MIRA
INFORM REPORT
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Report No. : |
311988 |
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Report Date : |
12.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
TATA INTERNATIONAL LIMITED |
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Registered
Office : |
7th Floor, Trent House, G -Block, Plot No. C-60, Beside
Citi Bank, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
30.11.1962 |
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Com. Reg. No.: |
11-012528 |
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Capital
Investment / Paid-up Capital : |
Rs.401.000 Million |
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CIN No.: [Company Identification
No.] |
U51900MH1962PLC012528 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMT10815A |
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PAN No.: [Permanent Account No.] |
AAACT3198F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacture and Seller of Leather and Leather Products, Trading in Commodities and Footwear Retail. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (59) |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a Part of ‘TATA GROUP’. It is a well-established and reputed company having fine track. Financial position of the company seems to be strong. The company has strong percentage and investment portfolio which
provide strong financial flexibility. The company has acquire premium exporter of leather products and has
reputed international client which enhance the good business. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitment. In view of experience promoters, the company can be considered for normal
business dealings at usual trade terms and condition. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Non-Convertible Debenture A+ |
|
Rating Explanation |
Have adequate degree of safety and carry low credit risk. |
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Date |
September 2014 |
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Rating Agency Name |
ICRA |
|
Rating |
Non-fund based limits A1+ |
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Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
|
Date |
September 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non-Cooperative (91-22-66652200)
LOCATIONS
|
Registered Office : |
7th Floor, Trent House, G -Block, Plot No. C-60, Beside Citi Bank,
Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-66652200-10 |
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Fax No.: |
91-22-66612836 |
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E-Mail : |
ajay.ponkse@tatainternational.com corporate@telmumablk.globalnet.ems.vsnl.net.in mdeshmukh@tatainternational.com |
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Website : |
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Corporate
Support Services: |
Sterling Centre, 3rd Floor, |
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Tel. No.: |
91-22-66652299 |
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Fax No.: |
91-22-66612836 / 37 |
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Representative
Office : |
Tata Centre, 43, Chowringhee
Road, Kolkata, West Bengal, India |
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Factory 1 /
Leather and Leather Products Business Unit: |
No. 15, Mechano Industrial Estate, Vellappanchavadi, Chennai - 600077,
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Tel. No.: |
91-44-66362500 / 10 |
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Fax No.: |
91-44-66362522 |
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E-Mail : |
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Factory 2 : |
Industrial Area, Agra Mumbai Road, Dewas - 455001, Madhya Pradesh,
India |
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Tel. No.: |
91-7272-258900 / 04 / 425500 |
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Fax No. ( |
91-7272-258150 / 258271 |
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Fax No. (LFB
Marketing) : |
91-7272-258914 |
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Fax No. (LGB
Marketing) : |
91-7272-258574 |
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Fax No. (Ladies FW
Plant) : |
91-7272-400161 |
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Engineering
Business Unit: |
Located
at · New Delhi · Kolkata · Mumbai |
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Overseas
Offices: |
Located at · China · Japan · Singapore · South Korea · Myanmar · Taiwan · Thailland · Cambodia and Lao PDR · UAE · Vietnam · South Africa · Zambia · Mozambique · Zimbabwe · Kenya · Uganda · Namibia · Ethiopia · Nigeria · Tanzania · Netherlands · Poland · Russia · Spain · UK · Brazil · Mexico · USA · Panama |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Homiar Sorabji Vachha |
