MIRA
INFORM REPORT
|
Report Date : |
22.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
BS TRANSCOMM LIMITED (w.e.f. 07.02.2008) |
|
|
|
|
Formerly Known
As : |
B.S. STEELS AND MINERALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
8-2-269/10, # 504, 5th Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
07.01.2004 |
|
|
|
|
Com. Reg. No.: |
01-42375 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.218.787
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27109AP2004PLC042375 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDB02125E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCB3170F |
|
|
|
|
Legal Form : |
A Public Limited Liability Company, Company's Shares are Listed on
Stock Exchange |
|
|
|
|
Line of Business
: |
Manufacturer of Telecom and Transmission related Towers. |
|
|
|
|
No. of Employees
: |
309 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 13000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine track. The company
is doing well. Trade relations are reported as fair. Business is active.
Payments are reported to be correct and as per commitments. The company can be considered normal for 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
8-2-269/10, # 504, 5th Floor, |
|
Tel. No.: |
91-40-66666204 / 205 / 206 / 66546720 / 44558888 |
|
Fax No.: |
91-40-66666205 / 66667268 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Unit I : |
Survey No.82-83,
92-95 and 107, NH 7, |
|
|
|
|
Unit II : |
Survey No: 41, |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Rajesh Agarwal |
|
Designation : |
Chairman and Managing Director |
|
Address : |
D-103,
|
|
Date of Birth/Age : |
30.10.1970 |
|
Date of Appointment : |
07.02.2008 |
|
|
|
|
Name : |
Mr. Rakesh Agarwal |
|
Designation : |
Managing Director |
|
Address : |
D-103,
|
|
Date of Birth/Age : |
20.05.1975 |
|
Date of Appointment : |
07.02.2008 |
|
|
|
|
Name : |
Mr. Mukesh Agarwal |
|
Designation : |
Whole Time Director |
|
Address : |
D-103,
|
|
Date of Birth/Age : |
27.12.1977 |
|
Qualification : |
B.com |
|
Date of Appointment : |
07.02.2008 |
|
|
|
|
Name : |
Dr. Subrata Kumar De |
|
Designation : |
Independent Director |
|
Address : |
AM Bonneshof, 30, Golzheim, |
|
Date of Birth/Age : |
30.06.1952 |
|
Qualification : |
M.Sc(EEE), Ph.D(EEE) |
|
Date of Appointment : |
01.02.2008 |
|
|
|
|
Name : |
Mr.
Mahesh Khera |
|
Designation : |
Independent Director |
|
Address : |
343,
Sector – 29, Noida – 201 303, |
|
Date of Birth/Age : |
20.03.1952 |
|
Date of Appointment : |
29.06.2009 |
|
|
|
|
Name : |
Mr.
Kapil Kathpalia |
|
Designation : |
Independent Director |
|
Address : |
C-618,
New Friends Colony, |
|
Date of Birth/Age : |
04.06.1960 |
|
Date of Appointment : |
29.06.2009 |
|
|
|
|
Name : |
M.
S. S. Sastry |
|
Designation : |
IDBI
Nominee Director |
KEY EXECUTIVES
|
Name : |
Mr. Subbaiah Raman |
|
Designation : |
Secretary |
|
Address : |
1-8-430/11/1, Chikkadpally, |
|
Date of Birth/Age : |
12.05.1967 |
|
Date of Appointment : |
08.04.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
13,549,000 |
61.93 |
|
|
568,000 |
2.60 |
|
|
568,000 |
2.60 |
|
|
14,117,000 |
64.52 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
14,117,000 |
64.52 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2,890 |
0.01 |
|
|
2,890 |
0.01 |
|
|
|
|
|
|
4,100,307 |
18.74 |
|
|
|
|
|
|
1,903,883 |
8.70 |
|
|
1,633,440 |
7.47 |
|
|
121,140 |
0.55 |
|
|
6,000 |
0.03 |
|
|
77,003 |
0.35 |
|
|
38,137 |
0.17 |
|
|
7,758,770 |
35.46 |
|
Total Public shareholding (B) |
7,761,660 |
35.48 |
|
Total (A)+(B) |
21,878,660 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
21,878,660 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Any OtherBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Telecom and Transmission related Towers. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Installed Capacity (As certified by the Management and relied upon by the auditors being
a technical matter) |
Year
Ended 31.03.2011 |
|
Towers Manufacturing ** |
120000* |
|
Integrated Structural Mill (Tonnes per annum) |
90000* |
|
Actual
Production |
79173 |
* The Products manufactured by the company
are under De-licensed category.
