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National Aluminium Company Ltd.

BSE: 532234 | NSE: NATIONALUM |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE139A01034 | SECTOR: Aluminium

BSE Live

Dec 06, 16:00
90.15 -1.45 (-1.58%)
Volume
AVERAGE VOLUME
5-Day
1,755,702
10-Day
2,157,746
30-Day
2,273,514
966,578
  • Prev. Close

    91.60

  • Open Price

    91.80

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 06, 16:09
90.20 -1.50 (-1.64%)
Volume
AVERAGE VOLUME
5-Day
26,678,350
10-Day
30,047,110
30-Day
30,373,355
15,890,786
  • Prev. Close

    91.70

  • Open Price

    91.65

  • Bid Price (Qty.)

    90.20 (30548)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

1. We have audited the attached Balance Sheet of the NATIONAL ALUMINIUM COMPANY LIMITED, as at 31st March, 2006, the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date, both 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 auditing standards generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. 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 annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. 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 account as required by law have been kept by the Company, so far as appears from our examination of the books; c. The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report report are in agreement with the books of account; d. 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. e. In terms of Government of India, Ministry of Finance, Department of Company Affairs, Notification No.GSR 829(E) dated 21st October, 2003, Government companies are exempt from the applicability of provisions 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 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 31st March, 2006; ii. in the case of the Profit & 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 for the year ended on that date. For SRB & Associates Chartered Accountants Bijoy K. Sahoo Bhubaneswar Partner June 23, 2006 Membership No.52965 ANNEXURE TO THE AUDITORS' REPORT (REFERRED TO IN PARAGRAPH (3) OF OUR REPORT OF EVEN DATE) i. In respect of its fixed assets: (a) The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. (b) All the assets have not been physically verified by the management during the year. The Company has a practice of conducting physical verification of non-movable assets at an interval of three years which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. Physical verification of movable fixed assets has been made during the year. No material discrepancies were noticed on such verification. (c) In our opinion and according to the information and explanations, the Company has not disposed off substantial part of fixed assets during the year and the going concern status of the Company is not affected. ii. In respect of its inventories: (a) As explained to us, all inventories except stocks relating to expansion project, stocks with third parties and stocks in-transit have been physically verified by the management at reasonable intervals during the year. (b) In our opinion and according to the information and explanations given to us, the procedure 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. (c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of inventories. As explained to us discrepancies noticed on physical verification of inventories as compared to the book records relating to shortages have been dealt with in the books of account, while excesses have been ignored except in case of finished goods. ii. (a) The Company has not granted any loans secured or unsecured to Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly sub-clause (b), (c) & (d) are not applicable. (b) The Company has not taken any loans secured or un-secured from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly sub-clause (f) & (g) are not applicable. iv. In our opinion and according to the information given to us, the internal control procedures is commensurate with the size of the Company and the nature of its business with regard to purchase of fixed assets and for the sale of goods and services. The internal control procedures in respect of purchase of inventory need to be strengthened. v. The Company has not entered into any contracts or arrangements which require to be recorded in a register in pursuance of section 301 of the Companies Act, 1956. vi. The Company has not accepted any deposits from the public. vii. We have reviewed the internal audit system and are of opinion, that the Company has an Internal Audit System commensurate with the size and nature of its business. viii. We have carried out a limited review of the books of account and cost records maintained by the Company, pursuant to the Rules made by the Central Government for the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 in respect of manufacturing activities and are of the opinion that prima facie, the prescribed accounts and records have been maintained. We have not, however, made a detailed examination of the same. ix. In respect of statutory dues: a. According to the information and explanations given to us and on the basis of our examination of the books of accounts of the Company, Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income Tax, Sales Tax , Wealth Tax, Service Tax, Custom Duty, Excise duty, Cess and other material statutory dues applicable to it have been generally regularly deposited during the year with the appropriate authority. b. According to the information and explanations given to us, no undisputed amounts are payable in respect of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise duty, Cess and other material statutory dues applicable to it as at 31st March, 2006 for a period of more than six months from the date on which they become payable. c. According to the records of the Company, Sales Tax, Income Tax, Custom duty, Wealth Tax, Excise duty and Cess which have not been deposited on account of dispute are given below : (Rs. in Crores) Name of the Forum where dispute Total Amount paid Statute is pending Amount on protest High Court Commissionarate Tribunal Sales Tax 23.92 98.84 9.69 132.45 21.42 Entry tax 6.95 13.24 8.55 28.74 17.44 Central Excise - 39.14 6.59 45.73 3.27 Custom Duty - 8.52 2.73 11.25 0.06 Income Tax - 2.85 97.53 100.38 94.29 Total 30.87 162.59 125.09 318.55 136.48 x. The Company has no accumulated losses at the end of the financial year and has not incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year. xi. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders. xii. Based on our examination of the records and the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. xiii. In our opinion and according to the information and explanations given to us, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore clause 4(xiii) of the Companies (Auditor's Report) Order 2003 is not applicable to the Company. xiv. The Company is not dealing or trading in shares, securities, debentures and other investments. xv. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions. xvi. Based on our examination of the records and the information and explanations given to us, the Company has not availed any term loans, therefore clause 4(xvi) of the Companies (Auditor's Report) Order 2003 is not applicable to the Company. xvii. According to the information and explanations and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investment. xviii. According to the information and explanations given to us, the Company has not made any preferential allotment of shares to Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. xix. Based on our examination of the records and the information and explanations given to us, the Company has not issued debentures during the year, therefore clause 4(xix) of the Companies (Auditor's Report) Order 2003 is not applicable to the Company. xx. The Company has not raised any money by way of public issue during the year. xxi. According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit. For SRB & Associates Chartered Accountants Bijoy K. Sahoo Bhubaneswar Partner June 23, 2006 Membership No.52965 Schedules forming part of the Accounts