1. Summary Information
|
|
|
Country |
|
|
Company Name |
BHARAT ELECTRONICS LIMITED |
Principal Name 1 |
Mr. Ashwani Kumar Datt |
|
Status |
Good |
Principal Name 2 |
Mr. M. L. Shanmukh |
|
|
|
Registration # |
08-000787 |
|
Street Address |
Outer Ring Road, Nagavara, |
||
|
Established Date |
21.04.1954 |
SIC Code |
|
|
Telephone# |
91-80-25039300/25039266 |
Business Style 1 |
Manufacturers |
|
Fax # |
91-80-25039305/25039233 |
Business Style 2 |
Defence
and Civil Communication Products. |
|
Homepage |
Product Name 1 |
Radar |
|
|
# of employees |
11180 (Approximately) |
Product Name 2 |
Communication Transmitters cum Receivers |
|
Paid up capital |
Rs.800,000,000/- |
Product Name 3 |
Hand Held Thermal Magers/ Electro Optic Products |
|
Shareholders |
Total shareholding of Promoter and Promoter Group - 75.86% Total Public shareholding – 24.14% |
Banking |
State Bank of |
|
Public Limited Corp. |
Yes |
Business Period |
58 Years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
Aa
(73) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries : |
|
BEL Optronic Devices Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
99,779,166,000 |
Current Liabilities |
75,974,247,000 |
|
Inventories |
24,607,659,000 |
Long-term Liabilities |
4,105,000 |
|
Fixed Assets |
4,837,110,000 |
Other Liabilities |
5,904,679,000 |
|
Deferred Assets |
1,806,490,000 |
Total Liabilities |
81,883,031,000 |
|
Invest& other Assets |
709,671,000 |
Retained Earnings |
49,057,065,000 |
|
|
|
Net Worth |
49,857,065,000 |
|
Total Assets |
131,740,096,000 |
Total Liab. & Equity |
131,740,096,000 |
|
Total Assets (Previous Year) |
93,189,117,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
54,717,462,000 |
Net Profit |
8,614,685,000 |
|
Sales(Previous yr) |
51,804,388,000 |
Net Profit(Prev.yr) |
7,208,710,000 |
MIRA INFORM
REPORT
|
Report Date : |
11.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
BHARAT
ELECTRONICS LIMITED |
|
|
|
|
Registered
Office : |
Outer Ring Road,
Nagavara, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
21.04.1954 |
|
|
|
|
Com. Reg. No.: |
08-000787 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 800.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L32309KA1954GOl000787 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRB04051F /
BLRC00582B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB5985C |
|
|
|
|
Legal Form : |
Public Limited Liability
Company. The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Provides
Software Development, Semiconductor Device Packing and Quality Assurance
Services. Manufacturers of Defence and Civil Communication Products. |
|
|
|
|
No. of Employees
: |
11180 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (73) |
|
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 190000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established and a reputed company having fine track. Financial position of
the company appears to be sound. Fundamentals are strong and healthy. Trade relations
are reported as fair. Business is active.
Payments are reported to be regular and as per commitments. The company can
be considered normal for business 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 |
LOCATIONS
|
Registered
Office : |
Outer Ring Road,
Nagavara, |
|
Tel. No.: |
91-80-25039300/25039266 |
|
Fax No.: |
91-80-25039305/25039233 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
IC Design Centre, Jallahalli, |
|
Tel. No.: |
91-80-22195857 |
|
Fax No.: |
91-80-28380108 |
|
|
|
|
Corporate
Office : |
2nd
Floor, |
|
Tel. No.: |
91-80-2559 5001 /
2559 5017 / 2558 3851 |
|
Fax No.: |
91-80-2558 4911 /
2558 3675 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
BEL – BG Complex,
Jalahalli Post, |
|
Tel. No.: |
91-80-28382626 /
22195621 / 22195683 |
|
Fax No.: |
91-80-28380266 |
|
|
|
|
Factory 2 : |
Bharat Nagar
Post, |
|
Tel. No.: |
91-120-2619786 /
2619500 |
|
Fax No.: |
91-120-2776730 /
2770926 |
|
|
|
|
Factory 3 : |
|
|
Tel. No.: |
91-20-25881400/
01/ 02 |
|
Fax No.: |
91-20-25880577/
25888789 |
|
|
|
|
Factory 4 : |
Post Box No. 26, |
|
Tel. No.: |
91-8672-223581-83 |
|
Fax No.: |
91-8672-222640 |
|
|
|
|
Factory 5 : |
Plot No. 405,
Industrial Area, Phase III, Panchkula - 134 113, |
|
Tel. No.: |
91-172-2588252 /
2588400 |
|
Fax No.: |
91-172-2594548 /
2591463 |
|
|
|
|
Factory 6 : |
Balbhadrapur,
Kotdwara - 246 149, |
|
Tel. No.: |
91-1382-231171 to
231178 |
|
Fax No.: |
91-1382-231132 /
231112 / 231156 |
|
|
|
|
Factory 7 : |
Plot No. L-1, MIDC,
Industrial Area, Raigad District, Taloja - 410 308, |
|
Tel. No.: |
91-22-27412701 |
|
Fax No.: |
91-22-27412888 /
27412887 |
|
|
|
|
Factory 8 : |
Post Box No. 981,
Nandambakkam, Chennai – 600 089, |
|
Tel. No.: |
91-44-22326906 |
|
Fax No.: |
91-44-22326905 |
|
|
|
|
Factory 9 : |
Nacharam
Industrial Estate, |
|
Tel. No.: |
91-40-27150113 to
17 |
|
Fax No.: |
91-40-27171406 |
|
|
|
|
Overseas
Office: |
53-55, |
|
Tel. No.: |
516-248-4020 |
|
Fax No.: |
516-741-5894 /
516-877-7907 |
|
Email: |
|
|
|
|
|
Overseas
Office: |
06-01, |
|
Tel. No.: |
65-741-8401 |
|
Fax No.: |
65-741-8402 |
|
Email: |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Ashwani Kumar Datt |
|
Designation : |
Chairman and
Managing Director |
|
|
|
|
Name: |
Mr. M. L.
Shanmukh |
|
Designation: |
Director (Human
Resources) |
|
|
|
|
Name : |
Mr. H.S. Bhadoria |
|
Designation : |
Director ( |
|
|
|
|
Name : |
Mr. H N Ramakrishna |
|
Designation : |
Director
(Marketing) |
|
|
|
|
Name : |
Mr. I V Sarma |
|
Designation : |
Director
(Research and Development) |
|
|
|
|
Name : |
Mr. M G Raghuveer |
|
Designation : |
Director
(Finance) |
|
|
|
|
Name : |
Mr. Anil Kumar |
|
Designation : |
Director (Other
Units) |
|
|
|
|
Part-time Government Directors |
|
|
|
|
|
Name: |
Mr.
