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|
|
MIRA
INFORM REPORT
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Report No. : |
490405 |
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Report Date : |
07.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
TATA STEEL PROCESSING AND DISTRIBUTION LIMITED [w.e.f. 29.12.2009] |
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Formerly Known
As : |
TATA RYERSON LIMITED |
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Registered
Office : |
Tata Centre, 43, Chowringhee Road, Kolkata – 700071, West Bengal |
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Tel. No.: |
91-33-66130600 |
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Country : |
India |
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Financials (as
on) : |
31.03.2016 |
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Date of
Incorporation : |
17.04.1997 |
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Com. Reg. No.: |
21-084005 |
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Capital
Investment / Paid-up Capital : |
INR 682.500 Million |
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CIN No.: [Company Identification
No.] |
U27109WB1997PLC084005 |
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IEC No.: |
Not Divulged |
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GST No.: |
19AABCT1029L1Z9 |
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TIN No.: |
19432057046 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCT1029L |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of Processing, Manufacturing and Distribution of Finished Steel Coils and Sheets. [Registered Activity] |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is a wholly owned subsidiary of “Tata Steel Limited”. The company was incorporated in the year 1997. The company is one of the largest players in the steel servicing and processing business in India, with an installed capacity of around 2.8 million tons per annum (mtpa) with the presence of nine processing centers spread across the country. For the financial year 2016, the revenue of the company has decreased by 5.25% but has managed to maintain average profit margin of 2.55%. The healthy financial profile of the company is marked by strong networth base along with strong debt coverage indicators due to low debt balance sheet profile. The rating also factor in company’s established track record of business operations and strong market position of the company as an established steel processor facilitated by strong support from its holding company. However, rating strengths are partially offset by unfavourable gap between trade payables and trade receivables. Business is active. Payment terms seems to be usually correct. In view of aforesaid, the company can be considered normal for business dealings at usual trade terms and conditions. Note: As per Registrar of Companies, the date of balance sheet i.e financials filed is shown as 31st March, 2017 but documents related to the financials for the year 2017 are not available from any sources. |
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loans = AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
26.12.2017 |
|
Rating Agency Name |
ICRA |
|
Rating |
Commercial Paper=A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
26.12.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 07.02.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[Contact No: 91-33-66130600]
LOCATIONS
|
Registered/ Head Office : |
Tata Centre, 43, Chowringhee Road, Kolkata – 700071, West Bengal,
India |
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Tel. No.: |
91-33-66130600/ 0641 |
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Fax No.: |
91-33-22881247 |
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E-Mail : |
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|
Website : |
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|
|
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Factory 1 : |
Plot No. 3, Phase II, Industrial Park, Mambattu, Appllc, Village-Kondur,
Mandal, Tada, District, SPSR Nellore-524121, Andhra Pradesh, India |
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Factory 2 : |
Plot No. 57, Sector 11, Tata Vendor Park, SIDCUL, IEE, Pantnagar –
263153, Udham Singh Nagar, Uttarakhand, India |
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Tel. No.: |
91-5944-675010/ 11 |
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Fax No.: |
91-5944-675012 |
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Factory 3 : |
B-18, MIDC Growth Centre, Ranjangaon, Taluka Shirur, Pune – 412220,
Maharashtra, India |
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Tel. No.: |
91-2138-670966/ 670961 |
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Fax No.: |
91-2138-232215 |
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Factory 4 : |
