MIRA
INFORM REPORT
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Report Date : |
28.04.2007 |
IDENTIFICATION DETAILS
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Name : |
TATA BLUESCOPE STEEL LIMITED |
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Formerly Known As : |
BLUESCOPE STEEL BUILDING SOLUTIONS PRIVATE LIMITED |
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Registered Office : |
The Metropolitan, Final Plot
No 27, Survey No 21, Wakdewadi, Shivaji Nagar, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.02.2005 |
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Com. Reg. No.: |
11-20270 |
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CIN No.: [Company
Identification No.] |
U45209PN2005PLC020270 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEB04230C |
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PAN No.: [Permanent
Account No.] |
AACCB5628E |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacture of Steel Products. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD 3000000 |
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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a new
company and in the process of establishing itself. Directors are however
reported as experienced and respectable businessmen. Trade relations are reported
as fair. Payments are usually correct and as per commitments. The company can
be considered for small to mediocre business dealings with slight caution
initially. |
LOCATIONS
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Registered Office / Corporate Office : |
The Metropolitan, Final Plot
No 27, Survey No 21, Wakdewadi, Shivaji Nagar, |
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Tel. No.: |
91-20-66218000 |
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Fax No.: |
91-20-66218001 |
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E-Mail : |
bhushan.gokhale@tatabluescopesteel.com
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Website : |
DIRECTORS
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Name : |
Ms.
Kathryn Fagg |
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Designation : |
Chairperson
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Name : |
Mr.
Robert Elliott |
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Designation : |
Director |
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Name : |
Mr.
Michael Courtnall |
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Designation : |
Director |
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Name : |
Mr.
Moufid A Alossi |
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Designation : |
Director |
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Name : |
Mr.
Chetan Tolia |
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Designation : |
Managing
Director |
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Name : |
Mr. Hemant Nerurkar |
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Designation : |
Additional Director |
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Address : |
36, |
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Date of Birth/Age : |
20.10.1948 |
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Date of Appointment : |
30.05.2006 |
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Other Directorship : |
The Dhamra Port Company Limited U45205OR1998PTC005448 |
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Name : |
Mr. Anand Sen |
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Designation : |
Additional Director |
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Address : |
Beldhi House, Northern Town, |
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Date of Birth/Age : |
17.09.1959 |
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Date of Appointment : |
30.05.2006 |
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Other Directorship : |
Tata Ryerson Limited U27109WB1997PLC084005 |
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Name : |
Mr. Narendra Kumar Misra |
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Designation : |
Additional Director |
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Address : |
9, |
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Date of Birth/Age : |
12.03.1956 |
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Date of Appointment : |
30.05.2006 |
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Other Directorship : |
Tayo Rolls Limited U27105JH1968PTC000818 Indian Steel And Wire Products Limited U27106WB1935PTC008447 Steel City Press Limited U99999JH1968PLC000824 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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BlueScope Steel Asia Holdings Pty Limited |
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53500000 |
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Tata Steel Limited |
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53500000 |
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Category |
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Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign companies,
Foreign financial institutions, Non resident Indian or Overseas corporate
bodies or others] |
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50.00 % |
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Bodies corporate |
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50.00 % |
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Total |
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100.00
% |
BUSINESS DETAILS
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Line of Business : |
Manufacture of Steel Products. |
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Products : |
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Brand Names : |
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GENERAL INFORMATION
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No. of Employees : |
-- |
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
5, The Landmark, 42, |
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Associates/Subsidiaries : |
Bluescope Steel Limited |
CAPITAL STRUCTURE
As on 30.09.2006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000000 |
Equity Shares |
Rs. 10/- each |
Rs. 5000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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260000000 |
Equity Shares |
Rs. 10/- each |
Rs. 2600.000
Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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09.02.2005 to
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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887.120 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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[134.525] |
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NETWORTH |
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752.595 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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878.301 |
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TOTAL BORROWING |
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878.301 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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1630.896 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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219.371 |
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Capital work-in-progress |
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1606.823 |
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INVESTMENT |
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0.040 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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28.738 |
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Sundry Debtors |
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7.801 |
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Cash & Bank Balances |
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3.606 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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79.372 |
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Total
Current Assets |
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119.517 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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311.605 |
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Provisions |
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3.250 |
