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BSE:500470 | NSE:TATASTEELEQ | 58888:tisco | IND:Steel | ISIN code:INE081A01012 | SECT:Iron and Steel
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The Directors take pleasure in presenting the 108th Annual Report on the business and operations of your Company along with the standalone and consolidated summary financial statements for the year ended 31 March, 2015.
Rs crores Tata Steel Standalone 2014-15 2013-14
Net revenue from operations 41,785.00 41,711.03
Total expenditure before finance cost, depreciation (net of expenditure 31,776.20 28,894.13 transferred to capital)
Operating Profit 10,008.80 12,816.90
Add: Other income 582.78 787.64
Profit before finance cost, depreciation, exceptional items and taxes 10,591.58 13,604.54
Less: Finance costs 1,975.95 1,820.58
Profit before depreciation, exceptional items and taxes 8,615.63 11,783.96
Less: Depreciation 1,997.59 1,928.70
Profit before exceptional items and taxes 6,618.04 9,855.26
Add/(Less): Profit on sale of non-current investments 806.10 -
Add/(Less): Profit on sale of non-current assets 1,146.86 -
Add/(Less): Provision for diminution in the value of investment/doubtful (62.11) (141.76) advances/impairment of non-current assets
Profit before taxes 8,508.89 9,713.50
Less: Provision for current taxation 1,908.60 3,098.02
Less: Provision for MAT credit (117.21) -
Less: Provision for deferred taxation 278.38 203.29
Profit/(Loss) after taxes 6,439.12 6,412.19
Add: Share of profit of associates - -
Add/(Less): Minority interest - -
Profit/(Loss) after tax, minority interest and share of profit of associates - -
Distribution on hybrid perpetual securities 266.11 266.04
Tax effect on distribution of hybrid perpetual securities (90.45) (90.43)
6,263.46 6,236.58
Add: Balance brought forward from the previous year 29,430.58 24,616.17
Add: Profit and Loss account balance relating to acquisitions - 256.45
Add: Adjustments on account of transitional adjustments (127.80) -
Balance 35,566.24 31,109.20
Which the Directors have apportioned as under to:-
(i) Dividend on Preference Shares - -
(ii) Proposed dividend on Ordinary Shares 776.97 971.21
(iii) Tax on dividends 153.02 66.19
(iv) General Reserve 643.91 641.22
(v) Statutory Reserve - -
(vi) Special Reserve - -
(vii) Capital Redemption Reserve - -
Total 1573.90 1678.62
Balance to be carried forward 33,992.34 29,430.58
Tata Steel Group 2014-15 2013-14
Net revenue from operations 1,39,503.73 1,48,613.55
Total expenditure before finance cost, 1,26,967.98 1,32,202.54 depreciation (net of expenditure transferred to capital)
Operating Profit 12,535.75 16,411.01
Add: Other income 796.18 516.81
Profit before finance cost, depreciation, 13,331.93 16,927.82 exceptional items and taxes
Less: Finance costs 4.847.75 4,336.83
Profit before depreciation, exceptional 8,484.18 12,590.99 items and taxes
Less: Depreciation 5,943.60 5,841.22
Profit before exceptional items and taxes 2,540.58 6,749.77
Add/(Less): Profit on sale of non-current 1,315.34 18.20 investments
Add/(Less): Profit on sale of non-current 1,146.86 - assets
Add/(Less): Provision for diminution in the (6,390.87) (45.84) value of investment/doubtful advances/ impairment of non-current assets
Profit before taxes (1,388.09) 6,722.13
Less: Provision for current taxation 2,214.71 3,482.64
Less: Provision for MAT credit (117.32) (0.21)
Less: Provision for deferred taxation 470.02 (424.27)
Profit/(Loss) after taxes (3,955.50) 3,663.97
Add: Share of profit of associates 16.69 0.84
Add/(Less): Minority interest 13.29 (69.92)
Profit/(Loss) after tax, minority interest (3,925.52) 3,594.89 and share of profit of associates
Distribution on hybrid perpetual securities 266.11 266.04
Tax effect on distribution of hybrid perpetual (90.45) (90.43) securities (4,101.18) 3,419.28
Add: Balance brought forward from the 8,848.24 7,039.38 previous year
Add: Profit and Loss account balance relating to - 222.48 acquisitions
Add: Adjustments on account of transitional (136.24) - adjustments
Balance 4,610.83 10,681.14
Which the Directors have apportioned as under to:-
(i) Dividend on Preference Shares - 0.10
(ii) Proposed dividend on Ordinary Shares 776.97 971.21
(iii)Tax on dividends 164.20 80.22
(iv) General Reserve 729.77 730.16
(v) Statutory Reserve 66.63 -
(vi) Special Reserve 1.20 1.60
(vii)Capital Redemption Reserve 46.31 49.62
Total 1785.08 1832.02
Balance to be carried forward 2.825.75 8,848.23
The Company recognised a non-cash write-down of goodwill and assets in the consolidated financial results in Q4 FY ''15 of Rs. 4,951 crores, mainly related to the Long Products UK business in Tata Steel Europe, which is now fully impaired.
The impairment also included a write-down of investments in overseas raw materials projects in Mozambique and Ivory Coast and the Taconite iron ore project in Canada primarily because the economic viability of these projects remains uncertain at the current level of commodity prices. Additionally, the Company undertook a non-cash impairment charge of Rs. 1,577 crores in the first quarter of the Financial Year 2014-15 related to its investment in the Mozambique Coal Project. The total impairment charge for Financial Year2014-15 is Rs. 6,391 crores in the consolidated financial results after offsetting it with the reversal of impairments taken on account of Gopalpur land in the earlier years. The Company''s liquidity position and financial covenants are unaffected by the above non-cash write-down.
Transfer to Reserves
We propose to transfer Rs. 643.91 crores to the general reserve. An amount of Rs. 33,992.34 crores is proposed to be retained in the profit and loss account.
The Board recommended a dividend of Rs. 8 per Ordinary Share on 97,12,15,439 Ordinary Shares of Rs. 10 each for the year ended 31 March, 2015. (Financial Year 2013-14: Rs. 10 per Ordinary Share on 97,12,15,405 Ordinary Shares of Rs. 10 each).
The dividend on Ordinary Shares is subject to the approval of the shareholders at the Annual General Meeting (AGM) scheduled on 12 August, 2015. The total dividend pay-out works out to 14% (Financial Year 2013-14: 16%) of the net profit for the standalone results.
The Register of Members and Share Transfer Books will remain closed from 25 July, 2015 to 12 August, 2015 (both days inclusive) for the purpose of payment of the dividend for the Financial Year ended 31 March, 2015 and the AGM.
Capex and Liquidity
During the year, the Company spent Rs. 13,492 crores on capex, deploying a large proportion towards the phase 1 of 3 million tonnes Greenfield Kalinganagar Project, Odisha. Despite this significant spend, the Company was able to keep the gross debt level stable during the year. The Company''s liquidity remains strong at Rs. 22,000 crores including undrawn lines. The Company also continues to pursue its strategy of exiting non-core assets.
Global Economic Outlook
Financial Year 2014-15 witnessed volatile markets as economies around the world, found themselves at various points in the economic cycle, with monetary easing being the predominant theme across many geograp -hies. However, growth remained subdued globally, as adverse factors more than offset oil price decline, the quantitative easing in Europe and the growth in South-East Asia.
According to the International Monetary Fund, the global economy is expected to grow at ~3.4% in Financial Year 2015-16. This is due to the fact that slowdown in production in China and Russia is expected to be more than offset by recovery of the developed economies and growth in South-East Asia. However, currency movements and interest rates continue to be risks for growth in many regions.
Developed economies are expected to grow moderately. After posting stronger and broader growth at the end of 2014, the USA is carrying the momentum into 2015 with increased consumer spending and trade activity, falling unemployment rate and improved investor sentiment. Similarly, the Eurozone is improving amidst monetary uncertainty driven by a depreciating Euro and geo-political tensions with Greece, Russia and Ukraine in an environment of relatively loose monetary policy. While, the lower energy prices have helped improving consumer sentiment, the Euro continued to depreciate against the US$ sharply especially after the Swiss national bank removed Swiss Franc''s peg to the Euro. The European Commercial Bank (ECB) has exceeded market expectations with announced expanded quantitative easing programme which has boosted equity and bond markets.
Economic growth in South Asia is expected to be driven by strong consumption and increasing investment in the region. India is expected to be a major contributor to this growth as it is set to double its economic size by 2019 and see significant improvement in intensity of steel use per capita. China witnessed its slowest growth during 2014 in the last 25 years. The lower growth trend in China has adversely impacted commodity markets, including putting pressure on iron ore and steel prices.
