MIRA
INFORM REPORT
|
Report Date : |
05.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
TRL KROSAKI REFRACTORIES LIMITED (w.e.f. 04.06.2011) |
|
|
|
|
Formerly Known
As : |
TATA REFRACTORIES LIMITED |
|
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|
|
Registered
Office : |
Belpahar, Jharsuguda – 768 218, Orissa |
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Country : |
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|
Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
05.09.1958 |
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|
|
|
Com. Reg. No.: |
15-000349 |
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Capital
Investment / Paid-up Capital : |
Rs.209.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26921OR1958PLC000349 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BBNT00014A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
Line of Business
: |
Manufacturing and Selling of Refractories. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 10098000 |
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|
|
|
Status : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal business dealings at
usual trade 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
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/ Refractory
Engineering and Management Services (REMS)/ Factory : |
Belpahar, Jharsuguda – 768 218, |
|
Tel. No.: |
91-6645-258623/ 258396/ 258377/ 250249/ 250264/
250273 |
|
Mobile No : |
91-9937286933
(Mr. M.V. Rao) |
|
Fax No.: |
91-6645-250243/ 250254 |
|
E-Mail : |
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|
Website : |
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|
|
Head Office/ Marketing Division : |
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|
Tel No : |
91-33-64990527 |
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Fax No : |
91-33-22881063/ 1065 |
|
E-Mail : |
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|
|
|
Domestic Marketing Office : |
Located at: ·
·
Kolkata ·
Vizag ·
Belpahar ·
Mumbai ·
Bengaluru ·
|
|
|
|
|
Operation Office : |
Located at: ·
·
·
·
·
·
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|
Branch Office : |
|
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Vuppala Satyanarayana Murty |
|
Designation : |
Director |
|
Address : |
No. 10, |
|
Date of Birth/Age : |
15.04.1951 |
|
Date of Appointment : |
05.05.2008 |
|
DIN No : |
00092348 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U23101WB2005PLC101608 |
|
Director |
10-02-05 |
10-02-05 |
Amalgamated |
NO |
|
2 |
U74999MH2007PLC167623 |
Industrial
Energy Limited |
Director |
23-05-08 |
20-03-07 |
Active |
NO |
|
3 |
L27310WB1990PLC050000 |
Tata Metaliks
Limited |
Director |
16-07-08 |
28-03-08 |
Active |
NO |
|
4 |
U26921OR1958PLC000349 |
TRL Krosaki
Refractories Limited |
Director |
02-08-08 |
05-05-08 |
Active |
NO |
|
5 |
U40109AP2006PTC050759 |
Bhubaneshwar
Power Private Limited |
Director |
06-08-08 |
06-08-08 |
Active |
NO |
|
6 |
L27105JH1968PLC000818 |
Tayo Rolls
Limited |
Director |
08-08-08 |
08-08-08 |
Active |
NO |
|
Name : |
Mr. Punkaj Kumar Bajaj |
|
Designation : |
Director |
|
Address : |
A -1/1, |
|
Date of Birth/Age : |
05.04.1952 |
|
Date of Appointment : |
16.03.2010 |
|
DIN No : |
02216069 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
5 |
U26921OR1958PLC000349 |
TRL Krosaki
Refractories Limited |
Director |
24-07-10 |
16-03-10 |
Active |
NO |
|
6 |
U35200DL2010PTC211955 |
Sail-Rites
