NMDC Ltd. இன் முடிவுகள்
Mar 31, 2023
NMDC Limited
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying standalone financial statements of NMDC Limited (hereinafter referred to as "the Company"), which comprise the Standalone Balance Sheet as at March 31, 2023, the Standalone Statement of Profit and Loss (including Other Comprehensive Income), the Standalone Statement of Changes in Equity and the Standalone Cash flow statement for the year then ended, and notes to the Standalone financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as the "standalone financial statements").
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 ("the Ad") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under sedion 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 31,2023, and its profit, other comprehensive income, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under sedion 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the Standalone 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 Standalone Financial Statements under the provisions of the Act and the Rules made 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 audit opinion on the standalone financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the following matters to be the Key Audit matters to be communicated in our report.
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SI. No. |
Key Audit Matter |
How our audit addressed the key audit matter |
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1 |
Capital Work-in progress (BACHELI): Our audit procedures included the following: The estimated project cost of Iron Ore We obtained a view of the management and Processing Plants at Kirandul and Bacheli, examined the process of capitalization. The Kirandul-Bacheli-Nagarnar Iron Ore management has given a reply that the account of Concentrate Slurry Pipeline and Pellet Plant At IEDC amounting to Rs. 182.57 crores as on Nagarnar, as per DPR of Mecon dtd. Feb- 31.03.2023 will be reviewed in accordance with 2014 is Rs. 4080.94 crores. However, the the Ind AS-16 during capitalization of the asset, revised cost estimate is not available. The cumulative capital work in progress |
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Cl I . Key Audit Matter No.: |
How our audit addressed the key audit matter |
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(CWIP) as on 31.03.2023 is Rs.l 170.70 crores which includes incidental expenditure during construction (IEDC) amounting to Rs.l 82.57 crores. Further this IEDC includes certain item of revenue in nature as well as not directly attributable to the project. This is considered to be a key audit matter. |
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2 |
Trade Receivables from Monitoring Committee: (Refer Note No.2.8.1 & 2.34.6 of the standalone financial statements) As at 31st March 2023, current financial assets in respect of trade receivables includes receivables from monitoring committee as specified in aforesaid notes. Trade receivables from Monitoring committee is a key audit matter due to the size of the receivable and involvement of management judgement in determining the impairment provision |
Our audit procedures included the following: We analyzed the ageing of trade receivables. We obtained the list of long outstanding receivables from the monitoring committee and assessed the recoverability of these through inquiry with management and by obtaining sufficient corroborative evidence to support these conclusions. Based on the above procedures performed, we did not identify any significant exceptions in the management''s assessment and presentation of trade receivables and impairment provision thereof. |
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3 |
Mine Closure Obligation (MCO): (Refer Note-1 (x) and Note no. 2.14.4 to the standalone financial statement) The company creates Mine closure obligation (MCO) liability based on the present cost of closure of mining project of the latest mine. The rate of closure arrived at based on such cost is uniformly applied to other mines for arriving at the total MCO liability. The matter is considered to be a key audit matter because there is an estimate involved as per management''s policy. |
Our audit procedures included the following: We have reviewed the recommendations of the committee for mine closure obligations. We have reviewed the methodology to arrive at the liability for mine closure obligation at a rate per MT on the cumulative RoM quantity for mine closure obligations. We have verified the arithmetical accuracy of the mine closure obligation provision based on the recommendation of the committee. Based on the above procedures performed, we did not identify any significant exceptions in the management''s assessment in Mine closure obligation provision. |
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4 |
Investment in Legacy Iron Ore Ltd., Australia (LIOL) (Refer Note No. 2.4.1 & 2.34.10 of the standalone financial statements) The Company accounts for equity investments in subsidiaries, associates and joint ventures at |
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SI. No. |
Key Audit Matter |
How our audit addressed the key audit matter |
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cost (subject to impairment assessment) and other investments at fair value. The company has equity investments in LIOL as referred in above notes. The accounting for investments in LIOL is a Key Audit Matter as the determination of recoverable value for impairment assessment/fair valuation involves significant management judgement. |
We draw your attention to the following matters forming part of the financial statements without modifying our opinion in respect thereof:
I Note No: 2.34.7, regarding show cause notice having been served on Baildilla Project by the District collector, South Bastar, Dantewada pursuant to judgment of Honorable Supreme court of India with the demand of Rs.l 623.44 Crores against which company has paid an adhoc amount of Rs.600 Crores under protest and filed writ petition in the Hon''ble High court of Bilaspur, Chhattisgarh and a Revision application with Mines Tribunal, Ministry of mines, Government of India and disclosure of contingent liability as mentioned in the said note.
ii. Note No.2.8.1 & 2.15.3 of Notes forming part of accounts for the period ended 31st March 2023 which describes that the balances of Trade Receivables and Trade Payables respectively are subject to confirmation/ reconciliation and consequential adjustments, if any.
iii. Note No: 2.34.3, regarding the demerger of NMDC Iron & Steel Plant (NISP) which has been given effect from the Appointed date i.e 1st April, 2021 as per the Sanctions of the Ministry of Corporate Affairs vide its Order dated 6th October, 2022. Accordingly, the financial information in the financial statements in respect of the prior periods is
restated effective from the Appointed date.
iv. Note No:2.32.5 (iv), The Company has given an Advance of Rs 639.61 Crores to Karnataka Vijaynagar Steels Ltd (KVSL) towards cost of 2857.54 Acres of land handed over by KIADB to KVSL. In view of the timeline for commencement of production at the allotted site, KVSL and the Company are pursuing with KIADB / Govt of Karnataka for extension of the Lease period. Financial impact, if any, depend upon the final decision and mutual agreement between KIADB /
Govt of Karnataka and KVSL.
Our opinion is not modified in respect of these matters.
Information Other than the Standalone Financial Statements and Auditor''s Report Thereon
The Company''s Management and Board of Directors are responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report, Business Responsibility Report, Corporate Governance Report, and Shareholder Information, but does not include the standalone financial statements and our auditor''s 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 and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our 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 report that fact. We have nothing to report in this regard.
Management''s Responsibility for the Standalone Financial Statements
The Company''s Management and Board of Directors are responsible for the matters stated in section 134(5) of the Act, with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Indian Accounting Standards (Ind-AS) prescribed under section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds 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 the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibility for the Audit of 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 on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the standalone 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.
⢠Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(lf the Act, we are also responsible for expressing our opinion on whether the
Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''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 auditor''s 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 auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠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.
We did not audit the financial statements and other financial information of 5 Branches/Units (Kirandul, Bacheli, Donimalai, Panna & RO Vizag) included in the accompanying standalone financial statements of the Company whose financial statements/financial information reflect total assets of Rs. 13589.01 Crores as at March 31,2023 and total revenues of Rs. 1 7797.29 Crores for the year ended on that date. The financial statements and other financial information of these branches have been audited by the branch auditors whose reports have been furnished to us, and our opinion in so far as it relates to the amounts and disclosures included in respect of these branches, is based solely on the report of such branch auditors. Our opinion is not modified in respect of this matter.
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 purposes 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 and proper returns adequate for the purposes of our audit have been received from the branches not visited by us.
c) The reports on the accounts of the branch offices of the Company audited under Section 143(8) of the Act by branch auditors have been sent to us and have been properly dealt with by us in preparing this report.
d) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including other comprehensive income), Standalone Statement of changes in equity and the Standalone Statement of Cash Flow dealt with by this Report are in agreement with the books of account and with the returns received from the branches not visited by us.
e) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,2014.
f) The provisions of Section 164(2) of the Act, in respect of disqualification of directors are not applicable to the company, being a Government company in terms of notification no:- G.S.R.463(E) dated 5th June 2015 issued by Ministry of Corporate Affairs, Government of India.
g) With respect to the adequacy of the internal financial controls over financial reporting 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 statements.
h) 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:
We are informed that the provisions of section 197 read with Schedule V of the Ad, relating to managerial remuneration are not applicable to the company, being a Government Company, in terms of Ministry of Corporate Affairs notification no- G.S.R.(E)
5th June 2015.
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, as amended, in our opinion and to the best of our information and according to the explanations given to us:
a. The Company has disclosed the impact of pending litigations on its financial position in its Standalone Financial Statements - Refer Note 2.31 to the financial statements
b. The company has made provisions, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contrads.
c. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the company.
d. i. The management has represented
that, to the best of its knowledge and belief, no funds 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 ("Ultimate Beneficiaries") by or on behalf of the
Company or
⢠Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
ii. The management has represented, that, to the best of its knowledge and belief, no funds 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 ("Ultimate Beneficiaries") by or on behalf of the Funding Party or
⢠Provide any guarantee, security or the like form or on behalf of the Ultimate Beneficiaries; and
iii. Based on such audit procedures as 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 (d) (i) and (d)(ii) contain any material mis-statement.
e. The Dividend declared or paid during the year by the Company is in compliance with Section 123 of the Act.
2. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central Government of India in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
3. We are enclosing our report in terms of section 143(5) of the Act, on the basis of such checks of books and records of the company as we consider appropriate and according to the information and explanations given to us, in "Annexure-C" on the directions issued by the Comptroller & Auditor General of India.
Chartered Accountants
Firm''s Registration No: 00351 OS
Partner
Membership No.205468 UDIN: 23205468BGZHQZ4361
Place: Hyderabad
Date: 23.05.2023
Mar 31, 2022
generally accepted in India, of the state of affairs of the Company as at March 31, 2022, and its profit, other comprehensive income, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying standalone financial statements of NMDC Limited (hereinafter referred to as "the Companyâ), which comprise the Standalone Balance Sheet as at March 31,2022, the Standalone Statement of Profit and Loss (including Other Comprehensive Income), the Standalone Statement of Changes in Equity and the Standalone Cash flow statement for the year then ended, and notes to the Standalone financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as the "standalone financial statements").
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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
We conducted our audit in accordance with the standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the Standalone 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 ("ICAIâ) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made
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 audit opinion on the standalone financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
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Sr. No Key Audit Matter |
How our audit addressed the key audit matter |
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1 Capital Work-in progress (NISP): (Refer Note No.2.2, 2.2.1, 2.2.2, 2.2.3 & 2.2.4 of the standalone financial statements) Capital Work-in progress (CWIP) as on 31.03.2022 in the books of the unit is '' 17,045.14 Crores, out of which Incidental expenditure during Construction (IEDC) amounts to '' 2610.44 Crores. Since the amount involved is substantial and the original schedule date of completion has passed, inappropriate classification of IEDC could result in material misstatement of CWIP and hence this is a key audit matter. |
Our audit procedures included the following: We obtained an understanding and evaluation of the system of internal control over the capital work in progress with reference to identification and testing of key controls. We have assessed the progress of the project and examined the management view on delay in project completion. We also assessed the intention and ability of the management to carry forward and bring the asset to its state of intended use. Based on the above procedures performed, we did not identify any significant exceptions in the management''s assessment of Capital Work in Progress of NISP. |
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Sr. No |
Key Audit Matter |
How our audit addressed the key audit matter |
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2 |
Trade Receivables from Monitoring Committee: (Refer Note No.2.8.1 & 2.34.6 of the standalone financial statements) As at 31st March 2022, current financial assets in respect of trade receivables includes receivables from monitoring committee as specified in aforesaid notes. Trade receivables from Monitoring committee is a key audit matter due to the size of the receivable and involvement of management judgement in determining the impairment provision |
Our audit procedures included the following: We analyzed the ageing of trade receivables. We obtained the list of long outstanding receivables from the monitoring committee and assessed the recoverability of these through inquiry with management and by obtaining sufficient corroborative evidence to support these conclusions. Based on the above procedures performed, we did not identify any significant exceptions in the management''s assessment and presentation of trade receivables and impairment provision thereof. |
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3 |
Mine Closure Obligation (MCO): (Refer Note-1(x) and Note no. 2.14.4 to the standalone financial statement) The company creates Mine closure obligation (MCO) liability based on the present cost of closure of mining project of the latest mine. The rate of closure arrived at based on such cost is uniformly applied to other mines for arriving at the total MCO liability. The matter was considered to be a key audit matter because there is estimate involved as per management''s policy |
Our audit procedures included the following: We have reviewed the recommendations of the committee for mine closure obligations. We have reviewed the methodology to arrive at the liability for mine closure obligation at a rate per MT on the cumulative RoM quantity for mine closure obligations. We have verified the arithmetical accuracy of the mine closure obligation provision based on the recommendation of the committee. Based on the above procedures performed, we did not identify any significant exceptions in the management''s assessment in Mine closure obligation provision |
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4 |
Investment in Legacy Iron Ore Ltd., Australia (LIOL) (Refer Note No. 2.4.1 & 2.34.10 of the standalone financial statements) The Company accounts for equity investments in subsidiaries, associates and joint ventures at cost (subject to impairment assessment) and other investments at fair value. The company has equity investments in LIOL as referred in above notes. The accounting for investments in LIOL is a Key Audit Matter as the determination of recoverable value for impairment assessment/fair valuation involves significant management judgement. |
Our audit procedures included the following: We performed inquiries of management about the current market conditions supporting the evaluation of potential impairment indicators, tested the key assumptions used, and performed procedures on LIOLs stage of exploration. We evaluated the review conducted by LIOL on the Exploration and Evaluation assets for impairment and the conclusion derived after testing of compliance of certain critical conditions. We have also considered the averment that the Market capitalization is more than its Net asset Based on the above procedures performed, we did not identify any significant exceptions in the management''s assessment in relation to the carrying value of equity investments in LIOL |
Emphasis of Matter
We draw your attention to the followings forming part of the financial statements without modifying our opinion in respect of:
i. Note No: 2.34.7, regarding show cause notice having been served on Baildilla Project by the District collector, South Bastar, Dantewada pursuant to judgment of Honorable Supreme court of India with the demand of '' 1623.44 Crores against which company has paid an adhoc amount
of '' 600 Crores under protest and filed writ petition in the Hon''ble High court of Bilaspur, Chhattisgarh and a Revision application with Mines Tribunal, Ministry of mines, Government of India and disclosure of contingent liability as mentioned in the said note.
ii. Note no.2.34.15(ii) of Notes forming part of
accounts for the period ended 31st March 2022 which describes balance of trade receivables payables are subject to confirmation/reconciliation and consequential adjustment, if any.
iii. Note No: 2.34.11, regarding test of impairment of investment and Loan to Neelachal Ispat Nigam Ltd (NINL), Cabinet Committee on Economic Affairs (CCEA) had accorded in principle approval for strategic disinvestment of 100% shareholding of NMDC and other Public Sector Undertakings (PSUs) along with transfer of Management control to a Strategic Buyer and as per the loan agreement dated 30th December 2019, the loan amount outstanding along with interest shall
be paid back to NMDC as first charge from the disinvestment proceeds as per the applicable laws before payment of other liabilities of NINL. TATA Steel Long Products (TSLP) has purchased the NINL at a price of '' 12,100 Crores and Govt has already signed share sale and purchase agreement on 10th March 2022. Total assets of NINL is more than the total liabilities. In view of high bid by TSLP, management has felt no impairment of investment and Loan to NINL is necessary as explained in the said note.
iv. Note No:2.34.3, regarding the demerger of NMDC Iron & Steel Plant (NISP) which is in progress.
