walker chandiok 8(co llptatasteelbsl.co.in/investor relations pdf/notice/audited financials.pdf ·...

(i) include the financial results for the year ended 31 March 2019, of the following entities:

Certified True Copy

For Tata Steel BSL Limited

Walker Chandiok 8(Co LLP

Walker Chandiok & Co LLP 21st Floor, DLF Square Jacaranda Marg, DLF Phase II Gurugram 122002 India

T +91 124 462 8000 F +91 124 462 8001

Independent Auditor's Report on Consolidated Financial Results of Tata Steel BSL Limited (formerly known as Bhushan Steel Limited) Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To the Board of Directors of Tata Steel BSL Limited (formerly lcnown as Bhushan Steel Limited)

1. We have audited the consolidated financial results of Tata Steel BSL Limited (the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group') and its associates for the year ended 31 March 2019, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These consolidated financial results are based on the consolidated financial statements for the year ended 31 March 2019 prepared in accordance with the accounting principles generally accepted in India, including Indian Accounting Standards (Ind AS') specified under Section 133 of the Companies Act, 2013 (the Act') and SEBI Circulars CIR/CFD/CMD/15/2015 dated 30 November 2015 and CIR/CFD/FAC/62/2016 dated 5 July 2016, which are the responsibility of the Holding Company's management. Our responsibility is to express an opinion on these consolidated financial results based on our audit of the consolidated financial statements for the year ended 31 March 2019.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial results are free of material misstatement(s). An audit includes examining, on a test basis, evidence supporting the amounts disclosed as consolidated financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our opinion.

3. In our opinion and to the best of our information and according to the explanations given to us and upon consideration of the reports of other auditors on separate financial results and on other financial information of the subsidiaries and associates, these consolidated financial results:

Company Secretary & Compliance Officer

Chartered Accountants Walker Chandiok & Co LLP is registered with limited liability with identification number MC.2085 and its registered

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune office al L-41 Connaught Circus, New Delhi, 110001, India

Walker Chandiok &Co LLP

(ii) give a true and fair view of the standalone net profit (including other comprehensive income) and other financial information in conformity with the accounting principles generally accepted M. India including Ind AS specified under Section 133 of the Act for the year ended 31 March 2019,

4. We draw attention to Note 2 to the standalone financial results which describes the implementation of Resolution Plan pursuant to its approval by the National Company Law Tribunal and the resultant impact of the same, as recorded in the standalone financial results for the year ended 31 March 2019. Our opinion is not modified in respect of this matter.

5. Attention is drawn to Note 7 to the standalone financial results regarding the standalone figures of the quarter ended 31 March 2018 included in the standalone financial results, which are the balancing figures between audited standalone figures in respect of the year ended 31 March 2018 and the published unaudited standalone year to date results upto 31 December 2017. Our opinion is not modified in respect of this matter.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No.: 001076N/N500013

Neeraj Sharma Partner Membership No. 502103

Place: Mumbai Date: 17 April 2019

Chartorad Accountants

Walker Chandiok &Co LLP

Walker Chandiok & Co LLP 21st Floor, DLF Square Jacaranda Marg, DLF Phase II Gurugram 122002 India

T +91 124 462 8000 F +91 124 462 8001

Independent Auditor's Report on Consolidated Financial Results of Tata Steel BSL Limited (formerly known as Bhushan Steel Limited) Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To the Board of Directors of Tata Steel BSL Limited (formerly known as Bhushan Steel Limited)

1. We have audited the consolidated financial results of Tata Steel BSL Limited (the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group') and its associates for the year ended 31 March 2019, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These consolidated financial results are based on the consolidated financial statements for the year ended 31 March 2019 prepared in accordance with the accounting principles generally accepted in India, including Indian Accounting Standards (Ind AS') specified under Section 133 of the Companies Act, 2013 (the Act') and SEBI Circulars CIR/CFD/CMD/15/2015 dated 30 November 2015 and CIR/CFD/FAC/62/2016 dated 5 July 2016, which are the responsibility of the Holding Company's management. Our responsibility is to express an opinion on these consolidated financial results based on our audit of the consolidated financial statements for the year ended 31 March 2019.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial results are free of material misstatement(s). An audit includes examining, on a test basis, evidence supporting the amounts disclosed as consolidated financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our opinion.

3. In our opinion and to the best of our information and according to the explanations given to us and upon consideration of the reports of other auditors on separate financial results and on other financial information of the subsidiaries and associates, these consolidated financial results:

(i) include the financial results for the year ended 31 March 2019, of the following entities:

Chartered Accountants Walker Chandiok & Co LLP is registered with limited liabgity with identification number MC-2085 and its registered

Offices in Bengaluru, Chandigarh, Chanel, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune office at L-41 Connaught Circus, New Delhi, 110001, India

Walker Chandiok 8(Co LLP Independent Auditor's Report on Consolidated Financial Results of the Tata Steel BSL Limited (formerly known as Bhushan Steel Limited) Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Cont'd)

Name of the entity Relationship Bhushan Steel (Orissa) Limited Subsidiary Bhushan Steel Madhya Bharat Limited Subsidiary Bhushan Steel (South) Limited Subsidiary Bhushan Steel (Australia) Pty Limited Subsidiary Bowen Energy Pty Limited Subsidiary Bowen Coal Pty Limited Subsidiary Bowen Consolidated Pty Limited Subsidiary Bhushan Capital & Credit Services Private Limited Associate Jawahar Credit & Holdings Private Limited Associate

(ii) are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circulars CIR/CFD/CMD/15/2015 dated 30 November 2015 and CIR/CFD/FAC/62/2016 dated 5 July 2016 in this regard; and

(iii) give a true and fair view of the consolidated net profit (including other comprehensive income) and other financial information in conformity with the accounting principles generally accepted in India including Ind AS specified under Section 133 of the Act for the year ended 31 March 2019.

4. We draw attention to Note 2 to the consolidated financial results which describes the implementation of Resolution Plan pursuant to its approval by the National Company Law Tribunal and the resultant impact of the same, as recorded in the consolidated financial results for the year ended 31 March 2019. Our opinion is not modified in respect of this matter.

5. We did not audit the financial statements/financial information of three subsidiaries whose financial statements/financial information reflect assets of 7.04 lakhs and net assets of (94.54) lakhs as at 31 March 2019, and total revenues of Nil for the year ended on that date, as considered in the consolidated financial results. These financial statements and other financial information have been audited by other auditors whose reports have been furnished to us by the management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, and our report in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circulars CIR/CFD/CMD/15/2015 dated 30 November 2015 and CIR/CFD/FAC/62/2016 dated 5 July 2016, in so far as it relates to the aforesaid subsidiaries, arc based solely on the audit reports of such other auditors.

Our opinion on the consolidated financial results is not modified in respect of this matter with respect to our reliance on the work done by and the reports of the other auditors.

6. We did not audit the financial statements / financial information of four subsidiaries, whose financial statements / financial information reflect total assets of 1,302.38 lakhs and net assets of (1,620.91) lakhs as at 31 March.2019, and total revenues of 0.35 lakhs for the year ended on that date, as considered in the consolidated financial results. The consolidated financial results also include the Group's share of net loss (including other comprehensive income) of Nil for the year ended 31 March 2019, as considered in the consolidated financial results, in respect of two associates, whose financial statements / financial information have not been audited by us. These financial statements / financial information are unaudited and have been furnished to us by the management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and associates, and our report in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circulars CIR/CFD/CMD/15/2015 dated 30 November 2015 and CIR/CFD/FAC/62/2016 dated 5 July 2016, in so far as it relates to the aforesaid subsidiaries and associates, are based solely on such unaudited financial statements / financial information. In our opinion and according to the information and explanations given to us by the management, these financial statements / financial information are not material to the Group.

Cliartcrod Accountants

Walker Chandiok &Co LLP Independent Auditor's Report on Consolidated Financial Results of the Tata Steel BSL Limited (formerly known as Bhushan Steel Limited) Pursuant to the Regulation 33 of the SEBI (Listing Obligadons and Disclosure Requirements) Regulations, 2015 (Coned)

Our opinion on the consolidated financial results is not modified in respect of this matter with respect to our reliance on. the financial statements / financial information certified by the management.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No.: 001076N/N500013

Neeraj Sharma Partner Membership No. 502103

Place: Mumbai Date: 17 April 2019

Cluutotad Accountants

Slnndalone Balance Sheet ns at March 31, 2019

2 Crum

Pm-titulars . Anal 31.03.2019

As at 31,03.2018

Audited Audited

A ASSETS

(1) Non-current assets

(o) Property, Plant and Equipment 29.154,41 30.301.56

(b) Capital unit-in-progress 1,154.14 1.179.65

(c) Intangible assets 0.17 0.11

(d) Investments in subsidiaries, associaWs and joint ventures 0.15 0.15

(a) Financial assets

(1) Non-current investments 1.01 107

(i) Loans 46.46 72.65

(iii) Other financial assets 445.95 466.67

(I) Other non•cturent assets 771.03 908.30

(g) Income las assets 31.82 29.00

Sub-total-Non current assets 31,605.14 32,919.22

(2) Current assets

(a) Inventories 081.88 4,025.10

(b) Financial assets () Current investments 1,594.90 - (ii) Trade receivables 697.01 1219.511

(iii) Cash and cash equivalents 277.42 594.21

(iv) Other balances with banks 126.90 323.52

(v) Loans 51.53 91.74

(vi) De/hoist assets 2.14 - (vii) Other financial assets 94.66 68.01

(c) Other current assets 554.27 600.11

Sub-tolal - Current assets 7,980.71 6,922.37

TOTAL . ASSETS 39,585.85 39,841.59

It EQUITY AND LIABILITIES

(I) Equity

(a) Equity Share Capital 218.69 45.311

(b) Othercquiw 18,094.21 (26,105.36)

Sub-total-Total equity 18,312.90 (26,060.06)

(2) Non-eurren1 lInbiliIies

(o) Financial liabilities -

' 0) Borrouings 16,972,31 706.53

(ii) Other financial liabilities 57.89 39.411

(b) Prosisions 56.80 56.32

(c) 08ter non-current liabilities 2.28 2.66

Sub-total - Non comfit liabllilies 17,089.28 804.91.

(3) Currentllabillties

(a) Financial liabilities

0) Herron ings 13.812.86

(ii) Trade proables

-10181 outstanding dues ethnics° enterprises and small enterprises 12.54 10.02

- total outstanding dues of creditors mherthan micro enterprises and small enterprises 3,076 41 1295.11

(iii) Derivative liabilities . 41.42 -

(iv) Other financial liabilities 682.31 49.527.811

(b) Other current liabilities 360,03 443.64 (e) Provisions 2.94 7.31

Sub-total - Current liabilities 4,183.67 65,096.74 TOTAL-EQUITY AND LIABILITIES 39,555,85 39,841.59

/DENIG SNED POrs T/F!CATION . PURPOSE

ONLY

Standalone Financial Results for the quarter/ year ended 111 arch 31, 2019

Crones

Particulars Quarler ended 31.03.2019

Quarter culled 31.12.2013

Quarter coded 31.03.2018

Financial year ended

31.03.2019

Financial year ended 31.03,2018

Audited Audited Refer Note 7 Audited Audited

I Revenue from operations

a) Gross sales! income from operations 5,136.40 4,652.16 4,286.62 19,860.12 16,760.62

b) Other opemfing income 381.10 236.38 209.36 1,031.49 643.31

Total revenue front operations 1 1(a) + 1(b) j 5,517.511 011104 4,495.98 20,891.61 17,404.43

2 Other income 30.21 34.18 69.08 132.44 95.08

3 Total income 1 1 + 21 5,547.71 4,922.72 4,565.06 21,024.1)5 . 17,499.51

4 Expenses

a) Raw materials consumed 2,742.75 2,1134,66 2,647.22 11.603.115 • 9,915.29

b) Purchases of finished, semi-finished steel & other products 1.94 4.91 - 6.85 7.12

c) Changes in inventories of finished goods, work-in•progress and stock-in-trade 549.33 (417.36) (145.43) (278.18) (27.911)

d) Employer benefits expense 85.69 91.26 1181.64 362.51 357.51

c) Finance costs 740.81 788.65 1,726.07 3,75118 6,304.90

0 Depoxialion and amortisation expense 366.02 358.55 5111.31 1,441.74 1,785.67

g) Excise duly - - - - 391.87

It) Other expenses 1,351.80 1,367.30 1,130,28 5,398.81 4,555.61

Total expenses! 4(a) to 4(h) I 5,838.34 5,027.97 5,977.08 22,286.96 23,290.14

5 Profit! (Loss) before exceptional items & lax 13 - 4 I (190.63) (105.25) (1,412.03) (1,262.91) (5,790.63)

6 Exceptional items :

a) Impairment of property, plant & equipment and provision for otherassels 39.50 (203.03) (20,405.85) (183.27) (20,759.02)

b) Provision for impainuent in financial assets - - (238.34) (2311.34)

e) Effects of implementation ofresolulion plan 311.77 68.72 - 3,159.27 -

d) Other exceptional items (2,347.32) - (2,347.32)

Total exceptional items 16(a) to 6(d) I 78.27 (134.31) (22,991.51) 2,976.00 (23,344.68)

7 Profit! (Loss) before Tax 1 5 + 61 (212.36) (239.56) (24,40344) 1,713.09 (29,135.31)

8 Tax Expense

a) Current Ins - - - -

b) Deferred tax - - (3,150.63) - (4,321.84)

Total lax expense ( 8(a)+ 8(01 - - (3,150.63) (4,321.84)

9 Net Profit! (Loss) for (he Period I 2 - 8 I (212.36) (239S6) (21,252.91) 1,713.09 (24,813.47)

10 Other comprehensive income

A (i) Items [bat will not be reclassified to profit or loss (1.56) 8.89. 1.50 5.17 (2.61)

(ii) Meanie tax relaling to items thin will not be reclassified io profit or loss - (1.10) - (0.32)

B (i) hems Ihal will be reclassified to profit or loss - • (0.34) •- -

(ii) Income lox on items that hill be reclassified to profit or loss - - - - -

Total other comprehemlve income (1.56) 8.89 0.06 5.17 (2.93)

I I Total Comprehensive Income for the period 19+ 101 (213.92) (230.67) (21,252,85) 1,718.26 (24,816.40)

12 Paid•up equity share capital (Face value t 2 per share] 218.69 218.69 45.30 218.69 45.30

13 Earnings per equity share

Basic earnings per sham (not annualised) - in Rupees (after exceptional items)

(1.94) (2.19) (938.26) 17.45 (1,095.45)

Diluted earnings per share (not annualised) -In Rupees (after osceplional items)

(1.94) (2.19) (938.26) 1.05 ( 1,095.45)

SIGNED n=on=or,o IDENIG

TIF7CATION PURPOSE

ONLY

Consolidated Balance Sheet as at March 31, 2019

S Crates

Pal liculms As at 31.03.2019

As at 31.03.2018

Audited Audited A ASSETS

(1) Non-current assets

(a) Property, Plain and Equipment 29,154.41 30,361.56 (b) Capital unik-inprogress 1,154.14 1,179.65 (c) IntamPble wets 0.17 11.11 (d) Investments accounted using equity method - -