|
Designation : |
Director |
|
Address : |
Flat No. 9, Naoroji House, Naigaum Cross Road, Dadar, Mumbai – 400014, Maharashtra, India |
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Date of Birth/Age : |
23.04.1942 |
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Qualification : |
MA, Phd (Economics) |
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Date of Appointment : |
08.09.2014 |
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DIN No.: |
00016610 |
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Name : |
Mr. Piyush G. Mankad |
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Designation : |
Director |
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Address : |
P-161, ATS Greens Village, Sector 93-A, Expressway Noida - 201301, Uttar Pradesh, India |
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Date of Birth/Age : |
18.11.1941 |
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Qualification : |
MA, IAS (Retd) |
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Date of Appointment : |
08.09.2014 |
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DIN No.: |
00005001 |
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Name : |
Mr. Arun Kumar Vora |
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Designation : |
Director |
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Address : |
S-2, 3rd Floor, Orchid Apartments, 161, 5th Main, Defence Colony, Indira Nagar, Bangalore – 560038, Karnataka, India |
|
Date of Birth/Age : |
14.08.1941 |
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Qualification : |
BE (Mechanical), PG Industrial engineering (UK) |
|
Date of Appointment : |
08.09.2014 |
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DIN No.: |
00191774 |
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Name : |
Mr. Noel Naval Tata |
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Designation : |
Managing Director |
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Address : |
Windmere, Cuffe Parade Colaba, Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
12.11.1956 |
|
Qualification : |
Graduate from Sussex (UK) |
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Date of Appointment : |
26.08.2010 |
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DIN No.: |
00024713 |
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|
|
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Name : |
Mr. Ramakrishnan Mukundan |
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Designation : |
Director |
|
Address : |
9, Swastik Building Plot 151 Major Parmesh Waran Road, Wadala, Mumbai – 400031, Maharashtra, India |
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Date of Birth/Age : |
19.09.1966 |
|
Qualification : |
BE (Electrical), MBA |
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Date of Appointment : |
26.08.2010 |
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DIN No.: |
00778253 |
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Name : |
Mr. Ravindra Narayan Pisharody |
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Designation : |
Director |
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Address : |
Hill Park Building No.-1, Flat No. 9, 2nd Floor, AG Bell Road, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
24.11.1955 |
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Qualification : |
B.Tech (Electronics IIT), PGDM IIM) |
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Date of Appointment : |
26.08.2010 |
|
DIN No.: |
01875848 |
KEY EXECUTIVES
|
Name : |
Mr. Ajay
Murlidhar Ponkshe |
|
Designation : |
Company Secretary
|
|
Address : |
Flat No. 3, 1st
Floor, Yashodan, Sahayog Mandir Path, Naupada, Thane – 400 601, |
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Date of Birth/Age : |
27.02.1960 |
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Date of Appointment : |
20.07.2007 |
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PAN No.: |
AAEPP6047Q |
MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
|
Tata Motors Limited, India |
50000 |
|
Tata Chemicals Limited, India |
48000 |
|
Voltas Limited, India |
10000 |
|
Tata Sons Limited, India |
167400 |
|
Tata Industries Limited, India |
17122 |
|
Trent Limited, India |
3000 |
|
Ewart Investments Limited, India |
25000 |
|
Tifco Holdings Limited, India |
8000 |
|
Tata Steel Limited, India |
28616 |
|
Shapoor Pallonji Mistry |
200 |
|
Cyrus Pallonji Mistry |
200 |
|
Sheba Properties Limited, India |
19350 |
|
Af-Taab Investment Company Limited, India |
20500 |
|
Simone Naval Tata |
112 |
|
Chemical Terminal Trombay Limited, India |
