MIRA INFORM REPORT
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Report No. : |
338137 |
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Report Date : |
22.08.2015 |
IDENTIFICATION DETAILS
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Name : |
TATA INTERNATIONAL LIMITED |
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Registered
Office : |
7th Floor, Trent House, G -Block, Plot No. C-60, Beside
Citi Bank, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra |
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Tel. No.: |
91-22-66652200-10 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
30.11.1962 |
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Com. Reg. No.: |
11-012528 |
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Capital
Investment / Paid-up Capital : |
Rs.401.000 Million |
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CIN No.: [Company Identification
No.] |
U51900MH1962PLC012528 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT10815A |
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PAN No.: [Permanent Account No.] |
AAACT3198F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacture and Seller of Leather and Leather Products, Trading in Commodities and Footwear Retail. |
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No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (57) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 14000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Promoted by “Tata Group” in 1962, Tata International Limited (TIL)
currently operates under five divisions. It is a well-established and reputed
company having fine track. The company reported an operating income and net profit of
Rs.15050.235 Million and Rs.181.682 Million respectively in FY 2014 as
against an operating income and net loss of Rs.12074.477 Million and
Rs.(61.281) Million respectively FY2013. Rating take consideration on company strong support from the Tata
group which provide strong financial flexibility. Rating are constrained by the company’s risk of foreign currency
fluctuation impacting the profitability. However, trade relations are reported to be fair. Business is active.
Payment terms are reported to be regular and as per commitment. In view of experience promoters, the company can be considered for
normal business dealings at usual trade terms and condition. |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
Non-Convertible Debenture A+ |
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Rating Explanation |
Have adequate degree of safety and carry low credit risk. |
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Date |
September 2014 |
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Rating Agency Name |
ICRA |
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Rating |
Non-fund based limits A1+ |
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Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
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Date |
September 2014 |
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
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Mr. Siva Kumar |
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Designation : |
Accountant and Finance Head |
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Contact No.: |
91-22-66652200 |
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Date : |
20.08.2015 |
LOCATIONS
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Registered Office/ Corporate office : |
7th Floor, Trent House, G -Block, Plot No. C-60, Beside Citi Bank,
Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
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Tel. No.: |
91-22-66652200-10 |
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Fax No.: |
91-22-66612836 |
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E-Mail : |
ajay.ponkse@tatainternational.com corporate@telmumablk.globalnet.ems.vsnl.net.in mdeshmukh@tatainternational.com |
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Website : |
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Representative
Office : |
Tata Centre, 43, Chowringhee
Road, Kolkata, West Bengal, India |
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Factory 1 / Leather
and Leather Products Business Unit: |
No. 15, Mechano Industrial Estate, Vellappanchavadi, Chennai - 600077,
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Tel. No.: |
91-44-66362500 / 10 |
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Fax No.: |
91-44-66362522 |
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E-Mail : |
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Factory 2 : |
Industrial Area, Agra Mumbai Road, Dewas - 455001, Madhya Pradesh,
India |
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Tel. No.: |
91-7272-258900 / 04 / 425500 |
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Fax No. ( |
91-7272-258150 / 258271 |
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Fax No. (LFB
Marketing) : |
91-7272-258914 |
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Fax No. (LGB
Marketing) : |
91-7272-258574 |
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Fax No. (Ladies FW
Plant) : |
91-7272-400161 |
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Engineering
Business Unit: |
Located
at
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Overseas
Offices: |
Located at
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DIRECTORS
As on 30.09.2014
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Name : |
Mr. Homiar Sorabji Vachha |
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Designation : |
