GAIL Auditors Report

To the Members of GAIL (India) Limited

This revised Independent Auditor’s Report is being issued in supersession of our earlier Independent Auditors’ Report dated 22^nd May 2017, at the instance of Comptroller & Auditor General (C&AG) of India. The revised report is being issued in view of certain modification in Annexure “A” of Companies (Auditors Report) Order 2016, as pointed out by C&AG of India in our earlier report. Further, we confirm that these changes do not affect true & fair view and our opinion as expressed earlier and also none of the figures have undergone any change in the Standalone financial Statements of the Company as at 31^st March2017.

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying Standalone Ind AS financial statements of GAIL (India) Limited (“the Company”), which comprise the Balance Sheet as at 31^st March 2017, and the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.

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 state of affairs (financial position), profit or loss (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 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.

Auditor’s Responsibility

Our responsibility is to express an opinion on these Standalone Ind AS financial statements based on 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 of the Standalone Ind AS financial statements 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 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.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, 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 including the Ind AS, of the state of affairs (financial position) of the Company as at 31^st March, 2017, and its profit (financial performance including 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 matters in the Notes to the financial statements:

1. Note No: 35(c)-regarding various provisional transportation tariff orders issued by Petroleum and Natural Gas Regulatory Board (PNGRB), these orders have been contested by the company at Appellate Tribunal for Electricity (APTEL) and adjustment if anywill be recognized as and when matter is finally decided.

2. Note No: 39^-regarding provision of impairment loss amounting to Rs.783 Crores out of carrying value of investment of Rs.974.31 Crores in a Joint Venture Entity on the basis of impairment study of such entity. Such case has been included in exceptional item in the statement of Profit & Loss.

3. Note No: 42-in respect of revenue recognition in previous year for ship or pay charges where the customer has disputed the claim of the company and final outcome is still uncertain.

Our opinion is not modified in respect of above matter.

Other Matters

The comparative financial information of the Company for the year ended 31^stMarch 2016 and the transition date opening balance sheet as at 1^st 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 audited by us/the predecessor auditors, whose audit report for the year ended 31^st March 2016 & 31^st March 2015 dated 25^th May 2016 & 27^th May 2015 respectively expressed an unmodified opinion on those Standalone financial statements, as adjusted for the differences in the accounting principles adopted by the Company on transition to the Ind AS, which have been audited by us.

Our opinion is not modified in respect of above matter.

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 in terms of Section 143(11) of the Act, and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in “Annexure -A” a statement on the matters specified in paragraphs 3 and 4 of the said Order.

2. As required by Comptroller and Auditor General of India through directions/sub directions issued under Section 143(5) of the Companies Act 2013, on the basis of written representation received from the management, we give our report on the matter specified in the “Annexure -B” attached.

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 best of 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 the Company so far as it appears from our examination of those books.

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

(d) 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 the Companies(Indian Accounting Standards) Rules, 2015 as amended.

(e) Being a Government Company pursuant to the Notification No. GSR 463(E) dated 5 June 2015 issued by the Ministry of Corporate Affairs, Government of India, provisions of sub-section (2) of Section 164 of the Companies Act, 2013, are not applicable to the Company.

(f) We are enclosing herewith a report in “Annexure - C” for our opinion on adequacy of internal financial controls system in place in the company and the operating effectiveness of such controls;

(g) 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, 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 29 (I)(a)to the financial statements.

ii. The Company has made provision, as required under the applicable law or Indian accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts;

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in Note no9A of its financial statements as to holdings as well as dealings in Specified Bank Notes (SBN) during the period from 8^th November 2016 to 30^th December 2016. Based on the audit procedures and relying on the management representation, we report that the disclosures are in accordance with the books of accounts and records maintained by the Company.

ANNEXURE - A TO THE INDEPENDENT AUDITORS’ REPORT

Referred to in paragraph 1 to “Report on Other legal and regulatory requirements” of the Independent Auditors’ Report of even date to the members of GAIL (INDIA) LIMITED on the Standalone Ind AS Financial Statements for the year ended March 31, 2017.

(i) (a) As informed to us the company has generally maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) According to information and explanation given to us there is a regular programme of physical verification of these fixed assets by the management which in our opinion is reasonable having regard to the size of the company and nature of its assets. As informed to us no material discrepancies were noticed on such verification.

(c) As informed to us and as verified by us during the course of our audit the title deeds of immovable properties are held in name of the company except for the cases as follows.