33-B, Industrial Area, N.I.T., Faridabad-121001, Haryana, India |
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Factory 5: |
Steel Service Centre, Plot No 156, CTH Road, Thiruninravur, Chennai-602024, Tamilnadu, India |
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Other Factories : |
Located At:
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Distribution Centre : |
SCF 132, 1st Floor, Phase 1, Urban Estate, Jamalpur, Ludhiana –
141003, Punjab, India |
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Tel. No.: |
91-161-4638443 |
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Other Distribution Centers : |
Located at:
· Pantnagar ·
Tada |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Anand Sen |
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Designation : |
Nominee Director |
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Address : |
Beldih House, Sakchi Boulevard Road, Northern Town, Bistupur, Jamshedpur – 831001, Jharkhand, India |
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Date of Birth/ Age : |
17.09.1959 |
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Qualification : |
B. Tech, IIT Kharagpur; PGDBM (Mktg.), IIM Calcutta. |
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Date of Appointment : |
20.07.2005 |
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DIN No.: |
00237914 |
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Other Directorship :
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Name : |
Mr. Srikumar Menon |
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Designation : |
Director |
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Address : |
Flat 16, Belvedere Estate, 8/8 Alipore Road, Kolkata 700027, West Bengal, India |
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Date of Appointment : |
28.03.2015 |
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DIN No.: |
00470254 |
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Name : |
Mrs. Rupali Basu |
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Designation : |
Director |
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Address : |
1A, Lee Road, Kolkata 700020, West Bengal, India |
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Date of Appointment : |
28.03.2015 |
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DIN No.: |
01778854 |
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Name : |
Mr. Peeyush Gupta |
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Designation : |
Nominee Director |
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Address : |
Flat No. 33, Sakchi House, 5A Penn Road, Alipore, Kolkata 700027, West Bengal, India |
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Date of Birth/ Age : |
01.06.1968 |
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Date of Appointment : |
24.01.2014 |
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DIN No.: |
02840511 |
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Name : |
Chacko Joseph |
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Designation : |
Casual Vacancy Director |
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Address : |
55 Karaya Road, Kolkata-700019, West Bengal, India |
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Date of Appointment : |
21.10.2016 |
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DIN No.: |
07528693 |
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Name : |
Abraham George Stephanos |
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Designation : |
Managing Director |
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Address : |
Block Summer Flat - 1E, 5 / A 22, Buroshibtala Main Road, Kolkata 700038, West Bengal, India |
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Date of Birth/ Age : |
31.12.1962 |
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Qualification : |
PGDBM (Mktg. & Strategic Mgmt.); B.Sc. Engg(Mech) |
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Date of Appointment : |
01.04.2014 |
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PAN No.: |
AAZPS2738J |
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DIN No.: |
06618882 |
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Name : |
Mr. Rajiv Kumar |
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Designation : |
Nominee Director |
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Address : |
B-20, Vijaya Heritage Anilsur Path, Uliyan, Kadma East Singhbhum Jamshedpur 831005, Jharkhand, India |
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Date of Appointment : |
22.10.2014 |
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DIN No.: |
07001339 |
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KEY EXECUTIVES
|
Name : |
Mr. Asis Mitra |
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Designation : |
Company Secretary |
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Address : |
