MIRA INFORM REPORT
|
Report No. : |
339207 |
|
Report Date : |
31.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
TATA BLUE STEEL LIMITED (w.e.f.12.06.2006) |
|
|
|
|
Formerly Known
As : |
BLUESCOPE STEEL BUILDING SOLUTIONS LIMITED (w.e.f. 05.06.2006) BLUESCOPE STEEL BUILDING SOLUTIONS PRIVATE LIMITED |
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|
|
|
Registered
Office : |
Metropolitan, Final Plot No. 27, Survey No. 21, Wakdewadi,
Shivajinagar, Pune - 411005, Maharashtra |
|
Tel. No.: |
91-20-66218000 |
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|
|
|
Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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|
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Date of
Incorporation : |
09.02.2005 |
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Com. Reg. No.: |
11-020270 |
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Capital
Investment / Paid-up Capital : |
Rs.8660.000 Millions |
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|
|
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CIN No.: [Company Identification
No.] |
U45209PN2005PLC020270 |
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|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEB04230C |
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|
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PAN No.: [Permanent Account No.] |
AACCB5628E |
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|
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in the supply of pre-engineered
buildings / building solutions. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
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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|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
TBSL is a 50:50 joint venture (JV) between Tata Steel and BlueScope
Steel, Australia. The company operates in the field of coated steel, steel building
solutions and building products in the South Asian Association for Regional
Cooperation (SAARC) region. Subject is an established company having satisfactory track record. The company have reported accumulated losses over past few years. Rating
is constrained on relatively low operating margins and weak debt coverage
indicators. However, the ratings strength on strong promoters, technological,
operational and financial support received from them and diversification of
TBL’s revenue stream. 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 support of promoters and group company, the company
can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
CARE |
|
Rating |
Long term bank facilities: “BBB+” |
|
Rating Explanation |
Have moderate degree of safety and carry
moderate credit risk. |
|
Date |
31.12.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A2” |
|
Rating Explanation |
Have strong degree of safety and carry low
credit risk. |
|
Date |
31.12.2014 |
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 DENIED
Management non co-operative (Tel. 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
distribution@tatabluescopesteel.com
|
|
Website : |
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Building Solutions Division : |
Survey No. 247 and 250, Hinjewadi, Phase II, Taluka, Mulshi, Pune -
411057, Maharashtra, India |
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Tel. No.: |
91-20-66742000 |
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Fax No.: |
91-20-66742001 |
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E-Mail : |
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Regional Sales
Offices : |
Located at: · Gurgaon · Chennai · Mumbai · Kolkata |
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Factory : |
BP Plant JSR, Adityapur, Adityapur Industrial Area Road, P.O. – Gamharia, Jamshedpur – 832108, Jharkhand, India |
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|
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Manufacturing
Plants – India : |
Located at: · Bhiwadi · Sriperumbudur · Hinjewadi · Jamshedpur |
DIRECTORS
As on 11.09.2014
|
Name : |
Mr. Anand Sirsirkumar Sen |
|
Designation : |
Director |
|
Address : |
Beldih House, Sakchi Boulevard Road, Northern Town, Bistupur,
Jamshedpur, 831001, Jharkhand, India |
|
Date of Birth/Age : |
17.09.1959 |
|
Qualification : |
Postgraduate Diploma in Business Management |
|
Date of Appointment : |
30.05.2006 |
|
DIN No.: |
00237914 |
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|
|
|
Name : |
Samita Jigar Shah |
|
Designation : |
Director |
|
Address : |
I-13, Plot-85, I Maker Tower, G D Somani Marg, Cuffe Parade, Mumbai -
