MIRA
INFORM REPORT
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Report Date : |
20.10.2011 |
IDENTIFICATION DETAILS
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Name : |
TATA STEEL LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
26.08.1907 |
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Com. Reg. No.: |
11-260 |
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Capital
Investment / Paid-up Capital : |
Rs.9594.100 millions |
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CIN No.: [Company Identification
No.] |
L27100MH1907PLC000260 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT00249E MUMT10796C |
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PAN No.: [Permanent Account No.] |
AAACT2803M AAATT0188H |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the Stock Exchange. |
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Line of Business
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Manufacturers of Saleable Steel, Ferro Manganese, Charge Chrome, Welded Steel Tubes, Cold Rolled Strips, Seamless Tubes, Carbon and Alloy Steel Bearing Rings, Annular Forgings and Flanges, Metallurgical Machinery, Ammonium Sulphate, Ordinary Cement, Fortland Blast Furnace Slag Cement, Alloy Steel Ball Bearing Rings and Bearings. |
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No. of Employees
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81251 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (78) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1900000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed TATA Group company. The country’s premier industrial house. Available information indicates high financial responsibility of the company. Financial position of the company is sound. Payments are reported to be regular. The company can be considered good for normal business dealings at usual terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-22-66658282 / 66657279 /
66657306 |
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Fax No.: |
91-22-66657724 / 66657725 / 66658113 |
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E-Mail : |
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Website : |
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Corporate Office : |
Design Call, 3rd Floor, General Office, Tata
Steel, |
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Websites: |
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Factory 1 : |
Steel Works and
Tubes Division |
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Factory 2 : |
Bearings
Division ·
Kharagpur, West ·
43, Jawaharlal
Tel. No.: 91-33-22248672/8187/65508006 Fax No.: 91-33-22881962 |
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Factory 3 : |
Ferro Manganese
Plant Joda, Odisha |
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Factory 4 : |
Charge Chrome
Plant Bamnipal, Odisha |
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Factory 5 : |
Cold Rolling
Complex Tarapur, |
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Factory 6 : |
Mines,
Collieries and ·
States of Jharkhand ·
Odisha and Karnataka |
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Factory 7: |
Wire Division ·
Tarapur, ·
Bengaluru, |
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Factory 8 : |
Agrico Plant |
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Factory 9 : |
Flat Products
Division 43, Jawaharlal
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Tel. No.: |
86608197/86608626/1800-3458282 (Toll Free) |
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Factory 10 : |
Long Products
Division 43, Jawaharlal
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Tel. No.: |
91-33-22882278/22248104 |
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Fax No.: |
91-33-22881640/1163 |
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Factory 11 : |
FAMD 43, Jawaharlal
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Tel. No.: |
91-33-22882736/65508134 |
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Fax No.: |
91-33-22885015 |
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Branch Office : |
43, |
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Tel. No.: |
91-657-2431024 |
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Fax No.: |
91-657-2431818 |
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International Offices : |
Located at: ·
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· Phillippines · UAE ·
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· Srilanka ·
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DIRECTORS
As On 31.03.2011
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Name : |
Mr. Ratan N. Tata |
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Designation : |
Not Independent Non-Executive Chairman |
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Name : |
Mr. B. Muthuraman |
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Designation : |
Vice Chairman |
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Name : |
Mr. H. M. Nerurkar |
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Designation : |
Managing Director, Not Independent Executive Director |
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Name : |
Mr. Nusli N. Wadia |
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Designation : |
Independent Non-Executive Director |
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Name : |
Mr. Subodh Bhargava |
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Designation : |
Independent Non-Executive Director |
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Name : |
Mr. Jacobus Schraven |
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Designation : |
Independent Non-Executive Director |
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Name : |
Mr. Suresh Krishna |
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Designation : |
Independent Non-Executive Director |
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Name : |
Mr. Andrew Robb |
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Designation : |
Independent Non-Executive Director |
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Name : |
Mr. S. M. Palia |
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Designation : |
Independent Non-Executive Director |
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Name : |
Mr. Ishaat Hussain |
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Designation : |
Not Independent Non-Executive Director |
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Name : |
Mr. Jean-Sébastien Jacques |
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Designation : |
Group Director (Strategy) |
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Name : |
Mr. Manzer Hussain |
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Designation : |
Group Director (Communications) |
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Name : |
Mr. Kees Gerretse |
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Designation : |
Group Director (Procurement) |
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Name : |
Dr. Debashish Bhattacharjee |
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Designation : |
Director (Research, Development and
Technology) |
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Name : |
Mr. Andrew Page |
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Designation : |
Director (Health and Safety) |
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Name : |
Dr. Paul Brooks |
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Designation : |
Director (Environment) |
KEY EXECUTIVES
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Name : |
Mr. A Anjeneyan |
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Designation : |
Company Secretary and Chief
of Compliance, Tata Steel Limited |
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Name : |
Dr. Karl-Ulrich Koehler |
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Designation : |
Managing Director and Chief Executive
Officer (Tata Steel |
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Name : |
Mr. Koushik Chatterjee |
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Designation : |
Group Chief Financial Officer |
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Name : |
Mr. Shreekant Mokashi |
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Designation : |
Chief (Group Information Services) |
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Name : |
Mr. Uday Chaturvedi |
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Designation : |
Chief Technical Officer, Tata Steel |
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Name : |
Mr. Anand Sen |
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Designation : |
Vice President (TQM and Shared Services), Tata Steel
Limited |
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Name : |
Dr. Henrik Adam |
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Designation : |
Chief Commercial Officer, Tata Steel |
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Name : |
Mr. Frank Royle |
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Designation : |
Director
(Finance), Tata Steel |
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Name : |
Mr. Abanindra M. Misra |
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Designation : |
Vice President (Coke, Sinter and Iron and
IR), Tata
Steel Limited |
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Name : |
Mr. Theo Henrar |
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Designation : |
Director (Sales and Marketing), Tata Steel |
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Name : |
Mr. Varun Jha |
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Designation : |
Vice President (Engineering and
Chhattisgarh Projects), Tata Steel Limited |
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Name : |
Mr. Tor Farquhar |
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Designation: |
Director (Human Resource), Tata Steel |
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Name : |
Mr. Adriaan Vollebergh |
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Designation: |
Director (Sales and Marketing), Tata Steel |
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Name : |
Mr. Partha Sengupta |
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Designation: |
Vice President (Raw Materials), Tata Steel
Limited |
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Name : |
Mr. Hridayeshwar Jha |
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Designation: |
Vice President (Odisha Project), Tata Steel
Limited |
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Name : |
Mr. Alastair Aitken |
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Designation: |
Supply Chain Director, Tata Steel |
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Name : |
Mr. N. K. Misra |
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Designation : |
Group Head (Mergers and Acquisitions), Tata Steel
Limited |
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Name : |
Mr. Dook van der Boer |
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Designation : |
Strip MLE Hub Director, Tata Steel |
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Name : |
Mr. Sanjeev Paul |
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Designation : |
Vice President (Corporate Services), Tata Steel
Limited |
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Name : |
Mr. Jon Bolton |
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Designation : |
Long EU Hub Director, Tata Steel |
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Name : |
Mr. T. V. Narendran |
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Designation : |
Vice President (Safety and Flat Products), Tata Steel
Limited |
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Name : |
Mr. Rod Jones |
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Designation : |
Director (Corus Consulting), Tata Steel |
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Name : |
Mr. Bimlendra Jha |
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Designation : |
Vice President (Long Products), Tata Steel
Limited |
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Name : |
Mr. Jon Ferriman |
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Designation : |
Strip |
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Name : |
Mr. V. S. N. Murty |
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Designation : |
Chief Financial Controller (Corporate), Tata Steel
Limited |
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Name : |
Mr. Laptawee Senavonge |
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Designation : |
President Tata Steel |
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Name : |
Mr. Vivek Kamra |
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Designation : |
President and Chief Executive Officer
NatSteel Holdings |
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Name : |
Mr. Sandip Biswas |
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Designation : |
Group Head (Corporate Finance, Treasury and
Investor Relations), Tata Steel Limited |
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Name : |
Mr. Lim Say Yan |
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Designation : |
Group Head (Corporate Assurance and Risk
Management) |
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Name : |
Ms. Helen Matheson |
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Designation : |
Director (Legal), Tata Steel |
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Name : |
Mr. Arun Misra |
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Designation : |
Principal Executive Officer, Tata Steel
Limited |
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Name : |
Dr. Shaun Doherty |
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Designation : |
Executive Officer to the Chief Executive
Officer, Tata Steel |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Category of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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293,588,059 |
31.40 |
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1,031,460 |
0.11 |
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1,031,460 |
0.11 |
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294,619,519 |
31.51 |
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Total shareholding of Promoter and Promoter Group (A) |
294,619,519 |
31.51 |
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(B) Public Shareholding |
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34,707,252 |
3.71 |
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5,372,380 |
0.57 |
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121,659 |
0.01 |
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225,637,730 |
24.13 |
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140,152,691 |
14.99 |
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483,692 |
0.05 |
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452,220 |
0.05 |
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31,472 |
- |
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406,475,404 |
43.47 |
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31,063,806 |
3.32 |
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177,695,518 |
19.00 |
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25,171,610 |
2.69 |
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5,925 |
- |
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5,925 |
- |
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233,936,859 |
25.02 |
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Total Public shareholding (B) |
640,412,263 |
68.49 |
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Total (A)+(B) |
935,031,782 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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24,182,668 |
- |
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24,182,668 |
- |
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Total (A)+(B)+(C) |
959,214,450 |
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(1) Indian
Bodies Corporate
TrustsBUSINESS DETAILS
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Line of Business : |
Manufacturers of Saleable Steel, Ferro Manganese, Charge Chrome, Welded Steel Tubes, Cold Rolled Strips, Seamless Tubes, Carbon and Alloy Steel Bearing Rings, Annular Forgings and Flanges, Metallurgical Machinery, Ammonium Sulphate, Ordinary Cement, Fortland Blast Furnace Slag Cement, Alloy Steel Ball Bearing Rings and Bearings. |
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Products: |
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PRODUCTION STATUS 31.03.2011
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Crude Steel ( |
Tonnes |
68,00,000 |
68,55,424 |
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Wire Rods (Tarapur, |
Tonnes |
3,00,000 |
2,96,566 |
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Wires (Borivali, Tarapur; Maharashtra), ( |
Tonnes |
2,13,900 |
1,91,128 |
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Ferro Manganese and Silico Manganese (Joda, Odisha) |
Tonnes |
50,000 |
49,500 |
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Charge Chrome (Bamnipal, Odisha) |
Tonnes |
50,000 |
45,054 |
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Welded Steel Tubes ( |
Tonnes |
2,88,000 |
2,81,623 |
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Metallurgical Machinery ( |
Tonnes |
-- |
13,515 |
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Bearings (Kharagpur, |
Numbers |
2,50,00,000 |
3,30,85,368 |
Notes :
·
As certified by the Managing Director and accepted
by the Auditors.
·
Including production for works use and for
conversion by the third parties into finished goods for sale.
·
The actual production of Saleable Steel during the
year is 66,90,996 tonnes including
semi-finished steel produced 15,33,806 tonnes
and steel transferred for manufacture into Tubes/C.R. Strips at the Company’s
Tubes Division 3,90,690 tonnes /
steel transferred for manufacture of Cold Rolled Coils at the Company’s Cold
Rolling Mill Division (West) 2,29,701 tonnes
and steel transferred for manufacture of Wire Rods 2,91,234 tonnes and wires 2,70,163
tonnes at the Company’s Wire Rod
Mill (West) division.
·
Including Tubes used in manufacture of Tubular
Steel Structures and Scaffoldings.
·
There is no separate installed capacity.
GENERAL INFORMATION
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81251 (Approximately) |
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Bankers
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State Bank of ·
Central Bank of ·
Standard Chartered Bank, 4,Netaji Subhas Road,
Kolkata – 700 001, West ·
Industrial Development Bank of · Citibank International P.L.C. |
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Facilities : |
Loan from the Joint
Plant Committee-Steel Development Fund is secured by mortgages, ranking pari passu inter se, on all present
and future fixed assets, excluding land and buildings mortgaged in favour of
Government of India, land and buildings,
plant and machinery and movables of the Tubes Division and the Bearings
Division mortgaged in favour of the financial institutions and banks, assets
of the Ferro Alloys Plant at Bamnipal mortgaged in favour of State Bank of
India and assets of Cold Rolling Complex (West) at Tarapur and a floating
charge on other properties and assets (excluding investments) of the Company,
subject to the prior floating charge in favour of State Bank of India and
other banks. Loan from the Joint
Plant Committee-Steel Development Fund included in item is not secured by
charge on movable assets of the Company and includes Rs.13174.900 millions representing
repayments and interest on earlier loans for which applications of funding
are awaiting sanction.
