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MOIL Ltd.

BSE: 533286 Sector: Metals & Mining
NSE: MOIL ISIN Code: INE490G01020
BSE 00:00 | 23 Jul 183.00 2.90
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180.40

NSE 00:00 | 23 Jul 183.00 2.65
(1.47%)
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OPEN 181.60
PREVIOUS CLOSE 180.10
VOLUME 29110
52-Week high 208.00
52-Week low 119.00
P/E 20.38
Mkt Cap.(Rs cr) 4,343
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 181.60
CLOSE 180.10
VOLUME 29110
52-Week high 208.00
52-Week low 119.00
P/E 20.38
Mkt Cap.(Rs cr) 4,343
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

MOIL Ltd. (MOIL) - Auditors Report

Company auditors report

TO THE MEMBERS OF MOIL LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the financial statements of MOIL Limited ("the Company")which comprise the Balance sheet as at March 31 2020 and the statement of Profit and Loss(including other comprehensive income) the statement of changes in equity and statementof cash flow for the year then ended and notes to the financial statements including asummary of significant accounting policies and other explanatory information (hereinafterreferred to as "Standalone Financial Statements")

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at March 31 2020 the profit and totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under section 143(10) of the Act (SAs). Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the independencerequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules made there under and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto 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 mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined the matters described below to be the key audit matters to be communicatedin our report.

Sr Key Audit Matter No. Auditor's Response
1 Revenue from Contract with Customer Principal Audit Procedures:
(i) Refer Note no. 1.2.1 2 (A); Sales invoices are raised and revenue is recognized in the books of accounts only after dispatch of goods based on railway receipt/lorry receipt/delivery challan. Supplementary invoices are raised for variation in quality on receipt of laboratory analysis reports. Analysis reports received in subsequent year up to a cut-off date are considered in year of dispatch. Accordingly supplementary invoices are raised and accounted for in the same year. In respect of analysis reports received after the cut-off Our Audit Procedure comprises of assessing the the application of the provisions of Ind AS 115 in respect of the Company's revenue recognition and appropriateness of the estimated adjustments in the process also we have performed test to establish the basis of estimation of the consideration and whether such estimates are commensurate with the accounting policy.
date the same are raised in subsequent year. 2. Sales include royalty district mineral fund and national mineral exploration trust contributions. 3. Manganese ore fines hutch dust and HIMS rejects generated during operations are recognised as production as and when they are sold and corresponding sales is treated as revenue from mining products.
2 Inventory Valuation : Principal Audit Procedures:
Refer Note no. 1.2.3 Finished Good s
(i) Manganese ore of all grades including Manganese ore fines hutch dust and HIMS rejects Manganese ore at port Electrolytic manganese di-oxide [EMD] Ferro manganese/silico manganese including stock in cake:- At cost at mines including depreciation on mine assets or net realizable value whichever is less. (b) Stock in process:-The quantity of ferro manganese/silico manganese in proce ss has not been assigned any value. (c) Stock of slag:- Slag is a molten mass of impurities generated during manufacture of ferro manganese which is treated as scrap and accordingly valued at net realizable price. Our team has reviewed the same and has obtained a copy of valuation reports and price lists that have been taken into consideration while arriving at the final closing value of inventory. The system of inventory valuation and recording of stock level is found to be appropriate.
3 Income tax: Principal Audit Procedures:
Due to the multiple tax jurisdictions within which the Company operates and the ambiguity of interpretation tax laws determining the amounts which should be recognised for tax is subject to judgement and is thus a key audit matter. Management's judgement includes consideration of regulations by various tax authorities with respect to various tax positions. Where there is uncertainty management makes provision for tax based on the most probable outcome. Management's disclosures with regards to the uncertainties are contained in Note 14.4.2. The company has opted to assess income tax at concessional rate of tax as per the provisions of Section 115BAA of the I.T. Act 1961. We involved our tax specialists to evaluate the recognition and measurement of the current and deferred tax assets and liabilities. This included: - Analyzing the current and deferred tax calculations for compliance with the relevant tax legislation. - Evaluating management's assessment of the estimated manner in which the timing differences including the recoverability of the deferred tax assets would be realized by comparing this to evidence obtained in respect of other areas of the audit including cash flow forecasts business plans minutes of director's meetings etc. The provisions are appropriate and adequate. As the company elects to assess income tax on its total income as per the provision envisaged u/s. 115BAA of the I.T. Act 1961; it has not claimed deductions u/s. 80IA for calculation the provision for Income Tax in the financial statements and will follow the depreciation rates as may be notified by the concerned authorities .
4 Deferred tax: PrinciDal Audit Procedures:
As disclosed in Note 14.4.3 the Company has recognised deferred tax assets in respect of certain deductions on account of provision for Leave Encashment provision for pension provision for Post-Retirement Medical Benefit provision for Doubtful Debts and provision for Bonus to the extent that it is probable that we get tax benefits in future. This requires management judgement in estimating future taxable income and is accordingly a key audit matter. Refer Note no. 14.4.3 Reviewed the assumptions made by management for uncertain current and deferred tax positions to assess whether appropriate current and deferred tax provisions have been recognized and are based on the most probable outcome. We found the disclosures relating to the income tax and deferred tax balances to be appropriate.
5 Information Systems and Controls: Principal Audit Procedures:
The company is using SAP system to process all accounting transactions. The said system has been implemented recent past. As Some manual intervention is still there Thus it is a Key Audit Matter. Our team has performed risk assessment procedure and considered the risk arising from the use of IT system at the company. While obtaining and understanding of the business process and performing walkthroughs the use of IT system and application has been considered. We have assessed the reliability of source data and completeness of population. Through sample testing we have tested the key reports generated from the IT system and found that IT controls are adequate.
6 Defined Benefit Obligation and other Long Term Benefits In testing the valuation we have examined the reports of external actuarial specialists to
The Company has recognized long term employee benefit liabilities consisting of Terminal Leave Obligation & Gratuity and defined benefit obligations receivable (net of plan asset against funded gratuity obligation) and post-employment benefits). The valuation of employee benefit obligations is dependent on market conditions and assumptions made. The key audit matter specifically relates to the following key assumptions: discount rate inflation expectations and life expectancy assumptions. The sertng of these assumptions is complex and requires the exercise of significant management judgement with the support of third party actuary review the key actuarial assumptions used both financial and demographic and considered the methodology utilized to derive these assumptions. Furthermore we have examined the sensitivity analysis adopted by the external party viz. actuarial on the key assumptions in valuing the defined benefit obligations. We would like to comment that on the methodology and assumption applied in relation to determination of liability is acceptable
7 Provision for final Mine Closure Expenses:
The company's obligation for land reclamation and decommissioning of structures consists of spending at both surface and underground mines. The company estimates its obligation for Mine Closure Site Restoration and Decommissioning based upon detailed calculation and technical assessment. Mine Closure expenditure is provided as per approved Mine Closure Plan. As the provision for mine closure involves estimate and Management judgement the same is considered as a Key Audit Matter Our Audit procedure comprise of identification and understanding of the reasonableness of the principal assumption used by the management to judge the need for its basis of estimate as it has been explained to us that the provision made is in accordance with the technical evaluation and production of ore during the year.