Steel prices are now increasingly aligning to global export prices as markets strike a balance between imports and domestic demand. China''s waning demand and resultant rise in exports poses a risk to leveraging improving domestic demand in South Asia and Europe. Further, movement of currencies against US$ would also have a significant impact on the movement of global steel and raw material prices.
Outlook for India
Financial Year 2014-15 saw India emerge as a bright spark even as advanced and emerging economies grappled with uncertainty and slower growth. Economic growth in India peaked in the second quarter of the fiscal at 8.2% (under new series) but remained moderate in the third and fourth quarter at around 7.5%. Cyclical macro parameters like inflation, current account deficit have improved during the year due to domestic as well as external factors. Indian rupee was one of the best performers in the world, registering a 4% decline in value as against the US$ compared to the rest of the world grappling with devaluation of their currencies. However, domestic steel producers witnessed subdued sales as increased imports from China and Russia resulted in sharp cut to steel prices in India over the past six months.
The Indian economy is in the midst of significant structural change and is expected to embark on a sustained economic growth cycle. According to World Bank, India is set to be the world''s fastest growing major economy in the Financial Year 2015-16 at 7.5% and gradually move up to 8% in the next two financial years. However, this economic growth will depend on steady implementation of reforms aimed to improve productivity and competitiveness. Government initiatives like ''Make in India'' will stimulate manufacturing growth while its focus on infrastructure should revive the investment cycle. This should help India grow while being fiscally prudent. States are also expected to play a key part in GDP growth due to their increased finances via greater share of government taxes, coal auctions etc.
Indian steel demand is expected to reflect improving macro-economic environment. Steel end use sectors are expected to perform better compared to previous financial year. Infrastructure projects like dedicated freight corridor etc., are gaining momentum and the steady decline in stalled projects coupled with hike in import duty in both flat and long products should stimulate steel demand. Recent weakness in Indian rupee has also helped competitiveness of domestic steel players. However, steel prices are expected to remain under pressure from Chinese exports and increased domestic competitiveness.
Outlook for Europe
European economy is displaying increasing signs of recovery although it is regional and is still constrained by weak investment activity and high unemployment. Geo-political instability, capital flow volatility and deflation risk continue to exist but the impact of these risks has come down. On account of this, European steel demand is expected to be modest in 2015 following the decline experienced in the second half of the Financial Year 2014-15. Forecast suggest demand to grow in the region of 2% in 2015 considering the positive effects of the weaker Euro. At 150 million tonnes, however, European demand in 2015 would still be around 25% down on the pre-crisis peak and 10% below the pre-crisis norm of around 165 million tonnes.
Market spreads for steel in Europe improved marginally in 2014 on the back of the sharp drop in raw materials prices. However, overcapacity in China and slowdown in domestic demand, led to a 50% increase in Chinese exports to the rest of the world and put pressure on global steel prices. In 2015, steel margins are expected to remain under pressure and steelmakers to focus on operational efficiencies and value addition to customers.
Tata Steel Group
The Tata Steel Group recorded total deliveries of 26.3 million tonnes in Financial Year 2014-15 as compared to 26.6 million tonnes during the previous financial year. While deliveries at Indian operations were higher by 3% as compared to the previous year, Tata Steel Europe, NatSteel Holdings (NSH) and Tata Steel Thailand (TSTH) reported lower deliveries. Tata Steel India reported higher deliveries due to better demand in the retail segment and higher levels of production. However, deliveries at Tata Steel Europe were lower, in line with lower production due to operational challenges at its Long Product Division. The closure of key billet suppliers in China coupled with low priced Chinese imports in Singapore, have resulted in lower deliveries at NSH. TSTH reported lower deliveries primarily on account of low demand resulting in continued pressure on spreads.
During the year, the consolidated profit before interest, depreciation, exceptional items and taxes of the Tata Steel Group was Rs. 13,332 crores, lower by 21% over the previous year. Consequently, the consolidated profit before exceptional items and taxes was Rs. 2,541 crores in Financial Year 2014-15 compared to Rs. 6,750 crores in the previous year. During the year, the Company reported an exceptional loss of Rs. 3,929 crores in its consolidated accounts which primarily represents the non-cash write down of goodwill and other assets of Rs. 1,273 crores and Rs. 5,118 crores respectively. This write down in certain non-performing business units within the Tata Steel Group, primarily relating to European operations and investments in coal assets has been partly offset by profit on sale of land at Borivali, India, and profit on sale of Company''s stake in The Dhamra Port Company Limited.
The Company''s Indian operations are fully dependent on captive iron ore from Noamundi, Joda and Khondbond and partly on captive coal from West Bokaro and Jharia region. For the first time in the history of the Company, the operation of the captive iron ore mines were restricted. Iron ore mines at all locations remained closed for a period of 30 days. The total impact of this was a reduction in supply of 5.2 million tonnes of iron ore. Further, significant drop in demand for steel in China and devaluation of Russian rouble aggravated the conditions putting substantial pressure on margins due to influx of imports into the country.
The Company was quick in responding to the challenges through a series of risk mitigation measures and also through improvements in operations and implementing the following strategic initiatives to mitigate the impact of mining crisis in India:
- Setting up of cross functional task force for procurement of iron ore from domestic and international sources;
- Initiating appropriate steps on the logistics front to ensure delivery of raw materials from different locations. All the major east coast ports were utilised to receive the imported iron ore;
- Appropriately modifying the sinter and pellet plants to accommodate ore from different sources. Utilising the opportunity to fine tune processes for Blast Furnaces and achieving benchmark fuel rate despite raw material constraints; and
- Working on product mix enrichment and value added products to ensure better realisation and delivery compliance in chosen segments.
The Jamshedpur plant operated at an optimum capacity with the full ramping up of 2.9 mtpa expansion project. This, along with better demand in retail segment, led to a 3% increase in deliveries over the previous year. This was another year of record production and deliveries, as the Company achieved 10.16 million tonnes of hot metal production and 9.07 million tonnes of saleable steel production. Likewise, the Company also reported best ever deliveries of 8.75 million tonnes. The Company was able to report these achievements despite challenging market conditions.
For the Financial Year 2014-15, the profit before interest, depreciation, exceptional items and taxes for the standalone entity was Rs. 10,592 crores which is lower by 22% compared to the previous financial year.
In addition to the exemplary best ever production performance, there were several other best performances recorded by the Company during the Financial Year 2014-15, some of which are as follows:
- Annual sales in the Automotive segment at a record 1.37 million tonnes, as against 1.17 million tonnes in the previous year.
- Annual Tata Tiscon sales at a record 1.23 million tonnes, as against 1.09 million tonnes in the previous year.
- Annual Tata Shaktee sales at a record 0.23 million tonnes, as against 0.21 million tonnes in the previous year.
- Annual Durashine sales at a record 100k tonnes (20% more than the previous best).
- Annual sales in the LPG segment at a record 85k tonnes and a market share of 36% (23% in the previous year).
Total Quality Management
The Company has a strong culture of Total Quality Management (TQM) that is embedded in the organisation''s DNA. The continuous improvement programmes commence at the shop floor and spans across multiple organisational levels, with senior management personnel addressing more complex problems. TQM aligns the long and complex value chain spanning activities from mining to operations to marketing of steel products and services.
The Company motivates innovative thinking through ''aspirational target setting'' In this approach, stretch targets are positioned as desired intentions as a driver for teams to collaborate and come up with innovative ideas to reach as close as possible to the aspirational target. Formal initiatives such as ''Kar Vijay Har Shikhar'' and ''Innovent'' facilitate the generation of innovative ideas through this approach and also support implementation. In addition, the leadership encourages learning from other industries, which has helped the Company to innovate distribution channels in a unique way in the steel industry.
The focus on innovation has helped the Company improve its products, services and solutions to satisfy customer needs. For example, the ''Innovent'' programme has enabled the Company to enter the steel doors segment. Steel doors have been introduced under the brand name ''Pravesh'' and have received a positive response from customers, thereby creating a new market for the Company.
Marketing and Sales
The Company is operating in the domestic steel industry with a growth-oriented strategy and will continue to focus on the same in the coming years. Approximately 98% of the steel value chain products are sold in the domestic market. While the Company has customers and customer groups all across India, the concentration of the overall sales is mostly in the eastern and northern parts of the country. In the raw material value chain, Ferro Alloys and Minerals Division (FAMD) exports ~49% of its chrome and 27% of manganese products to countries including Japan, Korea and China.
Products & Brands
The Company''s branded products in India have a country wide reach to serve more than 3 million consumers annually through a pan India distribution network, focussed on delivering a distinctive consumer experience. Currently we have a network of 65 distributors and over 9,000 dealers retailing our brands. During the year, we launched Steelium Neo - CR steel and Pravesh - wood finished steel doors.
