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GAIL (India) Ltd.

BSE: 532155 Sector: Others
NSE: GAIL ISIN Code: INE129A01019
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OPEN 488.00
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VOLUME 128293
52-Week high 502.55
52-Week low 308.18
P/E 21.54
Mkt Cap.(Rs cr) 82,180
Buy Price 486.00
Buy Qty 3596.00
Sell Price 0.00
Sell Qty 0.00
OPEN 488.00
CLOSE 486.95
VOLUME 128293
52-Week high 502.55
52-Week low 308.18
P/E 21.54
Mkt Cap.(Rs cr) 82,180
Buy Price 486.00
Buy Qty 3596.00
Sell Price 0.00
Sell Qty 0.00

GAIL (India) Ltd. (GAIL) - Auditors Report

Company auditors report

To the Members of GAIL (India) Limited

This revised Independent Auditor's Report is being issued in supersession of ourearlier Independent Auditors' Report dated 22nd May 2017 at the instance of Comptroller& Auditor General (C&AG) of India. The revised report is being issued in view ofcertain modification in Annexure "A" of Companies (Auditors Report) Order 2016as pointed out by C&AG of India in our earlier report. Further we con firm that thesechanges do not affect true & fair view and our opinion as expressed earlier and alsonone of the figures have undergone any change in the Standalone financial Statements ofthe Company as at 31st March 2017.

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying Standalone Ind AS financial statements of GAIL (India)Limited (“the Company”) which comprise the Balance Sheet as at 31st March 2017and the Statement of Profit and Loss (including Other Comprehensive Income) the Cash FlowStatement and the Statement of Changes in Equity for the year then ended and a summary ofthe significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (“the Act”) with respect to the preparation ofthese Standalone Ind AS financial statements that give a true and fair view of the stateof a airs ( financial position) profit or loss ( financial performance including othercomprehensive income) cash flows and changes in equity of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) prescribed under Section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Standalone Ind AS financial statements that give atrue 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 Standalone Ind AS financialstatements based on our audit. We have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there under. We conductedour audit of the Standalone Ind AS financial statements in accordance with the Standardson Auditing specified under Section 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the Standalone Ind AS financial statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence about theamounts and the disclosures in the Standalone Ind AS financial statements. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the Standalone Ind AS financial statements whether due to fraudor error. In making those risk assessments the auditor considers internal financialcontrol relevant to the Company's preparation of the Standalone Ind AS financialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made bythe Company's Directors as well as evaluating the overall presentation of the Ind ASfinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the Ind AS of thestate of a airs ( financial position) of the Company as at 31st March 2017 and itsprofit ( financial performance including other comprehensive income) its cash flows andthe changes in equity for the year ended on that date.

Emphasis of Matter

We draw attention to the following matters in the Notes to the financial statements:

1. Note No: 35(c)-regarding various provisional transportation tari orders issued byPetroleum and Natural Gas Regulatory Board (PNGRB) these orders have been contested bythe company at Appellate Tribunal for Electricity (APTEL) and adjustment if any will berecognized as and when matter is finally decided.

2. Note No: 39 regarding provision of impairment loss amounting to Rs. 783 Crores outof carrying value of investment of Rs. 974.31 Crores in a Joint Venture Entity on thebasis of impairment study of such entity. Such case has been included in exceptional itemin the statement of Profit & Loss.

3. Note No: 42-in respect of revenue recognition in previous year for ship or paycharges where the customer has disputed the claim of the company and final outcome isstill uncertain.

Our opinion is not modified in respect of above matter.

Other Matters

The comparative financial information of the Company for the year ended 31st March 2016and the transition date opening balance sheet as at 1st April 2015 included in theseStandalone Ind AS financial statements are based on the previously issued statutoryfinancial statements prepared in accordance with the Companies (Accounting Standards)Rules 2006 audited by us/the predecessor auditors whose audit report for the year ended31st March 2016 & 31st March 2015 dated 25th May 2016 & 27th May 2015 respectivelyexpressed an unmodified opinion on those Standalone financial statements as adjusted forthe differences in the accounting principles adopted by the Company on transition to theInd AS which have been audited by us.

Our opinion is not modified in respect of above matter.

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 in terms of Section 143(11) of the Act and on the basisof such checks of the books and records of the Company as we considered appropriate andaccording to the information and explanations given to us we give in “Annexure-A” a statement on the matters specified in paragraphs 3 and 4 of the said Order.

2. As required by Comptroller and Auditor General of India throughdirections/sub-directions issued under Section 143(5) of the Companies Act 2013 on thebasis of written representation received from the management we give our report on thematter specified in the “Annexure -B” attached.

