Annual Report: 2023
The Hutti Gold Mines Co. Ltd.'s 77th Annual Report for 2022-23 details the company's financial performance, operations, and future outlook.
Company Overview and Objectives: The Hutti Gold Mines Company Limited (HGML) is a Karnataka government undertaking with the corporate vision to be a vibrant and self-reliant mining entity. The corporate mission involves improving productivity, profitability, steady growth, providing a safe and healthy mining environment, harmonious industrial relations, and modern management systems.
Board of Directors: The report lists the Board of Directors, including past and present members.
Operational and Financial Highlights:
Dividend: The Board recommended a dividend of 801.48% on paid-up equity capital, amounting to Rs. 2374.02 lakhs. 10% of profits amounting to Rs 27.00 Crores was transferred to the General Reserve. Unclaimed dividends amounting to Rs. 42.36 lakhs will be remitted to the Central Government. Buyback of equity shares may be facilitated.
Directors' Responsibility Statement: The directors affirm that applicable accounting standards have been followed, accounting policies have been consistently applied, proper accounting records have been maintained, and the annual accounts have been prepared on a "going concern" basis with adequate internal financial controls.
Auditor's Reports: Messrs BVC & Co. were appointed as Statutory Auditors. The Accountant General of Karnataka conducted a Supplementary Audit. CS Parameshwar G Bhat was appointed as Secretarial Auditor. The company has adequate internal financial controls. The Financial Statements are prepared according to Indian Accounting Standards (Ind AS). The company complies with Secretarial Standards of ICSI. All Directors are appointed by the Government of Karnataka, so declaration of Independence is not required. There is no separate policy for Directors' appointment and remuneration.
Risk & Environmental Management: The company has a safety management plan. Tripartite meetings are held annually. The company integrates environmental, social, and economic considerations into its decision-making.
Other Disclosures: The audit committee includes Sri. Pankaj Kumar Pandey, IAS, Smt Vinothpriya R., IAS and Sri Sanjay B Shettennavar, IAS. CSR activities are underway and earmarked 500 Lakhs. Board meetings are held regularly. Disclosures are made regarding energy conservation, technology absorption, foreign exchange, employee information, corporate governance, and consolidated financial statements.
Manpower: The company had 3763 employees as of 31.03.2023. They also complied with the Right to Information Act (RTI).
Projects: The company has 2 Nos. of 50 TPH Ball Mills at Hutti, Construction of 80 quarters, and Implementation of ERP. The Chitradurga Gold Unit revival is proposed. There are also 67 lease applications for exploration and 3 for Deemed Extension of lease areas.
Auditor's Qualified Opinion and Key Matters:
The Independent Auditor's Report by BVC & Co. expresses a qualified opinion due to the company's failure to obtain balance confirmations from Trade payables, Capital creditors, Trade/security deposits, and Creditors for expenses amounting to Rs. 1640.81 Lakhs, Rs. 4518.91 Lakhs, Rs. 3663.68 Lakhs and Rs. 4628.18 lakhs. They were also unable to comment on the accuracy and impact, if any, on the IND AS financial statements.
Emphasis is placed on contingent liabilities of Rs. 38,963.08 lakhs and on Rs. 65.49 lakhs spent toward a captive Gold Refinery plant that could not be commissioned and is deemed not economically viable.
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