117TH ANNUAL REPORT 2017-18 “At IHCL, we have always set benchmarks in service quality and our global portfolio demands that we continuously reinvent ourselves for the future to check in. We are driving this transformation with a five-year growth map – Aspiration 2022 – that provides a template for us to grow profitably and sustainably.”

Puneet Chhatwal Managing Director & Chief Executive Officer

Read more on Page 24

INDEX

Corporate Overview Statutory Reports Financial Statements

02 Introduction 50 Board's Report Standalone 04 IHCL at a Glance 80 Management Discussion and 122 Independent Auditor's Report 06 Our Values Analysis 128 Balance Sheet 08 Our Presence 96 Report on Corporate Governance 129 Statement of Profit and Loss 10 Timeline 112 Business Responsibility Report 130 Statement of Changes in Equity 12 The IHCL Portfolio 131 Statement of Cash Flows 16 Highlights of FY 2017-18 133 Notes to Financial Statements 18 Key Performance Indicators 191 Financial Statistics 20 Board of Directors 22 Senior Management Consolidated 24 MD and CEO's Message 193 Independent Auditor’s Report 26 Aspiration 2022 198 Consolidated Balance Sheet 28 3R Strategy for Aspiration 2022 199 Consolidated Statement of Profit 30 Drivers of Aspiration 2022 and Loss 36 Re-imagining Our Future 200 Consolidated Statement of Changes in Equity 38 Business Enablers 201 Consolidated Statement of Cash 40 Our Digital Initiatives Flows 42 Our People 203 Notes to Consolidated Financial 44 CSR and Sustainability Initiatives Statements 46 One IHCL. One Tata. 48 Awards 269 Notice 49 Financial Highlights Read the Report Online www.tajhotels.com Introduction The future checks in at IHCL

In a renewed spirit of purpose and Over the past few years, the hospitality industry has evolved discovery, we have unveiled Aspiration remarkably due to digitisation and various acquisitions 2022, a comprehensive business strategy and mergers. Today, the industry’s focus is on fulfilling the increasing demands of its customers. Whether it be a business that focusses on maximising stakeholder or a leisure traveller, the expectations go way beyond just value over the next five years. The strategy a comfortable stay. They are looking for an unforgettable experience. At The Indian Hotels Company Limited (IHCL), we aims to build on our legacy and further are very excited about our prospects as we consolidate our strengthen our position by operating the position to welcome the traveller of tomorrow. best-in-class portfolio of brands in India With the spirit of Tajness, which stands on the values of Trust, and select overseas destinations. Based on Awareness and Joy (TAJ), we continue to create an intuitive a three-pronged approach — Re-structure, connect with all our stakeholders. It is the soul and guiding force for all our actions and performances. It steers our Re-engineer and Re-imagine — the focus culture, thinking and leadership and is the foundation of our will be on deepening guest experience, vision, mission and values. strengthening market leadership and achieving transformative growth, leading to greater profitability and market leadership in each of our segments. Corporate Overview 01-49 Statutory Reports 50-121 Financial Statements 122-268

IHCL at a Glance Indian hospitality at its global best

IHCL is South Asia’s largest and finest Indian hospitality companies founded by the legendary Jamsetji Tata in 1899. It opened its first property – now called The Taj Mahal Palace – in Mumbai in 1903. The Company and its subsidiaries bring together a group of brands and businesses that offer a fusion of warm Indian hospitality and world-class service. 115 With a legacy of over 115 years, IHCL has built a reputation YEARS LEGACY of unrivalled leadership in the Indian hospitality industry. The Company has been a pioneer in transforming cities and towns into holiday destinations and has created history by putting Goa, Kerala, Rajasthan and the Andamans as leisure hotspots on the world map. 165+ 20,000+ 380 74 HOTELS* ROOMS* RESTAURANTS SPAS IHCL operates with the distinct advantage of having the largest AND BARS system-wide revenue. It is one of the leading networks of properties that span classic landmark hotels, historic palaces and the highest number of leisure hotels. The Company also has a strong portfolio of resorts and safaris, along with other business offerings catering to various customer and business 4 12 80 segments across four continents and 12 countries. CONTINENTS COUNTRIES LOCATIONS OUR PURPOSE th To create value by operating 32,242 67 7 EMPLOYEES HOTELS AWARDED CONSECUTIVE the best-in-class portfolio WITH GOLD GALLUP GREAT CERTIFICATION BY WORKPLACE AWARD of hospitality brands in EARTHCHECK India and select overseas destinations

*INCLUDES HOTELS UNDER DEVELOPMENT

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Our Values What defines our thinking, actions and relationships Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Our Presence Welcoming guests around the world

> India “For TCI, IHCL is the biggest global partner because of > Sri Lanka its unique geographical > Nepal footprint, combined with predictable, high-quality > Malaysia service. The Taj epitomises > Bhutan Indian hospitality through its excellent service. We’re > Andamans glad to partner with an > Maldives Indian industry major who virtually sets the standard > South Africa for service excellence in the international hospitality > Zambia industry today.” > UAE

> United Kingdom Dipak Deva Managing Director, > USA Travel Corporation India

ROBUST EXPANSION DURING FY 2017-18 HIGH CUSTOMER-CENTRICITY 10 1020 30% 40% 64% 30.56 Lakhs 5,530 8,634 NEW HOTELS NEW HOTELS IN CONTRACTS SIGNED CONSUMER LOYALTY MEMBER BASE AVERAGE TOTAL GUESTS WELCOMED REVENUE PER AVERAGE ROOM OPENED THE PIPELINE IN THE 12 MONTHS TILL REVENUE (%) OCCUPANCY* DURING THE YEAR* AVAILABLE ROOM* RATE* (IN J) MAY 31, 2018 (IN J)

Note: Map not to scale *DATA FOR TAJ AND GINGER BRANDS ONLY

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Timeline 2018 A history of milestones UNVEILS ‘ASPIRATION 2022’ TAJ EXOTICA RESORT & SPA, ANDAMANS, A LUXURY RESORT OFFERING, COMMENCES 1899 OPERATIONS IN FEBRUARY THE INDIAN HOTELS COMPANY LIMITED (IHCL) IS INCORPORATED 2017 IHCL RESTRUCTURES IT'S BRAND ARCHITECTURE 1903 LAUNCHES THE TAJ MAHAL PALACE IN MUMBAI, INDIA 2015 REDESIGNS THE AWARD-WINNING PROGRAMME, 1970 TAJ INNERCIRCLE ANNOUNCES THE OPENING OF TAJ DUBAI, TAKES OVER MANAGEMENT UNVEILS ‘TAJNESS’ OF TAJ LAKE PALACE, UDAIPUR AND RAMBAGH PALACE, JAIPUR 2000 2005 2010 2012 ESTABLISHES TAJ GVK FORAYS INTO NEW YORK, LAUNCHES A NEW BRAND, LAUNCHES A FREE TWO- 1974 1998 HOTELS AND RESORTS US, WITH A MANAGEMENT VIVANTA BY TAJ YEAR HOSPITALITY TRADE LIMITED IN HYDERABAD CONTRACT TO OPERATE THE TRAINING PROGRAMME LAUNCHES FORT AGUADA, OPENS TAJ EXOTICA IN CELEBRATES THE REOPENING PIERRE FOR YOUTH FROM BELOW THE FIRST FIVE-STAR BENTOTA, SRI LANKA OF THE TAJ MAHAL PALACE IN POVERTY LINE (BPL) DELUXE BEACH RESORT RESTORES UMAID BHAWAN MUMBAI AFTER THE TERRORIST FAMILIES IN GOA 2001 PALACE IN JODHPUR ATTACKS OF 2008 LAUNCHES TAJ COROMANDEL IN CHENNAI LAUNCHES TAJ EXOTICA RESORT AND SPA IN 1982 MALDIVES 2007 2008 2014 1979 ACQUIRES THE ST. JAMES’ ACQUIRES RITZ-CARLTON LAUNCHES THE GATEWAY REBRANDS AND REPOSITIONS COURT IN LONDON 2004 IN BOSTON, US, LATER HOTELS AND RESORTS TAJ 51 BUCKINGHAM GATE FORAYS INTO AFRICA RENAMED THE TAJ BOSTON SUITES & RESIDENCES AND SOUTH-WEST COASTAL WITH TAJ PAMODZI, THE TAJ PALACE, NEW DELHI, LAUNCHES TAJ ST. JAMES’ COURT, A TAJ LAUNCHES TAJ CAMPTON INDIAN RESTAURANT QUILON LUSAKA, ZAMBIA IS OPENED FOR THE ASIAN WELLINGTON MEWS LUXURY HOTEL, LONDON UNDER THE PLACE IN SAN FRANCISCO IN LONDON RECEIVES A GAMES RESIDENCES, MUMBAI LUXURY BRAND MICHELIN-STAR

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The IHCL Portfolio “TajSATS, our joint venture with IHCL, has grown to become the market leader in Indian airline catering because both companies share the same values of integrity, care for employees and customer focus. SATS will continue to invest in India to A bouquet of brands that deliver position TajSATS as an undisputed market leader in Indian catering.” memorable experiences Alex Hungate President and CEO, SATS HOTELS B2B

Hotels | Palaces | Resorts | Safaris Hotels | Resorts Hotels | Resorts Hotels Air catering

Number of hotels Number of hotels Number of hotels Number of hotels Number of units Non-airline services > Institutional catering 46 27 27 42 6 > Outdoor catering Number of rooms Number of rooms Number of rooms Number of rooms Services offered > Corporate gifting > In-flight catering 6,945 4,041 2,396 3,763 > Airline lounge management Brand style Locations Locations Locations Locations > Laundry Efficiency and Scale Cities and resort destinations, safari Cities and resort destinations Cities and resort destinations Cities across India > Airline bonds locations and authentic palaces Target audience Brand style Brand style Brand style Locations Institutions Brand style Bon Vivant Warm and Welcoming Smart Cities across India Iconic Target audience Target audience Target audience Nature of arrangements Target audience Cosmopolitan traveller Business and leisure traveller Millennial/City hopper Joint venture Luxury world traveller Nature of arrangements Nature of arrangements Nature of arrangements Nature of arrangements Owned, leased and management Owned, leased and management Owned and managed contracts Owned, leased and contracts contracts management contracts

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The IHCL Portfolio “Taj Hotels, Resorts and Safaris is a pioneer in Indian hospitality. The common business ethics and values of both companies have given us the framework to become preferred partners over the years. We value the Indian feel Taj gives to its service, combined with its strong set of Standard Operating Procedures.”

Mario Habig Managing Director, Le Passage to India

SERVICE RETAIL PRODUCTS FOOD & BEVERAGE CORPORATE PRODUCTS LOYALTY PROGRAMMES

SALON Lifestyle Wellness Beauty boutique IHCL has some of the most distinguished Taj Holidays Taj InnerCircle fine-dining and multi-cuisine restaurants Taj Holidays offers a wide selection of Taj InnerCircle is an award-winning Number of boutiques Number of spas Number of salons and lounge bars in its portfolio. With more distinct holiday packages to guests with loyalty programme designed to offer our than 380 restaurants and bars around the unique holiday requirements. guests a gamut of unparalleled services 12 43 34 world, it offers a multitude of speciality and experiences through 84 domestic Locations Brand style Brand style cuisines flavoured with tradition and Taj Wedding Studio and 16 international hotels at iconic Ancient Indian Wellness Beauty with Care innovation through its signature brands Taj Wedding Studio is a platform destinations. The Taj InnerCircle won 7 such as Bombay Brasserie, Golden connecting wedding planners and brides/ the coveted 210 Award at the Freddie Target audience Target audience Brand style Dragon, Wasabi, Thai Pavilion and grooms to make their dream weddings a Awards in Seattle, US. The Freddie Wellness seekers Discerning luxury Indian luxury House of Ming. timeless memory. From opulent venues Awards is one of the most recognised and Nature of arrangements Nature of arrangements to customised cuisines, ambience and prominent awards for frequent traveller Target audience Owned Owned services, Taj Wedding Studio promises to programmes. Global traveller offer an experience of a lifetime. Nature of arrangements Warmer Welcomes Multi-product retail outlet Taj Experiences Gift Card Warmer Welcomes is a loyalty Taj Experiences Gift Cards are innovative partnership programme offering prepaid cards, redeemable against members of Shangri-La’s Golden Circle all spends – accommodation, holiday and Taj InnerCircle reciprocal benefits. It packages, dining, spa, etc., including taxes also allows them to earn their preferred across Taj, Vivanta and Gateway hotels in loyalty currency. Introduced a year ago, India. the programme was awarded ‘Best Loyalty Partnership’ at Flightglobal’s 10th Loyalty Awards event.

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Highlights of FY 2017-18

Portfolio expansion Repositioning campaigns Taj Holidays Partnership Marketing Announcement of Aspiration > Opened 10 hotels (697 keys) ), of which: We repositioned major properties across By offering a wide selection of distinct Leveraging our airline partners – Tata SIA 2022 at Capital Markets Day • One Taj property is in the Andamans Kerala and Goa to re-establish them as holiday options and meeting the unique Airlines (Vistara) in India and frequent IHCL’s five-year strategy, Aspiration 2022, “Taj has been our valuable • Nine Ginger hotels are in some of market leaders and to drive traffic into requirements of customers across flyer partners in North America, Asia was launched at the Company’s first India’s key cities such as Mumbai, these hotels. segments, this year, we promoted resort Pacific, Europe, Middle East and Africa Capital Markets Day. It was organised to partner as we work to build Gurgaon, Lucknow, Ahmedabad, destinations to enhance our domestic – we enhanced direct bookings from announce the future roadmap and to build a world-class airline. Since Vadodara, Aurangabad and Goa Results achieved in Kerala business through offline and online international travellers, driving double- a culture of inclusion and collaboration. our launch, we, along with > Signed five new hotels across brands > 356% y-o-y increase in overall traffic mediums. digit ROI growth. We also partnered with The event was globally webcast to all our – a Taj hotel in Vikhroli, Mumbai, a > 8.9 Million unique reach with 45% view leading networks, including American employees. Taj, have introduced various Vivanta in Bhopal and three Ginger rate Taj Safaris Express®, Mastercard and Visa, as well as dining, spa services and hotels in Lucknow, Vadodara and Goa > 33% overall relative brand lift The Taj Safaris website was revamped to banks to promote direct bookings, drive Diversity - Equal opportunities room booking offerings that > Renewed existing contracts of New > 369 overall bookings with a revenue of drive enhanced traffic while improving loyalty and enhance spends. Committed to promoting equal extend across leisure and York, Langkawi and Surat properties `1.28 Crores discovery and navigability. This approach opportunities for our women workforce, was undertaken to improve cost-effective Corporate events we introduced two new programmes: business hotels. We are Marketing initiatives Results achieved in Goa customer acquisition conversions across First-ever Annual Business currently working together Our marketing initiatives this year > 120% y-o-y increase in overall traffic all channels. Conference organised Referral programme with Taj as part of the ‘One were designed to drive demand growth > 2.2 Million+ Video Views The first-ever Annual Business We launched an incentive-based referral Tata’ initiative towards while regaining market leadership > Top 20 percentile Ad Recall Conference was organised, extending the programme. It entails a 30-50% higher across product categories and enhancing > 16% y-o-y increase in Search revenue One IHCL philosophy across the Company. referral amount to employees in case deepening our long-term our reach. It was attended by our leadership team, their selected reference is a woman. strategic partnership.” senior management, key decision makers, partners, owners, celebrities Hospitalisation assistance policy and dignitaries from across industries, We introduced a new policy for women Leslie Thng A NEW FEATHER IN OUR HAT highlighting the vision and growth employees who are facing difficulty CEO, Vistara Airlines strategy of IHCL. in starting a family. The policy covers The iconic Taj Mahal Palace hotel in medical expenses, including various medical procedures such as IVF Mumbai acquired an 'image trademark', treatments; freezing of egg, embryo and making it the first building in India to get sperm and artificial insemination. Intellectual Property rights protection for its architectural design.

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Key Performance Indicators Delivering a robust performance

Financial metrics STANDALONE CONSOLIDATED

REVENUE (K CRORES) EBITDA (K CRORES) EBITDA MARGIN (%) REVENUE (K CRORES) EBITDA (K CRORES) EBITDA MARGIN (%) 2,639.34 684.19 26% 4,165.28 732.08 18% 2018 2,639.34 2018 684.19 2018 26 2018 4,165.28 2018 732.08 2018 18 2017 2,459.58 2017 577.70 2017 23 2017 4,075.51 2017 664.56 2017 16 2016 2,374.12 2016 528.58 2016 22 2016 4,122.78 2016 651.92 2016 16 2015 2,103.60 2015 437.89 2015 21 2015 4,287.36 2015 587.29 2015 14 2014 1,977.33 2014 437.28 2014 22 2014 4,125.94 2014 619.32 2014 15

PAT (K CRORES) EPS – BASIC AND DILUTED (K) RETURN ON CAPITAL EMPLOYED (%) PAT (K CRORES) EPS – BASIC AND DILUTED (K) RETURN ON CAPITAL EMPLOYED (%) 147.77 1.34 10% 100.87 0.91 6% 2018 147.77 2018 1.34 2018 10 2018 100.87 2018 0.91 2018 6 2017 143.18 2017 1.37 2017 9 2017 (63.20) 2017 (0.60) 2017 5 2016 84.15 2016 0.85 2016 8 2016 (231.08) 2016 (2.34) 2016 5 2015 (82.02) 2015 (1.02) 2015 6 2015 (378.10) 2015 (4.68) 2015 4 2014 (590.49) 2014 (7.31) 2014 6 2014 (553.85) 2014 (6.86) 2014 4

Notes: *Financials for 2017-18, 2016-17 and 2015-16 are as per IND AS Non-Financial metrics ^Financials for 2015-16, 2014-15 and 2013-14 are as per IGAAP

> 3.2 billion litres > 58,580 tonnes > 5,329 tonnes > 79 hotels > ` 5.27 crores spent

of water saved of CO2 emissions of waste certified under on Corporate Social through water avoided by diverted from the EarthCheck Responsibility CSR) recycling and switching to landfills through certification rainwater renewable energy composting partnership harvesting

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Board of Directors

2 8 4 1 7 5 6 3

Committees Nomination and Remuneration Audit Committee Risk Committee Stakeholders Relationship Corporate Social Responsibility and Sustainability Committee

C Chairman M Member

1 M 3 C M M M M 5 M M M 7 M N. Chandrasekaran Nadir Godrej Ireena Vittal Vibha Paul Rishi Chairman Non-executive Non-executive Non-executive Independent Director Independent Director Independent Director

2 C M 4 C C C 6 8 Puneet Chhatwal Deepak Parekh Mehernosh S. Kapadia Gautam Banerjee Managing Director & Non-executive Executive Director – Corporate Affairs Non-executive Chief Executive Officer Independent Director (Retired w.e.f. 23 May 2018) Independent Director (Appointed w.e.f. 6 November 2017)

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Senior Management The pillars of IHCL

1 2 3 4 5 6 7 8 9 10

1 Puneet Chhatwal 3 Suma Venkatesh Manager in 2006 by Federation of Hotel & 6 Dr. P. V. Ramana Murthy 8 Chinmai Sharma The Gateway Hotels of IHCL and Senior Managing Director and Chief Executive Officer Executive Vice President – Real Estate & Restaurant Associations of India (FH&RA) Executive Vice President and Global Head – Executive Vice President and Chief Revenue Vice President Operations for the South Development and the General Manager of the Year in Human Resources Officer Region prior to his present role. He is the Mr. Chhatwal brings over three decades 2006 at Stars of the Industry Awards by recipient of ‘Young General Manager’ of of leadership experience at highly- Ms. Venkatesh heads the Company’s Dr. Murthy brings over 28 years of rich As Executive Vice President and ITM Institute of Hotel Management & DNA. the Year 5-Star Deluxe category by FHRAI acclaimed hotel groups in Europe and Development, Technical Services and experience in the field of human resource Chief Revenue Officer for Taj Hotels He is currently an Executive Committee in 2005 and the ‘International Cooperation North America. He joined IHCL in 2017 Projects functions. She oversees IHCL’s management from both Indian and Palaces Resorts Safaris, Mr. Sharma’s member of the Hotel Association of India Award between the UK and India’ in 2012 and spearheads the Company operations initiatives for growth through greenfield multinational organisations. He holds responsibilities include Global Sales, and SKAL. He is also on the CII National by Asian Voice for his skills and expertise. as its MD and CEO. He has won numerous developments, acquisitions, licenses and a Ph.D. in Strategic Human Resource Marketing, Loyalty, Customer Analytics, Tourism Committee. awards, including the prestigious Carlson management contracts. Over the last 15 Management and an Executive Master’s Digital Platforms, Distribution and 10 Beejal Desai Fellowship, and was rated as one of years with IHCL, she has been involved degree in Organisational Psychology from Revenue Management. He is a seasoned Senior. Vice President – Legal and Company Europe’s 20 extraordinary minds in Sales, in doubling the Group’s inventory to 141 INSEAD, Singapore. He has also attended industry professional with more than 5 Rajendra Misra Secretary Marketing and Technology – HSMAI hotels with 17,300+ keys. Ms. Venkatesh an advanced Human Resource Executive two decades of progressive hospitality Executive Vice President and General Counsel European Awards 2014. He was also the is an Electrical Engineer by training and programme from Michigan Ross experience in the fields of Revenue Mr. Desai is Senior Vice President – first alumni to be included in the ESSEC- holds a master’s degree in Management Mr. Misra has over 26 years of business School of Business in 2009. Dr. Murthy Management, Strategic Marketing and Legal & Company Secretary and Chief IMHI Hall of Honour 2014. Studies from the Mumbai University in legal experience and is an expert in believes in scientific human resource Electronic Distribution. In 2015, Compliance Officer of IHCL. He holds an India. She has over 25 years of cross- Litigation Management, Intellectual practices and has been specialising in Mr. Sharma was named as one of the L.L.B degree from Mumbai University 2 Mehernosh S. Kapadia functional experience across industries. Property Management, Contracts Talent Management, Leadership and 'Top 20 Extraordinary Minds in Sales, and is a Fellow Member of the Institute Executive Director – Corporate Affairs Before joining IHCL, she worked in Management and Competition and Organisational Culture. Marketing and Technology' by HSMAI of the Company Secretaries of India. He different functions across multiple Corporate Law. His experience spans Europe. has previously worked across various Mr. Kapadia has over 31 years of industry sectors in India. across many industries, including leadership positions with different experience in Corporate Affairs and Hospitality, Personal Care, Home Care, 7 Giridhar Sanjeevi 9 Prabhat Verma organisations and has over specialises in handling issues related to 4 Rohit Khosla Tobacco, Food, Lifestyle Retailing, Executive Vice President and Executive Vice President – Operations 32 years of cross-functional experience the Central and State Governments and Executive Vice President – Operations (North and Aluminium and Tyre businesses. Chief Financial Officer (South, International & Ancillary Business) in the areas of Legal, Secretarial, Municipal Authorities. He is the Chairman West India) Mr. Misra is also a Director on the Board Compliance and Investor Relations. He of Taj Air Ltd. and holds Directorships Mr. Sanjeevi has built a broad-based Mr. Verma joined IHCL in 1990 as a of TajGVK Hotels & Resorts Ltd., which is also closely liaises with SEBI, RBI and in TajSATS Air Catering Limited, Tata A post-graduate in hotel management career over 30 years across multiple Management Trainee and has since a joint venture between IHCL and the GVK various regulatory authorities. He has Realty & Infrastructure Limited and Ewart from the Institute of Hotel Management, businesses – consumer businesses, grown to become the Executive Vice group. He holds a Bachelor of Legislative pioneered digitalisation of various legal Investments Limited. Mumbai, Mr. Khosla joined IHCL in 1999 as financial services, retail and pharma – in President – Operations (South India, Law degree (L.L.B.) and a Post-Graduate and compliance projects within the Executive Assistant Manager, Taj Palace, Asia and Europe. A Chartered Accountant International and Ancillary Businesses). Diploma in Patents Law (PGDPL). He has organisation and won several awards. New Delhi and has held several positions and an MBA from IIM Ahmedabad, he has He has worked at various Taj properties also undertaken the Hawkesmere Course within the Group. Currently, he oversees won several awards, including the Most and has been the General Manager of on International Intellectual Property Law hotel operations in the northern, eastern Influential CFOs of India award from CIMA hotels including Taj Malabar, Cochin; Taj from London. He was the Chairman of and western states of India, along with Taj in 2015 and 2016 and CFO of the Year Coromandel, Chennai and the Taj Hotels, the legal committee of Indian Beauty & Tashi, Bhutan and operations of Taj Safaris for Excellence in Finance in Managing a London. Mr. Verma has also held the Hygiene Association (IBHA) and has led Wilderness Lodges. He has won numerous Turnaround from IMA, 2013. portfolio of Chief Operating Officer of several legal initiatives on behalf of the awards, including the Young Hotel General industry.

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MD and CEO's Message

“Your Company is reimagining itself by leveraging its strong Streamlined growth with brand equity to multiply its portfolio while aligning to high- growth segments. This includes manoeuvring excellence and a future-focussed vision reinvigorating the portfolio across all brands.”

Dear Shareholders, Customers across the world now expect The brand will take on a fresh avatar to your Company can create new business hospitality to adapt to their evolving address the needs and aspirations of the drivers such as shared economy models I am happy to present to you the Annual needs and partner them through their new and younger customer segments. to transcend traditional businesses. This Report of The Indian Hotels Company professional and personal journeys. At will fuel growth by attracting partners and Limited (IHCL) in a year we have done IHCL, we have always set benchmarks in Integral to your Company’s strategy of talent for IHCL as a group rather than as well and my first as its Managing Director service quality and our global portfolio reinforcing the multi-product, multi- Taj alone. and Chief Executive Officer. It is also the demands that we continuously reinvent segment brandscape is our customer. year the Tata group is celebrating its ourselves for the future to check in. We The service ethos, epitomised in what We have inculcated our parent Tata 150th anniversary, an illustrious history in are driving this transformation with a we call Tajness, is the soul of IHCL. With group’s culture of growing responsibly which we have played a significant role five-year growth map – Aspiration 2022 competition becoming stiffer, there is a and believe environmental stewardship with a 115-year presence ourselves. – that provides a template for us to grow stronger case than ever to communicate is a precondition for our operations. profitably and sustainably. the merits of Tajness as a key We are pursuing excellence in facility The global travel and tourism industry differentiator. Hence, we have redefined management systems and procuring posted a strong showing in the financial Aspiration 2022 will lead us to Tajness – as Trust, Awareness and Joy – local and sustainable materials year, growing at 4.6%, with particularly re-structure our operations and the trust that our guests, associates and remains our priority. We support the good performance in Asia. This had a re-engineer processes in a larger effort stakeholders place in us; the awareness Skill India movement that focusses on positive ripple effect on the hospitality to re-imagine our engagement with all of what is happening around us and what delivering quality training, apart from sector in India, which had been struggling stakeholders. Re-structuring entails a we need to do as responsible members leveraging our supply chain to enable with declining room occupancy and continuous and careful re-examination of the Indian hotel industry, and to do livelihood opportunities for surrounding pricing. The fiscal saw demand growth of your Company’s existing portfolio to something effectively, we must enjoy communities. Heritage conservation at 5.0%, continuing to outpace supply unlock value from efficiencies in scale what we do; we must do it joyfully. and community upkeep projects run by growth at 3.2%, primarily due to the rising and simplify the holding structure for our hotels continue to contribute to the purchasing power of domestic travellers, greater profitability and a growth in IHCL is a multi-faceted global Company. prosperity of the destinations in which we an increase in commercial development EBITDA margins. IHCL will also be at Our strategy for the future hinges on operate. and foreign tourist arrivals, a growing the forefront of change in the hospitality diversifying our revenue streams and airline industry and Government-led industry as it re-engineers systems and utilising our products and service Before closing, I want to extend my initiatives aimed at stimulating the sector. processes and embraces technology. brands more effectively, which is why heartfelt gratitude to all the employees These include branding and marketing we are reimagining IHCL’s own brand of IHCL who dedicate their best to the outreach and allowing 100% FDI in the Your Company is re-imagining itself positioning. One that emphasises it is organisation – empowering it to conquer hotel and tourism sector through the by leveraging its strong brand equity the largest hospitality Company in the new horizons. automatic route. to multiply its portfolio while aligning subcontinent with true Indian origins and to high-growth segments. This that allows it to go beyond the current I count on your continued support as During the year, we registered strong includes manoeuvring excellence and offerings, ranging from luxury palaces we aspire to drive profitable growth and profitability even as revenues grew at reinvigorating the portfolio across all to budget hotels and other B2B verticals maximise value for all our stakeholders in a moderate pace. Our continued efforts brands. While the iconic Taj and Vivanta like TajSATS. Based on the philosophy a sustainable manner. to drive cost efficiencies and strengthen will be retained as the dominant brands of Power of One, your Company has our balance sheet have already started in the luxury, upper upscale and upscale launched ‘One IHCL’ to create an identity Best Regards, yielding results. segments, Ginger will have a significant that unites its brands and businesses. This Puneet Chhatwal Puneet Chhatwal presence in the IHCL brandscape. It will new identity will help unlock the equity Managing Director and Chief Executive Officer address your Company’s drive to be of ‘nestled’ brands such as Khazana, Jiva present in the fastest growing segment. and F&B brands, among others. Moreover,

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ASPIRATION 2022 ASPIRATION 2022 ICONIC AND Our pivotal programme, Aspiration 2022, is based on the PROFITABLE three-pronged strategy of re-structuring, re-engineering and HOSPITALITY re-imagining the Company’s portfolio. The strategy is aimed COMPANY at margin enhancement and growth to fulfil our aspiration of becoming the most iconic and profitable hospitality company in RE-STRUCTURE South Asia. Therefore, it will focus on exploring new markets, INITIATIVES SCALE, SIMPLIFY, SELL expanding existing properties, monetising non-core assets, RE-ENGINEER RE-IMAGINE optimising costs and simplifying the group structure to grow MARGINS, TECHNOLOGY, SERVICE, BRANDSCAPE, the bottom line. The five-year programme will also include PEOPLE PORTFOLIO leveraging the digital channel to strengthen the brand and CULTURE STRONG BRAND HIGH CUSTOMER generate more revenue. ENABLERS EQUITY ENGAGEMENT PAN-INDIA FOOTPRINT MARKET LEADERS IN THE LEISURE & PALACES SEGMENT VALUES TRUST, AWARENESS, JOY INTEGRITY, EXCELLENCE, UNITY, RESPONSIBILITY, PIONEERING

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3R Strategy for Aspiration 2022

RE-STRUCTURE RE-ENGINEERRE-ENGINEER RE-IMAGINERE-IMAGINE We are embracing technology to We are restructuring our We are leveraging our strengths deliverdeliver greater performanceperformance to our existing portfolio to unlock value andand stronstrongg brand eequityquity to valuedld guests t and d patrons, t along l from efficiencies in scale and multiply our portfolio across with building a robust system- simplifying the holding structure business segments to achieve oriented culture at IHCL to drive for greater profitability. growth and scalability. margin expansion. Expressed through the 3Cs CULTURE. COMMERCE. CONNECTEDNESS.

Underpinned by our values

Taj values TRUST. AWARENESS. JOY.

Tata values INTEGRITY. EXCELLENCE. UNITY. RESPONSIBILITY. PIONEERING.

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The need to re-structure our How we will scale Drivers of Aspiration 2022 India is growing at a tremendous pace and is operations is bigger than ever today. expected to become a $6 trillion economy in ten We have identified a 3S approach years. The travel and tourism industry in India is one of the biggest contributors to India’s GDP and hence of Scale, Simplify and Sell to unlock is critical in supporting the Indian growth story. In value from our existing efficiencies 2017, the industry’s share was 3.7% and is expected to increase by 7.6% in 2018-19. We are leveraging and build a portfolio that addresses this immense potential for growth to increase scale the fast-changing needs of the global and strengthen our business. Our plan for the next five years is to grow inventory across multi-product, traveller. multi-segment categories to meet the growing demands of the discerning traveller. Our marketing strategy will involve selection of strategic locations for developing establishments, including central business districts, airports and leisure and luxury places to help upgrade our value proposition. We SCALESCALE SIMPLIFYSIMPLIFY SELLSELL will also invest in expanding our land area across RE-STRUCTURE geographies and explore strategic merger-and- acquisition opportunities without indulging in non-source international markets.

How we will simplify We believe in simplifying processes for seamless and integrated business functioning. We will continue to make things simpler by restructuring the Group’s holding structure to create a consolidated turnover and for balance sheet optimisation. By implementing the restructuring process, the redundant organisational layers and duplicated activities would be removed, decision making would be streamlined and performance management would be redesigned.

What we will sell We will undertake periodic reviews to extend the tenure of good-performing hotels and exit those that are suffering losses and are not showing any future potential. Disposing assets that are no longer useful to our operations will, thus, help us in building a profitable business. While IHCL is a market leader in the luxury and palaces segment, the focus ahead will be to align brands to dominate high-growth segments. The plan is to reduce dependency on ownership and expand across the business.

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To broaden our appeal to the younger What we will expand Drivers of Aspiration 2022 Over the next five years, we will expand margins to travellers, we are re-engineering our create a culture of operational excellence. WIN, a internal systems and processes. This special project that focusses on enhancing margins and profitability, was launched to further our efforts would also provide an enriching career of improving EBITDA and re-engineering costs. path to our workforce. We are adopting The strategy includes restructuring procurements, saving costs on energy, optimising the organisational technology to build an organisation structure and synergising global shared services, that is strong on margins and customer along with reducing overhead expenses.

know-how and follows a performance- Key enablers of our margin enhancement initiative oriented work culture. A 3E approach of > Dedicated team effort and ownership > Cross-organisation alignment Expand, Embrace and Engage has been > Extensive performance tracking undertaken to enable re-engineering. > Optimisation of operations MARGINSMARGINS TECHNOLOGYTECHNOLOGY PEOPLEPEOPLE What we will embrace RE-ENGINEER We are embracing technology to digitise our processes. Data analytics will help us capture customer preferences to deliver personalised services to our valued patrons. The process is being managed by a strong technical team for creating a measurable impact and making us future-ready.

Who we will engage To build a robust performance-oriented culture at IHCL, we will engage our workforce in creating a strong talent pipeline that will be trained to deliver with a result-oriented outlook. We are developing process enablers and a robust review mechanism to ensure consistency in the delivery of standards of service. Re-engineering will focus on leveraging the legacy of strong relationships we have built over the years with our partners and associates. As we work towards increasing our topline, we will expand our sales reach and integrate digital marketing, while utilising the brand strength of Taj.

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Drivers of Aspiration 2022 Over the next five years, we will optimise revenues and stay commercially focussed. To do this, we have to re-imagine our strengths and brand equity to grow our portfolio, while staying relevant in the high-growth segments. We will expand our presence across the growing midscale and economy categories, reaching out to guests of every profile. To deploy the third strategy of Aspiration 2022, we have devised a 3M approach – Manoeuvre, Manage and Multiply.

What we will manoeuvre What we will manage We have, over the years, reinvented traditions and The brandscape of IHCL is divided into three broad categories – integrated local flavours to offer a new-age, yet Palaces, Leisure and Business. With Taj being the market leader SERVICESERVICE BRANDSCAPEBRANDSCAPE PORTFOLIOPORTFOLIO grounded experience to our guests. This has been in the palaces and leisure segment, we aim to manage and RE-IMAGINE the core of our service across brands and we need grow the business section to meet the midscale customer in to further manoeuvre this excellence to re-imagine a ways that are relevant to them, yet are distinctive, different and new IHCL. To build new products that are better than memorable. yesterday, we will scale our service offerings and set new performance benchmarks. We are also committed The underlying theme of our brandscape to recreating our brandscape to address the needs and > Address diverse customer segments and price points aspirations of the new and younger customers. > Align brandscape to dominate high-growth segments > Adapt branding for profitability and scale

What we will multiply To expand our reach, we are focussed on growing the product portfolio while also expanding margins. This will be done under each category on a yearly basis to reach our desired target audience. Our business model includes multiple owned, leased and franchisee structures to help grow the portfolio.

We have a strong sales network across major destinations around the world and plan to further strengthen our team and reach to expand business opportunities.

Strong sales offices network and Re-imagining a SMART approach healthy geo sources S M A R T MARGIN STRATEGIC ASSET MANAGEMENT RELATIONSHIPS TRACKING ENHANCEMENT

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Re-imagining Our Future

A refreshed brandscape OUR NEW BRAND ARCHITECTURE

One of the key aspects of Aspiration 2022 ranging from luxury palaces to budget hotels involves reimagining our brandscape. The and other B2B verticals such as TajSATS. It can intent is to build on the opportunities across help unlock the equity of ‘nestled’ brands such luxury, upscale, midscale and economy as Khazana, Jiva and Food & Beverage (F&B) categories, which are the growth drivers for brands. It can also create new business drivers tomorrow. IHCL has market equity as the such as shared economy models and go beyond Luxury Select Hotels Upscale Economy Service Retail Volume Catering largest hospitality company in the subcontinent, the traditional offerings. Further, it can fuel with true Indian origins, and it resonates with growth by attracting partners and talent for investors and partners. As the parent brand, IHCL as a group and therefore, broad base the IHCL can go beyond the current offerings, impact that it can generate.

OUR NEW LOOK F&B SALON

To define our personality as a distinct identity and to eliminate the overlap between the umbrella entity and its brands, we have undergone a makeover that is both contemporary while retaining our legacy.

As the perfect metaphor for our corporate identity, we have taken inspiration from the Golden Ratio, which represents the The refreshed brand architecture will enable IHCL to expand its portfolio across different customer segments harmonious proportion in the different patterns found in nature. with various brands to address different price points, thereby catering to a wide range of audiences. IHCL The typeface, too, has been thought through meticulously so will provide maximum flexibility to its portfolio of brands, yet align them with a common spirit. While Taj will that it is the right blend of the modern and the traditional. continue to operate iconic hotels in key gateway cities, the Vivanta brand will be our growth vehicle in Tier II Additionally, the colour chosen is a neutral and distinct midnight and III cities, while Ginger will cater to millennial customers. blue so that it does not overpower any of its brands.

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“Taj has always been my first choice in India due to its services, staff, locations and the brand name. The personal, individual and forthcoming staff at Taj ensures that the Business enablers guests are pampered and treated like kings.” Mr. B. Steinrucke We are efficiently backed by our robust business enablers, which Indo German Chamber of Commerce are the backbone of our strategy, Aspiration 2022, to become a profitable, scalable and the most iconic hospitality brand in India.

Culture and Tajness Pan-India footprint Strong brand equity Market leadership in the leisure High customer engagement Our culture, with Tajness at the its heart, We have established a strong foothold in Through the years, we have profitably and palaces segment We are guided by our performance-oriented culture, binds us together and provides a common the country with iconic properties across built a loyal and engaged customer base We are the market leaders in the leisure and palaces which is not only reflected in our workforce, but purpose to our highly engaged and strategic locations, enhancing our reach, for all our brands. Our ability to weave segment, making us the largest domestic leisure is also evident in the positive response of our committed workforce. It keeps us ahead scale and customer connect. The acumen Indian heritage and culture into our operator. Our ability to restore and operate marquee customers and guests. Consistent performance in of others in the industry. Inculcating a to create destinations out of locations and services and offerings sets up apart from original palace properties, deliver authentic and customer satisfaction indices is just one indicator strong culture of leadership, accountability strongly expand our presence is one of other players in the industry. This brand memorable experiences to our guests and our of the level of their association and engagement and performance through mutual trust, the key enablers for Aspiration 2022. equity will further help us grow our value deep understanding of the segment gives us the with us. We are committed to maintain and further awareness and joy, we, the IHCL family, to achieve Aspiration 2022. competitive edge and drives our efficiency. enhance customer loyalty through service excellence. are well poised to support Aspiration 2022 with the 3R strategy: Re-structure, Re-engineer and Re-imagine. Gallup Brand Equity Track Survey 2017 has rated Taj higher than other hotel brands across industry drivers as well as brand differentiators to become the first choice of customers.

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Optimising digital for HOW IT CLICKS service excellence As our customer profile changes ‘glocally’, optimising digital is becoming an imperative need. We are dedicated to serving digitally literate customers Multilingual website Mobile-responsive Over 10 million unique Best-in-class from all over the world. Through the use of the right technology platforms, in lite versions sites and apps visitors to the website technology partners we have optimised our customer know-how and designed customised services and offers across product categories. This has renewed focus on Fastest-growing channel with over 50% increase in Ancillary revenues via click-to-call/chat our business operations for strengthening competitiveness and making direct online revenue and 148% increase in mobile and online table management functionality web revenue since 2016 core operations faster, better streamlined and more efficient.

Multilingual websites Mobile app and booking engine Best rate guarantee Data analytics Taj.Live We have multilingual websites in lite We launched a new hybrid mobile We aim to offer our customers assured In order to drive better data analytics and improved Taj’s social media command centre, Taj.Live, is designed versions to serve customers from all application to provide ease of exploration best rates without them having to check insights, we rolled out Google 360 for our digital to deliver an exceptional guest experience on social media over the world as per their exclusive and booking on smartphones. We another website or source. To this end, platforms to get a total view of our web traffic. With this, platforms through live radio streams. With this initiative, we preferences. Last year, we launched also introduced a new booking engine we launched the Taj Direct Best Rate we have been able to better understand our customers, have been successful in executing 100 ‘guest delights’ with the our websites in French, Spanish, including unbiased guest reviews and Guarantee challenge. Through this their preferences and choices, along with successfully help of real-time ‘guest listening’ capability. Our conversion German and Simplified Chinese, with a rate-check mechanism to drive direct challenge, we promise best rates on converting viewers to customers. rates have also multiplied. localised content on our products. bookings on the brand website. This has tajhotels.com and if a customer finds a This has helped our customers make vastly augmented the service experience lower rate for the same room, we not only informed choices, adding to their of our online guests. match the rate, but also offer a further 95% 1.8 Million superior online experience. 10% discount on it. The format has CUSTOMER THE SOCIAL MEDIA COMMUNITY resulted in boosting customer confidence ENGAGEMENT UP INCREASED BY 24% in our brands. FROM 85% WWW.TAJHOTELS.COM/ BEST-RATE-GUARANTEE/ 40 Annual Report 2017-18 41 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Hotelier Development Programme (HDP) Targeted Selection (TS) Our people We continue to strengthen the Hotelier Development To strengthen our hiring process, we introduced the Programme (HDP) to create a talent pipeline for hotels technique of Targeted Selection (TS), an internationally- and build future leaders for the Company. The programme acclaimed selection technique used for hiring senior Our workforce is the backbone of our organisation. As we now recruits the best available talent in the country in hotel management professionals. This technique helps develop a stand at an inflection point of transformational growth, we are operations and other areas such as finance, sales and consistent and objective framework for the selection criteria. marketing and Human Resources (HR). undertaking initiatives to build people capability to further enhance We have deployed the TS technique for talent acquisition for our performance-oriented culture and accelerate our business in an Hotel Mancom (Management Committee) for senior profiles such as Corporate Associate Vice Presidents. environment of trust, transparency, empowerment and accountability.

Leadership development and capability building Culture workshop on emotional intelligence Golden Threshold Programme (GTP)

Cohort II of the General Manager Development Programme was Our Learning & Development portal, TajLEAD, continues to In order to assess the current culture as perceived by our To support our focus on developing frontline talent for our run for 30 General Managers to build their capability and groom provide world-class learning content to our Senior Executives employees, we conducted a Culture Survey supported by a Company and the industry, we partnered with Tata Institute them for the future. across a wide range of operational and functional topics. All research scholar from IIM-Ahmedabad. The results of this of Social Sciences (TISS) to initiate the Golden Threshold Managers have access to courses that are created by faculty survey were then presented to the senior leadership to foster Programme (GTP). The participants from Cohort I continue to work on their from leading business schools such as Stanford University, critical thinking and build further on our strengths and correct Action Learning Projects (ALPs), which have generated Harvard Business School, INSEAD and many more. opportunity areas as seen in the survey. This is a three-year vocational training programme where significant Return on Investment (ROI) for the Company, students are awarded a B.Voc in Hospitality Management apart from fostering an environment of continuous learning We have also launched the Training Enablement & Since the Senior Managers’ emotional maturity largely by TISS. We are the Skill Knowledge Provider for the and improvement. The ALPs are centred on themes such as Development (TREND) Programme for the frontline talent, determines the culture in the organisation, we conducted a programme. Currently, we have a total of 120 Golden Financial Management, Guest and Employee Centricity, Gender covering over 48 hotels across the organisation, ensuring full-day workshop on emotional intelligence, after duly Threshold trainees across five cities and ten hotels. Diversity, Reduction of Carbon Footprint, Shared Services consistent roll-out of behaviours, knowledge, skills and assessing the current levels of emotional intelligence through and Heritage Management. The ALP on Reduction of Carbon mandatory programmes. a scientific tool. The workshop was conducted by our EVP & Footprint at Taj Bangalore alone generated savings upward of Global Head – Human Resources. Follow-up coaching sessions `50 Lakhs for us in a span of less than a year. with these leaders are being held in order to suggest further areas of development.

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CSR and Sustainability Initiatives

Traditional art and culture Promoting the culture of giving back Public space maintenance promotion to society and volunteering Serving happiness to the world In support of the Swachh Bharat Abhiyan At IHCL, we not only preserve heritage At IHCL, we conduct a social responsibility initiative of the Government of India, properties, but also endeavour to immersion programme for our future we help in the upkeep of a number of At IHCL, we diligently follow the Tata group’s principle of improving the quality contribute to the traditional arts, crafts Managers to experience the life and public places. Some of our key initiatives and culture of the regions where we challenges of those living in the remote include: of life of the communities we serve. We are committed to further our legacy operate. We have built partnerships with parts of India and other disadvantaged of ‘Giving Back to Society’ and focus on building livelihoods for our target artisans, weavers and NGOs to promote sections of the society. This year, over 60 > Maintenance of public parks, traffic local art and craft by offering them of our young Managers from the Hotelier squares, pavements, bus stops, etc. in communities and geographies, supporting heritage and tourist spots and display spaces across Taj properties to Development Programme undertook a our neighbourhoods caring for the environment. showcase and sell to guests, also adding 45-day immersion stint, taking up over 20 > Maintenance of Varanasi Ghats value to the Taj experience. projects aimed at promoting their spirit > Maintenance around Gateway of India, of volunteering and delivering community Mumbai We partnered with Tata Samvaad to development goals. > Upkeep and promotion of National Rail curate and showcase 46 unique tribal Museum, Delhi dishes representing the food cultures of Year on year, we encourage associates to nine tribes from eight different states in volunteer for participating in community Jamshedpur. This was followed by a very development initiatives, Tata Volunteering well-appreciated pop-up event on native Months and environmentally-responsible 25+ food at Taj Bengal, Kolkata. endeavours. This reporting year, over PUBLIC SPACES CONSERVED Further, we are continuing our efforts to 300 of our volunteers conducted training preserve the art of traditional Benarasi sessions and student assessments at handloom weaving by enabling over 60 Tata Strive Skill Development Centres. craftsmen and women to weave Taj uniforms. Disaster relief and rehabilitation

We work closely with NGOs and agencies to provide relief to disaster-affected 100+ areas. Along with offering security, medical facilities, food and drinking water Livelihoods development and inclusion TRADITIONAL CULTURE MEMBERS SUPPORTED EVERY YEAR to destitute people, we also organise medical camps. We have also extended We have been following a focussed approach for imparting socio-economically deprived communities. Further, as a part of support in reconstructing properties vocational training and certification to young dropouts and the Tata Affirmative Action Programme, a number of young men damaged due to any calamity. helping them engage in productive functions in the hospitality and women have been absorbed by Taj Hotels. Moreover, many Conservation and and service industry. We also extend support to differently-abled small-scale enterprises and social impact organisations have environmental sustainability persons and train women for acquiring vocational skills. been developed and given an opportunity to become a part of Energy Waste the Taj value chain. We have partnered with EarthCheck, the A total of 252,677,658 MJ of energy was This year, we have successfully prevented We have built an ecosystem to improve the living conditions world’s leading scientific benchmarking procured from renewable sources in 5,329 tonnes of organic waste from going of people from challenging socio-economic backgrounds and Over the last decade, in collaboration with Government Industrial certification and advisory group for FY 2017-18. As a result, 58.58 KT of Co into landfills. Of the 79 hotels covered provide income-generation opportunities. Our Corporate Social Training Institutes and NGOs such as Don Bosco and Pratham, 2 the travel and tourism industry, to was avoided, significantly reducing our under the EarthCheck programme, 18 Responsibility (CSR) initiatives encourage procurement of goods we have impacted over 15,000 youths across regions. monitor our environmental performance carbon footprint. Our renewable energy properties achieved 100% recycling of made by women, vendors and small entrepreneurs from comprising waste, water, energy and consumption now stands at 21% of the organic waste. emissions. Till now, 79 of our properties total energy mix. At IHCL, we recruit an average of 15-20% of trained candidates from have been certified by EarthCheck, Water H7 Crore+ the talent pool developed in association with our CSR partners, the highest number for any hospitality Taj Krishna, Hyderabad, won the CII National A total of 3,276,923 KL of water was offering career opportunities to youth from low-income group families. company in the world. Award for Excellence in Energy Management consumed from recycled and reused WORTH OF GOODS PROCURED 2017, in the Buildings Category sources, including harvested rainwater THIS YEAR THROUGH INCLUSION In FY 2017-18, we trained and certified 2,720 persons from across India. Phased out single-use plastics from 30 luxury and recycled Sewage Treatment Plant AND DIVERSITY properties across India, setting a benchmark (STP) water. The amount of water saved for the hospitality industry in India is comparable to the amount of water in 1,311 Olympic swimming pools.

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One IHCL. One Tata. Celebrating 150 years of Tata

The Tata group turned 150 in 2018 and we, at IHCL, are proud to be a part of As all the 100 Tata companies came together to celebrate its legacy since 1899 as we participate in its ‘One IHCL One Tata’. the fascinating journey of the group, we also rolled out One Tata is a Tata group-wide initiative designed to drive synergies across special initiatives to commemorate the milestone and all Tata companies through simplification to jointly enhance scale. Given the breadth of operations of the Tata group, leveraging the ‘One Tata’ concept remember the years gone by. has opened limitless possibilities for all Tata companies.

IHCL’s core philosophy of ‘One IHCL’ is fuelled by vision, authenticity and passion. It binds the group entities together, extending the feeling of oneness and family among employees and partners across the IHCL landscape, similar to that of the Tata group. TAJ CELEBRATES 150 YEARS OF THE TATA GROUP ǁŝƚŚĂ>ŝŵŝƚĞĚĚŝƟŽŶƉŝĐƵƌĞĐĂƌĚ Commemorative Vintage Menu Friends & Family Rate Book. Stay. Celebrate. for Tata Associates We showcased the first known Accommodation at all Ginger properties, across Annual membership at a special fee of INR 4500+ taxes for TATA associates EXCLUSIVE REWARDS AND PRIVILEGES Taj menu, created in 1936. We provided the Tata group colleagues room categories, was made available at a special

an exclusive offer for stays across hotels rate of H2,018 (plus taxes). EARN 25%* AS POINTS HAPPY HOURS AT ALL ON DINING AND SPA BARS IN TAJ HOTELS in India and international destinations. Across restaurants, bars and 6 pm – 8 pm The offer ensures that the quintessential spas at Taj Hotels worldwide hospitality is experienced by the entire VOUCHERS &ŝƌƐƚϯĚŝŶŝŶŐƚƌĂŶƐĂĐƟŽŶƐĞĂƌŶ TAJ INNERCIRCLE SILVER 50%* as points TIER Tata family at a never before 2 room upgrade vouchers compelling value. POINTS EXPIRY TAJ CELEBRATION OFFER WŽŝŶƚƐĚŽŶ͛ƚĞdžƉŝƌĞĨŽƌĂĐƟǀĞ 15% discount on lowest available ŵĞŵďĞƌƐ͘ŶĂĐƟǀĞŵĞŵďĞƌŝƐ room only rate someone who has a valid unexpired membership ΎŽŶƐŝĚĞƌŝŶŐƉŽŝŶƚƐƌĞĚĞŵƉƟŽŶŽŶƐƚĂLJͬĚŝŶĞͬĚƌŝŶŬͬƐƉĂ͘dĞƌŵƐ ΘŽŶĚŝƟŽŶƐĂƉƉůLJ

dŽŬŶŽǁŵŽƌĞĂŶĚĂƉƉůLJǀŝƐŝƚ ŚƩƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬůŝŵŝƚĞĚĞĚŝƟŽŶĞƉŝĐƵƌĞ

Unveiling the Tata 150 logo in air

TajSATS, in association with Vistara, showcased the TATA 150 logo on specially-designed meal boxes, offering flyers a whiff of the legacy and the celebration along with specially-crafted food. TajSATS also created special-edition Limited-edition Epicure Card chocolate boxes to be retailed across Tata group companies. We introduced a limited-edition Epicure card for Tata Associates, giving them a lifetime opportunity to enjoy multiple offers and benefits at a special rate.

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Awards Financial Highlights STANDALONE CONSOLIDATED 2017-18 2016-17 2017-18 2016-17 ` crores ` crores ` crores ` crores

Total Income 2,639.34 2,459.58 4,165.28 4,075.51

WƌŽĮƚĞĨŽƌĞdžĐĞƉƟŽŶĂů/ƚĞŵƐĂŶĚdĂdž 339.42 228.53 161.84 41.36

WƌŽĮƚĞĨŽƌĞdĂdž 284.23 262.04 184.29 30.58

WƌŽĮƚͬ;>ŽƐƐͿŌĞƌdĂdž͕EŽŶͲĐŽŶƚƌŽůůŝŶŐ/ŶƚĞƌĞƐƚƐΘ 147.77 143.18 100.87 ;ϲϯ͘ϮϬͿ ^ŚĂƌĞŽĨƐƐŽĐŝĂƚĞƐΘ:ŽŝŶƚsĞŶƚƵƌĞƐ CORPORATE AWARDS SERVICE AWARDS Total Assets 7,703.73 6,236.97 9,374.54 8,634.28 IHCL Umaid Bhawan Palace, Jodhpur Best Hospitality Corporate Governance – India award by Capital Recognised as the Best Hotel in India; ranked ƋƵŝƚLJ^ŚĂƌĞĂƉŝƚĂů 118.93 98.93 118.93 98.93 Finance International (CFI.co) Number 2 in Asia and Number 3 in the World’s Best Hotels list at the TripAdvisor Travellers’ Choice KƚŚĞƌƋƵŝƚLJ 4,275.03 2,668.27 4,062.17 2,418.76 Gallup Great Workplace award for the seventh time and IHCL is the Awards only Indian hospitality company on the list Set a global benchmark in hospitality for environmental EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ Ͳ Ͳ 777.39 737.82 The Taj Mahal Palace, Mumbai and Taj Lake sustainability with 67 of its hotels being awarded Gold Certification Palace, Udaipur by EarthCheck out of a total of 79 EarthCheck certified hotels dŽƚĂůƋƵŝƚLJ 4,393.96 2,767.20 4,958.49 3,255.51 Featured on the Condé Nast Traveler USA Featured on the list of India’s 50 Best Companies for Talent Gold List Satisfaction at the People Capital Index awards ŽƌƌŽǁŝŶŐƐ 1,783.88 2,048.98 2,427.43 3,382.98 Presented with the All India Investor Relations Award in the Large Cap Category by the Investor Relations Society of India, in association Rambagh Palace, Jaipur; Umaid Bhawan with KPMG India, Bloomberg and the Bombay Stock Exchange Palace, Jodhpur and Taj Palace, New Delhi Ğďƚ͗ƋƵŝƚLJZĂƟŽ 0.41:1 0.74:1 0.49:1 1.04:1 Awarded Best Hotel Company at the Dun and Bradstreet Featured on the list of 50 Best Hotels in the World Corporate awards at the Condé Nast Traveler USA Readers’ Choice ŽŽŬsĂůƵĞƉĞƌ^ŚĂƌĞŽĨ`ϭͬͲĞĂĐŚͲ/Ŷ` 36.95 27.97 41.69 32.91 Awards Taj Hotels Recognised as the Luxury Hotel Chain of the Year at the PATWA ĂƌŶŝŶŐƐWĞƌ^ŚĂƌĞͲĂƐŝĐĂŶĚŝůƵƚĞĚͲ/Ŷ` 1.34 1.37 0.91 ;Ϭ͘ϲϬͿ Meghauli Serai, A Taj Safari Lodge, International Awards Chitwan National Park, Nepal Acknowledged as Best Company to Work for in Hospitality in the ŝǀŝĚĞŶĚƉƌŽƉŽƐĞĚWĞƌ^ŚĂƌĞͲ/Ŷ` 0.40 0.35 0.40 0.35 Recognised as the ‘Best of the Best’ by Robb Report Business Today Best Companies to Work for Survey in the category of Luxury Lodges Taking Adventure Recognised as Best Hotel Group, Runner-up, at the Telegraph Travel to New Extremes Awards UK Received the Best Business Hotel Chain in India award by Business Traveller UK

48 Annual Report 2017-18 49 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

dŚĞ ĨĂĐŝůŝƚLJ ŽĨ ĞͲǀŝƐĂ ŚĂƐ ďĞĞŶ ĞŶŚĂŶĐĞĚ ĂŶĚ ŝƐ ŶŽǁ ŽīĞƌĞĚ džĐĞƉƟŽŶĂů/ƚĞŵƐ ŽĂƌĚΖƐZĞƉŽƌƚ ƚŽ ĐŝƟnjĞŶƐ ŽĨ ϭϲϯ ƐƉĞĐŝĮĞĚ ĐŽƵŶƚƌŝĞƐ͘ /Ŷ ϮϬϭϳ͕ Ă ƚŽƚĂů ŽĨ džĐĞƉƟŽŶĂů /ƚĞŵƐ ŵĂŝŶůLJ ŝŶĐůƵĚĞ ĞdžĐŚĂŶŐĞ ŐĂŝŶ ŽŶ ĐŚĂŶŐĞ ϭϳůĂŬŚƐƚŽƵƌŝƐƚƐĂǀĂŝůĞĚƚŚĞĨĂĐŝůŝƚLJĂƐĐŽŵƉĂƌĞĚƚŽϭϬ͘ϳϵůĂŬŚƐ ŝŶ &Ăŝƌ ǀĂůƵĞ ŽĨ ĐƌŽƐƐ ĐƵƌƌĞŶĐLJ ƐǁĂƉ ĚĞƌŝǀĂƟǀĞ ĐŽŶƚƌĂĐƚƐ To the Members ŝŶϮϬϭϲ͕ǁŚŝĐŚƌĞƉƌĞƐĞŶƚƐĂŐƌŽǁƚŚŽĨϱϳй͘ `Ϯϱ͘ϱϭĐƌŽƌĞƐĂŶĚƉƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚĚƵĞƚŽůŽƐƐĞƐŝŶ ĂŶŽǀĞƌƐĞĂƐƐƵďƐŝĚŝĂƌLJ`ϴϬ͘ϱϬĐƌŽƌĞƐ͘ŽƌƌĞƐƉŽŶĚŝŶŐĮŐƵƌĞƐ dŚĞ ŝƌĞĐƚŽƌƐ ŚĂǀĞ ƉůĞĂƐƵƌĞ ŝŶ ƉƌĞƐĞŶƟŶŐ ƚŚĞ ϭϭϳth ŶŶƵĂů ZĞƉŽƌƚ ŽĨ LJŽƵƌ ŽŵƉĂŶLJ ƚŽŐĞƚŚĞƌ ǁŝƚŚ ŝƚƐ ƵĚŝƚĞĚ &ŝŶĂŶĐŝĂů dŚĞŐƌŽǁƚŚŝŶĚĞŵĂŶĚĨŽƌƌŽŽŵƐ;ϱйͿŚĂƐďĞĞŶĐŽŶƐŝƐƚĞŶƚůLJ ĨŽƌƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌǁĞƌĞ`ϲϱ͘ϰϱĐƌŽƌĞƐĂŶĚ`ϲϰ͘ϯϯĐƌŽƌĞƐ ^ƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞĮŶĂŶĐŝĂůLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͗ ŽƵƚƉĂĐŝŶŐ ƚŚĞ ƐƵƉƉůLJ ;ϯ͘ϮйͿ ŐƌŽǁƚŚ ŝŶ /ŶĚŝĂ ĂŶĚ ƚŚŝƐ ƚƌĞŶĚ ƌĞƐƉĞĐƟǀĞůLJ͘ Financial Results ŚĂƐďĞĞŶƐƵƐƚĂŝŶĞĚŽǀĞƌƚŚĞƌĞĐĞŶƚƉĂƐƚ͘dŚŝƐŚĂƐƌĞƐƵůƚĞĚŝŶ ĂŶĂůů/ŶĚŝĂŽĐĐƵƉĂŶĐLJůĞǀĞůŽĨϲϱйĂĐƌŽƐƐƚŚĞŝŶĚƵƐƚƌLJ͘džĐĞƉƚ /Ŷ ƚŚĞ ƉƌĞǀŝŽƵƐ LJĞĂƌ͕ƚŚĞƌĞ ǁĂƐ Ă ŽŶĞͲƟŵĞ ŐĂŝŶ ŽĨ ` Ϯϰ͘ϯϯ ` / crores ŚĞŶŶĂŝΘ'ƵƌŐĂŽŶ͕ŵŽƐƚŬĞLJĐŝƟĞƐƐĂǁĂŚĞĂůƚŚLJŝŶĐƌĞĂƐĞŝŶ ĐƌŽƌĞƐ ĂƌŝƐŝŶŐ ŽƵƚ ŽĨ ƐĞƩůĞŵĞŶƚ ĐůĂŝŵƐ ĂŶĚ ƌĞĨƵŶĚ ŽĨ Standalone Consolidated ĚĞŵĂŶĚ͘(Source: STR reports) DƵŶŝĐŝƉĂů dĂdž ĂŶĚ ŝŶƚĞƌĞƐƚ ŽĨ ` ϲ͘ϭϲ ĐƌŽƌĞƐ ƉƌĞǀŝŽƵƐůLJ ƉĂŝĚ ƵŶĚĞƌƉƌŽƚĞƐƚ͘ WĂƌƟĐƵůĂƌƐ 2017-18 2016-17 2017-18 2016-17 &ŝŶĂŶĐŝĂů,ŝŐŚůŝŐŚƚƐʹ^ƚĂŶĚĂůŽŶĞ Total Income 2639.34 2459.58 4165.28 4075.51 dŚĞ dĂũ 'ƌŽƵƉ ŽƉĞŶĞĚ ŽŶĞ ůƵdžƵƌLJ ŚŽƚĞů ŝŶ ŶĚĂŵĂŶ͘ dŚĞ ŽƌƌŽǁŝŶŐƐ WƌŽĮƚďĞĨŽƌĞĞƉƌĞĐŝĂƟŽŶ͕&ŝŶĂŶĐĞŽƐƚƐ͕dĂdžĂŶĚdžĐĞƉƟŽŶĂů 684.19 577.70 732.08 664.56 ŝŶǀĞŶƚŽƌLJŽĨƚŚĞdĂũ'ƌŽƵƉŽĨ,ŽƚĞůƐŶŽǁƐƚĂŶĚƐĂƚϭϰϱŚŽƚĞůƐ dŚĞƚŽƚĂůďŽƌƌŽǁŝŶŐƐƐƚŽŽĚĂƚ`ϭ͕ϳϴϯ͘ϴϴĐƌŽƌĞƐĂƐĂƚDĂƌĐŚ /ƚĞŵƐΘƐŚĂƌĞŽĨĞƋƵŝƚLJĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚĞĞƐ ǁŝƚŚϭϳ͕ϭϰϱƌŽŽŵƐ͘dŚĞ'ƌŽƵƉ͛ƐƉŽƌƞŽůŝŽĂůƐŽŝŶĐůƵĚĞƐϰϮ ϯϭ͕ϮϬϭϴĂƐĂŐĂŝŶƐƚ`Ϯ͕Ϭϰϴ͘ϵϴĐƌŽƌĞƐĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϳ >ĞƐƐ͗ĞƉƌĞĐŝĂƟŽŶ ϭϱϭ͘ϯϰ ϭϱϭ͘ϯϭ ϯϬϭ͘Ϯ Ϯϵϵ͘ϯϳ ŚŽƚĞůƐ ƵŶĚĞƌ ƚŚĞ 'ŝŶŐĞƌ ďƌĂŶĚ͕ ǁŚŝĐŚ ŚĂƐ ĂŶ ĂŐŐƌĞŐĂƚĞ ƌĞƉƌĞƐĞŶƟŶŐĂĚĞĐƌĞĂƐĞŽĨ`Ϯϲϱ͘ϭϬĐƌŽƌĞƐĚƵĞƚŽƌĞƉĂLJŵĞŶƚ ŝŶǀĞŶƚŽƌLJ ŽĨ ϯ͕ϳϲϯ ƌŽŽŵƐ͘ zŽƵƌ ŽŵƉĂŶLJ ĐŽŶƟŶƵĞƐ ƚŽ ΘƌĞĮŶĂŶĐŝŶŐŽĨĚĞďƚ͘ >ĞƐƐ͗&ŝŶĂŶĐĞŽƐƚƐ ϭϵϯ͘ϰϯ ϭϵϳ͘ϴϲ Ϯϲϵ͘Ϭϰ ϯϮϯ͘ϴϯ ƉƵƌƐƵĞ ĞdžƉĂŶƐŝŽŶ ďŽƚŚ ŝŶ ƚŚĞ ĚŽŵĞƐƟĐ ĂŶĚ ŝŶƚĞƌŶĂƟŽŶĂů WƌŽĮƚďĞĨŽƌĞdĂdž͕džĐĞƉƟŽŶĂů/ƚĞŵƐĂŶĚƐŚĂƌĞŽĨƉƌŽĮƚŽĨĞƋƵŝƚLJ 339.42 228.53 161.84 41.36 ŵĂƌŬĞƚ͕ŝŶĂĐĂƉŝƚĂůůŝŐŚƚŵĂŶŶĞƌ͕ƚŽĂĐŚŝĞǀĞƐƵƐƚĂŝŶĂďůĞĂŶĚ WƌŽĮƚͬ;>ŽƐƐͿďĞĨŽƌĞĂŶĚĂŌĞƌdĂdž ĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚĞĞƐ ƉƌŽĮƚĂďůĞŐƌŽǁƚŚ͘ dŚĞWƌŽĮƚďĞĨŽƌĞdĂdžĨŽƌƚŚĞLJĞĂƌǁĂƐĂƚ`Ϯϴϰ͘ϮϯĐƌŽƌĞƐ͕ĂƐ ĚĚͬ;>ĞƐƐͿ͗džĐĞƉƟŽŶĂů/ƚĞŵƐ ;ϱϱ͘ϭϵͿ ϯϯ͘ϱϭ ϮϮ͘ϰϱ ;ϭϬ͘ϳϴͿ ĐŽŵƉĂƌĞĚƚŽ`ϮϲϮ͘ϬϰĐƌŽƌĞƐĨŽƌƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͘dŚĞWƌŽĮƚ WƌŽĮƚďĞĨŽƌĞdĂdž 284.23 262.04 184.29 30.58 Income ĂŌĞƌdĂdžĨŽƌƚŚĞLJĞĂƌǁĂƐĂƚ`ϭϰϳ͘ϳϳĐƌŽƌĞƐ͕ĂƐĐŽŵƉĂƌĞĚƚŽ dŚĞ dŽƚĂů /ŶĐŽŵĞ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ Ăƚ `ϭϰϯ͘ϭϴĐƌŽƌĞƐ͕ĨŽƌƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͘ >ĞƐƐ͗WƌŽǀŝƐŝŽŶĨŽƌdĂdž ϭϯϲ͘ϰϲ ϭϭϴ͘ϴϲ ϭϮϭ͘Ϭϲ ϭϭϯ͘ϳϰ ` Ϯ͕ϲϯϵ͘ϯϰ ĐƌŽƌĞƐ ƌĞƉƌĞƐĞŶƚƐ Ă ŐƌŽǁƚŚ ŽĨ ϳй ŽǀĞƌ ƚŚĞ WƌŽĮƚͬ;>ŽƐƐͿĂŌĞƌdĂdž͕ďĞĨŽƌĞEŽŶͲŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚΘƐŚĂƌĞ 147.77 143.18 63.23 ;ϴϯ͘ϭϲͿ ƉƌĞǀŝŽƵƐ LJĞĂƌ͘ tŝƚŚŝŶ ƚŚĞ ŽǀĞƌĂůů ƌĞǀĞŶƵĞ͕ ZŽŽŵ ZĞǀĞŶƵĞ &ŝŶĂŶĐŝĂů,ŝŐŚůŝŐŚƚƐʹŽŶƐŽůŝĚĂƚĞĚ ŽĨƉƌŽĮƚŽĨĞƋƵŝƚLJĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚĞĞƐ ŝŶĐƌĞĂƐĞĚďLJϰй͕ĚƌŝǀĞŶďLJŝŵƉƌŽǀĞĚĂǀĞƌĂŐĞƌĂƚĞƉĞƌƌŽŽŵ dŚĞĐŽŶƐŽůŝĚĂƚĞĚŝŶĐŽŵĞŽĨLJŽƵƌŽŵƉĂŶLJĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚ >ĞƐƐ͗EŽŶͲŽŶƚƌŽůůŝŶŐ/ŶƚĞƌĞƐƚ Ͳ Ͳ Ϯ͘ϲϱ ;ϭϳ͘ϲϬͿ ;͚ZZ͛ͿĂĐƌŽƐƐƚŚĞƉŽƌƞŽůŝŽ͘dŚĞ&ŽŽĚĂŶĚĞǀĞƌĂŐĞZĞǀĞŶƵĞƐ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ ĂŐŐƌĞŐĂƚĞĚ ` ϰ͕ϭϲϱ͘Ϯϴ ĐƌŽƌĞƐ ĂƐ ĂŐĂŝŶƐƚ ĚĚ͗^ŚĂƌĞŽĨWƌŽĮƚŽĨƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐŶĞƚŽĨdĂdž Ͳ Ͳ ϰϬ͘Ϯϵ ϯϳ͘ϱϲ ŝŶĐƌĞĂƐĞĚďLJϴйŽǀĞƌƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͕ĂŝĚĞĚďLJŐƌŽǁƚŚŝŶ ` ϰ͕Ϭϳϱ͘ϱϭ  ĐƌŽƌĞƐ ĨŽƌ ƚŚĞ ƉƌĞǀŝŽƵƐ LJĞĂƌ͘ dŚĞ ƌĞǀĞŶƵĞ ĨƌŽŵ ƌĞƐƚĂƵƌĂŶƚ ƐĂůĞƐ ĂŶĚ ďĂŶƋƵĞƟŶŐ ŝŶĐŽŵĞ͘ KƚŚĞƌ KƉĞƌĂƟŶŐ ŽƉĞƌĂƟŽŶƐ ŝŶĐƌĞĂƐĞĚ ďLJ ϰй ;ŽŶ Ă ƐĂŵĞ ƐƚŽƌĞ ďĂƐŝƐ͕ ǁŝƚŚŽƵƚ WƌŽĮƚͬ;>ŽƐƐͿĂŌĞƌdĂdžĂƩƌŝďƵƚĂďůĞƚŽKǁŶĞƌƐŽĨƚŚĞŽŵƉĂŶLJ 147.77 143.18 100.87 ;ϲϯ͘ϮϬͿ /ŶĐŽŵĞ͕DĂŶĂŐĞŵĞŶƚĂŶĚKƉĞƌĂƟŶŐ&ĞĞƐ͕ǁĞƌĞĂůƐŽŚŝŐŚĞƌ ĐŽŶƐŝĚĞƌŝŶŐ ƚŚĞ ƌĞƐƵůƚƐ ŽĨ dĂũ ŽƐƚŽŶ ǁŚŝĐŚ ǁĂƐ ĚŝǀĞƐƚĞĚ ĂƐĐŽŵƉĂƌĞĚƚŽƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͘ ĚƵƌŝŶŐƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌͿĨƌŽŵ`ϯ͕ϵϰϰ͘ϮϬĐƌŽƌĞƐƚŽ`ϰ͕ϭϬϯ͘ϱϱ džƚĞƌŶĂůŶǀŝƌŽŶŵĞŶƚ ŇŽǁƐ ŝŶƚŽ ƚŚĞ ĐŽƵŶƚƌLJ͘ tŝƚŚ ĂŶ ĞLJĞ ŽŶ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĐƌŽƌĞƐůĂƌŐĞůLJĚƵĞƚŽŝŵƉƌŽǀĞŵĞŶƚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ dŚĞ/ŶĚŝĂŶĞĐŽŶŽŵLJŐƌĞǁďLJϳ͘ϮйLJĞĂƌŽŶLJĞĂƌŝŶƚŚĞƋƵĂƌƚĞƌ ĚĞǀĞůŽƉŵĞŶƚ͕ ƚŚĞ 'ŽǀĞƌŶŵĞŶƚ ŚĂƐ ŐŝǀĞŶ ŐƌĞĞŶ ůŝŐŚƚ ƚŽ ŝǀŝĚĞŶĚ/ŶĐŽŵĞǁĞƌĞůŽǁĞƌĂƐĐŽŵƉĂƌĞĚƚŽƚŚĞƉƌĞǀŝŽƵƐ ĚŽŵĞƐƟĐƉŽƌƞŽůŝŽ͘ ĞŶĚŝŶŐĞĐĞŵďĞƌϮϬϭϳŽŶŐŽŽĚƐŚŽǁŝŶŐďLJŬĞLJƐĞĐƚŽƌƐůŝŬĞ ` ϳƚƌŝůůŝŽŶŝŶĨƌĂƐƚƌƵĐƚƵƌĞƉƌŽŐƌĂŵŝŶůĂƚĞϮϬϭϳ͕ǁŝƚŚƚŚĞĂŝŵ LJĞĂƌ͕ŚŽǁĞǀĞƌŽŵƉĂŶLJĞĂƌŶĞĚŝŶƚĞƌĞƐƚŝŶĐŽŵĞŽĨ`ϭϭ͘ϰ ĂŐƌŝĐƵůƚƵƌĞ͕ĐŽŶƐƚƌƵĐƟŽŶĂŶĚŵĂŶƵĨĂĐƚƵƌŝŶŐ͕ĂƐĂŐĂŝŶƐƚϲ͘ϯй ƚŽ ƉĂǀĞ ŵŽƌĞ ƚŚĂŶ ϴϬ͕ϬϬϬ Ŭŵ ŽĨ ƌŽĂĚ ďLJ DĂƌĐŚ ϮϬϮϮ͘ /Ŷ ĐƌŽƌĞƐ ŽƵƚ ŽĨ ƐƵƌƉůƵƐ ĨƵŶĚƐ ĨƌŽŵ ƌŝŐŚƚƐ ŝƐƐƵĞ ƉƌŽĐĞĞĚƐ dŚĞ WƌŽĮƚ ďĞĨŽƌĞ dĂdž ĂŶĚ džĐĞƉƟŽŶĂů /ƚĞŵƐ ĂŶĚ ƐŚĂƌĞ ŽĨ LJĞĂƌ ŽŶ LJĞĂƌ ŝŶ ƚŚĞ ƉƌĞǀŝŽƵƐ ƋƵĂƌƚĞƌ͘ dŚĞ ŐƌŽǁƚŚ ŝŶ 'W ĂĚĚŝƟŽŶ͕'ŽǀĞƌŶŵĞŶƚĐŽŶƟŶƵĞƐƚŽĞŶĐŽƵƌĂŐĞƚŚĞĞdžƉĂŶƐŝŽŶ ƉĞŶĚŝŶŐ ƵƟůŝƐĂƟŽŶ ǁŚŝĐŚ ǁĂƐ ƚĞŵƉŽƌĂƌŝůLJ ƉĂƌŬĞĚ ŝŶ ĮdžĞĚ ƉƌŽĮƚƐŽĨĞƋƵŝƚLJĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚĞĞƐƐƚŽŽĚĂƚ`ϭϲϭ͘ϴϰĐƌŽƌĞƐ ĚƵƌŝŶŐ&zϮϬϭϳͲϭϴŝƐĞƐƟŵĂƚĞĚĂƚϲ͘ϱйĂƐĐŽŵƉĂƌĞĚƚŽƚŚĞ ŽĨŝŐŝƚĂů/ŶĚŝĂ͘ ĚĞƉŽƐŝƚƐǁŝƚŚďĂŶŬƐ͘ ĂƐĐŽŵƉĂƌĞĚƚŽ`ϰϭ͘ϯϲĐƌŽƌĞƐŝŶƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͘ ŐƌŽǁƚŚƌĂƚĞŽĨϳ͘ϭйŝŶ&zϮϬϭϲͲϭϳ͘ /ŶĚŝĂŶ,ŽƐƉŝƚĂůŝƚLJ/ŶĚƵƐƚƌLJ ĞƉƌĞĐŝĂƟŽŶĂŶĚ&ŝŶĂŶĐĞŽƐƚƐ WƌŽĮƚͬ;>ŽƐƐͿĂŌĞƌdĂdžĂƩƌŝďƵƚĂďůĞƚŽKǁŶĞƌƐŽĨƚŚĞŽŵƉĂŶLJ /ŶĚŝĂ͛ƐĂŶŶƵĂůŝŶŇĂƟŽŶƌĂƚĞƌŽƐĞƚŽĂϯŵŽŶƚŚŚŝŐŚŽĨϰ͘ϱϴй dŚĞ /ŶĚŝĂŶ ŚŽƐƉŝƚĂůŝƚLJ ŝŶĚƵƐƚƌLJ ŚĂƐ ďĞĞŶ ŝŶƐƚƌƵŵĞŶƚĂů ĞƉƌĞĐŝĂƟŽŶĂƚ`ϭϱϭ͘ϯϰĐƌŽƌĞƐǁĂƐĂƚƚŚĞƐĂŵĞůĞǀĞůĂƐƚŚĞ ĂŐŐƌĞŐĂƚĞĚ ƚŽ ` ϭϬϬ͘ϴϳ ĐƌŽƌĞƐ ĨŽƌ ƚŚĞ LJĞĂƌ ǁŚŝĐŚ ŚĂƐ ŝŶƉƌŝůϮϬϭϴĨƌŽŵϰ͘ϮϴйŝŶƚŚĞƉƌĞǀŝŽƵƐŵŽŶƚŚ͘/ŶŇĂƟŽŶƌĂƚĞ ŝŶ ĐŽŶƚƌŝďƵƟŶŐ ƚŽ ƚŚĞ ŶĂƟŽŶ͛Ɛ ĞĐŽŶŽŵŝĐ ŐƌŽǁƚŚ͘ dŚĞ ƉƌĞǀŝŽƵƐLJĞĂƌ͘ ƐŝŐŶŝĮĐĂŶƚůLJŝŵƉƌŽǀĞĚǁŚĞŶĐŽŵƉĂƌĞĚƚŽƉƌĞǀŝŽƵƐLJĞĂƌĮŐƵƌĞ ŝŶ/ŶĚŝĂĂǀĞƌĂŐĞĚϲ͘ϲϬйĨƌŽŵϮϬϭϮƵŶƟůϮϬϭϴ͕ƌĞĂĐŚŝŶŐĂŶĂůůͲ ŝŶƚƌŽĚƵĐƟŽŶŽĨĞͲǀŝƐĂĨŽƌĨŽƌĞŝŐŶƚŽƵƌŝƐƚƐĂŶĚƚŚĞŝŶĐƌĞĂƐĞĚ of `;ϲϯ͘ϮϬͿĐƌŽƌĞƐ͘/ŵƉƌŽǀĞŵĞŶƚǁĂƐŽŶĂĐĐŽƵŶƚŽĨƌĞĚƵĐĞĚ ƟŵĞŚŝŐŚŽĨϭϮ͘ϭϳйŝŶEŽǀĞŵďĞƌϮϬϭϯĂŶĚĂƌĞĐŽƌĚůŽǁŽĨ ĚŽŵĞƐƟĐƚƌĂǀĞůŚĂǀĞŚĞůƉĞĚŝŶĐŽŶƚƌŝďƵƟŶŐƚŽƚŚĞƐĂŵĞ͘ &ŝŶĂŶĐĞĐŽƐƚƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴĂƚ`ϭϵϯ͘ϰϯ ĮŶĂŶĐĞĐŽƐƚĂƐĂůƐŽŝŵƉƌŽǀĞŵĞŶƚŽƉĞƌĂƟŽŶĂůƉĞƌĨŽƌŵĂŶĐĞ͘ ϭ͘ϱϰйŝŶ:ƵŶĞϮϬϭϳŵĂŝŶůLJĚƵĞƚŽĚĞŵŽŶĞƟnjĂƟŽŶ͘ ĐƌŽƌĞƐǁĂƐůŽǁĞƌƚŚĂŶƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͛ƐĮŐƵƌĞŽĨ`ϭϵϳ͘ϴϲ dŚĞWƌĞǀŝŽƵƐzĞĂƌƐƌĞƐƵůƚƐǁĞƌĞĂůƐŽŝŵƉĂĐƚĞĚĚƵĞƚŽůŽƐƐŽŶ /ŶƚĞƌŶĂƟŽŶĂů ƚƌĂǀĞů ĂŶĚ ƚŽƵƌŝƐŵ ĂƌƌŝǀĂůƐ ŝŶĐƌĞĂƐĞĚ ďLJ Ă ĐƌŽƌĞƐŵĂŝŶůLJĚƵĞƚŽƌĞƉĂLJŵĞŶƚŽĨĚĞďƚŽƵƚŽĨZŝŐŚƚƐ/ƐƐƵĞ ƐĂůĞŽĨdĂũŽƐƚŽŶ͘ ZĞǀŝǀĂů ŝŶ ƌƵƌĂů ĚĞŵĂŶĚ ĂŶĚ ŝŶĐƌĞĂƐĞĚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƌĞŵĂƌŬĂďůĞ ϳй ƚŽ ƌĞĂĐŚ Ă ƚŽƚĂů ŽĨ ϭ͕ϯϮϮ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ ƉƌŽĐĞĞĚƐ͘ ƐƉĞŶĚŝŶŐŝƐůŝŬĞůLJƚŽĚƌŝǀĞ/ŶĚŝĂ͛ƐŐƌŽǁƚŚŝŶĐƵƌƌĞŶƚLJĞĂƌ͕ĞǀĞŶ ;:ĂŶƵĂƌLJ ƚŽ ĞĐĞŵďĞƌͿ͕ ϴϳ ŵŝůůŝŽŶ ŵŽƌĞ ƚŚĂŶ ƚŚĞ ĐĂůĞŶĚĂƌ ƉƉƌŽƉƌŝĂƟŽŶƐ ĂƐ ŝŶĐƌĞĂƐŝŶŐ ĚĞďƚ ĂŶĚ ƚƌĂĚĞ ƉƌŽƚĞĐƟŽŶŝƐŵ ĐŽƵůĚ ƉŽƐĞ Ă LJĞĂƌϮϬϭϲ͘;Source: UNWTOͿ͘ WƌŽĮƚďĞĨŽƌĞdĂdžĂŶĚdžĐĞƉƟŽŶĂů/ƚĞŵƐ ŝǀŝĚĞŶĚ ĐŚĂůůĞŶŐĞ͘ŌĞƌĂLJĞĂƌŽĨĚŝƐƌƵƉƟŽŶƐĂŶĚŐƌŽǁƚŚƐůŽǁĚŽǁŶ WƌŽĮƚ ďĞĨŽƌĞ dĂdž ĂŶĚ džĐĞƉƟŽŶĂů /ƚĞŵƐ ƐƚŽŽĚ Ăƚ ` ϯϯϵ͘ϰϮ KŶ ĂĐĐŽƵŶƚ ŽĨ ŝŵƉƌŽǀĞĚ ƉĞƌĨŽƌŵĂŶĐĞ ĂŶĚ WƌŽĮƚ ĂŌĞƌ dĂdž ĚƵĞ ƚŽ 'ŽŽĚƐ ĂŶĚ ^ĞƌǀŝĐĞƐ dĂdž Θ ĚĞŵŽŶĞƟƐĂƟŽŶ͕ /ŶĚŝĂŶ &Žƌ /ŶĚŝĂ͕ &ŽƌĞŝŐŶ dŽƵƌŝƐƚ ƌƌŝǀĂůƐ ĚƵƌŝŶŐ ϮϬϭϳ ǁĞƌĞ ϭϬ͘ϭϴ ĐƌŽƌĞƐ͕ǁŚŝĐŚƌĞƉƌĞƐĞŶƚƐĂŶŝŶĐƌĞĂƐĞŽĨϰϵй͕ĂƐĐŽŵƉĂƌĞĚƚŽ ƌĞƉŽƌƚĞĚďLJLJŽƵƌŽŵƉĂŶLJĚƵƌŝŶŐƚŚĞĐƵƌƌĞŶƚLJĞĂƌ͕ƚŚĞŽĂƌĚ ĞĐŽŶŽŵLJŝƐĐŽŶƐŽůŝĚĂƟŶŐƚŚĞŐĂŝŶƐĨƌŽŵƚŚĞƌĞĐĞŶƚƌĞĨŽƌŵƐ͘ ŵŝůůŝŽŶǁŝƚŚĂŐƌŽǁƚŚŽĨϭϱ͘ϲйŽǀĞƌƚŚĞƐĂŵĞƉĞƌŝŽĚŽĨƚŚĞ ƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͘ ŽĨ ŝƌĞĐƚŽƌƐ ƌĞĐŽŵŵĞŶĚ Ă ĚŝǀŝĚĞŶĚ Ăƚ ƚŚĞ ƌĂƚĞ ŽĨ ϰϬй ŝ͘Ğ͘ dŚĞƌĞŝƐŚŝŐŚŽƉƟŵŝƐŵŝŶĚŽŵĞƐƟĐĚĞŵĂŶĚŝŶƚŚĞĨŽƌŵŽĨ ƉƌĞǀŝŽƵƐ LJĞĂƌ͘ƵƌŝŶŐ ϮϬϭϲ &ŽƌĞŝŐŶ dŽƵƌŝƐƚ ƌƌŝǀĂůƐ ǁĞƌĞ ϴ͘ϴ ` Ϭ͘ϰϬ ƉĞƌ ƐŚĂƌĞ ;WƌĞǀŝŽƵƐ zĞĂƌ Ͳ ` Ϭ͘ϯϱ ƉĞƌ ƐŚĂƌĞͿ͘ dŚĞ ĐŽŶƐƵŵƉƟŽŶĂŶĚƌĞǀŝǀĂůŝŶƐŵĂůůƐĐĂůĞďƵƐŝŶĞƐƐĂĐƟǀŝƟĞƐ͕ ŵŝůůŝŽŶǁŝƚŚĂŐƌŽǁƚŚƌĂƚĞŽĨϵ͘ϳйŽǀĞƌϮϬϭϱ͘;Source: Ministry ĚŝǀŝĚĞŶĚŽŶƋƵŝƚLJ^ŚĂƌĞƐ͕ŝĨĂƉƉƌŽǀĞĚďLJƚŚĞDĞŵďĞƌƐǁŽƵůĚ ƌĞƐƵůƟŶŐ ŝŶ ĂŶ ŝŶĐƌĞĂƐĞ ŝŶ &ŽƌĞŝŐŶ ŝƌĞĐƚ /ŶǀĞƐƚŵĞŶƚ of Tourism, Government of IndiaͿ involve a cash payout of ` ϱϳ͘ϯϱ ĐƌŽƌĞƐ͕ŝŶĐůƵĚŝŶŐ ĚŝǀŝĚĞŶĚ

50 Annual Report 2017-18 51 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

ĚŝƐƚƌŝďƵƟŽŶ ƚĂdž͘ WƵƌƐƵĂŶƚ ƚŽ ZĞŐƵůĂƟŽŶ ϰϯ ŽĨ ƚŚĞ ^/ Ɖƌŝůϭ͕ϮϬϭϳ͘dŚĞ,ŽŶ͛ďůĞEĂƟŽŶĂůŽŵƉĂŶLJ>ĂǁdƌŝďƵŶĂů͕ dŚĞ /ŶƚĞƌŶĂů ƵĚŝƚ ĞƉĂƌƚŵĞŶƚ ŵŽŶŝƚŽƌƐ ĂŶĚ ĞǀĂůƵĂƚĞƐ ƚŚĞ ůŝŶŬ͗ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬƉŽůŝĐŝĞƐͬƌƉƚͲƉŽůŝĐLJͲƉŽƐƚͲ ;>ŝƐƟŶŐKďůŝŐĂƟŽŶĂŶĚŝƐĐůŽƐƵƌĞZĞƋƵŝƌĞŵĞŶƚƐͿZĞŐƵůĂƟŽŶƐ͕ DƵŵďĂŝ ĞŶĐŚ ;E>dͿ ǀŝĚĞ ŝƚƐ ŽƌĚĞƌ ĚĂƚĞĚ DĂƌĐŚ ϴ͕ ϮϬϭϴ ĞĸĐĂĐLJ ĂŶĚ ĂĚĞƋƵĂĐLJ ŽĨ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů ƐLJƐƚĞŵƐ ŝŶ LJŽƵƌ ĂŵĞŶĚŵĞŶƚͲĂĐƚ͘ƉĚĨ͘dŚĞWŽůŝĐLJŝŶƚĞŶĚƐƚŽĞŶƐƵƌĞƚŚĂƚƉƌŽƉĞƌ ϮϬϭϱ ;Ζ>ŝƐƟŶŐ ZĞŐƵůĂƟŽŶƐΖͿ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ĂĚŽƉƚĞĚ ƚŚĞ ĂƉƉƌŽǀĞĚ ƚŚĞ ^ĐŚĞŵĞ͘ WƵƌƐƵĂŶƚ ƚŚĞƌĞƚŽ͕ ƚŚĞ E>d ŽƌĚĞƌ ŽŵƉĂŶLJ͕ŝƚƐĐŽŵƉůŝĂŶĐĞǁŝƚŚŽƉĞƌĂƟŶŐƐLJƐƚĞŵƐ͕ĂĐĐŽƵŶƟŶŐ ƌĞƉŽƌƟŶŐ͕ĂƉƉƌŽǀĂůĂŶĚĚŝƐĐůŽƐƵƌĞƉƌŽĐĞƐƐĞƐĂƌĞŝŶƉůĂĐĞĨŽƌ ŝǀŝĚĞŶĚŝƐƚƌŝďƵƟŽŶWŽůŝĐLJǁŚŝĐŚŝƐĂƩĂĐŚĞĚĂƐŶŶĞdžƵƌĞͲ/͘ ǁĂƐĮůĞĚǁŝƚŚƚŚĞZĞŐŝƐƚƌĂƌŽĨŽŵƉĂŶŝĞƐ͕DĂŚĂƌĂƐŚƚƌĂŽŶ ƉƌŽĐĞĚƵƌĞƐ ĂŶĚ ƉŽůŝĐŝĞƐ Ăƚ Ăůů ůŽĐĂƟŽŶƐ ŽĨ LJŽƵƌ ŽŵƉĂŶLJ͘ ĂůůƚƌĂŶƐĂĐƟŽŶƐďĞƚǁĞĞŶƚŚĞŽŵƉĂŶLJĂŶĚZĞůĂƚĞĚWĂƌƟĞƐ͘ Ɖƌŝůϭϭ͕ϮϬϭϴ͕ďĞŝŶŐƚŚĞΖīĞĐƟǀĞĂƚĞΖ͘ ĂƐĞĚŽŶƚŚĞƌĞƉŽƌƚŽĨƚŚĞ/ŶƚĞƌŶĂůƵĚŝƚĨƵŶĐƟŽŶ͕ƉƌŽĐĞƐƐ ĞďĞŶƚƵƌĞƐ ŽǁŶĞƌƐ ƵŶĚĞƌƚĂŬĞ ĐŽƌƌĞĐƟǀĞ ĂĐƟŽŶ ŝŶ ƚŚĞŝƌ ƌĞƐƉĞĐƟǀĞ WƌŝŽƌŽŵŶŝďƵƐĂƉƉƌŽǀĂůŝƐŽďƚĂŝŶĞĚĨŽƌZWdƐǁŚŝĐŚĂƌĞŽĨĂ ƵƌŝŶŐ ƚŚĞ LJĞĂƌ ƵŶĚĞƌ ƌĞǀŝĞǁ͕ LJŽƵƌ ŽŵƉĂŶLJ ƌĞĚĞĞŵĞĚ WƵƌƐƵĂŶƚ ƚŚĞƌĞƚŽ͕ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ ĂƌĞĂƐĂŶĚƚŚĞƌĞďLJƐƚƌĞŶŐƚŚĞŶƚŚĞĐŽŶƚƌŽůƐ͘^ŝŐŶŝĮĐĂŶƚĂƵĚŝƚ ƌĞƉĞƟƟǀĞ ŶĂƚƵƌĞ ĂŶĚ ĞŶƚĞƌĞĚ ŝŶ ƚŚĞ KƌĚŝŶĂƌLJ ŽƵƌƐĞ ŽĨ Ϯ͕ϬϬϬ͕ Ϯй hŶƐĞĐƵƌĞĚ EŽŶͲĐŽŶǀĞƌƟďůĞ ZĞĚĞĞŵĂďůĞ ^ĐŚĞŵĞ͕d/&KǁĂƐĂŵĂůŐĂŵĂƚĞĚǁŝƚŚƚŚĞŽŵƉĂŶLJǁ͘Ğ͘Ĩ͘ ŽďƐĞƌǀĂƟŽŶƐĂŶĚĐŽƌƌĞĐƟǀĞĂĐƟŽŶƐƐƵŐŐĞƐƚĞĚĂƌĞƉƌĞƐĞŶƚĞĚ ƵƐŝŶĞƐƐ ĂŶĚ ĂƌĞ Ăƚ ƌŵ͛Ɛ >ĞŶŐƚŚ͘  ƐƚĂƚĞŵĞŶƚ ŽŶ ZWdƐ ĞďĞŶƚƵƌĞƐ ŽĨ ĨĂĐĞ ǀĂůƵĞ ` ϭϬ͕ϬϬ͕ϬϬϬ ĞĂĐŚ͕ ĂŐŐƌĞŐĂƟŶŐ ƚŽ ƚŚĞ ƉƉŽŝŶƚĞĚ ĂƚĞ ŝ͘Ğ͘ Ɖƌŝů ϭ͕ ϮϬϭϳ͕ ĂŶĚ ĐŽŶƐĞƋƵĞŶƚůLJ͕ ƚŽƚŚĞƵĚŝƚŽŵŵŝƩĞĞŽĨƚŚĞŽĂƌĚ͘dŚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂů ƐƉĞĐŝĨLJŝŶŐ ƚŚĞ ĚĞƚĂŝůƐ ŽĨ ƚŚĞ ƚƌĂŶƐĂĐƟŽŶƐ͕ ƉƵƌƐƵĂŶƚ ƚŽ ĞĂĐŚ `ϮϬϬƌŽƌĞƐŽŶƉƌŝůϮϯ͕ϮϬϭϳ͘ d/&KƐƚĂŶĚƐĚŝƐƐŽůǀĞĚǁŝƚŚŽƵƚǁŝŶĚŝŶŐƵƉ͘dŚĞŶĞĐĞƐƐĂƌLJ ĐŽŶƚƌŽůƐ ĂƐ ůĂŝĚ ĚŽǁŶ ĂƌĞ ĂĚĞƋƵĂƚĞ ĂŶĚ ǁĞƌĞ ŽƉĞƌĂƟŶŐ ŽŵŶŝďƵƐ ĂƉƉƌŽǀĂů ŐƌĂŶƚĞĚ͕ ŚĂƐ ďĞĞŶ ƉůĂĐĞĚ ŽŶ Ă ƋƵĂƌƚĞƌůLJ ĂĐĐŽƵŶƟŶŐĞŶƚƌŝĞƐŐŝǀŝŶŐĞīĞĐƚƚŽƚŚĞĂŵĂůŐĂŵĂƟŽŶǁĞƌĞ ĞīĞĐƟǀĞůLJĚƵƌŝŶŐƚŚĞLJĞĂƌƵŶĚĞƌƌĞǀŝĞǁ͘ ďĂƐŝƐĨŽƌƌĞǀŝĞǁďLJƚŚĞƵĚŝƚŽŵŵŝƩĞĞ͘ ƵƌŝŶŐƚŚĞ LJĞĂƌ ƵŶĚĞƌ ƌĞǀŝĞǁ͕LJŽƵƌ ŽŵƉĂŶLJ ƌĂŝƐĞĚ ϳ͘ϴϱй ƉĂƐƐĞĚŝŶƚŚĞŬƐŽĨĂĐĐŽƵŶƚƐŽĨƚŚĞŽŵƉĂŶLJ͘ hŶƐĞĐƵƌĞĚEŽŶͲĐŽŶǀĞƌƟďůĞZĞĚĞĞŵĂďůĞĞďĞŶƚƵƌĞƐŽĨĨĂĐĞ /ŶĂĚĚŝƟŽŶ͕ĚƵƌŝŶŐƚŚĞ&zϮϬϭϳͲϭϴ͕ĂƐƌĞƋƵŝƌĞĚƵŶĚĞƌ^ĞĐƟŽŶ ůů ZWdƐ ƚŚĂƚ ǁĞƌĞ ĞŶƚĞƌĞĚ ŝŶƚŽ ĚƵƌŝŶŐ ƚŚĞ ĮŶĂŶĐŝĂů LJĞĂƌ value `ϭϬ͕ϬϬ͕ϬϬϬĞĂĐŚĂŐŐƌĞŐĂƟŶŐƚŽ`ϮϬϬĐƌŽƌĞƐ͘ WƵƌƐƵĂŶƚƚŽƚŚĞĂŵĂůŐĂŵĂƟŽŶ͕ƚŚĞŽŵƉĂŶLJŚĂƐĂĐĐĞƐƐƚŽ ϭϰϯ ŽĨ ƚŚĞ Đƚ͕ ƚŚĞ ^ƚĂƚƵƚŽƌLJ ƵĚŝƚŽƌƐ ŚĂǀĞ ĞǀĂůƵĂƚĞĚ ĂŶĚ ǁĞƌĞ ŝŶ ƚŚĞ KƌĚŝŶĂƌLJ ŽƵƌƐĞ ŽĨ ƵƐŝŶĞƐƐ ĂŶĚ Ăƚ ƌŵ͛Ɛ ƐŝŐŶŝĮĐĂŶƚůŝƋƵŝĚĂƐƐĞƚƐŽĨd/&KŝŶƚŚĞĨŽƌŵŽĨĐĂƐŚ͕DƵƚƵĂů ĞdžƉƌĞƐƐĞĚ ĂŶ ŽƉŝŶŝŽŶ ŽŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů >ĞŶŐƚŚ͘ EŽ DĂƚĞƌŝĂů ZWdƐ͕ ŝ͘Ğ͘ ƚƌĂŶƐĂĐƟŽŶƐ ĞdžĐĞĞĚŝŶŐ ƚŚĞ ĂƉŝƚĂůdžƉĞŶĚŝƚƵƌĞ &ƵŶĚ ŝŶǀĞƐƚŵĞŶƚƐ ĂŶĚ /ŶƚĞƌͲŽƌƉŽƌĂƚĞ ĞƉŽƐŝƚƐ ǁŚŝĐŚ ĐĂŶ ĐŽŶƚƌŽůƐŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐďĂƐĞĚŽŶĂŶĂƵĚŝƚ͘/ŶƚŚĞŝƌ ƉƌĞƐĐƌŝďĞĚůŝŵŝƚƐƵŶĚĞƌ^ĞĐƟŽŶϭϴϴŽĨƚŚĞĐƚŽƌƚŚĞ>ŝƐƟŶŐ ƵƌŝŶŐ ƚŚĞ LJĞĂƌ ƵŶĚĞƌ ƌĞǀŝĞǁ͕ LJŽƵƌ ŽŵƉĂŶLJ ŝŶĐƵƌƌĞĚ ďĞ ƉƵƚ ƚŽ ďĞƩĞƌ ĂŶĚ ŵŽƌĞ ƉƌŽĮƚĂďůĞ ƵƐĞ ďLJ ƚŚĞ ŽŵƉĂŶLJ͘ ŽƉŝŶŝŽŶ͕ƚŚĞŽŵƉĂŶLJŚĂƐ͕ŝŶĂůůŵĂƚĞƌŝĂůƌĞƐƉĞĐƚƐ͕ĂĚĞƋƵĂƚĞ ZĞŐƵůĂƟŽŶƐ ǁĞƌĞ ĞŶƚĞƌĞĚ ŝŶƚŽ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ ďLJ LJŽƵƌ ` ϯϭϭ͘ϯϯ ĐƌŽƌĞƐ 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ŶŶĞdžƵƌĞ///͕ǁŚŝĐŚĨŽƌŵƐƉĂƌƚŽĨƚŚŝƐZĞƉŽƌƚ͘ ŽĨ ǁŚŝĐŚ ŶĞĞĚ ǀĂƌLJŝŶŐ ĂƉƉƌŽĂĐŚĞƐ ĨŽƌ ŵŝƟŐĂƟŽŶ͘ ĞƚĂŝůƐ ĞĂĐŚŽĨǁŚŝĐŚŝƐƐƵŵŵĂƌŝnjĞĚŝŶƚŚĞDĂŶĂŐĞŵĞŶƚŝƐĐƵƐƐŝŽŶ WŽůŝĐLJŽĨLJŽƵƌŽŵƉĂŶLJĂŶĚƚŚĞŝŶŝƟĂƟǀĞƐƵŶĚĞƌƚĂŬĞŶďLJLJŽƵƌ ŽĨǀĂƌŝŽƵƐƌŝƐŬƐĨĂĐĞĚďLJLJŽƵƌŽŵƉĂŶLJĂƌĞƉƌŽǀŝĚĞĚŝŶƚŚĞ ĂŶĚŶĂůLJƐŝƐ͘ ŽŵƉĂŶLJŽŶ^ZĂĐƟǀŝƟĞƐĚƵƌŝŶŐƚŚĞLJĞĂƌƵŶĚĞƌƌĞǀŝĞǁĂƌĞ ƵĚŝƚŽŵŵŝƩĞĞ DĂŶĂŐĞŵĞŶƚŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ͘ ƐĞƚŽƵƚŝŶŶŶĞdžƵƌĞ//ŽĨƚŚŝƐƌĞƉŽƌƚŝŶƚŚĞĨŽƌŵĂƚƉƌĞƐĐƌŝďĞĚ dŚĞ ĚĞƚĂŝůƐ ƉĞƌƚĂŝŶŝŶŐ ƚŽ ƚŚĞ ĐŽŵƉŽƐŝƟŽŶ ŽĨ ƚŚĞ ƵĚŝƚ ŵĂůŐĂŵĂƟŽŶŽĨd/&K,ŽůĚŝŶŐƐ>ŝŵŝƚĞĚ;Ζd/&KΖͿ ƵŶĚĞƌƚŚĞŽŵƉĂŶŝĞƐ;^ZWŽůŝĐLJͿZƵůĞƐ͕ϮϬϭϰ͘dŚĞ^ZƉŽůŝĐLJ ŽŵŵŝƩĞĞĂƌĞŝŶĐůƵĚĞĚŝŶƚŚĞŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞZĞƉŽƌƚ͕ ^ƵďƐŝĚŝĂƌŝĞƐ͕:ŽŝŶƚsĞŶƚƵƌĞƐĂŶĚƐƐŽĐŝĂƚĞŽŵƉĂŶŝĞƐ ƚĂŵĞĞƟŶŐŚĞůĚŽŶDĂLJϮϲ͕ϮϬϭϳ͕ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ ŝƐĂǀĂŝůĂďůĞŽŶƚŚĞǁĞďƐŝƚĞŽĨLJŽƵƌŽŵƉĂŶLJ͘ ǁŚŝĐŚĨŽƌŵƐƉĂƌƚŽĨƚŚĞŶŶƵĂůZĞƉŽƌƚ͘ zŽƵƌ ŽŵƉĂŶLJ ĂŶŶŽƵŶĐĞƐ ŝƚƐ ŽŶƐŽůŝĚĂƚĞĚ &ŝŶĂŶĐŝĂů ŚĂĚĂƉƉƌŽǀĞĚƚŚĞĂŵĂůŐĂŵĂƟŽŶŽĨd/&K͕ĂǁŚŽůůLJ ŽǁŶĞĚ ^ƚĂƚĞŵĞŶƚƐ ĂƐ ĂĚĚŝƟŽŶĂů ŝŶĨŽƌŵĂƟŽŶ ĂůŽŶŐ ǁŝƚŚ ƚŚĞ ƐƵďƐŝĚŝĂƌLJ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶLJ͕ ďLJ ǁĂLJ /ŶƚĞƌŶĂůŽŶƚƌŽů^LJƐƚĞŵƐĂŶĚƚŚĞŝƌĂĚĞƋƵĂĐLJ ZĞůĂƚĞĚWĂƌƚLJdƌĂŶƐĂĐƟŽŶƐ ^ƚĂŶĚĂůŽŶĞ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ŽŶ Ă ƋƵĂƌƚĞƌůLJ ďĂƐŝƐ͘ dŚĞ ŽĨ Ă ^ĐŚĞŵĞ ŽĨ ŵĂůŐĂŵĂƟŽŶ ďĞƚǁĞĞŶ d/&K ĂŶĚ ƚŚĞ zŽƵƌŽŵƉĂŶLJŚĂƐĂŶ/ŶƚĞƌŶĂůŽŶƚƌŽů^LJƐƚĞŵ͕ĐŽŵŵĞŶƐƵƌĂƚĞ /Ŷ ůŝŶĞ ǁŝƚŚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ Đƚ ĂŶĚ ƚŚĞ >ŝƐƟŶŐ ŶŶƵĂůŽŶƐŽůŝĚĂƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐŽĨLJŽƵƌŽŵƉĂŶLJ ŽŵƉĂŶLJ ;ƚŚĞ Ζ^ĐŚĞŵĞΖͿ͕ ĂƐ ƉƌŽǀŝĚĞĚ ƵŶĚĞƌ ^ĞĐƟŽŶƐ ϮϯϬ ǁŝƚŚ ƚŚĞ ƐŝnjĞ͕ ƐĐĂůĞ ĂŶĚ ĐŽŵƉůĞdžŝƚLJ ŽĨ ŝƚƐ ŽƉĞƌĂƟŽŶƐ͘ dŚĞ ZĞŐƵůĂƟŽŶƐ͕ LJŽƵƌ ŽŵƉĂŶLJ ŚĂƐ ĨŽƌŵƵůĂƚĞĚ Ă ƉŽůŝĐLJ ŽŶ ĂŶĚŝƚƐ^ƵďƐŝĚŝĂƌŝĞƐ͕ƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞůĞǀĂŶƚ ƚŽ ϮϯϮ ŽĨ ƚŚĞ ŽŵƉĂŶŝĞƐ Đƚ͕ ϮϬϭϯ ƌĞĂĚ ǁŝƚŚ ŽŵƉĂŶŝĞƐ ƐĐŽƉĞ ĂŶĚ ĂƵƚŚŽƌŝƚLJ ŽĨ ƚŚĞ /ŶƚĞƌŶĂů ƵĚŝƚ ĨƵŶĐƟŽŶ ŝƐ ǁĞůů ĚĞĂůŝŶŐ ǁŝƚŚ ZĞůĂƚĞĚ WĂƌƚLJ dƌĂŶƐĂĐƟŽŶƐ  ;͚ZWdƐ͛Ϳ  ǁŚŝĐŚ ĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚƐ͕ĚƵůLJĂƵĚŝƚĞĚďLJƚŚĞ^ƚĂƚƵƚŽƌLJƵĚŝƚŽƌƐ͕ ;ŽŵƉƌŽŵŝƐĞƐ͕ ƌƌĂŶŐĞŵĞŶƚƐ ĂŶĚ ŵĂůŐĂŵĂƟŽŶƐͿ ĚĞĮŶĞĚ ŝŶ ƚŚĞ ŽƌŐĂŶŝƐĂƟŽŶ͘ dŽ ŵĂŝŶƚĂŝŶ ŝƚƐ ŽďũĞĐƟǀŝƚLJ ĂŶĚ ĐĂŶďĞĂĐĐĞƐƐĞĚŽŶƚŚĞŽŵƉĂŶLJ͛ƐǁĞďƐŝƚĞƵŶĚĞƌƚŚĞ ĨŽƌŵ Ă ƉĂƌƚ ŽĨ ƚŚĞ ŶŶƵĂů ZĞƉŽƌƚ ĂŶĚ ĂƌĞ ƌĞŇĞĐƚĞĚ ŝŶ ƚŚĞ ZƵůĞƐ͕ ϮϬϭϲ Žƌ ĂŶLJ ŽƚŚĞƌ ĂƉƉůŝĐĂďůĞ ůĂǁ ĂƐ ĂŵĞŶĚĞĚ ĨƌŽŵ ŝŶĚĞƉĞŶĚĞŶĐĞ͕ƚŚĞ/ŶƚĞƌŶĂůƵĚŝƚŽƌƌĞƉŽƌƚƐƚŽƚŚĞŚĂŝƌŵĂŶ ŽŶƐŽůŝĚĂƚĞĚĐĐŽƵŶƚƐ͘ ƟŵĞ ƚŽ ƟŵĞ͘ dŚĞ ĂƉƉŽŝŶƚĞĚ ĚĂƚĞ ĨŽƌ ƚŚĞ ^ĐŚĞŵĞ ǁĂƐ ŽĨƚŚĞƵĚŝƚŽŵŵŝƩĞĞŽĨƚŚĞŽĂƌĚ͘

52 Annual Report 2017-18 53 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

WƵƌƐƵĂŶƚ ƚŽ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ^ĞĐƟŽŶ ϭϮϵ;ϯͿ ŽĨ ƚŚĞ Đƚ͕ Ă ŽĨƚŚĞŽŵƉĂŶLJǁ͘Ğ͘ĨEŽǀĞŵďĞƌϲ͕ϮϬϭϳĨŽƌĂƉĞƌŝŽĚŽĨĮǀĞ ĞŐĂůΘŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ͘ ƚŚĞ EZ ĐĂƌƌŝĞĚ ŽƵƚ ƚŚĞ ĞǀĂůƵĂƟŽŶ ŽĨ ĞǀĞƌLJ ŝƌĞĐƚŽƌ͛Ɛ ^ƚĂƚĞŵĞŶƚƐ ǁŝůů ĂůƐŽ ďĞ ŬĞƉƚ ŽƉĞŶ ĨŽƌ ŝŶƐƉĞĐƟŽŶ ďLJ ĂŶLJ /ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĐƚĂŶĚƚŚĞƌƟĐůĞƐŽĨƐƐŽĐŝĂƟŽŶŽĨ ƉĞƌĨŽƌŵĂŶĐĞ͘ DĞŵďĞƌ Ăƚ ƚŚĞ ZĞŐŝƐƚĞƌĞĚ KĸĐĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ĂŶĚ ƚŚĞ LJŽƵƌŽŵƉĂŶLJ͕Dƌ͘E͘ŚĂŶĚƌĂƐĞŬĂƌĂŶƌĞƟƌĞƐďLJƌŽƚĂƟŽŶĂŶĚ ŽĂƌĚDĞĞƟŶŐƐ ^ƵďƐŝĚŝĂƌLJŽŵƉĂŶŝĞƐ͘ ďĞŝŶŐĞůŝŐŝďůĞ͕ŽīĞƌƐŚŝŵƐĞůĨĨŽƌƌĞͲĂƉƉŽŝŶƚŵĞŶƚ͘ ƵƌŝŶŐƚŚĞLJĞĂƌƵŶĚĞƌƌĞǀŝĞǁ͕ƐŝdžŽĂƌĚDĞĞƟŶŐƐǁĞƌĞŚĞůĚ  dŚĞ ĨĞĞĚďĂĐŬ ĂŶĚ ƐƵŐŐĞƐƟŽŶƐ ƌĞĐĞŝǀĞĚ ĨƌŽŵ Ăůů ĂŶĚƚŚĞŝŶƚĞƌǀĞŶŝŶŐŐĂƉďĞƚǁĞĞŶƚŚĞŵĞĞƟŶŐƐĚŝĚŶŽƚĞdžĐĞĞĚ ŝƌĞĐƚŽƌƐ ǁĞƌĞ ĚŝƐĐƵƐƐĞĚ Ăƚ ƚŚĞ EZ DĞĞƟŶŐ ĨŽƌ WƵƌƐƵĂŶƚ ƚŽ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ^ĞĐƟŽŶ ϭϯϲ ŽĨ ƚŚĞ Đƚ͕ ƚŚĞ dŚĞ ĂƉƉƌŽǀĂů ŽĨ ƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ ĨŽƌ ƚŚĞŝƌ ĂƉƉŽŝŶƚŵĞŶƚ ͬ ƚŚĞƉĞƌŝŽĚƉƌĞƐĐƌŝďĞĚƵŶĚĞƌƚŚĞĐƚ͕ƚŚĞĚĞƚĂŝůƐŽĨǁŚŝĐŚĂƌĞ ƉŽƐŝƟǀĞ ƌĞŝŶĨŽƌĐĞŵĞŶƚ ŝŵƉůĞŵĞŶƚĂƟŽŶ͘ &ŽůůŽǁŝŶŐ ƚŚĞ &ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐŽĨLJŽƵƌŽŵƉĂŶLJ͕ŽŶƐŽůŝĚĂƚĞĚ&ŝŶĂŶĐŝĂů ƌĞͲĂƉƉŽŝŶƚŵĞŶƚĂƐŝƌĞĐƚŽƌƐŚĂƐďĞĞŶƐŽƵŐŚƚŝŶƚŚĞEŽƟĐĞ ŐŝǀĞŶŝŶƚŚĞŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞZĞƉŽƌƚ͘ ĚŝƐĐƵƐƐŝŽŶƐ͕ ƚŚĞ ŝŶƉƵƚƐ ƚƌĂŶƐůĂƚĞĚ ŝŶƚŽ ĂŶ ĂĐƟŽŶ ƉůĂŶ ^ƚĂƚĞŵĞŶƚƐ ĂůŽŶŐ ǁŝƚŚ ƌĞůĞǀĂŶƚ ĚŽĐƵŵĞŶƚƐ ĂŶĚ ƐĞƉĂƌĂƚĞ ĐŽŶǀĞŶŝŶŐƚŚĞ'DŽĨLJŽƵƌŽŵƉĂŶLJ͘ ĨŽůůŽǁĞĚƵƉďLJƚŚĞŽĂƌĚƉĞƌŝŽĚŝĐĂůůLJ͘ƌĞĂƐƚŚĂƚŶĞĞĚĞĚ ĂƵĚŝƚĞĚĂĐĐŽƵŶƚƐŝŶƌĞƐƉĞĐƚŽĨƐƵďƐŝĚŝĂƌŝĞƐĂƌĞĂǀĂŝůĂďůĞŽŶ ŽĂƌĚīĞĐƟǀĞŶĞƐƐ ŝŵƉƌŽǀĞŵĞŶƚĂŶĚŵŽƌĞĨŽĐƵƐĂƚŽĂƌĚĂŶĚŽŵŵŝƩĞĞ ƚŚĞǁĞďƐŝƚĞŽĨLJŽƵƌŽŵƉĂŶLJ͘ ZĞƟƌĞŵĞŶƚͬZĞƐŝŐŶĂƟŽŶƐ zŽƵƌŽŵƉĂŶLJŚĂƐĂĚŽƉƚĞĚƚŚĞdĂƚĂ'ŽǀĞƌŶĂŶĐĞ'ƵŝĚĞůŝŶĞƐ DĞĞƟŶŐƐǁĞƌĞŶŽƚĞĚ͘ Dƌ͘ZĂŬĞƐŚ^ĂƌŶĂŚĂĚĞdžƉƌĞƐƐĞĚŚŝƐĚĞƐŝƌĞƚŽƐƚĞƉĚŽǁŶĂƐ ǁŚŝĐŚ͕ ŝŶƚĞƌ ĂůŝĂ͕ ĐŽǀĞƌ ĂƐƉĞĐƚƐ ƌĞůĂƚĞĚ ƚŽ ĐŽŵƉŽƐŝƟŽŶ ĂŶĚ zŽƵƌ ŽŵƉĂŶLJ ŚĂƐ Ϯϭ ^ƵďƐŝĚŝĂƌŝĞƐ͕ ϴ :ŽŝŶƚ sĞŶƚƵƌĞƐ ĂŶĚ ƚŚĞDΘKŽĨƚŚĞŽŵƉĂŶLJƵƉŽŶĐŽŵƉůĞƟŽŶŽĨŚŝƐƚŚƌĞĞ ƌŽůĞ ŽĨ ƚŚĞ ŽĂƌĚ͕ ŚĂŝƌŵĂŶ ĂŶĚ ŝƌĞĐƚŽƌƐ͕ ŽĂƌĚ ĚŝǀĞƌƐŝƚLJ͕  dŚĞŽĂƌĚŚĂĚƌĞĐĞŝǀĞĚĐŽŶƐŝƐƚĞŶƚƌĂƟŶŐƐŽŶŝƚƐŽǀĞƌĂůů ϲƐƐŽĐŝĂƚĞƐĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ͘ LJĞĂƌƚĞŶƵƌĞĚƵĞƚŽƉĞƌƐŽŶĂůƌĞĂƐŽŶƐǀŝĚĞůĞƩĞƌĚĂƚĞĚDĂLJ ĚĞĮŶŝƟŽŶŽĨŝŶĚĞƉĞŶĚĞŶĐĞ͕ŝƌĞĐƚŽƌ͛ƐƚĞƌŵ͕ƌĞƟƌĞŵĞŶƚĂŐĞ ĞīĞĐƟǀĞŶĞƐƐĂŶĚŚĂĚďĞĞŶƌĂƚĞĚĐŽŵƉĂƌĂƟǀĞůLJŚŝŐŚĞƌ Ϯϲ͕ϮϬϭϳ͘ ĂŶĚŽŵŵŝƩĞĞƐŽĨƚŚĞŽĂƌĚ͘dŚĞLJĂůƐŽĐŽǀĞƌĂƐƉĞĐƚƐƌĞůĂƟŶŐ ƚŚŝƐ LJĞĂƌ ĨŽƌ ĐŽŵƉŽƐŝƟŽŶ ŽĨ ŝƌĞĐƚŽƌƐ ĂŶĚ ƚŚĞŝƌ ƐŬŝůůƐ͕ d/&K ,ŽůĚŝŶŐƐ >ŝŵŝƚĞĚ ĐĞĂƐĞĚ ƚŽ ďĞ Ă ƐƵďƐŝĚŝĂƌLJ ŽĨ ƚŚĞ ƚŽ ŶŽŵŝŶĂƟŽŶ͕ ĂƉƉŽŝŶƚŵĞŶƚ͕ ŝŶĚƵĐƟŽŶ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĂƩƌŝďƵƚĞƐ ĂŶĚ ĞdžƉĞƌŝĞŶĐĞ͕ ŽĂƌĚ DĞĞƟŶŐ ƉƌĂĐƟĐĞƐ͕ ŽŵƉĂŶLJƉƵƌƐƵĂŶƚƚŽŝƚƐĂŵĂůŐĂŵĂƟŽŶǁŝƚŚƚŚĞŽŵƉĂŶLJŝ͘Ğ͘ dŚĞŽĂƌĚĂĐĐĞƉƚĞĚƚŚĞƌĞƐŝŐŶĂƟŽŶŽĨDƌ͘^ĂƌŶĂĂƉƉƌĞĐŝĂƟŶŐ ŽĨ ŝƌĞĐƚŽƌƐ͕ ŝƌĞĐƚŽƌ͛Ɛ ƌĞŵƵŶĞƌĂƟŽŶ͕ ƐƵďƐŝĚŝĂƌLJ ŽǀĞƌƐŝŐŚƚ͕ ŐŽǀĞƌŶĂŶĐĞ ĂŶĚ ĐŽŵƉůŝĂŶĐĞ͕ ^ĞĐƌĞƚĂƌŝĂů ^ƵƉƉŽƌƚ͕ ǁ͘Ğ͘ĨĨƌŽŵƉƌŝůϭϭ͕ϮϬϭϴ͘dŚĞĂƉƉŽŝŶƚĞĚĚĂƚĞĨŽƌƚŚĞ^ĐŚĞŵĞ ƚŚĞ ĐŽŶƚƌŝďƵƟŽŶ ŵĂĚĞ ďLJ Śŝŵ ƚŽ ƚŚĞ ŽŵƉĂŶLJ ŝŶ ŝƚƐ ŽĚĞŽĨŽŶĚƵĐƚ͕ŽĂƌĚīĞĐƟǀĞŶĞƐƐZĞǀŝĞǁĂŶĚŵĂŶĚĂƚĞƐ ŽƌƉŽƌĂƚĞĐƵůƚƵƌĞĂŶĚǀĂůƵĞƐĂŵŽŶŐƐƚŽƚŚĞƌƐ͘ ŽĨŵĂůŐĂŵĂƟŽŶǁĂƐƉƌŝůϭ͕ϮϬϭϳ͘ ƚƌĂŶƐĨŽƌŵĂƟŽŶƚŽŽƉĞƌĂƟŽŶĂůĞdžĐĞůůĞŶĐĞ͘ ŽĨŽĂƌĚŽŵŵŝƩĞĞƐ͘  ƚ Ă ƐĞƉĂƌĂƚĞ DĞĞƟŶŐ ŽĨ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌƐ͕ ƉĞdž ,ŽƚĞů DĂŶĂŐĞŵĞŶƚ ^ĞƌǀŝĐĞƐ WƚĞ >ŝŵŝƚĞĚ ĐĞĂƐĞĚ ƚŽ Dƌ͘^ĂƌŶĂƐƚĞƉƉĞĚĚŽǁŶĂƐƚŚĞDΘKŽĨƚŚĞŽŵƉĂŶLJ ͘ ŽĂƌĚǀĂůƵĂƟŽŶ ƉĞƌĨŽƌŵĂŶĐĞŽĨŶŽŶͲŝŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐ͕ƉĞƌĨŽƌŵĂŶĐĞ ďĞ Ă ƐƵďƐŝĚŝĂƌLJ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ǁ͘Ğ͘Ĩ͘ ƵŐƵƐƚ ϳ͕ ϮϬϭϳ͕ ǁ͘Ğ͘ĨƚŚĞĐůŽƐĞŽĨďƵƐŝŶĞƐƐŚŽƵƌƐŽŶ^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϭϳ͘  dŚĞ ĞǀĂůƵĂƟŽŶ ŽĨ ƚŚĞ ŝŶĚŝǀŝĚƵĂů ŝƌĞĐƚŽƌƐ͕ ŽĂƌĚ ĂŶĚ ŽĨƚŚĞŽĂƌĚĂƐĂǁŚŽůĞĂŶĚƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŚĂŝƌŵĂŶ ŚŝĞŌĂŝŶ ŽƌƉŽƌĂƟŽŶ >ŝŵŝƚĞĚ ǁĂƐ ůŝƋƵŝĚĂƚĞĚ ŽŶ ŽŵŵŝƩĞĞ ĞīĞĐƟǀĞŶĞƐƐ ǁĂƐ ĐŽŶĚƵĐƚĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁĂƐ ĞǀĂůƵĂƚĞĚ͕ ƚĂŬŝŶŐ ŝŶƚŽ ĂĐĐŽƵŶƚ ƚŚĞ ǀŝĞǁƐ ŽĨ ƚŚĞ Ɖƌŝůϭϯ͕ϮϬϭϳĂŶĚ^ĂŵƐĂƌĂWƌŽƉĞƌƟĞƐ>ŝŵŝƚĞĚǁĂƐĚŝƐƐŽůǀĞĚ ƵƌŝŶŐ ƚŚĞ LJĞĂƌ ƵŶĚĞƌ ƌĞǀŝĞǁ͕ ƚŚĞ ĨŽůůŽǁŝŶŐ ŝƌĞĐƚŽƌƐ ĂůƐŽ ǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĐƚ͕ƚŚĞ>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐĂŶĚ džĞĐƵƟǀĞŝƌĞĐƚŽƌƐĂŶĚEŽŶͲdžĞĐƵƟǀĞŝƌĞĐƚŽƌƐ͘ ŽŶ:ƵŶĞϲ͕ϮϬϭϳ͘ ƐƚĞƉƉĞĚĚŽǁŶĨƌŽŵƚŚĞŽĂƌĚŽĨƚŚĞŽŵƉĂŶLJĂƐƵŶĚĞƌ͗ ƚŚĞ dĂƚĂ 'ŽǀĞƌŶĂŶĐĞ 'ƵŝĚĞůŝŶĞƐ ŽŶ ŽĂƌĚ īĞĐƟǀĞŶĞƐƐ ZĞǀŝĞǁǁŝƚŚƚŚĞEZŚĂǀŝŶŐŽǀĞƌƐŝŐŚƚŽĨƚŚĞǁŚŽůĞƉƌŽĐĞƐƐ͘   ĐŽŵƉƌĞŚĞŶƐŝǀĞ ďƌŝĞĨ ŽĨ ƚŚĞ ĂĨŽƌĞƐĂŝĚ DĞĞƟŶŐƐ ǁĂƐ ͻ Dƌ͘<͘͘ĂĚŝƐĞƚŚǁ͘Ğ͘Ĩ͘Ɖƌŝůϳ͕ϮϬϭϳ dŚĞ ƉŽůŝĐLJ ĨŽƌ ĚĞƚĞƌŵŝŶŝŶŐ ŵĂƚĞƌŝĂů ƐƵďƐŝĚŝĂƌŝĞƐ ĐĂŶ ƐƵďƐĞƋƵĞŶƚůLJƐŚĂƌĞĚĂƚƚŚĞŶĞdžƚŽĂƌĚDĞĞƟŶŐĂƚǁŚŝĐŚƚŚĞ ďĞ ĂĐĐĞƐƐĞĚ ŽŶ LJŽƵƌ ŽŵƉĂŶLJ͛Ɛ ǁĞďƐŝƚĞ ƵŶĚĞƌ ƚŚĞ ůŝŶŬ ͻ Dƌ͘^ŚĂƉŽŽƌDŝƐƚƌLJǁ͘Ğ͘Ĩ͘ƉƌŝůϮϱ͕ϮϬϭϳ  ŽĂƌĚരͬരŽŵŵŝƩĞĞ ĞǀĂůƵĂƟŽŶ ĂŶĚ ^ĞůĨͲƐƐĞƐƐŵĞŶƚ ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŽĂƌĚ͕ŝƚƐŽŵŵŝƩĞĞƐĂŶĚŝŶĚŝǀŝĚƵĂů ŚƩƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬƉŽůŝĐŝĞƐͬƉŽůŝĐLJͲĨŽƌͲĚĞƚĞƌŵŝŶŝŶŐͲ ƋƵĞƐƟŽŶŶĂŝƌĞƐ ŚĂǀŝŶŐ ƋƵĂůŝƚĂƟǀĞ ƉĂƌĂŵĞƚĞƌƐ ĂŶĚ ŝƌĞĐƚŽƌƐ ǁĂƐ ĂůƐŽ ĚŝƐĐƵƐƐĞĚ͘ WĞƌĨŽƌŵĂŶĐĞ ĞǀĂůƵĂƟŽŶ ŵĂƚĞƌŝĂůͲƐƵďƐĚŝĂƌŝĞƐ͘ĚŽĐdž Dƌ͘DĞŚĞƌŶŽƐŚ <ĂƉĂĚŝĂ ƌĞƟƌĞĚ ĂƐ ƚŚĞ džĞĐƵƟǀĞ ŝƌĞĐƚŽƌ ʹ ĨĞĞĚďĂĐŬďĂƐĞĚŽŶƌĂƟŶŐĂŌĞƌƚĂŬŝŶŐŝŶƚŽĐŽŶƐŝĚĞƌĂƟŽŶ ŽĨ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌƐ ǁĂƐ ĚŽŶĞ ďLJ ƚŚĞ ĞŶƟƌĞ ŽĂƌĚ͕ ŽƌƉŽƌĂƚĞīĂŝƌƐŽŶDĂLJϮϯ͕ϮϬϭϴƵƉŽŶŚŝŵƌĞĂĐŚŝŶŐƚŚĞĂŐĞ ƚŚĞŐƵŝĚĂŶĐĞŶŽƚĞŝƐƐƵĞĚďLJƚŚĞ^ĞĐƵƌŝƟĞƐĂŶĚdžĐŚĂŶŐĞ ĞdžĐůƵĚŝŶŐƚŚĞ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌďĞŝŶŐĞǀĂůƵĂƚĞĚ͘ ZŝŐŚƚƐ/ƐƐƵĞ ŽĨƌĞƟƌĞŵĞŶƚĨŽƌdžĞĐƵƟǀĞŝƌĞĐƚŽƌƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ ŽĂƌĚŽĨ/ŶĚŝĂŽŶ:ĂŶƵĂƌLJϱ͕ϮϬϭϳǁĞƌĞĐŝƌĐƵůĂƚĞĚƚŽƚŚĞ dŚĞŽŵƉĂŶLJ͕ǀŝĚĞŝƚƐ>ĞƩĞƌŽĨKīĞƌĚĂƚĞĚ^ĞƉƚĞŵďĞƌϮϱ͕ϮϬϭϳ͕ 'ŽǀĞƌŶĂŶĐĞ'ƵŝĚĞůŝŶĞƐĂĚŽƉƚĞĚďLJƚŚĞŽŵƉĂŶLJ͘ƵƌŝŶŐŚŝƐ ŝƌĞĐƚŽƌƐĨŽƌƚŚĞŝƌĐŽŵŵĞŶƚƐ͘  &ŽůůŽǁŝŶŐ ƚŚĞ ŽĂƌĚ ĚŝƐĐƵƐƐŝŽŶ͕ ĨĞĞĚďĂĐŬ ŽŶ ƚŚĞ ŚĂĚŽīĞƌĞĚƵƉƚŽϮϬ͕ϬϬ͕ϬϬ͕ϬϬϬƋƵŝƚLJ^ŚĂƌĞƐŽĨĨĂĐĞǀĂůƵĞŽĨ ƚĞŶƵƌĞ͕ Dƌ͘<ĂƉĂĚŝĂ͕ Ă ǀŝƐŝŽŶĂƌLJ ĂŶĚ ĂŶ ŽƵƚƐƚĂŶĚŝŶŐ ůĞĂĚĞƌ ŽŵŵŝƩĞĞ ƌĞƉŽƌƚƐ ǁĞƌĞ ĚŝƐĐƵƐƐĞĚ ǁŝƚŚ ĞĂĐŚ ŽĨ ƚŚĞ `ϭĞĂĐŚŽĨƚŚĞŽŵƉĂŶLJĨŽƌĐĂƐŚĂƚĂƉƌŝĐĞŽĨ`ϳϱƉĞƌƋƵŝƚLJ ƐƚĞĞƌĞĚ ƚŚĞ ŽŵƉĂŶLJ ǁŝƚŚ ŐƌĞĂƚ ĚŝƐƟŶĐƟŽŶ ĂŶĚ ƉƌŽǀŝĚĞĚ  WĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ŽĂƌĚ ĂŶĚ ŽĂƌĚ ŽŵŵŝƩĞĞƐ ƌĞůĞǀĂŶƚ ŽŵŵŝƩĞĞ ŚĂŝƌƐ͘ dŚĞ ŽŵŵŝƩĞĞƐ ǁĞƌĞ ^ŚĂƌĞ;ŝŶĐůƵĚŝŶŐĂƉƌĞŵŝƵŵŽĨ`ϳϰƉĞƌƋƵŝƚLJ^ŚĂƌĞͿ͕ĨŽƌĂŶ ŐƵŝĚĂŶĐĞĂŶĚĚŝƌĞĐƟŽŶƚŽƚŚĞŽŵƉĂŶLJ͕ŝŶŝƚƐƋƵĞƐƚƚŽďĞĐŽŵĞ ǁĞƌĞ ĞǀĂůƵĂƚĞĚ ŽŶ ǀĂƌŝŽƵƐ ƉĂƌĂŵĞƚĞƌƐ ƐƵĐŚ ĂƐ ŚŝŐŚůLJƌĞŐĂƌĚĞĚŝŶƚŚĞĨĞĞĚďĂĐŬĂŶĚǀŝĞǁĞĚĂƐĞīĞĐƟǀĞ ĂŵŽƵŶƚŶŽƚĞdžĐĞĞĚŝŶŐ`ϭ͕ϱϬϬĐƌŽƌĞƐ͕ŽŶZŝŐŚƚƐďĂƐŝƐ͕ŝŶƚŚĞ ĂůĞĂĚŝŶŐŝĐŽŶŝĐŚŽƐƉŝƚĂůŝƚLJŽŵƉĂŶLJŝŶ/ŶĚŝĂĂƐĂůƐŽŽǀĞƌƐĞĂƐ͘ ŽĂƌĚ ĐŽŵƉŽƐŝƟŽŶ Θ ƐƚƌƵĐƚƵƌĞ͕ ĨƌĞƋƵĞŶĐLJ͕ ŇŽǁ ĂŶĚ ŝŶ ĨƵůĮůůŝŶŐ ƚŚĞŝƌ ƌĞŵŝƚƐ ĂŶĚ ŝŶĚŝǀŝĚƵĂů ĨĞĞĚďĂĐŬ͕ ĂƐ ƌĂƟŽŽĨϭƋƵŝƚLJ^ŚĂƌĞĨŽƌĞǀĞƌLJϱĨƵůůLJƉĂŝĚͲƵƉƋƵŝƚLJ^ŚĂƌĞƐ ĨƵŶĐƟŽŶŝŶŐŽĨŵĞĞƟŶŐƐ͕ƋƵĂůŝƚLJ͕ĚŝǀĞƌƐŝƚLJ͕ĞdžƉĞƌŝĞŶĐĞ͕ ĂƉƉƌŽƉƌŝĂƚĞ͕ǁĂƐƉƌŽǀŝĚĞĚƚŽƚŚĞŝƌĞĐƚŽƌƐďLJƚŚĞŽĂƌĚ ŚĞůĚďLJƚŚĞĞůŝŐŝďůĞĞƋƵŝƚLJƐŚĂƌĞŚŽůĚĞƌƐĂƐŽŶƚŚĞƌĞĐŽƌĚĚĂƚĞ͘ dŚĞ ŽĂƌĚ ƉůĂĐĞƐ ŽŶ ƌĞĐŽƌĚ ŝƚƐ ĂƉƉƌĞĐŝĂƟŽŶ ŽĨ ƚŚĞ ĐŽŵƉĞƚĞŶĐŝĞƐ͕ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƐƉĞĐŝĮĐ ĚƵƟĞƐ ĂŶĚ ŚĂŝƌŵĂŶ͘ dŚĞ ŝƐƐƵĞ ŚĂĚ ŽƉĞŶĞĚ ŽŶ KĐƚŽďĞƌ ϭϯ͕ ϮϬϭϳ ĂŶĚ ĐůŽƐĞĚ ŽŶ ƐĞƌǀŝĐĞƐƌĞŶĚĞƌĞĚďLJƚŚĞƐĞŝƌĞĐƚŽƌƐĚƵƌŝŶŐƚŚĞŝƌƌĞƐƉĞĐƟǀĞ ŽďůŝŐĂƟŽŶƐ͕ƋƵĂůŝƚLJŽĨĚĞĐŝƐŝŽŶŵĂŬŝŶŐĂŶĚĞīĞĐƟǀĞŶĞƐƐ KĐƚŽďĞƌϮϳ͕ϮϬϭϳ͘ŽŶƐĞƋƵĞŶƚůLJ͕ŽŶEŽǀĞŵďĞƌϳ͕ϮϬϭϳ͕ƚŚĞ ƚĞŶƵƌĞƐ͘ ŽĨŽĂƌĚƉƌŽĐĞƐƐĞƐ͘ ͘ ƉƉŽŝŶƚŵĞŶƚŽĨŝƌĞĐƚŽƌƐĂŶĚĐƌŝƚĞƌŝĂĨŽƌĚĞƚĞƌŵŝŶŝŶŐ ŽŵƉĂŶLJ ĂůůŽƩĞĚ ϭϵ͕ϵϵ͕ϴϰ͕ϰϯϬ ƋƵŝƚLJ ^ŚĂƌĞƐ ŽĨ ` ϳϱ ĞĂĐŚ ƋƵĂůŝĮĐĂƟŽŶƐ͕ƉŽƐŝƟǀĞĂƩƌŝďƵƚĞƐΘŝŶĚĞƉĞŶĚĞŶĐĞŽĨĂ ĂŐŐƌĞŐĂƟŶŐ`ϭϰ͕ϵϵ͕ϴϴ͕ϯϮ͕ϮϱϬ͘ /ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐ  WĞƌĨŽƌŵĂŶĐĞ ŽĨ ŝŶĚŝǀŝĚƵĂů ŝƌĞĐƚŽƌƐ ǁĂƐ ĞǀĂůƵĂƚĞĚ ŝƌĞĐƚŽƌ dŚĞ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐŚĂǀĞƐƵďŵŝƩĞĚĂĚĞĐůĂƌĂƟŽŶƚŚĂƚ ŽŶ ƉĂƌĂŵĞƚĞƌƐ͕ ƐƵĐŚ ĂƐ ĂƩĞŶĚĂŶĐĞ Ăƚ DĞĞƟŶŐƐ͕  dŚĞ EZ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĚĞǀĞůŽƉŝŶŐ ĐŽŵƉĞƚĞŶĐLJ ŝƌĞĐƚŽƌƐŶĚ<ĞLJDĂŶĂŐĞƌŝĂůWĞƌƐŽŶŶĞů;Ζ

