MIRA
INFORM REPORT
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Report Date : |
15.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
HINDUSTAN AERONAUTICS LIMITED |
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Registered Office : |
P.B. # 225, 15/1, Cubben Road, P. O. Box 5150, Bangalore – 560 001, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
16.08.1963 |
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Com. Reg. No.: |
001622 |
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CIN No.: [Company
Identification No.] |
U99999MH1964PLC013068 |
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Legal Form : |
Government of India undertaking having limited liability of the company |
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Line of Business : |
Design, Manufacture, Upgrade and Overhaul of Fighters, Trainers, Helicopters, Transport Aircraft Engines, Aironus and Systems Equipments for both military and civil application. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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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 161376696 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company of Government of India. Available information indicates high financial responsibility of the company. The company is doing well. Its payments are always correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions The company is under the control of Ministry of Defence and there may be rare possibility of company becoming bankrupt. The company has tremendous exposure from ministry |
LOCATIONS
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Registered Office : |
P.B. # 225, 15/1, Cubben Road, P. O. Box 5150, Bangalore – 560 001, Karnataka, India |
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Tel. No.: |
91-80-22266901 / 8758 / 22865197 / 1258 / 8629 |
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Fax No.: |
91-80-22268758 / 22577533 / 22867140 |
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E-Mail : |
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Telex |
845-2266 |
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Telegram |
HAL Bangalore |
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Website : |
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Area : |
4126 acres |
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Location : |
Owned |
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Corporate Office : |
15/1, Cubbon Road, Bangalore - 560 001, Karnataka, India |
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Tel. No.: |
91-80-22865197 / 1258 / 8629 / 22866701 / 902-908 / 4636 |
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Fax No.: |
91-80-22867140 / 8758 / 22876533 |
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Factory 1 : |
Located at : v Chakeri, P. B. # 225, Kanpur - 208 008, Uttar Pradesh, Inida v Bangalore, Hyderabad, Koraput, Nashik and Korwa Engine
Division:
Bangalore Complex, P. O. Bag # 9310, Old Madras Road, Bangalore - 560 093, Karnataka, India Tel. No. 91-80-2526 5201 / 2528 3117 Fax No. 91-80-2527 9564 Design
Complex
Vimanapura, P. B. No. 1789, HAL Complex, Bangalore - 560 017, Karnataka, India Tel. No. 91-80-2526 5201 / 1020 Contact Person: Dr. C. R. Ramanja Char (General Manager |
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Overseas Office : |
v Room No. 602, India House High Commission of India, Aldwych London WC2B, 4NA, United Kingdom Tel. No. 0044 – 171 – 497 – 2360 / 81 – 958 – 1826 Fax No. 0044 – 171 – 497 – 8398 Contact Person: Mr. Kanakappa, Resident Manager v Embassy of India, 6/8 Ulitsa Obukha, Moscow CIS, Moscow Tel. No. 007 – 095 – 2977523 / 095 – 1430320 Fax No. 007 – 095 – 9752337 Contact Person: Mr. R. Varadarajan, Resident Manager |
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Regional Office : |
v No. 101, Aurbindo Place, Hauz Khas, New Delhi – 110 016, India Tel. No. 91-11-26514604 Fax No. 91-11-26864683 Contact Person: Gp. Capt. M. S. Shukla (Retd.), Resident Manager v New Kamani Chambers, 32, Ramjibhai Kamani Marg, Ballard Estate, Mumbai – 400 018, Maharashtra, India Tel. No. 91-22-2261 0329 / 2261 6276 Fax No. 91-22-2266 4890 Contact Person: Mr. Harish Chandra, Resident Manager v No. 9, SAIT Colony, 2nd Street, Ground Floor, Egmore, Chennai – 600 008, Tamil Nadu, India Tel. No. 91-44-2822 4982 Fax No. 91-44-2828 4180 Contact Person: Mr. S. Ramachandran, Resident Manager v HAL Bhavan, D. No. 49-22-4, Near Shankar Matham, Lalitanagar, Vishakhapatnam – 530 016, Andhra Pradesh, India Tel. No. 91-891-22554376 Fax No. 91-891-22495248 Contact Person: Mr. C. Patnaik, Officer-in-Charge v Secretariat Contact Person: Mr. Ashok Tandon, Company Secretary Tel. No. 91-80-2286 6001 Fax No. 91-80-2286 8758 / 2286 7533 |
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Corporate Communications : |
Chief of Media Communications and Official Spokesperson |
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Address : |
15/1, Cubbon Road, Bangalore - 560 001, Karnataka, India |
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Tel. No.: |
91-80-22868629 |
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Fax No.: |
91-80-22862334 |
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E-Mail : |
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Marketing : |
GM (Marketing ) Hindustan Aeronautics Limited |
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Address : |
15/1, Cubbon Road, Bangalore - 560 001, Karnataka, India |
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Tel. No.: |
91-80-22865197 |
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Fax No.: |
91-80-22867140 |
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E-Mail : |
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Business
Development : |
GM (Projects) Hindustan Aeronautics Limited |
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Address : |
15/1, Cubbon Road, Bangalore - 560 001, Karnataka, India |
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Tel. No.: |
91-80-22864930 |
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Fax No.: |
91-80-22867361 |
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E-Mail : |
