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Working capital managment @hal
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Posted By: vijay kumar.m Member Level: Bronze Points/Cash: 8
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CHAPTER 1
INTRODUCTION
INTRODUCTION ABOUT FINANCE
Finance is one of the major elements that activate the overall growth of the economy. Finance is the life blood of economic activity. A well - knit financial system directly contributes to the growth of the economy. An efficient financial system calls for the efficient performance of institution, financial instruments and financial markets.
Finance which acts as the lifeblood in the modern business types is one of the most important consideration for an entrepreneur-company. While Implementing, expanding, diversifying, modernizing or rehabilitating any project the meaning of finance is better understood. In this section we have covered finance related information and the process of managing the same.
Finance is a science of managing money and other assets. It is the process of channelization of funds in the form of invested capital, credits, or loans to those economic agents who are in need of funds for productive investments or otherwise. E.g. On one hand, the consumers, business firms, and governments need funds for making their expenditures, pay their debts, or complete other transactions. On the other hand, savers accumulate funds in the form of savings deposits, pensions, insurance claims, and savings or loan shares, etc which becomes a source of investment funds. Here, finance comes to the fore by channeling these savings into proper channels of investment,
In general, finance is that business activity which is concerned with acquisition and
Conservation of capital funds in meeting financial needs and overall objectives of a business entrepreneur.
., “Finance is the common denominator for a vast range of corporate objects and the major part of any corporate plan must be expressed in financial terms”.
The main reasons a business needs finance are to:
• Start a business
• Finance expansions to production capacity
• To develop and market new products
• To enter new markets
• Take-over or acquisition
• Moving to new premises
• To pay for the day to day running of business
.
MEANING OF WORKING CAPITAL
Working capital refer to that part of total capital which is used for carrying out the routine or regular business operation. In other words, it is the amount of funds used for financing the day-to day operation. In short, it is the capital with which the business is worked over.
Thus, the capital invested and locked up in various current assets , such as stocks of raw material, work in progress , stocks of finished goods account receivable and cash and bank balances constitutes the working capital
Working capital may be regarded as life blood of a business. Its effective provision can do much to ensure the success of a business while its in provision can do much to ensure the success of a business while its in efficient management can lead not only to loss of profits but also to the ultimate downfall of what otherwise might be considered as a promising concerns.
? According to shoo-in, “Working Capital is the amount of funds necessary to cover the cost of operating the enterprise”. Working Capital is also known as Revolving or Circulating Capital.
? According to Genesterberg, “Circulating Capital means current assets of a company that are changed in the ordinary cause of business from one to another form. Example: From cash to inventory, inventories to bills receivable and bills receivable to cash.
Concept of working capital
There are five concepts of working capital
o Gross Working Capital
o Net Working Capital
o Negative working capital
o Permanent working capital
o Variable working capital
On the basis of the components or items comprised in working capital, working capital can be classified into the following types:
Gross Working capital: Simply called as working capital, refers to the firms investment in current assets. Current assets which can be converted in to cash with in the accounting year (or operating cycle) and includes cash, short term securities, debtors, Bills receivable and stock (inventory) .
Net Working Capital: Refers to the difference between current assets and current liabilities. Current liabilities are those claims of outsiders, which are expected to mature for payment with in a year and include creditors, Bills payable and outsider’s expenses.
Negative working capital or working capital deficit: means the excess of current liabilities over the current assets. It accurse when the current liabilities exceed the current assets
Permanent working capital or fixed working capital: refer to the minimum amount of investment in current assets required throughout the year for carrying out the business. In other words , it is the amount of working capital which remains in the business permanently in one form or other.
Variable working capital or fluctuating working capital: refer to the amount of working capital which goes on fluctuating or changing from time to time with the change in the volume of business activities.
NEED FOR WORKING CAPITAL
Every business undertaking requires funds for two purposes, investments in fixed assets & investment in current assets.
Funds required for investing in inventory, debtors & other current assets keep changing in shape & volume. Company has some cash in the beginning; this cash may be the source of raw material, keeping the labour cost & other overheads. These three combined would generate work in progress, which will be converted into finished goods on the completion of the production process into debtors & when the debtor pay, the firm may generate cash. Working capital is needed for sustaining (i.e., maintaining) the sales activities. If adequate working capital is not maintain for this period ,the firm will not be able to sustain or maintain the sales , since it may not be in a position to purchase raw material and pay wages and other expenses ands produce the goods required for the sales.
