Hindalco Working Capital Management

Working Capital Management of Hindalco Industries Limited
A Report On
WORKING CAPITAL MANAGEMENT

At
HINDALCO INDUSTRIES LTD.

RENUKOOT, UTTAR PRADESH
Submitted in partial fulfillment of the requirements for Post Graduate Diploma In Management (PGDM)
By: Pratyush Kumar Dubey Batch 2012-2014 I.T.S MOHAN NAGAR GHAZIABAD
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ACKNOWLEDGEMENT
In an organization, is it an industry, a school or society, no outcomes can be achieved by one man working in isolation. Its always a group working and achieving the outcome in totality. It is the outcome of all the guidance and support that I received from this organization. This project has been an endeavor to integrate my knowledge, skill and ability in the pursuit of excellence in my chosen fields. I would take this opportunity to acknowledge a debt of deep gratitude to many people for their valuable assistance and continuous support during the course of my summer Internship Program. I convey my sincere thanks to Mr. S.K.Das, General Manager (Training and Development) for allowing pursuing summer training in this prestigious organization. I am also thankful to Mr. Ajay Joshi, Vice president (Finance & Accounts), and other members of the accounts department for providing necessary help whenever required for the completion of the project. I am thankful to our guide Mr. Vimal Raheja, manager (Finance & Accounts), for his valuable guidance and his precious time he develop for mentoring us, without which this project would not have been successful. I am also thankful to the librarian for allowing us access to valuable journals and reports which gave life-blood to our project.
PRATYUSH KUMAR DUBEY

I.T.S., Mohan Nagar, Ghaziabad
PREFACE
The report has been intended to reflect some of the basic issue covered under the Working Capital Management of Hindalco Industries Ltd., a first truly MNC in India. All the aspects have been formulated and presented on the basis of the idea and information gathered by the investigator during the span of project training. This gives a practical exposure of the content, under topic what has already been studied in the classroom in theoretical form. This report has been written in response to comprehensive study conducted on the topic. The reports mentions and evaluate various aspects, pertaining to the working capital management of the company. After the thorough analysis of various facts and stand figures, a set of conclusion has been given the prime consideration, while compiling the report and are authoritative and authentic. I make sure that anyone who goes through the report will learn how much we have learn so for, and can get the benefit of the same.
TABLE OF CONTENT CONTENT

ABOUT ADITYA BIRLA ABOUT HINDALCO HISTORY ORGANISATIONAL PROFILE PRODUCTION CAPACITY MANAGEMENT TEAM MILESTONES AWARDS MAJOR ALUMINIUM PRODUCERS HINDALCO PRODUCT RANGE WORKING CAPITAL MANAGEMENT TECHNIQUES FOR WCR WCM AT HINDALCO DEBTORS MANAGEMENT INVENTORY MANAGEMENT CASH MANGEMENT FINDINGS BIBLIOGRAPHY ANNEXURE
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5-7 8-9 10-29 30-32 33 34-35 35-36 36-50 51 52 53-70 71-77 78-83 83-86 87-89 89-94 95 96
RENUKOOT: General Overview
Lying in the foot hill of the Vindhya Range, Renukoot is about 160 Kms from Varanasi and 154 Kms from Mirzapur. It is well connected to both the cities by beautiful metal led roads passing through green forest. There is a direct train named Muri Express between jammu tawi to Tata nagar and Rachi via Renukoot. Beside this there is a direct train named Swarnajayanti Express between Rachi to New Delhi via Renukoot commuting both ways thrice a week. Apart from the above, Renukoot is also connected with Kolkata through direct train named Shaktipunj Express, which communicates between Jabalpur to Kolkata via Renukoot. The nearest airport is at Babatpur, Varanasi, which is about 180 Kms by road from Renukoot.
ADITYA BIRLA GROUP: GNENRAL OVERVIEW

Aditya birla group, with the turnover of over US $ 40 billion and 136,000 employees, is among top three leading business houses in india. The Aditya birla group is Indias first truly MNC whose over 30% of revenues flow from its operations across the world. The group is transactional conglomerate with 72 state-of-theart manufacturing units and sectoral span, in India, Thiland, Indonesia, Malaysia, Philippines, Egypt, Canada, Australia, China. (33 countries) Over 66 units in India as well as abroad (in Thiland, Indonesia, Malaysia, Philippines, Egypt, Canada, Australia, China) and international trading operations spanning several countries included Singapore, Dubai, Russia, Vietnam, Myanmar, and China make it Indias first truly multinational conglomerate. Commited to being a global benchmark group, the aditya birla group recheches out to the core sector in india in industrial integral to the natons growth cement, aluminum, fertilizers, viscose staple fibre, branded apparel, viscose filament yarn, Non ferrous metals, industrial chemicals, carbon black, powder, telecommunication, sponge iron, insulators and financial services The Aditya birla group enjoys a front runner position:
Globally
A metals powerhouse among the worlds most cost efficient Alluminium and copper producers. HindalcoNovelis from its fold in fortune 500 company. Aluminium rolling company. It ranks as No.1 in viscose staple fibre The largest single location palm oil producer The third largest producer of insulators The third largest producer of carbon black The eleventh largest producer of cement and the largest in single geography The largest single location copper smelter Among the worlds top 15 BPOs and among Indias top three Among the best energy efficient fertilizer plants
In ASIA
The largest integrated aluminum producer
IN INDIA
A premier branded garment player The second largest chore alkali sector Among the top five mobile communication company Among the top three supermarket chains in the retail market Second largest player of viscous filament yarn Second largest private sector insurance company and a leading assests management company.
GROUP VISION
To be the premium metals major, global in size and reach, with a passion for excellence
GROUP MISSION
To relentlessly pursue the creation of superior shareholder value by exceeding customer expectations profitability, unleashing employee potential and being a responsible corporate citizen adhering to our values.
GROUP VALUES
Integrity, Commitment, Passion, Seamlessness, Speed
HINDALCO: GENERAL OVERVIEW

