MIRA INFORM REPORT

Report Date :

24.05.2013

IDENTIFICATION DETAILS

Name :	TATA STEEL LIMITED
Formerly Known As :	TATA IRON AND STEEL COMPANY LIMITED
Registered Office :	Bombay House, 24, Homi Mody Street, Fort, Mumbai - 400 001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	26.08.1907
Com. Reg. No.:	11-000260
Capital Investment / Paid-up Capital :	Rs. 9714.100 millions
CIN No.: [Company Identification No.]	L27100MH1907PLC000260
TAN No.: [Tax Deduction & Collection Account No.]	MUMT00249E MUMT10796C
PAN No.: [Permanent Account No.]	AAACT2803M AAATT0188H
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in Manufacturing and Distribution of Steel Products as well as Mining and Processing of Iron Ore and Coal for its Steel Production.
No. of Employees :	81251 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (77)

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large

Maximum Credit Limit :	USD 2104800000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is among the top ten global steel companies and now one of the world’s most geographically-diversified steel producers, with operations in 26 countries and a commercial presence in over 50 countries. It is an old and well-established and a reputed company having an excellent track record. The financial position of the company appears to be strong and healthy. The management is known to be well-qualified and knowledgeable, experienced businessmen. Trade relations are reported as trustworthy. Business is active. Payment terms are regular and as per commitment. The company can be considered excellent for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Non Convertible Debentures: AA+
Rating Explanation	High degree of safety and very low credit risk
Date	2012

Rating Agency Name	CARE
Rating	Perpetual Bond Issue : AA
Rating Explanation	High Degree of safety and very low credit risk
Date	2012

Rating Agency Name	CARE
Rating	Long Term Borrowings : AA+
Rating Explanation	High degree of safety and very low credit risk.
Date	2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DENIED

Management non-cooperative (91-22-66688282)

LOCATIONS

Registered Office :	Bombay House, 24, Homi Mody Street, Fort, Mumbai - 400 001, Maharashtra, India
Tel. No.:	91-22-66658282 / 66657279 / 66657306
Fax No.:	91-22-66657724 / 66657725 / 66658113
E-Mail :	tatasteelho@tata.com cosectisco@tata.com cosec@tatasteel.com p.sood@tatasteel.com
Website :	http://www.tata.com http://www.tatasteel.com
Corporate Office :	Design Call, 3^rd Floor, General Office, Tata Steel, Jamshedpur – 831 001, India
Commercial Head Offices:	Tata Centre, 43 Jawaharlal Nehru Road, Kolkata-700071, West Bengal, India
Tel. No.:	91-33-22887051/ 9251
Fax No.:	91-33-22882079
Sales Offices :	Located at: Jamshedpur Guwahati Mumbai Ahmedabad Indore Nagpur Pune Aurangabad Faridabad Chadigarh Kanpur Ludhiana Jaipur Chennai Bangalore Secunderabad 52, Jawaharlal Nehru Road, Kolkata-700071, West Bengal, India Tel. No.: 91-33-22887051/ 9251 Fax. No.: 91-33-22882079
Factory 1 :	Company’s Steel Works and Tubes Division Jamshedpur, Jharkhand, India
Factory 2 :	Bearings Division Kharagpur, West Bengal, India
Factory 3 :	Ferro Manganese Plant Joda, Odisha, India
Factory 4 :	Charge Chrome Plant Bamnipal, Odisha, India
Factory 5 :	Cold Rolling Complex Tarapur, Maharashtra, India
Factory 6 :	Mines, Collieries and Quarries States of Jharkhand, India Odisha and Karnataka India
Factory 7 :	Wire Division Tarapur, Maharashtra, India Bengaluru, Karnataka, India
Factory 8 :	Agrico Plant Indore, Madhya Pradesh, India
Overseas Offices:	Port Talbot, UK Scunthorpe, UK Rotherham, UK IJmuiden, Netherlands

DIRECTORS

As on: 31.03.2012

Name :	Mr. Ratan N. Tata
Designation :	Chairman
Name :	Mr. B. Muthuraman
Designation :	Vice Chairman
Name :	Mr. Nusli N. Wadia
Designation :	Director
Name :	Mr. Subodh Bhargava
Designation :	Director
Name :	Mr. Jacobus Schraven
Designation :	Director
Name :	Mr. Cyrus Mistry
Designation :	Director
Name :	Mr. Andrew Robb
Designation :	Director
Name :	Mr. S. M. Palia
Designation :	Director
Name :	Mr. Ishaat Hussain
Designation :	Director
Name :	Ms. Mallika Srinivasan
Designation :	Director
Name :	Mr. H. M. Nerurkar
Designation :	Managing Director
Name :	Dr. Karl-Ulrich Koehler
Designation :	Managing Director and Chief Executive Officer

KEY EXECUTIVES

Name :	Mr. A. Anjeneyan
Designation :	Company Secretary
Group Corporate Functions
Name :	Mr. Koushik Chatterjee
Designation :	Group Chief Financial Officer
Name :	Mr. Kees Gerretse
Designation :	Group Director (Procurement)
Name :	Dr. Debashish Bhattacharjee
Designation :	Director (Research Development and Technology)
Name :	Mr. Shreekant Mokashi
Designation :	Chief (Group Information Services)
Name :	Mr. Andrew Page
Designation :	Director (Health and Safety)
Name :	Dr. Paul Brooks
Designation :	Director (Environment)
Name :	Mr. Sandip Biswas
Designation :	Group Director (Corporate Finance and M & A)
Senior Management
Name :	Mr. Anand Sen
Designation :	Vice President (TQM and Shared Services) TSL
Name :	Dr. Henrik Adam
Designation :	Chief Commercial Officer TSE
Name :	Mr. Abanindra M. Misra
Designation :	Vice President (Coke, Sinter and Iron and IR) TSL
Name :	Mr. Dook van der Boer
Designation :	Strip MLE Hub Director, TSE
Name :	Mr. Partha Sengupta
Designation :	Vice President (Raw Materials) TSL
Name :	Mr. N. K. Misra
Designation :	Executive Director (Finance) TSE
Name :	Mr. Tor Farquhar
Designation :	Director (Human Resource) TSE
Name :	Mr. Varun Jha
Designation :	Vice President (Engineering and Chhattisgarh Projects) TSL
Name :	Mr. Jon Bolton
Designation :	Long EU Hub Director, TSE
Name :	Mr. T. V. Narendran
Designation :	Vice President (Safety and Flat Products) TSL
Name :	Mr. Jon Ferriman
Designation :	Strip UK Hub Director, TSE
Name :	Mr. Hridayeshwar Jha
Designation :	Vice President (Odisha Project) TSL
Name :	Mr. Bimlendra Jha
Designation :	Vice President (Long Products) TSL
Name :	Mr. Alastair Aitken
Designation :	Supply Chain Director, TSE
Name :	Mr. Sanjeev Paul
Designation :	Vice President (Corporate Services) TSL
Name :	Mr. Theo Henrar
Designation :	Director (Sales and Marketing) TSE
Name :	Mr. P. Senthil Kumar
Designation :	Chief Human Resource Officer
Name :	Mr. Adriaan Vollebergh
Designation :	Director (Commercial Improvement projects) TSE
Name :	Ms. Helen Matheson
Designation :	Director (Legal) TSE
Name :	Mr. V. S. N. Murty
Designation :	Chief Financial Controller (Corporate) TSL
Name :	Mr. Rod Jones
Designation :	Managing Director Tata Consulting, TSE
Name :	Mr. Arun Misra
Designation :	Principal Executive Officer TSL
Name :	Mr. Vivek Kamra
Designation :	President and CEO NatSteel Holdings
Name :	Mr. Peeyush Gupta
Designation :	President and CEO Tata Steel Thailand
Name :	Mr. A. Anjeneyan
Designation :	Company Secretary and Chief of Compliance, TSL
Name :	Mr. Charudatta Deshpande
Designation :	Chief, Corporate Affairs and Communications TSL
Name :	Mr. Sytske Seyffert
Designation :	Director (Corporate Communications and Public Affairs) TSE

SHAREHOLDING PATTERN

As on: 31.03.2013

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	303482902	31.96
Any Others (Specify)	1031460	0.11
Trusts	1031460	0.11
Sub Total	304514362	32.07
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	304514362	32.07
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	32827764	3.46
Financial Institutions / Banks	4991974	0.53
Central Government / State Government(s)	121659	0.01
Insurance Companies	226693084	23.88
Foreign Institutional Investors	134527705	14.17
Any Others (Specify)	218894	0.02
Foreign Bodies DR	16379	0.00
Foreign Institutional Investors - DR	202065	0.02
Foreign Nationals - DR	450	0.00
Sub Total	399381080	42.06
(2) Non-Institutions
Bodies Corporate	28189021	2.97
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	189904214	20.00
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	27482004	2.89
Any Others (Specify)	5625	0.00
Foreign Corporate Bodies	5625	0.00
Sub Total	245580864	25.86
Total Public shareholding (B)	644961944	67.93
Total (A)+(B)	949476306	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	21738923	0.00
Sub Total	21738923	0.00
Total (A)+(B)+(C)	971215229	0.00

Shareholding belonging to the category "Promoter and Promoter Group"

		Details of Shares held		Encumbered shares (*)			Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
Sl.No.	Name of the Shareholder	No. of Shares held	As a % of grand total (A)+(B)+(C)	No	As a percentage	As a % of grand total (A)+(B)+(C) of sub-clause (I)(a)
1	Tata Sons Limited	288898245	29.75	20000000	6.92	2.06	28.50
2	Tata Motors Limited	4432497	0.46	0	0.00	0.00	0.44
3	Tata Chemicals Limited	2491977	0.26	0	0.00	0.00	0.25
4	Tata Investment Corporation Limited	3385885	0.35	0	0.00	0.00	0.33
5	Ewart Investments Limited	1795142	0.18	0	0.00	0.00	0.18
6	Rujuvalika Investments Limited	1168393	0.12	0	0.00	0.00	0.12
7	Sir Dorabji Tata Trust	842460	0.09	0	0.00	0.00	0.08
8	Sheba Properties Limited	491542	0.05	0	0.00	0.00	0.05
9	Tata Industries Limited	791675	0.08	0	0.00	0.00	0.08
10	Sir Ratan Tata Trust	189000	0.02	0	0.00	0.00	0.02
11	Tata Global Beverages Limited	12021	0.00	0	0.00	0.00	0.00
12	Titan Industries Limited	2025	0.00	0	0.00	0.00	0.00
13	Tata Capital Limited	13500	0.00	0	0.00	0.00	0.00
	Total	304514362	31.35	20000000	6.57	2.06	30.04

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Life Insurance Corporation of India	145467247	14.98	14.35
2	ICICI Prudential Life Insurance Company Limited	12803098	1.32	1.26
3	Government of Singapore	16417074	1.69	1.62
4	New India Assurance Company Limited	10784993	1.11	1.06
5	National Insurance Company Limited	11179459	1.15	1.10
6	HDFC Trustee Company Limited	16880099	1.74	1.67
	Total	213531970	21.99	21.06

Shareholding belonging to the category "Public" and holding more than 5% of the Total No. of Shares

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Life Insurance Corporation of India	145467247	14.98	14.35
	Total	145467247	14.98	14.35

Details of Locked-in Shares

Sl. No.	Name of the Shareholder	No. of Shares	Locked-in Shares as % of Total No. of Shares
1	Tata Sons Limited	27000000	2.78
	Total	27000000	2.78

Details of Depository Receipts (DRs)

Sl. No.	Type of Outstanding DR (ADRs, GDRs, SDRs, etc.)	No. of Outstanding DRs	No. of Shares Underlying  Outstanding DRs	Shares Underlying Outstanding DRs as % of Total No. of Shares
1	GDR held by Citibank N A New York Nyadr Department	21738923	21738923	2.24
	Total	21738923	21738923	2.24

BUSINESS DETAILS

Line of Business :

Subject is engaged in Manufacturing and Distribution of Steel Products as well as Mining and Processing of Iron Ore and Coal for its Steel Production.

Products :

Items Code No.	Product Description
72082600	Flat Rolled Products of Non Alloy Steel of a width of 600 mm and more hot rolled coils of thickness 1.6 mm to 12 mm
73045901	Tubes/Pipes etc. of circular section with outer diameter upto 114.3 mm, not cold rolled
72091600 / 72091700	Flat Rolled Products of Iron or Non Alloy Steel, of a width of 600 mm or more, cold rolled (cold reduced), not clad, plated or coated of thickness 0.5 mm or more but less than 3 mm

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Crude Steel (Jamshedpur, Jharkhand)	Tonnes	6800000	6855424
Wire Rods (Tarapur, Maharashtra)	Tonnes	300000	296566
Wires (Borivali, Tarapur; Maharashtra), (Indore, Madhya Pradesh) and (Bengaluru, Karnataka)	Tonnes	213900	191128
Ferro Manganese and Silico Manganese (Joda, Odisha)	Tonnes	50000	49500
Charge Chrome (Bamnipal, Odisha)	Tonnes	50000	45054
Welded Steel Tubes (Jamshedpur, Jharkhand)	Tonnes	288000	281623
Metallurgical Machinery (Jamshedpur, Jharkhand)	Tonnes	--	13515
Bearings (Kharagpur, West Bengal)	Numbers	25000000	33085368

Notes :

· As certified by the Managing Director and accepted by the Auditors.

· Including production for works use and for conversion by the third parties into finished goods for sale.

· The actual production of Saleable Steel during the year is 6690996 tonnes including semi-finished steel produced 1533806 tonnes and steel transferred for manufacture into Tubes/C.R. Strips at the Company’s Tubes Division 390690 tonnes / steel transferred for manufacture of Cold Rolled Coils at the Company’s Cold Rolling Mill Division (West) 229701 tonnes and steel transferred for manufacture of Wire Rods 291234 tonnes and wires 270163 tonnes at the Company’s Wire Rod Mill (West) division.

· Including Tubes used in manufacture of Tubular Steel Structures and Scaffoldings.

· There is no separate installed capacity.

GENERAL INFORMATION

No. of Employees :

81251 (Approximately)

Bankers :

· State Bank of India, Madame came Road, Mumbai – 400 021, Maharashtra, India

· Central Bank of India, Madras Stock Exchange Building, 11, 2nd Line Beach, Chennai – 600 001, Tamilnadu, India

· Standard Chartered Bank, 4, Netaji Subhas Road, Kolkata – 700 001, West Bengal, India

· Industrial Development Bank of India

· Citibank International P.L.C.

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term loans
From financial institutions and others^(1)(a)	19154.700	18600.500
Repayable on demand
From banks ^(1)(b)	0.000	1491.300
Total	19154.700	20091.800

Additional information:

(1) Details of outstanding secured borrowings are as follows:

(a) Represents loan from Joint Plant Committee – Steel Development Fund which includes funded interest 3161.300 Millions (31.03.2011: Rs.2800.600 Millions). It is repayable in 16 equal semi-annual installments after completion of 4 years from the date of receipt of the last tranche.

It is secured by mortgages, ranking pari passu inter se, on all present and future fixed assets, excluding land and buildings mortgaged in favour of Government of India for constructing a hostel for trainees at Jamshedpur and setting up a dispensary and a clinic at collieries, land and buildings, plant and machinery and movables of the Tubes division and the Bearings division mortgaged in favour of the financial institutions and banks, assets of the Ferro Alloys Plant at Bamnipal mortgaged

in favour of State Bank of India and assets of Cold Rolling Complex (West) at Tarapur and a floating charge on other properties and assets (excluding investments) of the Company, subject to the prior floating charge in favour of banks under item A (b).

The Company has filed a writ petition before the High Court at Kolkata in February 2006 claiming waiver of the outstanding loan and interest and refund of the balance lying with Steel Development Fund and the matter is sub-judice.

Loan from the Joint Plant Committee-Steel Development Fund includes Rs.14118.400 Millions (31.03.2011: Rs. 13174.900 Millions) representing repayments and interest on earlier loans for which applications of funding are awaiting sanction is not secured by charge on movable assets of the Company.

(b) Loan from banks repayable on demand are secured by hypothecation of stocks, stores and book debts, ranking in priority to the floating charge under item A (a).

