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Annual Report 2019-20.Cdr ANNUAL REPORT 2 0 1 9 - 2 0 JAMSHEDPUR CONTINUOUS ANNEALING & PROCESSING COMPANY PRIVATE LIMITED ABOUT Incorporated in 2011, Jamshedpur Continuous Annealing & Processing Company Private Limited (JCAPCPL) is a Joint Venture between Tata Steel Limited (51%) and Nippon Steel Corporation (49%) catering to India's growing demand for high grade Automotive CR Steels, thereby enabling Automotive OEMs to address their strategic objective of increased localization. JCAPCPL with its state of the art manufacturing facility at Jamshedpur caters to demand for high quality cold rolled steels of Automotive OEMs and the passenger car segment. The main advantages of CAPL over conventional batch annealing are its capability to produce advance high strength steel thereby reducing weight of passanger vehicles, uniformity of mechanical properties, better surface quality, excellent atness and good weldability, which are critical for subsequent manufacturing process of Automotive OEMs. About Tata Steel Limited (TSL) Established in Jamshedpur in 1907, Tata Steel, a company that took shape from the vision of Jamsetji N. Tata, is today a global business enterprise having products and services in over 150 countries. Being the world's second most geographically diversied steel producer, it operates in 26 countries, has commercial presence in over 50 countries and employees spread across ve continents. TSL is among the top global steel companies with an annual crude steel capacity of 33 Mn TPA. TSL Group recorded a consolidated turnover of Rs. 139,817 crore in FY20. About NIPPON STEEL CORPORATION (NSC) Nippon Steel Corporation (NSC) is an integrated steel producer. NSC makes a wide range of value added steel products, in more than 15 countries as well as at 6 steel works (21 locations) in Japan. It emphasizes three business elds as key strategic areas: High Grade Steel Products for Automobiles, NIPPON STEEL resources and energy and civil engineering, construction and railways. The NSC Group employs CORPORATION approximately106,600 persons. NSC posted JPY5,921 billion in revenue with its crude steel production of 47 million Tons on a consolidated basis for the scal year ended March 31, 2020. Milestones of Ÿ Ground Breaking Ÿ Cold Run Ÿ Concrete Pouring Ÿ Hot Run Ÿ Furnace & Equipment erection Ÿ 33KV GIS Charging Permanent Power station installed 2011-12 2012-13 2013-14 Ÿ ZERO PPM Supply Ÿ First Automotive to Toyota & Nissan Coil Produced Ÿ Achieved cumulative Ÿ First Coil Despatch Automotive Sales of Ÿ Inauguration of 1,00,000 tons Ÿ First Automotive JCAPCPL plant Ÿ Implementation of Rail Despatch SAP HANA Ÿ First Skin Panel Production Ÿ ISO TS Certication Ÿ BIS Certication 2014-15 2015-16 2016-17 Ÿ "Best Raw Material Ÿ Certicate for "Achieving targets in Ÿ Company's Lab has Supplier" Award from the category of Quality" from received accreditation Toyota Kirloskar Toyota Kirloskar Motor from Toyota, Japan Motor Ÿ Won Gold & Silver Awards at Ÿ Certicate from Toyota Ÿ "Par Excellence International Convention for for achieving target in Award" at the Quality, Singapore Quality National Quality Ÿ Ÿ Commended with "Signicant Certicate of Circle Convention Achievement in HR Excellence" at Appreciation from Ÿ "Strong Commitment CII National HR Excellence Award Hyundai to HR'' from CII , Ÿ Ÿ Achieved cumulative Automotive Achieved cumulative National HR Sales of 6,00,000 tons Automotive Sales of Excellence Award 8,50,000 tons 2017-18 2018-19 2019-20 Contents Corporate Information 09 Chairman’s Statement 11 Notice to the Members 12 Directors' Report 19 Independent Auditor's Report 55 Balance Sheet 62 Statement of Prot & Loss 63 Cash Flow Statement 64 Statement of Changes in Equity 65 Notes Annexed to and forming part of the Financial Statements 66 Board of Directors (as on 09.09.2020) Mr. Hiroshi Ebina Mr. Rajeev Singhal Mr. Dibyendu Dutta Mr. Soichi Yonezawa Ms. Jaya Singh Panda Mr. C.V. Sastry Management Team (as on 09.09.2020) Mr. C. V. Sastry Managing Director Mr. Atish Mangal Chief Financial Officer Mr. Ajay Gupta AGM (M&S and Planning) Mr. Avik Chatterjee AGM (Human Resources Management & Administration) Mr. Kirit B. Daxini AGM (EHS & Maintenance) Stakeholder Management in FY 20 With Customers Plant visit by Maruti Plant visit by Toyota Plant visit by Kia Motors Customer Celebration In pursuit of Excellence Best Supplier Award Gold Award at ICQC, Japan Stakeholder Management in FY 20 With Community Joy of Sharing Awareness session on Energy Conservation With Employees Annual Family Picnic Celebrating 7th Anniversary Awards & Recognition Best Supplier Award by JBM Auto System Pvt. Ltd. Toyota Kirloskar Motor Appreciation on achieving targets in Quality Gold Award at ICQC, Tokyo Corporate Information (as on 09.09.2020) Board of Directors Board Committees Mr. Hiroshi Ebina - Chairman Audit Committee Mr. Rajeev Singhal Mr. Dibyendu Dutta, Chairman Mr. Dibyendu Dutta Mr. Hiroshi Ebina, Member Mr. Soichi Yonezawa Mr. Rajeev Singhal, Member Ms. Jaya Singh Panda Mr. C.V. Sastry - Managing Director Nomination & Remuneration Committee Mr. Rajeev Singhal, Chairman Mr. Dibyendu Dutta, Member Mr. Soichi Yonezawa, Member Management Team Mr. C.V. Sastry - Managing Director Corporate Social Responsibility Committee Mr. Atish Mangal - Chief Financial Officer Mr. Dibyendu Dutta, Chairman Mr. Ajay Gupta - AGM (M&S and Planning) Mr. Soichi Yonezawa, Member Mr. Kirit B. Daxini- AGM (EHS & Maintenance) Mr. C.V. Sastry, Member Mr. Avik Chatterjee- AGM (HRM & Admin) Statutory Auditor Chief Financial Officer Price Waterhouse & Co. Chartered Accountants LLP Mr. Atish Mangal Internal Auditor Company Secretary Ernst & Young LLP, Chartered Accountants Mr. Prashant Kumar Bankers Secretarial Auditor Japan Bank for International Cooperation Subhasis Bosu & Co. Company Secretaries MIZUHO Corporate Bank Ltd MUFG Bank ICICI Bank Cost Auditor Punjab National Bank Kotak Mahindra Bank Shome & Banerjee, Cost Accountants HDFC Bank Export- Import Bank of India South Indian Bank Registrar & Share Transfer Agent Tata Capital Financial Services Limited Standard Chartered Bank TSR Darashaw Consultants Pvt. Limited Sumitomo Mitsui Banking Corporation Registered Office Factory & Works 5th oor, Tata Centre Mailing Box No. W-251 At Tata Steel Works 43, Jawahar Lal Nehru Road, Kolkata, West Bengal- 700071 East Singhbhum, Jamshedpur, Jharkhand -831001 Email: [email protected] Website: www.jcapcpl.com CIN: U27310WB2011PTC160845 Phone no : +91 9031000750 Phone No: 033-46025123 09 Continuous Annealing and Processing Line World Class Cold Rolled Automotive Steel in India 9th Annual Report 2019-20 Chairman's Statement Dear Shareholders, Greetings to all of you. It is my pleasure to present to you the Annual Report for the Financial Year ended March 31, 2020. The Covid-19 pandemic and necessary protection measures are severely affecting the global economy. According to the International Monetary Fund, the global economy which grew by 2.9 percent in 2019, is projected to contract by 3 percent in 2020. The number of Covid-19 cases is increasing rapidly in India and the growth forecasts largely depend on the impact of the pandemic on economic activities in the second half of 2020. In light of the nationwide lockdown imposed by the Government to check the spread of the Covid-19, the International Monetary Fund has cut its projection of India’s economic growth to 1.9 percent as against earlier forecast of 5.8 percent for 2020. Indian economy grew by 4.2 percent in 2019 and is projected to grow by 7.4 percent in 2021. The impact of the coronavirus pandemic and the lockdown it triggered is clearly visible in the markets, but there is still no clarity on the deeper impact that it is having across businesses and industrial Sectors. In March 2020, all OEMs witnessed a sharp drop in sales due to Covid-19 related lockdown and BS-VI transition. Covid-19 led to supply chain disruptions and production halt towards end of March 2020. The BS-VI norms have come into effect from April 1, 2020. Though the Indian Government had announced migration to BS-VI in advance, majority of the OEMs started production of BS-VI models in Q4/FY20 except Maruti Suzuki. During the year under review, the market share of your Company has increased to 23% and Company’s cumulative Automotive CR sales crossed 8,50,000T. The Company has consistently worked for improving safety across its operations. Employee ownership and focus on safety throughout the organization helped the Company to achieve an LTI free (Lost Time Injury) FY20. The Company also achieved 4 Star rating in Contractor Safety Management (CSM) audit of its Plant, conducted by DNV on behalf of Tata Steel. In FY 20, the Company posted a revenue of Rs. 1,88,808.42 Lakh, and an EBITDA of Rs. 18,622.24 Lakh (Operational EBITDA was Rs 19,980.14 Lakh, excluding impact of Mark to Market loss on its Derivatives) as against a revenue of Rs. 2,00,891.21 Lakh and EBITDA of Rs. 24,882.66 Lakh (Operational EBITDA was Rs 24,908.09 Lakh, excluding impact of Mark to Market gain on its Derivatives in FY19). The Company posted a net loss of Rs 683.37 Lakh in FY 20, as against a prot of Rs. 3,384.84 Lakh in FY19. Your Company received several awards, noteworthy amongst them are “best Raw material supplier award from JBM Chennai” “Certicate of Appreciation from Hyundai” “Certicate from Toyota for achieving target in Quality”, Gold Awards at ICQC, Tokyo. The employees have voluntarily undertaken ~1,471 man hours of during the Tata Volunteering Weeks initiative. Your Company will continue its journey seeking improvements in safety, product quality, operational efficiencies and productivity, delivery management and order compliance, cost control, and enrichment of customer satisfaction and business performance. On behalf of the Board, I would like to express my sincere gratitude and thanks to all Stakeholders and Partners, Promoters – Tata Steel Limited and Nippon Steel Corporation, Customers, Supplier Partners, Financial Institutions, Bankers, the Employee’s Union and all employees and business associates of the Company for extending their invaluable support.
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