Information Other than the Standalone Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexure to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notinclude the standalone financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information weare required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the FinancialStatements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the financial position financial performance totalcomprehensive income changes in equity and cash flows of the Company in accordance withthe Ind AS and other accounting principles generally accepted in India. 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; making judgments 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 financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the Standalone financial statements the Board of Directors is responsiblefor assessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless the Board of Directors either intends to liquidate the Company or tocease operations or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these Standalone financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal financial control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Companies Act 2013 we are also responsible for expressing our opinionon whether the company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe Standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the Standalonefinancial statements including the disclosures and whether the Standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act 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 of those books.

(c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome Statement of Changes in Equity and the Statement of Cash Flow dealt with by thisReport are in agreement with the relevant books of account.

(d) In our opinion the aforesaid standalone financial statements comply with theIndian Accounting Standards (Ind AS) specified under Section 133 of the Act read withRule 7 of the Companies (Accounts) Rules 2014.

(e) As per notification no. GSR 463(E) dated 5th June 2015 issued by the Ministry ofCorporate Affairs Government of India Section 164(2) of the Companies Act 2013 shallnot be applicable to the Company.

(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 "A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended:

As per notification no. GSR 463(E) dated 5th June 2015 issued by the Ministry ofCorporate Affairs Government of India Section 197 of the Companies Act 2013 shall notbe applicable to the Company.

(h) 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:

i. The Company has disclosed the impact of pending litigations as at March 31 2020 onits financial position in its standalone financial statements- Refer Note 14.4.8 to thestandalone financial statements.