Satyajeet Rajan |
|
Designation: |
IAS,
Joint Secretary (Shipyards), Ministry of Defence, Department of Defence
Production |
|
|
|
|
Name: |
Lt
Gen P Mohapatra |
|
Designation: |
AVSM, Signal Officer-in-Chief, Army
Headquarters |
|
|
|
|
Part - Time Independent
Directors |
|
|
|
|
|
Name: |
Lt Gen (Retd) G Sridharan |
|
Designation: |
Former Director General Quality Assurance, Ministry of Defence |
|
|
|
|
Name: |
Mr M S Ramachandran |
|
Designation: |
Ex-Chairman, Indian Oil Corporation
Limited |
|
|
|
|
Name: |
Prof V K Bhalla |
|
Designation: |
Professor, FMS, |
|
|
|
|
Name: |
Mr Anil Razdan, |
|
Designation: |
Ex-Secretary to Government of |
|
|
|
|
Name: |
Mr. N Sitaram |
|
Designation: |
Former Chief Controller (R&D), Defense
Research and Development Organization |
|
|
|
|
Name: |
Professor Anurag Kumar |
|
Designation: |
Indian |
|
|
|
|
Name: |
Professor G Madhavan Nair |
|
Designation: |
Chairman, Indian Space Research
Organization |
|
|
|
|
Name: |
Professor R Venkata Rao |
|
Designation: |
Vice-Chancellor, |
|
|
|
|
Name: |
Dr. S N Dash |
|
Designation: |
Secretary to Government of |
|
|
|
|
Permanent
Special Invitees to all the Board Meetings : |
|
|
|
|
|
Name: |
Mr.
P K Kataria |
|
Designation: |
Additional
Financial Advisor and Joint Secretary, Ministry of Defense |
|
|
|
|
Name: |
Vice
Admiral Dilip Deshpande |
|
Designation: |
AVSM,
AVSM, VSM, Chief of Material, Indian Navy |
KEY EXECUTIVES
|
Name: |
Mr. M N Krishnamurthy, IPS |
|
Designation: |
Chief Vigilance Officer |
|
|
|
|
Name: |
Mr. C.R. Prakash |
|
Designation: |
Company Secretary |
|
|
|
|
General
Managers : |
·
Mr. Ramesh Kumar Marhatha ·
Ms. Elaine Mathias ·
Mr. Jagdish Kumar Batheja ·
Mr. Ramesh Chandra Nautiyal ·
Mr. H S Bhatia ·
Mr. M M Joshi ·
Mr. M V Gowtama ·
Mr. Vipin Katara ·
Mr. Ghanshyam Narain ·
Mr. V V Balkrishnan |
|
|
|
|
UNITS :
(Executive Directors / General Manager) |
|
|
|
·
Mr A A Mohan Ram [Executive Director] ·
Mr S Ramachandran [Executive Director] ·
Mr Philip Jacob ·
Mr Sunil Kumar Sharma ·
Mr Amol Newaskar ·
Mr C Nageshwar Rao ·
Mr Manmohan Handa ·
Mr Girish Kumar ·
Mr A R Krishna Murthy ·
Mr P C Jain ·
Mr M Vijayaraghavan ·
Mr Sanmoy Kumar Acharya ·
Mr K R Natarajan |
|
|
|
|
Chennai : |
·
Mr. D. K Mehrotra |
|
|
|
|
|
·
Mr. R K Handa ·
Mr. Chander Prakash (Executive Directors) ·
Mr. Sushil Chand Jain (Executive Directors) |
|
|
|
|
|
·
Mr. G Raghavendra Rao |
|
|
|
|
Kotdwara : |
·
Mr. Vijay Gundannavar |
|
|
|
|
Machilipacnam |
·
Mr. R Chandra Kumar |
|
|
|
|
Navi Mumbai |
·
Mr. S S Gokhale |
|
|
|
|
Panchkula |
·
Mr. N Suresh |
|
|
|
|
Pune : |
·
Mr. A R Vaidya |
|
|
|
|
CRL, |
Dr. Ajit T. Kalghatgi, Chief Scientist |
|
|
|
|
CRL, |
Mr.
K.C. Pandita - Chief Scientist |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2011
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(1) Indian |
|
|
|
|
60,689,600 |
75.86 |
|
|
60,689,600 |
75.86 |
|
(2) Foreign |
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
60,689,600 |
75.86 |
|
|
|
|
|
|
|
|
|
Mutual Funds / UTI |
5,603,873 |
7.00 |
|
Financial Institutions / Banks |
40,500 |
0.05 |
|
|
7,100,474 |
8.88 |
|
|
3,062,031 |
3.83 |
|
Sub Total |
15,806,878 |
19.76 |
|
(2)
Non-Institutions |
|
|
|
|
1,875,927 |
2.34 |
|
|
|
|
|
Individual shareholders holding nominal
share capital up to Rs.0.100 Million |
1,407,443 |
1.76 |
|
Individual shareholders holding nominal share capital in excess of Rs.0.100
Million |
90,000 |
0.11 |
|
|
130,152 |
0.16 |
|
|
33,932 |
0.04 |
|
Non Resident Indians |
48.881 |
0.06 |
|
Trusts |
47,339 |
0.06 |
|
|
3,503,522 |
4.38 |
|
|
19,310,400 |
24.14 |
|
Total (A)+(B) |
80,000,000 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Sub Total |
- |
- |
|
Total (A)+(B)+(C) |
80,000,000 |
- |
BUSINESS DETAILS
|
Line of Business : |
Provides
software development, semiconductor device packing and quality assurance
services. Manufacturers of defence and civil communication products. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
11180 (Approximately) |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
·
State Bank of ·
State Bank of ·
State Bank of ·
State Bank of Travancore ·
State Bank of ·
State Bank of ·
HDFC Bank ·
Canara Bank ·
Syndicate Bank ·
Vijaya Bank ·
Bank of ·
Andhra Bank |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R G N Price and Company Chartered Accountants |
|
|
|
|
Branch Auditors : |
·
Mittal Gupta and Company ·
Argade Shyam and Company ·
N Koteswara Rao and Company |
|
|
|
|
Subsidiary : |
·
BEL Optronic Devices Limited |
|
|
|
|
Joint Venture
Companies : |
·
GE BE Private Limited (Equity Holding 26 %) ·
BEL Multitone Private Limited (Equity Holding 49
%) |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
80000000 |
Equity Shares |
Rs.10/- each |
Rs.800.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
800.000 |
800.000 |
800.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
49057.065 |
42452.559 |
37036.815 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
49857.065 |
43252.559 |
37836.815 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4.105 |
7.261 |
12.108 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
4.105 |
7.261 |
12.108 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
Government Grants |
168.642 |
204.196 |
234.431 |
|
|
|
|
|
|
|
|
TOTAL |
50029.812 |
43464.016 |
38083.354 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4837.110 |
4899.628 |
4674.573 |
|
|
Capital work-in-progress |
589.860 |
314.285 |
467.216 |
|
|
|
|
|
|
|
|
INVESTMENT |
119.811 |
119.811 |
119.811 |
|
|
DEFERREX TAX ASSETS |
1806.490 |
1567.388 |
1466.191 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
24607.659
|
24487.052
|
24209.611 |
|
|
Sundry Debtors |
29032.466
|
21683.620
|
22765.276 |
|
|
Cash & Bank Balances |
65193.564
|
35784.050
|
26419.452 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
5553.136
|
4333.283
|
4975.461 |
|
Total
Current Assets |
124386.825
|
86288.005 |
78369.800 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
9045.047
|
8027.991
|
9612.182 |
|
|
Other Current Liabilities |
66929.200
|
36282.258
|
31773.193 |
|
|
Provisions |
5736.037
|
5414.852
|
5628.862 |
|
Total
Current Liabilities |
81710.284
|
49725.101 |
47014.237 |
|
|
Net Current Assets |
