MIRA INFORM
REPORT
|
Report
Date : |
25.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
BPL LIMITED |
|
|
|
|
Registered
Office : |
BPL
Works, Palakkad – 678 007, Kerala |
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Country
: |
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|
Financials
(as on) : |
31.03.2007 |
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Date
of Incorporation : |
16.04.1963 |
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|
|
Com.
Reg. No.: |
09-2015 |
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CIN
No.: [Company
Identification No.] |
L28997KL1963PLC002015 |
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TAN
No.: (Tax
Deduction & Collection Account No.) |
BLRBO1384F |
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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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|
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|
Line
of Business : |
Engaged
in manufacturing of Alkaline Batteries, Measuring Instruments, Colour Television
and Home Theatre Systems, Monitors, Black and White Television Sets, Home
Appliances and Electrocardiographs. |
RATING
& COMMENTS
|
MIRA’s
Rating : |
Ca |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and
principal sums in default or expected to be in default upon maturity |
Limited with full security |
|
Maximum
Credit Limit : |
USD
13080000 |
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|
|
|
Status
: |
Poor |
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|
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Payment
Behaviour : |
Slow and
Delayed |
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|
|
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Litigation
: |
Clear |
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|
Comments
: |
BPL, once a reputed brand in consumer durables and
entertainment electronics faces liquidity and marketing problems at present. The group faced serious problems due to differences in
family among father in law and son – in – law BPL Mobile Limited was sold to
essar group recently. The company’s payments are reported as slow and delayed.
The company continue to incur substantial losses. The company can be considered for any business dealings on
safe and secured trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
BPL
Works, Palakkad – 678 007, |
|
Tel.
No.: |
91-491-2533241
/ 42 |
|
Fax
No.: |
91-491-2535410 |
|
E-Mail
: |
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|
Website
: |
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Corporate
Office : |
Dynamic
House, 64, |
|
Tel.
No.: |
91–80–25587787 |
|
Fax
No.: |
91–80–2559
8969 |
|
|
|
|
Factory
1 : |
BPL
Works, Palakkad – 678 007, Kerala Tel.
91-491-2533241 / 42 Fax.
91-491-2535410 17th
KM Tel.
91-80-28472300 Fax.
91-80-28472577 Noida, Tel.
91-120-2562074 Fax.
91-120-2562162 Whitefield
Industrial Area, Tel.
91-80-28452652 Fax.
91-80-26687524 Tel.
91-80-26686502 Fax.
91-80-26687524 Doddaballapur,
Bangalore District – 561 203, Karnataka Tel.
91-914-223337 Fax.
91-914-223374 Dodaspet,
Tel.
91-917-234280 / 91-8118-234280 Fax.
91-917-234282 / 91-8118-234282 Plot No.
371, Phase IV, Udyog Vihar, Gurgaon,
Haryana Tel.
91-124-2347225 Fax.
91-124-2347228 11th
KM, Tel. 91-80-26582795 Fax.
91-80-26583465 Pampamballam Post, Puduserry East,
Palakkad - 678 625 Engineering & Design
Solutions, No. 238, III Phase, Tel. No.
91-80-27832328 Fax. No.
91-80-27833375 |
DIRECTORS
|
Name : |
Mr. Ajit
G. Nambiar |
|
Designation
: |
Chairman
and Managing Director |
|
Date
of Birth/Age : |
38 years |
|
Qualification
: |
BS in |
|
Experience
: |
16 years |
|
Date
of Appointment : |
02.12.1993 |
|
Previous Employment |
Managing
Director in Electronic Research Limited, |
|
|
|
|
Name : |
Mrs. Anju
Chandrasekhar |
|
Designation
: |
Director |
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|
|
|
Name : |
Mr. S.
Padmakumar |
|
Designation
: |
Director |
|
|
|
|
Name : |
Mr. K. S.
Prasad |
|
Designation
: |
Director |
|
|
|
|
Name : |
Capt. S.
Prabhala |
|
Designation
: |
Director |
|
|
|
|
Name : |
Mr. K.
Jayabharatha Raddy |
|
Designation
: |
Additional
Director |
|
|
|
|
Name : |
Mr. Suraj
L. Mehta |
|
Designation
: |
Additional
Director |
|
|
|
|
Name : |
Mr. K. S.
Jayant Kumar |
|
Designation
: |
Additional
Director |
|
|
|
|
Name : |
Mr.