Description of Asset	No. of cases	Area in Hectares	Gross block as on 31.03.2017 (Rs. in Cr.)	Net block as on 31.03.2017 (Rs. in Cr.)
Land
- Freehold	10	4.81	19.43	19.43
- Leasehold	6	175.31	27.36	26.48
- Leasehold- stated at carrying value (classified as prepayment under non-financial assets)	2	22.01	9.39	9.39
Building & Structures	10	-	1.67	1.00

(ii) As informed to us physical verification of inventory has been conducted at reasonable intervals by the management except the store and spares lying with Engineers India Limited and other contractors. We have been explained that the stock of gas at the end of the year has been taken with reference to reading of Turbine Flow Meter/Gas Chromatograph installed at Terminals, Stock of LPG/Pentane/SBP Solvent are determined with reference to Tank Level Gauge measurement which are converted into tonnage by measurement of density and applying correction factor for temperature. LPG vapors volume is converted to tonnage by standard formulae. As informed to us no material discrepancies were noticed on physical verification of inventory.

(iii) As informed to us the company has granted unsecured loans to companies covered in the register maintained under section 189 of the Companies Act 2013. In respect of such loans:

a) As informed to us and as verified by us the terms and conditions of grant of such loans are not prejudicial to the interest of the company.

b) Repayment of the principal amount and payment of interest on such loans have been stipulated and the parties are making payments as per stipulation.

c) As informed to us, no amount of loan is overdue as at end of the year for a period more than ninety days.

(iv) According to the information and explanations given to us, the company has complied with the provisions of Section 185 and 186 of Companies Act 2013 in respect of loans/investment/guarantee/security granted during the year.

(v) The company has not accepted any deposits, in terms of the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under.

(vi) We have broadly reviewed the accounts and records maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under sub-section (1) of Section 148 of the Companies Act, 2013 read with Companies (Cost Records & Audit) Rules, 2014 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have not, however, made detailed examination of the records with a view to determine whether they are accurate and complete.

(vii) (a) According to records of the company and information and explanation given to us 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 tax, cess and any other statutory dues with the appropriate authorities. According to information and explanation given to us there are no outstanding statutory dues as referred above as at the last day of the financial year under audit for a period of more than six months from the date they became payable.

(b) As certified by the management on which we have relied upon the dues of income tax or sale tax or service tax or duty of custom or duty of excise or value added tax or cess which have not been deposited on account of dispute or deposited under protest and the forum where the dispute is pending are given below:

S. No.	Name of Statute	Nature of the Dues	Period to which the amount relates	Forum where the dispute is pending	Gross disputed amount (Rs.In Crores)	Amount deposited under protest/ appeal (Rs. In Crores)	Amount not deposited (Rs. In Crores)
			2002-03 to 2004-05	Hon. High Court, Allahabad	18.83	-	18.83
			1999-00 to 2009-10	Commercial Tax Tribunal, UP	205.34	6.41	198.93
1	Entry Tax Act of respective State	Entry Tax / Penalty / Interest	2008-09	Additional Commissioner (Appeals), Commercial Taxes	0.47	-	0.47
			2002-03 to 2005-06	Dy. Commissioner (Appeals), Commercial Tax, Ajmer	6.19	-	6.19
			2011-12 & 2012-13	MP Commercial Tax Appellate Board, Bhopal	4.76	1.77	2.99
		SUB-TOTAL			235.59	8.18	227.41

			2011-12 & 2012-13	MP Commercial Tax Appellate Board, Bhopal	12.26	4.01	8.25
			2005-06 to 2011-12	Joint Commissioner (Appeals), Sales Tax, Mumbai	313.30	24.03	289.27
			2003-2004	Hon. High Court, Mumbai	0.63	0.03	0.60
	Central Sales	CST / Sales Tax / VAT/ Penalty /	Oct 2011 to Dec 2011	Joint Commissioner of Commercial Taxes, Trichy	0.59	-	0.59
2	Tax Act, 1956 and respective State Sales Tax / VAT Act		2003-2004	Hon. High Court, Guwahati	0.29	0.14	0.15
		Interest	2014-15	Dy.Commissioner (Appeals), Commercial Taxes, Ernakulam	2.85	0.07	2.78
			2003-04 2008-09 2009-10 2012-13	Joint Commissioner (Appeals), Commercial Tax, Vadodara	93.44	82.98	10.46
			1995-96 to 1996-97	Dy Commissioner, Commercial Tax, Gwalior	0.16	0.16	-
		SUB-TOTAL			423.52	111.42	312.10
			Mar 2000 to Feb 2002, April 2002 to March 2003 & Nov 2004to Feb2005	Supreme Court	54.24	-	54.24
		Central Excise Duty / Interest / Penalty	Sept 2006 to Feb 2014	Customs, Excise and Service Tax Appellate Tribunal, Delhi	2646.90	-	2646.90
3	Central Excise Act 1944		Jan 2001 to Feb 2005	Customs, Excise and Service Tax Appellate Tribunal, Mumbai	196.09	-	196.09
			July 2004 to March 2011	Customs, Excise and Service Tax Appellate Tribunal, Ahmedabad	188.44	-	188.44
			April 2008 to March 2010 & July 2010 to Nov 2010	Customs, Excise and Service Tax Appellate Tribunal, Kolkata	77.72	-	77.72
		SUB-TOTAL			3163.39	0.00	3163.39
			Oct. 2006 to Mar 2015	Customs, Excise and Service Tax Appellate Tribunal, Delhi	1216.80	23.61	1193.19
4	Finance Act 1994 (Service Tax)	Service Tax / Interest/ Penalty	Aug. 2005 to Sept 2009	Customs, Excise and Service Tax Appellate Tribunal, Ahmedabad	9.88	-	9.88
			July 2010 to Nov 2010	Customs, Excise and Service Tax Appellate Tribunal, Delhi	0.37	-	0.37
			2008-09	Customs, Excise and Service Tax Appellate Tribunal, Allahabad	0.03	-	0.03

