MIRA INFORM REPORT
|
Report Date : |
30.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
TATA BLUESCOPE STEEL LIMITED (w.e.f.12.06.2006) |
|
|
|
|
Formerly Known
As : |
BLUESCOPE STEEL BUILDING SOLUTIONS PRIVATE LIMITED BLUESCOPE STEEL BUILDING SOLUTIONS LIMITED |
|
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Registered
Office : |
Metropolitan, Final Plot No. 27, Survey No. 21, Wakdewadi, Shivajinagar, Pune - 411005, Maharashtra |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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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
: |
Manufacturer of Coated Steel and Pre-engineered Building
Products. |
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|
|
|
No. of Employees
: |
950 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 18900000 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is one of the leading Industries in India. It is a well established and reputed company having fine track record.
There appears some accumulated recorded by the company. However, the
performance capacity of company appears to be high. Capital base of the
company seems to be strong. Creditworthiness of the company is good. The
subject gets good financial support from its group company. Trade relations are fair. Business is active. Payments are reported to
be usually correct and as per commitments. In view of strong promoters and experienced directors the company can
be considered normal for 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities : BBB |
|
Rating Explanation |
Moderate degree of safety. It carry moderate
credit risk. |
|
Date |
January 17, 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities : A2 |
|
Rating Explanation |
Strong degree of safety. It carry low credit
risk. |
|
Date |
January 17, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered/ Corporate Office : |
Metropolitan, Final Plot No. 27, Survey No. 21, Wakdewadi, Shivajinagar, Pune - 411005, Maharashtra, India |
|
Tel. No.: |
91-20-66218000 |
|
Fax No.: |
91-20-66218001 |
|
E-Mail : |
sonali.sharma@tatabluescopesteel.com
commumnication@tatabluescopesteel.com |
|
Website : |
|
|
|
|
|
Building
Solutions Division : |
Survey No. 247 and 250, Hinjewadi, Phase II, Taluka, Mulshi, Pune -
411057, Maharashtra, India |
|
Tel. No.: |
91-20-66742000 |
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Fax No.: |
91-20-66742001 |
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E-Mail : |
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|
|
|
|
Regional Sales Offices : |
Located at: Ø Gurgaon Ø Chennai Ø Mumbai Ø Kolkata |
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Manufacturing Plants – India : |
Located at: Ø Bhiwadi, Rajasthan Ø Sriperumbudur, Tamilnadu Ø Hinjewadi - Pune, Maharashtra Ø Jamshedpur, Jharkand |
DIRECTORS
AS ON 22.05.2012
|
Name : |
Mr. Sanjay Raghbir Dayal |
|
Designation : |
Chairman |
|
Address : |
9 Cooke Street, Sandringham, Vic Australia, 3191, Australia |
|
Date of Birth/Age : |
27.09.1957 |
|
Qualification : |
B. E. Chemical |
|
Date of Appointment : |
31.10.2008 |
|
DIN No.: |
02506378 |
|
|
|
|
Name : |
Mr. Harish Girish Pathak |
|
Designation : |
Managing director |
|
Address : |
C-17, The Woods, Near Kalewadi Circle, Wakad, Pune – 411057,
Maharashtra, India |
|
Date of Birth/Age : |
30.12.1958 |
|
Qualification : |
B. Tech Metallurgical Engineering |
|
Date of Appointment : |
15.07.2008 |
|
PAN No.: |
AEKPP9029G |
|
DIN No.: |
02426760 |
|
|
|
|
Name : |
Mr. Anand Sen |
|
Designation : |
Director |
|
Address : |
Beldih House,
Sakchi Boulevard Road, Northern Town, Bistupur, Jamshedpur, 831001,
Jharkhand, India |
|
Date of Birth/Age : |
17.09.1959 |
|
Qualification : |
Postgraduate Diploma in Business Management |
|