Vishwanath Nambiar |
|
Designation
: |
Additional
Director |
|
|
|
|
Name : |
Mr. V. A.
Raghu |
|
Designation
: |
Director |
|
|
|
|
Name : |
Mr. M. Sudhendranath |
|
Designation
: |
Director |
|
|
|
|
Name : |
Mr. P. H.
Ravi Kumar |
|
Designation
: |
Director
(Nominee – ICICI ) |
|
|
|
|
Name : |
Mr. K
Raghuveeran |
|
Designation
: |
Company
Secretary |
|
|
|
|
Name : |
Mr. K
Muthukumaran |
|
Designation
: |
Director |
|
|
|
|
Name : |
Mr. PVK
Sundaram |
|
Designation
: |
Director |
MAJOR
SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Indian
Promoters |
15443200 |
55.77 |
|
Person
Acting in Concert |
1719802 |
6.21 |
|
Mutual
Funds and UTI |
1140550 |
4.12 |
|
Banks,
Financial Institutions and Insurance |
559210 |
2.02 |
|
Fll’s |
1700 |
0.01 |
|
Others |
300 |
0.00 |
|
Private
Corporate Bodies |
1587827 |
5.73 |
|
NRI’s/OCB’s/Foreign
Others |
277511 |
1.00 |
|
General
Public |
6959800 |
25.14 |
|
|
27689900 |
100.00 |
BUSINESS
DETAILS
|
Line
of Business : |
Engaged
in manufacturing of Alkaline Batteries, Measuring Instruments, Colour Television
and Home Theatre Systems, Monitors, Black and White Television Sets, Home
Appliances and Electrocardiographs. |
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Products
: |
|
PRODUCTION STATUS
A]
Particulars of Opening and Closing Stock of Finished Goods after adjusting
returns:
|
Products |
Opening Stock Nos. |
Closing Stock Nos. |
|
Colour Television
& Home Theatre Systems |
10460 |
-- |
|
Monitors |
2651 |
89 |
|
Electrocardiographs |
2108 |
3580 |
|
Home
Appliances |
2141 |
-- |
|
Alkaline |
283148 |
25464 |
|
Other
Bought out Products |
29514 |
-- |
B] Production
|
Particulars |
Unit |
Installed Capacity |
Actual
Production
|
|
|
|
|
|
31.03.2006 |
31.03.2005 |
|
Alkaline |
Nos. |
200000000 |
4880115 |
29699065 |
|
Colour
Television & Home Theatre Systems |
Nos. |
1800000 |
49382 |
117743 |
|
Monitors |
Nos. |
165000 |
8 |
42999 |
|
Home
Appliances |
Nos. |
120000 |
- |
181 |
|
Electrocardiographs |
Nos. |
20000 |
8414 |
16282 |
GENERAL
INFORMATION
|
No. of
Employees : |
1772 |
|
|
|
|
Bankers
: |
v
Canara Bank v
Citibank NA v
Sakura Bank v
Standard Chartered Grindlays Bank Limited v
American Express Bank v
HDFC Bank Limited v
KBC Bank NV v
ING Bank v
ABN Amro Bank NV v
Centurion Bank Limited v
ICICI Bank Limited v
Hongkong & Shanghai Banking Corporation Limited v
Bank of v
Bank of Baharin & Kuwait v
Central Bank of v
Jammu & Kashmir Bank v
Bank of Rajasthan v
Indusind Bank Limited v
UCO Bank Limited |
|
|
|
|
Facilities : |
Secured Loan Loans
from Bank – Rs. 598.029 Millions Loans
from Financial Institution – Rs. 2054.928 Millions Interest accrued
and due – Rs. 8.454 Millions Total – Rs. 2661.412
Millions |
|
|
|
|
Banking Relations : |
Moderate |
|
|
|
|
Auditors
: |
T Velu
Pillai & Company Chartered Accountants |
|
|
|
|
Associates/Subsidiaries
: |
v
BST Limited (Formerly BPL Sanyo Utilities & Appliances Limited) v
BS Refrigerators Limited (Formerly BPL Refrigeration Limited) v
BS Appliances Limited (Formerly BPL Sanyo Technologies Limited) v
BPL Engineering Limited v
Suryodaya Plastic Limited v
BPL Telecom Limited o
Manufacture of push button telephone and exchanges v
BPL Sanyo Limited v
BPL Sanyo Finance Limited v
Electronic Research Limited v
Manufacture of electronic components required for colour televisions v
Bharat EPDC Energy Private Limited v
Alpha Securities Limited v
BPL Mobile Cellular Limited (Formerly BPL Cellular Limited) v
BPL Power Projects (Kerala) Limited v
Kleer Industries Inc. ( v
Associate company through which the company is exporting computer
monitors v
SM Tech Limited (HK) v
BPL Euro Trade Limited Subsidiary : v BPL Display Devices Limited v BPL Soft Energy Systems Limited v Bharat Energy Ventures Limited v Alpha Securities Private Limited |
