MIRA INFORM REPORT
|
Report No. : |
316459 |
|
Report Date : |
11.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
TATA STEEL PROCESSING AND DISTRIBUTION LIMITED |
|
|
|
|
Registered
Office : |
Tata Centre, 43, Chowringhee Road, Kolkata
– 700071, West Bengal |
|
Tel No.: |
91-33-66130600 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
17.04.1997 |
|
|
|
|
Com. Reg. No.: |
21-084005 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 682.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109WB1997PLC084005 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALT02091F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCT1029L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject
is engaged in processing and distribution of steel products. |
|
|
|
|
No. of Employees
: |
Information Declined By The Management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a subsidiary of “TATA STEEL LIMITED”. It is a
well-established and reputed company having fine track record. The rating takes in consideration company’s extensive industry
experience of promoters backed by its established track record of business
operations in steel business. Rating also takes into consideration company’s healthy operational
risk profile marked by adequate liquidity position and decent profitability
margins of the company. Trade relations are reported as fair. Business is active. Payment are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual 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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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
31-03-2014.
INFORMATION DINIED BY
|
Name : |
Mr. Kausatab Gupta |
|
Designation : |
Accounts |
|
Contact No.: |
91-33-6613600 |
|
Date : |
10.04.2015 |
LOCATIONS
|
Registered Office/ Head Office : |
Tata Centre,4th Floor, 43, Chowringhee
Road, Kolkata – 700071, West Bengal, India |
|
Tel. No.: |
91-33-66130600/66130600 |
|
Fax No.: |
91-33-22882713/22881247 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Distribution Centers: |
Located at: · Bangalore · Bhubaneswar · Chennai · Faridabad · Jamshedpur · Kanpur · Kolkata · Ludhiana · Pune |
|
|
|
|
Steel Service Centre : |
Located at: · Faridabad · Jamshedpur · Pantnagar
|
|
|
|
|
Upcoming Services Centers : |
Located at: · Sanad · Faridabad · Chennai · Jamshedpur |
|
|
|
|
Rebar Processing Centre : |
33, AB Industrial Area, N.I.T, Faridabad – 121001,Haryana, India |
|
Tel No.: |
91-0129-4098230 |
|
Fax No.: |
91-0129-2237167 |
|
Email: |
|
|
|
|
|
Plate Processing and Fabrication Centre: |
Plot No. 3, Phase – II, Industrial Park Mambattu, APIIC,
Village:Kondur, Mandal: Tada, District –PSR, India |
|
Tel No.: |
91-08623-270025 |
|
Email: |
DIRECTORS
As on 12.09.2014
|
Name : |
Mr. Anand Sen |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Nominee
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Behind House, Northern Town, Sakchi Boulevaro Road, Jamshedpur,
Singhbhum - 831001, Jharkhand, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
17.09.1959 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
20.07.2005 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
AIRPS9920Q |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00237914 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Jayanta Chakraborty |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Nominee Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Flat No. 3H, Block No. 4, Avani, Oxford 136, Jessore Road, lake Town, Kolkata
– 700055, West Bengal, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
23.05.1965 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
23.07.2012 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
AATPC5758N |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
03439727 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Peeyush Gupta |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director appointed in casual vacancy |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Flat No. 33, SAkchi House 6A, Penn Road, Kolkata – 700027, West
Bengal, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
01.06.1968 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
24.01.2014 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
ACYPG2191C |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
02840511 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Asis Mishra |
|
Designation : |
Company Secretary |
|
PAN No.: |
ADNPMO375L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 12.09.2014
|
Names of Shareholders |
No. of Shares |
|
Hemant Madhusudan Nerurkar |
1 |
|
Sandipan Sudhir Chakravortty |
1 |
|
Rajeev Ramesh Singal |
1 |
|
Jayanta Baidyanath Chakraborty |
1 |
|
Abhijit Kumar DIlip Sen |
1 |
|
Shyamal Sachidananda Chowdhary |
1 |
|
K. Kurien Verghese |
1 |
|
Tata Steel Limited |
68249993 |
|
Total |
68250000 |
Equity Share Break up (Percentage of Total Equity)
As on 12.09.2014
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in processing and distribution of steel products. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
||||
|
|
|
