MIRA
INFORM REPORT
|
Report Date : |
13.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
BHARAT
ELECTRONICS LIMITED |
|
|
|
|
Registered
Office : |
Outer Ring Road,
Nagavara, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
21.04.1954 |
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|
Com. Reg. No.: |
08-000787 |
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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 |
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|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
The Company is engaged in manufacture and supply of strategic
electronic products primarily to Defence Services. |
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|
|
|
No. of Employees
: |
10305 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (76) |
|
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 250000000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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|
Comments : |
Subject is a public sector undertaking, was established under the
Ministry of Defense (MoD) to cater to the needs of the defense sector. It is
a well-established company having fine track record. The rating takes into account the majority ownership by the Government
of India. BEL’s strategic position as a dominant supplier of defense
electronics to the Indian armed forces, which provides strong visibility to
the revenues and high financial flexibility arising from negligible
borrowings and a sizeable portfolio of liquid investments. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. In view of strong holding, 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based limits: “AAA” |
|
Rating Explanation |
Highest degree of safety and lowest credit
risk. |
|
Date |
March 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non-Fund based limits: “A1+” |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
March 2013 |
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
31-03-2012.
LOCATIONS
|
Registered Office : |
Outer Ring Road, Nagavara,
Bangalore – 560045, Karnataka, India |
|
Tel. No.: |
91-80-25039300 /
25039266 |
|
Fax No.: |
91-80-25039305 /
25039233 |
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E-Mail : |
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|
Website : |
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Factory 1 : |
Jalahalli Post, Bangalore - 560013, Karnataka, India |
|
Tel. No.: |
91-80-28382626 |
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Fax No.: |
91-80-28382067 |
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Factory 2 : |
Site IV, Sahibabad Industrial Area, Bharat Nagar Post, Ghaziabad - 201
010, Uttar Pradesh, India |
|
Tel. No.: |
91-120-2777707 |
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Fax No.: |
91-120-2776730 |
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Factory 3 : |
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Tel. No.: |
91-20-25865400, 22903000 |
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Fax No.: |
91-20-25880577, 25888789 |
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Factory 4 : |
Post Box No. 26, |
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Tel. No.: |
91-8672-223581-83 |
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Fax No.: |
91-8672-222640 |
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Factory 5 : |
Plot No. 405, Industrial Area, Phase III, Panchkula - 134 113, |
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Tel. No.: |
91-172-3937252, 2591528, 3937400 |
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Fax No.: |
91-172-2594548 / 2591463 |
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Factory 6 : |
Balbhadrapur, Kotdwara - 246 149, |
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Tel. No.: |
91-1382-231171 to 231178 |
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Fax No.: |
91-1382-231132, 231135 |
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Factory 7 : |
Plot No. L-1, MIDC, Industrial Area, Raigad District, Taloja - 410
308, |
|
Tel. No.: |
91-22-27412701 |
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Fax No.: |
91-22-27412888 / 27412887 |
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Factory 8 : |
Post Box No. 981, Nandambakkam, Chennai – 600 089, |
|
Tel. No.: |
91-44-22326906 |
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Fax No.: |
91-44-22326905 |
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Factory 9 : |
Nacharam Industrial Estate, |
|
Tel. No.: |
91-40-27194700 |
|
Fax No.: |
91-40-27171406 |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Anil Kumar |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name: |
Mr. M L Shanmukh |
|
Designation: |
Director (Human Resources) |
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|
Name : |
Mr. H N Ramakrishna |
|
Designation : |
Director (Marketing) |
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|
Name : |
Mr. Sunil Kumar Sharma |
|
Designation : |
Director (Bangalore Complex) |
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|
Name : |
Mr. Amol Newaskar |
|
Designation : |
Director (Other Units) |
|
|
|
|
Name : |
Dr. Ajit T Kalghatgi |
|
Designation : |
Director (Research & Development) |
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|
Part - Time Independent
Directors |
|
|
|
|
|
Name: |
Mr. P K Mishra |
|
Designation: |
Joint Secretary (ES), Ministry of Defence, Department of Defence Production |
|
|
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|
Name: |
Lt Gen S P Kochhar |
|
Designation: |
Bar to AVSM, SM, VSM, ADC, Signal Officer-in-Chief and Senior Colonel Commandant, Corps of Signals, Army Headquarters |
|
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|
Part-time
Independent Directors |
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|
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|
Name: |
Mr. N Sitaram |
|
Designation: |
former Chief Controller (R&D), DRDO |
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|
Name: |
Prof Anurag Kumar |
|
Designation: |
Professor, IISc, Bangalore |
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|
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|
Name: |
Prof R Venkata Rao |
|
Designation: |
Vice-Chancellor, National Law School of India University, Bangalore |
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|
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|
Name: |
Mr. S M Acharya |
|
Designation: |
IAS (Retd), ex - Secretary to Government of India |
|
|
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|
Name: |
Lt Gen (Retd) Vinod Kumar Mehta |
|
Designation: |
ex - Director General Quality Assurance, Ministry of Defence |
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|
Name: |
Mr. Vikram Srivastava |
|
Designation: |
IPS (Retd), ex - DG CRPF & ITBP |
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Permanent
Special Invitees to all the Board Meetings : |
|
|
|
|
|
Name: |
Mr.
