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|
|
MIRA INFORM REPORT
|
Report No. : |
496014 |
|
Report Date : |
07.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
BHARAT
ELECTRONICS LIMITED |
|
|
|
|
Registered
Office : |
Outer Ring Road,
Nagavara, |
|
Tel. No.: |
91-80-25039266 |
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|
Country : |
India |
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|
|
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
21.04.1954 |
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Com. Reg. No.: |
08-000787 |
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|
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Capital
Investment / Paid-up Capital : |
INR 2233.600 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
L32309KA1954GOI000787 |
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|
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IEC No.: |
0788001027 |
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GST No.: |
29AAACB5985C1ZL |
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|
|
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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TIN No.: |
29290058392 |
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|
|
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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
: |
Manufacturer and Supplier of Electronic Equipment and Systems to Defence Sector. Other than Defence Sector, the Company has also got a limited presence in the Civilian Market. [Registered Activity] |
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|
|
|
No. of Employees
: |
9716 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A++ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
Maximum credit limit: |
USD 214529000 |
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|
|
|
Status : |
Excellent |
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|
|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Bharat Electronics Limited [BEL] a public sector undertaking, was established
in 1954 under the Ministry of Defense [MoD], Government of India [GOI], to
cater to the electronic equipment requirements of the defense sector. It is a
well-established company having excellent track record. The rating takes into account the majority ownership by the Government
of India. BEL’s strategic position as a dominant supplier of defence
electronics to the Indian armed forces. The rating also takes into consideration company strong financial risk
profile marked by healthy net worth base along with debt free balance sheet
and good profit margin of the company. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitments. In view of the aforesaid, 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 06.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGAEMENT NON-COOPERATIVE [91-80-25039266/ 120-2814091]
LOCATIONS
|
Registered/ Corporate Office : |
Outer Ring Road, Nagavara,
Bangalore – 560045, Karnataka, India |
|
Tel. No.: |
91-80-25039266/
25039300 |
|
Fax No.: |
91-80-25039233 |
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E-Mail : |
|
|
Website : |
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|
|
|
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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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|
|
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Factory 2 : |
Site IV, Sahibabad Industrial Area, Bharat Nagar Post, Ghaziabad - 201010, Uttar Pradesh, India |
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Tel. No.: |
91-120-2619500/ 2619786/ 2814091 |
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Fax No.: |
91-120-2776730 |
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Factory 3 : |
NDA Road, Pashan, Pune - 411021, Maharashtra, India |
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Tel. No.: |
91-20-25881400 /01/02 |
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Fax No.: |
91-20-25880577 |
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Factory 4 : |
Post Box No. 26, Ravindranath Tagore Road, Machalipatnam - 521001, Andhra Pradesh, India |
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Tel. No.: |
91-8672-223581 to 83/ 222581/ 223256 |
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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.: |
91-172-2588252/ 2588400 |
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Fax No.: |
91-172-2594548/ 2591463 |
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|
Factory 6 : |
Plot No. L-1, MIDC, Industrial Area, Taloja, Raigad District - 410308, Maharashtra, India |
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Tel. No.: |
91-22-27412701 |
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Fax No.: |
91-22-27412888 |
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|
|
|
Factory 7 : |
Post Box No. 981, Nandambakkam, Chennai – 600089, Tamilnadu, India |
|
Tel. No.: |
91-44-22326906 |
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Fax No.: |
91-44-22326905 |
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|
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Factory 8 : |
Balbhadrapur, District Pauri Garhwal, Kotdwara –
246149, Uttaranchal, India |