Date of Appointment : |
30.05.2006 |
|
DIN No.: |
00237914 |
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|
|
|
Name : |
Mr. Narendran Viswanath Thachat |
|
Designation : |
Director |
|
Address : |
17, 1 Cross Ramalinga Nagar, Coimbatore – 641038, Tamilnadu, India |
|
Date of Birth/Age : |
02.06.1965 |
|
Date of Appointment : |
15.05.2012 |
|
DIN No.: |
03083605 |
|
|
|
|
Name : |
Mr. Sanjib Nanda |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
132 A, Maker Tower, Cuffe Parade, Mumbai - 400005, Maharashtra, India |
|
Date of Birth/Age : |
28.08.1964 |
|
Qualification : |
FCA |
|
Date of Appointment : |
16.08.2011 |
|
DIN No.: |
01045306 |
|
|
|
|
Name : |
Mr. Sharbel Raymond Elias |
|
Designation : |
Director |
|
Address : |
8 Mia Close, Reservoir, Melbourne Vic, 3073, Australia |
|
Date of Birth/Age : |
25.07.1968 |
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Qualification : |
BA Accounting, ACA |
|
Date of Appointment : |
24.07.2009 |
|
DIN No.: |
02797935 |
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|
|
|
Name : |
Mr. Atul Gogna |
|
Designation : |
Director |
|
Address : |
9 Tanjong Rhu Road, #04-03 Singapore, 436894 |
|
Date of Birth/Age : |
15.05.1966 |
|
Qualification : |
Engineering and Business Administration |
|
Date of Appointment : |
16.03.2011 |
|
DIN No.: |
03493974 |
|
|
|
|
Name : |
Mr. Noel Harold Cornish |
|
Designation : |
Director |
|
Address : |
15, Coledale Avenue, Coledale NSW 2515, Lot 20 DP, 1022893 |
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Date of Birth/Age : |
24.01.1950 |
|
Qualification : |
B. Sc (Met) M Eng Sc |
|
Date of Appointment : |
07.12.2011 |
|
DIN No.: |
05138149 |
|
|
|
|
Name : |
Mr. Patrick John Finan |
|
Designation : |
Alternate director |
|
Address : |
Unit 1604/469 St Kilda Road, Melbourne 3004 |
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Date of Birth/Age : |
17.04.1959 |
|
Date of Appointment : |
15.05.2012 |
|
DIN No.: |
05274228 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 22.05.2012
|
Names of Shareholders |
|
No. of Shares |
|
BlueScope Steel Asia Holding PTY Limited, Australia |
|
357,999,997 |
|
Tata Steel Limited, India |
|
357,999,997 |
|
BlueScope Steel Asia Holding PTY Limited, Australia jointly with Mr.
Wayne Armour |
|
1 |
|
BlueScope Steel Asia Holding PTY Limited, Australia jointly with Mr.
Sanjay Dayal |
|
1 |
|
BlueScope Steel Asia Holding PTY Limited, Australia jointly with Mr.
Simon Linge |
|
1 |
|
Tata Steel Limited, India jointly with Mr. Anand Sen |
|
1 |
|
Tata Steel Limited, India jointly with Mr. N.K. Misra |
|
1 |
|
Tata Steel Limited, India jointly with Mr. H.M. Nerurkar |
|
1 |
|
Total |
|
716,000,000 |
AS ON 22.05.2012
|
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 : |
Manufacturer of Coated Steel and Pre-engineered Building
Products. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Actual
Production |
Unit |
Pune
|
Bhiwadi
|
Chennai
|
|
|
|
|
|
|
|
Fabricated Structural Products of Iron and Steel |
MT |
70000 |
40000 |
40000 |
GENERAL INFORMATION
|
No. of Employees : |
950 (Approximately) |
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|
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Bankers : |
Ø State Bank of Mysore,
Dalal Street Branch, 24/26, Cama Building, Dalal Street, Fort, Mumbai –
400001, Maharashtra, India Ø Syndicate Bank, 1st floor, 10, Homji Street, Fort, Mumbai – 400023,
Maharashtra, India |
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Facilities : |
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||||||||||||||||||
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Banking
Relations : |
-- |
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|
|
|
Financial Institution : |
IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R.