P K Kataria |
|
Designation: |
Additional
Financial Advisor and Joint Secretary, Ministry of Defense |
|
|
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|
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: |
Mrs. Elaine Mathias |
|
Designation: |
Executive Director |
|
|
|
|
Name: |
Mr. C.R. Prakash |
|
Designation: |
Company Secretary |
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General
Managers : |
· Mr. P C Jain · Mr. Vipin Katara · Mr. Ghanshyam Narain · Mr. V V Balakrishnan · Mr. V K Mehta · Mr. V D Bevinamarad · Mr. Koshy Alexander |
|
|
|
|
UNITS :
(Executive Directors / General Manager) |
|
|
|
· Mr. Philip Jacob · Mr. Manmohan Handa · Mr. R Chandrakumar · Mr. A R Krishna Murthy · Mr. M M Joshi · Mr. M Vijayaraghavan · Mr. Sanmoy Kumar Acharya · Mr. M V Gowtama · Mr. K R Natarajan · Mr. Suresh Katyal · Mr. S Chandrasekar · Cdr (Retd) T Jagannath · Mr. Nataraj Krishnappa |
|
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Chennai : |
· Mr. Vijay Gundannavar |
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· Mr. Girish Kumar · Mr. R K Handa · Mr. A K Sharma |
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· Mr. R N Bagdalkar |
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Kotdwara : |
·
Mr. D K Mehrotra
|
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|
Machilipacnam |
· Mr. G Raghavendra Rao |
|
|
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|
Navi Mumbai |
·
Mr. S S Gokhale |
|
|
|
|
Panchkula |
·
Mr. N Suresh |
|
|
|
|
Pune : |
·
Mr. A R Vaidya |
|
|
|
|
CRL, |
Mr. V Mahesh, Chief Scientist |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2013
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
60689600 |
75.86 |
|
|
60689600 |
75.86 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
60689600 |
75.86 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
3502640 |
4.38 |
|
|
58346 |
0.07 |
|
|
8664288 |
10.83 |
|
|
3605447 |
4.51 |
|
|
15830721 |
19.79 |
|
|
|
|
|
|
2104166 |
2.63 |
|
|
|
|
|
|
1191565 |
1.49 |
|
|
90000 |
0.11 |
|
|
93948 |
0.12 |
|
|
22799 |
0.03 |
|
|
41759 |
0.05 |
|
|
29390 |
0.04 |
|
|
3479679 |
4.35 |
|
Total Public
shareholding (B) |
19310400 |
24.14 |
|
Total (A)+(B) |
80000000 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
80000000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in manufacture and supply of strategic electronic
products primarily to Defence Services. |
GENERAL INFORMATION
|
No. of Employees : |
10305 (Approximately) |
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|
Bankers : |
· State Bank of India · State Bank of Hyderabad · State Bank of Patiala · State Bank of Travancore · State Bank of Mysore · State Bank of Bikaner & Jaipur · ICICI Bank · AXIS Bank · IDBI Bank · HDFC Bank · Canara Bank · Syndicate Bank · Vijaya Bank · Bank of Baroda · Andhra Bank |
||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
R G N Price and Company Chartered Accountants |
|
|
|
|
Branch Auditors : |
|
|
Name : |
· Mittal Gupta and Company, Lucknow · Rao and Narayan Vijayawada · M B Bafna and Company, Pune |
|
|
|
|
Cost Auditors: |
P S V and Associates Chartered Accountants |
|
Address: |
Bangalore, India |
|
|
|
|
Subsidiary : |
·
BEL Optronic Devices Limited (Equity Holding
92.79%) |
|
|
|
|
Joint Venture Companies : |
·
GE BE Private Limited (Equity Holding 26 %) ·
BEL Multitone Private Limited (Equity Holding 49
%) |
CAPITAL STRUCTURE
As on: 31.03.2013
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 |
|
|
|
|
|
Reconciliation of
No. of Shares
|
Particulars |
2012-2013 |
|
|
|
No. of Shares |
Rs. In Millions |
|
|
|
|
|
Shares outstanding at the beginning of the reporting period |
80,000,000 |
800.00 |
|
Add : Shares issued during the year |
-- |
-- |
|
Less : Shares Bought Back, Others etc., during the period |
-- |
-- |
|
Shares outstanding at the end of the reporting period |
80,000,000 |
800.00 |
Details of
shareholders holding more than 5% of paid up share capital as on 31.03.2013 is
given below:
|
Particulars |
2012-2013 |
|
|
|
No. of Shares |
% of Shareholding |
|
|
|
|
|
Government of India |
60,689,600 |
75.86% |
|
Life Insurance Corporation of India |
4106807 |
5.13% |
Shares reserved for issue under options and contracts / commitments for the sale of shares / disinvestment. NIL
The aggregate value of calls unpaid (including Directors and Officers of Company) NIL
The Company has only one class of shares viz, Equity Shares.
