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Notes to Accounts of Tayo Rolls Ltd.

Mar 31, 2015

Note 1 (a): General Corporate Information:

Tayo Rolls Limited, formerly Tata- Yodogawa Limited was incorporated in 1968. The company was promoted by Tata Steel Limited in collaboration with Yodogawa Steel Works, Japan and Nissho Iwai Corporation of Japan for production of Cast Iron and Cast Steel Rolls for metallurgical industries. As a part of its backward integration, Tayo Rolls Limited, has set up a mini blast furnace of 40,000 tpa for the manufacture of Pig Iron. Other products include Forged Rolls, Engineering Forging and Ingots.

Tayo has a licence and know-how agreement with Sheffield Forgemasters International, UK, for the transfer of technology to manufacture forging quality ingots, forged bars, engineering forgings and forged rolls.

Rights, preferences and restrictions attached to shares Equity Shares :

The Company has one class of equity shares having a par value of Rs 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in the proportion to their shareholding.

Preference Shares :

8.50%, 235,00,000 Non Cumulative Redeemable Preference Shares of Rs. 100 each are entitled to a fixed rate of dividend @ 8.50% p.a. The issuer shall redeem the preference share together with all arrears of dividend, if any, in three equal installments at the beginning of eighth year, ninth year and tenth year from the deemed date of allotment.

Notes: Nature of Security

1 Term loans from IDBI Bank Ltd. are secured by first charge on the fixed assets of the Company.

2 Cash credit account with Bank of India and IDBI Bank Ltd. are secured by hypothecation of all tangible movable assets of the Company including finished and semi-finished stocks, raw materials, stores and book debts ranking paripassu. In addition they are secured by way of second charge on the immovable properties of the Company ranking paripassu.

2.1 Contingent liabilities and commitments

2.1 (a) Claims against the Company not acknowledged as debt

As at31.03.2015 As at 31.03.2014

i) Income Tax Appeals:

a) by the Company 259.09 259.09

b) by the Department 46.21 46.21

ii) Sales Tax 34.05 -

iii) Excise

a) by the Company 271.89 271.89

b) by the Department 25.92 25.92

15.1(b) Guarantees

i) Under Export Promotion Capital Goods Scheme for 177.00 177.00

concessional duty on import of machinery furnished to the Customs authorities

ii) Bills discounted with Bankers - 170.98

2.1(c) Other money for which the company is contingently liable

i) Others Matters 26,361.00 27,203.25

Consequent to the judgment dated 2nd May, 2013 of Honorable Jharkhand high Court with regard to the applicability of power tariff structure on the Company's Induction Furnace Unit from January 2000, The Jharkhand State Electricity Board (JSEB) has raised rectified energy bill dated 10th June, 2013 for Rs. 272.03 Crores (later claim revised to Rs 263.61 Crores). The Company has contested the judgment dated 2nd May, 2013 by way of filing an appeal (Later Patent Appeal) before the Honorable Jharkhand High Court which has been admitted on merit on 3rd July, 2013. The recified energy bill dated 10th June, 2013 has also been challendged separately beore the Honourable Jharkhand High Court. Meanwhile, JSEB has initiated Certificate proceedings for Rs 263. 61 Crores against the Comapny and Board of Directors, which has been challendged before the Certificate Officer. Pending the outcome, demand amount of Rs Rs. 263.61 Crores has been disclosed under Contingent liability Note [15.1(c)] above.

ii) Export Promotion Capital Goods Scheme 727.00 727.00

2.2 Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 829.70 lakhs (as at 31.3.2014: Rs. 786.08 lakhs) against which advances paid Rs. 482.57 Lakhs (as at 31.3.2014 : Rs. 92.39 lakhs).

Notes:

(i) @ includes excise duty recovered from customers

(ii) * after adjustment for stocks value written down and transferred to Semi-finished Stock

(iii) ** Value of closing stocks excludes the amount of Excise Duty loaded on stocks

(iv) Figures in brackets are in respect of the previous year.

