SENSEX NIFTY
Hindalco Industries | Auditor's Report > Aluminium > Auditor's Report from Hindalco Industries - BSE: 500440, NSE: HINDALCO
YOU ARE HERE > MONEYCONTROL > MARKETS > ALUMINIUM > AUDITORS REPORT - Hindalco Industries
Hindalco Industries
BSE: 500440|NSE: HINDALCO|ISIN: INE038A01020|SECTOR: Aluminium
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Sep 12, 17:00
168.60
-3.95 (-2.29%)
VOLUME 558,880
LIVE
NSE
Sep 12, 17:00
168.60
-4.4 (-2.54%)
VOLUME 6,512,210
« Mar 12
Auditor's Report (Hindalco Industries) Year End : Mar '13
We have audited the accompanying financial statements of HINDALCO
 INDUSTRIES LIMITED (the Company), which comprise the Balance Sheet as
 at 31st March, 2013, and the Statement of Profit and Loss and the Cash
 Flow Statement for the year then ended and a summary of significant
 accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 Management is responsible for the preparation of these financial
 statements that give a true and fair view of the financial position,
 financial performance and cash flows of the company in accordance with
 the accounting principles generally accepted in India, including
 Accounting Standards referred to in Sub-Section (3C) of Section 211 of
 the Companies Act, 1956 (the Act). This responsibility includes the
 design, implementation and maintenance of internal control relevant to
 the preparation and presentation of the financial statements that give
 a true and fair view and are free from material misstatement, whether
 due to fraud or error.
 
 Auditors'' responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing 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.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements. The procedures
 selected depend on the auditor''s judgement, including the assessment of
 the risks of material misstatement of the financial statements, whether
 due to fraud or error. In making those risk assessments, the auditor
 considers internal control relevant to the Company''s preparation and
 fair presentation of the financial statements 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 the accounting estimates made by the management,
 as well as evaluating the overall presentation of the financial
 statements. We believe that the audit evidence we have obtained is
 sufficient and appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the 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:
 
 a) in the case of the Balance Sheet, of the state of affairs of the
 Company as at 31st March, 2013;
 
 b) in the case of the Statement of Profit and Loss, of the profit for
 the year ended on that date; and
 
 c) in the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date.
 
 Report on other legal and regulatory requirements:
 
 1) As required by the Companies (Auditor''s Report) Order, 2003 (the
 Order) issued by the Central Government of India in terms of
 Sub-Section (4A) of Section 227 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the Order.
 
 2) As required by Section 227(3) of the Act, we report that:
 
 a) We have obtained all the information and explanations, which, to the
 best of our knowledge and belief were necessary for the purpose of our
 audit.
 
 b) In our opinion, proper books of account as required by law have been
 kept by the Company so far as 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 Balance Sheet, Statement of Profit and Loss, and
 Cash Flow Statement comply with the accounting standards referred to in
 Sub-Section (3C) of Section 211 of the Companies Act, 1956.
 
 e) On the basis of written representations received from the directors
 as on 31st March 2013, and taken on record by the Board of Directors,
 none of the directors is disqualified as on 31st March 2013, from being
 appointed as a director in terms of clause (g) of Sub-Section (1) of
 Section 274 of the Companies Act, 1956.
 
 Annexure referred to in paragraph 1 under the heading Report on other
 legal and regulatory requirements of our report of even date
 
 Re: Hindalco Industries Limited (the Company)
 
 I.  (a) The Company has maintained proper records showing full
 particulars including quantitative details and situation of Fixed
 Assets.
 
 (b) Fixed Assets have been physically verified by the management
 according to a phased program designated to cover all items over a
 period of three years, which in our opinion, is reasonable having
 regard to the size of the Company and the nature of its assets.
 Pursuant to the program, a portion of fixed assets has been physically
 verified by the management during the year and no material
 discrepancies between book record and physical inventory has been
 noticed.
 
 (c) No substantial part of fixed assets has been disposed of during the
 year, which has bearing on the going concern assumption.
 
 II.  (a) Physical verification of inventory (except stocks in transit
 and stocks lying with third parties, confirmation for which has been
 obtained) have been conducted at reasonable intervals, during the year,
 by the management/outside agencies.
 
 (b) In our opinion, the procedures of physical verification of
 inventory followed by the management are reasonable and adequate in
 relation to the size of the Company and the nature of its business.
 
