100th Annual Report 2006-2007 - Tata Steel

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Annexure 'B' to Directors’ Report Statement pursuant to Section 217(2A) of the Companies Act, 1956 and the Companies (Particulars of Employees) Rules, 1975 Sr. Name Age Designation/ Gross Net Qualifications Total Date of Last employment held No. (Years) Nature of Duties Remune- Remune- Experi- Commence- Designation – Period for ration ration ence ment of which post held (Years) Employment Rs. Rs. 1. Baijal A.D. 59 Vice President (HR) 54,59,875 38,79,975 B.Sc. Engg. (Met.), P.G.D.B.M. 37 13-12-69 — 2. Chatterjee Koushik 38 Vice President (Finance) 51,11,367 36,29,959 B.Com., (Hons), F.C.A. 11 01-08-03 Tata Sons Ltd. - General Manager - Corporate Finance — 4 years — 7 months 3. Chaturvedi U.K. 57 Vice President (Long Products) 57,10,345 40,46,136 B.Sc. 37 25-10-69 — 4. Gupta Capt. Bhagwat Das 65 Pilot Officer 26,21,647 18,92,423 M.Com., LLB (Part 1) 36 17-06-06 Uttaranchal Govt. — Govt. Pilot — 7 months 5. Jha Varun Kumar 55 Vice President (Chhattisgarh Project) 44,27,452 31,59,028 B. Tech. (Hons) P.G.D.B.M. 34 03-10-72 — 6. Kharkar Hemant C. 50 Vice President (CSI & TQM) 29,98,341 21,85,027 B.E., P.G.D.B.M. 27 22-01-80 — 7. Makashir WG. CD. S. 60 Chief Aviation 33,24,910 23,54,444 M.Sc. (Defence Studies) 39 02-09-97 Indian Air Force, Wg. Commander – 12 years 8. Misra Abanindra M. 55 Vice President (RM) 40,81,588 29,38,638 B.E., M.B.A. 33 29-12-73 — 9. Mukherjee Dr. T. 64 Deputy Managing Director (Steel) 1,68,16,905 1,16,29,612 B.E. (Met.), M. Met. 39 17-05-71 British Steel Corpn., Asst. (Sheffield), Ph. D. (Sheffield) Manager, New Products Dev., — 1 year – 6 months 10. Muthuraman B. 62 Managing Director 1,97,83,038 1,32,06,681 B. Tech. (Met.), P.G.D.B.M. 40 14-11-66 — 11. Narayan Om 56 Vice President (Safety & Services) 30,36,992 22,05,252 B.Sc. (Engg.) (Mech.), P.G.D.B.M. 32 03-10-74 — 12. Nerurkar H.M. 58 Vice President (Kalinganagar 61,48,162 42,66,089 B. Tech. (Met) 35 01-02-82 U.M.I. Ltd., Project) Manager (QC) – 5 years 13. Prasad Avinash 59 Vice President (Industrial Relations) 42,55,755 30,42,081 B.E. (Met) 35 14-06-71 — 14. Sen Anand 47 Vice President (Flat Products) 43,85,381 30,28,114 B. Tech. (Hons.) 25 27-07-81 — Met Engg., P.G.D.B.M. 15. Sengupta D.* 61 Advisor to MD 46,72,161 29,83,946 B.E. (Electrical) 39 30-12-67 — 16. Singh A N. 60 Deputy Managing Director 1,21,05,100 83,28,722 B.A. (Hons) Pol. Science 36 05-10-90 Deputy Inspector General of (Corporate Services) Police, Bihar — 6 years 17. Singh R.P. 62 Vice President 58,23,127 41,25,316 B.Sc. Engg. (Mech.) 41 01-03-96 SAIL & RINL, General Manager (Engg. Services & Products) (Projects) – 30 years 18. Venugopal Dr. T. 54 Chief Technology Officer 25,07,411 18,67,523 B. Tech (Met Engg.), M. Tech 29 04-05-01 Ispat Ind. (Ind. Metallurgy with Metal V.P. (Technical Services) Casting Specialisation), Ph.D – 4 years (Metallurgical Engg.) Notes : (1) Gross remuneration comprises salary, allowances, monetary value of perquisites, commission to the Directors and the company’s contribution to Provident and Superannuation Funds but excludes contribution to Gratuity Fund on the basis of actuarial valuation as separate figures are not available. (2) Net remuneration is after tax and is exclusive of company’s contribution to Provident and Superannuation Funds and monetary value of non-cash perquisites. (3) The nature of employment in all cases is contractual. (4) None of the employees mentioned above is a relative of any Director of the company. * Indicates earnings for part of the year. On behalf of the Board of Directors Mumbai, 17th May, 2007. RATAN N. TATA Chairman 88
