Investor Presentaiton
MRP
ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT OF
EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF MRF
LIMITED
(i)
(a) A.
(b)
(c)
(d)
(e)
(ii) (a)
B.
The Company has maintained proper records showing
full particulars, including quantitative details and
situation of Property, Plant and Equipment and right-of-
use assets;
The Company has maintained proper records showing
full particulars of intangible assets.
The Assets have been physically verified by the management
in accordance with a phased programme of verification,
which in our opinion is reasonable, considering the size and
the nature of its business. The frequency of verification is
reasonable and no material discrepancies have been noticed
on such physical verification. All discrepancies have been
properly dealt with in the books of accounts.
Based on our examination of the registered sale deed/transfer
deed conveyance deed / property tax paid documents
(which evidences title) provided to us, we report that, the
title in respect of self-constructed buildings and title deeds
of all other immovable properties, (other than immovable
properties where the Company is the lessee and where the
lease agreements are duly executed in favour of the Company)
disclosed in the financial statements included in property,
plant and equipment are held in the name of the Company as
at the balance sheet date.
The Company has not revalued any of its Property, plant and
equipment (including of right-of-use assets) and intangible
assets during the year.
No proceedings have been initiated during the year or are
pending against the Company as at 31st March 2023 for
holding any benami property under the Benami Transaction
(Prohibition) Act, 1988, as amended and rules made
thereunder.
The inventory, except for goods in transit and stocks held
with third parties, has been physically verified by the
management during the year at reasonable intervals. In our
opinion, the coverage and procedure of such verification by
the management is appropriate having regard to the size of the
Company and the nature of its operation. For stocks held with
third parties at the year end, written confirmations have been
obtained and in respect of goods in transit, the goods have
been received subsequent to the year-end or confirmation
have been obtained. No discrepancies of 10% or more in the
aggregate for each class of inventory were noticed on such
physical verification of inventory when compared with books
of account.
(b) According to the information and explanations given to us, the
Company has been sanctioned working capital limits in excess
of 5 crores, in aggregate, at any point of time during the year,
from banks on the basis of security of current assets. In our
opinion and according to the information and explanations
given to us, the quarterly returns and other stipulated financial
information filed by the Company with such banks are
in agreement with the unaudited books of account of the
Company for the first three quarters and with the audited
books of account in respect of fourth quarter ending 31st
March 2023 and there are no material discrepancies.
(iii) The Company has made investments in companies and other
entities. The Company has not provided any guarantee or security,
and granted any loans or advances in the nature of loans, secured or
unsecured, to companies, firms, Limited Liability Partnerships or any
other parties during the year.
(a)
(b)
The Company has not provided any loans or advances in the
nature of loans or stood guarantee or provided security to any
other entity during the year and hence reporting under clauses
(iii) (a), (c), (d), (e) and (f) of the order are not applicable.
In our opinion, the investments made in companies are, prima
facie, not prejudicial to the company's interest.
(iv) In our opinion, in respect of investments made, the Company has
complied with the provisions of Section 186 of the Act.
(v)
The Company has not accepted any deposits or amounts which are
deemed to be deposits within the meaning of Sections 73 to 76 of
the Act and the Companies (Acceptance of Deposits) Rules, 2014 as
amended. Accordingly, the provisions of clause 3(v) of Para 3 of the
Order are not applicable to the Company.
(vi) We have broadly reviewed the books of account maintained by the
Company pursuant to the rules made by the Central Government for
the maintenance of cost records under section 148 (1) of the Act,
and are of the opinion that prima facie, the prescribed accounts and
records have been made and maintained.
(vii) (a) The Company is regular in depositing undisputed statutory
dues, including Goods and Service Tax, Provident Fund,
Employees' State Insurance, Income Tax, Sales-Tax, Service
Tax, duty of customs, duty of excise, value added tax, cess
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