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Vedanta Ltd.

BSE: 500295 | NSE: VEDL |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE205A01025 | SECTOR: Mining & Minerals

BSE Live

Jul 16, 16:00
108.80 -0.25 (-0.23%)
Volume
AVERAGE VOLUME
5-Day
692,293
10-Day
837,653
30-Day
1,659,791
795,178
  • Prev. Close

    109.05

  • Open Price

    109.05

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Jul 16, 15:59
108.90 -0.20 (-0.18%)
Volume
AVERAGE VOLUME
5-Day
15,840,200
10-Day
17,956,195
30-Day
23,864,091
17,344,902
  • Prev. Close

    109.10

  • Open Price

    109.30

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    108.90 (11836)

Annual Report

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

Auditor's Report

Report on the Standalone Financial Statements We have audited the accompanying standalone financial statements of VEDANTA LIMITED (Formerly known as Sesa Sterlite Limited / Sesa Goa Limited) (the Company), which comprise the Balance Sheet as at March 31,2015, the Statement of Profit and Loss, the Cash Flow Statement For the year then ended, and a summary of the significant accounting policies and other explanatory information. Management''s Responsibility For the Standalone Financial Statements The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation of these standalone 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 the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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 standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. 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 the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, 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 financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, 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 on the standalone financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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, of the state of affairs of the Company as at March 31,2015, and its profit and its 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, 2015 (the Order) issued by the Central Government of India in terms of Sub Section 11 of Section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable. 2. As required by Section 143(3) of the Act, we report that: (a) We have sought and 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 it 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 aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. (e) On the basis of the written representations received from the directors as on March 31,2015 taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2015 from being appointed as a director in terms of Section 164(2) of the Act. (f) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Notes 47A(a), (c), (d); 47C; 47D and 47E to the financial statements; ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; iii. There has been no delay in transferring amounts required to be transferred to the Investor Education and Protection Fund by the Company, other than Rs. 0.38 Crore which is held in abeyance due to pending legal case. Annexure to the Independent Auditors'' Report (Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section 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) The Company has a programme of physical verification of all its fixed assets in a phased manner 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. In accordance with such a programme, certain fixed assets were physically verified by the management during the year. According to the information and explanation given to us, no material discrepancies were noticed on such verification. (ii) In respect of its inventories: (a) As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals. (b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the Management were 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 its inventories and no material discrepancies were noticed on physical verification. (iii) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the Register maintained under Section 189 of the Companies Act, 2013. (iv) In our opinion and according to the information and explanations given to us, having regard to the explanations that some of the items purchased are of special nature and suitable alternative sources are not readily available for obtaining comparable quotations, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of inventory and fixed assets and the sale of goods and services. During the course of our audit, we have not observed any major weakness in such internal control system. (v) According to the information and explanations given to us, the Company has not accepted any deposit from the public during the year. In respect of unclaimed deposits, the Company has complied with the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under. (vi) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended, prescribed by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013, and are of the opinion that, prima facie, the prescribed cost records have been made and maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete. (vii) According to the information and explanations given to us, in respect of statutory dues: (a) The Company has generally been regular in depositing undisputed statutory dues, including provident fund, employees'' state insurance, income-tax, sales tax, wealth tax, service tax, customs duty, excise duty, value added tax, cess and any other statutory dues with the appropriate authorities. (b) There were no undisputed amounts payable in respect of provident fund, employees'' state insurance, income-tax, sales tax, wealth tax, service tax, customs duty, excise duty, value added tax, cess and other material statutory dues in arrears as at March 31,2015 for a period of more than six months from the date they became payable. (c) Details of dues of income-tax, sales tax, wealth tax, service tax, customs duty, excise duty, value added tax and cess which have not been deposited as on March 31,2015 on account of disputes are given below: (Rs. in Crore) Forum where Period to which Name or the Nature of dispute amount relates Amount Statute the dues is pending involved Income Tax Act, Income tax High Court Assessment year 178.13 1961 2009-10 Income Tax Assessment years 458.74 Appellate 2002-03 to Tribunal 2005-06 and 2010-11 Commissioner Assessment years 713.92 of Income 1990-91 to Tax 2009-10 and 2005- (Appeals) 06 to 2011-12 Deputy Assessment Year 2.67 Commissioner 2010-11 Assessing Assessment year 10.27 Officer 2008-09 Finance Act, Service tax Customs 2004-05 to 1994 Excise & 2012-13 91.89 Service tax Appellate Tribunal Commissioner 2008-09 to 2010-11 2.35 of Central Excise (Appeals) Commissioner 2007-08 to 2011-12 25.94 of Central Excise High Court 2006-07 to 2008-09 2.66 Central Excise Excise duty High Court 2000-01 10.78 Act, 1944 Customs Excise & Service 1997-98 to 2011 77.9 Tax -12 Appellate Tribunal Commissioner 1996-97 to 2008 26.6 of Central -09 and 2012-13 Excise Customs Act, Customs duty Supreme 1996-97 0.1 1962 Court High Court 2005-06 to 2006 12.3 -07 Customs Excise & Service 2004-05 to 2013 42.24 Tax -14 Appellate Tribunal Commissioner of Central 2004-05 to 2013 3.9 -14 Excise (Appeals) Central Sales Tax Act , 1956 Sales tax High Court 1998-99 to 2000 2.09 -01 Additional Commissioner 2003-04 to 2005 1.93 of Sales Tax -06 Tamil Nadu Value Added Value added Tax Act, 2006 tax High Court 2006-07 to 2008 7.00 -09 Tamil Nadu Generation Tax and tax High Court 2003-04 to 2008 10.22 Consumption -09 or sale tax Electricity Act,2003 The Orissa Value Added Value added Tax Act, tax High Court 2012-13 to 2014 128.2 2004 -15 Building and Building Supreme Other cess Court 2008-09 to 2010 10.2 Construction -11 Workers'' (RECS) Act, 1996 and Building and Other Construction Workers'' Welfare Cess Act, 1996 There are no dues of wealth tax which have not been deposited as on March 31,2015 on account of disputes. (d) The amounts required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder has been transferred to such fund within time, other than Rs. 0.38 Crore which is held in abeyance due to pending legal case. (viii) The Company does not have accumulated losses at the end of the financial year and the Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. (ix) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to financial institutions, banks and debenture holders. (x) In our opinion and according to the information and explanations given to us, the terms and conditions of the guarantees given by the Company for loans taken by others from banks and financial institutions are not, prima facie, prejudicial to the interests of the Company. (xi) In our opinion and according to the information and explanations given to us, the term loans have been applied by the Company during the year for the purposes for which they were obtained, other than temporary deployment pending application. (xii) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year. For Deloitte Haskins & Sells LLP Chartered Accountants (Firm Registration No. 117366W / W-100018) Jitendra Agarwal Place : Mumbai Partner Date : April 29, 2015 Membership No. 87104