(xxii) Provisions and Contingencies
A Provision is recognized for a present obligation as a result of past events if it is probable that an outflow of
resources will be required to settle the obligation and in respect of which a reliable estimate can be made.
Provisions are measured at the present value of management's best estimate of the expenditure required
to settle the present obligation at the end of the reporting period. The discount rate used to determine the
present value is a pre-tax rate that reflects current market assessments of the time value of money and the
risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest
expense. Liabilities which are material and whose future outcome cannot be ascertained with reasonable
certainty are treated as contingent and disclosed by way of notes to the accounts. Contingent assets are also
disclosed by way of notes to the accounts.
(xxiii) Mines Restoration provisions
An obligation for restoration, rehabilitation and environmental costs arises when environmental disturbance
is caused by the development or ongoing extraction from mines. Costs arising from restoration at closure of
the mines and other site preparation work are provided for based on their discounted net present value, with
a corresponding amount being capitalised at the start of each project. The amount provided for is recognised,
as soon as the obligation to incur such costs arises. These costs are charged to the Statement of Profit and
Loss over the life of the operation through the depreciation of the asset and the unwinding of the discount
on the provision. The costs are reviewed periodically and are adjusted to reflect known developments which
may have an impact on the cost or life of operations. The cost of the related asset is adjusted for changes in
the provision due to factors such as updated cost estimates, new disturbance and revisions to discount rates.
The adjusted cost of the asset is depreciated prospectively over the lives of the assets to which they relate. The
unwinding of the discount is shown as a finance cost in the Statement of Profit and Loss.
(xxiv) Segment reporting
An operating segment is a component of the Company that engages in business activities from which it
may earn revenues and incur expenses, whose operating results are regularly reviewed by the company's
Chief Operating Decision Maker ("CODM") to make decisions for which discrete financial information is
available. Based on the management approach as defined in Ind AS 108, the CODM evaluates the Company's
performance and allocates resources based on an analysis of various performance indicators by business
segments and geographic segments.
Note: 3.2 - The National Company Law Tribunal (NCLT) Guwahati Bench vide order dated May 10, 2024 had approved
the scheme for amalgamation of Meghalaya Power Limited (MPL), Megha Technical & Engineers Private Limited
(MTEPL) & NE Hills Hydro Private Limited (NHHL) (collectively referred as ""transferor companies"") with Star Cement
Meghalaya Limited (SCML) pursuant to sections 230 to 232 of Company Act, 2013 and the appointed date of the scheme
was April 01, 2023.
As per approved amalgamation scheme, 1,19,80,567 equity shares of Star Cement Meghalaya limited (SCML) has to be
issued to the shareholders of transferor companies. As the company being the sole shareholder of all these transferor
companies, the company has received 1,19,80,567 shares of SCML against its investment in MPL, MTEPL and NHHL.
Based on above, the Company had aggregated its total investments of H10,339.07 lakhs in transferor companies viz
MPL (no.of equity shares 1,71,30,620 of value H7,597.43 lakhs), MTEPL (no.of equity shares 2,73,46,400 of value H2,734.64
lakhs) and NHHL (no.of equity shares 70,000 of value H7.00 lakhs) with its investment in SCML.
Note: 7.2 - The carrying amount of deferred tax assets are reviewed at each balance sheet date. Based on the
management's estimate regarding the future projection, company expects to have sufficient future taxable profits
against which above deferred tax asset shall be realized.
Note: 7.3 - Section 115 BAA of the Income Tax Act, 1961, introduced by the Taxation Laws (Amendment) Act, 2019 gives a
one-time irreversible option for payment of income tax at reduced rate with effect from financial year commencing April
01, 2019 subject to certain conditions. The Company has made an assessment of the impact of the above amendment
and decided to continue with the existing tax structure until utilisation of accumulated minimum alternative tax credit
("MAT"). The company shall, however, continue to review its profitability forecast at regular intervals and shall carry out
necessary remeasurement adjustments to deferred tax/liabilities as per Ind As -12 " Income Taxes" upon assessment of
reasonable certainty to avail the option under section 115 BAA.
a) Terms/Rights attached to equity shares
The Company has only one class of equity shares having par value of H1/- per share. Each holder of equity shares is
entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed
by the Board of Directors is subject to the approval of the shareholders in the ensuing annual general meeting
except in case of interim dividend.