3500 |
|
Total |
401000 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
99.87 |
|
Other |
0.13 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Seller of Leather and Leather Products,
Trading in Commodities and Footwear Retail. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by management |
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Bankers : |
· State Bank of Mysore, Corporate Accounts Branch, 224-C Mittal Court, 4th Floor, Nariman Branch, 224-C, Mittal Court, 4th Floor, Nariman Point, Mumbai-400021, Maharashtra, India ·
State Bank of India, Overseas Branch, World Trade Centre,
Cuffe Parade, Mumbai - 400005, Maharashtra, India ·
ICICI Bank Limited, 9 Raffles Place, # 50-01,
Republic Plaza, Singapore 048619 ·
FirstRand Bank Limited, 5th Floor, Mistry
Bhawan, 122 Dinsha Vachha Road, Churchgate, Mumbai - 400020, Maharashtra,
India |
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Facilities : |
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Financial
Institution: |
Housing Development Finance Corporation Limited, Ramon House, H T
Parekh Marge, 169, Backbay Reclamation, Churchgate, Mumbai - 400020,
Maharashtra, India |
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Dr. Annie Besant Road, Shivsagar Estates, Worli, Mumbai – 400018,
Maharashtra, India |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679100 |
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PAN No.: |
AACFD4815A |
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Holding Company : |
Tata Sons Limited |
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Subsidiaries : |
· Tata Africa Holdings (SA) (Proprietary) Limited · Tata South-East Asia Limited · Tata West Asia FZE · Tata Africa Holdings (Ghana) Limited · TATA Africa Holdings (Kenya) Limited · Tata Africa Holdings (Tanzania) Limited · Tata Africa Services (Nigeria) Limited · Tata Africa Steel Processors (Proprietary) Limited · Tata Automobile Corporation (SA) (Proprietary) Limited · Tata Holdings Mocambique Limitada · Tata De Mocambique, Limitada · Tata Namibia (Proprietary) limited · Tata Uganda Limited · Tata Zambia Limited · Tata Zimbabwe (Private) Limited · Blackwood Hodge Zimbabwe (Private) Limited · Cometal, S.A.R.L. · Pamodzi Hotels Plc · Tata Africa (Senegal) S.A.R.L. · TIL Leather Mauritius Limited · Bachi Shoes (India) Limited · Euro shoe components Limited · Move on Componentes e calcado,S.A. · Calsea Footwear Private Limited · Drive India Enterprise Solutions Limited (w.e.f 1st October, 2011) · Tata International Trading Brasil Ltda · Tata International Singapore Pte Limited · Monroa Portugal, Comércio E Serviços, Unipessoal Lda · Move On Retail Spain, S.L. · TAHL ( Mauritius) Power Projects Limited · TAHL ( Mauritius) Mining Projects Limited · Tata Africa Cote DIvoire SARL · M Pumalanga Mining Resources S.A · Tata Steel International (North America) Limited · Tata International Metals (Asia) Limited · Tata Steel International (UK) Limited · TAH Pharmaceuticals Ltd. · Alliance Motors Ghana Limited · Industrial Steels Limited · Tata South East Asia (Cambodia) Limited |
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Associates |
Tata Ceramics Limited CIIN No.: U26933KL1991PLC006018 |
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Joint Venture |
· Tata International DLT Private Limited · Tata International Wolverine Brands Limited (Incorporated as on 18th April 2012) · Tata Precision Industries (India) Limited · Drive India Enterprise Solutions Limited (Up to 30th September, 2011) |
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Fellow Subsidiaries |
· Tata AIG General Insurance Company Limited · Tata AIA Life Insurance Company Limited (Formerly Tata AIG Life Insurance Company Limited) · Ewart Investment Private Limited · Tata Capital Limited · Tata Consulting Engineers Limited (formerly TCE Consulting Engineers Limited) · Tata Consultancy Services Limited · Tata Teleservices Limited · Tata Realty and Infrastructure Limited · Tata Teleservices (Maharashtra) Limited · Tata Industries Limited · TC Travel And Services Limited · Tata Capital Pte. Limited |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700000 |
Equity Shares |
Rs.1000/- each |
Rs.700.000 Million |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
401000 |
Equity Shares |
Rs.1000/-
each |
Rs.401.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
401.000 |
401.000 |
401.000 |
|
(b) Reserves & Surplus |
4579.864 |
4504.298 |
4565.579 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4980.864 |
4905.298 |
4966.579 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2814.078 |
2894.725 |
2950.184 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
44.540 |
0.000 |
