Investor Presentaiton
MRF
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MRF
LIMITED
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2.
Opinion
We have audited the Separate financial statements (also known as
Standalone Financial Statements) of MRF Limited ("the Company"),
which comprise the Balance Sheet as at 31st March 2023, the
Statement of Profit and Loss (including Other Comprehensive
Income), Statement of Changes in Equity and Statement of Cash
Flows for the year ended on that date, and a summary of significant
accounting policies and other explanatory information.
In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid Standalone Financial
Statements give the information required by the Companies Act,
2013 ("the Act") in the manner so required and give a true and
fair view in conformity with the Indian Accounting Standards (IND
AS) prescribed under Section 133 of the Act read with Companies
(Indian Accounting Standards) Rules, 2015, as amended and other
accounting principles generally accepted in India, of the state of
affairs (financial position) of the Company as at 31st March 2023,
and its profit (financial performance including Other Comprehensive
Income), the Changes in Equity and its Cash Flows for the year
ended on that date.
Basis for Opinion
We conducted our audit of the Standalone Financial Statements in
accordance with the Standards on Auditing (SAs) specified under
Section 143(10) of the Act. Our responsibilities under those Standards
are further described in the Auditor's Responsibilities for the Audit
of the Standalone Financial Statements section of our report. We
are independent of the Company in accordance with the Code of
Ethics issued by the Institute of Chartered Accountants of India (ICAI)
Sr.
Key Audit Matter
No.
1
Defined Benefit Obligation
Our Response
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4.
together with the independence requirements that are relevant to our
audit of the Standalone Financial Statements under the provisions of
the Act and the Rules thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the
ICAI's Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit
opinion on the Standalone Financial Statements.
Emphasis of Matter
We draw attention to Note 28(r(i)(a)) to the Standalone Financial
Statement which describe the following matter:
In terms of the Order dated 31st August 2018 the Competition
Commission of India (CCI) has on 2nd February 2022 released its
Order imposing penalty on the Company concerning the breach of
provisions of the Competition Act, 2002 during the year 2011-2012
and imposed a penalty of *622.09 Crores on the Company. The
appeal filed by the Company has been disposed of by the National
Company Law Appellate Tribunal (NCLAT) in December 2022, by
remanding the matter to CCI for review after hearing the parties. CCI
has in February 2023 filed an appeal against the Order of NCLAT
before the Hon'ble Supreme Court. Pending disposal of the same,
the Company is of the view that no provision is considered necessary
in respect of this matter in the Standalone Financial Statements.
Our opinion is not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the financial
statements of the current year. These matters were addressed in
the context of our audit of the financial statements as a whole, and
in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
We have examined the key controls over the process involving member data, formulation of
The valuation of the retirement benefit schemes assumptions and the financial reporting process in arriving at the provision for retirement benefits.
We tested the controls for determining the actuarial assumptions and the approval of those
in the Company is determined with reference
to various actuarial assumptions including assumptions by senior management. We found these key controls were designed, implemented
discount rate, future salary increases, rate of and operated effectively, and therefore determined that we could place reliance on these key
inflation, mortality rates and attrition rates. controls for the purposes of our audit.
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