You are here » Home » Companies » Company Overview » Idea Cellular Ltd

Idea Cellular Ltd.

BSE: 532822 Sector: Telecom
NSE: IDEA ISIN Code: INE669E01016
BSE LIVE 15:50 | 21 Aug 89.05 -1.20
(-1.33%)
OPEN

90.00

HIGH

91.25

LOW

88.50

NSE 15:57 | 21 Aug 89.25 -1.05
(-1.16%)
OPEN

90.00

HIGH

91.35

LOW

88.65

OPEN 90.00
PREVIOUS CLOSE 90.25
VOLUME 710033
52-Week high 123.75
52-Week low 66.00
P/E
Mkt Cap.(Rs cr) 32,117
Buy Price 0.00
Buy Qty 0.00
Sell Price 89.05
Sell Qty 950.00
OPEN 90.00
CLOSE 90.25
VOLUME 710033
52-Week high 123.75
52-Week low 66.00
P/E
Mkt Cap.(Rs cr) 32,117
Buy Price 0.00
Buy Qty 0.00
Sell Price 89.05
Sell Qty 950.00

Idea Cellular Ltd. (IDEA) - Auditors Report

Company auditors report

To

The Members of

Idea Cellular Limited

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of IDEACELLULAR LIMITED ("the Company") which comprise the Balance Sheet as atMarch 31 2017 and the Statement of Profit and Loss (including Other ComprehensiveIncome) the Statement of Cash Flows and the Statement of Changes in Equity for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation.

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 thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) prescribedunder section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalone IndAS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit.

In conducting 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 thereunder. 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 the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.

In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

We believe that the audit evidence obtained by us 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 of the state of affairs of theCompany as at March 31 2017 and its loss total comprehensive loss its cash flows andthe changes in equity for the year ended on that date.

Emphasis of Matters

We draw attention to the Note 43A(i) to the standalone Ind AS financial statementswhich describes the uncertainties related to the legal outcome in respect of theDepartment of Telecommunications (DoT) demand notices for one time spectrum charges.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit we report to theextent applicable 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 Other ComprehensiveIncome the Statement of Cash Flows and Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards prescribed under section 133 of the Act.

e) On the basis of the written representations received from the directors as on March31 2017 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on its financialposition in its standalone Ind AS financial statements - Refer Note 43 A and 43 C to theStandalone Ind AS financial statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

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

iv. The Company has provided requisite disclosures in the standalone Ind AS financialstatements as regards its holding and dealings in Specified Bank Notes as defined in theNotification S.O. 3407(E) dated November 8 2016 of the Ministry of Finance during theperiod from November 8 2016 to December 30 2016. Based on audit procedures performed andthe representations provided to us by the management we report that the disclosures are inaccordance with the books of account maintained by the Company and as produced to us bythe Management.

2. 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 we give in"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

For Deloitte Haskins & Sells LLP

Chartered Accountants

Firm's Registration No. 117366W/W-100018

Hemant M. Joshi

Partner

Membership No: 38019

Place: Mumbai

Date : May 13 2017

Annexure "A" to the Independent Auditor's Report

(Referred to in paragraph 1(f) under 'Report on Other Legal and RegulatoryRequirements' section of our report of even date)

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

We have audited the internal financial controls over financial reporting of IDEACELLULAR LIMITED ("the Company") of March 31 2017 in conjunction with ouraudit of the standalone Ind AS financial statements of the Company for the year ended onthat date.

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") issued by the Institute of Chartered Accountants of Indiaand the Standards on Auditing prescribed under Section 143(10) of the Companies Act 2013to the extent applicable to an audit of internal financial controls. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

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

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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2017 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For Deloitte Haskins & Sells LLP

Chartered Accountants

Firm's Registration No. 117366W/W-100018

Hemant M. Joshi

Partner

Membership No: 38019

Place: Mumbai

Date : May 13 2017.

