MIRA
INFORM REPORT
|
Report Date : |
04.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
TATA BLUESCOPE STEEL LIMITED (w.e.f.12.06.2006) |
|
|
|
|
Formerly Known
As : |
BLUESCOPE STEEL BUILDING SOLUTIONS LIMITED BLUESCOPE STEEL BUILDING SOLUTION (PRIVATE) LIMITED |
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Registered
Office : |
Metropolitan, Final Plot No.27, Survey No.21, Wakdewadi,
Shivaji Nagar, |
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|
Country : |
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|
Financials (as on) : |
31.03.2011 |
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|
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|
Date of Incorporation : |
09.02.2005 |
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Com. Reg. No.: |
11-020270 |
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Capital
Investment/ Paid-up Capital: |
Rs. 6560.000
Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U45209PN2005PLC020270 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNEB04230C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCB5628E |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business : |
The Company is
engaged in the supply of pre-engineered buildings / building solutions. |
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|
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|
No. of Employees: |
802 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 20100000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a
Joint-Venture between Tata Steel and Bluescope Steel Asia. It is an
established company having moderate track. There appears some accumulated losses
recorded by the company. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can
be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Dhanajay |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-20-66218000 |
|
Date : |
03.07.2012 |
LOCATIONS
|
Registered Office/ Corporate Office/ For
SAARC Region/ For Coated Steel / For Roofing, Wall Cladding and Allied
Products / For Retail and Distribution : |
Metropolitan, Final Plot No.27, Survey No.21, Wakdewadi,
Shivaji Nagar, |
|
Tel. No.: |
91-20-66218000 |
|
Facsimile No.: |
91-20-66218001 |
|
E-Mail : |
bhushan.gokhale@tatabluescopesteel.com
|
|
Website : |
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|
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Factory
1: |
Plot No.298-299, RIICO
Industrial Area, Chopanki, Bhiwadi – 301 019, |
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Tel. No.: |
91-1493-691010 |
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Fax No.: |
91-1493-691014 |
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Factory
2: |
G10 and G11, |
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Tel. No.: |
91-44-27107611/ 12 |
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Factory
3 / For Pre-Engineered Metal Buildings : |
Survey No.247 and 250,
Hinjewadi, Phase II, Taluka, Mulshi, Pune – 411 057, |
|
Tel. No.: |
91-20-66742000 |
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Fax No.: |
91-20-66742001 |
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|
|
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Factory
4: |
Coated Steel Project,
Bara, |
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Tel. No.: |
91-657-6512045 |
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Fax No.: |
91-657-2270751 |
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|
|
|
Regional Sales Office : |
Located at: · Gurgaon · Chennai ·
Kolkata |
DIRECTORS
AS ON 22.08.2011
|
Name : |
Mr. Anand Sisirkumar Sen |
|
Designation : |
Director |
|
Address : |
Beldhi House, |
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Date of Birth/Age : |
17.09.1959 |
|
Date of Appointment : |
30.05.2006 |
|
DIN No : |
00237914 |
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|
|
Name : |
Mr. Hemant Madhusudan Nerurkar |
|
Designation : |
Director |
|
Address : |
36, |
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Date of Birth/Age : |
20.10.1948 |
|
Date of Appointment : |
30.05.2006 |
|
DIN No : |
00265887 |
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|
|
|
Name : |
Mr. Sharbel Raymond Elias |
|
Designation : |
Director |
|
Address : |
8 Mia Close, Reservoir, |
|
Date of Birth/Age : |
25.07.1968 |
|
Date of Appointment: |
24.07.2009 |
|
DIN No : |
02797935 |
|
|
|
|
Name : |
Mr. Shyamsunder Gunaratnam |
|
Designation : |
Director |
|
Address : |
B-2A, Abhimanshre Cooperative Housing Society, Aundh, Pune
– 411 045, |
|
Date of Birth/Age : |
09.06.1961 |
|
Date of Appointment : |
16.03.2011 |
|
DIN No : |
00724384 |
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|
|
|
Name : |
Sanjib Dhirendrakumar Nanda |
|
Designation : |
Director |
|
Address : |
132A, |
|
Date of Birth/Age : |
28.08.1964 |
|
Date of Appointment : |
16.08.2011 |
|
DIN No : |
01045306 |
|
|
|
|
Name : |
Mr. Atul Gonga |
|
Designation : |
Director |
|
Address : |
9, |
|
Date of Birth/Age : |
15.05.1966 |
|
Date of Appointment : |
16.03.2011 |
|
DIN No : |
03493974 |
|
|
|
|
Name : |
Mr.