Kamani Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
706, B Wing, ICC
Trade Towers, Senapati Bapat Marg, Pune – 4110016, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD4815A |
|
|
|
|
Joint venture : |
Ø Tata Steel
Limited [L27100MH1907PLC000260] |
|
|
|
|
Other Related Parties : |
Ø Tata Metaliks
Limited [L27310WB1990PLC050000] Ø Jamshedpur
Utilities and Services Company Limited [U45200JH2003PLC010315] Ø Centennial Steel
Company Limited [U27205MH2009PLC195034] Ø The Tinplate
Company of India Limited [L28112WB1920PLC003606] Ø TRF Limited
[L74210JH1962PLC000700] Ø Bluescope Steel
Limited, Australia Ø BlueScope Steel
(Thailand) Limited Ø BlueScope Steel
Asia PTE Limited (SLIAP) Ø Tata Sons
Limited [U99999MH1917PLC000478] Ø Tata Steel
Processing and Distribution Limited [U27109WB1997PLC084005] Ø TKM Global
Logistics Limited [U51109WB1991PLC051941] Ø TRL Krosaki
Refractories Limited [U26921OR1958PLC000349] Ø Bluescope Steel
India Private Limited [U27100PN1996PTC131114] Ø Butler
Manufacturing Company – Texas Ø BlueScope Steel
North Asia Limited Ø BIEC
International Inc. Ø Butler Shanghai
Inc Ø Butler
Manufacturing Company Ø Tata Steel
International Ø BlueScope Steel
(Suzhou) Company, Limited Ø BlueScope Steel
(Malaysia) Sdn Bhd Ø BlueScope Steel
Vietnam Limited Ø Bluescope Steel
Limited Ø RFM
International Pty ( BlueScope Australia) Ø BlueScope Steel
Asia Holdings Pty Limited |
|
|
|
|
Subsidiary : |
Ø Bluescope Steel
Lysaght Lanka (Private) Limited |
CAPITAL STRUCTURE
AS ON 22.05.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
716,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 7160.000
Millions |
|
|
|
|
|
AS ON 31.03.2012
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 |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
6560.000 |
6560.000 |
6560.000 |
|
|
2] Share Application Money |
600.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(2412.858) |
(1511.119) |
(1327.972) |
|
|
NETWORTH |
4747.142 |
5048.881 |
5232.028 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7280.000 |
6000.000 |
3608.854 |
|
|
2] Unsecured Loans |
1182.603 |
816.896 |
759.581 |
|
|
TOTAL BORROWING |
8462.603 |
6816.896 |
4368.435 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
13209.745 |
11865.777 |
9600.463 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
12878.424 |
2238.066 |
2425.075 |
|
|
Capital work-in-progress |
15.331 |
8959.245 |
6470.748 |
|
|
|
|
|
|
|
|
INVESTMENT |
90.540 |
90.540 |
90.540 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1611.892
|
1129.427 |
700.550 |
|
|
Sundry Debtors |
688.581
|
886.611 |
739.624 |
|
|
Cash & Bank Balances |
376.053
|
239.314 |
134.809 |
|
|
Other Current Assets |
238.492
|
275.535 |
0.000 |
|
|
Loans & Advances |
1137.200
|
1098.369 |
972.669 |
|
Total
Current Assets |
4052.218
|
3629.256 |
2547.652 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1153.483
|
821.354 |
813.376 |
|
|
Other Current Liabilities |
2550.914
|
2125.099 |
979.626 |
|
|
Provisions |
122.371
|
104.877 |
140.550 |
|
Total
Current Liabilities |
3826.768
|
3051.330 |
1933.552 |
|
|
Net Current Assets |
225.450
|
577.926 |
614.100 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
13209.745 |
11865.777 |
9600.463 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7162.931 |
5151.307 |
4206.882 |
|
|
|
Other Income |
64.045 |
100.306 |
118.165 |
|
|
|
TOTAL (A) |
7226.976 |
5251.613 |
4325.047 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
5728.845 |
|
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(193.514) |
(1.664) |
|
|
|
|
Employee benefit expense |
493.887 |
383.855 |
|
|
|
|
Other expenses |
1428.900 |
950.453 |
|
|
|
|
TOTAL (B) |
7458.118 |
5127.661 |
4237.934 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(231.142) |
123.952 |
87.113 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
308.627 |
88.255 |
52.162 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(539.769) |
35.697 |
34.951 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
361.970 |
218.844 |
219.733 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(901.739) |
(183.147) |
(184.782) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(901.739) |
(183.147) |
(184.782) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(1511.119) |
(1327.972) |
(1143.190) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(2412.858) |
(1511.119) |
(1327.972) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
64.807 |
7.274 |
19.875 |
|
|
|
Other Earnings |
23.003 |
26.338 |
48.123 |
|
|
TOTAL EARNINGS |
87.810 |
33.612 |
67.998 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1366.312 |
874.526 |
1198.666 |
|
|
|
Stores & Spares |
11.801 |
4.589 |
32.113 |
|
|
|
Capital Goods |
92.636 |
1548.951 |
629.918 |
|
|
TOTAL IMPORTS |
1470.749 |
2428.066 |
1860.697 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(1.37) |
(0.28) |
(0.28) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(12.48)
|
(3.49)
|
(4.27)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(12.59)
|
(3.56)
|
(4.39)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.33)
|
(3.12)
|
(3.72)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.19)
|
(0.04)
|
(0.04)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.78
|
1.35 |
1.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06
|
1.19 |
1.32 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
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 involved in |
Yes |
|
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION
DETAILS:
HIGH
COURT OF BOMBAY
|
Stamp No.:
AOST/18675/2012 Filing Date : 12.07.2012 Reg.
