MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	488178
Report Date :	25.01.2018

IDENTIFICATION DETAILS

Name :	HINDALCO INDUSTRIES LIMITED (w.e.f. 1989)

Formerly Known As :	HINDUSTAN ALUMINIUM CORPORATION LIMITED

Registered Office :	Ahura Centre, 82, 1st Floor, B Wing, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra
Tel. No.:	91-22-6691 7000

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	15.12.1958

Com. Reg. No.:	11-011238

Capital Investment / Paid-up Capital :	INR 2227.200 Million

CIN No.: [Company Identification No.]	L27020MH1958PLC011238

IEC No.:	0388147237

GSTIN:	Not Divulged

TAN No.: [Tax Deduction & Collection Account No.]	MUMH00493D

PAN No.: [Permanent Account No.]	AAACH1201R

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	The Company has two reportable segments viz. Aluminium and Copper Description of each of the reporting segments is as under: i. Aluminium Segment: This part of business manufactures and sells Hydrate and Alumina, Aluminium and Aluminium Products. ii. Copper Segment: This part of business manufactures and sells Copper Cathode, Continuous Cast Copper Rods, Sulphuric Acid, DAP & Complexes, Gold, Silver and other precious metals. (Registered Activity)

No. of Employees :	23679 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A++

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default

Maximum Credit Limit :	USD 1300000000

Status :	Excellent

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is the flagship company of the Aditya Birla group established in the year 1958. It is an integrated aluminium manufacturer, mines bausite and refines it into alumina. It also manufacturers semi-fabricated rolled and extruded products. For the financial year ended 2017, the company has sound operation performance marked by impressive revenue and fair profitability level. The company robust financial profile is reflected by healthy net worth base along with low debt level of the company. The company also continue to derive strength from the leadership position of Hindalco in India’s aluminium industry and being one of the lowest cost producers for aluminium in the world, the highly reputed promoter group (Aditya Birla Group), professionally qualified and experienced management and strong liquidity profile. Share price are quoted high on stock exchange (i.e. share price of INR 261.00 with face value of INR 1). Fundamentals of the company are strong and healthy. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

India

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 25.01.2018

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2016.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

LOCATIONS

Registered Office/ Marketing Head Office / International Marketing / Export Office:	Ahura Centre, 82, 1st Floor, B Wing, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-66917142 /031 / 30 / 37 / 40 /00 / 66917000
Fax No.:	91-22-66917070/ 6691 7001
E-Mail :	hindalco.rkt@rmjsprintrpg.ems.vsnl.net.in ajjhala@hindalco.com pragnyaram@adityabirla.com rkasliwal@adityabirla.com ajjhala@adityabirla.com careers@adityabirla.com sangram@adityabirla.com a.malik@adityabirla.com anil.malik@adityabirla.com prem.arun@adityabirla.com hindalco@adityabirla.com v.pandey@adityabirla.com anil.gupta@adityabirla.com manoj.randive@adityabirla.com jayagopal.a@adityabirla.com sujatha.sheshadri@adityabirla.com Gerald.francis@adityabirla.com
Website :	http://www.hindalco.com www.adityabirla.com

Corporate Office 1/ - Marketing/ Head Office (Copper) 1 :	Aditya Birla Centre, S. K. Ahire Marg, Worli, Mumbai – 400030, Maharashtra, India
Tel No.:	91-22-66525000 / 24995000
Fax No.:	91-22-66525847 / 24995841
Email :	bm.sharma@adityabirla.com
Website:	http://www.birlacopper.com

Marketing Office (Copper) 2:	Aditya Birla Centre, 1^st Floor, D Wing Worli, Mumbai – 400030, Maharashtra, India
Tel. No.:	91-22-66525205 / 24995205
Fax No.:	91-22-66525211 / 24995211
Email :	p.anilkumar@adityabirla.com

Corporate Office 2:	Foil and Packaging Business, Kalwa Works, Thane Belapur Road, Near Vitawa Village, Kalwa, Thane-400 605, Maharashtra, India
Tel. No.:	91-22-25347151
Fax No. :	91-22-24227586
Email :	amalik@adityabirla.com

Domestic Marketing - West Zone	264-265, Vasvani Chambers, 2nd Floor, Dr. Annie Besant Road, Opposite Old Passport Office, Worli, Mumbai - 400 030, Maharashtra, India
Tel. No.:	91-22-49204252
Fax No. :	91-22-49204500
Email :	vijay.c.kamle@adityabirla.com

Regional offices (Chemicals Marketing) - North	Mindmill Corprates Towers, 5^th Floor, 24 A, Film City, Sectorr – 16 A, Noida- 20130, Uttar Pradesh, India
Tel. No.:	91-120-6692100
Fax No. :	91-120-6692105

Regional offices (Chemicals Marketing) - South	Industry House, 2^nd Floor, 45, Race Course Road, Bangalore – 560001, Karnataka, India
Tel. No.:	91-80-40416118

Regional offices (Chemicals Marketing) - East	Jeevan Deep Building 1, 1^st Floor, Prafulla Chandra Sen Sarani, Middleton Street, Kolkata – 700071, West Bengal, India
Tel No.:	91-33-22882680
Email :	rajendra.shingi@adityabirla.com

Regional Office – Aluminum :	Vandhana, 5^th Floor ,11 Tolstoy Marg, New Delhi – 110001, India Tel No.: 91-11-42200204 / 228 / 230 / 271 / 200 Fax No.:91-11-23721595 Industry House, 7^th Floor, 45, Race Course Road, Bangalore – 560001, Karnataka, India Tel No.:91-80-4041 6010 / 21 / 22 / 00 Email: sathish.chandra@adityabirla.com Ashok.k.kumar@adityabirla.com Jeevan Deep Building 1, 2^nd Floor, Prafulla Chandra Sen Sarani, Middleton Street, Kolkata – 700071, West Bengal, India Tel No.: 91-33-22809710 Fax No.:91-33-22886139

Regional Office (North) :	Mindmill Corprates Towers, 5^th Floor, 24 A, Film City, Sectorr – 16 A, Noida- 20130, Uttar Pradesh, India
Tel. No.:	91-120-6692100
Fax No. :	91-120-6692105
Email :	nutan.singh@adityabirla.com

Regional Office (East) :	9th floor, Industry House 10, Camac Street, Kolkata - 700 017, West Bengal, India
Tel. No.:	91-33-2280 9710 / 2288 6135
Fax No. :	91-33-2288 6139
Email :	abhijit.chakraborty@adityabirla.com

Regional Office (West) :	Ahura Centre, 1^st Floor, 82, Mahakali Caves Road, Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-6691 7000 / 31 / 85 / 81
Fax No. :	91-22-6691 7070
Email :	ashish.nema@adityabirla.com

Regional Office (South) :	7th floor, Industry House, 45 Race Course Road, Bangalore - 560001, Karnataka, india
Tel. No.:	91-80-4041 6008
Fax No. :	91-80-2225 3086
Email :	ashok.k.kumar@adityabirla.com

Principal Office and Works / Renusagar Power Division :	District Sonbhadra, P. O. Renukoot – 231217, Mirzapur, Uttar Pradesh, India
Tel. No.:	91-5446-252077-9/ 272501-5
Fax No.:	91-5446-252107 / 252427/ 272382
E-Mail :	hindalco.rkt@adityabirla.com

Birla Copper Division:	P. O. Dahej, Lakhigam, District Bharuch – 392130, Gujarat, India
Tel. No.:	91-2641-256004-06/251009
Fax No.:	91-2641-251002-3
E-Mail :	birlacopper@adityabirla.com

Foil and Wheels Division:	Village Khutli, Khanvel, Silvassa – 396230, Union Territory of Dadara and Nagar Haveli, India
Tel. No.:	91-260-2677021-4
Fax No.:	91-260-2677025

Export Office:	9/1, R. N. Mukherjee Road, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22480949 / 22200464
Fax No.:	91-33-22200214
Email:	hindalco@cal2.vsnl.net.in

Factory :	ALUMINIUM AND POWER Renukoot Plant P.O. Renukoot -231217, District Sonbhadra, Uttar Pradesh, India Tel No.: 91-5446-252077-9 Fax No.:91-5446-252107 P.B. No. 21 Alupuram Kalamassery, Kerala 683 104, India Tel: +91-484-254 2890 / 254 2911 Fax: +91-484-254 1887 Email: vivek.jacob@adityabirla.com Renusagar Power Division P. O. Renusagar, District Sonbhadra, Uttar Pradesh, India Tel No.: 91-5446-272502-5 Fax No.: 91-5446272382 Hirakud Smelter Hirakud 768 016, District Sambalpur, Orissa, India Tel No.: 91-663- 2481307/1452 Fax No.:91-663-2481356 Hirakud Power Post Box No.12, Hirakud 768 016, District: Sambalpur, Orissa Alupuram, India Tel No.: 91-663- 2481307 Fax No.: 91-663- 2481342/365 Mahan Aluminium NH-75-E, Singrauli, Sidhi Road, P.O., Bargawan, District- Singaruli - 486886, Madhya Pradesh, India Tel No.: 07805281014 Aditya Aluminium Lapanga, District Sambalpur – 768212, Orissa, India Tel No.:91- 663-2114424 Fax No.: 91- 663-2590434 Gare Palma IV/4 Coal Mine: Post-Milupara, Tehsil-Tammar,, Disst.- Raigarh-496001 (CG), (Chhattisgarh)-496107, India Gare Palma IV/5 Coal Mine Gare Palma IV/5Underground Coal Mines, Village & Post-Milupara, Tehsil-Tamnar, Dist: Raigarh, (Chhattisgarh)-496107, India Kathautia Coal Mine Kathautia Open Cast Coal Mine, (Koccm), Village-Kathautia,, P.O.-Naudiha, PS,-Pandwa, Dist: Palamau, Jharkhand-822123, India Dumri Coal Mine 103, Commerce Tower, Near Mahavir Tower, Main Road, Ranchi-834001, India Tel: (0651) 2330944/48 Fax: (0651) 2330782 COPPER: Birla Copper Division P.O. Dahej, Lakhigam Post, District. Bharuch – 392 130, Gujarat, India Tel No.: 91-2641- 256004-06/ 251009 Fax No.: 91-2641- 251002-3 CHEMICALS: Muri Alumina Post Chotamuri-835 101, District Ranchi, India Tel No.: : 91-6522- 244396 Fax No.: 91-6522-244231 Belgaum Alumina Village Yamanapur , Belgaum 590 010 39, Karnataka, India Tel No.: 91-831-2472716 Fax No.:91-831-2472728 MINES Durgmanwadi Mines At Post Radhanagri, District: Kolhapur, Maharashtra – 416 212, India Tel No.: 91-2321-260036 Fax No.: 91-2321-260037 Lohardaga Mines District: Lohardaga – 835 302, Jharkhand, India Tel No.: 91-6526-224446 Fax No.: 91-6526-224446 Samri Mines Hindalco Colony , Baba Chowk, Jashpur Mode, AT/PO – Kusmi, Dist. Balrampur – Ramanujganj, Chattisgarh – 497224, India SHEET, FOIL, WHEEL, PACKAGING AND EXTRUSIONS Belur Sheet 39, Grand Trunk Road, Belurmath 711 202, District: Howrah, West Bengal, India Tel No.: 91-33-26547210 Fax No.: 91-33-26549982 Taloja Sheet Plot 2, MIDC Industrial Area, Taloja A.V., District: Raigad, Navi Mumbai – 410 208, Maharashtra, India Tel No. 91-22-27412261/ 66292929 Fax No.: 91-22-27412430 Alupuram Extrusions Alupuram, P.B. No.30, Kalamassery – 683 104, District: Ernakulam, Kerala, India Tel No.: 91-484-2532441 Fax No.: 91-484- 2532468 Mouda Unit Village Dahali, Ramtek Road, Mouda, Nagpur – 441 104, Maharashtra, India Tel No: 91-7115-660777/786 Kollur Works Village- Kollur, Re Puram Mandal, Via Mutangi, Medak District, Andhra Pradesh – 502 300, India Tel No:: 91-8413- 234300/ 234204/05 Fax No.: 91-8455-288829 Hirakud FRP Hirakud, District – Sambalpur -– 768016, Orissa, India Tel No.:91-663-6625000 Fax No.:91-663-2481344