			Apr 2007 to Mar 2009 & Oct 2009 to Mar 2015	Commissioner (Appeals), Customs, Excise and Service Tax, Delhi	1.18	-	1.18
		SUB-TOTAL			1228.26	23.61	1204.65
			March 2006	Customs, Excise and Service Tax Appellate Tribunal, Delhi	0.53	0.46	0.07
5	Customs Act, 1962	Customs Duty/ Interest / Penalty	Oct 2015 to Mar 2016	Commissioner of Customs, Excise and Service Tax, (Appeals), Pune	0.77	0.65	0.12
			March 2013 to July 2014	Commissioner of Customs, Excise and Service Tax, (Appeals), Ahmedabad	7.78	7.78	-
		SUB-TOTAL			9.08	8.89	0.19
			2008-09 to 2017-18	Jurisdictional Assessing Officer (TDS)	4.94	-	4.94
	Income Tax Act, 1961	Income Tax /	1999-00, 2013-14 & 2014-15	Commissioner Income Tax (Appeals) - 22, New Delhi	152.20	152.20	-
6		Interest/ Penalty	1996-97 to 199899 & 2000-01 to 2012-13	Income Tax Appellate Tribunal, Delhi	1808.28	1180.19	628.09
			1997-98 & 1998-99	Hon. Supreme Court	0.26	0.26	-
		SUB-TOTAL			1965.68	1332.65	633.03
7	Gujarat Municipalities Act, 1963	Notified Area Tax / GIDC Tax / Interest	1998-99 to 200506 & 1985-86 to 2009-10	Hon. High Court, Ahmedabad	4.33	-	4.33
		TOTAL			7029.85	1484.75	5545.10

(viii) Based on our audit procedures and in accordance with the information and explanations given to us by the management the company has not defaulted in repayment of dues to a bank or government or bonds holders.

(ix) The Company has not raised any money by way of initial public offer or further public offer or further public offer (including debt instrument). Term Loans obtained during the year were applied for the purpose for which those were obtained by the company.

(x) According to the information and explanations given to us and as represented by the Management and based on our examination of the books and records of the Company and in accordance with generally accepted auditing practices in India, no case of frauds by the Company or any fraud 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 5 June 2015 issued by the Ministry of Corporate Affairs, Government of India, Section 197 is not applicable to the Government Companies. Accordingly, provisions of clause 3 (xi) of the Order are not applicable to the Company.

(xii) The company is not a nidhi company and therefore clause 3(xii) of the Order related to such companies is not applicable to the Company.

(xiii) The company has complied with in respect of all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.

(xiv) The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.

(xv) As informed to us, during the year the company has not entered into any noncash transactions with any of its directors or persons connected with the Directors.

(xvi) The company is not required to get registered under section 45-IA of Reserve Bank of India ActRs.1934.

ANNEXURE - B TO THE INDEPENDENT AUDITORS’ REPORT

Referred to in paragraph 2 to “Report on Other legal and regulatory requirements” of the Independent Auditors’ Report of even date to the members of GAIL (INDIA) LIMITED on the financial statements for the year ended March 31, 2017.

S. No.	Directions / Sub Directions	Action taken	Impact on financial statement
1	Whether the company has clear title/lease deed for freehold and leasehold respectively? If not please state the area of freehold and leasehold land for which title/lease deed are not available?	As informed to us and as verified by us during the course of our audit the title deeds of immovable properties are held in name of the company except for the cases as disclosed in Note no. 37(b) & (c)along with area of these lands.	Nil
2	Whether there are any cases of waiver/ write off of debts/loans/interest etc., if any, the reason there for and amount involved.	We have been informed that there has been no case of waiver, write off of debt/interest/loans etc.	Nil
3	Whether proper records are maintained for inventories laying with third parties & assets received as gift from Govt. or other authorities.	The company has maintained proper records of inventories including inventory lying with the third parties. The inventories have been physically verified at reasonable intervals by the Management, except the stores & spares lying with Engineers India Ltd. and other contractors. We have been informed that no asset has been received as gift from government or other authorities.	Nil

For O. P. Bagla & Co. For G. S. Mathur & Co.

