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|
|
MIRA INFORM REPORT
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Report No. : |
506360 |
|
Report Date : |
08.05.2018 |
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) : |
31.03.2017 |
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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.: [Import-Export Code No.] |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration 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 and also Confirmed by Management] |
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No. of Employees
: |
150 (Approximately) |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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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.
|
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 (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
26.02.2018 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund Based Liabilities =A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
26.02.2018 |
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
31-03-2018.
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 08.05.2018
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 PARTED BY
|
Name : |
Mr. Nikhil Jain |
|
Designation : |
Deputy Manager Finance and Account |
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Contact No.: |
91-33-66130600 |
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Date : |
04.05.2018 |
|
Name : |
Mr. Siddharth |
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Designation : |
Admin Department |
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Contact No.: |
91-33-66130600 |
|
Date : |
04.05.2018 |
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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Location : |
Owned |
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Locality : |
Industrial |
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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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Pan No: |
AIRPS9920Q |
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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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Qualification : |
B.Tech & MBA |
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Pan No: |
ACYPG2191C |
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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 Birth/ Age : |
12.08.1968 |
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Qualification : |
Bsc (Economics), ACMA, ACS |
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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 : |
Chief Finance Officer |
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Address : |
74/1, Narkeldanga Main Road, Flat-5f, Block-2, Lake District, Near Swabhumi, Kadapara, Kolkata 700054, West Bengal, India |
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Date of Birth/ Age : |
12.11.1974 |
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Qualification : |
ACA, CS, ACMA, B.Com (Hons) |
|
Date of Appointment : |
01.09.2015 |
|
PAN No.: |
AEQPK9460G |
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|
|
|
Name : |
Mr. Nikhil Jain |
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Designation : |
Deputy Manager Finance and Account |
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|
Name : |
Mr. Siddharth |
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Designation : |
Admin Department |
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|
|
|
Name : |
D. Dutt and Company |
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Designation : |
Company Secretary |
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Address : |
Swastic Centre, 3rd Floor, Room No. E, P-8, Chowringhee
Square, Kolkata – 700069, West Bengal, India |
|
Date of Appointment : |
91-33-9433035482/ 22485482 |
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Mob. No: |
91-9433035482/ 9831110275 |
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Email: |
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|
PAN No.: |
AEGPD3797K |
MAJOR SHAREHOLDERS
AS ON: 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Tata Steel Limited, India |
|
68249993 |
|
Jayanta Chakraborthy Jointly held with Tata Steel Limited, India |
|
1 |
|
Sandipan Chakraborthy Jointly held with Tata Steel Limited, India |
|
1 |
|
Abhijit Kumar Sen Jointly held with Tata Steel Limited, India |
|
1 |
|
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 |
|
Ambar Singh Roy Jointly held with Tata Steel Limited, India |