Harish Girish Pathak |
|
Designation : |
Managing
Director |
|
Address : |
C-17,
The Woods, Near |
|
Date of Birth/Age : |
30.12.1958 |
|
Date of Appointment : |
15.07.2008 |
|
DIN No : |
02426760 |
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|
|
|
Name : |
Mr. Sanjay Raghubir Dayal
|
|
Designation : |
Director |
|
Address : |
9, Cooke Street, Sandringham, Vic Australia, 3191, |
|
Date of Birth/Age : |
27.09.1957 |
|
Date of Appointment : |
31.10.2008 |
|
DIN No : |
02506378 |
|
|
|
|
Name : |
Noel Harold Cornish |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
24.01.1950 |
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Date of Appointment : |
07.12.2011 |
|
DIN No : |
05138149 |
KEY EXECUTIVES
|
Name : |
Mr. Bhushan Ghanashyam Gokhale |
|
Designation : |
Company Secretary |
|
Address : |
Sarita Vaibhav, B-7, Flat No.16, Near Vitthalwadi Octroi Naka,
|
|
Date of Birth/Age : |
03.12.1971 |
|
Date of Appointment : |
14.11.2005 |
|
PAN No : |
AEYPG9398B |
|
|
|
|
Name : |
Mr. Dhanajay |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 22.08.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
BlueScope Steel Asia Holdings PTY Limited, |
327999997 |
49.99% |
|
Tata Steel Limited, |
327999997 |
49.99% |
|
BlueScope Steel Asia Holdings PTY Limited jointly with Wayne Armour |
1 |
|
|
BlueScope Steel Asia Holdings PTY Limited jointly with Sanjay Dayal |
1 |
|
|
BlueScope Steel Asia Holdings PTY Limited jointly with Simon Linge |
1 |
|
|
Tata Steel Limited jointly with Anand Sen |
1 |
|
|
Tata Steel Limited jointly with N.K. Mishra |
1 |
|
|
Tata Steel Limited jointly with H.M. Nerurkar |
1 |
|
|
TOTAL |
656000000 |
100.00% |
AS ON 22.08.2011
|
Equity Share Breakup
|
|
Percentage of
Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
|
Bodies corporate |
|
50.00 |
|
TOTAL
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is
engaged in the supply of pre-engineered buildings / building solutions. |
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Products : |
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||||||||
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Brand Names : |
·
COLORBOND ·
ZINCALUME ·
LYSAGHT ·
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity * |
Actual
Production |
|
Fabricated
Structural Products of Iron and Steel |
|
|
|
|
|
Pune |
MT |
70000 |
69919 |
36300 |
|
Bhiwandi |
MT |
40000 |
29450 |
8761 |
|
Chennai |
MT |
40000 |
36800 |
16613 |
|
|
|
|
|
|
* As certified by the respective Head (Operations) and relied upon by
auditors being a technical matter.
