80-28382626 |
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Fax No.: |
91-80-28380266 |
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Factory 2 : |
Bharat Nagar
Post, |
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Tel. No.: |
91-120-2619786 /
2619500 |
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Fax No.: |
91-120-2776730 /
2770926 |
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Factory 3 : |
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Tel. No.: |
91-20-25881400/01/02 |
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Fax No.: |
91-20-25880577/5888789 |
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Factory 4 : |
Post Box No. 26, |
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Tel. No.: |
91-8672-223581-83 |
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Fax No.: |
91-8672-222640 |
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Factory 5 : |
Plot No. 405,
Industrial Area, Phase III, Panchkula - 134 113, |
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Tel. No.: |
91-172-2588252 /
2588400 |
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Fax No.: |
91-172-2594548 /
2591463 |
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Factory 6 : |
Balbhadrapur,
Kotdwara - 246 149, |
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Tel. No.: |
91-1382-231171 /
231178 |
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Fax No.: |
91-1382-231132 /
231112 / 231156 |
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Factory 7 : |
Plot No. L-1,
MIDC, Industrial Area, Raigad District, Taloja - 410 308, |
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Tel. No.: |
91-22-27412701 |
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Fax No.: |
91-22-27412888 /
27412887 |
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Factory 8 : |
Post Box No. 981,
Nandambakkam, Chennai – 600 089, Tamil Nadu, |
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Tel. No.: |
91-44-22326906 |
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Fax No.: |
91-44-22326905 |
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Factory 9 : |
Nacharam
Industrial Estate, |
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Tel. No.: |
91-40-27150113-17 |
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Fax No.: |
91-40-27171406 |
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Overseas
Office: |
53-55, |
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Tel. No.: |
516-248-4020 |
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Fax No.: |
516-741-5894 /
516-877-7907 |
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Email: |
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Overseas
Office: |
06-01, |
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Tel. No.: |
65-741-8401 |
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Fax No.: |
65-741-8402 |
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Email: |
DIRECTORS
|
Name : |
Dr. Y Gopal Rao |
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Designation : |
Chairman and Managing
Director |
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Address : |
“Trade Centre”,
116/2, |
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Name : |
Mr. V V R. Sastry |
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Designation : |
Director (Marketing) |
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Name : |
Mr. A.K. Datt |
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Designation : |
Director (Other Units) |
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Name : |
Mr. H.S. Bhadona |
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Designation : |
Director ( |
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Name : |
Mr. P. R. K. Hara
Gopal |
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Designation : |
Director
(Finance) |
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Address : |
“Trade Centre”,
116/2, |
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Name: |
Mr. S. C. Khanna |
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Designation: |
Director
(Commercial & Management Services) |
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Address: |
“Trade Centre”,
116/2, |
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Name: |
Dr. M. Rammohan
Rao |
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Designation: |
Director |
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Name: |
Mr. S K Mehta |
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Designation: |
Director (
Research & Development) |
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“Trade Centre”,
116/2, |
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Name: |
Mr. Basavarajaiah |
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Designation: |
Director |
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Name: |
Lt. Gen. Davinder
Kumar, VSM and Bar |
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Designation: |
Director |
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Name: |
Mr. A. Muralidhar |
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Designation: |
Director (Other
Unit) |
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Name: |
Mr. M. L.
Shanmukh |
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Designation: |
Director
(Personnel) |
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Name: |
Mr. Matcheri S.
