MIRA INFORM REPORT
|
Report No. : |
309966 |
|
Report Date : |
09.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
TAYO ROLLS LIMITED |
|
|
|
|
Formerly Known
As : |
TATA-YODOGAWA LIMITED |
|
|
|
|
Registered
Office : |
Annex-2, General Office, Tata Steel Limited, Bistupur, Jamshedpur –
831001, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
02.02.1968 |
|
|
|
|
Com. Reg. No.: |
03-000818 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.1822.613 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27105JH1968PLC000818 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RCHT00124F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCT0210H |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
Line of Business
: |
Manufacturer of Rolls, Engineering forgings and lngots. |
|
|
|
|
No. of Employees
: |
700 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1600000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow Bu Correct |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track record. The rating is constrained an account of company’s moderate financial risk
profile and huge accumulated losses incurred by the company. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRICIL |
|
Rating |
Long-term Rating BB- |
|
Rating Explanation |
Inadequate-credit-quality and high credit risk. |
|
Date |
22.01.2015 |
|
Rating Agency Name |
CRICIL |
|
Rating |
Short-term Rating A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk |
|
Date |
22.01.2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Prashant Kumar |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-09234587460/0657-6627140 |
|
Date : |
25.02.2015 |
LOCATIONS
|
Registered Office : |
Annex – 2, General office, Tata Steel Limited, Bistupur, Jamshedpur –
831001, Jharkhand, India |
|
Tel. No.: |
91-657-6627107 |
|
Mobile No.: |
91-9234587460 (Mr. Prashant Kumar) |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Sales Office : |
Tata |
|
Tel. No.: |
91-33-22885291/ 22248024/ 22248569/ 22248015 |
|
Fax No.: |
91-33-22880854 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Gamharia, Jamshedpur-832108, |
|
Tel. No.: |
91-657-387790/ 2387791/ 2386058/ 2386061/ 5518024/ 5518025/ 3091142. |
|
Fax No.: |
91-657-2386059 |
DIRECTORS
As on 31.03.2014`
|
Name : |
Mr. Sudev Chandra Das |
|
Designation : |
Director |
|
Date of Birth/Age : |
21.06.1946 |
|
Date of Appointment : |
25.04.2013 |
|
Qualification : |
Master in Economics |
|
|
|
|
Name : |
Mr. K. Shankar Marar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Anand Sen |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Dr. Subir Kumar Bhattacharyya |
|
Designation : |
Director |
|
Date of Birth/Age : |
09.09.1949 |
|
Qualification : |
M. Sc (Applied Mathematics) and Doctorate in Strategic Management |
|
Date of Appointment : |
31.12.2005 |
|
|
|
|
Name : |
Mr. Deepak Banerjee |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Osamu Nishimura |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V. S. N. Murty |
|
Designation : |
Director |
|
Date of Birth : |
15.04.1951 |
|
Date of
Appointment : |
25.04.2013 |
|
Qualifications :
|
B.Com., Chartered Accountant |
|
|
|
|
Name : |
Prof. Rajan Das |
|
Designation : |
Director |
|
Date of Birth : |
09.09.1949 |
|
Date of
Appointment : |
27.01.2011 |
|
Qualifications :
|
M. Sc (Applied Mathematics) and Doctorate in Strategic Management |
KEY EXECUTIVES
|
Name : |
M/s P.K. Singh and Associates |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
5668322 |
55.24 |
|
|
5668322 |
55.24 |
|
|
|
|
|
|
1844045 |
17.97 |
|
|
1844045 |
17.97 |
|
Total shareholding of Promoter and Promoter Group (A) |
