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Indian Oil Corporation Ltd.

BSE: 530965 Sector: Oil & Gas
NSE: IOC ISIN Code: INE242A01010
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OPEN 144.20
PREVIOUS CLOSE 142.75
VOLUME 1472378
52-Week high 213.80
52-Week low 105.65
P/E 5.83
Mkt Cap.(Rs cr) 135,091
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 144.20
CLOSE 142.75
VOLUME 1472378
52-Week high 213.80
52-Week low 105.65
P/E 5.83
Mkt Cap.(Rs cr) 135,091
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Indian Oil Corporation Ltd. (IOC) - Auditors Report

Company auditors report

To

The Members of Indian Oil Corporation Limited

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of Indian OilCorporation Limited ("the Company") which comprise the Balance Sheet as at 31stMarch 2018 the Statement of Profit and Loss (including Other Comprehensive Income) theCash Flow Statement and the Statement of Changes in Equity for the year then ended and asummary of the significant accounting policies and other explanatory information in whichare incorporated the returns for the year ended on that date audited by the branch auditorof the Company's one branch namely R&D division situated at Faridabad HaryanaIndia.

Management's Responsibility for the Standalone Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone Ind AS financial statements that give a true and fair view of the stateof affairs (financial position) profit or loss (financial performance including othercomprehensive income) cash flows and changes in the equity of the Company in accordancewith the accounting principles generally accepted in India including the IndianAccounting Standards (Ind AS) specified under Section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended.

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.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the Audit Report under theprovisions of the Act and the Rules made there under.

We conducted our audit of standalone Ind AS financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS financial statements are freefrom material misstatement.

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 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 affairs (financial position) of the Company as at 31st March2018 and its profit (financial performance including other comprehensive income) and itscash flows and the changes in equity for the year ended on that date.

Other Matters

a) We did not audit the financial statements/information of one branch included in thestandalone Ind AS financial statements of the Company whose financial statements /financial information reflect total assets of Rs. 895.90 crores as at 31st March2018 and total revenues of Rs. 19.08 crores for the year ended on that date as consideredin the standalone Ind AS financial statements. The financial statements/information ofthis branch have been audited by the branch auditor whose report has been furnished to usand our opinion in so far as it relates to the amounts and disclosures included in respectof this branch is based solely on the report of such branch auditor.

b) The standalone Ind AS financial statements include the Company's proportionate share(relating to Jointly controlled operations) in assets Rs. 447.04 crores liabilities Rs.115.50 crores income of Rs. 18.92 crores and expenditure Rs. 41.01 crores and elementsmaking of the cash flow statement and related disclosures contained in the enclosedstandalone Ind AS financial statements and our observations thereon are based on unauditedstatements from the operators to the extent available with the Company in respect of 14blocks in India and overseas and have been certified by the management.

We have also placed reliance on technical / commercial evaluations by the management inrespect of categorization of wells as exploratory development and dry well allocation ofcost incurred on them liability under New Exploration Licensing Policy (NELP) andnominated blocks for under-performance against agreed Minimum Work Programme.

Our opinion is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Government of India in terms of sub- section (11) of Section 143 ofthe Act and on the basis of such checks of the books and records of the Company as weconsidered appropriate and according to the information and explanations given to us wegive in the "Annexure 1" a statement on the matters specified in the paragraphs3 and 4 of the said Order.

2. We are enclosing our report in terms of Section 143 (5) of the Act on the basis ofsuch checks of the books and records of the Company as we considered appropriate andaccording to the information and explanations given to us in the "Annexure 2"on the directions issued by the Comptroller and Auditor General of India.

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 and proper returnsadequate for the purpose of our audit have been received from the branch not visited byus;

(c) the report on the accounts of the branch office of the Company audited undersection 143(8) of the Act by branch auditor have been sent to us and have been properlydealt with by us in preparing this report;

(d) the Balance Sheet the Statement of Profit and Loss (including Other ComprehensiveIncome) the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account and with the returns received from theBranch not visited by us;

(e) in our opinion the aforesaid standalone Ind AS financial statements comply withthe Indian Accounting Standards specified under Section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended;

(f) we have been informed that the provisions of Section 164(2) of the Act in respectof disqualification of directors are not applicable to the Company being a GovernmentCompany in terms of notification no. G.S.R.463(E) dated 5th June 2015 issuedby Ministry of Corporate Affairs Government of India;

(g) 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 3"; (h) with respect to the other matters to beincluded in the Auditor's Report in accordance with Rule 11 of the Companies (Audit andAuditors) Rules 2014 in our opinion and to the best of our information and according tothe 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 36 B.1 to thestandalone Ind AS financial 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 the amounts required to be transferred toInvestor Education and Protection Fund by the Company in accordance with the relevantprovisions of the Act and the Rules made there under.

