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Hindustan Copper Ltd. Interim / Quarterly Report 2021
61586_rns_2021-06-25_89b93c1e-905d-4c5b-ab40-78c7b69a7755.pdf
Interim / Quarterly Report
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CIN No.: L27201WB1967GOI028825
भारत सरकार का उपक्रम A GOVT. OF INDIA ENTERPRISE
पंजीकृत एवं प्रधान कार्यालय Registered & Head Office
ताम्र भवन TAMRA BHAVAN 1. आशतोष चौधरी एवेन्यू 1. Ashutosh Chowdhury Avenue, पो॰बॉ॰सं॰ P.B. NO. 10224 कोलकाता KOLKATA - 700 019
No. HCL/SCY/SE/ 2016
The Sr. General Manager Dept. of Corporate Services BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 001 BSE Scrip Code: 513599
Date: 25th June, 2021
The Vice President Listing Department National Stock Exchange of India Ltd Exchange Plaza, C-1, Block G Bandra-Kurla Complex, Bandra(East) Mumbai 400 051 NSE Symbol: HINDCOPPER
Sir/Madam,
Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we send herewith statement of financial results of Hindustan Copper Ltd (Standalone & Consolidated) for the quarter and year ended on 31st March, 2021 approved by the Board of Directors in its meeting held on 25th June, 2021 from 2:30 PM to 7:10 PM. The Statutory Auditors' report thereon is also enclosed.
The above is submitted for information and record please.
Thanking you,
Yours faithfully,
(C S Singhi) ED (Co Secretary)
Encl: As stated
CHATURVEDI & CO.
CHARTEREDACCOUNTANTS
Park Centre, 24 Park Street, (olkata - 700 015.
Phone: 2229 2229, 45Ol 2507
E-m.il: [email protected]; chrturr'discAtrhoo'o in ( H.O. Kolkrl.. Br.nc[es ll : Dcthi . ]lu!'Jbsi Chcnnei LucLnolr)
INDEPENDEN TAUDITOR'S PORT
TO THE BOARD OF DIRECTORS OF HINDUSTAN COPPER LIMITEO
Roport on the audit of the Standalone Financial Results
Oplnion
We have audited the accompanying quarterly Standalone Financial Results of Hindustan Copper Limited (the "Company"), for the quarter ended 31e March 2021 and the year to date Results for the period from 1d April 2020 to 3ldMarch 2021 afrached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations").
ln our opinion and to the best of our information and according to the explanations given to us, these Standalone Financial Results:
- (D are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
- (ii) give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable lndian Accounting Standards and other accounting principles generally accepted in lndia, of the total comprehensive income (comprising of net profit and other comprehensive lncome) and other Financial information for the quarter ended 31st March 2021 as well as the year to date Results for the period ftom 1st April 2020 to 31st March 2021-
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the " Auditor's Responsiblrties for the Audit ot the Standalone Financial Resurfs" section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the lnstitute of Chartered Accountants of lndia together with the ethical requirements that are relevant to our audit of the Standalone Financial Results under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Mattels
We draw attention to the following matters:-
- a) Title deeds for freehold and leasehold land and building acquired in respect of Gujarat Copper Project (GCP) with book value of Rs.52.96 Crore (PY:-RS.55.78 Crore) as at March 31,2021 arc yet to be executed in favor of the Company;
- b) Balances under the head Claims Recoverable, Loans & Advances, Deposits from and with various parties and certain balances of trade receivables, trade payables and other current liabilities have not been confirmed as at March 31, 2o2l.Consequential impact upon receipt of such confirmation /reconciliation / adjustments of such balances-, if any is not ascertainable at this stage
- c) The Company has made assessrnent of possible impairment loss during the year with respect to some fixed assets having original cost of Rs.220.29 Crore allocated to Gujarat Copper Project in accordance with lndian Accounting Standard (lnd AS) 36 "lmpairment of Assets". Provision of Rs.97.08 Crore towards impairment loss as against the total impalrment loss computed, has been accounted for in the books of accounts as on March 31,2021 on conservative basis keeping in mind the possible long-term lease of those Plant and machineries or outright sale of Gujarat Copper pro.iect;
- d) Note No.8 of the accompanying Results which describes the uncertainties and the management assessment of possible impact of COVID-|g pandemic on its business operations, financial assets, contractual obligations and its overall liquidity position as at March 31, 2021. Management will continue to monitor in future any material changes arising on financial and operational performance of the Company due to the impact of this pandemic and neoessary measure to address the situation.
Our opinion is not modified in respect of these rnatters.
iianagement'3 Respomlbalitles for tho Standalone Financial Results
These quarterly Standalone Financial Results as well as the year to date Standalone Financial Results have been prepared on the basis of the Standalone Financial statements. The Company's Board of Directors is responsible for the preparation of these Financial Resufs that give a true and fair view of the net profit and other comprehensive inerme and other Financial information in accordance with the recognition and measurement principles laid down in lndian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in lndia and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accrunting recrrds in accordance with the provisions of the Act for safeguarding of the assets of the Company and br preventing and detecting ftauds and other inegularities; selection and application of appropriate accounting policies; making judgements 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 Standalone Financial Results that give a true and fiair view and are free from material misstatement, whether due to fraud or enor.
ln preparing the Standalone Financial Results, the Board of Directors are responsible for assessing the Company's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for oveEeeing the company's financial reporting process.
Auditor's Responslbilities for the Audlt of the Standalone Flnanclal Results
Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results as a whole are free from material misstatement, whether due to fraud or enor, and to issue an auditofs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or enor and are considered rnaterial if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Results.
As part of an audit in accordance with SAs, we exercise professional judgement and maintain probssional skepticism throughout the audit. We also:
- . ldentiry and assess the risks of material misstatement of the Standalone Financial Results, whether due to fraud or enor, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from ftaud is higher than for one resulting from eror, as haud may involve collusion, forgery, inten[onal omissions, misrepresentations, or the override of internal control.
- . Obtain an understanding of intemal control relevant to the audit in order to design audit procedures that are appropriate in thJ circumstances, but not for the purpose of expressing an opinion on the effectiveness of the crmpany's intemal control.
- the B of Directors . Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by
- Conclude on the appropriateness of the Board of Directors' use of the going concem basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to evenb or conditions that may cast significant doubt on the Company's ability to continue as a going concem. lf we conclude that a material uncertainty exists, we are required to draw attention in our audito/s report to the related disclosures in the Standalone Financial Results or, if such disclosures are inadequate, to rnodiry our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audito/s report. However future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the Standalone Financial Results, including the disclosures, and whether the Financial Results represent the underlying transactions and events in a manner that achieves Fair presentation.
