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Oil India Ltd.

BSE: 533106 Sector: Oil & Gas
NSE: OIL ISIN Code: INE274J01014
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NSE 00:00 | 17 Aug 203.95 -1.10
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OPEN 205.50
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VOLUME 15479
52-Week high 259.23
52-Week low 181.20
P/E 7.93
Mkt Cap.(Rs cr) 23,169
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 205.50
CLOSE 205.05
VOLUME 15479
52-Week high 259.23
52-Week low 181.20
P/E 7.93
Mkt Cap.(Rs cr) 23,169
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Oil India Ltd. (OIL) - Auditors Report

Company auditors report

TO THE MEMBERS OF OIL INDIA LIMITED

REPORT ON THE STANDALONE IND AS FINANCIAL STATEMENTS

We have audited the accompanying standalone Ind AS financial statements of OIL INDIALIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2017 the Statement of Profit & 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 Additional Notes (herein after referredto as "Standalone Ind AS financial statements").

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE 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) specifiedunder Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding of the assets of the Company and forpreventing 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 oftheActandthe Rules made thereunder.

We conducted our audit of the standalone Ind AS financial statement in accordance withthe Standards on Auditing specified under Section 143(10) oftheActand other applicableauthoritative pronouncements issued by the Institute of Chartered Accountants of India.Those Standards and pronouncements require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether the standalone IndAS financial statements are free from 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 thefinancial position of the

Company as at 31st March 2017 and its financial performance includingother comprehensive income its cash flows and changes in equity for the year ended onthat date.

OTHER MATTERS

The comparative financial information of the company for the year ended 31stMarch 2016 and the transition date opening balance sheet as at 1st April 2015prepared in accordance with Ind AS included in these standalone Ind AS financialstatements have been audited by the predecessor auditor who had audited the financialstatement for the relevant periods. The report of the predecessor auditor on thecomparative financial information and the opening balance sheet dated 6th September 2016express an unmodified opinion.

The attached standalone Ind AS financial statements include Company's share of totalassets total liabilities expenses and incomes aggregating to 1132.33 crore 777.88crore 163.10 crore and 0.87 crore respectively as at 31st March 2017 for theyear ended 31st March 2017 in respect of eight of its unincorporated JointVentures the accounts of which have been audited by the auditors ofthe respective JointVentures.

The attached standalone Ind AS financial statements include Company's share of totalassets total liabilities expenses and incomes aggregating to 3158.69 crore 2268.25crore 456.66 crore and 147.05 crore respectively as at 31st March 2017 forthe year ended 31st March 2017 in respect of thirteen of its unincorporatedJoint Ventures the accounts of which have not been audited and have been incorporatedbased on financial statements prepared and certified by the Management.

The audited and unaudited standalone Ind AS financial statements of the aboveunincorporated joint ventures are prepared to meet requirements of production sharingcontracts and are special purpose statements and none ofthe statements audited as well asunaudited are drawn up in the same format as presented by the Company and we did notaudit the financial statements/financial information of thirteen unaudited Joint Venturesincluded as above.

Our opinion is not modified in respect of these matters.

REPORT ON OTHER LEGAL AND REGULATORY

REQUIREMENTS

1. With respect to the other matters to be included in the Auditor's Report in terms ofthe directions of the Comptroller and Auditor-General of India (C&AG) under Section143 (5) of the Act and on the basis of our examination of the books and records of theCompany carried out in accordance with the generally accepted auditing practices in Indiaand according to the information and explanations given to us we give in the Annexure 'A'and Annexure 'B' statement on the matters specified in the Directions andAdditional-directions of C&AG respectively.

2. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (ll) of section 143ofthe Act and on the basis of our examination ofthe books and records ofthe Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we give in the Annexure 'C' astatement on the matters specified in paragraphs 3 and 4 ofthe Order.

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

(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss the Cash Flow Statement andthe Statement of Changes in Equity dealt with by this Report are in agreement with thebooks of account.

(d) In our opinion the aforesaid standalone Ind AS financial statements comply withthe Accounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in termsof Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls as requiredunder Section 143 (3)(i) of the Act refer to our separate report in Annexure D.

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule ll of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending

litigations on its financial position in its standalone Ind AS financial statements -Refer Note 40.15 to the standalone 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 has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in its standalone Ind AS financialstatement as to the holding as well as dealing in Specified Bank Notes during the periodfrom 8th November 2016 to 30th December 2016 and these are in accordance withthe books of accounts maintained by the company. Refer note 40.14.1 to the standalone IndAS financial statements.

