MIRA INFORM REPORT
|
Report Date : |
03.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
BS LIMITED (w.e.f.18.10.2012) |
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Formerly Known
As : |
BS TRANSCOMM LIMITED (w.e.f. 07.02.2008) B.S. STEELS AND MINERALS PRIVATE LIMITED |
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Registered
Office : |
8-2-269/10, No. 504, 5th Floor, Trendset Towers, Road No.2,
Banjara Hills, Hyderabad – 500034, Andhra Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
07.01.2004 |
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Com. Reg. No.: |
01-042375 |
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Capital
Investment / Paid-up Capital : |
Rs. 219.265 Millions |
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CIN No.: [Company Identification
No.] |
L27109AP2004PLC042375 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDB02125E |
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PAN No.: [Permanent Account No.] |
AACCB3170F |
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Legal Form : |
A Public Limited Liability company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Telecom and Transmission related Towers. |
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No. of Employees
: |
778 (Approximately ) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 17000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Management of the company has failed to file its latest financials of
2013 with government department. Overall financial position of the company is decent in the year 2013. However, trade relations are reported to be fair. Business is active.
Payments are reported to be usually correct. The company can be considered normal for business dealing at usual
trade terms and conditions. Note: Financials of
2013 taken from external source i.e. Money control website. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years respectively.
By 2020, emerging Asia will become the world’s largest consuming block,
overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in investment
as well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long term bank facilities : “BBB” |
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Rating Explanation |
Moderate degree of safety and moderate credit risk. |
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Date |
08.07.2013 |
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Rating Agency Name |
CARE |
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Rating |
Short term bank facilities : “A3” |
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Rating Explanation |
Moderate degree of safety and higher credit risk. |
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Date |
08.07.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Rama Seshan |
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Designation : |
Chief Financial Officer |
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Contact No.: |
91-40-66666204 |
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Date : |
01.04.2014 |
LOCATIONS
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Registered Office : |
88-2-269/10, No. 504, 5th Floor, Trendset Towers, Road
No.2, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, |
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Tel. No.: |
91-40-66666204 / 205 / 206 / 66546720 / 44558888 |
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Fax No.: |
91-40-66666205 / 66667268 |
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E-Mail : |
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Website : |
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Unit I : |
Survey No.82-83, 92-95 and 107, NH 7, |
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Unit II : |
Survey No: 41, |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Rajesh Agarwal |
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Designation : |
Chairman and Managing Director |
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Address : |
D-103, |
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Date of Birth/Age : |
30.10.1970 |
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Date of Appointment : |
07.02.2008 |
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Name : |
Mr. Rakesh Agarwal |
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Designation : |
Joint Managing Director |
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Address : |
D-103, |
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Date of Birth/Age : |
20.05.1975 |
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Date of Appointment : |
07.02.2008 |
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Name : |
Mr. Mukesh Agarwal |
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Designation : |
Whole Time Director |
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Address : |
D-103, |
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Date of Birth/Age : |
27.12.1977 |
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Qualification : |