NATURE OF WORKING CAPITAL
In ordinary parlance, Working Capital is taken to be the fund available for meeting day-to-day requirements of enterprises. It cannot be denied that a part of the fixed or permanent capital is invested in assets, which are kept in the business or for a long period for the purpose of earning profit. These are usually known as fixed assets viz. Land & buildings, plant & machinery, furniture & fitting & intangibles like goodwill, patents, trademarks & long-term investment.
Another part of permanent capital left in the business for supporting the day-to-day normal operation is known as the “Working Capital”. This Working Capital generates the important element of cost viz. Material, wages & expenses. These cost usually lead to production & sales in case of manufacturing concerns & sales alone in others. These costs occur gradually in a flow & do not come into being abruptly at a given moment.
Hence the initial investment of cash as working capital for this specific purpose has to be continued until the sales revenue commences flowing in substantially & in a regular way. From this stage the business is found to acquire a momentum of its own. The flow of revenue is expected to continue to replace the cost lost in its day-to-day out flow for the generation of the revenue mentioned above.
SOURCE OF WORKING CAPITAL
The financial manager is always interested in obtaining the working capital at the right time, at a reasonable cost and at the best possible favorable terms. A part of the working capital investment are permanent investments is fixed assets. The following is snapshot of various source of working capital.
Sources of working capital divided into two
• Long -term
• Short –term
Sources of long term working capital
• Issue of shares
• Floating of debentures
• Ploughing back of profit
• Loans
• Public deposit
Sources of short-term working capital
Internal sources
• Depreciation
• Taxation
• Accured expenses
External sources
• Trade credit
• Credit papers
• Bank credit
• Customer’s credit
• Govt. Assistances
• Loans from director
• Security of employees
WORKING CAPITAL CYCLE:-
The working capital of a concern goes on changing in shape and volume. For Instance, a concern may have some cash in the beginning. The cash may be used by the concern for the purpose of purchase of raw material, payment of wages and other expenses’. These elements of cost or items of expenses, raw material , wages and overheads , will result in work- in-progress during the process of manufacture. On the in compilation of the production process, the work- in –progress becomes finished goods
Meaning
The length of time involved in this cycle of conversion of cash into raw material, raw material into work-in progress, work-in-progress into finished goods, finished goods into debtors and debtors into cash again is called the operating cycle or working capital cycle of the firm, in other words, it is period between the date raw material are purchased and the date the sale proceeds of finished goods are realized by concern
INTER-DEPENDENCE AMOUNG COMPONENTS OF WORKING CAPITAL
OPERATING CYCLE
A company starting with cash purchase raw materials, components etc., on a cash or credit basis. These materials will be converted into finished goods after undergoing various stages of work-in-process. For this purpose the company has to make payments towards wages, salaries and manufacturing costs. Payments to suppliers have to be made on purchases in the case of cash purchases and on the expiry of the credit purchases. Further, the company has to meet other operating costs such as selling and distribution costs, general administration costs and non-operating costs described as financial costs (interest on borrowed capital). In case the company sells its finished goods on cash basis, it will pass through one more stage, viz, accounts receivable and gets back cash along with profit on expiry of credit period. Once again the cash will be used for the purchase of materials and / or payments to suppliers and the whole cycle is termed as working capital or operating cycle repeats itself. This process indicates the dependents of each stage or components of working capital on its previous stage or component.
WORKING CAPITAL MANAGEMENT
Introduction
Working capital management is one of the most important aspects of financial management. It forms a major function of the finance manager.
Meaning
Working capital management means management or administrating of all aspect of working capital, i.e., currents assets and currents liabilities.
In other words of Smith, “working capital management is concerned with the problems that arise in attempting to manage the current assets, the current liabilities and the inter-relationship that exists between them”.