Our opinion is not modified in respect of these matters.
Information Other than the Standalone Financial Statements and Auditor''s Report Thereon
The Company''s Management and Board of Directors are responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report, Business Responsibility Report, Corporate Governance Report, and Shareholder Information, but does not include the standalone financial statements and our auditor''s 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 and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our 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 report that fact. We have nothing to report in this regard.
Management''s Responsibility for the Standalone Financial Statements
The Company''s Management and Board of Directors are responsible for the matters stated in section 134(5) of the Act, with respect to the preparation of these standalone financial statements that give a true and
fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Indian Accounting Standards (Ind-AS) prescribed under section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds 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 the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibility for the Audit of 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 on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the standalone 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.
⢠Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''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 auditor''s 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 auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠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.
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.
Other Matter
We did not audit the financial statements and other financial information of 6 branches included in the accompanying standalone financial statements of the Company whose financial statements/financial information reflect total assets of '' 31,820.72 Crores as at March 31, 2022 and total revenues of '' 26,221.39 Crores for the year ended on that date. The financial statements and other financial information of these branches have been audited by the branch auditors whose reports have been furnished to us, and our opinion in so far as it relates to the amounts and disclosures included in respect of these branches, is based solely on the report of such branch auditors. Our opinion is not qualified in respect of this matter.
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 purposes 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 and proper returns adequate for the purposes of our audit have been received from the branches not visited by us.
c) The reports on the accounts of the branch offices of the Company audited under Section 143(8) of the Act by branch auditors have been sent to us and have been properly dealt with by us in preparing this report.
d) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including other comprehensive income), Standalone Statement of changes in equity and the Standalone Statement of Cash Flow dealt with by this Report are in agreement with the books of account and with the returns received from the branches not visited by us.
e) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,2014.
f) The provisions of Section 164(2) of the Act, in respect of disqualification of directors are not applicable to the company, being a
Government company in terms of notification no:- G.S.R.463(E) dated 5th June 2015 issued by Ministry of Corporate Affairs, Government of India.
g) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure -A".
h) 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:
We are informed that the provisions of section 197 read with Schedule V of the Act, relating to managerial remuneration are not applicable to the company, being a Government Company, in terms of Ministry of Corporate Affairs notification no- G.S.R.(E) 5th June 2015.
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, as amended, in our opinion and to the best of our information and according to the explanations given to us:
a. The Company has disclosed the impact of pending litigations on its financial position in its Standalone Financial Statements - Refer Note 2.31to the financial statements
b. The company has made provisions, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts.
c. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the company.
d. i. The management has represented
that, to the best of its knowledge and belief, no funds 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 (âIntermediaties") 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 ("Ultimate Beneficiaries") by or on behalf of the Company or
⢠Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
ii. The management has represented, that, to the best of its knowledge and belief, no funds 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 ("Ultimate Beneficiaries") by or on behalf of the Funding Party or
⢠Provide any guarantee, security or the like form or on behalf of the Ultimate Beneficiaries; and
iii. Based on such audit procedures as
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 (d) (i) and (d)(ii) contain any material mis-statement.
e. The Dividend declared or paid during the year by the Company is in compliance with Section 123 of the Act.
2. As required by the Companies (Auditor''s Report) Order, 2020 (âthe Order") issued by the Central Government of India in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
3. We are enclosing our report in terms of section 143(5) of the Act, on the basis of such checks of books and records of the company as we consider appropriate and according to the information and explanations given to us, in "Annexure-C" on the directions issued by the Comptroller & Auditor General of India.
For Sagar & Associates Chartered Accountants
(Firm''s Registration No: 003510S)
CA. B. Srinivasa Rao
Partner
Place: Hyderabad Membership No.202352
Date: 25.07.2022 UDIN: 22202352ANPBHL9428
Mar 31, 2018
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying standalone Ind AS Financial Statements of NMDC Limited (âthe Companyâ), which comprises the Balance Sheet as at 31st March 2018, the Statement of Profit and Loss (Including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year then ended and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone Financial Statements
The Companyâs Board of Directors are responsible for the matters stated in Section 134 (5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone Ind AS Financial Statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in the equity of the company in accordance with the accounting principles generally accepted in India.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds 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 the standalone Ind AS Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on those standalone Ind AS 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 there under, and the Order issued under section 143(11) of the Act.
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 standalone Ind AS Financial Statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS Financial Statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the standalone Ind AS Financial Statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the standalone Ind AS 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 Companyâs Directors, as well as evaluating the overall presentation of the standalone Ind AS 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 Ind AS Financial Statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS Financial Statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including the Ind AS, of the financial position of the Company as at March 31, 2018, and its financial performance including other comprehensive income, its Cash Flow and Changes in Equity for the year ended on that date.
Other Matter
1 . The comparative financial information of the Company on the transition date opening Balance Sheet as at 1st April 2015 included in these Standalone Ind AS Financial Statements are based on the previously issued statutory Financial Statements prepared in accordance with the Companies (Accounting Standards) Rules, 2006 audited by the predecessor auditor whose report dated 23.05.201 5 for the year ended 31st March 2015, expressed an unmodified opinion on the said standalone Financial Statements, as adjusted for the differences in the accounting principles adopted by the Company on the transition to the Ind AS which have been audited by us.
We did not audit the Financial Statements/ information of 6 branches included in the standalone Financial Statements of the Company whose Financial Statements / financial information reflect total assets of Rs.19,318.47 Crore as at 31st March, 2018 and total revenues of Rs.11614.15 Crore for the year ended on that date, as considered in the standalone Financial Statements. The Financial Statements/information of these branches has been audited by the branch auditors whose reports have been furnished to us and our opinion in so far as it relates to the amounts and disclosures included in respect of these branches, is based solely on the report of such branch auditors. Our opinion is not qualified in respect of this matter.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) as amended issued by the Central Government of India in terms of sub-Section (11) of Section 143 of the Act, we give in the âANNEXURE Aâ a statement on the matters specified in the paragraphs 3 and 4 of the Order.
2. As required by Section 143 (5) of the act, we give in âANNEXURE - Bâ, a statement on the matters specified by the Comptroller and Auditor General of India for the Company.
3. As required by Section 143 (3) of the Act, 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 purposes 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 and reports of other auditors.
c) The reports on the accounts of the branch offices of the Company audited under Section 143 (8) of the Act by branch auditors have been sent to us and have been properly dealt with by us in preparing this report.
d) The Balance Sheet, the Statement of Profit and Loss and the statement of Cash Flow and statement of the Changes in Equity dealt with by this report are in agreement with the books of account;
e) In our opinion, the aforesaid standalone Ind AS Financial Statements comply with the Accounting Standards specified under Section 133 of the Act, read with relevant rules issued there under;
f) As per notification No. GSR 463(E) dated 5th June 201 5 issued by the Ministry of Corporate Affairs, Government of India, Section 164(2) of the Companies Act, 2013 is not applicable to the Company;
g) With respect to the adequacy of the internal financial controls over financial reporting of the company and the operating effectiveness of such controls, refer to our separate report in âANNEXURE - Câ. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companyâs internal financial controls over financial reorting.
h) With respect to the other matters to be included in the Auditorâs 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 on its financial position in its standalone Ind AS Financial Statements;
ii. The Company has made provisions, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts;
iii. There are no amounts required to be transferred, to the Investor Education and Protection Fund by the Company.
âAnnexure Aâ to the Independent Auditorâs Report
(Referred to in paragraph 1 under the heading âReport on Other Legal & Regulatory Requirementâ of our report of the members of NMDC Ltd of even date)
(1) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) The Company is in the process of carrying out physical verification of fixed assets, a regular programme of physical verification of its fixed assets by which all the fixed assets are physically verified by the management over a period of three years. In our opinion the periodicity of the physical verification is reasonable having regard to the size of the company and the nature of fixed assets. In accordance with this program, certain fixed assets were verified during the year and no material discrepancies have been noticed on such verification.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, as to whether the title deeds of immovable properties are held in the name of the Company, our observations are listed below:
A. Below are the Leasehold Lands (General/ Social Amenties) for which no comments could be offered for the reason no documents were made available for our verification.
1. Land Lease Hold of Dep No. 10 for Iron Ore Measuring 306.13 (Hectares) and valuing Re.1/-;
2. Land Lease hold of Pocket No. 1,2, and 3 Near Bhansi Measuring 189.956 (Hectares) and Valuing Re.1/-;
3. Land Lease Hold of Bacher Float One Measuring 99.956 (Hectares) and Valuing Re.1/-;
4. Land Lease Hold of Dep-11 C Mines & Fine Ore Dump measuring 122.619 (Hectares) valuing Rs. 21,84,430/-;
5. Mining Lease of Dep-14 measuring 17.81 (Hectares) and valuing Rs. 57,31,362/-;
6. Land Lease Hold (for Town Ship) Tye II Qtr in Krandul measuring 20.81 (Hectares) and valuing Nil.
7. Land acquisition for screening Plant Measuring 470.00 (Acres) and valuing Nil.
8. Land Acquisition for Intake Arrangement (Location. Bachell) Measuring 14.13 (Acres) and valuing Nil.
9. Land for Sankiral Nala Wsupply Scheme for 10 & 11A Project measuring 3 (Hectares) and valuing Nil.
10. Land for4 Sankini Nalla Wsuply Scheme for 10 & 11A project measuring 3 (Hectares) and valuing Nil.
11. Land for Balodia Estate as jadgaiur measuring 10 (Acres) valuing Nil.
12. Land for Operation Township at Hiltop valuing Nil;
13. Buildings (Social Amenities) with Gross Block Rs. 72,17,92,2689/- and Net Block Rs.68,22,65,758/-;
B. Below are the Freehold Lands (General / Social Amerities) for which no comments could be offered for the reason no documents were made available for our verification.
1. Land Areas in Bachell Pargana measuring 14.4 (Acres) and valuing Rs. 4,953/-;
2. Land Areas in Bachell Pargana (Kameli Kala) measuring 2.10(Acres) and valuing Rs.557/-;
3. Land Areas in Bachell Pargana (Porokameli) measuring 3.27 (Acres) and valuing Rs. 1,341/-;
4. Land Areas in Kodernar Pargana measuring 5.16 (Acres) and valuing Rs. 1,606/-;
5. Land Areas in Kirandul Pargana measuring 19.22 (Acres) and valuing Rs. 13,995/-;
6. Land Areas in Bada Bacheli measuring 1.46 (Acres) and valuing Rs. 384/-;
7. Land Areas in Bada Bacheli Pargana measuring 6.56 (Acres) and valuing Rs. 2,468/-;
8. Land Areas in Padapur Pargana measuring 4.28 (Acres) and valuing Rs. 2,468/-;
9. Land Areas in Jagdaipur measuring 5.825 (Hectares) and valuing Rs. 1,05,778/-;
10. Land for Accumulation of Sames measuring 39.58 (Acres) and valuing Rs. 7,09,502/-;
11. Land at Madad VII measuring 15.79 (Acres) and valuing Rs. 4,46,722/-;
12. Land Freehold in Keardul Pargana Measuring 47.18 (Acres) and valuing Rs. 72,565/-;
13. Land Freehold (Construction of 100 permanent Type C one) measuring 75.90 (Acres) and valuing Rs. 46,200/-;
14. Land Freehold for Construction of K.V. School Near Pradesh Vidyalaya measuring 21.62 (Acres) and valuing Rs. 22,39,610/-;
15. Land for Bharp Camp (Locacon Bachel) valing Rs. 7,840/-;
16. Land accounted for Const of lease water Supply to Correcting Plant (Location Bachel) measuring 14(Acres) and valuing Rs. 18.907/-;
17. Value of Private Land from Advances for Pipeline from nieres Dam to screening plant (Location Bachel) measuring 1.54 (Acres) and valuing Rs. 7,376/-;
18. Value of Private Land for Ordocaon Pand (Location Bachel) measuring 17.17 (Acres) and valuing Rs. 13,290/-;
19. Land for Rly Siding at Bachell measuring 4 (Acres) and valuing Rs. 5,502/-;
20. Land acquired from Advesi for Talling Dam near parapur measuring 81.39 (Acres) and valuing Rs. 2,11,395/-;
21. Acquisition of Land for traing Dam valuing Rs. 30,635/- for which no measurement details are available.
22. Forest Land for uniflowly Dispatch System measuring 2(Hectares) and valuing Rs. 12, 40,000/-;
23. Buildings (General) with Gross Block Rs. 37,46,50,472/- and Net Block Rs. 33,56,95,306/-;
24. Land valued at Rs.2,68,392/- for which no measurement details are available.
25. Land at Panna (Plot No. 1236/13) measuring 2.063 (Acres) and valued at Rs. 5,176/-.
26. Land at Panna (Plot No. 76/2) measuring 1.821 (Acres) and valued at Rs. 3,304/-.
27. Land at Panna (Plot No. 1237/2) measuring 2.063 (Acres) and valued at Rs. 7,370/-.
28. Land at Panna (Plot No. 1236/2) measuring 15.873 (Acres) and valued at Rs.30,085/-.
C. Below are Leasehold Lands (General) for which the company holds possession letter issued by Joint Secretary, Mining resources Department Raipur:
1. Land Lease Hold Dep No. 14 Mines measuring 407.55 (Hectares) valuing Rs.41,31,185/-
2. Land Lease Hold Dep No. 14 Non Mining measuring 546.882 (Hectares) valuing Rs.66,49,906/-
3. Land Lease Hold of Dep No. 11 For Iron Ore measuring 1,809.23 (Hectares) and valuing Re.1/-
D. Below are Leasehold Lands (General) for which the Company holds possession Letter Issued by Chief Secretary, Mining resources Dept. M.P:
1. Land Lease Hold of Dep No. 14 for Float Ore measuring 317.79 (Hectares) valuing Rs. Nil;
E. Below are the Freehold Lands for which the Company holds possession letter (Kabja Praman Patra) issued by Tahsidar, Jagdalpur.
