100th Annual Report 2006-2007 - Tata Steel

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Hundredth annual report 2006-07 SCHEDULE M : NOTES ON BALANCE SHEET AND PROFIT AND LOSS ACCOUNT :– continued 10. Profit and Loss Account a) i) Provision for employee separation compensation has been calculated on the basis of net present value of the future monthly payments of pension and lump sum benefits under the scheme including Rs. 46.86 crores (31.3.2006 : Rs. 144.15 crores) in respect of schemes introduced during the year. ii) The amounts payable within one year under the ESS aggregate to Rs. 225.97 crores (31.3.2006 : Rs. 242.60 crores). iii) The amount shown under Miscellaneous Expenditure on ESS account, represents the balance amount to be amortised over five years or the financial year ending 31st March, 2010, whichever is earlier. b) The manufacturing and other expenses and depreciation shown in the profit and loss account include Rs. 25.74 crores (2005-06 : Rs. 20.00 crores) and Rs. 1.11 crores (2005-06 : Rs. 0.84 crore) respectively in respect of Research and Development activities undertaken during the year. 11. Other Significant Disclosures . a) Sundry creditors [Item No. (a)(i) and (iii) to Schedule K - Page 140] include Rs. 4.99 crores (31.3.2006 : Rs. 2.50 crores), due to small scale and ancillary undertakings. b) The list of small scale undertakings to whom amount is outstanding for more than 30 days is as follows : A.S. GABRI AND SONS ACHARYA SAFETY SPARES CORPORATION AIRAUTO INDUSTRIES ALLIED RUBBER INDUSTRIES AMBICA ELECTRICALS AMIN PRINTING PRESS ANAND ENGG. WORKS ANANT & COMPANY ANIL ENGINEERING CO. APEX ENTERPRISES ASIAN ENGINEERING CO. ASSOCIATED CHEMICAL INDUSTRIES B.C. ENGINEERING WORKS BALAKRISHNA & CO. BANSAL ELECTRONICS BENGAL TECHNOCRATS PVT. LTD. BHARAT ELECTRICAL REPAIRING WORKS BHARAT ENGG. CO. BHARAT ENGINEERS BHARAT STEEL & METAL INDUSTRIES BHAVYA INDUSTRIAL CHEMICALS BHOGAL ENGG. CO. BIHAR ELECTRIC & REFRIGERATION CO. BIZEL ELECTROTEC (INDIA) PVT. LTD. BMC METALCAST LIMITED BRIJ AUTOMOBILE & GENERAL CALCUTTA ANODIZING WORKS CALCUTTA PETRO CHEMICALS CBC POWER SYSTEM CONCORD ARAI PVT. LTD. CONCORD STEEL WORKS DARSHANLAL & CO. DARSSHAN PLASTIC DAS & DAS DAS ENTERPRISE DEEPSUN INDUSTRIAL CORPORATION DHANJAL ENGINEERING WORKS DIAMOND AUTO & ELECTRIC WORKS DINESH & CO. EASTERN DIAMOND PRODUCTS PVT. LTD. EASTERN MACHINERY WORKS ELASTOMER LINING WORKS ELECTRO CHEMICALS EMPIRE INDUSTRIES EMPIRICAL TECHNO CRAFT FOURESS ENGG. (INDIA) LTD. G.S. CONSTRUCTION CO. G.S. ENGINEERING WORKS GENERAL ENGINEERING CO. GOLCHHA CHEMICAL INDUSTRIES GOPAL INDUSTRIES GOURI SHANKAR & CO. GURUNANAK ENGINEERING WORKS H. GURU INSTRUMENTS P. LTD. HANS ENGINEERING CO. HIND ELECTRICAL AND GENERAL INDUSTRIES HINDUSTAN ENGINEERING WORKS HOME INDUSTRIES HYDROKRIMP A.C. (P) LTD. INDIA CONSTRUCTION CO. INDRA ENGINEERS J.N. MARSHALL ENGG . PVT. LTD. J.S.T. PLASTS J. WALTER THOMSON JAI SUPRABHA PROTECTIVE PRODUCTS JAIPUR STEEL STRIPS JAMSHEDPUR SPRING & ENGG. CO. (P) LTD. JYOTSHNA PRINTING PRESS KALIMATI INDUSTRIES KASIHMIRA CERAMIC PRODUCTS PVT. LTD. KWALITY ENGINEERING L. MADANLAL (ALUMINIUM) LTD. LAWRENCE & MAYO (INDIA) P. LTD. LAXMI ENGINEERING & CO. LECHLER (INDIA) PVT. LIMITED M.K. ENGINEERS & TRADERS M.R. ENGINEERING WORKS MADRAS CUPPRUM METAL MAHARASHTRA MACHINE MALLABHUM POLYPACKS (P) LTD. MANOJ ENTERPRISES MATHUR ENGG. WORKS MECHANO RUBBER & ALLIED INDUSTRIES MICRON ENGG. INDUSTRIES MIM PACKS MIM PLASTICS MODERN PRINTERS. NAMITA ELECTRIC WORKS NASCENT DATA AID NAT STEEL EQUIPMENT PVT. LTD. NATIONAL INDUSTRIAL APPARELS NEW ALLENBY ENGG. WORKS NEW EMPIRE INDUSTRIES NEW FURNITURE WORKS NIMPS AGRO FARMS