 (c) The Company has maintained proper records of inventory. No material
 discrepancies were noticed on physical verification of inventory as
 compared to book records.
 
 III. (a) The Company has not granted any loans, secured or unsecured to
 companies, firms or other parties listed in the register maintained
 under Section 301 of the Companies Act, 1956.
 
 (b) The Company has not taken any loans, secured or unsecured from
 companies, firms or other parties listed in the register maintained
 under Section 301 of the Companies Act, 1956.
 
 IV.  On the basis of checks carried out during the course of audit and
 as per explanations given to us, we are of the opinion that there is
 adequate internal control system commensurate with the size of the
 Company and the nature of its business; for the purchase of inventory
 and fixed assets and for the sale of goods and services. Further, on
 the basis of our examination of the records of the Company and
 according to the information and explanations given to us, no major
 weakness has been noticed or reported in the internal controls.
 
 V.  (a) In our opinion and according to the information and
 explanations given to us, the transactions that need to be entered into
 register maintained under Section 301 of the Companies Act, 1956 have
 been so entered.
 
 (b) As per the information and explanations given to us and the records
 of the Company examined by us, there are no contract or arrangements
 made for transactions exceeding Rupees 5,00,000 in respect of each
 party, for sale and purchase of goods and services in pursuance of
 Section 301 of the Company''s Act,1956.
 
 VI.  The Company has not accepted any deposit from the public within
 the meaning of Sections 58A and 58AA of the Companies Act 1956 and the
 rules framed there under.
 
 VII. The Company has an internal audit system, which in our opinion is
 commensurate with the size and nature of its business.
 
 VIII.  We have broadly reviewed the books of accounts maintained by the
 Company in respect of product, where pursuant to the rule made by the
 Central Government of India the maintenance of cost records has been
 prescribed under Section 209 (1) (d) of the Companies Act 1956 and are
 of the opinion that, prima facie, the prescribed records have been
 maintained. We have, however, not made a detailed examination of the
 records with a view to determine whether they are accurate or complete.
 
 IX.  (a) According to the information and explanations given to us and
 on the basis of our examination of the books of account, the Company is
 generally regular in depositing undisputed statutory dues including
 Provident Fund, Investor Education and Protection Fund, Employees''
 State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax,
 Customs Duty, Excise Duty, Cess and other statutory dues with the
 appropriate authorities. According to the information and explanations
 given to us and the records of the Company examined by us, no
 undisputed statutory dues as above were outstanding as at 31st March,
 2013 for a period of more than 6 months from the date they became
 payable.
 
 (b) According to the information and explanations given to us, the dues
 of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise Duty,
 Service Tax and Cess which have not been deposited on account of any
 dispute and the forum where the dispute is pending as on 31st March
 2013 are as under:
 
 Name of the                    Nature of               Amount
 Statue                         Dues                   (Rs. in Crore)
 
 Central Sales Tax Act          Sales Tax                  9.67
 and Local Sales Tax Act
 
                                                           7.04
 
                                                          63.44
 
 The Central Excise             Excise Duty              155.31 
 Act, 1944 
                                                          21.43
 
                                                          46.43 
 
                                                          37.19
 
 The Service Tax under          Service Tax               50.63
 the Finance Act, 1994
 
                                                          18.14
 
 The Customs Act, 1962          Customs Duty               5.29
 
 Adhosanrachna Vikas            Chhattisgarh               0.35
 Evam Parayavaran Upkar         Development and 
 Adhiniyam, 2005                Environment Cess
 
 Shakti Nagar Special           Cesson Coal                9.38
 Area Development Authority
 
 The Building and Other         Cess                        100
 Construction Workers
 (Regulation of Employment
 and Conditions of Service) 
 Act & Rules (BOCW Act)
 
 Name of the Statue        Period to which the 
                           amount relates          Forum where the 
                                                   disputes
                                                   are pending
 
 Central Sales Tax Act     1986-1987, 1989-1991,
                           1992-1993, 1995-1996,   The High Court 
                           2003-2004, 2004-2005, 
                           2006-2007
 
                           1994-1995,1997-1998 to 
                           2000-2001, 2001-2002    Tribunal 
                           to 2008-2009
 
                           1991-1992, 1994-1995 
                           to 2011-2012            Asst. Commissioner/
                                                   Commissioner/
                                                   Revisionery 
                                                   Authorities Level
 