400005, Maharashtra, India |
|
Date of Birth/Age : |
02.02.1971 |
|
Date of Appointment : |
11.09.2014 |
|
DIN No. : |
02350176 |
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|
|
|
Name : |
Mr. Sanjay Raghbir Dayal |
|
Designation : |
Chairman |
|
Address : |
9 Cooke Street, Sandringham, Vic Australia, 3191, Australia |
|
Date of Birth/Age : |
27.09.1957 |
|
Qualification : |
B. E. Chemical |
|
Date of Appointment : |
31.10.2008 |
|
DIN No.: |
02506378 |
|
|
|
|
Name : |
Mr. Sharbel Raymond Elias |
|
Designation : |
Director |
|
Address : |
8 Mia Close, Reservoir, Melbourne Vic, 3073, Australia |
|
Date of Birth/Age : |
25.07.1968 |
|
Qualification : |
BA Accounting, ACA |
|
Date of Appointment : |
24.07.2009 |
|
DIN No.: |
02797935 |
|
|
|
|
Name : |
Mr. Atul Gogna |
|
Designation : |
Director |
|
Address : |
9 Tanjong Rhu Road, #04-03 Singapore, 436894 |
|
Date of Birth/Age : |
15.05.1966 |
|
Qualification : |
Engineering and Business Administration |
|
Date of Appointment : |
16.03.2011 |
|
DIN No.: |
03493974 |
|
|
|
|
Name : |
Simon Andrew Linge |
|
Designation : |
Director |
|
Address : |
72, Long Drive, St Heliers Bay, Auckland, 1071, New Zealand |
|
Date of Birth/Age : |
12.05.1967 |
|
Qualification : |
Bachelor Of Economics (Honours) |
|
Date of Appointment : |
11.09.2014 |
|
DIN No. : |
03558733 |
|
|
|
|
Name : |
Mr. Patrick John Finan |
|
Designation : |
Alternate Director |
|
Address : |
Unit 1604/469 St Kilda Road, Melbourne 3004 |
|
Date of Birth/Age : |
17.04.1959 |
|
Qualification : |
Bachelor of Civil Engineering |
|
Date of Appointment : |
15.05.2012 |
|
DIN No.: |
05274228 |
|
|
|
|
Name : |
Sudhansu Shankar Dayal Pathak |
|
Designation : |
Director |
|
Address : |
H. No. 6, Park Road, Northern Town, P.O.-Bistupur, Jamshedpur -
831001, Jharkhand, India |
|
Date of Birth/Age : |
22.10.1961 |
|
Qualification : |
Metallurgical engineer and PGDBM (XLRI) |
|
Date of Appointment : |
11.09.2014 |
|
DIN No. : |
06545101 |
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|
|
|
Name : |
Riten Santoshkumar Choudhury |
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Designation : |
Managing Director |
|
Address : |
E-603, Shishir, Ruturang Complex, Aranyeshwar, P.O. Parvati, Pune -
411009, Maharashtra, India |
|
Date of Birth/Age : |
17.12.1961 |
|
Qualification : |
Graduate degree in Mechanical Engineering and an MBA from XLRI,
Jamshedpur in Marketing and Finance |
|
Date of Appointment : |
01.09.2013 |
|
PAN No. : |
ABYPC9574E |
|
DIN No. : |
06636911 |
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|
|
|
Name : |
Ian Ronald Cummin |
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Designation : |
Alternate Director |
|
Address : |
24, Birdwood Avenue, Brighton, 3186, Australia |
|
Date of Birth/Age : |
13.02.1955 |
|
Qualification : |
BA |
|
Date of Appointment : |
19.11.2013 |
|
DIN No. : |
06662976 |
KEY EXECUTIVES
|
Name : |
Sanjay Kasture |
|
Designation : |
Secretary |
|
Address : |
Row House No. 15, Shagun CHS, Sr. No. 36B/12, Kiwale, Dehu Road, Pune,
Maharashtra, India |
|
Date of Birth/Age : |
15.02.1980 |
|
Date of Appointment : |
27.08.2012 |
|
PAN No.: |
AWSPK0429K |
MAJOR SHAREHOLDERS
As on 11.09.2014
|
Names of Shareholders |
No. of Shares |
|
BlueScope Steel Asia Holding Pty Limited, Australia |
432999997 |
|
Tata Steel Limited, India |
432999997 |
|
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 |
|
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 |
|
Total |
866000000 |
As on 11.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings (Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
50.00 |
|
Bodies corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the supply of pre-engineered
buildings / building solutions. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged
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Customers : |
Not Divulged
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No. of Employees : |
Information declined by the management |
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Bankers : |
· State Bank of Mysore, Dalal Street Branch, 24/26, Cama Building, Dalal Street, Fort, Mumbai – 400001, Maharashtra, India · Syndicate Bank, 1st Floor, 10, Homji Street, Fort, Mumbai – 400023, Maharashtra, India · Indian Bank, Corporate Branch, No. 1, Sane Guruji Premises, 386, Vir Savarkar Marg, Opposite Siddhi Vinayak Temple, Prab, Mumbai - 400025, Maharashtra, India · State Bank of India, State Bank Bhavan, Madame Cama Road, Mumbai - 400021, Maharashtra, India
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Facilities : |
(Rs.