(e) Financial assets

(i) Non-cturent investments 1.01 1.00 (ii) Loans 4646 72.65 (iii) Other financial assets 445.95 466.67

(I) Other non-current assets 771.W 008.36 (g) Income lax assets 31.82 29.00

Sub-total - Non current assets 31,60E00 32,919.08 (2) Current assets

(a) Inventories 4,581.88 4,025.20 (6) Financial assets

(i) Current investments 1,594.90 -

- (I) Trade receivables 697.01 1,219.58 (ii) Cash and cash equivalents 277.65 394.70 (iii) Other balances with banks 126.90 323.63

(iv) Loans 51.53 91.74 (v) Dedt•Mive assets 2.14 _

(si) Other financial assets 94.66 68.01 (c) Other current assets 554.34 croon

Sub•lolal - Current assets 7,981.01 6,923.75

TOTAL - ASSETS 39,586.01 39,842.83

II EQUITY AND LIABILITIES

(I) Equity

(n) Equity Share C.'apilel 218.69 45.30 (b) Other equity 18,1)11.29 (26,096.98) (c) Non Confrolling lutenist ( I 50) (1.44)

Sub•tolal -Total Equity 18,313.48 (26,053.12)

(2) Non-current liabilities

(a) Financial liabiliiies

(i) BOFT(Mings 16,972.31 • 706.53 (ii) Other financial liabilities 57.89 39.40

(b) Provisions 56.80 56.32 (c) Other non-current liabilities 2.28 2.66

Sub-total - Non current liabilities 17,089.28 804.91

(3) Current liabilities

(a) Financial liabilities

(i) Borron lags 7.14 13.8213.11

(ii) Trade payables

- total outstanding dues enders) enterprises and small enterprises 12.54 10)12

-total ouistancling dues of creditors oilier than micro enterprises and small enterprises 3,076.65 1,295.17

(iii) Derivntitu liabilities .11.42 -

(iv) Other Financial liabilities 669.53 49,514.79

(b) Odier current liabilifies 368.03 443.64

(c) Provisions 2.94 7.3I

Sub•total - Current liabllitles 4,178.25 65,091.04

TOTAL- EQUITY AND LIABILITIES 39,986.01 39,842.83

dIGNED FOP IDENTIF!CATION PURPOSE rt,i/

Particulars Financial year

ended 31.03.2019

Financial year ended

31.03.2018

Audited Audited 1 Revenue front operations

a) Gross sales / income from operations 19,860.12 16,760.62

b) Other operating income 1,031.49 643.81

Total revenue from operations [ 1(a) + 1(b) ] 20,891.61 17,404.43

2 Other income 132.44 95.08

3 Total income [ 1 + 21 21,024,05 17,499.51

4 Expenses ._._. a) Raw materials consumed 11,603.05 9,915.29

b) Purchases of finished, semi-finished steel & other products 6.85 7.12

c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (278.18) (27.90)

d) Employee benefits expense 362.51 357.58

e) Finance costs 3,752.18 6,304.90

I) Depreciation and amortisation expense 1,441.74 1,785.67

g) Excise duly . - 391.87

It) Other expenses 5,400.06 4,556.32

Total expenses [ 4(a) to 4(h) ] 22,288.21 23,290.85 Profit / (Loss) before share of profit/(loss) of joint ventures & associates, exceptional 5 items& tax [ 3 -41 (1,264.16) (5,791.34)

6 Share of profit / (loss) ofJohd Ventures & Associates - -

7 Profit / (Loss) before exceptional items & tax [ 5+ 61 (1,264.16) (5,791.34)

8 Exceptional items :

a) 'Impairment of property, plant & equipment and provision for other assets (183.27) (20,511.03)

b) Provision for impairment in financial assets - (238.34)

c) Effects of implementation of resolution plan 3,159.27 -

d) Other exceptional items - (2,347.32)

Total exceptional items [ 8(n) to 8(c) ] 2,976.00 (23,096.69)

9 Profit / (Loss) before 'lax 1 7+8 1 1,711.84 (28,888.03)

10 Tax Expense

n) Current lax - -

b) Deferred tax - (4,321.83)

Total tax expense [ 10(a) + 10(b) ] -

1,711.84

(4,321.83)

11 Net Profit /(Lou) for the period 1 9 - 101 (24,566.20)

12 Profit/(Loss) from continuing operations for the period attributable to:

Owners of the Company 1,711.88 (24,565.89)

Non controlling interests (0.04) (0.31)

13 Other comprehensive income 4

A (1) Items that will not be reclassified to profit or loss 5.17 (2.61)

(ii) Income tax relating to items that will not be reclassified to profit or loss - (0.32)

13 (1) Items that will be reclassified to profit or loss (0.13) 0.07

(ii) Income tax on items that will be reclassified to profit or loss - -

Total other comprehensive income 5.04 (2.86)

14 *refill Comprehensive Income for the period 111 + 13 I 1,716.88 (24,569,06)

15 Total comprehensive income for the period attributable to: •

Owners attic Company 1,716.93 (24,568.74)

Not controlling interests (0.05) (0.32)

16 Paid-up equity share capital [Face value 3 2 per share] 218.69 45.30


Basic earnings per share (not annualised) - in Rupees (after exceptional items) (1,084.52) 17.44

Diluted earnings per share (not nniiiialised)- in Rupees (after exceptional items)

......-.. 1.05 (1,084.52)

SIGNED FOF) IDENTIFTATION PURPOSE ONI

Consolidated Financial Results for the year ended 31st March 2019 •

1. The above financial results for the quarter and year ended March 31, 2019 have been reviewed by the Audit Committee and were approved by the Board of Directors of Tata Steel BSL Limited (formerly Bhushan Steel Limited ("the Company" or "TSBSL")) at their respective meetings held on April 17, 2019. The statutory auditors of the Company have audited these financial results pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

2. On May 15, 2018, the NCLT has approved the terms of the Resolution Plan submitted by Tata Steel Limited ("TSL"), which provides, inter alia, the acquisition of the Company by TSL, through its wholly owned subsidiary Batnnipal Steel Limited ("BNPL").

Pursuant to the Resolution Plan, BNPL subscribed to 72.65% of the equity share capital of TSBSL for an aggregate amount of Rs. 158.89 crores and provided additional funds aggregating to Rs. 35,073.69 crores to TSBSL by way of debt/convertible debt. The remaining 27.35% of TSBSL's share capital will be held by TSBSL's existing shareholders and the financial creditors who received shares in exchange for the debt owed to them. The funds received by TSBSL as debt and equity have been used to settle the sustainable debts owed to the existing financial creditors of TSBSL, CIRP costs and employee dues, by payment of Rs. 35,232.58 crores. The remaining unsustainable debts of Rs. 25,285.46 crores were novated by the financial creditors to BNPL for a consideration of Rs.100 crores. BNPL, in its capacity as the promoters of TSBSL, has waived off the unsustainable debts less cost of novation and the same has been recognised as equity contribution during the year ended March 31, 2019.

10% Redeemable Cumulative Preference shares of Rs. 100 each amounting to Rs. 2,425.57 crores were redeemed for a total sum of Rs. 4,700/-. Gain arising out of redemption was recorded as exceptional item in the financial results for the year ended March 31, 2019.

As per the Resolution Plan approved by the NCLT, settlement of operational creditors will be done over a period of 12 months from the Closing Date, as defined in the Resolution Plan. Further, as per the Resolution Plan, the contingent liabilities and commitments, claims and obligations, stand extinguished and accordingly no outflow of economic benefits is expected in respect thereof.

3. The statutory auditors of the Company had expressed a qualified opinion on the standalone and consolidated financial results of the Company for the year ended March 31, 2018. As the subject matter of qualification pertained to adjustments of certain prior period items (included under exceptional items) in the financial results for the year then ended with no corresponding impact on the balance sheet as at that date, the subject matter of qualification has been resolved. Owing to such prior period adjustments, the financial results for the quarter and year ended March 31, 2019 are not comparable with the financial results for the quarter and year ended March 31, 2018.

4. Post implementation of Goods and Service Tax ("GST") with effect from July 1, 2017 revenue from operations for the year ended March 31, 2019 is not comparable to the revenue from operations for the year• ended March 31, 2018.

5. The Company is in the business of manufacturing of steel products and hence has a single segment as per Ind AS 108 "Operating Segments".

6. Contractual manpower costs in quarter and year ended March 31, 2018 amounting to Rs. 65.03 cr•ores and Rs. 235.72 crores respectively have been regrouped from employee benefits expense to other expenses to provide more relevant information.

SIGNED F01 IDENTIFTATION PURPOSE 0 N I.Y

Mumbai: April 17, 2019

Rajeev Singhal Managing Director

7. The figures for the quarter ended March 31, 2018 are the balancing figures between the audited figures in respect of the full financial year and the year to date figures upto the period ended December 31, 2017.

8. During the quarter ended March 31, 2019, the Board approved the increase in authorized capital of the Company from Rs 9,520 crores (Rupees Nine Thousand Five Hundred Twenty Crores) comprising of 46,50,00,00,000 (Four Thousand Six Hundred Fifty Crores) equity shares of Rs 2/- each and 2,20,00,000 (Two Crores Twenty Lakhs) preference shares of Rs 100/- each to Rs. 33,520 Crores (Rupees Thirty Three Thousand Five Hundred Twenty Crores) comprising of 46,50,00,00,000 (Four Thousand Six Hundred Fifty Crores) equity shares of Rs 2/- each, 2,20,00,000 (Two Crores Twenty Lakhs) preference shares of Rs 100/- each and 24,00,00,00,000 (Two Thousand Four Hundred Crores) preference shares of Rs. 10/- each.

9. During the quarter and year ended March 31, 2019, Company has allotted 11.09% Non-Convertible Redeemable Preference Shares ("NCRPS") and 8.89% Optionally Convertible Redeemable Preference Shares ("OCRPS") having face value of Rs. 10/- each to Tata Steel Limited on terms and conditions as approved by Board/Committee of the Board, as follows:-

• On March 19, 2019, the Company allotted 6,50,00,00,000 (Six Hundred Fifty Crores) 11.09% NCPRS aggregating to Rs. 6,500 crores.

• On March 20, 2019, the Company allotted 4,20,00,00,000 (Four Hundred Twenty Crores) 11.09% NCPRS aggregating to Rs. 4,200 crores.

• On March 22, 2019, the Company allotted 6,70,00,00,000 (Six Hundred Seventy Crores) 8.89% OCPRS aggregating to Rs. 6,700 crores.

• On March 25, 2019, the Company allotted 230,00,00,000 (Two Hundred Thirty Crores) 8.89% OCPRS aggregating to Rs. 2,300 crones.

OCRPS shall be convertible into equity shares at the option of Tata Steel Limited at 30.53 per share within a period of 18 months from the date of allotment.

Certified True Copy


Certified True Copy


Co. iny Secretary & Compliance Officer

SiGNED r-Or IDENTIF!Ci-MON PURPOSE

Ots,11.`.,"

Company Secretary & Compliance Officer

Cr "I TATA

TRUE COPY TATA TEEL LIMITED

(PARVATHEESAW K.) COMPANY SECRETARY &

CHIEF LEGAL OFFICER (CORPCRATE COMPLIMCE)

Particulars

Standalone Statement of Profit and Loss for the quarter/ twelve months ended on 3181 March 2019

Z Crores

Quieter ended Quarter ended Financial year Financial year

on 31.12.2018 on 31.03.2018 ended on ended on

31.03.2019 31.03.2018

Audited Audited Audited Audited Audited

Quarter ended on 31.63.2019

I Revenue from operations

a) Gross sales / income from operations

b) Other operating revenues

Total revenue from operations [ 1(s) + 1(b) ]

2 Other income

3 Total income [ 1 + 2 1

4 Expenses

a) Cost of materials consumed

b) Purchases of stock-in-trade

c) Changes in inventories of finished goods, stock-in-trade and work-in-progress

d) Employee benefits expense

e) Finance costs

1) Depreciation and amortisation expense

g) Excise duty recovered on sales

h) Other expenses

Total expenses [ 4(a) to 4(h) ]

5 Profit / (Loss) before exceptional items & tax 1 3 - 4 1 3,876.24 3,513.63 3,363.27 16,341,48 10,004.54

6 Exceptional items

a) Profit / (loss) on sale of non current investments 262 28 262 28

b) Provision for impairment of investments / doubtful advances (0 20) (36 27) (12 53) (62 92)

c) Provision for demands and claims (1,483 82) (328 64) (3,213 68)

d) Employee separation compensation (10 82) (2 61) (87 31) (35 34) (89 69)

Total exceptional items [ 6(a) to 6(d)] (11 02) 259 67 (1,607 40) (114 23) (3,366 29)

7 Profit / (Loss) before lex 1 S + 6 1 3,865.22 3,773.30 1,755,87 16,227.25 6,638.25

8 Tax Expense

a) Current tax 1,093 09 1,598 62 419 63 ' 6,297 11 1,586 78

b) Deferred tax 281 64 (281 41) 305 31 (601 05) 881 92

Total tax expense [ 8(a) + 8(b) ] 1,374 13 1,317 21 724 94 5,694 06 2,468 70

18,498 07 16,691 22 15,902 96 68,923 36 59,305 08

631 48 482 65 377 98 1,687 56 1,214 29

19.129 55 17,173 87 16,280 94 70,610 92 60,519 37

537 97 585 98 219 86 2,405 08 763 66

19,667 52 17,759 85 16,500 80 73,016 00 61,283 03

5,162 21 5,332 44 3,998 11 19,840 29 16,877 63

372 12 495 62 212 50 1,807 85 647 21

1,170 31 (927 70) 102 00 (554 33) 545 36

1,158 65 1,31294 1,409 41 5,131 06 4,828 85

65426 682 04 731 14 2.823 58 2,810 62

952 94 939 73 934 77 3,802 96 3,727 46

- - 1,358 58

6.320 79 6,411 15 5,749 60 23,823 11 20.482 78

15,791 28 14,246 22 13,137 53 56,674 52 51,278 49

9 Net Profit / (Loss) for the period 17 - 81

10 Other comprehensive income

A (i) Items that will not be reclassified to profit or loss

(ii) Income tax relating to items that will not be reclassified to profit or loss

B (i) Item, that will be reclassified to profit or loss

(a) Income lax relating to items that will be reclassified to profit or loss

Total other comprehensive Income

11 Total Comprehensive Income for the period 1 9 + 101

12 Paid-up equity share capital [Face value Z 10 per share]

13 Paid-up debt capital

14 Reserves excluding revaluation reserves

15 Hybrid perpetual securities

16 Debenture redemption reserve


Basic earnings per share (not annualised) - in Rupees (after exceptional items)

Diluted earnings per share (not annualised) - in Rupees (after exceptional items)

18 Net Debt Equity Ratio

19 Debt Service Coverage Ratio

20 Interest Service Coverage Ratio

(a) Paid up debt capital mascots debentures (b) Net Debt to Equity Net Debt/ Avenge Equity

2,491.09 2,456.09 1,010.93 10,533.19 4,169.55

51 74 (126 79) 51 20 (40 68) 14 63

(25 11) 53 25 (42 94) (2 63) (82 24)

18 64 (48 27) 7 07 (10 62) 9 96

(6 52)' 16 87 (2 47) 3 71 (3 47)

38 75 (104 94) 12 86 (50 22) (61 12)

2,529.84 2,351.15 1,043.79 10,482.97 4,108.43

1,146 12 1,146 12 1,146 12 1,146 12 1,146 12

14,346 41 10,345 79

69,308 59 60,368 72

2,275 00 2,275 00

2,046 00 2,646 00

21 37 21 05 938 90 41 38 57

21 36 21 05 9 38 90 40 38 56

042 015

623 573

957 703

(Net debt: Long term bonowinp + Current mattuitim of long term borrowing, + Short term hemming, - Cash & bank baLerces - Currant investments) (Equity Equity Sham Capital + Oiler Equity + Hybrid Perpetual Securities)

(c) Debt Service Coverage Ratio: 8B1T I (Nrt Finance Chimes + Interne bee= from Gnsup Commies + Scheduled Principal repayment/ of long tore borrooings (minding mcpmcarnta) dicing the period)

.pil-r-Profit,teforc Taxes +/(-) Exceptional Items + Net Finance Cheryl)

TATA STEEL LIMITED Registered Office Bombay House 24 Horn) Mody Street Fort Mumbai 400 001 I

Tel 91 22 6665 8282 Fax 91 22 6665 7724 website vvww.tatasteel corn

Corporate Identity Number L27100MH1907PLC000260

FCr"f Finance emir (excluding interest m Awl term debts). Imereat income Dividerd income from current incesments • Net Gam/floss) on sale of current ...sins..