 The Central Excise
 Act, 1944                 1999-2000 to 2007-2008  The Supreme Court
 
                           1994-1995, 2000-2001, 
                           2007-2008 to 2011-2012  The High Court
 
                           1988-1990, 1991-1992, 
                           1993-1994,1999-2000 to  Customs, Excise and
                                                   Service Tax
                           2010-2011               Appellate Tribunal 
                                                  (CESTAT)
 
                           1987-1988, 1996-1997 
                           to 2009-2010            Asst. Commissioner/
                                                   Commissioner/
                                                   Revisionery 
                                                   Authorities Level
 
 The Service Tax under
 the Finance Act, 1994     1996-1997 to 
                           1999-2000, 2003-2004 
                           to 2011-2012            Customs, Excise and
                                                   Service Tax Appellate
                                                   Tribunal (CESTAT)
 
                           2001-2002, 2004-2005 
                           to 2006-2007, 2008-2009 Asst. Commissioner/
                           to 2011-2012            Commissioner/
                                                   Revisionery 
                                                   Authorities Level
 
 The Customs Act, 1962     2006-2007               Asst. Commissioner/
                                                   Commissioner/
                                                   Revisionery
                                                   Authorities Level
 
 Adhosanracha Vikas Evam
 Parayavaran Upkar
 Adhiniyam, 2005           2005-2006 to 2011-2012  The Supreme Court
 
 Shakti Nagar Special
 Area Development 
 Authority                 1997-1998 to 2011-2012  The Supreme Court
 
 The Building and Other
 Construction Workers
 Act & Rules               2011-2012               The Supreme Court
 
 X.  The Company does not have any accumulated losses and has not
 incurred cash losses in the current financial year and in the
 immediately preceding financial year.
 
 XI.  The Company has not defaulted in repayment of dues to Financial
 Institutions or Banks or Debenture holders.
 
 XII. According to the information and explanations given to us, the
 Company has not granted any loans or advances on the basis of security
 by way of pledge of Shares, Debentures and other Securities.
 
 XIII.  The provisions of any special statute applicable to chit
 fund/nidhi/mutual benefit fund/societies are not applicable to the
 Company.
 
 XIV. The Company is not in the business of dealing or trading in
 shares. The Company has maintained proper records of transactions and
 contracts in respect of Shares, Securities, Debentures and other
 Investments and timely entries have been made therein. The Shares,
 Securities, Debentures and other Investments have been held by the
 Company, in its own name except to the extent of exemption, granted
 under Section 49 of the Companies Act, 1956.
 
 XV.  In our opinion and according to the information and explanations
 given to us, the terms and conditions on which the Company has given
 corporate guarantees for loans taken by its Subsidiary from Banks and
 Financial Institutions are not prima facie prejudicial to the interest
 of the Company.
 
 XVI. Based on information and explanations given to us and records of
 the Company examined by us, in our opinion, the term loans have been
 applied for the purpose for which they were obtained. Though unutilized
 funds which were not required for immediate use for capital expenditure
 have been temporarily invested in mutual funds / bank deposit.
 
 XVII.  According to the information and explanations given to us and on
 the basis of our overall examination of the Balance Sheet and Cash Flow
 Statement, we report that no funds raised on short term basis have been
 used for long term investment of the Company.
 
 XVIII.  During the year under Audit, the Company has not made
 preferential allotment of shares to parties and companies covered in
 the register maintained under Section 301 of the Companies Act 1956.
 
 XIX. During the year under audit, the Company has issued secured
 debentures and has created securities / charges in respect of the same.
 
 XX.  The Company has not raised any money by Public Issues during the
 year.
 
 XXI. During the course of our examination of the books and records of
 the Company, carried out in accordance with the Generally Accepted
 Auditing Practice in India, and according to the information and
 explanations given to us, we have neither come across any instance of
 fraud on or by the Company, noticed or reported during the year, nor
 have we been informed of such cases by the Management.
 
                                                      For SINGHI & CO.
 
                                                Chartered Accountants
 
                                         Firm Registration No.302049E
 
                                                        (RAJIV SINGHI)
 
 Camp : Mumbai                                                Partner
 
 Dated : the 28th day of May, 2013.              Membership No. 53518
Source : Dion Global Solutions Limited
Quick Links for hindalcoindustries
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.