Auditor Report of Mishra Dhatu Nigam Ltd.

Mar 31, 2025

We have audited the accompanying standalone financial
statements of Mishra Dhatu Nigam Limited (âthe Companyâ),
which comprise the Balance Sheet as at 31^st March 2025, the
Statement of Profit and Loss (including Other Comprehensive
Income), the Statement of Changes in Equity and the Statement
of Cash Flows for the year then ended, and notes to the financial
statements, including a summary of significant accounting
policies and other explanatory information (hereinafter referred
to as the âstandalone financial statementsâ).

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 âActâ)
in the manner so required and give a true and fair view in conformity
with the Indian Accounting Standards prescribed under section 133
of the Act read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended, (âInd ASâ) and other accounting principles
generally accepted in India, of the state of affairs of the company as at
31^st March 2025, and its profit, total comprehensive income, changes
of 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 (âSAâs) specified
under section 143 (10) of the Act. Our responsibilities under those
Standards are further described in the auditorâs 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
(âICAIâ) of India together with the ethical requirements that are
relevant to our audit of the standalone financial statements under
the provisions of the Act and the rules made thereunder, and we
have fulfilled our other ethical responsibilities in accordance with
these requirements and the ICAIâs code of ethics. We believe that
the audit evidence obtained is sufficient and appropriate to provide
a basis for our audit opinion on the standalone financial statements.

Key audit matters

Key audit matters are those matters that, in our professional
judgment, were of most significance 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 financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on
these matters. The key audit matters that we have identified in
the current year are as follows:

Key Audit matter

How the matter was addressed in our audit

i) Revenue Recognition:

Refer Accounting Policy Note No.2.3 and Note No.
28 to the standalone financial statements.

Revenue Recognition was identified as a key audit
matter as the Company as well as its external
stakeholders focuses on Revenue as a key performance
indicator. This could create an incentive for revenue to
be overstated or recognized before control has been
transferred. The standard on Revenue establishes
a comprehensive framework for determining when,
how and under what conditions Revenue could be
recognized.

How the matter was addressed in our audit

Following audit procedures were performed, considering the significance

of the matter, amongst others to obtain sufficient audit evidence:

1. Evaluated the design of key controls and the operating effectiveness
of the relevant key controls with respect to revenue recognition on
selected transactions.

2. Examined whether the basis of recognition of revenue is in accordance
with the applicable accounting standards.

Key Audit matter	How the matter was addressed in our audit
Accordingly, this involves certain key judgements	3. Checked the underlying documentation to verify that the control and
relating to identification of distinct performance	ownership has been transferred to the customer on sale.
obligations, determination of transaction price of	4. Verified whether the company has instituted adequate cut off
identified performance obligation, the appropriateness of the basis used to measure revenue recognition.	procedures in relation to sales.
	5. Carried out analytical procedures on revenue recognized during the
	year to identify unusual variances, if any.
	Our audit approach did not reveal any non-compliance with the companyâs declared accounting policies, GAAP and Ind AS.
ii) Inventory:
Refer Accounting Policy No.2.8, Note No. 10 and 31	How the matter was addressed in audit
to the standalone financial statements.	Following audit procedures were performed, considering the significance
Inventory was identified as a key audit matter as the Company as well as its external stakeholders focus on Inventory as a key financial and operational indicator. This could create an incentive for inventory to be overstated. Inventory valuation involves certain key managerial judgements including accounting	of the matter, amongst others to obtain sufficient audit evidence: 1. Evaluated the design of key controls and the operating effectiveness of the relevant key controls with respect to Inventory. 2. Review of physical verification of inventory with the company and held by Job workers.
estimates that have been identified as having high	3. For inventory held with Job Workers, wherever physical verification
estimation uncertainty in measuring inventory	was not conducted, verified confirmations received by management at
valuation.	the year end.
	4. Ensured that appropriate adjustments are made to inventory wherever
	variances were observed in physical verification and in the review of external confirmations.
	5. Examined the inventory valuation policies and methods used for its
	appropriateness and compliance with the applicable accounting standards.
	6. Substantive checking of inventory records to ensure compliance with the relevant accounting policies adopted. 7. Examined whether the company has instituted appropriate cut off procedures for recognition of inventory. 8. Performed analytical review procedures in relation to inventory. Our audit approach did not reveal any non-compliance with the companyâs declared accounting policies, GAAP and Ind AS.
iii) Consumption of Raw Material
Refer Note No. 30 to standalone financial statements. Cost of material consumed is identified as a key audit matter as the Company as well as its external stakeholders focuses on Inventory as a key operational indicator. Cost of material consumed is a substantial portion of the total production costs, and the same is a significant part of total expense for the Company. Given the complexity involved in	How the matter was addressed in audit Following audit procedures were performed, considering the significance of the matter, amongst others to obtain sufficient audit evidence: 1. Evaluated the design of key controls and the operating effectiveness of the relevant key controls with respect to procurement, issues, consumption, allocation, recording and recognition of Inventory in respect of Raw Material, reusable scrap and WIP. 2. Substantive checking of material procurement and its recording to
production processes, gap between input and output, there is a risk of costs may not be accurately	ensure compliance with the relevant accounting policies adopted and the applicable accounting standards.

Key Audit matter

How the matter was addressed in our audit

ascertained, allocated or recorded that could lead to
potential misstatements.

3. Substantive checking of recording consumption and allocation to WIP
to ensure compliance with the relevant accounting policies adopted.

4. Substantive checking of inventory records to ensure compliance with
the relevant accounting policies adopted.

5. Performed analytical review procedures in relation to inventory
consumption.

Our audit approach did not reveal any non-compliance with the companyâs

declared accounting policies, GAAP and Ind AS.

Emphasis of Matter

We draw attention to the following matters in the notes to the
standalone financial statements:

1. Note No. 9 (Other Non-Current Assets), Note No.11
(Current Financial Assets Trade - Receivables), Note
No. 14 (Current Financial Assets - Others), Note No. 15
(Other Current Assets), Note No. 22 (Other Non-current
Liabilities), Note No. 24 (Current Financial Liabilities -
Trade Payables), Note No. 25 (Current Financial Liabilities
- Others) and Note No. 26 (Other Current Liabilities) to the
standalone financial statements are subject to receipt of
confirmation of balances/reconciliation.