Banking Relations :	--
Auditors :
Name :	Messrs Deloittee Haskins and Sells Chartered Accountants
A. Subsidiaries:	i) Adityapur Toll Bridge Company Limited, India ii) Centennial Steel Company Limited, India iii) Gopalpur Special Economic Zone Limited, India iv) Jamshedpur Utilities and Services Company Limited, India 1. Haldia Water Management Limited, India 2. Naba Diganta Water Management Limited, India 3. SEZ Adityapur Limited, India v) Kalimati Investment Company Limited, India 1. Bangla Steel and Mining Company Limited, Bangladesh vi) Lanka Special Steels Limited, Sri Lanka vii) NatSteel Asia Pte. Limited, Singapore 1. Tata Steel Asia (Hong Kong) Limited, Hongkong S.A.R. 2. Tata Steel Resources Australia Pty. Limited, Australia viii) Sila Eastern Limited, Thailand ix) T S Alloys Limited, India x) Tata Incorporated, USA xi) Tata Korf Engineering Services Limited, India xii) Tata Metaliks Limited, India 1. Tata Metaliks Kubota Pipes Limited, India xiii) TRL Krosaki Refractories Limited, India 1. TRL Asia Private Limited, Singapore 2. TRL China Limited, China xiv) Tayo Rolls Limited India xv) Tata Steel (KZN) (Pty) Limited, South Africa xvi) Tata Steel Holdings Pte. Limited, Singapore 1. Tata Steel Global Holdings Pte Limited, Singapore I. Orchid Netherlands (No.1) B.V., Netherlands II. NatSteel Holdings Pte. Limited, Singapore 1. Best Bar Pty. Limited, Australia 2. Best Bar (Vic ) Pte. Limited, Australia 3. Burwill Trading Pte. Limited, Singapore 4. Easteel Construction Services Pte. Limited, Singapore 5. Easteel Services (M) Sdn. Bhd., Malaysia 6. Eastern Steel Fabricators Phillipines, Inc., Phillipines 7. Eastern Steel Services Pte. Limited, Singapore 8. Eastern Wire Pte. Limited, Singapore 9. Materials Recycling Pte. Limited, Singapore 10. NatSteel (Xiamen) Limited, China 11. NatSteel Asia (S) Pte. Limited, Singapore 12. NatSteel Australia Pty. Limited, Australia 13. NatSteel Equity IV Pte. Limited, Singapore 14. Natsteel Recycling Pte Limited, Singapore 15. NatSteel Trade International (Shanghai) Company Limited, China 16. NatSteel Trade International Pte. Limited, Singapore 17. NatSteel Vina Co. Limited, Vietnam 18. PT Materials Recycling Indonesia, Indonesia 19. The Siam Industrial Wire Company Limited, Thailand 20. Wuxi Jinyang Metal Products Co. Limited, China III. Tata Steel International (Singapore) Holdings Pte. Limited, Singapore 1. TSIA Holdings (Thailand) Limited, Thailand 2. Tata Steel International (Guangzhou) Limited, China 3. Tata Steel International (Shanghai) Limited, China 4. Tata Steel International (Malaysia) Sdn. Bhd., Malaysia 5. Tata Steel International (Thailand) Limited, Thailand 6. Tata Steel International (Singapore) Pte. Limited, Singapore 7. Tata Steel international (Asia) Limited, Hongkong S.A.R. 8. Tata Steel International (Hongkong) Limited , Hongkong S.A.R. IV. Tata Steel Europe Limited UK 1. Almana Steel Dubai (Jersey) Limited, Jersey 2. Apollo Metals Limited, USA 3. Ashorne Hill Management College, UK 4. Augusta Grundstucks GmbH, Germany 5. Automotive Laser Technologies Limited, UK 6. B S Pension Fund Trustee Limited, UK 7. Bailey Steels Limited, UK 8. Beheermaatschappij Industriele Produkten B.V., Netherlands 9. Belfin Beheermaatschappij B.V., Netherlands 10. Bell & Harwood Limited, UK 11. Blastmega Limited, UK 12. Blume Stahlservice GmbH, Germany 13. Blume Stahlservice Polska Sp.Z.O.O, Poland 14. Bore Samson Group Limited, UK 15. Bore Steel Limited, UK 16. British Guide Rails Limited, UK 17. British Steel Corporation Limited, UK 18. British Steel De Mexico S.A. de C.V., Mexico 19. British Steel Directors (Nominees) Limited, UK 20. British Steel Employee Share Ownership Trustees Limited, UK 21. British Steel Engineering Steels (Exports) Limited, UK 22. British Steel Holdings B.V., Netherlands 23. British Steel International B.V., Netherlands 24. British Steel Nederland International B.V., Netherlands 25. British Steel Samson Limited, UK 26. British Steel Service Centres Limited, UK 27. British Steel Tubes Exports Limited, UK 28. British Transformer Cores Limited, UK 29. British Tubes Stockholding Limited, UK 30. Bs Quest Trustee Limited, UK 31. Bskh Corporate Services (UK) Limited, UK 32. Burgdorfer Grundstuecks GmbH, Germany 33. C V Benine, Netherlands 34. C Walker and Sons Limited, UK 35. Catnic GmbH, Germany 36. Catnic Limited, UK 37. Cbs Investissements SAS, France 38. Cladding and Decking (UK) Limited, UK 39. Cogent Power Inc., Canada 40. Cogent Power Inc., Mexico 41. Cogent Power Inc., USA 42. Cogent Power Limited, UK 43. Cold drawn Tubes Limited, UK 44. Color Steels Limited, UK 45. Corbeil Les Rives SCI, France 46. Corby (Northants) and District Water Company, UK 47. Cordor (Cand B) Limited, UK 48. Corus Aerospace Service Centre Suzhou Company Limited, China 49. Corus Aluminium Limited, UK 50. Corus Aluminium Verwaltungsgesellschaft Mbh, Germany 51. Corus Beteiligungs GmbH, Germany 52. Corus Brokers Limited, UK 53. Corus Building Systems Bulgaria AD, Bulgaria 54. Corus Building Systems N.V., Belgium 55. Corus Building Systems SAS, France 56. Corus Byggesystemer A/S, Denmark 57. Corus Byggsystem AB, Sweden 58. Corus Byggsystemer A/S, Norway 59. Corus CNBV Investments, UK 60. Corus Coatings Usa Inc., USA 61. Corus Cold drawn Tubes Limited, UK 62. Corus Consulting B.V. Netherlands 63. Corus Electrical Limited, UK 64. Corus Engineering Limited, UK 65. Corus Engineering Steels (UK) Limited, UK 66. Corus Engineering Steels Holdings Limited, UK 67. Corus Engineering Steels Limited, UK 68. Corus Engineering Steels Overseas Holdings Limited, UK 69. Corus Finance Limited, UK 70. Corus Group Limited, UK 71. Corus Holdings Limited, UK 72. Corus Holdings SA, France 73. Corus India Limited, India 74. Corus International (Overseas Holdings) Limited, UK 75. Corus International Bulgaria Limited, Bulgaria 76. Corus International Limited UK 77. Corus International Representacoes Do Brasil Ltda., Brazil 78. Corus International Romania SRL., Romania 79. Corus Investments Limited, UK 80. Corus Ireland Limited, Ireland 81. Corus Large Diameter Pipes Limited, UK 82. Corus Liaison Services (India) Limited, UK 83. Corus Management Limited UK 84. Corus Metal Iberica S.A, Spain 85. Corus Metals Limited, UK 86. Corus Multi-Metals Limited, UK 87. Corus Norge A/S, Norway 88. Corus Packaging Plus Norway AS, Norway 89. Corus Primary Aluminium B.V., Netherlands 90. Corus Properties (Germany) Limited, UK 91. Corus Property UK 92. Corus Quest Trustee Limited, UK 93. Corus Rail Limited, UK 94. Corus Republic Of Ireland Subsidiaries Pension Scheme Trustee Limited, Ireland 95. Corus Service Center Milano Spa, Italy 96. Corus Service Centre Limited, N Ireland 97. Corus Sheet and Tube Inc,. USA 98. Corus Stainless Limited, UK 99. Corus Stainless UK Limited, UK 100. Corus Steel Limited, UK 101. Corus Steel Service STP LLC, Russia 102. Corus Trico Holdings Inc. USA 103. Corus Tubes Poland Spolka Z.O.O, Poland 104. Corus UK Healthcare Trustee Limited, UK 105. Corus Ukraine LLC, Ukraine 106. Cpn (85) Limited, UK 107. Crucible Insurance Company Limited, I of Man 108. Degels GmbH, Germany 109. Demka B.V., Netherlands 110. Dsrm Group Plc., UK 111. Ees Group Services Limited, UK 112. EES Nederland B.V., Netherlands 113. Eric Olsson and Soner Forvaltnings AB, Sweden 114. Esmil B.V., Netherlands 115. Euro-Laminations Limited, UK 116. European Electrical Steels Limited ,UK 117. Europressings Limited, UK 118. Firsteel Group Limited, UK 119. Firsteel Holdings Limited, UK 120. Firsteel Strip Mill Products Limited, UK 121. Fischer Profielen NV, Belgium 122. Fischer Profil GmbH, Germany 123. Gamble Simms Metals Limited, Ireland 124. Grant Lyon Eagre Limited UK 125. H E Samson Limited, UK 126. Hadfields Holdings Limited, UK 127. Hammermega Limited, UK 128. Harrowmills Properties Limited, UK 129. Hille and Muller GmbH, Germany 130. Hille and Muller Usa Inc., USA 131. Holorib GmbH, Germany 132. Hoogovens (UK) Limited, UK 133. Hoogovens Aluminium UK Limited, UK 134. Hoogovens Finance B.V., Netherlands 135. Hoogovens Technical Services Mexico De S. De R.L. De C.V,. Mexico 136. Hoogovens Usa Inc., USA 137. Huizenbezit “Breesaap” B.V. ,Netherlands 138. Ickles Cottage Trust, UK 139. Immobilliere De Construction De Maubeuge Et Louvroil SAS, France 140. Industrial Steels Limited, UK 141. Inter Metal Distribution SAS, France 142. Kalzip Asia Pte Limited, Singapore 143. Kalzip GmbH, Germany 144. Kalzip GmbH, Austria 145. Kalzip Guanhzou Limited, China 146. Kalzip Inc, USA 147. Kalzip Italy SRL, Italy 148. Kalzip Limited, UK 149. Kalzip Spain S.L.U., Spain 150. Layde Steel S.L., Spain 151. Lister Tubes Limited, Ireland 152. London Works Steel Company Limited, UK 153. Midland Steel Supplies Limited, UK 154. Mistbury Investments Limited ,UK 155. Montana Bausysteme AG, Switzerland 156. Myriad Deutschland GmbH, Germany 157. Myriad Espana Sl, Spain 158. Myriad Nederland B.V., Netherlands 159. Myriad SA, France 160. Myriad United Kingdom Limited, UK 161. Namascor B.V., Netherlands 162. Nationwide Steelstock Limited, UK 163. Oostflank B.V., Netherlands 164. Orb Electrical Steels Limited, UK 165. Ore Carriers Limited, UK 166. Oremco Inc., USA 167. Plated Strip International Limited, UK 168. Precoat International Limited, UK 169. Precoat Limited UK 170. Rafferty-Brown Steel Company Inc of Conn., USA 171. Richard Thomas And Baldwins 1978. Limited, New Zealand 172. Round Oak Steelworks Limited, UK 173. Runblast Limited ,UK 174. Runmega Limited, UK 175. S A B Profiel B.V., Netherlands 176. S A B Profil GmbH ,Germany 177. Sacra-Nord SAS, France 178. Scrap Processing Holding B.V., Netherlands 179. Seamless Tubes Limited, UK 180. Service Center Gelsenkirchen GmbH, Germany 181. Service Centre Maastricht B.V., Netherlands 182. SIA Corus Building Systems, Latvia 183. Simiop Investments Limited, UK 184. Simiop Limited, UK 185. Skruv Erik AB, Sweden 186. Societe Europeenne De Galvanisation (Segal) Sa, Belgium 187. Staalverwerking En Handel B.V., Netherlands 188. Stainless Velsen-Noord BV,Netherlands 189. Steel Stock Holdings Limited, UK 190. Steelstock Limited, UK 191. Stewarts and Lloyds Of Ireland Limited, Ireland 192. Stewarts And Lloyds (Overseas) Limited, UK 193. Stocksbridge Works Cottage Trust Limited, UK 194. Stuwadoorsbedrijf Velserkom B.V. ,Netherlands 195. Surahammar Bruks AB ,Sweden 196. Swinden Housing Association, UK 197. Tata Steel Belgium Packaging Steels N.V., Belgium 198. Tata Steel Belgium Services N.V., Belgium 199. Tata Steel Europe Distribution BV, Netherlands 200. Tata Steel Europe Metals Trading BV, Netherlands 201. Tata Steel France Batiment et Systemes SAS, France 202. Tata Steel France Rail SA, France 203. Tata Steel Germany GmbH, Germany 204. Tata Steel Hungary LLC Hungary 205. Tata Steel Ijmuiden BV Netherlands 206. Tata Steel International (Americas) Holdings Inc USA 207. Tata Steel International (Americas) Inc USA 208. Tata Steel International (Australasia) Limited New Zealand 209. Tata Steel International (Benelux) BV Netherlands 210. Tata Steel International (Canada) Holdings Inc, Canada 211. Tata Steel International (Czech Republic) S.R.O, Czech Republic 212. Tata Steel International (Denmark) A/S, Denmark 213. Tata Steel International (Finland) OY, Finland 214. Tata Steel International (France) SAS, France 215. Tata Steel International (Germany) GmbH, Germany 216. Tata Steel International Hellas SA, Greece 217. Tata Steel International (Italia) SRL, Italy 218. Tata Steel International (Middle East) FZ, UAE 219. Tata Steel International (Nigeria) Limited, Nigeria 220. Tata Steel International (North America) Limited, USA 221. Tata Steel International (Poland) sp Z.o.o., Poland 222. Tata Steel International (Schweiz) AG, Switzerland 223. Tata Steel International (Sweden) AB, Sweden 224. Tata Steel International (UK) Limited, UK 225. Tata Steel International (India) Limited, India 226. Tata Steel Istanbul Metal Sanayi ve Ticaret AS, Turkey 227. Tata Steel Logistics and Shipping BV, Netherlands 228. Tata Steel Nederland BV, Netherlands 229. Tata Steel Nederland Consulting and Technical Services BV, Netherlands 230. Tata Steel Nederland Investment BV, Netherlands 231. Tata Steel Nederland Perfo BV, Netherlands 232. Tata Steel Nederland Services BV, Netherlands 233. Tata Steel Nederland Star-Frame BV, Netherlands 234. Tata Steel Nederland Technology BV, Netherlands 235. Tata Steel Nederland Tubes BV, Netherlands 236. Tata Steel Netherlands Holdings B.V. Netherlands 237. Tata Steel UK Consulting Limited, UK 238. Tata Steel UK Holdings Limited, UK 239. Tata Steel UK Limited, UK 240. Tata Steel UK Rail Consultancy Limited, UK 241. Tata Steel Usa Inc,.USA 242. The Newport And South Wales Tube Company Limited, UK 243. The Stanton Housing Company Limited, UK 244. The Steel Company Of Ireland Limited, Ireland 245. The Templeborough Rolling Mills Limited, UK 246. Thomas Processing Company, USA 247. Thomas Steel Strip Corporation, USA 248. Tinsley Trailers Limited, UK 249. Toronto Industrial Fabrications Limited, UK 250. Trierer Walzwerk GmbH, Germany 251. Tulip Netherlands (No.1) B.V., Netherlands 252. Tulip Netherlands (No.2) B.V., Netherlands 253. Tulip UK Holdings (No.2) Limited, UK 254. Tulip UK Holdings (No.3) Limited, UK 255. Tuscaloosa Steel Corporation, USA 256. U .E.S. Bright Bar Limited, UK 257. UK Steel Enterprise Limited ,UK 258. UKse Fund Managers (General Partner) Limited, UK 259. UKse Fund Managers Limited ,UK 260. U nitol SAS, France 261. V lietjonge BV, Netherlands 262. Walker Manufacturing And Investments Limited, UK 263. Walkersteelstock Ireland Limited Ireland 264. Walkersteelstock Limited, UK 265. Westwood Steel Services Limited, UK 266. Whitehead (Narrow Strip) Limited, UK V. Tata Steel Global Minerals Holdings Pte Limited, Singapore 1. Al Rimal Mining LLC ,Oman 2. Black Ginger 461 (Proprietary) Limited, South Africa 3. Kalimati Coal Company Pty. Limited, Australia 4. Sedibeng Iron Ore Pty. Limited, South Africa 5. Tata Steel Cote D’ Ivoire S.A, Ivory Coast 6. Tata Steel Minerals UK Limited, UK 7. Tata Steel Minerals Canada Limited, Canada VI. Tata Steel (Thailand) Public Company Limited Thailand 1. N.T.S. Steel Group Plc,. Thailand 2. The Siam Construction Steel Company Limited, Thailand 3. The Siam Iron And Steel (2001) Company Limited, Thailand II. Tata Steel Global Procurement Company Pte. Limited, Singapore 1. ProCo Issuer Pte. Limited, Singapore xvii) Tata Steel Processing And Distribution Limited, India xviii) TM International Logistics Limited, India 1. International Shipping Logistics FZE, UAE 2. TKM Global China Limited, China 3. TKM Global GmbH ,Germany 4. TKM Global Logistics Limited, India 5. TM Harbour Services Private Limited, India xix) Indian Steel and Wire Products Limited, India xx) The Tata Pigments Limited, India xxi) T M Mining Company Limited, India xxii) Jamshedpur Continuous Annealing and Processing Company Private Limited, India xxiii) The Tinplate Company of India Limited, India
B. Joint Ventures of:	i) Tata Steel Limited 1. Bhubaneshwar Power Private Limited, India 2. Himalaya Steel Mill Services Private Limited, India 3. mjunction services limited, India 4. S and T Mining Company Private Limited, India 5. Tata BlueScope Steel Limited, India 6. Tata NYK Shipping Pte Limited, Singapore 7. The Dhamra Port Company Limited, India ii) Tata Steel Holdings Pte. Limited a) Tata Steel Global Holdings Pte Limited I. Tata Steel Europe Limited 1. Afon Tinplate Company Limited, UK 2. Air Products Llanwern Limited, UK 3. B V Ijzerleew, Netherlands 4. Bsr Pipeline Services Limited, UK 5. Caparo Merchant Bar Plc, UK 6. Corus Cogifer Switches And Crossings Limited, UK 7. Corus Kalpinis Simos Rom SRL., Romania 8. Danieli Corus Technical Services B.V., Netherlands 9. Hks Scrap Metals B.V., Netherlands 10. Ijzerhandel Geertsema Staal B.V., Netherlands 11. Industrial Rail Services Ijmond B.V., Netherlands 12. Laura Metaal Holding B.V., Netherlands 13. Norsk Stal AS Norway 14. Norsk Stal Tynnplater AS, Norway 15. Ravenscraig Limited, UK 16. Tata Elastron SA, Greece 17. Tata Elastron Steel Service Center SA, Greece 18. Tata Steel Ticaret AS, Turkey 19. Texturing Technology Limited, UK 20. Redcar Bulk Terminal Limited UK II. Tata Steel Global Minerals Holdings Pte. Limited 1. Rio Tinto Benga (Mauritius) Limited, Mauritius
C. Associate through:	i) Kalimati Investment Company Limited, India 1. Rujuvalika Investments Limited ii) NatSteel Asia Pte. Limited 1. Steel Asia Development and Management Corp., Philippines 2. Steel Asia Industries Inc., Philippines 3. Steel Asia Manufacturing Corporation, Philippines iii) Tata Incorporated 1. Tkm Overseas Limited, India iv) TRL Krosaki Refractories Limited 1. Almora Magnesite Limited, India v) Tata Steel Limited 1. Indian Steel Rolling Mills Limited, India 2. Industrial Energy Limited, India 3. Jamipol Limited, India 4. Kalinga Aquatics Limited, India 5. Kumardhubi Fireclay and Silica Works Limited, India 6. Kumardhubi Metal Casting and Engineering Limited, India 7. Nicco Jubilee Park Limited, India 8. Strategic Energy Technology Systems Private Limited, India 9. Tata Construction and Projects Limited, India 10. Tata Sponge Iron Limited India 11. TRL Krosaki Refractories Limited,India 12. The Tinplate Company of India Limited, India 13. TRF Limited, India vi) Tata Steel Holdings Pte. Limited a) Tata Steel Global Holdings Pte Limited I. Tata Steel International (Singapore) Holdings Pte. Limited 1. European Profiles Malaysia (M) Sdn.Bhd., Malaysia II. Tata Steel Europe Limited 1. Ab Norskstal AS, Norway 2. Albi Profils SRL, France 3. Appleby Frodingham Cottage Trust Limited, UK 4. Combulex B.V., Netherlands 5. Cv Gasexpansie Ijmond, Netherlands 6. Danieli Corus Canada Inc., Canada 7. Danieli Corus Asia B.V., Netherlands 8. Danieli Corus B.V., Netherlands 9. Danieli Corus Braseq Ltda., Brazil 10. Danieli Corus Construction Services B.V. Netherlands 11. Danieli Corus Construction Services Usa Inc., USA 12. Danieli Corus Do Brasil Ltda., Brazil 13. Danieli Corus Inc., USA 14. Danieli Corus Services Usa Inc. USA 15. Danieli India (Private) Limited, India 16. European Profiles (Marketing) Sdn.Bhd., Malaysia 17. Galvpro LP., USA 18. Gietwalsonderhoudcombinatie B.V. ,Netherlands 19. Hoogovens Court Roll Service Technologies Vof: ,Netherlands 20. Hoogovens Gan Multimedia S.A. De C.V., Mexico 21. Isolation Du Sud SA, France 22. Issb Limited, UK 23. MDC Sublance Probe Technology, Shanghai 24. Regionale Ontwikkelingsmaatschappij V oor Het Noordzeekanaalgebied N.V., Netherlands 25. Richard Lees Steel Decking Asia Snd. Bhd., Malaysia 26. Rsp Holding B.V., Netherlands 27. Schreiner Fleischer AS, Norway 28. Shanghai Bao Yi Beverage Can Making Company Limited, China 29. Sms Mevac UK Limited, UK 30. Thoresen and Thorvaldsen AS, Norway 31. Trico LLC, USA 32. Weirton/Hoogovens GP, USA 33. Wupperman Staal Nederland B.V., Netherlands III. Tata Steel Global Minerals Holdings Pte Limited 1. Riversdale Mining Limited, Australia 2. New Millennium Iron Corporation, Canada vii) The Indian Steel and Wire Products Limited 1. Metal Corporation of India Limited, India
D. Promoters holding together with its subsidiary is more than 20%	Tata Sons Limited

