Punjab Wireless Systems Ltd (Wound-up)


BSE: 500347 | NSE: PUNJABWIRE | ISIN: INE181A01010 
Market Cap: [Rs.Cr.] 76 | Face Value: [Rs.] 10
Industry: Telecommunications - Equipment

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Director's Report

PUNJAB NATIONAL WIRELESS SYSTEMS LIMITED DIRECTORS REPORT Your Directors have pleasure in presenting the XXIII rd Annual Report and Audited Accounts of the Company for the year ended 31st March, 1998. PUNWIRE'S EXPANSION TO ADD NEW TELECOM PRODUCTS Punwire's focus since its inception has been wireless communications. Till early nineties, usage of wireless communication was restricted to police, para- military and armed forces and to some extent government institutions. Punwire was mainly selling equipments to indian Defence , Police, Para- military forces, some Government institutions and Deptt. of Telecommunication. The liberalisation of telecom opened up huge opportunities and Punwire, with its vast experience in telecommunication, was quick to position itself as a major player in the changing market environment. In the last couple of years, Punwire has tied up with reputed companies in the world to address the new market needs. The Company has tied up with kenwood corporation of japan for their complete range of 2-way Radio products, Trunked Radios & Trunking Base Stations. To address the huge demand from DoT and other Private Operators, Punwire has tied-up with Bosch of Germany for manufacture and marketing of SDH equipments Apart from these, Punwire has also tied up with Harris of Canada to manufacture and market wirless Local system to DoT and basic telecom operators. Punwire has tied up with Scientific Atlanta of U.S.A. for manufacture and marketing of complete range of Head End distribution and HFC Equipment. Scientific Atlanta is one of the two top leading companies in this field. The major customers for these equipment are CATV operators and basic telephony service operators who are expected to adopt HFC equipment for data and voice communication through single cable. Since these tie ups have been finalised in the last couple of years. in some of the products commercial production has started whereas in some of the other products implementation is in progress. PUNWIRE'S DIVERSIFICATION IN TELECOM SERVICES As a part of its diversification strategies, the Company has ventured into telecom service areas. These include Paging Services, VSAT Services and Radio Trunking Services, while VSAI service is being operated in the main Company, the Paging & Radio Trunking Services are being implemented in Subsidiary/ Joint Venture Companies. VSAT SERVICES Punewire has tied-up with Gilat of Israel for VSAT equipment and interactive Distance Learning System, Gilat has worldwide share of 40% in VSAT market and is also a leader in the field of distance education. Punewire is the first company in India to introduce interactive Distance Learning System. The System has been fully commissioned and is being demonstrated to prospective customers. PAGING SERVICES Paging is packing up in all the market segments which include small business, Professionals, corporates, government and households. Paging offers great opportunity in India economy has all the environmental factors that has caused a paging boom in the Asian Countries such as: * High need for low cost solution * Mass market * Large geographic spread * Low telephone density * Growing developing economy Paging has now been granted infrastructure status by the Government of India which will generate investor's interest and also have positive impact on business plans. Punwire Mobile Communication Limited Punwire Mobile Communication Limited (PMCL) is a Company 100% owned by punwire it has licence to operate paging service in 9 states of India namely Uttar Pradesh, Madhya Pradesh, Maharashtra, Kerala, Karnataka, Andhra Pradesh, Tamil Nadu Gujarat and Rajasthan PMCL has already implemented the paging Network in 125 cities and plans to implement the Paging Network in 160 cities by March, 1999 in its licenced area. Punwrie Paging Services Limited Punwrie Paging Services Limited (PPSL) is a Company in Joint Venture with Telia of Sweden having 51% share holding by Punwire and 49% by Telia. It has licence to operate paging service in 3 states of India namely Punjab, Haryana and Himachal Pradesh. PPSL has already implemented the Paging Network in 30 cities and plans to implement the Paging Network in 50 cities by March, 1999 in its licenced area. Paging services are being marketed in both the companies under the Brand Name "PageMe". Trunking Services Procall Limited Procall Limited is a Company in Joint venture with Motorola having 