Our opinion on the standalone financial statements is not
modified in respect of the above matters.

Information other than the standalone financial
statements and auditorsâ report thereon

The Companyâs board of directors are responsible for the preparation
of the other information. The other information comprises the
information included in the Directorsâ Report including Annual
Report on CSR Activities, Management Discussion & Analysis
Report, Business Responsibility Report, Report on Conservation
of Energy, Technology Absorption and Foreign Exchange Earnings
and outgo, Report on Corporate Governance annexed thereto,
Shareholder Information and other information contained in Annual
Report but does not include the standalone financial statements
and our report thereon. These reports are expected to be made
available to us after the date of this auditorâs report.

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

In connection with our audit of the standalone financial
statements, our responsibility is to read the other information
identified above when it becomes available and, in doing so,

consider whether the other information is materially inconsistent
with the standalone financial statements or our knowledge
obtained during the course of our audit or otherwise appears to
be materially misstated.

When we read the other information, if we conclude that there is
material misstatement therein, we are required to communicate
the matter to those charged with governance.

Managementâs responsibility for the standalone
financial statements

The Companyâs board of directors are responsible for the
matters stated in section 134 (5) of the Act with respect to the
preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance
including cash flows, other comprehensive income, changes
in equity of the Company in accordance with the accounting
principles generally accepted in India, including the accounting
standards specified under section 133 of the Act read with
the Companies (Indian Accounting Standards) Rules, 2015
as amended. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions
of the Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant
to the preparation and presentation of the financial statement
that give a true and fair view and are free from material
misstatement, whether due to fraud or error, which have been
used for the purpose of preparation of the standalone financial
statements by the Directors of the Company, as aforesaid.

In preparing the standalone financial statements, management
is responsible for assessing the Companyâs ability to continue
as a going concern, disclosing, as applicable, matters related to

going concern and using the going concern basis of accounting
unless management either intends to liquidate the Company or
to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the
Companyâs financial reporting process.

Auditorâs responsibilities for the audit of the
standalone financial statements

Our objectives are to obtain reasonable assurance about
whether the standalone financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to
issue an auditorâs report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with SAs will always
detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if,
individually or in aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis
of these standalone financial statements.

As part of an audit in accordance with Standards on Auditing,
we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of
the standalone financial statements, whether due to fraud
or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

Obtain an understanding of internal financial control
relevant to the audit in order to design audit procedures that
are appropriate in the circumstances. Under section 143(3)

(i) of the Companies Act, 2013, we are also responsible
for expressing our opinion on whether the company has
adequate internal financial controls system in place and the
operating effectiveness of such controls based on our audit.

Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by management.

Conclude on the appropriateness of managementâs use of
the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast
significant doubt on the Companyâs ability to continue as

a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditorâs
report to the related disclosures in the standalone financial
statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditorâs
report. However, future events or conditions may cause the
Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content
of the standalone financial statements, including the
disclosures, and whether the standalone financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation.

Obtain sufficient appropriate audit evidence regarding
the financial information of the business activities of
the Company to express an opinion on the standalone
financial statements. We are responsible for the direction,
supervision and performance of the audit of the standalone
financial statements of such entity included in.

Materiality is the magnitude of misstatements in the standalone
financial statements that, individually or in aggregate, makes
it probable that the economic decisions of a reasonably
knowledgeable user of the standalone financial statements may
be influenced. We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work and in evaluating
the results of our work; and (ii) to evaluate the effect of any
identified misstatements in the standalone financial statements.

We communicate with those charged with governance of the
Company regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify
during our audit.

We also provide those charged with governance of the Company
with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with
them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable,
related safeguards. From the matters communicated with
those charged with governance of the Company, we determine
those matters that were of most significance in the audit of the
financial statements of the current period and are therefore the
key audit matters. We describe these matters in our auditorâs
report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our
report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits
of such communication.

Report on other legal and regulatory requirements

1. As required by the Companies (Auditorâs Report) Order,
2020 (âthe Orderâ), issued by the Central Government of
India in terms of sub-section (11) of section 143 of the
Companies Act, 2013, we give in the Annexure âAâ, a
statement on the matters specified in paragraphs 3 and 4
of the Order, to the extent applicable.

2. 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 best of 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 the Company so far as it
appears from our examination of those books;

c) The standalone balance sheet, the standalone
statement of profit and loss including other
comprehensive income, standalone statement of
changes in equity and the standalone of cash flows
dealt with by this report are in agreement with the
books of account maintained for the purpose of
preparation of the standalone financial statements;

d) In our opinion, the aforesaid standalone financial
statements comply with the IND AS specified under
section 133 of the Act, read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended;

e) As per Section 164(2) of the Act regarding
disqualification of directors is not applicable to the
Company by virtue of Notification No. G.S.R. No.463
(E) dated 05.06.2015, Government companies are
exempt from the applicability of the provisions of
section 164(2) of the Act. Hence no comments offered;

f) With respect to the adequacy of the internal financial
controls over financial reporting of the Company and
the operating effectiveness of such controls, refer
to our separate report in âAnnexure Câ. Our report
expresses an unmodified opinion on the adequacy
and operating effectiveness of the Companyâs internal
financial controls over financial reporting;

g) With respect to the other matters to be included in
the Auditorâs Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014, in
our opinion and 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 financial position in
its financial statements - Refer Note 41 to the
financial statements;

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

c. There were no amounts which were required
to be transferred to the Investor Education and
Protection Fund by the Company;

d. (i) The management has represented that,

to the best of its knowledge and belief,
no funds have been advanced or loaned
or invested (either from borrowed funds
or share premium or any other sources
or kind of funds) by the company to or in
any other person(s) or entity(ies), including
foreign entities (âIntermediariesâ), with the
understanding, whether recorded in writing
or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest
in other persons or entities identified in
any manner whatsoever by or on behalf of
the company (âUltimate Beneficiariesâ) or
provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries;