|
1 |
|
|
|
|
|
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 and also Confirmed by Management] |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Advance Payment and Cheque |
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Purchasing : |
Advance Payment and Cheque |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Retailers, End Users and Manufacturer
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No. of Employees : |
150 (Approximately) |
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Bankers : |
· Bank of Maharashtra · Bank of Baroda · HDFC Bank Limited · Commonwealth Bank of Australia ·
ICICI Bank Limited |
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Facilities : |
|
|
Financial Institution : |
· SBICAP Trustee Company Limited |
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|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
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 |
|
|
|
|
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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Collaborators : |
Not Available |
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|
|
|
Holding Company : |
Tata Steel Limited [L27100MH1907PLC000260] |
|
|
|
|
Fellow Subsidiary
Company : |
· Jamshedpur Utilities and Services Company Limited (U45200JH2003PLC010315) · Jamshedpur Continuous Annealing and Processing Company Private Limited (U27310WB2011PTC160845) · TKM Global Logistics Limited (U51109WB1991PLC051941) · Tata Metaliks Limited (L27310WB1990PLC050000) · Tata Steel Special Economic Zone Limited (U45201OR2006PLC008971) · The Tinplate Company of India Limited (L28112WB1920PLC003606) · T S Alloys Limited (U27109OR2004PLC009683) |
|
|
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|
Company having
significant influence |
Tata Sons Limited (U99999MH1917PLC000478) |
|
|
|
|
Associate of
Holding Company |
TRF Limited (L74210JH1962PLC000700) |
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Joint Venture of
Holding Company |
· Mjunction Services Limited (U00000WB2001PLC115841) · Tata Bluescope Steel Limited (U45209PN2005PLC020270) |
CAPITAL STRUCTURE
AS ON: 31.03.2017
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 |
|
|
|
|
|
Note: The Company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held and is entitled for dividend approved in Annual General Meeting. 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
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 |
682.500 |
682.500 |
682.500 |
|
(b) Reserves & Surplus |
4685.142 |
4421.861 |
3898.073 |
|
(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) |
5367.642 |
5104.361 |
4580.573 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
919.391 |
1185.558 |
1103.809 |
|
(b) Deferred tax liabilities (Net) |
126.739 |
115.662 |
76.128 |
|
(c) Other long term
liabilities |
1.350 |
1.500 |
21.609 |
|
(d) long-term
provisions |
266.385 |
196.680 |
178.564 |
|
Total Non-current
Liabilities (3) |
1313.865 |
1499.400 |
1380.110 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2415.822 |
881.348 |
100.000 |
|
(b) Trade
payables |
1647.153 |
984.729 |
860.299 |
|
(c) Other
current liabilities |
846.379 |
689.890 |
358.100 |
|
(d) Short-term
provisions |
9.095 |
5.352 |
162.902 |
|
Total Current
Liabilities (4) |
4918.449 |
2561.319 |
1481.301 |
|
|
|
|
|
|
TOTAL |
11599.956 |
9165.080 |
7441.984 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2907.178 |
3038.043 |
2796.931 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
18.758 |
|
(iii)
Capital work-in-progress |
1605.683 |
1291.849 |
248.866 |
|
(iv)
Intangible assets under development |
17.795 |
11.962 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
28.004 |
29.983 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
394.829 |
|
(e) Other
Non-current assets |
394.205 |
239.881 |
0.000 |
|
Total Non-Current
Assets |
4952.865 |
4611.718 |
3459.384 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
27.472 |
24.292 |
20.000 |
|
(b)
Inventories |
2953.703 |
2083.481 |
2012.879 |
|
(c) Trade
receivables |
3021.915 |
1824.026 |
1493.942 |
|
(d) Cash
and cash equivalents |
146.993 |
153.632 |
184.030 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
252.330 |
|
(f) Other
current assets |
497.008 |
467.931 |
19.419 |
|
Total
Current Assets |
6647.091 |
4553.362 |
3982.600 |
|
|
|
|
|
|
TOTAL |
11599.956 |
9165.080 |
7441.984 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
24717.499 |
19401.346 |
20441.475 |
|
|
Other Income |
18.320 |
26.211 |
19.986 |
|
|
TOTAL |
24735.819 |
19427.557 |
20461.461 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
