MIRA
INFORM REPORT
|
Report Date : |
01.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTAN
AERONAUTICS LIMITED |
|
|
|
|
Registered Office : |
15/1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
16.08.1963 |
|
|
|
|
Com. Reg. No.: |
08-1622 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1205.000
millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U35301KA1963GOI001622 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRB00692G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB5987A |
|
|
|
|
Legal Form : |
Government of |
|
|
|
|
Line of Business : |
Manufacturer of
Upgrade and Overhaul of Fighters, Trainers, Helicopters etc. |
|
|
|
|
No. of Employees
: |
35000
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (80) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 390000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established company of Government of India. Financial positions of the
company is sound. The company is doing well. Payments are reported to be
regular and as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Chatterjee |
|
Designation : |
Finance Department |
|
Contact No.: |
91-80-22320358 |
LOCATIONS
|
Registered/ Corporate Office : |
15/1, |
|
Tel. No.: |
91-80-22266901/ 8758 / 22865197/ 1258
/ 8629/ 22866701/ 902-908/ 4636 / 22864930 / 22866578/ 22320701/
22320903/ 22320376/ 22320001 / 22320358 / 22320008 / 22320197 / 22320578 /
22320292 / 22320107 91-80-22861917
(For Recruitment) |
|
Fax No.: |
91-80-22268758 / 22577533 / 22867140 / 22862334 / 22867361 / 22865275
/ 22320140 / 22320361 / 22320275 / 22320234 / 22320432 / 2232 0758 91-80-22863432
(For Recruitment) |
|
E-Mail : |
|
|
Telex |
845-2266 |
|
Telegram |
HAL |
|
Website : |
|
|
Area : |
4126 acres |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Chakeri, P. B.
No. 225, |
|
|
|
|
Factory 2 : |
Engine Division
|
|
Tel. No.: |
91-80-25265201 /
25283117 / 25241997 |
|
Fax No.: |
91-80-25279564 |
|
|
|
|
Factory 3 : |
Design Complex
Vimanapura, P. B.
No. 1789, HAL Complex, |
|
Tel. No.: |
91-80-2526 5201 /
1020 |
|
|
|
|
Factory : |
Also Located at : ·
·
·
Koraput ·
Nashik ·
Korwa |
|
|
|
|
Plant : |
Engine Division –
Koraput, P.O. Sunabeda – 763 002, District Koraput, |
|
Tel. No. : |
91-6853-220200 |
|
Fax No. : |
91-6853-220004/220217 |
|
|
|
|
Overseas
Office : |
·
Room
No. 602, Tel. No. 0044 – 171 – 497 –
2360 / 81 – 958 – 1826 Fax No. 0044 – 171 – 497 –
8398 ·
Embassy
of Tel. No. 007 – 095 –
2977523 / 095 – 1430320 Fax No. 007 – 095 – 9752337 |
|
|
|
|
Regional
Office : |
·
No.
101, Tel. No. 91-11-26514604 Fax No. 91-11-26864683 ·
New
Kamani Chambers, 32, Ramjibhai Kamani Marg, Ballard Estate, Mumbai – 400 018,
Tel. No. 91-22-2261 0329 /
2261 6276 Fax No. 91-22-2266 4890 ·
No.
9, SAIT Colony, Tel. No. 91-44-2822 4982 Fax No. 91-44-2828 4180 ·
HAL
Bhavan, D. No. 49-22-4, Near Shankar Matham, Lalitanagar, Vishakhapatnam –
530 016, Tel. No. 91-891-22554376 Fax No. 91-891-22495248 |
|
|
|
|
Corporate Communication Department : |
Chief of Media Communications and Official Spokesperson 15/1, |
|
Tel. No.: |
91-80-22868629 |
|
Fax No.: |
91-80-22862334 |
|
E-Mail : |
|
|
|
|
|
Marketing Department : |
GM (Marketing) Hindustan Aeronautics Limited 15/1, |
|
Tel. No.: |
91-80-22865197 |
|
Fax No.: |
91-80-22867140 |
|
E-Mail : |
|
|
|
|
|
Business Development : |
GM (Projects) Hindustan Aeronautics Limited 15/1, |
|
Tel. No.: |
91-80-22864930 |
|
Fax No.: |
91-80-22867361 |
|
E-Mail : |
|
|
|
|
|
Customer Services : |
ED (Customer Service and QA)
Hindustan Aeronautics Limited 15/1, |
|
Tel. No.: |
91-80-22866578 |
|
Fax No.: |
91-80-22865275 |
|
E-Mail : |
|
|
|
|
|
Suppliers
: |
GM (Integrated Material Management) 15/1, |
|
Tel. No.: |
91-80-22860292 |
|
Fax No.: |
91-80-22867234 |
|
E-Mail : |
imm@hal-india.com |
|
|
|
|
Personnel and Administration: |
Executive Director (Human Resource) 15/1, |
|
Tel. No.: |
91-80-22862107 |
|
Fax No.: |
91-80-22863432 |
DIRECTORS
As on 07.09.2011
WHOLE TIME DIRECTORS
|
Name : |
Mr. Ashok Nayak |
|
Designation : |
Chairman |
|
Address : |
15/1, |
|
Date of
Birth/Age : |
24.10.1951 |
|
Date of
Appointment : |
01.04.2009 |
|
Tel No.: |
91-80-22863105 / 22868003 |
|
DIN No.: |
01621890 |
Other Directorship
|
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
U35301KA1963GOI001622 |
Hindustan
Aeronautics Limited |
Whole-time
director |
01-04-09 |
01-07-07 |
- |
Active |
NO |
|
U35303KA2005PTC037539 |
Snecma
Hal Aerospace Private Limited |
Nominee
director |
28-09-07 |
28-09-07 |
- |
Active |
NO |
|
U74999KA2008PTC044972 |
Hatsoff
Helicopter Training Private Limited |
Director |
16-01-08 |
16-01-08 |
15-04-09 |
Active |
NO |
|
U93000KA2008PLC046588 |
Tata
HAL Technologies Limited |
Director |
28-05-08 |
28-05-08 |
08-06-11 |
Active |
NO |
|
U35303KA1994PLC016219 |
Indo-Russian
Aviation Limited |
Nominee
director |
15-04-09 |
15-04-09 |
- |
Active |
NO |
|
Name : |
Mr. Prakash V Deshmukh |
|
Designation : |
Managing Director |
|
Address : |
MIG Cottage, |
|
Date of
Birth/Age : |
07.11.1952 |
|
Date of Appointment
: |
01.10.2008 |
|
Tel No.: |
91-2550-275100 |
|
DIN No.: |
02376494 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U35303KA1994PLC016219 |
Indo-Russian
Aviation Limited |
Director |
01-10-08 |
01-10-08 |
Active |
NO |
|
2 |
U35301KA1963GOI001622 |
Hindustan
Aeronautics Limited |
Managing
director |
01-10-08 |
01-10-08 |
Active |
NO |
|
3 |
U29200KA2007PLC043691 |
Infotech HAL
Limited |
Nominee director |
16-04-09 |
16-04-09 |
Active |
NO |
|
4 |
U74999KA2008PTC044972 |
Hatsoff
Helicopter Training Private Limited |
Nominee director |
08-06-11 |
08-06-11 |
Active |
NO |
|
5 |
U73100KA2007PTC042634 |
HAL-Edgewood
Technologies Private Limited |
Nominee director |
21-07-11 |
21-07-11 |
Active |
NO |
|
6 |
U32204DL2007PLC158372 |
Samtel Hal
Display Systems Limited |
Additional
director |
21-09-11 |
21-09-11 |
Active |
NO |
|
Name : |
Mr. Salil Kumar Jha |
|
Designation : |
Managing Director |
|
Address : |
HAL Accessories Complex, P. B.
