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Hindalco goes LIVE with CashTrea A multi-location GoLive on IND-AS Accounting Standards (IFRS)

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Hindalco goes LIVE with CashTrea A multi-location GoLive on IND-AS Accounting Standards (IFRS)

 

Mumbai, November 1, 2017 - Hindalco Industries Ltd., Headquartered in Mumbai is a, Hindalco is the world’s largest aluminium rolling company and one of Asia’s biggest producers of primary aluminium is a subsidiary of THE ADITYA BIRLA GROUP: A PREMIUM GLOBAL CORPORATION, A US $41 billion (Rs. 2,50,000 crore) corporation, the Aditya Birla Group is in the League of Fortune 500. Anchored by an extraordinary force of over 120,000 employees, belonging to 42 nationalities. Over 50 per cent of its revenues flow from its overseas operations spanning 36 countries.

Due to significant increase in its volumes, Hindalco was facing challenges in managing its core treasury operations. The team members along with their legacy system which was excel based was building inefficiencies and not allowing them to carry precise business automation and scale. Hindalco then decided to opt for automation to increase organizational efficiency and productivity. Based on their own research and comprehensive shortlisting criteria, their team finally shortlisted CashTrea solution from Credence Analytics that can efficiently manage large database across the various departments that are located in multiple locations and also manage comprehensive, precise and customized reporting.

They had not only gone through their on shortlisting criteria, Prior experience with ABG group company Grasim, helped Credence become the obvious choice for Hindalco. Understanding of client’s business operations, readiness of the solution & agility to developed specific features & functionalities for Hindalco, created a win-win situation for both.

A Stable system is delivered in 10-12 months. Automation of Investment, borrowing & cash management modules are bringing in the required automation, operational efficiency at multiple locations.

About Hindalco

Hindalco Industries Limited, metals Flagship Company of the Aditya Birla Group, is the industry leader in aluminium and copper. With a consolidated turnover of US$17 billion, Hindalco is the world’s largest aluminium rolling company and one of Asia’s biggest producers of primary aluminium. Its state-of-art copper facility comprises a world-class copper smelter and a fertiliser plant along with a captive jetty. The copper smelter is one of the world’s largest custom smelters at a single location.

In India, the company’s aluminium units across the country encompass the gamut of operations from bauxite mining, alumina refining, coal mining, captive power plants and aluminium smelting to downstream rolling, extrusions and foils. Today, Hindalco ranks among the global aluminium majors as an integrated producer and a footprint in 13 countries outside India.

The Birla Copper unit produces copper cathodes and continuous cast copper rods, along with other by-products, including gold, silver, and DAP fertilisers. It is also India’s largest private producer of gold.

Hindalco has been accorded Star Trading House status in India. Its aluminium is accepted for delivery under the High Grade Aluminium Contract on the London Metal Exchange (LME), while its copper quality is also registered on the LME with Grade A accreditation.

About Credence Analytics

Credence Analytics is an International software solution provider for over 25 years having marquee clients across Asia, Middle East & African markets. In its home market i.e. India, its clients comprises of leading Banks & Institutions like Reliance Nippon Asset Management (One of the Largest Asset Management Companies of Indian subcontinent), State Bank of India (Largest Bank in India), ICICI Bank (Largest Non-Government owned bank in India), SBI Life Insurance (Second largest life insurance company in India) and SBI Associate Banks (Largest Banking Group in India). Globally Credence Analytics has presence in South East Asia, Middle East, and African Countries with clients in Nigeria, Vietnam, Oman, UAE, Sri Lanka and Philippines. The strength of Credence Analytics is its strong domain expertise in the areas of Treasury, Investment Management and Risk Management. The Firm Strongly believes that its role goes beyond providing software solution by actively implementing the solution and advising the customer on how to use the software to the fullest extent.

For more information contact:

Akash Anand | Chief Marketing & Sales Officer
Credence Analytics (I) Private Limited
media@credenceanalytics.com

Disclaimer:

Except for the historical information contained herein, statements in this release, which contain words or phrases such as "will", "would", "expect", "believe", and similar expressions or variations of such expressions may constitute "forward-looking statements". These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of our principal international markets, the performance of the industry sectors in which our clients are based, the performance of the information technology industry sector world-wide, competition, our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of our growth and expansion in business, technological implementation, changes, advancements, and redundancies, the actual demand for software products and services, or the future potential or feasibility thereof, changes in revenue, income or cash flows, our market preferences and our exposure to market risks, as well as other risks. Credence Analytics undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

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