Rano Miff / (Net Ramose CharFs + Interest Income from Group Companies)

TATA Sreadalor Belem:4,811er as at 3121 Mani 2819

Creme

Parlitelara Mat 310.12019

Audited

Am ei 31.03.2018

Audited

Se b. tote! - Cu rivet 1151019m

70,416 12 70,942 90

5,616.02 5,641 50

805 20

110 27

4,437 76

34,491.49

231.16

9.05

711111

31 77

3,666 24

3,97032

213 50

12 13

310.65 21.21

1,425 31 1,04314

2,535 91 2,140 84

1,20,462.71 90,470.43

11,255 34 1 I ,0 23 41

477 47 14,640,37

1,363.04 1,175.63

544 85 4,51199

173 26 107,85

55 92 74 13

14 96 30 07

940 76 491 51

20.0 901 1,512.05

17,035.58 34,643.91

1,37,499.36 1,25,114,34

1,146.12

2,275 00

I 1,146 12

2,275 00

69,301 59 60,36872 .

72,729.71 63,78934

26,651 19 24568_93

59-82 70.08

125.07 19 78

1,918.18 1,961 21

1,43035 1,247.73

747.23 1,365.61

7,107 00 6,259.09

436.16 224.71

39,17E00 35217.16

809 66910

149 49 25.41

19,120 07 11217 27

139.57 16 41

6,872 35 6.541 It

771 23 735 21

10212 L 9050

358.14 454 06

6,365 59 5,85706

2539345 2540734

A ASSETS

Noe-curreet mein

(a) Property, plant nod equipeeeet

112.1 Capital smic-in-prosress

1cl Intansible noels

(d) Intangible aunt under development

(e) hneetnienr in subsidiaries, wocSeu end joird MALMO

(0 FIRINC011 NMI

() brisbnerits

(10 Loans

Derivoire arts

(iv) Other financial mots

161 Non.ontan Ise recto (net)

IM Other aeons

Stal..telel Noe current an4l.

(2) Current emote (a) Inventories

(b) FiOaeeld ears

(i) lmestmonn

(0) Trede receivables

(iii) Cash sad cash equivalents

(iv) Other behests with ban),

(v) Loos

(vi) Daivalive ante

(vu) Other finrocia/ assets

(e) Other Aosta

Sob-total. Omer sorra

tOTAL • ASSETS

9 Et) lIITY AND 11ASILIT1.1.5

(1) Equity

(e) Equhy share capital

(b) Hy4xid menden! mashies

(o) °Wearily

Sub-t,W -Total Etioity

(2) Noe-eitrreet Sabatini

(a) Financial Nobilities

0) Bommings

(ii) Denvelive liabSNia

Other

(b) PTOVitiOn1 (0) Retnernern benefit obttipnont

(d) pleated roams

(et Deterred ter, Nsbibl,e Inn,

(0 Other Iiibililino

Sob-total - Non 001111t 0101111111f g

(3) Cermet liabilities

(e) Financial Nobilities

(1) Barreiro,

. Trade parities

(a) Total outstsdinn dues ottoman and small Inielprisei

(b) TOW outstanding does of creditoes other than micro and smell enterprises

(ii) Derivative liabilirs

(iv) Other financial Sabana'

(b) Provinces'

(c) Retirement benefit oblloriiau

(d) Current lax Nobilities (net)

(e) Other liabilities

1.37,498.36

TATA STEEL LIMITED Registered Office Bombay House 24 Homi Mody Street Fort Mumbai 400 I

Tel 91 22 6665 8282 Fax 91 22 6665 7724 website www.tatasteel.cor


4

O. Chafirst,d

N-&3n4 026E1E:00

If) TATA

ComoIlde lad 81alemeel of Prolll lead Wad for Hoe "mew/ Nolte amelle taded 0. 11.1 Moab 2019

P.rileahrs Qa• Her elided Quarter ceded Qaarler ended Da 31.03 1019 re 31 12-2011 oa 3103.2018

Canoe

Florkerial per Plaeadal peer teddy ended cm

31.03.2019 31.03.1018

Uomedlled Ummedlled Unadllod Andlled 64411.6 3 Remo. boo °potions

a) (km mlm / income firms vermin=

h) Other operming rneour

Tole! revenue Cm opennlorn ( 1(e). 1001

3 allor income

1 Total imam ( 1 + 2 1

4 Enema

a) Con of animal* coward

h) Rectum of otolc-in-lrmle

c) Lluneau in imerdwim or futrallo1 needs. tiad,Ortroir ant smk-in-parms

d) Emplenve hemefila wane

e) Finance ones

I) Dquecidion sod amortised= wear

I) Bair duly nomad on ado

h) 170mr expenses

Tolal 0911s= (4(.) to 4(1)1

, Rohl/(L am) before Ave of pro111/(kna) ofjoinl swarm I amocialne, creeptimed keno .116%13-41

6 Sham of 410061/(lom)ofjoinl mews At manciami

7 Profit Mar) berme nasillowl Ilsan i las 1 5 + 6 1

11 Eamptional items

a) Rout/pm) cm We of sabeediarice end non curried bwomnenle

b) Provision for impairment of imoelnomee /dreiblfal edmmee

e) Prmirion for impairman of non-cumin awns

4) Parisian for dowel& wed amino

e) Emplope agmration ompeorslion

I) 848046n00 ad other proviriene

Total =notional inane i 13(2)14•11(01

9 Pmel I (Lori bet ea lax [7 +el

10 Tee Hamm

4) Coma lem

b) Waned In

Total La comma 1 10(0+ 10031

11 Nal 14,111 / (14•0 efter tee hem oestleml al *pennons 1 9 - 10 1

12 Profit / (Lam) berme tax Owe dimorninued cproadme

13 Tax aperme of dhcontimad await=

14 Prong/ (Lam) ace Um from dimcwinued apealiemel 11 - 13 1

15 Prof.. /111.440 rm dlapeorl of dorwrinnuo2 open...

16 Net Pn611/ (Iaw) efler lat from 411444•11.44 opossnone 1 14 + 15 1

17 Net Pr•111/ (Leo) for Ile period 1 11 + 161

18 Profit/ (Lam) from maiming operetiene fa the wool ann tenable to.

Onnere of the Conway

Noo confrolling intteeMe

19 lira / (Ism) from dircallinued operation for the period atirikulable 1.:

Owners dew Compiny

Non cmatroll in. inteents

20 001a compisheneMe in

A (i) Moro the! will not be Nehmen-1d to profit or Ion

IS) Imam M.0 relating to items that will nol be rielamified lo profit or loo

B (1) hems the will be Mclamilled to pmfn or lm

(ii) Income me rrialiag 10 nem 1101 will be reelamafrol to morn at low

Total other carerellerdi(1 income

21 1.1.1 Comprehends konwn ft. lb. row 1 17 + 201

22 Total canpebermine income for the period eltribulable lo:

Ownm of the Campo,

Hon controlling Walla

23 Peid-up quay erre cspital (Noe wine 1 10 pa Amyl

24 Hamm (excluding meelualion manes) end Nem controlling Mimed

25 Hybrid pupated ..amnia

26 Emninp pre equity shoe (for continuing operolion2

Ram emninp 1w ohm (Pol arrembee4)- in Rupees lefree touamIreeml itemal Dilated wimp pa ohms tool nemslemd) - u Ropes taller racephond 11m1

27 loo per equity them (fa dimonlinued opmihni)

Basic oriminge per Awe (sal neenaelised) - in Roman

Mined oeminne pa Jr. (01 ennuelimd)- in Rum.

28 Peening. pm equity ahme goi maiming owl din:on/num! operourro

Book snoop per Jury 0161400.41116/3• In 9614.1 I. emsprimed now° Haulm' memos pm shorn 164 moodamd 1 • m num.

eamptoreal Umal

41,11644

1917 41

42,423 16 I

419 87

42913 73

1494111

39,016 29

767 59

39,953 88

217 37

39,071 25

11707 11

3397922

426 04

33,705 06

278 68

13,983 74

10948 18

1,54,69154

2,97715

1.57,668 99

1,42051

1,59,00957

54,30907

1,2171074

1,37895

1,14,109 69

III 10

1,24,99079

40,76241

1,30249 1,60221 1.34965 6,56798 5,37460

2.03111 (520941 467 64 (9671) 9911

4,65095 4.61320 4,41566 11,758 87 16,969 91

1,93775 1,92601 1,46959 7,66010 5.45474

1,88054 1,16620 1,46185 7,34183 5,74170

1.316 04

12,484 70 12,664 52 10.074 65 48,746 44 30,151 23

38,728 07 35,93033 30,237 22 1,45.117 58 . 1,13,17294

4,15436 1,14091 7,74652 13,0199 11,11715

56 15 50 00 6104 224 70 23911

4.24101 5,19092 3,81036 16926.69 11,35697

(2902) 167 29 110 13

(127) (17058) (060) (17212) (2725)

4050 (1041) (90301) (957) (90301)

(1,413 02) On 64) (3,21161),

(1011) (161) (8709) 13533) (10760,

11 01 68 72 13,850 66 24456 13,150 66

11 49 32 41 11,376 14 (120971 9,59912

4,13539 3,21133 15,18650 15,90572 2699609

191565 1,69110 514 31 6,72114 1,90031

601 41 (28515) 69 65 (971) 1,41209

1,89906 1,40665 513 96 6,71843 3,19233

2,353.44 1,11661 1490154 9,11729 17,56396

(79011 (69 74) 70 33 (9860) 206 97

(1082) (613) 770) (964) 11 07

(5819) (6361) 96 21 (1996) 193 90

(073) 515

(5119). (63.611 05.48 (111.96) 1139.05

2,295./9 1,75107 1400102 9.139932 17,762.51

2,43092 2,13417 10,152 99 10,28345 17,255 2/1

(77 45) (517 44) 4.449 55 (1,096 16) 4,308 50

(4137) (4019) 82 85 (6512) 17907

(982) (1562) 261 (23 14) 19 99

(41904) 64 76 4,767 12 (720 39)/ (1,691 97)

55 97 14 40 (29999) 948) 212 98

359 16 0650 68 21 674 ID (1,625 60)

(1699) 647 (2610) (4145) 2158

(10099) 172 21 4,50917 779 (3071101)

2,19436 1,92128 19,197.19 9,10612 14,61190

2,40175 2.411 83 13,219 37 10,36211 1,102 54

(2079) (40655)i 5,97112 (1,256 76) 5,88226

1,14494 1,14494;1.144 95 ' LIM 94 1,14495

67,569 60 58,387 19

2,27500 2,273 OD

10 86 20 01 96 07 8812 126 39

2086 1001 96 05 (0.31 126 37

(042) (067) 079 (057) 173

(0 42) (041) 079 (057) 177

10 41 19 51 96 56 17 75 128 12

2044 1951 9684 57 74 III 10

TATA STEEL LIMITED Registered Office Bombay House 24 Homi Mody Street Fort Mumbai 400 001

Tel 91 22 6665 8282 Fax 91 22 6665 7724 website www.tatasteel.com


TATA Consolidated Segment Revenue, Results, Assets and Liabilities

Crores

Particulars

Quarter ended Quarter ended Quarter ended on 31.03.2019 on 31.12.2018 i on 31.03.2018

Financial year ended on

31.03.2019

Financial year ended on

31.03.2018

Unaudited Unaudited Unaudited Audited Audited

Segment Revenue:

Tata Steel India

Bamnipal Steel (including Tata Steel BSL) _ Other Indian Operations

Tam Steal Europe

Other Trade Related Operations

Rest of the World

Total

Less: Inler Segment Revenue

Total Segment Revenue from operations

Segment Results before exceptional Items, interest, tar and depreciation :

Tata Steel India

Bamnipal Steel (including Tutu Steel BSL)

Other Indian Operations

Tata Steel Europe


Rest of the World

less- Inter Segment Eliminations

Total Segment Results before exceptional items, interest, Isx and depreciation

Add: Finance income

Lens: Finance costs

Less: Depreciation and Amortisation

Add: Share of profit / (loss) of joint ventures and associates

Profit / (Lou) before exceplional items & tea

Add: Exceptional items

Profit / (Loss) before tax

Less: Tax expense

Net Profil / (Loss) after lax from continuing operations

Net Profit / (Loss) after tax from discontinued operations

Net Profit / (Loss) for the period

Segment Assets:

Tata Steel India

Bamnipal Steel (including Tata Steel BSL)


Tata Steel Europe


Rost of the World

Less: Inter Segment Eliminations

Total Segment Assets

Assets held for sale

Total Assets

Segment Liabilities:

Tate Steel India

Bamnipal Steel (including Tata Steel BSL)