Note : Amounts repayable within one year Rs.36529.500 millions * Repayable in foreign currency. |
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Banking
Relations : |
-- |
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Auditors
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Name: |
Deloitte Haskions and Sells Chartered Accountants |
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Associates
: |
·
Kalimati Investment
Company Limited 1. Rujuvalika Investments Limited, ·
NatSteel Asia Pte. Limited 1. Steel Asia Development and Management Corporation, 2. Steel Asia Industries Inc., 3. Steel Asia Manufacturing Corporation, ·
Tata Incorporated 1. TKM Overseas Limited, ·
Tata Refractories
Limited 1. Almora Magnesite Limited, ·
Tata Steel Limited 1. Indian Steel Rolling Mills Limited,
2. Industrial Energy Limited, 3. Jamipol Limited, 4. Kalinga Aquatics Limited,
5. Kumardhubi Fireclay and Silica Works Limited, 6. Kumardhubi Metal Casting and Engineering Limited, 7. Nicco Jubilee Park Limited,
8. Strategic Energy Technology Systems Limited 9. Tata Construction and Projects Limited, 10. Tata Sponge Iron Limited, 11. The Tinplate Company of India Limited, 12. TRF Limited, ·
Tata Steel Holdings
Pte. Limited a) Tata Steel Global Holdings Pte Limited I. Tata Steel International ( 1. European Profi les Malaysia (M) II. NatSteel Holdings Pte. Limited 1. Southern Steel, Berhard * III. Tata Steel Europe Limited 1. Ab 2. Albi Profi ls SRL, 3. Appleby Frodingham Cottage Trust Limited, 4. 5. Cv 6. Danieli Corus Canada Inc., 7. Danieli Corus Asia B.V., 8. Danieli Corus B.V., 9. Danieli Corus Braseq Ltda., 10. Danieli Corus Construction Services B.V., 11. Danieli Corus Construction Services USA Inc., 12. Danieli Corus Do 13. Danieli Corus Inc., 14. Danieli Corus Services USA Inc., 15. Danieli India (Private) Limited, 16. European Profi les (Marketing) 17. 18. 19. Hoogovens Court Roll Service Technologies Vof:, 20. Hoogovens Gan Multimedia S.A. 21. Isolation Du Sud SA, France 22. Issb Limited, 23. MDC Sublance Probe Technology, 24. Regionale Ontwikkelingsmaatschappij Voor Het Noordzeekanaalgebied
N.V., 25. Richard Lees Steel Decking Asia Snd. 26. Rsp Holding B.V., 27. Schreiner 28. Shanghai Bao Yi Beverage Can Making Company Limited, 29. Sms Mevac UK Limited, 30. Stuwadoorsbedrijf Velserkom B.V. *, 31. Thoresen and 32. 33. 34. Workington Cottage 35. Wupperman Staal Nederland B.V., IV. Tata Steel Global Minerals Holdings Pte
Limited 1. Riversdale Mining Limited, 2. New Millennium Capital Corporation *, ·
The Indian Steel and
Wire Products Limited 1. Metal Corporation of India Limited,
* Part of the
Year |
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Subsidiaries |
·
Adityapur Toll Bridge
Company Limited, ·
Centennial Steel
Company Limited, ·
Gopalpur Special Economic
Zone Limited, ·
1. Haldia Water Management Limited, 2. Naba Diganta Water Management Limited, 3. SEZ Adityapur Limited, ·
Kalimati Investment
Company Limited, 1. Bangla Steel and Mining Company Limited, ·
Lanka Special Steels
Limited, ·
NatSteel Asia Pte.
Limited, 1. NatSteel Iranian Private Joint Stock Company * 2. NatSteel Middle East FZE * UAE 3. Tata Steel Asia (Hong Kong) Limited,
4. Tata Steel Resources Australia Pty. Limited, ·
T S Alloys Limited ·
Sila Eastern Limited, ·
Tata Incorporated ·
Tata Korf Engineering
Services Limited, ·
Tata Metaliks Limited,
·
Tata Refractories
Limited, 1. TRL Asia Private Limited,
2. TRL China Limited, ·
Tayo Rolls Limited, ·
Tata Steel (KZN) (Pty)
Limited, ·
Tata Steel Holdings
Pte. Limited, 1. NSA Holdings Pte Limited,* 2. Tata Steel Global Holdings
Pte Limited, I. Tata Steel International ( 1. TSIA Holdings ( 2. Tata Steel International ( 3. Tata Steel International ( 4. Tata Steel International ( 5. Tata Steel International ( 6. Tata Steel International ( 7. Tata Steel international (Asia) Limited, 8. Tata Steel International (Hong Kong) Limited, II. NatSteel Holdings Pte. Limited, 1. Best Bar Pty. Limited,
2. Bestbar (Vic) Pte. Limited,
3. Burwill Trading Pte. Limited,
4. Easteel Construction Services Pte. Limited, 5. Easteel Services (M) Sdn. 6. Eastern Steel Fabricators Philippines, Inc., 7. Eastern Steel Services Pte. Limited,
8. Eastern Wire Pte. Limited,
9. Materials Recycling Pte. Limited,
10. NatSteel ( 11. NatSteel Asia (S) Pte. Limited,
12. NatSteel Australia Pty. Limited,
13. NatSteel Equity IV Pte. Limited,
14. Natsteel Recycling Pte Limited,
15. NatSteel Trade International ( 16. NatSteel Trade International Pte. Limited, 17. NatSteel Vina Company Limited,
18. PT Materials Recycling 19. The Siam Industrial Wire Company Limited, 20. Wuxi Jinyang Metal Products Company Limited, III. Orchid IV. Tata Steel Europe Limited, 1. Almana Steel 2. Apollo Metals Limited, 3. 4. Augusta Grundstucks 5. Automotive Laser Technologies Limited, 6. B S Pension Fund Trustee Limited, 7. Bailey Steels Limited, 8. Beheermaatschappij Industriele Produkten B.V., 9. Belfin Beheermaatschappij B.V., 10. 11. Blastmega Limited, 12. Blume Stahlservice 13. Blume Stahlservice 14. Bore Samson Group Limited, 15. Bore Steel Limited, 16. British Guide Rails Limited, 17. British Steel Benelux B.V.*, 18. British Steel Corporation Limited, 19. British Steel De Mexico S.A. de C.V., 20. British Steel Directors (Nominees) Limited, 21. British Steel Employee Share Ownership Trustees Limited, 22. British Steel Engineering Steels (Exports) Limited, 23. British Steel Holdings B.V., 24. British Steel International B.V., 25. British Steel 26. British Steel Samson Limited, 27. British Steel Service Centres Limited,
28. British Steel Tubes Exports Limited, 29. British Transformer Cores Limited, 30. British Tubes Stockholding Limited, 31. Bs Quest Trustee Limited, 32. Bskh Corporate Services ( 33. Burgdorfer Grundstuecks 34. C V 35. C Walker and Sons Limited, 36. 37. Catnic Limited, 38. Cbs Investissements SAS, France 39. Cladding and Decking ( 40. Cogent Power Inc., 41. Cogent Power Inc., 42. Cogent Power Inc., 43. Cogent Power Limited, 44. Cold Drawn Tubes Limited, 45. Color Steels Limited, 46. Corbeil Les Rives SCI, France 47. Corby (Northants) and District Water
Company, 48. Cordor (C and B) Limited, 49. Corus - Sistemas Constructivos E
Revestimentos Metalicos, Lda *, 50. Corus Aerospace Service Centre Suzhou
Company Limited, 51. Corus Aluminium Limited, 52. Corus Aluminium
Verwaltungsgesellschaft 53. Corus Batiment Et 54. Corus 55. Corus Beteiligungs 56. Corus Brokers Limited, 57. 58. 59. 60. Corus Byggesystemer A/S, 61. Corus 62. Corus Byggsystemer A/S , 63. Corus Central Europe S.R.O., 64. Corus Cic Holdings Inc., 65. Corus Cic Inc.*, 66. Corus CNBV Investments, 67. Corus Coatings Usa Inc., 68. Corus Cold Drawn Tubes Limited, 69. Corus Consulting B.V., 70. Corus Electrical Limited, 71. Corus Engineering Limited, 72. Corus Engineering Steels ( 73. Corus Engineering Steels Holdings
Limited, 74. Corus Engineering Steels Limited, 75. Corus Engineering Steels Overseas Holdings Limited, 76. Corus Finance Limited, 77. Corus Group Limited, 78. Corus Holdings Limited, 79. Corus Holdings SA, France 80. Corus India Limited, 81. Corus International (Overseas Holdings) Limited, 82. Corus International Bulgaria Limited, 83. Corus International Limited, 84. Corus International Representacoes Do 85. Corus International 86. Corus Investments Limited, 87. Corus Ireland Limited, 88. Corus Large Diameter Pipes Limited, 89. Corus Liaison Services ( 90. Corus Management Limited, 91. Corus Metal Iberica S.A, 92. Corus Metals Limited, 93. Corus Multi-Metals Limited, 94. Corus Norge A/S, 95. Corus Packaging Plus Norway AS, 96. Corus Primary Aluminium B.V., 97. Corus Properties ( 98. 99. Corus Quest Trustee Limited, 100. Corus Rail Limited, 101. Corus Republic Of Ireland Subsidiaries Pension Scheme Trustee
Limited, 102. 103. Corus Service Centre Limited, 104. Corus Service Centre 105. Corus Sheet and Tube Inc., 106. Corus Stainless Limited, 107. Corus Stainless Nl B.V., 108. Corus Stainless UK Limited, 109. Corus Steel Limited, 110. Corus Steel Service STP LLC *, 111. Corus Steel Usa Inc., 112. Corus 113. Corus Trico Holdings Inc., 114. Corus UK Healthcare Trustee Limited, 115. Corus Ukraine LLC, 116. Cpn (85) Limited, 117. Crucible Insurance Company Limited, I of Man 118. Degels 119. 120. Dsrm Group Plc., 121. Ees Group Services Limited, 122. Ees Nederland B.V., 123. Eric Olsson and Soner 124. 125. Euro-Laminations Limited, 126. European Electrical Steels Limited, 127. Europressings Limited, 128. Firsteel Group Limited, 129. Firsteel Holdings Limited, 130. Firsteel Strip Mill Products Limited, 131. Fischer Profi elen NV, 132. Fischer Profi l 133. Gamble Simms Metals Limited, 134. Grant Lyon Eagre Limited, 135. H E Samson Limited, 136. Hadfi elds Holdings Limited, 137. Hammermega Limited, 138. Harrowmills Properties Limited, 139. Hille and Muller 140. Hille and Muller Usa Inc., 141. 142. Hoogovens ( 143. Hoogovens Aluminium UK Limited, 144. Hoogovens Finance B.V., 145. Hoogovens Technical Services Coahuila B.V.*, 146. Hoogovens Technical Services 147. Hoogovens Technical Services 148. Hoogovens Tubes 149. Hoogovens Usa Inc., 150. Huizenbezit “Breesaap” B.V., 151. Ickles Cottage 152. Immobilliere De Construction De
Maubeuge Et 153. Industrial Steels Limited, 154. Inter Metal Distribution SAS, France 155. K and S Management Service Limited*, 156. Kalzip Asia 157. 158. 159. Kalzip Guanhzou Limited, 160. Kalzip Inc, 161. Kalzip Italy SRL *, 162. Kalzip Limited, 163. Kalzip Spain S.L.U., 164. Layde Steel S.L., 165. Lister Tubes Limited, 166. London Works Steel Company Limited, 167. Midland Steel Supplies Limited, 168. Mistbury Investments Limited, 169. Montana Bausysteme AG, 170. Myriad Deutschland 171. Myriad Espana 172. Myriad 173. Myriad SA, France 174. Myriad United Kingdom Limited, 175. 176. Nationwide Steelstock Limited, 177. Nebam Nedelandse Bevrachting En Agentuur Maatschappij B.V., 178. Oostfl ank B.V., 179. Orb Electrical Steels Limited, 180. Ore Carriers Limited, 181. Oremco Inc., 182. Plated Strip International Limited, 183. Precoat International Limited, 184. Precoat Limited, 185. Rafferty-Brown Steel Co Inc Of 186. Richard Thomas And Baldwins ( 187. Richard Thomas And Baldwins 1978. Limited, 188. Round Oak Steelworks Limited, 189. Runblast Limited, 190. Runmega Limited, 191. S A B Profi el B.V., 192. S A B Profi l 193. SA Intertubes*, 194. Sacra- 195. Scrap Processing Holding B.V., 196. Seamless Tubes Limited, 197. 198. 199. Simiop Investments Limited, 200. Simiop Limited, 201. Skruv Erik AB, 202. Societe Europeenne De Galvanisation
(Segal) Sa, 203. Staalverwerking En Handel B.V., 204. Steel Company (N.I.) Limited,* 205. Steel Stockholdings Limited, 206. Steelstock Limited, 207. Stewarts and Lloyds Of Ireland
Limited, 208. Stewarts and Lloyds (Overseas)
Limited, 209. Stocksbridge Cottage 210. Stuwadoorsbedrijf Velserkom B.V., * 211. Surahammar 212. 213. Tata Steel 214. Tata Steel 216. Tata Steel Europe Metals Trading BV, 217. Tata Steel France Rail SA, France 218. Tata Steel 219. Tata Steel 221. Tata Steel International ( 222. Tata Steel International ( 223. Tata Steel International
(Australasia) Limited, 224. Tata Steel International (Benelux)
BV, 225. Tata Steel International ( 226. Tata Steel International ( 227. Tata Steel International (France)
SAS, France 228. Tata Steel International ( 229. Tata Steel International Hellas SA, 230. Tata Steel International (Italia)
SRL, 231. Tata Steel International ( 232. Tata Steel International ( 233. Tata Steel International (North
America) Limited, 234. Tata Steel International ( 235. Tata Steel International (Schweiz)
AG, 236. Tata Steel International ( 237. Tata Steel International ( 238. Tata Steel Istanbul Metal Sanayi ve 240. Tata Steel 243. Tata Steel 246. Tata Steel 247. Tata Steel 248. Tata Steel 249. Tata Steel UK Holdings Limited, 250. Tata Steel UK Limited, 251. Tata Steel UK Rail Consultancy
Limited, 252. Telmag (Holdings) Limited*, 253. Telmag Magnetic Components Limited*, 254. The 255. The Stanton Housing Company Limited, 256. The Steel Company Of Ireland Limited,
257. The Templeborough Rolling Mills
Limited, 258. Thomas Processing Company, 259. Thomas Steel Strip Corporation, 260. Tinsley Trailers Limited, 261. Toronto Industrial Fabrications
Limited, 262. Trierer Walzwerk 263. Tulip 264. Tulip 265. Tulip 266. Tulip 267. Tuscaloosa Steel Corporation, 268. U.E.S. Bright Bar Limited, 269. UK Steel Enterprise Limited, 270. Ukse Fund Managers (General Partner)
Limited, 271. Ukse Fund Managers Limited. 272. 274. Walker Manufacturing And Investments
Limited, 275. Walkersteelstock Ireland Limited, 276. Walkersteelstock Limited, 277. Westwood Steel Services Limited, 278. Whitehead (Narrow Strip) Limited, V. Tata Steel Global Minerals Holdings Pte
Limited, 1. Al Rimal Mining LLC, 2. Black Ginger 461 Proprietary Limited, 3. Kalimati Coal Company Pty. Limited, 4. Sedibeng Iron Ore Pty. Limited,* 5. Tata Steel Cote D’ Ivoire S.A, 6. Tata Steel Minerals UK Limited *, 7. Tata Steel Minerals Canada Limited *, VI. Tata Steel ( 1. N.T.S Steel Group Plc., 2. The Siam Construction Steel Company Limited, 3. The VII. Tata Steel Global Procurement Company Pte.