DIRECTORS

As on 31.03.2017

Name :	Mr. Madhukar Manilal Bhagat
Designation :	Director
Address :	13, Kabir Road, Kolkata-700026, West Bengal, India
Date of Appointment :	15.03.1996
DIN No.:	00006245

Name :	Mr. Kumar Mangalam Birla
Designation :	Director
Address :	Mangal Adityayan, 20 Carmichel Road Behind Jaslok Hospital, Mumbai-400026, Maharashtra, India
Date of Appointment :	16.11.1992
DIN No.:	00012813

Name :	Mr. Jagdish Khattar
Designation :	Director
Address :	E-16, Sector-40, Noida, Gautam Budh Nagar, Noida-201301, Uttar Pradesh, India
Date of Appointment :	09.05.2011
DIN No.:	00013496

Name :	Ms. Rajashree Birla
Designation :	Director
Address :	Mangal Adityayan, 20 Carmichel Road, Behind Jaslok Hospital, Mumbai-400026, Maharashtra, India
Date of Appointment :	15.03.1996
DIN No.:	00022995

Name :	Mr. Askaran Agarwal
Designation :	Director
Address :	Flat No 3, Haveli, L.D Ruparel Marg, Mumbai – 400006, Maharashtra, India
Date of Appointment :	11.09.1998
DIN No.:	00023684

Name :	Mr. Kailash Nath Bhandari
Designation :	Director
Address :	5, New Power House Road, Sector - 7 Jodhpur-342001, Rajasthan, India
Date of Appointment :	30.01.2006
DIN No.:	00026078

Name :	Mr. Debnarayan S Bhattacharya
Designation :	Managing Director
Address :	13th Floor, Navroz Apartment, 35, Bhulabhai Desai, Mumbai-400026, Maharashtra, India
Date of Appointment :	01.10.2008
DIN No.:	00033553

Name :	Mr. Girish Mohanlal Dave
Designation :	Director
Address :	Dave and Girish and Company Advocates, 1st Floor, Sethna Building, 55 Maharshi Karve Road, Marine Lines, Mumbai-400002, Maharashtra, India
Date of Appointment :	28.05.2016
DIN No.:	00036455

Name :	Mr. Praveen Kumar Maheshwari
Designation :	Wholetime Director
Address :	2201 Springs Island City Centre, G D Ambedkar Marg, Dadar East, Mumbai-400014, Maharashtra, India
Date of Appointment :	28.05.2016
DIN No.:	00174361

Name :	Mr. Yazdi Dandiwala
Designation :	Director
Address :	C-11 Meherzin Wodehouse Road, Colaba Mumbai-400005, Maharashtra, India
Date of Appointment :	14.08.2015
DIN No.:	01055000

Name :	Mr. Ram Charan
Designation :	Director
Address :	12655, N C Expwy #103 Dallas Tx 75243 Dallas 75243 US
Date of Appointment :	12.02.2011
DIN No.:	03464530

Name :	Mr. Satish Pai
Designation :	Whole time Director
Address :	The Imperial South Tower, Apartmnet#4202, B.B. Nakashe MarG, Tardeo, Mumbai-400034, Maharashtra, India
Date of Appointment :	13.08.2013
DIN No.:	06646758

KEY EXECUTIVES

Name :	Mr. Anil Kumar Kishan Malik
Designation :	Company Secretary
Address :	F-623, Ekta Woods, Raheja Estate, Kulupwadi Road, Borivali, Mumbai-400066, Maharashtra, India
Date of Appointment :	06.04.2004
PAN	ADHPM2865R

Name :	Mr. Praveen Kumar Maheshwari
Designation :	Chief Finance Executive
Address :	2201, Springs Island City Centre, G D Ambedkar Marg, Dadar East, Mumba – 400014, Maharashtra, India
PAN	AAJPM4103D
Date of Appointment :	14.08.2014

Name :	Mr. Kumar Mangalam Birla
Designation :	Chairman
Address :	16-A, IL-Palazzo, Little Gibbs Road, Mumbai – 400 006, Maharashtra, India
Qualification :	A.C.A, M.B.A.
Date of Birth :	14.06.1967
Date of Appointment :	16.11.1992

Name :	Mr. Prem
Designation :	Manager

CORPORATES :
Name :	Mr. V. R. Shankar
Designation :	President and Head-Legal

Name :	Mr. Samik Basu
Designation :	Chief Human Resource Officer

Name :	Mr. Chandan Agrawal
Designation :	Chief Strategy Offi cer

BUSINESS / UNIT HEAD:
Name :	Mr. Jagdish Chandra Laddha
Designation :	Group Executive President, Copper Business

Name :	Mr. Rajesh Gupta
Designation :	Senior President and Cluster Head (Aditya and Hirakud Units)

Name :	Mr. Devotosh K. Das
Designation :	Chief Marketing Officer, Aluminium

Name :	Mr. Sanjay Sehgal
Designation :	President (Chemicals)

Name :	Mr. Satish Jajoo
Designation :	Chief Operating Officer (Renukoot, Renusagar and Mahan Units)

Name :	Mr. B. Arun Kumar
Designation :	President (Operations)

Name :	Mr. Pramod Unde
Designation :	President (Mining and Minerals)

NOVELIS INC
Name :	Mr. Steve Fisher
Designation :	President and Chief Executive Officer

UTKAL ALUMINA INTERNATIONAL LIMITED
Name :	Mr. Nagesh Narisetty,
Designation :	President and Unit Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on December 2017

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares


(A) Promoter & Promoter Group	763797188	34.67
(B) Public	1328709676	65.33
Grand Total	2092506864	100.00

Statement showing shareholding pattern of the Promoter and Promoter Group

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares


A1) Indian		0.00
Individuals/Hindu undivided Family	2398696	0.11
KUMAR MANGALAM BIRLA	901635	0.04
NEERJA BIRLA	114640	0.01
RAJASHREE BIRLA	612470	0.03
VASAVADATTA BAJAJ	121319	0.01
ADITYA VIKRAM KUMARMANGALAM BIRLA HUF	648632	0.03
Any Other (specify)	761398492	33.92
ADITYA BIRLA NUVO LIMITED	33506337	1.49
BIRLA GROUP HOLDINGS PRIVATE LIMITED	6731467	0.30
BIRLA INSTITUTE OF TECHNOLOGY AND SCIENCE	21583090	0.96
GLOBAL HOLDINGS PRIVATE LIMITED	6336	0.00
GRASIM INDUSTRIES LIMITED	54542475	2.43
IGH HOLDINGS PRIVATE LIMITED	349963487	15.60
MANAV INVESTMENT AND TRADING COMPANY LIMITED	672571	0.03
PILANI INVESTMENT AND INDUSTRIES CORPORATION	29185398	1.30
TGS INVESTMENT AND TRADE PRIVATE LIMITED	4485249	0.20
TRAPTI TRADING AND INVESTMENTS PRIVATE LIMITD	93063124	4.15
TURQUOISE INVESTMENTS AND FINANCE PRIVATE LIMITED	124012468	5.53
UMANG COMMERCIAL COMPANY PRIVATE LIMITED	27330360	1.22
TRUSTEE HOLDING SHARES UNDER THE SCHEME OF MERGER OF HIL/IGCL/IGFL ON BEHALF OF HINDALCO	16316130	0.73
Sub Total A1	763797188	34.02
A2) Foreign		0.00
Any Other (specify)	14542309	0.65
PT INDO BHARAT RAYON	9633890	0.43
PT SUNRISE BUMI TEXTILES	3004167	0.13
PT ELEGANT TEXTILE INDUSTRY	1902752	0.08
SURYA KIRAN INVESTMENTS PTE LIMITED	1500	0.00
Sub Total A2	14542309	0.65
A=A1+A2	763797188	34.67

Statement showing shareholding pattern of the Public shareholder

Category & Name of the Shareholders	No. of fully paid up equity shares held	Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)


B1) Institutions	0	0.00
Mutual Funds/	196858270	8.77
Foreign Portfolio Investors	667174505	29.72
Financial Institutions/ Banks	2775416	0.12
Insurance Companies	172436219	7.68
LIFE INSURANCE CORPORATION OF INDIA & ITS ASSOCIATE FUNDS	157354526	7.01
Sub Total B1	1039244410	46.29
B2) Central Government/ State Government(s)/ President of India	0	0.00
Central Government/ State Government(s)/ President of India	345520	0.02
Sub Total B2	345520	0.02
B3) Non-Institutions	0	0.00
Individual share capital upto INR 0.200 Million	118455565	5.28
Individual share capital in excess of INR 0.200 Million	11395825	0.51
Overseas Depositories (holding DRs) (balancing figure)	0	6.14
J P MORGAN CHASE BANK AS DEPOSITORY	0	6.14
Any Other (specify)	159268356	7.09
BAJAJ ALLIANCE LIFE INSURANCE COMPANY	25006611	1.11
Sub Total B3	289119746	19.02
B=B1+B2+B3	1328709676	65.33