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Total
Current Liabilities |
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314.855 |
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Net Current Assets |
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[195.338] |
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MISCELLANEOUS EXPENSES |
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TOTAL |
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1630.896 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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09.02.2005 to
31.03.2006 |
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Other Income |
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7.500 |
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Total Income |
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7.500 |
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Profit/(Loss) Before Tax |
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[130.352] |
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Provision for Taxation |
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0.974 |
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Profit/(Loss) After Tax |
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[131.326] |
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Expenditures : |
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Salaries, Wages, Bonus, etc. |
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52.358 |
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Managerial Remuneration |
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|
1.255 |
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Payment to Auditors |
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|
0.700 |
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Interest |
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|
1.320 |
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Insurance Expenses |
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0.010 |
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Power & Fuel |
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0.583 |
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Other Expenditure |
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81.627 |
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Total Expenditure |
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137.853 |
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KEY RATIOS
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PARTICULARS |
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09.02.2005 to
31.03.2006 |
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PAT / Total Income |
(%) |
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1751.01 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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38.46 |
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Return on Investment (ROI) (PBT/Networth) |
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0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.59 |
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Current Ratio (Current Asset/Current Liability) |
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0.38 |
LOCAL AGENCY FURTHER INFORMATION
The name of the company has been changed from BLUESCOPE STEEL BUILDING
SOLUTIONS PRIVATE LIMITED to present w.e.f. 12.06.2006
The registered office of the company has been shifted from 301-302, 3rd
Floor, Mayfair Towers Wakdewadi Shivaji Nagar, Pune,
Shareholding
Subject to the provisions of these Articles and the JV Agreement, the
shareholding of Tata Steel and BSL in the issued, subscribed and paid up
capital of the Company shall be in the following proportions :
BSL Shareholders – 50 % of the aggregate of all Shares and
Tata Shareholders – 50 % of the aggregate of all Shares
AS PER WEBSITE
Organisation
Subject is an INR12bn equal
joint venture between Tata Steel Limited,
Subject offers a comprehensive
range of branded steel products for building and construction applications,
including the premium ZINCALUME® and COLORBOND® coated steels, LYSAGHT™
rollformed steel products and BUTLER™ metal building systems. Tata BlueScope
Steel has its operations in the greater South Asian Association for Regional
Co-operation (SAARC) which encompasses
Subject will have three
rollforming and PEB manufacturing facilities in
Tata BlueScope Steel Limited
Manufacturing Facility,
Hinjewadi, Pune
The Pune facility, situated near
the IT Park, Hinjewadi, is the first manufacturing facility to become
operational. The state-of-the-art manufacturing facility will manufacture,
design and supply a range of BUTLER™ pre-engineered buildings and LYSAGHT™ steel
building solutions.
This facility is located on a
campus of approximately 30 acres and has a constructed area of 21,000 sq mts.
The construction for this facility commenced in April 2005, and it has started
commercial production. This manufacturing facility has one beam line and eleven
roll forming lines to manufacture beams, columns, purlins, and other roofing
and wall cladding components for Pre-Engineered Metal Buildings and other
Building Solutions.
The Pune facility is unique and
has an in-house design centre showcasing new concepts, products &
application of steel with fully staffed engineering team catering to customers
needs. The centre will also conduct ongoing test on products to maintain
quality that will be manufactured in this facility. This facility will have a
beam line and roll forming facility that will provide material for roofing and
wall cladding applications and other key components for Pre-Engineered Metal
Buildings. The facility will be capable of product testing in order to maintain
quality and demonstrate features to customers.
Shareholders
About BlueScope Steel
Limited (ASX: BSL)
BlueScope Steel is an international flat steel
solutions company, with a manufacturing and marketing footprint spanning
BlueScope Steel's strategy is to grow the
proportion of its revenue and earnings generated from downstream value-added
steel products, by capitalising on high growth markets in
BlueScope Steel's strengths include its
unrivalled network of manufacturing facilities in Asia, proprietary coating and
painting technologies and strong brands, including COLORBOND® steel, ZINCALUME®
steel, the LYSAGHT® range of steel building products and the BUTLER® brand of
pre-engineered steel buildings.
BlueScope Steel operates a 5.1 million tonnes
per annum integrated steelworks at Port Kembla, Australia, a 650,000 tonnes per
annum integrated steelworks in New Zealand, and has a 50 per cent interest in a
1.8 million tonne steel mini-mill in Delta, Ohio. Steel coating and
painting plants are located in
About Tata Steel Limited
Established in 1907, Tata Steel is Asia's first
and
The 4 million tonne
Tata Steel is also exploring opportunities in
the ferro-chrome and titanium businesses in
Tata Steel's relentless quest for excellence
through initiatives like ASPIRE, which combines TPM, Six Sigma, Total
Operational Performance, Suggestion Management and Quality Circles, has reaped
rich benefits. The company has been conferred the prime Minister's Trophy for
the Best Integrated Steel Plant five times from the Indian Ministry of Steel.
It was the first Tata company to win the JRD Quality Value Award, categorising
its operations as "world class" under the Tata Business Excellence
Model. It has been ranked among the top four world class steel companies by
World Steel Dynamics,
PRESS RELEASE
Tata BlueScope Steel’s Third facility Inaugurated
January 29, 2007: Tata BlueScope Steel Limited,
an INR 12bn equal joint venture between Tata Steel and BlueScope Steel Limited
inaugurated its third LYSAGHT™ Building Components and Systems manufacturing
facility at Sriperumbudur, Chennai. The plant will manufacture light steel structures
and Roof and Wall cladding solutions under the brand name LYSAGHT™. With
the addition of the third facility in
Speaking at the occasion Ms Kathryn Fagg,
President Asian Business Markets, BlueScope Steel and Chairperson Tata
BlueScope Steel said: “We are happy to inaugurate the Chennai facility when
Mr Chetan Tolia, Managing Director, Tata
BlueScope Steel said, “With this plant in Chennai we will further strengthen
our offerings in the southern region of
This state-of-the-art facility has been set up
on an area of 10 acres (36,543 sqmts) and has a built-up area of 9,500 sqmts.
