MIRA INFORM REPORT
|
Report Date : |
05.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTAN
AERONAUTICS LIMITED |
|
|
|
|
Registered
Office : |
15/1, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
16.08.1963 |
|
|
|
|
Com. Reg. No.: |
08-001622 |
|
|
|
|
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
India Fully Liable of The Debts of This Company |
|
|
|
|
Line of Business
: |
Manufacturer of
Upgrade and Overhaul of Fighters, Trainers, Helicopters etc. |
|
|
|
|
No. of Employees
: |
32659 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (81) |
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is wholly owned by Government of India. It has a memorandum of
understanding with the Ministry of Defence Department of Defence Production
and Supplies. It is a well-established and reputed company having fine track record. As per Registrar of companies the date of Balance sheet i.e.,
financials filed is shown as 31st March, 2014 but the documents
related to the financials for the year 2014 are not available from any
sources. As per available financial of 2013, financial position of the company
seems to be strong and healthy. The management of the company reported to be experienced and well
managed people. Trade relations are reported as fair. Business is active. Payment
terms 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based limits (Cash Credit) : “AAA” |
|
Rating Explanation |
Have highest degree of safety and carry lowest
credit risk. |
|
Date |
October, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non fund based limits: “A1” |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
October, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-80-22266901)
LOCATIONS
|
Registered/
Corporate Office Planning and Project office : |
15/1, |
|
Tel. No.: |
91-80-22266901/ 8758/ 22865197/ 1258/ 8629/ 22866701/ 902-908/ 4636/
22864930/ 22866578/ 22320701/ 22320903/ 22320376/ 22320001/ 22320358/
22320008 |
|
Fax No.: |
91-80-22320140/ 22268758/
22577533/ 22867140/ 22862334/ 22867361/ 22865275/ 22320361 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1: |
Engine
Division:
|
|
Tel. No. : |
91-80-2526 5201 /
2528 3117 |
|
Fax No. : |
91-80-2527 9564 |
|
|
|
|
Factory 2: |
Design
Complex
Vimanapura, P. B.
No. 1789, HAL Complex, |
|
Tel. No. : |
91-80-2526 5201 /
1020 |
|
|
|
|
Factory 3: |
ENGINE DIVISION Koraput, P.O.
Sunabeda, District Koraput – 763 002, Orissa, India |
|
Tel. No. : |
91-6853-220200 |
|
Fax No. : |
91-6853-220004/220217 |
|
|
|
|
Factory 4: |
AIRCRAFT
DIVISION Post Bag N 1796, Vimanapura Post, Bangalore 560017, Karnataka,
India |
|
|
|
|
Factory 5: |
Chakeri, P. B. No. 225, Kanpur - 208 008, Uttar Pradesh, India |
|
|
|
|
Factories: |
ALSO LOCATED AT : v Bangalore v v Koraput v Nashik v Korwa |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Ravindra Kumar Tyagi |
|
Designation : |
Chairman |
|
Address : |
C-1-42, ONGC Colony, Reclamation, Bandra (West), Mumbai-400050,
Maharashtra, India |
|
Date of Birth/Age : |
06.01.1955 |
|
Date of Appointment : |
02.03.2012 |
|
Din No.: |
01509031 |
|
|
|
|
Name : |
Mr. Krishnaswamy Naresh Babu |
|
Designation : |
Managing Director |
|
Address : |
No. 1989, 3rd Cross, 20th Main, J.P. Nagar, 2nd
Phase, Bangalore-560078, Karnataka, India |
|
Date of Birth/Age : |
29.03.1955 |
|
Date of Appointment : |
05.09.2011 |
|
Din No.: |
03642273 |
|
|
|
|
Name : |
Mr. Vinay Mohan Chamola |
|
Designation : |
Director |
|
Address : |
A 1-201, Yamuna Block, National Games Village, Koramangala, Bangalore-560042,
Karnataka, India |
|
Date of Birth/Age : |
04.12.1959 |
|
Date of Appointment : |
27.07.2011 |
|
Din No.: |
03595483 |
|
|
|
|
Name : |
Dr. Ashok Kumar Misra |
|
Designation : |
Director (Finance) |
|
Address : |
SOQ-15, Hal Senior Officers Enclave, C.V. Raman Nagar PO, Old Madras
Road, Bangalore-560093, Karnataka, India |
|
Date of Birth/Age : |
03.01.1956 |
|
Date of Appointment : |
28.10.2011 |
|
Din No.: |
05122678 |
|
|
|
|
