MIRA INFORM REPORT
|
Report No. : |
302511 |
|
Report Date : |
13.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
THE TINPLATE COMPANY OF INDIA LIMITED |
|
|
|
|
Registered
Office : |
4 Bankshall Street, Kolkata 700001, West Bengal, India |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
20.01.1920 |
|
|
|
|
Com. Reg. No.: |
21-003606 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 1511.031 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28112WB1920PLC003606 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Supplier of Tin Coated and
Tin Free Steel Sheets In India and Internationally. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 16000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a well – established company having fine track record. The rating reflects 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. Payments are
reported to be regular and as per commitment. The company can be considered good for normal 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 |
ICRA |
|
Rating |
Term loan = AA |
|
Rating Explanation |
High degree of safety and very low credit
Risk. |
|
Date |
October, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund based Short term facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
October, 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
31-03-2014.
LOCATIONS
|
Registered Office : |
4 Bankshall Street, Kolkata 700001, West Bengal, India |
|
Tel. No.: |
91-33-22435401 |
|
Fax No.: |
91-33-22304170 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 22.04.2014
|
Name : |
Mr. Koushik Chatterjee |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Anand Sen |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dipak Kumar Banerjee |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. P. Nagarkatte |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B. N. Kumar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ashok Kumar Basu |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Busheb Raina |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. T.V. Narendran |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Sougata Ray |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Tarun Kumar Daga |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Chacko Joseph |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Ramesh Iyer |
|
Designation : |
Vice President – Operations And Projects |
|
|
|
|
Name : |
Mr. Sardesh Kumar |
|
Designation : |
Vice President And Marketing And Sales |
|
|
|
|
Name : |
Mr. Aditya Roy Chowdhury |
|
Designation : |
Vice President |
|
|
|
|
Name : |
Dr. C. D. Singh |
|
Designation : |
Director Medical Services |
|
|
|
|
Name : |
Mr. S. Kar |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
78457640 |
74.96 |
|
|
78457640 |
74.96 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
78457640 |
74.96 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
58317 |
0.06 |
|
|
41283 |
0.04 |
|
|
1650 |
0.00 |
|
|
12500 |
0.01 |
|
|
113750 |
0.11 |
|
|
|
|
|
|
6905845 |
6.60 |
|
|
|
|
|
|
14864658 |
14.20 |
|
|
4324016 |
4.13 |
|
|
1729 |
0.00 |
|
|
729 |
0.00 |
|
|
1000 |
0.00 |
|
|
26096248 |
24.93 |
|
Total Public shareholding (B) |
260209998 |
25.04 |
|
Total (A)+(B) |
104667638 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0 |
|
|
0 |
0 |
|
|
0 |
0 |
|
|
0 |
0 |
|
Total (A)+(B)+(C) |
104667638 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures and Supplies of Tin Coated
and Tin Free Steel Sheets In India and Internationally. |
|
|
|
|
Products : |
v Tin Coated v Tin Free Steel Sheets |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
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|
|
|
Exports : |
Not Available |
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|
|
|
Imports : |
Not Available |
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|
|
|
Terms : |
|
|
Selling : |
Not Available |
|
|
|
|
Purchasing : |
Not Available |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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|
||||||||||||||||||||||||||||||
|
Bankers : |
v Union Bank of
India v The Honking And
Shanghai Banking Corporation Limited v HDFC Bank
Limited v State Bank of
India |
||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
in Millions)
|
|
Auditors : |
|
|
Name : |
Messrs Deloitte Haskins and Sells Chartered Account |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Related Parties : |
v Tata Steel
Limited, India v Tayo Rolls
Limited, India v The Tata
Pigments Limited. India v The Indian Steel
and Wire Products Limited, India v TKM Global
Logistics Limited, India v Tata Steel Processing
and Distribution Limited v Jamshedpur
Utility and Services Company Limited v Tata Sponge Iron
Limited, India v Tata Steel UK
Limited, India v Tata Steel
International (UK) Limited, India |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000000 |
Equity Shares |
Rs.10/- each |
Rs. 3000.000 Millions |
|
12650000 |
Preference Shares |
Rs.100/- each |
Rs. 1265.000 Millions |
|
|
|
|
Rs. 4265.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
104916992 |
Equity Shares |
Rs.10/- each |
Rs. 1049.170
Millions |
|
11233000 |
8.5 % Non- Cumulative Optionally Convertible
Preference
Shares |
Rs.100/-
each |
Rs. 1123.300
Millions |
|
|
|
|
Rs. 2172.470 Millions |
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
104667638 |
Equity Shares |
Rs.10/- each |
Rs.