42676.541
|
36562.904
|
31355.563 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
50029.812 |
43464.016 |
38083.354 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
54717.462 |
51804.388 |
45835.339 |
|
|
|
Other Income |
3841.622 |
3633.489 |
2257.107 |
|
|
|
Profit on sale of fixed assets (net) |
13.610 |
34.196 |
10.569 |
|
|
|
Transfer from grants |
37.845 |
96.434 |
32.029 |
|
|
|
TOTAL (A) |
58610.539 |
55568.507 |
48135.044 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of raw materials and components |
20928.559 |
22739.521 |
23663.071 |
|
|
|
Consumption of stores and spares |
302.189 |
413.469 |
388.668 |
|
|
|
Purchase of finished goods |
10126.947 |
7092.375 |
6358.824 |
|
|
|
Employees remuneration and benefits |
10418.617 |
10095.847 |
7557.935 |
|
|
|
Other expenses of manufacturing, administration, selling and
distribution |
4111.830 |
3581.323 |
3759.191 |
|
|
|
Exceptional items |
0.000 |
313.491 |
784.747 |
|
|
|
Prior periods items |
(200.833) |
2.129 |
(9.839) |
|
|
|
Expenditure allocated to capital jobs |
(1.890) |
(3.574) |
(3.736) |
|
|
|
Accretion/ decretion to work in progress, finished goods and
scrap |
88.898 |
(281.080) |
(6495.838) |
|
|
|
TOTAL (B) |
45774.317 |
43953.501 |
36003.023 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12836.222 |
11615.006 |
12132.021 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.336 |
5.348 |
107.685 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
12831.886 |
11609.658 |
12024.336 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1220.423 |
1159.423 |
1055.977 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
11611.463 |
10450.235 |
10968.359 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2996.778 |
3241.525 |
3510.762 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
8614.685 |
7208.710 |
7457.597 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
19130.351 |
17723.684 |
16017.205 |
|
|
|
|
|
|
|
|
|
Less |
TRANSFER
TO CAPITAL RESERVE (CAPITAL PROFIT ON |
4.198 |
9.077 |
0.873 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
480.000 |
480.000 |
480.000 |
|
|
|
Proposed Final Dividend |
1248.000 |
1056.000 |
1016.000 |
|
|
|
Dividend Tax |
282.179 |
256.966 |
254.245 |
|
|
|
Transfer to General Reserve |
4000.000 |
4000.000 |
4000.000 |
|
|
BALANCE CARRIED
TO THE B/S |
21730.659 |
19130.351 |
17723.684 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
107.68 |
90.11 |
93.22 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
9398.940 |
10823.170 |
14473.880 |
|
Total Expenditure |
8887.730 |
10203.270 |
1318.370 |
|
PBIDT (Excl OI) |
511.210 |
619.900 |
1289.010 |
|
Other Income |
1451.030 |
1412.560 |
1418.960 |
|
Operating Profit |
1962.240 |
2032.460 |
2707.970 |
|
Interest |
0.240 |
1.440 |
0.070 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
1962.000 |
2031.020 |
2707.900 |
|
Depreciation |
293.230 |
293.870 |
293.210 |
|
Profit Before Tax |
1668.770 |
1737.150 |
2414.690 |
|
Tax |
440.720 |
487.050 |
668.240 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
1228.050 |
1250.100 |
1746.450 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
1228.050 |
1250.100 |
1746.450 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
14.70
|
12.97
|
15.49 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.95
|
20.17
|
23.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.86
|
11.46
|
13.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.24
|
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.64
|
1.15
|
1.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.52
|
1.74
|
1.67 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
No |
PERFORMANCE HIGHLIGHTS
Company’s sales
turnover during the year 2010-11 has increased to Rs. 55296.932 Millions from
Rs. 52197.740 Millions in 2009-10, registering a growth of 5.94 %. Profit after
Tax for the year was Rs. 8614.685 Millions as against Rs. 7208.710 Millions, an
increase of 19.50 % in spite of additional burden due to revision of wages for
workmen. Exports turnover has registered a growth of 75.45% from US $ 23.67
million in the previous year to US $ 41.53 million during 2010-11. Supplies to
the Defence Services contributed to 80% of the turnover. The turnover from
indigenously developed products is 78%. All the nine manufacturing Units of the
Company performed well and earned profits during the year.
OTHER HIGHLIGHTS
Union Defence
Minister, Mr. A K Antony, inaugurated Subject Product Support Centre at
Kalamassery in
Dr V K Saraswat,
Scientific Advisor to Defence Minister, inaugurated a modern D and E facility
at Subject Hyderabad Unit on December 24, 2010. The facility is equipped with
Embedded Systems Lab, Software Development Lab, Communication Systems and Integration
Labs, Video Conferencing, etc.
Four numbers of
BUSINESS INITIATIVES
Business initiatives during the year include :
·
Subject is in the process of signing a Technology
Collaboration Agreement (TCA) with Optelian International Corporation for
establishing a long-term partnership between the two Companies for the
manufacture and design of optical networking systems in
·
As a proactive step for addressing the Offset
business for defence programmes like the Medium Multi-Role Combat Aircraft
(MMRCA), Very Short Range Air Defence (VSHORAD) and the Mine Counter Measures
Vessel (MCMV) program, Subject has discussed and signed MoUs with OEMs
participating in these programs. From these MoUs, an Offset business of approx.
US $ 300 million is expected in the next 5-7 years from now.
·
Subject is in discussions with a reputed foreign
OEM for forming an Indian Joint Venture in the area of civilian radars and
select defence radars.
·
The business plan for setting up a JVC with Subject
for manufacture of Solar PV wafers, cells and modules has been finalized.
·
Subject is working on establishing a Company for
the design, development and manufacture of RF and Microwave components and
subsystems.
From these JVCs,
Subject expects a turnover of about Rs. 20000.000 Millions per year in four to
five years from the starting of these companies.
EXPORTS
The Company’s
export turnover during the year was US $ 41.53 Million, registering an
impressive growth of 75.45% over previous year export of US $ 23.67 million.