Annexure "B" to the Independent Auditor's Report

(Referred to in paragraph 2 under 'Report on Other Legal and Regulatory Requirements'section of our report of even date)

(i) In respect of its fixed assets:

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) The Company has a program of verification of fixed assets to cover all the items ina phased manner over a period of three years which in our opinion is reasonable havingregard to the size of the Company and the nature of its assets. Pursuant to the programcertain fixed assets were physically verified by the Management during the year. Accordingto the information and explanations given to us no material discrepancies were noticed onsuch verification.

c) According to the information and explanations given to us and the records examinedby us and based on the examination of the registered sale deed/transfer deed/conveyancedeed/court orders approving schemes of arrangements/amalgamations provided to us wereport that the title deeds comprising all the immovable properties of land andbuildings are held in the name of the Company as at the balance sheet date. In respect ofimmovable properties of buildings that have been taken on lease and disclosed as fixedasset in the financial statements the lease agreements are in the name of the Companywhere the Company is the lessee in the agreement.

(ii) As explained to us the inventories except for those lying with the thirdparties were physically verified during the year by the Management at reasonableintervals and no material discrepancies were noticed on physical verification.

(iii) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Companies Act2013 in respect of grant of loans making investments and providing guarantees andsecurities as applicable.

(v) According to the information and explanations given to us the Company has notaccepted any deposits from the public to which the directives issued by the Reserve Bankof India and the provisions of sections 73 to 76 of the Companies Act 2013 and the rulesframed there under are applicable.

(vi) The maintenance of cost records has been specified by the Central Government undersection 148(1) of the Companies Act 2013. We have broadly reviewed the cost recordsmaintained by the Company pursuant to the Companies (Cost Records and Audit) Rules 2014as amended prescribed by the Central Government under sub-section (1) of Section 148 ofthe Companies Act 2013 and are of the opinion that prima facie the prescribed costrecords have been made and maintained. We have however not made a detailed examinationof the cost records with a view to determine whether they are accurate or complete.

(vii) According to the information and explanations given to us in respect ofstatutory dues:

a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income-tax Sales Tax/Value AddedTax Service Tax Customs Duty cess and other material statutory dues applicable to it tothe appropriate authorities. As explained to us the Company did not have any dues onaccount of Excise duty.

b) There were no undisputed amounts payable in respect of Provident Fund Employees'State Insurance Income-tax Sales Tax/Value Added Tax Service Tax Customs Duty cessand other material statutory dues in arrears as at March 31 2017 for a period of morethan six months from the date they became payable.

c) There are no dues of cess which have not been deposited on account of any dispute.Details of dues of Income-tax Sales Tax/Value Added Tax Service Tax and Customs Dutywhich have not been deposited as on March 31 2017 on account of disputes are given below:

Name of Statute Nature of Dues Forum where Dispute is Pending Period to which the Amount Relates Amount Involved (' in Mn) Amount Unpaid (' in Mn)
Customs Act 1962 Custom Duty Customs Excise & Service Tax Appellate Tribunal 2003-04 3.49 3.49
Karnataka Tax on Entry of Goods Act 1979 Entry Tax High Court of Karnataka 2004-05 8.92 8.92
MP Entry Tax Act 1976 Entry Tax Assistant Commissioner 1998-2001 2009-10 2013-2017 87.83 0.89
MP Entry Tax Act 1976 Entry Tax CG Commercial Tax Tribunal 2006-2009 2010-2011 31.26 16.98
MP Entry Tax Act 1976 Entry Tax CG High Court 2003-04 0.51 0.37
MP Entry Tax Act 1976 Entry Tax Deputy Commissioner Commercial Tax (Appeals) 2011-12 14.36 12.20
MP Entry Tax Act 1976 Entry Tax Deputy Commissioner Appeals 2012-13 21.34 18.10
MP Entry Tax Act 1976 Entry Tax Madhya Pradesh High Court 1998-01 2003-14 452.89 91.52
MP Entry Tax Act 1976 Entry Tax State Tax Tribunal 2001-03 2004-2006 12.88 1.08
West Bengal Value Added Tax 2003 Entry Tax Deputy Commissioner 2013-14 0.55 0.55
The Maharashtra Municipal Corporations Act Entry Tax Deputy Commissioner 2013-14 1.58 0.98
Rajasthan Tax On Entry Of Goods Into Local Areas Act 1999 Entry Tax Supreme Court 2008-16 157.09 69.14
Rajasthan Tax On Entry Of Goods Into Local Areas Act 1999 Entry Tax Assistant Commissioner 2014-15 2.65 2.65
The Bihar Value Added Tax Act 2005 Entry Tax Joint Commissioner (Appeals) 2010-11 2013-16 33.49 30.89
The Bihar Value Added Tax Act 2005 Entry Tax State Tax Tribunal 2010-12 1.07 0.93
The Uttar Pradesh Tax on Entry of Goods Act 2000 Entry Tax Assessing Officer 2011-12 0.95 0.95
The Uttar Pradesh Tax on Entry of Goods Act 2000 Entry Tax State Tax Tribunal 2007-08 4.89 4.16
The Uttar Pradesh Tax on Entry of Goods Act 2000 Entry Tax High Court Allahabad 1999-10 29.25 12.00
Uttar Pradesh Trade Tax Act 1948 Entry Tax State Tax Tribunal 2005-06 0.17 0.17
Uttar Pradesh Trade Tax Act 1948 (UTTRAKHAND AMENDMENT) Entry Tax High Court Nainital 2001-04 1.21 0.57
Orissa Entry Tax Act 1999 Entry Tax Cuttack High Court 2008-17 57.77 38.94
Himachal Pradesh Entry Tax Act 2010 Entry Tax HP High Court 2010-17 114.91 71.79
The Jammu & Kashmir Entry Tax on Goods Act 2000 Entry Tax Srinagar High Court 2010-17 364.10 79.05
Income Tax Act 1961 Income Tax Assistant Commissioner of Income Tax 2009-11 2012-13 15.21 15.21
Income Tax Act 1961 Income Tax Deputy Commissioner of Income Tax 2006-11 390.86 140.99
Income Tax Act 1961 Income Tax Commissioner of Income Tax (Appeals) 2002-2016 71894.21 54299.73
Income Tax Act 1961 Income Tax Income Tax Appellate Tribunal 2002-05 2007-15 1339.71 191.18
Income Tax Act 1961 Income Tax High Court of Karnataka 2001-02 1.38 1.38
Income Tax Act 1961 Income Tax High Court of Andhra Pradesh 2003-09 131.58 -
Income Tax Act 1961 Income Tax Madhya Pradesh High Court 2006-09 129.80 -
Income Tax Act 1961 Income Tax Rajasthan High Court 2006-10 26.25 -
Income Tax Act 1961 Income Tax Supreme Court 2002-04 9.47 -
Income Tax Act 1961 Income Tax High Court of Gujarat 2007-10 30.73 0.32
Bombay Sales Tax Act 1959 Sales Tax Sales tax Tribunal 2000-01 43.90 43.90
Central Sales Tax Act 1956 Sales Tax Joint Commissioner (Appeals) 2007-082010-11 41.35 23.17
Central Sales Tax Act 1956 Sales Tax Assistant Commissioner 2013-14 0.02 0.02
Central Sales Tax Act 1956 Sales Tax Deputy Commissioner Sales Tax 2008-09 2011-12 37.79 27.79
Delhi Sales Tax Act 1975 Sales Tax Additional Commissioner (Appeals) 2002-03 1.86 -
Gujarat Sales Tax Act 1969 Sales Tax State Tax Tribunal 1998-02 8.83 7.04
Gujarat Sales Tax Act 1969 Sales Tax Assessing Officer Apr 06 to Dec 06 1.04 0.83
Kerala Sales tax Act 1963 Sales Tax State Tax Tribunal 1997-98 0.05 0.05
Kerala Sales tax Act 1963 Sales Tax Deputy Commissioner Sales Tax 1998-99 0.06 0.06
Madhya Pradesh Commercial Tax Act 1994 Sales Tax CG Appellate Board 2000-01 0.48 0.31
Uttar Pradesh Trade Tax Act 1948 Sales Tax Joint Commissioner (Appeals) 2003-2012 3.11 1.01
Delhi Value Added Tax Act 2004 Sales Tax State Tax Tribunal 2007-08 14.05 11.84
Kerala VAT Act 2003 Sales Tax Deputy Commissioner Appeals 2009-10 2011-12 0.94 0.94
Kerala VAT Act 2003 Sales Tax Kerala High Court 2011-12 65.47 65.47
Kerala VAT Act 2003 Sales Tax Assistant Commissioner Sales tax 2011-12 1.38 1.38
Kerala VAT Act 2003 Sales Tax Commercial Tax Officer 2010-11 51.49 51.49
Maharashtra Value Added Tax Act 2002 Sales Tax Deputy Commissioner Sales Tax 2011-12 15.15 15.15
Maharashtra Value Added Tax Act 2002 Sales Tax Joint Commissioner (Appeals) 2008-09 308.43 308.42
Rajasthan Value Added Tax Act 2003 Sales Tax Assistant Commissioner Sales tax 2011-12 2013-14 11.64 11.19
The Bihar Value Added Tax Act 2005 Sales Tax State Tax Tribunal 2008-14 34.01 22.03
The Bihar Value Added Tax Act 2005 Sales Tax Commissioner 2016-17 1.36 1.36
The Bihar Value Added Tax Act 2005 Sales Tax Joint Commissioner (Appeals) 2014-15 6.69 4.00
Uttar Pradesh Trade Tax Act 1948 Sales Tax State Tax Tribunal 2006-08 0.69 0.58
Uttar Pradesh Trade Tax Act 1948 Sales Tax Assessing Officer 2008-10 2011-12 2013-14 20.50 17.40
The Jammu & Kashmir General Sales Tax Act 1962 Sales Tax Srinagar High Court 2009-17 510.15 510.15
Uttar Pradesh Trade Tax Act 1948 (UTTRAKHAND AMENDEMENT) Sales Tax Assessing Officer 2009-10 0.07 -
Uttar Pradesh Value Added Tax Act 2008 Sales Tax Deputy Commissioner Sales Tax 2006-07 Apr 12 to Jul 12 2.67 1.54
Uttar Pradesh Value Added Tax Act 2008 Sales Tax High Court Allahabad 2007-08 0.71 -
Uttar Pradesh Value Added Tax Act 2008 Sales Tax Additional Commissioner (Appeals) 2011-2013 11.85 9.98
The Finance Act 1994 Service Tax Andhra Pradesh High Court 2003-04 25.15 25.15
The Finance Act 1994 Service Tax Customs Excise & Service Tax Appellate Tribunal 2003-2012 and 2013-2015 2654.03 2534.16
The Finance Act 1994 Service Tax High Court Mumbai 2004-2006 2007-2010 290.56 4.64
The Finance Act 1994 Service Tax Punjab & Haryana High Court Oct 1998- Mar 99 2002-2003 2004-07 14.56 14.56
The Finance Act 1994 Service Tax Commissioner of Central Excise & Service Tax 2004-05 Apr 05 to Sep 07 41.98 36.98
The Finance Act 1994 Service Tax Commissioner of Central Excise & Service Tax (Appeals) 1999-01 Apr 03 to Sep 03 2005-2012 15.18 14.71