Tata Steel Europe


Rest of the World

Less: Inter Segment Eliminations

Total Segment Liabilities

Liabilities he

Total Limb

19.129 55 17,173 87 16,280 95 70,610 92 60,519 37

5,517 48 4,888 54 18,375 86

3,261 38 3,068 75 3,042 50 12,266 85 9,422 45

16,568 06 15,850 48 16,207 91 64,777 07 : 59.985 45

8,44042 0,053 31 7,690 95 33,696 51 28,039 87

260 59 : 202 12 227 54 : 783 97 751 99

53,177.48 50,237.07 43,449.85 2,00,511.18 1,58,719.13

10,753 62 11,383 19 9,744 79 42,842 19 34,609 44

42,423.86 38,853.88 33,705,06 1,57,668.99 1,24,109.69

4,952 99 I 4,559 91 4,823 44 20,743 98 15,799 94

783 06 1,01205 3,027 95

285 54 260 35 347 78 1,132 22 953 90

1,695 57 948 56 1,136 76 5,413 63 3,712 84

(22 67) 553 47 432 53 489 63 2,067 52

139 48 22 41 (3583) 182 13 (369)

71 83 630 81 285 03 1,21922 1.161 48

7,762,14 6,725.94 6,419,65 29,770,32 21,369,03

241 01 207 21 258 31 1,033 60 945 26

1,93775 :-

1,92603 1,46959 7,66010 5,45474

1,880 54

56 15

4,241.01

1,866 20

50 00

3.190.92

1,461 85

63 64

3,810,36

7,341 83

224 70

16,026.69

5,741 70

239 12

11,356.97

11 49 32 41 11,37614 (12097) 9,59912

4,252.50 3,223.33 15,186.50 15,905.72 20,956,09

1,89906 1,406 65 583 96 6,71843 3,392 33

2,353.44 1,816.68 14,602.54 9,187.29 17,563,76

(58 19) (63 611 85 48 (88 94) 199 05

2,295.25 1,753.07 14,618.02 9,098_33 17,762,81

1,34,385 00 1,25,832 54 1,17,765 08 1,34.38500 1,17,765 08

30,854 24 40,576 67 0 01 30,854 24 0 01

8,977 20 8.295 93 7,258 98 3,977 20 7,258 98

68,251 43 68,289 96 69,078 02 68,251 43 69,078 02

68,831 55 66,387 55 58,737 78 68,831 55 56,737.78

7,739 47 8,068 00 7,479 19 7,739 47 7,479,10

98,598 76 82,541 64 55,078 79 98,598 76 55,07/1 79

2,29,440.13 2,34,909.01 2,05,240.27 2,29,440.13 2,05,240.27

4,14226 4,53822 4,51767 4,14226 4,517,67

2,33,582.39 2,39,447.23 2,09,757.94 2,33,582.39 2.09,757.94

67,809 45 66,638 09 64,365 30 , 67,80945 64,365 30

21,428 15 39.235 26 7.1,428 15

4,532 60 4,580 06 4,463 50 4,53260 4,463 50

92,326 76 91,520 64 91,793 30 92,326 76 91,793 30

46,465 89 47,232 25 39,380 73 46,465 89 39,380 73

4,747 92 : 1907 26 ' 2,866 28 4,747 92 2,866 28

76,444 04 83,115 49 56,900 03 76,444 04 56,900 03

1,45,969,08

1,981 72

1,60,866.73 1,67,998.07 1,45,969,08 1,60,866.73

1,426 12 1,912 14 1,981 72 1,426 12 -

1,62,292.85 , 1,69,910.21 1,47,950.80 1.6

TATA STEEL LIMITED cered Office Bombay House 24 Homi ts4ody 'Street Fort Mumbai 400 001 In

Tel 91 22 6665 8282 Fax 91 22 6665 7724 website www.tatasteeLcom


A ASSETS

(1) Hs-carnet Inns

IieA11.p 9.119gIdOM16

(6) 1:49111119461-10160064.

(a) 0oo6s111 an cassalidadce

(6) Odor intmlifi• sums

(4) Yaw** tans twIlw anslasmig

O 5406154640941101

8akrl- Nes camel nada

IV Consul NM.

(s) Innatarks

00 Firnclal Mods

(I) /11S1011100.

(1) naalvablca

(ii) Cash and cash asconsbals

(n) Olhw balsam with Maks

(v) Law

(n) Drinathe Mors

(W) Claw Raw.WI awls

Wolk malt

(4 Carnal Iss swam

(a) Other swift

1143-10001 tuns/ sumls

(3) Arta

i TOTAL -

I 'QUITS AND MAMMIES

(I) holly

(1) Nit/ am 101$61

HO Hybrid mane' swurftin

(.) 011141•061/

11q011 attrIbanigi ss MacMillan al the arrow

N. snosIbre Warm

Sab-Mal THal bpd15.

(21 14.4-conr411.1.444166

(a) Finanial

(I) Hammy

(II) Derivedva HYMN;

(11) c36 6umw41 Whin

(b)

(0) AM/1mM boo& abliptlow

(d) DaSsnal Halm

/ Lblerrol 1141911tUes

(0 Oren lishiIkla

AR 340.1 - Irma ca rrea1110.1111in

(3) Carnat11•61111n

(s) Ftrands) IMAM*

(t) Benewhis

(ii) Incicrpanblas

(45701.41eatawallso dim dadao and mill cramming

(b) Total wiAndhes dun al csabtars wan Ow owns aid awn wampum

(161) IMi,alre halnoin

Or) ()Um Onnelal 6.1166. (6) %wham

(a) Rrinnsal bins61411.11Ma

(6) Daknd lawnwia

(a) Onset Om MMUS.

() 43661 l6im

* A. * a

*TO TATA

CsuslIdaled Dana 164.1 as .1211 March 2019

V Clans

Par-6.-614n At *I At al 31.0.2619 3103.2011

AMlwd Aw111441

1.14450 97 90,3217E

17,956 11 16,159 SO

3,996 62 4,099.45

1.91432 1,61266

60470 454 61

1,92195 1,711 22

1.29036 I 1,20921

613 34 71734 1

108 74 I

570 06

19.964 19

29 16

87.91

20,57057

1,57471 1,13176

SOS 95 1.03510

4,654 92 2,577.14

1,74,591.41 1,41.1111711

31,65610 21,331 04

2,524 16 14,90197

11,611.00 12,415 52 :

2,975 53 7,713.30 3658' 15433

239 70 256 41

359 11 150 95

1,54656 610 60

438 291

13394 6220

3,52670 3,09109

54.1141.72 67,77409

4,142.26 10247

2,33,512.39 2,19,757.34

1,144'14 1,144 95

2.7.15 00 2,27300

65,505 14 57,45067

11,92301 69070 62

2,3644 93652

71,20054 61,007.14

80,342 75 72,76110

5912 6504

270511 105 13 •

4,01621-1 - i

4,33/ 24

2,653 46 2,51656

906 SO 1,52658 I.

12.45919 10,569 a

51923 351 16

1.01,25172 92,299.39

10,102 01 15.184 91

169.74 3121 I

21,547 22 20,311 40 I

416 59 46079'

16,737 13 9,791 71

1,141.72 116964

120.69 110 36

16 51 621

636 42 783 47

7,91221 6,93226

59,6/101 18,661.31

1,426 12

2.33,51139

/1141•181- Cornal

EQUITY AND LJAMLITIMI

TATA STEEL LIMITED Registered Office Bombay House 24 Homi Mody Street Fort Mumbai 400 0

Tel 91 22 6665 8282 Fax 91 22 6665 7724 website wwwtatasteel col

Corporate Identity Number 127100MH1907PLC000260

TATA Notes:

1. The results have been reviewed by the Audit Committee in its meeting held on April 25, 2019 and were approved by the Board of Directors in its meeting of date.

2. With the applicability of Goods and Service Tax (GST) effective July 01, 2017, revenue from operations is disclosed net of GST. Accordingly, revenue from operations and total expenses for the twelve months ended March 31, 2019 are not comparable with the figures for the twelve months ended March 31, 2018 presented in the above results.

3. Effective April 01, 2018, the Group has applied Ind AS 115 "Revenue from Contracts with Customers". The standard is applied retrospectively with the cumulative effect of initially applying the standard recognised as an adjustment to opening equity at the date of initial application. The adoption of Ind AS 115 did not have any significant impact for the Group.

4. On May 18, 2018, Bamnipal Steel Limited, a wholly-owned subsidiary of the Company, completed the acquisition of Tata Steel BSL Limited (formerly "Bhushan Steel Limited") pursuant to a Corporate Insolvency Resolution process implemented under the Insolvency and Bankruptcy Code 2016. The impact of the Resolution Plan has been given effect to on the acquisition date.

Results for the periods relating to current year include Tata Steel BSL Limited starting May 18, 2018, hence not comparable with previous periods.

5. On June 30, 2018, the Company and thyssenkrupp AG signed definitive agreements to combine their European steel businesses in a 50:50 joint venture in a new company. This follows the signing of a Memorandum of Understanding in September 2017. The transaction is subject to merger control clearance in several jurisdictions, including the European Union.

6. On September 18, 2018, the Company acquired 51% equity stake in Creative Port Development Private Limited ("CPDPL"), a proposed greenfield port project.

Results for the periods relating to current year include CPDPL starting September 18, 2018, hence not comparable with previous periods.

7. On September 22, 2018, the Company executed definitive agreements for the acquisition of the steel business of Usha Martin Limited through a slump sale on a going concern basis. The Company had novated the agreement in favour of Tata Sponge Iron Limited, a subsidiary of the Company, through which the acquisition was to be carried out. The acquisition has been completed on April 09, 2019.

8. On January 28, 2019, T S Global Holdings Pte. Ltd. ("TSGH") (an indirect wholly owned subsidiary of the Company) executed definitive agreements to divest its entire equity stake in NatSteel Holdings Pte. Ltd. and Tata Steel (Thailand) Public Company Ltd. As per the agreement, the divestment will be made to a company, to be formed, in which 70% equity shares will be held by an entity controlled by HBIS Group Co., Ltd. and 30% will be held by TSGH.

The assets and liabilities of these companies have been classified as held for sale as on March 31, 2019 and have been presented separately in the Consolidated Balance Sheet. The results for the current period of these companies have been disclosed within discontinued operations and results for the previous periods have been restated accordingly. Consequent to the re-classification, 'South East Asian Operations' is no longer presented as a separate segment.

9. Figures for the quarter ended March 31, 2019 and March 31, 2018 represent the difference between the audited figures in respect of the full financial year and the published figures of nine months ended Decemb 1, 2018 and December 31, 2017 respectively.

TATA STEEL LIMITED Pcjistered Office Bombay House 24 Homi Mody Street Fort Mumbai 400

Tel 91 22 6665 8282 Fax 91 22 6665 7724 website www.tatasteel.cdn


TATA

10. The Board of Directors of the Company have considered and approved a merger of Bamnipal Steel Limited and Tata Steel BSL Limited (formerly Bhushan Steel Limited) into the Company by way of a composite scheme of amalgamation and have recommended a merger ratio of 1 equity share of 10/- each fully paid up of the Company for every 15 equity shares of t 2/- each fully paid up held by the public shareholders of Tata Steel BSL Limited. As part of the scheme, the equity shares held by Bamnipal Steel Limited and the preference shares held by the Company in Tata Steel BSL Limited shall stand cancelled. The equity shares held by the Company in Bamnipal Steel Limited shall also stand cancelled. The merger is subject to shareholders and other regulatory approvals.

11. Basic and diluted earnings per share for the previous periods have been restated, wherever applicable, for the bonus element in respect of rights issue made during the financial year 2017-18.

12. Figures for the previous periods have been regrouped and reclassified to conform to the classification of the current period, where necessary.

13. The Board of Directors has recommended a divided of 13/- per Ordinary share of 10 each and 3.25p per partly paid Ordinary Share of 110 each (paid-up 2.504 per share) for the financial year

2018-19. The dividend has been calculated in proportion to the amount paid-up on the Ordinary Share.

14. The Annual General Meeting of the Company will be held on July 19, 2019 to consider the accounts for the financial year 2018-19.

T V Narendran

Chief Executive Officer & Executive Director & Managing Director Chief Financial Officer

Mumbai: April 25, 2019

TATA STEEL LIMITED Registered Office Bombay House 24 Homi Mody Street Fort Mumbai 400 001 India

Tel 91 22 6665 8282 Fax 91 22 6665 7724 website www.tatasteel.com


Price Waterhouse & Co Chartered Accountants LLP

The Board of Directors Tata Steel Limited Bombay House, 24, Homi Modi Street, Fort, Mumbai 400001

Independent Auditor's Report on the Statement of standalone financial results

1. We have audited the accompanying Statement containing the annual audited standalone financial results of Tata Steel Limited (the "Company") for the year ended March 31, 2019

together with the notes thereon (hereinafter referred to as the "Statement"), which we have initialled under reference to this report.

Management's Responsibility for the standalone financial results

2. The Management is responsible for the preparation of the accompanying Statement. The Management is also responsible for the preparation of the annual statutory standalone financial statements in accordance with the Accounting Standards specified under Section 133 of the Companies Act, 2013 (the "accounting principles generally accepted in India"), basis which the above Statement containing the annual audited standalone financial results has been prepared. The responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the Statement that is free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on the Statement based on our audit. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 ("the Act") and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Statement. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the Statement, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity's preparation and fair presentation of the Statement in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of the Statement.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

6. In our opinion and to the best of our information and according to the explan o us:

Price Waterhouse & Co Chartered Accountants LLP, 252, Veer Savarkar Marg, Shiv(91 'a , tr r• (West) Mumbai - 400 028 T: +91 (22) 66691500, F: +91 (22) 66547804 / 07

Registered office and Head office: Plot No. Y-14, Block EP, Sector V, Sall Lake Electronic Complex, Bldhan Nagar, Kolkata 700 091

Price Waterhouse & Co. (a Partnership Firm) converted Into Price Waterhouse & Co Chartered Accountants LLP (a Limited Llabuity Partnership with LLP identity no: LLPINAAC-4362) with effect from July 7, 2014. Post its conversion to Price Waterhouse & Co Chartered Auxiuntants LLP, Its ICAI registration number Is 30402130E-300009 (iCAI registration number before conversion was 304026E)

Russell I Par Partner Membership No. 042190


(i) the Statement, together with the notes thereon are presented in the format prescribed under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in this regard; and

(ii) the annual audited standalone financial results for the year ended March 31, 2019 as set out in the Statement gives a true and fair view of the total comprehensive income (comprising of profit and other comprehensive income) and other financial information of the Company for the year ended March 31, 2019 in accordance with the accounting principles generally accepted in India.

Emphasis of Matter

7. We draw your attention to Note 9 of the Statement regarding the figures for the quarter ended March 31, 2019, which are the balancing figures between audited figures in respect of the full financial year and the audited / published year-to-date figures upto the third quarter of the current financial year. Our opinion is not qualified in respect of this matter.

Other Matter

8. The Statement dealt with by this report has been prepared for the express purpose of filing with Stock Exchanges. This Statement is based on and should be read with the audited standalone financial statements of the Company for the year ended March 31, 2019 on which we issued an unmodified audit opinion vide our report dated April 25, 2019.

Restriction on Use

9. This report is addressed to the Board of Directors of the Company and has been prepared for and only for the purposes set out in paragraph 8 above. This report should not be otherwise used by any other party for any other purpose.

