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57Th Annual Report 2019-2020

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57Th Annual Report 2019-2020 57TH ANNUAL REPORT 2019-2020 CONTENTS Page No. Directors' Report ..................................................................................... 2-15 Annexure to the Directors' Report ...................................................... 16-38 Auditors' Report .................................................................................... 39-43 Annexure to the Auditors' Report........................................................ 44-47 Balance Sheet ........................................................................................... 48 Statements of Profit & Loss ..................................................................... 49 Statements of Changes in Equity ....................................................... 50-51 Cash Flow Statements ......................................................................... 52-53 Significant Accounting Policies .......................................................... 54-74 Notes Forming part of the Financial Statements ............................ 75-131 Consolidated Financial Statements................................................ 132-246 1 TATTTA INTERNATIONAL LIMITED BOARD’S REPORT To the Members, The Directors present the Annual Report of Tata International Limited (“the Company”) along with the audited financial statements for the financial year ended March 31, 2020 ("financial year 2019-20 / FY 2019-20"). The consolidated performance of the Company and its subsidiaries has been referred to wherever required. FINANCIAL RESULTS (Rs. In crores) Standalone Consolidated 2019-20 2018-19 2019-20 2018-19 Revenue 4,533 4,824 16,247 18,083 Other income 147 192 120 184 Total income 4,680 5,016 16,367 18,267 Expenses Operating expenditure 4,559 4,888 16,078 17,896 Depreciation and amortization expenses 20 24 63 48 Total Expenses 4,579 4,911 16,141 17,918 Profit before finance cost and tax 101 105 226 323 Finance cost 66 47 296 256 Share of profit /(loss) of joint ventures and associates --- 13 Profit/(loss) before exceptional item and tax from continuing operations 35 58 (70) 80 Exceptional items (89) 8 (340) 12 Profit/(loss) before tax from continuing operations (54) 66 (410) 92 Tax expense 35 (10) 89 21 Profit/(loss) for the year from continuing operations (89) 76 (499) 71 Profit/(loss) before tax from discontinued operations 1 5 (23) (105) Tax expense 0 2 - 2 Profit/(loss) for the year from discontinued operations 1 3 (23) (107) Profit/(loss) for the year (88) 80 (522) (36) Attributable to: Shareholders of the company (88) 80 (522) (52) Non-Controlling Interest -- 0 16 Opening Balance of retained earning 457 455 (212) (63) IND AS transition adjustments (3) - (10) - Profit for the Year (88) 80 (522) (52) Other comprehensive income / (losses) (2) (2) (2) 1 Total comprehensive income (90) 78 (524) (51) Dividend (including tax on dividend) (6) (5) (6) (5) Others (7) 2 - (3) Distribution on unsecured perpetual securities (net off tax) (112) (73) (130) (90) Closing balance of retained earnings 239 457 (882) (212) DIVIDEND In the absence of profit during the financial year 2019-20, your director do not recommend any dividend. TRANSFER TO RESERVES In view of absence of profit during the financial year 2019-20, your Directors are unable to transfer any amount to the General Reserve Account. SHARE CAPITAL During the financial year 2019-20, there is no change in the share capital of the Company. 2 57TH ANNUAL REPORT 2019-2020 COMPANY’S PERFORMANCE On a standalone basis, the revenue for FY 2019-20 was Rs. 4,533 crore, lower by 6% percent over the previous year’s revenue of Rs. 4,824 crore in FY 2018-19. The loss after tax attributable to shareholders for FY 2019-20 was Rs. 88 crore compared to PAT of Rs. 80 crore for FY 2018-19. On a consolidated basis, the revenue for FY 2019-20 was Rs. 16,247 crore, lower by 10% percent over the previous year’s revenue of Rs. 18,083 crore in FY 2018-19. The Loss attributable to shareholders and non-controlling interests for FY 2019- 20 and FY 2018-19 was Rs. 522 crore and Rs. 36 crore respectively. The loss attributable to shareholders for FY 2019-20 was Rs. 522 crore compared to loss of Rs. 52 crore for FY 2018-19. KEY BUSINESS HIGHLIGHTS – FY 20 1. Trading – The Company operates in the commodities trading space through 3 different sub verticals. The financial year FY 20 saw significantly volatility in commodity prices, particularly in the second half of the year, resulting in adverse swings in volumes and margins in the trading businesses. a. Metals – The Metals vertical trades services to both upstream and downstream products of the Steel and Aluminium industries. In the upstream TIL has managed to expand and grow its presence in the higher value added products