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Information Declined By The Management |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Intelligent Park, Building Alpha, Ist Floor, Plot No A2 M2 & N2, Block Ep & Gp, Sec- V, Salt Lake, Electronics Complex, Kolkata -700091, West Bengal, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AADFD5357J |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Follow Subsidiaries company : |
|
|
|
|
|
Holding Company : |
( L28112WB1920PLC003606) |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.10/- each |
Rs.750.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
68250000 |
Equity Shares |
Rs.10/- each |
Rs.682.500
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
682.500 |
682.500 |
682.500 |
|
(b) Reserves &
Surplus |
3770.854 |
3343.460 |
2932.368 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
4453.354 |
4025.960 |
3614.868 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
630.464 |
692.270 |
467.571 |
|
(b) Deferred tax
liabilities (Net) |
102.487 |
62.487 |
53.044 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
109.991 |
107.481 |
90.194 |
|
Total Non-current
Liabilities (3) |
842.942 |
862.238 |
610.809 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
16.043 |
0.000 |
|
(b) Trade payables |
1461.190 |
1065.927 |
1081.269 |
|
(c) Other current
liabilities |
505.551 |
347.360 |
309.994 |
|
(d) Short-term provisions |
94.179 |
45.867 |
45.868 |
|
Total Current Liabilities
(4) |
2060.920 |
1475.197 |
1437.131 |
|
|
|
|
|
|
TOTAL |
7357.216 |
6363.395 |
5662.808 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2882.124 |
1673.366 |
1674.728 |
|
(ii) Intangible Assets |
16.006 |
9.552 |
12.290 |
|
(iii) Capital
work-in-progress |
170.762 |
626.857 |
44.627 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
101.762 |
169.748 |
107.916 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
3170.654 |
2479.523 |
1839.561 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
110.354 |
541.197 |
629.814 |
|
(b) Inventories |
1654.694 |
1527.249 |
1483.654 |
|
(c) Trade receivables |
1903.213 |
1440.858 |
1360.429 |
|
(d) Cash and cash
equivalents |
200.339 |
221.764 |
186.306 |
|
(e) Short-term loans and
advances |
227.780 |
139.198 |
148.912 |
|
(f) Other current assets |
90.182 |
13.606 |
14.132 |
|
Total Current Assets |
4186.562 |
3883.872 |
3823.247 |
|
|
|
|
|
|
TOTAL |
7357.216 |
6363.395 |
5662.808 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
17227.003 |
16426.146 |
18642.684 |
|
|
Other Income |
35.244 |
28.626 |
34.715 |
|
|
TOTAL (A) |
17262.247 |
16454.772 |
18677.399 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
12464.636 |
11420.812 |
12776.517 |
|
|
Purchases of
Stock-in-Trade |
2125.492 |
2376.930 |
3215.798 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
2.919 |
120.826 |
(40.579) |
|
|
Employees benefits
expense |
475.171 |
442.164 |
414.975 |
|
|
Exceptional items |
(62.831) |
0.000 |
0.000 |
|
|
Expenditure on production, transportation and other expenditure pertaining to E&P activities |
(17.197) |
(16.439) |
(2.353) |
|
|
Other expenses |
1455.156 |
1312.243 |
1289.174 |
|
|
TOTAL (B) |
16443.346 |
15656.536 |
17653.532 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
818.901 |
798.236 |
1023.867 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
53.237 |
63.930 |
82.152 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
765.664 |
734.306 |
941.715 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
163.270 |
130.271 |
130.895 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
602.394 |
604.035 |
810.820 |
|
|
|
|
|
|
|
Less |
TAX (I) |
175.000 |
192.943 |
258.211 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-I) (J) |
427.394 |
411.092 |
552.609 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
0.626 |
0.602 |
0.81 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.48 |
2.50 |
2.96 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
4.75 |
4.86 |
5.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.38 |
10.53 |
14.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.15 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.14 |
0.18 |
0.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.03 |
2.63 |
2.66 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
682.500 |
682.500 |
682.500 |
|
Reserves & Surplus |
2932.368 |
3343.460 |
3770.854 |
|
Net worth |
3614.868 |
4025.960 |
4453.354 |
|
|
|
|
|
|
long-term borrowings |
467.571 |
692.270 |
630.464 |
|
Short term borrowings |
0.000 |
16.043 |
0.000 |
|
Total borrowings |
467.571 |
708.313 |
630.464 |
|
Debt/Equity ratio |
0.129 |
0.176 |
0.142 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
18642.684 |
16426.146 |
17227.003 |
|
|
|
(11.890) |
4.876 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
18642.684 |
16426.146 |
17227.003 |
|
Profit |
552.609 |
411.092 |
427.394 |
|
|
2.96% |
2.50% |
2.48% |
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 |
No |
|
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 |
No |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
LITIGATION DETAILS
CALCUTTA
HIGH COURT CASE STATUS INFORMATION SYSTEM
Case Status :
Pending
|
Status of COMPANY PETITIONS (CP) 430 of 2013 IN THE MATTER
OF: XENETIS INFOTECJ LTD Vs.
