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Tata steel financial analysis with comments on trend and comparative balanceshhet

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  • 1. KES SHROFF COLLEGE OF ARTS AND COMMERCE NAAC Accredited ‘A’ Grade (CGPA 3.16) and ISO 9001:2008 Certified PROJECT REPORT ONFINANCIAL ANALYSISI OF TATA STEEL COMPANY SUBMITTED BY NIRAV .S. CHAUHAN T.Y.B.Com. C- 08 SUBMITTED TO UNIVERSITY OF MUMBAI PROJECT GUIDE Mr. V. S. KANNAN ACADEMIC YEAR 2012 – 2013
  • 2. KANDIVLI EDUCATION SOCIETY’S B.K. Shroff College of Arts & M.H. Shroff College of Commerce Bhulabhai Desai Road, Kandivli (West), Mumbai – 400067 NAAC Accredited ‘A’ Grade(CGPA 3.16) and ISO 9001:2008 Certified PROJECT REPORTFINACIAL ANALYSISI OF TATA STEEL COMPANY SUBMITTED BY NIRAV .S. CHAUHAN T.Y.BACHELOR OF COMMERCE SUBMITTED TO UNIVERSITY OF MUMBAI PROJECT GUIDE NAME OF THE GUIDE Mr. V. S. Kannan ACADEMIC YEAR 2012 – 2013
  • 3. KANDIVLI EDUCATION SOCIETY’S B.K. Shroff College of Arts & M.H. Shroff College of Commerce Bhulabhai Desai Road, Kandivli (West), Mumbai – 400067 NAAC Accredited ‘A’ Grade(CGPA 3.16) and ISO 9001:2008 Certified CERTIFICATEThis is to certify that NIRAV .S. CHAUHAN of T.Y.B.Com A-31, hassuccessfully completed a project on FINANCIAL ANALYSIS OF TATASTEEL COMPANY under the guidance of MR. V.S.KANNAN during theacademic year 2012-2013Co-ordinator Project Guide PrincipalInternal Examiner External Examiner College Seal
  • 4. DECLARATIONI MR. NIRAV .S. CHAUHAN of K.E.S. SHROFF COLLEGE OFARTS & COMMERCE, student of T.Y.BCOM A-31,ManagementAccount Project, hereby declare that I have completed my project title“FINANCIAL ANALYSIS OF TATA STEEL COMPANY” I also declare that this project which has been the partial fulfillmentof the requirement of the degree of T.Y.B.COM of the “MumbaiUniversity” has been the result of my efforts. Signature of Student _________________
  • 5. ACKNOWLEDGEMENTI have sincerely done my project alloted to me. I would like to thank our vicePrincipal Mr. V. S. Kannan., the guide for giving her valuable suggestion andguidance.I would also like to thank our Principal Dr. LILY BHUSHAN.It gives me immense pleasure to present this project in the Project of ManagementAccounts. I would like to thank all those people who gave me their opinion withouttheir help this project would not be possible to submit in time. NIRAV
  • 6. INDEX PARTICULARS PAGE NOIntroduction 1Financial Analysis 5 - Profit & Loss A/C 6 - Balance Sheet 8 - Trend Analysis 10 -Comparative Statements 12 - Cash Flow 14 - Financial Ratios 15 -Capital structure 18Peer To Peer Comparison 20
  • 7. IntroductionBacked by 100 glorious years of experience in steel making, Tata Steel is among the topten steel producers in the world with an existing annual crude steel production capacityof 30 Million Tons Per Annum (MTPA). Established in 1907, it is the first integratedsteel plant in Asia and is now the world`s second most geographically diversified steelproducer and a Fortune 500 Company.Tata Steel has a balanced global presence in over 50 developed European and fastgrowing Asian markets, with manufacturing units in 26 countries.It was the vision of the founder; Jamsetji Nusserwanji Tata., that on 27th February, 1908,the first stake was driven into the soil of Sakchi. His vision helped Tata Steel overcomeseveral periods of adversity and strive to improve against all odds. Tata Steel`s Jamshedpur (India) Works has a crude steel production capacity of 6.8 MTPA which is slated to increase to 10 MTPA by 2010. The Company also has proposed three Greenfield steel projects in the states of Jharkhand, Orissa and