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Customer Services
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ED (Customer Service and QA) Hindustan Aeronautics Limited |
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Address : |
15/1, Cubbon Road, Bangalore - 560 001, Karnataka, India |
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Tel. No.: |
91-80-22866578 |
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Fax No.: |
91-80-22865275 |
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E-Mail : |
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Suppliers : |
GM (Integrated Material Management) |
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Address : |
15/1, Cubbon Road, Bangalore - 560 001, Karnataka, India |
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Tel. No.: |
91-80-22860292 |
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Fax No.: |
91-80-22867234 |
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E-Mail : |
imm@hal-india.com |
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Personnel and
Administration: |
Executive Director (Human Resource) |
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Address : |
15/1, Cubbon Road, Bangalore - 560 001, Karnataka, India |
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Tel. No.: |
91-80-22862107 |
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Fax No.: |
91-80-22863432 |
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Recruitment : |
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Tel. No.: |
91-80-22861917 |
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Fax No.: |
91-80-22863432 |
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E-Mail : |
recruitment@hal-india.com |
DIRECTORS
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Name : |
Mr. A. K. Saxena |
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Designation : |
Managing Director |
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Name : |
Mr. K. P. Puri |
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Designation : |
Managing Director |
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Name : |
Mr. Ashok K.
Baweja |
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Designation : |
Chairman |
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Name : |
Mr. Sanjeev Sahi |
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Designation : |
Director |
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Name : |
Mr. G. P. Gupta |
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Designation : |
Director |
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Name : |
Mr. M Fakruddin |
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Designation : |
Director (Corporate Affairs) |
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Name : |
Mr. K Umamaheswar |
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Designation : |
Managing Director |
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Name : |
Mr. D Shivamurti |
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Designation : |
Director (Finance) |
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Name : |
Mr. M S Nadgir |
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Designation : |
Director (Design & Development |
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Name : |
Mr. Yogesh Kumar |
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Designation : |
Director |
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Name : |
Mr. R N Tata |
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Designation : |
Director |
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Name : |
Mr. R N Bhattacharyya |
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Designation : |
Director |
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Name : |
Mr. M K Moitra |
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Designation : |
Director |
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Name : |
Mr. S Ravi |
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Designation : |
Director |
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Name : |
Mr. Raman Puri |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Ashok Tandon |
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Designation : |
Company Secretary |
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Name : |
Mr. Ranjan Chatterjee |
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Designation : |
Joint Secretary |
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Name : |
Mr. Anuradha Mitra |
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Designation : |
Joint Secretary |
BUSINESS DETAILS
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Line of Business : |
Design, Manufacture, Upgrade and Overhaul of Fighters, Trainers, Helicopters, Transport Aircraft Engines, Aironus and Systems Equipments for both military and civil application. |
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Products: |
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Brand Names : |
"HAL", "KIRAN", "HIT-34", "CHETAK", "HAWK" and "JAGUAR" |
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Exports : |
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Countries : |
UK |
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Imports : |
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Countries : |
UK, USA, France, Russia, Holland, Canada and South Korea |
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Terms : |
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Selling : |
Contract (30/90 days) and L/C terms |
GENERAL
INFORMATION
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Customers : |
Manufacturers , Government Bodies and Others Domestic Customers:
v
Indian Airforce - 80% v
Indian Coast Guard v
Indian Navy v
Indian Army v
Border Security v
Defence Research & Development v
Indian Space Research Organization v
Air India v
Airports Authority of India v
Jet Airways v
Air Sahara v
Bharat Electronics v
Ordinance Factories v
Oil & Natural Gas Corporation Limited v
Coal India v
Kudremukh Iron Ore Company Limited v
NALCO v
Reliance Industries v
United Breweries v
Government of Karnataka v