Name : |
Mr. Talari Suvarna Raju |
|
Designation : |
Director (Design and Development) |
|
Address : |
FD-41, Hal Senior Officer Enclave, C.V. Raman Nagar, PO, Old Madras
Road, Bangalore-560093, Karnataka, India |
|
Date of Birth/Age : |
06.08.1958 |
|
Date of Appointment : |
04.01.2012 |
|
Din No.: |
05183617 |
|
|
|
|
Name : |
Mr. Subrahmanyan Shivaramakrishnan |
|
Designation : |
Director |
|
Address : |
FD 34, Hal Senior Officer Enclave, C.V. Raman Nagar, PO, Old Madras
Road, Bangalore-560093, Karnataka, India |
|
Date of Birth/Age : |
28.04.1957 |
|
Date of Appointment : |
01.12.2012 |
|
Din No.: |
06447057 |
|
|
|
|
Name : |
Mr. Prem Kumar Kataria |
|
Designation : |
Director (Part-Time Official) |
|
Address : |
8205, Sector B-IX, Vasant Kunj, New Delhi-110070, India |
|
Date of Birth/Age : |
01.05.1960 |
|
Date of Appointment : |
12.07.2010 |
|
Din No.: |
03175921 |
|
|
|
|
Name : |
Mr. Kamlesh Kumar Pant |
|
Designation : |
Director (Part-Time Official) |
|
Address : |
Set No. 3 GF, Type VI Old Brockhurst Shimla-171002, Himachal Pradesh,
India |
|
Date of Birth/Age : |
04.12.1970 |
|
Date of Appointment : |
16.01.2013 |
|
Din No.: |
02710487 |
|
|
|
|
Name : |
Mr. Ajay Shankar |
|
Designation : |
Director (Part-Time Non Official) |
|
Address : |
C-II/16, Bapa Nagar, New Delhi-110003, India |
|
Date of Birth/Age : |
26.12.1949 |
|
Date of Appointment : |
09.03.2011 |
|
Din No.: |
01800443 |
|
|
|
|
Name : |
Mr. Surendra Kumar |
|
Designation : |
Director (Part-Time Official) |
|
Address : |
Bungalow No. 25, Lakshmi Gayatri Enclave, HMT Hills, Kukatpally,
Hyderabad-500085, Andhra Pradesh, India |
|
Date of Birth/Age : |
09.1.1949 |
|
Date of Appointment : |
09.03.2011 |
|
Din No.: |
03514408 |
|
|
|
|
Name : |
Prof. (Dr.) Venkata Rao Rambhatla |
|
Designation : |
Director (Part-Time Official) |
|
Address : |
Vice Chancellor’s Lodge,
National Law School, University of India, Nagabhavi, Bangalore-560072,
Karnataka, India |
|
Date of Birth/Age : |
15.03.1954 |
|
Date of Appointment : |
09.03.2011 |
|
Din No.: |
03386559 |
|
|
|
|
Name : |
Mr. Sastry Venkata Rama Vadlamani |
|
Designation : |
Director (Part-Time Non Official) |
|
Address : |
No. 957, 9th Main, 3rd Stage, 3rd Block,
Basaveswara Nagar, Bangalore-560079, Karnataka, India |
|
Date of Birth/Age : |
23.04.1949 |
|
Date of Appointment : |
09.03.2011 |
|
Din No.: |
00027875 |
KEY EXECUTIVES
|
Name : |
Mr. Ashok Tandon |
|
Designation : |
Secretary |
|
Address : |
SOQ-5, Senior Officer Enclave, Old Madras Road, Bangalore-560093,
Karnataka, India |
|
Date of Birth/Age : |
26.04.1955 |
|
Date of Appointment : |
27.09.1995 |
|
Pan No.: |
AAEPT8129R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
No. of Shares |
|
Ravindra Kumar Tyagi |
10 |
|
Vinay Mohan Chamola |
10 |
|
Gokul Chandra Pati |
50 |
|
Kamalesh K Pant |
10 |
|
P.K. Kataria |
10 |
|
A.K. Mishra |
10 |
|
President of India, India |
120499900 |
|
Total |
120500000 |
AS ON 30.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Government
[Central and State] |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Upgrade and Overhaul of Fighters, Trainers, Helicopters etc. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Exports : |
-- |
||||
|
|
|
||||
|
Imports : |
-- |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
-- |
||||
|
|
|
||||
|
Purchasing : |
-- |
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||
|
|
|
||||||||||||
|
Customers : |
|
||||||||||||
|
|
|
||||||||||||
|
No. of Employees : |
32659 (Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
·
State
Bank of India ·
State
Bank of Mysore ·
State
Bank of Hyderabad ·
State
Bank of Travancore ·
State
Bank of Patiala ·
State
Bank of Bikaner and Jaipur ·
Punjab
National Bank ·
Indian
Bank ·
Indian
Overseas Bank ·
Bank
of Baroda ·
Exim
Bank ·
Syndicate
Bank · Union Bank of India |
|
Auditors : |
|
|
Name : |
Dagliya and Company Chartered Accountants |
|
Address : |
L Block, Unity Building, J.C. Road, Bangalore-560002, Karnataka, India