Limited, * 1. ProCo Issuer Pte. Limited, * ·
Tata Steel Processing
And Distribution Limited, ·
TM International
Logistics Limited, 1. International Shipping Logistics FZE, UAE 2. TKM Global China Limited, 3. TKM Global 4. TKM Global Logistics Limited, 5. TM Harbour Services Private Limited, ·
The Indian Steel and
Wire Products Limited, ·
The Tata Pigments Limited, ·
T M Mining Company
Limited *, ·
* Part of the
Year |
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Joint
Venture : |
·
Tata Steel Limited 1. Bhubaneswar Power Private Limited,
2. mjunction services Limited,
3. S and T Mining Company Private Limited, 4. Tata Bluescope Steel Limited,
5. Tata NYK Shipping Pte Limited,
6. The Dhamra Port Company Limited,
7. Himalaya Steel Mills Services Private Limited,* ·
Tata Steel Holdings
Pte. Limited ·
a) Tata
Steel Global Holdings Pte Limited I.
Tata Steel Europe Limited 1. Afon Tinplate Company Limited, 2. Air Products Llanwern Limited, 3. B V 4. Bsr Pipeline Services Limited, 5. Caparo Merchant Bar Plc, 6. Cindu Chemicals B.V., 7. Corus Celik Ticaret AS, 8. Corus Cogifer Switches And Crossings
Limited, 9. Corus Kalpinis Simos Rom SRL., 10. Danieli Corus Technical Services B.V.,
11. Hks Scrap Metals B.V., 12. Ijzerhandel Geertsema Staal B.V., 13. Industrial Rail Services Ijmond B.V., 14. Laura Metaal Holding B.V. , 15. Norsk 16. Norsk Stal Tynnplater AS, 17. Ravenscraig Limited, 18. Tata Elastron SA, 19. Tata Elastron SA 20. Texturing Technology Limited, 21. Redcar Bulk Terminal Limited *, II. Tata Steel Global Minerals Holdings Pte. Limited 1.
Riversdale Energy ( * Part of the Year |
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Membership
: |
Confederation of Indian Industry |
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Promoters
holding together with its subsidiary is more than 20% : |
Tata Sons Limited |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1750000000 |
Ordinary Shares |
Rs.10/-each |
Rs.17500.000 millions |
|
350000000 |
"A" Ordinary Shares |
Rs.10/-each |
Rs.3500.000 millions |
|
25000000 |
Cumulative Redeemable Preference Shares |
Rs.100/-each |
Rs.2500.000 millions |
|
600000000 |
Cumulative Convertible Preference Shares |
Rs.100/-each |
Rs.60000.000 millions |
|
Total |
Rs.83500.000 millions |
||
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
960126020 |
Ordinary Shares |
Rs.10/-each |
Rs.9601.300 millions |
Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
959214450 |
Ordinary Shares |
Rs.10/-each |
Rs.9592.100 millions |
|
Add |
Amount paid up on 3,89,516 Ordinary Shares
forfeited |
|
Rs.2.000 millions |
|
|
Total |
|
Rs.9594.100 millions |
Of the
95,92,14,450 Ordinary Shares :
·
95,63,300 shares represent after sub-division 9,56,330
shares (including 9,35,000 shares issued pursuant to the Scheme of Arrangement
for the conversion of Deferred Shares into Ordinary Shares and the issue of
additional fully paid shares) of the face value of Rs.75 per share which were
issued as fully paid up pursuant to contracts for consideration other than
cash. The nominal value of these 9,56,330 shares was increased from Rs.75 to
Rs.100 each with effect from 1.01.1977.
·
1,98,12,460 shares represent after sub-division
19,81,246 shares of the face value of Rs.75 per share which were issued as
fully paid bonus shares by utilisation of Rs.38.144 millions from Share Premium
Account and Rs.110.449 millions from General Reserve. The nominal value of
these 19,81,246 shares was increased from Rs.75 to Rs.100 each with effect from
1.01.1977.
·
5,14,40,270 shares represent after sub-division
51,44,027 Ordinary Shares whose face value was increased during the year
1976-77 from Rs.75 to Rs.100 per share by utilisation of Rs.0.050 million from
Share Premium Account and Rs.128.551 millions from General Reserve.
·
2,05,76,110 shares represent after sub-division
20,57,611 shares of the face value of Rs.100 per share which were issued as
fully paid bonus shares by utilisation of Rs.205.761 millions from General
Reserve.
·
7,21,530 shares represent after sub-division 72,153
shares of the face value of Rs.100 per share which were issued as fully paid up
to the shareholders of the erstwhile Indian Tube Company Limited on its
amalgamation with the Company, for consideration other than cash.
·
3,30,51,470 shares represent after sub-division
33,05,147 shares of the face value of Rs.100 per share which were issued as
fully paid bonus shares by utilisation of Rs.330.515 millions from General
Reserve.
·
12,10,003 shares of the face value of Rs.10 per
share were issued as fully paid up to the shareholders of the erstwhile Tata
SSL Limited on its amalgamation with the Company, for consideration other than
cash.
·
18,44,90,952 shares of face value of Rs.10 per
share were issued as fully paid bonus shares by utilisation of Rs.1844.910
millions from Securities Premium Account during the year 2004-05.
·
2,70,00,000 shares of face value of Rs.10 per share
issued to Tata Sons Limited on a preferential basis during the year 2006-07.
·
2,85,00,000 shares of face value of Rs.10 per share
allotted to Tata Sons Limited on a preferential basis during the year 2007-08.
·
12,16,11,464 shares of face value of Rs.10 per
share allotted at a premium of Rs.290 per share to the shareholders on Rights basis
during the year 2007-08.
·
8,151 shares of face value of Rs.10 per share
allotted on Rights basis at a premium of Rs.290 per share during 2008-09 to the
shareholders whose shares were kept in abeyance in the Rights issue made in
2007, leaving a balance of 1,74,956 shares being kept in abeyance.
·
9,12,11,001 shares of face value of Rs.10 per share
allotted at a premium of Rs.590 per share to holders of CCPS in the ratio of
6:1 on 1st September, 2009, on conversion.
·
135 shares of face value of Rs.10 per share
allotted on rights basis at a premium of Rs.290 per share during 2009-10 to
shareholders whose shares were kept in abeyance in the Rights issue made in
2007. Post the conversion of CCPS, total 3,08,063 shares are kept in abeyance.
·
6,54,10,589 shares of face value of Rs.10 per share
represent the shares underlying GDRs. Each GDR represents one underlying
ordinary share.
·
1,50,00,000 Ordinary Shares of face value of Rs.10
per share issued to Tata Sons Limited on Preferential basis during the year
2010-11.
·
5,70,00,000 Ordinary Shares of face value of Rs.10
per share allotted on 29th January, 2011 at a premium of Rs.600 per share in
the Follow-on Public Offer vide Prospectus dated 25th January, 2011.
o
146 Ordinary Shares of face value of Rs.10 per
share allotted on rights basis at a premium of Rs.290 per share to shareholders
whose shares were kept in abeyance in the Rights issue made in 2007.
o
108 Ordinary Shares of face value of Rs.10 per
share allotted at a premium of Rs.590 per share to holders of CCPS in the ratio
of 6:1 on conversion whose shares were kept in abeyance in the Rights issue
made in 2007. The balance Ordinary shares kept in abeyance are 3,07,807.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9594.100 |
8874.100 |
62034.500 |
|
|
2] Share Warrants |
1782.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
458070.200 |
360743.900 |
239728.100 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
469446.300 |
369618.000 |
301762.600 |
|
|
|
|
|
|
|
|
HYBRID PERPETUAL SECURITIES |
15000.000 |
0.000 |
0.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
20092.000 |
22593.200 |
39130.500 |
|
|
2] Unsecured Loans |
262919.400 |
229798.800 |
230331.300 |
|
|
TOTAL BORROWING |
283011.400 |
252392.000 |
269461.800 |
|
|
DEFERRED TAX LIABILITIES |
9368.000 |
8676.700 |
5857.300 |
|
|
Provision for employees separation compensation |
8733.400 |
9571.600 |
10336.000 |
|
|
Foreign currency monetary item translation difference
account |
0.000 |
2069.500 |
0.0000 |
|
|
|
|
|
|
|
|
TOTAL |
785559.100 |
642327.800 |
587417.700 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
187744.800 |
160060.300 |
144822.200 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
465649.400 |
449796.700 |
423717.800 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
Foreign Currency Monetary Item Translation Difference
Account |
0.000 |
0.000 |
4716.600 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
32375.800
|
24539.900
|
28682.800
|
|
|
Sundry Debtors |
4280.300
|
4348.300
|
6359.800
|
|
|
Cash & Bank Balances |
41415.400
|
32341.400
|
15906.000
|
|
|
Other Current Assets |
7161.800
|
6237.600
|
6121.900
|
|
|
Loans & Advances |
156889.700
|
55038.900
|
45610.400
|
|
Total
Current Assets |
242123.000
|
122506.100
|
102680.900
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
10369.600
|
7728.500
|
38427.900
|
|
|
Other Current Liabilities |
64108.700
|
58841.600
|
21970.700
|
|
|
Provisions |
35479.800
|
23465.200
|
29171.900
|
|
Total
Current Liabilities |
109958.100
|
90035.300
|
89570.500
|
|
|
Net Current Assets |
132164.900
|
32470.800
|
13110.400
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
1050.700 |
|
|
|
|
|
|
|
|
TOTAL |
785559.100 |
642327.800 |
587417.700 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Other Operating Income |
293963.500 |
250219.800 |
243157.700 |
|
|
|
Other Income |
7906.700 |
8537.900 |
3082.700 |
|
|
|
TOTAL (A) |
301870.200 |
258757.700 |
246240.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
181622.700 |
163960.000 |
155259.900 |
|
|
|
Expenditure (Other than Interest)
Transferred to Capital and other accounts |
(1987.800) |
(3261.100) |
(3436.500) |
|
|
|
TOTAL (B) |
179634.900 |
160698.900 |
151823.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
122235.300 |
98058.800 |
94417.000 |
|
|
|
|
|
|
|
|
|
Less |
NET FINANCE
CHARGES (D) |
13004.900 |
15084.000 |
11526.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
109230.400 |
82974.800 |
82890.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11461.900 |
10831.800 |
9734.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
97768.500 |
72143.000 |
73156.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
29111.600 |
21675.000 |
21138.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
68656.900 |
50468.000 |
52017.400 |
|
|
|
|
|
|
|
|
|
Less |
DISTRIBUTION ON HYBRID
PERPETUAL SECURITIES |
45.400 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
127726.500 |
94967.000 |
63874.600 |
|
|
|
|
|
|
|
|
|
Add |
BALANCE
BROUGHT FORWARD – |
0.000 |
122.800 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividends |
11510.600 |
7097.700 |
11689.500 |
|
|
|
Dividend on Cumulative Convertible
Preference Shares |
0.000 |
458.800 |
1094.500 |
|
|
|
Tax on Dividends |
1567.100 |
1228.000 |
2141.000 |
|
|
|
General Reserve |
6865.700 |
5046.800 |
6000.000 |
|
|
|
Debenture Redemption Reserve |
10000.000 |
4000.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
166394.600 |
127726.500 |
94967.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
Export of Steel and other materials |
22523.700 |
20348.100 |
33097.800 |
|
|
|
Interest received |
579.000 |
206.000 |
190.100 |
|
|
|
Others |
637.000 |
440.700 |
468.700 |
|
|
|
Total |
23739.700 |
20994.800 |
33756.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw Materials |
43695.400 |
31025.700 |
41467.500 |
|
|
|
Semi-Finished Products |
235.500 |
53.800 |
280.200 |
|
|
|
Components, Stores and Spare Parts |
3534.800 |
2618.800 |
2884.200 |
|
|
|
Capital Goods |
7124.500 |
6727.100 |
5422.800 |
|
|
|
TOTAL IMPORTS |
54590.200 |
40425.400 |
50054.700 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
75.63 |
60.26 |
69.45 |
|
|
|
- Diluted |
70.99 |
57.31 |
62.94 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
|
30.06.2011 |
|
Type |
|
|
|
1st
Quarter |
|
Net Sales |
|
|
|
78602.500 |
|
Total Expenditure |
|
|
|
47570.900 |
|
PBIDT (Excl OI) |
|
|
|
31031.600 |
|
Other Income |
|
|
|
5526.400 |
|
Operating Profit |
|
|
|
36558.000 |
|
Interest |
|
|
|
2272.700 |
|
Exceptional Items |
|
|
|
0.000 |
|
PBDT |
|
|
|
34285.300 |
|
Depreciation |
|
|
|
2853.000 |
|
Profit Before Tax |
|
|
|
31432.300 |
|
Tax |
|
|
|
9238.000 |
|
Provisions and contingencies |
|
|
|
0.000 |
|
Profit After Tax |
|
|
|
22194.300 |
|
Extraordinary Items |
|
|
|
0.000 |
|
Prior Period Expenses |
|
|
|
0.000 |
|
Other Adjustments |
|
|
|
0.000 |
|
Net Profit |
|
|
|
22194.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
22.74 |
19.50 |
21.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
33.26 |
28.83 |
30.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.74 |
25.53 |
29.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.20 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.84 |
0.93 |
1.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.20 |
1.36 |
1.15 |
LOCAL AGENCY FURTHER INFORMATION
GLOBAL ECONOMY
The world GDP, as
reported by International Monetary Fund, was on an upturn, growing by 5% in
2010 as compared to a negative growth of 0.5% in 2009. While the growth in the advanced
economies was 3.0% in 2010, in contrast to -3.4% in 2009, the emerging and
developing economies grew by 7.3% in 2010 when compared to the growth of 2.7%
in 2009. The growth in the developing and emerging economies slowed down during
the end of 2010 as stimulus measures were slowly removed and policies were
tightened in response to rising inflation and
overheating
concerns. A trend of GDP growth (%) for the last five years in the world, split
up into advanced economies and emerging and developing economies.