For N.C. BANERJEE & CO.

Chartered Accountants Firm Regn. No: 302081E

Sd/-

(CA M.C. KODALI)

Partner

Membership No.: 056514

Place: Noida Date: 29/05/2017

For B.N MISRA&CO.

Chartered Accountants Firm Regn. No: 321095E

Sd/-

(CA B.N. MISRA)

Partner

Membership No.: 083927

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT

Statement on the matters specified in the directions of C&AG as referred inParagraph l of Report on Other Legal and Regulatory Requirements paragraph of our reportof even date to the members of OIL INDIA LIMITED on the Standalone Ind AS FinancialStatements for the year ended 3laMarch 2017

Direction Reply
1 Whether the Company has clear title/ lease deeds for freehold and leasehold land respectively If not please state the area of freehold and leasehold land for which title/ lease deeds are not available. The Company has a clear title/ lease deeds for freehold and leasehold land respectively except in respect of 11971.74 bighas of freehold land. Further 5550.73 bighas of freehold land are pending for Mutation. (Refer note 2.4 to the standalone Ind AS financial statements).
2 Whether there are cases of waiver / write-off of debts / loans/ interest etc. if yes the reasons thereof and the amount involved. During theyearthere are cases of Well write off of 270.84 crore due to absence of prospect and unsuccessful drilling of the Wells. There is also a case of receivables written off of amounting to 0.89 crores due to non recovery of CST in saleofLPG.
3 Whether proper records are maintained for inventories lying with third parties & assets received as gift/ grant(s) from Govt or any other authorities. The Company has maintained proper records for inventories lying with third parties. The Company has recorded an amount of 215 crores as grant byway of reimbursable from Brahmaputra Cracker and Polymers Limited as per the approval of the cabinet committee of Economic Affairs. Out of which 69.65 crores has already been received and the balance of 145.35 crores is shown as receivable.

 

For N.C. BANERJEE & CO. For B.N. MISRA&CO.
Chartered Accountants Chartered Accountants
Firm Regn. No: 302081E Firm Regn. No: 321095E
Sd/- Sd/-
(CA M.C. KODALI) (CA B.N. MISRA)
Partner Partner
Membership No.: 056514 Membership No.: 083927

Place: Noida

Date: 29/05/2017

Annexure B to the Independent Auditors' Report

Statement on the matters specified in the Additional Directions of C&AG as referredin Paragraph 1 of Report on Other Legal and Regulatory Requirements paragraph of ourreport of even date to the members of OIL INDIA LIMITED on the Standalone Ind AS FinancialStatements of the Company for the year ended 3lst March 2017

Additional direction Reply
1 The accounting treatment of income/ expenditure and receivables/ liabilities arising from agreements/ contracts including JVs for exploration of Oil/Gas may be examined to ensure that they are strictly in conformity with the terms and conditions of the respective Production Sharing Contract (or similar arrangements including Joint Venture) The accounting treatment of income/expenditure and receivables/liabilities arising from agreements/contracts including JVs for exploration of Oil/Gas have been examined and found that they are strictly in conformity with the terms and conditions of the respective Production Sharing Contract (or similar arrangements including Joint Ventures)
2 It may be verified that the Company is having a clear title and maintaining proper records in respect of land along with full disclosures with respect to cost computation (historical or revalued cost) and ownership (freehold or leasehold land) Read with Note no. 2.4 of Standalone Ind AS Financial Statements we have verified and found that the Company is having a clear title except in respect of 11971.74 bighas of freehold land. Further 5550.73 bighas of freehold land are pending for Mutation. The Company is maintaining proper records in respect of land along with full disclosures with respect to cost computation (historical or revalued cost) and ownership (freehold or leasehold land).

 

For N.C. BANERJEE & CO. For B.N. MISRA&CO.
Chartered Accountants Chartered Accountants
Firm Regn. No: 302081E Firm Regn. No: 321095E
Sd/- Sd/-
(CAM.C. KODALI) (CA B.N. MISRA)
Partner Partner
Membership No.: 056514 Membership No.: 083927

Place: Noida

Date: 29/05/2017

Annexure 'C' to the Auditors' Report

The Annexure C referred to in paragraph 2 of Report on Other Legal and RegulatoryRequirements paragraph of our report of even date to the members of OIL INDIA LIMITED onthe Standalone Ind AS Financial Statements of the Company for the year ended 3lst March2017.