No. 215, |
|
Date of
Birth/Age : |
18.07.1957 |
|
Date of
Appointment : |
01.01.2009 |
|
Tel No.: |
91-522-2340327 |
|
DIN No.: |
02417261 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
U32204DL2007PLC158372 |
Samtel Hal
Display Systems Limited |
Director |
23-09-09 |
01-01-09 |
- |
Active |
NO |
|
2 |
U35301KA1963GOI001622 |
Hindustan
Aeronautics Limited |
Managing
director |
01-01-09 |
01-01-09 |
- |
Active |
NO |
|
3 |
U35303KA2007PTC042680 |
HALBIT Avionics
Private Limited |
Nominee director |
15-04-09 |
15-04-09 |
14-08-09 |
Active |
NO |
|
4 |
U73100KA2007PTC042634 |
HAL-Edgewood
Technologies Private Limited |
Nominee director |
08-06-11 |
08-06-11 |
- |
Active |
NO |
|
Name : |
Mr. Rajan P Soundara |
|
Designation : |
Managing Director |
|
Address : |
HAL Helicopter Complex, P. B.
No. 1790, Vimanapura Post, |
|
Date of
Birth/Age : |
11.05.1953 |
|
Date of Appointment
: |
01.08.2009 |
|
DIN No.: |
02639746 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U35303KA2005PTC037539 |
Snecma Hal
Aerospace Private Limited |
Director |
01-04-09 |
01-04-09 |
Active |
NO |
|
2 |
U35301KA1963GOI001622 |
Hindustan
Aeronautics Limited |
Managing
director |
17-09-10 |
01-08-09 |
Active |
NO |
|
3 |
U72200KA1993PLC013983 |
BAeHAL Software
Limited |
Director |
06-08-10 |
14-08-09 |
Active |
NO |
|
4 |
U35303KA2007PTC042680 |
HALBIT Avionics
Private Limited |
Nominee director |
14-08-09 |
14-08-09 |
Active |
NO |
|
5 |
U74999KA2008PTC044972 |
Hatsoff Helicopter
Training Private Limited |
Nominee director |
07-07-10 |
07-07-10 |
Active |
NO |
|
6 |
U29253KA2010PTC054509 |
International
Aerospace Manufacturing Private Limited |
Director |
16-07-10 |
16-07-10 |
Active |
NO |
|
7 |
U29199KA2010PLC056091 |
Multirole
Transport Aircraft Limited |
Director |
01-12-10 |
01-12-10 |
Active |
NO |
|
8 |
U93000KA2008PLC046588 |
Tata HAL
Technologies Limited |
Director |
08-06-11 |
08-06-11 |
Active |
NO |
|
9 |
U29200KA2007PLC043691 |
Infotech HAL
Limited |
Additional director |
21-07-11 |
21-07-11 |
Active |
NO |
|
Name : |
Mr. K Naresh Babu |
|
Designation : |
Managing Director |
|
Address : |
HAL |
|
Tel No.: |
91-80 -25228230 /25223534 |
|
|
|
|
Name : |
Mr. V M Chamola |
|
Designation : |
Director (HR) |
|
Address : |
15/1, |
|
|
|
|
Name : |
Sqn. Ldr. (Retd.) Baldev Singh |
|
Designation : |
Director (CP and M) |
|
Address : |
HAL C.O. 15/1, |
|
Tel No.: |
91-80-22867465 / 22867487 |
|
|
|
|
Name : |
Dr. A. K. Mishra |
|
Designation : |
Director Finance (Officiating) |
|
Address : |
HAL Corporate Office, |
|
Tel No.: |
91-80-25227348 / 25223457 |
PART TIME OFFICIAL DIRECTORS
|
Name : |
Mr. Manoj Saunik |
|
Designation : |
Part Time Official Director
(Joint Secretary – Aerospace) |
|
Address : |
|
|
Tel No.: |
91-11-23012778 |
|
Name : |
Mr. Prem Kumar Kataria |
|
Designation : |
Part Time Official Director (Additional FA
(K) and JS) |
|
Address : |
805, Setctor B- IX, Vasant Kunj, New Delhi-110070, |
|
Date of Birth/Age : |
01.05.1960 |
|
Date of Appointment : |
12.07.2010 |
|
Tel No.: |
91-11-23011871 |
|
Fax No.: |
91-11-23013936 |
|
E-Mail : |
|
|
DIN No.: |
03175921 |
Other Directorship
|
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
U35100MH1934GOI002079 |
Mazagon
Dock Limited |
Director |
12-07-10 |
12-07-10 |
- |
Active |
NO |
|
U35301KA1963GOI001622 |
Hindustan
Aeronautics Limited |
Director |
12-07-10 |
12-07-10 |
- |
Active |
NO |
|
U63032GA1967GOI000077 |
Goa
Shipyard Limited |
Director |
12-07-10 |
12-07-10 |
- |
Active |
NO |
PART TIME NON-OFFICIAL DIRECTORS
|
Name : |
Mr. Vinod Kumar Misra |
|
Designation : |
Part Time Non-Official Director |
|
Address : |
56/1, Friends Colony (East), |
|
Date of Birth/Age : |
24.06.1947 |
|
Date of Appointment : |
11.11.2009 |
|
Tel No.: |
91-11-26833473 |
|
DIN No.: |
01641492 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting
status |
|
1 |
U45200DL2006PTC156242 |
M Bros
Developers Private Limited |
Director |
29-09-07 |
26-07-07 |
30-10-10 |
Strike off |
NO |
|
2 |
U51909DL2004PTC127512 |
Crescendo
Trading Private Limited |
Additional
director |
26-07-07 |
26-07-07 |
30-10-10 |
Active |
NO |
|
3 |
U72900DL2006PTC152737 |
Sabre Technet
Private Limited |
Additional
director |
08-08-07 |
08-08-07 |
16-03-09 |
Active |
NO |
|
4 |
U24121DL2005PLC143452 |
Kribhco Shyam
Fertilizers Limited |
Director |
16-06-08 |
10-09-07 |
14-12-09 |
Active |
NO |
|
5 |
L11101AS1959GOI001148 |
Oil India
Limited |
Director |
24-09-11 |
30-07-08 |
- |
Active |
NO |
|
6 |
U35301KA1963GOI001622 |
Hindustan
Aeronautics Limited |
Director |
11-11-09 |
11-11-09 |
- |
Active |
