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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

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Nov 26, 16:00
103.65 -6.30 (-5.73%)
Volume
AVERAGE VOLUME
5-Day
40,409,864
10-Day
30,988,495
30-Day
46,996,367
56,238,864
  • Prev. Close

    109.95

  • Open Price

    108.55

  • Bid Price (Qty.)

    103.65 (10190)

  • Offer Price (Qty.)

    0.00 (0)

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, 2018, 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 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 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) specified under Section 133 of the Act read with the 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 the 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 the 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. As per 9th National Joint Committee on Steel (NJCS) Agreement dated 1st July, 2014 (which is valid The Company''s view is that the Pension Scheme was approved by the upto 31st December, 2016) signed by the Company, contribution by the Company towards proposed Board in its Meeting held on 9th February, 2017, with a provision that Pension Fund for non-executive employees was stipulated at 6% of Basic Pay and D.A.. Pending the contribution towards Pension shall be based on the affordability, revision of the said Agreement and against reservation of representatives of non-executive employees, sustainability and capacity of the company, measured as a percentage Management of the Company has unilaterally reduced the rate of contribution towards the said Pension of Profit Before Tax(PBT) to average Net-worth. This is in line with the Fund to 2% of Basic Pay and D.A. and accordingly the Management, in the 4th quarter of the current Office Memorandum dated 21.5.2014 issued by the Department of year, has written back the provision towards the said Pension Fund for non-executive employees for Public Enterprises. If the percentage of PBT to average Net-worth is the period from 01.04.2015 to 31.12.2016 to the extent of '' 288.14 crore (Refer Note No.49.4) 8% or above, the contribution towards Pension shall be limited to 6%

of Basic Pay plus DA for Non-executives. Further, if the percentage of PBT to average Net-worth is lower than 8%, the amount of contribution will be reduced proportionately. However, a minimum Pension contribution is kept at the rate of 2% of Basic Pay plus DA even in case of loss during a Financial Year. Accordingly, the Board of Directors of the Company has approved the write back of Pension contribution for the period from 1.4.2015 to 31.12.2016 in its meeting held on 30.05.2018.

II. Wage revision for non-executives is due since 01.01.2017. During the 4th quarter of the current year, The Company''s view is that SAIL is a Government Company and is Management of the Company has reversed adhoc provision already made in last year for the period required to follow Government Guidelines for revising pay scales of from 01.01.2017 to 31.03.2017 amounting to Rs,77.47 crore. Further the Management has also reversed its employees. The Department of Public Enterprises (DPE) issued provision created thereof for nine months ended 31st December 2017 amounting to Rs,230.77 crore Office Memorandum dated 24.11.2017 in this regard. The Guidelines and also not made any provision thereof for the 4th quarter of the year. Pending negotiation with non- inter-alia, state that Management of PSEs would keep in view the executive employees and as per the experience and past practice of earlier wage revisions for non- affordability and financial sustainability of such wage revision and executive employees, adhoc provisions from 01.01.2017 to 31.03.2017 of Rs,77.47 crore and from further where the five year periodicity of Wage revision is followed, 01.04.2017 to 31.12.2017 of Rs,230.77 crore should not have been reversed and provision of Rs,76.92 Management has to ensure that negotiated scales of pay for two crore for the quarter ended 31.03.2018 should have been made. The aggregate impact of this on Loss successive wage negotiations do not exceed the existing scales of before Tax for the current year amounts to Rs,385.16 crore. (Refer Note No. 49.3) pay of executives/officers and non-unionized supervisors of respective

CPSEs for whom ten years periodicity is being followed. The current pay scales of Non-executive employees in SAIL for some of the levels after wage revision effective from 01.01.2012 for 5 years are already higher than the pay scales of certain Executive employees. Accordingly, it has been approved by the Board of Directors of the Company to withdraw the provision of wage revision for Non-executive employees for the period from 01.01.2017 to 31.03.2017 and also for the nine months ended 31st December, 2017 and not to make any provision for the 4th Quarter of Financial Year 2017-18.

III. The Company has not provided for : In respect of item stated at (i), the Company''s view is that the Nine

(i) Demand for Entry tax in various states amounting to Rs,1726.16 crore as on 31st March, 2018 Judges Bench of H°n''ble Supreme tart vide its judgment dated (Refer Note No 47 2(a)); and 11 November, 2016, upheld the constitutional validity of levy of Entry

.; Tax by the States and has laid down principles/tests on levy of Entry

(ii) Amount paid to Damodar Valley Corporation (DVC) in earlier years against bills raised for supp!y Tax Acts in various States. The respective regular benches of the Apex of power and retained as advance to DVC by Bokaro Steel Plant amounting to ''587.72 crore as Court would hear the matters as per laid down principles. Pending on 31 st 2018 (Refer Note No.47.2(b)). decision by the regular benches of the Apex Court on levy of entry tax Had the impact of all the above qualifications been considered, Total Comprehensive Loss (net of tax) for in the States of Chhattisgarh, Odisha, Uttar Pradesh, Jharkhand and in the year ended 31st March, 2018 would have been Rs,2,238.73 crore against reported Total Comprehensive respect of the case pertaining to Calcutta High Court, the Entry Tax Loss (net of tax) of Rs,295.39 crore, overstatement of other equity as on 31st March 2018 by demands under dispute have been treated as contingent liabilities. Rs,1,9432m crore, Linteteterrort of current liability by Rs,2,m46 crare and Linteteterrort of asset by h respect of item stated at (ii), the Company''s view is that the cases crore. are sub-judice and pending for adjudication before the various judicial authorities for a long time.