HINDALCO was set up in collaboration with Kaiser Aluminium and Chemicals Corporation USA, in a record time of 18 month. Hindalco started its commercial production in the year 1962 with aluminum facility at Renukoot in the eastern part of Uttar Pradesh with a capacity of 20,000 tons per annum. Over the year, it has grown into the largest integrated Aluminium manufacturer in the country. The company has grown manifold and managed by Board of Directors, with Shri Kumar Mangalam Birla as a chairman of the Board of Directors. Mr. Debu Bhattacharya, the managing Director, leads the entire Aluminium and copper business of the group. Day to day affairs of the company is managed by professional executives headed by Shri Ratan k Shah as the Chief Operations Officer, Aluminium and power. HINDALCO ranks as a largest Aluminium producer I India, whos more than 58 % sale is in the value added product and has more than 40% in total market share. Hindalcos integrated operations and operational efficiency have enabled the company to be one of the worlds lowest cost producers of Aluminium. HINDALCO also own a large Captive power thermal plant at Renusagar that meets the power requirement of the company very effectively. Hindalco currently has a primary Aluminium capacity of 3, 45,000 MTPA.
VISION
To strengthen our position as a premium Aluminium company, sustaining Domestic Leadership and Global Competitiveness through Innovation, Quality and Value Added Growth
MISSION
To pursue the creation of value for our Customers, Shareholders, Employees and society at large
STRATEGY
Efficiency Focus: - To be one of the largest cost producers globally. Effectiveness focus: - To be continued to remain market leader domestically. Growth focus: - To peruse value adding growth opportunities in Aluminium.
QUALITY POLICY
We, at Hindalco, shall aim to achieve and sustain excellence in all our activities. We are committed to total customer satisfaction by providing products and services, which meet or exceed the customers expectations. Modernization of the manufacturing facilities, stress on technological innovation and training of employees at all levels shall be a continuous process in Hindalco. A motivated workforce with a sense of pride in the organization shall lead us towards total quality.
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HISTORY
1958 The Company was Incorporated on 15th December, at Mumbai to Manufacture alumina, aluminium and aluminium fabricated items. The Company was formed by the house of Birlas in collaboration with the Kaiser Organization of U.S.A. According to the Company's agreement with Kaiser Aluminium and Chemical Corporation, the Collaborators agreed to allot to the Collaborators 4,80,000 fully paid-up equity shares of Rs 10 each. The Company also concluded Technical Advisers and Consultants Agreements with Kaiser Aluminium Technical Services Inc., California, who agreed to train the Indian technical personnel, to supply the Company necessary technical advice, to assist in operating the plant including aluminium fabrication and to provide information for a period of 20 years on all technical matters. An agreement was also entered into with Henry J. Kaiser Company for such design, engineering procurement and related services with regard to the construction of the plant at Rihand as were to be performed outside India and with Kaiser Engineers Overseas Corporation for such services to be rendered in India. 1960 2,50,000 Pref. & 58,50,000 equity shares issued through a prospectus of which 4,80,000 shares allotted without payment in cash to Kaiser Aluminium Corporation and 9, 61,000 shares against cash. 1,20,000 shares to Kaiser Aluminium Technical Services Inc. allotted Without payment in cash 21,33,000 shares to Birla Gwalior Pvt. Ltd. & 21, 56,000 shares to public.
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1961 Rate of dividend on pref. shares altered. In 1962, 10,750 No. of equity shares & 300 pref. shares forfeited. Forfeiture on 2,250 No. of equity shares annulled. 1964 The Properzi mill plant was set up for the production of redraw rods with a rated capacity of 6,000 tons per annum. Forfeiture on 30 pref. and 3,950 No. of equity shares annulled. Another 2,250 No. of equity shares forfeited. Arrears: Rs 4,000. 1965 An extrusion press and rolling mill for the production of aluminium extrusions and rolled products (sheets, etc.) was installed with rated capacity of 2,000 tons and 7,000 tons respectively, thus bringing the total capacity of the fabrication plant to 15,000 tons per annum. The annual licensed production capacity of the primary metal of 60,000 tons was achieved. Several modifications in the plant were also implemented which enhanced the Company's production of primary metal to 200 tons per day by the end of 1968. 1967 Another Properzi mill plant was commissioned which expanded the fabrication plant capacity from 15,000 tons per annum to 37,000 tons per annum. 1968 Two more extrusion presses and a few additional facilities in
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rolling mill were erected by the end of the year to get higher production. 1, 00,000 9.3% Pref. shares issued at par in 1968. 3,61,383 Equity shares out of 1967 issue allotted in 1968. Arrears of Rs 4,000. 1972 20, 07,973 Bonus Equity shares issued in the proportion 1:4. Arrears of Rs 4,000. 1976 By the middle of the year the total installed capacity of the metal rose to 95,000 tons per annum. 1977 The Company revalued its plant and machinery as on 1st January, and the surplus of Rs 61,71,60,821 arising out of it was transferred to capital reserves. 1981 As on 1st January, the Company further revalued the major items of land, buildings and plant and machinery. A surplus of Rs 83, 97, 23,344 arising out of this was transferred to capital reserve. 1982 33, 46,622 Bonus Equity shares issued in proportion 1:3 in June. 1984 The Company issued secured non-convertible debentures for a sum of Rs 17.50 crores for augmenting the resources for long-term working Capital requirements.
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1985 26.69% of the Company's equity capital was held by Kaiser Aluminium & Chemical Corporation, U.S.A., along with their nominees (Kaisers) aggregating to 35,73,332 equity shares of Rs 10 each as on 31st December. 1986 The highlight of the alumina plant expansion and modernization was the installation of a gas suspension calciner which was reported to be the first of its kind in the world. The design and technology was provided by F. L. Smidth & Co. of Denmark. An agreement was finalized with M & F of Switzerland for installing the double digestion system to further reduce the steam consumption. With regard to the reduction plant, the Company received a license to enhance its capacity from 1,20,000 tons to 1,50,000 tons of aluminium per annum. The Company was also engaged in expansion of capacity from 1,20,000 tons to 1, 50,000 tons of aluminium per annum. The Company was also engaged in modernizing its smelter with a view of effect substantial savings in energy consumption. With regard to the fabrication facilities, the Company had in hand a license to expand the capacity from 37,000 tons to 55,700 tons per annum. The Company holds the entire issued capital of 35,006 equity shares of Rs 10 each of its subsidiary, Minerals and Minerals Ltd., Calcutta. During the year the two companies named Siddhpeeth Commercial Pvt. Ltd., and Dhakshinanchal Commercial Pvt. Ltd., became subsidiaries of the Company. Marigold Holdings & Trading Ltd., and Dhakshinanchal Finance Ltd., were also subsidiaries of the Company.
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The Company issued 40,00,000-15% non-convertible debentures of Rs 100 each for Rs 40 crores as rights to resident equity and preference shareholders and debenture holders. The proceeds were to be utilized for financing the Company's modernization scheme. As a matter of policy, Kaiser Group decided to divest its holdings in various corporations world-wide where they did not hold the majority interest. As part of this disinvestment programme, they also decided to disinvest their holdings in the Company. 1987 The scheme to install double digestion system in the alumina plant was under implementation. As a part of its energy conservation programme, the Company commissioned a microprocessor based controls on 20 pots on an experimental basis to control pot voltage, alumina feeding, etc. During the year, an application was submitted for permission to increase the smelting capacity of Renukoot by a further 1 Lakh tons per annum along with matching alumina production and thermal power generating capacity. The Company entered into an agreement with the Pradeshiya Industrial & Investment Corporation of U.P. (PICUP) on 2nd January for setting up an aluminium foil manufacturing unit in the Assisted Sector at Jagdishpur in Sultanpur district of U.P. The capacity of this foil plant was envisaged at 5,000 tons per annum and the estimated cost of the project was Rs 50 crores. This project was cleared under the MRTP Act in April 1989. 1988 During May-June, Kaiser Group disinvested all its equity shareholders in the Company. Conform extrusion machine was installed and commissioned.
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(15 months), the Company issued 14% non-convertible debentures of Rs 100 each for Rs 45 crores on a rights basis to the existing resident equity shareholders and preference shareholders. The funds thus raised were utilized for the Company's modernization schemes. The holdings of Kaisers were offered for sale as follows: (i) 32,71,050 equity shares of Rs 10 each at premium of Rs 40 per share to the shareholders of the Company as rights in proportion 1:3 (fractions to be ignored) and (ii) 3,02,282 equity shares of Rs 10 each at a premium of Rs 40 per share to the employees of the Company on an equitable basis. 44, 62,622 Bonus Equity Shares issued in proportion 1:3. Rate of interest on preference shares increased to 15%. 1989 The sixty pot line was commissioned, with the addition of 70 pot cells, thereby increasing the installed aluminium production capacity to 1.35 Lakh tons per annum. Installation of a new cold rolling was taken up to enhance the capacity of rolled products by 40,000 tons per annum. The rate of Central Excise Duty on aluminium was also increased by the Finance Act. The name of the Company was changed from Hindustan Aluminium Corporation Ltd., to Hindalco Industries Ltd. 1990 During January-February, the Company issued 53,54,595-12.5% secured redeemable partly convertible debentures of Rs 250 each on Rights basis in the proportion 3 debentures: 10 equity shares held. Additional 8, 03,189 debentures were allotted to retain oversubscription. Another 2,81,820 debentures were issued to the employees (including
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Indian working directors)/workers) of the Company on an equitable basis (only 2, 23,450 debentures were taken up). The unsubscribed portion of 58,370 debentures was allowed to lapse. As per the terms of the debenture issue, a portion of Rs 110 (Part-A) of the face value of each debenture was converted automatically into one fully paid-up equity shares of Rs 10 each at a premium of Rs 100 per share on the expiry of six months from the date of allotment. The balance of Rs 140 (Part-B) of the face value of each debenture would be redeemed at par in two equal installments of Rs. 70 each at the end of the 7th and 8th year from the date of allotment of debentures. 63,81,234 No of Equity Shares allotted in part conversion of 12.5% debentures as on 1.10.1990 (prem. Rs. 100). 145,37,930 bonus shares issued in prop. 3:5 in October. 1991 The Company issued 40,00,000-17.5% redeemable non-convertible debentures of Rs 100 each to financial and other institutions on private placement basis. 1992 Renusagar Power Co. Ltd., a wholly owned subsidiary of the Company, was merged with the Company with effect from the close of business on 31st March. The Company was engaged in obtaining certification for ISO 9000 and for introduction of TQM. The Company again revalued its assets as on 1st April, and the net surplus of Rs 90623.37 Lakh arising out of this was credited to revaluation reserve. The erstwhile Renusagar Power Co. Ltd. issued 6,50,000-18%
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non-convertible debentures of Rs 100 each to financial institutions on private placement basis to augment the long-term resources for working capital. Out of this, 3,00,000 debentures are redeemable at 5% premium in equal annual installments on 23rd June, 1998, 23rd June, 1999 and 23rd June, 2000. The remaining 3,50,000 debentures are redeemable on 23rd June, 1999. 1993 The Company was in the process of implementing the expansion project to raise the smelter capacity by 40,000 TPA to 2, 10,000 TPA. With a view to meet the demand of overseas markets, the company proposed to install own Ingot Casting machine. Also, alumina production capacity was enhanced to 3,50,000 TPA reducing thereby the company's dependence on external sources. It was also proposed to undertake a further expansion of alumina production capacity to 4,50,000 TPA with the technology from Remolds International Inc. USA and Raytheon Engineering & Construction, USA. The Company undertook to install 9 high pressure boiler along with back pressure turbines for generation of power. During the year, the company proposed to install two power generating units lamp a total capacity of about 150 MW at Renusagar power plant. In addition, upgradation of existing extrusion facilities, the existing hot and cold mills. It was also proposed to install a vertical ingot casting facility and vertical billet casting facility using air ship technology required from Wagstaff Engineering Inc. USA. The Company participated in the equity capital of Birla International Ltd., incorporated in the Isle of MAU. This was to promote export in India. Indo Gulf Fertilizers & Chemicals
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Corporation Ltd., Bihar Caustic & Chemicals Ltd., Tanfac Industries, Mangalore Refinery & Petrochemicals Ltd., & Birla Global Finance, Ltd. are all joint venture companies. Birla Capital International AMC Ltd., is a joint venture asset management company was promoted by Grasim Industries Ltd., Hindalco Industries Ltd., Indian Rayon & Industries Ltd. and Birla Global Finance Ltd. with the capital group International Inc., a major US based investment management organization. The joint venture manages mutual fund schemes for Birla Mutual Fund. Another joint venture, Rajashree Polyfil Ltd. was setting up an integrated plant with a capacity of 66,000 TPA of polycondensation and 37,900 TPA of partially oriented polyester filament yarns project. The Company issued 25,00,000-17% secured non-convertible redeemable debentures of Rs 100 each on private placement basis. These are to be redeemed in three equal installments on 11th May of 1999, 2000 and 2001 at a premium of Rs 5 per debentures. On 22nd July, the Company issued 44, 73,000 GDRs of U.S. 10 per GDR equivalent to Rs 505 per unit (conversion rate of U.S. = Rs. 31.37). Each GDR comprises one equity share of the nominal value of Rs 10 together with one-half of a warrant which can be converted into One equity share on exercise of two half warrant at the price of U.S. .10 subject to adjustment) during the period from 3rd November, 1993 to 2nd November, 1995 (both days inclusive). These GDRs were offered to non-U.S. persons in offshore transactions in reliance on Regulations under the Securities Act of 1933, a amended, in the United States to Qualified Institutional Buyers (QIBs) in reliance on Rule 144A under the Securities Act. There was a lock-in period of 30 days for the GDRs. 46, 03,650 equity share out of 67, 09,500 shares were allotted. The net proceeds of this issue, estimated to be about U.S. ,331, 500 (before expenses) were to be utilized to part finance the Company's
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capital expansion programme. 1994 The Company proposed to further expand the smelting capacity to 2, 42,000 tons p.a. with an upgradation of all attendant plants. It was also proposed to increase alumina capacity to 4,50,000 TPA to match the smelting capacity. Technology was being secured from Reynolds international Inc. USA and United Engineers International Inc. USA. A significant feature of the expansion is the installation Of co-generation system with a high pressure boiler and back pressure turbines for power generation. During the year, the Company undertook to increase the power generation capacity at Renusagar power plant from 350 MW to 500 MW. With the strategy of undertaking downstream activity with the purpose of achieving higher realization, the company undertook to install an aluminium foil plant with an initial capacity of 5000 TPA. During July, the Company issued its second GDR issue of 41,66,666 receipts at the rate of 24 $ per GDR. Each GDR was converted into one equity share and accordingly 41,66,666 equity shares were to be allotted. 1995 Installed smelting capacity was increased to 2,10,000 MTPA with the completion of 7th Potline. The hot and cold rolling mills were being modernized. On completion rolled product capacity would be increased to 80,000 MTPA. The company of its first international US million. The warrant holders have the option to exercise these warrants by 2nd November after April, 32.4% of the warrants exercised till 31st March 1995, 4, 67,900 equity shares allotted on excuse of warrants.
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16, 37,950 No of Equity shares allotted on conversion of GDRs. 6,000 No. of Equity shares forfeited. 1996 One of the power generating turbine of 75 MW was commissioned during the year, taking the total capacity to 425 MW. It was proposed to acquire additional bauxite mines in M.P. The upgradation of existing extrusion facilities with technology from Reynolds (Europe) Ltd. was undertaken. With a view to improving quality of feed stock for the upgraded rolling and extrusion facilities, the company undertook to install vertical ingot casting facility and vertical billet casting facility. Both the facilities were to use the Air Slip Technology of Wagstaff Engineering Inc., U.S.A. Following a comprehensive technological upgradation of the Company's hot and cold rolling mills, the two mills were commissioned in March 1997. Also, the Company's installed capacity of rolled products was increased to 80,000 TPA. In addition, the vertical ingot casting facility, a scalpter, soaking pits and slitting line were commissioned. The Company received the special export award conferred by the Chemical & Allied Products Export Promotion Council of India for its outstanding export performance. 24,827,990 bonus shares issued in prop. 1:2.
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1997 Extrusion Press No. 3 was completed by increasing the overall extrusion capacity to 13700 MTPA. The Foil plant at Silvaasa was commissioned in February 1998. With a view to capitalizing its inherent strength, the Company was exploring the feasibility of setting up an integrated Aluminium complex in Orissa. A MOU was signed with Orissa Mining Corporation for transfer of two bauxite deposits with adequate reserves. The project was to be named `Aditya Aluminium'. During the year the Company has signed a technical collaboration agreement with Stahlschmidt & Maiworm Gmbh of Germany for setting up an Aluminium Alloy Wheel Plant adjacent to the Foil Plant at Silvaasa. This project will promote a new application in the domestic market besides presenting the export market. Hindalco Industries, a flagship company of Aditya Birla group, on March 29 signed a MoU with the Orissa Mining Corporation (OMC) for setting up of a mega integrated aluminium complex in the state, at an estimated cost of Rs.10, 000 crore. The company also plans to set up a captive power plant of 600 mw close to the coal deposit at IB Valley. The state-owned OMC will lease out its bauxite deposits at Kodingamali-Pottangi to Hindalco for mining. The mega project includes setting up an alumina refinery of one million tons per year capacity near the Kodingamali-Pottangi bauxite deposits in the Koraput district in Orissa. 1998 Hindalco Industries, an Aditya Birla group company, commissioned
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its 5,000 TPA aluminium foil unit at Silvaasa. Hindalco commissioned the pot line, where aluminium is smelted by an electrolytic process, on February 18. State-controlled National Aluminium Company (NALCO), currently India's biggest aluminium producer, has a smelter capacity of 2, 30,000 tons per annum. Hindalco on 11th Sept announced that it would acquire a 51 per cent stake in B M Khaitan owned India Foils Ltd (IFL). 1999 Hindalco Industries Ltd is slated to commission its aluminium alloy Wheel plant at Silvaasa in Gujarat in September, Mr. Kumar Mangalam Birla, Chairman of the company, said. Hindalco Industries, the flagship company of the Aditya Birla Group, is the country's largest integrated aluminium company. Aditya Birla group company Hindalco Industries Ltd (Hindalco) has acquired 18,38,900 shares of public sector major National Aluminium Company Ltd (Nalco) through one of its investment subsidiaries. The Rs 1,767-crore aluminium major, Hindalco Industries Ltd, is setting up a one Lakh tons per annum Brownfield (expansion at current site) aluminium smelting project at Renukoot at an estimated Cost of Rs 2,500 crore.
2000 The board of directors has approved entering into an agreement with Alcan Aluminum Ltd of Canada, for purchase of 3,88,44,324 shares constituting 54.6 per cent of the paid-up capital of Indian Aluminum Co. Ltd. Rs. 190 per share. Indian Aluminium Co. Ltd. became a subsidiary of the Aditya Birla
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flagship company Hindalco Industries Ltd., which has taken up a 74.6 Per cent equity stake in Indal. Crisil has reaffirmed the highest safety rating for the Rs. 100-crore non-convertible debenture programme of Hindalco Industries and very strong safety for its Rs. 50 crores commercial paper Programme. The Company acquired a majority ownership of 54.62% in the company From Alcan Aluminium Limited, Canada. It acquired an additional 20% Stake pursuant to the open offer under the SEBI Regulations, 1997. The Company of the Aditya Birla Group has made a strategic move to implant the legendary `prata' and allied management information services systems at all operational locations of Indian Aluminium Company Ltd. Hindalco Industries proposes to buy 10 per cent stake in Bihar Caustic & Chemicals from Grasim Industries, Hindalco has recently acquired from Alcan Aluminium (Alcan) around 38.84 million shares of Indian Aluminium Company, (Indal) aggregating To 74.6% holding. Indal's strength in Alumina and downstream products Would ideally dovetail with Hindalco's strong presence in metal. It is also among the world's lowest cost aluminium producers. 2002 Hindalco has embarked on a Brownfield expansion in Renukoot. It will enhance the smelter capacity by 1,00,000 TPA and the alumina refining Capacity by 210,000 TPA. A matching increase in the captive power Generating capacity is also on the anvil. So consequent to its completion, aluminium smelting capacity will increase to 3,42,000 MTPA. Alumina refining capacity will be augmented to reach 6,60,000 MTPA and power generation capacity will stand raised to 769 MW. The project is being implemented at a cost of Rs. 18 billion and is slated for
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Completion in a phased manner, largely by end 2002-03. The company recently entered the Rs 250-crore branded foils market Under the Hindalco Wrap brand name. With this launch, the company Wants to address a category in the FMCG sector. Launched in 54 cities across the country, Hindalco Wrap is currently available at most retail outlets in a unique dispenser pack at Rs 42 for a nine meter Roll. The company also plans to enter the aluminium-based kitchen Utility products market in a big way. Hindalco, Indal marketing division integrated Launches its new product 'Aura' aluminium wheels Board of Directors approves buyback of shares Mr. Rajendra K. Kasliwal, Chief Financial Officer, named the winner of the CFO Asia Price water house Coopers Achievements in Best Practices Awards for 2002 for managing external stakeholders Receives the FICCI-Socio Economic Development Foundation's (FICCI-SEDF) Social Responsiveness Award for the year 2001, for its projects on rural development and promoting economic self-reliance in over 334 villages Birlas increase stake in the company to 22.8% from 21.4% Acquires 4% stake in National Aluminium Company Ltd. (Nalco) Makes open offer to acquire 25.5% stake in Indal at Rs 120 per share Indo Gulf's investments in group firms transferred to Hindalco Industries Hindalco Industries Board approves sale of equity shares in Mangalore Refineries to ONGC
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Hindalco discontinues scheme of buyback SEBI stalls Hindalco's Indal open offer Temporarily shuts down Gurdari mines 2003 Commissions 11th pot line Acquires Nifty Copper Mine of Australia for Rs 225 crore Copper Business of Indo Gulf Corporation Ltd merged with the company with effect from Feb 12, 2003, swap ratio fixed at 1:12 (1 share of Hindalco for 12 shares of Indo Gulf Fertilizers held) Gives boiler contract of Rs 87 crore to Alstom Projects India Ltd. Aditya Birla Group divests its Equity Stake in Mangalore Refinery & Petrochemicals Ltd. (MRPL) to Oil & Natural Gas Corporation Ltd. (ONGC) Hindalco Industries Ltd executes scheme of amalgamation involving Hindalco Industries Ltd., Indo Gulf Corporation Ltd. & Indo Gulf Fertilizers Ltd. Acquires 2.98 pc stake in Indian Rayon & Industries, enhances holding to 12.80% percent Picks up 30-pc stake in Bihar Caustic & Chemicals Ltd., increases the stake to 50% Hindalco increases its holding in Grasim to 3% and in Indian Rayon to 12.79%
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Shareholders approve to delist equity shares from three stock exchanges (Madras, Calcutta & Delhi Stock Exchanges) Divests its entire stake in Indo Gulf Fertilizers Ltd. (IGFL) Appointed Mr. D Bhattacharya as Managing Director Acquired Mount Gordon copper mine in Australia 2004 Hindalco Industries Ltd. has informed that the Delhi Stock Exchange Association Limited, New Delhi, has informed the Company that it has delisted the Equity shares of the Company from its Stock Exchange w.e.f. December 29, 2003 pursuant to the application made by the Company to it for voluntary delisting of its Equity shares. Hindalco Industries Ltd. has informed that the Madras Stock Exchange Limited has informed the Company that it has delisted the Equity shares of the Company from its Stock Exchange w.e.f January 07, 2004 pursuant to the application made by the Company to it for voluntary Delisting of its Equity shares. Hindalco Industries Ltd has informed that Shri Sanjeeb Chatterjee Has been appointed as Company Secretary of the Company w.e.f; February 1, 2004 with cessation of Shri Anil J Jhala as Company Secretary. Hindalco Industries expansion for enhancing the capacity of Copper Smelter Birla Copper acquired two mines in Australia. Hindalco Industries signs an agreement with ST Telemedia & TM International to acquire stake in Idea Cellular Hindalco inks MoU with Orissa Govt. to set up aluminium complex
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Hindalco signs agreement with UAE based Foodco 2005 Company has splits its Face value of Shares from Rs 10 to Re 1 Hindalco Industries Ltd Issues Rights in the Ratio of 1:4 2006 Hindalco Industries Ltd has announced that on October 30, 2006 the Company has entered into a Joint Venture partnership with ALMEX USA, Inc., for the manufacture of High Strength Aluminium Alloys for applications in the aerospace, sporting goods and surface transport Industries. Hindalco awarded the Greentech Safety Silver Award for its Outstanding safety performance during the year. 2007 The acquisition of Novelis Inc. a world leader in aluminium rolling and can recycling, marked a significant milestone in the history of The aluminium industry in India. With Novelis under its fold, Hindalco ranks among the global top five aluminium majors, as an integrated producer with low-cost alumina and aluminium facilities combined with high-end rolling capabilities and a global footprint in 13 countries. Hindalco awarded the CII - Sorabji Green Business Centre National Award for Excellence in Water Management 2007 Novelis becomes a Hindalco subsidiary with the completion of the Acquisition process. The transaction makes Hindalco the world's largest aluminum rolling company and one of the biggest producers of primary aluminum in Asia, as well as being India's leading copper Producer.
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2008 The company has issued rights in the ratio of 3:7at a premium of Rs.95/- Per Share. 2009 Hindalco Industries, Aditya Birla group flagship firm, has decided to cut its overseas operations and is restructuring its capital Expenditure in India in an effort to stabilize operations. As part of this overall plan, Novelis, which Hindalco acquired for billion in 2007, is closing its sheet mill at Rogers tone in the UK, involving 440 job losses. 2010 Hindalco ranked ninth across industries on Forbes Asia's Fab 50 Companies list of Asia's 50 most valued companies. Hindalco and Birla White declared winners in the Golden Peacock Awards for Corporate Social Responsibility 2010 by an eminent international jury, headed by Justice P.M. Bhagwati, the erstwhile Chief Justice of India. Hindalco wins Amity International Business Schools, Amity Corporate Excellence Award for Corporate Social Responsibility. Hindalco has entered into an agreement with Coal India Ltd (CIL) for securing mine-specific coal supplies to the Renukoot facility of Hindalco at 10 % premium over the agreed price. Hindalco Industries Ltd has announced that its subsidiary - Utkal Alumina International Ltd. (UAIL) has tied up a debt of Rs. 4,906 Crore from a group of banks. Hindalco Industries Ltd, Utkal Alumina International Ltd. (UAIL),
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100% subsidiary of Hindalco, is setting up a 1.5 MPTA alumina Refinery in Rayagada district of Orissa. The project will feed the alumina requirements of the Mahan and the Aditya smelters presently Under construction. Hindalco - Novelis Inc. Announces Pricing of .5 Billion Senior Unsecured Notes. 2011 The Company is setting up a Greenfield Aluminium Smelter Project in Madhya Pradesh (Mahan Project) with a capacity of 359,000 TPA of aluminium supported by 900 MW captive power plant at a cost (Including financing cost) of Rs. 10,500 Crs. An Imminent name in aluminium production in India, Hindalco Industries has recently got Government approval for cutting down the Forest of Orrisa, Rayagada district. The proposed reason for acquiring this green clearance is an alumina refinery project to be set up in Rayagada that would involve an investment up to Rs. 6,000 Crore. 2012 Hindalco Industries, an integral part of the Aditya Birla Group announced it is expecting to commence its 1.5 million tons per Annum (MTPA) alumina refinery by January 2013, located in Orissa. Moving against the trend of avoiding any plan by companies amid global economic slowdown, Hindalco Industries has achieved financial closure for Rs 9,896 crore debt for its Greenfield smelter project at Lapanga in Odissa in one of the largest syndication in Recent times.
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ORGANISATIONAL PROFILE OF HINDALCO INDUSTRIES LIMITED