The
TATA STEEL GROUP
PERFORMANCE
Tata Steel Group
steel deliveries at 23.5 million tonnes in the financial year were at par with
the financial year 2009-10 (23.6 million tonnes). The gross steel deliveries
(including the inter-group transfers) for the steel-producing entities were
higher than the previous years with Tata Steel India, Tata Steel Europe,
NatSteel Holdings and Tata Steel Thailand posting growth of 4%, 3%, 1% and 8%
respectively. The company’s Indian operations recorded a growth of 4% in steel
deliveries from 6.17 million tonnes in the financial year 2009-10 to 6.42
million tonnes in 2010-11.
Along with the
increase in gross steel deliveries, the steel producing entities witnessed
increases in the average realisations in line with the steep increase in the
raw material prices. The turnover for the Group in 2010-11 at Rs.1187530.000
millions, was 16% higher than 2009-10 (Rs.1023930.000 millions). While the
turnover in Tata Steel India witnessed a growth of 17% from Rs.250220.000
millions in the financial year 2009-10 to Rs.293960.000 millions in the
financial year 2010-11, Tata Steel Europe’s turnover increased by 15% from
Rs. 658430.000 millions in the financial
year 2009-10 to Rs.759910.000 millions in the financial year 2010-11.
The Earnings
before Interest, Taxes, Depreciation and Amortisation (EBITDA) of the Group
increased significantly from Rs.93400.000 millions in the fiscal year 2009-10
to Rs.171030.000 millions in the financial year 2010-11 primarily driven by the
increase in prices partly off set by the steep increase in input costs. Tata
Steel India recorded an EBITDA of Rs.122240.000 millions in the financial year
2010-11 growing by 25% as compared to Rs.98060.000 millions in 2009-10.
Restructuring,
impairment and disposals in the current year include Rs.25030.000 millions
profit on disposal of Teesside Cast Products at Tata Steel Europe.
Consequently, the
Group turned around with a Profit after Tax (after minority interest and share
of profits of associates) for 2010-11 at Rs.89830.000 millions as compared to a
loss of Rs.20090.000 millions in 2009-10.
Indian Operations:
Crude
steel production at 6.86 million tonnes in financial year 2010-11 was higher
than the previous year (6.56 million tonnes) by 4%, thus exceeding the
nameplate production capacity in the second year on enhanced capacity. There
was an increase in the vessel life and heat size of the two steel melting shops
enhancing their productivity to achieve the higher crude steel production of
your company. Saleable steel also increased by 4% from 6.44 million tonnes
recorded in financial year 2009-10 to 6.69 million tonnes in the financial year
with higher hot metal being available from the bigger blast furnaces with
higher productivity. The sales volume during the financial year 2010-11 at 6.42
million tonnes was 4% higher as compared to the previous year (6.17 million
tonnes) indicating the robust growth in steel demand. Apart from the two steel
melting shops, there were many units (including mines and collieries) which
surpassed their respective best ever performances.
Ferro Alloys and
Minerals division’s saleable production at 1,405k tonnes in the financial year
2010-11 was higher
than financial
year 2009-10 (1,350k tonnes) by 4%. The sales (including transfers to other
divisions of the Company), however, at 1,464k tonnes were lower than the
previous year (1,508k tonnes) by 3%. Chrome alloys exports and manganese alloys
sales of the division touched new heights during the financial year.
Improved demand in
auto and infrastructure segments led to the increase in sales and production in
the Tubes division. The division recorded production of 371k tonnes in FY
2010-11, higher by 6% over FY 2009-10 (351k tonnes), while the sales improved
from 349k tonnes in FY2009-10 to 366k tonnes in 2010-11, an increase of 5%.
Boosted by various improvement initiatives under ‘Kar Vijay Har Shikhar’
programme, the division continued to improve on its performance in various
segments like ‘Tata Pipes’ (plumbing and irrigation), ‘Tata Structura’
(infrastructure) and Precision Tubes (Automotive, Process and Power sector).
Sales in the
Bearings division in the financial year 2010-11 at 32.95 million numbers grew
by 4% against the financial year 2009-10 (31.69 million numbers), while the
production at 33.14 million numbers in FY 2010-11 increased by 12% over FY
2009-10 (29.61 million numbers). The increases were primarily driven by higher
demand in the domestic auto segment.
European
operations: Sales volumes of Tata Steel Europe (TSE), excluding seasonal effects,
were reasonably flat for the first three quarters of the financial year
2010-11, before showing an improvement in the last quarter to the highest level
of quarterly sales since financial year 2008-09. Deliveries in Tata Steel
Europe during FY 2010-11 (14.9 million tonnes) increased by 3% over FY 2009-10
(14.4 million tonnes). Selling prices increased steadily through the year with
the revenue per tonne increasing by around 17% over the previous year. The
revenue per tonne increased relatively sharply in the first quarter of the
financial year under review in anticipation of the equally sharp increase in
price of raw materials, but became more modest in the second and third quarters
before losing its upward momentum in the fourth quarter. Raw material prices,
in contrast, peaked during the third quarter.
TSE has adopted
the Tata Steel identity for trading purposes with eff ect from September 2010
and a progressive rebranding process is under way. The Company has also adopted
a new operating model to replace the previous model of three main operating
divisions (Strip Products, Long Products and Distribution and Building
Systems). It is now organised into a number of business activities comprising
steelmaking hubs (Strip Products Mainland Europe, Strip Products UK and Long Products
Europe), speciality businesses (Colours, Building Systems, Packaging, Tubes,
Kalzip, Plating, Cogent Power and Speciality Steel), and a distribution and
sales network (Distribution UK and
On 24th February,
2011, Tata Steel UK Limited (TSUK), a subsidiary of TSE, signed a definitive
sale agreement to sell certain assets of TCP to Sahaviriya Steel Industries
Public Company Limited in a deal valuing the business at £434 million. The
assets covered by the sale include the Redcar blast furnace, the
The ‘Fit for the
Future’ programme initiated in response to the financial crisis continued to
give results with notable reduction in the average number of employees. The
deal with SSI resulted in 850 employees getting transferred to SSI and it is
expected that further jobs will be created.
South-East Asian
operations: NatSteel recorded an increase in steel sales by 1% in FY 2010-11 (1.80
million tonnes) over FY 2009-10 (1.78 million tonnes). The increases were most
noticeable in NatSteel
Sales volume of
Tata Steel Thailand during FY 2010-11 at 1.29 million tonnes was higher than FY
2009-10 (1.20 million tonnes) by 8%, while production increased by 6% from 1.21
million tonnes in FY 2009-10 to 1.28 million tonnes in FY 2010-11. During the
financial year, the Company had to mothball the Mini Blast Furnace in the third
quarter due to high costs of operations and low capacity utilisation, before
recommencing its operations in the fourth quarter. The company incurred losses
during the year primarily due to high costs of operations, low capacity
utilisation and losses due to mothballing of the Mini Blast furnace partly
compensated by increase in average revenue per tonne and higher sales volume.
EXPANSION PROJECTS
Brownfield
Projects:
Tata Steel India
is implementing an expansion project at Jamshedpur Works to increase its crude steel
capacity from 6.8 million tonnes per annum to 9.7 million tonnes per annum. The
facilities under this project are scheduled to be completed in FY 2011-12.
Simultaneously, the Company is implementing a few other major capital schemes
at
Odisha Project:
Preliminary work
on the 6 mtpa
Other projects:
Chhattisgarh
Project:
The Company has
signed an MoU with the Government of Chhattisgarh for setting up of a 5 mtpa
Further,
Chhattisgarh Government has accorded approval for drawing water from the river
Sabri and the Ministry of Railways, Government of India has granted an
in-principle approval for the railway corridor. Public hearing for the
Environment Clearance has been successfully conducted.
Prospecting
License for iron ore has been granted in Bailadila-I deposits after obtaining
necessary approvals from the Ministry of Environment and
Ha Tinh Project at
Subject signed an
MoU with Vietnam Steel Corporation (VSC) on 29th May, 2008 to develop a steel
complex with an estimated capacity of 4.5 million tonnes per year in Ha Tinh
province at
Karnataka Project:
Tata Metaliks Limited
(TML) and Tata Steel have entered into a MoU with the Government of Karnataka
in June 2010 for setting up an integrated steel plant of 3 mtpa in Agadi and
Boodagatti villages of Haveri District, Karnataka. State High Level Clearance
Committee of the Government of Karnataka has approved 2,500 acres of land at
Agadi, Boodagatti, Devagiri and Yellapura villages, and is in process of
acquiring land.
RAW MATERIAL
PROJECTS
The Company
continues to implement its long-term strategy to secure ownership of assets
that will increase its raw materials security and share of value-added
products. During the financial year 2010-11, the Company’s primary focus was on
expediting implementation of its existing ventures.
Coal Projects:
Benga Coal
Construction and
Mine workers
Stage 1 entails
initial production of 5.3 million ROM tonnes per year to produce approximately
1.7 mtpa of high quality hard coking coal and 0.3 mtpa of thermal coal by the
second half of 2011. Subejct has 35% stake in the joint venture with 40% off
-take right to the coking coal produced from these mines. The joint venture
owns the Benga and Tete tenements which cover an area of 24,960 hectares. Benga
has an inferred resource of approximately 4 billion tonnes. The Company plans
to supply the hard coking coal from this project to its facilities in
Coal Mining
Project in
Direct Shipping
In September 2008,
Subject had entered into a Heads of Agreement with New Millennium Capital
Corporation, Canada (NML), a Canadian listed mining company, to develop iron
ore projects in northern
As part of the
Joint Venture agreement, Subject will reimburse NML for 80% of NML’s cost to
date on the DSO Project; arrange funding for up to CAD$ 300 million of capital
costs for the Project to earn its 80% share of the JV and commit to take 100%
of the DSO project’s iron ore products of specified quality, at world market
prices, for the life of the mining operation. The Feasibility Study estimates
proven and probable mineral reserves of 64.1 million tonnes and the project is
expected to produce 4 million dry tonnes per year of iron ore products commencing
in the second half of 2012. The iron ore from this project will be supplied to
Tata Steel Group’s facilities located in
On 26th February,
2011, Subject purchased 67,39,956 common shares of NML under its existing
pre-emptive right at CAD$ 3.50 per share for gross proceeds to NML of CAD$
23,589,846. This will maintain subject’s interest in NML at approximately 27.2%
of the total shares outstanding.
On 6th March, 2011
subject signed a binding heads of agreement with New Millennium Capital Corporation
to develop the LabMag and KéMag iron ore deposits, known collectively as the
Taconite Project. The Taconite Project consists of two worldclass magnetite
iron ore deposits on the emerging
Limestone Project:
Limestone Project
in
OTHER PROJECTS
Dhamra Port
Company Limited (DPCL):
The Dhamra Port
Company Limited, a 50:50 joint venture between subject and Larsen and Toubro,
is developing
a deep-draught port
under a concession agreement awarded by the Government of Odisha on Build, Own,
Operate, Share and Transfer (BOOST) basis. The project will be located on the
eastern coast of
Situated between
Haldia and Paradip, Dhamra Port will be one of the deepest ports in India with
a draft of 18 metres, capable of accommodating super capesize vessels up to
1,80,000 DWT.
Phase-I of the
project is complete and the port has started commercial operations on 6th May,
2011. In Phase-I, two fully mechanised berths; one for handling import cargo
and the other for export cargo with back-up facilities have been built, along
with a rail corridor for hinterland connectivity. The construction of railway
line on a route length 62 km from Bhadrak to Dhamra is completed except
commissioning of the automated signaling system. The capacity is estimated to
be 27 mtpa in Phase-I. Dhamra Port will be of strategic importance to subject
in terms of its integrated logistics cost of raw materials and will also
consolidate subject’s supply chain network, contributing to its expansion
aspirations.