Tata Tiscon and Tata Shaktee are now the most awarded and biggest steel brands in India. In the current year, more than 85% of Tiscon products have been sold in Tier 3 cities and over 90% have been sold by clubbing them together with Tiscon Superlinks and Wiron. During the year, the Company increased Roof Junction solution (2,600 installations) to more centres for fixing Tata Shaktee/Durashine sheets.
During the year, European production and deliveries were stable, despite being constrained by some demand and operational issues. In the Financial Year 2014-15, liquid steel production in Europe, at 15.16 million tonnes, was slightly (2.5%) lower than Financial Year 2013-14. Deliveries in Financial Year 2014-15 nearly matched the improved volumes of the previous year (1.4% lower).
Whilst this is a relatively stable performance, the Company sees scope for improved sales in future as it continues to work on the precision of its production and delivery performance.
Lower raw material prices led to decline in market prices which resulted in an 8% reduction in European turnover from the previous year - turnover in Financial Year 2014-15 was £8.11 billion.
Despite lower turnover, the business made a significant improvement in its financial performance, with EBIT turning positive at £102 million. The market spread did improve from the previous year and the Company''s enhanced product mix also gave its spread a boost.
EBITDA in Financial Year 2014-15 was £435 million, up by 39% over the previous year. The European operations EBITDA improvement is built on a foundation of lower costs, better supply chain management, supported by increasing sales of higher-value steels which improves its average market spread.
Despite deteriorating market conditions in the second half of Financial Year 2014-15, the year as a whole demonstrated further significant progress on its journey towards sustainable operating and financial performance.
Best Steel For Tomorrow
The programme ''Best Steel For Tomorrow'' in IJmuiden Works in Netherlands was launched by Tata Steel Europe and has been delivering significant improvements. The steel production on the IJmuiden site was 7 million tonnes steel in Financial Year 2014-15. As a result of this program, IJmuiden''s manufacturing stability improved significantly and several plants set new production records. The Direct Sheet Plant realised an annual record of 1.307k tonnes, Hot Strip Mill 2 an annual record of 5.220k tonnes, Pickle Line 22 an annual record of 1.207k tonnes. Cold Mill 22 achieved a new record of 818k tonnes. Production volumes in tinplate mills were higher than last year. Significant improvement in the product mix and precision were achieved too, which increased the earnings. As a consequence of these significant improvements, the IJmuiden Works is considered to be a benchmark site in Europe for sustainable profit generation.
Research & Technology programme at IJmuiden covers process development and product market sector developments, both of which made significant contribution towards robust and stable manufacturing processes and better use of raw materials. Product market sector developments helped development of new steel products with particular emphasis on the automotive, lifting & excavation, construction, energy & power and rail sectors.
South-East Asia
The profitability of the operations in South-East Asia was adversely affected by influx of low priced material from China, poor market conditions and shrinking margins.
During the year, NatSteel Holdings Pte. Ltd. (NSH) recorded a sales volume of 2.46 million tonnes as against the sales volume of 2.68 million tonnes in the previous year. The operations in China experienced lower than planned sales due to the closure of key billet suppliers and poor market conditions.
During the year, NSH posted a turnover of Rs. 9,028 crores, about 26% lower than the previous year. It posted negative EBITDA of Rs. 571 crores as against a profit of Rs. 246 crores in the previous year. Profitability was adversely affected by the significant contraction in scrap-rebar spread by over S$60/tonne from last year.
Similarly, during the year, TSTH recorded total sales of 1128k tonnes, which was lower by 13% as against the previous year. The EBITDA in the Financial Year 2014-15 was at Rs. 71 crores as against Rs. 193 crores in the previous year.
During the year, the Company faced significant challenges in its mining operations.
Historically, the Company has been operating its mining activities in Odisha and Jharkhand with all statutory clearances. In Odisha, on the basis of the direction issued by Honourable Odisha High Court, mining operations recommenced in Joda East, Katamati, Bamebari and Joda West Mines from mid December, 2014.
Mining operations in Sukinda Chromite Mine commenced based on the favourable express order issued by the Government of Odisha beginning December, 2014. Likewise, operations resumed in the Noamundi mines based on the express orders issued by the Government of Jharkhand in January 2015. During the year, the Company also commenced mining of chrome ore and production of ferro alloys.
The Mines and Minerals Development and Regulation (MMDR) Amendment Act 2015 was passed by the Indian Parliament and notified in the Gazette on 27 March, 2015. The amended Act addresses regulatory requirements on new allocations, transition provisions, etc.
In accordance with the amended provisions of law, supplementary Lease Deeds have been executed for the Joda East (Iron ore), Khondbond (Iron and Manganese), Joda West (Manganese), Manmora (Manganese), Bamebari (Manganese), Tiringhpahar (Manganese) and Gomardih (Dolomite) mines. All the leases have been extended up to 31 March, 2030 except Gomardih, a non-captive mine, which has been extended till 2020. The lease execution process is underway for Katamati (Iron) mines. A decision on Sukinda (Chrome) and Malda (Manganese) is awaited. The Company is engaged in discussions with the Government of Jharkhand on the extension of the mining lease for the Noamundi Iron Ore Mine.
Greenfield Project in Odisha
The first phase of the Greenfield expansion project at Odisha is at an advanced stage of execution. The construction of the Kalinganagar Project has progressed well and the heating of the coke ovens commenced in the second week of May, 2015 after all the clearances were received. The project will follow a commissioning sequence over the next six months as each facility gets commissioned. Commercial production is expected to commence in the second half of the financial year. The Kalinganagar Steel Plant is a state-of-the-art 3 million tonne plant that will increase the Company''s production capacity, widen its product portfolio and diversify the customer base. It is also aligned to ''Make in India'', an initiative of the Government of India. Thus far, the Company has spent close to Rs. 21,000 crores. The Company is also making significant investment towards social infrastructure and building greater community in the region.
Divestment of Long Products Unit in the UK
During the year, following a detailed review of its product portfolio, Tata Steel Europe signed a Memorandum of Understanding (MoU) with Klesch Group to undertake detailed due diligence and negotiations for the potential sale of the Long Products Europe business and associated distribution activities. About 6,500 people are employed at Long Products Europe and its distribution facilities. The carrying value of the investment has been fully impaired during the year as part of annual impairment analysis.
Developments in the British Steel Pension Scheme
The British Steel Pension Scheme is burdened with long-term challenges such as a high number of pensioners as compared to active employees and low bond yields especially in comparison to the relatively high inflation rates. The Company has been pursuing de-risking options to ensure a sustainable arrangement.
Tata Steel UK Limited, the Company''s subsidiary has been in discussions with the UK trade unions with the aim of creating more sustainable pension arrangements for UK employees by reducing benefits and liabilities. The negotiations with the UK unions concluded without support from the trade unions on proposed modifications to the Scheme. UK Unions carried out a ballot for industrial action.
The UK business has been a challenge for Tata Steel Europe and Tata Steel Group, and has caused significant financial stress in the past. The Group has made significant investments and supported the business over the years. We hope the employees and stakeholders appreciate the support of the Tata Steel Group in sustaining the UK business.
The Company remains open to unconditional talks with the unions to find resolutions to the challenges facing the pension scheme.
Continuous Annealing and Processing Line Joint Venture
During the year, Jamshedpur Continuous Annealing and Processing Company Private Limited (JCAPCPL), a 51:49 joint venture of Tata Steel Limited and Nippon Steel & Sumitomo Metal Corporation, set up India''s first continuous annealing and processing line that will produce 6,00,000 tonnes per annum of high-quality cold rolled sheets exclusively for the automotive industry, including outer panels and high tensile sheets.
Divestment of The Dhamra Port Company Limited (DPCL)
During the year, the Company divested its 50% stake in DPCL for an Enterprise Value of around Rs. 5,500 crores. DPCL was a 50:50 joint venture between L&T Infrastructure Development Projects Limited (L&T IDPL) and the Company. The transaction was successfully completed on 23 June, 2014.
Bond offering
On 25 July, 2014, the Company successfully issued dual tranche Reg S Unsecured Bonds of US$ 1.5 billion in the international markets. The issue comprised of US$ 500 million 4.85% Unsecured Bonds due on 31 January, 2020 and US$ 1 billion 5.95% Unsecured Bonds due on 31 July, 2024 by ABJA Investment Co. Pte. Ltd., a wholly owned subsidiary of the Company incorporated in Singapore. The issue is guaranteed by the Company and the bonds are listed on the Frankfurt Stock Exchange. This was Company''s debut US$ bond issuance and forms part of the Company''s long-term financing strategy to raise capital internationally. The success of bond issue enabled the Company to diversify the investor base, increase maturity profile and optimise the financing and capital structure.