In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining
assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the
number of equity shares held by the shareholders.
Nature and purpose of reserves
Capital reserve
This reserve has been created pursuant to scheme of amalgamation between company and Star Ferro and Cement
Limited and can be utilized in accordance with the provisions of the Companies Act, 2013.
Capital redemption reserve
In accordance with section 69 of the Companies Act, 2013, the Company creates capital redemption reserve equal to
the nominal value of the shares bought back as an appropriation from retained earnings.
General reserve
The Company had transferred a portion of the net profit of the Company before declaring dividend to general reserve
pursuant to the earlier provisions of Companies Act 1956. Mandatory transfer to general reserve is not required under
the Companies Act 2013.
Retained earnings
Retained earnings represents accumulated profit of the Company as on reporting date. Such profits are after adjustment
of payment of dividend, transfer to any reserves and adjustment for remeasurement gain/loss on defined benefit plan.
Note: 18 - Borrowings (non-current) (Contd.)
Note: 18.1 - Term loan of H12,500.00 lakhs (March 31, 2024 - Nil) secured by the first charge on Fixed assets of the 3.3
MTPA Clinker plant at Lumshnong Meghalaya is repayable in 28 quarterly installments starting from January, 2026.
Term loan carries interest @ repo rate 1.50% p.a.
Note: 18.2 - Term loan from a subsidiary company is long term in nature and it is payable in 5 years and the rate of
interest is 8.67% (March 31, 2024: 8.49%). Refer note 48
Note: 18.3 - The Company has not made any default in loan repayment and interest payments at each reporting date.
Note: 22.1 - Working capital borrowings of H201.66 lakhs (March 31 2024: H103.77 lakhs) from banks are secured by first
charge on current assets of the company's cement grinding unit at Guwahati, Assam.
Note: 22.2 - Working capital borrowings of H58.15 lakhs (March 31 2024: H406.83 lakhs) from banks are secured by pari
passu charge on current assets of the Company's manufacturing facility at Lumshnong, Meghalaya.
Note: 22.3 - Working capital borrowings of H1.29 lakhs (March 31 2024: H8.69 lakhs) from a bank is secured by first charge
on all current assets of the Siliguri Grinding Unit.
Note: 22.4 - The rate of interest for the cash credit borrowings ranges between 8.25% to 9.80% (March 31, 2024- 8.25%
to 9.77%)
Note: 22.5 - Buyer's credit for capex from a bank amounting to H3,195.65 lakhs (March 31, 2024 - H3,111.04 lakhs) is
secured by way of exclusive charge on machinery imported under the facility sanctioned by the bank.
Note: 22.6 - Buyer's credit carrys interest @ 6 months EURIBOR 0.55% p.a (March 31, 2024- 6 months EURIBOR 0.40%
to 0.45% p.a) and it is repayable in 180 days.
Note: 34.1 - Interest to others include interest on income tax NIL (March 31, 2024- H12.40 lakhs)
Note: 34.2 - Interest expense on borrowings include applicable loss on foreign currency transaction/translation of
H84.62 lakhs (March 31, 2024- Nil)
Note: 34.3 - Interest of H1,247.76 lakhs (March 31, 2024- H229.31 lakhs) is capitalised during the year as pre- operative
expenses in capital work in progress which includes applicable loss on foreign currency transaction/translation of H NIL
(March 31, 2024: H62.12 lakhs). Refer note 2.2 (b).
Note: 34.4 - For applicable interest rate, refer note 18.1, note 22.4 and note 22.6.
The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to
the prior years.
iv) The major categories of plan assets
The defined benefit plans are funded with Insurance Company. The Company does not have any liberty to
manage the funds provided to insurance company. Thus the composition of each major category of plan assets
has not been disclosed.