Each holder of Equity Shares is entitled to one vote per share on show of hands and in poll in proportion to the Number of shares held by him / her.
Each Share Holder has a right to receive the dividend declared by the Company.
On winding up of the Company, the equity shareholders will be entitled to get the realised value of the remaining assets of the Company, if any, after distribution of all preferential amounts as per law. The distribution will be in proportion to the number of equity shares held by the shareholders.
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 |
800.000 |
800.000 |
800.000 |
|
(b) Reserves & Surplus |
62236.946 |
55422.101 |
49057.065 |
|
(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) |
63036.946 |
56222.101 |
49857.065 |
|
|
|
|
|
|
Government
Grants |
191.716 |
147.456 |
168.642 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
0.000 |
0.138 |
1.262 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
43.230 |
41.813 |
20.927 |
|
(d) long-term
provisions |
3484.185 |
3032.207 |
2590.786 |
|
Total Non-current
Liabilities (3) |
3527.415 |
3074.158 |
2612.975 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
11268.520 |
10814.269 |
8409.621 |
|
(c)
Other current liabilities |
62759.278 |
75466.886 |
67422.752 |
|
(d) Short-term
provisions |
3677.540 |
2854.975 |
3145.252 |
|
Total Current
Liabilities (4) |
77705.338 |
89136.130 |
78977.625 |
|
|
|
|
|
|
TOTAL |
144461.415 |
148579.845 |
131616.307 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
5742.274 |
5063.212 |
4815.061 |
|
(ii)
Intangible Assets |
12.272 |
38.379 |
22.049 |
|
(iii)
Capital work-in-progress |
1612.992 |
1134.447 |
555.893 |
|
(iv) Intangible assets under development |
1.199 |
1.199 |
20.935 |
|
(b) Non-current
Investments |
119.811 |
119.811 |
119.811 |
|
(c) Deferred tax
assets (net) |
2715.731 |
2281.557 |
1806.490 |
|
(d) Long-term Loan and Advances |
1303.036 |
1734.169 |
1109.741 |
|
(e) Other
Non-current assets |
798.378 |
1171.576 |
1108.708 |
|
Total Non-Current
Assets |
12305.693 |
11544.350 |
9558.688 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
31912.865 |
26749.854 |
23501.353 |
|
(c)
Trade receivables |
33346.708 |
26865.791 |
28965.788 |
|
(d) Cash
and cash equivalents |
53024.923 |
67725.223 |
65193.564 |
|
(e) Short-term
loans and advances |
13079.462 |
15078.458 |
4173.391 |
|
(f)
Other current assets |
791.764 |
616.169 |
223.523 |
|
Total
Current Assets |
132155.722 |
137035.495 |
122057.619 |
|
|
|
|
|
|
TOTAL |
144461.415 |
148579.845 |
131616.307 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
61038.175 |
57676.408 |
55850.931 |
|
|
|
Other Income |
6099.830 |
5854.908 |
2759.799 |
|
|
|
TOTAL (A) |
67138.005 |
63531.316 |
58610.730 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
32994.548 |
30452.648 |
24688.729 |
|
|
|
Cost of Stores and Spares Consumed |
252.171 |
275.327 |
218.632 |
|
|
|
Purchases of Stock in Trade |
7602.599 |
5962.373 |
6385.745 |
|
|
|
Changes in Inventories of Finished Goods, WIP and Scrap |
(2780.012) |
(899.489) |
88.898 |
|
|
|
Employee Benefits Expense |
11107.887 |
10812.305 |
10418.618 |
|
|
|
Other Expenses |
5436.225 |
4927.121 |
4171.718 |
|
|
|
Prior Period Items |
63.745 |
38.560 |
(200.833) |
|
|
|
TOTAL (B) |
54677.163 |
51568.845 |
45771.507 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12460.842 |
11962.471 |
12839.223 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7.817 |
6.001 |
7.337 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
12453.025 |
11956.470 |
12831.886 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1307.104 |
1207.989 |
1220.423 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
11145.921 |
10748.481 |
11611.463 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2247.593 |
2449.503 |
2996.778 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
8898.328 |