Government of Andhra Pradesh v
Government of Maharashtra v
Government of Rajasthan v
Government of West Bengal v
Government of Jammu & Kashmir v
Government of Uttar Pradesh International Customers
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Cosmic Air, Nepal v
Gorkha Airlines, Nepal v
Royal Nepal Army, Nepal v
Island Aviation Services, Maldives v
Royal Malaysian Air Force, Malaysia v
Vietnam Air Force, Vietnam v
Corporate Air, Philippines v
Mistubishi Heavy Industries, Japan v
Coast Guard, Mauritius v
Namibian Air Force, Namibia v
Peruvian Air Force, Peru v
ELTA, Israel v
Israel Aircraft Industries, Israel v
Royal Air Force, Oman v
Transworld Aviation, UAE v
Airbus Industries, France v
Dassault Aviation, France v
EADS, France v
Snecma, France v
APPH Bolton, UK v
BAE Systems, UK v
Chelton, UK v
Dowty Aerospace Hydraulics, UK v
Hampson, UK v
Messier Dowty Limited, UK v
Rolls Royce Plc, UK v
Smiths Industries, UK v
Strongfield Technologies, UK v
The Boeing Aircraft Company, USA v
Honeywell International, USA v MOOG, USA |
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No. of Employees : |
29668 |
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Bankers : |
v State Bank of India, Bangalore - 560 017, Karnataka, India v Punjab National Bank, City Branch, Bangalore - 560 002, Karnataka, India v State Bank of Mysore, Industrial Finance Branch, Bangalore - 560 001, Karnataka, India v Bank of Baroda, Banking Branch, Bangalore - 560 025, Karnataka, India v Indian Bank, Bangalore, Karnataka, India v State Bank of India, Madame Cama Road, Mumbai - 400 021, Maharashtra, India v State Bank of Hyderabad v State Bank of Travancore v State Bank of Bikaner & Jaipur |
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Facilities: |
Notes: Consortium Loan from
State Bank of India, Punjab National Bank, Indian Bank, State Bank of
Hyderabad, State Bank of Mysore, State Bank of Patiala, State Bank of Bikaner
and Jaipur, State Bank of Travancore, Export Import Bank of India, Bank of
Baroda, Indian Overseas Bank, Union Bank of India and Syndicate Bank secured
by hypothecation of inventories and receivables Secured by
equitable mortgage of land and building title deeds only at Bangalore and
redeemable at par at the end of 7th year, early redemption option is at the
end of 5th year with call and put option (Trustees of the issue M/s Vijaya
Bank Limited).The Bonds have been redeemed in August 2006 |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Phillips & Company Chartered Accountants |
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Address : |
3, C. M. Road, Fraser Town, Bangalore - 560 005, Karnataka |
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Associates/Subsidiaries : |
v BAR Hal Software Private Limited v All Government of India Undertaking Companies |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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160000000 |
Equity shares |
Rs. 10/- each |
Rs.1600.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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120500000 |
Equity shares |
Rs. 10/- each |
Rs.1205.000 millions |
Notes;
Of the above Shares, 2400000 Shares of Rs.10 each have been allotted as
fully paid-up without payment being received in cash
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1205.000 |
1205.000 |
1205.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
51632.234 |
39139.174 |
30505.820 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
52837.234 |
40344.174 |
31710.820 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
3610.168 |
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2] Unsecured Loans |
0.000 |
23.373 |
23.373 |
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TOTAL BORROWING |
0.000 |
23.373 |
3633.541 |
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DEFERRED TAX LIABILITIES |
13790.462 |
13347.330 |
10479.540 |
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DEFERRED LIABILITIES (Net) |
20.252 |
16.880 |
15.420 |
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TOTAL |
66647.948 |
53731.757 |
45839.321 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10800.685 |
10209.828 |
7303.357 |
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Capital work-in-progress |
2426.985 |
2102.712 |
3311.744 |
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Special Tools & Equipments |
29541.066 |
25535.579 |
19961.413 |
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INVESTMENT |
192.026 |
152.776 |
84.376 |
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DEFERREX TAX ASSETS |
0.000 |
2177.962 |
3228.599 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
86146.382
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72225.199
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48097.394 |
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Sundry Debtors |
14861.050
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12811.786
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14041.324 |
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Cash & Bank Balances |
196463.186
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167055.211
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111459.314 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans & Advances |
42134.158
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40493.274
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39276.981 |
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Total
Current Assets |
339604.776
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292585.470 |
212875.013 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
323722.316
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288491.536
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213964.498 |
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Provisions |
11767.182
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10035.358
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4262.960 |
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Total
Current Liabilities |
335489.498
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298526.894
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218227.458 |