BASIC OBJECTIVE OF WORKING CAPITAL MANAGEMENT
The basic objective of working capital management is to manage the firm’s working capital (i.e., currents assets and currents liabilities) in such a way that a satisfactory level of working capital (i.e., neither excessive nor inadequate working capital) is maintained. This is necessary because, if the working capital is excessive or large, the liquidity position of the firm would, no doubt, improve, but its profitability would be adversely affected, as funds would remain idle. Conversely, if the working capital is too small, the, profitability of the firm may improve, but the liquidity position of the firm would be adversely affected
CHAPTER-2
INDUSTRY PROFILE
Hindustan Aeronautics Limited, a flagship company of our country, which has celebrated its diamond jubilee last year, has earned the right to stand up & counted as one of the premier public sector enterprises in the country. Aviation is one of the most significant influences of our time and it empowers a nation with technological strengths.
It is a major tool for economic development and has a significant role in national security and international relations. India has been fortune to have launched its Aeronautics industry in 1940, with the establishment of HAL.
Hal, over the last six decades, has grown progressively into an integrated Aerospace Organization and has spread its wings to cover various activities in the areas of design, development, manufacture and maintenance of advanced fighters, piston and jet engine trainers, commercial aircrafts, helicopters and the associated aero-engines, aircraft systems, equipment and avionics.
Present achievements in the area of indigenous design and development are the Advanced Light Helicopter (ALH-Dhruv) and intermediate jet trainer (IJT). These developments have helped HAL in establishing a competitive edge among the global aerospace companies. HAL being major Design partner for aircraft and system / equipment as well as for system integration of light combat aircraft (LCA), has made a significant contribution to its successful development.
HAL’s current major programmes include production of military and civil versions of the ALH, jaguar-the deep penetration strike aircraft, Dornier Do-228 – multi-mission Aircraft, LANCER- the light Attack Helicopter as well as upgrades of MIG-21 BIS, MIG-27M and Jaguar. License manufacture of SU-30 MKI has been handed over to the Indian Air Force. Facilitates for License production of Advanced Jet Trainer – HAWK are being established.
HAL has also taken the initiatives for participation in new generation civil passenger / transport aircraft with international partnership aiming to expand its activities in civil aviation sector.
Design capabilities, state –of –the –art facilities and excellent skill level make HAL a valuable partner for challenging programmes in Aerospace. HAL’s participation in outsourcing programmes of global aerospace Companies like Airbus, Boeing, BAE systems, Snecma, Rolls Royce etc. has established its credibility in the export front.
Present initiatives like lean management, setting up of ‘Centers of Excellence’ –world –class facilities, company –wide implementation of ERP and strategic Alliance with reputed Global Aerospace Companies will help HAL to march ahead on its mission.
CHAPTER-3
COMPANY PROFILE
HISTORY OF HAL
Hindustan Aeronautics Limited (HAL) came into existence on 1st October 1964. The Company was formed by the merger of Hindustan Aircraft Limited with Aeronautics India Limited and Aircraft Manufacturing Depot, Kanpur.
The Company traces its roots to the pioneering efforts of an industrialist with extraordinary vision, the late Seth Walchand Hirachand, who set up Hindustan Aircraft Limited at Bangalore in association with the erstwhile princely State of Mysore in December 1940. The Government of India became a shareholder in March 1941 and took over the Management in 1942.
Today, HAL has 19 Production Units and 9 Research and Design Centers in 7 locations in India. The Company has an impressive product track record - 12 types of aircraft manufactured with in-house R & D and 14 types produced under license. HAL has manufactured over 3550 aircraft, 3600 engines and overhauled over 8150 aircraft and 27300 engines.
HAL has been successful in numerous R & D programs developed for both Defense and Civil Aviation sectors. HAL has made substantial progress in its current projects:
• Dhruv, which is Advanced Light Helicopter (ALH)
• Tejas - Light Combat Aircraft (LCA)
• Intermediate Jet Trainer (IJT)
• Various military and civil upgrades.
Dhruv was delivered to the Indian Army, Navy, Air Force and the Coast Guard in March 2002, in the very first year of its production, a unique achievement.