BUSINESS DETAILS

Line of Business :

The Company has two reportable segments viz. Aluminium and Copper

Description of each of the reporting segments is as under:

i. Aluminium Segment: This part of business manufactures and sells Hydrate and Alumina, Aluminium and Aluminium Products.

ii. Copper Segment: This part of business manufactures and sells Copper Cathode, Continuous Cast Copper Rods, Sulphuric Acid, DAP & Complexes, Gold, Silver and other precious metals. (Registered Activity)

Products :

Item Code No.	Product Description
24202	Aluminium and Aluminium Products
24201	Copper and Copper Products

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Reference :	Not Available
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

23679 (Approximately)

Bankers :

Bank Name	Axis Bank Limited
Branch	Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

UCO Bank, Mumbai, Maharashtra, India
State Bank of India, Mumbai, Maharashtra, India
Allahabad Bank, Mumbai, Maharashtra, India
American Express Bank Limited, Mumbai, Maharashtra, India
Bank of America, Mumbai, Maharashtra, India
Citibank N. A., Mumbai, Maharashtra, India
ABN Amro Bank N.V., Mumbai, Maharashtra, India
Union Bank of India, Mumbai, Maharashtra, India
IDBI Bank Limited, Mumbai, Maharashtra, India
Hong Kong and Shanghai Banking Corporation Limited
Standard Chartered Grindlays Bank, Plc, 19, N. S. Road, Kolkata, West Bengal, India

Facilities :

Secured Loan

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Long-term Borrowings

Debentures

59873.300

60000.000

Term Loans:

From Banks

119055.800

173808.500

Foreign Currency Term Loans

2527.600

0.000

From Financial Institutions Rupee Term Loans

901.000

0.000

Foreign Currency Term Loans

1258.000

0.000

Finance Lease Obligation

295.100

0.000

From Other Parties

0.000

5142.700

Short-term borrowings

From Banks:

Cash Credit, Export Credit, etc. - (a)

685.000

966.600

Total

184595.800

239917.800

Note:

Long-term Borrowings

5987* Current maturities of long-term borrowings disclosed under the head “Other Current Liabilities”.

(a) Debentures comprise of the following:

	INR Million	Redemption Date
15,000 9.60% Redeemable Non-Convertible Debentures of INR 10 lac each	INR 15000.000 Million	2 August, 2022
15,000 9.55% Redeemable Non-Convertible Debentures of INR 10 lac each	INR 15000.000 Million	27th June, 2022
30,000 9.55%Redeemable Non-Convertible Debentures of INR 10 lac each	INR 30000.000 Million	25 April, 2022

All the above Debentures are secured by all the moveable, both present and future (except moveable assets of Mahan Aluminium Project, Aditya Aluminium Project, Kalwa Plant, Silvassa Plant and Current Assets), and certain immovable properties of the Company.

The term loans from banks of INR 63621.600 million (gross) are secured by a first ranking charge/ mortgage/ security interest in respect of all the moveable fixed assets and all the immoveable properties of Mahan Aluminium Project, both present and future. These term loans are to be repaid in 60 quarterly instalments commencing from 30 June,2015 with 40% repayment falling due in first 9 years and balance 60% in last 6 years of the tenor. During the year, the Company has prepaid INR 3338.800 million of loan comprising of both the banks covering period from March 2017 to March 2020. The Company has sent prepayment notice to Banks to prepay INR 35045.100 million in April 2017 which has been defined as current. ii The term loan of INR 90551.700 million (gross) is secured by a first ranking charge/ mortgage/security interest in respect of all the moveable and immovable fixed assets of Aditya Aluminium Project both present and future. This loan is to be repaid in 60 quarterly instalments commencing from December,2015 with 45% repayment falling due in first 9 years and balance 55% in last 6 years of the tenor. During the year, the Company has prepaid INR 6889.800 million of loan from banks and covering period from November, 2016 to February, 2020.

iii The Company has a sanctioned term loan with a group of Indian bankers up to INR 20000.000 million out of which INR 10000.000 million (Axis Bank INR 1500.000 million., Central Bank of India INR 2000.000 million, IDFC Bank INR 2500.000 million, State Bank of Mysore INR 1000.000 million, State Bank of Hyderabad INR 1000.000 million, State Bank of Patiala INR 500.000 million and HDFC Bank INR 1500.000 million) has been drawn on 31st March, 2016. This loan is secured by a second ranking charge/ mortgage/security interest in favour of Axis Trustee Services Ltd., in respect of all the moveable and immovable fixed assets of Mahan Aluminium and Aditya Aluminium both present and future. However, the Company has not yet created security on immovable fixed assets of Mahan Aluminium and Aditya Aluminium, both present and future. However, the Company has not yet created security on immovable assets of Aditya Aluminium due to no-receipt of permission from Odisha Industrial Infrastructure Development Corporation. During the year the Company has surrendered the undrawn facility of INR 10000.000 million. This loan is repayable in 8 equal quarterly instalments commencing from 31 March, 2019, however, the Company has served notice to prepay INR 10000.000 million in April 2017. This amount has been defined which has been defined as current maturities of long term debt and presented under current financial liabilities.

Short Term Borrowing

(a) Working Capital Loan for Aluminium Business, granted under the Consortium Lending Arrangement, are secured by a first pari passu charge on entire stocks of raw materials, work-in-process, finished goods, consumable stores and spares and also book debts pertaining to the Company’s Aluminium business, both present and future. Working Capital Loan of State Bank of India for the Copper business is secured by a first pari passu charge by way of hypothecation of stocks of raw materials, work-in-process, finished goods and consumable stores and spares and also book debts and other moveable assets of Copper business, both present and future.

Auditors 1:
Name :	Warehouse and Company Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai – 400028, Maharashtra, India
Tel. No.:	91-22-66691500
E-Mail :	91-22-66547804/ 07

Auditors 2:
Name :	Singhi and Company Chartered Accountants
Address :	161, Sarat Bose Road, Kolkata - 700026, West Bengal, India
Tel. No.:	91-33-24196000
Mobile No.:	91-9836233222
E-Mail :	kolkata@singhico.com
Website :	www.singhico.com

Cost Auditor:
Name :	R. Nanabhoy and Company
Address :	Mumbai, Maharashtra, India

Memberships :	Not Available

Collaborators :	Not Available

Subsidiaries :	Hindalco Guinea SARL Minerals & Minerals Limited Utkal Alumina International Limited Utkal Alumina Technical and General Services Limited Suvas Holdings Limited Renukeshwar Investments & Finance Limited Renuka Investments & Finance Limited Dahej Harbour and Infrastructure Limited Lucknow Finance Company Limited Hindalco-Almex Aerospace Limited Hindalco do Brasil Industria e Comercio de Alumina Ltda Tubed Coal Mines Limited East Coast Bauxite Mining Company Private Limited Mauda Energy Limited A V Minerals (Netherlands) N.V. A V Metals Inc. Novelis Inc. Novelis (India) Infotech Limited 4260848 Canada Inc. 4260856 Canada Inc. 8018227 Canada Inc. Novelis Corporation (Texas) Logan Aluminium Inc. ( Delaware) Novelis Acquisitions LLC Novelis Holdings Inc Novelis South America Holdings LLC Novelis do Brasil Ltda Novelis Lamines France SAS Novelis PAE SAS Novelis Aluminium Beteiligungsgesellschaft mbH Novelis Deutschland GmbH Novelis Sheet Ingot GmbH (Germany) Novelis Aluminium Holding Company Novelis Italia SpA Novelis de Mexico SA de CV Novelis Korea Limited Novelis AG (Switzerland) Novelis Switzerland SA Novelis UK Limited Novelis Europe Holdings Limited Novelis Services Limited Novelis (Shanghai) Aluminium Trading Company Novelis (China) Aluminium Products Co. Limited Novelis MEA Ltd (Dubai) Novelis Vietnam Company Limited Brecha Energetica Ltda Novelis Services (North America) Inc Novelis Global Employment Organization (GEO) – Repurpose of Eurofoil and PAE Delaware

Associates	Aluminium Norf GmbH Deutsche Aluminium Verpackung Recycling GmbH France Aluminium Recyclage SA Aditya Birla Science and Technology Company Private Limited Idea Cellular Limited

Joint Ventures:	Mahan Coal Limited Hydromine Global Minerals (GmbH) Limited MNH Shakti Limited

Trust of the Company:	Trident Trust

CAPITAL STRUCTURE

After: 13.09.2017

Authorised Capital: INR 2550.000 million

Issued Capital: INR 2244.944 million

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

2500000000	Equity Shares	INR 1/- each	INR 2500.000 Million
25000000	Redeemable Cumulative Preference Shares	INR 2/- each	INR 50.000 Million
			INR 2550.000 Million

Issued Capital :

No. of Shares	Type	Value	Amount

2243807736	Equity Shares	INR 1/- each	INR 2243.800 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2243800339	Equity Shares	INR 1/- each	INR 2243.800 Million
546249	Less: Face Value of Equity Shares forfeited		INR 0.500 Million
	Add: Forfeited Shares (Amount originally Paid-up)		INR 0.200 Million
	Total		INR 2243.500 Million
16316130	Less: Treasury Shares	INR 1/- each	INR 16.300
	Total		INR 2227.200 Million

(a) Issued Share Capital as at 31/03/2017 includes 7,397 Equity Shares (as at 31/03/2016 7,397 Equity Shares and as at 01/04/2015 7,397 Equity Shares) of INR 1/- each issued on Rights basis kept in abeyance due to legal case pending.

(b) Treasury shares are held by Trident Trust which represents 16,316,130 equity shares of INR 1/- each fully paid-up of the Company issued, pursuant to a Scheme of Arrangement approved by the Hon’ble High Courts of Mumbai and of Allahabad, vide their Orders dated 31st October, 2002, and 18th November, 2002, respectively, to the Trident Trust, created wholly for the benefit of the Company and is being managed by trustees appointed by it. The tenure of the Trust is up to January 23, 2024.

