MIRA
INFORM REPORT
|
Report Date : |
01.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
TATA BLUESCOPE STEEL LIMITED (w.e.f.12.06.2006) |
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Formerly Known As : |
BLUESCOPE STEEL BUILDING SOLUTIONS PRIVATE LIMITED |
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Registered Office : |
Metropolitan, Final Plot No 27, Survey No 21, Wakdewadi,
Shivaji Nagar, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
09.02.2005 |
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Com. Reg. No.: |
11-20270 |
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Capital
Investment/ Paid-up Capital: |
Rs.6560.000
millions |
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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. |
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No. of Employees: |
Not Divulged by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 20000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a
Joint-Venture between Tata Steel and Bluescope Steel Asia. It is an
established company having moderate track. There appears some accumulated
losses recorded by the company. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can
be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Ritwick Ray |
|
Designation : |
Finance Controller Corporate |
|
Date : |
30.06.2011 |
LOCATIONS
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Registered
Office / Corporate Office : |
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 : |
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For
SAARC Region : |
·
For Coated Steel Address: The Metropolitan, 4th Floor,
Final Plot No.27, Survey No.21, Wakdewadi, Shivajinagar, Pune, 411005, Contact Numbers: Tel: +91 20
66218000, Fax: +91 20 66218001 Email: coatedsteel@tatabluescopesteel.com ·
For Pre-Engineered
Metal Buildings Address: Survey No.247 and 250,
Hinjewadi, Phase II, Taluka, Mulshi, Pune, 411057, Contact Numbers: Tel: +91 20
66742000, Fax: +91 20 66742001 Email: buildingsolutions@tatabluescopesteel.com ·
For Roofing, Wall
Cladding and Allied Products and For Retail and Distribution Address: The Metropolitan, 4th
Floor, Final Plot No.27, Survey No.21, Wakdewadi, Shivajinagar, Pune, 411005,
Contact Numbers: Tel: +91 20
66218000, Fax: +91 20 66218001 Email: buildingproducts@tatabluescopesteel.com
distribution@tatabluescopesteel.com
·
For BlueScope Lysaght Lanka (Private) Limited Address: 26 and 27, Sapugakanda
Industrial Estate, Contact Numbers: Tel: +94 11
4815050, Fax: +94 11 2400618 Email: bluescopemkt@sltnet.lk |
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Manufacturing
Plants : |
·
Bhiwadi, Rajasthan Address: Plot No.298-299, RIICO
Industrial Area, Chopanki, Bhiwadi, Rajasthan, 301019, Contact Numbers: Tel:
91-1493-691010, Fax: +91-1493-691014 ·
Sriperumbudur,
Tamil Nadu Address: G10 and G11, South
Avenue Road, Sipcot Industrial Park, Irrungattukottai Sriperumbudur,
Kanchipuram District Tamil Nadu, 602105, India ·
Hinjewadi - Pune, Address: Survey No.247 and 250,
Hinjewadi, Phase II, Taluka, Mulshi, Pune, 411057, Contact Numbers: Tel: 91-20-66742000, Fax: 91-20-66742001 ·
Address: Coated Steel Project, Tubes Division, Tata Steel, P. O. Burmamines, Contact Numbers: Tel: 91-657-651 2045, Fax: 91-657-227 0751 |
DIRECTORS
As On 02.07.2010
|
Name : |
Mr. Hemant Madhusudan Nerurkar |
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Designation : |
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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DIN No : |
00265887 |
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Name : |
Mr. Anand Sen |
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Designation : |
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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DIN No : |
00237914 |
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Name : |
Mr. Narendra Kumar Misra |
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Designation : |
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 |
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DIN No : |
00026223 |
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Name : |
Mr. Gerard Joseph Hammond |
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Designation : |
Director |
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Address : |
6, |
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Date of Birth/Age : |
01.03.1958 |
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Date of Appointment : |
12.04.2007 |
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DIN No : |
01433397 |
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Name : |
Mr. Adam Jeffrey Watson |
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Designation : |
Alternate Director |
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Address : |
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Date of Birth/Age : |
10.11.1973 |
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Date of Appointment : |
17.12.2008 |
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DIN No : |
02852976 |
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Name : |
Mr. Sharbel Raymond Elias |
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Designation : |
Director |
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DIN No : |
02797935 |
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Name : |
Mr. Wayne David Armour |
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Designation : |
Director |
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Address : |
23, |
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Date of Birth/Age : |
22.02.1963 |
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Date of Appointment : |
23.04.2008 |
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DIN No : |
02598338 |
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Name : |
Mr. Sanjay Raghubir Dayal
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
27.09.1957 |
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Date of Appointment : |
31.10.2008 |
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DIN No : |
02506378 |
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Name : |
Mr.