For S. K. MEHTA & CO. For V SANKAR AIYAR & CO. For CK PRUSTY & ASSOCIATES For V. SINGHI & ASSOCIATES
Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 000478N Firm Regn. No. 109208W Firm Regn. No. 323220E Firm Regn. No. 311017E
Sd/- Sd/- Sd/- Sd/-
(CA. ROHIT MEHTA) (CA. G SANKAR) (CA. CHANDRAKANTA PRUSTY ) (CA. ANIRUDDHA SENGUPTA)
Partner Partner Partner Partner
M. No. 091382 M. No. 046050 M. No. 057318 M. No. 051371
Place of Signature: New Delhi
Date: 22nd May 2018

ANNEXURE 1 TO THE INDEPENDENT AUDITORS' REPORT

Annexure referred to in Independent Auditors' Report of even date to the members ofIndian Oil Corporation Limited on the standalone Ind AS financial statements for the yearended 31st March 2018

(i) (a) The Company has generally maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) There is a regular programme of physical verification of all fixed assets otherthan LPG cylinders and pressure regulators with customers over a period of three yearswhich in our opinion is reasonable having regard to the size of the Company and thenature of its fixed assets. In our opinion and as per the information given by theManagement the discrepancies observed were not material and have been appropriatelyaccounted for in the books.

(c) According to the information and explanations given to us and on the basis of ourexamination of records of the Company the title/ lease deeds of the immovable propertiesare held in the name of the Company except in cases given below:

Particulars Number of cases Gross Block/ Value Net Block/ Value
(Rs. in Crore) (Rs. in Crore)
Leasehold Land- Operating leases 16 36.53 32.67
Leasehold Land- Finance leases 9 35.59 31.51
Leasehold Land- Total 25 72.12 64.18
Freehold Land 21 170.76 170.76
Building 7 5.59 5.13

(ii) In our opinion and according to the information and explanations given to us theinventory (excluding inventory lying with third parties and material in transit) has beenphysically verified by the management during the year at reasonable intervals and nomaterial discrepancies were noticed on physical verification.

(iii) In our opinion and according to the information and explanations given to us theCompany has not granted any loans secured or unsecured during the year to anycompanies firms limited liability partnerships or other parties covered in registermaintained under Section 189 of the Act. In view of the above reporting under clause 3(iii)(a) 3 (iii)(b) and 3 (iii)(c) of the Order is not applicable.

(iv) In our opinion and according to the information and explanations given to us theCompany is exempted from the provisions of section 186 of the Act as it is engaged in thebusiness of providing infrastructure facilities as provided under Schedule-VI of the Act.There were no transactions during the year to which the provisions of section 185 of theAct were applicable.

(v) In our opinion and according to the information and explanations given to usduring the year the Company has not accepted deposits from the public in terms of theprovisions of sections 73 to 76 of the Act read with the Companies (Acceptance ofDeposits) Rules 2014 as amended and other relevant provisions of the Act and no depositsare outstanding at the year end except old cases under dispute aggregating to Rs. 0.01crore where we are informed that the Company has complied with necessary directions.

(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 Act read with Companies (Cost Records &Audit) Rules 2014 as amended 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) Undisputed statutory dues including provident fund employees' stateinsurance income tax sales-tax value added tax service tax duty of custom duty ofexcise goods and service tax cess and other statutory dues have generally been regularlydeposited with the appropriate authorities and there are no undisputed dues outstanding ason 31st March 2018 for a period of more than six months from the date theybecame payable.

(b) The disputed statutory dues that have not been deposited on account of matterspending before appropriate authorities are annexed in "Appendix A" with thisreport.

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in repayment of dues to financial institutions banksGovernment or debenture holders.

(ix) According to the information and explanations given to us the Company has appliedthe term loans for the purpose for which those were obtained. During the year the Companyhas not raised moneys through initial public offer or further public offer (including debtinstruments).

(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 material case of fraudsby the Company or on the Company by its officers or employees has been noticed or reportedduring the year.

(xi) The provisions of Section 197 read with Schedule V of the Act relating tomanagerial remuneration are not applicable to the Company being a Government Company interms of Ministry of Corporate Affairs Notification no. G.S.R. 463 (E) dated 5thJune 2015.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company and therefore the reporting under Clause 3 (xii) of theOrder is not applicable.

