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56Th Annual Report 2018-2019

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56Th Annual Report 2018-2019 56TH ANNUAL REPORT 2018-2019 CONTENTS Page No. Year in Brief ................................................................................................. 3 Directors' Report ..................................................................................... 4-15 Annexure to the Directors' Report ...................................................... 16-35 Auditors' Report .................................................................................... 37-39 Annexure to the Auditors' Report........................................................ 40-43 Balance Sheet ........................................................................................... 44 Statements of Profit & Loss ..................................................................... 45 Statements of Changes in Equity ....................................................... 46-47 Cash Flow Statements ......................................................................... 48-49 Significant Accounting Policies .......................................................... 50-61 Notes Forming part of the Financial Statements ............................ 62-114 Financial Summary .................................................................................. 115 Consolidated Financial Statements................................................ 117-215 1 TATTTA INTERNATIONAL LIMITED BOARD OF DIRECTORS (As on June 15, 2018) G K PILLAI- CHAIRMAN N N TATA- MANAGING DIRECTOR DEEPAK PREMNARAYEN R MUKUNDAN S S KUDTARKAR REGISTERED OFFICE Trent House, G-Block, Plot No. C 60, Next to Citibank, Bandra Kurla Complex, Bandra East, Mumbai-400 051. CIN: U51900MH1962PLC012528 AUDITORS M/s. S R B C & CO LLP BANKERS State Bank of India Standard Chartered Bank ICICI Bank Hong Kong and Shanghai Banking Corporation Ltd. BNP Paribas 2 56TH ANNUAL REPORT 2018-2019 YEAR IN BRIEF Particulars 2018-19 2017-18 (Rs. Lakhs) (Rs. Lakhs) TURNOVER 469,668 235,067 EXPORTS 150,814 111,161 DOMESTIC 318,854 123,906 GROSS REVENUE 502,334 268,279 PROFIT/(LOSS) BEFORE TAX 7,092 11,822 PROFIT/(LOSS) AFTER TAX 7,968 8,081 DIVIDEND 501 - TAX ON DISTRIBUTED PROFITS 72 TRANSFER TO DEBENTRUE REDEMPTION RESERVE - TRANSFER FROM DEBENTRUE REDEMPTION RESERVE - RETAINED EARNINGS 7,394 8,081 FIXED ASSETS GROSS 20,295 19,519 NET 8,507 9,613 SHARE CAPITAL 4,010 4,010 RESERVES & SURPLUS 74,811 74,789 BORROWINGS 60,435 47,728 CAPITAL EMPLOYED 139,256 126,526 Rupees Rupees EARNINGS PER SHARE 176 171 NET WORTH PER SHARE 19,656 19,651 Ratio Ratio DEBT : EQUITY 0.77:1 0.61:1 3 TATTTA INTERNATIONAL LIMITED DIRECTORS’ REPORT TO THE MEMBERS, The Directors are pleased to submit the Fifty-Sixth Annual Report and the Audited financial statements for the year ended March 31, 2019. FINANCIAL RESULTS: Stand-alone Consolidated (Rs. Lakhs) (Rs. Lakhs) 2018-19 2017-18 2018-19 2017-18 Total Income 502,334.12 268,279.28 1,827,398.45 1,457,195.64 Total Expenditure 496,557.70 260,576.12 1,820,696.10 1,452,570.31 EBIDTA 12,896.79 14,563.63 36,080.85 30,286.01 Profit from continued businesses (net of tax) before exceptional items (A) 6,706.91 5,282.71 6,164.02 2,994.86 Exceptional items (net of tax) (B) 921.53 2,247.69 922.92 5,664.43 Profit / (Loss) from discontinued businesses (Net of tax) (C) 339.35 550.32 (10,690.37) (7,629.10) Profit / (Loss) after tax (A+B+C) 7,967.79 8,080.72 (3,603.43) 1,030.19 Other Comprehensive Income (141.89) 1,210.23 (7,734.67) 8,208.39 Total comprehensive income for the year 7,825.90 9,290.95 (11,338.10) 9,238.58 Proposed Dividend (12.5%) 501.25 501.25 -- (Previous Year 12.5%) Amount transferred to General Reserve ---- Operating Performance - Consolidated On a consolidated basis, the Company achieved total income of Rs 18273.98 crores 25.4% higher compared to previous year. On a consolidated basis, due to better operating efficiencies of continued businesses EBIDTA and profits (net of tax) have improved over previous year by 20% and 105% respectively. *Global Economic Outlook The global expansion has weakened. Global growth for 2018 is estimated at 3.7 percent, as in the October 2018 World Economic Outlook (WEO) forecast, despite weaker performance in some economies, notably Europe and Asia. The global economy is projected to grow at 3.5 percent in 2019 and 3.6 percent in 2020, 0.2 and 0.1 percentage point below last October’s projections. *(Source – From IMF Report) *Commodity Prices and Markets The majority of energy, metal and mineral, and agricultural commodity prices declined in the last quarter of 2018, only to rebound in the first quarter of 2019. By March, more than half (although virtually none of the energy prices) had recouped their losses and returned to September 2018 levels. The weakness of energy, as well as metal and mineral prices in late 2018, mainly reflected concerns about global growth, especially in China amid trade tensions. Renewed fiscal stimulus and the resumption of U.S.