3. 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 bestof 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 theCompany so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss (including the OtherComprehensive Income) the Cash Flow Statement and the Statement of Changes in Equitydealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid Standalone Ind AS financial statements comply withthe Indian Accounting Standards prescribed under Section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended.

(e) Being a Government Company pursuant to the Notification No. GSR 463(E) dated 5 June2015 issued by the Ministry of Corporate Affairs Government of India provisions ofsub-section (2) of Section 164 of the Companies Act 2013 are not applicable to theCompany.

(f) We are enclosing herewith a report in “Annexure - C” for our opinion onadequacy of internal financial controls system in place in the company and the operatingeffectiveness of such controls;

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 financialposition in its Standalone Ind AS financial statements. Refer Note 29 (I)(a)to thefinancial statements.

ii. The Company has made provision as required under the applicable law or Indianaccounting standards for material foreseeable losses if any on long-term contractsincluding derivative contracts;

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in Note no9A of its financialstatements as to holdings as well as dealings in Specified Bank Notes (SBN) during theperiod from 8th November 2016 to 30th December 2016. Based on the audit procedures andrelying on the management representation we report that the disclosures are in accordancewith the books of accounts and records maintained by the Company.

For O. P. Bagla & Co. For G. S. Mathur & Co.
Chartered Accountants Chartered Accountants
Firm No.: 000018N Firm No.: 08744N
(Rakesh Kumar) (Rajiv Kumar Wadhawan)
(Partner) (Partner)
Membership No.:087537 Membership No.:091007
Place : New Delhi
Dated : 20th July 2017

ANNEXURE - A TO THE INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 1 to “Report on Other legal and regulatoryrequirements” of the Independent Auditors' Report of even date to the members of GAIL(INDIA) LIMITED on the Standalone Ind AS Financial Statements for the year ended March 312017.

(i) (a) As informed to us the company has generally maintained proper records showingfull particulars including quantitative details and situation of fixed assets.

(b) According to information and explanation given to us there is a regular programmeof physical verification of these fixed assets by the management which in our opinion isreasonable having regard to the size of the company and nature of its assets. As informedto us no material discrepancies were noticed on such verification.

(c) As informed to us and as verified by us during the course of our audit the titledeeds of immovable properties are held in name of the company except for the cases asfollows.

Description of Asset No. of cases Area in Hectares Gross block as on 31.03.2017 (Rs. in Cr.) Net block as on 31.03.2017 (Rs. in Cr.)
Land
- Freehold 10 4.81 19.43 19.43
- Leasehold 6 175.31 27.36 26.48
- Leasehold stated at carrying value (classified as prepayment under non- financial assets) 2 22.01 9.39 9.39
Building & Structures 10 - 1.67 1.00

(ii) As informed to us physical verification of inventory has been conducted atreasonable intervals by the management except the store and spares lying with EngineersIndia Limited and other contractors. We have been explained that the stock of gas at theend of the year has been taken with reference to reading of Turbine Flow Meter/GasChromatograph installed at Terminals Stock of LPG/Pentane/SBP Solvent are determined withreference to Tank Level Gauge measurement which are converted into tonnage by measurementof density and applying correction factor for temperature. LPG vapors volume is convertedto tonnage by standard formulae. As informed to us no material discrepancies were noticedon physical verification of inventory.

(iii) As informed to us the company has granted unsecured loans to companies covered inthe register maintained under section 189 of the Companies Act 2013. In respect of suchloans:

a) As informed to us and as verified by us the terms and conditions of grant of suchloans are not prejudicial to the interest of the company.

b) Repayment of the principal amount and payment of interest on such loans have beenstipulated and the parties are making payments as per stipulation.

c) As informed to us no amount of loan is overdue as at end of the year for a periodmore than ninety days.

(iv) According to the information and explanations given to us the company hascomplied with the provisions of Section 185 and 186 of Companies Act 2013 in respect ofloans/investment/guarantee/security granted during the year.

(v) The company has not accepted any deposits in terms of the directives issued by theReserve Bank of India and the provisions of sections 73 to 76 or any other relevantprovisions of the Companies Act and the rules framed there under.

(vi) We have broadly reviewed the accounts and records maintained by the Companypursuant to the Rules made by the Central Government for the maintenance of cost recordsunder sub-section (1) of Section 148 of the Companies Act 2013 read with Companies (CostRecords & Audit) Rules 2014 and we are of the opinion that prima facie the prescribedaccounts and records have been made and maintained. We have not however made detailedexamination of the records with a view to determine whether they are accurate andcomplete.

(vii) (a) According to records of the company and information and explanation given tous the company has generally been regular in depositing undisputed statutory duesincluding provident fund employees' state insurance income-tax sales-tax service taxduty of customs duty of excise value added tax cess and any other statutory dues withthe appropriate authorities. According to information and explanation given to us thereare no outstanding statutory dues as referred above as at the last day of the financialyear under audit for a period of more than six months from the date they became payable.