The range of products
and sub-assemblies exported includes - Lynx II, Radar Warning Receivers,
Composite Communication System, Night Vision Devices, Versatile Communication
System (VCS), IFF Interrogator, LRF, X – Ray tube, Radar Finger Printing
system, ESM system, V / UHF search receivers, Shelters, PCB assembly, Cable
Harness, Components, Mechanical assemblies, etc. Countries to which the
products were exported include
A very significant
portion of the export is related to offset. The Company executed large offset
contracts for companies such as M/s
BEL has over the
years taken a number of initiatives to increase exports. The Company plans to
increase its exports through direct exports and offsets. It has identified
African and South East Asian countries for special focus on product exports. It
has a very significant opportunity in the offset business related to various
platforms such as:
·
Air platform
·
Naval platform
·
Radar and Missile platforms
·
Gun platforms
The Company is
closely working with various major foreign Aerospace and Defence companies to
secure business under the mandatory Offset clause in the RFPs for Indian
Defence Procurement. Subject has signed MoU / NDAs with various OEMs for
offsets in respect of RFPs issued by Indian MoD. With the above initiatives the
Company expects to achieve significant increase in export turnover in the
coming years.
FINANCE
During the
financial year 2010-11, the Company has met all its fund requirements towards
additional investments on Capital equipments and incremental working capital
needs without any borrowing. This has been possible through efficient cash
management which has ensured that the Company continues to be debt free. The
Company has been able to retain the highest rating by ICRA for both short term
and long term sanctioned bank limits, which will help in continuing to secure the
best rates for any of the services, availed from the consortium banks. Based on
the user requirements many changes have been incorporated in the online ERP
system which should help in better information flow to all concerned.
The inventory
position of the Company as on 31st March 2011 was Rs. 24607.700
Millions (Net), as against Rs. 24487.100 Millions (Net) as on 31st March 2010.
The inventory as on 31st March 2011 works out to 164 days of the Value of
Production (DPE) for the year 2010-11 as against the corresponding position at
172 days as on 31st March 2010. Efforts will be made during the
current year to reduce the inventory levels further without compromising the
production plan for the forthcoming year.
The position of
sundry debtors as on 31st March 2011 was Rs. 29032.500 Millions
(Net) as against Rs. 21683.600 Millions (Net) as on 31st March 2010.
The debtors as on 31st March 2011 works out to 192 days of the Sales
for the year 2010-11 with the corresponding position at 152 days as on 31st
March 2010. The increase in sundry debtors as at the end of the financial year
is mainly due to the following reasons:
(a)
Higher sales in the last quarter, particularly in
March as compared to the corresponding period of the previous year
(b)
Non-realization of bills due to budgetary
constraints of the Customers
(c)
Payment terms in the sale contracts where the
release of money is linked to certain specific milestones, even after delivery
of the items like Harbor Acceptance Trials / Sea Acceptance Trials, etc.
The debtors
realization will continue to be closely monitored to ensure speedy collection
which should result in a reduction in debtors in number of days of sales by the
end of this financial year.
The Company does
not have any public deposit scheme at present. However, the matured past public
deposits with the Company was Rs. 3.855 Millions as on 31st March
2011. Of these, 34 deposits amounting to Rs. 3.650 Millions are claimed but not
paid as these accounts are frozen on advice by Karnataka Lok Ayukta. Remaining
past deposits of Rs. 0.205 Million as on 31st March 2011 is unclaimed. The
entire amount of public deposits outstanding as on 31st March 2011
is included in the current liabilities
NEW PRODUCT DEVELOPMENT
Considering the
need for developing new technologies and products to meet the requirements of
customers, Subject has initiated a number of actions for providing the
necessary thrust. Technology roadmap and a three year R and D plan have been
prepared to set goals for all R and D divisions. Resources have been augmented
and enhanced budgets have been sanctioned for R and D to realise the plans. A
number of joint development programs with DRDO labs also have been initiated.
Software Defined Radio, a futuristic communication equipment, Radio Relays for
Military backbone networks, Military Wimax, Battle field Surveillance System,
Combat Management System for different class of ships, Medium power Radar,
Surface Surveillance Radar, and Tablet PCs are some of the important projects
whose development will be completed in the next one to two years.
AWARDS AND RECOGNITION
Important Awards
and recognitions received during the year by the Company and its employees
include:
·
Standing Conference of Public Enterprises (SCOPE)
Meritorious Award for Corporate Governance for the year 2009-10.
·
SCOPE Award for R and D, Technology Development and
Innovation for the year 2007-08.
·
Raksha Mantri’s Awards in the categories of Best
Performing Division, Import Substitution, Design Effort and Innovation for the
year 2008-09.
·
Selected as the top Indian Company under the
Electrical and Electronic Equipment, Technology Development sector for the Dun
and Bradstreet-Rolta Corporate Awards 2010.
·
International Aerospace Awards 2011 under the categories
of ‘Most Influential Company of the Year’ and ‘Excellence in Innovation’.
·
Gold prize in the Heavy Industries category of
DNA-Dainik Bhaskar India Pride Award (2010) for ‘Excellence in PSUs’.
·
Subject employees received the prestigious Prime
Minister’s Shram Awards for the year 2005, 2006 and 2007 in the categories of
Shram Bhushan, Shram Devi, Shram Vir / Veerangana and Shram Shree,
respectively. A Senior Technical Assistant of Bangalore Complex has been
selected for the Prime Minister’s Shram Ratna for the year 2008.
SUBSIDIARY / JOINT VENTURES
The Company’s
subsidiary at Pune, BEL Optronic Devices Limited (BELOP) recorded a turnover of
Rs. 523.606 Millions as against the turnover of Rs. 587.448 Millions in the
previous year. BELOP achieved Profit After Tax of Rs. 44.523 Millions as
against Rs. 22.743 Millions in the previous year. BELOP manufactures mainly
Image Intensifier Tubes (I.I. Tubes). These Tubes are supplied to the Defence
customers and also used in the Night Vision Devices manufactured by BEL.
The Joint Venture
Company (JVC) with General Electric,
The other JVC,
viz., BEL Multitone Private Limited, jointly promoted by Subject and Multitone
plc, UK was set up to supply, install and service Private Paging Systems and
Pagers. The JVC is presently in shell stage with no business transactions being
effected, and action is in progress to close down this Company, as there are no
business prospects for paging systems in the Country.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
Industry Structure
and Developments, Strengths, Weaknesses, Opportunities and Threats, Major
Initiatives undertaken and planned to ensure sustained Performance and Growth
(a) General outlook of economy, industry in which the Company operates,
Government Budget, particularly the Defence Budget and how these impact the
Company:
The Indian economy
has continued to grow at 8.6 % in 2010 - 11 and is expected to grow at 9 % in
the coming year. India has emerged as a strong growing economy in spite of
setbacks due to global slowdown during 2007 - 08 and natural calamities during
2008 -10 at home. The growth of economy is substantiated by 7.8 % growth in
general Index of Industrial Production (IIP) over the growth of last year. The
cumulative growth in index of Manufacturing sector in 2010 - 11 has been 8.1 %.
This year’s
Defence budget is shielded from the fiscal consolidation process of the
Government of India and there is an increase in total Defence allocation from
Rs. 1473440.000 Millions to Rs. 1644150.000 Millions. Share of Capital
Expenditure in the defence budget is projected as 42 % with a growth of 15 %
compared to last year. This is in line with Indian Government’s focus on
modernization of Armed forces.