7512367 |
73.21 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
150 |
0.00 |
|
|
950 |
0.01 |
|
|
450 |
0.00 |
|
|
1550 |
0.02 |
|
|
|
|
|
|
261534 |
2.55 |
|
|
|
|
|
|
1943597 |
18.94 |
|
|
541687 |
5.28 |
|
|
200 |
0.00 |
|
|
200 |
0.00 |
|
|
2747018 |
26.77 |
|
Total Public shareholding (B) |
2748568 |
26.79 |
|
Total (A)+(B) |
10260935 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0.00 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
10260935 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Rolls, Engineering forgings and liagots. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
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|
|
|
Agencies Held : |
Not Available |
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|
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|
Exports : |
|
|
Products : |
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|
Countries : |
· · · · · · · · · · · · · · · · · · · Triniland · · UAE
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
US |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Payment and Credit (30,60,90 Days) |
|
|
|
|
Purchasing : |
Cash, Payment and Credit (30,60,90 Days) |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
700 (Approximately) |
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Bankers : |
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Facilities : |
NOTE: Nature of
Security
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
|
|
Cost Auditors : |
Shome and Banerjee Cost Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding company : |
Tata
Steel Limited |
|
|
|
|
Fellow Subsidiaries : |
|
|
|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Ordinary Shares |
Rs.10/- each |
Rs. 150.000 Million |
|
18,500,000 |
8.50%, Non-Cumulative Redeemable preference Shares |
Rs. 100/- each |
Rs. 1850.000 Million |
|
|
TOTAL |
|
Rs. 2000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,260,935 |
Ordinary Shares |
Rs.10/- each |
Rs. 102.609
Million |
|
17,200,000 |
8.50%, Non-Cumulative Redeemable preference Shares |
Rs. 100/- each |
Rs. 1720.000
Million |
|
|
Forfeited Shares-amount originally paid up |
|
Rs. 0.004
Million |
|
|
TOTAL |
|
Rs.1822.613 Million |
Note:
|
Particulars |
% of Share |
Number of Shares held |
|
Shareholder holding more than 5% of Ordinary shares |
|
|
|
Tata Steel Limited |
54.45% |
55,87,372 |
|
Yodogawa Steel Works Limited |
14.98% |
15,36,704 |
|
|
|
|
|
Shareholder holding more than 5% of Preference shares |
|
|
|
Tata Steel Limited |
88.37% |
15,200,000 |
|
Yodogawa Steel Works Limited |
11.63% |
2,000,000 |
*During the current period,
pursuant to Section 16(1) and Section 94(2) of the Companies Act, 1956, the
Company has increased its authorized share capital from Rs 1,000,000,000
divided into 15,000,000 Equity Shares of Rs 10/- each and 8.5% Non-Cumulative 8,500,000
Preference Shares of Rs 100/- each to Rs 2,000,000,000 divided into 15,000,000
Equity Shares of Rs 10/- each and 8.50% Non-Cumulative 185, 00,000 Preference
Shares of Rs 100/- each. The Shareholders approval of such increase was
obtained by way of an Ordinary resolution in the Annual General Meeting of the
Company held on 14th June, 2013.
**During the year,
8,700,000 Preference Shares were allotted to Tata Steel Limited, Indian
Promoters of the Company, under the Provisions of Section 81(1A), 85 and 86 of
the Companies Act, 1956. The Shareholders approval of such increase was
obtained by way of An ordinary resolution in the Annual General Meeting of the
Company held on 14th June, 2013.
As on 29.08.2014
Authorized Capital Rs.
