We have audited the Standalone Financial Statements of
MOIL LIMITED (“the Company”), which comprises the Balance
Sheet as at 31st March 2025, and the statement of the Profit and
Loss (including Other Comprehensive Income), the statement
of Changes in Equity and the statement of Cash Flow for
the year then ended, and notes to the Financial Statements,
including a summary of significant accounting policies and other
explanatory information (herein after referred to as “Standalone
Financial Statements”).
In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid Financial Statements
give the information required by the Companies Act, 2013 (“the
Act”) in the manner so required and give a true and fair view in
conformity with the Indian Accounting Standards prescribed
under section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and
other accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31, 2025, the profit
and total comprehensive income, the changes in equity and its
cash flows for the year ended on that date.
Basis for opinion
We conducted our audit of standalone Financial Statements in
accordance with the Standards on Auditing (SAs) specified under
section 143 (10) of the Companies Act, 2013. Our responsibilities
under those Standards are further described in the Auditor's
Responsibilities for the Audit of the Financial Statements
section of our report.
We are independent of the Company in accordance with the Code
of Ethics issued by the Institute of Chartered Accountants of India
(ICAI) together with the ethical requirements that are relevant
to our audit of the Financial Statements under the provisions of
the Companies Act, 2013 and the Rules thereunder, and we have
fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI's Code of Ethics. We believe that the
audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion on the financial statements.
Emphasis of Matter -
Without qualifying our opinion, we draw attention to the
following matters:
1. Point No. 1.2.14 of accounting policy & Note No. 2.27
for recognition of revenue. The revenue includes Royalty,
District Mineral Fund (DMF) and National Minerals
Exploration Trust contribution (NMET) collected on behalf
of third party on actual basis as per contract. However, this
treatment is not in line with IND AS 115, which stipulates
that revenue must be shown on net basis excluding all
collection on behalf of third parties. This has been done by
the Company as per industry practice and based on expert
opinion obtained.
2. Note No. 2.5 (Investment) & Note 3.12 with regard to
classification of Actual Advance Expenditure (MOIL Share)
for proposed Joint Venture with GMDC, amounting to
^765.27 Lakhs. This is disclosed under Investments in the
name and style of “MOIL-GMDC JV, yet to be incorporated”.
This amount should have been classified under Other Non¬
Current Assets.
3. Note No. 2.4 (Intangible asset under development) & Note
No. 3.13 with regard to classification of Actual Advance
Expenditure (MOIL Share) for proposed Joint Venture with
MPSMCL. This expenditure amounting to ^1643.99 Lakhs
is being recognized and accounted for as Intangible asset
under development in the financial statements. This MoU
has been signed to explore the options of manganese ore
mining in different districts of the state of Madhya Pradesh.
This amount should have been classified under Other Non¬
Current Assets.
4. Note No 2.4 (Intangible asset under development) & Note
No. 3.14 with regard to classification of Actual Advance
Expenditure (MOIL Share) for proposed Joint Venture with
Chhattisgarh Mineral Development Corporation (CMDC).
This expenditure amounting to ^112.67 Lakhs is being
recognized and accounted for as Intangible assets under
development in the financial statements. This MoU has
been signed to explore the options of mining for manganese
and associated minerals in different districts of the state
of Chhattisgarh. This amount should have been classified
under Other Non- Current Assets.
5. Note No. 3.15 (i) (b) and 3.16 regarding Land in Bobbili.
The land at Bobbili was purchased by MOIL from APIIC for
the setting up of Ferro / Silico Manganese plant. A Joint
Venture Company was formed with RINL. Techno economic
feasibility report (TEFR) was prepared by MECON in 2000.
The tenders could not be finalized due to technical reasons
and in the interim period the tariff of electricity units was
increased. It was determined that the project was not viable
in view of the power tariff increase and the reduction in
market prices of the Ferro / Silico Manganese. The land
at Bobbili, which is valued at H 898.92 lakhs and WDV of
Building H 8.87 lakhs has been considered as contingent
liability by the Company. This amount should not be
treated as a contingent liability as there is no expected
financial outlay against the same. The land is fully paid
for, and the Company does not have any further liabilities
against the same.
