We have audited the accompanying standalone financial
statements of NMDC Steel Limited ("the Company”),
which comprise the Balance Sheet as at March 31,
2025, and the Statement of Profit and Loss (including
Other Comprehensive Income), Statement of Changes
in Equity and the Statement of Cash Flows for the year
ended on that date and notes to the Standalone financial
statements including a summary of material accounting
policies and other explanatory information.
In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
Standalone financial statements give the information
required by the Companies Act, 2013 ("the Act”) in
the manner so required and give a true and fair view
in conformity with the Indian Accounting Standards
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, 2025, and its loss, total
comprehensive loss, changes in equity and its cash flows
for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial
statements in accordance with the Standards on Auditing
("SAs”) specified under section 143(10) of the Act.
Our responsibilities under those Standards are further
described in the Auditor's Responsibility 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 Matters
Key audit matters are those matters that, in our
professional judgment, were of most significance in
our audit of the standalone financial statements for the
financial year ended March 31, 2025. 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. For each matter below, our
description of how our audit addressed the matter is
provided in that context.
We have determined the matters described below to be
the key audit matters to be communicated in our report.
We have fulfilled the responsibilities described in the
Auditor's responsibilities for the audit of the standalone
financial statements section of our report, including in
relation to these matters. Accordingly, our audit included
the performance of procedures designed to respond to our
assessment of the risks of material misstatement of the
standalone financial statements. The results of our audit
procedures, including the procedures performed to address
the matters below, provide the basis for our audit opinion on
the accompanying standalone financial statements.
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S
.. Key Audit Matter
No
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Auditor's Response
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1 Litigation Matters, Provisions and Contingent Liabilities related to ongoing litigations
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The Company has certain significant ongoing legal
and arbitration proceedings, tax cases for various
complex matters with the Courts and other forums,
continuing from earlier years.
Management's disclosures with regards to
provisions and contingent liabilities relating to
ongoing litigations are presented in note 2.28
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Our audit procedures included and were not limited to the
following:
We have tested the design, implementation and operating
effectiveness of the controls established by the Company in
the process of evaluation of litigation matters.
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S
No
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Key Audit Matter
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Auditor's Response
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to the Company's Financial Statements. Refer
note 1.3.ix for related material accounting policy
information adopted by the Company.
The assessment of whether a liability is recognised
as a provision or disclosed as a contingent liability
in the standalone financial statements is inherently
subjective and requires significant management
judgement in determination of the cash outflows,
interpretation of applicable laws and regulations,
and careful examination of pending assessments at
various levels of regulatory authorities.
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We have assessed the management's position through
discussions with the in-house legal expert , the probability
of success in the aforesaid cases, and the magnitude of any
potential loss.
We have reviewed the legal and professional expenses
incurred and discussed with the management on the
developments in respect of these litigations during the
year ended 31st March, 2025 till the date of approval of the
Standalone Financial Statements.
Rolled out of enquiry letters to the Company's legal counsel.
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Due to complexity involved in these litigation
matters, management's judgement regarding
recognition, measurement and disclosure of
provisions for these legal proceedings is inherently
uncertain and might change over time as the
outcomes of the legal cases are determined.
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We have reviewed the disclosures made by the Company in
the Financial Statements in accordance with the applicable
Indian Accounting Standards.
We have Obtained Management representation letter on the
assessment of these matters.
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Accordingly, it has been considered as a key audit
matter.
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2
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Property, plant and equipment and intangible assets (including capital work in progress)
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As at 31st March 2025 the Company has Property,
Plant and Equipment (PPE'), Capital Work-in¬
Progress ('CWIP') and Intangible Asset (IA') with
carrying value of H 20,083.48 crore, H 717.19 crore
and H 4.72 crore respectively, as disclosed in note
2.1.1, note 2.2 and note 2.3 of the accompanying
Standalone Financial Statements.
Refer note 1.3.iv.(a),(b) and note 1.3.v for the
material accounting policy information adopted by
the Company for recognition and measurement of
Property, Plant and Equipment, CWIP and Intangible
Assets.