Bengal Wagon Industry Private Limited |
Director |
30-12-10 |
30-12-10 |
Active |
NO |
|
Name : |
Mr. Hemant Madhusudan Nerurkar |
|
Designation : |
Additional director |
|
Address : |
No. 36, |
|
Date of Birth/Age : |
20.10.1948 |
|
Date of Appointment : |
27.08.2011 |
|
DIN No : |
00265887 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
9 |
L27100MH1907PLC000260 |
Tata Steel
Limited |
Managing
director |
13-08-10 |
09-04-09 |
Active |
NO |
|
10 |
U27205MH2009PLC195034 |
Centennial Steel
Company Limited |
Director |
19-08-09 |
19-08-09 |
Amalgamated |
NO |
|
11 |
U26921OR1958PLC000349 |
TRL Krosaki
Refractories Limited |
Additional
director |
27-08-11 |
27-08-11 |
Active |
NO |
|
Name : |
Mr. Arup Kumar Chattopadhyay |
|
Designation : |
Managing Director |
|
Address : |
Owners Court 6, May |
|
Date of Birth/Age : |
17.12.1952 |
|
Date of Appointment : |
28.04.2009 |
|
DIN No : |
00201892 |
|
|
|
|
Name : |
Mr. Yujiro Ueda |
|
Designation : |
Director |
|
Address : |
7-1 Shirahagi-machi, Kokurakita-ku, Kitakyushu-city, |
|
Date of Birth/Age : |
14.10.1949 |
|
Date of Appointment : |
31.05.2011 |
|
DIN No : |
03514624 |
|
|
|
|
Name : |
Mr. Hiroshi Odawara |
|
Designation : |
Director |
|
Address : |
12-10-1006, Tsutsui-machi, Yahantanishi-ku, Kitakyushu-city,
Fukuoka-perfecture, |
|
Date of Birth/Age : |
18.08.1953 |
|
Date of Appointment : |
31.05.2011 |
|
DIN No : |
03514764 |
|
|
|
|
Name : |
Mr. Kotaro Kuroda |
|
Designation : |
Director |
|
Address : |
1-5-12, Sakuradai, Nakama-shi, |
|
Date of Birth/Age : |
21.07.1956 |
|
Date of Appointment : |
31.05.2011 |
|
DIN No : |
03140089 |
|
|
|
|
Name : |
Mr. Kinji Matsushita |
|
Designation : |
Director |
|
Address : |
4-9-42-503, Kobai-cho, Yahatanishi-ku, Kitakyushu-City, Fukuoka
Perfecture, |
|
Date of Birth/Age : |
24.01.1957 |
|
Date of Appointment : |
31.05.2011 |
|
DIN No : |
03515430 |
|
|
|
|
Name : |
Mr. Kiyotaka Oshikawa |
|
Designation : |
Director |
|
Address : |
Mitsusadadai 1-1-1-714, Yahatanishi-ku, Kitakyushu-city, Fukuoka
Perfecture, |
|
Date of Birth/Age : |
27.07.1960 |
|
Date of Appointment : |
31.05.2011 |
|
DIN No : |
03515516 |
KEY EXECUTIVES
|
Name : |
Mr. Arbinda Debta |
|
Designation : |
Secretary |
|
Address : |
P-45, |
|
Date of Birth/Age : |
25.06.1976 |
|
Date of Appointment : |
22.08.2011 |
|
PAN No.: |
AIKPD0761H |
|
|
|
|
Name : |
Mr. P.B. Panda |
|
Designation : |
Executive Vice President and Chief Operating Officer |
|
|
|
|
Name : |
Mr. C.S. Das |
|
Designation : |
Executive Vice President and Chief Financial Officer |
|
|
|
|
Name : |
Dr. Tarapada Dash |
|
Designation : |
Vice President (HR and Administration) |
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|
|
|
Name : |
Mr. Hirdesh Sehgal |
|
Designation : |
Vice President (Operations) |
|
|
|
|
Name : |
Mr. P.K. Patel |
|
Designation : |
Vice President (Project and Support Services) |
|
|
|
|
Name : |
Dr. Sukumar Adak |
|
Designation : |
Vice President (Technology) |
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|
|
|
Name : |
Mr. Santanu Mukhopadhyay |
|
Designation : |
Vice President (Business Development) |
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|
|
|
Name : |
Mr. J Pandey |
|
Designation : |
Vice President (Strategy Management and Business
Excellence) |
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|
|
|
Name : |
Mr. P.K. Naik |
|
Designation : |
Vice President (Strategic Raw Material Sourcing) |
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|