Our opinion is not modified in respect of the above
matters.
Other Matter:
1. Pursuant to the observations of Comptroller and Audit
General of India under Section 143 (6) (a) of the Companies
Act, 2013, the financial statements adopted by the Board of
Directors on 30th April 2025 have been revised. The revised
financial statements have been adopted by the Board of
Directors on 30th July 2025. The revisions that have been
made are related to notes and disclosures. Such changes/
corrections in notes and disclosures to accounts based on
C&AG supplementary audit observations has no impact on
the financial statements. The revision is restricted solely to
incorporate observations raised in the Supplementary Audit
conducted by the Comptroller and Auditor General of India,
accordingly, a revised Audit Report is issued now. This Audit
report supersedes our earlier report dated 1st May, 2025,
9th June 2025 and 30th July 2025. (The Audit Report dated
30th July 2025 is being re-issued on 20th August 2025 as
directed by C&AG. Except for reference to the earlier report
date, there is no change in its contents.)
Our opinion is not modified in respect of the above
matters.
Key Audit Matters -
Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the financial
statements of the year. These matters were addressed in the
context of our audit of the financial statement as a whole,
and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. We have determined the
matters described below to be the key audit matters to be
communicated in our report.
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S.
No.
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Key Audit Matter
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Auditor’s Response
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1
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Revenue from Contract with Customer: Refer Note no. 2.27
and Note No 1.2.14
Revenue is considered as a key audit matter because revenue
is a key financial performance measure which could create an
incentive to be recognised prematurely.
The revenue recognized by the Company in a particular
contract is dependent on the sale agreement for the respective
customer. Revenue from sale of manganese is recognized in
financial statements at declared grade of manganese. Relevant
areas for revenue recognition perspective are accuracy of the
recognized amounts and timing of revenue recognition.
The timing of such revenue recognition in case of sale of
goods is when the control over the same is transferred to the
customer, which is mainly upon delivery.
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Principal Audit Procedures:
Our Audit Procedure comprises of assessing the application
of the provisions of Ind AS 115 in respect of the Company's
revenue recognition and appropriateness of the estimated
adjustments in the process.
Our audit procedures include:
• Evaluating the design, the processes and internal controls
relating to revenue accounting standard.
• Evaluating the detailed analysis performed by management
on revenue streams by selecting samples for the existing
contracts with customers and considering revenue
recognition policy in the current year in respect of those
revenue streams.
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S.
No.
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Key Audit Matter
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Auditor’s Response
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Revenue includes amounts in respect of royalty, district mineral fund
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• Evaluating the appropriateness of the disclosures provided
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and national mineral exploration trust contributions but excludes
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under the revenue standard and assessing the completeness
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GST and any other taxes/cess. Sales are reduced to the extent of
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and mathematical accuracy of the relevant disclosures.
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the amount of price discount. The Company acts as a principal to
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• Ensuring the basis of all estimates are commensurate with
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its customers, and all the performance obligation stands on the
Company, therefore revenue is accounted on Gross basis.
Manganese ore fines, hutch, dust and HIMS rejects generated
during operations are recognised as production as and when
they are sold and corresponding sales is treated as revenue
from mining products.
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the accounting policy.
The system of revenue recognition is found to be appropriate.
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2
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Inventory Valuation:
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Principal Audit Procedures:
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Refer Note No. 2.9 and 1.2.3
Verification and valuation of Inventories and related write down,
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Our audit approach involved the following combination of test
of control design, implementations, operating effectiveness
and substantive testing in respect of verification and valuation
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if any, is a significant area requiring Management's judgment of
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of inventories:
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estimates and application of accounting policies that have significant
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effect on the amounts recognized in the Standalone Ind AS Financial
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• We evaluated the system of inventory monitoring
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Statements. Accordingly, we consider this as a Key Audit Matter.
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and control.