8298.978 |
8614.685 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
24090.014 |
21730.659 |
19130.351 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
480.000 |
800.000 |
480.000 |
|
|
|
Proposed Final Dividend |
1304.000 |
864.000 |
1248.000 |
|
|
|
Dividend Tax |
299.483 |
269.942 |
282.179 |
|
|
|
Transfer to General Reserve |
4000.000 |
4000.000 |
4000.000 |
|
|
|
Transfer to Capital Reserve |
327.027 |
5.681 |
4.198 |
|
|
BALANCE CARRIED
TO THE B/S |
26577.832 |
24090.014 |
6014.377 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
111.23 |
103.74 |
107.68 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
13.25 |
13.06 |
14.70 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.27 |
18.63 |
20.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.97 |
7.41 |
8.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.19 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.71 |
1.53 |
1.55 |
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 |
800.000 |
800.000 |
800.000 |
|
Reserves & Surplus |
49,057.065 |
55,422.101 |
62,236.946 |
|
Net
worth |
49,857.065 |
56,222.101 |
63,036.946 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.138 |
0.000 |
|
Short term borrowings |
1.262 |
0.000 |
0.000 |
|
Total
borrowings |
1.262 |
0.138 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
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 |
55,850.931 |
57,676.408 |
61,038.175 |
|
|
|
3.268 |
5.829 |
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 |
55,850.931 |
57,676.408 |
61,038.175 |
|
Profit |
11,611.463 |
10,748.481 |
11,145.921 |
|
|
20.79% |
18.64% |
18.26% |
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 |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
CASE DETAILS
|
High Court of Karnataka
-Bangalore Bench |
WA 5264/2012 |
|
Petitioner/Appnt.
Name |
BHARATH ELECTRONICS CONTRACT |
Respondent/Defnt.
Name |
M/S BHARAT ELECTRONICS LTD |
||
|
Petnr./Appnt.
Advocate |
V LAKSHMINARAYANA & |
Respnt./Defnt.
Advocate |
|
||
|
Date Filed |
03/09/2012 |
Classification |
L(RES) |
District |
Bangalore City |
Please Note Down the
Group No:5264-5288
|
Stage |
PENDING FOR ADMISSON |
Last Posted For |
ORDERS |
|
|
Last Action Taken |
ADJOURNED |
Last Date of Action |
02/01/2014 |
Next Hearing Date |
|
Latest Order |
1 WEEK |
|||
|
Before Hon'ble
Judge/s |
N.K.PATIL |
|||
Lower Court Details
[Appeal from below case.]
|
Case No |
Court Name |
Disposal Dt |
|
WP 8368/2011 |
HC BANGALORE 30000 |
24/02/2012 |
PERFORMANCE HIGHLIGHTS
Company’s sales turnover for the year 2012 - 13 has increased to Rs. 60121.861 millions from Rs. 570,363.36 millions in 2011 - 12, registering a growth of 5%. Profit after Tax for the year is Rs. 88,98.328 millions as against Rs. 82,98.978 millions in the previous year. Turnover from indigenously developed products is 78%. Supplies to the defence contributed to 85% of turnover as against 73% in 2011 - 12.
EXPORTS
The Company achieved export sales of US $ 32.78 million during the year as against US $ 38.45 million in the previous year. The decline in export sales during the year was mainly due to LLTR energy system planned under offset programme later becoming domestic sales and some of the products and systems planned for order acquisition and dispatch not materializing during the year. Export sales during the year included offset business to the extent of US $ 7.65 million. The Company has an export order book of US $ 94.08 million as on 01 April 2013, including offset order book of US $ 13 million. The targeted export sales for the year 2013 - 14 is US $ 38 million.
The range of products exported during the year include Electronic Voting Machines, Coastal Surveillance Radar System, Radar Warning Receiver, RL Mount, Fitted up Shelters and bare shelters, Cable Harness, PCB Assembly, Electronic Assembly, Casing, Stators, Electromechanical parts and components.
