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 22. Value of direct imports (C.I.F. Value) Rs. crores (i) Raw materials ................................................................................................... 1,592.25 1,226.82 (ii) Semi-finished products ..................................................................................... 24.04 122.09 (iii) Components, stores and spare parts .............................................................. 290.81 216.96 (iv) Capital goods .................................................................................................... 295.05 181.43 23. The value of consumption of directly imported and indigenously obtained raw materials, stores and spare parts and the percentage of each to the total consumption : Raw materials Components, stores and spare parts Rs. % Rs. % crores crores (a) Directly imported .......................................................... 1,673.43 48.94 348.13 17.92 1,066.92 40.43 220.20 13.87 (b) Indigenously obtained .................................................. 1,746.03 51.06 1,594.65 82.08 1,572.25 59.57 1,367.22 86.13 3,419.46 100.00 1,942.78 100.00 2,639.17 100.00 1,587.42 100.00 Less : Consumption charged to other revenue accounts . 699.17 720.23 1,243.61 867.19 Notes : (i) (ii) (iii) The consumption figures shown above are after adjusting excesses and shortages ascertained on physical count, unserviceable items, etc. In respect of items which are purchased both from indigenous and imported sources, the identity of individual items consumed cannot be established but segregation of consumption between imported and indigenous sources has been made on a reasonable approximation determined from the Company’s records. Stores consumed includes exchange gain (net) of Rs. 1.66 crores [2005-06 : exchange gain (net) Rs. 0.72 crore]. 24. Expenditure in foreign currency Current Year Previous Year Rs. Rs. crores crores (i) Technical Know-how and Technical Consultants’ Fees (net of taxes) including Rs. 117.94 crores (2005-06 : Rs. 92.48 crores) on capital account 123.55 94.07 (ii) Interest and Commitment charges payable in foreign currencies 82.23 26.21 (iii) Commission 13.09 6.89 (iv) Payable on other accounts [including Rs. 64 crores (2005-06 : Rs. 55.45 crores) on capital account] 186.34 79.51 158
SCHEDULE M : NOTES ON BALANCE SHEET AND PROFIT AND LOSS ACCOUNT :– continued 25. Remittance in foreign currencies for dividends The Company has not remitted any amount in foreign currencies on account of dividends during the year and does not have information as to the extent to which remittances, if any, in foreign currencies on account of dividends have been made by/on behalf of non-resident shareholders. The particulars of dividends payable to non-resident shareholders which were declared during the year, are as under : Current Year Previous Year (i) Number of non-resident shareholders ........................................................................ 3,899 3,619 (ii) Number of Ordinary shares held by them .................................................................. 123,364,686 82,172,952 (iii) Gross amount of dividends .......................................................................................... Rs. 160.37 crores Rs. 106.82 crores 26. Earnings in Foreign Exchange (i) Export of steel and other materials (at F.O.B. value) Rs. 1,957.76 crores (2005-06 : Rs. 2,051.20 crores) [including value of exports through export houses]. (ii) Interest received Rs. 58.20 crores (2005-06 : Rs. 16.08 crores). (iii) Others Rs. 87.93 crores (2005-06 : Rs. 42.91 crores). 27. Derivative Instruments I) The Company has entered into following derivative instruments : a) The Company uses foreign currency forward contracts to hedge its risks associated with foreign currency fluctuations relating to certain firm commitments and forecasted transactions. The use of foreign currency forward contracts is governed by the Company’s strategy approved by the Board of Directors, which provide principles on the use of such forward contracts consistent with the Company’s Risk Management Policy. The Company does not use forward contracts for speculative purposes. Outstanding Forward Exchange Contracts entered into by the Company : As at No. of Contracts US Dollar Equivalent (million) INR Equivalent (Rs. crores) 31.3.2007 4 16.90 73.58 31.3.2006 9 51.78 231.08 (Forward exchange contracts outstanding as on 31st March, 2007 include Forward Sales of Great Britain Pound against US Dollar for forecast exports between April 2007 and September 2007). b) The Company also uses derivative contracts other than forward contracts to hedge the interest rate and currency risk on its capital account. Such transactions are governed by the strategy approved by the Board of Directors which provide principles on the use of these instruments, consistent with the Company’s Risk Management Policy. The Company does not use these contracts for speculative purposes. i) Outstanding Interest Rate Swaps to hedge against fluctuations in interest rate changes: As at No. of Contracts US Dollar Equivalent (million) INR Equivalent (Rs. crores) 31.3.2007 1 22.29 97.05 31.3.2006 1 27.25 121.59 ii) Outstanding Currency and Interest Rate Swap to hedge against fluctuations in changes in exchange rate and interest rate : As at No. of Contracts US Dollar Equivalent (million) INR Equivalent (Rs. crores) 31.3.2007 4 90.09 392.14 31.3.2006 5 117.60 524.81 iii) Outstanding Currency Options to hedge against fluctuations in changes in exchange rate : As at No. of Contracts US Dollar Equivalent (million) INR Equivalent (Rs. crores) 31.3.2007 6 1,683.01 7,325.36 31.3.2006 6 135.16 603.16 (Currency options outstanding as on 31st March, 2007 include Vanilla GBP Call/JPY Put and GBP Call/USD Put options booked to hedge outflow of the Company's Funds on account of acquisition of Corus Group plc. and options used to selectively hedge the Company’s exports from April 2007 to May 2008). 159
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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.
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The Company plans to achieve these
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I. Strategic Rationale for acquisit
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Steelium (India’s first branded c
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The “G” Blast Furnace in Jamshe
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Sales of manganese ore in the domes
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d) Payments and Provisions to Emplo
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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 159: 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
Page 197 and 198: Schedules forming part of the Conso
Page 203 and 204: SCHEDULE N : NOTES TO THE CONSOLIDA
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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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