HAL has played a significant role for India's space programs by participating in the manufacture of structures for Satellite Launch Vehicles like
• PSLV (Polar Satellite Launch Vehicle)
• GSLV (Geo-synchronous Satellite Launch Vehicle)
• IRS (Indian Remote Satellite)
• INSAT (Indian National Satellite)
HAL has formed the following Joint Ventures (JVs) :
• BAEHAL Software Limited
• Indo-Russian Aviation Limited (IRAL)
• Snecma HAL Aerospace Pvt Ltd
• SAMTEL HAL Display System Limited
• HALBIT Avionics Pvt Ltd
• HAL-Edgewood Technologies Pvt Ltd
• INFOTECH HAL Ltd
Apart from these seven, other major diversification projects are Industrial Marine Gas Turbine and Airport Services. Several Co-production and Joint Ventures with international participation are under consideration.
HAL's supplies / services are mainly to Indian Defense Services, Coast Guards and Border Security Forces. Transport Aircraft and Helicopters have also been supplied to Airlines as well as State Governments of India. The Company has also achieved a foothold in export in more than 30 countries, having demonstrated its quality and price competitiveness.
HAL has won several International & National Awards for achievements in R&D, Technology, Managerial Performance, Exports, Energy Conservation, Quality and Fulfillment of Social Responsibilities.
• HAL was awarded the “INTERNATIONAL GOLD MEDAL AWARD” for Corporate Achievement in Quality and Efficiency at the International Summit (Global Rating Leaders 2003), London, UK by M/s Global Rating, UK in conjunction with the International Information and Marketing Centre (IIMC).
• HAL was presented the International - “ARCH OF EUROPE” Award in Gold Category in recognition for its commitment to Quality, Leadership, Technology and Innovation.
• At the National level, HAL won the "GOLD TROPHY" for excellence in Public Sector Management, instituted by the Standing Conference of Public Enterprises (SCOPE).
The Company scaled new heights in the financial year 2006-07 with a
Turnover of Rs.7, 783.61 Cores
OBJECTIVES
• To ensure availability of Total Quality people to meet the organization Goals and objectives
• To have a continuous Improvement in knowledge, skill and competence (managerial , Behavioral and Technical)
• To promote a culture of Achievement and Excellence with integrity, credibility and quality.
• To maintain a motivated Workforce through empowerment Of individual and Team - building
• To enhance organization Learning
• To play a pivotal role Directly and significantly to enhance Productivity, profitability and improve The quality of work Life.
• To make sure of Total Quality people to meet the organization Goals and objectives
• To have a continuous Improvement in knowledge, skill and competence
STRATEGY
• To be in total alignment with corporate Strategy.
• Maintain Human Resource at optimum Level to meet the
Objectives and goals of the Company.
• Be competent in mapping, analysis and up gradation of knowledge
And skills including training, Re- training, multi - skills etc
• cultivate Leadership with shared visions levels at various
Levels in the organization.
• focus on development of core competence .
• Build cross - function Teams
Create awareness of mission, values and organization Goals through out company.
• Introduce \ Implement personnel policies based on performance that
would ensure growth, Rewards, Recognition, motivation.
EVOLUTION AND GROWTH OF THE COMPANY
The Company's steady organizational growth over the years with consolidation and enlargement of its operational base by creating sophisticated facilities for manufacture of aircraft / helicopters, aero engines, accessories and avionics is illustrated below.
MISSION OF HAL
“To become a globally competitive aerospace industry while working as an instrument for achieving self-reliance in design, manufacture and maintenance of aerospace defense equipment and diversifying to related areas, managing the business on commercial lines in a climate of growing professional competence”
VALUES :
• CUSTOMER SATISFACTION
We are dedicated to building a relationship with our customers where we become partners in fulfilling their mission. We strive to understand our customers’ needs and to deliver products and services that fulfill and exceed all their requirements.
• COMMITMENT TO TOTAL QUALITY
We are committed to continuous improvement of all our activities. We will supply products and services that conform to highest standards of design, manufacture, reliability, maintainability and fitness for use as desired by our customers.
• INNOVATION AND CREATIVITY
We believe in striving for improvement in every activity involved in our
Business by pursuing and encouraging risk-taking, experimentation and
learning at all levels within the company with a view to achieving excellence
and competitiveness.
• RESPECT FOR THE INDIVIDUAL
We value our people. We will treat each other with dignity and respect ant Strive for individual growth and realization of everyone’s full potential.