Director |
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Address : |
Flat No. 9, Naoroji House, Naigaum Cross Road, Dadar, Mumbai – 400014, Maharashtra, India |
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Date of Birth/Age : |
23.04.1942 |
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Qualification : |
MA, Phd (Economics) |
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Date of Appointment : |
08.09.2014 |
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DIN No.: |
00016610 |
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Other Directorship:
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Name : |
Mr. Piyush G. Mankad |
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Designation : |
Director |
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Address : |
P-161, ATS Greens Village, Sector 93-A, Expressway Noida - 201301, Uttar Pradesh, India |
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Date of Birth/Age : |
18.11.1941 |
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Qualification : |
MA, IAS (Retd) |
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Date of Appointment : |
08.09.2014 |
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DIN No.: |
00005001 |
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Name : |
Mr. Arun Kumar Vora |
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Designation : |
Director |
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Address : |
S-2, 3rd Floor, Orchid Apartments, 161, 5th Main, Defence Colony, Indira Nagar, Bangalore – 560038, Karnataka, India |
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Date of Birth/Age : |
14.08.1941 |
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Qualification : |
BE (Mechanical), PG Industrial engineering (UK) |
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Date of Appointment : |
08.09.2014 |
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DIN No.: |
00191774 |
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Other Directorship:
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Name : |
Mr. Noel Naval Tata |
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Designation : |
Managing Director |
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Address : |
Windmere, Cuffe Parade Colaba, Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
12.11.1956 |
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Qualification : |
Graduate from Sussex (UK) |
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Date of Appointment : |
26.08.2010 |
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DIN No.: |
00024713 |
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Name : |
Mr. Ramakrishnan Mukundan |
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Designation : |
Director |
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Address : |
9, Swastik Building Plot 151 Major Parmesh Waran Road, Wadala, Mumbai – 400031, Maharashtra, India |
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Date of Birth/Age : |
19.09.1966 |
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Qualification : |
BE (Electrical), MBA |
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Date of Appointment : |
26.08.2010 |
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DIN No.: |
00778253 |
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Other Directorship:
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Name : |
Mr. Ravindra Narayan Pisharody |
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Designation : |
Director |
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Address : |
Hill Park Building No.-1, Flat No. 9, 2nd Floor, AG Bell Road, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
24.11.1955 |
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Qualification : |
B.Tech (Electronics IIT), PGDM IIM) |
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Date of Appointment : |
26.08.2010 |
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DIN No.: |
01875848 |
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Other Directorship:
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KEY EXECUTIVES
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Name : |
Mr. Ajay
Murlidhar Ponkshe |
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Designation : |
Company Secretary
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Address : |
Flat No. 3, 1st
Floor, Yashodan, Sahayog Mandir Path, Naupada, Thane – 400 601, |
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Date of Birth/Age : |
27.02.1960 |
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Date of Appointment : |
20.07.2007 |
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PAN No.: |
AAEPP6047Q |
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Name : |
Mr. Siva Kumar |
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Designation : |
Accountant and Finance Head |
MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
|
Tata Motors Limited, India |
50000 |
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Tata Chemicals Limited, India |
48000 |
|
Voltas Limited, India |
10000 |
|
Tata Sons Limited, India |
167400 |
|
Tata Industries Limited, India |
17122 |
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Trent Limited, India |
3000 |
|
Ewart Investments Limited, India |
25000 |
|
Tifco Holdings Limited, India |
8000 |
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Tata Steel Limited, India |
28616 |
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Shapoor Pallonji Mistry |
200 |