NORTHERN ENGINEERING COMPANY OM ENGINEERING WORKS (I) PVT. LTD. OSTA ENTERPRISES P.R.T.N. ENGINEERING & CO. PAL ENGINEERING WORKS PAPPU ARTS PEST CONTROL (INDIA) LTD. PINAK INDUSTRIES POLY PACK INDIA MANUFACTURING PURAN SINGH & SONS QUADRANT EPP SURLON INDIA LTD. QUALITY ENGINEERING WORKS R.K. METALICKS PVT. LTD. M/s. R.N. PANDEY R.S. ENGINEERING WORKS RAGHUNATH ENGINEERING INDUSTRIES RAJ INDUSTRIAL & ENGG. CO. RAJ TECHNICAL WORKS REGULAR ENGINEERING COMPANY REINOL OBSTFELD INDIA S.K. BHATTACHARJEE & CO. S.R. ENGINEERING WORKS S.R. UDYOG SANDEEP INDUSTRIES SARAFF RUBBER INDUSTRIES SARAIWALA SINGH ENTERPRISES SATISHREE PRESS SCIENTIFIC & SURGOCA SERVO INDIA SHANTI ENTERPRISE SHERPA FRUIT PRODUCTS SHILP UDYOG SHREE PUROHIT ENGINEERING WORKS SINGH ELECTRIC CO. SINGHBHUM REFRACTORY SOLAR DIAMOND SOUTH BIHAR PLASTICS (P) LTD. SREE DURGA ELECTRICAL ENGG. WORKS SUDHIR MFG. CO. SUNRAJ INDUSTRIES SUTLEJ ENGINEERING WORKS SVEDALA INDUSTRIES INDIA SWARN ENGINEERING WORKS SYSTEMS AND CONTROLS TATANAGAR COLD STORAGE CO. PVT. LTD. TECHNICO TECHNO ENTERPRISE TECMEC AND COMPANY THE WAXPOL INDUSTRIES LTD. THEJO ENGINEERING SERVICES (P) LTD. THYRISTORAGE TOSHNIWAL INDUSTRIES PVT. LTD. TRANSDUCERS AND ALLIED PRODUCTS UNITED INDUSTRIES USHA ENTERPRISE VIBRO SCREEN INDUSTRIES VINYAS ENGINEERS VISHWAKARMA ENGG. & MFG. CO. The above information has been compiled in respect of parties to the extent to which they could be identified as small scale and ancillary undertakings on the basis of information available with the Company. c) The Company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/payable to these parties during the year is nil. d) No amount is paid/payable by the Company under Section 441A of the Companies Act, 1956 (cess on turnover) since the rules specifying the manner in which the cess shall be paid has not been notified yet by the Central Government. 144
SCHEDULE M : NOTES ON BALANCE SHEET AND PROFIT AND LOSS ACCOUNT :– continued e) Disclosure as per clause 32 of the Listing Agreement. Loans and Advances in the nature of Loans given to Subsidiaries, Associates and Others : Name of the Company Relationship Amount Maximum balance Investment in outstanding outstanding Shares of the as at 31.3.2007 during the year Company Rs. crores Rs. crores No. of Shares Tata Korf Engineering Services Ltd. Subsidiary 0.70 0.70 — 0.65 1.09 — The Indian Steel and Wire Products Ltd. Subsidiary 31.66 38.68 — 31.68 34.94 — Kalimati Investment Co. Ltd. Subsidiary 20.01 148.43 671,455 — 182.00 671,455 NatSteel Asia Pte. Ltd. Subsidiary 296.12 303.65 — 283.52 681.02 — Tata Steel (KZN) (Pty.) Ltd. Subsidiary 15.97 15.97 — — — — 12. Employee Benefits a) The Institute of Chartered Accountants of India has deferred the date of applicability of Accounting Standard (AS) 15, Employee Benefits (revised 2005). As early application of the Standard was encouraged, the Company adopted Accounting Standard (AS) 15 (revised 2005) on Employee Benefits effective 1st April, 2006. Consequent to the adoption, an amount of Rs. 306.64 crores (net of deferred tax, Rs. 155.55 crores) has been adjusted against General Reserves as at 1st April, 2006, in accordance with the transitional provision in the Standard. Benefit Rs. crores Reserves Deferred Tax Debit / (Credit) Debit / (Credit) Short Term Benefits: Leave (other than furlough leave) 100.35 (50.89) Post Employment Benefits – Funded Defined Benefit Plans: Retiring Gratuity (7.75) 3.93 Post Employment Benefits – Unfunded Defined Benefit Plans: Post Retirement Medical Benefits 309.29 (156.93) Pensions to Directors 8.27 (4.20) Farewell Gifts on retirement 2.39 (1.22) Packing and Transportation Costs on Retirement 