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Indian Oil Corporation Ltd.

BSE: 530965 Sector: Oil & Gas
NSE: IOC ISIN Code: INE242A01010
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VOLUME 948632
52-Week high 141.75
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P/E 4.38
Mkt Cap.(Rs cr) 113,864
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OPEN 125.65
CLOSE 125.65
VOLUME 948632
52-Week high 141.75
52-Week low 84.05
P/E 4.38
Mkt Cap.(Rs cr) 113,864
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 Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements ofIndian Oil Corporation Limited ("the Company") which comprise the Balance Sheetas at March 31 2021 the Statement of Profit and Loss (including Other ComprehensiveIncome) the Statement of Changes in Equity and the Statement of Cash Flows for the yearthen ended and notes to the standalone financial statements including a summary ofsignificant accounting policies and other explanatory information in which areincorporated the financial statements for the year ended on that date audited by theBranch Auditor of the Company's one Branch namely Research & Development(R&D) division situated at Faridabad Haryana India.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 (the "Act") in the manner sorequired and give a true and fair view in conformity with Indian Accounting Standardsspecified under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended and other accounting principles generally accepted inIndia of the state of affairs of the Company as at March 31 2021 and totalcomprehensive income (comprising of profit and other comprehensive income) changes inequity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing (SAs) specified under section 143(10) of theAct. Our responsibilities under those Standards are further described in theAuditors' Responsibilities for the Audit of the standalone financial statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India ("ICAI")together with the ethical requirements that are relevant to our audit of the standalonefinancial statements under the provisions of the Act and the Rules thereunder and we havefulfilled our other ethical responsibilities in accordance with these requirements and theICAI's Code of Ethics. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our opinion on the standalone financialstatements.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent period. These matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report:

