MIRA INFORM REPORT
|
Report Date : |
14.10.2013 |
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 |
|
|
|
|
Registered
Office : |
Metropolitan, Final Plot No. 27, Survey No. 21, Wakdewadi, Shivajinagar, Pune - 411005, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
09.02.2005 |
|
|
|
|
Com. Reg. No.: |
11-020270 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.8660.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45209PN2005PLC020270 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEB04230C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCB5628E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The Subject is engaged in the supply of pre-engineered buildings / building solutions. |
|
|
|
|
No. of Employees
: |
972 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is one of the leading Industries in India. It is a well established and reputed company having a fine track
record. There appear some accumulated losses 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 regular 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
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
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term rating: BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
September 2013. |
|
Rating Agency Name |
CARE |
|
Rating |
Short term rating: A 2 |
|
Rating Explanation |
Strong degree of safety and carry low credit
risk. |
|
Date |
September 2013. |
|
Rating Agency Name |
CARE |
|
Rating |
Non convertible Debenture: AA (SO) |
|
Rating Explanation |
High degree of safety and carry low risk. |
|
Date |
September 2013. |
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.
INFORMATION DENIED BY
|
Name : |
Mr. Sanjay Kasture |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-20-66218000 |
|
Date : |
11.10.2013 |
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 coatedsteel@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 |
|
Fax No.: |
91-20-66742001 |
|
E-Mail : |
|
|
|
|
|
Regional Sales Offices : |
Located at: Ø Gurgaon Ø Chennai Ø Mumbai Ø Kolkata |
|
|
|
|
Factory : |
BP Plant JSR, Adityapur, Adityapur Industrial Area Road, P.O. – Gamharia, Jamshedpur – 832108, Jharkhand, India |
|
|
|
|
Manufacturing Plants – India : |
Located at: Ø Bhiwadi,
Rajasthan Ø Sriperumbudur,
Tamilnadu Ø Hinjewadi -
Pune, Maharashtra Ø Jamshedpur, Jharkand |
DIRECTORS
As on: 13.08.2013
|
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 |
|
|
|
|
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. 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. 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. Sharbel Raymond Elias |
|
Designation : |
Director |
|
Address : |
8 Mia Close, Reservoir, Melbourne Vic, 3073, Australia |
|
Date of Birth/Age : |
25.07.1968 |
|
Qualification : |
BA Accounting, ACA |
|
Date of Appointment : |
24.07.2009 |
|
DIN No.: |
02797935 |
|
|
|
|
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 |
|
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 |
|
Date of Birth/Age : |
17.04.1959 |
|
Qualification : |
Bachelor of Civil Engineering |
|
Date of Appointment : |
15.05.2012 |
|
DIN No.: |
05274228 |
|
|
|
|
Name : |
Ian Ronald Cummin |
|
Designation : |
Additional Director |
|
Address : |
24 Birdwood Avenue Brighton 3186 |
|
Date of Birth/Age : |
13.02.1955 |
|
Date of Appointment : |
01.09.2013 |
|
DIN No.: |
06662976 |
|
|
|
|
Name : |
Riten Santosh Kumar Choudhury |
|
Designation : |
Additional Director |
|
Address : |
E-603, Shishir, Ruturang Complex, Aranyeshwar, P.O. Parvati, Pune –
411009, Maharashtra, India |
|
Date of Birth/Age : |
17.12.1961 |
|
Date of Appointment : |
01.09.2013 |
|
DIN No.: |
06636911 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Kasture |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 13.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
BlueScope Steel Asia Holding PTY Limited, Australia |
|
432999997 |
|
Tata Steel Limited, India |
|
432999997 |
|
BlueScope Steel
Asia Holding PTY Limited, Australia jointly with Wayne Armour |
|
1 |
|
BlueScope Steel Asia Holding PTY Limited, Australia jointly with