(ii) The management has represented, that,
to the best of its knowledge and belief, no
funds have been received by the company
from any person(s) or entity(ies), including
foreign entities (âFunding Partiesâ), with the
understanding, whether recorded in writing
or otherwise, that the company shall,
whether, directly or indirectly, lend or invest
in other persons or entities identified in any

manner whatsoever by or on behalf of the
Funding Party (âUltimate Beneficiariesâ) or
provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries; and

(iii) Based on such audit procedures as were
considered reasonable and appropriate in
the circumstances, nothing has come to our
notice that has caused us to believe that
the representations under sub-clause (i)
and (ii) contain any material mis-statement.

h) Based on our examination, the company has used
accounting software for maintaining its books of
account which has a feature of recording audit trail
(edit log) and the same has operated throughout the
year. Further, during the course of our audit we did
not come across any instance of audit trail feature
being tampered with.

3. As required by Section 143(5) of the Act, we give in
Annexure âDâ, a statement on the matters contained in
directions issued by the Comptroller & Auditor General
of India, the action taken thereon and its impact on the
accounts and standalone financial statements of the
company in terms of aforesaid section;

For Anjaneyulu & Co
Chartered Accountants

FRN - 000180S

K. Narayna Murthy

Partner

Date: 28^th May, 2025 Mem No. 026012

Place: Hyderabad UDIN: 25026012BMICME3134

Mar 31, 2024

We have audited the accompanying standalone financial statements of Mishra Dhatu Nigam Limited (âthe Companyâ), which comprise the Balance Sheet as at 31^st March, 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as the âstandalone financial statementsâ).

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 âActâ) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (âInd ASâ) and other accounting principles generally accepted in India, of the state of affairs of the company as at 31^st March, 2024, and

its profit, total comprehensive income, changes of 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(âSAâs) specified under section 143 (10) of the Act. Our responsibilities under those Standards are further described in the auditorâs 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 (âICAIâ) of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIâs code of ethics. We believe that the audit evidence obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance 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 financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. The key audit matters that we have identified in the current year are as follows:

Key Audit matter

How the matter was addressed in our audit

i) Revenue Recognition:

Refer Accounting Policy Note No.2.3 and Note No. 28 to the standalone financial statements.

Revenue Recognition was identified as a key audit matter as the Company as well as its external stakeholders focus on Revenue as a key performance indicator. This could create an incentive for revenue to be overstated or recognized before control has been transferred. The standard on Revenue establishes a comprehensive framework for determining when, how and under what conditions Revenue could be recognized.

Following audit procedures were performed, considering the significance of the matter, amongst others to obtain sufficient audit evidence:

1. Evaluated the design of key controls and the operating effectiveness of the relevant key controls with respect to revenue recognition on selected transactions.

2. Examined whether the basis of recognition of revenue is in accordance with the applicable accounting standards.

Key Audit matter	How the matter was addressed in our audit
Accordingly, this involves certain key judgements relating to	3. Checked the underlying documentation to verify that the
identification of distinct performance obligations, determination	control and ownership has been transferred to the customer
of transaction price of identified performance obligation,	on sale.
the appropriateness of the basis used to measure revenue
recognition.	4. Verified whether the company has instituted adequate cut off
recognition.	procedures in relation to sales. 5. Carried out analytical procedures on revenue recognized during the year to identify unusual variances, if any. Our audit approach did not reveal any non-compliance with the companyâs declared accounting policies, GAAP and Ind AS.
ii) Inventory:
Refer Accounting Policy No.2.8, Note No. 10 and 31 to the	Following audit procedures were performed, considering the
standalone financial statements.	significance of the matter, amongst others to obtain sufficient audit evidence:
Inventory was identified as a key audit matter as the Company
as well as its external stakeholders focus on Inventory as a	1. Evaluated the design of key controls and the operating
key financial and operational indicator. This could create an	effectiveness of the relevant key controls with
incentive for inventory to be overstated. Inventory valuation	respect to Inventory.
involves certain key managerial judgements including	2. Review of physical verification of inventory with the company
accounting estimates that have been identified as having high	and held by Job workers.
estimation uncertainty in measuring inventory valuation.
	3. For inventory held with Job Workers, wherever physical verification was not conducted, verified confirmations received by management at the year end. 4. Ensured that appropriate adjustments are made to inventory wherever variances were observed in physical verification and in the review of external confirmations. 5. Examined the inventory valuation policies and methods used for its appropriateness and compliance with the applicable accounting standards. 6. Substantive checking of inventory records to ensure compliance with the relevant accounting policies adopted. 7. Examined whether the company has instituted appropriate cut off procedures for recognition of inventory. 8. Performed analytical review procedures in relation to inventory. Our audit approach did not reveal any non-compliance with the companyâs declared accounting policies, GAAP and Ind AS.
iii) Consumption of Raw Material
Refer Note No. 30 to standalone financial statements.	Following audit procedures were performed, considering the significance of the matter, amongst others to obtain sufficient
Cost of material consumed is identified as a key audit matter	audit evidence:
as the Company as well as its external stakeholders focus	audit evidence:
on Inventory as a key operational indicator. Cost of material	1. Evaluated the design of key controls and the operating
consumed is a substantial portion of the total production	effectiveness of the relevant key controls with respect to
costs, and the same is a significant part of total expense	procurement, issues, consumption, allocation, recording
for the Company.	and recognition of Inventory in respect of Ram Material, reusable scrap and WIP.

Key Audit matter

How the matter was addressed in our audit

Given the complexity involved in production processes, gap between input and output, there is a risk of costs may not be accurately ascertained, allocated or recorded that could lead to potential misstatements.

2. Substantive checking of material procurement and its recording to ensure compliance with the relevant accounting policies adopted and the applicable accounting standards.

3. Substantive checking of recording consumption and allocation to WIP to ensure compliance with the relevant accounting policies adopted.