S and T Mining
Limited:
S and T Mining
Limited is a joint venture between subject and Steel Authority of India Limited
to develop the raw material security. The company was shortlisted by CIL to
participate in the tender for reviving and developing abandoned mines. It has
made progress on its proposal to set up a 2 mtpa coal washery in Jharkhand for
which it is in an advanced stage of environmental clearance. It is also gearing
up for participating in the Coal auction process of Ministry of Coal,
Government of India.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE
Global Steel
industry: Global crude steel production reached a new height during 2010 at 1,414
million metric tonnes, up by 15% over 2009. While
In
In 2010, subject
ranks 11th among the top 12 steel makers of the world in terms of crude steel
production. Most of the international steel companies witnessed a bounce back
in their production level from the drops they experienced from the crisis of
2009. However, in many cases these companies could not reach their pre-crisis
production levels. Chinese companies dominate the list with 7 of the top 12 being Chinese companies. The
largest gainers in terms of percentage increase over 2009 production were
ThyssenKrupp (52%), US Steel (46%), Nippon Steel, JFE, Nucor and Gerdau (all
registering more than 30% increase).
The Japanese
crisis in March 2011 has caused some uncertainty over raw material prices and
short-term end-user steel demand, although there is likely to be a medium-term
increase in demand from reconstruction activity. In particular, the automotive
and electronics industries may face shortages in supply where they are relying
on
Steel Industry in
South-East Asian
Steel industry: As per the preliminary numbers obtained by South East Asia Iron and
Steel Institute (SEAISI), the steel consumption in the Association of South-
East Asian Nations (ASEAN) at 47.3 million tonnes in 2010 grew by 14% over 2009
and was higher by 1.3 million tonnes over the pre-crisis level of 2008. While
production in the area at 26 million tonnes was higher than 2009 by 6%, imports
grew significantly by 25% over 2009 to be at around 30 million tonnes. Exports
volume at 8 million tonnes also witnessed an increase of 26% over 2009.
In
TATA STEEL GROUP
OPERATIONS
Tata Steel Group
deliveries in FY 11 at 23.5 million tonnes were almost at par with the previous
year (23.6 million tonnes). The turnover for the Group at Rs.1187530.000
millions during FY 11 was 16% higher than the turnover of FY 10 (Rs.1023930.000
millions) primarily due to higher prices across the Group. EBITDA for the Group
in the financial year 2010-11 was Rs.171030.000 millions as compared to
Rs.93400.000 millions of FY 10.
FY 11 EBITDA
includes profit on sale of shares of Tata Power and Tata Motors by Tata Steel
India, profit on sale of Southern Steel Berhard by NatSteel, partly off set by
write-off of unamortised fees of old senior facility agreement at Tata Steel
Europe which was repaid in October 2010 following refinancing of loans.
Similarly, in FY
10 EBITDA included profit on sale of shares by Tata Steel India and Kalimati
Investments, profit on sale of Aluminium Smelter and other investments by Tata
Steel Europe, partly off set by CARS restructuring expenses at Tata Steel
India.
Excluding these
items in both the years, the Group EBITDA doubled at Rs.168590.000 millions
when compared to Rs.84470.000 millions in FY 10.
The Group turned
around with a profit after taxes (after minority interest and share of profit
of associates) of Rs.89830.000 millions during FY 11 after registering a loss
of Rs.20090.000 millions in FY 10.
STEEL DIVISION:
Production:
Production in the
Blast Furnaces was maximised by producing from bigger blast furnaces with
higher productivity while in the two steel melting shops there was an increase
in the vessel life and heat size which enhanced productivity.
The crude steel
production exceeded the name plate capacity of 6.8 mtpa project in the 2nd year
after commissioning of the Project.
The special
improvement initiative “Kar Vijay Har Shikhar” launched with a view to improve
profitability, has yielded some quick results in the area of LD#1 reliability,
and throughput improvement at West Bokaro besides improvements in Ferro Alloys
and Minerals Division, iron ore mines etc.
Sales
·
Overall sales at 6.42 million tonnes grew by 4%
over last year (6.17 million tonnes in FY 10).
·
Due date performance (which measures delivery
compliance) improved significantly from 93% to 96% in flat products and from
87% to 91% in long products.
Flat Products
·
The sales of flat products at 3.54 million tonnes
increased by 2% in FY 11 (3.47 million tonnes in FY 10).
·
The division crossed 1 million tonnes flat products
sales to automotive segment (1.042 mt) and for the Branded Products (1.054 mt).
The division also achieved the best ever sales performance in Skin Panel (0.49
mt) and Galvanised Annealed (0.83 mt).
Long Products
·
Sales of Long products at 2.88 million tonnes
increased by 7 % in FY 11 (2.70 million tonnes in FY 10).
·
The division achieved best ever TISCON sales of
1.82 mt in FY 11 against the previous best of 1.57 mt in FY 10 thus becoming
the market leader in retail sector of rebar.
FERRO ALLOYS AND
MINERALS DIVISION
Total sales volume
in FY 11 was 1464k tonnes against 1508k tonnes of FY 10. While ferro alloys
sales including minerals registered an increase of 8% during FY 11 (848 k
tonnes) over FY 10 (788 k tonnes), flux sales declined by 15% in FY 11 over FY
10. (FY 11: 613k tonnes ; FY 10: 719k tonnes).
FY 11 saw a
recovery, post the downturn in the FY 09 and the recession in the FY 10.
Infrastructural investments in Asia (primarily in
In Manganese
Alloys, the division achieved almost 100% share in supplies of Manganese alloys
to the Group’s Asian operations. However, the production of Ferro Manganese was
lower due to power restrictions.
The division was
honoured with the CAPEXIL (Chemical and Allied Export Promotion Council of
India) and EEPC (Engineering Export Promotion Council) awards for its export
performance in the recent years.
TUBES DIVISION:
During FY 11,
Tubes Division consolidated its position in the market place by registering a
growth in production and sales by 6% and 5% respectively enabled by successful implementation
of various improvement initiatives, under ‘Kar Vijay Har Shikhar’. The key
performance highlights of the division are appended below:
·
‘Tata Pipes’ continues to be one of the players in
·
‘Tata Structura’ is supplied to the infrastructure
segment. This sector grew by 15% in FY 11 achieving a landmark of 0.1 million
tonnes with its presence in the upcoming airports of Chennai and Kolkata.
·
Precision Tubes are supplied to the Automotive,
Process and Power sector. During FY 11, the production and sales of Precision
Tubes grew by 13% each over the previous year using future focussed practices
like EVI (Early Vendor Involvement), NPD (New product Development) and PAG
(Product Application Group).
The Tubes Division
won the Coveted JRD QV Award in the year. Along with long products, the
division also won the EPC World Award 2010.
BEARINGS DIVISION:
The division has
posted a growth of 12% and 4% in production and sales in FY 11 over FY 10
respectively driven primarily by the demand in the domestic automotive segment.
The division adopted various improvement initiatives like TOC (Theory of
Constraints) and took the next step in the TPM (Total Productivity Maintenance)
activities. Cross-functional teams are working to challenge costs, increase
throughput and productivity. During FY 11, the division was bestowed with
number of accolades from its customers like Bajaj Auto, Toyota Kirloskar Motors
Limited, Tata Motors etc.
TATA STEEL
Tata Steel Europe
produces carbon steel by the basic oxygen steelmaking method at two integrated
steelworks in the
TSE has sales
offices, stockholders, service centres and joint venture or associate
arrangements in a number of markets for distribution and further processing of
steel products supported by various agency agreements. There is an extensive
network in the EU while outside the EU, the company has sales offices in over
thirty countries, supported by a worldwide trading network.
Principal end
markets for TSE’s steel products are the construction, automotive, packaging,
lifting and excavating, energy and power and rail sectors.
The earlier model
of operations had three main operating divisions; Strip Products, Long Products
and Distribution and Building Systems. TSE has adopted single sales and
marketing function focussing on eight diff erent industries as markets. The EU,
is the most important market for the TSE Group, accounting for 84% of its total
turnover in the financial year 2010-11. TSE has adopted the subject identity
for trading purposes with effect from September 2010 and a progressive
rebranding process is under way. Teesside Cast Products unit was mothballed at
the end of February 2010 and has since been disposed off in March 2011.
Crude steel
production for TSE at 14.6 million tonnes in FY 2010-11 was almost at par with
the previous year while the deliveries at 14.9 million tonnes in FY 2010-11 was
higher by 3% over FY 2009-10.
In the financial year
2010-11, about 70% of TSE’s crude steel production was rolled into hot rolled
coils. The company also manufactured sections, plates, speciality steels and
wire rods apart from selling semi-finished products. Approximately 20% of hot
rolled coils manufactured were sold in the market without further processing
and approximately 60% was further processed in cold rolling mills and coating
lines, apart from using them in tube mills for the manufacture of welded tubes.
Excluding seasonal
effects, sales volumes of TSE were reasonably flat for the first three quarters
of FY 2010-11, before showing an improvement in the fourth quarter to the
highest level of quarterly sales since FY 2008-09.
The key
geographies of NatSteel’s business are
The
NatSteel Xiamen,
the Chinese subsidiary of NatSteel sold 495 k tonnes of rolled products during
FY 2010-11, volumes being lower than last year by 37 k tonnes. However, there
was improvement in margin as cost increases were contained within the increase
in prices and resulted in higher overall margin against last year. Sales Volume
in SIW Thailand, NatSteel Australia and Best Bar Australia during the fi
nancial year 2010-11 at 179 k tonnes, 57 k tonnes and 106k tonnes increased by
27 k tonnes, 15 k tones and 20 k tonnes respectively over the financial year
2009-10. Sales in Vina (
TATA STEEL
TSTH recorded
billet production of 1.30 million tonnes during the financial year 2010-11
registering an increase of 10% over the financial year 2009-10 (1.18 million
tonnes). Finished goods production at 1.28 million tonnes during the financial
year 2010-11 increased by 6% over the financial year 2009-10 (1.20 million
tonnes). Sales volume at 1.29 million tonnes during the fi nancial year 2010-11
was higher by 8% as compared to financial year 2009-10 (1.19 million tonnes)
with 7% and 13% growth in the company’s domestic sales and exports volume.
However, low capacity utilisation during the year, losses due to mothballing of
Mini Blast Furnace during part of the year, steep increase in raw material
prices leading to high metallic input costs, and resulted in an increased
overall loss during FY 2010-11 for the company.
TATA METALIKS
LIMITED:
Tata Metaliks
Limited (TML) a subsidiary of subject, is a producer of Foundry Grade Pig Iron
in
During the
financial year, lower production and unfavourable market resulted in lower sales
volume. Although turnover improved driven by 25% increase in average
realisations, higher raw material costs more than off set the increase in
realizations lowering the margins. Profit made by the standalone entity was
almost off set by losses incurred by the subsidiary TMKPL. TML is striving to
improve its operating margin by setting up Sinter Plant at Kharagpur, upgrading
the Blast Furnace increasing the working volume. The capacity of the Kharagpur
plant would be increased to 407 k
tonnes. The company is also setting up Coke Oven plant in both locations at
Kharagpur and Redi on BOOT (Built Operate Own and Transfer) basis.
TM INTERNATIONAL
LOGISTICS LIMITED:
TM International
Logistics Limited (TMILL) and its subsidiaries offer logistic services pertaining
to port and terminal handling, maritime shipping, ship agency, custom clearance
and freight forwarding.
The company is
involved in the activity of handling port operations at Haldia and Paradip on
the east coast of
The shipping
business of TMILL offers integrated solutions to customers by packaging Ocean
freighting with other auxiliary services like transloading and barging for
draft-restricted ports or with port handling and ship agency services.
The Freight
Forwarding arm of TMILL is in the business of facilitating global trade by
being an intermediary between cargo carriers and suppliers/buyers.
Going beyond its traditional
domain, TMILL has now ventured into providing marine services and is acting as
the operation and maintenance operator to the
TAYO ROLLS
LIMITED:
Tayo Rolls
Limited, a subsidiary of subject, is a roll manufacturer in
Rolls production
and sales increased over the previous year due to better demand and during FY
11 commercial production of ingots was started in November 2010. The pig iron
production was suspended from August 2010 as it was not economically viable to
produce pig iron from the Mini Blast Furnace owing to high cost of inputs and
sluggish casting market affecting the pig iron off –take thereby increasing the
losses during the year.
TATA STEEL
PROCESSING AND DISTRIBUTION LIMITED:
Till Q1FY 10,
TSPDL (erstwhile Tata Ryerson) was a Joint venture with subject’s share being
50%. Accordingly only 50% of Q1FY 10’s numbers were considered for financial
consolidation.
Tata Steel
Processing and Distribution Limited (TSPDL) is the steel service centre in
During the last
three financial years, the company has diversified its business portfolio by
entering into the high value-added business of manufacturing of auto components
for Auto Majors like Caterpillar and Tata Motors through its commissioned
facility at Tada, Andhra Pradesh and Pantnagar, Uttarakhand respectively.
During the
financial year 2010-11, the company recorded an alltime high tolling and
distribution production volume of 1.458 million tonnes as compared to 1.346
million tonnes in the previous year. Higher volumes, increase in average
revenue per tonne more than made good the increase in input costs and other
increases in expenditure and helped the company post the highest profit before
tax in its history of operations. Different units of the company received
reputable accolades notable amongst which are:
·
Pantnagar Unit won the Northern Region Tata
Innovista Award.
·
Tada Unit was re-certified for the prestigious SQEP
certification by Caterpillar.
·
The Pune Unit received certification of OHSAS 18001
and
·
The Jamshedpur Unit got recertified for TS 16949
and OHSAS 18001.
·
The Faridabad Unit facilitated Tata Steel to get
'Best Supplier Award' from Maruti.