|
|
|
|
Joint
Venture |
v Bharat EPDC Private Limited v Kleer Industries INC. |
|
|
|
|
Other
Joint Venture: |
v Merino Finance Private limited v Electric Power Development Company
Limited v Bharat Energy Ventures Limited v Wellesley Investments Limited v Marubeni Corporation |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
50000000 |
Equity
Shares |
Rs. 10/- each |
Rs.500.000 millions |
|
17500000 |
Redeemable
Preference Shares |
Rs. 100/- each |
Rs.1750.000 millions |
|
|
Total
|
|
Rs. 2250.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
27689900 |
Equity Shares |
Rs. 10/- Each |
Rs. 276.899 Millions |
|
|
Shares Forfeited |
|
Rs. 0.009 Millions |
|
16958682 |
Redeemable
Preference Shares |
Rs. 100/- each |
Rs. 1695.868 Millions |
|
|
Total |
|
Rs. 1972.776 Millions |
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 (18 months) |
30.09.2003 (18 months) |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
2893.053 |
560.308 |
760.300 |
|
|
2]
Reserves & Surplus |
1651.511 |
3110.030 |
4007.410 |
|
|
4]
(Accumulated Losses) |
(1273.495) |
0.000 |
0.000 |
|
NETWORTH
|
3271.069 |
3670.338 |
4767.710 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1] Secured
Loans |
2661.412 |
8567.003 |
12051.640 |
|
|
2]
Unsecured Loans |
0.000 |
3.051 |
350.420 |
|
TOTAL
BORROWING
|
2661.412 |
8570.054 |
12402.060 |
|
|
|
|
|
|
|
TOTAL
|
5932.481 |
12240.392 |
17169.770 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
1937.531 |
4030.557 |
4806.022 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
2771.863 |
2768.585 |
3400.983 |
|
DEFERREX TAX ASSETS
|
750.612 |
750.611 |
749.910 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
257.080
|
433.552
|
1160.477 |
|
|
Sundry Debtors
|
177.308
|
648.488
|
1544.705 |
|
|
Cash & Bank Balances
|
137.775
|
11.817
|
31.344 |
|
|
Loans & Advances
|
1409.098
|
6050.269
|
6416.654 |
Total Current Assets
|
1981.261
|
7144.126
|
9153.180 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities & Provisions
|
1508.786
|
2782.141
|
1461.476 |
|
|
|
0.000
|
0.000
|
0.964 |
Total Current Liabilities
|
1508.786
|
2782.141
|
1462.440 |
|
Net
Current Assets
|
472.475
|
4361.985
|
7690.740 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
328.654 |
522.115 |
|
|
|
|
|
|
|
TOTAL
|
5932.481 |
12240.392 |
17169.770 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 (18 months) |
30.09.2003 (18 months) |
Sales Turnover [including other income]
|
4967.610 |
4168.958 |
9744.110 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
(2586.836) |
(741.110) |
(2879.560) |
Provision for Taxation
|
145.178 |
(0.700) |
(733.780) |
Profit/(Loss) After Tax
|
(2732.014) |
(740.410) |
(2145.780) |
|
|
|
|
|
Export Value
|
32.001 |
287.706 |
1406.900 |
|
|
|
|
|
Import Value
|
168.384 |
466.391 |
NA |
|
|
|
|
|
Total Expenditure
|
4436.969 |
6280.385 |
12623.660 |
SUMMARISED
RESULTS
|
PARTICULARS |
|
|
30.06.2007 Full Year |
|
Sales
Turnover |
|
|
1122.100 |
|
Other
Income |
|
|
106.400 |
|
Total
Income |
|
|
1228.500 |
|
Total
Expenditure |
|
|
1197.500 |
|
Operating
Profit |
|
|
31.000 |
|
Interest |
|
|
116.100 |
|
Gross
Profit |
|
|
(85.100) |
|
Depreciation |
|
|
210.800 |
|
Tax |
|
|
5.500 |
|
Reported
PAT |
|
|
(301.400) |
KEY
RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 (18 months) |
30.09.2003 (18 months) |
|
Debt
Equity Ratio |
1.87 |
2.49 |
1.87 |
|
Long Term
Debt Equity Ratio |
1.31 |
1.50 |
1.14 |
|
Current
Ratio |
1.24 |
1.42 |
1.59 |
|
TURNOVER
RATIOS |
|
|
|
|
Fixed
Assets |
0.27 |
0.43 |
1.00 |
|
Inventory
|
3.95 |
3.67 |
3.74 |
|
Debtors |
3.31 |
2.67 |
3.94 |
|
Interest
Cover Ratio |
6.00 |
(51.65) |
(0.31) |
|
Operation
