MIRA
INFORM REPORT
|
Report Date : |
11.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
TATA INTERNATIONAL LIMITED |
|
|
|
|
Registered
Office : |
Block A,
Shivsagar Estate, Dr. |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
30.11.1962 |
|
|
|
|
Com. Reg. No.: |
11-012528 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.200.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51900MH1962PLC012528 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and
Selling of High Fashion Leather and Leather Products and Exporter of Various
goods, Services and Technologies. |
|
|
|
|
No. of Employees
: |
1590
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 10000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a group of TATA company. It is a well established and reputed
company having good track record. But in the current year company recorded
loss. However financial position of company is strong and healthy. Trade
relations are reported as fair. Business is active. Payments are reported as
regular and as per commitment. The company can be considered good for normal business dealings at
usual trade term 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.
INFORMATION DENIED BY
|
Name : |
Mr. Sivkumar Ramani |
|
Designation : |
Head of Finance and Accounts |
|
Contact No.: |
91-22-24964310 |
|
Date : |
10.07.2012 |
LOCATIONS
|
Registered/
Corporate Office : |
Block A,
Shivsagar Estate, Dr. |
|
Tel. No.: |
91-22 - 66652200
– 10 / 66612835 |
|
Fax No.: |
91-22 - 66612837
/ 66612835 / 66612832 / 66612833 / 66612836 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate
Support Services: |
Sterling Centre, 3rd Floor, |
|
Tel. No.: |
91-22-66652299 |
|
Fax No.: |
91-22-66612836/ 37 |
|
|
|
|
Leather and
Leather Products Business Unit: |
No. 15, Mechano Industrial Estate, Vellappanchavadi, Chennai - 600
077, |
|
Tel. No.: |
91-44-66362500/ 10 |
|
Fax No.: |
91-44-66362522 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Industrial Area, Agra Mumbai Road, Dewas - 455 001, Madhya Pradesh,
India |
|
Tel. No.: |
91-7272 258900-04 / 425500 |
|
Fax ( |
91-7272 258150 / 258271 |
|
Fax (LFB Marketing)
: |
91-7272 258914 |
|
Fax (LGB Marketing)
: |
91-7272 258574 |
|
Fax (Ladies FW
Plant) : |
91-7272 400161 |
|
|
|
|
Overseas
Offices: |
Located
at |
|
|
|
|
Engineering
Business Unit: |
Located
at
|
DIRECTORS
As on 21.09.2011
|
Name : |
Mr.
Balasubramanian Muthuraman |
|
Designation : |
Chairman |
|
Address : |
111/A, NCPA
Apartments, Nariman Point, Mumbai – 400021, |
|
Date of Birth/Age : |
26.09.1944 |
|
Date of Appointment : |
12.08.2004 |
|
DIN No.: |
00004757 |
|
|
|
|
Name : |
Mr. Homiar
Sorabji Vachha |
|
Designation : |
Director |
|
Address : |
Flat No. 9,
Naoroji House, |
|
Date of Birth/Age : |
23.04.1942 |
|
Date of Appointment : |
28.11.2003 |
|
DIN No.: |
00016610 |
|
|
|
|
Name : |
Mr. Piyush G.
Mankad |
|
Designation : |
Director |
|
Address : |
C-II-95, Moti
Baghm |
|
Date of Birth/Age : |
18.11.1941 |
|
Date of Appointment : |
12.08.2004 |
|
DIN No.: |
00005001 |
|
|
|
|
Name : |
Mr. Arun Kumar
Vora |
|
Designation : |
Director |
|
Address : |
S-2, 3rd
Floor, Orchid Apartments, 161, 5th Main, Defence Colony, Indira
Nagar, |
|
Date of Birth/Age : |
14.08.1941 |
|
Date of Appointment : |
04.09.2006 |
|
DIN No.: |
00191774 |
|
|
|
|
Name : |
Mr. Raman Dhawan |
|
Designation : |
Director |
|
Address : |
28A, |
|
Date of Birth/Age : |
07.11.1948 |
|
Date of Appointment : |
04.12.2001 |
|
DIN No.: |
00265526 |
|
|
|
|
Name : |
Mr. Opender Kumar
Kaul |
|
Designation : |
Whole Time
Director |
|
Address : |
102 B, Vaibhav
Nagar, |
|
Date of Birth/Age : |
30.10.1948 |
|
Date of Appointment : |
01.04.2009 |
|
DIN No.: |
01474455 |
|
|
|
|
Name : |
Mr. Noel Naval
Tata |
|
Designation : |
Managing Director
|
|
Address : |
Windmere, Cuffe
Parade Colaba, Mumbai – 400005, |
|
Date of Birth/Age : |
12.11.1956 |
|
Date of Appointment : |
12.08.2010 |
|
DIN No.: |
00024713 |
|
|
|
|
Name : |
Mr.
