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Hindalco Industries Ltd.

BSE: 500440 | NSE: HINDALCO |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE038A01020 | SECTOR: Aluminium

BSE Live

Jun 17, 10:52
378.15 -2.15 (-0.57%)
Volume
AVERAGE VOLUME
5-Day
618,225
10-Day
555,042
30-Day
830,816
207,878
  • Prev. Close

    380.30

  • Open Price

    378.00

  • Bid Price (Qty.)

    378.15 (46)

  • Offer Price (Qty.)

    378.30 (574)

NSE Live

Jun 17, 10:52
378.20 -2.05 (-0.54%)
Volume
AVERAGE VOLUME
5-Day
10,587,156
10-Day
11,073,619
30-Day
19,183,771
4,781,907
  • Prev. Close

    380.25

  • Open Price

    376.00

  • Bid Price (Qty.)

    378.20 (1220)

  • Offer Price (Qty.)

    378.25 (23)

Annual Report

For Year :
2019 2018 2017 2016 2015 2014 2013 2012 2011

Auditor's Report

We have audited the attached Balance Sheet of HINDALCO INDUSTRIES LIMTIED as at 31st March, 2008 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our Audit. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As required by the Companies (Auditors report) Order, 2003, as amended by the Companies (Auditors Report)(Amendment) Order, 2004 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose as Annexure, a statement on the matters specified in the paragraphs 4 and 5 of the said order. Further to our comments in the Annexure referred above, we report that: 1) 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; 2) 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; 3) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; 4) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act,1956. Attention is invited to Note No 29(d) regarding non provision for mark to market losses (net) of Rs 220 million on outstanding derivatives as on 31st March, 08 which is not in accordance with Accounting Standard-1 and announcement made by the ICAI on 29th March, 08. 5) On the basis of the written representations received from the directors and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2008 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; 6) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the notes in Schedule 20 give the information required by the Companies Act, 1956 (as amended) 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, 2008; (b) In the case of the Profit & Loss Account, of the Profit for the year ended on that date; and (c) In the case of Cash Flow Statement, of the Cash Flows for the year ended on that date. ANNEXURE TO THE AUDITORS REPORT 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 periodically in a phased manner and no material discrepancies have been noticed on physical verification as confirmed by the management. (c) No substantial part of Fixed Assets has been disposed off 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. (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 nature of its business. (c) The Company has maintained proper records of inventory. No material discrepancies were noticed on physical verification. III. (a) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, clause 4(III)(b) to (d) of the Order are not applicable. (b) The Company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, clause 4(III)(f) to (g) of the Order are not applicable. 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 are adequate internal control procedures 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. During the course of our audit, no major weakness has been noticed 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) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contract or arrangements entered in the register maintained under section 301 of the Companies Act,1956 have been made at prices which are reasonable having regard to the prevailing market price at the relevant time. VI. The Directives issued by the Reserve Bank of India and the provisions of sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there-under have been complied with in respect of deposits accepted from the public. We have been informed that, no order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any other Court or Tribunal in this regard. VII. The Company has an Internal Audit System, which in our opinion is commensurate with the size and nature of the business. VIII The Company has maintained proper cost records as prescribed by Central Government under section 209 (1) (d) of the Companies Act, 1956 for the products of the Company but no detailed examination of such records has been carried out by us. IX (a) According to the information and explanations given to us and on the basis of our examination of the books of accounts, 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, Custom Duty, Excise Duty, Cess and other statutory dues with the appropriate authorities. According to the information and explanations given to us no undisputed statutory dues as above were outstanding as at 31st March, 2008 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, 2008 are as under: Name of the Nature of the Amount Statute Dues (Rs. in Millions) Sales Tax Laws Sales Tax 14.97 388.68 289.32 Central Excise Excise Duty 1,553.06 Act, 1944 246.73 172.43 28.56 Customs Act, Customs Duty 518.27 1962 Finance Act, Service Tax 39.00 1994 1.21 Adhosanrachna Chhattisgarh 2.82 Vikas Evam Development and Parayavaran Upkar Environment Cess Adhiniyam, 2005 Shaktinagar Cess on Coal 39.68 Special Area Development Authority Periods to which the amount relates Forum where pending 1986-87, 1989-90 and 1990-91 The High Court 1999-00 ,2000-01, 2003-04, Tribunal 2004-05 and 2007- 08 1976-77,1977-78, 1983-84, 1987-88, Asst. Commissioner / 1989-90 1990-91, 1991-92, 1995-96, Commissioner 1996-97, 1997-98, 1998-99, 1999-00, 2000-01, 2001-02, 2002-03, 2003-04, 2004 -05 2000-01, 2001-02 and 2002-03 The Supreme Court 1983-84, 1992-93 and 1994-95 The High Court 1988-89, 1989-90, 1993-94, 1997-2008 Tribunal 1987-88,2000-01, 2001-02 Asst. Commissioner/ and 2002-03 Commissioner, Revisionary Authorities level 2004-05, 2005-06, 2006-07 Commissioner/Revisionary and 2007-08 Authorities level 1997-98,1998-99,1999-00,2004-05, Tribunal 2005-06 and 2006-07 2005-06 and 2007-08 Asst. Commissioner/ Commissioner, Revisionary Authorities Level 2007-08 The High Court 1997-98 The High 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 Company is not a chit fund or a nidhi/mutual benefit fund/ society. 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 Subsidiaries and Joint Ventures from Banks and Financial Institutions (including foreign banks) are not prima facie prejudicial to the interest of the Company. XVI Based on information and explanations given to us by the management, term loans were applied for the purpose for which the loans were obtained though unutilized funds which were not required for immediate use for capital expenditure have been temporarily invested in securities/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 made preferential allotment of equity shares and has also made preferential allotments of warrants to a Company covered in the register maintained under section 301 of the Companies Act, 1956. The price at which the shares/warrants have been issued has been determined as per the Securities And Exchange Board of India (Disclosure and Investor Protection) Gudeline,2000, which in our opinion, is not prejudicial to the interest of the Company. XIX On the basis of records made available to us, the Company has created Securities in respect of Debenture issued/ outstanding during the year. XX The Company has made Rights Issue during the earlier year and received call money during the year. The end use of money received as above has been disclosed in note no 19 to Schedule 20 on notes to accounts and the same has been verified by us. XXI Based upon the audit procedures performed and on the basis of information and explanations provided by the management, we report that no fraud, on or by the Company has been noticed or reported during the year. Camp : Mumbai For SINGHI & CO., Dated: The 20th day of June, 2008 Chartered Accountants RAJIV SINGHI 1-B, Old Post Office Street, Partner Kolkata-700 001 Membership No. 53518