(b) Reconciliation of Shares Outstanding at the beginning and at the end of the reporting period:

Equity Shares	Number of Shares	INR In Million
Shares outstanding at the beginning of the year	2048669630	2048.900
Shares allotted pursuant to exercise of ESOP	1440671	1.400
Equity Shares Outstanding at the end of the period	2226937960	2227.200

(c) Rights, Preferences and Restrictions attached to Equity Shares:

(d) On 9th March, 2017, the Company has issued and allotted 17,68,27,659 Equity Shares of INR 1/- each at an issue price of INR 189.45 per share to raise INR 33500.00 Crore by way of Qualifi ed Institutional Placement (“QIP”) under Chapter VIII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and Section 42 of the Companies Act, 2013 read with Rule 14 of the Companies (Prospectus and Allotment of Securities Rules, 2014). Expenses related to the issue amounting to INR 42.67 Crore have been adjusted against Securities Premium. Use of the net proceeds of the Qualifi ed Institutional Placement is intended for business purposes such as meeting working capital requirements, repayment or prepayment of debt, exploring acquisition opportunities and general corporate purposes. Pending utilisation, the proceeds (net of issue expenses) have been invested in short term liquid investments and included in Cash and Cash Equivalents as at 31/03/2017. However, the entire amount has since been utilised for prepayment of long term debt. (e) Rights, preferences and restrictions attached to Equity Shares: The Company has one class of equity shares having a par value of INR 1/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

(d) Details of shareholders holding more than 5% Equity Shares in the Company on reporting date:

Name of Shareholder	Number of Shares	% holding
IGH Holdings Private Limited	349963487	15.60
Turquoise Investment and Finance Limited	124012468	5.53
Morgan Guaranty Trust Company of New York (represents GDRs)	152946895	6.82
Life Insurance Corporation of India and its Associates Funds	205527350	9.16

(e) Shares Reserved for Issue under Options:

The Company has reserved equity shares for issue under the Employee Stock Option Schemes.

(f) The Company during the preceding 5 years:

i. Has not allotted shares pursuant to contracts without payment received in cash.

ii. Has not issued shares by way of bonus shares.

iii Has not bought back any shares.

(i) The Board of Directors of the Company has recommended dividend of INR 1.10 per share for the year ended

31st March, 2017.

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2227.200	2065.200	2065.200
(b) Reserves & Surplus	471098.400	368613.700	370487.400
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	473325.600	370678.900	372552.600

(3) Non-Current Liabilities
(a) long-term borrowings	183919.500	238960.400	229738.500
(b) Deferred tax liabilities (Net)	12316.700	16792.500	17482.800
(c) Other long term liabilities	4879.800	5778.600	4746.300
(d) long-term provisions	4533.200	5539.400	4559.000
Total Non-current Liabilities (3)	205649.200	267070.900	256526.600

(4) Current Liabilities
(a) Short term borrowings	42299.800	46409.900	56755.300
(b) Trade payables	52851.100	39440.000	36516.500
(c) Other current liabilities	86326.300	24997.500	26781.300
(d) Short-term provisions	2769.500	12669.700	10874.100
Total Current Liabilities (4)	184246.700	123517.100	130927.200

TOTAL	863221.500	761266.900	760006.400

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	340177.100	327005.700	260358.700
(ii) Intangible Assets	3665.700	1129.100	240.200
(iii) Capital work-in-progress	7115.400	30832.700	107436.100
(iv) Intangible assets under development	0.100	3.300	0.200
(b) Non-current Investments	204791.700	147973.300	147817.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	505.300	12000.800	14547.300
(e) Other Non-current assets	11068.600	800.800	314.400
Total Non-Current Assets	567323.900	519745.700	530714.400

(2) Current assets
(a) Current investments	88527.800	76695.300	64689.300
(b) Inventories	92680.300	84121.100	88212.300
(c) Trade receivables	18728.300	20185.200	18321.800
(d) Cash and cash equivalents	43351.800	2178.200	9841.800
(e) Short-term loans and advances	1798.200	43008.700	38796.700
(f) Other current assets	50811.200	15332.700	9430.100
Total Current Assets	295897.600	241521.200	229292.000

TOTAL	863221.500	761266.900	760006.400

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	393831.200	343176.600	345250.300
	Other Income	10051.700	10662.100	8822.100
	TOTAL	403882.900	353838.700	354072.400

Less	EXPENSES
	Cost of Materials Consumed	210182.200	192094.500	210562.900
	Purchases of Stock-in-Trade	891.100	14.800	370.400
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(11001.600)	1917.000	678.100
	Excise Duty	24465.100	0.000	0.000
	Employees benefits expense	17521.200	16980.600	15894.800
	Power and Fuel	58986.700	65080.600	52007.700
	Exceptional Items	(848.900)	0.000	5777.000
	Other expenses	44651.300	33907.500	31571.200
	TOTAL	344847.100	309995.000	316862.100

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	59035.800	43843.700	37210.300

Less	FINANCIAL EXPENSES	23228.700	23747.600	16370.900

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	35807.100	20096.100	20839.400

Less/ Add	DEPRECIATION/ AMORTISATION	14279.700	12770.000	8370.300

	PROFIT/ (LOSS) BEFORE TAX	21527.400	7326.100	12469.100

Less	TAX	5958.500	1253.600	3217.500

	PROFIT/ (LOSS) AFTER TAX	15568.900	6072.500	9251.600

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports		124898.500	133344.500
	Others		8.300	28.600
	TOTAL EARNINGS	156640.000	124906.800	133373.100

	IMPORTS
	Raw Materials	NA	150896.200	175713.900
	Coal and Fuel	NA	6282.600	6528.900
	Trading Goods	NA	0.000	370.400
	Components and Stores parts	NA	1409.300	736.600
	Capital Goods	NA	14388.500	1406.400
	TOTAL IMPORTS	NA	172976.600	184756.200

	Earnings / (Loss) Per Share (INR)	7.55	2.94	4.48

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	45278.200	2312.600	3571.900
Cash generated from operations	57897.400	40275.800	12790.800
Net cash flow from operating activity	58976.000	36406.600	10292.700

QUARTERLY RESULTS

Particulars	30.06.2017 (Unaudited)	30.09.2017 (Unaudited)
	1^st Quarter	2^nd Quarter
Net Sales	104070.400	103082.100
Total Expenditure	92593.200	89183.500
PBIDT (Excl OI)	11477.200	13898.600
Other Income	2563.300	1872.300
Operating Profit	14040.500	15770.900
Interest	4877.600	4836.100
Exceptional Items	(1044.000)	(1055.200)
PBDT	8118.900)	9879.600
Depreciation	3791.500	3803.600
Profit Before Tax	4327.400	6076.000
Tax	1431.400	2146.100
Provisions and contingencies	NA	NA
Profit After Tax	2896.000	3929.900
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	2895.100	3928.500

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days [Sundry Debtors / Income * 365]	17.36	21.47	19.37

Account Receivables Turnover [Income / Sunday Debtors]	21.03	17.00	18.84

Average Payment Days [Sundry Creditors / Purchases * 365]	91.39	74.93	63.19

Inventory Turnover [Operating Income / Inventories]	0.64	0.52	0.42

Asset Turnover [Operating Income / Net Fixed Assets]	0.17	0.12	0.10

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.48	0.48	0.48

Debt Equity Ratio (Total Liability / Networth)	0.57	0.78	0.78

Current Liabilities to Networth (Current Liabilities / Net Worth)	0.39	0.33	0.35

Fixed Assets to Networth (Net Fixed Assets / Networth)	0.74	0.97	0.99

Interest Coverage Ratio (PBIT / Financial Charges)	2.54	1.85	2.27

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	3.95	1.77	2.68

Return on Total Assets ((PAT / Total Assets) * 100)	%	1.80	0.80	1.22

Return on Investment (ROI) ((PAT / Networth) * 100)	%	3.29	1.64	2.48

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.61	1.96	1.75

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.10	1.27	1.08

G-Score Ratio Financial (Networth / Total Assets)	0.55	0.49	0.49

G-Score Ratio Debt (Debts / Equity Capital)	121.90	139.30	140.45

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.61	1.96	1.75

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	INR 1.00/-
Market Value	INR 261.00/-

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	2065.200	2065.200	2227.200
Reserves & Surplus	370487.400	368613.700	471098.400
Net worth	372552.600	370678.900	473325.600

Long Term borrowings	229738.500	238960.400	183919.500
Short Term borrowings	56755.300	46409.900	42299.800
Current Maturities of Long term debt	3571.900	2312.600	45278.200
Total borrowings	290065.700	287682.900	271497.500
Debt/Equity ratio	0.779	0.776	0.574

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	345250.300	343176.600	393831.200
		(0.601)	14.761

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	345250.300	343176.600	393831.200
Profit	9251.600	6072.500	15568.900
	2.68%	1.77%	3.95%

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2227.200	2065.200
(b) Reserves & Surplus	458360.800	382072.800
(c) Money received against share warrants		0.000

(2) Minority Interest	0.000	3888.000
(3) Net Controlling Interest	62.300	0.000
Total Shareholders’ Funds (1) + (2)	460650.300	388026.000

(3) Non-Current Liabilities
(a) long-term borrowings	518552.900	581761.600
(b) Deferred tax liabilities (Net)	28665.600	33303.400
(c) Other long term liabilities	10682.700	7977.000
(d) long-term provisions	69601.500	73550.100
Total Non-current Liabilities (3)	627502.700	696592.100

(4) Current Liabilities
(a) Short term borrowings	65959.300	87685.900
(b) Trade payables	178576.000	141221.000
(c) Other current liabilities	122179.500	69433.100
(d) Short-term provisions	10237.200	18656.200
Total Current Liabilities (4)	376952.000	316996.200

TOTAL	1465105.000	1401614.300

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	639164.100	631247.400
(ii) Intangible Assets	207703.900	175349.100
(iii) Capital work-in-progress	17408.800	40576.400
(iv) Intangible assets under development	729.800	1437.700
(b) Non-current Investments	62057.200	65583.600
(c) Deferred tax assets (net)	8497.900	15997.700
(d) Long-term Loan and Advances	1511.500	15219.000
(e) Other Non-current assets	16050.500	5013.600
Total Non-Current Assets	953123.700	950424.500

(2) Current assets
(a) Current investments	89517.600	77655.100
(b) Inventories	182913.600	167309.600
(c) Trade receivables	82748.000	79413.500
(d) Cash and cash equivalents	82611.700	43120.200
(e) Short-term loans and advances	1846.600	48313.600
(f) Other current assets	72343.800	35377.800
Total Current Assets	511981.300	451189.800

TOTAL	1465105.000	1401614.300

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	1026314.500	1000421.600
	Other Income	11110.000	12153.000
	TOTAL	1037424.500	1012574.600