For Price Waterhouse & Co Chartered Accountants LLP Firm Registration Number: 304026E/E-300009 Chart red Accountants

Place: Mumbai Date: April 25, 2019

Co. ‘N AAC-430.?

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The Board of Directors Tata Steel Limited Bombay House, 24, Homi Modi Street, Fort, Mumbai 400001

Independent Auditor's Report on the Statement of consolidated financial results

1. We have audited the accompanying Statement containing the annual audited consolidated financial results of Tata Steel Limited (hereinafter referred to as "the Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), its joint ventures and associates; for the year ended March 31, 2019 together with the notes thereon (hereinafter referred to as the "Statement"), which we have initialled under reference to this report.

2. The Statement includes the results of the entities listed in Annexure A.

Management's Responsibility for the consolidated financial results

3. The Management of the Holding Company is responsible for the preparation of the accompanying Statement. The Management is also responsible for the preparation of the annual statutory consolidated financial statements in accordance with the Accounting Standards specified under Section 133 of the Companies Act, 2013 (the "accounting principles generally accepted in India"), basis which the above Statement containing the annual audited consolidated financial results has been prepared. The responsibility• includes the design, implementation and maintenance of internal control relevant to the preparation of the Statement that is free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

4. Our responsibility is to express an opinion on the Statement based on our audit. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 ("the Act") and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

5. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Statement. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the Statement, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity's preparation and fair presentation of the Statement in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of the Statement.

6. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audix.aninion.

Price Waterhouse & Co Chartered Accountants LLP, 252, Veer Savarkar Marg, Shivaji Park, Dadar (West) Mumbai - 400 028 T: +91 (22) 66691500, F: +91 (22) 66547804 / 07

Registered office and Head office: Plot No. Y-14, Block EP, Sector V. Salt Lake Electronic Complex. Bldhan Nagar, Kolkata 700 091

Price Waterhouse & Co (a Partnership Firm) converted Into Price Waterhouse & Co Chartered Accountants LLP (a Limited Liability Partnership with LLP Identity no: LLPIN AAC-4362) with effect from July 7, 2014 Post its conversion to Price Waterhouse & Co Chartered Accountants LLP, Its ICAI registration number is 304026E/E-300009 (ICAI recitals:neon number before conversion was 30,1026E1


Opinion

7. In our opinion and to the best of our information and according to the explanations given to us:

(i) the Statement, together with the notes thereon are presented in the format prescribed under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in this regard; and

(ii) the annual audited consolidated financial results for the year ended March 31, 2019 as set out in the Statement gives a true and fair view of the total consolidated comprehensive income (comprising of consolidated profit and consolidated other comprehensive income) and other financial information of the Group, its associates and joint ventures for the year ended March 31, 2019 in accordance with the accounting principles generally accepted in India.

Emphasis of Matter

8. We draw your attention to Note 9 of the Statement regarding the figures for the quarter ended March 31, 2019, which are the balancing figures between audited figures in respect of the full financial year and the reviewed/published year-to-date figures up to the third quarter of the current financial year. Our opinion is not qualified in respect of this matter.

9. We draw your attention to the following paragraph included in the audit report on the consolidated special purpose financial information of Tata Steel BSL Limited (a subsidiary of the Holding Company) and its subsidiaries and its associates, issued by an independent firm of chartered accountants vide its report dated April 18, 2019:

"We draw attention to Note 3 to the Consolidated Special Purpose Financial Information which describes the implementation of Resolution Plan pursuant to its approval by National Company Law Tribunal and the resultant impact of the same, as recorded in the Consolidated Special Purpose Financial Information as at 17 May 2018. Our opinion is not modified in respect of this matter."

Note 3 as described above corresponds to Note 4 of the Statement.

Other Matters

10. We did not audit the financial statements/financial information of seventeen subsidiaries whose financial statements/ financial information reflect total assets of Rs. 132,537.70 crores and net assets of Rs. 1,058.37 crores as at March 31, 2019, total revenue of Rs. 88,748.77 crores and total comprehensive income [comprising of profit/(loss) and other comprehensive income] of Rs. (2,690.43) crores for the year ended on that date, as considered in the consolidated financial results, which also include their step down associates and jointly controlled entities constituting Rs. 37.18 crores of the Group's share of total comprehensive income for the year ended on that date. These financial statements/ financial information have been audited by other auditors whose reports have been furnished to us by the Management, and our opinion on the consolidated financial results insofar as it relates to the amounts included in respect of these subsidiaries, their step down associates and jointly controlled entities insofar as it relates to the aforesaid subsidiaries and their step down associates and jointly controlled entities, is based solely on the reports of the other auditors.

ii. We did not audit the financial statements/financial information of twelve subsidiaries whose financial statements/ financial information reflect total assets of Rs. 8,280.96 crores and net

0.12 AAc-43.6

Chartered counlants

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assets of Rs. 3,692.07 crores as at March 31, 2019, total revenue of Rs. 881.94 crores and total comprehensive income [comprising of profit/ (loss) and other comprehensive income] of Rs. 391.33 crores for the year ended on that date, as considered in the consolidated financial results. The consolidated financial results also include the Group's share of total comprehensive income [comprising of profit/ (loss) and other comprehensive income] of Rs. 15.83 crores and Rs. 37.30 crores for the year ended March 31, 2019 as considered in the consolidated financial results, in respect of four associates and six jointly controlled entities respectively, whose financial statements/ financial information have not been audited by us. These financial statements/ financial information are unaudited and have been furnished to us by the Management, and our opinion on the consolidated financial results insofar as it relates to the amounts included in respect of these subsidiaries, jointly controlled entities and associates insofar as it relates to the aforesaid subsidiaries, jointly controlled entities and associates, is based solely on such unaudited financial statements/ financial information. In our opinion and according to the information and explanations given to us by the Management, these financial statements/ financial information are not material to the Group.

12. In the case of one subsidiary, one jointly controlled entity and two associates, the financial information for the year ended March 31, 2019 is not available. The investments in these companies are carried at Re. 1 as at March 31, 2019. In absence of the aforementioned financial information, the Group's share of total comprehensive income of these jointly controlled entities and associates for the year ended March 31, 2019 have not been included in the Statement.

Our conclusion is not modified in respect of matters set out in paragraphs 10, 11 and 12 above.

13. The Statement dealt with by this report has been prepared for the,express purpose of filing with Stock Exchangda. This Statement is based on and should be readr*ith the audited consolidated financial statements of the Group, its associates and joint ventures, for the year ended March 31, 2019 on which we issued an unmodified audit opinion vide our report dated April 25, 2019.

Restriction on Use

14. This report is addressed to the Board of Directors of the Holding Company and has been prepared for and only for the purposes set out in paragraph 13 above. This report should not be otherwise used by any other party for any other purpose.

For Price Waterhouse & Co Chartered Accountants LLP Firm Registration Number: 304026E/E-300009 Chartered Accountants

Place: Mumbai Date: April 25, 2019

Russell I PaF Partner Membership No. 042190


Annexure A olid

SI. No

Name of the Company

A. Subsidiaries (Direct) 1 ABJA Investment Co. Pte. Ltd. 2 Adityaeur Toll Bridge Company Limited 3 Tata Steel Special Economic Zone Limited 4 Indian Steel & Wire Products Ltd. 5 Jamshedpur Utilities & Services Company Limited 6 Mohar Export Services Pvt. Ltd 7 NatSteel Asia Pte. Ltd. 8 Rujuvalika Investments Limited 9 TS Alloys Limited

to Tata Korf Engineering Services Ltd. 11 Tata Metaliks Ltd. 12 Tata Sponge Iron Limited 13 Tata Steel (KM) (Pty) Ltd. * 14 T Steel Holdings Pte. Ltd. 15 Tata Steel Odisha Limited 16 Tata Steel Processing and Distribution Limited 17 Tayo Rolls Limited 18 Tata Pigments Limited 19 The Tinplate Company of India Ltd 20 Tata Steel Foundation 21 Jamshedpur Football and Sporting Private Limited 22 Sakchi Steel Limited 23 Jugsalai Steel Limited 24 Noamundi Steel Limited 25 Straight Mile Steel Limited 26 Bamnipal Steel Limited 27 Bistupur Steel Limited 28 Jamadoba Steel Limited 29 Dimna Steel Limited 3o Bhubaneshwar Power Private Limited 31 Creative Port Development Private Limited

B. Subsidiaries (Indirect) 1 Haldia Water Management Limited 2 Kalimati Global Shared Services Limited 3 TS Asia (Hong Kong) Ltd. 4 TSIL Energy Limited 5 T S Global I loldings Pte Ltd. 6 Orchid Netherlands (No.1) B.V. 7 NatSteel Holdings Pte. Ltd. 8 Easteel Services (M) Sdn. Bhd. 9 Eastern Steel Fabricators Philippines, Inc.

10 NatSteel (Xiamen) Ltd. 11 NatSteel Recycling Pte Ltd. 12 NatSteel Trade International (Shanghai) Company Ltd. 13 NatSteel Trade International Pte. Ltd. 14 NatSteel Vina Co. Ltd. 1.5 The Siam Industrial Wire Company Ltd. 16 TSN Wires Co., Ltd. _ 17 Tata Steel Europe Limited 18 Apollo Metals Limited 19 Automotive Laser Technoljigiekt United _.....I--r-----------77.------...e,_r."::""'"--._


I. No

Name of the Company

20 Beheermaatschappij Industriele Produkten B.V. 21 Bell & Harwood Limited 22 Blastmega Limited 23 Bore Samson Group Limited 24 Bore Steel Limited 25 British Guide Rails Limited 26 British Steel Corporation Limited 27 British Steel Directors (Nominees) Limited 28 British Steel Engineering Steels (Exports) Limited 29 British Steel Nederland International B.V. 3o British Steel Service Centres Limited 31 British Tubes Stockholding Limited 32 C V Benine 33 C Walker & Sons Limited 34 Catnic GmbH 35 Catnic Limited 36 CBS Investissements SAS 37 Cogent Power Inc. 38 Tata Steel Mexico SA de CV 39 Cogent Power Inc. 40 Cogent Power Limited 41 Color Steels Limited 42 Corheil Les Rives SCI 43 Corby (Northants) & District Water Company Limited 44 Cordor (C& B) Limited 45 Corus Aluminium Verwaltungsgesellschaft Mbh 46 Corus Building Systems Bulgaria AD 47 Corus CNBV Investments 48 Cores Cold drawn Tubes Limited 49 Corus Engineering Steels (UK) Limited 5o Corus Engineering Steels I loldings Limited 51 Corus Engineering Steels Limited 52 Corus Engineering Steels Overseas Holdings Limited 53 Corus Engineering Steels Pension Scheme Trustee Limited 54 Corus Group Limited 55 Corus Holdings Limited 56 Cores International (Overseas Iioldings) Limited 57 Corus International Limited 58 Corus International Romania SRL. 59 Corus Investments Limited 6o Corus Ireland Limited 61 Corus Large Diameter Pipes Limited 62 Corus Liaison Services (India) Limited 63 Corus Management Limited 64 Corus Primary Aluminium B.V. 65 Corus Property 66 Corus Service Centre Limited 67 Corus Steel Service STP LLC 68 Corus Tubes Poland Spolka Z.0.0 69 Corus UK Healthcare Trustee Limited 70 Corus Ukraine Limited Liability Company 71 CPN (85) Limited 72 Crucible Insurance Company Limited 73 Degels (lmilli 74 Demka B.V. 75 DSRM Group Plc. ,<CEL N __ i h+l rtrr


Sl. No

Name of the Company

76 Esmil B.V. 77 Europressings Limited 78 Firsteel Group Limited 79 Firsteel Holdings Limited 8o Fischer Profil GmbH 81 Gamble Simms Metals Limited 82 Grant Lyon Eagre Limited 83 H E Samson Limited 84 Hadfields Holdings Limited 85 Halmstad Steel Service Centre AB 86 Hammermega Limited 87 Harrowmills Properties Limited 88 Hille & Muller GmbH 89 Hille & Muller USA Inc. 90 Hoogovens USA Inc. 91 Huizenbezit "Breesaap" B.V. 92 Inter Metal Distribution SAS 93 Kalzip Asia Pte Limited 94 Kalzip FZE 95 Kalzip GmbH 96 Kalzip GmbH 97 Kalzip India Private Limited 98 Kalzip Italy SRL 99 Kalzip Limited

loo Kalzip Spain S.L.U. , 101 Layde Steel S.L. 102 Lister Tubes Limited 103 London Works Steel Company Limited 104 Midland Steel Supplies Limited 105 Montana Bausysterne AG 1o6 Naantali Steel Service Centre OY 107 Nationwide Steelstock Limited 1o8 Norsk Stal Tynnplater AS 109 Norsk Stal Tynnplater AB 110 Orb Electrical Steels Limited iti Ore Carriers Limited 112 Oremco Inc. 113 Plated Strip (International) Limited 114 Precoat International Limited 115 Precoat Limited 116 Rafferty-Brown Steel Co Inc Of Conn, 117 Round Oak Steelworks Limited 118 Runblast Limited 119 Runmega Limited 120 S A B Profiel B.V. _ 121 S A B Profit GmbH 122 Seamless Tubes Limited 123 Service Center Gelsenkirchen GmbH 124 Service Centre Maastricht B.V. 125 Societe Europeenne De Galvanisation (Segal) Sa 126 Staalverwerking en Handel B.V. 127 Steel StockHoldings Limited 128 Steelstock Limited 129 Stewarts & Lloyds Of Ireland Limited 13o Stewarts And Lloyds (Over ited _ --:—._:-_-_ 131 Surahammar Bruks AB c e. L //1 —SL '_._.' " " Tef'd N.