• TRUST AND TEAM SPIRIT
We believe in achieving harmony in work life through mutual trust,
transparency, co-operation, and a sense of belonging. We will strive for
Building empowered teams to work towards achieving organizational goals.
• INTEGRITY
We believe in a commitment to be honest, trustworthy, and fair in all our
Dealings. We commit to be loyal and devoted to our organization. We will Practice self discipline and own responsibility for our actions. We will Comply with all requirements so as to ensure that our organization is always Worthy of trust.
FINANCIAL PERFORMANCE OF HAL.
HAL profit crosses 1000 crore mark
Hindustan aeronautics limited [Hal] has cruised past the Rs. 5000 crore mark for the first time with a sales turnover of Rs. 5375 crores [s 1.21billion] The company which declared its financial year results for has also gone up by 16.4 at Rs. 5750 cores while the profit of the company [profit before tax] soared to rs.1002 crores which is an increase of 32 over its last years performance contract worth Rs. 17800 crores [4 billion USD]were concluded during the year.
The export turnover also shot-up to Rs. 185 crore registering a growth of 23%, compared to the last year. The company thrust on exports received a boost with booking of export orders worth Rs. 249.33crores.
HAL has paid the highest – ever interim dividend of Rs 188.45crores, which is around 156% of the paid-up share capital of the company.
The company stellar performance is mainly attribute to the successful execution of several programmes during the year, including SU-30 MKI, DO-228, ALH and lakshya. This apart, a series of aircraft upgrade programmes are contributing to HAL growth.
HAL division are brimming with activity with Jaguars, Dorniers, SU 30MKI, Aerospace structures and ALH. The ALH production was on in full swing with flying restored and several new machine being delivered to customers.
Besides, HAL launched the project activities for advance Jet Trainer (Hawk), to be produced under license from BAE system, UK, with the first Hawk to be rolled out in 2007-08. HAL has also launched the project for design and development of light combat Helicopter (LCH) to meet the requirement of the IAF. Certification activities continued for the intermediate Jet Trainer (IJT) and Light Combat Aircraft (LCA), with orders received for both types.
During the year, also set the ball rolling for the design, development and manufacture of a 10-Ton class multi – Role Helicopter for the services. The project would be undertaken in collaboration with a reputed foreign company. Making a foray into the design and development of a transport aircraft, HAL is collaborating with Russian partners for a Multi-Role transport aircraft in 15-20 Ton capacity. This aircraft would meet the requirement of both Indian and Russian air forces. HAL could convert this platform into a hundred setter passenger aircraft. HAL has spent Rs 412.82 crore towards research and development activities during 2005-06.
HAL plans for increased partnership with various Indian and foreign companies for execution of its current programmes and development of new business opportunities. HAL consider its manpower as its biggest asset and is implementing a host of Human Resources Development activities in this regard.
Hindustan aircraft limited (HAL) has cruised past the Rs. 7,500- crore mark for the first time with a sales turnover of Rs7,783.61 crorer ( $1.82 billion) during the financial year 2006-07, the value of production has also gone up by 55.54% to Rs 9,201.88 crorer, while the profit of the company ( profit before tax ) soared to Rs 1,743.60 crores. Which is an increase of 54.88% over the previous year’s performance?
The highlights are given below:
Particulars 2005-2006 2006-2007 Growth over Previous Year
Sales 5342 7773 45.69%
VOP(VALUE OF PRODUCTION) 5916 9202 55.54%
PROFIT BEFORE TAX 1126 1744 54.88%
PROFIT OFTER TAX 771 1149 49.03%
GROSS BLOCK 1694 2081 22.85%
Hindustan Aeronautics Limited (HAL)
has cruised past the Rs.8, 500 Crore mark for the first time with a sales turnover of Rs.8625.33 crores ($2.15 billion) during the Financial Year 2007-08. The profit of the Company (Profit before Tax) soared to Rs.2164.23 crores, which is an increase of 24.08% over the previous year’s performance.
