|
|
|
MIRA INFORM REPORT
|
Report No. : |
492417 |
|
Report Date : |
17.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
TATA INTERNATIONAL LIMITED |
|
|
|
|
Formerly Known
As : |
COMMERCIAL AND INDUSTRIAL EXPORTS LIMITED |
|
|
|
|
Registered
Office : |
7th Floor, Trent House, G -Block, Plot No. C-60, Beside
Citi Bank, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra |
|
Tel. No.: |
91-22-66652001/201 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
30.11.1962 |
|
|
|
|
Com. Reg. No.: |
11-012528 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 401.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51900MH1962PLC012528 |
|
|
|
|
IEC No.: |
0388024291 |
|
|
|
|
TIN No.: |
27190243847 |
|
|
|
|
GST No.: |
27AAACT3198F1Z8 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT3198F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
· Manufacturing and Selling of Leather and Leather Products, Trading in Metals, Minerals and other Commodities. (Registered Activity) · Subject Currently Operates Five Divisions which include Leather Business (Manufacturing and Exports of Leather and Leather Products), Trading of Metals, Trading of Minerals, Distribution of Automobiles (has also Diversified into Nonautomotive Segment) and Agro Commodity Trading. (From Indirect Source) |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A++ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject was promoted by Tata Group in 1962. It currently operates five divisions which include leather business (Manufacturing and exports of leather and leather products), trading of metals, trading of minerals, distribution of automobiles (has also diversified into nonautomotive segment) and agro commodity trading. As per the financial records of 2017, the company has achieved a decent growth of 26.82% in its revenue as compared to the previous year revenue but has incurred operational losses during the year under the review. Rating takes into consideration, company’s established track record of business operations marked by its sound financial base along with adequate networth position and strong debt coverage indicators. Rating also takes into account of strong financial and managerial support that company receives from Tata group backed by its well experiences management team. Business is active. Payment seems to be regular. In view of the aforesaid, the company can be considered for normal business dealings at usual trade terms and conditions. NOTE 1: The Board of Directors of the company at its meeting held on April 25, 2016 had approved the Scheme of Amalgamation of Bachi shoes Limited with Tata International Limited (“the Scheme”) with effect from 1 APRIL 2015. Bachi Shoes Limited has been amalgamated with the company with effect from 1 April 2015 (‘appointment date’) in terms of the Scheme approved by the National Company Law Tribunal (‘NCLT), Chennai vide its Order dated July 5, 2017 and NCLT, Mumbai vide its Order dated July 11, 2017. In accordance with the Scheme, this common control business combination has been accounted as per the scheme and in accordance with IND AS 103 “Business Combination” notified under the Companies Act, 2013. The financial statements of Tata International Limited and Bachi Shoes Limited as of April 1, 2015 and for the year ended March 31, 2016 and March 31, 2017 have been combined as though the Scheme was effective in those periods using the historical basis in the assets and liabilities and the historical results of operations relating to Bachi Shoes Limited, based on the separate records maintained for the business. NOTE 2: Tata International Limited is in the process of