2.3 CONSUMPTION OF IMPORTED AND INDIGENOUS MATERIALS

Value of consumption of imported and indigenously obtained raw materials, components, stores and spare parts and the percentage of each to the total consumption:

2.4 EXCEPTIONAL ITEMS:

(a) Denotes Retiral Benefit to Ex - Director

a) Pension nil (2013-14 : Rs 92.76 lakhs),

b) Post Retirement Medical Benefits nil (2013-14 : Rs 14.95 lakhs) and

c) Ex-Gratia nil (2013-14 : Rs 8.40 lakhs).

(b) The Company has carried an impairment review of its fixed assets based on changes in circumstances indicating that their carrying amount may not be recoverable. Based on the review, the Company has made a provision in the financial statements for Rs 794.00 lakhs (2013-14: Rs 1,797.89 lakhs) towards write down of assets pertaining to integrated facilities for manufacture of Forging Quality Ingots, Engineering Forgings and Forged Rolls.

15.13 The Wage Agreement dated 08.04.2009 and dated 23.03.2010 between the Company and the Tayo Workers Union expired on 31.12.2011 & 30.09.2014 and fresh agreements are under negotiation. Pending finalisation of these negotiations, provisions on an estimated basis has been made and included in Salaries and Wages, under the head "Employees Benefit Expense" Item 1 (i) of Note 13 (A). No separate allocation has been made towards the Company's contribution to provident and other funds included therein. Any adjustments necessary, consequent on final determination of the liability pertaining to the period ended 31st March, 2015 will be made in the year in which negotiations are concluded.

The expenses in relation to (a) Medical - Rs 117.13 lakhs (2013-14 Rs 69.10 lakhs), (b) Pension to Directors Rs 57.28 lakhs (2013-14 Rs 56.36 lakhs) and (c) Leave Rs 188.79 lakhs (2013-14 Rs 104.92 lakhs) are included in item 1 (i) Salaries and wages including bonus of Note 13 (A) Employee Benefit Expense of the Statement of Profit and Loss.

(i) The company has disclosed Business Segment as the primary segment. Segments have been identified taking into account the nature of products, the differing risks and returns, the organizational structure and internal reporting system. The company's operations predominantly relate to manufacture of Rolls, Pig Iron, Ingots and Engineering Forgings.

(ii) Segment revenue, segment results, segment assets and segment liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis. The expenses, which are not directly relatable to the business segments, are shown as unallocated cost. Assets & Liabilities that cannot be allocated between segments are shown as unallocated assets & liabilities respectively.

(iii) Transaction between segments are primarily for materials which are transferred at market determined price and common costs are apportioned on a reasonable basis.

Note 3: Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.


Mar 31, 2014

Note 1 (a): General Corporate Information

Tayo Rolls Limited, formerly Tata- Yodogawa Limited was incorporated in 1968. The company was promoted by Tata Steel Limited in collaboration with Yodogawa Steel Works, Japan and Nissho Iwai Corporation of Japan for production of Cast Iron and Cast Steel Rolls for metallurgical industries. As a part of its backward integration, Tayo Rolls Limited, has set up a mini blast furnace of 40,000 tpa for the manufacture of Pig Iron. Other products include Forged Rolls, Engineering Forging and Ingots.

Tayo has a licence and know-how agreement with Sheffield Forgemasters International, UK, for the transfer of technology to manufacture forging quality Ingots, Forged bars, Engineering Forgings and Forged Rolls.

2 Share Capital :

Rights, preferences and restrictions attached to shares Equity Shares

The Company has one class of equity shares having a par value of Rs 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in the proportion to their shareholding.

Preference Shares :

8.50%, 8,500,000 Non Cumulative Redeemable Preference Shares of Rs. 100 each issued during the F.y. 2011-12. The shareholders are entitled to a fixed rate of dividend @ 8.50% p.a. The issuer shall redeem the preference share together with all arrears of dividend, if any, in three equal installments at the beginning of eighth year, ninth year and tenth year from the deemed date of allotment.