Key Audit Matters Auditors' response to Key Audit Matters
Property Plant & Equipment and Intangible Assets
There are areas where management judgement impacts the carrying value of property plant and equipment intangible assets and their respective depreciation/amortisation rates. These include the decision to capitalise or expense costs; the annual asset life review; the timeliness of the capitalisation of assets and the use of management assumptions and estimates for the determination or the measurement and recognition criteria for assets retired from active use. Due to the materiality in the context of the Balance Sheet of the Company and the level of judgement and estimates required we consider this to be as area of significance. We assessed the controls in place over the fixed asset cycle evaluated the appropriateness of capitalisation process performed tests of details on costs capitalised the timeliness of the capitalisation of the assets and the de-recognition criteria for assets retired from active use.
In performing these procedures we reviewed the judgements made by management including the nature of underlying costs capitalised; determination of realisable value of the assets retired from active use; the appropriateness of assets lives applied in the calculation of depreciation; the useful lives of assets prescribed in Schedule II to the Act and the useful lives of certain assets as per the technical assessment of the management. We observed that the management has regularly reviewed the aforesaid judgements and there are no material changes.
Capital Work-in-Progress
The Company is in the process of executing various projects like expansion of refineries installation of new plants depots LPG bottling plants terminals pipelines etc. Since these projects take a substantial period of time to get ready for intended use and due to their materiality in the context of the Balance Sheet of the Company this is considered to be an area which had the significant effect on the overall audit strategy and allocation of resources in planning and completing our audit We performed an understanding and evaluation of the system of internal control over the capital work in progress with reference to identification and testing of key controls.
We assessed the progress of the project and the intention and ability of the management to carry forward and bring the asset to its state of intended use.
Provision for Direct Taxes
The Company has uncertain direct tax positions including matters under dispute which involves significant judgment relating to the possible outcome of these disputes in estimation of the provision for income tax. Because of the judgement required the area is a key audit matter for our audit. Our audit procedures involved assessment of the management's underlying assumptions in estimating the tax provision (as confirmed by the Company's tax consultants) and the possible outcome of the disputes taking into account the legal precedence jurisprudence and other rulings in evaluating management's position on these uncertain direct tax positions. We observed that the provision for tax estimated as above including the deferred tax has not resulted in material deviation from the applicable rate of tax after considering the exemptions deductions and disallowances as per the provisions of the Income Tax Act 1961.
Provisions and Contingent Liabilities
The Company is involved in various taxes and other disputes for which final outcome cannot be easily predicted and which could potentially result in significant liabilities. The assessment of the risks associated with the litigations is based on complex assumptions which require the use of judgement and such judgement relates primarily to the assessment of the uncertainties connected to the prediction of the outcome of the proceedings and to the adequacy of the disclosures in the standalone financial statements. Because of the judgement required the materiality of such litigations and the complexity of the assessment process the area is a key matter for our audit. Our audit procedures in response to this Key Audit Matter included among others
• Assessment of the process and relevant controls implemented to identify legal and tax litigations and pending administrative proceedings.
• Assessment of assumptions used in the evaluation of potential legal and tax risks performed by the legal and tax department of the Company considering the legal precedence and other rulings in similar cases.
• Inquiry with the legal and tax departments regarding the status of the most significant disputes and inspection of the key relevant documentation.
• Analysis of opinion received from the experts wherever available.
• Review of the adequacy of the disclosures in the notes to the standalone financial statements.
Investments in Subsidiaries Joint Ventures and Associates
Investments in subsidiaries joint ventures and associates are valued at cost adjusted for impairment losses. In line with "Ind With reference to this key audit matter we considered the following:
AS 36 Impairment of assets" in case there is an indication of possible impairment the Company carries out an impairment test by comparing the recoverable amount of the investments determined according to the value in use method and their carryingamount.Thevaluationprocessadoptedbymanagement is complex and is based on a series of assumptions such as the forecast cash flows the appropriate discounting rate and the growth rate. These assumptions are by nature influenced by future expectations regarding the evolution of external market. • Book value of the investments in subsidiaries joint venture and associates as compared to the carrying amount.
Since judgement of the management is required to determine whether there is indication of possible impairment and considering the subjectivity of the estimates relating to the determination of the cash flows and the key assumptions of the impairment test the area is considered a key audit matter for our audit. • Market capitalisation in case of listed entities in which investments have been made.
• Some of the entities are still in the construction stage and have not begun commercial operations.
Based on the information and explanations obtained as above we concluded that the Management's judgement regarding indication of impairment in certain investments during the year is appropriate. Where there is indication of impairment we examined the approach taken by management to determine the value of the investments analysed the methods and assumptions applied by management to carry out the impairment test and the reports obtained from the experts in valuation.
The following audit procedures were adopted:
• Identification and understanding of the significant controls implemented by the Company over the impairment testing process; analysis of the reasonableness of the principal assumptions made to estimate their cash flows and obtaining other information from management that we deemed to be significant;
• Analysis of actual data of the year and previous years in comparison with the original plan in order to assess the nature of variances and the reliability of the planning process;
• Assessment of the reasonableness of the discount rate and growth rate;
• Verification of the mathematical accuracy of the model used to determine the value in use of the investments. We also examined the adequacy of the information provided by the Company about the impairment test and its consistency with the requirements of Ind AS 36.

Information Other than the Standalone Financial Statements andAuditors' Report Thereon

The Company's Board of Directors is responsible for thepreparation of the other information. The other information comprises the informationincluded in the Financial Performance highlights Board's Report including Annexureto Board's Report Management Discussions and Analysis Business ResponsibilityReport Report on Corporate Governance Shareholders Information and other information inthe Integrated Annual Report but does not include the standalone financial statements andour auditors' report thereon.

Our opinion on the standalone financial statements does not cover theother information and we will not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statementsour responsibility is to read the other information and identified above when it becomesavailable and in doing so consider whether the other information is materiallyinconsistent with the standalone financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated.

If based on the work we have performed on the other information thatwe obtained prior to the date of auditors' report we conclude that there is amaterial misstatement of this information we are required to report that fact. We havenothing to report in this regard.