Note:
· Pune Plant started production in July 2006
· Bhiwani Plant started production in October 2006
· Chennai Plant started production in January 2007
GENERAL INFORMATION
|
No. of Employees : |
802 (Approximately) |
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Bankers : |
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Facilities : |
Notes: (A) [Term Loan from
Banks are secured by hypothecation of all movable assets (other than current
assets) at plants situated at Chennai, Bhiwadi, Hinjewadi, coated steel
project at [Amount repayable within one year Rs. Nil (31.3.10: Rs.208.854
millions)]
Notes: (A) Short term Loans and Advances (Amount repayable within one year) -
Working Capital Demand Loan from bank Rs.250.000 millions (PY Rs.250.000 millions)
Cash credit from Bank (Amount repayable within one year) Rs.60.153 millions
(PY Rs.0.311 million) (B) Buyers credit |
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Banking
Relations : |
-- |
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Financial Institution : |
IDBI Trusteeship
Services Limited, |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
706, B Wing, 7th Floor, |
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PAN No.: |
AACFD4815A |
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Parent Company
of JV Partner : |
·
BlueScope Steel Limited, ·
TATA Sons Limited, |
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JV Partner : |
·
BlueScope Steel Asia Holding Pty Limited ·
TATA Steel Limited, India (CIN No.:
L27100MH1907PLC000260) |
|
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|
|
Subsidiary : |
·
BlueScope Steel Lysaght Lanka (Private) Limited, |
|
|
|
|
Subsidiary of JV
Partner : |
·
BlueScope Lysaght ( ·
BIEC International Inc, ·
BlueScope Lysaght ( ·
BlueScope Lysaght Thailand Limited ·
BlueScope Steel ( ·
BlueScope Steel ( ·
BlueScope Steel Asia Sdn Bhd ( ·
BlueScope Steel India Private Limited (CIN No.:
U27100PN1996PTC131114) ·
BlueScope Steel North Asia Limited, ·
BlueScope Steel Thailand Limited ·
BlueScope Steel Vietnam Limited, ·
Butler Manufacturing Company, ·
Butler Shanghai Inc, ·
BlueScope Steel ( ·
Jamshedpur Utilities and Services Company Limited
(CIN No.: U45200JH2003PLC010315) ·
PT. BlueScope Steel ·
Tata Steel Processing and Distribution Limited
(CIN No.: U27109WB1997PLC084005) ·
TATA Steel KZN Pty Limited ·
TKM Transport Management Service ·
BLUESCOPE STEEL ( ·
BlueScope Steel ( ·
Tata Metaliks Limited, ·
Tata Refractories Limited ·
Centennial Steel Company Limited (CIN No.:
U27205MH2009PLC195034) ·
Tata Steel International Limited, ·
BlueScope Steel International ·
BlueScope Steel Asia PTE Limited, ·
TKM Global Logistics Limited, ·
TRL Krosaki Refractories Limited, |
|
|
|
|
Associate of JV
Partner : |
·
Tinplate Company of India Limited (CIN No.:
L28112WB1920PLC003606) ·
TRF Limited, |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000000 |
Equity Shares |
Rs.10/- each |
Rs. 10000.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
656000000 |
Equity Shares |
Rs.10/- each |
Rs. 6560.000
millions |
|
|
|
|
|
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 |
6560.000 |
6560.000 |
6560.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(1511.119) |
(1327.972) |
(1143.190) |
|
|
NETWORTH |
5048.881
|
5232.028
|
5416.810 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6000.000 |
3608.854 |
300.000 |
|
|
2] Unsecured Loans |
816.896 |
759.581 |
510.149 |
|
|
TOTAL BORROWING |
6816.896
|
4368.435
|
810.149 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11865.777 |
9600.463 |
6226.959 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2238.066 |
2425.075 |
2585.654 |
|
|
Capital work-in-progress |
9015.142 |
6470.748 |