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Net Current Assets |
4115.278
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[5941.424]
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[5352.445] |
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MISCELLANEOUS EXPENSES |
19571.908 |
19494.324 |
17302.277 |
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TOTAL |
66647.948 |
53731.757 |
45839.321 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
86231.164 |
77819.157 |
53400.308 |
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Other Income |
17148.450 |
11434.728 |
5633.103 |
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Total Income |
103379.614 |
89253.885 |
59033.411 |
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Profit/(Loss) Before Tax |
21642.292 |
17435.987 |
11262.900 |
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Provision for Taxation |
5323.495 |
5948.427 |
3551.500 |
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Profit/(Loss) After Tax |
16318.797 |
11487.560 |
7711.400 |
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Expenditures : |
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Raw Material Consumed |
46844.305 |
59803.981 |
33134.883 |
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Salaries, Wages, Bonus, etc. |
17592.794 |
10502.188 |
8376.873 |
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Increase/(Decrease) in Finished Goods |
[1682.049] |
[14185.562] |
[5743.877] |
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Interest |
132.396 |
159.423 |
480.127 |
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Power & Fuel |
0.000 |
0.000 |
0.000 |
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Depreciation & Amortization |
1179.500 |
1002.843 |
773.052 |
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Provisions |
5307.488 |
4491.871 |
2253.587 |
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Amortization |
3555.283 |
2647.017 |
1565.375 |
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Other Expenditure |
12316.487 |
11179.747 |
7515.053 |
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Total Expenditure |
83419.371 |
75601.508 |
48355.073 |
KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
15.78
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12.87
|
13.06 |
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Net Profit Margin (PBT/Sales) |
(%) |
25.09
|
22.40
|
21.09 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.18
|
5.71
|
5.04 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.41
|
0.43
|
0.35 |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.35
|
7.40
|
6.99 |
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Current Ratio (Current Asset/Current Liability) |
|
1.02
|
0.98
|
0.97 |
LOCAL AGENCY
FURTHER INFORMATION
History
Subject was incorporated on 1st October, 1964 at Bangalore in Karnataka having Company Registration Number 1622.
The history of the Indian Aircraft Industry can be traced to the founding of Hindustan Aircraft Limited at Bangalore in December 1940 in association with the erstwhile princely State of Mysore and late Shri Seth Walchand Hirachand, an Industrialist of extra -ordinary vision. Govt. of India became one of its shareholders in March 1941 and took over the management in 1942. Hindustan Aircraft Limited was merged with Aeronautics India Limited and Aircraft Manufacturing Depot, Kanpur to form Hindustan Aeronautics Limited (HAL) on 01st October 1964.
Today The Company has got 16 production units and 9 research and design centres spread out in seven different locations in India. Its product track record consists of 12 types of aircraft from in house R and D and 13 types by license production. The Company has so far produced over 3300 aircraft, 3400 Aeroengines and overhauled over 7700 aircraft and 26000 engines.
The Company has engaged and succeeded in number of R and D programs for both the military and civil aviation sectors. Substantial progress has been made in the current projects like Dhruv -Advanced Light Helicopter (ALH), Tejas-Light Combat Aircraft (LCA), Intermediate Jet Trainer (IJT) and various military and civil upgrades. The deliveries of Dhruv were affected to Indian Army, Navy, Air Force and Coast Guard in March 2002, in its first year of production which is a unique achievement.
The Company has played a significant role for India's space programs in the manufacturing of satellite launch vehicles like PSLV (Polar Satellite Launch Vehicle), GSLV (Geo Stationary Launch Vehicle), IRS (Indian Remote Satellite) and INSAT (Indian National Satellite).
The Company has also two joint venture companies, BAeHAL Software Limited and Indo- Russian Aviation Limited (IRAL). Apart from the two, other major diversification projects are Industrial Marine Gas turbine and Airport Services. Several co-production and joint Ventures with international participation are under consideration.
The Company's supplies / services are mainly to Indian Defence Services, Coast Guard and Border Security Force. Transport aircraft and Helicopters have also been supplied to Airlines as well as State Governments of India. The Company has also achieved a foothold in export in more than 30 countries, having demonstrated its quality and price competitiveness.
The Company has won several International and National Awards for achievements in R and D, Technology, managerial performance, exports, energy conservation, quality and fulfillment of social responsibilities. M/S Global Rating, United Kingdom in conjunction with The International Information and Marketing Center (IIMC) has awarded the “INTERNATIONAL GOLD MEDAL AWARD” AT THE INTERNATIONAL SUMMIT (GLOBAL RATING LEADERS 2003) LONDON, UK to M/s. Hindustan Aeronautics Limited for Corporate Achievement in Quality and Efficiency.
The Company was also presented the INTERNATIONAL “ARCH OF EUROPE” AWARD IN GOLD CATEGORY in recognition for its commitment to Quality, Leadership, technology and Innovation. At National level, The Company won the top award instituted- by SCOPE (Standing Conference of Public Enterprises) -The "GOLD TROPHY" for excellence in Public Sector Management.