(v) Risk exposure
Through its defined benefit plans the Company is exposed to a number of risks, the most significant of which
are detailed below:
Investment risk:
The present value of the defined benefit plan liability is calculated using a discount rate determined by reference
to the Government of India bonds. If the return on plan asset is below this rate, it will create a plan deficit.
Interest risk:
A decrease in the interest rate on plan assets will increase the plan liability.
Life expectancy:
The present value of the defined benefit plan liability is calculated by reference to the best estimate of the
mortality of plan participants both during and at the end of the employment. An increase in the life expectancy
of the plan participants will increase the plan liability.
Salary growth risk
The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan
participants. An increase in the life expectancy of the plan participants will increase the plan liability.
(vi) Defined benefit liability and employer contributions
Expected contributions to post-employment benefits plans for the year ending March 31, 2026 are H196.30
lakhs (March 31, 2025 - H164.40 lakhs)
The weighted average duration of the defined benefit obligation is 4.63 years (March 31, 2024: 4.61 years). The
expected maturity analysis of undiscounted gratuity is as follows:
The primary objective of capital management is to ensure the maintenance of healthy capital ratio in order to support
its business and maximise stakeholders value. The company manages its capital structure according to changing
economic conditions. No changes were made in the objectives, policies or processes during the year ended March 31,
2025 as compared to previous year. There have been no breaches of financial covenants of any interest bearing loans
and borrowings for the reported year. The company monitors capital structure on the basis of debt to equity ratio. For
the purpose of company's capital management, equity includes paid up equity share capital and other equity, and debt
comprises long-term and short-term borrowings including current maturities of long term borrowings. The following
table summarizes debt and equity of the company.
(i) Fair value hierarchy
The Company uses the following hierarchy for determining and/or disclosing the fair value of financial instruments
by valuation techniques:
Level 1: This level includes those financial instruments which are measured by reference to quoted prices
(unadjusted) in active markets for identical assets or liabilities.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximise the use of observable market data and rely as little as possible on entity-specific
estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in
level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included
in level 3.
(ii) Valuation technique used to determine fair value
The fair values of the financial assets and liabilities are included at the amount that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The following methods and assumptions were used to estimate the fair values:
(a) The fair value of cash and cash equivalents, trade receivables and payables, short-term loans, current financial
liabilities and assets and current borrowings approximate their carrying amount largely due to the short-term
nature of these instruments. The management considers that the carrying amounts of financial assets and
financial liabilities recognised at nominal cost/amortised cost in the financial statements approximate their fair
values. In respect of non current borrowings and loans, fair value is determined by using discount rates that
reflect the present borrowing rate of the company.
(b) Investments (other than investments in subsidiaries) traded in the active market are determined by reference to
the quotes from the stock exchanges as at the reporting date. Unquoted investments in shares have been valued
based on historical net asset value as per the latest audited financial statements after considering the impact of
fair valuation of immovable properties which is based on valuation report from an independent valuer.
(v) Significant estimates
The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques. The Company uses its judgement to select a variety of methods and make assumptions that are mainly
based on market conditions existing at the end of each reporting year. For details of the key assumptions used see
42(ii).
Note: 43 - Financial risk management
The Company's activities are exposed to a varieties of financial risks viz credit risk, liquidity risk and market risk (i.e.
foreign currency risk, interest rate risk and price risk).This note explains the sources of risk which the entity is exposed
to and how the entity manages the risk.
(A) Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer
contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily
trade receivables) and from its financing activities including deposits placed with banks and financial institutions
and other financial instruments.
i) Trade receivables
Customer credit risk is managed as per the Company's established policies, procedures and defined controls
relating to customer credit risk management. Trade receivables are non-interest bearing and are generally
carrying 30 days credit terms for trade customers. Outstanding customer receivables are regularly monitored
and the Company receives security deposits from its customers which mitigates the credit risk. No single
customer accounted for 10% or more of the Company's net sales. Therefore, the Company does not expect any
material risk on account of non-performance by any of its counterparties.