2989.462 |
|
|
|
|
|
|
|
|
INVESTMENT |
90.540 |
90.540 |
90.540 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1129.427
|
700.550
|
522.260
|
|
|
Sundry Debtors |
886.610
|
739.624
|
684.564
|
|
|
Cash & Bank Balances |
239.314
|
134.809
|
91.863
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
1318.008
|
972.669
|
652.157
|
|
Total
Current Assets |
3573.359
|
2547.652
|
1950.844
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1145.031 |
813.376 |
720.153 |
|
|
Other Current Liabilities |
1754.526
|
979.626
|
554.722
|
|
|
Provisions |
151.773
|
140.550
|
114.666
|
|
Total
Current Liabilities |
3051.330
|
1933.552
|
1389.541
|
|
|
Net Current Assets |
522.029
|
614.100
|
561.303
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11865.777 |
9600.463 |
6226.959 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating revenue, net |
5086.603 |
4206.882 |
3537.932 |
|
|
|
Other Income |
156.592 |
118.165 |
52.026 |
|
|
|
TOTAL (A) |
5243.195 |
4325.047 |
3589.958 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
3891.090 |
2898.510 |
3886.499 |
|
|
|
Manufacturing service costs |
132.793 |
205.975 |
|
|
|
|
Contract cost |
338.636 |
407.600 |
|
|
|
|
Employee related expenses |
381.026 |
369.630 |
|
|
|
|
Administrative selling other expenses |
384.116 |
348.852 |
|
|
|
|
Prior period items |
(8.418) |
7.367 |
|
|
|
|
TOTAL (B) |
5119.243 |
4237.934 |
3886.499 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
123.952 |
87.113 |
(296.541) |
|
|
|
|
|
|
|
|
|
Less |
INTEREST
FINANCIAL CHARGES (D) |
88.255 |
52.162 |
40.032 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
35.697 |
34.951 |
(336.573) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
218.844 |
219.733 |
207.137 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(183.147) |
(184.782) |
(543.710) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
5.395 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(183.147) |
(184.782) |
(549.105) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1327.972) |
(1143.190) |
(594.085) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1511.119) |
(1327.972) |
(1143.190) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
7.274 |
19.875 |
12.546 |
|
|
|
Commission Earnings |
|
28.346 |
32.179 |
|
|
|
Others |
|
19.777 |
0.000 |
|
|
TOTAL EARNINGS |
33.612 |
67.998 |
44.725 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material |
874.526 |
1198.666 |
1145.347 |
|
|
|
Components & Spares |
4.589 |
32.113 |
11.443 |
|
|
|
Capital Goods |
1548.951 |
629.918 |
126.483 |
|
|
TOTAL IMPORTS |
2428.066 |
1860.697 |
1283.273 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(0.28) |
(0.28) |
(0.90) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(3.49) |
(4.10)
|
(15.30)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(3.60) |
(4.22)
|
(15.37)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.15) |
(3.57)
|
(11.99)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04) |
(0.03)
|
(0.10)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.95 |
1.20
|
0.41
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17 |
1.32
|
1.40
|
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
------- |
|
14. Estimation for coming financial year |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
No |
|
20. Export / Import details |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
Yes |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
Creditors due others |
1145.031 |
813.376 |
720.153 |
|
|
|
|
|
|
TOTAL
|
1145.031 |
813.376 |
720.153 |
NOTE
The registered office of the company has been shifted from 301-302, 3rd
Floor, Mayfair Towers, Wakdewadi Shivaji Nagar, Pune, Maharashtra to present
address w.e.f. 11.07.2006.