1046.676Millions |
|
|
Add: equity Share Forfeited (amount Originally paid up) |
Rs.10/- each |
Rs. 1.304
Millions |
|
9261000 |
8.5 % Non- Cumulative Optionally Convertible
Preference
Shares (Partly Redeemed) |
Rs.100/-
each |
Rs. 463.050
Millions |
|
|
|
|
Rs. 1511.030 Millions |
|
Share capital |
As at 31.03.2014 |
|
|
|
No. of share |
Percentage |
|
Details of share held by holding company or its subsidiaries |
|
|
|
Equity shares |
|
|
|
Tata Steel Limited – Holding Company |
76872692 |
73.44% |
|
Kalimati Investment Company Limited – Fellow
Subsidiary |
1584948 |
1.51% |
|
|
|
|
|
Preference share |
|
|
|
Tata Steel Limited – Holding Company |
9261000 |
100.00% |
|
Details of share held by shareholders holding more than 5% of the
aggregate shares in the company |
|
|
|
|
|
|
|
Equity Share |
|
|
|
Tata steel limited |
76872692 |
73.44% |
|
|
|
|
|
Preference share |
|
|
|
Tata Steel Limited – Holding Company |
9261000 |
100.00% |
Reconciliation of number of shares
(Rs. in million)
|
|
For the year
ended 31.03.2014 |
|
|
|
No. of share |
Amount |
|
Equity share |
|
|
|
Issued: |
|
|
|
At the beginning of the year |
104916992 |
1049.170 |
|
Issued during the year |
--- |
-- |
|
At the end of the year |
104916992 |
1049.170 |
|
|
|
|
|
Subscribed and fully paid up: |
|
|
|
At the beginning of the year |
104667638 |
1046.676 |
|
Issued during the year |
--- |
-- |
|
At the end of the year |
104667638 |
1046.676 |
|
|
|
|
|
Preference Shares |
|
|
|
At the beginning of the year |
11233000 |
1123.300 |
|
Issued during the year |
--- |
--- |
|
At the end of the year |
11233000 |
1123.300 |
|
|
|
|
|
Subscribed and fully paid up : |
|
|
|
At the beginning of the year |
11233000 |
1024.700 |
|
Issued during the year |
-- |
-- |
|
Less : redemption |
(1972000) |
(561.650) |
|
At the end of the year |
9261000 |
463.050 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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 |
1511.030 |
2072.680 |
2171.280 |
|
(b) Reserves & Surplus |
4285.887 |
3949.233 |
3894.576 |
|
(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) |
5796.917 |
6021.913 |
6065.856 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
369.800 |
757.057 |
912.687 |
|
(b) Deferred tax liabilities (Net) |
948.880 |
860.004 |
647.013 |
|
(c) Other long term
liabilities |
436.853 |
368.318 |
252.225 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
1755.533 |
1985.379 |
1811.925 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
155.418 |
388.006 |
97.538 |
|
(b) Trade
payables |
675.227 |
537.827 |
519.901 |
|
(c) Other current
liabilities |
652.640 |
738.136 |
767.598 |
|
(d) Short-term
provisions |
378.123 |
306.210 |
271.495 |
|
Total Current
Liabilities (4) |
1861.408 |
1970.179 |
1656.532 |
|
|
|
|
|
|
TOTAL |
9413.858 |
9977.471 |
9534.313 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
7229.183 |
7619.470 |
7524.032 |
|
(ii)
Intangible Assets |
4.645 |
4.994 |
2.607 |
|
(iii)
Capital work-in-progress |
261.135 |
116.322 |
363.766 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2.283 |
2.283 |
2.283 |
|
(c) Deferred tax assets (net) |
479.136 |
479.735 |
426.106 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
7976.382 |
8222.804 |
8318.794 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.442 |
|
(b)
Inventories |
659.170 |
618.532 |
525.483 |