3500.000 Million
Issued, Subscribed and Paid-up Capital
Rs. 2402.609 Million
FINANCIAL DATA
[all figures are in
Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1822.613 |
952.613 |
952.613 |
|
(b) Reserves &
Surplus |
(1252.642) |
(497.14) |
(159.756) |
|
(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) |
569.971 |
1449.753 |
1112.369 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
368.949 |
527.612 |
679.569 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
131.882 |
122.963 |
127.363 |
|
Total Non-current
Liabilities (3) |
500.831 |
650.575 |
806.932 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
777.259 |
814.012 |
611.428 |
|
(b) Trade payables |
455.821 |
663.748 |
578.721 |
|
(c) Other current
liabilities |
437.478 |
317.707 |
260.828 |
|
(d) Short-term provisions |
101.462 |
94.809 |
70.669 |
|
Total Current Liabilities
(4) |
1772.020 |
1890.276 |
1521.646 |
|
|
|
|
|
|
TOTAL |
2842.822 |
3990.604 |
3440.947 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1309.577 |
1596.321 |
1663.790 |
|
(ii) Intangible Assets |
37.703 |
58.48 |
70.561 |
|
(iii) Capital
work-in-progress |
163.692 |
177.466 |
217.382 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.014 |
0.014 |
1.214 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.0.0 |
0.000 |
|
(d) Long-term Loan and Advances |
79.107 |
81.009 |
56.457 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1590.093 |
1913.290 |
2009.404 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
|
|
(b) Inventories |
495.929 |
475.194 |
397.239 |
|
(c) Trade receivables |
432.279 |
404.939 |
288.796 |
|
(d) Cash and cash
equivalents |
275.062 |
158.295 |
390.494 |
|
(e) Short-term loans and
advances |
46.991 |
43.095 |
33.202 |
|
(f) Other current assets |
2.468 |
1.511 |
2.300 |
|
Total Current Assets |
1252.729 |
1083.034 |
1112.031 |
|
|
|
|
|
|
TOTAL |
2842.822 |
2996.324 |
3121.435 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
1518.743 |
1773.294 |
1396.232 |
|
|
Other Income |
9.503 |
18.303 |
1.717 |
|
|
TOTAL (A) |
1528.246 |
1791.597 |
1397.949 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Raw Materials Consumed |
467.666 |
615.291 |
639.428 |
|
|
Purchases of
Stock-in-Trade |
9.471 |
2.270 |
7.695 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
17.725 |
(65.318) |
(42.990) |
|
|
Exceptional items |
191.400 |
(32.800) |
(24.800) |
|
|
Expenditure (other than
Interest) |
0.000 |
(1.583) |
(87.673) |
|
|
Employees benefits
expense |
344.338 |
329.119 |
300.420 |
|
|
Other expenses |
834.186 |
907.353 |
743.416 |
|
|
TOTAL (B) |
1864.786 |
1754.332 |
1535.496 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
(336.540) |
37.265 |
(137.547) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
188.334 |
183.085 |
212.598 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(524.874) |
(145.820) |
(350.145) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
225.570 |
191.564 |
181.094 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
(750.444) |
(337.384) |
(531.239) |
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-I) (J) |
(750.444) |
(337.384) |
(531.239) |
|
|
|
|
|
|
|
|
C.I.F VALUE OF IMPORTS |
|
|
|
|
|
Components,
stores and spare parts |
6.716 |
27.373 |
7.644 |
|
|
Raw
Material |
33.197 |
70.659 |
0.200 |
|
|
TOTAL |
39.913 |
98.032 |
7.844 |
|
|
|
|
|
|
|
|
FOB Value of Export |
238.788 |
203.819 |
104.178 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(73.14) |
(32.88) |
(51.77) |
Expected Sales (2014-2015): Rs.1800.000 Million
The above information has been parted by Mr. Prashant Kumar (Company
Secretary)
QUARTERLY RESULTS
|
Particulars |
Jun 2014 |
Sep 2014 |
Dec 2014 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
352.000 |
(335.100) |
342.000 |
|
Total Expenditure |
386.700 |
424.500 |
431.100 |
|
PBIDT (Excl OI) |
(34.700) |