Harish Girish Pathak |
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Designation : |
Managing
Director |
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Address : |
The
Woods Vista, G – 8, Flat – 201, |
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Date of Birth/Age : |
30.12.1958 |
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Date of Appointment : |
15.07.2008 |
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DIN No : |
02426760 |
KEY EXECUTIVES
|
Name : |
Mr.Bhushan Ghanashyam Gokhale |
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Designation : |
Secretary |
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Address : |
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Date of Appointment : |
14.11.2005 |
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PAN No : |
AEYPG9398B |
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Name : |
Mr. Ritwick Ray |
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Designation : |
Finance Controller Corporate |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON : 02.07.2010
|
Names of Shareholders |
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No. of Shares |
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Tata Steel Limited, |
|
327999997 |
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Tata Steel Limited jointly with Mr. H.M. Nerukar |
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1 |
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Tata Steel Limited jointly with Mr. N. K. Mishra |
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1 |
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Tata Steel Limited jointly with Mr. Anand Sen |
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1 |
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BlueScope Steel Asia Holdings Private Limited, |
|
327999997 |
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BlueScope Steel Asia Holdings Private Limited jointly with Mr. Sanjay
Dayal |
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1 |
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BlueScope Steel Asia Holdings Private Limited jointly with Mr. Wayne
Armour |
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1 |
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BlueScope Steel Asia Holdings Pty. Limited jointly with Mr. Simon
Linge |
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1 |
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Total |
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656000000 |
AS ON: 02.07.2010
|
Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
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Bodies corporate |
|
50.00 |
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Total
|
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 : |
·
COLORBOND ·
ZINCALUME ·
LYSAGHT ·
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PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity * |
Actual
Production |
|
Fabricated
Structural Products of Iron and Steel |
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|
|
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Pune Plant |
MT |
70000 |
69919 |
39486 |
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Bhiwandi Plant |
MT |
40000 |
29450 |
7432 |
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Chennai Plant |
MT |
40000 |
36800 |
12123 |
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* As certified by the respective Head (Operations) and relied upon by
auditors being a technical matter.
Note:
Pune Plant started production in July 2006
Bhiwani Plant started production in October 2006
Chennai Plant started production in January 2007
GENERAL INFORMATION
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No. of Employees : |
Not Divulged by Management. |
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Bankers : |
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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 : |
706, B wing, 7th floor, ICC Trade Tower, International Convention
Centre, Senapati Bapat Road, Pune – 411016, Maharashtra, India |
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Related Party
Company : |
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Parent Holding
Company : |
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Fellow Subsidiaries : |
Tate Metaliks Limited |
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Subsidiaries : |
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CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
Rs. 10/- each |
Rs.10000.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
656000000 |
Equity Shares |
Rs. 10/- each |
Rs.6560.000
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
6560.000 |
6560.000 |
5220.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
600.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.00 |
0.000 |
|
|
4] (Accumulated Losses) |
[1327.972] |
[1143.190] |
[594.085] |
|
|
NETWORTH |
5232.028
|
5416.810 |
5225.915 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3608.854 |
300.000 |