Tata Steel UK Holdings Limited, 100% indirect subsidiary of the Company executed agreements for the refinancing of its debt through term loans and revolving credit facilities of €3.05 billion. The debt was originally incurred in relation to the acquisition of the Corus Group plc in 2007. The new financing structure consists of a 5-year loan of €370 million, a 6 year revolving credit facility for working capital purposes of £700 million and a 7-year loan of €1.8 billion, with more favourable terms and pricing relative to the earlier debt.
Further, Tata Steel Global Holdings Pte Ltd., another 100% indirect subsidiary of the Company, incorporated in Singapore had also executed agreements for loan facilities of US$ 1.5 billion comprising of a 5-year loan of US$ 700 million and a 7-year loan of US$ 800 million. The proceeds of this loan will be used to repay term debts, term out working capital and fund investment needs of the Tata Steel Group outside India.
Health and Safety
Health and safety is the top most priority across the Tata Steel Group and we aspire to set the benchmark on this front within our industry. We have already made some significant achievements in Europe and are working on similar initiatives in India and South-East Asia by launching the ''Committed to Zero'' programme.
All efforts are being made to enhance safety standards and processes in order to minimise safety risks in all our operations. The Company continues to broaden the impact of its programmes, including those from DuPont (the global benchmark), to establish a strong safety culture based on inculcating safe behaviour among its employees, contractors and their employees. The Lost Time Injury Frequency Rate for Financial Year 2014-15 improved to 0.3, an improvement of 40% over the previous year. Extensive work is in progress to ensure risk control in many hazardous processes including underground mining. The Company has made specific improvements in construction activities, road traffic management and contractor management.
In order to build a sustainable work place environment, a common health and safety management system across Tata Steel Group is being implemented. This includes a cross auditing activity to enhance sharing experiences and best practices across regions. During the year, Tata Steel was again recognised by its peers in the World Steel Association, with a Health and Safety recognition award for Tata Steel Europe.
The key themes for the next three years include a safety strategy for the organisation that has been co-created with the senior leadership team and includes six strategic priorities. These are:
- Safety Leadership Development
- Organisational Safety Competency and Capability Improvement
- Contractor Safety Risk Management
- Road and Rail Safety Risk Management
- Process Safety Management, Integrated Emergency Response, Infrastructure Integrity Management
- Occupational Health/Industrial Hygiene
Tata Steel Group is committed to minimising the environmental impact of its operations through adoption of sustainable practices and continuous improvement in environmental performance. Care for environment under Corporate Citizenship is embedded in the Company''s vision. The Company acknowledges the fact that carrying capacity of nature is finite and that industry has to play an important role in protecting the environment and has to avoid disturbing the ecosystem as a result of its operations.
We continue to focus on operational excellence aimed at resource and energy efficiency, along with recovery, reuse and recycling of waste to minimise the ecological footprint of the organisation. For example, 100% of our manufacturing operations are certified by the independently verified international environmental management standard, ISO 14001.
The Company is also engaging with International Union for Conservation of Nature (IUCN) the largest global NGO network for environment, for base lining biodiversity in our mining locations and developing processes for addressing biodiversity including a Biodiversity Management Policy. Besides, the Company has also started engaging with Natural Capital Coalition for valuation of natural capital usage by companies.
The sustainability initiatives at Tata Steel are driven by the Tata Group core values and ethics. Our sustainability practices rest on the triple bottom-line (economic, social and environment). In 2014 we published our sustainability report using the Global Reporting Initiative (GRI) G3.1 guidelines.
The Company continues to advocate and influence positive and affirmative sustainability actions. Our senior leaders work with industry bodies such as the Confederation of Indian Industry on implementing sustainability practices. Our leaders also participated in the World Economic Forum in Davos in January 2015 and engaged in discussions with global leaders on the year''s theme, "The new global context".
During the year, the Company took several initiatives in various aspects of sustainability. At the strategic level, the Company embarked on a Scenario Planning exercise to envision the future, looking at economic, regulatory and stakeholder scenarios in order to develop our next vision and action plans. The annual business planning process has been strengthened with the inclusion of Social, Environmental and Regulatory aspects in the Objectives and Strategies of the Company. In order to drive the various aspects of sustainability in a more focussed way, the Company put together consolidated governance mechanisms with clear demarcation of roles between the Board, its Committees and the Management.
During the year, the capital projects for environment have progressed significantly. As a result, air pollution levels of the Jamshedpur plant have been significantly reduced as also the specific water consumption and effluent discharge. The Company has initiated steps to replace all office and street lights in the plant and in the mines with LED lights to improve energy efficiency. An environment research team has been formed in R&D for working on projects to reduce the environmental impact of our operations while improving resource efficiency.
We are happy to report that the Company has been duly recognised for its efforts. During the year, the Company won the ''CII ITC Sustainability Awards - Business of the Year'' trophy and the ''IIM Sustainability Award''. The Company was also included in the DJSI Sustainability Index for Emerging Markets.
In keeping with the tradition of pioneering Human Resource practices across geographies, the Human Resources Management (HRM) function has driven myriad changes in the way Human Resources are managed and developed, striking a balance between business needs and individual aspirations. HRM has now become a business partner and is taking key decisions not just with respect to Human Resource but businesses as a whole. It focusses on improving the way of life, work culture, employee engagement, productivity, effectiveness and efficiency.
During the year, several employee centric policies were launched to cater to the needs of the work force and also to keep the Company up to date with external realities. Policies like adoption leave, extension of maternity leave (12 weeks to 18 weeks), programmes like Stepathlon and Umang (Employee assistance programme) for physical and emotional well-being, and professional counselling services were launched in the interest of the employees'' changing needs.
The Company initiated multiple actions to keep the workforce engaged. Actions are being taken to increase gender diversity, providing greater amenities for contractor workforce, improving employee skills and enhancing employee productivity. In addition, policies are being implemented to support affirmative action through training and enabling employment. The Company has also adopted the SA8000 framework to ensure Human Rights for the workforce.
In the area of industrial relations, wage revision was successfully concluded with a win-win proposition for all stakeholders. To sensitise the workforce with Tata Values and Joint Consultations, ''Nav-Chetna'' and the Tata Story programme were launched and are being conducted across locations.
In the area of Talent Management, focussed campus branding and relationship building initiatives were successfully launched. Among these are Steel-a-thon in B-Schools and Mind over Matter in technical schools.
An outbound leadership programme, Tata Outbound Leadership Convention at Uttarkashi, was launched in partnership with TSAF and National Outdoor Leadership School (NOLS) of USA for the leadership team. A programme on ''Transformational Leadership'' was launched in February 2015 for the leadership team.
The ''Understudy'' policy for timely succession planning and ''Retainership'' policy for Superannuated Expert as well as External Experts were rolled out for building technical expertise and to strengthen the leadership development process.
An academy approach was initiated for capability development, to systematically drive the design and delivery of functional and managerial programmes for respective functions such as Finance, Supply Chain, Procurement, HR etc.
Virtual classroom training using centralised training infrastructure and resources was launched for mines in remote locations such as mines in West Bokaro, Bamnipal, KPO and Jharia.
Particulars of Employees
Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are annexed to this report [Annexure 1].
In terms of the provisions of Section 197(12) of the Companies Act, 2013 read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing the names and other particulars of employees drawing remuneration in excess of the limits set out in the said Rules forms part of the Report.
However, having regard to the provisions of the first proviso to Section 136(1) of the Companies Act, 2013, the Annual Report excluding the aforesaid information is being sent to the Members of the Company. The said information is available for inspection at Registered Office of the Company during working hours. Any member interested in obtaining such information may write to the Company Secretary, at the registered office and the same will be furnished on request. Further the details are also available on the Company''s website: www.tatasteel.com.
The Company''s vision is to be a global benchmark in value creation and corporate citizenship and the Company''s long-term Corporate Social Responsibility (CSR) objective, is to improve the quality of life of the communities through long-term value creation for all stakeholders. This objective is in alignment with the Tata Group Core Purpose. Towards achieving this, the Company has been a pioneer in various CSR initiatives.
We continue to remain focussed on improving the quality of life and engaging communities through health, education, sports and infrastructure development. During the last three years, the Company has spent over Rs. 550 crores on CSR activities (Rs. 171 crores in Financial Year 2014-15).
The Economic Times awarded Tata Steel with the ''Corporate Citizen of the Year'' Award in 2014. The award acknowledges the work done by the Company''s CSR arms to promote development in areas including healthcare, education, sports and culture. The jury took special note of the Maternal and Newborn Survival Initiative (MANSI) and recognised it as one of the best healthcare practices globally.