(89.400) |
(89.100) |
|
Other Income |
03.900 |
03.100 |
00.100 |
|
Operating Profit |
(30.800) |
(86.300) |
(89.000) |
|
Interest |
42.700 |
(40.600) |
38.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(73.500) |
(126.900) |
(127.400) |
|
Depreciation |
(38.200) |
25.300 |
35.000 |
|
Profit Before Tax |
(111.700) |
(152.200) |
(161.400) |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(111.700) |
(152.200) |
(162.400) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(111.700) |
(152.200) |
(162.400) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(49.41) |
(19.03) |
(38.05) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
(22.16) |
2.10 |
(9.85) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(28.01) |
(11.97) |
(18.30) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.32) |
(0.23) |
(0.48) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.01 |
0.93 |
1.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.71 |
0.57 |
0.73 |
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 |
952.613 |
952.613 |
1822.613 |
|
Reserves & Surplus |
159.756 |
497.140 |
(1252.642) |
|
Net worth |
1112.369 |
1449.753 |
569.971 |
|
|
|
|
|
|
long-term borrowings |
679.569 |
527.612 |
368.949 |
|
Short term borrowings |
611.428 |
814.012 |
777.259 |
|
Total borrowings |
1290.997 |
1341.624 |
1146.208 |
|
Debt/Equity ratio |
1.161 |
0.925 |
2.011 |
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 |
1396.232 |
1773.294 |
1518.743 |
|
|
|
27.006 |
(14.355) |
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 |
1396.232 |
1773.294 |
1518.743 |
|
Profit |
(531.239) |
(337.384) |
(750.444) |
|
|
(38.05%) |
(19.03%) |
(49.41%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Repayable on Demand Public Deposits |
10.639 |
10.052 |
|
IDBI Bank Limited |
|
46.381 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Repayable on Demand Tata Capital Financial Services Limited (12.25%) |
100.000 |
100.000 |
|
Strassenburg Pharmaceuticals Limited (11.15%) |
20.000 |
35.000 |
|
Cargo Consultancy Services (India) Private Limited |
0.000 |
20.000 |
|
Parekh Marine Agencies Private Limited |
0.000 |
10.000 |
|
Tata Coffee Limited (12.25%) |
50.000 |
0.000 |
|
|
|
|
|
Total |
180.639 |
221.433 |
INDEX
OF CHARGES
|
S.No. |
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address |
Service
Request Number (SRN) |
|
1 |
10184486 |
31/03/2010
* |
250,000,000.00 |
IDBI
Bank Limited |
IDBI
TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
A83997437 |
|
2 |
10092310 |
23/06/2008
* |
540,000,000.00 |
IDBI
Bank Limited |
Shantiniketan,
Sakchi-Boulevard Road,, Bistupur, Jamshedpur, Jharkhand - 831001, INDIA |
A43138171 |
|
3 |
90263757 |
21/08/2009
* |
550,000,000.00 |
IDBI
Bank Limited |
IDBI
TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
A69923290 |
|
4 |
80039990 |
08/10/2010
* |
660,000,000.00 |
Bank
of India |
Jamshedpur,
Main Branch, Bank of India Building, |
A96210547 |
CHANGE OF REGISTERED OFFICE:
During the year, the
Registered Office of your Company has been shifted From:
XLRI New Administrative
Building, XLRI Campus, Circuit House Area (East), P.O. & P.S. – Bistupur,
Jamshedpur- 831 001, Dist: East Singbhum, Jharkhand
To:
Annex – 2, General Office,
Tata Steel Limited, P.O. & P.S. – Bistupur, Jamshedpur- 831 001, Dist: East
Singbhum, Jharkhand.
General Corporate Information
Tayo Rolls Limited,
formerly Tata- Yodogawa Limited was incorporated in 1968. The company was
promoted by Tata Steel Limited in collaboration with Yodogawa Steel Works, Japan
and Nissho Iwai Corporation of Japan for production of Cast Iron and Cast Steel
Rolls for metallurgical industries. As a part of its backward integration, Tayo
Rolls Limited, has set up a mini blast furnace of 40,000 tpa for the
manufacture of Pig Iron. Other products include Forged Rolls, Engineering
Forging and Ingots.