The Company scaled new heights in the financial year 2002-2003 with a turn over of Rs. 31200 millions and export of Rs. 1038.900 millions.
Subject is engaged in to carry on the business as design, manufacture, upgrade and overhaul of fighters, trainers, helicopters, transport aircraft engines, aironus and systems equipments for both military and civil application.
It is engaged in design and development of fixed and rotary wing aircraft, engines, avionics and accessories. It is also engaged in manufacturing, maintaining, repairing and overhauling of fighter, transport and trainer aircraft, helicopters, aero engines, avionics, accessories and ground support equipments. It is also engaged in manufacturing of structural components for satellite and launch vehicles, software development for aerospace applications and design consultancy.
The company has a full-fledged design and development organization consisting of: --
v Aircraft Design Bureau
v Helicopter Design Bureau
v Engine Design Bureau
v Avionics Design Bureau
v Accessories Design Bureau
The company is also engaged in manufacturing of gas turbine engine and providing repairing and maintenance service. It mainly builds aircrafts for the defence sector.
The corporate office of the company is located at Bangalore. It has 12 Manufacturing Divisions and a Design Complex, spread over six states. The company has joint venture i.e., Indo Russian Aviation Limited and Bae Hindustan Aeronautics Software Limited.
FIXED ASSETS:
· Land and Development
· Buildings
· Plant,
· Machinery,
· Equipments
· Water Supply
· Rail Road, Siding
· Runways
· Equipments and Furniture’s
· Aircraft / Helicopters
· Transport Vehicles
PRESS RELEASES
Rolls-Royce and Hindustan Aeronautics Limited Celebrate
50 Years Of Partnership
One of the longest relationships in aerospace, between Rolls-Royce and Hindustan Aeronautics Limited (HAL), today celebrated its 50th anniversary with a ceremony at the Farnborough International Airshow.
The two companies first came together in 1956 with an engine production licence and since then have combined their skills and technology to achieve many successes, including HAL becoming a member of the Rolls-Royce global supply chain in 2003.
While Rolls-Royce looks forward to its future potential in India, HAL and Rolls-Royce are already busy extending their partnership to include co production of the Adour engines for India’s new Hawk, their Advanced Jet Trainer.
Speaking at the Farnborough today, Rolls-Royce Chief Executive Sir John Rose said: “India, and HAL in particular, holds a very special place in the history of Rolls-Royce. They are proud of this valued partnership and also proud of the high quality of engines they have together been able to deliver to the Indian Air Force and the Indian Navy during the past 50 years.”
“They now look forward to expanding this partnership that will include co-production of the Adour engines for India’s new Hawk Advanced Jet Trainer. “
HAL Chairman Ashok Baweja said: “When HAL first built the Orpheus 50 years ago, little did they think
that they would still be overhauling and flying this engine in the Indian Air
Force today!
“HAL is proud to
have built 750 Orpheus 701 and 703 engines and, so far, overhauled 2618. With
the Kiran MkII expected to continue in service until replaced by HAL’s new
Intermediate Jet Trainer, the Orpheus still has a lot of life ahead.
“They in HAL, also
look forward to a continuing successful partnership with Rolls-Royce for the
Adour and other new programmes. It is truly a golden anniversary of the
HAL/Rolls-Royce relationship.”
HAL also became a contributor to the Rolls-Royce civil aviation business in 2003 when it started supplying ring forgings to Rolls-Royce for its Trent family of engines.
Although the Orpheus engine licence production agreement was signed in 1956, HAL had already entered the jet age with assembly of Goblin-powered de Havilland Vampires in 1952. But it was the establishment of the Engine Division at Bangalore to build the Bristol Siddeley Orpheus for the Folland Gnat trainer, HF-Marut and Kiran MkII jet trainer that really launched HAL into the aero engine business.
Since then, other agreements covered a range of civil and military aero engines. Indian Air Force Jaguars, used as deep penetration strike aircraft, are powered by the Rolls-Royce Turbomeca Adour engine which HAL has been licence manufacturing since 1978.
This engine is a proven winner and is operated by over 20 military forces worldwide accumulating over seven million flying hours to date. Flight experience with the Adour in aircraft such as the Hawk is considerable and the engine’s ruggedness, maintainability and low cost of ownership has been fully demonstrated.
Under a new licence agreement, the Adour 871 will be manufactured by HAL and will power the Hawk Advanced Jet Trainer for India.
HAL is also involved in the repair and overhaul of the Rolls-Royce Avon, Dart, Adour and Gnome aero engines as well as Avon and 510K industrial gas turbines.
