Annual Report 2018-19) BDL Signed an MOU for 2019-20 with Administrative Ministry on the Above Lines
Total Page:16
File Type:pdf, Size:1020Kb
BHARAT DYNAMICS LIMITED 01 IN SERVICE OF THE SERVICES 49th Annual Report 2018–19 Annual Report 2017–18 IN SERVICE OF THE SERVICES 49 years since its establishment, Bharat Dynamics Ltd has been developing and commercialising guided missiles and allied defence products through inhouse R&D as well as under ToT. Today BDL is one of the technologically advanced manufacturer of missiles in the world and a leading supplier of missiles and allied products to Indian Defence sector as well as India’s friendly countries. 02 TABLE OF CONTENTS Overview Financial Statements Who we are 01 Independent Auditors’ Report 69 Former Chief Executives of BDL 02 C & AG Report 81 Corporate Information 03 Balance Sheet 85 Board of Directors 04 Statement of Profit and Loss 86 Chairman’s Statement 08 Statement of Changes in Equity 87 Our Products 13 Statement of Cash Flows 88 Our Strategy 15 Accounting Policies 89 Financial Highlights 16 Notes to Financial Statements 97 Ten Years at a Glance 17 Governance Directors’ Report 18 Management Discussion & Analysis 44 Report on Corporate Governance 51 Business Responsibility Report 64 Notice 120 Bharat Dynamics Limited WHO WE ARE Established in 1970, Bharat Dynamics Limited (BDL), is a Government of India Enterprise under the Ministry of Defence and a manufacturer of Surface to Air Missile (SAM), Anti -Tank Guided Missile (ATGM), torpedoes, and allied defence equipments. Head Quarters of the company is located in Hyderabad and has three manufacturing units, located at Kanchanbagh, Hyderabad in Telangana State, Bhanur, Medak district in Telangana State and Visakhapatnam in Andhra Pradesh. Two new units are planned at Ibrahimpatnam, Ranga Reddy district of Telangana State and Amravati District in Maharashtra. During the recent years the company also commenced export of selected defence equipments and have entered into strategic alliances with public and private sector companies. The company has 3034 employees as on 31 March 2019 and during the year 2018-19 reported a net sales turnover of ` 3069 Crore. OBJECTIVES To become self-reliant and competitive in Guided Missile and Underwater Guided Weapon Technology and Production. To maximize utilization of existing production capacities. 01 VISION MISSION To be a world-class enterprise producing To establish itself as a leading manufacturer international standard quality products in the aerospace & underwater weapons for the Defence industry. industry and emerge as a world class sophisticated, State-of-the-art, global enterprise, providing solutions to the security system needs of the country. Annual Report 2018–19 FORMER CHIEF EXECUTIVES OF BDL DR B.D.NAGCHAUDHURI Prof. MGK Menon AVM VS Narayanan Dr. Raja Ramanna Dr VS Arunachalam Chairman Chairman PVSM, AVSM, VSM (Retd.) Chairman Chairman 22-09-1970 To 20-09-1975 29.09.1975 To 30.12.1977 Chairman 30.01.1981 To 30.08.1982 30.08.1982 To 09.09.1990 06.10.1978 To 01.04.1980 AVM S J Dastur (Retd.) BRIG JP Anthony (Retd.) WG CDR VM Chitale (Retd.) Shri ZP Marshall Air CMDE R Gopalaswamay Managing Director Managing Director Managing Director Managing Director AVSM, VSM (Retd.) 22.09.1970 To 10.04.1974 11.04.1974 To 31.08.1977 01.09.1977 To 30.09.1980 01.10.1980 To 07.11.1988 Managing Director (1988-1990) 02 Chairman & Managing Director (10.09.1990 To 30.06.1994) CMDE S Rao, VMS (Retd.) Shri S Govindarajan Shri VV Gangadhara Rao Shri GVBB Sarma Maj Gen P Mohandas VSM Chairman & Managing Officiating Chairman & Chairman & Managing Officiating Chairman & (Retd.) Director Managing Director Director Managing Director Chairman & Managing 01.07.1994 To 08.01.2000 09.01.2000 To 31.08.2000 01.09.2000 To 30.06.2002 01.07.2002 To 23.07.2002 Director 24.07.2002 To 27.04.2005 Maj Gen Raajinish Gossain CMDE PK Samanta VSM Maj Gen Ravi Khetarpal, Shri SN Mantha Shri.V.Udaya Bhaskar (Retd.) (Retd.) VSM (Retd.) Chairman & Managing Chairman & Managing Chairman & Managing Officiating Chairman & Chairman & Managing Director Director Director Managing Director Director 01.04.2012 To 31.12.2014 30.01.2015 To 28.02.2019 28.04.2005 To 30.04.2008 01.05.2008 To 30.06.2008 01.07.2008 To 31.03.2012 Bharat Dynamics Limited CORPORATE INFORMATION Board of Directors Shri Sivanand S Khanapet Bankers General Manager (Head-BU) Shri Varanasi Udaya Bhaskar Andhra Bank Chairman and Managing Director Shri V Latha State Bank of India (upto 28 February 2019) General Manager (OP, QR-SAM and D&E) Axis Bank Cmde Siddharth Mishra Shri MN Suresh ICICI Bank Chairman & Managing Director General Manager (GSD) HDFC Bank (w.e.f 01 March 2019) Shri KJ Joseph Shri. Ashwani Kumar Mahajan General Manager (Finance) Registered Office Government Nominee Director Kanchanbagh Post Shri P Radha Krishna Hyderabad – 500 058 Shri. G. Sateesh Reddy General Manager (Konkurs-M) Telangana, India Government Nominee Director (Upto 31 May 2019) (upto 31 December 2018) EPABX: 040-24587466 & 040-24587777 Shri Ashutosh Kumar Fax: – 040 24340464 Shri. MSR Prasad General Manager (Vizag