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Our procedures included and were not limited to the
following:
We have obtained an understanding of the company's
capitalization policy and management's process of
recording the transactions pertaining to capital expenditure
incurred by the company and evaluated the accounting
policies adopted by the company in accordance with the
requirements of Ind AS 16 and Ind AS 38.
We have evaluated the design and tested the operating
effectiveness of the controls put in place by the
management in relation to the above process. We have
obtained componentization reports issued by third party
management experts for capitalizations carried out during
the year and have assessed appropriateness of basis of
componentization and estimates of useful life.
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Determination of carrying values and their
respective depreciation and amortisation amounts
of PPE, IA and CWIP requires considerable
management judgement. The decisions to capitalise
or expense costs, the useful life review, residual
value review the timeliness of the capitalisation of
assets, Spare Parts Capitalization and the use of
management's assumptions and judgementsfor the
determination and measurement of assets retired
from active use,
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We have tested the amounts capitalized during the year,
on a sample basis, by inspecting supporting documents
and evaluating whether assets capitalized satisfied the
recognition criteria in accordance with Indian Accounting
Standards and were recognized accurately in the correct
periods and with correct amounts.
We have reviewed the judgements made by management in
determination of carrying values of the specified noncurrent
assets including the nature of underlying costs capitalized,
determination of realizable value of the assets retired
from active use, the appropriateness of useful lives and
residual values applied in the calculation of depreciation as
determined by technical assessment by management and
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S
No
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Key Audit Matter
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Auditor's Response
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in accordance with the requirements of Ind AS 16 -
Property, Plant and Equipment ('Ind AS 16') and Ind
AS 38 - Intangible Assets ('Ind AS 38').
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external technical experts, where required, and evaluation
of appropriateness of long outstanding CWIP balances
pertaining to long-term projects.
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Considering the significance of amounts involved
in the context of the balance sheet of the Company
and the level of judgements and estimates required,
we consider this to be a key audit matter in the
current year audit.
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We have evaluated the appropriateness and adequacy
of the related disclosures in the financial statements in
accordance with Schedule III to the Companies Act, 2013
and the applicable Indian accounting standards.
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3
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Inventories
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As at 31 March 2025, the Company has a significant
amount of inventory comprising raw materials of
H 1275.73 crores, work-in-progress of H 563.17
crores and finished goods of H 810.25 crores.
Inventories are valued at the lower of cost and net
realisable value (NRV) in accordance with Ind AS
2 - Inventories.
Refer to the note no. 2.7 Inventories to the Financial
statements and Refer note 1.3.vi. for the material
accounting policy information adopted by the
Company for recognition and measurement of
inventories.
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Our procedures included and were not limited to the
following:
We have understood and performed the walkthroughs of
the inventory valuation process and controls over recording
and monitoring inventory.
We have evaluated the design and implementation of
internal controls with regard to the Inventory valuation,
Obsolescence assessment, Physical verification processes.
We Observed inventory counts conducted by management
or third parties at selected locations and verified count
sheets to test the accuracy of inventory records.
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The determination of cost involves judgment in
selecting an appropriate cost formula, particularly
for items with fluctuating prices. The assessment
of NRV involves significant estimation, especially
in respect of slow-moving, obsolete, or excess
inventories and for products where selling prices
are volatile or uncertain.
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We have performed sample testing of inventory valuation
by verifying the basis of cost (raw materials, labour,
overhead allocation) in SAP through purchase orders terms
and conditions and observed the cost calculation, cost
allocation through Cost Run Process in SAP on a sample
basis, then compared it with the accounting policy and
verified the accounting treatment given in the SAP Books.
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Due to the volume of inventory, estimation involved
in determining NRV, and the judgment in identifying
obsolete or slow-moving inventory, this area is
considered a key audit matter.
The Management has appointed an external
technical expert to carry out the physical
verification of Raw materials which consists of
Coal, Iron Ore and Coke products (by-products).
The external technical expert team carried out
the physical verification of the said categories
of inventory from 26.03.2025 to 04.04.2025 with
the objective to quantify the actual physical stock
available at various locations within the plant.