(b) As certified by the management on which we have relied upon the dues of income taxor sale tax or service tax or duty of custom or duty of excise or value added tax or cesswhich have not been deposited on account of dispute or deposited under protest and theforum where the dispute is pending are given below:

S. No. Name of Statute Nature of the Dues Period to which the amount relates Forum where the dispute is pending Gross disputed amount (Rs. In Crores) Amount deposited under protest/ appeal (Rs. In Crores) Amount not deposited (Rs. In Crores)
2002-03 to 2004-05 Hon. High Court Allahabad 18.83 - 18.83
1999-00 to 2009-10 Commercial Tax Tribunal UP 205.34 6.41 198.93
1 Entry Tax Act of respective State Entry Tax / Penalty / Interest 2008-09 Additional Commissioner (Appeals) Commercial Taxes 0.47 - 0.47
2002-03 to 2005-06 Dy. Commissioner (Appeals) Commercial Tax Ajmer 6.19 - 6.19
2011-12 & 2012-13 MP Commercial Tax Appellate Board Bhopal 4.76 1.77 2.99
SUB-TOTAL 235.59 8.18 227.41
2011-12 & 2012-13 MP Commercial Tax Appellate Board Bhopal 12.26 4.01 8.25
2005-06 to 2011-12 Joint Commissioner (Appeals) Sales Tax Mumbai 313.30 24.03 289.27
2003-2004 Hon. High Court Mumbai 0.63 0.03 0.60
Oct 2011 to Dec 2011 Joint Commissioner of Commercial Taxes Trichy 0.59 - 0.59
2 Central Sales Tax Act 1956 and respective State Sales Tax / VAT Act CST / Sales Tax / VAT/ Penalty / Interest 2003-2004 Hon. High Court Guwahati 0.29 0.14 0.15
2014-15 Dy.Commissioner (Appeals) Commercial Taxes Ernakulam 2.85 0.07 2.78
2003-04
2008-09 Joint Commissioner (Appeals) Commercial Tax Vadodara 93.44 82.98 10.46
2009-10
2012-13
1995-96 to 1996-97 Dy Commissioner Commercial Tax Gwalior 0.16 0.16 -
SUB-TOTAL 423.52 111.42 312.10
Mar 2000 to Feb 2002 April 2002 to March 2003 & Nov 2004 to Feb 2005 Supreme Court 54.24 - 54.24
Sept 2006 to Feb 2014 Customs Excise and Service Tax Appellate Tribunal Delhi 2646.90 - 2646.90
3 Central Excise Act 1944 Central Excise Duty / Interest / Penalty Jan 2001 to Feb 2005 Customs Excise and Service Tax Appellate Tribunal Mumbai 196.09 - 196.09
July 2004 to March 2011 Customs Excise and Service Tax Appellate Tribunal Ahmedabad 188.44 - 188.44
April 2008 to March 2010 & July 2010 to Nov 2010 Customs Excise and Service Tax Appellate Tribunal Kolkata 77.72 - 77.72
SUB-TOTAL 3163.39 0.00 3163.39
Oct. 2006 to Mar 2015 Customs Excise and Service Tax Appellate Tribunal Delhi 1216.80 23.61 1193.19
4 Finance Act 1994 (Service Tax) Service Tax / Interest / Penalty Aug. 2005 to Sept 2009 Customs Excise and Service Tax Appellate Tribunal Ahmedabad 9.88 - 9.88
July 2010 to Nov 2010 Customs Excise and Service Tax Appellate Tribunal Delhi 0.37 - 0.37
2008-09 Customs Excise and Service Tax Appellate Tribunal Allahabad 0.03 - 0.03
Apr 2007 to Mar 2009 & Oct 2009 to Mar 2015 Commissioner (Appeals) Customs Excise and Service Tax Delhi 1.18 - 1.18
SUB-TOTAL 1228.26 23.61 1204.65
March 2006 Customs Excise and Service Tax Appellate Tribunal Delhi 0.53 0.46 0.07
5 Customs Act 1962 Customs Duty/ Interest / Penalty Oct 2015 to Mar 2016 Commissioner of Customs Excise and Service Tax (Appeals) Pune 0.77 0.65 0.12
March 2013 to July 2014 Commissioner of Customs Excise and Service Tax (Appeals) Ahmedabad 7.78 7.78 -
SUB-TOTAL 9.08 8.89 0.19
2008-09 to 2017-18 Jurisdictional Assessing Officer (TDS) 4.94 - 4.94
Income Tax / 1999-00 2013-14 & 2014-15 Commissioner Income Tax (Appeals) 22 New Delhi 152.20 152.20 -
6 Income Tax Act 1961 Interest / Penalty 1996-97 to 1998- 99 & 2000-01 to 2012-13 Income Tax Appellate Tribunal Delhi 1808.28 1180.19 628.09
1997-98 & 1998-99 Hon. Supreme Court 0.26 0.26 -
SUB-TOTAL 1965.68 1332.65 633.03
7 Gujarat Municipalities Act 1963 Notified Area Tax / GIDC Tax / Interest 1998-99 to 2005- 06 & 1985-86 to 2009-10 Hon. High Court Ahmedabad 4.33 - 4.33
TOTAL 7029.85 1484.75 5545.10

(viii) Based on our audit procedures and in accordance with the information andexplanations given to us by the management the company has not defaulted in repayment ofdues to a bank or government or bonds holders.