1. Land at Villages Nagamar, Kasturi, Amaguda & Maganpur measuring 788.79 (Hectares) and valuing Rs. 7,27,58,374/-;
2. Land at village Bhamani measuring 1.82 (Hectares) and valuing Rs. 1,36,380/-;
3. Land at villages Nagarnar, bajaput, Upanal, Kasturi, Amaguda, Macpal, Chokawada & Maganpur measuring 318.74 (Hectares) and valuing Rs. 88,08,16,636/-;
4. Land at village Chokawada measuring 7.20 (Hectares) and valuing Rs. 26,31,600/-;
5. Land at village Nagannar measuring 155.55 (Acres) the value for which has not been finalised;
F. Below are the Leasehold Lands for which the company holds possets on letter (Kabja Praman Patra) issued by Tahsidar, Jagdalur.
1. Land at villages Chanpunji measuring 20.28 (Hectares) and valuing Rs. 3,10,20,964/-;
G. Below are the Leasehold Lands for which the company holds possession letter issued by Mining Officee District South Bastor, Dantewads;
1. Mining Lease of Dep 05 measuring 1334.463 (Acres) valuing Rs. 53,99,96,215/-;
2. Mining Lease of Dep 10 measuring 764.379 (Acres) valuing Rs. 29,89,00,815/-;
3. Mining Lease of De 10(FO) measuring 352.858 (Acres) valuing Rs. 13,91,64,937/-;
4. Mining Lease of Dep 11A measuring 764.379 (Acres) valuing Rs. 38,45,514/-;
H. Below are the Leasehold Lands for which the Company holds possession letter of Lease Deed issued by Tahisdar, Bastar M.P.
1. Land Acquired for Central Workshop Location Bachel measuring 23.39 (Acres) and valuing Rs. 62,594/-;
I. Below are the Leasehold Lands (General social Amembies) for which the Company holds possession letter issued by M.P. Govt Gazette Notification;
1. Land Magazine Building and Service Centre (Location : Hilitop) measuring 755.27 (Acres) and valuing Nil;
2. Land for Bhansi Base Camp (Location Bacheli) measuring 30 (Acres) and valuing Nil;
3. Land for Bachel Township (Lease Paid to DFO & Cost of stamp for Regn) measuring 200(Acres) and valuing Nil;
J. Below are the Leasehold Lands (General) for which the company holds possession letter (Kabja Praman Patra) issued by New Raipur Development Authority;
1. Land at Jhani Raipur measuring 1.82(Hectares) valuing Rs. 60,82,220/-;
K. Industrial Free Hold Land Having Provisional Allotment Letters of 13.43 Acres Measuring 11.35(Acres) and valuing Rs. 139.21 (Crores);
L. Industiral Free hold Land of 26.39 Acres Purchased from M/s Allyn Watches Ltd, measuring 24.23 (Acres) and valuing Rs.5.88 (Crores);
M. Industiral Free hold land of 1.32 Acres acquired from Chhattisgarh Housing Board measuring 1.43(Acres) and valuing Rs.0.83 (Crores)
N. Buildings (General Leasehold) with Net Block Rs. 21,28,51,322/- constructed on mines lease area;
O. Buildings (Social Ammeries Freehold) with Net Block Rs. 64,97,52,288/- have been constructed over the land for which no but deeds are available.
(2) (a) The management has conducted the physical verification of inventory at reasonable intervals.
(b) The discrepancies noticed on physical verification of the inventory as compared to books records which has been properly dealt with in the books of account were not material.
(3) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Companies Act, 2013. Accordingly the provisions of clause (3) (iii) (a) to (c) of the order are not applicable to the Company and hence not commented upon.
(4) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Companies Act, 2013 in respect of loans, investments, guarantees, and security as applicable.
(5) The Company has not accepted any deposits during the year and does not have any unclaimed deposits as at March 31, 2018 and therefore the provisions of the clause 3(V) of the Order are not applicable to the Company.
(6) The Central Government has prescribed the maintenance of cost records under Section 148(1) of the Act. Company is generally maintaining proper cost records as specified by the Central Government under sub-Section (1) of Section 148 of the Companies Act, 2013.
(7) According to information and explanations given to us, in respect of Statutory dues.
(a) The Company has generally been regular in depositing undisuted statutory dues, including Provident Fund Employees State Insurance, Income Tax, Sales Tax, Service Tax, Goods and Service Tax, Value Added Tax, Customs Duty, Excise Duty, Cess and other material statutory dues applicable to it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Provident Fund, Employeesâ State Insurance, Income Tax, Sales Tax, Service Tax, Goods and Service Tax, Value Added Tax, Customs Duty, Excise Duty, Cess and other material statutory does in arrears as at March 31,2018 for a period of more than six months form the date they become payable.
(c) According to the information and explanation given to us, there are no dues of income tax, sales tax, duty of customs, duty of excise, value added tax outstanding on account of any dispute, except the followings:
|
Unit |
Name of Statue |
Nature of Dues |
Period |
Forum where Dispute is Pending |
Amount (In Rs. Crores) |
|
Kirandul |
The Finance Act, 1994 |
Service Tax |
July 2012 -June 2014 |
The Appellate Tribunal |
11.71 |
|
The Finance Act, 1994 |
Service Tax on Royalty |
2016-17, 2017-2018 |
Chhattisgarh High Court, Bilaspur |
71.16 |
|
|
MP Commercial Tax Act |
Commercial Act |
2002-03, 2005-06, 2008-09 |
Dy. Commissioner of Commercial Tax (Appeal) |
1.60 |
|
|
Donimalai |
Karnataka Forest Act 1963 |
Forest Development Tax |
2008-09 to 2010-11 |
Honâble Supreme Court of India |
243.69 |
|
Karnataka Sales Tax Act 1957 |
Tax on ERP Licenses |
1991-92, 1992-93 |
Dy. Commissioner of Commercial Tax, Bellary |
0.51 |
|
|
Central Excise, |
Service Tax |
2012-13 to 2014-15 |
Commissioner of Central |
0.20 |
|
|
Customs and Service tax |
Excise (Appeals) |
||||
|
The Finance Act, 1994 |
Service Tax on royality |
2016-2017, 2017-2018 |
Director General of Intelligence, Belgam |
87.14 |
|
|
Karnataka Sales Tax Act 1957 |
CST/VAT on FDT |
2011-12 |
JCCT, Davangere, Karnataka |
0.18 |
|
|
Panna |
The Finance Act, 1994 |
Service Tax on royality |
2016-2017, 2017-2018 |
Jabaiur High Court Madhya Pradesh |
0.85 |
|
Commercial Tax |
Sales & Entry Tax |
2013-14 |
DCIT, Sagar |
0.23 |
|
|
0.04 |
|||||
|
0.68 |
|||||
|
Bacheli |
The Finance Act, 1994 |
Service Tax |
July 2012-June 2014 |
The Appellate Tribunal |
54.36 |
|
The Finance Act, 1994 |
Service Tax on Royality |
2016-2017, 2017-2018 |
Jabalpur high-Court |
90.80 |
|
|
Head Office |
Income Tax Act, 1961 |
Income Tax |
2009-10, 2010-11, 2012-13,2014-15 |
CIT(A) |
139.84 |
|
2010-1 1, 2005-06, 1990-00 & 2001-02 2006-07 to 2009-10 to 2011-12 |
High Court |
1271.40 |
|||
|
2012-13, 2013-14 |
ITAT, Hyderabad |
318.60 |
|||
|
The Finance Act, 1994 |
Service Tax |
01.10.2013 to 30.09.2014 & 01.10.2007 to 31.10.2012 |
CESTAT |
28.28 |
|
|
01.07.2012 to 31.03.201 5 |
COM.(A), Mysore |
0.17 |
|||
|
RO Vizag |
The Finance Act, 1994 |
Service Tax |
2007-2008 to 2011-2012 |
The Customs, Excise and Service Tax Appellate Tribunal Hyderabad |
22.42 |
|
Total |
2,342.53 |
(8) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of loans and borrowing to any financial institution, banks government or dues to debenture holders.
(9) The Company has not raised monies by way of initial public offer or further public offer including debt instruments and term loans. Accordingly, the provisions of Clause 3 (ix) of the Order are not applicable to the Company.
(10) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company or no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.
(11) In our opinion and according to the information and explanations given to us, the Company has paid Provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Companies Act.
(12) The Company is not a Nidhi Company and hence reporting under Clause 3 (xiii) of the Order are not applicable to the Company.
(13) In our opinion, all transactions with the related parties are in compliance with Section 177 and 188 of Companies Act, 2013 where applicable, for all transaction with the related parties and the details of related party transaction have been disclosed in the standalone Financial Statements as required by the applicable Accounting Standards.
(14) During the year, the Company has not made any preferential allotment or private placement of shares of fully or party paid constable debentures and hence reporting under clause 3(XIV) of the Order is not applicable to the company.
(15) In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its directors of persons connected to its directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.
(16) The Company is not required to be registered under section 45-1A of the Reserve Bank of India Act, 1934.
For Tej Raj & Pal
Chartered accountants
Firmâs Reg No: 304124E
CA B. Vijay
Partner
Membership No. 214678
Hyderabad, May 28,2018
Mar 31, 2017
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying standalone Ind AS Financial Statements of NMDC Limited (âthe Companyâ), which comprises the Balance Sheet as at 31st March 2017, the Statement of Profit and Loss (Including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year then ended and a summary of significant accounting policies and other explanatory information (herein after referred to as âStandalone Ind AS Financial Statementsâ) which supersedes our earlier Independent Auditorâs report dated 25th May 2017 in the light of the observations of the Comptroller and Auditors General of India u/s 143 (6) (b) of the Companies Act, 2013 read with subsection 5 of Section 143.
Managementâs Responsibility for the Standalone Financial Statements
The Companyâs Board of Directors are responsible for the matters stated in Section 134 (5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone Ind AS Financial Statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in the equity of the company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act, read with relevant rules issued there under.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds 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 the standalone Ind AS Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on those standalone Ind AS 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 there under.
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 standalone Ind AS Financial Statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS Financial Statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the standalone Ind AS Financial Statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the standalone Ind AS 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 Companyâs Directors, as well as evaluating the overall presentation of the standalone Ind AS 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 Ind AS Financial Statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS Financial Statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including the Ind AS, of the financial position of the Company as at March 31, 2017, and its financial performance including other comprehensive income, its Cash Flow and Changes in Equity for the year ended on that date.
Other Matter
1. The comparative financial information of the Company on the transition date opening Balance Sheet as at 1st April 2015 included in these Standalone Ind AS Financial Statements are based on the previously issued statutory Financial Statements prepared in accordance with the Companies (Accounting Standards) Rules, 2006 audited by the predecessor auditor whose report dated 23.05.2015 for the year ended 31st March 2015, expressed an unmodified opinion on the said standalone Financial Statements, as adjusted for the differences in the accounting principles adopted by the Company on the transition to the Ind AS which have been audited by us.
2. We did not audit the Financial Statements/ information of 6 branches included in the standalone Financial Statements of the Company whose Financial Statements / financial information reflect total assets of Rs.18,031.42 Crore as at 31st March, 2017 and total revenues of Rs.8,887.37 Crore for the year ended on that date, as considered in the standalone Financial Statements. The Financial Statements/information of these branches has been audited by the branch auditors whose reports have been furnished to us and our opinion in so far as it relates to the amounts and disclosures included in respect of these branches, is based solely on the report of such branch auditors.
Our opinion is not qualified in respect of this matter.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) as amended issued by the Central Government of India in terms of sub-Section (11) of Section 143 of the Act, we give in the âANNEXURE Aâ a statement on the matters specified in the paragraphs 3 and 4 of the Order.
