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Orissa Minerals Development Company Ltd.

BSE: 590086 Sector: Metals & Mining
NSE: ORISSAMINE ISIN Code: INE725E01024
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OPEN 2270.00
CLOSE 2216.70
VOLUME 4008
52-Week high 2644.45
52-Week low 527.45
P/E
Mkt Cap.(Rs cr) 1,297
Buy Price 2137.00
Buy Qty 3.00
Sell Price 2162.20
Sell Qty 25.00

Orissa Minerals Development Company Ltd. (ORISSAMINE) - Auditors Report

Company auditors report

To

The Members of

The Orissa Minerals Development Company Limited

Report on the Standalone Financial Statements

Opinion

We have audited the accompanying financial statements of M/s. The Orissa MineralsDevelopment Company Limited ("the Company") which comprises the BalanceSheet as at March 31 2019 the Statement of Profit and Loss (including OtherComprehensive Income) statement of changes in equity and statement of cash flows for theyear then ended and notes to the standalone financial statements including a summary ofsignificant accounting policies and other explanatory information.

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 312019 and the Loss changes inequity 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) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theStandalone Financial Statements section of our report. We are independent of the Companyin accordance with the Code of Ethics issued by the Institute of Chartered Accountants(ICAI) of lndia together with the independence requirements that are relevant to our auditof the standalone financial statements under the provisions of the Companies Act 2013 andthe Rules there under and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the ICAI's Code of Ethics. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for ouropinion on the standalone financial statements.

Emphasis of Matter

i. Reference is invited to the Note No. 28 and note no. 6 of Segment Reporting whereinit has been stated that pursuant to the Judgement of Hon'ble Supreme Court dated02.08.2017 Dy. Director of Mines Odisha had issued different demand notices dated02.09.2017 23.10.2017 & 13.12.2017 to OMDC for OMDC Leases and to BPMEL for BPMELLeases towards compensation against excess mining amounting to Rs. 156375.58 lacs. OMDChas paid the compensation of Rs.55266.60 Lac towards OMDC leases (Rs.1479.68 on 29.12.17Rs.13093.47 Lacs on 16.11.18 Rs.693.45 Lacs on 30.1.19 and Rs.40000 lacs on 01.3.19) andProvision for outstanding payment with interest as on 31.03.2019 for Rs.30987.91 lacs hasbeen made in the books of accounts. The payment made by OMDC towards BPMEL leases forRs.2715.14 lac (Rs.2515.14 lac on 29/12/17 and Rs.200 lac on 16/11/18) has been treated asadvance in the books of accounts since the legal dispute with BPMEL is unsettled as on thedate of finalization of accounts. The remaining compensation towards BPMEL leases withinterest as on 31.03.2019 of Rs.106798.16 has been shown under contingent liability.

ii. The mine stock has been assessed by a third party Superintendence Co. Of India (P)Ltd. for qualitative and quantitative verification as on 31.03.2019. The certificate ofthe said third party mentions in a note that for the old stack No.124 which is located atThakurani Iron Ore Mines was lying along the rail track at No.2 siding earlier and aplatform along the rail track had been prepared by SE Railway by using the mixed iron oreof the same stack lying along the rail track. The stack could not be assessed as the ironore has been mixed up with other waste within the platform. Assessment can be done afterretrieving screening and stacking of ore from the platform.

The total quantity in the same stake was 18744.124 MT as per physical verificationreport for 2015-16. The identified stock in 2018-19 by the third party is 1745.845 MT.Management has considered the balance stock for valuation since the stock has lying underthe platform and SE Railway has issued circular dated 27/10/17 by virtue of which therights and powers to permit the use of the Railway Siding for the traffic of any personand to work such traffic over this siding has been withdrawn.

iii. Reference is invited to the Note 39 to the Standalone Financial Statements miningoperation of the Company is continued to remain suspended due to non-renewal of the leasesand non-receipt of requisite clearances from the Government of Odisha and the CentralGovernment. These conditions indicate the existence of a material uncertainty to resumethe mining operations. These standalone financial statements have been prepared on a goingconcern basis mainly for the initiative taken by the Company's management for opening ofthe mines and resumption of mining operations.