An industry leader in aluminium and copper
An industry leader in aluminium and copper, Hindalco Industries Limited, the metals flagship company of the Aditya Birla Group is the world's largest aluminium rolling company and one of the biggest producers of primary aluminium in Asia. Its copper smelter is the worlds largest custom smelter at a single location. Established in 1958, we commissioned our aluminium facility at Renukoot in eastern Uttar Pradesh, India in 1962. Later acquisitions and mergers, with Indal, Birla Copper and the Nifty and Mt. Gordon copper mines in Australia, strengthened our position in value-added alumina, aluminium and copper products. The acquisition of Novelis Inc. in 2007 positioned us among the top five aluminium majors worldwide and the largest vertically integrated aluminium company in India. Today we are a metals powerhouse with high-end rolling capabilities and a global footprint in 13 countries. Our consolidated turnover of USD 15.85 billion (Rs. 72,078 crore) places us in the Fortune 500 league.
Hindalco's businesses creating superior value

Hindalco is one of the leading producers of aluminium and copper. Our aluminium units across the globe encompass the entire gamut of operations, from bauxite mining, alumina refining and aluminium smelting to downstream rolling, extrusions, foils, along with captive power plants and coal mines. Our copper unit, Birla Copper, produces copper cathodes, continuous cast copper rods and other by-products, such as gold, silver and DAP fertilizers. Our units are ISO 9001:2000, ISO 14001:2004 and OHSAS 18001 certified. Several units have gone a step further with an integrated management system (IMS), combining ISO 9001, ISO 14001 and OHSAS 18001 into one business excellence model. We have been accorded the Star Trading House status in India. Hindalco's
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aluminium metal is accepted for delivery under the High Grade Aluminium Contract on the London Metal Exchange (LME). Our copper quality standards are also internationally recognized and registered on the LME with Grade A accreditation. Aluminium Hindalco's major products include standard and specialty grade alumina and hydrates, aluminium ingots, billets, wire rods, flat rolled products, extrusions and foil. The integrated facility at Renukoot houses an alumina refinery and an aluminium smelter, along with facilities for the production of semifabricated products; namely, redraw rods, flat rolled products and extrusions. The plant is backed by a co-generation power unit and a 742 MW captive power plant at Renusagar to ensure the continuous supply of power for smelter and other operations. A strong presence across the value chain and synergies between operations has given us a dominant share in the value-added products market. As a step towards expanding the market for value-added products and services, we have launched various brands in recent years Ever last roofing sheets, Freshwrapp kitchen foil and Freshpakk semi-rigid containers. Copper Birla Copper, Hindalcos copper unit, is located at Dahej in Gujarat, India. The unit has the unique distinction of being the largest single-location copper smelter in the world. The smelter uses stateof-the-art technology and has a capacity of 500,000 TPA. Birla Copper also produces precious metals, fertilizers and sulphuric and phosphoric acid. The unit has captive power plants for continuous power generation and a captive jetty to facilitate logistics and transportation.
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Birla Copper upholds its longstanding reputation for quality copper cathodes and continuous cast copper rods by assuring its management processes meet the highest standards. It has acquired certifications such as ISO-9001:2000 (Quality Management Systems), ISO-14001:2004 (Environmental Management System) and OHSAS-18001:2007 (Occupational Health and Safety Management Systems).
Mines Hindalco acquired two Australian copper mines, Nifty and Mt. Gordon, in 2003. The Birla Nifty copper mine consists of an underground mine, heap leach pads and a solvent extraction and electro winning (SXEW) processing plant, which produces copper cathode. The Mt. Gordon copper operation consists of an underground mine and a copper concentrate plant. Until recently, the operation produced copper cathode through the ferric leach process. In 2004, a copper concentrator was commissioned to provide concentrate for use at Hindalco's operations in Dahej. Both Nifty and Mt. Gordon have a long-term life of mine off-take agreement with Hindalco for supply of copper concentrate to the copper smelter at Dahej.
Cornerstones of growth Our well-crafted growth and integration hinges on the three cornerstones of cost competitiveness, quality and global reach. We are also committed to the triple bottom line accountability of economic, environment and social factors. Care for the community around our operating units is best exemplified by our deeprooted social commitment.
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PRODUCTION CAPACITY
ALUMINA 700000 TPA 350000 TPA 450000 TPA ALUMINIUM 345000 TPA 161400 TPA EXTRUSIONS 230000 TPA 8000 TPA FLAT ROLLED PRODUCTS 80000 TPA 45000 TPA 50000 TPA 30000 TPA REDRAW RODS 56400 TPA FOIL & PACKING 30000 TPA 4000 TPA CAPTIVE POWER 742 MW 638 MW 84 MW 30 MW RENUKOOT BELGAUM MURI
RENUKOOT HIRAKUD
RENUKOOT ALUPURAM
RENUKOOT BELUR TALOJA MOUDA
RENUKOOT
SILVASSA KOLLUR
RENUKOOT HIRAKUD RENUKOOT COGEN MURI