2. As required by Section 143 (5) of the act, we give in âANNEXURE - Bâ, a statement on the matters specified by the Comptroller and Auditor General of India for the Company.
3. As required by Section 143 (3) of the Act, 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 purposes 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 and reports of other auditors.
c) The reports on the accounts of the branch offices of the Company audited under Section 143 (8) of the Act by branch auditors have been sent to us and have been properly dealt with by us in preparing this report.
d) The Balance Sheet, the Statement of Profit and Loss and the statement of Cash Flow and statement of the Changes in Equity dealt with by this report are in agreement with the books of account;
e) In our opinion, the aforesaid standalone Ind AS Financial Statements comply with the Accounting Standards specified under Section 133 of the Act, read with relevant rules issued there under;
f) As per notification No. GSR 463(E) dated 5th June 2015 issued by the Ministry of Corporate Affairs, Government of India, Section 164(2) of the Companies Act, 2013 is not applicable to the Company;
g) With respect to the adequacy of the internal financial controls over financial reporting of the company and the operating effectiveness of such controls, refer to our separate report in âANNEXURE - Câ.
h) With respect to the other matters to be included in the Auditorâs 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 on its financial position in its standalone Ind AS Financial Statements;
ii. The Company has made provisions, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts;
iii. There are no amounts required to be transferred, to the Investor Education and Protection Fund by the Company.
iv. The Company has provided requisite disclosures in its standalone Ind AS Financial Statements as to holdings as well as dealings in specified bank notes during the period from 8th Nov 2016 to 30th Dec 2016 and these are in accordance with the books of accounts maintained by the Company.
âAnnexure Aâ to the Independent Auditorâs Report
Referred to in paragraph 1 under the heading âReport on Other Legal & Regulatory Requirementâ of our report of even date to the Financial Statements of the Company for the year ended March 31, 2017:
(1) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) The Company is in the process of carrying out physical verification of fixed assets, a regular programme of physical verification of its fixed assets by which all the fixed assets are physically verified by the management over a period of three years. In our opinion the periodicity of the physical verification is reasonable having regard to the size of the company and the nature of fixed assets. In accordance with this program, certain fixed assets were verified during the year and no material discrepancies have been noticed on such verification.
(c) As the physical verification is in process, the shortage/excess arising out of the same will be dealt with in the books on completion of verification. According to the information and explanations given to us and on the basis of our examination of the records of the Company, as to whether the title deeds of immovable properties are held in the name of the Company, our observations are listed below:
|
Sl. No. |
Description of Assets |
Type of Asset |
Area |
Amount (in Rs. Crores) |
Remarks |
|
01 |
General / Social Amenities for which no comments passed |
Leasehold Lands (in Acres) |
2337.91 |
1.87 |
|
|
Building (Net Block) |
80.27 |
Gross Block 100.16 Crores |
|||
|
02 |
General Amenities for which Company holds possession letter issued by Joint Secretary |
Leasehold Lands (in Acres) |
6826.25 |
17.66 |
|
|
03 |
General Amenities for which Company holds possession letter issued by Mining Officer |
Mining Lease (in Acres) |
3216.07 |
120.72 |
|
|
04 |
General Amenities for which Company holds possession letter issued by Chief Secretary, Mining Resources |
Leasehold Lands (in Acres) |
784.94 |
0.0018 |
|
|
05 |
General / Social Amenities for which no comments passed |
Free Hold Land (in Acres) |
400.06 |
129.36 |
|
|
Building (Net Block) |
75.73 |
Gross Block-101.60 Crores |
|||
|
06 |
Industrial land having Provisional allotment letters of 13.43 Acres. |
Freehold Land (in Acres) |
11.35 |
139.21 |
|
|
07 |
Industrial Land of 26.39 Acres Purchased from M/s Allyn Watches Ltd. |
Freehold Land (in Acres) |
24.23 |
5.88 |
|
|
08 |
Industrial land of 1.32 Acres acquired from Chhattisgarh Housing Board |
Freehold Land (in Acres) |
1.43 |
0.83 |
|
|
Total |
13602.24 |
571.53 |
(2) (a) The management has conducted the physical verification of inventory at reasonable intervals.
(b) The discrepancies noticed on physical verification of the inventory as compared to books records which has been properly dealt with in the books of account were not material.
(3) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Companies Act, 2013. Accordingly the provisions of clause (3) (iii) (a) to (c) of the order are not applicable to the Company and hence not commented upon.
(4) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Companies Act, 2013 in respect of loans, investments, guarantees, and security.
(5) The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.
(6) The Central Government has prescribed the maintenance of cost records under Section 148(1) of the Act. Company is generally maintaining proper cost records as specified by the Central Government under sub-Section (1) of Section 148 of the Companies Act, 2013.
(7) (a) According to information and explanations given to us and on the basis of our examination of the books of account, and records, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income - Tax, Sales tax, Service Tax, Duty of Customs, Duty of Excise, Value added Tax, Cess and any other statutory dues with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the above were in arrears as at March 31, 2017 for a period of more than six months from the date on when they become payable.
(b) According to the information and explanation given to us, there are no dues of income tax, sales tax, service tax, duty of customs, duty of excise, value added tax outstanding on account of any dispute, except the followings:
|
Unit |
Name of Statue |
Nature of Dues |
Period |
Forum where Dispute is Pending |
Amount (In Rs. Crores) |
|
Kirandul |
The Finance Act, 1994 |
Service Tax |
July 2012 -June 2014 |
The Appellate Tribunal |
10.40 |
|
The Finance Act, 1994 |
Service Tax on Royalty |
2016-17 |
Jabalpur High Court & Karnataka High court |
46.89 |
|
|
MP Commercial Tax Act |
Commercial Act |
2002-03, 2005-06, 2008-09 |
Dy. Commissioner of Commercial Tax (Appeal) |
1.60 |
|
|
Donimalai |
Karnataka Sales Tax Act 1957 |
Tax on ERP Licenses |
1991-92, 1992-93 |
Dy. Commissioner of Commercial Tax, Bellary |
0.51 |
|
Donimalai |
Karnataka Forest Act 1963 |
Forest Development Tax |
2008-09 to 2010-11 |
Honâble Supreme Court of India |
243.69 |
|
Central Excise, Customs and Service tax |
Service Tax |
2012-13 to till date |
Commissioner of Central Excise (Appeals) |
0.20 |
|
|
Panna |
Royalty |
Service Charges |
2004-05 |
Diamond Officer |
0.89 |
|
Commercial Tax |
Sales & Entry Tax |
2012-13 & 2013-14 |
DCIT, Sagar |
0.42 |
|
|
Commercial Tax |
Sales Tax |
2014-15 |
DCIT, Sagar |
0.04 |
|
|
Income Tax |
TDS |
2007-08 to 2016-17 |
DCIT(TDS), Jabalpur |
0.68 |
|
|
Bacheli |
The Finance Act, 1994 |
Service Tax |
July 2012-June 2014 & 01.04.201631.03.201 7 |
The Appellate Tribunal & Jabalpur High-Court |
108.03 |
|
Head Office |
Income Tax Act, 1961 |
Income Tax |
201 3-14, 2012-1 3, 201 1-12, 2010-1 1 & 2009-10 |
CIT(A) |
368.45 |
|
2010-1 1, 2005-06, 1990-00 & 2001-02 2006-07 to 2009-10 |
High Court |
1263.28 |
|||
|
2011-12 |
ITAT, Hyderabad |
30.80 |
|||
|
The Finance Act, 1994 |
Service Tax |
01.10.2013 to 30.09.2014 & 01.10.2007 to 31.10.2012 |
CESTAT |
28.28 |
|
|
01.07.2012 to 31.03.201 5 |
COM.(A), Mysore |
0.17 |
|||
|
Total |
2104.65 |
(8) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks. The Company has not taken any loan either from financial institutions or from the government and has not issued any debentures.
(9) Based upon the audit procedures performed and the information and explanations given by the management, the Company has not raised monies by way of initial public offer or further public offer including debt instruments and term loans. Accordingly, the provisions of Clause 3 (ix) of the Order are not applicable to the Company and hence not commented upon.
(10) Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.
(11) Based upon the audit procedures performed and the information and explanations given by the management, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Companies Act.
(12) In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of Clause 4 (xii) of the Order are not applicable to the Company.
(13) In our opinion, all transactions with the related parties are in compliance with Section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable Accounting Standards.
(14) Based upon the audit procedures performed and the information and explanations given by the management, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of Clause 3 (xiv) of the Order are not applicable to the Company and hence not commented upon.
(15) Based upon the audit procedures performed and the information and explanations given by the management, the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, the provisions of Clause 3 (xv) of the Order are not applicable to the Company and hence not commented upon.
(16) In our opinion, the Company is not required to be registered under Section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions of Clause 3 (xvi) of the Order are not applicable to the Company and hence not commented upon.
For Tej Raj & Pal
Chartered accountants
ICAI Reg No: 304124E
CA Dinakar Mohanty
Partner
Membership No. 059390
Place : Bhubaneswar
Date : 1 1.07.2017
Mar 31, 2016
We have audited the accompanying standalone financial statements of
NMDC Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2016, the Statement of Profit and Loss, Cash Flow Statement
for the year then ended and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Standalone 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 of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds 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 the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
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
there under.
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, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial control system over financial reporting and the operating
effectiveness of such controls. 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at March 31, 2016, and its Profit and its Cash Flow for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016 ("the
Order") as amended issued by the Central Government of India in terms
of sub-section (11) of section 143 of the Act, we give in the "ANNEXURE
A" a statement on the matters specified in the paragraphs 3 and 4 of
the Order.
2. As required by section 143 (5) of the act, we give in "ANNEXURE -
B", a statement on the matters specified by the Comptroller and Auditor
General of India for the Company.
3. As required by Section 143 (3) of the Act, 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
purposes 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 and the Cash
Flow Statement 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 Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the
directors as on March 31, 2016, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2016,
from being appointed as a director in terms of Section 164 (2) of the
Act.
f) With respect to the adequacy of the internal financial controls over
financial reporting of the Company and the operating effectiveness of
such controls, refer to our separate report in "ANNEXURE - C".
g) 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. There are no pending litigations for the Company that will impact
the financial position of the Company;
ii. There are no foreseeable losses on long-term contracts including
derivative contracts;
iii. There are no amounts required to be transferred, to the Investor
Education and Protection Fund by the Company.
"Annexure A" to the Independent Auditor''s Report
Referred to in paragraph 1 under the heading ''Report on Other Legal &
Regulatory Requirement'' of our report of even date to the financial
statements of the Company for the year ended March 31, 2016:
(1) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The Company has a regular programme of physical verification of its
fixed assets by which all the fixed assets are physically verified by
the management over a period of three years. In our opinion the
periodicity of the physical verification is reasonable having regard to
the size of the Company and the nature of fixed assets. In accordance
with this program, certain fixed assets were verified during the year
and no material discrepancies have been noticed on such verification.
(c) According to the information and explanations given to us and on
the basis of our examination of the records of the company as to
whether the title deeds of immovable properties are held in the name of
the company, our observations are listed below:
A. Below are Leasehold Lands (General / Social Amenities) for which no
comments could be offered for the reason no documents were made
available for our verification:
1. Land for Bailadila Estate at Jagdalpur measuring 10 (Acres) valuing
Rs.7,333/-;
2. Land acquisition for Screening Plant measuring 470 (Acres) valuing
Rs.3,16,416/-;
3. Land acquisition for intake arrangement measuring 14.13 (Acres)
valuing Rs.23,769/-;
4. Land for Sankini Nalla W/supply scheme for 10 & 11A proj. measuring
2 (Hectares) valuing Rs.10,97,400/-;
5. Land for Sankini Nalla W/supply scheme for 10 & 11A proj. measuring
3 (Hectares) valuing Rs.18,04,200/-;
6. Land Lease Hold of Dep No. 10 for Iron Ore measuring 308.13
(Hectares) valuing Re.1/-;
7. Land Lease Hold of Pocket No. 1, 2 and 3 Near Bhansi measuring
189.956 (Hectares) valuing Re.1/-;
8. Land Lease Hold of Bacheli Float Ore Area measuring 99.956
(Hectares) valuing Re.1/-;
9. Land Lease Hold Dep No. 11C Mines & Fine Ore Dump measuring 122.619
(Hectares) valuing Rs.1,53,44,299/-;
10. Land for operation township at Hill top Location: Hilltop
(Measurement is Under reconciliation) valuing Rs.10,564/-;
11. Building (Social Amenities) with Gross Block - Rs.75,73,23,199/-
and Net Block Rs.63,18,65,570/-;
12. Land Lease Hold (for Town Ship) Type II Qtr in Kirandul measuring
20.81 (Hectares) valuing Rs.1,00,590/-;
13. Buildings (General) with Gross Block - Rs.24,43,22,980/- and Net
Block Rs.17,07,51,184/-
B. Below are Leasehold Lands (General) for which the company holds
possession letter issued by Joint Secretary, Mining resources
Department Raipur:
1. Land Lease Hold Dep No. 14 Mines measuring 407.55 (Hectares)
valuing Rs.6,99,87,154/-
2. Land Lease Hold Dep No. 14 Non Mining measuring 546.882 (Hectares)
valuing Rs.10,66,22,023/-
3. Land Lease Hold of Dep No. 11 For Iron Ore measuring 1,809.23
(Hectares) valuing Re.1/-
C. Below are Leasehold Lands (General) for which the Company holds
possession Letter Issued by Mining Officer District, South Bastar,
Dantewada:
1. Mining Lease of DEP No. 05 measuring 1334.463 (Acres) and valuing
Rs.68,30,81,258/-
2. Mining Lease of DEP No. 10 measuring 764.379 (Acres) and valuing
Rs.34,76,68,456/-
3. Mining Lease of DEP No 10 (FO) measuring 352.858 (Acres) and
valuing Rs.14,92,37,757/-
4. Mining Lease of DEP No 11A measuring 764.379 (Acres) and valuing
Rs.2,71,92,866/-
D. Below are Leasehold Lands (General) for which the Company holds
possession Letter Issued by Chief Secretary, Mining resources Dept.
