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Tata-International-Limited-Annual BOARD OF DIRECTORS (As on May 27, 2016) G K PILLAI- Chairman H S VACHHA P G MANKAD A K VORA N N TATA- Managing Director R MUKUNDAN R PISHARODY S S KUDTARKAR P V GOPALAKRISHNA (Appointed as Additional Director w.e.f April 25, 2016) REGISTERED OFFICE Trent House, G-Block, Plot No. C 60, Next to Citibank, Bandra Kurla Complex, Bandra East, Mumbai-400 051. CIN: U51900MH1962PLC012528 AUDITORS Deloitte Haskins & Sells LLP BANKERS State Bank of India Standard Chartered Bank ICICI Bank Hong Kong and Shanghai Banking Corporation Ltd. BNP Paribas 1 INTERNATIONAL Fifty third annual report 2015-2016 Tata International Limited 2 CONTENTS Page No.(s) Year in Brief .............................................................................................................................. 4 Directors’ Report ..................................................................................................................... 5-16 Annexure to the Directors’ Report ................................................................................... 17-44 Auditors’ Report ...................................................................................................................... 45-46 Annexure to the Auditors’ Report .................................................................................... 47-51 Balance Sheet ......................................................................................................................... 52 Statement of Profit and Loss ............................................................................................. 53 Cash Flow Statement ........................................................................................................... 54-55 Significant Accounting Policies ........................................................................................ 56-59 Notes forming part of the Financial Statements ........................................................ 60-101 Consolidated Financial Statements ................................................................................ 102-168 3 INTERNATIONAL Fifty third annual report 2015-2016 Tata International Limited YEAR IN BRIEF 2015-16 2014-15 (₹ Lakhs) (₹ Lakhs) TURNOVER 152,836 151,622 EXPORTS 93,762 103,845 DOMESTIC 59,073 47,777 GROSS REVENUE 167,504 164,948 PROFIT/(LOSS) BEFORE TAX 33,507 664 PROFIT/(LOSS) AFTER TAX 26,534 439 DIVIDEND 602 401 TAX ON DISTRIBUTED PROFITS 1 60 TRANSFER TO DEBENTRUE REDEMPTION RESERVE - 1,225 TRANSFER FROM DEBENTRUE REDEMPTION RESERVE 6,125 - RETAINED EARNINGS 32,056 (1,247) FIXED ASSETS GROSS 29,363 26,066 NET 8,852 8,180 SHARE CAPITAL 4,010 4,010 RESERVES & SURPLUS 71,525 45,594 BORROWINGS 39,540 60,559 CAPITAL EMPLOYED 115,075 110,163 Rupees Rupees EARNINGS PER SHARE 6,617 109 NET WORTH PER SHARE 18,837 12,370 Ratio Ratio DEBT : EQUITY 0.52:1 1.3:1 4 DIRECTORS’ REPORT TO THE MEMBERS, The Directors are pleased to submit the Fifty-third Annual Report and the Audited financial statement for the year ended March 31, 2016. FINANCIAL RESULTS: Stand-alone (₹ Lakhs) Consolidated (₹ Lakhs) 2015-16 2014-15 2015-16 2014-15 Turnover 152735 151573 1292415 1253513 Profit / (Loss) before exceptional items and Tax (2887) (5661) (10288) (16461) Exceptional items 36394 6325 20061 9656 Profit / (Loss) before Tax 33507 664 9773 6805 Taxes 6973 225 10757 5733 Profit / (Loss) from continuing Operations 26534 439 (985) (12537) Profit / (Loss) from Discontinuing operations - - (4816) 207.41 Profit / (Loss) for the year before minority interest and share of 26534 439 (5800) (12330) profit / (loss) of associates Minority Interest - - 1712 (614) Share of Profit / (loss) of associates - - (947) 171 Profit / ( loss) for the year 26534 439 (5036) (12773) Add : Balance brought forward from Previous Year 11046 12476 27441 44195 Less: WDV of Assets whose life has expired - 183 - 277 The amount available for appropriation is 37580 12732 22405 31145 The appropriations are as follows: Proposed Dividend [including Tax on Distributed Profits: ₹ 59.63 602 461 623 634 (Previous Year: ₹ NIL)] Transfer to Debenture Redemption Reserve - 1225 - 1225 Transfer to General / Legal Reserve - - 191 30 Charge on account of change in functional currency of subsidiary - - 1722 - Distribution on unsecured perpetual securities - - 4741 1815 Add : Recoupment of minority interest of earlier years - - 167 - Add : Transfer from Debenture Redemption Reserve 6125 - 6125 - Leaving to be carried forward a balance of 43103 11046 21420 27441 GLOBAL OUTLOOK- SUBDUED DEMAND, DIMINISHED PROSPECTS (Source – World Economic Outlook update by IMF dated January 2016) GLOBAL ECONOMIC OUTLOOK Global growth, currently estimated at 3.1 percent in 2015, is projected at 3.4 percent in 2016 and 3.6 percent in 2017. The pickup in