(ix) The Company has not raised any money by way of initial public o er or furtherpublic o er or further public o er (including debt instrument). Term Loans obtained duringthe year were applied for the purpose for which those were obtained by the company.

(x) According to the information and explanations given to us and as represented by theManagement and based on our examination of the books and records of the Company and inaccordance with generally accepted auditing practices in India no case of frauds by theCompany or any fraud on the Company by its officers or employees has been noticed orreported during the year.

(xi) As per notification no. GSR 463(E) dated 5 June 2015 issued by the Ministry ofCorporate Affairs Government of India Section 197 is not applicable to the GovernmentCompanies. Accordingly provisions of clause 3 (xi) of the Order are not applicable to theCompany.

(xii) The company is not a nidhi company and therefore clause 3(xii) of the Orderrelated to such companies is not applicable to the Company.

(xiii) The company has complied with in respect of all transactions with the relatedparties are in compliance with sections 177 and 188 of Companies Act 2013 whereapplicable and the details have been disclosed in the Financial Statements as required bythe applicable accounting standards.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.

(xv) As informed to us during the year the company has not entered into any non-cashtransactions with any of its directors or persons connected with the Directors.

(xvi) The company is not required to get registered under section 45-IA of Reserve Bankof India Act'1934.

For O. P. Bagla & Co. For G. S. Mathur & Co.
Chartered Accountants Chartered Accountants
Firm No.: 000018N Firm No.: 08744N
(Rakesh Kumar) (Rajiv Kumar Wadhawan)
(Partner) (Partner)
Membership No.:087537 Membership No.:091007
Place : New Delhi
Dated : 20th July 2017

ANNEXURE - B TO THE INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 2 to “Report on Other legal and regulatoryrequirements” of the Independent Auditors' Report of even date to the members of GAIL(INDIA) LIMITED on the financial statements for the year ended March 31 2017.

S. No. Directions / Sub Directions Action taken Impact on financial statement
1 Whether the company has clear title/lease deed for freehold and leasehold respectively? If not please state the area of freehold and leasehold land for which title/lease deed are not available? As informed to us and as verified by us during the course of our audit the title deeds of immovable properties are held in name of the company except for the cases as disclosed in Note no. 37(b) & (c)along with area of these lands. Nil
2 Whether there are any cases of waiver/ write o of debts/loans/interest etc. if any the reason there for and amount involved. We have been informed that there has been no case of waiver write o of debt/interest/loans etc. Nil
3 Whether proper records are maintained for inventories laying with third parties & assets received as gift from Govt. or other authorities. The company has maintained proper records of inventories including inventory lying with the third parties. The inventories have been physically verified at reasonable intervals by the Management except the stores & spares lying with Engineers India Ltd. and other contractors. We have been informed that no asset has been received as gift from government or other authorities. Nil

 

For O. P. Bagla & Co. For G. S. Mathur & Co.
Chartered Accountants Chartered Accountants
Firm No.: 000018N Firm No.: 08744N
(Rakesh Kumar) (Rajiv Kumar Wadhawan)
(Partner) (Partner)
Membership No.: 087537 Membership No.: 091007
Place : New Delhi
Dated : 20th July 2017

ANNEXURE - C TO THE INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 3(f) to “Report on Other legal and regulatoryrequirements” of the Independent Auditors' Report of even date to the members of GAIL(INDIA) LIMITED on the financial statements for the year ended March 31 2017.

Report on the Internal Financial Controls under Clause (i) of Sub section 3 of Section143 of the Companies Act 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of GAIL(INDIA) LIMITED (“the Company”) as of March 31 2017 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the “Guidance Note”) and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness.

Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence I/we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls system over financialreporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that

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

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

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

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For O. P. Bagla & Co. For G. S. Mathur & Co.
Chartered Accountants Chartered Accountants
Firm No.: 000018N Firm No.: 08744N
(Rakesh Kumar) (Rajiv Kumar Wadhawan)
(Partner) (Partner)
Membership No.:087537 Membership No.:091007
Place : New Delhi
Dated : 20th July 2017