BACKGROUND:
The Company is a
joint venture between Tata Steel Limited, India and BlueScope Steel Asia
Holding Pty Limited, Australia, a wholly owned subsidiary of BlueScope Steel
Limited, Australia. The Company was originally incorporated as BlueScope Steel
Building Solution (Private) Limited on 9th February 2005. The Joint
Venture Agreement was executed on 23rd November, 2005, amongst Tata
Steel Limited (TSL) and BlueScope Steel Asia Holdings Pty Limited (BSAH) and
BlueScope Steel Limited (BSL) and BlueScope Steel Building Solutions Private
Limited (BSBSPL). As per the Joint Venture Agreement referred above, both BSL
and TSL shall contribute the total equity contribution in the ratio 50:50. This
joint venture agreement came into effect from 30th May 2006. BSBSPL has been
converted into a limited Company under the name BlueScope Steel Building
Solutions Limited (BSBSL) and the name of the Company has been further changed
from BSBSL to Tata BlueScope Steel Limited with effect from 12th
June 2006. The Company's corporate office is headquartered in Pune and has
plants in Hinjewadi Pune, Chennai and Bhiwadi. The Company supplies
pre-engineered building / building solution products to its target market,
Update on Operations
- Coated Steel Project,
The Coated Steel
Project (CSP) at
The Metal Coating
Line will manufacture ZINCALUME® (Zn/Al coated steel from Full hard Cold Rolled
steel) and the Color Coating Line will manufacture COLORBOND® from the Zn/Al
coated steel.
These will be used
for roofing, walling, other forms of cladding, cool rooms etc. CSP would be the
key supplier of feed stock to the building solutions units at Pune, Bhiwadi and
Chennai. In addition, CSP would also be supplying to other building solutions
players and, roll formers in
CSP offer to the customer
is based on shorter lead-time, as compared to the existing option of imports;
superior products offer, in terms of range of colors and consistent product
quality, as compared to domestic color coating players.
Present Project Status
Piling Job -All
piling work completed.
Civil Job -All the
civil works are completed. Punch list works, and minor works like gates etc is
under progress
Structural
Steelwork erected is completed. Finishing and punch list work under progress
Permanent road and
work is almost completed and finishing work in progress. Permanent road
lighting work is 95 % completed.
Permanent drainage
work is 90% completed Power system charged for the entire plant. Water system
and Air system commissioned. DM Water system... Commissioned WWTP- Commissioned
LPG-Commissioned. LPG is charged in MCL and CCL Hydrogen. Commissioned
Nitrogen - Commissioned. Clearance from the government authorities
awaited Boiler - commissioned. Fine tuning and punch list work in progress
Other facilities required for POS and MOS are in place Yard and shop piping
works for the plant is completed.
Other finishing
works including dust management is completed to the extent of 80% (balance can
be done after removal of all the construction offices of the vendors
MCL and CCL
Equipment contracts with Siemens VAI MT SAS, France and M/s. Siemens VAI MT
India - Engineering is completed. Design review and HAZOP review concluded.
Installation completed. Cold trails for paint line is completed. LPG is charged
in the ovens. POS expected in next month. Cold trails for MCL is under
progress. Furnace commissioning is to start very shortly.
Pack Line -Line
commissioned and ready for use.
Slitting and Recoiling Line- Installation completed. Commissioning
activities are under progress
Building Solutions
Business
For the Building
Solutions business, FY11 was a year of challenges. These challenges were
related to a large number of open projects, lack of control in risk assessment
and mitigation plans for projects, not enough experienced manpower, margin
erosion, etc.
To meet these
challenges, the business embarked upon a journey of improvement. The Balanced
Scorecard approach was adopted for the first time to monitor and review
business performance
On the one hand
Sales focused on booking profitable orders with secured payment terms in the
most favourable markets, and on the other on reducing outstanding payments from
customers. During FY12, they also booked their largest order till date for the
business, nearly 1.5 million square feet, from M/s Balkrishna Tyres, for their
project at Bhuj,
The Theory of
Constraints was implemented to build capability for full kit completion and
on-time delivery during all stages of the projects life cycle. This is also
expected to release capacity and help the business enhance productivity - and
profitability.
Controls were
established in the Engineering group to reduce differences between Design
Weight and Estimated Weight. Standardisation was initiated for some key
components, and will be extended further.
The 'Zero Error'
initiative was launched to cover all activities across the projects life cycle.
Micro Level Project Management was introduced to fast track projects. To
counter Raw Material price increases, checks were put in place to monitor
releases to production.