** Galvanizing Unit for 84000 MTPA is under
commissioning.
GENERAL INFORMATION
|
No. of Employees : |
309 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of ·
State Bank of · IDBI Bank · Axis Bank · Punjab National Bank · Syndicate Bank ·
State
Bank of · ICICI Bank ·
State
Bank of |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
* Includes Rs.116.600 millions Due within 12 months (Previous Year Rs.189.933 millions.)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P. Murali and Company Chartered Accountants |
|
Address : |
6-3-655/2/3, Somajiguda, |
|
Tel. No.: |
91-40-23326666/ 23312554/ 23393967 |
|
Fax No.: |
91-40-23392474 |
|
|
|
|
Subsidiaries : |
·
BS Infratel Limited CIN No.: U74900AP2008PLC059595 ·
Sugan Automatics Private Limited CIN No.: U29309AP1993PTC016707 |
|
|
|
|
Concerns in
which Key management personnel have substantial interest - (significant interest entities) : |
·
Shivganga Infrastructures Limited ·
Agarwal Developers ·
I-Vantage India Private Limited ·
I-Vantage Apac Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21878660 |
Equity Shares |
Rs.10/- each |
Rs.218.787
millions |
(Includes 6,892,600 Fully Paid equity shares of Rs.10/- each allotted as
Bonus shares in the ratio of 1:1 out of Securities Premium account during
2007-08)
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
218.787 |
141.993 |
141.993 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3007.015 |
694.385 |
453.776 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3225.802 |
836.378 |
595.769 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2039.254 |
1668.426 |
826.511 |
|
|
2] Unsecured Loans |
1.090 |
354.630 |
5.030 |
|
|
TOTAL BORROWING |
2040.344 |
2023.056 |
831.541 |
|
|
DEFERRED TAX LIABILITIES |
46.329 |
42.144 |
4.549 |
|
|
|
|
|
|
|
|
TOTAL |
5312.475 |
2901.578 |
1431.859 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1047.624 |
1056.823 |
283.332 |
|
|
Capital work-in-progress |
479.396 |
20.256 |
255.555 |
|
|
|
|
|
|
|
|
INVESTMENT |
28.474 |
28.308 |
5.960 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1019.272
|
538.725
|
285.045 |
|
|
Sundry Debtors |
3067.287
|
2175.262
|
981.795 |
|
|
Cash & Bank Balances |
216.224
|
90.139
|
30.247 |
|
|
Other Current Assets |
32.336
|
12.179
|
5.989 |
|
|
Loans & Advances |
1023.060
|
403.558
|
147.972 |
|
Total
Current Assets |
5358.179
|
3219.863
|
1451.048 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
948.534
|
1156.291
|
339.502 |
|
|
Other Current Liabilities |
599.192
|
229.189
|
86.952 |
|
|
Provisions |
129.508
|
48.212
|
146.391 |
|
Total
Current Liabilities |
1677.234
|
1433.692
|
572.845 |
|
|
Net Current Assets |
3680.945
|
1786.171
|
878.203 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
76.036 |
10.020 |
8.809 |
|
|
|
|
|
|
|
|
TOTAL |
5312.475 |
2901.578 |
1431.859 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
||
|
|
SALES |
|
|
|
||
|
|
|
Net Sales |
8719.718 |
5210.711 |
3372.582 |
|
|
|
|
Other Income |
21.000 |
10.247 |
5.924 |
|
|
|
|
TOTAL (A) |
8740.718 |
5220.958 |
3378.506 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Materials Consumed |
1979.373 |
2611.808 |
2815.946 |
|
|
|
|
(Increase)/ Decrease in Stock |
(41.349) |
(171.938) |
(31.021) |
|
|
|
|
Other Manufacturing Costs and Turnkey
Costs |
5234.242 |
2031.507 |
117.544 |
|
|
|
|
Personnel Cost |
207.104 |
71.917 |
44.564 |
|
|
|
|
Administrative Expenses |
66.181 |
32.008 |
|
|
|
|
|
Selling and Distribution Expenses |
36.382 |
37.314 |
|
|
|
|
|
Public Issue Expenses Written Off |
19.009 |
0.000 |
0.000 |
|
|
|
|
Prior Year’s Adjustments – net |
0.000 |
0.346 |
(0.377) |
|
|
|
|
TOTAL (B) |
7500.942 |
4612.962 |
3026.666 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1239.776 |
607.996 |
351.840 |
||
|
|
|
|
|
|
||
|
Less |
INTEREST &
FINANCIAL CHARGES (D) |
343.853 |
186.410 |
126.111 |
||