B.com |
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Date of Appointment : |
07.02.2008 |
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Name : |
Dr. Subrata Kumar De |
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Designation : |
Independent Director |
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Address : |
AM Bonneshof, 30, Golzheim, |
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Date of Birth/Age : |
30.06.1952 |
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Qualification : |
M.Sc(EEE), Ph.D(EEE) |
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Date of Appointment : |
01.02.2008 |
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Name : |
Mr. Mahesh Kumar Khera |
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Designation : |
Independent Director |
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Address : |
343, Sector – 29, Noida – 201 303, |
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Date of Birth/Age : |
20.03.1952 |
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Date of Appointment : |
29.06.2009 |
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Name : |
Mr. Kapil Kathpalia |
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Designation : |
Independent Director |
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Address : |
C-618, New Friends Colony, New Delhi – 110025, India |
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Date of Birth/Age : |
04.06.1960 |
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Date of Appointment : |
29.06.2009 |
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Name : |
M. S. S. Sastry |
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Designation : |
IDBI Nominee Director (up to April 20, 2012) |
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Name : |
Mr. A. Gopalakrishnan Iyer |
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Designation : |
Independent Director |
KEY EXECUTIVES
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Name : |
Mr. S. Mahipal Reddy |
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Designation : |
Company Secretary |
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Name : |
Mr. C Chandrasekhar |
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Designation : |
Head Corp. Planning and Telecom |
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Name : |
Mr. R. K. Dubey |
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Designation : |
Business Head Power Division |
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Name : |
Mr. Anil Sikka |
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Designation : |
CEO, Power Division |
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Name : |
Mr. Munish Sehgal |
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Designation : |
Head – Group Corporate Affairs |
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Name : |
Mr. Rama Seshan |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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28251748 |
64.39 |
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2081200 |
4.74 |
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2081200 |
4.74 |
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30332948 |
69.13 |
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Total shareholding of Promoter and Promoter Group (A) |
30332948 |
69.13 |
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(B) Public Shareholding |
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|
1193998 |
2.72 |
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|
1193998 |
2.72 |
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|
6443667 |
14.69 |
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|
904705 |
2.06 |
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|
4890979 |
11.15 |
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|
110201 |
0.25 |
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|
6000 |
0.01 |
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|
102187 |
0.23 |
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2014 |
0.00 |
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|
12349552 |
28.15 |
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Total Public shareholding (B) |
13543550 |
30.87 |
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Total (A)+(B) |
43876498 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
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|
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
43876498 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Telecom and Transmission related Towers. |
PRODUCTION STATUS (AS ON 31.03.2013)
|
Particulars |
Unit |
Licensed capacity * |
Installed Capacity (As
certified by the Management & relied upon by the auditors being a
technical matter) |
|
Towers Manufacturing |
Tonnes per annum |
-- |
2,40,000* |
|
Integrated Structural Mill |
Tonnes per annum |
-- |
1,20,000* |
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Particulars |