Our opinion is not modified on account of above matters.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance 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 financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

We have determined that there are no key audit matters to communicate in our report.

Other Information

Management is responsible for the other information. The other information comprisesthe information included in the "Annual Report" (as defined in CAS 720) butdoes not include the standalone financial statements and our auditor's report thereon.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Responsibility of Management 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 preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theaccounting Standards specified under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate implementationand maintenance of accounting policies; making judgments and estimates that are reasonableand prudent; 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 statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the standalone financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

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

Auditor's Responsibility for the Audit of the Standalone 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 Standards on Auditing ('Sas') we exerciseprofessional judgment and maintain 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 control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(l)of the Act we are also responsible for expressing our opinion on whether the company hasadequate internal financial controls system in place and the operating effectiveness ofsuch 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 theCompany’s ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause the Company to cease to continue 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 the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of Section 143(11) of the Companies Act2013 we give in Annexure A a statement on the matters specified in paragraphs 3and 4 of the Order to the extent applicable.

2. We have complied with the Directions and Sub-Direction given by the Comptroller& Auditor General of India under section 143(5) of the Act while conducting the auditand on the basis of information and explanations given to us in this regard by theCompany we give in Annexure B to this report a statement on the matters specifiedin such Directions and Sub-Directions.

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 of those books.

c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statement andstatement of changes in equity dealt with by this Report are in agreement with the booksof account.

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

e) The provisions of section 164(2) are not applicable to the Company as it is aGovernment Company.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls we refer to ourseparate report in AnnexureC; 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:

a. The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements - Refer Note 36 to the Standalone Ind ASfinancial statements.

b. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

c. There has been delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

Instance of Delay (Rs. In lacs) Date required to be transferred Date of Transfer
Unpaid/ unclaimed Dividend for 2010-11 2.05 04.11.2018 05.12.2018

 

For Nandy Haider & Ganguli
Chartered Accountants
FRN No.302017E
Sd/-
(CA Kushal Saha)
Place : New Delhi Partner
Date : 30th May 2019 M. No.065934

ANNEXURE A

TO THE INDEPENDENT AUDITORS' REPORT

To The Members of

The Orissa Minerals Development Company Limited

[Referred to in paragraph 1 under head Report on Other Legal and Regulatory

Requirements of the Auditors' Report of even date]

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

(b) The fixed assets of the Company have been physically verified by the managementduring the year and discrepancies noticed during the course of physical verification havebeen duly adjusted in the accounts. In our opinion the frequency of verification isreasonable.

(c) The title deeds of immovable properties including leasehold were made available forour examination other than the registration of the building of HO located at AG-104 2ndFloor Sourav Abasan Sector-ll Salt Lake City Kolkata- 700 091 which is notyetcompleted.

2. (a) As per the information the management has conducted the physical verification ofinventory at reasonable intervals.

(b) Valuation of inventory has been done based on cost or net realizable value (AverageSales Price as per Indian Bureau of Mines) whichever is lower.

3. According to the information and explanations given to us the Company has notgranted any loan secured or unsecured to companies firms limited liability partnershipor other parties covered in the register maintained under section 189 of the Companies Act2013. Accordingly the provision of clauses 3(iii) (a) (b) and (c) of the order is notapplicable to the companies and hence not commented upon.

4. In our opinion and according to information and explanations given to us theCompany has not granted any loan and given guarantee and security to any companies assuch the provision of section 185 and 186 of the Companies Act 2013 not applicable.

5. The Company has not accepted any deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposit) Rules 2015 withregard to the deposits accepted from the public are not applicable.

6. The Central Government of India has prescribed maintenance of cost records undersubsection (1) of Section 148 of the Act for the products of the company. However as theturnover of such products is lower than the prescribed threshold limits in our opinionmaintenance of cost records is not applicable.