Tayo has a licence and
know-how agreement with Sheffield Foragemasters International, UK, for the
transfer of technology to manufacture forging quality Ingots, Forged bars,
Engineering Forgings and Forged Rolls.
OPERATION AND SALES:
(i) During the year, the
Company achieved a turnover of Rs 1675.500 million as against Rs.1964.400
Million in the
previous year. The
production and sales of rolls were 7750 tonnes and 7624 tonnes, respectively as
against the production and sale at 8088 tonnes and 8127 tonnes, respectively in
the previous year. This includes the sale of forged rolls of 912 tonnes against
556 tonnes in the previous year.
(ii) During the year, the production and sale of pig iron were 20382
tonnes and 17115 tonnes, respectively as against 25645 tonnes and 23836 tonnes in the previous year.
(iii) During the year, the
Company has posted a net loss of Rs. 750.400 million against the net loss of
Rs. 337.400 million in the previous year. Continued delay in commissioning and
ramp up of new project coupled with the iquidity crunch during the financial
year has affected the operation and profitability of the Company.
(iv) During the year, the
export of cast rolls was 1540 tonnes as compared to 1509 tonnes in the previous
year,
Equivalent to Rs. 238.8000
crores as compared to Rs. 203.800 million in the previous year.
FINANCIAL AND
WORKING CAPITAL MANAGEMENT:
(i) The liquidity position
of the Company was fragile during the year due to lower off-take and sluggish
economy. The ramping of the forging business has progressed in the latter part
of the year and the management is hopeful of achieving the planned level of
production during the coming financial year.
(ii) During the year, CRISIL
has given BB+/ stable rating for term loan and A4+ for short term borrowing.
MANAGEMENT
DISCUSSION & ANALYSIS
BUSINESS REVIEW AND OUTLOOK:
In 2013 global output was
approximately 1.6 billion tonnes, 3% more than 2012. This increase was driven by
increase in Chinese production, which accounts for approx 48% of the world
total. The world steel association predicted a slower growth rate of around 3%
in FY’15. Discounting Chinese production, the rest of the world was flat when
compared to 2012. During FY’14 the production of steel in India was increased
by approx. 5%. If the current rates continue, it will not be long before India
overtakes the USA as the world’s fourth largest steel producing country.
The growth in domestic
demand has slowed down sharply in the current year. Persistent weakness in
demand from key end user industry kept the domestic steel consumption growth at
0.5% during the period Apr-Dec’13. After registering a YOY growth of 0.8% in
the first half of 2013-14 steel consumption growth in India registered a
decline of 0.15% in Q3 FY-14. On the other hand, the main steel producers like
TSL, SAIL, JSW have shown growth in production. But all other producers have
been running at truncated capacity.
Rolls consumption is solely
dependent on finished steel production. In addition, many overseas roll
manufacturers are making entry in India with competitive prices and new
products. The economy is expected to gain traction in H2 of FY15. Loss of
orders due to price pressures and failure to service the orders due to working
capital issues, resulted in a lower sale of cast rolls by TAYO as compared to
the previous year. However, there was a healthy growth in the sales of forged
rolls during the financial year.
The Super Nickel Grain
(SNG) Roll developed in collaboration with Yodogawa Steel Works, Japan is
performing well in India and abroad.
The company strengthened
its presence in the finishing stands of CSP mills in India and abroad as our
Enhanced Carbide Rolls could be stabilized. There is good potential to supply
ICDP Rolls to CSP plants to replace imports.
The year witnessed
considerable increase in the domestic market share of forged rolls (from 8% to
15%). In addition, forged rolls were exported to few Mills in the SE Asia,
SAARC and Europe. Successful trials will open the door for new markets. Tayo’s
share of forged rolls in the domestic market is expected to grow beyond 20%.
With the stabilization of the production process and the cost reduction
initiatives underway, sales of Engg. forgings from Tayo is expected to grow.