Unit |
31.03.2013 |
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Actual Production |
-- |
1,33,322 |
* The Products manufactured by the company are under De-licensed category.
GENERAL INFORMATION
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No. of Employees : |
778 (Approximately ) |
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Bankers : |
· State Bank of India · State Bank of Hyderabad · State Bank of Mysore · State Bank of Travancore · State Bank of Bikaner and Jaipur · Axis Bank Limited · Syndicate Bank · Punjab National Bank · United Bank of India |
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Facilities : |
NOTE LONG TERM BORROWINGS a) Term Loans from Banks - Secured Term Loans from Axis Bank, Punjab National Bank and Reliance Capital Limited are secured by: · First equitable mortgage and charge (on Pari-passu basis) on all fixed assets, both present and future of the company situated at Survey No. 82, 83, 92 – 95 and 107, Athvelly Village, Medchal Mandal, R.R.Dist. · First equitable mortgage and charge (on Pari-passu basis) on all fixed assets, both present and future of the company situated at Survey No. 41 and 42/AA, Majeedpally (NK) village, Toopran Mandal, Medak district, Andhra Pradesh Term Loans from Axis Bank and Punjab National Bank and Reliance Capital Limited are further collaterally secured by: · Second pari-passu charge on entire current assets of the company. · Pledge of equity shares (42,35,100) of promoters holding as collateral security ranking pari-passu among Term lenders and WC consortium of banks · Personal Guarantees of Shri Rajesh Agrawal (Managing Director), Shri Rakesh Agarwal (Joint Managing Director) and Shri Mukesh Agarwal (Whole · time Director) of the company Further above Term Loans from Axis Bank and Punjab National Bank are also collaterally secured by: · Corporate Guarantee of i-Vantage India Private Limited Corporate Loan from SBH is secured by: · Pari-passu first charge on current assets of the Company along with other working capital bankers lender and is further collaterally secured by · First pari passu charge on the fixed assets of the company along with the existing term lender · Personal guarantees of Shri Rajesh Agrawal (Managing Director), Shri Rakesh Agarwal (Joint Managing Director) and Shri Mukesh Agarwal (Whole time Director) of the company Note : The competent authority of bank (SBH) has permitted 4 months’ time line for perfection of charge, further the company’s request for diluting first charge stipulated on Fixed Assets of the company is under consideration. Interest Rate is Ranging between 14% to 16% and repayable between 2013 and 2018 b) Term Loans from Financial Institutions
– Secured · Car Loan from HDFC Bank is secured by the underlying asset ( Car Make : Hyundai I 20) · Car Loan is taken from Volswagen Finance Private Limited and the same is secured by the underlying asset. ( Car Make : Audi Q5) · Car Loan is taken from Daimler Financial Services India Private Limited and the same is secured by the underlying asset. ( Car Make : Mercedes Benz W221 ) · Car Loan from Kotak Mahindra Finance is secured by the underlying asset ( Car Make : Corolla Altis) Interest Rate is Ranging between 10% to 12% and repayable between 2013 and 2015 SHORT TERM BORROWINGS Working Capital Loans – Secured Working Capital loans from Syndicate Bank, Axis Bank, Punjab National Bank, State Bank of India, State Bank of Mysore ,State Bank of Hyderabad and State Bank of Travancore ,State Bank of Bikaner and Jaipur, and United Bank of India is under a working capital consortium with State Bank of India being the consortium Leader. The working capital loans are secured by first exclusive charge on stocks, receivables, spares, consumables and other current assets of the Company, present and future. Collateral security of equitable mortage of property situated at Plot No. 42 (part) in Survey No. 258/1 and 259 situated at Jeedimetla Industrial Area, Shapurnagar, RR District, AP admeasuring appx 22,439.26 sq. yrds in the name of Agarwal Developers and equitable mortage of open agriculture land admeasuring Ac. 3.10 gnts in survey situated at Survey No.119, 120, 121, 122 and 124 Athvelly Village, Medchal Mandal, Ranga Reddy District belonging to BS Limited (Formerly Known as B S Transcomm Limited) and Mr. Mukesh Agarwal and Residential Flat No: 103, 2nd Floor Block “D”, Trendset Valley View Apartments at Banjara Hills Road Number 6 Hyderabad in the name of Mr Rakesh Agarwal and Mr Mukesh Agarwal. The above loans are further secured by Pari passu second charge on the entire fixed assets of our Company, both present and future. All Working Capital Loans are further