During the year, the Company participated in 3 international exhibitions to show case its products and systems capabilities. Countries in Africa, Latin America, Southeast Asia, SAARC, Middle East and CIS continue to be the markets for export of BEL Products and systems. BEL has also identified contract manufacturing (both build to print and build to specs) as one of the new areas to address the emerging opportunities with OEMs. BEL 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. Further, efforts are being made to establish long - term supply chain relationships with global players.
NEW PRODUCT
DEVELOPMENT
During the year 2012 - 13, different R and D Divisions completed several projects leading to new products / systems / technology modules, including the following:
Identification of Friend or Foe (IFF) for Medium Range Surface - to - Air Missile (MRSAM) - The IFF is a secondary Surveillance Radar used for identification of targets fitted with compatible transponder. The IFF Mk XII comprises of interrogator decoder, transponder & crypto unit. The new version Mark XII also has the addition of secure positive friendly identification.
Gunners Main Sight Mk II - This is one of the four sub systems of the Integrated Fire Control System. The system provides day and night surveillance and night fighting capability. The system has capability to fire Laser Guided Missile.
Point to Multipoint Radio - This Radio is an intra – communication system providing communication between the Command Post and the Firing Unit (FU). The Point to Multi Point Radio or the intra FU wireless communication system enables data and voice communication between Field Vehicle - mounted shelters in terrestrial deployment. The Intra Firing Unit Communication (IFUC) systems are installed at the Command Post and Mobile Launcher Systems enabling point to point and point to multi point communication.
Mast for LORROS - The hydraulically operated Telescopic Mast is designed to support Long Range Reconnaissance and Observation System (LORROS) which can be elevated to get better range and good Line Of Sight (LOS).
All Electric Drive (AED) for AK630 - It will replace the existing Electro - Hydraulic drive in Azimuth and Elevation by a Brushless Electric Drive System. AED offers a completely indigenous and state - of - the - art drives based on brushless motors with superior dynamics and reliability. It also offers an improved maintainability, low acoustic noise with easy installation and tuning.
AGCS for NISHANT UAV - Advanced Ground Control Station (AGCS) for NISHANT UAV facilitates operation of
UAV from Ground Station. The functional requirements of AGCS include Communication, Mission Planning, Air Vehicle Control, Payload Management, Payload Video Processing and Recording, Flight Data Recording, Post Flight Analysis and Replay.
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
The Indian economy has slowed down due to both external and domestic causes. Falling savings without a commensurate fall in aggregate investment has led to widening of current account deficit. To contain the deficit, the Government has initiated austerity measures by reducing expenditure and taking steps to improve the growth rate of the economy. The industrial growth is also sluggish due to reduction in credit flows, investments and a fragile global economic recovery.
These factors led to the fall of percentage share of Defence budget in GDP from 1.90 in 2012 - 13 budget to 1.79 in 2013 - 14 budget. Consequently, there has been only a modest increase in the overall defence budget from Rs. 19,340,70.000 millions in 2012 - 13 to Rs. 20,367,20.000 millions in 2013 - 14.
There has been an increase in percentage share of the Capital expenditure from 41.15% (2012 - 13) to 42.59%
(2013 - 14) in the Defence budget. In value terms this amounts to an increase from Rs. 7,95786.300 millions to Rs. 8,671,40.000 millions. This increase in Capital expenditure would lead to higher acquisition of weapon systems and equipments by the armed forces. BEL being in the area of Defence Electronics would stand to gain from this increase.
Amongst the three defence services, the capital expenditure for Air Force has been increased more compared to other services. As BEL supplies various Airborne and Ground Control equipment for Indian Air Force, this increase will benefit the Company. Also, the armed forces are planning major acquisitions during 2013 - 14 as part of their modernization plans. The Offset obligations from these acquisitions will provide a good business opportunity to the Company.
Even though, there is a lot of stress on indigenization in Defence, the allocation of money for the “Make” projects compared to the previous year has been reduced. This is likely to impact some of the proactive development programs launched by the Company.
With slow recovery of the global economy, major countries are cutting down their defence expenditure as an austerity measure. This has led to top defence manufacturers focusing more on India as an emerging market. India being one of the top 10 defence spending countries in the world, more and more companies from US, Western Europe and Israel are expected to aggressively market their products to the Indian Defence forces. This will provide wider opportunities for technical collaborations to the Company.
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
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. 62.12 |
|
|
1 |
Rs. 102.25 |
|
Euro |
1 |
Rs. 84.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
76 |
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.