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MOIL Ltd.

BSE: 533286 Sector: Metals & Mining
NSE: MOIL ISIN Code: INE490G01020
BSE LIVE 15:49 | 23 Nov 253.15 -0.45
(-0.18%)
OPEN

253.60

HIGH

257.00

LOW

252.10

NSE 15:58 | 23 Nov 252.85 0.80
(0.32%)
OPEN

252.90

HIGH

257.00

LOW

252.05

OPEN 253.60
PREVIOUS CLOSE 253.60
VOLUME 115480
52-Week high 285.50
52-Week low 147.50
P/E 16.55
Mkt Cap.(Rs cr) 6,743
Buy Price 253.15
Buy Qty 170.00
Sell Price 0.00
Sell Qty 0.00
OPEN 253.60
CLOSE 253.60
VOLUME 115480
52-Week high 285.50
52-Week low 147.50
P/E 16.55
Mkt Cap.(Rs cr) 6,743
Buy Price 253.15
Buy Qty 170.00
Sell Price 0.00
Sell Qty 0.00

MOIL Ltd. (MOIL) - Auditors Report

Company auditors report

To

The Members of MOIL LIMITED

Nagpur

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of MOIL Limited('the Company') which comprise the balance sheet as at 31st March 2017 thestatement of profit and loss (including other comprehensive income) the statement of Cashflows and the Statement of Changes in Equity for the year then ended and a summary ofsignificant accounting policies and other explanatory information (hereinafter referred toas "standalone Ind AS Financial Statements").

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these standalone Ind AS financial statements that give a true and fairview of the financial position financial performance including other comprehensiveincome cash flows and changes in equity of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)prescribed under Section 133 of the Act read with releveant rules issued thereunder. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; makingjudgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe standalone Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the Ind AS of thefinancial position of the Company as at 31st March 2017 and its financialperformance including other comprehensive income its cash flows and the changes in equityfor the year ended on that date.

Report on Other Legal and Regulatory Requirements

1) As required under section 143(5) of the Companies Act 2013 we give in the Annexure"A" a statement on directions issued by the Comptroller & Auditor General ofIndia after complying the suggested methodology of audit action taken thereon and itsimpact on the accounts and standalone Ind AS financial statement of the company.

2) As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure "B" a statement on the matters specified in theparagraph 3 and 4 of the order to the extent applicable.

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 bestof 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 theCompany so far as it appears from our examination ofthose books;

(c) The Balance Sheet the Statement of Profit and Loss the Statement of Cash Flowsand the Statement of changes in equity dealt with by this Report are in agreement with thebooks of account;

(d) In our opinion the aforesaid standalone Ind AS financial statements comply withthe Accounting Standards specified under Section 133 of the Act read with the relevantrules issued thereunder;

(e) On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director interms of Section 164 (2) of the Act;

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure C"; and

(g) with respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:-

1) The company has disclosed the impact of pending litigation on its financial positionin its standalone Ind AS financial statement - Refer Note 1.1 (25) to the standalone IndAS financial statements.

2) There are no long term contracts including derivative contracts which requireprovision for material foreseeable losses.

3) There are no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the company.

4) The Company has provided requisite disclosures in its standalone Ind AS financialstatements as to holdings as well as dealing in Specified Bank Notes during the periodfrom 8th November 2016 To 30th December 2016 and these are inaccordance with the books of accounts maintained by the Company - Refer Note 1.1 (30)(a)to the standalone Ind AS financial statements.

For M/s. J. S. Uberoi & Co.
Chartered Accountants
Firm's Registration Number :-111107W
CA Amarjeet Singh Sandhu
Partner
Membership Number108665
Date of Report30th May' 2017
Place ofSignature New Delhi

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT OF MOIL LIMITED FOR THE FY2016-2017

( As referred to in Paragraph 1 of Report on Legal and Regulatory Requirements of ourreport on the statement of Directions under section 143(5) of the Companies Act 2013issued by the Comptroller & Auditor General of India )

Sr. Directions Reply

No.

1. Whether the company has clear title / lease deeds for Freehold Yes the Company hasclear title / lease deeds for Freehold and and Leasehold respectively? If not please statethe area of Leasehold Land.

freehold and leasehold land for which the title / lease deeds are not available?

2. Whether there are any cases of waiver/write off of debts / loans As informed andalso during our audit we have not observed any / interest etc? If yes the reason therefor and amount involved case of waiver of debts / loans / interest etc. However credit

notes as per business terms have been issued to customers.

3. Whether proper records are maintained for inventories lying (a) Yes

with third parties and assets received as gift / grant(s) from the . . r

. . . (b) No assets received as gifts/grants from Government/other

governmentorotherauthorities? ...

authorities.

For M/s. J. S. Uberoi & Co.
Chartered Accountants
Firm's Registration Number :- 111107W
CA Amarjeet Singh Sandhu
Partner
Date of Report: - 30th May'2017 Membership Number:-108665
Place of Signature: -New Delhi

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT OF MOIL LIMITED FOR THE FY2016-2017

( As referred to in Paragraph 2 of Report on Legal and Regulatory Requirements of ourreport Companies (Auditors Report) Order 2016 issued by the Central Government of Indiain terms of subsection 11 of section 143 of the Act)

In terms of the information and explanations sought by us and given by the company andbooks & records examined by us in the normal course of audit and to the best of ourknowledge and belief we state that

(i) (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) As explained to us the management has physically verified fixed assets at the yearend and no material discrepancies were noticed on such verification. In our opinionverification of fixed assets at the year end is reasonable having regards to the size ofthe Company and the nature of assets.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) The Company has a regular programme of physical verification of its inventories.Inventories were verified during the year and no material discrepancies were noticed onsuch verification.