|
Tel. No.: |
91-1382-231171 to 231178 |
|
Fax No.: |
91-1382-231132 |
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|
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Factory 9 : |
Nacharam Industrial Estate, Hyderabad – 500076, Telangana , India |
|
Tel. No.: |
91-40-27150113 to 117 |
|
Fax No.: |
91-40-27171406 |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Venkateswara Gowtama Mannava |
|
Designation : |
Chairman and Managing Director |
|
Address : |
No. 41, 2nd Cross, Horamavu Main Road, Bynarayana Reddy, Layout Bengaluru-560043, Karnataka, India |
|
Date of
Appointment : |
08.11.2016 |
|
DIN No.: |
07628039 |
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|
Name : |
Mr. Sharad Kumar Sanghi |
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Designation : |
Director |
|
Address : |
23, Seagull Carmichal Road, Mumbai-400026, Maharashtra, India |
|
Date of
Appointment : |
07.01.2016 |
|
DIN No.: |
00265977 |
|
|
|
|
Name : |
Mr. Vijay Shankar Madan |
|
Designation : |
Additional Director |
|
Address : |
D-1/83, Bharti Nagar, New Delhi-110003, India |
|
Date of Appointment : |
11.09.2017 |
|
DIN No.: |
00806142 |
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|
|
|
Name : |
Mr. Raghunath Kashinath Shevgaonkar |
|
Designation : |
Director |
|
Address : |
A-13, I.I.T., Powai, Mumbai 400076, Maharashtra, India |
|
Date of Appointment : |
02.12.2015 |
|
DIN No.: |
01500448 |
|
|
|
|
Name : |
Mr. Bhaskar Ramamurthi |
|
Designation : |
Director |
|
Address : |
C1-12-32, 16th Cross Street, I.I.T, Chennai-600036, Tamilnadu, India |
|
Date of Appointment : |
02.12.2015 |
|
DIN No.: |
01914155 |
|
|
|
|
Name : |
Mr. Ajit Tavanappa Kalghatgi |
|
Designation : |
Wholetime Director |
|
Address : |
No. 7054, Glenfield, Prestige Wellington Park 1 & 2, IAF Main Road, Gangamma Circle, J Alahalli, Bangalore-560013, Karnataka, India |
|
Date of Appointment : |
01.09.2012 |
|
DIN No.: |
05300252 |
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|
|
|
Name : |
Mrs. Kusum Singh |
|
Designation : |
Director |
|
Address : |
10-B, Tilak Bridge Railway Colony, New Delhi-110001, India |
|
Date of Appointment : |
26.08.2015 |
|
DIN No.: |
06489228 |
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|
|
|
Name : |
Mrs. Usha Mathur |
|
Designation : |
Director |
|
Address : |
B-1/1122, Vasant Kunj, Sector-B, New Delhi-110070, India |
|
Date of Appointment : |
23.12.2015 |
|
DIN No.: |
07382132 |
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|
|
|
Name : |
Mr. Girish Kumar |
|
Designation : |
Wholetime Director |
|
Address : |
House No - D9, Bel Officers Colony Chander Nagar Ghaziabad 201011, Uttar Pradesh, India |
|
Date of Appointment : |
01.05.2016 |
|
DIN No.: |
07506008 |
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|
|
|
Name : |
Mr. Nataraj Krishnappa |
|
Designation : |
Wholetime Director |
|
Address : |
F 1, No 7, Nisarga Apts 17th, Main 18th Cross, M C Nagar, Vijayanagar, Bangalore-560040, Karnataka, India |
|
Date of Appointment : |
01.05.2016 |
|
DIN No.: |
07506012 |
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|
Name : |
Mr. Surendra Singh Sirohi |
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Designation : |
Additional Director |
|
Address : |
D - II/167 Kaka Nagar, NDMC, New Delhi-110003, India |
|
Date of Appointment : |
11.09.2017 |
|
DIN No.: |
07595264 |
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|
|
Name : |
Mrs. Anandi Ramalingam |
|
Designation : |
Wholetime Director |
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Address : |
Flat 2A, Sahajanya Apartments, Plot No.309 & 310 T V, 6th Block, Bel Layout, Vidyaranyapura, Bengaluru-560097, Karnataka, India |
|
Date of Appointment : |
16.09.2016 |
|
DIN No.: |
07616518 |
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|
Name : |
Mr. Ramchander Narayanrao Bagdalkar |
|
Designation : |
Wholetime Director |
|
Address : |
House No. 209, Raja Rajeshwari Apts. Huda Complex Saroor Nagar, Rangareddi, Hyderabad-500035, Telangana, India |
|
Date of Appointment : |
23.01.2017 |
|
DIN No.: |
07715648 |
|
|
|
|
Name : |
Mr. Harishbabu Mukka |
|
Designation : |
Additional Director |
|
Address : |
3-1-330 Behind Civil Hospital, Karimnagar-505001, Telangana, India |
|
Date of Appointment : |
11.09.2017 |
|
DIN No.: |
07937907 |
KEY EXECUTIVES
|
Name : |
Mr. Alexander Koshy |
|
Designation : |
Chief Finanacial Officer |
|
Address : |
#59, 2nd Main, Jaladarshini BEL Layout, New BEL Road R.M.V Extension II Stage, Bengaluru-560095, Karnataka, India |
|
Date of Appointment : |
27.10.2016 |
|
PAN No.: |
AGBPK5502C |
|
|
|
|
Name : |
Mr. Sreenivas Sripada |
|
Designation : |
Company Secretary |
|
Address : |
No. 894, 5th B Cross, 11th Main Vijaya Bank Layout, Bannerghatta Road, Bangalore-560076, Karnataka, India |
|
Date of Appointment : |
01.04.2014 |
|
PAN No.: |
ANTPS9479F |
|
|
|
|
Name : |
Mr. S Shiva Kumar, IAS |
|
Designation : |
Chief Vigilance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.12.2017
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated
as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter &
Promoter Group |
1639320397 |
66.72 |
|
|
(B) Public |
817670326 |
33.28 |
|
|
Grand Total |
2456990723 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated
as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Central
Government/ State Government(s) |
1639320397 |
66.72 |
|
|
PRESIDENT OF INDIA |
1639317097 |
66.72 |
|
|
PREM KUMAR KATARIA |
3300 |
0.00 |
|
|
Sub Total A1 |
1639320397 |
66.72 |
|
|
A=A1+A2 |
1639320397 |
66.72 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
290211097 |
11.81 |
|
|
SBI BLUE CHIP FUND |
25208777 |
1.03 |
|
|
Alternate
Investment Funds |
479627 |
0.02 |
|
|
Foreign Portfolio
Investors |
212233382 |
8.64 |
|
|
Financial
Institutions/ Banks |
5777813 |
0.24 |
|
|
Insurance
Companies |
108574346 |
4.42 |
|
|
LIFE INSURANCE
CORPORATION OF INDIA |
89998221 |
3.66 |
|
|
Sub Total B1 |
617276265 |
25.12 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0.00 |
||
|
B3)
Non-Institutions |
0.00 |
||
|
Individual share
capital up to INR 0.200 million |
92751283 |
3.77 |
|
|
Individual share
capital in excess of NR 0.200 million |
6395222 |
0.26 |
|
|
NBFCs registered
with RBI |
253977 |
0.01 |
|
|
Any Other
(specify) |
100993579 |
4.11 |
|
|
Bodies Corporate |
88428783 |
3.60 |
|
|
Clearing Members |
7356811 |
0.30 |
|
|
Foreign
Individuals |
1056 |
0.00 |
|
|
Trusts |
5198792 |
0.21 |
|
|
LLP |
927 |
0.00 |
|
|
INVESTOR EDUCATION
AND PROTECTION FUND AUTHORITY MINISTRY OF CORPORATE |
7210 |
0.00 |
|
|
Sub Total B3 |
200394061 |
8.16 |
|
|
B=B1+B2+B3 |
817670326 |
33.28 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Electronic Equipment and Systems to Defence Sector. Other than Defence Sector, the Company has also got a limited presence in the Civilian Market. [Registered Activity] |
|
|
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|
Brand Names : |
Not Available |
|
|
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Agencies Held : |
Not Available |
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|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
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Terms : |
|
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Selling : |
Not Divulged |
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|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: [NOT AVAILABLE]
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
9716 (Approximately) |
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Bankers : |
· State Bank of India Specialised Mid Corporate Branch, No. 97, Railway Parallel Road, Kumara Park West, Bangalore-560020, Karnataka, India |
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Facilities : |
|
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Statutory Auditors
: |
|
|
Name : |
Badari, Madhusudhan and Srinivasan Chartered Accountants |
|
Address : |
Bengaluru, Karnataka, India |
|
|
|
|
Branch Auditors 1 : |
|
|
Name : |
Malani Somani Chandak and Associates Chartered Accountants |
|
Address : |
Pune, Maharashtra, India |
|
|
|
|
Branch Auditors 2 : |
|
|
Name : |
Ved and Company Chartered Accountants |
|
Address : |
Ghaziabad, Uttar Pradesh, India |
|
|
|
|
Branch Auditors 3 : |
|
|
Name : |
Tungala and Company Chartered Accountants |
|
Address : |
Machilipatnam, Andhra Pradesh,
India |
|
|
|
|
Cost Auditors : |
|
|
Name : |
G N V and Associates Cost Accountants |
|
Address : |
Bengaluru, Karnataka, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Companies : |
· BEL Optronic Devices Limited (BELOP) ·
BEL - THALES Systems Limited |
|
|
|
|
Associate Company : |
GE-BE Private Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000000 |
Equity Shares |
INR 1/- each |
INR 2500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2233627930 |
Equity Shares |
INR 1/- each |
INR 2233.600
Million |
|
|
|
|
|
Reconciliation of the
number of shares outstanding at the beginning and at the end of the period
|
Particulars |
As at 31 March 2017 |
|
|
|
No. of Shares |
INR in million |
|
Shares outstanding at the beginning of the reporting period |
240000000 |
2400.000 |
|
Add : Shares issued during the year (Bonus Shares) |
-- |
-- |
|
Less : Shares Bought Back during the year |
16637207 |
166.400 |
|
Sub division of Shares (from ` 10 to ` 1 per equity share) during the year |
2010265137 |
-- |
|
Shares outstanding at the end of the reporting period |
2233627930 |
2233.600 |
Shares in the company
held by each shareholder holding more than 5%
|
Particulars |
As at 31 March 2017 |
|
|
|
No. of Shares |
% of Share
holding |
|
Government of India |
1523039911 |
68.19 |
|
Life Insurance Corporation of India |
117231380 |
5.25 |
Aggregate number and
class of shares bought back during the previous 5 years
|
Name of Shareholder |
As at 31 March 2017 |
|
|
No. of Shares |
|
Equity shares bought back |
16637207 |
a. There was no buy back of shares during the Financial Year 2011-12 to 2014-15.
b. 16637207 numbers of equity shares with face value INR 10 was bought back for INR 1,305 per share at a premium of INR 1,295 per share, resulting into a total cash outflow of INR 217116 during the FY 2016-17.
Terms, Rights,
preferences and restrictions attaching to each class of shares
|
Name of Shareholder |
As at 31 March 2017 |
|
|
|
|
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 on show of hands and in poll in proportion to the Number of shares held. |
|
|
Each Shareholder 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. |
|
.