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We have assessed the Net Realisable Value (NRV) by
reviewing sales data after year-end for selected inventory
items and compared the cost to actual selling prices
less estimated selling costs and also evaluated the
reasonableness of estimates and assumptions used.
We have reviewed the disclosures made in the financial
statements in accordance with Ind AS 2 for adequacy and
appropriateness.
We have reviewed the appointment procedures followed for
selecting the management expert, enquired & obtained the
details of previous work history, experience in the current
field to assess the competency and interacted with the
team of experts understood the working mechanism, results
from the devices and stockpile measuring tools being used
in the stock verification process.
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We have Obtained an understanding of the communication
between the management and the expert for information
and collection of daily results of physical verification of
inventory - Raw materials and Byproducts.
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S
No
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Key Audit Matter
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Auditor's Response
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Based on the report provided by the external
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We were present during the physical verification of
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technical expert, the Company has given the
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raw material & by-products and observed the process
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necessary effect in the financial statements with
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performed by the external technical expert. Obtained the
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respect to deviation between the physical stock
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report provided by the external technical expert from the
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and book stock in SAP.
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management and analysed the same with respect to the
reports generated from the devices used and noted the
quantity deviations with respect to actual stock in SAP.
We have compared the quantity deviations of the Inventory
physically verified with the deviation levels (as % norms for
shortages) as recommended by the company and noticed
to be within the set levels as compared with the industry
standards.
We have also conducted the Physical verification of
Finished Goods (HR Coils) on a sample basis and identified
the actual stock based on the coil ID located in the sector-
wise bay location in the plant and also verified the physical
verification conducted by the management for total finished
goods and semi-finished goods. We have reviewed the
disclosures made in the financial statements in accordance
with Ind AS 2 for adequacy and appropriateness with
respect to the number of losses.
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4
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Recognition of Revenue from Contract with Customers
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Revenue is a significant item in the financial
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Our audit procedures included but were not limited to the
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statements and is one of the key performance
indicators of the Company. The Company
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following:
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recognizes revenue from sale of goods and services
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We have understood and evaluated the Company's revenue
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as per the five-step model prescribed under Ind AS
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recognition policy and assessed the compliance with Ind AS
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115 - Revenue from Contracts with Customers.
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115. We have evaluated the design and tested the operating
effectiveness of internal controls relating to revenue
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The Company has recognised the revenue from
operations of H 8503.05 crores during the FY 2024-
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recognition.
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25 from the manufacture and sale of Hot-Rolled
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We have tested, on a sample basis, contracts with
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(HR Coils), HR Sheets, Pig Iron, Pit Iron and other
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customers to assess whether the five-step model under Ind
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by-products.
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AS 115 is correctly applied, which included the following:
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The revenue recognition criteria have been
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- Conducted the detailed study of the agreement on
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disclosed under the point xii of the material
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a sample basis with customers (including the MOU's
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accounting policies.
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entered with other peers in the industry like SAIL etc) and
identified the performance obligations in each contract
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Application of Ind AS 115 involves significant
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agreement. Evaluated the transaction prices and identified
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judgement in identifying performance obligations,
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the allocating process of the transaction price to the
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determining transaction price, allocating the
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performance obligations. Finally tested the accuracy of
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transaction price to performance obligations,
and assessing the timing of revenue recognition
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timing of revenue recognized and amounts determined.
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(whether at a point in time or over time).
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We have performed a detailed walkthrough process
and understood the Business and Sales Process of
the company. We have held detailed discussions with
management and process owners to understand the nature
of goods/services sold and reviewed the typical contract
terms with customers (standard and customized contracts).
Understood the process of order receipt, dispatch/delivery,
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S
No
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Key Audit Matter
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Auditor's Response
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Given the complexity and the volume of
transactions, there is a risk of inappropriate
recognition of revenue, particularly close to the
year end.
Accordingly, revenue recognition has been
identified as a key audit matter
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invoicing, and revenue recognition procedures also
correlated with the process flow in SAP. We have also
looked into the industry-specific revenue recognition
nuances (with Inco-terms such as Ex-Works, Delivery at
Point, CIF etc)
We have walked through the entire order-to-cash cycle and
observed the Sales order processing: Verified the controls
over acceptance and authorization of orders. Verified the
Inventory dispatches with respect to evaluation of how
dispatch/delivery is recorded (e.g., shipping documents,
delivery challans).