0.000 |
|
|
2] Unsecured Loans |
759.581 |
510.149 |
77.835 |
|
|
TOTAL BORROWING |
4368.435
|
810.149 |
77.835 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9600.463 |
6226.959 |
5303.750 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2425.075 |
2585.654 |
2513.062 |
|
|
Capital work-in-progress |
6470.747 |
2989.462 |
1658.133 |
|
|
|
|
|
|
|
|
INVESTMENT |
90.540 |
90.540 |
90.540 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
700.550
|
522.260
|
784.818 |
|
|
Sundry Debtors |
739.624
|
684.564
|
443.221 |
|
|
Cash & Bank Balances |
134.809
|
91.863
|
121.419 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
972.669
|
652.157
|
557.812 |
|
Total
Current Assets |
2547.652
|
1950.844
|
1907.270 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1482.503
|
895.701 |
|
|
|
Other Current Liabilities |
310.499
|
379.174
|
772.566 |
|
|
Provisions |
140.549
|
114.666
|
92.689 |
|
Total
Current Liabilities |
1933.551
|
1389.541
|
865.255 |
|
|
Net Current Assets |
614.101
|
561.303
|
1042.015 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9600.463 |
6226.959 |
5303.750 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4206.882 |
3537.932 |
2823.104 |
|
|
|
Other Income |
118.165 |
51.726 |
48.196 |
|
|
|
TOTAL (A) |
4325.047 |
3589.658 |
2871.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
4254.971 |
3921.293 |
2888.754 |
|
|
|
Provision for Impairment |
219.733 |
3.443 |
0.000 |
|
|
|
Expenditure (Other than Interest)
Transferred to Capital Account and Other Account |
(24.403) |
[38.538] |
[56.264] |
|
|
|
TOTAL (B) |
4450.301 |
3886.198 |
2832.490 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I |
(125.254) |
(296.540) |
38.810 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
52.162 |
40.032 |
2.624 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(177.416) |
(336.572) |
36.186 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.000 |
207.137 |
189.875 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(177.416) |
[543.709] |
[153.689] |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
[5.395] |
[5.034] |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(177.416) |
[549.104] |
[158.723] |
|
|
|
|
|
|
|
|
|
Less |
Prior Period
Adjustment |
7.367 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1143.190) |
(594.085) |
(435.362) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1327.973) |
(1143.189) |
(594.085) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
19.875 |
12.546 |
100.398 |
|
|
|
Commission Earnings |
28.346 |
32.179 |
52.456 |
|
|
|
Others |
19.777 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
67.998 |
44.725 |
152.854 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1198.666 |
1145.347 |
700.201 |
|
|
|
Stores & Spares |
32.113 |
11.443 |
7.303 |
|
|
|
Capital Goods |
629.918 |
126.483 |
323.099 |
|
|
TOTAL IMPORTS |
1860.697 |
1283.273 |
1030.603 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
[0.28] |
[0.90] |
[0.32] |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
[4.10]
|
[15.30]
|
[5.53] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[4.22]
|
[15.37]
|
[5.44] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[3.57]
|
[11.99]
|
[3.48] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.03]
|
[0.10]
|
[0.03] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.20
|
0.41
|
0.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32
|
1.40
|
2.20 |
LOCAL AGENCY FURTHER INFORMATION
SUNDARY CREDIOTRS
DETAILS
(Rs.
In Millions)
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
1)
For goods supplied and services Total outstanding dues of micro
enterprises and small enterprises Total outstanding dues of creditors other
than micro enterprises and small enterprises |
813.376 |
720.153 |
NA |
|
2)
For Accrued wages and Salaries |
1.137 |
0.347 |
NA |
|
3)
For Other Liabilities |
667.990 |
175.201 |
NA |
|
Total |
1482.503
|
895.701 |
NA |
Note :
Other liabilities includes purchase
consideration of Rs. 90.500 millions (31.03.2009- Rs.90.500 millions), excluding
Foreign exchange fluctuation loss of Rs.12.250 millions (31.03.2009- gain
Rs.4.150 millions), payable to Bluescope Asia Private Limited,
Change of Address:
The registered office of the company has been shifted from 301-302, 3rd
Floor, Mayfair Towers Wakdewadi Shivaji Nagar, Pune,
Change of Name:
The name of the company has been changed from BLUESCOPE STEEL BUILDING
SOLUTIONS PRIVATE LIMITED to present w.e.f. 12.06.2006
Form 8:
|
Corporate
identity number of the company |
U45209PN2005PLC020270 |
|
Name of the
company |
TATA BLUESCOPE STEEL LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Metropolitan, Final Plot No
27, Survey No 21, Wakdewadi, Shivaji Nagar, Pune – 411 005, Maharashtra,
India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property Movable Property |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
Assignment
Agreement dated 07.10.2009 |
|
Date of
instrument Creating the charge |
07.10.2009 |
|
Amount secured by
the charge |
Rs. 1000.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest First Interest Period
