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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, 2012 and also the Statement of Profit and Loss 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 MAmendment) 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 in the 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 purposes 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, Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account;

4) In our opinion, the Balance Sheet, Statement of Profit and Loss 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, 2012 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2012 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 financial statements read together with significant accounting policies and notes thereon and attached thereto 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, 2012;

(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 Cash Flow Statement, of the Cash Flows for the year ended on that date.

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, 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 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 explanation 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 explanation 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 give to us and the records of the Company examined by us, there are no contract or arrangements made for transactions exceeding Rs. 5,00,000 in respect of each party, for sale and purchase of goods and services in pursuance of Section 301 of the Companies Act, 1956.

VI. The Company has not accepted any deposit from the public within the meaning of Section 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 the business.

VIII. We have broadly reviewed the books of accounts maintained by 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 not, however, 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, 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 and the records of the Company examined by us, no undisputed statutory dues as above were outstanding as at 31st March, 2012 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 2012 are as under:

Name of the Nature of Amount Statue Dues (Rs. in Crore)

Central Sales Tax Act Sales Tax 10.19 and Local Sales Tax Act

10.74

22.61

The Central Excise Excise Duty 155.31 Act, 1944 26.17

26.66

45.04

The Service Tax under Service Tax 18.42 the Finance Act, 1994

5.77

The Customs Act, 1962 Customs Act 20.46

Adhosanrachna Vikas Chhattisgarh 0.34 Evam Parayavaran Development and Upkar Adhiniyam, 2005 Environment Cess

Shakti Nagar Special Cess on Coal 7.56 Area Development Authority

Name of the Statue Period to which the amount relates Forum where the disputes are pending

Central Sales Tax Act, and Local Sales Tax Act 1986-1987, 1989-1990, 1990-1991, 1992-1993, The High Court 1995-1996, 2003-2004, 2004-2005, 2005-2006, 2006-2007

1998-1999, 1999-2000, 2000-2001, 2002-2003, Tribunal 2003-2004, 2004-2005, 2005-2006, 2006-2007, 2007-2008, 2008-2009

1991-1992, 1994-1995, 1996-1997, 1997-1998, Asst. Commissioner/ 1998-1999, 1999-2000, 2000-2001, 2001-2002, Commissioner/ Revisionary 2002-2003, 2003-2004, 2004-2005, 2005-2006, Authorities Level 2006-2007, 2007-2008, 2008-2009, 2009-2010, 2010-11

The Central Excise Act,1944 2000-2001, 2001-2002, 2002-2003, 2003-2004, The Supreme Court 2004-2005, 2005-2006, 2006-2007, 2007-2008

1992-1993, 1994-1995, 2000-2001, 2001-2002, The High Court 2002-2003, 2008-2009, 2009-2010, 2010-2011, 2011-2012

1988-1990, 1991-1992, 1993-1994, 2000-2001, Customs, Excise and Service 2001-2002, 2002-2003, 2003-2004, 2004-2005, Tax Appellate Tribunal (CESTAT) 2005-2006, 2006-2007, 2007-2008, 2008-2009, 2009-2010- 2010-2011

1987-1988, 1997-1998, 1998-1999, 1999-2000, Asst. Commissioner/ 2000-2001, 2001-2002, 2002-2003, 2003-2004, Commissioner/ Revisionary 2004-2005, 2005-2006, 2006-2007, 2007-2008, Authorities Level 2008-2009, 2009-2010

The Service Tax Under the Finance Act,1944 1997-2000, 2004-2011 Customs, Excise and Service Tax Appellate Tribunal (CESTAT)

2001-2002, 2005-2006, 2006-2007, 2008-2009, Asst. Commissioner/ 2009-2010, 2010-2011 Commissioner/ Revisionary Authorities Level

The Customs Act, 1962 2003-2004, 2004-2005, 2005-2006 and 2006-2007 Asst. Commissioner/ 2011-2012 Commissioner/ Revisionary Authorities Level

Adhosanrachna Vikas Evam Parayavaran Upkar Adhiniyam 2005 2005-2012 The Supreme Court

Shakti Nagar Special Area Development Authority 1997-2012 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 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 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 equity shares. However the Company has made preferential allotments of warrants to Companies covered in the register maintained under Section 301 of the Companies Act. The Price at which the warrants have been issued has been determined as per the Securities and Exchange Board Of India (Issue Of Capital and Disclosure Requirements) Regulations, 2009 which in our opinion is not prejudicial to the interest of the Company.

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 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.

Camp: Mumbai Chartered Accountants

Dated: the 27th day of June, 2012 Firm Registration No.302049E

RAJIV SINGHI

1-B, Old Post Office Street, (Partner)

Kolkata-700 001 Membership No. 53518