(i) (a) The Company has generally maintained proper records

showing full particulars including quantitative details and situation of fixed assets;

(b) As explained to us the fixed assets have been physically verified by the Managementin phased manner designed to cover all items over a period of five years. In accordancewith this programme certain fixed assets were verified during the year and no materialdiscrepancies have been noticed on such verification;

(c) As per information and explanations given to us the title deeds of immovableproperties are held in name of the Company except in respect of 11971.74 bighas offreehold land pending transfer of title deeds. Further 5550.73 bighas of freehold land arepending for Mutation.

(ii) Inventories have been physically verified by the Management during the year.However inventories of stores and spare parts (excluding stock in transit and/or underinspection with suppliers/contractors) have been physically verified by the Management ina phased manner. The frequency of verification is reasonable. No material discrepancieshave been noticed on physical verification.

(iii) The Company has granted unsecured loans to parties covered in the registermaintained under section 189 of the Companies Act 2013 ("the Act"). In respectof aforesaid loans:

(a) The terms and conditions under which such loans were granted are not prejudicial tothe Company's interest;

(b) The schedule of repayment of principal and interest has been stipulated and therepayments or receipts are as per stipulation; and

(c) There is no amount which is overdue for more than ninety days.

(iv) In respect of loans investments guarantees and security given or providedprovisions of Section 185 and 186 of the Companies Act 2013 wherever applicable havebeen complied with;

(v) The Company has not accepted deposits from the public. Hence the direction issuedby the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevantprovisions of the Act and the Rules framed thereunder are not applicable to the Company.As explained to us no order has been passed by the Company Law Board or National CompanyLaw Tribunal or Reserve Bank of India or any court or any othertribunal in this regard;

(vi) We have broadly reviewed the books of account maintained by the Company pursuantto the rules made by the Central Government for the maintenance of the cost records undersub-section (l) of Section 148 of the Act and are of the opinion that prima facie theprescribed accounts and records have been made and maintained. We have not however madea detailed examination of the records maintained as aforesaid.

(vii) (a)The Company is regular in depositing undisputed

statutory dues including provident fund employees' state insurance income tax salestax wealth tax service tax duty of customs duty of excise value added tax cess andany other statutory dues as applicable to it with the appropriate authorities. Accordingto the information and explanations given to us there were no outstanding statutory duesas on 31st of March 2017 for a period of more than six months from the datethey became payable except the following:

Nature of tax Period Amount ( in Crores)
Service tax Upto September 2016 0.77

(b) Details of disputed dues in respect of income tax or sales tax or wealth tax orservice tax or duty of customs or value added tax or cess and any other statutory dueswhich have not been deposited on account of any dispute are given below:

Name of the Statute Nature of Dues Period to which the amount relates (Financial year) Amount (in Crores) Forum where Dispute is Pending
Central Excise Act 1944 Demand for non-payment of duty as oil cess NCCD and education cess 2011-12 to 2014-15 18.50 CESTAT New Delhi
December'2008 to December'2009 14.27
January'2010 to December'2010 11.84
January'2011 to December'2011 17.35
Central Excise Act 1944 Excise Duty January'2012 to June'2012 20.83 CESTAT Kolkata
July'2012 to December'2012 10.35
January'2013 to June'2013 9.56
July'2013 to December'2015 45.85
April'2011 to December'2011 36.89
January'2012 to September'2012 12.91
October'2012 to March'2013 6.82
Finance Act 1994 Service Tax july'2008 to March'2009 0.29 CESTAT Kolkata
April'2009 to March'2010 0.38
April 2013 to March 2014 13.59
April 2014 to March 2015 10.82
Central Sales Tax Act 1956 CST 2009-10 to 2010-11 0.67 Commissioner of Taxes Assam
Assam VAT Act 2005 Assam VAT 2009-10 to 2012-13 1327.73 Commissioner of Taxes Assam

(viii) The Company has not defaulted in repayment of loans or borrowings to anyfinancial institution bank. Government or dues to debenture holders;

(ix) In our opinion and according to information and explanations given to us theCompany has not raised any money byway of initial public offer or further public offer(including debt instruments) during the year. The term loans were applied for the purposesfor which those were raised;

(x) Based on the audit procedures performed and the information and explanations givento us we report that no fraud on or by the Company has been noticed or reported duringthe year;

(xi) The Company has paid or provided for managerial remuneration in accordance withrelevant approvals mandated by the provisions of Section 197 read with Schedule V to theAct;

(xii) As the Company is not a Nidhi Company Nidhi Rules 2014 are not applicable to itand accordingly the reporting under clause 3(xii) of the Order is not applicable.