3.24 (1.64) Long Term Benefits: Furlough (Long service) Leave (2.47) 1.26 Long Service Awards 3.68 (1.87) Loyalty Bonus 2.63 (1.31) Termination Benefits: Employees Separation Compensation (104.92) 53.23 Employees Family Benefit Scheme (8.07) 4.09 Total 306.64 (155.55) b) The Company has recognised, in the profit and loss account for the year ended 31st March, 2007, an amount of Rs. 118.24 crores expenses under defined contribution plans. Benefit (Contribution to) Rs. crores Provident Fund 75.65 Superannuation Fund 17.68 Employees Pension Scheme / Coal Mines Pension Scheme 17.28 TISCO Employees Pension Scheme 7.63 Total 118.24 The Company's Provident Fund is exempted under Section 17 of Employees' Provident Fund Act, 1952. Conditions for grant of exemption stipulates that the employer shall make good deficiency, if any, in the interest rate declared by Trust over statutory limit. Having regard to the assets of the Fund and the return on the investments, the Company does not expect any deficiency in the forseeable future. 145
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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
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Corus is British Triathlon’s main
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Review of Corporate Sustainability
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TSRDS focused on popularising repro
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Centenary Year The founder, Jamsetj
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esulting in a reduction in consumpt
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convertible preference shares and a
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expansion of crude steel making cap
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The bulk cargo berths are being des
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Corporate Governance Pursuant to Cl
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Annexure 'A' to Directors’ Report
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Form - B Form for disclosure of par
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6 am 2 pm 12 noon 10 am 8 am 8 pm 6
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Particulars of technology imported
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Management Discussion and Analysis
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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 and 116: Highlights 2006-07 2005-06 Rupees R
Page 117 and 118: Auditors’ Report TO THE MEMBERS O
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 145: SCHEDULE M : NOTES ON BALANCE SHEET
Page 163 and 164: Balance Sheet Abstract and Company'
Page 165 and 166: CAPITAL ACCOUNTS Financial Statisti
Page 167 and 168: Financial Ratios 2006-07 2005-06 20
Page 169 and 170: Name Category No. of Whether No. of
Page 171 and 172: the Tata Code of Conduct, which req
Page 173 and 174: Shareholding of the Directors in th
Page 175 and 176: Committees In addition to the above
Page 177 and 178: employees to report concerns about
Page 179 and 180: Market Information Market Price Dat
Page 181 and 182: Distribution of Shareholding Number
Page 183 and 184: Address for Correspondence : Tata S
Page 185 and 186: Certificate To the Members of TATA
Page 187 and 188: Statement pursuant to Section 212(8
Page 189 and 190: 4. Subject to the matters referred
Page 191 and 192: Consolidated Profit and Loss Accoun
Page 193 and 194: Consolidated Cash Flow Statement fo
Page 195 and 196: 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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