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Valuation is done on the following basis:
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• It was observed that inventory has been physically verified
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(a) Finished Goods-Manganese Ore of all grades (except
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by the Management during the year.
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Manganese Ore Fines, Hutch Dust and HIMS rejects) -
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• We have also tested the values considered in respect of
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Valued At cost at mines including depreciation on mine
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Net realizable value, cost of products and have verified
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assets or net realizable value, whichever is less.
(b) Manganese Ore Fines, Hutch Dust and HIMS rejects
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these on a sample basis with the inventory valuation and
accounting entries posted in this regard.
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- Valued At cost per tonne on jigging / processing,
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• We have obtained a copy of inventory verification
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transportation etc. allocated on technical estimates or net
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report, cost sheet and price lists that have been taken
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realizable value, whichever is less.
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into consideration while arriving at the final closing
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(c) Manganese Ore at port - At landed cost at the port or net
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value of inventory.
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realizable value, whichever is less. Landed cost includes
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The system of inventory valuation and recording of stock level
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freight, unloading charges, sampling charges etc.
(d) Electrolytic manganese di-oxide [EMD] (including stock as
on 31st March at different stages of production, ascertained
by technical estimation as a percentage of completed units
of EMD) -
At current year's cost of production including plant's
depreciation or net realizable value, whichever is less.
(e) Ferro manganese/silico manganese including stock in cake
form as on 31st March, determined by technical assessment
- At current year's cost of production including plant's
depreciation (less realizable value of slag) or net realizable
price, whichever is less.
(f) Stock in process - The quantity of Ferro Manganese/Silico
Manganese in process cannot be weighed, seen or assessed
and hence, no value is assigned.
(g) Stock of slag - Slag is a molten mass of impurities generated
during manufacture of Ferro Manganese, which is treated
as scrap and, accordingly, valued at net realizable price.
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is found to be appropriate.
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S.
No.
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Key Audit Matter
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Auditor’s Response
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3
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Deferred tax:
As disclosed in Note 3.8, the Company has recognised deferred
tax assets in respect of certain deductions on account of
provision for Leave Encashment, provision for Post-Retirement
Medical Benefit, provision for Doubtful Debts and provision
for Bonus to the extent that it is probable that they will get
tax benefits in future. This requires management judgement in
estimating future taxable income and is accordingly a key audit
matter.
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Principal Audit Procedures:
Our audit procedures included the following:
• Obtaining an understanding of the management's process
for estimating the recoverability of the deferred tax assets
and identifying key controls in the process.
• Obtaining and analysing the future projections of taxable
profits estimated by management, assessing the key
assumptions used, including the analysis of the consistency
of the actual results obtained by the various segments with
those projected in the previous year.
We have reviewed the assumptions made by management for
uncertain current and deferred tax positions to assess whether
appropriate current and deferred tax provisions have been
recognized and are based on the most probable outcome.
We found the disclosures relating to the income tax and
deferred tax balances to be appropriate.
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4
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Valuation of Defined Benefit Plan Obligations:
Accounting for defined benefit plans is based on actuarial
assumptions which require measuring the obligation, evaluating
the planned assets and calculating the corresponding actuarial
gain or loss.
All future cash flows are discounted to present value for arriving
at the obligation. Significant estimates including the discount
rates, the inflation rates, escalation of salary and the mortality
rate are made in valuing the company's defined benefits
obligations. The Company engages external actuarial specialists
to assist them in selecting appropriate assumptions and calculate
the obligations. The effect of these matters is a part of the risk
assessment and valuation of the Defined Benefit Obligations has
a high degree of estimation as it is based on assumptions.
The Company has recognized long term Employee Benefit
Liabilities and Post-Employment Benefits.
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Principal Audit Procedures:
Our audit procedures include:
• Evaluating the key assumptions applied viz discount rates,
inflation rate, mortality rate
• The controls over the review and approval of actuarial
assumptions, the completeness and accuracy of data
provided to external actuary, and the reconciliation to data
used in expert's calculation were tested.
