100th Annual Report 2006-2007 - Tata Steel

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Hundredth annual report 2006-07 SCHEDULE N : NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF THE COMPANY AND ITS SUBSIDIARIES FOR THE FINANCIAL YEAR 2006-07 1. Principles of Consolidation : The Consolidated Financial Statements relate to Tata Steel Limited (“the Company”) and its subsidiary companies. The Consolidated Financial Statements have been prepared on the following basis : — The financial statements of the Company and its subsidiary companies have been combined on a line-by-line basis by adding together the book values of like items of assets, liabilities, income and expenses, after fully eliminating intra-group balances and intra-group transactions resulting in unrealised profits or losses as per Accounting Standard 21 – Consolidated Financial Statements issued by The Institute of Chartered Accountants of India. — In case of foreign subsidiaries, revenue items are consolidated at the average rate prevailing during the year. All assets and liabilities are converted at the rates prevailing at the end of the year. Exchange gains/(losses) arising on conversion are recognised under Foreign Currency Translation Reserve. — Investments in Associate Companies have been accounted under the equity method as per Accounting Standard 23 - Accounting for Investments in Associates in Consolidated Financial Statements issued by The Institute of Chartered Accountants of India. — Interests in Joint Ventures have been accounted by using the proportionate consolidation method as per Accounting Standard 27 - Financial Reporting of Interests in Joint Ventures issued by The Institute of Chartered Accountants of India. — The financial statements of the subsidiaries, associates and joint ventures used in the consolidation are drawn up to the same reporting date as that of the Company i.e. 31st March, 2007, except for certain associates (as indicated # below) for which financial statements as on reporting date are not available. These have been consolidated based on last available financial statements. — The excess of cost to the Company, of its investment in the subsidiary company and joint venture over the Company’s portion of equity is recognised in the financial statement as Goodwill. — The excess of the Company’s portion of equity of the subsidiary and joint venture on the acquisition date over its cost of investment is treated as Capital Reserve. — Minority interest in the net assets of consolidated subsidiaries consists of : a) The amount of equity attributable to minorities at the date on which investment in a subsidiary is made; and b) The minorities’ share of movements in equity since the date the parent subsidiary relationship came into existence. — Minority interest’s share of net profit for the year of consolidated subsidiaries is identified and adjusted against the profit after tax of the group. — Intra-group balances and intra-group transactions and resulting unrealised profits have been eliminated. The list of subsidiary companies and joint ventures which are included in the consolidation and the Company’s holdings therein are as under : Name of the Company Ownership in % either directly Country of or through Subsidiaries Incorporation Subsidiaries 2006-07 2005-06 Adityapur Toll Bridge Company Ltd. * 55.05 — India Bangla Steel & Mining Company Ltd. 100.00 100.00 Bangladesh Best Bar (VIC) Pty. Ltd. 71.00 71.00 Australia Best Bar Pty. Ltd. 71.00 71.00 Australia Burwill Trading Pte. Ltd. 100.00 100.00 Singapore Easteel Construction Services Pte. Ltd. 100.00 100.00 Singapore Easteel Services (M) Sdn. Bhd. 100.00 100.00 Malaysia Eastern Steel Fabricators Philippines, Inc. 67.00 67.00 Philippines Eastern Steel Services Pte. Ltd. 100.00 100.00 Singapore Eastern Wire Pte. Ltd. 100.00 100.00 Singapore Gopalpur Special Economic Zone Ltd. 100.00 — India Hooghly Met Coke and Power Company Ltd. 97.99 97.99 India International Shipping Logistics FZE 51.00 51.00 UAE Jamshedpur Utilities & Services Company Ltd. 100.00 100.00 India Kalimati Coal Company Pty. Ltd. 100.00 100.00 Australia Kalimati Investment Company Ltd. 100.00 100.00 India Lanka Special Steels Ltd. 100.00 100.00 Sri Lanka Materials Recycling Pte. Ltd. 100.00 100.00 Singapore N.T.S. Steel Group Public Company Ltd. 67.51 — Thailand NatFerrous Pte. Ltd. 100.00 100.00 Singapore NatSteel (Xiamen) Ltd. (formerly known as Southern NatSteel (Xiamen) Limited) $ 100.00 50.00 China 200