  • 8. Chhattisgarh in India with additional capacity of 23 MTPA and a Greenfield project inVietnam.Through investments in Corus, Millennium Steel (renamed Tata Steel Thailand) andNatSteel Holdings, Singapore, Tata Steel has created a manufacturing and marketingnetwork in Europe, South East Asia and the pacific-rim countries. Corus, whichmanufactured over 20 MTPA of steel in 2008, has operations in the UK, theNetherlands, Germany, France, Norway and Belgium.Tata Steel Thailand is the largest producer of long steel products in Thailand, with amanufacturing capacity of 1.7 MTPA. Tata Steel has proposed a 0.5 MTPA mini blastfurnace project in Thailand. NatSteel Holdings produces about 2 MTPA of steelproducts across its regional operations in seven countries.Tata Steel, through its joint venture with Tata BlueScope Steel Limited, has also enteredthe steel building and construction applications market.The iron ore mines and collieries in India give the Company a distinct advantage in rawmaterial sourcing. Tata Steel is also striving towards raw materials security throughjoint ventures in Thailand, Australia, Mozambique, Ivory Coast (West Africa) andOman. Tata Steel has signed an agreement with Steel Authority of India Limited toestablish a 50:50 joint venture company for coal mining in India. Also, Tata Steel hasbought 19.9% stake in New Millennium Capital Corporation, Canada for iron oremining.Exploration of opportunities in titanium dioxide business in Tamil Nadu, ferro-chromeplant in South Africa and setting up of a deep-sea port in coastal Orissa are integral tothe Growth and Globalisation objective of Tata Steel.Tata Steel’s vision is to be the global steel industry benchmark for Value Creation andCorporate Citizenship.Tata Steel India is the first integrated steel company in the world, outside Japan, to beawarded the Deming Application Prize 2008 for excellence in Total QualityManagement.
  • 9. THE TATA GROUPBefore we discuss at the length of the company, we would like to throw some light onthe Tata Group of companies in present day India.
  • 10. Tata Steel is one of the ventures of the Tat Group but it has many successful companiesunder one umbrella. Some of the other notable Tata concerns and their lines ofbusinesses are shown below.
  • 11. Financialanalysis
  • 12. P&L a/c For The Year Endings *rupees in crores Particulars Mar 12 Mar 11 Mar 10 IncomeSales Turnover 135,975.56 121,345.75 104,229.83Excise Duty 3,075.86 2,686.43 1,924.00Net Sales 132,899.70 118,659.32 102,305.83Other Income 4,934.95 3,687.41 -61.87Stock Adjustments 785.93 1,355.98 -660.04Total Income 138,620.58 123,702.71 101,583.92ExpenditureRaw Materials 74,555.02 61,193.71 51,855.32Power & Fuel Cost 5,935.48 4,889.18 4,885.05Employee Cost 17,228.64 15,286.92 16,462.99Other Manufacturing 7,456.60 6,606.07 6,053.34ExpensesSelling and Admin 0 11,009.76 9,599.68ExpensesMiscellaneous 16,950.73 4,978.70 4,687.37ExpensesPreoperative Exp -857.63 -219.63 -165.47CapitalizedTotal Expenses 121,268.84 103,744.71 93,378.28Operating Profit 12,416.79 16,270.59 8,267.51