|
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFB6954E |
|
|
|
|
Joint Venture : |
·
Indo-Russian Aviation Limited ·
Baehal Software Limited ·
Samtel Hal Display Systems Limited ·
HALBIT Avionics Private Limited ·
Infotech Hal Limited ·
Hal-Edgewood Technologies Private Limited ·
Tata Hal Technologies Limited ·
Hatsoff Helicopter Training Private Limited |
CAPITAL STRUCTURE
AS ON 27.09.2013
Authorised Capital : Rs. 6000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.
4820.000 Millions
AS ON 31.03.2013
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 |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1205.000 |
1205.000 |
1205.000 |
|
(b) Reserves & Surplus |
132576.926 |
112180.989 |
96247.224 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
133781.926 |
113385.989 |
97452.224 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
47.904 |
50.455 |
53.004 |
|
(b) Deferred tax
liabilities (Net) |
15663.208 |
14769.763 |
14855.529 |
|
(c)
Other long term liabilities |
68658.464 |
92445.190 |
111863.470 |
|
(d)
long-term provisions |
5006.532 |
7335.679 |
7798.158 |
|
Total
Non-current Liabilities (3) |
89376.108 |
114601.087 |
134570.161 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
21197.329 |
13578.928 |
12541.335 |
|
(c)
Other current liabilities |
307789.057 |
287395.882 |
262941.541 |
|
(d)
Short-term provisions |
23078.969 |
24089.613 |
16077.778 |
|
Total
Current Liabilities (4) |
352065.355 |
325064.423 |
291560.654 |
|
|
|
|
|
|
TOTAL |
575223.389 |
553051.499 |
523583.039 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
15480.748 |
15558.313 |
15091.794 |
|
(ii)
Intangible Assets |
4603.950 |
3824.500 |
3508.720 |
|
(iii)
Capital work-in-progress |
1026.642 |
699.787 |
1184.198 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b)
Non-current Investments |
7073.486 |
5274.504 |
3975.107 |
|
(c)
Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
6788.655 |
6842.229 |
7677.181 |
|
(e)
Other Non-current assets |
114005.758 |
53796.478 |
51777.942 |
|
Total
Non-Current Assets |
148979.239 |
85995.811 |
83214.942 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
178627.148 |
160888.266 |
173757.848 |
|
(c)
Trade receivables |
54885.100 |
39062.252 |
23066.260 |
|
(d)
Cash and cash equivalents |
133779.651 |
219325.385 |
200992.860 |
|
(e)
Short-term loans and advances |
45711.086 |
31212.285 |
22279.717 |
|
(f)
Other current assets |
13241.165 |
16567.500 |
20271.412 |
|
Total
Current Assets |
426244.150 |
467055.688 |
440368.097 |
|
|
|
|
|
|
TOTAL |
575223.389 |
553051.499 |
523583.039 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
143277.877 |
142110.596 |
131237.326 |
|
|
|
Other Income |
33273.885 |
25104.615 |
22873.120 |
|
|
|
TOTAL (A) |
176551.762 |
167215.211 |
154110.446 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
68783.031 |
55073.612 |
113905.942 |
|
|
|
Purchases of stock-in-trade |
11301.363 |
2540.254 |
3818.312 |
|
|
|
Employee benefit expense |
24463.283 |
27206.565 |
22462.825 |
|
|
|
Other expenses |
29815.761 |
26796.663 |
10719.134 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
1205.306 |
15089.827 |
(33339.008) |
|
|
|
TOTAL (B) |
135568.744 |
126706.921 |
117567.205 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
40983.018 |
40508.290 |
36543.241 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.045 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
40983.018 |
40508.290 |
36543.196 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6013.315 |
7223.135 |
8147.957 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
34969.703 |
33285.155 |
28395.239 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
50005.630 |
7890.834 |
7252.661 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
29969.140 |
25394.321 |
21142.578 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Manufactured Goods Exported |
3650.757 |
3260.435 |
2217.082 |
|
|
|
Earnings on Other Income |