8.50%, 8,700,000 Non Cumulative Redeemable Preference Shares of Rs. 100 each issued during the F.y. 2013-14. The shareholders are entitled to a fixed rate of dividend @ 8.50% p.a. The issuer shall redeem the preference share together with all arrears of dividend, if any, in three equal installments at the beginning of eighth year, ninth year and tenth year from the deemed date of allotment.

Notes: Nature of Security

1 Term loans from IDBI Bank Ltd. are secured by first charge on the fixed assets of the Company.

2 Cash credit account with Bank of India IDBI Bank Ltd. are secured by hypothecation of all tangible movable assets of the Company including finished and semi-finished stocks, raw materials, stores and book debts ranking paripassu. In addition they are secured by way of second charge on the immovable properties of the Company ranking paripassu.

3 Contingent liabilities and commitments

4 (a) Claims against the Company not acknowledged as debt As at As at i) Income Tax Appeals: 31.03.2014 31.03.2013

a) by the Company 305.30 251.38

b) by the Department - 79.51

ii) Sales Tax - 336.46

iii) Excise 297.81 297.81

(b) Guarantees

i) Under Export Promotion Capital Goods Scheme for concessional

duty on import of machinery furnished 177.00 177.00 to the Customs authorities

ii) On other account 791.37 1,124.23

iii) Bills discounted with Bankers 170.98 298.29

(c) Other money for which the company is contingently liable

d) Others Matters 27,203.25 48.02

Consequent to the judgment dated 2nd May, 2013 of Honorable Jharkhand high Court with regard to the applicability of power tariff structure on the Company''s Induction Furnace Unit from January 2000, The Jharkhand State Electricity Board (JSEB) has raised rectified energy bill dated 10th June, 2013 for Rs. 272.03 Crores. The Company has contested the judgment dated 2nd May, 2013 by way of filing an appeal before the Honorable Jharkhand high Court which has been admitted on merit on 3rd July, 2013. The demand dated 10th June, 2013 has also been challenged before the Honorable Jharkhand high Court.

Pending the outcome of the appeal the demand amount of Rs. 272.03 Crores has been disclosed under Contingent liability Note [15.1(c)] above.

5 Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 786.08 lakhs (as at 31.3.2013: Rs. 828.24 lakhs) against which advances paid Rs. 92.39 Lakhs (as at 31.3.2013 : Rs. 181.34 lakhs).

The above disclosures have been made consequent to the announcement by The Institute of Chartered Accountants of India on 2nd December, 2005, which is applicable to the financial periods ending on or after 31st March, 2006.

Notes:

(i) @ includes excise duty recovered from customers

(ii) * after adjustment for stocks value written down and transferred to Semi-finished Stock

(iii) ** Value of closing stocks excludes the amount of Excise Duty loaded on stocks

(iv) Figures in brackets are in respect of the previous year.

(b) The Company has carried an impairment review of its fixed assets based on changes in circumstances indicating that their carrying amount may not be recoverable. Based on the review, the Company has made a provision in the financial statements for Rs 1,797.89 lakhs towards write down of assets pertaining to integrated facilities for manufacture of Forging Quality Ingots, Engineering Forgings and Forged Rolls.

(2012-13: Denotes sale of shares held under long term investments of Tata International Limited. 2,000 Equity shares of Rs 1000 each sold @ Rs 17,000 each)

6 The Wage Agreement dated 08.04.2009 between the Company and the Tayo Workers Union expired on 31.12.2011 and fresh agreements are under negotiation. Pending finalisation of these negotiations, provisions on an estimated basis has been made and included in Salaries and Wages, under the head "Employees Benefit Expense" Item 1 (i) of Note 13 (A). No separate allocation has been made towards the Company''s contribution to provident and other funds included therein. Any adjustments necessary, consequent on final determination of the liability pertaining to the period ended 31st March, 2014 will be made in the year in which negotiations are concluded.

The expenses in relation to (a) Medical - Rs 69.10 lakhs (2012-13 Rs 28.62 lakhs), (b) Pension to Directors Rs 56.36 lakhs (2012-13 Rs 58.05 lakhs) and (c) Leave Rs 104.92 lakhs (2012-13 Rs 69.38 lakhs) are included in item 1 (i) Salaries and wages including bonus of Note 13 (A) Employee Benefit Expense of the Statement of Profit and Loss.