Materiality is the magnitude of misstatements in the Standalone Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Financial Resulfs may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the Results of our work; and (ii) to evaluate the effect of any identified misstatementrs in the Standalone Financial Results.
We communicate with those charged with govemance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in intemal control that we identiry during our audit.
We also provide those charged with govemance with a statement that we have complied with relevant ethical requirements regarding independence, and to @mmunicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Other atter
Due to the outbreak of COVID-19 pandemic that caused nationwide lockdown and other travel restrictions imposed by the Central and State Govemments/local administration during the period of our audit, we could not travel to the Plants/ProjectyRegional Sales offices and carry out the audit processes physically at the respective Plants/Projects/Regional Sales offices. Necessery recotds/ reporty documents/ certificates of the respective Plants /Projects / Regional Sales offtces were made available to us by the management through email and to the extent generated from the ORACLE system at Head office, Kolkata and on which were relied upon by us as audit evidence for conducting the audit and reporting for the current period.
our opinion on the standalone Financial Results is not modified in respect of the above matter.
For Chaturvedl & Co. Chartered Accountants Fi]m's istration No.302137E)
R.K. Nanda Partner (ilembetBhip No.5l 0574)
Place: Kolkata Dale:2.*Jner2oLt
UDIN: 215101+4 A A A ACAqut l
HINDUSTAN COPPER LIMITED
(A GOVT. OF INDIA ENTERPRISE)
Regd. Office : Tamra Bhavan 1, Ashutosh Chowdhury Avenue, Kolkata - 700 018.
CIN : L27201WB1967GO1028825
ial Results for the quarter and year ended 31st March 2021 nt of Rigardalang Audited Fir
| (₹ in crore except EPS) | |||||||
|---|---|---|---|---|---|---|---|
| Quarter ended | Year ended | ||||||
| SI No | Particulars | 31st Mar 2021 (Audited) (Note 2) |
31st Dec 20 (Unaudited) |
31st Mar 2020 (Audited) (Note 2) |
31st Mar 2021 (Audited) |
31st Mar 2020 (Audited) |
|
| (1) | (2) | $\overline{1}$ | (4) | (5) | ${10}$ | $\boldsymbol{\sigma}$ | |
| 1 | Income | ||||||
| $(n)$ | Revenue from operations | 522.24 | 538.42 | 146.64 | 1786.76 | 831.05 | |
| (b) | Other Income Total income |
9.31 531.55 |
8.26 546.68 |
19.63 186.47 |
34.85 1821.61 |
56.96 888.81 |
|
| $\mathbf{z}$ | Expenses | ||||||
| (5) | Cost of materials consumed | 2.03 | 1.14 | 0.86 | 3,64 | 6.28 | |
| (b) | Changes in inventories of finished goods & work-in-progress | 13.93 | 119.99 | 173.50 | 339.11 | (51.14) | |
| (c) | Cost of stores spares & tools consumed | 24.86 80.89 |
17.05 66.13 |
23.63 46.76 |
73.27 277.11 |
106.19 259.62 |
|
| (d) $($ c $)$ |
Employee benefits expense Consumption of power & fuel |
30.54 | 28.90 | 31.13 | 116.78 | 177.57 | |
| (f) | Finance costs | 11.57 | 15.65 | 16.64 | 82.61 | 60.42 | |
| $\left( n\right)$ | Depreciation and amortisation expense | 91.68 | 80.83 | 71.84 | 294.82 | 290.68 | |
| (h) | Other Expenses | 339.25 | 87.84 | 283.46 | 567.02 | 576.00 | |
| Total expenses | 594.75 | 417.53 | 647.82 | 1734.36 | 1426.52 | ||
| з 4 |
Profit/(Loss) from operations before exceptional items & tax (1-2) Exceptional items |
(63.20) | 129.15 | (481.35) | 87,25 | (537.71) | |
| 5 | Profit /(Loss) before tax (3-4) | (63.20) | 129.15 | (481.35) | 87.25 | (537.71) | |
| 6 | Tax expense - Current | 39.68 | 32.93 | 6.55 | 78.00 | 8.42 | |
| - Deferred | (66.14) | (12.04) | 26.44 | (100.99) | 22.96 | ||
| $\overline{t}$ | Profit/(Loss) for the period from continuing operations (after tax) (5-6) | (36.74) | 108.26 | (514.34) | 110.24 | (569.09) | |
| 8 9 |
Profit /(Loss) from discontinued operations before tax Tax expense of discontinuing operations |
(0.09) (0.02) |
(0.09) (0.03) |
(0.09) 0.00 |
(0.35) (0.09) |
(0.35) (0.09) |
|
| 10 | Profit /(Loss) for the period from discontinued operations (after tax) (8-9) | (0.07) | (0.06) | (0.09) | (0.26) | (0.26) | |
| Profit/(Loss) for the period from continuing and discontinued operations | |||||||
| 11 | (alter tax) (7+10) | (36.81) | 108.20 | (514.43) | 109.98 | (569.35) | |
| 12 | Other Comprehensive Income (OCI) items that will not be reclassified to Profit /(Loss) (Net of tax) |
||||||
| ь | items that will be reclassified to Profit /(Loss) (Net of tax) | 12.18 | (3.75) | (18.46) | 0.95 | (22.46) | |
| 13 | Total Comprehensive Income for the Period (11+12a+12b) | (24.83) | 104.45 | (532.89) | 110.93 | (591.01) | |
| 14 | Paid-up equity share capital | 462.61 | 462.61 | 462.61 | 462.61 | 462.61 | |
| 15 | (Face Value ₹ 5/- Per Share) | $\blacksquare$ | 626.71 | 497.66 | |||
| Reserve excluding Revaluation Reserves as per balance sheet | |||||||
| 16i | Earnings per share (for continuing operations) | ||||||
| - Basic ⊙ - Diluted (T) |
(0.397) (0.397) |
1.170 1.170 |
(5.550) | 1.191 | (6.151) | ||
| 16. | Earnings per share (for discontinuing operations) | (5.559) | 1.191 | (5.151) | |||
| - Basic ര |
(0.001) | (0.001) | (0.001) | (0.003) | (0.003) | ||
| - Diluted O |
(0.001) | (0.001) | (0.001) | (0.003) | (0.003) | ||
| 16 | Earnings per share (for continuing and discontinuing operations) | ||||||
| - Basic ത |
(0.398) | 1.169 | (5.560) | 1.188 | (6.154) | ||
| - Diluted $\mathcal{R}$ |
(0.390) | 1.169 | (5.560) | 1.188 | (6.154) | ||
| 1) The above financial results have been reviewed by Audit Committee and then approved by the Board of Directors at its meeting held on June 25, 2021. The statutory auditors have conducted audit of the above financial results. 2) The figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the relevant financial vear. |
|||||||
| 3) The Company, a vertically integrated copper producer, is primarily engaged in the business of mining and processing of copper ore to produce refined copper metal, which has been grouped as a single segment in the above disclosures. The said treatment is in accordance with the 'Ind AS 108 - Operating Segments'. |
|||||||
| 4) The Company adopted Indian Accounting Standards (find AS') from April 1,2016 and accordingly above financial results have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard prescribed under section 133 of the Companies Act, 2013 read with the relevant rules |
recognition and measurement principles laid down in the Indian Accounting Sta
issued thereunder and the other accounting principles generally accepted in India. 5) A Joint Venture Company (JVC) named Chhattisgarh Copper Limited (CCL) was formed between Hindustan Copper Limited (HCL) and Chhattisgarh Mineral Development
Corporation Limited (CMDC) for exploration, mining and benefic
6) A Joint Venture Company (JVC) named Khanij Bidesh India Limited (KABIL) was formed on 01.08.2019 among National Aluminium Company (NALCO) ,Hindustan Copper Limited (HCL) and Mineral Exploration Corporation Limited (MECL) to identify, explore, acquire, develop, process primarly strategic minerals overseas for supply to India
for meeting domestic requirements and for sale to an
7) During the current quarter ending 31st March 2021, Other Expenses include Provision for impairment of GCP assets amounting to ₹ 97.08 crore since the commercial operation of
Gujarat Copper Project was suspended since Au
B) The spread of Covid 19 has affected the business operations of the company in all the units due to lock down declared by the Government. However, Government has allowed to
resume its operation in all the units during Ap
9) Figures for the previous period have been regrouped/rearranged wherever necessary.