secured by: Pledge of equity shares (42,35,100) of promoters holding as collateral security ranking paripassu among Term lenders and WC consortium of Banks · Pledge of equity shares (14,79,146) of promoters holding as additionalcollateral security · Corporate guarantee of i-Vantage India Private Ltd and Agarwal Developers Personal guarantees of Shri Rajesh Agrawal (Managing Director), Shri Rakesh Agarwal (Joint Managing Director) and Shri Mukesh Agarwal (Whole time Director) of the company · Land admeasuring 3.10 gnts situated at Sy. 119,120,121,122 and 124 at village Athvelly Interest Rate is Ranging between 10% to 12% and repayable on demand |
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Banking
Relations : |
-- |
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|
Financial Institution : |
· IFCI Venture Capital Funds Limited ·
Reliance Capital Limited |
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Auditors : |
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|
Name : |
P. Murali and Company Chartered Accountants |
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Address : |
6-3-655/2/3, Somajiguda, |
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Tel. No.: |
91-40-23326666/ 23312554/ 23393967 |
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Fax No.: |
91-40-23392474 |
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Name : |
Srinivas and Company Cost Accountants |
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Address : |
1-1-180/18, Dharani Andalu Nilayam, Room No 4, I Floor, Opposite Sudarshan 35MM Gate, Jawahar Nagar, RTC X Road, Hyderabad – 500020, Andhra Pradesh, India |
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Subsidiary : |
· BS Infratel Limited · BS Global Resources Pte Limited · BS Enviro Solutions Limited |
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Joint Venture : |
Raichur Sholapur Transmission Company Limited |
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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 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21926526 |
Equity Shares |
Rs.10/- each |
Rs. 219.265 Millions |
|
|
|
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|
A Reconciliation
of the number of shares outstanding at the beginning and at the end of the
reporting period:
|
Particulars |
31.03.2013 |
|
|
No. of Shares |
|
Equity Shares of Rs. 10 each,
fully paid-up: |
|
|
At the Beginning |
21,878,660 |
|
Issued during the year - Cash
Issue |
47,866 |
|
Forfeited / Bought Back during
the year |
-- |
|
At the end |
21,926,526 |
Details of
Shareholder holding more than 5% shares of the company:
|
Particulars |
31.03.2013 |
|
|
% of Share Holding |
|
Equity Shares of Rs. 10 each Held By |
|
|
Rajesh S Agarwal C.Y 51,59,874 ( P.Y 50,10,400) |
23.53 |
|
Rakesh S Agarwal C.Y 41,73,400 ( P.Y 41,73,400) |
19.03 |
|
Mukesh Satyanarayan Agarwal C.Y 43,91,800 ( P.Y 43,65,200) |
20.03 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
219.265 |
218.787 |
218.787 |
|
(b) Reserves & Surplus |
4041.396 |
3498.537 |
3007.015 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4260.661 |
3717.324 |
3225.802 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1084.483 |
281.815 |
239.576 |
|
(b) Deferred tax liabilities (Net) |
135.449 |
108.005 |
46.329 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
11.432 |
9.215 |
4.871 |
|
Total Non-current
Liabilities (3) |
1231.364 |
399.035 |
290.776 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short
term borrowings |
2811.564 |
2533.543 |
1690.009 |
|
(b) Trade
payables |
4072.867 |
2714.898 |
984.183 |
|
(c) Other
current liabilities |
1082.515 |
657.451 |
504.282 |
|
(d) Short-term
provisions |
235.928 |
156.042 |
279.029 |
|
Total Current
Liabilities (4) |
8202.874 |
6061.934 |
3457.503 |
|
|
|
|
|
|
TOTAL |
13694.899 |
10178.293 |
6974.081 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2195.711 |
2076.562 |
1044.704 |
|
(ii)
Intangible Assets |
3.423 |
2.032 |
2.920 |
|
(iii)
Capital work-in-progress |
0.000 |
110.256 |
479.396 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
431.864 |
214.382 |
28.474 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
41.387 |
32.227 |
24.094 |
|
(e) Other
Non-current assets |
38.459 |
62.052 |
76.036 |
|
Total Non-Current
Assets |
2710.844 |
2497.511 |
1655.624 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1894.299 |
1396.471 |
1019.272 |
|
(c) Trade
receivables |
6775.683 |
5334.910 |
3175.544 |
|
(d) Cash
and cash equivalents |
837.100 |
302.178 |
215.756 |
|
(e)
Short-term loans and advances |
1204.230 |
520.767 |
855.187 |
|
(f) Other
current assets |
272.743 |
126.456 |
52.698 |
|
Total Current
Assets |
10984.055 |
7680.782 |
5318.457 |
|
|
|
|
|
|
TOTAL |
13694.899 |
10178.293 |
6974.081 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15130.551 |
11547.833 |
8723.107 |
|
|
|
Other Income |
82.961 |
41.634 |
17.612 |
|
|
|
TOTAL (A) |
15213.512 |
11589.467 |
8740.719 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4216.879 |
2530.403 |
1938.759 |
|
|
|
Purchase of Stock-in-Trade |
2189.353 |
455.006 |
40.615 |
|
|
|
Employee benefit expense |
230.525 |
200.493 |
203.204 |
|
|
|
Other operating expenses |
6655.680 |
7327.631 |
5300.183 |
|
|
|
Administrative Expenses |
108.715 |
48.864 |
36.314 |
|
|
|