Sanjay Dayal |
|
1 |
|
BlueScope Steel Asia Holding PTY Limited, Australia jointly with Simon
Linge |
|
1 |
|
Tata Steel Limited, India jointly with Anand Sen |
|
1 |
|
Tata Steel Limited, India jointly with N.K. Misra |
|
1 |
|
Tata Steel Limited, India jointly with H.M. Nerurkar |
|
1 |
|
Total |
|
866000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 13.08.2013
|
Category |
|
Percentage |
|
|
|
|
|
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 Subject is engaged in the supply of pre-engineered
buildings / building solutions. |
||||||
|
|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
972 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
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 Ø Indian Bank, Corporate Branch, No. 1, Sane Guruji Premises, 386, Vir Savarkar Marg, Opposite Siddhi Vinayak Temple, Prab, Mumbai - 400025, Maharashtra, India Ø State Bank of India, State Bank Bhavan, Madame Cama Road,, Mumbai - 400021, Maharashtra, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
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 : |
Tower 3, 27th – 32 floor, India Bulls Finance Centre, Elphinstone Mill Compound, Senap Bapat Marg, Elphinstone (West), Mumbai – 400013, Maharashtra, India |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Joint Venture : |
CIN No.: L27100MH1907PLC000260 |
|
|
|
|
Other Related Parties : |
CIN No.: U27100PN1996PTC131114
CIN No.: U45200JH2003PLC010315
CIN No.: U51109WB1991PLC051941
CIN No.: U99999MH1917PLC000478
CIN No.: U27109WB1997PLC084005
CIN No.: L27310WB1990PLC050000
CIN No.: U26921OR1958PLC000349
CIN No.: L28112WB1920PLC003606
CIN No.: L74210JH1962PLC000700
|
|
|
|
|
Subsidiary : |
Ø Bluescope Steel
Lysaght Lanka (Private) Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
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 |
|
|
|
|
|
|
866000000 |
Equity Shares |
Rs.10/- each |
Rs.8660.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
8660.000 |
6560.000 |
6560.000 |
|
(b) Reserves & Surplus |
(4253.282) |
(2412.858) |
(1511.119) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
600.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4406.718 |
4747.142 |
5048.881 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
8957.400 |
7280.000 |
6000.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
827.815 |
413.978 |
117.534 |
|
(d)
long-term provisions |
94.823 |
85.978 |
71.280 |
|
Total
Non-current Liabilities (3) |
9880.038 |
7779.956 |
6188.814 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
690.343 |
1182.603 |
816.896 |
|
(b) Trade payables |
1366.272 |
1153.483 |
821.354 |
|
(c) Other current liabilities |
1786.290 |
2136.936 |
2007.565 |
|
(d)
Short-term provisions |
32.348 |
36.393 |
33.597 |
|
Total
Current Liabilities (4) |
3875.253 |
4509.415 |
3679.412 |
|
|
|
|
|
|
TOTAL |
18162.009 |
17036.513 |
14917.107 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
11981.481 |
12674.185 |
2215.661 |
|
(ii) Intangible Assets |
170.277 |
204.239 |
22.405 |
|
(iii) Capital work-in-progress |
14.119 |
15.331 |
8959.245 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
91.278 |
90.540 |
90.540 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
116.308 |
114.657 |
173.115 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
12373.463 |
13098.952 |
11460.966 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2391.398 |
1611.892 |
1129.427 |
|
(c) Trade receivables |
1311.572 |
688.581 |
886.611 |
|
(d) Cash and cash equivalents |
885.412 |
376.053 |
239.314 |
|
(e) Short-term loans and
advances |
1026.263 |
1022.543 |
925.254 |
|
(f) Other current assets |
173.901 |
238.492 |
275.535 |
|
Total Current Assets |
5788.546 |
3937.561 |
3456.141 |
|
|
|
|
|
|
TOTAL |
18162.009 |
17036.513 |
14917.107 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10415.121 |
7162.931 |
5151.307 |
|
|
|
Other Income |
78.919 |
64.045 |
100.306 |
|
|
|
TOTAL
(A) |
10494.040 |
7226.976 |
5251.613 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
8126.310 |
5728.845 |
3795.017 |
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(505.466) |