1% Margin Below SBAR. The Margin For Each Subsequent Interest Period Has To
Be Advised By The Lender 60 (Sixty) Days Prior To The Relevant Interest Reset
Date. Terms of
Repayment (A) The Borrower
Will Repay The Loan In 24 (Twenty Four) Consecutive Quarterly Installments; (B) First
Installment Of Repayment Must Be Repaid On The Last Day Of The Quarter
Commencing From April 2011. Margin The Borrower To
Maintain A Debt : Equity Ratio Of 3.43 : 1. Extent and
Operation of the charge The first pari passu
charge on the whole of the movable
properties (other than current assets) relating to project at Jamshedpur and
existing manufacturing facilities at a) Biwadi, Rajasthan b) Sriperambathur,
Chennai, both present and future including PEB Structure, movable plant and
machinery, spares, tools and accessories and other consumable whether installed or not and entire fixed
assets at HINJEWADI facility, PUNE.. Others Pursuant to the
Assignment Agreement dated 5th October, 2009 Rs. 1000.000 Millions (12.05%)
out of Secured Loan of Rs.8350.00
Millions by State Bank of India assigned in favour of State Bank of Mysore ,
along with Security Interest therein as per the Deed of Assignment dated 5th
October, 2009. On 7th October, 2009 there are total Three Assignment
Agreement with Indian bank, State Bank of |
|
Short particulars
of the property charged |
The first pari
passu charge on the the whole of the
movable properties (other than current assets) relating to project at b)
Sriperambathur, Chennai, both present and future including PEB Structure,
movable plant and machinery, spares, tools and accessories and other
consumable, whether installed or not and entire fixed assets at HINJEWADI facility, PUNE. |
BACKGROUND
Subject is a joint venture between Tata Steel Limited,
India and Bluescope Steel Asia Holding Private Limited, Australia, a wholly
owned subsidiary of Bluescope Steel Limited, Australia. The company was
originally incorporated as Blusescope Steel Building Solution Private Limited
on 9th February 2005. The Joint Venture Agreement was executed on 23rd
November, 2005, amongst Tata Steel Limited and Blusescope Steel Asia Holding
Private Limited and Blusescope Steel Limited and Blusescope Steel Building
Solutions Private Limited. As per the Joint Venture Agreement referred above,
both Blusescope Steel Limited and Tata Steel Limited shall contribute the total
equity contribution in the ration 50:50. This joint venture agreement came into
effect from 30th May 2006.
BSBSPL has been converted into a limited company
under the name Blusescope Steel Building Solutions Private Limited and the name
of the company has been further changed from BSBSL to Tata Blusescope Steel
Limited w.e.f. 12th June 2006.
The Company’s corporate office is headquatered
in Pune and has plants in Hinjewadi Pune, Chennai and Bhiwandi. The Company
supplies parts of pre-engineered building / building solution products to its
target market,
Fixed Assets:
- Building
- Leasehold
Improvements
- Plant and
Machinery
- Moulds and
Dies
- Furniture and
Fixtures
- Office
Equipments
- Computer
Software
Update on Operations - Coated Steel Project,
The Coated Steel Project (CSP) at
The Metal Coating Line will
manufacture ZINCALUME® (Zn/Al coated steel from Full hard Cold Rolled
steel) and the Color Coating Line will manufacture COLORBOND® from the
Zn/Al coated steel.
These will be used for roofing,
walling, other forms of cladding, cool rooms etc. CSP would be the key supplier
of feed stock to the building solutions units at Pune, Bhiwadi and Chennai. In
addition, CSP would also be supplying to other building solutions players and
roll formers in
CSP offer to the customer is based
on shorter lead-time, as compared to the existing option of imports; superior
products offer, in terms of range of colors and consistent product quality, as
compared to domestic color coating players.
Present Project Status
·
Permanent road and drainaige work is under
progress. Permanent road lighting work is getting started.
·
Safety team and the technical teams at site,
along with engineers and consultants to monitor and aid the progress of site
work.
·
Structural Steelwork erected is 5680 T.
(Estimated quantity of 6060 T)
·
Piling Job -2762 piles completed. Piling work
completed
·
Civil Job –36715 cum of concrete completed out
of estimated 44000 cum. Civil works in major units completed except for
Slitting line
·
MCL and CCL Equipment contracts with M/s.
Siemens VAI MT SAS, France and M/s. Siemens VAI MT India - Engineering is
completed. Design review and HAZOP review concluded.
·
Pack Line –Engineering completed .Equipments
for Pack line are recd. at site and erection likely to be started june10
onwards
·
Slitting and Recoiling Line - Order placed and
signed contracts with M/s. HB
·
LPG, Nitrogen Generation Plant, Hydrogen plant
and Boiler plant – All equipments recd. Erection and electrical installation in
progress
·
Water system and Air system commissioned.
·
DM Water syatem…Mech and electrical finishing
jobs under progress.
·
Power system charged for CCL. and all
utilities.