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Cyrus Pallonji Mistry |
200 |
|
Sheba Properties Limited, India |
19350 |
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Af-Taab Investment Company Limited, India |
20500 |
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Simone Naval Tata |
112 |
|
Chemical Terminal Trombay Limited, India |
3500 |
|
Total |
401000 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
99.87 |
|
Other |
0.13 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture and Seller of Leather and Leather Products,
Trading in Commodities and Footwear Retail. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products: |
Leather Products |
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Countries : |
·
European countries ·
Hong Kong ·
China |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash / L/C / Cheque / Credit |
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Purchasing : |
Cash / L/C / Cheque / Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
2000 (Approximately) |
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Bankers : |
· State Bank of India, Overseas Branch, World Trade Centre, Cuffe Parade, Mumbai - 400005, Maharashtra, India
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Facilities : |
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Financial Institution: |
Housing Development Finance Corporation Limited, Ramon House, H T
Parekh Marge, 169, Backbay Reclamation, Churchgate, Mumbai - 400020,
Maharashtra, India |
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Dr. Annie Besant Road, Shivsagar Estates, Worli, Mumbai – 400018,
Maharashtra, India |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679100 |
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PAN No.: |
AACFD4815A |
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Holding Company : |
Tata Sons Limited |
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Subsidiaries : |
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Associates |
Tata Ceramics Limited CIN No.: U26933KL1991PLC006018 |
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Joint Venture |
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Fellow Subsidiaries |
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CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700000 |
Equity Shares |
Rs.1000/- each |
Rs.700.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
401000 |
Equity Shares |
Rs.1000/-
each |
Rs.401.000
Million |
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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 |
401.000 |
401.000 |
401.000 |
|
(b) Reserves & Surplus |
4579.864 |
4504.298 |
4565.579 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4980.864 |
4905.298 |
4966.579 |
|
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|
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(3)
Non-Current Liabilities |
|
|
|
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(a) long-term borrowings |
2814.078 |
2894.725 |
2950.184 |
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(b) Deferred tax liabilities (Net) |
0.000 |
44.540 |
0.000 |
|
(c) Other long term
liabilities |
21.044 |
146.979 |
139.03 |
|
(d) long-term
provisions |
61.227 |
59.319 |
55.054 |
|
Total Non-current
Liabilities (3) |
2896.349 |
3145.563 |
3144.268 |
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
3541.264 |
2343.883 |
3132.172 |
|
(b) Trade
payables |
2633.282 |
1960.331 |
1707.192 |
|
(c) Other
current liabilities |
254.865 |
205.370 |
476.773 |
|
(d) Short-term
provisions |
629.141 |
522.867 |
514.112 |
|
Total Current
Liabilities (4) |
7058.552 |
5032.451 |
5830.249 |
|
|
|
|
|
|
TOTAL |
14935.765 |
13083.312 |
13941.096 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1203.758 |
1313.191 |
1239.114 |
|
(ii)
Intangible Assets |
5.189 |
7.368 |
15.044 |
|
(iii)
Capital work-in-progress |
5.147 |
6.780 |
141.978 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
6766.991 |
6671.991 |
5267.432 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
7.467 |
|
(d) Long-term Loan and Advances |
775.360 |
857.838 |
796.606 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
8756.445 |
8857.168 |
7467.641 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
365.254 |
133.989 |
2,071.09 |
|
(b)
Inventories |
1795.679 |
1516.450 |
2003.286 |
|
(c) Trade
receivables |
2241.097 |
1584.052 |
1406.882 |
|
(d) Cash
and cash equivalents |
115.047 |
109.357 |
329.052 |
|
(e)
Short-term loans and advances |
1143.579 |
853.000 |
591.335 |
|
(f) Other
current assets |
518.664 |
29.296 |
71.808 |
|
Total
Current Assets |
6179.320 |
4226.144 |
6473.455 |
|
|
|
|
|
|
TOTAL |
14935.765 |
13083.312 |
13941.096 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
14103.473 |
11483.143 |
9937.509 |
|
|
|
Other Income |
946.762 |
591.334 |
251.978 |
|
|
|
TOTAL (A) |
15050.235 |
12074.477 |
10189.487 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
6183.492 |
5496.743 |
3919.240 |
|
|
|
Purchase of Stock-in-trade |
4117.809 |
2618.965 |
3237.432 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(238.585) |
87.152 |
(12.355) |
|
|
|
Employee Benefits Expenses |
850.839 |
755.923 |
651.359 |
|
|
|
Other Expenses |
3403.545 |
2775.055 |
2778.821 |
|
|
|
TOTAL (B) |
14317.100 |
11733.838 |
10574.497 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
733.135 |
340.639 |
(385.010) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
342.953 |
290.562 |
402.055 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
390.182 |
50.077 |
(787.065) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