When we read the other information which we will obtain after the dateof auditors' report and if we conclude that there is material misstatement thereinwe are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance forthe Standalone Financial Statements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Act with respect to the preparation of these standalonefinancial statements that give a true and fair view of the financial position financialperformance total comprehensive income changes in equity and cash flows of the Companyin accordance with the accounting principles generally accepted in India including theIndian Accounting Standards (Ind AS) specified under section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone financial statements the Board ofDirectors is responsible for assessing the Company's ability to continue as a goingconcern disclosing as applicable matters related to going concern and using the goingconcern basis of accounting unless the management either intends to liquidate the Companyor to cease operations or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing theCompany's financial reporting process.

Auditors' Responsibilities for the Audit of the StandaloneFinancial Statements

Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditors' report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls with reference to standaloneFinancial Statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the ability of the Company to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditors'report to the related disclosures in the standalone financial statements or if suchdisclosures are inadequate to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditors' report. However future events orconditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditors' report unless law or regulation precludespublic disclosure about the matter or when in extremely rare circumstances we determinethat a matter should not be communicated in our report because the adverse consequences ofdoing so would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Other Matters

We did not audit the financial statements of one Branch included in thestandalone financial statements of the Company whose financial statements reflect totalassets of Rs 1083.94 Crore as at March 31 2021 and total revenues of Rs 39.81Crore for the year ended on that date as considered in the standalone financialstatements. The financial statements of this Branch have been audited by the BranchAuditor whose report has been furnished to us and our opinion in so far as it relates tothe amounts and disclosures included in respect of this Branch is based solely on thereport of such Branch Auditor.

The standalone financial statements include the Company'sproportionate share (relating to Jointly controlled operations of E&P activities) inassets Rs 649.97 Crore and liabilities Rs 122.38 Crore as at March 31 2021and total revenue of Rs 101.08 Crore and total net profit of Rs 15.93 Crorefor the year ended on that date and in items of the statement of cash flow and relateddisclosures contained in the enclosed standalone financial statements. Our observationsthereon are based on unaudited statements from the operators to the extent available withthe Company in respect of 21 Blocks (out of which 11 Blocks are relinquished) and havebeen certified by the management.

Our opinion in respect thereof is solely based on the managementcertified information.

We have also placed reliance on technical/ commercial evaluations bythe management in respect of categorisation of wells as exploratory development and drywell allocation of cost incurred on them liability under New Exploration LicensingPolicy (NELP) and nominated blocks for under-performance against agreed Minimum WorkProgramme.

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 Central Government of India in terms of sub- section(11) of Section 143 of the Act we give in the "Annexure A" a statement on thematters specified in the paragraphs 3 and 4 of the said Order to the extent applicable.

2. We are enclosing our report in terms of Section 143 (5) of the Acton the basis of such checks of the books and records of the Company as we consideredappropriate and according to the information and explanations given to us in the"Annexure B" on the directions issued by the Comptroller and Auditor General ofIndia.

3. As required by Section 143(3) of the Act we report that:

a. We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

b. In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books and properreturns adequate for the purpose of our audit have been received from the Branch notvisited by us.

c. The report on the accounts of the Branch office of the Companyaudited under section 143(8) of the Act by Branch Auditor has been furnished to us andhas been properly dealt with by us in preparing this report.

d. The Balance Sheet the Statement of Profit and Loss (including OtherComprehensive Income) Statement of changes in Equity and the Statement of Cash Flowsdealt with by this Report are in agreement with the books of account and with the returnsreceived from the Branch not visited by us.

e. In our opinion the aforesaid standalone financial statements complywith the Indian Accounting Standards specified under Section 133 of the Act.

f. We have been informed that the provisions of Section 164(2) of theAct in respect of disqualification of directors are not applicable to the Company being aGovernment Company 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 withreference to standalone financial statements of the Company and the operatingeffectiveness of such controls refer to our separate report in "Annexure C".

h. We are informed that the provisions of Section 197 read withSchedule V of the Act relating to managerial remuneration are not applicable to theCompany being a Government Company in terms of Ministry of Corporate AffairsNotification no. G.S.R. 463 (E) dated 5th June 2015.

i. With respect to the other matters to be included in theAuditors' Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone financial statements-Refer Note 36B to the standalonefinancial statements.

ii. The Company has made provision as required under the applicablelaw or Indian accounting standards for material foreseeable losses if any on long termcontracts including derivative contracts - Refer Note 17 to the standalone financialstatements.

iii. There has been no delay in transferring the amount required to betransferred to the Investor Education and Protection Fund by the Company.

