SUBMITTED BY
MR YOGESH ARJUN SAHANI
ROLL NO: 166052
M.Com. SEM- IV
(ADVANCE ACCOUNTANCY)
ACADEMIC YEAR: 2016-17
Mulund (West) 400080, studying in M.Com Part- II hereby declare that I have completed the
project on Analysis of Audit Report of Hindalco under the guidance of project guide Prof.
Nikhil Karkhanis during the academic year 2016-17. The information submitted is true to the
best of my knowledge.
Date: Signature
Place:
CERTIFICATE
I, Prof. Nikhil Karkhanis, hereby certify that Mr Yogesh Sahani Roll No. 166052 of Mulund
College of Commerce, S. N. Road, and Mulund (West), Mumbai 400080 of M.com Part II
Hindalco during the academic year 2016-17. The information submitted is true and original
____________________ ___________________
_____________________ ___________________
Co-coordinator Principal
Date:
ACKNOWLEDGEMENT
Commerce DR. (Mrs.) Parvathi Venkatesh, Course - Coordinator Prof. Rane and our
gratitude to the non - teaching staff of our college. I sincerely thank to all of them
in helping me to carrying out this project work. Last but not the least, I wish to avail
myself of this opportunity, to express a sense of gratitude and love to my friends and
my beloved parents for their mutual support, strength, help and for everything.
PLACE: Signature
DATE:
TABLE OF CONTENTS
HISTORY OF HINDALCO........................................6
GROUP COMPANIES................................................7
Hindalco Industries, the metals flagship company of the Aditya Birla Group, is
an industry leader in aluminium and copper. Its headquarters are at Mumbai,
Maharashtra, India A metals powerhouse with a consolidated turnover of Rs
600, 128 million ($ 15 billion), Hindalco is the world's largest aluminium
rolling company and one of the biggest producers of primary aluminium in
Asia. Its copper smelter is the world's largest custom smelter at a single
location.
In 2007, the acquisition of Novelis Inc. a world leader in aluminium rolling and
can recycling marked a significant milestone in the history of the aluminium
industry in India. With Novelis under its fold Hindalco ranks among the global
top five aluminium majors, as an integrated producer with lowcost alumina and
aluminium facilities combined with highend rolling capabilities and a global
footprint in 12 countries outside India. Its combined turnover of US$ 15 billion,
places it in the Fortune 500 league.
Hindalco in India enjoys a leadership position in aluminium and copper. The
company's aluminium units across the country encompass the entire gamut of
operations from bauxite mining, alumina refining, aluminium smelting to
downstream rolling, extrusions, foils and alloy wheels, along with captive
power plants and coal mines. The Birla Copper unit produces copper cathodes,
continuous cast copper rods along with other byproducts, including gold, silver
and DAP fertilisers.
Group Companies
Novelis Inc Novelis Inc. is the world's leading aluminium rolled products
producer based on shipment volume. The company produces an estimated 19
per cent of the world's flatrolled aluminium products and is the number one
producer in Europe and South America, and the second largest in North America
and Asia. In its 2009 fiscal year, the company shipped 2.9 million tonnes of
aluminium products and reported net sales of approximately $10.2 billion.
Aditya Birla Minerals Ltd Aditya Birla Minerals Ltd. is the largest pure
copper company listed on the Australian Stock Exchange.Hindalco Industries
Ltd owns 51 per cent of Aditya Birla Minerals Ltd (ABML), a company having
100 per cent holding in Birla Nifty Pty Limited and Birla Mt. Gordon Pty
Limited located in Western Australia and Queensland, respectively. ABML, an
S&P ASX 300 Index company, is the largest pure copper company listed on the
Australian Stock Exchange.
Auditors' Responsibility
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 31st March, 2015, and its
profit and its cash flows for the year ended on that date.
Emphasis of Matters
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
applicable Accounting Standards specified under Section 133 of the Act, read
with Rule 7 of the Companies (Accounts) Rules, 2014.
IV. On the basis of checks carried out during the course of audit and as per the
explanations given to us, we are of the opinion that there is adequate internal
control system, commensurate with the size of the Company and the nature of
its business, for the purchase of inventory and fixed assets and for the sale of
goods and services. Further, on the basis of our examination of the records of
the Company and according to the information and explanations given to us, we
have not observed any continuing failure to correct major weakness in such
internal control system.
V. The Company has not accepted any deposit from the public.
(b) According to the information and explanations given to us, the dues of Sales
Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty, Service Tax, Value
Added Tax and Cess which have not been deposited on account of any dispute
and the forum where the dispute is pending as on 31st March, 2015 are as under
:
(c) According to the information and explanations given to us, the amounts
which were required to be transferred to the investor education and protection
fund in accordance with the relevant provisions of the Companies Act, 1956 (1
of 1956), and rules thereunder have been transferred to such fund within time,
except a sum of Rs. 0.09 crore which are held in abeyance due to pending legal
cases.
VIII. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses in the financial year and in the
immediately preceding financial year.
IX. The Company has not defaulted in repayment of dues to Financial
Institutions or Banks or Debenture holders.
X. In our opinion, the terms and conditions on which the Company has given
guarantees for loan taken by others from banks or financial institutions are not
prejudicial to the interest of the Company.
XI. According to the information and explanations given to us, the Company
has applied term loans for the purpose for which they were obtained during the
year.
XII. During the course of our examination of the books and records of the
Company, carried out in accordance with the Generally Accepted Auditing
Practice in India, 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.