-China trade negotiations in January, however, improved growth prospects and supported a rebound in commodity prices. This rebound was compounded by a series of commodity-specific supply factors. As a result of the weak start into the year, energy prices are expected to average 5.4 percent lower in 2019 than in 2018 (a downward revision from October) followed by a slight decline in 2020. Metal prices are expected to continue their recovery in 2019 and 2020 following sharp drops in the second half of 2018. Supply concerns (especially in copper and zinc), disruptions (in iron ore production due to the tailings dam disaster in Brazil), 4 56TH ANNUAL REPORT 2018-2019 and China’s fiscal stimulus are expected to provide support. Risks are broadly balanced. Downside risks include a weaker- than expected demand boost from China’s fiscal stimulus and a prolonged stall in U.S.-China trade negotiations; upside risks include tighter-than expected environmental policies and slower-than expected easing of supply bottlenecks. Agricultural prices are expected to fall 2.6 % in 2019, on average, amid ample stocks. In 2020, prices are expected to rise 1.7 % on expected cuts in U.S. crop plantings and higher costs of energy and fertilizers. Risks to this outlook are to the upside. Higher-than-expected energy costs could lift prices of some crops such as grains and oilseeds. Greater-than-projected growth in biofuel production could also lead to higher prices for some food commodities. (*Source – world Bank – Commodity Market Outlook – April 2019) Indian Markets: India’s growth accelerated to an estimated 7.3 per cent in FY 2018-19 (April to March) as economic activity continued to recover with strong domestic demand. While investment continued to strengthen amid the GST harmonisation and a rebound of credit growth, consumption remained the major contributor to growth. Private consumption is projected to remain robust and investment growth is expected to continue as the benefits of recent policy reforms begin to materialise and credit rebounds. Strong domestic demand is envisioned to widen the current account deficit to 2.6 per cent of GDP next year. Inflation is projected to rise somewhat above the midpoint of the Reserve Bank of India’s target range of 2 to 6 per cent, mainly owing to energy and food prices, the bank said. TRANSFER TO RESERVES- The appropriations for the year are: Rs. lakhs Net Profit/(Loss) for the year 7967.79 Balance of Reserve at the beginning of the year 45538.11 Transfer to General Reserve - Balance of Reserve at the end of the year 53505.90 DIVIDEND- The Board of Directors of the Company recommended for approval by the Shareholders the payment of dividend at the rate of 12.5% on 4,01,000 equity shares of the Company of face value Rs 1000/- per share. The dividend on Equity Shares, if approved by the Shareholders would involve cash payout of Rs. 501,25,000 plus a dividend distribution tax of Rs.103,80,687. Transfer to Reserves: Your Company proposes to transfer Rs. Nil to the general reserve. FIXED DEPOSITS Your Company has not accepted or renewed any deposit from public in terms of the provisions of the Companies Act, 2013. BUSINESS RESTRUCTURING As part of its strategy, your Company periodically reviews its product portfolio and businesses to ascertain whether the Company should continue to pursue them, restructure the business model or exit from these products businesses if they do not promise profitable growth and return on capital employed. As part of the above process, your Company has adopted two pronged strategy, a) Divest non-core assets / investments and b) exit from small / non-related, non-core businesses. Company initiated the process of divesting from Module Mounting Structures (Solar Division), Bicycles business and investment in a joint venture to manufacture Trailers in India. During the current financial year, Company has sold the assets of solar division and unlocked the value. Company has also sold the investment in Joint Venture. Proceeds so realised have been utilised to repay the debts to improve the leverage and reduce the debts / finance cost. Benefits of these initiatives will reflect in the current financial year. In FY 18-19, Company took several steps to exit from non-core products / businesses like Distribution of Specialty Products in African markets (ie Chemicals, Healthcare products, Agri Distribution, Infrastructure & Construction Equipment). The Company had to incur certain one-time exit costs by way of inventory impairment, write off of receivables, employee separation costs etc. These have adversely affected the performance of the Company for FY 18-19. However
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