4. Substantive checking of inventory records to ensure compliance with the relevant accounting policies adopted.

5. Performed analytical review procedures in relation to inventory consumption.

Our audit approach did not reveal any non-compliance with the

companyâs declared accounting policies, GAAP and Ind AS.

Emphasis of Matter

We draw attention to the following matters in the notes to the standalone financial statements:

1. Note No. 9 (Other Non-Current Assets), Note No.11 (Current Financial Assets Trade - Receivables), Note No. 14 (Current Financial Assets - Others), Note No. 15 (Other Current Assets), Note No. 22 (Other Non-current Liabilities), Note No. 24 (Current Financial Liabilities -Trade Payables), Note No. 25 (Current Financial Liabilities - Others) and Note No. 26 (Other Current Liabilities) to the standalone financial statements are subject to receipt of confirmation of balances/reconciliation.

Our opinion on the standalone financial statements is not modified in respect of the above matters.

Information other than the standalone financial statements and auditorsâ report thereon

The Companyâs board of directors is responsible for the preparation of the other information. The other information comprises the information included in the Directorsâ Report including Annual Report on CSR Activities, Management Discussion & Analysis Report, Business Responsibility Report, Report on Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and outgo, Report on Corporate Governance annexed thereto, Shareholder Information and other information contained in Annual Report but does not include the standalone financial statements and our report thereon. These reports are expected to be made available to us after the date of this auditorâs report

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

In connection with our audit of the standalone financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

When we read the other information, if we conclude that there is material misstatement therein, we are required to communicate the matter to those charged with governance.

Managementâs responsibility for the standalone financial statements

and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the standalone financial statements by the Directors of the Company, as aforesaid.

In preparing the standalone financial statements, management is responsible for assessing the Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Companyâs financial reporting process.

Auditorâs responsibilities for the audit of the standalone financial statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with Standards on Auditing, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

â¢ Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

â¢ Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)

(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls based on our audit.

â¢ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

â¢ Conclude on the appropriateness of managementâs use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Company to cease to continue as a going concern.

â¢ Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

â¢ Obtain sufficient appropriate audit evidence regarding the financial information of the business activities of the Company to express an opinion on the standalone financial statements. We are responsible for the direction, supervision and performance of the audit of the standalone financial statements of such entity included in.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements

We communicate with those charged with governance of the Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance of the Company with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance of the Company, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on other legal and regulatory requirements

1. As required by the Companies (Auditorâs Report) Order, 2020 (âthe Orderâ), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure âAâ, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. 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 best of 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 the Company so far as it appears from our examination of those books;

c) The standalone balance sheet, the standalone statement of profit and loss including other comprehensive income, standalone statement of changes in equity and the standalone of cash flows dealt with by this report are in agreement with the books of account maintained for the purpose of preparation of the standalone financial statements;

d) In our opinion, the aforesaid standalone financial statements comply with the IND AS specified under section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended;

e) As per Section 164(2) of the Act regarding disqualification of directors is not applicable to the Company by virtue of Notification No. G.S.R. No.463

(E) dated 05.06.2015, Government companies are exempt from the applicability of the provisions of section 164(2) of the Act. Hence no comments offered;

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in âAnnexure Câ. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companyâs internal financial controls over financial reporting;

g) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and 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 financial position in its financial statements - Refer Note 41 to the financial statements;

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

c. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company;

d. (i) The management has represented that,

to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person(s) or entity(ies), including foreign entities (âIntermediariesâ), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(ii) The management has represented, that, to the best of its knowledge and belief, no funds have been received by the company from any person(s) or entity(ies), including

foreign entities (âFunding Partiesâ), with the understanding, whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

(iii) Based on such audit procedures as were considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) contain any material mis-statement.

h) Based on our examination, the company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) and the same has operated throughout the year. Further,

during the course of our audit we did not come across any instance of audit trail feature being tampered with.

3. As required by Section 143(5) of the Act, we give in Annexure âDâ, a statement on the matters contained in directions issued by the Comptroller & Auditor General of India, the action taken thereon and its impact on the accounts and standalone financial statements of the company in terms of aforesaid section;

Gandhi & Gandhi Chartered Accountants

Sd/-

Rama Mohan Giri

Partner Mem No. 29478 Firm Reg No. 000849S 29^th May, 2024 UDIN: 24029478BKBEMB6909

Mar 31, 2023

Mishra Dhatu Nigam Limited

Hyderabad.

Report on the Audit of the Standalone Financial Statements

We have issued an Independent Audit Report dated 25.05.2023 on the Ind AS Standalone Financial Statements as adopted by Board of Directors on even date. Pursuant to the observations of Comptroller and Auditor General of India, we are issuing this Revised Report by including additional disclosure under âKey Audit Matterâ and âReport on Other Legal and Regulatory Requirementsâ para. This report supersedes our earlier report issued on 25.05.2023.

Opinion

We have audited the accompanying standalone financial statements of Mishra Dhatu Nigam Limited (the âCompanyâ), which comprise the Balance Sheet as at March 31, 2023, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and a summary of significant accounting policies and other explanatory information (hereinafter referred to as the âstandalone financial statementsâ).

Accounting Standards) Rules, 2015, as amended, (âInd ASâ) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2023, the profit and total comprehensive income, 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 (âSAâs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditorâs 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 (âICAIâ) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIâs Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Key Audit Matter

Key Audit matter	How the matter was addressed in our audit
Revenue Recognition
Refer Accounting Policy Note No.2.3 and Note No. 28 to the	Following audit procedures were applied, considering the
standalone financial statements. Revenue Recognition was identified as a key audit matter as the	significance of the matter, amongst others to obtain sufficient appropriate audit evidence:
Company as well as its external stakeholders focus on Revenue	1. Assessed the appropriateness of the revenue recognition
as a key performance indicator. This could create an incentive for	accounting policies whether they are in line with applicable
revenue to be overstated or recognised before control has been transferred.	accounting standards.