M.P:
1. Land Lease Hold of Dep No. 14 for Float Ore measuring 317.79
(Hectares) valuing Rs.18,770/-
E. Portion of total land at Research & Development Center measuring
9.12 acres which had expired during Feb 07 (6.66 acres) and the balance
in Feb 10 (2.46 acres).
F. Below are Freehold Lands (General / Social Amenities) for which no
comments could be offered for the reason no documents were made
available for our verification:
1. Private land from Adivasi for Pipe line from Nerli Dam to Screening
Plant measuring 1.54 (Acres) valuing Rs.7,375/-
2. Land for Bhansi camp Location: Bhansi valuing Rs.7,840/-
3. Land acquired for Const. of Intake water supply to Screening Plant
Location: Bacheli measuring 14 (Acres) valuing Rs.18,987/-
4. Value of PVT Land for Oxidation Pond Location: Bacheli measuring
17.77 (Acres) valuing Rs.13,294/-
5. 4 Acres land for Rly Siding at Bacheli Location: Bacheli measuring
4 (Acres) valuing Rs.5,502/-
6. Land acquired from Adivasi for Tailing Dam near Parapur measuring
81.39 (Acres) valuing Rs.2,11,395/-
7. Acquisition of Land for Tailing Dam and diff of Amt. paid vide JV
NO/1246 1/88. (Measurement under Reconciliation) valuing Rs.30,635/-
8. Forest land for uniflow rly. Dispatch system measuring 2 (Hectares)
valuing Rs.12,40,000/-
9. Buildings (General) with Gross Block - Rs.39,41,46,810.00 & Net
Block - Rs.26,86,59,423/-
10. Land Areas in Bacheli Pargana measuring 14.40 (Acres) valuing
Rs.49,53,000/-
11. Land Area in Bacheli Pargana (Kameli Kala) measuring 2.1 (Acres)
valuing Rs.5,57,000/-
12. Land Area in Bacheli Pargana (Poro Kameli) measuring 3.27 (Acres)
valuing Rs.13,41,000/-
13. Land Areas in Kodenar Pargana measuring 21.32 (Acres) valuing
Rs.1,46,85,000/-
14. Land Area in Bada Bacheli measuring 1.46 (Acres) valuing
Rs.3,84,000/-
15. Land Areas in Bada Bacheli Pargana measuring 6.33 (Acres) valuing
Rs.23,10,000/-
16. Land Areas in Padapur Pargana measuring 9.28 (Acres) valuing
Rs.24,43,000/-
17. Land - Area in Kodenar Pargana measuring 3.48 (Acres) valuing
Rs.9,16,000/-
18. Land - Area in Jagdalpur measuring 5.823 (Hectares) valuing
Rs.10,57,78,000/-
19. Land for Accumulation of Slimes measuring 39.58 (Acres) valuing
Rs.70,95,02,000/-
20. Land at Madadi VIL measuring 15.79 (Acres) valuing
Rs.44,67,22,000/-
21. Land Freehold in Kirandul Pargana measuring 47.18 (Acres) valuing
Rs.22,569/-
22. Land Freehold (Construction of 100 Permanent Type-C Qtrs)
measuring 75.9 (Acres) valuing Rs.46,200/-
23. Land Free Hold for Construction of K.V. School Near Praleosh
Vidyalaya measuring 21.62 (Acres) valuing Rs.22,39,610/-
24. Buildings (Social Amenities) with Gross Block - Rs.62,18,21,873/-
and Net Block - Rs.48,86,76,147/-
25. Land Area in Bada Bacheli Pargana measuring 0.32 (Acres) valuing
Rs.1,58,000/-
(2) (a) The management has conducted the physical verification of
inventory at reasonable Intervals.
(b) The discrepancies noticed on physical verification of the inventory
as compared to books records which has been properly dealt with in the
books of account were not material.
(3) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, the Company
has not granted any loans, secured or unsecured to companies, firms,
Limited Liability Partnerships or other parties covered in the register
maintained under section 189 of the Companies Act, 2013. Accordingly
the provisions of clause (3) (iii) (a) to (c) of the order are not
applicable to the company and hence not commented upon.
(4) In our opinion and according to the information and explanations
given to us, the company has complied with the provisions of section
185 and 186 of the Companies Act, 2013 in respect of loans,
investments, guarantees, and security.
(5) The Company has not accepted any deposits from the public and hence
the directives issued by the Reserve Bank of India and the provisions
of Sections 73 to 76 or any other relevant provisions of the Act and
the Companies (Acceptance of Deposit) Rules, 2015 with regard to the
deposits accepted from the public are not applicable.
(6) The Central Government has prescribed the maintenance of cost
records under section 148(1) of the Act. Company is generally
maintaining proper cost records as specified by the Central Government
under sub-section (1) of section 148 of the Companies Act, 2013.
(7) (a) According to information and explanations given to us and on
the basis of our examination of the books of account, and records, the
Company has been generally regular in depositing undisputed statutory
dues including Provident Fund, Employees State Insurance, Income - Tax,
Sales tax, Service Tax, Duty of Customs, Duty of Excise, Value added
Tax, Cess and any other statutory dues with the appropriate
authorities. According to the information and explanations given to us,
no undisputed amounts payable in respect of the above were in arrears
as at March 31, 2016 for a period of more than six months from the date
on when they become payable.
(b) According to the information and explanation given to us, there are
no dues of income tax, sales tax, service tax, duty of customs, duty of
excise, value added tax outstanding on account of any dispute, except
the following:
Name of the Nature of dues Period to which
Statute/Authority it relates
Nagar Palika, Export Tax 1995-96
Kirandul
Nagar Palika, Conservancy 1997-98 to
Kirandul Tax 2005-06, 2014-15
2015-16
MP Commercial Commercial 2002-03
Tax Act, 1994 Tax 2005-06 2008-09
Nagarpalika, Export Tax May 2001 to
Bade Bacheli July 2002 and
March 2010 to
March 2016
DFO, Dantewada Forest Permit Jun''2002 to
and State of Fee Oct''2012
Chhattisgarh
GHMC, Hyderabad Property Tax 2011-12
Karnataka Forest Forest 2008-09 to
Tax Act,1963 Development 2010-11
Tax
Karnataka Sales Tax on REP 1991-92 to
Tax Act, 1957 Licenses 1992-93
Karnataka Motor Road Tax on 2003-04
Vehicle Taxation Dumpers
Act 1957
MMDR Act Royalty Sept-1977 to
Aug-2005
Service Tax Act Service Tax 2007-08 to 2011-12
Commercial Tax Entry Tax 2008-09
Department,
Government of
Chhattisgarh
Sales Tax Authority Sales Tax 2006-7, 2012-13
2013-14
Nagarpalika Property Tax 2016
Parishad,
Bade Bacheli
Name of the Statute/
Authority Forum Amount
(Rs. in Crores)
Nagar Palika,Kirandul High Court, Chhattisgarh 11.01
Nagar Palika,Kirandul High Court, Chhattisgarh 0.63
MP Commercial Dy.Commissioner of 1.60
Tax Act, 1994 Commercial Tax (Appeal),
Sagar
Nagarpalika High Court of Chhattisgarh 0.67
Bade Bacheli
DFO, Dantewada and
State of High Court, Chhattisgarh 143.80
Chhattisgarh
GHMC, Hyderabad GHMC, Hyderabad 0.10
Karnataka Forest High Court of Karnataka, 243.68
Tax Act,1963 Bangalore
Karnataka Sales Deputy Commissioner of 0.80
Tax Act, 1957 Commercial Taxes, Bellary
Karnataka Motor Regional Transport Officer, 0.96
Vehicle Taxation Hospet
Act 1957
MMDR Act Madhya Pradesh State Govt. 0.89
Service Tax Act Commissioner of Customs, 1.12
Central Excise & Service
Tax, Hyderabad
Commercial Tax
Department, Commissioner (Appeals) 0.01
Government of Commercial Tax Department,
Chhattisgarh Government of Chhattisgarh
Sales Tax Authority Sales Tax Authority 0.52
Nagarpalika Nagar Palika Bacheli 56.07
Parishad, Bade Bacheli
(8) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to
banks.
(9) Based upon the audit procedures performed and the information and
explanations given by the management, the Company has not raised moneys
by way of initial public offer or further public offer including debt
instruments and term loans. Accordingly, the provisions of clause 3
(ix) of the Order are not applicable to the Company and hence not
commented upon.
(10) Based upon the audit procedures performed and the information and
explanations given by the management, we report that no fraud by the
Company or on the Company by its officers or employees has been noticed
or reported during the year.
(11) Based upon the audit procedures performed and the information and
explanations given by the management, the managerial remuneration has
been paid or provided in accordance with the requisite approvals
mandated by the provisions of section 197 read with Schedule V to the
Companies Act.
(12) In our opinion, the Company is not a Nidhi Company. Therefore, the
provisions of clause 4 (xii) of the Order are not applicable to the
Company.
(13) In our opinion, all transactions with the related parties are in
compliance with section 177 and 188 of Companies Act, 2013 and the
details have been disclosed in the Financial Statements as required by
the applicable accounting standards.
(14) Based upon the audit procedures performed and the information and
explanations given by the management, the Company has not made any
preferential allotment or private placement of shares or fully or
partly convertible debentures during the year under review.
Accordingly, the provisions of clause 3 (xiv) of the Order are not
applicable to the Company and hence not commented upon.
(15) Based upon the audit procedures performed and the information and
explanations given by the management, the Company has not entered into
any non-cash transactions with directors or persons connected with him.
Accordingly, the provisions of clause 3 (xv) of the Order are not
applicable to the Company and hence not commented upon.
(16) In our opinion, the Company is not required to be registered under
section 45 IA of the Reserve Bank of India Act, 1934 and accordingly,
the provisions of clause 3 (xvi) of the Order are not applicable to the
Company and hence not commented upon.
For Tej Raj & Pal
Chartered accountants
ICAI Reg No: 304124E
CA B Vijay
Partner
Mem No 214678
Place : Hyderabad
Date : 27-05-2016
Mar 31, 2015
We have audited the accompanying financial statements of NMDC Limited
("the Company"), which comprise the Balance Sheet as at March 31, 2015,
the Statement of Profit and Loss, and Cash Flow Statement for the year
then ended and a summary of significant accounting policies and other
explanatory information.
Management's Responsibility for the Standalone Financial Statements
The Company's management is responsible for the matters stated in
Section 134(5) of the Companies Act, 2013 ("the Act") with respect to
the preparation of these standalone financial statements that give a
true and fair view of the financial position and financial performance
of the Company in accordance with the accounting principles generally
accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for
safeguarding the assets of the Company and for preventing and detecting
frauds 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 the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
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, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial control system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's management, 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at March 31, 2015, and its profit and its cash flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
a) As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure A
to this report a statement on the matters specified in the paragraph 3
and 4 of the Order, to the extent applicable.
b) As required by section 143 (5) of the Companies Act 2013, we give in
the Annexure B to this report, a statement on the directions issued by
Comptroller & Auditor General of India, to the extent applicable.
c) As required by Section 143 (3) of the Act, we report that:
1. We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
2. 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;
3. The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow
Statement dealt with by this Report are in agreement with the books of
account;
4. In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
5. On the basis of the written representations received from the
directors as on March 31, 2015, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31,2015,
from being appointed as a director in terms of Section 164 (2) of the
Act; and
6. 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. There are no pending litigations for the company that will impact
the financial position of the company;
ii. There are no foreseeable losses on long-term contracts including
derivative contracts;
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure A to the Independent Auditors' Report
The Annexure A referred to in our Independent Auditor's Report to the
members of the Company on the standalone financial statements for the
year ended March 31, 2015, we report that:
i) a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The Company has a regular programme of physical verification of its
fixed assets by which all the fixed assets are physically verified by
the management over a period of three years. In our opinion the
periodicity of the physical verification is reasonable having regard to
the size of the Company and the nature of its assets. In accordance
with this programme, certain fixed assets were verified during the year
and no material discrepancies have been noticed on such verification.
ii) a) The inventories have been physically verified by the management
during the year. In our opinion, the frequency of such verification is
reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between physical stocks and the
book records were not material.
iii) The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under section 189 of the Companied Act, 2013 ('the Act').
Consequently, clauses 3 (iii) (a) and 3 (iii) (b) of the Order are not
applicable to the Company.
iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventories fixed assets and sale of goods and services.
We have not observed any major weakness in the internal control system
during the course of the audit.
v) The Company has not accepted any deposits from the public.