Less	EXPENSES
	Cost of Materials Consumed	583966.300	581009.500
	Purchases of Stock-in-Trade	891.100	14.800
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(28243.900)	12852.200
	Excise Duty	24476.700	0.000
	Employees benefits expense	85460.100	82383.400
	Power and Fuel	85149.700	93169.200
	Impairment Loss/(Reversal) (Net)	115.400	1606.300
	Share in profit/(loss) in Equity Accounted Investments	251.400	0.000
	Exceptional Items	76.400	5765.300
	Other expenses	150140.600	143077.200
	TOTAL	902283.800	919877.900

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	135140.700	92696.700

Less	FINANCIAL EXPENSES	57424.400	50489.400

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	77716.300	42207.300

Less/ Add	DEPRECIATION/ AMORTISATION	44572.400	41265.600

	PROFIT/ (LOSS) BEFORE TAX	33143.900	941.700

Less	TAX	14320.900	493.600

	PROFIT/(LOSS) FOR THE YEAR	18823.000	448.100

	Earnings / (Loss) Per Share (INR)	9.22	0.22

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	Litigations that the firm/promoter involved in	---
32	Market information	--
33	Payments terms	No
34	Negative Reporting by Auditors in the Annual Report	No

MANAGEMENT DISCUSSION AND ANALYSIS

HINDALCO: Excellence by Design Hindalco Industries Limited, the metals Flagship Company of Aditya Birla Group (ABG), is amongst the industry leader in aluminium and copper segments. With a consolidated turnover of around USD 15 billion, Hindalco is the world’s largest aluminium rolling company and one of Asia’s major integrated producers of primary aluminium. Its state-of-the-art copper facility is one of the world’s largest custom smelters at a single location. During the year accelerated deleveraging, supported by strong business performance, helped significantly to improve the consolidated Net Debt to EBITDA of the Company.

BUSINESS PERFORMANCE REVIEW:

ALUMINIUM INDIA

INDUSTRY REVIEW:

Global primary aluminium consumption touched around 60 million tonnes, thus witnessing a growth of 5.0 percent in CY16 compared to a growth of 4.0 percent in Calendar Year 2015 (CY15). Demand growth in China witnessed a marginal recovery, growing at 7.0 percent in CY16 from 6.0 percent in CY15, due to stimulus provided by the government. China continued to be the largest consumer of the metal, accounting for more than 50 percent of the total global consumption. Global consumption, excluding China (i.e. ROW) also accelerated from a marginal growth of around 1.0 percent in CY15 to around 3.0 percent in CY16. Regions like Japan (up by 3.0 percent) and Europe (up by 3.0 percent) were major drivers of demand in CY16 whereas, demand growth in North America marginally moderated to around 1.8 percent in CY16 from 2.5 percent in CY15.

On the other hand, the growth in global primary aluminium production significantly moderated to around 3.5 percent in CY16 from 5.5 percent in CY15. Large-scale production curtailment in the U.S. was the major cause of the production slowdown in CY16. China also faced moderation in the beginning of the year, but recovered as the year progressed, on account of strong government stimulus. On the contrary, production in ROW grew from around 1.8 percent in CY15 to around 2.4 percent in CY16, on the back of production recovery from Central & South America, Russia and Canada.

In the Indian market, primary aluminium production maintained robust growth momentum for the third consecutive year in a row. In FY17, production registered a growth of 17 percent as compared to 19 percent in FY16 and 18 percent in FY15. However, primary producers’ share in domestic market sales reduced to 47 percent in FY17 from 49 percent in FY16. Overall aluminium consumption growth in India moderated to 1.5 percent in FY17 as against a growth of 14 percent in FY16. Disaggregating the demand at sectoral level, only transport sector witnessed a growth of around 15 percent in FY17, whereas, rest of the sectors registered slow demand growth during the same period. On the other hand, imports touched 1.8 million tonnes in FY17 (up by 5.0 percent) including 931 KT of scrap and 247 KT from FTA countries as against 1.7 million tonnes including 867 KT of scrap and 212 KT from FTA countries in FY16. Moreover, in value added and downstream segments, Indian market continued to be under pressure from low cost imports from China. In FY17, LME was on an upward trend as compared to FY16. The trend was supported by firm global demand, acceleration in cost of production driven by higher coal and alumina prices. Further, Chinese cost escalations accentuated due to logistical bottlenecks, which impacted local availability of raw materials like coal and alumina. Post the U.S elections, LME prices in aluminium witnessed a rally due to expected boost on infrastructure development by the new President. In Q4FY17, further rally in LME was majorly driven by announcement of environment-led closures and supply side reforms by the Chinese government. Premiums in FY17 remained at low levels, in September 2016 premiums fell to a record low versus the past few years. However, premiums started to recover from November 2016 due to supportive demand, price outlook and low inventory level in LME warehouses.

COPPER

INDUSTRY REVIEW:

The LME price of copper in first half of CY16 was subdued. However, with the surge in Chinese sentiments, supply disruption in the period from July 2016 to September 2016 and expected boost on infrastructure spending in U.S supported copper LME in Q4 CY16. Refined copper consumption growth recovered from a dismal growth of around 1.2 percent in CY15 to around 2.5 percent in CY16, majorly driven by Chinese consumption. In CY16, consumption in China registered a growth of around 4.5 percent as against a growth of 3.8 percent in CY15 on account of demand generated from power sector, air conditioning industry and auto sector. Global growth excluding China (ROW) recovered from a decline of around 0.9 percent in CY15 to a marginal growth of 0.7 percent in CY16. Recovery in demand was witnessed in Asia excluding China, North America and Europe whereas, demand in Brazil and Russia continued to decline in CY16. Demand growth in domestic market declined by 3.0 percent in FY17 as compared to a growth of 18 percent in FY16. The decline in overall demand was majorly driven by the sluggish economic activities especially industrial sector in second half of FY17.

STANDALONE FINANCIAL STATEMENT:

REVENUE

• Hindalco’s standalone revenue in FY17 stood at INR 393830.000 Million as compared with INR 367130.000 Million in FY16 mainly to due increase in Aluminium volume and realization.

EBITDA

• The company achieved a record standalone EBITDA (Earnings before Interest, Tax, Depreciation and Amortization) of INR 58190.000 Million, up 35 percent as compared to the previous year. The robust performance was achieved on the back of higher Aluminium volumes with favourable macros and stable plant operations with lower input cost across businesses. Other Income at INR 8900.000Million in FY17 was higher as compared to INR 8490.000 Million in FY16, up by 5 percent mainly due to higher treasury corpus and improved yields.

Finance Cost

• Finance costs reduced from INR 23900.000 Million in FY16 Net Profit

• Net profit stood at INR 15570.000 Million in FY17, up by 182 percent as compared to INR 5520.000 Million in FY16.

COMPANY OVERVIEW

The Company was incorporated in India in the year 1958 having its registered office at Century Bhavan, 3rd Floor, Dr. Annie Besant Road, Worli, Mumbai 400 030. The Company has two main stream of business Aluminium and Copper. In Aluminium, the Company caters to the entire value chain starting from mining of bauxite and coal through production of value added products for various application. The Company also has one of the largest single location Copper smelting facility in India. The equity shares of the Company are listed on the Indian Stock Exchanges (National Stock Exchange & Bombay Stock Exchange) and GDRs are listed on the Luxemburg Stock Exchange.

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Deferred Payment Liabilities	8.700	9.200

Short-term borrowings
Loans and Advances from Related Parties	0.000	1005.000
From Banks:
Buyers Credit and Packing Credit	41614.800	44438.300
Total	41623.500	45452.500

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G53217766	100122189	AXIS TRUSTEE SERVICES LIMITED	31/08/2017	-	-	4029906973.0	AXIS HOUSE, BOMBAY DYEING MILLSCOMPOUND, PANDHURANG BUDHKAR MARG, WORLIMUMBAIMH400025IN
2	G04081535	10627767	Axis Bank Limited	05/03/2016	28/03/2016	-	98450000000.0	Axis House, 2nd Floor, Wadia International Centre,Pandurang Budhkar Marg, WorliMumbaiMH400025IN
3	G04080008	10596318	AXIS TRUSTEE SERVICES LIMITED	30/09/2015	28/03/2016	-	98450000000.0	Axis House, 2nd Flr, Bombay Dyeing Mills Compound,Pandurang Budhkar Marg, Worli,MumbaiMa400025IN
4	G09130295	10595155	SBICAP TRUSTEE COMPANY LIMITED	29/09/2015	29/07/2016	-	30940000000.0	202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMa400005IN
5	C52306834	10566318	Axis Trustee Services Limited	14/04/2015	17/04/2015	-	69230000000.0	Axis House, 2nd Flr, Bombay Dyeing Mills Compound,Pandurang Budhkar Marg, Worli,MumbaiMH400025IN
6	C77609915	10376091	IDBI TRUSTEESHIP SERVICES LIMITED	03/09/2012	18/01/2016	-	15000000000.0	Asian Bldg, Ground Floor, 17, R. Kamani MargBallard EstateMUMBAIMH400001IN
7	C77608537	10372704	IDBI TRUSTEESHIP SERVICES LIMITED	01/08/2012	18/01/2016	-	15000000000.0	Asian Bldg., Ground Floor, 17, R.Kamani Marg,Ballard Estate,MUMBAIMH400001IN
8	C77534634	10360308	IDBI TRUSTEESHIP SERVICES LIMITED	01/06/2012	18/01/2016	-	30000000000.0	Asian Bldg., Ground Floor, 17, R.Kamani Marg,Ballard Estate,MUMBAIMH400001IN
9	Z01051723	80059220	Bank of Maharashtra	09/12/2004	-	-	1000000000.0	Lok Mangal1501, Shivaji NagarPuneMH411005IN
10	Y10321148	90218583	STATE BANK OF INDIA	30/09/2004	-	-	4900000000.0	CORPORATE ACCOUNTS GROUPS BRANCHVOLTAS HOUSE; 23; J. N. HERDIA MARG; BALLARD ESTATMUMBAIMH400001IN

