MIRA
INFORM REPORT
|
Report Date : |
08.04.2014 |
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) : |
31.03.2013 |
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|
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|
Date of
Incorporation : |
09.02.2005 |
|
|
|
|
Com. Reg. No.: |
11-020270 |
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|
|
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 |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The Subject is engaged in the supply of pre-engineered buildings / building solutions. |
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|
|
|
No. of Employees
: |
1000 (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 : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. There appears some accumulated losses recorded by the company.
However, performance capacity of the company is high. Capital base seems to
be strong. The subject gets good financial support from its group company. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitments. In view of strong promoters and experienced directors, the company can
be considered for business dealing 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from
$31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports
and moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000
denominations, pushing the deadline to January 1, 2015. A day before dates for
the Lok Sabha polls were
announced, the government decided to hike interest rates on fixed deposit
schemes offered by post offices up to 0.2 per cent. The new rates will be
effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s
appeal against a ruling over transferring ownership of its local mobile phones
plant which is the subject of a tax dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced. The
defence ministry has ordered a probe into Hindustan
Aeronautics Limited’s contracts from Britain’s
Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of
Investigation will look into allegations that over $80 million was paid in
kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a
solution for problems with state-owned Air India’s 787 Dreamliners.
The aircraft has experienced a series of malfunctions since its debut in 2011.
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Sachin |
|
Designation : |
Account Executive |
|
Contact No.: |
91-20-66218000 |
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 : |
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|
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 |
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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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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. 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. 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 |
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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. 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 |
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|
|
|
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 |
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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 |
|
|
|
|
Name : |
Mr. Sachin |
|
Designation : |
Account Executive |
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. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
1000 (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 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 |
||||||||||||||||||
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||||||||||||||||||
|
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 : |
·
Tata Steel Limited CIN No.: L27100MH1907PLC000260 |
|
|
|
|
Other Related Parties : |
· BlueScope Steel (Thailand) Limited · Bulter Shanghai Inc · Bulter Manufacturing Company · BlueScope Steel Limited, Australia · BIEC International Inc · Bluescope Steel India Private Limited CIN No.: U27100PN1996PTC131114 · BlueScope Steel (Malaysia) Sdn Bhd · Jamshedpur Utilities and Services Company Limited CIN No.: U45200JH2003PLC010315 · Tata Management Training Centre · TKM Global Logistics Limited CIN No.: U51109WB1991PLC051941 · Tata Sons Limited CIN No.: U99999MH1917PLC000478 · BlueScope Steel Asia Pte Limited (SLIAP) · Tata Steel Processing and Distribution Limited CIN No.: U27109WB1997PLC084005 · Tata Metaliks Limited CIN No.: L27310WB1990PLC050000 · Centennial Steel Company Limited · U27205MH2009PLC195034 · TRL Krosaki Refractories Limited CIN No.: U26921OR1958PLC000349 · The Tinplate Company of India Limited CIN No.: L28112WB1920PLC003606 · TRF Limited CIN No.: L74210JH1962PLC000700 · BlueScope Steel Southern Africa (PTY) Limited · BlueScope Steel Limited · Butler Manufacturing Company – Texas · R FM International Pty (BlueScope Australia) |
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
1366.312 |
874.526 |
|
|
|
Stores & Spares |
|
11.801 |
4.589 |
|
|
|
Capital Goods |
NA |
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 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
6560.000 |
6560.000 |
8660.000 |
|
Reserves & Surplus |
(1511.119) |
(2412.858) |
(4253.282) |
|
Net
worth |
5048.881 |
4147.142 |
4406.718 |
|
|
|
|
|
|
long-term borrowings |
6000.000 |
7280.000 |
8957.400 |
|
Short term borrowings |
816.896 |
1182.603 |
690.343 |
|
Total
borrowings |
6816.896 |
8462.603 |
9647.743 |
|
Debt/Equity
ratio |
1.350 |
2.041 |
2.189 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
5151.307 |
7162.931 |
10415.121 |
|
|
|
39.051 |
45.403 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
5151.307 |
7162.931 |
10415.121 |
|
Profit |
(183.147) |
(901.739) |
(1840.424) |
|
|
(3.56)% |
(12.59)% |
(17.67)% |
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 |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
No |
|
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 |
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 and 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.59.95 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
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.