Consequently, the clause 3(v) of the order is not applicable to the
Company.
vi) We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the Company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under sub-section (1) of Section 148 of the
Companies Act, 2013, in respect of the mining activities carried on by
the Company and we are of the opinion that prima facie the prescribed
accounts and records have been made and maintained. However, we have
not made a detailed examination of the records.
vii) a) According to the information and explanations given to us and
on the basis of examination of the records of the Company, amounts
deducted/ accrued in the books of account in respect of undisputed
statutory dues including provident fund, employees' state insurance,
income-tax, sales-tax, wealth- tax, service tax, duty of customs, duty
of excise, value added tax, cess and other material statutory dues have
been regularly deposited during the year by the Company with the
appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts are payable in respect of income tax, sales tax,
wealth tax, service tax, duty of customs, duty of excise, value added
tax or cess and other material statutory dues which were in arrears as
at March 31,2015, for a period of more than six months from the date
they became payable.
b) As at March 31,2015, there have been no disputed dues, which have
not been deposited with the respective authorities in respect of Income
tax, Wealth-tax, Service tax, duty of customs, duty of excise, value
added tax and Cess, except the following:
Name of the Nature of dues Period to
statute/Authority which it relates
Nagar Palika,
Kirandul Export Tax 1995-96
Nagar Palika, Conservancy 1997-98 to
Kirandul Tax 2005-06,
2014-15
MP Commercial Commercial 2002-03
Tax Act, 1994 Tax 2005-06
2008-09
Nagarpalika, Export Tax May 2001 to
Bade Bacheli July 2002 and
March 2010 to
March 2015
DFO, Dantewada
and State of Forest Permit Jun'2002 to
Chattisgarh Fee Oct'2012
GHMC, Hyderabad Property Tax 2011-12
Karnataka Forest Forest 2008-09 to
Tax Act,1963 Development 2010-11
Tax
Karnataka Sales Tax Tax on REP 1991-92
Act,1957 Licenses to 1992-93
Karnataka Motor
Vehicle Taxation Road Tax 2003-04
Act 1957 on Dumpers
MMDR Act Royalty Sept-1977 to
Aug-2005
APGST Sales Tax 2004-05
AP VAT VAT 2006-07
Service Tax Act Service Tax 2007-08 to
2011-12
Commercial Tax Entry Tax 2008-09
Department, Govt.
of Chhattisgarh
Income Tax Act, Tax Deducted 2007-08
1961 at Source
Name of the Forum Amount
Statute/Authority (Rs. in Crores)
Nagar Palika, High Court, Chhattisgarh 10.97
Kirandul
Nagar Palika, High Court, Chhattisgarh 0.59
Kirandul
MP Commercial Dy.Commissioner of
Tax Act, 1994 Commercial Tax(Appeal), Sagar 1.60
Nagarpalika, High Court of Chhattisgarh 0.64
Bade Bacheli
DFO, Dantewada High Court, Chhattisgarh 143.80
and State of
Chattisgarh
GHMC, Hyderabad GHMC, Hyderabad 0.10
Karnataka Forest High Court of Karnataka,
Tax Act,1963 Bangalore 247.95
Karnataka Sales Tax Deputy Commissioner of
Act,1957 Commercial Taxes, Bellary 0.80
Karnataka Motor Regional Transport Officer,
Vehicle Taxation Hospet 0.96
Act 1957
MMDR Act Madhya Pradesh State Govt. 0.89
APGST ADC, Warangal 0.01
AP VAT ADC, Warangal 0.02
Service Tax Act Commissioner of Customs,
Central Excise & Service Tax,
Hyderabad 1.12
Commercial Tax Commissioner (Appeals)
Department, Govt Commercial Tax Department,
of Chhattisgarh Government of Chhattisgarh 0.01
Income Tax Act, Commisioner of Income Tax,
1961 (Appeals) Hyderabad 5.23
viii) The Company has no accumulated losses and has not incurred cash
losses in the financial year covered by our audit and the immediately
preceding financial year.
ix) The Company has not taken any term loan from financial institutions
and banks. Consequently, the question of defaulting in payment of any
loan installment or interest thereon does not arise.
x) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions. Consequently, the clause 3 (x) of the
order is not applicable to the Company.
xi) According to the information and explanations given to us, the
Company has not obtained any term loans. Consequently, the clause 3
(xi) of the Order is not applicable to Company.
xii) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For VENUGOPAL & CHENOY
Chartered Accountants
FRN: 004671S
(P.V.SRI HARI)
Place : Hyderabad Partner
Date : 28-05-2015 Membership No.021961
Mar 31, 2014
We have audited the accompanying financial statements of NMDC Limited
("the Company"), which comprise the Balance Sheet as at March 31, 2014,
the Statement of Profit and Loss into which are incorporated the
accounts of Six Projects/Units audited by Branch Auditors and of Head
Office, Sponge Iron Unit and R&D Labs audited by us, and Cash Flow
Statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India including
Accounting Standards referred to in sub section (3C) of section 211 of
Companies Act, 1956 (''the Act''). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. 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 disclosures in the financial statements. The
procedures selected depend on the auditor''s judgement, 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 control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity''s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by management, 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements, together with the
Accounting Policies and Notes to Accounts, give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) in the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. we have 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 appears from our examination of those
books;
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956;
e. The Company has informed that Department of Company affairs vide
the notification No.GSR 829(E) dt October 21,2003, notified that
Section 274(1)(g) of the Companies Act, 1956, is not applicable to the
Government Companies. Hence Clause regarding disqualification of
directors is not applicable.
f. The Company has provided for cess under section 441A of the
Companies Act, 1956 but the same has not been deposited, pending
notification specifying the manner of payment.
Annexure to the Independent Auditor''s Report Re: NMDC LIMITED [Referred
to in paragraph 1 under ''Report on Other Legal and Regulatory
Requirements'' section of our report of even date]
(i) In respect of Fixed Assets:
(a) The company is generally maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but there is a regular program of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed
on such verification.
(c) During the year, a few fixed assets have been disposed off/
identified for disposal by the company. On the basis of information and
explanations given to us, we are of the opinion that disposal of the
part of fixed assets has not affected the going concern status of the
company.
(ii) In respect of Inventories:
(a) The inventory has been physically verified by the management during
the year applying ABC system except the inventory with Third parties.
In our opinion, the frequency of verification is reasonable.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) According to the information and explanation given to us, the
company is maintaining proper records of inventory. The discrepancies
noticed on physical verification of inventory as compared to book
records were not material.
(iii) According to the information and explanations given to us, the
company has neither granted nor taken any loans secured or unsecured
to/from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956 (The Act),
hence clauses iii (a, b, c, d, e, f and g) of Paragraph 4 of the
Companies (Auditor''s Report) Order, 2003, are not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory, fixed assets and with
regard to sale of goods and services. During the course of our audit,
we have not observed any continuing failure to correct major weaknesses
in internal controls.
(v) According to the information and explanations given to us, there
are no contracts or agreements that need to be entered into the
Register maintained under section 301 of the Companies Act, 1956. As
there are no such contracts or agreements, Clause v (b) of paragraph 4
of the Companies (Auditor''s Report) Order, 2003, is not applicable.
(vi) In our opinion and according to the information and explanation
given to us, the company has not accepted any deposits from the public
within the meaning of Sections 58A and 58AA or any other relevant
provision of the Act and the rules framed there under.
(vii) The company has an internal audit system commensurate with the
size and nature of its business.
(viii) The Company has come under the ambit of Cost Audit of mining of
Iron Ore in addition to Sponge Iron activity. Considering this, we have
broadly reviewed the books of account maintained by the Company
pursuant to Companies (Cost Accounting Records) Rules, 2011, and
Companies (Cost Audit Report) Rules, 2011, and we are of the opinion
that prima facie the prescribed accounts and records have been made and
maintained. However, we have not made a detailed examination of the
records.
(ix) In respect of Statutory Dues:
(a) According to the information and explanations given to us and the
records of the company examined by us, the company is generally regular
in depositing with appropriate authorities undisputed statutory dues
including Provident fund, Investor education and protection fund,
Employees'' state insurance, Income-tax, Sales-tax, Wealth tax, Service
tax, Customs duty, Excise duty, Cess and other material statutory dues
applicable to it.
(b) According to information and explanation given to us, no undisputed
amounts payable in respect of Income tax, Sales tax, Wealth tax,
Service tax, Custom duty, Excise duty and Cess were in arrears, as at
31.03.2014 for a period of more than six months from the date they
became payable.
(c) According to the information and explanations given to us, there
are dues of Forest Development Tax, Forest Permit fee, Income Tax,
Entry Tax, Sales Tax, Export Tax, Conservancy Tax, Road Tax and
Property Tax which are not deposited on account of dispute which are as
follows:
Name of the Nature of dues Period to
statute/Authority which relates which it relates
Nagar Palika, Export Tax 1995-96 to
Kirandul 2003-04
Nagar Palika, Conservancy 1997-98 to
Kirandul Tax 2005-06
MP Commercial Commercial 2002-03
Tax Act, 1994 Tax 2005-06
2008-09
Nagarpalika, Export Tax May 2001 to
Bade Bacheli July 2002 and
March 2010 to
March 2014
DFO, Dantewada Forest Permit Jun''2002 to
and State of fee Oct''2012
Chattisgarh
GHMC, Hyderabad Property Tax 2011-12
Income tax Act, Income-tax 2006-07
1961 2007-08
2008-09
2009-10
Karnataka Forest Forest
Tax Act, 1963 Development Aug''08 to
Tax Mar''12
Karnataka Sales Tax on REP 1991-92 to
Tax Act, 1957 Licenses 1992-93
Karnataka Motor Road Tax on 2003-04
Vehicle taxation Dumpers
Act, 1957
MMDR Act Royalty Sept-1977 to
Aug-2005
APGST Sales Tax 2004-05
AP VAT VAT 2006-07
Name of the statue/Authority Forum Amount
(Rs. In Crores)
Nagar Palika,
Kirandul High Court, Chhattisgarh 5.50
Nagar Palika,
Kirandul High Court, Chhattisgarh 0.56
MP Commercial
Tax Act, 1994 Dy.Commissioner of
Commercial Tax(Appeal),
Sagar 1.44
Nagarpalika,
Bade Bacheli High Court of Chhattisgarh 0.61
DFO, Dantewada
and State of
Chattisgarh High Court, Chhattisgarh 143.80
GHMC, Hyderabad GHMC, Hyderabad 0.10
Income tax Act,
1961 CIT (Appeals), Hyderabad
ITAT, Hyderabad 402.32
Karnataka Forest
Tax Act, 1963 Dy.Conservator of Forests,
Bellary 247.96
Karnataka Sales
Tax Act, 1957 Deputy Commissioner of
Commercial Taxes, Bellary 0.80
Karnataka Motor
Vehicle taxation
Act, 1957 Regional Transport Officer,
Hospet 0.96
MMDR Act Madhya Pradesh
State Govt. 0.89
APGST ADC, Warangal 0.01
AP VA ADC, Warangal 0.02
Name of the Nature of dues Period to
statute/Authority which relates which it relates
Service Tax Act Service Tax 2007-08 to
2011-12
Commercial Tax Entry Tax 2008-09
Department,
Government of
Chhattisgarh
Commercial Tax Value Added 2008-09
Department, Tax
Government of
Chhattisgarh
MP VAT Act, Value Added 2006-07
2002 Tax
Income Tax Act, Tax Deducted 2007-08
1961 at Source
Central Sales Central Sales
Tax Act Tax 2007-08
Name of the statue/Authority Forum Amount
(Rs. In Crores)
Service Tax Act Commissioner of Customs,
Central Excise & Service
Tax, Hyderabad 1.12
Commercial Tax
Department,
Government of
Chhattisgarh Commissioner (Appeals)
Commercial Tax Department,
Government of Chhattisgarh 0.01
Commercial Tax
Department,
Government of
Chhattisgarh Commissioner (Appeals)
Commercial Tax Department,
Government of Chhattisgarh 0.03
MP VAT Act,
2002 Asst. Commissioner of
Commercial Taxes, Sagar 0.09
Income Tax Act,
1961 Commissioner of Income
Tax (Appeals), Hyderabad 4.11
Central Sales
Tax Act CTO, Bellary 3.13
(x) In our opinion, the company has no accumulated losses as at
31.03.2014 and it has not incurred any cash losses in the financial
year ended on that date or in the immediately preceding financial year.
(xi) In our opinion and according to the information and explanation
given to us, the company has not taken any loans from financial
Institution or Banks and has not issued any debentures. Therefore, the
provisions of clause xi of Paragraph 4 of the Companies (Auditor''s
Report) Order, 2003, are not applicable to the company.
(xii) In our opinion and according to the information and explanation
given to us, the company has not granted loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities. Accordingly, the provisions of clause xii of Paragraph 4 of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
(xiii) In our opinion, the company is not a chit fund or a nidhi /
mutual benefit fund/ society. Therefore, the provisions of clause xiii
of Paragraph 4 of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause xiv of Paragraph 4 of the Companies (Auditor''s
Report) Order, 2003, are not applicable to the company.
(xv) According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks or financial institutions.
(xvi) According to the information and explanations given to us, the
Company has not obtained any term loans. Therefore, the provisions of
clause xvi of Paragraph 4 of the Companies (Auditor''s Report) Order,
2003, are not applicable to the company.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds were raised by the Company. Accordingly, the
provisions of clause xvii of the Companies (Auditor''s Report) Order,
2003, are not applicable to the company.
(xviii) According to the information and explanation given to us, the
Company has not made preferential allotment of shares to parties and
companies covered in the register maintained under Section 301 of The
Act. Accordingly, the provisions of clause xviii of Paragraph 4 of the
Companies (Auditor''s Report) Order, 2003, are not applicable to the
company.
(xix) According to the information and explanation given to us, the
Company has not issued any debentures. Therefore, the provisions of
clause xix of Paragraph 4 of the Companies (Auditor''s Report) Order,
2003, are not applicable to the Company.
(xx) According to the information and explanation given to us, the
Company has not raised any money by public issues during the year.
