100th Annual Report 2006-2007 - Tata Steel

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Hundredth annual report 2006-07 Sources and Utilisation of Funds (Rupees crores) Total for 2002-03 to 2006-07 2005-06 2004-05 2003-04 2002-03 2006-07 SOURCES OF FUNDS: 1. FUND GENERATED FROM OPERATIONS (a) PROFIT AFTER TAXES .............. 4222.15 3506.38 3474.16 1746.22 1012.31 13961.22 (b) DEPRECIATION .......................... 819.29 775.10 618.78 625.11 555.48 3393.76 (c) OTHER INCOME AND ADJUSTMENTS .......................... 853.79 136.68 (14.08) 20.78 (86.30) 910.87 (d) TOTAL .......................................... 5895.23 4418.16 4078.86 2392.11 1481.49 18265.85 2. SHARE CAPITAL .................................. 174.06 — — — 1.21 175.27 3. NET INCREASE / (DECREASE) IN BORROWINGS ............................... 7129.18 (223.55) (642.51) (852.33) (479.87) 4930.92 13198.47 4194.61 3436.35 1539.78 1002.83 23372.04 UTILISATION OF FUNDS: 4. CAPITAL EXPENDITURE .................... 2007.68 1527.58 1978.36 960.33 451.23 6925.18 5. INVESTMENTS (NET) ......................... 2036.22 1637.31 238.53 999.57 281.81 5193.44 6. DIVIDENDS # ........................................ 1104.33 820.43 821.37 416.25 333.01 3495.39 7. NET INCREASE / (DECREASE) IN WORKING CAPITAL * .......................... 7819.35 45.29 290.44 (873.30) (128.34) 7153.44 8. MISC. EXPENDITURE** ....................... 230.89 164.00 107.65 36.93 65.12 604.59 13198.47 4194.61 3436.35 1539.78 1002.83 23372.04 # Including tax on dividends Rs. 160.42 crores (2005-06 : Rs.100.92 crores, 2004-05 : Rs. 101.86 crores, 2003-04 : Rs. 47.27 crores, 2002-03 : Rs. 37.82 crores) * Stocks and stores, book debts, advances and cash balances less trade creditors, provisions etc. ** Expenses of Employee Separation Compensation not amortised (Net of Provision) 114
Auditors’ Report TO THE MEMBERS OF TATA STEEL LIMITED 1. We have audited the attached Balance Sheet of TATA STEEL LIMITED, as at 31st March, 2007, the Profit and Loss Account for the year ended on that date and the Cash Flow Statement for the year ended on that date both annexed thereto in which are incorporated the Returns from the Singapore Branch audited by another auditor. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditor’s Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable. 4. Further to our comments in the Annexure referred to in paragraph (3) above, we report that : (a) we have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit; (b) in our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of the books and proper returns adequate for the purposes of our audit have been received from the Singapore Branch not visited by us. The Branch Auditor’s Report has been forwarded to us and appropriately dealt with; (c) the Balance Sheet, the Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account and with the audited returns from the branch; (d) in our opinion, the Balance Sheet, the Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956; (e) in our opinion, and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India : (i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2007; (ii) in the case of the Profit and Loss Account, of the profit of the Company for the year ended on that date; and (iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. 5. On the basis of written representations received from the directors, as on 31st March, 2007 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2007 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956. For DELOITTE HASKINS & SELLS Chartered Accountants, P. R. RAMESH Partner. Membership No. : 70928 Mumbai, 17th May, 2007 115
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A Century of Trust 100th Annual Rep
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Tata Steel is Asia’s first and In
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Redefining steel with world-class p
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in a manner that ring-fences the Co
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Board of Directors Mr. R. N. Tata C
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The state-of-the-art Hot Strip Mill
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Distribution of Revenue 2006 - 2007
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1907-2007 JRD Tata with Pandit Jawa
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1907-2007 Tata Steel’s state-of-t
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This photograph taken by a Tata Ste
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Profit Sharing Bonus was granted fo
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A modern swimming pool at the G Tow
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steeljunction in Kolkata - India’
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Tata Steel has introduced high-end
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Tata Structura is a new-age constru
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Shareholder interaction at an Annua
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Within three weeks of the announcem
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It was 1956. The company was faced
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Community and environment : Improvi
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A Critical Care Unit, in the 850-be
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The Tata Steel Family Initiatives F
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The Tata Steel works, mines, collie
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An aerial view of the planned indus
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The Cold Rolling Complex at Jamshed
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1933 Two new roughing and finishing
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From the early days, the Tata Steel
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Production Highlights • The best
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Aspire with T3 With the objective o
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Operational Highlights NSA increase
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was above the average total score o
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Blast furnaces at Corus’ integrat
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Corus produces strong, light steel
Page 65 and 66: Corus is British Triathlon’s main
Page 67 and 68: Review of Corporate Sustainability
Page 69 and 70: TSRDS focused on popularising repro
Page 71 and 72: Centenary Year The founder, Jamsetj
Page 73 and 74: esulting in a reduction in consumpt
Page 75 and 76: convertible preference shares and a
Page 77 and 78: expansion of crude steel making cap
Page 79 and 80: The bulk cargo berths are being des
Page 81 and 82: Corporate Governance Pursuant to Cl
Page 83 and 84: Annexure 'A' to Directors’ Report
Page 85 and 86: Form - B Form for disclosure of par
Page 87 and 88: 6 am 2 pm 12 noon 10 am 8 am 8 pm 6
Page 89 and 90: Particulars of technology imported
Page 91 and 92: Management Discussion and Analysis
Page 93 and 94: of 8%. In 2006, China produced 422.
Page 95 and 96: The Company plans to achieve these
Page 97 and 98: I. Strategic Rationale for acquisit
Page 99 and 100: Steelium (India’s first branded c
Page 101 and 102: The “G” Blast Furnace in Jamshe
Page 103 and 104: Sales of manganese ore in the domes
Page 105 and 106: d) Payments and Provisions to Emplo
Page 107 and 108: m) Stores and Spare Parts and Stock
Page 109 and 110: The Company generated EVA of Rs. 2,
Page 111 and 112: Business and Operational Risk The m
Page 113 and 114: • Raising cost efficient funds fo
Page 115: Highlights 2006-07 2005-06 Rupees R
Page 119 and 120: (b) In our opinion and having regar
Page 121 and 122: (xii) In our opinion and according
Page 123 and 124: Profit and Loss Account for the yea
Page 125 and 126: Cash Flow Statement for the year en
Page 127 and 128: Schedule forming part of the profit
Page 129 and 130: Schedule forming part of the balanc
Page 141 and 142: Schedules forming part of the balan
Page 143 and 144: SCHEDULE M : NOTES ON BALANCE SHEET
Page 163 and 164: Balance Sheet Abstract and Company'
Page 165 and 166: CAPITAL ACCOUNTS Financial Statisti
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Financial Ratios 2006-07 2005-06 20
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Name Category No. of Whether No. of
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the Tata Code of Conduct, which req
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Shareholding of the Directors in th
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Committees In addition to the above
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employees to report concerns about
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Market Information Market Price Dat
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Distribution of Shareholding Number
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Address for Correspondence : Tata S
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Certificate To the Members of TATA
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Statement pursuant to Section 212(8
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4. Subject to the matters referred
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Consolidated Profit and Loss Accoun
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Consolidated Cash Flow Statement fo
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Schedule forming part of the Consol
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Schedules forming part of the Conso
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SCHEDULE N : NOTES TO THE CONSOLIDA
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The Dimna reservoir near Jamshedpur
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100th Annual Report 2006-2007 - Tata Steel

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