IN THE MATTER OF: TATA STEEL
PRECCESING Pet’s Adv.: OPP,
DIGNAM AND CO. Pet’s Adv.: OPP,
DIGNAM AND CO. Res’s Adv.: Court No. : 23
Last Listed On: Monday, April 06, 2015 Category: NO
CATEGORY MENTIONES
Case Update on: Thursday, April 02, 2015 |
OPERATIONS
During the year the economic slowdown and weak consumer sentiments severely restricted demand in the Automobile sector which directly impacted the Company’s business. Sales of domestic commercial vehicles and passenger vehicles, which constitute the major segment to which the Company supplies, declined by about 20% and 6 % respectively in 2013-14. Despite such difficult market conditions, both Tolling and Distribution volumes improved by almost 11% and 6% respectively over last year along with consequent increase in Turnover by around 5%. The company, on the Distribution front, increased business through the addition of over 60 new customers to its existing portfolio along with an increase in the share of business with major Vendor servicing (VSM) accounts. On the Tolling side, the increase was on account of the newly commissioned Slitter inside TSL Tubes Division in Jamshedpur, which went into operation in August, 2013. Overall margins continued to be under pressure, despite several productivity improvement and cost reduction initiatives, and the company’s EBITDA was lower by around 5% than the last fiscal. However, Exceptional Items (explained below) in the P&L Account contributed a net positive impact that enabled the company to maintain its PBT at last year’s level
Faridabad
and Pune Units achieved the highest ever Distribution and Tolling Volumes in
FY14. CR Processing unit at Jamshedpur achieved the highest ever annual
slitting production in FY14.
The Company has maintained its LT credit rating band of AA and ST credit rating at A1+ from ICRA.
The
Company continued to focus on Safety initiatives, closing the year with LTIFR
of 0.51 (Last year it was 0.32) and zero fatality. Pantnagar Plant continued to
be a Zero LTI Plant for the 5th consecutive year and received the Green Tech
safety award in Metal & Mining sector in FY14, besides being awarded with
OHSAS 18001 certification. The Bara and CR plants in Jamshedpur were also
re-certified for OHSAS 18001 safety system.
RECOGNITIONS &
AWARDS
The Company registered notable achievements and received accolades during the year. Some of them are enumerated below;-
- In the Tata Group Affirmative Action Assessment held in 2014, the Company has reached the prestigious 50-60 score band and has also won the Jury Award for Best Practices under Employability category (leading to Employment).
- TSPDL won the National Institute of Personnel Management National Award for Best HR Practices - 2013.
- The Panthnagar unit won three prestigious awards in 15th INSSAN (Indian National Suggestion Schemes Association) competition for Excellence.
- The Tada unit achieved SQEP recertification at gold level from Caterpillar for 2013.
MARKET CONDITIONS
Economy and outlook
for FY 15
India's Central Statistics Office (CSO) which had originally estimated a GDP growth of 4.9% for financial year 2013-14, later revised it down to 4.5% (the lowest in a decade) on account of subdued performance in agriculture, mining and manufacturing. In February, 2014, Index of Industrial Production (IIP), contracted to a nine-month low at -1.9% (month-on-month) versus 0.8% in the previous year. Importantly, manufacturing, which is 80% of total IIP, contracted -3.7%. Real GDP growth forecasts for 2014-15 and 2015-16 are 5.5% and 6% respectively as investment remains subdued. The lower growth forecasts for the coming two years are also based on the premise that monetary policy rates are likely to remain higher for a longer period in light of the Reserve Bank of India's strong resolve to bring down inflation.
Steel outlook for Fy15
The steel growth in Fy 14 was a mere 1%, which coupled with high inflation led to a liquidity squeeze. While the macro scenario in Fy15 would remain a concern, the Indian economy can be expected to show some momentum in late Fy15, once the policies of the new government start to take effect. The Indian ASU is expected to grow at a modest 4-5% in Fy15. However, steel prices are expected to be under significant supply-side pressure as ISP supplies are likely to grow by around 7% due to the ramp up of new projects in Fy15.
Automobile sector
For TSPDL, around 70% of the revenues come from the Automobile industry which grew by only 3.53% in FY14. Passenger car sales in India fell for the second consecutivefiscalended March 2014 with a 4.65% drop. Other than the 2-wheeler segment (up by 7.3%) all other segments like the M&HCV, LCV & 3-wheelers witnessed a drop in Fy14 as the auto industry continued to struggle in a sluggish economy. The industry is not expecting an immediate turnaround inspire of the cut in excise duty announced in the interim budget. It is expected that following the general elections, a stable government at the center will boost sales, with almost all the auto companies announcing new model launches in the Auto Expo in Jan 2014. Car sales in India are likely to rise marginally this fiscal year after two straight years of decline, spurred by quicker economic expansion and tax cuts under a new government, according to the Society of Indian Automobile Manufacturers (SIAM.