CAPITAL STRUCTURE

As on 14.08.2012

Authorised Capital : Rs. 83500.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 9712.152 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1750000000	Ordinary Shares	Rs.10/- each	Rs.17500.000 millions
350000000	"A" Ordinary Shares	Rs.10/- each	Rs.3500.000 millions
25000000	Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.2500.000 millions
600000000	Cumulative Convertible Preference Shares	Rs.100/- each	Rs.60000.000 millions
Total			Rs.83500.000 millions

Issued Capital :

No. of Shares	Type	Value	Amount
972126020	Ordinary Shares	Rs.10/- each	Rs.9721.300 millions

Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
971214450	Ordinary Shares	Rs.10/- each	Rs.9712.100 millions
Add	Amount paid up on 3,89,516 Ordinary Shares forfeited		Rs.2.000 millions
	Total		Rs.9714.100 millions

Additional information:

(1) The movement in subscribed and paid up share capital is set out below:

Ordinary Shares of Rs. 10 each	No. of shares	Rs. in Millions
At beginning of the year	959214450	9592.100
Shares allotted during the year	12000000^(a)	120.000

(a) 12000000 Ordinary Shares of face value of Rs.10 per share were allotted on 20th January, 2012 to Tata Sons Limited on preferential basis on conversion of warrants at a price of Rs.594 per share.

Object of the issue	31.03.2012
	Rs. in Millions	Rs. in Millions
Gross Proceeds of the issue Utilisation of funds		34770.000
Part finance the capital expenditure for expansion of the Company's existing works at Jamshedpur	18750.000	18750.000
Payment of redemption amounts on maturity of certain redeemable non-convertible debentures issued by the Company on a private placement basis	10900.000	10900.000
General corporate purposes	3903.000	-
Issue related expenses	1217.000	1022.600
Unutilised amount represented by:
Investments in Mutual Funds	4097.400	10142.700
Deposits with banks	-	24000.000
Bank balance	-	56.100

(iii) 146 Ordinary Shares of face value of Rs. 10 per share allotted on 3rd March, 2011 at a premium of Rs. 290 per share to shareholders whose shares were kept in abeyance in the Rights issue made in 2007.

(iv) 108 Ordinary Shares of face value of Rs. 10 per share allotted on 3rd March, 2011 at a premium of Rs. 590 per share to holders of CCPS in the ratio of 6:1 on conversion whose shares were kept in abeyance in the Rights issue made in 2007.

(c) The balance Ordinary Shares kept in abeyance are 307807 (31.03.2011: 3,07,807) in respect of rights issue of 2007.

(2) Shareholders holding more than 5 percent shares in the Company:

Name of shareholders	No. of Ordinary Shares	%
(a) Tata Sons Limited	288898245	29.75
(b) Life Insurance Corporation of India Limited	145709733	15.00

(3) Particulars of securities convertible into Ordinary Shares:

(a) In November 2009, the Company had issued 5469.35 numbers of 4.5% Foreign Currency Covertible Bonds (FCCBs) aggregating to USD 546.935 million. These represent 42112300 (31.03.2011: 41960304) underlying shares and are convertible at any time on or after 31st December, 2009 and upto 11th November, 2014 by the holders of such FCCBs at a conversion price of Rs. 602.1022 per share (31.03.2011: Rs. 604.2832 per share) and at a fixed USD/INR conversion rate of 46.36.

(b) In September 2007, the Company had issued 3,820 numbers of 1% Convertible Alternative Reference Securities (CARS) aggregating to USD 382 million. These represent 21047371 (31.03.2011: 21015711) underlying shares and are convertible at any time on or after 4th September, 2011 and upto 3.00 p.m. on 6th August, 2012 at the option of the holders at a conversion price of Rs. 730.5188 per share (31.03.2011: Rs. 731.6193 per share) and at a fixed USD/ INR conversion rate of 40.25.

Changes to premium payable on account of exchange fluctuation is transferred to "Foreign Currency Monetary Item Translation Difference Account" in accordance with Companies (Accounting Standards) Amendment Rules 2009 pertaining to Accounting Standard 11 (AS-11) notified by the Government of India on 31st March, 2009 (as amended on 29th December, 2011). Such exchange fluctuation on the premium payable is amotised over the balance period of CARS, by adjusting the same to securities premium reserve. Accordingly, an amount of Rs. 252.200 Millions (net of deferred tax Rs. 121.100 Millions) [2010-11: Rs. 20.700 Millions (net of deferred tax Rs.35.700 Millions)] has been adjusted against securities premium reserve on account of amortisation.

(3) (a) 3867 Shares (31.03.2011: 3867) of face value of Rs. 10 per share represent the shares underlying GDRs which were issued during 1994. Each GDR represents one underlying Ordinary Share.

(b) 18087222 Shares (31.03.2011: 23913921) of face value of Rs.10 per share represent the shares underlying GDRs which were issued during 2010. Each GDR represents one underlying Ordinary Share.

(4) The rights, powers and preferences relating to each class of share capital and the qualifcations, limitations and restrictions thereof are contained in the Memorandum and Articles of Association of the Company. The principle rights are as follows:

A. ordinary Shares of Rs. 10/- each

The Company has only one class of share capital namely Ordinary Shares having a face value of Rs. 10 per share.

(a) In respect of every Ordinary Share (whether fully paid or partly paid), voting right shall be in the same proportion as the capital paid up on such Ordinary Share bears to the total paid up ordinary capital of the Company.

(b) 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.

(c) In the event of liquidation, the shareholders of Ordinary Shares are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholdings.

b. 'A' ordinary Shares of Rs. 10/- each

(a) (i) The holders of 'A' Ordinary Shares shall be entitled to such rights of voting and/or dividend and such other rights as per the terms of the issue of such shares, provided always that:

in the case where a resolution is put to vote on a poll, such differential voting entitlement (excluding fractions, if any) will be applicable to holders of 'A' Ordinary Shares.

in the case where a resolution is put to vote in the meeting and is to be decided on a show of hands, the holders of 'A' Ordinary Shares shall be entitled to the same number of votes as available to holders of Ordinary Shares.

(ii) The holders of Ordinary Shares and the holders of 'A' Ordinary Shares shall vote as a single class with respect to all matters submitted for voting by shareholders of the Company and shall exercise such votes in proportion to the voting rights attached to such Shares including in relation to any scheme under Sections 391 to 394 of the Act.

(b) The holders of 'A' Ordinary Shares shall be entitled to dividend on each 'A' Ordinary Share which may be equal to or higher than the amount per Ordinary Share declared by the Board for each Ordinary Share, and as may be specified at the time of the issue. Different series of 'A' Ordinary Shares may carry different entitlements to dividend to the extent permitted under applicable law and as prescribed under the terms applicable to such issue.

C. Preference Shares

The Company has two classes of preference shares i.e. Cumulative Redeemable Preference Shares (CRPS) of Rs.100 per share and Cumulative Convertible Preference Shares (CCPS) of Rs. 100 per share.

(a) Such Shares shall confer on the holders thereof, the right to a fixed preferential dividend from the date of allotment, at a rate as may be determined by the Board at the time of the issue, on the capital for the time being paid up or credited as paid up thereon.

(b) Such Shares shall rank for capital and dividend (including all dividend undeclared upto the commencement of winding up) and for repayment of capital in a winding up, pari passu inter se and in priority to the Ordinary Shares of the Company, but shall not confer any further or other right to participate either in Profits or assets. However, in case of CCPS, such preferential rights shall automatically cease on conversion of these shares into Ordinary Shares.

(c) The holders of such Shares shall have the right to receive all notices of general meetings of the Company but shall not confer on the holders thereof the right to vote at any meetings of the Company save to the extent and in the manner provided in the Companies Act, 1956, or any re-enactment thereof.

(d) CCPS shall be converted into Ordinary Shares as per the terms, determined by the Board at the time of issue; as and when converted, such Ordinary Shares shall rank pari pasu with the then existing Ordinary Shares of the Company in all respects.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9714.100	9594.100	8874.100
2] Share Warrants		0.000	1782.000	0.000
3] Reserves and Surplus		516499.500	458070.200	360743.900
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		526213.600	469446.300	369618.000
LOAN FUNDS
1] Secured Loans		19154.700	20091.800	22593.200
2] Unsecured Loans		195033.500	226390.000	229798.800
TOTAL BORROWING		214188.200	246481.800	252392.000
DEFERRED TAX LIABILITIES		9705.100	9368.000	8676.700
Provision for employees separation compensation		0.000	0.000	9571.600
Foreign currency monetary item translation difference account		0.000	0.000	2069.500
HYBRID PERPETUAL SECURITIES		22750.000	15000.000	0.000
TOTAL		772856.900	740296.100	642327.800
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		113662.600	118051.000	160060.300
Capital work-in-progress		160584.900	56122.800	0.000
INVESTMENT		502825.200	465649.400	449796.700
DEFERRED TAX ASSETS		0.000	0.000	0.000
FOREIGN CURRENCY MONETARY ITEM TRANSLATION DIFFERENCE ACCOUNT		4049.000	0.000	0.000
CURRENT ASSETS, LOANS and ADVANCES
	Inventories	48589.900	39537.600	24539.900
	Sundry Debtors	9040.800	4240.200	4348.300
	Cash and Bank Balances	39469.900	41387.800	32341.400
	Other Current Assets	1249.400	1404.900	6237.600
	Loans and Advances	82438.900	169123.500	55038.900
Total Current Assets		180788.900	255694.000	122506.100
Less : CURRENT LIABILITIES and PROVISIONS
	Sundry Creditors	59732.300	44648.100	7728.500
	Other Current Liabilities	90146.000	66359.800	58841.600
	Provisions	39175.400	44213.200	23465.200
Total Current Liabilities		189053.700	155221.100	90035.300
Net Current Assets		(8264.800)	100472.900	32470.800
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		772856.900	740296.100	642327.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	339334.600	293963.500	250219.800
		Other Income	8864.300	5283.600	8537.900
		TOTAL	348198.900	299247.100	258757.700
Less	EXPENSES
		Raw materials consumed	80143.700	62440.100	160698.900
		Purchase of finished, semi-finished and other products	2095.200	1802.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(2207.200)	(1736.500)
		Employee benefits expense	30472.600	28374.600
		Other expenses	118244.900	90248.200
		Expenditure (other than interest) transferred to capital and other accounts	(4782.300)	(1987.800)
		TOTAL	223966.900	179140.600	160698.900
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		124232.000	120106.500	98058.800
Less	FINANCIAL EXPENSES		19254.200	17357.000	15084.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		104977.800	102749.500	82974.800
Less/ Add	DEPRECIATION/ AMORTISATION		11514.400	11461.900	10831.800
	PROFIT BEFORE TAX AND EXCEPTIONAL ITEMS		93463.400	91287.600	-
Less/ Add	EXCEPTIONAL ITEM		5110.100	6480.900	-
	PROFIT BEFORE TAX		98573.500	97768.500	72143.000
Less	TAX		31609.300	29111.600	21675.000
	PROFIT AFTER TAX		66964.200	68656.900	50468.000
Less	DISTRIBUTION ON HYBRID PERPETUAL SECURITIES		1733.000	45.400	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		166394.600	127726.500	94967.000
Add	BALANCE BROUGHT FORWARD – HOOGHLY MET COKE AND POWER COMPANY LIMITED ON AMALGAMATION		-	-	122.800
Add	BALANCE OF CENTENNIAL STEEL COMPANY LIMITED ON AMALGAMATION		8.700	-	-
Less	APPROPRIATIONS
		Proposed Dividends	11654.600	11510.600	7097.700
		Dividend on Cumulative Convertible Preference Shares	0.000	0.000	458.800
		Tax on Dividends	1815.700	1567.100	1228.000
		General Reserve	6696.400	6865.700	5046.800
		Debenture Redemption Reserve	0.000	10000.000	4000.000
	BALANCE CARRIED TO THE B/S		211467.800	166394.600	127726.500
	EARNINGS IN FOREIGN CURRENCY
		Export of Steel and other materials	18048.700	22523.700	20348.100
		Interest received	755.500	579.000	206.000
		Others	(299.500)	637.000	440.700
	TOTAL EARNINGS		18504.700	23739.700	20994.800
	IMPORTS
		Raw Materials	59121.400	43695.400	31025.700
		Semi-Finished Products	358.500	235.500	53.800
		Components, Stores and Spare Parts	4663.400	3534.800	2618.800
		Capital Goods	14252.300	7124.500	6727.100
	TOTAL IMPORTS		78395.600	54590.200	40425.400
	Earnings Per Share (Rs.)
	Basic		67.84	75.63	60.26
	Diluted		66.62	70.99	57.31

