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Steel Authority of India Ltd.

BSE: 500113 | NSE: SAIL |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE114A01011 | SECTOR: Steel - Large

BSE Live

Dec 09, 16:00
111.85 1.70 (1.54%)
Volume
AVERAGE VOLUME
5-Day
2,625,981
10-Day
2,602,955
30-Day
3,142,000
2,198,179
  • Prev. Close

    110.15

  • Open Price

    110.50

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 09, 15:59
111.80 1.60 (1.45%)
Volume
AVERAGE VOLUME
5-Day
42,483,463
10-Day
43,424,536
30-Day
43,997,880
41,245,513
  • Prev. Close

    110.20

  • Open Price

    110.25

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    111.80 (191956)

Annual Report

For Year :
2021 2019 2018 2017 2016 2015 2014 2013 2012

Auditor's Report

Independent Auditors'' Report

To the Members of Steel Authority of India Limited

Report on the Standalone Indian Accounting Standards (Ind AS) Financial Statements

We have audited the accompanying Standalone Ind AS Financial Statements of Steel Authority of India Limited (the Company), which comprise the Balance Sheet as at 31st March, 2017, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement, the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information (herein after referred to as Standalone Ind AS Financial Statements), in which are incorporated the Returns of 8 branches for the year ended on that date audited by the branch auditors of the Company''s branches.

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 and presentation of these Standalone Ind AS Financial Statements that give a true and fair view of the financial position, financial performance (including other comprehensive income), cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read with Companies(Indian Accounting Standards) Rules, 2015 (as amended). This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Ind AS Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

Our responsibility is to express an opinion on these Standalone Ind AS Financial Statements based on our audit.

In conducting our audit, we have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Standalone Ind AS Financial Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Standalone Ind AS Financial Statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the Standalone Ind AS Financial Statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the Standalone Ind AS Financial Statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the Standalone Ind AS Financial Statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Ind AS Financial Statements.

Basis for Qualified Opinion The Company has not provided for:

(i) Entry tax amounting to Rs,1796.03 crore (Current year Rs,111.04 crore and up to last year Rs,1684.99 crore) (Refer Note No.39.2(a)(i) & (ii)); and

(ii) amount paid to Damodar Valley Corporation (DVC) against bills raised for supply of power and retained as advance to DVC by Bokaro Steel Plant amounting to Rs,587.72 crore (current year Rs,96.45 crore and up to last year Rs,491.27 crore). (Refer Note No. 39.2 (b)).

The total impact of above para (i) & (ii) resulted in understatement of loss (net of tax) for the year ended 31st March, 2017 by Rs,1558.78 crore, overstatement of other equity as on 31st March, 2017 by Rs, 1558.78 crore, understatement of current liabilities by Rs, 2383.75 crore and understatement of assets by Rs,824.97 crore.

In respect of item stated at (i), the Company''s view is that the Nine Judges Bench of Hon''ble Supreme Court, vide its judgment dated 11th November, 2016, upheld the constitutional validity of levy of Entry Tax by the States and has laid down principles/tests on levy of Entry Tax Acts in various States. The respective regular benches of the Apex Court would hear the matters as per laid down principles. Pending decision by the regular benches of the Apex Court on levy of entry tax in the States of Chhattisgarh, Odisha, Uttar Pradesh and in respect of the case pertaining to Calcutta High Court, the Entry Tax demands under dispute have been treated as contingent liabilities.

In respect of item stated at (ii), the Company''s view is that the cases are sub-judice and pending for adjudication before the various judicial authorities for a long time.

The above stated disputed demands, stated at (i) and (ii) above, contested on valid and bonafide grounds, have been treated as contingent liabilities as it is not probable that present obligations exist as on 31st March, 2017. Therefore, there is no adverse impact on loss for the year.

Qualified Opinion

In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of reports of the branch auditors on separate Financial Statements of the branches referred to in the Other Matters paragraph below, except for the possible effects of the matters described in the Basis for Qualified Opinion paragraph above, the aforesaid Standalone Ind AS Financial Statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 st March, 2017, and its loss (including total comprehensive loss), its cash flows and the changes in equity for the year ended on that date.