withdrawing its objection to the restructuring plan of US-based Aerogroup International Inc, famous for its Aerosoles brand of women's footwear. This was after the companies settled a licensing pact issue related to Aerosoles. Aerosoles was launched in India by Tata International Limited in November 2014, about two years after Aerogroup International and Tata International announced a strategic alliance to produce and market the Aerosoles brand in Europe and India. However, problems at Aerosoles' owner Aerogroup International put a spanner in the works. On September 15, 2017, Aerogroup International Inc and five affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. They wanted to close most of the stores and focus on wholesale, e-commerce and international businesses. As the bankruptcy matter progressed, the US-based shoe retailer and its debtors as part of the reorganisation sought to shorten the existing 30-year licensing deal with Tata International signed in 2012. Consequently, earlier this month Tata International Ltd objected to the confirmation of the plan, a US court document shows. After some rounds of discussion, Tata International and Aerogroup are apparently now on the same page. Tata International had originally filed an objection to the restructuring plan, which it is currently in the process of withdrawing, after reaching an agreement with the principals. As per the revised agreement, the contract between Tata International and Aerogroup will continue to remain in effect till March 2019. Financial terms of the pact, including any possible compensation for Tatas, have not been disclosed. It is understood that Aerogroup had plans to restructure over $70 million in debt and get a buyer/investor for the business and exit the women's shoe retailing business that involved selling its Aerosoles intellectual property and other assets to another company. Though Tata International Limited does third-party contract shoe manufacturing for renowned players like Marks & Spencer, the strategic association with Aerosoles was going to give them time to build the brand in India. The Tata Group Company in 2014 had said it invested $1.5 million as an initial investment into the Aerosoles brand and was expecting to make a total investment of $3-4 million in the ensuing 3-4 years as Aerosoles set out a plan to rack up sales of INR 2000 million from India. |
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 |
Long term loans (withdrawal) = A |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
29.01.2018 |
|
Rating Agency Name |
ICRA |
|
Rating |
Long term loans (withdrawal) = A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
29.01.2018 |
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 17.02.2018.
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 [TEL. NO.: 91-22-66652200/ 201]
Given number [91-22-24964310]
does not exist
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/ 201 |
|
Fax No.: |
91-22-66424770 |
|
E-Mail : |
manoj.deshmukh@tatainternational.com
sujoy.sircar@tatainternational.com |
|
Website : |
|
|
|
|
|
Branch Office 1/ Warehouse : |
K-1/302, Jhabewal, Near Bnn Brad Factory, Chandigarh Road, Ludhiana –
141123, Punjab, India |
|
|
|
|
Branch Office 2 : |
P S Srijan Tech Park 13th Floor, DN 52, Salt Lake, Sector V, Kolkata – 700091, West Bengal, India |
|
|
|
|
Branch Office 3 : |
Plot No-272, Anupam Plaza, Capt. Gaur Marg, Okhla Phase-III, New Delhi-110020, India |
|
Tel. No.: |
91-11-26920531/ 26920534 |
|
|
|
|
Branch Office 4/ Factory 1: |
Industrial Area, AB Road, Dewas - 455001, Madhya Pradesh, India |
|
|
|
|
Branch Office 5 : |