|
(c) Other long term liabilities |
21.044 |
146.979 |
139.03 |
|
(d) long-term provisions |
61.227 |
59.319 |
55.054 |
|
Total Non-current Liabilities (3) |
2896.349 |
3145.563 |
3144.268 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3541.264 |
2343.883 |
3132.172 |
|
(b) Trade payables |
2633.282 |
1960.331 |
1707.192 |
|
(c) Other current
liabilities |
254.865 |
205.370 |
476.773 |
|
(d) Short-term provisions |
629.141 |
522.867 |
514.112 |
|
Total Current Liabilities (4) |
7058.552 |
5032.451 |
5830.249 |
|
|
|
|
|
|
TOTAL |
14935.765 |
13083.312 |
13941.096 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1203.758 |
1313.191 |
1239.114 |
|
(ii) Intangible Assets |
5.189 |
7.368 |
15.044 |
|
(iii) Capital
work-in-progress |
5.147 |
6.780 |
141.978 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
6766.991 |
6671.991 |
5267.432 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
7.467 |
|
(d) Long-term Loan and Advances |
775.360 |
857.838 |
796.606 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
8756.445 |
8857.168 |
7467.641 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
365.254 |
133.989 |
2,071.09 |
|
(b) Inventories |
1795.679 |
1516.450 |
2003.286 |
|
(c) Trade receivables |
2241.097 |
1584.052 |
1406.882 |
|
(d) Cash and cash
equivalents |
115.047 |
109.357 |
329.052 |
|
(e) Short-term loans and
advances |
1143.579 |
853.000 |
591.335 |
|
(f) Other current assets |
518.664 |
29.296 |
71.808 |
|
Total Current Assets |
6179.320 |
4226.144 |
6473.455 |
|
|
|
|
|
|
TOTAL |
14935.765 |
13083.312 |
13941.096 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
14103.473 |
11483.143 |
9937.509 |
|
|
|
Other Income |
946.762 |
591.334 |
251.978 |
|
|
|
TOTAL (A) |
15050.235 |
12074.477 |
10189.487 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
6183.492 |
5496.743 |
3919.240 |
|
|
|
Purchase of Stock-in-trade |
4117.809 |
2618.965 |
3237.432 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(238.585) |
87.152 |
(12.355) |
|
|
|
Employee Benefits Expenses |
850.839 |
755.923 |
651.359 |
|
|
|
Other Expenses |
3403.545 |
2775.055 |
2778.821 |
|
|
|
TOTAL (B) |
14317.100 |
11733.838 |
10574.497 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
733.135 |
340.639 |
(385.010) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
342.953 |
290.562 |
402.055 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
390.182 |
50.077 |
(787.065) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
182.948 |
176.286 |
181.630 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL
ITEMS |
69.862 |
183.383 |
1373.897 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
277.096 |
57.174 |
405.202 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
95.414 |
118.455 |
21.492 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
181.682 |
(61.281) |
383.710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
453.07 |
(152.82) |
1081.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.29 |
(0.53) |
3.86 |
|
|
|
|
|
|
|
Operating Profit Margin (PBITD/Sales) |
(%) |
5.20 |
2.97 |
(3.87) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.39 |
0.89 |
4.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.01 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.28 |
1.07 |
1.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.88 |
0.84 |
1.11 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
401.000 |
401.000 |
401.000 |
|
Reserves & Surplus |
4565.579 |
4504.298 |
4579.864 |
|
Net
worth |
4966.579 |
4905.298 |
4980.864 |
|
|
|
|
|
|
long-term borrowings |
2950.184 |
2894.725 |
2814.078 |
|
Short term borrowings |
3132.172 |
2343.883 |
3541.264 |
|
Total
borrowings |
6082.356 |
5238.608 |
6355.342 |
|
Debt/Equity
ratio |
1.225 |
1.068 |
1.276 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
9937.509 |
11483.143 |
14103.473 |
|
|
|
15.554 |
22.819 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
9937.509 |
11483.143 |
14103.473 |
|
Profit |
383.710 |
(61.281) |
181.682 |
|
|
3.86% |
(0.53%) |
1.29% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particular |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current
maturities of long-term debt |
116.651 |
76.473 |
65.867 |
|
Total |
|
|
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
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 |
LITIGATION
DETAILS:
|
CASE DETAILS BENCH:-BOMBAY
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Long Term Borrowings |
|
|
|
Non-convertible debentures |
2450.000 |
2450.000 |
|
Short Term Borrowings |
|
|
|
Other loans and advances |
1291.350 |
477.184 |
|
|
|
|
|
Total |
3741.350 |
2927.184 |
OPERATING PERFORMANCE
The year 2013-14
continued to be a year full of challenges and opportunities for the Company.