(193.514) |
(1.664) |
|
|
|
Employee benefit expense |
680.181 |
493.887 |
383.855 |
|
|
|
Other expenses |
2034.955 |
1428.900 |
950.453 |
|
|
|
TOTAL (B) |
10335.980 |
7458.118 |
5127.661 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
158.060 |
(231.142) |
123.952 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1211.870 |
308.627 |
88.255 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(1053.810) |
(539.769) |
35.697 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
786.614 |
361.970 |
218.844 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(1840.424) |
(901.739) |
(183.147) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(1840.424) |
(901.739) |
(183.147) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(2412.858) |
(1511.119) |
(1327.972) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(4253.282) |
(2412.858) |
(1511.119) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
64.807 |
7.274 |
|
|
|
Other Earnings |
|
23.003 |
26.338 |
|
|
TOTAL EARNINGS |
582.268 |
87.810 |
33.612 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
1366.312 |
874.526 |
|
|
|
Stores & Spares |
|
11.801 |
4.589 |
|
|
|
Capital Goods |
|
92.636 |
1548.951 |
|
|
TOTAL IMPORTS |
NA |
1470.749 |
2428.066 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(2.59) |
(1.37) |
(0.28) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(17.54) |
(12.48)
|
(3.49)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
((17.67) |
(12.59)
|
(3.56)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(10.19) |
(5.33)
|
(3.12)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.42) |
(0.19)
|
(0.04)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.19 |
1.78
|
1.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.49 |
0.87
|
0.94 |
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 |
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 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 |
|
|
Last Date : 20.06.2013 |
Stage : For Orders |
|
Last Coram : |
|
|
Act : C.P.C. (Interlocutory Order) |
|
Note:
The registered office of the company has been shifted from 301-302, 3rd
Floor, May Fair Tower, Wakdewadi, Shivaji Nagar, Pune, Maharashtra, India to
the present w.e.f. 11.07.2006
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG-TERM
BORROWINGS |
|
|
|
Term loans from banks |
750.000 |
0.000 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Working capital loans from banks |
690.343 |
1182.603 |
|
|
|
|
|
Total |
1440.343 |
1182.603 |
MACRO-ECONOMIC
SCENARIO AND INDUSTRY OUTLOOK
Indian GDP growth slowed down to decade low during FY’13 and is expected to witness 5% growth in this period. It was contributed by factors such as poor domestic/global demand, policy inaction, higher interest rates, muted investment scenario and high inflation rate hovering at 7-8 % during year 2012. Indian GDP is expected to return back to faster growth track with growth forecasted at 6.2% in FY’14 and 6.9% in FY15 by Finance Ministry. Gross Fixed Capital Formation (GFCF) growth is expected to reduce to 2.4% during FY’13 as compared to 4.4% during the same period previous year, according to Crisil Research.
Indian construction industry’s quarterly growth slowed down to 5.8% during Oct-Dec’12 against 10.9% in Apr-Jun’12 period due to delays in projects. Govt.’s measures to speed up projects execution, policy reforms in FDI and improved market demand are expected to push construction growth in coming year. Indian steel demand is forecasted to grow at 8-9 % CAGR during FY13-17.Increased liquidity situation and improved policy framework for the sector is likely to support steel sector growth. Expected upward trend in construction activities will increase demand for steel roofing & walling products in CY2013.
BUILDING PRODUCTS AND
DISTRIBUTION BUSINESS
Financial year 2012-13 has been an exciting year for the Building Products (BP) business. The Business vertical has shown a strong growth.
BP’s strategy in FY 2012-13 has been to increase sales by widening reach and improving the value proposition to customers by strengthening backend processes.