Ramakrishnan Mukundan |
|
Designation : |
Director |
|
Address : |
9, |
|
Date of Birth/Age : |
19.09.1966 |
|
Date of Appointment : |
29.07.2010 |
|
DIN No.: |
00778253 |
|
|
|
|
Name : |
Mr. Ravindra
Narayan Pisharody |
|
Designation : |
Director |
|
Address : |
Hill Park
Building – I, Flat No. 9 2nd Floor, AG Bell Road, Malabarhill,
Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
24.11.1955 |
|
Date of Appointment : |
29.07.2010 |
|
DIN No.: |
01875848 |
KEY EXECUTIVES
|
Name : |
Mr. Ajay
Murlidhar Ponkshe |
|
Designation : |
Company Secretary
|
|
Address : |
Flat No. 3, 1st
Floor, Yashodan, Sahayog Mandir Path, Naupada, Thane – 400 601, |
|
Date of Birth/Age : |
27.02.1960 |
|
Date of Appointment : |
20.07.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Tata Motors
Limited – |
|
25000 |
|
Tata Chemicals
Limited – |
|
24000 |
|
Voltas Limited – |
|
5000 |
|
Tata Refractories
Limited – |
|
1870 |
|
Tata Sons Limited
– |
|
76200 |
|
Tata Industries
Limited – |
|
8561 |
|
Trent Limited – |
|
1000 |
|
Tayo Rolls
Limited – |
|
2000 |
|
Ewart Investments
Limited – |
|
20000 |
|
TIFCO Holdings
Limited – |
|
4000 |
|
Tata Steel
Limited – |
|
3740 |
|
Shapoor Pallonji
Mistry |
|
100 |
|
Cyrus Pallonji
Mistry |
|
100 |
|
Sheba Properties
Limited – |
|
9675 |
|
Af-Taab
Investment Company Limited – |
|
12000 |
|
Simone Naval Tata
– |
|
56 |
|
Kalimati
Investment Company Limited – |
|
6698 |
|
|
|
|
|
Total |
|
200000 |
As on 21.03.2012
|
Names of Allottees |
|
No. of Shares |
|
Tata Sons Limited
– India |
|
91200 |
|
Tata Motors
Limited – India |
|
25000 |
|
Tata Chemicals
Limited – |
|
24000 |
|
Ewart Investments
Limited – India |
|
5000 |
|
Af-Taab
Investment Company Limited – India |
|
12000 |
|
Sheba Properties
Limited – India |
|
9675 |
|
Tata Industries
Limited – India |
|
8561 |
|
Kalimati
Investment Company Limited – India |
|
8568 |
|
Voltas Limited – |
|
5000 |
|
TIFCO Holdings
Limited – India |
|
4000 |
|
Tata Steel
Limited – |
|
5740 |
|
Trent Limited -
India |
|
2000 |
|
Shapoor Pallonji
Mistry |
|
100 |
|
Cyrus Pallonji
Mistry |
|
100 |
|
Simone Naval Tata
– India |
|
56 |
|
|
|
|
|
Total |
|
201000 |
Equity Share Break up (Percentage of Total Equity)
As on 21.09.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
|
|
Bodies corporate |
|
|
Directors or relatives of Directors |
|
|
Other top fifty shareholders |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Selling of High Fashion Leather and Leather Products and Exporter of Various
goods, Services and Technologies. |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Finished Leather |
Million sq. ft. |
78 |
57 |
67 |
|
Leather Garments |
Numbers |
200,000 |
200,000 |
106,386 |
|
Shoe Uppers |
Pairs |
2,100,000 |
2,100,000 |
1,447,489 |
|
Leather Footwear |
Pairs |
4,200,000 |
1,860,000 |
1,062,136 |
Notes:
(i) As certified
by the Management and relied upon by the Auditors being technical matters.
