Annual Report i W . Hindalco Industries Limited, the metals flagship company of the. Aditya Birla 12 Months 12 Months. Annual Report 2. A Metals Powerhouse. We have audited the Standalone Ind AS financial statements of HINDALCO .. The Supreme Court. Green Cess. Cess. to
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Commercial production from the mines is expected to commence in Q2 of FY Transferred to – 1, Outcome of the evaluation exercise: India CSR Award towards sustainable livelihood initiatives for the rural community around the unit.
Depreciation was higher repot 13 percent due to progressive capitalization and certain reclassification in FY Ram Charan as Independent Directors under the Companies Act, for a term of fi ve years which was also approved by the members in the Annual General Meeting held on 24th September, In this regard, further communication from MoEF is awaited.
During the year ended March 31,the Company performed an analysis to determine whether the specific external event of exceptional nature is reporr expected to recur and whether the factors of exceptional nature no longer exist. They believe that the financial statements reflect fairly, the form and substance of transactions carried out during the year and reasonably present the Company s financial condition and results of operations.
During the year ended 31 st March,the Company has allotted 4,43, fully paid-up equity share of Rs.
Annual Reports archive – Hindalco
A separate section on Corporate Governance together with a certificate from the Auditors of the Company regarding full compliance of conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement with the Stock Exchange s forms part of Annual Report. Satish Pai was appointed as an Additional Director under Section of the Companies Act,and as a Whole-time Director for a period of five years. Any member, who is interested in obtaining such particulars about employees, may write to the Company Secretary at the Registered Office of the company.
Financial Performance Summary Rs. The Board of Directors of your Company met 8 times during the year details of which are given in the Corporate Governance Report forming part of Annual Report. A significant amount is aimed at expanding its rolling operations in Brazil. They believe that the financial statements reflect fairly, the form and substance of transactions carried out during the year, and reasonably present the Company”s financial condition and results of operations.
Higher average metal prices in fi scal year also contributed to the increase in revenues.
The Company plans to primarily use its strong operating cash flow to fund this capital expenditure. Your Company has produced all documents in support thereof to the investigating agencies. The results were impacted by lower profits in Indian Aluminium operation due to macro-economic conditions. They believe that the financial statements reflects fairly, the form and substance of transactions carried out during the year and reasonably present the Company’s financial condition and results of operations.
The project is expected to come on stream by late In accordance with the provisions of Section 2A of the Companies Act,read with the Companies Particulars of Employees Rules,as amended, the names and other particulars of employees are to be set out in the annexure to the Directors” Report. According to the information and explanations given to us and based on hindalcoo examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with them.
Bindalco observation made in the Auditor”s Report are self explanatory and therefore, do not repoet for repprt further comments under Section 3 f of the Act.
However, as per the provisions of section 1 b iv of the Companies Act,the report and accounts, as therein set out, are being sent to all members of the company excluding the aforesaid information about employees. Further, in line with the Listing Agreement and in accordance with the Accounting Standard 21 ASConsolidated Financial Statements prepared by the Company include financial information of its subsidiaries.
At Mt Gordon, the ore mined was 1. Its Net loss stood at Rs.
Utilisation of Share issue proceeds , equity shares of Rs. Mount Gordon mines operations is currently placed under care and maintenance and various strategic options are being evaluated including divestment. Any Member, who is interested in obtaining these particulars about employees, may write eeport the Company Secretary at the Registered Offi ce of your Company.
The Audit Committee reviews the reports submitted by the Internal Auditors in each of its meeting, quarterly. Those Standards and pronouncements require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Standalone Ind AS financial statements is free from material misstatement.
Furthermore, refinancing and recapitalizing the business has positioned the Company to significantly invest over the next few years to capture strong market growth in its key product segments globally.
Reports and presentations
The controls based on the prevailing business conditions and processes have been tested for operating effectiveness and no reportable material deficiencies in the design were observed. The Directors have pleasure in presenting the 59 th Annual Report and the audited standalone and consolidated financial statements of your company for the year ended 31 st March, The continued optimization of Novelis’s footprint will improve its competitive position; these hindwlco the divesture of three foil plants in Europe and closure of an aluminum sheet mill in Canada.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Ind AS financial statements.
During FY12, Novelis completed the acquisition of Muri Alumina Greentech Gold Award for outstanding achievement in environment management in chemicals sector.
Directors Report of Hindalco Industries Ltd.
As a result, annual cash interest savings of USD 79 million has been achieved along with an extended debt maturity profile for the senior notes. Rashtra Vibhushan Gold Award presented by the Foundation for Accelerated Mass Development FAMEfor exemplary initiatives in the field of sustainable livelihood for socio-economic development of the community around the unit. Other Income at Rs. DuringNovelis staged a record performance in terms of revenues, profitability, free cash flow and liquidity and is now poised for transformational growth.
In accordance with the provisions of the section 3 of the Act, read with the Companies Accounts Rules,a report on the performance and financial position of each of the subsidiaries, associates and Joint Venture is attached as Annexure-VIII to the Full and Abridged Annual Report.
This investment will increase capacity by over 50 per cent and better support the increasing demand for flat rolled products in the region. As a result, Aluminium companies across the globe suffered during this year. July 11, Mar 31, Dear Shareholder, The Directors have pleasure in presenting the 58 th Annual Report and the audited standalone and consolidated financial statements of your company for the year ended 31 st March, The discrepancies noticed on the physical verification of inventory as compared to book stock were not material.