  • 13. PBDIT 17,351.74 19,958.00 8,205.64Interest 4,250.11 3,426.67 3,659.77PBDT 13,101.63 16,531.33 4,545.87Depreciation 4,516.65 4,414.82 4,491.73Profit Before Tax 8,584.98 12,116.51 54.14Extra-ordinary items 0 18.5 14.72PBT (Post Extra-ord 8,584.98 12,135.01 68.86Items)Tax 3,636.46 3,247.26 2,153.46Reported Net Profit 4,948.52 8,856.05 -2,120.84Minority Interest -173.14 -60.28 15.24Share Of P/L Of -268.11 -66.36 -126.86AssociatesNet P/L After Minority 5,389.77 6,653.98 -340.22Interest & Share OfAssociatesTotal Value Addition 46,713.82 42,551.00 41,522.96Preference Dividend 0.21 NIL 45.88Equity Dividend 1,165.46 1,150.25 709.23Corporate Dividend Tax 185.71 163.22 154.33Per share data(annualized)Shares in issue (lakhs) 9,712.14 9,585.43 8,865.43Earnings Per Share (Rs) 50.95 92.39 -24.44
  • 14. BALANCESHEET AS ON 31ST MARCH ------------------- in Rs. Cr. -------------- ----- Mar 12 Mar 11 Mar 10 Mar 09 Mar 08PARTICULARS (in rupees) (in (in (in (in rupees) rupees) rupees) rupees) ----- in Rs. Cr. ------ 12 mths 12 mths 12 mths 12 mths 12 mths Sources Of FundsTotal Share Capital 971.41 959.41 887.41 6,203.45 6,203.30Equity Share Capital 971.41 959.41 887.41 730.79 730.78Share Application 0 178.2 0 0 0MoneyPreference Share 0 0 0 5,472.66 5,472.52CapitalReserves 51,245.05 47,307.02 36,281.34 23,501.15 21,097.43Networth 52,216.46 48,444.63 37,168.75 29,704.60 27,300.73Secured Loans 1,919.27 2,013.00 2,259.32 3,913.05 3,520.58Unsecured Loans 21,774.55 26,288.14 22,979.88 23,033.13 14,501.11Total Debt 23,693.82 28,301.14 25,239.20 26,946.18 18,021.69Total Liabilities 75,910.28 76,745.77 62,407.95 56,650.78 45,322.42Application Of FundsGross Block 23,485.63 22,846.26 22,306.07 20,057.01 16,479.59Less: Accum. 12,119.37 11,041.16 10,143.63 9,062.47 8,223.48DepreciationNet Block 11,366.26 11,805.10 12,162.44 10,994.54 8,256.11Capital Work in 18,506.63 6,969.38 3,843.59 3,487.68 4,367.45ProgressInvestments 50,282.52 46,564.94 44,979.67 42,371.78 4,103.19Inventories 4,858.99 3,953.76 3,077.75 3,480.47 2,604.98Sundry Debtors 904.08 428.03 434.83 635.98 543.48
  • 15. Cash and Bank 30.82 512.76 500.3 463.58 465BalanceTotal Current Assets 5,793.89 4,894.55 4,012.88 4,580.03 3,613.46Loans and Advances 6,935.20 16,814.04 6,678.55 5,884.61 34,582.84Fixed Deposits 3,918.93 3,628.78 2,733.84 1,127.02 0.04Total CA, Loans & 16,648.02 25,337.37 13,425.27 11,591.66 38,196.34AdvancesCurrent Liabilities 16,975.61 10,383.04 8,699.34 8,965.76 6,842.26Provisions 3,917.54 3,547.98 3,303.68 2,934.19 2,913.52Total CL & 20,893.15 13,931.02 12,003.02 11,899.95 9,755.78ProvisionsNet Current Assets -4,245.13 11,406.35 1,422.25 -308.29 28,440.56Miscellaneous 0 0 0 105.07 155.11Expenses 75,910.28 76,745.77 62,407.95 56,650.78 45,322.42Total AssetsContingent Liabilities 15,270.84 12,582.24 13,184.61 12,188.55 9,250.08Book Value (Rs) 537.64 503.19 418.94 331.68 298.78 Analysis:- Borrowings have been consistent. The way the company managed its borrowings was amazing. From negative balances, they turned into Rs 5000 crores positive balances; this was as a result of loans taken to finance Corus deal Investments increased significantly. It can be seen that investments in the last year has increased drastically from negative cash flows to positive cash flows in investment.