182.948 |
176.286 |
181.630 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL
ITEMS |
69.862 |
183.383 |
1373.897 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
277.096 |
57.174 |
405.202 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
95.414 |
118.455 |
21.492 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
181.682 |
(61.281) |
383.710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
453.07 |
(152.82) |
1081.00 |
|
|
Particulars |
|
|
31.03.2015 (Audited) |
|
Sales Turnover (Approximately) |
|
|
15907.500 |
Expected Sales 2015-2016 : Rs. 18000.000 Million
The above information has been parted by Mr. Siva Kumar
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
116.651 |
76.473 |
65.867 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operation |
(685.377) |
24.143 |
(1276.638) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.29 |
(0.53) |
3.86 |
|
|
|
|
|
|
|
Operating Profit Margin (PBITD/Sales) |
(%) |
5.20 |
2.97 |
(3.87) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.39 |
0.89 |
4.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.01 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.29 |
1.08 |
1.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.88 |
0.84 |
1.11 |
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 |
401.000 |
401.000 |
401.000 |
|
Reserves & Surplus |
4565.579 |
4504.298 |
4579.864 |
|
Net
worth |
4966.579 |
4905.298 |
4980.864 |
|
|
|
|
|
|
long-term borrowings |
2950.184 |
2894.725 |
2814.078 |
|
Short term borrowings |
3132.172 |
2343.883 |
3541.264 |
|
Current maturities of
long-term debts |
65.867 |
76.473 |
116.651 |
|
Total
borrowings |
6421.209 |
5315.081 |
6199.007 |
|
Debt/Equity
ratio |
1.289 |
1.084 |
1.248 |
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 |
9937.509 |
11483.143 |
14103.473 |
|
|
|
15.554 |
22.819 |
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 |
9937.509 |
11483.143 |
14103.473 |
|
Profit |
383.710 |
(61.281) |
181.682 |
|
|
3.86% |
(0.53%) |
1.29% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
Yes |
|
8] |
Designation of contact person |
Yes |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
Yes |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
Yes |
|
19] |
Major customers |
Yes |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
Yes |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
Yes |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
Yes |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION
DETAILS:
|
CASE DETAILS BENCH:-BOMBAY
|
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Long Term Borrowings |
|
|
|
Non-convertible debentures |
2450.000 |
2450.000 |
|
Short Term Borrowings |
|
|
|
Other loans and advances |
1291.350 |
477.184 |
|
|
|
|
|
Total |
3741.350 |
2927.184 |
OPERATING PERFORMANCE
The year 2013-14
continued to be a year full of challenges and opportunities for the Company.
The Company on a stand-alone basis achieved an operating revenue of Rs.1410.000
Million (previous year: Rs. 1148.000 Million) registering a growth of 23%. The
Company has for the first time in its history crossed Rs.10000.000 Million
turnover (US$ 1.7 billion) at a consolidated level.
The Company
continues to pursue various improvement initiatives identified and initiated.
Given below is a detailed analysis of the operations of the Company during the
year 2013-14.
FASHION AND
PERFORMANCE LEATHER BUSINESS
During the year, the
Fashion Leather business was re-structured under distinct animal categories -
goat, sheet and bovine. These ‘sub-verticals’ have helped rationalize the
operations with distinct focus on processes, productivity and costs. To ensure
employee participation and workforce commitment, the improvement initiatives
were branded as ‘Parivartan’. The agenda is to improve internal efficiencies in
planning, productivity and manufacturing. The focus would be on improving
volumes by exploring new markets and product segments. The Business would also
be venturing into manufacture of sheep gloving which would help generate
healthy margins.
ENGINEERING BUSINESS
The business achieved a turnover of Rs.3540.000 Million (2011-12: Rs.3520.000 Million). During the year the Company has entered into long term agreements with key vendors of repute for certain of their products for distribution in Africa and other regions. These initiatives would not only provide sustainability to the business, but would also increase the reach in the market and improve the overall performance.
Footwear Business
The year 2013-14
has been an year of consolidation and new opportunities for the footwear
business. The footwear business in Dewas and Chennai has been able to build on
a strong foundation and is poised to reap the benefits in the coming years. The
new manufacturing unit has laid the foundation for a robust production in
2014-2015 by setting up required systems/ completing customer audits etc. The
Dewas unit has increased its topline by 62% and reduced the losses by 51%. The
unit is poised for a turnaround in 2014-2015.
During the year
the Division has laid the groundwork for tapping new markets in USA and
Australia. The Division has entered into a Memorandum of Understanding with
Fenelli, a regular customer, for 3 years which involves assured production of
0.350 Million pairs of shoes during 2014-15 increasing to 0.500 Million pairs
by 2017-18. A similar understanding was reached with Bugatti to produce 0.500
Million pairs of shoes per annum from 2015-16. The division would focus on
improving production through skill development across its workforce and
strengthen employee engagement.