(xiii) In our opinion and according to the information and explanations given by themanagement all transactions during the year with the related parties were approved by theAudit Committee and are in compliance with sections 177 and 188 of the Act whereapplicable and the details have been disclosed in the standalone Ind AS financialstatements as required by the applicable Indian accounting standards.

(xiv) According to the information and explanations given to us the Company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year and therefore provisions of Section 42 of the Actare not applicable to the Company during the year.

(xv) In our opinion and according to the information and explanations given to us theCompany has not entered into any non-cash transactions specified under section 192 of theAct with directors or persons connected with him.

(xvi) According to the information and explanations given to us the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For S. K. MEHTA & CO. For V SANKAR AIYAR & CO. For CK PRUSTY & ASSOCIATES For V. SINGHI & ASSOCIATES
Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 000478N Firm Regn. No. 109208W Firm Regn. No. 323220E Firm Regn. No. 311017E
Sd/- Sd/- Sd/- Sd/-
(CA. ROHIT MEHTA) (CA. G SANKAR) (CA. CHANDRAKANTA PRUSTY) (CA. ANIRUDDHA SENGUPTA)
Partner Partner Partner Partner
M. No. 091382 M. No. 046050 M. No. 057318 M. No. 051371
Place of Signature: New Delhi
Date: 22nd May 2018

REPORTING AS PER COMPANIES (AUDITORS' REPORT) ORDER 2016 (DISPUTED STATUTORY DUES)

Appendix - A

Name of the Statute Nature of Dues Forum Where Dispute is pending Gross Amount (Rs. Crore) Amount Paid under Protest (Rs. Crore) Amount (net of deposits) (Rs. Crore) Period to which the Amount relates (Financial Years)
1 CENTRAL EXCISE ACT 1944 CENTRAL EXCISE
Supreme Court 98.89 10.00 88.89 1989 to 2007
High Court 14.74 0.38 14.36 1992 to 2017
Tribunal 1825.57 23.24 1802.33 1998 to 2017
Revisionary Authority 7.14 0.04 7.10 2000 to 2016
Appellate Authority 48.88 0.87 48.01 1988 to 2017
(Below Tribunal)
Total 1995.22 34.53 1960.69
2 CUSTOMS ACT 1962 CUSTOMS DUTY
Supreme Court 8.98 2.00 6.98 1998 to 2001
High Court 2.10 2.05 0.05 2004 to 2017
Tribunal 60.17 1.02 59.15 1994 to 2005
Revisionary Authority 0.13 0.01 0.12 2011 to 2011
Appellate Authority 85.22 0.22 85.00 1994 to 2017
(Below Tribunal)
Total 156.60 5.30 151.30
3 SALES TAX/ VAT LEGISLATIONS SALES TAX/ VAT/ TURNOVER TAX
Supreme Court 13.87 - 13.87 1986 to 2004
High Court 1279.96 85.70 1194.26 1982 to 2017
Tribunal 2393.07 503.71 1889.36 1984 to 2018
Revisionary Authority 896.07 93.68 802.39 1979 to 2011
Appellate Authority 3432.28 600.41 2831.87 1978 to 2017
(Below Tribunal)
Total 8015.25 1283.50 6731.75
4 INCOME TAX ACT 1961 INCOME TAX
Supreme Court
High Court 428.31 428.31 - 1986 to 2006
Tribunal 2033.40 1783.29 250.11 2003 to 2013
Revisionary Authority - - -
Appellate Authority 1218.24 35.21 1183.03 2007 to 2015
(Below Tribunal)
Total 3679.95 2246.81 1433.14
5 FINANCE ACT 1994 SERVICE TAX
Tribunal 494.64 0.51 494.13 1996 to 2016
Appellate Authority 10.65 0.13 10.52 2001 to 2017
(Below Tribunal)
Total 505.29 0.64 504.65
6 STATE LEGISLATIONS ENTRY TAX
Supreme Court 3.08 - 3.08 1991 to 2002
High Court 26056.29 16963.18 9093.11 1999 to 2018
Tribunal 1753.66 220.70 1532.96 2001 to 2015
Revisionary Authority 9.50 6.76 2.74 1999 to 2013
Appellate Authority 11.38 3.63 7.75 1998 to 2015
(Below Tribunal)
Total 27833.91 17194.27 10639.64
7 OTHER CENTRAL / STATE LEGISLATIONS OTHERS COMMERCIAL TAX etc.
Supreme Court 9.78 - 9.78 2005 to 2011
High Court 69.23 10.00 59.23 2001 to 2013
Revisionary Authority 7.64 3.35 4.29 2010 to 2010
Appellate Authority 21.74 1.27 20.47 1999 to 2018
(Below Tribunal)
Total 108.39 14.62 93.77
GRAND TOTAL 42294.61 20779.67 21514.94

Note: Dues include penalty and interest wherever applicable.