Details about the CSR policy and initiatives taken by the Company on CSR during the year are available on our website www.tatasteel.com. The Annual Report on our CSR activities is annexed to this report [Annexure 2].
At Tata Steel, we ensure that we evolve and follow the corporate governance guidelines and best practices sincerely to not just boost long-term shareholder value, but to also respect minority rights. We consider it our inherent responsibility to disclose timely and accurate information regarding our financials and performance, as well as the leadership and governance of the Company.
In accordance with the Tata Steel Group Vision, Tata Steel Group aspires to be the global steel industry benchmark for value creation and corporate citizenship. The Tata Steel Group expects to realise its Vision by taking such actions as may be necessary in order to achieve its goals of value creation, safety, environment and people.
Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, the Management Discussion and Analysis, the Corporate Governance Report and the Auditors'' Certificate regarding compliance of conditions of Corporate Governance are made part of the Annual Report.
Board Meetings
A calendar of Meetings is prepared and circulated in advance to the Directors. The Board met nine times during the year, the details of which are given in the Corporate Governance Report that forms part of this Annual Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013 and the Listing Agreement.
Selection of New Directors and Board Membership Criteria
The Nomination and Remuneration Committee works with the Board to determine the appropriate characteristics, skills and experience for the Board as a whole and its individual members with the objective of having a Board with diverse backgrounds and experience in business, government, education and public service. Characteristics expected of all Directors include independence, integrity, high personal and professional ethics, sound business judgment, ability to participate constructively in deliberations and willingness to exercise authority in a collective manner. The policy on appointment and removal of Directors and determining Directors'' independence is annexed to this report [Annexure 3].
Familiarisation Programme for Independent Directors
All new Independent Directors (IDs) inducted into the Board are given an orientation. Presentations are made by Executive Directors (EDs) and Senior Management giving an overview of our operations, to familiarise the new IDs with the Company''s business operations. The new IDs are given an orientation on our products, group structure and subsidiaries, Board constitution and procedures, matters reserved for the Board, and our major risks and risk management strategy.
The Policy on the Company''s Familiarisation Programme for IDs can be accessed at http://www.tatasteel.com/investors/pdf/ familiarisation-programme-for-id-tata-steel.pdf
The Board evaluated the effectiveness of its functioning and that of the Committees and of individual directors by seeking their inputs on various aspects of Board/Committee Governance.
The aspects covered in the evaluation included the contribution to and monitoring of corporate governance practices, participation in the long-term strategic planning and the fulfilment of Directors'' obligations and fiduciary responsibilities, including but not limited to, active participation at the Board and Committee meetings.
The Chairman of the Board had one-on-one meetings with the Independent Directors and the Chairman of the Nomination and Remuneration Committee had one-on-one meetings with the Executive and Non-Executive Directors. These meetings were intended to obtain Directors'' inputs on effectiveness of Board/Committee processes.
The Board considered and discussed the inputs received from the Directors.
Further, the Independent Directors at their meeting, reviewed the performance of Board, Chairman of the Board and of Non- Executive Directors.
Compensation Policy for Board and Senior Management
Based on the recommendations of the Nomination and Remuneration Committee, the Board has approved the Remuneration Policy for Directors, KMP and all other employees of the Company. As part of the policy, the Company strives to ensure that:
a) the level and composition of remuneration is reasonable and sufficient to attract, retain and motivate Directors of the quality required to run the Company successfully;
b) relationship between remuneration and performance is clear and meets appropriate performance benchmarks; and
c) remuneration to Directors, KMP and senior management involves a balance between fixed and incentive pay reflecting short and long-term performance objectives appropriate to the working of the Company and its goals.
The Remuneration Policy for Directors, KMP and other employees is annexed to this report [Annexure 4].
Independent Directors Declaration
The Company has received the necessary declaration from each ID in accordance with Section 149(7) of the Companies Act, 2013, that he/she meets the criteria of independence as laid out in sub-section (6) of Section 149 of the Companies Act, 2013 and Clause 49 of the Listing Agreement.
Directors and Key Managerial Personnel Induction
On the recommendations of the Nomination and Remuneration Committee, the Board appointed Mr. Andrew Robb, as an ID of the Company with effect from 12 November, 2014. Mr. Robb was a Member of the Board for seven years and retired by rotation at the AGM held on 14 August, 2014 and did not seek re-appointment. However, in the interest of maintain -ing continuity and providing guidance during challenging times in Tata Steel Europe, the Nomination and Remuneration Committee and the Board of Directors of the Company requested Mr. Robb to accept the Board position once again. Mr. Robb accepted the request. We seek your support in confirming the appointment of Mr. Robb in the ensuing AGM.
In accordance with the Tata Group retirement policy for Board of Directors (attainment of 70 years of age for NEDs) Mr. B Muthuraman, Vice Chairman of the Company retired effective 26 September, 2014.
The Board of Directors place on record their deep appreciation for the enormous contributions made by Mr. Muthuraman as the Managing Director of the Company from 2001 to 2009 and thereafter, as Vice Chairman of the Company. The Company and the Board benefitted immensely from Mr. Muthuraman''s vast experience, knowledge and insights of the industry and operations of the Company.
As per the provisions of the Companies Act, 2013, Dr. Karl- Ulrich Koehler and Mr. D. K. Mehrotra will retire at the ensuing AGM and being eligible, seek re-appointment. The Board recommends their re-appointment.
The Companies Act, 2013, provides for the appointment of IDs. Sub-section (1 0) of Section 1 49 of the Companies Act, 2013 provides that IDs shall hold office for a term of up to five consecutive years on the board of a company and shall be eligible for re-appointment on passing of a special resolution by the shareholders of the Company. Accordingly, all the IDs except for Mr. Andrew Robb, who was appointed as additional Director on 12 November, 2014, were appointed by the shareholders at the general meeting held on 14 August, 2014. Further, sub-section (13) of Section 149, provides that the provisions of retirement by rotation as defined in sub-sections (6) and (7) of Section 152 of the Companies Act, 2013 shall not apply to such IDs.
Hence, none of the IDs retire at the ensuing AGM.
Company Secretary and Compliance Officer
During the year, Mr. A. Anjeneyan, Company Secretary, KMP and Compliance Officer of the Company resigned from the services of the Company. The resignation was effective 10 October, 2014.
Consequent to Mr. A. Anjeneyan''s resignation, the Board appointed Mr. Parvatheesam K as the Company Secretary, KMP and Compliance Officer of the Company. The appointment was effective 12 January, 2015.
Directors'' Responsibility Statement
Based on the framework of internal financial controls established and maintained by the Company, work performed by the internal, statutory, cost and secretarial auditors and external agencies, the reviews performed by Management and the relevant Board Committees, the Board, with the concurrence of the Audit Committee, is of the opinion that the Company''s internal financial controls were adequate and effective as on 31 March, 2015.
Accordingly, pursuant to Section 134(5) of the Companies Act, 2013 the Board of Directors to the best of their knowledge and ability confirm:
a) that in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;
b) that we have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for that period;
c) that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d) that the annual accounts have been prepared on a going concern basis;
e) that proper systems to ensure compliance with the provisions of all applicable laws were in place and that such systems were adequate and operating effectively; and
f) that proper internal financial controls were laid down and that such internal financial controls are adequate and were operating effectively.
Audit Committee
Our Audit Committee was constituted in the year 1986. The Committee has adopted a Charter for its functioning. The primary objective of the Committee is to monitor and provide effective supervision of the Management''s financial reporting process, to ensure accurate and timely disclosures, with the highest levels of transparency, integrity and quality of financial reporting.
The Committee met five times during the year, the details of which are given in the Corporate Governance Report that forms part of this Annual Report. As of the date of this report, the Committee is comprised of Mr. Subodh Bhargava (Chairman), Mr. Ishaat Hussain, Mr. Andrew Robb and Mr. O. P. Bhatt.
Internal Control System
The Company has an internal control system, commensurate with the size, scale and complexity of its operations. The scope and authority of the Internal Audit function is defined in the Internal Audit Charter. To maintain its objectivity and
independence, the Internal Audit function reports to the Chairman of the Audit Committee of the Board.
The Internal Audit Department monitors and evaluates the efficacy and adequacy of internal control systems in the Company, its compliance with operating systems, accounting procedures and policies at all locations of the Company and its subsidiaries. Based on the report of internal audit function, process owners undertake corrective action in their respective areas and thereby strengthen the controls. Significant audit observations and corrective actions thereon are presented to the Audit Committee of the Board.
Related Party Transactions
There have been no materially significant related party transactions between the Company and the Directors, the management, the subsidiaries or the relatives except for those disclosed in the financial statements.