51% share holding by Punwire and 49% by Motorola. It has hence to operate trunking service in 16 major cities of northen India. These cities include Delhi, Gurgaon, Chandigarh, Ludhina, Jalandhar, Amritsar, Faridabad, Ghaziabad,Jaipur, Lucknow, Kanpur, Allahabad, Jammu , Srinagar, Varanasi and Panipat. Procall Limited has already implemented the Trunking Network in 7 cities and plans to implement the Trunking Network in 15 cities by March, 1999 in its licenced area. Punwire Trunking services Limited Punwire Trunking Services Limited (PTrSL) is a Company 100% owned by Punwire. It has licence to operate trunking service in major cities- Bompaby Madaras, Culcutta, Bangalore, pune Hyderabad, Bhopal, Nagpur, Patna, Baroda, Guwahati, Indore, Ahmedabad, Vijaywada, Vishkhapatnam, Bhubneshwar, Cochin, Coimbatore, Surat and Thiruvananthapuram. PTrSL has already implemented the Trunking Network in 15 cities and plans to implement the Trunking Network in 20 cities by March, 1999 in its licenced area. Finance The Company has funded expansion & diversification programme out of internal accruals, equity placement and debt during previous years. Now all the Subsidiary Companies are fully funded in terms of debt and equity except one paging project for which financial closure is expected soon. Because of the delay in funding of one of the Paging Project, the Company had to raise short term loans from various sources during the year. The Project implementation of all the Subsidiary Companies is as per plan and cash break even is expected in 1999-2000. The growth in services business shall add great value to Punwire's investment in these service companies .Accordingly, Punwire has also setup a holding company to route the equity investment in service companies. It is proposed to disinvest part of the equity Punwrie Holdings Limited in the near future. The funds generated out of equity investment in Punwire Holdings Limited shall utilised for improving the debt equity ratio of Punwire. Dividend Since the Company has gone into telecom services business which will add great value to the equity investment by Punwire in the long run short term profitability of the Company has been affected in view of this, your Directors are constrained to recommend payment at lower rat of Dividend @ 15% for the year ended 31st March, 1998. Personnel The Directors wish to place on record their appreciation of the efficient and loyal services rendered by all sections of the staff and workers of the Company. The relations with them continue to be cordial at all levels. Information as required u/s 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of employees) rules, 1975,as amended, for the year ended 31st March, 1998 is annexed. Subsidiary Companies Annual Reports and Audited Accounts of the Subsidiary Companies viz, Punwire Holding Limited, Procall Limited and Punwire Telecom Services Limited for the year ended 31st March, 1998 are enclosed, pursuant to the provision of section 212 of the Companies Act, 1956. Directors Shri S. S. Brar, IAS Managing Director, PSIDAC has been appointed as Director of the company in place of Shri S. C. Aggarwal, IAS, Board of Directors have placed on record their deep appreciation for valuable services rendered by shri S.C.Aggarwal, IAS, during his tenure as Director of the Company. Shri R. K. Narang has been nominated by IFCI as Nominee Director of the Company. The Board of Directors have co-opted him as Director of your Company. Lt. Gen. Harbhajan Singh, PVSM (Retd.) has resigned from his post as a Director of the Company . Board of Directors have placed on record their deep appreciation for valuable contribution made by LT. Gen. Harbhajan Singh towards the growth and prosperity of the Company during his tenure as Director of the Company. Shri B. K. Syngal has resigned from the Board of Directors of the Company. Board of Director have recorded their deep appreciation for his guidance and valuable contribution towards growth and prosperity of the Company during his tenure as Director of the Company. In order to Broad- base the Board of Directors, one additional Director has been co-opted . Shri Rajan Kashyap, Principal Secretary (Finance) . Government of Punjab is a senior official of the Government of Punjab. He was earlier also associated with the Company. To take advantage. of his vast experience, the Board has Co-opted him as additional Director on the Board. Shri Ramesh Inder Singh and shri S.S. Muthuswamy are to retire by rotation. Shri Ramesh Inder Singh being eligible offers himself for re-appointment. The Directors recommended his re-appointment. Particulars u/s 217 (1) (e) of the Companies Act, 1956 Particulars