INDEX OF CHARGE:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10410416 |
13/03/2013 |
1,728,000,000.00 |
ICICI BANK LIMITED |
9 RAFFLES PLACE, # 50-01, REPUBLIC PLAZA, SINGAPORE, - 048619,
SINGAPORE |
B70296835 |
|
2 |
10310769 |
13/01/2012 * |
300,000,000.00 |
ICICI BANK LIMITED |
LANDMARK, RACE COURSE CIRCLE, VADODARA, Gujarat - 390007, INDIA |
B30233704 |
|
3 |
10278701 |
18/04/2011 * |
250,000,000.00 |
FirstRand Bank Limited |
5th Floor, Mistry Bhawan, 122 Dinsha Vachha Road, Churchgate, Mumbai,
Maharashtra - 400020, INDIA |
B10474450 |
|
4 |
10250870 |
08/12/2010 * |
192,600,000.00 |
State Bank of India |
Industrial Finance Branch, No.155, Anna Salai, Chennai, Tamil Nadu -
600002, INDIA |
B02395317 |
|
5 |
90241691 |
16/12/2005 |
4,500,000,000.00 |
ICICI BANK LTD |
ICICI TOWERS BANDRA KURLA COMPLEX, mumbai, Maharashtra - 400051, INDIA |
- |
|
6 |
80055797 |
28/04/2011 * |
5,100,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, NEVILLE HOUSE, B |
B12936837 |
|
7 |
90240961 |
20/10/2005 * |
3,020,000,000.00 |
STATE BANK OF INDIA` |
OVERSEAS BR.; WORLD TRADE CENTRE POST BOX NO 16094, CUFFE PARADE, mumbai,
Maharashtra - 400001, INDIA |
- |
|
8 |
90282277 |
05/08/2000 |
9,000,000.00 |
STANDARD CHARTERED BANK |
58; ARMENIAN STREET, CHENNAI, Tamil Nadu - 600001, |
- |
|
9 |
90282216 |
22/07/2004 * |
20,000,000.00 |
STANDARD CHARTERED BANK |
19; RAJAJI SALAI, CHENNAI, Tamil Nadu - 600001, INDIA |
- |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Furniture and Fixture
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
NEWS:
MINERALS BUSINESS CROSSES 1 MILLION MT MILESTONE IN Q2
Tata International’s Minerals business has crossed the milestone
of one million metric tonnes of traded coal for the second successive quarter
of FY 2014-15. Minerals trading is one of the core businesses of Tata
International. The business is currently focused on coal supplied to customers
in India and China, sourced from Indonesia and South Africa.
The business continues to register healthy growth in volumes based
on the inroads made with customers in India and strengthened sourcing
arrangements. Key clients for this business are in the power, cement, steel and
sponge iron sectors.
The business also operates trading desks for ores, including iron
and manganese, ferroalloys and base metals.
TATA
INTERNATIONAL LIMITED FORMS A STRATEGIC ALLIANCE WITH BARON LEATHER PVT. LTD
Tata International Limited (TIL) today announced the formation of
a tie up with Baron Leather Pvt. Ltd. to conceptualize and produce 100%
indigenous upholstery leathers at the facilities of TIL. The alliance structure
provides both parties with an exceptionally strong partnership for a select
range of products targeted at the Indian market. Operating this new business
model in India allows both the businesses to get close to their potential
clients, while providing deeper insights into brand development opportunities.
The partnership also reinforces the commitment to manufacture
superior quality leathers at economic price range. Located at Dewas near
Indore, Tata International`s state of the art tannery spreads over 100 acres
with over 1200 employees and an estimated production capacity of 2 million
square feet per month will be utilized for processing leathers. Italian
technology backed with Indian craftsmen will control the entire leather making
process.
TIL has thirty years of experience in manufacturing leather,
specifically for major brands globally as well as the Indian market.
Commenting on the partnership, Mr. Chris Hansen, Global Head –
Finished Leather Business at Tata International Limited said ”We are very excited to make this
announcement. We look forward to a successful partnership with Baron Leather in
addressing the upholstery leather market in India, which offers a meaningful
opportunity. This is consistent with Tata International’s focus on growing its
presence in leather trade in domestic and international markets. This
partnership will definitely make India self-reliant in superior upholstery
leather manufacturing”.
Baron Leather Pvt. Ltd, founded in 1989 by its CMD - Mr. Bijal
Maniar and Priti Maniar, Executive Director of Baron Leather, is the first
Indian brand to have pioneered the trend of using fashionable leathers for
upholstery purposes elevating the application of leather to new heights. Baron
Leather also played a pivotal role in transforming the America focused interior
design leather industry into accepting an Indian brand and establishing it
globally.Remarking on the establishment of this important new strategic
partnership, Mr. Bijal Maniar, CMD Baron Leather Pvt. Ltd said. ”We
believe that we have found, in Tata International, a truly remarkable partner
who is equally dedicated to the success, growth and prosperity of our shared
objectives. Empowering India in overall upholstery leather manufacturing was
always my dream and what best way than tying up with Tata International
Limited. We will start with one of our basic collections and it’s indeed a
matter of pride that we are self-sufficient now and it can be called 100%
Indian.”