19138.862 |
13815.245 |
15448.399 |
|
|
Purchases of
Stock-in-Trade |
2277.378 |
2207.916 |
2123.713 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(145.249) |
55.865 |
(96.042) |
|
|
Employees benefits
expense |
617.060 |
572.060 |
602.709 |
|
|
Exceptional items |
14.362 |
0.000 |
136.822 |
|
|
Expenditure on
production, transportation and other expenditure |
(20.242) |
(11.967) |
(8.561) |
|
|
Other expenses |
1877.826 |
1753.215 |
1556.710 |
|
|
TOTAL |
23759.997 |
18392.334 |
19763.750 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
975.822 |
1035.223 |
697.711 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
201.756 |
124.307 |
87.995 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
774.066 |
910.916 |
609.716 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
210.630 |
192.560 |
202.384 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
563.436 |
718.356 |
407.332 |
|
|
|
|
|
|
|
Less |
TAX |
159.373 |
234.017 |
152.899 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
404.063 |
484.339 |
254.433 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
52.312 |
73.876 |
0.000 |
|
|
Components and Stores
parts |
32.618 |
3.619 |
4.098 |
|
|
Capital Goods |
89.695 |
972.680 |
69.554 |
|
|
TOTAL IMPORTS |
174.625 |
1050.175 |
73.652 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
5.92 |
7.10 |
3.73 |
|
Particulars |
|
|
31.03.2018 |
|
Sales Turnover (Approximately) |
|
|
27400.000 |
Expected Sales (2018-2019): INR 30000.000 Million (Due to Business
Growth)
The above information has been parted by Mr. Siddharth (Admin
Department)
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current
Maturities of Long term debt |
|
|
|
|
Secured Loans |
|
|
|
|
Term Loan from Bank |
296.130 |
161.880 |
114.769 |
|
Unsecured Loans |
|
|
|
|
From Others |
0.000 |
0.000 |
30.848 |
|
Total |
296.130 |
161.880 |
145.617 |
|
|
|
|
|
|
Cash generated from operations |
(383.032) |
698.693 |
306.684 |
|
|
|
|
|
|
Net Cash From Operating Activities |
(497.029) |
522.610 |
127.831 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
44.62 |
34.32 |
26.68 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
8.18 |
10.64 |
13.68 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
28.07 |
22.43 |
17.87 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.33 |
0.50 |
0.35 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.22 |
0.24 |
0.23 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.53 |
0.43 |
0.37 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.68 |
0.44 |
0.29 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.92 |
0.50 |
0.32 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.84 |
0.85 |
0.67 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
4.84 |
8.33 |
7.93 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
1.63 |
2.50 |
1.24 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
3.48 |
5.28 |
3.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
7.53 |
9.49 |
5.55 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.35 |
1.78 |
2.69 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.75 |
0.96 |
1.33 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.46 |
0.56 |
0.62 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
5.32 |
3.27 |
1.98 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.35 |
1.78 |
2.69 |
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
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
682.500 |
682.500 |
682.500 |
|
Reserves & Surplus |
3898.073 |
4421.861 |
4685.142 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
4580.573 |
5104.361 |
5367.642 |
|
|
|
|
|
|
long-term borrowings |
1103.809 |
1185.558 |
919.391 |
|
Short term borrowings |
100.000 |
881.348 |
2415.822 |
|
Current maturities of
long-term debts |
145.617 |
161.880 |
296.130 |
|
Total
borrowings |
1349.426 |
2228.786 |
3631.343 |
|
Debt/Equity
ratio |
0.295 |
0.437 |
0.677 |
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 |
20441.475 |
19401.346 |
24717.499 |
|
|
|
(5.088) |
27.401 |
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 |
20441.475 |
19401.346 |
24717.499 |
|
Profit /(Loss) |
254.433 |
484.339 |
404.063 |
|
|
1.24% |
2.50% |
1.63% |
LEGALS
FILE
CCH1 PRL. CITY CIVIL and SESSIONS JUDGE
CASE
DETAILS
Case Type: O.S.
Filing Number: 1413/2016Filing Date: 18-02-2016
Registration No.: 1464/2016Registration 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
Advocate- S R KRISHNAKUMAR
RESPONDENT AND ADVOCATE
1) TATA STEEL PROCESSING AND DISTRIBUTION LTD
Address - NO.16, SP. BUILDING, APPLE VILLA, 2ND FLOOR,
LALBAGH MAIN ROAD, BANGALORE REP. BY ITS DIRECTOR.