Notes:

(i) The company has disclosed Business Segment as the primary segment. Segments have been identified taking into account the nature of products, the differing risks and returns, the organizational structure and internal reporting system. The company''s operations predominantly relate to manufacture of Rolls, Pig Iron, Ingots and Engineering Forgings.

(ii) Segment revenue, segment results, segment assets and segment liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis. The expenses, which are not directly relatable to the business segments, are shown as unallocated cost. Assets & Liabilities that cannot be allocated between segments are shown as unallocated assets & liabilities respectively.

(iii) Transaction between segments are primarily for materials which are transferred at market determined price and common costs are apportioned on a reasonable basis.

Note 7:

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2013

Note 1 (a): General Corporate Information

Tayo Rolls Limited, formerly Tata-Yodogawa Limited was incorporated in 1968. The company was promoted by Tata Steel Limited in collaboration with Yodogawa Steel Works, Japan and Nissho Iwai Corporation of Japan for production of Cast Iron and Cast Steel Rolls for metallurgical industries. As a part of its backward integration, Tayo Rolls Limited has set up a mini blast furnace of 40,000 tpa for the manufacture of Pig Iron. Other products include Forged Rolls, Engineering Forgings and Ingots.

Tayo has a licence and know-how agreement with Sheffield Forgemasters International, UK, for the transfer of technology to manufacture forging quality ingots, including round ingots, forged bars, engineering forgings and forged rolls.

''During the previous year, pursuant to Section 16(1) and Section 94(2) of the Companies Act, 1956, the Company has increased its authorized share capital from Rs 15,00,00,000 divided into 1,50,00,000 Equity Shares of Rs 10/- each to Rs 100,00,00,000 divided into 1,50,00,000 Equity Shares of Rs 10/- each and 8.50% Non-Cumulative 85,00,000 Preference Shares of Rs 100/- each. The Shareholders approval of such increase was obtained by way of an ordinary resolution in the Extraordinary General Meeting of the Company held on 9th March, 2012.

**During the previous year, 65,00,000 Preference Shares were allotted to Tata Steel Limited, India and 20,00,000 Preference Shares were allotted to Yodogawa Steel Works Limited, Japan, Promoters of the Company, under the provisions of Section 81(1A), 85 and 86 of the Companies Act, 1956. Shareholders approval of such allotment was obtained by way of a special resolution in the Extraordinary General Meeting of the Company held on 9th March, 2012.

2) Share Capital :

Rights, preferences and restrictions attached to shares Equity Shares

The Company has one class of equity shares having a par value of Rs 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the board of Directors is subject to the approval of the shareholders in the ensuring Annual General Meeting except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in the proportion to their shareholding.

Preference Shares :

8.50%, 8,500,000 Non Cumulative Redeemable Preference Shares of Rs. 100 each. The shareholders are entitled to a fixed rate of dividend @ 8.50% p.a. The issuer shall redeem the preference share together with all arrears of dividend, if any, in three equal installments at the beginning of eighth year, ninth year and tenth year from the deemed date of allot- ment.

3.1 Contingent liabilities and commitments Rupees in lakhs

3.1 (a) Claims against the Company not acknowledged as debt

As at As at i) Income Tax Appeals: 31.03.2013 31.03.2012

a) by the Company 251.38 256.41

b) by the Department 79.51 89.25

ii) Sales Tax 336.46 197.48

iii) Excise 297.81 32.79

3.2 Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 828.24 lakhs (as at 31.3.2012: Rs.1183.61 lakhs) against which advances paid Rs. 181.34 Lakhs (as at 31.3.2012 : Rs. 27.71 lakhs).

3.3 Exceptional items:

Denotes sale of shares held under long term investments of Tata International Limited. 2,000 Equity shares of Rs 1000 each sold @ Rs 17,000 each. (2011-12 : Denotes sale of shares held under long term investments of Jamipol Limited. 200,000 Equity shares of Rs 10 each sold @ Rs 134 each.)