Sreedhara |
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Designation: |
Chief Regional
Manager |
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Date of
Birth/Age : |
56 Years |
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Qualification
: |
B.E. (Mechanical) |
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Experience : |
32 Years |
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Date of
Appointment : |
2nd
March, 1973 |
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Part-time Government
Directors |
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Name: |
Mr. Alok Perti |
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Designation: |
Joint Secretary (Shipyards), Ministry of
Defence, Department of Defence Production |
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Name: |
Lt. Gen. Davinder Kumar |
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Designation: |
PVSM, VSM & Bar,
ADC, Signal Officer in Chief, Army Headquarters |
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Independent
Directors |
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Name: |
Dr. V Bakthavatsalam |
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Designation: |
Former MD, Indian Renewable Energy
Development Agency |
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Name: |
Prof. N. Balakrishnan |
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Designation: |
Associate Director, Indian Institute of
Science, |
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Name: |
Dr. Ashok Jhunjhunwala |
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Designation: |
Professor (Electrical Engg.), NT, Chennai |
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Name: |
Prof. Goverdhan Mehta |
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Designation: |
CSIR Bhatnagar Fellow, Indian Institute of
Science, |
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Name: |
Dr. S.R Parashar |
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Designation: |
Director, Indian Institute of Management, |
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Name: |
Mr. K.G. Ramachandran |
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Designation: |
Director, Infosys Leadership Institute, |
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Name: |
Dr. M. Rammohan Rao |
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Designation: |
Dean, Indian |
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Name: |
Prof. S. Sadagopan |
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Designation: |
Director, International Institute of Information
Technology, |
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Name: |
Mr. Bhupindar Singh |
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Designation: |
Former CMD, State Trading Corporation of |
KEY EXECUTIVES
|
Name: |
Mr. CM. Bhat, IPS |
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Designation: |
Chief Vigilance Officer |
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Principal Executives : |
Chennai |
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Mr. Anil Kumar |
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Mr. N.K. Sharma |
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Mr. Chandra Prakash |
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Mr. I.V Sarma |
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Kotdwara |
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Mr. Ramesh Kumar Marhatha |
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Machilipacnam |
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Mr. V Sundararaman |
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Navi Mumbai |
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Mr. M.V Narayanan |
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Panchkuta |
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Mr. Anand Kumar |
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Pune |
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Cdr. S. Roy Choudhury (Retd.) |
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CRL,
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Dr. AjitT. Kalghatgi, Chief Scientist |
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CRL,
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Mr. K.C. Pandita, Chief Scientist |
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General
Managers : |
Mr. R.RS. Gahlaut |
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Mr. D. Krishna Gopal |
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Mr. G.D. Gupta |
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Mrs. Elaine Mathias |
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Mr. K. Prakash |
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Mr. VS. Radhakrishnan |
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Mr. M.G. Raghuveer |
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Mr. M. Mallaraj Urs |
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Name: |
Mr. C.R. Prakash |
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Designation: |
Company Secretary |
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UNITS |
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General
Managers |
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Mr. G.S. Dayakar |
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Mr. D.A. Mohan |
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Mr. A.A. Mohan Ram |
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Mr. V Muthuswamy |
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Mr. K.L. Rajaram |
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Mr. H.N. Ramakrishna |
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Mr. RR.K.L.N. Sastry |
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Mr. H.S. Satyanarayana |
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Mr. M.S. Sreedhara |
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Mr. U. Vishnumurthy |
SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Indian Promoters |
60,689,600 |
75.86 % |
|
Mutual Funds and