• Discussing with the Management about the liability
accrued due to defined benefit plan and assessing if there
was any inconsistency in the assumptions.
• Adequacy of the Company disclosure as per Ind AS 19 in
the notes is verified.
Based on the audit procedures involved, we observe that
the assumptions made by the management in relation to the
valuation were supported by available evidence.
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5
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Provision for Post-Retirement medical benefit:
The valuation provision of the PRMB requires assumptions
which are based upon market conditions, discount rate,
life expectancy of employees and other dependants to be
considered for setting aside fund for medical benefit.
The setting of these assumptions is complex and requires the
exercise of significant management judgement with the support
of external actuary.
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Principal Audit Procedures:
In testing the valuation, we have examined the reports of external
actuarial specialist to review the key actuarial assumptions
used, both financial and demographic, and considered the
methodology utilized to derive these assumptions.
Furthermore, we have examined the sensitivity analysis
adopted by the external party viz. actuarial on the key
assumptions in valuing the defined benefit obligations.
We would like to comment that the methodology and assumption
applied in relation to determination of liability is Acceptable.
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S.
No.
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Key Audit Matter
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Auditor’s Response
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6
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Property, Plant & Equipment and Intangible Assets
As disclosed in Note 2.1, 2.2, 2.3 & 2.4; during the year the
Company has incurred capital expenditure on various Property,
Plant and Equipment including the capitalisation of work in
progress based on its readiness for intended use as determined by
the management. The estimates of useful lives and residual value of
Property, Plant and Equipment is a significant area which involves
management judgement, technical assessment, consideration of
historical experience, anticipated technical changes etc.
Considering the materiality in the context of the Balance Sheet
of the Company and the level of management judgement and
estimates required, the above matter has been determined as
a key audit matter
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Principal Audit Procedures:
Our audit procedure included but was not limited to the
following:
• Assessing the nature of additions made to PPE and
capitalization of capital work in progress on a test check
basis to test whether they meet the recognition criteria
as per Ind-AS 16 -Property, Plant and Equipment,
including its readiness for intended use as determined by
the management.
• Understanding, evaluating and testing the design and
operating effectiveness of key controls relating to
capitalization of various cost incurred.
• Reviewing the judgement and assessment of the
management including the nature of underlying cost
capitalized, determination of realizable value of the assets,
appropriateness of assets lives applied in the calculation
of depreciation.
• We have test checked the depreciation calculation
• We observe that the management has regularly reviewed
the judgements and estimation.
• We have also assessed the adequacy and appropriateness
of the disclosures in the standalone financial statements.
Based on the audit procedures involved, we observe that the
assumptions made by the management were acceptable.
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Information other than the Standalone Financial
Statements and Auditor’s Report thereon
The Company's Management and Board of Directors is
responsible for the preparation of the other information. The
other information comprises the information included in the
Management Discussion and Analysis, Board's Annual Report
including Annexures to Board's Report, Business Responsibility
Report, Corporate Governance Report and Shareholder's
Information, Corporate Social Responsibility but does not include
the Financial Statements and our Audit Report thereon.
• Our opinion on the Standalone Financial Statements does
not cover the other information and we do not express any
form of assurance conclusion thereon.
• In connection with our audit of the Standalone Financial
Statements, our responsibility is to read the other
information when it becomes available and, in doing so,
consider whether the other information is materially
inconsistent with the Standalone Financial Statements
or our knowledge obtained during the audit or otherwise
appears to be materially misstated.
• If, based on the work we have performed, we conclude that
there is a material misstatement of this other information,
we are required to communicate the matter to those
charged with governance, as applicable under relevant laws
and regulations.
• We have nothing to report in this regard.
Responsibilities of Management and Those Charged
with Governance for the Financial Statements
The Company's Board of Directors is responsible for the matters
stated in section 134(5) of the Companies Act, 2013 ("the Act'') with
respect to the preparation and presentation of these Standalone
Financial Statement that give a true and fair view of the financial
position, financial performance including other comprehensive
income, statement of changes in equity and cash flow of the
Company in accordance with the accounting principles generally
accepted in India, including the Indian Accounting Standard (Ind
AS) specified under section 133 of the Act, read with Rule 7
issued thereunder. This responsibility also includes maintenance
of adequate accounting records in accordance with the provision
of the Act for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities; selection
and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant
to the preparation and presentation of Standalone Financial
Statements that give a true and fair view and are free from material
misstatements, whether due to fraud or error.