54 Annual Report 2017-18 55 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

 dŚĞEZ ŚĂƐ ĨŽƌŵƵůĂƚĞĚ ƚŚĞ ĐƌŝƚĞƌŝĂ ĨŽƌ ĚĞƚĞƌŵŝŶŝŶŐ  ͻ /ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐ;͚/͛ͿĂŶĚEŽŶͲ/ŶĚĞƉĞŶĚĞŶƚ ƚŚĞ ŽŵƉĂŶLJ ĨŽƌ ŝƌĞĐƚŽƌƐͿ ĂŶĚ ŝŶ ŽďƚĂŝŶŝŶŐ  ͻ zŽƵƌŽŵƉĂŶLJƉƌŽǀŝĚĞƐƚŚĞƌĞƐƚŽĨƚŚĞĞŵƉůŽLJĞĞƐĂ ƋƵĂůŝĮĐĂƟŽŶƐ͕ ƉŽƐŝƟǀĞ ĂƩƌŝďƵƚĞƐ ĂŶĚ ŝŶĚĞƉĞŶĚĞŶĐĞ ŽĨ EŽŶͲdžĞĐƵƟǀĞ ŝƌĞĐƚŽƌƐ ;͚E/E͛Ϳ ŵĂLJ ďĞ ƉĂŝĚ ƉƌŽĨĞƐƐŝŽŶĂů ĂĚǀŝĐĞ ĨƌŽŵ ŝŶĚĞƉĞŶĚĞŶƚ ĂĚǀŝƐŽƌƐ ŝŶ ƉĞƌĨŽƌŵĂŶĐĞůŝŶŬĞĚďŽŶƵƐ͘dŚĞƉĞƌĨŽƌŵĂŶĐĞůŝŶŬĞĚ ŝƌĞĐƚŽƌƐŝŶƚĞƌŵƐŽĨƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƟŽŶϭϳϴ;ϯͿŽĨƚŚĞ ƐŝƫŶŐ ĨĞĞƐ ĨŽƌ ĂƩĞŶĚŝŶŐ ƚŚĞ DĞĞƟŶŐƐ ŽĨ ƚŚĞ ĨƵƌƚŚĞƌĂŶĐĞŽĨŚŝƐͬŚĞƌĚƵƟĞƐĂƐĂŝƌĞĐƚŽƌ͘ ďŽŶƵƐŝƐĚƌŝǀĞŶďLJƚŚĞŽƵƚĐŽŵĞŽĨƚŚĞƉĞƌĨŽƌŵĂŶĐĞ ĐƚĂŶĚƚŚĞ>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐĂƐƐƚĂƚĞĚƵŶĚĞƌ͗ ŽĂƌĚ ĂŶĚ ŽĨ ŽŵŵŝƩĞĞƐ ŽĨ ǁŚŝĐŚ ƚŚĞLJ ŵĂLJ ďĞ ĂƉƉƌĂŝƐĂů ƉƌŽĐĞƐƐ ĂŶĚ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ LJŽƵƌ ŵĞŵďĞƌƐĂŶĚƌĞĐĞŝǀĞĐŽŵŵŝƐƐŝŽŶǁŝƚŚŝŶƌĞŐƵůĂƚŽƌLJ   ZĞŵƵŶĞƌĂƟŽŶ ĨŽƌ DĂŶĂŐŝŶŐ ŝƌĞĐƚŽƌ ŽŵƉĂŶLJĂŶĚƚŚĞŝŶĚŝǀŝĚƵĂů͛ƐĐŽŶƚƌŝďƵƟŽŶ͘  /ŶĚĞƉĞŶĚĞŶĐĞ͗  ŝƌĞĐƚŽƌ ǁŝůů ďĞ ĐŽŶƐŝĚĞƌĞĚ ĂƐ ĂŶ ůŝŵŝƚƐ͕ĂƐƌĞĐŽŵŵĞŶĚĞĚďLJƚŚĞEZĂŶĚĂƉƉƌŽǀĞĚ ;DͿരͬരdžĞĐƵƟǀĞ ŝƌĞĐƚŽƌƐ ;Ϳരͬര<ĞLJ DĂŶĂŐĞƌŝĂů ͚/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌ͛ŝĨŚĞͬƐŚĞŵĞĞƚƐǁŝƚŚƚŚĞĐƌŝƚĞƌŝĂ ďLJƚŚĞŽĂƌĚ͘ WĞƌƐŽŶŶĞů;ŝƐƟŶŐ ZĞŐƵůĂƟŽŶƐ ĂŶĚ ƚŚĞ dĂƚĂ 'ŽǀĞƌŶĂŶĐĞ  ͻ KǀĞƌĂůů ƌĞŵƵŶĞƌĂƟŽŶ ƐŚŽƵůĚ ďĞ ƌĞĂƐŽŶĂďůĞ ĂŶĚ ďĞ ƐƵĸĐŝĞŶƚ ƚŽ ĂƩƌĂĐƚ ĂŶĚ ƌĞƚĂŝŶ ƚĂůĞŶƚĞĚ ĂŶĚ LJŽƵƌŽŵƉĂŶLJ͘ 'ƵŝĚĞůŝŶĞƐ͘ ƐƵĸĐŝĞŶƚƚŽĂƩƌĂĐƚ͕ƌĞƚĂŝŶĂŶĚŵŽƟǀĂƚĞŝƌĞĐƚŽƌƐ ƋƵĂůŝĮĞĚŝŶĚŝǀŝĚƵĂůƐƐƵŝƚĂďůĞĨŽƌĞǀĞƌLJƌŽůĞ͘,ĞŶĐĞ͕ ĂůŝŐŶĞĚ ƚŽ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ LJŽƵƌ ŽŵƉĂŶLJ͕ ƌĞŵƵŶĞƌĂƟŽŶ ƐŚŽƵůĚ ďĞ ŵĂƌŬĞƚ ĐŽŵƉĞƟƟǀĞ͕ DĂƚĞƌŝĂů ŚĂŶŐĞƐ ĂŶĚ ŽŵŵŝƚŵĞŶƚ ĂīĞĐƟŶŐ ƚŚĞ  ŽŵƉĞƚĞŶĐLJ͗ƚƌĂŶƐƉĂƌĞŶƚŽĂƌĚŶŽŵŝŶĂƟŽŶƉƌŽĐĞƐƐŝƐ ƚĂŬŝŶŐ ŝŶƚŽ ĐŽŶƐŝĚĞƌĂƟŽŶ ƚŚĞ ĐŚĂůůĞŶŐĞƐ ĨĂĐĞĚ ďLJ ĚƌŝǀĞŶ ďLJ ƚŚĞ ƌŽůĞ ƉůĂLJĞĚ ďLJ ƚŚĞ ŝŶĚŝǀŝĚƵĂů͕ &ŝŶĂŶĐŝĂůWŽƐŝƟŽŶŽĨƚŚĞŽŵƉĂŶLJ ŝŶƉůĂĐĞƚŚĂƚĞŶĐŽƵƌĂŐĞƐĚŝǀĞƌƐŝƚLJŽĨƚŚŽƵŐŚƚ͕ĞdžƉĞƌŝĞŶĐĞ͕ LJŽƵƌŽŵƉĂŶLJĂŶĚŝƚƐĨƵƚƵƌĞŐƌŽǁƚŚŝŵƉĞƌĂƟǀĞƐ͘ ƌĞŇĞĐƟǀĞŽĨƚŚĞƐŝnjĞŽĨLJŽƵƌŽŵƉĂŶLJ͕ĐŽŵƉůĞdžŝƚLJ dŚĞƌĞĂƌĞŶŽŵĂƚĞƌŝĂůĐŚĂŶŐĞƐĂīĞĐƟŶŐƚŚĞĮŶĂŶĐŝĂůƉŽƐŝƟŽŶ ŬŶŽǁůĞĚŐĞ͕ ƉĞƌƐƉĞĐƟǀĞ͕ ĂŐĞ ĂŶĚ ŐĞŶĚĞƌ͘ /ƚ ŝƐ ĞŶƐƵƌĞĚ ŽĨ ƚŚĞ ƐĞĐƚŽƌരͬരŝŶĚƵƐƚƌLJരͬരŽŵƉĂŶLJ͛Ɛ ŽƉĞƌĂƟŽŶƐ ŽĨƚŚĞŽŵƉĂŶLJƐƵďƐĞƋƵĞŶƚƚŽƚŚĞĐůŽƐĞŽĨƚŚĞ&zϮϬϭϴƟůůƚŚĞ ƚŚĂƚ ƚŚĞ ŽĂƌĚ ĐŽŵƉƌŝƐĞƐ Ă ŵŝdž ŽĨ ŵĞŵďĞƌƐ ǁŝƚŚ  ͻ ZĞŵƵŶĞƌĂƟŽŶƉĂŝĚƐŚŽƵůĚďĞƌĞŇĞĐƟǀĞŽĨƚŚĞƐŝnjĞŽĨ ĂŶĚ  LJŽƵƌ ŽŵƉĂŶLJ͛Ɛ ĐĂƉĂĐŝƚLJ ƚŽ ƉĂLJ͕ ĐŽŶƐŝƐƚĞŶƚ ĚĂƚĞŽĨƚŚŝƐƌĞƉŽƌƚ͘ ĚŝīĞƌĞŶƚĞĚƵĐĂƟŽŶĂůƋƵĂůŝĮĐĂƟŽŶƐ͕ŬŶŽǁůĞĚŐĞĂŶĚǁŚŽ LJŽƵƌŽŵƉĂŶLJ͕ĐŽŵƉůĞdžŝƚLJŽĨƚŚĞƐĞĐƚŽƌͬŝŶĚƵƐƚƌLJͬ ǁŝƚŚƌĞĐŽŐŶŝnjĞĚďĞƐƚƉƌĂĐƟĐĞƐĂŶĚĂůŝŐŶĞĚƚŽĂŶLJ ƉŽƐƐĞƐƐ ĂĚĞƋƵĂƚĞ ĞdžƉĞƌŝĞŶĐĞ ŝŶ ďĂŶŬŝŶŐ ĂŶĚ ĮŶĂŶĐĞ͕ ŽŵƉĂŶLJ͛ƐŽƉĞƌĂƟŽŶƐĂŶĚLJŽƵƌŽŵƉĂŶLJ͛ƐĐĂƉĂĐŝƚLJ ƌĞŐƵůĂƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐ͘ ^ŝŐŶŝĮĐĂŶƚĂŶĚŵĂƚĞƌŝĂůŽƌĚĞƌƐƉĂƐƐĞĚďLJƚŚĞZĞŐƵůĂƚŽƌƐ ĂĐĐŽƵŶƟŶŐĂŶĚƚĂdžĂƟŽŶ͕ĞĐŽŶŽŵŝĐƐ͕ůĞŐĂůĂŶĚƌĞŐƵůĂƚŽƌLJ ƚŽ ƉĂLJ ƚŚĞ ƌĞŵƵŶĞƌĂƟŽŶ ĂŶĚ ďĞ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƵƌŝŶŐƚŚĞLJĞĂƌƵŶĚĞƌƌĞǀŝĞǁ͕ŶŽƐŝŐŶŝĮĐĂŶƚŵĂƚĞƌŝĂůŽƌĚĞƌƐ ŵĂƩĞƌƐ͕ĐŽŶƐƵŵĞƌŝŶĚƵƐƚƌLJ͕ŚŽƐƉŝƚĂůŝƚLJƐĞĐƚŽƌĂŶĚŽƚŚĞƌ ƌĞĐŽŐŶŝnjĞĚďĞƐƚƉƌĂĐƟĐĞƐ͘  ͻ ĂƐŝĐͬĮdžĞĚ ƐĂůĂƌLJ ŝƐ ƉƌŽǀŝĚĞĚ ƚŽ Ăůů ĞŵƉůŽLJĞĞƐ ǁĞƌĞƉĂƐƐĞĚďLJƚŚĞZĞŐƵůĂƚŽƌƐŽƌŽƵƌƚƐŽƌdƌŝďƵŶĂůƐŝŵƉĂĐƟŶŐ ĚŝƐĐŝƉůŝŶĞƐƌĞůĂƚĞĚƚŽƚŚĞŽŵƉĂŶLJ͛ƐďƵƐŝŶĞƐƐĞƐ͘ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞƌĞ ŝƐ Ă ƐƚĞĂĚLJ ŝŶĐŽŵĞ ŝŶ ůŝŶĞ ƚŚĞŐŽŝŶŐĐŽŶĐĞƌŶƐƚĂƚƵƐĂŶĚLJŽƵƌŽŵƉĂŶLJ͛ƐŽƉĞƌĂƟŽŶƐ͘  ͻ YƵĂŶƚƵŵŽĨƐŝƫŶŐĨĞĞƐŵĂLJďĞƐƵďũĞĐƚƚŽƌĞǀŝĞǁŽŶ ǁŝƚŚ ƚŚĞŝƌ ƐŬŝůůƐ ĂŶĚ ĞdžƉĞƌŝĞŶĐĞ͘ /Ŷ ĂĚĚŝƟŽŶ͕ ĚĚŝƟŽŶĂůWŽƐŝƟǀĞƩƌŝďƵƚĞƐ͗ ĂƉĞƌŝŽĚŝĐďĂƐŝƐ͕ĂƐƌĞƋƵŝƌĞĚ͘ LJŽƵƌ ŽŵƉĂŶLJ ƉƌŽǀŝĚĞƐ ĞŵƉůŽLJĞĞƐ ǁŝƚŚ ĐĞƌƚĂŝŶ ^ƚĂƚƵƚŽƌLJƵĚŝƚŽƌƐ ƉĞƌƋƵŝƐŝƚĞƐ͕ ĂůůŽǁĂŶĐĞƐ ĂŶĚ ďĞŶĞĮƚƐ ƚŽ ĞŶĂďůĞ  ^ Z Θ Ž >>W͕ ŚĂƌƚĞƌĞĚ ĐĐŽƵŶƚĂŶƚƐ ;&ŝƌŵ ZĞŐŝƐƚƌĂƟŽŶ  ͻ dŚĞŝƌĞĐƚŽƌƐƐŚŽƵůĚŶŽƚŚĂǀĞĂŶLJŽƚŚĞƌƉĞĐƵŶŝĂƌLJ  ͻ dŚĞ ĂŐŐƌĞŐĂƚĞ ĐŽŵŵŝƐƐŝŽŶ ƉĂLJĂďůĞ ƚŽ Ăůů ƚŚĞ Ă ĐĞƌƚĂŝŶ ůĞǀĞů ŽĨ ůŝĨĞƐƚLJůĞ ĂŶĚ ƚŽ ŽīĞƌ ƐĐŽƉĞ ĨŽƌ EŽ͘ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮͿ͕ǁĞƌĞĂƉƉŽŝŶƚĞĚĂƐƚŚĞ^ƚĂƚƵƚŽƌLJ ƌĞůĂƟŽŶƐŚŝƉ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶLJ͕ ŝƚƐ ^ƵďƐŝĚŝĂƌŝĞƐ͕ E/EƐĂŶĚ/ƐǁŝůůďĞƌĞĐŽŵŵĞŶĚĞĚďLJƚŚĞEZƚŽ ƐĂǀŝŶŐƐ͘zŽƵƌŽŵƉĂŶLJĂůƐŽƉƌŽǀŝĚĞƐĂůůĞŵƉůŽLJĞĞƐ ƵĚŝƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJďLJƚŚĞDĞŵďĞƌƐĨŽƌĂƚĞƌŵŽĨĮǀĞ ƐƐŽĐŝĂƚĞƐ Žƌ :ŽŝŶƚ sĞŶƚƵƌĞƐ ĂŶĚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƚŚĞŽĂƌĚďĂƐĞĚŽŶŽŵƉĂŶLJƉĞƌĨŽƌŵĂŶĐĞ͕ƉƌŽĮƚƐ͕ ǁŝƚŚ Ă ƐŽĐŝĂů ƐĞĐƵƌŝƚLJ ŶĞƚ ƐƵďũĞĐƚ ƚŽ ůŝŵŝƚƐ͕ ǁŚŝĐŚ ĐŽŶƐĞĐƵƟǀĞLJĞĂƌƐ͕ĨƌŽŵƚŚĞĐŽŶĐůƵƐŝŽŶŽĨϭϭϲth'DƟůůƚŚĞ WƌŽŵŽƚĞƌƐ͕ĞdžĐĞƉƚĂƐƉƌŽǀŝĚĞĚƵŶĚĞƌůĂǁ͘ ƌĞƚƵƌŶƚŽŝŶǀĞƐƚŽƌƐ͕ƐŚĂƌĞŚŽůĚĞƌǀĂůƵĞĐƌĞĂƟŽŶĂŶĚ ĐŽǀĞƌƐ ŵĞĚŝĐĂů ĞdžƉĞŶƐĞƐ ĂŶĚ ŚŽƐƉŝƚĂůŝnjĂƟŽŶ ĐŽŶĐůƵƐŝŽŶ ŽĨ ƚŚĞ ϭϮϭst  'D ŽĨ ƚŚĞ ŽŵƉĂŶLJ ;ƐƵďũĞĐƚ ƚŽ ĂŶLJŽƚŚĞƌƐŝŐŶŝĮĐĂŶƚƋƵĂůŝƚĂƟǀĞƉĂƌĂŵĞƚĞƌƐĂƐŵĂLJ ƚŚƌŽƵŐŚ ƌĞͲŝŵďƵƌƐĞŵĞŶƚƐ Žƌ ŝŶƐƵƌĂŶĐĞ ĐŽǀĞƌ ĂŶĚ ƌĂƟĮĐĂƟŽŶ ŽĨ ƚŚĞŝƌ ĂƉƉŽŝŶƚŵĞŶƚ Ăƚ ĞǀĞƌLJ 'D͕ ŝĨ ƌĞƋƵŝƌĞĚ  ͻ dŚĞ ŝƌĞĐƚŽƌƐ ƐŚŽƵůĚ ŵĂŝŶƚĂŝŶ ĂŶ ƌŵ͛Ɛ >ĞŶŐƚŚ ďĞĚĞĐŝĚĞĚďLJƚŚĞŽĂƌĚ͘dŚĞEZǁŝůůƌĞĐŽŵŵĞŶĚ ĂĐĐŝĚĞŶƚĂů ĚĞĂƚŚ ďĞŶĞĮƚƐ͕ ĞƚĐ͘ zŽƵƌ ŽŵƉĂŶLJ ƵŶĚĞƌƚŚĞĐƚͿ͘ ZĞůĂƟŽŶƐŚŝƉ ďĞƚǁĞĞŶ ƚŚĞŵƐĞůǀĞƐ ĂŶĚ ƚŚĞ ƚŽƚŚĞŽĂƌĚƚŚĞƋƵĂŶƚƵŵŽĨĐŽŵŵŝƐƐŝŽŶĨŽƌĞĂĐŚ ƉƌŽǀŝĚĞƐƌĞƟƌĞŵĞŶƚďĞŶĞĮƚƐĂƐĂƉƉůŝĐĂďůĞǁŝƚŚƚŚĞ ĞŵƉůŽLJĞĞƐŽĨƚŚĞŽŵƉĂŶLJ͕ĂƐĂůƐŽǁŝƚŚƚŚĞĚŝƌĞĐƚŽƌƐ ŝƌĞĐƚŽƌďĂƐĞĚƵƉŽŶƚŚĞŽƵƚĐŽŵĞŽĨƚŚĞĞǀĂůƵĂƟŽŶ ZĞƟƌĞŵĞŶƚWŽůŝĐLJ͘ ,ŽǁĞǀĞƌ͕ƉƵƌƐƵĂŶƚƚŽƚŚĞŽŵƉĂŶŝĞƐŵĞŶĚŵĞŶƚĐƚ͕ϮϬϭϳ ĂŶĚĞŵƉůŽLJĞĞƐŽĨŝƚƐ^ƵďƐŝĚŝĂƌŝĞƐ͕ƐƐŽĐŝĂƚĞƐ͕:ŽŝŶƚ ƉƌŽĐĞƐƐǁŚŝĐŚŝƐĚƌŝǀĞŶďLJǀĂƌŝŽƵƐĨĂĐƚŽƌƐŝŶĐůƵĚŝŶŐ ǁŚŝĐŚǁĂƐŶŽƟĮĞĚŽŶDĂLJϳ͕ϮϬϭϴ͕ƚŚĞƉƌŽǀŝƐŝŽŶƌĞůĂƚĞĚƚŽ sĞŶƚƵƌĞƐ͕ WƌŽŵŽƚĞƌƐ ĂŶĚ ƐƚĂŬĞŚŽůĚĞƌƐ ĨŽƌ ǁŚŽŵ ĂƩĞŶĚĂŶĐĞ ĂŶĚ ƟŵĞ ƐƉĞŶƚ ŝŶ ƚŚĞ ŽĂƌĚ ĂŶĚ  ͻ /Ŷ ĂĚĚŝƟŽŶ ƚŽ ƚŚĞ ďĂƐŝĐͬĮdžĞĚ ƐĂůĂƌLJ͕ ďĞŶĞĮƚƐ͕ ƌĂƟĮĐĂƟŽŶŽĨĂƉƉŽŝŶƚŵĞŶƚŽĨĂƵĚŝƚŽƌƐďLJDĞŵďĞƌƐĂƚĞǀĞƌLJ ƚŚĞƌĞůĂƟŽŶƐŚŝƉǁŝƚŚƚŚĞƐĞĞŶƟƟĞƐŝƐŵĂƚĞƌŝĂů͘ ŽŵŵŝƩĞĞ DĞĞƟŶŐƐ͕ ŝŶĚŝǀŝĚƵĂů ĐŽŶƚƌŝďƵƟŽŶƐ Ăƚ ƉĞƌƋƵŝƐŝƚĞƐĂŶĚĂůůŽǁĂŶĐĞƐĂƐƉƌŽǀŝĚĞĚĂďŽǀĞ͕LJŽƵƌ 'DŚĂƐďĞĞŶĚŽŶĞĂǁĂLJǁŝƚŚ͘ ƚŚĞDĞĞƟŶŐƐĂŶĚĐŽŶƚƌŝďƵƟŽŶƐŵĂĚĞďLJŝƌĞĐƚŽƌƐ ŽŵƉĂŶLJƉƌŽǀŝĚĞƐDരͬരƐƐƵĐŚƌĞŵƵŶĞƌĂƟŽŶďLJ  ͻ dŚĞŝƌĞĐƚŽƌƐƐŚŽƵůĚŶŽƚďĞƚŚĞƐƵďũĞĐƚŽĨƉƌŽǀĞĚ ŽƚŚĞƌƚŚĂŶŝŶDĞĞƟŶŐƐ͘ ǁĂLJ ŽĨ ĐŽŵŵŝƐƐŝŽŶ͕ ĐĂůĐƵůĂƚĞĚ ǁŝƚŚ ƌĞĨĞƌĞŶĐĞ ƚŽ dŚĞƌĞƉŽƌƚŽĨƚŚĞ^ƚĂƚƵƚŽƌLJƵĚŝƚŽƌƐĂůŽŶŐǁŝƚŚƚŚĞEŽƚĞƐƚŽ ĂůůĞŐĂƟŽŶƐŽĨŝůůĞŐĂůŽƌƵŶĞƚŚŝĐĂůďĞŚĂǀŝŽƌ͕ŝŶƚŚĞŝƌ ƚŚĞ ŶĞƚ ƉƌŽĮƚƐ ŽĨ LJŽƵƌ ŽŵƉĂŶLJ ĨŽƌ ƚŚĞ ƌĞůĞǀĂŶƚ ^ĐŚĞĚƵůĞƐĨŽƌŵƐƉĂƌƚŽĨƚŚĞŶŶƵĂůZĞƉŽƌƚĂŶĚĐŽŶƚĂŝŶƐĂŶ ƉƌŝǀĂƚĞŽƌƉƌŽĨĞƐƐŝŽŶĂůůŝǀĞƐ͘  ͻ dŚĞƌĞŵƵŶĞƌĂƟŽŶ ƉĂLJĂďůĞ ƚŽ ŝƌĞĐƚŽƌƐ ƐŚĂůů ďĞ ĮŶĂŶĐŝĂůLJĞĂƌ͕ĂƐŵĂLJďĞĚĞƚĞƌŵŝŶĞĚďLJƚŚĞŽĂƌĚ͕ hŶŵŽĚŝĮĞĚKƉŝŶŝŽŶǁŝƚŚŽƵƚĂŶLJƋƵĂůŝĮĐĂƟŽŶ͕ƌĞƐĞƌǀĂƟŽŶŽƌ ŝŶĐůƵƐŝǀĞŽĨĂŶLJƌĞŵƵŶĞƌĂƟŽŶƉĂLJĂďůĞĨŽƌƐĞƌǀŝĐĞƐ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ŽǀĞƌĂůů ůŝŵŝƚƐ ƐƟƉƵůĂƚĞĚ ŝŶ ^ĞĐƟŽŶ ĂĚǀĞƌƐĞƌĞŵĂƌŬ͘  ͻ dŚĞŝƌĞĐƚŽƌƐ ƐŚŽƵůĚ ŚĂǀĞ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ĚĞǀŽƚĞ ƌĞŶĚĞƌĞĚŝŶĂŶLJŽƚŚĞƌĐĂƉĂĐŝƚLJ͕ƵŶůĞƐƐƚŚĞƐĞƌǀŝĐĞƐ ϭϵϳ ŽĨ ƚŚĞ Đƚ͘ dŚĞ ƐƉĞĐŝĮĐ ĂŵŽƵŶƚ ƉĂLJĂďůĞ ƚŽ ƐƵĸĐŝĞŶƚƟŵĞƚŽƚŚĞĂīĂŝƌƐŽĨƚŚĞŽŵƉĂŶLJ͘ ƌĞŶĚĞƌĞĚ ĂƌĞ ŽĨ Ă ƉƌŽĨĞƐƐŝŽŶĂů ŶĂƚƵƌĞ ĂŶĚ ƚŚĞ ƚŚĞ DരͬരƐ ǁŽƵůĚ ďĞ ďĂƐĞĚ ŽŶ ƉĞƌĨŽƌŵĂŶĐĞ ŽŵƉůŝĂŶĐĞ ǁŝƚŚ ^ĞĐƌĞƚĂƌŝĂů ^ƚĂŶĚĂƌĚƐ ŽŶ ŽĂƌĚ EZŝƐŽĨƚŚĞŽƉŝŶŝŽŶƚŚĂƚƚŚĞŝƌĞĐƚŽƌƉŽƐƐĞƐƐĞƐ ĂƐ ĞǀĂůƵĂƚĞĚ ďLJ ƚŚĞ EZ ĂŶĚ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ DĞĞƟŶŐƐĂŶĚ'ĞŶĞƌĂůDĞĞƟŶŐƐ ͘ ZĞŵƵŶĞƌĂƟŽŶWŽůŝĐLJ ƌĞƋƵŝƐŝƚĞ ƋƵĂůŝĮĐĂƟŽŶ ĨŽƌ ƚŚĞ ƉƌĂĐƟĐĞ ŽĨ ƚŚĞ ŽĂƌĚ͘ zŽƵƌ ŽŵƉĂŶLJ ŵĂLJ ĂůƐŽ ƉƌŽǀŝĚĞ ƚŽ dŚĞŽŵƉĂŶLJŚĂƐĐŽŵƉůŝĞĚǁŝƚŚ^ĞĐƌĞƚĂƌŝĂů^ƚĂŶĚĂƌĚƐŝƐƐƵĞĚ  zŽƵƌ ŽŵƉĂŶLJ ŚĂƐ ĂĚŽƉƚĞĚ Ă ZĞŵƵŶĞƌĂƟŽŶ WŽůŝĐLJ ĨŽƌ ƉƌŽĨĞƐƐŝŽŶ͘ DരͬരƐƐƵĐŚƌĞŵƵŶĞƌĂƟŽŶďLJǁĂLJŽĨĂŶĂŶŶƵĂů ďLJ ƚŚĞ /ŶƐƟƚƵƚĞ ŽĨ ŽŵƉĂŶLJ ^ĞĐƌĞƚĂƌŝĞƐ ŽĨ /ŶĚŝĂ ŽŶ ŽĂƌĚ ƚŚĞŝƌĞĐƚŽƌƐ͕ŝƐƟŶŐ ZĞŐƵůĂƟŽŶƐ͘  ͻ /ŶĂĚĚŝƟŽŶƚŽƚŚĞƐŝƫŶŐĨĞĞƐĂŶĚĐŽŵŵŝƐƐŝŽŶ͕LJŽƵƌ ƐƵďũĞĐƚƚŽƚŚĞĂĐŚŝĞǀĞŵĞŶƚŽĨĐĞƌƚĂŝŶƉĞƌĨŽƌŵĂŶĐĞ dŚĞ EZ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƌĞĐŽŵŵĞŶĚŝŶŐ ƚŚĞ ŽŵƉĂŶLJ ŵĂLJ ƉĂLJ ƚŽ ĂŶLJ ŝƌĞĐƚŽƌ ƐƵĐŚ ĨĂŝƌ ĂŶĚ ĐƌŝƚĞƌŝĂ ĂŶĚ ƐƵĐŚ ŽƚŚĞƌ ƉĂƌĂŵĞƚĞƌƐ ĂƐ ŵĂLJ ďĞ Secretarial Audit ZĞŵƵŶĞƌĂƟŽŶ WŽůŝĐLJ ƚŽ ƚŚĞ ŽĂƌĚ͘ dŚĞ ŽĂƌĚ ŝƐ ƌĞĂƐŽŶĂďůĞĞdžƉĞŶĚŝƚƵƌĞ͕ĂƐŵĂLJŚĂǀĞďĞĞŶŝŶĐƵƌƌĞĚ ĐŽŶƐŝĚĞƌĞĚ ĂƉƉƌŽƉƌŝĂƚĞ ĨƌŽŵ ƟŵĞ ƚŽ ƟŵĞ ďLJ ƚŚĞ WƵƌƐƵĂŶƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ĞĐƟŽŶϮϬϰŽĨƚŚĞĐƚĂŶĚƚŚĞ ƌĞƐƉŽŶƐŝďůĞĨŽƌĂƉƉƌŽǀŝŶŐĂŶĚŽǀĞƌƐĞĞŝŶŐŝŵƉůĞŵĞŶƚĂƟŽŶ ďLJ ƚŚĞ ŝƌĞĐƚŽƌ ǁŚŝůĞ ƉĞƌĨŽƌŵŝŶŐ ŚŝƐ ͬ ŚĞƌ ƌŽůĞ ŽĂƌĚ͘ŶŝŶĚŝĐĂƟǀĞůŝƐƚŽĨĨĂĐƚŽƌƐŵĂLJďĞĐŽŶƐŝĚĞƌĞĚ ŽŵƉĂŶŝĞƐ ;ƉƉŽŝŶƚŵĞŶƚ ĂŶĚ ZĞŵƵŶĞƌĂƟŽŶ ŽĨ DĂŶĂŐĞƌŝĂů ŽĨƚŚĞZĞŵƵŶĞƌĂƟŽŶWŽůŝĐLJ͘ ĂƐ Ă ŝƌĞĐƚŽƌ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͘ dŚŝƐ ĐŽƵůĚ ŝŶĐůƵĚĞ ĨŽƌĚĞƚĞƌŵŝŶĂƟŽŶŽĨƚŚĞĞdžƚĞŶƚŽĨƚŚŝƐĐŽŵƉŽŶĞŶƚ WĞƌƐŽŶŶĞůͿZƵůĞƐ͕ϮϬϭϰ͕ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŚĂĚĂƉƉŽŝŶƚĞĚ ƌĞĂƐŽŶĂďůĞ ĞdžƉĞŶĚŝƚƵƌĞ ŝŶĐƵƌƌĞĚ ďLJ ƚŚĞ ŝƌĞĐƚŽƌ ƐƵĐŚĂƐŽŵƉĂŶLJƉĞƌĨŽƌŵĂŶĐĞŽŶĐĞƌƚĂŝŶĚĞĮŶĞĚ EWΘƐƐŽĐŝĂƚĞƐ͕ŽŵƉĂŶLJ^ĞĐƌĞƚĂƌŝĞƐ;&ŝƌŵZĞŐŝƐƚƌĂƟŽŶEŽ͘  dŚĞ ŬĞLJ ƉƌŝŶĐŝƉůĞƐ ŐŽǀĞƌŶŝŶŐ LJŽƵƌ ŽŵƉĂŶLJ͛Ɛ ĨŽƌĂƩĞŶĚŝŶŐŽĂƌĚͬŽŵŵŝƩĞĞDĞĞƟŶŐƐ͕'ĞŶĞƌĂů ƋƵĂůŝƚĂƟǀĞĂŶĚƋƵĂŶƟƚĂƟǀĞƉĂƌĂŵĞƚĞƌƐĂƐŵĂLJďĞ WϮϬϭϰD,ϬϯϳϰϬϬͿƚŽƵŶĚĞƌƚĂŬĞƚŚĞ^ĞĐƌĞƚĂƌŝĂůƵĚŝƚŽĨLJŽƵƌ ZĞŵƵŶĞƌĂƟŽŶWŽůŝĐLJĂƌĞĂƐĨŽůůŽǁƐ͗ DĞĞƟŶŐƐ͕ ŽƵƌƚ ŽŶǀĞŶĞĚ DĞĞƟŶŐƐ͕ DĞĞƟŶŐƐ ĚĞĐŝĚĞĚďLJƚŚĞŽĂƌĚĨƌŽŵƟŵĞƚŽƟŵĞ͕ŝŶĚƵƐƚƌLJ ŽŵƉĂŶLJĨŽƌƚŚĞĮŶĂŶĐŝĂůLJĞĂƌϮϬϭϳͲϭϴ͘dŚĞ^ĞĐƌĞƚĂƌŝĂůƵĚŝƚ ǁŝƚŚ ^ŚĂƌĞŚŽůĚĞƌƐരͬ ƌĞĚŝƚŽƌƐരͬരDĂŶĂŐĞŵĞŶƚ͕ ďĞŶĐŚŵĂƌŬƐ ŽĨ ƌĞŵƵŶĞƌĂƟŽŶ ĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ZĞƉŽƌƚ ŝƐ ĂŶŶĞdžĞĚ ŚĞƌĞǁŝƚŚ ĂƐ ŶŶĞdžƵƌĞ /s͘ dŚĞ  ZĞŵƵŶĞƌĂƟŽŶ ĨŽƌ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌƐ ĂŶĚ EŽŶͲ ƐŝƚĞ ǀŝƐŝƚƐ͕ ŝŶĚƵĐƟŽŶ ĂŶĚ ƚƌĂŝŶŝŶŐ ;ŽƌŐĂŶŝnjĞĚ ďLJ ƚŚĞŝŶĚŝǀŝĚƵĂů͘ ƌĞƉŽƌƚ ĚŽĞƐ ŶŽƚ ĐŽŶƚĂŝŶ ĂŶLJ ƋƵĂůŝĮĐĂƟŽŶƐ͕ ƌĞƐĞƌǀĂƟŽŶ Žƌ /ŶĚĞƉĞŶĚĞŶƚEŽŶͲdžĞĐƵƟǀĞŝƌĞĐƚŽƌƐ ĂĚǀĞƌƐĞƌĞŵĂƌŬƐ͘ 56 Annual Report 2017-18 57 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

ŶŶĞdžƵƌĞ/ ŽŶƐĞƌǀĂƟŽŶŽĨŶĞƌŐLJĂŶĚdĞĐŚŶŽůŽŐLJďƐŽƌƉƟŽŶ ^ƚĂŶĚĂƌĚƐ ŚĂǀĞ ďĞĞŶ ĨŽůůŽǁĞĚ ĂŶĚ ƚŚĂƚ ƚŚĞƌĞ ĂƌĞ ŶŽ dŚĞ ĚĞƚĂŝůƐ ŽĨ ĐŽŶƐĞƌǀĂƟŽŶ ŽĨ ĞŶĞƌŐLJ ĂƌĞ ŐŝǀĞŶ ŝŶ ƚŚĞ ŵĂƚĞƌŝĂůĚĞƉĂƌƚƵƌĞƐ͖ DĂŶĂŐĞŵĞŶƚŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐZĞƉŽƌƚ͘ ;ŝŝͿ ƚŚĞLJŚĂǀĞƐĞůĞĐƚĞĚƐƵĐŚĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐĂŶĚĂƉƉůŝĞĚ ŝǀŝĚĞŶĚŝƐƚƌŝďƵƟŽŶWŽůŝĐLJ ƚŚĞŵ ĐŽŶƐŝƐƚĞŶƚůLJ ĂŶĚ ŵĂĚĞ ũƵĚŐŵĞŶƚƐ ĂŶĚ ĞƐƟŵĂƚĞƐ WĂƌƟĐƵůĂƌƐŽĨŵƉůŽLJĞĞƐ ƚŚĂƚĂƌĞƌĞĂƐŽŶĂďůĞĂŶĚƉƌƵĚĞŶƚŝŶŽƌĚĞƌƚŽŐŝǀĞĂƚƌƵĞ ϭ͘ KďũĞĐƟǀĞĂŶĚWŚŝůŽƐŽƉŚLJ  dŚŝƐWŽůŝĐLJƐŚĂůůďĞĞīĞĐƟǀĞĂŶĚĂƉƉůŝĐĂďůĞĨŽƌĚŝǀŝĚĞŶĚ͕ dŚĞĚŝƐĐůŽƐƵƌĞƉĞƌƚĂŝŶŝŶŐƚŽƌĞŵƵŶĞƌĂƟŽŶĂŶĚŽƚŚĞƌĚĞƚĂŝůƐ ĂŶĚĨĂŝƌǀŝĞǁŽĨƚŚĞƐƚĂƚĞŽĨĂīĂŝƌƐŽĨLJŽƵƌŽŵƉĂŶLJĂƚ ĂƐ ƌĞƋƵŝƌĞĚ ƚŽ ďĞ ĨƵƌŶŝƐŚĞĚ ƉƵƌƐƵĂŶƚ ƚŽ ^ĞĐƟŽŶ ϭϵϳ;ϭϮͿ  dŚĞŝǀŝĚĞŶĚŝƐƚƌŝďƵƟŽŶWŽůŝĐLJ;ΖƚŚĞƉŽůŝĐLJΖͿĞƐƚĂďůŝƐŚĞƐ ŝĨĂŶLJ͕ĚĞĐůĂƌĞĚĨŽƌ&zϮϬϭϲͲϭϳĂŶĚŽŶǁĂƌĚƐ͘ ƚŚĞĞŶĚŽĨƚŚĞĮŶĂŶĐŝĂůLJĞĂƌĂŶĚŽĨƚŚĞƉƌŽĮƚŽĨLJŽƵƌ ƚŚĞ ƉƌŝŶĐŝƉůĞƐ ƚŽ ĂƐĐĞƌƚĂŝŶ ĂŵŽƵŶƚƐ ƚŚĂƚ ĐĂŶ ďĞ ƌĞĂĚ ǁŝƚŚ ZƵůĞ ϱ;ϭͿ ŽĨ ƚŚĞ ŽŵƉĂŶŝĞƐ ;ƉƉŽŝŶƚŵĞŶƚ ĂŶĚ ŽŵƉĂŶLJĨŽƌƚŚĂƚƉĞƌŝŽĚ͖ ZĞŵƵŶĞƌĂƟŽŶ ŽĨ DĂŶĂŐĞƌŝĂů WĞƌƐŽŶŶĞůͿ ZƵůĞƐ͕ ϮϬϭϰ ŝƐ ĚŝƐƚƌŝďƵƚĞĚ ƚŽ ĞƋƵŝƚLJ ƐŚĂƌĞŚŽůĚĞƌƐ ĂƐ ĚŝǀŝĚĞŶĚ ďLJ ƚŚĞ ϯ͘ WĂƌĂŵĞƚĞƌƐĨŽƌĚĞĐůĂƌĂƟŽŶŽĨŝǀŝĚĞŶĚ ĂƉƉĞŶĚĞĚĂƐŶŶĞdžƵƌĞsƚŽƚŚŝƐZĞƉŽƌƚ͘ ;ŝŝŝͿ ƚŚĞLJŚĂǀĞƚĂŬĞŶƉƌŽƉĞƌĂŶĚƐƵĸĐŝĞŶƚĐĂƌĞƚŽƚŚĞďĞƐƚ ŽŵƉĂŶLJ ĂƐ ǁĞůů ĂƐ ĞŶĂďůĞ ƚŚĞ ŽŵƉĂŶLJ ƚŽ ƐƚƌŝŬĞ Ă  ŝǀŝĚĞŶĚƐ ǁŝůů ŐĞŶĞƌĂůůLJ ďĞ ƌĞĐŽŵŵĞŶĚĞĚ ďLJ ƚŚĞ ŽĨ ƚŚĞŝƌ ŬŶŽǁůĞĚŐĞ ĂŶĚ ĂďŝůŝƚLJ ĨŽƌ ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ďĂůĂŶĐĞďĞƚǁĞĞŶƉĂLJͲŽƵƚĂŶĚƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ͕ŝŶŽƌĚĞƌ ŽĂƌĚŽŶĐĞĂLJĞĂƌ͕ĂŌĞƌƚŚĞĂŶŶŽƵŶĐĞŵĞŶƚŽĨƚŚĞĨƵůů dŚĞ ƐƚĂƚĞŵĞŶƚ ĐŽŶƚĂŝŶŝŶŐ ƉĂƌƟĐƵůĂƌƐ ŽĨ ƚŽƉ ƚĞŶ ĞŵƉůŽLJĞĞƐ ĂĚĞƋƵĂƚĞ ĂĐĐŽƵŶƟŶŐ ƌĞĐŽƌĚƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚŝŶ ƚŚĞ ƚŽĂĚĚƌĞƐƐĨƵƚƵƌĞŶĞĞĚƐŽĨƚŚĞŽŵƉĂŶLJ͘ LJĞĂƌ ƌĞƐƵůƚƐ ĂŶĚ ďĞĨŽƌĞ ƚŚĞ ŶŶƵĂů 'ĞŶĞƌĂů DĞĞƟŶŐ ĂŶĚƚŚĞĞŵƉůŽLJĞĞƐĚƌĂǁŝŶŐƌĞŵƵŶĞƌĂƟŽŶŝŶĞdžĐĞƐƐŽĨůŝŵŝƚƐ ƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĐƚ͕ĨŽƌƐĂĨĞŐƵĂƌĚŝŶŐƚŚĞĂƐƐĞƚƐŽĨLJŽƵƌ ;Ζ'DΖͿ ŽĨ ƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ͕ ĂƐ ŵĂLJ ďĞ ƉĞƌŵŝƩĞĚ ƉƌĞƐĐƌŝďĞĚƵŶĚĞƌ^ĞĐƟŽŶϭϵϳ;ϭϮͿŽĨƚŚĞĐƚƌĞĂĚǁŝƚŚZƵůĞϱ ŽŵƉĂŶLJ ĂŶĚ ĨŽƌ ƉƌĞǀĞŶƟŶŐ ĂŶĚ ĚĞƚĞĐƟŶŐ ĨƌĂƵĚ ĂŶĚ  dŚĞŽďũĞĐƟǀĞŽĨƚŚŝƐWŽůŝĐLJŝƐƚŽƌĞǁĂƌĚŝƚƐƐŚĂƌĞŚŽůĚĞƌƐ ďLJ ƚŚĞ ŽŵƉĂŶŝĞƐ Đƚ͕ ϮϬϭϯ ;ΖƚŚĞ ĐƚΖͿ͘ dŚĞ ŽĂƌĚ ;ϮͿĂŶĚ;ϯͿŽĨƚŚĞŽŵƉĂŶŝĞƐ;ƉƉŽŝŶƚŵĞŶƚĂŶĚZĞŵƵŶĞƌĂƟŽŶ ŽƚŚĞƌŝƌƌĞŐƵůĂƌŝƟĞƐ͖ ďLJ ƌĞƚƵƌŶŝŶŐ Ă ƉŽƌƟŽŶ ŽĨ ŝƚƐ ƉƌŽĮƚƐ ĂŌĞƌ ƌĞƚĂŝŶŝŶŐ ŵĂLJĂůƐŽĚĞĐůĂƌĞŝŶƚĞƌŝŵĚŝǀŝĚĞŶĚƐĂƐŵĂLJďĞƉĞƌŵŝƩĞĚ ŽĨDĂŶĂŐĞƌŝĂůWĞƌƐŽŶŶĞůͿZƵůĞƐ͕ϮϬϭϰŝƐƉƌŽǀŝĚĞĚŝŶĂƐĞƉĂƌĂƚĞ ƐƵĸĐŝĞŶƚ ĨƵŶĚƐ ĨŽƌ ŐƌŽǁƚŚ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ƚŚƵƐ ďLJƚŚĞĐƚ͘ ;ŝǀͿ ƚŚĞLJŚĂǀĞƉƌĞƉĂƌĞĚƚŚĞĂŶŶƵĂůĂĐĐŽƵŶƚƐĨŽƌƚŚĞĮŶĂŶĐŝĂů ŶŶĞdžƵƌĞĨŽƌŵŝŶŐƉĂƌƚŽĨƚŚĞZĞƉŽƌƚ͘/ŶƚĞƌŵƐŽĨƉƌŽǀŝƐŽƚŽ ŵĂdžŝŵŝnjŝŶŐƐŚĂƌĞŚŽůĚĞƌƐ͛ǀĂůƵĞ͘ LJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴŽŶĂ͚ŐŽŝŶŐĐŽŶĐĞƌŶ͛ďĂƐŝƐ͖ ^ĞĐƟŽŶϭϯϲ;ϭͿŽĨƚŚĞĐƚ͕ƚŚĞZĞƉŽƌƚĂŶĚĐĐŽƵŶƚƐĂƌĞďĞŝŶŐ  Ɛ ŝŶ ƚŚĞ ƉĂƐƚ͕ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚĞ ƐĞŶƚƚŽƚŚĞƐŚĂƌĞŚŽůĚĞƌƐĞdžĐůƵĚŝŶŐƚŚĞĂĨŽƌĞƐĂŝĚŶŶĞdžƵƌĞ͘ ;ǀͿ ƚŚĞLJ ŚĂǀĞ ůĂŝĚ ĚŽǁŶ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ĨŽƌ  dŚĞWŽůŝĐLJ ƐĞƚƐ ĨŽƌƚŚ ƚŚĞ ďƌŽĂĚ ƉƌŝŶĐŝƉůĞƐ ĨŽƌ ŐƵŝĚŝŶŐ ĂƉƉůŝĐĂďůĞ ůĂǁ͕ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĚŝǀŝĚĞŶĚ ƉĂLJͲŽƵƚ ǁŝůů dŚĞƐĂŝĚƐƚĂƚĞŵĞŶƚŝƐĂůƐŽŽƉĞŶĨŽƌŝŶƐƉĞĐƟŽŶĂƚƚŚĞZĞŐŝƐƚĞƌĞĚ ƚŚĞ ŽŵƉĂŶLJ ǁŚŝĐŚ ĂƌĞ ĂĚĞƋƵĂƚĞ ĂŶĚ ĂƌĞ ŽƉĞƌĂƟŶŐ ƚŚĞŽĂƌĚĂŶĚƚŚĞDĂŶĂŐĞŵĞŶƚŝŶŵĂƩĞƌƐĐŽŶĐĞƌŶŝŶŐ ďĞ ĚĞƚĞƌŵŝŶĞĚ ďĂƐĞĚ ŽŶ ĂǀĂŝůĂďůĞ ĮŶĂŶĐŝĂů ƌĞƐŽƵƌĐĞƐ͕ KĸĐĞŽĨƚŚĞŽŵƉĂŶLJ͘ŶLJŵĞŵďĞƌŝŶƚĞƌĞƐƚĞĚŝŶŽďƚĂŝŶŝŶŐĂ ĞīĞĐƟǀĞůLJ͖ ĚĞĐůĂƌĂƟŽŶ ĂŶĚ ĚŝƐƚƌŝďƵƟŽŶ ŽĨ ĚŝǀŝĚĞŶĚ͕ ǁŝƚŚ Ă ǀŝĞǁ ďƵƐŝŶĞƐƐƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚŽƉƟŵĂů ĐŽƉLJŽĨƚŚĞƐĂŵĞŵĂLJǁƌŝƚĞƚŽƚŚĞŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ͘ ƚŽ ĞŶƐƵƌĞ ĨĂŝƌŶĞƐƐ͕ ƚƌĂŶƐƉĂƌĞŶĐLJ͕ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ĂŶĚ ƐŚĂƌĞŚŽůĚĞƌƌĞƚƵƌŶ͘ ;ǀŝͿ ƚŚĞLJŚĂǀĞĚĞǀŝƐĞĚƉƌŽƉĞƌƐLJƐƚĞŵƐƚŽĞŶƐƵƌĞĐŽŵƉůŝĂŶĐĞ ĐŽŶƐŝƐƚĞŶĐLJ ŝŶ ƚŚĞ ĚĞĐŝƐŝŽŶ ĨŽƌ ĚŝƐƚƌŝďƵƟŶŐ ƉƌŽĮƚƐ ƚŽ ǁŝƚŚ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ Ăůů ĂƉƉůŝĐĂďůĞ ůĂǁƐ ĂŶĚ ƐƵĐŚ ƐŚĂƌĞŚŽůĚĞƌƐ͘  ŝǀŝĚĞŶĚƉĂLJͲŽƵƚǁŽƵůĚĂůƐŽďĞƐƵďũĞĐƚƚŽƉƌŽĮƚĂďŝůŝƚLJ ŝƐĐůŽƐƵƌĞƐĂƐƉĞƌƚŚĞ^ĞdžƵĂů,ĂƌĂƐƐŵĞŶƚŽĨtŽŵĞŶ ƐLJƐƚĞŵƐĂƌĞĂĚĞƋƵĂƚĞĂŶĚĂƌĞŽƉĞƌĂƟŶŐĞīĞĐƟǀĞůLJ͘ ĂƚtŽƌŬƉůĂĐĞ;WƌĞǀĞŶƟŽŶ͕WƌŽŚŝďŝƟŽŶĂŶĚZĞĚƌĞƐƐĂůͿ ƵŶĚĞƌ ^ƚĂŶĚĂůŽŶĞ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ĂŶĚ ǁŚŝůĞ Đƚ͕ϮϬϭϯ ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ  dŚĞ ŽŵƉĂŶLJ ďĞůŝĞǀĞƐ ƚŚĂƚ ĚƌŝǀŝŶŐ ŐƌŽǁƚŚ ĐƌĞĂƚĞƐ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ŶĂƚƵƌĞ ĂŶĚ ƋƵĂŶƚƵŵ ŽĨ ƚŚĞ ĚŝǀŝĚĞŶĚ ŵĂdžŝŵƵŵƐŚĂƌĞŚŽůĚĞƌǀĂůƵĞ͘dŚƵƐ͕ƚŚĞŽŵƉĂŶLJǁŽƵůĚ ƉĂLJͲŽƵƚ͕ ƚŚĞ ŽĂƌĚ ǁŽƵůĚ ƚĂŬĞ ŝŶƚŽ ĂĐĐŽƵŶƚ ƚŚĞ zŽƵƌ ŽŵƉĂŶLJ ŚĂƐ njĞƌŽ ƚŽůĞƌĂŶĐĞ ĨŽƌ ƐĞdžƵĂů ŚĂƌĂƐƐŵĞŶƚ Ɛ ƌĞƋƵŝƌĞĚ ďLJ ƚŚĞ >ŝƐƟŶŐ ZĞŐƵůĂƟŽŶƐ͕ ƚŚĞ ZĞƉŽƌƚ ŽŶ ĮƌƐƚ ƵƟůŝƐĞ ŝƚƐ ƉƌŽĮƚƐ ŝŶƚĞƌͲĂůŝĂ ĨŽƌ ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů ĨŽůůŽǁŝŶŐĨĂĐƚŽƌƐ͗ Ăƚ ŝƚƐ ǁŽƌŬƉůĂĐĞ ĂŶĚ ŚĂƐ ĂĚŽƉƚĞĚ Ă ƉŽůŝĐLJ ŽŶ WƌĞǀĞŶƟŽŶ͕ DĂŶĂŐĞŵĞŶƚŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ͕ƵƐŝŶĞƐƐZĞƐƉŽŶƐŝďŝůŝƚLJ ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞ ƚŽ ŵĞĞƚ ĞdžƉĂŶƐŝŽŶ ƉƌŽŚŝďŝƟŽŶĂŶĚƌĞĚƌĞƐƐĂůŽĨƐĞdžƵĂůŚĂƌĂƐƐŵĞŶƚĂƚǁŽƌŬƉůĂĐĞ ĂŶĚŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞĂůŽŶŐǁŝƚŚƚŚĞWƌĂĐƟƐŝŶŐŽŵƉĂŶLJ ŶĞĞĚƐ͕ ƌĞĚƵĐŝŶŐ ĚĞďƚ ĨƌŽŵ ŝƚƐ ŬƐ ŽĨ ĂĐĐŽƵŶƚƐ͕  &ŝŶĂŶĐŝĂůƉĂƌĂŵĞƚĞƌƐĂŶĚ/ŶƚĞƌŶĂů&ĂĐƚŽƌƐ͗ ŝŶůŝŶĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞ^ĞdžƵĂů,ĂƌĂƐƐŵĞŶƚŽĨtŽŵĞŶ ^ĞĐƌĞƚĂƌLJ͛ƐĞƌƟĮĐĂƚĞƌĞŐĂƌĚŝŶŐĐŽŵƉůŝĂŶĐĞŽĨĐŽŶĚŝƟŽŶƐŽĨ ĞĂƌŵĂƌŬŝŶŐ ƌĞƐĞƌǀĞƐ ĨŽƌ ŐƌŽǁƚŚ ŽƉƉŽƌƚƵŶŝƟĞƐ ĂŶĚ Ăƚ tŽƌŬƉůĂĐĞ ;WƌĞǀĞŶƟŽŶ͕ WƌŽŚŝďŝƟŽŶ ĂŶĚ ZĞĚƌĞƐƐĂůͿ Đƚ͕ ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŶŽƌŵƐĂƐƐƟƉƵůĂƚĞĚŝŶZĞŐƵůĂƟŽŶϯϰ  ͻ KƉĞƌĂƟŶŐĐĂƐŚŇŽǁŽĨƚŚĞŽŵƉĂŶLJ ƚŚĞƌĞĂŌĞƌĚŝƐƚƌŝďƵƟŶŐƚŚĞƐƵƌƉůƵƐƉƌŽĮƚƐŝŶƚŚĞĨŽƌŵŽĨ ϮϬϭϯĂŶĚƚŚĞZƵůĞƐƚŚĞƌĞƵŶĚĞƌĨŽƌƉƌĞǀĞŶƟŽŶĂŶĚƌĞĚƌĞƐƐĂů ƌĞĂĚĂůŽŶŐǁŝƚŚ^ĐŚĞĚƵůĞsŽĨƚŚĞ>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐĨŽƌŵƐ ĚŝǀŝĚĞŶĚƚŽƚŚĞƐŚĂƌĞŚŽůĚĞƌƐ͘   ͻ WƌŽĮƚ ĂŌĞƌ dĂdž ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ ĂŶĚ ĂƌŶŝŶŐƐ WĞƌ ŽĨĐŽŵƉůĂŝŶƚƐŽĨƐĞdžƵĂůŚĂƌĂƐƐŵĞŶƚĂƚǁŽƌŬƉůĂĐĞ͘ ƉĂƌƚŽĨƚŚĞŶŶƵĂůZĞƉŽƌƚ͘ ^ŚĂƌĞ;W^Ϳ  dŚĞ WŽůŝĐLJ ƐŚĂůů ďƌŽĂĚůLJ ƐƉĞĐŝĨLJ ƚŚĞ ĞdžƚĞƌŶĂů ĂŶĚ ƵƌŝŶŐ ƚŚĞ LJĞĂƌ ƵŶĚĞƌ ƌĞǀŝĞǁ͕ LJŽƵƌ ŽŵƉĂŶLJ ŚĂƐ ƌĞĐĞŝǀĞĚ ĐŬŶŽǁůĞĚŐĞŵĞŶƚ   ͻ tŽƌŬŝŶŐĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚƐ ŝŶƚĞƌŶĂů ĨĂĐƚŽƌƐ ŝŶĐůƵĚŝŶŐ ĮŶĂŶĐŝĂů ƉĂƌĂŵĞƚĞƌƐ ƚŚĂƚ ϭϱ ĐŽŵƉůĂŝŶƚƐ ŽŶ ƐĞdžƵĂů ŚĂƌĂƐƐŵĞŶƚ͘ ůů ƚŚĞ ĐŽŵƉůĂŝŶƚƐ dŚĞ ŝƌĞĐƚŽƌƐ ĞdžƉƌĞƐƐ ƚŚĞŝƌ ĚĞĞƉ ƐĞŶƐĞ ŽĨ ĂƉƉƌĞĐŝĂƟŽŶ ĨŽƌ   ͻ ĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞƌĞƋƵŝƌĞŵĞŶƚ ƐŚĂůů ďĞ ĐŽŶƐŝĚĞƌĞĚ ǁŚŝůĞ ĚĞĐůĂƌŝŶŐ ĚŝǀŝĚĞŶĚ ĂŶĚ ƚŚĞ ŚĂǀĞďĞĞŶƌĞƐŽůǀĞĚĂŶĚĂƉƉƌŽƉƌŝĂƚĞĂĐƟŽŶƚĂŬĞŶ͕ǁŚĞƌĞƐŽ ƚŚĞĐŽŶƚƌŝďƵƟŽŶƐŵĂĚĞďLJƚŚĞĞŵƉůŽLJĞĞƐƚŽƚŚĞƐŝŐŶŝĮĐĂŶƚ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ƵŶĚĞƌ ǁŚŝĐŚ ƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ ŽĨ ƚŚĞ   ͻ ƵƐŝŶĞƐƐĞdžƉĂŶƐŝŽŶĂŶĚŐƌŽǁƚŚ ŶĞĐĞƐƐĂƌLJ͕ĂŶĚŶŽĐĂƐĞƐƌĞŵĂŝŶƉĞŶĚŝŶŐ͘ ŝŵƉƌŽǀĞŵĞŶƚŝŶƚŚĞŽƉĞƌĂƟŽŶƐŽĨƚŚĞŽŵƉĂŶLJ͘ ŽŵƉĂŶLJŵĂLJŽƌŵĂLJŶŽƚĞdžƉĞĐƚĚŝǀŝĚĞŶĚĂŶĚŚŽǁƚŚĞ   ͻ >ŝŬĞůŝŚŽŽĚŽĨĐƌLJƐƚĂůŝnjĂƟŽŶŽĨĐŽŶƟŶŐĞŶƚůŝĂďŝůŝƟĞƐ͕ŝĨĂŶLJ dŚĞŝƌĞĐƚŽƌƐĂůƐŽƚŚĂŶŬĂůůƚŚĞƐƚĂŬĞŚŽůĚĞƌƐŝŶĐůƵĚŝŶŐDĞŵďĞƌƐ͕ ƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐƐŚĂůůďĞƵƟůŝnjĞĚ͕ĞƚĐ͘ ŝƌĞĐƚŽƌƐ͛ZĞƐƉŽŶƐŝďŝůŝƚLJ^ƚĂƚĞŵĞŶƚ   ͻ ĚĚŝƟŽŶĂůŝŶǀĞƐƚŵĞŶƚŝŶƐƵďƐŝĚŝĂƌŝĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐ ĐƵƐƚŽŵĞƌƐ͕ůĞŶĚĞƌƐ͕ǀĞŶĚŽƌƐ͕ŝŶǀĞƐƚŽƌƐ͕ďƵƐŝŶĞƐƐƉĂƌƚŶĞƌƐ͕ĂŶĚ ĂƐĞĚ ŽŶ  ƚŚĞ ĨƌĂŵĞǁŽƌŬ ŽĨ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ĂŶĚ of the Company ƚŚĞ'ŽǀĞƌŶŵĞŶƚŽĨ/ŶĚŝĂĨŽƌƚŚĞŝƌĐŽŶƟŶƵĞĚĐŽͲŽƉĞƌĂƟŽŶĂŶĚ Ϯ͘ ZĞŐƵůĂƚŽƌLJ&ƌĂŵĞǁŽƌŬ ĐŽŵƉůŝĂŶĐĞƐLJƐƚĞŵƐĞƐƚĂďůŝƐŚĞĚĂŶĚŵĂŝŶƚĂŝŶĞĚďLJLJŽƵƌŽŵƉĂŶLJ͕ ƐƵƉƉŽƌƚĂŶĚƚŚĞŝƌĐŽŶĮĚĞŶĐĞŝŶŝƚƐŵĂŶĂŐĞŵĞŶƚ͘  dŚĞ ^ĞĐƵƌŝƟĞƐ ĂŶĚ džĐŚĂŶŐĞ ŽĂƌĚ ŽĨ /ŶĚŝĂ ;Ζ^/ΖͿ   ͻ hƉŐƌĂĚĂƟŽŶŽĨƚĞĐŚŶŽůŽŐLJĂŶĚƉŚLJƐŝĐĂůŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ǁŽƌŬ ƉĞƌĨŽƌŵĞĚ ďLJ ƚŚĞ /ŶƚĞƌŶĂů͕ ^ƚĂƚƵƚŽƌLJ ĂŶĚ ^ĞĐƌĞƚĂƌŝĂů ŽŶ:ƵůLJϴ͕ϮϬϭϲŝŶƐĞƌƚĞĚZĞŐƵůĂƟŽŶϰϯŝŶ^/;>ŝƐƟŶŐ ƵĚŝƚŽƌƐŝŶĐůƵĚŝŶŐĂƵĚŝƚŽĨŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐŽǀĞƌĮŶĂŶĐŝĂů   ͻ ĞďƚůĞǀĞůƐĂŶĚĐŽƐƚŽĨďŽƌƌŽǁŝŶŐƐ KŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ KďůŝŐĂƟŽŶƐ ĂŶĚ ŝƐĐůŽƐƵƌĞ ZĞƋƵŝƌĞŵĞŶƚƐͿ ZĞŐƵůĂƟŽŶƐ͕ ƌĞƉŽƌƟŶŐďLJƚŚĞ^ƚĂƚƵƚŽƌLJƵĚŝƚŽƌƐĂŶĚƌĞǀŝĞǁƐƉĞƌĨŽƌŵĞĚďLJƚŚĞ ϮϬϭϱ͕ǁŚŝĐŚƌĞƋƵŝƌĞƐƚŽƉĮǀĞŚƵŶĚƌĞĚůŝƐƚĞĚĐŽŵƉĂŶŝĞƐ   ͻ WĂƐƚĚŝǀŝĚĞŶĚƉĂLJͲŽƵƚƌĂƟŽͬƚƌĞŶĚƐ DĂŶĂŐĞŵĞŶƚĂŶĚƚŚĞƌĞůĞǀĂŶƚŽĂƌĚŽŵŵŝƩĞĞƐ͕ŝŶĐůƵĚŝŶŐƚŚĞ E͘ŚĂŶĚƌĂƐĞŬĂƌĂŶ ;ďĂƐĞĚŽŶŵĂƌŬĞƚĐĂƉŝƚĂůŝnjĂƟŽŶŽĨĞǀĞƌLJĮŶĂŶĐŝĂůLJĞĂƌͿ ƵĚŝƚŽŵŵŝƩĞĞ͕ƚŚĞŽĂƌĚŝƐŽĨƚŚĞŽƉŝŶŝŽŶƚŚĂƚLJŽƵƌŽŵƉĂŶLJ͛Ɛ Chairman ƚŽĨŽƌŵƵůĂƚĞĂŝǀŝĚĞŶĚŝƐƚƌŝďƵƟŽŶWŽůŝĐLJ͘  džƚĞƌŶĂů&ĂĐƚŽƌƐ͗ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ǁĞƌĞ ĂĚĞƋƵĂƚĞ ĂŶĚ ĞīĞĐƟǀĞ ĚƵƌŝŶŐ DƵŵďĂŝ͕DĂLJϮϱ͕ϮϬϭϴ &zϮϬϭϳͲϭϴ͘ ͻ /ŶĚƵƐƚƌLJKƵƚůŽŽŬĂŶĚĐŽŶŽŵŝĐĞŶǀŝƌŽŶŵĞŶƚ ZĞŐŝƐƚĞƌĞĚKĸĐĞ͗  dŚĞŽŵƉĂŶLJďĞŝŶŐŽŶĞŽĨƚŚĞƚŽƉĮǀĞŚƵŶĚƌĞĚůŝƐƚĞĚ ĐĐŽƌĚŝŶŐůLJ͕ƉƵƌƐƵĂŶƚƚŽ^ĞĐƟŽŶϭϯϰ;ϱͿŽĨƚŚĞĐƚ͕ƚŚĞŽĂƌĚ DĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕DƵŵďĂŝϰϬϬϬϬϭ͘ ĐŽŵƉĂŶŝĞƐ ĂƐ ƉĞƌ ƚŚĞ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝnjĂƟŽŶ ĂƐ ŽŶ ƚŚĞ   ͻ ĂƉŝƚĂůŵĂƌŬĞƚƐ ŽĨŝƌĞĐƚŽƌƐ͕ƚŽƚŚĞďĞƐƚŽĨƚŚĞŝƌŬŶŽǁůĞĚŐĞĂŶĚĂďŝůŝƚLJ͕ĐŽŶĮƌŵ /E͗>ϳϰϵϵϵD,ϭϵϬϮW>ϬϬϬϭϴϯ ůĂƐƚ ĚĂLJ ŽĨ ƚŚĞ ŝŵŵĞĚŝĂƚĞůLJ ƉƌĞĐĞĚŝŶŐ ĮŶĂŶĐŝĂů LJĞĂƌ͕   ͻ 'ůŽďĂůĐŽŶĚŝƟŽŶƐ ƚŚĂƚ͗ dĞů͗͘ϬϮϮϲϲϯϵϱϱϭϱ&Ădž͗ϬϮϮϮϮϬϮϳϰϰϮ ŚĂƐ ĨƌĂŵĞĚ ƚŚŝƐ ƉŽůŝĐLJ ƚŽ ĐŽŵƉůLJ ǁŝƚŚ ƚŚĞ ĂĨŽƌĞƐĂŝĚ ƌĞƋƵŝƌĞŵĞŶƚƐǁŚŝĐŚŚĂƐďĞĞŶĂƉƉƌŽǀĞĚďLJŝƚƐŽĂƌĚŽĨ   ͻ ^ƚĂƚƵƚŽƌLJƉƌŽǀŝƐŝŽŶƐĂŶĚŐƵŝĚĞůŝŶĞƐ ;ŝͿ ŝŶƚŚĞƉƌĞƉĂƌĂƟŽŶŽĨƚŚĞĂŶŶƵĂůĂĐĐŽƵŶƚƐĨŽƌƚŚĞLJĞĂƌ ŵĂŝů͗ŝŶǀĞƐƚŽƌƌĞůĂƟŽŶƐΛƚĂũŚŽƚĞůƐ͘ĐŽŵ ŝƌĞĐƚŽƌƐ͘ ĞŶĚĞĚ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ͕ ƚŚĞ ĂƉƉůŝĐĂďůĞ ĐĐŽƵŶƟŶŐ tĞďƐŝƚĞ͗ǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵ   ͻ ŝǀŝĚĞŶĚƉĂLJͲŽƵƚƌĂƟŽŽĨĐŽŵƉĞƟƚŽƌƐ

58 Annual Report 2017-18 59 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

ŶŶĞdžƵƌĞ// ϰ͘ ŝƌĐƵŵƐƚĂŶĐĞƐ ƵŶĚĞƌ ǁŚŝĐŚ ƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ ŽĨ ƚŚĞ ϲ͘ WĂƌĂŵĞƚĞƌƐƚŽďĞĂĚŽƉƚĞĚǁŝƚŚƌĞŐĂƌĚƚŽǀĂƌŝŽƵƐĐůĂƐƐĞƐ ŽŵƉĂŶLJŵĂLJŽƌŵĂLJŶŽƚĞdžƉĞĐƚĚŝǀŝĚĞŶĚ ŽĨƐŚĂƌĞƐ  dŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ŵĂLJ ŶŽƚ ĞdžƉĞĐƚ  ^ŝŶĐĞƚŚĞŽŵƉĂŶLJŚĂƐŝƐƐƵĞĚŽŶůLJŽŶĞĐůĂƐƐŽĨĞƋƵŝƚLJ ŶŶƵĂůZĞƉŽƌƚŽŶ^ZĐƟǀŝƟĞƐ ĚŝǀŝĚĞŶĚ ŝŶ ƚŚĞ ĨŽůůŽǁŝŶŐ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ ƐƵďũĞĐƚ ƚŽ ƐŚĂƌĞƐǁŝƚŚĞƋƵĂůǀŽƟŶŐƌŝŐŚƚƐ͕ĂůůƚŚĞDĞŵďĞƌƐŽĨƚŚĞ ĚŝƐĐƌĞƟŽŶŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͗ ŽŵƉĂŶLJ ĂƌĞ ĞŶƟƚůĞĚ ƚŽ ƌĞĐĞŝǀĞ ƚŚĞ ƐĂŵĞ ĂŵŽƵŶƚ ŽĨ Ɛ ŽŶĞ ŽĨ ƚŚĞ ŵŽƐƚ ǁŝĚĞůLJ ƌĞĐŽŐŶŝnjĞĚ /ŶĚŝĂŶ ŚŽƐƉŝƚĂůŝƚLJ ĂŶĚĐĞƌƟĮĞĚĨƌŽŵƚŚĞƐĞdĂũ^ZƐŬŝůůƚƌĂŝŶŝŶŐĐĞŶƚƌĞƐǁŝƚŚĂ ĚŝǀŝĚĞŶĚƉĞƌƐŚĂƌĞ͘dŚĞWŽůŝĐLJƐŚĂůůďĞƐƵŝƚĂďůLJƌĞǀŝƐŝƚĞĚ ďƌĂŶĚƐ͕ LJŽƵƌ ŽŵƉĂŶLJ͛Ɛ ŵĂŶĂŐĞŵĞŶƚ ŝƐ ĐŽŶƐĐŝŽƵƐ ŽĨ ŝƚƐ ƉůĂĐĞŵĞŶƚ ƌĂƟŽ ŽĨ ϳϵй ŝŶ ƚŚĞ ŚŽƐƉŝƚĂůŝƚLJ ŝŶĚƵƐƚƌLJ͘ /ŶĚŝƌĞĐƚ   ͻ WƌŽƉŽƐĞĚ ĞdžƉĂŶƐŝŽŶ ƉůĂŶƐ͕ ƌĞŶŽǀĂƟŽŶƐ ĂŶĚ ĂƚƚŚĞƟŵĞŽĨŝƐƐƵĞŽĨĂŶLJŶĞǁĐůĂƐƐŽĨƐŚĂƌĞƐĚĞƉĞŶĚŝŶŐ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ĂƐ Ă ĐƵƐƚŽĚŝĂŶ ŽĨ /ŶĚŝĂŶ ŚĞƌŝƚĂŐĞ ĂŶĚ ĐƵůƚƵƌĞ ďĞŶĞĮĐŝĂƌŝĞƐ ŽĨ ŽƵƌ ŝŶƚĞƌǀĞŶƟŽŶƐ ƚŚƌŽƵŐŚ ĨĂĐƵůƚLJ ƚƌĂŝŶŝŶŐƐ͕ ƵƉŐƌĂĚĂƟŽŶƐƌĞƋƵŝƌŝŶŐŚŝŐŚĞƌĐĂƉŝƚĂůĂůůŽĐĂƟŽŶ ƵƉŽŶƚŚĞŶĂƚƵƌĞĂŶĚŐƵŝĚĞůŝŶĞƐƚŚĞƌĞŽĨ͘ ĂŶĚ ƚŽǁĂƌĚƐ ƚŚĞ ǁĞůĨĂƌĞ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ĐŽŵŵƵŶŝƟĞƐ ĞƚĐ͘ ĂƌĞ ŵĂŶLJ ŵŽƌĞ͘ KǀĞƌ ϭ͕ϱϬϬ ŝŶĚŝǀŝĚƵĂůƐ ǁĞƌĞ ƚƌĂŝŶĞĚ ĂƌŽƵŶĚŝƚƐŽƉĞƌĂƟŽŶƐ͘/ŶůŝŶĞǁŝƚŚƚŚĞĨŽƵŶĚĞƌ͛ƐǀŝƐŝŽŶ͕ŽǀĞƌ ƚŚƌŽƵŐŚ ƐƉĞĐŝĂů ĞĚƵĐĂƟŽŶ ƉƌŽŐƌĂŵŵĞƐ ĨŽƌ ǁŽƌŬŝŶŐ ƉĞŽƉůĞ   ͻ ĞĐŝƐŝŽŶ ƚŽ ƵŶĚĞƌƚĂŬĞ ĂŶLJ ĂĐƋƵŝƐŝƟŽŶƐ͕ ϳ͘ ŝƐĐůŽƐƵƌĞƐ ƚŚĞLJĞĂƌƐ͕LJŽƵƌŽŵƉĂŶLJŚĂƐǁŽƌŬĞĚǁŝƚŚŵĂŶLJŐŽǀĞƌŶŵĞŶƚ ;ZW>ͿŝŶƚŚĞĐƵƌƌĞŶƚLJĞĂƌ͘dŚŝƐŝŶĐůƵĚĞƐƉĞŽƉůĞĨƌŽŵĚŝǀĞƌƐĞ ĂŵĂůŐĂŵĂƟŽŶ͕ŵĞƌŐĞƌ͕ũŽŝŶƚǀĞŶƚƵƌĞƐ͕ŶĞǁƉƌŽĚƵĐƚ  dŚĞŝǀŝĚĞŶĚ ŝƐƚƌŝďƵƟŽŶ WŽůŝĐLJ ƐŚĂůů ďĞ ĚŝƐĐůŽƐĞĚ ŝŶ ĂŶĚŶŽŶͲŐŽǀĞƌŶŵĞŶƚďŽĚŝĞƐƚŽŚĞůƉďƵŝůĚƚŚĞůŝǀĞůŝŚŽŽĚƐŽĨ ďĂĐŬŐƌŽƵŶĚƐŝŶĐůƵĚŝŶŐĞŵƉůŽLJĞĞƐŽĨZĂƐŚƚƌĂƉĂƟŚĂǀĂŶ͕ZĂũ ůĂƵŶĐŚĞƐ͕ ĞƚĐ͘ ǁŚŝĐŚ ƌĞƋƵŝƌĞƐ ƐŝŐŶŝĮĐĂŶƚ ĐĂƉŝƚĂů ƚŚĞŶŶƵĂůZĞƉŽƌƚĂŶĚŽŶƚŚĞǁĞďƐŝƚĞŽĨƚŚĞŽŵƉĂŶLJ ůĞƐƐƉƌŝǀŝůĞŐĞĚĐŽŵŵƵŶŝƟĞƐʹŶŽƚũƵƐƚŝŶŝƚƐƐƵƌƌŽƵŶĚŝŶŐƐ͕ďƵƚ ŚĂǀĂŶ͕ZW&Ͳ'ƵƌŐĂŽŶ͕ĞƚĐ͘ ŽƵƞůŽǁ ŝ͘Ğ͘ Ăƚ ŚƩƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬƉŽůŝĐŝĞƐͬĚŝǀŝĚĞŶĚͲ ĂůƐŽŝŶŝĚĞŶƟĮĞĚĚĞƐĞƌǀŝŶŐĂƌĞĂƐďĞLJŽŶĚŝƚƐŶĞŝŐŚďŽƌŚŽŽĚƐ͘ ĚŝƐƚƌŝďƵƟŽŶͲƉŽůŝĐLJ͘ƉĚĨ ŵĂũŽƌŝƚLJŽĨŽƵƌŚŽƚĞůƐĂůƐŽĞŶŐĂŐĞŝŶƉƌŽŵŽƟŶŐĐůĞĂŶůŝŶĞƐƐ KǀĞƌĂŶĚĂďŽǀĞƚŚŝƐŇĂŐƐŚŝƉƉƌŽŐƌĂŵŵĞ͕ŽƵƌŚŽƚĞůƐŝŶǀĂƌŝŽƵƐ   ͻ ZĞƋƵŝƌĞŵĞŶƚ ŽĨ ŚŝŐŚĞƌ ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů ĨŽƌ ƚŚĞ ĂŶĚ ŚLJŐŝĞŶĞ ŝŶ ƚŚĞŝƌ ŶĞŝŐŚďŽƌŚŽŽĚƐ ĂŶĚ ƵŶĚĞƌƚĂŬĞ ůŽĐĂů ŽƚŚĞƌ ůŽĐĂƟŽŶƐ ŽīĞƌ ŝŶĚƵƐƚƌŝĂů ĞdžƉŽƐƵƌĞ ĂŶĚ ƚƌĂŝŶŝŶŐ ƚŽ ƉƵƌƉŽƐĞŽĨďƵƐŝŶĞƐƐŽĨƚŚĞŽŵƉĂŶLJ ϴ͘ WŽůŝĐLJƌĞǀŝĞǁĂŶĚĂŵĞŶĚŵĞŶƚƐ ĐŽŵŵƵŶŝƚLJǁĞůĨĂƌĞĂĐƟǀŝƟĞƐ͘ĨĞǁŚŽƚĞůƐĂƌĞĞŶŐĂŐĞĚŝŶƚŚĞ ĚĞƐĞƌǀŝŶŐLJŽƵƚŚ͕ĚŝīĞƌĞŶƚůLJĂďůĞĚĂŶĚůĞƐƐͲƉƌŝǀŝůĞŐĞĚǁŽŵĞŶ  dŚĞŽĂƌĚ ŵĂLJ ƌĞǀŝĞǁ͕ ĂŵĞŶĚ͕ ĂďƌŽŐĂƚĞ͕ ŵŽĚŝĨLJ Žƌ ƉƌĞƐĞƌǀĂƟŽŶĂŶĚƉƌŽŵŽƟŽŶŽĨŚĞƌŝƚĂŐĞƐŝƚĞƐ͘ ƚŽ ĂĐƋƵŝƌĞ ƐŬŝůůƐ ŝŶ ŚŽƵƐĞͲŬĞĞƉŝŶŐ͕ ĐŽŽŬŝŶŐ͕ ďĂŬĞƌLJ͕ ĨŽŽĚ   ͻ ĞďƚŽďůŝŐĂƟŽŶƐ ƌĞǀŝƐĞĂŶLJŽƌĂůůƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐWŽůŝĐLJĨƌŽŵƟŵĞƚŽ ĂŶĚďĞǀĞƌĂŐĞƐĞƌǀŝĐĞ͕ĞŶŐŝŶĞĞƌŝŶŐĂŶĚĂůůŝĞĚƚƌĂĚĞƐ͕ĨƵƌƚŚĞƌ ƟŵĞ͘,ŽǁĞǀĞƌ͕ĂŵĞŶĚŵĞŶƚƐŝŶƚŚĞĐƚŽƌŝŶƚŚĞ^/ ƵŝůĚŝŶŐ^ƵƐƚĂŝŶĂďůĞ>ŝǀĞůŝŚŽŽĚƐ ĂĚĚŝŶŐƚŽŽƵƌŝŵƉĂĐƚŝŶƚĞƌŵƐŽĨďƵŝůĚŝŶŐůŝǀĞůŝŚŽŽĚƐĨŽƌLJŽƵƚŚ   ͻ WƌŽƉŽƐĂůĨŽƌďƵLJͲďĂĐŬŽĨƐĞĐƵƌŝƟĞƐ ;>ŝƐƟŶŐ KďůŝŐĂƟŽŶƐ ĂŶĚ ŝƐĐůŽƐƵƌĞ ZĞƋƵŝƌĞŵĞŶƚƐͿ dŚĞ ĨŽĐƵƐ ŚĂƐ ďĞĞŶ ŽŶ ǀŽĐĂƟŽŶĂů ƚƌĂŝŶŝŶŐ ĂŶĚ ĐĞƌƟĮĐĂƟŽŶ ĨƌŽŵĨĂŵŝůŝĞƐŝŶŶĞĞĚ͘dĂũĂůƐŽƌĞĐƌƵŝƚƐĂŶĂǀĞƌĂŐĞŽĨϭϱͲϮϬй ZĞŐƵůĂƟŽŶƐ͕ϮϬϭϱƐŚĂůůďĞĚĞĞŵĞĚƚŽďĞŝŶĐŽƌƉŽƌĂƚĞĚ ŽĨ LJŽƵƚŚ ǁŚŽ ĚƌŽƉ ŽƵƚ ĨƌŽŵ ƚŚĞ ĨŽƌŵĂů ĞĚƵĐĂƟŽŶ ƐLJƐƚĞŵ͕ ŽĨ ƚƌĂŝŶĞĚ ĐĂŶĚŝĚĂƚĞƐ ĨƌŽŵ ƚŚĞƐĞ ƚĂůĞŶƚ ƉŽŽůƐ͕ ŽŶ ŵƵƚƵĂů   ͻ /ŶƚŚĞĞǀĞŶƚŽĨůŽƐƐŽƌŝŶĂĚĞƋƵĂĐLJŽĨƉƌŽĮƚ ŝŶƚŚŝƐWŽůŝĐLJĂŶĚƐŚĂůůďĞďŝŶĚŝŶŐ͘ ƚŽĞŶĂďůĞƚŚĞŵƚŽďĞǁŽƌŬͲƌĞĂĚLJĂŶĚĞŶŐĂŐĞŝŶƉƌŽĚƵĐƟǀĞ ĨĞĂƐŝďŝůŝƚLJ ďĂƐŝƐ͕ŵĂŬŝŶŐƚŚŝƐ ĂŶ ĂƐƉŝƌĂƟŽŶĂů ƉƌŽŐƌĂŵŵĞĨŽƌ ůŝǀĞůŝŚŽŽĚƐ ŝŶ ƚŚĞ ŚŽƐƉŝƚĂůŝƚLJ ĂŶĚ ƐĞƌǀŝĐĞ ŝŶĚƵƐƚƌLJ͘ dŚŝƐ ƚŚĞƚĂƌŐĞƚŐƌŽƵƉƐĂŶĚĞŶĂďůŝŶŐĂƚĂůĞŶƚƉŝƉĞͲůŝŶĞĨŽƌƚŚĞůĂƌŐĞƌ ϱ͘ hƟůŝnjĂƟŽŶŽĨZĞƚĂŝŶĞĚĂƌŶŝŶŐƐ ŝƐ ƚĂŬĞŶ ĨŽƌǁĂƌĚ ďLJ ĐŽůůĂďŽƌĂƟŶŐ ǁŝƚŚ ĂŶĚ ďƵŝůĚŝŶŐ ŚŽƚĞůƐ͕ƌĞƐƚĂƵƌĂŶƚƐĂŶĚƐĞƌǀŝĐĞŝŶĚƵƐƚƌLJ͘  dŚĞŽĂƌĚŵĂLJƌĞƚĂŝŶŝƚƐĞĂƌŶŝŶŐƐŝŶŽƌĚĞƌƚŽŵĂŬĞďĞƩĞƌ ĐĂƉĂĐŝƟĞƐ ŽĨ ŝŶƐƟƚƵƟŽŶƐ ƚŚĂƚ ƐĞƌǀĞ ƚŚĞ LJŽƵƚŚ ĨƌŽŵ ƉŽŽƌ ƵƐĞŽĨƚŚĞĂǀĂŝůĂďůĞĨƵŶĚƐĂŶĚŝŶĐƌĞĂƐĞƚŚĞǀĂůƵĞŽĨƚŚĞ ƐŽĐŝŽͲĞĐŽŶŽŵŝĐ ďĂĐŬŐƌŽƵŶĚƐ ĂŶĚ ƌĞŵŽƚĞ ŚŝŶƚĞƌůĂŶĚƐ͘ KǀĞƌ zŽƵƌ ŽŵƉĂŶLJ ĐŽŶƟŶƵĞƐ ŝƚƐ ĞīŽƌƚƐ ƚŽ ƉƌĞƐĞƌǀĞ ƚŚĞ Ăƌƚ ŽĨ ƐƚĂŬĞŚŽůĚĞƌƐŝŶƚŚĞůŽŶŐƌƵŶ͘dŚĞĚĞĐŝƐŝŽŶŽĨƵƟůŝnjĂƟŽŶ ƚŚĞůĂƐƚĚĞĐĂĚĞ͕ǁĞŚĂǀĞĐŽůůĂďŽƌĂƚĞĚǁŝƚŚ'ŽǀĞƌŶŵĞŶƚ/d/Ɛ͕ ƚƌĂĚŝƟŽŶĂů ĞŶĂƌĂƐŝ ŚĂŶĚůŽŽŵ ǁĞĂǀŝŶŐ͘ dŚĞ ŽďũĞĐƟǀĞ ŽĨ ŽĨƚŚĞƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐŽĨƚŚĞŽŵƉĂŶLJƐŚĂůůďĞďĂƐĞĚ ŽŶŽƐĐŽ͕WƌĂƚŚĂŵ͕ĂŶĚŽƚŚĞƌůŝŬĞͲŵŝŶĚĞĚĐŽŵƉĂŶŝĞƐ͛^Z ƚŚŝƐƉƌŽŐƌĂŵŝƐƚŽƉƌĞƐĞƌǀĞƚŚĞĚLJŝŶŐĂƌƚĨŽƌŵŽĨŚĂŶĚůŽŽŵ ŽŶƚŚĞĨŽůůŽǁŝŶŐĨĂĐƚŽƌƐ͗ ƉƌŽŐƌĂŵŵĞƐ͕ƚŚĞƌĞďLJďƵŝůĚŝŶŐƐŬŝůůƐĂŶĚůŝǀĞůŝŚŽŽĚƐĨŽƌŽǀĞƌ ǁĞĂǀŝŶŐ ĂŶĚ ŚĞůƉ ďƵŝůĚ ůŝǀĞůŝŚŽŽĚƐ ĨŽƌ LJŽƵƚŚ ĂŶĚ ǁŽŵĞŶ ϭϱ͕ϬϬϬůĞƐƐƉƌŝǀŝůĞŐĞĚLJŽƵƚŚ͘dĂũƚĞĂŵƐŚĂǀĞďĞĞŶƐƵƉƉŽƌƟŶŐ ĨƌŽŵ ǁĞĂǀŝŶŐ ĐŽŵŵƵŶŝƟĞƐ͘ zŽƵƌ ŽŵƉĂŶLJ ŚĂƐ ŝŶŝƟĂƚĞĚ ͻ DĂƌŬĞƚĞdžƉĂŶƐŝŽŶƉůĂŶƐ ƚŚĞƐĞƉƌŽŐƌĂŵŵĞƐƚŚƌŽƵŐŚƚŚĞƉƌŽǀŝƐŝŽŶŽĨƚƌĂŝŶŝŶŐĐŽŶƚĞŶƚ͕ Ă ƉƌŽŵŝƐŝŶŐ ƉƌŽŐƌĂŵ ƚŚĂƚ ŚĂƐ ƚƌĂŝŶĞĚ ŽǀĞƌ ϯϮ ŐŝƌůƐ ĨƌŽŵ   ͻ ĞĐůĂƌĂƟŽŶŽĨĚŝǀŝĚĞŶĚ ŝŶƉƵƚƐ ŽŶ ĐůĂƐƐƌŽŽŵ ĚĞƐŝŐŶƐ͕ ĨĂĐƵůƚLJ ĚĞǀĞůŽƉŵĞŶƚ͕ ŽŶͲƚŚĞͲ ĐŽŶƐĞƌǀĂƟǀĞ ĐŽŵŵƵŶŝƟĞƐ ĂƌŽƵŶĚ sĂƌĂŶĂƐŝ ŝŶ ƚŚŝƐ ƐƚƌŽŶŐůLJ ũŽďƚƌĂŝŶŝŶŐ͕ũŽŝŶƚĐĞƌƟĮĐĂƟŽŶĂŶĚĂůůŝĞĚƐƵƉƉŽƌƚƚŚƌŽƵŐŚŽƵƌ ŵĂůĞͲĚŽŵŝŶĂƚĞĚŽĐĐƵƉĂƟŽŶ͘dŚĞĂďŝůŝƚLJƚŽĞĂƌŶĂůŝǀĞůŝŚŽŽĚ   ͻ ŝǀĞƌƐŝĮĐĂƟŽŶŽĨďƵƐŝŶĞƐƐ ŝŶĚƵƐƚƌLJŶĞƚǁŽƌŬƐ͘ ƚŚƌŽƵŐŚ ǁĞĂǀŝŶŐ ǁŝůů ŐŽ Ă ůŽŶŐ ǁĂLJ ŝŶ ĞŵƉŽǁĞƌŝŶŐ ƚŚĞƐĞ   ͻ >ŽŶŐƚĞƌŵƐƚƌĂƚĞŐŝĐƉůĂŶƐĨŽƌŐƌŽǁƚŚ ǁŽŵĞŶ͕ǁŚŝůĞĂůƐŽƉƌĞƐĞƌǀŝŶŐƚŚĞĐƌĂŌ͘ KǀĞƌ ƚŚĞ ůĂƐƚ ƚŚƌĞĞ LJĞĂƌƐ͕ LJŽƵƌ ŽŵƉĂŶLJ ŚĂƐ ĐŽͲĐƌĞĂƚĞĚ   ͻ ZĞƉůĂĐĞŵĞŶƚŽĨĐĂƉŝƚĂůĂƐƐĞƚƐ ƐŚŽƌƚĐŽƵƌƐĞƐŝŶŚŽƐƉŝƚĂůŝƚLJƚƌĂĚĞƐĨŽƌůĞƐƐƉƌŝǀŝůĞŐĞĚ͕ƐĐŚŽŽů ĞŝŶŐĂZĞƐƉŽŶƐŝďůĞEĞŝŐŚďŽƵƌ   ͻ ^ƵĐŚŽƚŚĞƌĐƌŝƚĞƌŝĂĂƐƚŚĞŽĂƌĚŵĂLJĚĞĞŵĮƚĨƌŽŵ ĚƌŽƉŽƵƚ LJŽƵƚŚ ŝŶ ĐŽůůĂďŽƌĂƟŽŶ ǁŝƚŚ dĂƚĂ ^dZ/s͘ tĞ ŚĂǀĞ zŽƵƌ ŽŵƉĂŶLJ ƉƌŽŵŽƚĞƐ ĐůĞĂŶůŝŶĞƐƐ ĂƌŽƵŶĚ ŝƚƐ ŚŽƚĞůƐ͕ ƟŵĞƚŽƟŵĞ͘ ŝŶǀĞƐƚĞĚ ŝŶ ĚĞǀĞůŽƉŝŶŐ ŚŝŐŚ ƋƵĂůŝƚLJ͕ ƉƌĂĐƟĐĂů ůĞĂƌŶŝŶŐ ƐƵƉƉŽƌƟŶŐ Ϯϵ ƉƵďůŝĐ ƐŝƚĞƐ ĂĐƌŽƐƐ /ŶĚŝĂ͘ dŚĞ ĞŶŐĂŐĞŵĞŶƚ ŝŶ ůĂďŽƌĂƚŽƌŝĞƐŝŶƐĞǀĞŶŬĞLJůŽĐĂƟŽŶƐĂƌŽƵŶĚŽƵƌŽƉĞƌĂƟŽŶƐƚŽ ƚŚĞƐĞ ƉƵďůŝĐ ƐŝƚĞƐ ŝŶĐůƵĚĞ ĐůĞĂŶůŝŶĞƐƐ ĚƌŝǀĞƐ͕ ďĞĂƵƟĮĐĂƟŽŶ ĞŶĂďůĞ ƵƐ ƚŽ ŽīĞƌ ĞīĞĐƟǀĞ ƚĞĂĐŚŝŶŐͲůĞĂƌŶŝŶŐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ĂŶĚŝŵƉƌŽǀĞŵĞŶƚŽĨǀŝƐŝƚŽƌĞdžƉĞƌŝĞŶĐĞƚŚƌŽƵŐŚůŝŐŚƟŶŐĂŶĚ ĨŽƌ ŽƵƌ ^Z ƉƌŽŐƌĂŵŵĞƐ͘ KƵƌ ^Z ƐŬŝůů ƚƌĂŝŶŝŶŐ ĐĞŶƚĞƌƐ ĂƌĞ ƉĂŝŶƟŶŐ ŽĨ ƉƵďůŝĐ ƐƉĂĐĞƐ͕ ŚŽƌƟĐƵůƚƵƌĞ͕ ĞĚƵĐĂƟŽŶ ŽŶ ǁĂƐƚĞ ůŽĐĂƚĞĚ ŝŶ ŬĞLJ ĐůƵƐƚĞƌƐ ĂƌŽƵŶĚ ŽƵƌ ŽƉĞƌĂƟŽŶƐ ŝŶ DƵŵďĂŝ͕ ĚŝƐƉŽƐĂůĨŽƌŚĂǁŬĞƌƐĂŶĚƐĐŚŽŽůƐƚƵĚĞŶƚƐĂŶĚĐĂŵƉĂŝŐŶƐŽŶ ŝƌŽůŝ͕ >ŽŶĂǀĂůĂ͕ :ĂŝƉƵƌ͕ ŚŚŝŶĚǁĂƌĂ͕ sĂƌĂŶĂƐŝ͕ ĂŶŐĂůŽƌĞ͕ ĐůĞĂŶůŝŶĞƐƐĂŶĚĐŝǀŝĐƐĞŶƐĞƚŽůŽĐĂůĐŽŵŵƵŶŝƟĞƐ͘ ,LJĚĞƌĂďĂĚ͕'ŽĂĂŶĚdƌŝǀĂŶĚƌƵŵ͘tĞĂůƐŽƐƵƉƉŽƌƚdĂƚĂ^ƚƌŝǀĞ ĐĞŶƚĞƌƐ ŝŶ ƌĞŵŽƚĞ ďĞůƚƐ ďĞLJŽŶĚ ŽƵƌ ĂƌĞĂƐ ŽĨ ŽƉĞƌĂƟŽŶƐ ŝŶ Ɛ Ă ƉĂƌƚ ŽĨ ŽƵƌ ^Z ŝŶ 'ŽĂ͕ ǁĞ ŝŶǀĞƐƚ ŝŶ ƌĞǀŝǀŝŶŐ ĂŶĚ ŐĂƌƚĂůĂ͕ hƌŝ ĂŶĚ WŝƚŚŽƌĂŐĂƌŚ͘ zŽƵŶŐ ďŽLJƐ ĂŶĚ ŐŝƌůƐ ĨƌŽŵ ƉŽƉƵůĂƌŝnjŝŶŐ 'ŽĂ͛Ɛ ƵŶŝƋƵĞ ŚĞƌŝƚĂŐĞ ŽĨ &ĂĚŽ ŵƵƐŝĐ͘ tĞ ŵĂŶLJƐŵĂůůƚŽǁŶƐĂŶĚǀŝůůĂŐĞƐĂƌŽƵŶĚŽƵƌĐĞŶƚĞƌƐ͕ŝŶĐůƵĚŝŶŐ ƐƵƉƉŽƌƚ ƚƌĂŝŶŝŶŐ ƉƌŽŐƌĂŵŵĞƐ ĂŶĚ ŚĂǀĞ ŽƌŐĂŶŝnjĞĚ Ă ŚĂůĂŝĂŶĚ'ŽŵĂƟŝŶŐĂƌƚĂůĂŝŶƚŚĞĂƐƚ͕DLJƐŽƌĞĂŶĚhƩĂƌĂ ƐĞƌŝĞƐ ŽĨ ǁŽƌŬƐŚŽƉƐ ĂŶĚ ĞǀĞŶƚƐ ŝŶ ĐŽůůĂďŽƌĂƟŽŶ ǁŝƚŚ Ă <ĂŶŶĂĚĂĨƌŽŵ<ĂƌŶĂƚĂŬĂŝŶƚŚĞ^ŽƵƚŚ͕^ĂŶŐůŝĂŶĚ^ŝŶĚŚƵĚƵƌŐ ĐŽŵŵŝƩĞĚ ĞdžƉĞƌƚ͘ dŚŝƐ ƉƌŽŐƌĂŵŵĞ ŚĂƐ ƌĞĂĐŚĞĚ ŽǀĞƌ ϮϬϬ ŝŶDĂŚĂƌĂƐŚƚƌĂŝŶƚŚĞtĞƐƚ͕ũŵĞƌĂŶĚĂƵƐĂŝŶZĂũĂƐƚŚĂŶ ƐƚƵĚĞŶƚƐĂĐƌŽƐƐ'ŽĂ͕ŽĨǁŚŽŵϰϬŚĂǀĞƵŶĚĞƌŐŽŶĞŵĂƐƚĞƌ ŝŶƚŚĞEŽƌƚŚ͕ĂůĂŐŚĂƚĂŶĚŚŚŝŶĚǁĂƌĂŝŶDĂĚŚLJĂWƌĂĚĞƐŚ ĐůĂƐƐĞƐ͘DĂŶLJŽĨƚŚĞƐĞLJŽƵŶŐĐĂŶĚŝĚĂƚĞƐŚĂǀĞĂůƐŽƐƚĂƌƚĞĚ ŝŶ ĞŶƚƌĂů /ŶĚŝĂ ĂƌĞ ďĞŶĞĮĐŝĂƌŝĞƐ ŽĨ ƚŚŝƐ ƉƌŽŐƌĂŵŵĞ͘ /Ŷ ƉĞƌĨŽƌŵŝŶŐĂƚǀĂƌŝŽƵƐĞǀĞŶƚƐ͘ &z ϮϬϭϳͲϭϴ͕ ŽǀĞƌ ϭϭϬϬ ůĞĂƌŶĞƌƐ ŚĂǀĞ ďĞĞŶ ĚŝƌĞĐƚůLJ ƚƌĂŝŶĞĚ