  • 16. trend analysis of balance sheet as on 31st march PARTICULARS Mar 09 Mar Mar 11 Mar Mar Mar Mar Mar 10 12 09 10 11 12 (in rupees) (in (in (in % % % % rupees) rupees) rupees) 12 mths 12 mths 12 mths 12 mths Sources Of Funds Total Share Capital 6,203.5 887.4 959.4 971.4 100 14.3 15.5 15.7Equity Share Capital 730.8 887.4 959.4 971.4 100 121.4 131.3 132.9Share Application 0.0 NIL NIL NIL NIL NIL NIL NILMoneyPreference Share 5,472.7 NIL NIL NIL NIL NIL NIL NILCapitalReserves 23,501.2 36,281.3 47,307.0 51,245.1 100 154.4 201.3 218.1Revaluation Reserves 0.0 0.0 0.0 0.0Networth 29,704.6 37,168.8 48,444.6 52,216.5 100 125.1 163.1 175.8Secured Loans 3,913.1 2,259.3 2,013.0 1,919.3 100 57.7 51.4 49.0Unsecured Loans 23,033.1 22,979.9 26,288.1 21,774.6 100 99.8 114.1 94.5Total Debt 26,946.2 25,239.2 28,301.1 23,693.8 100 93.7 105.0 87.9 Total Liabilities 56,650.8 62,408.0 76,745.8 75,910.3 100 110.2 135.5 134.0 Application Of FundsGross Block 20,057.0 22,306.1 22,846.3 23,485.6 100 111.2 113.9 117.1Less: Accum. 9,062.5 10,143.6 11,041.2 12,119.4 100 111.9 121.8 133.7DepreciationNet Block 10,994.5 12,162.4 11,805.1 11,366.3 100 110.6 107.4 103.4Capital Work in 3,487.7 3,843.6 6,969.4 18,506.6 100 110.2 199.8 530.6
  • 17. ProgressInvestments 42,371.8 44,979.7 46,564.9 50,282.5 100 106.2 109.9 118.7Inventories 3,480.5 3,077.8 3,953.8 4,859.0 100 88.4 139.6 113.6Sundry Debtors 636.0 434.8 428.0 904.1 100 68.4 67.3 142.2Cash and Bank 463.6 500.3 512.8 30.8 100 107.9 110.6 6.6BalanceTotal Current Assets 4,580.0 4,012.9 4,894.6 5,793.9 100 87.6 106.9 126.5Loans and Advances 5,884.6 6,678.6 16,814.0 6,935.2 100 113.5 285.7 117.9Fixed Deposits 1,127.0 2,733.8 3,628.8 3,918.9 100 242.6 322.0 347.7Total CA, Loans & 11,591.7 13,425.3 25,337.4 16,648.0 100 115.8 218.6 143.6AdvancesCurrent Liabilities 8,965.8 8,699.3 10,383.0 16,975.6 100 97.0 115.8 189.3Provisions 2,934.2 3,303.7 3,548.0 3,917.5 100 112.6 120.9 133.5Total CL & Provisions 11,900.0 12,003.0 13,931.0 20,893.2 100 100.9 117.1 175.6Net Current Assets -308.3 1,422.3 11,406.4 -4,245.1 100 - -3699.9 1377.0 461.3Miscellaneous 105.1 NIL NIL NIL 100 NIL NIL NILExpenses 56,650.8 62,408.0 76,745.8 75,910.3 100 110.2 135.5 134.0Total Assets Analysis:- Total share capital of the company saw a great dip due to redemption of preference shares in the year 2009. Reserves are maintained at progressively healthy rate which is clear indication of good profits. Liabilities have shown dip resulting in reduction of liabilities. Company has acquired some new plants which are yet to be completed so capital work in progress has increased substantially. Although there is arise in total assets net current assets have diminished marginally due to heavy provisions. Contingent liabilities thereon has also increased in terms of 2-3% per year