|
|
Name : |
Mr. M.V. Rao |
|
Designation : |
Vice President (Commercial) |
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|
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|
Name : |
Mr. M.C. Pradhan |
|
Designation : |
Vice President (Gujarat and |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Tata Steel Limited, |
|
4239360 |
|
Life Insurance Corporation of |
|
962500 |
|
SMS Investment Corporation Private Limited, |
|
97490 |
|
Maharaj Jai Singh |
|
50000 |
|
Steel Authority of India Limited, |
|
2203150 |
|
Klimati Investment Company Limited, |
|
1324504 |
|
L G Balakrishnan and Brother Limited, |
|
5000 |
|
Alpic Finance Limited, |
|
70000 |
|
Rajmatagaytri Devi |
|
184570 |
|
S.S. Ghose |
|
10 |
|
Maharajsawai Bhawani Singh |
|
47140 |
|
Suresh Prasad Nepak |
|
128 |
|
Fasihuddin Mohd |
|
120 |
|
R. Mishra |
|
38 |
|
T.P. Chakraborty |
|
10 |
|
S.K. Mitra |
|
20 |
|
Amit Balliwal |
|
1500 |
|
Ram Singh Rathore |
|
500 |
|
Shrigopal Maheshwari |
|
5000 |
|
Paras Jain |
|
22800 |
|
Rajendra Kumar Gupta |
|
1500 |
|
Manju Atamprakash Dalmia |
|
500 |
|
Saityabhama P. Chamria |
|
950 |
AS ON 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
|
Percentage of
Holding |
|
Government Companies |
|
10.54 |
|
Public Financial Institutions |
|
4.61 |
|
Foreign holdings |
|
51.00 |
|
Bodies Corporate |
|
27.83 |
|
Other Top 50 Shareholders |
|
5.95 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of Refractories. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Refractories |
Tonnes |
NA |
250760 |
251959 |
|
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Central Bank of |
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|
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|
Facilities : |
Note: a.) Term Loan From
Central Bank of India amounting to Rs.139.500 Millions is secured by a pari
passu mortgage of immovable properties and hypothecation of movable assets,
except book debts, both present and future, subject to prior charge on stocks
and stores in favour of Central Bank of India and State Bank of India. b.) Term Loan
from State Bank of c.) Other Secured
Debt amounting to Rs.421.445 Millions is secured by hypothecation of stocks
and debtors by way of pari - passu first charge. d.) Term Loan From Central Bank of
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N.M. Raiji and Company (Mr. Vinay D. Balse – Partner) Chartered Accountants |
|
Address : |
|
|
PAN No.: |
AAAFN4217G |
|
|
|
|
Holding Company : |
Tata Steel Limited CIN No:L27100MH1907PLC000260 |
|
|
|
|
Subsidiaries : |
·
TRL Asia Private Limited- ·
TRL China Limited-P. R. China |
|
|
|
|
Fellow Subsidiaries : |
·
The Indian Steel and Wire Products Limited ·
Nat Steel Asia Pte Limited ·
Tata Metaliks Limited ·
Corus U. K. Limited ·
Tayo Rolls Limited |
|
|
·
|
|
Associates : |
·
Almora Magnesite Limited ·
Jamipol Limited ·
Tata Sponge and Iron ·
TRF Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25,000,000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20,900,000 |
Equity Shares |
Rs.10/- each |
Rs.209.000
millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20,900,000 |
Equity Shares |
Rs.10/- each |
Rs.209.000
millions |
|
|
|
|
|
Note:
Out of the above:
a)
15,00,000 Shares of Rs.10 each were allotted as
fully paid-up bonus shares by capitalization of General Reserve.
b)
1,48,98,360 equity shares of Rs. 10 each, fully
paid up, are held by Tata Steel Limited, the Holding Company.