Interim Dividend,
Final Dividend
|
Particulars |
As at 31 March 2017 |
|
|
Amount in Million |
|
Final dividend for FY 2015-16 and FY 2014-15 respectively |
3480.000 |
|
Interim dividend for FY 2016-17 and FY 2015-16 respectively |
2680.400 |
|
Dividend Distribution Tax |
1254.100 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2233.600 |
2400.000 |
800.000 |
|
(b) Reserves & Surplus |
72851.800 |
87436.000 |
79319.900 |
|
(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) |
75085.400 |
89836.000 |
80119.900 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
166.700 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
154.100 |
209.100 |
174.800 |
|
(d)
Long-term provisions |
8924.200 |
6993.300 |
5491.000 |
|
(e) Government Grants –
Deferred |
82.700 |
47.200 |
49.400 |
|
Total
Non-current Liabilities (3) |
9327.700 |
7249.600 |
5715.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
13465.900 |
11614.400 |
11188.700 |
|
(c)
Other current liabilities |
69601.500 |
70361.000 |
54206.200 |
|
(d)
Short-term provisions |
4078.800 |
2178.900 |
1439.800 |
|
(e) Government Grants –
Deferred |
2.000 |
0.300 |
1.900 |
|
Total
Current Liabilities (4) |
87148.200 |
84154.600 |
66836.600 |
|
|
|
|
|
|
TOTAL |
171561.300 |
181240.200 |
152671.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
12547.600 |
9757.800 |
7857.200 |
|
(ii)
Intangible Assets |
4.300 |
6.900 |
5.700 |
|
(iii)
Capital work-in-progress |
3638.900 |
2218.700 |
1396.500 |
|
(iv) Intangible assets under development |
2924.200 |
2078.400 |
1.200 |
|
(v) Investing Property |
492.500 |
453.500 |
574.500 |
|
(b) Non-current
Investments |
4598.200 |
3192.400 |
192.500 |
|
(c) Deferred tax assets
(net) |
5322.800 |
4607.800 |
3876.900 |
|
(d) Long-term Loan
and Advances |
372.900 |
262.100 |
257.700 |
|
(e)
Other Non-current assets |
1445.200 |
779.100 |
651.300 |
|
Total
Non-Current Assets |
31346.600 |
23356.700 |
14813.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
48557.600 |
41321.200 |
33563.800 |
|
(c)
Trade receivables |
43548.800 |
37119.300 |
37894.100 |
|
(d)
Cash and cash equivalents |
37901.800 |
71653.000 |
57219.100 |
|
(e)
Short-term loans and advances |
432.800 |
592.800 |
94.200 |
|
(f)
Other current assets |
9773.700 |
7197.200 |
9087.000 |
|
Total
Current Assets |
140214.700 |
157883.500 |
137858.200 |
|
|
|
|
|
|
TOTAL |
171561.300 |
181240.200 |
152671.700 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
91404.400 |
76953.700 |
68426.565 |
|
|
|
Other Income |
4710.100 |
5370.800 |
4779.518 |
|
|
|
TOTAL |
96114.500 |
82324.500 |
73206.083 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
42965.300 |
36921.400 |
32653.405 |
|
|
|
Purchases of Stock-in-Trade |
5028.100 |
3393.600 |
4395.200 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(4191.300) |
(2342.000) |
360.218 |
|
|
|
Employees benefits expense |
15483.100 |
12572.600 |
12634.508 |
|
|
|
Other expenses |
8887.700 |
8722.700 |
6553.199 |
|
|
|
Cost of Stores & Spares Consumed |
328.800 |
292.700 |
396.710 |
|
|
|
Excise Duty |
5285.600 |
3675.100 |
0.000 |
|
|
|
Prior Period Items |
0.000 |
0.000 |
(7.511) |
|
|
|
TOTAL |
73787.300 |
63236.100 |
56985.729 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
22327.200 |
19088.400 |
16220.354 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
117.800 |
45.100 |
13.838 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
22209.400 |
19043.300 |
16206.516 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1915.200 |
1722.100 |
1539.649 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
20294.200 |
17321.200 |
14666.867 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
4818.000 |
4247.600 |
2994.458 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
15476.200 |
13073.600 |
11672.409 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
6.64 |
5.45 |
48.64 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
333.300 |
0.000 |
0.000 |
|
|
|
|
|
|
Cash generated from operations |
6114.600 |
26779.400 |
16869.091 |
|
|
|
|
|
|
Net Cash from /(used in) Operating Activities |
(1084.900) |
22490.700 |
13494.370 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
173.90 |
176.06 |
202.13 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2.10 |
2.07 |
1.81 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
102.41 |
105.15 |
110.23 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.46 |
0.46 |
0.48 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.17 |
1.36 |
1.75 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.51 |
0.46 |
0.44 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.01 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.16 |
0.94 |
0.83 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.25 |
0.16 |
0.12 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
189.53 |
423.25 |
1172.16 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
16.93 |
16.99 |
17.06 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
9.02 |
7.21 |
7.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
20.61 |
14.55 |
14.57 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.61 |
1.88 |