Profit Margin (%) |
62.96 |
(45.73) |
(0.37) |
|
Profit
Before Interest and Tax Margin (%) |
39.37 |
(60.01) |
(6.66) |
|
Cash
Profit Margin (%) |
35.67 |
(46.88) |
(14.78) |
|
Adjusted
Net Profit Margin (%) |
12.08 |
(61.16) |
(21.07) |
|
Return on
Capital Employed (%) |
0.00 |
(12.30) |
(2.79) |
|
Return on
Net Worth (%) |
0.00 |
(46.66) |
(26.89) |
STOCK
PRICES
|
Face Value |
Rs.10.00 |
|
High |
Rs.59.30 |
|
Low |
Rs.56.00 |
LOCAL
AGENCY FURTHER INFORMATION
History:
The company was promoted by T P G Nambiar. Other group
companies include Electronic Research, BPL System and Projects, BPL Sanyo,
Dynamic Electronics, etc. The company came out with public issue in March,
1994. The products manufactured by the company include Televisions, Test and
Measuring Equipments, Medical Electronic Equipments and Office Automation
products. The technical tie up with
The company was granted
recognition as an export house in 1993. It had won the Elcina award (1991-1992)
for export of electronic equipment like color TVs, oscilloscopes, and copiers,
PCBs etc. to competitive market of GCA countries. Nokia phones has appointed
the company as local distributor in
The company was awarded the Certification of Merit for outstanding
export performance in consumer electronics from the Export Promotion Council in
the year 1995-1996. In 1996-1997, the company successfully completed an exports
oriented project for manufacture of alkaline batteries at a cost of Rs.1200.000
millions at Dodaspet, Tumkur District,
In 1998-1999, BPL Automation, one of the subsidiaries of the
company was amalgamated with the company. The amalgamation benefited the
company in the terms of better control over the affairs of plastic moulding and
tool room division.
The company created direct customer relationship through the
Internet and is developing build-to-build manufacturing by sharing on-line data
with supplier and dealers.
The company is
The company acquired 20.000 million equity shares of BPL PTI
Limited, which was engaged in the manufacturing and marketing of dry cell
batteries. This company is now a subsidiary of the company with effect from
August, 2000.
Milestone
1963
The company was
incorporated as a private limited company and was promoted by TPG Nambiar. It
was promoted in technical and financial collaboration with BPL Instruments
Limited.,
1979
Permission was obtained for manufacture of plain paper
copiers in technical collaboration with Gestaner
1982
The company diversified
into consumer electronics field, colour television receivers, black and white
TV receivers, videocassette recorders etc. The products are marketed under the
brand name `BPL'.
1994
176,00,000 No. of equity
shares held by promoters. During March 1994, the Company offered 82,00,000 No.
of equity shares of Rs 10 each for cash at a prem. of Rs 105 per share as follows:
(i) on firm allotment basis: 75,000 shares to promoters, directors, friends
etc.; (ii) 10,00,000 shares to UTI/ICICI/SCICI. Another 2,00,000 shares issued
in preferential allotment basis to employees. (Only 1,97,600 shares taken up).
Balance 69,25,000 shares along with 2,400 shares not taken up by employees
issued to public. In addition 9,00,000 shares were issued at a premium of Rs
155 per share to FIIs on firm allotment basis.
1995
The company has embarked on the export-oriented project for
manufacture of Alkaline Batteries.
The Company undertook the modernisation-cum-Expansion
Project at its TV manufacturing facilities at Hoskote and Arakera and PCB
manufacturing facility at Doddaballapur. It has its capacity to manufacture 0.4
million nos. of CTVs. It was proposed to introduce TVs with additional superior
features as per requirement and customer preferences.