In terms of our report of even date attached
| For CHATURVEDI & CO. Chactered Accountants FRN 30213 |
RVEOT |
|---|---|
| da rjamanda hi finar |
FRN: 302137E KOLKATA |
| (M No. 510574) | STROLED ACCOUNTS |
| Place : Kolkata : 25.08.2021 Date |
For and on behalf of the Board of Directors (SUKHEN KUMAR BANDYOPADHYAY) THEN RUBBAR BANDTOPADAT
DIRECTOR (FINANCE) & CFO
(DIN 85173882)
HINDUSTAN COPPER LIMITED
(A GOVT. OF INDIA ENTERPRISE)
Regd. Office : Tamra Bhavan 1, Ashutosh Chowdhury Avenue, Kolkata - 700 019. CIN: L27201WB1967GOI028825
Statement of Standalone Assets and Liabilities as at 31st March 2021
| (र in crore) | |||||
|---|---|---|---|---|---|
| SI No | Particulars | As at | As at | ||
| 31st Mar 2021 | 31st Mar 2020 | ||||
| (1) | (2) | (3) | (4) | ||
| ASSETS | |||||
| (1) | NON-CURRENT ASSETS | ||||
| (a) | Property, Plant and Equipment | 295.51 | 308.91 | ||
| (b) | Other Intangible Assets | 26.58 | 28.37 | ||
| (c) | Capital Work In Progress | 1178.92 | 1231.78 | ||
| (d) | Financial Assets | ||||
| (i) Investments | 0.58 | 0.03 | |||
| (ii) Others | 0.14 | 0.26 | |||
| (e) | Deferred Tax Assets (net) | 153.57 | 52.91 | ||
| (1) | Non- current Tax Assets (net) | 6.90 | 6.90 | ||
| $\langle g \rangle$ | Other Non-Current Assets | 365.94 | 451.72 | ||
| (2) | CURRENT ASSETS | ||||
| (a) | Inventories | 176.00 | 519.83 | ||
| (b) | Financial Assets | ||||
| (i) Investments | 0.10 | 0.09 | |||
| (ii) Trade receivables | 167.78 | 82.89 | |||
| (iii) Cash and cash equivalents | 8.54 | 11.35 | |||
| (iv) Bank Balances other than above | 2.26 | 4.53 | |||
| (v) Others | 48.15 | 26.86 | |||
| (c) | Current Tax Assets (Net) | 18.73 | 18.45 | ||
| (d) | Other current assets | 388.18 | 373.18 | ||
| TOTAL ASSETS | 2837.88 | 3118.06 | |||
| EQUITY AND LIABILITIES | |||||
| (1) (a) |
EQUITY Equity Share Capital |
462.61 | 462.61 | ||
| (b) | Other Equity | 626.71 | 497.66 | ||
| LIABILITIES | |||||
| (1) | NON-CURRENT LIABILITIES | ||||
| (a) | Financial Liabilities | ||||
| (i) Borrowings | 769.88 | 636.18 | |||
| (ii) Other financial liabilities | 8.43 | 8.43 | |||
| (b) | Provisions | 50.74 | 65.66 | ||
| (2) | CURRENT LIABILITIES | ||||
| (a) | Financial Liabilities | ||||
| (i) Borrowings | 367.55 | 927.50 | |||
| (ii) Trade Payables | 136.48 | 233.74 | |||
| (iii)Others | 104.23 | 85.82 | |||
| (b) | Other current liabilities | 192.18 | 169.83 | ||
| (c) | Provisions | 41.07 78.00 |
30.63 | ||
| (d) | Current tax liabilities | ||||
| TOTAL EQUITY & L IABILITIES | 2837.88 | 3118.06 | |||
In terms of our report of even date attached
JRVED
FRN: 302137E
KOLKATA
Ted Account
CHA
★
For CHATURVEDI & CO. Chartered Accountants
CARK NANDA Partner (M No. 510574)
Place : Kolkata Date : 25.06.2021 For and on behalf of the Board of Directors 便
(SUKHEN KUMAR BANDYOPADHYAY) DIRECTOR (FINANCE) & CFO (DIN 08173882)
| STANDALONE CASH FLOW STATEMENT FOR THE YEAR ENDED 31st March 2021 | |||
|---|---|---|---|
| For the year ended | (र in crore) For the year ended |
||
| A. CASH FLOW FROM OPERATING ACTIVITIES : | 31st March 2021 | 31st March 2020 | |
| NET PROFIT/ (LOSS) BEFORE TAX AS PER STAEMENT OF PROFIT AND LOSS | 87.25 | (537.71) | |
| Adjusted for: | |||
| Depreciation | 140.81 | 35.89 | |
| Provisions charged | 237.14 | 188.85 | |
| Provisions written back | (10.07) | (22.81) | |
| Interest expense | 62.61 | 60.42 | |
| Amortisation | 251.44 | 252.72 | |
| Interest income | (3.01) | (10.22) | |
| Loss / (Profit) on disposal of fixed assets | (0.02) | 0.02 | |
| OPERATING PROFIT/ (LOSS) BEFORE WORKING CAPITAL CHANGES Adjusted for: |
766.15 | (32.84) | |
| Decrease/ (Increase) in Trade & other Receivables | (86.13) | 279.22 | |
| Decrease/ (Increase) in Inventories | 343.82 | (56.83) | |
| Decrease/ (increase) in Current & Non-Current assets | (36.72) | (38.09) | |
| Increase/ (Decrease) in Current & Non-Current Liabilities | (154.95) | (21.19) | |