NO |
|
7 |
U74140DL2010PTC206745 |
RAM Defence
Systems and Support Services Private Limited |
Director |
05-08-10 |
05-08-10 |
- |
Strike off |
NO |
|
8 |
U74999DL2011PTC222186 |
Mars Defsec
Systems Private Limited |
Director |
12-07-11 |
12-07-11 |
- |
Active |
NO |
|
Name : |
Mr. Niranjan K Naik |
|
Designation : |
Part Time Non-Official Director (Emeritus Fellow Aerospace Engineering
Department Indian Institute of Technology) |
|
Address : |
|
|
Date of Birth/Age : |
20.06.1944 |
|
Date of Appointment : |
11.11.2009 |
|
Tel No.: |
91-22-25767114 |
|
Fax No.: |
91-22-2572 2602 |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr. Ajay Shankar |
|
Designation : |
Part Time Non-Official Director |
|
Address : |
G-602 Lagoon Apartments, Ambience Island, NH-8, Gurgaon - 120 002, |
|
Tel No.: |
11-23383659 |
|
|
|
|
Name : |
Mr. Surendra Kumar |
|
Designation : |
Part Time Non-Official Director |
|
Address : |
Villa No.25, Lakshmi Gayatri Enclave, (Adjacent to MNR PG College
Campus), HMT Hills Kukkatpally, |
|
Fax No.: |
91-40-66120090 |
|
E-Mail: |
|
|
|
|
|
Name : |
Prof. (Dr.) R Venkata Rao |
|
Designation : |
Part Time Non-Official Director (Vice Chancellor) |
|
Address : |
|
|
E-Mail: |
|
|
|
|
|
Name : |
Mr. V V R Sastry |
|
Designation : |
Part Time Non-Official Director |
|
Tel No.: |
91-11-26598118 |
|
Fax No.: |
91-11-26598242 |
KEY EXECUTIVES
|
Name : |
Mr. Chatterjee |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ashok Nayak |
|
10 |
|
Dhlulappa Shivamurti |
|
10 |
|
R K Singh |
|
50 |
|
Manoj Saunik |
|
10 |
|
P.K. Katria |
|
10 |
|
N C Agarwal |
|
10 |
|
President of |
|
120499900 |
|
|
|
|
|
Total |
|
120500000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Upgrade and Overhaul of Fighters, Trainers, Helicopters etc. |
||||||||
|
|
|
||||||||
|
Products: |
·
Aircrafts of Russian Origin ·
Aircrafts of Western Origin ·
Helicopters ·
Communication/ Navigation Equipments ·
Advanced Communication Equipments ·
Accessories for Aircraft Helicopters and Aeri Engines ·
Aerospace Equipments ·
Aero Engines of Russian Origin ·
Aero Engines of Origin |
||||||||
|
|
|
||||||||
|
Brand Names : |
"HAL",
"KIRAN", "HIT-34", "CHETAK", "HAWK"
and "JAGUAR" |
GENERAL INFORMATION
|
No. of Employees : |
35000
(Approximately) |
|
|
|
|
Bankers : |
·
State
Bank of ·
Punjab
National Bank, City Branch, ·
State
Bank of ·
Bank
of ·
Indian
Bank, ·
State
Bank of ·
State
Bank of ·
State
Bank of Travancore ·
State
Bank of |
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
|
|
Name : |
K. P. Rao and
Company Chartered
Accountants |
|
Address : |
|
|
|
|
|
Joint Ventures /
Strategic Alliances : |
·
BAeHAL Software Limited ·
Indo Russian Aviation Limited ·
Snecma HAL Aerospace Private Limited ·
Samtel HAL Display Systems Limited ·
HAL Edgewood Technologies Private Limited ·
HALBIT Avionics Private Limited ·
Infotech HAL Limited ·
TATA HAL Technologies Limited ·
HATSOFF Helicopter Training Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
160000000 |
Equity Shares |
Rs.10/- each |
Rs.1600.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1205.000 |
1205.000 |
1205.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
96247.224 |
80030.226 |
64959.658 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
97452.224 |
81235.226 |
66164.658 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
14855.529 |
15052.868 |
15252.657 |
|
|
DEFERRED LIABILITIES (Net) |
1.685 |
1.820 |
19.853 |
|
|
|
|
|
|
|
|
TOTAL |
112309.438 |
96289.914 |
81437.168 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
15091.794 |
14655.024 |
43397.092 |
|
|
Capital work-in-progress |
1184.198 |
2123.740 |
2178.593 |
|
|
|
|
|
|
|
|
Intangible Assets |
18934.296 |
19662.268 |
|
|
|
Special Tools and Equipments |
28882.648 |
29782.531 |
0.000 |
|
|
INVESTMENT |
3975.107 |
2306.560 |
440.298 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
174271.809
|
136600.348
|
104311.862
|
|
|
Sundry Debtors |
23182.162
|
18580.350
|
18482.571
|
|
|
Cash & Bank Balances |
200993.174
|
186576.356
|
197445.579
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
57013.988
|
50733.840
|
58561.421
|
|
Total
Current Assets |
455461.133
|
392490.894
|
378801.433
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
24592.895
|
30636.563
|
37881.330
|
|
|
Other Current Liabilities |
370898.540
|
318236.667
|
312586.027
|
|
|
Provisions |
15728.303
|
15857.873
|
12719.952
|
|
Total
Current Liabilities |
411219.738
|
364731.103
|
363187.309
|
|
|
Net Current Assets |
44241.395
|
27759.791
|
15614.124
|
|
|
MISCELLANEOUS EXPENSES |
|
|
19807.061 |
|
|
|