Machineries were to be procured from Asia Matsushita
Electronic (C) Private,
10,00,000 No. of equity shares of Rs 10 each at a premium of
Rs 120 per share allotted to warrant holders, Rs 30 per shares called up (F.V.
called up Rs 2.50, premium called up Rs 27.50.).
1996
The company has embarked on the export-oriented project for
manufacture of eco-friendly Alkaline Batteries. A state-of-the-art fully
automated production facility is being set up at a new location in Dodaspet,
Tumkur District, Karnataka.
1997
BPL Automatics Limited. and UPTRON Colour Picture Tubes
Limited. are the subsidiary companies of the company.
The Company launched Alkaline batteries in Indian market in
August. The Batteries are sold in
BPL has struck a deal with Hindustan Lever (HLL) by offering
four kilos of International Surf Excel free with the purchase of a top loading
BPL washing machine.
The Karnataka government accorded approval to BPL Limited to
start a manganese dioxide battery unit, in collaboration with an Indonesian
firm, at Somanahalli in Mandya district.
The company has been awarded the first prize for growth in
exports in the consumer electronics category for 1995-1996.
The company has entered into a 50:50 joint venture with PT
International Chemical Industries Co Limited of
The electronic consumer major BPL Limited has entered into
an alliance with Korean Heavy Industries and Construction Limited for its power
project at Ramagundam in Andhra Pradesh.
The company connect has launched a cross-border paging
service called `Connect Overseas', connecting UAE with Kerala. The company has
launched the new value-added service in association with Motorola and the UAE
based Memo Express and Global Net.
1998
Earlier, in October 1994, BPL and the Andhra Pradesh State
Electricity Board signed a PPA, which has been revised. The date of
commissioning of the project has been set for July 2000.
The Company launched new cooking range incorporating Italian
technology; the company also introduced two new models of ultra-sound scanners
embodying the latest technology and three new models of electrocardiographs with
advanced technology.
The company is entering into a manufacturing and marketing
alliance with an undisclosed colour TV maker based in
BPL Mobile has introduced three new models with hands free
kits in the
BPL Mobile has introduced the mobile long distance (MLD)
facility, by which a subscriber can call over 40 destinations in Tamil Nadu at
the rate lower than department of telecommunications (DoT) charges.
The company launched its latest range of products, in
BPL Automation Limited one of the subsidiaries of the
company became a wholly owned subsidiary of the company on 21st
July.
50,00,000 redeemable pref. shares of Rs 100 each issued.
1,00,000 No. of equity shares of Rs 10 each (prem. of Rs 130 per shares) issued
on conversion of warrants.
1999
BPL Mobile is introducing the mobile on the spot prepaid
card with an over the air customisation facility in Tamil Nadu.
Consumer electronics major BPL and Microsoft, Corporation
India Private Limited have formed a joint strategic initiative to provide interactive
voice response, computer telephony and call centre applications.
BPL, the consumer electronics and telecom major, has entered
into a memorandum of understanding (MoU) with RITES, a public sector company
under the ministry of railways, to form a joint venture company to build a
broad band telecom network under the liberalised telecom policy.
Bajaj Auto Finance has entered into a tie-up with BPL to
finance the later's white goods and their customer durables.
2000
The company announced the launch of bplnet.com, its Internet
business. It will be offered under group company, BPL Innovation, the group's
arm that is into information technology and the Internet business.
The company has launched Oyeindia.com, a youth portal that
will provide a platform for youth to converge, communicate, consult and
connect.
BPL has set up a think-tank comprising of senior officials
of the company, to look into strategic planning and provide a roadmap for BPL's
future journeys into a converging world.
BPL is set to launch its front-loading, fully computerised
washing machine range.
The company, the holding company of BPL Group, is set to
launch BPL Digital, a new premium colour television brand, heralding the
convergence of internet and cellular services with the entertainment
electronics industry.
The company will tie up with either Bang and Olufsen of
Denmark or Loewe of Germany, leading European designer CTV lables, to roll out
BPL Digital in 29, 32 and 34-inch screen sizes.
BPL Mobile has launched `Mumbai on
BPL Mobile Roam free, the first roaming service to be
launched in Kerala, will be available in
BPL Mobile, one of the two cellular phone service providers
in Tamil Nadu has tied up with ICICI Bank to enable its subscribers to access
their ICICI Bank account through its `Mobile Internet' service.
The company’s Innovation group had entered into an agreement
with more than 300 cable TV operators of Thrissur to form a joint venture
company.