|
(c) Trade
receivables |
590.303 |
837.676 |
404.860 |
|
(d) Cash
and cash equivalents |
8.087 |
15.739 |
13.807 |
|
(e)
Short-term loans and advances |
179.916 |
282.020 |
270.927 |
|
(f) Other
current assets |
0.000 |
0.700 |
0.000 |
|
Total Current
Assets |
1437.476 |
1754.667 |
1215.519 |
|
|
|
|
|
|
TOTAL |
9413.858 |
9977.471 |
9534.313 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10590.677 |
8771.601 |
6270.253 |
|
|
|
Other Income |
253.569 |
211.195 |
189.758 |
|
|
|
TOTAL |
10844.246 |
8982.796 |
6460.011 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
0.000 |
18.675 |
135.533 |
|
|
|
Purchases of Stock-in-Trade |
4327.758 |
3278.279 |
2141.774 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
1.503 |
8.120 |
(30.091) |
|
|
|
Employees benefits expense |
1182.583 |
1058.150 |
864.716 |
|
|
|
Other expenses |
3614.051 |
3291.308 |
2414.428 |
|
|
|
Expenditure (other than
interest) |
(12.032) |
0.000 |
0.000 |
|
|
|
TOTAL
(B) |
9113.863 |
7654.532 |
5526.360 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1730.383 |
1328.264 |
933.651 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
211.545 |
252.762 |
172.704 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1518.838 |
1075.502 |
760.947 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
611.889 |
580.204 |
481.936 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
906.949 |
495.298 |
279.011 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
278.977 |
212.991 |
113.491 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
627.972 |
282.307 |
165.520 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1363.400 |
1068.700 |
1066.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend on preference share |
81.500 |
89.900 |
95.500 |
|
|
|
Proposed Dividend on Equity share |
167.500 |
104.700 |
89.000 |
|
|
|
Tax on Dividend |
42.300 |
33.000 |
29.900 |
|
|
|
General Reserve |
47.100 |
7.100 |
0.000 |
|
|
|
Capital Redemption Reserve |
496.200 |
98.600 |
65.500 |
|
|
BALANCE CARRIED
TO THE B/S |
834.600 |
333.300 |
279.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Revenue from Export on F.O.B Basis |
4246.133 |
3157.366 |
2046.881 |
|
|
TOTAL EARNINGS |
4246.133 |
3157.366 |
2046.881 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
1.696 |
114.076 |
|
|
|
Stores & Spares |
261.828 |
225.580 |
187.88 |
|
|
|
Purchase of stock in trade |
0.000 |
0.000 |
50.125 |
|
|
|
Capital Goods |
52.733 |
84.792 |
25.908 |
|
|
TOTAL IMPORTS |
314.561 |
312.068 |
377.989 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.09 |
1.69 |
0.52 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT/Sales) |
(%) |
5.93 |
3.22 |
2.64 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
16.34 |
15.14 |
14.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.46 |
5.28 |
3.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.08 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.09 |
0.19 |
0.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.77 |
0.89 |
0.73 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
2171.280 |
2072.680 |
1511.030 |
|
Reserves & Surplus |
3894.576 |
3949.233 |
4285.887 |
|
Net
worth |
6065.856 |
6021.913 |
5796.917 |
|
|
|
|
|
|
long-term borrowings |
912.687 |
757.057 |
369.800 |
|
Short term borrowings |
97.538 |
388.006 |
155.418 |
|
Total
borrowings |
1010.225 |
