Dear Esteemed Members,
It is a great honour and privilege for me to address all of you on behalf of the Board of Directors and I am delighted to welcome all the shareholders to the 23rd Annual General Meeting of the company. I take this opportunity to brief the distinguished Members about the Company’s performance during the Financial Year 2017-18.
During the Financial Year 2017-18, the company has been facing cash flow crisis for execution of the various projects. The company does not receive any financial support from the Ministry of Information & Broadcasting (MIB) either in the form of Government Grants or Working Capital. Therefore, it has to depend upon the back to back support from clients and Bank Overdraft to meet the working capital requirements, resulting into huge finance cost.
Despite various financial constraints, the company has recorded the highest turnover since its incorporation. The Revenue from operations of the Company has increased to Rs. 240 Crores from Rs. 223.43 Crores in the previous year. However, the company has incurred net loss of Rs. 4.27 Crores in comparison to the net profit of Rs. 2.04 Crores in the previous year. The net loss of Rs. 4.27 Crores includes the interest cost on Overdraft amounting to Rs. 3.72 Crores and Depreciation of Rs. 2 Crores.
The company is keeping consistent control over the expenditure and has some major projects in hand of Rs. 300 Crores approx for financial year 2018-19 which will help in minimizing the losses as well as bringing back the pace of growth of your Company.
BECIL having established its visibility and presence in the Indian/International markets as a reputed Public Sector Undertaking for providing turnkey solutions and system integration with State of the Art goods and services, is now involved in Research & Development of Set-Top Boxes for Doordarshan & Prasar Bharti basket of channels to provide quality Set-Top Boxes at optimal prices. BECIL is also looking at participating in Smart City projects and be a Government partner in realizing the Government objectives in these areas. BECIL has successfully completed the FM Phase-3 Batch-1 Common Transmission Infrastructure work and now is involved in delivering the FM Phase-3 Batch-II Common Transmission Infrastructure in time as planned. BECIL has built up a core team to address the FM Radio expansion plan of the Government to establish 839 channels in 313 cities as planned by the Government of India.
Human Resources Development is an integral part of the overall management. The employees being the most valuable assets of the Company are continuously trained to keep pace with the fast changing technological advancements. Your Company has optimum combination of professional and skilled employees who are regularly trained by way of their participation in various skill development programs.
The Company has been continuously endeavoring to enhance the level of Corporate Governance in its day to day operations and considers its inherent responsibility to disclose timely and accurate information regarding financials and performance as well as the leadership and governance of the Company.
On behalf of the Board of Directors and the Management, I would like to place on record sincere appreciation of the support and the continuing patronage extended by all stakeholders and thank you for your continuous faith in the Company’s growth potential.
Chairman & Managing Director