58 and 59, Pudhuper Village, Nandambakkam Post, Kundrathur Via Nandambakkam Post, Chennai - 600069, Tamilnadu, India |
|
Tel. No.: |
91-44-66726363 |
|
|
|
|
Factory 2 : |
No. 15, Mechano Industrial Estate, Vellappanchavadi, Chennai - 600077,
|
|
Tel. No.: |
91-44-66362500 / 10 |
|
Fax No.: |
91-44-66362522 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Noel Naval Tata |
|
Designation : |
Managing Director |
|
Address : |
Windmere, Cuffe Parade Colaba, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
12.11.1956 |
|
Qualification : |
Graduate from Sussex (UK) |
|
Date of Appointment : |
05.05.2010 |
|
DIN No.: |
00024713 |
|
|
|
|
Name : |
Ms. Sandhya Shailesh Kudtarkar |
|
Designation : |
Director |
|
Address : |
A-1/603, Akal Co-Operative Housing Society Limited, Near Close to
Cigarette Factory, JB Nagar, Mumbai 400059 Maharashtra, India |
|
Date of Birth/Age : |
09.04.1958 |
|
Date of Appointment : |
23.03.2015 |
|
DIN No.: |
00021947 |
|
|
|
|
Name : |
Mr. Ramakrishnan Mukundan |
|
Designation : |
Director |
|
Address : |
9, Swastik Building, Plot 151, Major Parmesh Waran Road, Wadala,
Mumbai – 400031, Maharashtra, India |
|
Date of Birth/Age : |
19.09.1966 |
|
Qualification : |
BE (Electrical), MBA |
|
Date of Appointment : |
29.07.2010 |
|
DIN No.: |
00778253 |
|
|
|
|
Name : |
Mr. Gopal Krishna Pillai |
|
Designation : |
Director |
|
Address : |
D-241, 2nd Floor, Sarvodaya Enclave, New Delhi – 110017, India |
|
Date of Birth/Age : |
30.11.949 |
|
Date of Appointment : |
25.09.2014 |
|
DIN No.: |
02340756 |
|
|
|
|
Name : |
Mr. Deepak Indernarayen Premnarayen |
|
Designation : |
Additional Director |
|
Address : |
Indraprashtha, Indernarayen Premnarayen Chowk, Santacruz (West), Mumbai – 400054, Maharashtra, India |
|
Date of Birth/Age : |
20.12.1945 |
|
Date of Appointment : |
01.08.2016 |
|
DIN No.: |
00154746 |
KEY EXECUTIVES
|
Name : |
Mr. Ajay
Murlidhar Ponkshe |
|
Designation : |
Company Secretary
/ Chief Financial Officer |
|
Address : |
Flat No. 3, 1st
Floor, Yashodan, Sahayog Mandir Path, Naupada, Thane – 400 601, |
|
Date of Birth/Age : |
27.02.1960 |
|
Date of Appointment : |
20.07.2007 |
|
PAN No.: |
AAEPP6047Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2017
|
Names of Category |
|
No. of Shares |
|
Tata Sons Limited |
|
167400 |
|
Tata Motors Limited |
|
50000 |
|
Tata Chemicals Limited |
|
48000 |
|
Ewart Investment Limited |
|
25000 |
|
Af-Taab Investment Co. Limited |
|
20500 |
|
Sheba Properties Limited |
|
19350 |
|
Tata Industries Limited |
|
17122 |
|
Voltas Limited |
|
10000 |
|
Tifco Holdings Limited |
|
8000 |
|
Tata Steel Limited |
|
28616 |
|
Fiora Services Limited |
|
3000 |
|
Chemical Terminal Trombay Limited |
|
3500 |
|
Shapoor |
|
200 |
|
Cyrus |
|
200 |
|
Simone |
|
112 |
|
|
|
|
|
Total |
|
401000 |
AS ON 25.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
401.000 |
|
Promoters (Body corporate) |
41.74 |
|
Public/Other than promoters (Individual/Hindu Undivided Family - Indian) |
0.13 |
|
Public/Other than promoters (Body corporate) |
58.13 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
· Manufacturing and Selling of Leather and Leather Products, Trading in Metals, Minerals and other Commodities. (Registered Activity) · Subject Currently Operates Five Divisions which include Leather Business (Manufacturing and Exports of Leather and Leather Products), Trading of Metals, Trading of Minerals, Distribution of Automobiles (has also Diversified into Nonautomotive Segment) and Agro Commodity Trading. (From Indirect Source) |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
||||||||||||
|
|
|
||||||||||||
|
Brand Names : |
“TATA” |
||||||||||||
|
|
|
||||||||||||
|