The Company on a stand-alone basis achieved an operating revenue of Rs.1410.000
Million (previous year: Rs. 1148.000 Million) registering a growth of 23%. The
Company has for the first time in its history crossed Rs.10000.000 Million
turnover (US$ 1.7 billion) at a consolidated level.
The Company
continues to pursue various improvement initiatives identified and initiated.
Given below is a detailed analysis of the operations of the Company during the
year 2013-14.
FASHION AND
PERFORMANCE LEATHER BUSINESS
During the year,
the Fashion Leather business was re-structured under distinct animal categories
- goat, sheet and bovine. These ‘sub-verticals’ have helped rationalize the
operations with distinct focus on processes, productivity and costs. To ensure
employee participation and workforce commitment, the improvement initiatives
were branded as ‘Parivartan’. The agenda is to improve internal efficiencies in
planning, productivity and manufacturing. The focus would be on improving
volumes by exploring new markets and product segments. The Business would also
be venturing into manufacture of sheep gloving which would help generate
healthy margins.
ENGINEERING BUSINESS
The business achieved a turnover of Rs.3540.000 Million (2011-12: Rs.3520.000 Million). During the year the Company has entered into long term agreements with key vendors of repute for certain of their products for distribution in Africa and other regions. These initiatives would not only provide sustainability to the business, but would also increase the reach in the market and improve the overall performance.
Footwear Business
The year 2013-14
has been an year of consolidation and new opportunities for the footwear
business. The footwear business in Dewas and Chennai has been able to build on
a strong foundation and is poised to reap the benefits in the coming years. The
new manufacturing unit has laid the foundation for a robust production in
2014-2015 by setting up required systems/ completing customer audits etc. The
Dewas unit has increased its topline by 62% and reduced the losses by 51%. The
unit is poised for a turnaround in 2014-2015.
During the year
the Division has laid the groundwork for tapping new markets in USA and
Australia. The Division has entered into a Memorandum of Understanding with
Fenelli, a regular customer, for 3 years which involves assured production of
0.350 Million pairs of shoes during 2014-15 increasing to 0.500 Million pairs
by 2017-18. A similar understanding was reached with Bugatti to produce 0.500
Million pairs of shoes per annum from 2015-16. The division would focus on
improving production through skill development across its workforce and
strengthen employee engagement.
INDEX OF CHARGE:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10410416 |
13/03/2013 |
1,728,000,000.00 |
ICICI BANK LIMITED |
9 RAFFLES PLACE, # 50-01, REPUBLIC PLAZA, SINGAPORE, - 048619,
SINGAPORE |
B70296835 |
|
2 |
10310769 |
13/01/2012 * |
300,000,000.00 |
ICICI BANK LIMITED |
LANDMARK, RACE COURSE CIRCLE, VADODARA, Gujarat - 390007, INDIA |
B30233704 |
|
3 |
10278701 |
18/04/2011 * |
250,000,000.00 |
FirstRand Bank Limited |
5th Floor, Mistry Bhawan, 122 Dinsha Vachha Road, Churchgate, Mumbai,
Maharashtra - 400020, INDIA |
B10474450 |
|
4 |
10250870 |
08/12/2010 * |
192,600,000.00 |
State Bank of India |
Industrial Finance Branch, No.155, Anna Salai, Chennai, Tamil Nadu -
600002, INDIA |
B02395317 |
|
5 |
90241691 |
16/12/2005 |
4,500,000,000.00 |
ICICI BANK LTD |
ICICI TOWERS BANDRA KURLA COMPLEX, mumbai, Maharashtra - 400051, INDIA |
- |
|
6 |
80055797 |
28/04/2011 * |
5,100,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, NEVILLE HOUSE, B |
B12936837 |
|
7 |
90240961 |
20/10/2005 * |
3,020,000,000.00 |
STATE BANK OF INDIA` |
OVERSEAS BR.; WORLD TRADE CENTRE POST BOX NO 16094, CUFFE PARADE, mumbai,
Maharashtra - 400001, INDIA |
- |
|
8 |
90282277 |
05/08/2000 |
9,000,000.00 |
STANDARD CHARTERED BANK |
58; ARMENIAN STREET, CHENNAI, Tamil Nadu - 600001, |
- |
|
9 |
90282216 |
22/07/2004 * |
20,000,000.00 |
STANDARD CHARTERED BANK |
19; RAJAJI SALAI, CHENNAI, Tamil Nadu - 600001, INDIA |
- |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Furniture and Fixture
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
NEWS:
MINERALS BUSINESS CROSSES 1 MILLION MT MILESTONE IN Q2
Tata
International’s Minerals business has crossed the milestone of one million
metric tonnes of traded coal for the second successive quarter of FY 2014-15.