The highlights are given below:
Particulars 2006-07 2007-08 Growth over Previous Year
Sales 7783 8625 10.82%
VOP(VALUE OF PRODUCTION) 9202 8791 -4.46%
PROFIT BEFORE TAX 1744 2164 24.08%
PROFIT OFTER TAX 1149 1632 42.04%
GROSS BLOCK 2081 2255 8..36%
CUSTOMERS OF HAL
International Customers Domestic Customers
• Airbus Industries, France
• APPH Bolton, UK
• BAE Systems, UK
• Chelton, UK
• Coast Guard, Mauritius
• Corporate Air, Philippines
• Cosmic Air, Nepal
• Dassault Aviation, France
• Dowty Aerospace Hydraulics, UK
• EADS, France
• ELTA, Israel
• Gorkha Airlines, Nepal
• Hampson, UK
• Honeywell International, USA
• Island Aviation Services, Maldives
• Israel Aircraft Industries, Israel
• Messier Dowty Ltd., UK
• Mistubishi Heavy Industries, Japan
• MOOG, USA
• Namibian Air Force, Namibia
• Peruvian Air Force , Peru
• Rolls Royce Plc, UK
• Royal Air Force, Oman
• Royal Malaysian Air Force, Malaysia
• Royal Nepal Army, Nepal
• Royal Thai Air Force, Thailand
• Smiths Industries, UK
• Snecma, France
• Strongfield Technologies, UK
• The Boeing Aircraft Company, USA
• Transworld Aviation, UAE
• Vietnam Air Force, Vietnam • Air India
• Air Sahara
• Airports Authority of India
• Bharat Electronics
• Border Security Force
• Coal India
• Defence Research & Development Organization
• Govt. of Andhra Pradesh
• Govt. of Jammu & Kashmir
• Govt. of Karnataka
• Govt. of Maharashtra
• Govt. of Rajasthan
• Govt. of Uttar Pradesh
• Govt. of West Bengal
• Indian Airforce
• Indian Airlines
• Indian Army
• Indian Coast Guard
• Indian Navy
• Indian Space Research Organization
• Jet Airways
• Kudremukh Iron ore Company ltd.
• NALCO
• Oil & Natural Gas Corporation Ltd.
• Ordnance Factories
• Reliance Industries
• United Breweries
COMMITMENT
H.A.L shall accomplish mission with
• Absolute integrity and dedication
• Total customer satisfaction
• Honesty and transparency
• Courtesy and promptness
• Fairness
• Total quality
• Innovation and creativity
• Trust and team spirit
• Respect for the individual
• Humility
• Compassion
We commit ourselves to do our duty to the best of our ability, integrity and efficiency with the prime motto of fulfilling the customer’s, shareholders' and individual’s requirements and to rise to their expectations and beyond.
EXPECTATIONS
H.A.L expect customers to
• Be prompt and reasonable
• Be fair, honest and transparent in dealings.
• Adhere to time and delivery schedules
• Extend your cooperation in all our endeavor
• Provide us detailed specifications
• Acquaint us with the systems and maintenance procedures and product performances criterion
• Indicate realistic schedule and make prompt payment
STANDARDS
• Strictly adhere to the standards, specifications stipulated in ISO-9001
• Ensure that our products reflect the state-of-the-art technology and competitive prices
• Deliver our products as per the agreed delivery Schedules
• Produce goods and services of the highest standards to fulfill all your requirements
• Declare that our products have gone through the strictest quality control norms and guarantee the total technical life of the product.
• Assure you of the highest standard of service and are ever willing to share our knowledge and expertise with you
• Acknowledge all correspondence from you within ten working days of its receipt
• Respond to all your communications within twenty working days of its receipt
• Clear your financial dues within thirty working days from receipt of genuine and bonafide claims
• Strictly adhere to the delivery schedules committed by us to you
• Work as an instrument of self-reliance in aerospace Defense equipment
• Strive to attain international standards to become globally competitive. Our R&D efforts should enable us to be a strong force to reckon with in the global scenario
• Make sincere efforts in meeting all our social obligations towards the community in general
• Always strive to maintain cordial relations with the community
COST AND TIME
• Always be sensitive to H.A.L social obligations and maintain the highest ethical standards in all our endeavors, business and economic activities.
• Always strive to achieve economy in all our products and services without compromising the quality standards.