177.384 |
222.904 |
156.772 |
|
|
TOTAL EARNINGS |
3828.141 |
3483.339 |
2373.854 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
60593.900 |
38454.202 |
96229.035 |
|
|
|
Stores & Spares |
25092.208 |
17377.219 |
14965.518 |
|
|
|
Capital Goods |
940.465 |
590.442 |
558.996 |
|
|
|
Special Tools |
0.000 |
0.000 |
1625.807 |
|
|
TOTAL IMPORTS |
86626.573 |
56421.863 |
113379.356D |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
248.71 |
210.74 |
175.46 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT / Sales) |
(%) |
20.92 |
17.87 |
16.11 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
28.60 |
28.50 |
27.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.17 |
6.08 |
5.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.29 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21 |
1.44 |
1.51 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
1205.000 |
1205.000 |
1205.000 |
|
Reserves & Surplus |
96247.224 |
112180.989 |
132576.926 |
|
Net
worth |
97452.224 |
113385.989 |
133781.926 |
|
|
|
|
|
|
long-term borrowings |
53.004 |
50.455 |
47.904 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
53.004 |
50.455 |
47.904 |
|
Debt/Equity
ratio |
0.001 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
131237.326 |
142110.596 |
143277.877 |
|
|
|
8.285 |
0.821 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
131237.326 |
142110.596 |
143277.877 |
|
Profit |
21142.578 |
25394.321 |
29969.140 |
|
|
16.11% |
17.87% |
20.92% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 involved in |
Yes |
|
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 |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATION DETAILS
|
CASE PENDING HIGH COURT OF KARNATAKA-BANGALORE BENCH WP
37571/2013
LOWER
COURT DETAILS [APPEAL FROM BELOW CASE.]
DETAILS OF THE DAILY ORDER
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10070823 |
26/04/2013 * |
14,980,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH,, RESIDENCY ROAD, RESIDENCY PLAZA, BANGALORE - 560025,
KARNATAKA, INDIA |
B77779734 |
|
* Date of charge modification |
||||||
UNSECURED LOAN
|
Particulars |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
Deferred Payment Liabilities |
47.904 |
50.455 |
|
Total |
47.904 |
50.455 |
PERFORMANCE OVERVIEW
The deep and abiding trust has enabled team HAL to continuously improve its performance. In the midst of challenging economic conditions, the Company has achieved a turnover of Rs.143236.300 Millions during the financial year 2012-13 as against Rs. 142042.100 Millions in the previous year. The profit before tax has grown by 5.06 percent at Rs. 34970.000 Millions.
On the financial front, the Company has a consistent track record of dividend payment. The Company has surpassed its previous record of highest payment of dividend which stood at Rs. 8140.000 Millions by paying a dividend of Rs.8237.000 Millions, which is 684 percent of the Paid up capital of Rs. 1205.000 Millions.
The Company has added yet another Excellent Rating to its trophy-shelf for the year 2011-12. This is the 12 th consecutive year in which the Company’s performance has been rated as Excellent. The performance during the year 2012-13 is also expected to earn the Excellent score under the MoU with the Government of India.
Significant progress has been made on the Design and Development front such as the Company has achieved the Initial Operation Clearance (IOC) for the weaponised variant of Advanced Light Helicopter (ALH) Rudra. The maiden flight for Jaguar Darin-III upgrade aircraft on 28th November, 2012 was another milestone towards successful indigenous design capability development. The progress made in LCA programme during the year 2012-13 has been very encouraging.
Fly-off and Survive Black Box for Dornier- 228 Aircraft has been designed, developed and demonstrated for the first time in the country by Korwa Division. · Deliveries of Hawk and Do-228 aircraft have been carried out ahead of contracted schedule.