UTI |
4,269,539 |
5.34 % |
|
Financial
Institutions |
44,518 |
0.06 % |
|
Insurance
Companies |
1,652,477 |
2.07 % |
|
Foreign
Institutional Investors |
9,279,829 |
11.60 % |
|
Private Corporate
Bodies |
1,885,797 |
2.36 % |
|
Individuals |
2,178,240 |
2.71 % |
|
Total |
80,000,000 |
100.00 % |
BUSINESS DETAILS
|
Line of Business : |
Engaged in
manufacturing, importing and exporting of Radars and Communication Equipments
for the defence services communication including Satcom Systems, Optical
& Opto Electronics and Telecommunications, Broadcast (Radio and TV) for I
& B Ministry and Electronic Components I.E. Semiconductors Electron Tubes
and X-Ray Tubes. |
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|
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Products : |
Ř
Radar Ř
Communication
Transmitters cum Receivers Ř
Hand Held
Thermal Magers |
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Imports : |
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Countries : |
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GENERAL INFORMATION
|
No. of Employees : |
12262 |
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Bankers : |
Ř
State
Bank of Ř
State
Bank of Ř
State
Bank of Ř
State
Bank of Travancore Ř
State
Bank of Ř
State
Bank of Bikaner & Jaipur Ř
HDFC
Bank Ř
Canara
Bank Ř
Syndicate
Bank Ř
Vijaya
Bank Ř
Bank
of Ř
Andhra
Bank |
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
STATUTORY AUDITORS
Chartered Accountants BRANCH AUDITORS
Chartered Accountants
Chartered Accountants
Chartered Accountants |
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Memberships : |
Confederation of
Indian Industry |
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Associates/Subsidiaries : |
This company is a subsidiary company of the subject for conducting
research, development and manufacture of Image Intensifier Tubes and
associated high voltage power supply units for use in military, security and
commercial systems. 1440 I series, GEN II, 18 mm Microchannel Wafer Image Intensifiers are
high gain, minimum volume, proximity focussed devices, designed to produce
high resolution, intensified images. These devices are used in applications
where ambient illumination levels are low and auxiliary lighting is inadvisable or not available. Its applications are :- Night vision goggles and binoculars Night vision weapon sights Low light level input applications |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 1000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
80,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 800.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
800.000 |
800.000 |
800.000 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
19493.111 |
15000.755 |
11558.164 |
|
|
4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
20293.111 |
15800.755 |
12358.164 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
15.081 |
5.987 |
6.752 |
|
|
2] Unsecured
Loans |
72.985 |
147.070 |
322.740 |
|
TOTAL BORROWING
|
88.066 |
153.057 |
329.492 |
|
|
DEFERRED TAX
LIABILITIES |
131.453 |
132.424 |
127.884 |
|
|
|
|
|
|
|
TOTAL
|
20512.630 |
16086.236 |
12815.540 |
|
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|
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APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block]
|
3703.806 |
3193.393 |
2879.784 |
|
Capital work-in-progress
|
211.473 |
473.585 |
337.046 |
|
|
|
|
|
|
|
INVESTMENT
|
122.801 |
122.801 |
122.801 |
|
DEFERREX TAX ASSETS
|
1274.338 |
1169.647 |
913.334 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
10371.376 |
10649.567 |
10152.879 |
|
|
Sundry Debtors
|
10176.876 |
6991.177 |
6675.412 |
|
|
Cash & Bank Balances
|
18314.091 |
13158.673 |
14345.157 |
|
|
Loans & Advances
|
7542.844 |
7419.872 |
5516.737 |
Total Current Assets
|
46405.187 |
38219.289 |
36690.185 |
|
Less : CURRENT
LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
22534.202 |
20116.341 |
24172.001 |
|
|
Provisions
|
8693.111 |
7013.195 |
4022.963 |
Total Current Liabilities
|
31227.313 |
27129.536 |
28194.964 |
|
Net Current Assets
|
15177.874 |
11089.753 |
8495.221 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
22.338 |
37.057 |
67.354 |
|
|
|
|
|
|
|
TOTAL
|
20512.630 |
16086.236 |
12815.540 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
35292.076 |
33304.900 |
28408.151 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
8552.567 |
6859.607 |
4690.159 |
Provision for Taxation
|
2722.485 |
2396.362 |
1529.177 |
Profit/(Loss) After Tax
|
5830.082 |
4463.245 |
3160.982 |
|
|
|
|
|
Export Value
|
NA |
562.500 |
284.621 |
|
|
|
|
|
Total Expenditure
|
26739.509 |
26140.528 |
23142.498 |
SUMMARISED RESULTS
|
Particulars |
|
|
31.03.2007 |
|
Type |
|
|
Full
Year |
|
Sales
Turnover |
|
|
38943.100 |
|
Other
Income |
|
|
1873.600 |
|
Total
Income |
|
|
40816.700 |
|
Total
Expenditure |
|
|
29532.000 |
|
Operating
Profit |
|
|
11284.700 |
|
Interest |
|
|
05.100 |
|
Gross
Profit |
|
|
11279.600 |
|
Depreciation |
|
|
863.300 |
|
Tax |
|
|
3277.700 |
|
Reported
PAT |
|
|
7138.600 |
|
Dividend
(%) |
|
|
00.000 |
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt Equity Ratio |
0.01 |
0.02 |
0.03 |
|
Long Term Debt Equity Ratio |
0.01 |
0.02 |
0.03 |
|
Current Ratio |
1.48 |
1.38 |
1.33 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
2.98 |
2.96 |
2.82 |
|
Inventory |
3.19 |
2.95 |
2.74 |
|
Debtors |
4.12 |
4.70 |
4.06 |
|
Interest Cover Ratio |
30.15 |
60.29 |
64.21 |
|
Operating Profit Margin (%) |
27.27 |
23.94 |
19.25 |
|
Profit Before Interest and Tax Margin (%) |
25.02 |
21.72 |
17.02 |
|
Cash Profit Margin (%) |
18.74 |
16.12 |
13.52 |
|
Adjusted Net Profit Margin (%) |
16.49 |
13.90 |
11.29 |
|
Return on Capital Employed (%) |
48.42 |
48.44 |
41.39 |
|
Return on Net Worth (%) |
32.07 |
31.41 |
27.85 |
STOCK PRICES
|
Face Value |
Rs.10.00/- |
|
High |
Rs.1409.70/- |
|
Low |
Rs.1340.00/- |
LOCAL AGENCY FURTHER INFORMATION
History:
Subject was
established to meet the Defence needs of the Government of India. Since then, it has grown to a multi-product,
multi-unit and technology driven company.