The company has launched a high-end audio entertainment
brand called Pro-Fix with the technology from Denon of Japan, world leaders in
high-end digital audio.
The company has decided to rename one of its group
companies, BPL Sanyo Technologies Limited, as BST Limited.
The company has tied up with Denon of Japan who are world
leaders in high-end digital auditor for PRO FX, an entertainment brand promoted
by BPL.
The company has issued and allotted 4,000,000 Cumulative
Redeemable Preference Shares of Rs. 100/- each, to certain Institutions/Bank on
a private placement basis, consequent to which, the Preference Share Capital of
the Company has increased to Rs. 900.000 millions from Rs. 500.000 millions.
bplnet.com, the Internet company of the Nambiars-promoted
BPL group, launched its Internet access services in
BPL Mobile has bagged the gold medal for corporate image at
the annual International Advertising Festival of Montreux, one of the leading
advertising festivals of Europe, held in
The company has informed that, BPL PTI Limited. has become a
subsidiary of the company effective from 16th August, consequent to the
transfer of 2,00,00,000 No. of equity shares of Rs. 10 each.
BPL Mobile launched
BPL has introduced a high-end audio entertainment brand,
" PRO FX".
BPL Telecom Limited the networking and information
technology arm of BPL Limited, has deployed earth stations for digital video
broadcast using the 4:2:2 compression technique.
BPL Telecom Limited, the information technology and
networking arm of BPL Limited., has commissioned 19 `C' category Internet nodes
spread in all district headquarters in Andhra Pradesh in a record of 20 days.
2001
Launches an `e' initiative with a view to convert itself into
an extended enterprise.
Government's announcement to award licences for the fourth
cellular operator,
BPL Mobile has introduced Mobile Select, an innovative
product for the premium user segment.
BPL has entered into a lease arrangement with Konkan Railway
Corporation Limited for two pairs of optical fibre cables for the proposed
backbone in the south-western region.
The company has allotted secured redeemable NCDs of Rs
10.000 Millions have been allotted to various banks/financial institutions on
private placement basis.
2001
The BPL Group will merge to create the biggest cellular
company in the country before the end of the current calendar year. Sources
said that leading accountancy and consultancy firm Arthur Andersen is
undertaking a valuation of all the cellular circles of BPL to facilitate the
big bang merger.
BPL chairman and managing director Ajit G Nambiar said that
expansion in the global market through acquisition of manufacturing units and
even a foreign brand will be its key strategy to beat the economic recession.
In a crucial move, BPL is planning to have a 50:50 joint
venture with its technical collaborator Sanyo for its home appliances business.
The $20-billion Japanese major will now become a management partner
--BPL-Batata combine plans IPO by year-end. The new entity, to be formed
following the merger of BPL and the Tatas-Birla-AT&T, is likely to go
public by the year-end. They are contemplating an IPO by Christmas, which may
be a combination of domestic and international offerings.
The company has tied up with Bangalore-based Forsee
Multimedia and a New Delhi-based company to develop touch screen kiosks
The board of the BPL Limited has cleared the organisation
wide restructuring, which includes divestment from group companies' equity,
financial reengineering and rightsizing the organisation.
BPL Communications has finally pulled out of the consortium
comprising Sterling Infotech, Tycom and Century Tel bidding for VSNL
divestment.
2002
Seeked help of Ambit Finance Limited as its exclusive
strategic and financial adviser for its restructuring
The company’s home appliances division has launched
innovative Direct Cool Fridges catering to the mass market DC segment with the
lauch of its new models.
BPL released its new pretty roaming products in the market.
BPL Telecom and Ericsson has joined hands together to
distribute its range of enterprise products in
BPL-Sanyo's proposed 50:50 tie up in the home appliances
business seems to be uncertain with Sanyo's expecting control stake in the tie
up
Deepak Varma has been made the president and chief executive
officer (CEO) of BPL Mobile communications' Mumbai operations.
The Supreme Court dismissed a special leave petition (SLP)
filed by the Mauritius-based CDC Financial Services one of the investors in BPL
Communications.
Telecom software company Subex Systems Limited has entered a
contract with BPL Mobile to deploy its fraud management system, Ranger.
The company has launched CARDIART 6208 multi channel thermal
array recorder, Nebulisers that cater to asthmatic patients at clinics,
hospitals and especially for home use.
The company has developed a new sub-branding and market
segmentation strategy.
BPL Mobile has tied up with Indiatimes, the Times of India
group.