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Claims against the Company not acknowledge as Debts
Following demands are disputed by the Company and are not provided for:
(i) Demand of Interest on past dues of the Aluminium Regulation Account up to 31st December, 1987.	0.000	0.000
(ii) Retrospective Revision of Water Rates by UP Jal Vidyut Nigam Limited (April 1989 to June 1993 and Jan 2000 to Jan 2001). * Writ petition pending with Lucknow Bench of Allahabad High Court. The demand for arrears stayed vide order dated 11/05/2001.	40.800	40.800
(iii) Transit Fees levied by Divisional Forest Officer, Renukoot, on Coal and Bauxite. * Appeal pending with the Hon’ble High Court of Allahabad, and payment of transit fee has been stayed. According to the legal opinion received by the Company, the Forest department has no authority to levy such fees. The Company has fi led a transfer application before the Hon’ble Supreme Court. The Hon’ble Supreme Court of India, while issuing notice on our Transfer Petition, stayed the further proceedings of the Company's Writ Petition pending before the Hon’ble Allahabad High Court.	1375.700	1273.900
(iv) M.P. Transit Fee on Coal demanded by Northern Coal Fields Limited.	257.900	251.500
* The Company had challenged the demand towards MP Transit Fee on Coal and fi led Writ Petition before the Hon'ble Jabalpur High Court. The Hon'ble High Court has struck down the levy and also ordered for refund of the amount paid under protest. The State Government has fi led an Appeal before the Hon'ble Supreme Court of India against the said order, and the Hon'ble Supreme Court has stayed the order of the Hon'ble High Court. The Counter Affidavit in the matter has been fi led. The rejoinder has also been fi led by the state. To be listed along with the similar matter before the Supreme Court of India.
Imposition of Cess on Coal by Shaktinagar Special Area Development Authority. *Writ pending before Allahabad High Court, Allahabad. Demand and levy stayed. However, the Company has moved a transfer petition before the Hon'ble Supreme Court of India for tagging the matter with CA No. 1883 of 06 (ORISED Matter). The matter is tagged with ORISED and to be heard by the Nine Judges Bench of the Hon'ble Supreme Court.	39.800	39.800
(vi) Demand of Royalty on Vanadium by District Mining Officer, Lohardaga. * In view of favourable order of the Jurisdictional High Court during the year on similar facts.	0.000	0.000
(vii) The demand of Excise Duty on gold. *The Hon'ble Supreme Court has given order in favour of the Company	0.000	0.000
(viii) Revision of Surface Rent on land by Government of Jharkhand w.e.f. 16th June, 2005. * Matter is in dispute at the Hon’ble Supreme Court.	375.200	337.400
(ix) Demand made by Nayab Tehsildar Kusmi/Collector under Chhattisgarh as per Adhosanrachna Vikas evam Parayavaran Upkar Adhiniyam, 2005, @ 5% as environment tax on royalty plus 5% as development tax.	97.600	85.900
* The Writ Petition, filed by the Company before the Hon’ble High Court of Chhattisgarh at Bilaspur, has been transferred to the Hon’ble Supreme Court and tagged with other Civil Appeals.
(x) Service Tax paid on Goods Transport Agency and Business Auxiliary Services.	0.000	112.700
* Commissioner has confirmed the demand. Appeal is being filed at CESTAT, New Delhi.
(xi) MP Transit Fee on Bauxite	13.000	13.000
Company has filed Writ Petition before the Hon'ble Jabalpur High Court. The Hon'ble High Court has struck down the levy and also ordered for refund of the amount paid under protest. The State Government has filed an appeal against the order of the Hon'ble High court.
(xii) Demand for Entry Tax relating to valuation dispute of 2004-05 to 2005-06, for which appeals have been filed. * Appeal has been fi led with Additional CCT, Sambalpur.	280.500	280.500
(xiii) CST demand on reopening of assessments for 1999-00 to 2003-04. * Appeals have been fi led.	50.100	50.100
(xiv) Demand of Penalty on excess CENVAT Credit taken. *Appeal pending with the CESTAT, Ahmedabad.	0.000	1.000
(xv) Demand for Sales Tax u/s 15B for A.Y. 2001-02 and 2002-03. * Appeal is pending with J.C. Appellate Authority, Baroda	79.600	79.600
(xvi) Service Tax on insurance policy attributable to Renusagar. * Commissioner has confi rmed the demand. Appeal is pending before the CESTAT, New Delhi.	0.000	39.700
(xvii) Disallowance of CENVAT credit.	52.900	52.900
* The matter is pending with CESTAT, Ahmedabad
(xviii) Demand raised on assessment under CST Act and APGST Act for various years.	57.700	57.700
* Appeals have been fi led with appropriate authorities.
(xix) Demand for Service Tax on Consulting Engineer Services and Scientific and Tech Service.	0.000	38.400
* Appeal pending with Commissioner (Appeals), Ahmedabad.
(xx) Alleged Cenvat taken without receipt of Alumina Hydrate inside the factory.	34.600	34.600
* Appeal filed with CESTAT.
(xxi) Alleged Cenvat availed on the Input Services at captive mines.	360.500	360.500
*Appeal pending with CESTAT.
(xxii) Cenvat of Service Tax Credit availed on Supplementary Invoices. *Pending with appropriate Authority.	110.500	110.500
(xxiii) Excess rebate has been sanctioned to the extent duty paid by supplementary invoices.	50.800	50.800
*Appeal pending with Commissioner of Customs (Appeals), Mumbai.
(xxiv) Disallowance of CENVAT on input services. *Pending with appropriate Authority.	103.700	96.200
(xxv) Water Tariff revision demand for previous years *Matter is pending in the Hon'ble High Court of Karnataka.	81.400	81.400
(xxvi) Demand for Sales Tax under KVAT Act, 2003, for Tax period 2011-2012 and 2012-13.	0.000	164.600
*Appeal pending with Commissioner, Appellate Authority, Bengaluru.
(xxvii) Demand for Sales Tax under MPVAT Act, 2002, for Tax period 2010-11.	0.000	0.000
*Order in favour of the Company.
xxviii) Demand for Sales Tax under CST Act, 1969, for Tax Period 2009-10. *Appeal pending with Commissioner, Appellate Authority, Bengaluru.	12.100	12.100
(xxix) U.P. Transit Fee on Coal. *Matter is pending in the Hon'ble High Court of Allahabad.	853.600	65.000
(xxx) Demand for Sales Tax under MPVAT Act, 2002, for Tax period 2009-10.	0.000	13.500
Demand for Sales Tax under MPVAT Act 2003 for Tax period 2009-10	0.000	12.500
Disallowance of Service Tax credit on input material received from Job worker	12.700	0.000
Other Contingent Liabilities in respect of Excise, Customs, Sales Tax etc. each being for less than INR 10.000 Million	152.600	168.600

(c) Other Money for which the Company is contingently liable:
(i) Bills discounted with Banks.	0.000	0.000
(ii) Customs Duty on Capital Goods and Raw Materials imported under EPCG Scheme/Advance Licence, against which export obligation is to be fulfilled (excluding cenvatable portion).	3470.800	3258.100

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND SIX MONTHS SEPTEMBER 30, 2017

[INR IN MILLION]

	30.09.2017	30.06.2017	30.09.2017
	Unaudited	Unaudited	Unaudited

1. Income from Operations
Net sales/income from operations (Net of excise duty)	103082.100	104070.400	207152.500
Other Operating Income	1872.300	2563.300	4435.600
Total income from operations (net)	104954.4000	106633.700	211588.100

Expenses
Cost of materials consumed	60761.000	58272.900	119033.900
Purchases of stock-in trade	30.100	0.000	30.100
Changes in inventories of finished goods. work-in-progress and stock in trade	(1715.400)	(2403.700)	(4119.100)
Employee benefits expense	4783.500	4383.600	9167.100
Excise Duty	0.000	6370.000	6370.000
Depreciation and Amortization Expenses	3803.600	3791.500	7595.100
Other Expenses	10241.600	11118.200	21359.800
Power and Fuel	15082.700	14852.200	29934.900
Finance Costs	4836.100	4877.600	9713.700
Total expenses	97823.200	96384.700	199085.500
Profit/ (Loss) from ordinary activities after finance cost but before exceptional items	7131.200	5371.400	12502.600
Exceptional items	1055.200	1044.000	2099.200
Profit/ (Loss) from ordinary activities before tax	6076.800	4327.400	10403.400
Tax expenses	2146.100	1431.400	3577.500
Net Profit / (Loss) from ordinary activities after tax	3929.900	2896.000	6825.900
Discounted Operations	1.400	0.900	2.300
Net Profit / (Loss) from before Comprehensive tax	3928.500	2895.100	6823.600
Comprehensive Income	(4134.100)	10010.200	5786.100
Total Comprehensive Income for the year	(205.600)	12905.300	12699.700
Paid up equity share capital (Face Value of INR 1/-each)	2227.500	2227.300	2227.500
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year	-	-	-
Earnings per share (before extraordinary items) of INR10/- each (not annualized):	-	-	-
(a) Basic	1.76	1.30	3.06
(b) Diluted	1.76	1.30	3.06

STANDALONE SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED AND SIX MONTHS SEPTEMBER 30, 2017

Particulars	Quarter ended	Quarter ended	6 Months ended
	30.09.2017	30.06.2017	30.09.2017
	Unaudited	Unaudited	Unaudited
Segment Revenue
a) Aluminium	52129.600	50077.200	102206.800
b) Copper	50968.300	54029.300	104997.600
Total	103097.900	104106.500	207204.400
Less: Inter Segment Revenue	(15.800)	(36.100)	(51.900)
Net Sales/Income from Operations	103082.100	104070.400	207152.500

Segment Results
a) Aluminium	9566.300	8749.600	18315.900
b) Copper	4666.300	322.900	7889.200
Total	14232.600	11972.500	26205.100
Less: Depreciation and Amortization (including Impairment)	(3803.600)	(3791.500)	(7595.100)
Finance Costs	(4836.100)	(4877.600)	(9713.700)
	5592.900	3303.400	8896.300
Add: Exceptional Items	(1055.200)	(1044.000)	(2099.200)
	4537.700	2259.400	6797.100
Add: Other-Un-allocable / Corporate Income (Expenses) (Net)	1538.300	2068.000	3606.300
Total Profit / (Loss) before Tax from Continuing Operations	6076.000	4327.400	10403.400

Segment Assets
a) Aluminium	415383.900	418359.600	415373.900
b) Copper	100940.600	94441.300	100940.600
	516314.500	512800.900	516314.500
Unallocated/ Corporate	358397.300	315233.100	358397.300
Total Assets	874711.800	828034.000	874711.800

Segment Liabilities
a) Aluminium	60864.900	52965.100	60864.900
b) Copper	41374.600	32118.200	41374.600
	102239.500	85083.300	102239.500
Unallocated Liabilities (including Borrowing)	289232.000	256704.400	289232.000
Total Liabilities	291471.500	341787.700	391471.500