Agencies Held : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Exports : |
Not Divulged |
||||||||||||
|
|
|
||||||||||||
|
Imports : |
Not Divulged |
||||||||||||
|
|
|
||||||||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India · Standard Chartered Bank · ICICI Bank Limited · Hong Kong and Shanghai Banking Corporation Limited ·
BNP Paribas |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address : |
12, Dr. Annie Besant Road, Opposite Shivsagar Estate, Worli, Mumbai – 400018, Maharashtra, India |
|
Tel. No.: |
91-22-66679000 |
|
Fax No.: |
91-22-66679100 |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD4815A |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Tata Sons Limited (CIN No.: U99999MH1917PLC000478) |
|
|
|
|
Associate Company : |
Tata Ceramics Limited |
|
|
|
|
Subsidiaries : |
· Tata Africa Holdings (SA) (Proprietary) Limited · Tata South-East Asia (Combodia) 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 Ltda · Tata De Mocambique, Ltda · 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. (Merged entity w.e.f. 30.06.2016) pursuant to the merger with Tata International Unitech Senegal) · TIL Leather Mauritius Limited · Bachi Shoes Limited · Euro shoe components Limited · Move on Componentes e calcado,S.A. · Calsea Footwear Private Limited · 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 (Ceased w.e.f. 17.11.2016) · Tahl (Mauritius) Mining Projects Limited · Tata Africa Cote D’Ivoire SARL · M'Pumalanga Mining Resources S.A · Tata International Metals (Americas) Limited (formerly Tata Steel International (North America) Limited) · Tata International Metals (Asia) Limited (formerly Tata Steel International (Hon Kong) Limited · Tata International Metals (UK) Limited (formerly Tata Steel International (UK) Limited) · TAH Pharmaceuticals Limited · Alliance Motors Ghana Limited · Tata International West Asia DMCC (incorporated on 18 November 2014) · Motor-Hub East Africa Limited (w.e.f. 29.05.2015) · Tata International Vietnam Company Limited (w.e.f. 09.06.2016) · Tata International Canada Limited (w.e.f. 17.11.2016) · Newshelf 1369 Pty Limited. (w.e.f. 01.10.2016) · Industrial Steels Limited (Ceased w.e.f. 05.01.2016) · Tata International Unitech Senegal (formerly Unitech Motors S.A) (Merged with Tata Africa (Senegal) S A R L w.e.f. 30.06.2016) |
|
|
|
|
Fellow Subsidiaries
: |
· Tata AIG General Insurance Company Limited · Ewart Investments Limited · Tata Consulting Engineers Limited (formerly TCE Consulting Engineers Limited) · Tata Consultancy Services Limited · Tata Industries Limited · Tata Capital Financial Services Limited · Tata Autocomp Systems Limited · CMC Limited (Amalgamated with Tata Consultancy Services Limited wef 01.10.2015) · Tata Capital Limited · Tata Autocomp Hendrickson Suspensions Private Limited (formerly Taco Hendrickson Suspensions Private Limited) · Tata SIA Airlines Limited · Tata Limited · Tata Teleservices Limited (Ceased to be an associate and is a subsidiary w.e.f. 02.02.2017) |
|
|
|
|
Joint Ventures : |
· Tata International DLT Private Limited · Tata International Wolverine Brands Limited · Tata Precision Industries (India) Limited · Tata International GST Auto Leather Limited · Drive India Enterprises Solutions Limited (Ceased w.e.f 01.09.2015) |
|
|
|
|
Associates of
Holding Company: |
· Titan Company Limited (w.e.f.23.06.2015) · Tata Chemicals Limited · Tata Motors Limited · Tata Steel Limited · Tata Teleservices (Maharashtra) Limited · Tata Teleservices Limited (Ceased to be an associate and is a subsidiary w.e.f.02.02.2017) · Voltas Limited · Trent Limited · Tata Communications Limited |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
