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Hindustan Zinc Ltd.

BSE: 500188 | NSE: HINDZINC |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE267A01025 | SECTOR: Metals - Non Ferrous

BSE Live

Jun 18, 15:43
329.20 -4.65 (-1.39%)
Volume
AVERAGE VOLUME
5-Day
147,399
10-Day
141,572
30-Day
268,679
158,818
  • Prev. Close

    333.85

  • Open Price

    330.00

  • Bid Price (Qty.)

    328.85 (10)

  • Offer Price (Qty.)

    329.00 (25)

NSE Live

Jun 18, 15:59
328.90 -5.25 (-1.57%)
Volume
AVERAGE VOLUME
5-Day
1,794,004
10-Day
2,032,929
30-Day
3,828,121
2,192,582
  • Prev. Close

    334.15

  • Open Price

    332.05

  • Bid Price (Qty.)

    328.90 (56)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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

Auditor's Report

1. We have audited the attached balance sheet of Hindustan Zinc Limited (the company) as at March 31, 2007, the profit and loss account and cash flow statement of the company 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. 2. We conducted our audit in accordance with generally accepted audit and assurance standards 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. 3. As required by the Companies (Auditor's Report) Order, 2003, 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 paragraphs 4 and 5 of the said Order, to the extent applicable and based on such checks we considered appropriate. 4. Reference is invited to Schedule 18 (Note 15), relating to long term investment in equity shares of a power company being classified as an intangible asset and amortised. This treatment is in preference to requirements of Accounting Standard 13 `Accounting for Investments' and Schedule XIV of the Companies Act, 1956. This has resulted in-profit for the year being lower by Rs. 4.67 crores (2006: Rs. 4.67 crores), investments being lower by Rs. 98.41 crores (2006: Rs. 98.41 crores) and reserves and surplus being lower by Rs. 28.37 crores (2006: Rs. 23.70 crores). 5. Further to our comments in the annexure referred to above, 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 purposes 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 Profit and Loss Account 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, the Profit and Loss Account and the 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 except for para 4 above; e. on the basis of written representations received from the directors, as on March 31, 2007, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2007 from being appointed as a director in terms of Section 274(1)(g) of the Companies Act, 1956; f. in our opinion and to the best of our information and according to the explanations given to us, the said accounts read with notes give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: i) in the case of the Balance Sheet, of the state of affairs of the company as at March 31, 2007; ii) in the case of the Profit and Loss Account, of the profit of the company for the year ended on that date; and iii) in the case of the Cash Flow Statement, of the cash flows of the company for the year ended on that date. for Deloitte Haskins & Sells Chartered Accountants R. Raghavan Partner Membership No.9483 Place: Mumbai Date: April 26, 2007 Annexure to the Auditors' Report as required by the Companies (Auditors' Report) Order, 2003 In our opinion and according to the information and explanation given to us, the nature of the company's business/activities during the year are such that clauses (i) (c), (iii), (v), (x), (xii), (xiii), (xiv),.(xv), (xviii), (xix), (xx) of Companies (Auditor's report) order, 2003, are not applicable to the company and we state that. A) In respect of its fixed assets: i. The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. ii. The company has a phased programme of physical verification of its fixed assets which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. In accordance with such programme, the management has physically verified the fixed assets and no material discrepancies were noticed on such verification. B) In respect of its inventories: i. As explained to us, inventories were physically verified during the year by the management at reasonable intervals. ii. The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. iii. The company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification. C) There is an adequate internal control system commensurate with the size of the company and the nature of its business with regard to purchase of inventory and fixed assets and for the sale of goods. Further, on. the basis of our examination of books and records of the company we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control procedure. D) The company has complied with the provisions of Section 58A or any other relevant provisions of the Companies Act, 1956 and the rules framed there under and the directives issued by the Reserve Bank of India, where applicable, with regard to the deposits accepted from the public. The provisions of Section 58AA of the Companies Act, 1956, are not applicable to the company. E) The company has an adequate internal audit system and the internal audit function, which is carried out by a firm of Chartered Accountants appointed by the management, is commensurate with the size of the company and the nature of its business. F) We have broadly reviewed the books of account and records maintained by the company relating to the manufacture of Zinc, Lead and Sulphuric Acid, pursuant to the order made by the Central Government for the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956, and are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have, however, not made a detailed examination of the records with a view to determining whether they are accurate or complete. G) According to the information and explanations given to us, and on the basis of our examination of the books of account: i. The company has been regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, income-tax, sales-tax, wealth tax, service tax, customs duty, excise duty, cess and any other material statutory dues. ii. No undisputed dues payable in respect of income-tax, sales tax, wealth tax, service tax, customs duty, excise duty and cess were outstanding at March 31, 2007 for a period of more than six months from the date they became payable. iii. Disputed sales tax, excise duty, royalty and Income tax dues aggregating to Rs. 22.18 crores, Rs.50.47 crores, Rs. 101.16 crores and Rs. 182.40 crores respectively, have not been deposited since the matters are pending with the relevant forum as per Annexure `A' attached. H) The company has not defaulted in the repayment of dues to financial institutions and banks. I) To the best of our knowledge and belief and according to the information and explanations given to us, term loans availed by the company were, prima facie, applied by the company during the year for the purposes for which the loans were obtained, other than temporary deployment pending application. J) According to the cash flow statement and other records examined and the information and explanations given to us, on an overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term investment. K) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year. for Deloitte Haskins & Sells Chartered Accountants R. Raghavan Place: Mumbai Partner Date : April 26, 2007 Membership No.9483 Annexure `A' Statement of unpaid disputed statutory dues annexed to Auditors' Re Company's appeals: Nature of dues a) Sales tax claims Disputes in respect of sales tax rate difference/classification and stock transfers treated as sales for the financial year 1980-81 to 2003-04 b) Central excise duty In respect of Modvat/Cenvat credit on inputs, capital goods, alleged duty demands on capitive use of intermediate goods, reversal of the amount on dispatch of by-product, duty on valuation and storage/handling losses for financial year 1979-80 to 2003-04 Department's appeals: a) Royalty Appeal filed by the Mining Engineer, Department of Mines & Geology, Government of Rajasthan against the Company. b) Income tax Assessment year 1989-90 to 1991 -92; Relief granted by CIT(A) for difference 1995-96 to 2002-03 in computation, allowances of certain expenses and enhancement of rebate, etc. 1990-91 to 1994-95; Relief granted by tribunal for difference 1996-97 in computation, allowances of certain expenses and enhancement of rebate, etc. Amount Forum pending at (Rs. in crore) a) 22.18 Dy. Commissioner, Joint Commissioner, CTO, Tribunal and High Court. b) 50.47 CESTAT, Commissioner (Appeals) and High Court/Supreme Court. 72.65 Departments' appeals a) 101.16 High Court b) 121.42 Tribunal 60.98 High Court/Supreme Court 283.56