No.: AO/77/2013 Reg. Date : 18.01.2013 |
|
|
Petitioner : M/s. ERA
ENGINEERING LIMITED |
Respondent : TATA BLUE SCOPE
STEEL LIMITED, AND ORS |
|
Petn.Adv.: Mr. Arjun Pawar |
Resp. Adv : MULLA AND MULLA
AND COMPANY |
|
District : Pune |
|
|
Bench : Single |
|
|
Status : Pre-Admission |
|
|
Next Date : 16.04.2013 |
Stage : For Orders |
|
Coram : According To
Sitting List |
|
|
Last Date : 11.03.2013 |
Stage : For Orders |
|
Last Coram : According To
Sitting List |
|
|
Act : C.P.C. (Interlocutory Order) |
|
Note: The registered
address of the company has been shifted from 301-302, 3rd Floor, May
Fair Tower, Wakdewadi, Shivajinagar, Pune, Maharashtra, India to the present
w.e.f.11.07.2006
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Loans repayable on demand from banks |
1182.603 |
816.896 |
|
Total |
1182.603 |
816.896 |
|
Note: (A) Consists of Working Capital Demand Loan Rs 150.000 Millions and
Buyers Credit Rs 1032.603 Millions |
||
BUILDING PRODUCTS
AND DISTRIBUTION BUSINESS
Financial year 2011-12
has been an eventful year for the Building Products business. The Business
vertical has shown a strong growth in both top line and bottom line. The
turnover of the business grew to INR 431 Cr. in FY 2011-12 from INR 274 Cr. in
FY 2010-11. The bottom line has achieved 100% growth over the previous year.
BP’s strategy in
FY 2011-12 has been to increase sales by widening reach and improving the value
proposition to customers by strengthening backend process.
The Distribution
business grew by 66 % in volume. This was achieved through strengthening the
dealer network & improving PPA activities and providing training to all
intermediaries. The LYSAGHT® business has seen an increase of 32 % by focusing
on new segment such as infrastructure and Solar.
The manufacturing
locations at Chennai and Bhiwadi have contributed significantly to the growth
by establishing new in productivity and yields improvement. The Chennai plant
dispatched 2979 MT in Jan 2012 and Bhiwadi plant shipped 2250 MT in March 2012.
The previous best was 2680 MT and 1720 MT in March 2011 at Chennai and Bhiwadi
plants. Both LYSAGHT® and Distribution were ably supported by the construction
and engineering teams.
In FY 2012-13
Building Products is planning to open five new sales offices pan India.
Building Products plans to add new products into existing product basket. BP is
also planning to open two more manufacturing facilities to cater higher volumes
in FY 2012-13.
BUILDING SOLUTIONS
BUSINESS
On the Safety
front, the Building Solutions business did not have any LTI and the LTIFR was
‘Nil’ since September 2011. This was made possible due to a very strong focus
at sites on training and awareness and detailed reviews of Severity 4&5
incidents.
Focus in FY12 was
on improving the business performance on one hand, and building the capability
for sustained business performance on the other.
A very exhaustive Strategy Planning activity was
conducted, with participation from team members across departments and levels.
The Strategic Objectives identified
through this exercise were integrated with MD’s Balanced Score Card, and were
cascaded to individual KRA’s and Action Plans.