60 Annual Report 2017-18 61 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

zŽƵƌ ŽŵƉĂŶLJ ĞǀĂůƵĂƚĞƐ ĂŶĚ ĞŶŐĂŐĞƐ ǁŝƚŚ ĨĞĂƐŝďůĞ ƚƌĂĚŝƟŽŶĂůĂƌƟƐĂŶƐ͕ǁŽƌŬŝŶŐŽŶǁĂƐƚĞŵĂŶĂŐĞŵĞŶƚ͕ĂĐƟŽŶͲ ϱ͘ ŵŽƵŶƚƵŶƐƉĞŶƚ͕ŝĨĂŶLJ͗E/> ŽƉƉŽƌƚƵŶŝƟĞƐƚŽƐƵƉƉŽƌƚƚŚĞƉƌĞƐĞƌǀĂƟŽŶĂŶĚĞŶŚĂŶĐĞŵĞŶƚ ďĂƐĞĚƌĞƐĞĂƌĐŚŽŶƐƵƉƉůŝĞƌĚŝǀĞƌƐŝƚLJΘŝŶĐůƵƐŝŽŶĂŶĚĞŶĂďůŝŶŐ  dŚĞŵĂŶŶĞƌŝŶǁŚŝĐŚƚŚĞĂŵŽƵŶƚǁĂƐƐƉĞŶƚĚƵƌŝŶŐ&zϮϬϭϳͲϭϴŝƐĚĞƚĂŝůĞĚŝŶƚŚĞƚĂďůĞďĞůŽǁ͗ ŽĨŚĞƌŝƚĂŐĞŵŽŶƵŵĞŶƚƐŽĨƐŝŐŶŝĮĐĂŶĐĞĂƚƐŽŵĞŽĨƚŚĞůŽĐĂƟŽŶƐ ŵŽďŝůŝnjĂƟŽŶ ŽĨ ĚĞƐĞƌǀŝŶŐ LJŽƵƚŚ ĨŽƌ dĂũ ^Z ƐŬŝůů ƚƌĂŝŶŝŶŐ ǁŚĞƌĞ ŝƚ ŽƉĞƌĂƚĞƐ͘ ŽŶƟŶƵŝŶŐ ƚŽ ĞŶŐĂŐĞ ǁŝƚŚ ŵƵůƟƉůĞ ĐĞŶƚĞƌƐ͘dŚĞƐĞƉƌŽũĞĐƚƐǁĞƌĞƵŶĚĞƌƚĂŬĞŶŝŶƉĂƌƚŶĞƌƐŚŝƉǁŝƚŚ WƌŽŐƌĂŵŵĂƟĐ Amount of ƐƚĂŬĞŚŽůĚĞƌƐ͕ƚŚĞŽŵƉĂŶLJŚĂƐďĞĞŶƐƵƉƉŽƌƟŶŐŵĂŝŶƚĞŶĂŶĐĞ ŽƵƌŚŽƚĞůƚĞĂŵƐ͕^ZƉĂƌƚŶĞƌƐ͕ǀŽůƵŶƚĂƌLJƐĞĐƚŽƌŽƌŐĂŶŝnjĂƟŽŶƐ dĂũ^Z&ŽĐƵƐ ^ĞĐƚŽƌŝŶǁŚŝĐŚƚŚĞ EĂƚƵƌĞŽĨWƌŽŐƌĂŵ ŝƌĞĐƚͬWĂƌƚŶĞƌƐŚŝƉ >ŽĐĂƟŽŶƐ KƵƚůĂLJ DŽŶĞLJ^ƉĞŶƚ ĂŶĚƵƉŬĞĞƉŽĨƚŚĞsĂƌĂŶĂƐŝ'ŚĂƚƐ͕ƚŚĞEĂƟŽŶĂůZĂŝůDƵƐĞƵŵ͕ ĂŶĚdĂƚĂ'ƌŽƵƉĐŽŵƉĂŶŝĞƐ͘ Areas WƌŽũĞĐƚŝƐĐŽǀĞƌĞĚ ;`ͬůĂŬŚƐͿ ;`ͬůĂŬŚƐͿ EĞǁĞůŚŝĂŶĚƚŚĞ'ĂƚĞǁĂLJŽĨ/ŶĚŝĂƉƌĞĐŝŶĐƚ͕DƵŵďĂŝ͘ zĞĂƌ ŽŶ LJĞĂƌ͕ LJŽƵƌ ŽŵƉĂŶLJ ĞŶĐŽƵƌĂŐĞƐ ŝƚƐ ĂƐƐŽĐŝĂƚĞƐ ƚŽ ƵŝůĚŝŶŐ sŽĐĂƟŽŶĂůƐŬŝůůŝŶŐ ĞƌƟĮĞĚ^ŬŝůůdƌĂŝŶŝŶŐǁŝƚŚ ŝƌĞĐƚнǁŝƚŚ DƵŵďĂŝ͕ŝƌŽůŝ͕ ϭϮϰ͘Ϯϯ ϭϳϯ͘ϭϭ dŚĞŶĞĞĚƐĂŶĚƌĞƋƵĞƐƚƐĨƌŽŵůŽĐĂůĐŽŵŵƵŶŝƟĞƐĂƌĞĐŽŶƐŝĚĞƌĞĚ ǀŽůƵŶƚĞĞƌ ĨŽƌ ƉĂƌƟĐŝƉĂƟŶŐ ŝŶ ĐŽŵŵƵŶŝƚLJ ĚĞǀĞůŽƉŵĞŶƚ >ŝǀĞůŝŚŽŽĚƐ ĂŶĚƉƌŽŵŽƟŽŶŽĨ ĞŵďĞĚĚĞĚŽŶͲƚŚĞͲũŽď partners >ŽŶĂǀĂůĂ͕:ĂŝƉƵƌ͕ ůŝǀĞůŝŚŽŽĚƐ ĞdžƉŽƐƵƌĞ͕ƐƉŽŬĞŶŶŐůŝƐŚ ŚŚŝŶĚǁĂƌĂ͕sĂƌĂŶĂƐŝ͕ ĂŶĚ ĂĚĚƌĞƐƐĞĚ ďLJ ƚŚĞ ŚŽƚĞů͛Ɛ ŵĂŶĂŐĞŵĞŶƚ ƚŚƌŽƵŐŚ ǀĂƌŝĞĚ ŝŶŝƟĂƟǀĞƐĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůůLJƌĞƐƉŽŶƐŝďůĞĞŶĚĞĂǀŽƵƌƐ͘zŽƵƌ ĂŶĚǁŽƌŬͲƌĞĂĚŝŶĞƐƐŝŶƉƵƚƐ ĞŶŐĂůƵƌƵ͕,LJĚĞƌĂďĂĚ͕ ĐŽŵŵƵŶŝƚLJ ĞŶŐĂŐĞŵĞŶƚ ĂŶĚ ƐƵƉƉŽƌƚ ĂĐƟǀŝƟĞƐ͘ ŽŶĂƟŽŶ ŽŵƉĂŶLJ ŚĂƐ ŚĂĚ ŽǀĞƌ ϰ͕ϴϬϬ ǀŽůƵŶƚĞĞƌƐ ĐůŽĐŬŝŶŐ ĂƌŽƵŶĚ 'ŽĂ͕dƌŝǀĂŶĚƌƵŵ͕ ŽĨ ĨŽŽĚ ŝƚĞŵƐ͕ ĞĚƵĐĂƟŽŶĂů ƐĐŚŽůĂƌƐŚŝƉƐ͕ ƐƵƉƉŽƌƟŶŐ ĐŚĂƌŝƚLJ ϭϮ͕ϬϬϬǀŽůƵŶƚĞĞƌŝŶŐŚŽƵƌƐĐƵŵƵůĂƟǀĞůLJ͕ĂĐƟǀĞůLJƉĂƌƟĐŝƉĂƟŶŐ ŐĂƌƚĂůĂ͕hƌŝĂŶĚ ŚŽŵĞƐĂŶĚŽƌƉŚĂŶĂŐĞƐĂƌĞĂůůĐŽŵƉŽŶĞŶƚƐŽĨƚŚŝƐƉƌŽŐƌĂŵ͘ ŝŶ Ăůů ĞĚŝƟŽŶƐ ŽĨ dĂƚĂ sŽůƵŶƚĞĞƌŝŶŐ DŽŶƚŚƐ ĐŽŶĚƵĐƚĞĚ ŝŶ WŝƚŚŽƌĂŐĂĚŚ dŚĞƐĞƉƌŽŐƌĂŵƐĂŶĚŝŶŝƟĂƟǀĞƐĂƌĞƵŶĚĞƌƚĂŬĞŶŝŶĂƐƐŽĐŝĂƟŽŶ &zϮϬϭϳͲϭϴ͘ ĞŝŶŐĂ WƌŽŵŽƟŽŶĂŶĚ ĚƵĐĂƟŽŶ͕ƚƌĂŝŶŝŶŐĂŶĚ ŝƌĞĐƚнǁŝƚŚ ĐƌŽƐƐŵƵůƟƉůĞdĂũŚŽƚĞů ϰϴ͘Ϯϲ Ϯϲϱ͘ϯϵ ǁŝƚŚ ůŽĐĂů ƉĂƌƚŶĞƌƐ͕ ŝŶĐůƵĚŝŶŐ ĐŽŵŵƵŶŝƟĞƐ͕ E'KƐ ĂŶĚ Ɛ Ă ƉĂƌƚ ŽĨ ŝƚƐ ^Z ĐƵůƚƵƌĞ ŽǀĞƌ ĚĞĐĂĚĞƐ͕ LJŽƵƌ ŽŵƉĂŶLJ ZĞƐƉŽŶƐŝďůĞ ĚĞǀĞůŽƉŵĞŶƚŽĨ ƉƌŽŵŽƟŽŶƚŽƉƌĞƐĞƌǀĞ partners sites ŐŽǀĞƌŶŵĞŶƚďŽĚŝĞƐ͕ĂƐĂƉƉƌŽƉƌŝĂƚĞ͘ EĞŝŐŚďŽƵƌ ƚƌĂĚŝƟŽŶĂůĂƌƚƐ ƵŶŝƋƵĞĂƌƚĨŽƌŵƐ ĞŶĂďůĞƐ ŐĞŶĞƌĂƟŽŶ ŽĨ ůŝǀĞůŝŚŽŽĚƐ ďLJ ŚĂŶĚͲŚŽůĚŝŶŐ ĂŶĚ ĂŶĚŚĂŶĚŝĐƌĂŌƐ ƉƌŽĐƵƌŝŶŐ ŐŽŽĚƐ ĂŶĚ ƐĞƌǀŝĐĞƐ ĨƌŽŵ ƐŵĂůů ĂŶĚ ŵĞĚŝƵŵ ŽŵŵƵŶŝƚLJtĞůĨĂƌĞĐƟǀŝƟĞƐ ŶǀŝƌŽŶŵĞŶƚĂů ĚŽƉƟŽŶŽƌŵĂŝŶƚĞŶĂŶĐĞ ϱϴ͘ϬϬ ƐŝnjĞĚ ĞŶƚƌĞƉƌĞŶĞƵƌƐ ĨƌŽŵ ƐŽĐŝŽͲĞĐŽŶŽŵŝĐĂůůLJ ĚĞƉƌŝǀĞĚ zŽƵƌĐŽŵƉĂŶLJƉƌŽǀŝĚĞƐĞĚƵĐĂƟŽŶĂůƐĐŚŽůĂƌƐŚŝƉƐƚŽƐƚƵĚĞŶƚƐ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ŽĨƉƵďůŝĐƐƉĂĐĞƐƐƵĐŚ ĐŽŵŵƵŶŝƟĞƐ͕ E'KƐ͕ ǁŽŵĞŶ ƐĞůĨͲŚĞůƉ ŐƌŽƵƉƐ ĂŶĚ ƐŽĐŝĂů ƚŚƌŽƵŐŚ ƚŚĞ ͚'ŽůĚĞŶ dŚƌĞƐŚŽůĚ WƌŽŐƌĂŵŵĞ͕͛ ŽīĞƌŝŶŐ Ă ĂƐŐĂƌĚĞŶƐ͕ďƵƐƐƚŽƉƐ ĞŶƚĞƌƉƌŝƐĞƐ͘zŽƵƌŽŵƉĂŶLJĂůƐŽŽīĞƌƐĂƉƌŽďŽŶŽĞdžŚŝďŝƟŽŶ ĂĐŚĞůŽƌ͛Ɛ ĚĞŐƌĞĞ ŝŶ ǀŽĐĂƟŽŶĂů ĞĚƵĐĂƟŽŶ͘ /ƚ ŝƐ ƌƵŶ ŝŶ ĂŶĚƌŽĂĚƐ͕ĐůĞĂŶůŝŶĞƐƐ͕ ƉůĂƞŽƌŵ ĂŶĚ ůŝǀĞůŝŚŽŽĚͲĞĂƌŶŝŶŐ ŽƉƉŽƌƚƵŶŝƟĞƐ ƚŽ ŵĂŶLJ ƉĂƌƚŶĞƌƐŚŝƉǁŝƚŚdĂƚĂ/ŶƐƟƚƵƚĞŽĨ^ŽĐŝĂů^ĐŝĞŶĐĞƐ͘KǀĞƌϭϬϬ ďĞĂƵƟĮĐĂƟŽŶΘŚŽƌƟĐƵůƚƵƌĞ ƚƌĂĚŝƟŽŶĂů ĂƌƟƐĂŶƐ ĂŶĚ ĐƵůƚƵƌĞ ƚƌŽƵƉĞ ŵĞŵďĞƌƐ͕ LJĞĂƌ ŽŶ ĂŶĚĐŽŵŵƵŶŝƚLJĞĚƵĐĂƟŽŶ ƐƚƵĚĞŶƚƐĂƌĞĐƵƌƌĞŶƚůLJƵŶĚĞƌŐŽŝŶŐƚƌĂŝŶŝŶŐĂƐĂƉĂƌƚŽĨƚŚŝƐ LJĞĂƌ͘ Ɛ Ă ƉĂƌƚ ŽĨ ƚŚĞ dĂƚĂ ĸƌŵĂƟǀĞ ĐƟŽŶ WƌŽŐƌĂŵŵĞ͕ ĨŽƌƉƵďůŝĐŚLJŐŝĞŶĞĂŶĚ ƚŚƌĞĞLJĞĂƌŝŶͲŚŽƵƐĞƚƌĂŝŶŝŶŐƉƌŽŐƌĂŵŵĞĂƚƐĞůĞĐƚdĂũ,ŽƚĞůƐ͘ LJŽƵƌ ŽŵƉĂŶLJ ŝƐ ĐŽŵŵŝƩĞĚ ƚŽ ĚƌŝǀĞ ĐĂƉĂďŝůŝƚLJ ďƵŝůĚŝŶŐ ŽĨ cleanliness ƐŽĐŝĂůůLJͲĚĞƉƌŝǀĞĚĐŽŵŵƵŶŝƟĞƐůŝŬĞĚĂůŝƚƐĂŶĚƚƌŝďĂůƐ͘KǀĞƌƚŚĞ ZĞƐƚŽƌĂƟŽŶŽĨ ^ƵƉƉŽƌƚĨŽƌďĞĂƵƟĮĐĂƟŽŶ͕ ϭϭϵ͘ϳϬ EƵƌƚƵƌŝŶŐƚŚĞdĂũƵůƚƵƌĞĨŽƌ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚLJĂŶĚ ďƵŝůĚŝŶŐƐĂŶĚ ĐůĞĂŶůŝŶĞƐƐĂŶĚƉƌŽŵŽƟŽŶ sŽůƵŶƚĞĞƌŝŶŐ ůĂƐƚĚĞĐĂĚĞ͕LJŽƵƌŽŵƉĂŶLJŚĂƐƚƌĂŝŶĞĚ͕ĐĞƌƟĮĞĚĂŶĚƉůĂĐĞĚ ĂĐƌŽƐƐƚŚĞŝŶĚƵƐƚƌLJŽǀĞƌϯϬϬϬĚĂůŝƚĂŶĚƚƌŝďĂůLJŽƵƚŚ͕ŽĨǁŚŝĐŚ sites of historical ŽĨ'ĂƚĞǁĂLJŽĨ/ŶĚŝĂ͕ /Ŷ ƚŚĞ ĐŽŶƚĞdžƚ ŽĨ ǁŝĚĞŶŝŶŐ ƐŽĐŝĂů ĚŝǀŝĚĞ ŝŶ ŵŽĚĞƌŶ ƐŽĐŝĞƚLJ͕ ŵĂŶLJŚĂǀĞďĞĞŶĂďƐŽƌďĞĚďLJdĂũ,ŽƚĞůƐĂƐǁĞůů͘ importance DƵŵďĂŝĂŶĚEĂƟŽŶĂůZĂŝů ĞƐƉĞĐŝĂůůLJ ŝŶ /ŶĚŝĂ͕ ŝƚ ŝƐ ŝŵƉŽƌƚĂŶƚ ĨŽƌ ĨƵƚƵƌĞ ůĞĂĚĞƌƐ ƚŽ DƵƐĞƵŵ͕ĞůŚŝ ƵŶĚĞƌƐƚĂŶĚ͕ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ĂƉƉƌĞĐŝĂƚĞ ƚŚĞ ĐŽŵƉůĞdžŝƚLJ zŽƵƌŽŵƉĂŶLJ͛Ɛ^ZWŽůŝĐLJŽƵƚůŝŶĞƐŬĞLJƉƌŽŐƌĂŵƐ͕ŝŶŝƟĂƟǀĞƐ ^ƵƉƉŽƌƚƚŽǁĂƌĚƐ tĞůĨĂƌĞĂĐƟǀŝƟĞƐĨŽƌůŽĐĂů Ϯϳ͘ϬϬ ŽĨ ŵĂƌŐŝŶĂůŝnjĂƟŽŶ ĂŶĚ ŝŶĞƋƵŝƚLJ ŝŶ ŽƵƌ ƐŽĐŝĞƚLJ͘ dŽĚĂLJ͛Ɛ ĂŶĚ ŵĞĐŚĂŶŝƐŵƐ ĨŽůůŽǁĞĚ ĨŽƌ ĚƌŝǀŝŶŐ ŽƌƉŽƌĂƚĞ ^ŽĐŝĂů ĞƌĂĚŝĐĂƟŶŐ ĐŚĂƌŝƚLJŚŽŵĞƐ͕ŽƌƉŚĂŶĂŐĞƐ͕ ƵƌďĂŶĞ͕ ŐůŽďĂůůLJ ǁĞůůͲǀĞƌƐĞĚ /ŶĚŝĂŶ LJŽƵƚŚ͛Ɛ ĞdžƉŽƐƵƌĞ ĂŶĚ ZĞƐƉŽŶƐŝďŝůŝƚLJ͖ ƚŚŝƐ ŝƐ ƵƉĚĂƚĞĚ ƵŶĚĞƌ ƚŚĞ ͚WŽůŝĐŝĞƐ͛ ƐĞĐƟŽŶ ƉŽǀĞƌƚLJĂŶĚ other such community ůŝǀĞĚͲĞdžƉĞƌŝĞŶĐĞƐ ǁŝƚŚ /ŶĚŝĂŶ ĚŝƐĂĚǀĂŶƚĂŐĞĚ ĐŽŵŵƵŶŝƚLJ ŽŶ ƚŚĞ ǁĞďƐŝƚĞ ƵŶĚĞƌ ƚŚĞ ůŝŶŬ ŚƩƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬ ŵĂůŶƵƚƌŝƟŽŶ ƌĞƋƵĞƐƚͲďĂƐĞĚĂĐƟǀŝƟĞƐ ŐƌŽƵƉƐ ;ůŝŬĞ ƌƵƌĂů ĂŶĚ ůŽǁͲŝŶĐŽŵĞ ĨĂŵŝůŝĞƐ͖ ƚĂůĞŶƚĞĚ ďƵƚ ƉŽůŝĐŝĞƐͬĐƐƌͲƉŽůŝĐLJͲŝŚĐů͘ƉĚĨ͖ ĂŶĚ ŚƩƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬ Community WƌŽŵŽƟŶŐ ^ĐŚŽůĂƌƐŚŝƉƐĨŽƌĞĚƵĐĂƟŽŶ ŝƌĞĐƚнǁŝƚŚ DƵŵďĂŝ͕<ŽůŬĂƚĂ͕ĞůŚŝ͕ ϭϰϲ͘ϯ ϴϴ͘ϳϳ ŽƉƉŽƌƚƵŶŝƚLJͲĚĞƉƌŝǀĞĚ ǁŽŵĞŶ͕ ĂƌƟƐĂŶƐ ĨƌŽŵ ƌĞŵŽƚĞ /ŶĚŝĂ͖ ƉŽůŝĐŝĞƐͬŝŚĐůͲƐƵƐƚĂŝŶĂďŝůŝƚLJͲƉŽůŝĐLJ͘ƉĚĨ tĞůĨĂƌĞ ĚƵĐĂƟŽŶ in hospitality partners ĞŶŐĂůƵƌƵ ĚĂůŝƚĂŶĚƚƌŝďĂůLJŽƵƚŚ͖ĚŝīĞƌĞŶƚůLJĂďůĞĚĂŶĚƐŽŽŶͿŝƐŐĞƫŶŐ dKd> 523.49 527.27 ŵŽƌĞĂŶĚŵŽƌĞƌĂƌĞ͘ zŽƵƌŽŵƉĂŶLJĞŶĐŽƵƌĂŐĞƐŝƚƐƉĂƌƚŶĞƌĐŽŵƉĂŶŝĞƐĂĐƌŽƐƐƚŚĞ dĂũ'ƌŽƵƉƚŽĂĚŽƉƚƚŚĞŽŵƉĂŶLJΖƐ^ZƉŽůŝĐLJĨŽĐƵƐĂƌĞĂƐΘ /ŵƉůĞŵĞŶƟŶŐŐĞŶĐŝĞƐ LJŽƵƚŚ ĨƌŽŵ ƌĞŵŽƚĞ ƌĞŐŝŽŶƐ ĂŶĚ ůŽǁ ŝŶĐŽŵĞ ĨĂŵŝůŝĞƐ͕ ĂŝŵĞĚ 'ƵŝĚĞĚ ďLJ ƚŚĞ ĨŽƵŶĚĞƌ͛Ɛ ǀĂůƵĞƐ͕ LJŽƵƌ ŽŵƉĂŶLJ ŝƐ ƐĞŶƐŝƟǀĞ ĂƉƉƌŽĂĐŚ ĂŶĚ ƐƵƉƉŽƌƚƐ ƉĂƌƟĐŝƉĂƟŶŐ ƉĂƌƚŶĞƌ ĐŽŵƉĂŶŝĞƐ ƚŽ zŽƵƌ ŽŵƉĂŶLJ ĞdžĞĐƵƚĞƐ ŝƚƐ ^Z ĞŶĚĞĂǀŽƵƌƐ ŝŶ ƉĂƌƚŶĞƌƐŚŝƉ ĂƚĞŶĂďůŝŶŐƚŚĞŝŶĐůƵƐŝŽŶŽĨůĞƐƐͲƉƌŝǀŝůĞŐĞĚǁŽŵĞŶ͕ĚĂůŝƚĂŶĚ ŽĨƚŚŝƐƐŽĐŝĂůŝŶĞƋƵŝƚLJĂŶĚĞŶĚĞĂǀŽƵƌƐƚŽĚƌŝǀĞƉŽůŝĐŝĞƐĂŶĚ ĚĞƉůŽLJƉƌŽŐƌĂŵŵĞƐĂŶĚĂĐƟǀŝƟĞƐŝŶůŝŶĞǁŝƚŚƚŚŝƐƉŽůŝĐLJ͘ ǁŝƚŚ ŐŽǀĞƌŶŵĞŶƚ ĂŶĚ ŶŽŶͲŐŽǀĞƌŶŵĞŶƚĂů ŽƌŐĂŶŝnjĂƟŽŶƐ ĂŶĚ ƚƌŝďĂů LJŽƵƚŚ͘ ^ƉŽŬĞŶ ŶŐůŝƐŚ͕ ƐŽŌ ƐŬŝůůƐ ĂŶĚ ǁŽƌŬ ƌĞĂĚŝŶĞƐƐ ƉƌŽŐƌĂŵŵĞƐ ƚŚĂƚ ĐŽŶƟŶƵĞ ƚŽ ďƵŝůĚ ƚŚĞ ďƌŝĚŐĞƐ ŶĞĞĚĞĚ ĨŽƌ dĂƚĂƉĂƌƚŶĞƌƐƚŚĂƚƵŶĚĞƌƐƚĂŶĚƚŚĞŶĞĞĚƐŽĨƚŚĞĐŽŵŵƵŶŝƚLJ͘ ƚƌĂŝŶŝŶŐƐƐŚĂůůďĞŽīĞƌĞĚƚŽŝŶĐƌĞĂƐĞƚŚĞƐĞLJŽƵƚŚ͛ƐĂĐĐĞƐƐƚŽ Ă ŵŽƌĞ ŚƵŵĂŶĞ ĂŶĚ ŝŶĐůƵƐŝǀĞ ƐŽĐŝĞƚLJ ǁŚŝůĞ ĐŽŶƟŶƵŝŶŐ ƚŽ ϭ͘ dŚĞĐŽŵƉŽƐŝƟŽŶŽĨƚŚĞŽĂƌĚͲůĞǀĞů^ZĂŶĚ^ƵƐƚĂŝŶĂďŝůŝƚLJ dŚĞŽŵƉĂŶLJĞŶŐĂŐĞƐǁŝƚŚŵĂŶLJE'KƉĂƌƚŶĞƌƐ͕ŽƌƉŚĂŶĂŐĞƐ ŽƉƉŽƌƚƵŶŝƟĞƐĨŽƌĞŵƉůŽLJŵĞŶƚŝŶƚŚĞĞǀĞƌͲŐƌŽǁŝŶŐŚŽƐƉŝƚĂůŝƚLJ ŶƵƌƚƵƌĞŝƚƐEĂƐĂƌĞƐƉĞĐƚĞĚďƵƐŝŶĞƐƐŚŽƵƐĞǁŝƚŚĂƐŽĐŝĂů ŽŵŵŝƩĞĞŝƐĂƐĨŽůůŽǁƐ͗ ĂŶĚĐŚĂƌŝƚLJŚŽŵĞƐŝŶĚŝīĞƌĞŶƚůŽĐĂƟŽŶƐ͕ƐŽŵĞŽĨƚŚĞŵďĞŝŶŐ ĂŶĚƐĞƌǀŝĐĞŝŶĚƵƐƚƌLJ͘ ƉƵƌƉŽƐĞ͘KǀĞƌƚŚĞůĂƐƚƐŝdžLJĞĂƌƐ͕ƚŚĞdĂũ^ƵƐƚĂŝŶĂďŝůŝƚLJĂŶĚ^Z  ;ŝͿ Dƌ͘WƵŶĞĞƚŚŚĂƚǁĂůͲŚĂŝƌŵĂŶ tŽŵĞŶ͛Ɛ /ŶĚŝĂ dƌƵƐƚ͕ ƐĞĞŵĂ͕ ,ƵŵĂŶ tĞůĨĂƌĞ ƐƐŽĐŝĂƟŽŶ͕ ƚĞĂŵŚĂƐďĞĞŶĐŽůůĂďŽƌĂƟŶŐǁŝƚŚƚŚĞĐĂĚƌĞďƵŝůĚŝŶŐǀĞƌƟĐĂů  ;ŝŝͿ Dƌ͘EĂĚŝƌ'ŽĚƌĞũ dĂƚĂŽŵŵƵŶŝƚLJ/ŶŝƟĂƟǀĞƐdƌƵƐƚ͕,ĞĂĚ,ĞůĚ,ŝŐŚ&ŽƵŶĚĂƟŽŶ͕ dŚĞ ^ƵƐƚĂŝŶĂďŝůŝƚLJ ŽŵŵŝƩĞĞ ŚĞƌĞďLJ ĐŽŶĮƌŵƐ ƚŚĂƚ ƚŚĞ ŽĨ ƚŚĞ ŚƵŵĂŶ ƌĞƐŽƵƌĐĞƐ ƚĞĂŵ ƚŽ ƉůĂŶ ĂŶĚ ĚĞůŝǀĞƌ Ă ƐŽĐŝĂů  ;ŝŝŝͿ DƐ͘/ƌĞĞŶĂsŝƩĂů ĂŶĐĞƌ WĂƟĞŶƚƐ ŝĚ ƐƐŽĐŝĂƟŽŶ͕ dĂƚĂ dĞĂ tŝǀĞƐ tĞůĨĂƌĞ ŝŵƉůĞŵĞŶƚĂƟŽŶ ĂŶĚ ŵŽŶŝƚŽƌŝŶŐ ŽĨ ^Z ƉƌŽŐƌĂŵŵĞƐ ŝƐ ƌĞƐƉŽŶƐŝďŝůŝƚLJŝŵŵĞƌƐŝŽŶƉƌŽŐƌĂŵŵĞĨŽƌŽƵƌĨƵƚƵƌĞŵĂŶĂŐĞƌƐ ƐƐŽĐŝĂƟŽŶ͕ĞƚĐ͘ ŝŶ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƚŚĞ ^Z ŽďũĞĐƟǀĞƐ ĂŶĚ ƉŽůŝĐLJ ŽĨ ƚŚĞ ŝŶĞdžƉĞƌŝĞŶĐŝŶŐƚŚĞůŝĨĞĂŶĚĐŚĂůůĞŶŐĞƐŽĨƌĞŵŽƚĞƌ/ŶĚŝĂĂŶĚ Ϯ͘ ǀĞƌĂŐĞŶĞƚƉƌŽĮƚŽĨƚŚĞŽŵƉĂŶLJĨŽƌůĂƐƚϯĮŶĂŶĐŝĂůLJĞĂƌƐ ŽŵƉĂŶLJ͘ ĚŝƐĂĚǀĂŶƚĂŐĞĚ ƐĞĐƟŽŶƐ ŽĨ ŽƵƌ ƐŽĐŝĞƚLJ͘ dŚŝƐ LJĞĂƌ͕ ŽǀĞƌ ƐŝdžƚLJ ;ϮϬϭϰͲϭϱƚŽϮϬϭϲͲϭϳͿĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨĐŽŵƉƵƚĂƟŽŶŽĨ 'ŽŝŶŐ&ŽƌǁĂƌĚ͗ϮϬϭϴͲϭϵ ŽĨ ŽƵƌ LJŽƵŶŐ ŵĂŶĂŐĞƌƐ ĨƌŽŵ ƚŚĞ ,ŽƚĞůŝĞƌ ĞǀĞůŽƉŵĞŶƚ ^Z͗`Ϯϲϭ͘ϲϬĐƌŽƌĞƐ zŽƵƌŽŵƉĂŶLJŝŶƚĞŶĚƐƚŽĨŽĐƵƐŽŶĚĞǀĞůŽƉŝŶŐĚŝƌĞĐƚĨĂƌŵƚŽ WƵŶĞĞƚŚŚĂƚǁĂů WƌŽŐƌĂŵŵĞ ƵŶĚĞƌƚŽŽŬ Ă ϰϱ ĚĂLJ ^Z ƐƟŶƚ͕ ƚĂŬŝŶŐ ƵƉ ŽǀĞƌ ŵĂƌŬĞƚƐŽůƵƟŽŶƐŝŶƉĂƌƚŶĞƌƐŚŝƉǁŝƚŚdĂƚĂdƌƵƐƚƐƚŽŝŶĐƌĞĂƐĞŽƵƌ DĂŶĂŐŝŶŐŝƌĞĐƚŽƌĂŶĚŚŝĞĨdžĞĐƵƟǀĞKĸĐĞƌ ϮϬ ƉƌŽũĞĐƚƐ ĂŝŵĞĚ Ăƚ ƉƌŽŵŽƟŶŐ ƚŚĞŝƌ ƐƉŝƌŝƚ ŽĨ ǀŽůƵŶƚĞĞƌŝŶŐ ϯ͘ dŚĞ ƉƌĞƐĐƌŝďĞĚ ^Z KƵƚůĂLJ ;Ϯй ŽĨ ƚŚĞ ĂǀĞƌĂŐĞ ŶĞƚ ŽƵƚƌĞĂĐŚĂŶĚŝŵƉĂĐƚŽŶůŝǀĞůŝŚŽŽĚƐ͘ƐĂƉĂƌƚŽĨŝƚƐŽŶŐŽŝŶŐ ŚĂŝƌŵĂŶ͕^ZŽŵŵŝƩĞĞ ĂŶĚ ĚĞůŝǀĞƌŝŶŐ ĐŽŵŵƵŶŝƚLJ ĚĞǀĞůŽƉŵĞŶƚ ŐŽĂůƐ͘ dŚĞŝƌ ƉƌŽĮƚĂƐƉĞƌŝƚĞŵϮĂďŽǀĞͿŽĨƚŚĞŽŵƉĂŶLJŝƐ`ϱ͘ϮϯĐƌŽƌĞƐ ƐŬŝůůƚƌĂŝŶŝŶŐĞŶĚĞĂǀŽƵƌƐ͕LJŽƵƌŽŵƉĂŶLJƉůĂŶƐƚŽŽīĞƌƐƉĞĐŝĂů ƉƌŽũĞĐƚƐ ƌĂŶŐĞĚ ĂĐƌŽƐƐ ƚŚĞŵĞƐ ůŝŬĞ ĞŶĂďůŝŶŐ ŚŽŵĞ ƐƚĂLJƐ ϰ͘ ĞƚĂŝůƐ ŽĨ ^Z ^ƉĞŶĚ ĚƵƌŝŶŐ ƚŚĞ ĮŶĂŶĐŝĂů LJĞĂƌ͗ ` ϱ͘Ϯϳ ƐĐŚŽůĂƌƐŚŝƉƐĨŽƌƚƌĂŝŶŝŶŐĂŶĚŝŶĚƵƐƚƌŝĂůĞdžƉŽƐƵƌĞĨŽƌĚĞƐĞƌǀŝŶŐ DƵŵďĂŝ͕DĂLJϮϱ͕ϮϬϭϴ ĂŶĚ ĐŽŵŵƵŶŝƚLJ ďĂƐĞĚ ƚŽƵƌŝƐŵ ŝŶ ƌƵƌĂů /ŶĚŝĂ͕ ƐƵƉƉŽƌƟŶŐ crores ĞĚƵĐĂƟŽŶĂŶĚĮŶĚŝŶŐŵĂƌŬĞƚĐŽŶŶĞĐƚƐĨŽƌƚƌŝďĂůĐƵŝƐŝŶĞƐĂŶĚ 62 Annual Report 2017-18 63 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

ŶŶĞdžƵƌĞ/// &ŽƌŵEŽ͘D'dͲϵ Sr. EĂŵĞĂŶĚĚĚƌĞƐƐŽĨƚŚĞŽŵƉĂŶLJ /Eͬ'>E ,ŽůĚŝŶŐͬ йŽĨ ƉƉůŝĐĂďůĞ EŽ͘ ^ƵďƐŝĚŝĂƌLJͬ shares ^ĞĐƟŽŶ džƚƌĂĐƚŽĨŶŶƵĂůZĞƚƵƌŶ Associate held ϭϮ >ƵƚŚƌŝĂΘ>ĂůĐŚĂŶĚĂŶŝ,ŽƚĞůΘWƌŽƉĞƌƟĞƐWƌŝǀĂƚĞ hϱϱϭϬϬD,ϮϬϬϴWdϭϳϴϵϲϯ ^ƵďƐŝĚŝĂƌLJ ϭϬϬ Ϯ;ϴϳͿ ĂƐŽŶƚŚĞĮŶĂŶĐŝĂůLJĞĂƌĞŶĚĞĚŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ >ŝŵŝƚĞĚ ΀WƵƌƐƵĂŶƚƚŽ^ĞĐƟŽŶϵϮ;ϯͿŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯĂŶĚZƵůĞϭϮ;ϭͿŽĨƚŚĞŽŵƉĂŶŝĞƐ DĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕DƵŵďĂŝͲϰϬϬϬϬϭ ;DĂŶĂŐĞŵĞŶƚĂŶĚĚŵŝŶŝƐƚƌĂƟŽŶͿZƵůĞƐ͕ϮϬϭϰ΁ ϭϯ >>,ŽƚĞůƐĂŶĚ/ŶǀĞƐƚŵĞŶƚƐ>ŝŵŝƚĞĚ hϳϬϭϬϭD,ϭϵϲϵW>ϬϭϰϯϮϲ ^ƵďƐŝĚŝĂƌLJ ϴϱ͘ϳϮ Ϯ;ϴϳͿ DĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕DƵŵďĂŝͲϰϬϬϬϬϭ /͘ ZĞŐŝƐƚƌĂƟŽŶĂŶĚŽƚŚĞƌĚĞƚĂŝůƐ͗ ϭϰ dĂũŶƚĞƌƉƌŝƐĞƐ>ŝŵŝƚĞĚ hϱϱϭϬϭ>ϭϵϳϵW>ϬϬϵϳϰϲ ^ƵďƐŝĚŝĂƌLJ ϵϬ͘ϱϵ Ϯ;ϴϳͿ ŝͿ /E ͗ >ϳϰϵϵϵD,ϭϵϬϮW>ϬϬϬϭϴϯ dĂũWĂůĂĐĞ,ŽƚĞů͕^ĂƌĚĂƌWĂƚĞůDĂƌŐ͕EĞǁĞůŚŝͲϭϭϬϬϮϭ ŝŝͿ ZĞŐŝƐƚƌĂƟŽŶĂƚĞ ͗ Ɖƌŝůϭ͕ϭϵϬϮ ϭϱ ĞŶĂƌĞƐ,ŽƚĞůƐ>ŝŵŝƚĞĚ >ϱϱϭϬϭhWϭϵϳϭW>ϬϬϯϰϴϬ ^ƵďƐŝĚŝĂƌLJ ϱϯ͘ϳϬ Ϯ;ϴϳͿ EĂĚĞƐĂƌWĂůĂĐĞŽŵƉŽƵŶĚ͕sĂƌĂŶĂƐŝϮϮϭϬϬϮ ŝŝŝͿ EĂŵĞŽĨƚŚĞŽŵƉĂŶLJ ͗ dŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶLJ>ŝŵŝƚĞĚ ϭϲ dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ;,͘<͘Ϳ>ŝŵŝƚĞĚ &ŽƌĞŝŐŶŽŵƉĂŶLJ ^ƵďƐŝĚŝĂƌLJ ϭϬϬ Ϯ;ϴϳͿ ŝǀͿ ĂƚĞŐŽƌLJ ͗ ŽŵƉĂŶLJ>ŝŵŝƚĞĚďLJ^ŚĂƌĞƐ ϰϮŶĚŇŽŽƌ͕ĞŶƚƌĂůWůĂnjĂ͕ϭϴ,ĂƌďŽƵƌZŽĂĚ͕tĂŶĐŚĂŝ͕ ǀͿ ^ƵďͲĂƚĞŐŽƌLJŽĨƚŚĞŽŵƉĂŶLJ ͗ /ŶĚŝĂŶEŽŶͲ'ŽǀĞƌŶŵĞŶƚŽŵƉĂŶLJ ,ŽŶŐ<ŽŶŐ ǀŝͿ ĚĚƌĞƐƐŽĨƚŚĞZĞŐŝƐƚĞƌĞĚŽĸĐĞĂŶĚĐŽŶƚĂĐƚĚĞƚĂŝůƐ ͗ DĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕DƵŵďĂŝͲϰϬϬϬϬϭ͘ ϭϳ ŚŝĞŌĂŝŶŽƌƉŽƌĂƟŽŶEsϯ &ŽƌĞŝŐŶŽŵƉĂŶLJ ^ƵďƐŝĚŝĂƌLJ ϭϬϬ Ϯ;ϴϳͿ ǀŝŝͿ tŚĞƚŚĞƌůŝƐƚĞĚĐŽŵƉĂŶLJ ͗ zĞƐ <ĂLJĂt&'DĞŶƐŝŶŐϭϰ͕WKŽdžϯϴϵϱ͕tŝůůĞŵƐƚĂĚ ǀŝŝŝͿ EĂŵĞ͕ĚĚƌĞƐƐĂŶĚŽŶƚĂĐƚĚĞƚĂŝůƐŽĨZĞŐŝƐƚƌĂƌĂŶĚ ͗ dŚĞŽŵƉĂŶLJŚĂƐĂŶŝŶͲŚŽƵƐĞ^ŚĂƌĞĞƉĂƌƚŵĞŶƚĂƚƚŚĞ ƵƌĂĐĂŽ͕EĞƚŚĞƌůĂŶĚƐŶƟůůĞƐ dƌĂŶƐĨĞƌŐĞŶƚ͕ŝĨĂŶLJ ZĞŐŝƐƚĞƌĞĚŽĸĐĞĂĚĚƌĞƐƐ͘dĞůEŽ͘ϬϮϮϲϲϯϵϱϱϭϱ ϭϴ /,KKs &ŽƌĞŝŐŶŽŵƉĂŶLJ ^ƵďƐŝĚŝĂƌLJ ϭϬϬ Ϯ;ϴϳͿ dĞůĞƉŽƌƚďŽƵůĞǀĂƌĚϭϰϬ͕ϭϬϰϯ:ŵƐƚĞƌĚĂŵ //͘ WƌŝŶĐŝƉĂůƵƐŝŶĞƐƐĐƟǀŝƟĞƐŽĨƚŚĞŽŵƉĂŶLJ ϭϵ ^ƚ͘:ĂŵĞƐŽƵƌƚ,ŽƚĞůƐ>ŝŵŝƚĞĚ &ŽƌĞŝŐŶŽŵƉĂŶLJ ^ƵďƐŝĚŝĂƌLJ ϴϵ͘ϯϵ Ϯ;ϴϳͿ  ůůƚŚĞďƵƐŝŶĞƐƐĂĐƟǀŝƟĞƐĐŽŶƚƌŝďƵƟŶŐϭϬйŽƌŵŽƌĞŽĨƚŚĞƚŽƚĂůƚƵƌŶŽǀĞƌŽĨƚŚĞŽŵƉĂŶLJƐŚĂůůďĞƐƚĂƚĞĚ͗Ͳ ƌŽǁŶĞWůĂnjĂ͕^ƚ͘:ĂŵĞƐ͕ƵĐŬŝŶŐŚĂŵ'ĂƚĞ͕ tĞƐƚŵŝŶƐƚĞƌ͕>ŽŶĚŽŶ^t/ϲ& Sr. EĂŵĞĂŶĚĞƐĐƌŝƉƟŽŶŽĨŵĂŝŶƉƌŽĚƵĐƚƐͬƐĞƌǀŝĐĞƐ E/ŽĚĞ;ŝǀŝƐŝŽŶͿŽĨƚŚĞ йƚŽƚŽƚĂůƚƵƌŶŽǀĞƌŽĨƚŚĞŽŵƉĂŶLJ ϮϬ dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ>ŝŵŝƚĞĚ &ŽƌĞŝŐŶŽŵƉĂŶLJ ^ƵďƐŝĚŝĂƌLJ ϭϬϬ Ϯ;ϴϳͿ EŽ͘ WƌŽĚƵĐƚͬƐĞƌǀŝĐĞ ƌŽǁŶĞWůĂnjĂ>ŽŶĚŽŶ^ƚ:ĂŵĞƐ͕ƵĐŬŝŶŐŚĂŵ'ĂƚĞ͕ ϭ ^ŚŽƌƚdĞƌŵĐĐŽŵŵŽĚĂƟŽŶĂĐƟǀŝƟĞƐ ϱϱϭ ϰϭ͘ϰй tĞƐƚŵŝŶƐƚĞƌ͕>ŽŶĚŽŶ^t/ϲ& Ϯ ZĞƐƚĂƵƌĂŶƚƐĂŶĚŵŽďŝůĞĨŽŽĚƐĞƌǀŝĐĞĂĐƟǀŝƟĞƐ ϱϲϭ ϯϵ͘ϭй Ϯϭ ^ĂŵƐĂƌĂWƌŽƉĞƌƟĞƐ>ŝŵŝƚĞĚϰ &ŽƌĞŝŐŶŽŵƉĂŶLJ ^ƵďƐŝĚŝĂƌLJ ϭϬϬ Ϯ;ϴϳͿ dƌŝĚĞŶƚŚĂŵďĞƌƐ͕WKŽdžϭϰϲ͕ZŽĂĚdŽǁŶ͕dŽƌƚŽůĂ ///͘ WĂƌƟĐƵůĂƌƐŽĨ,ŽůĚŝŶŐ͕^ƵďƐŝĚŝĂƌLJĂŶĚƐƐŽĐŝĂƚĞŽŵƉĂŶŝĞƐ ƌŝƟƐŚsŝƌŐŝŶ/ƐůĂŶĚƐ Sr. EĂŵĞĂŶĚĚĚƌĞƐƐŽĨƚŚĞŽŵƉĂŶLJ /Eͬ'>E ,ŽůĚŝŶŐͬ йŽĨ ƉƉůŝĐĂďůĞ ϮϮ ƉĞdž,ŽƚĞůDĂŶĂŐĞŵĞŶƚ^ĞƌǀŝĐĞƐWƚĞ>ŝŵŝƚĞĚϱ &ŽƌĞŝŐŶŽŵƉĂŶLJ ^ƵďƐŝĚŝĂƌLJ ϭϬϬ Ϯ;ϴϳͿ EŽ͘ ^ƵďƐŝĚŝĂƌLJͬ shares ^ĞĐƟŽŶ ϳϴ͕^ŚĞŶƚŽŶtĂLJ͕ηϮϲͲϬϮ͕^ŝŶŐĂƉŽƌĞͲϬϳϵϭϮϬ Associate held Ϯϯ WŝĞŵ/ŶƚĞƌŶĂƟŽŶĂů;,͘<͘Ϳ>ŝŵŝƚĞĚ &ŽƌĞŝŐŶŽŵƉĂŶLJ ^ƵďƐŝĚŝĂƌLJ ϭϬϬ Ϯ;ϴϳͿ ϭ ϰϮͬ&͕ĞŶƚƌĂůWůĂnjĂ͕ϭϴ,ĂƌďŽƵƌZŽĂĚ͕tĂŶĐŚĂŝ͕ ϭ d/&K,ŽůĚŝŶŐƐ>ŝŵŝƚĞĚ hϲϱϵϭϬD,ϭϵϳϳW>Ϭϭϵϴϳϯ ^ƵďƐŝĚŝĂƌLJ ϭϬϬ Ϯ;ϴϳͿ DĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕DƵŵďĂŝͲϰϬϬϬϬϭ ,ŽŶŐŬŽŶŐ Ϯ ŝŵŝƚĞĚ hϱϱϭϬϭ<>ϭϵϴϰW>ϬϬϰϭϬϱ ^ƵďƐŝĚŝĂƌLJ ϭϬϬ Ϯ;ϴϳͿ Ϯϰ ,ϱ &ŽƌĞŝŐŶŽŵƉĂŶLJ ^ƵďƐŝĚŝĂƌLJ ϭϬϬ Ϯ;ϴϳͿ dŚĞ'ĂƚĞǁĂLJ,ŽƚĞů͕^ŚĂŶŵƵŐŚĂŵZŽĂĚ͕DĂƌŝŶĞ ϳϴ^ŚĞŶƚŽŶtĂLJ͕ηϮϲͲϬϮ͕^ŝŶŐĂƉŽƌĞϬϳϵϭϮϬ ƌŝǀĞ͕ƌŶĂŬƵůĂŵͲϲϴϮϬϭϭ Ϯϱ hŶŝƚĞĚKǀĞƌƐĞĂƐ,ŽůĚŝŶŐƐ/ŶĐ &ŽƌĞŝŐŶŽŵƉĂŶLJ ^ƵďƐŝĚŝĂƌLJ ϭϬϬ Ϯ;ϴϳͿ ϯ hŶŝƚĞĚ,ŽƚĞůƐ>ŝŵŝƚĞĚ hϳϰϴϵϵ>ϭϵϱϬW>ϬϬϭϴϲϭ ^ƵďƐŝĚŝĂƌLJ ϱϱ Ϯ;ϴϳͿ ŽƌƉŽƌĂƟŽŶ^ĞƌǀŝĐĞŽŵƉĂŶLJ͕Ϯϱϭ͕>ŝƩůĞ&ĂůůƐƌŝǀĞ͕ sŝǀĂŶƚĂďLJdĂũͲŵďĂƐƐĂĚŽƌ͕^ƵũĂŶ^ŝŶŐŚWĂƌŬ͕ tŝůŵŝŶŐƚŽŶ͕ŽƵŶƚLJŽĨEĞǁĂƐƚůĞ͕ĞůĂǁĂƌĞϭϵϴϬϴ EĞǁĞůŚŝϭϭϬϬϬϯ Ϯϲ dĂŝĚĂdƌĂĚŝŶŐĂŶĚ/ŶĚƵƐƚƌŝĞƐ>ŝŵŝƚĞĚ hϭϯϭϬϬD,ϭϵϱϵW>Ϭϭϭϯϵϲ Associate ϰϴ͘ϳϰ Ϯ;ϲͿ ϰ ZŽŽƚƐŽƌƉŽƌĂƟŽŶ>ŝŵŝƚĞĚ hϱϱϭϬϬD,ϮϬϬϯW>ϭϰϯϲϯϵ ^ƵďƐŝĚŝĂƌLJ ϲϲ͘ϵϯ Ϯ;ϴϳͿ DĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕DƵŵďĂŝϰϬϬϬϬϭ 'ŽĚƌĞũΘŽLJĐĞŽŵƉůĞdž͕'ĂƚĞEŽ͘ϴ͕WůĂŶƚEŽ͘ϭϯ͕ Ϯϳ KƌŝĞŶƚĂů,ŽƚĞůƐ>ŝŵŝƚĞĚ >ϱϱϭϬϭdEϭϵϳϬW>ϬϬϱϴϵϳ Associate ϯϳ͘Ϭϱ Ϯ;ϲͿ KĸĐĞƵŝůĚŝŶŐ͕sŝŬŚƌŽůŝ;Ϳ͕DƵŵďĂŝϰϬϬϬϳϵ dĂũŽƌŽŵĂŶĚĞů͕ϯϳ͕D͘'͘ZŽĂĚ͕ŚĞŶŶĂŝϲϬϬϬϯϰ ϱ dĂũ^d^ŝƌĂƚĞƌŝŶŐ>ŝŵŝƚĞĚ hϱϱϮϬϰD,ϮϬϬϭW>ϭϯϯϭϳϳ ^ƵďƐŝĚŝĂƌLJ ϱϭ Ϯ;ϴϳͿ Ϯϴ dĂũDĂĚƵƌĂŝ>ŝŵŝƚĞĚ hϱϱϭϬϭdEϭϵϵϬW>Ϭϭϴϴϴϯ Associate Ϯϲ Ϯ;ϲͿ DĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕DƵŵďĂŝͲϰϬϬϬϬϭ dĂũŽƌŽŵĂŶĚĞů͕ϯϳ͕D͘'͘ZŽĂĚ͕ŚĞŶŶĂŝϲϬϬϬϯϰ ϲ WŝĞŵ,ŽƚĞůƐ>ŝŵŝƚĞĚ hϱϱϭϬϭD,ϭϵϲϴW>ϬϭϯϵϲϬ ^ƵďƐŝĚŝĂƌLJ ϱϭ͘ϱϳ Ϯ;ϴϳͿ Ϯϵ d>>ĂŶŬĂ,ŽƚĞůƐWůĐ &ŽƌĞŝŐŶŽŵƉĂŶLJ Associate Ϯϰ͘ϲϮ Ϯ;ϲͿ dĂũWƌĞƐŝĚĞŶƚ͕ϵϬ͕ƵīĞWĂƌĂĚĞ͕DƵŵďĂŝͲϰϬϬϬϬϱ͘ Ϯϱ͕'ĂůůĞ&ĂĐĞĞŶƚƌĞZŽĂĚ͕ŽůŽŵďŽ͕^ƌŝ>ĂŶŬĂ ϳ dĂũdƌĂĚĞĂŶĚdƌĂŶƐƉŽƌƚŽŵƉĂŶLJ>ŝŵŝƚĞĚ hϲϬϯϬϬD,ϭϵϳϳW>ϬϭϵϵϱϮ ^ƵďƐŝĚŝĂƌLJ ϴϵ͘ϱϭ Ϯ;ϴϳͿ ϯϬ >ĂŶŬĂ/ƐůĂŶĚZĞƐŽƌƚƐ>ŝŵŝƚĞĚ &ŽƌĞŝŐŶŽŵƉĂŶLJ Associate Ϯϰ͘ϲϲ Ϯ;ϲͿ DĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕DƵŵďĂŝͲϰϬϬϬϬϭ Ϯϱ͕'ĂůůĞ&ĂĐĞĞŶƚƌĞZŽĂĚ͕ŽůŽŵďŽ͕^ƌŝ>ĂŶŬĂ ϴ /ŶĚŝƚƌĂǀĞů>ŝŵŝƚĞĚ hϳϰϵϵϵD,ϭϵϴϭW>ϬϮϯϵϮϰ ^ƵďƐŝĚŝĂƌLJ ϵϲ͘ϲϳ Ϯ;ϴϳͿ ϯϭ ũĞƚƐWƚĞ>ŝŵŝƚĞĚ &ŽƌĞŝŐŶŽŵƉĂŶLJ Associate ϰϱ͘ϲϵ Ϯ;ϲͿ DĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕DƵŵďĂŝͲϰϬϬϬϬϭ ϴϬZĂŋĞƐWůĂĐĞ͕ηϯϮͲϬϭ͕hKWůĂnjĂϭ͕ ϵ EŽƌƚŚĞƌŶ/ŶĚŝĂ,ŽƚĞůƐ>ŝŵŝƚĞĚϮ hϱϱϭϬϭhWϭϵϳϭW>ϬϬϯϴϯϴ ^ƵďƐŝĚŝĂƌLJ ϵϯ͘ϭϰ Ϯ;ϴϳͿ ^ŝŶŐĂƉŽƌĞϬϰϴϲϮϰ dŚĞ'ĂƚĞǁĂLJ,ŽƚĞů͕&ĂƚĞŚĂďĂĚZŽĂĚ͕dĂũ'ĂŶũ͕ ϭT/&K,ŽůĚŝŶŐƐ>ŝŵŝƚĞĚŚĂƐĂŵĂůŐĂŵĂƚĞĚǁŝƚŚƚŚĞŽŵƉĂŶLJǁ͘Ğ͘Ĩ͘Ɖƌŝůϭϭ͕ϮϬϭϴ͕ƚŚĞĂƉƉŽŝŶƚĞĚĚĂƚĞďĞŝŶŐƉƌŝůϭ͕ϮϬϭϳ͘ ŐƌĂϮϴϮϬϬϭ ϮEŽƌƚŚĞƌŶ/ŶĚŝĂ,ŽƚĞůƐ>ŝŵŝƚĞĚǁĂƐƌĞŵŽǀĞĚĨƌŽŵƚŚĞŝƐƐĞŵŝŶĂƟŽŶŽĂƌĚŽĨŽŵďĂLJ^ƚŽĐŬdžĐŚĂŶŐĞ͘ ϭϬ ^ŬLJĚĞĐŬWƌŽƉĞƌƟĞƐĂŶĚĞǀĞůŽƉĞƌƐWƌŝǀĂƚĞ>ŝŵŝƚĞĚ hϰϱϮϬϬD,ϭϵϵϴWdϭϭϰϴϴϭ ^ƵďƐŝĚŝĂƌLJ ϭϬϬ Ϯ;ϴϳͿ ϯŚŝĞŌĂŝŶŽƌƉŽƌĂƟŽŶEsǁĂƐůŝƋƵŝĚĂƚĞĚǁ͘Ğ͘Ĩ͘Ɖƌŝůϭϯ͕ϮϬϭϳ͘ DĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕DƵŵďĂŝͲϰϬϬϬϬϭ ϰ^ĂŵƐĂƌĂWƌŽƉĞƌƟĞƐ>ŝŵŝƚĞĚǁĂƐĚŝƐƐŽůǀĞĚǁ͘Ğ͘Ĩ͘:ƵŶĞϲ͕ϮϬϭϳ͘ ϭϭ ^ŚĞĞŶĂ/ŶǀĞƐƚŵĞŶƚƐWƌŝǀĂƚĞ>ŝŵŝƚĞĚ hϲϱϵϵϬD,ϭϵϵϬWdϬϱϱϯϳϱ ^ƵďƐŝĚŝĂƌLJ ϭϬϬ Ϯ;ϴϳͿ ϱƉĞdž,ŽƚĞůDĂŶĂŐĞŵĞŶƚ^ĞƌǀŝĐĞƐWƚĞ>ŝŵŝƚĞĚǁĂƐƌĞŵŽǀĞĚĨƌŽŵƚŚĞůŝƐƚŽĨĐŽŵƉĂŶŝĞƐŽĨZĞŐŝƐƚƌĂƌŽĨŽŵƉĂŶŝĞƐ͕^ŝŶŐĂƉŽƌĞǁ͘Ğ͘Ĩ͘ƵŐƵƐƚϳ͕ DĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕DƵŵďĂŝͲϰϬϬϬϬϭ ϮϬϭϳ͘

64 Annual Report 2017-18 65 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

IV. Shareholding Pattern (Equity Share Capital Breakup as percentage of Total Equity) EĂŵĞŽĨƚŚĞ EŽ͘ŽĨƐŚĂƌĞƐŚĞůĚĂƚƚŚĞďĞŐŝŶŶŝŶŐ EŽ͘ŽĨƐŚĂƌĞƐŚĞůĚĂƚƚŚĞĞŶĚ % shareholder ŽĨƚŚĞLJĞĂƌ;ŝ͘Ğ͘ϬϭͬϬϰͬϭϳͿ ŽĨƚŚĞLJĞĂƌ;ŝ͘Ğ͘ϯϭͬϬϯͬϭϴͿ ĐŚĂŶŐĞ i) Category-wise Shareholding ĞŵĂƚ WŚLJƐŝĐĂů Total йŽĨ ĞŵĂƚ WŚLJƐŝĐĂů Total йŽĨ ĚƵƌŝŶŐ total total the EĂŵĞŽĨƚŚĞ EŽ͘ŽĨƐŚĂƌĞƐŚĞůĚĂƚƚŚĞďĞŐŝŶŶŝŶŐ EŽ͘ŽĨƐŚĂƌĞƐŚĞůĚĂƚƚŚĞĞŶĚ % shares shares LJĞĂƌ shareholder ŽĨƚŚĞLJĞĂƌ;ŝ͘Ğ͘ϬϭͬϬϰͬϭϳͿ ŽĨƚŚĞLJĞĂƌ;ŝ͘Ğ͘ϯϭͬϬϯͬϭϴͿ ŚĂŶŐĞ Ϯ͘ EŽŶͲ/ŶƐƟƚƵƟŽŶƐ ĚƵƌŝŶŐ ĞŵĂƚ WŚLJƐŝĐĂů Total йŽĨ ĞŵĂƚ WŚLJƐŝĐĂů Total йŽĨ ĂͿ ŽĚŝĞƐŽƌƉ͘ Total total the ŝͿ /ŶĚŝĂŶ ϲ͕ϲϱ͕ϱϭ͕ϬϮϭ ϵϰ͕ϬϱϬ ϲ͕ϲϲ͕ϰϱ͕Ϭϳϭ ϲ͘ϳϰ ϴϬϯϵϲϯϬϮ ϳϱ͕ϴϱϱ ϴ͕Ϭϰ͕ϳϮ͕ϭϱϳ ϲ͘ϳϳ Ϭ͘Ϭϯ Shares shares LJĞĂƌ ŝŝͿ KǀĞƌƐĞĂƐ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ A. Promoters ďͿ /ŶĚŝǀŝĚƵĂůƐ ;ϭͿ/ŶĚŝĂŶ ŝͿ /ŶĚŝǀŝĚƵĂů    ϭϬ͕ϯϲ͕ϯϯ͕ϴϬϱ ϭ͕ϰϰ͕ϴϰ͕ϰϵϬ ϭϭ͕ϴϭ͕ϭϴ͕Ϯϵϱ ϭϭ͘ϵϰ ϭϭ͕Ϭϱ͕ϲϱ͕Ϯϭϲ ϭ͕Ϯϴ͕ϳϳ͕Ϭϴϰ ϭϮ͕ϯϰ͕ϰϮ͕ϯϬϬ ϭϬ͘ϯϴ Ͳϭ͘ϱϲ ĂͿ /ŶĚŝǀŝĚƵĂů Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ  ƐŚĂƌĞŚŽůĚĞƌƐ   ďͿ ,h& Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ  ŚŽůĚŝŶŐŶŽŵŝŶĂů  ĐͿ ĞŶƚƌĂů'Žǀƚ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ share capital upto ` ϭůĂŬŚ ĚͿ ^ƚĂƚĞ'Žǀƚ;ƐͿ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ ŝŝͿ /ŶĚŝǀŝĚƵĂů    ϭ͕ϱϰ͕ϭϲ͕ϰϮϯ ϲ͕ϯϮ͕ϮϰϬ ϭ͕ϲϬ͕ϰϴ͕ϲϲϯ ϭ͘ϲϮ Ϯ͕Ϯϭ͕Ϯϵ͕ϰϱϰ ϲ͕ϯϮ͕ϮϰϬ Ϯ͕Ϯϳ͕ϲϭ͕ϲϵϰ ϭ͘ϵϭ Ϭ͘Ϯϵ ĞͿ ŽĚŝĞƐŽƌƉ͘ ϯϴ͕Ϯϰ͕ϬϬ͕ϬϴϬ Ϭ ϯϴ͕Ϯϰ͕ϬϬ͕ϬϴϬ ϯϴ͘ϱϲ ϰϲ͕ϰϴ͕ϱϲ͕ϵϳϵ Ϭ ϰϲ͕ϰϴ͕ϱϲ͕ϵϳϵ ϯϵ͘Ϭϵ Ϭ͘ϰϯ  ƐŚĂƌĞŚŽůĚĞƌƐ   ĨͿ ĂŶŬƐͬ&/ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ  ŚŽůĚŝŶŐŶŽŵŝŶĂů  ŐͿ ŶLJKƚŚĞƌ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ share capital in  ĞdžĐĞƐƐŽĨ`ϭůĂŬŚ ^ƵďͲƚŽƚĂů;Ϳ;ϭͿ͗Ͳ ϯϴ͕Ϯϰ͕ϬϬ͕ϬϴϬ 0 ϯϴ͕Ϯϰ͕ϬϬ͕ϬϴϬ 38.56 ϰϲ͕ϰϴ͕ϱϲ͕ϵϳϵ 0 ϰϲ͕ϰϴ͕ϱϲ͕ϵϳϵ 39.09 0.43 ;ϮͿ&ŽƌĞŝŐŶ ĐͿ KƚŚĞƌƐ;ƐƉĞĐŝĨLJͿ ĂͿ EZ/ƐͲ Trusts Ϯϳ͕ϲϯ͕ϳϱϲ Ϭ Ϯϳ͕ϲϯ͕ϳϱϲ Ϭ͘Ϯϴ ϯϮ͕ϵϱ͕Ϭϱϰ Ϭ ϯϮ͕ϵϱ͕Ϭϱϰ Ϭ͘Ϯϴ Ϭ͘ϬϬ  ŝƌĞĐƚŽƌƐĂŶĚ   ϲϲ͕ϭϴϭ Ϭ ϲϲ͕ϭϴϭ Ϭ͘Ϭϭ ϲϲ͕ϳϮϬ Ϭ ϲϲ͕ϳϮϬ Ϭ͘Ϭϭ Ϭ͘ϬϬ  /ŶĚŝǀŝĚƵĂůƐ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ  ƌĞůĂƟǀĞƐ ďͿ KƚŚĞƌͲ  &ŽƌĞŝŐŶEĂƟŽŶĂůƐ ϭϯ͕ϳϳϬ Ϭ ϭϯ͕ϳϳϬ Ϭ͘ϬϬ ϯϮ͕ϭϮϵ Ϭ ϯϮ͕ϭϮϵ Ϭ͘ϬϬ Ϭ͘ϬϬ  /ŶĚŝǀŝĚƵĂůƐ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ  EŽŶͲƌĞƐŝĚĞŶƚƐ ϰϴ͕Ϭϵ͕Ϯϯϭ ϱϮ͕ϱϯϵ ϰϴ͕ϲϭ͕ϳϳϬ Ϭ͘ϰϵ ϱϳ͕Ϭϳ͕ϬϯϬ ϰϱ͕ϭϰϭ ϱϳ͕ϱϮ͕ϭϳϭ Ϭ͘ϰϴ ͲϬ͘Ϭϭ ĐͿ ŽĚŝĞƐŽƌƉ͘ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ  ůĞĂƌŝŶŐDĞŵďĞƌƐ ϲ͕ϴϯ͕ϵϮϮ Ϭ ϲ͕ϴϯ͕ϵϮϮ Ϭ͘Ϭϳ ϲ͕ϯϯ͕ϮϰϬ Ϭ ϲ͕ϯϯ͕ϮϰϬ Ϭ͘Ϭϱ ͲϬ͘ϬϮ ĚͿ ĂŶŬƐͬ&/ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ  ,h&Ɛ Ϯϱ͕ϯϮ͕ϵϮϴ Ϭ Ϯϱ͕ϯϮ͕ϵϮϴ Ϭ͘Ϯϲ ϯϭ͕Ϭϯ͕ϭϴϵ Ϭ ϯϭ͕Ϭϯ͕ϭϴϵ Ϭ͘Ϯϲ Ϭ͘ϬϬ ĞͿ ŶLJKƚŚĞƌ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ  /ŶǀĞƐƚŽƌĚƵĐĂƟŽŶ ϬϬ Ϭ Ϭ͘ϬϬ ϭϯ͕ϴϴ͕ϰϴϬ Ϭ ϭϯ͕ϴϴ͕ϰϴϬ Ϭ͘ϭϮ Ϭ͘ϭϮ ^ƵďͲƚŽƚĂů;Ϳ;ϮͿ͗Ͳ 0 0 0 0.00 0 0 0 0.00 0.00  ĂŶĚWƌŽƚĞĐƟŽŶ   &ƵŶĚ;/W&Ϳ dŽƚĂůƐŚĂƌĞŚŽůĚŝŶŐŽĨ ϯϴ͕Ϯϰ͕ϬϬ͕ϬϴϬ 0 ϯϴ͕Ϯϰ͕ϬϬ͕ϬϴϬ 38.65 ϰϲ͕ϰϴ͕ϱϲ͕ϵϳϵ 0 ϰϲ͕ϰϴ͕ϱϲ͕ϵϳϵ 39.09 0.43 Authority Promoter ^ƵďͲƚŽƚĂů;Ϳ;ϮͿ͗Ͳ ϭϵ͕ϲϰ͕ϳϭ͕Ϭϯϳ ϭ͕ϱϮ͕ϲϯ͕ϯϭϵ Ϯϭ͕ϭϳ͕ϯϰ͕ϯϱϲ 21.40 ϮϮ͕ϳϯ͕ϭϲ͕ϴϭϰ ϭ͕ϯϲ͕ϯϬ͕ϯϮϬ Ϯϰ͕Ϭϵ͕ϰϳ͕ϭϯϰ 20.26 -1.14 ;Ϳс;Ϳ;ϭͿн;Ϳ;ϮͿ Total Public ϱϵ͕ϭϰ͕ϭϳ͕ϳϯϯ ϭ͕ϱϰ͕ϱϲ͕ϮϬϮ ϲϬ͕ϲϴ͕ϳϯ͕ϵϯϱ 61.35 ϳϭ͕Ϭϱ͕ϵϯ͕ϱϰϲ ϭ͕ϯϴ͕Ϭϳ͕ϵϮϬ ϳϮ͕ϰϰ͕Ϭϭ͕ϰϲϲ 60.91 -0.43 ͘WƵďůŝĐ^ŚĂƌĞŚŽůĚŝŶŐ ^ŚĂƌĞŚŽůĚŝŶŐ ϭ͘ /ŶƐƟƚƵƟŽŶƐ ;Ϳс;Ϳ;ϭͿн;Ϳ;ϮͿ ĂͿ DƵƚƵĂů&ƵŶĚƐ ϭϮ͕ϭϱ͕Ϭϰ͕ϳϯϳ ϭ͕ϱϳ͕ϲϲϯ ϭϮ͕ϭϲ͕ϲϮ͕ϰϬϬ ϭϮ͘ϯϬ ϭϳ͕ϰϴ͕ϭϮ͕ϯϱϯ ϭ͕ϱϱ͕ϴϮϬ ϭϳ͕ϰϵ͕ϲϴ͕ϭϳϯ ϭϰ͘ϳϭ Ϯ͘ϰϭ dŽƚĂů;Ϳн;Ϳ ϵϳ͕ϯϴ͕ϭϳ͕ϴϭϯ ϭ͕ϱϰ͕ϱϲ͕ϮϬϮ ϵϴ͕ϵϮ͕ϳϰ͕Ϭϭϱ 100.00 ϭ͕ϭϳ͕ϱϰ͕ϱϬ͕ϱϮϱ ϭ͕ϯϴ͕Ϭϳ͕ϵϮϬ ϭ͕ϭϴ͕ϵϮ͕ϱϴ͕ϰϰϱ 100.00 0.00 ďͿ ĂŶŬƐͬ&/ ϴ͕ϵϵ͕ϯϱ͕ϯϵϰ ϭϱ͕ϱϬϬ ϴ͕ϵϵ͕ϱϬ͕ϴϵϰ ϵ͘Ϭϵ ϴ͕ϭϳ͕Ϯϳ͕ϰϯϯ ϵ͕ϵϬϬ ϴ͕ϭϳ͕ϯϳ͕ϯϯϯ ϲ͘ϴϳ ͲϮ͘ϮϮ ͘ ^ŚĂƌĞƐŚĞůĚďLJ ĐͿ ĞŶƚƌĂů'Žǀƚ ϭ͕ϳϱϬ Ϭ ϭ͕ϳϱϬ Ϭ͘ϬϬ ϭ͕ϱϬϬ Ϭ ϭ͕ϱϬϬ Ϭ͘ϬϬ Ϭ͘ϬϬ ƵƐƚŽĚŝĂŶĨŽƌ'ZƐ ĚͿ ^ƚĂƚĞ'Žǀƚ;ƐͿ ϬϬ Ϭ Ϭ͘ϬϬ ϬϬ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ ΘZƐ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ Ϭ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ ϭ͕ϱϰ͕ϱϲ͕ϮϬϮ ϭ͕ϭϳ͕ϱϰ͕ϱϬ͕ϱϮϱ ϭ͕ϯϴ͕Ϭϳ͕ϵϮϬ ϭ͕ϭϴ͕ϵϮ͕ϱϴ͕ϰϰϱ ĞͿ sĞŶƚƵƌĞĂƉŝƚĂů  'ƌĂŶĚdŽƚĂů;ннͿ ϵϳ͕ϯϴ͕ϭϳ͕ϴϭϯ ϵϴ͕ϵϮ͕ϳϰ͕Ϭϭϱ 100.00 100.00 0.00  &ƵŶĚƐ ϬϬ Ϭ Ϭ͘ϬϬ ϬϬ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ  ;ŝŝͿ ^ŚĂƌĞŚŽůĚŝŶŐŽĨWƌŽŵŽƚĞƌƐ;ŝŶĐůƵĚŝŶŐƚŚĞWƌŽŵŽƚĞƌ'ƌŽƵƉͿ ĨͿ /ŶƐƵƌĂŶĐĞ    Companies ϯ͕ϰϬ͕ϭϴ͕ϴϯϴ Ϭ ϯ͕ϰϬ͕ϭϴ͕ϴϯϴ ϯ͘ϰϰ ϯ͕ϰϯ͕ϲϬ͕ϮϬϱ Ϭ ϯ͕ϰϯ͕ϲϬ͕ϮϬϱ Ϯ͘ϴϵ ͲϬ͘ϱϱ Sr. EĂŵĞŽĨƚŚĞ^ŚĂƌĞŚŽůĚĞƌ ^ŚĂƌĞŚŽůĚŝŶŐĂƚƚŚĞďĞŐŝŶŶŝŶŐ ^ŚĂƌĞŚŽůĚŝŶŐĂƚƚŚĞĞŶĚŽĨƚŚĞ йĐŚĂŶŐĞŝŶ EŽ͘ ŽĨƚŚĞLJĞĂƌ;ŝ͘Ğ͘ϬϭͬϬϰͬϭϳͿ LJĞĂƌ;ŝ͘Ğ͘ϯϭͬϬϯͬϭϴͿ ƐŚĂƌĞŚŽůĚŝŶŐ ŐͿ &//Ɛ ϭϰ͕ϵϰ͕ϴϬ͕ϬϮϲ ϭϵ͕ϳϮϬ ϭϰ͕ϵϰ͕ϵϵ͕ϳϰϲ ϭϱ͘ϭϭ ϭϵ͕Ϭϵ͕Ϯϵ͕ϯϵϭ ϭϭ͕ϴϴϬ ϭϵ͕Ϭϵ͕ϰϭ͕Ϯϳϭ ϭϲ͘Ϭϲ Ϭ͘ϵϰ ĚƵƌŝŶŐƚŚĞ ŚͿ &ŽƌĞŝŐŶsĞŶƚƵƌĞ  EŽ͘ŽĨ йŽĨƚŽƚĂů йŽĨƐŚĂƌĞƐ EŽ͘ŽĨƐŚĂƌĞƐ йŽĨƚŽƚĂů йŽĨƐŚĂƌĞƐ LJĞĂƌ  ĂƉŝƚĂů&ƵŶĚƐ ϬϬ Ϭ Ϭ͘ϬϬ ϬϬ Ϭ Ϭ͘ϬϬ Ϭ͘ϬϬ shares shares WůĞĚŐĞĚͬ shares WůĞĚŐĞĚͬ ŝͿ KƚŚĞƌƐ;ƐƉĞĐŝĨLJͿ ŽĨƚŚĞ encumbered ŽĨƚŚĞ encumbered ŽŵƉĂŶLJ to total ŽŵƉĂŶLJ to total Alternate  /ŶǀĞƐƚŵĞŶƚ shares shares  &ƵŶĚ ϬϬ Ϭ Ϭ͘ϬϬ ϭϰ͕ϰϬ͕ϬϬϬ Ϭ ϭϰ͕ϰϬ͕ϬϬϬ Ϭ͘ϭϮ Ϭ͘ϭϮ ϭ >ĂĚLJdĂƚĂDĞŵŽƌŝĂůdƌƵƐƚ ϭ͕ϳϳ͕Ϯϴ͕ϮϬϬ ϭ͘ϳϵ Ϭ͘ϬϬ Ϭ͘ϬϬ Ϭ͘ϬϬ Ϭ͘ϬϬ Ͳϭ͘ϳϵ  &ŽƌĞŝŐŶ&ŝŶĂŶĐŝĂů  Ϯ ^ŝƌŽƌĂďũŝdĂƚĂdƌƵƐƚ ϱ͕ϬϮ͕Ϯϭ͕ϬϰϬ ϱ͘Ϭϴ Ϭ͘ϬϬ Ϭ͘ϬϬ Ϭ͘ϬϬ Ϭ͘ϬϬ Ͳϱ͘Ϭϴ  /ŶƐƟƚƵƟŽŶƐͬĂŶŬƐ ϱ͕ϵϱϭ Ϭ ϱ͕ϵϱϭ Ϭ͘ϬϬ ϱ͕ϴϱϬ Ϭ ϱ͕ϴϱϬ Ϭ͘ϬϬ Ϭ͘ϬϬ ϯ Sir Ratan Tata Trust ϭ͕ϭϬ͕Ϯϯ͕ϮϮϬ ϭ͘ϭϭ Ϭ͘ϬϬ Ϭ͘ϬϬ Ϭ͘ϬϬ Ϭ͘ϬϬ Ͳϭ͘ϭϭ ^ƵďͲƚŽƚĂů;Ϳ;ϭͿ͗Ͳ ϯϵ͕ϰϵ͕ϰϲ͕ϲϵϲ ϭ͕ϵϮ͕ϴϴϯ ϯϵ͕ϱϭ͕ϯϵ͕ϱϳϵ 39.94 ϰϴ͕ϯϮ͕ϳϲ͕ϳϯϮ ϭ͕ϳϳ͕ϲϬϬ ϰϴ͕ϯϰ͕ϱϰ͕ϯϯϮ 40.65 0.71

66 Annual Report 2017-18 67 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Sr. EĂŵĞŽĨƚŚĞ^ŚĂƌĞŚŽůĚĞƌ ^ŚĂƌĞŚŽůĚŝŶŐĂƚƚŚĞďĞŐŝŶŶŝŶŐ ^ŚĂƌĞŚŽůĚŝŶŐĂƚƚŚĞĞŶĚŽĨƚŚĞ йĐŚĂŶŐĞŝŶ  ;ŝǀͿ ^ŚĂƌĞŚŽůĚŝŶŐWĂƩĞƌŶŽĨƚŽƉƚĞŶ^ŚĂƌĞŚŽůĚĞƌƐ;ŽƚŚĞƌƚŚĂŶŝƌĞĐƚŽƌƐ͕WƌŽŵŽƚĞƌƐĂŶĚ,ŽůĚĞƌƐŽĨ'ZƐĂŶĚZƐͿ͗ EŽ͘ ŽĨƚŚĞLJĞĂƌ;ŝ͘Ğ͘ϬϭͬϬϰͬϭϳͿ LJĞĂƌ;ŝ͘Ğ͘ϯϭͬϬϯͬϭϴͿ ƐŚĂƌĞŚŽůĚŝŶŐ Sr. EĂŵĞŽĨƚŚĞ EŽ͘ŽĨƐŚĂƌĞƐĂƚƚŚĞ ĂƚĞ /ŶĐƌĞĂƐĞͬ Reason ƵŵƵůĂƟǀĞƐŚĂƌĞŚŽůĚŝŶŐ EŽ͘ŽĨ йŽĨƚŽƚĂů йŽĨƐŚĂƌĞƐ EŽ͘ŽĨƐŚĂƌĞƐ йŽĨƚŽƚĂů йŽĨƐŚĂƌĞƐ ĚƵƌŝŶŐƚŚĞ EŽ͘ shareholder ďĞŐŝŶŶŝŶŐŽĨƚŚĞLJĞĂƌ ĞĐƌĞĂƐĞŝŶ ĚƵƌŝŶŐƚŚĞLJĞĂƌ shares shares WůĞĚŐĞĚͬ shares WůĞĚŐĞĚͬ LJĞĂƌ ;ŝ͘Ğ͘ϬϭͬϬϰͬϭϳͿ ƐŚĂƌĞŚŽůĚŝŶŐ ;ϬϭͬϬϰͬϭϳƚŽϯϭͬϬϯͬϭϴͿ ŽĨƚŚĞ encumbered ŽĨƚŚĞ encumbered EŽ͘ŽĨ йŽĨƚŽƚĂů EŽ͘ŽĨ йŽĨƚŽƚĂů ŽŵƉĂŶLJ to total ŽŵƉĂŶLJ to total shares shares shares shares shares shares ŽĨƚŚĞ ŽĨƚŚĞ ϰ dĂƚĂ^ŽŶƐ>ŝŵŝƚĞĚ;WƌŽŵŽƚĞƌͿ Ϯϳ͕ϳϬ͕ϲϯ͕ϯϱϭ Ϯϴ͘Ϭϭ Ϭ͘ϬϬ ϰϯ͕ϯϮ͕ϭϵ͕ϴϲϬ ϯϲ͘ϰϯ Ϭ͘ϬϬ ϴ͘ϰϮ ŽŵƉĂŶLJ ŽŵƉĂŶLJ ϱ dĂƚĂ/ŶǀĞƐƚŵĞŶƚŽƌƉŽƌĂƟŽŶ ϭ͕ϯϯ͕ϵϮ͕ϵϱϬ ϭ͘ϯϱ Ϭ͘ϬϬ ϭ͕ϲϬ͕ϳϭ͕ϱϯϵ ϭ͘ϯϱ Ϭ͘ϬϬ Ϭ͘ϬϬ ϭ >ŝĨĞ/ŶƐƵƌĂŶĐĞ ϴ͕ϵϬ͕ϮϮ͕ϳϮϮ ϵ͘ϬϬ Ɖƌŝůϭ͕ϮϬϭϳ ŽƌƉŽƌĂƟŽŶŽĨ/ŶĚŝĂ >ŝŵŝƚĞĚ ^ĞƉƚĞŵďĞƌϭϱ͕ϮϬϭϳ Ͳϴϭ͕ϰϰϱ Sale ϴ͕ϴϵ͕ϰϭ͕Ϯϳϳ ϴ͘ϵϵ ϲ ǁĂƌƚ/ŶǀĞƐƚŵĞŶƚƐ>ŝŵŝƚĞĚ ϭϳ͕ϳϯ͕Ϭϴϴ Ϭ͘ϭϴ Ϭ͘ϬϬ Ϯϭ͕Ϯϳ͕ϳϬϱ Ϭ͘ϭϴ Ϭ͘ϬϬ Ϭ͘ϬϬ ^ĞƉƚĞŵďĞƌϮϮ͕ϮϬϭϳ Ͳϰ͕ϳϵ͕ϴϯϴ Sale ϴ͕ϴϰ͕ϲϭ͕ϰϯϵ ϴ͘ϵϰ ϳ dĂƚĂŚĞŵŝĐĂůƐ>ŝŵŝƚĞĚ ϴϵ͕Ϭϳ͕ϳϵϬ Ϭ͘ϵϬ Ϭ͘ϬϬ ϭ͕Ϭϲ͕ϴϵ͕ϯϰϴ Ϭ͘ϵϬ Ϭ͘ϬϬ Ϭ͘ϬϬ ^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϭϳ ͲϮ͕ϳϳ͕ϮϬϱ Sale ϴ͕ϴϭ͕ϴϰ͕Ϯϯϰ ϴ͘ϵϭ ϴ dĂƚĂ/ŶĚƵƐƚƌŝĞƐ>ŝŵŝƚĞĚ ϱ͕ϱϰ͕ϯϵϵ Ϭ͘Ϭϲ Ϭ͘ϬϬ ϲ͕ϲϱ͕Ϯϳϴ Ϭ͘Ϭϲ Ϭ͘ϬϬ Ϭ͘ϬϬ KĐƚŽďĞƌϱ͕ϮϬϭϳ Ͳϴ͕ϵϮ͕ϱϱϮ Sale ϴ͕ϳϮ͕ϵϭ͕ϲϴϮ ϴ͘ϴϮ ϵ dĂƚĂĂƉŝƚĂů>ŝŵŝƚĞĚ ϭϰ͕ϳϬϬ Ϭ͘ϬϬ Ϭ͘ϬϬ ϭϳ͕ϲϰϬ Ϭ͘ϬϬ Ϭ͘ϬϬ Ϭ͘ϬϬ EŽǀĞŵďĞƌϭϳ͕ϮϬϭϳ ϭ͕ϰϴ͕Ϯϴ͕ϳϰϳ ZŝŐŚƚƐ ϭϬ͕Ϯϭ͕ϮϬ͕ϰϮϵ ϴ͘ϱϵ ϭϬ KƌŝĞŶƚĂů,ŽƚĞůƐ>ŝŵŝƚĞĚ ϲ͕Ϯϲ͕ϵϵϵ Ϭ͘Ϭϲ Ϭ͘ϬϬ ϳ͕ϱϮ͕ϯϵϴ Ϭ͘Ϭϲ Ϭ͘ϬϬ Ϭ͘ϬϬ ĞĐĞŵďĞƌϭ͕ϮϬϭϳ Ͳϯ͕ϬϬϬ Sale ϭϬ͕Ϯϭ͕ϭϳ͕ϰϮϵ ϴ͘ϱϵ ϭϭ dĂŝĚĂdƌĂĚŝŶŐΘ/ŶĚƵƐƚƌŝĞƐ ϭ͕ϱϲ͕ϱϭϱ Ϭ͘ϬϮ Ϭ͘ϬϬ ϭ͕ϴϳ͕ϴϭϴ Ϭ͘ϬϮ Ϭ͘ϬϬ Ϭ͘ϬϬ ĞĐĞŵďĞƌϮϮ͕ϮϬϭϳ Ͳϭϭ͕ϬϬϬ Sale ϭϬ͕Ϯϭ͕Ϭϲ͕ϰϮϵ ϴ͘ϱϵ >ŝŵŝƚĞĚ :ĂŶƵĂƌLJϭϮ͕ϮϬϭϴ Ͳϵ͕ϴϯ͕ϬϬϬ Sale ϭϬ͕ϭϭ͕Ϯϯ͕ϰϮϵ ϴ͘ϱϬ ϭϮ dĂũDĂĚƵƌĂŝ>ŝŵŝƚĞĚ ϵ͕ϯϳ͕ϴϮϴ Ϭ͘Ϭϵ Ϭ͘ϬϬ ϭϭ͕Ϯϱ͕ϯϵϯ Ϭ͘Ϭϵ Ϭ͘ϬϬ Ϭ͘ϬϬ :ĂŶƵĂƌLJϭϵ͕ϮϬϭϴ Ͳϴ͕Ϭϳ͕ϬϬϬ Sale ϭϬ͕Ϭϯ͕ϭϲ͕ϰϮϵ ϴ͘ϰϰ dKd> ϯϴ͕Ϯϰ͕ϬϬ͕ϬϴϬ 38.65 0.00 ϰϲ͕ϰϴ͕ϱϲ͕ϵϳϵ 39.09 0.00 0.00 :ĂŶƵĂƌLJϮϱ͕ϮϬϭϴ Ͳϱ͕ϭϯ͕ϲϴϮ Sale ϵ͕ϵϴ͕ϬϮ͕ϳϰϳ ϴ͘ϯϵ &ĞďƌƵĂƌLJϮ͕ϮϬϭϴ Ͳϯ͕Ϭϴ͕ϭϮϳ Sale ϵ͕ϵϰ͕ϵϰ͕ϲϮϬ ϴ͘ϯϳ  ;ŝŝŝͿŚĂŶŐĞƐŝŶWƌŽŵŽƚĞƌ^ŚĂƌĞŚŽůĚŝŶŐ;ŝŶĐůƵĚŝŶŐƚŚĞWƌŽŵŽƚĞƌ'ƌŽƵƉͿ &ĞďƌƵĂƌLJϵ͕ϮϬϭϴ Ͳϱ͕ϯϬ͕ϬϬϬ Sale ϵ͕ϴϵ͕ϲϰ͕ϲϮϬ ϴ͘ϯϮ &ĞďƌƵĂƌLJϭϲ͕ϮϬϭϴ Ͳϴ͕ϭϱ͕ϬϬϬ Sale ϵ͕ϴϭ͕ϰϵ͕ϲϮϬ ϴ͘Ϯϱ Sr. EĂŵĞŽĨƚŚĞ ^ŚĂƌĞŚŽůĚŝŶŐĂƚƚŚĞ ĂƚĞ /ŶĐƌĞĂƐĞͬĞĐƌĞĂƐĞŝŶ ƵŵƵůĂƟǀĞ^ŚĂƌĞŚŽůĚŝŶŐ &ĞďƌƵĂƌLJϮϯ͕ϮϬϭϴ Ͳϭϱ͕ϰϳ͕ϴϱϳ Sale ϵ͕ϲϲ͕Ϭϭ͕ϳϲϯ ϴ͘ϭϮ EŽ͘ shareholder ďĞŐŝŶŶŝŶŐŽĨƚŚĞLJĞĂƌ ƐŚĂƌĞŚŽůĚŝŶŐ ĚƵƌŝŶŐƚŚĞLJĞĂƌ DĂƌĐŚϮ͕ϮϬϭϴ Ͳϯϵ͕ϭϲ͕ϱϲϱ Sale ϵ͕Ϯϲ͕ϴϱ͕ϭϵϴ ϳ͘ϳϵ ;ŝ͘Ğ͘ϬϭͬϬϰͬϭϳͿ ;ϬϭͬϬϰͬϭϳƚŽϯϭͬϬϯͬϭϴͿ DĂƌĐŚϵ͕ϮϬϭϴ Ͳϯϯ͕ϳϭ͕ϭϯϵ Sale ϴ͕ϵϯ͕ϭϰ͕Ϭϱϵ ϳ͘ϱϭ DĂƌĐŚϭϲ͕ϮϬϭϴ ͲϯϮ͕ϯϵ͕ϯϭϭ Sale ϴ͕ϲϬ͕ϳϰ͕ϳϰϴ ϳ͘Ϯϰ EŽ͘ŽĨ йŽĨƚŽƚĂů EŽ͘ŽĨ йŽĨƚŽƚĂů EŽ͘ŽĨƐŚĂƌĞƐ йŽĨƚŽƚĂů DĂƌĐŚϮϯ͕ϮϬϭϴ Ͳϯϯ͕Ϯϯ͕ϬϬϯ Sale ϴ͕Ϯϳ͕ϱϭ͕ϳϰϱ ϲ͘ϵϲ shares shares shares shares ƐŚĂƌĞƐŽĨƚŚĞ ϴ͕Ϭϳ͕ϰϯ͕ϲϳϴ ϲ͘ϳϵ DĂƌĐŚϯϭ͕ϮϬϭϴ ͲϮϬ͕Ϭϴ͕Ϭϲϳ Sale ϴ͕Ϭϳ͕ϰϯ͕ϲϳϴ ϲ͘ϳϵ ŽĨƚŚĞ ŽĨƚŚĞ ŽŵƉĂŶLJ Ϯ Reliance Capital ϳ͕ϬϮ͕ϯϲ͕ϵϰϴ ϳ͘ϭϬ Ɖƌŝůϭ͕ϮϬϭϳ ŽŵƉĂŶLJ ŽŵƉĂŶLJ Trustee Company ϭ >ĂĚLJdĂƚĂDĞŵŽƌŝĂů ϭ͕ϳϳ͕Ϯϴ͕ϮϬϬ ϭ͘ϳϵ ϭ͕ϳϳ͕Ϯϴ͕ϮϬϬ ϭ͘ϳϵ Ͳ Ͳ >ŝŵŝƚĞĚ DĂƌĐŚϭϲ͕ϮϬϭϴ Trust :ƵŶĞϮ͕ϮϬϭϳ ͲϱϬ͕ϬϮ͕ϰϭϬ Sale ϲ͕ϱϮ͕ϯϰ͕ϱϯϴ ϲ͘ϱϵ Ϯ ^ŝƌŽƌĂďũŝdĂƚĂdƌƵƐƚ ϱ͕ϬϮ͕Ϯϭ͕ϬϰϬ ϱ͘Ϭϴ DĂƌĐŚϭϲ͕ϮϬϭϴ ϱ͕ϬϮ͕Ϯϭ͕ϬϰϬ ϱ͘Ϭϴ Ͳ Ͳ :ƵŶĞϵ͕ϮϬϭϳ ϱϭ͕ϬϮ͕ϰϬϰ WƵƌĐŚĂƐĞ ϳ͕Ϭϯ͕ϯϲ͕ϵϰϮ ϳ͘ϭϭ :ƵŶĞϯϬ͕ϮϬϭϳ ϰϬ WƵƌĐŚĂƐĞ ϳ͕Ϭϯ͕ϯϲ͕ϵϴϮ ϳ͘ϭϭ ϯ Sir Ratan Tata Trust ϭ͕ϭϬ͕Ϯϯ͕ϮϮϬ ϭ͘ϭϭ DĂƌĐŚϭϲ͕ϮϬϭϴ ϭ͕ϭϬ͕Ϯϯ͕ϮϮϬ ϭ͘ϭϭ Ͳ Ͳ ƵŐƵƐƚϰ͕ϮϬϭϳ ϱϴ WƵƌĐŚĂƐĞ ϳ͕Ϭϯ͕ϯϳ͕ϬϰϬ ϳ͘ϭϭ ϰ dĂƚĂ^ŽŶƐ>ŝŵŝƚĞĚ Ϯϳ͕ϳϬ͕ϲϯ͕ϯϱϭ Ϯϴ͘Ϭϭ EŽǀĞŵďĞƌϳ͕ϮϬϭϳ ϭϱ͕ϲϭ͕ϱϲ͕ϱϬϵ ϭϯ͘ϭϯ ϰϯ͕ϯϮ͕ϭϵ͕ϴϲϬ ϯϲ͘ϰϯ ƵŐƵƐƚϭϰ͕ϮϬϭϳ Ϯ͕ϵϳ͕ϲϬϬ WƵƌĐŚĂƐĞ ϳ͕Ϭϲ͕ϯϰ͕ϲϰϬ ϳ͘ϭϰ ΘDĂƌĐŚϭϲ͕ϮϬϭϴ ƵŐƵƐƚϭϴ͕ϮϬϭϳ Ͳϭϯ͕ϱϵ͕ϰϳϬ Sale ϲ͕ϵϮ͕ϳϱ͕ϭϳϬ ϳ͘ϬϬ ϱ dĂƚĂ/ŶǀĞƐƚŵĞŶƚ ϭ͕ϯϯ͕ϵϮ͕ϵϱϬ ϭ͘ϯϱ EŽǀĞŵďĞƌϳ͕ϮϬϭϳ Ϯϲ͕ϳϴ͕ϱϴϵ Ϭ͘Ϯϯ ϭ͕ϲϬ͕ϳϭ͕ϱϯϵ ϭ͘ϯϱ ƵŐƵƐƚϮϱ͕ϮϬϭϳ ϭϰ͕Ϭϵ͕ϰϳϬ WƵƌĐŚĂƐĞ ϳ͕Ϭϲ͕ϴϰ͕ϲϰϬ ϳ͘ϭϱ ŽƌƉŽƌĂƟŽŶ>ŝŵŝƚĞĚ ^ĞƉƚĞŵďĞƌϭ͕ϮϬϭϳ Ͳϯ͕ϴϲ͕ϬϬϬ Sale ϳ͕ϬϮ͕ϵϴ͕ϲϰϬ ϳ͘ϭϭ ϲ ǁĂƌƚ/ŶǀĞƐƚŵĞŶƚƐ ϭϳ͕ϳϯ͕Ϭϴϴ Ϭ͘ϭϴ EŽǀĞŵďĞƌϳ͕ϮϬϭϳ ϯ͕ϱϰ͕ϲϭϳ Ϭ͘Ϭϯ Ϯϭ͕Ϯϳ͕ϳϬϱ Ϭ͘ϭϴ ^ĞƉƚĞŵďĞƌϴ͕ϮϬϭϳ Ͳϭϭ͕ϴϬ͕ϬϬϬ Sale ϲ͕ϵϭ͕ϭϴ͕ϲϰϬ ϲ͘ϵϵ >ŝŵŝƚĞĚ ^ĞƉƚĞŵďĞƌϭϱ͕ϮϬϭϳ Ͳϭϯ͕ϱϱ͕ϬϬϬ Sale ϲ͕ϳϳ͕ϲϯ͕ϲϰϬ ϲ͘ϴϱ ϳ dĂƚĂŚĞŵŝĐĂůƐ>ŝŵŝƚĞĚ ϴϵ͕Ϭϳ͕ϳϵϬ Ϭ͘ϵϬ EŽǀĞŵďĞƌϳ͕ϮϬϭϳ ϭϳ͕ϴϭ͕ϱϱϴ Ϭ͘ϭϱ ϭ͕Ϭϲ͕ϴϵ͕ϯϰϴ Ϭ͘ϵϬ ^ĞƉƚĞŵďĞƌϮϮ͕ϮϬϭϳ Ͳϭϵ͕ϲϮ͕ϬϬϬ Sale ϲ͕ϱϴ͕Ϭϭ͕ϲϰϬ ϲ͘ϲϱ ϴ dĂƚĂ/ŶĚƵƐƚƌŝĞƐ>ŝŵŝƚĞĚ ϱ͕ϱϰ͕ϯϵϵ Ϭ͘Ϭϲ EŽǀĞŵďĞƌϳ͕ϮϬϭϳ ϭ͕ϭϬ͕ϴϳϵ Ϭ͘Ϭϭ ϲ͕ϲϱ͕Ϯϳϴ Ϭ͘Ϭϲ ^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϭϳ Ͳϲ͕ϳϳ͕ϳϭϳ Sale ϲ͕ϱϭ͕Ϯϯ͕ϵϮϯ ϲ͘ϱϴ KĐƚŽďĞƌϱ͕ϮϬϭϳ ͲϯϮ Sale ϲ͕ϱϭ͕Ϯϯ͕ϴϵϭ ϲ͘ϱϴ ϵ dĂƚĂĂƉŝƚĂů>ŝŵŝƚĞĚ ϭϰ͕ϳϬϬ Ϭ͘ϬϬ EŽǀĞŵďĞƌϳ͕ϮϬϭϳ Ϯ͕ϵϰϬ Ϭ͘ϬϬ ϭϳ͕ϲϰϬ Ϭ͘ϬϬ KĐƚŽďĞƌϮϬ͕ϮϬϭϳ Ͳϭϵ͕ϵϵ͕Ϭϯϭ Sale ϲ͕ϯϭ͕Ϯϰ͕ϴϲϬ ϲ͘ϯϴ ϭϬ KƌŝĞŶƚĂů,ŽƚĞůƐ ϲ͕Ϯϲ͕ϵϵϵ Ϭ͘Ϭϲ EŽǀĞŵďĞƌϳ͕ϮϬϭϳ ϭ͕Ϯϱ͕ϯϵϵ Ϭ͘Ϭϭ ϳ͕ϱϮ͕ϯϵϴ Ϭ͘Ϭϲ KĐƚŽďĞƌϮϳ͕ϮϬϭϳ ͲϭϮ͕ϴϯ͕ϳϯϯ Sale ϲ͕ϭϴ͕ϰϭ͕ϭϮϳ ϲ͘Ϯϱ >ŝŵŝƚĞĚ EŽǀĞŵďĞƌϭϬ͕ϮϬϭϳ Ͳϯϯ͕ϴϬ͕Ϭϱϯ Sale ϱ͕ϴϰ͕ϲϭ͕Ϭϳϰ ϱ͘ϵϭ ϭϭ dĂŝĚĂdƌĂĚŝŶŐΘ ϭ͕ϱϲ͕ϱϭϱ Ϭ͘ϬϮ EŽǀĞŵďĞƌϳ͕ϮϬϭϳ ϯϭ͕ϯϬϯ Ϭ͘ϬϬ ϭ͕ϴϳ͕ϴϭϴ Ϭ͘ϬϮ EŽǀĞŵďĞƌϭϳ͕ϮϬϭϳ ϭ͕ϯϵ͕ϲϲ͕ϲϱϲ ZŝŐŚƚƐ ϳ͕Ϯϰ͕Ϯϳ͕ϳϯϬ ϲ͘Ϭϵ /ŶĚƵƐƚƌŝĞƐ>ŝŵŝƚĞĚ ĞĐĞŵďĞƌϭ͕ϮϬϭϳ Ͳϲ͕ϭϬ͕ϯϱϯ Sale ϳ͕ϭϴ͕ϭϳ͕ϯϳϳ ϲ͘Ϭϰ ϭϮ dĂũDĂĚƵƌĂŝ>ŝŵŝƚĞĚ ϵ͕ϯϳ͕ϴϮϴ Ϭ͘Ϭϵ EŽǀĞŵďĞƌϳ͕ϮϬϭϳ ϭ͕ϴϳ͕ϱϲϱ Ϭ͘ϬϮ ϭϭ͕Ϯϱ͕ϯϵϯ Ϭ͘Ϭϵ ĞĐĞŵďĞƌϭϱ͕ϮϬϭϳ Ͳϭϲ͕ϵϵ͕ϱϴϵ Sale ϳ͕Ϭϭ͕ϭϳ͕ϳϴϴ ϱ͘ϵϬ ĞĐĞŵďĞƌϮϮ͕ϮϬϭϳ Ͳϴ͕Ϯϭ͕ϳϳϱ Sale ϲ͕ϵϮ͕ϵϲ͕Ϭϭϯ ϱ͘ϴϯ

68 Annual Report 2017-18 69 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Sr. EĂŵĞŽĨƚŚĞ EŽ͘ŽĨƐŚĂƌĞƐĂƚƚŚĞ ĂƚĞ /ŶĐƌĞĂƐĞͬ Reason ƵŵƵůĂƟǀĞƐŚĂƌĞŚŽůĚŝŶŐ Sr. EĂŵĞŽĨƚŚĞ EŽ͘ŽĨƐŚĂƌĞƐĂƚƚŚĞ ĂƚĞ /ŶĐƌĞĂƐĞͬ Reason ƵŵƵůĂƟǀĞƐŚĂƌĞŚŽůĚŝŶŐ EŽ͘ shareholder ďĞŐŝŶŶŝŶŐŽĨƚŚĞLJĞĂƌ ĞĐƌĞĂƐĞŝŶ ĚƵƌŝŶŐƚŚĞLJĞĂƌ EŽ͘ shareholder ďĞŐŝŶŶŝŶŐŽĨƚŚĞLJĞĂƌ ĞĐƌĞĂƐĞŝŶ ĚƵƌŝŶŐƚŚĞLJĞĂƌ ;ŝ͘Ğ͘ϬϭͬϬϰͬϭϳͿ ƐŚĂƌĞŚŽůĚŝŶŐ ;ϬϭͬϬϰͬϭϳƚŽϯϭͬϬϯͬϭϴͿ ;ŝ͘Ğ͘ϬϭͬϬϰͬϭϳͿ ƐŚĂƌĞŚŽůĚŝŶŐ ;ϬϭͬϬϰͬϭϳƚŽϯϭͬϬϯͬϭϴͿ EŽ͘ŽĨ йŽĨƚŽƚĂů EŽ͘ŽĨ йŽĨƚŽƚĂů EŽ͘ŽĨ йŽĨƚŽƚĂů EŽ͘ŽĨ йŽĨƚŽƚĂů shares shares shares shares shares shares shares shares ŽĨƚŚĞ ŽĨƚŚĞ ŽĨƚŚĞ ŽĨƚŚĞ ŽŵƉĂŶLJ ŽŵƉĂŶLJ ŽŵƉĂŶLJ ŽŵƉĂŶLJ ĞĐĞŵďĞƌϯϬ͕ϮϬϭϳ ͲϮϴ͕ϳϬϯ Sale ϲ͕ϵϮ͕ϲϳ͕ϯϭϬ ϱ͘ϴϮ KĐƚŽďĞƌϭϯ͕ϮϬϭϳ ͲϭϮ͕ϵϯϮ Sale ϯ͕ϰϭ͕ϴϳ͕ϴϴϮ ϯ͘ϰϲ :ĂŶƵĂƌLJϱ͕ϮϬϭϴ Ͳϳ͕ϲϲϴ Sale ϲ͕ϵϮ͕ϱϵ͕ϲϰϮ ϱ͘ϴϮ KĐƚŽďĞƌϮϬ͕ϮϬϭϳ Ͳϭϴ͕Ϭϭϳ Sale ϯ͕ϰϭ͕ϲϵ͕ϴϲϱ ϯ͘ϰϱ :ĂŶƵĂƌLJϭϵ͕ϮϬϭϴ ͲϭϮϭ Sale ϲ͕ϵϮ͕ϱϵ͕ϱϮϭ ϱ͘ϴϮ EŽǀĞŵďĞƌϭϳ͕ϮϬϭϳ ϲϴ͕ϰϬ͕ϭϲϮ ZŝŐŚƚƐ ϰ͕ϭϬ͕ϭϬ͕ϬϮϳ ϯ͘ϰϱ DĂƌĐŚϵ͕ϮϬϭϴ ϭϯϯ WƵƌĐŚĂƐĞ ϲ͕ϵϮ͕ϱϵ͕ϲϱϰ ϱ͘ϴϮ :ĂŶƵĂƌLJϭϮ͕ϮϬϭϴ ͲϮϵ͕ϴϱϮ Sale ϰ͕Ϭϵ͕ϴϬ͕ϭϳϱ ϯ͘ϰϱ ϲ͕ϵϮ͕ϱϵ͕ϲϱϰ ϱ͘ϴϮ DĂƌĐŚϯϭ͕ϮϬϭϴ Ϭ Eŝů ϲ͕ϵϮ͕ϱϵ͕ϲϱϰ ϱ͘ϴϮ DĂƌĐŚϵ͕ϮϬϭϴ Ͳϭϭ͕ϰϲ͕ϭϲϲ Sale ϯ͕ϵϴ͕ϯϰ͕ϬϬϵ ϯ͘ϯϱ ϯ ,&dƌƵƐƚĞĞ ϯ͕ϱϰ͕ϰϮ͕Ϯϰϯ ϯ͘ϱϴ Ɖƌŝůϭ͕ϮϬϭϳ DĂƌĐŚϭϲ͕ϮϬϭϴ Ͳϰ͕Ϭϴ͕ϱϯϵ Sale ϯ͕ϵϰ͕Ϯϱ͕ϰϳϬ ϯ͘ϯϮ ŽŵƉĂŶLJ>ŝŵŝƚĞĚ ϯ͕ϵϰ͕Ϯϱ͕ϰϳϬ ϯ͘ϯϮ DĂƌĐŚϯϭ͕ϮϬϭϴ Ϭ Eŝů ϯ͕ϵϰ͕Ϯϱ͕ϰϳϬ ϯ͘ϯϮ DĂLJϮϲ͕ϮϬϭϳ Ͳϯ͕ϬϬ͕ϬϬϬ Sale ϯ͕ϱϭ͕ϰϮ͕Ϯϰϯ ϯ͘ϱϱ ϲ ///WƌƵĚĞŶƟĂů ϯϯ͕ϯϭ͕ϴϯϴ Ϭ͘ϯϰ Ɖƌŝůϭ͕ϮϬϭϳ :ƵŶĞϮ͕ϮϬϭϳ Ͳϱ͕ϬϬ͕ϬϬϬ Sale ϯ͕ϰϲ͕ϰϮ͕Ϯϰϯ ϯ͘ϱϬ ĂůĂŶĐĞĚĚǀĂŶƚĂŐĞ ϭ :ƵŶĞϭϲ͕ϮϬϭϳ Ͳϯ͕ϱϵ͕ϬϬϬ Sale ϯ͕ϰϮ͕ϴϯ͕Ϯϰϯ ϯ͘ϰϳ &ƵŶĚ ^ĞƉƚĞŵďĞƌϭ͕ϮϬϭϳ Ͳϰ͕Ϯϱ͕ϬϬϬ Sale ϯ͕ϯϴ͕ϱϴ͕Ϯϰϯ ϯ͘ϰϮ ^ĞƉƚĞŵďĞƌϭϱ͕ϮϬϭϳ ϰϮ͕ϱϬ͕Ϭϭϴ WƵƌĐŚĂƐĞ ϳϱ͕ϴϭ͕ϴϱϲ Ϭ͘ϳϳ KĐƚŽďĞƌϱ͕ϮϬϭϳ ϭ͕ϳϮ͕ϱϬϬ WƵƌĐŚĂƐĞ ϯ͕ϰϬ͕ϯϬ͕ϳϰϯ ϯ͘ϰϰ KĐƚŽďĞƌϱ͕ϮϬϭϳ ϭϯ͕ϱϰ͕ϰϬϵ WƵƌĐŚĂƐĞ ϴϵ͕ϯϲ͕Ϯϲϱ Ϭ͘ϵϬ EŽǀĞŵďĞƌϭϳ͕ϮϬϭϳ ϲϴ͕Ϭϲ͕ϭϮϬ ZŝŐŚƚƐ ϰ͕Ϭϴ͕ϯϲ͕ϴϲϯ ϯ͘ϰϯ KĐƚŽďĞƌϭϯ͕ϮϬϭϳ ϭϮ͕ϰϵ͕ϮϮϲ WƵƌĐŚĂƐĞ ϭ͕Ϭϭ͕ϴϱ͕ϰϵϭ ϭ͘Ϭϯ :ĂŶƵĂƌLJϬϱ͕ϮϬϭϴ ϰϭ͕ϴϲ͕ϬϬϬ WƵƌĐŚĂƐĞ ϰ͕ϱϬ͕ϮϮ͕ϴϲϯ ϯ͘ϳϵ KĐƚŽďĞƌϮϬ͕ϮϬϭϳ ϭϵ͕ϭϮ͕ϵϲϬ WƵƌĐŚĂƐĞ ϭ͕ϮϬ͕ϵϴ͕ϰϱϭ ϭ͘ϮϮ :ĂŶƵĂƌLJϭϮ͕ϮϬϭϴ ϭ͕ϳϱ͕ϬϬϬ WƵƌĐŚĂƐĞ ϰ͕ϱϭ͕ϵϳ͕ϴϲϯ ϯ͘ϴϬ EŽǀĞŵďĞƌϯ͕ϮϬϭϳ ϲ͕ϯϭ͕ϵϳϯ WƵƌĐŚĂƐĞ ϭ͕Ϯϳ͕ϯϬ͕ϰϮϰ ϭ͘Ϯϵ DĂƌĐŚϮϯ͕ϮϬϭϴ ϱ͕ϬϬ͕ϬϬϬ WƵƌĐŚĂƐĞ ϰ͕ϱϲ͕ϵϳ͕ϴϲϯ ϯ͘ϴϰ EŽǀĞŵďĞƌϭϬ͕ϮϬϭϳ ϵ͕ϴϲ͕ϵϳϲ WƵƌĐŚĂƐĞ ϭ͕ϯϳ͕ϭϳ͕ϰϬϬ ϭ͘ϯϵ ϰ͕ϱϲ͕ϵϳ͕ϴϲϯ ϯ͘ϴϰ DĂƌĐŚϯϭ͕ϮϬϭϴ Ϭ Eŝů ϰ͕ϱϲ͕ϵϳ͕ϴϲϯ ϯ͘ϴϰ EŽǀĞŵďĞƌϭϳ͕ϮϬϭϳ ϱϯ͕ϴϬ͕ϲϯϵ ZŝŐŚƚƐ ϭ͕ϵϬ͕ϵϴ͕Ϭϯϵ ϭ͘ϲϭ ϰ 'ŽǀĞƌŶŵĞŶƚWĞŶƐŝŽŶ ϯ͕ϭϭ͕ϯϭ͕ϱϰϴ ϯ͘ϭϱ ƉƌŝůϬϭ͕ϮϬϭϳ EŽǀĞŵďĞƌϮϰ͕ϮϬϭϳ Ϯϭ͕ϭϴ͕Ϯϯϴ WƵƌĐŚĂƐĞ Ϯ͕ϭϮ͕ϭϲ͕Ϯϳϳ ϭ͘ϳϴ &ƵŶĚ :ĂŶƵĂƌLJϮϱ͕ϮϬϭϴ Ͳϭϭ͕ϯϬ͕ϱϵϮ Sale Ϯ͕ϬϬ͕ϴϱ͕ϲϴϱ ϭ͘ϲϵ Ɖƌŝůϳ͕ϮϬϭϳ ͲϱϬ͕ϬϬϬ Sale ϯ͕ϭϬ͕ϴϭ͕ϱϰϴ ϯ͘ϭϰ &ĞďƌƵĂƌLJϮ͕ϮϬϭϴ Ͳϳϴ͕ϲϵϱ Sale Ϯ͕ϬϬ͕Ϭϲ͕ϵϵϬ ϭ͘ϲϴ ƉƌŝůϮϭ͕ϮϬϭϳ ͲϮϱ͕ϬϬϬ Sale ϯ͕ϭϬ͕ϱϲ͕ϱϰϴ ϯ͘ϭϰ &ĞďƌƵĂƌLJϵ͕ϮϬϭϴ Ͳϱ͕ϯϴ͕ϮϬϬ Sale ϭ͕ϵϰ͕ϲϴ͕ϳϵϬ ϭ͘ϲϰ :ƵŶĞϵ͕ϮϬϭϳ ͲϮϱ͕ϬϬϬ Sale ϯ͕ϭϬ͕ϯϭ͕ϱϰϴ ϯ͘ϭϰ &ĞďƌƵĂƌLJϭϲ͕ϮϬϭϴ Ͳϳϳ͕ϭϲϭ Sale ϭ͕ϵϯ͕ϵϭ͕ϲϮϵ ϭ͘ϲϯ ^ĞƉƚĞŵďĞƌϭ͕ϮϬϭϳ ϭϱ͕Ϭϵϳ WƵƌĐŚĂƐĞ ϯ͕ϭϬ͕ϰϲ͕ϲϰϱ ϯ͘ϭϰ &ĞďƌƵĂƌLJϮϯ͕ϮϬϭϴ Ͳϲ͕ϲϬϴ Sale ϭ͕ϵϯ͕ϴϱ͕ϬϮϭ ϭ͘ϲϯ ^ĞƉƚĞŵďĞƌϭϱ͕ϮϬϭϳ ϲϬ͕ϴϱϵ WƵƌĐŚĂƐĞ ϯ͕ϭϭ͕Ϭϳ͕ϱϬϰ ϯ͘ϭϰ DĂƌĐŚϵ͕ϮϬϭϴ ͲϮϲ͕ϵϵϯ Sale ϭ͕ϵϯ͕ϱϴ͕ϬϮϴ ϭ͘ϲϯ ^ĞƉƚĞŵďĞƌϮϮ͕ϮϬϭϳ ϴ͕ϰϯ͕ϴϬϬ WƵƌĐŚĂƐĞ ϯ͕ϭϵ͕ϱϭ͕ϯϬϰ ϯ͘Ϯϯ Ϯ͕Ϭϭ͕Ϯϭ͕ϭϬϱ ϭ͘ϲϵ DĂƌĐŚϯϭ͕ϮϬϭϴ ϳ͕ϲϯ͕Ϭϳϳ WƵƌĐŚĂƐĞ Ϯ͕Ϭϭ͕Ϯϭ͕ϭϬϱ ϭ͘ϲϵ ^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϭϳ ϯϳ͕Ϯϴ͕ϮϱϬ WƵƌĐŚĂƐĞ ϯ͕ϱϲ͕ϳϵ͕ϱϱϰ ϯ͘ϲϭ ϳ ///WƌƵĚĞŶƟĂů>ŝĨĞ Ϯ͕ϰϳ͕ϭϬ͕ϭϲϯ Ϯ͘ϱϬ Ɖƌŝůϭ͕ϮϬϭϳ KĐƚŽďĞƌϱ͕ϮϬϭϳ ϭ͕ϬϬ͕ϬϬϬ WƵƌĐŚĂƐĞ ϯ͕ϱϳ͕ϳϵ͕ϱϱϰ ϯ͘ϲϮ /ŶƐƵƌĂŶĐĞŽŵƉĂŶLJ EŽǀĞŵďĞƌϭϳ͕ϮϬϭϳ ϴϵ͕ϱϱ͕ϵϭϬ ZŝŐŚƚƐ ϰ͕ϰϳ͕ϯϱ͕ϰϲϰ ϯ͘ϳϲ >ŝŵŝƚĞĚ :ĂŶƵĂƌLJϭϮ͕ϮϬϭϴ ͲϯϬ͕ϬϬϬ Sale ϰ͕ϰϳ͕Ϭϱ͕ϰϲϰ ϯ͘ϳϲ Ɖƌŝůϳ͕ϮϬϭϳ Ͳϭ͕ϮϮ͕ϲϲϴ Sale Ϯ͕ϰϱ͕ϴϳ͕ϰϵϱ Ϯ͘ϰϵ :ĂŶƵĂƌLJϭϵ͕ϮϬϭϴ ͲϴϬ͕ϬϬϬ Sale ϰ͕ϰϲ͕Ϯϱ͕ϰϲϰ ϯ͘ϳϱ ƉƌŝůϮϭ͕ϮϬϭϳ Ͳϰ͕ϯϯϭ Sale Ϯ͕ϰϱ͕ϴϯ͕ϭϲϰ Ϯ͘ϰϴ :ĂŶƵĂƌLJϮϱ͕ϮϬϭϴ Ͳϭ͕ϱϱ͕ϵϮϯ Sale ϰ͕ϰϰ͕ϲϵ͕ϱϰϭ ϯ͘ϳϰ ƉƌŝůϮϴ͕ϮϬϭϳ ϭϳ͕ϴϯϲ WƵƌĐŚĂƐĞ Ϯ͕ϰϲ͕Ϭϭ͕ϬϬϬ Ϯ͘ϰϵ &ĞďƌƵĂƌLJϮ͕ϮϬϭϴ Ͳϭ͕ϴϬ͕ϰϮϭ Sale ϰ͕ϰϮ͕ϴϵ͕ϭϮϬ ϯ͘ϳϮ DĂLJϱ͕ϮϬϭϳ ϳ͕ϭϳϭ WƵƌĐŚĂƐĞ Ϯ͕ϰϲ͕Ϭϴ͕ϭϳϭ Ϯ͘ϰϵ &ĞďƌƵĂƌLJϭϲ͕ϮϬϭϴ Ͳϭ͕ϬϬ͕ϬϬϬ Sale ϰ͕ϰϭ͕ϴϵ͕ϭϮϬ ϯ͘ϳϮ DĂLJϭϮ͕ϮϬϭϳ Ͳϱ͕ϭϱ͕ϱϲϴ Sale Ϯ͕ϰϬ͕ϵϮ͕ϲϬϯ Ϯ͘ϰϰ ϰ͕ϰϭ͕ϴϵ͕ϭϮϬ ϯ͘ϳϮ DĂƌĐŚϯϭ͕ϮϬϭϴ Ϭ Eŝů ϰ͕ϰϭ͕ϴϵ͕ϭϮϬ ϯ͘ϳϮ DĂLJϭϵ͕ϮϬϭϳ Ͳϱ͕ϬϬ͕ϬϬϬ Sale Ϯ͕ϯϱ͕ϵϮ͕ϲϬϯ Ϯ͘ϯϴ ϱ &ƌĂŶŬůŝŶdĞŵƉůĞƚŽŶ ϯ͕Ϯϭ͕Ϯϯ͕Ϯϳϰ ϯ͘Ϯϱ Ɖƌŝůϭ͕ϮϬϭϳ DĂLJϮϲ͕ϮϬϭϳ ͲϮ͕ϬϳϮ Sale Ϯ͕ϯϱ͕ϵϬ͕ϱϯϭ Ϯ͘ϯϴ /ŶǀĞƐƚŵĞŶƚ&ƵŶĚƐ :ƵŶĞϭϲ͕ϮϬϭϳ Ͳϵ͕ϵϬϬ Sale Ϯ͕ϯϱ͕ϴϬ͕ϲϯϭ Ϯ͘ϯϴ Ɖƌŝůϳ͕ϮϬϭϳ ϱϱ͕ϳϲϬ WƵƌĐŚĂƐĞ ϯ͕Ϯϭ͕ϳϵ͕Ϭϯϰ ϯ͘Ϯϱ :ƵůLJϮϭ͕ϮϬϭϳ Ͳϭ͕Ϭϴ͕ϯϲϰ Sale Ϯ͕ϯϰ͕ϳϮ͕Ϯϲϳ Ϯ͘ϯϳ Ɖƌŝůϭϰ͕ϮϬϭϳ ϯ͕ϲϴ͕ϳϳϱ WƵƌĐŚĂƐĞ ϯ͕Ϯϱ͕ϰϳ͕ϴϬϵ ϯ͘Ϯϵ ƵŐƵƐƚϰ͕ϮϬϭϳ Ͳϯ͕ϵϰϱ Sale Ϯ͕ϯϰ͕ϲϴ͕ϯϮϮ Ϯ͘ϯϳ ƉƌŝůϮϭ͕ϮϬϭϳ ϱ͕Ϯϲ͕ϭϴϭ WƵƌĐŚĂƐĞ ϯ͕ϯϬ͕ϳϯ͕ϵϵϬ ϯ͘ϯϰ ƵŐƵƐƚϭϴ͕ϮϬϭϳ ͲϮ͕ϯϵ͕ϴϮϲ Sale Ϯ͕ϯϮ͕Ϯϴ͕ϰϵϲ Ϯ͘ϯϱ ƉƌŝůϮϴ͕ϮϬϭϳ ϯ͕Ϯϯ͕ϵϲϰ WƵƌĐŚĂƐĞ ϯ͕ϯϯ͕ϵϳ͕ϵϱϰ ϯ͘ϯϴ ƵŐƵƐƚϮϱ͕ϮϬϭϳ Ͳϭ͕ϴϱ͕ϭϭϮ Sale Ϯ͕ϯϬ͕ϰϯ͕ϯϴϰ Ϯ͘ϯϯ DĂLJϱ͕ϮϬϭϳ ϲϯ͕ϵϲϬ WƵƌĐŚĂƐĞ ϯ͕ϯϰ͕ϲϭ͕ϵϭϰ ϯ͘ϯϴ ^ĞƉƚĞŵďĞƌϭ͕ϮϬϭϳ ϰ͕ϰϬ͕ϵϵϮ WƵƌĐŚĂƐĞ Ϯ͕ϯϰ͕ϴϰ͕ϯϳϲ Ϯ͘ϯϳ DĂLJϭϮ͕ϮϬϭϳ ϭ͕ϵϭ͕ϬϮϰ WƵƌĐŚĂƐĞ ϯ͕ϯϲ͕ϱϮ͕ϵϯϴ ϯ͘ϰϬ ^ĞƉƚĞŵďĞƌϭϱ͕ϮϬϭϳ ϯϮ͕ϮϬϲ WƵƌĐŚĂƐĞ Ϯ͕ϯϱ͕ϭϲ͕ϱϴϮ Ϯ͘ϯϴ :ƵŶĞϮ͕ϮϬϭϳ ϰ͕ϭϴ͕ϵϳϴ WƵƌĐŚĂƐĞ ϯ͕ϰϬ͕ϳϭ͕ϵϭϲ ϯ͘ϰϰ ^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϭϳ ϱϲ͕ϳϱϲ WƵƌĐŚĂƐĞ Ϯ͕ϯϱ͕ϳϯ͕ϯϯϴ Ϯ͘ϯϴ :ƵŶĞϵ͕ϮϬϭϳ ϭ͕Ϯϴ͕ϴϵϴ WƵƌĐŚĂƐĞ ϯ͕ϰϮ͕ϬϬ͕ϴϭϰ ϯ͘ϰϲ KĐƚŽďĞƌϱ͕ϮϬϭϳ ϵϬ͕ϭϬϵ WƵƌĐŚĂƐĞ Ϯ͕ϯϲ͕ϲϯ͕ϰϰϳ Ϯ͘ϯϵ

70 Annual Report 2017-18 71 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Sr. EĂŵĞŽĨƚŚĞ EŽ͘ŽĨƐŚĂƌĞƐĂƚƚŚĞ ĂƚĞ /ŶĐƌĞĂƐĞͬ Reason ƵŵƵůĂƟǀĞƐŚĂƌĞŚŽůĚŝŶŐ Sr. EĂŵĞŽĨƚŚĞ EŽ͘ŽĨƐŚĂƌĞƐĂƚƚŚĞ ĂƚĞ /ŶĐƌĞĂƐĞͬ Reason ƵŵƵůĂƟǀĞƐŚĂƌĞŚŽůĚŝŶŐ EŽ͘ shareholder ďĞŐŝŶŶŝŶŐŽĨƚŚĞLJĞĂƌ ĞĐƌĞĂƐĞŝŶ ĚƵƌŝŶŐƚŚĞLJĞĂƌ EŽ͘ shareholder ďĞŐŝŶŶŝŶŐŽĨƚŚĞLJĞĂƌ ĞĐƌĞĂƐĞŝŶ ĚƵƌŝŶŐƚŚĞLJĞĂƌ ;ŝ͘Ğ͘ϬϭͬϬϰͬϭϳͿ ƐŚĂƌĞŚŽůĚŝŶŐ ;ϬϭͬϬϰͬϭϳƚŽϯϭͬϬϯͬϭϴͿ ;ŝ͘Ğ͘ϬϭͬϬϰͬϭϳͿ ƐŚĂƌĞŚŽůĚŝŶŐ ;ϬϭͬϬϰͬϭϳƚŽϯϭͬϬϯͬϭϴͿ EŽ͘ŽĨ йŽĨƚŽƚĂů EŽ͘ŽĨ йŽĨƚŽƚĂů EŽ͘ŽĨ йŽĨƚŽƚĂů EŽ͘ŽĨ йŽĨƚŽƚĂů shares shares shares shares shares shares shares shares ŽĨƚŚĞ ŽĨƚŚĞ ŽĨƚŚĞ ŽĨƚŚĞ ŽŵƉĂŶLJ ŽŵƉĂŶLJ ŽŵƉĂŶLJ ŽŵƉĂŶLJ KĐƚŽďĞƌϮϳ͕ϮϬϭϳ ϭϴϰ WƵƌĐŚĂƐĞ Ϯ͕ϯϲ͕ϲϯ͕ϲϯϭ Ϯ͘ϯϵ :ƵŶĞϵ͕ϮϬϭϳ Ͳϰ͕Ϭϰ͕Ϭϱϯ Sale ϭ͕ϯϵ͕ϭϰ͕ϭϬϳ ϭ͘ϰϭ EŽǀĞŵďĞƌϯ͕ϮϬϭϳ ϲ͕Ϯϲϰ WƵƌĐŚĂƐĞ Ϯ͕ϯϲ͕ϲϵ͕ϴϵϱ Ϯ͘ϯϵ :ƵŶĞϭϲ͕ϮϬϭϳ ͲϭϮ͕ϱϱϮ Sale ϭ͕ϯϵ͕Ϭϭ͕ϱϱϱ ϭ͘ϰϭ EŽǀĞŵďĞƌϭϳ͕ϮϬϭϳ ϰϳ͕ϯϭ͕ϳϳϴ ZŝŐŚƚƐ Ϯ͕ϴϰ͕Ϭϭ͕ϲϳϯ Ϯ͘ϯϵ :ƵůLJϳ͕ϮϬϭϳ ͲϵϬ͕ϭϱϮ Sale ϭ͕ϯϴ͕ϭϭ͕ϰϬϯ ϭ͘ϰϬ ĞĐĞŵďĞƌϭ͕ϮϬϭϳ ϭ͕ϯϮϬ WƵƌĐŚĂƐĞ Ϯ͕ϴϰ͕ϬϮ͕ϵϵϯ Ϯ͘ϯϵ ĞĐĞŵďĞƌϴ͕ϮϬϭϳ ϰ͕ϰϱϮ WƵƌĐŚĂƐĞ Ϯ͕ϴϰ͕Ϭϳ͕ϰϰϱ Ϯ͘ϯϵ :ƵůLJϮϭ͕ϮϬϭϳ ͲϭϬ͕ϰϱϮ Sale ϭ͕ϯϴ͕ϬϬ͕ϵϱϭ ϭ͘ϰϬ ĞĐĞŵďĞƌϮϮ͕ϮϬϭϳ Ͳϭ͕ϱϯ͕ϵϰϮ Sale Ϯ͕ϴϮ͕ϱϯ͕ϱϬϯ Ϯ͘ϯϴ KĐƚŽďĞƌϮϳ͕ϮϬϭϳ Ͳϰ͕ϴϰ͕ϴϭϮ Sale ϭ͕ϯϯ͕ϭϲ͕ϭϯϵ ϭ͘ϯϱ ĞĐĞŵďĞƌϯϬ͕ϮϬϭϳ Ͳϭϴ͕ϵϲϴ Sale Ϯ͕ϴϮ͕ϯϰ͕ϱϯϱ Ϯ͘ϯϳ EŽǀĞŵďĞƌϯ͕ϮϬϭϳ Ͳϱ͕Ϭϭ͕ϭϯϵ Sale ϭ͕Ϯϴ͕ϭϱ͕ϬϬϬ ϭ͘ϯϬ :ĂŶƵĂƌLJϱ͕ϮϬϭϴ ͲϮϴ͕ϲϭ͕ϴϬϵ Sale Ϯ͕ϱϯ͕ϳϮ͕ϳϮϲ Ϯ͘ϭϯ EŽǀĞŵďĞƌϭϬ͕ϮϬϭϳ Ͳϲ͕ϱϱ͕ϳϱϲ Sale ϭ͕Ϯϭ͕ϱϵ͕Ϯϰϰ ϭ͘Ϯϯ :ĂŶƵĂƌLJϭϮ͕ϮϬϭϴ ͲϮϭ͕ϵϯ͕ϭϲϲ Sale Ϯ͕ϯϭ͕ϳϵ͕ϱϲϬ ϭ͘ϵϱ EŽǀĞŵďĞƌϭϳ͕ϮϬϭϳ Ϯϲ͕ϱϳ͕ϱϮϮ WƵƌĐŚĂƐĞ ϭ͕ϰϴ͕ϭϲ͕ϳϲϲ ϭ͘Ϯϱ :ĂŶƵĂƌLJϭϵ͕ϮϬϭϴ ͲϮ͕Ϯϯ͕ϲϬϳ Sale Ϯ͕Ϯϵ͕ϱϱ͕ϵϱϯ ϭ͘ϵϯ DĂƌĐŚϭϲ͕ϮϬϭϴ Ͳϭ͕ϱϯ͕ϵϱϮ Sale ϭ͕ϰϲ͕ϲϮ͕ϴϭϰ ϭ͘Ϯϯ :ĂŶƵĂƌLJϮϱ͕ϮϬϭϴ Ͳϭϭ͕ϯϲ͕Ϯϭϴ Sale Ϯ͕ϭϴ͕ϭϵ͕ϳϯϱ ϭ͘ϴϯ &ĞďƌƵĂƌLJϵ͕ϮϬϭϴ Ͳϭ͕ϵϮ͕ϰϮϭ Sale Ϯ͕ϭϲ͕Ϯϳ͕ϯϭϰ ϭ͘ϴϮ DĂƌĐŚϮϯ͕ϮϬϭϴ Ͳϰϳ͕ϲϰϭ Sale ϭ͕ϰϲ͕ϭϱ͕ϭϳϯ ϭ͘Ϯϯ &ĞďƌƵĂƌLJϭϲ͕ϮϬϭϴ Ͳϭϲ͕ϱϭ͕ϴϭϮ Sale ϭ͕ϵϵ͕ϳϱ͕ϱϬϮ ϭ͘ϲϴ ϭ͕ϰϲ͕ϭϱ͕ϭϳϯ ϭ͘Ϯϯ DĂƌĐŚϯϭ͕ϮϬϭϴ Ϭ Eŝů ϭ͕ϰϲ͕ϭϱ͕ϭϳϯ ϭ͘Ϯϯ &ĞďƌƵĂƌLJϮϯ͕ϮϬϭϴ ͲϭϬ͕ϵϬ͕Ϯϰϴ Sale ϭ͕ϴϴ͕ϴϱ͕Ϯϱϰ ϭ͘ϱϵ ϭϬ &ƌĂŶŬůŝŶƐŝĂŶƋƵŝƚLJ ϯϳ͕ϵϬ͕ϭϴϰ Ϭ͘ϯϴ DĂƌĐŚϮ͕ϮϬϭϴ ͲϮ͕ϬϬ͕ϭϵϱ Sale ϭ͕ϴϲ͕ϴϱ͕Ϭϱϵ ϭ͘ϱϳ &ƵŶĚϭ DĂƌĐŚϵ͕ϮϬϭϴ Ͳϭϭ͕ϭϱ͕ϳϬϴ Sale ϭ͕ϳϱ͕ϲϵ͕ϯϱϭ ϭ͘ϰϴ DĂLJϭϵ͕ϮϬϭϳ Ϯϴ͕ϯϲ͕ϳϵϴ WƵƌĐŚĂƐĞ ϲϲ͕Ϯϲ͕ϵϴϮ Ϭ͘ϲϳ DĂƌĐŚϭϲ͕ϮϬϭϴ Ϯ͕ϲϯϬ WƵƌĐŚĂƐĞ ϭ͕ϳϱ͕ϳϭ͕ϵϴϭ ϭ͘ϰϴ DĂLJϮϲ͕ϮϬϭϳ ϭϰ͕ϯϰ͕ϲϬϭ WƵƌĐŚĂƐĞ ϴϬ͕ϲϭ͕ϱϴϯ Ϭ͘ϴϭ ϭ͕ϳϱ͕ϳϭ͕ϵϴϭ ϭ͘ϰϴ DĂƌĐŚϯϭ͕ϮϬϭϴ Ϭ Eŝů ϭ͕ϳϱ͕ϳϭ͕ϵϴϭ ϭ͘ϰϴ :ƵŶĞϮ͕ϮϬϭϳ ϱ͕ϲϱ͕ϯϵϵ WƵƌĐŚĂƐĞ ϴϲ͕Ϯϲ͕ϵϴϮ Ϭ͘ϴϳ ϴ 'ĞŶĞƌĂů/ŶƐƵƌĂŶĐĞ ϭ͕ϲϭ͕Ϭϭ͕ϭϬϳ ϭ͘ϲϯ ƉƌŝůϬϭ͕ϮϬϭϳ ŽƌƉŽƌĂƟŽŶŽĨ/ŶĚŝĂ :ƵŶĞϭϲ͕ϮϬϭϳ ϭ͕Ϭϲ͕ϯϯϲ WƵƌĐŚĂƐĞ ϴϳ͕ϯϯ͕ϯϭϴ Ϭ͘ϴϴ ƉƌŝůϮϭ͕ϮϬϭϳ ͲϳϬ͕ϬϬϬ Sale ϭ͕ϲϬ͕ϯϭ͕ϭϬϳ ϭ͘ϲϮ :ƵŶĞϮϯ͕ϮϬϭϳ ϵϯ͕ϲϲϰ WƵƌĐŚĂƐĞ ϴϴ͕Ϯϲ͕ϵϴϮ Ϭ͘ϴϵ ƉƌŝůϮϴ͕ϮϬϭϳ ͲϯϬ͕ϵϰϳ Sale ϭ͕ϲϬ͕ϬϬ͕ϭϲϬ ϭ͘ϲϮ ƵŐƵƐƚϰ͕ϮϬϭϳ ϯ͕ϳϬ͕ϬϬϬ WƵƌĐŚĂƐĞ ϵϭ͕ϵϲ͕ϵϴϮ Ϭ͘ϵϯ DĂLJϭϵ͕ϮϬϭϳ ͲϱϬ͕ϬϬϬ Sale ϭ͕ϱϵ͕ϱϬ͕ϭϲϬ ϭ͘ϲϭ ^ĞƉƚĞŵďĞƌϭ͕ϮϬϭϳ ϯ͕ϬϬ͕ϬϬϬ WƵƌĐŚĂƐĞ ϵϰ͕ϵϲ͕ϵϴϮ Ϭ͘ϵϲ DĂLJϮϲ͕ϮϬϭϳ Ͳϭϲ͕Ϭϭϲ Sale ϭ͕ϱϵ͕ϯϰ͕ϭϰϰ ϭ͘ϲϭ EŽǀĞŵďĞƌϭϬ͕ϮϬϭϳ ϱ͕ϬϬ͕ϬϬϬ WƵƌĐŚĂƐĞ ϵϵ͕ϵϲ͕ϵϴϮ ϭ͘Ϭϭ :ƵŶĞϬϮ͕ϮϬϭϳ Ͳϭ͕ϯϯϵ Sale ϭ͕ϱϵ͕ϯϮ͕ϴϬϱ ϭ͘ϲϭ EŽǀĞŵďĞƌϭϳ͕ϮϬϭϳ Ϯϭ͕ϵϵ͕ϯϵϰ ZŝŐŚƚƐ ϭ͕Ϯϭ͕ϵϲ͕ϯϳϲ ϭ͘Ϭϯ EŽǀĞŵďĞƌϭϳ͕ϮϬϭϳ ϯϭ͕ϴϲ͕ϱϮϵ ZŝŐŚƚƐ ϭ͕ϵϭ͕ϭϵ͕ϯϯϰ ϭ͘ϲϭ ĞĐĞŵďĞƌϭϱ͕ϮϬϭϳ ͲϮ͕ϬϬ͕ϬϬϬ Sale ϭ͕ϴϵ͕ϭϵ͕ϯϯϰ ϭ͘ϱϵ ϭ͕Ϯϭ͕ϵϲ͕ϯϳϲ ϭ͘Ϭϯ DĂƌĐŚϯϭ͕ϮϬϭϴ Ϭ Eŝů ϭ͕Ϯϭ͕ϵϲ͕ϯϳϲ ϭ͘Ϭϯ :ĂŶƵĂƌLJϱ͕ϮϬϭϴ Ͳϭ͕ϱϬ͕ϬϬϬ Sale ϭ͕ϴϳ͕ϲϵ͕ϯϯϰ ϭ͘ϱϴ ϭϭ WƌĂnjŝŵdƌĂĚŝŶŐĂŶĚ ϵϯ͕Ϯϰ͕ϯϰϭ Ϭ͘ϵϰ Ɖƌŝůϭ͕ϮϬϭϳ :ĂŶƵĂƌLJϭϮ͕ϮϬϭϴ Ͳϭ͕ϲϵ͕ϭϳϰ Sale ϭ͕ϴϲ͕ϬϬ͕ϭϲϬ ϭ͘ϱϲ /ŶǀĞƐƚŵĞŶƚŽŵƉĂŶLJ :ĂŶƵĂƌLJϮϱ͕ϮϬϭϴ Ͳϰ͕ϮϬ͕ϵϱϯ Sale ϭ͕ϴϭ͕ϳϵ͕ϮϬϳ ϭ͘ϱϯ WƌŝǀĂƚĞ>ŝŵŝƚĞĚ &ĞďƌƵĂƌLJϮ͕ϮϬϭϴ Ͳϭ͕ϳϵ͕Ϭϰϳ Sale ϭ͕ϴϬ͕ϬϬ͕ϭϲϬ ϭ͘ϱϭ DĂLJϮϲ͕ϮϬϭϳ Ͳϭϵ͕ϱϴ͕ϭϱϳ Sale ϳϯ͕ϲϲ͕ϭϴϰ Ϭ͘ϳϰ ^ĞƉƚĞŵďĞƌϵ͕ϮϬϭϴ Ͳϯ͕ϬϬ͕ϬϬϬ Sale ϭ͕ϳϳ͕ϬϬ͕ϭϲϬ ϭ͘ϰϵ EŽǀĞŵďĞƌϭϳ͕ϮϬϭϳ ϵϮ͕ϳϲ͕ϮϳϬ ZŝŐŚƚƐ ϵϮ͕ϳϲ͕ϮϳϬ Ϭ͘ϳϴ &ĞďƌƵĂƌLJϭϲ͕ϮϬϭϴ Ͳϯ͕ϵϬ͕Ϯϴϭ Sale ϭ͕ϳϯ͕Ϭϵ͕ϴϳϵ ϭ͘ϰϲ ϵϮ͕ϳϲ͕ϮϳϬ Ϭ͘ϳϴ DĂƌĐŚϯϭ͕ϮϬϭϴ Ϭ Eŝů ϵϮ͕ϳϲ͕ϮϳϬ Ϭ͘ϳϴ &ĞďƌƵĂƌLJϮϯ͕ϮϬϭϴ ͲϮ͕ϰϱ͕ϰϬϬ Sale ϭ͕ϳϬ͕ϲϰ͕ϰϳϵ ϭ͘ϰϯ ϭϮ ĐƟǀĞŵĞƌŐŝŶŐ ϲϯ͕ϯϰ͕ϴϴϳ Ϭ͘ϲϰ Ɖƌŝůϭ͕ϮϬϭϳ DĂƌĐŚϮ͕ϮϬϭϴ Ͳϲϰ͕ϯϭϵ Sale ϭ͕ϳϬ͕ϬϬ͕ϭϲϬ ϭ͘ϰϯ DĂƌŬĞƚƐƋƵŝƚLJ&ƵŶĚ DĂƌĐŚϵ͕ϮϬϭϴ Ͳϭ͕ϬϬ͕ϬϬϬ Sale ϭ͕ϲϵ͕ϬϬ͕ϭϲϬ ϭ͘ϰϮ KĐƚŽďĞƌϮϳ͕ϮϬϭϳ ϭ͕ϴϮ͕ϰϳϰ WƵƌĐŚĂƐĞ ϲϱ͕ϭϳ͕ϯϲϭ Ϭ͘ϲϲ DĂƌĐŚϭϲ͕ϮϬϭϴ Ͳϯ͕ϬϬ͕ϬϬϬ Sale ϭ͕ϲϲ͕ϬϬ͕ϭϲϬ ϭ͘ϰϬ EŽǀĞŵďĞƌϭϳ͕ϮϬϭϳ ϭϮ͕ϲϲ͕ϵϳϳ ZŝŐŚƚƐ ϳϳ͕ϴϰ͕ϯϯϴ Ϭ͘ϲϱ DĂƌĐŚϮϯ͕ϮϬϭϴ Ͳϯ͕ϬϬ͕ϬϬϬ Sale ϭ͕ϲϯ͕ϬϬ͕ϭϲϬ ϭ͘ϯϳ ϭ͕ϲϯ͕ϬϬ͕ϭϲϬ ϭ͘ϯϳ DĂƌĐŚϯϭ͕ϮϬϭϴ Ϭ Eŝů ϭ͕ϲϯ͕ϬϬ͕ϭϲϬ ϭ͘ϯϳ EŽǀĞŵďĞƌϮϰ͕ϮϬϭϳ ϯϲ͕ϵϲϬ WƵƌĐŚĂƐĞ ϳϴ͕Ϯϭ͕Ϯϵϴ Ϭ͘ϲϲ ϵ dŚĞEĞǁ/ŶĚŝĂ ϭ͕ϰϲ͕ϮϬ͕ϵϰϵ ϭ͘ϰϴ ƉƌŝůϬϭ͕ϮϬϭϳ ĞĐĞŵďĞƌϭ͕ϮϬϭϳ ϭ͕Ϭϵ͕Ϭϴϴ WƵƌĐŚĂƐĞ ϳϵ͕ϯϬ͕ϯϴϲ Ϭ͘ϲϳ Assurance Company :ĂŶƵĂƌLJϮϱ͕ϮϬϭϴ Ͳϭϰ͕ϵϲϱ Sale ϳϵ͕ϭϱ͕ϰϮϭ Ϭ͘ϲϳ >ŝŵŝƚĞĚ &ĞďƌƵĂƌLJϮ͕ϮϬϭϴ Ͳϭϴ͕Ϯϱϲ Sale ϳϴ͕ϵϳ͕ϭϲϱ Ϭ͘ϲϲ Ɖƌŝůϳ͕ϮϬϭϳ ͲϴϬ͕ϬϬϬ Sale ϭ͕ϰϱ͕ϰϬ͕ϵϰϵ ϭ͘ϰϳ ϳϴ͕ϵϳ͕ϭϲϱ Ϭ͘ϲϲ DĂƌĐŚϯϭ͕ϮϬϭϴ Ϭ Eŝů ϳϴ͕ϵϳ͕ϭϲϱ Ϭ͘ϲϲ ƉƌŝůϮϭ͕ϮϬϭϳ Ͳϳϳ͕ϴϭϴ Sale ϭ͕ϰϰ͕ϲϯ͕ϭϯϭ ϭ͘ϰϲ ƉƌŝůϮϴ͕ϮϬϭϳ Ͳϭ͕ϰϮ͕ϭϴϮ Sale ϭ͕ϰϯ͕ϮϬ͕ϵϰϵ ϭ͘ϰϱ 1 EŽƚŝŶƚŚĞůŝƐƚŽĨdŽƉϭϬƐŚĂƌĞŚŽůĚĞƌƐĂƐŽŶƉƌŝůϭ͕ϮϬϭϳ͘dŚĞƐĂŵĞŚĂƐďĞĞŶƌĞŇĞĐƚĞĚĂďŽǀĞƐŝŶĐĞƚŚĞƐŚĂƌĞŚŽůĚĞƌǁĂƐŽŶĞŽĨƚŚĞ :ƵŶĞϮ͕ϮϬϭϳ ͲϮ͕ϳϴϵ Sale ϭ͕ϰϯ͕ϭϴ͕ϭϲϬ ϭ͘ϰϱ dŽƉϭϬƐŚĂƌĞŚŽůĚĞƌƐĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ͘