PIG IRON MARKETING & OPERATIONS:
The Pig Iron business,
under the Conversion Agreement with Tata Steel, continued to make steady
profits during the financial year although the sales were lower than the
previous year. TSL supplies iron ore, limestone and nut coke to Tayo for
conversion to foundry grade pig iron. The major quantity of Pig iron produced
is sold in West Bengal. Smaller quantities are sold in Jharkhand and Northern
India.
The realization trend of
pig iron in later half of FY’14 has decreased due to higher availability of
steel grade pig iron in the market at a lower price. However, the prices were
firmed up to some extent during Q4 of the FY’ 14.
The Mini Blast Furnace, now
in its 10th year of running, is due for relining. Although the furnace was in
operation during the whole of last year, due to the poor health of refractory,
it was running below capacity for the major part of the year to avoid any
eventuality. The furnace will be taken down for relining during the FY15.
Contingent liabilities and
commitments
(a) Claims against the Company not
acknowledged as debt
As at As at
31.032014
31.03.2013
i)
Income Tax Appeals:
a)
By the Company
30.530 25.138
b)
By the Department
- 7.951
ii)
Sales Tax
- 33.646
iii)
Excise
29.781 29.781
(b)
Guarantees
i) Under Export Promotion
Capital Goods Scheme for concessional
Duty
on import of machinery furnished to the Customs authorities 17.700 17.700
ii)
On other account
79.137 112.423
iii)
Bills discounted with Bankers
17.098 29.829
(c)
Other money for which the company is contingently liable
d)
Others Matters
2720.325 4.802
Consequent to the judgment
dated 2nd May, 2013 of Honourable Jharkhand high Court with regard to the
applicability of power tariff structure on the Company’s Induction Furnace Unit
from January 2000, The Jharkhand State Electricity Board (JSEB) has raised rectified
energy bill dated 10th June, 2013 for Rs. 272.03 Crores. The Company has
contested the judgment dated 2nd May, 2013 by way of filing an appeal before
the Honourable Jharkhand high Court which has been admitted on merit on 3rd
July, 2013. The demand dated 10th June, 2013 has also been challenged before
the Honourable Jharkhand high Court.
Pending the outcome of the
appeal the demand amount of Rs. 272.03 Crores has been disclosed under
Contingent liability.
FIXED ASSETS
- Leasehold Land
- Buildings
- Owned Plant and Machinery
- Furniture and Fixture
- Office Equipment
- Vehicles
- Computer Software
- Technical Knowhow
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER 30th SEPT, 2014
(Rs. In Million)
|
PARTICULARS |
Quarter ended |
Six Months Ended
|
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
-- |
(Reviewed) |
(Reviewed) |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
305.500 |
336.300 |
641.800 |
|
Other Operating Income |
29.600 |
15.700 |
45.300 |
|
|
|
|
|
|
Total Income from
operations (net) |
355.100 |
352.000 |
687.100 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost
of materials consumed |
157.500 |
125.900 |
283.400 |
|
Purchases
of stock-in-trade |
3.300 |
0.000 |
3.300 |
|
Changes in inventories of
finished goods, work-in- progress and
stock-in-trade |
(34.600) |
(42.900) |
(77.500) |
|
Employee
benefits expense |
89.900 |
90.100 |
180.000 |
|
Depreciation
and amortization expense |
25.300 |
38.200 |
63.500 |
|
consumption
of stores |
62.500 |
51.000 |
113.500 |
|
power
and fuel |
79.600 |
79.400 |
159.000 |
|
Other
Expenses |
75.800 |
83.200 |
159.000 |
|
Expenditure
transfer to capital and other account |
(9.500) |
0.000 |
(9.500) |
|
Total Expenses |
449.800 |
424.900 |
874.700 |
|
Profit / loss from
Operations before Income, finance costs and Exceptional item (1-2) |