The present
defence business scenario provides an opportunity as well as a challenge to
Subject. The challenge is to keep pace with technological developments so that
state - of - the - art products can be offered to the Defence customer. The
Government’s desire to enhance indigenous production of defence equipment will
provide a bigger opportunity to Subject in its field of operations. Also as a
step towards self – reliance in design, development and production of defence
equipments and weapon systems, Ministry for the first time has released a
Defence production policy supporting domestic defence industrial base. This
policy comes at a time when
(b) SWOT Analysis
Strengths:
·
Clearly defined Vision,
·
Good image and reputation resulting from
performance and track record
·
Strong multi layered in - house R and D resulting
in Technology and New product development.
·
Good Infrastructure, Manufacturing facilities and
world - class processes
·
Well established systems and procedures including
ERP
·
Skilled and committed manpower with excellent
domain knowledge and core competencies in all areas of defence electronics
·
Wide product range with strong product support
Network
·
Strong relationship with Defence and Govt. agencies
·
Active learning from domestic and foreign
collaborators.
Weaknesses:
• Slower response time
• Lower risk taking
• Limited value addition in certain Projects
• Limited experience in certain Marketing related functions
• Less proactive in some of the functions.
(c) Major initiatives undertaken and planned to ensure sustained
performance and growth of the Company
1.
TECHNOLOGY UPDATION AND R AND D:
Challenges:
Core technologies
of Subject business involve applications of fast changing technological fields
like Electronics, IT and Software. Some of the most challenging tasks of R and
D Engineers of Subject are to keep abreast with latest technologies in the various
fields of Subject business areas, quickly master the emerging technologies and
apply them during the development of new products. The technologies required to
manufacture various products in the areas of Subject business are required to
be developed and upgraded continuously to meet emerging User requirements
including overcoming of obsolescence issues. The need for constant
technological upgrades juxtaposed with the need for maintaining legacy systems
places an enormous responsibility on Subject to be not only current in the
world class technologies but also to be innovative in finding means to tackle
obsolescence of legacy products and systems.
Measures:
Subject has
responded to the above challenges with a positive note and has identified
various measures to meet them. The measures include strengthening the
technology development process through short, medium and long
term technology
roadmaps, increased investments in R and D and setting up of a Company - wide
knowledge Management system to harness the complete potential of the R and D
Engineers and sharing of accumulated R and D knowledge in various fields
amongst the R and D engineers. In addition to enhancing its efforts for in –
house developments, Subject is also further strengthening the close co -
operation with DRDO Labs, other national research laboratories and R and D
organizations including academia to enhance indigenous developments. Subject is
also taking adequate initiatives for joint developments with reputed foreign
companies to quickly harness specialized technologies into the new products.
Initiatives:
Following are some
of the new initiatives undertaken by Subject in the areas of R and D and
Technology development during the year 2010 - 11:
• Core design
groups have been formed in the areas of Computing elements and Microwave Super
components for In - house design of these elements.
• R and D
Committees have been formed in core business areas to implement R and D plans.
• Dedicated design
center for R and D groups has been established and a core software development
team has been formed at Subject,
• Company - wide
Knowledge Management System to serve R and D Engineers across the Company has
been established.
2. MANUFACTURING:
• Super components
facility at Bangalore Complex upgraded for manufacture of Microwave Modules.
• Facility at
Subject -
• Network Centric
Systems Division at
• Two Walk - in -
Chambers installed and commissioned for environmental stress screening of
products.
• Order placed for
Humiseal Spray equipment by Military Radar SBU at Subject -
• Chemical
polishing facility for Aluminum set up at Machilipatnam Unit.
• EMI / EMC test
facility for MIL - STD - 461E established at Chennai Unit to help in qualifying
Subject products for EMI / EMC specification.
• X - Ray Machine
(
• EMI / EMC Lab,
new buildings for Electronic Assembly / Testing of 3 - D Central Acquisition
Radar and for the Antennae of Weapon Locating Radar, Battery Level Radar and
Low Level Transportable Radar projects are being envisaged at Ghaziabad Unit.
• New EMI / EMC
and shock and vibration facilities inaugurated at QA Division in Bangalore
Unit.
• Installation and
commissioning of Anechoic chamber up to 40 GHz and order placed for alltitude
chamber at QA Division,
• Anechoic Chamber
Test facility established at Hyderabad Unit.
• New EW and A
building in Bangalore Unit is under construction.
• New NS (RS and
FCS) building in Bangalore Unit is under construction.
• New Management
Block / building in
• Management block
in MR SBU in Bangalore Unit is modernized.
• Establishment of
Indigo Integration facility at NS SBU in Bangalore Unit.
3. NEW INITIATIVES
TAKEN, DIVERSIFICATION / EXPANSION PLANS
The Company is
adapting itself to the fast changing external environment by taking proactive
steps to meet the new challenges of technological up gradation, execution, up
gradation of skills of its human resource base, infrastructure up gradation as
given below:
(i) Preparation of
Vision 2020 document - Preparedness for next decade
Today Subject sees
an opportunity for an accelerated growth in traditional defence segments as
well as new business segments. At the same time it needs to overcome several
challenges, both internal and external, in the current defence business
scenario due to increased participation from foreign and Indian private
companies.
Therefore, Subject
has launched an initiative for assessing its preparedness for the next decade.
It is preparing the roadmap for Major Products / Systems, their Development
plans and the requirement of manufacturing infrastructure and manpower and
launching various initiatives to maintain the leadership in defence business.
Few selected areas
for priority action during the Plan Period have also been identified. A
comprehensive plan for next 2 years i.e. 2011 – 13 has been prepared as a
milestone for the Vision 2020 preparedness.
(ii) Strategic
alliances for emerging businesses through Co - development, Co - production,
Product manufacture through Technology transfer.
Subject has
entered into the following alliances for addressing various emerging markets
with suitable partners / defence labs. These are being pursued proactively and
addressed at SBU / Unit level in their area of operation and strength.
• Development of
Crypto Algorithm for RS Combat Net Radio (CNR) with CAIR
• Production of
Homodyne receivers for EW Systems with ToT from DLRL,
• Modernization of
NBC system for BMP 2 / 2K in collaboration with Defence lab,
• Development and
supply of MEMS sensors in collaboration with BARC, Mumbai for DAE applications
• Development of
Routers and switches for TCS project with M/s Infosys technologies,
(iii) Forming of
Joint Ventures / Acquiring Technology companies (for both existing / emerging
business areas)
• Subject is
discussing with a reputed foreign OEM for forming Indian Joint Venture in the
area of civilian Radars and select defence Radars. The proposal is in advanced
stage of discussion.
• Subject is in
discussion with BHEL for setting up a JVC for manufacturing Solar PV wafers,
cells and modules.
• Subject is also
working on establishing a Company for the design, development and manufacture
of RF and Microwave components and subsystems.