18/B, Naren Sen Square, Kolkata – 700009, West Bengal, India |
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Date of Appointment : |
15.05.2008 |
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PAN No.: |
ADNPM0375L |
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Name : |
Mr. Anup Kumar |
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Designation : |
CFO(KMP) |
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Address : |
74/1, Narkeldanga Main Road, Flat-5f, Block-2, Lake District, Near Swabhumi, Kadapara, Kolkata 700054, West Bengal, India |
|
Date of Appointment : |
01.09.2015 |
|
PAN No.: |
AEQPK9460G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Tata Steel Limited, India |
|
68249993 |
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Jayanta Chakraborthy Jointly held with Tata Steel Limited, India |
|
1 |
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Sandipan Chakraborthy Jointly held with Tata Steel Limited, India |
|
1 |
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Abhijit Kumar Sen Jointly held with Tata Steel Limited, India |
|
1 |
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S K Chowdhury Jointly held with Tata Steel Limited, India |
|
1 |
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R N Murhty Jointly held with Tata Steel Limited, India |
|
1 |
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D B Sundara Ramam Jointly held with Tata Steel Limited, India |
|
1 |
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Ambar Singh Roy Jointly held with Tata Steel Limited, India |
|
1 |
|
|
|
|
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Total |
|
68250000 |
AS ON: 05.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Body Corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Processing, Manufacturing and Distribution of Finished Steel Coils and Sheets. [Registered Activity] |
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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 |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
· State Bank of India Commercial Branch 24, Park Street, Kolkata-700016, West Bengal, India · Bank of Maharashtra · Bank of Baroda · HDFC Bank Limited · Commonwealth Bank of Australia ·
ICICI Bank Limited |
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Facilities : |
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Financial Institution : |
· SBICAP Trustee Company Limited |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Bengal Intelligent Park Building, Alpha, 1st Floor, Plot No A2 M2 and N2 Block EP and GP Sec V Salt Lake Electronics Complex, Kolkata -700091, West Bengal, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AADFD5357J |
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|
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Cost Auditors |
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|
Name : |
Shome and Bannerjee Cost Accountants |
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|
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Memberships : |
Not Available |
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|
|
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Collaborators : |
Not Available |
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|
|
|
Holding Company : |
Tata Steel Limited [L27100MH1907PLC000260] |
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|
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|
Fellow Subsidiary
Company : |
|
CAPITAL STRUCTURE
AS ON: 31.03.2016
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
INR 10/- each |
INR 750.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
68250000 |
Equity Shares |
INR 10/- each |
INR 682.500
Million |
|
|
|
|
|
Additional
Information:
The Company has one class of equity shares having a par value of INR 10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
682.500 |
682.500 |
682.500 |
|
(b) Reserves & Surplus |
4304.460 |
3898.073 |
3770.854 |
|
(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 |
4986.960 |
4580.573 |
4453.354 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
1190.995 |
1103.809 |
630.464 |
|
(b) Deferred tax liabilities (Net) |
118.007 |
76.128 |
102.487 |
|
(c)
Other long term liabilities |
0.000 |
21.609 |
0.000 |
|
(d)
long-term provisions |
196.680 |
178.564 |
109.991 |
|
Total
Non-current Liabilities |
1505.682 |
1380.110 |
842.942 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
835.417 |
100.000 |
0.000 |
|
(b)
Trade payables |
984.729 |
860.299 |
1456.494 |
|
(c)
Other current liabilities |
599.302 |
358.100 |
505.551 |
|
(d)
Short-term provisions |
221.416 |
162.902 |
94.179 |
|
Total
Current Liabilities |
2640.864 |
1481.301 |
2056.224 |
|
|
|
|
|
|
TOTAL |
9133.506 |
7441.984 |
7352.520 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3146.970 |
2796.931 |
2882.124 |
|
(ii)
Intangible Assets |