Launches its mega consumer promotion to leverage the
expected World Cup Football sales upswing. The promotion branded 'BPL Colours
of Brazil Shootout, is aimed at creating excitement around BPL Colour
Televisions, encashing on the World Cup Football fever.
BPL's prepaid cellular service ability (branded `mots') at
any of the bank's 1000 plus ATMs across the nation.
BPL Mobile has launched,`Follow Me' service that enables all
pre-paid users partial roaming facilities.
The BPL has made sales of 0.338 Millions units of colour
televisions in the first four months of calendar year 2002.
Mr. Viswanath Nambiar has been co-opted as an Additional Director
The BPL Mobile and Citibank have joined hands to launch
real-time mobile commerce application - electronic recharges for BPL Mobile
Mots (pre-paid) subscribers.
Bharti Cellular launched its low-tariff Airtel mobile
services in the city, the rivals BPL Mobile and
Idea Cellular has tied up with Hutch and BPL which will
offer reduced roaming airtime rates.
BPL Mobile and Navinmail jointly introduced two new products
using the voice messaging platform-miVoice and MAPS (mobile answer phone
service)-on 'Mots', the pre-paid card service of BPL Mobile.
BPL Mobile has launched the latest mobile messaging
technology, multimedia-messaging service (MMS) in Mumbai.
Introduces Multimedia Messaging Service (MMS) in Mumbai city
BPL Mobile has launched new airtime rates for its pre-paid
service both for Mots and Mots Roam free.
Mr. V A Raghu appointed as nominee Director w.e.f. 30.09.
2002.
BPL Mobile and TeliVoice, a Sabeer Bhatia promoted company,
have globally introduced the Mobile Answer Phone Services (MAPS) for MOTS
(mobile on the spot) subscribers of BPL.
Proposed merger of Idea Cellular with BPL Mobile falls
through
2003
The properties of the BPL group promoters TPG Nambiar and
his son Ajit Nambiar have been attached through a conditional interim order
passed by the city civil judge,
Mr M Sasi has been appointed as Director (Finance and
Corporate Planning) of the company (without any remuneration) for a period of
two years, with immediate effect.
Unveiled laptops under the BPL brand and is likely to grow
by 50 per cent this year.
Unit Trust of
Mr. Sundararaman appointed as head-operations of its
automation division
BPL has launched its range of color TV - i-Sort.
BPL and
2004
For starters, the
company's old-timer and CEO KS Jayanth Kumar has stepped down from full time
service effective 31.12.2003
Certification:
The company has been accredited with ISO 9002 Certification.
Collaboration:
The company has collaboration with :
·
Sanyo Electric Company Limited,
·
Sanyo Excell Company Limited,
·
Tattori Sanyo Electric Company Limited,
Fixed Assets:
The
company’s fixed assets of important value include land, buildings, plant and
machinery, furniture and fixtures, vehicles, research and development assets.
Business Overview:
The Company undertook a comprehensive financial and business restructuring to
revive its business. Accordingly, a restructuring scheme was submitted to
Corporate Debt Restructuring (CDR) Cell set up by the Reserve Bank of
In order to meet the amount required for meeting the commitments under the
approved Scheme of Arrangement, the Company had proposed to raise funds from a
foreign investor. However, to save on the interest cost and servicing
obligations on this loan and to help in faster revival of the Company, the
promoters have infused Rs. 920.000 Millions. As approved by the shareholders in
the Extra Ordinary General Meeting on 30.03. 2006, allotment of 1,70,00,000
equity shares of Rs. 10/- each, at a premium of Rs. 33.020 per share
aggregating to Rs. 731.300 Millions pursuant to the SEBI Guidelines for
Preferential Issues and after obtaining the necessary clearances has been
completed. As a result, the paid up equity share capital has gone up by Rs.
170.000 Millions.
In view of the continued working capital shortage, the Company could not
operate at optimum level and hence, turnover was at Rs. 1350.200 Millions and
resulted in a loss of Rs.2732.000 Millions for the year ended 31.03.2006. In
order to address the working capital requirements and to meet certain capital
expenditure required for reviving the operations of the residual units, the Company
is in advanced stage of discussion with certain bankers. The Directors are
unable to recommend any dividend, in view of the absence of profits for the
period under review.
The Directors are confident that with the completion of restructuring exercise
coupled with the new initiatives in raising funds for operations, the Company
will be in a position to revive its operations in a more efficient and cost
effective manner, making optimum utilization of all its available
resources.