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

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

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

3. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of subsection (11) of section 143 ofthe Companies Act 2013 we give in the Annexure "C" statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

For Demble Ramani and Company
Chartered Accountants
(Firm's Registration Number: 102259W)
CA ASHOK RAMANI
Partner
(Membership No. 030537)
Place of Signature :- Nagpur
Date of Report :-18thJune' 2020
UDIN -20030537AAAAAK4989

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT OF MOIL LIMITED FOR THE FY2019-2020

(As referred to in Paragraph 1(f) under 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 2020 in conjunction with our audit ofthe standalone financial statements of the Company for the year ended on that 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 ('I CAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required 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 auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. 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.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 2020 based on theinternal control over

financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia. However the internal audit system requires to be strengthened.

For Demble Ramani and Company
Chartered Accountants
(Firm's Registration Number: 102259W)
CA ASHOK RAMANI
Partner
(Membership No. 030537)
Place of Signature:-Nagpur
Date of Report:- 18th June' 2020
UDIN -20030537AAAAAK4989

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT OF MOIL LIMITED FOR THE FY2019-2020

(As referred to in Paragraph 2 under 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.No. Directions Reply
1 Whether the company has system in place to process all the accounting transactions through IT system? If yes then implications of processing of accounting transactions outside IT system on the i ntegrity of the accounts along with the financial implications if any m ay be stated. Yes the Company is using ERP-SAP System to process all the accounting transactions with some manual intervention. Financial Accounting: All transactions are processed in the ERP-SAPsoluti on.
2 Whether there is any restructuring of an existing loan or cases of waiver/write off of debts/loans /interest etc made by a lender to the company due to the company's inability to repay the loan? If yes the financial impact may be stated. No.
3 Whether funds received/receivable for specific schemes from Central/ State agencies were properly accounted for/utilized as per terms and conditions? List the cases of deviation. No such funds have been received or are receivable from Central/State Agencies.
For Demble Ramani and Company
Chartered Accountants
(Firm's Registration Number: 102259W)
CA ASHOK RAMANI
Partner
(Membership No. 030537)
Place of Signature :- Nagpur
Date of Report :- 18th June' 2020
UDIN -20030537AAAAAK4989

ANNEXURE "C" OF THE INDEPENDENT AUDITOR'S REPORT

( As referred to in Paragraph 3 under Report on Legal and Regulatory Requirements ofour report Companies (Auditors Report) Order 2016 issued by the Central Government ofIndia in terms of section 143(11) of the Companies Act2013 )

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 has generally maintained proper records showing full particularsincluding quantitative details & situation of

fixed assets.

b) As explained to us management has physically verified its fixed assets atreasonable intervals and no material discrepancies were noticed on such physicalverification. In our opinion verification of fixed assets at the year end is reasonablehaving regard to the size of the Company and the nature of assets.

c) On examination of the documents provided to us the title deeds of immovableproperties are held in the name of company and no material discrepancies were noticed onsuch verification.

(ii) In our opinion and according to the information and explanations given to usprocedures of physical verification of inventory at reasonable intervals followed by themanagement are reasonable and adequate in relation to the size of the company and thenature of its business. The company is maintaining proper records of inventory. Nomaterial discrepancies were observed during the verification.

(iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms limited liabilitypartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013('the Act').

(iv) The Company has complied with the provision of Section 185 & 186 of theCompanies Act 2013 in respect of loans investments guarantees & security.

(v) The company has not accepted deposits from the public. Hence the issue ofcompliance with the directives issued by the Reserve Bank of India and the provisions ofsections 73 to 76 or any other relevant provisions of the Companies Act and the rulesframed thereunder does not arise.

(vi) The Central Government has prescribed maintenance of cost records undersub-section (1) of Section 148 of the Companies Act 2013 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 indepositing with the appropriate authorities the undisputed statutory dues including GSTProvident Fund Employee State Insurance Income-Tax Sales-Tax Service Tax Duty ofCustoms Duty of Excise Value Added Tax Cess and other statutory dues applicable to itduring the year.