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MANAGEMENT TEAM
Board of Directors Mr. Kumar Mangalam Birla, Chairman Mrs. Rajashree Birla Mr. C. M. Maniar Mr. M. M. Bhagat Mr. K. N. Bhandari Mr. A. K. Agarwala Mr. N. J. Jhaveri Mr. Ram Charan Mr. Jagdish Khattar Mr. D. Bhattacharya, Managing Director Mr. M. Damodaran Chief Financial Officer Mr. Praveen Maheshwari Head Corporate Projects & Procurement Cell Mr. B.B Jha Company Secretary Mr. Anil Malik Chief People Officer Mr. Vineet Kaul Business / Unit Head Mr. Dilip Gaur, Group Executive President, Copper Mr. Sachin Satpute, Chief Marketing Officer, Aluminium Mr. Satish M Bhatia, President, Foil and Packaging Mr. R. S. Dhulkhed, Senior President, Operations Mr. Sanjay Sehgal, President, Chemicals Mr. D. K. Kohly, Chief Officer Operations, Renukoot Unit & Renusagar Units
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Utkal Alumina International Ltd Mr. Rajesh Jha, CEO Novelis Inc. Mr. Philip Martens, President and Chief Executive Officer Aditya Birla Minerals Limited Mr. D. Bhattacharya, Chairman Mr. Sunil Kulwal, CEO and MD Mr. Peter Torre, Company Secretary
MILESTONES
Over the years, Hindalco has grown into the largest vertical integrated aluminium company in the country and among the largest primary producer of aluminium in Asia. Hindalco enters The Asia top 25list of the CFO Asia annual report survey, the only Indian Company in 2001 Amalgamation of Indo Gulf Corporation Ltd. copper business, Birla Copper, with Hindalco with effect from 1 April 2002 In 2003, Hindalco acquires Nifty copper mine through Aditya Birla Minerals ltd. In 2004, copper smelter expansion to 250,000 TPA. In 2005, MoUs signed with state governments of Orissa and Jharkhand for setting up Greenfield alumina refining, smelting and power plants. In May 2006, enters into a joint venture with Essar Power (M.P.) Ltd. To develop and operate coal mines at Mahan, Madhya Pradesh. In 2007, Novelis become a Hindalco subsidiary with a completion of the acquisition process. The transaction makes Hindalco the worlds largest aluminium rolling company and one of the biggest producers of primary aluminium in Asia, as well as being Indias leading copper producer.
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In 2008, Right issue raised a total of Rs. 4,426 crore for re-financing bridge loan taken for Novelis acquisition. In 2009, raised USD 600 million for projects, the largest straight QIP in India In 2011, achieved financial closure of two projects through debt financing Utkal Alumina for Rs. 4906 crore and Mahan Aluminium for Rs.7, 875 crore.
AWARDS
Hindalco has won several awards for community welfare, environment protection, and also for quality and export performance.
Hindalco bagged the prestigious CII EXIM Bank Business Excellence Award 2011 for its "strong commitment to excel on the journey towards business excellence". Birla Copper, a division of Hindalco, won the IMC Ramkrishna Bajaj Quality Award Commendation Certificate. Hindalco Renusagar won the Greentech Safety Gold Award 2011 in power sector for outstanding achievement in safety management, by Greentech Foundation, New Delhi.
Renukoot "NIPM Gold Award for Best HR Practices" for the year 2010 by National
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Institute of Personal Management (NIPM). Greentech Gold Safety Award 2010 for Occupational Health and Safety Management in the Mining & Metals sector by Greentech Foundation, New Delhi. Greentech Environment Excellence Gold Award 2010 in the metals sector for its efforts towards environment management, by Greentech Foundation, New Delhi. The Golden Peacock Award for Corporate Social Responsibility for the year 2010. Greentech HR Excellence Silver Award for 2010 for excellence in training. "Best Exporter Award" for 2010 by the Container Corporation of India for contributing to India's economic progress through significant volume of exports. National Energy Conservation Award (Second Prize) 2010, in the metals sector, presented by the Ministry of Energy, Government of India. Silver Certificate of "Indian Manufacturing Excellence Award 2010" by Economic Times and Frost & Sullivan. Birla Copper Dahej Greentech Environment Excellence Gold Award 2010 in the mining and metals sector for its efforts towards environment management by Greentech Foundation, New Delhi. Greentech Silver Safety Award 2010 for Occupational Health and Safety Management in the mining and metals sector, by Greentech Foundation, New Delhi. Renusagar Greentech Gold Award 2010 in thermal power sector for outstanding achievement in environment management, by Greentech Foundation, New Delhi. "Commendation for Safety Innovation Award 2010," by the Institution of Engineers (India). "Special Commendation for the Golden Peacock Environment Management Award 2010," by the Institute of Directors, New Delhi.
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Hirakud Hirakud Power Plant awarded Third Prize in the state-level CII Orissa Award for Best Practices in Environment, Safety and Health 2010. Hirakud Power awarded the Greentech Environment Excellence Gold Award 2010 in the thermal power sector category. Muri National Award for Excellence in Water Management 2010 "Beyond the Fence" category, for the indigenous work being done by the unit outside the fence as a corporate citizen and for fulfilling its corporate responsibilities. Quality Circle Awards Gold Awards to four Hindalco Renukoot Quality Circle Teams Kushal, Vaibhav, Pragati and Nirantar at the International Quality Circle Competition (IQCC 2010) held at Hyderabad. Silver and Bronze Awards to Hindalco Hirakud Power Quality Circle Teams Aryan and Power respectively at the International Convention on Quality Concept Circle (ICQCC 2010) held at Hyderabad. Quality Circle teams from Renukoot, Hirakud and Birla Copper Dahej Units excelled at the National QC Convention (NCQC 2010), winning Par Excellence, Excellence, Distinguished and Runners-Up Awards.
Hindalco Renusagar's power division bagged the Golden Peacock Environment Management Award during the Global Convention on Climate Security. The convention was held at Palampur, Himachal Pradesh from 12 to 14 June 2009. Dr. Madhav Mehra, President, World Council for Corporate Governance honored Renusagar's power division with the award in the services category.
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Greentech Safety Gold Award 2008 for outstanding achievement in safety management in coal based power sector. Hindalco Hirakud Systems ranked runners-up at the state level IT Competition 2008 organized by CII in association with the department of information technology, Government of Orissa. Hirakud smelter was awarded the state level safety award for Best Occupational Healthcare 2006 presented in February 2008 at Bhubaneswar. Talabira coal mines won a host of safety awards, namely, first in working face and maintenance of Dozer & Payloader and second in dust suppression at the Annual Coal Mines Safety Fortnight 2008 organized by Directorate of Mines Safety, Bhubaneswar and Chaibasa region.
The Golden Peacock Award 2007 by the World Environment Foundation for its remarkable achievements in occupational health & safety. The Safety Innovation Award 2007 for excellence in the field of occupational health, presented by The Institute of Engineers India. The National Energy Conservation Award 2007, second prize, awarded by the Ministry of Power and Energy, Government of India. Renukoot was selected for the Rajiv Gandhi National Quality Award 2007 Silver Trophy, presented by the Bureau of Indian Standards, in the large scale manufacturing (metallurgy) category. The CII National Award for Excellence in Water Management (Beyond the Fence) 2007, for its land and water management projects in neighboring villages. The IMC Ramkrishna Bajaj National Quality Award 2007 special award for
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excellent performance in the service category. The CII Human Resource Excellence Award 2007 for strong commitment and significant achievement in the field of HR. The Greentech Environment Excellence Silver Award 2007 by the Greentech Foundation. Renusagars quality circle teams VAYUDOOT and NAVODAYA achieved the Par Excellence Quality Circle Award at the National Level Convention NCQC 2007. Hirakud smelter - National Energy Conservation Award first prize 2007. Hirakud smelter - National Safety Award for performance year 2005 (presented in Oct 07) by Ministry of Labor and Employment, Government of India. Hirakud power - CII - Orissa Award for Best Practices in Environment, Safety, Health for the year 2007. Hirakud power plants Jeevan Jyoti and Aryan quality circles won the Distinguished Award at the National Convention of Quality Circles 2007. Other Hirakud power teams, bagged awards at the regional and state level QC competitions. Hirakud power plants Shakti and Prerana quality circles also bagged third prize in the operations & production category and repair & maintenance category respectively during the seventh Supervisor Skills Competition organized by CII in December 2007. Muri alumina plant selected for CIIs National Award for Excellence in Water Management 2007 for both Within and Beyond the Fence 2007. Belur was selected for the National Safety Award for outstanding performance in industrial safety as runners up for the performance year 2005 in achieving the lowest average frequency rate (presented in October 2007), by the Ministry for Labor and Employment, Government of India . Winner of the GreenTech Environmental Gold Award in the metals and mining sector for its outstanding achievement in environment management during 2007 - 2008. Earned the National award as an "Energy Efficient Unit", presented by CII. Belur sheet plant was adjudged the winner of the "CII Eastern Region
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Energy Conservation Award for 2007 2008". Alupuram complex awarded the Outstanding Safety Performance Award 2007 in the small scale engineering industrial category, presented by the National Safety Council, Kerala chapter. Taloja sheet plant was presented the Metallics Systems USA Maintenance Award for best operation & maintenance of molten metal pump at its recycling plant. Hindalco awarded the CII-Sorabji Green Business Centre "National Award for Excellence in Water Management 2007". Hindalco won the prestigious D.L. Shah National Award for Economics of Quality given by quality council of India. Chief manufacturing officer, Mr. R. P. Shah and Mr. Arun Kumar received the award from the President of India, H.E. Dr. A.P.J. Abdul Kalam on 9 February 2007 at New Delhi.
Belur sheet plant was presented the Good Green Governance Award 2006 from Srishti Publications. The prestigious National Energy Conservation Award-2006 was awarded to Hindalco by Ministry of Power, Government of India. The IT department of Hindalco received prestigious IT certificates BS15000 (IT services), ISO 9001 (Software development) and BS7799 (Information security). Hindalco Renukoot IT department is the first in our group as well as in India to be recommended for all these certifications in an integrated manner. The prestigious Greentech Safety Award came Hindalco's way for its outstanding performance towards organization health and safety. The company's fabrication plants hot mill team won the prestigious Qualtech Award for their project Reduction of time in work role change time. Hindalco received the Integrated Management System Certificate from
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D.N.V. certification agency. This certificate was for ISO-9001, ISO-14001, OHSAS-18001 in an integrated manner. Hindalco, Renukoot has won the National Award for Excellence in Water Management 2006 organized by CII. The quality circle teams at Hindalco, Renukoot were adjudged winners in the live quiz competition organized by the Quality Circle Forum of India. J P Nayak of Hirakud Smelter awarded 'Young Metallurgist of the Year 2006' award sponsored by the Ministry of Steel & Mines, GoI Hirakud Power team bagged second prize at the state level CII Orissa Award 2006 for Best Practices in Environment, Safety & Health. Hirakud Power Team earned the "Distinguished Presentation Award" during the 14th Chapter Convention on Quality Circle, Rourkela, during September 2006.
Mr. Debu Bhattacharya, Managing Director was conferred with "Asian business leader award for the Asia corporate citizen of the year" by CNBC. The award was conferred in recognition of Hindalco's outstanding contribution to arts, education, the environment and community development. Mr. Kumar Mangalam Birla, Chairman, has been named "Business Today young super performer in the CEO category". Hindalco's fabrication team won the Qualtech Award 2005 presented by Quimpro College, Mumbai. Five workmen of our smelter, Mr. Rajesh Pal, Mr. A. K. Gupta, Mr. R. K. Singh, Mr. H. N. Singh and Mr. S. K. Singh were awarded the prestigious Vishwakarma Rashtriya Purashkar by the government of India, ministry of labor and employment. Mr. Kumar Mangalam Birla, Chairman, has been named as Ernst & Young entrepreneur of the year 2005. He represented India at the award function in Monte Carlo, Monaco in June 2006.
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Hindalco Renukoot alumina refinery team made four presentations at the Himer National Conference-2005 (HIMER-2005) and bagged the best paper award. Mr. Debu Bhattacharya, Managing Director conferred with "India business leader award 2005" by CNBC-TV. Hirakud Smelter awarded the National Safety Award 2005 for lowest accident frequency rate and longest accident free period presented by Ministry of State for Labor and Employment, GoI. Hindalco won the first prize for National Energy Conservation 2005 in aluminium sector given by the Government of India, Ministry of Power. Hindalco received the ICWAI National Award for Excellence in Cost Management 2005 in recognition to their efforts towards cost management. Hindalco won the Greentech Safety Award for the year 2005-06 for its excellent efforts in occupational health and safety. The Muri Alumina Plant won the Greentech Safety Gold Award 2004-05 and Silver Award 2005-06 as also the Greentech Environment Silver Award 200405. Kalwa foil plant won the Dhanukar rotating trophy for 2005-06 presented by the Indian Association of Occupational Health, Mumbai. National Award for Excellence in Water Management 2005 (Water Efficient Unit) from CII - Sohrabji Godrej Green Business Centre. Greentech Environment Excellence Gold Award 2005 from Greentech Foundation, New Delhi. The Belur Sheet Plant was named the winner of the National Awards for Excellence in Water Management 2005 (Water Efficient Unit) and for Excellence in Energy Management 2005 (Energy Efficient Unit), presented by the CII - Sohrabji Godrej Green Business Centre. Belur also won the Greentech Environment Excellence Gold Award 2005. Alupuram extrusions earned first prize in the Kerala state level quality circle competition organized by CII. Alupuram smelter earned third prize in the Kerala state level quality circle competition organized by CII. Best safety performance award conferred on Alupuram extrusions by the
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National Safety Council (Kerala chapter). Lohardaga Bagru Mines, Durgmanwadi, Chandgad mines and Talabira coal mines have won awards in safety, environment, pollution control and overall performance during the mines safety week and mines, environment and mineral conservation week programmers organized by the Indian Bureau of Mines and the Directorate of Mines Safety in the Ranchi, Goa and Bhubaneswar/Chaibasa regions. Chandgad mines super status award for winning the overall first prize for three consecutive years. Kasarsada mines awarded special prize for super status mine for excellent all round performance for the second consecutive year during the mines, environment and mineral conservation week, Goa region. Durgmanwadi and Kasarsada Bauxite Mines have earned a host of awards during the Mines Environment & Mineral Conservation Week programmers, including special prize for being ranked first for 3 consecutive years in overall performance along with other prizes for safety and other mining operations.
Hindalco won the fourth annual Greentech Safety Gold award for the year 2004-05 in metallurgy sector. Renusagar Power awarded the Innovation Training and Development (HR) Practices award-2004 by Indian Society for Training & Development, New Delhi. The mines division has been recognized by Indian Bureau of Mines, government of India for A forestation, plantation, waste dump management, top soil management, reclamation and rehabilitation, dust suppression arrangement, publicity and propaganda and overall performance. Joint winner of Aditya Birla planet award 2004 for community initiatives and rural development. National energy conservation award 2004 in aluminium sector by the
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government of India, ministry of power. IMC Ramkrishna Bajaj National Quality award 2004 certificate of merit. Quality circle shakti of reduction plant won the excellence case study presentation award at NCQC, Mumbai in December 2004. Prime Minister's Shram awards 2004 Shram Veer award to Mr. Ram Kailash of Alumina Plant and Shram Shree award to Mr. Suresh Prasad of alumina plant. CII National Award for Excellence in Energy Management 2004. Qualtech Award 2004 for quality management by Quimpro College, Mumbai. CIOL-Dataquest award for best performance in the pioneer category for 2004-05 by CIOL, an IT portal along with Dataquest Magazine. Hirakud smelter received the National Safety Award 2004, for outstanding performance in industrial safety and achieving longest accident-free period and runners up award 2004 for lowest accident frequency rate. Hirakud smelter presented the Shrestha Surakhya Puraskar 2004 and Prasansa Patra2005, from the National Safety Council of India, Mumbai for developing and implementing effective occupational safety and health management systems and procedures. Hirakud smelter presented the State Safety Award 2004 for best performance in safety, health and environment management. Muri works received Greentech Environment Silver award 2004-05 presented by Greentech Foundation, New Delhi. Hindalco Industries Limited, Renukoot, has been awarded the Certificate of Merit at the IMC Ramkrishna Bajaj National Quality Award 2004 in the manufacturing category. Outstanding Industrial Relations Award conferred on Hindalco's aluminium division by AIOE (FICCI). National Safety Award (runners-up) for the aluminium division, presented by the Ministry of Labor for lowest accident frequency rate. Regional awards won by Hindalco's bauxite mines from the Indian Bureau of Mines, for exemplary achievements in top soil management, sound pollution control, dust management and surface leveling.
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Hindalco has been awarded the trophy for highest exports prime metal ferrous and non ferrous (non-SSI) 2003-04 by Engineering Export Promotion Council (EEPC), India in recognition of outstanding export performance of engineering goods and services Industrial safety award (runners up) presented to Alupuram smelter for 20032005 for lowest average accident frequency by the National Safety Council, Kerala chapter. Greentech gold award 2003-04 to Renusagar Power by Greentech Foundation, New Delhi for organizational health and safety. National Safety Award 2003 by Ministry of Labor and Employment. Joint award winner of Rajiv Gandhi National Quality Award 2003 in large scale manufacturing category. The award is instituted by Bureau of Indian Standards, Ministry of Consumer Affairs, and Government of India. Greentech gold award 2003-04 by Greentech Foundation, New Delhi for organizational health and safety. Asian Corporate Social Responsibility Award for 2003 for its aluminium division's Rural Poverty Alleviation Project. Hindalco achieves ISO/TS16949 certification for Aura Alloy Wheels in March 2003. It is one of the first few alloy wheel companies in India and the world to receive this certification. CII National Award for Excellence in energy management 2003 for the aluminium and copper divisions.
FIMI's Social Awareness Award. The FICCI Socio-Economic Development Foundation's (FICCI-SEDF) Social
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Responsiveness Award for the year 2001, for projects on rural development and promoting economic self-reliance in over 334 villages. Birla Copper is accredited with ISO 9001 and ISO 14001.
The 'Fair Business Practices' award by the CFBP Jamnalal Bajaj Uchit Vyavahar Puraskar 2001. The 'Outstanding Export Award' for the years 2000 and 2001 from EEPC and CAPEXIL. Adjudged the worldwide runner-up for the 'Millenium Business Award for Environmental Achievement', under the auspices of the United Nations Environment Programme. Mother Teresa Commendation Certificate for Community Initiative Activities. FICCI Award for Community Initiative Activities. Energy Conservation Award by the Ministry of Power. Various Awards for Mines Environment and Mineral Conservation by the Indian Bureau of Mines.
Alumina refinery is named as the 'Best Safety Performing Plant' in the world by the International Aluminium Institute. Safety Performance Benchmarking 'Joint Best Smelter' by International Aluminium Institute. Safety Performance Benchmarking 'Best Refinery' by International Aluminium Institute. Export Award from EEPC.
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Export Award from CAPEXIL. Annual Report - Best in Asia Winners by CFO Asia.
Best Corporate Citizen Award from the Bombay Chambers of Commerce and Industry (BCCI). Safety Performance Benchmarking 'Joint Best Refinery' by International Aluminium Institute. Star Trading House Certification.
ISO 14001 certification for Hindalco's entire operations. CII Exim Award Commendation certificate for Excellence in Quality Management. Rajiv Gandhi National Quality Award Commendation Certificate. Energy Conservation Award, Ministry of Power. Export Award from CAPEXIL.
Energy Conservation Award, Ministry of Power. Export Award from CAPEXIL.
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Energy Conservation Award, Ministry of Power. Export Award from CAPEXIL.
Certificates of Meritorious Performance for Reclamation, Rehabilitation, A forestation and Environmental Pollution Control at Mines, Ministry of Mines. Energy Conservation Award, Ministry of Power. Export Award from EEPC.
ISO 9002 certification. Certificates of Meritorious Performance for Reclamation, Rehabilitation, A forestation and Environmental Pollution Control at Mines, Ministry of Mines. Export Award from CAPEXIL.
Export Award from EEPC. Export Award from Ministry of Commerce.