We have Observed the process of Invoicing: Reviewed
how invoices are generated and linked to dispatch
documentation. Revenue recognition: Identified the point
at which revenue is recognized and assessed if it aligns
with transfer of control per Ind AS 115. We have traced how
payments are matched against invoices and accounted in
SAP as a part of cash application procedures.
We have Performed the substantive analytical procedures
and trend analysis on revenue streams for product
wise, customer wise to identify any unusual patterns or
inconsistencies. We have Tested the revenue transactions
occurring near year-end as a part of our cut off procedures
related to quarter end/ year end to determine whether
revenue was recognized in the correct accounting
period. We have Assessed the disclosures in the financial
statements relating to revenue recognition (including the
disaggregated revenue disclosures) to ensure adequacy
and compliance with Ind AS 115 and the requirements of
Schedule III to the Companies Act, 2013.
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Emphasis of Matter
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Other Matter
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1.
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We draw attention to Note 2.32.15 to the standalone
Ind AS financial statements, which describes the
management's assessment that the interest clause
relating to delayed payments under a Long-Term
Agreement with a supplier is not enforceable in
substance. This conclusion is based on historical
commercial practice, confirmation obtained from the
supplier, and the absence of any claims or intent to
enforce the clause. Accordingly, no provision has
been made in respect of such interest.
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1. The Standalone financial statements for the year
ended March 31,2025 includes comparative financial
information for the year ended March 31,2024. The
Standalone financial statements for the year ended
March 31,2024 have been audited by predecessor
auditor, M/s Sanjiv Shah & Associates, who expressed
unmodified opinion on those financial statements vide
their revised report dated July 24,2024.
Our opinion is not modified for the above matter.
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2.
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We draw attention to Note 2.30.1 to the standalone
financial statements, which describes the delayed
compliance from the approved Scheme of Arrangement
as approved by Ministry of Corporate Affairs with regard
to non-identification of employees of demerged Company
to the resulting Company till the year under audit.
Our opinion is not modified in respect of this matter.
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Information Other than the financial
Statements and Auditor's Report Thereon
• The Company's Board of Directors is responsible
for the other information. The other information
comprises the information included in the Board's
report and the Annexures to the Board's report but
does not include Standalone financial statements,
and our auditor's report thereon.
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• 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 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.
• If, based on the work we have performed, we
conclude that there is a material misstatement of this
other information, we are required to report that fact.
We have nothing to report in this regard.
Responsibilities of Company Management
and Those Charged with Governance 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, cash flows and changes in equity of the Company
in accordance with the Ind AS and other accounting
principles generally accepted in India. 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 financial statement
that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the standalone financial statements,
Company 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 the Board of Directors either intends to liquidate
the Company or to cease operations, or has no realistic
alternative but to do so.
The Company's Board of Directors are also responsible for
overseeing the Company's financial reporting process.
Auditor's Responsibility 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
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
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 Act,
we are also responsible for expressing our opinion on
whether the Company has adequate internal financial
controls with reference to standalone financial
statements in place and the operating effectiveness
of such controls.
• Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting
estimates and related disclosures made by
the management.
• 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. 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.
• 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.
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
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 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.
Report on Other Legal and Regulatory
Requirements
1. 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 of accompanying
financial statements.