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
Type	1st Quarter	2^ndQuarter	3^rdQuarter
Net Sales	89080.300	91505.600	93703.100
Total Expenditure	61282.100	66343.400	68441.300
PBIDT (Excl OI)	27798.200	25162.200	25261.800
Other Income	1518.900	2396.900	357.200
Operating Profit	29317.100	27559.100	25619.000
Interest	4544.400	4539.300	5089.800
Exceptional Items	0.000	96.000	0.000
PBDT	24772.700	23115.800	20529.200
Depreciation	3543.900	3912.800	4339.400
Profit Before Tax	21228.800	19203.000	16189.800
Tax	7663.200	5694.900	5725.900
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	13565.600	13508.100	10463.900
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	13565.600	13508.100	10463.900

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	19.23	22.94	19.50
Net Profit Margin (PBT/Sales)	(%)	29.04	33.26	28.83
Return on Total Assets (PBT/Total Assets}	(%)	33.48	26.16	25.53
Return on Investment (ROI) (PBT/Networth)		0.19	0.21	0.20
Debt Equity Ratio (Total Debt/Networth)		0.41	0.53	0.68
Current Ratio (Current Asset/Current Liability)		0.96	1.65	1.36

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs in Millions)

Particular	31.03.2012	31.03.2011	31.03.2010
Creditors for supplies/services	51110.700	39202.100	7728.500
Creditors for accrued wages and salaries	8621.600	5446.000
Total	59732.300	44648.100	7728.500

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--------
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--------
26]	Buyer visit details	--------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

DETAILS OF LITIGATION

Case Details

Bench-Bombay

Stamp No.: WPST/23432/2012

Filing Date: 24.08.2012

Reg. No.: WP/8320/2012

Reg. Date: 29.08.2012

Petitioner: MUMBAI LABOUR UNION Respondednt: TATA STEEL LIMITED AND ORS -

Petn. Adv : SMT. NEETA KARNIK Resp.Adv.: LOKESH DIGAMBERRAO ZADE

Distrist : Thane

Bench: SINGLE

Status : Pre- Admission Stage: FOR ADMISION – FRESH [CIVIL SIDE MATTERS]

Next Date: 24.06.2013

Coram: ACCORDING TO SITTING LIST Stage: PETITIONS FOR ADMISSION – AFTER

ACCORDING TO SITTING LIST NOTICE [CIVIL SIDE MATTERS]

Last Date: 01.04.2013

Last Coram: HON’BLE SHRI JUSTICS R.M. SAVANT

Act: Industrial Dispute Act, 1947

TATA STEEL GROUP PERFORMANCE

Gross steel deliveries were at par with previous year in line with the underlying market conditions. Tata Steel India deliveries were higher by 3% while Tata Steel Europe and Tata Steel Thailand deliveries declined by 5% and 12% respectively. Deliveries of NatSteel Holdings were at par with the previous year.

Tata Steel India's turnover increased by 15% due to better market conditions and enhanced product mix. Higher revenues from sale of automotive and branded products and increased sale of long products in the retail segment, contributed to the increased turnover. The turnover of Tata Steel Europe and NatSteel increased by 3% and 4% respectively while there was a reduction in the turnover of Tata Steel Thailand by 2% (in their respective reporting currencies).

Earnings before interest, taxes and depreciation (EBIDTA) of the group was Rs.135330.000 Millions in Financial Year 2011-12 compared to Rs. 171160.000 Millions in Financial Year 2010-11.

Indian operations:

Tata Steel completed the year 2011-12 with an all-round increase in the production levels. The production of hot metal (7.75 mt), crude steel (7.13 mt) and saleable steel (6.97 mt) are the highest milestones for the Company till date. The production from the larger furnaces was maximised with better productivity and lower coke consumption while increased vessel life in the steel melting area enhanced the liquid steel production levels.

The deliveries during Financial Year 2011-12 were 6.63 million tonnes compared to 6.42 million tonnes in the previous year. There were several best ever performances recorded by many units of the Company during Financial Year 2011-12.

The special improvement initiative, the 'Kar Vijay Har Shikhar' programme launched in India, has resulted in savings of Rs.9450.000 Millions in Financial Year 2011-12. The program is an operations transformation exercise implemented through a focused methodology to de-bottleneck processes in order to increase throughput and reduce costs across functions, notably marketing, mining and production. Application of 'Theory of Constraints' in the Marketing function has led them to leverage Their retail network to push unique value propositions to customers, replenishing stocks at dealer levels on a predetermined basis, resulting in robust retail sales and better margins.

The Ferro Alloys and Minerals Division (FAMD) registered total sales volume of 1,351k tonnes in Financial Year 2011-12 as against 1,464k tonnes in Financial Year 2010-11. Lower sales of Chrome concentrate and Pyroxenite resulted in lower overall FAMD sales. Sales of Ferro alloys (Chrome and Manganese Alloys) registered an increase of 17% (Financial Year 2011-12: 309 k tonnes; Financial Year 2010-11: 264k tonnes) and dolomite sales registered an increase of 15% (Financial Year 2011-12: 480k tonnes; Financial Year 2010-11: 417 k tonnes). FAMD continues to supplement Profits of the Steel division, in spite of weakness in international demand witnessed in the second half of the financial year.

The Tubes division recorded sales of 377k tonnes in Financial Year 2011-12 compared to 366k tonnes in Financial Year 2010-11, an increase of 3% over the previous year. This was due to improved demand in the irrigation and infrastructure segments and increasing order book of Tata Structure. The year also marked the unveiling of the 'CHARKHA' at Oval Maidan, Mumbai - a symbol of the innovative and futuristic applications of the Tata Structure hollow section.

The Bearings division registered sales of 34.54 million numbers in Financial Year 2011-12 compared to 32.95 million numbers in Financial Year 2010-11, signifying growth of 5%, driven primarily by robust demand from the auto segment.

European operations:

Sales volume in Europe remained fat through the year at around 3.5 million tonnes per quarter. The liquid steel production for the year was 14 million tonnes. Higher demand driven by restocking resulted in a sharp increase of 12% in the first quarter of Financial Year 2011-12, before weakening demand and stabilising raw material costs saw average revenue per tonne fall steadily each quarter through the year. The fourth quarter average revenue per tonne was 9% lower than the first quarter.

The Company's European operations were impacted on account of excess steel capacity in the Eurozone and weak underlying demand. Each quarter witnessed steeper decline in steel price compared to raw material prices, resulting in cost/price squeeze. Management continued its efforts to restructure Long Products business at Scunthorpe, aligned business operations to current and projected demand in Speciality business, infused capital to improve asset quality and energy efficiency while simultaneously implemented cost reduction program titled 'Step Up and Save'.

In order to enhance customer service, Tata Steel Europe (TSE) is implementing a 'Supply Chain Transformation' project, aimed at allocating customer demand to the production hubs in the most efficient and cost-effective manner. This is expected to reduce inventory levels, improve delivery compliance and strengthen customer relationships. During the financial year 2011-12, TSE's customer orientation was much appreciated. The Company was selected as the preferred supplier of choice for select automakers and was shortlisted for a prestigious Annual Quality Improvement award.

South East Asian operations: NatSteel marginally increased its sales level in Financial Year 2011-12 (1.81 million tonnes) over Financial Year 2010-11 (1.80 million tonnes) resulting in increase of turnover by 4%. NatSteel Singapore increased its sales volume from 844k tonnes in Financial Year 2010-11 to 893k tonnes in Financial Year 2011-12, a 6% growth in volume on the back of strong construction demand. Singapore operations are focused to add higher proportion of value added products to their existing range of products. In China, the sales volumes reached 540k tonnes in Financial Year 2011-12 compared to 495k tonnes in Financial Year 2010-11. NatSteel is setting up in China a Downstream Reinforcements Solutions operation to add depth to its product portfolio. Operations in Australia suffered on account of poor demand, rapidly accelerating costs and disproportionate supply in the market place.

Tata Steel Thailand (TSTH) recorded crude steel production of 1.18 million tonnes in Financial Year 2011-12 compared to 1.30 million tonnes in Financial Year 2010-11. Sales during the year were lower at 1.14 million tonnes compared to 1.29 million tonnes registered in Financial Year 2010-11. Thailand's economy suffered on account of unprecedented foods which impacted construction activity country wide. Low capacity utilization coupled with elevated imported scrap prices led to reduction in rebar scrap spread, impacting margins of TSTH. In spite of tough market conditions TSTH continued to be a market leader in rebars and high end wire rods. Tata TISCON a prominent brand in India was launched for the first time internationally in Thailand. TSTH diversified its product portfolio by producing Special Bar Quality product, for applications in the automotive segment and doubled its efforts to reduce costs, optimize product-mix and improve yield of mills.

INDUSTRY STRUCTURE:

Global Steel Industry:

Overall the global steel industry witnessed steady growth during 2011. The growth in global steel demand was driven by increased demand from key steel end-user industries including infrastructure, construction and automotive, especially in the emerging markets; in spite of financial turbulence in the Eurozone, weak private demand in the United States and events in Japan and the Middle East.

In 2011, the global steel demand is estimated to have increased by 6% to reach a new high of 1,373 million tonnes, 13% above the pre crisis levels in 2007. Growth was led by the emerging economies, notably China (6% up) and India (4% up), where new demand were set. In the developed economies, demand levels remained 15-25% below 2007 levels. Europe saw steel demand increase by 5% and North America by 9% in 2011, but steel demand in Japan fell by 3%, as the impact of the earthquake and subsequent tsunami was felt on the manufacturing activity. The growth in 2011 can be segregated in two halves. In the first half of 2011, global steel consumption grew relatively faster, underpinned by infrastructure construction and manufacturing activity. In the second half of 2011, steel consumption was lower than in the first half due to moderate economic growth in China, the United States and Europe.

In 2011, global steel output reached 1.5 billion tonnes, an increase of 7% compared to 2010 and a new record for world crude steel production. All major steel producing countries apart from Japan and Spain showed growth in 2011. Growth was particularly strong in Turkey, South Korea and Italy.

Looking ahead, global steel market developments are likely to remain generally positive, but with lower growth in 2012 compared to 2011. In the first few months of 2012, apparent steel demand remained muted due to the uncertain economic climate. For 2012 as a whole, global steel demand is forecast to grow by a further 4% to reach 1,422 million tonnes. China, India and other emerging markets will continue to drive demand but recent market developments suggest likely slackening of demand. This is primarily due to the recent changes in the monetary policy in China to reduce bank credit and improve asset quality as well as lower growth forecast in India. While USA and Japan is expected to continue it's recovery, steel demand in Europe is expected to fall by 1%.

Steel Industry in India:

India improved its ranking to become the 4th largest producer of crude steel in the world during 2011 after China, Japan and the USA. The country’s production grew by around 6% in 2011 over 2010.

There has been a diversification in the product mix of the steel industry in India towards sophisticated value added steel used in the automotive sector, heavy machinery and physical infrastructure. In 2011, the industry was faced with stiff challenges due to rising inflationary pressures and deteriorating global growth conditions. The multiple hikes in interest rates by the central bank also impacted the industry’s growth in rate sensitive key user industries. The production of flat products and long products of major Indian companies is estimated to have grown by around 7.5% and 4.5% respectively during Financial Year 2011-12 when compared with the previous financial year. Steel consumption of Flat products and Long products in Financial Year 2011-12 grew by 2.3% and 5.8% respectively. Flat product exports grew by 23% and Long product exports increased to 279k tonnes in Financial Year 2011-12 compared to 155k tonnes in Financial Year 2010-11. There was a reduction in the import of Flat and Long Products by 5% and 8% respectively. The steel prices during Financial Year 2011-12 have increased from the average prices prevailing in the previous financial year driven by increase in the input costs and improvement in demand.

UK and European Steel Industry:

The recovery of the UK economy as was witnessed in Financial Year 2010-11 slowed down to 0.5% GDP growth in Financial Year 2011-12. Real disposable income increased only marginally and private consumption fell by 0.8% as personal savings have started to rise. Industrial production during the year fell by 2.2%, while unemployment increased to 5%. The UK government continued with the execution of its fiscal austerity package to bring the budget to a balanced position by 2015-16 and to protect its credit rating. The estimated UK demand for carbon steel products in Financial Year 2011-12 amounted to 9.7 mt. Estimated UK demand for the Group’s main carbon steel products at 7.5 mt, remained broadly unchanged compared to 2010-11, reflecting the weak economic conditions in the UK. Imports from outside Europe peaked at 21% in the first half, declining subsequently, as importers focused on higher priced regions and buyers reduced purchases of long lead time imports due to uncertainty In underlying demand.

Apparent steel consumption in the EU increased strongly during the first half of 2011 as underlying demand improved and prices increased. Customers increased stock levels and purchases of imports to secure supply. However, the pace of underlying growth slowed from mid-2011 mainly due to the European sovereign debt crisis. As a result, customers became unwilling to hold too much stock and focused buying on immediate needs only. This cautious buying behaviour continued throughout the second half of 2011, reflecting both the ongoing cash and credit constraints faced by businesses, and the continuing high degree of uncertainty in the general business climate. For 2011 as a whole, apparent steel consumption in the EU is estimated to have increased by 5% year-on-year. In the first months of 2012, although underlying demand remained below 2011 levels, apparent steel demand increased as customers replenished stock levels from the low levels reached in December 2011. Steel imports into the EU rose sharply during the first half of 2011 before moderating in the second half, though the absolute volumes were still higher by approximately 25% over 2010 levels at almost 20 mt.

South-East Asian Steel industry:

Preliminary numbers compiled by South East Asia Iron and Steel Institute (SEAISI) suggest that apparent steel consumption in the Association of South East Asian Nations (ASEAN) at 50.5 million tonnes in 2011 grew by 4% over 2010. Overall demand in the area grew by 4% over 2010 for both Flat products as well as Long products. Flat products demand of 27 million tonnes was largely met through imports of 25 million tonnes whereas Long products demand of 24 million tonnes was mostly catered through domestic production of 18.5 million tonnes. In Thailand, demand for Flat steel increased moderately by 3.5%, which was met by higher imports as domestic output declined significantly by 14%. The Flat steel consumption in Indonesia was up by 12% at 6 million tonnes, met largely by imports as domestic output was only 2.6 million tonnes. In Philippines, Flat steel demand was met mostly by domestic output with stagnation in the imports and a significant decline in exports. A similar situation was witnessed in Malaysia’s Flat steel market with a substantial increase in domestic output while imports declined by 6%. Vietnam’s Flat steel demand declined by 2.7% whereas exports increased significantly by 40% to 1.4 million tonnes and also the increase in imports was to the tune of 5.8% to reach 5.6 million tonnes. In Singapore, Flat steel consumption increased by 23% to 1.5 million tonnes, met by increase in imports. Long steel demand in Singapore also witnessed a significant increase this year by almost a million tonnes. NatSteel Holdings, the only Long steel producer, expanded its production by 4.7% which, however, was not sufficient to meet the local demand. As a result, import showed a significant increase of 38% during the year.

TATA STEEL GROUP OPERATIONS:

Gross steel deliveries were at par with the previous year due to the economic situation in Europe and severe floods in Thailand. Deliveries of Tata Steel India were higher by 3% while Tata Steel Europe and Tata Steel Thailand deliveries declined by 5% and 12% respectively. Deliveries of NatSteel were at par with the previous year. The turnover for the Group at Rs.1329000.000 Millions during Financial Year 2011-12 was 12% higher than the turnover in Financial Year 2010-11 (Rs.1187530.000 Millions). This increase was primarily driven by higher prices across the Group due to higher input costs. EBITDA for the Group in Financial Year 2011-12 was Rs.135330.000 Millions as compared to Rs.171160.000 Millions of Financial Year 2010-11 primarily due to market conditions in Europe.