Accordingly, the provisions of clause xx of Paragraph 4 of the
Companies (Auditor''s Report) Order, 2003, are not applicable to the
Company.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For VENUGOPAL & CHENOY,
Chartered Accountants
FRN: 004671S
(P.V.SRI HARI)
Partner
Membership No.21961
Place : Hyderabad
Date : 30-05-2014
Mar 31, 2012
We have audited the attached Balance Sheet of NMDC LIMITED (The
Company) as at March 31, 2012, and also the Statement of Profit and
Loss of the Company for the year ended on that date annexed thereto,
into which are incorporated the accounts of Seven Projects / Units
audited by Branch Auditors and of Head Office, Sponge Iron Unit and R&D
Labs audited by us, and the Cash Flow Statement for the year ended on
that date. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditor's Report) Order, 2003, issued by
the Government of India in terms of sub-section (4A) of Section 227 of
the Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 & 5 of the said Order, to the extent
applicable.
1. Further to our comments in the Annexure referred to above, we
report that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books and proper returns adequate for the purpose of our audit
have been received from the branches not visited by us. The Branch
Auditors' Reports have been forwarded to us and have been appropriately
dealt with;
(c) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account and with the audited returns from the Projects / Units;
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956;
(e) The Company has informed that Department of Company affairs vide
notification No. GSR 829(E) dt October 21,2003, notified that Section
274(1)(g) of the Companies Act, 1956, is not applicable to the
Government Companies. Hence, Clause regarding disqualification of
directors is not applicable.
(f) The company has provided for cess under section 441A of the
Companies Act, 1956 but the same has not been deposited, pending
notification specifying the manner of payment.
(g) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the
Significant Accounting Policies and Notes there on give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31.03.2012;
(ii) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
(i) In respect of Fixed Assets:
(a) The Company is generally maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but there is a regular program of verification which,
in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets. No material discrepancies were noticed on
such verification.
(c) During the year, a few fixed assets have been disposed off by the
Company. On the basis of information and explanations given to us, we
are of the opinion that disposal of the part of fixed assets has not
affected the going concern status of the Company.
(ii) In respect of Inventories:
(a) The inventory has been physically verified by the management during
the year applying ABC system except the inventory with Third parties.
In our opinion, the frequency of verification is reasonable.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) According to the information and explanation given to us, the
Company is maintaining proper records of inventory. The discrepancies
noticed on physical verification of inventory as compared to book
record were not material except to the extent of 1,46,042 tons of Lump
ore excess found in Kumaraswamy mines which as per the management was
due to retrieval of ore embedded in between boulders, troughs, curve
surfaces, undulations and small ditches.
(iii) According to the information and explanations given to us, the
Company has neither granted nor taken any loans secured or unsecured
to/from Companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956 (The Act),
hence clauses iii (a, b, c, d, e, f and g) of Paragraph 4 of the
Companies (Auditor's Report) Order, 2003, are not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory, fixed assets and with
regard to sale of goods and services. During the course of our audit,
we have not observed any continuing failure to correct major weaknesses
in internal controls.
(v) According to the information and explanations given to us, there
are no contracts or agreements that need to be entered into the
Register maintained under section 301 of the Companies Act, 1956. As
there are no such contracts or agreements, Clause v (b) of paragraph 4
of the Companies (Auditor's Report) Order, 2003, is not applicable.
(vi) In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposits from the public
within the meaning of Sections 58A and 58AA or any other relevant
provision of the Act and the rules framed there under.
(vii) The Company has an internal audit system commensurate with the
size and nature of its business.
(viii) During the year, the Company has come under the ambit of Cost
audit of Sponge Iron Activity and Windmill power generation.
Considering this, we have broadly reviewed the books of account
maintained by the company pursuant to Companies (Cost Accounting
Records) Rules 2011 and we are of the opinion that prima facie the
prescribed accounts and records have been made and maintained. We have
not, however, made a detailed examination of these records.
(ix) In respect of Statutory Dues:
(a) According to the information and explanations given to us and the
records of the Company examined by us, the company is generally regular
in depositing with appropriate authorities undisputed statutory dues
including Provident fund, Investor education and protection fund,
Income-tax, Sales-tax, Wealth tax, Service tax, Customs duty, Excise
duty, Cess and other material statutory dues applicable to it.
(b) According to information and explanation given to us, no undisputed
amounts payable in Sales tax, Wealth tax, Service tax, Custom duty,
Excise duty and Cess were in arrears, as at 31.03.2012 for a period of
more than six months from the date they became payable.
(c) According to the information and explanations given to us, there
are dues of Forest Development Tax, Entry Tax, Sales Tax, Export Tax,
Conservancy Tax, Road Tax and Property Tax which are not deposited on
account of dispute which are as follows:
Name of the Nature of dues Period to
statute / Authority which relates which it relates
Nagar Palika, Export Tax 1995-96 to
Kirandul 2003-04
Nagar Palika, Conservancy 1997-98 to
Kirandul Tax 2005-06
MP Commercial Commercial 2002-03
Tax Act, 1994 Tax 2005-06
2006-07
Nagarpalika, Export Tax May 2001 to
Bade Bacheli July 2002
GHMC, Hyderabad Property Tax 2011-12
Income Tax Act, Income-Tax 2007-08 &
1961 2008-09
Karnataka Forest Forest Aug'08 to
Tax Act, 1963 development Tax Mar'12
Karnataka Sales Tax on REP 1991-92 to
Tax Act,1957 licenses 92-93
Karnataka Motor Road Tax 2003-04
Vehicle Taxation on Dumpers
Act, 1957
MMDR Act Royalty SEP-1977 to
AUG-2005
APGST Sales Tax 2004-05
AP VAT VAT 2006-07
Name of the Forum Amount
Statute/Authority (Rs. In Crores)
Nagar Palika,Kirandul High Court, Chhattisgarh 10.64
Nagar Palika,Kirandul High Court, Chhattisgarh 0.49
M P Commercial Tax Dy.Commissioner of 1.93
Act,1994 Commercial Tax (Appeal),
Sagar
Nagarpalika, Bade High Court of Chhattisgarh 0.54
Bacheli
GHMC Hyderabad GHMC, Hyderabad 0.02
Income Tax,Act 1961 CIT (Appeals), 1024.28
Hyderabad
Karnataka Forest Dy.Conservator of Forests, 257.16
Tax Act,1963 Bellary
Karnataka Sales Deputy Commissioner of 0.40
Tax Act, 1957 Commercial Taxes, Bellary
Karnataka Motor Regional transport officer, 0.96
Vehicle Taxation
Act,1957 Hospet
MMDR Act Madhya Pradesh State Govt. 0.89
APGST ADC, Warangal 0.01
AP VAT ADC, Warangal 0.02
(x) In our opinion, the Company has no accumulated losses as at
31.03.2012 and it has not incurred any cash losses in the financial
year ended on that date or in the immediately preceding financial year.
(xi) In our opinion and according to the information and explanation
given to us, the Company has not taken any loans from financial
Institution or Banks and has not issued any debentures. Therefore, the
provisions of clause xi of Paragraph 4 of the Companies (Auditor's
Report) Order, 2003, are not applicable to the Company.
(xii) In our opinion and according to the information and explanation
given to us, the Company has not granted loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities. Accordingly, the provisions of clause xii of Paragraph 4 of
the Companies (Auditor's Report) Order, 2003 are not applicable to the
Company.
(xiii) In our opinion, the Company is not a chit fund or a nidhi /
mutual benefit fund/society. Therefore, the provisions of clause xiii
of Paragraph 4 of the Companies (Auditor's Report) Order, 2003 are not
applicable to the Company.
(xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause xiv of Paragraph 4 of the Companies (Auditor's
Report) Order, 2003, are not applicable to the Company.
(xv) According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks or financial institutions.
(xvi) According to the information and explanations given to us, the
Company has not obtained any term loans. Therefore, the provisions of
clause xvi of Paragraph 4 of the Companies (Auditor's Report) Order,
2003, are not applicable to the Company.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that the no funds were raised by the Company. Accordingly, the
provisions of clause xvii of the Companies (Auditor's Report) Order,
2003, are not applicable to the Company.
(xviii) According to the information and explanation given to us, the
Company has not made preferential allotment of shares to parties and
Companies covered in the register maintained under Section 301 of The
Act. Accordingly, the provisions of clause xviii of Paragraph 4 of the
Companies (Auditor's Report) Order, 2003, are not applicable to the
Company.
(xix) According to the information and explanation given to us, the
Company has not issued any debentures. Therefore, the provisions of
clause xix of Paragraph 4 of the Companies (Auditor's Report) Order,
2003, are not applicable to the Company.
(xx) According to the information and explanation given to us, the
Company has not raised any money by public issues during the year.
Accordingly, the provisions of clause xx of Paragraph 4 of the
Companies (Auditor's Report) Order, 2003, are not applicable to the
Company.
(xxi) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For VENUGOPAL & CHENOY,
Chartered Accountants
FRN No: 004671S
(P.V. SRI HARI)
Partner
Membership No. 21961
Place : New Delhi
Date : 28.05.2012
Mar 31, 2011
We have audited the attached Balance Sheet of NMDC LIMITED (The
company) as at 31st March, 2011 and also the Profit and Loss Account of
the Company for the year ended on that date annexed thereto, into which
are incorporated the accounts of Seven Projects / Units audited by
Branch Auditors and in respect of Head Office, Lalapur, Sponge Iron
Unit and R&D Labs audited by us, and the cash flow statement for the
year ended on that date. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditor's Report) Order, 2003 issued by
the Government of India in terms of sub-section (4A) of Section 227 of
the Companies Act, 1956 we enclose in the Annexure a statement on the
matters specified in paragraphs 4 & 5 of the said Order, to the extent
applicable.
1. Further to our comments in the Annexure referred to above, we
report that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(b) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books and proper returns adequate for the purpose of our audit
have been received from the branches not visited by us. The Branch
Auditors Reports have been forwarded to us and have been appropriately
dealt with;
(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account
and with the audited returns from the Projects / Units;
(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956;
(e) The Company has informed that Department of Company affairs vide
the notification No. GSR 829(E) dt 21st October 2003 notified that
Section 274(1)(g) of the Companies Act 1956 is not applicable to the
Government Companies. Hence Clause regarding disqualification of
directors is not applicable.
(f) The company has provided for cess under section 441A of the
Companies Act, 1956 but the same has not been deposited, pending
notification specifying the manner of payment.
(g) We invite the attention of members to the impact on the accounts,
consequent to the change in accounting policies described in
Schedule-24, Notes forming part of accounts.
(h) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the
Significant Accounting Policies and Notes forming part of accounts
appearing in Schedule No.24 give the information required by the
Companies Act, 1956 in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(i) In the case of the Balance Sheet, of the state of affairs of the
company as at 31.03.2011;
(ii) In the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Annexure to Auditor's Report Re: NMDC LIMITED
[Referred to in our report of even date]
(i) In respect of Fixed Assets:
(a) The Company is generally maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but there is a regular program of verification which,
in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets. No material discrepancies were noticed
on such verification.
(c) During the year, few fixed assets have been disposed off by the
Company. On the basis of information and explanations given to us, we
are of the opinion, that disposal of the part of fixed assets has not
affected the going concern status of the Company.
(ii) In respect of Inventories:
(a) The inventory has been physically verified by the management during
the year applying ABC system except the inventory with Third parties.
In our opinion, the frequency of verification is reasonable.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) According to the information and explanation given to us, the
Company is maintaining proper records of inventory. The discrepancies
noticed on physical verification of inventory as compared to book
records were not material.
(iii) According to the information and explanations given to us, the
Company has neither granted nor taken any loans secured or unsecured
to/ from Companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956 (The Act),
hence clauses iii (a, b, c , d, e, f and g) are not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory, fixed assets and with
regard to sale of goods and services. During the course of our audit,
we have not observed any continuing failure to correct major weaknesses
in internal controls.
(v) According to the information and explanations given to us, there
are no contracts or agreements that need to be entered into the
Register maintained under section 301 of the Companies Act, 1956. As
there are no such contracts or agreements, Clause (b) of paragraph 4(v)
is not applicable.
(vi) In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposits from the public
within the meaning of Sections 58A and 58AA or any other relevant
provision of the Act and the rules framed there under.
(vii) The Company has an internal audit system commensurate with the
size and nature of its business.
(viii) The maintenance of cost records under Section 209(1)(d) of The
Act has not been prescribed by the Central government for the products
of the Company.
(ix) In respect of Statutory Dues:
(a) According to the information and explanations given to us and the
records of the company examined by us, the company is generally regular
in depositing with appropriate authorities undisputed statutory dues
including Provident fund, Investor education and protection fund,
Employees' state insurance, Income-tax, Sales-tax, Wealth tax, Service
tax, Customs duty, Excise duty, Cess and other material statutory dues
applicable to it.
(b) According to information and explanation given to us, no undisputed
amounts payable in respect of Income tax, Sales tax, Wealth tax,
Service tax, Custom duty, Excise duty and Cess were in arrears, as at
31.03.2011 for a period of more than six months from the date they
became payable.
(c) According to the information and explanations given to us, there
are dues of Forest Development Tax, Entry Tax, Sales Tax, Property Tax,
Export Tax, Conservancy Tax, Road Tax and Property Tax which are not
deposited on account of dispute which are as follows:
Name of the
statute/ Nature of dues Period to Forum Amount
Authority which relates which it
relates (Rs. In
Crores)
Nagar Palika, 1995-96 to High Court,
Chhattisgarh 10.67
Kirandul Export tax 2003-04
Nagar Palika, Conservancy 1997-98 to High Court,
Chhattisgarh 0.47
Kirandul tax 2005-06
MP Commercial Commercial 1997-98 Dy.Commissioner of 1.93
Tax Act, 1994 Tax 2001-02 Commercial Tax
(Appeal),
2003-04 Sagar
Nagarpalika, Export Tax May 2001 to High Court of
Chhattisgarh 0.26
Bade Bacheli July 2002
CG VAT Act,
2005 VAT 2006-07 Dy.Commissioner
(Appeal) 0.19
Commercial Tax,
Raipur
CG VAT Act,
2005 CST 2006-07 Dy.Commissioner
(Appeal) 0.17
Commercial Tax,
Raipur
The
Chhattisgarh Entry tax 2006-07 Dy.Commissioner
(Appeal) 0.19
Sthaniya
Kshetra Me Commercial Tax,
Raipur
Mal Ke.