For G. S. MATHUR & CO. For K. C.MEHTA & CO. For SINGHI & CO. For V. SINGHI & ASSOCIATES
Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 008744N Firm Regn. No. 106237W Firm Regn. No. 302049E Firm Regn. No. 311017E
Sd/- Sd/- Sd/- Sd/-
(Rajiv Kumar Wadhawan) (Vishal P. Doshi) (Pradeep Kumar Singhi) (Sunil Singhi)
Partner Partner Partner Partner
M. No. 091007 M. No. 101533 M. No. 050773 M. No. 060854
UDIN: UDIN: UDIN: UDIN:
21091007AAAADN7730 21101533AAAABK9531 21050773AAAAAE7966 21060854AAAABC9278
New Delhi Vadodara Kolkata Kolkata
Date: May 19 2021

Annexure A to the Independent Auditors' Report

Annexure referred to in Independent Auditors' Report to themembers of Indian Oil Corporation Limited on the standalone financial statements for theyear ended March 31 2021

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

(b) There is a regular programme of physical verification of all fixedassets other than LPG cylinders and pressure regulators with customers over a period ofthree years which in our opinion is reasonable having regard to the size of the Companyand the nature 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 onthe basis of our examination of records of the Company the title/ lease deeds of theimmovable properties are 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)
Freehold
Freehold Land 16 428.37 428.37
Freehold Building 7 5.58 4.64
ROU assets
Leasehold Land 104 579.72 403.83
Leasehold Building 3 269.11 265.37

(ii) According to the information and explanations given to us theinventory (excluding inventory lying with third parties inventory under joint operationsand material in transit) has been physically verified by the management during the yearand in our opinion the frequency of verification is reasonable. As explained to us nomaterial discrepancies were noticed on physical verification of inventories as compared tothe book records.

(iii) In our opinion and according to the information and explanationsgiven to us the Company has not granted any loans secured or unsecured during the yearto any companies firms and limited liability partnerships or other parties covered inregister maintained under Section 189 of the Act.

In view of the above reporting under clause 3 (iii)(a) 3 (iii)(b) and3 (iii)(c) of the Order is not applicable.

(iv) In our opinion and according to the information and explanationsgiven to us the Company is exempted from the provisions of section 186 of the Act as itis engaged in the business of providing infrastructure facilities as provided underSchedule-VI of the Act. The Company has complied with the provisions of Section 185 of theAct.

(v) In our opinion and according to the information and explanationsgiven to us during the year the Company has not accepted deposits from the public interms of the provisions of sections 73 to 76 of the Act read with the Companies(Acceptance of Deposits) Rules2014 as amended and other relevant provisions of the Actor under the directives issued by the Reserve Bank of India and no deposits areoutstanding at the year end except old cases under dispute aggregating to Rs 0.01 Crorewhere we are informed that the Company has complied with necessary directions.

(vi) We have broadly reviewed the accounts and records maintained bythe Company pursuant to the Rules made by the Central Government for the maintenance ofcost records under sub-section (1) of Section 148 of the Act read with Companies (CostRecords& Audit) Rules 2014 as amended and we are of the opinion that prima facie theprescribed accounts and records have been made and maintained. We have not however madedetailed examination of the records with a view to determine whether they are accurate andcomplete.

(vii) (a) According to the information and explanations given to usthe Company has been regular in depositing with appropriate authorities undisputedstatutory dues including provident fund employee's state insurance income taxvalue added tax goods and service tax excise duty cess and other statutory duesapplicable to it. Further no undisputed amounts payable in respect of provident fundemployee's state insurance income tax value added tax goods and service tax cessand any other statutory dues were in arrears as at March 31 2021 for a period of morethan six months from the date they become payable.