In Million)
NOTE (A) 5,000 Non-Convertible, Non-cumulative ,Redeemable
Debentures of Rs 10 Lakhs each fully paid up (31.03.2013 : 5,000 Debentures
of Rs 10 Lakhs each) |
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
706 'B' Wing, 7th Floor, ICC Trade Tower, International Convention Centre, Senapati Bapat Road, Pune – 411016, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD4815A |
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Memberships : |
-- |
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|
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Collaborators : |
-- |
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Subsidiary Company : |
Bluescope Steel Lysaght Lanka (Pvt) Limited |
|
|
|
|
JV Partner : |
·
Tata Steel Limited CIN No.: L27100MH1907PLC000260 ·
BlueScope Steel Asia Holding Pty Limited |
|
|
|
|
Parent Company of JV Partner : |
BlueScope Steel Limited TATA Sons Limited |
|
|
|
|
Related Parties : |
·
BlueScope Steel (Thailand) Limited ·
Tata Metaliks Limited CIN No.: L27310WB1990PLC050000 ·
Centennial Steel Company Limited CIN No.: 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 INTERNATIONAL LIMITED ·
NS BlueScope (Thailand) Limited ·
Butler Shanghai Inc ·
Butler 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 Steel Processing and Distribution Limited CIN No.: U27109WB1997PLC084005 |
CAPITAL STRUCTURE
As on 11.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 10000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
866,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 8660.000 Millions |
|
|
|
|
|
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 |
8660.000 |
8660.000 |
6560.000 |
|
(b) Reserves & Surplus |
(5359.874) |
(4253.282) |
(2412.858) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
600.000 |
|
Total Shareholders’
Funds (1) + (2) |
3300.126 |
4406.718 |
4747.142 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
8307.800 |
8957.400 |
7280.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
643.169 |
827.815 |
663.978 |
|
(d) long-term
provisions |
99.949 |
94.823 |
85.978 |
|
Total Non-current
Liabilities (3) |
9050.918 |
9880.038 |
8029.956 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
1078.838 |
690.343 |
1182.603 |
|
(b) Trade
payables |
1091.325 |
1366.272 |
1154.407 |
|
(c) Other
current liabilities |
1881.605 |
1786.290 |
1886.012 |
|
(d) Short-term
provisions |
35.320 |
32.348 |
36.393 |
|
Total Current Liabilities
(4) |
4087.088 |
3875.253 |
4259.415 |
|
|
|
|
|
|
TOTAL |
16438.132 |
18162.009 |
17036.513 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
11304.239 |
11981.481 |
12674.185 |
|
(ii)
Intangible Assets |
127.467 |
170.277 |
204.239 |
|
(iii)
Capital work-in-progress |
27.086 |
14.119 |
15.330 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
91.278 |
91.278 |
90.540 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
90.925 |
116.308 |
114.657 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
11640.995 |
12373.463 |
13098.951 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2134.583 |
2391.398 |
1611.894 |
|
(c) Trade
receivables |
1378.694 |
1311.572 |
688.581 |
|
(d) Cash
and cash equivalents |
136.987 |
885.412 |
376.053 |
|
(e)
Short-term loans and advances |
950.124 |
1026.263 |
1022.543 |
|
(f) Other
current assets |
196.749 |
173.901 |
238.491 |
|
Total
Current Assets |
4797.137 |
5788.546 |
3937.562 |
|
|
|
|
|
|
TOTAL |
16438.132 |
18162.009 |
17036.513 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
13606.681 |
10415.121 |
7162.931 |
|
|
|
Other Income |
85.659 |
88.460 |
64.045 |
|
|
|
TOTAL (A) |
13692.340 |
10503.581 |
7226.976 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
9814.176 |
8126.310 |
5718.913 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
134.626 |
(505.466) |
(193.514) |
|
|
|
Employees benefits expense |
709.051 |
680.181 |
493.887 |
|
|
|
Other expenses |
2138.513 |
2044.496 |
1438.832 |
|
|
|
TOTAL (B) |
12796.366 |
10345.521 |
7458.118 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
895.974 |
158.060 |
(231.142) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1214.883 |
1211.870 |
308.627 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(318.909) |
(1053.810) |
(539.769) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
787.683 |
786.614 |
361.970 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
(1106.592) |
(1840.424) |
(901.739) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(1106.592) |
(1840.424) |
(901.739) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(4253.282) |
(2412.858) |
(1511.119) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(5359.874) |
(4253.282) |
(2412.858) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
1195.794 |
|
|
|
|
|
Commission |