|
|
|
|
|
TOTAL |
112309.438 |
96289.914 |
81437.168 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Sales |
131140.807 |
114558.212 |
103706.965 |
|
|
|
Other Income |
22969.639 |
19536.961 |
21993.298 |
|
|
|
TOTAL (A) |
154110.446 |
134095.173 |
125700.263 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of raw material, components etc. |
117724.254 |
92218.016 |
76359.457 |
|
|
|
Amortization and other charges |
9358.950 |
7855.189 |
7977.416 |
|
|
|
Salaries and wages |
22871.546 |
19540.535 |
25427.760 |
|
|
|
Other expenses |
9659.936 |
7884.972 |
7761.715 |
|
|
|
Provision |
4865.888 |
4237.221 |
4782.966 |
|
|
|
Capital and other accounts |
(7114.299) |
(5847.515) |
(7000.080) |
|
|
|
Change in WIP/SIT Scrape |
(33339.008) |
(20337.886) |
(14386.141) |
|
|
|
TOTAL (B) |
124027.267 |
105550.532 |
100923.093 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
30083.179 |
28544.641 |
24777.170 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
0.045 |
0.344 |
2.987 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
30083.134 |
28544.297 |
24774.183 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1687.895 |
1659.973 |
1425.543 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
28395.239 |
26884.324 |
23348.640 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7252.661 |
7210.211 |
5950.024 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (I) |
21142.578 |
19674.113 |
17398.616 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
2999.500 |
2999.500 |
2999.500 |
|
|
|
Proposed Final Dividend |
1231.700 |
935.322 |
480.300 |
|
|
|
Tax on Dividend (Interim and Final) |
694.380 |
668.723 |
591.392 |
|
|
BALANCE CARRIED
TO THE B/S |
16216.998 |
15070.568 |
13327.424 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
Export on FOB Basis |
2141.895 |
1766.406 |
NA |
|
|
|
Services |
229.144 |
249.262 |
NA |
|
|
|
Others |
2.815 |
37.176 |
NA |
|
|
|
Total |
2373.854 |
2052.844 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw Materials |
33651.402 |
80489.975 |
NA |
|
|
|
Components and Spare Parts |
77543.131 |
21069.429 |
NA |
|
|
|
Capital Goods |
558.996 |
1286.463 |
NA |
|
|
|
Special Tools |
1625.807 |
1133.969 |
NA |
|
|
|
Total |
113379.336 |
103979.836 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
175.46 |
163.27 |
144.39 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
13.72
|
14.67
|
13.84
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
21.65
|
23.47
|
22.51
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.03
|
6.60
|
5.53
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.33
|
0.35
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.22
|
4.49
|
5.49
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11
|
1.08
|
1.04
|
LOCAL AGENCY FURTHER INFORMATION
OPERATING RESULTS
During the year
2010-11, the Company has performed exceptionally well in terms of growth and profitability.
The Company achieved the highest ever turnover of Rs.131155.000 millions, an
increase of 14.48 per cent over the previous year and Profit Before Tax of
Rs.28395.200 millions as compared to Rs.26884.300 millions in the previous
year.
PERFORMANCE
AGAINST MOU
The Company has
been signing a Memorandum of Understanding (MOU) with the Ministry of Defence
(MoD) every year with regard to achieving the desired level of performance. The
performance for the year 2009-10 was rated as ‘Excellent’. The rating for the
year 2010-11 is under evaluation and the Company is likely to be adjudged as
‘Excellent’ once again. The Company has continued its journey of excellence for
the 10th year in its performance against the MOU with the
Government.
CREDIT RATING /
FINANCE
The Company has
been able to meet its entire fund requirement towards capital investments and
additional working capital needs without resorting to borrowings, through
efficient management of funds. The Company continued to maintain the highest
credit rating of both, short-term as well as long-term debt programmes, for
Rs.4500.000 millions each from the Investment Information and Credit Rating
Agency (ICRA) and Credit Rating Information Services of India Limited (CRISIL).
Although subject
is a ‘Zero-Debt’ Company, it has been availing Cash Credit facility from the
Bankers to meet its short term requirements from time to time. This credit
rating has enabled the Company to source funds at the best possible rates,
thereby improving the profitability. The cash and bank balances, including
short-term deposits at the end of the year stood at Rs.200993.200 millions
against Rs.186576.400 millions of the previous year.