(b) The disputed statutory dues that have not been deposited on accountof matters pending before appropriate authorities are annexed in "Appendix A"with this report.

(viii) In our opinion and according to the information and explanationsgiven to us the Company has not defaulted in repayment of dues to financial institutionsbanks Government or debenture holders.

(ix) According to the information and explanations given to us theCompany has applied the term loans for the purpose for which those were obtained. Duringthe year the Company has not raised moneys through initial public offer or further publicoffer (including debt instruments). However the Company has issued non-convertibledebentures for capital expenditure requirements in the domestic market and as per theinformation and explanations given to us the funds were applied for the purpose for whichthose were raised.

(x) According to the information and explanations given to us and asrepresented by the Management and based on our examination of the books and records of theCompany and in accordance with generally accepted auditing practices in India no materialcase of frauds by the Company or on the Company by its officers or employees has beennoticed or reported during the year.

(xi) The provisions of Section 197 read with Schedule V of the Actrelating to managerial remuneration are not applicable to the Company being a GovernmentCompany in terms of Ministry of Corporate Affairs Notification no. G.S.R. 463 (E) dated5th June 2015.

(xii) In our opinion and according to the information and explanationsgiven to us the Company is not a Nidhi Company and therefore the reporting under Clause3 (xii) of the Order is not applicable.

(xiii) In our opinion and according to the information and explanationsgiven by the management all transactions during the year with the related parties wereapproved by the Audit Committee and are in compliance with section 177 and 188 of the Actwhere applicable and the details have been disclosed in the standalone financialstatements as required by the applicable Indian accounting standards.

(xiv) According to the information and explanations given to us theCompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the year and therefore provisions of Section 42 ofthe Act are not applicable to the Company.

(xv) In our opinion and according to the information and explanationsgiven to us the Company has not entered into any non-cash transactions specified undersection 192 of the Act with directors or persons connected with directors and thereforereporting under clause (xv) of the Order is not applicable to the Company.

(xvi) According to the information and explanations given to us theCompany is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct 1934.

For G. S. MATHUR & CO. For K. C.MEHTA & CO. For SINGHI & CO. For V. SINGHI & ASSOCIATES
Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 008744N Firm Regn. No. 106237W Firm Regn. No. 302049E Firm Regn. No. 311017E
Sd/- Sd/- Sd/- Sd/-
(Rajiv Kumar Wadhawan) (Vishal P. Doshi) (Pradeep Kumar Singhi) (Sunil Singhi)
Partner Partner Partner Partner
M. No. 091007 M. No. 101533 M. No. 050773 M. No. 060854
UDIN: UDIN: UDIN: UDIN:
21091007AAAADN7730 21101533AAAABK9531 21050773AAAAAE7966 21060854AAAABC9278
New Delhi Vadodara Kolkata Kolkata
Date: May 19 2021

REPORTING AS PER COMPANIES (AUDITOR'S REPORT) ORDER 2016 (DISPUTEDSTATUTORY DUES)