72 Annual Report 2017-18 73 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

 ;ǀͿ ^ŚĂƌĞŚŽůĚŝŶŐŽĨŝƌĞĐƚŽƌƐĂŶĚ<ĞLJDĂŶĂŐĞƌŝĂůWĞƌƐŽŶŶĞů͗  ͘ ZĞŵƵŶĞƌĂƟŽŶƚŽŽƚŚĞƌŝƌĞĐƚŽƌƐ͗ Sr. EĂŵĞŽĨƚŚĞƐŚĂƌĞŚŽůĚĞƌ EŽ͘ŽĨƐŚĂƌĞƐĂƚƚŚĞ ĂƚĞ /ŶĐƌĞĂƐĞͬĞĐƌĞĂƐĞ ƵŵƵůĂƟǀĞƐŚĂƌĞŚŽůĚŝŶŐ   /ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐ EŽ͘ ďĞŐŝŶŶŝŶŐŽĨƚŚĞLJĞĂƌ ŝŶƐŚĂƌĞŚŽůĚŝŶŐ ĚƵƌŝŶŐƚŚĞLJĞĂƌ ;ŝ͘Ğ͘ϬϭͬϬϰͬϭϳͿ ;ϬϭͬϬϰͬϭϳƚŽϯϭͬϬϯͬϭϴͿ Sr. WĂƌƟĐƵůĂƌƐŽĨZĞŵƵŶĞƌĂƟŽŶ EĂĚŝƌ 'ĂƵƚĂŵ Ireena ĞĞƉĂŬ <͘͘ Vibha Paul Total EŽ͘ 'ŽĚƌĞũ ĂŶĞƌũĞĞ sŝƩĂů Parekh ĂĚŝƐĞƚŚ1 Rishi Amount EŽ͘ŽĨ йŽĨƚŽƚĂů EŽ͘ŽĨ йŽĨƚŽƚĂů EŽ͘ŽĨ йŽĨƚŽƚĂů shares shares shares shares shares ƐŚĂƌĞƐŽĨƚŚĞ ϭ &ĞĞƐĨŽƌĂƩĞŶĚŝŶŐŽĂƌĚͬ ϲ͕ϲϬ͕ϬϬϬ ϭ͕ϴϬ͕ϬϬϬ ϯ͕ϵϬ͕ϬϬϬ ϱ͕ϭϬ͕ϬϬϬ Ͳ Ϯ͕ϳϬ͕ϬϬϬ ϮϬ͕ϭϬ͕ϬϬϬ ŽĨƚŚĞ ŽĨƚŚĞ ŽŵƉĂŶLJ ŽŵŵŝƩĞĞDĞĞƟŶŐƐ ŽŵƉĂŶLJ ŽŵƉĂŶLJ Ϯ Commission ϱϴ͕ϰϴ͕ϬϬϬ Ϯϭ͕ϵϵ͕ϬϬϬ ϯϳ͕ϲϲ͕ϬϬϬ ϱϭ͕ϲϮ͕ϬϬϬ ϳϲ͕ϳϭ͕ϬϬϬ ϰϬ͕Ϯϭ͕ϬϬϬ Ϯ͕ϴϲ͕ϲϳ͕ϬϬϬ ϭ DĞŚĞƌŶŽƐŚ^͘<ĂƉĂĚŝĂ;ϯϵ͕ϯϬϬ ϲϯ͕ϰϴϬ Ϭ͘Ϭϭ Ͳ Ϭ Ϭ͘ϬϬ ϲϯ͕ϰϴϬ Ϭ͘Ϭϭ ƐŚĂƌĞƐũŽŝŶƚůLJŚĞůĚǁŝƚŚ Total ϲϱ͕Ϭϴ͕ϬϬϬ Ϯϯ͕ϳϵ͕ϬϬϬ ϰϭ͕ϱϲ͕ϬϬϬ ϱϲ͕ϳϮ͕ϬϬϬ ϳϲ͕ϳϭ͕ϬϬϬ ϰϮ͕ϵϭ͕ϬϬϬ ϯ͕Ϭϲ͕ϳϳ͕ϬϬϬ sŝůůƵDĞŚĞƌŶŽƐŚ<ĂƉĂĚŝĂͿ ϭZĞƐŝŐŶĞĚǁ͘Ğ͘Ĩ͘Ɖƌŝůϳ͕ϮϬϭϳ Ϯ ĞĞƉĂŬWĂƌĞŬŚ;ũŽŝŶƚůLJŚĞůĚǁŝƚŚ Ϯ͕ϱϲϭ Ϭ͘ϬϬ EŽǀĞŵďĞƌϳ͕ϮϬϭϳ ϱϯϵ Ϭ͘ϬϬ ϯ͕ϭϬϬ Ϭ͘ϬϬ ,ĂƌƐŚĂWĂƌĞŬŚͿ EŽŶͲdžĞĐƵƟǀĞŝƌĞĐƚŽƌƐ ` V. Indebtedness Sr. WĂƌƟĐƵůĂƌƐŽĨZĞŵƵŶĞƌĂƟŽŶ E͘ŚĂŶĚƌĂƐĞŬĂƌĂŶ ^ŚĂƉŽŽƌDŝƐƚƌLJ1 ƌ͘E͘^͘ZĂũĂŶ2 Total  /ŶĚĞďƚĞĚŶĞƐƐŽĨƚŚĞŽŵƉĂŶLJŝŶĐůƵĚŝŶŐŝŶƚĞƌĞƐƚŽƵƚƐƚĂŶĚŝŶŐͬĂĐĐƌƵĞĚďƵƚŶŽƚĚƵĞĨŽƌƉĂLJŵĞŶƚ EŽ͘ Amount ` / crores ϭ &ĞĞƐĨŽƌĂƩĞŶĚŝŶŐŽĂƌĚͬŽŵŵŝƩĞĞDĞĞƟŶŐƐ ϯ͕ϬϬ͕ϬϬϬ E/> E/> ϯ͕ϬϬ͕ϬϬϬ WĂƌƟĐƵůĂƌƐ ^ĞĐƵƌĞĚ>ŽĂŶƐ hŶƐĞĐƵƌĞĚ>ŽĂŶƐ >ŝĂďŝůŝƚLJŽŶĞƌŝǀĂƟǀĞ Total Indebtedness ĞdžĐůƵĚŝŶŐĚĞƉŽƐŝƚƐ Contracts Ϯ Commission Ͳ ϴ͕ϬϬ͕ϬϬϬ ϱ͕ϯϯ͕ϬϬϬ ϭϯ͕ϯϯ͕ϬϬϬ /ŶĚĞďƚĞĚŶĞƐƐĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨ Total ϯ͕ϬϬ͕ϬϬϬ ϴ͕ϬϬ͕ϬϬϬ ϱ͕ϯϯ͕ϬϬϬ ϭϲ͕ϯϯ͕ϬϬϬ ƚŚĞĮŶĂŶĐŝĂůLJĞĂƌ 1ZĞƐŝŐŶĞĚǁ͘Ğ͘Ĩ͘ƉƌŝůϮϱ͕ϮϬϭϳ ŝͿ WƌŝŶĐŝƉĂůŵŽƵŶƚ ϭϬϱϬ͘ϵϲ ϵϵϴ͘ϬϮ Ϯϰϰ͘Ϯϳ ϮϮϵϯ͘Ϯϱ ŝŝͿ /ŶƚĞƌĞƐƚĚƵĞďƵƚŶŽƚƉĂŝĚ Ͳ Ͳ Ͳ Ͳ 2ZĞƐŝŐŶĞĚǁ͘Ğ͘Ĩ͘KĐƚŽďĞƌϮϴ͕ϮϬϭϲ ŝŝŝͿ/ŶƚĞƌĞƐƚĂĐĐƌƵĞĚďƵƚŶŽƚĚƵĞ ϯϱ͘ϱϴ ϲ͘Ϯϳ Ͳ ϰϭ͘ϴϱ dŽƚĂů;ŝнŝŝнŝŝŝͿ ϭ͕Ϭϴϲ͘ϱϰ ϭ͕ϬϬϰ͘Ϯϵ 244.27 Ϯ͕ϯϯϱ͘ϭϬ The remuŶĞƌĂƟŽŶƚŽ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐĂŶĚEŽŶͲdžĞĐƵƟǀĞŝƌĞĐƚŽƌƐǁĂƐǁŝƚŚŝŶƚŚĞĐĞŝůŝŶŐĂƐƉĞƌƚŚĞĐƚ;ΛϭйŽĨ ŚĂŶŐĞŝŶ/ŶĚĞďƚĞĚŶĞƐƐĚƵƌŝŶŐ WƌŽĮƚƐĐĂůĐƵůĂƚĞĚƵŶĚĞƌ^ĞĐƟŽŶϭϵϴŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯͿ ƚŚĞĮŶĂŶĐŝĂůLJĞĂƌ ĚĚŝƟŽŶ Ͳ ϵϮϬ͘ϬϬ Ͳ ϵϮϬ͘ϬϬ C. ZĞŵƵŶĞƌĂƟŽŶƚŽ<ĞLJDĂŶĂŐĞƌŝĂůWĞƌƐŽŶŶĞůŽƚŚĞƌƚŚĂŶDͬDE'Zͬtd ZĞĚƵĐƟŽŶ ϳ͘Ϯϲ ϭϭϲϳ͘ϴϱ ϭϯ͘ϳϭ ϭϭϴϴ͘ϴϮ ` EĞƚŚĂŶŐĞ ;ϳ͘ϮϲͿ ;Ϯϰϳ͘ϴϱͿ ;ϭϯ͘ϳϭͿ ;Ϯϲϴ͘ϴϮͿ /crores /ŶĚĞďƚĞĚŶĞƐƐĂƚƚŚĞĞŶĚŽĨƚŚĞ Sr. WĂƌƟĐƵůĂƌƐŽĨZĞŵƵŶĞƌĂƟŽŶ Dƌ͘ĞĞũĂůĞƐĂŝ Dƌ͘'ŝƌŝĚŚĂƌ^ĂŶũĞĞǀŝ1 ĮŶĂŶĐŝĂůLJĞĂƌ ϭϬϰϯ͘ϴϲ ϳϰϬ͘ϬϮ ϮϯϬ͘ϱϲ ϮϬϭϰ͘ϰϰ EŽ͘ Senior Vice President džĞĐƵƟǀĞ ŝͿ WƌŝŶĐŝƉĂůŵŽƵŶƚ Ͳ Ͳ Ͳ Ͳ ŝŝͿ /ŶƚĞƌĞƐƚĚƵĞďƵƚŶŽƚƉĂŝĚ ϯϱ͘ϰϮ ϭϲ͘ϰϮ Ͳ ϱϭ͘ϴϰ ʹ>ĞŐĂůΘŽŵƉĂŶLJ Vice President & ŝŝŝͿ/ŶƚĞƌĞƐƚĂĐĐƌƵĞĚďƵƚŶŽƚĚƵĞ ^ĞĐƌĞƚĂƌLJ ŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ dŽƚĂů;ŝнŝŝнŝŝŝͿ ϭ͕Ϭϴϲ͘ϱϰ 756.44 230.56 Ϯ͕Ϭϲϲ͘Ϯϴ ϭ 'ƌŽƐƐƐĂůĂƌLJ VI. ZĞŵƵŶĞƌĂƟŽŶŽĨŝƌĞĐƚŽƌƐĂŶĚ<ĞLJDĂŶĂŐĞƌŝĂůWĞƌƐŽŶŶĞů ;ĂͿ ^ĂůĂƌLJĂƐƉĞƌƉƌŽǀŝƐŝŽŶƐĐŽŶƚĂŝŶĞĚŝŶ^ĞĐƟŽŶϭϳ;ϭͿŽĨƚŚĞ/ŶĐŽŵĞͲƚĂdžĐƚ͕ϭϵϲϭ ϭ͘Ϭϯ Ϯ͘Ϭϭ A. ZĞŵƵŶĞƌĂƟŽŶƚŽDĂŶĂŐŝŶŐŝƌĞĐƚŽƌ͕tŚŽůĞͲƟŵĞŝƌĞĐƚŽƌƐĂŶĚͬŽƌDĂŶĂŐĞƌ͗ ;ďͿ sĂůƵĞŽĨƉĞƌƋƵŝƐŝƚĞƐƵͬƐϭϳ;ϮͿŽĨƚŚĞ/ŶĐŽŵĞͲƚĂdžĐƚ͕ϭϵϲϭ Ϭ͘ϮϮ Ϭ͘ϬϮ ` / crores ;ĐͿ WƌŽĮƚƐŝŶůŝĞƵŽĨƐĂůĂƌLJƵͬƐϭϳ;ϯͿŽĨƚŚĞ/ŶĐŽŵĞͲƚĂdžĐƚ͕ϭϵϲϭ Ͳ Ͳ Sr. WĂƌƟĐƵůĂƌƐŽĨZĞŵƵŶĞƌĂƟŽŶ Puneet Rakesh Ŷŝů'ŽĞů Mehernosh Total Ϯ ^ƚŽĐŬKƉƟŽŶ ͲͲ EŽ͘ ŚŚĂƚǁĂů Sarna Θ&K3 ^͘<ĂƉĂĚŝĂ Amount DΘK1 DΘK2 Ͳ ϯ ^ǁĞĂƚƋƵŝƚLJ ͲͲ ŽƌƉŽƌĂƚĞ ϰ Commission īĂŝƌƐ ͲĂƐйŽĨƉƌŽĮƚ Ͳ Ͳ ϭ 'ƌŽƐƐƐĂůĂƌLJ ;ĂͿ ^ĂůĂƌLJĂƐƉĞƌƉƌŽǀŝƐŝŽŶƐĐŽŶƚĂŝŶĞĚŝŶ^ĞĐƟŽŶϭϳ;ϭͿŽĨ ϭ͘ϱϬ ϭϰ͘ϳϮ Ϭ͘ϲϳ Ϯ͘ϭϳ ϭϵ͘Ϭϲ ͲŽƚŚĞƌƐ;ƐƉĞĐŝĨLJͿ Ͳ Ͳ ƚŚĞ/ŶĐŽŵĞͲƚĂdžĐƚ͕ϭϵϲϭ Total 1.25 2.03 ;ďͿ sĂůƵĞŽĨƉĞƌƋƵŝƐŝƚĞƐƵͬƐϭϳ;ϮͿŽĨƚŚĞ Ϭ͘ϮϮ ϭ͘ϭϱ Ͳ Ϭ͘ϱϲ ϭ͘ϵϯ /ŶĐŽŵĞͲƚĂdžĐƚ͕ϭϵϲϭ ϭĂƉƉŽŝŶƚĞĚǁŝƚŚĞīĞĐƚĨƌŽŵDĂLJϰ͕ϮϬϭϳ ;ĐͿ WƌŽĮƚƐŝŶůŝĞƵŽĨƐĂůĂƌLJƵͬƐϭϳ;ϯͿŽĨƚŚĞ/ŶĐŽŵĞͲƚĂdž Ͳ Ͳ Ͳ Ͳ Ͳ Đƚ͕ϭϵϲϭ Ϯ ^ƚŽĐŬKƉƟŽŶ E/> E/> E/> E/> E/> s//͘ WĞŶĂůƟĞƐͬWƵŶŝƐŚŵĞŶƚͬŽŵƉŽƵŶĚŝŶŐŽĨŽīĞŶĐĞƐ͗Eŝů ϯ ^ǁĞĂƚƋƵŝƚLJ E/> E/> E/> E/> E/> ϰ ŽŵŵŝƐƐŝŽŶƉĂŝĚͲ ͲͲͲͲͲ  dŚĞƌĞǁĞƌĞŶŽƉĞŶĂůƟĞƐ͕ƉƵŶŝƐŚŵĞŶƚŽƌĐŽŵƉŽƵŶĚŝŶŐŽĨŽīĞŶĐĞƐĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͘ ĂƐйŽĨƉƌŽĮƚ ϱ KƚŚĞƌƐ Ͳ Ͳ Ͳ Ͳ Ͳ Total 1.72 15.87 0.67 2.73 20.99 1ĨŽƌ ƉĂƌƚ ŽĨ ƚŚĞ LJĞĂƌ ĨƌŽŵ ũŽŝŶŝŶŐ ĚĂƚĞ ŝ͘Ğ EŽǀĞŵďĞƌ ϲ͕ ϮϬϭϳ͕ 2ĨŽƌ ƉĂƌƚ ŽĨ ƚŚĞ LJĞĂƌ ƵƉƚŽ ^ĞƉƚĞŵďĞƌ ϯϬ͕ ϮϬϭϳ͕ 3ZĞƟƌĞĚ ǁ͘Ğ͘Ĩ͘ KĐƚŽďĞƌϭϱ͕ϮϬϭϲ͘WƌŽƉŽƌƟŽŶĂƚĞWĞƌĨŽƌŵĂŶĐĞ>ŝŶŬĞĚŽŶƵƐĨŽƌϮϬϭϲͲϭϳĚŝƐďƵƌƐĞĚŝŶϮϬϭϳͲϭϴ͘  dŚĞƌĞŵƵŶĞƌĂƟŽŶƚŽDĂŶĚtdƐǁĂƐǁŝƚŚŝŶƚŚĞĐĞŝůŝŶŐĂƐƉĞƌƚŚĞĐƚ;ΛϭϬйŽĨWƌŽĮƚƐĐĂůĐƵůĂƚĞĚƵŶĚĞƌ^ĞĐƟŽŶϭϵϴŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯͿ

74 Annual Report 2017-18 75 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

ŶŶĞdžƵƌĞ/s &ŽƌŵEŽ͘DZͲϯ ;ŝŝͿ dŚĞ^ĞĐƵƌŝƟĞƐĂŶĚdžĐŚĂŶŐĞŽĂƌĚŽĨ/ŶĚŝĂ;ĞůŝƐƟŶŐŽĨ ĂͿ /ƐƐƵĞĚ ĂŶĚ ůůŽƩĞĚ ϳ͘ϴϱй ϮϬϬϬ ZĂƚĞĚ͕ >ŝƐƚĞĚ͕ ƋƵŝƚLJ^ŚĂƌĞƐͿZĞŐƵůĂƟŽŶƐ͕ϮϬϬϵ͖ hŶƐĞĐƵƌĞĚ͕ ZĞĚĞĞŵĂďůĞ͕ EŽŶͲƵŵƵůĂƟǀĞ͕ ^ĞĐƌĞƚĂƌŝĂůƵĚŝƚZĞƉŽƌƚ EŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐĂŐŐƌĞŐĂƟŶŐƚŽ`ϮϬϬĐƌŽƌĞƐ ĨŽƌƚŚĞĮŶĂŶĐŝĂůLJĞĂƌĞŶĚĞĚϯϭSt March 2018 ;ŝŝŝͿ dŚĞ^ĞĐƵƌŝƟĞƐĂŶĚdžĐŚĂŶŐĞŽĂƌĚŽĨ/ŶĚŝĂ;ƵLJďĂĐŬŽĨ ŽŶƉƌŝůϮϬ͕ϮϬϭϳ͘ ^ĞĐƵƌŝƟĞƐͿZĞŐƵůĂƟŽŶƐ͕ϭϵϵϴ͖ĂŶĚ ΀WƵƌƐƵĂŶƚƚŽ^ĞĐƟŽŶϮϬϰ;ϭͿŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯĂŶĚZƵůĞϵŽĨƚŚĞŽŵƉĂŶŝĞƐ ďͿ Ϯй ϮϬϬϬ hŶƐĞĐƵƌĞĚ EŽŶͲŽŶǀĞƌƟďůĞ ZĞĚĞĞŵĂďůĞ ;ƉƉŽŝŶƚŵĞŶƚĂŶĚZĞŵƵŶĞƌĂƟŽŶŽĨDĂŶĂŐĞƌŝĂůWĞƌƐŽŶŶĞůͿZƵůĞƐ͕ϮϬϭϰ΁ ;ŝǀͿ dŚĞ&ŽƌĞŝŐŶdžĐŚĂŶŐĞDĂŶĂŐĞŵĞŶƚĐƚ͕ϭϵϵϵĂŶĚƚŚĞ ĞďĞŶƚƵƌĞƐ ĂŵŽƵŶƟŶŐ ƚŽ ` ϮϬϬ ĐƌŽƌĞƐ ŚĂƐ ďĞĞŶ ZƵůĞƐĂŶĚZĞŐƵůĂƟŽŶƐŵĂĚĞƚŚĞƌĞƵŶĚĞƌƚŽƚŚĞĞdžƚĞŶƚŽĨ ƌĞĚĞĞŵĞĚŽŶƉƌŝůϮϯ͕ϮϬϭϳ͘ To  ;ĂͿ dŚĞ ^ĞĐƵƌŝƟĞƐ ĂŶĚ džĐŚĂŶŐĞ ŽĂƌĚ ŽĨ /ŶĚŝĂ &ŽƌĞŝŐŶŝƌĞĐƚ/ŶǀĞƐƚŵĞŶƚ͘ dŚĞDĞŵďĞƌƐ ;^ƵďƐƚĂŶƟĂů ĐƋƵŝƐŝƟŽŶ ŽĨ ^ŚĂƌĞƐ ĂŶĚ dĂŬĞŽǀĞƌƐͿ ĐͿ /ƐƐƵĞĚĂŶĚ ůůŽƩĞĚ ϭϵ͕ϵϵ͕ϴϰ͕ϰϯϬ ĞƋƵŝƚLJ ƐŚĂƌĞƐ ŽĨ ` ϭ dŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶLJ>ŝŵŝƚĞĚ ZĞŐƵůĂƟŽŶƐ͕ϮϬϭϭ͖ tĞĨƵƌƚŚĞƌƌĞƉŽƌƚƚŚĂƚʹ each at a premium of `ϳϰĂŐŐƌĞŐĂƟŶŐƚŽ`ϭϱϬϬĐƌŽƌĞƐ DĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕DƵŵďĂŝʹϰϬϬϬϬϭ dŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ŝƐ ĚƵůLJ ĐŽŶƐƟƚƵƚĞĚ ŽŶZŝŐŚƚƐďĂƐŝƐŽŶEŽǀĞŵďĞƌϳ͕ϮϬϭϳ͘  ;ďͿ dŚĞ ^ĞĐƵƌŝƟĞƐ ĂŶĚ džĐŚĂŶŐĞ ŽĂƌĚ ŽĨ /ŶĚŝĂ ǁŝƚŚ ƉƌŽƉĞƌ ďĂůĂŶĐĞ ŽĨ džĞĐƵƟǀĞ ŝƌĞĐƚŽƌƐ͕ EŽŶͲdžĞĐƵƟǀĞ tĞŚĂǀĞĐŽŶĚƵĐƚĞĚƚŚĞ^ĞĐƌĞƚĂƌŝĂůƵĚŝƚŽĨƚŚĞĐŽŵƉůŝĂŶĐĞ ;WƌŽŚŝďŝƟŽŶŽĨ/ŶƐŝĚĞƌdƌĂĚŝŶŐͿZĞŐƵůĂƟŽŶƐ͕ϮϬϭϱ͖ ŝƌĞĐƚŽƌƐ ĂŶĚ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌƐ͘ dŚĞ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ ĚͿ ƉƉƌŽǀĂů ŽĨ ^ĐŚĞŵĞ ŽĨ ŵĂůŐĂŵĂƟŽŶ ďĞƚǁĞĞŶ ŽĨĂƉƉůŝĐĂďůĞƐƚĂƚƵƚŽƌLJƉƌŽǀŝƐŝŽŶƐĂŶĚƚŚĞĂĚŚĞƌĞŶĐĞƚŽŐŽŽĚ ĐŽŵƉŽƐŝƟŽŶŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐƚŚĂƚƚŽŽŬƉůĂĐĞĚƵƌŝŶŐ d/&K ,ŽůĚŝŶŐƐ >ŝŵŝƚĞĚ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶLJ ;͚^ĐŚĞŵĞ͛Ϳ ĐŽƌƉŽƌĂƚĞ ƉƌĂĐƟĐĞƐ ďLJ dŚĞ /ŶĚŝĂŶ ,ŽƚĞůƐ ŽŵƉĂŶLJ >ŝŵŝƚĞĚ  ;ĐͿ dŚĞ^ĞĐƵƌŝƟĞƐĂŶĚdžĐŚĂŶŐĞŽĂƌĚŽĨ/ŶĚŝĂ;/ƐƐƵĞŽĨ ƚŚĞƉĞƌŝŽĚƵŶĚĞƌƌĞǀŝĞǁǁĞƌĞĐĂƌƌŝĞĚŽƵƚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚ ǀŝĚĞŽƌĚĞƌŽĨEĂƟŽŶĂůŽŵƉĂŶLJ>ĂǁdƌŝďƵŶĂů͕ĞŶĐŚĂƚ ;ŚĞƌĞŝŶĂŌĞƌ ĐĂůůĞĚ ͚ƚŚĞ ŽŵƉĂŶLJ͛Ϳ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ŽŶ ĂƉŝƚĂůĂŶĚŝƐĐůŽƐƵƌĞZĞƋƵŝƌĞŵĞŶƚƐͿZĞŐƵůĂƟŽŶƐ͕ ƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĐƚ͘ DƵŵďĂŝĚĂƚĞĚDĂƌĐŚϴ͕ϮϬϭϴ͘ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ ;ƚŚĞ ͚ĂƵĚŝƚ ƉĞƌŝŽĚ͛Ϳ͘ ^ĞĐƌĞƚĂƌŝĂů ƵĚŝƚ ǁĂƐ ϮϬϬϵ͖ ĐŽŶĚƵĐƚĞĚŝŶĂŵĂŶŶĞƌƚŚĂƚƉƌŽǀŝĚĞĚƵƐĂƌĞĂƐŽŶĂďůĞďĂƐŝƐ ĚĞƋƵĂƚĞ ŶŽƟĐĞ ŝƐ ŐŝǀĞŶ ƚŽ Ăůů ŝƌĞĐƚŽƌƐ ƚŽ ƐĐŚĞĚƵůĞ ƚŚĞ ĞͿ ŽŶƐĞŶƚŽĨƐŚĂƌĞŚŽůĚĞƌƐŽďƚĂŝŶĞĚĂƚƚŚĞŶŶƵĂů'ĞŶĞƌĂů ĨŽƌĞǀĂůƵĂƟŶŐƚŚĞĐŽƌƉŽƌĂƚĞĐŽŶĚƵĐƚƐͬƐƚĂƚƵƚŽƌLJĐŽŵƉůŝĂŶĐĞƐ  ;ĚͿ dŚĞ^ĞĐƵƌŝƟĞƐĂŶĚdžĐŚĂŶŐĞŽĂƌĚŽĨ/ŶĚŝĂ;/ƐƐƵĞ ŽĂƌĚDĞĞƟŶŐƐ͕ĂŐĞŶĚĂĂŶĚĚĞƚĂŝůĞĚŶŽƚĞƐŽŶĂŐĞŶĚĂǁĞƌĞ DĞĞƟŶŐŚĞůĚŽŶƵŐƵƐƚϮϭ͕ϮϬϭϳĨŽƌŝƐƐƵĞŽĨĐƵŵƵůĂƟǀĞ ĂŶĚĞdžƉƌĞƐƐŝŶŐŽƵƌŽƉŝŶŝŽŶƚŚĞƌĞŽŶ͘ ĂŶĚ>ŝƐƟŶŐŽĨĞďƚ^ĞĐƵƌŝƟĞƐͿZĞŐƵůĂƟŽŶƐ͕ϮϬϬϴ͖ ƐĞŶƚĂƚůĞĂƐƚƐĞǀĞŶĚĂLJƐŝŶĂĚǀĂŶĐĞ͕ĂŶĚǁŚĞƌĞƚŚĞƐĂŵĞǁĞƌĞ ŶŽŶͲĐƵŵƵůĂƟǀĞ͕ ůŝƐƚĞĚͬƵŶůŝƐƚĞĚ͕ ƌĞĚĞĞŵĂďůĞ ŶŽŶ ŐŝǀĞŶĂƚƐŚŽƌƚĞƌŶŽƟĐĞƚŚĂŶƐĞǀĞŶĚĂLJƐ͕ƉƌŝŽƌĐŽŶƐĞŶƚƚŚĞƌĞŽĨ ĐŽŶǀĞƌƟďůĞ ĚĞďĞŶƚƵƌĞƐ ;͚EƐ͛ͿͬďŽŶĚƐ ŝŶ ŽŶĞ Žƌ ĂƐĞĚ ŽŶ ŽƵƌ ǀĞƌŝĮĐĂƟŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŬƐ͕ ƉĂƉĞƌƐ͕  ;ĞͿ dŚĞ ^ĞĐƵƌŝƟĞƐ ĂŶĚ džĐŚĂŶŐĞ ŽĂƌĚ ŽĨ /ŶĚŝĂ ǁĞƌĞŽďƚĂŝŶĞĚĂŶĚĂƐLJƐƚĞŵĞdžŝƐƚƐĨŽƌƐĞĞŬŝŶŐĂŶĚŽďƚĂŝŶŝŶŐ ŵŽƌĞ ƐĞƌŝĞƐͬƚƌĂŶĐŚĞƐ ĂŐŐƌĞŐĂƟŶŐ ƵƉ ƚŽ ` ϱϬϬ ĐƌŽƌĞƐ ŵŝŶƵƚĞ ŬƐ͕ ĨŽƌŵƐ ĂŶĚ ƌĞƚƵƌŶƐ ĮůĞĚ ĂŶĚ ŽƚŚĞƌ ƌĞĐŽƌĚƐ ;ZĞŐŝƐƚƌĂƌƐƚŽĂŶ/ƐƐƵĞĂŶĚ^ŚĂƌĞdƌĂŶƐĨĞƌŐĞŶƚƐͿ ĨƵƌƚŚĞƌ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ĐůĂƌŝĮĐĂƟŽŶƐ ŽŶ ƚŚĞ ĂŐĞŶĚĂ ŝƚĞŵƐ ;ZƵƉĞĞƐ &ŝǀĞ ,ƵŶĚƌĞĚ ƌŽƌĞƐ KŶůLJͿ ŽŶ Ă ƉƌŝǀĂƚĞ ŵĂŝŶƚĂŝŶĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ ĂŶĚ ĂůƐŽ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ZĞŐƵůĂƟŽŶƐ͕ϭϵϵϯƌĞŐĂƌĚŝŶŐƚŚĞŽŵƉĂŶŝĞƐĐƚĂŶĚ ďĞĨŽƌĞƚŚĞŵĞĞƟŶŐĂŶĚĨŽƌŵĞĂŶŝŶŐĨƵůƉĂƌƟĐŝƉĂƟŽŶĂƚƚŚĞ ƉůĂĐĞŵĞŶƚďĂƐŝƐ͘ ƉƌŽǀŝĚĞĚďLJƚŚĞŽŵƉĂŶLJ͕ŝƚƐŽĸĐĞƌƐ͕ĂŐĞŶƚƐĂŶĚĂƵƚŚŽƌŝnjĞĚ ĚĞĂůŝŶŐǁŝƚŚĐůŝĞŶƚ͖ĂŶĚ ŵĞĞƟŶŐ͘ ƌĞƉƌĞƐĞŶƚĂƟǀĞƐĚƵƌŝŶŐƚŚĞĐŽŶĚƵĐƚŽĨ^ĞĐƌĞƚĂƌŝĂůƵĚŝƚ͕ǁĞ &ŽƌEWΘƐƐŽĐŝĂƚĞƐ ŚĞƌĞďLJƌĞƉŽƌƚƚŚĂƚŝŶŽƵƌŽƉŝŶŝŽŶ͕ƚŚĞŽŵƉĂŶLJŚĂƐ͕ĚƵƌŝŶŐ  ;ĨͿ dŚĞ ^ĞĐƵƌŝƟĞƐ ĂŶĚ džĐŚĂŶŐĞ ŽĂƌĚ ŽĨ /ŶĚŝĂ ĞĐŝƐŝŽŶƐ Ăƚ ƚŚĞ ŵĞĞƟŶŐƐ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŽĨ ƚŚĞ Company Secretaries ƚŚĞĂƵĚŝƚƉĞƌŝŽĚĐŽŵƉůŝĞĚǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌLJƉƌŽǀŝƐŝŽŶƐůŝƐƚĞĚ ;>ŝƐƟŶŐ KďůŝŐĂƟŽŶƐ ĂŶĚ ŝƐĐůŽƐƵƌĞ ZĞƋƵŝƌĞŵĞŶƚƐͿ ŽŵƉĂŶLJ ĂŶĚ Ăƚ ŽŵŵŝƩĞĞƐ ǁĞƌĞ ĐĂƌƌŝĞĚ ƚŚƌŽƵŐŚ ŽŶ ƚŚĞ ΀&ŝƌŵZĞŐŶ͘EŽ͘WϮϬϭϰD,ϬϯϳϰϬϬ΁ ŚĞƌĞƵŶĚĞƌ ĂŶĚ ĂůƐŽ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ƉƌŽƉĞƌ ŽĂƌĚͲ ZĞŐƵůĂƟŽŶƐ͕ϮϬϭϱ͘ ďĂƐŝƐ ŽĨ ŵĂũŽƌŝƚLJ͘ dŚĞƌĞ ǁĞƌĞ ŶŽ ĚŝƐƐĞŶƟŶŐ ǀŝĞǁƐ ďLJ ĂŶLJ ƉƌŽĐĞƐƐĞƐĂŶĚĐŽŵƉůŝĂŶĐĞŵĞĐŚĂŶŝƐŵŝŶƉůĂĐĞƚŽƚŚĞĞdžƚĞŶƚ͕ ŵĞŵďĞƌŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĚƵƌŝŶŐƚŚĞĂƵĚŝƚƉĞƌŝŽĚ͘ ŝŶƚŚĞŵĂŶŶĞƌĂŶĚƐƵďũĞĐƚƚŽƚŚĞƌĞƉŽƌƟŶŐŵĂĚĞŚĞƌĞŝŶĂŌĞƌ͘ ;ǀŝͿ KƚŚĞƌůĂǁƐƐƉĞĐŝĮĐĂůůLJĂƉƉůŝĐĂďůĞƚŽƚŚĞŽŵƉĂŶLJĂƌĞ͗ tĞĨƵƌƚŚĞƌƌĞƉŽƌƚƚŚĂƚʹ tĞŚĂǀĞĞdžĂŵŝŶĞĚƚŚĞŬƐ͕ƉĂƉĞƌƐ͕ŵŝŶƵƚĞŬƐ͕ĨŽƌŵƐ  ;ĂͿ &ŽŽĚ ^ĂĨĞƚLJ ĂŶĚ ^ƚĂŶĚĂƌĚƐ Đƚ͕ ϮϬϬϲ ĂŶĚ &ŽŽĚ dŚĞƌĞĂƌĞĂĚĞƋƵĂƚĞƐLJƐƚĞŵƐĂŶĚƉƌŽĐĞƐƐĞƐŝŶƚŚĞŽŵƉĂŶLJ WůĂĐĞ͗DƵŵďĂŝ WƌĂŬĂƐŚ<͘WĂŶĚLJĂ ĂŶĚ ƌĞƚƵƌŶƐ ĮůĞĚ ĂŶĚ ŽƚŚĞƌ ƌĞĐŽƌĚƐ ŵĂŝŶƚĂŝŶĞĚ ďLJ ƚŚĞ ^ĂĨĞƚLJĂŶĚ^ƚĂŶĚĂƌĚƐZƵůĞƐ͕ϮϬϭϭ͖ĂŶĚ ĐŽŵŵĞŶƐƵƌĂƚĞǁŝƚŚƚŚĞƐŝnjĞĂŶĚŽƉĞƌĂƟŽŶƐŽĨƚŚĞŽŵƉĂŶLJ ĂƚĞ͗DĂLJϮϱ͕ϮϬϭϴ WĂƌƚŶĞƌ ŽŵƉĂŶLJĨŽƌƚŚĞĂƵĚŝƚƉĞƌŝŽĚĂĐĐŽƌĚŝŶŐƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ͗ ƚŽŵŽŶŝƚŽƌĂŶĚĞŶƐƵƌĞĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĂƉƉůŝĐĂďůĞůĂǁƐ͕ &^ϯϵϬϭͬWEŽ͘Ϯϯϭϭ  ;ďͿ &ŽŽĚ ^ĂĨĞƚLJ ĂŶĚ ^ƚĂŶĚĂƌĚƐ ;WĂĐŬŝŶŐ Θ >ĂďĞůůŝŶŐͿ ƌƵůĞƐ͕ƌĞŐƵůĂƟŽŶƐĂŶĚŐƵŝĚĞůŝŶĞƐ͘ ;ŝͿ dŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ;ƚŚĞ͚Đƚ͛ͿĂŶĚƚŚĞZƵůĞƐŵĂĚĞ ZĞŐƵůĂƟŽŶƐ͕ϮϬϭϭ͘ EŽƚĞ͗dŚŝƐƌĞƉŽƌƚŝƐƚŽďĞƌĞĂĚǁŝƚŚŽƵƌůĞƩĞƌŽĨĞǀĞŶĚĂƚĞ ƚŚĞƌĞƵŶĚĞƌ͖ tĞĨƵƌƚŚĞƌƌĞƉŽƌƚƚŚĂƚʹ ǁŚŝĐŚŝƐĂŶŶĞdžĞĚĂƐŶŶĞdžƵƌĞĂŶĚĨŽƌŵƐĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨ tĞ ŚĂǀĞ ĂůƐŽ ĞdžĂŵŝŶĞĚ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƚŚĞ ĂƉƉůŝĐĂďůĞ ƵƌŝŶŐ ƚŚĞ ĂƵĚŝƚ ƉĞƌŝŽĚ͕ ƚŚĞ ĨŽůůŽǁŝŶŐ ƐƉĞĐŝĮĐ ĞǀĞŶƚƐ ǁĞƌĞ ƚŚŝƐƌĞƉŽƌƚ͘ ;ŝŝͿ dŚĞ^ĞĐƵƌŝƟĞƐŽŶƚƌĂĐƚƐ;ZĞŐƵůĂƟŽŶͿĐƚ͕ϭϵϱϲĂŶĚƚŚĞ ĐůĂƵƐĞƐŽĨƚŚĞ^ĞĐƌĞƚĂƌŝĂů^ƚĂŶĚĂƌĚƐŝƐƐƵĞĚďLJƚŚĞ/ŶƐƟƚƵƚĞŽĨ ŚĞůĚ͗ ZƵůĞƐŵĂĚĞƚŚĞƌĞƵŶĚĞƌ͖ ŽŵƉĂŶLJ^ĞĐƌĞƚĂƌŝĞƐŽĨ/ŶĚŝĂƌĞůĂƚĞĚƚŽŽĂƌĚŵĞĞƟŶŐƐĂŶĚ 'ĞŶĞƌĂůŵĞĞƟŶŐƐ͘ ;ŝŝŝͿ dŚĞĞƉŽƐŝƚŽƌŝĞƐ Đƚ͕ ϭϵϵϲ ĂŶĚ ƚŚĞ ZĞŐƵůĂƟŽŶƐ ĂŶĚ ďLJͲůĂǁƐĨƌĂŵĞĚƚŚĞƌĞƵŶĚĞƌ͖ ƵƌŝŶŐƚŚĞƉĞƌŝŽĚƵŶĚĞƌƌĞǀŝĞǁ͕ƚŚĞŽŵƉĂŶLJŚĂƐĐŽŵƉůŝĞĚ ǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĐƚ͕ZƵůĞƐ͕ZĞŐƵůĂƟŽŶƐ͕'ƵŝĚĞůŝŶĞƐ͕ ;ŝǀͿ &ŽƌĞŝŐŶdžĐŚĂŶŐĞDĂŶĂŐĞŵĞŶƚĐƚ͕ϭϵϵϵĂŶĚƚŚĞZƵůĞƐ ^ƚĂŶĚĂƌĚƐ͕ĞƚĐ͘ŵĞŶƟŽŶĞĚĂďŽǀĞ͘ ĂŶĚ ZĞŐƵůĂƟŽŶƐ ŵĂĚĞ ƚŚĞƌĞƵŶĚĞƌ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ŽĨ KǀĞƌƐĞĂƐ ŝƌĞĐƚ /ŶǀĞƐƚŵĞŶƚ ĂŶĚ džƚĞƌŶĂů ŽŵŵĞƌĐŝĂů ƵƌŝŶŐƚŚĞƉĞƌŝŽĚƵŶĚĞƌƌĞǀŝĞǁ͕ƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĨŽůůŽǁŝŶŐ ŽƌƌŽǁŝŶŐ͖ ƌĞŐƵůĂƟŽŶƐǁĞƌĞŶŽƚĂƉƉůŝĐĂďůĞƚŽƚŚĞŽŵƉĂŶLJ͗

;ǀͿ dŚĞ ĨŽůůŽǁŝŶŐ ZĞŐƵůĂƟŽŶƐ ĂŶĚ 'ƵŝĚĞůŝŶĞƐ ƉƌĞƐĐƌŝďĞĚ ;ŝͿ dŚĞ^ĞĐƵƌŝƟĞƐĂŶĚdžĐŚĂŶŐĞŽĂƌĚŽĨ/ŶĚŝĂ;^ŚĂƌĞĂƐĞĚ ƵŶĚĞƌ ƚŚĞ ^ĞĐƵƌŝƟĞƐ ĂŶĚ džĐŚĂŶŐĞ ŽĂƌĚ ŽĨ /ŶĚŝĂ Đƚ͕ ŵƉůŽLJĞĞĞŶĞĮƚƐͿZĞŐƵůĂƟŽŶƐ͕ϮϬϭϰ͖ ϭϵϵϮ;͚^/Đƚ͛Ϳ͗

76 Annual Report 2017-18 77 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

EEyhZ ŶŶĞdžƵƌĞV

/ŶĨŽƌŵĂƟŽŶƵŶĚĞƌ^ĞĐƟŽŶϭϵϳŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯƌĞĂĚǁŝƚŚZƵůĞϱ;ϭͿŽĨƚŚĞŽŵƉĂŶŝĞƐ dŽ͕ ĐŚĞĐŬďĂƐŝƐƚŽĞŶƐƵƌĞƚŚĂƚĐŽƌƌĞĐƚĨĂĐƚƐĂƐƌĞŇĞĐƚĞĚŝŶ ;ƉƉŽŝŶƚŵĞŶƚĂŶĚZĞŵƵŶĞƌĂƟŽŶŽĨDĂŶĂŐĞƌŝĂůWĞƌƐŽŶŶĞůͿZƵůĞƐ͕ϮϬϭϰ dŚĞDĞŵďĞƌƐ͕ ƐĞĐƌĞƚĂƌŝĂůĂŶĚŽƚŚĞƌƌĞĐŽƌĚƐǁĞƌĞƉƌŽĚƵĐĞĚƚŽƵƐ͘tĞ dŚĞ/ŶĚŝĂŶ,ŽƚĞůƐ ďĞůŝĞǀĞ ƚŚĂƚ ƚŚĞ ƉƌŽĐĞƐƐĞƐ ĂŶĚ ƉƌĂĐƟĐĞƐ ǁĞ ĨŽůůŽǁĞĚ͕ Ă͘ dŚĞƌĂƟŽŽĨƚŚĞZĞŵƵŶĞƌĂƟŽŶŽĨĞĂĐŚŝƌĞĐƚŽƌƚŽƚŚĞŵĞĚŝĂŶZĞŵƵŶĞƌĂƟŽŶŽĨƚŚĞĞŵƉůŽLJĞĞƐŽĨƚŚĞŽŵƉĂŶLJĨŽƌƚŚĞ ŽŵƉĂŶLJ>ŝŵŝƚĞĚ ƉƌŽǀŝĚĞƐ Ă ƌĞĂƐŽŶĂďůĞ ďĂƐŝƐ ĨŽƌ ŽƵƌ ŽƉŝŶŝŽŶ ĨŽƌ ƚŚĞ ĮŶĂŶĐŝĂůLJĞĂƌ͘ ƉƵƌƉŽƐĞŽĨŝƐƐƵĞŽĨƚŚĞ^ĞĐƌĞƚĂƌŝĂůƵĚŝƚZĞƉŽƌƚ͘ ď͘ dŚĞƉĞƌĐĞŶƚĂŐĞ ŝŶĐƌĞĂƐĞ ŝŶ ZĞŵƵŶĞƌĂƟŽŶ ŽĨ ĞĂĐŚ ŝƌĞĐƚŽƌ͕ ŚŝĞĨ &ŝŶĂŶĐŝĂů KĸĐĞƌ͕ ŚŝĞĨ džĞĐƵƟǀĞ KĸĐĞƌ͕ ŽŵƉĂŶLJ ^ĞĐƌĞƚĂƌŝĂůƵĚŝƚZĞƉŽƌƚŽĨĞǀĞŶĚĂƚĞŝƐƚŽďĞƌĞĂĚĂůŽŶŐǁŝƚŚ ^ĞĐƌĞƚĂƌLJŽƌDĂŶĂŐĞƌ͕ŝĨĂŶLJ͕ŝŶƚŚĞĮŶĂŶĐŝĂůLJĞĂƌ͘ ƚŚŝƐůĞƩĞƌ͘ ϰ͘ tĞŚĂǀĞŶŽƚǀĞƌŝĮĞĚƚŚĞĐŽƌƌĞĐƚŶĞƐƐĂŶĚĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐ ŽĨ ĮŶĂŶĐŝĂů ƌĞĐŽƌĚƐ ĂŶĚ ŽŽŬƐ ŽĨ ĐĐŽƵŶƚƐ ŽĨ ƚŚĞ tŚŽůĞͲƟŵĞŝƌĞĐƚŽƌƐĂŶĚŝŵŝƚĞĚ;͚ƚŚĞŽŵƉĂŶLJ͛ͿŝƐƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨ ϱ͘ tŚĞƌĞǀĞƌƌĞƋƵŝƌĞĚ͕ǁĞŚĂǀĞŽďƚĂŝŶĞĚƚŚĞŵĂŶĂŐĞŵĞŶƚ ĐŽŵƉĂƌĞĚƚŽ ƚŚĞŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞŽŵƉĂŶLJ͘KƵƌĞdžĂŵŝŶĂƟŽŶǁĂƐ ƌĞƉƌĞƐĞŶƚĂƟŽŶĂďŽƵƚƚŚĞĐŽŵƉůŝĂŶĐĞŽĨůĂǁƐ͕ƌƵůĞƐĂŶĚ 2017 ůŝŵŝƚĞĚƚŽƚŚĞǀĞƌŝĮĐĂƟŽŶŽĨƌĞĐŽƌĚƐĂŶĚƉƌŽĐĞĚƵƌĞƐŽŶ ƌĞŐƵůĂƟŽŶƐĂŶĚŵĂũŽƌĞǀĞŶƚƐĚƵƌŝŶŐƚŚĞĂƵĚŝƚƉĞƌŝŽĚ͘ Dƌ͘WƵŶĞĞƚŚŚĂƚǁĂůͲDΘKϭ ϭϳϭ͘ϵϬ E E ϰϭ͘ϳϳ ƚĞƐƚĐŚĞĐŬďĂƐŝƐĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨŝƐƐƵĞŽĨƚŚĞ^ĞĐƌĞƚĂƌŝĂů Dƌ͘ZĂŬĞƐŚ^ĂƌŶĂͲDΘKϮ ϭϱϴϲ͘ϲϳ ϳϵϯ͘ϱϳ ϭϬϬй ϯϴϱ͘ϱϯ ƵĚŝƚZĞƉŽƌƚ͘ ϲ͘ dŚĞ^ĞĐƌĞƚĂƌŝĂůƵĚŝƚZĞƉŽƌƚŝƐŶĞŝƚŚĞƌĂŶĂƐƐƵƌĂŶĐĞĂƐ Dƌ͘ŶŝůW͘'ŽĞůͲΘ&Kϯ ϲϲ͘ϳϳ Ϯϵϭ͘ϳϬ Ͳϳϳй ϭϲ͘ϮϮ ƚŽƚŚĞĨƵƚƵƌĞǀŝĂďŝůŝƚLJŽĨƚŚĞŽŵƉĂŶLJŶŽƌŽĨƚŚĞĞĸĐĂĐLJ Dƌ͘DĞŚĞƌŶŽƐŚ^͘<ĂƉĂĚŝĂͲͲŽƌƉŽƌĂƚĞīĂŝƌƐ ϮϳϮ͘ϴϭ ϮϯϮ͘ϰϴ ϭϳй ϲϲ͘Ϯϵ Ϯ͘ DĂŝŶƚĞŶĂŶĐĞ ŽĨ ƐĞĐƌĞƚĂƌŝĂů ĂŶĚ ŽƚŚĞƌ ƌĞĐŽƌĚƐ ŽĨ Žƌ ĞīĞĐƟǀĞŶĞƐƐ ǁŝƚŚ ǁŚŝĐŚ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ŚĂƐ Dƌ͘'ŝƌŝĚŚĂƌ^ĂŶũĞĞǀŝͲsWΘ&Kϰ ϮϬϮ͘ϴϴ E E ϰϵ͘ϯϬ ĂƉƉůŝĐĂďůĞůĂǁƐŝƐƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨƚŚĞŵĂŶĂŐĞŵĞŶƚ ĐŽŶĚƵĐƚĞĚƚŚĞĂīĂŝƌƐŽĨƚŚĞŽŵƉĂŶLJ͘ Dƌ͘ĞĞũĂůĞƐĂŝ͕^ĞŶŝŽƌsWͲ>ĞŐĂůΘŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ ϭϮϰ͘ϴϴ ϭϬϬ͘ϳϳ Ϯϰй ϯϬ͘ϯϰ ŽĨƚŚĞŽŵƉĂŶLJ͘KƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJŝƐƚŽŝƐƐƵĞ^ĞĐƌĞƚĂƌŝĂů ϭƉƉŽŝŶƚĞĚǁ͘Ğ͘Ĩ͘EŽǀĞŵďĞƌϲ͕ϮϬϭϳ ƵĚŝƚZĞƉŽƌƚ͕ďĂƐĞĚŽŶƚŚĞĂƵĚŝƚŽĨƚŚĞƌĞůĞǀĂŶƚƌĞĐŽƌĚƐ &ŽƌEWΘƐƐŽĐŝĂƚĞƐ ϮZĞƐŝŐŶĞĚǁ͘Ğ͘Ĩ͘^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϭϳ ŵĂŝŶƚĂŝŶĞĚĂŶĚĨƵƌŶŝƐŚĞĚƚŽƵƐďLJƚŚĞŽŵƉĂŶLJ͕ĂůŽŶŐ Company Secretaries ϯ ǁŝƚŚĞdžƉůĂŶĂƟŽŶƐǁŚĞƌĞƐŽƌĞƋƵŝƌĞĚ͘ ΀&ŝƌŵZĞŐŶ͘EŽ͘WϮϬϭϰD,ϬϯϳϰϬϬ΁ ZĞƟƌĞĚǁ͘Ğ͘Ĩ͘KĐƚŽďĞƌϭϱ͕ϮϬϭϲ ϰƉƉŽŝŶƚĞĚǁ͘Ğ͘Ĩ͘DĂLJϰ͕ϮϬϭϳ

ϯ͘ tĞŚĂǀĞĨŽůůŽǁĞĚƚŚĞĂƵĚŝƚƉƌĂĐƟĐĞƐĂŶĚƉƌŽĐĞƐƐĞƐĂƐ EŽŶͲdžĞĐƵƟǀĞĂŶĚ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐ ZĞŵƵŶĞƌĂƟŽŶ ZĞŵƵŶĞƌĂƟŽŶ йŝŶĐƌĞĂƐĞŽĨ ZĂƟŽƚŽŵĞĚŝĂŶ ǁĞƌĞĂƉƉƌŽƉƌŝĂƚĞƚŽŽďƚĂŝŶƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĂďŽƵƚ WůĂĐĞ͗DƵŵďĂŝ WƌĂŬĂƐŚ<͘WĂŶĚLJĂ ŝŶϮϬϭϳͬϮϬϭϴ ŝŶϮϬϭϲͬϮϬϭϳ ZĞŵƵŶĞƌĂƟŽŶ ZĞŵƵŶĞƌĂƟŽŶ ƚŚĞ ĐŽƌƌĞĐƚŶĞƐƐ ŽĨ ƚŚĞ ĐŽŶƚĞŶƚƐ ŽĨ ƚŚĞ ƐĞĐƌĞƚĂƌŝĂů ĂŶĚ ĂƚĞ͗DĂLJϮϱ͕ϮϬϭϴ WĂƌƚŶĞƌ ;`ͬůĂŬŚƐͿ ;`ͬůĂŬŚƐͿ in 2018 as ŽƚŚĞƌ ůĞŐĂů ƌĞĐŽƌĚƐ͕ ůĞŐĂů ĐŽŵƉůŝĂŶĐĞ ŵĞĐŚĂŶŝƐŵ ĂŶĚ &^ϯϵϬϭͬWEŽ͘Ϯϯϭϭ ĐŽŵƉĂƌĞĚƚŽ ĐŽƌƉŽƌĂƚĞ ĐŽŶĚƵĐƚ͘ dŚĞ ǀĞƌŝĮĐĂƟŽŶ ǁĂƐ ĚŽŶĞ ŽŶ ƚĞƐƚ 2017 Dƌ͘E͘ŚĂŶĚƌĂƐĞŬĂƌĂŶϭ ϯ͘ϬϬ Ϭ͘ϲϬ ϰϬϬй Ϭ͘ϳϯ Dƌ͘LJƌƵƐDŝƐƚƌLJϮ E ϭ͘ϱϬ ͲϭϬϬй E Dƌ͘<͘͘ĂĚŝƐĞƚŚϯ ϳϲ͘ϳϭ ϳϯ͘ϵϲ ϰй ϭϴ͘ϲϰ Dƌ͘ĞĞƉĂŬWĂƌĞŬŚ ϱϲ͘ϳϮ ϱϴ͘ϯϰ Ͳϯй ϭϯ͘ϳϴ Dƌ͘^ŚĂƉŽŽƌDŝƐƚƌLJϰ ϴ͘ϬϬ ϭϱ͘ϯϰ Ͳϰϴй ϭ͘ϵϰ Dƌ͘EĂĚŝƌ'ŽĚƌĞũ ϲϱ͘Ϭϴ ϯϱ͘ϭϵ ϴϱй ϭϱ͘ϴϭ DƐ͘/ƌĞĞŶĂsŝƩĂů ϰϭ͘ϱϲ ϰϴ͘ϲϭ Ͳϭϱй ϭϬ͘ϭϬ Dƌ͘'ĂƵƚĂŵĂŶĞƌũĞĞ Ϯϯ͘ϳϵ ϭϵ͘ϲϰ Ϯϭй ϱ͘ϳϴ ƌ͘E͘^͘ZĂũĂŶϱ ϱ͘ϯϯ ϰ͘ϲϴ ϭϰй ϭ͘ϯϬ DƐ͘sŝďŚĂWĂƵůZŝƐŚŝ ϰϮ͘ϵϭ ϯϲ͘ϭϰ ϭϵй ϭϬ͘ϰϯ ϭƉƉŽŝŶƚĞĚǁ͘Ğ͘Ĩ͘:ĂŶƵĂƌLJϮϳ͕ϮϬϭϳ ϮZĞƐŝŐŶĞĚǁ͘Ğ͘Ĩ͘ĞĐĞŵďĞƌϭϵ͕ϮϬϭϲ ϯZĞƐŝŐŶĞĚǁ͘Ğ͘Ĩ͘Ɖƌŝůϳ͕ϮϬϭϳ ϰZĞƐŝŐŶĞĚǁ͘Ğ͘Ĩ͘ƉƌŝůϮϱ͕ϮϬϭϳ ϱZĞƐŝŐŶĞĚǁ͘Ğ͘Ĩ͘KĐƚŽďĞƌϮϴ͕ϮϬϭϲ

Đ͘ dŚĞƉĞƌĐĞŶƚĂŐĞŝŶĐƌĞĂƐĞŝŶƚŚĞŵĞĚŝĂŶZĞŵƵŶĞƌĂƟŽŶŽĨĞŵƉůŽLJĞĞƐŝŶƚŚĞĮŶĂŶĐŝĂůLJĞĂƌǁĂƐϲй Ě͘ dŚĞŶƵŵďĞƌŽĨƉĞƌŵĂŶĞŶƚĞŵƉůŽLJĞĞƐŽŶƚŚĞƌŽůůƐŽĨƚŚĞŽŵƉĂŶLJĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴǁĂƐϱ͕ϲϮϭ Ğ͘ ǀĞƌĂŐĞWĞƌĐĞŶƟůĞŝŶĐƌĞĂƐĞĂůƌĞĂĚLJŵĂĚĞŝŶƚŚĞƐĂůĂƌŝĞƐŽĨĞŵƉůŽLJĞĞƐŽƚŚĞƌƚŚĂŶƚŚĞDĂŶĂŐĞƌŝĂůWĞƌƐŽŶŶĞůŝŶƚŚĞůĂƐƚ ĮŶĂŶĐŝĂůLJĞĂƌǁĂƐϵй͘ Ĩ͘ /ƚŝƐĂĸƌŵĞĚƚŚĂƚƚŚĞZĞŵƵŶĞƌĂƟŽŶŝƐĂƐƉĞƌƚŚĞZĞŵƵŶĞƌĂƟŽŶWŽůŝĐLJĨŽƌŝƌĞĐƚŽƌƐ͕<ĞLJDĂŶĂŐĞƌŝĂůWĞƌƐŽŶŶĞů͕ĂŶĚŽƚŚĞƌ ĞŵƉůŽLJĞĞƐĂĚŽƉƚĞĚďLJƚŚĞŽŵƉĂŶLJ͘

78 Annual Report 2017-18 79 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

ĐĐŽƌĚŝŶŐƚŽƚŚĞ/D&͕ĞŵĞƌŐŝŶŐĂŶĚĚĞǀĞůŽƉŝŶŐĞĐŽŶŽŵŝĞƐ ƉĞŐŐĞĚ Ăƚ ϱͲϳй ĂŶĚ ϱͲϲй͕ ƌĞƐƉĞĐƟǀĞůLJ͘ dŚŝƐ ŵĞƚƌŝĐ ĐŽƵůĚ DĂŶĂŐĞŵĞŶƚŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ ĂƌĞ ůŝŬĞůLJ ƚŽ ŐƌŽǁ Ăƚ ϱй ďĞLJŽŶĚ ϮϬϭϵ͘ dŚŝƐ ƐŚŽǁƐ ƚŚĂƚ ŐƌŽǁďLJϰͲϲйĨŽƌƚŚĞDŝĚĚůĞĂƐƚĂŶĚϯ͘ϱͲϰ͘ϱйĨŽƌƵƌŽƉĞ ƚŚĞƌĞǁŝůůďĞŵŽĚĞƐƚŝŵƉƌŽǀĞŵĞŶƚŝŶĞĐŽŶŽŵŝĐŐƌŽǁƚŚŽĨ ĂƐǁĞůůĂƐƚŚĞŵĞƌŝĐĂƐ͘ zŽƵƌ ŽŵƉĂŶLJ ŚĂƐ ďĞĞŶ ƌĞƉŽƌƚŝŶŐ ĐŽŶƐŽůŝĚĂƚĞĚ ƌĞƐƵůƚƐ͕ ĂŶĚ ĞŶĐŽƵƌĂŐŝŶŐ ĞdžƉŽƌƚ ĚĞŵĂŶĚ ĨƌŽŵ ƚŚĞ ƵƌŽnjŽŶĞ ĂƌĞ ĐŽŵŵŽĚŝƚLJ ĞdžƉŽƌƚĞƌƐ ʹ ƚŚŽƵŐŚ ƚŚŝƐ ŐƌŽǁƚŚ ǁŝůů ďĞ ŵƵĐŚ ĚƌĂǁŶƵƉďĂƐĞĚƵƉŽŶƚŚĞƌĞƐƵůƚƐŽĨŝƚƐ^ƵďƐŝĚŝĂƌŝĞƐ͕:ŽŝŶƚ ĞdžƉĞĐƚĞĚ ƚŽ ĚƌŝǀĞ ŐƌŽǁƚŚ ĨŽƌ ĞŵĞƌŐŝŶŐ ĂŶĚ ĚĞǀĞůŽƉŝŶŐ ůŽǁĞƌƚŚĂŶƚŚĂƚǁŝƚŶĞƐƐĞĚŽǀĞƌƚŚĞƉƌĞĐĞĚŝŶŐƚǁŽĚĞĐĂĚĞƐ͘ ĂĐŬŚŽŵĞŝŶ/ŶĚŝĂ͕ƚŚĞdƌĂǀĞůΘdŽƵƌŝƐŵƐĞĐƚŽƌĐŽŶƚƌŝďƵƚĞĚ sĞŶƚƵƌĞƐ ĂŶĚ ƐƐŽĐŝĂƚĞƐ ;ƚŽŐĞƚŚĞƌ ƌĞĨĞƌƌĞĚ ƚŽ ĂƐ ƚŚĞ ƵƌŽƉĞ͕ŐŽŝŶŐĨŽƌǁĂƌĚ͘ tŚŝůĞ ŚŝŶĂ͛Ɛ ŐƌŽǁƚŚ ƌĂƚĞ ǁŝůů ĐŽŶƟŶƵĞ ƚŽ ĚĞĐůŝŶĞ͕ ŝƚ ǁŝůů `ϭϱ͕Ϯϯϵ͘ϲďŝůůŝŽŶ;h^Ϯϯϰ͘ϬďŝůůŝŽŶͿŽƌϵ͘ϰйƚŽ/ŶĚŝĂ͛Ɛ'W ͚/,>͛ Žƌ ͚'ƌŽƵƉ͛Ϳ͘ dŚŝƐ ĚŝƐĐƵƐƐŝŽŶ͕ ƚŚĞƌĞĨŽƌĞ͕ ĐŽǀĞƌƐ ƚŚĞ ƐƟůů ŽƵƚŐƌŽǁ ƚŚĞ ĂǀĞƌĂŐĞ ŐƌŽǁƚŚ ƌĂƚĞ ŽĨ ĞŵĞƌŐŝŶŐ ĂŶĚ ŝŶϮϬϭϳ͘dŚŝƐƐĞĐƚŽƌĐƌĞĂƚĞĚϰϭ͕ϲϮϮ͕ϱϬϬũŽďƐŽƌϴйŽĨƚŽƚĂů ĨŝŶĂŶĐŝĂůƌĞƐƵůƚƐĂŶĚŽƚŚĞƌĚĞǀĞůŽƉŵĞŶƚƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ ůƚŚŽƵŐŚŐƌŽǁƚŚŝŶƚŚĞDŝĚĚůĞĂƐƚ͕EŽƌƚŚĨƌŝĐĂ͕ĨŐŚĂŶŝƐƚĂŶ ĚĞǀĞůŽƉĞĚĞĐŽŶŽŵŝĞƐ͘ ĞŵƉůŽLJŵĞŶƚ;ĚŝƌĞĐƚĂŶĚŝŶĚŝƌĞĐƚͿŝŶƚŚĞĐŽƵŶƚƌLJŝŶƚŚĞLJĞĂƌĂŶĚ Ɖƌŝů͕ϮϬϭϳƚŽDĂƌĐŚ͕ϮϬϭϴ͕ŝŶƌĞƐƉĞĐƚŽĨƚŚĞ/,>͘^ŽŵĞ ĂŶĚ WĂŬŝƐƚĂŶ ŝƐ ĞdžƉĞĐƚĞĚ ƚŽ ŝŵƉƌŽǀĞ ŝŶ ϮϬϭϴ ĂŶĚ ϮϬϭϵ͕ ƚŚŝƐŵĞƚƌŝĐĐŽƵůĚƌŝƐĞďLJϯ͘ϭйŝŶϮϬϭϴ͘sŝƐŝƚŽƌĞdžƉŽƌƚƐĨŽƌŵĞĚ ƐƚĂƚĞŵĞŶƚƐ ŝŶ ƚŚŝƐ ĚŝƐĐƵƐƐŝŽŶ ĚĞƐĐƌŝďŝŶŐ ƚŚĞ ƉƌŽũĞĐƚŝŽŶƐ͕ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞƐĞ ĞĐŽŶŽŵŝĞƐ ǁŝůů ƐƟůů ďĞ ŵŽĚĞƌĂƚĞ /ŶĚŝĂŶ ĞĐŽŶŽŵLJ ƚŚŽƵŐŚ ǁŝůů ĐŽŶƟŶƵĞ ƚŽ ǁŝƚŶĞƐƐ ŐƌĂĚƵĂů ϱ͘ϴй ŽĨ ƚŽƚĂů ĞdžƉŽƌƚƐ͕ ŐĞŶĞƌĂƟŶŐ ĞdžƉŽƌƚƐ ǁŽƌƚŚ ` ϭ͕ϳϳϳ͘ϭ ĞƐƚŝŵĂƚĞƐ͕ ĞdžƉĞĐƚĂƚŝŽŶƐ Žƌ ŽƵƚůŽŽŬ ŵĂLJ ďĞ ĨŽƌǁĂƌĚ ;Εϯ͘ϱйͿ͘&Žƌ^ĂƵĚŝƌĂďŝĂ͕ŐĂŝŶƐĨƌŽŵƐƚƌŽŶŐĞƌŽŝůƉƌŝĐĞƐĂŶĚ ŝŵƉƌŽǀĞŵĞŶƚ͕ ĂŵŝĚ ŝŶĐƌĞĂƐŝŶŐ ŽƵƚƉƵƚ͘ KƚŚĞƌ ĐŽŵŵŽĚŝƚLJ ďŝůůŝŽŶ;h^Ϯϳ͘ϯďŝůůŝŽŶͿ͘/ŶǀĞƐƚŵĞŶƚƐŝŶƚŚĞƐĞĐƚŽƌƐƚŽŽĚĂƚ ůŽŽŬŝŶŐ͘ ĐƚƵĂů ƌĞƐƵůƚƐ ŵĂLJ͕ ŚŽǁĞǀĞƌ͕ ĚŝĨĨĞƌ ŵĂƚĞƌŝĂůůLJ ĐŽŶƐĞƋƵĞŶƚŝŵƉƌŽǀĞŵĞŶƚŝŶĚŽŵĞƐƟĐĚĞŵĂŶĚǁŝůůďĞŽīƐĞƚ ŝŵƉŽƌƟŶŐĞĐŽŶŽŵŝĞƐĐŽƵůĚĂůƐŽǁŝƚŶĞƐƐŚĞĂůƚŚLJƚƌĂĐƟŽŶŝŶ ` Ϯ͕ϳϬϲ͘ϭďŝůůŝŽŶ͕ƌĞƉƌĞƐĞŶƟŶŐϲ͘ϯйŽĨƚŽƚĂůŝŶǀĞƐƚŵĞŶƚƐĂŶĚ ĨƌŽŵƚŚŽƐĞƐƚĂƚĞĚ͕ŽŶĂĐĐŽƵŶƚŽĨǀĂƌŝŽƵƐĨĂĐƚŽƌƐƐƵĐŚĂƐ ƉĂƌƚůLJ ďLJ ƚŚĞ ĮƐĐĂů ĂĚũƵƐƚŵĞŶƚƐ ŶĞĞĚĞĚ ƚŽ ĂůŝŐŶ ǁŝƚŚ ƚŚĞ ƚŚŝƐ ƉĞƌŝŽĚ͘ WƌŽƐƉĞĐƚƐ ĨŽƌ ĂĚǀĂŶĐĞĚ ĞĐŽŶŽŵŝĞƐ ĂƉƉĞĂƌ ƚŽ ĐĂŶŐƌŽǁďLJϲ͘ϳйŝŶϮϬϭϴ͘ ĐŚĂŶŐĞƐŝŶŐŽǀĞƌŶŵĞŶƚƌĞŐƵůĂƚŝŽŶƐ͕ƚĂdžƌĞŐŝŵĞƐ͕ĞĐŽŶŽŵŝĐ ƐĂŵĞ͘ /ŵƉƌŽǀŝŶŐ ƉƌŽƐƉĞĐƚƐ ŽĨ ĐŽŵŵŽĚŝƚLJ ĞdžƉŽƌƚĞƌƐ ĐŽƵůĚ ďĞŵƵƚĞĚĂƐƚŚĞĐLJĐůŝĐĂůƵƉƐǁŝŶŐĂŶĚĮƐĐĂůƐƟŵƵůƵƐŽĨƚŚĞ ĚĞǀĞůŽƉŵĞŶƚƐǁŝƚŚŝŶ/ŶĚŝĂĂŶĚƚŚĞĐŽƵŶƚƌŝĞƐǁŝƚŚŝŶǁŚŝĐŚ ďŽůƐƚĞƌ ĞĐŽŶŽŵŝĐ ŐƌŽǁƚŚ ŝŶ ^ƵďͲ^ĂŚĂƌĂŶ ĨƌŝĐĂ͘ 'ƌŽǁƚŚ ŝŶ h^ &ĞĚĞƌĂů ZĞƐĞƌǀĞ ŵĂLJ ŐƌĂĚƵĂůůLJ ůŽƐĞ ƐƚĞĂŵ͘ KǀĞƌĂůů͕ ϰϬ KǀĞƌ ƚŚĞ ŶĞdžƚ ĚĞĐĂĚĞ ĞŶĚŝŶŐ ϮϬϮϴ͕ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ƚŚĞ LJŽƵƌŽŵƉĂŶLJĐŽŶĚƵĐƚƐŝƚƐďƵƐŝŶĞƐƐ͕ĞdžĐŚĂŶŐĞƌĂƚĞƐĂŶĚ ^ŽƵƚŚĨƌŝĐĂ͕ƚŽŽ͕ŝƐĞdžƉĞĐƚĞĚƚŽƐƚƌĞŶŐƚŚĞŶĨƌŽŵϭ͘ϯйŝŶϮϬϭϳ ĞŵĞƌŐŝŶŐ ŵĂƌŬĞƚ ĂŶĚ ĚĞǀĞůŽƉŝŶŐ ĞĐŽŶŽŵŝĞƐ ĂƌĞ ĞƐƟŵĂƚĞĚ ƐĞĐƚŽƌ ĂƌĞ ĞdžƉĞĐƚĞĚ ƚŽ ŐƌŽǁ Ăƚ Ă ĐŽŵƉŽƵŶĚĞĚ ĂŶŶƵĂů ŝŶƚĞƌĞƐƚƌĂƚĞƐĨůƵĐƚƵĂƚŝŽŶƐ͕ŝŵƉĂĐƚŽĨĐŽŵƉĞƚŝƚŝŽŶ͕ĚĞŵĂŶĚ ƚŽϭ͘ϱйŝŶϮϬϭϴĂŶĚϭ͘ϳйŝŶϮϬϭϵ͘ ƚŽŐƌŽǁŵŽƌĞƐůŽǁůLJŝŶƉĞƌĐĂƉŝƚĂƚĞƌŵƐǀŝƐͲăͲǀŝƐĂĚǀĂŶĐĞĚ ŐƌŽǁƚŚƌĂƚĞ;Ζ'ZΖͿŽĨϲ͘ϳйƚŽh^ϴϱ͘ϮďŝůůŝŽŶ͘&ŽƌĞŝŐŶ ĂŶĚƐƵƉƉůLJĐŽŶƐƚƌĂŝŶƚƐ͕ĞƚĐ͘ ĞĐŽŶŽŵŝĞƐ͕ĨĂŝůŝŶŐƚŽŶĂƌƌŽǁŝŶĐŽŵĞŐĂƉƐǀŝƐͲăͲǀŝƐƚŚĞŐƌŽƵƉ ƚŽƵƌŝƐƚ ĂƌƌŝǀĂůƐ ĂƐ ǁĞůů ĂƐ ƚŚĞ ƉƌŽƉŽƌƚŝŽŶ ŽĨ ĚŽŵĞƐƚŝĐ ŵĞƌŐŝŶŐ ƐŝĂ ǁŝůů ƉůĂLJ Ă ƉŝǀŽƚĂů ƌŽůĞ ŝŶ ƐĐƵůƉƟŶŐ ŐůŽďĂů ŽĨŵŽƌĞƉƌŽƐƉĞƌŽƵƐĐŽƵŶƚƌŝĞƐ͘ ƚƌĂǀĞůůĞƌƐ ŐƌĞǁ ƐŝŐŶŝĨŝĐĂŶƚůLJ ĚƵƌŝŶŐ &ŝŶĂŶĐŝĂů zĞĂƌ ϮϬϭϳͲ 'ůŽďĂůĐŽŶŽŵŝĐŶǀŝƌŽŶŵĞŶƚĂŶĚKƵƚůŽŽŬ ŐƌŽǁƚŚĂŶĚŝƐĞƐƟŵĂƚĞĚƚŽŐƌŽǁďLJϲ͘ϱйĚƵƌŝŶŐϮϬϭϴͲϭϵ͘ ϭϴ͘ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ DŝŶŝƐƚƌLJ ŽĨ dŽƵƌŝƐŵ͕/ŶĚŝĂ͛Ɛ ĨŽƌĞŝŐŶ ĐŽŶŽŵŝĞƐ ĂĐƌŽƐƐ ŐĞŽŐƌĂƉŚŝĞƐ ĂƌĞ ĞƐƟŵĂƚĞĚ ƚŽ ŚĂǀĞ Ɛ ƚŚĞ ǁŽƌůĚ͛Ɛ ƐĞĐŽŶĚ ůĂƌŐĞƐƚ ĞĐŽŶŽŵLJ͕ ŚŝŶĂ͕ ƵŶĚĞƌŐŽĞƐ KǀĞƌǀŝĞǁŽĨƚŚĞ'ůŽďĂůΘ/ŶĚŝĂŶdŽƵƌŝƐŵ/ŶĚƵƐƚƌLJ ƚŽƵƌŝƐƚ ĂƌƌŝǀĂůƐ ŐƌĞǁ ϭϱ͘ϲй ŽǀĞƌ ƚŚĞ ƉƌĞĐĞĚŝŶŐ LJĞĂƌ ƚŽ ŐƌŽǁŶ Ăƚ ĂŶ ĂĐĐĞůĞƌĂƚĞĚ ƉĂĐĞ ƐŝŶĐĞ ϮϬϭϭ͕ ŽǁŝŶŐ ƚŽ ƚƌĂŶƐĨŽƌŵĂƟŽŶ ĨƌŽŵ ďĞŝŶŐ ŝŶǀĞƐƚŵĞŶƚͲĚƌŝǀĞŶ ƚŽ ďĞŝŶŐ ZŽďƵƐƚĞĐŽŶŽŵŝĐŐƌŽǁƚŚĂŶĚďƵŽLJĂŶƚĐŽŶƐƵŵĞƌƐƉĞŶĚŝŶŐ ϭϬϭ͘ϳϳůĂŬŚƉĞŽƉůĞ͘ ďƌŽĂĚͲďĂƐĞĚŝŵƉƌŽǀĞŵĞŶƚŝŶŵŽƐƚĐŽƵŶƚƌŝĞƐďĞůŽŶŐŝŶŐƚŽƚŚĞ ĚƌŝǀĞŶ ďLJ ƉƌŝǀĂƚĞ ĐŽŶƐƵŵƉƟŽŶ͖ ĂŶĚ ĨƌŽŵ ŝŶĚƵƐƚƌŝĞƐ ƚŽ ĂĐƌŽƐƐƚŚĞǁŽƌůĚǁĂƐĂĚĞƋƵĂƚĞůLJƌĞŇĞĐƚĞĚŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ ĂĚǀĂŶĐĞĚĂŶĚĞŵĞƌŐŝŶŐǁŽƌůĚ͘ĐĐŽƌĚŝŶŐƚŽĞƐƟŵĂƚĞƐŽĨƚŚĞ 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ŝŵƉůĞŵĞŶƚĂƟŽŶ͘ dŚĞ ĐŽƵŶƚƌLJ͛Ɛ 'W ŐƌŽǁƚŚ ŝƐ ƉĞŐŐĞĚ Ăƚ ũŽďƐ͕ ĨƵĞůůŝŶŐ ĞdžƉŽƌƚƐ ĂŶĚ ĨŽƐƚĞƌŝŶŐ ƉƌŽƐƉĞƌŝƚLJ ĂƌŽƵŶĚ ƚŚĞ ϳ͘ϴϭůĂŬŚƉĞŽƉůĞŝŶƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐƉĞƌŝŽĚŽĨϮϬϭϲ͘dŽƵƌŝƐƚƐ ĂĐĐĞůĞƌĂƟŽŶŝŶƐƚŽĐŬďƵŝůĚŝŶŐ͘&ĂǀŽƵƌĂďůĞŵŽŶĞƚĂƌLJƉŽůŝĐŝĞƐ ϲ͘ϳй ŝŶ ϮϬϭϳ͖ ĂŶĚ ŝƐ ůŝŬĞůLJ ƚŽ ĂĐĐĞůĞƌĂƚĞ ƚŽ ϳ͘ϰй ŝŶ ϮϬϭϴ ǁŽƌůĚ͘ ĂƌƌŝǀŝŶŐ ĨƌŽŵ ƚŚĞ h< ƵƐĞĚ ƚŚŝƐ ĨĂĐŝůŝƚLJ ƚŚĞ ŵŽƐƚ ĚƵƌŝŶŐ ƚŚŝƐ ďLJ ĐĞŶƚƌĂů ďĂŶŬƐ͕ ƐƚƌŽŶŐĞƌ ĐŽƌƉŽƌĂƚĞ ďĂůĂŶĐĞ ƐŚĞĞƚƐ ĂŶĚ ĂŶĚ ϳ͘ϴй ŝŶ ϮϬϭϵ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ĐŽŶƟŶƵĞĚ ƚƌĂĐƟŽŶ ŝŶ ƉĞƌŝŽĚ͘dŚĞƐĞĚĞǀĞůŽƉŵĞŶƚƐƌĞŇĞĐƚƚŚĞŝŵƉƌŽǀŝŶŐƉƌŽƐƉĞĐƚƐ ŚĞĂůƚŚŝĞƌŐƌŽǁƚŚƉƌŽƐƉĞĐƚƐĂůƐŽƵŶůĞĂƐŚĞĚƉĞŶƚͲƵƉĚĞŵĂŶĚ ƉƌŝǀĂƚĞ ĐŽŶƐƵŵƉƟŽŶ ĂŶĚ ŐƌĂĚƵĂů ĞĂƐŝŶŐ ŽĨ ƚŚĞ ƚĞĞƚŚŝŶŐ ĐĐŽƌĚŝŶŐ ƚŽ tdd ĞƐƟŵĂƚĞƐ͕ ŝŶ ϮϬϭϴ͕ ĚŝƌĞĐƚ ĐŽŶƚƌŝďƵƟŽŶ ĂŶĚ ƐƚĂƌƚ ŽĨ ƚŚĞ ƵƉĐLJĐůĞ ĂŶĚ ǁŝůů ďŽůƐƚĞƌ ƉƌŽƐƉĞĐƚƐ ŽĨ ƚŚĞ ĨŽƌĐĂƉŝƚĂůŐŽŽĚƐ͘ ŝƐƐƵĞƐĨŽůůŽǁŝŶŐƚŚĞŝŵƉůĞŵĞŶƚĂƟŽŶŽĨƚŚĞƐĞƌĞĨŽƌŵƐ͘dŚĞ ŽĨ ƚŚŝƐ ƐĞĐƚŽƌ ƚŽ ŐůŽďĂů 'W ŝƐ ƐĞƚ ƚŽ ƌŝƐĞ ďLJ ϰ͘Ϭй ĨƌŽŵ dƌĂǀĞůĂŶĚdŽƵƌŝƐŵƐĞĐƚŽƌŝŶ/ŶĚŝĂ͘ ĞĐŽŶŽŵLJ ŐƌĞǁ ϳ͘ϳй ĚƵƌŝŶŐ ƚŚĞ :ĂŶƵĂƌLJͲDĂƌĐŚ ƉĞƌŝŽĚ͕ h^Ϯ͕ϱϳϬ͘ϭďŝůůŝŽŶŝŶϮϬϭϳ͘tddĞƐƟŵĂƚĞƐƚŚĂƚƚŚĞƐĞĐƚŽƌ͛Ɛ /ŵƉƌŽǀŝŶŐ ŝŶǀĞƐƚŵĞŶƚ ƐƉĞŶĚƐ ŝŶ ĂĚǀĂŶĐĞĚ ĞĐŽŶŽŵŝĞƐ ǁĞƌĞ ƐƵƌƉĂƐƐŝŶŐŚŝŶĂ͛ƐŐƌŽǁƚŚŽĨϲ͘ϴйĚƵƌŝŶŐƚŚĞƐĂŵĞƉĞƌŝŽĚ͘ ĐŽŶƚƌŝďƵƟŽŶ ƚŽ ŐůŽďĂů 'W ǁŝůů ŝŶĐƌĞĂƐĞ ďLJ ϯ͘ϴй ĂŶŶƵĂůůLJ Future Trends ĞŶĐŽƵƌĂŐŝŶŐ͕ŐŝǀĞŶƚŚĞǁĞĂŬƐĞŶƟŵĞŶƚƐŝŶĐĞϮϬϬϴͲϬϵ͘,ŝŐŚĞƌ ďĞƚǁĞĞŶϮϬϭϴĂŶĚϮϬϮϴ͖ĂŶĚĐŽƵůĚƌĞĂĐŚh^ϯ͕ϴϵϬ͘ϬďŝůůŝŽŶ /ŶĚŝĂ͛Ɛ ƚŽƵƌŝƐŵ ĂŶĚ ŚŽƐƉŝƚĂůŝƚLJ ŝŶĚƵƐƚƌLJ ŝƐ ŽŶ ƚŚĞ ĐƵƐƉ ŽĨ ŵŽŵĞŶƚƵŵŝŶƉƌŝǀĂƚĞĐŽŶƐƵŵƉƟŽŶĂŶĚƌĞǀŝǀĂůŝŶŶĞƚĞdžƉŽƌƚƐ '^d ŝŵƉůĞŵĞŶƚĂƟŽŶ ŵĂLJ ŚĞůƉ ƌĞĚƵĐĞ ŝŶƚĞƌŶĂů ďĂƌƌŝĞƌƐ ƚŽ ;ϯ͘ϲйŽĨƚŽƚĂů'WĨƌŽŵϯ͘ϮйŝŶϮϬϭϳͿŝŶϮϬϮϴ͘ ĂŶ ƵƉĐLJĐůĞ ĂŶĚ ŝƐ ĐŽŶƐƚĂŶƚůLJ ĞǀŽůǀŝŶŐ ŝŶ ůŝŶĞ ǁŝƚŚ ĐŚĂŶŐŝŶŐ ĨƵƌƚŚĞƌĨƵĞůůĞĚƚŚĞŐƌŽǁƚŚŽĨĞŵĞƌŐŝŶŐĞĐŽŶŽŵŝĞƐŽĨŚŝŶĂ ƚƌĂĚĞ͕ĞŶŚĂŶĐĞĞĸĐŝĞŶĐLJ͕ĂŶĚŝŵƉƌŽǀĞƚĂdžĐŽŵƉůŝĂŶĐĞŽǀĞƌ ĐŽŶƐƵŵƉƟŽŶ ŚĂďŝƚƐ ĂŶĚ ƉƌĞĨĞƌĞŶĐĞƐ͘ dŚĞ ƐĞĐƚŽƌ ƉůĂLJƐ Ă ĂŶĚ/ŶĚŝĂŝŶƚŚĞLJĞĂƌŐŽŶĞďLJ͘ ƚŚĞ ŵĞĚŝƵŵ ƚĞƌŵ͘ dŚĞ 'ŽǀĞƌŶŵĞŶƚ ŽĨ /ŶĚŝĂ͛Ɛ ĐŽŶƟŶƵĞĚ /ŶϮϬϭϳ͕ƚŚĞĚĞŵĂŶĚĨŽƌŝŶƚĞƌŶĂƟŽŶĂůƚŽƵƌŝƐƚƐŐƌĞǁĂƚĂƌĂƉŝĚ ƐŝŐŶŝĮĐĂŶƚƌŽůĞŝŶĚƌŝǀŝŶŐŽǀĞƌĂůůĞĐŽŶŽŵŝĐŐƌŽǁƚŚĂŶĚŽĨƚŚĞ ĞŵƉŚĂƐŝƐ ŽŶ ǁŝĚĞͲƌĂŶŐŝŶŐ ƌĞĨŽƌŵƐ ĂƌĞ ĂŝŵĞĚ Ăƚ ŝŵƉƌŽǀŝŶŐ ƉĂĐĞŽĨϳйƚŽϭ͕ϯϮϮŵŝůůŝŽŶĂĐĐŽƌĚŝŶŐƚŽƚŚĞůĂƚĞƐƚhEtdK ƐĞƌǀŝĐĞƐŝŶĚƵƐƚƌLJ͘ 'ůŽďĂůĞĐŽŶŽŵŝĐŐƌŽǁƚŚŝƐůŝŬĞůLJƚŽďĞŚĞĂůƚŚLJŝŶϮϬϭϴĂŶĚ ƉƌŽĚƵĐƟǀŝƚLJ ĂŶĚ ŝŶĐĞŶƟǀŝƐŝŶŐ ƉƌŝǀĂƚĞ ŝŶǀĞƐƚŵĞŶƚƐ͘ 'ŽŝŶŐ tŽƌůĚ dŽƵƌŝƐŵ ĂƌŽŵĞƚĞƌ͘ tŚŝůĞ ƚŚĞ ŐƌŽǁƚŚ ŝƐ ůŝŬĞůLJ ƚŽ ϮϬϭϵ͕ ĚĞƐƉŝƚĞ ƵŶƉƌĞĚŝĐƚĂďůĞ ŚĞĂĚǁŝŶĚƐ͘ /D& ƌĂŝƐĞĚ ŝƚƐ ĨŽƌǁĂƌĚ͕ ƚŚĞƐĞ ŝŶŝƟĂƟǀĞƐ ǁŝůů ďĞ ĂŵŽŶŐ ƚŚĞ ƉƌŽŵŝŶĞŶƚ ĚŝŵŝŶŝƐŚĨƌŽŵŚĞƌĞŽŶ͕ŝƚŝƐƐƟůůĞƐƟŵĂƚĞĚƚŽƌĞŵĂŝŶŚĞĂůƚŚLJ tĞ ŚŝŐŚůŝŐŚƚ ƐŽŵĞ ŽĨ ƚŚĞ ĨƵƚƵƌĞ ƚƌĞŶĚƐ ŝŶ ƚŚĞ ŚŽƐƉŝƚĂůŝƚLJ ĞƐƟŵĂƚĞƐ ĨŽƌ ŐůŽďĂů ŐƌŽǁƚŚ ƚŽ ϯ͘ϵй ŝŶ ĞĂĐŚ ŽĨ ƚŚĞƐĞ ƚǁŽ ŐƌŽǁƚŚ ĞŶĂďůĞƌƐ ĨŽƌ /ŶĚŝĂ͘ dŚĞ 'ŽǀĞƌŶŵĞŶƚ ŝƐ ĨŽĐƵƐŝŶŐ ŽŶ ĂƚϰͲϱйŝŶϮϬϭϴ͘ ŝŶĚƵƐƚƌLJ͗ LJĞĂƌƐ͘ /ŵƉƌŽǀŝŶŐ ƉƌŽƐƉĞĐƚƐ ĨŽƌ ĐŽŵŵŽĚŝƚLJ ĞdžƉŽƌƚĞƌƐ ŝƐ ďƌŽĂĚͲďĂƐŝŶŐ ŐƌŽǁƚŚ ŝŶ ǁŚŝĐŚ ĞǀĞƌLJ ƐĞĐƟŽŶ ŽĨ ƐŽĐŝĞƚLJ ŚĂƐ ůŝŬĞůLJ ƚŽ ďŽůƐƚĞƌ ĞĐŽŶŽŵŝĐ ŐƌŽǁƚŚ ŝŶ ƐŝĂ ĂŌĞƌ ƚŚƌĞĞ LJĞĂƌƐ Ă ƉĂƌƟĐŝƉĂƚŽƌLJ ƌŽůĞ͘ >ŽǁĞƌŝŶŐ ĐŽŶƐƚƌĂŝŶƚƐ ŽŶ ũŽď ĐƌĞĂƟŽŶ dŚŝƐ ŝƐ ĐŽŵŵĞŶĚĂďůĞ ĂŶĚ ƌĞŇĞĐƚƐ ƚŚĞ ƐƚĞĂĚLJ ĞdžƉĂŶƐŝŽŶ ϭ͘ ,ŝŐŚĞƌĨŽĐƵƐŽŶĐƵƐƚŽŵĞƌͲĐĞŶƚƌŝĐŝƚLJ ŽĨ ǁĞĂŬŶĞƐƐ͘ KŶ ƚŚĞ ŽƚŚĞƌ ŚĂŶĚ͕ ŐƌŽǁƚŚ ŝŶ ĞŵĞƌŐŝŶŐ ĂŶĚ ďLJůŝďĞƌĂůŝƐŝŶŐůĂďŽƵƌŵĂƌŬĞƚŶŽƌŵƐ͕ƌĞĚƵĐŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ƐĞĞŶŝŶƚŚŝƐƐĞĐƚŽƌŽǀĞƌƚŚĞƉĂƐƚĞŝŐŚƚLJĞĂƌƐ͘'ŽŝŶŐĨŽƌǁĂƌĚ͕  KǀĞƌ ƚŚĞ ƌĞĐĞŶƚ LJĞĂƌƐ͕ ƚŚĞ ƚĞƌŵ ĐƵƐƚŽŵĞƌͲĐĞŶƚƌŝĐŝƚLJ ĚĞǀĞůŽƉŝŶŐ ƵƌŽƉĞ ŝƐ ƉƌŽũĞĐƚĞĚ ƚŽ ƐůŽǁ ĚŽǁŶ ƚŽ ϰ͘ϯй ŝŶ ďŽƩůĞŶĞĐŬƐ ĂŶĚ ƐƚƌĞŶŐƚŚĞŶŝŶŐ ƚŚĞ ĞĚƵĐĂƟŽŶĂů ĨƌĂŵĞǁŽƌŬ ƚŚĞĚĞŵĂŶĚĨŽƌŝŶƚĞƌŶĂƟŽŶĂůƚŽƵƌŝƐƚƐŝƐĞƐƟŵĂƚĞĚƚŽŐƌŽǁ ŚĂƐ ĂƐƐƵŵĞĚ Ă ǁŚŽůĞ ŶĞǁ ŵĞĂŶŝŶŐ͘ ,ŽƚĞůƐ ĂƌĞ ĚŽŝŶŐ ϮϬϭϴ;ĨƌŽŵΕϲйŝŶϮϬϭϳͿĂŶĚϯ͘ϳйŝŶϮϬϭϵ͘&ĂĐƚŽƌƐƐƵĐŚĂƐ ĂƌĞŬĞLJĞŶĂďůĞƌƐƚŽĚƌŝǀĞ/ŶĚŝĂ͛ƐŝŶĐůƵƐŝǀĞŐƌŽǁƚŚ͘ Ăƚ ƚŚĞ ĨĂƐƚĞƐƚ ƉĂĐĞ ĨŽƌ ĨƌŝĐĂ͕ ƐŝĂ ĂŶĚ ƚŚĞ WĂĐŝĮĐ ĂŶĚ ŝƐ ĞǀĞƌLJƚŚŝŶŐ ƚŚĞLJ ĐĂŶ ƚŽ ŝŵƉƌŽǀĞ ĐƵƐƚŽŵĞƌ ĞdžƉĞƌŝĞŶĐĞƐ ĨĂǀŽƵƌĂďůĞ ĞdžƚĞƌŶĂů ĞŶǀŝƌŽŶŵĞŶƚ͕ ĞĂƐLJ ĮŶĂŶĐŝŶŐ ĐŽŶĚŝƟŽŶƐ

80 Annual Report 2017-18 81 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

ĂŶĚĚĞůŝŐŚƚƚŚĞŝƌĐƵƐƚŽŵĞƌƐ͘dŚĞƐĞŵŽǀĞƐĂƌĞĂŝŵĞĚŶŽƚ /ŶϮϬϭϳ͕ƌŽŽŵƐƐƵƉƉůLJ;ĞdžŝƐƟŶŐƌŽŽŵƐͿŐƌĞǁϲ͘ϴйŽǀĞƌϮϬϭϲ ĂƌĞ ŐĞŶĞƌĂƟŶŐ ƚŚĞ ŵŽƐƚ ƉĂƚĞŶƚƐ͕ ϴ ^ŚĞŶnjŚĞŶʹ,ŽŶŐ <ŽŶŐ ZĞƐƚƌƵĐƚƵƌŝŶŐ ũƵƐƚĂƚĐƵƐƚŽŵĞƌĂĐƋƵŝƐŝƟŽŶ͕ďƵƚĂůƐŽƚŽĂĐŚŝĞǀĞŚŝŐŚĞƌ ƚŽƚŽƚĂůϭ͕ϭϵ͕ϮϭϵƌŽŽŵƐ;^ŽƵƌĐĞ͗,s^ͲdƌĞŶĚƐΘKƉƉŽƌƚƵŶŝƟĞƐ ĐŽŵĞƐŝŶĂƚƐĞĐŽŶĚƉůĂĐĞďĞƚǁĞĞŶdŽŬLJŽͲzŽŬŽŚĂŵĂĂŶĚ^ĂŶ ZĞƐƚƌƵĐƚƵƌŝŶŐĞŶƚĂŝůƐĂĐŽŶƟŶƵŽƵƐĂŶĚĐĂƌĞĨƵůƌĞͲĞdžĂŵŝŶĂƟŽŶ ĐƵƐƚŽŵĞƌůŽLJĂůƚLJ͘ Report 2017 & BW Hotelier.com)͘ :ŽƐĞʹ^ĂŶ &ƌĂŶĐŝƐĐŽ ǁŚŝůĞ ĞŝũŝŶŐ ĐŽŵĞƐ Ăƚ ƚŚĞ ϳth ƉŽƐŝƟŽŶ͘ ŽĨ LJŽƵƌ ŽŵƉĂŶLJ͛Ɛ ĞdžŝƐƟŶŐ ƉŽƌƞŽůŝŽ ƚŽ ƵŶůŽĐŬ ǀĂůƵĞ ĨƌŽŵ /Ŷ ďŽƚŚ ĐĂƐĞƐ ĂĐƟǀŝƚLJ ŝƐ ĐŽŶĐĞŶƚƌĂƚĞĚ ŝŶ ƚŚĞ ĮĞůĚ ŽĨ ĚŝŐŝƚĂů ĞĸĐŝĞŶĐŝĞƐŝŶƐĐĂůĞĂŶĚƐŝŵƉůŝĨLJŝŶŐƚŚĞŚŽůĚŝŶŐƐƚƌƵĐƚƵƌĞĨŽƌ Ϯ͘ ZŝƐŝŶŐƌŽůĞŽĨŽŶůŝŶĞƉůĂƞŽƌŵƐ tŝƚŚ ŵƵůƟƉůĞ ĚĞŵĂŶĚ ĞŶĂďůĞƌƐ͕ ĮƌŵůLJ ŝŶ ƉůĂĐĞ͕ ƚŚĞƌĞ ĐŽŵŵƵŶŝĐĂƟŽŶƐ͘ dŚƌĞĞ /ŶĚŝĂŶ ůŽĐĂƟŽŶƐ ĂƉƉĞĂƌ ŝŶ ƚŚĞ ƚŽƉ ŐƌĞĂƚĞƌƉƌŽĮƚĂďŝůŝƚLJ͘  KŶůŝŶĞƚƌĂǀĞůŬŝŶŐĂŶĚŚŽƚĞůƐĞůĞĐƟŽŶǁĞďƐŝƚĞƐ͕ĂƉƉƐ ŝƐ ĂĚĞƋƵĂƚĞ ƵŶĂĐĐŽŵŵŽĚĂƚĞĚ ŝŶĚƵƐƚƌLJ ĚĞŵĂŶĚ͕ ďĞŝŶŐ ϭϬϬ ŽĨ ƚŚĞ ĐůƵƐƚĞƌ ƐƚƵĚLJ͗ ĞŶŐĂůƵƌƵ Ăƚ ϰϯƌĚ ;ǁŝƚŚ ƉĂƚĞŶƚ ƚŚĂƚ ŚĞůƉ ƚƌĂǀĞůůĞƌƐ ƉůĂŶ ƚŚĞŝƌ ĞŶƟƌĞ ƚŽƵƌ͕ ĂŶĚ ƐŝŵŝůĂƌ ĂĚĚƌĞƐƐĞĚ ďLJ ƵŶŽƌŐĂŶŝƐĞĚ ŚŽƚĞů ƉůĂLJĞƌƐ͘ /Ŷ ƚŚĞ ƉƌĞĐĞĚŝŶŐ ĂĐƟǀŝƚLJ ĨŽĐƵƐĞĚ ŽŶ ĐŽŵƉƵƚĞƌ ƚĞĐŚŶŽůŽŐLJͿ͕ DƵŵďĂŝ Ăƚ ϵϱth͕ ZĞͲĞŶŐŝŶĞĞƌŝŶŐ ƉůĂƞŽƌŵƐ ĂƌĞ ŐĂŝŶŝŶŐ ƉƌŽŵŝŶĞŶĐĞ ĂŵŽŶŐ ĐƵƐƚŽŵĞƌƐ͘ ĨĞǁLJĞĂƌƐ͕ƚŚĞŵŝĚͲŵĂƌŬĞƚĂŶĚďƵĚŐĞƚƐĞŐŵĞŶƚƐŚĂǀĞŐĂŝŶĞĚ ĂŶĚWƵŶĞĂƚϵϲth (Source: World Economic Forum- The Global /,>ǁŝůůďĞƚŚĞǀĂŶŐƵĂƌĚŽĨĐŚĂŶŐĞŝŶƚŚĞŚŽƐƉŝƚĂůŝƚLJŝŶĚƵƐƚƌLJ &ƌŽŵ ŬŝŶŐ ŇŝŐŚƚ ƟĐŬĞƚƐ ƚŽ ƐĞůĞĐƟŶŐ ƚŚĞ ŚŽƚĞůƐ ƉƌŽŵŝŶĞŶĐĞŝŶ/ŶĚŝĂŽŶƚŚĞďĂĐŬŽĨƚŚƌŝǀŝŶŐŚŽƚĞůĂŐŐƌĞŐĂƚŽƌƐ ŽŵƉĞƟƟǀĞŶĞƐƐZĞƉŽƌƚϮϬϭϳʹϮϬϭϴͿ͘ ĂƐŝƚŐŽĞƐĂďŽƵƚƌĞͲĞŶŐŝŶĞĞƌŝŶŐŝƚƐƐLJƐƚĞŵƐĂŶĚƉƌŽĐĞƐƐĞƐĂŶĚ ĂŶĚ ƉůĂŶŶŝŶŐ ƚŚĞ ĞŶƟƌĞ ƚŽƵƌ͕ ƚŚĞƐĞ ƉůĂƞŽƌŵƐ ĚĞůŝǀĞƌ ŝŶƚŚĞƐĞƐĞŐŵĞŶƚƐ͘^ƵĐŚĂŐŐƌĞŐĂƚŽƌƐŚĂǀĞĐŽŶƐŽůŝĚĂƚĞĚƚŚĞ ĞŵďƌĂĐŝŶŐďĞƐƚͲŝŶͲĐůĂƐƐƚĞĐŚŶŽůŽŐLJ͘dŚŝƐŝŶĐůƵĚĞƐůĞǀĞƌĂŐŝŶŐ ďĞŶĞĮƚƐůŝŬĞĐŽŶǀĞŶŝĞŶĐĞĂŶĚďĞƐƚĚĞĂůƐƚŽĐƵƐƚŽŵĞƌƐ͘ ƐŝŐŶŝĮĐĂŶƚ ĂŶĚ ƵŶŽƌŐĂŶŝƐĞĚ ŚŽƚĞů ŵĂƌŬĞƚ͘ KŶůŝŶĞ ƉůĂƞŽƌŵƐ tŝƚŚĂƉŽƐŝƟǀĞŽƵƚůŽŽŬŽĨƚŚĞ/ŶĚŝĂŶŚŽƐƉŝƚĂůŝƚLJƐĞĐƚŽƌLJŽƵƌ ĚĂƚĂ ĂŶĂůLJƟĐƐ ƚŽ ĐĂƉƚƵƌĞ ĐƵƐƚŽŵĞƌ ƉƌĞĨĞƌĞŶĐĞƐ ĂŶĚ ĚĞůŝǀĞƌ ŶĞǁŐĞŶĞƌĂƟŽŶŽĨƉĂƐƐŝŽŶĂƚĞ͕ŵŝůůĞŶŶŝĂůƚƌĂǀĞůůĞƌƐĂŶĚ ĨŽƌďƵĚŐĞƚĂĐĐŽŵŵŽĚĂƟŽŶŚĂǀĞƉĂƌƚŶĞƌĞĚǁŝƚŚƐƚĂŶĚĂůŽŶĞ ŽŵƉĂŶLJŝƐǁĞůůƉŽŝƐĞĚƚŽŚĂŶĚůĞƚŚŝƐĐƌŝƟĐĂůĚĞŵĂŶĚĂƐǁĞůů ŐƌĞĂƚĞƌƉĞƌƐŽŶĂůŝƐĂƟŽŶƚŽǀĂůƵĞĚƉĂƚƌŽŶƐ͘^ƵĐŚƌĞͲĞŶŐŝŶĞĞƌŝŶŐ ŝŶĐƌĞĂƐŝŶŐĐŽŵƉĞƟƟǀĞŝŶƚĞŶƐŝƚLJĂƌĞĐŚĂŶŐŝŶŐƚŚĞƌƵůĞƐ ŚŽƚĞůƐ ĂŶĚ ŐƵĞƐƚŚŽƵƐĞƐ ƚŽ ƉƌŽǀŝĚĞ ƚŚĞŵ ǁŝƚŚ ŵĂƌŬĞƟŶŐ͕ ĂƐĐĂƚĞƌƚŽƐŽŵĞŽĨƚŚĞŐƌŽǁŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŵŽĚĞƌŶ ǁŝůů ƌĞŝŶĨŽƌĐĞ LJŽƵƌ ŽŵƉĂŶLJ͛Ɛ ƉĞŽƉůĞ ƉƌŽĐĞƐƐĞƐ ƚŽ ďƵŝůĚ Ă ŽĨƚŚĞŝŶĚƵƐƚƌLJƌĂƉŝĚůLJ͘ ĚŝƐƚƌŝďƵƟŽŶ ĂŶĚ ƋƵĂůŝƚLJ ĂƐƐĞƐƐŵĞŶƚƐ͘ dŚĞƐĞ ĐŽŵƉĂŶŝĞƐ ƚƌĂǀĞůůĞƌ͘KƵƌ WĂŶͲ/ŶĚŝĂ ƉƌĞƐĞŶĐĞ ĂŶĚ ƐƚƌŽŶŐ ƉƌŝĐŝŶŐ ƉŽǁĞƌ ŵŽƌĞƌŽďƵƐƚƉĞƌĨŽƌŵĂŶĐĞͲŽƌŝĞŶƚĞĚĐƵůƚƵƌĞ͘ ĂƌĞ ƌĂŝƐŝŶŐ ǀĞŶƚƵƌĞ ĨƵŶĚŝŶŐ ĂŶĚ ŝŵƉůĞŵĞŶƟŶŐ ĂŵďŝƟŽƵƐ ǁŝůůƉůĂLJĂƐŝŐŶŝĮĐĂŶƚƌŽůĞŝŶƐŚĂƉŝŶŐŽƵƌĨƵƚƵƌĞ͘ ϯ͘ DĂŬŝŶŐƌŽŽŵƐŵŽƌĞƚĞĐŚͲƐĂǀǀLJ ĞdžƉĂŶƐŝŽŶƉůĂŶƐ͘ ZĞͲŝŵĂŐŝŶŝŶŐ  ŶŚĂŶĐĞĚƵƐĞ ŽĨ ƚĞĐŚŶŽůŽŐŝĞƐ ůŝŬĞ /ŶƚĞƌŶĞƚ ŽĨ dŚŝŶŐƐ͕ /,>ʹ^ƚƌŽŶŐWƌŝĐŝŶŐWŽǁĞƌ dŚĞ ƚŚŝƌĚ ƉŝůůĂƌ͕ ZĞͲŝŵĂŐŝŶŝŶŐ ǁŝůů ŵĞĂŶ ůĞǀĞƌĂŐŝŶŐ /,>͛Ɛ ǀŽŝĐĞͲĂĐƟǀĂƟŽŶĂŶĚtŝͲ&ŝ͕ĂŵŽŶŐŽƚŚĞƌƐĂƌĞĂĐƟŶŐĂƐ ĐĐŽƌĚŝŶŐ ƚŽ Ă ƌĞĐĞŶƚ ƌĞƉŽƌƚ ďLJ ĞƵƚƐĐŚĞ ĂŶŬ͕ ŐƌŽƐƐ ƐƚƌĞŶŐƚŚƐ ĂŶĚ ƐƚƌŽŶŐ ďƌĂŶĚ ĞƋƵŝƚLJ ƚŽ ŵƵůƟƉůLJ ŝƚƐ ƉŽƌƞŽůŝŽ͕ ƚŚĞŬĞLJĚŝīĞƌĞŶƟĂƚŽƌƐĨŽƌŚŽƚĞůƐ͘,ŽƚĞůƐĂƌĞĂůƐŽůŽŽŬŝŶŐ ŚŽƚĞů ŬŝŶŐƐ ĂƌĞ ƉŽŝƐĞĚ ƚŽ ŐƌŽǁ ĨƌŽŵ Ψϳ͘Ϯ ďŝůůŝŽŶ ƚŽ sZ'ZKKDZd^Έ`Ή ǁŚŝůƐƚ ĂůŝŐŶŝŶŐ ƚŽ ŚŝŐŚͲŐƌŽǁƚŚ ƐĞŐŵĞŶƚƐ͘ dŚŝƐ ǁŝůů ŝŶĐůƵĚĞ ƚŽ ƉƌŽǀŝĚĞ ĂƉƉƐ ƚŚĂƚ ǁŝůů ĂůůŽǁ ŐƵĞƐƚƐ ƚŽ ĂĚũƵƐƚ ƚŚĞŝƌ ΨϭϬ͘ϵ ďŝůůŝŽŶ ďLJ ϮϬϮϬ͘ /ƚ ĞdžƉĞĐƚƐ ƚŚĞ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ŽŶůŝŶĞ ŵĂŶŽĞƵǀƌŝŶŐĞdžĐĞůůĞŶĐĞĂŶĚƌĞŝŶǀŝŐŽƌĂƟŶŐŝƚƐƉŽƌƞŽůŝŽĂĐƌŽƐƐ ƌŽŽŵůŝŐŚƟŶŐ͕ƚĞŵƉĞƌĂƚƵƌĞĂŶĚŽƚŚĞƌĨĞĂƚƵƌĞƐĨƌŽŵƚŚĞŝƌ ŬŝŶŐƐƚŽŝŶĐƌĞĂƐĞĨƌŽŵϭϵйƚŽϮϴйŝŶƚŚŝƐƉĞƌŝŽĚ͘ƐƉĞƌ &zϭϳ ĂůůďƌĂŶĚƐ͘ ƐŵĂƌƚƉŚŽŶĞƐ͘DŽƐƚůĞĂĚŝŶŐŚŽƚĞůƐĂƌĞůŽŽŬŝŶŐƚŽŵĂŬĞ ƚŚĞƌĞƉŽƌƚ͕ĂƌŽƵŶĚϳϴйŽĨƚŚĞŽǀĞƌĂůůŽŶůŝŶĞŚŽƚĞůŬŝŶŐƐ &zϭϱ ƚŚĞŝƌ ƌŽŽŵƐ ƚĞĐŚͲƐĂǀǀLJ ƚŽ ĚƌŝǀĞ ĐƵƐƚŽŵĞƌ ĐŽŶǀĞŶŝĞŶĐĞ ǁŝůů ďĞ ƌŽƵƚĞĚ ƚŚƌŽƵŐŚ ŽŶůŝŶĞ ƚƌĂǀĞů ĂŐĞŶƚƐ ;ΖKdΖƐͿ͘ /ƚ ŚĂƐ dŚĞ ďƌĂŶĚ ƉŽƌƞŽůŝŽ ǁŝůů ĐŽŵƉƌŝƐĞ ƚŚĞ ŝĐŽŶŝĐ dĂũ ŚŽƚĞůƐ ĂŶĚ ĂŶĚĞdžƉĞƌŝĞŶĐĞƐ͘ ƚŚĞƉŽƚĞŶƟĂůƚŽŐĞŶĞƌĂƚĞĂďŽƵƚΨϮ͘ϯďŝůůŝŽŶŝŶŐƌŽƐƐŬŝŶŐƐ &zϭϯ sŝǀĂŶƚĂ ;LJŽƵƌ ŽŵƉĂŶLJ͛Ɛ ĚŽŵŝŶĂŶƚ ďƌĂŶĚ ŝŶ ƚŚĞ ƵƉƐĐĂůĞ