The Group reported a consolidated profit after taxes (after minority interest and share of profit of associates) of Rs.53900.000 Millions during Financial Year 2011-12 (Rs.89830.000 Millions in Financial Year 2010-11).

Tata Steel India:

The production from the larger furnaces was maximized with better productivity and lower coke consumption while increased vessel life in the steel melting area enhanced crude steel production to 7.13 million tonnes, crossing the 7 million tonnes milestone for the first time.

Sales

• Overall sales at 6.63 million tonnes grew by 3% over last year (6.42 million tonnes in Financial Year 2010-11).

• Due date performance (which measures delivery compliance) was sustained at 96% in Flat Products and improved significantly from 91% to 96% in Long Products.

Flat Products

• The sales of Flat products at 3.74 million tonnes increased by 6% in Financial Year 2011-12 (3.54 million tonnes in Financial Year 2010-11).

• The division achieved the best ever sales performance in Skin Panel (0.06 mt) and Tata Shaktee GC sheets (0.21 mt).

Long Products

• Sales of Long products at 2.90 million tonnes increased by 1% in Financial Year 2011-12 (2.88 million tonnes in Financial Year 2010-11).

• The division crossed one million tonne sales of Tata TISCON in retail segment, clocking an increase of 40% over Financial Year 2010-11.

Ferro Alloys and Minerals division:

Growth in Financial Year 2011-12 was subdued in most parts of the world, especially in H2, due to the impact of the European crisis, strong appreciation of the Yen and a liquidity crunch in India and China. Global stainless steel production grew 3.5% in 2011at 33.4 million tonnes (against a 24% growth in 2010 at 32.3 million tonnes), impacting demand for Ferro alloys. Accordingly, the prices of Ferro Chrome dropped by 7% in Financial Year 2011-12 compared to Financial Year 2010-11.

Going forward, the demand for ferro alloys is expected to improve as a result of an increase in infrastructural spending in India and China, strong steel demand from a buoyant auto sector in the US and the likely recovery in the Eurozone. The division has aggressive plans to increase its production capacity in Ferro Chrome and Silico Manganese in Financial Year 2012-13.

The division was honoured with the CAPEXIL (Chemical and Allied Export Promotion Council of India) and EEPC (Engineering Export Promotion Council) awards in Financial Year 2011-12 for its export performance in the recent years. The division also won the coveted TBEM Award (Tata Business Excellence Award) in 2011 and its mines at Sukinda were judged as the 'Overall Best Performer' during the Odisha Metalliferous Mines Safety campaign for 2011-12.

Tubes division:

During Financial Year 2011-12, the Tubes division consolidated its position in the market by registering a growth in production (1%) and sales (3%), enabled by the identification of new applications for Tata Structura. The year also marks the unveiling of the 'CHARKHA' – a symbol of the innovative and futuristic applications of Tata Structura's hollow section.

The key performance highlights of the division are given below:

• ‘Tata Pipes’ continues to be the market leader in India in the conveyance tubes business for the plumbing and irrigation segments. Sales grew by 4% over the previous year. For the first time in the country, red oxide-coated pipes are being supplied to customers in firefighting and the HVAC segment.

• ‘Tata Structura’ sales have been the best ever at 1,08,000 tonnes. It has also been approved for usage in solar panels by global players like Areva. The solar energy segment will be one of the largest consumers of steel hollow section in future. Tata Structura has been approved by Eastern Railway for making new platforms. Over 100 new platforms are expected to be built.

• Tata Steel’s ‘Precision Tubes’ at Jamshedpur along with Thai Summit Neel Auto (India’s largest two wheeler ancillary group) celebrated the milestone of 2 million TVS moped frames made with precision tubes. Precision Tube mills successfully developed 3 high strength ERW sizes for Honda Activa Model. This is a major enabler in increasing the share of business with Honda Motorcycle and Scooter India Private Limited (HMSI).

The Tubes division received the award of the 'Most Innovative Environment Project' at the CII Environmental Best Practices Competition held on 9-10 February, 2012 at Hyderabad.

Bearings division:

The division has posted a Y-o-Y growth of 6% and 5% in production and sales respectively, driven primarily by a robust demand from the domestic auto segment.

The division adopted various improvement initiatives like TOC (Theory of Constraints) methodology and increase in Overall Equipment Efficiency (OEE) of equipments through implementation of Total Productivity Maintenance (TPM) practices.

During Financial Year 2011-12, the division was bestowed with a number of awards and accolades from its customers. The division was conferred with the 'Gold Certificate of Merit' at the India Manufacturing Excellence Awards-2011 by Frost and Sullivan and Economic Times in recognition of the efforts in Manufacturing and the Supply Chain. The division has also qualified in the category of ‘Emerging Industry Leader’ in JN Tata Business Excellence Assessment, for the first time.

Tata Steel Europe (TSE):

The EU continues to be the most important market for the TSE Group, accounting for 82% of its total turnover in Financial Year 2011-12.

TSE's Crude steel production stood at 14.0 million tonnes in Financial Year 2011-12, a 4% drop over the previous year. Deliveries at 14.0 million tonnes in Financial Year 2011-12 were lower by 5% over Financial Year 2010-11.

In Financial Year 2011-12, about 70% of TSE’s crude steel production was used in hot rolled coils. Most of the remainder was further processed into sections, plates, speciality steels or wire rods, or sold in a semi-finished form. Approximately 25% of the hot rolled coil was sold without further processing and 55% was further processed in cold rolling mills and coating lines. The remainder was transferred to TSE’s tube mills for the manufacture of welded tubes. Principal end-user markets for the Group’s steel products are the construction, automotive, packaging, lifting and excavating, energy and power and rail sectors.

Excluding seasonal effects, the sales volumes of TSE improved in the last quarter of Financial Year 2010-11 to reach the highest level of quarterly sales since Financial Year 2008-09. However, this higher level of sales was not sustained in Financial Year 2011-12, with quarterly sales falling back to levels seen in early Financial Year 2010-11 and remaining reasonably flat through the year.

During Financial Year 2011-12, TSE announced various restructuring measures to introduce greater flexibility into costs and operations. These included closure or mothballing of parts of the Scunthorpe site, cessation of operations at its Construction Products business at Newport, Wales, mothballing of the hot strip mill at Llanwern, Wales, a recovery plan for its tube-making business and opening up of a new steel distribution centre at Lackenby, Teeside to match operations with projected market demand in the foreseeable future.

Nat Steel Holdings:

During the financial year NatSteel Holdings (NSH) m achieved a production level of 1.63 million tonnes as compared to 1.59 million tonnes of Financial Year 2010-11, registering an increase of 3%. Sales volume at 1.81 million tonnes was almost at par with the previous year (1.80 million tonnes). The performance of the major business operations of the Company are discussed below:

During Financial Year 2011-12, the Singapore operations registered growth of 6% in sales at 893k tonnes.

NatSteel Xiamen, the Chinese subsidiary of NatSteel sold 545k tonnes of rolled products during Financial Year 2011-12, registering an increase of 9% over Financial Year 2010-11. Australian operations were in the red due to a combination of poor demand and rapidly accelerating costs. However, there was an improvement in the average revenue per tonne across all units, except Vietnam.

Tata Steel Thailand (TSTH):

TSTH recorded a sales volume of 1.14 million tonnes during Financial Year 2011-12 registering a decrease of 11% over Financial Year 2010-11 (1.29 million tonnes). The shortfall was due to a drop in demand owing to the worst ever floods in Thailand that affected sales in second half of Financial Year 2011-12. However, the Company improved its product mix, resulting in an improved average realisation per tonne. Floods and lower demand led to a lower production of 1.16 million tonnes in Financial Year 2011-12 (1.28 million tonnes in Financial Year 2010-11). The mini blast furnace in Thailand was mothballed from August 2011 due to the higher billet cost from the hot metal route, as against the scrap route. The Company maintained its leadership position in high-end wire rods and became the only Thailand-based producer to make an entry in the Special Bar Quality products.

Tata Metaliks:

Tata Metaliks Limited (TML), a subsidiary of Tata Steel Limited, is the largest producer of Foundry Grade Pig Iron in India. The Company has two plants in India – in Kharagpur (West Bengal) and Redi (Maharashtra) – with a total capacity of 6.5 lakh tonnes per annum. Tata Metaliks Kubota Pipes Limited (TMKPL), is a subsidiary of Tata Metaliks Limited engaged in the manufacturing of DI (Ductile Iron) Pipe with a total capacity of 1.10 lakh tonnes per annum.

In Financial Year 2011-12, the sales volume was lower at 356k tonnes as compared to 473k tonnes in Financial Year 2010-11 due to lower production at Kharagpur unit and the shutdown of the Redi unit from November, 2011. Higher raw material costs, a disruption in the supply of iron ore at Kharagpur and poor blast furnace health leading to higher specific consumption of raw material have resulted in negative operating margins.

TML is striving to improve its operating margin by setting up a Sinter Plant at Kharagpur and upgrading the Blast Furnace to increase the production volume. The capacity of the Kharagpur plant would be increased to 407k tonnes. The Company is also setting up Coke Oven plant at Kharagpur on BOOT (Built Operate Own and Transfer) basis.

TM International Logistics Limited:

TM International Logistics Limited (TMILL) and its subsidiaries offer logistic services pertaining to port-based services, shipping, freight forwarding and marine services.

TMILL runs terminal operations in Haldia, Kolkata and Paradip. Port management services of TMILL include container stuffing/ destuffing facility and handling of various types of clean cargo, both bulk and break bulk, including project cargo. The Company owns a fleet of pay loaders, forklifts and trailers to provide port services and also a vast open storage area along with covered warehousing facilities.

TMILL has been chosen as the OandM operator at Dhamra Port, in Odisha, which lies between the existing ports of Paradip and Haldia. TMILL handles the overall operations and maintenance activity of the mechanised cargo handling system, comprising of ship loader, ship unloader, stackers and reclaimers, wagon tippler, rapid rail loading system and conveyor lines with transfer stations and control centres.

The shipping business of TMILL offers integrated solutions to customers by packaging ocean freighting with other auxiliary services like transloading and barging for draft-restricted ports or with port handling and ship agency services.

During Financial Year 2011-12, there was a marginal decrease in the profit of the Company due to a decrease in the volumes handled at Gangavaram Port. However, there has been an overall increase in volumes handled at ports due to the commencement of operations at Dhamra Port. There was a significant jump in the profit of the shipping business and increase in the TEUs (Twentytonne equivalent units) handled by the freight forwarding business.

Tayo Rolls Limited:

Tayo Rolls Limited, a subsidiary of Tata Steel Limited, is a leading roll manufacturer in India, promoted by Tata Steel Limited, Yodogawa Steel Works, Japan and Sojitz Corporation Japan in 1968.

The rolls industry, which is largely dependent on steel industry, was worst hit by the downturn in 2008. The reduction in demand due to lower consumption of rolls was compounded by stringent inventory control instituted by steel manufacturers, resulting in lower off-take. This situation has improved to some extent during Financial Year 2010-11 and Financial Year 2011-12. However, the continued sluggish demand in USA, Europe and other developed nations last year, had an effect on the volume of overall export of rolls from India, thereby resulting in higher allocation of capacities for the domestic market which adversely impacted the order volume and realisation. The Company also witnessed severe working capital shortage during the year which adversely affected production and had to close at a lower level of production as compared to Financial Year 2010-11.

The completion of the integrated forging facilities for the Forged Roll and Engineer Forgings gives enough opportunity to the Company to cater to the requirement of the Forged Rollsegment. The excess forging capacity to be used for Engineering Forgings will also provide the Company with an opportunity to explore newer markets, which may isolate it from the volatility of the steel industry.

Financial Year 2011-12 saw a turnaround of the pig iron business of the Company with realisations firming up. The furnace, which was shut down from August, 2010, was functional again on 15th April, 2011. The Company also entered into a conversion agreement with Tata Steel in August, 2011 wherein Tata Steel supplies iron ore and nut coke to Tayo for conversion to pig iron. The pig iron business is expected to grow further in Financial Year 2012-13. During Financial Year 2011-12, the Company made a preferential allotment of 8.5% Non Cumulative Redeemable Preference Shares amounting toRs.850.000 Millions to its promoters.

Tata Steel Processing and Distribution Limited:

Tata Steel Processing and Distribution Limited (TSPDL) is the largest steel service centre in India with a steel processing capacity of around 2 million tonnes. It has 8 steel processing units and several distribution locations across the country.

During the last few financial years, the Company has diversified its business portfolio by entering into the manufacture of high value auto components for Auto Majors like Caterpillar and Tata Motors through its commissioned facility at Tada, Andhra Pradesh and Pantnagar, Uttarakhand respectively.

During Financial Year 2011-12, the Company recorded an all-time high tolling and distribution production volume of 1.58 million tonnes, as compared to 1.46 million tonnes in the previous year. Higher volumes supplemented with better realisations enabled the Company to achieve an all-time high revenue and EBITDA during Financial Year 2011-12. Different units of the Company received reputable accolades, notable amongst which are:

• The Pantnagar Unit won the prestigious Northern Region Tata Innovista Award for the second consecutive year. The unit was also declared the 'Idea Champion' at the 13^th ‘National Suggestion Summit’ conducted by Indian National Suggestion Schemes Association.

• The Pune Unit was the recipient of the 'Best in Class Operational Excellence Award' from Stars of the Industry Group, Mumbai.

• The Tada Unit achieved the prestigious Silver Certification in Caterpillar’s worldwide Supplier Quality Excellence Programme.

• The highest number of volunteer hours (approx. 1000 hours) contributed on a single day were recorded within the Company, on the occasion of ‘World CSR Day’.

The Tinplate Company of India Limited:

The Tinplate Company of India Limited (TCIL) is the largest indigenous producer of tin-coated and tin free steel sheets in India, manufacturing various grades of electrolytic tinplates (ETP) and tin-free steel (TFS) sheets used for metal packaging. TCIL has also been 'value-adding' its ETP/TFS products by way of providing printing and lacquering facility to reach closer to food processors/fillers.

During Financial Year 2011-12, the Company achieved a production of 256k tonnes as compared to 241k tonnes in Financial Year 2010-11, registering an increase of 6%. Turnover for Financial Year 2011-12 at Rs.6410.000 Millions was lower by 21% as compared to Financial Year 2010-11 (` 8100.000 Millions), primarily on account of reductions in export volume of around 32% due to adverse international market conditions, lower production and sale on 'own' account compensated by a higher conversion volume by around 30%. The profits of the Company were lower as compared to the previous year due to depressed global tinplate prices, a steep increase in input steel and tin prices, unfavourable exchange rates, higher depreciation and interest charge relating to the new CRM2 facilities.

TCIL was an associate company of Tata Steel till Financial Year 2010-11 and became a subsidiary with effect from 1st April, 2011 consequent upon the automatic and compulsory conversion of the 3% Fully Convertible Debentures (which were issued in September 2009) into Equity Shares.

Tata NYK Shipping Pte Limited:

TATA NYK Shipping Pte Limited, a 50:50 joint venture between TATA Steel Limited, India and NYK Line, a Japanese shipping major has been incorporated to cater to the growing sea-borne trade for the Tata group and the Indian markets.

The Company is primarily into the business of owning, operating and chartering of ships to carry dry bulk and break bulk cargoincluding coal, iron ore, limestone and steel products.

The Company has steadily grown its fleet from two ships in 2007 to a current fleet size of 20 ships (2 owned and 18 chartered).

The company has a diversified fleet, ranging from Supramax (58,000 DWT), Panamax (75,000 DWT) and Capesize (180,000 DWT) vessels. The vessels are deployed for the Tata Group and Indian dry bulk cargo, based on the available port facilities and cargo requirements across geographies.

Despite the difficult market conditions, the Company registered a growth of 42% in the cargo carriage (11.2 million tonnes in Financial Year 2011-12 as compared to 7.9 million tonnes in Financial Year 2010-11). However, the revenue increased by only 6% owing to the fact that spot shipping freight rates dropped by 50%. This substantial decline in spot freight rates resulted in a loss of Rs.1140.000 Millions in Financial Year 2011-12 as compared to a profit of Rs.30.000 Millions in Financial Year 2010-11.

The Company has taken steps to restructure its long-term fleet and to create more long-term business opportunities to minimise the impact of market volatilities.

TRL Krosaki Refractories Limited:

During first quarter of Financial Year 2011-12, Tata Steel Limited sold its 51% equity stake out of total 77.46% equity stake in Tata Refractories Limited (TRL) to Krosaki Harima Corporation, Japan. Consequently, Tata Steel and its subsidiary’s holding in TRL (now known as TRL Krosaki Refractories Limited) has reduced to 26.62%. Accordingly, it has ceased to be a subsidiary and became an associate.