| CASH GENERATED FROM OPERATIONS | 832.17 | 130.27 | |
| Taxes paid | (0.07) | (44.24) | |
| NET CASH FROM OPERATING ACTIVITIES | (A) | 832.10 | 86.03 |
| B. CASH FLOW FROM INVESTING ACTIVITIES : | |||
| Purchase of Fixed Assets | |||
| Sale of Fixed Assets | (203.20) | (220.95) 0.12 |
|
| Interest received | 0.23 3.02 |
10.16 | |
| Investment in Joint Venture / Subsidiary | (0.03) | ||
| Mine Development Expenditure | (0.87) | ||
| (163.20) | (219.14) | ||
| NET CASH USED IN INVESTING ACTIVITIES | (B) | (364.02) | (429.84) |
| C. CASH FLOW FROM FINANCING ACTIVITIES | |||
| Non-Current borrowings / (Loan repaid) | 197 39 | 158.95 | |
| Dividends paid | (48.11) | ||
| Tax on Dividend | (9.89) | ||
| Interest paid | (64.36) | (58.96) | |
| NET CASH USED IN FINANCING ACTIVITIES | (C) | 133.03 | 41.99 |
| NET INCREASE IN CASH AND CASH EQUIVALENTS | $(A + B + C)$ | 601.11 | (301.82) |
| CASH AND CASH EQUIVALENTS - opening balance | (683.01) | (381.19) | |
| CASH AND CASH EQUIVALENTS - closing balance (details in Annexure - A) |
(81.90) | (683.01) | |
| In terms of our report of even date attached. | For and on behalf of the Board of Directors | ||
| Sukhen Kumar Bandyopadhyay | |||
| For Chaturvedi & Co. | |||
| Chartered Accountants | Director (Finance) & CFO (DIN. 08173882) |
||
| ว⊵ู137∎ั∕ |
OARK NANDA Partner
| Partner
| (M No. 510574 )
$\hat{\mathcal{L}}$
$\mathbb{R}^2$
STURVED & |
| FRN : 302137E
| - KOLKATA $\star$ ୍ର Tered Account
÷
Place : Kolkata
Dated : 25.06.2021
| ANNEXURE : | |
|---|---|
| ------------ | -- |
| $(7$ in crore) | ||
|---|---|---|
| ---------------- | -- | -- |
| 1. CASH AND CASH EQUIVALENTS - opening balance | 01/04/2020 | 01/04/2019 |
|---|---|---|
| i) Current Financial Assets - Cash & Cash Equivalents (Note 13) | 11.35 | 6.58 |
| ii) Current Financial Assets - Bank Balance other that above (Note 14) (Excluding Unpaid Dividend of Rs. 15.86 Lakh) |
4.32 | 4.08 |
| iii) Current Financial Assets - Investments (Note 11) | 0.09 | 0.09 |
| iv) Non-current Financial Assets - Others (Note 6) | 0.26 | 0.12 |
| v) Current Financial Liabilities - Borrowings (Note 23) | (699.03) | (392.06) |
| (683.01) | (381.19) | |
| CASH AND CASH EQUIVALENTS - closing balance | 31/03/2021 | 31/03/2020 |
| i) Current Financial Assets - Cash & Cash Equivalents (Note 13) | 8.54 | 11.35 |
| ii) Current Financial Assets - Bank Balance other that above (Note 14) (Excluding Unpaid Dividend of Rs. 15.47 Lakh) |
2.10 | 4.32 |
| iii) Current Financial Assets - Investments (Note 11) | 0.10 | 0.09 |
| iv) Non-current Financial Assets - Others (Note 6) | 0.14 | 0.26 |
| v) Current Financial Liabilities - Borrowings (Note 23) | (92.78) | (699.03) |
| (81.90) | (683.01) |
- The Cash Flow Statement has been prepared as set out in Indian Accounting Standard (IND AS) 7 : STATEMENT OF CASH FLOWS, as amended by Companies (Indian Accounting Standards) (Amendment) Rules 2016.
This is the Cash Flow Statement referred to in our report of even date attached.
$\bullet$
CHATURVEDI & CO.
CHARTEREDACCOUNTANTS
Park Centre, 24 Park Street, l(olkata - 7OO 016.
Phone: 2229 2229,46Ot ZSOT
E-mril: ([email protected] [email protected] ( H.O. Kolkrlr. Brrnchrs at : Dclhi . llun5ai .Chennei. Luclinon)
INDEPENDENTAU DITOR'S REPORT
TO THE BOARD OF DIRECTORS OF HINDUSTAN COPPER LIMITED
Report on the audit of the Consolidated Financial Results
Opinion
We have audited the accompanying statement of Consolidated Financial Results of Hindustan CopPl Limited ("the Holding Company") and its one subsidiary company (Holding company and its subsidiary company together referred to as 'the Group") and its one jointly controlled entity for the quarter ended 31st March 2021 and for the period from 1st April 2020 to 31st March 2021("the Statement"), being submitted by the Holding company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").