Minerals trading is one of the core businesses of Tata International. The
business is currently focused on coal supplied to customers in India and China,
sourced from Indonesia and South Africa.
The
business continues to register healthy growth in volumes based on the inroads
made with customers in India and strengthened sourcing arrangements. Key clients
for this business are in the power, cement, steel and sponge iron sectors.
The
business also operates trading desks for ores, including iron and manganese,
ferroalloys and base metals.
TATA
INTERNATIONAL LIMITED FORMS A STRATEGIC ALLIANCE WITH BARON LEATHER PVT. LTD
Tata
International Limited (TIL) today announced the formation of a tie up with
Baron Leather Pvt. Ltd. to conceptualize and produce 100% indigenous upholstery
leathers at the facilities of TIL. The alliance structure provides both parties
with an exceptionally strong partnership for a select range of products
targeted at the Indian market. Operating this new business model in India
allows both the businesses to get close to their potential clients, while
providing deeper insights into brand development opportunities.
The
partnership also reinforces the commitment to manufacture superior quality
leathers at economic price range. Located at Dewas near Indore, Tata
International`s state of the art tannery spreads over 100 acres with over 1200
employees and an estimated production capacity of 2 million square feet per
month will be utilized for processing leathers. Italian technology backed with
Indian craftsmen will control the entire leather making process.
TIL
has thirty years of experience in manufacturing leather, specifically for major
brands globally as well as the Indian market.
Commenting
on the partnership, Mr. Chris Hansen, Global Head – Finished Leather Business
at Tata International Limited said ”We are
very excited to make this announcement. We look forward to a successful
partnership with Baron Leather in addressing the upholstery leather market in
India, which offers a meaningful opportunity. This is consistent with Tata
International’s focus on growing its presence in leather trade in domestic and
international markets. This partnership will definitely make India self-reliant
in superior upholstery leather manufacturing”.
Baron
Leather Pvt. Ltd, founded in 1989 by its CMD - Mr. Bijal Maniar and Priti
Maniar, Executive Director of Baron Leather, is the first Indian brand to have
pioneered the trend of using fashionable leathers for upholstery purposes
elevating the application of leather to new heights. Baron Leather also played
a pivotal role in transforming the America focused interior design leather
industry into accepting an Indian brand and establishing it globally.Remarking
on the establishment of this important new strategic partnership, Mr. Bijal
Maniar, CMD Baron Leather Pvt. Ltd said. ”We believe that we have found, in Tata
International, a truly remarkable partner who is equally dedicated to the
success, growth and prosperity of our shared objectives. Empowering India in
overall upholstery leather manufacturing was always my dream and what best way
than tying up with Tata International Limited. We will start with one of our
basic collections and it’s indeed a matter of pride that we are self-sufficient
now and it can be called 100% Indian.”
About Tata International:
Tata
International Limited [TIL], is the global trading and distribution company of
the Tata group. Established in 1962, TIL’s key business lines are leather and
leather products, metals trading, minerals trading, distribution (auto and
allied) and agri trading. The company operates through its network of offices
and subsidiaries across 38 countries, spanning Africa, Europe, Middle East,
Latin America and Asia and has spearheaded forays into new geographies for the
group. Besides, TIL has been a forerunner of the Indian industry in Africa.