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 |
CASE STATUS
|
CASE DETAILS |
|||||||||||||
|
Case Type |
O.S. |
||||||||||||
|
Filing No. |
1482/2013 Filing date: 08-10-2013 |
||||||||||||
|
Registration No. |
1565/2013 Registration date: 12-11-2013 |
||||||||||||
|
Case code |
205200014822013 |
||||||||||||
|
CASE STATUS |
|||||||||||||
|
First Hearing Date |
00-00-0000 |
||||||||||||
|
Next Hearing Date |
10-11-2014 |
||||||||||||
|
Purpose of Hearing |
SUMMONS |
||||||||||||
|
Court No & Judge |
544 - PRL. II CIVIL JUDGE |
||||||||||||
|
Petitioner(s) & Advocate(s) |
|||||||||||||
|
Petitioner - M/s. IDEB PROJECTS PVT LTD REP BY H.S.BEDI |
|||||||||||||
|
Respondent(s) & Advocate(s) |
|||||||||||||
|
Respondent - M/s. TATA STEEL PROCESSING AND DISTRIBUTION LTD. |
|||||||||||||
|
ACTS |
|||||||||||||
|
Under Act(s) |
ORDER 7 RULE 1 AND 2 OF CPC |
||||||||||||
|
Under Section(s) |
0 |
||||||||||||
|
Subject |
|||||||||||||
|
LOWER COURT INFORMATION |
|||||||||||||
|
Court No & Name |
--- |
||||||||||||
|
Case No & Year |
--- |
||||||||||||
|
Case Decision Date |
--- |
||||||||||||
|
History Of Case Hearing |
|||||||||||||
|
Regn. No. |
Judge |
Bussiness on Date |
Hearing Date |
Purpose of Hearing |
|||||||||
|
1565/2013 |
PRL. II CIVIL JUDGE |
10-11-2014 |
SUMMONS |
||||||||||
|
Writ Information |
|||||||||||||
|
Regn. No. |
Appellate Case No. |
Appellate Authority |
Date of Receipt |
||||||||||
|
Case Transfer Details Between The Courts |
|||||||||||||
|
Regn. No. |
Transfer Date |
From Court No |
To Court No |
||||||||||
ITEM NO.18 COURT NO.12 SECTION XVI
S U P R E M E C O U R T O F I N D I A
RECORD OF PROCEEDINGS
Petition(s) for
Special Leave to Appeal (C) No(s).6626-6629/2017
(Arising out of impugned
final judgment and order dated 30/11/2016
in CS No. 29/2013,
in GA No. 3237/2016, in GA No. 3238/2016 in APOT
No. 365/2016, in
APOT No. 379/2015, in EC No. 977/2015 passed by the
High Court Of
Calcutta)
IDEB PROJECTS PVT.
LTD. Petitioner(s)
VERSUS
TATA STEEL
PROCESSING AND DISTRIBUTION LTD Respondent(s)
(With Interim
Relief)
Date : 03/03/2017
These petitions were called on for hearing today.
CORAM :
HON'BLE MR.
JUSTICE ARUN MISHRA
HON'BLE MR.
JUSTICE AMITAVA ROY
For Petitioner(s) Mr.
Alok Tiwari, Adv.
Mr. R. Chandra,
Adv.
Mr. Rajeev
Sharma,Adv.
For Respondent(s)
UPON hearing the
counsel the Court made the following
O R D E R
We find no reason
to entertain these Special Leave
Petitions which
are, accordingly, dismissed.
Pending applications,
if any, stand disposed of.
(B.Parvathi)
Court Master
(Tapan Kr.
Chakraborty)
Court Master
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 |
Yes |
|
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 |
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 |
Yes |
|
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 |
Yes |
|
26 |
Turnover of firm for last two/ three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
GENERAL INFORMATION
TSPDL’ or ‘the Company’ is a public limited Company incorporated in India with its registered office at Tata Centre, 43, Chowringhee Road, Kolkata - 700071, West Bengal, India. The Company is engaged in the business of production/manufacture of processed coils and sheets including corrugation of processed sheets and complex fabrication of plates and manufacture of components for heavy earth moving equipment’s and small segment automobiles. The functional and presentation currency of the Company is Indian Rupees (‘INR’) which is the currency of the primary economic environment in which the Company operates. All financial information presented in Indian rupees has been rounded to the nearest lakhs except share and per share data.