SIGNIFICANT
ACHIEVEMENTS
The following are
the significant achievements of the Company:-
·
The Company produced its highest number of new
aircraft and helicopters (78) along with engines and accessories. This is
double the average production of the last ten years. The production encompasses
Su-30MKI, Hawk, Advanced Light Helicopter (ALH), Dornier (DO) -228, Cheetal,
Chetak and Limited Series Production (LSP) of the Light Combat Aircraft (LCA)
and Intermediate Jet Trainer (IJT).
·
Technology absorption was successfully completed
for production of Su-30 MKI following the raw material phase,
·
and the first aircraft from Phase IV was produced
during the year.
·
Initial Operation Clearance (IOC) for ALH Mk.III
Utility variant for the Indian Army and Indian Air Force (IAF) was obtained and
the first batch of helicopters was delivered to the customer.
·
On the Design and Development front, a major
milestone was achieved with Initial Operation Clearance for LCA (IOC Phase-I).
The first Naval Prototype, NP-1, rolled out of LCA hangar in the presence of
the Hon’ble Raksha Mantri Shri A.K. Antony.
·
The first block of basic flight evaluation covering
48 developmental flights on the first Light Combat Helicopter (LCH) Technology
Demonstrator (TD-1) was completed during the year.
·
The design and development activities on Light Utility Helicopter (LUH) have
progressed as envisaged with the completion of ‘Mock-up evaluation’ and ‘Design
Freeze’ with concurrence from the Army and Air Headquarters.
·
Another milestone in the Design and Development is
the completion of Critical Design Review (CDR) for the Jaguar Darin-III upgrade
program.
·
To enhance self-reliance and to overcome
obsolescence, 3,200 types of spares and equipment of
aircraft/engine/accessories were indigenised during the year. The projected
Foreign Exchange saving is of the order of Rs.530.000 millions per annum.
ORDER BOOK
The order book
position of the Company for new aircraft / helicopters is healthy with firm
orders for Su-30MKI, Hawk, Dornier, LCA, IJT, ALH and Chetak worth
Rs.682650.0000 millions. Major orders were received for Hawk worth Rs.95000.000
millions and LCA worth Rs.59890.000 millions during the year.
EXPORT
·
The Company has been showcasing its products and
capabilities by participating in leading international air shows, viz.
Farnborough Air Show 2010, Africa Aerospace and Defence 2010, Aero India 2011,
Indo Defence Expo Forum 2010,
·
Export orders worth Rs.3520.000 millions were
booked during 2010-11, which included orders for supply of Avionics for Su-30
MK to
·
The Company aspires to develop new customers and
new engineering packages and is currently in discussion with major aerospace
companies on various identified work-packages to forge long term partnerships
and achieve a steady growth in export.
OFF-SET PLAN
The Company has
concluded MOUs with Original Equipment Manufacturers (OEMs) who are
participating in acquisition programme by the MoD to maximise business
opportunities through off-set programmes. The Company is making efforts to
increase its exports by utilising the opportunities arising out of planned
defence acquisitions of the Government of India with off-set obligations.
OUTSOURCING
·
The Company continued to pursue the policy on
outsourcing to develop Vendors for major sub-assemblies and Tooling /
components with a view to rationalise its resources.
·
During the year, purchases to the tune of
Rs.2200.000 millions were made from 358 Small Scale Units.
·
Further, with a view to develop indigenous
capabilities and capacity in the high-tech field of aviation, the Company has
established 11 Joint Ventures (JVs) with leading international as well as
domestic companies in allied areas.
INTERMEDIATE JET TRAINER (IJT)
·
Design and development activity of the IJT
continued. Design changes to the fuselage were completed on fast track after the
strength Test Specimen withstood loading upto 120% against the requirement of
150% (equivalent to 10.5 ‘g’). The flight test on the prototype was resumed in
December 2010 after strengthening the fuselage. Post modification strength test
was successfully completed in January 2011. The fuselages of the Limited Series
Production aircraft also have been strengthened through retro-modifications.
The Spin trials and Stores Integration (Drop Tanks, Gun, Bomb and Rocket pod)
are under progress.
·
Extensive flight trials of AL55I Engine were
carried out leading to its certification on IJT aircraft.
·
Ground streaming of Anti Spin Parachute System has
been completed satisfactorily. Spin testing, Night flying and Sea Level testing
are expected to be completed during 2011.
LIGHT COMBAT AIRCRAFT (LCA)
·
The Company is a major partner of the Aeronautical
Development Agency, the nodal agency for design and development of the Light
Combat Aircraft (Tejas).
·
The IOC of the LCA was obtained on 10th January
2011. As part of the flight test program towards IOC, Hot Weather Trials at
·
ADVANCED LIGHT HELICOPTER (ALH)
The Company
continues to develop / upgrade the ALH. For the Mk. III Utility variant, the
Initial Operation Clearance (IOC) was obtained for delivery to the IAF and
Army. Major tasks completed on Mk.III during the year are:
o
IOC for the Shakti engine
o
Flight evaluation of
o
Demonstration of Interchangeability (ICY) of major
structural components
o
Maintenance Evaluation trials
Development of Mk-IV,
the armed variant of the ALH, i.e. with Weapons (Rocket, Turret gun and
Air-to-Air Missile) has progressed well. The systems have been integrated on a
Shakti engine powered helicopter. The IOC
is expected by December 2011.
LIGHT COMBAT HELICOPTER (LCH)
The Light Combat
Helicopter (LCH), a dedicated attack Helicopter developed by subject made its
maiden flight in March 2010. The helicopter features a narrow fuselage and
tandem seating for the Pilot and Co-Pilot. A total of 66 flights were carried out
on the First Technology Demonstrator including 48 developmental flights of
basic flight evaluation (Block-1). The Second Technology Demonstrator, TD-2,
has been built with weight-reduced parts and optimised transmission system.
Several design
changes based on TD-1 flight evaluation have been incorporated in the TD-2. The
first engine ground run of TD- 2 completed during March 2011.
LIGHT UTILITY HELICOPTER (LUH)
To develop
indigenously a reconnaissance and surveillance helicopter, the Company had launched
development of the LUH, a 3 tonne helicopter in 2009. The Mock-up evaluation
and Design Freeze have been completed. During the Design Freeze review, the
power requirement of the engine has been updated and an exercise to identify a
suitable engine is in progress.