(ii) Actual production of shoe uppers includes production for
consumption in leather footwear.
GENERAL INFORMATION
|
No. of Employees : |
1590
(Approximately) |
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Bankers : |
State Bank of
Mysore, Corporate Accounts Branch, 224-C Mittal Court, 4th Floor,
Nariman Branch, 224-C, Mittal Court, 4th Floor, Nariman Point,
Mumbai-400 021, Maharashtra, India |
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Facilities : |
(Rs. in Millions)
|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Dr. Annie Besant Road, Shivsagar Estates, Worli, Mumbai – 400018,
Maharashtra, India |
|
Tel. No.: |
91-22-66679000 |
|
Fax No.: |
91-22-66679100 |
|
PAN.: |
AACFD4815A |
|
|
|
|
Holding Company: |
·
Tata Sons Limited, India (CIN:
U99999MH1917PLC000478) |
|
|
|
|
Subsidiaries : |
·
Light Source Manufacturers Limited ·
Pamodzi Hotels Plc, Zambia ·
Tata Africa Holdings (SA) (Proprietary) Limited,
South Africa ·
Tata Automobile Corporation (SA)(Proprietary)
Limited ·
Tata De Mocambique Limitada, South Africa ·
Tata Ghana Limited, Ghana ·
Tata Holdings (Tanzania) Limited, United Republic
of ·
Tata Holdings Mocambique Limited ·
Tata International (Australia) Proprietary
Limited ·
Tata Namibia (Proprietary) Limited ·
Tata International (Australia) Pty. Limited,
Australia ·
Tata West Asia FZE, United Arab Emirates ·
Tata Uganda Limited, Uganda ·
Tata Zambia Limited, Zambia ·
Tata (Zimbabwe) (Private) Limited ·
Tata South-East Asia Limited, Hong Kong ·
Tata Africa (Senegal) S.A.R.L., Senegal ·
Tata Africa Holdings Kenya Limited, Kenya ·
Tata Africa Services (Nigeria) Limited, Nigeria ·
Graziella Shoes Limited, India (CIN:
U51102TN1996PLC034121) ·
Blackwood Hodge Zimbabwe (Private) Limited,
Zimbabwe ·
Tata Africa Steel Processors (Proprietary)
Limited ·
Bachi Shoes India Limited (w.e.f. December 26,
2010) (CIN: U18209TN1997PLC037515) ·
Euro Shoes Components Limited, India (CIN: U19116TN2005PLC056665)(w.e.f.
December 26, 2010) ·
TIL Leather (Mauritius) Limited (w.e.f. November
10, 2010) |
|
|
|
|
Joint Venture: |
·
Tata International DLT Private Limited Drive
India Enterprise Solutions Limited Tata Precision Industries (India) Limited,
India (CIN: U72900MH2000PLC126195) |
|
|
|
|
Fellow
Subsidiaries: |
·
Tata Teleservices (Maharashtra) Limited, India
(CIN: L64200MH1995PLC086354) ·
Tata AIG General Insurance Company Limited, India
(CIN: U85110MH2000PLC128425) ·
TC Travel and Services Limited, India (CIN: U63040MH2008PLC187559) ·
Tata Industries Limited, India (CIN:
U44003MH1945PLC004403) ·
Tata Consulting Engineers Limited (Formerly known
as TCE consulting Engineers Limited) (CIN:
U74210MH1999PLC123010) ·
Tata Consulting Services Limited, India (CIN: L22210MH1995PLC084781) ·
Tata AIG Life Insurance Limited ·
Infiniti Retail Limited, India (CIN:
U31900MH2005PLC158120) ·
Tata Precision Industries (India) Limited, India
(CIN: U29120MP1995PLC009773) |
CAPITAL STRUCTURE
As on 21.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.1000/- each |
Rs.500.000 Millions |
|
200000 |
Preference Shares |
Rs.1000/- each |
Rs.200.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.700.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
401000 |
Equity Shares |
Rs.1000/-
each |
Rs.401.000
Millions |
|
|
|
|
|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.1000/- each |
Rs.500.000 Millions |
|
200000 |
Preference Shares |
Rs.1000/- each |
Rs.200.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.700.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs.10/- each |
Rs.200.000
Millions |
|
|
|
|
|
Note:
(Of the above
76,200 shares are held by the holding company Tata Sons Limited directly and 28,561
shares indirectly through its subsidiaries.)