2.06 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.05 |
1.39 |
1.56 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.44 |
0.50 |
0.52 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.22 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.61 |
1.88 |
2.06 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 1.00/- |
|
|
|
|
Market Value |
INR 154.00/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
800.000 |
2400.000 |
2233.600 |
|
Reserves & Surplus |
79319.900 |
87436.000 |
72851.800 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
80119.900 |
89836.000 |
75085.400 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
166.700 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current Maturities of Long
term debt |
0.000 |
0.000 |
333.300 |
|
Total
borrowings |
0.000 |
0.000 |
500.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.007 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
68426.565 |
76953.700 |
91404.400 |
|
|
|
12.462 |
18.778 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
68426.565 |
76953.700 |
91404.400 |
|
Profit/ (Loss) |
11672.409 |
13073.600 |
15476.200 |
|
|
17.06% |
16.99% |
16.93% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G41512476 |
100091210 |
STATE BANK OF INDIA |
31/03/2017 |
- |
- |
1000000000.0 |
SPECIALISED MID CORPORATE BRANCH, NO. 97RAILWAY PARALLEL ROAD, KUMARA PARK WESTBENGALURUKA560020IN |
|
2 |
C63583256 |
80037904 |
STATE BANK OF INDIA |
16/10/2001 |
27/08/2015 |
- |
29000000000.0 |
SPECIALIZED MID CORPORATE BRANCH, NO. 97RAILWAY PARALLEL ROAD, KUMARA PARK WESTBANGALOREKA560020IN |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE
MONTHS
ENDED 31.12.2017
(INR IN MILLION)
|
|
Particulars |
Quarter Ended 31.12.2017 |
Quarter Ended 30.09.2017 |
Nine Months Ended 31.12.2017 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
|
1. |
Income from operations |
|
|
|
|
|
Sales/ Income from operation |
24523.100 |
24317.300 |
66568.700 |
|
|
other operating income |
605.100 |
444.900 |
1352.800 |
|
|
Total Income from operations (Net) |
25128.200 |
24762.200 |
67921.500 |
|
|
Other Income |
492.300 |
509.900 |
1724.800 |
|
|
Total Income |
25620.500 |
25272.100 |
69646.300 |
|
|
|
|
|
|
|
2. |
Expenses |
|
|
|
|
|
Cost of Materials Consumed |
11747.900 |
10983.600 |
32518.500 |
|
|
Purchases of Stock-in-Trade |
778.200 |
1240.600 |
3578.600 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
1636.300 |
(785.300) |
(955.600) |
|
|
Excise
Duty |
0.000 |
0.000 |
782.800 |
|
|
Employee
benefits expense |
4563.500 |
4718.200 |
13904.700 |
|
|
Financial
Costs |
0.200 |
0.200 |
3.000 |
|
|
Depreciation
and amortisation expense |
593.800 |
589.700 |
1744.200 |
|
|
Other
expenditure |
1950.600 |
2654.800 |
6057.100 |
|
|
Total Expenses |
21270.500 |
19401.800 |
57633.300 |
|
|
|
|
|
|
|
7. |
Profit from ordinary activities after finance costs but before
exceptional Items (5-6) |
4350.000 |
5870.300 |
12013.000 |
|
8. |
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
9. |
Profit from ordinary activities before tax
(7-8) |
4350.000 |
5870.300 |
12013.000 |
|
10. |
Tax
expense |
1321.600 |
1746.400 |
3607.500 |
|
11. |
Profit/ (Loss) for the period |
3028.400 |
4123.900 |
8405.500 |
|
|
Other
comprehensive income |
(18.100) |
(13.700) |
(274.600) |
|
|
Total comprehensive income |
3010.300 |
4110.2000 |
8130.900 |
|
14. |
Paid - up Equity Share Capital (Face value of INR 10/- per share) |
2457.000 |
2233.600 |
2457.000 |
|
15. |
Earnings Per Share (EPS) |
|
|
|
|
|
a) Basic and diluted EPS before exceptional
Items for the period (INR) |
1.23 |
1.68 |
3.42 |
NOTES:
- Ministry of Corporate Affairs (MCA) has exempted the companies engaged in defence production from the requirement of Segment Reporting.
- The quarterly results of Subsidiary Company viz. BEL Optronic Devices Ltd., BEL Thaies Systems Ltd and associate company viz. GE BE Pvt. Ltd. are not included above.
- As required under clause 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the Statutory Auditors have conducted a limited review of the above financial results for the quarter and period ended 31st December, 2017.
- An interim dividend of INR 1.60 per share for the year 2017-18 has been declared by the Board of Directors at the meeting held on 30th January, 2018.
- Earnings Per Share (EPS)
has been adjusted for all the previous reported periods due to;
i) Sub division of the equity shares from face value of? 10/- per share to INR 1/- per share during the month of March 2017, and
ii) Issue of 223362793 Bonus shares of INR 1/- (Rupees One only) each in the
ratio of 1:10 i.e., One equity share for every ten fully paid-up equity share
held, during the month of Oct 2017.
- In accordance with the provisions of the Companies Act, 2013 and SEBI (Buy Back of Securities) Regulations, 1998, the Board in its meeting held on 30th January, 2018 has approved the buyback of 20397780 number of equity shares of INR 1 each (representing 0.83% of total issued equity shares) from the shareholders of the company at a price of 182.50 per share through tender route. The total cash outflow will be INR 372259.500 million.