12.285 |
9.883 |
|
|
|
TOTAL EARNINGS |
1208.079 |
582.191 |
87.810 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material |
758.043 |
703.083 |
1366.312 |
|
|
|
Components and spares |
23.874 |
44.995 |
11.801 |
|
|
|
Capital Goods |
38.682 |
22.630 |
92.636 |
|
|
|
Services |
2.208 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
822.807 |
770.708 |
1470.749 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
(1.28) |
(2.59) |
(1.37) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operation |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(8.13) |
(17.67) |
(12.59) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
6.58 |
1.52 |
(3.23) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.78) |
(10.19) |
(5.33) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.34) |
(0.42) |
(0.19) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.84 |
2.19 |
1.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17 |
1.49 |
0.92 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
6560.000 |
8660.000 |
8660.000 |
|
Reserves & Surplus |
(2412.858) |
(4253.282) |
(5359.874) |
|
Share Application money
pending allotment |
600.000 |
0.000 |
0.000 |
|
Net
worth |
4747.142 |
4406.718 |
3300.126 |
|
|
|
|
|
|
long-term borrowings |
7280.000 |
8957.400 |
8307.800 |
|
Short term borrowings |
1182.603 |
690.343 |
1078.838 |
|
Total
borrowings |
8462.603 |
9647.743 |
9386.638 |
|
Debt/Equity
ratio |
1.783 |
2.189 |
2.844 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
7162.931 |
10415.121 |
13606.681 |
|
|
|
45.403 |
30.644 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
7162.931 |
10415.121 |
13606.681 |
|
Profit/ (Loss) |
(901.739) |
(1840.424) |
(1106.592) |
|
|
(12.59%) |
(17.67%) |
(8.13%) |
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 |
No |
|
8 |
Designation of contact person |
No |
|
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) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
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 |
No |
|
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 |
---- |
|
33 |
Market information |
---- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10539919 |
24/12/2014 * |
5,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
J-1 BLOCK, VEER JANANAND MARG, VIKASPURI, NEW DELHI, DELHI - 110018, INDIA |
C39736640 |
|
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 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
750.000 |
750.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Working capital loans from banks (A) |
1078.838 |
690.343 |
|
Total |
1828.838 |
1440.343 |
|
NOTE (A) Includes (1) Working Capital Demand Loan Rs 800.000 Millions (Previous year Rs 450.000 Millions), (2) Buyers credit Rs 154.284 Millions (Previous year Rs 240.343 Millions), (3) Cash Credit Rs 4.714 Millions (Previous year Rs Nil) and (4) PCFC Loan Rs 119.840 Millions (Previous year Rs Nil) |
||
MACRO-ECONOMIC
SCENARIO AND INDUSTRY OUTLOOK
Indian GDP growth remained subdued during FY 14 and witness a growth of ~4.9%. It was contributed by factors such as contraction in manufacturing sector, poor domestic/global demand, muted investment scenario, policy inaction and higher interest rates during CY2013. Indian GDP is expected to gain momentum with growth forecasted at 5.5% in FY?15 and 6.3% in FY?16 by Finance Ministry of India. Gross Fixed Capital Formation (GFCF) hardly grew at 0.2% during FY 14 even on last year's meagre growth of 0.8%, according to Central Statistics Office (CSO).
Indian construction industry is expected to register 1.7% growth in year FY 14 against 1.1% in FY 13, according to CSO. Speed of projects execution, policy reforms in FDI and boost in market demand are subject to stable central govt. formation post-election and its push to revive construction growth in coming year. Indian steel demand is forecasted to grow at 6-7% CAGR during FY15-18. Increased liquidity situation and improved policy framework for the sector is likely to support steel sector growth. Expected upward trend in construction activities will upsurge the demand for steel roofing & walling products in the coming years.
COATED STEEL BUSINESS
Zn-Al coated steel products are majorly used in Infrastructure, Industrial, Commercial and Retail segments in India. Large infrastructure sectors in India like aviation, power, railways, warehousing etc. are now gradually shifting towards Zn-Al coated steel products considering the product level benefits such as life of building, long lasting aesthetics and eco-friendliness. PEBs have gained wide acceptance in Industrial/warehousing sector, which is driving the steel building concept in India. Pre-Engineered Building (PEB) construction segment is estimated to witness ~9% y-o-y growth in FY 14.