(iv) Identified areas of Diversification
Recently, Subject
has started executing a large strategic weapon system contract and many such
similar programs are on the anvil. Subject has also designed a Coastal
Surveillance System which is being installed along the vast coastline of
In the prevailing
business environment, in order to sustain and enhance the growth of the Company
and be in the forefront of technology, Subject considers further
diversification of its business into new areas a necessity. It plans to extend
the knowledge and experience gained in serving Defence over several decades and
by offering spin off products from technologies of Defence for use in Civilian
business segments.
Efforts are
underway on the following new segments for diversification :
• Homeland
Security
• e - Governance:
Ø
• Nuclear Power
Instrumentation and Control
• Energy Efficiency solutions
FINANCIAL / OPERATIONAL PERFORMANCE
1.
Strategy and
Objectives
The main objectives
of the financing strategy of the Company are as follows:
(i)
To make available the required funds through
internal accruals and/or by effective cash flow management with a view to have
the least interest cost.
(ii)
To maintain the highest credit rating in the short
- term to be able to raise funds at most economical rate if required.
(iii)
To meet the expectations of the various
stakeholders.
(iv)
To effectively execute tax planning thereby
improving the post tax yield to the shareholders.
(v) To maintain
highest standards of financial reporting by following the mandatory as well as
recommendatory accounting standards.
Each of the
objectives listed continue to be accorded the highest priority by Subject. During
the financial year, the entire working capital needs and the funding for
capital expenditure was met from the internal resources without resorting to
any external borrowing.
2.
Performance
Highlights:
(Rs. In
Millions)
|
Particulars |
Year ended 31 March 2011 |
Year ended 31 March 2010 |
|
Gross Sales / Income from Operations |
55296.932 |
52197.740 |
|
Total Expenditure Before Interest |
47485.312 |
45787.356 |
|
Profit Before Interest and Tax |
11615.799 |
10455.583 |
|
Operating Margin
(PBIT/Gross Sales) Ratio |
21.01% |
20.03% |
|
Profit After Tax |
8614.685 |
7208.710 |
|
No. of Days
Inventory / Value of Production (DPE Method) |
164 |
172 |
|
No. of Days
Sundry Debtors / Sales and Services |
192 |
152. |
|
Current Ratio |
1.52 |
1.74 |
|
Debt Equity
Ratio |
0.000082 |
0.00017 |
3.
Analysis of
Financial Performance of 2010 – 11
• Turnover
registered a growth of 5.94 % from Rs. 52197.740 Millions in 2009- 10 to Rs.
55296.932 Millions in 2010 – 11
• Value of Production
has increased from Rs. 52478.820 Millions in 2009 - 10 to Rs. 55208.034
Millions in 2010 - 11. Increase of 5.20 %.
• 19.50 % increase
in Profit After Tax, from Rs. 7208.710 Millions in 2009 - 10 to Rs. 8614.685
Millions in 2010 - 11.
• Increase in PAT
to Sales Ratio from 13.81 % in 2009 - 10 to 15.58 % in 2010 - 11.
• Sales per
employee has increased from Rs. 4.521 Millions in 2009 - 10 to Rs. 4.946
Millions in 2010 – 11
• Earning per
Share has increased from Rs. 90.11 in 2009 - 10 to Rs. 107.68 in 2010 – 11
• Book Value Per
Share has increased from Rs. 540.66 in 2009 - 10 to Rs. 623.21 in 2010 – 11
• Net Worth has
grown from Rs. 43252.559 Millions in 2009 - 10 to Rs. 49857.065 Millions in
2010 - 11.
CONTINGENT LIABILITIES:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Claims not
acknowledged as debts |
1083.402 |
865.470 |
|
Outstanding
Letters of Credit |
2677.499 |
2265.862 |
|
Others |
39.730 |
29.181 |
|
Provisional Liquidated Damages up to 31.03.2011 on unexecuted customer
orders where the delivery date has expired is Rs. 869.805 Millions (Rs.
487.396 Millions) |
||
FIXED ASSETS
·
Freehold land
·
Leasehold land
·
Roads and Culverts
·
Buildings
·
Installations
·
Plant and Machinery
·
Electronic Equipment
·
Equipment for R and D Lab
·
Vehicles
·
Office Equipment and Furniture
·
Fixtures and other Equipment
UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED ON DECEMBER
31, 2011
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
Nine Months
Ended |
|
|
|
|
31.12.2011 (Unaudited) |
30.09.2011 (Unaudited) |
31.12.2011 (Unaudited) |
|
1. |
Net Sales/Income
from Operations |
14473.377 |
10823.167 |
34695.482 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
a) (Increase) / Decrease in Stock in Trade |
(161.234) |
(358.751) |
(742.550) |
|
|
b) Purchase of Traded Goods |
1965.248 |
1514.745 |
5417.199 |
|
|
c) Employees Cost |
2670.574 |
3137.069 |
8491.504 |
|
|
d) Depreciation |
293.205 |
293.866 |
880.302 |
|
|
e) Other Expenditure |
1198.052 |
884.907 |
2664.261 |
|
|
f) Consumption of Raw Materials |
7511.731 |
5025.306 |
16444.958 |
|
|
g) Total |
13477.576 |
10497.142 |
33155.674 |
|
|
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
995.801 |
326.025 |
11539.808 |
|
|
|
|
|
|
|
4. |
Other Income |
1418.964 |
1412.564 |
4282.554 |
|
|
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
2414.765 |
1738.589 |
5822.362 |
|
|
|
|
|
|
|
6. |
Interest |
0.071 |
1.439 |
1.749 |
|
|
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
2414.694 |
1737.150 |
5820.613 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
2414.694 |
1737.150 |
5820.613 |
|
|
|
|
|
|
|
10. |
Tax Expense |
668.240 |
487.051 |
1596.012 |
|
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
1746.454 |
1250.099 |
4224.601 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
1746.454 |
1250.099 |
4224.601 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
800.000 |
800.000 |
800.000 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
21.83 |
15.63 |
52.81 |
|
|
b) Basic and diluted EPS after extraordinary items |
21.83 |
15.63 |
52.81 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
19310400 |
19310400 |
19310400 |
|
|
- Percentage of Shareholding |
24.14% |
24.14% |
24.14% |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
60689600 |
60689600 |
60689600 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100% |
100% |
100% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
75.86% |
75.86% |
75.86% |
Notes:
1. Company has
obtained exemption from SEBI regarding Segment Reporting.
2. The quarterly
results of Subsidiary Company, viz, BEL Optronic Devices Limited and Joint
Venture Companies, viz, GE BE Private Limited and BEL Multitone Private Limited
and not included above.
3. The company’s
Voluntary Retirement Scheme (VRS) was opened for the period from 15th
July 2011 to 29 August 2011. An amount of Rs. 244.753 Millions has been debited
to “Employees Cost” being the ex gratia amount paid as per the scheme.
4. An Interim Dividend
of Rs.10 per share for the year 2011-12 has been declared by the Board of
Directors at the meeting held on 27 January 2012.
5. The number of
investor complaints pending at the beginning of the quarter, received and
disposed of during the quarter and lying unresolved at the end of the quarter
ended 31st December 2011 are nil, nil nil and nil respectively.