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SI. No

Name of the Company

132 Swinden Housing Association Limited 133 Tata Steel Belgium Packaging Steels N.V. 134 Tata Steel Belgium Services N.V. 135 Tata Steel Denmark Byggsystemer A/S 136 Tata Steel Europe Distribution BV 137 Tata Steel Europe Metals Trading BV 138 Tata Steel France Batiment et Systemes SAS 139 Tata Steel France Holdings SAS 140 Tata Steel Germany GmbH 141 Tata Steel IJmuiden BV 142 Tata Steel International (Americas) Holdings Inc 143 Tata Steel International (Americas) Inc 144 Tata Steel International (Canada) Holdings Inc 145 Tata Steel International (Czech Republic) S.R.O 146 Tata Steel International (Denmark) A/S 147 Tata Steel International (Finland) OY 148 Tata Steel International (France) SAS 149 Tata Steel International (Germany) GmbH 15o Tata Steel International (South America) Representacoes LTDA 151 Tata Steel International Hellas SA 152 Tata Steel International (Italia) SRL 153 Tata Steel International (Middle East) FZE 154 Tata Steel International (Nigeria) Ltd. 155 Tata Steel International (Poland) sp Zoo 156 Tata Steel International (Schweiz) AG 157 Tata Steel International (Sweden) AB 158 Tata Steel International (India) Limited 159 Tata Steel International Iberica SA 16o Tata Steel Istanbul Metal Sanayi ve Ticaret AS 161 Tata Steel Maubeuge SAS 162 Tata Steel Nederland BV 163 Tata Steel Nederland Consulting & Technical Services BV 164 Tata Steel Nederland Services BV 165 Tata Steel Nederland Star-Frame BV 166 Tata Steel Nederland Technology BV 167 Tata Steel Nederland Tubes BV 168 Tata Steel Netherlands Holdings B.V. 169 Tata Steel Norway Byggsystemer A/S 170 Tata Steel Sweden Byggsystem AB 171 Tata Steel UK Consulting Limited 172 Tata Steel UK Holdings Limited 173 Tata Steel UK Limited 174 Tata Steel USA Inc. 175 The Newport And South Wales Tube Company Limited 176 The Stanton Housing Company Limited 177 The Templeborough Rolling Mills Limited 178 Thomas Processing Company 179 Thomas Steel Strip Corp. 18o Toronto Industrial Fabrications Limited 181 TS South Africa Sales Office Proprietary Limited 182 Tulip UK Holdings (No.2) Limited 183 Tulip UK Holdings (No.3) Limited 184 U.E.S. Bright Bar Limited 185 UK Steel Enterprise Limited 186 UKSE Fund Managers Limited 187 Unitol SAS .,-.." 777---......... -------...

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Sl. No

Name of the Company

188 Walker Manufacturiu And Investments Limited 189 Walkersteelstock Ireland Limited 190 Walkersteelstock Limited 191 Westwood Steel Services Limited 192 Whitehead (Narrow Strip) Limited 193 British Steel Trading,Limited 194 'I' S Global Minerals Holdings Pte Ltd. 195 Al Ritual Mining LLC 196 Black Ginger 461 (Proprietary) Ltd 197 Kalimati Coal Company Pty. Ltd. 198 Sedibeng Iron Ore Pty. Ltd. 199 Tata Steel Cote D' Ivoire S.A 200 TSMUK Limited 201 Tata Steel Minerals Canada Limited 202 T S Canada Capital Ltd 203 Tata Steel International (Singapore) Iloldings Pte. Ltd. 204 Tata Steel International (Shanghai) Ltd. 205 Tata Steel International (Singapore) Pte. Ltd. 206 Tata Steel International (Asia) Limited 207 Tata Steel (Thailand) Public Company Ltd. 208 N.T.s Steel Group Plc. 209 The Siam Construction Steel Co. ltd. 210 The Siam Iron And Steel (2001) Co. Ltd. 211 T S Global Procurement Company Pte. Ltd. 212 ProCo Issuer Pte. Ltd. 213 Tata Steel BSL Limited (formerly Bhushan Steel Limited) 214 Bhushan Steel (Orissa) Ltd. 215 Bhushan Steel (South) Ltd. 216 Bhushan Steel (Madhya Bharat) Ltd. 217 Bhushan Steel (Australia) PTY Ltd. 218 Bowen Energy PTY Ltd. 219 Bowen Coal PTY Ltd. 220 Bowen Consolidated PTY Ltd. 221 Suharnarekha Port Private Limited

C. Jointly Controlled Entities (Direct) 1 Himalaya Steel Mills Services Private Limited 2 mjunction services limited 3 S & T Mining Company Private Limited 4 Tata BlueScope Steel Private Limited 5 Tata NYK Shipping Pte Ltd. 6 Jamshedpur Continuous Annealing & Processing Company Private Limited 7 T M Mining Company Limited* 8 TM International Logistics Limited 9 Industrial Energy Limited

to Jamipol Limited 11 Nicco Jubilee Park Limited 12 Medica TS Hospital Pvt. Ltd

D. Jointly Controlled Entities (Indirect) 1 Naba Diganta Water Management Limited 2 SEZ Adityapur Limited 3 TVSC Construction Steel Solutions Limited 4 Mon Tinplate Company Limited 5 Laura Metaal Holding B,3/.-____ ----------.777— 1-=--...._----,.

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Sl. No

Name of the Company

6 Ravenscraig Limited 7 Tata Steel Ti caret AS 8 Texturing Technology Limited g Air Products Llanwern Limited

to Hoogovens Court Roll Service Technologies VOF it Minas De Benga (Mauritius? Limited 12 BlueScope Lysaght Lanka (Pvt) Ltd 13' Tata NYK Shipping (India) Pvt. Ltd. 14 International Shipping and Logistics FZE 15 TKM Global China Ltd 16 TKM Global GmbH 17 TKM Global Logistics Limited

E. Associates (Direct) 1 Kalinga Aquatics Ltd* 2 Strategic Energy Technology Systems Private Limited 3 TRL Krosaki Refractories Limited 4 TRF Limited 5 Malusha Travels Pvt Ltd.

F. Associates (Indirect) 1 European Profiles (M) Sdn. Bhd. 2 Albi Profits SRL 3 GietWalsOnderhoudCombinatie B.V. 4 Hoogovens Gan Multimedia S.A. De C.V. 5 ISSB Limited 6 Wupperman Staal Nederland B.V. 7 New Millennium Iron Corp. 8 9336-0634 Quebec Inc * 9 TRF Singapore Pte Limited

10 TRF Holding Pte Limited it York Transport Equipment (Asia) Pte Ltd 12 York Transport Equipment (India) Pvt Ltd 13 York Transport Equipment Pty Ltd 14 York Sales (Thailand) Company Limited 15 York Transport Equipment (SA) (Pty) Ltd 16 Rednet Pte Ltd 17 PT York Engineering 18 YTE Special Products Pte. Limited 19 Qingdao YTE Special Products Co. Limited 20 York Transport Equipment (Shanghai) Co. Ltd 21 Dutch Lanka Trailer Manufacturers Limited 22 Dutch Lanka Engineering (Private) Limited 23 Dutch Lanka Trailer LLC 24 Hewitt Robins International Ltd 25 Hewitt Robins International Holdings Ltd 26 Bhushan Capital & Credit Services Private Limited 27 Jawahar Credit & Holdings Private Limited

* Not consolidated as the financial information is not available

AMK & ASSOCIATES Chartered Accountants

Stesalit Tower, Room No: 303 3rd floor, E 2-3, Block EP & GP Sector-V, Salt Lake, Kolkata- 700091 Ph- 91 (33) 40630462, 40697147

Sunshine Tower, 7th Floor, Unit No.: 716, Senapati Bapat Marg, Dadar (West) Mumbal- 400013 Ph- 91 (22) 24322838

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF BAMNIPAL STEEL LIMITED

Report on the Standalone Ind AS Financial Statements

Opinion We have audited the Ind AS financial statements of Bamnipal Steel Limited ("the Company") which comprise the balance sheet as at 31st March 2019, the statement of Profit and Loss, statement of changes in equity and statement of cash flows for the year then ended, and notes to the Ind AS financial statements, including a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2019, and loss, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Ind AS financial statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Ind AS financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Ind AS financial statements of the current period. These matters were addressed in the context of our audit of the Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have determined that there are no Key audit matters to communicate in our report.

Management's Responsibility for the Ind AS financial statements The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these Ind AS financial statements that give a true and fair view of the financial position, financial performance, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate implementation and maintenance of accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

TRUE COPY BAMNIPAL STEEL LIMITED

MARU) COMPANY SECRETARY

CA AMK & ASSOCIATES \ Chartered Accountants


Sunshine Tower, 7th Floor, Unit No.: 716, Senapati Bapat Marg, Dadar (West) Mumbai- 400013 Ph- 91 (22) 24322838

In preparing the Ind AS financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the company's financial reporting process.

Auditor's Responsibilities for the Audit of the Ind AS financial statements Our objectives are to obtain reasonable assurance about whether the Ind AS financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Ind AS financial statements

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern If we conclude , that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Ind AS financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Ind AS financial statements, including the disclosures, and whether the Ind AS financial statements represent the underlying transactions and events in a manner that achieves fair presentation

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

AMK & ASSOCIATES Chartered Accountants


Sunshine Tower, 7th Floor, Unit No.: 716, Senapati Bapat Mare, Dadar (West) Mumbai- 400013 Ph- 91 (22) 24322838

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Ind AS financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements (1) As required by the Companies (Auditor's Report) Order, 2016 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the "Annexure-A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

(2) As required by Section 143(3) of the Act, we report that: (a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid Ind AS financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of the written representations received from the directors as on 31st March, 2019 taken on record by the Board of Directors, none of the directors is disqualified, as on 31st March, 2019 from being appointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".

(g) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financial position.

Mesalit Tower, Room No: 303 3rd floor, E 2-3, Block EP & OP Sector-V, Salt Lake, Kolkata- 700091 Ph- 91 (33) 40830482, 40897147

Sunshine Tower, 7th Floor, Unit No.: 718, Senapati Bapat Marg, Dadar (West) Chartered Accountants Mumbal- 400013

--) Ph- 91 (22) 24322838

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

AMK & ASSOCIATES

For AMK & Associates Chartered Accountants FR 327817

Bhupendra Kumar Bhutia Partner M.No.: 059363 Place: Kolkata Date: 23-04-2019

AMK & ASSOCIATES C/1-‘ Chartered Accountants

Stevielit Tower, Room No: 303 3rd floor, E 2-3, Block EP & GP Sector-V, Salt Lake, Kolkata- 700091 Ph- 91 (33) 40630462, 40697147

Sunshine Tower, 7th Floor, Unit No.: 716, Senapati Bapat Marg, Dadar (West) Mumbai- 400013 Ph- 91 (22) 24322838

Annexure - A to the Auditors' Report

The Annexure referred to in Independent Auditors' Report to the members of the Company on the standalone Ind AS financial statements for the year ended 31 March 2019, we report that:

(i) The Company does not have any fixed assets. Thus, paragraph 3(i) of the Order is not applicable to the Company.

(ii) The Company is a manufacturing company, primarily manufacturing steel. . However, it does not hold any physical inventories 31st March 2019.Thus, paragraph 3(ii) of the Order is not applicable to the Company.

(iii) In our opinion and according to information and explanations given to us, the Company has granted loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Act at terms and conditons not prejudicial to the interests of the company.As no loans amount are outstanding on the balance sheet date, the clauses 3(iii) (b) and (c) are not applicable.

(iv) The Company has not granted any loans or provided any guarantees or security to the parties covered under Section 185 of the Act. The Company has made investments, taken loans which have been paid off during the year but not provided any guarantee and security to the parties as per section 186 of the Act.

(v) The Company has not accepted any deposits from the public in accordance with the provisions of sections 73 to 76 of the Act and the rules framed there under.

(vi) The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act, for any of the services rendered by the Company.

(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records, the Company is regular in depositng undisputed statutory dues including income-tax, goods and service tax, cess and any other statutory dues to the appropriate authorities.

According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, goods and services tax, cess and other material statutory dues were in arrears as at 31 March 2019 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no dues of income tax, goods and services tax, duty of customs, which have not been deposited with the appropriate authorities on account of any dispute.

(viii) The Company has not defaulted in repayment of loans or borrowings to financial institution or bank or Government, and it has no outstanding amount to debenture holders.

(ix) The Company has not raised any money by way of initial public offer, further public offer (including debt instruments) but has raised term loans during the year. The term loans were applied for the purposes which those are raised and there was no default or delays in payment of the term loans.

(x) According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.

For AMK & Associates Chartered Accountants FRN: 327817E

Bhupendra Kumar Briutia Partner M.No.: 059363 Place: Kolkata Date: 23-04-2019

AMK & ASSOCIATES CA Chartered Accountants



(xi) According to the information and explanations given to us and based on our examination of the records, the Company has not appointed any managereal persons under the provisions of section 197 read with Schedule V to the Act during the financial year ended 31.03.2019. Accordingly, the provisions of Clause 3(xi) of the Order are not applicable to the Company.

(xii) In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.

(xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the standalone Ind AS financial statements as required by the applicable accounting standards.

(xiv) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.

(xvi) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the provisions of Clause 3(xvi) of the Order are not applicable to the Company.

cA AMK & ASSOCIATES Chartered Accountants



Annexure - B to the Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Bamnipal Steel Limited ("the Company') as of 31 March 2019 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the

design and operating effectiveness of internal control based on the assessed risk. The procedures

selected depend on the auditor's judgment, including the assessment of the risks of material misstatement

of the standalone Ind AS financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for

our audit opinion on the Company's internal financial controls system over financial reporting.

For AMK & Associates Chartered Accountants FRN: 327&17E

Bhupendra Kumar Bhutfa Partner M. No.: 059363 Place: Kolkata Date: 23-04-2019


Sunshine Tower, 7th Floor, Unit No.: 716, Senapati Bapat Mary, Dadar (West) Mumbai- 400013 Ph- 91 (22) 24322838

chic AMK & ASSOCIATES Chartered Accountants

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2019, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

As at March 31.2018

As at March 31.2019

100,000

100,000 100.000

100,000 (U.1375) 74.125

26,875

28,115

1- 100,090

1.588,857,972 1,688,067,972

1,701,378,075 727,873 150,000

45,480,700 701,931.937

8.449.646.6115 4.03$.8211.568

2,588,957,980 (1566$4.482)

2,432,383,490

39,018,009 1,567,145,051 1,806,163,060 4,038,528,6513

For AMK & Associates Chartered Accountants FRN:32784ZE

ndra Kuma Bhutia Partner Membership No - 059363

For and on behalf of the Board

p - iSW3s

Director DIN - 00518430

tz;

Semite Shah Managing Director & CFO

DIN - 02350178

BAMNIPAL STEEL LIMITED

BALANCE SHEET AS AT MARCH 31, 2019 (Amount in e)

Note

ASSETS I Non-current assets

(f) Investment in Subsidiaries 3 Total non-current assets

II Current assets (a) Financial assets

(I) Investments 4 (I) Cash and cash equivalents 5 (v) Other financial assets 6

(b) Other non-financial assets 7 (e) Current tax assets Total current assets

TOTAL ASSETS

EQUITY AND LIABILITIES III Equity

(a) Equity Share Capital 8 (A) (b) Other equity 6 (B) Total Equity

IV Non-current liabilities Total noncurrent liabilities

IV Current liabilities (a) Financial liabilities

(I) Other financial liabilities 9 (b) Other non-financial liabilities Total current liabilities

TOTAL EQUITY AND LIABILITIES See accompanying notes forming part of the financial statements

In terms of our report attached

Mumbai, 23rd April, 2019

Pooja Maru Company Secretary

ACS No - 24806

For AMK & Associates Chartered Accountants FRN:327817E

Bhtlpendre Kumar Bhutia Penner Membership No - 059383

(0.60)

(2.6e)

(0.60)

(2.69)

For end on the Board

o Awls Director

DIN -00518430

ha Shah Managing Director 8 CFO

DIN - 02350175

_..---Popa Maru Company Secretary

ACS No - 24606


STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2019

Note For the year ended March 31, 2019

I Revenue from operations II Other Income 10 23,415,629,948 III Total Income 23,415,629,948 IV Exponent