·
Yard
and shop piping works for CCL completed for MCL in progress
Building
Solutions Business
For
the Building Solutions business of the company, FY10 was a year when several
improvement initiatives and cost-cutting measures were put in place to enhance service
efficiency and delivery performance.
The
most prominent of these initiatives was ‘Project Leap Ahead’, the
implementation of to improve operational efficiency throughout the Building
Solutions Business. This has been implemented in the Engineering function, as
well as Manufacturing, with the intention to deliver to complete projects in
the shortest possible time. Other functions will also be included as the
implementation progresses.
The
business was restructured to specifically manage every project through design
to completion. Interface created between operations and project management.
While
doing all of the above, the business has not lost its focus on Safety. In order
to improve safety standards at their construction sites, two campaigns on ‘Safe
Erection Practices’ and ‘Safety while Working at Height’ have been conducted at
several construction sites. These have been very well received by the
customers, some of who have nominated their own teams as well as other vendors
at their sites to participate.
The
Sales and Marketing efforts of the Building Solutions team saw Order Intake
grow to 51,000MT in FY10. This represents a growth of 23% from 41,600MT in
FY09. Shipments in FY10 grew to 34,500MT, an increase of 8% over 31,800MT in
FY09. This is quite appreciable considering the market remained stagnant, still
in a downturn for the greater part of the year.
Prominent
corporate customers in FY10 included Hindustan Unilever, Gestamp, Reckit
Benckiser, Jaquar and Arshiya, with projects both in industrial as well as
warehousing applications. FM certified buildings were completed for Kohler, SKF
and AO Smith.
Going
forward, the Building Solutions will Endeavour to consolidate the early gains
from these initiatives, and leverage learning’s over the last four years to
improve operational efficiency.
Building
Products and Distribution Business
Building
Products and Distribution Division (BP and D) is a business unit of the Company
dealing in roofing, walling and light structural building solutions. Two major
brands of this business are LYSAGHT™ and Durashine™. The BP and D business has
been witnessing a consistent YOY growth since its conception.
Buildings
Products division markets LYSAGHT™ brands through a network of sales
offices across
Durashine™
brand of products are sold through Tata Steel’s distribution
channel of Tata Shaktee distributors in the retail market. The
Durashine™ brand has emerged as the market leader in the retail business of steel
roofing and walling. The network has 29 distributors and 800 dealers catering
to the needs of customers across the country .The focused marketing
communication activities in FY’10 created a strong pull, resulting in a
consistent increase in the sales volumes.
Under
distribution group, they also have the light gauge structural solutions
(PEBLite™, SMARTBUILD®, and SMARTRUSS®) which are offered through the channel
of Authorized Solution Providers (ASP). These buildings are typically used for
light industrial applications. These product brands are available and installed
at customer’s site through their Authorized Solution Partners (ASP). In FY’10
the network successfully garnered and executed some good projects across the
country.
Building
Products and Distribution (BP and D) business sources its products from three
manufacturing facilities at Hinjewadi (Pune), Sriperumbudur (Chennai) and
Bhiwadi (Rajasthan) for consistently delivering world class services and
products. Sriperumbudur and Bhiwadi plants are administratively under BP and D
business; while Pune plant is catering to its need on requirement basis. An
in-house engineering team is based at Chennai to design and develop innovative
offerings. BP and D business is supported by its dedicated Construction and
Project Management team which supervises and monitors projects across the
country.
Business
Outlook
Demand
for Colour Coated Steel products and Zinc/Aluminum coated steel products is
expected to grow at over 7-8 % per annum over the next year.
The
demand for PEB’s and steel building solutions is expected to exceed 500,000 MT
in FY 2010 with the market size for PEB and steel building solutions to be
around 550,000 to 560,000 MT. Key drivers are expected construction and
infrastructure growth coupled with increasing popularity of PEB systems in
Industrial markets.
Much
depends on the quickness of economic revival which has been put to H2 of FY10
according to Goldman Sachs. RBI has however revised downwards GDP growth to
5.7% from 6-6.5% which lower than 7% in FY09. IIP growth for Apr-Feb’2008-09 is
2.8% and is expected to be approximately 3.5% for FY10. Prime lending rate
remains high. The further rate cuts shows that the central bank is worried that
the worst isn't over for
The
major concern being the possibility of long cycle of economic and industrial
slow down and improvement of world economy from the financial crises and its
impact on such economic slow down on Indian economy and demand for the products
of the Company. Another area of concern is the activity of competitors in the
area of business where the Company operates.