(114.700) |
(72.900) |
(187.600) |
|
Other Income |
3.100 |
3.900 |
7.000 |
|
Profit / loss from
Ordinary activities before finance costs Exceptional item (3+4) |
(111.600) |
(69.000) |
(180.600) |
|
Finance Costs |
40.600 |
42.700 |
83.300 |
|
Profit / loss from
Ordinary activities after finance costs before Exceptional item (3+4) |
(152.200) |
(111.700) |
(263.900) |
|
Exceptional Items: |
|
|
|
|
Retail benefit to Ex-Director |
0.000 |
0.000 |
0.000 |
|
Provision for impairment of non-current assets |
0.000 |
0.000 |
0.000 |
|
Net Profit/ Loss from Ordinary Activities
before tax |
(152.200) |
(111.700) |
(263.900) |
|
Less : Tax
Expenses |
0.000 |
0.000 |
0.000 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
(152.200) |
(111.700) |
(263.900) |
|
Extraordinary
Item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit/ Loss for the period (11+12) |
(152.200) |
(111.700) |
(263.900) |
|
Paid- up
Equity Share Capital |
102.600 |
102.600 |
102.600 |
|
Reserves
excluding revaluation reserves as per balance sheet of previous accounting
year |
|
|
|
|
Earnings per share (of Rs. 10/- each) (not annualised) * |
|
|
|
|
Basic |
(14.84) |
(10.88) |
(25.72) |
|
Diluted |
(14.84) |
(10.88) |
(25.72) |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
27,48,568 |
27,48,568 |
27,48,568 |
|
Percentage of Shareholding |
26.79 |
26.79 |
26.79 |
|
2. Promoters
and promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
- |
- |
- |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
- |
- |
- |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
- |
- |
- |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
|
|
|
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter
group) |
75,12,367 |
75,12,367 |
75,12,367 |
|
- Percentage of Shares (as a % of the total share capital of the company) |
73.21 |
73.21 |
73.21 |
|
|
PARTICULARS |
Quarter
30.09.2014 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending
at the beginning of the quarter |
NIL |
|
|
Received
during the quarter |
NIL |
|
|
Disposed
of during the quarter |
NIL |
|
|
Remaining
unresolved at the end of the quarter |
NIL |
|
Standalone Statement of
Assets and Liabilities |
|
|
As at 30th
September, 2014 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
|
21222.613 |
|
Reserves & Surplus |
|
|
(1530.786) |
|
Sub
–total- Shareholders’ find |
|
|
591.827 |
|
|
|
|
|
|
(2)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
278.685 |
|
(d) long-term provisions |
|
|
126.798 |
|
Sub-total Non-current
Liabilities |
|
|
405.483 |
|
|
|
|
|
|
(3)
Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
738.858 |
|
(b) Trade payables |
|
|
444.938 |
|
(c) Other current
liabilities |
|
|
542.502 |
|
(d) Short-term provisions |
|
|
108.018 |
|
Sub-total-current
Liabilities |
|
|
1834.316 |
|
|
|
|
|
|
TOTAL – EQUITY AND
LIABILITIES |
|
|
2831.626 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
1481.075 |
|
(b) Non-current
Investments |
|
|
0.014 |
|
(c) Deferred tax assets
(net) |
|
|
140.418 |
|
(d) Long-term Loan and Advances |
|
|
0.000 |
|
Sub-Total Non-Current
Assets |
|
|
1621.507 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Inventories |
|
|
603.904 |
|
(b) Trade receivables |
|
|
368.039 |
|
(c) Cash and cash
equivalents |
|
|
159.555 |
|
(d) Short-term loans and
advances |
|
|
75.956 |
|
(e) Other current assets |
|
|
2.665 |
|
Total Current Assets |
|
|
1210.119 |
|
|
|
|
|
|
TOTAL- ASSETS |
|
|
2831.626 |
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.62.20 |
|
|
1 |
Rs.94.71 |
|
Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
GTA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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.