The Distribution business grew by 55 % in volume. This was achieved through strengthening the dealer network & improving PPA activities and implementing a Loyalty program for all value chain partners. The LYSAGHT® business has seen an increase of 25 % in Pull through sales volume by focusing on Infrastructure segment and by developing new applications in solar segment.
The manufacturing locations at Chennai and Bhiwadi have contributed significantly to the growth by establishing new in productivity and yield improvement. The Chennai and Bhiwadi plants had record dispatches of 3240 MT and 2515 MT in Mar 2013.Building Products has established a new roll forming facility at Adityapur. The facility has reached a stable monthly production volume of 1500 MT. Both LYSAGHT® and Distribution were ably supported by the construction and engineering teams.
In FY 2013-14 Building Products is planning to open one new roll forming facility and five new sales offices across India. Building Products also plans to add several new products to their existing product basket.
BUILDING SOLUTIONS
BUSINESS
FY13 was a challenging year on the safety front. The business witnessed two LTI’s during the year, both at construction sites. One of these unfortunately led to a fatality (Grasim). Detailed investigations of both incidents have helped the business develop focused action plans to prevent recurrence. At the same time, Hinjewadi Plant (Pune) has achieved 3.93million LTI Free Man Hours. Safety has been, and remains, the primary focus across all areas of the business.
Focus for the business, in FY13, was to build capability, consolidate operations and position to grow. The business was able to achieve its business objectives, even as poor economic sentiment took its toll on industrial growth and investment. Competition was tough, as available PEB capacity was greater than market demand, and price was a tool often used by competitors to win orders.
The business completed its Strategy Planning deliberations before the year started. Detailed Action Plans were articulated for each Strategic Objective, and these were linked to individual performance targets. Strict monitoring and review of the key ‘performance’ and ‘capability’ drivers was instrumental in identification of several cross-functional initiatives to improve profitability and productivity.
Voice of Customer gathering mechanisms, established over the last two years, were a vital ingredient for understanding changing customer needs and for developing a focused value proposition.. The business continues to leverage existing relationships with MNC customers through its integration with the Global Building Solutions group of Butler®. The business continues to leverage Critical Chain Project Management approaches to maximize productivity across operational roles. The Project Management team has brought overall retention down to Nil and ensured no new doubtful debts. Claims were made, for scope changes by customers, to supplement order booking margins.
The Engineering group has completed the first phase implementation of the 3D Detailing software, and has also taken several steps to reduce errors and maintain a smooth flow of orders through design and detailing. There has been a significant reduction in open sites by the construction team. The Leak-Proof initiative taken for MR-24® installation has been very successful.
The most significant change was in manufacturing. In-house Frame Fabrication in FY13 has been the highest ever. There has been significant reduction in Yield Loss and Off-cut generation. The business has been able to reduce its dependence on out-sourced fabrication, and error reduction continues to be a focus area. 100% deliver performance has been achieved in the last quarter of FY13. Several cost reduction initiatives were taken by the business, particularly towards administrative and departmental costs. The Supply Chain team worked hard to ensure raw material and freight costs did not exceed estimate, and were reduced where possible.
Improvements made in their processes and systems have yielded healthy benefits in FY13, and the business is confident of capitalizing on these going forward.
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10293127 |
03/06/2011 |
4,060,000,000.00 |
SYNDICATE BANK |
1ST FLOOR, 10, HOMJI STREET, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA
|
B15304678 |
|
2 |
10260186 |
22/12/2010 * |
5,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG, GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA
- 400001, INDIA |
B03872165 |
Note: *
Date of charge modification
FIXED ASSETS
Tangible Assets
- Land
- Buildings
- Plant and Equipment
- Factory Equipments
- Furniture and Fixtures
- Office Equipment
- Computer Equipments
- Leasehold Improvements
Intangible Assets
- Computer Software
- Know-how
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. 61.16 |
|
|
1 |
Rs. 97.77 |
|
Euro |
1 |
Rs. 82.78 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
VRN |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
48 |
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.