7. (a) According to the information and explanations given to us and the records of theCompany examined by us in our opinion the Company is generally regular in depositing theundisputed statutory dues including Income-tax Sales-tax Provident Fund Service taxGoods and Service Tax Duty of customs Duty of excise Value Added Tax Cess and anyother statutory dues with the appropriate authorities.

The extent of the arrears of statutory dues outstanding as at 31st March 2019 for aperiod of more than six months from the date they became payable in respect of share ofshortfall of distributable interest on Provident Fund are as follows-

1 Name of Statute Nature of due Amount Period to which it relates Due date of payment 1
(Rs in Lacs)
Provident Fund Act 1952 Share of shortfall of distributable interest 3.83 2012-13 Various

(b) According to the information and explanations given to us and the records of theCompany examined by us the particulars of dues of sales-tax service tax duty of exciseand value added tax as at 31 st March 2019 which have not been deposited on account ofdisputes which are as follows-

Name of the statute Nature of dues Amount Period to which the amount relates Forum where the dispute is pending
(Rs in Lacs)
The Central Sales Tax Act1956 Central Sales Tax 4.44 2003-04 Sales Tax Tribunal
Odisha Value Added Tax Act 2004 VAT 2.45 2005-06 Odisha High Court
Odisha Entry Tax Act 1999 Entry Tax 11.77 2005-06 Odisha High Court
Odisha Entry Tax Act 1999 Entry Tax 1.26 2006-07 Commissioner of Commercial Taxes (Appeal)
Finance Act 1994 Service Tax 6.29 2012-13 Commissioner of Service Tax (Appeal)

8. The Company has not defaulted in repayment of loans and borrowings.

9. Based upon the audit procedures performed and the information and explanations givenby the management the Company has neither raised any money by public issues of shares ordebentures.

10. 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 andinformation and explanations given to us we have not come across any instances ofmaterial fraud by the Company or on the Company by its officers or employees noticed orreported during the year nor we have been informed of any such case by the management.

11. In our opinion and according to the information and explanations given to us theprovisions of section 197 read with Schedule V to the Act are not applicable to theCompany.

12. As the Company is not a Nidhi Company the Nidhi rules 2014 are not applicable toit. The provisions of clause 3 (xi i) of the Order are not applicable to the Company.

13. According to the information and explanations given to us and the records of theCompany examined by us the requirements of sections 177 and 188 of the Act is notapplicable to this Company.

14. According to information and explanations given to us and on an overall examinationof the Balance Sheet of the Company has not made a preferential allotment/ privateplacement of shares or fully or partly convertible debentures during the year underreview and hence reporting requirements under clause 3(xiv) of the order are notapplicable to the Company and not commented upon.

15. Based upon the audit procedures performed and the information and explanationsgiven by the management we have not come across any instances where the Company hasentered into any non-cash transactions with its directors or persons connected with him.Accordingly the provisions of clause 3 (xv) of the Order are not applicable to theCompany.

16. In our opinion the Company is not required to be registered under section 45 IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi) ofthe Order are not applicable to the Company.

For Nandy Haider & Ganguli
Chartered Accountants
FRN No.302017E
Sd/-
(CA Kushal Saha)
Place : New Delhi Partner
Date : 30th May 2019 M. No.065934

ANNEXURE- B

TO THE INDEPENDENT AUDITORS' REPORT

Report on the Directions by the Comptroller & Auditor General of India (C & AG)under section 143 (5) of the Companies Act 2013 for the Financial Year 2018-19.

1. Whether the Company has system in place to process all the accounting transactionsthrough IT System on If yes the implication of processing of accounting transactionsoutside IT system on the integrity of the accounts along with the financial implicationsif any may be stated.

Yes all the accounting transactions are accounted for through IT System. However asexplained to us there are operations/transactions which takes place outside the systembut have a bearing on the accounts of the Company.

As per past practice all transactions are manually entered in the software whichmaintains regular books of account.

As per existing practice there are chances of some aforesaid transactions being missedto be accounted as the flow of accounting transactions are not automated at the point ofgeneration of transaction. The financial implications of transactions outside the ITsystem are unascertainable.