Rolls-Royce engines including the Avon, Viper, Dart, Pegasus, Model 250, Gnome H1400 for aircraft like the Canberra, Avro 748, Sea Harrier, Britten Norman Islander and the Sea King are in service with the Indian Armed Forces.
The relationship with HAL is at the heart of the
long-standing and successful history Rolls-Royce has with India, now for more
than 70 years. Rolls-Royce chose HAL’s home city of Bangalore for its new
wholly-owned subsidiary, Rolls-Royce Operations India Limited (RROIPL) to
manage and develop the growing volume of engineering work that the Group is
sub-contracting to India.
HAL – IAI cooperation in Aero Structures
Hindustan Aeronautics Limited (HAL) has been recently selected by Israel Aircraft Industries (IAI) Limited. for supply of major Aero Structure Assembly including tooling, design and manufacture. These Aero Structures work package, valued in excess of US $ 30 million will be supplied over next 8 years. HAL will establish a dedicated manufacturing and assembly line to execute the order. This cooperation will play a major role in further development of bilateral business relations between IAI and HAL.
HAL HANDS OVER DIVIDEND CHEQUE
HAL Chairman Mr. Ashok K. Baweja hands over company's dividend cheque to Defence Minister Mr. Pranab Mukherjee in New Delhi. Defence Secretary Mr. Shekhar Dutt (second from left), Secretary (Defence Production) Mr. Dhanendra Kumar (second from right) and Joint Secretary (HAL) Mr. Ranjan Chatterjee (extreme right) look on.
The Hindustan Aeronautics Limited (HAL) has handed over a final dividend cheque for Rs 640.6 millions for the year 2004-2005 to the government. This is in addition to the interim dividend of Rs 361.5 millions paid in February 2005, and the total dividend for the year works out to Rs 1002.1 millions (83.16 per cent of the paid-up capital).
HAL Chairman Mr. Ashok K. Baweja handed over the cheque to Defence Minister Mr. Pranab Mukherjee in New Delhi recently. Defence Secretary Mr. Shekhar Dutt, Secretary (Defence Production) Mr. Dhanendra Kumar and Joint Secretary (HAL) Mr. Ranjan Chatterjee were present on the occasion.
The company has achieved a total sale of Rs 4,534 millions during the fiscal year and earned Rs 7570 millions as profit before tax (PBT).
HAL gets
new Director
Mr M.S. Nadgir has been appointed as the Director for Design and Development at Hindustan Aeronautcis Limited (HAL), Bangalore.
Prior to his appointment, Mr Nadgir was heading the Aircraft Research and Development Centre (ARDC), Bangalore.
A product of of IIT (Mumbai), Mr Nadgir has played a key role in a series of MiG upgradation programmes and life-extensions of SU-30K, AN-32,IL-76, IL-38 and TU-142.
Honour
for Dr Mohan Rao, HAL Medical Advisor
Dr P. Mohan Rao, eminent physician and cardiologist, has been conferred with the ‘Lifetime Achievement Award’ at the 3rd Annual Conference of Cardiological Society of India (Karnataka Chapter) and Karnataka Association of Cardiovascular and Thoracic Surgeons held in Mangalore recently. He received the award from Deputy Chief Minister Mr M. P. Prakash.
Dr Rao is currently the Director of M.V.J. Medical College and Medical Advisor to Hindustan Aeronautics Limited (HAL), Titan Industries and The International School Bangalore (TISB). He is also the recipient of the Prime Minister’s Award for outstanding service in the field of ‘Family Planning and Welfare’ during his tenure as the Chief of Medical Services at the HAL Hospital.
Dr Rao has the distinction of heading several academic and scientific societies including: Cardiological Society of India (Bangalore Chapter), Association of Physicians of India (Karnataka Chapter), Indian Association of Occupation Health (Karnataka Chapter), Indian Medical Association (South-East Branch) and trustee of Medical Education and Research Trust (Karnataka).
Air Chief flies ALH
powered by Shakthi engine
Chief of Air Staff Air Chief Marshal F.H. Major flew the Advanced Light Helicopter (ALH) – Dhruv -- powered by the Shakthi engine in Bangalore on Thursday. The flight was piloted by Wg Cdr (Retd) Unni Pillai, Deputy Chief Test Pilot of HAL.
The flight, which lasted for over 20 minutes, saw the Air Chief taking keen
interest in the sophisticated electronic digital control systems and other
onboard equipment tailor-made for various missions.
After the flight, Air Chief Marshal Major described ALH as an outstanding
flying platform with multiple features. “It’s a great feeling to fly a
beautiful machine,” he said. He also visited various facilities in the
Helicopter Division.