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 |
200.000 |
200.000 |
200.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2380.272 |
3158.100 |
3051.071 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2580.272 |
3358.100 |
3251.071 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2451.266 |
1924.446 |
1578.538 |
|
|
2] Unsecured Loans |
3084.734 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
5536.000 |
1924.446 |
1578.538 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8116.272 |
5282.546 |
4829.609 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1137.084 |
715.296 |
737.468 |
|
|
Capital work-in-progress |
17.351 |
352.315 |
30.471 |
|
|
|
|
|
|
|
|
INVESTMENT |
5214.651 |
2366.137 |
2436.421 |
|
|
DEFERREX TAX ASSETS |
30.163 |
28.087 |
20.701 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1722.973
|
1521.484
|
1405.692
|
|
|
Sundry Debtors |
1116.923
|
874.918
|
995.638
|
|
|
Cash & Bank Balances |
58.720
|
99.193
|
73.220
|
|
|
Other Current Assets |
0.158
|
0.158
|
33.909
|
|
|
Loans & Advances |
1991.147
|
1828.338
|
1503.600
|
|
Total
Current Assets |
4889.921
|
4324.091
|
4012.059
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1360.112
|
844.014
|
770.200
|
|
|
Other Current Liabilities |
601.015
|
410.143
|
391.454
|
|
|
Provisions |
1211.771
|
1249.223
|
1255.254
|
|
Total
Current Liabilities |
3172.898
|
2503.380
|
2416.908
|
|
|
Net Current Assets |
1717.023
|
1820.711
|
1595.151
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
9.397 |
|
|
|
|
|
|
|
|
TOTAL |
8116.272 |
5282.546 |
4829.609 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8556.445 |
6943.287 |
9043.664 |
|
|
|
Other Income |
297.520 |
404.964 |
589.890 |
|
|
|
TOTAL (A) |
8853.965 |
7348.251 |
9633.554 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption material changes inventories |
6875.224 |
5104.159 |
|
|
|
|
Manufacturing service costs |
972.463 |
708.381 |
|
|
|
|
Employee related expenses |
555.683 |
469.559 |
|
|
|
|
Administrative selling other expenses |
803.409 |
582.233 |
|
|
|
|
TOTAL (B) |
9206.779 |
6864.332 |
9066.237 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(352.814) |
483.919 |
567.317 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
193.354 |
129.829 |
144.831 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
(546.168) |
354.090 |
422.486 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
159.897 |
124.126 |
118.040 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX (E-F) (G) |
(706.065) |
229.964 |
304.446 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(3.424) |
93.783 |
123.146 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX (G-H) (I) |
(702.641) |
136.181 |
181.300 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2000.192 |
1897.163 |
1760.962 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
33.152 |
10.000 |
|
|
|
Dividend |
0.000 |
0.000 |
30.000 |
|
|
|
Tax on Dividend |
0.000 |
0.00 |
5.099 |
|
|
BALANCE CARRIED
TO THE B/S |
1297.551 |
2000.192 |
1897.163 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Commission |
6605.452 |
5483.325 |
NA |
|
|
|
Professional fees |
8.831 |
0.000 |
NA |
|
|
|
Foreign Representations |
14.709 |
18.346 |
NA |
|
|
|
Foreign Travel |
11.567 |
14.731 |
NA |
|
|
|
Payment on other accounts |
74.277 |
65.733 |
NA |
|
|
TOTAL EARNINGS |
6714.836 |
5582.135 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
792.865 |
677.619 |
NA |
|
|
|
Stores & Spares |
125.492 |
101.778 |
NA |
|
|
|
Capital Goods |
93.298 |
155.389 |
NA |
|
|
|
Trading Goods |
541.106 |
352.977 |
NA |
|
|
TOTAL IMPORTS |
1552.761 |
1287.763 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (Rs.) |
(3513.00) |
681.000 |
907.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(7.94)
|
1.85 |
1.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(7.97)
|
3.13 |
3.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(14.44)
|
5.32 |
7.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.27)
|
0.07 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.38