The above stated disputed demands, stated at III(i) and III(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, 2018. 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 Financial Statements of the branches referred to in the Other Matters paragraph below, except for the effect 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 31st March, 2018 and its total comprehensive loss (net loss and other comprehensive income), its cash flows and the changes in equity for the year ended on that date.

Emphasis of Matter

We draw attention to the following:

Gross sales include sales to Government agencies for ''4,802.50 crore for the year ended 31st March, 2018 (cumulative upto 31st March, 2018 ''12,271.05 crore) which is recognized on provisional contract prices (Refer Note No. 49.2);

Our opinion is not qualified in respect of this matter.

Other Matters

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 ''45,784.59 crore as at 31st March, 2018 and total revenue of Rs,20,798.09 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 this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (AuditorRs,s Report) Order, 2016 (the Order) issued by the Central Government in terms of Sub-section 11 of Section 143 of the Act, we give in the Annexure 1, 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 financial statement of the branches, referred to in other matters 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 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 and 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 (Ind AS) 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 2.

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.47 and 48.4)

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

The Matured Deposits have already been claimed by the successors/

relatives; of the individual ails but Eire; pending for submission of document

iv. Requirements as to disclosure of holding as wc|1 as dealings in Specified Bank Notes (SBN) followed for refunding the Matured Deposits to the legal heirs. and reporting thereon are not applicable for the year.

3. As required by Section 143(5) of the Act, we give in Annexure-3, a statement on the matters specified in the Directions issued by the Comptroller and Auditor General of India in respect of 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 2018

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 Necessary action is being take 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 update the iocation and extent of registers and have to be reconciled with the revenue records as to the extent of holding and location of land. The delay is in respective plants in the fixed as attributable to procedural matters involved in ascertaining and reconciling with revenue records maintained by the revenue registers. This is a continuous proc departments of state governments involved.

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 Necessary Kton is being taken toi encroachment/unauthorized occupation. As informed, no material discrepancies have been noticed on such verification. In our theoccupants from |arra and bui|d opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its under encroachment/ unauthor

assets. occupation.

c. According to the information and explanations given to us and on the basis of our examination of records of the Company, the title/lease deeds of immovable properties are held in the name of Company except in the following cases:

Particulars

Freehold Land

Leasehold Land

Building

Area not in name of the Company

47209.74 acres

17335.30 acres and 1 case

2 Buildings and 571.24 sq. mts

Gross Block thereof

173.75 crore

151.33

0.57

Net Block thereof

173.75 crore

130.18

0.32

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 which were not material, 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, limited liability partnership or other parties covered in the register maintained under Section 189 of the Companies Act, 2013. Hence, the clauses (iii) (a), (iii) (b) and (iii) (c) of Paragraph 3 of the order are not applicable to the Company.

iv. The Company has not granted any loans or given any guarantee and security covered under Section 185 and 186 of the Companies Act, 2013. In respect of Investments made by the Company, the provisions of Section 185 and 186 of the Companies Act, 2013 have been complied with.

v. The Company has not accepted any deposit from public within the meaning of Sections 73 to 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 (including Goods and Services Tax), Cess and other Statutory Dues with 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, 2018.

b. According to the information and explanations given to us, there are disputed statutory dues, which have not been deposited as on 31st March, 2018 as given herein below:

Statute

Nature of Dues

Amount ('' crore)

Forum where disputes are pending

Sales Tax, VAT &

Sales tax, VAT and GST Demands

10.45

Supreme Court

GST

495.40

High Courts

680.79

Sales Tax Tribunals

71.87

Sales Tax Departments

Entry Tax

Entry Tax Demands

1,257.26

Supreme Court

544.49

High Courts

606.92

Tribunal

40.46

Department

Central Excise Act, 1944

Excise Duty

266.80

2,375.02

1664.36

339.39

0.32

Supreme Court High Courts CESTAT Department BIFR

Service tax

Service Tax

32.76

High Court

127.00

CESTAT

201.25

Department

Customs Duty

Customs Duty

1.71

Department

Income Tax Act,

TDS on Perks

5.96

Supreme Court

1961

122.85

High Courts

Other TDS matters

0.21

ITAT

27.05

Department

Income Tax Disputes

194.52

High Courts

516.06

ITAT

46.85

Department

TOTAL

9,629.75

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. According to the information and explanations given to us, the Company has not raised 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. To the best of our knowledge and belief and according to the information and explanations given to us and based on the audit procedures performed, we report that no case of 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 Government Companies. 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 2018

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 2018 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 reporting 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 Standalone Ind AS 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 Standalone Ind AS 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 Standalone Ind AS 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 unauthorised 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 internal financial controls over financial reporting were operating effectively as at 31st March 2018, 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.

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

Chartered Accountants Chartered Accountants

Firm Registration No.: 302049E Firm Registration No.: 000250N

Sd/- Sd/-

[ Pradeep Kumar Singhi ] [ Sanjay Jindal ]

Partner Partner

(M. No.050773) (M. No.087085)

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

Chartered Accountants Chartered Accountants

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

Sd/- Sd/-

[ T.N. Ghosh ] [ A.K. Sabat ]

Partner Partner

(M. No.050644) (M. No.030310)

Place : New Delhi

Dated : 30th May, 2018