Later, HAL Chairman Mr Ashok K. Baweja briefed the Air Chief about the
weaponsied version of the Dhruv. Air Chief Marshal F.H. Major, PVSM, AVSM, SC,
VM, ADC, Chief of Air Staff with Shri Ashok K Baweja, Chairman HAL with the
weaponised Dhruv helicopter (ALH) at Helicopter Division of HAL, after the
flight of ALH on November 15th, 2007
HAL BAGS TOP EXPORTER TROPHY & AWARD
Shri M Fakruddin,
Director (Corporate Planning & Marketing), receiving the EEPC
award from Shri Rakesh Shah, Chairman, EEPC.
Hindustan Aeronautics Limited, which is a leading Defence Public Sector Undertaking of the country, received the “ENGINEERING EXPORT PROMOTION COUNCIL (EEPC) SOUTHERN REGION, TROPHY & AWARD” for the years 2001-02 and 2002-03. The Top Exports Award/Trophy is instituted by the EEPC, India for outstanding export performance every year to recognize and honour the exporters who have achieved distinction. HAL has been the TOP EXPORTER in the category of “Exporter of Engineering Consultancy, Technical Know-how & Other Engineering Services” in Southern Region for more than a decade. Shri M Fakruddin, Director (Corporate Planning & Marketing), received the awards on behalf of HAL from Shri Rakesh Shah, Chairman, EEPC, India, at a function held in Chennai on 26th Feb 2005.
HAL’s DHRUV FOR
TSUNAMI RELIEF OPERATION
As the grave tragedy of tsunami brought untold misery to vast populace of coastal India, the whole nation geared up for one of the biggest relief operations in their history. This relief operation is unique in its dimensions where people and organizations across the country donated liberally to rehabilitate the affected citizens of India.
Hindustan Aeronautics Limited – the Indian Aviation leader - came forward and
donated Rs. 34.000 millions to the Prime Minister’s Relief Fund. The cheque was
handed over by Shri Ashok K Baweja, Chairman, HAL to the Prime Minister on the
1st of Jan 05, as a token of HAL’s commitment to the nation.
The commitment of HAL also expresses itself in another unique way. For the
first time in the history of Indian Aviation, Indian made helicopters
participated in relief operations. Hitherto in their history, no Indian
aircraft or helicopter, designed and developed indigenously, has contributed to
national relief work.
Dhruv, the Advanced Light Helicopter, indigenously designed & developed by
HAL, has once again established its excellent operational capabilities. These
helicopters are being extensively deployed by Indian Army & Coast Guard in
Nagapatinam, Kumbakonam & Chennai for tsunami relief operations.
The multi-role Dhruv helicopters are flying various missions to bring relief to
the victims of the tragedy by moving medical teams, dropping medicines &
food besides undertaking extensive aerial survey over the affected areas. This
has reinforced the credibility of Dhruvs in the utility version.
The Dhruvs, through their wide range of civil applications, are providing
enormous support to meet the mammoth challenge of tsunami faced by the nation.
Hindustan Aeronautics Limited is the largest PSU under Department of Defence Production, MoD, with its Corporate Office at Bangalore. The Company has 16 production divisions and 9 R&D centers co-located in six states. It has manpower strength of about 30,000 including designers, executives and skilled technicians. HAL’s product range consists of aircraft, helicopters, aero-engines, accessories, avionics and systems. It has also diversified into manufacture of structures for aerospace vehicles like PSLV/GSLV, IRS Satellites and Industrial & Marine Gas Turbine engines. All the production divisions of HAL have ISO 9001-2000 accreditions and ISO14001-1996 Environment Management System Certification.
HAL HONOURED WITH MOU
AWARD BY MINISTRY OF HEAVY INDUSTRIES AND PUBLIC ENTERPRISES
Hindustan Aeronautics Limited, which is the largest Public Sector Enterprise under Department of Defence Production, Ministry of Defence, has been honoured with the MoU Award for “Excellence in Performance” for the year 2002-03. The award in the form of ‘Prime Minister’s Shield’ was presented to Shri N.R Mohanty, Chairman, HAL by Hon’ble Prime Minister, Dr Manmohan Singh in New Delhi on 04th September 2004.
The MoU Award is given only to the Top 10 enterprises whose performance is rated as ‘Excellent’ on the basis of their performance against the MoU signed with the Administrative Ministry. HAL has been rated as ‘EXCELLENT’ with the highest possible score for its MoU performance in the year 2002-03.