Other expenses |
7.416 |
34.162 |
4.507 |
|
|
|
Public Issue Expenses Written
Off |
19.010 |
19.010 |
19.009 |
|
|
|
Changes in inventories of Finished goods, work-in-progress and Stock-in-Trade |
(114.622) |
(460.857) |
(41.349) |
|
|
|
TOTAL (B) |
13312.956 |
10154.712 |
7501.242 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1900.556 |
1434.755 |
1239.477 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
748.042 |
537.144 |
343.554 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1152.514 |
897.611 |
895.923 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
266.145 |
130.910 |
130.091 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
886.369 |
766.701 |
765.832 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
322.816 |
249.751 |
255.390 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
563.553 |
516.950 |
510.442 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1511.132 |
1019.610 |
534.681 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
21.921 |
21.879 |
21.879 |
|
|
|
Corporate Dividend Tax |
3.556 |
3.549 |
3.634 |
|
|
BALANCE CARRIED
TO THE B/S |
2049.208 |
1511.132 |
1019.610 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
174.700 |
0.000 |
0.000 |
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
25.70 |
23.63 |
23.33 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
3648.200 |
4832.500 |
4264.400 |
|
Total Expenditure |
3157.000 |
4307.000 |
3822.000 |
|
PBIDT (Excl OI) |
491.200 |
525.600 |
442.400 |
|
Other Income |
12.700 |
13.700 |
12.000 |
|
Operating Profit |
503.900 |
539.200 |
454.400 |
|
Interest |
234.700 |
272.000 |
277.800 |
|
Exceptional Items |
(04.800) |
(4.800) |
4.800) |
|
PBDT |
264.400 |
262.500 |
171.900 |
|
Depreciation |
69.300 |
59.900 |
71.400 |
|
Profit Before Tax |
195.100 |
202.600 |
100.500 |
|
Tax |
63.300 |
65.800 |
40.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
131.800 |
136.800 |
60.200 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
131.800 |
136.800 |
60.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.70 |
4.46 |
5.84 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.86 |
6.64 |
8.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.68 |
7.78 |
11.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.21 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.91 |
0.76 |
0.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34 |
1.27 |
1.54 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
218.787 |
218.787 |
219.265 |
|
Reserves & Surplus |
3007.015 |
3498.537 |
4041.396 |
|
Net
worth |
3225.802 |
3717.324 |
4260.661 |
|
|
|
|
|
|
long-term borrowings |
239.576 |
281.815 |
1084.483 |
|
Short term borrowings |
1690.009 |
2533.543 |
2811.564 |
|
Total
borrowings |
1929.585 |
2815.358 |
3896.047 |
|
Debt/Equity
ratio |
0.598 |
0.757 |
0.914 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8723.107 |
11547.833 |
15130.551 |
|
|
|
32.382 |
31.025 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8723.107 |
11547.833 |
15130.551 |
|
Profit |
510.442 |
516.950 |
563.553 |
|
|
5.85% |
4.48% |
3.72% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10439174 |
29/07/2013 |
10,682,786.00 |
AXIS BANK LIMITED |
5-2-183/184,ASC CENTRE, III FLOOR, RP ROAD, SECUNDERABAD - 500003, ANDHRA PRADESH, INDIA |
B80498686 |
|
2 |
10438910 |
27/06/2013 |
1,130,000,000.00 |
STATE BANK OF TRAVANCORE |
5-1-720, KUSHAL CHAMBERS, BANK STREET, KOTI, HYDERABAD - 500095, ANDHRA PRADESH, INDIA |
B80407083 |
|
3 |
10423600 |
28/03/2013 |
2,300,000,000.00 |
STATE BANK OF HYDERABAD |
OVERSEAS BRANCH, 6-3-652, KAUTILYA, SOMAJIGUDA, HYDERABAD - 500082, ANDHRA PRADESH, INDIA |
B74374091 |
|
4 |
10372979 |
30/07/2012 |
500,000,000.00 |
RELIANCE CAPITAL LTD |
"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI - 400710, MAHARASHTRA, INDIA |
B56543366 |
|
5 |
10223570 |
31/08/2013 * |
13,092,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, SOMAJIGUDA, HYDERABAD - 500082, |
B85557411 |
|
6 |
10183453 |
30/12/2013 * |
13,896,600,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE
BRANCH, SUFI CHAMBERS, ROAD NO.1, |
B96138342 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
From Financial Institutions |
131.250 |
150.000 |
|
Loans and advances from related parties |
0.000 |
19.117 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances from other parties |
4.623 |
4.623 |
|
Total |
135.873 |
173.740 |
|
LONG TERM BORROWINGS c) Short Term Loan from IFCI Venture Capital
Funds Limited is taken against - Unsecured: · Pledge of equity shares of promoters holding to the extent of 772,400 shares.. · Personal Guarantees of Shri Rajesh Agarwal (Managing Director), Shri Rakesh Agarwal (Joint Managing Director) and Shri Mukesh Agarwal (Whole time Director) of the company Interest Rate is Ranging between 14% to 16% and repayable
between 2013 and 2018 |
||
FINANCIAL PERFORMANCE
STANDALONE
Ř
The Total Revenue of the Company for the Fiscal 2013
stood at Rs. 15213.500 millions as against Rs. 11589.500 millions for Fiscal
2012 showing an increase of 31.26%.