ln our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the reports of the other auditors on separate financial statements/financial information of its subsidiary company, the Statement:
- a) include the Financial Results of the Chhattisgarh Copper Limited (Subsidiary company-74yo holding) and jointly controlled entity namely Khanij Bidesh lndia Limited (30% holding) in addition to that of Hindustan Copper Limited (Standalone Financial Results),
- b) is presented in accordance with the requirements of Regulation 33 of the Listing Regulations, as amended: and
- c) gives a true and fair view in conformity with the applicable lndian Accounting Standards and other accounting principles generally accepted in lndia, of the consolidated total comprehensive lncome (comprising of net profit and other comprehensive lncome) and other financial informatron of the Group and its jointly controlled entity for the quarter ended 31st March 2021 and for the period hom 1st April 2020 to 31st March 2021.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the 'Audito,'s Respons,b,Tifies for the Audit of the Consolidated Financial Results" section of our report. We are independent of the Group and its jointly controlled entity in accordance with the Code of Ethics issued by the lnstitute of Chartered Accountants of lndia together with the ethical requirements that are relevant to our audit of the Financial Results under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports refened to in 'Other Matters" paragraph below, is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Hatters
We draw attention to the following matters
a) Title deeds for freehold and leasehold land and building acquired in respect of Gujarat Copper (GCP) of Holding company with book value of Rs.52.96 Crore (PY:- Rs.55.78 Crore) as at 31,2021 are yet to be executed in tavor of the Holding company. ect
- b) Balances under the head claims Recoverable, Loans & Advances, Deposits fiom and with various parties and certain balances of trade receivables, trade payables and other cunent liabilitss at Holding company have not been confirmed as at March 31, 202 1. Consequential impact upon receipt of such confirmation /reconciliation / adiustments of such balances, if a'ny is -not ascertainable at this stage;
- c) The Holding company has made assEsment of possible impairment loss during the year with respect to some fixed assets having originat cost of Rs.220.29 Crore allocated to Gujarat Copper Project in accordance with lndian Accounting Standard (lnd AS) 36 ,lmpairmenf of Assets.. Provision of Rs.97.08 crore towards impairnent loss as against the total impairment loss computed, has been ac@unted for in the books of accounts as on March 3,1,2021 on @nservative basis keeping in mind the possible long{erm lease of those Plant and machineries or outright sale of Gujarat Copper Project; and
- d) Note No.7 of the accompanying Results which describes the uncertainties and the assessrnent of possible impact of COVID-19 pandemic on its Group's business operations, financial assets, contractual obligations and its overall liquidity position as at March 31,2021 by the Group and its jointly controlled entity. The Group's management will continue to monitor in future any material changes arising on financial and operational performance of the Group and its jolntly controlled entity due to the impact of this pandemic and necessary measure to address the situation.
Our opinion is not modified in respect of these matters.
Management's Re3poBsibilitie3 for the Consolidated Financial Results
These quarterly Consolidated Financial Results as well as the year to date Consolidated Financial Results have been prepared on the basis of the Consolidated Financial Statements.
The Holding Company's Board of Directors are responsible for the preparation and presentation of these Consolidated Financial Results that give a true and fair view of the net profit including other comprehensive income and other financial information of the Group including its joinuy controlled entity in accordane€ with the recognition and measurement principles laid down in lndian Accounting Strndards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in lndia and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group and of its jointly controlled entity are responsible for maintenance of adequate accounting records in accordance with the provisions of the act for safeguarding ofthe assets ofthe Group and its Jointly controlled entity and for preventing and detecting frauds and other inegularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate intemal financial controls that were operating effectively for ensuring the accuracl and completeness of the accounting records, relevant to the preparation and presentation of the Consolidated Financial Results \$at give a true and fair view and are free from material misstaternent, whether due to ftaud or eror, which have been used for the purpose of preparation of the Consolidated Financial Results by the Directo6 of the Holding Company, as aforesaid.
ln preparing the Consolidated Financial Results, the respective Board of Directors of the companies included in the Group and iE lointly controlled entity are responsible for assessing the ability of the Group and jointly controlled entity to continue as a going concem, disclosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the respective Board of Direclors either intends to liquidate the Group and jointly controlled entity or to cease operations, or has no realistic altemative but to do so.
The respectve Board of Directors of the companies included in the Group and of its joint controlled entity is responsible br overseeing the financial reporting process of the Group and its,oint controlled entity.
Auditor's R\$ponsibilities fol the Audlt of the Gonsolldated Financial Results
Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results as a whole are free from material mlsstatement, whether due to ftaud or error, and to issue an audito/s report that includes our opinion. Reasonable assurElnce is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or enor and are considered material il individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Consolidated Financial Results.
As part of an audit in accodance with SAs, we exercise professional judgement and rnaintain professional skepticism throughout the audit. We also:
- ldentiry and assess the risks of material misstatement of the Consolidated Financial Results, whether due to ftaud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting ftom fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the ovenide of intemal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procadures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's intemal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
- Conclude on the appropriateness of the Board of Directors' use of the going concem basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its joint controlled entity to continue as a going concem. lf we conclude that a material uncertainty exists, we are required to draw attention in our audito/s report to the related disclosures in the Financial Results or, if such disclosures are inadequate, to modify our opinion. Our @nclusions are based on the audit evidence obtained up to the date of our auditor's report. However future events or conditions may cause the Group and its joint controlled entity to cease to continue as a going concem.
- Evaluate the overall presentation, structure and content of the Consolidated Financial Results, including the disclosures, and whether the Consolidated Financial Results represent the underlying transactions and events in a manner that achieves tsir presentation.
- Obtain sufficient appropriate audit evidence regarding the financial information of the entity within the Group and its jointly controlled entity to express an opinion on the Consolidated Financial Results. We are responsible for the dkection, supervision and performance of the audit of the financial information of such entities included in the Consolidated Financial Results of which we are the independent auditors. For the other entities included in the Consolidated Financial staternents, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits canied out by them. We remain solely responsible for our audit opinion.
Materiality is the magnitude of misstatements in the Consolidated Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Consolidated Financial Results may be influenced. We consider quantitative materiality and qualitative trctors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Consolidated Financial Results.
We communicate with those charged with govemance of the Holding Company and such other entities included in the Consolidated Financial Results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in intemal control that we identiry during our audit.
We also provide those charged with govemance with a statement that we have complied with relevant ethical requirements regarding independenc€, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related saftguards.
We also perfiormed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.
Other attera
1) We did not audit the financial statements / financial information of 1 Subsidiary company namely Chhattisgarh Copper Limited whose financial statements / financial information reflect total assets of Rs.0.10 Crore as at March 31,2021, Group's share of total revenue of Rs. N!..!or the period from 1d April 2020 to 31d March 2021 a d on that date, as considered in the amounting to Rs.0.04 Crore for the year ended Statements. These financial statements / net
financial information of subsidiary company have been audited by other auditor and whose report has been furnished to us and our opinion on the Consolidated Financial Statements, in so far as it relates to amount and disclosures included in resped of his subsidiary company, is based solely on the report of such other auditor and the procedures perfonned by us are as stated in paragraph above.
- 2) The Consolidated Financial Statements include the unaudited financial statements for the year ended March 31,2021 of 1 jointly controlled entity namely Khanij Bidesh lndia Limited, whose financial statements / financial inbrmation reflect total assets of Rs.1.59 Crore as at March 31, 202'l and Group's share of total revenue of Rs. Nilfor the period from 1d April 2020 to 31r March 2021, as considered in the Consolidated Financial Statements. These unaudited financial statemenb / financial information, which are not material to the Group, have been certified by the Holding company's management and fumished to us and our opinion on the Consolidated Financial Statements, in so far as it relates to amount and disclosures included in respect of this jointly conkolled entity, is based solely on such unaudited financial statements.