|
1.32 |
1.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54
|
1.73 |
1.66 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors Details:
Rs. In Millions
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Micro, Small and Medium Enterprise and
others |
0.011 |
0.785 |
1.576 |
|
Others |
1360.101
|
843.229 |
768.624 |
|
Total |
1360.112
|
844.014 |
770.200 |
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions 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 (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
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 |
OPERATING PERFORMANCE
The year 2010-11
was a year full of challenges and opportunities for the Company. It achieved a turnover
of Rs.8160.000 Millions (2009-10: Rs.6640.000 Millions). While on the one hand
the Company achieved a 22% growth, it reported a loss of Rs.706.000 Millions
for the year. The loss was primarily on account of new initiatives undertaken
by the Company like setting up a plant for manufacture of Performance Leather,
launch of footwear and accessories under the Company's own brand Tashi in the
domestic retail market, acquisition of a stake in a Company involved in the
niche market of children's footwear, etc. The Company's leather products
business has a major exposure in the European markets, which have still not
recovered from the economic downturn. This has not only put pressure on
margins, but also resulted in a mark down of inventories, which contributed a
substantial portion of the losses.
The Company has
already initiated various measures to reverse the trend by entering new
geographies, rationalising the product portfolio, strengthening the marketing
set up in overseas markets, etc. The Company is confident that these
initiatives will yield the desired results.
NEW INITIATIVES IN 2010-11
Launch of Footwear
Retail – Tashi
With a view to
address the vast domestic market for leather footwear and accessories, the Company
launched its footwear in the domestic market under its own brand, 'Tashi'. To
date, the Company has opened 7 stores. The market response is encouraging and
the Company would continue to expand its footprint in its focused market
segments in India.
Acquisition of 76%
stake in Bachi Group, Chennai
The Company
acquired a 76% stake in Bachi Shoes Limited and Euro Shoe Components Limited,
niche manufacturers of children's shoes and unit soles for PU injected shoes
for with exports mainly to markets in Europe. Hitherto, the Company was engaged
in the business of manufacture of ladies and men's shoes. The acquisition of
Bachi Shoes complements the current portfolio of the leather and leather
products business of the Company.
Investment in
MoveOn Componentes E Calçado, S.A., Portugal
During the year,
the Company, through its wholly-owned subsidiary in Mauritius acquired a 19.9%
stake in MoveOn Componentes E Calçado, S.A., a shoe manufacturing company in
Portugal. It has since increased its stake to 51% stake in MoveOn.
Investment in Tata
Industries Limited
The Company has
made a long-term strategic investment of Rs.400.000 Millions in acquiring
shares on 'rights basis' in Tata Industries Limited.
TIL Leather
(Mauritius) Limited.
The Company has
set up a wholly-owned subsidiary in Mauritius - TIL Leather (Mauritius)
Limited. which would act as an investment arm of the Company and enable the
Company make future investments overseas.
Representative
Office in Chengdu
The Company,
through its wholly-owned subsidiary, Tata South-East Asia Limited. Hong Kong
has set up a representative office in Chengdu, China to tap the domestic
opportunities in the finished leather business in China and also scout for
other sourcing opportunities in the region.
Tata International
Trading Brasil Ltda.
The Company has
recently set up a subsidiary in Brazil - Tata International Trading Brasil
Ltda. to tap opportunities in the areas of Iron and Steel Industry products and
Minerals business. The business operations would commence shortly.