(xiii) The Company has entered into transactions with related parties in compliancewith the provisions of Sections 177 and 178 of the Act. The details of such related partytransactions have been disclosed in the standalone Ind AS financial statements as requiredunder Ind AS 24 Related Party Disclosures specified under Section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly

convertible debentures during the year under review. Accordingly the reporting underclause 3(xiv) of the Order is not applicable.

(xv) Based on our examination of books and accounts and as per information andexplanations given to us the Company has not entered into any non cash transactions withdirectors or persons connected with them. Therefore reporting under para 3 (xv) of theOrder is not applicable.

(xvi) As per information and explanations given to us the Company is not required tobe registered under Section 45-IA of the Reserve Bank of India Act 1934. Accordinglyreporting under para 3 (xvi) of the Order is notapplicable.

For N.C. BANERJEE & CO. For B.N. MISRA&CO.
Chartered Accountants Chartered Accountants
Firm Regn. No: 302081E Firm Regn. No: 321095E
Sd/- Sd/-
(CA M.C. KODALI) (CA B.N. MISRA)
Partner Partner
Membership No.: 056514 Membership No.: 083927

Place: Noida

Date: 29/05/2017

Annexure D to the Independent Auditors' Report on the Internal Financial Control underClause (i) of Sub-section 3 of Section 143 of the Companies

Act2013 ("the Act")

The Annexure D referred to in paragraph 3(f) of Report on Other Legal and RegulatoryRequirements paragraph of our report of even date to the members of OIL INDIA LIMITED onthe Standalone Ind AS Financial Statements for the year ended Sl^March 2017.

We have audited the internal financial controls over financial reporting of Oil IndiaLimited ("the Company") as of 31st March 2017 in conjunction with ouraudit of the standalone Ind AS financial statements of the Companyfortheyearended on thatdate.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company's management is responsible for laying down 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 requiredunderthe 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 Standards on Auditing to the extent applicable to an audit of internal financialcontrols and the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the

adequacy of the 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 judgement including the assessment of therisks of material 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 internal financial controls system overfinancial 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. A company's internal financial control overfinancial reporting includes those policies and procedures that (l) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of standaloneInd AS financial statements in accordance with generally accepted accounting principlesand that receipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the standaloneInd 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 3lst March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on

Audit of Internal Financial Controls Over Financial Reporting issued by the Instituteof Chartered Accountants of India.

OTHER MATTERS

Attention is invited regarding no independent directors having been appointed till dateafter 2nd Sep 2015 by the Central Government resulting in non-compliance of certainprovisions of the Act as well as SEBI (Listing Obligation & Disclosure Requirements)Regulations 2015 as to composition of Board of Directors Audit Committee CSR Committeeand Nomination & Remuneration Committee as part of proper corporate governance.

Our opinion is not modified in respect of this matter.

For N.C. BANERJEE & CO. For B.N. MISRA&CO.
Chartered Accountants Chartered Accountants
Firm Regn. No: 302081E Firm Regn. No: 321095E
Sd/- Sd/-
(CA M.C. KODALI) (CA B.N. MISRA)
Partner Partner
Membership No.: 056514 Membership No.: 083927

Place: Noida

Date: 29/05/2017

COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143(6)(b) OF THECOMPANIES ACT 2013 ON THE FINANCIAL STATEMENTS OF OIL INDIA LIMITED FOR THE

YEAR ENDED 31 MARCH 2017

The preparation of financial statements of Oil India Limited for the year ended 31March 2017 in accordance with the financial reporting framework prescribed under theCompanies Act 2013 is the responsibility of the management of the company. The statutoryauditor/ auditors appointed by the Comptroller and Auditor General of India under section139(5) of the Act are responsible for expressing opinion on the financial statements undersection 143 of the Act based on independent audit in accordance with standards on auditingprescribed under section 143(10) of the Act. This is stated to have been done by them videtheir Audit Report dated 29 May 2017.

I on the behalf of the Comptroller and Auditor General of India have conducted asupplementary audit under section l43(6)(b) of the Act of the financial statements of OilIndia Limited for the year ended 31 March 2017. This supplementary audit has been carriedout independently without access to the working papers of the statutory auditors and islimited primarily to inquiries of the statutory auditors and company personnel and aselective examination of some of the accounting records. On the basis of my audit nothingsignificant has come to my knowledge which would give rise to any comment upon orsupplement to statutory auditors' report.

For and on behalf of the Comptroller & Auditor General of India

(Reena Saha)

Principal Director of Commercial Audit & Ex-officio Member Audit Board — IIKolkata

Place : Kolkata

Dated : The 4th of July 2017