- 3) Due to the outbreak of COVID-1g pandemic that caused nationwide lockdown and other travel restrictions imposed by the Central and State Govemments/local administration during the period of our audit, we could not travel to the PlanwPojects/Regional Sales offices and carry out the audit processes physically at the respective Plants,/Projects/Regional Sales offices. Necessary recordsrf reports,/ documentv certificates of the respective Plants /Projects / Regional Sales ofiices were made available to us by the management through e-mail and to the extent generated from the ORACLE system at Head office, Kolkata and on which were relied upon by us as audit evidence for conducting the audit and reporting for the cunent period.
Our opinion on the Consolidated Financial Results is not rnodified in respect of the above matters
For Chaturvedl & Co. Chartered Accountants ,s istration No.302137E)
R.K. Nanda Partner (ilembership No.510574)
Place: Kolkata Date:25 It ^or101t
FRN 302137E KOI.KATA * * o<'
R
UDIN: 2l5Lof7{ AA AAc B Srzc
HINDUSTAN COPPER LIMITED
CHANGE COVERING ENTERPRISE)
Regd. Office : Tamra Bhavan 1, Ashutosh Chowdhury Avenue, Kolitata - 700 019.
CHANGE CHI : LZ7201W81687GOM23825
Int of Consolidatied Audited Financial Results for the quarter and year ended 31st
| uw quarun ana year Quarter Ended Year Ended |
(< in crore except EPS) | ||||||
|---|---|---|---|---|---|---|---|
| SINO | Particulars | 31st Mar 2021 (Audited) (Note 2) |
31st Dec 2020 (Unaudited) |
31st Mar 2020 (Audited) (Note 2) |
31st Mar 2021 (Audited) |
31st Mar 2020 (Audited) |
|
| (1) | 7 | 13). | Ш. | 151 | (6) | m | |
| 1 | Income | ||||||
| (a) | Revenue from operations | 522.24 | 538.42 | 148.84 | 1736.76 | 831.85 | |
| (b) | Other Income Total income |
9,31 531.55 |
8.26 546.68 |
19.83 166.47 |
34.85 1821.61 |
56.96 | |
| 888.81 | |||||||
| $\mathbf{z}$ | Expenses Cost of materials consumed |
203 | |||||
| (a) Ф) |
Changes in inventories of finished goods & work-in-progress | 13.93 | 1.14 119.99 |
0.06 173.50 |
3.64 339.11 |
6.29 (51.14) |
|
| (c) | Cost of stores spares & tools consumed | 24.86 | 17.06 | 23.63 | 73.27 | 106.19 | |
| (đ) (c) |
Employee benefits expense Consumption of power & fuel |
80.89 30.54 |
66.13 28.90 |
48.76 31.13 |
277.11 116.78 |
259.62 177.57 |
|
| O) | Finance costs | 11.57 | 15.65 | 16.64 | 62.61 | 60.42 | |
| ω (ከ) |
Depreciation and amortisation expense Other Expenses |
91.68 339.26 |
80.84 87.84 |
71.84 283.30 |
294.63 566.81 |
290.69 576.75 |
|
| Total expenses | 594.76 | 417.54 | 647.66 | 1734.16 | 1426.38 | ||
| з 4 |
Profit/(Loss) from operations before exceptional items & tax (1-2) Exceptional liems |
[63.21] | 129.14 | 481.19 | 87.45 | [537.57] | |
| 5 | Profit /(Loss) before tax (3-4) | (63.21) | 129.14 | (401.19) | 87,45 | (537,57) | |
| 6 | Tax expense - Current Deferred |
39.68 (66.14) |
32.93 (12.04) |
6.55 26.44 |
78.00 (100.99) |
8.42 22.96 |
|
| $\overline{\phantom{a}}$ | Profit/(Loss) for the period from continuing operations (after tax) (5-6) | (36.75) | 108.25 | (514, 18) | 110.44 | (568.96) | |
| Attributable to Owners of the Company Non Controlling Interest |
(36.74) (0.01) |
108.25 | (514.18) | 110.48 (0.04) |
(668.95) | ||
| 8 | Profit /(Loss) from discontinued operations before tax | (0.09) | (0.09) | (0.09) | [0.35] | (0.36) | |
| 9 10 |
Tax expense of discontinuing operations Profit /(Loss) for the period from discontinued operations (after tax) (8-9) |
(0.02) (0.07) |
(0.03) (0.06) |
(0.09) | (0.09) (0.26) |
(0.09) (0.25) |
|
| Profit/(Loss) for the period from continuing and discontinued operations | |||||||
| 11 12 |
(after tax) (7+10) Share of Profit/(Loss) of Joint ventural Associate |
(36.82) ٠ |
108.19 ٠ |
(514.27) (0.28) |
110.18 | (569.21) (0.28) |
|
| Net Profit ALosa) for the period after tax & Share of profit/(Loss) of | |||||||
| 13 | JVIAssociate (11+12) Attributable to Owners of the Company |
(36.32) (36.81) |
108.19 105.19 |
(514, 55) (514.55) |
110.18 110.22 |
(569.49) (569.49) |
|
| Non Controlling Interest | (0.01) | [0.04] | |||||
| 14 а |
Other Comprehensive Income (OCI) items that will not be reclassified to Profit /(Loss) (Net of tax) |
12.18 | (3.75) | (18.46) | 0.95 | (22.46) | |
| ь | items that will be reclassified to Profit /(Loss) (Net of tax) | ||||||
| 15 | Total Comprehensive income for the Period (11+12a+12b) | (24.64) | 104.44 | (533.01) | 111.13 | (691.96) | |
| Attributable to Owners of the Company Non Controlling Interest |
(24.63) (0.01) |
104.44 | (533.01) | 111.17 (0.04) |
(591.95) | ||
| 16 | Paid-up equity share capital (Face Value ₹ 5 - Per Share) |
462.61 | 462.81 | 462.61 | 462.61 | 462.61 | |
| 17 | Reserve excluding Revaluation Reserves as per balance sheet | ٠ | 626.64 | 497.34 | |||
| 18 | Earnings per share (for continuing operations) | ||||||
| - Basic R) |
(0.397) | 1.170 | (5.560) | 1.194 | (6.152) | ||
| 18ii | - Dilutad (T) Earnings per share (for discontinuing operations) |
(0.397) | 1.170 | (5.560) | 1.194 | (6.152) | |
| - Basic O |
(0.001) | (0.001) | (0.001) | (0.003) | (0.003) | ||
| 18.4 | - Diluted œ Earnings per share (for continuing and discontinuing operations) |
(0.001) | (0.001) | (0.001) | (0.003) | (0.003) | |
| - Basic 内 - Diluted (?) |
(0.398) (D.396) |
1,169 1.169 |
(5.561) (5.561) |
1.191 1.191 |
(6.155) (6.155) |
||