Chartered Accountants Chartered Accountants

Firm No.: 000018N Firm No.: 08744N

(Rakesh Kumar) (Rajiv Kumar Wadhawan)

(Partner) (Partner)

Membership No.: 087537 Membership No.: 091007

Place : New Delhi

Dated : 20^th July, 2017

We have audited the accompanying standalone financial statements of
GAIL (India) Limited (''''the Company''''), which comprise the balance sheet
as at 31 March 2016, the statement of profit and loss and the cash flow
statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.

Management''''s Responsibility for the Standalone 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 financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under 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 accordance with the
provisions of the Act for safeguarding of 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 financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.

Auditor''''s Responsibility

Our responsibility is to express an opinion on these standalone
financial statements based on 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 Section143(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 financial statements are
free from material misstatement.

An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. 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. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company''''s preparation of the 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 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
financial statements.

Opinion

In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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 March 2016 and its profit and its cash flows for the year ended
on that date.

Emphasis of Matter

We draw attention to the following matters in Notes to Financial
Statement:-

1. Note No: 42(c) -regarding various provisional transportation tariff
orders issued by Petroleum and Natural Gas Regulatory Board (PNGRB),
these orders have been contested by the company at Appellate Tribunal
for Electricity (APTEL) and adjustment if any will be recognized as and
when matter is finally decided.

2. Note No: 47 - in respect of stating the investment in a joint
venture entity at book value whereas net worth of the entity has been
eroded and management has considered the diminution in value of
investment as non- permanent.

3. Note No: - 51-in respect of revenue recognition during the year for
ship or pay charges where the customer has disputed the claim of the
company and final outcome is uncertain, 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
Or der") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure "A"
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.

2. As required by C&AG of India through directions/sub-directions
dated 11.12.2015 and 29.04.2016 and issued under Section 143(5) of the
Companies Act 2013, on the basis of written representation received
from the management, we give our report on the matter specified in the
Annexure "B" attached.

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 best of 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 the Company so far as it appears from our examination of those
books;

(c) The balance sheet, the statement of profit and loss and the cash
flow statement dealt with by this Report are in agreement with the
books of account;

(d) In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

(e) On the basis of the written representations received from the
directors as on 31 March 2016 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2016
from being appointed as a director in terms of Section 164 (2) of the
Act.

(f) We are enclosing herewith a report in "Annexure C" for our opinion
on adequacy of internal financial controls system in place in the
company and the operating effectiveness of such controls; and

(g) 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, 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 financial statements - Refer Note 33(1)(a)
and 34 to the financial statements;

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

iii. there has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company

Referred to in paragraph 1 to "Report on Other legal and regulatory
requirements" of the Independent Auditors'''' Report of even date to the
members of GAIL (INDIA) LIMITED on the financial statements for the
year ended March 31, 2016.

i(a) As informed to us the company has generally maintained proper
records showing full particulars, including quantitative details and
situation of fixed assets.

(b) According to information and explanation given to us there is a
regular programme of physical verification of these fixed assets by the
management which in our opinion is reasonable having regard to the size
of the company and nature of its assets. As informed to us no material
discrepancies were noticed on such verification.

(c) As informed to us and as verified by us during the course of our
audit the title deeds of immovable properties are held in name of the
company except for the cases as disclosed in Note no 45(b) & (c).

ii. As informed to us physical verification of inventory has been
conducted at reasonable intervals by the management except the store
and spares lying with Engineers India Limited and other contractors. We
have been explained that the stock of gas at the end of the year has
been taken with reference to reading of Turbine Flow Meter/Gas
Chromatograph installed at Terminals, Stock of LPG/Pentane/SBP Solvent
are determined with reference to Tank Level Gauge measurement which are
converted into tonnage by measurement of density and applying
correction factor for temperature. LPG vapors volume is converted to
tonnage by standard formulae. As informed to us no material
discrepancies were noticed on physical verification of inventory.

iii. As informed to us the company has granted unsecured loans to
companies covered in the register maintained under section189 of the
Companies Act 2013. In respect of such loans:

a) As informed to us and as verified by us the terms and conditions of
grant of such loans are not prejudicial to the interest of the company,

(b) Repayment of the principal amount and payment of interest on such
loans have been stipulated. However repayment of principal and payment
of interest has not been regular in one of the loan given to
Bhagyanagar Gas Limited. Please refer Note No.50 to the financial
statements in this regard.