APPENDIX - A
Sl. Name of the No. 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
1 CENTRAL EXCISE ACT 1944 CENTRAL EXCISE
Supreme Court 52.91 10.00 42.91 1989 to 2004
High Court 388.22 0.77 387.45 1996 to 2012
Tribunal 2126.06 22.87 2103.19 1980 to 2014
Revisionary Authority 14.90 0.04 14.86 2005 to 2017
Appellate Authority 149.67 4.01 145.66 1996 to 2020
(Below Tribunal)
Total 2731.76 37.69 2694.07
2 CUSTOMS ACT 1962 CUSTOMS DUTY
Supreme Court 17.85 4.05 13.80 1998 to 2001
High Court 1.84 - 1.84 1997 to 1998
Tribunal 77.50 0.30 77.20 1994 to 2013
Revisionary Authority 0.13 0.01 0.12 2011
Appellate Authority 6.88 - 6.88 1998 to 2012
(Below Tribunal)
Total 104.20 4.36 99.84
3 SALES TAX/ VAT LEGISLATIONS SALES TAX/ VAT/ TURNOVER TAX
Supreme Court 113.01 18.57 94.44 1986 to 2019
High Court 698.26 41.84 656.42 1978 to 2016
Tribunal 3909.13 991.15 2917.98 1984 to 2016
Revisionary Authority 307.44 86.43 221.01 1979 to 2019
Appellate Authority 1559.61 106.93 1452.68 1989 to 2018
(Below Tribunal)
Total 6587.45 1244.92 5342.53
4 INCOME TAX ACT 1961 INCOME TAX
High Court 0.88 - 0.88 2001 to 2006
Tribunal 783.52 422.30 361.21 2011 to 2014
Appellate Authority 5136.09 429.83 4706.27 2004 to 2018
(Below Tribunal)
Total 5920.49 852.13 5068.36
5 FINANCE ACT 1994 SERVICE TAX
High Court 2.44 - 2.44 2003 to 2008
Tribunal 305.48 0.68 304.80 2006 to 2016
Appellate Authority 9.73 0.05 9.68 2012 to 2018
(Below Tribunal)
Total 317.65 0.73 316.92
APPENDIX - A
6 STATE LEGISLATIONS ENTRY TAX
Supreme Court 3.08 - 3.08 1991 to 2002
High Court 5664.27 102.94 5561.33 2000 to 2014
Tribunal 39.45 28.26 11.19 2002 to 2017
Revisionary Authority 6.16 4.92 1.24 2012 to 2015
Appellate Authority 2.88 1.69 1.19 1998 to 2017
(Below Tribunal)
Total 5715.84 137.81 5578.03
7 The IGST Act 2017 GST Appellate Authority (Below Tribunal) 0.09 0.09 - 2019 to 2020
Total 0.09 0.09 -
8 OTHER CENTRAL / STATE LEGISLATIONS OTHERS COMMERCIAL TAX etc.
Supreme Court 11.32 - 11.32 2004 to 2011
High Court 49.55 - 49.55 2004
Appellate Authority 43.04 0.38 42.66 2011 to 2021
(Below Tribunal)
Total 103.91 0.38 103.53
GRAND TOTAL 21481.39 2278.11 19203.28

Note: Dues include penalty and interest wherever applicable.

Annexure B to the Independent Auditors' Report

(Referred to in Paragraph 2 under "Other legal and regulatoryrequirements "of our report of even date)

Sl. Directions No Action Taken Impact on standalone financial statements
1. Whether the company has system in the place to The Company has a robust ERP system Nil
process all the accounting transactions through (SAP) to process all the accounting
IT system? If yes the implications of processing transactions through IT system.
of accounting transaction outside IT system
on the integrity of the accounts along with the
financial implications if any may be stated.
Whether there is any restructuring of an existing The Company has been regular in Nil
loan or cases of wavier/write off of debts/loans/ discharging its principal and interest
interest etc. made by a lender to the company obligations on various loans during
due to the company's inability to repay the loan? 2020-21. Therefore there are no cases
2. If yes financial impact may be stated. Whether of restructuring of any loan or cases of
such cases are properly accounted for? (In case waiver/ write off of debts/ loans/ interest
lender is a government company then this etc. made by any lender due to the
direction is also applicable for statutory auditor company's inability to repay the loan.
of lender company).
Whether funds received/receivable (grants / The Company has properly accounted Nil
subsidy etc.) for specific schemes from central/ for/utilised funds (grants / subsidy etc.)
3. state agencies were properly accounted for / received/receivable for specific schemes
utilised as per its term and conditions? List the from central/state agencies as the case
cases of deviation. may be as per its term and conditions
For G. S. MATHUR & CO. For K. C.MEHTA & CO. For SINGHI & CO. For V. SINGHI & ASSOCIATES
Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 008744N Firm Regn. No. 106237W Firm Regn. No. 302049E Firm Regn. No. 311017E
Sd/- Sd/- Sd/- Sd/-
(Rajiv Kumar Wadhawan) (Vishal P. Doshi) (Pradeep Kumar Singhi) (Sunil Singhi)
Partner Partner Partner Partner
M. No. 091007 M. No. 101533 M. No. 050773 M. No. 060854
UDIN: UDIN: UDIN: UDIN:
21091007AAAADN7730 21101533AAAABK9531 21050773AAAAAE7966 21060854AAAABC9278
New Delhi Vadodara Kolkata Kolkata
Date: May 19 2021