501000 |
Equity Shares |
INR 1000/- each |
INR 501.000 Million |
|
200000 |
Preference Shares |
INR 1000/- each |
INR 200.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 701.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
401000 |
Equity Shares |
INR 1000/- each |
INR 401.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
401.000 |
401.000 |
401.000 |
|
(b) Reserves &
Surplus |
19257.478 |
7680.710 |
6412.497 |
|
(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) |
19658.478 |
8081.710 |
6813.497 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
83.923 |
194.668 |
306.044 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
17.546 |
17.368 |
18.643 |
|
(d) long-term provisions |
82.393 |
76.035 |
83.767 |
|
Total Non-current
Liabilities (3) |
183.862 |
288.071 |
408.454 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4302.911 |
4119.335 |
4092.123 |
|
(b) Trade payables |
5001.150 |
3629.165 |
3174.142 |
|
(c) Other current
liabilities |
893.443 |
1102.821 |
3312.788 |
|
(d) Short-term provisions |
52.782 |
51.921 |
32.681 |
|
Total Current Liabilities
(4) |
10250.286 |
8903.242 |
10611.734 |
|
|
|
|
|
|
TOTAL |
30092.626 |
17273.023 |
17833.685 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1148.909 |
1274.705 |
1265.389 |
|
(ii) Intangible Assets |
24.813 |
30.753 |
71.947 |
|
(iii) Capital
work-in-progress |
20.260 |
29.879 |
54.558 |
|
(iv) Intangible assets
under development |
1.973 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
3884.711 |
4097.228 |
5844.931 |
|
(c) Deferred tax assets
(net) |
143.997 |
147.307 |
117.650 |
|
(d) Long-term Loan and Advances |
12438.329 |
708.516 |
618.343 |
|
(e) Other Non-current
assets |
92.634 |
62.299 |
103.409 |
|
(f) Goodwill |
1687.360 |
1687.360 |
1687.360 |
|
Total Non-Current Assets |
19442.986 |
8038.047 |
9763.587 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
977.810 |
812.078 |
32.766 |
|
(b) Inventories |
5330.403 |
3991.329 |
3268.783 |
|
(c) Trade receivables |
2247.457 |
2627.954 |
2957.190 |
|
(d) Cash and cash
equivalents |
279.772 |
285.795 |
139.001 |
|
(e) Short-term loans and
advances |
680.387 |
401.776 |
462.055 |
|
(f) Other current assets |
1133.811 |
1116.044 |
1210.303 |
|
Total Current Assets |
10649.640 |
9234.976 |
8070.098 |
|
|
|
|
|
|
TOTAL |
30092.626 |
17273.023 |
17833.685 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
24120.293 |
19020.058 |
15907.489 |
|
|
Other Income |
999.366 |
615.875 |
587.283 |
|
|
TOTAL |
25119.659 |
19635.933 |
16494.772 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
7027.154 |
7780.127 |
7293.782 |
|
|
Purchases of Stock-in-Trade |
12093.375 |
5424.192 |
4291.957 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1483.750) |
(697.576) |
(198.747) |
|
|
Employees benefits expense |
1856.965 |
1733.468 |
1057.953 |
|
|
Excise duty on sale of goods |
9.022 |
10.933 |
0.000 |
|
|
Exceptional items |
0.000 |
(2147.568) |
(632.494) |
|
|
Other expenses |
5051.281 |
4604.281 |
3846.699 |
|
|
TOTAL |
24554.047 |
16707.857 |
15659.150 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
565.612 |
2928.076 |
835.622 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
520.897 |
431.607 |
427.646 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
44.715 |
2496.469 |
407.976 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
362.192 |
455.063 |
341.577 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(317.477) |
2041.406 |
66.399 |
|
|
|
|
|
|
|
Less |
TAX |
1.585 |
693.918 |
22.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
(319.062) |
1347.488 |
43.899 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
NA |