JAGUAR DARIN III UPGRADE PROGRAMME
The programme to
upgrade the Jaguar Aircraft to DARIN III standard has progressed
satisfactorily. The Critical Design Review (CDR) was completed in September
2010 (2nd CCS milestone) and design work on Avionics, Mechanical, and
Electrical systems along with Software have been completed. Three aircraft have
been inducted for the modifications. The progress of modification work on the
first aircraft (Maritime version) has been on target and the first flight on
the aircraft is planned for September 2011.
NEW PROJECTS
MULTIROLE TRANSPORT AIRCRAFT (MTA)
·
The Company has formed a new Joint Venture Company
(JVC) called “Multirole Transport Aircraft Limited” on 1st December
2010 with the Russians for co-design / codevelopment of the Multirole Transport
Aircraft.
·
The work share of subject and the Russians and the
Business Plan were discussed in March 2011 with UACTransport Aircraft (UAC-TA).
The subject Design Team (60 personnel) for Preliminary Design Phase comprising
designers from the R and D Centres (ARDC, TARDC, MCSRDC, ETBRDC, SLRDC and
ASERDC) has been finalised. The Designers have undergone language training in
Russian prior to their deputation to
PROSPECTIVE MULTI-ROLE FIGHTER AIRCRAFT (PMF)
·
Prospective Multi-Role Fighter aircraft (PMF), a
Fifth Generation Fighter Aircraft (FGFA) will be jointly developed by the
subject and the Sukhoi Design Bureau (SDB) and Rosoboronexport (ROE) of
·
The Project was launched during the year with
signing of the Preliminary Design (PD) contract between subject, ROE and SDB on
21st December 2010.
·
Subject has envisaged and identified various areas
for possible support from DRDO and other defence organisations like NAL, BEL
and BDL.
·
A Joint Coordination and Programme Management
Committee has been constituted with members from MoD, subject, DRDO, NAL,
CEMILAC and the Air Force from the Indian side and SDB and ROE from Russian
side to review the progress and coordinate efforts with all agencies.
BASIC TURBOPROP TRAINER AIRCRAFT (HTT-40)
The Company had
submitted a proposal for design and development of a basic turboprop trainer
aircraft to the Air
Headquarters for
replacing the existing HPT-32 with the new aircraft designated as HTT-40.
The estimated
design and development cost is Rs.5680.900 millions with a development
timeframe of 60 months. Significant progress has been made in the following
areas pending CCS approval for the Project:-
- Configuration studies and sizing
- Structural and system layouts and
structural design Concepts
- Wind tunnel model design
- Engine and Propeller specification
requirement
JOINT VENTURES /
STRATEGIC ALLIANCES
·
During the year, the Company has incorporated two
new JVCs i.e. ‘International Aerospace Manufacturing Private Limited’
incorporated on 16th July 2010 with
·
“Multirole Transport Aircraft Limited”(MTA) was
incorporated on 1st December 2010 for co-design, co-development and manufacture
of Multirole Transport Aircraft (MTA) at total investment of $600.70 million
(Rs.28833.600 millions) with equal shareholding between HAL and the Russian
side, viz. UAC-TA and Rosoboronexport.
·
These JVCs are in the process of creating the
infrastructure to commence the activities.
·
Performance (provisional) of other nine JVCs
promoted by the Company is summarised here below:-
BAE HAL SOFTWARE LIMITED
BAeHAL Software
Limited set up in February 1993 is engaged in the development of software for
the international
market. During the
year 2010-2011, the JVC achieved a turnover of Rs.306.552 millions with Loss of
Rs.41.726 millions. The order book position as on 31st March 2011 is Rs.395.747
millions.
INDO RUSSIAN AVIATION LIMITED
Indo Russian
Aviation Limited (IRAL) was set up in September 1994 to source spare parts for
the repair and overhaul of equipment pertaining to aircraft / engine /
accessories of Russian origin. During the year 2010-11, the JVC has achieved a
turnover of Rs.453.740 millions with Profit before Tax of Rs.87.100 millions.
The order book position as on 31st March 2011 is Rs.661.400 millions.
SNECMA HAL AEROSPACE PRIVATE LIMITED
SNECMA HAL
Aerospace Private Limited was set up in October 2005 as an Export Oriented Unit
to manufacture and supply engine parts to
SAMTEL HAL DISPLAY SYSTEMS LIMITED
·
The JVC was incorporated on 25th January 2007 with
an objective to develop and manufacture new generation of Multi Functional
Display (MFD), Head Up Display (HUD), Helmet Mounted Display (HMD) for the
Indian aircraft and later to diversify into civil and industrial sectors.
·
The JVC has successfully developed colour MFD for Su-
30 MKI aircraft and commenced commercial production. The JVC has reported a
turnover of Rs.190.841 millions and a Profit Before Tax of Rs.4.071 millions.
The order book position of the JVC as on 31st March 2011 is Rs.408.680
millions.
HAL EDGEWOOD TECHNOLOGIES PRIVATE LIMITED
·
HAL-Edgewood Technologies Private Limited was
established in April 2007 with the main objective to develop and manufacture
high technology miniature electronic modules and avionic system for aerospace
applications. The JVC commenced its operations by undertaking design and
development of Open System Architecture Mission Computer (OSAMC) for DARIN III
Program. The system has been successfully developed by the JVC and is presently
undergoing testing for Certification. The JVC has simultaneously launched
limited series production of OSAMC.
·
In view of the delay in Certification, the JVC has
reported a loss of Rs.17.402 millions during the year. The order book position
of JVC as on 31st March 2011 is at Rs.126.323 millions.
ALBIT AVIONICS PRIVATE LIMITED
HALBIT Avionics
Private Limited, a joint venture between subject, Elbit Systems Limited,
INFOTECH HAL LIMITED
The Joint Venture
with Infotech Enterprises Limited was incorporated on 23rd August 2007 with the
main objective to create a state-of-the-art design centre for aero-engines and
to take up design and engineering services in the field of aero-engines and
technical publications. HAL and Infotech hold equal stake in the JVC.