TRL Krosaki has maintained its leadership position in refractories market in India, producing and supplying the full range of refractories products required for Iron and Steel and other core industries.

The Company’s performance was impacted by the economic downturn which severely subdued the demand for industrial goods. Gross production at 222k tonnes was lower by 5% as compared to 235k tonnes during Financial Year 2010-11. Similarly, sales volume was also lower by 6% at 299k tonnes as compared to 318k tones during Financial Year 2010-11. Despite lower sales volume, the Company was able to achieve higher revenue primarily due to better product mix leading to a higher averagerealisation. Higher input costs of raw materials, fuel and power along with increase in finance cost during Financial Year 2011- 12 resulted in 47% lower profit before tax (PBT) as compared to Financial Year 2010-11.

Tata Sponge Iron Limited:

Tata Sponge Iron Limited, a manufacturer of sponge iron and producer of power is located at Joda, Odisha. During the financial year 2011-12, the production volumes were lower by 29% as compared to previous year. Lower production is mainly on account of disruption in supply of iron ore.

In Power business, the Company achieved a generation of 134.40 million kwh of power in Financial Year 2011-12 as compared to 191.39 million kwh in Financial Year 2010-11. The sale of surplus power during the Financial Year 2011-12 was 88.31 million kwh against with 133.77 million kwh sold in the previous year. The shortfall in generation and sale of power is also due to stoppage of sponge iron kilns due to shortage of iron ore.

During Financial Year 2011-12, the lower sponge iron turnover is partly offset by higher realisation. However, the shortages of raw materials resulting in lower production and increase in the cost of raw materials have adversely impacted the profitability for the year.

Tata Steel KZN Pte Limited :

Tata Steel KZN, located at Richards Bay on the KwaZulu-Natal coast of South Africa, is in the business of making high-carbon ferrochrome. During Financial Year 2011-12, saleable production volume of 94k tonnes decreased by 12% as compared to 107k tonnes registered during Financial Year 2010-11. This was aresult of the furnaces being shut for 3.5 months during winter. The sales were lower by 20% from 116k tonnes in Financial Year 2010-11 to 93k tonnes in Financial Year 2011-12. Increased losses in Financial Year 2011-12 were mainly contributed by a steep increase in electricity costs, weakening of the Rand against USD, lower realisation per tonne of ferrochrome and lower production volumes.

The operational highlights of the Company during the year were the following:

• Improved average daily hot metal production during H2 Financial Year 2011-12.

• Improved furnace availability.

• Reduction in average monthly auxiliary power consumption.

• Lowest fines generation in Financial Year 2011-12.

• Successful commissioning of modified Briquette plant in February 2012.

OUTLOOK:

The global economy is on a recovery path due to concerted policy actions around the world although it is still looking fragile in some regions. Primary uncertainty remains with the Eurozone, where high debt levels and austerity measures may drag the economic improvement for a prolonged period. US has shown sustained improvement and looks set for a slow but steady growth in the coming period. Chinese GDP growth and targets remains strong albeit softening to some extent in the recent quarters. Growth in the Indian economy is expected to remain strong, although the momentum in industrial activity is losing steam. Overall, the world GDP is expected to grow by 3.3% in 2012 with emerging and developing economies leading the growth (+5.4% in 2012) and developed economies growing by 1.2%.

Steel prices have recovered from the lows reached in December last year with increased buying activity seen across regions. However, the momentum seems to have lost steam and with the economic conditions in many parts of the world not looking strong, steel capacity utilisation remains below 80%. Seaborne iron ore and coking coal prices have shown resilience at lower levels and are expected to remain relatively stable in the coming months. In view of this, the extreme mismatch of steel price and raw material costs seen in the previous year is not expected to recur in the current year, although the margins for steelmakers worldwide continue to remain under pressure.

World steel forecasts that apparent steel consumption worldwide will grow by 3.6% to 1,422 mt in 2012 and should grow by 4.5% in 2013. Steel demand in the EU in 2012 is expected to contract by 1.2% in 2012, while growing by 3.3% in the following year. This represents below 80% of the pre-crisis demand levels. Chinese steel demand growth is expected to be moderate as the government pursues economic restructuring. As such, steel demand in China is projected to grow by 4% every year in the next two years. Indian steel demand growth is expected to remain subdued due to slowdown in investments and delayed start-up of industrial projects. However, the automotive segment, the focus area for the Company, is expected to grow by 11-13% in Financial Year 2012 13. As per worldsteel forecasts, steel demand in India should grow by 6.9% in 2012 and the growth should accelerate to 9.4% in 2013.

FINANCE:

The chances of a slow but continued global recovery in Financial Year 2011-12 were largely constrained by intensifying strains in the Eurozone and fragilities elsewhere, with heightened increase in financial volatility arising mainly from concerns about the depth of fiscal challenges in the Euro periphery area. Against a backdrop of unresolved structural fragilities, a barrage of shocks hit the international economy early last year, including the devastating Japanese earthquake and tsunami and unrest in some oil-producing countries, leading to supply-chain disruptions and increased commodity induced inflationary pressures across the globe. While major advanced economies like United States tried to sustain their recovery by addressing their medium-term fiscal imbalances and reforming their financial systems, a credit downgrade of US treasuries by major credit rating agencies rattled the investor’s confidence in the financial markets. On the other hand, despite a series of discussions and ratification of bail-out programmes, the Eurozone economy was plagued by ever-rising sovereign yields, the effects of banks deleveraging on the real economy and internal political instability arising from the need of additional fiscal consolidation.

From fears of overheating in the first half, emerging and developing economies have also started to slow down in the second half of financial year possibly due to fragile external environment, greater-than-expected effect of macro-economic policy tightening or weaker underlying growth. In the past few months, growth in the advanced economies managed to surprise on the upside, as consumers in the United States unexpectedly lowered their saving rates with increasing confidence in the economic outlook and the business fixed investment staying strong. However, the main priority of the policy makers throughout the world, remains to restore confidence in the capital markets, put an end to the crisis in euro zone by supporting growth, while containing deleveraging, encouraging reforms and providing more liquidity and monetary accommodation.

In line with the deleveraging journey started in the previous financial year, the Company continued to rebalance its capital structure. The Company deleveraged by prepaying Rs.39600.000 Millions of borrowings during the year. In May 2011, Tata Steel successfully launched the second tranche of its first ever offering of Corporate Hybrid Perpetual Securities through an additional issuance of Rs.7750.000 Millions. The unique features of these securities are that they are perpetual in nature, with no maturity or redemption, and are callable only at the option of the Company thereby incorporating equity characteristics. In order to maintain a liquidity buffer, the Company also tied up an unsecured long-term Rupee term loan facility of Rs.20000.000 Millions to be drawn over the next 10 months and repaid over the next five years.

As a positive development, SandP’s upgraded Tata Steel Limited’s Corporate Rating to BB from BB- with Stable outlook in August 2011 on the back of the company’s sound financial profile and strong cash flows. The Company’s rating had been raised because the agency expects it to sustain the significant improvement in its cash flow protection measures in the fiscal ending 31^st March, 2012. They also anticipate that the Company’s cash flows will further improve in fiscal 2013 due to the commissioning of brown field expansion. The agency also revised the financial risk profile of Tata Steel to ‘significant’ from ‘aggressive’ due to its deleveraging measures and higher cash flows.

The Company had made a preferential issue of Ordinary Shares and Warrants to Tata Sons Limited on 23rd July, 2010. As per the preferential issue, 12 million warrants were issued, where each Warrant entitled Tata Sons Limited to subscribe to one Ordinary Share of the Company at a price ofRs.594 per share. Consequently, as per the SEBI (ICDR Regulations 2009), an amount equivalent to 25% of the price i.e.Rs.148.50 per Warrant aggregating toRs.1782.000 Millions was received from Tata Sons Limited in July 2010. On 20th January, 2012, Tata Sons Limited exercised the option to convert all the Warrants into Ordinary Shares atRs.594 per share and paid the Company the balance amount ofRs.5346.000 Millions. As on 31st March, 2012, the cash and cash equivalent in Tata Steel Limited, India was Rs.39010.000 Millions and Rs.107530.000 Millions for the Group.

BOARD OF DIRECTORS

PROFILE –

Mr. Ratan N. Tata

Joined the Company as a Director in 1977 and was appointed Chairman of the Board in April 1993. He is currently Chairman of Tata Sons Limited, the Promoter of Tata Steel Limited. He is also the Chairman of other major Tata companies including Tata Motors Limited, Tata Power Limited and Tata Chemicals Limited. It is under his leadership that the Company has scaled new heights and established a presence as one of the leading steel conglomerates in the world. Mr. Ratan Tata received a Bachelor’s degree in Science field in architecture, with specialisation in structural engineering, from Cornell University in 1962. He completed the Advanced Management Programme at Harvard Business School in 1975. Mr. Ratan Tata is on the Board of a number of leading companies, as also Government bodies and non-profit organisations, in India and overseas. The Government of India honoured Mr. Ratan Tata with its second highest civilian award, the Padma Vibhushan, in 2008. He has also been conferred honorary degrees by several prestigious Indian and international universities.

Mr. B. Muthuraman

holds degrees in Bachelor of Technology in Metallurgical Engineering from IIT, Madras and a Masters of Business Administration from XLRI, Jamshedpur. He has also completed the Advanced Management Programme at European Centre for Executive Development, France and has undergone the Leadership Programme at INSEAD, France. Mr. Muthuraman was bestowed an Honorary Degree of Doctor of Humane Letters, Honoris Causa from Loyola University, Chicago. Mr. Muthuraman joined the Company in 1966 and has held various positions at the Company including Vice President (Marketing and Sales) and Vice President (Cold Rolling Mill Projects). He was appointed as Executive Director in 2000, Managing Director of the Company in 2001 and Non-executive Vice Chairman in 2009. He is the Chairman of Tata International Limited and on the Boards of several companies which include Bosch Limited, Tata Industries and Strategic Energy Technology Systems Pvt. Limited Mr. Muthuraman was the President of Confederation of Indian Industry during the year 2011-12. Mr. Muthuraman received the Distinguished Alumnus Award from IIT Madras in 1997 and the Tata Gold Medal from the Indian Institute of Metals in 2002. He also received the "CEO of the Year Award" from Business Standard in 2005, "CEO with HR Orientation Award" from World HRD Congress in 2005, Economic

Times Award for Corporate Excellence in 2008 and IIM JRD Tata Award conferred by Indian Institute of Metals. Mr.Muthuraman has been conferred with the prestigious “Padma Bhushan” award in 2012, by Government of India for his significant contribution to Indian Trade and Industry.

Mr. Nusli N. Wadia

joined the Company on August 29, 1979 as a Director. Mr. Wadia is a well-known Indian Industrialist. He is the Chairman of Wadia Group companies and also Director on the Board of several Indian companies. Mr. Wadia has

contributed actively in the deliberations of various organisations such as the Cotton Textiles Export Promotion Council (TEXPROCIL), Mill Owners’ Association (MOA), Associated Chambers of Commerce and Industry, etc. He is the former Chairman of TEXPROCIL and also of MOA. Mr. Wadia was appointed on the Prime Minister’s Council on Trade and Industry during 1998 to 2004. He was the Convenor of the Special Group Task Force on Food and Agro Industries Management Policy in September, 1998. He was a Member of the Special Subject Group to review regulations and procedures to unshackle Indian Industry and on the Special Subject Group on Disinvestment. He was a member of ICMF from 1984-85 to 1990-91. He is Trustee of the Executive Committee of the Nehru Centre, Mumbai. Mr. Wadia has a distinct presence in public affairs and has been actively associated with leading charitable and educational institutions.

Mr. S. M. Palia

joined the Company in 1988 as a nominee Director of IDBI and was appointed as a Director in 1994. He holds a Bachelors degree in Commerce and in Law from Mumbai University. He is also a Certified Associate of the Indian Institute of Bankers and is a Development Banker by profession. He was with IDBI Bank from 1964 to 1989 during which period he held various responsible positions including that of an executive director of IDBI Bank. Mr. Palia has also acted as an advisor to Industrial Bank of Yemen, Saana (North Yemen) and Industrial Bank of Sudan, Khartoum (Sudan) under World Bank Assistance Programmes. He was also the Managing Director of Kerala Industrial and Technical Consultancy Organisation Limited which was set up to provide consultancy services to micro enterprises and small and medium enterprises. Mr. Palia is on the Boards of various companies in the industrial and financial service sectors and is also actively involved as a trustee in various NGOs and Trusts.

Mr. Ishaat Hussain

is the Finance Director of Tata Sons Limited. Mr. Hussain has been with the Tata Group for 30 years. Prior to joining the Tata Sons Board in 1999, he held various positions in Tata Steel Limited and was the Finance Director of Tata Steel Limited for ten years from 1989. Mr. Hussain is a graduate in Economics from the Delhi University and a member of the ICAEW. He has also attended the Advanced Management Programme at the Harvard Business School. Besides being on the Board of Tata Sons Limited, he represents Tata Sons on the Boards of various Tata Companies and is the Chairman of Voltas Limited and Tata Sky Limited. Mr. Hussain has been a member of the Board of Trade of India and is currently a member of SEBI's Committee on Capital Markets. He is also a Trustee of the India Foundation of the Arts.

Mr. Subodh Bhargava

is a Mechanical Engineer from the University of Roorkee. He was the Group Chairman and Chief Executive Officer of Eicher Group of Companies. He was the President of the Confederation of Indian Industries, the President of the Association of Indian Automobile Manufacturers and the Vice President of the Tractor Manufacturers Association. He has been associated with various Central and State Government bodies and committees including as a member of the Technology Development Board, Insurance Tariff Advisory Committee and the Economic Development Board of the State of Rajasthan. He has been closely associated with various IIMs, IITs and other Management and Technical Institutions as also with a number of NGOs. He is currently Chairman of Tata Communications Limited, TRF Limited, Tata Communications International Pte Limited and Director on the Boards of a number of companies including Tata Motors Limited, Larsen and Toubro Limited, etc. He is also the recipient of the first Distinguished Alumnus Award in 2005 by Indian Institute of Technology, Roorkee and in 2011, the “Gaurav Shri Award” from Agra University. He has also been recognized as the “Best Independent Director 2011” by Asian Centre for Corporate Governance and Sustainability.

Mr. Jacobus Schraven

was appointed as an Additional Director of the Company with effect from May 17, 2007. Mr. Schraven was appointed a Non-executive Director and Deputy Chairman of Corus Group plc. in December 2004. Additionally, in 2005 he was appointed a member and Chairman of the supervisory board of Corus Nederland BV (now renamed Tata Steel Nederland BV). He had an international career with the Royal Dutch Shell Group and became Chairman of the board of Shell Nederland BV. He was also President of the Confederation of The Netherlands Industry and Employers and a vicechairman of Business Europe. Currently, he is a Chairman of the supervisory board of Stork B.V. and of the Trust Foundation Unilever N.V. Additionally, he is a member of the supervisory board of NUON Energy B.V. and of BNP OBAM NV. He is also Chairman of the board of trustees of the Netherlands Blood Institute Sanquin, Chairman of the Netherlands Normalisation Institute and treasurer of the Carnegie Foundation (Peace Palace in The Hague). Mr. Schraven is a Commander of the Order of Orange Nassau (Netherlands) and an Officer of the l'Legion d'Honneur (France).

Mr. Andrew Robb

is a Fellow of the Chartered Institute of Management Accountants and holds a Joint Diploma in Management Accounting. Mr. Robb has been a Non-Executive Independent Director of the Company since November 22, 2007. He joined the Board of Corus Group plc, and became Chairman of the audit committee in August 2003. Following the takeover of Corus by Tata Steel in March 2007, Mr. Robb remained on the Board and in November 2007, he became a Non-Executive Independent Director of the Company. He is currently also the Chairman of the Board and the Audit Committee of Tata Steel Europe Limited. Mr. Robb was Finance Director of the Peninsular and Oriental Steam Navigation Co., between 1983 and 1989 and then became Finance Director of Pilkington Group PLC from 1989 to 2001. Mr. Robb remained a Director of Pilkington until January 28, 2003. He has been chairman of the board of Tata Steel Europe Limited since March 2009 and its Independent Director since August 1, 2003. He is also a Non-Executive Director of Jaguar Land Rover Plc., Kesa Electricals Plc. and Paypoint Plc.