11.962 |
18.758 |
16.006 |
|
(iii)
Capital work-in-progress |
1291.849 |
248.866 |
170.762 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
171.526 |
394.829 |
101.762 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
4622.307 |
3459.384 |
3170.654 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
20.000 |
20.000 |
110.354 |
|
(b)
Inventories |
2083.481 |
2012.879 |
1654.694 |
|
(c)
Trade receivables |
1778.097 |
1493.942 |
1903.213 |
|
(d)
Cash and cash equivalents |
153.632 |
184.030 |
200.339 |
|
(e)
Short-term loans and advances |
459.441 |
252.330 |
223.084 |
|
(f)
Other current assets |
16.548 |
19.419 |
90.182 |
|
Total
Current Assets |
4511.199 |
3982.600 |
4181.866 |
|
|
|
|
|
|
TOTAL |
9133.506 |
7441.984 |
7352.520 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations [Net] |
19367.286 |
20441.475 |
17227.003 |
|
|
|
Other Income |
8.830 |
19.986 |
35.244 |
|
|
|
TOTAL |
19376.116 |
20461.461 |
17262.247 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
13815.245 |
15448.399 |
12464.636 |
|
|
|
Purchases of Stock-in-Trade |
2207.916 |
2123.713 |
2125.492 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
55.865 |
(96.042) |
2.919 |
|
|
|
Employees benefits expense |
564.548 |
602.709 |
475.171 |
|
|
|
Other expenses |
1708.029 |
1556.710 |
1455.156 |
|
|
|
Exceptional items (Provision made/ (reversed) for impairment loss) |
(17.097) |
136.822 |
(62.831) |
|
|
|
Expenditure (other than finance cost) transferred to Capital and other accounts |
(11.967) |
(8.561) |
(17.197) |
|
|
|
TOTAL |
18322.539 |
19763.750 |
16443.346 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1053.577 |
697.711 |
818.901 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
124.571 |
87.995 |
53.237 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
929.006 |
609.716 |
765.664 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
197.015 |
202.384 |
163.270 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
731.991 |
407.332 |
602.394 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
238.879 |
152.899 |
175.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
493.112 |
254.433 |
427.394 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
73.876 |
0.000 |
0.000 |
|
|
|
Stores & Spares |
3.619 |
4.098 |
2.143 |
|
|
|
Capital Goods |
972.680 |
69.554 |
186.159 |
|
|
TOTAL IMPORTS |
1050.175 |
73.652 |
188.302 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
7.23 |
3.73 |
6.26 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current
Maturities of Long term debt |
|
|
|
|
Secured Loans |
|
|
|
|
Term Loan from Bank |
163.028 |
114.769 |
214.957 |
|
Unsecured Loans |
|
|
|
|
From Others |
0.000 |
30.848 |
29.591 |
|
Total |
163.028 |
145.617 |
244.548 |
|
|
|
|
|
|
Cash generated from operations |
669.531 |
306.684 |
446.338 |
|
|
|
|
|
|
Net Cash From Operating Activities |
493.448 |
127.831 |
354.221 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
33.51 |
26.68 |
40.32 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
10.89 |
13.68 |
9.05 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
22.43 |
17.87 |
36.44 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.51 |
0.35 |
0.49 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.24 |
0.23 |
0.27 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.44 |
0.37 |
0.40 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.44 |
0.29 |
0.20 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.53 |
0.32 |
0.46 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.89 |
0.67 |
0.69 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
8.46 |
7.93 |
15.38 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
2.55 |
1.24 |
2.48 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
5.40 |
3.42 |
5.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
9.89 |
5.55 |
9.60 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.71 |
2.69 |
2.03 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.92 |
1.33 |
1.23 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.55 |
0.62 |
0.61 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
3.21 |
1.98 |
1.28 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.71 |
2.69 |
2.03 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
682.500 |
682.500 |
682.500 |
|
Reserves & Surplus |
3770.854 |
3898.073 |
4304.460 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
4453.354 |
4580.573 |
4986.960 |
|
|
|
|
|
|
Long-term borrowings |
630.464 |
1103.809 |
1190.995 |
|
Short term borrowings |
0.000 |
100.000 |
835.417 |
|
Current Maturities of Long
Term Debt |
244.548 |
145.617 |
163.028 |
|
Total
borrowings |
875.012 |
1349.426 |
2189.440 |
|
Debt/Equity
ratio |
0.196 |
0.295 |
0.439 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
17227.003 |
20441.475 |
19367.286 |
|
|
|
18.659 |
(5.255) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
17227.003 |
20441.475 |
19367.286 |
|
Profit/ (Loss) |