|
|
|
|
|
|
||
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
895.923 |
421.586 |
225.729 |
||
|
|
|
|
|
|
||
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
130.091 |
55.338 |
33.883 |
||
|
|
|
|
|
|
||
|
|
PROFIT BEFORE TAX
(E-F) (G) |
765.832 |
366.248 |
191.846 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
255.390 |
125.639 |
67.528 |
||
|
|
|
|
|
|
||
|
|
PROFIT AFTER TAX
(G-H) (I) |
510.442 |
240.609 |
124.318 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
534.681 |
294.072 |
169.754 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Proposed Dividend |
21.879 |
0.000 |
0.000 |
|
|
|
|
Corporate Dividend Tax |
3.634 |
0.000 |
0.000 |
|
|
|
BALANCE CARRIED TO
THE B/S |
1019.610 |
534.681 |
294.072 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) Basic Diluted |
23.33 29.06 |
16.95 16.95 |
8.97 8.97 |
||
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
2322.170 |
2416.520 |
|
Total Expenditure |
|
1979.610 |
2070.130 |
|
PBIDT (Excl OI) |
|
342.560 |
346.390 |
|
Other Income |
|
2.650 |
3.220 |
|
Operating Profit |
|
345.210 |
349.610 |
|
Interest |
|
98.060 |
134.450 |
|
Exceptional Items |
|
(4.750) |
(4.750) |
|
PBDT |
|
242.400 |
210.410 |
|
Depreciation |
|
31.570 |
31.710 |
|
Profit Before Tax |
|
210.830 |
178.700 |
|
Tax |
|
70.100 |
59.300 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
140.730 |
119.400 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
140.730 |
119.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.84
|
4.61
|
3.68 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.78
|
7.03
|
5.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.96
|
8.56
|
11.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.44
|
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.15
|
4.13
|
2.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.19
|
2.25
|
2.53 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
The registered office of the company has been shifted from
REVIEW OF OPERATIONS
During
the Financial Year 2009-10, the Company has seen the revenue increasing to
Rs.8740.700 millions from Rs.5221.000 millions in 2009-10, a rise of 67%. The
EBIDTA has increased to Rs.1239.800 millions as against Rs.608.300 millions in
the year 2009-10 and PBT of the Company has increased to Rs.765.800 millions
during the year as against Rs.366.200 millions in 2009-10.
EBIDTA margins
have increased to 14.18% of Total Income resulting from increased margin due to
backward integrated structural mill which had full year of commercial
production and also due to increase in Turnkey revenue.
The Company is also quoting for various
Tenders based on BOOM model of business and in this regard the Company has
already invested in one Special Purpose Vehicle (“SPV”) by name Raichur
Sholapur Transmission Company Limited. The BOOM project Cost is worth
Rs.3000.000 millions. The investment
of the Company in the SPV would be Rs.204.400 millions and the total supplies to emanate from
the Company would be to the tune of Rs.1420.000 millions inclusive of towers and bought out
items which will be awarded to the competitive bidder. The revenues in this
project are on sharing basis with other partners and the same are spread over a
period of 35 years.
During the year,
the Company has successfully completed its IPO raising in all, a sum of
Rs.1904.400 millions to repay
loans taken for Phase I of capacity expansion and also to complete the Phase
II, which is under progress and the same is expected to be completed by
December, 2011.
BUSINESS REVIEW AND FUTURE OUTLOOK
The
Company seeks to position itself as an Infrastructure provider to Power and
Telecom and offer end to end technology solutions and Turnkey services for the
Infrastructure Sector.
The Company presently offers Turnkey Services/ EPC services for Power and Telecom Sectors with an integrated business model.