Subject is a public sector giant and one of the
largest manufacturers of radars, wireless communication systems and other
technical equipments for the defence forces in the country. Until recently, the company’s performance was
under strain due to the post-Pokhran nuclear blast sanctions by the
Subject was incorporated at
In 1989-90, the company diversified into consumer
and entertainment electronics and telecommunications. In 1991-92, it entered into a joint venture
with Delft Instruments,
During 2001-02, the company became the first
Defence Public Sector Enterprise to acquire operational Mini Ratna Category – I
Status. The company has also been
awarded Satellite Network contract by Andhra Pradesh Beverages Corporation
Limited. The main application is for
consolidating the sales transactions on-line by 31 remote centres with APBCL HQ
at
Significant landmark
|
Year |
Achievements |
|
1954 |
Incorporation |
|
1956 |
Production of First Communication
Equipment |
|
1961 |
Production of Receiving Value |
|
1963 |
In-house R and D
established |
|
1964 |
Manufacture of
Radio Transmitter for All |
|
1966 |
Military Radar
Manufacturing |
|
1967 |
Manufacture of Transmitting,
Tubes, Silicon, Devices and Integrated Circuits |
|
1972 |
TV Transmitters
for Doordarshan |
|
1974 |
Second Unit at |
|
1976 |
First SFM Radar
exported |
|
1979 |
Third Unit set up
at Pune |
|
1980 |
First Overseas
office at |
Business:
The company is
engaged in manufacturing, importing and exporting of radars and communication
equipments for the defence services communication including satcom systems,
optical & opto electronics and telecommunications, broadcast (radio and TV)
for I & B ministry and electronic components i.e. semiconductors electron
tubes and X-ray tubes.
It also offers
services such as contract manufacturing, telecom consultancy and semiconductor
device packaging.
The company meets
the bulk of electronic equipment needs of Indian Defence Services,
Parliamentary Forces and other Government users like All India Radio,
Doordarshan, Department of Telecommunication, Police Wireless, Airport
Authority of India, Meteorological Department, Railways, etc. It has a very wide product range and makes
over 350 different products.
The company is also
taking export promotional efforts like appointment of overseas agents,
participation in foreign exhibitions, etc.
The company has 9 operating units.
The company is setting up a subsidiary in the IT
sector and is in the process of arranging venture capital and is also forging
venture capital alliances.
It also introduced new and upgraded products based
on in-house technology. Many of the
products like decoy radars, upgraded air defence weapon control radars, coastal
surveillance systems, lower power transmitters, telemedicine systems, PC
motherboard-based chipsets, etc. have been inducted into services or are under
final stages of evaluation by various customer groups.
