Page 67 - Tata_Chemicals_yearly-reports-2019-20

Integrated report Statutory reportS FInancIal StatementS
Board's Report

as initial steps in this direction, the Company intends to finance costs at tata Chemicals International pte. ltd, Singapore
set up pilot plants for li-ion Batteries, Cathode actives and and other group companies.
li-recycling, primarily for the eV transformation in India.
through established collaborations with Central electro another step-down overseas subsidiary of the Company,
Chemical research Institute (‘CeCrI’), Indian Space research tata Chemicals South africa (proprietary) limited paid a dividend
organisation (‘ISro’) and Centre for Materials for electronics equivalent to uS$ 1.28 million (FY 2018-19: uS$ 1.42 million) during
technology (‘CMet’), the Company has made its own the year.
indigenous active materials, cylindrical cells and recycled
material from spent lithium-ion batteries. It has invested in Credit Ratings
a site measuring 127 acres at dholera, gujarat, to house its upon redemption of non-Convertible debentures of ` 250 crore,
future manufacturing facilities. the Company has also started the related credit rating is not required by the Company. there
its engineering centre at pune, focussed on e-mobility and being no other change in the credit ratings, the Company as on
stationary applications for the Indian market. It is exploring tie March 31, 2020 had the following credit ratings:
ups with global majors for state-of-the-art cell manufacturing
technologies and also with leading technology startups to – long term Corporate Family rating of Ba1/Stable from
co-develop next chemistries suited for India. Moody’s Investors Service

Finance – long term Issuer default rating (Idr) of BB+ with Stable
during the year, the Company continued to pay close attention to outlook from Fitch ratings
the security and liquidity of its cash surplus investments. earnings – long term bank facilities (fund-based limits) of ` 1,897 crore
from the cash surplus investments during the year amounted to and short term bank facilities (non-fund based limits) of
` 162.20 crore (FY 2018-19: ` 254.41 crore) amid a softening ` 2,448 crore are rated at Care aa+ (outlook: Stable) and
interest rate scenario and the partial utilisation of the available Care a1+, respectively, by Care ratings
cash pool. the working capital management was given focus
throughout the year. – Commercial paper of ` 600 crore is rated at CrISIl a1+ by
CrISIl ratings
In July 2019, 10% unsecured non-Convertible debentures of ` 250
crore were redeemed and repaid in full along with accrued interest as on March 31, 2020, the credit ratings of tata Chemicals north
on the due date. during october 2019, the Company repaid, upon america, Inc. were as under:
maturity, the final instalment of uS$ 63.46 million for the uS$ 190
million external commercial borrowings raised during FY 2013-14. – a Corporate Family rating and rating on proposed uS$ 380
million senior secured term loan & uS$ 25 million senior
the gross outstanding balance of subsidy receivables from secured revolving credit facility: Ba3/Stable from Moody’s
the government of India pertaining to the erstwhile fertilisers Investors Service
business of the Company, as on March 31, 2020 was ` 120.09 crore – Issuer Credit ratings of B+/Stable and issue-level rating of ‘BB’
(March 31, 2019: ` 282.45 crore).
on proposed uS$ 380 million term loan B & uS$ 25 million
revolving credit facility from S&p global
during the year under review, Valley Holdings, Inc., the uS based
subsidiary of the Company, raised an external bridge loan of Management Discussion and Analysis
uS$ 175 million to partly fund the acquisition of the remaining
25% partnership interest in tata Chemicals (Soda ash) partners pursuant to regulation 34 of the SeBI (listing obligations and
Holdings. disclosure requirements) regulations, 2015 (‘listing regulations’),
the Management discussion and analysis is presented in a separate
Dividends from subsidiaries/joint ventures section forming part of this annual report. as required under the
provisions of the listing regulations, the audit Committee of the
during FY 2019-20, rallis India limited, a subsidiary of the Company Company has reviewed the Management discussion and analysis
and IMaCId, a joint venture, paid dividends of ` 24.34 crore
(FY 2018-19: ` 24.34 crore) and ` 72.24 crore (FY 2018-19: ` 58.43 report of the Company for the year ended March 31, 2020.
crore) respectively to the Company. tata Chemicals north america
Inc., a step-down overseas subsidiary of the Company, paid a Business Responsibility Report
dividend of uS$ 30.14 million (FY 2018-19: uS$ 20 million), which pursuant to regulation 34(2)(f) of the listing regulations,
was used towards the operational requirements and external the Business responsibility report initiatives taken from an

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