9504.423 |
10607.560 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
|
2820.695 |
2270.497 |
|
|
Components and Stores
parts |
|
383.598 |
317.717 |
|
|
Capital Goods |
|
2921.973 |
1079.519 |
|
|
TOTAL IMPORTS |
NA |
6126.266 |
3667.733 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(795.67) |
3360.32 |
453.07 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
104.625 |
90.807 |
2575.209 |
|
|
|
|
|
|
Cash (used for) /generated from operations |
594.432 |
1219.727 |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
NA |
NA |
(694.116) |
|
|
|
|
|
|
Net cash flow (used for)/ from operating activities |
454.033 |
375.455 |
(754.835) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
34.01 |
50.43 |
67.85 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
10.73 |
7.24 |
5.38 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
95.47 |
100.32 |
100.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.11 |
0.73 |
0.26 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.20 |
0.97 |
0.27 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.35 |
0.53 |
0.76 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.23 |
0.55 |
1.02 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.52 |
1.10 |
1.56 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.15 |
0.37 |
0.45 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.09 |
6.78 |
1.95 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(1.32) |
7.08 |
0.28 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(1.06) |
7.80 |
0.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(1.62) |
16.67 |
0.64 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.04 |
1.04 |
0.76 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.52 |
0.59 |
0.45 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.65 |
0.47 |
0.38 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
11.20 |
10.98 |
17.39 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.04 |
1.04 |
0.76 |
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 |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
401.000 |
401.000 |
401.000 |
|
Reserves & Surplus |
6412.497 |
7680.710 |
19257.478 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
6813.497 |
8081.710 |
19658.478 |
|
|
|
|
|
|
Long-term borrowings |
306.044 |
194.668 |
83.923 |
|
Short term borrowings |
4092.123 |
4119.335 |
4302.911 |
|
Current Maturities of Long
term debt |
2575.209 |
90.807 |
104.625 |
|
Total
borrowings |
6973.376 |
4404.810 |
4491.459 |
|
Debt/Equity
ratio |
1.023 |
0.545 |
0.228 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
15907.489 |
19020.058 |
24120.293 |
|
|
|
19.567 |
26.815 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
15907.489 |
19020.058 |
24120.293 |
|
Profit/(Loss) |
43.899 |
1347.488 |
(319.062) |
|
|
0.28% |
7.08% |
(1.32%) |
LEGAL
CASES
|
Case Details Bench:- Bombay |
|||||||
|
Presentation Date:- 12/08/2016 |
|||||||
|
Lodging No. : |
COMSL/91/2016 |
Failing Date:- |
12/08/2016 |
Reg. No.:- |
COMS/115/2016 |
Reg. Date:- |
31/08/2016 |
|
Petitioner:- |
ORACLE RETAIL INDIA- |
Respondent:- |
TATA INTERNATIONAL LIMITED (TIL)- |
||||
|
Petn. Adv:- |
BHUSHAN V MAHADIK (I2944) |
Resp. Adv.: |
0 (0) |
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
SINGLE |
Category:- |
ORDINARY TRANSACTIONS OF MERCHANTS, BANKERS, FINANCIERS AND TRADERS SUCH AS THOSE RELATING TO MERCAN |
||||
|
Status:- |
Pre-Admission |
Stage:- |
FOR WRITTEN STATEMENT |
||||
|
Last Date:- |
24/02/2017 |
||||||
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY & SR. MASTER |
||||||
|
|
|
||||||
|
Act. : |
Code of Civil Procedure 1908 |
||||||
|
Case Details Bench:- Bombay |
|||||||
|