(iii) According to the information and explanations given to us the Company hasneither granted nor taken any loans secured or unsecured to companies firms limitedliability partnerships or other parties covered in the register maintained under section189 of the Companies Act 2013 ('the Act').

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made.

(v) According to the information and explanations given to us the company has notaccepted any deposits under the provisions of sections 73 to 76 or any other relevantprovisions of the Companies Act and the rules framed there under.

(vi) The Central Government has prescribed maintenance of cost records undersub-section (1) of Section 148 of the Companies Act and prima facie the prescribedcost records have been maintained. We have however not made a detailed examination of costrecords with a view to determine whether they are accurate or complete.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the books of accounts the

company has generally been regular in depositing with the appropriate authorities theundisputed statutory dues including Provident Fund Employee State Insurance Income-TaxSales-Tax Service Tax Duty of Customs Duty of Excise Value Added Tax Cess and otherstatutory dues applicable to it during the year.

According to the information and explanations given to us no undisputed amountspayable in respect of Provident Fund Employee State Insurance Income-Tax Sales TaxService Tax Duty of Customs Duty of Excise Value Added Tax Cess and other materialstatutory dues were in arrears as at 31st March 2017 for a period of more than6 months from the date they became payable.

(b) The dues of Profession Tax Income Tax Entry Tax and Sales Tax which have not beendeposited by the Company on account of various disputes relating to Assessment Dues are asunder:-

Nameof Statute

Amount Demanded

Amount Paid Under Period to Which Forum where the Dispute is
(In ' Lacs) Protest(In ' Lacs) Amount Relates Pending
PROFESSION TAX ACT 1975 2.27 1.13 2006-07 Sales Tax Appellate (MS)
7.70 1.93 2007-08
INCOMETAX ACT 1961 253.00 253.00 2006-07 Income Tax Appellate Tribunal
127.26 127.26 2007-08
451.79 451.79 2008-09
60.01 60.01 2009-10
45.01 45.01 2010-11
205.10 205.10 2009-10 Commissioner of Income Tax
116.99 116.99 2011-12 (Appeals)
310.23 310.23 2012-13
45.61 45.61 2013-14
82.62 82.62 2014-15

 

Nameof Statute Amount Demanded Amount Paid Under Period to Which Forum where the Dispute is
(In ' Lacs) Protest(In ' Lacs) Amount Relates Pending
M.P. ENTRYTAX ACT 1975 13.68 6.70 2008-09

M.P. Commercial Tax Appellate Board Bhopal

6.28 6.28 2012-13
2.86 0.72 2013-14 M.P. Commercial Tax Appeals Jabalpur
M.S. VAT ACT 2002 13.68 0.00 2009-10 Sales Tax Appellate (MS)
0.40 0.00 2010-11
2.01 0.00 2011-12
M.P. VAT ACT 2002 2.28 0.65 2010-11

MP Commercial Tax Appellate Board Bhopal

3.68 1.47 2011-12
9.15 6.66 2012-13
M.S.CST ACT1956 3.24 1.08 2010-11 Sales Tax Appellate (MS)
0.71 0.47 2011-12
M.P. CSTACT1956 6.10 1.53 2013-14 Commercial Tax Officer Chhindwada
M.P. ENTRY TAX ACT1975 21.75 2.18 2014-15 Commercial Tax Officer Chhindwada
CENTRAL EXCISE ACT1944 14435.84 0.00 2011-15 Commissioner ofCentral Excise Jabalpur

(viii) The Company does not have any loans or borrowings from any financialinstitution banks government or debenture holders during the year. Accordinglyparagraph 3(viii) of the Order is not applicable.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable.

(x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

(xi) According to the information and explanations given to us company is exempt fromthe provision of section 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the standalone Ind AS financial statements as requiredby the applicable accounting standards.

(xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For M/s. J. S. Uberoi & Co.
Chartered Accountants
Firm's Registration Number :-111107W
CA Amarjeet Singh Sandhu
Partner
Membership Number:-108665
Date of Report:- 30th May'2017
Place ofSignature :- New Delhi

ANNEXURE "C" TO THE INDEPENDENT AUDITOR'S REPORT OF MOIL LIMITED FOR THE FY2016-2017

( As referred to in Paragraph 3(f) of Report on Legal and Regulatory Requirements ofour report and in terms of section 143 (3)(i) of the Act)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of MOILLimited ("the Company") as of 31st March 2017 in conjunction with ouraudit of the standalone Ind AS financial statements of the Company for the year ended onthat date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the standalone Ind AS financial statements whether due to fraudor error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2017based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For M/s. J. S. Uberoi & Co.
Chartered Accountants
Firm's Registration Number :-111107W
CA Amarjeet Singh Sandhu
Partner
Membership Number108665
Date of Report30th May'2017
Place ofSignature New Delhi