Pravesh Par
Kar Adhiniyam,
1976
Karnataka
Forest Forest August 2008 Dy.Conservator of
Forests, 28.60
Tax Act, 1963 Development to March
2011 Bellary
Tax
Karnataka
Sales Tax on REP 1991-92 to Deputy Commissioner
of 0.40
Tax Act, 1957 licenses 92-93 Commercial Taxes,
Bellary
Karnataka
Motor Road tax 2003-04 Regional transport
officer, 0.96
Vehicle
Taxation on dumpers Hospet
Act 1957
MMDR Act Royalty SEP-1977 to Madhya Pradesh
State Govt. 0.89
AUG-2005
APGST Sales tax 2004-05 ADC, Warangal 0.01
AP VAT VAT 2006-07 ADC, Warangal 0.02
(x) In our opinion, the Company has no accumulated losses as at
31.03.2011 and it has not incurred any cash losses in the financial
year ended on that date or in the immediately preceding financial year.
(xi) In our opinion and according to the information and explanation
given to us, the Company has not taken any loans from financial
Institution, Bank and has not issued any debentures. Therefore, the
provisions of clause 4(xi) of the Companies (Auditor's Report) Order,
2003 are not applicable to the Company.
(xii) In our opinion and according to the information and explanation
given to us, the Company has not granted loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities. Accordingly the provisions of clause 4(xii) of the
Companies (Auditor's Report) Order, 2003 are not applicable to the
Company.
(xiii) In our opinion, the company is not a chit fund or a nidhi /
mutual benefit fund/society. Therefore, the provisions of clause
4(xiii) of the Companies (Auditor's Report) Order, 2003 are not
applicable to the Company.
(xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor's Report) Order,
2003 are not applicable to the Company.
(xv) According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks or financial institutions.
(xvi) According to the information and explanations given to us, the
Company has not obtained any term loans. Therefore, the provisions of
clause 4 (xvi) of the Companies (Auditor's Report) Order, 2003 are not
applicable to the Company.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that the no funds were raised by the Company.
Accordingly, the provisions of clause (xvii) of the Companies
(Auditor's Report) Order, 2003 are not applicable to the Company.
(xviii) According to the information and explanation given to us, the
Company has not made preferential allotment of shares to parties and
Companies covered in the register maintained under Section 301 of The
Act. Accordingly, the provisions of clause 4(xviii) of the Companies
(Auditor's Report) Order, 2003 are not applicable to the Company.
(xix) According to the information and explanation given to us, the
Company has not issued any debentures. Therefore, the provisions of
clause 4(xix) of the Companies (Auditor's Report) Order, 2003 are not
applicable to the Company.
(xx) According to the information and explanation given to us, the
Company has not raised any money by public issues during the year.
Accordingly, the provisions of clause 4(xx) of the Companies (Auditor's
Report) Order, 2003 are not applicable to the Company.
(xxi) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For RAMAMOORTHY (N) & Co.,
Chartered Accountants
(CA Surendranath Bharathi)
Partner
Membership No.23837
FRN No: 002899S
Place : New Delhi
Date : 27-May-2011
Mar 31, 2010
We have audited the attached Balance Sheet of NMDC LIMITED (The
Company) as at 31st March, 2010 and also the Profit and Loss Account of
the Company for the year ended on that date annexed thereto, into which
are incorporated the accounts of Seven Projects / Units audited by
Branch Auditors and in respect of Head Office, Lalapur and R&D Labs
audited by us, and the cash flow statement for the year ended on that
date. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditors Report) Order, 2003 issued by
the Government of India in terms of sub-section (4A) of Section 227 of
the Companies Act, 1956 we enclose in the Annexure a statement on the
matters specified in paragraphs 4 & 5 of the said Order, to the extent
applicable.
1. Further to our comments in the Annexure referred to above, we
report that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books and proper returns adequate for the purpose of our audit
have been received from the branches not visited by us. The Branch
Auditors Reports have been forwarded to us and have been appropriately
dealt with;
(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account
and with the audited returns from the Projects 1 Units;
(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956;
(e) The Company has informed that Department of Company affairs vide
the notification No. GSR 829(E) dt 21st October 2003 notified that
Section 274(1 )(g) of the Companies Act 1956 is not applicable to the
Government Companies. Hence Clause regarding disqualification of
directors is not applicable.
(f) The Company has provided for cess under section 441A of the
Companies Act, 1956 but the same has not been deposited, pending
notification specifying the manner of payment.
(g) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the
Significant Accounting Policies and Notes forming part of accounts
appearing in Schedule No.23 give the information required by the
Companies Act, 1956 in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31.03.2010;
(ii) In the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Annexure to Auditors Report Re: NMDC LIMITED [Referred to in our
report of even date]
(i) In respect of Fixed Assets:
(a) The Company is generally maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but there is a regular program of verification which,
in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets. No material discrepancies were noticed on
such verification.
(c) During the year, few fixed assets have been disposed off by the
Company. On the basis of information and explanations given to us, we
are of the opinion, that disposal of the part of fixed assets has not
affected the going concern status of the Company.
(ii) In respect of Inventories:
(a) The inventory has been physically verified by the management during
the year except the inventory with Third parties. In our opinion, the
frequency of verification is reasonable.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) According to the information and explanation given to us, the
Company is maintaining proper records of inventory. The discrepancies,
noticed on physical verification of inventory as compared to book
records were not material.
(iii) According to the information and explanations given to us,
(a) The Company has neither granted nor taken any loans secured or
unsecured to/from Companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956 (The
Act), hence clauses iii (a, b, c , d, e, f and g) are not applicable.
(b) There are no contracts or agreements that need to be entered into
the Register maintained under section 301 of the Companies Act, 1956.
As there are no such contracts or agreements, Clause
(b) of paragraph 4(v) is in applicable.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory, fixed assets and with
regard to sale of goods and services. During the course of our audit,
we have not observed any continuing failure to: correct major
weaknesses in internal controls.
(v) In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposits from the public
within the meaning of Sections 58A and 58AA or any other relevant
provision of the Act and the rules framed there under.
(vi) The Company has an internal audit system commensurate with the
size and nature of its business.
(vii) The maintenance of cost records under Section 209(1 )(d) of The
Act has not been prescribed by the Central government for the products
of the Company.
(viii) In respect of Statutory Dues:
(a) According to the information and explanations given to us and the
records of the Company examined by us, the Company is generally regular
in depositing with appropriate authorities undisputed statutory dues
including Provident fund, Investor education and protection fund,
Employees state insurance, Income-tax, Sales-tax, Wealth tax, Service
tax, Customs duty, Excise duty, Cess and other material statutory dues
applicable to it.
(b) According to information and explanation given to us, no undisputed
amounts payable in respect of Income tax, Sales tax, Wealth tax,
Service tax, Custom duty, Excise duty and Cess were in arrears, as at
31.03.2010 for a period of more than six months from the date they
became payable. (c) According to the information and explanations
given to us, there are dues of Forest Development Tax, Entry Tax, Sales
Tax, Property Tax, Export Tax, Conservancy Tax, Road Tax and Property
Tax which are not deposited on account of dispute which are as follows:
Name of the Nature of dues Period to
statute/Authority which relates which it relates
Karnataka Forest Forest Aug08 to
Tax Act,1963 development tax Mar10
Madhya Pradesh Entry Tax 2001 -02
Entry Tax Act
Nagar Palika, Property tax 2008-09 &
Kirandul 2009-10
Nagar Palika, Export tax 1995-96 to
Kirandul 2009-10
Nagar Palika, Conservancy tax 1997-98 to
Kirandul 2009-10
Nagarpalika, Export Tax May 2001 to
Bade Bacheli July 2002
Madhya Pradesh Entry Tax 2000-01
Commercial Tax
Act, 1994
Karnataka Sales Tax on REP 1991-92 to
taxAct,1957 licenses 92-93
Karnataka Motor Road tax 2003-04
Vehicle taxation oh dumpers
Act 1957
MMDRAct Royalty SEP-1977 to
AUG-2005
CST Act, 1956 Sales Tax 2005-06
MP Commercial Commercial 1997-98
Tax Act, 1994 Tax/VAT 2001-02
2003-04
Name of the Forum Amount
Statue/Authority (Rs. in Crores)
Karnataka Forest
Tax Act, 1963 Dy.Conservator of Forests, 26.90
Bellary
Madhya Pradesh
Entry Tax Act Commissioner of Commercial 0.01
Taxes(Appeal), Raipur
Nagar Palika,
Kirandul Nagar Palika, Kirandul 0.10
Nagar Palika,
Kirandul High Court, Chhattisgarh 11.48
Nagar Palika,
Kirandul High Court, Chhattisgarh 0.44
Nagarpalika,
Bade Bacheli High Court of Chhattisgarh 0.26
Madhya Pradesh
Commercial Tax
Act, 1994 Dy.Commissioner of 0.01
Commercial Tax(Appeal)
Sagar
Karnataka Sales
tax Act, 1957 Deputy Commissioner of 0.40
Commercial Taxes, Bellary
Karnataka Motor
Vehicle taxation
Act 1957 Regional transport officer, 0.96
Hospet
MMDR Act Madhya Pradesh State Govt. 0.89
CST Act, 1956 JCIT (Commercial Tax) 8.76
Davanagiri
MP Commercial
Tax Act, 1994 Dy.Commissioner of 1.51
Commercial
Tax(Appeal), Raipur
(ix) In our opinion, the Company has no accumulated losses as at
31.03.2010 and it has not incurred any cash losses in the financial
year ended on that date or in the immediately preceding financial year.
(x) In our opinion and according to the information and explanation
given to us, the Company has not taken any loans from financial
Institution, Bank and has not issued any debentures. Therefore, the
provisions of clause 4(xi) of the Companies (Auditors Report) Order,
2003 are not applicable to the Company.
(xi) In our opinion and according to the information and explanation
given to us, the Company has not granted loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities. Accordingly the provisions of clause 4(xii) of the
Companies* (Auditors Report) Order, 2003 are not applicable to the
Company.
(xii) In our opinion, the Company is not a chit fund or a nidhi /
mutual benefit fund/society. Therefore, the provisions of clause
4(xiii) of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company.
(xiii) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report) Order,
2003 are not applicable to the Company.
(xiv) According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks or financial institutions.
(xv) According to the information and explanations given to us, the
Company has not obtained any term loans. Therefore, the provisions of
clause 4 (xvi) of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company.
(xvi) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that the no funds raised on a short-term basis have been used for
long-term investments.
(xvii) According to the information and explanation given to us, the
Company has not made preferential allotment of shares to parties and
Companies covered in the register maintained under Section 301 of The
Act. Accordingly, the provisions of clause 4{xviii) of the Companies
(Auditors Report) Order, 2003 are not applicable to the Company.
(xviii) According to the information and explanation given to us, the
Company has not issued any debentures. Therefore, the provisions of
clause 4(xix) of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company.
(xix). According to the information and explanation given to us, the
Company has not raised any money by public issues during the year.
Accordingly, the provisions of clause 4(xx) of the Companies (Auditors
Report) Order, 2003 are not applicable to the Company.
(xx) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For RAMAMOORTHY (N) & Co.,
Chartered Accountants
(CA SURENDRANATH BHARATHI)
Partner
Membership No.23837
Place : New Delhi
Date : 22-May-2010
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NMDC Ltd. குறித்த கூடுதல் தகவல்களை
-
NMDC Ltd. டூல்ஸ்
- பல்க் டீல்ஸ்
- பிளாக் டீல்ஸ்
-
NMDC Ltd. நிறுவன தகவல்கள்
- நிறுவன சுயவிவரம்
- நிறுவன வரலாறு
- நிர்வாக குழு
- மூலதன வடிவம்
- புராடெக்ட் மிக்ஸ்
- வங்கியாளர்/தணிக்கையாளர்/பதிவாளர்
-
நிறுவன வரலாறு
- போனஸ்
- மும்பை பங்குச் சந்தையில் விலை வரலாறு
- என்எஸ்இ விலை வரலாறு
-
NMDC Ltd. முக்கிய நிதியில் விகிதங்கள்
- விகிதங்கள்
-
NMDC Ltd. முடிவுகள்
- காலாண்டு முடிவுகள்
- அரையாண்டு முடிவுகள்
- 9 மாத முடிவுகள்
- வருடாந்திர முடிவுகள்
-
NMDC Ltd. நிதியியல் தகவல்கள்
- தணிக்கை முடிவுகள்
- பணப்பாய்வு
- இருப்பு நிலைக்குறிப்பு
-
NMDC Ltd. அறிக்கை
- கணக்கியல் கோட்பாடுகள்
- தணிக்கையாளர்கள் அறிக்கை
- இயக்குநர்கள் அறிக்கை
- கணக்கு குறிப்புகள்
-
NMDC Ltd. கார்ப்பரேட் அறிவிப்புகள்
- புத்தக முடிவு
- ஈவுத்தொகை
- நிர்வாகக் குழுக் கூட்டங்கள்