Steel roofing (all coated steel products) market in India is expected to grow by CAGR of ~9% during FY14-FY19 with the increased level of acceptance of steel over other alternative materials such as clay tiles, asbestos, RCC etc. Galvalume/Pre-painted Galvalume demand in India has shown a growth of about 18% in FY 14 y-o-y. Indian Zn-Al market size was around 454,000 tonnes in FY 14. Pre-painted Galvalume sales had taken a leap of 20%, while Bare Galvalume category posted a growth of 17%. This growth is largely governed by increased level of awareness about product benefits among project developers and industry influencers, driving Intra-material (GI/PPGI to GL/PPGL) and Inter-material (Asbestos, RCC, Clay tiles to GI/PPGI & GL/PPGL) conversion. With expected improvement in industrial production and growth happening in Intra-material and Inter-material conversion, they expect GL/PPGL products demand to grow at minimum 15-16% rate during FY 15.
Domestic Zn-Al producers are gaining market share over imports with the share of imports falling down to 6.5% in FY 14. The market continues to shift towards domestic suppliers given better lead times and business flexibility. TBSL market share has grown to 28.4 % in FY 14 from 23% in FY 13 as Jamshedpur plant ramped up production of bare and painted products to achieve dominant market share.
In view of improved future market growth, stabilized operations, lower lead times, quicker response to customer needs and business development efforts, CS is well placed to achieve to gain domestic market share in the coming years
BUILDING PRODUCTS
BUSINESS
Financial year 2013-14 was a successful year for the Building Products business. Durashine® business registered a growth of 43 % in terms of sales volume over FY 2012-13. Durashine® and is the market leader in retail segment with market share of 17%. Durashine® business has launched one new product and introduced two new colors to enhance the product basket.
LYSAGHT® business grew by 34% in pull through sales volume over FY 2012-13. LYSAGHT® business has launched a new product to tap the potential of infrastructure segment.
BP established a new roll forming facility at Koregaon, Bhima near Pune to strengthen the operations. The new roll forming facility hasstabilized and is operating to near full capacity.
In FY 2014-15 Building Products is planning to increase its sales volume by widening product basket, expanding reach and increasing brand awareness.
BUILDING SOLUTIONS
BUSINESS
The Building Solutions Business completed 3 years / 5mn LTI Free Man Hours at our Hinjewadi Plant, in September 13. However, there was an incident on October 08, 2013, at the Hinjewadi Plant. All corrective actions identified from this incident have been completed. At the end of FY14, the BS business has completed 14 months / 2.5mn. LTI Free Man Hours, at Construction sites.
Several safety improvement initiatives taken in FY14 will strengthen our safety performance further. A separate Safety Organisation has been created for Building Solutions. Safety Leadership Training has been conducted, Global Minimum Requirements have been adopted, Monthly Tiered Audits have been initiated, and Switch On Safety has been launched.
On the financial performance front, FY14 started on a positive note. The first quarter performance of the Building Solutions Business was better than plan. However, as the economy took a bad turn, their production and shipment volumes suffered. This trend continued through most of the balance part of FY14.
Poor market sentiments and policy inertia affected industry growth, As a result their order intake, and their margins came under severe pressure. Order flow was interrupted due to delays in customer clearances and approvals. Site progress was slow as project schedules were pushed back. As a result, their volumes and profitability fell, even though their margins were better than plan.
Several cost reduction initiatives were taken during the year. Sub-contracting cost was reduced. Out-sourcing of frame fabrication was stopped. Vendor contracts were renegotiated. On-Roll head count was reduced. Errors were significantly reduced by strengthening quality systems across departments. Clevis and Turnbuckles allowed more economic brace rods to replace angles. Alternate vendors and materials were selected for manufacturing. Cash flow was improved through inventory control and C-Form collection.
Several steps have also been taken to increase productivity. Multi-skilling has been introduced for operators in the Fitment and Welding sections. A review of the plant layout and equipment configuration at Hinjewadi has also been initiated. Builder management has been strengthened by a full time resource.
Their current order backlog is healthy, and they are confident that the improvements initiated during FY14 will enable them to achieve better business results in the coming years.
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Motor Vehicles
· Office Equipment
· Other 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, India Prisons Service,
Interpol, etc.
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. 66.08 |
|
UK Pound |
1 |
Rs. 101.92 |
|
Euro |
1 |
Rs. 74.37 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--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 |
|
43 |
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.