To The Members of MOIL LIMITED
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of MOIL Limited ('theCompany') which comprise the Balance Sheet as at 31st March 2018 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 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 financial statements that give a true and fair viewof the financial position financial performance including other comprehensive incomecash flows and changes in equity of the Company in accordance with the Indian AccountingStandards (Ind AS) prescribed under Section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 and other accounting principles generally accepted inIndia.
This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. In conducting our audit we have taken into account the provisions ofthe Act the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions ofthe Act and the Rules made there underand the order issued under section 143(11) ofthe Act.
We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under Section 143(10) ofthe Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone financial statements are free frommaterial misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe standalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation ofthe standalone financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the 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 Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the companyas at 31st March 2018 and its profit total comprehensive income the changesin equity and its cash flows for 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 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 section 143(11) ofthe Act we givein the Annexure "B" a statement on the matters specified in the paragraph 3 and4 ofthe 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 (including other ComprehensiveIncome) the Statement of Cash Flows and the Statement of changes in equity dealt with bythis report are in agreement with the 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.
(e) As per notification no. GSR 463(E) dated 5th June 2015 issued by theMinistry of Corporate Affairs Government of India Section 164(2) of the Companies Act2013 is not 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 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 financial statement - Refer Note 14.4.7 to the standalone financialstatements.
2) There are no long term contracts including derivative contracts which requireprovision for material foreseeable losses.
3) There has been no delay in transferring the amounts required to be transferred tothe Investor Education and Protection Fund by the Company.
For M/s. J. S. Uberoi & Co.
Firm's Registration Number :-111107W
CA Amarjeet Singh Sandhu Partner
Place of Signature New Delhi Date of Report24th May' 2018