For expected credit loss as at each reporting date, the Company assesses the risk profile of trade receivables
and categorises risk profile viz. trade receivables for which credit risk has not been significantly increased from
initial recognition, trade receivables for which credit risk has increased significantly but are not credit impaired
and for trade receivables for which credit risk has increased significantly and are credit impaired.
The Company has adopted simplified approach model to compute credit loss allowance based on a provision
matrix. The provision matrix is prepared based on historically observed default rates over the expected life of
trade receivables and is adjusted for forward-looking estimates. At each reporting date, the historically observed
default rates and changes in the forward-looking estimates are updated. Accordingly, loss allowances on trade
receivables are measured using provision matrix at an amount equal to life time expected losses i.e. expected
cash shortfall.
ii) Financial instruments and deposits
Credit risk pertaining to balances with banks and financial institutions is managed by the Company's Treasury
department in accordance with Company's policy. Surplus funds are parked only within approved investment
categories with well defined limits. Investment category is periodically reviewed by the Finance committee.
Credit risk arising from short term liquid funds, other balances with banks and other cash equivalents is limited
because the counterparties are banks and recognised financial institutions with high credit ratings assigned by
the credit rating agencies. None of the financial instruments of the Company result in material concentration
of credit risks.
Other financial assets mainly include incentives receivable from the government, insurance claim receivables,
fixed deposits, loans & interest thereon and security deposits given. There are no indications that defaults in
payment obligations would occur in respect of these financial assets.
The Company's maximum exposure to credit risk for the components of the Balance Sheet as at March 31, 2025
and March 31, 2024 is the carrying amounts as given in Note 42.
(B) Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial
liabilities that are settled by delivering cash or another financial asset.
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability
of funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the
nature of the underlying business, the Company maintains sufficient cash and liquid investments available to meet
its obligation.
Management monitors rolling forecasts of the Company's liquidity position (comprising the undrawn borrowing
facilities below) and cash and cash equivalents on the basis of expected cash flows. The management also considers
the cash flows projection and level of liquid assets necessary to meet these on a regular basis.
(a) Other financial liabilities includes deposits received from customers amounting to H19,881.52 lakhs (March
31,2024 - H18,738.00 lakhs). These deposits do not have a contractual re-payment term but are repayable
on demand. Since, the Company does not have an unconditional right to defer the payment beyond 12
months from reporting date, these deposits have been classified under current financial liabilities. For
including these amounts in the above mentioned maturity analysis, the Company has assumed that these
deposits including interest thereon, will be repayable at the end of the next reporting period. The actual
maturity period for the deposit amount and the interest thereon can differ based on the date on which these
deposits are settled to the customers.
(C) Market risk
(i) Foreign currency risk
The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
foreign exchange rates. The Company deals with international vendors with respect to stores & spares and capital
goods procurement, which rises exposure of the company to foreign exchange risk. In view of low proportion
of import, as compared to the overall operations, the exposure of the Company to foreign exchange risk is also
not considered to be material and thus the company has not entered into any derivative financial contracts as on
March 31, 2025. The risk is measured through a forecast of highly probable foreign currency cash flows.
(iii) Price risk
The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices (other than those arising from interest rate risk or currency risk), whether those changes are
caused by factors specific to the individual financial instrument or its issuer or by factors affecting all similar
financial instruments traded in the market.
The Company's exposure to equity securities price risk arises from investments held by the company in
equity securities and classified in the Balance Sheet as at fair value through profit and loss. The Company
has investment in quoted and unquoted equity securities as per details in note no 42. Investment is done in
accordance with the limits set by the Company. The Company's Finance Committee reviews and approves all
investment decisions.
(iv) Commodity price risk
Commodity price risk for the Company is mainly related to fluctuations in coal linked to various external
factors, which can affect the production cost of the Company. Since the Energy costs is one of the primary
costs drivers, any adverse fluctuation in fuel prices can lead to drop in operating margin. To manage this risk,
the Company enters into coal linkage agreements for long-term supply agreement for coal, identifying new
sources of supply etc. Additionally, processes and policies related to such risks are reviewed and controlled by
senior management and fuel requirement are monitored by the central procurement team.