The
Directors of the Company are of the view that the Company is well positioned to
achieve its business plan. The Company has set an ambitious target of marketing
approximately 80,000 MT of Building Solutions, products and distribution and an
approximately 68,150 MT of Colour and Zinc/ Aluminum coated steel products as
part of the seeding plan.
WEBSITE DETAILS
Profile
Subject is an
equal joint venture between Tata Steel and BlueScope Steel in the field of coated
steel, steel building solutions and related building products. The Company
operates in the South Asian Association for Regional Cooperation (SAARC)
region.
Subject has two
business divisions, the Buildings division which is further divided into Building
Solutions and Building Products and Distribution and the Coated Steel division.
The Buildings Solutions business markets pre-engineered buildings (PEB), the
Building Products and Distribution business markets roll-formed roof and wall
cladding solutions and related building components and the Coated Steel
business markets metallic coated and pre-painted steel, for the building and
construction industry.
Tata BlueScope
Steel’s Buildings Division has three manufacturing facilities located at Pune,
Chennai and Bhiwadi and a network of 20 sales offices. The premium brands
include the BUTLER™ pre-engineered steel buildings and the LYSAGHT® range of
steel building solutions.
Coated Steel markets
premium brands including the pre-painted COLORBOND® steel and the metallic
coated ZINCALUME® steel. The Coated Steel manufacturing facility at
The Company’s core
values are Safety, Trust and Human Dignity and its goal is focused on achieving
'Zero Harm' by creating a safe working environment for its workforce.
THE SHAREHOLDERS
Welcome to Tata
BlueScope Steel, an INR 12 Billion equal joint venture between Tata Steel
Limited and BlueScope Steel Limited.
About BlueScope Steel
Limited (ASX: BSL)
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.
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
NEWS REALEASE
Tata
BlueScope Steel will inaugurate its second Manufacturing facility at Bhiwadi
Tata BlueScope Steel Limited will inaugurate its second Building
Components and Systems manufacturing facility at Bhiwadi, Rajasthan on December
11, 2006. The plant will manufacture Roof and Wall cladding solutions under the
brand name LYSAGHT™. With the addition of the second facility in
The Live Web cast of the Inauguration can be viewed at 1:00 pm on the
website.
Press Reports
October 06, 2009
Tata BlueScope Building Solutions, a division of Tata BlueScope Steel,
has tied up with Arshiya International to provide the premium
Arshiya International is coming up with warehouses at free trade
warehousing zones (FTWZ) in Panvel,
Commenting on the partnership, HG Chandrashekhar, vice president (Tata
BlueScope Building Solutions) said, "We are proud that Arshiya
International has chosen us as a partner in their endeavour to set up one of
the largest PEB projects in the warehousing segment. This landmark project,
which has warehouse buildings for high-end applications like storing highly
sophisticated electronic goods, offers us an opportunity to showcase the
state-of-the-art
Mr Chandrashekhar further added, "Despite the volatile market
conditions, infrastructure sector, especially the warehouse segment holds a
tremendous growth potential. Across the country, customers are looking for
innovative solutions for quickly erecting functionally superior yet aesthetic
buildings that can cater to the challenging warehousing demands. We, at Tata
BlueScope Building Solutions, have a single source capability to provide
end-to-end innovative PEB solutions and therefore are well-poised to
successfully meet the evolving demands of the emerging warehouse markets."
About BlueScope
Steel Limited
Blusescope 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. Metal coating and painting plants
are located in
About Tata Steel
Limited
Tata Steel Established in 1907, Tata Steel is among the top ten global steel
companies with an annual crude steel capacity of over 28 million tonnes per
annum (mtpa). It is now one of the world's most geographically-diversified
steel producers, with operations in 26 countries and a commercial presence in
over 50 countries. .
The Tata Steel Group, with a turnover of US$ 22.8 billion
in FY '10, has over 80,000 employees across five continents and is a Fortune
500 company.
Tata Steel’s vision is to be the world’s steel industry
benchmark through the excellence of its people, its innovative approach and
overall conduct. Underpinning this vision is a performance culture committed to
aspiration targets, safety and social responsibility, continuous improvement,
openness and transparency.
.
Tata Steel’s larger production facilities include those 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 records 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.44.72 |
|
|
1 |
Rs.71.96 |
|
Euro |
1 |
Rs.64.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.