Launch of bicycles
in the domestic market
In order to make
an entry in the domestic market, the Company has launched bicycles under its
own brand 'Stryder' in the North and North-Eastern Indian states. The initial
response is encouraging. The Company intends to pursue and widen its
distribution base across the other states in the country in due course.
LEATHER BUSINESS
During the year,
Finished Leather Business (Fashion and Performance Leather segments) achieved a
turnover of Rs.3000.500 Millions (2009-10: Rs.2467.000 Millions), registering a
growth of 22%. The manufacturing facilities for producing performance leather
was commissioned during the year.
This being the
first year of operations, the division received initial sample orders. The
division received approval from a leading sports shoe manufacturer to produce
performance leather for their athletic shoes.
As a step to
nurture and grow the Performance Leather segment, the Division has initiated
discussion with a US-based automotive upholstery company for setting up a Joint
Venture to promote the automotive leather upholstery which has a high demand
due to exponential growth of the automotive industry.
The Footwear
Division achieved a turnover of Rs.2230.000 Millions (2009:10: Rs.2020.000
Millions) registering a growth of 10% . While the business achieved higher
volume and turnover, the margins were under pressure due to continued
recessionary trends in its major markets in Europe.
Graziella Shoes
Limited (Graziella), a wholly-owned subsidiary, manufactures shoes mainly for
UK and European markets. It is one of the main suppliers of shoes to Marks and
Spencer, Weyo Group, Tempe S.A., Lloyd, etc. During the year Graziella achieved
a turnover of Rs.861.000 Millions (2009-10: Rs. 728.800 Millions) and Profit
before Tax of Rs. 9.300 Millions (2009-10: Rs. 12.200 Millions).
ENGINEERING BUSINESS
The Engineering
Business achieved a turnover of Rs.3365.900 Millions (2009-10: Rs. 2544.900
Millions), registering a growth of 32% . The increase is primarily in export of
iron and steel industry products, aluminium and mining industry products and
infrastructure and construction equipment, etc. During the year, the Division
forayed into new markets like Australia and North America for aluminium and
mining industry products and new initiatives were taken for sourcing pig iron
from Brazil. The Division has strengthened its bicycle manufacturing operations
in Ludhiana, strengthened its marketing set-up in Nigeria and Kenya for infrastructure
and construction equipment business. The Division also re-visited the
non-viable product portfolio and exited from areas like castings and forgings,
equipment supplies to Power Projects, and railway equipment, etc.
OVERSEAS OPERATIONS
Tata Africa
Tata Africa has
registered a growth of 40% in terms of total turnover in 2010-11 as compared to
2009-10. The total number of vehicles sold during 2010-11 is 5,341 units as
against 3,788 units during 2009-10 registering a growth of 41%.
The consolidated
profit before tax for the financial year 2010-11 was USD 18.24 million, an
increase of 58% over the profit before tax of USD 11.52 million for 2009-10.
During 2010-11
South Africa registered a year on year growth of 70% in terms of turnover. The
turnover of the automobile business in South Africa doubled in 2010-11 to USD
44 million from USD 22.30 million in 2009-10, indicating a recovery from a
severe recession experienced in the last two years. The operations of steel
service
centre stabilized
with 60% growth in turnover and drastic reduction in losses.
Operations in
Zambia have registered a year on year growth of 39% . The turnover of Tata
Zambia has increased from USD 13.92 million in 2009-10 to USD 22.42 million in
2010-11. The automobile business of Tata Zambia has registered a growth of 52%
and more than doubled the growth in general trading business during 2010-11 in
comparison to 2009-10. The operations of hospitality business of Zambia have
remained fairly stable at USD 9 million during 2009-10 and 2010-11.
Nigerian
operations showed tremendous growth during the year 2010-11 with the turnover
of more than USD 25 million and PBT of USD 2.30 million. Although operation commenced
two years ago, this is the first year of profitable operations. West Africa is
spearheading expansion of the African footprint and has appointed vehicle
dealers in Liberia and Mauritania. Tata Africa has entered into the Chemical
and Construction equipment trading in Nigeria. Dedicated manpower has been
appointed and growth is anticipated in this sector in the next twelve months.