FUTURE OUTLOOK
Backed with long experience in military aviation with extensive infrastructure, HAL is focusing on plans to foray into the civil segment which has promising growth potential. Separate operations are planned to handle civil
segment including suitable partnerships with private Indian industries and foreign OEMs. It is pertinent to mention
that company’s airport at Ojhar, Nasik has been certified by DGCA for Civil operations.
Unmanned Aerial Vehicles (UAVs) are the need of the hour and the demand for these are on the rise. HAL is pursuing its plans to enter into this segment in a big way.
Despite a tough global economic outlook, India continues to be one of the many promising AandD markets in the world. There is a continuous requirement for making Defence Products better, safer and technologically advanced. The Company plans to enter into strategic partnerships with International and Domestic companies to expand and continue to maintain its leadership position. In line with this thinking, HAL has entered into an MOU with SBI capital markets for financial advice on Project Appraisals, Mergers and Acquisitions etc.
The Company aims to achieve business excellence while pursuing its mandate of nation building. It has plans to add capacity to handle the future programs like Medium Multi-Role Combat Aircraft (MMRCA), Fifth Generation Fighter Aircraft (FGFA), Multi-role Transport Aircraft (MTA), Light Combat Helicopter (LCH) and Light Utility Helicopter (LUH).
HAL, a Navratna Public Sector Undertaking, is ranked 35th among the Top 100 Aerospace Manufacturing Companies and aims to improve its ranking to be in the Top 20 Aerospace Manufacturing Companies in the world.
In advancement of its forward looking approach, the Company is contemplating disinvestment to the tune of 10 percent of its shares, for the purpose of getting itself listed on the stock exchange in furtherance of achieving the Maharatna status in the near future.
MANAGEMENT DISCUSSION
NAD ANALYSIS REPORT
INDUSTRY SCENARIO
GLOBAL SCENARIO
The Global Aerospace and Defence (AandD) Sector has continued to see a decline in the revenues for the third consecutive year, due to continued global economic challenges and decrease in military spending. However, the commercial aircraft industry is continuing to look up with increased production rates, introduction of new generation aircraft and growing orders. The industry is witnessing declining revenues on the whole, resulting in overall low growth for the entire sector.
In the defence segment, the decline in the revenue because of the budget reductions in the US, UK and the rest of Europe is partially offset with smaller aggregate increases, principally in Russia, China, India, Saudi Arabia, UAE and Brazil. The decline will be more pronounced, if the US Budget Control Act automatic cuts, referred to as Sequestration (additional budget reduction of 492 BUSD over a period of nine years, over and above the 487 BUSD budget reduction in 10 years which is under implementation) also comes into effect. In view of the declining revenues, the defence segment is likely to witness streamlining of its cost structure, divestiture of non-core assets and game- changing acquisitions.
The impact of budget cuts in the US on the global defence segment can be gauged by the following data.The military expenditure database of SIPRI (Stockholm International Peace Research Institute) indicates that the global defence expenditure for the year 2012 is estimated at 1.74 Trillion USD. The United States military expenditure at 682.5 BUSD is nearly four times the defence spending of China and is around 40 per cent of the total defence expenditure in the world.
In response to the declining overall sales, it is assessed that the Aerospace and Defence companies in the US and Europe will strengthen their marketing and competitive positioning in the emerging markets especially in India, Brazil, South Korea, Saudi Arabia, Japan and the UAE. This will provide an opportunity to the emerging markets to leverage for better prices and technologies.
However, the growth in the commercial aircraft segment is expected to achieve record levels in 2013, based on increased production rates and the introduction of next generation aircraft. According to some estimates, the Airbus and Boeing have, on an average, a seven year order backlog. This trend is being driven by growth in passenger travel demands particularly in Asia and the Middle East as well as the need for more fuel-efficient aircraft.
THE INDIAN SCENARIO
The Indian Aerospace and Defence market is continuing with the trend of growth in line with the emerging markets due to an increased demand from both the armed forces and growing air traffic in the civil sector.