1145.063 |
525.218 |
|
Debt/Equity
ratio |
0.167 |
0.190 |
0.091 |
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 |
6270.253 |
8771.601 |
10590.677 |
|
|
|
39.892 |
20.738 |
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 |
6270.253 |
8771.601 |
10590.677 |
|
Profit |
165.520 |
282.307 |
627.972 |
|
|
2.64% |
3.22% |
5.93% |
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 |
Yes |
|
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 |
---------------------- |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct
of the banking account |
---------------------- |
|
26] |
Buyer
visit details |
---------------------- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last
accounts filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date of
Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN
of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long Term
Borrowing |
|
|
|
Financial Lease obligations |
6.899 |
10.538 |
|
Total |
|
|
|
|
6.899 |
10.538 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10176364 |
28/02/2011 * |
500,000,000.00 |
State Bank of Patiala |
ATALANTA, 1ST
FLOOR, NARIMAN POINT, MUMBAI, Mahar |
B08240848 |
|
2 |
10176363 |
28/02/2011 * |
1,000,000,000.00 |
ALLAHABAD BANK |
Kishore Bhavan, 4th
Floor, 17 R N Mukherjee Road, |
B07720378 |
|
3 |
10176365 |
28/02/2011 * |
1,000,000,000.00 |
STATE BANK OF HYDERABAD |
1204 ASHOK MAHAL,
TULLOCH ROAD, COLABA, MUMBAI, M |
B07919616 |
|
4 |
10054261 |
22/02/2010 * |
200,000,000.00 |
HDFC BANK LIMITED |
CENTRAL PLAZA, 2/6,
SARAT BOSE ROAD, KOLKATA, Wes |
A81045205 |
|
5 |
10048010 |
29/03/2007 |
100,000,000.00 |
UNION BANK OF INDIA LIMITED |
JAMSHEDPUR MAIN
BRANCH, KAMANI CENTRE,, BISTUPUR, |
A13731385 |
|
6 |
10046587 |
09/08/2007 * |
290,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
IDBI HOUSE, 44,
SHAKESPEARE SARANI, KOLKATA, West |
A21215249 |
|
7 |
80058137 |
25/02/2010 * |
500,000,000.00 |
The Hongkong and
Shanghai Banking Corporation Bank |
Hongkong House, 31
B B D Bag, Kolkata 700 001, Ko |
A80694417 |
|
8 |
80050269 |
08/11/2011 * |
670,000,000.00 |
UNION BANK OF INDIA LIMITED |
JAMSHEDPUR BRANCH,
FIRST FLOOR, KAMANI MARG, BIST |
B26523761 |
|
9 |
80027099 |
28/07/2010 * |
1,896,800,000.00 |
STATE BANK OF INDIA |
Commercial Branch, Kolkata, 24, Park Street, Kolkata, West Bengal - 700016, INDIA |
A92197573 |
* Date of charge modification
PERFORMANCE
During, the Company's Operating Scale Increased by Around 5% As Compared To The Previous Year I.E. Increased In Volumes From Approximately 310,000 Tons in Fy12-13 To 324,000 Tons In Fy13-14. Based On Increased Volumes and Better Realisations Over Input Raw Materials In Fy14, The Company’s Ebidta (Earnings Before Interest, Taxes, Depreciation And Amortisation) During The Year Increased To Rs. 1730.000 Millions From Rs. 1330.000 Millions In FY 2012-13. The Profit
After Tax Also Increased During The Year to
Rs. 630.000 Millions From The Profit After Tax of Rs. 28 Millions in FY 2012-13.
The Company Is Working Towards Further Ramping Up The
Scale Of Operations Through Higher
Capacity Utilization. In Order To Further Improve The Operating And Financial Performance, The Company Is Striving To Reduce Operating Costs, Improving Raw Material Utilization Efficiencies And At The Same Time Improving Product Quality For Achieving Greater Customer Satisfaction.