The
Pharmaceutical/ Healthcare operations have been extended and the process of
obtaining statutory and regulatory clearances is ongoing in Kenya, Ghana,
Mozambique, Tanzania, Nigeria and Zambia.
Tata Africa has
forayed into Information Technology business during 2010-11 with awarding of a
tender by Kenya Revenue Authority valued at USD 5 million. The application
process for the similar tenders with Revenue Authorities of Zambia, Malawi and
Tanzania is ongoing. New business opportunities are being pursued in Eastern
and Central Africa in partnership with CMC and TCS.
Projects in Africa
Itezhi Tezhi Hydro
Power Project in Zambia
Tata Africa and
ZESCO, the Zambian electricity utility have set up a 50:50 joint venture
company in Zambia called Itezhi Tezhi Power Corporation Limited (ITPC). This
company is developing a 120 MW hydro power project. The project cost is expected
to be USD 231 million and the equity IRR is 18% . The project implementation
has started and it is expected that power will be generated towards early 2015.
The project company will also be doing the operation and maintenance of the
plant after commissioning. The power will be supplied in to the Zambian grid.
Chrome ore mining
opportunity in Madagascar
Tata Africa has
acquired 562 km² of chrome ore prospecting leases in Madagascar. In addition,
Tata Africa will be working with Kraoma, a parastatal mining chrome ore in
Madagascar, for exploring resources in approximately 900 km² of their
prospecting leases and trade in chrome ore currently being mined by them.
154 keys 5 star
hotel - Taj Cape Town
The Taj Cape Town
hotel has been constructed in partnership with the Eurocape Group of Ireland
and is managed by Taj Hotels. The project cost was approximately USD 71 million
and had its official launch on August 2010. The hotel also consists of 22
serviced residences.
Tata South-East
Asia Limited
The revenues
increased from HKD 108 million in 2009-10 to HKD 306 million during the year.
The Company opened a new Representative Office in Chengdu, China to promote
leather business in the emerging footwear producing region in China. During the
year, the Company created distinct
Business verticals
- Minerals, Steel and Chemicals.
Tata West Asis FZE
During the year
2010-11, Tata West Asia FZE (TWA) achieved a turnover of AED 113 million (2009-10:
AED 76 million) and a Loss of AED 1 million (2009-10: PBT of AED 0.04 million).
TWA consolidated its business portfolio, strengthened its key manpower
requirements. Some of the business initiatives undertaken during the year
included sale of billets to East Africa, sale of hot rolled plates and coils to
India, sourcing of steel from the CIS region and billets from India, also stock
and sale of steel products, aluminium sheets, in UAE region.
JOINT VENTURES
Tata International
DLT Private Limited (Tata DLT) is a 50: 50 joint venture between the Company
and Dutch Lanka Trailer Manufacturers Private Limited, Sri Lanka. During the
year the Company sold 2329 trailers (2009-10 : 1379 trailers). Tata DLT
achieved a turnover of Rs. 1386.500 Millions (2009-10 : Rs. 769.000 Millions)
and Profit after Tax of Rs. 27.800 Millions (2009-10 : Rs. 24.500 Millions).
Drive India
Enterprise Solutions Limited (DIESL), is a 50:50 joint venture between the
Company and Tata Industries Limited. DIESL achieved a turnover of Rs. 7870.000
Millions (2009-10: Rs.10750.000 Millions) and Profit after Tax of Rs. 116.000
Millions (2009-10 : Rs. 312.000 Millions).
Tata Precision
Industries (India) Limited
The company is
engaged in manufacture of high precision Stainless Steel, Aluminium and Plastic
parts which find application in Telecommunication, Automotive and Electronics
Industry. It achieved a turnover of Rs.147.300 Millions (2009-10: Rs. 88.700
Millions) registering a growth of 66% and Profit after Tax of Rs.13.092 Millions
(2009-10: Rs. 3.719 Millions)
CONTINGENT LIABILITIES As on
31.03.2011
(a) Claims against
the Company not acknowledged as debts comprise of :
(i) DEPB /
Drawback claims rejected by Commissioner of Customs (Appeals) disputed by the
Company relating to issue of inadmissibility aggregating to Rs. 32.796 Millions
(31st March, 2010 Rs.32.796 Millions).