Industry structure & developments:
In line with the substantial growth registered by the Health Care Industry
during 2005-2006, this Business Group also put all efforts to keep pace with
the industry. Gynaecology and Home Care segments recorded an impressive growth;
of 44% and 23% respectively during the period under review.
Though the limitations in enhancing the Working Capital had pulled back in over
all growth, this Group could register substantial growth in both value as well
as market share in major segments like Cardiology, Gynaecology and Home Care.
This Group had introduced new products in Patient Monitoring and Gynaecology to
offer a wide range to the end users. The Company currently is addressing
Cardiology, Patient Monitoring, Gynaecology and Home Care and planning to enter
anesthesiology and dentistry.
Opportunities and Threats:
BPL continues to be the leader in ECG, Defibrillator segments of Cardiology and
is poised to achieve the same position in Gynaecology as well. The future of
this Industry is very positive and BPL believes that it can take a major share
from this projected business by addressing markets both in
Outlook:
A host of new products have been lined up to consolidate their position in
Cardiology, Patient Monitoring and Gynaecology.
BPL is planning to leverage its brand equity in Home segment by extending Home
Health Care Products to the Indian middle class families, thereby enhancing the
turnover multifold in the immediate future.
AUTOMATION BUSINESS GROUP
Industry structure & developments:
The operations of this Group was adversely affected due to working capital
constraints, and the turnover has actually dropped by 10% during the year. The
joint venture Company with SANYO has placed orders for CTV cabinets and the
Group has received orders for export of CTV cabinets also. The demand from the
automobile and non-automobile sectors has also increased, which could not be
fully met due to working capital constraints.
Opportunities and Threats:
The Company is continuing to face constraints of working capital and higher
attrition. Efforts are continuing to address these concerns and to handle them
effectively and achieve its projected revenues.
Outlook:
This Group is targeting to offer one stop 'art to part solutions' to its wide
range of customers and is also planning to address the tool requirements of
European and American countries.
PCB BUSINESS:
Industry structure & developments:
Excess capacity in the industry has resulted in pressure on profitability as
well as business expansion. However, the Company's quality has been a scoring
point to continue to increase business with the existing customers as well as
to add new customers. Working capital shortage has to a certain, extent
affected the optimal operations of this Group.
Outlook:
To meet the demands of the customers, the required replacements to the plant
and introduction of multi layered PCBs and other new lines are being explored.
The Group is actively pursuing options to increase the capacity utilization of
the plant to increase the profitability.
ALKALINE
Industry structure & developments:
In this industry also, there is an excess capacity on worldwide basis. Alkaline
batteries do not have a large market in
Opportunities and Threats:
Their product samples have been approved by several large super market chains
abroad as well as well known brands from Europe for production under their, own
brand.
Outlook:
Efforts are being made to negotiate with the existing and the new customers for
better realization to offset the raw material price increase. This is expected
to improve the plant capacity utilization and improve the profitability.
FINANCIAL PERFORMANCE AND ANALYSIS
Share Capital:
The paid up Equity Share capital of the Company as on 31.03.2006 stood at Rs.
276.900 Millions comprising 2,76,89,900 equity shares of Rs.10/- each fully
paid up. The Company has a paid up Preference Share Capital of Rs. 1695.900
Millions as on 31.03.2006 consisting of 1,69,58,682 shares of Rs.100/- each.
The Reserves of the Company reduced from Rs. 3110.000 Millions in 2003-2005 to
Rs.1650.000 Millions.
CHANGE IN CAPITAL:
The Preference Share Capital increased to Rs. 1695.900 Millions as a result of
allotment of new preference shares in terms of the approved Scheme of
Arrangement.
CMT
REPORT [Corruption,
Money laundering & Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED PARTY
No
exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.40 |
|
|
1 |
Rs.85.33 |
|
Euro |
1 |
Rs.57.18 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
4 |
|
OPERATING
SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
- |
|
--LEVERAGE |
1~10 |
- |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT
LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
22 |
This
score serves as a reference to assess SC’s credit risk and to set the amount of
credit to be extended. It is calculated from a composite of weighted scores
obtained from each of the major sections of this report. The assessed factors and
their relative weights (as indicated through %) are as follows:
Financial condition (40%) Ownership background
(20%) Payment record (10%)
Credit history (10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the
strongest capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy.
General unfavourable factors will not cause fatal effect. Satisfactory
capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight
in credit consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal
sums in default or expected to be in default upon maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be
exercised |
Credit not recommended |