Unit) Government Nominee Director E-Mail: [email protected] (w.e.f 31 December 2018) Shri.S.Narayanan website: www.bdl-india.in General Manager (HR) Shri S Piramanayagam Shri.CH.Ramesh Babu Director (Finance) & CFO Corporate Office General Manager (NP & TSD-KBU) Plot No.38-39, TSFC Building Shri V Gurudatta Prasad Shri.STGS Ramanujam Near (ICICI Towers) Director (Production) General Manager (ERP, ITD & CC) Gachibowli, Financial District (Upto 31 May 2019) Shri.S.V.Kameswar Hyderabad-500032 Shri K Divakar General Manager (Head-VU) Tel:-040-23456101 Director (Technical) Shri.P.V.Raja Ram Fax: 040-23456110 (Upto 31 August 2018) General Manager (Akash) E-Mail: [email protected] Shri.NP Diwakar Shri.N.Srinivasulu website: www.bdl-india.in Director (Technical) General Manager (Finance) (w.e.f 01 September 2018) Shri.P.Radha Krishna Auditors 03 Director (Production) M/s.S R Mohan & Co. (w.e.f. 01 June 2019) Chartered Accountants, Hyderabad Smt Sushama V Dabak Independent Director Internal Auditors Prof. Ajay Pandey M/s. M. Bhaskara Rao & Co., Independent Director Chartered Accountants Shri. K.S.Sampath M/s. Uma Maheswara Rao & Co., Independent Director Chartered Accountants Shri. Ajay Nath Independent Director M/s. Ramamoorthy (N) & Co., Chartered Accountants Smt Latha Narasimha Murthy Independent Director M/s. Narasimha Rao & Associates, Chartered Accountants Company Secretary M/s. B.V. Rao & Co., LLP Shri. N Nagaraja Principal Executives Cost Auditors (As on 31 March 2019) M/s.Narasimha Murthy & Co., Cost Accountants Cmde Trilok Nath Kaul (Retd) Executive Director (Marketing & Business Tax Consultants Development) Bansal & Dave, Shri G.Gopal Chartered Accountants Executive Director (Head-KBU) Shri Arup Kumar Maiti Legal Advisers General Manager (CS) Shri V Uma Devi Shri N Sampath Kumar Shri D Ravi Shankar Rao General Manager (Head-IBU) Annual Report 2018–19 BOARD OF DIRECTORS Cmde Siddharth Mishra (Retd) Shri MSR Prasad Chairman and Managing Director Cmde Siddharth Mishra Shri MSR Prasad, Distin- (Retd) has assumed charge guished Scientist has been as the Chairman and appointed as Director Gen- Managing Director of Bharat eral (Missiles & Strategic Dynamics Limited (BDL) with Systems), on 28th Septem- effect from 01 March 2019. ber 2018. Born in 1961, he He was commissioned in the completed his B.Tech De- Electrical Branch of Indian gree from Madras Institute Navy in the year 1985. Post- of Technology in 1984 and retirement from Navy in Sep M. Tech from IIT, Bombay 2016, Commodore Mishra in Aeronautical Engineering. served ECIL, a Schedule Over the past thirty years, “A” Central Public Sector Shri MSR Prasad has made Enterprise. Prior to joining significant contribution in missile technologies for the defence BDL, he was General Manager (Defence) at ECIL, Hyderabad. programmes of DRDO. His contribution in the areas of Aerospace Commodore Mishra is a B.Tech in Electrical Engineering, an MSc Structural Design, Analysis and Structural Dynamics studies for in Defence Studies and Master of Management Science. He is an various missile projects is noteworthy. As one of the senior de- alumnus of the prestigious Naval Academy and Naval College of signers for the submarine launched missile programme, he has Engineering, Lonavala. provided number of innovative design concepts. He successfully In his 33 years of distinguished career, Commodore Mishra has contributed towards design, development and production of the held varied Operational and Staff appointments, in addition to country’s first submarine launched ballistic missile B05. heading four major groups at ECIL. He has also been responsible for development of highly reliable At Naval Headquarters, he was instrumental in inducting and aerospace mechanisms for the programme. These activities have 04 managing state-of- the- art technology, including policy framing made Shri MSR Prasad achieve his career growth in the missile and was in the core team and represented Indian Navy for complex by holding positions as Deputy Project Director -B05, induction of the Air Craft Carrier into the Services. Project Director - K4, Programme Director of the Advanced Naval Systems Programme, Director, Defence Research and At Naval Dockyard, Visakhapatnam, he planned, coordinated and Development Laboratory(DRDL) and finally as Director General oversaw execution of refits and modernization of ships and sub- (Missile & Strategic System). marines. He also controlled and managed the flawless operation/ maintenance/asset management/infrastructure development His meritorious and innovative contributions are recognized and resource planning of the Dockyard. by DRDO as evidenced through various awards and honours conferred on him such as Laboratory Scientist of the Year As a member of the Top Management of ECIL, he has provided Award-2003, DRDO Performance Excellence Team Award-2007, excellent leadership to steer various ‘Make-in-India’ programme Scientist of the year by DRDO in 2011 and DRDO Best Innovative in defence and other sectors, that has paid rich dividend to the Technology Development Award in Strategic Missile Programme Nation.