Generic Names of
the Principal Products of the company are:
|
Item Code No. |
Product
Description |
|
85261000 |
Radar |
|
85252000 |
Communication Transmitters cum Receivers |
|
90058090 |
Hand Held Thermal Magers |
The list of
products and services being exported to several countries is given below:
|
Products |
Countries |
|
Defence
Communication |
Algeria,
Botswana, Brazil, France, Germany, Malaysia, Mauritius, Russia, Sweden, Switzerland
and UK |
|
Civilian
Communication |
Brazil, Iran,
Italy, Kenya, Malaysia, Netherlands, Philippines, Germany, South Korea,
Singapore, Spain, Taiwan, Turkey, UAE, UK and USA |
|
Electron Tubes, Magnetrons,
Transmitting Tubes, TV Picture Tubes and parts |
Algeria, Armenia,
Bangladesh, Brazil Egypt, France, Greece, Hong Kong, Italy, Nepal, UK, USA
and Zambia |
|
Otpo Electronic
Products and parts |
Australia, Egypt,
France, Germany, Israel, Malaysia, Netherlands, New Zealand, Saudi Arabia,
Singapore, UAE, UK and USA |
|
Sound and Vision
Broadcast Equipments |
|
|
Radar and
Sub-systems |
|
|
Contract
Manufacturing |
|
|
Batteries, Energy
Saver and other products |
|
Vision, mission, values and
objectives
The existing
Finance
As a result of the continuous efforts the Company was able to achieve reduction
in total inventory in number of days of production from 120 days as on
31-3-2005 to 110 days as on 31-03-2006. In the case of receivables there has
been an increase in the level of Debtors from 79 days sales as on 31st March,
2005 to 105 days sales as on 31st March, 2006. This increase is mainly due to
the late receipt of the orders/ clearances resulted in higher value of sales at
the year end against which no advances / progressive payment could be received,
sale of products where the payment terms are not the standard payment terms of
Defence, etc, Efforts are continuing for the prompt collection of dues and to
bring down the level of sundry debtors. During the financial year 2005-06,
there was a substantial reduction in interest on Public Deposits from Rs.22.23
million in 2004-05 to Rs.7.70 million in 2005-06 and also on cash credit from Rs.
1.67 million in 2004-05 to Rs.0.008 million in 2005-06. However, the total
interest expenditure during 2005-06 was Rs.268.29 million (Rs.90.62 million in
2004-05) because of provision of Rs.240.60 million towards likely liability of
interest on adhoc advance received. During the year 2001-02 an adhoc advance
was paid to the Company on Letter of Intent without any stipulation of interest
payment whereas the final contract was received in the year 2005-06, having a
stipulation that the adhoc advance paid including interest in accordance with
the Ministry of Defence norms will be adjusted from the initial advance payable
on the final contract value. Public deposits with the Company came down from
Rs. 147.1 million as on 31.03.2005 to Rs. 72.9 million as on 31.03.2006. Rs.
4.9 million of deposits that had matured but has not been claimed as on 31st
March 2006 has been included under current liabilities. Out of this, an amount
of Rs.0.03 million was subsequently paid upto 31.07.2006.
Exports
The Company achieved an export turnover of US$ 13.70 million during 2005-06, an
increase of 9% against export of US$ 12.50 million in the previous year.
Contract manufacturing operations related to parts supplied to GE Medical
Systems,
The Company has planned to achieve an export turnover of US$ 24.8 million
during 2006-07. Marketing initiatives like product demonstration, participation
in exhibitions abroad, customization of products / systems meeting specific
customer requirements, etc. are being pursued vigorously.
Subsidiary/joint ventures
The Company's subsidiary, BEL Optronic Devices Limited (BELOP) at Pune
continued to perform well. BELOP recorded a turnover of Rs. 516.55 million as
against the turnover of Rs. 433.33 million in the previous year, an increase of
19.20%. The Profit After Tax rose by 31.15% from Rs. 45.78million in the
previous year to Rs. 60.05 million during the year. With good order book
position, BELOP is expected to perform well in the year 2006-07.
In accordance with Section 212(8) of the Companies Act 1956, (the Act), the
Company has obtained exemption from the Government from attaching the Balance
Sheet, Profit & Loss Account, Auditors Report, Directors' Report, etc., of
the subsidiary company to the Balance Sheet of BEL. Hence, Annual Accounts of
the subsidiary company, BEL Optronic Devices Limited, are not attached to the
Balance Sheet of the Company. The Company will make available copy of the Annual
Accounts of the subsidiary company and the related information upon request by
any member of the Company or its subsidiary company. The Annual Accounts of the
subsidiary company are kept for inspection by any investor at the registered
office of the Company and the subsidiary company and any investor interested to
inspect the same may please contact the Company Secretary of the Company or its
subsidiary. A statement as per Section 212 of the Act relating to the
subsidiary company is annexed to this report. Further, the information required
to be disclosed as per the directions while granting exemption under Section
212(8) of the Companies Act, 1956 is annexed to this Report.