3.4 The Wage Agreement dated 08.04.2009 between the Company and the Tayo Workers Union expired on 31.12.2011 and fresh agreements are under negotiation. Pending finalisation of these negotiations, provisions on an estimated basis has been made and included in Salaries and Wages, under the head "Employees Benefit Expense" Item 1 (i) of Note 13 (A). No separate allocation has been made towards the Company''s contribution to provident and other funds included therein. Any adjustments necessary, consequent on final determination of the liability pertaining to the period ended 31st March, 2013 will be made in the year in which negotiations are concluded.

Notes :

(i) The company has disclosed Business Segment as the primary segment. Segments have been identified taking into account the nature of products, the differing risks and returns, the organizational structure and internal reporting system. The company''s operations predominantly relate to manufacture of Rolls, Pig Iron, Ingots and Engineering Forgings.

(ii) Segment revenue, segment results, segment assets and segment liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis. The expenses, which are not directly relatable to the business segments, are shown as unallocated cost. Assets & Liabilities that cannot be allocated between segments are shown as unallocated assets & liabilities respectively.

(iii) Transaction between segments are primarily for materials which are transferred at market determined price and common costs are apportioned on a reasonable basis.

Note 4: Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2012

During the year, pursuant to Section 16(1) and Section 94(2) of the Companies Act, 1956, the Company has increased its authorized share capital from Rs 15,00,00,000 divided into 1,50,00,000 Equity Shares of Rs 10/- each to Rs 100,00,00,000 divided into 1,50,00,000 Equity Shares of Rs 10/- each and 8.5% Non-Cumulative 85,00,000 Preference Shares of Rs 100/- each. The Shareholders approval of such increase was obtained by way of an ordinary resolution in the Extraordinary General Meeting of the Company held on 9th March, 2012.

During the year, 65,00,000 Preference Shares were allotted to Tata Steel Limited, India and 20,00,000 Preference Shares were allotted to Yodogawa Steel Works Limited, Japan, Promoters of the Company, under the provisions of Section 81(1A), 85 and 86 of the Companies Act, 1956. Shareholders approval of such allotment was obtained by way of a special resolution in the Extraordinary General Meeting of the Company held on 9th March, 2012.

1.1 Contingent liabilities and commitments Rupees in lakhs

1.1 (a) Claims against the Company not acknowledged as debt As at As at

i) Income Tax Appeals: 31.03.2012 31.03.2011

a) by the Company 256.41 53.80

b) by the Department 89.25 55.95

ii) Sales Tax 197.48 234.46

iii) Excise 32.79 31.82

1.1 (b) Guarantees

i) Under Export Promotion Capital Goods Scheme for concessional duty on import of machinery furnished to the Customs authorities 177.00 177.00

ii) On other account 1,105.81 474.46

iii) Bills discounted with Bankers 168.93 190.10

14.1 (c) Other money for which the company is contingently liable

d) Others Matters 48.02 48.02

1.2 Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 1183.61 lakhs (as at 31.3.2011: Rs. 1560.60 lakhs) against which advances paid Rs. 27.71 Lakhs (as at 31.3.2011 : Rs. 144.40 lakhs).

1.3 Exceptional items:

Denotes sale of shares held under long term investments of Jamipol Limited.

200,000 Equity shares of Rs 10 each sold @ Rs 134 each.

1.4 The Wage Agreement dated 08.04.2009 between the Company and the Tayo Workers Union expired on 31.12.2011 and fresh agreements are under negotiation. Pending finalization of these negotiations, provision on an estimated basis has been made and included in Salaries and Wages, under the head "Employees Benefit Expense " Item 1 (i) of Note 12(A). No separate allocation has been made towards the Company's contribution to provident and other funds included therein. Any adjustments necessary, consequent on final determination of the liability pertaining to the period ended 31st March, 2012 will be made in the year in which negotiations are concluded.