(c) As informed to us, no amount of loan is overdue as at end of the
year for a period more than ninety days.

iv. According to the information and explanations given to us, the
company has complied with the provisions of Section 185 and 186 of
Companies Act 2013 in respect of loans/investment/guarantee/security
granted during the year.

v. The company has not accepted any deposits, in terms of the
directives issued by the Reserve Bank of India and the provisions of
sections 73 to 76 or any other relevant provisions of the Companies Act
2013 and the rules framed there under.

vi. In respect of business activities of the company maintenance of
cost records has been specified by the Central Government under
sub-section (l) of section 148 of the Companies Act 2013 read with
rules framed thereunder and in our opinion, prima facie, prescribed
accounts and records have been made and maintained by the company,

vii. a) According to records of the company and information and
explanation given to us 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 tax, cess and any other statutory
dues with the appropriate authorities. According to information and
explanation given to us there are no outstanding statutory dues as
referred above as at the last day of the financial year under audit for
a period of more than six months from the date they became payable.

b) As certified by the management on which we have relied upon the dues
of income tax or sale tax or service tax or duty of custom or duty of
excise or value added tax or cess which have not been deposited on
account of dispute and the forum where the dispute is pending are given
below:

List of Cases of Unpaid Disputed Demand under various Statutes as on
31.03.2016

( Rs. in Crores)

Sl. Statute Subject Matter
of Dispute Amount Period of
Dispute Status - Forum
No. (2015-16)

1 Entry Tax (a) Demand of
Entry Tax on
Natural 203.00 1999-00 to
2009- Allahabad High
Court, Trade Tax
Tribunal &
Gas in U.P 10 Joint Commissioner

(b) Demand of
Entry Tax on
Natural 2002-03
to 2005-
Gas in
Rajasthan 5.59 06 Dy. Commissioner
(Appeals), Ajmer

(c) Demand of
Entry Tax on
Natural 2008-09,
2011-12
Gas in Madhya
Pradesh 5.38 &
2012-13 Tribunal, Bhopal

2 Sales Tax & (a) Non-
acceptance of
declaration 0.38
VAT form for
concessional
sales tax 1995-96
&
1996-97 Tribunal, Bhopal

(b) Demand of
VAT on account
of 31.88 2005-06,
2006-07 Joint
Commissioner
(Appeals), Mumbai

disallowance
of Credit Note & 2009-10

(c) VAT demand
on inter unit 5.52 2011-12 Tribunal, Bhopal

(d) Demand of
CST on account
of
disallowance of
LPG absorption 1.39 2011-12
&
2012-13 Tribunal, Bhopal
credit notes

List of Cases of Unpaid Disputed Demand under various Statutes as on
31.03.2016


(Rs.in crores)

Sl. Statute Subject Matter
of Dispute Amount Period of
Dispute Status - Forum
No. (2015-16)

2 Sales
Tax & Demand of VAT
on account of
(e) 2.77 2010-11 Joint Commissioner
(Appeals), Mumbai
VAT disallowance
of input tax
credit

Demand of VAT
on account of
(f) 14.92 2005-06 Joint Commissioner
(Appeals), Mumbai
disallowance
of LPG subsidy

Demand of VAT
on sale of
Natural
(g) Gas to Power
Companies 129.54 2007-08 Joint Commissioner
(Appeals), Mumbai

Demand of VAT
on bandwidth
(h) 2.71 2008-09 Joint Commissioner
(Appeals), Mumbai
charges

(i) Demand of
VAT on High
Sea Sale 28.59 2011-12 Joint Commissioner
(Appeals), Mumbai

Demand of VAT
on sale of LPG
by 2006-07 to

(j) treating it
as non domestic 56.59 2011-12 Joint Commissioner
(Appeals), Mumbai

(k) Penalty for
delay in payment
of 0.60 2003-2004 High Court, Mumbai
sales tax

Demand of VAT
on account of Oct 2011
to Dec
(l) 0.54 Joint
Commissioner,
Trichy
rate change 2011

Demand of CST
on account of
(m) disallowance
of LPG subsidy 51.84 2005-06 High Court,
Gwalior
discount

Demand for
treating CST
sale as
(n) 0.15 2003-2004 High Court,
Guwahati
local sale

(o) Revised
Sales Tax demand
as per 2.76 2003-04 Joint
Commissioner
(Appeals),
Vadodara
assessment
order

3 Customs, Jan 2001
to Feb
(a) LPG
valuation Dispute 19.64 CESTAT Mumbai
Excise
and 2005
Service
Tax Aug.2005
to Dec

(b) Dispute on
Pentane
Classification 99.4 2006 &
Oct 2007 CESTAT Ahmedabad
to July
2009

(c) Dispute on MFO
Classification 79.77 July
2004 to CESTAT Ahmedabad
March
2011

Demand of duty
under Rule 6(3) April
2008 to
(d) of CCR, 2004
for credit taken on 14.71 March
2010 CESTAT Kolkata
input services

Demand of Service
Tax on Oct. 2006
to Mar

(e) 965.85 CESTAT Delhi
Marketing Margin 2014

Demand of Service
Tax on Oct 2006
(f) deputation of
employees to JVs 41.20 2012 to
June CESTAT Delhi
& Govt. Deptt.