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Export Award from CAPEXIL.
Certificates of Meritorious Performance for Reclamation, Rehabilitation, A forestation and Environmental Pollution Control at Mines, Ministry of Mines. National Award for R&D Efforts, Ministry of Science and Technology. Energy Conservation Award, Ministry of Power.
APPLICATION OF ALUMINIUM IN INDIA

AUTOMOTIVE INDUSTRY AVIATION INDUSTRY RAILWAYS SHIP BUILDING INDUSTRY TRANSPORTATION INDUSTRY DAIRY INDUSTRY PACKING INDUSTRY ELECTRICAL INDUSTRY HOUSEHOLD UTENCILS COMSUMER DURABLE PRODUCTS
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MAJOR ALUMINIUM PRODUCER INDUSTRIES IN INDIA

COMPANY Hindalco OWNERSHIP A B Group LOCATION Renukoot Alpuram Hirakud Belgaum Angul Kobra Mettur CAPACITY 345,000 14,000 65,000 31,000 345,000 350,000 40,000
NALCO BALCO MALCO
Public sector Sterlight Sterlight
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Hindalcos Product Range
Primary aluminium Ingots
Alloy Ingots
Billets
Slab
Aluminium Sheet
Wire rods Sheet
Circle
Alloy Wheel
Watch
Blister Pack
Ladder
Doors
Handles
Cans
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WORKING CAPITAL MANAGEMENT
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Working capital management
Every business needs investment to procure fixed assets, which remain in use for a longer period. Money invested in these assets is called long term funds or fixed capital. Business also needs funds for short-term purposes to finance current operations. Investment in short term assets like cash, inventories debtors etc. is called short term funds or working capital. The working capital is categorized as fund needed for carrying out day-to-day operations of the business smoothly. The management of the working capital is equally important as the management of long term financial investment. Every running business needs working capital. Even a business which is fully equipped with all types of fixed assets required is bound to collapse without1. 2. 3. 4. Adequate supply of raw materials for processing. Cash to pay for wages, power and other costs. Creating a stock of finished goods to feed the market demand regularly. The ability to grant credit to its customers. All these require working capital.
Working capital is like the lifeblood of a business