global activity is projected to be more gradual than in the October 2015 World Economic Outlook (WEO), especially in emerging market and developing economies. In advanced economies, a modest and uneven recovery is expected to continue, with a gradual further narrowing of output gaps. The picture for emerging market and developing economies is diverse but in many cases challenging. The slowdown and rebalancing of the Chinese economy, lower commodity prices and strains in some large emerging market economies will continue to weigh on growth prospects in 2016–17. The projected pickup in growth in the next two years—despite the 5 INTERNATIONAL Fifty third annual report 2015-2016 Tata International Limited ongoing slowdown in China—primarily reflects forecasts of a gradual improvement of growth rates in countries currently in economic distress, notably Brazil, Russia and some countries in the Middle East, though even this projected partial recovery could be frustrated by new economic or political shocks. Risks to the global outlook remain tilted to the downside and relate to ongoing adjustments in the global economy: a generalized slowdown in emerging market economies, China’s rebalancing, lower commodity prices, and the gradual exit from extraordinarily accommodative monetary conditions in the United States. If these key challenges are not successfully managed, global growth could be derailed. RECENT DEVELOPMENTS In 2015, global economic activity remained subdued. Growth in emerging market and developing economies— while still accounting for over 70 percent of global growth—declined for the fifth consecutive year, while a modest recovery continued in advanced economies. Three key transitions continue to influence the global outlook: (1) the gradual slowdown and rebalancing of economic activity in China away from investment and manufacturing toward consumption and services, (2) lower prices for energy and other commodities, and (3) a gradual tightening in monetary policy in the United States in the context of a resilient U.S. recovery as several other major advanced economy central banks continue to ease monetary policy. Overall growth in China is evolving broadly as envisaged, but with a faster-than-expected slowdown in imports and exports, in part reflecting weaker investment and manufacturing activity. These developments, together with market concerns about the future performance of the Chinese economy, are having spillovers to other economies through trade channels and weaker commodity prices, as well as through diminishing confidence and increasing volatility in financial market. Manufacturing activity and trade remain weak globally, reflecting not only developments in China, but also subdued global demand and investment more broadly—notably a decline in investment in extractive industries. In addition, the dramatic decline in imports in a number of emerging market and developing economies in economic distress is also weighing heavily on global trade. Oil prices have declined markedly since September 2015, reflecting expectations of sustained increases in production by Organization of the Petroleum Exporting Countries (OPEC) members amid continued global oil production in excess of oil consumption. Futures market are currently suggesting only modest increases in prices in 2016 and 2017. Prices of other commodities, especially metals, have fallen as well. Lower oil prices strain the fiscal positions of fuel exporters and weigh on their growth prospects, while supporting household demand and lowering business energy costs in importers, especially in advanced economies, where price declines are fully passed on to end users. Though a decline in oil prices driven by higher oil supply should support global demand given a higher propensity to spend in oil importers relative to oil exporters, in current circumstances several factors have dampened the positive impact of lower oil prices. First and foremost, financial strains in many oil exporters reduce their ability to smooth the shock, entailing a sizable reduction in their domestic demand. The oil price decline has had a notable impact on investment in oil and gas extraction, also subtracting from global aggregate demand. Finally, the pickup in consumption in oil importers has so far been somewhat weaker than evidence from past episodes of oil price declines would have suggested, possibly reflecting continued deleveraging in some of these economies. Limited pass-through of price declines to consumers may also have been a factor in several emerging market and developing economies. Monetary easing in the euro area and Japan is proceeding broadly as previously envisaged,while in December 2015 the U.S. Federal Reserve lifted the federal funds rate from the zero lowerbound. Overall, financial
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