Presentation Date:- 22/12/2016 |
|||||||
|
Lodging No. : |
NMCDL/258/2016 |
Failing Date:- |
22/12/2016 |
Reg. No.:- |
NMCD/259/2017 |
Reg. Date:- |
16/06/2017 |
|
Main Matter |
|||||||
|
Lodging No. : |
COMSL/91/2016 |
Reg No.:- |
COMS/115/2016 |
||||
|
Petitioner:- |
ORACLE RETAIL INDIA- |
Respondent:- |
TATA INTERNATIONAL LIMITED (TIL)- |
||||
|
|
|
Resp. Adv.: |
LEGASIS PARTNERS (0) |
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
SINGLE |
Category:- |
NOTICE OF MOTION. |
||||
|
Status:- |
Pre-Admission |
Stage:- |
FOR REJECTION [ORIGINAL SIDE MATTERS] |
||||
|
Last Date:- |
14/06/2017 |
||||||
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY & SR. MASTER |
||||||
|
|
|
||||||
|
Act. : |
Factory Act |
||||||
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
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 |
G48545131 |
100110706 |
ICICI
BANK LIMITED |
22/03/2017 |
- |
- |
250000000.0 |
NO.1,
CENATOPH ROAD,TEYNAMPETCHENNAITN600018IN |
|
2 |
G41428327 |
100091647 |
STATE
BANK OF INDIA |
23/09/2016 |
- |
- |
500000000.0 |
SME
BRANCHPALAR TOWERS, MBT ROAD, WALAJAPETVELLORETN632513IN |
|
3 |
B70296835 |
10410416 |
ICICI
BANK LIMITED |
13/03/2013 |
- |
- |
1728000000.0 |
9
RAFFLES PLACE, # 50-01REPUBLIC PLAZASINGAPORENA048619SG |
|
4 |
B30233704 |
10310769 |
ICICI
BANK LIMITED |
30/09/2011 |
13/01/2012 |
- |
300000000.0 |
LANDMARKRACE
COURSE CIRCLEVADODARAGJ390007IN |
|
5 |
C62058763 |
80055797 |
STATE
BANK OF INDIA |
31/03/2005 |
07/08/2015 |
- |
5550000000.0 |
CORPORATE
ACCOUNTS GROUP BRANCH AT NEVILLE HOUSE,J.N. HEREDIA MARG, BALLARD
ESTATEMUMBAIMH400001IN |
|
6 |
Y10348598 |
90240961 |
STATE
BANK OF INDIA` |
19/02/2003 |
20/10/2005 |
- |
3020000000.0 |
OVERSEAS
BR.; WORLD TRADE CENTRE POST BOX NO 16094CUFFE PARADEMUMBAIMH400001IN |
|
7 |
Y10405204 |
90282277 |
STANDARD
CHARTERED BANK |
05/08/2000 |
- |
- |
9000000.0 |
58; ARMENIAN
STREETCHENNAITN600001IN |
|
8 |
Y10405143 |
90282216 |
STANDARD
CHARTERED BANK |
03/08/1999 |
22/07/2004 |
- |
20000000.0 |
19;
RAJAJI SALAICHENNAITN600001IN |
|
9 |
G01727650 |
80037510 |
INDIAN
OVERSEAS BANK |
11/07/1998 |
01/10/2015 |
- |
2338700000.0 |
NO.15,
HUNTERS ROADPURASAWALKAMCHENNAITN600112IN |
|
10 |
C77718369 |
10250870 |
STATE
BANK OF INDIA |
03/11/2010 |
08/12/2010 |
20/01/2016 |
192600000.0 |
INDUSTRIAL
FINANCE BRANCHNO.155, ANNA SALAICHENNAITN600002IN |
|
11 |
C73565772 |
10278701 |
FIRSTRAND
BANK LIMITED |
14/03/2011 |
18/04/2011 |
30/11/2015 |
250000000.0 |
5TH
FLOOR, MISTRY BHAWAN, 122 DINSHA VACHHA ROAD,CHURCHGATEMUMBAIMH400020IN |
|
12 |
C64464944 |
90241691 |
ICICI
BANK LTD |
16/12/2005 |
- |
04/09/2015 |
4500000000.0 |
ICICI
TOWERS BANDRA KURLA COMPLEXMUMBAIMH400051IN |
|
13 |
B37194735 |
10185613 |
STATE
BANK OF MYSORE |
19/09/2009 |
05/05/2011 |
30/03/2012 |
250000000.0 |
CORPORATE
ACCOUNTS BRANCH, 224-C, MITTAL COURT4TH FLOOR, NARIMAN POINTMUMBAIMH400021IN |
|
14 |
A34287896 |
80042998 |
HOUSING
DEVELOPMENT FINANCE CORPORATION LIMITED |
07/02/2003 |
- |
25/02/2008 |
160000000.0 |
RAMON
HOUSE, H T PAREKH MARGE,169, BACKBAY RECLAMATION ,CHURCHGATEMUMBAIMH400020IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
SHORT-TERM
BORROWINGS |
|
|
|
Loans from banks |
|
|
|
Export packing credit |
1481.278 |
1101.710 |
|
Buyers credit |
518.572 |
407.808 |
|
Debtors bill discounted |
201.195 |
299.033 |
|
Working capital demand loan |
236.500 |
347.500 |
|
Commercial paper |
246.525 |
0.000 |
|
|
|
|
|
Total |
2684.07 |
2156.051 |
CHANGE OF ADDRESS:
The Registered office of the company has been shifted
from Block A, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai – 400018,
Maharashtra, India to the present address
w.e.f.11.04.2013.