OPERATIONS
During the year under review, the Company maintained a healthy share of Tata Steel tolling business at 1.37 million tons through its processing centers. It achieved best ever distribution sales performance of 0.52 million tons, a growth of 23% over previous year. The Company also registered highest ever annual turnover of INR 2474 Cr, a growth of 28% over previous year. Growth in steel sector supported by robust demand in user segments and acquisition of new customers helped in improving supplies to key customers and improvement in overall distribution sales. VSM segment, which serves automotive customers, registered a growth of 34% whereas “Galvano” branded distribution aimed at appliance sector grew by 23%. The Company improved its focus on safety by launching “Felt Leadership Program” and a Board level committee of Safety, Health & Environment (SHE) to review the safety performance. There was an overall reduction in unsafe incidents and the Company reported lowest ever Lost Time Injury Frequency Rate (LTIFR) of 0.29.Second round of wellness program launched across the company to monitor and guide employees to improve their health. Environment had been a focus area for the Company and several initiatives to reduce carbon footprint like reduction in energy consumption were taken across the company. To further strengthen its effort to conserve environment the Company launched CII Green Co certification for its operating plants, and Ranjangaon became the first plant to get Gold rating under this initiative.
CAPACITY EXPANSION,
NEW PROJECTS
Inspection & Parting (I&P) line at CRM Bara, Jamshedpur:Installation of inspection andparting line with edge trimming facility for HRPO and HRSPO material produced at CRM, Bara of Tata Steel is complete. The line will start processing material from Q1 FY18. This line would be the first within the Company to use electrostatic oiling system to have controlled oiling of strip surface to prevent rusting.
Hot rolled (HR) coil Processing Unit at Kalinganagar, Odisha:Erection and commissioning work for 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 is in progress at site.
Trial run of the thicker gauge cut to length line was a success and it would start serving customers with higher strength and better surface flatness from FY18. Balance two lines planned to be commissioned in FY18.
ECONOMY: GLOBAL &
INDIA
While the Global economy has grown at 2.4% in FY 17 the Indian economy grew at 7.1%. The projected GDP growth rate of India for FY 18 is 7.7% .The growth in India is expected to be driven by several factors including controlled fiscal deficit coupled with higher infrastructure spending. Manufacturing activity has improved and steel consuming sectors such as Auto is expected to grow at 7-8%, Construction at 6% and Capital Goods at 7%. Margins of steel producers would continue to be under pressure due to uncertainty in RM Prices & Global Demand. However, in India Steel Producers would be protected due to implementation of different protective measures by the Government such as Safeguard Duty & Anti-Dumping Duty. Steel producers across the globe are operating with lower capacity utilization levels, resulting in a high fixed cost. Indian steel producers’ average capacity utilization is at 69% in FY 17 & it is expected to be 72% in FY 18.
INDUSTRY OUTLOOK:
STEEL SERVICE CENTRE
During the last couple of years the number of players in the organized space has increased and few low end processers have moved up to the semiorganized space. The organised SSCs are primarily backed by the steel mills or by OEMs focusing more on value creation. Capacity utilization in FY 17 was better compared to the previous years due to consistent demand from the consuming sectors. Posco IAPC, has already commissioned a SCC at Sanand in May 2016. Presently, processing around 3500-4000 MT/Month for Ford & other OEMs. Posco IDPC has installed a new CR Slitter, CTL & NCTL which can process up to 1500 mm width & thickness up to 3.6 mm max. BAO Steel has put up a new 1.8 lakh tons SSC at Sanand with a WCTL, NCTL, a Slitter and profile blanking and is operational. They have tied up volumes with Ford, Tata Motors etc.
FUTURE OUTLOOK:
Steel Service Centre In FY 18, more capacity additions are expected in the domestic SSC industry in both the Organised and Semi Organised space. In North, JSW MI is setting up a SSC at Palwal of 0.24 Million Tonnes. A Slitter & CTL has been planned to process CR and Coated products. This is expected to be operational by Q2 FY 18. Ranka Steels has planned for a new SSC at Vitthlapur with High end Slitting & CTL lines (2 nos). This SSC is being supported by JSW, capable of processing HRPO/ CR and is expected to be operational by Q2 FY18. Toyota Tsusho has commissioned a Blanking line for MSIL at Mandal. Regular production to commence from May 17 onwards. Gestamp Automotive has put up a Hot Stamping facility at Talegaon near Pune to service TML, Fiat & Ford India. Commercial production to commence from May 2017 onwards.