The JVC has
reported a turnover of Rs.17.480 millions and Profit Before Tax of Rs.0.226
million. The order book position of the JVC as on 31st March 2011 is at
Rs.4.685 millions.
TATA HAL TECHNOLOGIES LIMITED
·
The JV with TATA Technologies with 50:50 equity
holdings was established in May 2008 to provide engineering design services in
aero structures and captive offshore and onsite work load from the Original
Equipment Manufacturers (OEMs), including offset programme.
·
The JVC has reported a turnover of Rs.33.463
millions and loss of Rs.5.725 millions. The order book position as on 31st
March 2011 was at Rs.39.900 millions excluding Letter of Intent from Tata
Advance Systems for Piaggio Aero, Italy, for centre fuselage design to build
work package to the tune of Rs.345.000 millions.
HATSOFF HELICOPTER TRAINING PRIVATE LIMITED
HATSOFF Helicopter
Training Private Limited a joint venture between subject and CAE,
- Bell 412 EP version
- Dhruv glass cockpit Army-IAF version
(including WSI)
- Dhruv civil version
The JVC has
commenced its training operations with the establishment of simulator of Bell
412 EP helicopter and has reported a turnover of Rs.17.916 millions and loss of
Rs.79.259 millions. The order book position as on 31st March 2011 is at Rs.32.459
millions.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDUSTRY SCENARIO
·
The Defence Industry in
·
The Defence industry in the country, hitherto
dominated by the Defence Public Sector Undertakings (DPSUs), is undergoing a
change with the opening up of the industry for private sector participation
permitting 100 per cent private sector ownership and Foreign Direct Investment
of up to 26 per cent. This has led to a paradigm shift in the structure of the
Defence Industry in
·
It is estimated that 70 per cent of the equipment
are imported and only 30 per cent are manufactured in
·
Many major industrial houses in the Country have
diversified into the A and D sector. News of collaborations and tieups between
the Foreign OEMs, who are the technology providers, and the Indian companies is
common. It would not be an overstatement to say that the Indian A&D market
is one of the most sought after destinations with all the global majors
striving for a share in the Indian market. To sum it up, “Opportunities are
abounding, but so are the challenges”.
·
World over, the Aircraft Industry has the unique
microeconomic characteristic of being oligopolistic in nature with high entry
and exit barriers due to extremely high capitalisation and large cash flows.
The industry, which has high technology content, not only to the products
themselves but to production processes as well, is global in nature. The industry being sensitive in nature in
terms of high technology is subjected to close Government regulations.
·
In
·
Subject, a premier aerospace Company and a Navratna
PSU, is involved in design and development, manufacture, upgrade and repair /
overhaul of aircraft (fighters, trainers and transport), helicopters and
associated Aero-engines, Accessories and Avionics for both military and civil applications.
HAL has diversified into allied areas like manufacture of Structures for
Aerospace Launch Vehicles/Satellites and Cryogenic Engines, production and
overhaul of Marine and Industrial Gas Turbine Engines.
PRODUCT-WISE
PERFORMANCE
Keeping in view
the business and the sensitive nature of disclosure, it is considered prudent
not to disclose segment wise information, required as per Accounting
Standard-17. Such non-disclosure does not have any financial effect on the
Accounts of the Company.
OUTLOOK
·
The Company with a vision “To become a significant
global player in the aerospace industry” has chalked out plans and strategies
to put itself into the big league of global companies in the aerospace
vertical, while achieving the mission of becoming self-reliant in supporting
the Indian Defence Services.
·
Subject, with a turnover of Rs.131155.000 millions
(US$ 2.90 billion) in the year 2010-11, has a healthy Order Book of
Rs.682650.000 millions (a little over US$ 15.10 billion) as on 1st April 2011.
·
In addition, the new programmes in the pipeline
such as the MMRCA project, co-development of FGFA and MTA with the Russians,
indigenous development of new basic trainer HTT- 40, on-going development
projects like the IJT, LCH, LUH etc. will not only ensure that the in-house
capacity is fully loaded, but will also provide the required impetus for the
growth of the Company.
·
As per the Perspective Plan, the Company would
achieve sales of Rs.239300.000 millions (US$ 5.30 billion) by 2016. Subject is
presently ranked 38th in the world in the Defence Aerospace sector as per the
‘Top 100’ survey of the Defence aerospace manufacturing market for the year
2009, published in ‘Flight International’. Subject aims to improve the ranking
and break into the top 25 as a first step.
FULL ORDER BOOK
AND MAJOR PROGRAMS
·
With a fully loaded Order Book covering diverse
products, execution of the orders, i.e. delivering the products in time and
providing product support for a diverse range of products, equipments and
systems, is a major task. Furthermore, handling major projects of the size of
Medium Multi Role Combat Aircraft (MMRCA), Fifth Generation Fighter Aircraft
(FGFA), Multi-role Transport Aircraft (MTA) concurrently along with other new
development projects like the LCH, LUH, HTT- 40 is a challenge.
·
The Company has drawn a long term Perspective Plan
to meet the requirements of its main customers namely Indian Defence Services
and to realise its Vision. The Current Perspective Plan of the Company covers
the period from 2010- 2022 (i.e. up to the end of the 13th Plan). This document
outlines the roadmap for subject’s march towards the vision through analysis of
current position, defining strategies to be adopted to overcome challenges and
to sustain growth.
·
There has been a paradigm shift in the business
perspective of subject, wherein subject is shifting from a vertically
integrated organization to an aircraft integrator in the indigenous design and
development programs. In the licensed production programs, subject is driving
to enhance the outsourcing level to the maximum extent possible especially in
the manufacturing areas, so that subject can focus more on its core
competencies. The requirement of the capacity and infrastructure has been
planned in line with the above philosophy.
·
As a follow up, a Modernisation Plan has been
evolved, which outlines the equipment/machines, infrastructure that needs to be
upgraded, added to cater to all the current and the new projects that have been
considered in the Perspective Plan.