The Indian defence budget allocation for the year 2013-14 is Rs. 2.04 lakh crore which is 5.3 per cent more than the previous year’s budget of 1.93 lakh crore.The growth in the defence budget is nominal when compared to the growth rates of 17.6 per cent and 15.50 per cent in the previous two budgets. This reduction in growth of defence allocation is due to the challenging economic environment and the government’s drive to check the fiscal deficit. However the defence allocation may see a significant growth to provide for the global inflation and adverse Rupee-Dollar exchange rate and to continue with the expansion and modernization plans of the armed forces. India continues to be among the top 10 defence spenders in the world and is one of the largest importers of conventional defence equipment.
Milestones in certain deals are expected to be reached during the current financial year, such as submarines, missiles and the Medium Multi-Role Combat Aircraft (MMRCA) programs.
Deals worth about 25 BUSD are expected to be closed during the current fiscal 2013-14 by the Government. Furthermore, there is an emerging demand for Helicopters and Unmanned Aerial Vehicles (UAVs) from various Defence Services.
India not only offers an attractive market, but also provides cost advantages in basic Design, Engineering and Manufacturing services. This could lead to the integration of foreign OEMs with the local manufacturing sector for supplies to the Indian Armed Forces.
At the same time, the Indian defence expenditure has grown significantly to support modernisation and expansion plan of the Armed Forces. It is estimated that during the next decade India is likely to import defence equipment, worth USD 100 Billion.
In order to strengthen the defence manufacturing base in the country, accelerate the pace of indigenization, and to provide a level playing environment to the Indian defence industry, major changes were made in Defence Procurement Procedure (DPP) 2013. The changes that would have a significant impact on the industry are:
Preference for indigenous procurement by according higher preference to BUY (INDIAN), BUY and MAKE (INDIAN) and MAKE categories.
Selection of Maintenance ToT partners no longer on nomination basis.
It is assessed that preference for BUY (INDIAN) and BUY and MAKE(INDIAN) categories will provide huge opportunities to the Indian defence industry. The industry could witness formation of Joint Ventures with foreign OEMs to vie for the Indian defence market. The companies which will adapt to the changing business environment and collaborate with the right partners to make them more competitive will win the market. HAL is in the process of developing strategies to adapt itself to these business environment changes and has to align its procedures and operations to partnerships, Mergers and Acquisitions.
The concept of Defence Offsets has provided a huge business opportunity for Public and the Private sector companies in the country. Considering the estimated capital acquisition of around 100 BUSD by the Indian armed forces, in the next decade, the offset opportunity will be to the tune of 30 BUSD. It is expected that the revised offset guidelines issued in Aug 2012 will give an impetus to the growth of Micro Small and Medium Enterprises (MSMEs) in the defence sector and Technology infusion in the manufacturing sector to begin with, more so in the Systems, Equipment and Accessories Segments.
Another initiative towards developing the defence eco-system in the country is the setting-up of a fund to provide financial support to the MSMEs for development of defence equipment. Small Industries Development Bank of India (SIDBI) has decided to earmark an amount of Rs. 5000.000 Millions for providing loans, and further, a fund of Rs. 50 crores for equity support out of India Opportunities Fund.
It is expected that the offset business opportunities along with the financial support being planned by the Government will encourage and facilitate the MSMEs to build their c a pabilities and collaborate with leading OEMs to become potential Tier I and Tier II suppliers/ partners.
Another important policy which can have far-reaching ramifications in the defence sector is the Foreign Direct Investment (FDI) policy. Recently the Government decided against an increase in sectoral FDI cap for defence: however, the cap can be increased on case to case basis with the approval of competent authority in the Government.
It is pertinent to note that defence sector is not pure commerce and has a lot of strategic strings attached to it. There are strategic and geopolitical factors of national security that need to be addressed while dealing with this sector so that a fine balance between national security interest and economic interest can be maintained throughout.
Further, as a result of the liberalisation and proactive policies during the last decade, several large domestic Private Sector groups and a large number of smaller companies have entered the defence sector. Most of the leading global OEMs from the US and Europe have also established their presence in India.
In the commercial aviation scenario, India is one of the fastest growing aviation markets and is expected to be the third largest domestic market after the U.S. and China by 2020. The commercial aviation market in India during this is expected to grow at a Compound Annual Growth Rate (CAGR) of 18 per cent, and the market for new passenger aircraft in India is expected to be US$150 billion, with 1,320 new aeroplanes delivered over the next 20 years. In addition, the flourishing Indian private general aviation and business jet market is expected to grow to 12 per cent of the global market, surpassing China and Japan. The commercial aircraft segment in India provides a very good business opportunity to the Indian industry. HAL being the leading aeronautical company is well positioned to tap and exploit this business opportunity.