(a) Employee beneM expenses 2 (e) Finance costa 11 23.615.760.548 (a) Other expenses 12 58,438,004

23,572,168 662 Less:Expendlture (other then Interest) transferred to capital and other accounts Total Expenses 23,672,198,552

V Profit/(_0es) before tax 011-IV) (156,668,507) VI Tax expanse:

(a) Current tax (b) Deferred tax Total tax expense

VII Profit/(lose) after tax (V-VI) (161.66111,007)

VIII Other comprehensive Income/(loss) A (i) Items that wit not be reclassified subsequently to the statement of profit and

loss a) Rerneasurement gains/(losses) on post employment defined benefit plans

(Amount Mt') For the period

19th Jan'15 to 31st Mar18

25.876 26,876

25,576 (25.576)

(25.871)

b) Fair value changes of investment In equity shares (if) Income tax on Items that will not be reclassified subsesquentiv to the statement of profit and loss

B (i) Items that MN be reclassified subsequently to the statement of profit and loss

(i) Income tax on Items that will be reclassified subsesquently to the statement of profit and foss

Total other comprehensive Income/(Iose) IX Total comprehensive Income/(loss) for the period (VII+VIII) (158,558,507) (26,876)

X Earnings per equity share Basic and Diluted (P) (I) Basic (5) Diluted

Si. accompanying notes forming part of the financial statements

In terms of our report attached

Mumbai, 23rd April, 2019

13

For the year ended For the parted 19th Jan'19 to March 31. 2019 aiat mar4R


STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH, 2019

(45,450,703) 1,506,137,150

1.218,304,123 (701,931,5137.24)

681070,188

25.875 1,560,8E4,485 25,575

(A) CASH FLOWS FROM OPERATING ACTIVITIES: Profit before taxes

AdJustrmints for (Prollfifloss on sale of investments Interest and Income nom current Investments and (piranha*, Finance coats Other non cash Items

Operating profit before working capital changes Adjustments far: Non-current/Current financial and other assets Non-CurrentrCurrerd and other finanatal labilitlesi provisions

Cash warded from operations Direct taxes paid

Net cash fromi(used In) operating activities

(B) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of Inveelments In subsidiaries (Purchasepaale of current Investments (net) Fixed deposits with banks (placed)/reatsed

Net cash from/(ned In) Investing Activities

(B) CASH FLOWS FROM INVESTING ACTIVITIES: (C) CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from issue of equity shares Proceeds from borrowings Repayment of borrowings Interest paid

Net Cash fro/Mused In) Financing Acilvillse

ID) Nat increasel(dacreaes) in cask end cash equivalents (5) Opening cash and cash equivalents (Refer Note 4) (F) Closing cash and cash equivalents (Rarer Note 4)

For AMK a Associates Chartered Accountant' FRN 327617 \

z

/

Mumbal, 23rd April, 2019

Ethupendra Kumar Os Partner Membership No - 060953


fawn Director

DIN - 00518430

12,— ,(4.14tx

Samta Shah Managing Director d CFO

DIN • 02350176

Meru Company Secretary

ACS No . 24600

727 873

(188,ee8,037) (25,875)

(250,901,690) (221.354,640,845) 23,254,540.549 235,121,928 26

(111.T74,511) (272,3436e)

(1,588 857,980 00) (1,445.098,309 72)

1150.000.00)

20.312.434.2511

2,588,1357,1760 431,318,542,020

(431,318,542.020) (23,502,040,549.00)

120,013,11121519)

627,873 100,000

100,000

100,000

100.000

(26,975)

125.115/

(25,075)

(29,370)

—r5T—Flar

Retained OtMr Earnings Comprehensive

Income reserves

Other reserves Sham Total application Equity

money pending allot tient


STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2019

A, EQUITY SHARE CAPITAL

(Amount In V)

Balance as at March 31, 2019

Changes during the period

Soignee irt March 31, 2019

100.000.0 2.558.057.660 2.51151,957.6110

potence as IS Changes during the period January 19, 2019

M;7611E 6. an M March 31, 2019

100.000 10%000

IL OTHER EQUITY

(Amount In 0)

Balance ea at March 31, 2010 i4-S.arSy Pros for the mica 1166,580.31r; other Comortmenene inoine

(196,608.131) ti66,64,4,21

7otilCorepretrinetve Income Selene' as at March 31, 20111

I.MttEexismor)

(Amount in 15 Retained Other Earnings Comprehensive

Income MOMS

011WW reserves ewe Totit application Equity

money pending allotment

Silence as et.tenusty It. 20111 prof[ Ow me period Other Conwrehenehre Income Total Comprohenshm Income Ambition money received Saloom as at Minh 31, 2011

Director 400613430

I

For end ori Wine

OW lk

:.era

•

1/00•11111

"Serftwo 5eeti Managing Director A CFO

DIN - 02350176

In Mrris of our report attached

• (Osman,* la Partner Membership No • 059363

For AMK 1 Associates Charturea Mos.-cis/It*

.sk

.\

Ret32 7

Mumble, 23rd April, 2019

tii :


NOTES FORMING PART OF THE FINANCIAL STATEMENTS

1. COMPANY INFORMATION

Bamnipal SteelLimited ("he Company) is a public limited Company incorporated in India with its registered office in Tarapur, Thane,Maharashtra, India.

The Company was Incorporated on 19th January 2018 with the main object of setting up of iron and steel making facilities and having presence across all the entire value chain of steel manufacturing, from mining and processing of all kinds of minerals to producing and distributing finished products

The functional and presentation currency of the Company is Indian Rupee Cr) which Is the currency of the primary economic environment in which the Company operates.

As on March 31, 2019, Tata Steel Limited owns 100% of the Ordinary shares of the Company, and has the ability to influence the Company's operations

2. SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies applied by the Company in the preparation of its financial statements are listed below.

(a) Basis of preparation

The financial statements have been prepared under the historical cost convention with the exception of certain assets and liabilities that are required to be carried at fair values by Ind AS.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

(b) Use of estimates and critical accounting Judgements

In preparation of the financial statements, the Company makes judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and the associated assumptions are based on historical experience and other factors that are considered to be relevant Actual results may differ from these estimates.

The estimates and the underlying assumptions are reviewed on an ongoing basis, Revisions to accounting estimates are recognised in the period in which the estimate is revised and future periods affected.

Significant judgements and estimates relating to the carrying values of assets and liabilities include useful lives of property, plant and equipment and intangible assets, impairment of property, plant and equipment, Intangible assets and investments, provision for employee benefits and other provisions, recoverability of deferred tax assets, commitments and contingencies.

(c) Property, plant and equipment

An item of property, plant and equipment is recognised as an asset if it is probable that the future economic benefits associated with the item will flow to the Company and its cost can be measured reliably. This recognition principle is applied to the costs incurred Initially to acquire an item of property, plant and equipment and also to costs Incurred subsequently to add to. replace part of, or service it. All other repair and maintenance costs, including regular servicing, are recognised in the statement of profit and loss as incurred. When a replacement occurs, the carrying value of the replaced part Is de-recognised. Where an item of property, plant and equipment comprises major components having different useful lives, these components are accounted for as separate items.



Property, plant and equipment are stated at cost, less accumulated depreciation and Impairment. Cost includes alt direct costs and expenditures incurred to bring the asset to its working condition and location for its intended use. Trial run expenses (net of revenue) are capitalised. Borrowing costs incurred during the period of construction is capitalised as part of cost of the qualifying assets.

The gain or loss arising on disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of profit and loss.

(d)Intangible assets (excluding goodwill)

Patents, trademarks and software costs are included in the balance sheet as intangible assets where they are clearly linked to long term economic benefits for the Company. In this case they are measured initially at purchase cost and then amortised on a straight line basis over their estimated useful lives. All other costs on patents, trademarks and software are expensed in the statement of profit and loss as and when incurred.

Expenditure on research activities is recognised as an expense in the period in which it is incurred. Costs Incurred on individual development projects are recognised as intangible assets from the date when all of the following conditions are met:

(i) completion of the development is technically feasible. (ii) it is the Intention to complete the intangible asset and use or sell it. (iii) it is clear that the intangible asset will generate probable future economic benefits. (iv) adequate technical, financial and other resources to complete the development and to use or sell the

intangible assets are available and; (v) it is possible to reliably measure the expenditure attributable to the intangible asset during its

development.

Recognition of costs as an asset is ceased when the project is complete and available for its intended use, or if these criteria no longer applicable.

Where development activities do not meet the conditions for recognition as art asset, any associated expenditure is treated as an expense in the period in which it is incurred.

Subsequent, to initial recognition, Intangible assets with definite useful lives are reported at cost less accumulated amortisation and accumulated impairment losses.

(e) Depreciation and amortisation of property, plant and equipment and intangible assets

Depreciation or amortisation is provided so as to write off, on a straight line basis, the cost of property, plant end equipment and other intangible assets, including those held under finance leases to their residual value. These charges are commenced from the dates the assets are available for their intended use and are spread over their estimated useful economic lives or, in the case of leased assets, over the lease period, if shorter The estimated useful lives of assets and residual values are reviewed regularly and, when necessary, revised No further charge is provided in respect of assets that are fully written down but are still in use.

Depreciation on assets under construction commences only when the assets are ready for their intended use. The estimated useful lives for the main categories of property, plant and equipment and other intangible assets are:

Estimated useful life (years)

Plant and Machinery 4 to 6 years Vehicles 5 years Furniture, Fixtures and Office Equipments 4 to 6 years Computer Software 5 years Freehold land is not depreciated

in



(f) Impairment

At each balance sheet date, the Company reviews the carrying values of its property, plant and equipment and Intangible assets to determine whether there is any indication that the carrying value of those assets may not be recoverable through continuing use. If any such indication exists, the recoverable amount of the asset is reviewed in order to determine the extent of impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount of the cash generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. An impairment loss is recognised In the statement of profit and loss as and when the carrying value of an asset exceeds its recoverable amount.

Where an impairment loss subsequently reverses, the carrying value of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount so that the Increased carrying value does not exceed the carrying value that would have been determined had no impairment loss been recognised for the asset (or cash generating unit) in prior years. A reversal of an impairment loss Is recognised in the statement of profit and loss immediately.

(g) Leases

The Company determines whether an arrangement contains a lease by assessing whether the fulfillment of a transaction is dependent on the use of a specific asset and whether the transaction conveys the right to use that asset to the Company in return for payment. Where this occurs, the arrangement is deemed to include a lease and is accounted for either as finance or operating lease.

Leases are classified as finance leases where the terms of the lease transfers substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.

The Company as lessee

(1) Operating lease — Rentals payable under operating leases are charged to the statement of profit and loss on a straight line basis over the term of the relevant lease unless another systematic basis Is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are Incurred.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

(II) Finance lease — Finance leases are capitalised at the commencement of lease, at the lower of the fair value of the property or the present value of the minimum lease payrnents.The corresponding liability to the lessor is Included in the balance sheet as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance Of the liability. Finance charges are recognised in the statement of profit and loss over the period of the lease.

s -r E



The Company as lessor

(I) Operating lease— Rental income from operating leases is recognised in the statement of profit and loss on a straight line basis over the term of the relevant lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset is diminished. Initial direct costs incurred In negotiating and arranging an operating lease are added to the carrying value of the leased asset and recognised on a straight line basis over the lease term,

(II) Finance lease — When assets are leased out under a finance lease, the present value of the minimum lease payments is recognised as a receivable. The difference between the gross receivable and the present value of the receivable Is recognised as unearned finance income. Lease income is recognised over the term of the lease using the net investment method before tax, which reflects a constant periodic rate of return,

(h) Financial Instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit and loss) are added to or deducted from the fair value measured on initial recognition of financial asset or financial liability. The transaction costs directly attributable to the acquisition of financial assets and financial liabilities at fair value through profit and loss are Immediately recognised in the statement of profit and loss.

Effective Interest method

The effective Interest method is a method of calculating the amortised cost of a financial instrument and of allocating interest income or expense over the relevant period. The effective interest rate Is the rate that exactly discounts future cash receipts or payments through the expected life of the financial instrument, or where appropriate, a shorter period.

(a) Financial assets

Cash and bank balances

Cash and bank balances consist of:

(I) Cash and cash equivalents.- which includes cash in hand, deposits held at call with banks and other short term deposits which are readily convertible into known amounts of cash, are subject to an insignificant risk of change in value and have maturities of less than one year from the date of such deposits. These balances with banks are unrestricted for withdrawal and usage.

(ii) Other bank balances - which includes balances and deposits with banks that are restricted for withdrawal and usage.

Financial assets at amortised cost

Financial assets are subsequently measured at amortised cost if these financial assets are held within a business model whose objective is to hold these assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

tabSci~N



Financial assets measured at fair value

Financial assets are measured at fair value through other comprehensive income if these financial assets are held within a business model whose objective is to hold these assets in order to collect contractual cash flows or to sell these financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

The Company in respect of equity Investments (other than In subsidiaries, associates and joint ventures) which are not held for trading has made an irrevocable election to present in other comprehensive income subsequent changes In the fair value of such equity instruments. Such an election is made by the Company on an instrument by instrument basis at the time of initial recognition of such equity investments.

Financial asset not measured at amortised cost or at fair value through other comprehensive income is carried at fair value through the statement of profit and loss.

Impairment of financial assets

Loss allowance for expected credit losses is recognised for financial assets measured at amortised cost and fair value through other comprehensive income.

The Company recognises life time expected credit losses for all trade receivables that do not constitute a financing transaction.

For financial assets whose credit risk has not significantly Increased since Initial recognition, loss allowance equal to twelve months expected credit losses is recognised. Loss allowance equal to the lifetime expected credit losses is recognised if the credit risk on the financial Instruments has significantly increased since initial recognition.

De-recognition of financial assets

The Company de-recognises a financial asset only when the contractual rights to the cash flows from the asset expire, or It transfers the financial asset and substantially all risks and rewards of ownership of the asset to another entity.

If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognises its retained interest in the assets and an associated liability for amounts it may have to pay.

If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

(b) Financial liabilities and equity Instruments

Classification as debt or equity

Financial liabilities and equity instruments Issued by the Company are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of Its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs. Financial Liabilities

5-ft,



Trade and other payables are initially measured at fair value, net of transaction costs, and are subsequently measured at amortised cost, using the effective interest rate method where the time value of money is significant Interest bearing bank loans, overdrafts and issued debt are initially measured at fair value and are subsequently measured at amortised cost using the effective interest rate method. Any difference between the proceeds (net of transaction costs) and the settlement or redemption of borrowings is recognised over the term of the borrowings in the statement of profit and loss.

De-recognition of financial liabilities

The Company de-recognises financial liabilities when, and only when, the Company's obligations are discharged, cancelled or they expire.

(I) Employee benefits

Defined contribution plans

Payments to defined contribution plans are charged as an expense as they fall due. Payments made to state managed retirement benefit schemes are dealt with as payments to defined contribution schemes where the Company's obligations under the schemes are equivalent to those arising in a defined contribution retirement benefit scheme.