Emphasis of Matter

We draw attention to the following:

I. Sales include sale to the Government Agencies during the year Rs, 3807.78 crore and cumulative up to 31st March, 2017 Rs, 18342.41 crore which is recognized on provisional contract prices. (Refer Note No. 41.1); and

II. Recognition of Deferred Tax Assets of Rs,3352.42 crore (including Rs,1623.16 crore for the year) on the accumulated business losses as on 31st March, 2017 and unused tax credit (MAT Credit Entitlement) of Rs,1051.00 crore as on 31st March, 2017. (Refer Note No.12).

Our opinion is not qualified in respect of this matter.

Other Matter

a) The comparative financial information of the Company for the year ended 31st March, 2016 and the transition date opening balance sheet as at 1st April, 2015 included in these Standalone Ind AS Financial Statements, are based on the previously issued statutory financial statements prepared in accordance with the Companies (Accounting Standards) Rules, 2006 (as amended) audited by the auditors for the respective years ended 31st March, 2016 and 31st March, 2015 whose reports dated 30th May,

2016 and 29th May, 2015 respectively expressed modified opinion on those standalone financial statements, as adjusted for the differences in the accounting principles adopted by the Company on transition to Ind AS, which have been audited by us.

b) We did not audit the financial statements of 8 branches included in the Standalone Ind AS Financial Statements of the Company whose financial statements reflect total assets of Rs,45,416.36 crore as at 31st March, 2017 and total revenues of Rs,16,909.93 crore for the year ended on that date. The financial statements of these branches have been audited by the branch auditors whose reports have been furnished to us, and our opinion in so far as it relates to the amounts and disclosures included in respect of these branches, is based solely on the report of such branch auditors.

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 Section 143(11) of the Act, we give in the Annexure A a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, based on our audit and on the consideration of the reports of the branch auditors on the separate financial statements of the branches, referred to in the Other Matters paragraph above, we report to the extent applicable that:

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

b) Except for the effects of the matters described in the Basis for Qualified Opinion paragraph above, in our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c) The reports on the accounts of the branch offices of the Company audited under Section 143(8) of the Act by the branch auditors have been sent to us and have been properly dealt with by us in preparing this report.

d) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account.

e) Except for the effects of the matters described in the Basis for Qualified Opinion paragraph above, in our opinion, the aforesaid Standalone Ind AS Financial Statements comply with the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued there under.

f) The matters described in the Basis for Qualified Opinion paragraph above, in our opinion, may not have an adverse effect on the functioning of the Company.

g) As per notification No. GSR 463(E) dated 5th June, 2015 issued by the Ministry of Corporate Affairs, Government of India, Section 164(2) of the Companies Act, 2013 is not applicable to the Company.

h) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in the Annexure B.

i) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule

11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and 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 No.43.5)

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

iii. There has been a case of delay in transferring '' 64,85,490/- being the amount of unpaid dividend for financial year 2008-09, required to be transferred to the Investor Education and Protection Fund by the Company. However, the same has been transferred to the said fund before 31st March, 2017; and

The Final Unclaimed Dividend for 2008-09 was due for transfer to IEPF account on 16th November, 2016. The Ministry of Corporate Affairs notified the Investor Education and Protection Fund (IEPF) Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (the Rules) along with detailed procedure effective from 7th September

2016. The Rules required that all shares in respect of which dividend has not been claimed or paid for seven consecutive years or more shall be transferred to IEPF Suspense Account. The Rules further provided that where 7 years are completed or being completed within 3 months of coming into force of the Rules, the company shall initiate the aforesaid procedure immediately and transfer the shares after completion of 3 months. As per procedure prescribed in the Rules, the Company sent individual notices as well as through publication in newspapers, to 11346 shareholders, having unclaimed dividend of Rs,64.85 lakh, providing them time up to 15.12.2016 to claim the dividend. Meanwhile, the implementation of Rules was deferred in December, 2016. However, the Company deposited the Unclaimed Dividend on 3rd February, 2017 after processing the cases of claimants for the Final Unclaimed Dividend.

iv. The Company has provided requisite disclosures in Note No. 41.8 to its Standalone Ind AS Financial Statements as regards its holding and dealings in Specified Bank Notes as defined in the Notification S.O. 3407(E) dated the 8th November, 2016 of the Ministry of Finance, during the period from 8th November 2016 to 30th December, 2016. Based on audit procedures and relying on the management representation, we report that the disclosures are in accordance with books of account maintained by the Company and as produced to us by the Management.