Note: 44 - Lease
a) The Company has entered into lease agreements with different parties for taking offices and land on lease and
license basis for business operation. The lease term of different contracts varies in a range of 2 to 99 years and price
is on fixed rental basis with escalation clauses in the lease agreements.
b) The Company also has certain leases with lease terms of 12 months or less. The Company applies the 'short-term
lease' recognition exemptions for these leases.
c) The weighted average incremental borrowing rate for lease liabilities are between 8.71% to 8.84% per annum (March
31, 2024: 8.48% to 8.68% per annum). Set out below are the carrying amounts of lease liabilities included under
financial liabilities and its movements during the year.
Note: 45 - Contingent liability &capital commitments (Contd.)
order NGT had accepted the recommendation of 5th Interim Report of the Independent Committee set up
by NGT, which then suggested imposition of penalty on cement companies and thermal power plants in
Meghalaya.
The Company did not purchase any illegal coal and had complied with all disclosure requirements of the
various Government Departments. The Report of NGT Committee was based on the assumptions & views of
the Committee and not on hard facts. Moreover neither the Company has been issued a show-cause nor any
opportunity of being heard was given to the Company before submitting the Interim reports by the Independent
Committee to NGT. Further NGT did not serve any notice on the Company before passing the impugned order
which is a clear violation of principles of natural justice.
In an earlier year on an appeal by the Company, the Apex Court vide it's order dated May 2, 2023 restored
the proceeding back to NGT, at the stage, as it stood prior to the passing of the judgement dated January 17,
2020. Subsequently the matter has been transferred to the NGT, Eastern Zone Bench, and the Company has
filed necessary affidavits in the previous year and the matter is subjudice. No provision has been considered
necessary at this stage
(b) As reported in the earlier year, the Company had received a demand notice from the Divisional Mining Officer
(DMO), Directorate of Mineral Resources, Meghalaya, Jowai towards outstanding dues of royalty & Cess on
Coal, Sandstone and Clay procured/consumed by the Company in certain specific periods between F.Y. 2009¬
10 to F.Y. 2022-23 amounting to H2001.22 lakhs (including H1292.54 lakhs towards Penal Interest) against which
a provision amounting to H439.92 lakhs had been made in the books of accounts till the last years on account
of abundant precaution. As per the provisions of the Mines and Minerals (Development and Regulation) Act,
1957, the liability for payment of royalty in respect of any mineral removed/ consumed from the mining lease
area arises on the holder of the mining lease and not on the purchaser of such mined minerals. Hence, there is
no obligation of the Company to pay royalty/cess in case the minerals are procured from third party vendors.
Further during the year, the office of DMO has withdrawn and issued no dues certificates towards its demand
for payment of Royalty & Cess on Clay and Sandstone and waived off /reduced the penal interest on Sandstone
and coal respectively. Thereby the above demand has been reduced to H549.90 lakhs (including H109.98 lakhs
towards Penal Interest). Based on the same and since the liability to pay royalty & cess itself is not applicable to
the company, no provision of differential demand on coal of H109.98 lakhs has been provided and shown as
contingent liability.
The office of DMO in its correspondences during the year, has raised the demand towards Royalty & Cess on
Shale & Clay amounting to H428.97 lakhs for the period Feb'2020 to May'2024 without giving detailed breakup of
the same. Even though, the same office of DMO has already withdrawn and issued no dues certificates towards
its demand for payment of Royalty & Cess on Clay and Shale for the period Feb'2020 to Dec'2022 and Feb'2020
to Jan'2024 respectively before raising the above demand. Since the company had already applied for no due
certificate for the remaining period and expected to receive in due course, no provision has been made in the
books of accounts and shown as contingent liability. Based on the legal opinion received in this regard, the
Company has disputed the demand and believe that the said demand is not tenable, and the matter shall be
disposed of in the favour of the Company.