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of loans or borrowings to financialinstitutions banks and government and dues to debenture holders.

(ix) During the current year the Company has not raised moneys by way of initialpublic offer or further public offer (including debt instruments). In our opinion andaccording to the information and explanations given to us the term loans have beenapplied by the Company during the year for the purposes for which they were raised otherthan temporary deployment pending application of proceeds.

(x) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no material fraud on the Company by its officersor employees has been noticed or reported during the year.

(xi) According to the information and explanations given to us the Company haspaid/accrued remuneration amounting to Rs.100.46 million to its Managing Director Mr.Himanshu Kapania. As the Company did not have profits in the financial year ended March31 2017 an amount of Rs.30.54 Mn is in excess of the limits specified in section 197 ofCompanies Act 2013 ('the Act') read with Schedule V thereto. The Company is in theprocess of complying with the statutory requirements prescribed to regularise such excesspayments including seeking approval of shareholders/central government as necessary.

(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of theOrder is not applicable.

(xiii) In our opinion and according to the information and explanations given to usthe Company is in compliance with Section 188 and 177 of the Companies Act 2013 for alltransactions with the related parties and the details of related party transactions havebeen disclosed in the financial statements etc. as required by the applicable accountingstandards.

(xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underclause (xiv) of the Order is not applicable to the Company.

(xv) In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsdirectors directors of subsidiary companies directors of associate company or personsconnected with them and hence provisions of section 192 of the Companies Act 2013 are notapplicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Deloitte Haskins & Sells LLP

Chartered Accountants

Firm's Registration No. 117366W/W-100018

Hemant M. Joshi

Partner

Membership No: 38019

Place: Mumbai

Date : May 13 2017.