as required u/s 217 (1) (e) of the Companies Act, 1956 are annexed herewith and form an integral part of this report. Auditors M/s. Serva Associates, Chartered Accountants are holding office of the Auditors of the Company till the conclusion of ensuing Annual General Meeting ,being eligible, offer themselves for re-appointment . Your Directors recommend their re-appointment. Appreciation Your Director extend the vote of thanks to the Shareholders, Debenture holders, Financial Institutions, Banks, Joint Venture Partners, Technical Collaborators, Customers, DoT. State & Central Government and Suppliers for their continued support to the Company. Your Directors look forward to receiving continuous support and guidance of all in good measure in future. On behalf of the Board Chairman ANNEXURE TO THE DIRECTORS' REPORT Particulars required u/s 217 (1) (e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 and forming part of the Director's REport for the year ended 31st March, 1998. Conservation of Energy a) Energy Conservation Measures Taken Energy conservation continues to receive special focus in all the units of the Company. The concept has been extensively promoted to bring about awareness at all levels. b) Additional investments and proposals, if any , being implemented for reduction of consumption of energy. For the on going and diversification, special care has been taken to order equipments having best efficiency which ultimately result in saving of power energy consumption. The Company keeps regularly in touch with new technology/ inventions in the field of energy saving devices and tries to adopt them as far as possible. c) Impact of the measures at (a) & (b) for reduction of energy consumption and impact on the cost of production of goods. d) Total energy consumption and energy consumption per unit of production as per prescribed Form A. Not Applicable Technology Absorption a) Research & Development 1. Specific Area Development of Microwave Radios Development of Products as per the specifications of Defence, Paramilitary Forces and Police. 2. Benefits derived as a result of the above R & D Saving of valuable foreign exchange by way of import substitution. The Company has been able to procure large orders. 3. In future the Company is proposing to further strengthen the R & D Centre for development of new products and would set up communication software centre. 4. i) Expenditure On R & D (Rs. in Lacs) Current Year Previous Year Capital 102.17 113.18 Recurring 1.71 2.69 Total R & D Expenditure as a 0.61% 0.76% % age of total turnover ii) Technology Absorption Adaptation and Innovation It is always the endeavour of the Company to absorb the imported technology and indigenise the components as far as possible. Benefits derived as a result of the above efforts: The benefits derived have been in the form of improved quality, high productivity and lower cost of production. C) Foreign Exchange Earnings and Outgo 1. Activity relating to export During the year under report, the Company has not made any export. 2. Foreign exchange earned and used The details of foreign exchange earned used are given in Appendix E, F, G& H annexed to the Balance Sheet as on 31.03.1998.
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(x)
P/BV (TTM)
(x)
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(%)
ROCE
(%)
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(x)
H F C L 1,070.84 7.78 1.70 12.81 9.1 6.3 0.45
S Mobility 631.19 19.10 1.00 11.52 10.1 11.5 0.00
Astra Microwave 502.15 9.71 2.50 3.66 20.0 24.0 0.28
ITI 476.64 0.00 -0.31 0.00 0.0 0.0 0.00
GTL Infra. 450.19 0.00 0.27 36.65 0.0 0.0 3.20
FCI OEN Connect. 437.98 243.54 2.80 0.00 2.1 0.6 0.00
GTL 257.81 0.00 0.40 22.36 0.0 0.0 3.63
AGC Networks 153.60 0.00 0.64 17.04 -14.8 -2.2 0.65
NELCO 93.11 0.00 10.25 0.00 0.0 0.0 4.79
Punjab Commun. 89.43 0.00 0.80 0.00 0.3 0.4 0.00
Punjab Wireless 75.95 0.00 1.44 0.00 -113.9 -15.9 2.90
ADC India 59.80 45.94 1.29 0.00 -4.3 -3.3 0.00
Shyam Telecom 29.70 0.00 0.57 3.68 0.2 4.7 0.40
Goldst.Infratec. 29.44 14.32 0.40 5.92 2.7 7.9 0.50
Kavveri Telecom 28.17 0.00 0.15 0.00 -11.0 -2.0 0.41

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Key Information

Key Executives:

Ramesh Inder Singh , Chairman 

Satbinder Singh , Managing Director 

Gurpal Singh , Vice Chairman & M.D. 

K R Lakhanpal , Director 


Company Head Office / Quarters:
B-53 Phase VI S A S Nagar,
Mohali Dist,
Ropar,
Chandigarh-160055
Phone : 91-172-670 652/692//867
Fax : 91-172-676 371
E-mail :
Web : http://
Registrars:
Punjab Wireless Systems Ltd
B-53 Phase - VI
S A S Nagar Mohali
Distt Ropar
Chandigarh - 160055

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