PRODUCT-WISE
PERFORMANCE
Keeping in view the nature of its 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 impact on the Accounts of the Company.
OUTLOOK
The future outlook of the Company is promising and the Company is expected to be on continuous growth path, as new projects are on the threshold of certification / production and indigenous design and development programmes have made significant progress during the year.
As RandD is the key to achieve sustainable growth, HAL continues to enhance its Innovation, Design, Development / RandD efforts. HAL has initiated the process of carrying out an audit of its Intellectual Property (IP) to prepare an inventory and also take necessary steps to build its profile of IP. During the current year, HAL has filed 69 patent applications.
The Company has drawn up a Perspective Plan to realise its Vision covering the period from 2012 to 2022 (i.e., up to the end of the 13 th Plan).The plans for Technology acquisition, Modernisation, Expansion, have been prepared in line with the overall strategy and are being implemented.
In order to realise the imminent opportunities in the domain of UAVs and Civil aircraft, investments are planned in this direction. The requirement and application of UAVs in civil airspace is a challenge which HAL is trying to address with interactions with key players in the domain. The Company has forged strategic alliances with National Aerospace Laboratory (NAL) and Aeronautical Development Establishment (ADE) for pursuing these interests.
HAL, a Navaratna PSU, is ranked 35 th among the Top 100 Aerospace Manufacturing Companies in the year 2012 as per the survey by the reputed Flight International magazine. It aims to break into the top 20 Aerospace Manufacturing Companies in the world, in the near future.
AWARDS AND RECOGNITIONS:
COMPANY LEVEL:
- Conferred with Platinum Award for Quality and
Excellence from OMAC, France, in recognition of Quality and Business
Excellence.
- Regional Export Award from EEPC India for the
year 2010-11.
- Best Manufacturer / Exporter award 2012 in
large category (Gold) from FKCCI.
- Digital Inclusion Award - 2012for ERP and
e-procurement implementation across the Company in the silver Category.
- On the eve of Aero India, SAP Media
Worldwide awarded HAL three awards in the following categories :-
-
Outstanding contribution to the Defence Industry
-
Most Influential Company of the year
-
Excellence in Indigenous Technology
- HAL was selected for Raksha Mantris awards for
excellence for the year 2010-11 in the following Categories :-
-
Institutional Award Excellence in Performance
-
Group / Individual Awards Design Efforts
PRESS RELEASE:
BUSINESS PARTNERS OF LCA PROGRAM RESOLVE TO
INCREASE INDIGENIZATION
August 12, 2014
ANGALORE --- The business partners who work
on India’s prestigious Light Combat Aircraft - a lightweight multirole fighter
jet - have resolved to ensure the indigenous content of components used in the
aircraft touches 80 percent in next three years at the indigenous strategic
partners’ meet of LCA organized by HAL here yesterday.
According to SA to RM, Mr. Avinash Chander, it
is possible to achieve such a goal since 165 out of 344 Line Replacement Units
(LRUs) are already made in India. In his address to the vendors, representing
around 50 companies, he pointed out that LCA dream has been achieved in-spite
of denial of technology.
“It is clear that we have capability and the
government will do everything possible to strengthen the knowledge base. Even
funding can be provided and national facilities (such as testing) may be shared
with private players to bring down costs to create a vibrant aerospace
eco-system”, he added.
Dr. R.K. Tyagi, Chairman HAL said the production
of LCA is on track with the creation of dedicated production division at HAL
Bangalore. “We are aiming to roll-out 16 LCAs every year from the initial
target of eight per year. Having specific business partners on such an
important project has been of great help”, he added.
Dr. K. Tamilmani, Director General (Aeronautical
Systems) and Mr. P.S. Subramanyam, Director, Aeronautical Development Agency
(ADA) also spoke on the occasion. Mr. T. Suvarna Raju, Director (Design and
Development, HAL) in his address said coming together of stakeholders is
necessary to understand and share the knowledge since India is poised to have
its own fighter aircraft comparable to the best in the world.
During the Q&A session, queries from these
vendors on future programs of HAL, procurement procedures, taxation, IT enabled
services etc were addressed.
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 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.61.88 |
|
|
1 |
Rs.97.02 |
|
Euro |
1 |
Rs.76.13 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
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 |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
81 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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.