2. Whether there is any restructuring of an existing loan or cases of waiver / writeoff of debts / interest etc. made by a lender to the company due to the company'sinability to repay the loan If yes the financial impact may be stated.

As explained to us and on the basis of information available there is no instance ofwaiver/write off of debts/interest of loan during the current financial year.

3. Whether funds received / receivable for specific schemes from Central / Stateagencies were properly accounted for / utilized as per its term and conditions List thecases of deviation.

As explained to us and on the basis of information available the Company have notreceived any funds from Central/State agencies.

For Nandy Haider & Ganguli
Chartered Accountants
FRN No.302017E
Sd/-
(CA Kushal Saha)
Place : New Delhi Partner
Date : 30th May 2019 M. No.065934

ANNEXURE- C

TO THE INDEPENDENT AUDITORS' REPORT

To The Members of

The Orissa Minerals Development Company Limited

[Referred to in paragraph 3 (f) under head Report on Other Legal and RegulatoryRequirements of the Auditors' Report of even date]

Report on the Internal Financial Control under Clause (i) of Sub sections 3 of Section143 of the Companies Act 2013("the Act")

We have audited the internal financial controls over financial reporting of TheOrissa Minerals Development Company Limited ("the Company") as of 31 stMarch 2019 in conjunction with our audit of the standalone financial statements of theCompany for the year ended on that date.

Management's Responsibility for Internal Financial Control

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". 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 Financial Statements whether due to fraud orerror.

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 Control 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 standalone financial statement for external purposes in accordance withgenerally accepted accounting principles. A Company's internal financial control overfinancial reporting includes those policies and procedures that:

1) Pertain to the maintenance of the records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

2) Provide reasonable assurance that the transactions are recorded as necessary topermit preparation of standalone financial statement in accordance with generally acceptedaccounting principles and that receipts and expenditure of the Company are being madeonly in accordance with authorization of management and directors of company; and

3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the standalone financial statement.

Inherent Limitations of Internal Financial Control over Financial Reporting

Because of inherent limitation of internal financial control over financial reportingincluding the possibility of collusion or improper management override of controlsmaterial misstatements due to errors or fraud may occur and not be detected. Alsoprojections of any evaluations of the internal financial control over financial reportingto future periods are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree 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 2019 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Nandy Haider & Ganguli
Chartered Accountants
FRN No.302017E
Sd /-
(CA Kushal Saha)
Place : New Delhi Partner
Date : 30th May 2019 M. No.065934

Annexure-VI

COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143(6)(b) OF THECOMPANIES ACT 2013 ON THE FINANCLAL STATEMENTS OF THE ORISSA MINERALS DEVELOPMENT COMPANYLIMITED FOR THE YEAR ENDED 31 MARCH 2019

The preparation of financial statements of the Orissa minerals Development companyLimited for the year ended 31 march 2019 in accordance with the financial reportingframework prescribed under the companies Act 2013 (Act) is the responsibility of themanagement of the company. The statutory auditors appointed by the comptroller and AuditorGeneral of India Under section 139(5) of the Act are responsible for expressing opinion onthe financial statement under section 143 of the Act based on independent audit inaccordance with the standards on auditing prescribed under section 143(10) of the Act.This is stated to have been done by them vide their Audit Report dated 30 May 2019.

I on behalf of the comptroller and Auditor General of India have conducted asupplementary audit of the financial statement of The Orissa minerals Development CompanyLimited for the year ended 31 March 2019 under section 143(6)(a) of the Act. Thissupplementary audit has been carried out independently without access to the workingpapers of the Statutory Auditors and is limited primarily to inquiries of the StatutoryAuditors and company personnel and a selective examination of some of the accountingrecords.

On the basis of my supplementary audit nothing significant has come to my knowledgewhich would give rise to any comment upon or supplement to statutory Auditors' reportunder section 143(6)(b)of the Act.

For and on behalf of the
Comptroller and Auditor General of India
(Indu Agarwal)
Place : Ranchi Principal Director of Commercial audit &
Date: 26 July 2019 Ex-Officio Member audit Board Ranchi.