·
The Company plans to create new Divisions /
facilities as Strategic Business Units (SBUs) for implementation of new
programs such as MMRCA, FGFA and Light Utility Helicopter / Medium Lift
Helicopters at appropriate time. Core
teams have been formed to plan these activities for each project to ensure that
the required infrastructure along with manpower with the right skill set will
be in place to complete the project as planned.
·
Organisational re-structuring is being planned as
part of the endeavour to create a lean, flexible and a flatter organisation
structure in line with the current organizational trends and business
environment.
DISCUSSION ON
FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE
Financial /
Operational Performance
Strategy and Objectives:
The main
objectives of Financial strategies of the Company are enumerated below:-
·
To meet expectations of various stake holders
·
Highest Standards of reporting by adherence to
Accounting Standards and Transparent Disclosures
·
Effective Tax Planning to improve post tax yield to
share holders
·
Maintain highest credit rating to enable raising of
funds at economical rate
·
To make available required funds through internal
accruals and by effective Fund Management so as to have minimum Financing cost
The above
objectives have been accorded highest priority by the Company. The Working
Capital and Capital expenditure requirement of the Company were made through
Internal Resources without resulting in borrowings.
Analysis of Financial Performance 2010-11:
·
The Sales registered a growth of 14.48% from
Rs.114567.000 millions to Rs.131155.000 millions.
·
Value of Production has registered an increase from
Rs.134895.900 millions in the previous year to Rs.164508.400 millions.
·
The Company has recorded highest profit of
Rs.28395.200 millions during the year as compared to Rs.26884.300 millions in
the previous year
·
Gross Margin has increased from Rs.33827.500
millions to Rs.36543.200 millions.
·
Earnings Per Share is Rs.175.46 as against
Rs.163.27 in the previous year.
·
Increase in net worth from Rs.61573.000 millions to
Rs.78517.900 millions.
CONTINGENT LIABILITIES NOT PROVIDED FOR
|
Particulars |
As on 31.03.2011 (Rs. in millions) |
As on 31.03.2010 (Rs. in millions) |
|
Outstanding Letters of Credit and Guarantees
|
|
|
|
Letters of Credit
|
7605.853 |
11746.906 |
|
Guarantees |
31715.468 |
3606.703 |
|
Total |
39321.321 |
15353.609 |
FORM 8
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U99999MH1964PLC013068
|
|
Name of the
company |
HINDUSTAN
AERONAUTICS LIMITED |
|
Address of the
registered office or of the principal place of business in |
P.B. No. 225,
15/1, |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
v
State
Bank of E-Mail: ram1252006@yahoo.com |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
hypothecation of goods and assets- Form C.2 and letter regarding the grant of
individual limits within the overall limits – form- C-5 (both the above
pertain to the same charge) |
|
Date of
instrument Creating the charge |
28.08.2007 |
|
Amount secured by
the charge |
Rs.4000.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per terms of
sanction – LC Limit – NA. overdue interest is payable in case of default. Terms of Repayment Working capital
facility- repayable on demand Margin As per term of sanction
- Nil Extent and Operation of the charge Excusive first
charge on the assets of the company and to the full extent. Others Letter of credit
– Rs.4000.00 millions |
|
Short particulars
of the property charged |
Hypothecation of
present and future all of the borrowers stock of raw materials semi finished
and finished goods; book debts, bills claims, receivable, outstanding,
invoice documents, contractor, insurance policies, guarantees, engagements,
securities investment, plant and machineries, other movable assets etc.
wherever situate, held or stored or in transit or in the custody of any third
party. |
|
Corporate
identity number of the company |
U35301KA1963GOI001622 |
|
Name of the
company |
HINDUSTAN
AERONAUTICS LIMITED |
|
Address of the
registered office or of the principal place of business in |
P.B. No. 225,
15/1, |
|
This form is for |
Modification of
Charge |
|
Charge identification
number of the charge to be modified |
10070823 |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
Joint deed of
Hypothecation Form CF-2 and Interest pari passu agreement (both pertain to
the same charge) |
|
Date of
instrument Creating the charge |
30..04.2010 |
|
Amount secured by
the charge |
Rs. 11680.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest CC/LC/BG – Limit
as per respective sanction Terms of
Repayment CC/LC/BG – Limit
as per respective sanction Margin CC/LC/BG – Limit
as per respective sanction Extent and
Operation of the charge Pari Passu First
Charge on the Asset of the assets of the company and to the full extent. Pari
passu with other 11 banks SBI Rs. 9700.000
Millions, PNB Rs. 700.000 Millions, IB Rs. 300.000 Millions, BOB Rs. 80.000
Millions, SB Rs. 220.000 Millions, CRS, UBI Rs. 20.000 Millions, IOB Rs.
20.000 Millions, SBH Rs. 300.000 Millions, SBM Rs. 280.000 Millions, SBT Rs.
20.000 Millions, SBP Rs. 20.000 Millions SBB and J Rs. 20.000 Millions, Total
Rs. 11680.000 Millions Others Accordingly the
bank had taken security documents for Rs. 11700.000 Millions. However, Exim
Bank who had earlier inclined to join the consortium have since withdrawn from
the consortium and hence have not executed the inter se pari passu agreement.
Hence, the charge to be registered has to be registered to Rs. 11680.000
Millions. Please register the charge favouring the consortium banks. |
|
Short particulars
of the property charged |
Hypothecation of
company’s present and future current assets like stocks, raw material, semi
finished and finished goods, book debts, receivables, outstanding monies,
bills, rights, stores, components and assets to be purchased out of bank
finance. |
|
Particulars of
the present modification |
The amount
secured by the charge stands increased to Rs. 11680.000 Millions. The
securities described and detailed in col. No. 15 herein above continue for
the enhancement limit. All other terms and conditions remain unchanged. |
FIXED ASSETS
·
Land
and Development
·
Buildings
·
Plant,
Machinery and Equipment
·
Roads
and Drains
·
Water
supply
·
Rail
Road Siding
·
Runways
·
Equipment
and Furniture
·
Aircraft
/ Helicopters
·
Transport
Vehicles
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.48.87 |
|
|
1 |
Rs.78.11 |
|
Euro |
1 |
Rs.68.36 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--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 |
NO |
|
--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 |
|
80 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.