The Joint Venture Company with General Electric,
The other joint Venture Company, BEL Multitone Limited, jointly promoted with
M/s. Multitone plc,
The list of
products and services with some of its major customers are as under :-
|
Products and Services |
Customers |
|
Defence Communication |
Indian Defence Services, Para-military forces |
|
Radars and Sonars |
Indian Defence Services, Civil Aviation,
Meteorological Department, Space Department. |
|
Telecommunication |
Department of Telecommunication, Para-Military
Forces, Powers Sector, Oil Industry, Railways. |
|
Broadcasting Equipments and Studio Systems |
All |
|
Electronic Voting Machine |
Election Commission of |
|
Solar Products and Systems |
Individuals, Private and Government
Organisations. |
|
Turnkey Systems, E-Governance Networks |
Police, State Governments, Public Sector
Undertakings. |
|
Components |
All |
The company is in trade terms with the following :
- Agis
Industries
- Allied
Electronic Corporation
- Arien
Inc.
- Balhara
Industrial Corporation
- Borate
Plastic
- Carter
Hydraulic Powers Private Limited
- Dass
Electronics
- Gilard
Electronics Private Limited
- Kadevi
Engineering Company Private Limited
- MACR
Precision Components
- Mahip
Iron Company
- MCE
Products Sales Services Private Limited
- Microfine
Bushing Private Limited
- Rajshi
Processors
- Shashi
Packing Products
- Southern
Machine Tools
- Spare
Age Auto Industries
- Unique
Punch Systems Private Limited
- Victory
Heat Treaters
- Yoshma
and Company Private Limited
- Unisys
The company has been accredited with ISO 9000 and
ISO 9002 Certifications.
The company's fixed assets of important value
include freehold land, leasehold land, roads and culverts, buildings,
installations, plant & machinery, electronic equipment, equipment for R
& D Lab, Vehicles, office equipment and furniture, fixtures & other
equipment.
February, 2007
Mr V V
R Sastry (57) has taken over as the Chairman and Managing Director of premier
Defence Public Sector Undertaking Bharat Electronics Limited (BEL), with effect
from February 1, 2007. He succeeds Mr Y Gopala Rao, who retired on
superannuation on January 31, 2007.
Mr V V
R Sastry was Director (Marketing) of BEL before his elevation as CMD. During
his tenure as Director (Marketing) he took initiatives to bring in marketing
orientation to the organization and gave a strong thrust to exports.
After
graduating with two degrees - in Science and Engineering (Electronics &
Communication) from
Mr
Sastry has rich experience in various fields of defence electronics like
military communication, electronic warfare and strategic components.
He has
widely travelled abroad. He has worked for 13 months in the Development
Laboratories of Philips (Mullard),
He also
headed BEL’s
He is a
Senior Assessor for the CII-EXIM Bank Business Excellence Model. Mr Sastry is
on the Board of BEL Optronic Devices Limited, a wholly owned subsidiary of BEL.
He has keen interest in classical music, gardening and spiritual pursuits.
January, 2007
BEL to showcase exportable products, contract manufacturing
capabilities
Premier
Defence PSU Bharat Electronics Limited (BEL) is constantly innovating to
manufacture state-of-the-art professional electronic equipment and components
for the international market. BEL manufactures a wide range of Military Communication
Systems, Radars and Sonars, Naval Systems, Telecom & Broadcast Systems,
Electronic Warfare Systems, Tank Electronics, Opto Electronics, Professional
Electronic Components and Solar Powered Systems.
At Aero
India 2007, BEL will be displaying products and equipment from its wide range
which have very good export potential. They include Communication equipment,
Command and Control Systems, Radars and Sonars, Opto Electronics and Thermal
Imaging products, Electronic Warfare Systems, Tank Electronics, Simulators and
Avionic Systems.
BEL
will also showcase its capabilities to offer both ‘Build to Print’ and ‘Build
to Spec’ solutions for foreign manufacturers seeking Indian partners to meet
their offset requirements. Some of BEL’s facilities like electronic and
mechanical assembly, vacuum brazing and dip brazing will be highlighted.
The
Communication equipment on display will include UHF and VHF Hand Held
Transreceivers; Secure Tactical Radio in VHF band - STARS V Mark II; VHF and
UHF Base Stations; Digital Radio Trunking System, Secure Telephone and Secure
Fax; CDMA and SATCOM Systems; S-Band Mobile Radio; Encryption equipment; Unit
Level Switch Board (ULSB) Mk II and Mk III – portable telephone Switch Boards
for field use at battalion level; Semi-Ruggedised Automatic Exchange, SRAX Mk
II; Ruggedised Data Terminal; ATM Switch; and Tactical Communication System.