3. As required by Section 143(5) of the Act, we give in the Annexure C, a statement on the matters specified in the Directions issued by the Comptroller and Auditor General of India for the Company.

Referred to in paragraph 1 under the heading Report on other legal and regulatory requirements of our report of even date to the members of Steel Authority of India Limited on the Standalone Ind AS Financial Statements for the year ended 31st March 2017

i. In respect of its fixed assets:

a. The Company has maintained proper records showing in most cases, full particulars including quantitative details and situation of its fixed assets. However, the location and the extent of area in respect of few lands needs to be updated in the fixed assets registers and have to be reconciled with the revenue records as to the extent of holding and location of land. The delay is attributable to procedural matters involved in ascertaining and reconciling with revenue records maintained by the revenue departments of state governments involved.

Necessary action is being taken to update the location and extent of area in respective plants in the fixed assets registers. This is a continuous process.

Necessary action is being taken to evict the occupants from land and buildings under encroachment/ unauthorised occupation.

b. The fixed assets of the Company have been physically verified by the Management at reasonable intervals in a phased manner so as to generally cover all the assets once in three years. However, it is observed that certain land and buildings are under encroachment/unauthorised occupation. No material discrepancies have been noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets.

c. According to the information and explanations given to us and on basis of our examination of records of the Company, the title deeds of immovable property are held in the name of Company except for items mentioned below:

Particulars

Freehold Land

Leasehold Land

Building

Not in name of Company

48468.47 acres

17334.86 acres

571.24 sq. Mtr and 1 case

Gross block of land not in name of Company (Rs, crore)

122.24

148.59

0.57

Net block of land not in name of Company (Rs, crore)

122.24

131.02

0.33

ii. In respect of physical verification of Inventory:

a. The inventories have been physically verified by the Management with reasonable frequency during the year. In certain cases, the stocks have been verified on the basis of visual survey/estimates.

b. In our opinion and according to the information and explanations given to us, discrepancies noticed on physical verification of inventories were not material and have been properly dealt with in the books of account.

iii. In our opinion and according to the information and explanations given to us, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the Register maintained under Section 189 of the Companies Act, 2013. Therefore, clauses (iii) (a) and (iii) (b) of Paragraph 3 of the Order are not applicable to the Company.

iv. The Company has not granted any loan or made any investments or given any guarantee and provided any security covered under Section 185 and 186 of the Companies Act, 2013. Accordingly, paragraph 3(iv) of the Order is not applicable to the Company.

v. The Company has not accepted any deposit from public within the meaning of Sections 73, 74, 75 and 76 of the Companies Act, 2013 and rules framed there under, during the year. Accordingly, paragraph 3(v) of the Order is not applicable to the Company.

vi. Pursuant to the rules made by the Central Government of India, the Company is required to maintain cost records as specified under Section 148(1) of the Act in respect of its products.

We have broadly reviewed the same, and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.

vii. According to the information and explanations given to us in respect of statutory dues:

a. The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees'' State Insurance, Income-tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Taxes, Cess and other applicable Statutory Dues to the appropriate authorities. According to the information and explanations given to us, there are no undisputed statutory dues outstanding for a period of more than six months from the date they became payable, as per books of accounts as at 31st March, 2017.

b. According to the information and explanations given to us, there are disputed statutory dues, which have not been deposited as on 31st March, 2017 as given herein below:

Statute

Nature of Dues

Amount (Rs, crore)

Forum where disputes are pending

Sales Tax & VAT

Sales Tax and VAT Demands

4.15

Supreme Court

538.22

High Courts

716.11

Sales Tax Tribunals

105.84

Sales Tax Departments

Entry Tax

Entry Tax

1097.43

Supreme Court

739.03

High Courts

483.71

Tribunal

19.02

Department

Central Excise Act, 1944

Excise Duty

354.81

1993.19

987.58

559.78

Supreme Court High Courts CESTAT Department

Service Tax

Service Tax

0.79

High Court

189.56

CESTAT

50.93

Department

Customs Duty

Customs Duty

5.09

CESTAT

Income Tax

TDS on Perks

33.10

High Courts

Act, 1961

Other TDS matters

46.71

High Courts

1 .67

ITAT

0.95

Department

Income Tax Disputes

194.52

High Courts

213.16

ITAT

289.03

Department

TOTAL

8624.38

viii. The Company has not defaulted in repayment of loans or borrowings to financial institutions, banks, Government or dues to debenture holders during the year. Accordingly, paragraph 3(viii) of the Order is not applicable to the Company.