Demand of
differential
service Oct.2006
to March
(g) 0.13 CESTAT Ahmedabad
tax based on
service tax
returns 2007

Demand raised
by denying Aug 2005
to Sept
(h) Cenvat &
service tax
credit taken 9.30 CESTAT Ahmedabad
at Hazira 2009

Demand raised
by denying 2008-09
& Dec
(i) Cenvat credit
taken on input 0.22 CESTAT Delhi &
CESTAT Allahabad
2010 to
March 2011
services

Demand raised in
respect of 2008-09 to
(j) 0.14 Commissioner
(Appeals), Delhi
service tax on
import of service 2011-12

Demand of CVD on
purchase of
(k) 0.07 March
2006 CESTAT Delhi
SAP software

SUB-TOTAL 1774.73

Sl.
No Statute Subject Matter
of Dispute Amount Period of
Dispute Status - Forum

(a) Unpaid demand 6.23 AY-
1999-00 CIT (Appeals)

4 Income
Tax AY
2008 09
to AY ITO(TDS)
(b) Demand of TDS 3.10 - 2016-17

Notified Area
Tax & GIDC
Tax on 1998-99
to 2005-
4.16 06 &
1985-86
to Ahmedabad High
Court
revised value
(incl. interest)

5 Other
taxes 2009-10

TOTAL 1788.22

viii. Based on our audit procedures and in accordance with the
information and explanations given to us by the management the company
has not defaulted in repayment of dues to a bank or government or bonds
holders.

ix. The company has not raised any money during the year by way of
initial public offer or further public offer (including debt
instrument). As informed to us the company has not raised any money by
way of term loans during the year.

x. According to the information and explanation given to us there has
been no fraud noticed or reported during the year on the company or by
the company by its officers or employees.

xi. In our opinion the managerial remuneration paid/provided during
the year is in accordance with the requisite approvals mandated by the
provisions of Section 197 read with Schedule V of Companies Act 2013.

xii. The company is not a nidhi company and therefore clause 3(xii) of
the Order related to such companies is not applicable to the Company.

xiii. According to the information and explanation given to us all
transactions with the related parties are in compliance with sections
177 and 188 of Companies Act, 2013 where applicable and the details
have been disclosed in the Financial Statements as required by the
applicable accounting standards.

xiv The company has not made any preferential allotment or private
placement of shares or fully or partly convertible debentures during
the year under review.

xv. As informed to us, during the year the company has not entered
into any non-cash transactions with any of its directors or persons
connected with the directors.

xvi. The company is not required to get registered under section 45-IA
of Reserve Bank of India Act 1934.

For O. P.Bagla & Co. For G.S Mathur & Co.

Chartered Accountants Chartered Accountants

Firm No.: 000018N Firm No.: 08744N



(Rakesh Kumar) (Rajiv Kumar Wadhawan)

(Partner) (Partner)

Membership No.:087537 Membership No.:091007

Place: New Delhi

Dated: 25th May, 2016

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of
GAIL (India) Limited (''the Company''), which comprise the balance sheet
as at 31st March 2015, the statement of profit and loss and the cash
flow/statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.

Management''s Responsibility for the Standalone 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 financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the
Accounting Standards specified under 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 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 financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these standalone
financial statements based on 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 l43(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 financial statements are
free from material misstatement.

An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. 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. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company''s preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. 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 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
financial statements.

Opinion

In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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 2015 and its profit and its cash flows for the year ended
on that date.

Emphasis of Matter

We draw attention to the following matters in Notes to Financial
Statement-

1. Note No; - 43 regarding sharing of under recoveries on sensitive
petroleum products up to 30.09.2014.

2. Note No; - 45 regarding various provisional transportation tariff
orders issued by Petroleum and Natural Gas Regulatory Board (PNGRB),
these orders have been contested by the company at Appellate Tribunal
for Electricity (APTEL) and adjustment if any will be recognized as and
when matter is finally decided.

3. Note No;- 46 & 47 regarding debit notes raised by ONGC in respect
of Non-APM prices for C-Series gas and differential tariff of Uran
Tombay pipeline of ONGC and corresponding debit notes raised by GAIL on
its customers.

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, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (II) of section 143 of the Act, we give in the Annexure "A"
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.

2. As required by C&AG of India through supplementary directions dated
19.10.2014 issued under Sectionl43(5) of the Companies Act 2013, on the
basis of written representation received from the management, we give
our report on the matter specified in the Annexure "B" attached.

3. As required by Sectionl43(3) of the Act, we report 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) 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 balance sheet, the statement of profit and loss and the cash
flow statement dealt with by this Report are in agreement with the
books of account;

(d) In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules,2014;

(e) On the basis of the written representations received from the
directors as on 31st March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March
2015frombeingappointed as a director in terms of Section 164(2) of the
Act; and

(f) 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, 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 financial statements - Refer Note
32(l)(a),33 and 55 to the financial statements;

ii. the Company did not have any long-term contracts including
derivative contracts for which there were any material foresee able
losses; and

iii. there has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.