Customer Service
was improved by developing new, and improving existing processes of capturing
"Voice of Customers". An automated Customer Complaints Management
System was put in place.
The Building
Solutions business worked closely with
Due to these
innovative steps taken during the year, the Building Solutions Business closed
FY11 with a turnover of INR 2350.000 millions, at the budgeted level. Shipments
were 31,433MT, lower than FY11 by 8%. LTIFR for the business was lower than
previous year, but remained higher than plan due to the unfortunate incident at
KMOC site.
A rigorous
Strategy Development exercise was conducted this year in the Building Solutions
business, linking directly to individual KRA's for all team members. They are
confident that the Building Solutions business is poised to deliver positive
cash flows and full profit in FY12.
Building Products and Distribution Business
Financial year 2010-11
has been a very eventful year for the Building Products and Distribution
business. The Business vertical has shown a strong growth in both top line and
bottom line. The turnover of the business grew to INR 2750.000 millions in FY
2010-11 from INR 1710.000 millions in FY 2009-10. The bottom line has shown a
many fold increase over the previous year.
BPD's strategy in
FY 2010-11 has been to increase sales by widening reach and improving the value
proposition to customers by strengthening backend process.
The Distribution
business grew by 81 % in volume. This was achieved through strengthening the
dealer network and improving PPA activities and providing training to all
intermediaries. The Building Products business has seen an increase of 20 %
through focusing on new segment like infrastructure.
The manufacturing
locations at Chennai and Bhiwadi have contributed significantly to the growth
by establishing new records in productivity and yields improvement. The Chennai
plant dispatched 2680 MT in March 2011 and Bhiwadi plant shipped 1720 MT in
March 2011. The previous best was 1589 MT in March 2010 at Chennai and 875 MT
in October, 2009 at Bhiwadi plant. Both Building Products and Distribution was
ably supported by the construction and engineering teams.
In FY 2011-12 BP
and D is planning to open seven new sales offices across pan
HSE Report
FY10-11 was one
more exciting year in their journey towards HSE excellence. Their last year
LTIFR was 0.26 as against their target LTIFR of 0.30.
As a new
initiative, an HSE planner was made to include all the HSE activities required
to be carried out at all plants, off site construction and CSP Project throughout
the year. The compliance was verified during the central safety committee
meeting each month. To improve HSE performance of offsite construction sites,
initiatives like implementation of focused Safety Campaigns, Near Miss
reporting, Monthly review by BU Head were initiated. Also an initiative to use
modern mechanised equipments such as boomlifts, scissor lifts etc. to reduce
human interactions and risk of falling from height have been started at
construction sites.
LTI free man hours
achieved during the year;
-Coated Steel
Project - 14 million
-Bhiwadi Plant
achieved 2 million
-Off site
construction achieved 2 million
-Hinjewadi plant
achieved 1 million
They had completed
their second surveillance audit for ISO14001:2004and OHSAS 18001:2007 in the
month February`11without any major NC and both the certificates were retained.
Business Outlook
Zn-Al coated
industry has kept apace with the India Growth Story with a growth surge of 38%
over last FY with total sales of 230,000 MT. Both its Bare and Pre-Painted
categories have booked high rates of growth, its bare sales has taken a quantum
leap of 57% while the pre-painted category has posted a 28% growth. Growth
momentum is expected to continue in FY12 as more customers continue to migrate
from concrete and galvanized markets.
Domestic Zn-Al
producers have consolidated their market share to over 65% in FY11; the market
will continue to shift towards domestic suppliers given better lead times and
business flexibility. High growth has inevitably attracted competitors, there
is an increase in number of BIEC licensees and non-licensees producing Zn-Al
coated steel. Bhushan Steel and Power LIMITED (BSPL) has acquired a license and
operations are expected to commence in late FY12. JSW has become more
aggressive after its Ispat acquisition. It plans to shift the entire Zn-Al
coated steel operations to the Kalmeshwar plant for cost optimization purposes.