The
Command and Control Systems on display will include Artillery Combat Command
Control System (ACCCS), Battlefield Surveillance System (BSS), Battlefield
Management System (BMS), Integrated Air Command Control System (IACCS),
Composite Communication System, Intelligent Message Terminal and Ruggedised
Simputer.
BEL’s
Radars and Sonars on display will include Battle Field Surveillance Radar –
Opto
Electronics and Thermal Imager Products on display will be Night Vision
Binoculars; Night Vision Goggles; Night Weapon Sights; Hand Held Thermal
Imager; Hand Held Thermal Imager – Uncooled; Integrated Observation Equipment
(IOE) – an imaging system for observation and fire monitoring by Artillery, it
consists of a Thermal Imager, Laser Range Finder mounted on a Goniometer with
North Finding Facility and a Global Positioning System; Laser Range Finder -
Air Defence; Laser Range Finder – Hand Held Eye Safe; Laser Range Finder –
Binocular Eye Safe; Gap Measuring Device Mk II; Laser Designator cum Range
Finder for Mortar Fire Control; Video Communication System with Image
Compresseion and Image Intensifier Tubes Gen 2+.
Tank
Electronics systems on display will be Advanced Land Navigation System; Combat
Net Radio; Tank Intercom System R-174 Mk II; Digital Universal Control Harness;
Indigenous Gunner’s Main Sight and Driver’s Night Periscope. The L-70 and Zu-23
Gun Upgrades will also be shown.
A few
of BEL’s Electronic Warfare Systems will also be on display including Cellphone
Jammer and Sanket.
Avionic
Systems on display will be Head Up Display, Radar Warning Receiver and Airborne
Electronic Warfare Systems.
Simulators
on display will be Mortar Simulator, Anti Tank Guided Missile Simulator, BMP II
Driving Simulator and Forward Observation Simulator.
BEL
will also show some of its non-defence products like Batteries, Simputer, Electronic
Voting Machines, Direct To Home Set Top Box, ADSL Modem, MEMS, Microwave Tubes,
Smart Card-based Access System, Intermediate Data Rate and Super Components.
In
addition to an indoor display in Hall D, BEL will also have an outdoor display
of some of its larger products. These will include the Upgraded Flycatcher
Radar – an all weather anti-aircraft weapon control system; Battle Field
Surveillance Radar – Short Range with Thermal Imager; 2-Axis Stabilised
Optronic Pedestal to work in association with Guns to make them operate in
autonomous mode; Low Probability of Intercept Radar, which is mounted on a
wheeled vehicle; Radar SV 2000; Weapon Locating Radar; Battery Level Radar and
Aluminium Skin Shelter with NBC Power Source and Antenna Mast.
For the
first time, BEL will be selling some of its products like the Solar Lantern,
Set Top Box for Free To Air Channels and Memory Stick at its outdoor display
area at Aero India 2007. A special discount of 10 per cent is being offered on
the products.
May, 2007
Top Swedish firms are upbeat about forging new business ties with Bharat Electronics Limited (BEL) in the defence and civilian segments.
On a two-day visit to the City, Sweden’s Minister for Foreign Affairs Mr Carl Bildt on Wednesday said there were many areas where BEL, with its wide range of products – from radars to electronic voting machines – and Swedish companies could explore fresh business avenues.
The minister visited the Bangalore Complex of the premier defence public sector unit along with a high-level Swedish business delegation today.
On the occasion, BEL’s Chairman and Managing Director Mr V V R Sastry made a
presentation on the PSU’s capabilities and areas of operations in the defence
and civilian sectors, such as military communication systems, radars and
sonars, naval systems, telecom and broadcast systems, electronic warfare
systems, tank electronics, opto electronics, professional electronic
components, solar-powered systems et al.
Mr Sastry highlighted the possible areas where BEL could contribute in meeting the offset requirements of Swedish firms. This includes design modifications to customise products, software development in embedded processes, real time applications, development of command control systems and encryption products/modules, assembly and testing of electronic assemblies/products, maintenance, repair and overhaul (MRO), system integration, installation and commissioning, as well as contract manufacturing based on ‘Build to Print’ and ‘Build to Spec’.
BEL has already tied up with a few Swedish firms to take
advantage of the offset clause for defence procurements from abroad. The offset
policy of the Government of India makes it mandatory for foreign companies to
invest 30 per cent of the contract amount in
The delegation later took a tour of the Electronic Warfare and Avionics and Telecom & Broadcast Systems strategic business units and Quality Assurance facilities at BEL.