  • 18. Comparative Analysis For The Year Endings Particulars Mar 11 Mar 12 Absolute Absolute Increase Increase /Decrease /Decrease (Rupees) In % Sources Of FundsTotal Share Capital 958.74 993.84 35.1 3.66Equity Share Capital 958.74 971.41 12.67 1.32Share Application Money 195.66 17.46 (-178.2) (-91.08)Preference Share Capital NIL 22.43 22.43 NILReserves 35,926.97 41,644.81 5717.84 15.92 Networth 37,081.37 42,656.11 5574.74 15.03Secured loans 28,604.40 27,482.74 (-1121.66) (-3.92)Unsecured Loans 32,079.94 24,729.58 (-7350.36) (-22.91)Total Debt 60,684.34 52,212.32 (-8472.02) (-13.96)Minority Interest 888.9 1,091.15 202.25 22.75Policy Holders Funds NIL NIL NIL NILGroup Share in Joint Venture NIL NIL NIL NIL Total Liabilities 98,654.61 95,959.58 (-2695.03) (-2.73)Application Of FundsGross Block 113,399.58 129,093.78 15694.2 13.84Less: Accum. Depreciation 61,592.15 69,638.85 8046.7 13.06Net Block 51,807.43 59,454.93 7647.5 14.76Capital Work in Progress 15,884.17 20,039.71 4155.54 26.16
  • 19. Investments 7,847.34 4,021.25 (-3826.09) (-48.76)Inventories 24,055.24 25,598.00 1542.76 6.41Sundry Debtors 14,816.28 14,878.48 62.2 0.42Cash and Bank Balance 10,892.60 10,801.58 (-91.02) (-0.84)Total Current Assets 49,764.12 51,278.06 1513.94 3.04Loans and Advances 10,180.08 12,001.92 1821.84 17.90Fixed Deposits 0 39.39 39.39 0.00Total CA, Loans & Advances 59,944.20 63,319.37 3375.17 5.63Current Liabilities 29,738.61 42,790.58 13051.97 43.89Provisions 7,089.92 8,085.10 995.18 14.04Total CL & Provisions 36,828.53 50,875.68 14047.15 38.14Net Current Assets 23,115.67 12,443.69 (-10671.9) (-46.17)Minority Interest NIL NIL NIL NILMiscellaneous Expenses NIL NIL NIL NIL Total Assets 98,654.61 95,959.58 (-2695.03) (-2.73)Analysis:- The company has shown progressive report in terms of reserves as compared to 2011-12.reserves has increased 15.92% which indicates healthy profits and a good backup. Netblock too has increased at substantial rate. Investments have gone at dip & provisions are raised more affecting the profits directly.
  • 20. Cash Flow for the Year Endings as On 31st March Particulars Mar 12 Mar 11 Mar 10 12 mths 12 mths 12 mthsNet Profit Before Tax 9857.35 9776.85 7214.3Net Cash From Operating Activities 10256.47 8542.72 8369.22Net Cash (used in)/from Investing Activities (-2859.11) (-13288.13) (-5254.8)Net Cash (used in)/from Financing Activities (-7599.35) 5652.81 (-1473.1)Net (decrease)/increase In Cash and Cash (-201.99) 907.4 1641.25EquivalentsOpening Cash & Cash Equivalents 4102.52 3234.14 1592.89Closing Cash & Cash Equivalents 3900.53 4141.54 3234.14 Analysis:- Cash from financing activities is constantly negative because of heavy dividend payment during the year. Company declared 120% dividend for the years 2011- 12 & 2012-13 each respectively whereas it declared 80% dividend in the year 2010-11 resulting in a dip in cash from financial activities. Cash from operational cycle has increased due to functional or cyclical changes in debtors, creditors or stock of goods . Although cash from investing activities is in adverse sense it has recovered a good amount as compared to the previous years Investments increased significantly. It can be seen that investments in the last year has increased drastically from negative cash flows to positive cash flows in investment.