Key Audit matter	How the matter was addressed in our audit
The standard on Revenue establishes a comprehensive framework	2.	Evaluated the design of key controls and operating
for determining when, how much & whether, revenue could be		effectiveness of the relevant key controls with respect to
recognized. Accordingly, this involves certain key judgements		revenue recognition on selected transactions.
relating to identification of distinct performance obligations, determination of transaction price of identified performance obligation, the appropriateness of the basis used to measure revenue recognition.	3.	Performed substantive testing by sample selection of revenue transactions recorded during the year by testing the underlying documents.
	4.	Carried out analytical procedures on revenue recognised during the year to identify unusual variances, if any.
	5.	Tested on sampling basis, whether revenue transactions near to the reporting data have been recognised in the appropriate period by comparing the transactions selected with relevant underlying documentation, including goods delivery notes and the terms of sales.
	6.	Checked the underlying documentation to verify that the control and ownership has been transferred to the customer.
Disclosure relating to Scrap which is re-usable as Raw Material
Refer Note No.31 in the Standalone Financial Statements
Company is engaged in production and supply of various Super	Following audit procedures were applied, considering the
Alloys, Special Steels/materials to Defence and other strategic	significance of the matter, amongst others to obtain sufficient
sectors for Nuclear, aeronautical and space applications. In each	appropriate audit evidence:
manufacturing process involving Melting, Forging and Machining, Scrap is generated in the process which again will be re-usable almost to the extent of 90% as Raw Material in production process. Company is holding substantial amounts of scrap generated over	1.	Checked the existing disclosure till the last financial year ending, where the Company consistently disclosed for Scrap Accounting under âCost of Material consumedâ.
the past few years which is again re-usable as Raw Material. This	2.	Reviewed the details of the clarification sought from the
was earlier shown under âCost of Material Consumedâ (Note No.30)		Expert Committee of ICAI by the Company, duly disclosing
Since there was no specific Ind AS or Guidance Note on the matter relating to disclosure of scrap accounting and due to the peculiar nature of the scrap re-usage, Company had sought Expert Opinion		the present mode of accounting, specific query regarding the exact nature of disclosure to be made along with underlying facts.
from ICAI regarding the disclosure in this regard.	3.	Reviewed the Expert Opinion given by the ICAI regarding the
As per the Expert Opinion received from ICAI, the Company had		disclosures in the Financials relating to Scrap Accounting.
regrouped the disclosure of the Scrap Accounting from earlier Note	4.	Checked the implementation of the said recommendation
30 - Cost of Material Consumed to Note 31 - Changes in Inventories		given by the Expert Committee of the ICAI by way of re-
of Finished Goods, Work in Progress and Stock-in-Trade.		grouping in this regard.

Emphasis of Matter

We draw attention to the following matters in the Notes to the Standalone Financial Statements:

a) Note No. 9 (Other Non-Current Assets), Note No. 11 (Current Financial Assets - Trade Receivables), Note No. 14 (Current Financial Assets - Others), Note No. 15 (Other Current Assets),

Note No. 22 (Other Non-current Liabilities), Note No. 24 (Current Financial Liabilities - Trade Payables), Note No. 25 (Current Financial Liabilities - Others) and Note No. 26 (Other Current Liabilities) to the standalone Financial Statements are subject to receipt of confirmation of balances/reconciliation.

Our opinion on the Standalone Financial Statements is not modified in respect of the above matters.

Other Information

The Companyâs Board of Directors is responsible for the other information. The other information comprises the information contained in Directorsâ Report including Annual Report on CSR Activities, Management Discussion & Analysis Report, Business Responsibility Report, Report on Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and outgo, Report on Corporate Governance annexed thereto, Shareholder Information and other information contained in Annual Report, but does not include the standalone financial statements and our report thereon. These reports are expected to be made available to us after the date of this auditorsâ report.

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

When we read the other information, if we conclude that there is material misstatement therein, we are required to communicate the matter to those charged with governance.

Managementâs Responsibilities for the Standalone Financial Statements

The Companyâs Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, including other comprehensive income, changes in equity and cash flows of the Company in accordance with accounting principles generally accepted in India, including the Ind AS specified under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 as amended. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement,

whether due to fraud or error, which have been used for the purpose of preparation of the standalone financial statements by the Directors of the Company, as aforesaid.

The Board of Directors are responsible for overseeing the Companyâs financial reporting process.

Auditorâs Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

â¢ Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls based on our audit.

â¢ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

â¢ If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements.

We communicate with those charged with governance of the Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

From the matters communicated with those charged with governance of the Company, we determine those matters that were of most significance in the audit of the standalone financial

statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1) As required by the Companies (Auditorâs Report) Order, 2020 (âthe Orderâ) issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the Annexure âAâ, a Statement on the Matters specified in the Paragraph 3 and 4 of the Order, to the extent applicable.

2) As required by Section 143(3) of the Act, based on our audit we report, to the extent applicable, that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion, proper books of accounts as required by law relating to preparation of the aforesaid standalone financial statements have been kept by the Company so far as it appears from our examination of those books.

c) The standalone Balance Sheet, the standalone Statement of Profit and Loss including Other Comprehensive Income, standalone Statement of Changes in Equity and the standalone Statement of Cash Flows dealt with by this Report are in agreement with the relevant books of accounts maintained for the purpose of preparation of the standalone financial statements.

d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.

e) As per Section 164(2) of the Act regarding disqualification of directors is not applicable to the Company by virtue of Notification No. G.S.R. No.463 (E) dated 05.06.2015, Government companies are exempt from the applicability of the provisions of section 164(2) of the Act. Hence no comments offered.

f) With respect to the adequacy of the internal financial controls with reference to Financial Statements of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure âCâ. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companyâs internal financial controls over financial reporting.

g) As required by Section 143(5) of the Act, we give in Annexure âDâ, a statement on the matters contained in directions issued by the Comptroller & Auditor General of India, the action taken thereon and its impact on the accounts and standalone financial statements of the company in terms of aforesaid section.

h) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company have pending litigations, the liabilities in respect of which is either provided for or disclosed as contingent liabilities - Refer Note 41 of the Notes on accounts to the standalone financial statements. The company has disclosed the impact of these pending litigations on the standalone financial position of the Company is subject to their judicial outcome;

ii. The company did not have any long term contracts including Derivative Contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

iv. Proviso to Rule 3(1) of the Companies (Accounts) Rules 2014 for maintaining books of accounts using accounting software which has a feature of recording audit trail (edit log) facility is applicable to the Company with effect from 1^st April 2023 and accordingly, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules 2014 is not applicable for the Financial Year ended 31^st March, 2023

For Sarath & Associates Chartered Accountants

Firm Regn. 05120S

Sd/-

CA V S Roop Kumar

Partner

Date : 27.6.2023 M No. 213734

Place : Hyderabad UDIN : 23213734BGWPBD2729

Mar 31, 2021

Mishra Dhatu Nigam Limited

Hyderabad.