The business will not be able to carry on day-to-day activities without the availability of adequate working capital. Working capital, also known as net working capital, is a financial metric which represents operating liquidity available to a business. Along with fixed assets such as plant and equipment, working capital is considered a part of operating capital. It is calculated as current assets minus
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current liabilities. if current assets are less than current liabilities, an entity has a working capital deficiency, also called as working capital deficit. A company can be endowed with assets and profitability but short of liquidity if its assets cannot readily be converted into cash. Positive working capital is required to ensure that a firm is able to continue its operations and that it has sufficient funds to satisfy both maturing short-term debt and upcoming operational expenses. The management of working capital involves managing inventories, accounts receivables and payable and cash.
Calculations
Current assets and current liabilities include three accounts which are of special importance. These accounts represent the areas of business where the managers have the most direct impact Accounts receivable (current assets) Inventory (current assets), and Accounts payable (current liabilities) The current portion of debt (payable within 12 months) is critical, because it represent a short term claim to current assets and is often secured by long term assets. Common types of short-term debts are bank loans and lines of credit. An increase in working capital indicates that the business has either increased current assets (that is received cash, or other current assets) or has increased current liabilities, for example paid off some short-term creditors. Current assets- this is any cash or assets that can be quickly turned into cash. This includes prepaid expenses, accounts receivables, most securities and your inventory. Constituents of current assets Cash in hand and bank balances
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Bill receivables Sundry debtors (less provision for bad debts) Short term loans and advances Inventories of stock Raw material Work in process Stores and spares Finished goods Coal and fuel Temporary investments of surplus funds Prepaid expenses Accrued expenses
Current liabilities- this is a liability in the immediate future. This includes wages, taxes and accounts payable. Constituents of current liabilities Bills payable Sundry creditors or accounts payable Short term loans, advances & deposits. Dividend payable Bank overdraft Provision for taxation, if it does not amount to appropriation of profits
Implication on M & AThe common commercial definition of working capital for the purpose of a working capital adjustment in an M & A transaction (i.e. For a working capital adjustment mechanism is a sale and purchase agreement) is equal to-
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Current assets current liabilities (excluding deferred tax assets/liabilities, excess cash, surplus assets and/or deposit balances)
Working Capital Management

Decision relating to working capital and short term financing are referred to as working capital management. These involves managing the relationship between a firms short term assets and short term liabilities. The goal of working capital management is to ensure that the firm is able to continue its operations and that it has sufficient cash flows to satisfy both maturing short-term debt and upcoming operational expenses.
Decision criteria
By definition, working capital management entails short term decisions- generally related to next one year period- which are reversible. These decisions are therefore not taken on the same basis as capital investment decisions (NPV or related, as above) rather they will be based on cash flows and/or profitability. One measure of cash flow is provided by the cash conversion cyclethe net number of days from the outlay of cash for raw material for receiving payment from the customers. As a management tool this metric makes explicit the inter-relatedness of decision relating to inventories, accounts receivables and payables and cash. Because this number effectively corresponds to the time that the firms cash is tied up in operations and unavailable for other activities, management generally aims at a low net count. In this context, the most useful measure of profitability is return on capital (ROC). The result is shown as a percentage, determined by dividing relevant income for the 12 months by capital employed; return on equity (ROE) shows this result for the firms shareholders. Firm value is enhanced when, and if, the return on capital, which
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results from working capital management, exceeds the cost of capital, which results from capital investments decisions as above. ROC measures are therefore useful as a management tool, in that they link short-term policy with long-term decision making. See economic value added (EVA).
Management of working capital

Measurement will use a combination of policies and techniques for the management of working capital. These policies aims at managing the current assets (generally cash and cash equivalents, inventories and debtors) and the short term financing, such as cash flows and returns are acceptable.
Cash management- Identify the cash balance which allows for the business to meet day to day expenses, but reducing cash holdings costs. Inventory management- Identify the level of inventory which allows for uninterrupted production but reduces the investment in raw materialsand minimizes reordering costs- and hence increases cash flows; see supply chain management; just in time (JIT); economic order quantity (EOQ); Economic production quantity. Debtors management- Identify the appropriate credit policy, i.e. credit terms which will attract customers, such that any impact on cash flows and the cash conversion cycle will be offset by increased revenue and hence return on capital (or vice versa) see discount and allowances. Short term financing- Identify the appropriate source of financing, given the cash conversion cycle; the inventory is ideally financed by credit granted by the supplier; however, it may be necessary to utilize a bank loan (or overdraft), or to convert debtors to cash through factoring.
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Classification of working capital 1. on the basis of concept 2. on the basis of time
Classification of working capital
On the basis of concept
On the basis of time
Gross working capital
Net working capital
Permanent working capital
Temporary working capital
Regular Working capital
Reserve working capital
Seasonal working capital
Special working capital
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ON THE BASIS OF CONCEPT 1. Gross working capital

Gross working capital refers to the firm investment in current assets. Current assets are assets, which can be converted into cash within an accounting year. The main components of current assets are cash, debtors, marketable securities and stock. The gross working capital concept focuses attention on two aspects of current assets management Optimum investment in current assets. Financing of current assets The considerations of level of investments in current assets should be to avoid two-danger point: excessive and inadequate in current assets. Investment in current assets should be just adequate, not more not less to the need of business firm. Excessive investment in current assets should be avoided as its impairs firms profitability. On the other hand inadequate amount of working capital can threaten solvency of the firm. Another aspect of gross working capital points to the need of arranging funds to finance current assets. Whenever a need for working capital arises, financing arrangement should be made quickly. Similarly arising shall be invested in shortterm securities.
2. Net working capital

Net working capital refers to the difference between current assets and current liabilities. Net working capital can be positive or negative. Net working capital is a qualitative concept. It indicates the liquidity position of the firm and suggests the extent to which working capital needs may be financed by permanent source of funds such as shares, debentures and long term debts etc. it covers the question
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of judicial mix of long and short term funds for financing current assets. In order to protect their interests, short-term creditors like a company to maintain a positive NWC. Conventionally the ratio of CA and CL is 2:1. A negative NWC means a negative liquidity, which may prove to be harmful to companys reputation. It poses a threat on the company solvency and makes it unsafe and unsound.
Net working capital= CA - CL
ON THE BASIS OF TIMEOn the basis of time, we may be classified as Permanent working capital Temporary or variables working capital
I. Permanent working capitalPermanent or fixed working capital is the minimum amount, which is required to ensure effective utilization of fixed facilities and for maintaining the circulation of current assets. There is always a minimum level of current assets, which is currently required by the enterprise to carry out normal business operations. Every firm has to maintain a minimum level of raw material, work in process, finished goods and cash balance. This minimum level of current assets is called permanent or fixed working capital as this part of capital is permanently blocked in current assets.
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Characteristics of permanent working capital Amount of permanent working capital remains in the business in one form or the other. The suppliers of such WC should not accept its returns during the lifetime of the firm. It grows with the size of the firm. Permanent WC is permanently needed for the business.
II. Temporary or variable working capitalTemporary working capital is the extra working capital needed to support the changing production and sales activity of the firm.
Need of working capital For the purchase of raw material: components and spares. To incur day-to-day expenses and overhead costs such as fuel, power and office expenses etc. To meet the selling costs as packing, advertising etc. To provide credit facility to the customers. To maintain the inventories of raw materials, work-in-progress, stores and spares and finished stock. To pay wages and salaries.
Importance of adequate working capital

Working capital is the life blood of a business. Working capital is very important for smooth running of the business. Business cant run successfully without an adequate working capital. The main advantages of maintaining adequate amount of working capital Adequate working capital helps in maintenance of the business by providing uninterrupted flows of production.
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Sufficient working capital enables a business concern to make prompt payments and hence help in creating and maintaining goodwill. High solvency can arrange loans and advances from banks due to adequate working capital. Sufficient working capital ensures regular supply of raw materials and continuous production. A company that has adequate working capital can make regular payments of salaries, wages and other day-to-day commitments that raise the morale of its employees. Adequate working capital enables a concern to face business crisis in emergencies. Adequacy of working capital creates an environment of security, confidence and high morale and creates overall efficiency in a business.
Consequences of under assessment of working capital

1. Growth may be stunted. It may become difficult for the enterprise to undertake profitable projects due to non availability of working capital. 2. Implementation of operating plans may become difficult and consequently the profit goals may not be achieved. 3. Cash crisis may emerge due to paucity of working funds. 4. Optimum capacity utilization of fixed assets may not be achieved due to non availability of working capital. 5. The business may fail to honor its commitment in time, thereby adversely affecting its credibility. This situation may lead to business closure. 6. The business may be compelled to buy raw materials on credit and sell finished goods on cash. In the process it may end up with increasing cost of purchases and reducing selling prices by offering discounts. Both these situation would affect profitability adversely. 7. Non-availability of stocks due to non-availability of funds may result in production stoppage. 8. While underassessment of working capital has disastrous implications on business, over assessment of working capital also has its own danger.
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Consequences of over assessment of working capital

a) Excess of working capital may result in unnecessary accumulation of inventories. b) It may lead to offer too liberal credit terms to buyers and very poor recovery system and cash management. c) It may make management complacent leading to its inefficiency. d) Over-investment in working capital makes capital less productive and may reduce return on investment.
Working capital is very essential for success of a business so it requires efficient management and control. Each of the components of the working capital needs proper management to optimize profit.
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Working capital cycle

Equity & loans
Payables Cash
Inventories
Receivable s
Overheads
Sales
Explanation
Working capital cycle involves conversion and rotation of various constituents/components of the working capital.. Firstly cash is converted into raw materials. After that, with the usage of fixed assets resulting in value additions, the raw materials gets converted into work in process and then into finished goods. When sold on credit, the finished goods assume the form of debtors who give the business cash on due date. Thus cash assumes its original form again at the end of one such working capital cycle but in the course it passes through various other form of current assets too.
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In this way various components of current assets keep on changing their forms due to value addition. As a result, they rotate and business operations continue. Thus, the working capital cycle involves rotation of various constituents of the working capital. While managing the working capital, two features of current assets should be kept into mind i.e., 1. Short life span 2. Swift transformation into other form of current assets.
Each component of current assets has comparatively very short life span. Investment remains in a particular form of current asset for a short period. The life span of current assets depends upon the time required in the activities of procurement; production, sales and collection and degree of synchronization among them. A very short life span of current assets results into swift transformation into other forms of current assets for a running business. These characteristics is having certain implication1. Decision regarding management of the working capital has to be taken frequently and on a repeat basis. 2. The various components of the working capital are closely related and mismanagement of any one component adversely affects the other components too. 3. The difference between the present value and book value of profit is not significant.
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Production cycleProduction cycle is concern with procurement of raw materials to the completion of manufacturing process leading to the production of finished goods. Funds have to be necessarily ties up during the process of manufacturing necessitating enhanced to working capital. The long time span production cycle will be longer span of time, therefore larger working capital needed. The production cycle of HINDALCO industries ltd. is near about 30 days. It breaks up in following waysRaw material storage period Work-in-progress period Finished goods storage period = = = 21 days 05 days 04 days
Total
30 days
Business cycle
Fluctuation in economy or business may lead quantum of working capital. There are two economic conditions, which effect quantum of working capital1. If there is boom condition in economy, due to purchase of additional raw material and machinery to complete the increasing demand of product and for the cover the lag sales and receipt of cash. 2. If there is recession condition in economy it leads a fall in the quantum of working capital, due to decrease in level of inventories and book of debts. Note- this situation will also follow for the Hindalco industries.
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Production policyA production policy also determines the quantum of working capital. Production policy may be of two types-
1. Speedy production policy 2. Variable production policy

In case of Hindalco, demand for aluminium and aluminium product manufactured by Hindalco is prevailing throughout the year. The company produce primary product continuously and semi product and extrusions are produced as the order of the customers. So there is no question of seasonal demand of product, hence production continues throughout the year thereby no extra working capital is involved.
Credit policyCredit policy is relating to sales and purchase of product, which also affect the working capital. The policies influence the requirement of working capital in two ways1. Through credit terms granted to customers/buyers of goods. a. It gives more credit to customer/buyer, and then needed more working capital. b. It gives less credit to customer/buyer, then needed less working capital. 2. Credit terms available to a firm. a. If this is liberal then needed less working capital. b. If this is not liberal then needed more working capital. The prevailing trade policies are as well as the changing economic condition affect the credit terms fixed by an enterprise. In Hindalco credit period are as follows-
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Buyers Direct customer Agent/stockiest
Product(primary) Nil 15 days
Product(semi fabricated) 45 days 45 days
Credit period received as Raw materials Stores and spares 15-30 days 30 days
Growth and expansionIf company grows it is logical to expect that a larger amount of working capital is required. In case of expansion also large amount of working capital is required.
Availability of raw material