MANAGEMENT DISCUSSIONS
BUSINESS REVIEW
Tinplate, a value added flat
steel product, is a versatile packaging substrate used inedible oils, paints,
pesticides, processed foods, beverages and other industries. Its high
suitability for packaging of processed edibles has enabled it to withstand the vagaries
of the economic environment resulting in a steady growth in demand. However,
cost pressures will continue on account of inflation rates, energy and
transportation costs.
Growth of packaging industry
is strongly co-related to the economic growth of a region. During the past
year, global economy posted a marginal growth, amidst slow growth in the
European, US and Chinese economies. Global packaging demand accordingly grew at
a slower pace. However, aided by a favourable exchange rate, the Company was
able to enhance its export business by nearly 60%. On the domestic front, while
the end use industry saw a steady growth, the apparent consumption of tinplate
in India remained largely flat / marginally lower. The Company was able to
cross yet another milestone of 250,000 tons of sales in domestic market and
anew high of 70,000 tons in export business. Going forward, higher levels of
customer engagement and cost efficiencies will drive higher volumes and improve
profitability.
The threat of intensifying competition
from newer domestic mills and imports,especially from Japan and Korea (on
account of Free Trade Agreement), continue to pose challenges for growth in the
domestic tinplate industry. The Company has taken a number of measures to
address these challenges.
The Company continues to focus
on enhancing customer engagement and value creation through several customer
engagement and relationship building programs, which are being continuously strengthened.
It continues to drive promotional activities to reach out across the industry
value chain and to important stakeholders. The Company is also working with
leading brand owners for fresh applications for tinplate packaging.
INDUSTRY
STRUCTURE AND DEVELOPMENTS
The Company has pioneered
tinplate manufacturing in India since 1920s, and presently has a leading market
share of approximately 45-50% in India. The company has installed capacity of
379,000 tons per annum at its manufacturing facility located at Jamshedpur in
the state of Jharkhand. The total domestic apparent consumption is above half a
million tons per annum of which close to 50% is met through imports and the
rest through domestic supplies. In the past year, apart from the existing competitors,
a new player has established itself and some more are expected.
Today the per capita
consumption of tinplate in India is around 0.43 kg which is still very low
compared to many developed nations and developing economies like China. Growth
in packaging industry has always been closely linked with the GDP growth of the
country. In India, with high growth in modern retail, FDI in multi-brand retail
and with Government's thrust on the food processing industry, packaging
industry is bound to grow. As a result ,tinplate demand is likely to increase
provided indigenous manufacturers undertake robust developmental efforts.
However, significant import of non-prime tin plates and their use in food
packaging dampens the demand for prime tinplate. Though the customs duty for
all steel products was increased to 7.5% recently, it continues to be
relatively low and is not a significant deterrent to the dumping of non-prime
tin mill products into India mainly from USA, Europe and Latin America.
Further, the Free Trade Agreement with Japan has led to influx of good quality
tinplate into India at very low (3%) customs duty. Also, with strong
competition from substitutes, the industry needs to continuously endeavor to
make tinplate packaging more competitive at a global level by focusing on light
weighting.
OPERATIONAL PERFORMANCE
During the financial year
2013-14, the Company has achieved a 5% increase in production over the previous
year and an overall capacity utilization of approximately 85%. The Company's
product mix has continued to serve end-uses like edible oils, paints,
pesticides, battery jackets, aerosol cans, processed foods and crown corks. The
products continue to be supplied in sheet form and in coil form. The Company is
undertaking several improvement initiatives related to safety practices,
environment management, quality, efficient utilization of raw materials and
reduction in power, fuel and water consumption. The Company improved its
quality yields and customer complaints have reduced as compared to the previous
year. The relevant operations of the Company are certified to IMS Systems,
namely, ISO 9001,ISO 14001, OHSAS 18001 and ISO 22000.