Mr. Hemant M. Nerurkar

was Executive Director of India and South East Asia of the Company since April 9, 2009 and was appointed as Managing Director from October 01, 2009. A Bachelor of Technology in metallurgical engineering from the College of Engineering, Pune University, Mr. Nerurkar has attended several management courses in India and overseas, including CEDEP in France. He is associated with several professional organisations such as Indian Institute of Metals, Institute for Steel Development and Growth and All India Management Association, amongst others. Mr. Nerurkar joined the Company on February 1, 1982 and has held various positions including Chief Metallurgist, Senior Divisional Manager (LD-1), Deputy General Manager (Steel and Primary Mills), General Manager (Marketing), Senior General Manager (Supply Chain) and Chief Operating Officer. He has over 35 years of experience in steel industry in various functions. Mr. Nerurkar is an Executive with multifaceted experience ranging from Project Execution, Manufacturing, Quality Control, Supply Chain and Marketing. He became the Vice President (Flat Products) in November 2002 and in September 2007, was appointed Chief Operating Officer. During his illustrious career, Mr. Nerurkar has been conferred with several prestigious awards such as the 'Tata Gold Medal 2004', 'SMS Demag Excellence Award 2002', ‘Steel 80's Award - 1990', 'SAIL Gold Medal - 1989', ‘Visveswaraya Award - 1988', 'NMD Award 1987' and 'CEO with HR Orientation Award - 2010' and has been conferred with the Maxell Foundation and Maharashtra Corporate Excellence Award - 2012.

Dr. Karl-Ulrich Koehler

was appointed as an additional Director of the Company with effect from November 12, 2010. He studied metallurgy at Clausthal University of Technology, where he gained his doctorate in 1988. Dr. Koehler has been Chief Executive Officer and Managing Director of Tata Steel Europe Limited since October 1, 2010. He was appointed Chief Operating Officer of Tata Steel Europe Limited in February 2010. In 2005, he was awarded an honorary professorship in flat steel product technology by Freiberg University. Dr. Koehler is a former member of the executive committee of the World Steel Association and Vicechairman of VDEh, the German Iron and Steel Institute. He has worked during his 32-year steel industry career at the companies that today comprise ThyssenKrupp Steel, where he was Chairman of the Executive Board and a member of the Executive Board of the parent company, ThyssenKrupp AG. In October 2009, he was president of Eurofer, the European steelmaking federation. He has knowledge and experience of steelmaking in Europe, as well as of the European steel supply chain and customer base. Dr. Koehler is based at IJmuiden in the Netherlands.

UNSECURED LOAN

(Rs in Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Bonds/Debentures ^(2)(a)
Non-convertible debentures	73284.000	70946.200
1% Convertible Alternative Reference Securities	0.000	21011.600
4.5% Foreign Currency Convertible Bonds	27828.100	24390.600
Term loans
From banks ^(2)(b)	84737.200	101513.600
From financial institutions and others ^(2)(c)	8490.000	8490.000
Deferred payment liabilities ^(2)(d)	38.000	38.000
Other loans	656.200	0.000
Total	195033.500	226390.000

NOTE:

(2) Terms of repayment of outstanding unsecured borrowings are as follows:

(a) Bonds/Debentures

(i) 10.25% p.a. interest bearing 25000 debentures of face value Rs. 1000000 each are redeemable at par in 3 equal annual installments commencing from 6th January, 2029.

(ii) 10.25% p.a. interest bearing 5000 debentures of face value Rs. 1000000 each are redeemable at par in 3 equal annual installments commencing from 22nd November, 2028.

(iii) 11.00% p.a. interest bearing 15000 debentures of face value Rs. 1000000 each are redeemable at par on 19th May, 2019.

(iv) 10.40% p.a. interest bearing 6509 debentures of face value Rs. 1000000 each are redeemable at par on 15th May, 2019.

(v) 10.20% p.a. interest bearing 6200 debentures of face value Rs. 1000000 each are redeemable on 7th May, 2015.

(vi) 12.50% p.a. interest bearing 12500 debentures of face value Rs. 1000000 each are redeemable in 3 equal annual installments commencing from 19th November, 2014.

(b) Term loans from banks

(i) GBP 100 million equivalent to Rs.8150.500 Millions (31.03.2011: GBP 100 million equivalent to Rs.7170.200 Millions) loan is repayable on 4th April, 2015.

(ii) U SD 335 million equivalent to Rs. 17044.800 Millions (31.03.2011: USD 335 million equivalent to Rs. 1,493.93 Millions) loan is repayable on 10th June, 2015.

(iii) Euro 5.82 million equivalent to Rs. 395.200 Millions (31.03.2011: Euro 6.30 million equivalent to Rs. 43.020 Millions) loan is repayable in 12 equal semi-annual installments; the next installment is due on 2nd May, 2012.

(iv) Euro 32.85 million equivalent to Rs. 2231.100 Millions (31.03.2011: Euro 35.20 million equivalent to Rs. 237.920 Millions) loan is repayable in 14 equal semi-annual installments; the next installment is due on 2nd July, 2012.

(v) Euro 54.04 million equivalent to Rs. 3670.300 Millions (31.03.2011: Euro 10.58 million equivalent to Rs. 670.800 Millions) loan is repayable in 20 equal semi-annual installments commencing from 6th July, 2012.

(vi) Euro 183.01 million equivalent to Rs. 12430.300 Millions (31.03.2011: Euro Nil million equivalent to Rs. Nil Millions) loan is repayable in 20 equal semi-annual installments commencing from 31st October, 2012.

(vii) JPY 71,598 million equivalent to Rs. 44376.400 Millions (31.03.2011: JPY 89497.500 million equivalent to Rs. 48194.400 Millions) syndicated loan is repayable in 4 equal semi-annual installments; the next installment is due on 11th April,2012.

(viii) Indian rupee loan amounting Rs. 1,500.00 Millions (31.03.2011: Rs. 25000.000 Millions) is repayable on 28th July, 2013.

(ix) Indian rupee loan amounting Rs. 5000.000 Millions (31.03.2011: Rs. Nil) is repayable in 9 semi-annual installments commencing from 30th April, 2013.

(c) Term loans from financial institutions and others

(i) Indian rupee loan amounting Rs. 6500.000 Millions (31.03.2011: Rs. 650.00 Millions) is repayable on 16th June, 2019.

(ii) Indian rupee loan amounting Rs. 1990.000 Millions (31.03.2011: Rs. 1990.000 Millions) is repayable on 30th June, 2016.

(d) Deferred payment liabilities amounting Rs. 38.000 Millions (31.03.2011: Rs. 38.000 Millions) is payable in 10 annual installments (first 5 installments are of Rs. 0.900 Million each and next 5 installments are of Rs. 6.700 Millions each) commencing from 29^th December, 2014.

CONTINGENT LIABILITIES

Claims not acknowledged by the Company

(Rs. in Millions)

Particulars	31.03.2012	31.03.2011
Excise	3208.100	3132.600
Customs	136.900	136.800
Sales Tax and VAT	5399.900	4945.400
State Levies	2021.300	1872.800
Suppliers and Service Contract	743.100	722.100
Labour Related	416.900	388.400
Income Tax	179.200	1197.900
Royalty (Iron ore)	803.500	-

(b) The Company has given guarantees aggregating Rs.3915.800 Millions (31.03.2011:Rs.9911.100 Millions) to banks and financial institutions on behalf of others. As at 31st March, 2012, the contingent liabilities under these guarantees amounts to Rs.3915.800 Millions (31.03.2011:Rs.9911.100 Millions).

(c) Claim by a party arising out of conversion arrangement -Rs.1958.200 Millions (31.03.2011:Rs.1958.200 Millions). the company has not acknowledged this claim and has instead filed a claim of Rs.1396.500 Millions (31.03.2011:Rs.1396.500 Millions) on the party. The matter is pending before the Calcutta High Court.

(d) The Excise Department has raised a demand of Rs.2354.800 Millions (31.03.2011:Rs.2354.800 Millions) denying the benefit of Notification No. 13/2000 which provides for exemption to the integrated steel plant from payment of excise duty on the freight amount incurred for transporting material from plant to stock yard and consignment agents. The Company filed an appeal with CESTAT, Kolkata and the order of the department was set aside. The department has filed an appeal in Supreme Court where the matter is pending.

(e) TMT bars and rods in coil form were sent to an external processing agent (EPA), on payment of duty at Jamshedpur (exworks) price, for decoiling and cutting into specified lengths and then dispatch, at assessable value to various stock yards and depots of the Company for further sale. Differential duty was paid by the Company after the month was over. Excise department contested this activity as ‘manufacturing’ and demanded duty from the EPA ignoring the payment of duty made by the Company. An appeal against the order of the Commissioner of Central Excise, Jamshedpur was filed in CESTAT, Kolkata and was allowed in favour of the EPA. Subsequently, the department challenged the same in Jharkhand High Court, Ranchi, which is still pending for hearing. Subsequent demand in this regard has not been adjudicated. Meanwhile, since September 2010, the decoiling and cutting activity with the EPA has been discontinued. The potential liability as of 31^st March, 2012, will be approximately Rs.2988.700 Millions (31.03.2011:Rs.2988.700 Millions). However, the Company has already paid duty amounting to Rs.1964.800 Millions (31.03.2011:Rs.1964.800 Millions) till date based on the final sale price of the material.

(f) The State Government of Odisha introduced "Orissa Rural Infrastructure and Socio Economic Development Act 2004" with effect from February 2005 levying tax on mineral bearing land computed on the basis of value of minerals produced from the mineral bearing land. The Company had filed a Writ Petition in the High Court of Odisha challenging the validity of the Act. Odisha High Court held in November 2005 that State does not have authority to levy tax on minerals. The State Government of Odisha moved to the Supreme Court against the order of Odisha High Court and the case is pending with Supreme Court. The potential liability, as of 31st March, 2012 would be approximately Rs.2,0858.800 Millions (31.03.2011:Rs.1,5627.200 Millions).

(g) In terms of the agreements entered into between Tata Teleservices Limited (TTSL), Tata Sons Limited (TSL) and NTT DoCoMo, Inc. of Japan (Strategic Partner-SP), the Company was given by Tata Sons an option to sell 52,46,590 equity shares in TTSL to the SP.

Pursuant to the rights issue made in 2010-11, SP’s shareholding in TTSL has increased from 1,17,26,17,866 equity shares ofRs.10 each to 1,24,89,74,378 equity shares ofRs.10 each as on 31st March, 2012. The shareholding of SP represents 26.50% of the paid up equity share capital of TTSL on a fully diluted basis as against 26.27% prior to the issuance and allotment of rights shares to them.

If certain performance parameters and other conditions are not met by TTSL by 31st March, 2014 and should the SP decide to divest its entire shareholding in TTSL, acquired under the primary issue and the secondary sale, and should TSL be unable to find a buyer for such shares, the Company is obligated to acquire the shareholding of the SP, at the higher of fair value or 50 percent of the subscription purchase price subject to compliance with applicable exchange control regulations, in proportion of the number of shares sold by the company to the aggregate of the secondary shares sold to the SP, or if the SP divests the shares at a lower price pay a compensation representing the difference between such lower sale price and the price referred to above.

Further, in the event of breach of the representations and warranties (other than title and tax) and covenants not capable of specific performance, the Company is liable to reimburse TSL, on a pro rata basis, upto a maximum sum ofRs.787.500 Millions. The exercise of the option by SP being contingent on several variables the liability, if any, is remote and indeterminable.

(h) The Company has been paying royalty on coal extracted from its quarries pursuant to the judgement and order dated 23rd July, 2002 passed by the Jharkhand High Court. However, the State Government demanded royalty at rates applicable to processed coal. Though the Company has contested the above demand, it has started paying, under protest, royalty on processed coal from November 2008. The incremental amount (including interest), if payable, for the period till October 2008 works out to Rs.3846.400 Millions (31.03.2011: Rs.3558.300 Millions) and has been considered as a contingent liability.

(i) Bills discountedRs.1747.800 Millions (31.03.2011: Rs.2123.800 Millions).

FIXED ASSETS

· Land and Roads

· Buildings

· Lease-hold

· Railway Sidings

· Plant and Machinery

· Furniture, Fixture and Office Equipment

· Development of Property

· Vehicles

STANDALONE FINANCIAL RESULTS FOR THE QUARTER / NINE MONTHS ENDED ON 31ST DECEMBER 2012

(Rs. In Millions)

Particulars	Quarter ended on 31.12.2012	Quarter ended on 30.09.2012	Nine Months ended on 31.12.2012
	Audited	Audited	Audited
1 Income from operations
a) Net sales / income from operations (net of excise duty)	92681.900	90342.000	271225.800
b) Other operating income	1021.200	1163.600	3063.200
Total income from operations (net) [ 1(a) + 1(b) ]	93703.100	91505.600	274289.000
2 Expenses
a) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(2429.900)	(2411.700)	(9807.200)
b) Purchases of finished, semi-finished steel and other products	1749.200	834.500	3354.000
c) Raw materials consumed	24988.900	25371.600	74586.700
d) Employee benefits expense	8838.600	8299.900	25729.800
e) Purchase of power	6244.200	5876.300	17598.300
f) Freight and handling charges	5632.800	5162.800	15614.400
g) Depreciation and amortisation expense	4339.400	3912.800	11796.100
h) Other expenses	23417.500	23210.000	68990.800
Total expenses [2(a) to 2(h)]	72780.700	70256.200	207862.900
3 Profit / (Loss) from operations before other income, finance costs, exceptional items and Tax [1 - 2]	20922.400	21249.400	66426.100
4 Other income	357.200	2396.900	4273.000
Profit / (Loss) from operations before finance costs, exceptional items and tax [3 + 4]	21279.600	23646.300	70699.100
6 Finance costs	5089.800	4539.300	14173.500
7 Profit / (Loss) before exceptional items and tax [5 - 6]	16189.800	19107.000	56525.600
8 Exceptional items :
a) Profit / (Loss) on sale of non-current investments	-	96.000	96.000
9 Profit / (Loss) before tax [ 7 + 8 ]	16189.800	19203.000	56621.600
10 Tax expense
a) Current tax	3275.600	3578.900	12840.500
b) MAT credit	(1213.500)	(1338.100)	(2551.600)
c) Deferred tax	3663.800	3454.100	8795.100
Total tax expense [10(a) to 10(c)]	5725.900	5694.900	19084.000
11 Net Profit / (Loss) for the period [9 - 10]	10463.900	13508.100	37537.600
Paid-up equity share capital [Face value ^10 per share]	9714.100	9714.100	9714.100
13 Reserves excluding revaluation reserves
14 Basic earnings per share (not annualised) - in Rupees (after exceptional items)	10.31	13.44	37.26
15 Diluted earnings per share (not annualised) - in Rupees (after exceptional items)	10.31	13.43	37.26

Select information for the Quarter ended on 31st December 2012
	Quarter ended on 31.12.2012	Quarter ended on 30.09.2012	Nine Months ended on 31.12.2012
A Particulars of Shareholding
1 Aggregate of public shareholding
Number of shares	646640774	648396801	646640774
% of shareholding	67.98%	68.04%	67.98%
2 Promoters and promoter group shareholding
a) Pledged / encumbered
- Number of shares	20000000	10000000	20000000
- % of shares to total share holding of promoter & promoter group	6.57%	3.28%	6.57%
- % of shares to total share capital of the company	2.06%	1.03%	2.06%
b) Non-encumbered
- Number of shares	284514362	294514362	284514362
- % of shares to total share holding of promoter & promoter group	93.43%	96.72%	93.43%
- % of shares to total share capital of the company	29.29%	30.32%	29.29%

Particulars	Quarter ended on 31.12.2012
B Investor complaints
Pending at the beginning of the Quarter	19
Received during the quarter	108
Disposed off during the quarter	124
Remaining unresolved at the end of the quarter	3

STANDALONE SEGMENT REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Millions)

Particulars	Quarter ended on 31.12.2012	Quarter ended on 30.09.2012	Nine Months ended on 31.12.2012
	Audited	Audited	Audited
Revenue by Business Segment:
Steel business	85644.400	83834.700	251527.300
Ferro Alloys and Minerals	7961.100	7939.300	23016.400
Others	4942.100	5115.300	15006.700
Total	98547.600	96889.300	289550.400
Less: Inter segment revenue	4844.500	5383.700	15261.400
Net sales / income from operations	93703.100	91505.600	274289.000
Segment results before finance costs, exceptional items and tax:
Steel business	20391.800	21837.700	66515.700
Ferro Alloys and Minerals	1730.200	1899.200	5496.000
Others	95.200	14.400	236.800
Unallocated income / (expenditure)	(937.600)	(105.000)	(1549.400)
Total Segment results before finance costs, exceptional items and tax	21279.600	23646.300	70699.100
Less: Finance costs	5089.800	4539.300	14173.500
Profit / (Loss) before exceptional items and tax	16189.800	19107.000	56525.600
Exceptional items:
Profit / (Loss) on sale of non-current investments	-	96.000	96.000
Profit / (Loss) before tax	16189.800	19203.000	56621.600
Less: Tax expense	5725.900	5694.900	19084.000
Net Profit / (Loss)	10463.900	13508.100	37537.600
Segment Capital Employed:
Steel business	304139.200	291890.400	304139.200
Ferro Alloys and Minerals	3515.900	3682.300	3515.900
Others	2591.500	2537.400	2591.500
Unallocated	23718.100	27789.100	23718.100
Total	333964.700	325899.200	333964.700

NEWS

May 21, 2013

TATA STEEL MAY SELL PART OF CORUS ASSETS TO PARE DEBT

After writing off USD 1.6 billion from its balance sheet towards European arm value loss recently, Tata Steel  is now looking to sell of some of its European assets in order to deleverage its balance sheet, reports Kritika Saxena quoting sources.