Over
the years, TIL has formed strong strategic alliances and partnerships that have
reinforced its role in international trade and business. With a turnover of USD
1.2 billion (2012-13), the company is supported by about 7500+ strong employee
base.
The
company is deeply committed to being a proactive and responsible member of the
community and the environment in which it operates. Stringent goals for the
reduction of our carbon footprint and greenhouse gases in the leather plant and
other facilities, coupled with initiatives for empowering local communities in
equal measure, drives the company's long term sustainability agenda. Winner of
several prestigious national awards and International certifications for
Environment and Quality, it is also a signatory to the UN Global Compact.
About Baron Leather Pvt. Ltd:
Baron
Leather was founded in 1989 in Mumbai with a vision to establish an Indian
brand on the global map with superior quality products in the leather industry.
Baron has an in house Design team for continuous research & development of
fashion on leathers, which has played an important role in establishing the
company in the global platform with a commanding position and the only brand in
Asia. Their product portfolio comprises of over 400 products in more than 800
colors, the company offers a diversified range of fashionable leathers used for
residential, commercial, automobile, aircraft, yachts purposes and has been a
pioneer to launch leather floor/ wall tiles in India.
Baron
today has successfully formed a robust network worldwide, with over 200 sales
representatives along with 3500 hi-end interior designers globally on board to
create and market their exclusive designs and various finishes on leathers.
Baron leathers are on display for retail sales in close to 35 showrooms
globally. The company is supported by about 100 dedicated employees at the Head
Quarter in Mumbai. The customer base for Baron Leather includes channel
partnership with the top most respected brands in the USA, UK, Asia- Pacific,
Middle East, Russia, & Australia, New Zealand.
The
company has strategic partnerships with tanneries in Italy, Germany that have
been developed over the last 15 years to create an extensive collection of
superior leathers manufactured as per Baron’s recipe and designs, all such
leathers are stocked at their own facility in Mumbai, Delhi, Bangalore and
Ahmedabad.
TATA INTERNATIONAL APPOINTS EX-HOME SECY G K PILLAI AS ITS CHAIRMAN
Tata International Ltd, the global trading and distribution arm of the Tata group, today appointed former Union Home Secretary G K Pillai as its Chairman.
Pillai succeeds B Muthuraman, who retires today after 48 years of association with the Tata group.
The new chairman's appointment is with effect from September 26, 2014, Tata International Ltd (TIL) said in a statement.
Before becoming Home Secretary, Pillai also held the posts of Commerce Secretary and Secretary of the Department of Justice in the Ministry of Law & Justice.
As Special Secretary in the Commerce Ministry, he was India's Chief negotiator at the WTO.
Belonging to the Kerala cadre of the Indian Administrative Service (1972 batch) Pillai has held various positions in his cadre and at the centre.
He is also Chairman of IvyCap Ventures and serves on the boards of several companies, including Hindustan Petroleum Corporation Ltd and the Data Security Council of India.
Established in 1962, TIL's key business verticals are leather and leather products, metals trading, minerals trading, distribution (auto and allied) and agri trading with a presence in manufacturing and supply chain integration in select businesses.
It has presence in 40 countries, spanning Africa, Europe,
Middle East, Latin America and Asia and has spearheaded forays into new
geographies for the group. It had a turnover of USD 1.7 billion in 2013-14 and
employs about 10,000 people.
TATA INTERNATIONAL RAISES SGD 150 MILLION IN FIRST PERPETUAL BOND SALE
The global trading arm of the over USD 103 billion Tata Group, Tata International, has raised 150 million Singapore dollars in an overseas bond sale, priced at 6.65 per cent.
This is the first-ever perpetual bond issuance in the Singapore debt market by a domestic company, as also the largest sole-advisor led transaction from country in recent years, according to the merchant banker HSBC.
The issue got close to seven times over-subscription, enabling the company to tighten pricing to 6.65 per cent, HSBC said.
The company could not be immediately contacted for a comment.
TATA INTERNATIONAL TO RAMP UP FOOTWEAR PRODUCTION AT DEWAS PLANT
Leather products major Tata International Ltd (TIL) is working on a plan to raise the production capacity of its Dewas plant near Indore to Rs.2.500 Million pairs of footwear in the next three years, a top executive said here on Tuesday.
