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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

Oct 27, 16:00
101.85 -5.00 (-4.68%)
Volume
AVERAGE VOLUME
5-Day
2,555,736
10-Day
3,488,258
30-Day
2,701,726
2,668,688
  • Prev. Close

    106.85

  • Open Price

    107.70

  • Bid Price (Qty.)

    101.85 (30)

  • Offer Price (Qty.)

    101.85 (20)

NSE Live

Oct 27, 15:59
101.90 -4.90 (-4.59%)
Volume
AVERAGE VOLUME
5-Day
37,451,794
10-Day
56,347,664
30-Day
40,856,129
33,353,337
  • Prev. Close

    106.80

  • Open Price

    107.45

  • Bid Price (Qty.)

    101.90 (6101)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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

Auditor's Report

We have audited the accompanying financial statements of National Aluminium Company Limited, (the Company), which comprise the Balance Sheet as at 31st March, 2014, the Statement of Profit & Loss and the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information. Management''s ResponsibilityfortheFinancial 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 Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 (the Act) read with general circular 15/2013 dated 13 September, 2013 issued by the Ministry of Corporate Affairs, in respect of section 133 of the Companies Act, 2013. 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, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by 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 theAct 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, 2014; 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 Lega land 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 theAct, we give in theAnnexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 2. As required by Section 227(3) of theAct, 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, Statement of Profit and Loss and 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 theAccounting Standards referred to in Sub-section (3C) of Section 211 of the CompaniesAct, 1956 read with general circular 15/2013 dated 13 September, 2013 issued by the Ministry of CorporateAffairs in respect of section 133 of the CompaniesAct, 2013; and 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; ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT (Referred to in paragraph 1 under the heading of Report on Other Legal and Regulatory Requirements of our Report of even date) i) In respect of FixedAssets: (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets: (b) All the movable assets have been physically verified by a Firm of Chartered Accountants during the year. No material discrepancy were noticed on such verification; Non-movable assets have been physically verified by the Management 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; As informed to us, no material discrepancies between book records and physical assets have been noticed; (c) In our opinion and according to the information and explanations given to us, the Company has not disposed off a substantial part of fixed assets during the year and the going concern status of the Company has not been affected; ii) In respect of Inventories: (a) As explained to us, all inventories, except stocks relating to expansion project, stocks lying with third parties and stocks in- transit have been physically verified by a Firm of CharteredAccountants at reasonable intervals during the year; (b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventory followed 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 inventory. The discrepancies noticed on physical verification between physical stocks and book records relating to shortage havebeen dealt in thebooks ofAccounts whileexcess have been ignored; iii) According to the information and explanations given to us, the Company has neither granted nor taken any loans, secured or unsecured, to/from Companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, clauses (iii) (a) to (g) of paragraph 4 of the Order are not applicable; iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory, fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system; v) According to the information and explanations given to us, the Company has not entered into any contract or arrangement which requires to be entered in the register maintained under Section 301 of the Companies Act, 1956. Hence clause (v) (b) of paragraph 4 of the Order is not applicable; vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of sections 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the Rules framed thereunder; vii) In our opinion, the Company has an internal audit system commensurate with the size of the Company and the nature of its business; viii) We have broadly reviewed the books of account maintained by the Company, pursuant to the Companies (Cost Accounting Records) Rule, 2011 prescribed 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 made and maintained. We have, however, not made a detailed examination of the records with a view to determine whether they are accurate and complete; ix) (a) According to the information and explanations given to us and on the basis of our examination of the records in our opinion, 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 Electricity Duty with the appropriate authorities; According to the information and explanations given to us, no undisputed amounts are payable in respect of 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 as at 31st March, 2014 for a period of more than six months from the date they became payable; (b) According to the information and explanations given to us, disputed statutory dues which have not been deposited as on 31st March, 2014 areas under: Name of the Statute Nature of Dues Amount disputed Amount deposited Forum where disputes are (Rs.in crore) (Rs.in crore) pending Sales Tax Sales Tax 139.85 28.29 Commissioner 179.73 52.72 Tribunal 116.88 5.86 High Court 436.46 86.87 Entry Tax Entry Tax 145.93 33.51 Commissioner 29.18 20.94 Tribunal 7.63 5.04 High Court 182.74 59.49 Central Excise Act,1944 Excise Duty 9.65 2.71 Commissioner 25.19 0.59 Tribunal 44.26 0.03 High Court 79.10 3.33 Service Tax 1.55 0 Commissioner 0.07 0 Tribunal 1.62 0.00 Customs Act, 1962 Customs Duty 7.47 0.06 Commissioner 7.47 0.06 Income Tax Act, 1961 Income Tax 709.90 524.52 Commissioner 107.65 61.65 High Court 817.55 586.17 Total: 1524.94 735.92 x) The Company does not have accumulated losses at the end of the financial year. The Company has not incurred cash losses during the financial year and in the immediately preceding financial year; xi) The company does not have any outstanding dues to any Financial Institution, banks or debenture holders during the year; xii) According to the information and explanations given to us, the Company has not granted 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/nidhi/mutual benefit fund/society.Therefore, the provisions of clause (xiii) of paragraph 4 of the Order is not applicable to the Company; xiv) The Company is not dealing or trading in shares, securities, debentures and other investments. Therefore the provisions of clause 4 (xiv) of the Order is not applicable to the Company; xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions; xvi) According to the information and explanations given to us, the Company has not raised any term loan during the year; xvii) According to the information and explanations given to us 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 parties and Companies covered in the register maintained under Section 301 of the CompaniesAct, 1956; xix) According to the information and explanations given to us, the Company has not issued any debentures during the year; xx) According to the information and explanations given to us, the Company has not raised any money by way of public issues 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 year. For Agasti & Associates For ABP & Associates Chartered Accountants Chartered Accountants Firm Registration No. - 313043E Firm Registration No. - 315104E (CA. B. Agasti) (CA. Prabhat K. Panda) Partner Membership No.:051026 Partner Membership No.057140 Place : New Delhi Dated : 28th May, 2014