Report on the Audit of the Standalone Financial Statements

We have issued an Independent Audit Report dated 24.06.2021 on the Ind AS Standalone Financial Statements as adopted by Board of Directors on even date. Pursuant to the observations of Comptroller and Auditor General of India, we are issuing this Revised Report by including additional disclosures under ''Emphasis of Matter'' para and by replacing the phrase ''internal financial controls'' with the phrase "internal financial controls with reference to financial statements" at appropriate places and also including additional disclosures in Annexure âDâ to comply with the above observations. This report supersedes our earlier report issued on 24.06.2021.

Opinion

We have audited the accompanying standalone financial statements of Mishra Dhatu Nigam Limited

(the "Company"), which comprise the Balance Sheet as at March 31, 2021, the Statement of Profit and Loss (including Other Comprehensive Income), the Statementof Changes in Equity and the Statement of Cash Flows for the year then ended, and a summary of significant accounting policies and other explanatory information (hereinafter referred to as the "standalone financial statements").

Key Audit Matter

Key audit matters are those matters that, in our professional judgement, were of most significance 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 financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. The key audit matters that we have identified in the current year are as follows:

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 prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2021, the profit and total comprehensive income, 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 ("SA"s) 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") together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made 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 obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Key Audit matter

How the matter was addressed in our audit

Revenue Recognition

Refer Accounting Policy Note No.2.3 and Note No. 28 to the standalone financial statements.

The standard on Revenue establishes a comprehensive framework for determining when, how much Swhether, revenue could be recognized. Accordingly, this involves certain key judgements relating to identification of distinct performance obligations, determination of transaction price of identified performance obligation, the appropriateness of the basis used to measure revenue recognition.

Following audit procedures were applied, considering the significance of the matter, amongstothers to obtain sufficient appropriate audit evidence:

1. Assessed the appropriateness of the revenue recognition accounting policies whether they are in line with applicable accounting standards.

2. Evaluated the design of key controls and operating effectiveness of the relevant key controls with respect to revenue recognition on selected transactions.

3. Performed substantive testing by sample selection of revenue transactions recorded during the year by testing the underlying documents.

4. Carried out analytical procedures on revenue recognised during the year to identify unusual variances, if any.

Emphasis of Matter

We draw attention to the following matters in the Notes to the Standalone Financial Statements:

a) Note No. 9 (Other Non-Current Assets), Note No.11 (Current Financial Assets - Trade Receivables), Note No. 14 (Current Financial Assets - Others), Note No. 15 (Other Current Assets), Note No. 22 (Other Noncurrent Liabilities), Note No. 24 (Current Financial Liabilities - Trade Payables), Note No. 25 (Current Financial Liabilities - Others) and Note No. 26 (Other Current Liabilities) to the standalone Financial Statements are subject to receipt of confirmation of balances/reconciliation.

b) We draw attention to Note No. 44 of the Standalone financial statements in which the Company describes the impact arising from the COVID-19 Pandemic.

c) After completion of tenure of Independent Directors, the composition of Company''s Board and other Board Sub-Committee is not in line with SEBI (LODR) Regulations 17, 18, 19, 20 & 21. National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) have levied penalties for non-compliance of above SEBI LODR regulations amounting to H 65.75 Lakhs. Company has no role to play in the appointment of Directors of the Board and hence the penalty is not accepted and representations are made by Company for waiver of the same.

Our opinion on the Standalone Financial Statements is not modified in respect of the above matters.

Other Information

The Company''s Board of Directors is responsible for the other information. The other information comprises the information contained in Directors'' Report including Annual Report on CSR Activities, Management Discussion & Analysis Report, Business Responsibility Report, Report on Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and outgo, Report on Corporate Governance annexed thereto, Shareholder Information and other information contained in Annual Report, but does not include the standalone financial statements and our report thereon. These reports are expected to be made available to us after the date of this auditors'' report.

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

When we read the other information, if we conclude that there is material misstatement therein, we are required to communicate the matter to those charged with governance.

Managementâs Responsibilities for the Standalone Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, including other comprehensive income, changes in equity and cash flows of the Company in accordance with accounting principles generally accepted in India, including the Ind AS specified under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 as amended. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the standalone financial statements by the Directors of the Company, as aforesaid.

Key Audit matter	How the matter was addressed in our audit
	5.	Tested on sampling basis, whether revenue transactions near to the reporting data have been recognised in the appropriate period by comparing the transactions selected with relevant underlying documentation, including goods delivery notes and the terms of sales.
	6.	Checked the underlying documentation to verify that the control and ownership has been transferred to the customer.

In preparing the standalone financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company''s financial reporting process.

Auditorâs Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that i ncl ud es ou r opi nion. Reasona ble ass urance is a hig h level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

â¢ Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements are in place and the operating effectiveness of such controls based on our audit.

â¢ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

â¢ Conclude on the appropriateness of management''s use of the going concern basis of accounting and,

based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern.

â¢ If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements.

We communicate with those charged with governance of the Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

From the matters communicated with those charged with governance of the Company, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless

law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be 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 Act, we give in the Annexure âAâ, a Statement on the Matters specified in the Paragraph 3 and 4 of the Order, to the extent applicable.