ďLJ ϮϬϮϬ ĨŽƌ KdƐ ƐƵĐŚ ĂƐ DĂŬĞDLJdƌŝƉ >ƚĚ͕ zĂƚƌĂ͘ĐŽŵ ĂŶĚ &zϭϭ ƐĞŐŵĞŶƚͿ͘'ŝŶŐĞƌǁŝůůŚĂǀĞĂƐŝŐŶŝĮĐĂŶƚƉƌĞƐĞŶĐĞŝŶƚŚĞ/,> ϰ͘ >ŽĐĂůŝƐŝŶŐĐƵƐƚŽŵĞƌĞdžƉĞƌŝĞŶĐĞƐ ůĞĂƌƚƌŝƉ͘ĐŽŵ͘ ƉŽƌƞŽůŝŽĂŶĚǁŝůůĂĚĚƌĞƐƐLJŽƵƌŽŵƉĂŶLJ͛ƐƌĞƋƵŝƌĞŵĞŶƚƚŽďĞ  ,ŽƚĞůƐ ŶŽǁ ĚĞƐŝŐŶ ĚĞƐƟŶĂƟŽŶͲƐƉĞĐŝĮĐ ĞdžƉĞƌŝĞŶĐĞƐ ƚŽ &zϬϵ ƉƌĞƐĞŶƚŝŶƚŚĞĨĂƐƚĞƐƚŐƌŽǁŝŶŐƐĞŐŵĞŶƚ͘dŚĞďƌĂŶĚǁŝůůƚĂŬĞ ĞŶŚĂŶĐĞĐƵƐƚŽŵĞƌĚĞůŝŐŚƚ͘&ŽƌŝŶƐƚĂŶĐĞ͕ĐĂŵĞůƌŝĚĞƐĂŶĚ KĐĐƵƉĂŶĐLJ ƌĂƚĞƐ ŝŶ ƉƌŽŵŝŶĞŶƚ /ŶĚŝĂŶ ĐŝƟĞƐ ŚĂǀĞ ŝŵƉƌŽǀĞĚ Ϭ Ϯ͕ϬϬϬ ϰ͕ϬϬϬ ϲ͕ϬϬϬ ϴ͕ϬϬϬ ϭϬ͕ϬϬϬ ŽŶĂŶĞǁĂǀĂƚĂƌƚŽĂĚĚƌĞƐƐƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚĂƐƉŝƌĂƟŽŶƐ ĚĞƐĞƌƚ ƐĂĨĂƌŝƐ ĂƌĞ ĂƌƌĂŶŐĞĚ ŝŶ ŚŽƚĞůƐ ůŽĐĂƚĞĚ ŝŶ ĚĞƐĞƌƚ ŝŶƚŚĞůĂƐƚLJĞĂƌĂŶĚĐŽŵƉĂŶŝĞƐǁŝƚŚWĂŶͲ/ŶĚŝĂƉƌĞƐĞŶĐĞĂƌĞ ŽĨƚŚĞŶĞǁĂŶĚLJŽƵŶŐĞƌĐƵƐƚŽŵĞƌƐĞŐŵĞŶƚƐ͘ /ŶĚƵƐƚƌLJĂǀĞƌĂŐĞĨŽƌϱͲƐƚĂƌŚŽƚĞůƐ /,> ƌĞŐŝŽŶƐ Žƌ ŐƵŝĚĞĚ ƚŽƵƌƐ ĂƌĞ ŽƌŐĂŶŝƐĞĚ ĨŽƌ ŵŽƵŶƚĂŝŶ ǁĞůůͲƉŽŝƐĞĚƚŽďĞŶĞĮƚĨƌŽŵƚŚŝƐƚƌĞŶĚ͕ŐŽŝŶŐĨŽƌǁĂƌĚ͘ ƉĞĂŬƐĂƚŚŝůůƐƚĂƟŽŶƐ͘ /ŶƚĞŐƌĂů ƚŽ LJŽƵƌ ŽŵƉĂŶLJ͛Ɛ ƐƚƌĂƚĞŐLJ ŽĨ ƌĞŝŶĨŽƌĐŝŶŐ ƚŚĞ KĐĐƵƉĂŶĐLJZĂƚĞƐ;йͿ ^ƚƌĂƚĞŐLJ ŵƵůƟͲƉƌŽĚƵĐƚ͕ ŵƵůƟͲƐĞŐŵĞŶƚ ďƌĂŶĚƐĐĂƉĞ ŝƐ ƚŚĞ ĐƵƐƚŽŵĞƌ͘ /ŶĚŝĂŶ,ŽƐƉŝƚĂůŝƚLJ/ŶĚƵƐƚƌLJ>ĂŶĚƐĐĂƉĞĂŶĚKƵƚůŽŽŬ /Ŷ&zϮϬϭϳͲϭϴ͕LJŽƵƌŽŵƉĂŶLJĂƌƟĐƵůĂƚĞĚŝƚƐĮǀĞͲLJĞĂƌƉůĂŶĂŶĚ zŽƵƌŽŵƉĂŶLJǁŝůůĂŝŵƚŽŚĂǀĞĂǀĂůƵĞƉƌŽƉŽƐŝƟŽŶĨŽƌĞĂĐŚ dĂũ'ƌŽƵƉ ŝƚLJ FY 2018 /ŶĚŝĂ͛ƐǀĂƐƚƉŽƉƵůĂƟŽŶŽīĞƌƐĂĐŽŶƐŝĚĞƌĂďůĞŐƌŽǁƚŚƉŽƚĞŶƟĂů Hotels ƵŶĚĞƌůLJŝŶŐ ďƵƐŝŶĞƐƐ ƐƚƌĂƚĞŐLJ ƚĂƌŐĞƚĞĚ Ăƚ ŝŵƉƌŽǀŝŶŐ /d ĐƵƐƚŽŵĞƌ Ăƚ ĚŝīĞƌĞŶƚ ƉŽŝŶƚƐ ŝŶ ƚŚĞŝƌ ůŝĨĞĐLJĐůĞ͘ dŚĞ ƐĞƌǀŝĐĞ ĨŽƌƚŚĞŚŽƐƉŝƚĂůŝƚLJŝŶĚƵƐƚƌLJ͘dŚĞƚƌĂǀĞůĂŶĚƚŽƵƌŝƐŵŝŶĚƵƐƚƌLJ Business ŵĂƌŐŝŶƐďLJϴϬϬďƉƐ͘hŶĚĞƌƚŚĞƉůĂŶʹ͚ƐƉŝƌĂƟŽŶϮϬϮϮ͕͛ your ĞƚŚŽƐ͕ĞƉŝƚŽŵŝƐĞĚďLJǁŚĂƚǁĞĐĂůů͚dĂũͲŶĞƐƐ͕͛ǁŝůůĐŽŶƟŶƵĞƚŽ ŝƐ Ă ŵĂũŽƌ ĐŽŶƚƌŝďƵƚŽƌ ƚŽ ƚŚĞ ĐŽƵŶƚƌLJ͛Ɛ ĞĐŽŶŽŵŝĐ ŐƌŽǁƚŚ ĂŶŐĂůŽƌĞ ϲϳ͘ϴй ϴ ŽŵƉĂŶLJǁŝůůƌĞƐƚƌƵĐƚƵƌĞŝƚƐŽƉĞƌĂƟŽŶƐĂŶĚƌĞͲĞŶŐŝŶĞĞƌŝƚƐ ďĞƚŚĞŽŵƉĂŶLJ͛ƐƐŽƵů͘ ĂŶĚĞŵƉůŽLJŵĞŶƚŐĞŶĞƌĂƟŽŶ͘ŐƌŽǁŝŶŐŵŝĚĚůĞĐůĂƐƐ͕ƌŝƐŝŶŐ Chennai ϲϮ͘ϭй ϳ ƉƌŽĐĞƐƐĞƐŝŶĂůĂƌŐĞƌĞīŽƌƚƚŽƌĞͲŝŵĂŐŝŶĞŝƚƐĞŶŐĂŐĞŵĞŶƚǁŝƚŚ ĚŝƐƉŽƐĂďůĞ ŝŶĐŽŵĞƐ ĂŶĚ ƐŚŝŌ ĨƌŽŵ ĨŽƌĞŝŐŶ ƚŽ ĚŽŵĞƐƟĐ ĞůŚŝΘEZ ϳϬ͘Ϭй ϭϯ ĂůůŝƚƐƐƚĂŬĞŚŽůĚĞƌƐ͕ůĞĂĚŝŶŐƚŽĂůůͲƌŽƵŶĚŝŵƉƌŽǀĞĚƉƌŽĮƚĂďŝůŝƚLJ͖ <ĞLJĞǀĞůŽƉŵĞŶƚƐŝŶϮϬϭϳͲϭϴ ƚŽƵƌŝƐŵĂƌĞĨĞǁŵĂĐƌŽŐƌŽǁƚŚĞŶĂďůĞƌƐĨŽƌƚŚĞŝŶĚƵƐƚƌLJ͘dŚĞ ,LJĚĞƌĂďĂĚ ϲϲ͘Ϯй ϱ ĂŶĚŵĂƌŬĞƚůĞĂĚĞƌƐŚŝƉŝŶĞĂĐŚŽĨƚŚĞƐĞŐŵĞŶƚƐŝƚŽƉĞƌĂƚĞƐŝŶ͘ ,ŽƚĞů>ĂƵŶĐŚĞƐ ŝŶĚƵƐƚƌLJĐŽŶƚƌŝďƵƚĞĚϴйŽĨƚŚĞƚŽƚĂůĞŵƉůŽLJŵĞŶƚ;ďŽƚŚĚŝƌĞĐƚ <ŽůŬĂƚĂ ϲϳ͘ϵй Ϯ /,>ĐŽŶƟŶƵĞĚŝƚƐĞdžƉĂŶƐŝŽŶŝŶ/ŶĚŝĂĂƐǁĞůůĂƐŝŶƚĞƌŶĂƟŽŶĂůůLJ ĂŶĚŝŶĚŝƌĞĐƚͿŝŶϮϬϭϳ͖ĂŶĚǁĂƐƚŚĞĨĂƐƚĞƐƚŐƌŽǁŝŶŐĂŵŽŶŐƚŚĞ DƵŵďĂŝ ϳϱ͘ϭй ϭϬ ƐƉŝƌĂƟŽŶϮϬϮϮǁĂƐĐƌĞĂƚĞĚǁŝƚŚĂŶĞLJĞƚŽǁĂƌĚƐŵĂdžŝŵŝnjŝŶŐ ŝŶϮϬϭϳͲϭϴ͘zŽƵƌŽŵƉĂŶLJĞŶĚĞĚƚŚĞLJĞĂƌǁŝƚŚĂƉŽƌƞŽůŝŽŽĨ 'ϮϬĐŽƵŶƚƌŝĞƐ͕ŐƌŽǁŝŶŐďLJϵ͘ϰйŝŶϮϬϭϳ͘ WƵŶĞ ϲϴ͘ϰй ϰ ƐƚĂŬĞŚŽůĚĞƌǀĂůƵĞŽǀĞƌƚŚĞŶĞdžƚĮǀĞLJĞĂƌƐ͘dŚĞƉůĂŶĂŝŵƐƚŽ ϰϲdĂũ,ŽƚĞůƐ͕ϮϳsŝǀĂŶƚĂ,ŽƚĞůƐ͕Ϯϳ'ĂƚĞǁĂLJ,ŽƚĞůƐĂŶĚϰϮ ďƵŝůĚŽŶƚŚĞĐĞŶƚƵƌLJͲŽůĚůĞŐĂĐLJŽĨ/,>ĂŶĚďĞĐŽŵĞƚŚĞ ‘Most 'ŝŶŐĞƌ,ŽƚĞůƐ͘dŚĞĞŶĚŽĨƚŚĞLJĞĂƌǁŝƚŶĞƐƐĞĚƚŚĞŽƉĞŶŝŶŐŽĨ ŽŶƐŝĚĞƌĂďůĞŐƌŽǁƚŚŝŶ/ŶĚŝĂ͛ƐƚƌĂǀĞůĂŶĚƚŽƵƌŝƐŵƐĞĐƚŽƌŚĂƐ >ĞŝƐƵƌĞ /ĐŽŶŝĐΘWƌŽĮƚĂďůĞ,ŽƐƉŝƚĂůŝƚLJŽŵƉĂŶLJ͛͘ŬĞLJĚĞĐŝƐŝŽŶŝƐ ƚŚĞdĂũdžŽƟĐĂZĞƐŽƌƚΘ^ƉĂ͕ŶĚĂŵĂŶƐ͘dŚĞŽŵƉĂŶLJ͛ƐŶĞǁ ƉĞƌĐŽůĂƚĞĚ ƚŽ ƚŚĞ ŚŽƐƉŝƚĂůŝƚLJ ƐĞĐƚŽƌ ĂƐ ǁĞůů͘ dŚĞ ŝŶĚƵƐƚƌLJ ŐƌĂ ϲϴ͘ϲй ϭ ƚŽŵĂŬĞ/,>ƚŚĞƵŶŝĨLJŝŶŐĐŽƌƉŽƌĂƚĞŝĚĞŶƟƚLJƵŶĚĞƌǁŚŝĐŚĂůů ŚŽƚĞůŽƉĞŶŝŶŐĂƐǁĞůůĂƐƌĞͲůĂƵŶĐŚĞƐŽĨƌĞŶŽǀĂƚĞĚƉƌŽƉĞƌƟĞƐ ŚĂƐǁŝƚŶĞƐƐĞĚƌŽďƵƐƚŐƌŽǁƚŚŝŶƌĞĐĞŶƚLJĞĂƌƐŽŶƚŚĞďĂĐŬŽĨ ŚŵĞĚĂďĂĚ ϲϰ͘Ϯй ϯ ďƌĂŶĚƐǁŝůůĞdžŝƐƚ͘dŚŝƐǁŝůůŶŽƚŽŶůLJŐƌŽǁǀĂůƵĞĨŽƌĐŽƌƉŽƌĂƚĞ ǁĞƌĞĂďůLJƐƵƉƉŽƌƚĞĚƚŚƌŽƵŐŚŚŝŐŚͲǀŝƐŝďŝůŝƚLJŵĂƌŬĞƟŶŐĂŶĚWZ ŝŶĐƌĞĂƐĞĚ ƚƌĂĸĐ ŽĨ ĚŽŵĞƐƟĐ ƚƌĂǀĞůůĞƌƐ͕ ƌŝƐŝŶŐ ĐŽŵŵĞƌĐŝĂů 'ŽĂ ϲϵ͘ϲй ϲ ďƌĂŶĚ/,>ĂŶĚŝƚƐƐƚĂŬĞŚŽůĚĞƌƐ͕ďƵƚĂůƐŽĐƌĞĂƚĞĂŵĞĂŶŝŶŐĨƵů ĐĂŵƉĂŝŐŶƐ͘ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĨŽƌĞŝŐŶ ƚŽƵƌŝƐƚ ĂƌƌŝǀĂůƐ͕ Ă ŐƌŽǁŝŶŐ ĂŝƌůŝŶĞ :ĂŝƉƵƌ ϲϴ͘ϱй ϱ ĞŶŐĂŐĞŵĞŶƚǁŝƚŚĐƵƐƚŽŵĞƌƐƵŶĚĞƌŽŶĞƉĂƌĞŶƚŝĚĞŶƟƚLJ͘ ŝŶĚƵƐƚƌLJ ĂŶĚ ŐŽǀĞƌŶŵĞŶƚͲůĞĚ ŝŶŝƟĂƟǀĞƐ ĂŝŵŝŶŐ ƚŽ ƐƟŵƵůĂƚĞ <ĞƌĂůĂ ϲϯ͘ϴй ϵ dĂũ džŽƟĐĂ ZĞƐŽƌƚ Θ ^ƉĂ͕ ŶĚĂŵĂŶƐ͗ KĐĐƵƉLJŝŶŐ ϰϲ ĂĐƌĞƐ ƚŚĞƐĞĐƚŽƌ͚͘/ŶĐƌĞĚŝďůĞ/ŶĚŝĂ͛ĂŶĚ͚ƟƚŚŝĞǀŽŚĂǀĂ͛ŝŶŝƟĂƟǀĞƐ Pan-India zŽƵƌ ŽŵƉĂŶLJ͛Ɛ ƐƚƌĂƚĞŐLJ ŝƐ ƚŚƌĞĞ ƉƌŽŶŐĞĚ͗ ZĞƐƚƌƵĐƚƵƌŝŶŐ͕ ŽŶ ƚŚĞ ĨĂŵĞĚ ZĂĚŚĂŶĂŐĂƌ ĞĂĐŚ Ăƚ ,ĂǀĞůŽĐŬ /ƐůĂŶĚ͕ dĂũ ďLJƚŚĞ'ŽǀĞƌŶŵĞŶƚŽĨ/ŶĚŝĂŚĂǀĞďŽůƐƚĞƌĞĚƉƌŽƐƉĞĐƚƐŽĨƚŚĞ Total 64.7% 143 ZĞͲĞŶŐŝŶĞĞƌŝŶŐĂŶĚZĞͲŝŵĂŐŝŶŝŶŐŝƚƐƉŽƌƞŽůŝŽƚŽĂĐŚŝĞǀĞϴй džŽƟĐĂZĞƐŽƌƚĂŶĚ^ƉĂ͕ŶĚĂŵĂŶƐŝƐĂůƵdžƵƌŝŽƵƐŐĂƚĞǁĂLJƚŽĂ ƐĞĐƚŽƌ͘īŽƌƚƐƚŽƐƚŝŶǀĞƐƚŵĞŶƚƐŝŶƚŚĞƚŽƵƌŝƐŵƐĞĐƚŽƌďLJ /dŵĂƌŐŝŶŝŵƉƌŽǀĞŵĞŶƚ͕ĚƌŝǀĞŶďLJĂĚĞĞƉĐŽŵŵŝƚŵĞŶƚ ďŝŽĚŝǀĞƌƐŝƚLJŚŽƚƐƉŽƚŝŶƚŚĞĂLJŽĨĞŶŐĂů͘ ĂůůŽǁŝŶŐϭϬϬй&/ƚŚƌŽƵŐŚƚŚĞĂƵƚŽŵĂƟĐƌŽƵƚĞ͕ƉŽƐŝƟŽŶŝŶŐ ŵĞƌŐŝŶŐ ŵĂƌŬĞƚƐ ƐƵĐŚ ĂƐ ŚŝŶĂ͕ /ŶĚŝĂ ĂŶĚ /ŶĚŽŶĞƐŝĂ ĂƌĞ ƚŽ ƐĞƌǀĞ ŝƚƐ ĞƐƚĞĞŵĞĚ ƉĂƚƌŽŶƐ ĂŶĚ ŝŵƉůĞŵĞŶƚ ƌĞůĞǀĂŶƚ /ŶĚŝĂĂƐĂŶŝŵƉŽƌƚĂŶƚǁĞůůŶĞƐƐĚĞƐƟŶĂƟŽŶĂƌĞŽƚŚĞƌŐƌŽǁƚŚ ďĞĐŽŵŝŶŐ ŝŶŶŽǀĂƟŽŶ ĐĞŶƚƌĞƐ͕ ĐĂƚĐŚŝŶŐ ƵƉ ǁŝƚŚ ĂĚǀĂŶĐĞĚ ŝŶŝƟĂƟǀĞƐƚŽƐƚƌĞŶŐƚŚĞŶŵĂƌŐŝŶƐ͘ ĚƌŝǀĞƌƐĨŽƌƚŚĞƐĞĐƚŽƌ͘ ĞĐŽŶŽŵŝĞƐ͘ /Ŷ Ă ƌĞĐĞŶƚ ƐƚƵĚLJ ŽŶ ǁŚŝĐŚ ŐĞŽŐƌĂƉŚŝĐ ĐůƵƐƚĞƌƐ

82 Annual Report 2017-18 83 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

dŚŝƐ ůŽĐĂƟŽŶ ŚĂƐ ĞĂƌŶĞĚ ŐůŽďĂů ƐŝŐŶŝĮĐĂŶĐĞ ĂŶĚ ĂƩƌĂĐƚƐ sĂƌĂŶĂƐŝĂŶĚdĂũ^ĂŵƵĚƌĂ͕ŽůŽŵďŽ͘dŚĞǀĂƌŝŽƵƐĂƌĞĂƐƵŶĚĞƌ ĐŽŵŵƵŶŝĐĂƟŽŶƐĐĂŵƉĂŝŐŶĂĐƌŽƐƐƉƌŝŶƚ͕ĚŝŐŝƚĂůĂŶĚƐŽĐŝĂů ͻ ,͘͘Dƌ͘WƌĂǀŝŶĚ<ƵŵĂƌ:ƵŐŶĂƵƚŚ͕WƌŝŵĞDŝŶŝƐƚĞƌŽĨ ƐŝŐŶŝĮĐĂŶƚƚŽƵƌŝƐƚĨŽŽƞĂůůƐ͘&ƌŝŶŐĞĚďLJƐƚƌŝƉŽĨŵĂŶŐƌŽǀĞƐĂŶĚ ƌĞŶŽǀĂƟŽŶ ŝŶĐůƵĚĞ ŐƵĞƐƚƌŽŽŵƐ ĂŶĚ ƐƵŝƚĞƐ͕ ƌĞƐƚĂƵƌĂŶƚƐ ĂŶĚ ŵĞĚŝĂ ƚŽ ŝŵƉƌŽǀĞ ĐŽƐƚͲĞīĞĐƟǀĞ ĐƵƐƚŽŵĞƌ ĂĐƋƵŝƐŝƟŽŶƐ  DĂƵƌŝƟƵƐ ĂƌŝǀĞƌŽǀĞƌůŽŽŬŝŶŐƚŚĞďĞĂĐŚ͕ƚŚŝƐƌĞƐŽƌƚŝƐĂŚŽŵĂŐĞƚŽƚŚĞ ŽƚŚĞƌĂƐƐŽĐŝĂƚĞĚĂƌĞĂƐŽĨƚŚĞŚŽƚĞů͘ ĂĐƌŽƐƐĂůůĐŚĂŶŶĞůƐ͘ ͻ WƌŝŶĐĞĚǁĂƌĚ͕ĂƌůŽĨtĞƐƐĞdž ƐĞĐůƵĚĞĚŶĚĂŵĂŶĂŶĚEŝĐŽďĂƌĂƌĐŚŝƉĞůĂŐŽ͘ ^ĂůĞƐΘDĂƌŬĞƟŶŐ/ŶŝƟĂƟǀĞƐ ͻ WĂƌƚŶĞƌƐŚŝƉ DĂƌŬĞƟŶŐ͗ zŽƵƌ ŽŵƉĂŶLJ ĐŽŶƟŶƵĞĚ ƚŽ ͻ DƐ͘,ŝůůĂƌLJŝĂŶĞZŽĚŚĂŵůŝŶƚŽŶ͕^ĞŶĂƚŽƌ͕h^ EĞǁDĂŶĂŐĞŵĞŶƚŽŶƚƌĂĐƚƐ ƌŝǀŝŶŐĞŵĂŶĚ'ƌŽǁƚŚ ƉĂƌƚŶĞƌ ǁŝƚŚ ĂŝƌůŝŶĞƐ ĂŶĚ ĨƌĞƋƵĞŶƚ ŇLJĞƌ ƉƌŽŐƌĂŵŵĞƐ zŽƵƌŽŵƉĂŶLJ ƐƵĐĐĞĞĚĞĚ ŝŶ ƐŝŐŶŝŶŐ ƚǁŽ ŶĞǁ ŵĂŶĂŐĞŵĞŶƚ ͻdĂũ,ŽůŝĚĂLJƐ͗  zŽƵƌŽŵƉĂŶLJĐŽŶƟŶƵĞĚƚŽĞŶŚĂŶĐĞĨŽĐƵƐŽŶ ĂĐƌŽƐƐ ƚŚĞ ǁŽƌůĚ͕ ŽīĞƌŝŶŐ ŐƵĞƐƚƐ ƚŚĞ ŇĞdžŝďŝůŝƚLJ ĂŶĚ dĂƚĂƵƐŝŶĞƐƐdžĐĞůůĞŶĐĞDŽĚĞů;ΖdDΖͿ ĐŽŶƚƌĂĐƚƐ Ͳ  Ă ϭϱϬ ŬĞLJ dĂũ ,ŽƚĞů ŝŶ DƵŵďĂŝ ĂŶĚ Ă ϭϱϬ ŬĞLJ ƌĞƐŽƌƚĚĞƐƟŶĂƟŽŶƐĨŽƌĚŽŵĞƐƟĐƚƌĂǀĞůůĞƌƐƚŚƌŽƵŐŚƚŚĞdĂũ ŽƉƉŽƌƚƵŶŝƚLJƚŽĞĂƌŶĨƌĞƋƵĞŶƚŇLJĞƌŵŝůĞƐĨŽƌƚŚĞŝƌƐƚĂLJƐ͘/ƚ zŽƵƌŽŵƉĂŶLJĐŽŶƟŶƵĞĚŝƚƐƋƵĞƐƚĨŽƌĞdžĐĞůůĞŶĐĞďLJƵŶĚĞƌŐŽŝŶŐ sŝǀĂŶƚĂ,ŽƚĞůŝŶŚŽƉĂů͖ĂŶĚŝƐŝŶĚŝƐĐƵƐƐŝŽŶƐĨŽƌŵĂŶLJŵŽƌĞ ,ŽůŝĚĂLJƐƉůĂƞŽƌŵŝŶůŝŶĞǁŝƚŚƚŚĞƐƚƌĂƚĞŐLJƚŽĚƌŝǀĞĚŽŵĞƐƟĐ ƌĂŶŵƵůƟƉůĞŵĂƌŬĞƟŶŐĐĂŵƉĂŝŐŶƐǁŝƚŚĂŝƌůŝŶĞƉĂƌƚŶĞƌƐ͕ ĂŶ ĞdžƚĞƌŶĂů dD ĂƐƐĞƐƐŵĞŶƚ ŝŶ ϮϬϭϳ͘ džƉĞƌŝĞŶĐĞĚ dD ŽƉƉŽƌƚƵŶŝƟĞƐ͘ KƚŚĞƌ ŵĂŶĂŐĞŵĞŶƚ ĐŽŶƚƌĂĐƚ ŽƉƉŽƌƚƵŶŝƟĞƐ ĚŽŵŝŶĂŶĐĞ͘ ^ƵŵŵĞƌ͕ DŽŶƐŽŽŶ ĂŶĚ tŝŶƚĞƌ ĐĂŵƉĂŝŐŶƐ ŝŶĐůƵĚŝŶŐ dĂƚĂ ^/ ŝƌůŝŶĞƐ ;sŝƐƚĂƌĂͿ ĂŶĚ ĨƌĞƋƵĞŶƚ ŇLJĞƌ ĂƐƐĞƐƐŽƌƐ ĨƌŽŵ ƚŚĞ dĂƚĂ 'ƌŽƵƉ ƐƚƵĚŝĞĚ ĂŶ ͚ĂƉƉůŝĐĂƟŽŶ͛ ƚŚĂƚ ŚĂǀĞ ďĞĞŶ ƐŝŐŶĞĚ ĞĂƌůŝĞƌ ĂƌĞ ƵŶĚĞƌ ĚŝīĞƌĞŶƚ ƐƚĂŐĞƐ ŽĨ ǁĞƌĞ ůĂƵŶĐŚĞĚ ƚŽ ƚĂƌŐĞƚ ƚŚĞ ĚŽŵĞƐƟĐ ůĞŝƐƵƌĞ ƐĞŐŵĞŶƚ͕ ƉĂƌƚŶĞƌĚĂƚĂďĂƐĞƐŝŶEŽƌƚŚŵĞƌŝĐĂ͕ƐŝĂWĂĐŝĮĐ͕ƵƌŽƉĞ͕ ĚŽĐƵŵĞŶƟŶŐ LJŽƵƌ ŽŵƉĂŶLJ͛Ɛ ƉƌŽĐĞƐƐĞƐ ĂŶĚ ĂĐƟŽŶƐ ŝŶ ĞdžĞĐƵƟŽŶ͘ĞƐŝĚĞƐ͕ĐŽŶƚƌĂĐƚƌĞŶĞǁĂůƐͬĞdžƚĞŶƐŝŽŶƐǁĞƌĞĚŽŶĞ ǁŚŝĐŚŚĂƐďĞĞŶŐƌŽǁŝŶŐĐŽŶƐŝƐƚĞŶƚůLJƐŝŶĐĞůĂƐƚLJĞĂƌ͘ ƚŚĞDŝĚĚůĞĂƐƚĂŶĚĨƌŝĐĂ͕ĞŶĐŽƵƌĂŐŝŶŐĚŝƌĞĐƚŬŝŶŐƐ ƌĞƐƉŽŶƐĞ ƚŽ ƚŚĞ dD ƌŝƚĞƌŝĂ͘  dŚĞLJ ŝŶƚĞƌĂĐƚĞĚ ǁŝƚŚ ƐĞŶŝŽƌ ĨŽƌĞdžŝƐƟŶŐŚŽƚĞůƐĂƚEĞǁzŽƌŬ͕>ĂŶŐŬĂǁŝĂŶĚ^ƵƌĂƚ͘ ĨƌŽŵŝŶƚĞƌŶĂƟŽŶĂůƚƌĂǀĞůůĞƌƐĂŶĚĚƌŝǀŝŶŐĚŽƵďůĞͲĚŝŐŝƚZK/ ůĞĂĚĞƌƐĂŶĚƚŚĞŝƌƚĞĂŵƐŽǀĞƌĂƚŚƌĞĞͲŵŽŶƚŚƉĞƌŝŽĚ͕ĐƵůŵŝŶĂƟŶŐ  dŚŝƐǁĂƐ ƉƌŽŵŽƚĞĚ ĂŐŐƌĞƐƐŝǀĞůLJ ƚŚƌŽƵŐŚ Ă ϯϲϬͲĚĞŐƌĞĞ ŐƌŽǁƚŚĨƌŽŵĨƌĞƋƵĞŶƚŇLJĞƌƉĂƌƚŶĞƌƐŚŝƉƐ͘ ŝŶĂϭϬͲĚĂLJƐŝƚĞǀŝƐŝƚŽĨŚŽƚĞůƐĂƐǁĞůůĂƐƚŚĞĐŽƌƉŽƌĂƚĞŽĸĐĞ͘ WƌŽĚƵĐƚhƉŐƌĂĚĞͬZĞŶŽǀĂƟŽŶ ƐĂůĞƐ ĂŶĚ ŵĂƌŬĞƟŶŐ ƉůĂŶ͕ ĂůŽŶŐ ǁŝƚŚ ƌŽĂĚƐŚŽǁƐ͘ 'ŝǀĞŶ dŚĞĂƐƐĞƐƐŵĞŶƚĮŶĚŝŶŐƐǁĞƌĞƐŚĂƌĞĚǁŝƚŚƚŚĞDΘdžĞĐƵƟǀĞ dŽŬĞĞƉƚŚĞŚŽƚĞůƐƵƉĚĂƚĞĚĂŶĚŝŶůŝŶĞǁŝƚŚŽƚŚĞƌĐŽŵƉĞƟƟŽŶ ƚŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ƚŚĞ ůĞŝƐƵƌĞ ŵĂƌŬĞƚ͕ LJŽƵƌ ŽŵƉĂŶLJ ͻ zŽƵƌ ŽŵƉĂŶLJ ĂůƐŽ ƉĂƌƚŶĞƌĞĚ ǁŝƚŚ ůĞĂĚŝŶŐ ŶĞƚǁŽƌŬƐ͕ ŽŵŵŝƩĞĞĂƐǁĞůůĂƐƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ͘ ŚŽƚĞůƐ ŝŶ ƚŚĞ ŵĂƌŬĞƚ͕ LJŽƵƌ ŽŵƉĂŶLJ ĞŵďĂƌŬĞĚ ƵƉŽŶ ĂŶ ŝŵƉƌŽǀĞĚŽŶƚŚĞĚĞĚŝĐĂƚĞĚŵŝĐƌŽƐŝƚĞĨŽƌdĂũŚŽůŝĚĂLJƐ͘dŚŝƐ ŝŶĐůƵĚŝŶŐ ŵĞƌŝĐĂŶ džƉƌĞƐƐΠ͕ DĂƐƚĞƌĐĂƌĚ ĂŶĚ sŝƐĂ ĂƐ ĂŵďŝƟŽƵƐƌĞŶŽǀĂƟŽŶƉůĂŶĨŽƌŵƵůƟƉůĞŚŽƚĞůƐ͘dŚĞƐĞŝŶĐůƵĚĞ ŚĂƐďĞĞŶǁĞůůͲƌĞĐĞŝǀĞĚďLJŐƵĞƐƚƐĂŶĚǁĞďƐŝƚĞǀŝƐŝƚŽƌƐ͘ ǁĞůůĂƐďĂŶŬƐƚŽƉƌŽŵŽƚĞĚŝƌĞĐƚŬŝŶŐƐ͕ĚƌŝǀĞůŽLJĂůƚLJ zŽƵƌŽŵƉĂŶLJǁĂƐŝĚĞŶƟĮĞĚĂƐĂŶ͚ŵĞƌŐŝŶŐ/ŶĚƵƐƚƌLJ>ĞĂĚĞƌ͛ dĂũDĂŚĂů WĂůĂĐĞ ĂŶĚ dŽǁĞƌ͕DƵŵďĂŝ͖ dĂũdžŽƟĐĂ ZĞƐŽƌƚ Θ ĂŶĚ ĞŶŚĂŶĐĞ ƐƉĞŶĚƐ ŽŶ ĚŝŶŝŶŐ͕ ĂĐĐŽŵŵŽĚĂƟŽŶ ĂŶĚ ǁŝƚŚ Ă ƐĐŽƌĞ ŽĨ ϱϳϯ ŽƵƚ ŽĨ Ă ƉŽƐƐŝďůĞ ϭϬϬϬ ƉŽŝŶƚƐ͘ dŚƌĞĞ ^ƉĂ͕'ŽĂ͖dĂũĞŶŐĂů͕<ŽůŬĂƚĂ͖dĂũ&ŽƌƚŐƵĂĚĂZĞƐŽƌƚΘ^ƉĂ͕ ͻ dĂũ džƉĞƌŝĞŶĐĞƐ 'ŝŌ ĂƌĚ͗ dŽ ŝŵƉƌŽǀĞ ƌĞǀĞŶƵĞƐ ĂŶĚ ŚŽůŝĚĂLJƐ͘ dŚŝƐ ĞŶĂďůĞĚ LJŽƵƌ ŽŵƉĂŶLJ ƚŽ ƌĞĂĐŚ ŶĞǁ ƉƌŽŵŝƐŝŶŐ ƉƌĂĐƟĐĞƐ dĂũ͘>ŝǀĞ ;ƚŚĞ ^ŽĐŝĂů DĞĚŝĂ ŽŵŵĂŶĚ 'ŽĂ͖dĂũŝƉůŽŵĂƟĐŶĐůĂǀĞ͕EĞǁĞůŚŝĂŶĚdĂũŽŶŶĞŵĂƌĂ͕ ĚƌŝǀĞ ĂĚǀŽĐĂĐLJ͕ LJŽƵƌ ŽŵƉĂŶLJ ĐŽŶƟŶƵĞĚ ƚŽ ƉƌŽŵŽƚĞ ĂƵĚŝĞŶĐĞƐǁŝƚŚĐƵƌĂƚĞĚŽīĞƌƐƚŚƌŽƵŐŚŵĂŝŶƐƚƌĞĂŵĂŶĚ ĞŶƚƌĞͿ͕dĂũ^ǁĂŐĂƚ;EĞǁŵƉůŽLJĞĞKƌŝĞŶƚĂƟŽŶWƌŽŐƌĂŵŵĞͿ ŚĞŶŶĂŝ͕ĂŵŽŶŐŽƚŚĞƌƐ͘ ƚŚĞ dĂũ džƉĞƌŝĞŶĐĞƐ 'ŝŌ ĂƌĚ͕ ƌĞĚĞĞŵĂďůĞ ĂŐĂŝŶƐƚ ĚŝŐŝƚĂůŵĂƌŬĞƟŶŐĐĂŵƉĂŝŐŶƐĂŶĚŝŶĐƌĞĂƐĞĚƌĞǀĞŶƵĞĨƌŽŵ ĂŶĚ ƌŽƐƐ džƉŽƐƵƌĞ dƌĂŝŶŝŶŐ ǁĞƌĞ ŝĚĞŶƟĮĞĚ ĚƵƌŝŶŐ ƚŚĞ ƐƉĞŶĚƐ ĂĐƌŽƐƐ dĂũ ŚŽƚĞůƐ ŝŶ /ŶĚŝĂ ŽŶ ĂĐĐŽŵŵŽĚĂƟŽŶ͕ ĂĸůŝĂƚĞƐĂŶĚŶĞƚǁŽƌŬƉƌŽŐƌĂŵŵĞƐ͘ ĂƐƐĞƐƐŵĞŶƚ͘ ͻ ƚ ƚŚĞ ŇĂŐƐŚŝƉ ŚŽƚĞů dĂũ DĂŚĂů WĂůĂĐĞ͕ DƵŵďĂŝ͕ ĚŝŶŝŶŐĂŶĚƐƉĂƐĞƌǀŝĐĞƐ͘ƐĂƉƌĞƉĂŝĚŝŶƐƚƌƵŵĞŶƚ͕ƚŚĞdĂũ ŐƵĞƐƚƌŽŽŵƐ ŝŶ ƚŚĞ ƚŽǁĞƌ ǁŝŶŐ ǁĞƌĞ ƌĞŶŽǀĂƚĞĚ ĂŶĚ džƉĞƌŝĞŶĐĞƐ'ŝŌĂƌĚŝƐĂŶŝŶŶŽǀĂƟǀĞďƵƐŝŶĞƐƐƐƚƌĂƚĞŐLJ ,ĞĂĚƐŽĨ^ƚĂƚĞĂŶĚWƌŽŵŝŶĞŶƚWĞƌƐŽŶĂůŝƟĞƐ zŽƵƌŽŵƉĂŶLJĐŽŶĚƵĐƚĞĚĂŶĂĐƟŽŶͲƉůĂŶŶŝŶŐǁŽƌŬƐŚŽƉǁŝƚŚ ƌĞŽƉĞŶĞĚƚŽŐƌĞĂƚƌĞǀŝĞǁƐĨƌŽŵŽƵƌŐƵĞƐƚƐ͘ ĨŽƌĂĚǀĂŶƚĂŐĞŽƵƐĐĂƐŚŇŽǁƐĂŶĚĚƌŝǀĞƐďƌĂŶĚƐĂůŝĞŶĐĞ͘ zŽƵƌ ŽŵƉĂŶLJ ĐŽŶƟŶƵĞƐ ŝƚƐ ůĞŐĂĐLJ ŽĨ ŚŽƐƟŶŐ ƚŚĞ ǁŽƌůĚ͛Ɛ ƌĞƉƌĞƐĞŶƚĂƟǀĞƐŽĨĂůůĨƵŶĐƟŽŶƐ͘dŚŝƐůĞĚƚŽƚŚĞŝĚĞŶƟĮĐĂƟŽŶ /ŶĂĚĚŝƟŽŶƚŽĂĚĞĚŝĐĂƚĞĚŵŝĐƌŽƐŝƚĞĂŶĚƌĞƚĂŝůƐĂůĞƐĂƚ ƉƌĞŵŝĞƌ ůĞĂĚĞƌƐ͕ ƌŽLJĂůƚLJ ĂŶĚ ĐĞůĞďƌŝƟĞƐ͘ ^ŽŵĞ ŽĨ ƚŚĞ ŽĨƉƌŽũĞĐƚƐƚŽŚĞůƉĞŶŚĂŶĐĞƐƚƌĞŶŐƚŚƐĂŶĚŵŝƟŐĂƚĞĂƌĞĂƐŽĨ ͻ ƚ dĂũ džŽƟĐĂ ZĞƐŽƌƚ Θ ^ƉĂ͕ 'ŽĂ͕ ƌĞŶŽǀĂƟŽŶ ŽĨ ƚŚĞ ƐĞůĞĐƚŚŽƚĞůƐ͕dĂũdžƉĞƌŝĞŶĐĞƐ'ŝŌĂƌĚƐǁĞƌĞĂůƐŽŵĂĚĞ ĞƐƚĞĞŵĞĚ,ĞĂĚƐŽĨ^ƚĂƚĞǁŚŽǀŝƐŝƚĞĚŽƵƌƉƌŽƉĞƌƟĞƐĚƵƌŝŶŐ ĐŽŶĐĞƌŶ͘ KŶĞ ƐƵĐŚ ĂĐƟŽŶ ƉƌŽũĞĐƚ ŝŶǀŽůǀĞĚ ŝĚĞŶƟĨLJŝŶŐ ĂŶĚ ƌŽŽŵƐŝŶƚŚĞŵĂŝŶďůŽĐŬŽĨƚŚĞŚŽƚĞůǁĞƌĞĐŽŵƉůĞƚĞĚ ĂǀĂŝůĂďůĞŽŶŵĂnjŽŶ͘ĐŽŵĂŶĚŚĂǀĞďĞĞŶĂƩƌĂĐƟŶŐŶĞǁ &zϮϬϭϳͲϭϴǁĞƌĞ͗ ƐŚĂƌŝŶŐŽƉĞƌĂƟŶŐďĞƐƚƉƌĂĐƟĐĞƐ͘^ƉĞĂƌŚĞĂĚĞĚďLJŽƌƉŽƌĂƚĞ ŝŶƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͖ƚŚŝƐLJĞĂƌϰϰǀŝůůĂƐǁĞƌĞƌĞŶŽǀĂƚĞĚ͘ ĂŶĚLJŽƵŶŐĞƌƌĞƚĂŝůĐƵƐƚŽŵĞƌƐ͘ ƵƐŝŶĞƐƐ džĐĞůůĞŶĐĞ ŵŽƌĞ ƚŚĂŶ ϰϬ ĐŽŵŵĞŶĚĂďůĞ ƉƌĂĐƟĐĞƐ ƚdĂũ&ŽƌƚŐƵĂĚĂZĞƐŽƌƚΘ^ƉĂ͕'ŽĂ͕ƌĞĨƵƌďŝƐŚŵĞŶƚ ͻ Zƚ͘,ŽŶ͘:ƵƐƟŶdƌƵĚĞĂƵ͕WƌŝŵĞDŝŶŝƐƚĞƌŽĨĂŶĂĚĂ ŚĂǀĞďĞĞŶŝĚĞŶƟĮĞĚĂĐƌŽƐƐŚŽƚĞůƐ͕ƵƐŝŶŐĂƐƚƌŝŶŐĞŶƚƐĞůĞĐƟŽŶ ŽĨƌŽŽŵƐĂŶĚĐŽƩĂŐĞƐǁĂƐĐŽŵƉůĞƚĞĚ͘ƐƉĂƌƚŽĨƚŚĞ ͻ <ĞƌĂůĂ ĂŵƉĂŝŐŶ͗ zŽƵƌ ŽŵƉĂŶLJ ŵŝŐƌĂƚĞĚ ĨŽƵƌ ŽĨ ŝƚƐ ͻ ,͘͘DƌŵŵĂŶƵĞůDĂĐƌŽŶ͕WƌĞƐŝĚĞŶƚŽĨ&ƌĂŶĐĞ ĐƌŝƚĞƌŝŽŶĂŶĚƐŚĂƌĞĚĨŽƌŝŵƉůĞŵĞŶƚĂƟŽŶ͘ ŽŶŐŽŝŶŐŵĂƐƚĞƌƉůĂŶ͕ƌĞŶŽǀĂƟŽŶĂŶĚƌĞĚĞƐŝŐŶŝŶŐǁŽƌŬƐ <ĞƌĂůĂŚŽƚĞůƐƚŽƚŚĞdĂũƌĂŶĚ͘dŚŝƐŝŶǀŽůǀĞĚƐƚƵĚLJŝŶŐĂŶĚ ͻ ,͘͘Dƌ͘DĂůĐŽŵdƵƌŶďƵů͕WƌŝŵĞDŝŶŝƐƚĞƌŽĨƵƐƚƌĂůŝĂ ĐŽŶƟŶƵĞĂƚdĂũdžŽƟĐĂZĞƐŽƌƚΘ^ƉĂ͕'ŽĂĂŶĚdĂũ&Žƌƚ ŵĂƉƉŝŶŐ<ĞƌĂůĂĨŽƌĂůůĐŽŵƉĞƟƟǀĞŽīĞƌŝŶŐƐĂŶĚĐŽŵŝŶŐ dĂũ͘>ŝǀĞǁĂƐƐƚƵĚŝĞĚďLJĐŽůůĞĂŐƵĞƐĨƌŽŵdŚĞdŝƚĂŶŽŵƉĂŶLJ ŐƵĂĚĂ ZĞƐŽƌƚ Θ ^ƉĂ͕ 'ŽĂ͘ dŚĞ ƌĞŶŽǀĂƚĞĚ ƉƌŽĚƵĐƚƐ ƵƉǁŝƚŚĂƐƚƌĂƚĞŐLJƚŽƌĞŐĂŝŶůĞĂĚĞƌƐŚŝƉŝŶƚŚĞŵĂƌŬĞƚ͘/ƚ ͻ ,͘͘Dƌ͘&ƌĂŶŬͲtĂůƚĞƌ^ƚĞŝŶŵĞŝĞƌ͕WƌĞƐŝĚĞŶƚŽĨ'ĞƌŵĂŶLJ >ŝŵŝƚĞĚ ŝŶ ĂŶ ĞŶĚĞĂǀŽƵƌ ƚŽ ƌĞƉůŝĐĂƚĞ ƚŚĞ ŵŽĚĞů͘ zŽƵƌ ǁĞƌĞ ǁĞůĐŽŵĞĚ ďLJ ďŽƚŚ LJŽƵƌ ůŽLJĂů ĂƐ ǁĞůů ĂƐ ŶĞǁ ǁĂƐĂŵĂũŽƌƌĞƉŽƐŝƟŽŶŝŶŐĞdžĞƌĐŝƐĞƚŽƌĞͲĞƐƚĂďůŝƐŚLJŽƵƌ ͻ ,͘͘Dƌ͘WĂŽůŽ'ŝŶƟůŝŶŝ͕WƌŝŵĞDŝŶŝƐƚĞƌŽĨ/ƚĂůLJ ŽŵƉĂŶLJ͛Ɛ ĐƵƐƚŽŵĞƌ ƐĂƟƐĨĂĐƟŽŶ ŵĞĂƐƵƌĞŵĞŶƚ ƉƌŽĐĞƐƐ ĐƵƐƚŽŵĞƌƐ͘ ŚŽƚĞůƐĂƐŵĂƌŬĞƚůĞĂĚĞƌƐĂŶĚĚƌŝǀĞďƵƐŝŶĞƐƐŝŶƚŽƚŚĞƐĞ ͻ ,͘͘Dƌ͘ĞŶũĂŵŝŶEĞƚĂŶLJĂŚƵ͕WƌŝŵĞDŝŶŝƐƚĞƌŽĨ/ƐƌĂĞů ǁĂƐĂůƐŽƐŚĂƌĞĚǁŝƚŚdĂƚĂ^ƚĞĞůͲƵƌŽƉĞ͘&ŽƵƌŵĞŵďĞƌƐŽĨ ŚŽƚĞůƐ͘ dŚĞƌĞĂŌĞƌ͕ LJŽƵƌ ŽŵƉĂŶLJ ůĂƵŶĐŚĞĚ Ă ƌŽďƵƐƚ ƚŚĞ ĞŶƚƌĂů DĂƚĞƌŝĂůƐ 'ƌŽƵƉ ĂůƐŽ ƉĂƌƟĐŝƉĂƚĞĚ ŝŶ Ă ůĞĂƌŶŝŶŐ ͻ /ŶEĞǁĞůŚŝ͕ĂƚƚŚĞdĂũWĂůĂĐĞ͕ǁŽƌŬŽŶƚŚĞƌĞĐĞƉƟŽŶ ŽŵŶŝͲĐŚĂŶŶĞů ƉƌŽŵŽƟŽŶĂů ĐĂŵƉĂŝŐŶ Ͳ ŝŶĐůƵĚŝŶŐ ƉƌŝŶƚ͕ ͻ ,͘͘Dƌ͘>ĞĞ,ƐŝĞŶ>ŽŽŶŐ͕WƌŝŵĞDŝŶŝƐƚĞƌŽĨ^ŝŶŐĂƉŽƌĞ ŵŝƐƐŝŽŶƚŽdĂƚĂDŽƚŽƌƐŽŶƐƵƉƉůLJĐŚĂŝŶŵĂŶĂŐĞŵĞŶƚ͘ ĂƌĞĂ͕ƚĞĂůŽƵŶŐĞ͕ĂƐǁĞůůĂƐĞdžƚĞƌŶĂůĚĞǀĞůŽƉŵĞŶƚǁŽƌŬƐ ƐŽĐŝĂůĂŶĚĚŝŐŝƚĂůŵĞĚŝĂƚŽŝŵƉƌŽǀĞĂǁĂƌĞŶĞƐƐĂŶĚƐŚĂƌĞ ͻ ,Z,WƌŝŶĐĞŚĂƌůĞƐ͕dŚĞWƌŝŶĐĞŽĨtĂůĞƐ ǁĞƌĞĐŽŵƉůĞƚĞĚĂŶĚǁĞůůƌĞĐĞŝǀĞĚ͘ ŽĨǁĂůůĞƚŝŶƚŚŝƐŵĂƌŬĞƚ͘ ͻ ,ŝƐDĂũĞƐƚLJ<ŝŶŐWŚŝůůŝƉ͕<ŝŶŐŽĨĞůŐŝƵŵ ƵƌŝŶŐ ƚŚĞ LJĞĂƌ͕ ĂĚĚŝƟŽŶĂů ƉƌĂĐƟĐĞƐ ĨƌŽŵ LJŽƵƌ ŽŵƉĂŶLJ ƐƵĐŚĂƐ͚DĂŶĂŐŝŶŐƵƐŝŶĞƐƐŝŶĂŶKŵŶŝͲŚĂŶŶĞůŝƐƚƌŝďƵƟŽŶ ͻ ƚ dĂũ ĞŶŐĂů͕ <ŽůŬĂƚĂ͕ ƚŚĞ ƌĞŶŽǀĂƟŽŶ ƉƌŽĐĞƐƐ ŚĂƐ ͻ 'ŽĂ ĂŵƉĂŝŐŶ͗ zŽƵƌ ŽŵƉĂŶLJ ŵŝŐƌĂƚĞĚ ƚǁŽ ŽĨ ŝƚƐ ͻ ,ŝƐDĂũĞƐƚLJ<ŝŶŐ:ŝŐŵĞ<ŚĞƐĂƌEĂŵŐLJĞůtĂŶŐĐŚƵĐŬ͕ ^ĐĞŶĂƌŝŽ͛ ĂŶĚ ͚/,>͛Ɛ ,Z ĂŶĚ >Θ ^ƚƌĂƚĞŐLJ͛ ĨĞĂƚƵƌĞĚ ĂƐ Ă ĐŽŵŵĞŶĐĞĚ͖ ĂŶĚ ƚŚĞ ĮƌƐƚ ƉŚĂƐĞ ŽĨ ƌŽŽŵƐ ǁĞƌĞ EŽƌƚŚ'ŽĂƌĞƐŽƌƚƐƚŽƚŚĞdĂũƌĂŶĚ͘dŚŝƐǁĂƐůĞǀĞƌĂŐĞĚ <ŝŶŐŽĨŚƵƚĂŶ ĞƐƚWƌĂĐƟĐĞŽŶdĂƚĂƵƐŝŶĞƐƐdžĐĞůůĞŶĐĞ'ƌŽƵƉ͛Ɛ͚WƌŽŵŝƐŝŶŐ ƌĞŶŽǀĂƚĞĚ͘ ƚŽƐƚƌĞŶŐƚŚĞŶƚŚĞƌĂŶĚ͛ƐƉŽƐŝƟŽŶŝŶ'ŽĂĂŶĚǁŝƚŚƚŚĞ ͻ WƌŝŶĐĞďĚƵůůĂŚŝŶdƵƌŬŝů^ĂƵĚ͕^ĂƵĚŝZƵůŝŶŐ&ĂŵŝůLJ WƌĂĐƟĐĞƐ͛ƉůĂƞŽƌŵ͘ ŚĞůƉŽĨĐŽŶƐƵŵĞƌŝŶƐŝŐŚƚƐĂŶĚƌĞƐĞĂƌĐŚŝŶǀŽůǀŝŶŐĂůůĨŽƵƌ ͻ ,͘͘ƌ,ĂƐƐĂŶZŽƵŚĂŶŝ͕WƌĞƐŝĚĞŶƚŽĨ/ƌĂŶ ͻ tŽƌŬƐĂƌĞƵŶĚĞƌǁĂLJĂƚdĂũŽŶŶĞŵĂƌĂ͕ŚĞŶŶĂŝ͕ǁŚŝĐŚ ŚŽƚĞůƐ ŝŶ 'ŽĂ͕ Ă ŵƵůƟĐŚĂŶŶĞů ĐĂŵƉĂŝŐŶ ǁĂƐ ůĂƵŶĐŚĞĚ >ĞĂĚĞƌƐŚŝƉŽĨƵƐŝŶĞƐƐƚŚŝĐƐ^ƵƌǀĞLJϮϬϭϳ ͻ ,͘͘Dƌ͘:ŽŬŽtŝĚŽĚŽ͕WƌĞƐŝĚĞŶƚ/ŶĚŽŶĞƐŝĂ ŚĂƐ ďĞĞŶ ĐůŽƐĞĚ ĨŽƌ ĐŽŵƉůĞƚĞ ƌĞŶŽǀĂƟŽŶ͘ dŚĞ ŚŽƚĞů ŝƐ ǁŝƚŚĂƌŽďƵƐƚƉƌĞƐĞŶĐĞĂĐƌŽƐƐƐŽĐŝĂůĂŶĚĚŝŐŝƚĂůŵĞĚŝĂ͘ zŽƵƌŽŵƉĂŶLJŚĂƐĂĐƟǀĞůLJĂĚŽƉƚĞĚĂŶĚŚĂƐŝŶƐƟƚƵƟŽŶĂůŝƐĞĚ ƐĐŚĞĚƵůĞĚƚŽƌĞŽƉĞŶƚŚŝƐLJĞĂƌ͘ dŚŝƐƌĞƐƵůƚĞĚŝŶĂƉŽƐŝƟǀĞŐĂŝŶŝŶŵĂƌŬĞƚƐŚĂƌĞĂŵŽŶŐ ͻ ,͘͘Dƌ͘EĂũŝďZĂnjĂŬ͕WƌŝŵĞDŝŶŝƐƚĞƌŽĨDĂůĂLJƐŝĂ ƚŚĞdĂƚĂŽĚĞŽĨŽŶĚƵĐƚ͘&ŽƌƚŚĞƚŚŝƌĚLJĞĂƌ͕LJŽƵƌŽŵƉĂŶLJ LJŽƵŶŐ ĐŽŶƐƵŵĞƌƐ͕ ŝŵƉƌŽǀĞĚ ďƌĂŶĚ ĞŶŐĂŐĞŵĞŶƚ ĂŶĚ ͻ ,͘͘Dƌ͘EŝĐŽƐŶĂƐƚĂƐŝĂĚĞƐ͕WƌĞƐŝĚĞŶƚŽĨLJƉƌƵƐ ŚĂƐ ƉĂƌƟĐŝƉĂƚĞĚ ŝŶ Ă ǀŽůƵŶƚĂƌLJ ĚŝƐĐůŽƐƵƌĞ ŽĨ ĂĐƟǀŝƟĞƐ ZĞŶŽǀĂƟŽŶ Ăƚ ƚŚĞ ŚŽƚĞůƐͬƵŶŝƚƐ ŽĨ LJŽƵƌ ƐƐŽĐŝĂƚĞ ĂŶĚ ƌĞǀĞŶƵĞƐ͘ ƐƵƌƌŽƵŶĚŝŶŐĞƚŚŝĐƐƚŚƌŽƵŐŚƚŚĞ>ĞĂĚĞƌƐŚŝƉŽĨƵƐŝŶĞƐƐƚŚŝĐƐ ͻ ,͘͘Dƌ͘ZĞĐĞƉdĂLJLJŝƉƌĚŽŐĂŶ͕WƌĞƐŝĚĞŶƚŽĨdƵƌŬĞLJ ^ƵďƐŝĚŝĂƌLJ ŽŵƉĂŶŝĞƐ ŝŶĐůƵĚĞ ǁŽƌŬƐ Ăƚ ǀĂƌŝŽƵƐ ƐƚĂŐĞƐ ŽĨ ^ƵƌǀĞLJ͘dŚĞĨĞĞĚďĂĐŬƌĞŇĞĐƚƐĂŽŵƉĂŶLJ͛ƐŽŶŐŽŝŶŐũŽƵƌŶĞLJ ĚĞƐŝŐŶĂŶĚĞdžĞĐƵƟŽŶĂƚsŝǀĂŶƚĂWƌĞƐŝĚĞŶƚ͕DƵŵďĂŝ͖sŝǀĂŶƚĂ ͻ dĂũ ^ĂĨĂƌŝƐ ĂŵƉĂŝŐŶ͗ zŽƵƌ ŽŵƉĂŶLJ ƌĞǀĂŵƉĞĚ ƚŚĞ ͻ ,͘͘Dƌ͘ZĂŶŝůtŝĐŬƌĂŵĂƐŝŶŐŚĂ͕WƌŝŵĞDŝŶŝƐƚĞƌŽĨ ƚŽǁĂƌĚƐ ĐƌĞĂƟŶŐ Ă ƌŽďƵƐƚ ĞǀĂůƵĂƟŽŶ ƐLJƐƚĞŵ ĨŽƌ ďƵƐŝŶĞƐƐ ŵďĂƐƐĂĚŽƌ͕ EĞǁ ĞůŚŝ͖ sŝǀĂŶƚĂ 'ŽŵƟ EĂŐĂƌ͕ >ƵĐŬŶŽǁ͖ ^ĂĨĂƌŝƐ ǁĞďƐŝƚĞ ƚŽ ŝŵƉƌŽǀĞ ĚŝƐĐŽǀĞƌLJ ĂŶĚ ŶĂǀŝŐĂďŝůŝƚLJ͘  ^ƌŝ>ĂŶŬĂ ĞƚŚŝĐƐ͘ sŝǀĂŶƚĂ D' ZŽĂĚ Ͳ ĞŶŐĂůƵƌƵ͖ dŚĞ 'ĂƚĞǁĂLJ ,ŽƚĞů 'ĂŶŐĞƐ dŚŝƐǁĂƐŵĂĚĞŵŽƌĞŝŵƉĂĐƞƵůǁŝƚŚƚŚĞŚĞůƉŽĨĂƐƚƌŽŶŐ

84 Annual Report 2017-18 85 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

dŚĞ ƐƵƌǀĞLJ ĮŶĚŝŶŐƐ ĂƌĞ ŵĂƉƉĞĚ ƚŽ ͚ĨŽƵƌ ƉŝůůĂƌƐ͛ ŽĨ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ĐŽŶƚƌĂĐƚ ǁŝƚŚ ĂŶ ŝŶǀĞŶƚŽƌLJ ŽĨ ϱϱϯ ƌŽŽŵƐ ĂŶĚ ϮϱϮ͕ϲϳϳ͕ϲϱϴ ŵĞŐĂũŽƵůĞ ;D:Ϳ ŽĨ ĞŶĞƌŐLJ ǁĂƐ ƉƌŽĐƵƌĞĚ ĨƌŽŵ ĚĂLJͲƚŽͲĚĂLJŽƉĞƌĂƟŽŶƐ͘DŽƌĞƚŚĂŶϲϬĂƐƐŽĐŝĂƚĞƐŝŶDƵŵďĂŝ͕ ďƵƐŝŶĞƐƐ ĞƚŚŝĐƐ ĨƌĂŵĞǁŽƌŬ͕ ĞŵďĞĚĚĞĚ ŝŶ ƚŚĞ ĐŽŵƉůŝĂŶĐĞ ŵĂŶĂŐĞƐƚŚƌĞĞƚƌĂŶƐŝƚŐƵĞƐƚŚŽƵƐĞƐǁŝƚŚĂŶŝŶǀĞŶƚŽƌLJŽĨϮϮϰ ƌĞŶĞǁĂďůĞƐŽƵƌĐĞƐ͕ďŽƚŚƚŚƌŽƵŐŚ'ƌĞĞŶWŽǁĞƌŐƌĞĞŵĞŶƚƐ ĂŶŐĂůŽƌĞĂŶĚĞůŚŝƉĂƌƟĐŝƉĂƚĞĚŝŶϯǁŽƌŬƐŚŽƉƐŽŶƚŚĞƚŽƉŝĐ ƉƌŽŐƌĂŵŵĞ͘ zŽƵƌ ŽŵƉĂŶLJ͛Ɛ ƌĞůĂƟǀĞ ƉŽƐŝƟŽŶ ŝŶ ƚĞƌŵƐ ŽĨ ƌŽŽŵƐ͘dŚĞƚŽƚĂůŝŶǀĞŶƚŽƌLJŝƐϯ͕ϵϱϲƌŽŽŵƐ͘ ǁŝƚŚ ĞůĞĐƚƌŝĐŝƚLJ ƉƌŽǀŝĚĞƌƐ ĂƐ ǁĞůů ĂƐ ŽŶƐŝƚĞ ĂŶĚ ŽīƐŝƚĞ ŽĨƐƵƐƚĂŝŶĂďŝůŝƚLJŝŶƚŚĞŚŽƐƉŝƚĂůŝƚLJƐĞĐƚŽƌĂŶĚϭϬϬнĂƐƐŽĐŝĂƚĞƐ ƉƌŽĐĞƐƐĚĞƉůŽLJŵĞŶƚͬŝŵƉůĞŵĞŶƚĂƟŽŶŵĂƚƵƌŝƚLJĨŽƌďƵƐŝŶĞƐƐ ƌĞŶĞǁĂďůĞĞŶĞƌŐLJ͕ŝŶĐůƵĚŝŶŐǁŝŶĚĨĂƌŵƐĂŶĚƐŽůĂƌƉĂŶĞůƐ͘Ɛ ƉĂƌƟĐŝƉĂƚĞĚŝŶĂǁĞďŝŶĂƌŽŶƚŚĞƐĂŵĞƚŽƉŝĐ͘

ĞƚŚŝĐƐŝƐŽƵƚůŝŶĞĚďĞůŽǁ͕ďĂƐĞĚŽŶƚŚĞĨŽƵƌƉŝůůĂƌƐ͗ dĂũ^ĂĨĂƌŝƐ ĂƌĞƐƵůƚ͕ϱϴ͘ϱϴŝŵŝƚĞĚ ;Ă ũŽŝŶƚ ǀĞŶƚƵƌĞͿ ŽƉĞƌĂƚĞƐ ĨŽƵƌ ůŽĚŐĞƐ ŝŶ ŽŵƉĂŶLJ͛Ɛ ĐĂƌďŽŶ ĨŽŽƚƉƌŝŶƚ͘ dŚŝƐ ŝƐ ĐŽŵƉĂƌĂďůĞ ƚŽ ƚĂŬŝŶŐ džƚĞƌŶĂů ĞdžƉĞƌƚƐ ĐŽŶĚƵĐƚĞĚ ƚŚĞƐĞ ƐĞƐƐŝŽŶƐ͘ ƐƐŽĐŝĂƚĞƐ ĂŶĚ Four Pillars DĂƚƵƌŝƚLJ DĂƚƵƌŝƚLJ DĂĚŚLJĂ WƌĂĚĞƐŚ Ăƚ ĂŶĚŚĂǀŐĂƌŚ͕ WĞŶĐŚ͕ WĂŶŶĂ ĂŶĚ <ĂŶŚĂ ϭϵ͕ϲϱϴĐĂƌƐŽīƚŚĞƌŽĂĚ͘zŽƵƌŽŵƉĂŶLJ͛ƐƌĞŶĞǁĂďůĞĞŶĞƌŐLJ ŐƵĞƐƚƐĂĐƌŽƐƐϳϱŚŽƚĞůƐƉĂƌƟĐŝƉĂƚĞĚŝŶĂƌƚŚ,ŽƵƌƚŚŝƐLJĞĂƌ͕ ƌĂƟŶŐ;&zϭϳͿ ƌĂƟŶŐ;&zϭϲͿ EĂƟŽŶĂů WĂƌŬƐ͖ ĂŶĚ ŽŶĞ ůŽĚŐĞ ŝŶ EĞƉĂů͘ dŚĞƐĞ ƉƌŽƉĞƌƟĞƐ ĐŽŶƐƵŵƉƟŽŶŶŽǁƐƚĂŶĚƐĂƚϮϭйŽĨƚŚĞƚŽƚĂůĞŶĞƌŐLJŵŝdž͘ ĐƌĞĂƟŶŐĂǁĂƌĞŶĞƐƐĂďŽƵƚĞŶǀŝƌŽŶŵĞŶƚĂůŝƐƐƵĞƐĂƐƉĂƌƚŽĨƚŚĞ ϭ͘ >ĞĂĚĞƌƐŚŝƉ ƐƚĂďůŝƐŚĞĚ ƐƚĂďůŝƐŚĞĚ ĐŽŶƟŶƵĞƚŽĚĞůŝŐŚƚŐƵĞƐƚƐďLJŽīĞƌŝŶŐĚŝƐƟŶĐƟǀĞĞdžƉĞƌŝĞŶĐĞƐ ŐůŽďĂůĂƌƚŚ,ŽƵƌŵŽǀĞŵĞŶƚ͘dŚĞƐĞŵĞĂƐƵƌĞƐŚĂǀĞŚĞůƉĞĚ Ϯ͘ ŽŵƉůŝĂŶĐĞ^ƚƌƵĐƚƵƌĞ ǀŽůǀŝŶŐ ǀŽůǀŝŶŐ ŝŶŶĂƚƵƌĂůƐƵƌƌŽƵŶĚŝŶŐƐ͘ tĂƐƚĞDĂŶĂŐĞŵĞŶƚ LJŽƵƌ ŽŵƉĂŶLJ ƚŽ ĐŽŶƐŽůŝĚĂƚĞ ŝƚƐĞůĨ ĂƐ Ă ĨƵƚƵƌĞͲĨŽĐƵƐĞĚ ϯ͘ ŽŵŵƵŶŝĐĂƟŽŶΘdƌĂŝŶŝŶŐ ǀŽůǀŝŶŐ ǀŽůǀŝŶŐ zŽƵƌ ŽŵƉĂŶLJ ƉƌŽŵŽƚĞƐ ǁĂƐƚĞ ƌĞĚƵĐƟŽŶ ĂƐ ǁĞůů ĂƐ ďƵƐŝŶĞƐƐĂŶĚĂƌĞƐƉŽŶƐŝďůĞĐŽƌƉŽƌĂƚĞĐŝƟnjĞŶ͘ ϰ͘ DĞĂƐƵƌĞŵĞŶƚŽĨīĞĐƟǀĞŶĞƐƐ ǀŽůǀŝŶŐ ǀŽůǀŝŶŐ :ŝǀĂ^ƉĂ ƐĞŐƌĞŐĂƟŽŶĂŶĚƌĞĐLJĐůŝŶŐ͘KĨƚŚĞϳϵŚŽƚĞůƐĐŽǀĞƌĞĚƵŶĚĞƌƚŚĞ dŚĞ ƉŚŝůŽƐŽƉŚLJ ŽĨ :ŝǀĂ ƐƉĂƐ ŝƐ ƌŽŽƚĞĚ ŝŶ /ŶĚŝĂ͛Ɛ ĂŶĐŝĞŶƚ ĂƌƚŚŚĞĐŬƉƌŽŐƌĂŵŵĞ͕ϭϴŚĂǀĞĂĐŚŝĞǀĞĚϭϬϬйƌĞĐLJĐůŝŶŐŽĨ ^ĂĨĞƚLJ dĂũ ĂƉƉƌŽĂĐŚ ƚŽ ǁĞůůŶĞƐƐ͘ dŚĞ ĞƚŚŽƐ ŽĨ ŽƵƌ ĐĂƌĞĨƵůůLJ ƌĞĐƌĞĂƚĞĚ ŽƌŐĂŶŝĐǁĂƐƚĞ͘dŚĞŽƵƚĐŽŵĞ͗ϱ͕ϯϮϵƚŽŶŶĞƐŽĨŽƌŐĂŶŝĐǁĂƐƚĞ ^ĂĨĞƚLJŝƐŝŶƚĞŐƌĂůƚŽLJŽƵƌŽŵƉĂŶLJ͛ƐŽǀĞƌĂůůŽƉĞƌĂƟŽŶĂůĨĂďƌŝĐ͘ dĂũŚŽƚĞůƐĐŽŶƟŶƵĞĚƚŽĨŽĐƵƐŽŶŚŽŶŝŶŐƐĞƌǀŝĐĞŽīĞƌŝŶŐƐĨŽƌ ƚƌĞĂƚŵĞŶƚƐŝƐĚƌĂǁŶŽŶƚŚĞƌŝĐŚĂŶĚĂŶĐŝĞŶƚǁĞůůŶĞƐƐŚĞƌŝƚĂŐĞ ǁĂƐ ƉƌĞǀĞŶƚĞĚ ĨƌŽŵ ŐŽŝŶŐ ŝŶƚŽ ůĂŶĚĮůůƐ͕ ƚŚĞ ĞƋƵŝǀĂůĞŶƚ ŽĨ zŽƵƌŽŵƉĂŶLJŚĂƐĂƚǁŽͲƉƌŽŶŐĞĚĂƉƉƌŽĂĐŚƚŽƐĂĨĞƚLJ͗&ŝƌĞΘ ŚŝŐŚůĞǀĞůƐŽĨĐƵƐƚŽŵĞƌƐĂƟƐĨĂĐƟŽŶ͘ ŽĨ/ŶĚŝĂ͕ƚŚĞĨĂďůĞĚůŝĨĞƐƚLJůĞĂŶĚĐƵůƚƵƌĞŽĨ/ŶĚŝĂŶƌŽLJĂůƚLJĂŶĚ ϱϯϳ ƐŚŝƉƉŝŶŐ ĐŽŶƚĂŝŶĞƌƐ͘ ^ŽŵĞ ŽĨ ƚŚĞ ŽƚŚĞƌ ŶŽƚĂďůĞ ǁĂƐƚĞ >ŝĨĞ^ĂĨĞƚLJĂŶĚ&ŽŽĚ^ĂĨĞƚLJ͕,LJŐŝĞŶĞĂŶĚůĞĂŶůŝŶĞƐƐ͘ ƚŚĞŚĞĂůŝŶŐƚŚĞƌĂƉŝĞƐƚŚĂƚĞŵďƌĂĐĞ/ŶĚŝĂŶƐƉŝƌŝƚƵĂůŝƚLJ͘ ŵĂŶĂŐĞŵĞŶƚ ƉƌŽũĞĐƚƐ ŝŵƉůĞŵĞŶƚĞĚ ďLJ LJŽƵƌ ŽŵƉĂŶLJ ZŽŽƚĞĚŝŶŚŝƐƚŽƌLJĂŶĚƚƌĂĚŝƟŽŶƚŚĂƚĚĞůŝǀĞƌƚƌƵůLJƵŶĨŽƌŐĞƩĂďůĞ ŝŶĐůƵĚĞƚŚĞĐŽŶǀĞƌƐŝŽŶŽĨǁĂƐƚĞŬŝƚĐŚĞŶŽŝůƚŽďŝŽĚŝĞƐĞů͖ĂŶĚ &ŝƌĞΘ>ŝĨĞ^ĂĨĞƚLJ ĞdžƉĞƌŝĞŶĐĞ͕ĞĂĐŚdĂũŚŽƚĞůƌĞŇĞĐƚƐƚŚĞƚƌĂĚŝƟŽŶŽĨŚŽƐƉŝƚĂůŝƚLJ :ŝǀĂŝƐĂŶĞĐŽͲƐĞŶƐŝƟǀĞƐƉĂďƌĂŶĚ͖ŚĞŶĐĞĂůůƐƉĂƉƌŽĚƵĐƚƐĂƌĞ ƚŚĞĐŽŶǀĞƌƐŝŽŶŽĨŽƌŐĂŶŝĐǁĂƐƚĞƚŽĐŽŵƉŽƐƚĂŶĚďŝŽŐĂƐ͘ zŽƵƌ ŽŵƉĂŶLJ ĐŽŶƟŶƵĞƐ ƚŽ ĐĂƌƌLJ ŽƵƚ &ŝƌĞ ĂŶĚ >ŝĨĞ ^ĂĨĞƚLJ ƚŽĐƌĞĂƚĞůŝĨĞůŽŶŐŵĞŵŽƌŝĞƐ͘ ŶĂƚƵƌĂů͕ŶĂƟǀĞƚŽ/ŶĚŝĂĂŶĚĐŽŶƚĂŝŶŚĞƌďƐ͕ƉƵƌĞĞƐƐĞŶƟĂůŽŝůƐ͕ ĂƵĚŝƚƐ ƚŚƌŽƵŐŚ Ă ƌĞƉƵƚĞĚ ĂƵĚŝƚ ĐŽŵƉĂŶLJ ʹ Es '>͘ ĂƐĞĚ ůŝƉŝĚƐ͕ĐůĂLJƐ͕ŵƵĚ͕ƐĂůƚƐĂŶĚŇŽǁĞƌǁĂƚĞƌ͘:ŝǀĂ^ƉĂƵƐĞƐŽƌŐĂŶŝĐ dŚŝƐLJĞĂƌ͕ŝŶƌĞƐƉŽŶƐĞƚŽƚŚĞŐůŽďĂůĐŽŶĐĞƌŶƐĂďŽƵƚƉůĂƐƟĐ ŽŶĨĞĞĚďĂĐŬĨƌŽŵƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͕ƚŚĞĂƵĚŝƚƉƌŽƚŽĐŽůǁĂƐ zŽƵƌŽŵƉĂŶLJĐŽŶƟŶƵĞĚƚŚĞƚŚƌƵƐƚŽŶŝŶĚŝǀŝĚƵĂůĐĂŵƉĂŝŐŶƐ ůŝŶĞŶĂŶĚĞĐŽͲĨƌŝĞŶĚůLJƚŽdžŝŶͲĨƌĞĞƉŽƩĞƌLJ͘ ƉŽůůƵƟŽŶ ĂŶĚ ŵĂƌŝŶĞ ŵŝĐƌŽͲƉůĂƐƟĐƐ͕ LJŽƵƌ ŽŵƉĂŶLJ ŚĂƐ ƌĞǀŝƐĞĚ͘/ŶƉƵƚƐǁĞƌĞƐŽƵŐŚƚĨƌŽŵĞdžƉĞƌƚƐĂƚƚŚĞdĂƚĂ'ƌŽƵƉ ŝŶ/ŶĚŝĂĂŶĚƚŚĞdĂũWĂůĂĐĞƐĂŵƉĂŝŐŶŝŶŬĞLJŐůŽďĂůŵĂƌŬĞƚƐ ĐŽŵŵŝƩĞĚ ƚŽ ƉŚĂƐŝŶŐ ŽƵƚ ƐŝŶŐůĞͲƵƐĞ ƉůĂƐƟĐƐ͕ ƐĞƫŶŐ ^ĂĨĞƚLJKĸĐĞĂŶĚƚŚĞĂƵĚŝƚƉƌŽƚŽĐŽůǁĂƐĂůŝŐŶĞĚǁŝƚŚƚŚĞdĂƚĂ ƚŚŝƐLJĞĂƌ͘dŚĞĐĂŵƉĂŝŐŶĐĞůĞďƌĂƚĞƐƚŚĞƵŶŝƋƵĞŶĞƐƐŽĨĞĂĐŚŽĨ ƵƌŝŶŐϮϬϭϳͲϭϴ͕LJŽƵƌŽŵƉĂŶLJůĂƵŶĐŚĞĚŽŶĞŶĞǁ:ŝǀĂ^ƉĂĂƚ Ă ďĞŶĐŚŵĂƌŬ ĨŽƌ /ŶĚŝĂ͛Ɛ ŚŽƐƉŝƚĂůŝƚLJ ŝŶĚƵƐƚƌLJ͘ ^ŝŶŐůĞͲ 'ƌŽƵƉ^ĂĨĞƚLJ^ƚĂŶĚĂƌĚƐ͘ ƚŚĞ'ƌĂŶĚWĂůĂĐĞƐĂŶĚŚĂƐŚĞůƉĞĚĞŶŚĂŶĐĞLJŽƵƌŽŵƉĂŶLJ͛Ɛ dĂũdžŽƟĐĂZĞƐŽƌƚΘ^ƉĂ͕ŶĚĂŵĂŶƐ͘ ƵƐĞ ƉůĂƐƟĐƐ ƐƵĐŚ ĂƐ ƚŚĞ ƉůĂƐƟĐ ƉĂĐŬĂŐŝŶŐ ŽĨ ŝŶͲƌŽŽŵ ďƌĂŶĚŝŵĂŐĞ͘ ĂŵĞŶŝƟĞƐ ŚĂƐ ĂůƌĞĂĚLJ ďĞĞŶ ĞůŝŵŝŶĂƚĞĚ ŝŶ ϯϬ ůƵdžƵƌLJ dŚĞĂƵĚŝƚƉƌŽƚŽĐŽůĞŶĐŽŵƉĂƐƐĞƐ>ĞĂĚĞƌƐŚŝƉΘ'ŽǀĞƌŶĂŶĐĞ͕ Ɛ ŽŶ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ͕ ƚŚĞƌĞ ǁĞƌĞ ϰϯ :ŝǀĂ ^ƉĂƐ ŽƉĞƌĂƟŶŐ ƉƌŽƉĞƌƟĞƐĂĐƌŽƐƐ/ŶĚŝĂ͘ ZŝƐŬƐƐĞƐƐŵĞŶƚ͕&ŝƌĞ^ĂĨĞƚLJ͕ůĞĐƚƌŝĐĂů^ĂĨĞƚLJ͕'ĞŶĞƌĂů^ĂĨĞƚLJ sŝǀĂŶƚĂ ĂĐƌŽƐƐ /,>͘ :ŝǀĂ ^ƉĂ ĂůƐŽ ƌƵŶƐ ŶŽŶͲďƌĂŶĚĞĚ ƐƉĂƐ ŝ͘Ğ͘ ͚dŚĞ ĂŶĚ >ĞŐĂů ZĞƋƵŝƌĞŵĞŶƚƐ͘ hƐŝŶŐ ƚŚĞ ƉƌĞǀŝŽƵƐ LJĞĂƌ͛Ɛ ĂƵĚŝƚ zŽƵƌŽŵƉĂŶLJ͛ƐsŝǀĂŶƚĂďƌĂŶĚĞdžƉĞƌŝĞŶĐĞŝƐĚĞƐŝŐŶĞĚĂƌŽƵŶĚ ^ƉĂ͛ĂŶĚŝƐŽƉĞƌĂƟŶŐϭϰƐƵĐŚƐƉĂƐŝŶǀĂƌŝŽƵƐŚŽƚĞůƐĂĐƌŽƐƐƚŚĞ tĂƚĞƌŵĂŶĂŐĞŵĞŶƚ ĮŶĚŝŶŐƐ LJŽƵƌ ŽŵƉĂŶLJ ŚĂƐ ĚĞǀĞůŽƉĞĚ ŽŶƚƌĂĐƚŽƌ ^ĂĨĞƚLJ ƚŚĞ ĐŽƐŵŽƉŽůŝƚĂŶ͕ ǁŽƌŬͲŚĂƌĚ ƉůĂLJͲŚĂƌĚ ƚƌĂǀĞůůĞƌ ƐĞĞŬŝŶŐ /ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶLJ>ŝŵŝƚĞĚ͘ zŽƵƌ ŽŵƉĂŶLJ ŚĂƐ ŝŶŝƟĂƚĞĚ Ă ǁĂƚĞƌ ƐĞĐƵƌŝƚLJ ĂƐƐĞƐƐŵĞŶƚ ^ƚĂŶĚĂƌĚƐ͕ &ŝƌĞ ^ĂĨĞƚLJ /ŶƐƉĞĐƟŽŶ ĐŚĞĐŬůŝƐƚƐ͕ ƐƚĂŶĚĂƌĚŝƐĞĚ Ă ǀŝǀĂĐŝŽƵƐ͕ ƌĞŝŶǀŝŐŽƌĂƟŶŐ ŚŽƚĞů ĞdžƉĞƌŝĞŶĐĞ͘ /ƚ ƉƌŽŵŝƐĞƐ Ă ŽĨ ŚŽƚĞůƐ ŝŶ ŬĞLJ ĐŝƟĞƐ ƚŽ ŝĚĞŶƟĨLJ ǁĂƚĞƌͲƌĞůĂƚĞĚ ƌŝƐŬƐ ĂŶĚ ƚŚĞ ,ĂnjĂƌĚ /ĚĞŶƟĮĐĂƟŽŶ ĂŶĚ ZŝƐŬ ƐƐĞƐƐŵĞŶƚ ƉƌŽĐĞƐƐ ĂŶĚ ƐĞŶƐŽƌŝĂůũŽƵƌŶĞLJĨŽƌƚŚĞƵƌďĂŶƐŽƉŚŝƐƟĐĂƚĞ͕ŚĂǀŝŶŐŝƚƐŽǁŶ ŶǀŝƌŽŶŵĞŶƚĂů/ŶŝƟĂƟǀĞƐ ƐƚƌĞŶŐƚŚĞŶ ƉƌĞƉĂƌĞĚŶĞƐƐ ƚŽ ŵĂŶĂŐĞ ƚŚĞŵ͘ ŽŶĐƵƌƌĞŶƚůLJ͕ ŝŵƉůĞŵĞŶƚĞĚ ZŽĂĚ ^ĂĨĞƚLJ ^ƚĂŶĚĂƌĚƐ͘ ĚĚŝƟŽŶĂůůLJ͕ ƚŚĞ dĂƚĂ ĚŝƐƟŶĐƚ ƉůĂLJ ŽŶ ĞůĞŵĞŶƚƐ ŽĨ ƚŽƵĐŚ͕ ƐŵĞůů͕ ǀŝƐƵĂů ŝĚŝŽŵƐ͕ zŽƵƌ ŽŵƉĂŶLJ͛Ɛ ĞŶǀŝƌŽŶŵĞŶƚĂů ƉƌŽŐƌĂŵŵĞƐ ĨŽĐƵƐ ŽŶ LJŽƵƌŽŵƉĂŶLJĐŽŶƟŶƵĞƐŝƚƐĞīŽƌƚƐƚŽĐŽŶƐĞƌǀĞĂŶĚƌĞĐLJĐůĞ ^ĂĨĞƚLJĞůŝĞĨƐŚĂǀĞďĞĞŶƌŽůůĞĚŽƵƚĂƚĂůůŚŽƚĞůƐ͘ ƚŽŶĂůŝƚLJĂŶĚƚĂƐƚĞ͘ ƌĞƐŽƵƌĐĞ ĞĸĐŝĞŶĐLJ ;ǁĂƚĞƌ͕ĞŶĞƌŐLJ ĂŶĚ ǁĂƐƚĞ ŵĂŶĂŐĞŵĞŶƚͿ ǁĂƚĞƌ͘ƚŽƚĂůŽĨϯ͕Ϯϳϲ͕ϵϮϯ<>ŽĨǁĂƚĞƌǁĂƐĐŽŶƐƵŵĞĚĨƌŽŵ ĂŶĚďŝŽĚŝǀĞƌƐŝƚLJ͘KƵƌŐƌĞĞŶŝŶŝƟĂƟǀĞƐĂƌĞĂůŝŐŶĞĚǁŝƚŚŐůŽďĂů ƌĞĐLJĐůĞĚĂŶĚƌĞƵƐĞĚƐŽƵƌĐĞƐ͕ŝŶĐůƵĚŝŶŐ ŚĂƌǀĞƐƚĞĚƌĂŝŶǁĂƚĞƌ dŽƌĞŝŶĨŽƌĐĞ Ă ƐĂĨĞƚLJ ĐƵůƚƵƌĞ͕ Ă ^ĂĨĞƚLJ ǁĂƌĞŶĞƐƐ ĂƐĐĂĚĞ dŚĞ'ĂƚĞǁĂLJ ĂŶĚ ŶĂƟŽŶĂů ĞŶǀŝƌŽŶŵĞŶƚĂů ĐŽŶĐĞƌŶƐ͕ ǁŚŝůĞ ĂůƐŽ ƐĞƫŶŐ ĂŶĚ ƌĞĐLJĐůĞĚ ^ĞǁĂŐĞ dƌĞĂƚŵĞŶƚ WůĂŶƚ ;Ζ^dWΖͿ ǁĂƚĞƌ͘ dŚŝƐ ŚĂƐ ďĞĞŶ ĐĂƌƌŝĞĚ ŽƵƚ͕ ĂŝŵĞĚ Ăƚ ŝŶĐƌĞĂƐŝŶŐ ĞŵƉůŽLJĞĞ dŚĞ 'ĂƚĞǁĂLJ ƌĂŶĚ ŝƐ ƚŚĞ ĨƵůů ƐĞƌǀŝĐĞ ƵƉƐĐĂůĞ ŚŽƐƉŝƚĂůŝƚLJ ďĞŶĐŚŵĂƌŬƐĨŽƌĞŶǀŝƌŽŶŵĞŶƚĂůƉƌĂĐƟĐĞǁŝƚŚŝŶƚŚĞŚŽƐƉŝƚĂůŝƚLJ ŝƐ ĐŽŵƉĂƌĂďůĞ ƚŽ ĐŽŶƐĞƌǀŝŶŐ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ǁĂƚĞƌ ŝŶ ϭϯϭϭ ĂǁĂƌĞŶĞƐƐŽŶƐĂĨĞƚLJŚĂnjĂƌĚƐŝŶĚĂŝůLJŽƉĞƌĂƟŽŶƐ͘dŽďƵŝůĚĂ ďƌĂŶĚ͘ zŽƵƌ ŽŵƉĂŶLJ͛Ɛ ͚'ĂƚĞǁĂLJ͛ ďƌĂŶĚ ŝƐ ĚĞƐŝŐŶĞĚ ƚŽ ŝŶĚƵƐƚƌLJ͘ KůLJŵƉŝĐƐǁŝŵŵŝŶŐƉŽŽůƐ͘ ƌĞůŝĂďůĞƉŽŽůŽĨƚƌĂŝŶĞĚƐĂĨĞƚLJĐŚĂŵƉŝŽŶƐƚŽůĞŶĚĞdžƉĞƌƟƐĞ ƉƌŽǀŝĚĞĐŽŶƐŝƐƚĞŶƚ͕ĐŽƵƌƚĞŽƵƐĂŶĚĐƌŝƐƉƐĞƌǀŝĐĞĨŽƌďƵƐŝŶĞƐƐ ŽŶƐĂĨĞƚLJƐLJƐƚĞŵƐĂƚƚŚĞŝƌŚŽƚĞůƐĂƐǁĞůůĂƐƐŝƐƚĞƌdĂũŚŽƚĞůƐ͕ ĂŶĚ ůĞŝƐƵƌĞ ƚƌĂǀĞůĞƌƐ ƐĞĞŬŝŶŐ ĐŽŶƚĞŵƉŽƌĂƌLJ ĂŶĚ ƌĞĨƌĞƐŚŝŶŐ ĞƌƟĮĐĂƟŽŶƐĂŶĚǁĂƌĚƐ ^ƵƐƚĂŝŶĂďůĞƐŽƵƌĐŝŶŐ ƚŚĞdĂũĞƌƟĮĞĚ^ĂĨĞƚLJŚĂŵƉŝŽŶƐdƌĂŝŶŝŶŐWƌŽŐƌĂŵŵĞǁĂƐ ĞdžƉĞƌŝĞŶĐĞƐ͘zŽƵƌŽŵƉĂŶLJ͛ƐďƌĂŶĚ͚'ĂƚĞǁĂLJ͛ŚĂƐŐƌŽǁŶďLJ zŽƵƌ ŽŵƉĂŶLJ ŶŽǁ ŚĂƐ ϳϵ ĂƌƚŚŚĞĐŬ ĐĞƌƟĮĞĚ ŚŽƚĞůƐ͕ ŽĨ zŽƵƌ ŽŵƉĂŶLJ ĞŵƉŚĂƐŝƐĞƐ ŽŶ ůŽĐĂů ƉƌŽĐƵƌĞŵĞŶƚ ĂŶĚ ĐŽŶĚƵĐƚĞĚĂŶĚĂƩĞŶĚĞĚďLJŽǀĞƌϱϬ,ĞĂĚƐŽĨŶŐŝŶĞĞƌŝŶŐ ĞƐƚĂďůŝƐŚŝŶŐŝƚƐĞůĨĂƐƚŚĞƉƌĞĨĞƌƌĞĚĐŚŽŝĐĞŝŶƚŚĞŵĂƌŬĞƚƐƚŚĂƚ ǁŚŝĐŚϲϳĂƌĞ'ŽůĚĞƌƟĮĞĚ͕ϵĂƌĞ^ŝůǀĞƌĐĞƌƟĮĞĚĂŶĚϯĂƌĞ ƉƌŽŵŽƚĞƐǀĞŶĚŽƌƐĨƌŽŵƵŶĚĞƌƉƌŝǀŝůĞŐĞĚƐĞĐƟŽŶƐŽĨƐŽĐŝĞƚLJ͘ ĂŶĚ^ĞĐƵƌŝƚLJ͘ ŝƚŽƉĞƌĂƚĞƐ͘ ƌŽŶnjĞ ĞƌƟĮĞĚ͘ dŚŝƐ ŝƐ ƚŚĞ ŚŝŐŚĞƐƚ ŶƵŵďĞƌ ŽĨ ĂƌƚŚŚĞĐŬ dŚŝƐ ŝŶĐůƵĚĞƐ ƐƵƉƉŽƌƟŶŐ ǀĞŶĚŽƌ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĂĐƟǀĞůLJ 'ŽůĚĐĞƌƟĮĞĚŚŽƚĞůƐĨŽƌĂŶLJŚŽƐƉŝƚĂůŝƚLJĐŽŵƉĂŶLJŝŶƚŚĞǁŽƌůĚ͘ ƐĞĞŬŝŶŐŽƵƚǀĞŶĚŽƌƐĨƌŽŵƌƵƌĂůĐŽŵŵƵŶŝƟĞƐĂŶĚE'KƐ͘dŚŝƐ zŽƵƌ ŽŵƉĂŶLJ ƌĞŐƌĞƚƐ ƚŽ ŝŶĨŽƌŵ LJŽƵ ŽĨ ƚǁŽ ĨĂƚĂůŝƟĞƐ ƚŚĂƚ 'ŝŶŐĞƌ,ŽƚĞůƐ LJĞĂƌ͕LJŽƵƌŽŵƉĂŶLJĐŽŵƉůĞƚĞĚĂŶĂƐƐĞƐƐŵĞŶƚŽĨŝƚƐƐĞĂĨŽŽĚ ŽĐĐƵƌƌĞĚ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ Ăƚ dĂũ ĞĐĐĂŶ ĂŶĚ sŝǀĂŶƚĂ ďLJ dĂũ zŽƵƌ ŽŵƉĂŶLJ͛Ɛ ^ƵďƐŝĚŝĂƌLJ͕ ZŽŽƚƐ ŽƌƉŽƌĂƟŽŶ >ŝŵŝƚĞĚ͕ zŽƵƌ ŽŵƉĂŶLJ͛Ɛ ŚŽƚĞů dĂũ <ƌŝƐŚŶĂ ,LJĚĞƌĂďĂĚ ǁŽŶ ƚŚĞ ƐƵƉƉůLJĐŚĂŝŶ͕ŝĚĞŶƟĨLJŝŶŐĂƌĞĂƐĨŽƌŽƉƟŵŝƐĂƟŽŶĂŶĚŝŶĐƌĞĂƐŝŶŐ DĂůĂďĂƌ͘ŽƚŚ ƵŶĨŽƌƚƵŶĂƚĞ ŝŶĐŝĚĞŶĐĞƐ ŝŶǀŽůǀĞĚ ĐŽŶƚƌĂĐƚŽƌƐ͘ ŽƉĞƌĂƟŶŐŚŽƚĞůƐƵŶĚĞƌƚŚĞ͚'ŝŶŐĞƌ͛ďƌĂŶĚ͕ŚĂƐϰϮŽƉĞƌĂƟŽŶĂů //EĂƟŽŶĂůǁĂƌĚĨŽƌdžĐĞůůĞŶĐĞŝŶŶĞƌŐLJDĂŶĂŐĞŵĞŶƚϮϬϭϳ͕ ůŽĐĂů ƉƌŽĐƵƌĞŵĞŶƚ͘ KƚŚĞƌ ŝŶŝƟĂƟǀĞƐ ŝŶĐůƵĚĞ ŝĚĞŶƟĨLJŝŶŐ  ĚĞƚĂŝůĞĚ ŝŶǀĞƐƟŐĂƟŽŶ ŝŶƚŽ ƚŚĞ ĨĂƚĂůŝƟĞƐ ǁĂƐ ĐŽŶĚƵĐƚĞĚ ŚŽƚĞůƐ͘ EŝŶĞ ŚŽƚĞůƐ ŚĂǀĞ ďĞĞŶ ĂĚĚĞĚ ĚƵƌŝŶŐ ƚŚĞ &ŝŶĂŶĐŝĂů ŝŶ ƚŚĞ ƵŝůĚŝŶŐƐ ĂƚĞŐŽƌLJ͘ /Ŷ ƚŚĞ W /ŶĚŝĂ ůŝŵĂƚĞ ŚĂŶŐĞ ĞĐŽͲĨƌŝĞŶĚůLJ ĂůƚĞƌŶĂƟǀĞƐ ƚŽ ƉůĂƐƟĐ ƉƌŽĚƵĐƚƐ ĂŶĚ ŵŝŶŝŵŝƐŝŶŐ ďLJ ĂŶ ŝŶƚĞƌŶĂů ƚĞĂŵ ŽĨ ŝŶǀĞƐƟŐĂƚŽƌƐ ůĞĚ ďLJ Ă ŵĞŵďĞƌ ŽĨ zĞĂƌĂƚŶĚŚĞƌŝĂƐƚ͕ƵƌĂŶŐĂďĂĚ͕>ƵĐŬŶŽǁ͕'ƵƌŐĂŽŶ;DͿ͕ ZĞƉŽƌƚ ϮϬϭϳ͕ LJŽƵƌ ŽŵƉĂŶLJ ŚĂƐ ĂĐŚŝĞǀĞĚ Ă ƐĐŽƌĞ ďĂŶĚ ͕ ƉůĂƐƟĐƉĂĐŬĂŐŝŶŐ͘ ƚŚĞ dĂƚĂ 'ƌŽƵƉ ^ĂĨĞƚLJ KĸĐĞ͘ dŚĞ ƌĞĐŽŵŵĞŶĚĂƟŽŶƐ ŽĨ ƚŚĞ ^͘'͘ ZŽĂĚ͕ ŚŵĞĚĂďĂĚ ;DͿ͕ ^ĂƚĞůůŝƚĞ͕ ŚŵĞĚĂďĂĚ ;DͿ͕ ƌĂŶŬŝŶŐĂŵŽŶŐ/ŶĚŝĂ͛ƐƚŽƉϮϬϬĐŽŵƉĂŶŝĞƐĂĐƌŽƐƐϭϬƐĞĐƚŽƌƐ͘ ŝŶǀĞƐƟŐĂƟŽŶƐŚĂǀĞďĞĞŶĂĐƚĞĚƵƉŽŶĂŶĚŚĂǀĞĂůƐŽďĞĞŶƐŚĂƌĞĚ sĂĚŽĚĂƌĂ ;DͿ͕ 'ŽĂ ŽŶĂ WĂƵůĂ ;DͿ ĂŶĚ dƌĂŶƐŝƚ ŐƵĞƐƚ ƵůƚƵƌĞƵŝůĚŝŶŐ ĂĐƌŽƐƐ Ăůů ŚŽƚĞůƐ ĨŽƌ ŝŵƉůĞŵĞŶƚĂƟŽŶ͘ Ŷ ŝŵƉůĞŵĞŶƚĂƟŽŶ ŚŽƵƐĞ<ŽĐŚŝ͘DŽƌĞƉƌŽũĞĐƚƐĂƌĞĂƚǀĂƌŝŽƵƐƐƚĂŐĞƐŽĨĞdžĞĐƵƟŽŶ ŶĞƌŐLJDĂŶĂŐĞŵĞŶƚ zŽƵƌ ŽŵƉĂŶLJ ŚĂƐ ƵŶĚĞƌƚĂŬĞŶ ǁŝĚĞͲƌĂŶŐŝŶŐ ƐƚĞƉƐ ƚŽ ĂƵĚŝƚŚĂƐĂůƐŽďĞĞŶĐŽŶĚƵĐƚĞĚƚŽĞŶƐƵƌĞĞīĞĐƟǀĞĐůŽƐƵƌĞŽĨ ŝŶWĂƚŶĂ͕^ƵƌĂƚĂŶĚ/ƌŝƐWĂƌŬ͕^ĂĨĚĂƌũƵŶŐŶĐůĂǀĞ͕EĞǁĞůŚŝ͘ ŶĞƌŐLJĞĸĐŝĞŶĐLJĐŽŶƟŶƵĞĚƚŽďĞĂŵĂũŽƌĨŽĐƵƐĂƌĞĂĨŽƌLJŽƵƌ ŝŶƚĞŐƌĂƚĞƐƵƐƚĂŝŶĂďŝůŝƚLJĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůŝŶŝƟĂƟǀĞƐŝŶƚŽŝƚƐ ƚŚĞĂĐƟŽŶƐƚĂŬĞŶ͘ ƐŽŶDĂƌĐŚϬϵ͕ϮϬϭϴ͕'ŝŶŐĞƌ,ŽƚĞůƐŚĂƐϯϮŽǁŶĞĚͬůĞĂƐĞĚ ŽŵƉĂŶLJŝŶϮϬϭϳͲϭϴ͕ƚŚƌŽƵŐŚĂĐŽŵďŝŶĂƟŽŶŽĨŝŶĨƌĂƐƚƌƵĐƚƵƌĞ ŚŽƚĞůƐ ǁŝƚŚ ĂŶ ŝŶǀĞŶƚŽƌLJ ŽĨ ϯ͕ϭϳϵ ƌŽŽŵƐ͕ ϵ ŚŽƚĞůƐ ƵŶĚĞƌ ƵƉŐƌĂĚĞƐ ĂŶĚ ŽƉĞƌĂƟŽŶĂů ŝŵƉƌŽǀĞŵĞŶƚƐ͘  ƚŽƚĂů ŽĨ

86 Annual Report 2017-18 87 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

&ŽŽĚ^ĂĨĞƚLJ͕,LJŐŝĞŶĞĂŶĚůĞĂŶůŝŶĞƐƐ ŽŵƉĂŶLJĂůƐŽĨƵƌƚŚĞƌůĞǀĞƌĂŐĞĚƚĞĐŚŶŽůŽŐLJďLJĂĐƟǀĞůLJƵƐŝŶŐ ƵůƚƵƌĞtŽƌŬƐŚŽƉ ĨƌŽŵ Ă ƉĞƌƐƉĞĐƟǀĞ ŽĨ ƐLJƐƚĞŵ ƵƉƟŵĞƐ ĂŶĚ ĐŽŵƉůŝĂŶĐĞ zŽƵƌŽŵƉĂŶLJ ŚĂƐ ĐŽŶƟŶƵĞĚ ƚŽ ŝŶƐƟƚƵƟŽŶĂůŝƐĞ ĨŽŽĚ ƐĂĨĞƚLJ ŽŶůŝŶĞ ƚƌĂŝŶŝŶŐ ŽƉƟŽŶƐ ĨŽƌ ĞdžĞĐƵƟǀĞƐ ĂŶĚ ŵĂŶĂŐĞƌƐ ŝŶ ƚŚĞ dŽ ŵĂƉ ĂŶĚ ŐĂƌŶĞƌ ŝŶƉƵƚƐ ĂďŽƵƚ ƚŚĞ ĞdžŝƐƟŶŐ ĐƵůƚƵƌĞ ĂƐ ŽĨ ƌĞŐƵůĂƚŽƌLJ ŶĂƚƵƌĞ͘ tĞ ŚĂǀĞ ũƵƐƚ ĐŽŵƉůĞƚĞĚ ŽŶĞ ƐƵĐŚ ŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵƐĂĐƌŽƐƐŝƚƐŚŽƚĞůƐ͘DŝĐƌŽďŝŽůŽŐŝĐĂůƚĞƐƚƐ ŽƌŐĂŶŝƐĂƟŽŶ͘dŚĞŵĂŶĂŐĞƌƐŚĂǀĞĂĐĐĞƐƐƚŽĐŽƵƌƐĞƐƚŚĂƚĂƌĞ ƉĞƌĐĞŝǀĞĚ ďLJ ŽƵƌ ĞŵƉůŽLJĞĞƐ͕ LJŽƵƌ ŽŵƉĂŶLJ ĐŽŶĚƵĐƚĞĚ ĐŽŵƉůŝĂŶĐĞ ŽĨ '^d ŝŵƉůĞŵĞŶƚĂƟŽŶ ĂŶĚ ĂŶŽƚŚĞƌ ŽŶĞ ŝƐ ŝŶ ŽĨǁĂƚĞƌ͕ƌĂǁŵĂƚĞƌŝĂůƐ͕ĐŽŽŬĞĚĨŽŽĚ͕Ăŝƌ͕ůŝŶĞŶĂŶĚĞƋƵŝƉŵĞŶƚ ĐƌĞĂƚĞĚďLJϱϬнƚŚŽƵŐŚƚůĞĂĚĞƌƐĨƌŽŵůĞĂĚŝŶŐďƵƐŝŶĞƐƐƐĐŚŽŽůƐ Ă ƵůƚƵƌĞ ^ƵƌǀĞLJ͕ ƐƵƉƉŽƌƚĞĚ ďLJ Ă ƌĞƐĞĂƌĐŚ ƐĐŚŽůĂƌ ĨƌŽŵ ƉƌŽŐƌĞƐƐŽŶ'WZŐůŽďĂůůLJ͘ ĂƌĞĐŽŶĚƵĐƚĞĚƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞŚŝŐŚĞƐƚůĞǀĞůƐŽĨƐĂŶŝƚĂƟŽŶ ƐƵĐŚĂƐ^ƚĂŶĨŽƌĚhŶŝǀĞƌƐŝƚLJ͕,ĂƌǀĂƌĚƵƐŝŶĞƐƐ^ĐŚŽŽů͕/E^ //DͲŚŵĞĚĂďĂĚ͘ dŚĞ ƌĞƐƵůƚƐ ŽĨ ƚŚŝƐ ƐƵƌǀĞLJ ǁĞƌĞ ƚŚĞŶ ĂŶĚŚLJŐŝĞŶĞĂƌĞŵĂŝŶƚĂŝŶĞĚ͘ ĂŶĚŵĂŶLJŵŽƌĞ͘ ƉƌĞƐĞŶƚĞĚƚŽƚŚĞƐĞŶŝŽƌůĞĂĚĞƌƐŚŝƉƚŽĨŽƐƚĞƌĐƌŝƟĐĂůƚŚŝŶŬŝŶŐ ŽŵƉůŝĂŶĐĞ ĂŶĚďƵŝůĚĨƵƌƚŚĞƌŽŶŽƵƌƐƚƌĞŶŐƚŚƐĂŶĚĨŽĐƵƐŽŶŝŵƉƌŽǀĞŵĞŶƚ ƌŽďƵƐƚŝŶƚĞƌŶĂůĐŚĞĐŬƉƌŽĐĞƐƐŝƐĚĞƉůŽLJĞĚƚŽƉƌĞǀĞŶƚĂŶĚ DĞĚŝĐĂů ƚĞƐƚƐ ĨŽƌ ĨŽŽĚ ŚĂŶĚůĞƌƐ ŚĂǀĞ ďĞĞŶ ƐƚĂŶĚĂƌĚŝƐĞĚ zŽƵƌŽŵƉĂŶLJŚĂƐĂůƐŽůĂƵŶĐŚĞĚƚŚĞdƌĂŝŶŝŶŐŶĂďůĞŵĞŶƚ ĂƌĞĂƐĂƐƐĞĞŶŝŶƚŚĞƐƵƌǀĞLJ͘ ůŝŵŝƚ ƌŝƐŬ ŽĨ ŶŽŶͲĐŽŵƉůŝĂŶĐĞ͘ zŽƵƌ ŽŵƉĂŶLJ ĂƉƉƌŽĂĐŚĞƐ ĂĐƌŽƐƐ ŚŽƚĞůƐ ĂŶĚ ŵĂĚĞ ŵŽƌĞ ƌŽďƵƐƚ͘ &ŽŽĚ ƐĂĨĞƚLJ͕ ŚLJŐŝĞŶĞ ΘĞǀĞůŽƉŵĞŶƚ;dZEͿWƌŽŐƌĂŵŵĞƐ͕ƐƉĂŶŶŝŶŐϰϴнŚŽƚĞůƐ ĐŽŵƉůŝĂŶĐĞ ĨƌŽŵ ƚŚĞ ƐƚĂŶĚƉŽŝŶƚ ŽĨ ƌĞĂĐƟǀĞ ĂƐ ǁĞůů ĂƐ ĂŶĚ ĐůĞĂŶůŝŶĞƐƐ ĂƵĚŝƚƐ ĂƌĞ ĐĂƌƌŝĞĚ ŽƵƚ ďLJ Ă ƌĞƉƵƚĞĚ ĂĐƌŽƐƐ ƚŚĞ ŽƌŐĂŶŝƐĂƟŽŶ͕ ĞŶƐƵƌŝŶŐ ĐŽŶƐŝƐƚĞŶƚ ƌŽůůͲŽƵƚ ŽĨ ^ŝŶĐĞ ƚŚĞ ^ĞŶŝŽƌ DĂŶĂŐĞƌƐ͛ ŵŽƟŽŶĂů DĂƚƵƌŝƚLJ ůĂƌŐĞůLJ ƉƌŽĂĐƟǀĞŝŶƚĞƌǀĞŶƟŽŶ͘ ĂŐĞŶĐLJ ʹ ^ĞĂůĞĚ ŝƌ͘ dŚĞ ĂƵĚŝƚƐ ĐŽǀĞƌ Ăůů ƐƚĂŐĞƐ ŽĨ ĨŽŽĚ ŵĂŶĚĂƚŽƌLJ ƉƌŽŐƌĂŵŵĞƐ ŽŶ ďĞŚĂǀŝŽƵƌƐ͕ ŬŶŽǁůĞĚŐĞ ĂŶĚ ĚĞƚĞƌŵŝŶĞƐ ƚŚĞ ĐƵůƚƵƌĞ ŝŶ ƚŚĞ ŽƌŐĂŶŝƐĂƟŽŶ͕ LJŽƵƌ ŽŵƉĂŶLJ ƉƌŽĚƵĐƟŽŶĨƌŽŵƌĞĐĞŝƉƚŽĨƌĂǁŵĂƚĞƌŝĂůƐƚŽĨŽŽĚƐĞƌǀŝĐĞĂŶĚ ƐŬŝůůƐ͘ ĐŽŶĚƵĐƚĞĚ Ă ĨƵůůͲĚĂLJ ǁŽƌŬƐŚŽƉ ŽŶ ŵŽƟŽŶĂů /ŶƚĞůůŝŐĞŶĐĞ͕ ZŝƐŬ'ŽǀĞƌŶĂŶĐĞ ƚŚĞƐƵďƐĞƋƵĞŶƚǁĂƐƚĞĚŝƐƉŽƐĂů͘ ĂŌĞƌ ĚƵůLJ ĂƐƐĞƐƐŝŶŐ ƚŚĞŝƌ ĐƵƌƌĞŶƚ ůĞǀĞůƐ ŽĨ ŵŽƟŽŶĂů /ŶĚƵƐƚƌLJZŝƐŬ ,ŽƚĞůŝĞƌ ĞǀĞůŽƉŵĞŶƚ WƌŽŐƌĂŵŵĞ ;,WͿ ĂŶĚ 'ŽůĚĞŶ /ŶƚĞůůŝŐĞŶĐĞ;YͿƚŚƌŽƵŐŚĂƐĐŝĞŶƟĮĐƚŽŽů͘dŚŝƐǁĂƐĐŽŶĚƵĐƚĞĚ 'ĞŶĞƌĂůĞĐŽŶŽŵŝĐĐŽŶĚŝƟŽŶƐ ,ŝŐŚƌŝƐŬĂƌĞĂƐƐƵĐŚĂƐĐƌŽƐƐͲĐŽŶƚĂŵŝŶĂƟŽŶ͕ĐŚĞŵŝĐĂůƐƚŽƌĂŐĞ͕ dŚƌĞƐŚŽůĚWƌŽŐƌĂŵŵĞ;'dWͿ ďLJLJŽƵƌŽŵƉĂŶLJ͛ƐsWΘ'ůŽďĂů,ĞĂĚʹ,ƵŵĂŶZĞƐŽƵƌĐĞƐ͘ dŚĞ ŚŽƐƉŝƚĂůŝƚLJ ŝŶĚƵƐƚƌLJ ŝƐ ƉƌŽŶĞ ƚŽ ƚŚĞ ŝŵƉĂĐƚ ŽĨ ĐŚĂŶŐĞƐ ŶŽƌŵƐ ĨŽƌ ĞdžƉŝƌĞĚ ƉƌŽĚƵĐƚƐ͕ ŐůĂƐƐ ƉŽůŝĐLJ ĂŶĚ ƉĞƐƚƐ ĂƌĞ zŽƵƌ ŽŵƉĂŶLJ ĐŽŶƟŶƵĞƐ ƚŽ ƐƚƌĞŶŐƚŚĞŶ ƚŚĞ ,ŽƚĞůŝĞƌ &ŽůůŽǁͲƵƉĐŽĂĐŚŝŶŐƐĞƐƐŝŽŶƐǁŝƚŚƚŚĞƐĞůĞĂĚĞƌƐĂƌĞďĞŝŶŐŚĞůĚ ŝŶŐůŽďĂůĂŶĚĚŽŵĞƐƟĐĞĐŽŶŽŵŝĞƐ͕ůŽĐĂůŵĂƌŬĞƚĐŽŶĚŝƟŽŶƐ͕ ĂƵĚŝƚĞĚƚŚŽƌŽƵŐŚůLJ͘dŚĞŚLJŐŝĞŶĞĂŶĚĐůĞĂŶůŝŶĞƐƐŽĨƚŚĞĞŶƟƌĞ ĞǀĞůŽƉŵĞŶƚ WƌŽŐƌĂŵŵĞ ƚŽ ĐƌĞĂƚĞ Ă ƚĂůĞŶƚ ƉŝƉĞůŝŶĞ ĨŽƌ ƚŽĨƵƌƚŚĞƌĚĞǀĞůŽƉƚŚĞŵ͘ ŚŽƚĞů ƌŽŽŵ ƐƵƉƉůLJ͕ ŝŶƚĞƌŶĂƟŽŶĂů Žƌ ůŽĐĂů ĚĞŵĂŶĚ ĨŽƌ ŚŽƚĞů ŚŽƚĞů͕ ŝŶĐůƵĚŝŶŐ ŐƵĞƐƚ ƌŽŽŵƐ͕ ƚŚĞ ƉĞƌŝƉŚĞƌLJ ĂƐ ǁĞůů ĂƐ ŚŽƚĞůƐĂŶĚďƵŝůĚĨƵƚƵƌĞůĞĂĚĞƌƐĨŽƌƚŚĞďƌĂŶĚďLJƐĞůĞĐƟŶŐƚŚĞ ƌŽŽŵƐĂŶĚĂƐƐŽĐŝĂƚĞĚƐĞƌǀŝĐĞƐ͕ĐŽŵƉĞƟƟŽŶŝŶƚŚĞŝŶĚƵƐƚƌLJ͕ ŚĞĂƌƚͲŽĨͲƚŚĞͲŚŽƵƐĞĂƌĞĂůƐŽĂƵĚŝƚĞĚ͘ ƌŝŐŚƚĮƚŽĨƚŚĞďĞƐƚĂǀĂŝůĂďůĞƚĂůĞŶƚŝŶ/ŶĚŝĂ͘dĂůĞŶƚŝƐƌĞƋƵŝƌĞĚ /ŶĨŽƌŵĂƟŽŶdĞĐŚŶŽůŽŐLJ ŐŽǀĞƌŶŵĞŶƚ ƉŽůŝĐŝĞƐ ĂŶĚ ƌĞŐƵůĂƟŽŶƐ͕ ŇƵĐƚƵĂƟŽŶ ŝŶ ŝŶƚĞƌĞƐƚ ĨŽƌ ŚŽƚĞů ŽƉĞƌĂƟŽŶƐ ĂŶĚ ŽƚŚĞƌ ĚŽŵĂŝŶƐ ƐƵĐŚ ĂƐ ĮŶĂŶĐĞ͕ /ŶĨŽƌŵĂƟŽŶƚĞĐŚŶŽůŽŐLJ;Ζ/dΖͿŝƐĂĐƌŝƟĐĂůĞŶĂďůĞƌŽĨďƵƐŝŶĞƐƐ ƌĂƚĞƐ ĂŶĚ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ƌĂƚĞƐ ĂŶĚ ŽƚŚĞƌ ƐŽĐŝĂů ĨĂĐƚŽƌƐ͘ &ŽŽĚ ƐĂĨĞƚLJ͕ ĐůĞĂŶůŝŶĞƐƐ ĂŶĚ ŚLJŐŝĞŶĞ ĂƵĚŝƚƐ ŽĨ ǀĞŶĚŽƌƐ ƐĂůĞƐ Θ ŵĂƌŬĞƟŶŐ ĂŶĚ ,Z͘ zŽƵƌ ŽŵƉĂŶLJ ĂůƐŽ ĨŽĐƵƐĞƐ ŽŶ ǀĂůƵĞŝŶƚŚĞŚŽƐƉŝƚĂůŝƚLJƐĞĐƚŽƌ͘tĞĂƌĞƐƚĞĂĚŝůLJĞŶŚĂŶĐŝŶŐŽƵƌ ĞŵĂŶĚĨŽƌŚŽƚĞůƐŝƐĂīĞĐƚĞĚďLJŐůŽďĂůĞĐŽŶŽŵŝĐƐĞŶƟŵĞŶƚƐ ƐƵƉƉůLJŝŶŐ ƉĞƌŝƐŚĂďůĞ ƌĂǁ ŵĂƚĞƌŝĂůƐ ĂƌĞ ĂůƐŽ ĐĂƌƌŝĞĚ ŽƵƚ Ăƚ ŐƌŽŽŵŝŶŐ ŝŶƚĞƌŶĂů ƚĂůĞŶƚ ĂŶĚ ĐƌĞĂƟŶŐ ďĞŶĐŚ ƐƚƌĞŶŐƚŚ ĨŽƌ ŝŶǀĞƐƚŵĞŶƚƐŝŶŝŶĨŽƌŵĂƟŽŶƚĞĐŚŶŽůŽŐLJƉůĂƞŽƌŵƐĂŶĚĚŝŐŝƚĂů ĂŶĚ ƚŚĞƌĞĨŽƌĞ͕ ĂŶLJ ĐŚĂŶŐĞ ŝŵƉĂĐƟŶŐ ƚŚĞ ŽƚŚĞƌ ƐĞŐŵĞŶƚƐ ƚŚĞŝƌƉƌĞŵŝƐĞƐ͘dŚŝƐLJĞĂƌ͕LJŽƵƌŽŵƉĂŶLJŝŶĐůƵĚĞĚŬĞLJĂƐƉĞĐƚƐ ĨƵƚƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐ͘ ƚƌĂŶƐĨŽƌŵĂƟŽŶƐ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ŽƵƌ ŽīĞƌŝŶŐƐ ;ƉƌŽĚƵĐƚƐ Θ ͬ ŝŶĚƵƐƚƌŝĞƐ ͬ ŐĞŽŐƌĂƉŚŝĞƐ ǁŝůů ŝŶǀĂƌŝĂďůLJ ŝŵƉĂĐƚ ƚŚĞ ŚŽƚĞů ŽĨĨŽŽĚƐĂĨĞƚLJ͕ĐůĞĂŶůŝŶĞƐƐĂŶĚŚLJŐŝĞŶĞĂƐƉĂƌƚŽĨĐŽŶƚƌĂĐƚƐĨŽƌ ƐĞƌǀŝĐĞƐͿĂŶĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐŵĞĞƚƚŚĞŶĞĞĚƐŽĨ ŝŶĚƵƐƚƌLJƚŽŽ͘ ǀĞŶĚŽƌƐĂŶĚƐƵƉƉůŝĞƌƐǁŝƚŚƚŚĞĞŶƚƌĂůDĂƚĞƌŝĂůƐdĞĂŵ͘ zŽƵƌ ŽŵƉĂŶLJ ŚĂƐ ĂůƐŽ ĂĐĐĞƉƚĞĚ ĮǀĞ ŝŶƚĞƌŶĂů ĐĂŶĚŝĚĂƚĞƐ ƚŚĞĚŝŐŝƚĂůĂŐĞ͘ ŝŶƚŽƚŚĞƉƌŽŐƌĂŵŵĞƚŚŝƐLJĞĂƌƚŽƉƌŽŵŽƚĞŝŶƚĞƌŶĂůƚĂůĞŶƚŝŶ ^ŽĐŝŽͲƉŽůŝƟĐĂůƌŝƐŬƐ ,ƵŵĂŶĂƉŝƚĂů/ŶŝƟĂƟǀĞƐ ƚŚĞŽŵƉĂŶLJ͕ǁŚŝĐŚƵŶĚĞƌƐĐŽƌĞƐŽƵƌƚĂůĞŶƚƐƚƌĂƚĞŐLJ͘/ƚŚĂƐ ƐƚĞĐŚŶŽůŽŐLJĞŶƌŝĐŚĞƐĞǀĞƌLJƐƚŽƉŝŶƚŚĞĐƵƐƚŽŵĞƌ͛ƐũŽƵƌŶĞLJ͕ /Ŷ ĂĚĚŝƟŽŶ ƚŽ ĞĐŽŶŽŵŝĐ ƌŝƐŬƐ͕ LJŽƵƌ ŽŵƉĂŶLJ ĨĂĐĞƐ /ŶƚŚĞƉƌĞĐĞĚŝŶŐLJĞĂƌ͕ƚŚĞŬĞLJĨŽĐƵƐŽĨŚƵŵĂŶĐĂƉŝƚĂůŝŶŝƟĂƟǀĞƐ ĨŽĐƵƐĞĚ ŽŶ ŝŶǀĞƌƟŶŐ ƚŚĞ ƉLJƌĂŵŝĚ͕ ŝ͘Ğ͘ ƉƵƫŶŐ ĨŽĐƵƐ ŽŶ ƚŚĞ ƚŚĞŽŶͲƐŝƚĞĞdžƉĞƌŝĞŶĐĞŝƐŶŽĞdžĐĞƉƟŽŶ͘tĞŵĂŬĞĂƉƉƌŽƉƌŝĂƚĞ ƌŝƐŬƐ ĨƌŽŵ ƚŚĞ ƐŽĐŝŽͲƉŽůŝƟĐĂů ĞŶǀŝƌŽŶŵĞŶƚ ŶĂƟŽŶĂůůLJ ŚĂƐ ĐŽŶƟŶƵĞĚ ƚŽ ďĞ ŽŶ ďƵŝůĚŝŶŐ ĐĂƉĂďŝůŝƚLJ ĂŶĚ ĐƌĞĂƟŶŐ Ă ĨƌŽŶƚůŝŶĞ͘ƟĞͲƵƉǁŝƚŚd/^^;ΖdĂƚĂ/ŶƐƟƚƵƚĞŽĨ^ŽĐŝĂů^ĐŝĞŶĐĞƐΖͿ ŝŶǀĞƐƚŵĞŶƚƐŝŶƚĞĐŚŶŽůŽŐLJƚŽĞŶŚĂŶĐĞƚŚĞĞdžƉĞƌŝĞŶĐĞŽĨŽƵƌ ĂŶĚ ŝŶƚĞƌŶĂƟŽŶĂůůLJ͘ /ƚ ŝƐ ĂīĞĐƚĞĚ ďLJ ĞǀĞŶƚƐ ůŝŬĞ ƉŽůŝƟĐĂů ƉĞƌĨŽƌŵĂŶĐĞͲŽƌŝĞŶƚĞĚ ĐƵůƚƵƌĞ ƚŽ ƐƵƉƉŽƌƚ ĂŶĚ ĂĐĐĞůĞƌĂƚĞ ǁĂƐĚŽŶĞƚŽŝŶŝƟĂƚĞƚŚĞ'dW͘ ŐƵĞƐƚƐ͘KǀĞƌƚŚĞƉĂƐƚĨĞǁLJĞĂƌƐ͕ǁĞŚĂǀĞďĞĞŶĐĞŶƚƌĂůŝƐŝŶŐ ŝŶƐƚĂďŝůŝƚLJ͕ ĐŽŶŇŝĐƚ ďĞƚǁĞĞŶ ŶĂƟŽŶƐ͕ ƚŚƌĞĂƚ ŽĨ ƚĞƌƌŽƌŝƐƚ ďƵƐŝŶĞƐƐƉĞƌĨŽƌŵĂŶĐĞ͘ ƚŚĞƐLJƐƚĞŵƐŽĨŽƵƌŚŽƚĞůƐ͕ǁŝƚŚƚŚĞŚĞůƉŽĨŽƵƌǀĞŶĚŽƌƐ͘tĞ ĂĐƟǀŝƟĞƐ͕ ŽĐĐƵƌƌĞŶĐĞ ŽĨ ŝŶĨĞĐƟŽƵƐ ĚŝƐĞĂƐĞƐ͕ ĞdžƚƌĞŵĞ dŚĞ'dWǁŝůůŚĞůƉƵƐĐƌĞĂƚĞĂƉŝƉĞůŝŶĞŽĨĨƌŽŶƚůŝŶĞdĂůĞŶƚĨŽƌ ĂƌĞŶŽǁŵŝŐƌĂƟŶŐŽƵƌƐLJƐƚĞŵƐŝŶƚŽƚŚĞĐůŽƵĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ ǁĞĂƚŚĞƌĐŽŶĚŝƟŽŶƐĂŶĚŶĂƚƵƌĂůĐĂůĂŵŝƟĞƐ͘dŚĞƐĞŵĂLJĂīĞĐƚ <ĞLJ ŝŶŝƟĂƟǀĞƐ ǁŚŝĐŚ LJŽƵƌ ŽŵƉĂŶLJ ƵŶĚĞƌƚŽŽŬ ĚƵƌŝŶŐ ƚŚĞ dĂũĂŶĚĂůƐŽĨŽƌƚŚĞŝŶĚƵƐƚƌLJ͘dŚŝƐŝƐĂƚŚƌĞĞͲLJĞĂƌǀŽĐĂƟŽŶĂů tĞďĞůŝĞǀĞ͕ĂŌĞƌĚƵĞĚŝůŝŐĞŶĐĞƚŚĂƚĐůŽƵĚŝŶĨƌĂƐƚƌƵĐƚƵƌĞǁŝůů ƚƌĂǀĞůĂŶĚďƵƐŝŶĞƐƐĂĐƟǀŝƚLJĐŽŶƐŝĚĞƌĂďůLJ͘ LJĞĂƌĐŽŵƉƌŝƐĞƚŚĞĨŽůůŽǁŝŶŐ͗ ƚƌĂŝŶŝŶŐ ƉƌŽŐƌĂŵŵĞ ǁŚĞƌĞŝŶ ƐƚƵĚĞŶƚƐ ĂƌĞ ĂǁĂƌĚĞĚ Ă ͘sŽĐ ŚĞůƉƵƐďƵŝůĚƌĞƐŝůŝĞŶĐĞ͘ ŝŶ ,ŽƐƉŝƚĂůŝƚLJ DĂŶĂŐĞŵĞŶƚ ďLJ d/^^͘ zŽƵƌ ŽŵƉĂŶLJ ŝƐ ƚŚĞ ŽŵƉĂŶLJƐƉĞĐŝĮĐƌŝƐŬƐ >ĞĂĚĞƌƐŚŝƉĞǀĞůŽƉŵĞŶƚĂŶĚĂƉĂďŝůŝƚLJƵŝůĚŝŶŐ ^Ŭŝůů<ŶŽǁůĞĚŐĞWƌŽǀŝĚĞƌĨŽƌƚŚĞƉƌŽŐƌĂŵŵĞ͘ƵƌƌĞŶƚůLJ͕LJŽƵƌ ƐǁĞŵŽǀĞƚŽǁĂƌĚƐĚŝŐŝƚĂůƚƌĂŶƐĨŽƌŵĂƟŽŶƐ͕ŽƵƌŽƌŐĂŶŝƐĂƟŽŶ͛Ɛ dŚĞŽŵƉĂŶLJƐƉĞĐŝĮĐƌŝƐŬƐŚĂǀĞďĞĞŶƌĞǀŝĞǁĞĚĂŶĚƐŽŵĞŽĨ ŽŚŽƌƚ//ŽĨƚŚĞ'ĞŶĞƌĂůDĂŶĂŐĞƌĞǀĞůŽƉŵĞŶƚWƌŽŐƌĂŵŵĞ ŽŵƉĂŶLJŚĂƐĂƚŽƚĂůŽĨϭϮϬ'ŽůĚĞŶdŚƌĞƐŚŽůĚƚƌĂŝŶĞĞƐĂĐƌŽƐƐ ĞŶƟƌĞŽŶůŝŶĞƉƌĞƐĞŶĐĞŶĞĞĚƐĐŽŵƉƌĞŚĞŶƐŝǀĞ͕ƌŽƵŶĚͲƚŚĞͲĐůŽĐŬ ƚŚĞĐƌŝƟĐĂůƌŝƐŬƐĂƌĞĂƐƵŶĚĞƌ͘ ǁĂƐ ĐŽŶĚƵĐƚĞĚ ĨŽƌ ϯϬ 'ĞŶĞƌĂů DĂŶĂŐĞƌƐ ƚŽ ďƵŝůĚ ƚŚĞŝƌ ϱĐŝƟĞƐĂŶĚϭϬŚŽƚĞůƐ͘ ƐĞĐƵƌŝƚLJƚŚĂƚǁĞĐĂŶƌĞůLJŽŶƚŽƉƌŽƚĞĐƚŽƵƌĂƐƐĞƚƐ͕ŽƉĞƌĂƟŽŶƐ͕ ĐĂƉĂďŝůŝƚLJĂŶĚŐƌŽŽŵƚŚĞŵĨŽƌĨƵƚƵƌĞůĞĂĚĞƌƐŚŝƉƌŽůĞƐ͘ ĂŶĚƌĞƉƵƚĂƟŽŶ͘tĞŚĂǀĞŵŽǀĞĚƚŽ^ĞĐƵƌŝƚLJͲĂƐͲĂͲ^ĞƌǀŝĐĞǁŝƚŚ KǀĞƌƐĞĂƐŝŶǀĞƐƚŵĞŶƚƐ dĂƌŐĞƚĞĚ^ĞůĞĐƟŽŶ ŽŶĞŽĨƚŚĞƚŽƉĮƌŵƐŝŶƚŚŝƐďƵƐŝŶĞƐƐŝŶ/ŶĚŝĂ͘ dŚĞ ŽŵƉĂŶLJ ŚĂƐ ŵĂĚĞ ƐŝŐŶŝĮĐĂŶƚ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ŚŽƚĞů dŚĞ ƉĂƌƟĐŝƉĂŶƚƐ ĨƌŽŵ ŽŚŽƌƚ / ĐŽŶƟŶƵĞ ƚŽ ǁŽƌŬ ŽŶ ƚŚĞŝƌ dŽ ƐƚƌĞŶŐƚŚĞŶ ŽƵƌ ŚŝƌŝŶŐ ƉƌŽĐĞƐƐ͕ LJŽƵƌ ŽŵƉĂŶLJ ŚĂƐ ĂƐƐĞƚƐ͕ ĂĐƌŽƐƐ ĚŝǀĞƌƐĞ ŐĞŽŐƌĂƉŚŝĞƐ͘  ^ƵĐŚ ŝŶǀĞƐƚŵĞŶƚƐ ĂƌĞ ĐƟŽŶ >ĞĂƌŶŝŶŐ WƌŽũĞĐƚƐ ;Ζ>WΖƐͿ͕ ǁŚŝĐŚ ŚĂǀĞ ŐĞŶĞƌĂƚĞĚ ŝŶƚƌŽĚƵĐĞĚ ƚŚĞ ƚĞĐŚŶŝƋƵĞ ŽĨ ͚ƚĂƌŐĞƚĞĚ ƐĞůĞĐƟŽŶ͛ ;d^Ϳ͕ ĂŶ <ĞĞƉŝŶŐ ĐƵƐƚŽŵĞƌƐ ŚĂƉƉLJ ŝƐ ŬĞLJ ƚŽ ŽƵƌ ŝŶĚƵƐƚƌLJ͕ ǁĞ ŚĂǀĞ ůŽŶŐƚĞƌŵĂŶĚƐƚƌĂƚĞŐŝĐŝŶŶĂƚƵƌĞ͘dŚĂŶŬƐƚŽĂƐůŽǁĚŽǁŶŝŶ ƐŝŐŶŝĮĐĂŶƚZK/ĨŽƌƚŚĞŝƌŚŽƚĞůƐĂŶĚĨŽƌƚŚĞŽƌŐĂŶŝƐĂƟŽŶ͕ĂƉĂƌƚ ŝŶƚĞƌŶĂƟŽŶĂůůLJ ĂĐĐůĂŝŵĞĚ ƐĞůĞĐƟŽŶ ƚĞĐŚŶŝƋƵĞ͕ ĨŽƌ ŚŝƌŝŶŐ Ăƚ ĐƵƐƚŽŵĞƌĚĂƚĂƚŚĂƚǁĞĐŽŶƐƚĂŶƚůLJŵĂŶĂŐĞ͕ĐŽƌƌĞĐƚĂŶĚŬĞĞƉŝƚ ŽǀĞƌƐĞĂƐŵĂƌŬĞƚƐĂƐǁĞůů͕ƐƵĐŚŝŶǀĞƐƚŵĞŶƚƐǁŝůůŶĞĞĚƚŽďĞ ĨƌŽŵ ĨŽƐƚĞƌŝŶŐ ĂŶ ĞŶǀŝƌŽŶŵĞŶƚ ŽĨ ĐŽŶƟŶƵŽƵƐ ůĞĂƌŶŝŶŐ ĂŶĚ ƐĞŶŝŽƌůĞǀĞůƐŝŶƚŚĞŽƌŐĂŶŝƐĂƟŽŶ͘dĂƌŐĞƚĞĚƐĞůĞĐƟŽŶƉƌŽǀŝĚĞƐ ŝŶĂƵƐĂďůĞĨŽƌŵ͘tĞŚĂǀĞŽŶůLJĂƐŚŽƌƚǁŝŶĚŽǁŽĨŽƉƉŽƌƚƵŶŝƚLJ ŶƵƌƐĞĚŽǀĞƌĂůŽŶŐĞƌŐĞƐƚĂƟŽŶƉĞƌŝŽĚ͘ ŝŵƉƌŽǀĞŵĞŶƚ͘ dŚĞ >WƐ ƌĞǀŽůǀĞĚ ŽŶ ƚŚĞŵĞƐ ůŝŬĞ &ŝŶĂŶĐŝĂů Ă ĐŽŶƐŝƐƚĞŶƚ ĂŶĚ ŽďũĞĐƟǀĞ ĨƌĂŵĞǁŽƌŬ ĨŽƌ ƐĞůĞĐƟŽŶ ĐƌŝƚĞƌŝĂ ƚŽƚƵƌŶĂƌŽƵŶĚĂĐƵƐƚŽŵĞƌĞdžƉĞƌŝĞŶĐĞǁŝƚŚƚŚĂƚĚĂƚĂ͘ĂƚĂ DĂŶĂŐĞŵĞŶƚ͕'ƵĞƐƚΘŵƉůŽLJĞĞĞŶƚƌŝĐŝƚLJ͕'ĞŶĚĞƌŝǀĞƌƐŝƚLJ͕ ĂĐƌŽƐƐ ƚŚĞ ŽƌŐĂŶŝnjĂƟŽŶ ĂŶĚ ƌĂŝƐĞ ƚŚĞ ĐĂƉĂďŝůŝƚLJ ŽĨ ŚŝƌŝŶŐ ĂŶĂůLJƟĐƐƉƌŽǀŝĚĞŽƵƌďƵƐŝŶĞƐƐƚŚĞĂďŝůŝƚLJƚŽĐŽůůĞĐƚĐƵƐƚŽŵĞƌ 'ĞŽŐƌĂƉŚŝĐĐŽŶĐĞŶƚƌĂƟŽŶ ZĞĚƵĐƟŽŶŽĨĂƌďŽŶ&ŽŽƚƉƌŝŶƚ͕^ŚĂƌĞĚ^ĞƌǀŝĐĞƐĂŶĚ,ĞƌŝƚĂŐĞ ŵĂŶĂŐĞƌƐ͘/ƚƉƌŽǀŝĚĞƐŵĂŶĂŐĞƌƐĂŶĚŚŝƌŝŶŐĚĞĐŝƐŝŽŶͲŵĂŬĞƌƐ ĚĂƚĂ͕ ĂƉƉůLJ ĂŶĂůLJƟĐƐ ĂŶĚ ŝĚĞŶƟĨLJ ƉŽƚĞŶƟĂů ƉƌŽďůĞŵƐ ĂŶĚ  ƐŝŐŶŝĮĐĂŶƚ ƉŽƌƟŽŶ ŽĨ LJŽƵƌ ŽŵƉĂŶLJ͛Ɛ ƌĞǀĞŶƵĞƐ ĂƌĞ DĂŶĂŐĞŵĞŶƚ͘ dŚĞ >W ŽŶ ƌĞĚƵĐŝŶŐ ĐĂƌďŽŶ ĨŽŽƚƉƌŝŶƚ Ăƚ dĂũ ǁŝƚŚ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ͕ ĨƌĂŵĞǁŽƌŬ͕ ƚŽŽůƐ͕ ƐŬŝůůƐ ĂŶĚ ƉƌĂĐƟĐĞƐ ĂƌĞĂƐ ƚŚĂƚ ĐĂŶ ŚĞůƉ ƚŚĞ ďƵƐŝŶĞƐƐ͘ ŶĂůLJƟĐƐ ĂůƐŽ ŚĞůƉƐ ƵƐ ƌĞĂůŝƐĞĚ ĨƌŽŵ ŚŽƚĞů ƉƌŽƉĞƌƟĞƐ ůŽĐĂƚĞĚ ŝŶ ĮǀĞ ŬĞLJ ĐŝƟĞƐ ŝŶ ĂŶŐĂůŽƌĞ ĂůŽŶĞ ŐĞŶĞƌĂƚĞĚ ƐĂǀŝŶŐƐ ƵƉǁĂƌĚ ŽĨ ` ϱϬ ůĂĐƐ ĨŽƌ ƌĞƋƵŝƌĞĚƚŽĐŽŶĮĚĞŶƚůLJĂŶĚĞīĞĐƟǀĞůLJĂƐƐĞƐƐĂŶĚƐĞůĞĐƚƚŚĞ ƚĂŬŝŶŐŵŽƌĞŝŶĨŽƌŵĞĚĚĞĐŝƐŝŽŶƐďĞŝƚƌĞǀĞŶƵĞŵĂŶĂŐĞŵĞŶƚ͕ /ŶĚŝĂ͕ ŵĂŬŝŶŐ ŝƚ ƐƵƐĐĞƉƟďůĞ ƚŽ ĚŽŵĞƐƟĐ ƐŽĐŝŽͲƉŽůŝƟĐĂů LJŽƵƌŽŵƉĂŶLJŝŶĂƐƉĂŶŽĨůĞƐƐƚŚĂŶĂLJĞĂƌ͘ ďĞƐƚƚĂůĞŶƚ͘/ƚĂůƐŽŚĞůƉƐƚŽĐŽŶĚƵĐƚĨĂŝƌ͕ĂĐĐƵƌĂƚĞĂŶĚůĞŐĂůůLJ ďƵƐŝŶĞƐƐĚĞǀĞůŽƉŵĞŶƚŽƌũƵƐƚĚĂŝůLJƌĞƉŽƌƟŶŐ͘ ĐŽŶĚŝƟŽŶƐŝŶƐƵĐŚŵĂƌŬĞƚƐ͘ ĚĞĨĞŶƐŝďůĞŝŶƚĞƌǀŝĞǁƐ͘ƵƌƌĞŶƚůLJ͕ƚŚŝƐƚŽŽůŝƐƵƐĞĚĨŽƌƐĞůĞĐƟŽŶ KƵƌ >ĞĂƌŶŝŶŐ Θ ĞǀĞůŽƉŵĞŶƚ ƉŽƌƚĂů ;dĂũ>Ϳ ĐŽŶƟŶƵĞƐ ƚŽ ŽĨ ,ŽƚĞů DĂŶĐŽŵ ĂŶĚ ŽƌƉŽƌĂƚĞ ƐƐŽĐŝĂƚĞ sŝĐĞ WƌĞƐŝĚĞŶƚƐ KƵƌ/dƐĞƌǀŝĐĞƐĂƌĞŽƵƚƐŽƵƌĐĞĚƚŽdĂƚĂŽŶƐƵůƟŶŐ^ĞƌǀŝĐĞƐ ŽŵƉĞƟƟŽŶĨƌŽŵŐůŽďĂůŚŽƚĞůĐŚĂŝŶƐ ƉƌŽǀŝĚĞǁŽƌůĚͲĐůĂƐƐůĞĂƌŶŝŶŐĐŽŶƚĞŶƚƚŽŽƵƌƐĞŶŝŽƌĞdžĞĐƵƟǀĞƐ ĂŶĚĂďŽǀĞ͘ ĂŶĚŵĂŶĂŐĞĚďLJĂƐŵĂůůŝŶŚŽƵƐĞ/dƚĞĂŵƵŶĚĞƌƚŚĞ,ĞĂĚ dŚĞ /ŶĚŝĂŶ ƐƵďĐŽŶƟŶĞŶƚ͕ ^ŽƵƚŚĞĂƐƚ ƐŝĂ ĂŶĚ ƐŝĂ WĂĐŝĮĐ͕ ĂĐƌŽƐƐĂǁŝĚĞƌĂŶŐĞŽĨŽƉĞƌĂƟŽŶĂůĂŶĚĨƵŶĐƟŽŶĂůƚŽƉŝĐƐ͘zŽƵƌ ŽĨ /d ƚŚĂƚ ŝŶƚĞƌĨĂĐĞƐ ďĞƚǁĞĞŶ ďƵƐŝŶĞƐƐ ƐƚĂŬĞŚŽůĚĞƌƐ ĂŶĚ ǁŝƚŚŚŝŐŚŐƌŽǁƚŚƌĂƚĞƐŚĂǀĞďĞĐŽŵĞƚŚĞĨŽĐƵƐĂƌĞĂŽĨŵĂũŽƌ ŽƵƚƐŽƵƌĐŝŶŐ ƉĂƌƚŶĞƌƐ͘ /ƚ ĂůƐŽ ĚŽĞƐ ƚŚĞ ŽǀĞƌĂůů ŐŽǀĞƌŶĂŶĐĞ ŝŶƚĞƌŶĂƟŽŶĂůĐŚĂŝŶƐ͘^ĞǀĞƌĂůŽĨƚŚĞƐĞĐŚĂŝŶƐŚĂǀĞĂŶŶŽƵŶĐĞĚ