| 1) The above consolidated financial results have been reviewed by the Audit Committee and then approved by the Board of Directors at its meeting held on June 25, 2021. The statutory auditors have conducted audit of the above financial results. |
|||||||
| [2) The figures of last quarter are the belancing figures between audided figures in respect of the full financial year and the published year to date figures uplo the third quarter of the | |||||||
| NU TR'IBUNGABI Y | |||||||
| 3) The Group, a vertically integrated copper producer, is primarily engaged in the business of mining and processing of copper ore to produce refined copper metal, which has been grouped as a single segment in the above disclosures. The said treatment is in accordance with the 'ind AS 108 - Operating Segments'. |
|||||||
| 4) The Group adopted Indian Accounting Standards ('Ind AS') from April 1,2018 and accordingly above financial results have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard prescribed under section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India. |
|||||||
| 5) A Joint Venture Company (IVC) nemed Khanij Bidesh India Limited (KABIL) was formed on 01.08.2019 among National Aluminium Company (NALCO) Hindustan Copper Limited (HCL) and Mineral Exploration Corporation Limited (MECL) to identify explore, acquire, devalop, process primarily strategic minerals overseas for supply to india |
|||||||
| for meeting domestic requirements and for sale to any other countries for commercial use. HCL holds 30% equity in JVC, (5) During the current quarter ending 31st March 2021, Other Expenses include Provision for impairment of GCP assets amounting to ₹97.08 crore since the commercial operation of |
|||||||
| Gujarat Copper Project was suspended since August 2019 and Provision against Capital Work-in -Progrss pertaining to COT Plant amounting to ₹ 127.78 crore since the party, being sole technology provider, failed to execute the contract and the contract got terminated with efflux of time. |
|||||||
| 7) The spread of Covid 19 has affected the business operations of the company in all the units due to lock down declared by the Government, However, Government has allowed to resume its operation in all the units during April 2020 & May 2020. Post unlocking of the lockdown, the Group's operations are gradually stabilising. The Group has considered the possible effects that may result from COVID-19 in the preparation of these financial results including recoverability of carrying amounts of financial and non-financial assets. The Group will continue to closely monitor any material changes arising out of future economic conditions and the resultant Impact on its business. |
|||||||
| 8) Figures for the previous period have been regrouped/rearranged wherever necessary. | |||||||
| in terms of our report of even date attached | For and on behalf of the Beard of Directors | ||||||
| . RVEO For CHATURVEDI & CO. |
ISUKHEN KUMAR BANDYOPADHYAYI DIRECTOR (FINANCE) & CFO |
||||||
| Chartered Accountinuts 2137E |
(DIN 08173882) | ||||||
| RN:302137E | |||||||
| lärtner | × NANDA KOLKATA |
||||||
| c (M No. 510574 ) ò |
$\hat{\mathcal{A}}$
|
|Piace : Kolkata
|Date : 25.06.2021
KOLKATA SITEFED ACCOUNTS
$\hat{\boldsymbol{\beta}}$
| HINDUSTAN COPPER LIMITED (A GOVT. OF INDIA ENTERPRISE) Regd, Office : Tamra Bhavan 1, Ashutosh Chowdhury Avenue, Kolkata - 700 019. CIN: L27201WB1967GO1028825 |
||||||
|---|---|---|---|---|---|---|
| Statement of Consolidated Assets and Liabilities as at 31st March 2021 | (₹ in crore) | |||||
| Particulars | As at | As at | ||||
| SI No | 31st Mar 2021 | 31st Mar 2020 (4) |
||||
| (1) | (2) | (3) | ||||
| ASSETS | ||||||
| NON-CURRENT ASSETS | ||||||
| (1) (a) |
Property, Plant and Equipment | 295.54 | 308.95 | |||
| (b) | Other Intangible Assets | 26.58 | 28.37 | |||
| (c) | Capital Work In Progress | 1178.92 | 1231.78 | |||
| (d) | Financial Assets | 0.47 | 0.03 | |||
| (i) Investments (ii) Others |
0.14 | 0.26 | ||||
| (e) | Deferred Tax Assets (net) | 153.57 | 52.91 | |||
| (1) | Non- current Tax Assets (net) | 6.90 | 6.90 | |||
| $\left( 9\right)$ | Other Non-Current Assets | 365.94 | 451.72 | |||
| (2) | CURRENT ASSETS | 519.83 | ||||
| (a) | Inventories Financial Assets |
176.00 | ||||
| (b) | (i) Investments | 0.10 | 0.09 | |||
| (ii) Trade receivables | 167.78 | 82.89 | ||||
| (iii) Cash and cash equivalents | 8.58 | 11.35 | ||||
| (iv) Bank Balances other than above | 2.26 | 4.53 | ||||
| (v) Others | 48.15 | 26.86 | ||||
| (c) | Current Tax Assets (Net) | 18.73 | 18,45 372.84 |
|||
| (d) | Other current assets | 388.17 | ||||
| TOTAL ASSETS | 2837.83 | 3117.76 | ||||
| EQUITY AND LIABILITIES | ||||||
| (1) | EQUITY | |||||
| (B) | Equity Share Capital | 462.61 | 462.61 497.34 |
|||
| (b) | Other Equity ATTRIBUTABLE TO NON CONTROLLING INTEREST |
626.64 | ||||
| (C) | Equity Share Capital | 0.12 | 0.07 | |||
| (d) | Other Equity | (0.10) | (0.07) | |||
| LIABILITIES | ||||||
| (1) | NON-CURRENT LIABILITIES | |||||
| (a) | Financial Liabilities | 769.88 | 636.18 | |||
| (i) Borrowings (ii) Other financial liabilities |
8.43 | 8.43 | ||||
| (b) | Provisions | 50.74 | 65.66 | |||
| (2) | CURRENT LIABILITIES | |||||
| (a) | Financial Liabilities | |||||
| (i) Borrowings | 367.55 136.48 |
927.50 233.74 |
||||
| (ii) Trade Payables (iii)Others |
104.23 | 85.82 | ||||
| (b) | Other current liabilities | 192.18 | 169,85 | |||