FINANCIAL
PERFORMANCE
The gross revenue from
operations of the Company for FY 2013-14 at Rs. 10590.000 millions were higher
by 20% compared to FY 2012-13 at Rs. 8770.000 millions on the strength of
enhanced scale of operations and better realizations. The profit after tax has
correspondingly increased to Rs. 63 millions in FY 2013-14 from Rs. 280.000
millions in FY 2012-13.
STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTH
ENDED 30TH SEPTEMBER 2014.
|
Sr. No |
Particulars |
Standalone |
|||
|
Quarter Ended |
SIX Months Ended |
||||
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|||
|
Unaudited |
Unaudited |
Unaudited |
|||
|
1 |
Income From
Operations |
|
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
877.633 |
534.202 |
1411.835 |
|
|
|
b. Other Operating Income |
1624.085 |
1257.103 |
2881.188 |
|
|
|
Total Income from Operations
(Net) |
2501.718 |
1791.305 |
4293.023 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
Cost of material Consumed |
0.000 |
0.000 |
0.000 |
|
|
|
Purchase of Stock-in trade |
880.569 |
524.126 |
1404.695 |
|
|
|
Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
34.027 |
(118.935) |
(84.908) |
|
|
|
Employees Benefit Expenses |
285.166 |
321.194 |
606.360 |
|
|
|
Consumption of stores and spare parts |
149.862 |
124.092 |
273.954 |
|
|
|
Packing material consumed |
127.575 |
101.382 |
228.957 |
|
|
|
Power and Fuel |
299.470 |
272.015 |
571.485 |
|
|
|
Depreciation and Amortisation Expenses |
185.176 |
182.729 |
367.905 |
|
|
|
Other expenses |
363.077 |
288.742 |
651.819 |
|
|
|
Total Expenses |
2324.922 |
1695.345 |
4020.267 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
196.382 |
145.673 |
342.055 |
|
|
4 |
Other Income |
60.161 |
49.386 |
109.547 |
|
|
5 |
Profit from ordinary
activities before finance cost & exceptional items |
256.543 |
195.059 |
451.602 |
|
|
6 |
Finance Costs |
35.483 |
33.280 |
68.763 |
|
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
221.060 |
161.779 |
382.839 |
|
|
8 |
Exceptional items |
-- |
-- |
-- |
|
|
9 |
Profit from
ordinary activities before tax |
221.060 |
161.779 |
382.839 |
|
|
10 |
Tax Expense |
|
|
|
|
|
|
- Income Tax |
75.316 |
68.430 |
143.746 |
|
|
|
- Deferred Tax |
(0.866) |
(12.937) |
(13.803) |
|
|
11 |
Net Profit from
ordinary activity after tax |
74.450 |
55.493 |
129.943 |
|
|
12 |
Extraordinary Items |
-- |
--- |
-- |
|
|
13 |
Net Profit After
Tax |
146.610 |
106.286 |
252.896 |
|
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
|
|
|
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
-- |
-- |
-- |
|
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
|
|
Basic EPS |
1.40 |
1.02 |
2.42 |
|
|
|
Diluted EPS |
1.40 |
1.02 |
2.42 |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
26209998 |
26209998 |
26209998 |
|
|
|
- Percentage of shareholding |
25.04% |
25.04% |
25.04% |
|
|
18 |
Promoter & Promoter
Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- No. of shares |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
Nil |
Nil |
Nil |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
- No. of shares |
78457640 |
78457640 |
78457640 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
74.96% |
74.96% |
74.96% |
|
|
Investor Complaints |
Quarter ended
30.09.2014 |
|
Pending at the beginning of the quarter |
2 |
|
Received during at quarter |
2 |
|
Disposed of during the quarter |
4 |
|
Remaining unresolved at the end of the
quarter |
0 |
DISCLOSURE OF STANDALONE STATEMENT OF ASSETS AND LIABILITIES
(Rs. In millions)
|
SOURCES OF FUNDS |
|
|
As on 30.09.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
|
1511.030 |
|
(b) Reserves & Surplus |
|
|
4497.449 |
|
Sub-total
Shareholders' Funds |
|
|
6008.479 |
|
|
|
|
|
|
(2)
Minority Interest |
|
|
|