Safety has
remained a primary area of attention and by following Du Pont Safety
initiatives, the company achieved a 77% reduction in injury and a 58% reduction
in LTIFR compared to the financial year 2009-10.
TINPLATE COMPANY
OF INDIA LIMITED: (AN ASSOCIATE
COMPANY OF TATA STEEL)
The Tinplate Company
of India Limited (TCIL) is a subject indigenous producer of tin coated and tin
free steel sheets in India manufacturing various grades of electrolytic
tinplates (ETP) and tin-free steel (TFS) sheets used for metal packaging. TCIL
has also been “value-adding” its ETP/TFS products by way of a providing
printing and lacquering facility to reach closer to food processors / fillers.
During the year
FY11 the production of 241 k tonnes was 6% higher as compared to 227 k tonnes
in FY10. The Company is presently in the midst of setting up a Cold Rolling
Mill to produce the feedstock required for full utilisation of its tinning
lines. Better demand supported by higher producing capacity augmented in ETL-2
line helped the company achieve higher sales and production volumes with an
increase in capacity utilisation from 60% in FY 10 to 64% in FY 11. However the
profits declined as compared to the previous year the primary factor being
steep increase in input steel and tin prices which more than off set the increase
in revenues.
With effect from
1st April, 2011, TCIL became a subsidiary of subject consequent upon the
automatic and compulsory conversion of the 3% Fully Convertible Debentures
(which were issued in September 2009) into Equity Shares.
TATA NYK SHIPPING
PTE LIMITED:
Tata NYK Shipping
Pte Limited, a 50:50 joint venture between subject,
The company is
primarily into the business of owning, operating and chartering of ships to
carry dry bulk and break bulk cargo including coal, iron ore, limestone and
steel products. Since four years of its inception, the company has grown its
fleet from only 2 ships in 2007 to a current fleet size of 14 ships (2 owned
and 12 chartered).
The company has a
diversified fleet ranging from Supramax (56,000 DWT), Panamax (75,000 DWT) and
Capesize (180,000 DWT) vessels. The vessels are deployed for the Tata Group and
Indian dry bulk cargo based on the available port facilities and cargo
requirements across geographies.
Cargo handled
increased from 6.79 million tonnes in FY 10 to 7.85 million tonnes in FY 11
with increase in number of shipments from 110 to 119. However, due to expiry /
deferment of certain cape contracts with higher per day charter base the
turnover declined over the previous year. During the financial year addition of
a second own vessel in the fleet significantly improved the operating margins
and the profits of the business as compared to a loss in the previous year.
TATA REFRACTORIES
LIMITED:
Tata Refractories
Limited (TRL) is
During FY 11,
production was lower by 8% from 295k tones during FY 10 to 272 k tonnes during
FY 11. Sales were lower by 3% from 351k tonnes during FY 10 to 342k tonnes in
FY 11. Despite lower sales volume, revenue was higher mainly due to higher
average realisations and better product mix. The profits increased slightly
over FY 10 as the revenue increases were almost off set by cost increases on
account of increase in input material and power costs and effect of lower
volumes.
Subject and
Krosaki Harima Corporation (KHC), an associate of Nippon Steel Corporation of
TATA SPONGE IRON
LIMITED:
Tata Sponge Iron Limited,
a manufacturer of sponge iron and producer of power is located at Joda, Odisha.
During the financial year 2010-11, the Company achieved record production of
383 k tonnes of Sponge Iron as compared to 359 k tonnes in the previous year,
registering a growth of 7%.
The capacity
utilisation during 2010-11 zoomed upto 98% as compared to 92% in the previous
year. The Company also achieved record sales of 380 k tonnes as against 361 k
tonnes in the previous year, thus growing by 5%.
In the power
business, the Company achieved a generation of 191.39 million kwh of power in
FY 2010-11 as compared to 181.39 million kwh in FY 2009-10. The sale of surplus
power during the FY 2010-11 was 133.77 million kwh against with 125.01 million
kwh sold in the previous year.
The increase in
turnover during 2010-11 is mainly due to increase in prices of Sponge Iron
along with increases in volumes. These increases were partly off set by
increases in higher costs with imported coal mix being higher in order to
improve the specific consumption of coal.
TATA STEEL KZN PTE
LIMITED:
Tata Steel KZN,
located at
The operational
highlights of the company during the year were the following:
·
Improved furnace performance and efficiencies
towards the latter part of the year due to the utilisation of better quality
ore and pellets
·
Improved furnace and gas plant availability due to
preventative maintenance system implementation
·
Elimination of the backlog untreated slag and
satisfactory performance of the metal recovery plant
·
Successful completion of the two major capital
projects on time and below budget
·
Very positive safety performance and major strides
taken in anticipation of the first ISO audits to be conducted in the new
financial year.
FINANCE:
In FY 11, the
world emerged from the depths of the financial crisis as most economies moved
out of technical recession or negative growth. Governments and monetary bodies,
through large fiscal spending, zero interest rate policies and easy credit have
averted the possibility of mass banking collapse and financial crisis. The
developed world has now entered a period of slow and uncertain growth, which
cannot be accelerated by relying on the same policies without creating a fresh
crisis in the shape of sovereign defaults and an inflationary spiral. Emerging
markets which have robust growth are importing inflation from the rest of the
world and though they are raising interest rates, local monetary tightening has
been of limited benefit so far.
During the
financial crisis, the Company had focused on raising additional debt in order
to maintain a liquidity buffer given the uncertain nature of the steel markets.
However, given the lower level of earnings and increased debt, the leverage
position of the Company had become sub-optimal. Therefore in FY 11, the Company
continued on its journey of deleveraging. It repaid Rs.42580.000 millions of
borrowings during the year.
At the same time, given
the substantial improvement in liquidity in financing markets, the Company in
FY 11 refinanced the entire acquisition debt in Tata Steel Europe. Tata Steel
UK Holdings, on 29th September, 2010, signed a Senior Facility Agreement with a
syndicate of 13 banks for a £3.53 billion term loan and revolving credit
facility which replaced in full the term loan and revolving credit facilities
entered into at the time of the acquisition of Corus Group plc in 2007. The new
facilities have been designed to achieve certain key financing and business
objectives for the company: the syndicate comprises a smaller, co-ordinated
group of Banks with long-term relationships with subject; repayment
obligations for the next 5 years have
been minimised; there is fl exibility to incur higher capital expenditure in
Europe and to raise working capital depending on business needs; and the new
financing arrangements carry lighter financial covenant obligations.
However, given the
business environment and earnings profile of the Company, there was a need for
a further rebalancing of the capital structure. This needed to be achieved by a
combination of disposals of non-core assets, raising of equity and quasi equity
funds. The Company is continuing to dispose of stake in other Tata Group
Companies which are unrelated to its business. In addition, the Company
completed the sale of the Teesside Cast Products unit of Tata Steel Europe in a
deal valuing the business at around £434 million in March 2011 and 51% of its
77.46% stake in Tata Refractories Limited in a deal valuing the equity of TRL
at Rs.11300.000 millions in April 2011. In January 2011, the Company completed
a further public offer for ordinary shares in the domestic markets aggregating
Rs.34770.000 millions. In December 2010 and January 2011, it drew Rs.30000.000
millions via issuance of 20 year Non-Convertible Debentures, where the Company
will have no cash outgo on account of interest for the first 3 years. In March
2011, the Company also successfully completed India’s first ever off erring of
Corporate Hybrid Securities with an issuance of Rs.15000.000 millions (US$ 332
million). These securities rank senior only to share capital, are perpetual in
nature with no maturity or redemption and are callable only at the option of the
Company thereby incorporating equity characteristics.
As part of the
financing of the imports for the 2.9 mtpa expansion in
As on 31st March,
2011, the cash and cash equivalent in subject,
CONTINGENT
LIABILITIES (As on 31.03.2011)
·
Guarantees
The Company has given guarantees aggregating Rs.9911.100 millions to banks and financial institutions on behalf of
others. As at 31st March, 2011, the contingent liabilities under these
guarantees amounted to Rs.9911.100 millions
·
Claims not acknowledged by the Company
|
|
As
at 31.03.2011 Rs.
in millions |
|
Excise |
3132.600 |
|
Customs |
136.800 |
|
Sales Tax and VAT |
4945.400 |
|
State Levies |
1872.800 |
|
Suppliers and Service Contract |
722.100 |
|
Labour Related |
388.400 |
|
Income Tax |
1197.900 |
·
Claim by a party arising out of conversion
arrangement – Rs.1958.200 millions.
The Company has not acknowledged this claim and has instead filed a claim of
Rs.1396.500 millions on
the party. The matter is pending before the Calcutta High Court.
·
The Excise Department has raised a demand of Rs.2354.800 millions denying the benefit
of Notification No. 13/2000 which provides for exemption to the integrated
steel plant from payment of excise duty on the freight amount incurred for
transporting material from plant to stock yard and consignment agents. The
Company filed an appeal with CESTAT, Kolkata and the order of the department
was set aside. The department has filed an appeal in Supreme Court where the
matter is pending.
·
TMT bars and rods in coil form are sent to external
processing agents (EPA) for decoiling and cutting into specified lengths before
the products are despatched for sale. Excise department demanded duty from the
EPA, holding the activity as manufacture and ignoring the payment of duty made
by Tata Steel. An appeal against the order of the Commissioner of Central
Excise,
·
The State Government of Odisha introduced “Orissa
Rural Infrastructure and Socio Economic Development Act 2004” with effect from
February 2005 levying tax on mineral bearing land computed on the basis of
value of minerals produced from the mineral bearing land. The Company had filed
a Writ Petition in the High Court of Odisha, challenging the validity of the
Act. Odisha High Court held in November 2005 that State does not have authority
to levy tax on minerals. The State Government of Odisha moved the Supreme Court
against the order of Odisha High Court and the case is pending with Supreme
Court. The liability, if it materialises, as at 31.03.2011 would be Rs.15627.200 millions.
·
In terms of the agreements entered into between
Tata Teleservices Limited (TTSL), Tata Sons Limited (TSL) and NTT DoCoMo, Inc.
of Japan (Strategic Partner-SP), the Company was given by Tata Sons an option
to sell 52,46,590 equity shares in TTSL to the SP, as part of a secondary sale
of 25,31,63,941 equity shares effected along with a primary issue of
84,38,79,801 shares by TTSL to the SP. Accordingly, the company realised
Rs.609.100 millions on sale of these shares resulting in a profit of Rs.497.700
millionsduring the year ended March 31, 2009.
Pursuant to the Rights Issue made in 2010-11, SP’s shareholding in TTSL
has increased from 1,09,70,43,742 equity shares of Rs.10 each to 1,17,26,17,866
equity shares of Rs.10 each as on March 31, 2011. The shareholding of SP
represents 26.27% of the paid up equity share capital of TTSL on a fully
diluted basis as against 26.01% prior to the issuance and allotment of Rights
Shares to them. If certain performance parameters and other conditions are not
met, should the SP decide to divest its entire shareholding in TTSL, acquired
under the primary issue and the secondary sale, and should TSL be unable to
find a buyer for such shares, the Company is obligated to acquire the
shareholding of the SP, at the higher of fair value or 50 percent of the
subscription purchase price, in proportion of the number of shares sold by the
company to the aggregate of the secondary shares sold to the SP, or if the SP
divests the shares at a lower price pay a compensation representing the difference
between such lower sale price and the price referred to above. Further, in the
event of breach of the representations and warranties (other than title and
tax) and covenants not capable of specific performance, the Company is liable
to reimburse TSL, on a pro rata basis, upto a maximum sum of Rs.787.500
millions. The exercise of the option by SP being contingent on several
variables the liability, if any, is remote and indeterminable.
·
The Company has been paying royalty on coal
extracted from its quarries pursuant to the judgement and order dated
23.07.2002 passed by the Jharkhand High Court. However, the State Government
demanded royalty on processed coal at rates applicable to processed coal.
Though the Company has contested the above demand, it has started paying, under
protest, royalty on processed coal from November 2008. The incremental royalty,
paid under protest, during November 2008 to March 2011 of Rs.542.200 millions has been charged off
to Profit and Loss Account. The incremental amount (including interest), if
payable, for the period till October 2008 works out to Rs.3559.500 millions and has been
considered as a contingent liability.
·
Uncalled liability on partly paid shares and
debentures Rs.0.100 million.
·
Bills discounted Rs.2123.800 millions.