About Tata
International:
Tata International Limited [TIL], is the global trading and
distribution company of the Tata group. Established in 1962, TIL’s key business
lines are leather and leather products, metals trading, minerals trading,
distribution (auto and allied) and agri trading. The company operates through
its network of offices and subsidiaries across 38 countries, spanning Africa,
Europe, Middle East, Latin America and Asia and has spearheaded forays into new
geographies for the group. Besides, TIL has been a forerunner of the Indian
industry in Africa.
Over the years, TIL has formed strong strategic alliances and
partnerships that have reinforced its role in international trade and business.
With a turnover of USD 1.2 billion (2012-13), the company is supported by about
7500+ strong employee base.
The company is deeply committed to being a proactive and
responsible member of the community and the environment in which it operates.
Stringent goals for the reduction of our carbon footprint and greenhouse gases in
the leather plant and other facilities, coupled with initiatives for empowering
local communities in equal measure, drives the company's long term
sustainability agenda. Winner of several prestigious national awards and
International certifications for Environment and Quality, it is also a
signatory to the UN Global Compact.
About Baron
Leather Pvt. Ltd:
Baron Leather was founded in 1989 in Mumbai with a vision to
establish an Indian brand on the global map with superior quality products in
the leather industry. Baron has an in house Design team for continuous research
& development of fashion on leathers, which has played an important role in
establishing the company in the global platform with a commanding position and
the only brand in Asia. Their product portfolio comprises of over 400 products
in more than 800 colors, the company offers a diversified range of fashionable
leathers used for residential, commercial, automobile, aircraft, yachts
purposes and has been a pioneer to launch leather floor/ wall tiles in India.
Baron today has successfully formed a robust network worldwide,
with over 200 sales representatives along with 3500 hi-end interior designers
globally on board to create and market their exclusive designs and various
finishes on leathers. Baron leathers are on display for retail sales in close
to 35 showrooms globally. The company is supported by about 100 dedicated
employees at the Head Quarter in Mumbai. The customer base for Baron Leather
includes channel partnership with the top most respected brands in the USA, UK,
Asia- Pacific, Middle East, Russia, & Australia, New Zealand.
The company has strategic partnerships with tanneries in Italy,
Germany that have been developed over the last 15 years to create an extensive
collection of superior leathers manufactured as per Baron’s recipe and designs,
all such leathers are stocked at their own facility in Mumbai, Delhi, Bangalore
and Ahmedabad.
TATA INTERNATIONAL APPOINTS EX-HOME SECY G K PILLAI AS ITS CHAIRMAN
Tata International Ltd, the global trading and distribution arm of the Tata group, today appointed former Union Home Secretary G K Pillai as its Chairman.
Pillai succeeds B Muthuraman, who retires today after 48 years of association with the Tata group.
The new chairman's appointment is with effect from September 26, 2014, Tata International Ltd (TIL) said in a statement.
Before becoming Home Secretary, Pillai also held the posts of Commerce Secretary and Secretary of the Department of Justice in the Ministry of Law & Justice.
As Special Secretary in the Commerce Ministry, he was India's Chief negotiator at the WTO.
Belonging to the Kerala cadre of the Indian Administrative Service (1972 batch) Pillai has held various positions in his cadre and at the centre.
He is also Chairman of IvyCap Ventures and serves on the boards of several companies, including Hindustan Petroleum Corporation Ltd and the Data Security Council of India.
Established in 1962, TIL's key business verticals are leather and leather products, metals trading, minerals trading, distribution (auto and allied) and agri trading with a presence in manufacturing and supply chain integration in select businesses.
It has presence in 40 countries, spanning Africa, Europe,
Middle East, Latin America and Asia and has spearheaded forays into new
geographies for the group. It had a turnover of USD 1.7 billion in 2013-14 and
employs about 10,000 people.
TATA INTERNATIONAL RAISES SGD 150 MILLION IN FIRST PERPETUAL BOND SALE
The global trading arm of the over USD 103 billion Tata Group, Tata International, has raised 150 million Singapore dollars in an overseas bond sale, priced at 6.65 per cent.
This is the first-ever perpetual bond issuance in the Singapore debt market by a domestic company, as also the largest sole-advisor led transaction from country in recent years, according to the merchant banker HSBC.
The issue got close to seven times over-subscription, enabling the company to tighten pricing to 6.65 per cent, HSBC said.
