BST Ltd., formerly known as BPL Electronics Ltd. with the objective of getting into the business of manufacturing of audio equipment, radio cassette recorders, TV sets, tape deck mechanism and components/parts required thereof; was incorporated in 1981, under the name of BPL Electronics Ltd. It initially, started off, with the activities of trading in cassette tape recorders and push button telephones.

It later expanded its range of product by setting up a 100% export oriented unit for the manufacture of radio cassette recorders, musical systems, compact disc players, TV sets, etc. in order to reduce dependence on imports. Since then, to augment market share in audio, the Company launched several trendy models in VCD players, Car audio and introduced innovative Digital Satellite Radio Receivers to the Indian market. The entire range of audio was given a face-lift in terms of features and aesthetics. To improve on cost competitiveness, mass-market products were outsourced from reputed manufacturers under strict quality environment. These steps were well received by the market and it is reflected in the improvement of top line as well as bottom line.

It signed a MoU with KSIDC ( Karnataka state Industrial corporation) and BPL Group. The company has also signed a MoU with Sanyo, Japan for exporting the entire output and markets the company`s products in the domestic sector through a vast network of dealers/stockists. It also entered into a strategic alliance with Ford Mahindra for supply of car stereos.

It launched Digital Satellite Receivers in India, a new concept of receiving satellite digital audio broadcast service and with assistance from Sanyo, has also steamlined the line of hi-fi audios (Midi, Mini and Macro) VCDs, so as to emerge as a formidable player in ever growing audio market in the country.

Recent Developments

The company bagged order worth Rs 4 crore to manufacture 25,000 Digital Satellite Receivers of the Celeste-11 variety. These sets are meant for the Indian market. It also has bagged largest single export order (ever received by an Indian company) for the supply of an order for 30,000 units of digital satellite radio receivers, to be commissioned to the Washington-USA based Worldspace Corporation, for use by the Kenya Institute of Education Project in Kenya after a rigorous selection process.

C R Menon, Chief Operating Officer of the company has been appointed as the Whole time Director of the company. Mr. Shashi Nambiar has resigned, as the Managing Director of the company however, will continue as a Director on the Board in a Non-executive capacity.

Milestones

1981

• The company was incorporated on September 02, under the name of BPL Electronics limited The company was carrying on the activities of trading in cassette tape recorders & push button telephones.
• The company object is to manufacture of audio equipments, radio cassette recorders, TV sets, tape deck mechanism and components/parts required thereof.

1986

• A Memorandum of Understanding was signed with KSIDC & BPL group on 9th July, for implementing a cassette tape recorder project, wherein KSIDC & BPL group were to contribute to the extent of 26% each in the equity capital of joint venture.
• The name of company was subsequently changed to BPL Sanyo Technologies, Ltd.
• The company has a modern factory with a built up area of 50,000 sq. ft. at Palghat for manufacture of radio cassette recorders, TV sets, tape deck mechanism etc.
• The company undertook to set up a large industrial complex including a 100% Export Oriented Unit (EOUs) on a 10 acre land acquired from Karnataka Industrial Area Development Board at Doddaballapur near Bangalore for manufacture of radio cassettee recorders, musical systems, compact disc players, TV sets, etc. to reduce dependence on imports.
• The company proposed to expand its manufacturing operations at Palghat by acquiring 3 acres of land adjacent to the existing plot. Equipment for EOU & Expansion scheme was selected by BPL - Group in consultation with Sanyo, Japan. Most of the imported equipment was to be procured from Japan, Singapore and Taiwan.

1988

• All shares were taken up by promoters, directors etc.

1989

60,10,000 No. of equity shares of Rs.10 each then issued at par of which the following shares were reserved & allotted on a firm basis:

• 46,10,000 shares to promoters, directors, friends and relations and
• 2,50,000 shares to Kerala State Industrial Development Corporation Ltd.; of balance 11,50,000 No. of equity shares, 3,49,000 were reserved for allotment on a pref. basis to employees [including Indian working directorss]/workers of company as well as promoter companies (all were taken ups).
• The remaining 8,01,000 shares were issued to the public. Additional 9,01,500 shares were allotted to retain oversubscription (6,91,500 No. of equity shares to promoters, 52,350 shares to employees, 37,500 shares to KSIDC & 1,20,150 shares to the public.