In preparing the Standalone Financial Statements, Board of
Directors is responsible for assessing the Company's ability to
continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis
of accounting unless Board of Directors either intends to
liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
The Company's Board of Directors is also responsible for
overseeing the Company's financial reporting process.
Auditor’s Responsibility for the Audit of Standalone
Financial Statements
Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the
accounting and auditing standards and matters which are
required to be included in the audit report under the provisions
of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on
Auditing specified under Section 143(10) of the Act. Those Standards
require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and the disclosures in the financial statements.
The procedures selected depend on the auditor's judgment,
including the assessment of the risks of material misstatement of
the financial statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal financial
control relevant to the Company's preparation of the financial
statements that give a true and fair view in order to design audit
procedures that are appropriate in the circumstances. An audit
also includes evaluating the appropriateness of the accounting
policies used and the reasonableness of the accounting estimates
made by the Company's Directors, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the
standalone financial statements.
Our objectives are to obtain reasonable assurance about whether
the Financial Statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance
is a high level of assurance but is not a guarantee that an audit
conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic
decisions of users taken based on these Financial Statements.
As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional scepticism
throughout the audit. We also:
i. Identify and assess the risks of material misstatement of the
financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the
override of internal control.
ii. Obtain an understanding of internal control relevant
to the audit in order to design audit procedures that are
appropriate in the circumstances. Under Section 143(3)(i)
of the Companies Act, 2013, we are also responsible for
expressing our opinion on whether the entity has adequate
internal financial controls system in place and the operating
effectiveness of such controls.
iii. Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related
disclosures made by management.
iv. Conclude on the appropriateness of management's and
Board of Director's use of the going concern basis of
accounting and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company's
ability to continue as a going concern. If we conclude that
a material uncertainty exists, we are required to draw
attention in our auditors' report to the related disclosures in
the Standalone Financial Statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our
auditors' report. However, future events or conditions may
cause the Company to cease to continue as a going concern.
v. Evaluate the overall presentation, structure and content
of the Standalone Financial Statements, including the
disclosures, and whether the Standalone Financial
Statements represent the underlying transactions and
events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the Standalone
Financial Statements that, individually or in aggregate, makes
it probable that the economic decisions of a reasonably
knowledgeable user of the Standalone Financial Statements
may be influenced. We consider quantitative materiality and
qualitative factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evaluate
the effect of any identified misstatements in the Standalone
Financial Statements.
We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements
regarding independence, and to communicate with them
all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable,
related safeguards.
From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the Standalone Financial Statements
of the current period and are therefore the key audit matters.
We describe these matters in our auditor's report unless law or
regulation precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
Report on other Legal and regulatory requirements:
1. As required by section 143(3) of the Act, based on our audit,
we report that:
a. We have sought and obtained all the information and
explanations, which, to the best of our knowledge and
belief were necessary for the purpose of our audit.
b. In our opinion, proper books of account as required
by law have been kept by the Company so far as it
appears from our examination of those books.
c. The Balance Sheet, the Statement of Profit and Loss
including Other Comprehensive Income and Statement
of Cash Flow and the Statement of Changes in Equity
dealt with by this Report are in agreement with the
books of account.
d. In our opinion, the aforesaid Standalone Financial
Statements comply with the Indian Accounting
Standards (Ind AS) specified under Section 133 of the
Act, subject to Emphasis of Matter stated above.
e. In terms of Notification no. G.S.R. 463 (E) dated 05th
June 2015 issued by the Ministry of Corporate Affairs,
provisions of Section 164(2) of the Act regarding
disqualifications of the Directors, are not applicable as
it is a Government Company.