(ii) Demand
notices aggregating to Rs. 32.311 Millions (31st March, 2010 - Rs.
32.362 Millions) have been issued by the Sales Tax Authorities under the M.P. General
Sales Tax, M. P. Entry Tax, U.P. Trade Tax Act,1948, Bombay Sales Tax, Gujarat
Sales Tax, Karnataka Sales Tax and the Central Sales Tax Act, 1956, relating to
issue of applicability and classification.
(iii) The Service
Tax department, Mumbai has issued demand and recovery notices aggregating to
Rs.2.601 Millions (31st March, 2010 - Rs. 4.994 Millions) including
interest, towards service tax allegedly payable by the Company for the period
2005 to 2009. The Service Tax Authorities contend that the Company was
rendering services as "Clearing and Forwarding Agents" during the
said period and was, therefore chargeable to service tax in respect of those
services.
(iv) The Service
Tax department, Dewas has raised demands of Rs.6.458 Millions (31st
March 2010 - Rs. Nil) for import of services during the period 2004 to 2009.
The matter is under appeal.
(v) Other Matters
Rs. 10.732 Millions (31st March, 2010 - Rs.6.520 Millions).
(b) Taxation
matters:
Demand against the
Company not acknowledged as debts and not provided for relating to issues of
transfer pricing, deductibility and taxability in respect of which the Company
is in appeal :-Income Tax: Rs. 78.875 Millions (31st March, 2010 -
Rs. 72.250 Millions)
(c) Bills discounted
not matured Rs. 32.323 Millions (31st March, 2010 - Rs. 52.322
Millions).
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U51900MH1962PLC012528 |
|
Name of the company |
TATA
INTERNATIONAL LIMITED |
|
Address of the registered office or of the
principal place of business in |
Block A,
Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai – 400 018,
Maharashtra, India |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the
charge to be modified |
10310769 |
|
Type of charge |
Immovable
property |
|
Particular of charge holder |
ICICI Bank Limited,
Landmark, Race Course Circle, Vadodara – 390007, Gujarat, India |
|
Nature of instrument creating charge |
Memorandum of entry
of title deeds Dated 13th January 2012 |
|
Date of instrument Creating the charge |
13.01.2012 |
|
Amount secured by the charge |
Rs.300.000
Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest US Dollar 3 Month Libor +4.75% Per Annum Terms of Repayment As per schedule 6 of facility agreement executed between TATA
International Limited and ICICI Bank Limited Margin 4.75 Percent Per Annum Extent and Operation of the charge As per memorandum of entry of title deeds. |
|
Short particulars of the property or
asset(s) charged (including complete address and location of the property) |
Immovable assets
describled in 3rd schedule of memorandum of entry of title deeds. |
|
Particulars of the present modification |
All that piece
of building along with land therebeneath on piece of land measuring 56 cents
and all that piece of building along with land therebeneath on piece of land
measuring acre 2: 64 cents as describled in 3rd schedule of memorandum of
entry of title deeds dated 13th January, 2012. |
FIXED ASSETS:
- Lease hold
Land
- Building,
Roads
- Plant and
Machinery
- Computers
- Furniture and
Fixtures
- Office and
other equipments
- Electrical
installation
- Air Conditioner
- Refrigerator
- Vehicles and
transport
- Software
AS PER WEBSITE DETAILS
COMPANY PROFILE
The
company has evolved into an international entity with a global reach in
international trade and encompasses the entire value chain from supply chain integration
to facilitating third country trade by setting up strategic alliances or
wholly-owned subsidiaries with a focus on certain geographies.
Tata
International has taken on various value-added roles and has stakes in a
cross-section of businesses. It’s two main business lines are - Leather and
Engineering (including Automobiles distribution in Africa).
With
the worldwide network of 42 offices that span India and the globe, it has also
developed some important international alliances for the Group.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.80 |
|
|
1 |
Rs.86.53 |
|
Euro |
1 |
Rs.68.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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.