6. The Statutory
Auditors have completed the Limited Review as required under Clause 41 of
Listing Agreement.
7. The above statement
of financial results wad reviewed by the Audit Committee and approved by the
Board of Directors at the meetings held on 27th January 2012.
WEBSITE DETAILS
BUSINESS
DESCRIPTION
Subject is engaged in manufacture and supply of strategic electronic
products primarily to Defense Services. The Company exported a range of
products and sub-assemblies exported includes LYNX II, radar warning receivers,
composite communication system, night vision devices, versatile communication
system (VCS), IFF Interrogator, LRF, X-Ray tube, radar finger printing system,
ESM system, V/ultra high frequency (UHF) search receivers, shelters, printed
circuit board (PCB) assembly, cable harness, components and mechanical
assemblies. During the fiscal year ended March 31, 2011, the Company introduced
products / systems, such as Akash Weapon System, HUMSA Sonar, mobile
communication terminal, automated teller machine (ATM)-based integrated
shipboard data network, semi ruggedized automatic exchange MK-II, low power
jammer, combat management system, integrated fire detection and suppression
system for BMP-2 /2K and IRLM radio. For the fiscal year ended 31 March 2010,
Bharat Electronics Limited revenues increased 15% to RS57.48B. Net income
decreased 2% to RS7.37B. Revenues reflect an increase in income from operations
and higher income from other income. Net income was offset by an increase in
purchase of traded goods, higher employees costs, a rise in
depreciation/amortization expenses and lower operating profit margins.
MORE BUSINESS DESCRIPTIONS
Subject is an electronics company owned by the Indian Government. The
company principally engages in manufacturing of advanced electronic products
for the Indian Armed Forces. BEL offers products and services in a wide
spectrum of technology like Radars, Military Communications, Naval Systems,
Electronic Warfare Systems, Telecommunications, Sound and Vision Broadcasting,
Opto-Electronics, Tank Electronics, Solar Photovoltaic Systems, Embedded
Software and Electronic Components. With its expertise developed over the
years, the company also provides turnkey systems solutions. Moreover, Bharat
Electronics has got an order of Rs 42.79 billion from the Indian Air Force to
supply 750 Akash, surface-to-air missiles. With about nine factories, and few
regional offices in
MANAGEMENT
VINOD KUMAR BHALLA
- NON-EXECUTIVE PART-TIME INDEPENDENT DIRECTOR
Professor Vinod Kumar Bhalla is Non-Executive Part-time Independent
Director of Bharat Electronics Limited He is a Professor at the Faculty of
Management Studies in the
Education
Ø DS,
Ø MA Economics,
SATYANARAYANA N.
DASH - PART-TIME NON-EXECUTIVE INDEPENDENT DIRECTOR
Dr. Satyanarayana N. Dash is Part-time Non-Executive Independent
Director of Bharat Electronics Limited He is a is a former Indian Administrative
Service Official retired in March, 2010 as Secretary Department of Heavy
Industry in the Ministry of Heavy Industries and Public Enterprises. His
academic qualifications include M.Sc. (Physics)
Education
Ø PHD Economics,
Ø MS Physics,
Ø MA Economics,
ANURAG KUMAR -
NON-EXECUTIVE PART-TIME INDEPENDENT DIRECTOR
Professor Anurag Kumar is Non-Executive Part-time Independent Director
of Bharat Electronics Limited He is a Professor in the Dept. of Electrical
Communication Engineering, and Chairman, Division of Electrical Sciences at the
Indian Institute of Science,
G. MADHAVAN NAIR -
NON-EXECUTIVE PART-TIME INDEPENDENT DIRECTOR
Prof. G. Madhavan Nair is Non-Executive Part-time Independent Director
of Bharat Electronics Limited He is a former Chairman, ISRO and VSSC
Distinguished Professor, graduated in Engineering in 1966 and underwent
training at Bhabha Atomic Research Center (BARC),
SATYAJEET RAJAN -
PART-TIME GOVERNMENT NON-EXECUTIVE DIRECTOR
Shri. Satyajeet Rajan is Part-time Government Non-Executive Director of
Bharat Electronics Limited He is a graduate in Physics from IIT, Kharagpur and
a postgraduate in management from IIM,
Education
Ø MBA, Indian
Institute of Management, Kolkata
Ø Physics, Indian
Institute of Technology, Kharagpur
Shri. Madras Seshamani Ramachandran is Non-Executive Part-time
Independent Director for Bharat Electronics Limited He is an ex-Chairman, Indian
Oil Corporation Limited He graduated in Mechanical Engineering from the
Education
Ø B Mechanical
Engineering,
H.
Mr. H. N. Ramakrishna is Director - Marketing, Whole Time Director of
Bharat Electronics Limited, since 1st September 2009. He was General Manager
(Military Communication and Electronic Warfare). He completed BSc in Physics
and Maths, then did BE in Electronics from
Education
Ø ME Electronics and
Communications Engineering, Indian Institute of Science
Ø BS Physics and
Math,
Ø BE Electronic
Enigneering,
RAMBHATLA VENKATA
RAO - NON-EXECUTIVE PART-TIME INDEPENDENT DIRECTOR
Prof. Rambhatla Venkata Rao is Non-Executive Part-time Independent
Director of Bharat Electronics Limited He is a Vice Chancellor, National Law
School of India University, is M.A., M.L. and Ph. D and his areas of
specialization are: Human Rights and Humanitarian Law , Criminal Law,
Jurisprudence and International Law. He has 32 years of Teaching experience
including 30 years Post Graduate Teaching, Research and guiding Ph.D. students.
The other positions held by him in the past include: Dean, Faculty Law, Andhra
University, Principal, University College of Law, Andhra University,
Vishakhapatnam, Vice President, Indian Society of International Law, New Delhi,
Nominated Member, Academic Committee, Indian Institute of Public Administration
(IIPA), New Delhi, Elected Member, Governing Council, Indian Law Institute,
been nominated to the Governing Council, Indian Law Institute, New Delhi for
three years from 2009-2012, elected as the Chairman, Board of Governors, Asian
Law Institute (ASLI) for the year 2010-2011, etc. He has published more than
100 papers in Journals of National and International repute and presented
papers at 90 National / International Seminars. Prof. R Venkata Rao is also a
member of the Board of Directors of Hindustan Aeronautics Limited. He does not
hold any shares in BEL.
ANIL RAZDAN -
NON-EXECUTIVE PART-TIME INDEPENDENT DIRECTOR
Shri. Anil Razdan is Non-Executive Part-time Independent Director of
Bharat Electronics Limited, since 23 November 2009. He is an alumnus of St.
Stephena’s College,
Education
Ø LLB,
Ø BS Physics,
M. L. SHANMUKH -
DIRECTOR - HUMAN RESOURCES, WHOLE TIME DIRECTOR
Shri. M. L. Shanmukh is Director - Human Resources, Whole Time Director
of Bharat Electronics Limited. He joined BEL as Director (Human Resources) on
14 August 2004. He holds a BA in Economics, LLB and Post Graduate Diploma in
Personnel and Industrial Relations. Before being elevated to the BEL Board, Mr.