88 Annual Report 2017-18 89 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

ƚŚĞŝƌ ƉůĂŶƐ ƚŽ ĞƐƚĂďůŝƐŚ ŚŽƚĞůƐ ŝŶ ƐƵĐŚ ŵĂƌŬĞƚƐ ƚŽ ƚĂŬĞ ͻ zŽƵƌ ŽŵƉĂŶLJ ĐŽŶƐƚĂŶƚůLJ ƌĞǀŝĞǁƐ ĂŶĚ ŝŵƉůĞŵĞŶƚƐ dŚĞ ƵĚŝƚ ŽŵŵŝƩĞĞ ŽĨ ƚŚĞ ŽĂƌĚ ŽǀĞƌƐĞĞƐ ƚŚĞ ĂĚĞƋƵĂĐLJ ZĞƐƵůƚƐŽĨKƉĞƌĂƟŽŶƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ ĂĚǀĂŶƚĂŐĞŽĨƚŚĞĚĞŵĂŶĚͲƐƵƉƉůLJŝŵďĂůĂŶĐĞ͘dŚĞƐĞĞŶƚƌĂŶƚƐ ǀĂƌŝŽƵƐƐĞĐƵƌŝƚLJŵĞĂƐƵƌĞƐĂƚĂůůŝƚƐƉƌŽƉĞƌƟĞƐƚŽĐŽƵŶƚĞƌ ŽĨƚŚĞŝŶƚĞƌŶĂůĐŽŶƚƌŽůĞŶǀŝƌŽŶŵĞŶƚƚŚƌŽƵŐŚƌĞŐƵůĂƌƌĞǀŝĞǁƐ Standalone Financial Results ĂƌĞĞdžƉĞĐƚĞĚƚŽŝŶƚĞŶƐŝĨLJƚŚĞĐŽŵƉĞƟƟǀĞĞŶǀŝƌŽŶŵĞŶƚ͕ǁŚŝĐŚ ƚŚĞƐĞĐƵƌŝƚLJͬƚĞƌƌŽƌŝƐŵƌŝƐŬ͘ ŽĨ ƚŚĞ ĂƵĚŝƚ ĮŶĚŝŶŐƐ ĂŶĚ ŵŽŶŝƚŽƌŝŶŐ ŝŵƉůĞŵĞŶƚĂƟŽŶƐ ŽĨ dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐĞƚƐĨŽƌƚŚĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶĨŽƌLJŽƵƌ ŵĂLJŝŶĐůƵĚĞĐŽŶƐŽůŝĚĂƟŽŶƐĂŶĚŵĞƌŐĞƌƐ͘ ŝŶƚĞƌŶĂů ĂƵĚŝƚ ƌĞĐŽŵŵĞŶĚĂƟŽŶƐ ƚŚƌŽƵŐŚ ƚŚĞ ĐŽŵƉůŝĂŶĐĞ ŽŵƉĂŶLJĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ ͻ tŝƚŚƚŚĞĂĚǀĞŶƚĂŶĚŝŶĐƌĞĂƐŝŶŐƵƐĞŽĨŽŶůŝŶĞƚƌĂŶƐĂĐƟŽŶƐ͕ ƌĞƉŽƌƚƐƐƵďŵŝƩĞĚƚŽƚŚĞŵ͘ ` / crores dŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ /,> ǁŝůů ďĞ ĚĞƉĞŶĚĞŶƚ ƵƉŽŶ ŝƚƐ ƚŚĞƐŚĂƌĞŽĨLJŽƵƌŽŵƉĂŶLJ͛ƐƌĞǀĞŶƵĞƐĨƌŽŵKŶůŝŶĞdƌĂǀĞů Year ended WĂƌƟĐƵůĂƌƐ ĂďŝůŝƚLJ ƚŽ ĐŽŵƉĞƚĞ ŝŶ ĂƌĞĂƐ ƐƵĐŚ ĂƐ ƌŽŽŵ ƌĂƚĞƐ͕ ƋƵĂůŝƚLJ ŽĨ ŐĞŶƚƐŝƐĂůƐŽƉƌŽƉŽƌƟŽŶĂƚĞůLJŝŶĐƌĞĂƐŝŶŐ͘zŽƵƌŽŵƉĂŶLJ dŚĞ^ƚĂƚƵƚŽƌLJƵĚŝƚŽƌƐŽĨLJŽƵƌŽŵƉĂŶLJŚĂǀĞŽƉŝŶĞĚŝŶƚŚĞŝƌ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ĂĐĐŽŵŵŽĚĂƟŽŶ͕ďƌĂŶĚƉƵůů͕ƐĞƌǀŝĐĞƐƚĂŶĚĂƌĚƐ͕ĐŽŶǀĞŶŝĞŶĐĞ ŚĂƐ ƚĂŬĞŶ ĂĚĞƋƵĂƚĞ ŵĞĂƐƵƌĞƐ ƚŽ ĞĚƵĐĂƚĞ ĐƵƐƚŽŵĞƌƐ ƌĞƉŽƌƚ ƚŚĂƚ LJŽƵƌ ŽŵƉĂŶLJ ŚĂƐ ĂĚĞƋƵĂƚĞ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽůƐ Income ŽĨůŽĐĂƟŽŶĂŶĚƚŽĂůĞƐƐĞƌĞdžƚĞŶƚ͕ƚŚĞƋƵĂůŝƚLJĂŶĚƐĐŽƉĞŽĨ ŽŶƚŚĞďĞŶĞĮƚƐŽĨŬŝŶŐĚŝƌĞĐƚůLJŽŶƚŚĞdĂũǁĞďƐŝƚĞ͘ ŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐ͘ ZĞǀĞŶƵĞĨƌŽŵKƉĞƌĂƟŽŶƐ Ϯ͕ϱϴϯ͘ϵϱ Ϯ͕ϰϬϭ͘ϱϲ ŽƚŚĞƌĂŵĞŶŝƟĞƐ͘dŚĞƐĞĂŵĞŶŝƟĞƐŝŶĐůƵĚĞĨŽŽĚĂŶĚďĞǀĞƌĂŐĞ dŚĞ ǁĞďƐŝƚĞ ŚĂƐ ĂůƐŽ ďĞĞŶ ƌĞǀĂŵƉĞĚ ƚŽ ĞŶŚĂŶĐĞ ƚŚĞ KƚŚĞƌ/ŶĐŽŵĞ ϱϱ͘ϯϵ ϱϴ͘ϬϮ ĨĂĐŝůŝƟĞƐ͕ĂůŽŶŐǁŝƚŚĐŽƐƚͲƌĞĚƵĐƟŽŶĂďŝůŝƚLJ͘ ĐƵƐƚŽŵĞƌ ĞdžƉĞƌŝĞŶĐĞ͘ ĚĚŝƟŽŶĂůůLJ͕ ŵŽďŝůĞ ƉůĂƞŽƌŵƐ KƚŚĞƌ/ŶŝƟĂƟǀĞƐ Total Income Ϯ͕ϲϯϵ͘ϯϰ Ϯ͕ϰϱϵ͘ϱϴ ŚĂǀĞďĞĞŶĚĞǀĞůŽƉĞĚĨŽƌĐƵƐƚŽŵĞƌƐ͕ƐƉĞĐŝĂůůLJƚĂƌŐĞƚĞĚ dĂũWƵďůŝĐ^ĞƌǀŝĐĞtĞůĨĂƌĞdƌƵƐƚ džƉĞŶĚŝƚƵƌĞ ,ŝŐŚŽƉĞƌĂƟŶŐůĞǀĞƌĂŐĞ ĂƚƚŚĞůŽLJĂůƚLJĂŶĚ͞ŽŶͲƚŚĞͲŐŽ͟ƐĞŐŵĞŶƚƐ͘ zŽƵƌ ŽŵƉĂŶLJ ĞƐƚĂďůŝƐŚĞĚ ƚŚĞ dĂũ WƵďůŝĐ ^ĞƌǀŝĐĞ tĞůĨĂƌĞ &ŽŽĚĂŶĚĞǀĞƌĂŐĞƐ ϮϯϮ͘ϲϰ Ϯϭϵ͘ϵϵ dŚĞŝŶĚƵƐƚƌLJŝŶŐĞŶĞƌĂůŚĂƐĂŚŝŐŚŽƉĞƌĂƟŶŐůĞǀĞƌĂŐĞ͕ǁŚŝĐŚ dƌƵƐƚŝŶĞĐĞŵďĞƌϮϬϬϴŝŶƚŚĞĂŌĞƌŵĂƚŚŽĨƚŚĞϮϲͬϭϭƚĞƌƌŽƌ ŽŶƐƵŵĞĚ ŚĂƐ ĨƵƌƚŚĞƌ ŝŶĐƌĞĂƐĞĚ ǁŝƚŚ ŽŶͲŐŽŝŶŐ ƌĞŶŽǀĂƟŽŶƐ͕ ŝŶĐƌĞĂƐĞĚ /ŶƚĞƌŶĂůĐŽŶƚƌŽůƐLJƐƚĞŵƐĂŶĚƚŚĞŝƌĂĚĞƋƵĂĐLJ ĂƩĂĐŬƚŽƉƌŽǀŝĚĞƌĞůŝĞĨƚŽŝŶĚŝǀŝĚƵĂůƐĂŶĚĨĂŵŝůŝĞƐĂīĞĐƚĞĚďLJ ŵƉůŽLJĞĞĞŶĞĮƚdžƉĞŶƐĞƐ ϲϰϵ͘ϲϭ ϲϯϯ͘Ϯϰ ƐƚĂī ĐŽƐƚƐ ĂŶĚ ĐŽƐƚ ŽĨ ůŝŐŚƚ͕ ƉŽǁĞƌ ĂŶĚ ĨƵĞů͘ ,ŽǁĞǀĞƌ͕ zŽƵƌŽŵƉĂŶLJŚĂƐŝŶƉůĂĐĞĂŶĂĚĞƋƵĂƚĞƐLJƐƚĞŵŽĨŝŶƚĞƌŶĂů ƚĞƌƌŽƌ ĂƩĂĐŬƐ͕ ŶĂƚƵƌĂů ĐĂůĂŵŝƟĞƐ ĂŶĚ ŽƚŚĞƌ ƚƌĂŐŝĐ ĞǀĞŶƚƐ ŝŶ ĞƉƌĞĐŝĂƟŽŶĂŶĚ ϭϱϭ͘ϯϰ ϭϱϭ͘ϯϭ LJŽƵƌŽŵƉĂŶLJŚĂƐďĞĞŶĂďůĞƚŽĞĂƌŶŚŝŐŚĞƌƌĞǀĞŶƵĞƐǁŝƚŚ ĐŽŶƚƌŽůƐ͕ǁŝƚŚĚŽĐƵŵĞŶƚĞĚƉƌŽĐĞĚƵƌĞƐĐŽǀĞƌŝŶŐĂůůĐŽƌƉŽƌĂƚĞ ƚŚĞĨƵƚƵƌĞ͘ ŵŽƌƟƐĂƟŽŶdžƉĞŶƐĞ ĂĐĐĞƉƚĂŶĐĞ ŽĨ ŝƚƐ ƉƌŽĚƵĐƚƐ ĂŶĚ ŝŵƉƌŽǀĞĚ ZĞǀWZ ;ƌĞǀĞŶƵĞ ĨƵŶĐƟŽŶƐ ĂŶĚ ŚŽƚĞů ŽƉĞƌĂƟŶŐ ƵŶŝƚƐ͘ ^LJƐƚĞŵƐ ŽĨ ŝŶƚĞƌŶĂů KƚŚĞƌdžƉĞŶĚŝƚƵƌĞ ϭ͕ϬϳϮ͘ϵϬ ϭ͕ϬϮϴ͘ϲϱ dŽƚĂůdžƉĞŶĚŝƚƵƌĞ Ϯ͕ϭϬϲ͘ϰϵ Ϯ͕Ϭϯϯ͘ϭϵ ƉĞƌĂǀĂŝůĂďůĞƌŽŽŵͿŝŶƚŚĞŵĂƌŬĞƚƐŝƚŽƉĞƌĂƚĞƐŝŶ͘ ĐŽŶƚƌŽůƐ ĂƌĞ ĚĞƐŝŐŶĞĚ ƚŽ ƉƌŽǀŝĚĞ ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞ dŚĞdƌƵƐƚŚĂƐƌĞĂĐŚĞĚŽƵƚƚŽŶƵŵĞƌŽƵƐŝŶĚŝǀŝĚƵĂůƐ͕ĨĂŵŝůŝĞƐ WƌŽĮƚďĞĨŽƌĞ&ŝŶĂŶĐĞŽƐƚƐ 532.85 426.39 ƌĞŐĂƌĚŝŶŐƚŚĞĞīĞĐƟǀĞŶĞƐƐĂŶĚĞĸĐŝĞŶĐLJŽĨŽƉĞƌĂƟŽŶƐ͕ƚŚĞ ĂŶĚĐŽŵŵƵŶŝƟĞƐ͕ƐƵƉƉŽƌƟŶŐƚŚŽƐĞĂīĞĐƚĞĚďLJŶĂƚƵƌĂůĂŶĚ ĂŶĚdĂdž ,ŽƚĞůƐŽŶůĞĂƐĞͬůŝĐĞŶƐĞ ĂĚĞƋƵĂĐLJŽĨƐĂĨĞŐƵĂƌĚƐĨŽƌĂƐƐĞƚƐ͕ƚŚĞƌĞůŝĂďŝůŝƚLJŽĨĮŶĂŶĐŝĂů ŵĂŶŵĂĚĞ ĐĂůĂŵŝƟĞƐ͘ /Ŷ ĂĚĚŝƟŽŶ͕ ƚŚĞ dƌƵƐƚ ŚĂƐ Ă ƐƉĞĐŝĂů &ŝŶĂŶĐĞĐŽƐƚƐ ϭϵϯ͘ϰϯ ϭϵϳ͘ϴϲ ^ŽŵĞ ŽĨ ŽƵƌ ŚŽƚĞůƐ ŽƉĞƌĂƚĞ ƵŶĚĞƌ ůĞĂƐĞ ͬ ůŝĐĞŶƐĞ ĐŽŶƚƌŽůƐ͕ĂŶĚĐŽŵƉůŝĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞůĂǁƐĂŶĚƌĞŐƵůĂƟŽŶƐ͘ ŵĂŶĚĂƚĞ ƚŽ ƐƵƉƉŽƌƚ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ĐŽƵŶƚƌLJ͛Ɛ ƵŶŝĨŽƌŵĞĚ WƌŽĮƚďĞĨŽƌĞdžĐĞƉƟŽŶĂů 339.42 228.53 ĂƌƌĂŶŐĞŵĞŶƚƐ ǁŝƚŚ ƚŚŝƌĚ ƉĂƌƟĞƐ͕ ŝŶĐůƵĚŝŶŐ ŐŽǀĞƌŶŵĞŶƚ ĨŽƌĐĞƐ͕ǁŚŽŚĂǀĞƐŚŽǁŶďƌĂǀĞƌLJĂŶĚƐƵƐƚĂŝŶĞĚŝŶũƵƌŝĞƐŝŶƚŚĞ /ƚĞŵƐĂŶĚdĂdž ďŽĚŝĞƐ͘ ^ƵĐŚ ĂƌƌĂŶŐĞŵĞŶƚƐ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ǀĂƌŝŽƵƐ ƌŝƐŬƐ ĚĞƋƵĂƚĞŝŶƚĞƌŶĂůĐŽŶƚƌŽůŵĞĂƐƵƌĞƐĂƌĞŝŶƚŚĞĨŽƌŵŽĨǀĂƌŝŽƵƐ ůŝŶĞŽĨĚƵƚLJ͘ džĐĞƉƟŽŶĂů/ƚĞŵƐ ;ϱϱ͘ϭϵͿ ϯϯ͘ϱϭ ŝŶĐůƵĚŝŶŐ ƵŶĨĂǀŽƌĂďůĞ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƟŽŶƐ ŽŶ ƌĞŶĞǁĂů Žƌ ƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐŝƐƐƵĞĚďLJƚŚĞŵĂŶĂŐĞŵĞŶƚĐŽǀĞƌŝŶŐ WƌŽĮƚďĞĨŽƌĞdĂdž 284.23 262.04 ŶŽŶͲƌĞŶĞǁĂů͕ǁŚŝĐŚŚĂǀĞĂƉŽƚĞŶƟĂůƚŽŝŵƉĂĐƚŽƵƌďƵƐŝŶĞƐƐ͘ ĂůůĐƌŝƟĐĂůĂŶĚŝŵƉŽƌƚĂŶƚĂĐƟǀŝƟĞƐǀŝnj͘ZĞǀĞŶƵĞDĂŶĂŐĞŵĞŶƚ͕ /ŶϮϬϭϳͲϭϴ͕ƚŚƌŽƵŐŚƚŚĞdĂũWƵďůŝĐ^ĞƌǀŝĐĞtĞůĨĂƌĞdƌƵƐƚ͕LJŽƵƌ dĂdždžƉĞŶƐĞ ϭϯϲ͘ϰϲ ϭϭϴ͘ϴϲ zŽƵƌ ŽŵƉĂŶLJ ŚĂƐ ĂƩĞŵƉƚĞĚ ƚŽ ŵŝƟŐĂƚĞ ƐƵĐŚ ƌŝƐŬƐ ďLJ ,ŽƚĞůKƉĞƌĂƟŽŶƐ͕WƵƌĐŚĂƐĞ͕&ŝŶĂŶĐĞ͕,ƵŵĂŶZĞƐŽƵƌĐĞƐĂŶĚ ŽŵƉĂŶLJŚĂƐĞŶĂďůĞĚ͗ WƌŽĮƚĂŌĞƌdĂdž 147.77 143.18 ĞŶƚĞƌŝŶŐŝŶƚŽƌĞůĂƟǀĞůLJůŽŶŐͲƚĞƌŵĂƌƌĂŶŐĞŵĞŶƚƐ͘ ^ĂĨĞƚLJ ĂŵŽŶŐ ŽƚŚĞƌƐ͘ dŚĞƐĞ ƉŽůŝĐŝĞƐ ĂŶĚ ƉƌŽĐĞĚƵƌĞƐ ĂƌĞ EŽƚĞ͗ &ŝŐƵƌĞƐ ŽĨ ďŽƚŚ LJĞĂƌƐ ŝŶĐůƵĚĞ ƚŚĞ ĮŐƵƌĞƐ ĂƌŝƐŝŶŐ ŽƵƚ ƵƉĚĂƚĞĚĨƌŽŵƟŵĞƚŽƟŵĞĂŶĚĐŽŵƉůŝĂŶĐĞŝƐŵŽŶŝƚŽƌĞĚďLJ ͻ 136 children ĨƌŽŵ ƚĞƌƌŽƌͲĂīĞĐƚĞĚ ĨĂŵŝůŝĞƐ ƚŽ ĐŽŶƟŶƵĞ ŽĨ ĂŵĂůŐĂŵĂƟŽŶ ŽĨ d/&K ,ŽůĚŝŶŐƐ >ƚĚ͕ Ă ǁŚŽůůLJͲŽǁŶĞĚ &ŽƌĞŝŐŶĞdžĐŚĂŶŐĞŇƵĐƚƵĂƟŽŶƌŝƐŬƐ 'ƌŽƵƉ /ŶƚĞƌŶĂůƵĚŝƚ͘ dŚĞŽŵƉĂŶLJĐŽŶƟŶƵĞƐŝƚƐĞīŽƌƚƐƚŽ ƚŚĞŝƌĞĚƵĐĂƟŽŶ ŝŶǀĞƐƚŵĞŶƚŚŽůĚŝŶŐƐƵďƐŝĚŝĂƌLJ͕ǁŚŝĐŚŚĂƐďĞĞŶĂŵĂůŐĂŵĂƚĞĚ zŽƵƌ ŽŵƉĂŶLJ ĂůƐŽ ŚĂƐ Ă ƉŽƌƞŽůŝŽ ŽĨ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ ĂůŝŐŶĂůůŝƚƐƉƌŽĐĞƐƐĞƐĂŶĚĐŽŶƚƌŽůƐǁŝƚŚŝŶĚƵƐƚƌLJďĞƐƚƉƌĂĐƟĐĞƐ͘ ǁŝƚŚƚŚĞŽŵƉĂŶLJ;ZĞĨĞƌEŽƚĞϮϴŽĨƚŚĞ^ƚĂŶĚĂůŽŶĞ&ŝŶĂŶĐŝĂůƐͿ͘ ĚĞďƚĂŶĚĚĞƌŝǀĂƟǀĞƐŝŶƌĞƐƉĞĐƚŽĨǁŚŝĐŚŝƚĨĂĐĞƐĞdžƉŽƐƵƌĞƚŽ ͻ ϮϯƐƵƌǀŝǀŽƌƐŽĨƚĞƌƌŽƌĂƩĂĐŬƐƚŽĂĐĐĞƐƐůŝĨĞͲƐĂǀŝŶŐŵĞĚŝĐĂů ŇƵĐƚƵĂƟŽŶƐŝŶĐƵƌƌĞŶĐLJ͘ dŚĞ ŝŶƚĞƌŶĂů ĂƵĚŝƚ ƉƌŽĐĞƐƐ ƚŚƌŽƵŐŚ ŝƚƐ ƵŶŝƋƵĞ ͚dĂũ WŽƐŝƟǀĞ care dŚĞĂŶĂůLJƐŝƐŽĨŵĂũŽƌŝƚĞŵƐŽĨĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞŐŝǀĞŶ ƐƐƵƌĂŶĐĞDŽĚĞů͛ŝƐĂŶŽďũĞĐƟǀĞŵĞƚŚŽĚŽůŽŐLJŽĨƉƌŽǀŝĚŝŶŐĂ ďĞůŽǁ͗ ZŝƐŬŵŝƟŐĂƟŽŶŝŶŝƟĂƟǀĞƐ ƉŽƐŝƟǀĞĂƐƐƵƌĂŶĐĞďĂƐĞĚŽŶƚŚĞĂƵĚŝƚƐŽĨŽƉĞƌĂƟŶŐƵŶŝƚƐĂŶĚ ͻ ϭϬϳ ǁŝĚŽǁƐ͕ ƐĞŶŝŽƌ ĐŝƟnjĞŶƐ ĂŶĚ ƉĞƌƐŽŶƐ ŝŶ ƐĞǀĞƌĞ zŽƵƌŽŵƉĂŶLJĞŵƉůŽLJƐǀĂƌŝŽƵƐƉŽůŝĐŝĞƐ͕ƉƌŽĐĞƐƐĞƐĂŶĚŵĞƚŚŽĚƐ ĐŽƌƉŽƌĂƚĞĨƵŶĐƟŽŶƐ͘/ƚŝƐĂĐŽŶǀĞƌŐĞŶĐĞŽĨWƌŽĐĞƐƐ&ƌĂŵĞǁŽƌŬ͕ ƉŽǀĞƌƚLJƚŽůŝǀĞǁŝƚŚĚŝŐŶŝƚLJĂŌĞƌƐƵƌǀŝǀŝŶŐƚŚĞϮϲͬϭϭĂŶĚ ĂͿ ZĞǀĞŶƵĞƐ ƚŽĐŽƵŶƚĞƌƚŚĞƐĞƌŝƐŬƐĞīĞĐƟǀĞůLJ͕ĂƐĞŶƵŵĞƌĂƚĞĚďĞůŽǁ͗ ZŝƐŬĂŶĚŽŶƚƌŽůDĂƚƌŝdžĂŶĚĂ^ĐŽƌŝŶŐDĂƚƌŝdž͘ĨƌĂŵĞǁŽƌŬ ϭϯͬϳĂƩĂĐŬƐ  dŚĞƐƵŵŵĂƌLJ ŽĨ ƚŽƚĂů ŝŶĐŽŵĞ ŝƐ ƉƌŽǀŝĚĞĚ ŝŶ ƚŚĞ ƚĂďůĞ ĚĞǀĞůŽƉĞĚĨŽƌĞĂĐŚĨƵŶĐƟŽŶĂůĂƌĞĂŝƐŝĚĞŶƟĮĞĚŽŶƚŚĞďĂƐŝƐ ďĞůŽǁ͗ ͻ zŽƵƌ ŽŵƉĂŶLJ ŝƐ ĐŽŶƟŶƵŽƵƐůLJ ĞǀĂůƵĂƟŶŐ ŽƉƟŽŶƐ ĨŽƌ ŽĨĂŶĂƐƐĞƐƐŵĞŶƚŽĨƌŝƐŬĂŶĚĐŽŶƚƌŽůĂƐĂůƐŽƉƌŽǀŝĚŝŶŐĂƐĐŽƌĞ͕ ͻ ϳϮĚŝƐĂďůĞĚĂŶĚŝŶũƵƌĞĚƐŽůĚŝĞƌƐƚŽůĞĂƌŶƐŬŝůůƐƚŚĂƚǁŝůů ` / crores ŝŵƉƌŽǀŝŶŐ ƉƌŽĮƚĂďŝůŝƚLJ ŽĨ ŽǀĞƌƐĞĂƐ ĂƐƐĞƚƐ͕ ŝŶĐůƵĚŝŶŐ ĂůůŽǁŝŶŐƚŚĞƵŶŝƚƚŽŝĚĞŶƟĨLJĂŶĚŵŝƟŐĂƚĞŚŝŐŚͲƌŝƐŬĂƌĞĂƐ͘ ƐĞĐƵƌĞĂĚŝŐŶŝĮĞĚůŝǀĞůŝŚŽŽĚƚŚƌŽƵŐŚƚŚĞhŶƐƵŶŐ,ĞƌŽĞƐ zĞĂƌŶĚĞĚ ƌĞƐƚƌƵĐƚƵƌŝŶŐ ŽĨ ŽƉĞƌĂƟŽŶƐ ĂŶĚ ĂƌƌĂŶŐĞŵĞŶƚƐ ĂŶĚ WƌŽŐƌĂŵŵĞ WĂƌƟĐƵůĂƌƐ March DĂƌĐŚ ŚĂŶŐĞ ĞdžŝƟŶŐĨƌŽŵŶŽŶͲƉĞƌĨŽƌŵŝŶŐĂƐƐĞƚƐ͘ dŚĞ ĞīĞĐƟǀĞŶĞƐƐ ŽĨ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽůƐ ŝƐ ƌĞǀŝĞǁĞĚ ƚŚƌŽƵŐŚ ϯϭ͕ϮϬϭϴ ϯϭ͕ϮϬϭϳ й ƚŚĞ ŝŶƚĞƌŶĂů ĂƵĚŝƚ ƉƌŽĐĞƐƐ͕ ǁŚŝĐŚ ŝƐ ƵŶĚĞƌƚĂŬĞŶ ĨŽƌ ĞǀĞƌLJ ZŽŽŵ/ŶĐŽŵĞ ϭ͕Ϭϵϰ͘ϲϵ ϭ͕Ϭϱϴ͘ϭϴ ϯ ͻ DŽƌĞ ƚŚĂŶ ϮϬ͕ϬϬϬ ŇŽŽĚͲĂīĞĐƚĞĚ ĨĂŵŝůŝĞƐ ŝŶ 'ƵũĂƌĂƚ͕ ͻ LJ ĞdžƚĞŶƐŝǀĞůLJ ŝŵƉƌŽǀŝŶŐ ŝƚƐ ƐĞƌǀŝĐĞ ƐƚĂŶĚĂƌĚƐ͕ ĂƐ ĂůƐŽ ŽƉĞƌĂƟŽŶĂůƵŶŝƚĂŶĚĂůůŵĂũŽƌĐŽƌƉŽƌĂƚĞĨƵŶĐƟŽŶƐƵŶĚĞƌƚŚĞ &ŽŽĚ͕ĞǀĞƌĂŐĞΘ ϭ͕ϬϮϳ͘ϴϬ ϵϰϮ͘ϭϴ ϵ ŝŚĂƌĂŶĚZĂũĂƐƚŚĂŶƚŽĂĐĐĞƐƐĞŵĞƌŐĞŶĐLJƌĞůŝĞĨ͕ŝŶĐůƵĚŝŶŐ ƉƌŽŐƌĞƐƐŝǀĞůLJƌĞŶŽǀĂƟŶŐŝƚƐƉƌŽƉĞƌƟĞƐ͕ĂĐƌŽƐƐƚŚĞŵƵůƟͲ ĚŝƌĞĐƟŽŶŽĨƚŚĞ'ƌŽƵƉ/ŶƚĞƌŶĂůƵĚŝƚĚĞƉĂƌƚŵĞŶƚ͘dŚĞĨŽĐƵƐ ĂŶƋƵĞƟŶŐ/ŶĐŽŵĞ ƐĂĨĞ ĚƌŝŶŬŝŶŐ ǁĂƚĞƌ͕ ŵĞĚŝĐĂů ĂƩĞŶƟŽŶ͕ ĞŵĞƌŐĞŶĐLJ ďƌĂŶĚ ƉŽƌƞŽůŝŽ͕ LJŽƵƌ ŽŵƉĂŶLJ ĐŽƵŶƚĞƌƐ ƚŚĞ ƌŝƐŬ ĨƌŽŵ ŽĨƚŚĞƐĞƌĞǀŝĞǁƐŝƐ͗ KƚŚĞƌKƉĞƌĂƟŶŐ/ŶĐŽŵĞ ϰϲϭ͘ϰϲ ϰϬϭ͘ϮϬ ϭϱ ƐŚĞůƚĞƌĂŶĚďĂƐŝĐĂŵĞŶŝƟĞƐ ŐƌŽǁŝŶŐ ĐŽŵƉĞƟƟŽŶ ĂŶĚ ŶĞǁ ƐƵƉƉůLJ͘ &ƵƌƚŚĞƌ͕ŝƚ ŐĂŝŶƐ ͻ /ĚĞŶƟĨLJǁĞĂŬŶĞƐƐĞƐĂŶĚŝŵƉƌŽǀĞŵĞŶƚĂƌĞĂƐ EŽŶͲKƉĞƌĂƟŶŐ/ŶĐŽŵĞ ϱϱ͘ϯϵ ϱϴ͘ϬϮ ;ϱͿ ŽƉĞƌĂƟŶŐ ĂŶĚ ĮŶĂŶĐŝĂů ůĞǀĞƌĂŐĞ ďLJ ĞdžƉĂŶƐŝŽŶ ƚŚƌŽƵŐŚ Total Income Ϯ͕ϲϯϵ͘ϯϰ Ϯ͕ϰϱϵ͘ϱϴ ϳ ŵĂŶĂŐĞŵĞŶƚĐŽŶƚƌĂĐƚƐ͘ ͻ ŽŵƉůLJǁŝƚŚĚĞĮŶĞĚƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞƐƐĞƐ DĂŶĂŐĞŵĞŶƚŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐŽĨKƉĞƌĂƟŶŐZĞƐƵůƚƐ ĂŶĚ&ŝŶĂŶĐŝĂůWŽƐŝƟŽŶƐ ^ƚĂƟƐƟĐĂůŝŶĨŽƌŵĂƟŽŶ ` ͻ ^ĂĨĞŐƵĂƌĚƚĂŶŐŝďůĞĂŶĚŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ dŚĞ ŶŶƵĂů ZĞƉŽƌƚ ĐŽŶƚĂŝŶƐ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ŽĨ LJŽƵƌ ǀĞƌĂŐĞƌĂƚĞƉĞƌƌŽŽŵ; Ϳ ϭϬ͕ϳϮϮ ϭϬ͕Ϯϭϯ ϱ ͻ &ŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ ĞdžƉŽƐƵƌĞƐ ĂŶĚ ŚĞĚŐĞƐ ĂƌĞ ĐůŽƐĞůLJ KĐĐƵƉĂŶĐLJ;йͿ ϲϳ ϲϲ ϭ ŵŽŶŝƚŽƌĞĚ ďLJ LJŽƵƌ ŽŵƉĂŶLJ ŝŶ ĐŽŶƐƵůƚĂƟŽŶ ǁŝƚŚ ŽŵƉĂŶLJ͕ ďŽƚŚ ŽŶ Ă ƐƚĂŶĚĂůŽŶĞ ĂŶĚ ĐŽŶƐŽůŝĚĂƚĞĚ ďĂƐŝƐ͘ ͻ DĂŶĂŐĞďƵƐŝŶĞƐƐĂŶĚŽƉĞƌĂƟŽŶĂůƌŝƐŬƐ ͻ ZŽŽŵ ƐĂůĞƐ ŝŶĐƌĞĂƐĞĚ ďLJ ϯй͕ ĐŽŵƉĂƌĞĚ ƚŽ ƚŚĞ ĂĚǀŝƐŽƌƐ͘EĞƚĞdžƉŽƐƵƌĞƐ͕ŝŶĐůƵĚŝŶŐƚŚŽƐĞĨƌŽŵĚĞƌŝǀĂƟǀĞ ŶĂŶĂůLJƐŝƐŽĨƚŚĞĮŶĂŶĐŝĂůĂīĂŝƌƐŝƐĚŝƐĐƵƐƐĞĚďĞůŽǁƵŶĚĞƌ ƉƌĞǀŝŽƵƐLJĞĂƌ͕ƉƌŝŵĂƌŝůLJĚƌŝǀĞŶďLJŝŵƉƌŽǀĞĚĂǀĞƌĂŐĞ ŝŶƐƚƌƵŵĞŶƚƐ͕ ĂƌĞ ŬĞƉƚ Ăƚ ĂĐĐĞƉƚĂďůĞ ůĞǀĞůƐ ĂŶĚ ǁŝƚŚŝŶ ͻ ŽŵƉůLJǁŝƚŚĂƉƉůŝĐĂďůĞƐƚĂƚƵƚĞƐ ƐƵŵŵĂƌŝƐĞĚŚĞĂĚŝŶŐƐ͘ ƌĂƚĞƉĞƌƌŽŽŵ;͚ZZ͛ͿĂĐƌŽƐƐŚŽƚĞůƐ͘ ŽǀĞƌĂůůůŝŵŝƚƐĂƉƉƌŽǀĞĚďLJƚŚĞŽĂƌĚ͕ǁŚŝĐŚĂƌĞƐƵďũĞĐƚ ͻ ŽŶĨŽƌŵƚŽƚŚĞdĂƚĂŽĚĞŽĨŽŶĚƵĐƚ ƚŽƌĞŐƵůĂƌƌĞǀŝĞǁƐ͘ 90 Annual Report 2017-18 91 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

ͻ &ŽŽĚΘĞǀĞƌĂŐĞ;͚&Θ͛ͿŝŶĐŽŵĞŝŶĐƌĞĂƐĞĚďLJϵйŽǀĞƌ ĂŶĚŵŝŶŝŵƵŵǁĂŐĞŝŶĐƌĞĂƐĞƐŝŶƐŽŵĞŽĨƚŚĞƐƚĂƚĞƐ͕ ĚͿ džĐĞƉƟŽŶĂůŝƚĞŵƐ ĂƐŚ&ůŽǁĂƚĂ ƚŚĞ ƉƌĞǀŝŽƵƐ LJĞĂƌ͕ ĚƌŝǀĞŶ ďLJ ŝŶĐƌĞĂƐĞ ŝŶ ƌĞƐƚĂƵƌĂŶƚ ǁŚĞƌĞLJŽƵƌŽŵƉĂŶLJŚĂƐŚŽƚĞůŽƉĞƌĂƟŽŶƐ͘  džĐĞƉƟŽŶĂůŝƚĞŵƐŝŶĐůƵĚĞƐŝƚĞŵƐĂƐƵŶĚĞƌ͗ ` / crores ` ƐĂůĞƐ ĂŶĚ ďĂŶƋƵĞƟŶŐ ďƵƐŝŶĞƐƐ ďLJ  ϯϲ͘ϰ ĐƌŽƌĞƐ ĂŶĚ ` / crores `ϰϵ͘ϮĐƌŽƌĞƐƌĞƐƉĞĐƟǀĞůLJ͘ WĂƌƟĐƵůĂƌƐ zĞĂƌŶĚĞĚ  ŝŝŝͿ ĞƉƌĞĐŝĂƟŽŶĂŶĚĂŵŽƌƟƐĂƟŽŶĞdžƉĞŶƐĞƐ DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕ ` / crores WĂƌƟĐƵůĂƌƐ zĞĂƌŶĚĞĚ ͻ KƚŚĞƌKƉĞƌĂƟŶŐ /ŶĐŽŵĞ ƉƌŝŵĂƌŝůLJ ĐŽŵƉƌŝƐĞƐ ŝŶĐŽŵĞ 2018 ϮϬϭϳ DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕ EĞƚĂƐŚĨƌŽŵŽƉĞƌĂƟŶŐĂĐƟǀŝƟĞƐ ϰϴϭ͘ϭϮ ϰϱϴ͘ϯϮ ĨƌŽŵ ŵĂŶĂŐĞŵĞŶƚ ĨĞĞƐ͕ ůĂƵŶĚƌLJ͕ ƐƉĂ Θ ŚĞĂůƚŚ ĐůƵď͕ DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕ ŚĂŶŐĞ EĞƚĂƐŚĨƌŽŵͬ;ƵƐĞĚŝŶͿ 2018 ϮϬϭϳ ;ϭ͕ϯϴϳ͘ϲϯͿ ;ϵϱ͘ϴϯͿ ƚĞůĞƉŚŽŶĞ͕ďƵƐŝŶĞƐƐĐĞŶƚĞƌƌĞŶƚƐ͕ĂŵŽŶŐŽƚŚĞƌƐ͘KƚŚĞƌ 2018 ϮϬϭϳ ;йͿ ŝŶǀĞƐƟŶŐĂĐƟǀŝƟĞƐ ŽƉĞƌĂƟŶŐ ŝŶĐŽŵĞ ŝŶĐƌĞĂƐĞĚ ďLJ ϭϱй ŽǀĞƌ ƚŚĞ ƉƌĞǀŝŽƵƐ ĞƉƌĞĐŝĂƟŽŶ džĐĞƉƟŽŶĂů/ƚĞŵƐͲdžĐŚĂŶŐĞ'ĂŝŶ EĞƚĂƐŚĨƌŽŵͬ;ƵƐĞĚŝŶͿ džĐŚĂŶŐĞ'ĂŝŶͬ;>ŽƐƐͿŽŶůŽŶŐ ϭ͕ϬϭϮ͘ϳϵ ;ϯϲϴ͘ϵϮͿ LJĞĂƌ ƉƌŝŵĂƌŝůLJ ĚƌŝǀĞŶ ďLJ ŵĂŶĂŐĞŵĞŶƚ Θ ŽƉĞƌĂƟŶŐ ĂŶĚ ;Ϭ͘ϮϬͿ ϭ͘ϵϬ ĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ ϭϱϭ͘ϯϰ ϭϱϭ͘ϯϭ Ͳ ƚĞƌŵďŽƌƌŽǁŝŶŐƐͬĂƐƐĞƚƐ EĞƚ/ŶĐƌĞĂƐĞͬ;ĚĞĐƌĞĂƐĞͿ ĨĞĞ ĨƌŽŵ ŝŶƚĞƌŶĂƟŽŶĂů ŚŽƚĞůƐ ŽŶ ĂƐƐŝŐŶŵĞŶƚ ŽĨ ŚŽƚĞů ĂŵŽƌƟƐĂƟŽŶ 106.28 ;ϲ͘ϰϯͿ ŝŶĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ ŽƉĞƌĂƟŶŐĂŐƌĞĞŵĞŶƚƐǁŝƚŚƚŚĞŽŵƉĂŶLJ;`ϱϭ͘ϳĐƌŽƌĞƐͿ͕ ĞdžƉĞŶƐĞƐ džĐĞƉƟŽŶĂů/ƚĞŵƐͲĞƌŝǀĂƟǀĞ džƉŽƌƚŝŶĐĞŶƟǀĞŝŶĐŽŵĞ;`ϴ͘ϴĐƌŽƌĞƐͿ͕^ƉĂĂŶĚŚĞĂůƚŚ   dŚĞĚĞƉƌĞĐŝĂƟŽŶĐŚĂƌŐĞǁĂƐĂƚƚŚĞƐĂŵĞůĞǀĞůĂƐ Contracts KƉĞƌĂƟŶŐĐƟǀŝƟĞƐ ĐůƵď ŝŶĐŽŵĞ ;` Ϯ͘Ϭ ĐƌŽƌĞƐͿ͕ ƵƐŝŶĞƐƐ ĞŶƚƌĞ ŝŶĐŽŵĞ ƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͘ ŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞŽĨĞƌŝǀĂƟǀĞ ƵƌŝŶŐƚŚĞLJĞĂƌ͕ŶĞƚĐĂƐŚŐĞŶĞƌĂƚĞĚĨƌŽŵŽƉĞƌĂƟŶŐĂĐƟǀŝƟĞƐ ;` ϭ͘ϴ ĐƌŽƌĞƐͿ͕ ^ŚŽƉ ƌĞŶƚĂůƐ ĂŶĚ KƚŚĞƌƐ ;` ϯ͘ϰ ĐƌŽƌĞƐͿ͘ Ϯϱ͘ϱϭ ϲϱ͘ϰϱ contracts at `ϰϴϭ͘ϭϮĐƌŽƌĞƐǁĂƐŚŝŐŚĞƌĐŽŵƉĂƌĞĚƚŽ`ϰϱϴ͘ϯϮĐƌŽƌĞƐŝŶ ^ƵĐŚŝŶĐƌĞĂƐĞǁĂƐ͕ŚŽǁĞǀĞƌ͕ƉĂƌƟĂůůLJŽīƐĞƚďLJĂĚĞĐůŝŶĞ  ŝǀͿ KƚŚĞƌdžƉĞŶĚŝƚƵƌĞ ƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌŵĂŝŶůLJĚƵĞƚŽŚŝŐŚĞƌĂƐŚŽƉĞƌĂƟŶŐƉƌŽĮƚƐ͘ ŝŶƉŝĐƵƌĞDĞŵďĞƌƐŚŝƉĨĞĞ;`ϳ͘ϯĐƌŽƌĞƐͿ͘ džĐĞƉƟŽŶĂů/ƚĞŵƐͲ/ŶǀĞƐƚŵĞŶƚ ` / crores WƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚŽĨ /ŶǀĞƐƟŶŐĐƟǀŝƟĞƐ ͻ EŽŶͲKƉĞƌĂƟŶŐ/ŶĐŽŵĞĚĞĐůŝŶĞĚďLJ`Ϯ͘ϲĐƌŽƌĞƐ͕ĐŽŵƉĂƌĞĚ DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕ ŚĂŶŐĞ ŝŶǀĞƐƚŵĞŶƚŝŶĂƐƵďƐŝĚŝĂƌLJƚŚĂƚ ;ϴϬ͘ϱϬͿ ;ϲϰ͘ϯϯͿ ƵƌŝŶŐƚŚĞLJĞĂƌ͕ƚŚĞŶĞƚĐĂƐŚŽƵƞůŽǁĨƌŽŵŝŶǀĞƐƟŶŐĂĐƟǀŝƟĞƐ ƚŽ ƚŚĞ ƉƌĞǀŝŽƵƐ LJĞĂƌ͘ tŝƚŚŝŶ EŽŶͲKƉĞƌĂƟŶŐ /ŶĐŽŵĞ͕ 2018 ϮϬϭϳ ;йͿ ŝŶĐƵƌƌĞĚůŽƐƐĞƐ ĂŵŽƵŶƚĞĚƚŽ`ϭϯϴϳ͘ϲϯĐƌŽƌĞƐ͕ĐŽŵƉĂƌĞĚƚŽ`ϵϱ͘ϴϯĐƌŽƌĞƐŝŶ ŝŶƚĞƌĞƐƚŝŶĐŽŵĞǁĞƌĞŚŝŐŚĞƌďLJ`ϭϭ͘ϰĐƌŽƌĞƐĂƐZŝŐŚƚƐ KƚŚĞƌ džĐĞƉƟŽŶĂů/ƚĞŵƐͲKƚŚĞƌƐ ƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͘ /ƐƐƵĞ ƉƌŽĐĞĞĚƐ ƉĞŶĚŝŶŐ ƵƟůŝƐĂƟŽŶ ǁĞƌĞ ƚĞŵƉŽƌĂƌŝůLJ KƉĞƌĂƟŶŐ ϱϭϯ͘Ϯϱ ϱϬϯ͘ϱϬ Ϯ ŝŶǀĞƐƚĞĚŝŶĮdžĞĚĚĞƉŽƐŝƚƐǁŝƚŚďĂŶŬƐ͕ŚŽǁĞǀĞƌƚŚŝƐǁĂƐ džƉĞŶƐĞƐ ZĞĐŽǀĞƌLJŽĨĐŽƐƚƐŝŶĐůƵĚŝŶŐ Ͳ Ϯϰ͘ϯϯ zŽƵƌ ŽŵƉĂŶLJ ŵĂĚĞ ŝŶǀĞƐƚŵĞŶƚ ŽĨ ` ϴϵϯ ĐƌŽƌĞƐ ŝŶ ŝƚƐ ŽīƐĞƚďLJůŽǁĞƌĚŝǀŝĚĞŶĚŝŶĐŽŵĞ;`ϭϯ͘ϴĐƌŽƌĞƐͿĚƵƌŝŶŐ 'ĞŶĞƌĂů ŝŶƚĞƌĞƐƚŽŶĂƐƵƌƌĞŶĚĞƌĞĚƉƌŽũĞĐƚ ϱϱϵ͘ϲϱ ϱϮϱ͘ϭϱ ϳ ^ƵďƐŝĚŝĂƌLJ^ŬLJĚĞĐŬWƌŽƉĞƌƟĞƐĂŶĚĞǀĞůŽƉĞƌƐWƌŝǀĂƚĞ>ŝŵŝƚĞĚ͕ ƚŚŝƐĐƵƌƌĞŶƚLJĞĂƌ͘ ĞdžƉĞŶƐĞƐ ZĞĨƵŶĚŽĨDƵŶŝĐŝƉĂůdĂdž - ϲ͘ϭϲ ǁŚŝĐŚǁĂƐůĂƌŐĞůLJĨƵŶĚĞĚŽƵƚŽĨZŝŐŚƚƐ/ƐƐƵĞƉƌŽĐĞĞĚƐ͘ Total 1072.90 1028.65 4 ŝŶĐůƵĚŝŶŐŝŶƚĞƌĞƐƚ ďͿ KƉĞƌĂƟŶŐdžƉĞŶƐĞƐ   dŚĞ KƚŚĞƌ džƉĞŶĚŝƚƵƌĞ ŝŶĐƌĞĂƐĞĚ ďLJ ϰй ĨƌŽŵ Total ;ϱϱ͘ϭϵͿ 33.51 dŚĞŽŵƉĂŶLJĂůƐŽŝŶĐƵƌƌĞĚ`ϯϭϭ͘ϯϯĐƌŽƌĞƐƚŽǁĂƌĚƐĐĂƉŝƚĂů  dŚĞKƉĞƌĂƟŶŐdžƉĞŶƐĞŝŶĐƌĞĂƐĞĚďLJϰйĨƌŽŵ`Ϯ͕Ϭϯϯ͘ϭϵ `ϭ͕ϬϮϴ͘ϲϱĐƌŽƌĞƐŝŶϮϬϭϲͲϭϳƚŽ`ϭ͕ϬϳϮ͘ϵϬĐƌŽƌĞƐŝŶ ĞdžƉĞŶĚŝƚƵƌĞ͕ Ă ŵĂũŽƌŝƚLJ ŽĨ ǁŚŝĐŚ ǁĂƐ ƚŽǁĂƌĚƐ ƚŚĞ dĂũ ĐƌŽƌĞƐŝŶϮϬϭϲͲϭϳƚŽ`Ϯ͕ϭϬϲ͘ϰϵĐƌŽƌĞƐŝŶϮϬϭϳͲϭϴ͘ ϮϬϭϳͲϭϴ͘ ĞͿ 'ƌŽƐƐĞďƚĂŶĚEĞƚĞďƚ ŶĚĂŵĂŶ ƉƌŽũĞĐƚ ĂƐ ǁĞůů ĂƐ ƚŚĞ ŽŶŐŽŝŶŐ ƌĞŶŽǀĂƟŽŶƐ Ăƚ ` / crores ĐĞƌƚĂŝŶŚŽƚĞůƐ͘dŚŝƐǁĂƐůĂƌŐĞůLJĨƵŶĚĞĚŽƵƚŽĨĐĂƐŚŐĞŶĞƌĂƚĞĚ  ŝͿ &ŽŽĚĂŶĚďĞǀĞƌĂŐĞƐĐŽŶƐƵŵĞĚ   dŚĞ ŝŶĐƌĞĂƐĞ ŝŶ ŽƚŚĞƌ ŽƉĞƌĂƟŶŐ ĞdžƉĞŶƐĞƐ ĨƌŽŵ ĨƌŽŵŽƉĞƌĂƟŶŐĂĐƟǀŝƟĞƐ͘ ` / crores `ϱϬϯ͘ϱϬĐƌŽƌĞƐŝŶƉƌĞǀŝŽƵƐLJĞĂƌƚŽ `ϱϭϯ͘ϮϱĐƌŽƌĞƐ DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕ ŚĂŶŐĞ DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕ ŚĂŶŐĞ ǁĂƐƉƌŝŵĂƌŝůLJĚƵĞƚŽĂŶŝŶĐƌĞĂƐĞŝŶďƵƐŝŶĞƐƐǀŽůƵŵĞƐ͘ 2018 ϮϬϭϳ ;йͿ ƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ͕`ϯϬϭ͘ϰϱĐƌŽƌĞƐǁĞƌĞŝŶǀĞƐƚĞĚŝŶ>ŝƋƵŝĚ 2018 ϮϬϭϳ ;йͿ 'ƌŽƐƐĞďƚ ϭ͕ϳϴϯ͘ϴϴ Ϯ͕Ϭϰϴ͘ϵϴ ;ϭϯͿ DƵƚƵĂů&ƵŶĚƐ͘ &ŽŽĚĂŶĚ   dŚĞŝŶĐƌĞĂƐĞ ŝŶ 'ĞŶĞƌĂů ĞdžƉĞŶƐĞƐ ĨƌŽŵ ` ϱϮϱ͘ϭϱ >ĞƐƐ͗ĂƐŚĂŶĚ ϭϮϭ͘Ϯϴ ϭϱ͘ϬϬ ϳϬϵ ďĞǀĞƌĂŐĞƐ ϮϯϮ͘ϲϰ Ϯϭϵ͘ϵϵ ϲ ` ĐŽŶƐƵŵĞĚ crores in the previous year to ϱϱϵ͘ϲϱĐƌŽƌĞƐǁĂƐ ĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ &ŝŶĂŶĐŝŶŐĐƟǀŝƟĞƐ ƉƌŝŵĂƌŝůLJĚƵĞƚŽĂŶŝŶĐƌĞĂƐĞŝŶ>ŝĐĞŶĐĞ&ĞĞƐǁŚŝĐŚŝƐ ƵƌŝŶŐ ƚŚĞ LJĞĂƌ͕ ƚŚĞ ŶĞƚ ĐĂƐŚ ĨƌŽŵ ĮŶĂŶĐŝŶŐ ĂĐƟǀŝƟĞƐ ǁĂƐ   dŚĞŝŶĐƌĞĂƐĞŝŶĐŽŶƐƵŵƉƟŽŶŽĨĨŽŽĚĂŶĚďĞǀĞƌĂŐĞƐ ůŝŶŬĞĚƚŽƌĞǀĞŶƵĞƐĂŶĚǁĂƐĐŽŵŵĞŶƐƵƌĂƚĞǁŝƚŚƚŚĞ >ĞƐƐ͗ƵƌƌĞŶƚ ϯϬϭ͘ϰϱ ϲϱ͘ϭϮ ϯϲϯ `ϭϬϭϮ͘ϳϵĐƌŽƌĞƐǀŝƐͲĂͲǀŝƐ`;ϯϲϴ͘ϵϮͿĐƌŽƌĞƐŝŶƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͘ ŝƐ ůŝŶŬĞĚ ƚŽ ĂŶ ĞƐĐĂůĂƟŽŶ ŝŶ ŝŶĐŽŵĞ ĨƌŽŵ ĨŽŽĚ͕ ŝŶĐƌĞĂƐĞŝŶƚŚĞƵŶĚĞƌůLJŝŶŐƌĞǀĞŶƵĞƐŽĨƚŚĞƌĞůĞǀĂŶƚ /ŶǀĞƐƚŵĞŶƚƐ ďĞǀĞƌĂŐĞƐ ĂŶĚ ďĂŶƋƵĞƟŶŐ ďƵƐŝŶĞƐƐ͕ ǁŚŝĐŚ ƉƌŽƉĞƌƟĞƐ͘ ůƐŽ ŝŶĐƌĞĂƐĞ ŝŶ ĂĚǀĞƌƟƐŝŶŐ ĐŽƐƚƐ ĚƵĞ EĞƚĚĞďƚ ϭ͕ϯϲϭ͘ϭϱ ϭ͕ϵϲϴ͘ϴϲ ;ϯϭͿ ƵƌŝŶŐƚŚĞLJĞĂƌ͕LJŽƵƌŽŵƉĂŶLJƌĂŝƐĞĚ`ϭϱϬϬĐƌŽƌĞƐďLJǁĂLJŽĨ ŝŶĐƌĞĂƐĞĚďLJϵйŽǀĞƌƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͘ ƚŽ ŚŝŐŚĞƌ ƐƉĞŶĚƐ ŽŶ ĚŝŐŝƚĂů ĂŶĚ ƉƌŽŵŽƟŽŶƐ ĂŶĚ ƌŝŐŚƚƐŝƐƐƵĞ͘dŚŝƐĐŽƵƉůĞĚǁŝƚŚĐĂƐŚŐĞŶĞƌĂƚĞĚĨƌŽŵŽƉĞƌĂƟŽŶƐ ŝŶĐƌĞĂƐĞ ŝŶ ŽƵƚƐŽƵƌĐĞĚ ƐƵƉƉŽƌƚ ĐŽƐƚƐ ŽŶ ŚŝŐŚĞƌ  ƵƌŝŶŐƚŚĞĐƵƌƌĞŶƚLJĞĂƌ͕ŐƌŽƐƐĚĞďƚĚĞĐƌĞĂƐĞĚƉƌŝŵĂƌŝůLJ ǁĂƐƵƐĞĚƚŽŵĂŬĞůŽŶŐͲƚĞƌŵŝŶǀĞƐƚŵĞŶƚƐĂŶĚƌĞƉĂLJƐŚŽƌƚͲƚĞƌŵ  ŝŝͿ ŵƉůŽLJĞĞ ďĞŶĞĮƚ ĞdžƉĞŶƐĞƐ ĂŶĚ ƉĂLJŵĞŶƚ ƚŽ ďƵƐŝŶĞƐƐĂĐƟǀŝƚLJ͘ ĚƵĞƚŽƚŚĞĨŽůůŽǁŝŶŐ͗ ĂŶĚůŽŶŐͲƚĞƌŵďŽƌƌŽǁŝŶŐƐĂŶĚŝŶƚĞƌĞƐƚĂŶĚĚŝǀŝĚĞŶĚƉĂLJŵĞŶƚƐ͘ contractors ` / crores ĐͿ &ŝŶĂŶĐĞŽƐƚƐ ͻ ZĞƉĂLJŵĞŶƚ ŽĨ džƚĞƌŶĂů ĐŽŵŵĞƌĐŝĂů ďŽƌƌŽǁŝŶŐ ŽĨ ` ϮϬϱ &ŝŶĂŶĐŝĂůZĂƟŽƐĨŽƌ^ƚĂŶĚĂůŽŶĞ&ŝŶĂŶĐŝĂůƐ ` / crores ĐƌŽƌĞƐ͘ ` / crores DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕ ŚĂŶŐĞ 2018 ϮϬϭϳ ;йͿ DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕ ŚĂŶŐĞ WĂƌƟĐƵůĂƌs zĞĂƌŶĚĞĚ ŵƉůŽLJĞĞ 2018 ϮϬϭϳ ;йͿ ͻ ZĞƉĂLJŵĞŶƚŽĨĚĞďĞŶƚƵƌĞƐŝŶĐůƵĚŝŶŐƌĞĚĞŵƉƟŽŶƉƌĞŵŝƵŵ DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕ ďĞŶĞĮƚ `ϮϵϯĐƌŽƌĞƐǁŚŝĐŚǁĂƐƌĞĮŶĂŶĐĞĚďLJƚŚĞŽŵƉĂŶLJďLJůŽǁ &ŝŶĂŶĐĞŽƐƚƐ ϭϵϯ͘ϰϯ ϭϵϳ͘ϴϲ ;ϮͿ 2018 ϮϬϭϳ ĞdžƉĞŶƐĞƐĂŶĚ ϲϰϵ͘ϲϭ ϲϯϯ͘Ϯϰ ϯ ĐŽƐƚĚĞďƚ`ϮϬϬĐƌŽƌĞƐďŽƌƌŽǁĞĚĂƚϳ͘ϴϱй͘ EĞƚĞďƚƚŽdŽƚĂůĂƉŝƚĂů;ƚŽƚĂůĚĞďƚ payment to ůĞƐƐĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĚŝǀŝĚĞĚ Ϭ͘Ϯϳ Ϭ͘ϰϮ contractors  &ŝŶĂŶĐĞĐŽƐƚƐ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ͕ Ăƚ &ƵƌƚŚĞƌ ĂƐŚ ĂŶĚ ƵƌƌĞŶƚ ŝŶǀĞƐƚŵĞŶƚƐ ǁĞƌĞ ŚŝŐŚĞƌ ĂƐ ďLJƚŚĞƐƵŵŽĨŶĞƚĚĞďƚĂŶĚŶĞƚǁŽƌƚŚͿ ` ϭϵϯ͘ϰϯ ĐƌŽƌĞƐ ǁĞƌĞ ůŽǁĞƌ ƚŚĂŶ ƚŚĞ ƉƌĞǀŝŽƵƐ LJĞĂƌ ďLJ ĐŽŵƉĂƌĞĚƚŽƉƌĞǀŝŽƵƐLJĞĂƌ͕ƚŚĞƌĞďLJƌĞƐƵůƟŶŐŝŶĚĞĐƌĞĂƐĞŝŶ EĞƚĞďƚƚŽƋƵŝƚLJ;ƚŽƚĂůĚĞďƚůĞƐƐ   dŚĞŵƉůŽLJĞĞďĞŶĞĮƚĞdžƉĞŶƐĞƐǁĞƌĞŚŝŐŚĞƌƚŚĂŶ `ϰ͘ϰϯĐƌŽƌĞƐŵĂŝŶůLJĚƵĞƚŽƌĞƉĂLJŵĞŶƚŽĨĚĞďƚƐŽƵƚŽĨ ƚŚĞŶĞƚĚĞďƚ͘ ĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĚŝǀŝĚĞĚďLJ Ϭ͘ϯϴ Ϭ͘ϳϰ ƚŚĞ ƉƌĞǀŝŽƵƐ LJĞĂƌ͕ ŵĂŝŶůLJ ĚƵĞ ƚŽ ƐĂůĂƌLJ ƌĞǀŝƐŝŽŶƐ ZŝŐŚƚƐ/ƐƐƵĞƉƌŽĐĞĞĚƐ͘ ƋƵŝƚLJĂŶĚZĞƐĞƌǀĞƐͿ

92 Annual Report 2017-18 93 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Consolidated Financials KƉĞƌĂƟŶŐdžƉĞŶƐĞƐ ĂƐŚ&ůŽǁĂƚĂ /ŶǀĞƐƟŶŐĐƟǀŝƟĞƐ dŚĞŽŶƐŽůŝĚĂƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐĐŽŵƉƌŝƐĞƚŚĞŽŵƉĂŶLJ dŚĞŽƉĞƌĂƟŶŐĞdžƉĞŶƐĞƐǁĞƌĞĐŽŵŵĞŶƐƵƌĂƚĞƚŽƚŚĞŝŶĐƌĞĂƐĞ dŚĞ ĨŽůůŽǁŝŶŐ ƚĂďůĞ ƐĞƚƐ ĨŽƌƚŚ ƐĞůĞĐƚĞĚ ŝƚĞŵƐ ĨƌŽŵ ƚŚĞ ĂƐŚ ĨƌŽŵ ŝŶǀĞƐƟŶŐ ĂĐƟǀŝƟĞƐ ǁĂƐ ` ;ϱϮϴ͘ϳϯͿ ĐƌŽƌĞƐ ŝŶ ƚŚĞ ĂŶĚŝƚƐ^ƵďƐŝĚŝĂƌŝĞƐ;ƌĞĨĞƌƌĞĚĐŽůůĞĐƟǀĞůLJĂƐƚŚĞΖ'ƌŽƵƉ͛ͿĂŶĚ ŝŶƚŚĞƐĐĂůĞĂŶĚƐŝnjĞŽĨƚŚĞďƵƐŝŶĞƐƐĂŶĚŝŶĐƌĞĂƐĞĚĐĂƉĂĐŝƚLJ ĐŽŶƐŽůŝĚĂƚĞĚĂƐŚ&ůŽǁ^ƚĂƚĞŵĞŶƚƐ͗ ĐƵƌƌĞŶƚ LJĞĂƌ͕ĐŽŵƉĂƌĞĚ ƚŽ `  ϴϱϰ͘ϵϴ ĐƌŽƌĞƐ ŝŶ ƚŚĞ ƉƌĞǀŝŽƵƐ ƚŚĞ'ƌŽƵƉ͛ƐŝŶƚĞƌĞƐƚŝŶƐƐŽĐŝĂƚĞƐĂŶĚ:ŽŝŶƚsĞŶƚƵƌĞƐƉƌĞƉĂƌĞĚ ĚƵĞ ƚŽ ĞdžƉĂŶƐŝŽŶƐ ĂŶĚ ĂĚĚŝƟŽŶ ŽĨ ŶĞǁ ŚŽƚĞůƐ ĚƵƌŝŶŐ ƚŚĞ `ͬĐƌŽƌĞs LJĞĂƌ͕ŵĂŝŶůLJŽǁŝŶŐƚŽĞdžƉĂŶƐŝŽŶƐĂŶĚƌĞŶŽǀĂƟŽŶƐĂƚǀĂƌŝŽƵƐ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/ŶĚ^ĂƐĂƉƉůŝĐĂďůĞƚŽLJŽƵƌŽŵƉĂŶLJ͘dŚĞ LJĞĂƌ͘ dŚŽƵŐŚ ĞŵƉůŽLJĞĞ ďĞŶĞĮƚ ĞdžƉĞŶƐĞ ŝƐ Ăƚ ƚŚĞ ƐĂŵĞ ƉƌŽƉĞƌƟĞƐĐĂƌƌŝĞĚŽƵƚĚƵƌŝŶŐƚŚĞLJĞĂƌ͘ ŽŶƐŽůŝĚĂƚĞĚ ^ƚĂƚĞŵĞŶƚƐ ŝŶĐůƵĚĞ ƚŚĞ ĮŶĂŶĐŝĂů ƉŽƐŝƟŽŶ ŽĨ ůĞǀĞůŽĨƉƌĞǀŝŽƵƐLJĞĂƌ͕ŝŶĂĐƚƵĂůƚŚĞƌĞŚĂƐďĞĞŶĂŶŝŶĐƌĞĂƐĞ WĂƌƟĐƵůĂƌƐ zĞĂƌŶĚĞĚ ^ƵďƐŝĚŝĂƌŝĞƐŽŶůŝŶĞďLJůŝŶĞďĂƐŝƐĂŶĚĨŽƌ:ŽŝŶƚsĞŶƚƵƌĞƐĂŶĚ ;ǁŝƚŚŽƵƚĐŽŶƐŝĚĞƌŝŶŐdĂũŽƐƚŽŶͿŝŶƐƚĂīĐŽƐƚĐŽŵŵĞŶƐƵƌĂƚĞ DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕ &ŝŶĂŶĐŝŶŐĐƟǀŝƟĞƐ ƐƐŽĐŝĂƚĞƐďLJĂƉƉůLJŝŶŐĞƋƵŝƚLJŵĞƚŚŽĚŽĨĂĐĐŽƵŶƟŶŐ͘ ƚŽ ŝŶĚƵƐƚƌLJ ƚƌĞŶĚƐ ĂƐ ĂůƐŽ ĂŶ ŝŶĐƌĞĂƐĞ ŝŶ ŽƚŚĞƌ ĞdžƉĞŶƐĞƐ 2018 ϮϬϭϳ zŽƵƌŽŵƉĂŶLJĂƚĂĐŽŶƐŽůŝĚĂƚĞĚůĞǀĞůŚĂƐƌĞƉĂŝĚůŽŶŐͲƚĞƌŵ ůŝŶŬĞĚ ƚŽ ďƵƐŝŶĞƐƐ ĂĐƟǀŝƟĞƐ͘ dŚĞ ĚĞƉƌĞĐŝĂƟŽŶ ĐŚĂƌŐĞ ĨŽƌ ďŽƌƌŽǁŝŶŐƐŽĨ`ϭ͕Ϯϴϱ͘ϱϭĐƌŽƌĞƐ͕ƉƌŝŵĂƌŝůLJĨƌŽŵZŝŐŚƚƐ/ƐƐƵĞ Consolidated Results ƚŚĞLJĞĂƌǁĂƐŵĂƌŐŝŶĂůůLJŚŝŐŚĞƌŝŶƚŚĞĐƵƌƌĞŶƚLJĞĂƌĚƵĞƚŽ EĞƚĂƐŚĨƌŽŵŽƉĞƌĂƟŶŐĂĐƟǀŝƟĞƐ ϰϵϮ͘Ϭϱ ϱϯϰ͘ϱϮ ƉƌŽĐĞĞĚƐ͕ ĂƐ ĂůƐŽ Ă ĐŽŵďŝŶĂƟŽŶ ŽĨ ĐĂƐŚ ŐĞŶĞƌĂƚĞĚ ĨƌŽŵ dŚĞ ĨŽůůŽǁŝŶŐ ƚĂďůĞ ƐĞƚƐ ĨŽƌƚŚ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ &ŝŶĂŶĐŝĂů ŽŶŐŽŝŶŐƌĞŶŽǀĂƟŽŶƐ͘ EĞƚĂƐŚŐĞŶĞƌĂƚĞĚͬ;ƵƐĞĚͿŝŶ ŽƉĞƌĂƟŶŐĂĐƟǀŝƟĞƐĂŶĚĨƌĞƐŚďŽƌƌŽǁŝŶŐƐ ;ϱϮϴ͘ϳϯͿ ϴϱϰ͘ϵϴ ƌĞƐƵůƚƐĨŽƌLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͘ ŝŶǀĞƐƟŶŐĂĐƟǀŝƟĞƐ Finance Costs &ŝŶĂŶĐŝĂůZĂƟŽƐĨŽƌŽŶƐŽůŝĚĂƚĞĚ&ŝŶĂŶĐŝĂůƐ ` /crores EĞƚĂƐŚŐĞŶĞƌĂƚĞĚͬ;ƵƐĞĚͿŝŶ &ŝŶĂŶĐĞ ŽƐƚƐ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ͕ Ăƚ ϵϱ͘ϳϮ ;ϭϯϴϭ͘ϯϲͿ ` WĂƌƟĐƵůĂƌƐ zĞĂƌŶĚĞĚ ĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ / crores ` Ϯϲϵ͘Ϭϰ ĐƌŽƌĞƐ ǁĞƌĞ ůŽǁĞƌ ƚŚĂŶ ƚŚĞ ƉƌĞĐĞĚŝŶŐ LJĞĂƌ ďLJ WĂƌƟĐƵůĂƌƐ zĞĂƌŶĚĞĚ DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕ `ϱϰ͘ϳϵĐƌŽƌĞƐŵĂŝŶůLJĚƵĞƚŽƌĞƟƌĞŵĞŶƚŽĨĚĞďƚŽƵƚŽĨƚŚĞ EĞƚ/ŶĐƌĞĂƐĞŝŶĂƐŚĂŶĚĐĂƐŚ 59.04 8.14 DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕ 2018 ϮϬϭϳ ƉƌŽĐĞĞĚƐĨƌŽŵZŝŐŚƚƐ/ƐƐƵĞĚƵƌŝŶŐƚŚĞLJĞĂƌ͘ ĞƋƵŝǀĂůĞŶƚƐ Income 2018 ϮϬϭϳ ZĞǀĞŶƵĞĨƌŽŵKƉĞƌĂƟŽŶƐ ϰ͕ϭϬϯ͘ϱϱ ϰ͕ϬϮϬ͘ϱϳ džĐĞƉƟŽŶĂů/ƚĞŵƐ KƉĞƌĂƟŶŐĐƟǀŝƟĞƐ EĞƚĞďƚƚŽdŽƚĂůĂƉŝƚĂů;ƚŽƚĂůĚĞďƚ Ϭ͘ϯϴ Ϭ͘ϵϳ KƚŚĞƌ/ŶĐŽŵĞ ϲϭ͘ϳϯ ϱϰ͘ϵϰ džĐĞƉƟŽŶĂů/ƚĞŵƐŝŶĐůƵĚĞƐƚŚĞĨŽůůŽǁŝŶŐ͗ EĞƚ ĂƐŚ ĨƌŽŵ ŽƉĞƌĂƟŶŐ ĂĐƟǀŝƟĞƐ ǁĂƐ ƌĞĚƵĐĞĚ ĨƌŽŵ ůĞƐƐĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĚŝǀŝĚĞĚ Total Income ϰ͕ϭϲϱ͘Ϯϴ ϰ͕Ϭϳϱ͘ϱϭ ` ϱϯϰ͘ϱϮ ĐƌŽƌĞƐ ŝŶ ƚŚĞ ƉƌĞǀŝŽƵƐ LJĞĂƌ ƚŽ ` ϰϵϮ͘Ϭϱ ĐƌŽƌĞƐ ŝŶ ďLJƚŚĞƐƵŵŽĨŶĞƚĚĞďƚĂŶĚŶĞƚǁŽƌƚŚͿ džƉĞŶĚŝƚƵƌĞ ` / crores ƚŚĞĐƵƌƌĞŶƚLJĞĂƌ͕ŵĂŝŶůLJĚƵĞƚŽŚŝŐŚĞƌƉĂLJŵĞŶƚŽĨƚĂdžĞƐĂŶĚ EĞƚĞďƚƚŽƋƵŝƚLJ;ƚŽƚĂůĚĞďƚůĞƐƐ Ϭ͘ϰϱ ϭ͘Ϯϱ &ŽŽĚĂŶĚĞǀĞƌĂŐĞƐŽŶƐƵŵĞĚ ϯϳϲ͘ϰϰ ϯϲϯ͘ϵϱ ŝŶĐƌĞĂƐĞŝŶǁŽƌŬŝŶŐĐĂƉŝƚĂůĚƵƌŝŶŐƚŚĞLJĞĂƌ͘ ĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĚŝǀŝĚĞĚďLJ WĂƌƟĐƵůĂƌƐ zĞĂƌŶĚĞĚ ŵƉůŽLJĞĞĞŶĞĮƚƐdžƉĞŶƐĞƐ ϭ͕ϯϰϲ͘ϲϮ ϭ͕ϯϲϰ͘ϲϱ ƋƵŝƚLJĂŶĚKƚŚĞƌƋƵŝƚLJͿ ĞƉƌĞĐŝĂƟŽŶĂŶĚŵŽƌƟƐĂƟŽŶ ϯϬϭ͘ϮϬ DĂƌĐŚϯϭ͕ DĂƌĐŚϯϭ͕ džƉĞŶƐĞ Ϯϵϵ͘ϯϳ 2018 ϮϬϭϳ KƚŚĞƌdžƉĞŶĚŝƚƵƌĞ ϭ͕ϳϭϬ͘ϭϰ ϭ͕ϲϴϮ͘ϯϱ džĐŚĂŶŐĞ'ĂŝŶͬ;>ŽƐƐͿŽŶ>ŽŶŐͲƚĞƌŵ Ϭ͘Ϭϳ Ϭ͘ϰϰ dŽƚĂůdžƉĞŶĚŝƚƵƌĞ ϯ͕ϳϯϰ͘ϰϬ ϯ͕ϳϭϬ͘ϯϮ ŽƌƌŽǁŝŶŐƐͬƐƐĞƚƐ;EĞƚͿ WƌŽĮƚďĞĨŽƌĞ&ŝŶĂŶĐĞŽƐƚƐĂŶĚdĂdž 430.88 365.19 ŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞŽĨĚĞƌŝǀĂƟǀĞ Ϯϱ͘ϱϭ ϲϱ͘ϰϱ &ŝŶĂŶĐĞŽƐƚƐ Ϯϲϵ͘Ϭϰ ϯϮϯ͘ϴϯ contracts WƌŽĮƚďĞĨŽƌĞdĂdž͕džĐĞƉƟŽŶĂů ϭϲϭ͘ϴϰ ϰϭ͘ϯϲ džƉĞŶĚŝƚƵƌĞŽŶƉƌŽũĞĐƚƐǁƌŝƩĞŶŽīĨŽƌ ;Ϯ͘ϱϳͿ Ͳ /ƚĞŵƐĂŶĚƐŚĂƌĞŽĨƉƌŽĮƚŽĨĞƋƵŝƚLJ commercial reasons ĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚĞĞƐ džĐĞƉƟŽŶĂů/ƚĞŵƐ ϮϮ͘ϰϱ ;ϭϬ͘ϳϴͿ WƌŽǀŝƐŝŽŶĨŽƌĮŶĂŶĐŝĂůĞdžƉŽƐƵƌĞŝŶĂŶ ;Ϭ͘ϱϲͿ ;ϱ͘ϬϱͿ WƌŽĮƚďĞĨŽƌĞdĂdž͕ďĞĨŽƌĞEŽŶͲ associate ŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚΘƐŚĂƌĞŽĨƉƌŽĮƚ 184.29 30.58 ZĞĐŽǀĞƌLJŽĨĐŽƐƚƐĂůŽŶŐǁŝƚŚŝŶƚĞƌĞƐƚ Ͳ Ϯϰ͘ϯϯ ŽĨĞƋƵŝƚLJĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚĞĞƐ ŽŶĂƐƵƌƌĞŶĚĞƌĞĚƉƌŽũĞĐƚ WƌŽǀŝƐŝŽŶĨŽƌdĂdžĞƐ ϭϮϭ͘Ϭϲ ϭϭϯ͘ϳϰ ZĞĨƵŶĚŽĨŵƵŶŝĐŝƉĂůƚĂdž Ͳ ϲ͘ϭϲ WƌŽĮƚͬ;>ŽƐƐͿĂŌĞƌdĂdž͕ďĞĨŽƌĞEŽŶͲ 63.23 ;ϴϯ͘ϭϲͿ WƌŽĮƚŽŶĐŽŵƉƵůƐŽƌLJĂĐƋƵŝƐŝƟŽŶŽĨ Ͳ Ϭ͘ϵϳ ŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚΘƐŚĂƌĞŽĨƉƌŽĮƚ ůĂŶĚďLJŐŽǀĞƌŶŵĞŶƚ ŽĨĞƋƵŝƚLJĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚĞĞƐ ĚĚ͗^ŚĂƌĞŽĨWƌŽĮƚŽĨƐƐŽĐŝĂƚĞƐĂŶĚ EĞƚ>ŽƐƐŽŶĚŝƐƉŽƐĂůŽĨƐƵďƐŝĚŝĂƌLJ Ͳ ;ϭϬϯ͘ϬϴͿ ϰϬ͘Ϯϵ ϯϳ͘ϱϲ :ŽŝŶƚsĞŶƚƵƌĞƐ 22.45 ;ϭϬ͘ϳϴͿ >ĞƐƐ͗DŝŶŽƌŝƚLJ/ŶƚĞƌĞƐƚŝŶ^ƵďƐŝĚŝĂƌŝĞƐ Ϯ͘ϲϱ ϭϳ͘ϲϬ WƌŽĮƚͬ;>ŽƐƐͿĂŌĞƌdĂdžĂƩƌŝďƵƚĂďůĞƚŽ 100.87 ;ϲϯ͘ϮϬͿ WƌŽĮƚ ͬ ;>ŽƐƐͿ ĂŌĞƌ dĂdž ĂƩƌŝďƵƚĂďůĞ ƚŽ KǁŶĞƌƐ ŽĨ ƚŚĞ KǁŶĞƌƐŽĨƚŚĞŽŵƉĂŶLJ ŽŵƉĂŶLJ WƌŽĮƚͬ ;>ŽƐƐͿ ĂŌĞƌ dĂdž͕ DŝŶŽƌŝƚLJ /ŶƚĞƌĞƐƚ ĂŶĚ ^ŚĂƌĞ ŽĨ Income :ŽŝŶƚ sĞŶƚƵƌĞƐ ĂŶĚ ƐƐŽĐŝĂƚĞƐ ĂƩƌŝďƵƚĂďůĞ ƚŽ KǁŶĞƌƐ ŽĨ dŚĞ ƌĞǀĞŶƵĞ ĨƌŽŵ ŽƉĞƌĂƟŽŶƐ ŝŶĐƌĞĂƐĞĚ ďLJ ϰй ;ŽŶ Ă ƚŚĞŽŵƉĂŶLJĨŽƌƚŚĞLJĞĂƌǁĂƐŚŝŐŚĞƌĂƚ `ϭϬϬ͘ϴϳĐƌŽƌĞƐĂƐ ƐĂŵĞ ƐƚŽƌĞ ďĂƐŝƐ͕ ǁŝƚŚŽƵƚ dĂũ ŽƐƚŽŶ ǁŚŝĐŚ ǁĂƐ ƐŽůĚ ŝŶ ĐŽŵƉĂƌĞĚ ƚŽ ` ;ϲϯ͘ϮϬͿ ĐƌŽƌĞƐ ĨŽƌ ƚŚĞ ƉƌĞĐĞĚŝŶŐ LJĞĂƌ ŽŶ ƚŚĞ ƉƌĞǀŝŽƵƐ LJĞĂƌͿ ĨƌŽŵ ` ϯ͕ϵϰϰ͘ϮϬ ĐƌŽƌĞƐ ƚŽ ` ϰ͕ϭϬϯ͘ϱϱ ĂĐĐŽƵŶƚŽĨƌĞĚƵĐĞĚĮŶĂŶĐĞĐŽƐƚƐĂƐĂůƐŽŝŵƉƌŽǀĞĚŽƉĞƌĂƟŽŶĂů ĐƌŽƌĞƐ͕ ƉƌŝŵĂƌŝůLJ ĚƌŝǀĞŶ ďLJ ŝŵƉƌŽǀĞĚ ƉĞƌĨŽƌŵĂŶĐĞ ŝŶ ƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞ͘dŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͛ƐƌĞƐƵůƚƐǁĞƌĞĂůƐŽŝŵƉĂĐƚĞĚ ĚŽŵĞƐƟĐƉŽƌƞŽůŝŽ͘ ĚƵĞƚŽůŽƐƐŽŶƐĂůĞŽĨdĂũŽƐƚŽŶ͘

94 Annual Report 2017-18 95 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

ŝƌĞĐƚŽƌƐ͕EƐĂŶĚ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐŝƐϲϱLJĞĂƌƐ͕ ŽŵŵŝƩĞĞ ĂŶĚ ZŝƐŬ DĂŶĂŐĞŵĞŶƚ ŽŵŵŝƩĞĞ͘ ĞƐŝĚĞƐ Report on Corporate Governance ϳϬLJĞĂƌƐĂŶĚϳϱLJĞĂƌƐ͕ƌĞƐƉĞĐƟǀĞůLJ͘ ƚŚĞĂĨŽƌĞƐĂŝĚ͕ŶŽŶĞŽĨƚŚĞEƐŚĂĚĂŶLJŽƚŚĞƌƉĞĐƵŶŝĂƌLJ ƌĞůĂƟŽŶƐŚŝƉŽƌƚƌĂŶƐĂĐƟŽŶǁŝƚŚƚŚĞŽŵƉĂŶLJ͘ Philosophy on Code of Corporate Governance ;͚EƐ͛Ϳ͘ KƵƚ ŽĨ ƚŚĞƐĞ Ɛŝdž EƐ͕ ĮǀĞ ĂƌĞ /ŶĚĞƉĞŶĚĞŶƚ ŽĂƌĚDĞĞƟŶŐƐ As a Tata Company, Corporate Governance is a way of life at ŝƌĞĐƚŽƌƐŽĨǁŚŝĐŚƚǁŽĂƌĞtŽŵĂŶŝƌĞĐƚŽƌƐ͘dŚĞŽĂƌĚ͛Ɛ ϴ͘ dŚĞ ŽĂƌĚ DĞĞƟŶŐ ĚĂƚĞƐ ĨŽƌ ƚŚĞ ĞŶƐƵŝŶŐ LJĞĂƌ ĂƌĞ As a policy, Mr. N. Chandrasekaran, Chairman, has The Indian Hotels Company Limited (‘IHCL’). Our philosophy ĐŽŵƉŽƐŝƟŽŶŝƐŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨ ĚĞĐŝĚĞĚŝŶĂĚǀĂŶĐĞĂŶĚĐŝƌĐƵůĂƚĞĚƚŽĂůůŝƌĞĐƚŽƌƐ͘dŚĞ ĂďƐƚĂŝŶĞĚĨƌŽŵƌĞĐĞŝǀŝŶŐĐŽŵŵŝƐƐŝŽŶĨƌŽŵƚŚĞŽŵƉĂŶLJ͘ ŽŶŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞĮŶĚƐŝƚƐƌŽŽƚƐŝŶƚŚĞƌŝĐŚůĞŐĂĐLJŽĨ ZĞŐƵůĂƟŽŶ ϭϳ;ϭͿ ŽĨ ƚŚĞ >ŝƐƟŶŐ ZĞŐƵůĂƟŽŶƐ ƌĞĂĚ ǁŝƚŚ ŐĞŶĚĂĨŽƌĞĂĐŚŵĞĞƟŶŐ͕ĂůŽŶŐǁŝƚŚĚĞƚĂŝůĞĚŶŽƚĞƐ͕ŝƐ ĞƚŚŝĐĂů ŐŽǀĞƌŶĂŶĐĞ ƉƌĂĐƟĐĞƐ͕ ŵĂŶLJ ŽĨ ǁŚŝĐŚ ǁĞƌĞ ŝŶ ƉůĂĐĞ ^ĞĐƟŽŶϭϰϵŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ;͚ƚŚĞĐƚ͛Ϳ͘dŚĞ ĂůƐŽ ĐŝƌĐƵůĂƚĞĚ ŝŶ ĂĚǀĂŶĐĞ ƚŽ ƚŚĞ ŝƌĞĐƚŽƌƐ ĂƐ ƉĞƌ ƚŚĞ DĞĞƟŶŐŽĨ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐ even before they were mandated. The Company seeks to ŝƌĞĐƚŽƌƐƉŽƐƐĞƐƐĞdžƉĞƌŝĞŶĐĞŝŶĚŝǀĞƌƐĞĮĞůĚƐŝŶĐůƵĚŝŶŐ ƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞĐƚĂŶĚ^ĞĐƌĞƚĂƌŝĂů^ƚĂŶĚĂƌĚͲϭŽŶ ϭϱ͘ ƵƌŝŶŐƚŚĞ LJĞĂƌ͕ Ă ƐĞƉĂƌĂƚĞ ŵĞĞƟŶŐ ŽĨ /ŶĚĞƉĞŶĚĞŶƚ ĨŽĐƵƐ ŽŶ ĞŶŚĂŶĐĞŵĞŶƚ ŽĨ ůŽŶŐͲƚĞƌŵ ǀĂůƵĞ ĐƌĞĂƟŽŶ ĨŽƌ Ăůů ďĂŶŬŝŶŐ͕ ĮŶĂŶĐĞ͕ ƌĞĂů ĞƐƚĂƚĞ͕ ŵĂƌŬĞƟŶŐ͕ ĐŽŶƐƵŵĞƌ ŽĂƌĚDĞĞƟŶŐƐ͘ ŝƌĞĐƚŽƌƐ ǁĂƐ ŚĞůĚ ŽŶ DĂƌĐŚ ϭϵ͕ ϮϬϭϴ͕ ǁŝƚŚŽƵƚ ƚŚĞ ƐƚĂŬĞŚŽůĚĞƌƐ ǁŝƚŚŽƵƚ ĐŽŵƉƌŽŵŝƐŝŶŐ ŽŶ ŝŶƚĞŐƌŝƚLJ͕ ƐŽĐŝĂů ŝŶĚƵƐƚƌLJ ĂŶĚ ŚŽƚĞůŝĞƌŝŶŐ ƚŽ ƐŽĐŝĂů ƐĞƌǀŝĐĞ͘ dŚĞ ƐŬŝůů ƉƌĞƐĞŶĐĞŽĨdžĞĐƵƟǀĞŝƌĞĐƚŽƌƐĂŶĚŽƚŚĞƌŵĞŵďĞƌƐŽĨ ŽďůŝŐĂƟŽŶƐĂŶĚƌĞŐƵůĂƚŽƌLJĐŽŵƉůŝĂŶĐĞƐ͘ƐĂŽŵƉĂŶLJǁŝƚŚ ĂŶĚ ŬŶŽǁůĞĚŐĞ ŽĨ ƚŚĞ ŝƌĞĐƚŽƌƐ ŚĂǀĞ ƉƌŽǀĞĚ ƚŽ ďĞ ŽĨ ϵ͘ ƵƌŝŶŐ ƚŚĞ LJĞĂƌ ƵŶĚĞƌ ƌĞǀŝĞǁ͕ ƚŚĞ ŽĂƌĚ ŵĞƚ Ɛŝdž ƚŚĞDĂŶĂŐĞŵĞŶƚ͘ƚƚŚĞƐĂŝĚŵĞĞƟŶŐ͕ƚŚĞ/ŶĚĞƉĞŶĚĞŶƚ ĂƐƚƌŽŶŐƐĞŶƐĞŽĨǀĂůƵĞƐĂŶĚĐŽŵŵŝƚŵĞŶƚ͕ǁĞďĞůŝĞǀĞƚŚĂƚ ŝŵŵĞŶƐĞǀĂůƵĞƚŽƚŚĞŽŵƉĂŶLJ͘dŚĞĚĞƚĂŝůƐŽĨŝƌĞĐƚŽƌƐ ƟŵĞƐ ĂŶĚ ƚŚĞ ŐĂƉ ďĞƚǁĞĞŶ ĂŶLJ ƚǁŽ ŵĞĞƟŶŐƐ ĚŝĚ ŝƌĞĐƚŽƌƐƌĞǀŝĞǁĞĚƚŚĞƉĞƌĨŽƌŵĂŶĐĞŽĨEŽŶͲ/ŶĚĞƉĞŶĚĞŶƚ ƉƌŽĮƚĂďŝůŝƚLJŵƵƐƚŐŽŚĂŶĚŝŶŚĂŶĚǁŝƚŚĂƐĞŶƐĞŽĨƌĞƐƉŽŶƐŝďŝůŝƚLJ ƐĞĞŬŝŶŐƌĞͲĂƉƉŽŝŶƚŵĞŶƚŚĂǀĞďĞĞŶĂƩĂĐŚĞĚĂůŽŶŐǁŝƚŚ ŶŽƚ ĞdžĐĞĞĚ ϭϮϬ ĚĂLJƐ͘ dŚĞ ŽĂƌĚ DĞĞƟŶŐ ĚĂƚĞƐ ǁĞƌĞ͗ ŝƌĞĐƚŽƌƐ͕ ƚŚĞ ŽĂƌĚ ĂƐ Ă ǁŚŽůĞ ĂŶĚ ƚŚĞ ŚĂŝƌŵĂŶ ŽĨ ƚŽǁĂƌĚƐ Ăůů ƐƚĂŬĞŚŽůĚĞƌƐ͘ dŚŝƐ ŝƐ ĂŶ ŝŶƚĞŐƌĂů ƉĂƌƚ ŽĨ ŽƵƌ ƚŚĞEŽƟĐĞŽĨƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƟŶŐ;͚'D͛Ϳ͘ DĂLJ Ϯϲ͕ ϮϬϭϳ͖ ƵŐƵƐƚ ϰ͕ ϮϬϭϳ͖ ƵŐƵƐƚ Ϯϭ͕ ϮϬϭϳ͖ ƵŐƵƐƚ ƚŚĞŽŵƉĂŶLJĂŌĞƌƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƚŚĞǀŝĞǁƐŽĨƚŚĞ Company’s business philosophy. The cardinal principles such Ϯϵ͕ϮϬϭϳ͖EŽǀĞŵďĞƌϭϯ͕ϮϬϭϳĂŶĚ&ĞďƌƵĂƌLJϭϮ͕ϮϬϭϴ͘dŚĞ džĞĐƵƟǀĞ ŝƌĞĐƚŽƌƐ ĂŶĚ EŽŶͲdžĞĐƵƟǀĞ ŝƌĞĐƚŽƌƐ͘ dŚĞ as independence, accountability, responsibility, transparency, Ϯ͘ ͚/ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌƐ͛ ĂƌĞ ŝƌĞĐƚŽƌƐ ǁŚŽ ĂƉĂƌƚ ĨƌŽŵ ŶĞĐĞƐƐĂƌLJ ƋƵŽƌƵŵ ǁĂƐ ƉƌĞƐĞŶƚ ĨŽƌ Ăůů ƚŚĞ ŵĞĞƟŶŐƐ͘  ƉƌŽĐĞƐƐ ĨŽƌ ĞǀĂůƵĂƟŽŶ ŽĨ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ŽĂƌĚ͕ ƚƌƵƐƚĞĞƐŚŝƉĂŶĚĚŝƐĐůŽƐƵƌĞƐĞƌǀĞĂƐĂŵĞĂŶƐĨŽƌŝŵƉůĞŵĞŶƟŶŐ ƌĞĐĞŝǀŝŶŐŝƌĞĐƚŽƌƐ͛ƌĞŵƵŶĞƌĂƟŽŶ͕ĚŽŶŽƚŚĂǀĞĂŶLJŵĂƚĞƌŝĂů ĚĞƚĂŝůĞĚĞdžƉůĂŶĂƟŽŶ͕ŝŶƚŚĞĨŽƌŵŽĨĂƚĂďůĞŝůůƵƐƚƌĂƟŶŐƚŚĞ EŽŶͲ/ŶĚĞƉĞŶĚĞŶƚ EŽŶͲdžĞĐƵƟǀĞ ŝƌĞĐƚŽƌƐ ĂŶĚ ƚŚĞ the philosophy of Corporate Governance. ƉĞĐƵŶŝĂƌLJƌĞůĂƟŽŶƐŚŝƉƐŽƌƚƌĂŶƐĂĐƟŽŶƐǁŝƚŚƚŚĞŽŵƉĂŶLJ͕ ĂďŽǀĞŵĂƩĞƌƐŝƐŐŝǀĞŶŽŶƉĂŐĞŶŽ͘ϭϬϱĨŽƌƌĞĂĚLJƌĞĨĞƌĞŶĐĞ͘ Board Chairman is detailed in the Board’s Report. They ŝƚƐWƌŽŵŽƚĞƌƐ͕ŝƚƐŝƌĞĐƚŽƌƐ͕ŝƚƐ^ĞŶŝŽƌDĂŶĂŐĞŵĞŶƚŽƌŝƚƐ ĂůƐŽĂƐƐĞƐƐĞĚƚŚĞƋƵĂůŝƚLJĂŶĚĂĚĞƋƵĂĐLJŽĨŝŶĨŽƌŵĂƟŽŶ dŚĞŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞƉŚŝůŽƐŽƉŚLJŝƐĨƵƌƚŚĞƌƐƚƌĞŶŐƚŚĞŶĞĚ ŚŽůĚŝŶŐ ĐŽŵƉĂŶLJ͕ ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ ĂŶĚ ĂƐƐŽĐŝĂƚĞƐ͕ ǁŚŝĐŚ ϭϬ͘ dŚĞŽĂƌĚŚĂƐƵŶƌĞƐƚƌŝĐƚĞĚĂĐĐĞƐƐƚŽĂůůŽŵƉĂŶLJͲƌĞůĂƚĞĚ ďĞƚǁĞĞŶƚŚĞŽŵƉĂŶLJ͛ƐDĂŶĂŐĞŵĞŶƚĂŶĚƚŚĞŽĂƌĚ͘ with the adherence to the Tata Business Excellence Model as ŵĂLJĂīĞĐƚƚŚĞŝŶĚĞƉĞŶĚĞŶĐĞŽĨƚŚĞŝƌĞĐƚŽƌ͘ ŝŶĨŽƌŵĂƟŽŶ Ăƚ ŽĂƌĚ ͬ ŽŵŵŝƩĞĞ DĞĞƟŶŐƐ͘ &ƵŶĐƟŽŶ ĂŵĞĂŶƐƚŽĚƌŝǀĞĞdžĐĞůůĞŶĐĞĨŽƌƚƌĂĐŬŝŶŐƉƌŽŐƌĞƐƐŽŶůŽŶŐƚĞƌŵ ŚĞĂĚƐ ĂŶĚ ƌĞƉƌĞƐĞŶƚĂƟǀĞƐ ǁŚŽ ĐĂŶ ƉƌŽǀŝĚĞ ĂĚĚŝƟŽŶĂů &ĂŵŝůŝĂƌŝnjĂƟŽŶWƌŽŐƌĂŵŵĞƐĨŽƌŝƌĞĐƚŽƌƐ ƐƚƌĂƚĞŐŝĐŽďũĞĐƟǀĞĂƐĂůƐŽƚŚĞŽŵƉĂŶLJΖƐŽĚĞŽĨŽŶĚƵĐƚ͕ ϯ͘ dŚĞ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐŽŶƚŚĞŽĂƌĚŽĨƚŚĞŽŵƉĂŶLJ͕ ŝŶƐŝŐŚƚƐ ŝŶƚŽ ƚŚĞ ŝƚĞŵƐ ďĞŝŶŐ ĚŝƐĐƵƐƐĞĚ͕ ĂƌĞ ŝŶǀŝƚĞĚ͘ ϭϲ͘ dŚĞŽŵƉĂŶLJŚĂƐĂŶĂƉƉƌŽƉƌŝĂƚĞŝŶĚƵĐƟŽŶƉƌŽŐƌĂŵŵĞĨŽƌ ŽĚĞĨŽƌWƌĞǀĞŶƟŽŶŽĨ/ŶƐŝĚĞƌdƌĂĚŝŶŐ͕ŽĚĞŽĨŽŶĚƵĐƚĨŽƌ ƵƉŽŶĂƉƉŽŝŶƚŵĞŶƚ͕ĂƌĞŐŝǀĞŶĂĨŽƌŵĂůĂƉƉŽŝŶƚŵĞŶƚůĞƩĞƌ dŚĞ ŽŵƉĂŶLJ ƉůĂĐĞƐ Ăůů ƚŚĞ ŶĞĐĞƐƐĂƌLJ ŝŶĨŽƌŵĂƟŽŶ ĂƐ ŶĞǁŝƌĞĐƚŽƌƐĂŶĚĂŶŽŶŐŽŝŶŐĨĂŵŝůŝĂƌŝƐĂƟŽŶƉƌŽŐƌĂŵŵĞ EŽŶͲdžĞĐƵƟǀĞ ŝƌĞĐƚŽƌƐ ;ΖEΖƐͿ Θ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌƐ ŝŶƚĞƌͲĂůŝĂ ĐŽŶƚĂŝŶŝŶŐ ƚŚĞ ƚĞƌŵƐ ŽĨ ĂƉƉŽŝŶƚŵĞŶƚ͕ ƌŽůĞ͕ ƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚĞ>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐďĞĨŽƌĞƚŚĞŽĂƌĚ ĨŽƌ Ăůů ŝƌĞĐƚŽƌƐ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ƚŚĞŝƌ ƌŽůĞƐ͕ ƌŝŐŚƚƐ͕ ;Ζ/ΖƐͿĂŶĚŽĚĞŽĨŽƌƉŽƌĂƚĞŝƐĐůŽƐƵƌĞWƌĂĐƟĐĞƐ;ΖWΖͿ͘ ĚƵƟĞƐ ĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ͕ ƟŵĞ ĐŽŵŵŝƚŵĞŶƚ͕ ĐŽĚĞ ŽĨ ĨƌŽŵƟŵĞƚŽƟŵĞ͘ ƌĞƐƉŽŶƐŝďŝůŝƟĞƐŝŶƚŚĞŽŵƉĂŶLJ͕ŶĂƚƵƌĞŽĨƚŚĞŝŶĚƵƐƚƌLJ ĐŽŶĚƵĐƚ͕ĞƚĐ͘dŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƟŽŶƐŽĨĂƉƉŽŝŶƚŵĞŶƚ in which the Company operates, business model of the Governance Guidelines are disclosed on the website of the Company ϭϭ͘ dŚĞŝŵƉŽƌƚĂŶƚ ĚĞĐŝƐŝŽŶƐ ƚĂŬĞŶ Ăƚ ŽĂƌĚ ͬ ŽŵŵŝƩĞĞ Company, etc. All the Board members of the Company The Company has adopted Governance Guidelines to help under URL ŚƩƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬƉŽůŝĐŝĞƐͬƚĞƌŵƐͲ DĞĞƟŶŐƐ ĂƌĞ ĐŽŵŵƵŶŝĐĂƚĞĚ ƚŽ ƚŚĞ ĐŽŶĐĞƌŶĞĚ ĂƌĞĂīŽƌĚĞĚĞǀĞƌLJŽƉƉŽƌƚƵŶŝƚLJƚŽĨĂŵŝůŝĂƌŝƐĞƚŚĞŵƐĞůǀĞƐ ĨƵůĮůŝƚƐĐŽƌƉŽƌĂƚĞƌĞƐƉŽŶƐŝďŝůŝƚLJƚŽǁĂƌĚƐŝƚƐƐƚĂŬĞŚŽůĚĞƌƐ͘dŚĞ ĂŶĚͲĐŽŶĚŝƚŝŽŶƐͲŽĨͲĂƉƉŽŝŶƚŵĞŶƚͲŽĨͲŝŶĚĞƉĞŶĚĞŶƚͲ ĚĞƉĂƌƚŵĞŶƚƐƉƌŽŵƉƚůLJ͘ŶĂĐƟŽŶƚĂŬĞŶͬƐƚĂƚƵƐƌĞƉŽƌƚ ǁŝƚŚƚŚĞŽŵƉĂŶLJ͕ŝƚƐDĂŶĂŐĞŵĞŶƚĂŶĚŝƚƐŽƉĞƌĂƟŽŶƐ 'ŽǀĞƌŶĂŶĐĞ'ƵŝĚĞůŝŶĞƐĐŽǀĞƌĂƐƉĞĐƚƐƌĞůĂƚĞĚƚŽĐŽŵƉŽƐŝƟŽŶ directors.pdf͘ ůů ƚŚĞ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌƐ ŚĂǀĞ ŽŶ ƚŚĞ ĚĞĐŝƐŝŽŶƐ ŽĨ ƚŚĞ ƉƌĞǀŝŽƵƐ ŵĞĞƟŶŐ;ƐͿ ŝƐ ƉůĂĐĞĚ ĂŶĚ Ăůů ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ͬ ĚŽĐƵŵĞŶƚƐ ƐŽƵŐŚƚ ďLJ ƚŚĞŵ ĂŶĚƌŽůĞŽĨƚŚĞŽĂƌĚ͕ŚĂŝƌŵĂŶĂŶĚŝƌĞĐƚŽƌƐ͕ŽĂƌĚĚŝǀĞƌƐŝƚLJ͕ ĐŽŶĮƌŵĞĚƚŚĂƚƚŚĞLJŵĞĞƚƚŚĞĐƌŝƚĞƌŝĂŽĨŝŶĚĞƉĞŶĚĞŶĐĞ Ăƚ ƚŚĞ ŶĞdžƚ ŵĞĞƟŶŐ ŽĨ ƚŚĞ ŽĂƌĚ ĨŽƌ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ŝƐͬĂƌĞ ƐŚĂƌĞĚ ǁŝƚŚ ƚŚĞŵ ĨŽƌ ĞŶĂďůŝŶŐ Ă ŐŽŽĚ ĚĞĮŶŝƟŽŶŽĨŝŶĚĞƉĞŶĚĞŶĐĞ͕ŝƌĞĐƚŽƌ͛ƐƚĞƌŵ͕ƌĞƟƌĞŵĞŶƚĂŐĞ ĂƐůĂŝĚĚŽǁŶƵŶĚĞƌƚŚĞĐƚĂŶĚƚŚĞ>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐ͘ ĨƵƌƚŚĞƌƌĞĐŽŵŵĞŶĚĞĚĂĐƟŽŶ;ƐͿ͕ŝĨĂŶLJ͘ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͕ ŝƚƐ ǀĂƌŝŽƵƐ ŽƉĞƌĂƟŽŶƐ ĂŶĚŽŵŵŝƩĞĞƐŽĨƚŚĞŽĂƌĚ͘/ƚĂůƐŽĐŽǀĞƌƐĂƐƉĞĐƚƐƌĞůĂƟŶŐ and the industry of which it is a part. The details of ƚŽ ŶŽŵŝŶĂƟŽŶ͕ ĂƉƉŽŝŶƚŵĞŶƚ͕ ŝŶĚƵĐƟŽŶ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ϰ͘ EŽŶĞŽĨ ƚŚĞ ŝƌĞĐƚŽƌƐ ŚŽůĚ ĚŝƌĞĐƚŽƌƐŚŝƉƐ ŝŶ ŵŽƌĞ ƚŚĂŶ ϭϮ͘ tŝƚŚĂǀŝĞǁƚŽůĞǀĞƌĂŐĞƚĞĐŚŶŽůŽŐLJĂŶĚƌĞĚƵĐŝŶŐƉĂƉĞƌ ƚŚĞ ĨĂŵŝůŝĂƌŝƐĂƟŽŶ ƉƌŽŐƌĂŵŵĞ ĂƌĞ ĚŝƐĐůŽƐĞĚ ŽŶ ƚŚĞ ŽĨ ŝƌĞĐƚŽƌƐ͕ ŝƌĞĐƚŽƌƐ͛ ƌĞŵƵŶĞƌĂƟŽŶ͕ ƐƵďƐŝĚŝĂƌLJ ŽǀĞƌƐŝŐŚƚ͕ ƚǁĞŶƚLJ /ŶĚŝĂŶ ŽŵƉĂŶŝĞƐ ŝŶĐůƵĚŝŶŐ ƚĞŶ ƉƵďůŝĐ ůŝŵŝƚĞĚ ĐŽŶƐƵŵƉƟŽŶ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ĂĚŽƉƚĞĚ Ă ǁĞďͲďĂƐĞĚ ŽŵƉĂŶLJ͛Ɛ ǁĞďƐŝƚĞ ƵŶĚĞƌ ƚŚĞ ǁĞďůŝŶŬ͗ ŚƩƉƐ͗ͬͬǁǁǁ͘ ŽĚĞŽĨŽŶĚƵĐƚ͕ŽĂƌĚĞīĞĐƟǀĞŶĞƐƐƌĞǀŝĞǁĂŶĚŵĂŶĚĂƚĞƐ ĐŽŵƉĂŶŝĞƐ͘ &ƵƌƚŚĞƌ͕ ŶŽŶĞ ŽĨ ƚŚĞŵ ƐĞƌǀĞ ĂƐ DĞŵďĞƌƐ ĂƉƉůŝĐĂƟŽŶĨŽƌƚƌĂŶƐŵŝƫŶŐŽĂƌĚͬŽŵŵŝƩĞĞŐĞŶĚĂ ƚĂũŚŽƚĞůƐ͘ĐŽŵͬƉŽůŝĐŝĞƐͬĨĂŵŝůŝĂƌŝnjĂƟŽŶͲƉƌŽŐƌĂŵŵĞͲĨŽƌͲ ŽĨ ŽĂƌĚ ŽŵŵŝƩĞĞƐ͘ dŚĞƐĞ ŐƵŝĚĞůŝŶĞƐ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚĞ ŽĨ ŵŽƌĞ ƚŚĂŶ ƚĞŶ ŽĂƌĚ ŽŵŵŝƩĞĞƐ ŶŽƌ ĂƌĞ ĂŶLJ ŽĨ ĂŶĚƉĂƉĞƌƐ͘dŚĞŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJƌĞĐĞŝǀĞƚŚĞ ŝŶĚĞƉĞŶĚĞŶƚͲĚŝƌĞĐƚŽƌƐ͘ƉĚĨ Board will have the necessary authority and processes to ƚŚĞŵ ƐĞƌǀŝŶŐ ĂƐ ŚĂŝƌƉĞƌƐŽŶ ŽĨ ŵŽƌĞ ƚŚĂŶ ĮǀĞ ŽĂƌĚ ŐĞŶĚĂ ŝŶ ĞůĞĐƚƌŽŶŝĐ ĨŽƌŵ ƚŚƌŽƵŐŚ ƚŚŝƐ ĂƉƉůŝĐĂƟŽŶ͕ ƌĞǀŝĞǁĂŶĚĞǀĂůƵĂƚĞŽƵƌŽƉĞƌĂƟŽŶƐǁŚĞŶƌĞƋƵŝƌĞĚ͘&ƵƌƚŚĞƌ͕ ŽŵŵŝƩĞĞƐ͕ĂĐƌŽƐƐĂůůƚŚĞĐŽŵƉĂŶŝĞƐŝŶǁŚŝĐŚƚŚĞLJĂƌĞ ǁŚŝĐŚ ĐĂŶ ďĞ ĂĐĐĞƐƐĞĚ ƚŚƌŽƵŐŚ ƌŽǁƐĞƌƐ Žƌ ŝWĂĚƐ͘  /ŶĂĚĚŝƟŽŶƚŽƚŚĞĂďŽǀĞ͕ƚŚĞŽŵƉĂŶLJŚĂƐĂŶĞdžĐůƵƐŝǀĞ ƚŚĞƐĞŐƵŝĚĞůŝŶĞƐĂůůŽǁƚŚĞŽĂƌĚƚŽŵĂŬĞĚĞĐŝƐŝŽŶƐƚŚĂƚĂƌĞ ŝƌĞĐƚŽƌƐ͚͘ŽĂƌĚŽŵŵŝƩĞĞƐ͛ĨŽƌƚŚŝƐƉƵƌƉŽƐĞŝŶĐůƵĚĞ dŚĞ ĂƉƉůŝĐĂƟŽŶ ŵĞĞƚƐ ŚŝŐŚ ƐƚĂŶĚĂƌĚƐ ŽĨ ƐĞĐƵƌŝƚLJ ĂŶĚ ǁĞďďĂƐĞĚŝŶĨŽƌŵĂƟŽŶƉŽƌƚĂů͕ǁŚŝĐŚŝƐŵĂĚĞĂǀĂŝůĂďůĞ ŝŶĚĞƉĞŶĚĞŶƚŽĨƚŚĞŵĂŶĂŐĞŵĞŶƚ͘ ƚŚĞƵĚŝƚŽŵŵŝƩĞĞĂŶĚƚŚĞ^ƚĂŬĞŚŽůĚĞƌƐZĞůĂƟŽŶƐŚŝƉ ŝŶƚĞŐƌŝƚLJƚŚĂƚŝƐƌĞƋƵŝƌĞĚĨŽƌƐƚŽƌĂŐĞĂŶĚƚƌĂŶƐŵŝƐƐŝŽŶŽĨ ƚŽ ƚŚĞ ŝƌĞĐƚŽƌƐ ĐŽŶƚĂŝŶŝŶŐ ŝŶĨŽƌŵĂƟŽŶ ŽŶ ŽŵƉĂŶLJ ŽŵŵŝƩĞĞĂƐƉĞƌƚŚĞ>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐ͘ ŽĂƌĚͬŽŵŵŝƩĞĞŐĞŶĚĂŝŶĞůĞĐƚƌŽŶŝĐĨŽƌŵ͘ KǀĞƌǀŝĞǁ͕,ŽƐƉŝƚĂůŝƚLJĂŶĚ/ŶĚƵƐƚƌLJ/ŶƐŝŐŚƚƐ͕DĂŶĂŐĞŵĞŶƚ dŚĞ ŽŵƉĂŶLJ ŚĂƐ ĂĚŽƉƚĞĚ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ŽƌƉŽƌĂƚĞ ĂŶĚ ^ƚƌĂƚĞŐLJ hƉĚĂƚĞƐ͕ EĞǁƐ ĂŶĚ ŶŶŽƵŶĐĞŵĞŶƚƐ͕ 'ŽǀĞƌŶĂŶĐĞ ĂƐ ƐƉĞĐŝĮĞĚ ƵŶĚĞƌ ƚŚĞ ^ĞĐƵƌŝƟĞƐ ĂŶĚ ϱ͘ EŽŶĞŽĨ ƚŚĞ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ϭϯ͘ sŝĚĞŽ ͬ ƚĞůĞͲĐŽŶĨĞƌĞŶĐŝŶŐ ĨĂĐŝůŝƟĞƐ ĂƌĞ ĂůƐŽ ƵƐĞĚ ƚŽ 'ŽǀĞƌŶĂŶĐĞΘZŝƐŬ͕ĞƚĐ͘ džĐŚĂŶŐĞ ŽĂƌĚ ŽĨ /ŶĚŝĂ ;>ŝƐƟŶŐ KďůŝŐĂƟŽŶƐ ĂŶĚ ŝƐĐůŽƐƵƌĞ ƐĞƌǀĞĂƐ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐŝŶŵŽƌĞƚŚĂŶƐĞǀĞŶůŝƐƚĞĚ ĨĂĐŝůŝƚĂƚĞŝƌĞĐƚŽƌƐǁŚŽĂƌĞƚƌĂǀĞůůŝŶŐͬƌĞƐŝĚŝŶŐĂďƌŽĂĚ ZĞƋƵŝƌĞŵĞŶƚƐͿZĞŐƵůĂƟŽŶƐ͕ϮϬϭϱ;͚>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐ͛Ϳ͕ƚŚĞ ĐŽŵƉĂŶŝĞƐĂŶĚŶŽŶĞŽĨƚŚĞtŚŽůĞͲƟŵĞŝƌĞĐƚŽƌƐŽĨĂŶLJ ŽƌĂƚŽƚŚĞƌůŽĐĂƟŽŶƐƚŽƉĂƌƟĐŝƉĂƚĞŝŶƚŚĞŵĞĞƟŶŐƐ͘ Tata Code of Conduct ĚŝƐĐůŽƐƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨǁŚŝĐŚĂƌĞŐŝǀĞŶďĞůŽǁ͗ ůŝƐƚĞĚĐŽŵƉĂŶLJƐĞƌǀĞĂƐ/ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌƐŝŶŵŽƌĞ ϭϳ͘ ĞŝŶŐĂ dĂƚĂ ŽŵƉĂŶLJ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ĂĚŽƉƚĞĚ ƚŚĞ than three listed companies. Board of Directors ϭϰ͘ ƐƉĞƌƚŚĞŽŵƉĂŶLJΖƐƉŽůŝĐLJ͕EƐŽĨƚŚĞŽŵƉĂŶLJĂƌĞ dĂƚĂŽĚĞŽĨŽŶĚƵĐƚ;͚dK͛Ϳ͕ǁŚŝĐŚĐůĞĂƌůLJĂƌƟĐƵůĂƚĞƐ ƉĂŝĚ͕ŝŶĂĚĚŝƟŽŶƚŽĐŽŵŵŝƐƐŝŽŶ͕ƐŝƫŶŐĨĞĞƐĂƚƚŚĞƌĂƚĞŽĨ the ethical principles and desired behaviours. The TCOC ^ŝnjĞĂŶĚĐŽŵƉŽƐŝƟŽŶŽĨƚŚĞŽĂƌĚ͗ ϲ͘ EŽŶĞŽĨƚŚĞŝƌĞĐƚŽƌƐĂƌĞƌĞůĂƚĞĚƚŽĞĂĐŚŽƚŚĞƌ͘ `ϯϬ͕ϬϬϬƉĞƌŵĞĞƟŶŐĨŽƌĂƩĞŶĚŝŶŐŵĞĞƟŶŐƐŽĨƚŚĞŽĂƌĚ ƌĞƋƵŝƌĞƐƚŚĞdĂƚĂĐŽŵƉĂŶŝĞƐĂŶĚĞŵƉůŽLJĞĞƐƚŽĂĐƚǁŝƚŚ ϭ͘ ƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ͕ƚŚĞŽŵƉĂŶLJ͛ƐŽĂƌĚŽĨŝƌĞĐƚŽƌƐ ŽĨ ŝƌĞĐƚŽƌƐ͕ ƵĚŝƚ ŽŵŵŝƩĞĞ͕ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌƐ͕ ƉƌŽĨĞƐƐŝŽŶĂůŝƐŵ͕ŚŽŶĞƐƚLJĂŶĚŝŶƚĞŐƌŝƚLJĂŶĚƚŽƉƌĞƐĞƌǀĞ ;͚ŽĂƌĚ͛Ϳ ĐŽŵƉƌŝƐĞƐ ĞŝŐŚƚ ŵĞŵďĞƌƐ͕ ƚǁŽ ŽĨ ǁŚŽŵ ĂƌĞ ϳ͘ Ɛ ƉĞƌ ƚŚĞ 'ŽǀĞƌŶĂŶĐĞ 'ƵŝĚĞůŝŶĞƐ ĂĚŽƉƚĞĚ ďLJ ƚŚĞ EŽŵŝŶĂƟŽŶ Θ ZĞŵƵŶĞƌĂƟŽŶ ŽŵŵŝƩĞĞ͕ ^ƚĂŬĞŚŽůĚĞƌƐ ƚŚĞŚƵŵĂŶƌŝŐŚƚƐŽĨĞǀĞƌLJŝŶĚŝǀŝĚƵĂůĂŶĚƚŚĞĐŽŵŵƵŶŝƚLJ͘ džĞĐƵƟǀĞŝƌĞĐƚŽƌƐĂŶĚƐŝdžĂƌĞEŽŶͲdžĞĐƵƟǀĞŝƌĞĐƚŽƌƐ ŽĂƌĚ͕ ƚŚĞ ƌĞƟƌĞŵĞŶƚ ĂŐĞ ĨŽƌ DĂŶĂŐŝŶŐ ͬ džĞĐƵƟǀĞ ZĞůĂƟŽŶƐŚŝƉŽŵŵŝƩĞĞ͕ŽƌƉŽƌĂƚĞ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚLJ dŚĞƉƌŝŶĐŝƉůĞƐŽĨƚŚĞdKĂƉƉůLJƚŽĂůůŽƵƌĚĞĂůŝŶŐƐǁŝƚŚ