"At present, we are making seven lakh pairs of footwear in our Dewas plant and in the next three years we are working on a plan to raise this capacity to Rs.2.500 Million pairs," TIL assistant vice president and business head (footwear global business) N Mohan told reporters.
He said that this scheme will generate employment for 4,000 people and the company will give preference to rural
women.
Mr Mohan also informed that the TIL has submitted a proposal to the state government to develop "Shoe City" in Dewas district wherein ancillary units for manufacturing upper part of shoes, soles and packaging will be set up.
NOEL TATA DOES A TRENT AT TATA INTERNATIONAL
Noel Tata, who built Trent into a Rs 1000 crore company and launched a slew of brands such as Sisley and Zara in India, is looking at launching global brands in Tata International, the exports and trading arm of Tata Group which he heads.
Tata International Wolverine Brands,
a joint venture between Tata International and US-based Wolverine World Wide,
plans to launch more brands from Wolverine’s portfolio in
"We have a pipeline of brands. We will launch more brands when the JV is ready to absorb additional brands," said Sanjay Mehra, Managing Director of Tata International Wolverine Brands.
Wolverine World Wide has 16 brands under it and those include Bates, Harley-Davidson Footwear, Cat, Hush Puppies among others. " We will not launch Hush Puppies which is currently managed by Bata," Mehra said.
The JV launched apparel, footwear and accessories under the premium brand 'Cat' from Wolverine stable on Friday and looking to launch another brand in the next 3-4 months.
"The next brand will also have products for head to
toe," Mehra said.
In April last year, Tata International entered into a joint venture with NYSE
listed Wolverine Worldwide. The 50:50 JV will also had an arrangement with
another Tata group firm, Trent Ltd, which operates lifestyle chain Westside.
Noel Tata was managing
director of
Tata had successfully launched Zara in India with a JV with Spain’s Inditex group and followed it up with JV announcement with the same group for Massimo Dutti stores. Tata was also instrumental in getting a franchisee agreement with UK’s Tesco to provide back end support to Trent’s Star Bazaar stores.
However, Trent’s venture with Italy’s Benetton Group to open and run Sisley stores in India did not see desired success as the former started winding down the stores last year.
Tata’s stint at Tata International and Trent have similarities. After he joined Tata International, the company ventured into footwear retailing under the ‘Tashi’ brand. Tata International acquired 76 per cent stake each in Bachi Shoes India (BSIPL) and Euro Shoe Components (ESCPL) in late 2010. In 2011, the company acquired 51 per cent stake in Portugal’s Move-on shoes.
However, Tata International had to scale down its footwear retailing venture as most of the stores were rendered commercially unviable.
“Tata has hands on approach in retail and good understanding of global brands. But it is conservative and that’s why the scale and size of Trent and Tata International has not been commensurate with Tata group’s size and scale," said Arvind Singhal, chairman of Technopak Advisors, a retail consultant.
Meanwhile, Tata-Wolverine JV has already opened some pilot locations and is looking to launch Cat stores in the next two months, Mehra said. The stores will have a size of 800 to 1200 sq ft size and the combine will evolve from there. The JV has targeted 10-15 top cities to open stores, he said.
The combine is also looking at opening shop-in-shops in department stores, he said. The JV has already done pilot launch in Westside stores and is in active negotiations with three to four department stores, he said.
"CAT will be a profitable brand in the mid term," Mehra said. Cat's price will range from Rs 3000 to Rs 10,000 in footwear and T Shirts will be available for Rs 900 and jackets will be sold for Rs 3000 to Rs 4000 a piece, he said.
For the industry perception that Cat is not widely known in India and the JV could find it difficult to scale up, Mehra said: "Customer studies have found that the brand is well known and even retailers are bullish about opening Cat stores. "There is no direct competition in the segment and we have got very positive response," he said
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.70 |
|
|
1 |
Rs. 94.60 |
|
Euro |
1 |
Rs. 67.10 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRP |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
59 |
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.