UNAUDITED STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2017

(INR In Million)

Particulars	30.09.2017
Particulars	Unaudited
EQUITY AND LIABILITIES
SHAREHOLDERS’ FUNDS
Share Capital	2227.500
Reserves and Surplus	481012.800
Shareholders’ funds total	483240.300

NON-CURRENT LIABILITIES
Borrowing	172396.200
Deferred tax liabilities (Net)	12471.300
Trade payables	24.400
Other financial liabilities	65.304
Other long term liabilities	79.800
long-term provisions	5161.500
Non-Current Liabilities Total	196663.600

CURRENT LIABILITIES
Financial Liabilities
Borrowing	79148.300
Trade payables	55691.500
Other current financial liabilities	34425.400
Provisions	7658.700
Other current liabilities	6804.300
Current tax liabilities (Net)	11077.700
liabilities held for sales disposal group	2.000
Current Liabilities Total	194807.900
TOTAL – EQUITY AND LIABILITIES	194805.900

ASSETS	874711.800

NON-CURRENT ASSETS
Property, plant and equipment	335690.600
Capital Work-in-progress	7334.000
Investment properties	91.500
Other Intangible assets	3474.800
Intangible Assets	2.000
Financial assets
Investment	236692.600
Loans to related party	42.100
Others financial Assets	4035.900
Deferred tax assets (Net)	15732.500
Other non-current assets	7845.800
Non-Current Assets Total	610941.800

CURRENT ASSETS
Inventories	105296.100
Financial Assets
Investment	72557.900
Trade receivables	20666.700
Cash and Cash equivalents	27695.500
Short-term loans and advances	346.600
Loans	603.200
Other financial assets	9988.000
Other current assets	25942.900
Non-current assets held for sales disposal group	673.100
Current Assets Total	263770.000
TOTAL - ASSETS	874711.800

Note:

The Company has allotted 217,372 and 355,789 equity shares of INR 1/- each to the option grantees pursuant to the exercise of options under the Employees Stock Option Schemes during the quarter and six months ended September 30, 2017, respectively.
Details of Exceptional Income / (Expenses) are as under:

a. Basis a Supreme Court judgment dated 15th September, 2017, in the matter of Transit Fee on forest produce (as applicable, amongst others, in the States of Uttar Pradesh and Madhya Pradesh), an amount of INR 1393.500 Million has been provided during the current quarter ended September 30, 2017 towards probable obligation that may arise resulting from the above judgment for the minerals procured by the Company and transported through Road.

b. Basis a Supreme Court judgment dated 13th October, 2017, in the matter of establishment of the District Mineral Foundation (DMF) under the Mines and Minerals (Development and Regulation) Act, 1957 and considering the prospective contribution required to be made to the DMF by the holder of a mining lease or a prospecting licence-cum-mining lease in addition to the payment of royalty, an amount of INR 612.500 Million has been written back during the current quarter ended September 30,2017, which was provided/ paid in earlier years relating to period for which such levy was held invalid or not applicable, as per the above Supreme Court judgment.

c. Basis a Supreme Court judgment dated 22nd September, 2017, in the matter of proportionate reduction in input tax credit in case of sale in course of inter-state trade, commerce and branch transfer under the Gujarat Value Added Tax Act, 2003 to which the Company is not a party, an amount of INR 274.200 Million related to earlier periods has been provided during the current quarter ended September 30, 2017.

d. Basis a Supreme Court judgment in a matter relating to mining regulations (to which the company is not a party), the Company anticipates that the judgment may have an implication on its existing litigation which is sub-judice and accordingly made a provision of INR 1044.000 million during quarter ended June 30, 2017.

3. During the quarter and six months ended September 30, 2017, the Company has prepaid INR 480.000 Million and INR 45525.100 Million of Rupee Term Loan respectively. Further, prepayment notice has been served for an additional amount of INR 11330.000 Million which has since been paid.

4. Post the applicability of GST with effect from July 1, 2017, Revenue is required to be disclosed net of GST as per requirement of Ind AS 18, 'Revenue'. Accordingly, the Revenue figures for the quarter and half year ended September 30, 2017 are not comparable with the previous periods.

5. Segment reporting has been done in compliance with Ind AS 108, 'Operating Segments'. For this purpose, Aluminium and Copper have been identified as reportable segments with "Earnings before Finance Costs, Exceptional Items, Tax Expenses, Depreciation and Amortization (including Impairment) but after allocation of Corporate Expenses" as the segment performance measure.

6. The shareholders of the Company have approved dividend of INR 1.10 per share for the year ended March 31, 2017 in the Annual General Meeting held on September 13, 2017. Accordingly, the Company has paid dividend of INR 2911.700 Million (including dividend distribution tax of INR 461.700 Million) during the quarter ended September 30, 2017.

7. During the quarter ended September 30, 2017, the Company has further invested INR 22797.200 Million in equity shares of Utkal Aluminium International Limited (Utkal), a wholly owned subsidiary of the Company, which has been utilized by Utkal for prepayment of a portion of its Rupee Term Loan.

8. Additional disclosures as per Clause 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015:

9. These results have been reviewed by the Audit Committee and approved at the meeting of the Board of Directors held on Friday, 3rd November, 2017. Limited Review as required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been carried out by the statutory auditors of the Company, M/s Price Waterhouse & Co Chartered Accountants LLP. Results for earlier periods were reviewed/ audited by previous Auditors M/s Singhi & Co.

10. Figures of previous periods have been regrouped/ reclassified wherever necessary to conform to current period classification.

FIXED ASSETS

Leasehold Land
Freehold Land
Buildings
Plant and Equipment
Furniture and Fixtures
Vehicles and Aircraft
Office Equipment
Railway Sidings

PRESS RELEASE

HINDALCO REPORTS STRONG FINANCIAL PERFORMANCE FOR QUARTER ENDED SEPTEMBER 30, 2017

03 November 2017:

Record Standalone EBITDA at INR 15770.000 million (up 6 percent over Q2 FY2017)

EBT (before exceptional items) at INR 7130.000 million (up by 30 percent over Q2 FY2017)

Highlights Q2 FY2018

Net profit for quarter before exceptional items was at INR 4610.000 million. Exceptional items (post tax adjustment) were INR 680.000 million. Reported net profit after adjustment for exceptional items INR 3930.000 million.
Robust Aluminium segment performance driven by higher volume, stable operations and supportive macro factors - Q2 FY18 EBITDA at INR 9570.000 million grew year on year by 18 percent
Strong financial performance for Copper segment bolstered by higher by-product realization and supportive macro factors - Q2 FY18 EBITDA at INR 4670.000 million year on year rose by 28 percent
Novelis achieved record quarterly shipments of 802 kilotonne and record adjusted EBITDA of USD 302 million - Q2 FY18 EBITDA registered year on year growth of 12 percent
Deleveraging continued - till date total prepayment of project debts of INR 79660.000 million in FY18

Financial Highlights

(Standalone – Unaudited)

(Figure in INR Million)
Description	Q2 FY17	Q1 FY18	Q2 FY18	H1 FY17	H1 FY18
Revenue from Operations	95620.000	104070.000	103080.000	177210.000	207150.000
Earnings Before Interest, Tax and Depreciation (EBITDA)
Aluminium	8080.000	8750.000	9570.000	16790.000	18320.000
Copper	3660.000	3220.000	4670.000	6300.000	7890.000
Other Income	3190.000	2070.000	1540.000	5350.000	3610.000
Total EBITDA	14930.000	14040.000	15770.000	28440.000	29810.000
Depreciation	3520.000	3790.000	3800.000	6900.000	7600.000
Finance Costs	5940.000	4880.000	4840.000	11940.000	9710.000
Earnings before Exceptional Items and Tax	5470.000	5370.000	7130.000	9600.000	12500.000
Exceptional Income/ (Expenses) (Net)	850.000	(1040.000)	(1060.000)	850.000	(2100.000)
Profit Before Tax	6320.000	4330.000	6080.000	10450.000	10400.000
Profit/ (Loss) After Tax	4400.000	2900.000	3930.000	7340.000	6820.000
Earnings per Share (EPS) - Basic (In Rupees)	21.000	13.000	18.000	36.000	31.000
Note: Post the applicability of GST with effect from July 1, 2017, Revenue is required to be disclosed net of GST as per requirement of Ind AS 18, ‘Revenue’. Accordingly, the Revenue figures for the quarter and half year ended September 30, 2017 are not comparable with the previous periods.

Standalone highlights

Hindalco attained Revenues of INR 103080.000 million, higher as compared to Q2 FY2017, led by aluminium volumes and improved realization across both the segments. EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation) for the quarter was INR 15770.000 million, up by 6 percent compared to the previous year, on account of higher aluminium volumes and supportive macro factors, partly offset by higher input costs and lower volumes in copper segment. Depreciation rose by 8 percent Y-o-Y, due to progressive capitalization. Interest expense for the quarter was lower by 19 percent given the prepayment of loans. Net Profit for Q2 FY2018 was at INR 3930.000 million vs. INR 4400.000 million in the previous year, after factoring in net exceptional provisioning of INR 1060.000 million, based on various recent judgments pronounced by the Hon’ble Supreme Court.

Business highlights

Aluminium:

The standalone Aluminium Revenue for Q2 FY2018 was up Y-o-Y at INR 52130.000 million, led by higher sales of Aluminium metal and increased realization. EBITDA for Q2 FY2018 was Y-o-Y grew 18% to INR 9570.000 million on the back supporting macro factors and higher volumes, partly offset by rise in input costs.

For Q2 FY2018, Aluminium metal production stood at 326 kilotonne (Y-o-Y increased by 2%) and Alumina (including Utkal Alumina) at 712 kilotonne (Y-o-Y fell by 2%). VAP (including Wire Rod) production was at 119 kilotonne, marginally lower by 2 percent as compared to the previous year, mainly due to subdued demand. Aditya, Mahan and Utkal Alumina continued to operate at their rated capacities.

Copper

The revenue from Copper Segment increased Y-o-Y to INR 50970.000 million, driven by higher realization. EBITDA as compared to the previous year soared by 28 percent to INR 4670.000 million consequent to higher by-product realization and supportive macro factors, partially offset by lower volumes due to certain operational issues.

For Q2 FY2018, the Company’s Cathode production was 96 kilotonne lower by 10 percent, because of certain operational issues and CC Rod production at 39 kilotonne was down 7 percent as compared to Q2 FY2017, mainly due to subdued demand.