Bhushan Steel has set in motion a plan for a new Zn-Al coated steel line in
Odisha by late FY12. Increased competition however will give an added boost to
the industry's growth.
All round growth
in industrial sector is expected to buoy the demand for PEBs. The demand for
PEB's and steel building solutions is expected to exceed 450,000 MT in FY 2011.
Higher interest rates may temper growth, however demand is expected to sustain
itself for the near future. This market optimism is mirrored in an increasing
number of rollformers expanding their domain to PEBs.
Overall market
sentiments are positive with GDP growth meeting the forecast of 8.7% for FY11.
Although apparently low due to the base effect of last year, manufacturing
sector shows healthy growth and infrastructure sector continues to attract
government investment. However, sustained high inflation has led the government
to several interest rate hikes making funds dearer causing slow-down of capital
expenditure growth and putting pressure on industrial growth sustenance.
In view of the
robust future market growth and near completion of Coated Steel plant at
CONTINGENT LIABILITIES
Bank Guarantee:-
The Company has issued the following Bank Guarantee-
|
Particulars |
31.03.2011 (Rs.
in millions) |
|
Performance Guarantees' against Contracts to be executed |
163.900 |
Contingent Liabilities not provided for on account of dispute are as
follows:
|
Particulars |
31.03.2011 (Rs.
in millions) |
|
Excise matters |
4.754 |
|
Service tax matters |
3.174 |
|
Sales tax matters |
4.514 |
|
Total |
12.442 |
Contingent
Liabilities:
Disputed Claim:-
For midstream BARA project site at
FORM 8:
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U45209PN2005PLC020270 |
|
Name of the
company |
TATA BLUESCOPE STEEL LIMITED |
|
Address of the
registered office or of the principal place of business in |
Metropolitan, Final Plot No.27, Survey No.21, Wakdewadi,
Shivaji Nagar, |
|
Type of charge |
Immovable
Property Movable Property |
|
Particular of
charge holder |
Syndicate Bank, 1st Floor, 10, |
|
Nature of
description of the instrument creating or modifying the charge |
Indenture of
Mortgage and Deed of Hypothecation dated 3rd June 2011 both
constituting single charge. |
|
Date of
instrument Creating the charge |
03.06.2011 |
|
Amount secured by
the charge |
Rs.4060.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: The interest on
the outstanding amount of the facility shall be payable at the applicable
interest rate at a monthly rests. SBI base rate plus spread applicable during
the interest period. Terms of Repayment: The borrower
shall repay the principal amount of the facility to the lenders in quarterly
installment during the period commencing from 1st quarter of the
Financial Year 2012-13 and ending on Last quarter of the Financial Year
2018-19. Margin: Nil Extent and Operation of the charge: First pari passu
charge on all the companies Movable Asset of the coated steel project of the
company at Jamshedpur (excluding current and intangible asset), First pari
passu charge on all the present
movable asset (excluding current and intangible asset) of the company
at Pune, Shri Perumbudur and Bhiwadi
Plants of the Company, first pari passu charge present company immovable
assets i.e. land situated at Hinjewadi, Pune on which building solutions
plant is erected and building on the same. |
|
Short particulars
of the property charged |
Charge on the entire
present company Immovable Asset of the Company's Building solution plant at
Hinjewadi, Pune on which building solution plant is erected (Sr. No.247/1,
247/5, 250/1, 250/2, 250/3. Charge on all the
Companies movable assets( including steel structure in the form of Building )
of the coated steel project of the company at Coated steel
project means the presently proposed project comprising of one metal coating
line and one colour coating line. Charge on all the
Present Company Movable Asset (excluding current asset and intangible assets)
of the Company at Pune, Sri Perumbudur and Bhiwadi plants of the Company. Which includes
steel structures in the form of Building |
FIXED ASSETS
v
v
v Building
v Leasehold Improvements
v Plant and Machinery
v Moulds and Dies
v Furniture and Fixtures
v Office Equipments
v Computer Software
WEBSITE DETAILS
NEWS
Tata BlueScope Building Solutions bags the ‘PEB Project of the Year
award’ for the second time
Tata BlueScope Building Solutions bags the prestigious ‘PEB
(Pre-engineered Building) Project of the Year award’ for the second time
Tata BlueScope Building Solutions, a business division of Tata BlueScope
Steel has won the 'PEB (Pre-engineered Building) Project of the Year award' at
the Essar Steel Infrastructure Excellence Awards 2012. The award was conferred
upon Tata BlueScope Building Solutions for the successful execution of the
‘Coated Steel Manufacturing Plant’ of Tata BlueScope Steel at Jamshedpur. This
is for the second time that Tata BlueScope Building Solutions has won the
coveted PEB Project of the Year award. It had earlier won the award for the
East West Gas Pipeline PEB project of Reliance Gas Transportation Infrastructure
Limited in the inaugural edition of Essar Steel Infrastructure Excellence
awards in 2009.