The Company has forayed
into BOOM projects and has bagged a project from REC in global tariff based
competitive bidding for laying of a 765KV transmission system from Raichur to
FORAY INTO INTERNATIONAL MARKETS IN TELECOM
INFRASTRUCTURE AND POWER TRANSMISSION SECTORS
The Company has
plans to foray into overseas markets for offering Passive telecom
infrastructure solutions and Turnkey services.
SUBSIDIARY COMPANIES AND JOINT VENTURES
B S INFRATEL LIMITED
BS
Infratel Limited has been incorporated for the purposes of providing passive
infrastructure services to Telecommunication service providers. B S Infratel
Limited is yet to commence commercial transactions.
SUGAN AUTOMATICS PRIVATE LIMITED
Sugan
Automatics Private Limited (SAPL) is currently carrying on the business of
manufacturing, designing and development of products for remote management of
telecommunication infrastructure, energy management solutions for the telecom
sector and the utilities segments. The Company has acquired a majority stake
(63.25%) in SAPL during the year. SAPL has made a PAT of Rs.0.123 million
during the Financial Year 2009-10.
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMY AND MARKET TRENDS
INDUSTRY STRUCTURE AND DEVELOPMENTS
Power industry
Power generation :
The target power
of 78,700 MW and 100,000 MW during the 11th and 12th Five Year Plans was
facilitated by 60% of the power generation capacity addition coming from the private
sector. The huge projected addition to power generation capacity opens up
opportunities for specialist companies in tower supply or turnkey players who
provide services from tower design to erection.
Transmission and Distribution (T and D)
Telecommunication
industry
The Indian telecommunication
industry is among the fastest growing industries in the world with a subscriber
base of 806.13 million connections (including 752.20 million wireless
connections) as in January 2011 and likely to be catalysed by third-generation
(3G) and broadband wireless access (BWA) spectrum. The Indian tele-density
touched 66.17% with urban and rural tele-densities being 148% and 31.22%
respectively.
The private sector
accounts for about 84.60% of the total telephone connections as on December,
2010 as against a mere 5% in 1999.The number of telecom operators in the
country increased to 15. The telecommunications sector attracted a foreign
direct investment of USD 1.33 billion during April-January 2009-10 with a
cumulative inflow of USD 10.26 billion between April 2000 and January 2011.
In the Twelfth
Five Year Plan, the telecom sector is expected to attract investment of USD 110
bn with subscribers growing to 1,200 mn. Rural tele-density is likely to
increase to 40% by 2014. 3G spectrum is expected to boost tower demand in
Telecom towers
market:
The Company has created a strong
brand through efficient on-site operations, joint ventures and innovative
technology solutions. The Company’s management team has an established track
record with years of industry experience and knowledge enhancing its ability to
build relationships with reputed telecom operators within a short span of time.
The Company enjoys a strong geographical presence with eight regional offices and
a service network covering all 23 telecom circles supporting turnkey services.
The Company’s integrated business model provide end to end technology and
turnkey that comprises of tower manufacturing, turnkey services, technology
solutions for telecom and power sectors. The Company’s offerings in renewable
energy solutions for tower companies along with site monitoring products and
solutions reinforces its prequalification criteria to bag large orders. The
Company has forayed into BOOM project with bagging of a project in a consortium
from REC for establishing a 765 KV transmission system from Raichur to
CONTINGENT
LIABILITIES NOT PROVIDED FOR
|
Particulars |
As
on 31.03.2011 Rs.