• Always remain competitive in the market through continuous improvement in our technology
• Always strive to reduce the cost and shorten the delivery schedules of our product and services. We shall eliminate wasteful practices and continuously improve in all areas of our work. We shall hold our capital assets in public money in absolute trust and shall commit ourselves to achieve our economic progress competently and in socially acceptable ways. Provide at international competitive prices.
CORRUPTION FREE SERVICES
• Shall adopt systems and procedures which leave no scope for any corrupt practice
• Maintain absolute confidentiality of the information/complaints
• Believe that means and ends cannot be separated. Good end calls for good means. Good means cannot but lead to good ends. There shall be no need for anyone at any time to offer bribe or any other inducement for doing business with us. We shall promptly and expeditiously enquire into all genuine and legitimate complaints of corruption against any employee of our organization.
• Shall always be honest and transparent and would like to be seen as honest. We shall not claim any judicial privilege for our documents and records except in rare cases and that too in the interest of national security.
• Shall implement all the policies and directives of Central Vigilance Commission.
COMPLAINTS AND GRIEVANCES
• Keep our complaint and grievance redressal Machinery open and receptive to you.
• Acknowledge your complaints and commit ourselves to redress them within a period of thirty working days on receipt of the complaints.
• Should you still have any complaint or grievance you may also take up the matter with the designated officer heading the public grievance committee at our corporate and divisional offices.
• Acknowledgment of grievances and disposal thereof within 30 days. In case of any complaint or grievance, please take up the matter with the officer nominated by the division for redressed of public grievance in the division which is headed by an officer of the grade of a DGM
Promptly take action against the complaints by going into the genuineness and roots of the complaints and within a time frame attend to the grievances.
HAL has 7 different Branches in India
1. Bangalore Branch
2. Kanpur Branch
3. Hyderabad Branch
4. Koraput Branch
5. Lucknow Branch
6. Korwa Branch
7. Nasik Branch
ORGANIZATION STRUCTURE
Management Team of Hal
Board of Directors
Mr.Ashok.K.Baweja, Chairman
Mr.M.Fakruddin, Corporate planning and marketing Director
Mr.D.shivamurthy, Finance Director
Mr.Sanjeeev Shai, P & A Director
Mr.M.S.Nadagir, Design & Development Director
Mr.Ashok Nayak, Managing director, Bangalore complex
Mr.K.P.Puri, Managing Director MIG complex
Mr.Umamaheshwar, Managing director, Accessories complex
Mr.V.H.Deshmukh, IPS Chief Vigilance Office
FINANCE DEPARTMENT
the management of the corporate capital is one of the most vital & critical areas of corporate management, as money only a medium of exchange and is substituted of real resource of the economy, it is obvious that financial management or money management ought to be basically concerned with getting the best out of the resources developed are men, money, machine, material and methods. All these inputs to form which of the firm are derived, are commanded through one single resource i.e. money.
At higher level of corporate management, almost every decision becomes financial decisions. Decisions taken production, marketing personnel & industrial relations have financial implications, which in turn affect the profitability of the enterprises. Therefore it is essential that executives in companies irrespective of their field of specialization should have understanding &appreciation of corporate finance.
The objective part should in harmony with the objective of for any function within the business, be it production marketing or personnel without clear defining the objectives of the corporation as a whole, what is or what ought to be the objective of modern corporation is highly contra version question.
MISSION OF FINANCE DEPARTMENT
“To become a globally player in the aerospace Industry”
Functions of finance department;
1. scrutiny & recurrence as per delegation of power of proposal for,
A) Capital expenditure
B) Revenue expenditure
C) Purchase of materials store tools & other services
D) Man power recruitments
E) Incentives
F) Wavier dues to the company writers of the losses
G) Cases involving relaxation of rules etc
H) Sales lease or alienation of rules etc.
I) Contract entered into with the suppliers/ collaborators / subcontractors.
Estimates & awards of contract in respect of
A) civil electrical works/ other works, plant orders.
B) Project reporters.
2. Fixation of rent &rates of recovery in respect of services/ supplies/ disposal by the company.
3. certification of availability of funds with reference to capital & performance budgets & appropriation of funds for procurements capital equipment(ARS, works administration approvals & procurements of revenue items MPRS
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