The Honourable Union Minister for Urban Development, Shri Kamal Nath
handed over the award to Mr. Rajiv Upadhyay, Vice President, Tata BlueScope
Building Solutions at the award function organised in New Delhi on May 8, 2012.
Tata BlueScope Building Solutions was recognised for the successful completion
of the Coated Steel Plant project, which involved designing, manufacturing,
supplying and erection of 26 non-identical metal building structures including
the tallest PEB of 42.3 Meters height for metal coating line. The buildings
were designed to meet the unique but diverse requirements of an integrated
industrial project. The innovation in building design, manufacturing and
construction techniques reduced the risks associated and improved the overall
speed of construction. The project was completed safely without any Loss Time
Accident.
On receiving the award, Mr. Upadhyay said, "We feel happy for
receiving the Infrastructure Excellence Award and are extremely proud to be the
only PEB solutions company to have won this coveted award for the second time.
This remarkable achievement thus reaffirms our superlative performance in the
Metal Buildings industry and acknowledges our continued efforts to bring
world-class PEB solutions to the Indian market."
Commenting on the CSP project, he said, "The Coated Steel Project
at Jamshedpur is a good example of how tough challenges can be met easily
through innovation. It highlights the suitability of pre-engineered steel
buildings for diverse project requirements and their advantage over
conventional methods of structural steel construction.”
About Infrastructure Excellence Awards
The Essar Steel Infrastructure Excellence Awards recognize the
achievements of those involved in creation of India’s infrastructure and hence
their contribution towards the economic development of the country. The
prestigious Award, which is now in its Fourth Year, acknowledges the achievements
of the ‘nation builders’ and exhorts them to perform even better. The Awards
are designed to showcase exceptional projects and recognize companies for their
contribution in the field of infrastructure development. They are the only
Infrastructure Awards in the country to be given on the basis of excellence in
execution of projects and its overall impact.
About Tata BlueScope Building Solutions
Tata BlueScope Building Solutions is a division of Tata BlueScope Steel Limited,
which is an equal joint-venture between Tata Steel and BlueScope Steel
(Australia) in the field of coated steel, steel building solutions and related
building products. The division supplies a range of Pre-engineered Building
(PEB) solutions and takes single source responsibility for the design,
manufacture, shipment and erection of world-class PEB solutions that can be
used for applications in varied segments. It has manufacturing facilities in
Pune, Chennai and Bhiwadi, four Regional Offices and a wide network of Sales
Offices that offer best-in-class services and products.
- The company
maintains high standards in the area of Safety, Health and Environment;
and has been certified by Underwriters Laboratory Inc. for ISO 9001:2008
as well as by M/s. UL MSS India for the ISO 14001:2004 and OHSAS
18001:2007 certifications.
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. 54.81 |
|
|
1 |
Rs. 86.03 |
|
Euro |
1 |
Rs. 69.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.