HAL BAGS GOLDEN
PEACOCK INNOVATION AWARD - 2004-10-07
Hindustan Aeronautics Limited (HAL), has bagged the prestigious Golden Peacock Innovation Award-2004 for the innovative development work in re-engining of Cheetah Helicopter with a modern light weight, fuel efficient engine. With a view to create competitiveness, Golden Peacock Award for Innovation is one of the several awards instituted by the Institute of Directors (IOD). Bestowed annually, the award is designed to encourage total involvement in innovation in organizations. The award was presented to Mr. NR Mohanty, Chairman HAL by Union Minister of Science & Technology and Ocean Development, Mr. Kapil Sibal in New Delhi on 20th August 2004.
HAL SIGNS MOU WITH
INDIAN NAVY
Hindustan Aeronautics Limited (HAL) and Indian Navy signed a Memorandum of Understanding (MoU) at New Delhi on 28 June 2004. The MoU signed by Vice Admiral SV Gopalachari, PVSM, AVSM, VSM, the Deputy Chief of Naval Staff and Mr. NR Mohanty, Chairman, HAL will pave the path for repair and overhaul of Seaking Helicopter transmission system components, facility / know-how which hitherto did not exist in the country.
This major milestone in creating an indigenous state-of-art generic repair and full overhaul facility has been made possible by the foresight and concerted efforts at the level of the Deputy Chief of Naval Staff and Chairman, HAL. Their efforts led to enabling the conclusion of a contract for Transfer of Technology from Westland Helicopters Limited, UK, and the OEM to HAL in March 2004, which was a prerequisite in setting up this facility at HAL, Bangalore.
The said project costing around Rs 7168 millions will go a long way in enhancing the fleet serviceability of Seaking Helicopters and reducing the down time. The facility is expected to be fully functional by end of the current financial year. As a result of this, Indian Navy will have an uninterrupted Repair / full Overhaul and spares support to enhance its reliability and fleet readiness at all times. This project offers an opportunity for the country to become self reliant in service and full overhaul of Seeking Transmission Assemblies and serves as a platform in achieving self reliance on other helicopters of foreign origin. The project also provides an opportunity to attain exposure to new technologies and promotion of local vendors through indigenization.
DISTRIBUTION OF BEST
PERFORMING DIVISION AWARDS 2002-03 - 10TH MAY 2004
The company is a premier aerospace industry in the south east Asia. It is a vertically integrated organization involved in Design & Development, Manufacturing, Repair and Overhaul of Fighter, Trainer & Transport Aircraft, Helicopters, Aero-Engines, Avionics & Accessories. Besides this, HAL also manufactures complex structures for Aerospace programmes.
The company strives for a continuous improvement and growth in Research & Development and other high tech manufacturing areas thereby aiming to become a $1b company by end of 2004-05. In order to have an all-round growth in the company, a scheme has been launched in 2001-02 to promote healthy competition among all the Divisions. The performance of Divisions in various parameters like Turnover, Export, Profit, Customer Services & Quality Assurance etc, is evaluated and the Divisions performing best against these parameters are awarded. The Division achieving best performance in maximum number of parameters is adjudged the best performing Division.
I. Turnover per Employee
Ii. Profit before Tax per employee
Iii. Order Booking per employee
The other Divisions who got individual awards are Aircraft & Overhaul Divisions of Bangalore Complex (BC), Engine Division, Koraput & Aircraft Division, and Nasik of MiG Complex.
Helicopter Division where “Best Performance is the way of life” is involved in Manufacture, Repair & Overhaul of Helicopters. The Division has gained more prominence after introduction of its star product “DHRUV” – The Advanced Light Helicopter. Dhruv, an indigenously designed & developed high tech helicopter is being manufactured for the first time in the country by Helicopter Division since 2001-02. As on date, a total of 31 Dhruv Helicopters have been produced for various defence customers’ viz. Indian Army, Navy, Air Force & Coast Guard. Two helicopters have been sold to Royal Nepalese Army. The production of Civil certified Dhruv has also commenced to enter into the Global Civil market. Besides this the proven product ‘Cheetah’ helicopter has been modified into a formidable force multiplier light attack helicopter ‘Lancer’. Cheetah’s high altitude capabilities have been further enhanced by re-engining it with a higher performance Dhruv engine.
Besides this, the Helicopter Division has played a major role in upgrading & supporting MI-17 helicopter of Indian Air Force and Kamov & Seaking helicopters of Indian Navy.
In addition to the above manufacturing and R&D programmes, the Rotary Wing Academy of Helicopter Division imparts the basic helicopter pilot training.
The company’s Helicopter Division and Design Complex has carved it’s presence as an “Integrated Helicopter facility” to cater to all helicopter needs in India.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.48.71 |
|
UK Pound |
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.64.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
81 |
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 |
|