f. With respect to the adequacy of the internal
financial controls with reference to Standalone
Financial Statements of the Company and the
operating effectiveness of such controls, refer to
our separate Report in "Annexure A”. Our report
expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company's internal
financial controls with reference to Standalone
Financial Statement.
g. With respect to the other matters to be included in the
Auditor's Report in accordance with the requirements
of section 197(16) of the Act, as amended:
h. As per notification number G.S.R. 463 (E) dated
5th June 2015 issued by the Ministry of Corporate
Affairs, section 197 of the Act as regards managerial
remuneration is not applicable to the Company, since
it is a Government Company
i. With respect to the other matters to be included in
the Auditor's Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014, in
our opinion and to the best of our information and
according to the explanations given to us:
i. The company has disclosed the impact of
pending litigations as at March 31, 2025, on
its financial position in its standalone financial
statements- Refer Note 3.15 (i) (a) & (b) to the
Standalone Financial Statements.
ii. There are no long-term contracts including
derivative contracts for which provision for
material foreseeable losses is required.
iii. There has been no delay in transferring amounts,
required to be transferred, to the Investor
Education and Protection Fund by the Company.
iv. a) The Management has represented that,
to the best of its knowledge and belief, as
disclosed in the notes to the accounts, no
funds (which are material either individually
or in aggregate) have been advanced or
loaned or invested (either from borrowed
funds or share premium or any other
sources or kind of funds) by the company to
or in any other persons or entities, including
foreign entities (“Intermediaries”), with the
understanding, whether recorded in writing
or otherwise, that the Intermediary shall,
directly or indirectly lend or invest in other
persons or entities identified in any manner
whatsoever by or on behalf of the Company
(“Ultimate Beneficiaries”) or provide any
guarantee, security or the like in behalf of
the Ultimate Beneficiaries.
b) The Management has represented, that,
to the best of its knowledge and belief,
as disclosed in the notes to accounts, no
funds (which are material either individually
or in the aggregate) have been received
by the Company from any persons or
entities, including foreign entities (“Funding
Parties”), with the understanding, whether
recorded in writing or otherwise, that the
Company shall, directly or indirectly, lend or
invest in other persons or entities identified
in any manner whatsoever by or on behalf of
the Funding Party (“Ultimate Beneficiaries”)
or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries.
c) Based on the audit procedures performed
that have been considered reasonable and
appropriate in the circumstances, nothing
has come to our notice that has caused us
to believe that the representations under
sub-clause (i) and (ii) of rule 11(e) of the
Companies (Audit and Auditors) Rules,
2014, as provided under (a) & (b) above
contain any material misstatement.
2. The dividend declared or paid during the year by the
Company is in compliance with Section 123 of the Act.
3. Based on our examination which includes test checks, it
appears that the Company has used an accounting software
(SAP) for maintaining its books of accounts which has a
feature of recording audit trail (edit log) facility and the
same has operated throughout the year for all relevant
transactions recorded in the software. Further, during the
course of our audit, we did not come across any instance
of audit trail feature being tampered with or disabled.
The requirement to preserve the audit trail as per Section
128(5) of Companies Act 2013 has been complied with
by the Company.
4. As required under section 143(5) of the Companies
Act, 2013 we give in the Annexure “B” a statement on
directions issued by the Comptroller & Auditor General of
India after complying with the suggested methodology of
audit, action taken thereon and its impact on the accounts
and Standalone Financial Statement of the Company.
5. As required by the Companies (Auditor's Report) Order,
2020 (“the Order”), issued by the Central Government in
terms of sub-section (11) of section 143 of the Companies
Act, 2013, we give in the Annexure “C” a statement on the
matters specified in paragraphs 3 and 4 of the Order, to the
extent applicable.
FOR, TACS & CO.
CHARTERED ACCOUNTANTS
(FRN. 115064W)
CA CHITHRA RANJITH
(PARTNER)
Date: 20-08-2025 M. No. 104145
Place: Nagpur UDIN: 25104145BMKZYG9016
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