CORPORATE INFORMATION
The company was incorporated on 30th November 1962 as the international business gateway of the Tata Group of Companies. It has since evolved into an international entity with a global reach. Its main lines of businesses are manufacture and sale of Leather and Leather Products, trading in Metals, Minerals and other commodities.
GLOBAL ECONOMIC
OUTLOOK
With buoyant financial markets and a long-awaited cycline recovery in manufacturing and trade, world growth is projected to rise from 3.1 percent in 2016 to 3.5percent in 2017 and 3.6 percent in 2018. But binding structural impediments continue to hold back a stronger recovery, and the balance of risk remains tilted to the downside, especially over the medium term, with persistent structural problems-such as low productivity growth and high income inequality-pressures for inward-looking policies are increasing in advanced economies. These threaten global economic integration and the cooperative global economic order that has served the world economy, especially emerging market and developing economies, well. Against this backdrop, economic policies have an important role to play in staving off downside risk and securing the recovery, and a renewed multilateral effort is also needed to tackle common challenges in an integrated global economy.
MARGER OF BACHI SHOES
LIMITED
The Board of Directors of the company at its meeting held on April 25, 2016 had approved the scheme of Amalgamation of Bachi Shoes Limited with Tata International Limited (“the Scheme”) with effect from 1 April 2015.
Bachi Shoes Limited has been amalgamated with the company with effect from April 1, 2015 (‘appointed date’) in terms of the scheme approved by the national company law tribunal (NCLT), Chennai vide its order dated July 5, 2017 and NCLT, Mumbai vide its order dated July 11, 2017.
In accordance with the scheme, this common control business combination has been accounted as per the scheme and in accordance with Ind AS 103 “Business Combination” notified under the Companies Act, 2013. The financial statements of Tata International Limited and Bachi Shoes Limited as of April 1, 2015 and for the year ended March 31, 2016 and March 31, 2017 have been combined as though the scheme was effective in those periods using the historical basis in the assets and liabilities and the historical results of operations relating to Bachi shoes Limited, based on the separate records maintained for the business. Inter-company transactions and balances have been eliminated on combination.
The business combination has been accounted by using the pooling of interest method in accordance with the said approved scheme of amalgamation and Ind AS 103. Accordingly, all the assets, debts, liabilities and obligations of Bachi Shoes Limited have been vested in the company with effect from 1 April 2015 have been recorded at their respective book values”.
In accordance with Ind AS 103 “Business Combination”, pursuant to the merge of Bachi shoes Limited with the company (transaction between common control), goodwill (i.e. difference between the net asset value and cost of investment as at the date of acquisition) and non-controlling interest in respect of Bachi Shoes Limited as appearing in the consolidated financial as on April 1, 2015 are recognized as goodwill and bachi shareholder’s equity in the separate financial statement of the company.
Further, acquisition of non-controlling interest of 24.01% in bachi shoes limited on February 2016, has been accountancy with Ind AS 110. According, the difference between the fair value of consideration paid amounting to INR 450.000 million and the book value of non-controlling interest as on that date has been recognized in retained earnings.
FIXED ASSETS
·
Land
·
Furniture and Fixture
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 63.91 |
|
|
1 |
INR 90.31 |
|
Euro |
1 |
INR 80.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
ARC |
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 to be considered as unfavourable.
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.