- The above statement of financial results was reviewed by the Audit Committee and approved by the Board of Directors at the Meeting held on 30th January 2018.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claims not acknowledged as debts |
11823.100 |
2115.500 |
|
Outstanding Letters of Credit |
3028.100 |
3938.300 |
|
Others |
286.400 |
56.200 |
|
Provisional Liquidated Damages upto 31 March on unexecuted
customer orders where the delivery date has expired |
1605.300 |
1650.500 |
CORPORATE INFORMATION
The Company is a public company domiciled in India and is incorporated under the provisions of the Companies Act applicable in India. Bharat Electronics Limited’s shares are listed on two recognised stock exchanges in India. The registered office and Principal place of business of the Company is located at Bengaluru, Karnataka, India
The Company is a public sector enterprise under the
administrative control of the Department of Defence Production, Ministry of Defence.
Bharat Electronics Limited manufactures and supplies electronic equipment and
systems to defence sector. Other than defence sector, the Company has also got
a limited presence in the civilian market.
FINANCIAL RESULTS AND
PERFORMANCE HIGHLIGHTS
* Consequent to sub division of equity shares (in March,
2017), the earnings per share (EPS) has been adjusted for previous year in
accordance with Indian Accounting Standard (Ind AS) 33 Earnings Per Share
(EPS). Accordingly, the book value per share for the previous year has also
been adjusted.
16 March 2017.
Company’s turnover for the year 2016-17 has increased to INR 88247.000
million from INR 75411.700 million in 2015-16, registering a growth of 17.02%.
Profit after Tax for the year is INR 15476.200 million as against INR 13073.600
million in the previous year. Turnover from indigenously developed products is
87%. Supplies to the defence contributed to 88% of turnover as against 82% in
2015-16.
During the year 2016-17, the Company had bought back 16,637,207 equity shares of INR 10/- each fully paid-up at price of INR 1,305/- per share subsequent to which the paid-up share capital of the Company stands reduced to INR 2233.600 million.
During the year the Company had completed sub-division of
one equity share of INR 10/- each fully paid-up into 10 equity shares of INR
1/- each fully paid-up w.e.f. 16 March 2017.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
General outlook of economy, industry in which the Company operates, Government Budget, particularly the Defence Budget, market conditions and how these impact the Company, measures taken/action plan to protect the interest of the Company;
The Indian economy has continued to show robust and steady
positive pace of growth. The major economic policies like Goods and Service Tax
(GST) through constitutional amendment, demonetization of large currency notes
was done in the last fiscal year. The economy is expected to grow at around 7%
as projected by the Economic Survey 2016-17 of Government of India. With the
stabilization of inflation, current account deficit, rupee dollar exchange
rate, fiscal consolidation, foreign exchange reserves, the economy has shown
signs of improvement. Anti-globalisation tendencies of some of the countries in
the west, coupled with weak economic recovery of the world economy can have an
impact on Indian Exports.
DEFENCE
As per IHS Jane’s, the World Military spending stood at US$ 1.57 trillion and is expected to grow, as many countries are increasing their Defence spending. The Defence spending in Asia Pacific region has also increased in recent years and further increase is expected with rising tensions around the South China Sea.
In 2016, India surpassed Saudi Arabia and Russia to become one of the top five defence spenders in the world.
In this changed global scenario, the Union Budget has allocated about INR 2623900.000 million for Defence, with an increase of 5.34% over the previous year.
The budget for Capital Expenditure has increased from INR 863400.000 million in 2016-17 to INR 865290.000 million for 2017-18 which is about 0.22% hike over the previous year. Given the large scale procurement plans of the MoD, the Capital Expenditure hike has not increased significantly. There has been a decline in the unspent amount returned to the Government from INR 130000.000 million in 2015-16 to INR 6,970.000 million in 2016-17, which shows that more projects are being planned and completed. Also, the weakening of the rupee against the dollar will put pressure on military purchases as more amounts have to be spent in purchasing the committed military equipments/ systems.
Among the Indian Defence Services, the Indian Army has got the major share of defence budget, followed by Air Force and Navy. However, on the Capital Expenditure front, the Air Force has 58%, Navy 51% and Army 17% of their budgets allocated for procurement of new equipments/ systems.
The decline in the capital budget should not impact the ongoing projects of the defence forces, but the new procurements may expect some delays. The committed liabilities of Army is INR 19,4490.000 million, Navy is INR 190890.000 Million and Air Force is INR 22,8710.000 million which is about 90% of the total capital expenditure budget leaving the services with about 10% of the budget only for the acquisition of new Programs.
The Defence budget 2017-18 has not given any specific incentives for Make in India programs and a budget of INR 450.000 Million for prototype development under the “Make” programs is earmarked.
Apart from its core Defence Business, BEL is trying to explore diversification possibilities in other Strategic Sectors like Homeland Security, Solar, Space, etc. In Homeland Security and Solar, BEL has bagged a few projects and is under execution. Smart Cities is a new area, where BEL is planning to enter after due assessment of the market opportunities.
HOMELAND SECURITY
The Homeland Security market in India is spread across Central, State Governments and Private sectors. The major segments of Homeland security are Critical Infrastructure Protection, Paramilitary, Police & Urban Area Security, Ground Transportation, Port & Maritime Security, Cyber Security etc.