96 Annual Report 2017-18 97 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

ŽƵƌ ďƵƐŝŶĞƐƐ ƉĂƌƚŶĞƌƐ ǁŚŽ ĂƌĞ ĞŶĐŽƵƌĂŐĞĚ ƚŽ ĂĚŚĞƌĞ z DĂƩĞƌƐ ƌĞƋƵŝƌĞĚ ƚŽ ďĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ  džŝŝŝ͘ ZĞǀŝĞǁŝŶŐ͕ǁŝƚŚƚŚĞŵĂŶĂŐĞŵĞŶƚ͕ƉĞƌĨŽƌŵĂŶĐĞŽĨ   dŚĞ/ŶƚĞƌŶĂů ƵĚŝƚŽƌƐ ĂŶĚ ^ƚĂƚƵƚŽƌLJ ƵĚŝƚŽƌƐ ŽĨ ƚŚĞ ƚŽƐŝŵŝůĂƌƐƚĂŶĚĂƌĚƐ͘dŚĞdKĐŽǀĞƌƐǀĂƌŝŽƵƐƐƵďũĞĐƚƐ ŝƌĞĐƚŽƌ͛Ɛ ZĞƐƉŽŶƐŝďŝůŝƚLJ ^ƚĂƚĞŵĞŶƚ ĂƐ ^ƚĂƚƵƚŽƌLJ ĂŶĚ /ŶƚĞƌŶĂů ĂƵĚŝƚŽƌƐ͕ ĂĚĞƋƵĂĐLJ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ĚŝƐĐƵƐƐ ƚŚĞŝƌ ĂƵĚŝƚ ĮŶĚŝŶŐƐ ĂŶĚ ƵƉĚĂƚĞƐ ůŝŬĞ ĞƋƵĂů ŽƉƉŽƌƚƵŶŝƚLJ ĞŵƉůŽLJĞƌ͕ ĚŝŐŶŝƚLJ Θ ƌĞƐƉĞĐƚ͕ ƉƌŽǀŝĚĞĚƵŶĚĞƌ^ĞĐƟŽŶϭϯϰ;ϱͿŽĨƚŚĞĐƚĂƌĞ ŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐLJƐƚĞŵƐ͖ ǁŝƚŚƚŚĞŽŵŵŝƩĞĞĂŶĚƐƵďŵŝƚƚŚĞŝƌǀŝĞǁƐĚŝƌĞĐƚůLJƚŽ ŚƵŵĂŶƌŝŐŚƚƐ͕ƉƌŽŚŝďŝƟŽŶŽĨďƌŝďĞƌLJΘĐŽƌƌƵƉƟŽŶ͕ŐŝŌƐ included in the Board’s report in terms of ƚŚĞŽŵŵŝƩĞĞ͘^ĞƉĂƌĂƚĞĚŝƐĐƵƐƐŝŽŶƐĂƌĞŚĞůĚǁŝƚŚƚŚĞ ĂŶĚ ŚŽƐƉŝƚĂůŝƚLJ͕ ĐŽŶŇŝĐƚ ŽĨ ŝŶƚĞƌĞƐƚ͕ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ĐůĂƵƐĞ ;ĐͿ ŽĨ ƐƵďͲƐĞĐƟŽŶ ϯ ŽĨ ^ĞĐƟŽŶ ϭϯϰ ŽĨ  džŝǀ͘ ZĞǀŝĞǁŝŶŐƚŚĞĂĚĞƋƵĂĐLJŽĨŝŶƚĞƌŶĂůĂƵĚŝƚĨƵŶĐƟŽŶ͕ Internal Auditors to focus on compliance issues and to ĂŶĚƌĞĐŽƌĚƐĂŵŽŶŐŽƚŚĞƌƐ͘dŚĞdKŝƐĂƵŐŵĞŶƚĞĚďLJ the Act ŝĨĂŶLJ͕ŝŶĐůƵĚŝŶŐƚŚĞƐƚƌƵĐƚƵƌĞŽĨƚŚĞŝŶƚĞƌŶĂůĂƵĚŝƚ conduct detailed reviews of the processes and internal Ă ŶƵŵďĞƌ ŽĨ ƉŽůŝĐŝĞƐ ƚŚĂƚ ŚĞůƉ ƐƚƌĞŶŐƚŚĞŶ ŐŽǀĞƌŶĂŶĐĞ ĚĞƉĂƌƚŵĞŶƚ͕ ƐƚĂĸŶŐ ĂŶĚ ƐĞŶŝŽƌŝƚLJ ŽĨ ƚŚĞ ŽĸĐŝĂů ĐŽŶƚƌŽůƐ ŝŶ ƚŚĞ ŽŵƉĂŶLJ͘ dŚĞ ƉĞƌŵŝƐƐŝďůĞ ŶŽŶͲĂƵĚŝƚ ƉƌĂĐƟĐĞƐ Ăƚ ƚŚĞ ŽŵƉĂŶLJ͘ dŚĞƐĞ ƉŽůŝĐŝĞƐ ŝŶĐůƵĚĞ ƚŚĞ z ŚĂŶŐĞƐ͕ ŝĨ ĂŶLJ͕ ŝŶ ĂĐĐŽƵŶƟŶŐ ƉŽůŝĐŝĞƐ Θ ŚĞĂĚŝŶŐ ƚŚĞ ĚĞƉĂƌƚŵĞŶƚ͕ ƌĞƉŽƌƟŶŐ ƐƚƌƵĐƚƵƌĞ ƌĞůĂƚĞĚƐĞƌǀŝĐĞƐƵŶĚĞƌƚĂŬĞŶďLJƚŚĞ^ƚĂƚƵƚŽƌLJƵĚŝƚŽƌƐ ŽŶŇŝĐƚ ŽĨ /ŶƚĞƌĞƐƚ WŽůŝĐLJ͕ dŚĞ WŽůŝĐLJ ĨŽƌ ZĞĐĞŝƉƚ ŽĨ ƉƌĂĐƟĐĞƐĂŶĚƌĞĂƐŽŶƐĨŽƌƚŚĞƐĂŵĞ ĐŽǀĞƌĂŐĞĂŶĚĨƌĞƋƵĞŶĐLJŽĨŝŶƚĞƌŶĂůĂƵĚŝƚ͖ ĂƌĞĂůƐŽƉƌĞͲĂƉƉƌŽǀĞĚďLJƚŚĞŽŵŵŝƩĞĞ͘ 'ŝŌƐĂŶĚ,ŽƐƉŝƚĂůŝƚLJ͕dŚĞtŚŝƐƚůĞůŽǁĞƌWŽůŝĐLJĂŶĚƚŚĞ WƌĞǀĞŶƟŽŶŽĨ^ĞdžƵĂů,ĂƌĂƐƐŵĞŶƚĂƚtŽƌŬƉůĂĐĞWŽůŝĐLJ͘ z DĂũŽƌĂĐĐŽƵŶƟŶŐ ĞŶƚƌŝĞƐ ŝŶǀŽůǀŝŶŐ ĞƐƟŵĂƚĞƐ  džǀ͘ ŝƐĐƵƐƐŝŽŶǁŝƚŚŝŶƚĞƌŶĂůĂƵĚŝƚŽƌƐŽĨĂŶLJƐŝŐŶŝĮĐĂŶƚ   /ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ĞĐƵƌŝƟĞƐĂŶĚdžĐŚĂŶŐĞŽĂƌĚ ďĂƐĞĚ ŽŶ ƚŚĞ ĞdžĞƌĐŝƐĞ ŽĨ ũƵĚŐŵĞŶƚ ďLJ ĮŶĚŝŶŐƐĂŶĚĨŽůůŽǁƵƉƚŚĞƌĞŽŶ͖ ŽĨ/ŶĚŝĂ;WƌŽŚŝďŝƟŽŶŽĨ/ŶƐŝĚĞƌdƌĂĚŝŶŐͿZĞŐƵůĂƟŽŶƐ͕ ϭϴ͘ /ŶĂĚĚŝƟŽŶƚŽƚŚĞĂďŽǀĞ͕ƚŚĞŽŵƉĂŶLJŚĂƐĂůƐŽĂĚŽƉƚĞĚ DĂŶĂŐĞŵĞŶƚ ϮϬϭϱ;͚ƚŚĞZĞŐƵůĂƟŽŶƐ͛Ϳ͕ƚŚĞŽĂƌĚŚĂƐĂĚŽƉƚĞĚƚŚĞ Ă ŽĚĞ ŽĨ ŽŶĚƵĐƚ ĨŽƌ ŝƚƐ EƐ ;͚ŽĚĞ͛Ϳ͘ ůů EƐ ĂŶĚ  džǀŝ͘ ZĞǀŝĞǁŝŶŐƚŚĞĮŶĚŝŶŐƐŽĨĂŶLJŝŶƚĞƌŶĂůŝŶǀĞƐƟŐĂƟŽŶƐ W ƚŽ ďĞ ĨŽůůŽǁĞĚ ďLJ ŝƌĞĐƚŽƌƐ͕ ĞŵƉůŽLJĞĞƐ ĂŶĚ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌƐ ŚĂǀĞ ĂĸƌŵĞĚ ĐŽŵƉůŝĂŶĐĞ z ^ŝŐŶŝĮĐĂŶƚĂĚũƵƐƚŵĞŶƚƐŵĂĚĞŝŶƚŚĞĮŶĂŶĐŝĂů ďLJƚŚĞ/ŶƚĞƌŶĂůƵĚŝƚŽƌƐŝŶƚŽŵĂƩĞƌƐǁŚĞƌĞƚŚĞƌĞ ŽƚŚĞƌĐŽŶŶĞĐƚĞĚƉĞƌƐŽŶƐ͘dŚĞWŝƐďĂƐĞĚŽŶƚŚĞ ǁŝƚŚ ƚŚĞ ƐĂŝĚ ŽĚĞ ĨŽƌ ƚŚĞ ĮŶĂŶĐŝĂů LJĞĂƌ ĞŶĚĞĚ ƐƚĂƚĞŵĞŶƚƐĂƌŝƐŝŶŐŽƵƚŽĨĂƵĚŝƚĮŶĚŝŶŐƐ ŝƐ ƐƵƐƉĞĐƚĞĚ ĨƌĂƵĚ Žƌ ŝƌƌĞŐƵůĂƌŝƚLJ Žƌ Ă ĨĂŝůƵƌĞ ŽĨ ƉƌŝŶĐŝƉůĞƚŚĂƚŝƌĞĐƚŽƌƐĂŶĚƚŚĞĞŵƉůŽLJĞĞƐŽĨĂdĂƚĂ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ ĂŶĚ Ăůů ^ĞŶŝŽƌ DĂŶĂŐĞŵĞŶƚ ŽĨ ƚŚĞ internal control systems of a material nature and ŽŵƉĂŶLJ ŽǁĞ Ă ĮĚƵĐŝĂƌLJ ĚƵƚLJ ƚŽ ƚŚĞ ƐƚĂŬĞŚŽůĚĞƌƐ ŽŵƉĂŶLJ ŚĂǀĞ ĂĸƌŵĞĚ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƚŚĞ dK͘ z ŽŵƉůŝĂŶĐĞ ǁŝƚŚ ůŝƐƟŶŐ ĂŶĚ ŽƚŚĞƌ ůĞŐĂů ƌĞƉŽƌƟŶŐƚŚĞŵĂƩĞƌƚŽƚŚĞŽĂƌĚ͖ ĂŶĚƉƵďůŝĐĂƚůĂƌŐĞ͘dŚĞŽŵƉĂŶLJƚŽƉůĂĐĞƚŚĞŝŶƚĞƌĞƐƚ The above Codes are also displayed on the Company’s ƌĞƋƵŝƌĞŵĞŶƚƐƌĞůĂƟŶŐƚŽĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ of the Members above their own and conduct their website under the weblink ŚƩƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬ  džǀŝŝ͘ ŝƐĐƵƐƐŝŽŶǁŝƚŚ^ƚĂƚƵƚŽƌLJƵĚŝƚŽƌƐďĞĨŽƌĞƚŚĞĂƵĚŝƚ ƉĞƌƐŽŶĂů ƐĞĐƵƌŝƟĞƐ ƚƌĂŶƐĂĐƟŽŶƐ ŝŶ Ă ŵĂŶŶĞƌ ƚŚĂƚ ƉŽůŝĐŝĞƐͬĐŽĚĞͲŽĨͲĐŽŶĚƵĐƚͲĨŽƌͲŶŽŶͲĞdžĞĐƵƚŝǀĞͲĚŝƌĞĐƚŽƌƐ͘ z ŝƐĐůŽƐƵƌĞŽĨĂŶLJZĞůĂƚĞĚWĂƌƚLJdƌĂŶƐĂĐƟŽŶƐ commences, about the nature and scope of audit as ĚŽĞƐŶŽƚĐƌĞĂƚĞĂŶLJĐŽŶŇŝĐƚŽĨŝŶƚĞƌĞƐƚƐŝƚƵĂƟŽŶ͘dŚĞ pdf. The Annual Report of the Company contains ǁĞůůĂƐƉŽƐƚͲĂƵĚŝƚĚŝƐĐƵƐƐŝŽŶƚŽĂƐĐĞƌƚĂŝŶĂŶLJĂƌĞĂ WĐŽŶƚĂŝŶƐƌĞŐƵůĂƟŽŶƐĨŽƌƉƌĞƐĞƌǀĂƟŽŶŽĨƉƌŝĐĞ Ă ĞƌƟĮĐĂƚĞ ĚƵůLJ ƐŝŐŶĞĚ ďLJ ƚŚĞ DĂŶĂŐŝŶŐ ŝƌĞĐƚŽƌ z YƵĂůŝĮĐĂƟŽŶƐŝŶƚŚĞĚƌĂŌƵĚŝƚZĞƉŽƌƚ ŽĨĐŽŶĐĞƌŶ͖ ƐĞŶƐŝƟǀĞ ŝŶĨŽƌŵĂƟŽŶ͕ ƉƌĞͲĐůĞĂƌĂŶĐĞ ŽĨ ƚƌĂĚĞ ĂŶĚ ĂŶĚ ŚŝĞĨ džĞĐƵƟǀĞ KĸĐĞƌ ;͚D Θ K͛Ϳ ĐŽŶĮƌŵŝŶŐ ŵŽŶŝƚŽƌŝŶŐĂŶĚŝŵƉůĞŵĞŶƚĂƟŽŶŽĨƚŚĞW͘hŶĚĞƌ adherence to the Codes of Conduct.  ǀ͘ ZĞǀŝĞǁŝŶŐ͕ ǁŝƚŚ ƚŚĞ DĂŶĂŐĞŵĞŶƚ͕ ƚŚĞ ƋƵĂƌƚĞƌůLJ  džǀŝŝŝ͘dŽůŽŽŬŝŶƚŽƚŚĞƌĞĂƐŽŶƐĨŽƌƐƵďƐƚĂŶƟĂůĚĞĨĂƵůƚƐŝŶ ƚŚĞW͕ƚŚĞŽŵŵŝƩĞĞŝƐĞŵƉŽǁĞƌĞĚƚŽ͗ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ďĞĨŽƌĞ ƐƵďŵŝƐƐŝŽŶ ƚŽ ƚŚĞ the payment to the depositors, debenture holders, ŽŵŵŝƩĞĞƐŽĨƚŚĞŽĂƌĚ͗ ŽĂƌĚĨŽƌĂƉƉƌŽǀĂů͖ ƐŚĂƌĞŚŽůĚĞƌƐ;ŝŶĐĂƐĞŽĨŶŽŶͲƉĂLJŵĞŶƚŽĨĚĞĐůĂƌĞĚ z ĂƉƉƌŽǀĞ ƉŽůŝĐŝĞƐ ŝŶ ƌĞůĂƟŽŶ ƚŽ ƚŚĞ dŚĞŵĂŶĚĂƚŽƌLJŽŵŵŝƩĞĞƐĐŽŶƐƟƚƵƚĞĚďLJƚŚĞŽĂƌĚĂƌĞĂƐ ĚŝǀŝĚĞŶĚƐͿĂŶĚĐƌĞĚŝƚŽƌƐ͖ ŝŵƉůĞŵĞŶƚĂƟŽŶŽĨƚŚĞŽĚĞĂŶĚƚŽƐƵƉĞƌǀŝƐĞ ƵŶĚĞƌ͗  ǀŝ͘ ZĞǀŝĞǁŝŶŐ͕ ǁŝƚŚ ƚŚĞ DĂŶĂŐĞŵĞŶƚ͕ ƚŚĞ ƐƚĂƚĞŵĞŶƚ ŝŵƉůĞŵĞŶƚĂƟŽŶŽĨƚŚĞŽĚĞ͘ ŽĨ ƵƐĞƐ ͬ ĂƉƉůŝĐĂƟŽŶ ŽĨ ĨƵŶĚƐ ƌĂŝƐĞĚ ƚŚƌŽƵŐŚ ĂŶ  džŝdž͘ dŽ ƌĞǀŝĞǁ ƚŚĞ ĨƵŶĐƟŽŶŝŶŐ ŽĨ ƚŚĞ tŚŝƐƚůĞ ůŽǁĞƌ ϭ͘ ƵĚŝƚŽŵŵŝƩĞĞ͗ ŝƐƐƵĞ;WƵďůŝĐŝƐƐƵĞ͕ZŝŐŚƚƐŝƐƐƵĞ͕WƌĞĨĞƌĞŶƟĂůŝƐƐƵĞ͕ ŵĞĐŚĂŶŝƐŵ͖ z note and take on record the status reports  dŚĞŽŵƉĂŶLJ͛ƐƵĚŝƚŽŵŵŝƩĞĞĐŽŵƉƌŝƐĞƐĞŶƟƌĞůLJŽĨ ĞƚĐ͘Ϳ͕ƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨƵŶĚƐƵƟůŝnjĞĚĨŽƌƉƵƌƉŽƐĞƐ ĚĞƚĂŝůŝŶŐ ƚŚĞ ĚĞĂůŝŶŐƐ ďLJ ĞƐŝŐŶĂƚĞĚ WĞƌƐŽŶƐ ƚŚƌĞĞ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌƐ͕ ǀŝnj͘ Dƌ͘ĞĞƉĂŬ WĂƌĞŬŚ Ͳ ŽƚŚĞƌ ƚŚĂŶ ƚŚŽƐĞ ƐƚĂƚĞĚ ŝŶ ƚŚĞ ŽīĞƌ ĚŽĐƵŵĞŶƚ ͬ  dždž͘ ƉƉƌŽǀĂů ŽĨ ĂƉƉŽŝŶƚŵĞŶƚ ŽĨ &K ;ŝ͘Ğ͕͘ ƚŚĞ ǁŚŽůĞͲ ŝŶƐĞĐƵƌŝƟĞƐŽĨƚŚĞŽŵƉĂŶLJ͕ĂƐƐƵďŵŝƩĞĚďLJ ŚĂŝƌŵĂŶ͕DƐ͘/ƌĞĞŶĂsŝƩĂůĂŶĚDƌ͘EĂĚŝƌ'ŽĚƌĞũ͘ĂĐŚ ƉƌŽƐƉĞĐƚƵƐ ͬ ŶŽƟĐĞ ĂŶĚ ƚŚĞ ƌĞƉŽƌƚ ƐƵďŵŝƩĞĚ ďLJ ƟŵĞ&ŝŶĂŶĐĞŝƌĞĐƚŽƌŽƌĂŶLJŽƚŚĞƌƉĞƌƐŽŶŚĞĂĚŝŶŐ ƚŚĞŽŵƉůŝĂŶĐĞKĸĐĞƌŽŶĂƋƵĂƌƚĞƌůLJďĂƐŝƐ͘ DĞŵďĞƌŽĨƚŚĞŽŵŵŝƩĞĞŚĂƐƚŚĞƌĞůĞǀĂŶƚĞdžƉĞƌŝĞŶĐĞ ƚŚĞ ŵŽŶŝƚŽƌŝŶŐ ĂŐĞŶĐLJ ŵŽŶŝƚŽƌŝŶŐ ƚŚĞ ƵƟůŝƐĂƟŽŶ ƚŚĞ ĮŶĂŶĐĞ ĨƵŶĐƟŽŶ Žƌ ĚŝƐĐŚĂƌŐŝŶŐ ƚŚĂƚ ĨƵŶĐƟŽŶͿ ŝŶƚŚĞĮĞůĚŽĨĮŶĂŶĐĞ͕ďĂŶŬŝŶŐĂŶĚĂĐĐŽƵŶƟŶŐ͕ǁŝƚŚƚŚĞ ŽĨƉƌŽĐĞĞĚƐŽĨĂƉƵďůŝĐŽƌƌŝŐŚƚƐŝƐƐƵĞ͕ĂŶĚŵĂŬŝŶŐ ĂŌĞƌ ĂƐƐĞƐƐŝŶŐ ƚŚĞ ƋƵĂůŝĮĐĂƟŽŶƐ͕ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ z ƉƌŽǀŝĚĞ ĚŝƌĞĐƟŽŶƐ ŽŶ ĂŶLJ ƉĞŶĂů ĂĐƟŽŶ ƚŽ ŚĂŝƌŵĂŶďĞŝŶŐĂŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚ͘dŚĞŽŵŵŝƩĞĞ ĂƉƉƌŽƉƌŝĂƚĞƌĞĐŽŵŵĞŶĚĂƟŽŶƐƚŽƚŚĞŽĂƌĚƚŽƚĂŬĞ ďĂĐŬŐƌŽƵŶĚ͕ĞƚĐ͘ŽĨƚŚĞĐĂŶĚŝĚĂƚĞ͘ ďĞ ŝŶŝƟĂƚĞĚ͕ ŝŶ ĐĂƐĞ ŽĨ ĂŶLJ ǀŝŽůĂƟŽŶ ŽĨ ƚŚĞ ŚĂƐ͕ŝŶƚĞƌͲĂůŝĂ͕ƚŚĞĨŽůůŽǁŝŶŐƚĞƌŵƐŽĨƌĞĨĞƌĞŶĐĞ͗ ƵƉƐƚĞƉƐŝŶƚŚŝƐŵĂƩĞƌ͖ ZĞŐƵůĂƟŽŶƐďLJĂŶLJƉĞƌƐŽŶ͘   dŚĞŽŵŵŝƩĞĞ ŵĞƚ ĮǀĞ ƟŵĞƐ ĚƵƌŝŶŐ ƚŚĞ ƉĞƌŝŽĚ  ŝ͘ KǀĞƌƐŝŐŚƚ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ  ǀŝŝ͘ ZĞǀŝĞǁĂŶĚŵŽŶŝƚŽƌƚŚĞƵĚŝƚŽƌ͛ƐŝŶĚĞƉĞŶĚĞŶĐĞΘ ƵŶĚĞƌ ƌĞǀŝĞǁ ǀŝnj͘ DĂLJ Ϯϲ͕ ϮϬϭϳ͖ ƵŐƵƐƚ ϯ͕ ϮϬϭϳ͖ /ŶƚĞƌŵƐŽĨƚŚŝƐW͕Dƌ͘'ŝƌŝĚŚĂƌ^ĂŶũĞĞǀŝ͕sW ƉƌŽĐĞƐƐ ĂŶĚ ƚŚĞ ĚŝƐĐůŽƐƵƌĞ ŽĨ ŝƚƐ ĮŶĂŶĐŝĂů ƉĞƌĨŽƌŵĂŶĐĞĂŶĚĞīĞĐƟǀĞŶĞƐƐŽĨĂƵĚŝƚƉƌŽĐĞƐƐ͖ EŽǀĞŵďĞƌ ϭϯ͕ ϮϬϭϳ͖ &ĞďƌƵĂƌLJ ϭϮ͕ ϮϬϭϴ ĂŶĚ Θ&KĐŽŶƟŶƵĞƐƚŽďĞƚŚĞ͚ŽŵƉůŝĂŶĐĞKĸĐĞƌ͛͘ ŝŶĨŽƌŵĂƟŽŶƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚ DĂƌĐŚϭϵ͕ϮϬϭϴ͖ƚŚĞĚĞƚĂŝůƐŽĨĂƩĞŶĚĂŶĐĞĂƌĞŽŶ ŝƐĐŽƌƌĞĐƚ͕ƐƵĸĐŝĞŶƚĂŶĚĐƌĞĚŝďůĞ͖  ǀŝŝŝ͘ ƉƉƌŽǀĂů Žƌ ĂŶLJ ƐƵďƐĞƋƵĞŶƚ ŵŽĚŝĮĐĂƟŽŶ ŽĨ ƉĂŐĞ ŶŽ͘ ϭϬϱ ĨŽƌ ƌĞĂĚLJ ƌĞĨĞƌĞŶĐĞ͘ dŚĞ ŶĞĐĞƐƐĂƌLJ Ϯ͘ EŽŵŝŶĂƟŽŶĂŶĚZĞŵƵŶĞƌĂƟŽŶŽŵŵŝƩĞĞ͗ ƚƌĂŶƐĂĐƟŽŶƐŽĨƚŚĞŽŵƉĂŶLJǁŝƚŚƌĞůĂƚĞĚƉĂƌƟĞƐ͖ ƋƵŽƌƵŵǁĂƐƉƌĞƐĞŶƚĨŽƌĂůůƚŚĞŵĞĞƟŶŐƐ͘  dŚĞ ŽŵƉĂŶLJ ŚĂƐ Ă EŽŵŝŶĂƟŽŶ ĂŶĚ ZĞŵƵŶĞƌĂƟŽŶ  ŝŝ͘ dŚĞ ƌĞĐŽŵŵĞŶĚĂƟŽŶ ĨŽƌ ĂƉƉŽŝŶƚŵĞŶƚ͕ ŽŵŵŝƩĞĞ ;͚EZ͛Ϳ ƌĞƋƵŝƌĞĚ ĂƐ ƉĞƌ ƚŚĞ >ŝƐƟŶŐ ƌĞŵƵŶĞƌĂƟŽŶĂŶĚƚĞƌŵƐŽĨĂƉƉŽŝŶƚŵĞŶƚŽĨƵĚŝƚŽƌƐ  ŝdž͘ ^ĐƌƵƟŶLJŽĨŝŶƚĞƌͲĐŽƌƉŽƌĂƚĞůŽĂŶƐĂŶĚŝŶǀĞƐƚŵĞŶƚƐ͖   dŚĞ ŽŵŵŝƩĞĞ ŝŶǀŝƚĞƐ ƐƵĐŚ ŽĨ ƚŚĞ ĞdžĞĐƵƟǀĞƐ ZĞŐƵůĂƟŽŶƐĂŶĚƚŚĞĐƚ͘EZĐŽŶƐŝƐƚƐŽĨĨŽƵƌEƐǀŝnj͘ ŽĨƚŚĞŽŵƉĂŶLJ͖ as it considers appropriate to be present at its Dƌ͘ĞĞƉĂŬWĂƌĞŬŚʹŚĂŝƌŵĂŶ͕Dƌ͘E͘ŚĂŶĚƌĂƐĞŬĂƌĂŶ͕  dž͘ sĂůƵĂƟŽŶŽĨƵŶĚĞƌƚĂŬŝŶŐƐŽƌĂƐƐĞƚƐŽĨƚŚĞŽŵƉĂŶLJ͕ ŵĞĞƟŶŐƐ͘ƵĚŝƚŽŵŵŝƩĞĞŵĞĞƟŶŐƐĂƌĞĂƩĞŶĚĞĚ Dƌ͘ EĂĚŝƌ 'ŽĚƌĞũ͕ ĂŶĚ DƐ͘ sŝďŚĂ WĂƵů ZŝƐŚŝ͘ EZ ŝƐ  ŝŝŝ͘ ƉƉƌŽǀĂůŽĨƉĂLJŵĞŶƚƚŽ^ƚĂƚƵƚŽƌLJƵĚŝƚŽƌƐĨŽƌĂŶLJ ǁŚĞƌĞǀĞƌŝƚŝƐŶĞĐĞƐƐĂƌLJ͖ ďLJ ŝŶǀŝƚĂƟŽŶ ďLJ ƚŚĞ D Θ K͕ džĞĐƵƟǀĞ sŝĐĞͲ ŐŽǀĞƌŶĞĚďLJĂEZŚĂƌƚĞƌǁŚŝĐŚŚĂƐďĞĞŶĂĚŽƉƚĞĚďLJ ŽƚŚĞƌƐĞƌǀŝĐĞƐƌĞŶĚĞƌĞĚďLJƚŚĞ^ƚĂƚƵƚŽƌLJƵĚŝƚŽƌƐ͖ WƌĞƐŝĚĞŶƚ Θ &K͕ 'ƌŽƵƉ /ŶƚĞƌŶĂů ƵĚŝƚ ĂŶĚ ƚŚĞ ƚŚĞŽĂƌĚ͘dŚĞďƌŽĂĚƚĞƌŵƐŽĨƌĞĨĞƌĞŶĐĞŽĨEZŝŶƚĞƌͲ  džŝ͘ ǀĂůƵĂƟŽŶ ŽĨ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ĂŶĚ ƌŝƐŬ ^ƚĂƚƵƚŽƌLJ ƵĚŝƚŽƌƐ͘ dŚĞ ŽŵƉĂŶLJ ^ĞĐƌĞƚĂƌLJ ĂĐƚƐ ĂůŝĂ͕ŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐ͗  ŝǀ͘ ZĞǀŝĞǁŝŶŐ͕ ǁŝƚŚ ƚŚĞ DĂŶĂŐĞŵĞŶƚ͕ ƚŚĞ ĂŶŶƵĂů ŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵƐ͖ ĂƐ ƚŚĞ ^ĞĐƌĞƚĂƌLJ ƚŽ ƚŚĞ ƵĚŝƚ ŽŵŵŝƩĞĞ͘ dŚĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂŶĚ ƵĚŝƚŽƌ͛Ɛ ƌĞƉŽƌƚ ƚŚĞƌĞŽŶ ŚĂŝƌŵĂŶ ŽĨ ƚŚĞ ƵĚŝƚ ŽŵŵŝƩĞĞ͕ Dƌ͘ ĞĞƉĂŬ i. Recommend to the Board the set up and before submission to the Board for approval, with  džŝŝ͘ džĂŵŝŶĂƟŽŶ ŽĨ ƚŚĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚ ĂŶĚ ƚŚĞ Parekh was present at the last AGM. ĐŽŵƉŽƐŝƟŽŶ ŽĨ ƚŚĞ ŽĂƌĚ ĂŶĚ ŝƚƐ ŽŵŵŝƩĞĞƐ ƉĂƌƟĐƵůĂƌƌĞĨĞƌĞŶĐĞƚŽ͗ ƵĚŝƚŽƌƐ͛ZĞƉŽƌƚƚŚĞƌĞŽŶ͖ ŝŶĐůƵĚŝŶŐ ƚŚĞ ͚ĨŽƌŵƵůĂƟŽŶ ŽĨ ƚŚĞ ĐƌŝƚĞƌŝĂ ĨŽƌ

98 Annual Report 2017-18 99 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

ĚĞƚĞƌŵŝŶŝŶŐ ƋƵĂůŝĮĐĂƟŽŶƐ͕ ƉŽƐŝƟǀĞ ĂƩƌŝďƵƚĞƐ ĂŶĚ   ZĞŵƵŶĞƌĂƟŽŶWŽůŝĐLJ͗ Dƌ͘<ĂƉĂĚŝĂŚĂƐĐĞĂƐĞĚƚŽďĞƚŚĞdžĞĐƵƟǀĞŝƌĞĐƚŽƌ ŽĨĂůůĐŽŵƉůĂŝŶƚƐƌĞĐĞŝǀĞĚ͕ĞŶĂďůĞƐƵƉůŽĂĚŝŶŐŽĨĐƟŽŶ ŝŶĚĞƉĞŶĚĞŶĐĞ ŽĨ Ă ŝƌĞĐƚŽƌ͛͘ dŚĞ ŽŵŵŝƩĞĞ ǁŝůů As recommended by the NRC, the Board has ŽĨƚŚĞŽŵƉĂŶLJǁ͘Ğ͘Ĩ͘DĂLJϮϯ͕ϮϬϭϴ͘ Taken Reports (‘ATRs’) by the concerned companies and ĐŽŶƐŝĚĞƌ ƉĞƌŝŽĚŝĐĂůůLJ ƌĞǀŝĞǁŝŶŐ ƚŚĞ ĐŽŵƉŽƐŝƟŽŶ ĂĚŽƉƚĞĚ Ă ZĞŵƵŶĞƌĂƚŝŽŶ WŽůŝĐLJ ĨŽƌ ŝƌĞĐƚŽƌƐ͕ ŽŶůŝŶĞǀŝĞǁŝŶŐďLJƚŚĞŝŶǀĞƐƚŽƌƐŽĨĂĐƟŽŶƐƚĂŬĞŶŽŶƚŚĞ ŽĨ ƚŚĞ ŽĂƌĚ ǁŝƚŚ ƚŚĞ ŽďũĞĐƟǀĞ ŽĨ ĂĐŚŝĞǀŝŶŐ ĂŶ

100 Annual Report 2017-18 101 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

ƉŚLJƐŝĐĂůĐŽƉLJŽĨƚŚĞƐĂŵĞ͕ĚƵůLJƐŝŐŶĞĚƚŽƚŚĞŽŵƉĂŶLJ͕  ŽŵƉůŝĂŶĐĞKĸĐĞƌ z 'ƵŝĚŝŶŐ ĂŶĚ ƐƵŐŐĞƐƟŶŐ ƐƚƌĂƚĞŐŝĞƐ ƚŽ   ĞƚĂŝůƐŽŶ'ĞŶĞƌĂůDĞĞƟŶŐƐ͗ ĂůŽŶŐǁŝƚŚƌĞƋƵŝƐŝƚĞĚŽĐƵŵĞŶƚƐĞŶƵŵĞƌĂƚĞĚŝŶƚŚĞ&Žƌŵ Mr. Beejal Desai ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ƚŽ ĚĞǀĞůŽƉ ŝŶƚĞƌŶĂů   >ŽĐĂƟŽŶ͕ĚĂƚĞ͕ƟŵĞĂŶĚ^ƉĞĐŝĂůZĞƐŽůƵƟŽŶƐƉĂƐƐĞĚ EŽ͘ /W&Ͳϱ͘ EŽ ĐůĂŝŵƐ ƐŚĂůů ůŝĞ ĂŐĂŝŶƐƚ ƚŚĞ ŽŵƉĂŶLJ ŝŶ  ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚͲ>ĞŐĂůΘŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ competencies, inspire employees and suppliers ĂƚƚŚĞ'DŚĞůĚŝŶƚŚĞůĂƐƚƚŚƌĞĞLJĞĂƌƐĂƌĞĂƐƵŶĚĞƌ͗ ƌĞƐƉĞĐƚŽĨƚŚĞĚŝǀŝĚĞŶĚͬƐŚĂƌĞƐƐŽƚƌĂŶƐĨĞƌƌĞĚ͘ The Indian Hotels Company Limited ĞŶŐĂŐĞŵĞŶƚĂŶĚĐƵůƚƵƌĞĨŽƌƌĞƐƉŽŶƐŝďůĞďƵƐŝŶĞƐƐ͖  ĚĚƌĞƐƐ͗DĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕ >ŽĐĂƟŽŶ Date Time ^ƉĞĐŝĂůZĞƐŽůƵƟŽŶƐ Given below are the proposed dates for transfer of the  DƵŵďĂŝʹϰϬϬϬϬϭ z ĚǀŝƐŝŶŐƚŚĞŵĂŶĂŐĞŵĞŶƚŽŶƉŽƚĞŶƟĂůďƵƐŝŶĞƐƐ passed ƵŶĐůĂŝŵĞĚĚŝǀŝĚĞŶĚƚŽƚŚĞ/W&ďLJƚŚĞŽŵƉĂŶLJ͗Ͳ  WŚŽŶĞ͗ϬϮϮͲϲϲϯϵϱϱϭϱ͖&Ădž͗ϬϮϮͲϮϮϬϮϳϰϰϮ ŝŵƉůŝĐĂƟŽŶƐŽĨƐƵƐƚĂŝŶĂďŝůŝƚLJƉĞƌĨŽƌŵĂŶĐĞǀŝƐͲăͲ Birla Matushri ƵŐƵƐƚ ϯ͘ϬϬW͘D͘ z Private  ͲŵĂŝů͗ŝŶǀĞƐƚŽƌƌĞůĂƟŽŶƐΛƚĂũŚŽƚĞůƐ͘ĐŽŵ ǀŝƐĐŽƌƉŽƌĂƚĞƌĞůĂƟŽŶƐΘďƌĂŶĚƉĞƌĐĞƉƟŽŶ͘ ^ĂďŚĂŐĂƌ͕ϭϵ͕ Ϯϭ͕ϮϬϭϳ Placement ^ŝƌsŝƚŚĂůĚĂƐ ŽĨEŽŶͲ Financial ĂƚĞŽĨĚĞĐůĂƌĂƟŽŶ Proposed Date of Thackersey ŽŶǀĞƌƟďůĞ Year of Dividend ƚƌĂŶƐĨĞƌƚŽ/W&1 ϰ͘ KƚŚĞƌŽŵŵŝƩĞĞƐ͗ ƵƌŝŶŐƚŚĞLJĞĂƌ͕ƚŚĞŽŵŵŝƩĞĞŵĞƚƚǁŝĐĞŽŶ  ŝ͘ ŽƌƉŽƌĂƚĞ ^ŽĐŝĂů ZĞƐƉŽŶƐŝďŝůŝƚLJ ;͚^Z͛Ϳ ĂŶĚ DĂLJ Ϯϲ͕ ϮϬϭϳ ĂŶĚ EŽǀĞŵďĞƌ ϭϯ͕ ϮϬϭϳ͘ dŚĞ DĂƌŐ͕DƵŵďĂŝ ĞďĞŶƚƵƌĞƐ ʹϰϬϬϬϮϬ ϮϬϭϬͲϭϭ ƵŐƵƐƚϱ͕ϮϬϭϭ ^ĞƉƚĞŵďĞƌϰ͕ϮϬϭϴ ^ƵƐƚĂŝŶĂďŝůŝƚLJŽŵŵŝƩĞĞ͗ ĚĞƚĂŝůƐŽĨĂƩĞŶĚĂŶĐĞĂƌĞŽŶƉĂŐĞŶŽ͘ϭϬϱĨŽƌ z Payment of ϮϬϭϭͲϭϮ ƵŐƵƐƚϯ͕ϮϬϭϮ ^ĞƉƚĞŵďĞƌϮ͕ϮϬϭϵ   /Ŷ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ^ĞĐƟŽŶ ƌĞĂĚLJ ƌĞĨĞƌĞŶĐĞ͘ dŚĞ ŶĞĐĞƐƐĂƌLJ ƋƵŽƌƵŵ ǁĂƐ Minimum ϭϯϱ ŽĨ ƚŚĞ Đƚ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ĐŽŶƐƟƚƵƚĞĚ Ă ƉƌĞƐĞŶƚĨŽƌĂůůƚŚĞŵĞĞƟŶŐƐ͘ ZĞŵƵŶĞƌĂƟŽŶ ϮϬϭϮͲϭϯ ƵŐƵƐƚϯ͕ϮϬϭϯ ^ĞƉƚĞŵďĞƌϭ͕ϮϬϮϬ ^Z ĂŶĚ ^ƵƐƚĂŝŶĂďŝůŝƚLJ ŽŵŵŝƩĞĞ ĐŽŵƉƌŝƐŝŶŐ ŽĨ to Mr. Rakesh ϮϬϭϱͲϭϲ ƵŐƵƐƚϮϲ͕ϮϬϭϲ ^ĞƉƚĞŵďĞƌϮϮ͕ϮϬϮϯ Dƌ͘ WƵŶĞĞƚ ŚŚĂƚǁĂů Ͳ ŚĂŝƌŵĂŶ ;ǁŚŽ ǁĂƐ  ŝŝ͘ ZŝƐŬDĂŶĂŐĞŵĞŶƚŽŵŵŝƩĞĞ͗ ^ĂƌŶĂ͕ ĂƉƉŽŝŶƚĞĚŝŶƉůĂĐĞŽĨDƌ͘ZĂŬĞƐŚ^ĂƌŶĂĐŽŶƐĞƋƵĞŶƚ   dŚĞ ŽĂƌĚ ŚĂƐ ĐŽŶƐƟƚƵƚĞĚ Ă ZŝƐŬ DĂŶĂŐĞŵĞŶƚ DĂŶĂŐŝŶŐ ϮϬϭϲͲϭϳ ƵŐƵƐƚϮϭ͕ϮϬϭϳ ^ĞƉƚĞŵďĞƌϭϴ͕ϮϬϮϰ ƚŽ ŚŝƐ ƌĞƐŝŐŶĂƟŽŶ ĂƐ ƚŚĞ D Θ K ŽĨ ƚŚĞ ŽŵŵŝƩĞĞ ;͚ZD͛Ϳ ƚŽ ĨƌĂŵĞ͕ ŝŵƉůĞŵĞŶƚ ĂŶĚ ŝƌĞĐƚŽƌĂŶĚ ŽŵƉĂŶLJͿ͕Dƌ͘EĂĚŝƌ'ŽĚƌĞũĂŶĚDƐ͘/ƌĞĞŶĂsŝƩĂů͘ ŵŽŶŝƚŽƌ ƚŚĞ ƌŝƐŬ ŵĂŶĂŐĞŵĞŶƚ ƉůĂŶ ŽĨ ƚŚĞ ŚŝĞĨdžĞĐƵƟǀĞ ϭ/ŶĚŝĐĂƟǀĞĚĂƚĞƐ͕ĂĐƚƵĂůĚĂƚĞƐŵĂLJǀĂƌLJ dŚĞ ďƌŽĂĚ ƚĞƌŵƐ ŽĨ ƌĞĨĞƌĞŶĐĞ ŽĨ ƚŚĞ ^Z ĂŶĚ ŽŵƉĂŶLJ͘ ZD ĐŽŵƉƌŝƐĞƐ ĞŶƟƌĞůLJ ŽĨ /ŶĚĞƉĞŶĚĞŶƚ KĸĐĞƌ ^ƵƐƚĂŝŶĂďŝůŝƚLJŽŵŵŝƩĞĞĂƌĞĂƐƵŶĚĞƌ͗ ŝƌĞĐƚŽƌƐ͕ ǀŝnj͘ Dƌ͘ ĞĞƉĂŬ WĂƌĞŬŚ Ͳ ŚĂŝƌŵĂŶ͕ ƵŐƵƐƚ ϯ͘ϬϬW͘D͘ z Private  /ŶůŝŐŚƚŽĨƚŚĞĂĨŽƌĞƐĂŝĚƉƌŽǀŝƐŝŽŶƐ͕ƚŚĞŽŵƉĂŶLJŚĂƐĚƵƌŝŶŐ DƐ͘ /ƌĞĞŶĂ sŝƩĂů ĂŶĚ Dƌ͘ EĂĚŝƌ 'ŽĚƌĞũ͘ ZD ŚĂƐ Ϯϯ͕ϮϬϭϲ Placement ƚŚĞ LJĞĂƌ͕ ƚƌĂŶƐĨĞƌƌĞĚ ƚŽ /W& ƚŚĞ ƵŶĐůĂŝŵĞĚ ĚŝǀŝĚĞŶĚƐ͕ z &ŽƌŵƵůĂƟŶŐĂŶĚƌĞĐŽŵŵĞŶĚŝŶŐƚŽƚŚĞŽĂƌĚ͕ ĨŽƌŵƵůĂƚĞĚĂZŝƐŬDĂŶĂŐĞŵĞŶƚWŽůŝĐLJ͕ǁŚŝĐŚůĂLJƐĚŽǁŶ ŽĨEŽŶͲ ŽƵƚƐƚĂŶĚŝŶŐ ĨŽƌ ϳ ĐŽŶƐĞĐƵƟǀĞ LJĞĂƌƐ͘ &ƵƌƚŚĞƌ͕ ƐŚĂƌĞƐ ŽĨ ĂŽƌƉŽƌĂƚĞ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚLJWŽůŝĐLJǁŚŝĐŚ Ă ǀŝŐŽƌŽƵƐ ĂŶĚ ĂĐƟǀĞ ƉƌŽĐĞƐƐ ĨŽƌ ŝĚĞŶƟĮĐĂƟŽŶ ĂŶĚ ŽŶǀĞƌƟďůĞ the Company, in respect of which dividend has not been ƐŚĂůů ŝŶĚŝĐĂƚĞ ƚŚĞ ĂĐƟǀŝƟĞƐ ƚŽ ďĞ ƵŶĚĞƌƚĂŬĞŶ ŵŝƟŐĂƟŽŶŽĨƌŝƐŬƐ͘ZDƌĞǀŝĞǁƐĂŶĚŵŽŶŝƚŽƌƐƚŚĞƌŝƐŬ ĞďĞŶƚƵƌĞƐ ĐůĂŝŵĞĚĨŽƌϳĐŽŶƐĞĐƵƟǀĞLJĞĂƌƐŽƌŵŽƌĞ͕ŚĂǀĞĂůƐŽďĞĞŶ ďLJƚŚĞŽŵƉĂŶLJ͖ ŵĂŶĂŐĞŵĞŶƚĂŶĚŵŝƟŐĂƟŽŶƉůĂŶĨƌŽŵƟŵĞƚŽƟŵĞ͘ ƵŐƵƐƚ ϯ͘ϬϬW͘D͘ z ƌĞĂƟŽŶŽĨ ƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞĚĞŵĂƚĂĐĐŽƵŶƚŽĨ/W&ƵƚŚŽƌŝƚLJ͘ ϭϬ͕ϮϬϭϱ ŚĂƌŐĞ z ZĞĐŽŵŵĞŶĚŝŶŐƚŚĞĂŵŽƵŶƚŽĨĞdžƉĞŶĚŝƚƵƌĞƚŽ   dŚĞ ƚĞƌŵƐ ŽĨ ƌĞĨĞƌĞŶĐĞ ŽĨ ƚŚĞ ZD ŝŶƚĞƌͲĂůŝĂ͕  dŚĞŽŵƉĂŶLJƚƌĂŶƐĨĞƌƌĞĚƚŚĞĨŽůůŽǁŝŶŐĂŵŽƵŶƚƐƚŽ/W&ŽĨ ďĞŝŶĐƵƌƌĞĚŽŶƚŚĞĂĨŽƌĞƐĂŝĚĂĐƟǀŝƟĞƐ͖ ŝŶĐůƵĚĞƐƚŚĞĨŽůůŽǁŝŶŐ͗   ůů^ƉĞĐŝĂůZĞƐŽůƵƟŽŶƐƉĂƐƐĞĚŝŶƚŚĞƉƌĞǀŝŽƵƐƚŚƌĞĞ ƚŚĞĞŶƚƌĂů'ŽǀĞƌŶŵĞŶƚĚƵƌŝŶŐƚŚĞĮŶĂŶĐŝĂůLJĞĂƌϮϬϭϳͲϭϴ͘ z dŽƌĞǀŝĞǁƚŚĞZŝƐŬDĂŶĂŐĞŵĞŶƚWůĂŶͬWŽůŝĐLJ 'DƐŽĨƚŚĞŽŵƉĂŶLJǁĞƌĞƉĂƐƐĞĚǁŝƚŚƌĞƋƵŝƐŝƚĞ z DŽŶŝƚŽƌŝŶŐƚŚĞŽƌƉŽƌĂƚĞ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚLJ ĂŶĚŝƚƐĚĞƉůŽLJŵĞŶƚǁŝƚŚŝŶƚŚĞŽŵƉĂŶLJ͖ ŵĂũŽƌŝƚLJ͘ WĂƌƟĐƵůĂƌƐ ` WŽůŝĐLJŽĨƚŚĞŽŵƉĂŶLJĨƌŽŵƟŵĞƚŽƟŵĞ͖ ŵŽƵŶƚƐƚƌĂŶƐĨĞƌƌĞĚƵƉƚŽDĂƌĐŚϯϭ͕ϮϬϭϳ;ĂͿ ϰ͕ϳϴ͕ϯϲ͕ϭϱϮ͘ϲϳ z dŽ ŵŽŶŝƚŽƌ ƚŚĞ ĞīĞĐƟǀĞŶĞƐƐ ŽĨ ƚŚĞ ZŝƐŬ   ƵƌŝŶŐƚŚĞLJĞĂƌƵŶĚĞƌƌĞǀŝĞǁ͕ƚŚĞƌĞǁĞƌĞŶŽ^ƉĞĐŝĂů z WƌŽǀŝĚŝŶŐ ǀŝƐŝŽŶ ĂŶĚ ŐƵŝĚĂŶĐĞ ƚŽ ƚŚĞ DĂŶĂŐĞŵĞŶƚWůĂŶͬWŽůŝĐLJ͖ ZĞƐŽůƵƟŽŶƐƉĂƐƐĞĚďLJWŽƐƚĂůĂůůŽƚďLJƚŚĞŽŵƉĂŶLJ͘ ŵŽƵŶƚƐƚƌĂŶƐĨĞƌƌĞĚĚƵƌŝŶŐĮŶĂŶĐŝĂůLJĞĂƌ DĂŶĂŐĞŵĞŶƚ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ Ăůů ůŽŶŐͲƚĞƌŵ ƵƌƌĞŶƚůLJ͕ ŶŽ ^ƉĞĐŝĂů ZĞƐŽůƵƟŽŶƐ ĂƌĞ ƉƌŽƉŽƐĞĚ ƚŽ ϮϬϭϳͲϭϴ͗ business proposals made to the Board are z dŽĚĞĐŝĚĞ ƚŚĞ ŵĂdžŝŵƵŵ ƌŝƐŬ ƚĂŬŝŶŐ ĂďŝůŝƚLJ ŽĨ ďĞĐŽŶĚƵĐƚĞĚƚŚƌŽƵŐŚWŽƐƚĂůĂůůŽƚ͘ Ͳ hŶƉĂŝĚͬƵŶĐůĂŝŵĞĚĚŝǀŝĚĞŶĚǁŝƚŚƚŚĞ Ϯϴ͕ϯϵ͕Ϭϵϴ͘ϬϬ ĂƐƐĞƐƐĞĚƚŚƌŽƵŐŚƚŚĞůĞŶƐŽĨ^Z͕ŶǀŝƌŽŶŵĞŶƚ͕ ƚŚĞ ŽŵƉĂŶLJ ƚŽ ŐƵŝĚĞ ƚŚĞ ŽĂƌĚ ŝŶ ŵĂŬŝŶŐ Company ^ĂĨĞƚLJ͕ ,ĞĂůƚŚ͕ ĂŶĚ ƌĞƉƵƚĂƟŽŶĂů ŝŵƉůŝĐĂƟŽŶƐ ŶĞǁŝŶǀĞƐƚŵĞŶƚƐ͖ ŝƐĐůŽƐƵƌĞƐ͗ ŝŶĐůƵĚŝŶŐĂƐƐŽĐŝĂƚĞĚƌŝƐŬƐĂŶĚŽƉƉŽƌƚƵŶŝƟĞƐ͖ i. The Company has not entered into any materially Ͳ hŶƉĂŝĚͬƵŶĐůĂŝŵĞĚĂƉƉůŝĐĂƟŽŶŵŽŶĞLJ Ͳ z dŽƌĞǀŝĞǁƚŚĞŵĂũŽƌƌŝƐŬƐŽĨƚŚĞŽŵƉĂŶLJĂŶĚ ƐŝŐŶŝĮĐĂŶƚ ZĞůĂƚĞĚ WĂƌƚLJ dƌĂŶƐĂĐƟŽŶƐ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ with the Company z 'ƵŝĚŝŶŐ ƚŚĞ DĂŶĂŐĞŵĞŶƚ ŝŶ ĞŶƐƵƌŝŶŐ ĂĚǀŝƐĞŽŶŝƚƐŵŝƟŐĂƟŽŶƚŽƚŚĞŽĂƌĚ͖ ƵŶĚĞƌ ƌĞǀŝĞǁ͕ ǁŚŝĐŚ ĐŽƵůĚ ŚĂǀĞ Ă ƉŽƚĞŶƟĂů ĐŽŶŇŝĐƚ Ͳ hŶƉĂŝĚͬƵŶĐůĂŝŵĞĚŵĂƚƵƌĞĚĚĞƉŽƐŝƚƐ Ͳ ƐƚĂŬĞŚŽůĚĞƌ ĞŶŐĂŐĞŵĞŶƚ ĂŶĚ ŵĂƚĞƌŝĂůŝƚLJ of interest between the Company and its Promoters, with the Company ĂŶĂůLJƐŝƐďĂƐĞĚŽŶŬĞLJƐƵƐƚĂŝŶĂďŝůŝƚLJŝƐƐƵĞƐ͖ z ^ƵĐŚŽƚŚĞƌĨƵŶĐƟŽŶƐĂƐŵĂLJďĞĚĞůĞŐĂƚĞĚďLJ ŝƌĞĐƚŽƌƐ͕DĂŶĂŐĞŵĞŶƚĂŶĚͬŽƌƌĞůĂƟǀĞƐ͘dŚĞdžĞĐƵƟǀĞ Ͳ Interest accrued on the unpaid matured ϰ͕ϲϴ͕ϯϰϱ͘ϬϬ ƚŚĞŽĂƌĚĨƌŽŵƟŵĞƚŽƟŵĞ͘ ŝƌĞĐƚŽƌƐ ĂŶĚ ^ĞŶŝŽƌ DĂŶĂŐĞŵĞŶƚ ŽĨ ƚŚĞ ŽŵƉĂŶLJ z deposits  'ƵŝĚŝŶŐ ƚŚĞ DĂŶĂŐĞŵĞŶƚ ŝŶ ĨŽƌŵƵůĂƟŶŐ Ă ŚĂǀĞ ŵĂĚĞ ĚŝƐĐůŽƐƵƌĞƐ ƚŽ ƚŚĞ ŽĂƌĚ ĐŽŶĮƌŵŝŶŐ ƚŚĂƚ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ƐƚƌĂƚĞŐLJ ĨŽƌ   ƵƌŝŶŐƚŚĞLJĞĂƌ͕ZDŵĞƚƚǁŝĐĞŽŶEŽǀĞŵďĞƌϭϯ͕ ƚŚĞƌĞ ĂƌĞ ŶŽ ŵĂƚĞƌŝĂů͕ ĮŶĂŶĐŝĂů ĂŶĚ ͬ Žƌ ĐŽŵŵĞƌĐŝĂů Ͳ Interest accrued on the unpaid matured ϭ͕ϲϵ͕ϴϱϯ͘ϬϬ ƚŚĞ ŽŵƉĂŶLJ͖ ĚĞĮŶĞ ĂƉƉƌŽƉƌŝĂƚĞ ŐŽĂůƐ͕ ϮϬϭϳĂŶĚDĂƌĐŚϭϵ͕ϮϬϭϴǁŚŝĐŚǁĂƐĂƩĞŶĚĞĚďLJĂůů ƚƌĂŶƐĂĐƟŽŶƐ ďĞƚǁĞĞŶ ƚŚĞŵ ĂŶĚ ƚŚĞ ŽŵƉĂŶLJ ƚŚĂƚ debentures ƚĂƌŐĞƚƐ͕ <ĞLJ WĞƌĨŽƌŵĂŶĐĞ /ŶĚŝĐĂƚŽƌƐ͕ ĂĐƟŽŶ the Members. ĐŽƵůĚ ŚĂǀĞ ƉŽƚĞŶƟĂů ĐŽŶŇŝĐƚ ŽĨ ŝŶƚĞƌĞƐƚ ǁŝƚŚ ƚŚĞ dŽƚĂů;ďͿ ϯϰ͕ϳϳ͕Ϯϵϲ͘ϬϬ ƉůĂŶƐ ĂŶĚ ŝŶǀĞƐƚŵĞŶƚƐ͘ WůĂLJ ĂŶ ĂĐƟǀĞ ƌŽůĞ ŽŵƉĂŶLJ Ăƚ ůĂƌŐĞ͘ ůů ƚƌĂŶƐĂĐƟŽŶƐ ĞŶƚĞƌĞĚ ŝŶƚŽ ǁŝƚŚ ŝŶ ƌĞĐŽŵŵĞŶĚŝŶŐ ĂŶĚ ƉĞƌŝŽĚŝĐĂůůLJ ƌĞǀŝĞǁŝŶŐ ĞƚĂŝůƐŽĨĞƋƵŝƚLJƐŚĂƌĞƐŽĨƚŚĞŽŵƉĂŶLJŚĞůĚďLJƚŚĞEƐ ZĞůĂƚĞĚ WĂƌƟĞƐ ĚƵƌŝŶŐ ƚŚĞ ĮŶĂŶĐŝĂů LJĞĂƌ ǁĞƌĞ ŝŶ ƚŚĞ ĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ͕ĂƌĞĂƐƵŶĚĞƌ͗ ŵŽƵŶƚƚƌĂŶƐĨĞƌƌĞĚƵƉƚŽDĂƌĐŚϯϭ͕ϮϬϭϴ;ĂнďͿ ϱ͕ϭϯ͕ϭϯ͕ϰϰϴ͘ϲϳ ĂĐŚŝĞǀĞŵĞŶƚǀŝƐͲăͲǀŝƐĂďŽǀĞƐƚƌĂƚĞŐLJ͖ ŽƌĚŝŶĂƌLJ ĐŽƵƌƐĞ ŽĨ ďƵƐŝŶĞƐƐ ĂŶĚ ŽŶ ĂŶ ƌŵ͛Ɛ >ĞŶŐƚŚ Name of the Director EŽ͘ŽĨƋƵŝƚLJ^ŚĂƌĞƐ WƌŝĐŝŶŐ ďĂƐŝƐ ĂŶĚ ĚŽ ŶŽƚ ĂƩƌĂĐƚ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ  dŚĞŽŵƉĂŶLJŚĂƐƚƌĂŶƐĨĞƌƌĞĚϭϯ͕ϴϴ͕ϰϴϬƋƵŝƚLJ^ŚĂƌĞƐŽĨ z 'ƵŝĚŝŶŐ ĂŶĚ ƌĞĐŽŵŵĞŶĚŝŶŐ ƐƵƐƚĂŝŶĂďŝůŝƚLJ held ^ĞĐƟŽŶϭϴϴŽĨƚŚĞĐƚ͘^ƵŝƚĂďůĞĚŝƐĐůŽƐƵƌĞĂƐƌĞƋƵŝƌĞĚďLJ &zϮϬϬϵͲϭϬƚŽƚŚĞ/W&ƵƚŚŽƌŝƚLJ͘ ĚŝƐĐůŽƐƵƌĞƐďLJƚŚĞŽŵƉĂŶLJŝŶůŝŶĞǁŝƚŚŐůŽďĂů ƚŚĞĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚƐ;/E^ͲϮϰͿŚĂƐďĞĞŶŵĂĚĞŝŶ Mr. Deepak Parekh ϯ͕ϭϬϬ ƌĞƉŽƌƟŶŐĨƌĂŵĞǁŽƌŬƐ͖ ƚŚĞŶŽƚĞƐƚŽƚŚĞ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘

102 Annual Report 2017-18 103 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

 dŚĞWŽůŝĐLJ ĨŽƌ ĚĞĂůŝŶŐ ǁŝƚŚ ZĞůĂƚĞĚ WĂƌƚLJ dƌĂŶƐĂĐƟŽŶƐ ĞǀĞŶƚƐͲĂŶĚͲĚŝƐĐůƐŽƵƌĞƐ͘ƉĚĨͿ͕ tĞďƐŝƚĞ ƌĐŚŝǀĂů WŽůŝĐLJ ĞƚĂŝůƐŽĨŝƌĞĐƚŽƌƐΖZĞŵƵŶĞƌĂƟŽŶ͕ŽĂƌĚĂŶĚŽŵŵŝƩĞĞDĞŵďĞƌƐŚŝƉƐĂŶĚƩĞŶĚĂŶĐĞ has been uploaded on the Company’s website at (ŚƩƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬƉŽůŝĐŝĞƐͬǁĞďƐŝƚĞͲĂƌĐŚŝǀĂůͲ Names ĂƚĞŐŽƌLJ ZĞŵƵŶĞƌĂƟŽŶƉĂŝĚ No. of outside No. of outside No. of No. of No. of NRC No. of CSR ƩĞŶĚĂŶĐĞ ƚŚĞĨŽůůŽǁŝŶŐůŝŶŬ͗ŚƩƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬƉŽůŝĐŝĞƐͬ policy.pdfͿ͕ ŝǀŝĚĞŶĚ ŝƐƚƌŝďƵƟŽŶ WŽůŝĐLJ ;ŚƩƉƐ͗ͬͬǁǁǁ͘ Directorships ŽŵŵŝƩĞĞWŽƐŝƟŽŶƐ Board Audit ŽŵŵŝƩĞĞ ŽŵŵŝƩĞĞ at the last as at Held2 DĞĞƟŶŐƐ ŽŵŵŝƩĞĞ DĞĞƟŶŐƐ DĞĞƟŶŐƐ AGM ƌƉƚͲƉŽůŝĐLJͲƉŽƐƚͲĂŵĞŶĚŵĞŶƚͲĂĐƚ͘ƉĚĨ. ƚĂũŚŽƚĞůƐ͘ĐŽŵͬƉŽůŝĐŝĞƐͬĚŝǀŝĚĞŶĚͲĚŝƐƚƌŝďƵƟŽŶͲƉŽůŝĐLJ͘ƉĚĨ) DĂƌĐŚϯϭ͕ϮϬϭϴ ĂƩĞŶĚĞĚ DĞĞƟŶŐƐ ĂƩĞŶĚĞĚ ĂƩĞŶĚĞĚ ĂŶĚƚŚĞWŽůŝĐLJĨŽƌWƌĞƐĞƌǀĂƟŽŶŽĨŽĐƵŵĞŶƚƐ͘ ĂƩĞŶĚĞĚ ^ĂůĂƌLJΘ ^ŝƫŶŐ Commission / /ŶĚŝĂŶ1 &ŽƌĞŝŐŶ as as ŝŝ͘ dŚĞŽŵƉĂŶLJ ŚĂƐ ĨŽůůŽǁĞĚ ƚŚĞ ĐĐŽƵŶƟŶŐ ^ƚĂŶĚĂƌĚƐ Perks Fees Performance DĞŵďĞƌ Chairman ůĂŝĚ ĚŽǁŶ ďLJ ƚŚĞ DŝŶŝƐƚƌLJ ŽĨ ŽƌƉŽƌĂƚĞ īĂŝƌƐ ŝŶ ƚŚĞ ǀŝ͘ /ŶƚĞƌŵƐŽĨZĞŐƵůĂƟŽŶϭϳ;ϴͿŽĨƚŚĞ>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐ͕ ϮϬϭϳͲϮϬϭϴ ϮϬϭϳͲ >ŝŶŬĞĚŽŶƵƐ ƉƌĞƉĂƌĂƟŽŶŽĨŝƚƐ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘ ƚŚĞDΘKĂŶĚ&KŚĂǀĞŝƐƐƵĞĚĂĐĞƌƟĮĐĂƚĞƚŽƚŚĞ ϮϬϭϴ ϮϬϭϲʹϮϬϭϳ ŽĂƌĚƌĞŐĂƌĚŝŶŐƚŚĞƉƌŽƉƌŝĞƚLJŽĨƚŚĞ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ Mr. N. EŽŶͲdžĞĐƵƟǀĞ Ͳ ϯ͕ϬϬ͕ϬϬϬ Ͳ 6 ϭͲ Ͳ 6 Ͳϰ zĞƐ Chandrasekaran Ͳ ŝŝŝ͘ dŚĞŽŵƉĂŶLJŚĂƐĐŽŵƉůŝĞĚǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨ ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͘ (Chairman)* ƚŚĞ^ƚŽĐŬdžĐŚĂŶŐĞƐͬ^ĞĐƵƌŝƟĞƐĂŶĚdžĐŚĂŶŐĞŽĂƌĚ Dƌ͘ĞĞƉĂŬWĂƌĞŬŚ EŽŶͲdžĞĐƵƟǀĞ Ͳ ϱ͕ϭϬ͕ϬϬϬ ϱϭ͕ϲϮ͕ϬϬϬ ϴ ϰ ϯ ϭ 6 ϱ ϯ Ͳ zĞƐ ŽĨ/ŶĚŝĂͬ^ƚĂƚƵƚŽƌLJƵƚŚŽƌŝƟĞƐŽŶĂůůŵĂƩĞƌƐƌĞůĂƟŶŐ ^ƵďƐŝĚŝĂƌLJŽŵƉĂŶŝĞƐ͗ Independent ƚŽ ĐĂƉŝƚĂů ŵĂƌŬĞƚƐ͕ ĚƵƌŝŶŐ ƚŚĞ ůĂƐƚ ƚŚƌĞĞ LJĞĂƌƐ͘ EŽ ƵƌŝŶŐƚŚĞLJĞĂƌƵŶĚĞƌƌĞǀŝĞǁ͕ƚŚĞŽŵƉĂŶLJŚĂƐŝĚĞŶƟĮĞĚƚǁŽ Dƌ͘EĂĚŝƌ'ŽĚƌĞũ EŽŶͲdžĞĐƵƟǀĞ Ͳ ϲ͕ϲϬ͕ϬϬϬ ϱϴ͕ϰϴ͕ϬϬϬ ϵ Ϯ Ϯ Ϯ 6 ϱ ϰ Ϯ zĞƐ ƉĞŶĂůƟĞƐŽƌƐƚƌŝĐƚƵƌĞƐŚĂǀĞďĞĞŶŝŵƉŽƐĞĚďLJƚŚĞŵŽŶ ŵĂƚĞƌŝĂůƵŶůŝƐƚĞĚƐƵďƐŝĚŝĂƌŝĞƐ͕ǀŝnj͘>>,ŽƚĞůƐĂŶĚ/ŶǀĞƐƚŵĞŶƚƐ Independent the Company. >ŝŵŝƚĞĚΘWŝĞŵ,ŽƚĞůƐ>ŝŵŝƚĞĚ͘dŚĞƵĚŝƚŽŵŵŝƩĞĞƌĞǀŝĞǁƐ DƐ͘/ƌĞĞŶĂsŝƩĂů EŽŶͲdžĞĐƵƟǀĞ Ͳ ϯ͕ϵϬ͕ϬϬϬ ϯϳ͕ϲϲ͕ϬϬϬ ϱ ϭ 6 Ͳϰϰ Ͳ Ϯ No ƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞŽŵƉĂŶLJ͛ƐƵŶůŝƐƚĞĚƐƵďƐŝĚŝĂƌLJ Independent ŝǀ͘ dŚĞŽŵƉĂŶLJŚĂƐĂǁĞůůͲĚĞĮŶĞĚtŚŝƐƚůĞůŽǁĞƌWŽůŝĐLJ ĐŽŵƉĂŶŝĞƐ͘dŚĞDŝŶƵƚĞƐŽĨƚŚĞƐƵďƐŝĚŝĂƌLJĐŽŵƉĂŶŝĞƐĂůŽŶŐ Mr. Gautam EŽŶͲdžĞĐƵƟǀĞ Ͳ ϭ͕ϴϬ͕ϬϬϬ Ϯϭ͕ϵϵ͕ϬϬϬ ϭ ϱ Ͳ Ͳ ϱ Ͳ Ͳ Ͳ zĞƐ pursuant to which employees can raise their concerns ǁŝƚŚ Ă ƌĞƉŽƌƚ ŽŶ ƐŝŐŶŝĮĐĂŶƚ ĚĞǀĞůŽƉŵĞŶƚƐ ĂƌĞ ƉĞƌŝŽĚŝĐĂůůLJ ĂŶĞƌũĞĞ Independent ƌĞůĂƟŶŐ ƚŽ ĨƌĂƵĚ͕ ŵĂůƉƌĂĐƟĐĞ Žƌ ĂŶLJ ŽƚŚĞƌ ĂĐƟǀŝƚLJ placed before and reviewed by the Board. DƐ͘sŝďŚĂWĂƵů EŽŶͲdžĞĐƵƟǀĞ Ͳ Ϯ͕ϳϬ͕ϬϬϬ ϰϬ͕Ϯϭ͕ϬϬϬ ϵ Ͳ ϱ ϭ ϱ Ͳ ϯ Ͳ zĞƐ Rishi Independent Žƌ ĞǀĞŶƚ ǁŚŝĐŚ ŝƐ ĂŐĂŝŶƐƚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŝŶƚĞƌĞƐƚ ďLJ Dƌ͘DĞŚĞƌŶŽƐŚ^͘ džĞĐƵƟǀĞ ϭ͕ϰϲ͕ϴϬ͕ϵϬϯ Ͳ ϭ͕Ϯϲ͕ϬϬ͕ϬϬϬ 6 ϮϮ Ͳ 6 Ͳ Ͳ Ͳ zĞƐ ĂƉƉƌŽĂĐŚŝŶŐ ƚŚĞ ƚŚŝĐƐ ŽƵŶƐĞůůŽƌ Žƌ ŚĂŝƌŵĂŶ ŽĨ ƚŚĞ dŚĞ ŽŵƉĂŶLJ ŚĂƐ ĂƉƉŽŝŶƚĞĚ DƐ͘ sŝďŚĂ WĂƵů ZŝƐŚŝ͕ Kapadiaϯ ƵĚŝƚŽŵŵŝƩĞĞ͕ĂƐĂƉƉůŝĐĂďůĞ͘EŽƉĞƌƐŽŶŶĞůŚĂǀĞďĞĞŶ /ŶĚĞƉĞŶĚĞŶƚ ŝƌĞĐƚŽƌ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ŽŶ ƚŚĞ ŽĂƌĚ ŽĨ ŝƚƐ Mr. Puneet džĞĐƵƟǀĞ ϭ͕ϳϭ͕ϴϵ͕ϵϲϱ Ͳ NA 6 ϭϭ Ͳ Ϯ Ͳ Ͳ Ͳ NA ĚĞŶŝĞĚĂĐĐĞƐƐƚŽƚŚĞŚĂŝƌŵĂŶŽĨƚŚĞƵĚŝƚŽŵŵŝƩĞĞ͘ ŵĂƚĞƌŝĂůƵŶůŝƐƚĞĚƐƵďƐŝĚŝĂƌŝĞƐĂƐƉĞƌƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞ Chhatwalϰ The policy has been disclosed on the website of the >ŝƐƟŶŐZĞŐƵůĂƟŽŶƐ͘ Dƌ͘ZĂŬĞƐŚ^ĂƌŶĂϱ džĞĐƵƟǀĞ ϭϮ͕ϳϴ͕Ϯϱ͕ϯϵϱ Ͳ ϯ͕Ϭϴ͕ϰϭ͕ϵϵϱ NA NA NA NA ϰ Ͳ Ͳ ϭ zĞƐ Company under the link ŚƩƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬ Mr. Niddodi EŽŶͲdžĞĐƵƟǀĞ Ͳ Ͳ ϱ͕ϯϯ͕ϬϬϬ NA NA NA NA NA ͲͲͲNA ƉŽůŝĐŝĞƐͬǁŚŝƐƚůĞͲďůŽǁĞƌͲƉŽůŝĐLJ͘ƉĚĨ͘ dŚĞ ŽŵƉĂŶLJ ŚĂƐ ĨŽƌŵƵůĂƚĞĚ Ă ƉŽůŝĐLJ ĨŽƌ ĚĞƚĞƌŵŝŶŝŶŐ ^ƵďƌĂŽZĂũĂŶ6 ‘material’ subsidiaries which has been disclosed on the EŽŶͲdžĞĐƵƟǀĞ Dƌ͘<͘͘ĂĚŝƐĞƚŚϳ Ͳ Ͳ ϳϲ͕ϳϭ͕ϬϬϬ NA NA NA NA NA NA NA Ͳ NA v. The Company has also adopted the policy on website of the Company under the link ŚƩƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ Independent ĚĞƚĞƌŵŝŶĂƟŽŶ ŽĨ DĂƚĞƌŝĂůŝƚLJ ĨŽƌ ŝƐĐůŽƐƵƌĞƐ ;ŚƩƉƐ͗ͬͬ ĐŽŵͬƉŽůŝĐŝĞƐͬƉŽůŝĐLJͲĨŽƌͲĚĞƚĞƌŵŝŶŝŶŐͲŵĂƚĞƌŝĂůͲƐƵďƐĚŝĂƌŝĞƐ͘ Dƌ͘^ŚĂƉŽŽƌ EŽŶͲdžĞĐƵƟǀĞ Ͳ Ͳ ϴ͕ϬϬ͕ϬϬϬ NA NA NA NA NA ͲͲͲNA ǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬƉŽůŝĐŝĞƐͬƉŽůŝĐLJͲŽŶͲŵĂƚĞƌŝĂůŝƚLJͲŽĨͲ docx Mistryϴ Mr. Anil P. Goelϵ džĞĐƵƟǀĞ Ͳ Ͳ ϲϲ͕ϳϳ͕ϯϵϬ NA NA NA NA NA ͲͲͲNA ϭIncludes only Public Limited Companies Ϯ/ŶĐůƵĚĞƐŽŶůLJƵĚŝƚŽŵŵŝƩĞĞƐĂŶĚ^ƚĂŬĞŚŽůĚĞƌƐZĞůĂƟŽŶƐŚŝƉŽŵŵŝƩĞĞƐŽĨWƵďůŝĐ>ŝŵŝƚĞĚŽŵƉĂŶŝĞƐ ϯZĞƟƌĞĚǁ͘Ğ͘Ĩ͘DĂLJϮϯ͕ϮϬϭϴĂƐƉĞƌŐŽǀĞƌŶĂŶĐĞŐƵŝĚĞůŝŶĞƐĂĚŽƉƚĞĚďLJƚŚĞŽĂƌĚ͘ ϰƉƉŽŝŶƚĞĚĂƐDΘKǁŝƚŚǁ͘Ğ͘Ĩ͘EŽǀĞŵďĞƌϲ͕ϮϬϭϳ ϱZĞƐŝŐŶĞĚǁ͘Ğ͘Ĩ͘ƚŚĞĐůŽƐĞŽĨďƵƐŝŶĞƐƐŚŽƵƌƐŽŶ^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϭϳ͘Dƌ͘^ĂƌŶĂĂůƐŽƌĞĐĞŝǀĞĚƌĞŵƵŶĞƌĂƟŽŶŽĨh^Ψϭ͕ϲϭϵ͕ϲϲϰĨƌŽŵhŶŝƚĞĚ,ŽůĚŝŶŐƐ/ŶĐ͕Ă ^ƵďƐŝĚŝĂƌLJŽĨƚŚĞŽŵƉĂŶLJ 6ZĞƐŝŐŶĞĚǁ͘Ğ͘Ĩ͘KĐƚŽďĞƌϮϴ͕ϮϬϭϲ ϳZĞƐŝŐŶĞĚǁ͘Ğ͘Ĩ͘Ɖƌŝůϳ͕ϮϬϭϳ ϴZĞƐŝŐŶĞĚǁ͘Ğ͘Ĩ͘ƉƌŝůϮϱ͕ϮϬϭϳ ϵZĞƟƌĞŵĞŶƚǁ͘Ğ͘Ĩ͘KĐƚŽďĞƌϭϱ͕ϮϬϭϲ ΎƐĂƉŽůŝĐLJ͕Dƌ͘E͘ŚĂŶĚƌĂƐĞŬĂƌĂŶ͕ŚĂŝƌŵĂŶ͕ŚĂƐĂďƐƚĂŝŶĞĚĨƌŽŵƌĞĐĞŝǀŝŶŐĐŽŵŵŝƐƐŝŽŶĨƌŽŵƚŚĞŽŵƉĂŶLJ͘

dƌĂĚŝƟŽŶĂůůLJ͕ƚŚĞŝƌĞĐƚŽƌƐĂƌĞƉĂŝĚĐŽŵŵŝƐƐŝŽŶĞĂĐŚLJĞĂƌĂŌĞƌƚŚĞ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐĂƌĞĂƉƉƌŽǀĞĚďLJƚŚĞDĞŵďĞƌƐĂƚƚŚĞ'D͘

DĞĂŶƐŽĨŽŵŵƵŶŝĐĂƟŽŶ͗ YƵĂƌƚĞƌůLJ͕ŚĂůĨͲLJĞĂƌůLJĂŶĚĂŶŶƵĂůƌĞƐƵůƚƐŽĨƚŚĞŽŵƉĂŶLJĂƌĞ īĞĐƟǀĞ ĐŽŵŵƵŶŝĐĂƟŽŶ ŽĨ ŝŶĨŽƌŵĂƟŽŶ ŝƐ ĂŶ ĞƐƐĞŶƟĂů ƉƵďůŝƐŚĞĚŝŶůĞĂĚŝŶŐŶŐůŝƐŚĂŶĚǀĞƌŶĂĐƵůĂƌŶĞǁƐƉĂƉĞƌƐǀŝnj͘ component of Corporate Governance. It is a process of &ŝŶĂŶĐŝĂůdžƉƌĞƐƐĂŶĚ>ŽŬƐĂƩĂ͘ĚĚŝƟŽŶĂůůLJ͕ƚŚĞƌĞƐƵůƚƐĂŶĚ ƐŚĂƌŝŶŐŝŶĨŽƌŵĂƟŽŶ͕ŝĚĞĂƐ͕ƚŚŽƵŐŚƚƐ͕ŽƉŝŶŝŽŶƐ ĂŶĚƉůĂŶƐ ƚŽ ŽƚŚĞƌŝŵƉŽƌƚĂŶƚŝŶĨŽƌŵĂƟŽŶĂƌĞĂůƐŽƉĞƌŝŽĚŝĐĂůůLJƵƉĚĂƚĞĚŽŶ Ăůů ƐƚĂŬĞŚŽůĚĞƌƐ ǁŚŝĐŚ ƉƌŽŵŽƚĞƐ ŵĂŶĂŐĞŵĞŶƚͲƐŚĂƌĞŚŽůĚĞƌ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ǁĞďƐŝƚĞ ǀŝnj͘ ǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵ͕ ǁŚŝĐŚ ĂůƐŽ ƌĞůĂƟŽŶƐ͘dŚĞŽŵƉĂŶLJƌĞŐƵůĂƌůLJŝŶƚĞƌĂĐƚƐǁŝƚŚƐŚĂƌĞŚŽůĚĞƌƐ ĐŽŶƚĂŝŶƐĂƐĞƉĂƌĂƚĞĚĞĚŝĐĂƚĞĚƐĞĐƟŽŶ͚/ŶǀĞƐƚŽƌZĞůĂƟŽŶƐ͛͘ ƚŚƌŽƵŐŚŵƵůƟƉůĞĐŚĂŶŶĞůƐŽĨĐŽŵŵƵŶŝĐĂƟŽŶƐƵĐŚĂƐƌĞƐƵůƚƐ announcement, annual report, media releases, Company’s &ƵƌƚŚĞƌ͕ ƚŚĞ ŽŵƉĂŶLJ ĂůƐŽ ŚŽůĚƐ ĂŶ ŶĂůLJƐƚƐ͛ DĞĞƚ ĂŌĞƌ ǁĞďƐŝƚĞĂŶĚƐƵďũĞĐƚƐƉĞĐŝĮĐĐŽŵŵƵŶŝĐĂƟŽŶƐ͘ ƚŚĞ ŚĂůĨͲLJĞĂƌůLJ ĂŶĚ ŶŶƵĂů &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ŚĂǀĞ ďĞĞŶ

104 Annual Report 2017-18 105 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

ĂĚŽƉƚĞĚ ďLJ ƚŚĞ ŽĂƌĚ͕ ǁŚĞƌĞ ŝŶĨŽƌŵĂƟŽŶ ŝƐ ĂŶĂůLJƐĞĚ ĂŶĚ ϯ͘ dŚĞ/ŶƚĞƌŶĂů ƵĚŝƚŽƌ ƌĞƉŽƌƚƐ ƚŽ ƚŚĞ ŚĂŝƌŵĂŶ ŽĨ ƚŚĞ DĂƌŬĞƚWƌŝĐĞĂƚĂ͗,ŝŐŚ͕>ŽǁĂŶĚǀŽůƵŵĞĚƵƌŝŶŐĞĂĐŚŵŽŶƚŚŝŶůĂƐƚĮŶĂŶĐŝĂůLJĞĂƌ ĚŝƐƐĞŵŝŶĂƚĞĚ͘ dŚĞ ǁĞďƐŝƚĞ ĂůƐŽ ĚŝƐƉůĂLJƐ ǀŝƚĂů ŝŶĨŽƌŵĂƟŽŶ ƵĚŝƚŽŵŵŝƩĞĞ͘ Months ^>ŝŵŝƚĞĚ EĂƟŽŶĂů^ƚŽĐŬdžĐŚĂŶŐĞŽĨ/ŶĚŝĂ>ŝŵŝƚĞĚ;ΖE^ΖͿ ƌĞůĂƟŶŐƚŽƚŚĞŽŵƉĂŶLJĂŶĚŝƚƐƉĞƌĨŽƌŵĂŶĐĞ͕ŽĸĐŝĂůƉƌĞƐƐ ƌĞůĞĂƐĞƐĂŶĚƉƌĞƐĞŶƚĂƟŽŶƚŽĂŶĂůLJƐƚƐ͘ ƐƌĞŐĂƌĚƐƚŚĞŽƚŚĞƌŶŽŶͲŵĂŶĚĂƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐ͕ƚŚĞŽĂƌĚ ,ŝŐŚ;`Ϳ >Žǁ Volume ,ŝŐŚ >Žǁ Volume ŚĂƐƚĂŬĞŶĐŽŐŶŝnjĂŶĐĞŽĨƚŚĞƐĂŵĞĂŶĚƐŚĂůůĐŽŶƐŝĚĞƌĂĚŽƉƟŶŐ ;`Ϳ ;EŽ͘ŽĨ^ŚĂƌĞƐͿ ;`Ϳ ;`Ϳ ;EŽ͘ŽĨ^ŚĂƌĞƐͿ dŚĞ /ŶǀĞƐƚŽƌ ZĞůĂƟŽŶ ƉĂŐĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ǁĞďƐŝƚĞ ŽīĞƌƐ the same as and when necessary. &ƌĞƋƵĞŶƚůLJƐŬĞĚYƵĞƐƟŽŶƐŽŶǀĂƌŝŽƵƐƚŽƉŝĐƐƌĞůĂƚĞĚƚŽƚƌĂŶƐĨĞƌƐ ƉƌŝůϮϬϭϳ ϭϯϭ͘ϴϬ ϭϮϯ͘ϴϬ ϭϲ͕ϳϯ͕ϬϬϭ ϭϯϮ͘ϬϬ ϭϮϯ͘ϲϱ ϴϬ͕ϭϵ͕ϳϬϳ ĂŶĚ ƚƌĂŶƐŵŝƐƐŝŽŶ ŽĨ ƐŚĂƌĞƐ͕ ĚĞŵĂƚĞƌŝĂůŝƐĂƟŽŶ͕ ŶŽŵŝŶĂƟŽŶ͕ 'ĞŶĞƌĂů^ŚĂƌĞŚŽůĚĞƌ/ŶĨŽƌŵĂƟŽŶ DĂLJϮϬϭϳ ϭϰϱ͘ϲϬ ϭϮϱ͘ϬϬ ϭϲ͕ϯϭ͕ϲϭϭ ϭϰϱ͘ϱϬ ϭϮϱ͘ϴϬ ϭ͕Ϯϱ͕ϳϮ͕Ϯϳϴ ĐŚĂŶŐĞŽĨĂĚĚƌĞƐƐ͕ůŽƐƐŽĨƐŚĂƌĞĐĞƌƟĮĐĂƚĞƐ͕ĚŝǀŝĚĞŶĚĂŶĚƐƵďͲ ŶŶƵĂů'ĞŶĞƌĂůDĞĞƟŶŐ :ƵŶĞϮϬϭϳ ϭϯϵ͘ϱϬ ϭϮϰ͘ϳϱ ϱϮ͕ϳϴ͕ϲϱϯ ϭϰϬ͘ϬϬ ϭϮϰ͘ϳϬ ϳϭ͕ϴϰ͕ϳϬϮ ĚŝǀŝƐŝŽŶŽĨƐŚĂƌĞĐĞƌƟĮĐĂƚĞƐ͘/ŶĂĚĚŝƟŽŶ͕ǀĂƌŝŽƵƐĚŽǁŶůŽĂĚĂďůĞ Date and Time :ƵůLJϭϵ͕ϮϬϭϴĂƚϯƉ͘ŵ͘ :ƵůLJϮϬϭϳ ϭϯϯ͘ϬϬ ϭϮϭ͘ϯϬ ϮϬ͕ϱϰ͕ϮϲϮ ϭϯϱ͘ϬϬ ϭϮϭ͘Ϯϱ ϰϯ͕ϲϵ͕Ϭϯϱ ĨŽƌŵƐ ƌĞƋƵŝƌĞĚ ƚŽ ďĞ ĞdžĞĐƵƚĞĚ ďLJ ƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ ŚĂǀĞ ĂůƐŽ Venue ŝƌůĂDĂƚƵƐŚƌŝ^ĂďŚĂŐĂƌϭϵ͕ been provided on the website of the Company. ^ŝƌsŝƚŚĂůĚĂƐdŚĂĐŬĞƌƐĞLJDĂƌŐ͕ ƵŐƵƐƚϮϬϭϳ ϭϯϰ͘ϯϬ ϭϬϴ͘ϯϱ ϯϬ͕ϭϯ͕ϯϲϲ ϭϯϭ͘ϯϱ ϭϬϴ͘ϱϬ ϴϲ͕Ϭϯ͕ϵϴϯ DƵŵďĂŝϰϬϬϬϮϬ ^ĞƉƚĞŵďĞƌϮϬϭϳ ϭϮϲ͘ϲϬ ϭϭϬ͘ϱϱ ϰϱ͕Ϯϴ͕ϵϮϵ ϭϮϳ͘ϬϬ ϭϭϬ͘ϱϱ ϭ͕ϰϵ͕Ϭϲ͕ϭϲϲ ZĞŐŝƐƚĞƌĞĚKĸĐĞ Mandlik House, Mandlik Road, dŚĞ YƵĂƌƚĞƌůLJ ZĞƐƵůƚƐ͕ ^ŚĂƌĞŚŽůĚŝŶŐ WĂƩĞƌŶ ĂŶĚ Ăůů ŽƚŚĞƌ KĐƚŽďĞƌϮϬϭϳ ϭϮϮ͘ϴϬ ϭϬϯ͘ϬϬ Ϯϱ͕ϲϭ͕ϭϱϬ ϭϮϯ͘ϬϬ ϭϬϯ͘ϰϬ ϭ͕ϳϱ͕ϱϭ͕ϳϵϴ ĐŽƌƉŽƌĂƚĞ ĐŽŵŵƵŶŝĐĂƟŽŶ ƚŽ ƚŚĞ ^ƚŽĐŬ džĐŚĂŶŐĞƐ ĂƌĞ ĮůĞĚ DƵŵďĂŝϰϬϬϬϬϭ EŽǀĞŵďĞƌϮϬϭϳ ϭϮϱ͘Ϭϱ ϭϬϵ͘ϮϬ ϯϵ͕ϳϬ͕ϭϮϴ ϭϮϰ͘ϵϱ ϭϬϵ͘ϭϬ Ϯ͕ϭϯ͕ϲϮ͕ϳϯϬ ƚŚƌŽƵŐŚ E^ ůĞĐƚƌŽŶŝĐ ƉƉůŝĐĂƟŽŶ WƌŽĐĞƐƐŝŶŐ ^LJƐƚĞŵ Telephone No. ϵϭͲϮϮͲϲϲϯϵϱϱϭϱ ;͚EW^͛ͿĂŶĚ^>ŝƐƟŶŐĞŶƚƌĞ͕ĨŽƌĚŝƐƐĞŵŝŶĂƟŽŶŽŶƚŚĞŝƌ Facsimile No. ϵϭͲϮϮͲϮϮϬϮϳϰϰϮ ĞĐĞŵďĞƌϮϬϭϳ ϭϮϱ͘ϯϬ ϭϭϲ͘ϱϬ ϭϮ͕ϳϲ͕ϱϲϳ ϭϮϱ͘ϬϬ ϭϭϲ͘ϯϱ ϭ͕ϱϴ͕ϲϲ͕ϱϳϴ tĞďƐŝƚĞ ǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵ ƌĞƐƉĞĐƟǀĞǁĞďƐŝƚĞƐ͘ :ĂŶƵĂƌLJϮϬϭϴ ϭϲϬ͘ϲϬ ϭϭϳ͘Ϯϱ ϲϭ͕ϭϭ͕ϮϮϴ ϭϲϬ͘ϵϱ ϭϭϲ͘ϵϱ ϱ͕Ϭϭ͕Ϯϵ͕ϱϮϲ ĞĚŝĐĂƚĞĚͲŵĂŝů ŝŶǀĞƐƚŽƌƌĞůĂƟŽŶƐΛƚĂũŚŽƚĞůƐ͘ĐŽŵ Book Closure :ƵůLJϭϯ͕ϮϬϭϴƚŽ:ƵůLJϭϵ͕ϮϬϭϴ &ĞďƌƵĂƌLJϮϬϭϴ ϭϰϰ͘Ϯϱ ϭϮϰ͘ϬϬ Ϯϱ͕ϲϳ͕ϱϴϬ ϭϰϰ͘ϱϱ ϭϮϱ͘ϭϬ Ϯ͕ϰϳ͕ϳϵ͕ϬϲϬ ĐĞŶƚƌĂůŝnjĞĚǁĞďďĂƐĞĚĐŽŵƉůĂŝŶƚƐƌĞĚƌĞƐƐƐLJƐƚĞŵ͚^ĐŽƌĞƐ͛ (both days inclusive) DĂƌĐŚϮϬϭϴ ϭϯϴ͘ϰϱ ϭϮϰ͘Ϯϱ ϴ͕ϯϱ͕ϭϰ͕ϲϵϴ ϭϯϴ͘ϲϬ ϭϮϱ͘Ϭϱ Ϯ͕ϱϮ͕Ϯϴ͕ϴϲϬ which serves as a centralised database of all complaints Dividend Payment Date KŶŽƌĂŌĞƌ:ƵůLJϮϳ͕ϮϬϭϴ ƌĞĐĞŝǀĞĚ͕ĞŶĂďůĞƐƵƉůŽĂĚŝŶŐŽĨĐƟŽŶdĂŬĞŶZĞƉŽƌƚƐ;dZƐͿďLJ &ŝŶĂŶĐŝĂůƌĞƉŽƌƟŶŐĨŽƌ ƚŚĞĐŽŶĐĞƌŶĞĚĐŽŵƉĂŶŝĞƐĂŶĚŽŶůŝŶĞǀŝĞǁŝŶŐďLJƚŚĞŝŶǀĞƐƚŽƌƐ &zϮϬϭϴͲϭϵ͗ /,>ŽŵƉĂƌĂƟǀĞ,ŝŐŚͲ>ŽǁWƌŝĐĞŽŶ^ΘE^ Performance in Comparison to broad-based indices such as BSE Sensex 200 200 38000 ͼ YƵĂƌƚĞƌĞŶĚŝŶŐ ƵŐƵƐƚϮϬϭϴ 190 ŽĨĂĐƟŽŶƐƚĂŬĞŶŽŶƚŚĞĐŽŵƉůĂŝŶƚĂŶĚŝƚƐĐƵƌƌĞŶƚƐƚĂƚƵƐ͘ 190 36000 180 :ƵŶĞϯϬ͕ϮϬϭϴ 180 34000 170 170 32000 ͼ YƵĂƌƚĞƌĞŶĚŝŶŐ EŽǀĞŵďĞƌϮϬϭϴ 160 'ƌĞĞŶ/ŶŝƟĂƟǀĞ 160 30000 ^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϭϴ 150 150 28000 /ŶƐƵƉƉŽƌƚŽĨƚŚĞ͚'ƌĞĞŶ/ŶŝƟĂƟǀĞ͛ƵŶĚĞƌƚĂŬĞŶďLJƚŚĞDŝŶŝƐƚƌLJ 140 140 26000 130 130 ͼ YƵĂƌƚĞƌĞŶĚŝŶŐ &ĞďƌƵĂƌLJϮϬϭϵ Rupees 24000 ŽĨ ŽƌƉŽƌĂƚĞ īĂŝƌƐ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂĚ ĚƵƌŝŶŐ &z ϮϬϭϳͲϭϴ 120 120 22000 ĞĐĞŵďĞƌϯϭ͕ϮϬϭϴ 110 110 20000 100 ƐĞŶƚǀĂƌŝŽƵƐĐŽŵŵƵŶŝĐĂƟŽŶƐŝŶĐůƵĚŝŶŐŝŶƟŵĂƟŽŶŽĨĚŝǀŝĚĞŶĚ ͼ YƵĂƌƚĞƌĞŶĚŝŶŐ DĂLJϮϬϭϵ 100 18000 90 90 16000 DĂƌĐŚϯϭ͕ϮϬϭϵ 80 ĂŶĚ,ĂůĨzĞĂƌůLJŽŵŵƵŶŝƋƵĠďLJĞŵĂŝůƚŽƚŚŽƐĞƐŚĂƌĞŚŽůĚĞƌƐ 80 14000 70 70 12000 ǁŚŽƐĞĞŵĂŝůĂĚĚƌĞƐƐĞƐǁĞƌĞƌĞŐŝƐƚĞƌĞĚǁŝƚŚƚŚĞŽŵƉĂŶLJͬ >ŝƐƟŶŐ͗ dŚĞ^>ŝŵŝƚĞĚ 60 BSE Sensex 60 10000 50 ƋƵŝƚLJ^ŚĂƌĞƐ EĂƟŽŶĂů^ƚŽĐŬdžĐŚĂŶŐĞŽĨ/ŶĚŝĂ>ƚĚ͘ 50 8000 depositories. 40 40 ^ŚĂƌĞdƌĂŶƐĨĞƌŐĞŶƚ dŚĞŽŵƉĂŶLJŚĂƐďĞĞŶŐƌĂŶƚĞĚ 30 6000

30 Closing Price on BSE IHCL 20 4000 20 ĞƌƟĮĐĂƚĞŽĨWĞƌŵĂŶĞŶƚZĞŐŝƐƚƌĂƟŽŶĂƐ 10 2000 /Ŷ ůŝŶĞ ǁŝƚŚ ƚŚĞ >ŝƐƚŝŶŐ ZĞŐƵůĂƚŝŽŶƐ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ 10 0 ĂƚĞŐŽƌLJ//^ŚĂƌĞdƌĂŶƐĨĞƌŐĞŶƚďLJ^/ 0 emailed soft copies of its Annual Report to all those Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Months Apr-17 Jul-17 Mar-18 ^/ZĞŐŝƐƚƌĂƟŽŶEŽ͘ /EZϬϬϬϬϬϯϳϰϲ May-17 Jun-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 ƐŚĂƌĞŚŽůĚĞƌƐ ǁŚŽ ŚĂǀĞ ƌĞŐŝƐƚĞƌĞĚ ƚŚĞŝƌ ĞŵĂŝů ĂĚĚƌĞƐƐ BSE/NSE High BSE/NSE Low IHCL SHARE PRICE ĨŽƌ ƚŚĞ ƐĂŝĚ ƉƵƌƉŽƐĞ͘ tĞ ǁŽƵůĚ ŐƌĞĂƚůLJ ĂƉƉƌĞĐŝĂƚĞ ĂŶĚ dŚĞŽŵƉĂŶLJŚĂƐƉĂŝĚĂŶŶƵĂůůŝƐƟŶŐĨĞĞƐƚŽĞĂĐŚŽĨƚŚĞĂďŽǀĞ ĞŶĐŽƵƌĂŐĞŵŽƌĞDĞŵďĞƌƐƚŽƌĞŐŝƐƚĞƌƚŚĞŝƌĞŵĂŝůĂĚĚƌĞƐƐ ^ƚŽĐŬdžĐŚĂŶŐĞƐŝŶƌĞƐƉĞĐƚŽĨ&zϮϬϭϳͲϭϴ͘ Share Transfer System ǁŝƚŚƚŚĞŝƌĞƉŽƐŝƚŽƌLJWĂƌƚŝĐŝƉĂŶƚŽƌƚŚĞŽŵƉĂŶLJ͕ƚŽƌĞĐĞŝǀĞ ^ŚĂƌĞdƌĂŶƐĨĞƌŝŶƉŚLJƐŝĐĂůĨŽƌŵĐĂŶďĞůŽĚŐĞĚǁŝƚŚƚŚĞŽŵƉĂŶLJďLJƉƌŽǀŝĚŝŶŐƚŚĞŶĞĐĞƐƐĂƌLJĚŽĐƵŵĞŶƚƐ͘dŚĞƚƌĂŶƐĨĞƌƐĂƌĞ soft copies of the Annual Report, Postal Ballot Notices EŽŶĞŽĨƚŚĞŽŵƉĂŶLJ͛ƐƐĞĐƵƌŝƟĞƐŚĂǀĞďĞĞŶƐƵƐƉĞŶĚĞĚĨƌŽŵ ŶŽƌŵĂůůLJƉƌŽĐĞƐƐĞĚǁŝƚŚŝŶϭϱĚĂLJƐĨƌŽŵƚŚĞĚĂƚĞŽĨƌĞĐĞŝƉƚŽĨĚƵůLJĐŽŵƉůĞƚĞĚĚŽĐƵŵĞŶƚƐ͘ and other information disseminated by the Company, on ƚƌĂĚŝŶŐ͘ Ă ƌĞĂůͲƚŝŵĞ ďĂƐŝƐ ǁŝƚŚŽƵƚ ĂŶLJ ĚĞůĂLJ͘ dŚĞ ŶŶƵĂů ZĞƉŽƌƚƐ Stock Codes dŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶLJ>ŝŵŝƚĞĚͲŝƐƚƌŝďƵƟŽŶŽĨ^ŚĂƌĞŚŽůĚŝŶŐĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ are also available in the Investor Relations section on the ŽŵƉĂŶLJ͛ƐǁĞďƐŝƚĞǀŝnjǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵ. ^dK<y,E' ^dK<K ĂƚĞŐŽƌLJŽĨ^ŚĂƌĞŚŽůĚĞƌƐ No. of Shares held % to Paid up capital dŚĞ^>ŝŵŝƚĞĚ ϱϬϬϴϱϬ ŽŵƉůŝĂŶĐĞǁŝƚŚŶŽŶͲŵĂŶĚĂƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐ EĂƟŽŶĂů^ƚŽĐŬdžĐŚĂŶŐĞŽĨ/ŶĚŝĂ>ŝŵŝƚĞĚ /E,Kd>Y Promoters ϰϲ͕ϰϴ͕ϱϲ͕ϵϳϵ ϯϵ͘Ϭϵ ϭ͘ dŚĞŚĂŝƌŵĂŶŽĨƚŚĞŽĂƌĚŝƐĂEŽŶͲdžĞĐƵƟǀĞŝƌĞĐƚŽƌ ZĞƐŝĚĞŶƚ/ŶĚŝǀŝĚƵĂůƐΘ,h& ϭϰ͕ϵϯ͕Ϭϳ͕ϭϴϯ ϭϮ͘ϱϱ ĂŶĚŚŝƐƉŽƐŝƟŽŶŝƐƐĞƉĂƌĂƚĞĨƌŽŵƚŚĂƚŽĨƚŚĞDΘK͘ WĂƌƟĐƵůĂƌƐŽĨĞďĞŶƚƵƌĞdƌƵƐƚĞĞƐ &ŝŶĂŶĐŝĂů/ŶƐƟƚƵƟŽŶƐͬĂŶŬƐ ϴ͕ϭϳ͕ϯϳ͕ϯϯϯ ϲ͘ϴϳ EdE<&/EE/>^Zs/^>/D/d &ŽƌĞŝŐŶ/ŶƐƟƚƵƟŽŶĂů/ŶǀĞƐƚŽƌƐ ϭϵ͕Ϭϵ͕ϰϭ͕Ϯϳϭ ϭϲ͘Ϭϲ Ϯ͘ ƵĚŝƚ ƋƵĂůŝĮĐĂƟŽŶƐ͗ &Žƌ ƚŚĞ ĮŶĂŶĐŝĂů LJĞĂƌ ϮϬϭϳͲϭϴ͕ Corporate Bodies ϴ͕Ϭϰ͕ϳϮ͕ϭϱϳ ϲ͘ϳϳ ƚŚĞƌĞĂƌĞŶŽĂƵĚŝƚƋƵĂůŝĮĐĂƟŽŶƐĂŶĚƚŚĞƵĚŝƚŽƌƐŚĂǀĞ ZĞŐĚ͘KĸĐĞ͗ĞŶƚƌĂůĂŶŬŽĨ/ŶĚŝĂ DDKƵŝůĚŝŶŐ͕ϯƌĚŇŽŽƌ;ĂƐƚtŝŶŐͿ Insurance Companies ϯ͕ϰϯ͕ϲϬ͕ϮϬϱ Ϯ͘ϴϵ ŐŝǀĞŶĂŶƵŶŵŽĚŝĮĞĚŽƉŝŶŝŽŶƚŽƚŚĞŽŵƉĂŶLJ͛ƐĮŶĂŶĐŝĂů DƵƚƵĂů&ƵŶĚƐͬhd/ ϭϳ͕ϰϵ͕ϲϴ͕ϭϳϯ ϭϰ͘ϳϭ ϱϱDĂŚĂƚŵĂ'ĂŶĚŚŝZŽĂĚ͕&Žƌƚ͕DƵŵďĂŝͲϰϬϬϬϬϭ͘ ƐƚĂƚĞŵĞŶƚƐ͘ dŚĞ ŽŵƉĂŶLJ ĐŽŶƟŶƵĞƐ ƚŽ ĂĚŽƉƚ ďĞƐƚ Others ϲϴ͕ϯϬ͕ϴϰϰ Ϭ͘ϱϳ ƉƌĂĐƟĐĞƐ ƚŽ ĞŶƐƵƌĞ Ă ƌĞŐŝŵĞ ŽĨ ƵŶƋƵĂůŝĮĞĚ ĮŶĂŶĐŝĂů dĞů͗ϬϮϮϮϮϲϭϲϮϭϳ&Ădž͗ϬϮϮϮϮϲϭϲϮϬϴ EŽŶͲZĞƐŝĚĞŶƚ/ŶĚŝĂŶƐ ϱϳ͕ϴϰ͕ϯϬϬ Ϭ͘ϰϵ statements. ŵĂŝů͗ŝŶĨŽΛĐĨƐů͘ŝŶtĞďƐŝƚĞ͗ǁǁǁ͘ĐĨƐů͘ŝŶ Total ϭϭϴ͕ϵϮ͕ϱϴ͕ϰϰϱ ϭϬϬ͘ϬϬ /E͗hϲϳϭϭϬD,ϭϵϮϵ'ϬϭϬϬϭϰϴϰ 106 Annual Report 2017-18 107 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

^ŚĂƌĞŚŽůĚŝŶŐƉĂƩĞƌŶŽĨƚŚĞŽŵƉĂŶLJĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ ĞƋƵŝƚLJƐŚĂƌĞƐŝŶƐƵƐƉĞŶƐĞĂĐĐŽƵŶƚĂƌĞĂƐĨŽůůŽǁƐ ĞĐůĂƌĂƟŽŶďLJƚŚĞDΘKƵŶĚĞƌƚŚĞ>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐ Promoters 39.09 Sl. WĂƌƟĐƵůĂƌƐ No. of No. of No. ƐŚĂƌĞͲ equity Resident 12.55 Individuals & ... holders shares held ƌĞŐĂƌĚŝŶŐĂĚŚĞƌĞŶĐĞƚŽƚŚĞŽĚĞŽĨŽŶĚƵĐƚ

Financial 6.87 ϭ ŐŐƌĞŐĂƚĞ ŶƵŵďĞƌ ŽĨ ƐŚĂƌĞŚŽůĚĞƌƐ ĂŶĚ ƚŚĞ ϰϳ ϰ͕ϳϯϰ Institutions / ... ŽƵƚƐƚĂŶĚŝŶŐ ƐŚĂƌĞƐ ůLJŝŶŐ ŝŶ ƚŚĞ hŶĐůĂŝŵĞĚ ƐƉƌŽǀŝĚĞĚƵŶĚĞƌƚŚĞ>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐ͕/ŚĞƌĞďLJĐŽŶĮƌŵƚŚĂƚ͕ĂůůƚŚĞŝƌĞĐƚŽƌƐĂŶĚƚŚĞ^ĞŶŝŽƌDĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞůŽĨ Foreign 16.06 ^ƵƐƉĞŶƐĞĐĐŽƵŶƚĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞLJĞĂƌ Institutions / ... ƚŚĞŽŵƉĂŶLJŚĂǀĞĂĸƌŵĞĚĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞŝƌƌĞƐƉĞĐƟǀĞŽĚĞƐŽĨŽŶĚƵĐƚ͕ĂƐĂƉƉůŝĐĂďůĞƚŽƚŚĞŵ͕ĨŽƌƚŚĞĮŶĂŶĐŝĂůLJĞĂƌ Ϯ Number of shareholders who approached the ͲͲ Corporate 6.77 Bodies ŽŵƉĂŶLJ ;ǁŝƚŚ ĐŽŵƉůĞƚĞ ĚŽĐƵŵĞŶƚĂƟŽŶͿ ĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͘ Insurance 2.89 for transfer of shares from the Unclaimed Companies ^ƵƐƉĞŶƐĞĐĐŽƵŶƚĚƵƌŝŶŐƚŚĞLJĞĂƌ &ŽƌdŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶLJ>ŝŵŝƚĞĚ Mutual Funds / 14.71 UTI ϯ Number of shareholders to whom shares were ͲͲ ƚƌĂŶƐĨĞƌƌĞĚ ĨƌŽŵ ƚŚĞ hŶĐůĂŝŵĞĚ ^ƵƐƉĞŶƐĞ Others 0.57 Puneet Chhatwal ĐĐŽƵŶƚĚƵƌŝŶŐƚŚĞLJĞĂƌ Non-Resident Indians 0.49 ϰ EƵŵďĞƌ ŽĨ ƐŚĂƌĞƐ ƚƌĂŶƐĨĞƌƌĞĚ ƚŽ /W& ϮϬ ϭ͕ϱϮϮ DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘŚŝĞĨdžĞĐƵƟǀĞKĸĐĞƌ

0 5 10 15 20 25 30 35 40 ƵƚŚŽƌŝƚLJ ĨƌŽŵ ƚŚĞ hŶĐůĂŝŵĞĚ ^ƵƐƉĞŶƐĞ % of Holding ĐĐŽƵŶƚĚƵƌŝŶŐƚŚĞLJĞĂƌ ϱ ŐŐƌĞŐĂƚĞ ŶƵŵďĞƌ ŽĨ ƐŚĂƌĞŚŽůĚĞƌƐ ĂŶĚ ƚŚĞ Ϯϳ ϯ͕ϮϭϮ EŽƚĞ͚͗KƚŚĞƌƐ͛ŝŶĐůƵĚĞdƌƵƐƚƐ͕ůĞĂƌŝŶŐDĞŵďĞƌƐ͕ŝƌĞĐƚŽƌƐΘƚŚĞŝƌ ŽƵƚƐƚĂŶĚŝŶŐ ƐŚĂƌĞƐ ůLJŝŶŐ ŝŶ ƚŚĞ hŶĐůĂŝŵĞĚ Annexure ZĞůĂƟǀĞƐ͕ĞŶƚƌĂůͬ^ƚĂƚĞ'ŽǀĞƌŶŵĞŶƚƐ͕&ŽƌĞŝŐŶĂŶŬƐ͕ůƚĞƌŶĂƚĞ ^ƵƐƉĞŶƐĞĐĐŽƵŶƚĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ To /ŶǀĞƐƚŵĞŶƚ&ƵŶĚ͕/ŶǀĞƐƚŽƌĚƵĐĂƟŽŶΘWƌŽƚĞĐƟŽŶ&ƵŶĚ͘ dŚĞǀŽƟŶŐƌŝŐŚƚƐŽŶƚŚĞƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐŝŶƚŚĞƐƵƐƉĞŶƐĞ ĂĐĐŽƵŶƚ ĂƐ ŽŶ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ ƐŚĂůů ƌĞŵĂŝŶ ĨƌŽnjĞŶ Ɵůů ƚŚĞ dŚĞDĞŵďĞƌƐ ŝƐƚƌŝďƵƟŽŶŽĨ^ŚĂƌĞŚŽůĚŝŶŐĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ ƌŝŐŚƞƵůŽǁŶĞƌŽĨƐƵĐŚƐŚĂƌĞƐĐůĂŝŵƐƚŚĞƐŚĂƌĞƐ͘ dŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶLJ>ŝŵŝƚĞĚ No. of Shares held Total No. of Total No. of Total % to DĞŵďĞƌƐ Shares Paid up ŽŵŵŽĚŝƚLJ ƉƌŝĐĞ ƌŝƐŬ Žƌ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ƌŝƐŬ ĂŶĚ tĞ ŚĂǀĞ ĞdžĂŵŝŶĞĚ ƚŚĞ ĐŽŵƉůŝĂŶĐĞ ŽĨ ĐŽŶĚŝƟŽŶƐ ŽĨ ĐŽƌƉŽƌĂƚĞ ŐŽǀĞƌŶĂŶĐĞ ďLJ dŚĞ /ŶĚŝĂŶ ,ŽƚĞůƐ ŽŵƉĂŶLJ >ŝŵŝƚĞĚ ;ƚŚĞ Capital ŚĞĚŐŝŶŐĂĐƟǀŝƟĞƐ͗ ͚ŽŵƉĂŶLJ͛ͿĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͕ĂƐƉƌĞƐĐƌŝďĞĚŝŶZĞŐƵůĂƟŽŶƐϭϳƚŽϮϳ͕ĐůĂƵƐĞƐ;ďͿƚŽ;ŝͿŽĨƐƵďͲƌĞŐƵůĂƟŽŶ;ϮͿŽĨ hƉƚŽϭϬϬ ϱϵ͕ϲϱϵ Ϯϰ͕ϯϭ͕ϵϮϯ Ϭ͘ϮϬ dŚĞĚĞƚĂŝůƐĂƌĞƉƌŽǀŝĚĞĚŝŶƚŚĞDĂŶĂŐĞŵĞŶƚŝƐĐƵƐƐŝŽŶĂŶĚ ZĞŐƵůĂƟŽŶϰϲĂŶĚƉĂƌĂƐ͕ĂŶĚŽĨ^ĐŚĞĚƵůĞsƚŽ^ĞĐƵƌŝƟĞƐĂŶĚdžĐŚĂŶŐĞŽĂƌĚŽĨ/ŶĚŝĂ;>ŝƐƟŶŐKďůŝŐĂƟŽŶƐĂŶĚŝƐĐůŽƐƵƌĞ Analysis Report. ZĞƋƵŝƌĞŵĞŶƚƐͿZĞŐƵůĂƟŽŶƐ͕ϮϬϭϱ;͚>KZ͛Ϳ͘ ϭϬϭƚŽϭϬϬϬ ϱϯ͕ϰϱϵ Ϯ͕ϬϮ͕ϴϯ͕ϳϭϵ ϭ͘ϳϭ ĞŵĂƚĞƌŝĂůŝƐĂƟŽŶŽĨ^ŚĂƌĞƐΘ>ŝƋƵŝĚŝƚLJ ϭϬϬϭƚŽϮϱϬϬ ϭϮ͕ϭϭϲ ϭ͕ϵϱ͕ϲϮ͕ϴϳϰ ϭ͘ϲϰ tĞ ƐƚĂƚĞ ƚŚĂƚ ƚŚĞ ĐŽŵƉůŝĂŶĐĞ ŽĨ ĐŽŶĚŝƟŽŶƐ ŽĨ ŽƌƉŽƌĂƚĞ 'ŽǀĞƌŶĂŶĐĞ ŝƐ ƚŚĞ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ŽĨ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ͕ ĂŶĚ ŽƵƌ dŚĞŽŵƉĂŶLJ͛ƐĞƋƵŝƚLJƐŚĂƌĞƐĂƌĞƚƌĂĚĞĂďůĞĐŽŵƉƵůƐŽƌŝůLJ ĞdžĂŵŝŶĂƟŽŶǁĂƐůŝŵŝƚĞĚƚŽƉƌŽĐĞĚƵƌĞƐĂŶĚŝŵƉůĞŵĞŶƚĂƟŽŶƚŚĞƌĞŽĨĂĚŽƉƚĞĚďLJƚŚĞŽŵƉĂŶLJĨŽƌĞŶƐƵƌŝŶŐƚŚĞĐŽŵƉůŝĂŶĐĞŽĨ ϮϱϬϭƚŽϱϬϬϬ ϱ͕ϲϵϵ Ϯ͕Ϭϯ͕ϲϰ͕ϰϱϰ ϭ͘ϳϭ in electronic form. The Company has established ƚŚĞĐŽŶĚŝƟŽŶƐŽĨŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ͘/ƚŝƐŶĞŝƚŚĞƌĂŶĂƵĚŝƚŶŽƌĂŶĞdžƉƌĞƐƐŝŽŶŽĨŽƉŝŶŝŽŶŽŶƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞ ϱϬϬϭƚŽϭϬϬϬϬ ϯ͕ϯϱϰ Ϯ͕ϯϳ͕ϵϱ͕ϮϬϰ Ϯ͘ϬϬ ĐŽŶŶĞĐƚŝǀŝƚLJ ǁŝƚŚ ďŽƚŚ ĚĞƉŽƐŝƚŽƌŝĞƐ ŝ͘Ğ͘ E^> ĂŶĚ ^>͘ Company. ϭϬϬϬϭƚŽϮϬϬϬϬ ϭ͕ϲϳϱ Ϯ͕ϯϮ͕ϭϲ͕ϱϲϭ ϭ͘ϵϱ dŚĞ/ŶƚĞƌŶĂƚŝŽŶĂů^ĞĐƵƌŝƚŝĞƐ/ĚĞŶƚŝĨŝĐĂƚŝŽŶEƵŵďĞƌ;͚/^/E͛Ϳ allotted to the shares under the depository system is ϮϬϬϬϭƚŽϯϬϬϬϬ ϰϰϯ ϭ͕Ϭϳ͕ϭϭ͕ϴϯϴ Ϭ͘ϵϬ /ŶŽƵƌŽƉŝŶŝŽŶ͕ĂŶĚƚŽƚŚĞďĞƐƚŽĨŽƵƌŝŶĨŽƌŵĂƟŽŶĂŶĚĂĐĐŽƌĚŝŶŐƚŽƚŚĞĞdžƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽƵƐ͕ǁĞĐĞƌƟĨLJƚŚĂƚƚŚĞŽŵƉĂŶLJ /EϬϱϯϬϭϬϮϵ͘ ϯϬϬϬϭƚŽϰϬϬϬϬ ϭϳϬ ϱϴ͕ϱϲ͕Ϯϳϵ Ϭ͘ϰϵ ŚĂƐĐŽŵƉůŝĞĚǁŝƚŚƚŚĞĐŽŶĚŝƟŽŶƐŽĨŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞĂƐƐƟƉƵůĂƚĞĚŝŶƚŚĞĂĨŽƌĞƐĂŝĚƉƌŽǀŝƐŝŽŶƐŽĨ>KZ͘ ϰϬϬϬϭƚŽϱϬϬϬϬ ϵϳ ϰϰ͕Ϭϳ͕ϭϰϯ Ϭ͘ϯϳ dŚĞ ŽŵƉĂŶLJ ŚĂƐ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϵϴ͘ϴϰй ŽĨ ŝƚƐ ĞƋƵŝƚLJ ƐŚĂƌĞ ĐĂƉŝƚĂů ŝŶ ĚĞŵĂƚĞƌŝĂůŝƐĞĚ ĨŽƌŵ ĂƐ ŽŶ tĞĨƵƌƚŚĞƌƐƚĂƚĞƚŚĂƚƐƵĐŚĐŽŵƉůŝĂŶĐĞŝƐŶĞŝƚŚĞƌĂŶĂƐƐƵƌĂŶĐĞĂƐƚŽƚŚĞĨƵƚƵƌĞǀŝĂďŝůŝƚLJŽĨƚŚĞŽŵƉĂŶLJŶŽƌƚŚĞĞĸĐŝĞŶĐLJŽƌ ϱϬϬϬϭƚŽϭϬϬϬϬϬ ϭϱϭ ϭ͕ϬϮ͕ϲϭ͕ϯϬϭ Ϭ͘ϴϲ DĂƌĐŚϯϭ͕ϮϬϭϴ͘dŚĞDĞŵďĞƌƐǁŚŽƐĞƐŚĂƌĞƐĂƌĞŝŶƉŚLJƐŝĐĂů ĞīĞĐƟǀĞŶĞƐƐǁŝƚŚǁŚŝĐŚƚŚĞŵĂŶĂŐĞŵĞŶƚŚĂƐĐŽŶĚƵĐƚĞĚƚŚĞĂīĂŝƌƐŽĨƚŚĞŽŵƉĂŶLJ͘ ϭϬϬϬϬϭΘĂďŽǀĞ Ϯϳϴ ϭϬϰ͕ϴϯ͕ϲϳ͕ϭϰϵ ϴϴ͘ϭϱ ĨŽƌŵĂƌĞƌĞƋƵĞƐƚĞĚƚŽĚĞŵĂƚĞƌŝĂůŝƐĞƚŚĞŝƌƐŚĂƌĞƐĂŶĚƵƉĚĂƚĞ Total ϭ͕ϯϳ͕ϭϬϭ ϭϭϴ͕ϵϮ͕ϱϴ͕ϰϰϱ ϭϬϬ͘ϬϬ ƚŚĞŝƌďĂŶŬĂĐĐŽƵŶƚĂŶĚĞŵĂŝůĂĚĚƌĞƐƐĞƐǁŝƚŚƚŚĞĞƉŽƐŝƚŽƌLJ͘ &ŽƌEWΘƐƐŽĐŝĂƚĞƐ ŽŵƉĂŶLJ^ĞĐƌĞƚĂƌŝĞƐ KƵƚƐƚĂŶĚŝŶŐ 'ZƐͬtĂƌƌĂŶƚƐ͕ ĐŽŶǀĞƌƐŝŽŶ ĚĂƚĞ ĂŶĚ ZĞĐŽŶĐŝůŝĂƟŽŶŽĨ^ŚĂƌĞĂƉŝƚĂůƵĚŝƚ likely impact on equity /ŶŬĞĞƉŝŶŐǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞ^/ĂŶĚƚŚĞ^ƚŽĐŬ dŚĞƌĞ ĂƌĞ ŶŽ ŽƵƚƐƚĂŶĚŝŶŐ 'ZƐͬtĂƌƌĂŶƚƐ  ŽĨ ƚŚĞ ŽŵƉĂŶLJ Prakash K. Pandya džĐŚĂŶŐĞƐ͕ Ă ZĞĐŽŶĐŝůŝĂƟŽŶ ŽĨ ^ŚĂƌĞ ĂƉŝƚĂů ƵĚŝƚ ďLJ Ă ĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ͘ Partner WƌĂĐƟĐŝŶŐ ŽŵƉĂŶLJ ^ĞĐƌĞƚĂƌLJ ŝƐ ĐĂƌƌŝĞĚ ŽƵƚ Ăƚ ƚŚĞ ĞŶĚ &^EŽ͗͘ϯϵϬϭͬWEŽ͗͘Ϯϯϭϭ ŽĨ ĞǀĞƌLJ ƋƵĂƌƚĞƌ ƚŽ ƌĞĐŽŶĐŝůĞ ƚŚĞ ƚŽƚĂů ĂĚŵŝƩĞĚ ĐĂƉŝƚĂů Report on Corporate Governance ǁŝƚŚ EĂƟŽŶĂů ^ĞĐƵƌŝƟĞƐ ĞƉŽƐŝƚŽƌLJ >ŝŵŝƚĞĚ ;͚E^>͛Ϳ ĂŶĚ dŚĞ ŽŵƉĂŶLJ ƌĞŐƵůĂƌůLJ ƐƵďŵŝƚƐ ƚŽ ƚŚĞ ^ƚŽĐŬ džĐŚĂŶŐĞƐ͕ ĞŶƚƌĂůĞƉŽƐŝƚŽƌLJ^ĞƌǀŝĐĞƐ;/ŶĚŝĂͿ >ŝŵŝƚĞĚ;͚^>͛ͿĂŶĚ ƚŚĞ ǁŝƚŚŝŶ ƚŚĞ ƉƌĞƐĐƌŝďĞĚ ƉĞƌŝŽĚ͕ ƋƵĂƌƚĞƌůLJ ƌĞƉŽƌƚƐ ŽŶ ŽƌƉŽƌĂƚĞ DƵŵďĂŝ͕DĂLJϮϱ͕ϮϬϭϴ ƚŽƚĂůŝƐƐƵĞĚĂŶĚůŝƐƚĞĚĐĂƉŝƚĂů͘dŚĞƐĂŝĚĂƵĚŝƚĐŽŶĮƌŵƐƚŚĂƚƚŚĞ 'ŽǀĞƌŶĂŶĐĞĞůĞĐƚƌŽŶŝĐĂůůLJƚŚƌŽƵŐŚƚŚĞŽŶůŝŶĞƉŽƌƚĂůŽĨƚŚĞ^ ƚŽƚĂůŝƐƐƵĞĚͬƉĂŝĚƵƉĐĂƉŝƚĂůƚĂůůŝĞƐǁŝƚŚƚŚĞƚŽƚĂůŶƵŵďĞƌŽĨ ΘEW^͘ĐĞƌƟĮĐĂƚĞĨƌŽŵĂWƌĂĐƟƐŝŶŐŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJŽŶ shares in physical form and the total number of dematerialised ŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŝƐĂƩĂĐŚĞĚĂƐĂŶĂŶŶĞdžƵƌĞƚŽƚŚŝƐZĞƉŽƌƚ͘ ƐŚĂƌĞƐŚĞůĚǁŝƚŚE^>ĂŶĚ^>͘ /ŶǀĞƐƚŽƌŽƌƌĞƐƉŽŶĚĞŶĐĞ &ŽƌĂŶLJƋƵĞƌŝĞƐ͕ŝŶǀĞƐƚŽƌƐĂƌĞƌĞƋƵĞƐƚĞĚƚŽŐĞƚŝŶƚŽƵĐŚǁŝƚŚƚŚĞ ƋƵŝƚLJƐŚĂƌĞƐŝŶƚŚĞƐƵƐƉĞŶƐĞĂĐĐŽƵŶƚ ŽŵƉĂŶLJ͛Ɛ^ŚĂƌĞĞƉĂƌƚŵĞŶƚĂƚDĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕ /ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚŽĨZĞŐƵůĂƟŽŶϯϰ;ϯͿĂŶĚ DƵŵďĂŝϰϬϬϬϬϭ͘ĚĞĚŝĐĂƚĞĚĞͲŵĂŝůĂĚĚƌĞƐƐŝŶǀĞƐƚŽƌƌĞůĂƟŽŶƐΛ WĂƌƚ&ŽĨ^ĐŚĞĚƵůĞsƚŽƚŚĞ^/>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐ͕ĚĞƚĂŝůƐŽĨ ƚĂũŚŽƚĞůƐ͘ĐŽŵ has been set up for investor complaints.