Utkal Alumina International Limited:

The EBITDA for Q2 FY2018 surged by 18 percent to INR 2010.000 million on the back of higher realization.

Utkal Alumina continues to be amongst the lowest cost producers globally. During the Quarter, Utkal Alumina refinery produced 380 kilotonne of alumina, up 1 percent vis-a-vis the previous year.

Novelis Inc.:

Net sales increased 18 percent Y-o-Y to USD 2.8 billion in Q2 FY2018, which was supported by all-time record quarterly shipment of 802 kilotonnes (Y-o-Y grew by 4 percent), including a 12 percent increase in shipments of automotive products and higher average aluminium prices.

Adjusted EBITDA (excluding metal price lag), increased 12 percent to USD 302 million in Q2 FY2018, from USD 270 million in the previous year. The year-over-year improvement in Adjusted EBITDA is primarily a result of higher shipments, favourable metal costs and operational efficiencies, partially offset by lower beverage can pricing. Adjusted EBITDA reached USD 377 per ton in the quarter.

Novelis completed its joint venture transaction with Kobe Steel this quarter by selling approximate 50 percent of its ownership interest in its Ulsan, South Korea facility. It received USD 314 million in cash proceeds for the transaction.

Novelis reported a Net income of USD 307 million for the Q2 FY2018, compared to a net loss of USD 89 million in the previous year. Excluding tax-affected special items in both years, the reported net income is at USD 78 million in Q2 FY2018, up from USD 60 million reported in Q2 FY2017.

Hindalco (including Novelis) delivered a robust business performance and the Company continued strengthening its balance sheet by deleveraging. The overall domestic demand from user industries remained subdued in July and August, signs of improvement were visible in September. High level of the Copper imports and an increase in domestic aluminium production continue to affect domestic sales volumes. Overall, we remain positive on the outlook, Government reforms are expected to facilitate domestic investment and growth in the coming years. Hindalco remains focused on accelerated deleveraging, operational excellence, higher value addition, customer centricity and cash conservation to deliver stakeholder value.

HINDALCO EYES ALERIS CORP. TO TAP GROWING ALUMINIUM DEMAND

Oct 16, 2017: Aluminium major Hindalco through its US-based subsidiary Novelis is weighing a bid to acquire Cleveland, Ohio-based Aleris Corporation from its private equity owners

Aluminium major Hindalco, through its US-based subsidiary Novelis, is weighing a bid to acquire Cleveland, Ohio-based Aleris Corporation from its private equity owners, reports the Economic Times.

Other players gained entry into the race after the exclusive talk between China Zhongwang Holdings and Aleris Corp hit a roadblock due to heightened US national security concerns.

The Chinese company extended talk with Aleris twice but failed to get necessary approvals from US authorities as they increased scrutiny of Chinese firms taking over US companies. The exclusive talk between the two ended on October 13.

The report said the Aditya Birla Group company is likely to face competition from Norwegian giant Norsk Hydro, Japan's UACJ Corp. and Arconic (formerly Alcoa) backed by activist hedge fund Elliot Management which may value Aleris a little over USD 3.1 billion.

Favourable aluminium prices and growing demand from aerospace and automobile industries are the likely factors for Hindalco to make a bid for Aleris. The move will help Novelis to consolidate its position in the market.

If successful, this would be the second largest overseas acquisition by Hindalco after it acquired Novelis for USD 6 billion in 2007.

Kumar Mangalam Birla, in his speech at the annual general meeting of Hindalco, said the company will prepay debt of INR 11000.000 million in September after it had prepaid INR 78000.000 million until August. Hindalco's debt stood at INR 178570.000 million as of March 2017, and the company wants to bring down the net debt to INR 150000.000 million by March 2018.

Novelis sold 50 percent stake in Korea facility to Japan’s Kobe Steel for a consideration of USD 315 million and has refinanced debt of USD 4.3 billion in FY17.

Aleris reported annual revenue of USD 2.66 billion in 2016 and a loss of USD 76 million. The company has 13 manufacturing units spread across North America, Europe and China as per the company website.

HINDALCO BOARD TO TAKE UP INR 44000.000 MILLION FUNDS RAISING VIA DEBT

The board "will consider... to avail not exceeding INR 24000.000 million working capital facility by way of commercial papers and unsecured debentures etc for aluminium business subject to necessary approval", Hindalco Industries Ltd said in a filing to the BSE.

Aug 07, 2017: Hindalco Industries today announced that its board this week will consider raising up to INR 44000.000 million via debt.

The board will also consider availing "not exceeding INR 20000.000 million working capital facility by way of commercial papers and unsecured debentures etc for copper business subject to necessary approval", the filing added.

The meeting of the board of directors is scheduled for August 11. Hindalco, the metal flagship of the Aditya Birla Group, is the industry leader in aluminium and copper, according to the company website.

With a consolidated turnover of USD 17 billion, Hindalco is the world's largest aluminium rolling company and one of Asia’s biggest producers of primary aluminium. Its copper facility comprises a copper smelter and a fertiliser plant, along with a captive jetty, the website said.

Its aluminium units across India cover a gamut of operations from bauxite mining, alumina refining, coal mining, captive power plants and aluminium smelting to downstream rolling.

ONE-TIME LOSS DRAGS HINDALCO Q1 PAT TO INR 2900.000 MILLION; REVENUE RISES 27% TO INR 104070.000 million

On an operating level, the company reported a profit fall of 2 percent at INR 11480.000 million against INR 11250.000 million in the June quarter of 2016

Aug 11, 2017: Aluminium major, Hindalco, on Friday reported a fall of 1.6 percent in its June quarter net profit at INR 2900.000 million against INR 2940.000 million reported during the same period last year. The company reported one-time loss of INR 1044.000 million for the quarter as well. The profit figure came in lower than the analysts’ poll number of INR 3830.000 million.

The standalone revenue was higher by 27.5 percent at INR 104070.000 million against INR 81590.000 million in the previous year.

On an operating level, the company reported a profit fall of 2 percent at INR 11480.000 million against INR 11250.000 million in the June quarter of 2016. Meanwhile, the operating margin came in at 11.75 percent against 14.8 percent year on year.

"...The company strengthened its balance sheet by reducing its gross debt. Hindalco delivered a robust operational performance. The overall demand from user industries remained subdued due to apprehension of GST roll out," the company said in a statement to the exchanges.

HINDALCO Q4 PROFIT JUMPS 26% TO INR 5020.000 MILLION BUT OPERATIONAL NUMBERS MISS ESTIMATES

May 30, 2017

Aluminium business showed 9.4 percent growth and copper segment registered a 47.9 percent growth year-on-year.

Moneycontrol News

Hindalco Industries' bottomline and topline beat analysts' estimates but operating performance missed expectations. Profit during January-March quarter grew by 25.6 percent year-on-year to INR 5025.000 Million on robust revenue growth. Lower employee benefit expenses, power and fuel cost and finance cost also boosted bottomline.

Revenue during the quarter increased 26.8 percent to INR 117470.000 Million from INR 92630.000 Million in same quarter last fiscal as aluminium business showed 9.4 percent growth and copper segment registered a 47.9 percent growth year-on-year.

Operating profit rose 14.4 percent to INR 13472.000 Million but margin contracted by 140 basis points to 12.2 percent compared with year-ago quarter.

Profit was expected at INR 4600.000 Million on revenue of INR 106200.000 Million while operating income was estimated at INR 13720.000 Million with margin at 12.9 percent for the quarter, according to average of estimates of analysts polled by CNBC-TV18.

For full year, profit jumped 182 percent to INR 15570.000 Million and revenue increased 7.3 percent to INR 393830.000 Million compared with previous year.

Hindalco said Novelis achieved record results during fiscal year 2017, with adjusted EBITDA (excluding metal price lag) at USD 1.09 billion, up 13 percent, on the back of operational efficiencies, strategic product shift and favourable currency, partially offset by lower shipments.

However, revenue declined marginally to USD 9.6 billion in FY17 on a slight decline in shipments to 3,067 kilotonne, it added.

At 15:20 hours IST, the stock price was quoting at INR 203.45, up INR 2.15, or 1.07 percent after hitting a 52-week high of INR 210 on the BSE.

JEFFERIES RETAINS BUY ON HINDALCO; CHINA'S SUPPLY REFORMS EXECUTION KEY FOR GROWTH

As on July 04, 2017

Aluminum LME has been rangebound, but proposed aluminum supply cuts in China, if executed may tighten aluminium markets, Jefferies feels.

Hindalco Industries gained more than 1 percent on Tuesday after research firm Jefferies retained its buy rating with a target price of INR 237, saying China's aluminum supply reforms execution, if happens, could be a potential trigger.

Aluminum LME has been rangebound, but proposed aluminum supply cuts in China, if executed may tighten aluminium markets, the research house feels.

It said chinese aluminum output has been stable, but uptick in aluminum exports (7 percent MoM) and lower alumina prices (lower cost support) likely contributed to the softness in prices early June.

However, news flow around capacity cuts have picked up in recent weeks, as deadlines around Chinese supply reform plans approach, it added.

Costs at Chinese smelters have also increased around USD 90 per tonne from recent lows.

Chinese government is clamping down on non-compliant aluminum smelters. Smelters that stay non compliant in October may potentially be shut. Separately, Chinese government's plan to suspend 30 percent of aluminum capacities in 4 provinces during winters, may hit Chinese Al output by 1.2-1.4 million tonnes.

Execution of these measures could be positive for aluminum prices, Jefferies feels.

There may be some disappointment, if supply cuts are not implemented, but higher costs at Chinese smelters should limit downside risk to prices, it said.

Hindalco sources 35 percent of its coal needs (5.5 million tonnes) through e-auction. Potential coal linkage wins at a discount to e-auction prices during coal linkage auctions may lower aluminum cost of production, the research house feels.

Meanwhile, US government has launched a probe on aluminum imports on national security concerns. Novelis imports part of its aluminum inputs (estimates to be around 30-40 percent) through imports (mainly Canada) and is thus exposed to potential broader tariff on aluminum imports by US.

However, Jefferies thinks Novelis should be unaffected as US aluminum industry has stated that trade measures should focus only on China and imports from Canada would be exempt, even if US imposes any tariff measures.

It expects Novelis EBITDA to rise to USD 352 per tonne in FY18 from USD 344 per tonne in FY17.

At 14:24 hours IST, the stock price was quoting at INR 198.55, up INR 2.30, or 1.17 percent on the BSE.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	INR
US Dollar	1	INR 63.64
UK Pound	1	INR 89.32
Euro	1	INR 78.45

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	MTN

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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