Accordingly, particulars of contracts or arrangements with related parties referred to in Section 188(1) along with the justification for entering into such contract or arrangement in Form AOC-2 does not form part of the report.
Vigil Mechanism
The Board, at its meeting held on 17 December, 2014, approved the revised Vigil Mechanism that provides a formal mechanism for all Directors, employees and vendors of the Company to approach the Ethics Counsellor/Chairman of the Audit Committee of the Board and make protective disclosures about the unethical behaviour, actual or suspected fraud or violation of the Tata Code of Conduct (TCoC).
The Vigil Mechanism comprises three policies viz., the Whistle Blower Policy for Directors & Employees, Whistle Blower Policy for Vendors and Whistle Blower Reward & Recognition Policy for Employees.
The Whistle Blower Policy for Directors and Employees is an extension of the TCoC, that requires every Director or employee to promptly report to the Management any actual or possible violation of the Code or any event wherein he or she becomes aware of that which could affect the business or reputation of the Company.
The Whistle Blower Policy for Vendors provides protection to vendors from any victimisation or unfair trade practice by the Company.
The Whistle Blower Reward & Recognition Policy for Employees has been implemented in order to encourage employees to genuinely blow the whistle on any misconduct or unethical activity taking place in the Company. The disclosures reported are addressed in the manner and within the time frames prescribed in the Whistle Blower Policy. Under the Policy, every Director, employee or vendor of the Company has an assured access to the Ethics Counsellor/Chairman of the Audit Committee.
Disclosure as per the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
The Company has zero tolerance towards sexual harassment at the workplace and has adopted a policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder.
During the Financial Year 2014-15, the Company has received 24 complaints of sexual harassment, out of which 15 complaints have been disposed off by taking appropriate actions. The remaining 9 complaints are under investigation.
Risk Management
The Company is exposed to inherent uncertainties owing to the sectors in which it operates. A key factor in determining a company''s capacity to create sustainable value is the risks that the company is willing to take (at strategic and operational levels) and its ability to manage them effectively. Many risks exist in a company''s operating environment and they emerge on a regular basis. The Company''s Risk Management processes focusses on ensuring that these risks are identified on a timely basis and addressed.
The Board of Directors has constituted a Risk Management Committee. The Committee has adopted a Charter that outlines the role, responsibilities and power of the Committee and the procedure for organising the meeting of the Committee.
The purpose of the Committee is to assist the Board of Directors in fulfilling its oversight responsibilities with regard to enterprise risk management. The Committee reviews the risk management practices and actions deployed by the Management with respect to identification, impact assessment, monitoring, mitigation and reporting of key risks while trying to achieve its business objectives.
Further, the Committee endeavours to assist the Board in framing, implementing and monitoring the risk management plan for the Company and reviewing and guiding the risk policy. The Committee also guides Management in developing the risk management policy and in implementing an appropriate risk management system/framework for the Company.
To have better focus on governance, the Company constituted a Management Committee viz., the Group Risk Review Committee to identify, assess, review and mitigate risks. The Committee comprises the Managing Director, Group Executive Director (Finance & Corporate), Managing Director & Chief Executive Officer of Tata Steel Europe and other senior management personnel as its members. This Committee has the primary responsibility of implementing the Risk Management Policy of the Company and achieving the stated objective of developing a risk intelligent culture that supports decision making and helps improve Company performance.
Subsidiaries, Joint Ventures and Associates
We have 287 subsidiaries, 23 joint ventures and 24 associate companies as on 31 March, 2015. During the year, the Board of Directors (the Board) reviewed the affairs of material subsidiaries. We have, in accordance with Section 129(3) of the Companies Act, 2013 prepared consolidated financial statements of the Company and all its subsidiaries, which form part of the Annual Report. Further, the report on the performance and financial position of each of the subsidiary, associate and joint venture and salient features of the financial statements in the prescribed Form AOC-1 is annexed to this report [Annexure 5].
In accordance with Section 136 of the Companies Act, 2013, the audited financial statements, including the consolidated financial statements and related information of the Company and audited financial statements of each of the subsidiary will be available on our website www.tatasteel.com. These documents will also be available for inspection during business hours at the registered office of the Company.
The names of companies that have become or ceased to be subsidiaries, joint ventures and associates are disclosed in the annexure to this report [Annexure 6].
Statutory Auditors
Deloitte Haskins & Sells LLP (DHS LLP), Chartered Accountants, who are the statutory auditors of the Company, hold office until the conclusion of the ensuing AGM and are eligible for re-appointment. Members of the Company at the AGM held on 14 August, 2014 had approved the appointment of DHS LLP as the Statutory Auditors for a period of three financial years i.e., up to 31 March, 2017. As required by the provisions of the Companies Act, 2013, their appointment should be ratified by members each year at the AGM. Accordingly, requisite resolution forms part of the notice convening the AGM.
Cost Auditors
As per Section 148 of the Companies Act, 2013, the Company is required to have the audit of its cost records conducted by a Cost Accountant in practice. In this connection, the Board of Directors of the Company has on the recommendation of the Audit Committee, approved the appointment of Shome & Banerjee as the cost auditors of the Company for the year ending 31 March, 2016, at a remuneration of Rs. 12 lakhs plus out of pocket expenses.
Shome & Banerjee have vast experience in the field of cost audit and have conducted the audit of the cost records of the Company for the past several years under the provisions of the erstwhile Companies Act, 1956.
The due date for filing the Cost Audit Report of the Company for the Financial Year ended 31 March, 2014 was 30 September, 2014 and the Cost Audit Report was filed in XBRL mode by the Cost Auditor on 27 August, 2014.
Secretarial Auditors
Section 204 of the Companies Act, 2013 inter-alia requires every listed company to annex with its Board''s report, a Secretarial Audit Report given by a Company Secretary in practice, in the prescribed form.
The Board of Directors appointed Parikh & Associates, Practicing Company Secretaries as Secretarial Auditor to conduct Secretarial Audit of the Company for Financial Year 2014-15 and their report is annexed to this Board report [Annexure 7]. In connection, with the auditors observation in the report, it is clarified that the non-filing of Form MGT-14 in respect of one board resolution and delay in transfer of unclaimed rights issue application money to Investor Education Protection Fund are technical lapses that occurred inadvertently.
The Board has also appointed Parikh & Associates, as Secretarial Auditor to conduct Secretarial Audit of the Company for Financial Year 2015-16.
Extract of the Annual Return
The details forming part of the extract of the Annual Return in Form MGT 9 as per provisions of Companies Act, 2013 and rules thereto is annexed to this report [Annexure 8].
Significant and Material Orders Passed by the Regulators or Courts
There have been no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Company''s operations. However, members'' attention is drawn to the statement on contingent liabilities, commitments in the notes forming part of the Financial Statements.
Particulars of Loans, Guarantees or Investments
Particulars of loans, guarantees given and investments made during the year in accordance with Section 186 of the Companies Act, 2013 is annexed to this report [Annexure 9].
Energy Conservation, Technology Absorption and Foreign Exchange Earnings and Outgo
Details of the energy conservation, technology absorption and foreign exchange earnings and outgo are annexed to this report [Annexure 10].
Business Responsibility Report
A Business Responsibility Report is included in this Annual Report.
During the year, the Company has not accepted any deposits under the Companies Act, 2013.
We thank our customers, vendors, dealers, investors, business associates and bankers for their continued support during the year. We place on record our appreciation of the contribution made by employees at all levels. Our resilience to meet challenges was made possible by their hard work, solidarity, co-operation and support.
We thank the Government of India, the State Governments where we have operations and other government agencies for their support and look forward to their continued support in the future.
On behalf of the Board of Directors
CYRUS P. MISTRY Chairman Mumbai 20 May, 2015
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"Yalta - a good base for further exploration" Top 5 Page for this destination Yalta by yumyum
Yalta Travel Guide: 235 reviews and 670 photos
I came here with a friend and we travelled by minibus from Simferopol and looked for accomodation on arrival.
I didn?t really know what to make of Yalta. Since I was there in May before it was fully packed I think I saw and felt an entirely different atmosphere then in summer peak season.
- Pros:Holiday atmosphere
- Cons:packed in summer
- In a nutshell:Visit off season like May!
Reviews (13)
This deep blue of the ?Black? Sea is simply awesome! Take a walk around the coast and park in Alupka and check for... more travel advice
The palace was designed by Edward Blore, a known English court architect. During the Yalta conference Churchill lived in... more travel advice
On a clear day you can see Yalta. The craggy teeth of the mountain ridge are pretty amazing. I really liked it up there... more travel advice
The ?teeth? of this mountain lie about 1200 m above sea level. From the mountain which has its own micro climate which... more travel advice
Comments (11)
Great page on Yalta, Do you think you could have a proper vacation there? To be able to spend a week there? Sunbathe? or is it more of a city break vacation?