According to the information and explanations given to us no undisputed amountspayable in respect of GST Provident Fund Employee State Insurance Income-Tax SalesTax Service Tax Duty of Customs Duty of Excise Value Added Tax Cess and othermaterial statutory dues were in arrears as at 31st March 2020 for a period of more than 6months from the date they became payable.

b) The dues of Entry Tax and Value Added Tax Professional tax Service tax and Duty ofExcise which have not been deposited by the Company on account of various disputesrelating to Assessment Dues are as under: -

Name of the Statute Amount Demanded (In Rs. Lacs) Amount paid under Protest (In Rs. Lacs) Period to which amount relates Forum where dispute is pending
M.P.Entry Tax 13.68 8.45 2008-09 High Court Jabalpur
Act 1975 6.28 6.28 2012-13 Commercial Tax Appellate Board Bhopal
2.86 0.72 2013-14 Commercial Tax Appeals Jabalpur
21.75 5.44 2014-15
10.72 2.68 2015-16
M.P.Vat Act 2.28 0.65 2010-11 Commercial Tax Appellate Board
2002 3.68 1.47 2011-12 Bhopal
9.15 6.66 2012-13
M.P.CST Act 1956 6.10 1.53 2013-14 Commercial Tax Appeals Jabalpur
M.S. VAT ACT 13.68 0.00 2009-10 Sales Tax Appellate (MS)
2002 0.40 0.00 2010-11
2.01 0.00 2011-12
M.S. CST 3.24 1.08 2010-11 Sales Tax Appellate (MS)
ACT1956 0.71 0.47 2011-12
Profession Tax Act1975 2.27 1.13 2006-07 Sales Tax Appellate M.S.
Profe ssion Tax Act1975 7.70 1.93 2007-08 Sales Tax Appellate M.S.
Service Tax 228.91 17.73 Apr. 2012- Central Excise Service Tax
Act1994 Jun2017 Appellate Tribunal Mumbai
Central Excise Act 1944 14435.84 1082.69 Mar. 2011- Dec. 2015 High Court Jabalpur

(viii) The Company does not have any loans or borrowings from any financialinstitution banks government or debenture holders. Accordingly paragraph 3(viii) of theOrder is not applicable.

(ix) According to the records of the company examined by us and the information andexplanations given to us the company has not raised any money by way of initial publicoffer(including debt instruments) and term loans during the year. Accordingly paragraph3(ix) of the order is not applicable.

(x) During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud on or by the company noticed or reported during the year nor have webeen informed of such case by the management.

(xi) According to the information and explanations given to us company is exempt fromthe provision of section 197 read with Schedule 5 to the Companies Act 2013.

(xii) The provisions of Nidhi Rules 2014 are not applicable to the company.

(xiii) According to the information and explanations provided to us by the managementall transactions with the related parties are in compliance with section 177 & 188 ofCompanies Act 2013 and the details have been disclosed in the Financial Statements asrequired by the applicable accounting standards.

(xiv) The company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year.

(xv) The company has not entered into any non-cash transactions with directors orpersons connected to its directors and hence the provision of section 192 of CompaniesAct 2013 are therefore not applicable.

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

For Demble Ramani and Company
Chartered Accountants
(Firm's Registration Number: 102259W)
CA ASHOK RAMANI
Partner
(Membership No. 030537)
Place of Signature:- Nagpur
Date of Report:- 18th June 2020 UDIN -20030537AAAAAK4989

COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143(6)(b) OF THECOMPANIES ACT 2013 ON THE FINANCIAL STATEMENTS OF MOIL LIMITED FOR THE YEAR ENDED 31MARCH 2020

The preparation of financial statements of Moil Limited for the year ended 31 March2020 in accordance with the financial reporting framework prescribed under the CompaniesAct 2013(Act) is the responsibility of the management of the company. The statutoryauditor appointed by the Comptroller and Auditor General of India under Section 139(5) ofthe Act is responsible for expressing opinion on the financial statements under Section143 of the Act based on independent audit in accordance with the standards on auditingprescribed under Section 143(10) of the Act. This is stated to have been done by them videtheir Audit Report dated 18 June 2020.

I on behalf of the Comptroller and Auditor General of India have conducted asupplementary audit of the financial statements of Moil Limited for the year ended 31March 2020 under Section 143(6)(a) of the Act. This supplementary audit has been carriedout independently without access to the working papers of the statutory auditors and islimited primarily to inquiries of the statutory auditor and company personnel and aselective examination of some of the accounting records.

On the basis of my supplementary audit noting nothing significant has come to myknowledge which would give rise to any comment upon or supplement to statutory auditors'report under 143(6)(b) of the Act.

For and on behalf of the
Comptroller & Auditor General of India
(D.K. Sekar)
Place: New Delhi Director General of Audit (Energy)
Dated: 20 August 2020 Delhi

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