within the Aluminium sector with addition of capacity to develop copper insert bars and expansion into Calcined Petroleum Coke (CPC). In the downstream, TIL has managed to develop a trade flow in Iron Ore Fines and Pellets from India to Asia, which helped grow both the top line and bottom line in our Metallics and Rolls business. Unfortunately during the year under review, the Section 232 tariffs imposed by the US Government in 2018, on all steel and aluminium imports continued and was further acerbated by a trade war with China, which lead to further protectionism in the form of quotas, safeguards and other measures by various key markets around the world. This growing protectionism had an adverse effect on existing trade flows as well as creating far more volatility in prices, As a result of which, the Steel Trading business was not able to grow volumes or margins as planned. However, it was able to maintain and grow its presence in value added products, which did ensure the business still achieved a marginal profit. b. Minerals – The Minerals vertical operates primarily in the thermal coal segment, with a relatively smaller presence in the base metals and Ferro alloys segment. The primary target market comprises India, Vietnam and China, with sourcing from South Africa, Indonesia and other origins. Approximately 9 million tons of coal was traded in FY 20. 3 TATTTA INTERNATIONAL LIMITED The India coal business, supported by a strong focus on corporate sales, delivered healthy return for the first three quarters of the financial year. Multiple cross-functional initiatives undertaken during the year helped to improve operating efficiencies. The Business successfully managed to get repeat orders for coal in Vietnam, though it had to deal with quality issues in some of the shipments resulting in pressure on margins. Continued thrust on working capital helped the business achieve record reductions in working capital freeing up the cash flows. The vertical strengthened its performance in the area of trade optimization and multi-origin sourcing, besides successfully piloting an entry into a new line of business (trade of coking coal) to strengthen its product portfolio. Owing to an unprecedented drop in coal prices and steep depreciation in rupee against USD, in the last quarter of the financial year, the India business was very adversely affected and delivered significant losses. c. Agri Products Trading - The Agri Products Trading vertical operates from various geographies like India, Myanmar, Canada and Africa and deals in products like pulses, sugar, raw cashew nuts, rice etc. Consequent to the induction of a new leadership team, management decided to restructure the Agri Trading business and to focus on India and Myanmar as its chosen geographies and pulses and sugar as its key products. The Company initiated the process to exit from other geographies and products thereafter. As on March 2020, the restructuring process is almost complete. Going forward business will have a lean structure and focus on reducing working capital with improved margins. 2. Distribution business The Distribution vertical focuses on Commercial vehicles and Agricultural and Construction equipment. It represents several OEMs such as Tata Motors, John Deere, Daewoo and Jaguar Land Rover across 14 African countries. 4 57TH ANNUAL REPORT 2019-2020 The Vertical has adopted a differentiation strategy which enabled it to achieve higher profits and embark upon an improving trend over the last couple of years. This commercial strategy is based on: a) Uptime: Focus on prompt after sale service and adequate supply of spare parts to ensure that the vehicles/ equipment continue to serve our clients for the entire useful life as designed. Greater predictability of products and services resulted in deepening of client relationships and cemented our longstanding track record of a trusted counterpart; which resonates well with the Tata brand globally. b) Retail Finance: We increased our footprint to include Ghana, Nigeria, Senegal, Zambia, Kenya and South Africa. By doing so we increased our share of wallet with clients whilst generating improving margins. c) Improved Product differentiation: Bringing in new OEMs to provide a holistic product mix more in line with market requirements. Further, to improve the operational efficiency, the vertical has taken following steps: (i) Consistent approach to credit intake, KYC, credit decisions and loan fulfilment. Today we engage not only with our own retail financing division, but also with external collection agents to focus on cash collections whilst continually engaging with client to reassess their financial commitments. (ii) We engaged external consultants to redesign some of our cost levers with good results. (iii) We are breaking new ground by engaging with Banks
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