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
186.973 |
|
(b) Deferred tax liabilities (Net) |
|
|
913.793 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term
provisions |
|
|
421.853 |
|
Sub Total
Non-Current Liabilities |
|
|
1522.619 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
|
59.595 |
|
(b) Trade payables |
|
|
925.802 |
|
(c) Other current
liabilities |
|
|
624.194 |
|
(d) Short-term
provisions |
|
|
77.522 |
|
Sub Total- Current Liabilities |
|
|
1687.113 |
|
|
|
|
|
|
TOTAL- EQUITY AND LIABILITIES |
|
|
9218.211 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
7195.498 |
|
(b)Goodwill on
Consolidation |
|
|
0.000 |
|
(c) Non-current Investments |
|
|
2.283 |
|
(d) Deferred tax assets (net) |
|
|
0.000 |
|
(e) Long-term Loan and Advances |
|
|
415.157 |
|
(f) Other
Non-current assets |
|
|
0.000 |
|
Sub
Total- Non-current
assets |
|
|
7612.938 |
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
-- |
|
(b) Inventories |
|
|
713.857 |
|
(c) Trade receivables |
|
|
662.024 |
|
(d) Cash and cash
equivalents |
|
|
11.760 |
|
(e) Short-term loans
and advances |
|
|
216.516 |
|
(f) Other current
assets |
|
|
1.116 |
|
Sub Total- Current
assets |
|
|
1605.273 |
|
|
|
|
|
|
TOTAL
ASSETS |
|
|
9218.211 |
Note:
- The Company’s
operations are predominantly in the manufacture and sale of Electrolytic Tin
Mill products. The Company is managed organizationally as a unified entity
and according to the management, this is a single segment company as
envisaged in AS-17
- (a) Based on
a legal opinion obtained by the Company, the option to convert 9,261,000
(Previous year 9,261,000) Non Cumulative Optionally Convertible Preference
Shares of Rs.100/- each into Equity Shares of the Company is not available
as per the existing SEBI Guidelines. Accordingly such shares have not been
considered as Potential Equity Shares for the purpose of computation of
Diluted Earnings per share.
(b) In keeping
with the applicable Accounting Standard, Earnings Per Share (EPS) for the year
ended 31st March, 2014 has been computed after adjusting the proposed dividend
payable to the Non Cumulative Optionally Convertible Preference Shareholders
and dividend tax thereon. However, such preference dividend has not been
adjusted for the computation of the EPS for the quarters ended on 30th
September 2014, 30th June, 2014 and 30th September, 2013 and half year ended
30th September 2014 and 30th September 2013.
- During the
year, the Company has revised its estimates of useful life of its fixed
assets a prescribed in Part C of Schedule II of the Companies Act, 2013.
Carrying amount less residual value of the assets whose remaining useful
life has become nil at the beginning of the period, has been adjusted with
the opening balance of retained earnings net of deferred tax. Consequent
to the adoption of Schedule II as above, the profit for the quarter and
half year ended 30th September 2014 is lower by Rs. 31.136 Millions and
Rs. 61.072 Millions respectively. The opening retained earnings as at 1st
April 2014 is lower by Rs. 41.334 Millions and Deferred Tax Liability
reduced by Rs.21.284 Millions.
- Figures for
the corresponding period / previous year have been rearranged and
regrouped where necessary.
- The above
audited results have been reviewed and recommended by the Audit Committee
at its meeting held on 20th October, 2014 and thereafter approved by the
Board of Directors of the Company at its meeting held on 22nd October
2014.
FIXED ASSETS
v Land
v Building
v Furniture and Fixture
v Office Equipment
v Vehicles
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.62.40 |
|
|
1 |
Rs.94.17 |
|
Euro |
1 |
Rs.73.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
ANU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.