ANNEXURE 2 TO THE INDEPENDENT AUDITORS' REPORT

Annexure referred to in Independent Auditors' Report of even date to the members ofIndian Oil Corporation Limited on the standalone Ind AS financial statements for the yearended 31st March 2018 Directions issued by the Comptroller & AuditorGeneral of India under Section 143(5) of the Companies Act 2013 indicating the areas tobe examined by the Statutory Auditors during the course of audit of annual accounts ofIndian Oil Corporation Limited (Standalone) for the year ended 31st March2018:

Sl. No. Directions Action Taken Impact on Ind AS financial statements
1 Whether the Company has clear title/ lease deeds for freehold and leasehold respectively? If not please state the area of freehold and leasehold land for which title/ lease deeds are available? The title/lease deeds for freehold and leasehold land are available and held in the name of the Company except title/lease deeds in 46 cases of 2222170 square meters land (Freehold Land in 21 cases of 1088528 square meters and Leasehold Land in 25 cases of 1133642 square meters) are pending for not execution in the name of the Company. NIL
2 Whether there are any cases of waiver/ write off of debts/loans/ interest etc. if yes the reasons there for and the amount involved. According to the information and explanations given to us there are no material cases of waiver/write off of debts/ loans/interest etc. However in the normal course of business there are cases of waiver/write off etc. which are based on the facts of each case and specific approval as per "Delegation of Authority". Details of waiver/ write off during the year is as under: NIL
Particulars Rs. in crore
Write off of Doubtful Debts 8.09
Write off of Doubtful Advances 2.39
Total 10.48
3 Whether proper records are maintained for inventories lying with third parties & assets received as gift / grant(s) from Govt. or other authorities. In our opinion proper records are maintained for inventories lying with third parties and also for assets received by the Company as gift / grants from government or other authorities. NIL
For S. K. MEHTA & CO. For V SANKAR AIYAR & CO. For CK PRUSTY & ASSOCIATES For V. SINGHI & ASSOCIATES
Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 000478N Firm Regn. No. 109208W Firm Regn. No. 323220E Firm Regn. No. 311017E
Sd/- Sd/- Sd/- Sd/-
(CA. ROHIT MEHTA) (CA. G SANKAR) (CA. CHANDRAKANTA PRUSTY ) (CA. ANIRUDDHA SENGUPTA)
Partner Partner Partner Partner
M. No. 091382 M. No. 046050 M. No. 057318 M. No. 051371
Place of Signature: New Delhi
Date: 22nd May 2018

ANNEXURE 3 TO THE INDEPENDENT AUDITORS' REPORT

Annexure referred to in Independent Auditors' Report of even date to the members ofIndian Oil Corporation Limited on the standalone Ind AS financial statements for the yearended 31st March 2018

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 Indian OilCorporation Limited ("the Company") as of 31st March 2018 inconjunction with our audit of the standalone Ind AS financial statements for the yearended on that 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 (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

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 Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects. Our audit involves performing procedures to obtain audit evidence about theadequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the standalone Ind AS financial statements whether dueto fraud or error. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over 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 standalone Ind AS financial statements for external purposes in accordancewith generally accepted accounting principles including the Ind AS. A company's internalfinancial control over financial reporting includes those policies and procedures that (1)pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation ofstandalone Ind AS financial statements in accordance with generally accepted accountingprinciples including the Ind AS and that receipts and expenditures of the Company arebeing made only in accordance with authorisations of management and directors of theCompany; 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 standalone Ind AS 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 2018 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 ICAI.

Other Matters

Our aforesaid report under section 143(3)(i) of the Act on the adequacy and operatingeffectiveness of the internal financial controls over financial reporting in so far as itrelates to one branch audited by the branch auditor is based on the corresponding reportof the branch auditor.

For S. K. MEHTA & CO. For V SANKAR AIYAR & CO. For CK PRUSTY & ASSOCIATES For V. SINGHI & ASSOCIATES
Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 000478N Firm Regn. No. 109208W Firm Regn. No. 323220E Firm Regn. No. 311017E
Sd/- Sd/- Sd/- Sd/-
(CA. ROHIT MEHTA) (CA. G SANKAR) (CA. CHANDRAKANTA PRUSTY) (CA. ANIRUDDHA SENGUPTA)
Partner Partner Partner Partner
M. No. 091382 M. No. 046050 M. No. 057318 M. No. 051371
Place of Signature: New Delhi
Date: 22nd May 2018