I think we will be spending a couple of days in Yalta, thanks for the tips :-)
I have to visit this nice historical place sometime. Very nice photos.
It looks beautiful and sunny and warm! What a wonderful place - I wouldn't worry about no sand on the beaches.. we only hhave pebbles here too!
great infos and lovely pics bringing back great memories ! I have seen Yalta in communiste times as part of CCCP - it used to be the only CCCP-port we came to, where people were smiling in the streets...
I was in Yalta in very childhood. All I remember is beaches and good weather :-) and it was first time i saw the Sea Tourist Ship. Was so big!! :-) ehh, memories...
Another excellent page, Sonja! So glad that you have picked up building pages again!!! That hotel would have been a no-no for me: two pages to be filled out in Russian..... oh boy!
Great page about a place where I havn't been 25 years but where I should appear in 10 days! You reminded me the Crimea sights which I love from my childhood and looking forward to watch again... Thanks for sharing Sonja!
Fabulous little page. Did I tell you that the Ukraine and especially Yalta is listed very high on my "must-visit-list". :-)
Ja, die Krim steht auch noch auf meiner Liste... Vielleicht Mai 2007?
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subset: commoncrawl


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High Desert Storm 14u currently has 2 roster positions open. We are looking to fill those positions with positive, experienced, committed, travel ball players that will make an immediate impact on our team. All positions are open and earned. We have 3 team practices per week and we play 3 weekends per month. Our friendly and tournament schedule is set 6 months in advance and our goal is to qualify for multiple national tournaments. We also plan on competing in showcase events in 2012. Our coaching staff is committed to developing our players both mentally and physically with an emphasis on hard work, a posiitve attitude, and teamwork. If your daughter is an experienced travel ball player and you are interested in trying out for our team or would like more info please contact Ralph Rubio at (909)915-0289 or by email at #rrubiojr5@msnhttp://community.active.com/mailto:firstname.lastname@example.com://community.active.com/mailto:firstname.lastname@example.com
High Desert Storm is the premier organization in the High Desert. We have teams at the 14u, 16u, and 18 gold level. We have college recruitment personel on staff to assist our players.
ACTIVE is the leader in online event registrations from 5k running races and marathons to softball leagues and local events. ACTIVE also makes it easy to learn and prepare for all the things you love to do with expert resources, training plans and fitness calculators.


text:
Translation of thicken in Spanish:
transitive verb
- (sauce/paint)
espesarExample sentences
- As the fog thickened, I heard voices from where James had disappeared.
- Simmer for a further 1-2 minutes, stirring occasionally, until the pineapple sauce has thickened, then leave to cool.
- Add slowly to the pot and allow the sauce to thicken.
intransitive verb
- (sauce/paint)
hacerse más espeso or denso(crowd/darkness)
crecer(waist)the plot thickens
engordaresto se pone cada vez más interesante
Definition of thicken in:
What do you find interesting about this word or phrase?
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Grammar and usage help for Spanish:
= trending


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13745 Players currently online!
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I was reading the "Wives" post, which got me thinking. Is there data on the demographics of chess players? What percentages are men and women? Age? Do some countries have a higher percentage of players than others?
We are all human kind.
I could not agree more, but the "wives" forum made it sound like the support was overwhelmingly male, so I am just curious.
lucky for us,because femals can play chess!!! and they are real good,at less the one i knows.
Who!!! Females good at chess. Yeah, right...only if chess means cooking
Both women and men are good at chess (Judith Polgar), but I think that there must be some general difference in skill, or else FIDE wouldn't have two seperate World Champion matches, one for males, other for females.
My original qusestion has nothing to do with relative ability of men and women to play chess, which I presume is about equal. I am just curious what percentage of players are male and female.
Who!!! Females good at chess. Yeah, right...only if chess means cooking
Tell the Polgar sisters that to their face.... bet they would turn you into toast on the board!
Maybe they are good, but they can never compeat to top male players. Of course they could beat me easily, but I never trained chess. If I did, they wouldn't have a chanse...
I have opened Pandora's box here. I'm sure women are just as competent chess players as men and that any differences are due to lack of opportunity to play in some countries. I was just curiouws about the demographics of chess players.
no one knows that! Now, leave us
It's my discussion post. You can leave . . .
there should not be 2 catagories of chess players,women should have the right to play in any game or turnnament world wide. men are just scared to loose to a women.
Women and Men are equal, neither of them are better and neither is the boss of the other
(My wife told me to type that)
boom tish!
Thank you, I'll be at the Comedy Store all next week.
(sitting at the bar watching the acts)
You might see me there, performing... I'll be the one covered in tomato pulp
Ah, thank you!
*mentally adds one more item to his shopping list*
chess_kebabs: "Humiliated by losing to a girl?" Was this guy in junior high school?? First of all, you are a woman, not a girl (I doubt he'd appreciate being called a "boy"), and second of all, gender has nothing to do with the ability to play chess! I was regretting ever posting this thread but you, trant, and killerbob have saved the day (even if killerbob just beat me twice!). Thanks
She controls the tv remote at your house too I'd imagine.
Of course she does ! why do you think I am at the computer playing chess on chess.com !
that remark was soooooo stupid
I can confirm that my partner is a terrible cook. I'm not sure how good she is at chess though (to be honest, I'd be afraid to find out)
Apart from boxing, what else would combine well with chess?
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India Elections 2014
16 May 2014 - (From Right) M.I. Abdool Rahman, Chairperson, Electoral Commission of Mauritius, Lise Grande, UNDP Resident Representative and UN Resident Coordinator intract with the election officers during the counting process at an Elections Commission facility in N P Bengali School in Gole Market, New Delhi, India. [Photo: Prashanth Vishwanathan/UNDP India]
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My iPod
Who ever you are, thank you for handing the bartenders at Noc Noc the iPOD I dropped in the process of hitting the dance floor with two friends done up as showgirls. I didn't notice my mini music machine was gone until I got home, and in a panic I called the bar expecting to hear the worst but instead learned that honest people still roamed the wide world—they had my mini music machine. In your honor I'm repeatedly listening to Siouxsie and the Banshees' "Cities in Dust." Again, thanks.


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68. sp34n119w
Karen - I just missed you yesterday. And I see your blog is open but haven't been in yet. I'm saving it :)
The boys are old enough to take over the computer already? I guess so!
How sweet that they took grandpa out for his bday :)
I figured you'd be busy with buckeyes by now - that's a lot of goodies!
Too bad about the boat parade but, yeah, your aunt has probably done enough in 83 years.
I was surprised at which trees came down, too. Lots of eucalyptus, and they and palms usually stand well in the wind.
Hope it's over for awhile and that you had a good night's sleep :)
bf - oh, but Zeus would love her! She's so exotic ;)
You're right about my title - like it or not it is December. I'll put something new up later, I hope. Anyway, I accidently swiped a wuer's handle for my title, LOL, so should have changed it awhile ago.
I can't believe the destruction in the SG foothills. Never seen anything like it. Funny about Cantore :)
No fire, *whew*!
calpoppy - oh so sad about the Joshua tree. I love those funky things.
I think it's going to be a cold December in the southland. And dry for the next few weeks. Well, you'll be happy with the cold, anyway :)
mush! - thanks! All is well, here :)
No major winds - we got a little earthquake, instead, so I don't feel too left out, LOL
Friday. December. Where does the time go?
Member Since: January 27, 2007 Posts: 84 Comments: 4463


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"Stairway to Heaven" Top 5 Page for this destination Banaue by asianbelle
Banaue Travel Guide: 249 reviews and 716 photos
Reviews (10)
A visit to Banaue is not complete without going to the Viewpoint, old or new. The new viewpoint is closer to town, but... more travel advice
Located at the ground floor of the People's Lodging House, the restaurant serves a variety of dishes both for stay-in... more travel advice
Just like in other far flung areas of the country, ATM is non existent in Banaue. The nearest is in Bontoc which is 2... more travel advice
You see "authentic" Ifugaos (man, woman, and child) dressed in native costumes at Viewpoint. While taking scenic shots,... more travel advice
Shopping (2)See All Shop til you . . . fall?
Transportation (2)See All The big jeepney
Hotels (1)The wooden lodge
Been to Banaue?Share your travels with the world!
Comments (6)
Hi Aida. Banaue Rice Terraces is really a wonder. I am longing to see this type of scenery. Very useful tips in your Banaue page. Thanks & regards, Freddie
hey asianbelle! do you still remember the tel.no.of sanafe lodge? my friends and i are going to banaue next weekend..do we need to have reservations? hoping for your immediate help!..great website by the way..from malangi!