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 |
209.000 |
209.000 |
209.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2315.486 |
2272.407 |
2021.797 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2524.486 |
2481.407 |
2230.797 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
982.452 |
664.823 |
739.324 |
|
|
2] Unsecured Loans |
148.488 |
438.954 |
417.919 |
|
|
TOTAL BORROWING |
1130.940 |
1103.777 |
1157.243 |
|
|
DEFERRED TAX LIABILITIES |
153.439 |
166.304 |
135.795 |
|
|
PROVISION FOR EMPLOYEE SEPARATION COMPENSATION |
31.076 |
43.227 |
61.180 |
|
|
|
|
|
|
|
|
TOTAL |
3839.941 |
3794.715 |
3585.015 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1651.172 |
1805.878 |
1775.408 |
|
|
Capital work-in-progress |
131.140 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
338.934 |
338.934 |
338.934 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1378.440
|
1219.827
|
1258.286 |
|
|
Sundry Debtors |
1685.056
|
1258.818
|
1037.809 |
|
|
Cash & Bank Balances |
79.435
|
130.779
|
95.595 |
|
|
Other Current Assets |
0.016
|
0.036
|
0.004 |
|
|
Loans & Advances |
433.400
|
464.305
|
478.370 |
|
Total
Current Assets |
3576.347
|
3073.765
|
2870.064 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
574.549
|
878.921
|
893.356 |
|
|
Other Current Liabilities |
775.849
|
279.033
|
232.933 |
|
|
Provisions |
507.254
|
265.908
|
273.102 |
|
Total
Current Liabilities |
1857.652
|
1423.862
|
1399.391 |
|
|
Net Current Assets |
1718.695
|
1649.903
|
1470.673 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3839.941 |
3794.715 |
3585.015 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8682.374 |
8195.943 |
6799.293 |
|
|
|
Other Income |
47.143 |
50.332 |
35.467 |
|
|
|
TOTAL (A) |
8729.517 |
8246.275 |
6834.760 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Material Changes Inventories |
5275.348 |
0.000 |
0.000 |
|
|
|
Manufacturing and Other Expenses |
2453.419 |
7359.451 |
5955.617 |
|
|
|
Expenditure Included in Above items Capitalized |
0.000 |
(31.874) |
(39.555) |
|
|
|
Employee Separation Compensation |
0.000 |
3.123 |
0.000 |
|
|
|
TOTAL (B) |
7728.767 |
7330.700 |
5916.062 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1000.750 |
915.575 |
918.698 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
122.717 |
108.991 |
170.802 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
878.033 |
806.584 |
747.896 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
214.553 |
209.770 |
208.902 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
663.480 |
596.814 |
538.994 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
236.611 |
212.162 |
194.575 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
426.869 |
384.652 |
344.419 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
246.748 |
196.138 |
173.979 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
|
426.789 |
200.000 |
200.000 |
|
|
|
Dividend |
|
114.950 |
104.500 |
|
|
|
Tax on Dividend |
|
19.092 |
17.760 |
|
|
BALANCE CARRIED
TO THE B/S |
246.828 |
246.748 |
196.138 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
1289.332 |
979.683 |
|
|
|
Commission Earnings |
NA |
41.239 |
20.855 |
|
|
TOTAL EARNINGS |
NA |
1330.571 |
1000.538 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
930.616 |
884.305 |
|
|
|
Finished Products |
NA |
857.885 |
621.971 |
|
|
|
Stores & Spares |
NA |
11.841 |
11.715 |
|
|
|
Capital Goods |
NA |
11.514 |
42.214 |
|
|
TOTAL IMPORTS |
NA |
1811.856 |
1560.205 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
20.42 |
18.40 |
16.48 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.89 |
4.66
|
5.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.64 |
7.28
|
7.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.69 |
12.23
|
11.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.24
|
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.18 |
1.01
|
1.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.93 |
2.15
|
2.05 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE
It is a great satisfaction
to report that the Company continues to be the No.1 refractories manufacturing
company in
Despite abnormal
increase in the price of power and fuel, the profit before tax for the year was
Rs.660.000 Millions against Rs.600.000 Millions of the previous year; an
increase of 10%. The profit after tax was Rs.430.000 Millions against
Rs.380.000 Millions of the previous year; an increase of 13%. Better product
mix, improved operational efficiency, cost reduction measures and efficient
finance management contributed to the improved performance of the Company.
After observing
slow growth in demand for refractories due to delay in execution of new Steel
Plants, the Company has kept its proposed Vizag Project in abeyance.