2) As required by Section 143(3) of the Act, based on our audit we report, to the extent applicable, that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

e) As per Section 164(2) of the Act regarding disqualification of directors is not applicable to the Company by virtue of Notification No. G.S.R. No.463(E) dated 05.06.2015, Government companies are exempt from the applicability of the provisions of section 164(2) of the Act. Hence no comments offered.

Company''s internal financial controls with reference to Financial Statements.

h) with respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:

ii. The company did not have any long term contracts including Derivative Contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

For Sarath & Associates Chartered Accountants Firm Regn. 05120S

Sd/-

CA S Srinivas Partner M.No. 202471 UDIN : 21202471AAAAGR1521

Date : 21.08.2021 Place : Hyderabad

Mar 31, 2018

INDEPENDENT AUDITOR''S REPORT

The Members,

MISHRA DHATU NIGAM LIMITED,

Hyderabad.

Report on the Ind AS Financial Statements

1) We have audited the accompanying Ind AS Financial Statements of MISHRA DHATU NIGAM LIMITED, ("the Company"), which comprise the Balance Sheet as at March 31 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended and a summary of Significant Accounting Policies and other explanatory information.

2) We have issued an Audit Report dated 30.05.2018 ("the original report") on the Ind AS Financial Statements as adopted by Board of Directors on even date. Pursuant to observations of Comptroller and Auditor General of India under section 143(6)(b) of Companies Act, 2013, the original report has been amended at Sl.No.i(c) of Annexure A and Sl.No.1 of Annexure D of this Report, to comply with the above observations.

Management''s Responsibility for the Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these Ind AS Financial Statements that give a true and fair view of the financial position, financial performance including other comprehensive income, changes in equity and cash flows of the Company in accordance with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India.

This responsibility also includes the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate Accounting Policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Ind AS Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these Ind AS Financial Statements based on our audit. In conducting our Audit, we have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the Audit Report under the provisions of the Act and the Rules made thereunder and the Order issued under section 143(11) of the Act.

We conducted our audit of the Ind AS Financial Statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Ind AS Financial Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Ind AS Financial Statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the Ind AS Financial Statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the Ind AS Financial Statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company''s Directors, as well as evaluating the overall presentation of the Ind AS Financial Statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Ind AS Financial Statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS Financial Statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31^st 2018 and its profit, total comprehensive income, the changes in equity and its cash flows for the year ended on that date.

Emphasis of Matter

We draw attention to the following matter in the Notes to the Ind AS Financial Statements:

Note No. 9 (Other Non-Current Assets), Note No. 14 (Other Financial Assets) Note No. 15 (Other Current Assets), Note No. 22 (Other Non-current Liabilities), Note No. 24 (Trade Payables), Note No. 25 (Other Financial Liabilities) and Note No. 26 (Other Current Liabilities) to the Ind AS Financial Statements are subject to receipt of confirmation of balances/reconciliation.

Our opinion is not modified in respect of the above matter.

Report on other Legal and Regulatory Requirement

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 Act, 2013, we give in the Annexure A, a Statement on the Matters specified in the Paragraph 3 and 4 of the Order.

2) As required by the Sub-section (5) of Section 143 of the Act, we give in the Annexure D, a Statement on the matters contained in directions issued by the Comptroller & Auditor General of India in terms of aforesaid section.

3) As required by Section 143(3) of the Act, based on our audit we report that:

a) we have sought and obtained all the information and explanations which to the best of 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 the Company so far as it appears from our examination of those books;

c) the Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the books of account;

d) in our opinion, the aforesaid Ind AS Financial Statements comply with the Indian Accounting Standards prescribed under Section 133 of the Act, read with the of the Companies (Indian Accounting Standards) Rules, 2015, as amended;

e) in terms of Ministry of Corporate Affairs GSR No. 463 (E) dated 05.06.2015, Government companies are exempt from the applicability of the provisions of section 164(2) of the Companies Act, 2013. Hence no comments offered.

f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure C. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.

g) with respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:

i) The Company has disclosed the impact of pending litigations in its financial position in its Ind AS Financial Statements. Refer to Note No. 43 of the Notes on Accounts to the Ind AS Financial Statements.

ii) The company did not have any long term contracts including Derivative Contracts for which there were any material foreseeable losses.

iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

(Referred to in paragraph 1 under "Report on Other Legal and Regulatory Requirements" of our report to Members of Mishra Dhatu Nigam Limited of even date)

i. In respect of the Company''s fixed assets:

(a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The Company has a program of verification to cover all the items of fixed assets, in our opinion, it is reasonable having regard to the size of the Company and the nature of its assets. As informed to us, all the fixed assets have been physically verified by the management during the year. According to the information and explanation given to us, no material discrepancies were noticed on such verification.

(c) According to the information and explanation given to us and on the basis of our examination of the conveyance deeds provided to us, we report that, the title deeds of immovable properties of land and buildings which are mentioned here under are not held in the name of the Company.

Sl. No.	Particulars	Land Details
1.	Total Number of Cases	i. Factory Area: 132 acres and 31 Guntas ii. Corporate Office: 8.00 Acres iii. Township Area: 97 Acres and 05 Guntas iv. Under lease to DRDO & Others: 37 Acres and 39 Guntas.
2.	Whether Freehold/ Lease hold	Free hold
3.	Gross/ Net Block as on 31-03-2018 of the above.	'' 12.88 millions
4.	Remarks	Conveyance Deed for 275 Acres and 35 Guntas of land acquired are yet to be executed in the name of the Company. Out of this 1.5 Acres land is under dispute on account of unauthorized occupancy by third party.

ii. According to the information and explanations given to us and based on our examination of records, Physical verification of inventory has been conducted by the management at reasonable intervals and the discrepancies noticed on such physical verification by the management have been properly dealt with in the books of account.

iii. According to the information and explanations given to us and based on our examination of records, the company has not granted any loans, secured or unsecured to companies, firms, limited liability partnerships or other parties covered under section 189 of the Companies Act 2013. Accordingly the clause 3(iii)(a), 3(iii)(b) and 3(iii)(c) of the Order are not applicable to the Company.