Notes :

(i) The company has disclosed Business Segment as the primary segment. Segments have been identified taking into account the nature of products, the differing risks and returns, the organizational structure and internal reporting system. The company's operations predominantly relate to manufacture of Rolls, Pig Iron, Ingots and Engineering Forgings.

(ii) Segment revenue, segment results, segment assets and segment liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis. The expenses, which are not directly relatable to the business segments, are shown as unallocated cost. Assets & Liabilities that cannot be allocated between segments are shown as unallocated assets & liabilities respectively.

(iii) Transaction between segments are primarily for materials which are transferred at market determined price and common costs are apportioned on a reasonable basis.

Note 2 : The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped/ reclassified wherever necessary to correspond with the current year's classification / disclosure.


Mar 31, 2010

As at As at 31.03.2010 31.03.2009

Rupees in lakhs

1. Contingent liabilities in respect of -

a) Income Tax Appeals :

i) by the Company : 95.56 58.75

ii) by the Department : 188.66 188.66

b) Sales Tax 476.86 1,008.82

c) Others Matters 52.93 68.50

d) Bills discounted with Bankers 340.88 132.58

2. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs 1418.17 lakhs (as at 31.3.2009 : Rs. 3,629.48 lakhs) against which advances paid Rs. 91.53 lakhs (as at 31.3.2009 : Rs. 83.81 lakhs).

3. Guarantees given by Bank

i) Under Export Promotion Capital Goods Scheme for concessional duty on import of machinery furnished to the Customs Authorities - Rs. 177 lakhs (as at 31.3.2009 : Rs. 177 lakhs)

ii) On other account - Rs. 302.75 lakhs (as at 31.3.2009 : Rs. 310.19 lakhs)

The above guarantees are secured by supplemental deed of hypothecation of the assets stated in Schedule C and also counter guarantees given by the Company.

4. Leasehold land (Item 1 of Schedule E) includes Rs. 1,75,000 (as at 31.3.2009 : Rs. 1,75,000) for which documents are yet to be executed. The Company has applied to the Bihar Government for exemption of its lands (other than leasehold land referred to hereinbefore for which documents are pending execution) from the Urban Land (Ceiling and Regulation) Act, 1976. The decision of the Government is still awaited.

5. The Wage Agreement between the Company and the Tayo Workers Union expired on 30.09.2009. The Company entered into fresh agreement on 23.03.2010 which is operative for 5 years with effect from 01.10.2009. The liability for the incremental wages and various benefits payable to the employees covered under the said agreement upto 31.03.2010 has been provided for in the accounts.

* Interest is reckoned as due from the date of receipt of bill by the Company from the Vendor who has sent intimation of registration under the Act.

6. Consumption of Stores & Spare Parts (Item 4 (a) of Schedule 2) is exclusive of Rs 169.40 lakhs (2008-09: Rs 175.77 lakhs) for repairs and maintenance.

7. Consequent to the Rights Issue the Company has become a subsidiary of Tata Steel Limited with effect from 1st December, 2008.

8. Revenue expenditure on Research & Development : Rs 12.90 lakhs (2008-2009: Rs 13.46 lakhs)

9. Other expenses (Item 4 (k) of Schedule 2) include-

The basis used to determine overall expected rate of return on assets and the effect on major categories of plan assets is as follows :

The major portions of the assets are invested in PSU bonds and Special Deposits. Based on the asset allocation and prevailing yield rates on these asset classes, the long term estimate of the expected rate of return on the fund assets have been arrived at. Assumed rate of return on assets is expected to vary from year to year reflecting the returns on matching Government bonds.

Notes:

(i) Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis.The expenses, which are not directly relatable to the business segments, are shown as unallocated cost. Assets and Liabilities that cannot be allocated between segments are shown as unallocated assets and Liabilities respectively.

(ii) Transaction between segments are primarily for materials which are transferred at market determined price and common costs are apportioned on a reasonable basis.

i) Figures in bracket are for the previous year

ii) * Refer to note 9 of page no. 33.

iii) ** The previous years figures are from 01.12.2008 when the Company became the subsidiary of Tata Steel Limited.

10 Previous years figures have been regrouped, where necessary.

 
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