Management Discussion and Analysis I ) Business Review a) Global Economy In 2006, the global economy enjoyed one of its strongest periods of growth in last several years, with economic growth in real terms accelerating from 3.3% in 2005 to 3.9% in 2006. This was primarily due to the continuation of strong growth in developing and emerging economies as well as recovery in the Euro area in 2006 after five years of marginal growth. The Euro area registered an economic growth of 2.7% in 2006 as compared to 1.4% in 2005. The German economy which accounts for almost 30% of the region’s output recorded 6% growth in industrial production as business confidence reached its highest level since last 15 years and activity in construction sector showed significant improvement. While the US economy grew by 3.3% in 2006 as compared to 3.2% in 2005, the economy began to slow down in the second half of 2006 due to tightening of monetary policy and slowdown in the housing market. Japan grew by 2.2% in 2006 due to increased public investment, private consumption and buoyant exports. The Chinese economy grew by 10.7% in 2006, and contributed about a tenth of global growth. This is the fourth consecutive year of growth of at least 10%. China led the world, with manufacturing growth of around 20% in 2006. The global manufacturing output grew by 4.5%, the best since 2000 due to increased investment and global trade. The global economy in 2006 remained resilient even in the face of continued high oil prices. In real terms, the oil price levels experienced in the year were the highest since the second oil shock of 1979-81. b) Indian Economy The Indian economy witnessed robust growth in FY 2006-07. India’s GDP grew by 9.4% as compared to 9.0% in the previous year. India continues to be a high growth economy (second to China). The Indian economy grew at a stepped up rate for the consecutive fourth year from 3.8% in FY 2002-03 to 9.4% in FY 2006-07. The main drivers of growth were the manufacturing, services and construction sectors which grew by 12.5%, 11.0% and 10.7% respectively as compared to 9.1%, 9.8% and 14.2% respectively in the previous year. The overall industrial sector recorded a growth of 10.9% as compared to 9.6% in the previous year. The agriculture sector recorded a slow down with a growth rate of 2.7% as compared to 6.0% in the previous year. The private consumption and fixed capital formation represented 56% and 29.5% of the GDP respectively. The savings and investment touched a new high of 32.4% and 33.8% of the GDP respectively. Inflation was a cause of concern and the Wholesale Price Index increased from 4.1% at end March 2006 to a two year high of 6.7% in end January 2007 before moderating to 5.7% by end March 2007. The annual inflation increased to 5.4% as compared to 4.4% in the previous year, causing concerns of overheating the economy, which resulted in policy response from the Reserve Bank of India (RBI) in the form of higher interest rates. To tighten liquidity, RBI increased the Cash Reserve Ratio from 5.00% to 6.50% and the Repo Rate from 6.50% to 7.75% during the year. 89
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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
Page 39 and 40: A Critical Care Unit, in the 850-be
Page 41 and 42: The Tata Steel Family Initiatives F
Page 43 and 44: The Tata Steel works, mines, collie
Page 45 and 46: An aerial view of the planned indus
Page 47 and 48: The Cold Rolling Complex at Jamshed
Page 49 and 50: 1933 Two new roughing and finishing
Page 51 and 52: From the early days, the Tata Steel
Page 53 and 54: Production Highlights • The best
Page 55 and 56: Aspire with T3 With the objective o
Page 57 and 58: Operational Highlights NSA increase
Page 59 and 60: was above the average total score o
Page 61 and 62: Blast furnaces at Corus’ integrat
Page 63 and 64: 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: Particulars of technology imported
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 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
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Schedules forming part of the balan
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SCHEDULE M : NOTES ON BALANCE SHEET
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Balance Sheet Abstract and Company'
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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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