FINANCIAL RESULTS FOR THE
QUARTER ENDED ON 30th JUNE 2011
(Rs. in millions)
|
Particulars |
Quarter
Ended on |
|
30.06.2011 Audited
|
|
|
|
|
|
1. a) Net Sales /
Income from Operations |
77922.000 |
|
b) Other
Operating Income |
680.500 |
|
2. Total Operating Income |
78602.500 |
|
3. Total
Expenditure |
|
|
a) (Increase) /
decrease in stock-in-trade |
(2547.400) |
|
b) Purchases of
finished, semi-finished steel and other products |
373.400 |
|
c) Raw materials consumed |
17902.500 |
|
d) Staff Cost |
6870.000 |
|
e) Purchase of
Power |
4593.300 |
|
f) Freight and
handling |
4064.300 |
|
g) Depreciation |
2853.000 |
|
h) Other
Expenditure |
16314.800 |
|
i) Total Expenditure (3a to 3h) |
50423.900 |
|
4. Profit / (Loss)
from Operations before Other Income, Net Finance Charges, Exceptional Items
and Tax (2-3) |
28178.600 |
|
5. Other Income |
5526.400 |
|
6. Profit /
(Loss) from Operations before Net Finance Charges, Exceptional Items and Tax
(4+5) |
33705.000 |
|
7. Net Finance
Charges |
2272.700 |
|
8. Profit /
(Loss) before Exceptional Items and Tax (6-7) |
31432.300 |
|
9. Exceptional
Items |
|
|
10. Profit /
(Loss) before Tax (8+9) |
31432.300 |
|
11. Tax Expense |
9238.000 |
|
12. Net Profit
(+) / Loss (-) (10-11) |
22194.300 |
|
13. Minority
Interest |
-- |
|
14. Share of
profit of associates |
-- |
|
15. Profit
after Minority Interest and Share of profit of Associates (12+13+14) |
-- |
|
16. Paid-up
Equity Share Capital [Face value Rs.10 per share] |
9594.100 |
|
17. Reserves
excluding revaluation reserves |
-- |
|
18. Basic
Earnings per share (not annualised) |
22.74 |
|
19. Diluted
Earnings per share (after Exceptional items) (not annualised) |
21.74 |
|
20. Aggregate of Public Share Holding |
|
|
- Number of Shares |
641730802 |
|
- Percentage of shareholding |
68.61% |
|
Promoters and Promoter group share holding |
|
|
a) Pledged / Encumbered |
|
|
- Number of Shares |
10000000 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
3.41% |
|
- Percentage of shares(as a % of the total share capital of the company) |
-- |
|
b) Non-encumbered |
|
|
- Number of Shares |
283549520 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
96.59% |
|
- Percentage of Share (as a % of the total share capital of the company) |
29.56% |
SEGMENT REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs.
in millions)
|
Particulars |
Quarter
Ended on |
|
30.06.2011 Audited
|
|
|
|
|
|
Revenue by
Business Segment: |
|
|
Steel business |
73010.000 |
|
Ferro Alloys and Minerals |
5368.400 |
|
Others |
4978.500 |
|
Unallocated |
-- |
|
Total |
83356.900 |
|
Less: Inter segment revenue |
4754.400 |
|
Net Sales /
Income from Operations |
78602.500 |
|
|
|
|
Segment Results before
Net Finance Charges, Exceptional Items and Tax: |
|
|
Steel business |
26912.500 |
|
Ferro Alloys and Minerals |
1539.700 |
|
Others |
212.400 |
|
Unallocated income / (expenditure) |
5040.400 |
|
Less: Inter Segment Eliminations |
-- |
|
Total Segment Results
before Net Finance Charges, Exceptional Items and Tax: |
33705.000 |
|
Less: Net Finance Charges |
2272.700 |
|
Profit / (Loss)
before Exceptional Items and Tax |
31432.300 |
|
Exceptional
Items: |
|
|
Restructuring, Impairment and Asset disposals |
-- |
|
Profit / (Loss)
before Tax |
31432.300 |
|
Less: Tax Expense |
9238.000 |
|
Net Profit (+) /
Loss (-) |
22194.300 |
|
|
|
|
Segment Capital
Employed: |
|
|
Steel business |
165489.700 |
|
Ferro Alloys and Minerals |
(195.100) |
|
Others |
2170.400 |
|
Unallocated |
85446.900 |
|
Inter Segment Eliminations |
-- |
|
Total |
252911.900 |
Notes
·
The actuarial gains and losses on funds for employee
benefits (pension plans) of Tata Steel Europe Limited for the period from April
1, 2008 have been accounted in “Reserves and Surplus” in the consolidated
financial statements in accordance with IFRS principles and permitted by
Accounting Standard 21. Had the Company recognised changes in actuarial
valuations of pension plans of Tata Steel Europe in the profit and loss
account, the consolidated profit after taxes, minority interest and share of
profit of associates for the quarter ended June 30, 2011 would have been lower
by Rs.779.900 millions and the consolidated profit after taxes, minority
interest and share of profit of associates for the quarter ended June 30, 2010
would have been lower by Rs.6945.600 millions.
·
During the current quarter, the company has sold
part of its investment in Tata Refractories Limited (TRL) to Krosaki Harima
Corporation for Rs.5761.000 millions. Consequently, the company and its
subsidiary’s holding in TRL (now known as TRL Krosaki Refractories Limited) has
reduced to 26.62%. Accordingly it has ceased to be a subsidiary and became an
associate. ‘Other Income’ includes Rs.5110.100 millions in the stand-alone
results and Rs.4421.100 millions in the consolidated results (after
consolidation adjustments), being the gain on sale of these shares.
·
During the current quarter, The Tinplate Company of
India Limited (TCIL) has become a subsidiary of the company pursuant to
conversion of Fully Convertible Debentures (FCD) into equity share capital. Consequent
to this conversion, the company and its subsidiary’s holding in TCIL has
increased from 44.40% to 60.96%.
·
During the current quarter, the company tendered
its entire 26.27% stake in Riversdale Mining Limited to Rio Tinto Jersey
Holdings Limited for A$ 1,060 mn (Rs.49420.700 millions). ‘Other income’
in the consolidated results includes
profit of Rs.28792.900 millions on disposal of Tata Steel Global Mineral
Holding’s investment in Riversdale Mining Limited. The company continues to
hold 35% stake in Riversdale Energy (
·
‘Other income’ in the consolidated results includes
the cash settlement of Rs.5977.100 millions relating to the arbitration with
the Teeside Cast Products (TCP) Consortium.
·
Information on investor complaints pursuant to
clause 41 of the listing agreement for the quarter
|
Opening Balance |
Received during
the quarter |
Resolved during
the quarter |
Closing Balance |
|
4 |
130 |
132 |
2 |
·
Figures for the previous period have been regrouped
and reclassified to conform to the classification of the current period,
wherever necessary.
·
The consolidated financial results have been
subjected to limited review and the stand-alone financial results have been
audited by the statutory auditors.
·
The above results have been reviewed by the Audit
Committee and were approved by the Board of Directors in its meeting of date.
FIXED ASSETS
· Land and Roads
· Buildings
· Lease-hold
· Railway Sidings
· Plant and Machinery
· Furniture, Fixture and Office Equipment
· Development of Property
·
Vehicles
WEB DETAILS
BUSINESS
DESCRIPTION
Subject is a diversified steel producer. It has a global presence in 50
markets and manufacturing operations in 26 countries. The Company provides steel
for different industries, which include construction, automotive, aerospace,
consumer goods, materials handling, energy and power, rail, engineering,
shipbuilding, packaging, and security and defense. Subject manufactures and
processes steel, which includes hot-rolled coil through to high-gloss,
pre-painted perforated blanks, wire rod and wire, sections, plate, bearings and
tubes. Subject provides a range of products and infrastructure services to the
international railway industry, which include rail section sizes, steel sleeper
products and other specialized track components. The Company's operations
relate to manufacture of Steel. Its other business segments consists of tubes,
bearings and refractories. Effective September 27, 2011, Centennial Steel
Company Limited merged with the Company. For the nine months ended 31 December
2010, Subject 's revenues increased 13% to RS856.99B. Net income totaled
RS48.07B vs., a loss of RS44.43B. Revenues reflect an increase in Steel
business segment and higher revenue from others segment. Net income reflects a
decrease in staff costs, a decrease in depreciation expenses, a decrease in
interest expenses and the presence of restructuring gain vs. a loss.
Mining, smelting, steel converting and iron masters; production of a
diverse range of products and services. These include HR/CR coils and sheets,
tubes, construction bars, forging quality steel, rods, structurals, strips and
bearings, steel plant and material handling equipment, ferro alloys and other
minerals, software for process controls, and cargo handling services. Sister
companies offer tinplate, wires, rolls, refractories, project management
services and material handling equipment.
Subject is
Established in 1907 as Asia's first integrated private sector steel
company, Subject is the world's sixth largest steel producer with geographic
footprints in
BOARD OF DIRECTORS
Mr. Ratan Naval
Tata - Not Independent Non-Executive Chairman
Mr. Ratan Naval Tata is Not Independent Non-Executive Chairman of the
Board of subject. He joined the Company as a director in 1977 and was appointed
Chairman of the Board in April 1993. He is presently Chairman of Tata Sons
Limited, the Promoter of the Company and also the chairman of other Tata
companies including Tata Motors Limited, Tata Power Limited and Tata Chemicals
Limited. It is under his leadership that the Company has scaled new heights and
established a presence as one of the steel conglomerates in the world. Mr.
Ratan Tata has a Bachelor’s degree in Science in the field of architecture. He
specialised with structural engineering from
Education
BS Architecture,
Mr. B. Muthuraman
- Vice Chairman
Mr. Balasubramanian Muthuraman is Not Independent Non-Executive Vice
Chairman of the Board of subject since October 1, 2009. He holds degrees in
Bachelor of Technology in Metallurgical Engineering from IIT,
Education
MBA , XLRI,
B Metallurgical Engineering, Indian Institute of Technology
Mr. Subodh Kumar Bhargava
- Independent Non-Executive Director
Mr. Subodh Bhargava is Independent Non-Executive Director of subject.
Mr. Bhargava is a Mechanical Engineer from the
Education
BE Mechanical Engineering,
Mr. Ishaat Hussain
- Not Independent Non-Executive Director
Mr. Ishaat Hussain, Esq., is Not Independent Non-Executive Director of
subject. He is the Finance Director of Tata Sons Limited. Mr. Hussain has been
with the Tata Group for 30 years. Prior to joining the Tata Sons Board in 1999,
he held various positions in subject and was the Finance Director of subject
for ten years from 1989. Mr. Hussain is a graduate in Economics from the
Education
BA Economics,
Dr. Karl-Ulrich
Koehler - Chief Executive Officer and Managing Director of Tata Steel Europe
Limited, Not Independent Non-Executive Director
Dr. Karl-Ulrich Koehler is Not Independent Non-Executive Director of
subject and Chief Executive Officer and Managing Director of Tata Steel Europe
Limited, subsidiary of the Company. He was appointed as an additional Director
of the Company with effect from November 12, 2010. He studied metallurgy at
Clausthal University of Technology, where he gained his doctorate in 1988. Dr.
Koehler has been Chief Executive Officer and Managing Director of Tata Steel
Europe Limited since October 1, 2010. He was appointed Chief Operating Officer
of Tata Steel Europe Limited in February 2010. In 2005, he was awarded an
honorary professorship in fl at steel product technology by
Education
PHD Metallurgy,
Mr. Suresh Krishna
- Independent Non-Executive Director
Shri. Suresh Krishna is Independent Non-Executive Director of subject.
He joined the Company as a Director in 1994. Mr. Krishna holds a Bachelor’s
Degree in Science from
Education MA Literature,
BS ,
Mr. Hemant M.
Nerurkar - Managing Director, Not Independent Executive Director
Mr. Hemant M. Nerurkar is Managing Director, Not Independent Executive
Director of subject. He was Executive Director of
Education
B Metallurgical Engineering,
Mr. Sam M. Palia -
Independent Non-Executive Director
Mr. Sam M. Palia is Independent Non-Executive Director of subject. He
joined the Company in 1988 as a nominee director of IDBI and was appointed as a
Director in 1994. He holds a Bachelors degree in Commerce and in Law from
Education
B Commerce,
Mr. Andrew M. Robb
- Independent Non-Executive Director
Mr. Andrew M. Robb is Independent Non-Executive Director of subject. He
is a Fellow of the Chartered Institute of Management Accountants and holds a
Joint Diploma in Management Accounting. Mr. Robb has been a Non-executive
Independent Director of the Company since November 22, 2007. He joined the
board of Corus Group plc, and became chairman of the audit committee in August
2003. Following the takeover of Corus by subject in March 2007, Mr. Robb
remained on the Board and in November 2007, he became a Non-Executive
Independent Director of the Company. He is currently also the chairman of the
board and the audit committee of Tata Steel Europe Limited. Mr. Robb was
finance director of the Peninsular and Oriental Steam Navigation Co., between
1983 and 1989 and then became finance director of Pilkington Group PLC from
1989 to 2001. Mr. Robb remained a director of Pilkington until January 28,
2003. He has been chairman of the board of Tata Steel Europe Limited since
March 2009 and its independent director since August 1, 2003. He is also a
Non-Executive Director of Jaguar Land Rover Plc., Laird Plc. and Paypoint Plc.
Mr. Jacobus
Schraven - Independent Non-Executive Director
Mr. Jacobus Schraven is Independent Non-Executive Director of subject.
He was appointed as an Additional Director of the Company with effect from May
17, 2007. Mr. Schraven was appointed a Non-executive Director and Deputy
Chairman of Corus Group plc. in December 2004. Additionally, in 2005 he was
appointed a member and chairman of the supervisory board of
Mr. Nusli Neville
Wadia - Independent Non-Executive Director
Mr. Nusli Neville Wadia, Esq., is Independent Non-Executive Director of
subject since August 29, 1979. Mr. Wadia is a well-known Indian Industrialist.
He is the Chairman of Wadia Group companies and also Director on the Board of
several Indian companies. Mr. Wadia has contributed actively in the
deliberations of various organisations such as the Cotton Textiles Export
Promotion Council (TEXPROCIL), Mill Owner’s Association (MOA), Associated
Chambers of Commerce and Industry, etc. He is the former Chairman of TEXPROCIL
and also of MOA. Mr. Wadia was appointed on the Prime Minister’s Council on
Trade and Industry during 1998 to 2004. He was the Convenor of the Special
Group Task Force on Food and Agro Industries Management Policy in September,
1998. He was a Member of the Special Subject Group to review regulations and
procedures to unshackle Indian Industry and on the Special Subject Group on
Disinvestment. He was a member of ICMF from 1984-85 to 1990-91. He is on the
Managing Committee of the Nehru Centre, Mumbai. Mr. Wadia has a distinct
presence in public affairs and has been actively associated with charitable and
educational institutions.