The company could not be immediately contacted for a comment.
TATA INTERNATIONAL TO RAMP UP FOOTWEAR PRODUCTION AT DEWAS PLANT
Leather products major Tata International Ltd (TIL) is working on a plan to raise the production capacity of its Dewas plant near Indore to Rs.2.500 Million pairs of footwear in the next three years, a top executive said here on Tuesday.
"At present, we are making seven lakh pairs of footwear in our Dewas plant and in the next three years we are working on a plan to raise this capacity to Rs.2.500 Million pairs," TIL assistant vice president and business head (footwear global business) N Mohan told reporters.
He said that this scheme will generate employment for 4,000 people and the company will give preference to rural
women.
Mr Mohan also informed that the TIL has submitted a proposal to the state government to develop "Shoe City" in Dewas district wherein ancillary units for manufacturing upper part of shoes, soles and packaging will be set up.
NOEL TATA DOES A
TRENT AT TATA INTERNATIONAL
Noel Tata, who built Trent into a Rs 1000 crore company and launched a slew of brands such as Sisley and Zara in India, is looking at launching global brands in Tata International, the exports and trading arm of Tata Group which he heads.
Tata International Wolverine Brands, a joint venture between Tata International and US-based Wolverine World Wide, plans to launch more brands from Wolverine’s portfolio in India.
"We have a pipeline of brands. We will launch more brands when the JV is ready to absorb additional brands," said Sanjay Mehra, Managing Director of Tata International Wolverine Brands.
Wolverine World Wide has 16 brands under it and those include Bates, Harley-Davidson Footwear, Cat, Hush Puppies among others. " We will not launch Hush Puppies which is currently managed by Bata," Mehra said.
The JV launched apparel, footwear and accessories under the premium brand 'Cat' from Wolverine stable on Friday and looking to launch another brand in the next 3-4 months.
"The next brand will also have products for head to
toe," Mehra said.
In April last year, Tata International entered into a joint venture with NYSE
listed Wolverine Worldwide. The 50:50 JV will also had an arrangement with
another Tata group firm, Trent Ltd, which operates lifestyle chain Westside.
Noel Tata was managing director of Trent before taking over as MD of Tata International in July 2010.
Tata had successfully launched Zara in India with a JV with Spain’s Inditex group and followed it up with JV announcement with the same group for Massimo Dutti stores. Tata was also instrumental in getting a franchisee agreement with UK’s Tesco to provide back end support to Trent’s Star Bazaar stores.
However, Trent’s venture with Italy’s Benetton Group to open and run Sisley stores in India did not see desired success as the former started winding down the stores last year.
Tata’s stint at Tata International and Trent have similarities. After he joined Tata International, the company ventured into footwear retailing under the ‘Tashi’ brand. Tata International acquired 76 per cent stake each in Bachi Shoes India (BSIPL) and Euro Shoe Components (ESCPL) in late 2010. In 2011, the company acquired 51 per cent stake in Portugal’s Move-on shoes.
However, Tata International had to scale down its footwear retailing venture as most of the stores were rendered commercially unviable.
“Tata has hands on approach in retail and good understanding of global brands. But it is conservative and that’s why the scale and size of Trent and Tata International has not been commensurate with Tata group’s size and scale," said Arvind Singhal, chairman of Technopak Advisors, a retail consultant.
Meanwhile, Tata-Wolverine JV has already opened some pilot locations and is looking to launch Cat stores in the next two months, Mehra said. The stores will have a size of 800 to 1200 sq ft size and the combine will evolve from there. The JV has targeted 10-15 top cities to open stores, he said.
The combine is also looking at opening shop-in-shops in department stores, he said. The JV has already done pilot launch in Westside stores and is in active negotiations with three to four department stores, he said.
"CAT will be a profitable brand in the mid term," Mehra said. Cat's price will range from Rs 3000 to Rs 10,000 in footwear and T Shirts will be available for Rs 900 and jackets will be sold for Rs 3000 to Rs 4000 a piece, he said.
For the industry perception that Cat is not widely known in India and the JV could find it difficult to scale up, Mehra said: "Customer studies have found that the brand is well known and even retailers are bullish about opening Cat stores. "There is no direct competition in the segment and we have got very positive response," he said
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. 65.83 |
|
|
1 |
Rs. 103.38 |
|
Euro |
1 |
Rs. 74.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
57 |
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.