The Annexure referred to in para 1 to Report on Other legal and
Regulatory Requirement of the auditor''s report to the shareholders of
GAIL (India) Limited for the year ended March 31,2015. We report that:

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

(b) According to the information and explanation given to us, there is
a regular programme of verification of fixed assets by the management,
which in our opinion is reasonable having regard to the size of the
company and the nature of its assets. Fixed assets have been physically
verified by the management during the year and as per the report, no
material discrepancies were noticed on such verification.

(ii) (a) The inventories have been physically verified at reasonable
intervals by the Management, except the stores & spares lying with
Engineers India Ltd. and other contractors. We have been explained that
the stock of gas at the end of the year has been taken with reference
to reading of Turbine Flow Meter/Gas Chromatograph installed at
Terminals, Stock of LPG/Pentane/SBP Solvent are determined with
reference to Tank Level Gauge measurement which are converted into
tonnage by measurement of density and applying correction factor for
temperature. LPG vapors volume is converted to tonnage by standard
formulae.

(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the Management are reasonable and adequate in relation to
the size of the Company and nature of its business.

(c) In our opinion and according to the information given to us the
company is maintaining proper records of inventory and no material
discrepancy was noticed on physical verification of inventory.

(iii) According to the information given to us the company has not
granted any loans, secured or unsecured to the companies, firms or
other parties covered in the register maintained under section 189 of
the Companies Act.

(iv) According to information and explanations given to us, there are
generally adequate internal control systems commensurate with the size
of the company and nature of its business for the purchase of inventory
and fixed assets and for the sale of goods and services.

(v) The company has not accepted any deposits from the public during
the year covered under section 73 or any other relevant provision of
the Companies Act,2013.

(vi) We have broadly reviewed the costing records being maintained by
the Company pursuant to the order made by the Central Government for
the maintenance of Cost records under sub-section (l) of Section 148 of
The Companies Act 2013 and we are of the opinion that prima facie the
prescribed accounts and records have been maintained.

(vii) (a) According to the records of the company and information and
explanation given to us, the company has generally been regular in
depositing undisputed statutory dues including Provident fund,
Employees'' State Insurance, Income tax. Sales tax. Wealth tax, Service
Tax, duty of custom, duty of excise, value added tax, cess and any
other statutory dues with the appropriate authorities. According to
the information and explanation given to us, no undisputed amounts
payable in respect of Provident fund, employees'' State Insurance,
Income tax. Sales tax. Service Tax, duty of custom, duty of excise,
value added tax, cess and any other statutory dues were in arrear at
the year-end for a period of more than six months from the date they
became payable.

(b) As certified by the Management on which we have relied upon, the
dues of Income tax or sales tax or wealth tax or service tax or duty of
custom or duty of excise or value added tax or cess which have not been
deposited on account of disputes and the forum where the dispute is
pending, are given below:

List of Cases of Unpaid Disputed Demand under various Statutes as on
31.03.2015

(Rs.in Crore)

SI. Statute Subject Matter of Dispute Amount Period of
No. (2014-15) Dispute

1. Entry Tax (a) Demand of Entry Tax on 189.24 1999-00 to
Natural Gas in U.P. 2009-10

(b) Demand of Entry Tax on 5.18 2002-03 to
Natural Gas in Rajasthan 2005-06

(c) Demand of Entry Tax on 2008-09,
2011-12 &
Natural Gas in Madhya
Pradesh 6.28 2012-13

2 Sales
Tax & (a) Non-acceptance of
declaration 0.37 1995-96 &
1996-97
VAT form for concessional
sales tax

(b) Sales Tax demand as per
assessment order 4.24 2005-06 &
2006-07

(c) VAT demand as per
assessment order 35.78 2010-11

(d) CST demand on Transmission
charges 1.91 2006-07

(e) VAT demand on transfer
of material 6.28 2011-12

(f) Demand of CST on account of 1.44 2011-12 &
2012-13
disallowance of LPG
absorption credit notes

(g) Demand of VAT on account of 107.58 2010-11 &
2012-13
disallowance of input
tax credit

(h) Demand of VAT on account of 18.2 2005-06
disallowance of LPG subsidy

(i) Demand of VAT on sale of 123.06 2007-08
Natural Gas to
Electricity Co.