Annexure C to the Independent Auditors' Report

Annexure referred to in Independent Auditors' report of even dateto the members of Indian Oil Corporation Limited on the standalone financial statementsfor the year ended March 31 2021

Report on the Internal Financial Controls with reference to financialstatements under Clause (i) of Subsection 3 of Section 143 of the Companies Act 2013("the Act")

We have audited the internal financial controls with reference tostandalone financial statements of Indian Oil Corporation Limited ("theCompany") as of March 31 2021 in conjunction with our audit of the standalonefinancial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control with reference tostandalone financial statements criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India (ICAI). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls with reference to standalone financial statements based on our audit.We conducted our audit in accordance with the Guidance Note on Audit of Internal FinancialControls over Financial Reporting (the "Guidance Note") and the Standards onAuditing issued by ICAI and prescribed under section 143(10) of the Act to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls with reference to standalone Financial Statement and bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlswith reference to standalone financial statements were established and maintained and ifsuch controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls with reference to standalone financialstatements and their operating effectiveness. Our audit of internal financial controlswith reference to standalone financial statements included obtaining an understanding ofinternal financial controls with reference to standalone financial statements assessingthe risk that a material weakness exists and testing and evaluating the design andoperating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditors' judgement including the assessment of the risks ofmaterial misstatement of the standalone financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls with reference to standalone financial statements.

Meaning of Internal Financial Controls with reference to standalonefinancial statements

A company's internal financial controls with reference to standalonefinancial statements is a process designed to provide reasonable assurance regarding thereliability of financial reporting and the preparation of standalone financial statementsfor external purposes in accordance with the generally accepted accounting principles. Acompany's internal financial controls with reference to standalone financial statementsincludes those policies and procedures that (1) pertain to the maintenance of recordsthat 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 standalone financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 standalone financial statements.

Inherent Limitations of Internal Financial Controls with reference tostandalone financial statements

Because of the inherent limitations of internal financial controls withreference to standalone financial statements including the possibility of collusion orimproper management override of controls material misstatements due to error or fraud mayoccur and not be detected. Also projections of any evaluation of the internal financialcontrols with reference to standalone financial statements to future periods are subjectto the risk that the internal financial control with reference to standalone financialstatements may become inadequate because of changes in conditions or that the degree ofcompliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects adequateinternal financial controls with reference to standalone financial statements and suchinternal financial controls with reference to standalone financial statements wereoperating effectively as at March 31 2021 based on the internal financial control withreference to standalone financial statements established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting issued by the ICAI.

Other Matter

Our aforesaid report under section 143(3)(i) of the Act on the adequacyand operating effectiveness of the internal financial controls with reference tostandalone financial statements in so far as it relates to one Branch audited by theBranch Auditor is based on the corresponding report of the Branch Auditor.

For G. S. MATHUR & CO. For K. C.MEHTA & CO. For SINGHI & CO. For V. SINGHI & ASSOCIATES
Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 008744N Firm Regn. No. 106237W Firm Regn. No. 302049E Firm Regn. No. 311017E
Sd/- Sd/- Sd/- Sd/-
(Rajiv Kumar Wadhawan) (Vishal P. Doshi) (Pradeep Kumar Singhi) (Sunil Singhi)
Partner Partner Partner Partner
M. No. 091007 M. No. 101533 M. No. 050773 M. No. 060854
UDIN: UDIN: UDIN: UDIN:
21091007AAAADN7730 21101533AAAABK9531 21050773AAAAAE7966 21060854AAAABC9278
New Delhi Vadodara Kolkata Kolkata
Date: May 19 2021

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