Ř The EBIDTA increased by 32% from Rs. 143.48 Crores in Fiscal 2012 to Rs. 1900.500 millions in Fiscal 2013.
Ř Profit after Tax witnessed a growth of 3.72% from Rs. 516.900 millions in Fiscal 2012 to Rs. 563.600 millions in Fiscal 2013.
Ř The Net Worth of the Company increased to Rs. 4260.000 millions at end of Fiscal 2013 from Rs. 3720.000 Crores at the end of Fiscal 2012.
CHANGE OF NAME
During the year, the name of the Company has been changed from “BS TransComm Limited” to “BS Limited” with effect from October 18, 2012 pursuant to the Revised Certificate of Incorporation issued by the Registrar of Companies, Andhra Pradesh.
SUBSIDIARY COMPANIES
Currently, the Company is having Three Subsidiaries including the one incorporated in Singapore.
BS INFRATEL LIMITED (“BSIL”)
BS Infratel Limited (“BSIL”) was incorporated on June 10, 2008 pursuant to a Certificate of Incorporation issued by the Registrar of Companies, Andhra Pradesh. BSIL is engaged in the business of providing passive infrastructure services to Tele Service Providers.
BSIL has received the Certificate of Commencement of Business dated September 11, 2008 from the Registrar of Companies, Andhra Pradesh. The Registered office of BSIL is located at 504, 5th Floor, Trendset Towers, Road No. 2, Banjara Hills, Hyderabad 500 034.
The Authorized Share Capital of BSIL is Rs. 0.500 million divided into 50,000 Equity Shares of Rs.10 each.
BSIL is yet to commence Commercial activities.
The said subsidiary is a Non-Material Non-Listed Indian Subsidiary.
BS ENVIRO SOLUTIONS LIMITED (“BSESL”)
During the year, the Company has subscribed to the Memorandum of Association to the extent of 90% of the Shares of M/s. BS Enviro Solutions Limited (“BSESL”).
M/s. BS Enviro Solutions Limited (“BSESL”) was incorporated on August 21, 2012 and the Certificate of Commencement of Business dated October 29, 2012, issued by the Registrar of Companies, Andhra Pradesh.
BSESL is engaged in the business of providing responsible Environmental Management Services. Environmental Management is a key priority in building a clean and green environment. The objective is to protect the planet by developing sustainable solutions that minimize the impact of pollution.
The Authorized Share Capital of BSESL is Rs. 15,00,00,000 divided into 1,50,00,000 Equity Shares of Rs.10 each.
OVERSEAS SUBSIDIARIES
BS GLOBAL RESOURCES PTE LIMITED (“BSGRPL”)
SINGAPORE
BS Global Resources Pte. Limited (“BSGRPL”) offers Sourcing, Trading and Supply of commodities like Steam Coal, Coking Coal, Nickel and other Minerals and Metals. The Company has been trading in Coal and Nickel Ore and will also foray into other metals and minerals. BSGRPL sources high quality coal from Indonesia and is pursuing opportunities from Australian and African Mines. BSGRPL’s focus is on the two key consumers of coal in the World, India and China which have the highest demand for high quality coal. Presently, the Subsidiary is trading in
steam coal as the main commodity on account of continued rising demand in expanding economies in Asia particularly for use in power generation.
BUSINESS REVIEW AND FUTURE OUTLOOK
The Company is among the leading Infrastructure providers and has been augmenting its core business in Power Transmission and Distribution, Teleservices and expediting its presence in Mineral Resources. The Company’s ability in providing integrated services across the value chain allows leveraging its manufacturing capabilities, execution capabilities for increased revenue margins.
During the year, the company has executed Power Transmission and Distribution projects across India and has been participating in projects under RGGVY and R-APDRP programs. Their project management and tower fabrication capabilities include a niche segment of executing 1200 KV Transmission line towers apart from 765KV towers and lower capacity towers. The Company has been bidding for new orders in supply, services and in government initiated reform schemes and is also exploring opportunities internationally for providing its products and services.
The company also proposes to foray into setting up steel manufacturing facility in Africa. The abundant availability of raw material combined with land availability at a cheaper cost and a stable and favorable environment for foreign organizations to set up in Africa make is attractive, viable proposition.