(c) The Company had received a demand notice from the Director General of Goods & Services Tax Intelligence
(DGGI), Shillong towards non-payment of GST under reverse charge mechanism (RCM) amounting to H861.23
Lakhs on payment of Royalty, DMF, NMET & Mineral cess and H239.23 Lakhs towards ineligible input tax credit
(ITC) availed by the company under RCM during certain specific periods between July 2017 to December 2018
(along with penalty amounting to H861.23 & 239.23 Lakhs and interest thereon).
The Company had made the adequate payment of GST under RCM amounting to H239.23 Lakhs @ 5% applicable
rate, before the issuance of demand notice, which has not been taken in cognizance by DGGI and imposed
a demand of H861.23 Lakhs based on a higher rate of 18% based on CBIC circular no 164/20/2021-GST dated
6th October 2021 with retrospective effect. By giving a reference of a Tribunal decision on a similar case in
the favour of assessee, the company has submitted its reply to DGGI and sought for disposal of the matter in
its favour and no communication has been received from DGGI since then and the matter is pending. The
company considers the above demand non tenable and deserves to be set aside. Based on the legal opinion
received, the Company believes that it has a good case in this matter and no provision is required at this stage.
Note: Post-employment benefits and other long-term benefits related to KMPs is being disclosed based on actual
payment made on retirement /resignation of services, but does not include provision made on actuarial basis as
the same is available for all employees together. Further, in view of applicability of such benefits only to CFO and
CS of the Company, the amount of provision made on actuarial basis are not significant considering the nature of
operation and size of the Company.
E) Terms and conditions of transactions with related parties:
(i) The sales and purchases transaction with related parties (including transactions related to property, plant and
equipment) are made in the normal course of business and on terms equivalent to those that prevail in arm's
length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement
occurs in cash.
(ii) Refer note 5 and note 18 for details (viz payment terms and rate of interest) of inter corporate loans and inter
corporate borrowings.
(iii) For the year ended March 31, 2025, the Company has not recorded any impairment of receivables relating to
amounts owed by related parties. This assessment is undertaken each financial year through examining the
financial position of the related party and the market in which the related party operates.
(iv) The remuneration of directors and KMP is determined by the Nominations & Remuneration Committee having
regard to the performance of individuals and market trends.
(a) Average inventory (opening inventory closing inventory)/2
(b) Average trade receivable -: (opening trade receivable closing trade receivable)/2
(c) Average trade payable -: (opening trade payable closing trade payable)/2
(d) Capital employed -: (Equity (incl. other equity-Intangible Assets- Intangible Assets under Development) Current
Borrowing Non Current Borrowing
(e) Average shareholders equity-: (opening equity (incl. other equity) closing equity (incl. other equity))/2
(f) Average Investment -: (opening investment closing investment)/2
(g) Debt service -: Interest payments lease payments principal repayments
Note: 52 - Other Statutory information
i) The Company has not advanced or loaned or invested funds to any other person or entity, including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:
(a) 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
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
ii) The company has not been declared as wilful defaulter by any bank of financial institution or other lender.
iii) The Company have not traded or invested in Crypto currency or Virtual currency during the current financial year
and previous financial year.
iv) The Company has not received any fund from any person or entity, including foreign entities (Funding Party) with
the understanding (whether recorded in writing or otherwise) that the Company shall :
(a) 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
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
v) The Company has not entered into any such transaction which is not recorded in the books of accounts that has
been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961
(such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
Note: 54- Audit Trail
The Company has been using various accounting software for maintaining its books of account which has a feature of
recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions except
Audit trail feature is not enabled at database level.
Note: 55 -
These financial statements have been approved by the Board of Directors of the Company on May 21, 2025 for issue to
the shareholders of the Company for the adoption.
As per our report of even date For and on behalf of Board of Directors of Star Cement Limited
For Singhi & Co. Manoj Agarwal Sajjan Bhajanka
Chartered Accountants Chief Financial Officer Chairman & Managing Director
Firm Registration No.:302049E DIN: 00246043
(Gopal Jain) Debabrata Thakurta Tushar Bhajanka
Partner Company Secretary Deputy Managing Director
Membership No. 059147 DIN: 09179632
Place : Kolkata
Date : May 21, 2025
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