The sales effort
was sharpened to focus on select markets to deliver the desired revenue and
‘throughput ’. Value Proposition
was redefined on the basis of several Voice of Customer mechanisms in place,
and communication packs which were developed to differentiate unit’s solutions.
Project Risk management was further strengthened during the year.
Critical Chain Project Management was introduced to sharpen focus on enhancing
flow and protecting profitability. The concept of ‘Front of Load’ was introduced to enhance our capability to commit
delivery. The construction group has further reduced the number of open
projects at site. A Butler expert for MR-24 was brought on board to improve
ability to install leak proof roof systems. A quality organization has also
been created in construction for this purpose. Project Management department
was strengthened to enable smooth flow of orders at all stages of the projects
life cycle and to enable a stronger focus on timely execution of projects and
reduction in impact of short closed projects.
Learning’s from
interactions with Butler USA were leveraged to enhance cutting capacity and reduce
dependence on out-sourcing. Standardization was initiated and quality teams
established to reduce errors / rework.
Several employee
engagement initiatives, like the Conquer
improvement platform, Pravartan
newsletter, as well as an Employee Engagement were put in place during
the year.
BUSINESS OUTLOOK
After a lower than
expected growth rate of 6.9% in FY12 due to high interest rates, policy
inaction and persistent high inflation rate hovering above 9% during year 2011,
Indian GDP is expected to pick up the growth in coming years with expected
growth rate of 7.3% in FY13 and 8.6% in FY14. RBI’s lending rate which hit a
high of 8.5 % in Oct’11 has shown moderation. Recently announced interest rate
cut and planned government investment of Rs.50 lac crore for Infrastructure
sector in FY13 will boost the sector’s growth.
Industrial,
Infrastructure, Commercial and Retail segments are the key demand sectors for
Zn-Al coated steel products in India. Major infrastructure sectors in India
like power, railways, aviation etc. are now considering the product level
benefits such as life of building, eco-friendliness, and fire resistance, which
are offered by Zn-Al coated steel products. Pre-Engineered Building (PEB)
construction segment is growing at 9.5% y-o-y. PEBs are now accepted in
Industrial/warehousing sector, which is driving the steel building concept in
India. With an average expected growth of 6.8% in industrial production and
faster growth happening in Intra-material and Inter-material conversion, we expect
GL/PPGL products demand to maintain growth rate of over 20 % in FY13.
Steel roofing
market in India showed growth of 8.7% y-o-y in FY12 with the increased level of
acceptance of steel over other alternative materials such as clay tiles,
asbestos, RCC etc. Galvalume/ Pre-painted Galvalume demand in India has shown a
healthy growth of 25% in FY12 y-o-y (growth in FY11 was 20 %) with current
volumes of around 300,000 tonnes (India) in FY12 where Pre-painted Galvalume
sales has taken a quantum leap of 43% while the Bare Galvalume category has
posted a 22% growth. This growth is largely governed by increased level of
awareness about product benefits among project developers and industry
influencers, driving Intra-material (GI/PPGI to GL/PPGL) and Inter-material
(Asbestos, RCC, Clay tiles to GI/PPGI & GL/PPGL) conversion.
Domestic Zn-Al
producers have consolidated their market share to over 70% in FY12; the market
continues to shift towards domestic suppliers given better lead times and
business flexibility. Recent rise in custom duty from 5% to 7.5% on import of
flat steel products will further support this shift to domestic supplies.
In view of the
market growth, with quicker response to customer needs from Jamshedpur facility
and business development activities, CS is making all out efforts to achieve
its FY13 targets.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
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, Shivajinagar, Pune - 411005, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable property Movable property (not being pledge) |
|
Particular of
charge holder |
Syndicate Bank,
1st floor, 10, Homji Street,
Fort, Mumbai – 400023, Maharashtra, India |
|
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 Year2018-19. 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 Jamshedpur (excluding current
asset and intangible Asset). 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 |
CONTINGENT
LIABILITIES:
(Rs.
in millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
Claims against company not acknowledged as debt |
92.621 |
12.442 |
|
Guarantees |
147.555 |
163.900 |
|
Other money for which company is contingently liable |
274.526 |
228.771 |
|
Total |
514.702 |
405.113 |
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. 54.39 |
|
|
1 |
Rs. 82.32 |
|
Euro |
1 |
Rs. 69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
50 |
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.