in millions |
|
Bills Discounted with banks |
689.538 |
|
Bank Guarantees given by Banks |
1229.922 |
|
Claims contested by the company |
0.500 |
|
Claims by Customs and Income Tax |
NIL |
|
Claims by Sales Tax Authorities – contested by the company |
33.892 |
FORM 8
|
Corporate
identity number of the company |
U27109AP2004PLC042375 |
|
Name of the
company |
BS TRANSCOMM LIMITED |
|
Address of the
registered office or of the principal place of business in |
8-2-269/10, # 504, 5th Floor, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10223570 |
|
Type of charge |
Immovable
Property Book Debts Others (Second
pari passu charge on the fixed assets) |
|
Particular of
charge holder |
State Bank of E-Mail: sa.09103@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Entry dated
5.06.2010 extending second pari passu charge on fixed assets of the company
at Majeedpalli Village, Toopran Mandal, Medak District, Andhra Pradesh in favour of consortium of bankers lead by
State Bank of India, constituting of Punjab National Bank, State Bank of
Hyderabad, State Bank of Mysore, Axis Bank and Syndicate Bank for a fund
based limit of Rs.1400.000 millions and non fund based limit of Rs.3610.000
millions totalling to Rs.5010.000 millions. |
|
Date of
instrument Creating the charge |
05/06/2010 |
|
Amount secured by
the charge |
Rs.5010.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: State Bank of Punjab National
Bank: BPLR+2% (13%) State Bank of State Bank of Axis Bank:
BPLR-2.25% (12.5% ); AND Syndicate Bank:
PLR+0.5% (12.5%) Terms of
Repayment: Working Capital
Loan Repayable On Demand Margin; Raw Materials,
Stores and Spares : 25% WIP
: 25% Finished
Goods :
25% Receivables : 30% (
120 Days Cover Period) Letters Of
Credit :
10% Bank
Guarantees
: 10% Extent and
Operation of the charge: Second pari passu
charge on Fixed of the Company at Majeedpalli village, toopran Mandal, Medak
District, A P, both present and future among the working capital bankers in
the State Bank of India Consortium in addition to existing First Pari Passu
Charge on Current Assets, both present and future of the Company AND Second
pari passu charge on Fixed Assets of the Company at Athivelly village,
Medchal Mandal, Ranga Reddy District, Andhra Pradesh for their Working
Capital facilities of Rs.5010.000 millions.
|
|
Short particulars
of the property charged |
First pari passu charge
on current assets of the company both present and future among the working
capital bankers in the consortium Second pari passu
charge on Fixed Assets of the Company at Pari passu pledge
of 30% promoters equity in the company among with working capital bankers in
the consortium along with term lenders(IDBI Rs.188.000 millions, Punjab
National Bank Rs.320.000 millions and Axis Bank Rs.75.000 millions) |
|
Date of latest
modification prior to the present modification |
02/06/2010 |
|
Particulars of
the present modification |
Vide Entry dated
5.6.10 a second pari passu charge on Fixed Assets of the Company at
Majeedpalli Village, Toopran Mandal, Medak District, Andhra Pradesh has been
extended in favour of the State Bank of India Consortium for their working
capital facilities of Rs.5010.000 millions in addition to the existing first
passu charge on Current Assets of the Company both present and future and Second
Charge on Fixed Assets of the Company at Athivelly Village, Medchal Mandal,
R.R. District Andhra Pradesh in favour of the State Bank of India Consortium |
FIXED ASSETS
·
·
Buildings
·
Plant and Machinery
·
Factory Equipments
·
Furniture and Fixtures
·
Computers
·
Office Equipments
·
Vehicles
WEB DETAILS
PROFILE
Subject is one of the player in the Power
Transmission and Telecom Infrastructure Sector. With an integrated business
model subject provides end to end solutions which include Tower Manufacturing,
Turnkey services, and Managed Services and Technology solutions for Power
Transmission and Telecom Infrastructure. Within a short span of time, the Group
has grown significantly in its business verticals. The current and continuous
offering enables us to be a Preferred Infrastructure Provider.
Subject offers End
to End Turnkey solutions, EPC services and offers value addition through its
new growth initiatives which enable Power Transmission companies and
Telecommunication Infrastructure providers to support the business value chain.
Subject has gained a foothold in the market
with its integrated business model and a focussed approach in value addition. Subject has transformed itself from a steel trading company
into an end to end solutions provider in a short span of time backed by its
focussed approach, innovation, value addition and commitment as key
differentiators. The group has formed business alliances with key companies
creating synergy and providing more value to the investors, clientele and the
business.
For the Telecom Sector, subject provides Alternate energy solutions for energy
conservation and provides remote monitoring solutions using embedded
technologies for better asset management and operational control of Telecom
Cell Sites.
The strength of the group is its
visionary promoters and experienced management team having vast domain
experience in Power and Telecom Sector.
With its new alliances and value
added offerings, the group is looking forward to be a preferred provider for
infrastructure services in Power and Telecom businesses.
