The Background

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BTL EPC is engaged in the manufacturing of engineering items like industrial knives, spares for thermal power plants, material handling systems, and heavy fabrication of mild steel, stainless steel, aluminum, and various defense products. Further, BEL forayed into the EPC/turnkey projects implementation space in 2006 and executes turnkey contracts of material handling plants, process plants, and various equipment and technological steel structures for infrastructure projects. It is also involved in assembling power tillers (agricultural equipment). From 2014 onwards, the company has also ventured into power transmission. The company has four manufacturing facilities located in Kolkata and Durgapur in West Bengal. The company is the flagship company of the Shrachi group. The company was incorporated in 1992 and has its registered office located in Kolkata, West Bengal.

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Challenges:

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Given the nature of its business operations, the company collaborated with multiple Banks to meet their fund-based & non-fund-based working capital needs. Their focus has always been to grow the business successfully which they did quite well. However, in the process, they somehow missed cross-checking minute details as far as Bank interest & other charges were concerned. The bandwidth of the team was largely occupied in other critical areas and they presumed that Banks would always charge fair & what was promised. 

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Solutions:

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BankKeeping, a first of its kind, Loan Management Solution provider using a SaaS model, stepped in to facilitate the company management to address these issues. Bankkeeping meticulously performed interest checking across eight of their banking partners for the last couple of months. Post review of all the terms of sanction across all their lenders, their comprehensive analysis revealed that the banks had collectively overcharged approximately Rs 34 lakhs. Bankkeeping ensured that this discrepancy was conveyed properly to the lenders and the amount was duly reversed back to the company. Resultantly, BTL EPC Ltd was able to rectify the overcharges and streamline their banking processes. This allowed them to focus on their core operations and continue their growth trajectory.

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