International Business
The export
turnover of the Company for the year is Rs.1300.000 Millions against
Rs.1270.000 Millions of the previous year. The consolidated international
business was Rs.1660.000 Millions against Rs.1610.000 Millions of the previous
year. Higher growth in export could not be achieved on account of postponement
of projects in Far East Asian countries and
CONTINGENT LIABILITY:
|
Particulars
|
31.03.2011 (Rs. In Millions) |
31.03.2010 (Rs. In Millions) |
|
Other guarantees |
521.716 |
258.492 |
|
Bill discounted |
372.161 |
312.020 |
|
Disputed sales tax |
49.706 |
46.995 |
|
Disputed income tax |
2.668 |
0.000 |
|
Disputed excise demands |
2.461 |
1.500 |
|
Claims against company not acknowledged as debts |
11.741 |
11.591 |
FORM 8
|
Corporate
identity number of the company |
U26921OR1958PLC000349 |
|
Name of the
company |
TATA REFRACTORIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
Jharsuguda, Belpahar – 768 218, E-mail : arabinda@tataref.com
|
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
90078462 |
|
Type of charge |
|
|
Particular of
charge holder |
Central Bank of E-Mail : agmcfb3842@centralbank.co.in
|
|
Nature of
instrument creating charge |
1. Sanction Letter 2. Hypothecation of Book Debts to secure Cash Credit and
WCDL 3. Letter of Hypothecation to secure demand Cash Credit
against goods 4. Agreement for Letter of Credit and BG 5.General Counter Guarantee 6. Packing Credit Agreement 7. Demand Promissory Note of Rs.465.000 Millions All agreement executed on 9th June, 2011. |
|
Date of
instrument Creating the charge |
09.06.2011 |
|
Amount secured by
the charge |
Rs.1215.000 Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Margin As per Sanction Letter attached Terms of
repayment As per Sanction Letter attached Margin 25% over hypothecated goods. 10% on export goods. Extent and
operation of the charge First
charge by way of hypothecation over inventory and receivables (Inland and
export both), export bills with valid documents, ranking pari passu with SBI. 2nd
Charge by way of hypothecation/mortgage of entire block assets both existing
and future ranking pari passu with CBI and SBI. By
this modification the earlier overall limit of Rs.1210.000 Millions increased
to Rs.1215.000 Millions. Others : The
earlier limit now modified as per agreements attached. |
|
Short particulars
of the property charged (Including location of the property) |
As per Sanctioned Letter attached The property is located at TRL Krosaki Refractories Limited, Belphar,
District Jharsuguda, |
|
Date of instrument
modifying the charge |
10.08.2009 |
|
Particulars of
the present modification |
By this modification the earlier limit of Rs.1210.000 Millions now
modified to Rs.1215.000 Millions as follows. Fund Based Limits: 1. Cash Credit Rs.67.000
Millions 2. WCDL Rs.248.000
Millions 3. Packing Credit Rs.150.000 Millions 4. LC Inland/Foreign Rs.200.000 Millions 5. Bank Guarantee Rs.50.000 Millions 6. Term Loan Rs.500.000
Millions |
FIXED ASSETS:
·
Land
·
Buildings and Roads
·
Plant and Machinery
·
Railway Siding
·
Furniture, Fixture and
Office Equipments
·
Vehicles
·
Technical Know-how Fees
WEBSITE DETAILS:
PROFILE
ORGANIZATION
PROFILE
Subject (Formerly Tata Refractories Limited)
was established in the year 1958 in the name of Belpahar Refractories
Limited. Subsequently the Company’s name was changed to Tata Refractories
Limited. After acquisition of 51% shares of Tata Refractories Limited by
Krosaki Harima Corporation, (KHC),
The development of the Refractories Industries
in
Subject is
presently the producer of refractories in
Subject exports
its products to various countries. Around 14% of the annual turnover comes
from Exports. The Company has been accorded the status of an Export
House by the Government of India.
The Company has received the Integrated
Management System (IMS) Certificate. This IMS certification includes three
major international standards -ISO 9001:2008, ISO 14001: 2004 and OHSAS 18001:
2007. Subject is
the first Refractories Company in
Besides supply of refractories, Subject also offers to customers Refractories
Engineering and Management Services such
as design,
supply, erection and commissioning and
maintenance jobs of equipment where refractories are used.
Products and
services, delivery mechanisms:
Products:
Subject is
the only company in
Services
In response to the unarticulated needs of its
major customers, subject has pioneered a unique service called
“Refractories Engineering and Management Services, (REMS)”. It has got two
refractories related services, namely “Total Refractories Solution: TRS” and
“Total Refractories Management: TRM” in
Delivery
mechanisms
Subject primarily delivers its products directly to
the customers (89%). Other route of delivery is through channel partners (11%).
