HINDALCO ANNUAL REPORT 2011-12 PDF

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Director Report Print. Dear Shareholders, The Directors are pleased to present the 54th Annual Report along with the audited annual standalone and consolidated accounts of your Company for the year ended 31st March, Financial Performance The FY 13 was one of the toughest years for non-ferrous metal industry.

Globally Aluminum prices continued to remain depressed, plagued with overcapacity, inventory overhang to add to the weak sentiments for the commodities. In the Indian context, slowdown in manufacturing sector and power sector impacted demand in a low pricing LME scenario, the cost continued to remain high, primarily driven by high crude prices. While the prices of crude and its derivatives continued to remain globally high, depreciating rupee resulted in an additional burden.

The coal prices continued to increase in India, even as the Global coal prices cooled off. Financial Performance Summary Rs. Standalone Results The Standalone revenue for the year is flat at Rs. Profit before interest and depreciation was Rs. This was achieved despite a significantly lower LME and a constant escalation of input costs, largely mitigated by improved efficiencies and higher other income.

Net profit for the year stood at Rs. As a result, Aluminium companies across the globe suffered during this year. However, Hindalco was able to mitigate impact of the above factors by improved efficiencies and higher volumes. Consequently, the Company''s results in this business segment stand out on almost every parameter in the peer group - both domestic and international. Consolidated Results Despite a sluggish market and headwinds in all businesses of the Company, the Consolidated Revenue as well as Profit before Depreciation, Interest and Tax for the year at Rs.

Net profit attributable to the shareholders stood at Rs. Finance Financial closure of Aditya Smelter was achieved of Rs. The tenure of the loan has been kept at The Company received an overwhelming response from the lenders despite a tight credit market. Debenture Issue: To further augment financial resources, the Company has issued year 9.

The report provides a strategic direction and a more detailed analysis on the performance of individual businesses and their outlook. Corporate Governance Your Directors reaffirm their commitment to the corporate governance standards as prescribed by the Listing Agreement with the Stock Exchange s. 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 forms part of the Annual Report.

Directors'' Responsibility Statement Your Directors affirm that the audited accounts containing financial statements for the financial year are in full conformity with the requirements of the Companies Act, 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.

Your Directors further confirm that: i In the preparation of the annual accounts, the applicable accounting standards have been followed, along with proper expl anations rel ating to material departures, if any; ii the accounting policies have been selected and applied consistently and judgements and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for the financial year; iii proper and sufficient care has been taken for the 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 fraud and other irregularities; and iv the annual accounts have been prepared on a going-concern basis.

Your Company''s internal Auditors have conducted periodic audits to provide reasonable assurance that the established policies and procedures have been followed. Novelis Inc. Shipments of flat rolled products are marginally lower at 2, Kt for the year ended 31st March, , compared to 2, Kt in the prior year. The revenue in value terms was sustained. Profitability was adversely affected given lower realisation of copper compared to the previous year and higher average unit cost of production, because of higher volume from Mt Gordon operations at higher cost.

At Nifty, the ore mined was 2. At Mt Gordon, the ore mined was 1. Mt Gordon mines operations is currently placed under care and maintenance. Each option when exercised would be converted into one fully paid-up equity share of Rs. Under the ESOS , the Committee has granted 3,, options to its eligible employees in three tranches. Resolutions seeking your approval for introduction and implementation of ESOS- and granting such number of Stock Options exercisable into not more than 54,62, equity shares of Rs.

Particulars as per Section of the Companies Act, The information relating to the conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo required under Section 1 e of the Companies Act, , is set out in a separate statement attached to this report Annexure B. In accordance with the provisions of Sections 2A , read with the Companies Particulars of Employees Rules, , the names and other particulars of employees are to be set out in the Directors'' Report, as an addendum thereto.

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. Any member, who is interested in obtaining such particulars about employees, may write to the Company Secretary at the Registered Office of the Company.

Fixed Deposits The Company has not accepted any public deposits and, as such, no amount on account of principal or interest on public deposits was outstanding as on the date of the Balance Sheet. Kumar Mangalam Birla, Mr. Askaran Agarwala retire from office by rotation and, being eligible, offer themselves for reappointment. Jagdish Khattar was appointed as a Director in casual vacancy caused due to demise of Mr.

Desai and holds office upto the forthcoming Annual General Meeting, and is eligible for reappointment. The term of appointment of Mr. Bhattacharya as Managing Director is expiring on 30th September, The Board has reappointed him as Managing Director for the further period of five years w.

The approval of the members in the ensuing Annual General Meeting would be sought for his reappointment. During the year, Mr. 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. The approval of the members in the ensuing Annual General Meeting would be sought for his appointment, subject to approval of Central Government.

Awards and Recognitions Several accolades have been conferred upon your Company, in recognition of its contribution in diverse fields. A separate chapter in this report deals at length with your Company''s initiatives and commitment to environment conservation. Auditors The observations made in the Auditors'' Report are self-explanatory and do not call for any further comments under Section 3 of the Companies Act, The Company has satisfied the conditions stipulated in the Circular and hence is entitled to the exemption.

However annual accounts of the subsidiary companies and the related detailed information will be made available to the holding and subsidiary companies investor''s seeking such information at any point of time. The annual accounts of the subsidiary companies are available for inspection by any shareholder''s at the Registered office of the Company.

The annual accounts of the subsidiary companies are also available for inspection at their respective registered office. Further, in line with the Listing Agreement and in accordance with the Accounting Standard 21 AS , the Consolidated Financial Statements prepared by the Company include financial information of its subsidiaries.

Appreciation Your Directors place on record their sincere appreciation for the assistance and guidance provided by the Honorable Ministers, Secretaries and other officials of the Ministry of Mines, Ministry of Coal, the Ministry of Chemicals and Fertilizers and various State Governments.

Your Directors thank the Financial Institutions and Banks associated with your Company for their support as well. Your Company''s employees are instrumental in your Company scaling new heights, year after year. Their commitment and contribution is deeply acknowledged. Your involvement as Shareholders is greatly valued.

Your Directors look forward to your continuing support. Hindalco Industries Ltd. Popular Categories Markets Live! Follow us on. Download et app. Become a member.

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Washington D. Form K. Commission file number Novelis Inc. Exact name of registrant as specified in its charter. State or other jurisdiction of.

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