(j) Demand of VAT on
bandwidth charges 2.58 2008-09


Statute Status - Forum

Entry Tax Allahabad High Court, Trade tax Tribunal &
Additional Commissioner (Appeals)

Dy. Commissioner (Appeals), Ajmer

Tribunal, Bhopal & Additional Commissioner
(Appeals), Gwalior

Sales Tax & VAT Tribunal, Bhopal

Additional Commissioner (Appeals), Noida

Additional Commissioner (Appeals), Noida

Commercial Tax Officer, Nagapattinam

Additional Commissioner (Appeals), Gwalior

Additional Commissioner (Appeals), Gwalior

Additional Commissioner (Appeals), Gwalior &
Joint Commissioner (Appeals), Mumbai

Joint Commissioner (Appeals), Mumbai

Joint Commissioner (Appeals), Mumbai

Joint Commissioner (Appeals), Mumbai


SI. Statute Subject Matter of Dispute Amount Period of
No. (2014-15) Dispute

(k) Demand of VAT on sale
of LPG for 38.6 2007-08,2008-09
domestic use & 2010-11

(l) Demand of VAT on spurline
charges 4.23 2011-12

(m) Demand of GVAT & CST
on account 37.72 2006-2007
of disallowance of LPG
subsidy discount

(n) Penalty for delay in
payment of sales tax 0.6 2003-2004

(o) Demand of VAT on account
of rate change 0.49 Oct 2011 to
Dec 2011

(p) Demand of C5T on account
of disallowance of LPG
subsidy discount 49.38 2005-06

(q) Demand for treating CST
sale as local sale 0.15 2003-2004

(r) Sales Tax demand 0.2 1998-1999

(s) Revised Sales Tax demand
as per 2.59 2003-04
assessment order

3 Customs, (a) LPG valuation Dispute 18.72 Jan 2001 to
Feb 2005
Excise
and
Service
Tax (b) Dispute on Pentane
Classification 106.7 Aug.2005 to
Jul2009

(c) Dispute on MFO
Classification 75.33 July 2004 to
Mar 2011

(d) Demand of duty under
Rule 6(3) of CCR, 13.8 2008-2009
2004 for credit taken
on input services & 2009-2010

(e) Demand of Service Tax on 733.28 Oct. 2006 to
Marketing Margin Mar 2013

(f) Demand of Service Tax on
deputation 37.17 Oct. 2006 to
of employees to JVs &
Govt. Deptt. June 2012

(g) Demand of differential
service 0.11 Oct.2006 to
tax based on service
tax returns March 2007

(h) Demand raised by
denying Cenvat 9.01 Aug.2005 to
& service tax credit
taken at Hazira March 2012

(i) Demand raised by denying
Cenvat 0.20 2008-09 &
Dec. 2010
credit taken on input
services to March 2011

(j) Demand of CVD on
purchase of 0.07 March 2006
SAP software

SUB-TOTAL 1630.49

4 Income Tax (a) Unpaid demand 76.75 AY-2012-13

(b) Demand of TDS 3.1 AY-2008-09 to
AY-2015-16

5 Other taxes Notified Area tax &
GIDC tax on 3.98 1998-99 to
Aug 2005
revised value (incl.
interest) & 1998-99 to
Dec 2009

TOTAL 1714.32

Statute Status - Forum

Joint Commissioner (Appeals), Mumbai

Additional Commissioner (Appeals), Etawah

Tribunal, Gujarat

Joint Commissioner (Appeals), Mumbai

Joint Commissioner, Trichy

High Court, Gwalior

Assam Revenue board

Mumbai Tribunal

Joint Commissioner (Appeals), Vadodara

Customs Excise and
Service Tax CESTAT Mumbai

CESTAT Ahmedabad

CESTAT Ahmedabad

CESTAT Kolkata

CESTAT Delhi

CESTAT Delhi

Commissioner (Appeals), Vadodara

CESTAT Ahmedabad &CESTAT Delhi

CESTAT Delhi & Commissioner (Appeals), Kanpur

CESTAT Delhi

Income Tax CIT (Appeals)

ITO (TDS)

Other Taxes Ahmedabad High Court

(b) According to the information and explanation given to us there is
no amount which was required to be transferred to the investor
education and protection fund in accordance with relevant provisions of
The Companies Act 1956 (l of 1956) and rules made thereunder.

(viii) The company does not have accumulated losses at the end of the
financial year and it has not incurred cash losses in the current and
immediately preceding financial year.

(ix) Based on our audit procedure and according to the information and
explanations given to us by the management, we are of the opinion that
the company has not defaulted in repayment of dues to a financial
institution, bank and debenture holders.

(x) In our opinion and according to information and explanation given
to us, company has given guarantees for loans taken by its subsidiaries
from bank and financial institutions. The terms and other conditions,
in our opinion, are not prima facie prejudicial to the interest of the
company.

(xi) On the basis of review of utilization of funds pertaining to term
loans on overall basis and related information as made available to us,
the term loans taken by the company have been utilized for the purposes
for which these are obtained.

(xii) According the information and explanation given to us no fraud on
or by the company has been noticed or reported during the year under
review.

For S.K.Mittal & Co. For G.S Mathur & Co.

Chartered Accountants Chartered Accountants

Firm No.:001135N Firm No.:08744N

(M.K.Juneja) (Rajiv Kumar Wadhawan)

(Partner) (Partner)

Membership No.:013117 Membership No.:091007

Place: New Delhi

Dated: 27th May, 2015