The total budget allocation for Union Home ministry for 2017-18 is INR 971870.000 million with a 5% hike over the previous year of INR 92,1700.000 million, which includes allocation for Homeland Security requirements. Border Security Management is one of the major components of this Homeland Security requirement, which include border management solutions requirement along India-Pakistan and India Bangladesh. BEL is planning to address the Border Management solution requirements as part of the Homeland Security business.
SOLAR
Government has set an ambitious target of 175 GW by 2022 from renewable energy sources like solar, wind and others. The target for Solar Energy is 100 GW by 2022. The Government has made more budget allocation of INR 33610.000 million for Solar Power, compared to that of the wind energy indicating that the Government will continue to give priority to solar energy.
In 2017-18 budget, Government announced setting up of an additional 20 GW of Solar Power capacity. To facilitate solar installations, import duty on solar tempered glass that goes into manufacturing of solar panels and modules have been cut from 5% to 0%. The materials that go into making solar tempered glass will now attract countervailing duty of 6% compared to 12.5% earlier. Also, under the Indian Railways 1 GW solar mission, the budget support to power 2,000 railway stations has been extended.
BEL has upgraded its facilities to 10 MW PV Cell and 10 MW automated Solar Module manufacturing and has taken up setting of megawatt size solar power plants. BEL is setting up utility scale solar power plants for captive consumption in the estates of Ordnance Factories at 17 locations spread across 8 states for a total capacity of 150 MW. The commissioning of first solar power plant of 15 MW capacity is expected to happen soon at Ordnance Factory, Medak.
The Module plant will be able to manufacture solar modules up-to 320 watts with an efficiency of 16% upwards in both 60 & 72 cells configuration. The modules are qualified for IEC certification as per guidelines of MNRE for application in roof top and utility scale solar power plants. BEL has established cumulatively 2 MW roof top systems for both internal and external customers at various locations using inhouse made Cells & Modules.
In near future this sector is expected to contribute significantly to the BEL’s business.
SPACE
As per Satellite Industry Association (SIA) report, the world market for Satellite Manufacturing and Integration is about US$ 16.6 billion and is growing at a rate of 4% yearly. In Indian context, ISRO has launched 55 missions in last five years and is planning to double the number of missions with an average of 12 launches per annum from year 2017-18 onwards.
In commensurate with the plans of ISRO, the Department of Space (DoS) has been allocated a budget of ` 9,094 Crores for 2017-18 up from INR 8,045 Crores in the previous year. Out of the total budget, INR 8,324 Crores is for Central Sector Schemes that include technology, applications and sciences relating to space and for INSAT Satellite Systems. The capital outlay for space research is INR 4,155 Crores for 2017-18 up from ` 3,576 Crores for 2016-17.
BEL is exploring collaboration with ISRO leveraging their
technological capabilities in design and development of various
products/systems for possible use in Defence applications.
FUTURE OUTLOOK
Government's greater emphasis on 'Make in India' initiative in Defence sector provides a great opportunity for the Company to enhance its indigenization efforts and to address the opportunities in Indian Defence sector. BEL is having a healthy order book position and new orders are expected. BEL is targeting a healthy growth of 12-15% during 2017-18. Segments like Radar and Missile systems, Communication and Network Centric Systems, Tank Electronics, Gun upgrades, Electro Optic systems and Electronic Warfare & Avionics systems will continue to drive the Company's growth in the coming years. Modernisation and creating several world-class facilities for R&D, Testing, Production and Skill development are planned for achieving the targeted growth. In the civil segment the Company is pursuing business in the held of Solar Energy, Homeland Security, Smart City elements, Smart Cards, Cyber Security, Telecom and Space Electronics.
The Module plant will be able to manufacture solar modules up-to 320 watts with an efficiency of 16% upwards in both 60 & 72 cells configuration. The modules are qualified for IEC certification as per guidelines of MNRE for application in roof top and utility scale solar power plants. BEL has established cumulatively 2 MW roof top systems for both internal and external customers at various locations using inhouse made Cells & Modules.
Looking forward, the future for the Company looks promising
as well as challenging. The Defence Sector is being opened up for private
sector participation with evolutions of Defence Procurement Procedure. The
Government is also planning introduction of “Strategic Partnership” model for
broader participation of private sector and also to enhance the capacities in
major defence platform manufacturing in addition to DPSUs. All this has pushed
the company towards much higher competitiveness and productivity through
initiatives for enhancing value addition. It is extremely important for BEL to
stay abreast of technology and develop new products regularly. Thrust on
R&D across the company will continue with roadmaps drawn for the
development of futuristic products and acquisition of key technologies. The
company is also laying greater emphasis on working closely with DRDO labs,
other research institutions and academic institutions as well as niche
technology companies for development of new products and systems. Strategies
and action plans are in place to face competition, maintain technological edge
and retain the leadership position in strategic electronics. Some of the major
projects planned for execution in this year are IACCS, Weapon Locating Radar,
HHTI, EVM, Akash Weapon System, LYNX U2, LLTR Radar, Tropo Upgrade, HLS,
Schilka upgrade, ACCS for P71, ICS for P15B, BSS, Varuna ESM System, Ground
based mobile ELINT, Electronic Fuzes, L70 upgrade, VVPATs, etc.
