Investor Presentaiton
MRP
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MRF
LIMITED
1.
Opinion
We have audited the accompanying Consolidated Financial
Statements of MRF Limited (hereinafter referred to as the
"Holding Company") and its subsidiaries (Holding Company
and its subsidiaries together referred to as "the Group") which
comprise the Consolidated Balance Sheet as at March 31, 2023,
and the Consolidated Statement of Profit and Loss (including
Other Comprehensive Income), the Consolidated Statement of
Changes in Equity and the Consolidated Cash Flows Statement for
the year ended on that date and notes to financial statements, a
summary of significant accounting policies and other explanatory
information (hereinafter referred to as "the Consolidated Financial
Statements").
In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid Consolidated 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
Consolidated state of affairs (financial position) of the Group
as at 31st March, 2023, and its Consolidated profit (financial
performance including Other Comprehensive Income), the
Consolidated Changes in Equity and its Consolidated Cash Flows
for the year ended on that date.
2.
Basis for Opinion
We conducted our audit of the Consolidated 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 Consolidated financial Statements section of our
3.
4.
report. We are independent of the Group in accordance with the
Code of Ethics issued by the Institute of Chartered Accountants of
India (ICAI) together with the independence requirements that are
relevant to our audit of the Consolidated 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 Consolidated Financial
Statements.
Emphasis of Matter
We draw attention to Note 25 (j) (a) to the Consolidated 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 Holding 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
Holding Company. The appeal filed by the Holding 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 Consolidated 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 Consolidated Financial
Statements of the current year. These matters were addressed in the
context of our audit of the Consolidated Financial Statements as a
whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
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