427.394 |
254.433 |
493.112 |
|
|
2.48% |
1.24% |
2.55% |
LEGAL CASES
|
This is archived version of case. To check in ecourt site
please go to link. then click on Case Status. Select state
: Karnataka, district : BENGALURU, court complex name : City Civil Court
Complex, Bangalore and enter on of party name with case year from
registration date |
CCH1 PRL. CITY CIVIL and SESSIONS JUDGE
Case Details
|
Case Type : O.S |
|
Filing Number: 1413/2016 Filing Date: 18-02-2016 |
|
Registration
No.: 1464/2016 Registration Date: 18-02-2016 |
|
Case Code: 205200014132016 |
|
|
|
Case Status |
|
First
Hearing Date : 19th February 2016 |
|
Next Hearing Date: 13th April 2016 |
|
Stage of Case: SUMMONS |
|
Court No. and Judge : 1148-CCH65 LXIV ADDL. CITY CIVIL SESSIONS JUDGE |
|
|
|
Petitioner and Advocate |
|
1) M/S MPP TECHNOLOGIES PVT LTD Address - NO.487-C. 14TH CROSS, IV PHASE,
PEENYA INDUSTRIAL AREA, BANGALORE 58. REP. BY ITS DIRECTOR SRI.M.DEVARAJAIAH |
|
|
|
Respondent and Advocate |
|
1) TATA STEEL PROCESSING AND DISTRIBUTION LTD |
|
|
|
|
Acts
|
Under Act(s) |
Under Section(s) |
|
U/o VII Rule 1 of CPC |
, |
|
History of Case Hearing |
|
|
Registration No. |
Judge |
Business On Date |
Hearing Date |
Purpose of hearing |
|
1464/2016 |
CCH65 LXIV ADDL. CITY CIVIL SESSIONS JUDGE |
19-02-2016 |
24-03-2016 |
SUMMONS |
|
1464/2016 |
CCH65 LXIV ADDL. CITY CIVIL SESSIONS JUDGE |
24-03-2016 |
13-04-2016 |
SUMMONS |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G06487581 |
100035625 |
COMMONWEALTH BANK OF AUSTRALIA |
06/06/2016 |
- |
- |
266900000.0 |
LEVEL 2, HOECHST HOUSENARIMAN POINTMUMBAIMH400021IN |
|
2 |
C03158797 |
10488611 |
STATE BANK OF INDIA |
26/03/2014 |
- |
- |
750000000.0 |
STATE BANK OF INDIA2ND FLOOR, 34, JAWAHAR LAL NEHRU ROAD,KOLKATAWB700071IN |
|
3 |
B73202079 |
10419733 |
COMMONWEALTH BANK OF AUSTRALIA |
22/03/2013 |
- |
- |
440000000.0 |
LEVEL 2, HOECHST HOUSENARIMAN POINTMUMBAIMH400021IN |
|
4 |
A90436544 |
10230532 |
STATE BANK OF INDIA |
06/07/2010 |
- |
- |
350000000.0 |
CORPORATE ACCOUNTS GROUP BRANCH, KOLKATARELIANCE HOUSE, 2ND FLOOR,34,JAWAHARLAL NEHRU ROADKOLKATAWB700071IN |
|
5 |
A90438664 |
10230534 |
STATE BANK OF INDIA |
06/07/2010 |
- |
- |
1310000000.0 |
CORPORATE ACCOUNTS GROUP BRANCH, KOLKATARELIANCE HOUSE, 2ND FLOOR,34,JAWAHARLAL NEHRU ROADKOLKATAWB700071IN |
|
6 |
Y10355496 |
90247859 |
STATE BANK OF INDIA |
19/03/1998 |
14/10/2006 |
- |
2110800000.0 |
COMMERCIAL BRANCH24, PARK STREETKOLKATAWB700016IN |
|
7 |
A45510757 |
80018341 |
STATE BANK OF INDIA |
19/03/1998 |
30/08/2008 |
- |
3578200000.0 |
COMMERCIAL BRANCH, KOLKATA24, PARK STREETKOLKATAWB700016IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2016 (INR In Million) |
31.03.2015 (INR In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred payment
liabilities |
|
|
|
Sales tax deferment loans |
55.841 |
25.266 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Short term loan from bank |
300.000 |
100.000 |
|
Buyer’s credit from bank |
473.616 |
0.000 |
|
Total |
829.457 |
125.266 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2016 (INR In Million) |
31.03.2015 (INR In Million) |
|
Bills Discounted |
|
|
|
Excise Duty# |
299.365 |
357.484 |
|
Sales tax (in respect of non-submission of Forms and other
matters/reimbursement in case of liability) |
540.308 |
537.526 |
|
Income Tax |
66.989 |
61.438 |
|
Guarantee |
31.067 |
59.041 |
|
# In respect of chargeability and assessable value determination; the Department is in appeal in respect of INR 497.019 million (31.03.2015: INR 497.019 million) and for this amount the expected reimbursements in case of any liability are not determined. |
0.671 |
0.671 |
OPERATIONS
During the year, the company achieved highest ever business volume of INR 1.801 Million MT (Tolling - INR 1.378 Million MT, and Distribution - INR 0.423 Million MT) leading to a turnover of INR 19370.000 million. Distribution sales volume grew by 8.5% over last year whereas there was a marginal improvement in Tolling volume. The dip in the turnover was due to lower steel prices in the market through most of the year. Revival of commercial vehicle segment, helped in improving supplies to key Vendor servicing (VSM) customers. "Astrum" and "Steelium" branded product sales registered major growth of 34% and 40% respectively due to increased share of business with many key customers as well as acquiring new customers
The increase in volumes, supplemented with several other productivity and cost improvement initiatives, enabled the company to achieve a 24% increase in EBITDA, and an increase of 80% in PBT compared to the previous year. EBITDA and PBT also included INR 270.662 million of compensation income from Tata Steel for Chennai SSC operations.
CAPACITY EXPANSION,
NEW PROJECTS
Cold Rolled slitting line at Faridabad: The 85,000 MT per annum capacity, high end, CR slitting line was commissioned in Dec 2015 at Faridabad.