Shanmukh was Group General Manager (HRD) at Container Corporation of
N. SITARAM -
NON-EXECUTIVE PART-TIME INDEPENDENT DIRECTOR
Mr. N. Sitaram is Non-Executive Part-time Independent Director of Bharat
Electronics Limited. He is a former Chief Controller (R and D), Defence
Research and Development Organization (DRDO), has a B.E. degree from Indian
Institute of Science (IISc),
Education
Ø M, Indian
Institute of Technology,
Ø BE, Indian
Institute of Science
G. SRIDHARAN -
NON-EXECUTIVE PART-TIME INDEPENDENT DIRECTOR
Lt. Gen. (Retd.) G. Sridharan is Non-Executive Part-time Independent
Director of Bharat Electronics Limited. He is Bachelor of Technology in
Electronics Engineering from Military College of Electronics and Mechanical
Engineering (MCEME). He also holds a post graduate diploma in Industrial
Engineering from MCEME, MIE (Electronics) from Institution of Engineers and
MIETE from Institution of Electronics and Telecommunication Engineers. Earlier,
he served as Director General Quality Assurance in the Department of Defence
Production, Ministry of Defence. The job included strategic planning,
macro-level policy formulation, decision-making, resource management and logistics
management. He has over 35 years of experience in leadership and management and
18 years experience in quality management. He has core competencies in project
management, team building and quality management. Lt. Gen. (Retd.) G Sridharan
is not on the Board of any other company. He is the Chairman of BEL Audit
Committee and the Investors / Shareholders Grievance Committee. He does not
hold any shares in BEL.
NEWS
PRESS RELEASE
BEL
signs MoU with DEAL for Satellite-based Indian Automatic Identification System
(March
30, 2012)
Navratna Defence PSU Bharat Electronics Limited (BEL) signed an MoU with
Defence Electronics Applications Laboratory (DEAL), Dehradun, a Defence
Research and Development Organisation (DRDO) lab, today (Friday, March 30, 2012)
at the BEL Stall at Defexpo 2012 in the presence of Dr V K Saraswat, Scientific
Advisor to Raksha Mantri, Mr Anil Kumar, Chairman and Managing Director, BEL,
and Mr H N Ramakrishna, Director (Marketing), BEL.
The MoU was signed by Mr I V Sarma, Director (R&D), BEL, and Mr R C
Agarwal, Director, DEAL.
The MoU is for development of Indian Automatic Identification System
(IAIS) for coastal security. This is one of the Satellite Data Terminals which
will be jointly developed by DEAL and BEL. IAIS will be used for
Satellite-based data communication in secure mode.
Mr. N Suresh, General Manager, BEL-Panchkula, said that the Panchkula
Unit of BEL will manufacture the Satellite Data Terminals for INSAT3C and future
satellites like GSAT6, GSAT7 and HUB baseband services.
Dr. Saraswat, SA to RM, appreciated the proactive work being done by BEL
and DRDO. Mr. R C Agarwal, Director, DEAL, said that the work for this has
already been started by BEL-Panchkula and DEAL.
BEL
registers Rs.57100.000 Millions turnover
(APRIL
2, 2012)
Navratna Defence PSU Bharat Electronics Limited (BEL) has recorded a
turnover of Rs.57100.000 Millions (provisional) for the fiscal year 2011-12.
The Profit Before Tax is Rs.9750.000 Millions.
BEL achieved exports of US $ 38.45 million. The turnover per employee
during 2011-12 was Rs.5.290 Millions. Some of the major products / systems
delivered to Defence and other customers during the year are:
·
Akash Weapon System
·
Coastal Surveillance System
·
Central Acquisition Radar (CAR-Rohini)
·
Communication sets and systems
·
Night Vision Devices
·
Shipborne Systems
·
Ground Based Electronic Intelligence System
·
New Generation Sonars
·
Jammers
There were many new initiatives during the year. On the civilian front,
BEL provided services for the Socio Economic and Caste Census and National
Population Register, which contributed significantly to the turnover. BEL
designed and developed a low-cost Tablet PC in a record time of 4 months and
supplied 6 lakh numbers to the Ministry of Rural Development for the Socio
Economic and Caste Census. Other new products introduced during 2011-12 were
Coastal Surveillance System, Digital Radio Trunking System, Integrated Anti
Submarine Warfare System, Upgraded Indigenous Forward Observer Simulator,
Electro Optic Fire Control System, Integrated Radio Line Modem and Remotely
Operated Vehicle.
BEL to showcase
its R and D capabilities at DEFEXPO, Focus on C4I systems
(February 29,
2012)
Navratna Defence PSU Bharat Electronic Limited
(BEL) will showcase its R and D might at DEFEXPO 2012 by displaying its latest
range of products and systems, developed in-house, at the biennial Land, Naval
and Internal Security Systems Exhibition to be held at Pragati Maidan,
The main highlight of BEL's display will be
Network Centric Warfare (NCW) systems developed indigenously for the Indian
defence forces. NCW solutions for the Indian Navy will include Combat Management
System, which automates tactical data from the ship's sensors to provide
decision support to the ship’s Command; Coastal Surveillance System, an
all-weather 24x7 surveillance system developed for safeguarding the nation’s
coastline by networking various sensors such as radars, day and night
electro-optical equipment, Automatic Identification System and meteorological
equipment; and Advanced Composite Communication System, an IP-based
New-Generation voice, data and video integrated system. The software for all
these solutions, too, have been developed in-house.
BEL's display will also include key elements
developed for use in various C4I systems catering to all the 3 Services-like
computing elements in various forms, right from wrist-wearable computers,
hand-held computers and Tablet PC to rugged laptop; communication equipment
such as Software Defined Radio with different variants, HF Radios and Radio
Relays, besides encryptors such as Terminal End Secrecy Device (TESD), IP
encryptor and Bulk Encryptor.
Research and Development has been BEL's forte.
The Company is laying increased thrust on development of new technology modules
which will be on show at the exhibition: Microwave Power Modules and TR Modules
for use in radars, MEMs-based products for use in sonars, microwave components
used in air-borne EW systems and an Integrated Radio and Line Modem (IRLM) used
in missile systems. The key elements for underwater solutions which will be on
show will be transducers for ships and submarines. BEL will highlight its
contributions to the Electronic Warfare and Avionics segment with an impressive
display of the Missile Approach Warning Systems, Convoy Jammers, Flight Control
Computer and other cockpit modules. Also on display will be the latest range of
laser products, night vision products and batteries.
BEL maintains technological leadership by
virtue of its in-house R and D and in association with DRDO, other national
research and development agencies and academic institutes. To turn the
spotlight on BEL's joint development programmes with DRDO, BEL will showcase
systems like Bharani Radar, Weapon Locating Radar, New-Generation Sonar system
and multi-function Hand Held Thermal Imager.
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 records 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.53.34 |
|
|
1 |
Rs.86.11 |
|
Euro |
1 |
Rs.69.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
73 |
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.