SCHEDULE N : NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF THE COMPANY AND ITS SUBSIDIARIES FOR THE FINANCIAL YEAR 2006-07 :– continued Name of the Company Ownership in % either directly Country of or through Subsidiaries Incorporation Subsidiaries 2006-07 2005-06 NatSteel Asia (S) Pte. Ltd. 100.00 100.00 Singapore NatSteel Asia Pte. Ltd. 100.00 100.00 Singapore NatSteel Australia Pty. Ltd. (formerly known as EW Reinforcement Pty. Ltd.) 100.00 100.00 Australia NatSteel Equity IV Pte. Ltd. 100.00 100.00 Singapore NatSteel Middle East FZE 100.00 — UAE NatSteel Trade International (Shanghai) Company Ltd. 100.00 60.00 China NatSteel Trade International Pte. Ltd. 100.00 60.00 Singapore NatSteel Vina Company Ltd. $ 56.50 33.90 Vietnam PT Materials Recycling Pte. Ltd. 100.00 100.00 Indonesia Rawmet Ferrous Industries Pvt. Ltd. 100.00 — India Siam Construction Steel Company Ltd. 67.74 — Thailand Siam Industrial Wire Company Ltd. 100.00 100.00 Thailand Siam Iron and Steel (2001) Company Ltd. 67.74 — Thailand Sila Eastern Ltd. @ 49.00 49.00 Thailand Tata Incorporated 100.00 100.00 USA Tata Korf Engineering Services Ltd. (a) 99.99 99.99 India Tata Refractories Ltd. 71.28 71.28 India Tata Steel (KZN) (Pty) Ltd. 90.00 — South Africa Tata Steel (Thailand) Public Company Ltd. * (formerly known as Millennium Steel Public Company Ltd.) 67.75 — Thailand Tata Steel Asia Holdings Pte. Ltd. 100.00 — Singapore Tata Steel UK Ltd. 100.00 — United Kingdom The Indian Steel and Wire Products Ltd. 91.36 91.36 India The Tata Pigments Ltd. 100.00 100.00 India TKM Overseas Transport (Europe) GmbH 51.00 51.00 Germany TKM Transport Management Services Pvt. Ltd. 51.00 51.00 India TM International Logistics Ltd. 51.00 51.00 India TRL Asia Pvt. Ltd. 62.73 71.28 Singapore TRL China Ltd. 71.28 71.28 China TS Asia (Hong Kong) Pte. Ltd. 100.00 — Hong Kong TS Resources Australia Pty. Ltd. 100.00 — Australia Tata Steel Netherlands B.V 100.00 — Netherlands Tulip Netherlands (No. 1) B.V 100.00 — Netherlands Tulip Netherlands (No. 2) B.V 100.00 — Netherlands Tulip UK Holdings (No.1) Ltd. 100.00 — United Kingdom Tulip UK Holdings (No. 2) Ltd. 100.00 — United Kingdom Tulip UK Holdings (No. 3) Ltd. 100.00 — United Kingdom Wuxi Jinyang Metal Products Company Ltd. 95.00 95.00 China Wuxi NatSteel Metal Products Company Ltd. 95.00 — China Joint Ventures mjunction Services Ltd. (formerly known as Metaljunction Services Ltd.) 50.00 50.00 India Tata BlueScope Steel Ltd. 50.00 — India Tata Ryerson Ltd. 50.00 50.00 India The Dhamra Port Company Ltd. 50.00 50.00 India (a) 2,40,386 Shares (31.3.2006 : 2,40,386 Shares) and 1,59,600 Shares (31.3.2006 : 1,59,600 Shares) of Rs.10/- each in Tata Korf Engineering Services Limited are held by the Company and by Kalimati Investment Company Limited, respectively. @ Subsidiary on account of management control. $ Earlier a Joint Venture, became a subsidiary during the year. * Earlier an Associate Company, became a subsidiary during the year. 201
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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
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The Company generated EVA of Rs. 2,
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Business and Operational Risk The m
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• Raising cost efficient funds fo
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Highlights 2006-07 2005-06 Rupees R
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Auditors’ Report TO THE MEMBERS O
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(b) In our opinion and having regar
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(xii) In our opinion and according
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Profit and Loss Account for the yea
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Cash Flow Statement for the year en
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Schedule forming part of the profit
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Schedule forming part of the balanc
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Schedules forming part of the balan
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SCHEDULE M : NOTES ON BALANCE SHEET
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Page 151 and 152: 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 199 and 200: Schedules forming part of the Conso
Page 201: Schedules forming part of the Conso
Page 205 and 206: SCHEDULE N : NOTES TO THE CONSOLIDA
Page 219 and 220: The Dimna reservoir near Jamshedpur
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100th Annual Report 2006-2007 - Tata Steel

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