A new HR Slitter capable of processing up to 12 mm of 2000 mm width has been planned by Kapil Metals in Chennai. Trials are expected to start from May 17 onwards. SMPC, Chennai is installing a HRPO/CR Slitter which is planned to be operational by Q1 FY18. A new HR Slitter and CTL which can process up to 7 mm and 12mm respectively of width 1500 mm has been installed by Triveni, Bengaluru. Allied SSC at Faridabad has installed a slitter to process HR & HRPO up to 8 mm. They have also installed a NCTL at Manesar.
In FY 18, the SSC environment is expected to be more competitive with new capacity additions by Organised and Semi Organised players thereby, increasing pressure on the bottom line.
RECOGNITIONS &
AWARDS
The Company received several awards and accolades during the year under review. Some notables ones are:
- Pune unit achieved GreenCo GOLD rating as per the CII Green Company
- Rating System.
- Pantnagar team won INSSAN MERIT AWARD in Executive Category from amongst 250 entries
- TSPDL Sales Team won several prizes at Tata Steel Pathshala, Puri.
- TSPDL swept the awards in the TSL SPC Meet with Bara winning the best SPC (Overall) award and Faridabad bagging the 1st Runner up award in the Innovation category
- All TSPDL Units received Three Star Rating in Contractor Safety Management Audits by BVQI.
- TSPDL retained its position in the 550-575 score band in the Affirmative Action Assessment.
- In the Ethics Annual Compliance Report (ACR) for FY16, TSPDL moved into the ‘Established’ category on all four pillars.
- TSPDL CR Plant awarded best overall SPC in safety by TSL FPP team during 46th National Safety Week celebration.
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR In Million) |
31.03.2016 (INR In Million) |
|
NON-CURRENT
BORROWINGS |
|
|
|
Deferred payment
liabilities |
|
|
|
Sales tax deferment loans |
96.125 |
55.841 |
|
CURRENT BORROWINGS |
|
|
|
Short term loan from bank |
1400.000 |
300.000 |
|
Working capital loans from banks |
378.053 |
473.616 |
|
Term loans from banks [ |
35.182 |
45.931 |
|
Commercial paper |
491.838 |
0.000 |
|
Total |
2401.198 |
875.388 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G39654207 |
100087148 |
SBICAP TRUSTEE COMPANY LIMITED |
10/03/2017 |
- |
- |
440000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADECOLABAMUMBAIMH400005IN |
|
2 |
G39667720 |
100087485 |
SBICAP TRUSTEE COMPANY LIMITED |
10/03/2017 |
- |
- |
266900000.0 |
202, MAKER TOWER, 'E', CUFFE PARADECOLABAMUMBAIMH400005IN |
|
3 |
C03158797 |
10488611 |
STATE BANK OF INDIA |
26/03/2014 |
- |
- |
750000000.0 |
STATE BANK OF INDIA2ND FLOOR, 34, JAWAHAR LAL NEHRU ROAD,KOLKATAWB700071IN |
|
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 |
|
8 |
G38733978 |
10419733 |
Commonwealth Bank of Australia |
22/03/2013 |
- |
10/03/2017 |
440000000.0 |
Level 2, Hoechst HouseNariman PointMumbaiMH400021IN |
|
9 |
G38732970 |
100035625 |
Commonwealth Bank of Australia |
06/06/2016 |
- |
10/03/2017 |
266900000.0 |
Level 2, Hoechst HouseNariman PointMumbaiMH400021IN |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR In Million) |
31.03.2016 (INR In Million) |
|
Bills Discounted |
432.814 |
299.365 |
|
Excise Duty# |
542.034 |
540.308 |
|
Sales tax (in respect of non-submission of Forms and other
matters/reimbursement in case of liability) |
69.780 |
66.989 |
|
Income Tax |
6.208 |
31.067 |
|
Guarantee |
2.171 |
0.671 |
|
# 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. |
|
|
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 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 67.11 |
|
|
1 |
INR 90.85 |
|
Euro |
1 |
INR 80.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
RUB |
|
|
|
|
Analysis Done by
: |
VRS |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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.