BEL conferred
Navratna status today
Premier defence PSU Bharat Electronics Limited (BEL) was formally conferred the Navratna status by the Finance Minister, Mr P Chidambaram, at an investiture ceremony held at New Delhi today (June 22, 2007).
Bharat Electronics Limited, the leading Indian defence PSU, manufactures a wide range of products in the areas of Military Communication, Radars, Naval Systems, Telecom & Broadcast, Electronic Warfare, Tank Electronics, Opto-electronics, Professional Electronic Components and Solar Photovoltaic Systems. BEL became a Mini Ratna Category I company in February 2002 and has now been elevated to a Navratna based on its consistent performance.
BEL was started in 1954 to meet the defence electronics
requirements of the Indian Armed Forces. Starting with a single Unit at
Mr V V R Sastry, Chairman and Managing Director of BEL, says, "They are delighted. It is a recognition of the company's inherent strengths in research and development, manufacturing, quality and thrust on self-reliance. It is also a recognition of the company's ability to face global competition and become an international player."
"On the occasion of BEL formally being conferred Navratna status, they would like to thank all their stakeholders – the Ministry of Defence, customers, particularly the Armed Forces, employees, technology partners like DRDO, business associates, vendors and shareholders, without whose unstinting support they would not have reached this milestone," Mr Sastry reiterates.
The eligibility for considering a PSU for Navratna status is that it should be a Mini Ratna I, Schedule 'A' company and have obtained 'excellent or 'very good' MoU rating in three of the last five years and a composite performance score of 60 or above on various financial
parameters for the last three years including Net Profit to Net Worth, Manpower
Cost to Total Cost of Production, PBDIT to Capital Employed, PBIT to Turnover
and Earning Per Share.
It is also appropriate to mention that BEL has been ranked first among mid-size aerospace / defence companies worldwide by Aviation Week and Space Technology for 2004 and 2005. BEL was named Star PSU for 2004-05 by Business Standard.
By becoming a Navratna PSU, BEL will have greater financial and operational autonomy. BEL looks forward to leverage this for further business growth and diversification.
BEL hands over
spacecraft components to ISRO
Premier defence PSU Bharat Electronics Limited (BEL) on Thursday handed over to the Indian Space Research Organisation (ISRO) two Flight Model Travelling Wave Tubes (TWTs), Space-Qualified Components that are used on board Communication Satellites.
At present, there are only a handful of companies in the world, which make Space-Qualified Components for spacecrafts.
Speaking on the occasion, ISRO Chairman Mr Madhavan Nair complimented the indigenisation effort, saying it opened a new leaf in the area of space-qualified components. He also stressed on the need to develop highly efficient solar cells for satellite applications.
BEL Chairman and Managing Director Mr V V R Sastry said that Bharat Electronics Limited, which supplied state-of-the-art defence equipment to the armed forces, was keen to explore the space segment. “They have had successes on land, underwater and air. And now they are all set to venture into the realm of space,” Mr Sastry said.
The TWTs were designed and developed as part of a joint
project of BEL,
Based on a design provided by CEERI, Pilani, BEL developed
the two Flight Model TWTs called BTC 60 FM1 and BTC 60 FM2 after a series of
acceptance tests at its
BEL also handed over to ISRO an indigenously developed and tested Application Specific Integrated Circuit (ASIC) called BE03RD Relay Driver on the occasion. Ideal for industrial purposes, the relay driver replaces a bulky HMC version and has high breakdown voltage, internal suppression diodes and can resist inductive loads operating with a peak current of 500 milli amperes.
The BE03RD Relay Driver comes in a six-in-one package and
all six channels can be used simultaneously. The circuit design, simulation,
physical verification and wafer fabrication for this product has been done by
BEL using high-voltage, bi-polar technology at its
The Relay Driver ASICs were used in SRE, HAMSAT and CartoSAT-2 spacecrafts successfully.
The successful completion of these Space Qualified
Components heralds a new era in the synergistic indigenisation and development
efforts of scientific organisations in
Dr K N Shankara, Director, ISAC, and Dr S N Joshi, Director, CEERI, also spoke
on the occasion.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.66 |
|
|
1 |
Rs.81.70 |
|
Euro |
1 |
Rs.55.05 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|