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 except for the matters
stated in paragraph i(vi) below on reporting
under Rule 11(g).
c) The Balance Sheet, the Statement of Profit
and Loss including Other Comprehensive
Income, Statement of Changes in Equity and
the Statement of Cash Flows dealt with by
this Report are in agreement with the relevant
books of account.
d) In our opinion, the aforesaid Standalone financial
statements comply with the Ind AS specified
under Section 133 of the Act.
e) The provisions of Section 164(2) of the Act are
not applicable to the Company vide Ministry
of Corporate Affairs notification G.S.R 464 (E)
dated 5th June 2015 since the Company is a
Government company as defined under section
2(45) of the Act;
f) With respect to the adequacy of the internal
financial controls with reference to standalone
financial statements of the Company and the
operating effectiveness of such controls, refer
to our separate Report in "Annexure A”. Our
report expresses an unmodified opinion on
the adequacy and operating effectiveness of
the Company's internal financial controls with
reference to standalone financial statements;
g) With respect to the matter to be included in
the Auditor's Report under section 197(16) of
the Act, as amended, we are informed that
the Company being a Government company,
as defined in section 2(45) of the Act, the
provisions of section 197 read with Schedule V,
of the Act, relating to managerial remuneration
are not applicable to the Company, in terms of
Ministry of Corporate Affairs notification G.S.R
464 (E) dated 5th June 2015;
h) The modification relating to the maintenance
of accounts and other matters connected
therewith are as stated in the paragraph b
above on reporting under section 143(3)
(b) and paragraph i(vi) below on reporting
under Rule 11(g).
i) 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 on its financial position
in its financial statements - Refer note 2.28
to the standalone financial statements.
As part of our audit procedures, we
sought direct confirmation from the legal
counsel of the Company to corroborate
the financial impact of the disclosed
pending litigations; however, we did not
receive any response. Consequently, we
have relied solely on the management's
representation and disclosures made in the
financial statements.
ii. The company does 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. (a) The Management has represented
that, to the best of its knowledge and
belief, as disclosed in Note 2.29.ix to
the standalone financial statements
no funds have been advanced or
loaned or invested (either from
borrowed funds or share premium or
any other sources or kinds of funds)
by the Company to or in any other
person(s) or entity(ies),including
foreign entities ("Intermediaries”),
with the understanding, whether
recorded in writing or otherwise,
that the Intermediary shall, directly
or indirectly lend or invest in other
persons or entities identified in any
manner whatsoever by or on behalf of
the Company ("Ultimate Beneficiaries”)
or provide any guarantee, security
or the like on behalf of the
Ultimate Beneficiaries.
(b) The Management has represented,
that, to the best of its knowledge and
belief, as disclosed in Note 2.29.x to
the standalone financial statements,
no funds have been received by
the Company from any person(s)
or entity(ies), including foreign
entities ("Funding Parties”), with the
understanding, whether recorded in
writing or otherwise, that the Company
shall, directly or indirectly, lend or
invest in other persons or entities
identified in any manner whatsoever
by or on behalf of the Funding Party
("Ultimate Beneficiaries”) or provide
any guarantee, security or the like on
behalf of the Ultimate Beneficiaries.
(c) Based on audit procedures performed
by that have been 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) of the rule 11(e ),
as provided under (a) and (b) above,
contain any material misstatement.
v. the Company has not declared or paid
any dividend during the year and has not
proposed final dividend for the year.
vi. Based on our examination which included
test checks and more fully described in
note 2.32.17 to the standalone financial
statements, the Company has used an
accounting software for maintaining its
books of account for the year ended March
31, 2025, which has a feature of recording
audit trail (edit log) facility and the same
has operated throughout the year for
all the relevant transactions recorded in
such software except that the feature of
recording audit trail (edit log) at the data
base level to log any direct changes for the
accounting software used for maintaining
the books of account was not enabled.
Further, during the course of our audit we
did not come across any instance of the
audit trail feature being tampered with.
Audit trail, except at the database level, has
been preserved by the Company as per the
statutory requirements for record retention.
2. As required by the Companies (Auditor's Report)
Order, 2020 ("the Order”) issued by the Central
Government in terms of Section 143(11) of the Act,
we give in "Annexure B” a statement on the matters
specified in paragraphs 3 and 4 of the Order.
3. As Required by Comptroller and Auditor General of
India in terms of sub section (5) of section 143 of
the Act, we give in the "Annexure C” statement on
directions issued.
For SHARAD & ASSOCIATES
Chartered Accountants
Firm's registration number: 06377S
Sharad Sinha
Partner
Membership Number: 202692
Hyderabad, May 27,2025 UDIN: 25202692BMHZAJ7857
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