I availability is irregular then a large amount of working capital is needed because a lot of amount is invested in the raw material for the smooth production process and vice-versa.
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Profit level
In the Hindalco maximum working capital is arranged by the internal source. So the change of profit level does not affected by the working capital level.
Price level change: Changes in the price level also affect the requirement of working capital. Rising price necessitates the use of more funds for maintaining the existing level of activity. However the price rise does not have uniform affect on all commodities. The implication of changing price level on working capital position varies from company to company depending on the nature of its operations, standing in the market and their relevant considerations. Change in the price level of crude oil also make a deep impact on working capital of Indian industries, so its also affect the working capital of Hindalco Industries.
Operating Efficiency: The operating efficiency of the management is also an important determinant of the level of working capital, though management cannot control rise in price, it can ensure the efficient utilization of resources by eliminating waste, improving co-ordination etc. Efficiency of operations accelerates the pace of cash cycle and improves the working capital turnover.
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Estimation of working capital requirement There is no set rule or formula to determine working capital requirement of the firm. The quantum of working capital requirement of a company largely depends upon aforesaid factors. A finance manager in order to estimate the working capital requirement of the firm has to keep in mind the above factors. Besides he can apply any of the following techniques for assessing working capital requirement 1. Estimation of component of working capital 2. Percentage of sales method 3. Operating cycle approach TECHNIQUE (1): - Estimation of component of working capital Since working capital is the excess of current assets over current liabilities, estimating amount of different constituents of working capital can makes an assessment of working capital requirement. For example, inventories, account receivables, cash, debtors, creditors etc. 1. Inventories: - The average amount of raw material to be kept in stock will depend upon quality of raw material required for production during a particular period and average time taken in obtaining fresh delivery. Suitable adjustment may have to be made for incontinency and seasonal factor. It can be calculated by following formula :
Budget Production Cost of Raw material Average inventory holding period (Units) (Per unit) (Months or days) 12(months) OR 365 (Days)
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2. Work-in-progress: - The cost of work-in-progress includes raw material, wages and other overheads in determining the amount of work-in-progress the time period for which the goods will be in process, is most important. Work-in-process is normally equivalent to 50% of total cost of production. Symbolically; Budget production Estimated WIP Average WIP time span (Units) (Per unit) (Month or days)
12(months) OR 365 (Days)
3. Finished Goods: - The period for which finished goods have to remain in the warehouse before is an important factor determining the amount locked up in finished goods. It summed up as:
Budget Production cost of goods produced finished goods holding period (Units) (Per unit)(Exclude DEP.) (Months or Days) 12(months) OR 365 (Days)
4. Sundry Debtors: - The amount of fund locked up in sundry debtors will be computed on the basis of credit sales and time lag in collection payment. It should be estimated in relation to total cost price as follows:Budgeted credit sales
(Units)
Cost of sales Average collection period

(Months or Days)
Excl. Dep. (Per unit) 12(months) OR 365 (Days)
5. Cash or Bank balance: - The amount of money which to be kept as cash in hand or cash at bank can be estimated on the basis of past experience.
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6. Sundry creditors: - The lag in payment of supplier of raw materials, goods etc and the likely credit purchases made during them to help in estimating the amount of creditor Budgeted creditor raw mat. Requirement Credit period allowed
(Units) (Units) 12(months) OR 365 (Days) (Months or days)
7. Outstanding Expenses: - The time lag in payment of wages and other expenses will help in estimating the amount of outstanding expenses as follow
Budgeted production Labor cost Time lag in paymt. of Exp.

(Units) (Per unit) 12(months) OR 365 (Days) (Months or Days)
TECHNIQUE (2): - Percentage of sale method
This is a traditional and simple method of estimating working capital requirement. According to this method, on the basis of past experience between sales and working capital requirement, a ratio can be determined for estimating the working capital requirement in future.
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For Example, if in the past experience shows that working capital has been 30% of sales and it is sales for the next year would amount to 1, 00,000, the amount of working capital can be estimated to Rs. 30,000 , the basic criticism of this method is that its presumes a linear relationship between sales and working capital. This is neither true in all cases nor the method is universally accepted. The following table shows how the companies estimate their working capital requirement by using percentage of the sale method for the year 2012: -
PERCENTAGE OF SALE METHOD Items Rs. (in millions) Sales 28053.24 Inventories 3903.96 Sundry debtors 1427.45 Cash & bank Bal. 722.30 Other current assets 355.78 Loan & advances 1647.65 Total 36110.38 Less : Liabilities 23615.15 Provisions 919.88 Total 24535.03 Net current assets 16479.44 Miscellaneous Exp. 730.28
% of sales 13.91 5.08 2.58 5.88 1.27 128.72 84.17 3.28 87.45 58.74 2.60
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Analysis:From this method we can conclude the data, how much working capital (in percentage) Hindalco need in the next year. This gives help to control the working capital level. This is an important aspect to control the cost of finished goods through reduce the cost of inventories.
Operating Cycle Approach:According to this approach working capital requirement is depends upon the operating cycle business. The operating cycle begins with the acquisition of raw material and with the collection of receivables. It may be broadly classified into four stages: -
Raw material and store storage stage Work-in-progress stages Finished goods storage stage Receivable collection stage
The duration of operating cycle for the purposes of estimating working capital requirements equivalent to the sum of the duration of each of these stages less credit period allowed by the superior of the firm.
Symbolically:
Here, O = Duration of operating cycle R = Raw material storage period W = Work-in-progress period F = Finished goods storage period D = Debt collection period C = Creditors payment period
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The above can be calculated as follows: R= Average stock of raw material 365 days Average raw material store consumption
W = Average Work in progress inventory 365 days Average cost of production F = Average finished goods inventory 365 days Average cost of goods sold Average books of debts 365 days Average credit sales C= Average trade creditor 365 days Average credit purchases After completing the period of one operating cycle total number of operating cycle that can be completed during a year can be computed by dividing 365 days with the number of operating days in a cycle. SYMBOLICALLY: N = 365/O
D=
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Here, N = numbers of operating cycles O = duration of operating cycles
WCR =
Total operating expenditures Number of operating cycles in a year
The working capital has the following components, which are in several forms of current assets: Cash in hand Cash at bank Stock of raw material Stock of finished goods Value of debtors Miscellaneous current assets(short term investment, loans & advances)
Components of working capital 1. Stock of raw material 2. Stock of work in progress 3. Stock of finished goods 4. Debtors 5. Cash
Basis of valuation Purchase cost of raw material At cost or market value, whichever is lower Cost of production Cost of sales or sales value Working expenses
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WORKING CAPITAL STATEMENT OF
HINDALCO
STATEMENT OF WORKING CAPITAL
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Particulars Inventories Debtors Cash & bank Bal. Loan & advances Total Liabilities Provisions Total Working capital Increase/Dec. in W.C
2012 7742.86 1427.45 565.19 2976.26 12711.76 7949.49 1207.20 9156.69 3555.07 2000.92
2011 7652.19 1268.99 111.12 1750.22 10782.52 8583.69 644.68 9228.37 1554.15 204.97
2010 5921.41 1311.87 139.96 1588.62 8961.86 6391.19 721.49 7612.68 1349.18 -
(A) Current assets
(B) Current liabilities
14000 12000 10000 8000 6000 4000 2000 0 2010 2011 2012 current assests current liabilities working capital
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The above data shows that working capital is increasing in comparison to last year which is good for the liquidity of the company. Current assets are increased by 17.89% and current liabilities are decreased by 0.78% in 2012. This means that current assets are adequate to meet its currents liabilities as there is decrease in current liabilities. The current ratio of the company is 1.7. It shows that company is having good liquidity position but they should try to improve it. WORKING CAPITAL AT HINDALCO In Hindalco working capital requirement is finance basically through following sources: Internal funds Short term liabilities Bank loan
A. Internal funds: An internal fund denotes the funds generated through operation of the firm. This is the major source of financing working capital requirement of the firm. B. Short term securities: On account of uncertainties attached with generation of funds through sales or through day to day operations, the company has invested in several short term securities to meet its day to day requirement of funds. The maturity of these securities is form source of financing working capital requirement.
Working capital turnover at Hindalco:
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Working capital turnover = sales/working capital
Particulars Inventories Debtors Cash & bank Bal. Loan & advances Total Liabilities Provisions Total Working capital Sales Working capital turnover
2012 7742.86 1427.45 565.19 2976.26 12711.76 7949.49 1207.20 9156.69 3555.07 26596.78 8 times
2011 7652.19 1268.99 111.12 1750.22 10782.52 8583.69 644.68 9228.37 1554.15 23859.21 16 times
2010 5921.41 1311.87 139.96 1588.62 8961.86 6391.19 721.49 7612.68 1349.18 19393.83 15 times
(A) Current assets
(B) Current liabilities
Graphical representation of working capital turnover:

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working capital turnover

18 16 14 12 10 8 6 4 2 0 2012 2011 2010 working capital turnover
Interpretation: In the year 2010 the working capital is 1349.18, in 2011 it increases to 1554.15, and in 2012 it increases to 3555.07. It means that in the last year the companys liquidity is improve and the company become more efficient to pay its current obligations. At the same time if we compare no. of days of net working capital to turnover, it has come down to 8 times from 16 times in previous year. This is the result of good working capital management policies in this year. This improvement does not come accidently but considerable measures have been taken to control working capital in organization in financial year 2011-12.
There is direct relation of working capital requirement with Debtors and Inventory. Above data indicates that company has taken certain strategic measures to manage its Debtor and Inventory. Following are the measures:-
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Special task forces were built up from Debtors and Inventory Management at senior level. Regular follow up at senior level. A close contact with the customers. Proper age-wise analysis of the debtors. Proper classification between collectible debtors and bad debts. Bad debts written off as early as possible after making all efforts of its collection. Product cycle minimized so that cost of the product does not become high to the agreed amount because of time factor. Formation of specific group in each area to identify the wastage elements and seek participation of all. Formulation of action plan to eliminate/minimize wastage. Identification of corrective actions and their implementation.
DEBTORS MANAGEMENT IN HINDALCO

Hindalco is one of the leading producers of aluminium and copper. Our aluminium units across the globe encompass the entire gamut of operations, from bauxite mining, alumina refining and aluminium smelting to downstream rolling, extrusions, foils, along with captive power plants and coal mines. Its debt policy is not very flexible. It has been observed that there is no exceeding six months in past few years. The reason behind this may be that most of its customers are big corporate over the world. In most of the contracts, payments of Hindalco are made in following stages:
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Payment Terms: Advance from customers At the time of dispatch of goods At the time of MRC (Material Receipt at Site) However, the above terms may vary from contract to contract. Based on the above payment terms, Hindalcos past three years debtors data is as follows: DEBTORS TURNOVER RATIO: Receivables turnover ratio measures company's efficiency in collecting its sales on credit and collection policies. This ratio takes in consideration ONLY the credit sales. If the cash sales are included, the ratio will be affected and may lose its significance. It is best to use average accounts receivable to avoid seasonality effects. If the company uses discounts, those discounts must be taken into consideration when calculate net accounts receivable. Accounts receivable represents the indirect interest free loans that the company is providing to its clients. Therefore, it is very important to know how "costly" these loans are for the company. A high receivables turnover ratio implies either that the company operates on a cash basis or that its extension of credit and collection of accounts receivable are efficient. Also, a high ratio reflects a short lapse of time between sales and the collection of cash, while a low number means collection takes longer. The lower the ratio is the longer receivables are being held and the risk to not be collected increases. A low receivables turnover ratio implies that the company should re-assess its credit policies in order to ensure the timely collection of credit sales that is not earning interest for the firm.
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YEAR Particular Sales Debtors Debtor turnover 2012 26596.78 1427.25 19 times 2011 23859.21 1268.99 19 times 2010 19393.83 1311.87 14 times
Graphical representation of debtor turnover debtor turnover

20 18 16 14 12 10 8 6 4 2 0 2012 2011 2010 debtor turnover
Interpretation:
Here, In spite of increase in sales from 2011 to 2012, total debtors have been increased, which indicated that the company is not having very effective credit policy. But the same case is not for the previous years. Whereas if we analyze the debtors turnover ratio, we can say that the company is capable of reducing the period of debtors to turnover. Higher the debtors turnover ratio, lesser time it will take to collect debts.
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In 2012, Period of Debtors to Turnover has been reduced to approx 19 days. Last year also the same debtor turnover is found in the research, it implies that there is not any improvement in turnover in spite of increase in sales. Although the balance of debtor comes down considerably but still there is scope in Debtors Management for the Company
STEPS INVOLVED IN MANAGEMENT OF DEBTORS:

The following steps are involved in debtors management There should be close contact with the customers. There should be proper age-wise analysis of the debtors. There should be proper classification between collectible Debtor and Bad Debts. Bad debts should be written off as early as possible after making all efforts for its collection. Product cycle should be minimized so that cost of the product should not become high to the agreed amount because of time factor. There must be a provision of discount for early payment of debts by the customers. Regular checking of the records of the debtors is essential so as to analyze the current position of that organization. While making a policy, regarding the debtors the point should be considered that customers having excellent past record, follow the lenient policy which is adopted for doubtful customers. Manage the working capital according to need as recovering the debt from customer as early as possible while, get extension of payment of
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dues on the company of others as suppliers of raw material as late as possible.
INVENTORY MANAGEMENT IN HINDALCO

Hindalco produces normal production cycle items against the firm orders from customers. Because of this as well as sizeable raw materials and compulsory bulk purchase of items, the company has to carry high level of inventories. Inventory Turnover Ratio: A ratio showing how many times a companys inventory is sold and replaced over a period. It is calculated as: Inventory Turnover = Cost of Goods Sold / Average Inventory YEAR Particular Cost of goods sold Avg. Inventory Inventory turnover Days of turnover 2012 20508.2 3698.19 5.54 times 66 days 2011 17871.02 3290.62 5.43 times 68 days 2010 14469.8 5393.81 2.43 times 151 days
A low inventory turnover ratio is a signal of inefficiency, since inventory usually has a rate of return of zero. It also implies either poor sales or excess inventory. A low turnover rate can indicate poor liquidity, possible overstocking, and obsolescence, but it may also reflect a planned inventory buildup in the case of material shortages or in anticipation of rapidly rising prices. A high inventory turnover ratio implies either strong sales or ineffective buying (the company buys too often in small quantities, therefore the buying price is higher).A high inventory turnover ratio can indicate better liquidity, but it can also indicate a shortage or inadequate inventory levels, which may lead to a loss in business.
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INVENTORY TURNOVER
6 5 4 3 2 1 0 2012 2011 2010
INVENTORY TURNOVER
Interpretation: The turnover increases due to either increase in sales or minimizing the inventory level. In my research, I find that there is very minor change in the turnover in year 2011 and 2012. The inventory turnover is 5.54 and 5.43 in 2011 and 2012 respectively. The days of turnover are 66 days in 2012 and 68 days in 2011. But if we see the turnover of year 2010 then we came to know that in 2010 the turnover is 2.43, which is almost half of the current year and the days of turnover is 151 days. This suggests that the company is improving year by year in its operation and its sale is also increasing year after year.
NEED OF INVENTORY MANAGEMENT
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Stiff competition, globalization of trade and liberalization Achieving, increasing and positive EVA (Economic Value Added) Cost reduction Energy conservation Conservation of natural resources Better, work environment Improved health and safety Enhanced public image
CASH MANAGEMENT IN HINDALCO

It is the duty of the finance manager to provide adequate cash to all segments of the organization. At the same time, he/she has also to ensure that no funds are blocked in idle cash as this will involve cost in terms of interest to the concern. A sound cash management scheme has to maintain the twin objective of liquidity and cost. Meaning of cash management The term cash management refers to the management of cash and near cash assets while cash includes coins, currency notes, cheques, bank drafts, and the demand deposits, the near cash assets include marketable securities and time deposits with banks. Such securities and deposits are easily convertible into cash. MOTIVES FOR HOLDING CASH In spite of the fact that cash does not earn any substantial return for the business, it is held by the concern with the following motives. 1. Transaction motive: A company enters a variety of business transactions resulting both inflow and outflow of cash; at times the cash outflow exceed the cash inflow. In order to meet the business obligations in such situation,
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it is necessary to maintain adequate cash balance. Thus, a firm with the motive of making routine business payments maintains cash balance.
2. Precautionary motive: A firm holds cash balance to meet sudden cash needs arising out of unexpected contingencies such as floods, strikes, obsolesces; sharp increase in prices of raw materials, presentation of bills of payment earlier than expected date more amount of cash will be kept by the firm if there is more possibility of such contingencies.
3. Speculative motive: Hindalco also keeps cash balance to take advantage of unexpected business opportunities. Such motive is there of speculative nature. 4. Compensation motive: Banks provide certain services to their customers free of charge. So they usually require the customers to keep minimum cash balance with them which enables them to earn interest and compensate for the free services rendered.
REASONS OF CASH MANAGEMENT Cash management involves the following four basic problems. 1. Controlling level of cash: One of the basic objectives of cash management is to minimize the level of cash balances with the firm. This objective is sought to be achieved by means of the following: i) Preparing cash budget: Cash budget is the most important device for planning and controlling the use of cash. It involves the future receipts and payments of the firm. On the basis of this information the finance manager can determine the future cash needs of the firm. ii) Providing for unpredictable discrepancies: Cash budget shows discrepancies between cash receipts and payments on the basis of normal business activities.
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iii)
Availability of alternative source of funds: a firm may not required keep large cash balance, if it has arrangements with banks for borrowing money in times of emergencies.
2. Controlling of cash inflow: In order to prevent fraudulent diversion of cash receipt and speeding up collections of cash, an adequate control on cash inflow is necessary. A properly installed check system can, to a great extent, minimize the possibility of fraudulent diversion of cash. Speedier collection of cash can be made possible by adoption of the following two techniques:
i) Concentration banking system: It is a system of decentralizing collection of account receivables. According to this system, Hindalcos branch offices are authorized to collect the payment from the customers, and deposit in the local bank accounts. This system facilities fast movement of funds. This system is good in case of the firms having their spread over a large area. ii) Lock box system: This system is more popular in the U.S.A. and is further step in speeding up collection of cash. This system has been devised to element delay arising in cash of the concentration banking system on account of a time gap between actual receipt of cheques by the regional collection centers and its deposits in the local bank account. Under this system company hire a post office box and instruct its customers for their remits to the box. It also reduces the chances of frauds in the cash collection process and controls the cash inflows better. In order to avoid the unnecessary pockets of idle funds, the company should maintain minimum number of bank accounts.
3. Controlling outflows of cash: An efficient control over cash outflows is equally important for conserving cash and reducing financial requirements. Control over cash outflows signifies slow disbursement. In order to control the outflows of cash efficiently, a firm should keep in view the following considerations:
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i) Centralized system for cash payments: should be followed as compared to decentralized system in cash of collections. All payments should be made from a single control account, i.e. from the central office of the company. However, the local office of the company may pay local expenses. ii) Payment should be made on the due dates, neither before nor after. The company should neither lose cash discount nor its prestige on account of delayed payments. The company should, therefore, made payments within the terms offered by the suppliers. iii) Playing float, technique should be used by the company for maximizing the availability of funds. The term float means the account tied up in checks which have been issued by company but not have been presented for payment by the creditors. As a result of a time lag between issue of a cheque and its actual presentation, the actual bank balance of a firm may be more than the balance shown in the books. The difference is called payment of float. The longer the float period the greater would be the benefit of the firm.
TOOLS OF THE CASH CONTROL i) Cash Budget: It is the most significant tool of controlling the use of cash. It provides a comparison between actual and budgeted cash receipts and disbursements locating the points of deviations, if any. The financial manager, after ascertaining the reasons for deviations between the actual and budgeted figures, can take the necessary action to remove. ii) Inflows and outflows of cash: In order to check the change in cash position of the firm from one period to another, a cash flow statement is prepared. It helps management in controlling inflows and outflows of cash. iii) Ratio analysis: Ratio analysis is also an important tool of cash control. Different financial ratios are used for this purpose. These ratios include current ratio, liquidity ratio, receivables turnover ratio, and inventory turnover ratio and cash position ratios.
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ANALYSIS OF CASH MANAGEMENT WITH THE HELP OF CERTAIN RATIOS

YEAR Particular Current assets Current liabilities Inventories Current ratios Quick ratios 2012 16479.44 10035.04 407.31 1.7 0.87 2011 15929.20 9842.64 394.67 1.6 0.84 2010 8864.29 6148.42 755.25 1.4 0.47
Current Ratio
1.8 1.6 1.4 1.2 1 0.8 0.6 0.4 0.2 0 2012 2011 2010 Current Ratio
Interpretation: In 2011-112, the current ratio of the company is 1.7, which is higher than the previous year. It indicates that the companys current liabilities were increased but with the lower rate as compared to current asset. Due to increase in the current liabilities at lower rate and increase in current assets with higher rate as compared to previous year, there is little improvement in current ration but it is
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favorable for the company because it indicates the company is in position to meet its liabilities.
QUICK RATIO
Quick Ratio
0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 2012 2011 2010 Quick Ratio
Now we compare the companys position according to the liquidity ratio. As we know the standard of the liquid ratio is 1:1. In 2011-12 the liquid ratio of the company is 0.87 which is less than the standard ratio this indicates the liquidity position of company is not optimum. But if we compare the data with previous year then there is some improvement observed in the quick ratio. The liquidity ratio follows the same trend in the year further due to large amount of inventories are considered as liquid asset of the company.
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Hindalco has short term investment in: 1. Debenture of HPCL unit of UTI, HDFC, ICICI, IDBI, Franklin Templeton Funds, Birla mutual funds, GIC mutual funds and alliance mutual funds, DSP Merrill lynch mutual funds, standard chartered mutual funds, Zurich India mutual funds. The total current investment of the company for the year ended 31.03.12 amount to Rs. 4583.40 cr. 2. Besides above, the company has various credit arrangements with banks to finance the daily working capital requirement. These are of following types: Cash credit Purchase/discounting of bills Working capital term loans Letter of credit
1) Cash credit: The company has cash credit facilities with various banks. The administrative of this is done at the principle office at Renukoot. However its Regional and area offices are authorized to utilize the cash credit facilities up to the limit described by the principle office. 2) Purchase/discounting of bill: The company has also purchase and discounts the bills issued by its customers to meet daily requirements. 3) Working capital term loans 4) Letter of credit: the companies Export/Import operations are done through letter of credit.
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FINDINGS:
The working capital is increasing in comparison to last year which is good for the liquidity of the company. The working capital turnover is decrease in 2012; it means the company is efficient to manage its working capital. The inventory turnover is not much varying from previous year, this shows that the company is not able to do much for inventory management. But if we compare the data with 2010 then they efficiently manage their inventory and able to increase its sale. In spite of increase in sales from 2011 to 2012, total debtors have been increased, which indicated that the company is not having very effective credit policy. But the same case is not for the previous years. The companys current ratio is increasing in comparison to previous year it shows that the companys is able to improve its liquidity position in comparison to previous year. The companys liquidity position is high than the standard liquid ratio, in 2012 the quick ratio is 1.6; it shows that the company is having better position.
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BIBLIOGRAPHY
BOOKS REFERRED Financial Management I.M.Pandey, 9th edition; New Delhi:Vikas Fundamentals of Financial Management R.P.Rustagi, 3rd edition; New Delhi: Galgotia Publishing Company; 2002. Financial Management Prassanna Chandra
MAGAZINE AND JOURNALS Annual Report of FY 2010-11, 2011-12 of Hindalco Industries Ltd. Aditya Kiran Hindalco Sandesh Induction Guide (Training Centre)
WEBSITES REFERRED www.hindalco.com www.workingcapital.com www.investopedia.com www.adityabirlagroup.com
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Hindalco Working Capital Management

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Working Capital Management of Hindalco Industries Limited

WORKING CAPITAL MANAGEMENT

HINDALCO INDUSTRIES LTD.

Working Capital Management of Hindalco Industries Limited

PRATYUSH KUMAR DUBEY

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

TABLE OF CONTENT CONTENT

Working Capital Management of Hindalco Industries Limited

RENUKOOT: General Overview

Working Capital Management of Hindalco Industries Limited

ADITYA BIRLA GROUP: GNENRAL OVERVIEW

Working Capital Management of Hindalco Industries Limited

The largest integrated aluminum producer

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

HINDALCO: GENERAL OVERVIEW

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

ORGANISATIONAL PROFILE OF HINDALCO INDUSTRIES LIMITED

Hindalco's businesses creating superior value

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

RENUKOOT BELUR TALOJA MOUDA

RENUKOOT HIRAKUD RENUKOOT COGEN MURI

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Working Capital Management of Hindalco Industries Limited

Energy Conservation Award, Ministry of Power. Export Award from CAPEXIL.