PRESS RELEASES
INDIAN STOCKS
CLOSE 1.18 PCT HIGHER
MUMBAI,
October 14 (Xinhua) -- The Indian stock benchmark Sensex advanced 198.77
points, or 1.18 percent, Friday on investors' optimism and governmental
incentives for export.
The
index extended growth in the second half of the session and concluded at
17.082.69 points with daily high at 17,112.45 points.
IT,
technological, oil and gas and fast moving consumer goods sector picked up 2.61
percent, 2.61 percent, 1.53 percent and 1.09 percent, respectively.
Jindal
Steel, Tata Consultancy Services, WIPRO and telecom operator Bharti Airtel
climbed up 5.01 percent, 4.01 percent, 3.98 percent and 3.76 percent.
Still,
realty, metal, capital goods and state-owned companies sector lost 1.36
percent, 0.56 percent, 0.47 percent and 0.37 percent, respectively.
Coal
The
turnover with Sensex totaled 1441.1 million U.S. dollars Friday, from 167.6 million
U.S. dollars in the previous session.
Sensex
is the common name for the Bombay Stock Exchange Sensitive Index. It consists
of the 30 largest and most actively traded stocks, representative of various
sectors, on the Bombay Stock Exchange. Enditem
INDIAN STOCKS OPEN
LOWER
MUMBAI,
October 14 (Xinhua) -- Indian main stock index Sensex opened at 16,836.83
points Friday 47.09 points or 0.27 percent lower from previous close of
16,883.92 points on losses of global stock markets.
Realty,
metal and state-owned companies sector dipped 0.87 percent, 0.83 percent and
0.21 percent, respectively.
Property
developer DLF, aluminum refiner Hindalco, Tata Steel and Coal
Meanwhile,
consumer durables, health care, fast moving consumer goods and technological
sector grew 1.01 percent, 0.72 percent, 0. 55 percent and 0.5 percent,
respectively.
Tata
Power, Jindal Steel, drug maker Sun Pharma and CIPLA picked up 1.37 percent,
1.14 percent, 0.94 percent and 0.89 percent.
Sensex
is the common name for the Bombay Stock Exchange Sensitive Index. It consists
of the 30 largest and most actively traded stocks, representative of various
sectors, on the Bombay Stock Exchange.
SENSEX TRADES WITH
MODEST GAINS
Mumbai, October 14 -- Indian equities markets edged up Friday with a
benchmark index trading with moderate gains a little before noon. Oil and gas,
IT and telecom stocks led gainers. The 30-scrip sensitive index (Sensex) of the
BSE opened at 16,836.83 points and a little before noon was ruling at 16,971.65
points, up 87.73 points or 0.52 percent from its previous close at 16,883.92
points. The 50-scrip S and P CNX Nifty of the National Stock Exchange was also
trading higher, 0.46 percent or 23.5 points up at 5,101.35 points. Broader
markets were also ruling marginally higher. The BSE 500 index was ruling 0.31
percent higher. The BSE midcap index was up 0.24 percent, while the BSE small
cap index was ruling a similar quantum higher. The market breadth at the BSE was
mixed with 1,202 stocks on the advance, compared to 1,149 declining and 122
remaining unchanged. Some of the other top gainers on the Sensex at this time
were Jindal Steel, TCS, Wipro and RIL, while among losers were DLF, Coal
WIN AT
LLANGENNECH
could go top of Swalec National League division one west if they win their
derby at Carmarthen Athletic tomorrow.
The
Llanelli village side occupy third spot in the table two points behind leaders
Whitland.
But
Whitland and second-placed Uwic both face testing away games Whitland at Tondu
and the students at Waunarlwydd which could open the door for Llangennech.
They
will go into the match in confident mood after claiming victories in their last
two games against Narberth and Tata Steel.
But
the Athletic, who led the table briefly last month, will be keen to bounce back
after two successive defeats.
Bonymaen,
who lie second from bottom in the table, make the trip to Margam to face Tata
aiming to recover from last week's reverse at home to Tondu.
Ammanford,
who have a record of two wins, two draws and two defeats since being promoted,
visit Narberth.
TATA STEEL REGISTERS RS.53470.000
MILLIONS (US$1.2 BILLION) PROFIT AFTER TAX IN Q1
Tata Steel Limited today declared Consolidated Financial Results for the
quarter ended June 30, 2011.
Group Performance Highlights:
Tata Steel Group recorded profit after tax of Rs.53470.000
millions (US$1.2 billion) in Q1 FY’12, almost three times the profit of
Rs.18250.000 millions (US$408 million) recorded in Q1 FY’11.
Tata Steel Group recorded EBITDA of Rs.83580.000
millions (US$1.9 billion) in Q1 FY’12 which included one-off gains of
Rs.40070.000 millions (US$896 million). The underlying EBITDA was Rs.43510.000
millions (US$974 million) compared to the EBITDA recorded in Q1 FY’11 of
Rs.45060.000 millions (US$1 billion).
Group Revenue in the first
quarter of Rs.330000.000 millions (US$7.4 billion) was an increase of 21.4%
over Rs.271940.000 millions (US$6.1 billion) recorded in Q1 FY’11, due to
higher average realisations and volumes. Group deliveries of 6.1 million tonnes
in Q1 FY’12 were 3.1% higher than the deliveries of 5.9 million tonnes recorded
in Q1 FY’11.
The Indian operations continued to
perform strongly, with EBITDA of Rs.36560.000 millions (US$818 million) and
profit after tax of Rs.22190.000 millions (US$497 million). The underlying
EBITDA margin, excluding one-off gains of Rs.5110.000 millions (US$ 114
million), was 40% in Q1 FY’12, 3.3 percentage points higher than the EBITDA
margin of 36.7% in Q4 FY’11.
The European operations performed steadily
on the strength of higher average realisations. EBITDA of Rs.19070.000 millions
(US$ 427 million) was 41.2% higher than the EBITDA recorded in Q1 FY’11 of
Rs.13510.000 millions (US$ 302 million).
Net debt at the end of June 2011 of
Rs.408240.000 millions (US$9.13 billion) was lower than the Rs.466270.000
millions (US$10.43 billion) recorded at the end of March’11.
The Company divested its stake in Riversdale
Mining Limited (RML) for a consideration of Rs.49420.000 millions (US$1,106
million). Following this stake sale, the Company continues to hold a 35% stake
in Riversdale Energy (
1. Financial Performance Analysis:
Consolidated Financial results summary
(under Indian GAAP) for the quarter ending June 30, 2011
All figures in US$ mn, unless specified
|
HIGHLIGHTS |
Q1 FY'12 |
Q4 FY'11 |
Q1 FY'11 |
|
Steel Deliveries (Mn tons) |
6.1 |
6.6 |
5.9 |
|
Turnover |
7,383 |
7,568 |
6,084 |
|
EBITDA |
1,870 |
1,052 |
1,013 |
|
One-off Items |
896 |
0 |
5 |
|
Underlying EBITDA |
974 |
1,052 |
1,008 |
|
Underlying EBITDA Margin |
13.2% |
13.9% |
16.6% |
|
Depreciation |
257 |
261 |
234 |
|
Net Finance Charges |
165 |
171 |
134 |
|
Profit before Taxes (after Exceptional
Items) |
1,436 |
1,124 |
624 |
|
PBT Margin |
19.4% |
14.9% |
10.3% |
|
Profit after Taxes, Minority Interest and
Share of Associates |
1,196 |
934 |
408 |
|
PAT Margin |
16.2% |
12.3% |
6.7% |
For the purposes of converting all financial
numbers to US$ for all comparable periods, a
Executive Comment
Tata Steel Managing Director Mr. HM
Nerurkar said: “Volumes and earnings from the Indian operations were robust
despite signs of slower growth in
Tata Steel Europe MD and CEO Dr Karl-Ulrich Köhler said: “Tata Steel
followed up the exceptional March quarter by delivering an encouraging
performance in April-June, even though the weakening of the European steel market,
which affected our deliveries, was made worse by rising imports. European
steelmakers also faced the challenge of sharp raw material cost increases,
which have largely been maintained into this quarter, despite the uncertain
economic outlook. We continued to work on our strategy of strengthening
customer relationships and cost leadership, including initiating a process that
is designed to turn around the performance of our Long Products business and
return it to profitability.”
2. Regional performance:
Saleable steel production in Q1 FY’12
increased to 1.75 million tonnes, 10.0% higher than the 1.59 million tonnes in
Q1 FY’11. Sales volume in Q1 FY’12 rose by 13.9% to 1.59 million tonnes
compared to 1.40 million tonnes in Q1 FY’11.
Turnover in Q1 FY’12 at Rs.78600.000
millions (US$1.76 billion) was 20% higher than the Rs.65510.000 millions
(US$1.47 billion) recorded in Q1 FY’11. Tata Steel’s average realisations
improved in
The Company continued to focus on value addition, with shipments to
downstream units growing compared to the corresponding period of the previous
year. The forthcoming brownfield expansion at the
Operational improvements continued across the units, with new
established in hot metal, crude steel and bar mill production. Long and flat
product sales volume increased 16% and 12% respectively over the volumes
recorded in Q1 FY’11.
Liquid steel production in Q1 FY’12 at 3.81
million tonnes was 1.9% higher than the 3.73 million tonnes in Q1 FY’11. Sales
volume at 3.50 million tonnes was 2.2% lower than in Q1 FY’11.
Turnover in Q1 FY’12 at Rs.205350.000
millions (US$4.6 billion) was 20.5% higher than the Rs.170470.000 millions
(US$3.81 billion) registered in Q1 FY’11 on account of higher average
realisations, partially offset by lower shipments. Despite higher raw materials
costs, reported EBITDA at Rs.19070.000 millions (US$427 million) was up 41.2%
from Rs.13510.000 millions (US$302 million) in Q1 FY’11. The reported EBITDA
included Rs.6850.000 millions (US$153 million) as a one-off gain from the TCP
arbitration settlement. Underlying EBITDA (excluding this one-off gain) was
Rs.12220.000 millions (US$273 million).
The company achieved this result by continuing to refocus its
organisation around customer requirements. The 108-metre long rail rolling mill
at Hayange in
The company took action to address costs in
its Long products hub in the light of continuing subdued construction activity.
The restructuring proposal announced during the quarter led to the opening of a
minimum 90-day consultation period with affected employees and union
representatives. These consultations are continuing and are expected to
conclude in the next few weeks. The proposal targets cost savings amounting to
£130 million (US$209 million) per annum.
The European steel market in Q1 FY’12 suffered disruption from higher
imports as material ordered in anticipation of March quarter price rises began
to arrive at ports. This softening of the market has been compounded by the
Eurozone sovereign debt crisis and by forward economic indicators that are
pointing to a manufacturing slowdown in Europe and
NatSteel Holding
Finished steel production increased 10.7%
to 0.41 million tonnes in Q1 FY’12 compared to 0.37 million tonnes in Q1 FY’11.
Deliveries in Q1 FY’12 at 0.46 million tonnes remained flat compared to deliveries
in Q1 FY’11.
Turnover in Q1 FY’12 at Rs.22150.000 millions (US$496 million) was up
27.1% from Rs.17420.000 millions (US$390 million) in Q1 FY’11. EBITDA recorded
for Q1 FY’12 was Rs.320.000 millions (US$7 million), down from EBITDA of
Rs.940.000 millions (US$21 million) in Q1 FY’11 due to a decline in the
scrap/rebar price spread and an increase in electricity costs.
Tata Steel
Finished steel production and deliveries at
0.33 million tonnes each in Q1 FY’12 was 7.6% higher than the 0.30 million
tonnes recorded for production and deliveries in Q1 FY’11.
Turnover at Rs.11160.000 millions (US$250
million) in Q1 FY’12 was up 28.0% from the Rs.8720.000 millions (US$195
million) recorded in Q1 FY’11. EBITDA in Q1 FY’12 at Rs.570.000 millions (US$13
million) was flat compared to Rs.560.000 millions (US$12 million) registered in
Q1 FY’11.
The South East Asian operations are well placed to take advantage of the
growing demand for steel in the region due to greater activity in the construction
and infrastructure sectors. The Company is taking steps to introduce higher
value branded products in the South East Asian region. This, coupled with cost
reduction measures and improvements in operational parameters, is expected to
improve performance in the coming quarters.
3. Corporate Developments:
a)
Following the signing of definitive
agreements to bring Krosaki Harima Corporation (KHC) of Japan in as a strategic
partner in Tata Refractories Limited (TRL), Tata Steel Limited on May 31, 2011
completed the transfer of a 50.84% equity stake in TRL out of its 77.46% stake
and received sale proceeds of Rs.5760.000 millions (US$129 million).
b)
Tata Steel accepted an offer from Rio Tinto
to sell the Company’s entire 26.27% stake in Riversdale Mining Limited (RML)
for A$16.50 per share under the takeover offer for RML. The consideration of
Rs.49420.000 millions (US$1,106 million) represents an appreciation in value of
around 100% since the Company first invested in RML.
c) TCP arbitration settlement
On January 5, 2011, Tata Steel UK Limited (TSUK) received a partial
final award in its favour in an arbitration proceeding between TSUK and certain
off-takers of the Teesside Cast Products business (TCP). Among other matters,
the arbitral tribunal found that the off-takers did not validly terminate their
off-take agreements. Following that partial final award, a commercial
settlement to all disputes relating to the off-take agreements was reached and
on June 21, 2011 the Company completed a full and final settlement of claims
with the consortium of former off-takers. As a result of this settlement, Tata
Steel has received an aggregate sum of Rs.5980.000 millions (US$134 million).
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.49.17 |
|
|
1 |
Rs.77.49 |
|
Euro |
1 |
Rs.67.96 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
78 |
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.