Defined benefit plans

For defined benefit retirement schemes the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuation being carried out at each balance sheet date. Re-measurement gains and losses of the net defined benefit liability/(asset) are recognised immediately in other comprehensive income. The service cost and net interest on the net defined benefit (lability/(asset) Is treated as a net expense within employment costs.

Past service cost is recognised as an expense when the plan amendment or curtailment occurs or when any related restructuring costs or termination benefits are recognised, whichever is earlier.

The retirement benefit obligation recognised in the balance sheet represents the present value of the defined-benefit obligation as reduced by the fair value plan assets.

Compensated absences

Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders the related service are recognised based on actuarial valuation at the present value of the obligation as on the reporting date.

(j) inventories

Inventories are stated at the lower of cost and net realisable value. Costs comprise direct materials and, where applicable, direct labour costs and those overheads that have been Incurred in bringing the Inventories to their present location and condition. Net realisable value is the price at which the inventories can be realised in the normal course of business after allowing for the cost of conversion from their existing state to a finished condition and for the cost of marketing, selling and distribution.

Stores and spare parts are carried at lower of cost and net realisable value.

.1:I•11111 'IP •-1

Co .



(k) Provisions

Provisions are recognised In the balance sheet when the Company has a present obligation (legal or constructive) as a result of a past event, which is expected to result in an outflow of resources embodying economic benefits which can be reliably estimated. Each provision is based on the best estimate of the expenditure required to settle the present obligation at the balance sheet date. Where the time value of money is material, provisions are measured on a discounted basis. Constructive obligation Is an obligation that derives from an entity's actions where:

(a) by an established pattern of past practice, published policies or a sufficiently specific current statement, the entity has indicated to other parties that it will accept certain responsibilities and;

(b) as a result, the entity has created a valid expectation on the part of those other parties that it will discharge those responsibilities.

(I) Income taxes

Tax expense for the year comprises of current and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of profit and loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying values of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences. In contrast, deferred tax assets are only recognised to the extent that it Is probable that future taxable profits will be available against which the temporary differences can be utilised.

The carrying value of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax Is calculated at the tax rates that are expected to apply in the period when the liability Is settled or the asset is realised based on the tax rates and tax laws that have been enacted or substantially enacted by the end of the reporting penod. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to cover or settle the carrying value of its assets and liabilities.

Deferred tax assets and liabilities are offset to the extent that they relate to taxes levied by the same tax authority and there are legally enforceable rights to set off current tax assets and current tax liabilities within that jurisdiction.

Current and deferred tax are recognised as an expense or income in the statement of profit and loss, except when they relate to items credited or debited either in other comprehensive income or directly in equity, in which case the tax is also recognised in other comprehensive income or directly In equity.

(m) Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured, regardless of when the payment is being made. Revenue Is measured at the fair value of the consideration received or receivable net of discounts, taking into account contractually defined terms and excluding taxes or duties collected on behalf of the government.



Sale of services Revenue from business process services contracts priced on the basis of time Is recognized as services are rendered or the related obligation is performed.

Interest income Interest income Is accrued on a time proportion basis, by reference to the effective interest rate applicable.

Dividend Income Dividend income from investments is recognised when the shareholder's rights established.

and material or unit of delivery

principal outstanding and the

to receive payment have been

Rental Income Rental income from investment properties and subletting of properties is recognised on a straight line basis over the term of the relevant leases.

Commission income Commission income is recognised when the services are rendered.

(n)Foreign currency transactions and translations

The financial statements of the Company are presented in Indian rupees (f), which is the functional currency of the Company and the presentation currency for the financial statements.

In preparing the financial statements, transactions in currencies other than the Company's functional currency are recorded at the rates of exchange prevailing on the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are re-translated at the rates prevailing at the end of the reporting period. Nonmonetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not translated.

Exchange differences arising on the retranslation or settlement of other monetary items are included in the statement of profit and loss for the period.

(o)Borrowing costs

Borrowings costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for the intended use or sale.

Investment Income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is recognised In the statement of profit and loss.

Discounts or premiums and expenses on the issue of debt securities are amortised over the term of the related securities and included within borrowing costs. Premiums payable on early redemptions of debt securities, in lieu of future finance costs, are written off as borrowing costs when paid.

(p)Eamings per Share (EPS)

Basic EPS are calculated by dividing the profit or loss for the year attributable to equity holders of the company by the weighted average number of equity shares outstanding during the year.

The company did not have any potentially dilutive securities during the period.

E

1,588,857,972

1,588,857,972

Equity investment in subsidiary companies Quoted (79,44,28,986 Equity shares of Rs. 2 each shares in in Tata Steel BSL Limited, formerly Bhushan steel Limted) Carrying value at end of period

4. Other Current Investments (Amount in r) As at Mar 2019 As at Mar 2018

264422,210 240,291,468 510,622,731

199,288,821.97 220,308,47&68 270,444,366.75 1,701,378,075

(Amount in el As at M at

March 31, 2019 March 31, 2018

Investments carried at fair value through profit and loss : Investments In Mutual Funds - Quoted Axis liquid Fund - Dir - Growth. 1,25,594,05 units (2018 - NIL Invesco India Liquid Fund - Dir- Growth 93,409.95 units (2018: NIL) Tata Liquid Fund - Dir - Growth. 1,73,419.32 units (2018:N11) ICICI Prudential Liquid Fund -Dir- Growth. 7,20,973.22 units (2018: NIL) HDFC Liquid Fund- Dir- Growth (59,894.34 units (2018:NIL) 1511 liquid Cash Plan -Dir. Growth (88,359.15 units (2018: NIL) Carrying value at end of period

5. CASH AND CASH EQUIVALENTS

100 000 100,000

(a) Cash in hand (b) Unrestricted balances with banks 727 873

727,873

(Amount In r) M at

March 31 2018 M at

March 31, 2019



3. Investments Carried at Cost (Amount In t) As at Mar 2019 Am et Mar 2018

There are no repatriation restrictions with regard to cash & cash equivalents at the end of the reporting period The cash and cash equivalents are denominated and held in Indian rupees.

6. OTHER FINANCIAL ASSETS

(a) Security Deposit with NSDL 150,000 160,000



7. OTHER NONFINANCIAL ASSETS (Amount In f)

As at M at March 31 2019 March 31, 2018

(a) IGST Receivable 1,115,808 (b) CGST Receivable 22,182,648 (b) SGST Receivable 22,182,546

45,480,700

8 (A) EQUITY SHARE CAPIT AL (Amount In r)

M at M at March 31 2019 March 31 2018

Authorised: 10,500,000,000 Ordinary Equity Shares of Rs. 101- each 105,000,000,000 1,000,000,000 Non-Convertible Pref. Shares of Rs 100 each 100,000,000,000 1,000,000,000 Convertible Pref. Shares of Rs 100 each 100,000,000,000 (31.03.2018: 10,000 Equity Shares of Re. 10 each) 100,000

306,000,000.040 100,000 Issued:

258,895,798 Ordinary Shares of Rs. 10 each 2,588,957,980 (31.03.2018: lox() Equity Shares of Re. 10 each) 100,000

2,588,957,1180 100000 Subscribed:

258,895,798 Ordinary Shares of Re. 10 each 2,588,967,980 (31.03.2018: 10,000 Equity Shares of Rs. 10 each) 100,000

2,888,967,980 100,000

MOVEMENT IN EQUITY SHARE CAPITAL

No of Equity Equity Share Shares Capital

(Amount in t) Balance as at March 31, 2018 10,000 100,000 Shares issued during the period 258,885,798 2,568,857,980

Balance as at March 31, 2019 268,895,798 2,588,957,980

No of Equity Equity Share Shares Capital

(Amount In r Balance as at January 19, 2018 Shares Issued during the period 10,000 100,000 Balance as at March 31, 2018 10,000 100,000

(156,568,607)

(25,875)

(156,594,482)

(25,875)



During the year, the company allotted 25,88,85,798 fully paid ordinary shares of Face Value oft 10 each. The proceeds have been utilized to acquire stake in Bhushan Steel Ltd.

Tata Steel Limited owns 100% of the Ordinary shares of the Company, and has the ability to influence the Company's operations.

8 (8) . OTHER EQUITY

RETAINED EARNINGS

(Amount in lf) As at

March 31, 2018 (25,875) (25,875)

As at March 31, 2019

(156,594,482) (156,594,482)

Retained Earnings

(Amount in r)


(25,875) (156,568,607)


Opening Balance

Profit/ (loss) for the period Other Comprehensive income

(25,875)

Total Comprehensive income Dividend (incl tax on dividend) Closing Balance

9. OTHER FINANCIAL LIABILITIES

A Current (Amount In r)

M at Mat March 31, 2019 March 31, 2018

(a) Creditors for other liabilities (1) Other credit balances

39,018,009

25,875

39,018,009

25,875

TDS Payable 1,587,145,051

1,567,145,051



OTHER NON FINANCIAL LIABILITY

A. Current (Amount In e) As at M at

March 31, 2019 March 31, 2018

10. OTHER INCOME

jAmount In to) For the period

19th Jan'18 to 31st Mar'18

For the year ended March 31, 2019

(a) Interest income 23,162,350,178 (b) On sale of current investments 250,901,692 (C) Other miscellaneous income 2,378,076

23,415,625,646

11. FINANCE COST

(Amount In le)


For the period 19th Jan'18 to

31st Mar'18 (a) Interest Expense 23,264,540,548 (b) Amortization of Loan Issue Expenses 237,500,000 (b) Other Borrowing Cost 13,720,000

23,515,760,548

pL 3 2-



12. OTHER EXPENSES

(Amount in t)


For the period 19th Jan'18 to

31st Mar'18

(a) Rates and taxes 99,456

(b) Auditors remuneration - As Auditor 100,000 17,700

(c) Legal & other professional cost 14,980,394 8,175

(d) Other general expenses 41,258,154

56,438,004 25,875

13. EARNINGS PER SHARE

For the year ended

March 31, 2019

For the period 19th Janie to

31st Marla (a) Profit! (loss) after tax (158,569,4891 126.8751

Profit/ (loss) atnbutable to Ordinary Shareholders- for Basic and Diluted EPS (166,669,489) (25,575) NOG Nos.

(b) Weighted average number of Ordinary Shares for Basic EPS 268,895,798 10,000 Weighed average number of Ordinary Shares for Diluted EPS 258,895,798 10,000

(c) Nominal value of Ordinary Shares (V) 10.00 10.00 (d) Basic and Diluted Earnings per Ordinary Share RI (0.80) (2.59)

14. FINANCJIL INSTRUNENTS

A) FINANCV4. INSTRUMENTS BY CATEGORY As alearch 31, 2019 _ (Mount 11_9_

Muted Far wilue De hews Darlualva Fair value Total TWO cost Ilsough other Instilment In Instrument throtoh Carrying Fat take

ccrnprehenshe hedging not In rodghg statement d greet wen %due ircone relatIonstin relatmsnI1 and lose

Financial waste Cash and bank balances 7991 726,991 726,991 Trade Wesel:ism kwestmarts 1,701,374076 1,701,37e,076 1.701.376,075 Cerhether Lows Other Anardal mats 150.000 160.000 MK.

87S,991 1.701,316,015 T 1.7112t2611.000 1,702,805.0011 Finarmiti Trade and clew Mabee 0 Deisali%es • Other limeade! liabilles 30,01000g 010.009 31) 018,000

39,0111,009 39p18,000 38 016,035


NOTES FORMING PART OF THE FINANCIAL STATEMENTS ,ta eat arch 31. die would in VI

Anueseel Falr Was Degirativm Deriweine Fair Niue Tote) TON met thecugtt ether instrunal in inseurnert trough Comte Fir 'Mu,

or:reprehensive hat irg not in haVng statement or proM Naha ears memo radars* reladcoslip and Ices

Financial owls Cash =lbw* belanoess 100.000 100,000 100.000 Dada raciavables Irmalmala Dertvalkes loans Other Inarial assets

103,000 100.000 100.003 Finarrial Tracts end aka palettes Borratics Nava,. Othr Ironclad Nabiles S75

25 r/15

25.11715 2~S 576

?AE/6 25.3rs

A. FINANCIAL RISK MANAGEMENT

The entity monitors and manages the financial risks relating to the operations of the entity through its risk management policy. These risks include market risk (Interest rate risk, currency risk and other price risk), credit risk and liquidity risk.

a) Market Risk

Market risk is the risk of any loss In future earnings, in realizable fair values or in future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in interest rates, foreign currency exchange rates, equity price fluctuations, liquidity and other market changes. Future specific market movements cannot be normally predicted with reasonable accuracy.

As at 310 March, 2019, the Company does not have any market risk.

b) Credit Risk

Credit risk is the risk of financial loss arising from counter-party failure to repay or service debt according to the contractual terms or obligations. Credit risk encompasses both the direct risk of default and the risk of deterioration of creditworthiness as well as concentration risks.

As at 310 March, 2019, the Company does not have any credit risk.

c) Liquidity Risk

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management Is to maintain sufficient liquidity and ensure that funds are available for use as per requirements.

As at 31 et March, 2019, the Company does not have any liquidity risk as the financial liabilities would be discharged within a year.



15. CONTINGENT LIABILITIES & OTHER SIGNIFICANT LITIGATIONS

As at 31" March, 2019, the Company does not have any contingent liability or significant litigation.

16. RELATED PARTY TRANSACTIONS

a) List of related party and relationship

Party Relationship

Tata Steel Limited Holding Company

Tata Steel BSL Limited Subsidiary Company

Kalimati Global Shared Services Limited Fellow Subsidiary Company

b) Transaction with related party

(Amount In 1!)

Particulars MIME` of the Company 2018-19 2017-13

Interest Expenses Tata Steel Limited 15,67,10,68,583 •

Interest Income Tata Steel BSL Limited 23,18,23,50,178 •

Services Received Kalimati Global Shared Services Limited 11,62,821 -

Expenses Incurred Tata Steel Limited 3,87,47,715 8,175

c) Outstanding balance with related party (Amount In t)

Particulars Name of the Company 2018-19 2017-18

Outstanding Payable Tata Steel Limited 3,87,55,890 8,175

Outstanding Payable Kalimatl Global Shared Services Limited 1,20,839

17. DEFERRED TAX

In view of absence of reasonable certainty of income and absorption of unabsorbed losses, deferred tax assets have not been recognised in accordance with the principles set out in Indian Accounting Standard (IND AS) - 12 "Income Taxes".

S

—1

Bhupendra I timar Bhutto Partner

t1N- pv.v6 TN) pak. 0.- •\

it•

Mumbai, 230d April, 2019

BAMNIPAL STEEL. LIMITED


18. Figures for the previous year have been regrouped where necessary to confirm with figures for the current year.

For AMK & Associates Chartered Accountants FRN:327817E


Semite Shah Managing Director & CFO

DIN No - 02350178

Copt Mani Company Secretary

AG8 No - 24808

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