1990

Simultaneous to the public issue in September, the company also issued 9,80,000 - 12.5% secured redeemable partly convertible debentures of Rs.150 each, of which 1,00,000 debentures were reserved & allotted on firm basis to promoters, directors, their friends & relations. Of the remaining 8,80,000 debentures, the following were reserved for allotment on a pref. basis:

• 49,000 debentures to employees of Company as well as promoter companies (only 41,530 debentures taken ups);
• 60,000 debentures to financial institutions/mutual funds/banks (all were taken ups) and
• 98,000 debentures to existing shareholders of BPL Electronics limited (all were taken ups).
• The balance of 6,73,000 debentures along with 7,470 debentures not taken up by employees were issued to the public. Additional 147,000 debentures were allotted to retain oversubscription (14,700 debentures to BPL Electronics Ltd., 15,000 debentures to promoters/directors, 16,470 debentures to financial institutions & 1,00,830 debentures to publics).
• Rs 50 (Part-As) of face value of each debenture was to be compulsorily and automatically converted into 5 equity shares of Rs 10 each at par. Accordingly, 56,35,000 No. of equity shares were allotted in November.
• The remaining Rs 100 (Part-Bs) of face value of each debenture was to be redeemed at par in 3 equal annual installments at a prem. of 5% on the expiry of 6th, 7th and 8th year from the date of allotment of debentures.
• Through the prospectus the company also issued 6,50,000 - 14% secured redeemable non-convertible debentures of Rs 100 each to the public (all were taken ups).
• These debentures were to be redeemed at a prem. of R .5 per debenture on the expiry of 6th, 7th and 8th year from the date of allotment of debentures.

1991

• The company proposed to incur further capital expenditure in respect of introduction of new models, compact disc players, tooling of deck mechanism for radio cassette recorders, as well as car stereos and stabilize new facilities for manufacture of components.
• The company entered into Memorandum of Understanding with Sanyo, Japan for exporting the entire output. Also, through a vast network of dealers/stockists, it was proposed to market the company products on the domestic sector.

1993

• New Hi-Fi Music Systems, Portable Compact Disc Players, Compact Disc Systems were introduced in the market. 1994 - 45,50,000 No. of equity shares of Rs.10 each at a premium of Rs 39.44 per share were allotted on private placement basis as per SEBI guidelines to the promoter group.

1995

• The company successfully launched ten new audio models.
• The company allotted on private placement 4,550,000 No. of equity shares of Rs. 10/- each at a premium of Rs. 39.44 per share to the Promoter Group.

1997

• BPL Sanyo Technologies Ltd entered into a strategic alliance with Ford Mahindra for supply of car stereos on an OEM contract basis.
• BPL Sanyo Technologies Ltd, a BPL group company, launched its website on the Internet at http://www.bplaudio.com/index.html. This is for first time an Indian audio manufacturing company has gone on online.

1998

• BPL Sanyo Technologies Ltd tied-up with the Industrial Development Bank of India (IDBIs) and the Industrial Credit and Investment Corporation of India [ICICIs] to raise Rs 22 crore.

1999

• The company decided to issue 20,00,000 redeemable preference shares of Rs.100 each for cash at par aggregating Rs.20 crores on private placement basis.

2000

• The company allotted 10% - 40,00,000 Cum. Red. Preference shares of Rs. 100 each on private placement basis to ICICI Ltd.
• The company name changed from BPL Sanyo Technologies Ltd to BST Ltd.

2002

• The company informed that C R Menon, Chief Operating Officer of Comp. has been appointed as the Wholetime Director of Comp. w.e.f. June 25, 2002 for a period of 3 yrs. Shashi Nambiar has resigned as the Managing Director of Comp. with immediate effect however he will continue as a Director on the Board in a Non-executive capacity. T C Chauhan has resigned as Director of Comp. w.e.f. June 25, 2002.

2003

• The company informed that Srinath Maniyal M has resigned as a company Secretary and Compliance Officer of company.
• The company informed that C R Menon, Director and Chief Operating Officer resigned as the Wholetime Director & was appointed as the Director and Manager of Comp. w.e.f. June 26, 2003. Srinath Maniyal M resigned as the Comp. Secretary and the Complaince Officer and was relieved by Board.
• U.N.Kini has resigned as Director of Company - N.P.Perumal has been inducted on the Board as additioanl director

2004

• The company informed that the Secretarial Department of Comp. has been shifted to the following address with immediate effect: Secretarial Department, BST Limited, Dynamic House, No. 64, Church Street, Bangalore 560001. Board No: 080-25587787; Fax No: 080-25596286.
• Delists equity shares from Bangalore Stock Exchange

Future Plans

The company plans to increase its market share by revamping of existing models, introduction of state-of-the-art technology produced with VCD Version 2.0, MP3, Digital Satellite Radio Receivers and new Car Audios models. It will be manufacturing two models of Digital Satellite Radio Receiver units in India through its efforts in Research and Development and sees enormous opportunities for marketing these unit not only for domestic markets but also for large exports, possibly to SAARC Countries, Middle East and Africa with the help of World Space. The company is also looking at a number of new consumer durables to be launched in phases during the year.

It also plans the expansion of the marketing and sales networks to ensure deeper penetration in the market.