The plant will manufacture roofing and wall cladding components for
Pre-Engineered Metal Buildings and other Building Solutions. The plant is
equipped with rain water harvesting, sewage water treatment and landscaping
with trees planted across the facility to add aesthetic appeal.
About Tata BlueScope
Steel
Tata BlueScope Steel Limited, an INR 12 bn equal joint venture between Tata Steel Limited and BlueScope Steel Limited. The company has three manufacturing facilities consistently delivering world class services and products. The Building Solutions manufacturing facilities are based at Pune, Chennai and Bhiwadi. With four regional office and 20 sales offices the Building Solution Business is on a growth curve.
The Coated Steel manufacturing facility will be
operation from the first quarter of 2009 at
The Building Solutions facilities at Pune and
Bhiwadi have been operational since August and December 2006. The Chennai
facility is the third to commence manufacturing from January 2007. For the
construction of these facilities, top-of-the-line equipment from leading
suppliers all over the globe has been used.
Tata BlueScope Steel Limited offers a
comprehensive range of branded steel products for building and construction
applications, including the premium ZINCALUME® steel, COLORBOND® steel,
LYSAGHT™ roll formed steel products and BUTLER™ metal building systems.
All our facilities are architecturally designed to
showcase our leading product brands. The plant building is a BUTLER™ BUILDING,
truly representing 100 years of experience in pre-engineered metal
buildings. The LYSAGHT™ roof and wall cladding has been manufactured from
COLORBOND® steel & ZINCALUME® steel that adds to the aesthetic appeal of
these buildings. Tata BlueScope Steel Limited is annunciating a
revolution by “Creating Your New World”.
About BlueScope Steel
Limited (ASX: BSL)
BlueScope Steel is an international flat steel
solutions company, with a manufacturing and marketing footprint spanning
BlueScope Steel’s strategy is to grow the
proportion of earnings generated from downstream value-added steel products, by
capitalising on high growth markets in
BlueScope Steel’s strengths include its
unrivalled network of manufacturing facilities in Asia, proprietary coating and
painting technologies and strong brands, including COLORBOND® steel, ZINCALUME®
steel, the LYSAGHT® range of steel building products and the BUTLER® brand of
pre-engineered steel buildings.
BlueScope Steel has extensive experience in
developing new metallic coating and painting facilities in developing
countries, and currently has under construction major new facilities in
Vietnam, near Ho Chi Minh City (due for commissioning early CY2007) and China,
at Suzhou near Shanghai (expected to be commissioned by mid CY2007).
BlueScope Steel operates a 5.1 million tonnes
per annum integrated steelworks at Port Kembla, Australia, a 650,000 tonnes per
annum integrated steelworks in New Zealand, and has a 50 per cent interest in a
steel mini-mill in Delta, Ohio. Steel rolling, coating and painting
plants are located in
About Tata Steel
Established in 1907, Tata Steel is Asia’s first
and
The five million tonne (MT) per annum Jamshedpur
works, which produces both flat and long products, is gearing up to
double its capacity. The Company has also embarked upon
setting up three green field steel plants in the Indian states
of Jharkhand, Orissa and Chhattisgarh to add 23 million
tonnes to its capacity. It also plans to set up steel making capacities
in
The Company, through its joint venture, Tata
BlueScope Steel Limited will soon offer a range of branded steel products for
building and construction applications and also set up a metallic coating and
painting facility in
Tata Steel is one of the few steel companies in
the world that is Economic Value Added (EVA) positive.
It was ranked the “World's Best Steel Maker”, for the third time by World Steel
Dynamics in its annual listing in February, 2006. Tata Steel has been conferred
the Prime Minister of India's Trophy for the Best Integrated Steel Plant five
times.
Tata Steel's products include hot and
cold rolled coils and sheets, galvanised sheets, tubes,
wire rods, construction re-bars, rings and
bearings. The Company has set up
Media Release – Living
Steel Challenge accepted by World Architects
Brussels, Belgium, 1 Feb
2007—
Living Steel’s 2nd International Architecture Competition for Sustainable
Housing, launched on World Architecture Day, has generated tremendous interest
among the world’s leading architects. With over 1100 entrants from 88 countries
submitting Expressions of Interest, these architects have embraced Living
Steel’s challenge to provide designs for responsible and innovative housing
demonstrations in
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 records 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.41.29 |
|
|
1 |
Rs.82.30 |
|
Euro |
1 |
Rs.56.20 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|