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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 16, 15:32
333.85 -6.00 (-1.77%)
Volume
AVERAGE VOLUME
5-Day
100,715
10-Day
135,773
30-Day
269,623
162,149
  • Prev. Close

    339.85

  • Open Price

    341.00

  • Bid Price (Qty.)

    332.00 (15)

  • Offer Price (Qty.)

    335.00 (86)

NSE Live

Jun 16, 15:31
334.20 -5.75 (-1.69%)
Volume
AVERAGE VOLUME
5-Day
1,689,537
10-Day
1,971,158
30-Day
3,911,207
2,476,177
  • Prev. Close

    339.95

  • Open Price

    342.00

  • Bid Price (Qty.)

    0.00 (0)

  • 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 31 March 2009, the profi t 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 Companys 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 auditing 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 (Auditors 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. 4. We draw attention to Note 15 on Schedule 18, relating to long-term investment in equity shares of a power company being classified as an intangible asset (Schedule 4) and amortised. This treatment is in preference to requirements of Accounting Standard 30 Financial Instruments: Recognition and Measurement, Accounting Standard 26 Intangible Assets; and Schedule XIV of the Companies Act, 1956. This has resulted in profit for the year being lower by Rs 4.67 crores (2008: Rs 4.67 crores), investments being lower by Rs 98.41 crores (2008: Rs 98.41 crores), fixed assets being higher by Rs 60.70 crores (2008: Rs 65.37 crores) and reserves and surplus being lower by Rs 37.71 crores (2008: Rs 33.04 crores). 5. Further to our comments in the Annexure referred to in paragraph 3 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 accounts 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 Profi t 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 Paragraph 4 above. Additionally, the Company has chosen to early adopt Accounting Standard 30, Financial Instruments: Recognition and Measurement arising from the Announcement of the Institute of Chartered Accountants of India on 29th March, 2008 as stated in Note 16 on Schedule 18; e. 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 31 March 2009; 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. 6 On the basis of written representations received from the Directors, as on 31 March 2009, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31 March 2009 from being appointed as a Director in terms of Section 274(1)(g) of the Companies Act, 1956. Annexure to Auditors Report (Referred to in paragraph 3 of Auditors Report of even date) In our opinion and according to the information and explanation given to us, the nature of the Companys business/ activities during the year are such that clauses, (iii), (v), (vi), (x), (xii), (xiii), (xiv), (xv), (xvi), (x viii), (xix), (x x) of Companies (Auditors Report) Order 2003, are not applicable to the Company and we state that. 1. 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 program of physical verification of its fixed assets in a three year period which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. In accordance with such program, the management has physically verified the fixed assets and no material discrepancies were noticed on such verification. iii. In our opinion and according to the information and explanations given to us, a substantial part of fixed assets has not been disposed off by the Company during the year. 2. In respect of its inventories: i. Inventory has been physically verified by the management during the year. ii. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of Company and the nature of its business. iii. In our opinion, the Company has maintained proper records of its inventories. The discrepancies were noticed on verification between the physical stock and the book records were not material having regard to the size of the operation of the Company. 3. There is an adequate internal control system commensurate with the size of the Company and nature of its business for the 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 weakness in the aforesaid internal control procedure. 4. In our opinion, the Company has an adequate internal audit system commensurate with the size of the Company and the nature of its business. 5. 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. 6. According to the information and explanations given to us, and the records of the Company examined by us: 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, custom duty, excise duty, cess and any other material statutory dues. ii. Disputed sales tax, excise duty, and Income-tax dues aggregating to Rs 20.66 crores, Rs 43.26 crores and Rs 342.09 crores respectively, have not been deposited since the matters are pending with the relevant forum as per annexure A attached. 7. The Company has not defaulted in repayment of dues to financial institutions and banks. 8. On an overall examination of the balance sheet of the Company, funds raised on short term basis have, prima facie, not been used during the year for long term investment. 9. To the best of our knowledge and belief and according to the information and explanation given to us, no significant fraud on or by the Company was noticed or reported during the year. For Deloitte Haskins & Sells Chartered Accountants Shyamak R Tata Partner M. No. 38320 Place: Mumbai Date: 22 April 2009