AWARDS AND CERTIFICATION
The Company got certified for ISO 9001, ISO 14001, BS OHSAS 18001. This certification affirms the Company’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.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC REVIEW
The Indian economy is expected to be back on its growth trajectory in 2013-14. Its inflation-adjusted gross domestic product (GDP) is expected to grow by 6.3 per cent, after witnessing a sharp slowdown in the last two years. The GDP growth had decelerated to 6.2 per cent in 2011-12 from around nine per cent in the preceding two years. The growth is estimated to have slowed down even further to five per cent in 2012-13.
BUSINESS REVIEW
POWER SECTOR OVERVIEW
India, the fourth largest energy consumer in the world saw a year where its generation capacity addition target was achieved by 114% at 20662 Megawatts (MW) during 2012-13. Even the electricity generation target of 9.3 lakhs Million Units (MU) had a 98% achievement during 2012-13 periods. However, the country has always experienced power supply demand gap with the peak power deficit for FY13 at 8.7%. Transmission and Distribution addition typically has a 1:1 ratio of generation capacity addition. The current scenario combined with increasing demand presents substantial growth opportunities. The private sector added around 15,000 MW of new capacity, which is 75 per cent of the total 20,500 MW.
Opportunities are coming up in Power Transmission and Distribution, transmission projects being awarded on tariff based bidding, privatization of distribution franchisees, scope for rural electrification.
POWER SECTOR AT A GLANCE
· GDP Growing at around 5% in FY 12 13
· Electricity demand growth 10-12% per annum (till 2017)
· Power Deficits range between 9% to 13%
· Installed capacity 2.11 lacs MW as on March 13
· Percentage electrification 65%
· Private sector generation: 29.49% of total installed capacity
During the year 2012-13, 6 nos. 765 kV lines in central sector along-with 41 nos. 400 kV lines in central sector, 25 no. 400 kV line in state sector and 15 nos. 400kV lines in private sector have been commissioned with the commissioning of the above 765 kV and 400 kV transmission lines in different sectors, the inter-state and intra-state capability of power transfer of the country has considerably enhanced. Efforts are also being made for enhanced capacity addition in the XII Five Year Plan. A generating capacity addition of 18,432 MW has been considered in the Load Generation Balance Report (LGBR) for 2013-14. These measures are expected to help the deficit states to reduce their shortages.
TELECOM REVIEW
The number of telephone subscribers in India decreased to 898.02 million at the end of Mar-13, registering a negative growth of 5.61% year on year. The overall Tele-density in India slightly declined from 73.34 as on 31st December, 2012 to 73.32 as on 31 March, 2013.
During the year, to encourage investments, the government granted towers “infrastructure” status, putting them on the same footing as roads, ports, hospitals and even electricity generation. The capital intensive industry requires continous flow of funds for expansion and this move would further enable them to avail higher limit on external commercial borrowings with soft lending rate. Opening the Foreign direct investment up to 100% is also a move which will benefit the company in medium to long term plans.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs. in millions) |
31.03.2012 (Rs. in millions) |
|
i) Bills Discounted with banks |
683.118 |
1263.611 |
|
ii) Bank Guarantees given by Banks |
3162.099 |
2117.061 |
|
iii) Claims contested by the company |
0.500 |
0.500 |
|
iv) Corporate Guarantee Given to Banks on account of subsidiaries |
135.888* |
0.000 |
|
v) Claims by Sales Tax Authorities – contested by the company |
0.000 |
33.892 |
|
|
|
|
|
Estimated amount of Contracts remaining to be executed on Capital account and not provided for (net of advances |
54.355** |
22.559 |
*Corporate Guarantee of USD 25,00,000 is offered to UCO Bank, Singapore for the limits granted to BS Global Resources Pte Limited (100% Subsidiary of BS Limited). (1 USD = Rs. 54.355/-)
** BS Limited has subscribed to the Share Capital of BS International (Africa) Limited incorporated in Singapore amounting to 1 USD.
FIXED ASSETS
v
Tangible
Assets
· Land
· Building
· Plant and Machinery
· Electrical Equipment
· Laboratory Equipment
· Office Equipment
· Computers
· Furniture
· Vehicles
v
Intangible
Assets
· Computer Software
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 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.59.65 |
|
|
1 |
Rs.99.21 |
|
Euro |
1 |
Rs.82.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.