BUSINESS DESCRIPTION
Subject is engaged in the business of engineering, procurement and
construction business (EPC). Subject is engaged in the power transmission and
distribution and telecom passive infrastructure sector. Subject provides end to
end turnkey solutions, which include tower manufacturing, turnkey services, and
managed services and technology solutions for power transmission and telecom
infrastructure. It offers a list of products in telecom infrastructure, such as
telecom towers (both roof top and ground based towers), U-foam shelters,
intelligent data device (IDD) for remote monitoring, and fuel management system
(FMS). It offers transmission towers, transformers, and insulators and
conductors. Its products include tower and steel structures, shelters,
intelligent data device (IDD), smart energy meters and fuel management system.
Turnkey services include Project Management Services (PMS) or TSP and EPC.
Activities under turnkey service include site engineering. For the nine months
ended 31 December 2010, Subject’s revenues totaled RS5.35B. Net income totaled
RS399.6M. Results are not comparable as the company has not reported the prior
period financials. Subject is an
BOARD OF DIRECTORS
Mr. Rakesh Agarwal
- Joint Managing Director, Executive Director
Shri. Rakesh Agarwal is Joint Managing Director, Executive Director of
subject. He has been reappointed as the Joint Managing Director with effect
from February 7, 2008 till September 30, 2012, consequent to the conversion of
the Company into a public limited company. He has a Bachelor of commerce degree
from
Education
B,
Mr. Mukesh Agarwal - Whole-time Director
Shri. Mukesh Agarwal is Whole-Time Director of subject, since October
01, 2007. He was first appointed on the Board on January 27, 2004. He was
appointed as the Whole-Time Director of the Company on October 1, 2007. He has
been reappointed as the Whole-time Director with effect from February 7, 2008
till September 30, 2012, consequent to the conversion of the Company into a
public limited company. He has a bachelor of commerce degree from
Education
B,
Dr. Subrata Kumar
De - Non-Executive Independent Director
Dr. Subrata Kumar De is Non-Executive Independent Director of subject.
He was regularized at the AGM held on June 3, 2008. He has completed masters in
Electronics and Electrical Engineering from
Education
PHD,
M Electrical and Electronics Engineering,
PRESS RELEASES
BS TRANSCOMM GETS NOD TO DIVEST ITS STAKE IN SAPL
India, November 15 -- BS Transcomm has received an approval to dispose
off the stake held by the company in Sugan Automatics (SAPL) a subsidiary which
is not a material non listed Indian subsidiary. The board at its meeting held
on November 12, 2011 has approved for the same. Recently, the company had
received an order, from Central Electricity Regulatory Commission (CERC),
FINANCIAL RESULT UPDATES
BS TRANSCOMM GETS RATING
UPGRADATION FROM CARE FOR BANK FACILITIES
EXTENSION OF ANNUAL
GENERAL MEETING
BS TRANSCOMM APPOINTS R K DUBEY AS CHIEF OPERATING OFFICER
20 July 2011
BS TransComm Limited (BSTL), an end to end Turnkey Services and
Technology Solutions provider to Power T and D and Telecom Sector, today announced
the appointment of R K Dubey as their Chief Operating Officer (COO) for the
northern region. In a professional career spanning 17 years, R K Dubey, an B.E
in Electronics and Telecommunications has a vast experience in the field of
Telecom Passive Infrastructure management. Prior to joining BSTL, he was
associated with Vihan Enterprises Private Limited as its Chief Executive
officer (CEO). In his previous stints, R.K. Dubey worked in various capacities
with esteemed organizations such as Bharti Airtel Limited, Reliance
Communications, TVS Interconnect Systems Limited, Bharti Infratel Limited,
Wireless Tata Tele Infra Structure Limited.
BS TRANSCOMM LIMITED RECEIVES INTEGRATED MANAGEMENT SYSTEMS
CERTIFICATION FROM TUV NORD
20 July 2011
Gets certified for ISO 9001, ISO 14001, BS OHSAS 18001 in one single
attempt. BS TransComm Limited, received the prestigious Integrated Management
Systems (IMS) Certificate from TUV NORD. This certification affirms BS
TransComm’s compliance with international standards in quality management (ISO
9001:2008), environmental management (ISO 14001:2004) and occupational health
and safety (OHSAS 18001:2007). The company was able to bag the certification
after months of meticulous planning and strict adherence to Integrated Management
systems.
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 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.72 |
|
|
1 |
Rs.81.42 |
|
Euro |
1 |
Rs.69.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.