Beautilful opening picture, Aida! ... this place looks quite unreal.
Beautiful pictures of Rice terraces and great info. Sana makapunta din ako dito someday.....
Hi Aida - You have a lot of great pages on the Philippines. Thanks for bringing me back to a country I've only been to twice in my life, but hopefully, I'll return some day. Greetings from the U.S.
Looks like a fantastic destination!
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Video Industry News Video Company News Technology Industry News Technology Company News Novelty Industry News Novelty Company News Gay Industry News Gay Company News Legal Industry News All Company News
Released: Sep 14th, 2009
Running Time: 90 Min.
Director: Uncredited
Companies: Xplore Media Group, Homegrown Video
Distribution Companies: Pure Play Media
DVD Extras: Bonus Scenes, Outtakes, Trailer(s)
Cast: Victoria (III) (amateur), Big Dick Mike, Jean Pierre (I), Veronica (XII) (amateur), Evie Delatosso, Alissa (IV) (amateur), Slonik, Johnny (IV) (amateur)
Genre: Pro-Am
Hot amateur girls come face to face with massive slabs of rock hard stud-cock! Good thing these babes are up for "meating" the challenge! Watch them tame these monsters with their mouths, pussies, and asses!


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, Volume 12, Issue 2, pp 89-105
First online:
Who dares, wins
- Susan KellyAffiliated withSchool of Biological Sciences, University of Liverpool
- , R. I. M. DunbarAffiliated withSchool of Biological Sciences, University of Liverpool Email author
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Heroism is apparently nonadaptive in Darwinian terms, so why does it exist at all? Risk-taking and heroic behavior are predominantly male tendencies, and literature and legend reflect this. This study explores the possibility that heroism persists in many human cultures owing to a female preference for risk-prone rather than risk-averse males as sexual partners, and it suggests that such a preference may be exploited as a male mating strategy. It also attempts to quantify the relative influences of altruism and bravery in the evolution of heroism. Our study found that females do prefer risk-prone brave males to risk-averse non-brave males, and that men are aware of this preference. Bravery in a male was shown to be the stronger factor influencing female choice of short-term partners, long-term partners, and male friends, with altruism playing a lesser part in their choice. Altruism was deemed important in long-term relationships and friendships, but for short-term liaisons, non-altruists were preferred to altruists. Heroism may therefore have evolved owing to a female preference for brave, risk-prone males because risk-taking acts as an honest cue for "good genes." Altruism was judged to be a less influential factor in the evolution of heroism than bravery and a demonstrated willingness to take risks.
Key wordsAltruism Heroism Mate choice Risky behavior
Reference tools
- Title
- Who dares, wins
- Journal
Human Nature
Volume 12, Issue 2 , pp 89-105
- Cover Date
- 2001-06
- 10.1007/s12110-001-1018-6
- Print ISSN
- 1045-6767
- Online ISSN
- 1936-4776
- Publisher
- Springer-Verlag
- Additional Links
- Topics
- Keywords
- Altruism
- Heroism
- Mate choice
- Risky behavior
- Industry Sectors
- Authors
- Susan Kelly (1)
- R. I. M. Dunbar (1)
- Author Affiliations
- 1. School of Biological Sciences, University of Liverpool, Nicholson Building, L69 3GS, Liverpool, England


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DragonWave (DRWI -17.3%) is crashing for the second day in a row after announcing a big FQ4 warning. Shares are now down 40% from Friday's close, and the company sports a market cap of just $55M. With huge losses forecast even prior to the warning, the Street appears to be questioning the company's ability to survive. DragonWave had $36.4M in cash/equivalents as of Nov. 30, and $15M in debt.
DragonWave (DRWI -17.3%) is crashing for the second day in a row after announcing a big FQ4...
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Bundesliga Rückrunde Preview
James Hunt discusses Bayern's title, Frankfurt's rise, Schalke's slide and the relegation issues for Furth and Augsburg.
James Hunt discusses Bayern's title, Frankfurt's rise, Schalke's slide and the relegation issues for Furth and Augsburg.
Caleb Cousins heaps praise on Germany's centre back.
James Hunt believes that the acquisition of Shinji Kagawa by Manchester United will be more important on the pitch than off it.
Ger McCarthy previews Tuesday night's Champions League action where Chelsea will be fighting for their lives against Valencia.
Jonathan Lines looks at Borussia Mönchengladbach who have enjoyed something a fairytale last 12 months.
Jonathan Lines looks ahead to the biggest game of the weekend in Germany.
Ger McCarty rounds up Tuesday night's Champions League action as Arsenal and Chelsea both failed to win while Lionel Messi was at it again for Barcelona.
Ger McCarthy looks ahead to Matchday 4 of the Champions League group stage.
BPF's Champions League columnist and podcast regular Ger McCarthy previews tonight's Champions League action, with Barcelona, Chelsea and Arsenal all in action.
Our man for all things Champions League Ger McCarthy returns to preview Wednesday's fixtures.


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|State of Tennessee Revenue Reoprt March 2013
NASHVILLE – Tennessee revenue collections continued to exceed budgeted expectations in March. Finance and Administration Commissioner Mark Emkes reported today that overall March revenues were $936.1 million, which is $33.1 million more than the state budgeted. Total tax collections in March were 2.2% above the previous year.
On an accrual basis, March is the eighth month in the 2012-2013 fiscal year.
The budgeted revenue estimates for 2012-2013 are based on the State Funding Board's consensus recommendation of December 19th, 2011 and adopted by the second session of the 107th General Assembly in April 2012. They are available on the state's website at http://www.tn.gov/finance/bud/budget.html.
The State Funding Board met on December 14, 2012 to hear updated revenue projections from the state's various economists. The board met again on December 19th and adopted revised revenue ranges for 2012-2013. The revised ranges assume an over collection from the July 2012 budgeted estimate in the amount of $203.0 million to $287.3 million in total taxes and in the amount of $224.2 million to $305.9 million in general fund taxes for the current fiscal year.


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Clinical-Style Validation, Regulation, and Quality Control...
Loss of Lives in Clinical Trials...
Capitol Hill Critics Second-Guess Agencies Using...
Keep the Opportunities, Lose the Opportunists
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NINDS has shifted much of its research spending from basic research to applied research over the past seventeen years. [© Dani Simmonds - Fotolia.com]
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MDMA (commonly known as the empathogen "ecstasy") is classified as a Schedule 1 drug, which is reserved for compounds with no accepted medical use and a high abuse potential. Two researchers from Stanford, however, call for a rigorous scientific exploration of MDMA's effects to identify precisely how the drug works, the data from which could be used to develop therapeutic compounds.Do you agree that ecstasy should be studied for its potential therapeutic benefits?
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Ready in 45 minutes
Laissez les bon temps rouler with this Cajun flavored paella.
8 people want to try | 42 have favorited
Toss cubes with seasoning; heat oil in large nonstick skillet over medium-high heat. Add pork cubes; cook and stir until pork is nicely browned. Remove pork from skillet and keep warm. Add rice and beans mix and seasoning packets to skillet, along with water, wine and clam juice, stirring to mix. Bring to boil and cover tightly; reduce heat to a simmer and cook for 6 minutes, stirring several times. Top rice mixture with pork, artichoke hearts, peas and pimientos and cover, cooking for about 4 minutes longer or until most liquid has been absorbed. Serve hot from skillet.
Republished with Permission, National Pork Council
dakotarussell 5y agoThis was a decent recipe, although a bit confusing. Obviously, the 1 ounce of beans and rice mix should be 1 box, and the cook times seemed off. It took about 20 minutes for the rice to finish absorbing the liquid, rather than the specified 6. Some of the flavors were interesting, especially the clam juice/artichoke pairing, but the gravy from the beans and rice mix kind of overwhelmed things.
tyson 10y agoRepublished with Permission, National Pork Council [I posted this recipe.]


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Author: Rebecca Kirk
Serial femtosecond crystallography is used to solve the structure of angiotensin II type 1 receptor.]]>
As PSI:Biology comes to a close this month, we take a look back at all the biological advances made by the PSI Network.]]>
Author: Stéphane Larochelle
Improved XFEL crystallography data processing methods enable structure determination from limited samples.]]>
Author: Inês Chen
High-resolution cryoEM structures reveal the distinctive features of mammalian mitoribosomes.]]>
Author: Margaret Gabanyi
PSI:Biology developed new expression vectors and other tricks to obtain samples of its challenging protein targets.]]>
Author: Margaret Gabanyi
PSI:Biology employed cutting-edge technologies to obtain structures of complex targets.]]>
PSI-Nature Structural Biology Knowledgebase (November 2014). http://www.sbkb.org/update/events.html
Baltimore, MD, USA]]>


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