  • 21. FINANCIAL RATIOS in rs.cr Mar 12 Mar 11 Mar 10 Investment Valuation RatiosFace Value 10 10 10Dividend Per Share -- -- --Operating Profit Per Share (Rs) 127.85 169.36 92.85Net Operating Profit Per Share 1,368.39 1,237.91 1,153.99(Rs)Free Reserves Per Share (Rs) -- 332.25 264.37Bonus in Equity Capital 26.04 26.38 28.52 Profitability RatiosOperating Profit Margin (%) 9.34 13.68 8.04Profit Before Interest And Tax 5.87 9.93 3.63Margin (%)Gross Profit Margin (%) 5.94 9.96 3.65Cash Profit Margin (%) 4.53 8.33 2.87Adjusted Cash Margin (%) 4.53 8.33 2.63Net Profit Margin (%) 4 7.54 -1.95Adjusted Net Profit Margin (%) 4 7.54 -1.95Return On Capital Employed 9.98 12.46 5.62(%)Return On Net Worth (%) 12.64 24.35 -8.92Adjusted Return on Net Worth 3.72 14.94 -7.97(%)Return on Assets Excluding 438.79 384.81 259.67
  • 22. RevaluationsReturn on Assets Including 438.79 384.81 259.67RevaluationsReturn on Long Term Funds 9.98 12.54 5.29(%) Liquidity And Solvency RatiosCurrent Ratio 1.24 1.59 1.33Quick Ratio 0.74 0.97 0.77Debt Equity Ratio 1.23 1.65 2.31Long Term Debt Equity Ratio 1.23 1.63 2.3Debt Coverage RatiosInterest Cover 2.23 3.56 1.17Total Debt to Owners Fund 1.23 1.65 2.31 Management Efficiency RatiosInventory Turnover Ratio 5.31 5.46 6.14Debtors Turnover Ratio 8.95 8.98 8.3Investments Turnover Ratio 5.31 5.46 6.14Fixed Assets Turnover Ratio 1.22 1.24 1.07Total Assets Turnover Ratio 1.76 1.47 1.64Asset Turnover Ratio 1.37 1.24 1.07Average Finished Goods Held -- 28.21 24.82Number of Days In Working 33.71 70.13 39.65Capital Profit & Loss Account RatiosMaterial Cost Composition 56.09 51.57 50.68Imported Composition of Raw -- -- --Materials ConsumedSelling Distribution Cost -- 5.57 5.68
  • 23. Composition Expenses as Composition of NIL NIL NIL Total Sales Cash Flow Indicator Ratios Dividend Payout Ratio Net 25.07 14.62 NIL Profit Dividend Payout Ratio Cash 13.63 9.8 35.44 Profit Earning Retention Ratio 14.83 76.17 -- Cash Earning Retention Ratio 77.87 86.77 67.49 Adjusted Cash Flow Times 8.55 6.11 19.66Analysis:- Financial ratios are clear indicators of the company performance Net operating profit per share is more or less increased by 100 rs per share which easily satisfies investors. All profitable ratios are increased at substantial growth rate. Quick ratio also known as immediate solvency ratio is at a 3year low point. It is a concern for short term liquidity payment. Investment ratio is a lot fluctuating in nature. Is is low as compared to previous year’s figure but more than the preceding previous years. Working capital ratio has improved by a very good margin indicating good and efficient use of technology and other variables. Earning retention ratio has decreased because of declaration of higher dividends during the year. All cash flow ratios have more or less improved in some manner.
