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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 18, 16:00
371.65 2.35 (0.64%)
Volume
AVERAGE VOLUME
5-Day
701,030
10-Day
620,293
30-Day
810,542
739,728
  • Prev. Close

    369.30

  • Open Price

    369.30

  • Bid Price (Qty.)

    372.05 (1)

  • Offer Price (Qty.)

    371.65 (172)

NSE Live

Jun 18, 15:59
371.35 2.10 (0.57%)
Volume
AVERAGE VOLUME
5-Day
14,910,724
10-Day
12,529,905
30-Day
18,848,448
22,723,111
  • Prev. Close

    369.25

  • Open Price

    368.75

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    371.35 (44309)

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 LIMITED as at 31st March, 2011 and also the profit and loss account and the cash flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s 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 (Auditor''s report) Order, 2003, as amended by the Companies (Auditor''s 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. 5) On the basis of the written representations received from the directors as on 31st March , 2011 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2011 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 together with significant accounting policies in Schedule 19 and notes appearing thereon 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, 2011; (b) In the case of the Profit and 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 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 size of the Company and the nature of its assets. Pursuant to the program, certain fixed assets have 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 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 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 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 or reported in the internal controls. V. In our opinion and according to the information and explanations given to us, there are no contracts or arrangements referred to in Section 301 of the Companies Act, 1956, particulars of which needs to be entered into register maintained under Section 301 of the Act. Accordingly, clause 4(v)(b) of the Order is not applicable. VI. The Directives issued by the Reserve Bank of India and the provisions of Sections 58A and 58AA and 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 account, the Company is generally regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee''s 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 no undisputed statutory dues as above were outstanding as at 31st March, 2011 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 2011 are as under: Name of the Nature of Amount Period to which the amount relates Forum where the disputes Statue Dues (Rs. in Crores) are pending Central Sales Tax Act Sales Tax 11.66 1986-1987, 1989-1990, 1990-1991, High Court and Local Sales Tax Act 1992-1993, 1995 -1996, 2001-2002 2003-2004 7.98 1998-1999 to 2000-2001, 2002-2003 to Tribunal 2008-2009 32.55 1991-1992, 1994-1995, 1996-1997 to Asst Commissioner/ 2007-2008 Commissioner/ Revisionery Authorities Level The Central Excise Excise Duty 168.32 2000-2001 to 2007-2008 Supreme Court Act, 1944 274.20 1994-1995, 2000-2001, 2008-2009 to High Court 2010-2011 30.37 1988-1990 to 1991-1992, 1993-1994, Tribunal 2000-2001 to 2010-2011 3.09 2000-2001 to 2009-2010 Asst Commissioner/ Commissioner/ Revisionery Authorities Level The Service Tax Service Tax 19.62 1997-1998 to 1999-2000, 2004-2005 to Tribunal under the Finance 2010-2011 Act, 1994 7.20 2001-2002, 2005-2006, 2006-2007, Asst Commissioner/ 2008-2009 to 2010-2011 Commissioner/ Revisionery Authorities Level The Custom Act , 1962 Customs Act 18.32 2003-2004 to 2006-2007 Asst Commissioner/ Commissioner /Revisionery Authorities Level Adhosanrachna Chhattisgarh 0.13 2005-2006 to 2010-2011 Supreme Court Vikas Evam Development and Parayavaran Upkar Environment Cess Adhiniyam, 2005 Shakti Nagar Special Cess on Coal 6.30 1997-1998 to 2010-2011 Supreme Court Area Development Authority Income Tax Act 1961 Income Tax 14.56 1996-1997 ITAT 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 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 any preferential allotment of Shares to parties and Companies covered under register maintained under Section 301 of the Companies Act, 1956. XIX. During the year under audit, the Company has neither issued any debentures nor was any debentures outstanding at the year end. 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 report that following fraud has been detected during the year. Duty Entitlement Pass Book and Vishesh Krishi Gram Udyog Yojna licenses for Rs 48.43 crore, purchased by the Company from market and used for payment of custom duty on import of raw material, were purportedly claimed to be fake and are being investigated by Directorate of Revenue Intelligence (DRI) Ahmedabad. The Company has voluntarily paid entire amount to the Custom Authorities with interest of Rs. 10.11 crore. The total amount paid Rs. 58.54 crore has been charged to Profit & Loss Account during the year. The Company has initiated legal action against the seller. For SINGHI & CO., Camp: Mumbai Chartered Accountants Dated: The 30th day of May, 2011 Firm Registration No.302049E RAJIV SINGHI 1-B, Old Post Office Street, (Partner) Kolkata-700 001 Membership No. 53518