The products are palletized and protected against hydration, physical damage
during transit and storage and to facilitate efficient and safe mechanized
handling at all points. Competent, qualified and experienced teams at the
customers’ equipment site and back up from plant provide the after sales
services for its selected customers. Road transport, Sea route, Container, Air,
Railways is the mediums of delivering the materials to all the customers. State
of the art FIFO system is used for the fast dispatch of Dolomite products. The
concepx of “On-time and in full (OTIF)” delivery has been implemented as per
“Theory of Constraints (TOC)” guidelines to derive a competitive advantage.
Organizational
culture
Subject has developed a unique culture, which is
articulated in its vision, mission and values. Subject firmly
believes that the purpose of an industrial enterprise is to improve the quality
of life of the people and community it serves. Towards this, it creates economic,
social and environmental values. The vision, strategic goals, objectives and
the behavior it demonstrates are guided by this philosophy. Subject is an equal opportunity employer and promotes high
ethical values, improvement orientation, innovation, agility with respect to
manpower, technology and products, learning and sharing and equal opportunity
to all.
Workforce profile
Subject has
achieved significant improvements by building a competent workforce. Their
people are the most important assets and through their capabilities and use of
their knowledge, they have been able to maintain their leadership position in
the market. Employee training and development, competency mapping through HRRA,
career progression, succession planning is given utmost attention by top
management for developing a world class workforce. Focus is on strengthening
the number of professionals among officers and improving technical
training levels of workers. HR programs are tailored to meet these objectives.
Their training man days of 10 man days/man/year is one of the highest in the
country and highest among the refractories companies in the world. Subject’s
employees are in two broad categories of officers and workmen. Team work,
learning organization, compensation, subsidized education, free medical
benefits for self and family, clean environment etc. are some of the key
factors motivating the workforce accomplishing their Mission. Workforces expect
rapid growth of Subject driven by
its visionary leadership. Subject injects fresh talents from campus
interviews from reputed engineering colleges, institutes and through lateral
recruitments. Marketing personnel are located across the country and
abroad near the clusters of customers to provide prompx service. Subject
has the highest percentage of
professional and well-trained staff for any refractories company in
The specific safety and health requirement is
to prevent dust pollution, inherent to refractories industry. Subject has
very effective dust extraction systems, which keep the dust levels in the plant
well below the CPCB (Centre Pollution Control Board) and SPCB (State Pollution
Control Board) norms. Subject has
implemented IMS (Integrated Management System) in its entire Works to ensure a
safe and healthy environment for its workforce and contract workers and is the
first refractories company in the country to acquire
IMS. Safety, health and environmental issues are reviewed
on monthly basis by top management.
Major facilities,
technologies, and equipments
Subject strives to achieve manufacturing excellence
through regular updating of its facilities and equipments with the
state-of-the-art technology available in the world. This is evident from the
fact that Subject has current
generation equipments in all its manufacturing units. Subject has a unique state-of-the-art Research and Development Laboratory which
has received the Certificate of Accreditation from National Accreditation Board
for Testing and Calibration Laboratories
in accordance with the Standard ISO/IEO 17025:2005. Manufacture of refractories
involves processing of a variety
of raw materials, natural minerals and synthetic products along with organic
and inorganic additives into refractory products that may be shaped or unshaped. Accordingly, different
technologies involved are grinding, batching, mixing, shaping, drying and firing. Equipments used
in different steps of processing are a variety of crushers, grinders, batching
systems, mixers, presses and high
temperature kilns. Subject boasts
of being the only company in
Subject is the first refractories company in
The Company has set up a refractories
manufacturing unit in
Awards and
Recognitions
Some of the Awards / recognition achieved by
the Company are as follows:
• Received TERI Corporate Social Responsibility
Award 2009 from Hon’ble President of
• Received "Golden Peacock
Environment Management Award" from the World Environment Foundation for
the excellent work in the field of environment protection.
• GREENTECH ENVIRONMENT EXCELLENCE SILVER
AWARD – 2003-04 from the Greentech Foundation for outstanding achievements in
Environment Management.
• Greentech Safety Silver Award in
Manufacturing Sector for the year 2006 from Greentech Foundation.
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.51.05 |
|
|
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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.