  • 24. CAPITAL STRUCTURE OF TATA STEEL Period Instrument Authorized Issued -PAIDUP- Capital CapitalFrom To (Rs. cr) (Rs. cr) Shares Face Capital (nos) Value 2010 2011 Equity Share 2100 960.13 959214450 10 959.21 2009 2010 Equity Share 1750 888.13 887214196 10 887.21 2008 2009 Equity Share 1750 731.37 730592471 10 730.59 2007 2008 Equity Share 1750 731.37 730584320 10 730.58 2006 2007 Equity Share 1750 581.07 580472856 10 580.47 2005 2006 Equity Share 600 554.07 553472856 10 553.47 2004 2005 Equity Share 600 554.07 553472856 10 553.47 2003 2004 Equity Share 440 368.37 367771901 10 367.77 2002 2003 Equity Share 440 368.37 367771901 10 367.77 2001 2002 Equity Share 440 368.37 367771901 10 367.77 2000 2001 Equity Share 440 368.37 367771901 10 367.77 1999 2000 Equity Share 440 368.37 367771880 10 367.77 1998 1999 Equity Share 440 368.37 367771512 10 367.77 1997 1998 Equity Share 440 368.37 368137405 10 368.14 1996 1997 Equity Share 440 368.37 368136568 10 368.14 1995 1996 Equity Share 440 368.36 368152085 10 368.15 1994 1995 Equity Share 440 338.35 338133839 10 338.13 1993 1994 Equity Share 375 337.54 337329848 10 337.33 1992 1993 Equity Share 375 375 230136540 10 230.14 1990 1992 Equity Share 375 230.35 230136540 10 230.14
  • 25. 1988 1990 Equity Share 275 230.14 230136540 10 230.141987 1988 Equity Share 165 156.56 15634412 100 156.341985 1987 Equity Share 165 82.84 8262868 100 82.631983 1985 Equity Share 85.5 72.23 7201638 100 72.021980 1983 Equity Share 88.5 72.23 7201638 100 72.021971 1976 Equity Share 38.78 38.74 5144027 75 38.581961 1971 Equity Share 27.75 27.72 3674305 75 27.561960 1961 Equity Share 27.75 27.75 3671346 75 27.541959 1960 Equity Share 23.11 23.11 3069665 75 23.02
  • 26. BALANCE SHEET OF TATA STEELS COMPETING COMPANIES Tata SAIL JSW Visa Steel Steel Steel Mar 12 Mar 12 Mar 12 Mar 12Sources Of FundsTotal Share Capital 971.41 4,130.53 563.18 110Equity Share 971.41 4,130.53 284.15 110CapitalShare Application 0 0 0 0MoneyPreference Share 0 0 279.03 0CapitalReserves 51,245.05 35,680.79 17,934.31 124.43Networth 52,216.46 39,811.32 18,497.49 234.43Secured Loans 1,919.27 7,481.91 9,495.46 1,127.59Unsecured Loans 21,774.55 8,615.30 2,806.76 75.64Total Debt 23,693.82 16,097.21 12,302.22 1,203.23 1,437.66Total Liabilities 75,910.28 55,908.53 30,799.71 Application Of FundsGross Block 23,485.63 41,367.19 35,118.06 991.29Less: Accum. 12,119.37 24,239.81 8,000.44 209.45DepreciationNet Block 11,366.26 17,127.38 27,117.62 781.84Capital Work in 18,506.63 28,049.14 3,153.51 1,777.68Progress
  • 27. Investments 50,282.52 684.94 4,413.42 61.04Inventories 4,858.99 13,742.37 5,179.08 352.51Sundry Debtors 904.08 4,761.32 1,362.06 51.58Cash and Bank 30.82 6,415.70 1,259.47 76.65BalanceTotal Current 5,793.89 24,919.39 7,800.61 480.74AssetsLoans and 6,935.20 5,556.17 6,407.82 234.09AdvancesFixed Deposits 3,918.93 0 1,698.13 0Total CA, Loans & 16,648.02 30,475.56 15,906.56 714.83AdvancesCurrent Liabilities 16,975.61 14,606.26 19,531.58 1,891.28Provisions 3,917.54 5,822.23 259.82 6.45Total CL & 20,893.15 20,428.49 19,791.40 1,897.73ProvisionsNet Current -4,245.13 10,047.07 -3,884 -1,182.90AssetsTotal Assets 75,910.28 55,908.53 30,799.71 1,437.66 Analysis:- Even though SAIL has much more total share capital amount than that of Tata steel the strength and progress of Tata steel is much healthier than later. Increasing provisions is the only growing concern for Tata steel as it is directly affecting NET CURRENT ASSETS and its profit margins. Inner strength and basics of Tata steel is much more profit generating than that of others.

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