Tata Steel may have appointed investment bakers to carry out valuation of some European assets. The steel giant may consider UK and Netherlands assets of Corus for sale. The company will however continue to maintain Corus as a 100 percent subsidiary

Tata Steel has been struggling to turn its European arm profitable since the time of take over five years ago. The company took an impairment hit of USD 1.6 billion on its FY13 balance-sheet on the back of weak environment in Europe.

By unlocking value of these assets the company could raise around Rs 40000.000 Millions, Sources said. A recent report by Moody’s indicated that the company has been selling European non-core assets over the last two years.

The company had sold Teesside Cast Products (TCP) for around USD 467 million in 2011. Tata Steel has around 4.2 billion pounds of debt and another 570 million pounds is due in FY14 and FY15 and hence further disposals would help ease the burden on the wider group, Moody’s noted.

Between 2007 till date, Tata Steel has seen 30 percent fall in steel demand in Europe. In past few years the company has taken several austerity measures to cut down growing losses of European operations. 

Stock strategy

Tata Steel shares were trading down 1.24 percent at Rs 311.40 rupees at 13.14 IST. The stock has been a big under performer in the metal pack over past few months. Tarang Bhanushali of IIFL said that sale of some of European assets would help the company deleverage its balance sheet and is seen as a positive step in a near term. With the recent write-down the debt equity ratio of Tata Steel has gone up two times.

Bhanushali advised investors to stay invested at current levels in the stock. He is bullish on Tata Steel and sees revival in company’s operation in FY14.

“We believe the current price is a good opportunity to go long. we believe the domestic operations would give strong results in FY14 considering that the new capacities would lead to an additional one million tonne production as well as the input cost would go down with their coke oven batteries being operational,” he said.

Tata Steel shares were trading down 1.24 percent at Rs 311.40 rupees at 13.14 IST. The stock has been a big under performer in the metal pack over past few months. Tarang Bhanushali of IIFL said that sale of some of European assets would help the company deleverage its balance sheet and is seen as a positive step in a near term. With the recent write-down the debt equity ratio of Tata Steel has gone up two times.

Bhanushali advised investors to stay invested at current levels in the stock. He is bullish on Tata Steel and sees revival in company’s operation in FY14.

“We believe the current price is a good opportunity to go long. we believe the domestic operations would give strong results in FY14 considering that the new capacities would lead to an additional one million tonne production as well as the input cost would go down with their coke oven batteries being operational,” he said.

TATA STEEL TO HIT OVERSEAS BOND STREET ON TUESDAY

Steel major Tata Steel is hitting the markets on Tuesday for a possible Singapore dollar- denominated bond sale, merchant bankers said on Monday.

“A Singapore dollar denominated Reg S (senior unsecured bonds) transactions may be launched, subject to market conditions, following the investor roadshow,” a merchant banking source said on Monday. The source added that the roadshow would begin tomorrow in Singapore.

However, the size of the issue or the coupon range was not immediately known.

The merchant banker said the money will be raised by Tata Steel’s wholly-owned subsidiary ABJA Investment Company

Media reports recently stated the Tata Group company was mulling to raise USD 1 billion from overseas markets. Tata Steel was looking to deploy a part of the proceeds in its upcoming project in Odisha and may also pare some high-cost debt, the reports had said.

So far 11 Indian companies through 13 issuances have raised a whopping USD 7.5 billion from the overseas markets this year, as rupee funds remain too costly at around 12-14 per cent.

The highest pricing of these debts is just under 6 per cent, while the lowest coupon is HDFC Bank’s 3 per cent for its USD 500 million issues sold this January.

April 18, 2013

MOODY'S RETAINS NEGATIVE OUTLOOK ON TATA STEEL RATINGS

Rating agency Moody’s has reaffirmed its negative outlook on the credit ratings of Tata Steel  and Tata Steel UK Holdings. It had assigned the negative outlook to the companies in August 2012 and continues to maintain it.

“In the wake of weak demand and overcapacity seen in Europe, there is a risk that the weakening of Tata Steel’s credit metrics continues in FY14,” says the report, adding that the Indian operations too are experiencing margin pressures despite higher output, because of the slowing economy.

Moody’s expects consolidated adjusted debt/EBIDTA (earnings before interest, depreciation, taxes and amortization) around 5.8 times for FY13 and expects for an improvement to 5.5 times in FY14.

"However, further erosion of credit metrics could precipitate a rating downgrade,” says Alan Greene, Vice President Senior Credit Officer, Moody’s.

The report also points out that the steel cycle at least in India is past its worst and if Tata Steel can return towards a sustained operating profit of USD 300 per tonne, then the burden of Tata Steel UK Holdings can be borne by Tata Steel.

Moody’s believes Tata Steel UK Holdings remains a challenge for the group. “The European steel industry as a whole is suffering from underutilized capacity and Tata Steel UK Holdings along with other companies is looking for higher value added products and cost efficiencies in order to survive,” said the report.

Greene believes the expansion of profitable parts of Tata Steel are getting impacted on emergence of funding constraints on account of Tata Steel UK Holdings losses. He suggests further actions like disposal of Teeside Cast Products in 2011 is needed in order to reverse Tata Steel UK Holdings cash outflow.

Moody’s concludes the report saying that the Tata Steel’s ratings are unlikely to go up in the near future, but could return to a stable outlook. However, negative ratings pressure could develop in the event of a worsening in the operating environment beyond ratings agency’s expectations in the next six months.

TATA STEEL TAKES DELIVERY OF FIRST CARGO OF IRON ORE FROM NORTHLAND RESOURCES

04 March 2013

Tata Steel has taken delivery of the first shipment of iron ore from a new iron ore supplier, Northland Resources

The MV Star Norita arrived at Tata Steel’s IJmuiden terminal in the Netherlands on 2 March loaded with 55000 tonnes of high-grade iron ore pellet feed.

The ore comes from Northland Resources’ new mine, Kaunisvaara, in Sweden and was shipped via the Norwegian port of Narvik. It is thought Kaunisvaara could be the first entirely greenfield iron ore mine to start up in Europe for several decades.

Kees Gerretse, Tata Steel’s Group Procurement Director, said: “New sources of iron ore do not come to market every day, especially in Europe. We are delighted that Northland Resources has successfully shipped its first cargo from its new mine and look forward to receiving further shipments as our relationship grows under our long-term supply contract.”

At a ceremony to mark the shipment’s arrival, IJmuiden steel plant Hub Director Dook van den Boer said: “We are making great strides in improving our operational and environmental efficiency at IJmuiden. The high iron content of Northland Resources ore should contribute further to this in terms of energy consumption, and there will be logistical advantages because this new source is so close by.”

In response, Northland Resources Executive Chairman Anders Hvide said: "We are very pleased to join Tata Steel in this celebration to mark our first iron ore shipment.  As a key customer, Tata Steel has been an essential partner in the build-up to Northland entering the market. We are proud that our first shipment carrying the premium product specified by our customer has been successfully delivered."

The contract between Tata Steel and Northland Resources envisages 6 million tonnes of Kaunisvaara iron ore of more than 69% iron content being delivered over a 7-year period. A second cargo for Tata Steel is due to start loading in late March or early April.

TATA STEEL RECOGNISED AS ONE OF WORLD'S MOST ETHICAL COS

March 07,2013

Tata Steel today said it has been recognised as one of the world's most ethical companies for 2013 by the Ethisphere Institute, a leading international organisation.

Tata Steel  today said it has been recognised as one of the world's most ethical companies for 2013 by the Ethisphere Institute, a leading international organisation.

"The recognition was awarded post assessment on a number of parameters which included reputation, innovation and leadership, compliance and ethics programme, training and communication, corporate governance, corporate citizenship, sustainability and responsibility," the company said.

The award was received by Ethics Counsellor, Tata Steel, Tripti Roy, at a function held in New York.

Tata Steel Managing Director H M Nerurkar commented, "It is truly an honour to be recognised for our ethical practices which have always been the driving principle in the way we conduct our business."

Ethisphere has reviewed nominations from companies in more than 100 countries and 36 industries through in-depth research and multi-step analysis.

In another development, the steel maker said it was conferred with the Most Admired Knowledge Enterprises (MAKE) award for 2012 at Global and Asian level.

The company has previously been recognised by the Indian MAKE awards on six accounts since its inception in 2005.

Tata Steel is world's second most geographically diversified steel producers with an annual crude steel capacity of over 26.5 million tonnes.

TATA STEEL'S CANADIAN DEAL POSITIVE: DEUTSCHE

March 13, 2013,

Tata Steel Limited shares flat, outperforming the Nifty's 0.63 percent fall after a unit on Tuesday agreed to buy a 51 percent stake in an iron ore project held by Canada's Labrador Iron Mines Canada for C$30 million.

Deutsche Bank sees the deal as a positive development for Tata Steel.

"Apart from gaining access to 14.3 million tonnes of new attributable iron ore resources located adjacent to its existing deposits, the strategic agreement will also help drive synergies in operations and logistics," the bank says.

FEBRUARY 19, 2013

TATA STEEL GRANTED CORE SUPPLIER STATUS BY PSA PEUGEOT CITROËN

Tata Steel has joined the select group of companies supplying material to PSA Peugeot Citroën to be awarded with Core Supplier status by the French car manufacturer.

Jean-Baptiste Formery, executive director, purchasing vehicle components, at PSA Peugeot Citroën, made the award at a presentation at Tata Steel’s Ijmuiden plant in the Netherlands last week.

Speaking to employees, Mr. Formery said that a Core Supplier needed to display the three key attributes of being champions in their product lines, being internationally established and achieving excellence in industrial performance. He described Tata Steel as “clearly a very good example of this category of supplier”.

Mr. Formery spoke of the importance of suppliers fully participating in every step of the company’s strategy and contributing to its success. He described the ambition of PSA Peugeot Citroën to become a global player, with 50 percent of its sales outside Europe by 2015. Mr. Formery said that PSA’s recent Global Alliance with General Motors represented a real opportunity for growth for strategic and core suppliers.

Responding to Mr. Formery, Jaap Piso, director of sales and marketing, sector automotive, for Tata Steel in Europe, said: “This award is the culmination of more than 30 years of close collaboration and partnership with PSA Peugeot Citroën. We are delighted to have been honoured with Core Supplier status in recognition of this mutually beneficial relationship and we look forward to it continuing to benefit both companies for many years to come.

“The ambition of our customer to grow its business globally exactly aligns with our own aims for growth. As Mr Formery has acknowledged, we are already contributing to PSA’s success in France and Spain and are studying our support in the fast developing markets of Russia, Brazil and China. And we are playing our part in improving the environmental credentials of PSA’s car range with steels for light weighting that contribute to reduced CO2 emissions.

“As we move forward, PSA Peugeot Citroën has the full commitment of all Tata Steel employees to continue to meet the high standards expected of companies with Core Supplier status. We feel privileged to be in this select category of suppliers and are excited by the prospect of partnering with our customer as they continue to extend their global reach.”

TATA STEEL UPGRADES RESEARCH FACILITY TO DEVELOP ULTRA HIGH STRENGTH AUTOMOTIVE STEELS

07 February 2013

Tata Steel has started up an advanced facility to develop crash-resistant steels designed to make cars safer and more fuel-efficient. The €2.3 million investment at the company’s IJmuiden site in the Netherlands will increase Tata Steel’s ability to develop next-generation steels which are lighter, stronger and better able to withstand crashes.

The R and D investment follows close collaboration between Tata Steel and major European car manufacturers to understand their requirements for future car models. The facility will also enable Tata Steel to support its customers as they integrate the new ultra high strength steels into future vehicles.

The facility is the most technologically advanced in the world, combining the characteristics of commercial industrial lines alongside special research features to control and measure atmosphere, temperature, speed, force, stress and friction. It was upgraded by the two leading equipment suppliers in the field, Schuler and Schwartz, and incorporates a hot press forming line that presses heated steel sheets into vehicle parts1.

Henrik Adam, Chief Commercial Officer of Tata Steel in Europe, said: “This investment comes out of discussions we have been having with our automotive customers about their visions for the vehicles of the future. This upgraded facility will enable us to work more closely with them, not only to develop the new, advanced steels they increasingly require, but also to help them improve their performance when they process these steels using their own equipment.”

Hot press forming is increasingly being used by automotive manufacturers and their suppliers to manufacture complex body parts2 capable of withstanding impacts. The steels used to make these parts need to be ultra high strength and as light as possible in order to achieve optimum safety and environmental performance.

Such is the growth in their use that hot formed parts make up more than 20%, by weight, of some recently launched car models. The use of steels whose strength has been enhanced through the inclusion of boron is growing particularly rapidly. Tata Steel is developing zinc-coated boron steels, which offer superior corrosion resistance compared to other boron steel grades. In June 2012 the company launched a zinc-coated boron steel product under the trade name HQ1500 ZnX®.

PRESS RELEASE:

Cancer charities benefit from Tata Founder's Day

03.04.2013

Tata Steel employees across Europe will today be adding their weight to the fundraising efforts of colleagues around the globe in support of cancer charities.

Fundraising  is one of the key activities that Tata Steel’s 80,000 worldwide employees  engage in each year to mark Founder’s Day, a celebration of the birth on 3  March 18391 of Tata group Founder Jamsetji Nusserwanji Tata. A central tenet of the Founder’s vision was that “the community is not just another stakeholder in business, but is in fact the very purpose of its existence”. The day is also an occasion to remember the Tata Steel group’s various other founders.

This year, for the first time, Tata group companies across Europe have worked together to align their fundraising campaigns. The theme of the fundraising campaign is ‘Wear it Blue’. Employees at numerous Tata Steel locations will show their support for the charities by wearing ‘something blue’ and donating money. In addition, Tata Steel employees in the UK, Netherlands, Germany, China, Sweden and France will hold their own fundraising activities throughout the day2.

In his inaugural Founder’s Day address to employees, Tata Sons Chairman Cyrus Mistry said: “It was Jamsetji Tata’s vision that led to the creation and early flowering of the Tata group. It was he who paved the path for us to follow. He was a pioneer in an age when the road that a pioneering industrialist had to traverse was littered with trials and tribulations. He met these challenges with dignity and humanity.

“The Tata group now reaches shores far beyond the country of its origins and touches the lives of people from different corners of the world, people hailing from a variety of ethnicities and cultures. This places on us a bigger responsibility than ever before. I have no doubt that we can bear this responsibility with care and honour, simply because we have on our side the capabilities and the conviction of our employees around the world.

“Let us pledge to continue to nurture the spirit of pioneering and entrepreneurship while staying true to our values.”

Karl-Ulrich Köhler, MD and CEO of Tata Steel in Europe, said: “For the last couple of years we have celebrated this anniversary by organising different activities throughout Tata Steel. These activities are all focused on the core principles of the Tata group – caring for and engaging with our communities.

“This year Tata Steel will be celebrating this day as one company. Along with other companies in the Tata group, we will organise various local activities to support a common good cause, namely helping to fight cancer.”

Half of  the money raised will be donated to cancer charities located close to Tata  Steel’s sites and the other half will be donated to the Tata Medical Center  cancer hospital in Kolkata, India.

The state-of-the-art Tata Medical Center provides the entire range of patient services from prevention, diagnosis and treatment through to rehabilitation and palliative care, and also acts as cancer research institute. The hospital was opened on 16 May 2011 by Tata group Emeritus Chairman Ratan Tata. This philanthropic Tata group initiative is dedicated to helping cancer patients  from the east and northeast of India as well as Bangladesh.

Mar 01, 2013, 03.51 PM IST

Short Hindalco, Sterlite Ind, Tata Steel: Sukhani

Sudarshan Sukhani, s2analytics.com is of the view that one can short Hindalco, Sterlite Ind, Tata Steel and SAIL.

Sudarshan Sukhani, s2analytics.com is of the view that one can short Hindalco  , Sterlite Ind, Tata Steel  and SAIL.

Sukhani told CNBC-TV18, “I would continue to maintain short positions and actually add to or initiate new shorts in these metals stocks on any minor rally, because I do not see big rallies coming here. The four stocks that I am naming are all shorting candidates. It is a pity. They are blue chips. Hindalco Industries, Sterlite Industries , Tata Steel and Steel Authority of India (SAIL).”

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 55.99
UK Pound	1	Rs. 84.19
Euro	1	Rs. 71.86

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	8
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		77

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.