| (C) | Provisions | 41.07 | 30.63 | |||
| (d) | Current tax liabilities | 78.00 | ||||
| TOTAL EQUITY & LIABILITIES | 2837.83 | 3117.76 | ||||
| PRN 302137E R K NANDA ç, Partner (M No. 510574) Place : Kolkata Date: 25,06,2021 |
in terms of our report of even date attached For CHATURVEDI & CO. Chartered Accountants STURVED ď $\dot{e}$ FRN: 302137E k $\star$ KOLKATA ري Partered Account Š, |
For and on behalf of the Board of Directors (SUKHEN KUMAR BANDYOPADHYAY) DIRECTOR (FINANCE) & CFO (DIN 08173882) |
||||
$\mathcal{L}^{\text{max}}_{\text{max}}$
| For the year ended 31st March 2021 |
(₹ in Crore) For the year ended 31st March 2020 |
||
|---|---|---|---|
| A. CASH FLOW FROM OPERATING ACTIVITIES : | |||
| NET PROFIT/(LOSS) BEFORE TAX AS PER STAEMENT OF PROFIT AND LOSS Adjusted for: |
87.45 | (537.57) | |
| Depreciation | 140.61 | 35.90 | |
| Provisions charged | 236.82 | 188.66 | |
| Provisions written back | (10.07) | (22.81) | |
| Interest expense | 62.61 | 60.42 | |
| Amortisation | 251.44 | 252.72 | |
| Interest income | (3.01) | (10.22) | |
| Loss / (Profit) on disposal of fixed assets Share of Profit / (Loss) in Joint Venture |
(0.02) | 0.02 | |
| (0.00) | (0.28) | ||
| OPERATING PROFITI (LOSS) BEFORE WORKING CAPITAL CHANGES Adjusted for: |
765.82 | (33.15) | |
| Decrease/ (Increase) in Trade & other Receivables | (86.13) | 279.22 | |
| Decrease/ (Increase) in Inventories | 343.82 | (56.83) | |
| Decrease/ (increase) in Current & Non-Current assets | (37.04) | (37.81) | |
| Increase/ (Decrease) in Current & Non-Current Liabilities | (154.76) | (21.22) | |
| CASH GENERATED FROM OPERATIONS | 831.73 | 130.21 | |
| Taxes paid | (0.07) | (44.24) | |
| NET CASH FROM OPERATING ACTIVITIES | (A) | 831.66 | 85.98 |
| B. CASH FLOW FROM INVESTING ACTIVITIES: | |||
| Purchase of Fixed Assets | (203.20) | (220.95) | |
| Sale of Fixed Assets | 0.22 | 0.12 | |
| Interest received | 3.02 | 10.16 | |
| Investment in Joint Venture / Subsidiary | (0.44) | (0.03) | |
| Mine Development Expenditure | (163.20) | (219.14) | |
| NET CASH USED IN INVESTING ACTIVITIES | (B) | (363.60) | (429.84) |
| C. CASH FLOW FROM FINANCING ACTIVITIES | |||
| Non-Current borrowings / (Loan repaid) | 197.39 | 158.95 | |
| Increase in Other Equity | 0.05 | ||
| Dividends paid | ۰ | (48.11) | |
| Tax on Dividend | (9.89) | ||
| Interest paid | (64.36) | (58.96) | |
| NET CASH USED IN FINANCING ACTIVITIES | (C) | 133.08 | 41.99 |
| NET INCREASE IN CASH AND CASH EQUIVALENTS | $(A + B + C)$ | 601.15 | (301.87) |
| CASH AND CASH EQUIVALENTS - opening balance | (683.01) | (381.14) | |
| CASH AND CASH EQUIVALENTS - closing balance (details in Annexure - A) |
(81.86) | (683.01) |
For Chaturvedi & Co.
Chartered Accountants
FRH 502137E
$\frac{1}{\sqrt{2}}\sum_{i=1}^{n}$
٠, F K NANDA Partner
(M No. 510574)
Place : Kolkata Dated: 25.06.2021
Sukhen Kumar Bandyopadhyay
Director (Finance) & CFO
(DIN : 08173882)
$\hat{\mathcal{L}}$
ANNEXURE - A
(? in Crore)
| l. CASH AND CASH EOUIVALENTS - oponlng b.lanco | 0'U04t2o20 | 01r04r20i 9 |
|---|---|---|
| i) Curent FinancialAsseb - Cash & Cash Equivalents (Not6 13) ii) Cunent Financial Asseb - Bank Balance oth6r that above (Not6 14) (Excluding Unpaid Dividend ot Rs. 15.86 Lakh) |
35 11 1 32 |
6.64 4.08 |
| iii) Cunent Financial Assets - lnvesEnents (Note 11) | 0.09 | 0.09 |
| iv) Non-cunent Financial Assets - Others (Note 6) | 0.26 | o.12 |
| v) Cunent Financial Liabilities - Bonowings (Noto 23) | (6e9.03) | (392.07) |
| (683.01) | (381.14) | |
| CASH AND CASH EQUIVALENTS - closlng balance | 31tO3/2021 | 31t03t2020 |
| i) Current FinancialAssets - Cash & Cash Equivalenb (Note 13) | 8.58 | 35 1 1 |
| ii) Cunent Financial Assets - Bank Balance other that above (Note 14) (Excluding Unpaid Dividend of Rs. '15.47 Lakh) |
2.10 | 4 32 |
| iii) Cunent Financial Assets - lnvesbnents (Note 11) | 0.10 | 0.09 |
| iv) Non-cunent Financial AsseE - Others (Note 6) | 0.'14 | 0.26 |
| v) Current Financial Liabilites - Borowings (NoE 23) | (92.78) | (699.03) |
| (8r.86) | (683.0r) |
- The Cash Flow Statement has be6n prepared as set out in lndian Accounting Standard (lND AS) 7 : STATEMENT OF CASH FLOWS, as amended by Companies (lndian Accounting Standards) (Amendment) Rules 2016.
This is the Cash Flow Statement refenEd to in our report of even data attached.
w
हिन्दुस्तान कॉपर लिमिटेड
HINDUSTAN COPPER LIMITED
CIN No.: L27201WB1967GOI028825
पंजीकृत एवं प्रधान कार्यालय Registered & Head Office
ताम्र भवन TAMRA BHAVAN 1, आशुतोष चौधरी एवेन्यू 1, Ashutosh Chowdhury Avenue, पोर्व्योव्स० P.B. NO. 10224 कोलकाता KOLKATA - 700 019
भारत सरकार का सफ्कम A GOVT. OF INDIA ENTERPRISE
Declaration in respect of Unmodified Opinion on Audited Financial Results of Hindustan Copper Limited (Standalone & Consolidated) for the Financial Year ended 31st March 2021
- Name of the Company
: HINDUSTAN COPPER LIMITED (Standalone & Consolidated)
-
- Financial statements : 31st March 2021 for the period ended
-
- Type of Audit observation : Unmodified
-
- Frequency of observation $: N.A.$
$\rho$ $\Delta$
Attended through VC
(Arun Kumar Shukla) Chairman and Managing Director (DIN: 03324672)
(Pawan Kumar Dhawan) Chairman of Audit Committee (DIN: 07327568)
(S K Bandyopadhyay) Director (Finance) (DIN: 08173882)
For CHATURVEDI & CO. Chartered Accountants Firm Registration No.302137E
CA R K NANDA
Partner Membership No.510574
Place: Kolkata Dated: 25.06.2021