Other sectors:
The capital goods sector, which shrank by 2.5% compared to the previous year, is expected to benefit in Fy15 as there has been a recovery in new orders. Pace of order finalizations have witnessed major traction in February, 2014, led by big-ticket order finalizations in ports and power generation segments. This is expected to translate into renewed demand for steel in the latter half of the fiscal year.
India’s engineering industry, which accounts for 27 per cent of the total factories in the industrial sector has emerged as the largest contributor to the country’s total merchandise exports in FY14. Post-elections, capacity creation in sectors such as infrastructure, power, mining, oil and gas, refinery, steel, automotive, and consumer durables are expected to drive demand in the engineering sector.
The Construction Equipment sector in India has seen a major downturn in the FY14. The IIP for the Mining Sector, a major user industry, shrank by 1.1% over the previous year. However, industry expectations of recovery in the mining and infrastructure sectors post-elections, augurs well for the performance of the Construction Equipment industry in FY15. Major players like CAT, Terex, Telco, JCB, ECEL and BEML are eyeing a modest recovery of the ECE market in the FY15.
Steel Service Centre Competition
SSC competition has been growing ever since the increase in capacities by steel mills has been announced. More and more mill-aligned steel service centers are augmenting their capacities to gear up for the expansions of their principals.
POSCO has come up with their downstream plant at Maharashtra which would produce Galvanized products by Aug.14. Their present strategy is to tap the non-South Korean companies at very competitive price and add the South Korean companies like Hyundai, LG, and Samsung etc. to their list of customers once the Maharashtra plant becomes fully functional
With the auto sector demand shifting towards lower thickness and higher tensile steels, more and more SSCs are upgrading their processing Capabilities to align with future requirements.
Mahindra Intertrade has entered into a JV with China Steel Global Trading Corporation (Taiwan) & Mitsui & Co. (Singapore) to set up Automotive SSC in Chakan, Pune by FY 2015.
JSW has started work for setting up SSCs at Khed, near Pune, and Palwal, Haryana in joint veture with Marubeni Itochu Steel Tokyo (MISI).
Caution Statement:
Statements included in this section (MARKET CONDITIONS) are forward looking predictions. However, emerging factors unknown at the moment and over which the Company does not have any control, may cause significant difference to the Company’s operations.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Term Loans from Others |
29.591 |
53.615 |
|
Deferred payment liabilities |
25.628 |
0.000 |
|
Total |
55.219 |
53.615 |
INDEX
OF CHARGES
|
S.No. |
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address |
Service
Request Number (SRN) |
|
1 |
10488611 |
26/03/2014 |
750,000,000.00 |
STATE
BANK OF INDIA |
STATE
BANK OF INDIA, 2ND FLOOR, 34, JAWAHAR LAL NEHRU ROAD,, KOLKATA, West Bengal -
700071, INDIA |
C03158797 |
|
2 |
10419733 |
22/03/2013 |
440,000,000.00 |
Commonwealth
Bank of Australia |
LEVEL
2, HOECHST HOUSE, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B73202079 |
|
3 |
10230532 |
06/07/2010 |
350,000,000.00 |
STATE
BANK OF INDIA |
CORPORATE
ACCOUNTS GROUP BRANCH, KOLKATA, RELIANCE HOUSE, 2ND FLOOR,34,JAWAHARLAL NEHRU
ROAD, KOLKA |
A90436544 |
|
4 |
10230534 |
06/07/2010 |
1,310,000,000.00 |
STATE
BANK OF INDIA |
CORPORATE
ACCOUNTS GROUP BRANCH, KOLKATA, RELIANCE HOUSE, 2ND FLOOR,34,JAWAHARLAL NEHRU
ROAD, KOLKA |
A90438664 |
|
5 |
90247859 |
14/10/2006
* |
2,110,800,000.00 |
STATE
BANK OF INDIA |
COMMERCIAL
BRANCH, 24, PARK STREET, KOLKATA, West Bengal - 700016, INDIA |
- |
|
6 |
80018341 |
30/08/2008
* |
3,578,200,000.00 |
STATE
BANK OF INDIA |
COMMERCIAL
BRANCH, KOLKATA, 24, PARK STREET, KOLK |
A45510757 |
* Date of charge modification
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Factory equipment’s
- Furniture and fixtures
- Vehicles
- Office equipment
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 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.62.37 |
|
|
1 |
Rs.91.60 |
|
Euro |
1 |
Rs.66.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
KAM |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
GTA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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.