iv. According to the information and explanations given to us and based on our examination of records, the provisions of section 185 and 186 of the Companies Act, 2013 are not applicable to the Company vide Notification GSR No.463(E) F.No.1/2/2014-CL.V dated 5^th June 2015.

v. According to the information and explanations given to us and based on our examination of records, the Company has not accepted any deposits during the year and does not have any unclaimed deposits as at March 31, 2018 and therefore, the provisions of the clause 3(v) not applicable to the Company.

vi. We have broadly reviewed the cost records maintained by the Company as prescribed by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013 and are of the opinion that prima facie, the prescribed cost records have been made and maintained. We have, however, not made a detailed examination of these records with a view to determine whether they are accurate and complete.

vii. According to the information and explanations given to us and on the basis of examination of the records of the Company in respect of Statutory dues:

a) The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees'' State Insurance, Income Tax, Goods and Service Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Entry Tax, Cess and other material statutory dues applicable to it with the appropriate authorities.

b) There were no undisputed amounts payable in respect of Provident Fund, Employees'' State Insurance, Income Tax, Goods and Service Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues in arrears as at 31 March 2018 for a period of more than six months from the date they became payable.

c) Details of disputed Statutory Dues of Income Tax, Sales Tax, Value Added Tax, Custom Duty, Excise Duty, Entry Tax, Cess (as applicable) amounting to '' 47.63 millions as at 31^st March 2018, have not been deposited on account of disputes pending before appropriate authorities as given in Annexure-B

viii. According to the information and explanations given to us and on the basis of examination of the records of the Company, the Company has not defaulted in repayment of dues to any financial institution or bank or government during the year. The Company has not issued any debentures.

ix. In our opinion and according to the information and explanations given to us and on the basis of examination of the records of the Company, even though during the Financial Year the Company has gone for initial public offer by way of dis-investment of 26% of its Equity Shares held in the name of the President of India, there is no inflow of money into the Company, instead of that the same was credited to Government of India from the above offer. Therefore, the provisions of the clause 3(ix) are not applicable.

x. According to the information and explanations given to us and on the basis of examination of the records of the Company, no material fraud by the company or on the Company by its officers or employees has been noticed or reported during the year or informed any such case by the management.

xi. In our Opinion and according to the information and explanations given to us, Provision of Section 197 are not applicable to Government companies vide notification no. G.S.R. 463(E) F.No.1/2/2014-CL.V dated 05.06.2015 issued by the Central Government, therefore the provisions of clause 3 (xi) of the order are not applicable to the Company.

xii. The Company is not a Nidhi Company and hence reporting under clause 3(xii) of the Order is not applicable to the Company.

xiii. According to the information and explanations given to us and on the basis of examination of the records of the Company, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Ind AS Financial Statements etc., as required by the applicable accounting standards.

xiv. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review and hence reporting under clause 3(xiv) of the Order is not applicable to the Company.

xv. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with its Directors or persons connected to its directors and hence reporting under clause 3(xv) of the Order is not applicable to the Company.

xvi. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934 and hence reporting under clause 3(xvi) of the Order is not applicable.

(Referred to in paragraph vii (c) of Annexure A, a statement on the matters specified in the Companies (Auditor''s Report) Order, 2016 (as amended) of the Company for the year ended on 31^st March, 2018.

According to the records of the company dues of Income Tax, Sales Tax, Value Added Tax, Custom Duty, Excise Duty, Entry Tax and Cess which have not been deposited on account of any dispute are stated below: -

Sl. No.	Name of the Statute	Nature of the Dues	Amount ('' in Millions)	Period to which the amount relates	Forum where dispute is pending
1	Income Tax Act, 1961	Income tax Demand	4.04	A.Y. 2015-16	CPC, Bangalore
2	CST Act, 1956	Demand of CST	8.28	A.Y. 2010-11	VAT Tribunal, Telangana
3	VAT Act 2005/ CST Act, 1956	Demand of CST (C Forms)	0.23	A.Y. 2011-12	Appellate Deputy Commissioner
4	Customs Act, 1962	Custom Duty and Penalty	10.62	A.Y. 2011-12	CESTAT, Bangalore
5	Central Excise Tariff Act, 1985	Excise Duty Penalty	22.60	A.Y. 2006-07 to A.Y. 2008-09	Commissioner of Customs, Central Excise and Service Tax
6	Central Excise Tariff Act, 1985	Demand of Excise Duty	0.02	A.Y. 2018-19	Commissioner of Customs, Central Excise and Service Tax
7	Andhra Pradesh tax on Entry of goods into Local areas Act, 2001	Demand of Entry Tax	1.84	A.Y. 2013-14 & A.Y. 2014-15	Appellate Deputy Commissioner, Panjagutta Division, Hyd
		Total	47.63
Total amount paid under protest pending final orders '' 15.38 millions

(Referred to in paragraph 3(f) under "Report on Other Legal and Regulatory Requirements" of our report to Members of Mishra Dhatu Nigam Limited of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Mishra Dhatu Nigam Limited, ("the Company"), as of 31^st March 2018 in conjunction with our audit of the Ind AS Financial Statements of the Company for the year ended on that date.

Management''s Responsibility for Internal Financial Controls:

The Board of Directors of the Company is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (''ICAI''). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors'' Responsibility

Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting including obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the Ind AS Financial Statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Ind AS Financial Statements for external purposes in accordance with generally accepted accounting principles.

A company''s internal financial control over financial reporting includes those policies and procedures that

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

(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of Ind AS Financial Statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the Ind AS Financial Statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion:

In our opinion, to the best of our information and according to the explanation given to us, the Company has, in all material respects, an adequate internal financial controls over financial reporting and such internal financial controls over financial reporting were operating effectively as on March 31, 2018, based on the internal control over financial reporting criteria established by the company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

Place: Hyderabad,

Date: 25^th June, 2018.

for BASHA & NARASIMHAN

Chartered Accountants

Firm''s Registration No.: 006031S

Sd/-

K. Narasimha Sah,

Partner

Membership No.201777

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