ix. The Company did not raise any money by way of initial public offer or further public offer (including debt instruments). Term loans from banks and financial institutions have been applied for the purpose for which they were obtained.

x. According to the information and explanations given to us and based on the audit procedures performed, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.

xi. As per notification No. GSR 463(E) dated 5th June 2015 issued by the Ministry of Corporate Affairs, Government of India, Section 197 of the Companies Act, 2013 is not applicable to the Company. Accordingly, paragraph 3(xi) of the Order is not applicable to the Company.

xii. In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, paragraph 3(xii) of the Order is not applicable to the Company.

xiii. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with Sections 177 and 188 of the Companies Act, 2013 where applicable and details of such transactions have been disclosed in the Standalone Ind AS Financial Statements as required under Ind AS 24 - ''Related Party Disclosures'' specified under Section 133 of the Act read with relevant rules.

xiv. According to the information and explanations give to us and based on our examination of the records, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. Accordingly, paragraph 3(xiv) of the Order is not applicable to the Company.

xv. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable to the Company.

xvi. The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, paragraph 3(xvi) of the Order is not applicable to the Company.

Referred to in paragraph 2 under the heading Report on other legal and regulatory requirements of our report of even date to the members of Steel Authority of India Limited on the Standalone Ind AS Financial Statements for the year ended 31st March 2017

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (the Act)

We have audited the internal financial controls over financial reporting of STEEL AUTHORITY OF INDIA LIMITED (the Company) as of 31st March 2017 in conjunction with our audit of the Standalone Ind AS Financial 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 and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (''ICAI''). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors'' Responsibility

Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks 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 to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Company''s internal financial control over financial reporting includes those policies and procedures that (1) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company''s assets that could have a material 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 financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

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

(Referred to in paragraph 3 under the heading Report on other legal and regulatory requirements of our report of even date to the members of Steel Authority of India Limited on the Standalone Ind AS Financial Statements for the year ended 31st March 2017)

Directions issued by the Comptroller and Auditor General of India under sub section 5 of Section 143 of the Companies Act, 2013, based on the verification of records of the Company and according to information and explanations given to us, we report as under:

A. Directions under Section 143(5) of Companies Act, 2013

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.

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.

The Company has clear title/lease deeds for freehold and leasehold land respectively except for 65803.32 acres of freehold/leasehold land.

Necessary action is being taken for registration of pending title deeds and eviction of unauthorized occupants of land.

Waiver/ write offs are done on case to case basis with the approval of competent authorities. Details of the waiver/write off of debts/loans/interest are given below along with major reasons thereof:

Name of Riant/'' Unit

Nature of dues

Amount involved (Rs,Crore)

Major reasons of waiver or write off

Rourkela Steel plant

Hospital Dues in respect of non-entitled patients

0.08

Poor patients

CMO (Southern Region)

Credit sales to Bridge & Roof (India) Limited

0.32

Delay in supply

CMO (T&S)

Old Claims

0.01

No chances of recovery

The Company has maintained adequate records in respect of inventories lying with third parties. No assets were received as gifts from the Government or other authorities during the year.

3. Whether proper records are maintained for inventories lying with third parties & assets received as gift from Govt. or other authorities.

For Singhi & Co. For V.K. Dhingra & Co.

For and on behalf of

Board of Directors

Chartered Accountants Chartered Accountants Sd/-

Firm Registration

No.: 302049E Firm Registration No.: 000250N (RKSingh)

Sd/- Sd/- Chairman

[ Shrenik Mehta ] [ Lalit Ahuja ]

Partner Partner

(M. No. 063769) (M. No. 085842)

For A.K. Sabat & Co. For Chatterjee & Co.

Chartered Accountants Chartered Accountants

Firm Registration

No.: 0321012E Firm Registration No.: 302114E

Sd/- Sd/-

[ A.K. Sabat] [ R.N. Basu ]

Partner Partner

(M. No. 30310) (M. No. 50430)

Rlace : New Delhi Rlace : New Delhi

Dated : 30th May, 2017 Date: 30th June, 2017