Skin-panel capable Cold Rolled (CR) slitting line for processing of JCAPCPL output coils: The Esmech SMS make, 144,000 MT per annum, CR Slitting line was commissioned in March 2016 at Jamshedpur.
In line with Tata Steel's expansion plans at Kalinganagar, Odisha and CRM, Bara at Jamshedpur the company is executing following projects. Inspection & Parting (I&P) line at CRM Bara, Jamshedpur: Installation of inspection and parting line with edge trimming facility for HRPO and HRSPO material produced at CRM, Bara of Tata Steel is in progress. The line will start processing material from Oct, 2016.
Hot rolled (HR) coil Processing Unit at Kalinganagar, Odisha: All three HR coil processing lines (one slitter and two cut to length lines) for 1 million MT per annum Steel Service Centre at Kalinganagar plant of Tata Steel have been received at construction site. Construction work at site is in advance stage. Shipment of processed material from the thicker gauge cut to length line will commence from September 2016.
Balance two lines will also be commissioned by December 2016.
RECOGNITIONS &
AWARDS
The Company received several awards and accolades during the year. Some notable ones are:
- TSPDL retained its position as "Emerging Industry Leader" in the TBEM assessment 2015
- Towards community initiative, TSPDL received two Jury recognitions from Tata Affirmative Action Program (TAAP) for significant adoption of "Overall Affirmative Action Initiatives" and "Employability Practices".
- Tada plate processing plant retained the coveted Platinum level quality certification from Caterpillar. l Faridabad unit won the northern regional innovation award of Tata Innovista 2015.
- Pantnagar unit received two recognitions from its customers - a) "Best-Supplier" award from ASAL, and, b) "Valued Supply Chain Partner" from Everest Pre-Fab.
- Pantnagar unit was also rewarded by Tata Motors under Energy Champion Awards 2015-16.
- Bara plant was recognized as the best External Processing Agent (EPA) by Tata Steel during its annual EPA meet at Jamshedpur based on overall performance. Demag plant won best safety award and Faridabad & Chennai plants were awarded for innovation.
- Pantnagar was rewarded by Indian National Suggestion Scheme Association for idea generation for innovation and improvement.
INDUSTRY OUTLOOK:
STEEL SERVICE CENTRE
During
the last couple of years the number of players in the organised space has
increased and few low end processers have moved up to the semi organised space.
The organised SSCs are primarily backed by the steel mills or by OEMs focusing
more on value creation. The FY 16 has seen low capacity utilizations both in
the organized and semi organized space due to fluctuating demand from the value
added steel intensive sectors.
POS IDPC has added a new HRPO CTL line to process up to 6mm and POS IPPC has added a Slitting and NCTL line capable of processing 5000 MT/Month. POS ICPC plans to add another HR Slitter by 2016-17. The SSC is coming up with a 1.8 lakh tons capacity at Sanand (POS IAPC) mainly to cater to the Automobile and Appliance sector JSW- Marubeni Itochu combine has added a SSC at Pune with capacity of 360,000 tons in 2 phases. First phase is already in operation processing 4000 MT/ month of HRPO, CR and Coated materials. The Second phase is expected to be operational by 2017 end. BAO Steel has put up a new 1.8 lakh tons SSC at Sanand with a WCTL, NCTL, a Slitter and profile blanking.
Mahindra
has set up an auto SSC at Chakan of capacity 100000 tons per annum with high
end processing capability including a trapezoidal blanking line from Fagor.
Apart from this many Semi Organised players such as Max Steels, Allied
Industries, Hemnil, Ratnesh, Ramswaroop and Triveni Enterprises have put up capacities
in FY 16 making value added steel available to customers at competitive rates.
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and equipment
·
Factory equipments
·
Other plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
Computer equipments
·
Computer software
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 records 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
|
INR |
|
US Dollar |
1 |
INR 64.27 |
|
UK Pound |
1 |
INR 89.72 |
|
Euro |
1 |
INR 79.52 |
INFORMATION DETAILS
|
Information
Gathered by: |
PRT |
|
|
|
|
Analysis Done by: |
VAR |
|
|
|
|
Report Prepared
by: |
IND |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not be considered as unfavorable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.