AWARDS AND
RECOGNITIONS
The Company continues to be a highly trusted for the quality
of its products, innovation and renovation of its products based on strong
consumer insights and the ability to engage with consumers across the country.
During the year the Company has received various Awards and Recognitions. Some
of the important accolades received during the year by the Company include:
• BEL has won Dun & Bradstreet Corporate Award 2016 in Electrical & Electronics Category.
• BEL won four “PSE Excellence Awards 2015”, instituted by the Indian Chamber of Commerce, Kolkata under the Navratna category.
DETAILS OF AWARD RECEIVED:
- Second prize in “Operational Performance Excellence”
- Second prize in “R&D, Technology Development and Innovation”
- Third prize in “Corporate Governance”
- Third prize in “HR
Management Excellence”
• India Skill Award -2016: BEL won India Skill Award 2016 in recognition of augmenting skill development process for the country by engaging maximum apprentices in the category of Central Public Sector from Ministry of Skill Development & Entrepreneurship.
• Most Enterprising CEO in Electronics Sector : The Indo Global Business Council (IGBC), a policy think tank based in New Delhi has awarded the Chairman and Managing Director as “Most Enterprising CEO in Electronics Sector”
• BEL has won the “State Export Excellence Award 2014-15” in the product category of Electronics and Communication from Govt. of Karnataka under medium/large Enterprise category.
• India Pride Awards 2016-17: BEL has won the “Dainik Bhaskar India Pride Award” for the year 2016-17 in the ‘Defence’ category
• Panchkula Unit has won Gold Prize in the International Convention of Quality Circle (QCC) held at Bangkok.
• BEL has won 4 Gold, 6 Silver and 1 Bronze Award in the Quality Circle Forum of India (QCFI) Six Sigma Competition held on 22 May 2016 in Mysuru, Karnataka.
• INSSAN Award for Excellence in Suggestion Scheme: BEL
Bengaluru and Ghaziabad Units were awarded the 1st and 3rd prizes respectively
for excellence in suggestion schemes for the year 2015-16 in Engineering
Industry Group, during the 27th National Convention organized by Indian
National Suggestion Schemes’ Association (INSSAN) on 20 & 21 January 2017
at Jamshedpur.
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
PRESS RELEASES
88% OF ORDERS ARE
FROM DEFENCE; WILL FOCUS ON DEFENCE GOING AHEAD: BEL
02.02.2018
In an interview to CNBC-TV18, MV Gowtama, CMD of Bharat Electronics (BEL) spoke about the results and his outlook for the company.
Gowtama said that we implemented revised wages in Q3 of FY18 which hit margin.
He further said that lower other income impacted profitability in December quarter.
Cash reduced due to buyback, he added.
Talking about business, he said 88 percent of orders are from defence and will focus on defence going ahead.
TARGETING REVENUE OF
INR 100000.000 MILLION IN FY18: BEL'S GOWTAMA
01.08.2017
Bharat Electronics
(BEL) reported a stellar set of numbers. In an interview to CNBC-TV18, MV
Gowtama, CMD of the company spoke about the results and the latest happenings
in the company.
Bharat Electronics (BEL) reported a stellar set of numbers. In an interview to CNBC-TV18, MV Gowtama, CMD of the company spoke about the results and the latest happenings in the company.
Gowtama said that there were no one-offs this quarter.
This year we have set a target to cross INR 100000.000 million mark in revenues, he said.
He does not think revenue booking will be slower in Q2 and Q3.
He expects FY18 margins to be in the range of 14-15 percent.
On order front, he expects Akash order to be finalised by December.
He hopes to double the revenue over next three years.
Expect order inflow worth INR 130000.000-150000.000 million in FY18, said Gowtama.
BHARAT ELECTRONICS Q4
PAT SEEN UP 114.2% TO INR 8001.000 MILLION: MOTILAL OSWAL
17.08.2017
Net Sales are expected to increase by 87.2 percent Q-o-Q (up 21.5 percent Y-o-Y) to INR 39066.00 million, according to Motilal Oswal. Bharat Electronics to report net profit at 800.1 crore up 114.2% quarter-on-quarter.
Motilal Oswal has come out with its fourth quarter (January-March) earnings estimates for the Capital Goods sector. The brokerage house expects Bharat Electronics to report net profit at 800.1 crore up 114.2% quarter-on-quarter.
Net Sales are expected to increase by 87.2 percent Q-o-Q (up 21.5 percent Y-o-Y) to INR 39066.000 million, according to Motilal Oswal.
Earnings before interest, tax, depreciation and amortisation (EBITDA) are likely to rise by 103.6 percent Q-o-Q (down 1.6 percent Y-o-Y) to INR 9829.000 million.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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
|
INR |
|
US Dollar |
1 |
INR 64.99 |
|
UK Pound |
1 |
INR 89.91 |
|
Euro |
1 |
INR 80.21 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
RUP |
SCORE FACTORS
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.