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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 11, 16:00
393.15 7.50 (1.94%)
Volume
AVERAGE VOLUME
5-Day
539,556
10-Day
546,512
30-Day
865,422
744,233
  • Prev. Close

    385.65

  • Open Price

    386.00

  • Bid Price (Qty.)

    393.15 (1480)

  • Offer Price (Qty.)

    393.15 (308)

NSE Live

Jun 11, 15:59
393.15 7.75 (2.01%)
Volume
AVERAGE VOLUME
5-Day
10,149,087
10-Day
10,791,737
30-Day
20,119,918
9,630,564
  • Prev. Close

    385.40

  • Open Price

    388.40

  • Bid Price (Qty.)

    393.15 (190)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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

Auditor's Report

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