108 Annual Report 2017-18 109 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

ŽŵƉĂŶLJͲǁŝƐĞ>ŝƐƚŽĨ,ŽƚĞůƐͬhŶŝƚƐ ŽŵƉĂŶLJͲǁŝƐĞ>ŝƐƚŽĨ,ŽƚĞůƐͬhŶŝƚƐ

Company/ Hotel/ Unit Rooms Company/ Hotel/ Unit Rooms Company/ Hotel/ Unit Rooms Company/ Hotel/ Unit Rooms Company/ Hotel/ Unit Rooms Company/ Hotel/ Unit Rooms dŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶLJ>ŝŵŝƚĞĚ ^ƵďƐŝĚŝĂƌLJŽŵƉĂŶŝĞƐ Joint Venture Companies DĂŶĂŐĞĚWƌŽƉĞƌƟĞƐ WŝĞŵ,ŽƚĞůƐ>ŝŵŝƚĞĚ d>>ĂŶŬĂ,ŽƚĞůƐW> dŚĞdĂũDĂŚĂůWĂůĂĐĞ͕DƵŵďĂŝ ϱϰϯ ZŽŽƚƐŽƌƉŽƌĂƟŽŶ>ŝŵŝƚĞĚ dĂũ's<,ŽƚĞůƐΘZĞƐŽƌƚƐ>ŝŵŝƚĞĚ /ŵƉĞƌŝĂůůƵďďLJdĂũ͕DƵŵďĂŝ ϵ dĂũD'ZŽĂĚ͕ĞŶŐĂůƵƌƵ ϭϲϳ dĂũ^ĂŵƵĚƌĂ͕ŽůŽŵďŽ ϯϬϬ dĂũ>ĂŶĚƐŶĚ͕DƵŵďĂŝ ϰϵϯ 'ŝŶŐĞƌ,ŽƚĞůͲŐĂƌƚĂůĂ ϵϴ dĂũ<ƌŝƐŚŶĂ͕,LJĚĞƌĂďĂĚ ϮϲϬ ^D^,ŽƚĞů͕:ĂŝƉƵƌ ϮϬ dĂũ^ǁĂƌŶĂ͕ŵƌŝƚƐĂƌ ϭϱϳ dĂũtĞůůŝŶŐƚŽŶDĞǁƐ͕DƵŵďĂŝ ϳϴ 'ŝŶŐĞƌ,ŽƚĞůͲŚŵĞĚĂďĂĚ ϵϯ dĂũĂŶũĂƌĂ͕,LJĚĞƌĂďĂĚ ϭϮϮ dŚĞ'ĂƚĞǁĂLJ,ŽƚĞůͲŵďĂĚ͕EĂƐŚŝŬ ϭϰϴ >ĂŶŬĂ/ƐůĂŶĚZĞƐŽƌƚƐ>ŝŵŝƚĞĚ dĂũDĂŚĂů,ŽƚĞů͕EĞǁĞůŚŝ ϮϵϮ 'ŝŶŐĞƌ,ŽƚĞůͲĞŶŐĂůƵƌƵ;tŚŝƚĞĮĞůĚͿ ϭϬϭ dĂũĞĐĐĂŶ͕,LJĚĞƌĂďĂĚ ϭϱϭ dĂũƵďĂŝ Ϯϵϲ dŚĞ'ĂƚĞǁĂLJ,ŽƚĞůͲ&ĂƚĞŚĂďĂĚZŽĂĚ͕ŐƌĂ ϭϬϬ sŝǀĂŶƚĂĞŶƚŽƚĂ͕^ƌŝ>ĂŶŬĂ ϭϲϬ dĂũWĂůĂĐĞ͕EĞǁĞůŚŝ ϰϬϯ 'ŝŶŐĞƌ,ŽƚĞůͲĞŶŐĂůƵƌƵ;/ŶŶĞƌZŝŶŐZŽĂĚͿ ϴϳ dĂũůƵď,ŽƵƐĞ͕ŚĞŶŶĂŝ ϮϮϬ dĂũWĂŵŽĚnjŝͲ>ƵƐĂŬĂ ϭϵϮ sŝǀĂŶƚĂWƌĞƐŝĚĞŶƚ͕DƵŵďĂŝ Ϯϴϳ dĂũĞŶŐĂů͕<ŽůŬĂƚĂ ϮϮϵ 'ŝŶŐĞƌ,ŽƚĞůʹŚƵďĂŶĞƐŚǁĂƌ ϭϲϭ dĂũŚĂŶĚŝŐĂƌŚ͕ŚĂŶĚŝŐĂƌŚ ϭϰϵ dĂũdĂƐŚŝͲŚƵƚĂŶ 66 sŝǀĂŶƚĂůƵĞŝĂŵŽŶĚ͕WƵŶĞ ϭϭϬ dĂũtĞƐƚŶĚ͕ĞŶŐĂůƵƌƵ ϭϭϳ 'ŝŶŐĞƌ,ŽƚĞůͲŚĞŶŶĂŝ;sĂĚĂƉĂůĂŶŝͿ ϳϵ sŝǀĂŶƚĂĞŐƵŵƉĞƚ͕,LJĚĞƌĂďĂĚ ϭϴϭ dĂũŽƐƚŽŶ Ϯϳϯ sŝǀĂŶƚĂ'ŽŵƟEĂŐĂƌ͕>ƵĐŬŶŽǁ ϭϭϬ dĂũ>ĂŬĞWĂůĂĐĞ͕hĚĂŝƉƵƌ ϴϯ 'ŝŶŐĞƌ,ŽƚĞůͲŚĞŶŶĂŝ;//dDͿ ϴϱ dŚĞ'ĂƚĞǁĂLJ,ŽƚĞůͲŝƌƉŽƌƚ'ĂƌĚĞŶ͕ŽůŽŵďŽ ϮϬϴ dĂũ&ĂůĂŬŶƵŵĂWĂůĂĐĞ͕,LJĚĞƌĂďĂĚ ϲϬ 'ŝŶŐĞƌ,ŽƚĞůʹ&ĂƌŝĚĂďĂĚ ϵϭ dĂũ<ĞƌĂůĂ,ŽƚĞůƐΘZĞƐŽƌƚƐ>ŝŵŝƚĞĚ sŝǀĂŶƚĂZĞďĂŬ/ƐůĂŶĚͲ>ĂŶŐŬĂǁŝ ϵϰ hŶŝƚĞĚ,ŽƚĞůƐ>ŝŵŝƚĞĚ dĂũdžŽƟĐĂZĞƐŽƌƚΘ^ƉĂ͕'ŽĂ ϭϰϬ 'ŝŶŐĞƌ,ŽƚĞůʹ'ŽĂ ϭϯϱ dĂũ<ƵŵĂƌĂŬŽŵZĞƐŽƌƚΘ^ƉĂ͕<ĞƌĂůĂ Ϯϴ sŝǀĂŶƚĂŵďĂƐƐĂĚŽƌ͕EĞǁĞůŚŝ ϴϴ dĂũ&ŽƌƚŐƵĂĚĂZĞƐŽƌƚΘ^ƉĂ͕'ŽĂ ϭϰϯ 'ŝŶŐĞƌ,ŽƚĞůʹ'ƵǁĂŚĂƟ ϳϬ dŚĞ'ĂƚĞǁĂLJ,ŽƚĞůͲDĂƌŝŶĞƌŝǀĞ͕ƌŶĂŬƵůĂŵ ϭϬϴ dĂũ,ŽůŝĚĂLJsŝůůĂŐĞZĞƐŽƌƚΘ^ƉĂ͕'ŽĂ ϭϰϮ 'ŝŶŐĞƌ,ŽƚĞůʹ/ŶĚŽƌĞ ϵϱ dŚĞ'ĂƚĞǁĂLJ,ŽƚĞůͲ:ĂŶĂƌĚŚĂŶĂƉƵƌĂŵ͕sĂƌŬĂůĂ ϯϬ dĂũ^d^ŝƌĂƚĞƌŝŶŐ>ŝŵŝƚĞĚ dĂũzĞƐŚǁĂŶƚƉƵƌ͕ĞŶŐĂůƵƌƵ ϯϮϳ 'ŝŶŐĞƌ,ŽƚĞůʹ:ĂŝƉƵƌ ϭϬϯ Amritsar Ͳ dĂũ:ĂŝDĂŚĂůWĂůĂĐĞ͕:ĂŝƉƵƌ ϭϬϬ 'ŝŶŐĞƌ,ŽƚĞůʹ:ĂŵƐŚĞĚƉƵƌ ϵϰ <ĂǀĞƌŝZĞƚƌĞĂƚƐĂŶĚZĞƐŽƌƚƐ>ŝŵŝƚĞĚ ĂŶŐĂůŽƌĞ Ͳ dĂũhƐŚĂ<ŝƌĂŶWĂůĂĐĞ͕'ǁĂůŝŽƌ ϰϬ 'ŝŶŐĞƌ,ŽƚĞůʹDĂŶŐĂůŽƌĞ ϳϵ dĂũDĂĚŝŬĞƌŝZĞƐŽƌƚΘ^ƉĂ͕ŽŽƌŐ ϲϯ ĞůŚŝ Ͳ dĂũdžŽƟĐĂZĞƐŽƌƚĂŶĚ^ƉĂ͕ŶĚĂŵĂŶƐ ϱϬ 'ŝŶŐĞƌ,ŽƚĞůͲDƵŵďĂŝ;ŶĚŚĞƌŝĂƐƚͿ ϭϭϲ Goa Ͳ dŚĞ'ĂƚĞǁĂLJ,ŽƚĞůͲZĞƐŝĚĞŶĐLJZŽĂĚĞŶŐĂůƵƌƵ ϵϴ 'ŝŶŐĞƌ,ŽƚĞůʹDLJƐŽƌĞ ϵϴ dĂũ<ĂƌŶĂƚĂŬĂ,ŽƚĞůƐΘZĞƐŽƌƚƐ Kolkata Ͳ dŚĞ'ĂƚĞǁĂLJ,ŽƚĞůͲĞĂĐŚZŽĂĚĂůŝĐƵƚ ϳϰ 'ŝŶŐĞƌ,ŽƚĞůʹEĂƐŚŝŬ ϵϮ dŚĞ'ĂƚĞǁĂLJ,ŽƚĞůͲŝŵŝƚĞĚ hŶŝƚĞĚKǀĞƌƐĞĂƐ,ŽůĚŝŶŐ/ŶĐ sŝǀĂŶƚĂǁĂƌŬĂ͕EĞǁĞůŚŝ ϮϱϬ 'ŝŶŐĞƌ,ŽƚĞůʹEŽŝĚĂ ϴϯ DĂŚƵĂ<ŽƚŚŝ͕dĂũ^ĂĨĂƌŝ͕ĂŶĚŚĂǀŐĂƌŚEĂƟŽŶĂůWĂƌŬ ϭϮ dŚĞWŝĞƌƌĞ͕dĂũ,ŽƚĞů͕EĞǁzŽƌŬ ϭϴϵ sŝǀĂŶƚĂ,ĂƌŝDĂŚĂů͕:ŽĚŚƉƵƌ ϵϯ 'ŝŶŐĞƌ,ŽƚĞůʹWĂŶƚŶĂŐĂƌ ϵϴ ĂŶũĂĂƌdŽůĂ͕dĂũ^ĂĨĂƌŝ͕<ĂŶŚĂEĂƟŽŶĂůWĂƌŬ ϭϴ dĂũĂŵƉƚŽŶWůĂĐĞ͕^ĂŶ&ƌĂŶĐŝƐĐŽ ϭϭϬ sŝǀĂŶƚĂtŚŝƚĞĮĞůĚ͕ĞŶŐĂůƵƌƵ ϭϵϵ 'ŝŶŐĞƌ,ŽƚĞůʹWŽŶĚŝĐŚĞƌƌLJ ϵϰ WĂƐŚĂŶ'ĂƌŚ͕dĂũ^ĂĨĂƌŝ͕WĂŶŶĂEĂƟŽŶĂůWĂƌŬ ϭϮ sŝǀĂŶƚĂ'ƵǁĂŚĂƟ͕ƐƐĂŵ ϭϱϬ 'ŝŶŐĞƌ,ŽƚĞůͲWƵŶĞ;tĂŬĂĚͿ ϭϮϴ ĂŐŚǀĂŶ͕dĂũ^ĂĨĂƌŝ͕WĞŶĐŚEĂƟŽŶĂůWĂƌŬ ϭϮ ^ƚ:ĂŵĞƐŽƵƌƚ,ŽƚĞůƐ>ŝŵŝƚĞĚ ^ĂǀŽLJ,ŽƚĞů͕KŽƚLJ ϰϬ 'ŝŶŐĞƌ,ŽƚĞůͲWƵŶĞ;WŝŵƉƌŝͿ ϵϳ dĂũϱϭƵĐŬŝŶŐŚĂŵ'ĂƚĞ^ƵŝƚĞƐĂŶĚ ϴϱ 'ŝŶŐĞƌ,ŽƚĞůʹ^ƵƌĂƚ ϵϴ DĂŶĂŐĞĚWƌŽƉĞƌƟĞƐͲ^ĂĨĂƌŝƐ Residences, London DĂŶĂŐĞĚWƌŽƉĞƌƟĞƐ 'ŝŶŐĞƌ,ŽƚĞůʹdŚĂŶĞ ϰϱ DĞŐŚĂƵůŝ^ĞƌĂŝ͕dĂũ^ĂĨĂƌŝ͕ŚŝƚǁĂŶEĂƟŽŶĂůWĂƌŬ Ϯϵ ^ƚ͘:ĂŵĞƐ͛ŽƵƌƚ͕dĂũ,ŽƚĞů͕>ŽŶĚŽŶ ϯϯϴ dĂũ^ĂŶƚĂĐƌƵnj͕DƵŵďĂŝ Ϯϳϵ 'ŝŶŐĞƌ,ŽƚĞůʹdƌŝǀĂŶĚƌƵŵ ϭϬϭ dĂũĂŶŐĂůŽƌĞ͕ĞŶŐĂůƵƌƵ ϭϱϰ 'ŝŶŐĞƌ,ŽƚĞůʹsĂĚŽĚĂƌĂ ϵϵ dĂũDĂĚƌĂƐ&ůŝŐŚƚ<ŝƚĐŚĞŶWƌŝǀĂƚĞ>ŝŵŝƚĞĚ dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ>ŝŵŝƚĞĚ dĂũĞŬĂůZĞƐŽƌƚΘ^ƉĂ͕<ĞƌĂůĂ 66 'ŝŶŐĞƌ,ŽƚĞůʹEŽŝĚĂdžƚĞŶƐŝŽŶ ϵϲ Chennai Ͳ Bombay Brasserie Ͳ dĂũŝƚLJĞŶƚƌĞ͕'ƵƌƵŐƌĂŵ ϮϬϴ 'ŝŶŐĞƌ,ŽƚĞůʹsĂƉŝ ϵϬ Quilon Ͳ dĂũ'ƌĞĞŶŽǀĞZĞƐŽƌƚΘ^ƉĂ͕<ŽǀĂůĂŵ ϱϵ 'ŝŶŐĞƌ,ŽƚĞůʹDƵŵďĂŝdĞůŝ'Ăůůŝ ϭϰϮ /,D^;^ͿWƚLJ>ŝŵŝƚĞĚ dŚĞ'ĂƚĞǁĂLJ,ŽƚĞůͲŬŽƚĂ'ĂƌĚĞŶƐ͕sĂĚŽĚĂƌĂ ϴϲ 'ŝŶŐĞƌ,ŽƚĞůʹ'ŽŵƟEĂŐĂƌ͕>ƵĐŬŶŽǁ ϳϮ dĂũĂƉĞdŽǁŶ͕^ŽƵƚŚĨƌŝĐĂ ϭϱϵ dŚĞ'ĂƚĞǁĂLJ,ŽƚĞůͲƚŚǁĂůŝŶĞƐ͕^ƵƌĂƚ ϮϬϲ 'ŝŶŐĞƌ,ŽƚĞůʹƵƌĂŶŐĂďĂĚ ϲϯ dŚĞ'ĂƚĞǁĂLJZĞƐŽƌƚͲĂŵĚĂŵĂ>ĂŬĞ͕'ƵƌŐĂŽŶ ϳϴ DĂŶĂŐĞĚWƌŽƉĞƌƟĞƐͲ'ŝŶŐĞƌ d>DĂůĚŝǀĞƐZĞƐŽƌƚƐWƌŝǀĂƚĞ>ŝŵŝƚĞĚ dŚĞ'ĂƚĞǁĂLJ,ŽƚĞůͲDLJƉĂƐƐ͕<ŽůŬĂƚĂ ϳϵ 'ŝŶŐĞƌ,ŽƚĞůͲ'ƵƌƵŐƌĂŵ;DĂŶĞƐĂƌͿ ϵϮ dĂũdžŽƟĐĂZĞƐŽƌƚΘ^ƉĂ͕DĂůĚŝǀĞƐ ϲϰ dŚĞ'ĂƚĞǁĂLJ,ŽƚĞůͲ'ŝƌ&ŽƌĞƐƚ͕:ƵŶĂŐĂĚŚ Ϯϴ 'ŝŶŐĞƌ,ŽƚĞůͲ<ĂƚƌĂ͕:ĂŵŵƵ ϴϬ sŝǀĂŶƚĂŽƌĂůZĞĞĨ͕DĂůĚŝǀĞƐ ϲϮ dŚĞ'ĂƚĞǁĂLJ,ŽƚĞůͲ,ŝŶũĂǁĂĚŝ͕WƵŶĞ ϭϱϬ 'ŝŶŐĞƌ,ŽƚĞůͲdŝƌƵƉƵƌ ϵϭ dŚĞ'ĂƚĞǁĂLJ,ŽƚĞůͲ/ddžƉƌĞƐƐǁĂLJ͕ŚĞŶŶĂŝ ϮϬϬ 'ŝŶŐĞƌ,ŽƚĞůͲsŝnjĂŐ ϲϴ Associate Companies dŚĞ'ĂƚĞǁĂLJ,ŽƚĞůͲD'ZŽĂĚ͕sŝũĂLJĂǁĂĚĂ ϭϬϴ 'ŝŶŐĞƌ,ŽƚĞůͲŚŵĞĚĂďĂĚ;^ŝůǀĞƌ>ĞĂĨͿ ϯϲ KƌŝĞŶƚĂů,ŽƚĞůƐ>ŝŵŝƚĞĚ dŚĞ'ĂƚĞǁĂLJ,ŽƚĞůͲZĂŵŐĂƌŚ>ŽĚŐĞ͕:ĂŝƉƵƌ ϭϰ 'ŝŶŐĞƌ,ŽƚĞůͲŚŵĞĚĂďĂĚ;tŚŝƚĞ>ĞĂĨͿ ϰϰ dĂũŽƌŽŵĂŶĚĞů͕ŚĞŶŶĂŝ ϮϭϮ dŚĞ'ĂƚĞǁĂLJZĞƐŽƌƚͲWƵƐŚŬĂƌLJƉĂƐƐ͕ũŵĞƌ ϴϭ 'ŝŶŐĞƌ,ŽƚĞůͲ'ƵƌƵŐƌĂŵ ϳϳ dĂũDĂůĂďĂƌZĞƐŽƌƚΘ^ƉĂ͕<ŽĐŚŝ ϵϱ dŚĞ'ĂƚĞǁĂLJZĞƐŽƌƚͲŽƌďĞƩEĂƟŽŶĂůWĂƌŬ ϲϭ 'ŝŶŐĞƌ,ŽƚĞůͲsĂĚŽĚĂƌĂ;ZZͿ ϳϮ dŚĞ'ĂƚĞǁĂLJ,ŽƚĞůͲĞĂĐŚZŽĂĚ͕sŝƐĂŬŚĂƉĂƚŶĂŵ ϵϱ sŝǀĂŶƚĂĂůsŝĞǁ͕^ƌŝŶĂŐĂƌ ϴϰ 'ŝŶŐĞƌ,ŽƚĞůͲ'ŽĂ͕ŽŶĂWĂƵůĂ Ϯϰ dŚĞ'ĂƚĞǁĂLJ,ŽƚĞůͲŚƵƌĐŚZŽĂĚ͕ŽŽŶŽŽƌ ϯϮ sŝǀĂŶƚĂWĂŶĂũŝ͕'ŽĂ ϭϳϮ dŚĞ'ĂƚĞǁĂLJ,ŽƚĞůͲKůĚWŽƌƚZŽĂĚ͕DĂŶŐĂůŽƌĞ ϵϲ sŝǀĂŶƚĂ^ĂǁĂŝDĂĚŚŽƉƵƌ>ŽĚŐĞ ϯϲ ĞŶĂƌĞƐ,ŽƚĞůƐ>ŝŵŝƚĞĚ dŚĞ'ĂƚĞǁĂLJ,ŽƚĞůͲWĂƐƵŵĂůĂŝ͕DĂĚƵƌĂŝ ϲϯ sŝǀĂŶƚĂ^ƵƌĂũŬƵŶĚ͕EZ Ϯϴϲ dĂũEĂĚĞƐĂƌWĂůĂĐĞ͕sĂƌĂŶĂƐŝ ϭϬ sŝǀĂŶƚĂ&ŝƐŚĞƌŵĂŶ͛ƐŽǀĞ͕ŚĞŶŶĂŝ ϭϱϬ Umaid Bhawan Palace, Jodhpur ϲϰ dŚĞ'ĂƚĞǁĂLJ,ŽƚĞůͲ'ĂŶŐĞƐ͕sĂƌĂŶĂƐŝ ϭϯϬ sŝǀĂŶƚĂ^ƵƌLJĂ͕ŽŝŵďĂƚŽƌĞ ϭϳϴ ZĂŵďĂŐŚWĂůĂĐĞ͕:ĂŝƉƵƌ ϳϴ dŚĞ'ĂƚĞǁĂLJ,ŽƚĞůͲĂůĂŐŚĂƚZŽĂĚ͕'ŽŶĚŝĂ ϯϰ sŝǀĂŶƚĂdƌŝǀĂŶĚƌƵŵ͕<ĞƌĂůĂ ϭϯϳ

110 Annual Report 2017-18 111 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

^ĞĐƟŽŶ͗Z/ŶĨŽƌŵĂƟŽŶ Ϯ͘ WƌŝŶĐŝƉůĞͲǁŝƐĞ;ĂƐƉĞƌEs'ƐͿZWŽůŝĐLJͬƉŽůŝĐŝĞƐ;ZĞƉůLJ ƵƐŝŶĞƐƐZĞƐƉŽŶƐŝďŝůŝƚLJZĞƉŽƌƚ ϭ͘ ĞƚĂŝůƐŽĨŝƌĞĐƚŽƌͬŝƌĞĐƚŽƌƐƌĞƐƉŽŶƐŝďůĞĨŽƌZ͗ ŝŶzͬEͿ͗ ;WƵƌƐƵĂŶƚƚŽZĞŐƵůĂƟŽŶϯϰŽĨƚŚĞ^/;>ŝƐƟŶŐKďůŝŐĂƟŽŶƐĂŶĚŝƐĐůŽƐƵƌĞZĞƋƵŝƌĞŵĞŶƚƐͿZĞŐƵůĂƟŽŶƐ͕ϮϬϭϱ ĂͿ ĞƚĂŝůƐ ŽĨ ƚŚĞ ŝƌĞĐƚŽƌͬŝƌĞĐƚŽƌƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ  dŚĞ EĂƟŽŶĂů sŽůƵŶƚĂƌLJ 'ƵŝĚĞůŝŶĞƐ ŽŶ ^ŽĐŝĂů͕ ŝŵƉůĞŵĞŶƚĂƟŽŶŽĨƚŚĞZƉŽůŝĐLJͬƉŽůŝĐŝĞƐ͗ ŶǀŝƌŽŶŵĞŶƚĂůĂŶĚĐŽŶŽŵŝĐZĞƐƉŽŶƐŝďŝůŝƟĞƐŽĨƵƐŝŶĞƐƐ ^ĞĐƟŽŶ͗'ĞŶĞƌĂů/ŶĨŽƌŵĂƟŽŶĂďŽƵƚƚŚĞŽŵƉĂŶLJ ^ĞĐƟŽŶ͗&ŝŶĂŶĐŝĂůĞƚĂŝůƐŽĨƚŚĞŽŵƉĂŶLJ  dŚĞ^Z ĂŶĚ ^ƵƐƚĂŝŶĂďŝůŝƚLJ ŽŵŵŝƩĞĞ ŽĨ ƚŚĞ ŽĂƌĚ ŽĨ ;͚Es'͛ƐͿ ƌĞůĞĂƐĞĚ ďLJ ƚŚĞ DŝŶŝƐƚƌLJ ŽĨ ŽƌƉŽƌĂƚĞ īĂŝƌƐ are based on nine principles in the realm of Business ϭ͘ ŽƌƉŽƌĂƚĞ /ĚĞŶƟƚLJ EƵŵďĞƌ ;͚/E͛Ϳ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͗ `/crores ŝƌĞĐƚŽƌƐŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌŝŵƉůĞŵĞŶƚĂƟŽŶŽĨZƉŽůŝĐŝĞƐ͘ ZĞƐƉŽŶƐŝďŝůŝƚLJ͘dŚĞƐĞĂƌĞĂƐƵŶĚĞƌ͗ L74999MH1902PLC000183 dŚĞDĞŵďĞƌƐŽĨƚŚĞ^ZŽŵŵŝƩĞĞĂƌĞĂƐĨŽůůŽǁƐ͗ ^ƌ͘ WĂƌƟĐƵůĂƌƐ &zϮϬϭϳͲϭϴ P1 Businesses should conduct and govern themselves with EŽ /E EĂŵĞ ĞƐŝŐŶĂƟŽŶ Ϯ͘ EĂŵĞŽĨ ƚŚĞ ŽŵƉĂŶLJ͗ The Indian Hotels Company EƵŵďĞƌ Ethics, Transparency and Accountability Limited (‘IHCL’) P2 Businesses should provide goods and services that are 1. Paid up capital 118.93 07624616 Mr. Puneet DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK safe and contribute to sustainability throughout their life Chhatwal and Chairman of CSR ϯ͘ ZĞŐŝƐƚĞƌĞĚ ĂĚĚƌĞƐƐ͗ Mandlik House, Mandlik Road, 2. Total turnover (net of excise) 2639.34 ŽŵŵŝƩĞĞ cycle. Mumbai- 400001 P3 Businesses should promote the well-being of all 3. dŽƚĂůƉƌŽĮƚĂŌĞƌƚĂdžĞƐ͕ƐŚĂƌĞŽĨůŽƐƐŽĨ 00066195 Mr. Nadir B. Godrej /ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌ 147.77 employees associate and minority interest ϰ͘ tĞďƐŝƚĞ͗www.tajhotels.com 05195656 DƐ͘/ƌĞĞŶĂsŝƩĂů /ŶĚĞƉĞŶĚĞŶƚŝƌĞĐƚŽƌ P4 Businesses should respect the interests of, and be 4. Total spending on Corporate Social 5.27 responsive towards all stakeholders, especially those ϱ͘ ͲŵĂŝůĂĚĚƌĞƐƐ͗ŝŶǀĞƐƚŽƌƌĞůĂƟŽŶƐΛƚĂũŚŽƚĞůƐ͘ĐŽŵ ZĞƐƉŽŶƐŝďŝůŝƚLJ;^ZͿĂƐƉĞƌĐĞŶƚĂŐĞŽĨƉƌŽĮƚ ďͿ ĞƚĂŝůƐŽĨƚŚĞZŚĞĂĚ͗ who are disadvantaged, vulnerable and marginalized. ĂŌĞƌƚĂdž;йͿ P5 Businesses should respect and promote human rights. ϲ͘ &ŝŶĂŶĐŝĂůzĞĂƌƌĞƉŽƌƚĞĚ͗ April 1, 2017 to March 31, 2018 ^ƌ͘ WĂƌƟĐƵůĂƌƐ ĞƚĂŝůƐ EŽ P6 ƵƐŝŶĞƐƐĞƐƐŚŽƵůĚƌĞƐƉĞĐƚ͕ƉƌŽƚĞĐƚ͕ĂŶĚŵĂŬĞĞīŽƌƚƐƚŽ ϳ͘ ^ĞĐƚŽƌ;ƐͿ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶLJ ŝƐ ĞŶŐĂŐĞĚ ŝŶ ;ŝŶĚƵƐƚƌŝĂů ϱ͘ >ŝƐƚ ŽĨ ĂĐƟǀŝƟĞƐ ŝŶ ǁŚŝĐŚ ĞdžƉĞŶĚŝƚƵƌĞ ŝŶ ϰ ĂďŽǀĞ ŚĂƐ 1. Name ƌ͘WsZĂŵĂŶĂDƵƌƚŚLJ restore the environment. ĂĐƟǀŝƚLJĐŽĚĞͲǁŝƐĞͿ͗ ďĞĞŶŝŶĐƵƌƌĞĚ͗ P7 ƵƐŝŶĞƐƐĞƐ͕ ǁŚĞŶ ĞŶŐĂŐĞĚ ŝŶ ŝŶŇƵĞŶĐŝŶŐ ƉƵďůŝĐ ĂŶĚ 2. ĞƐŝŐŶĂƟŽŶ džĞĐƵƟǀĞsŝĐĞWƌĞƐŝĚĞŶƚʹ'ůŽďĂů regulatory policy, should do so in a responsible manner.  ĂͿ ŵƉůŽLJŵĞŶƚĞŶŚĂŶĐŝŶŐǀŽĐĂƟŽŶĂůƐŬŝůůƐƚƌĂŝŶŝŶŐ Head Human Resources P8 Businesses should support inclusive growth and 'ƌŽƵƉ ĞƐĐƌŝƉƟŽŶ b) Livelihood enhancement projects  ĐͿ WƌŽŵŽƟŽŶĂŶĚĚĞǀĞůŽƉŵĞŶƚŽĨƚƌĂĚŝƟŽŶĂůĂƌƚƐĂŶĚ 3. Telephone 022-61371637 equitable development. 551 ^ŚŽƌƚdĞƌŵĐĐŽŵŵŽĚĂƟŽŶĂĐƟǀŝƟĞƐ ŚĂŶĚŝĐƌĂŌƐ Number P9 Businesses should engage with and provide value to 561 ZĞƐƚĂƵƌĂŶƚƐĂŶĚŵŽďŝůĞĨŽŽĚƐĞƌǀŝĐĞĂĐƟǀŝƟĞƐ  ĚͿ WƌĞƐĞƌǀĂƟŽŶĂŶĚƉƌŽŵŽƟŽŶŽĨŚĞƌŝƚĂŐĞƐŝƚĞƐ 4. Email Ws͘DƵƌƚŚLJΛƚĂũŚŽƚĞůƐ͘ĐŽŵ their customers and consumers in a responsible manner.  ĞͿ ŽŶĂƟŽŶƐƚŽŽƚŚĞƌŝŶƐƟƚƵƟŽŶƐŝŶĐůƵĚŝŶŐĨŽƌǁĞůĨĂƌĞ ϴ͘ >ŝƐƚ ƚŚƌĞĞ ŬĞLJ ƉƌŽĚƵĐƚƐͬƐĞƌǀŝĐĞƐ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶLJ ŝŶŝƟĂƟǀĞƐ WƌŝŶĐŝƉůĞͲǁŝƐĞ;ĂƐƉĞƌEs'ƐͿZWŽůŝĐLJͬƉŽůŝĐŝĞƐ;ZĞƉůLJŝŶzͬEͿ͗ ŵĂŶƵĨĂĐƚƵƌĞƐͬƉƌŽǀŝĚĞƐ;ĂƐŝŶďĂůĂŶĐĞƐŚĞĞƚͿ͗ ^ƌ͘ YƵĞƐƟŽŶƐ P1 P2 P3 P4 P5 P6 P7 P8 P9 a) Rooms ^ĞĐƟŽŶ͗KƚŚĞƌĞƚĂŝůƐ EŽ b) Food and beverage services ϭ͘ ŽĞƐ ƚŚĞ ŽŵƉĂŶLJ ŚĂǀĞ ĂŶLJ ^ƵďƐŝĚŝĂƌLJ ĐŽŵƉĂŶLJͬ 1. ŽLJŽƵŚĂǀĞĂƉŽůŝĐLJͬƉŽůŝĐŝĞƐĨŽƌ͙͘͘ z z z z z z N zz ĐŽŵƉĂŶŝĞƐ͍ 2. ,ĂƐƚŚĞƉŽůŝĐLJďĞĞŶĨŽƌŵƵůĂƚĞĚŝŶĐŽŶƐƵůƚĂƟŽŶǁŝƚŚƚŚĞ zzzzzzN zz ϵ͘ dŽƚĂů ŶƵŵďĞƌ ŽĨ ůŽĐĂƟŽŶƐ ǁŚĞƌĞ ďƵƐŝŶĞƐƐ ĂĐƟǀŝƚLJ ŝƐ relevant stakeholders? ƵŶĚĞƌƚĂŬĞŶďLJƚŚĞŽŵƉĂŶLJ͗  zĞƐ͘dŚĞŽŵƉĂŶLJŚĂƐϮϭ^ƵďƐŝĚŝĂƌŝĞƐ͕ϴ:ŽŝŶƚsĞŶƚƵƌĞƐ 3. ŽĞƐƚŚĞƉŽůŝĐLJĐŽŶĨŽƌŵƚŽĂŶLJŶĂƟŽŶĂůͬŝŶƚĞƌŶĂƟŽŶĂů z zz z zzN z z  EƵŵďĞƌŽĨ/ŶƚĞƌŶĂƟŽŶĂů>ŽĐĂƟŽŶƐ͗ϭϯ and 6 Associates as at March 31, 2018. standards? Industry hE'Θ UNGC hE'Θ benchmarks Industry ITP  EƵŵďĞƌŽĨEĂƟŽŶĂů>ŽĐĂƟŽŶƐ͗ϱϭ Benchmarks Ϯ͘ ŽƚŚĞ ^ƵďƐŝĚŝĂƌLJ ĐŽŵƉĂŶLJͬĐŽŵƉĂŶŝĞƐ ƉĂƌƟĐŝƉĂƚĞ ŝŶ 4. Has the policy been approved by the Board? zzzzzzN zz ϭϬ͘ DĂƌŬĞƚƐƐĞƌǀĞĚďLJƚŚĞŽŵƉĂŶLJͲ>ŽĐĂůͬ^ƚĂƚĞͬEĂƟŽŶĂů ƚŚĞZ/ŶŝƟĂƟǀĞƐŽĨƚŚĞWĂƌĞŶƚŽŵƉĂŶLJ͍/ĨLJĞƐ͕ƚŚĞŶ /Ĩ LJĞƐ͕ ŚĂƐ ŝƚ ďĞĞŶ ƐŝŐŶĞĚ ďLJ D ͬ KǁŶĞƌ ͬ K ͬ ͬ/ŶƚĞƌŶĂƟŽŶĂů͗ ŝŶĚŝĐĂƚĞƚŚĞŶƵŵďĞƌŽĨƐƵĐŚ^ƵďƐŝĚŝĂƌLJĐŽŵƉĂŶLJ;ƐͿ͘ ĂƉƉƌŽƉƌŝĂƚĞŽĂƌĚŝƌĞĐƚŽƌ͍  /ŶƚĞƌŶĂƟŽŶĂů͗ 5. ŽĞƐ ƚŚĞ ŽŵƉĂŶLJ ŚĂǀĞ Ă ƐƉĞĐŝĮĞĚ ĐŽŵŵŝƩĞĞ ŽĨ ƚŚĞ zzzzzzN zz  hŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂ͗EĞǁzŽƌŬ͕^ĂŶ&ƌĂŶĐŝƐĐŽĂŶĚ  zĞƐ͘^ŽŵĞŽĨƚŚĞŵĂũŽƌƐƵďƐŝĚŝĂƌŝĞƐƐƵĐŚĂƐW/D,ŽƚĞůƐ ŽĂƌĚͬŝƌĞĐƚŽƌͬKĸĐŝĂůƚŽŽǀĞƌƐĞĞƚŚĞŝŵƉůĞŵĞŶƚĂƟŽŶŽĨ Boston Limited, Benaras Hotels Limited and some managed the policy?  hŶŝƚĞĚ<ŝŶŐĚŽŵ͗>ŽŶĚŽŶ ƉƌŽƉĞƌƟĞƐ ůŝŬĞ KƌŝĞŶƚĂů ,ŽƚĞůƐ >ŝŵŝƚĞĚ͕ dĂũ 's< ,ŽƚĞůƐ 6. Indicate the link for the policy to be viewed online? dŚĞƉŽůŝĐŝĞƐĂƌĞĂǀĂŝůĂďůĞŽŶůŝŶĞŽŶ͗  hŶŝƚĞĚƌĂďŵŝƌĂƚĞƐ͗ƵďĂŝ ĂŶĚZĞƐŽƌƚƐ>ŝŵŝƚĞĚƉĂƌƟĐŝƉĂƚĞĚ͘ ŚƩƉƐ͗ͬͬǁǁǁ͘ƚĂũŚŽƚĞůƐ͘ĐŽŵͬĞŶͲŝŶͬĂďŽƵƚͲƚĂũͲŐƌŽƵƉͬŝŶǀĞƐƚŽƌƐͬƉŽůŝĐŝĞƐͬ  ^ŽƵƚŚĨƌŝĐĂ͗ĂƉĞdŽǁŶ 7. Has the policy been formally communicated to all relevant zzzzzzN zz  ĂŵďŝĂ͗>ƵƐĂŬĂ ϯ͘ ŽĂŶLJŽƚŚĞƌĞŶƟƚLJͬĞŶƟƟĞƐ;Ğ͘Ő͘ƐƵƉƉůŝĞƌƐ͕ĚŝƐƚƌŝďƵƚŽƌƐ͕ internal and external stakeholders?  ^ƌŝ>ĂŶŬĂ͗ŽůŽŵďŽĂŶĚĞŶƚŽƚĂ ĞƚĐ͘ͿƚŚĂƚƚŚĞŽŵƉĂŶLJĚŽĞƐďƵƐŝŶĞƐƐǁŝƚŚ͖ƉĂƌƟĐŝƉĂƚĞ 8. ŽĞƐƚŚĞŽŵƉĂŶLJŚĂǀĞŝŶŚŽƵƐĞƐƚƌƵĐƚƵƌĞƚŽŝŵƉůĞŵĞŶƚ zzzzzzN zz  ŚƵƚĂŶ͗dŚŝŵƉƵ ŝŶ ƚŚĞ Z ŝŶŝƟĂƟǀĞƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͍ /Ĩ LJĞƐ͕ ƚŚĞŶ the policy/policies?  EĞƉĂů͗ŚŝƚǁĂŶ ŝŶĚŝĐĂƚĞ ƚŚĞ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ƐƵĐŚ ĞŶƟƚLJͬĞŶƟƟĞƐ͍ ΀>ĞƐƐ 9. ŽĞƐƚŚĞŽŵƉĂŶLJŚĂǀĞĂŐƌŝĞǀĂŶĐĞƌĞĚƌĞƐƐĂů zzzzzzN zz Maldives ƚŚĂŶϯϬй͕ϯϬͲϲϬй͕DŽƌĞƚŚĂŶϲϬй΁ mechanism related to the policy/policies to address  DĂůĂLJƐŝĂ͗>ĂŶŐŬĂǁŝ stakeholders’ grievances related to the policy/policies? 10. Has the Company carried out independent audit / zzzzzzN zz  /ŶĚŝĂ͗ DƵŵďĂŝ͕ ĞůŚŝ͕ ,LJĚĞƌĂďĂĚ͕ ŚĞŶŶĂŝ͕ <ŽůŬĂƚĂ͕ No. ĞǀĂůƵĂƟŽŶŽĨƚŚĞǁŽƌŬŝŶŐŽĨƚŚŝƐƉŽůŝĐLJďLJĂŶŝŶƚĞƌŶĂůŽƌ Bangalore, Goa, Rajasthan, Bengal external agency?

112 Annual Report 2017-18 113 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

ϮĂ͘ /ĨĂŶƐǁĞƌ ƚŽ ^ƌ͘ EŽ͘ ϭ ĂŐĂŝŶƐƚ ĂŶLJ ƉƌŝŶĐŝƉůĞ͕ ŝƐ ͚EŽ͕͛ ^ĞĐƟŽŶ͗WƌŝŶĐŝƉůĞͲǁŝƐĞWĞƌĨŽƌŵĂŶĐĞ  dŚĞŚŽƚĞůƐƉĂƌƟĐŝƉĂƟŶŐŝŶƚŚĞĂƌƚŚŚĞĐŬƉƌŽŐƌĂŵŝŶ&z system. In the new system, orders from hotels are ƉůĞĂƐĞĞdžƉůĂŝŶǁŚLJ͗ WƌŝŶĐŝƉůĞϭ 2017-18 together recycled and reused a total of 3,276,923 consolidated, leading to full truck load shipments from ^ƌ͘EŽ WĂƌƟĐƵůĂƌƐ P7 ƵƐŝŶĞƐƐĞƐ ƐŚŽƵůĚ ĐŽŶĚƵĐƚ ĂŶĚ ŐŽǀĞƌŶ ƚŚĞŵƐĞůǀĞƐ <>ŽĨǁĂƚĞƌƚŚƌŽƵŐŚƌĂŝŶǁĂƚĞƌŚĂƌǀĞƐƟŶŐĂŶĚƌĞĐLJĐůŝŶŐŽĨ vendors to warehouse and from warehouse to hotels. 1. The Company has not ǁŝƚŚƚŚŝĐƐ͕dƌĂŶƐƉĂƌĞŶĐLJĂŶĚĐĐŽƵŶƚĂďŝůŝƚLJ grey water through onsite waste water treatment plants. dŚŝƐŚĂƐƌĞĚƵĐĞĚƚƌĂŶƐƉŽƌƚĂƟŽŶĚƵĞƚŽĐŽŶƐŽůŝĚĂƟŽŶŽĨ understood the Principles ϭ͘ ŽĞƐƚŚĞƉŽůŝĐLJƌĞůĂƟŶŐƚŽĞƚŚŝĐƐ͕ďƌŝďĞƌLJĂŶĚĐŽƌƌƵƉƟŽŶ The amount of recycled and reused water is equivalent to shipments. ĐŽǀĞƌŽŶůLJƚŚĞŽŵƉĂŶLJ͍ ϭϯϭϭKůLJŵƉŝĐƐŝnjĞĚ^ǁŝŵŵŝŶŐWŽŽůƐ͘ 2. The Company is not at a  EŽ͕ƚŚĞƉŽůŝĐLJƌĞůĂƟŶŐƚŽĞƚŚŝĐƐ͕ďƌŝďĞƌLJĂŶĚĐŽƌƌƵƉƟŽŶŝƐ  dŚŝƐ ŝŶŝƟĂƟǀĞ ŚĂƐ ŚĞůƉĞĚ ƚŚĞ ŽŵƉĂŶLJ ŝŵƉƌŽǀĞ ŝƚƐ ƐƚĂŐĞ ǁŚĞƌĞ ŝƚ ĮŶĚƐ ŝƚƐĞůĨ ŝŶ extended to all stakeholders.  ĂͿ ZĞĚƵĐƟŽŶ ĚƵƌŝŶŐ ƐŽƵƌĐŝŶŐͬƉƌŽĚƵĐƟŽŶͬ ƐƵƉƉůLJ ĐŚĂŝŶ ĞĸĐŝĞŶĐLJ ĂŶĚ ůŽǁĞƌ ŝƚƐ ĐĂƌďŽŶ ĨŽŽƚƉƌŝŶƚ͕ Ă ƉŽƐŝƟŽŶ ƚŽ ĨŽƌŵƵůĂƚĞ ĂŶĚ ĚŝƐƚƌŝďƵƟŽŶ ĂĐŚŝĞǀĞĚ ƐŝŶĐĞ ƚŚĞ ƉƌĞǀŝŽƵƐ LJĞĂƌ ƌĞĚƵĐĞ ƐƚŽĐŬ ŝŶǀĞŶƚŽƌŝĞƐ ĂŶĚ ŽƉƟŵŝnjĞ ůŽŐŝƐƟĐƐ ďLJ implement the policies on Ϯ͘ ŽĞƐŝƚĞdžƚĞŶĚƚŽƚŚĞ'ƌŽƵƉͬ:ŽŝŶƚsĞŶƚƵƌĞƐͬ^ƵƉƉůŝĞƌƐͬ ƚŚƌŽƵŐŚŽƵƚƚŚĞǀĂůƵĞĐŚĂŝŶ͍ serving the hotel needs through regional hubs. The ƐƉĞĐŝĮĞĚWƌŝŶĐŝƉůĞƐ ŽŶƚƌĂĐƚŽƌƐͬE'KƐͬKƚŚĞƌƐ͍ The steps implemented to improve resource Central Warehousing programme covers 40 vendors and 3. The Company does not  zĞƐ͘ ĞĸĐŝĞŶĐLJ ĂŶĚ ƐƚƌĞŶŐƚŚĞŶ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ŝŶ ƚŚĞ 600 stock keeping units with the business turnover of ŚĂǀĞ ĮŶĂŶĐŝĂů Žƌ ŵĂŶƉŽǁĞƌ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ŽƉĞƌĂƟŽŶ ŽĨ ŽƵƌ ŚŽƚĞůƐ ŝŶĐůƵĚĞ ` 60 crores. resources available for the ϯ͘ ,ŽǁŵĂŶLJƐƚĂŬĞŚŽůĚĞƌĐŽŵƉůĂŝŶƚƐŚĂǀĞďĞĞŶƌĞĐĞŝǀĞĚ ƐŽƵƌĐŝŶŐ>ůŝŐŚƚƐĨŽƌŝŶĐƌĞĂƐĞĚĞŶĞƌŐLJĞĸĐŝĞŶĐLJ͕ task ŝŶ ƚŚĞ ƉĂƐƚ ĮŶĂŶĐŝĂů LJĞĂƌ ĂŶĚ ǁŚĂƚ ƉĞƌĐĞŶƚĂŐĞ ǁĂƐ ŝŶƐƚĂůůŝŶŐůŽǁͲŇŽǁĮdžƚƵƌĞƐŝŶƚŽŝůĞƚƐĂŶĚŽƚŚĞƌĂƌĞĂƐ ϰ͘ ,ĂƐƚŚĞ ĐŽŵƉĂŶLJ ƚĂŬĞŶ ĂŶLJ ƐƚĞƉƐ ƚŽ ƉƌŽĐƵƌĞ ŐŽŽĚƐ 4. It is planned to be done within ƐĂƟƐĨĂĐƚŽƌŝůLJ ƌĞƐŽůǀĞĚ ďLJ ƚŚĞ DĂŶĂŐĞŵĞŶƚ͍ /Ĩ ƐŽ͕ ŽĨ ŚŝŐŚ ǁĂƚĞƌ ĐŽŶƐƵŵƉƟŽŶ ĂŶĚ ƚŚĞ ƵƐĞ ŽĨ ƐŽůĂƌ ĂŶĚ ƐĞƌǀŝĐĞƐ ĨƌŽŵ ůŽĐĂů Θ ƐŵĂůů ƉƌŽĚƵĐĞƌƐ͕ ŝŶĐůƵĚŝŶŐ next six months ƉƌŽǀŝĚĞĚĞƚĂŝůƐƚŚĞƌĞŽĨ͕ŝŶĂďŽƵƚϱϬǁŽƌĚƐŽƌƐŽʹ hot water systems. Further, we encourage the use ĐŽŵŵƵŶŝƟĞƐ ƐƵƌƌŽƵŶĚŝŶŐ ƚŚĞŝƌ ƉůĂĐĞ ŽĨ ǁŽƌŬ͍ /Ĩ LJĞƐ͕ 5. It is planned to be done within 33 of building materials that are recycled and locally ǁŚĂƚƐƚĞƉƐŚĂǀĞďĞĞŶƚĂŬĞŶƚŽŝŵƉƌŽǀĞƚŚĞŝƌĐĂƉĂĐŝƚLJ next one year extracted or manufactured wherever possible. ĂŶĚĐĂƉĂďŝůŝƚLJŽĨůŽĐĂůĂŶĚƐŵĂůůǀĞŶĚŽƌƐ͍ 6. Any other reason (please The Company will WƌŝŶĐŝƉůĞϮ ƵƌŝŶŐ ƚŚĞ ĐŽŶƐƚƌƵĐƟŽŶ ƉƌŽĐĞƐƐ͕ ǁĞ ĞŶƐƵƌĞ ƚŚĂƚ The Company encourages its hotels to locally source specify) plan to incorporate ƵƐŝŶĞƐƐĞƐƐŚŽƵůĚƉƌŽǀŝĚĞŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐƚŚĂƚĂƌĞ ǁĂƐƚĞĂŶĚĚĞďƌŝƐŝƐĚŝǀĞƌƚĞĚĨƌŽŵƚŚĞůĂŶĚĮůůƐĂŶĚ products from small scale farmers, marginalized formal policy in ƐĂĨĞĂŶĚĐŽŶƚƌŝďƵƚĞƚŽƐƵƐƚĂŝŶĂďŝůŝƚLJƚŚƌŽƵŐŚŽƵƚƚŚĞŝƌ ƐĞŶƚƚŽĐĞƌƟĮĞĚƌĞĐLJĐůŝŶŐĂŐĞŶĐŝĞƐ͘ vendors and women self-help groups. Some of the coming years ůŝĨĞĐLJĐůĞ ƉƌŽĚƵĐƚƐ ƐŽƵƌĐĞĚ ďLJ ŽƵƌ ŚŽƚĞůƐ ŝŶĐůƵĚĞ ĨƌĞƐŚ ĮƐŚ͕ ϭ͘ >ŝƐƚƵƉƚŽϯŽĨLJŽƵƌƉƌŽĚƵĐƚƐŽƌƐĞƌǀŝĐĞƐǁŚŽƐĞĚĞƐŝŐŶ  ďͿ ZĞĚƵĐƟŽŶ ĚƵƌŝŶŐ ƵƐĂŐĞ ďLJ ĐŽŶƐƵŵĞƌƐ ;ĞŶĞƌŐLJ͕ ǀĞŐĞƚĂďůĞƐ͕ůĂƵŶĚƌLJďĂŐƐ͕ŚŽŶĞLJ͕ĐĂŶĚůĞƐ͕ŐŝŌŝƚĞŵƐĨŽƌ ϯ͘ 'ŽǀĞƌŶĂŶĐĞƌĞůĂƚĞĚƚŽZ ŚĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ƐŽĐŝĂů Žƌ ĞŶǀŝƌŽŶŵĞŶƚĂů ĐŽŶĐĞƌŶƐ͕ ǁĂƚĞƌͿŚĂƐďĞĞŶĂĐŚŝĞǀĞĚƐŝŶĐĞƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͍ guests, table napkins, dusters, dry snacks and pickles. Indicate the frequency with which the Board of ƌŝƐŬƐĂŶĚͬŽƌŽƉƉŽƌƚƵŶŝƟĞƐ͘   /Ŷ &z ϮϬϭϳͲϭϴ͕ ƚŚĞ ŚŽƚĞůƐ ƉĂƌƟĐŝƉĂƟŶŐ ŝŶ ƚŚĞ ĚĚŝƟŽŶĂůůLJ͕ůŽĐĂůĂƌƚĂŶĚĐƵůƚƵƌĞƚƌŽƵƉĞƐ͕ĂƌƟƐƚƐĂŶĚ ŝƌĞĐƚŽƌƐ͕ŽŵŵŝƩĞĞŽĨƚŚĞŽĂƌĚŽƌKĂƐƐĞƐƐĞƐƚŚĞ  ƐĂŚŽƐƉŝƚĂůŝƚLJĐŽŵƉĂŶLJ͕ƚŚĞƌŽŽŵƐĂŶĚ&ΘĞdžƉĞƌŝĞŶĐĞ EarthCheck program together used a total of ĂƌƟƐĂŶƐĂƌĞƉƌŽǀŝĚĞĚĂƉůĂƞŽƌŵŝŶŚŽƚĞůƐƚŽƉĞƌĨŽƌŵ BR performance of the Company. Within 3 months, provided to guests is our product and service. We ϮϱϮ͕ϲϳϳ͕ϲϱϴ D: ĨƌŽŵ ƌĞŶĞǁĂďůĞ ĞŶĞƌŐLJ ƐŽƵƌĐĞƐ to guests and sell their products. This generates the ϯͲϲŵŽŶƚŚƐ͕ŶŶƵĂůůLJ͕DŽƌĞƚŚĂŶϭLJĞĂƌ͗ endeavour to integrate measures entailing energy and both through Green Power Agreements with ĚƵĂů ŝŵƉĂĐƚ ŽĨ ƐƵƉƉŽƌƟŶŐ ƚŚĞ ůŝǀĞůŝŚŽŽĚ ŽĨ ƚŚĞƐĞ ǁĂƚĞƌĐŽŶƐĞƌǀĂƟŽŶ͕ǁĂƐƚĞŵĂŶĂŐĞŵĞŶƚ͕ĐƵůƚƵƌĂůůLJĂŶĚ their electricity providers as well as onsite and ĂƌƟƐĂŶƐĂŶĚĞŶĐŽƵƌĂŐŝŶŐƚŚĞƉƌĞƐĞƌǀĂƟŽŶŽĨƚƌĂĚŝƟŽŶĂů The Company has a Board level CSR and Sustainability ƌĞŐŝŽŶĂůůLJƐĞŶƐŝƟǀĞĚĞƐŝŐŶƐĂŶĚŝŶƚĞƌŝŽƌƐŽĨŽƵƌŚŽƚĞůƐ͕ ŽīƐŝƚĞƌĞŶĞǁĂďůĞĞŶĞƌŐLJŝŶĐůƵĚŝŶŐǁŝŶĚĨĂƌŵƐĂŶĚ art forms. ŽŵŵŝƩĞĞ ŚĞĂĚĞĚ ďLJ ƚŚĞ DĂŶĂŐŝŶŐ ŝƌĞĐƚŽƌ Θ responsible purchases from local and marginalized ƐŽůĂƌƉĂŶĞůƐ͘dŚĞƌĞďLJ͕ϱϴ͘ϱϴ

114 Annual Report 2017-18 115 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

ϱ͘ ŽĞƐ ƚŚĞ ĐŽŵƉĂŶLJ ŚĂǀĞ Ă ŵĞĐŚĂŶŝƐŵ ƚŽ ƌĞĐLJĐůĞ ϱ͘ ŽLJŽƵŚĂǀĞĂŶĞŵƉůŽLJĞĞĂƐƐŽĐŝĂƟŽŶƚŚĂƚŝƐƌĞĐŽŐŶŝnjĞĚ WƌŝŶĐŝƉůĞϰ ůĞĂƌŶŝŶŐŝŶĨƌĂƐƚƌƵĐƚƵƌĞĨŽƌŽƵƌ^ZƉƌŽŐƌĂŵŵĞƐ͘KƵƌ^Z ƉƌŽĚƵĐƚƐĂŶĚǁĂƐƚĞ͍/ĨLJĞƐ͕ǁŚĂƚŝƐƚŚĞƉĞƌĐĞŶƚĂŐĞŽĨ ďLJŵĂŶĂŐĞŵĞŶƚ͍ ƵƐŝŶĞƐƐĞƐ ƐŚŽƵůĚ ƌĞƐƉĞĐƚ ƚŚĞ ŝŶƚĞƌĞƐƚƐ ŽĨ͕ ĂŶĚ ďĞ skill training centers are located in key clusters around ƌĞĐLJĐůŝŶŐ ŽĨ ƉƌŽĚƵĐƚƐ ĂŶĚ ǁĂƐƚĞ ;ƐĞƉĂƌĂƚĞůLJ ĂƐ фϱй͕ ƌĞƐƉŽŶƐŝǀĞƚŽǁĂƌĚƐĂůůƐƚĂŬĞŚŽůĚĞƌƐ͕ĞƐƉĞĐŝĂůůLJƚŚŽƐĞ ŽƵƌ ŽƉĞƌĂƟŽŶƐ ŝŶ DƵŵďĂŝ͕ ŝƌŽůŝ͕ >ŽŶĂǀĂůĂ͕ :ĂŝƉƵƌ͕ ϱͲϭϬй͕хϭϬйͿ͘ůƐŽ͕ƉƌŽǀŝĚĞĚĞƚĂŝůƐƚŚĞƌĞŽĨ͕ŝŶĂďŽƵƚϱϬ In 17 hotels we have registered trade union which the ǁŚŽĂƌĞĚŝƐĂĚǀĂŶƚĂŐĞĚ͕ǀƵůŶĞƌĂďůĞĂŶĚŵĂƌŐŝŶĂůŝnjĞĚ ŚŚŝŶĚǁĂƌĂ͕ sĂƌĂŶĂƐŝ͕ ĂŶŐĂůŽƌĞ͕ ,LJĚĞƌĂďĂĚ͕ 'ŽĂ Θ ǁŽƌĚƐŽƌƐŽ͘ ŵĂŶĂŐĞŵĞŶƚ ƌĞĐŽŐŶŝƐĞƐ ĂƐ ƚŚĞ ƐƚĂī ƌĞƉƌĞƐĞŶƚĂƟǀĞ 1. Has the Company mapped its internal and external Trivandrum. We also support Tata Strive centers in remote Waste management is an integral part of our environment council. ƐƚĂŬĞŚŽůĚĞƌƐ͍zĞƐͬEŽ ďĞůƚƐ͕ ďĞLJŽŶĚ ŽƵƌ ĂƌĞĂƐ ŽĨ ŽƉĞƌĂƟŽŶƐ ŝŶ ŐĂƌƚĂůĂ͕ hƌŝ ŵĂŶĂŐĞŵĞŶƚ ĞŶĚĞĂǀŽƵƌƐ͘ KĨ ƚŚĞ ϳϵ ŚŽƚĞůƐ ĐŽǀĞƌĞĚ Θ WŝƚŚŽƌĂŐĂƌŚ͘ /Ŷ &z ϮϬϭϳͲϭϴ͖ ŽǀĞƌ ϭϭϬϬ ůĞĂƌŶĞƌƐ ŚĂǀĞ under the EarthCheck programme, 18 have achieved ϲ͘ tŚĂƚ ƉĞƌĐĞŶƚĂŐĞ ŽĨ LJŽƵƌ ƉĞƌŵĂŶĞŶƚ ĞŵƉůŽLJĞĞƐ ŝƐ  zĞƐ͕ƚŚĞŽŵƉĂŶLJŚĂƐŵĂƉƉĞĚŝƚƐŝŶƚĞƌŶĂůĂŶĚĞdžƚĞƌŶĂů ďĞĞŶƚƌĂŝŶĞĚΘĐĞƌƟĮĞĚĨƌŽŵƚŚĞƐĞdĂũ^ZƐŬŝůůƚƌĂŝŶŝŶŐ ϭϬϬй ƌĞĐLJĐůŝŶŐ ŽĨ ŽƌŐĂŶŝĐ ǁĂƐƚĞ͘ dŚŝƐ ŚĂƐ ƉƌĞǀĞŶƚĞĚ ŵĞŵďĞƌƐŽĨƚŚŝƐƌĞĐŽŐŶŝnjĞĚĞŵƉůŽLJĞĞĂƐƐŽĐŝĂƟŽŶ͍ stakeholders. ĐĞŶƚƌĞƐǁŝƚŚƚŚĞƉůĂĐĞŵĞŶƚƌĂƟŽŽĨϳϵйŝŶƚŚĞŚŽƐƉŝƚĂůŝƚLJ ϱ͕ϯϮϵƚŽŶŶĞƐŽĨŽƌŐĂŶŝĐǁĂƐƚĞĨƌŽŵŐŽŝŶŐŝŶƚŽůĂŶĚĮůůƐŝŶ  KƵƚŽĨƚŚĞƚŽƚĂůŶƵŵďĞƌŽĨƉĞƌŵĂŶĞŶƚĞŵƉůŽLJĞĞƐ͕ϰϬ͘ϴϰй ŝŶĚƵƐƚƌLJ͘zŽƵƚŚĨƌŽŵĚŝƐƚƌŝĐƚƐŽĨŚĂůĂŝΘ'ŽŵĂƟŝŶ^ƚĂƚĞ &zϮϬϭϳͲϭϴ͕ƚŚĞĞƋƵŝǀĂůĞŶƚŽĨϱϯϳƐŚŝƉƉŝŶŐĐŽŶƚĂŝŶĞƌƐ͘ ĂƌĞƉĂƌƚŽĨƚŚĞƐĞƌĞĐŽŐŶŝnjĞĚĞŵƉůŽLJĞĞĂƐƐŽĐŝĂƟŽŶ͘ Ϯ͘ KƵƚ ŽĨ ƚŚĞ ĂďŽǀĞ͕ ŚĂƐ ƚŚĞ ŽŵƉĂŶLJ ŝĚĞŶƟĮĞĚ ŽĨŐĂƌƚĂůĂŝŶĂƐƚ͕DLJƐŽƌĞΘhƩĂƌĂ<ĂŶŶĂĚĂĨƌŽŵ^ƚĂƚĞ ƚŚĞ ĚŝƐĂĚǀĂŶƚĂŐĞĚ͕ ǀƵůŶĞƌĂďůĞ ĂŶĚ ŵĂƌŐŝŶĂůŝnjĞĚ ŽĨ <ĂƌŶĂƚĂŬĂ ŝŶ ^ŽƵƚŚ͕ ^ĂŶŐůŝ Θ ^ŝŶĚŚƵĚƵƌŐ ŝŶ ^ƚĂƚĞ ŽĨ Some of the other notable waste management projects ϳ͘ WůĞĂƐĞŝŶĚŝĐĂƚĞ ƚŚĞ EƵŵďĞƌ ŽĨ ĐŽŵƉůĂŝŶƚƐ ƌĞůĂƟŶŐ ƚŽ ƐƚĂŬĞŚŽůĚĞƌƐ͍ DĂŚĂƌĂƐŚƚƌĂŝŶtĞƐƚ͕ũŵĞƌΘĂƵƐĂŝŶ^ƚĂƚĞŽĨZĂũĂƐƚŚĂŶ implemented by the Company include the conversion ĐŚŝůĚůĂďŽƵƌ͕ĨŽƌĐĞĚůĂďŽƵƌ͕ŝŶǀŽůƵŶƚĂƌLJůĂďŽƵƌ͕ƐĞdžƵĂů  zĞƐ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ŝĚĞŶƟĮĞĚ ƚŚĞ ĚŝƐĂĚǀĂŶƚĂŐĞĚ͕ ŝŶ EŽƌƚŚ͕ ĂůĂŐŚĂƚ Θ ŚŚŝŶĚǁĂƌĂ ŝŶ ^ƚĂƚĞ ŽĨ DĂĚŚLJĂ of waste kitchen oil to biodiesel and the conversion ŚĂƌĂƐƐŵĞŶƚŝŶƚŚĞůĂƐƚĮŶĂŶĐŝĂůLJĞĂƌĂŶĚƉĞŶĚŝŶŐ͕ĂƐŽŶ vulnerable and marginalized stakeholders. Based on WƌĂĚĞƐŚ ŝŶ ĞŶƚƌĂů /ŶĚŝĂ͘ KǀĞƌ ϭϱϬϬ ŝŶĚŝǀŝĚƵĂůƐ ǁĞƌĞ of organic waste to compost and biogas. Hotels safely ƚŚĞĞŶĚŽĨƚŚĞĮŶĂŶĐŝĂůLJĞĂƌ͗ ƚŚŝƐŝĚĞŶƟĮĐĂƟŽŶ͕ƚŚĞŽŵƉĂŶLJŚĂƐŵĂƉƉĞĚŝƚƐƚĂƌŐĞƚ ƚƌĂŝŶĞĚƚŚƌŽƵŐŚƐƉĞĐŝĂůĞĚƵĐĂƟŽŶƉƌŽŐƌĂŵŵĞĨŽƌǁŽƌŬŝŶŐ dispose hazardous waste like burnt oil and waste ĂƚĞŐŽƌLJ EŽ͘ŽĨ EŽ͘ŽĨĐŽŵƉůĂŝŶƚƐ ďĞŶĞĮĐŝĂƌLJŐƌŽƵƉƐĨŽƌŝƚƐ^ZƉƌŽŐƌĂŵƐ͘dŚĞƐĞŝŶĐůƵĚĞ people (‘RPL’) in the current year. This include people from lubricant oil by giving it to authorized vendors. All ĐŽŵƉůĂŝŶƚƐ ƉĞŶĚŝŶŐĂƐŽŶĞŶĚ ƌƵƌĂů͕ůĞƐƐͲƉƌŝǀŝůĞŐĞĚ͕ƐĐŚŽŽůĚƌŽƉŽƵƚ͕ĚŝīĞƌĞŶƚůLJĂďůĞĚ͕ ĚŝǀĞƌƐĞďĂĐŬŐƌŽƵŶĚƐ͖ŝŶĐůƵĚŝŶŐĞŵƉůŽLJĞĞƐŽĨZĂƐŚƚƌĂƉĂƟ ĞͲǁĂƐƚĞŐĞŶĞƌĂƚĞĚŝŶŽƵƌƉƌŽƉĞƌƟĞƐŝƐŐŝǀĞŶƚŽƌĞĐLJĐůĞƌƐ ĮůĞĚĚƵƌŝŶŐƚŚĞ ŽĨƚŚĞĮŶĂŶĐŝĂůLJĞĂƌ ŵĂƌŐŝŶĂůŝnjĞĚ LJŽƵƚŚ ĂŶĚ ǁŽŵĞŶ͖ ŝŶĚŝŐĞŶŽƵƐ ĂƌƟƐĂŶƐ͕ Bhavan, Raj Bhavan and CRPF - Gurgaon, etc. ĐĞƌƟĮĞĚďLJƚŚĞWŽůůƵƟŽŶŽŶƚƌŽůŽĂƌĚ͘,ŽƚĞůƐĞŶƐƵƌĞ ĮŶĂŶĐŝĂůLJĞĂƌ ĚŝƐĂƐƚĞƌ ǀŝĐƟŵƐ ĂŶĚ ŽƚŚĞƌ ƐƵĐŚ ŐƌŽƵƉƐ ʹ ĨƌŽŵ ƚĂƌŐĞƚ sewage treatment before disposing water into municipal Child labour/forced ŐĞŽŐƌĂƉŚŝĞƐ ŝĚĞŶƟĮĞĚ ĨƌŽŵ ƟŵĞ ƚŽ ƟŵĞ͘ ĚĚŝƟŽŶĂůůLJ͕  KǀĞƌ Θ ĂďŽǀĞ ƚŚŝƐ ŇĂŐƐŚŝƉ ƉƌŽŐƌĂŵŵĞ͕ ŽƵƌ ŚŽƚĞůƐ ŝŶ sewers and also reuse treated water, as appropriate. labour/involuntary ĂƐ ƉĂƌƚ ŽĨ ƚŚĞ dĂƚĂ 'ƌŽƵƉ ĸƌŵĂƟǀĞ ĐƟŽŶ WƌŽŐƌĂŵ͕ ǀĂƌŝŽƵƐ ŽƚŚĞƌ ůŽĐĂƟŽŶƐ ŽīĞƌ ŝŶĚƵƐƚƌŝĂů ĞdžƉŽƐƵƌĞ Θ labour ƚŚĞ ŽŵƉĂŶLJ ĂůƐŽ ƐƵƉƉŽƌƚƐ ĐŽŵŵƵŶŝƟĞƐ ĨƌŽŵ ůĞƐƐͲ ƚƌĂŝŶŝŶŐ ƚŽ ĚĞƐĞƌǀŝŶŐ LJŽƵƚŚ͕ ĚŝīĞƌĞŶƚůLJ ĂďůĞĚ͕ ůĞƐƐͲ  dŚŝƐLJĞĂƌ͕ŝŶƌĞƐƉŽŶƐĞƚŽƚŚĞŐůŽďĂůĐŽŶĐĞƌŶƐĂďŽƵƚƉůĂƐƟĐ NIL NIL ƉƌŝǀŝůĞŐĞĚƐĞĐƟŽŶƐŽĨ^ĐŚĞĚƵůĞĚĂƐƚĞƐĂŶĚ^ĐŚĞĚƵůĞĚ privileged women to acquire skills in house-keeping, Sexual harassment ƉŽůůƵƟŽŶ ĂŶĚ ŵĂƌŝŶĞ ŵŝĐƌŽͲƉůĂƐƟĐƐ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ 15 NIL Tribes. ĐŽŽŬŝŶŐ͕ďĂŬĞƌLJ͕ĨŽŽĚΘďĞǀĞƌĂŐĞƐĞƌǀŝĐĞ͕ĞŶŐŝŶĞĞƌŝŶŐΘ ĐŽŵŵŝƩĞĚƚŽƉŚĂƐŝŶŐŽƵƚƐŝŶŐůĞͲƵƐĞƉůĂƐƟĐƐ͕ƐĞƫŶŐĂ ŝƐĐƌŝŵŝŶĂƚŽƌLJ allied trades, further adding to our impact in terms of benchmark for the hospitality industry in India. Single- employment ϯ͘ ƌĞƚŚĞƌĞĂŶLJƐƉĞĐŝĂůŝŶŝƟĂƟǀĞƐƚĂŬĞŶďLJƚŚĞŽŵƉĂŶLJ building livelihoods for youth from families in need. Taj ƵƐĞ ƉůĂƐƟĐƐ ƐƵĐŚ ĂƐ ƚŚĞ ƉůĂƐƟĐ ƉĂĐŬĂŐŝŶŐ ŽĨ ŝŶͲƌŽŽŵ NIL NIL ƚŽ ĞŶŐĂŐĞ ǁŝƚŚ ƚŚĞ ĚŝƐĂĚǀĂŶƚĂŐĞĚ͕ ǀƵůŶĞƌĂďůĞ ĂŶĚ ĂůƐŽƌĞĐƌƵŝƚƐĂŶĂǀĞƌĂŐĞŽĨϭϱͲϮϬйŽĨƚƌĂŝŶĞĚĐĂŶĚŝĚĂƚĞƐ ĂŵĞŶŝƟĞƐ ŚĂƐ ĂůƌĞĂĚLJ ďĞĞŶ ĞůŝŵŝŶĂƚĞĚ ŝŶ ϯϬ ůƵdžƵƌLJ ŵĂƌŐŝŶĂůŝnjĞĚ ƐƚĂŬĞŚŽůĚĞƌƐ͍ /Ĩ ƐŽ͕ ƉƌŽǀŝĚĞ ĚĞƚĂŝůƐ from these talent pools, on mutual feasibility basis, ƉƌŽƉĞƌƟĞƐĂĐƌŽƐƐ/ŶĚŝĂ͘ ϴ͘ tŚĂƚƉĞƌĐĞŶƚĂŐĞŽĨLJŽƵƌƵŶĚĞƌŵĞŶƟŽŶĞĚĞŵƉůŽLJĞĞƐ ƚŚĞƌĞŽĨ͕ŝŶĂďŽƵƚϱϬǁŽƌĚƐŽƌƐŽ͘ ŵĂŬŝŶŐ ƚŚŝƐ ĂŶ ĂƐƉŝƌĂƟŽŶĂů ƉƌŽŐƌĂŵŵĞ ĨŽƌ ƚŚĞ ƚĂƌŐĞƚ ǁĞƌĞ ŐŝǀĞŶ ƐĂĨĞƚLJ Θ ƐŬŝůů ƵƉͲŐƌĂĚĂƟŽŶ ƚƌĂŝŶŝŶŐ ŝŶ ƚŚĞ Giving back to the local community is an integral part ŐƌŽƵƉƐΘĞŶĂďůŝŶŐĂƚĂůĞŶƚƉŝƉĞͲůŝŶĞĨŽƌƚŚĞůĂƌŐĞƌŚŽƚĞůƐ͕ WƌŝŶĐŝƉůĞϯ ůĂƐƚLJĞĂƌ͍ of the way the Company does business. This philosophy ƌĞƐƚĂƵƌĂŶƚƐΘƐĞƌǀŝĐĞŝŶĚƵƐƚƌLJ͘ ƵƐŝŶĞƐƐĞƐ ƐŚŽƵůĚ ƉƌŽŵŽƚĞ ƚŚĞ ǁĞůůͲďĞŝŶŐ ŽĨ Ăůů Safety training is conducted at all hotels and includes ƐƚĞŵƐĨƌŽŵƚŚĞdĂƚĂůĞŐĂĐLJŽĨƌĞĐŽŐŶŝnjŝŶŐĐŽŵŵƵŶŝƟĞƐ ĞŵƉůŽLJĞĞƐ training of both permanent as well as contractual as a key stakeholder in the way business is conducted.  dŚƌŽƵŐŚ ƐƵƐƚĂŝŶĞĚ ĞīŽƌƚƐ ǁĞ ĞŶĐŽƵƌĂŐĞ ƚŽ ƉƌĞƐĞƌǀĞ ϭ͘ WůĞĂƐĞŝŶĚŝĐĂƚĞƚŚĞdŽƚĂůŶƵŵďĞƌŽĨĞŵƉůŽLJĞĞƐ͗ ǁŽƌŬĨŽƌĐĞ͘ ĚĚŝƟŽŶĂůůLJ͕ ƚŚĞ ŽŵƉĂŶLJ ƐƚƌŝǀĞƐ ƚŽ dŚĞ dĂƚĂ ^ƵƐƚĂŝŶĂďŝůŝƚLJ 'ƌŽƵƉ ĂŶĚ dĂƚĂ ĸƌŵĂƟǀĞ ƚŚĞĂƌƚŽĨƚƌĂĚŝƟŽŶĂůĞŶĂƌĂƐŝŚĂŶĚůŽŽŵ ǁĞĂǀŝŶŐ͘dŚĞ WĞƌŵĂŶĞŶƚ ŽŶƚƌĂĐƚƵĂů dŽƚĂů ĐŽŶƟŶƵŽƵƐůLJ ŝŵƉƌŽǀĞ ƚŚĞ &ŽŽĚ ^ĂĨĞƚLJ DĂŶĂŐĞŵĞŶƚ ĐƟŽŶWƌŽŐƌĂŵŐƵŝĚĞƚŚĞŽŵƉĂŶLJ͛Ɛ^ZĂƉƉƌŽĂĐŚĂŶĚ ŽďũĞĐƟǀĞŽĨƚŚŝƐƉƌŽŐƌĂŵŝƐƚŽƉƌĞƐĞƌǀĞƚŚĞĚLJŝŶŐĂƌƚĨŽƌŵ ^LJƐƚĞŵďLJƚƌĂŝŶŝŶŐĂŶĚŽƉƟŵŝnjŝŶŐĐĂƉĂĐŝƟĞƐŽĨƉĞŽƉůĞ͕ strategy. of handloom weaving and help build livelihoods for youth 5621 2822 8443 processes and technologies within the system and ΘǁŽŵĞŶĨƌŽŵǁĞĂǀŝŶŐĐŽŵŵƵŶŝƟĞƐ͘dŚĞŽŵƉĂŶLJŚĂƐ ĞŶƐƵƌŝŶŐ ŝŵƉůĞŵĞŶƚĂƟŽŶ ŽĨ /^K ϮϮϬϬϬ &ŽŽĚ ^ĂĨĞƚLJ  KƵƌĨŽĐƵƐ ŚĂƐ ďĞĞŶ ŽŶ ƚƌĂŝŶŝŶŐ Θ ĐĞƌƟĮĐĂƟŽŶ ŽĨ ůĞƐƐͲ ŝŶŝƟĂƚĞĚĂƉƌŽŵŝƐŝŶŐƉƌŽŐƌĂŵƚŚĂƚŚĂƐƚƌĂŝŶĞĚŽǀĞƌϯϮ Ϯ͘ WůĞĂƐĞŝŶĚŝĐĂƚĞƚŚĞdŽƚĂůŶƵŵďĞƌŽĨĞŵƉůŽLJĞĞƐŚŝƌĞĚŽŶ Management System, Codex Standards and other ƉƌŝǀŝůĞŐĞĚ LJŽƵƚŚ ǁŚŽ ĚƌŽƉ ŽƵƚ ĨƌŽŵ ĨŽƌŵĂů ĞĚƵĐĂƟŽŶ ŐŝƌůƐĨƌŽŵĐŽŶƐĞƌǀĂƟǀĞĐŽŵŵƵŶŝƟĞƐĂƌŽƵŶĚsĂƌĂŶĂƐŝŝŶ ƚĞŵƉŽƌĂƌLJͬĐŽŶƚƌĂĐƚƵĂůͬĐĂƐƵĂůďĂƐŝƐ͗ ĂƉƉůŝĐĂďůĞŝŶƚĞƌŶĂůΘĞdžƚĞƌŶĂůŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵƐ͘ ƐLJƐƚĞŵ ƚŽ ĞŶĂďůĞ ƚŚĞŵ ƚŽ ďĞ ǁŽƌŬͲƌĞĂĚLJ Θ ĞŶŐĂŐĞ ŝŶ ƚŚŝƐƐƚƌŽŶŐůLJŵĂůĞͲĚŽŵŝŶĂƚĞĚŽĐĐƵƉĂƟŽŶ͘dŚĞĂďŝůŝƚLJƚŽ  dŽƚĂůŚŝƌŝŶŐĚŽŶĞŝŶ&zϮϬϭϳͲϭϴ͗ϭ͕ϰϯϲ ƉƌŽĚƵĐƟǀĞ ůŝǀĞůŝŚŽŽĚƐ͘ tĞ ĂĐĐŽŵƉůŝƐŚ ƚŚŝƐ ƚŚƌŽƵŐŚ earn a livelihood through weaving will go a long way in ^ƌ͘ ĂƚĞŐŽƌLJ ^ĂĨĞƚLJ ĐŽůůĂďŽƌĂƟŶŐ ǁŝƚŚ Θ ďƵŝůĚŝŶŐ ĐĂƉĂĐŝƟĞƐ ŽĨ ŝŶƐƟƚƵƟŽŶƐ empowering these women, while also preserving the ϯ͘ WůĞĂƐĞ ŝŶĚŝĐĂƚĞ ƚŚĞ EƵŵďĞƌ ŽĨ ƉĞƌŵĂŶĞŶƚ ǁŽŵĞŶ EŽ dƌĂŝŶŝŶŐ that serve the youth from low socio-economic ĐƌĂŌ͘ ĞŵƉůŽLJĞĞƐ͗ ZĞĐĞŝǀĞĚ ďĂĐŬŐƌŽƵŶĚƐ Θ ƌĞŵŽƚĞ ŚŝŶƚĞƌůĂŶĚƐ͘ dĂũ ƚĞĂŵƐ ƐƵƉƉŽƌƚ 887 ƚŚĞƐĞƉƌŽŐƌĂŵƐƚŚƌŽƵŐŚĐŽŶƚĞŶƚΘĐůĂƐƐͲƌŽŽŵƐĚĞƐŝŐŶ͕ WƌŝŶĐŝƉůĞϱ 1. Permanent Employees ϭϬϬй ĨĂĐƵůƚLJĚĞǀĞůŽƉŵĞŶƚ͕ŽŶͲƚŚĞͲũŽďƚƌĂŝŶŝŶŐƐ͕ĞǀĂůƵĂƟŽŶŽĨ ƵƐŝŶĞƐƐĞƐƐŚŽƵůĚƌĞƐƉĞĐƚĂŶĚƉƌŽŵŽƚĞŚƵŵĂŶƌŝŐŚƚƐ ϰ͘ WůĞĂƐĞŝŶĚŝĐĂƚĞƚŚĞEƵŵďĞƌŽĨƉĞƌŵĂŶĞŶƚĞŵƉůŽLJĞĞƐ 2. Permanent Women Employees ϭϬϬй ůĞĂƌŶŝŶŐ ŽƵƚĐŽŵĞƐ͕ ũŽŝŶƚ ĐĞƌƟĮĐĂƟŽŶ Θ ĂůůŝĞĚ ƐƵƉƉŽƌƚ ϭ͘ ŽĞƐ ƚŚĞ ƉŽůŝĐLJ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ŽŶ ŚƵŵĂŶ ƌŝŐŚƚƐ ǁŝƚŚĚŝƐĂďŝůŝƟĞƐ͗ 3. Casual/Temporary/Contractual Employees ϭϬϬй through our industry networks. ĐŽǀĞƌŽŶůLJƚŚĞŽŵƉĂŶLJŽƌĞdžƚĞŶĚƚŽƚŚĞ'ƌŽƵƉͬ:ŽŝŶƚ  dŚĞĚĞĐůĂƌĂƟŽŶŽĨĚŝƐĂďŝůŝƚLJŝƐǀŽůƵŶƚĂƌLJŽŶƚŚĞƉĂƌƚŽĨ sĞŶƚƵƌĞƐͬ^ƵƉƉůŝĞƌƐͬŽŶƚƌĂĐƚŽƌƐͬE'KƐͬŽƚŚĞƌƐ͍ the employee. There are currently 3 employees who 4. ŵƉůŽLJĞĞƐǁŝƚŚŝƐĂďŝůŝƟĞƐ ϭϬϬй  tĞ ŚĂǀĞ ŝŶǀĞƐƚĞĚ ŝŶ ĚĞǀĞůŽƉŝŶŐ ŚŝŐŚ ƋƵĂůŝƚLJ͕ ƉƌĂĐƟĐĂů The Policy is applicable to the Company, its Subsidiaries ŚĂǀĞĚĞĐůĂƌĞĚŚĂǀŝŶŐĚŝƐĂďŝůŝƟĞƐ͘ ůĞĂƌŶŝŶŐ ůĂďŽƌĂƚŽƌŝĞƐ ŝŶ ƐĞǀĞŶ ŬĞLJ ůŽĐĂƟŽŶƐ ĂƌŽƵŶĚ and other stakeholders. ŽƵƌ ŽƉĞƌĂƟŽŶƐ ƚŽ ĞŶĂďůĞ ƵƐ ƚŽ ŽīĞƌ ĞīĞĐƟǀĞ ƚĞĂĐŚŝŶŐͲ

116 Annual Report 2017-18 117 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Ϯ͘ ,ŽǁŵĂŶLJƐƚĂŬĞŚŽůĚĞƌĐŽŵƉůĂŝŶƚƐŚĂǀĞďĞĞŶƌĞĐĞŝǀĞĚ ϳ͘ EƵŵďĞƌŽĨ ƐŚŽǁ ĐĂƵƐĞͬůĞŐĂů ŶŽƟĐĞƐ ƌĞĐĞŝǀĞĚ ĨƌŽŵ ŝŶƐƟƚƵƟŽŶƐĂŶĚŵŽƌĞ͘dŚĞŽďũĞĐƟǀĞƐŽĨ/WŝŶĐůƵĚĞƚŚĞ ŝŶ^ƚĂƚĞŽĨDĂŚĂƌĂƐŚƚƌĂŝŶtĞƐƚ͕ũŵĞƌΘĂƵƐĂŝŶ^ƚĂƚĞ ŝŶ ƚŚĞ ƉĂƐƚ ĮŶĂŶĐŝĂů LJĞĂƌ ĂŶĚ ǁŚĂƚ ƉĞƌĐĞŶƚ ǁĂƐ Wͬ^W ǁŚŝĐŚ ĂƌĞ ƉĞŶĚŝŶŐ ;ŝ͘Ğ͘ ŶŽƚ ƌĞƐŽůǀĞĚ ƚŽ ĚĞǀĞůŽƉŵĞŶƚŽĨĐŽŶĨĞƌĞŶĐĞƚƌĂĸĐƚŽ/ŶĚŝĂƐƵƉƉŽƌƚĞĚďLJ ŽĨZĂũĂƐƚŚĂŶŝŶEŽƌƚŚ͕ĂůĂŐŚĂƚΘŚŚŝŶĚǁĂƌĂŝŶ^ƚĂƚĞ ƐĂƟƐĨĂĐƚŽƌŝůLJƌĞƐŽůǀĞĚďLJƚŚĞŵĂŶĂŐĞŵĞŶƚ͍ ƐĂƟƐĨĂĐƟŽŶͿĂƐŽŶĞŶĚŽĨ&ŝŶĂŶĐŝĂůzĞĂƌ͘ ĐŽŶƟŶƵŝŶŐƉƌŽŐƌĂŵƐŽĨĐƌĞĂƟŶŐďĞƩĞƌĂǁĂƌĞŶĞƐƐŽĨƚŚĞ of Madhya Pradesh in Central India. The Company also  ƵƌŝŶŐƚŚĞLJĞĂƌϮϬϭϲͲϭϳ͕ϲϳĐŽŵƉůĂŝŶƚƐǁĞƌĞƌĞĐĞŝǀĞĚŽĨ Nil ƌŽůĞĂŶĚďĞŶĞĮƚƐŽĨĐŽŶŐƌĞƐƐĞƐĂŶĚĐŽŶǀĞŶƟŽŶƐŝŶƚŚĞ endeavours to promote an inclusive value chain by which none are pending. ĐŽŶƚĞdžƚ ŽĨ ŶĂƟŽŶĂů ŽďũĞĐƟǀĞƐ͘ dŚĞ ĞŶĚĞĂǀŽƵƌ ŽĨ /W ĞŵďĞĚĚŝŶŐĂĸƌŵĂƟǀĞĂĐƟŽŶĨŽƌƌĞůĞǀĂŶƚǀĞŶĚŽƌƐ͘ WƌŝŶĐŝƉůĞϳ ŝƐƚŽŚĂǀĞŚŝŐŚůLJĚĞǀĞůŽƉĞĚĐŽŶǀĞŶƟŽŶĐĞŶƚƌĞƐĂůůŽǀĞƌ WƌŝŶĐŝƉůĞϲ ƵƐŝŶĞƐƐĞƐ͕ ǁŚĞŶ ĞŶŐĂŐĞĚ ŝŶ ŝŶŇƵĞŶĐŝŶŐ ƉƵďůŝĐ ĂŶĚ ƚŚĞĐŽƵŶƚƌLJƚŽŵĂŬĞ/ŶĚŝĂƚŚĞƉƌĞĨĞƌƌĞĚĚĞƐƟŶĂƟŽŶŽĨ  dŚĞŽŵƉĂŶLJŚĂƐŝŶŝƟĂƚĞĚĂƉƌŽŵŝƐŝŶŐƉƌŽŐƌĂŵƚŚƌŽƵŐŚ ƵƐŝŶĞƐƐĞƐƐŚŽƵůĚƌĞƐƉĞĐƚ͕ƉƌŽƚĞĐƚ͕ĂŶĚŵĂŬĞĞīŽƌƚƐ ƌĞŐƵůĂƚŽƌLJƉŽůŝĐLJ͕ƐŚŽƵůĚĚŽƐŽŝŶĂƌĞƐƉŽŶƐŝďůĞŵĂŶŶĞƌ the world. ƐƵƐƚĂŝŶĞĚĞīŽƌƚƐǁŚŝĐŚĞŶĐŽƵƌĂŐĞƚŽƉƌĞƐĞƌǀĞƚŚĞĂƌƚŽĨ ƚŽƌĞƐƚŽƌĞƚŚĞĞŶǀŝƌŽŶŵĞŶƚ ϭ͘ /ƐLJŽƵƌŽŵƉĂŶLJĂŵĞŵďĞƌŽĨĂŶLJƚƌĂĚĞĂŶĚĐŚĂŵďĞƌ ƚƌĂĚŝƟŽŶĂů ĞŶĂƌĂƐŝ ŚĂŶĚůŽŽŵ ǁĞĂǀŝŶŐ͘ dŚĞ ŽďũĞĐƟǀĞ ϭ͘ ŽĞƐƚŚĞ ƉŽůŝĐLJ ƌĞůĂƚĞĚ ƚŽ WƌŝŶĐŝƉůĞ ϲ ĐŽǀĞƌ ŽŶůLJ ƚŚĞ ŽƌĂƐƐŽĐŝĂƟŽŶ͍/ĨzĞƐ͕ŶĂŵĞŽŶůLJƚŚŽƐĞŵĂũŽƌŽŶĞƐƚŚĂƚ  ^ŽĐŝĞƚLJĨŽƌ/ŶĐĞŶƟǀĞdƌĂǀĞůdžĐĞůůĞŶĐĞ;͚^/d͛ͿŵĞŵďĞƌƐ of this program is to preserve the dying art form of ŽŵƉĂŶLJ Žƌ ĞdžƚĞŶĚƐ ƚŽ ƚŚĞ 'ƌŽƵƉͬ:ŽŝŶƚ sĞŶƚƵƌĞƐͬ LJŽƵƌďƵƐŝŶĞƐƐĚĞĂůƐǁŝƚŚ͗ ĂƌĞ ŝŶĐĞŶƟǀĞ ƚƌĂǀĞů ƉƌŽĨĞƐƐŝŽŶĂůƐ ǁŚŽ ŬŶŽǁ ĨƌŽŵ handloom weaving and help build livelihoods for youth ^ƵƉƉůŝĞƌƐͬŽŶƚƌĂĐƚŽƌƐͬE'KƐͬKƚŚĞƌƐ͍  zĞƐ͕ƚŚĞŽŵƉĂŶLJŝƐƉĂƌƚŽĨĂŶƵŵďĞƌŽĨĂƐƐŽĐŝĂƟŽŶƐĂƐ ĞdžƉĞƌŝĞŶĐĞ ƚŚĂƚ ŝŶĐĞŶƟǀĞ ƚƌĂǀĞů ǁŽƌŬƐ͘ /ƚ ǁŽƌŬƐ ƚŽ ΘǁŽŵĞŶĨƌŽŵǁĞĂǀŝŶŐĐŽŵŵƵŶŝƟĞƐ͘ ŶŽƚĞĚďĞůŽǁ͗ ƌĞǁĂƌĚ͕ƌĞƚĂŝŶĂŶĚŵŽƟǀĂƚĞĞŵƉůŽLJĞĞƐ͘dŚĞ^/dŐůŽďĂů The Company’s environmental vision is extended to its  ĂͿ ,ŽƚĞůƐƐŽĐŝĂƟŽŶŽĨ/ŶĚŝĂ member community, which represents 84 countries is Ϯ͘ ƌĞ ƚŚĞ ƉƌŽŐƌĂŵŵĞƐͬƉƌŽũĞĐƚƐ ƵŶĚĞƌƚĂŬĞŶ ƚŚƌŽƵŐŚ partners and subsidiary companies. All hotels within the  ďͿ tŽƌůĚdƌĂǀĞůdŽƵƌŝƐŵŽƵŶĐŝů/ŶĚŝĂ/ŶŝƟĂƟǀĞͲtdd// on a mission to strengthen and inspire this extraordinary ŝŶͲŚŽƵƐĞ ƚĞĂŵͬŽǁŶ ĨŽƵŶĚĂƟŽŶͬĞdžƚĞƌŶĂů E'Kͬ ŽŵƉĂŶLJ͛Ɛ ƉŽƌƞŽůŝŽ ƉƌĞƐĐƌŝďĞ ĂŶĚ ĂƌĞ ĞŶĐŽƵƌĂŐĞĚ ƚŽ c) Experience India Society industry. ŐŽǀĞƌŶŵĞŶƚƐƚƌƵĐƚƵƌĞƐͬĂŶLJŽƚŚĞƌŽƌŐĂŶŝnjĂƟŽŶ͍ adhere to the Company’s environmental vision.  ĚͿ tŽƌůĚdŽƵƌŝƐŵKƌŐĂŶŝƐĂƟŽŶͲhEtdK The Company’s CSR programs are implemented by  ĞͿ dŚĞ&ĞĚĞƌĂƟŽŶŽĨ,ŽƚĞůΘZĞƐƚĂƵƌĂŶƚƐƐŽĐŝĂƟŽŶŽĨ WƌŝŶĐŝƉůĞϴ in-house CSR and HR teams, volunteers and in partnership Ϯ͘ ŽĞƐ ƚŚĞ ŽŵƉĂŶLJ ŚĂǀĞ ƐƚƌĂƚĞŐŝĞƐͬŝŶŝƟĂƟǀĞƐ ƚŽ India - FHRAI ƵƐŝŶĞƐƐĞƐ ƐŚŽƵůĚ ƐƵƉƉŽƌƚ ŝŶĐůƵƐŝǀĞ ŐƌŽǁƚŚ ĂŶĚ ǁŝƚŚ E'KƐ͕ ŽƚŚĞƌ dĂƚĂ ĐŽŵƉĂŶŝĞƐ ĂŶĚ 'ŽǀĞƌŶŵĞŶƚ ĂĚĚƌĞƐƐ ŐůŽďĂů ĞŶǀŝƌŽŶŵĞŶƚĂů ŝƐƐƵĞƐ ƐƵĐŚ ĂƐ ĐůŝŵĂƚĞ  ĨͿ ůů/ŶĚŝĂƐƐŽĐŝĂƟŽŶŽĨ/ŶĚƵƐƚƌŝĞƐ ĞƋƵŝƚĂďůĞĚĞǀĞůŽƉŵĞŶƚ͘ ďŽĚŝĞƐŝŶǀĂƌŝŽƵƐůŽĐĂƟŽŶƐ͘ ĐŚĂŶŐĞ͕ŐůŽďĂůǁĂƌŵŝŶŐ͕ĞƚĐ͍͘zͬE͘/ĨLJĞƐ͕ƉůĞĂƐĞŐŝǀĞ g) Indo - German Chamber of Commerce ϭ͘ ŽĞƐ ƚŚĞ ŽŵƉĂŶLJ ŚĂǀĞ ƐƉĞĐŝĮĞĚ ƉƌŽŐƌĂŵŵĞƐͬ ŚLJƉĞƌůŝŶŬĨŽƌǁĞďƉĂŐĞ͕ĞƚĐ͘ h) Indian Merchant Chambers ŝŶŝƟǀĞƐͬƉƌŽũĞĐƚƐ ŝŶ ƉƵƌƐƵŝƚ ŽĨ ƚŚĞ ƉŽůŝĐLJ ƌĞůĂƚĞĚ ƚŽ ϯ͘ ,ĂǀĞ LJŽƵ ĚŽŶĞ ĂŶLJ ŝŵƉĂĐƚ ĂƐƐĞƐƐŵĞŶƚ ŽĨ LJŽƵƌ  zĞƐ͘dŚĞŽŵƉĂŶLJŚĂƐŝĚĞŶƟĮĞĚŽƉƉŽƌƚƵŶŝƟĞƐƚŽƌĞĚƵĐĞ  ŝͿ dƌĂǀĞůŐĞŶƚƐƐƐŽĐŝĂƟŽŶŽĨ/ŶĚŝĂ WƌŝŶĐŝƉůĞϴ͍/ĨLJĞƐ͕ĚĞƚĂŝůƐƚŚĞƌĞŽĨര͍ ŝŶŝƟĂƟǀĞ͍ its environment footprint and therefore reduce the  ũͿ dƌĂǀĞůŐĞŶƚ&ĞĚĞƌĂƟŽŶŽĨ/ŶĚŝĂ  zĞƐ͘ dŚĞ ŽŵƉĂŶLJ ŚĂƐ ƉƌŽŐƌĂŵŵĞƐ ƚŚĂƚ ƌĞĂĐŚ ŽƵƚ ƚŽ An impact assessment was conducted three years ago ŝŵƉĂĐƚŽĨŽƉĞƌĂƟŽŶƐŽŶƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͘ŬĞLJŝŶŝƟĂƟǀĞ  ŬͿ dŚĞŽŶĨĞĚĞƌĂƟŽŶŽĨ/ŶĚŝĂŶ/ŶĚƵƐƚƌLJ ƌĞŵŽƚĞ͕ ŝŶƚĞƌŝŽƌ ĂƌĞĂƐ ǁŝƚŚ ĐŽŵŵƵŶŝƟĞƐ ĂŶĚ ƚĂƌŐĞƚ through TISS. Following the launch of certain new CSR in this regard is switching to renewable energy sources.  ůͿ &ĞĚĞƌĂƟŽŶ ŽĨ /ŶĚŝĂŶ ŚĂŵďĞƌƐ ŽĨ ŽŵŵĞƌĐĞ ĂŶĚ groups on the peripheries of the development journey of ƉƌŽŐƌĂŵŵĞƐůĂƐƚLJĞĂƌĂŶĚŵŽĚŝĮĞĚƉƌŽĐĞƐƐĞƐĨŽƌŽƚŚĞƌƐ͕ ƚƉƌĞƐĞŶƚ͕ϮϭйŽĨƚŚĞŽŵƉĂŶLJ͛ƐĞŶĞƌŐLJĐŽŶƐƵŵƉƟŽŶ Industry /ŶĚŝĂ͘dŚŝƐŝƐůĂƌŐĞůLJĚƌŝǀĞŶƚŚƌŽƵŐŚƚŚĞdĂƚĂĸƌŵĂƟǀĞ ĂŶĞdžƚƌŽƵŶĚŽĨŝŵƉĂĐƚĂƐƐĞƐƐŵĞŶƚǁŝůůďĞŝŶŝƟĂƚĞĚĂŌĞƌ is from renewable sources. m) U.S. India Business Council ĐƟŽŶĂŐĞŶĚĂ͘ two years.  ŶͿ ^ŽĐŝĞƚLJĨŽƌ/ŶĐĞŶƟǀĞdƌĂǀĞůdžĐĞůůĞŶĐĞ The UNGC report can be accessed at  ŽͿ /ŶƚĞƌŶĂƟŽŶĂůŽŶǀĞŶƟŽŶWƌŽŵŽƟŽŶƵƌĞĂƵ  dŚĞdĂũ dĂƚĂ ^dZ/s ,ŽƐƉŝƚĂůŝƚLJ ^Ŭŝůů ƚƌĂŝŶŝŶŐ WƌŽŐƌĂŵ ϰ͘ tŚĂƚ ŝƐ LJŽƵƌ ŽŵƉĂŶLJ͛Ɛ ĚŝƌĞĐƚ ĐŽŶƚƌŝďƵƟŽŶ ƚŽ ŚƩƉƐ͗ͬͬŐŽŽ͘ŐůͬtEŝĐŬ ƚƌĂŝŶƐĂŶĚĐĞƌƟĮĞƐƵŶĚĞƌƉƌŝǀŝůĞŐĞĚLJŽƵƚŚĨƌŽŵǀĂƌŝŽƵƐ ĐŽŵŵƵŶŝƚLJĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐ͍ŵŽƵŶƚŝŶ/EZĂŶĚ ƉĂƌƚƐŽĨ/ŶĚŝĂ͘zŽƵƚŚĨƌŽŵĚŝƐƚƌŝĐƚƐŽĨŚĂůĂŝΘ'ŽŵĂƟ ƚŚĞĚĞƚĂŝůƐŽĨƚŚĞƉƌŽũĞĐƚƐƵŶĚĞƌƚĂŬĞŶ͘ Ϯ͘ ,ĂǀĞ LJŽƵ ĂĚǀŽĐĂƚĞĚͬůŽďďŝĞĚ ƚŚƌŽƵŐŚ ĂďŽǀĞ  dŚĞ&zϮϬϭϳͲϭϴ^ƵƐƚĂŝŶĂďŝůŝƚLJZĞƉŽƌƚǁŝůůďĞƵƉůŽĂĚĞĚƚŽ ŝŶ ^ƚĂƚĞ ŽĨ ŐĂƌƚĂůĂ ŝŶ ĂƐƚ͕ DLJƐŽƌĞ Θ hƩĂƌĂ <ĂŶŶĂĚĂ The manner in which the amount was spent during the ĂƐƐŽĐŝĂƟŽŶƐ ĨŽƌ ƚŚĞ ĂĚǀĂŶĐĞŵĞŶƚ Žƌ ŝŵƉƌŽǀĞŵĞŶƚ ŽĨ the website www.tajhotels.com once it is published. ĨƌŽŵ^ƚĂƚĞŽĨ<ĂƌŶĂƚĂŬĂŝŶ^ŽƵƚŚ͕^ĂŶŐůŝΘ^ŝŶĚŚƵĚƵƌŐ &zϮϬϭϳͲϭϴŝƐĚĞƚĂŝůĞĚŝŶƚŚĞƚĂďůĞďĞůŽǁ͗ ƉƵďůŝĐŐŽŽĚ͍zĞƐͬEŽ͘/ĨLJĞƐƐƉĞĐŝĨLJƚŚĞďƌŽĂĚĂƌĞĂƐ  DĞĞƟŶŐƐ ǁŝƚŚ ƚŚĞƐĞ ĂƐƐŽĐŝĂƟŽŶƐ ĂƌĞ ƉĞƌŝŽĚŝĐ ĂŶĚ ƚŚĞ ϯ͘ ŽĞƐ ƚŚĞ ŽŵƉĂŶLJ ŝĚĞŶƟĨLJ ĂŶĚ ĂƐƐĞƐƐ ƉŽƚĞŶƟĂů ŵĂŝŶŽďũĞĐƟǀĞŝƐƚŽƉƌŽŵŽƚĞ/ŶĚŝĂĂƐĂƉƌĞĨĞƌƌĞĚΘƐĂĨĞ dĂũ^Z&ŽĐƵƐ ^ĞĐƚŽƌŝŶǁŚŝĐŚ EĂƚƵƌĞŽĨWƌŽŐƌĂŵ ŝƌĞĐƚͬ >ŽĐĂƟŽŶƐ WƌŽŐƌĂŵŵĂƟĐ ŵŽƵŶƚŽĨ ĞŶǀŝƌŽŶŵĞŶƚĂůƌŝƐŬƐ͍zͬE͘ ĚĞƐƟŶĂƟŽŶĨŽƌďƵƐŝŶĞƐƐΘůĞŝƐƵƌĞ͘^ŽŵĞĞdžĂŵƉůĞƐĂƌĞĂƐ ƌĞĂƐ ƚŚĞWƌŽũĞĐƚŝƐ WĂƌƚŶĞƌƐŚŝƉ KƵƚůĂLJ DŽŶĞLJ^ƉĞŶƚ  zĞƐ͘ ĐŽǀĞƌĞĚ ;`ͬůĂŬŚƐͿ ;`ͬůĂŬŚƐͿ ƵŶĚĞƌ͗ Building Livelihoods sŽĐĂƟŽŶĂůƐŬŝůůŝŶŐ ĞƌƟĮĞĚ^ŬŝůůdƌĂŝŶŝŶŐǁŝƚŚ ŝƌĞĐƚнǁŝƚŚ Mumbai, Airoli, 124.23 173.11 ϰ͘ ŽĞƐƚŚĞ ĐŽŵƉĂŶLJ ŚĂǀĞ ĂŶLJ ƉƌŽũĞĐƚ ƌĞůĂƚĞĚ ƚŽ ůĞĂŶ  džƉĞƌŝĞŶĐĞ/ŶĚŝĂ ^ŽĐŝĞƚLJ ;͚/^͛Ϳ ŝƐ ĂŶ ŝŶŝƟĂƟǀĞ ŽĨ ƚŚĞ ΘƉƌŽŵŽƟŽŶŽĨ embedded on-the-job partners Lonavala, ĞǀĞůŽƉŵĞŶƚ DĞĐŚĂŶŝƐŵ͍ /Ĩ ƐŽ͕ ƉƌŽǀŝĚĞ ĚĞƚĂŝůƐ leading hotel chains and tour operators to promote India livelihoods ĞdžƉŽƐƵƌĞ͕^ƉŽŬĞŶŶŐůŝƐŚΘ :ĂŝƉƵƌ͕ ƚŚĞƌĞŽĨ͕ŝŶĂďŽƵƚϱϬǁŽƌĚƐŽƌƐŽ͘ůƐŽ͕ŝĨLJĞƐ͕ǁŚĞƚŚĞƌ work-readiness inputs Chhindwara, through a public- private partnership with the Ministry ĂŶLJĞŶǀŝƌŽŶŵĞŶƚĂůĐŽŵƉůŝĂŶĐĞƌĞƉŽƌƚŝƐĮůĞĚ͍ sĂƌĂŶĂƐŝ͕ of Tourism. The Experience India Society co-hosts food No. Bengaluru, ĨĞƐƟǀĂůƐ͕ ƉƌŽĚƵĐĞƐ ƉƌŽŵŽƟŽŶĂů ĮůŵƐ ĨŽƌ ŝŶƚĞƌŶĂƟŽŶĂů Hyderabad, audiences as a part of the Incredible India campaign, Goa, ϱ͘ ,ĂƐƚŚĞŽŵƉĂŶLJƵŶĚĞƌƚĂŬĞŶĂŶLJŽƚŚĞƌŝŶŝƟĂƟǀĞƐŽŶ ƉĂƌƟĐŝƉĂƚĞƐ ŝŶ ƐƉĞĐŝĂů ĞǀĞŶƚƐ ƚŽ ƉƌŽŵŽƚĞ /ŶĚŝĂ ĂƐ Ă Trivandrum, ĐůĞĂŶƚĞĐŚŶŽůŽŐLJ͕ĞŶĞƌŐLJĞĸĐŝĞŶĐLJ͕ƌĞŶĞǁĂďůĞĞŶĞƌŐLJ͕ ƵŶŝƋƵĞ ƚŽƵƌŝƐƚ ĚĞƐƟŶĂƟŽŶ ĂŶĚ ĨƵƌƚŚĞƌ ƚŚĞ ĐĂƵƐĞ ŽĨ ŐĂƌƚĂůĂ͕hƌŝΘ ĞƚĐ͘zͬE͘/ĨLJĞƐ͕ƉůĞĂƐĞŐŝǀĞŚLJƉĞƌůŝŶŬĨŽƌǁĞďƉĂŐĞ͕ĞƚĐ͘ Brand India Pithoragarh  zĞƐ͘dŚĞŽŵƉĂŶLJŝƐƐŽƵƌĐŝŶŐϮϭйŽĨƚŽƚĂůĞŶĞƌŐLJĨƌŽŵ renewable sources of energy.  /ŶĚŝĂŽŶǀĞŶƟŽŶWƌŽŵŽƟŽŶƵƌĞĂƵ;͚/W͛ͿŝƐƚŚĞŽŶůLJ ƚƌĂǀĞůŝŶĚƵƐƚƌLJďŽĚLJǁŝƚŚƉĂƌƟĐŝƉĂƟŽŶĨƌŽŵƚŚĞĞŶƟƌĞ ϲ͘ ƌĞ ƚŚĞ ŵŝƐƐŝŽŶƐͬtĂƐƚĞ ŐĞŶĞƌĂƚĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ MICE industry, with members from State Governments, ǁŝƚŚŝŶ ƚŚĞ ƉĞƌŵŝƐƐŝďůĞ ůŝŵŝƚƐ ŐŝǀĞŶ ďLJ Wͬ^W ĨŽƌ hotels, airlines, tour operators, travel agents, professional ƚŚĞĮŶĂŶĐŝĂůLJĞĂƌďĞŝŶŐƌĞƉŽƌƚĞĚ͍ ĐŽŶĨĞƌĞŶĐĞ ŽƌŐĂŶŝƐĞƌƐ͕ ĞǀĞŶƚ ŵĂŶĂŐĞƌƐ͕ ĞĚƵĐĂƟŽŶĂů  zĞƐ͘

118 Annual Report 2017-18 119 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

dĂũ^Z&ŽĐƵƐ ^ĞĐƚŽƌŝŶǁŚŝĐŚ EĂƚƵƌĞŽĨWƌŽŐƌĂŵ ŝƌĞĐƚͬ >ŽĐĂƟŽŶƐ WƌŽŐƌĂŵŵĂƟĐ ŵŽƵŶƚŽĨ BREAK UP OF TOTAL EXPENSES ƌĞĂƐ ƚŚĞWƌŽũĞĐƚŝƐ WĂƌƚŶĞƌƐŚŝƉ KƵƚůĂLJ DŽŶĞLJ^ƉĞŶƚ ĐŽǀĞƌĞĚ ;`ͬůĂŬŚƐͿ ;`ͬůĂŬŚƐͿ #DIV/0!Staī Cost 27% #DIV/0! Being a Responsible WƌŽŵŽƟŽŶĂŶĚ ĚƵĐĂƟŽŶ͕ƚƌĂŝŶŝŶŐĂŶĚ ŝƌĞĐƚнǁŝƚŚ ĐƌŽƐƐŵƵůƟƉůĞ 48.26 #DIV/0! Neighbour development of ƉƌŽŵŽƟŽŶƚŽƉƌĞƐĞƌǀĞ partners Taj hotel sites ƚƌĂĚŝƟŽŶĂůĂƌƚƐ unique art forms Food & Beverage#DIV/0! consumed 10% ĂŶĚŚĂŶĚŝĐƌĂŌƐ #DIV/0! #DIV/0! Environmental ĚŽƉƟŽŶŽƌŵĂŝŶƚĞŶĂŶĐĞ 58.00 Fuel Power & Light 7% sustainability of public spaces such #DIV/0! as gardens, bus stops #DIV/0! #DIV/0! and roads, cleanliness, License Fees 7% ďĞĂƵƟĮĐĂƟŽŶĂŶĚ #DIV/0! ŚŽƌƟĐƵůƚƵƌĞĂŶĚ #DIV/0! ĐŽŵŵƵŶŝƚLJĞĚƵĐĂƟŽŶ Other OperaƟng Expense 7% for public hygiene and 265.39 cleanliness ZĞƐƚŽƌĂƟŽŶŽĨ ^ƵƉƉŽƌƚĨŽƌďĞĂƵƟĮĐĂƟŽŶ͕ 119.70 Finance Cost 8% buildings and ĐůĞĂŶůŝŶĞƐƐĂŶĚƉƌŽŵŽƟŽŶ sites of historical of Gateway of India, importance DƵŵďĂŝΘEĂƟŽŶĂůZĂŝů Repairs & Maintenance 4% DƵƐĞƵŵ͕ĞůŚŝ Support towards tĞůĨĂƌĞĂĐƟǀŝƟĞƐĨŽƌůŽĐĂů 27.00 Provision for Tax 6% ĞƌĂĚŝĐĂƟŶŐ charity homes, orphanages, ƉŽǀĞƌƚLJΘ other such community ŵĂůŶƵƚƌŝƟŽŶ ƌĞƋƵĞƐƚƐͲďĂƐĞĚĂĐƟǀŝƟĞƐ Stores & OperaƟng Supplies 3% Community WƌŽŵŽƟŶŐ ^ĐŚŽůĂƌƐŚŝƉƐĨŽƌĞĚƵĐĂƟŽŶ ŝƌĞĐƚнǁŝƚŚ Mumbai, 146.3 88.77 Welfare ĚƵĐĂƟŽŶ in hospitality partners <ŽůŬĂƚĂ͕ĞůŚŝ͕ Bengaluru Other Expenditure 21% dKd> 523.49 527.27

&ŽŽƚŶŽƚĞ͗džĐůƵĚĞƐdžĐĞƉƟŽŶĂů/ƚĞŵƐŽĨ` (55.19) crores. ϱ͘ ,ĂǀĞ LJŽƵ ƚĂŬĞŶ ƐƚĞƉƐ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ƚŚŝƐ ĐŽŵŵƵŶŝƚLJ ĂƐ ƉĞƌ ůŽĐĂů ůĂǁƐ͍ zĞƐͬEŽͬEͬZĞŵĂƌŬƐ ;ĂĚĚŝƟŽŶĂů ĚĞǀĞůŽƉŵĞŶƚ ŝŶŝƟĂƟǀĞ ŝƐ ƐƵĐĐĞƐƐĨƵůůLJ ĂĚŽƉƚĞĚ ďLJ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶͿ ĐŽŵŵƵŶŝƚLJ͍WůĞĂƐĞĞdžƉůĂŝŶŝŶϱϬǁŽƌĚƐ͕ŽƌƐŽ͘ Not Applicable.  dŚĞŽŵƉĂŶLJƌĞƉƌĞƐĞŶƚĂƟǀĞƐĂŶĚǀŽůƵŶƚĞĞƌƐƵŶĚĞƌƚĂŬĞ direct community engagements and support with ϯ͘ /ƐƚŚĞƌĞ ĂŶLJ ĐĂƐĞ ĮůĞĚ ďLJ ĂŶLJ ƐƚĂŬĞŚŽůĚĞƌ ĂŐĂŝŶƐƚ ƚŚĞ counselling, exposure visits and regular hand-holding, ŽŵƉĂŶLJ ƌĞŐĂƌĚŝŶŐ ƵŶĨĂŝƌ ƚƌĂĚĞ ƉƌĂĐƟĐĞƐ͕ ŝƌƌĞƐƉŽŶƐŝďůĞ ĂƐ ĂŶĚ ǁŚĞƌĞ ƌĞƋƵŝƌĞĚ ĨŽƌ ƐƵƐƚĂŝŶĂďůĞ ĂŶĚ ĞīĞĐƟǀĞ ĂĚǀĞƌƟƐŝŶŐĂŶĚͬŽƌĂŶƟͲĐŽŵƉĞƟƟǀĞďĞŚĂǀŝŽƵƌĚƵƌŝŶŐƚŚĞ ƉƌŽŐƌĂŵŵĞ ŵĂŶĂŐĞŵĞŶƚ͘ zĞĂƌ ŽŶ LJĞĂƌ͕ ĂƐ Ă ƉĂƌƚ ŽĨ ůĂƐƚĮǀĞLJĞĂƌƐĂŶĚƉĞŶĚŝŶŐĂƐŽŶĞŶĚŽĨĮŶĂŶĐŝĂůLJĞĂƌ͘/Ĩ our social responsibility immersion programme, a set ƐŽ͕ƉƌŽǀŝĚĞĚĞƚĂŝůƐƚŚĞƌĞŽĨ͕ŝŶĂďŽƵƚϱϬǁŽƌĚƐŽƌƐŽ͘ BREAK UP OF OTHER EXPENDITURE of our sharp and young management graduates spend No ŽǀĞƌ ϰϱ ĚĂLJƐ ŽŶͲƐŝƚĞ ǁŝƚŚ ŝĚĞŶƟĮĞĚ ^Z ƉƌŽŐƌĂŵŵĞ DepreciaƟon 28% partners and community clusters making our community ϰ͘ ŝĚLJŽƵƌ ŽŵƉĂŶLJ ĐĂƌƌLJ ŽƵƚ ĂŶLJ ĐŽŶƐƵŵĞƌ ƐƵƌǀĞLJͬ ĚĞǀĞůŽƉŵĞŶƚŝŶŝƟĂƟǀĞƐŵŽƌĞƌŽďƵƐƚ͘ ĐŽŶƐƵŵĞƌƐĂƟƐĨĂĐƟŽŶƚƌĞŶĚƐ͍ AdverƟƐŝng & Publicity 17% The Company carried out Consumer engagement survey WƌŝŶĐŝƉůĞ ϵ ƚŽŵĞĂƐƵƌĞƚŚĞĞŵŽƟŽŶĂůĐŽŶŶĞĐƚďĞƚǁĞĞŶƚŚĞďƌĂŶĚ Rent, Rates, Taxes & Insurance 19% ƵƐŝŶĞƐƐĞƐ ƐŚŽƵůĚ ĞŶŐĂŐĞ ǁŝƚŚ ĂŶĚ ƉƌŽǀŝĚĞ ǀĂůƵĞ and the customer’s purchasing decisions. Customers ƚŽ ƚŚĞŝƌ ĐƵƐƚŽŵĞƌƐ ĂŶĚ ĐŽŶƐƵŵĞƌƐ ŝŶ Ă ƌĞƐƉŽŶƐŝďůĞ ĨŽƌŵ ƐƚƌŽŶŐ ĞŵŽƟŽŶƐ ĂďŽƵƚ ƚŚĞ ďƌĂŶĚ ďĂƐĞĚ ŽŶ ƚŚĞŝƌ Professional Fees 6% ŵĂŶŶĞƌ͗ ĞdžƉĞƌŝĞŶĐĞƐĂŶĚƚŚĞƐĞĞŵŽƟŽŶƐƐƚƌŽŶŐůLJŝŶŇƵĞŶĐĞƚŚĞŝƌ ϭ͘ tŚĂƚ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ĐƵƐƚŽŵĞƌ ĐŽŵƉůĂŝŶƚƐͬĐŽŶƐƵŵĞƌ buying decisions. ĐĂƐĞƐĂƌĞƉĞŶĚŝŶŐĂƐŽŶƚŚĞĞŶĚŽĨĮŶĂŶĐŝĂůLJĞĂƌ͍ Outsourced Support Services 12%  ƉƉƌŽdžŝŵĂƚĞůLJϯ͘ϱйŽĨƚŚĞĐŽŶƐƵŵĞƌĐĂƐĞƐͬĐŽŵƉůĂŝŶƚƐ The Company also carried out a Brand Equity track to are pending as on March 31, 2018. ŐĂƵŐĞƚŚĞĚƌŝǀĞƌƐŽĨďƌĂŶĚĂĸŶŝƚLJĂŶĚďƵƐŝŶĞƐƐŝŵƉĂĐƚŽĨ Miscellaneous Expenses 18% ďƌĂŶĚĂƐƐŽĐŝĂƟŽŶ͘dŚŝƐŐŝǀĞƐƵƐŝŶƐŝŐŚƚƐŝŶƚŽƚŚĞŽǀĞƌĂůů Ϯ͘ ŽĞƐ ƚŚĞ ŽŵƉĂŶLJ ĚŝƐƉůĂLJ ƉƌŽĚƵĐƚ ŝŶĨŽƌŵĂƟŽŶ ŽŶ ͚ƚƌŝŐŐĞƌƐŽĨƌĞƚĞŶƟŽŶ͛ĨŽƌĐƵƌƌĞŶƚĐƵƐƚŽŵĞƌƐĂŶĚ͚ƚƌŝŐŐĞƌƐ ƚŚĞ ƉƌŽĚƵĐƚ ůĂďĞů͕ ŽǀĞƌ ĂŶĚ ĂďŽǀĞ ǁŚĂƚ ŝƐ ŵĂŶĚĂƚĞĚ ŽĨĂƩƌĂĐƟŽŶ͛ĨŽƌƉŽƚĞŶƟĂůĐŽŵƉĞƟƟŽŶĐƵƐƚŽŵĞƌƐ͘

120 Annual Report 2017-18 121 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Independent Auditor’s Report dŽƚŚĞDĞŵďĞƌƐŽĨdŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶLJ>ŝŵŝƚĞĚ

Report on the Audit of the Standalone Ind AS Financial Ŷ ĂƵĚŝƚ ŝŶǀŽůǀĞƐ ƉĞƌĨŽƌŵŝŶŐ ƉƌŽĐĞĚƵƌĞƐ ƚŽ ŽďƚĂŝŶ ĂƵĚŝƚ Report on Other Legal and Regulatory Requirements ;ŐͿ ǁŝƚŚƌĞƐƉĞĐƚ ƚŽ ƚŚĞ ŽƚŚĞƌ ŵĂƩĞƌƐ ƚŽ ďĞ ŝŶĐůƵĚĞĚ ŝŶ Statements ĞǀŝĚĞŶĐĞ ĂďŽƵƚ ƚŚĞ ĂŵŽƵŶƚƐ ĂŶĚ ƚŚĞ ĚŝƐĐůŽƐƵƌĞƐ ŝŶ ƚŚĞ ƐƌĞƋƵŝƌĞĚďLJƚŚĞŽŵƉĂŶŝĞƐ;ƵĚŝƚŽƌ͛ƐZĞƉŽƌƚͿKƌĚĞƌ͕ϮϬϭϲ ƚŚĞƵĚŝƚŽƌƐ͛ZĞƉŽƌƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚZƵůĞϭϭŽĨƚŚĞ tĞ ŚĂǀĞ ĂƵĚŝƚĞĚ ƚŚĞ ĂĐĐŽŵƉĂŶLJŝŶŐ ƐƚĂŶĚĂůŽŶĞ /ŶĚ ^ ƐƚĂŶĚĂůŽŶĞ /ŶĚ ^ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘  dŚĞ ƉƌŽĐĞĚƵƌĞƐ ;͚ƚŚĞKƌĚĞƌ͛Ϳ͕ŝƐƐƵĞĚďLJƚŚĞĞŶƚƌĂů'ŽǀĞƌŶŵĞŶƚŽĨ/ŶĚŝĂŝŶ ŽŵƉĂŶŝĞƐ ;ƵĚŝƚ ĂŶĚ ƵĚŝƚŽƌƐͿ ZƵůĞƐ͕ ϮϬϭϰ͕ ŝŶ ŽƵƌ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐŽĨdŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶLJ>ŝŵŝƚĞĚ ƐĞůĞĐƚĞĚ ĚĞƉĞŶĚ ŽŶ ƚŚĞ ĂƵĚŝƚŽƌƐ͛ ũƵĚŐĞŵĞŶƚ͕ ŝŶĐůƵĚŝŶŐ ƚĞƌŵƐŽĨƐĞĐƟŽŶϭϰϯ;ϭϭͿŽĨƚŚĞĐƚ͕ǁĞŐŝǀĞŝŶ͞ŶŶĞdžƵƌĞ͕͟Ă ŽƉŝŶŝŽŶĂŶĚƚŽƚŚĞďĞƐƚŽĨŽƵƌŝŶĨŽƌŵĂƟŽŶĂŶĚĂĐĐŽƌĚŝŶŐ ;͞ƚŚĞ ŽŵƉĂŶLJ͟Ϳ͕ ǁŚŝĐŚ ĐŽŵƉƌŝƐĞ ƚŚĞ ĂůĂŶĐĞ ƐŚĞĞƚ ĂƐ Ăƚ ƚŚĞ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ƚŚĞ ƌŝƐŬƐ ŽĨ ŵĂƚĞƌŝĂů ŵŝƐƐƚĂƚĞŵĞŶƚ ŽĨ ƐƚĂƚĞŵĞŶƚŽŶƚŚĞŵĂƩĞƌƐƐƉĞĐŝĮĞĚŝŶƚŚĞƉĂƌĂŐƌĂƉŚƐϯĂŶĚϰ ƚŽƚŚĞĞdžƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽƵƐ͗ DĂƌĐŚϯϭ͕ϮϬϭϴ͕ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚĂŶĚůŽƐƐ;ŝŶĐůƵĚŝŶŐ ƚŚĞ ƐƚĂŶĚĂůŽŶĞ /ŶĚ ^ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕ ǁŚĞƚŚĞƌ ĚƵĞ ŽĨƚŚĞKƌĚĞƌ͘ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞͿ͕ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ ĐŚĂŶŐĞƐ ƚŽ ĨƌĂƵĚ Žƌ ĞƌƌŽƌ͘ /Ŷ ŵĂŬŝŶŐ ƚŚŽƐĞ ƌŝƐŬ ĂƐƐĞƐƐŵĞŶƚƐ͕ ƚŚĞ  ŝ͘ ƚŚĞŽŵƉĂŶLJŚĂƐĚŝƐĐůŽƐĞĚƚŚĞŝŵƉĂĐƚŽĨƉĞŶĚŝŶŐ ŝŶĞƋƵŝƚLJĂŶĚƚŚĞ^ƚĂƚĞŵĞŶƚŽĨĐĂƐŚŇŽǁƐĨŽƌƚŚĞLJĞĂƌƚŚĞŶ ĂƵĚŝƚŽƌ ĐŽŶƐŝĚĞƌƐ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽů ƌĞůĞǀĂŶƚ ƚŽ ƚŚĞ ƐƌĞƋƵŝƌĞĚďLJƐĞĐƟŽŶϭϰϯ;ϯͿŽĨƚŚĞĐƚ͕ǁĞƌĞƉŽƌƚƚŚĂƚ͗ ůŝƟŐĂƟŽŶƐŽŶŝƚƐĮŶĂŶĐŝĂůƉŽƐŝƟŽŶŝŶŝƚƐƐƚĂŶĚĂůŽŶĞ ĞŶĚĞĚ͕ĂŶĚĂƐƵŵŵĂƌLJŽĨƚŚĞ^ŝŐŶŝĮĐĂŶƚĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐ ŽŵƉĂŶLJ͛Ɛ ƉƌĞƉĂƌĂƟŽŶ ŽĨ ƚŚĞ ƐƚĂŶĚĂůŽŶĞ /ŶĚ ^ ĮŶĂŶĐŝĂů /ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐʹZĞĨĞƌEŽƚĞϮϵĂŶĚEŽƚĞ ĂŶĚKƚŚĞƌĞdžƉůĂŶĂƚŽƌLJŝŶĨŽƌŵĂƟŽŶ;ŚĞƌĞŝŶĂŌĞƌƌĞĨĞƌƌĞĚƚŽĂƐ ƐƚĂƚĞŵĞŶƚƐƚŚĂƚŐŝǀĞĂƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁŝŶŽƌĚĞƌƚŽĚĞƐŝŐŶ ;ĂͿ ǁĞ ŚĂǀĞ ƐŽƵŐŚƚ ĂŶĚ ŽďƚĂŝŶĞĚ Ăůů ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ϯϲƚŽƚŚĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͖ ͞ƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͟Ϳ͘ ĂƵĚŝƚƉƌŽĐĞĚƵƌĞƐƚŚĂƚĂƌĞĂƉƉƌŽƉƌŝĂƚĞŝŶƚŚĞĐŝƌĐƵŵƐƚĂŶĐĞƐ͘ ĞdžƉůĂŶĂƟŽŶƐ͕ǁŚŝĐŚƚŽƚŚĞďĞƐƚŽĨŽƵƌŬŶŽǁůĞĚŐĞĂŶĚ Ŷ ĂƵĚŝƚ ĂůƐŽ ŝŶĐůƵĚĞƐ ĞǀĂůƵĂƟŶŐ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐ ŽĨ ďĞůŝĞĨ͕ǁĞƌĞŶĞĐĞƐƐĂƌLJĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨŽƵƌĂƵĚŝƚ͖  ŝŝ͘ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ŵĂĚĞ ƉƌŽǀŝƐŝŽŶ͕ ĂƐ ƌĞƋƵŝƌĞĚ Management’s Responsibility for the Standalone Ind AS ƚŚĞĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐƵƐĞĚĂŶĚƚŚĞƌĞĂƐŽŶĂďůĞŶĞƐƐŽĨƚŚĞ ƵŶĚĞƌƚŚĞĂƉƉůŝĐĂďůĞůĂǁŽƌĂĐĐŽƵŶƟŶŐƐƚĂŶĚĂƌĚƐ͕ Financial Statements ĂĐĐŽƵŶƟŶŐ ĞƐƟŵĂƚĞƐ ŵĂĚĞ ďLJ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŝƌĞĐƚŽƌƐ͕ ĂƐ ;ďͿ ŝŶŽƵƌŽƉŝŶŝŽŶ͕ƉƌŽƉĞƌŬƐŽĨĂĐĐŽƵŶƚĂƐƌĞƋƵŝƌĞĚďLJ ĨŽƌŵĂƚĞƌŝĂůĨŽƌĞƐĞĞĂďůĞůŽƐƐĞƐ͕ŝĨĂŶLJ͕ŽŶůŽŶŐͲƚĞƌŵ dŚĞ ŽŵƉĂŶLJ͛Ɛ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ǁĞůůĂƐĞǀĂůƵĂƟŶŐƚŚĞŽǀĞƌĂůůƉƌĞƐĞŶƚĂƟŽŶŽĨƚŚĞƐƚĂŶĚĂůŽŶĞ ůĂǁŚĂǀĞďĞĞŶŬĞƉƚďLJƚŚĞŽŵƉĂŶLJƐŽĨĂƌĂƐŝƚĂƉƉĞĂƌƐ ĐŽŶƚƌĂĐƚƐ͕ŝŶĐůƵĚŝŶŐĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ͖ ŵĂƩĞƌƐƐƚĂƚĞĚŝŶƐĞĐƟŽŶϭϯϰ;ϱͿŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ /ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ ĨƌŽŵŽƵƌĞdžĂŵŝŶĂƟŽŶŽĨƚŚŽƐĞŬƐ͖ ;͞ƚŚĞĐƚ͟ͿǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞƉƌĞƉĂƌĂƟŽŶŽĨƚŚĞƐĞƐƚĂŶĚĂůŽŶĞ  ŝŝŝ͘ ƚŚĞƌĞ ŚĂƐ ďĞĞŶ ŶŽ ĚĞůĂLJ ŝŶ ƚƌĂŶƐĨĞƌƌŝŶŐ ĂŵŽƵŶƚƐ͕ /ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƚŚĂƚŐŝǀĞĂƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁŽĨ tĞ ďĞůŝĞǀĞ ƚŚĂƚ ƚŚĞ ĂƵĚŝƚ ĞǀŝĚĞŶĐĞ ǁĞ ŚĂǀĞ ŽďƚĂŝŶĞĚ ŝƐ ;ĐͿ ƚŚĞƐƚĂŶĚĂůŽŶĞĂůĂŶĐĞƐŚĞĞƚ͕ƚŚĞƐƚĂŶĚĂůŽŶĞ^ƚĂƚĞŵĞŶƚ ƌĞƋƵŝƌĞĚƚŽďĞƚƌĂŶƐĨĞƌƌĞĚ͕ƚŽƚŚĞ/ŶǀĞƐƚŽƌĚƵĐĂƟŽŶ ƚŚĞ ƐƚĂƚĞ ŽĨ ĂīĂŝƌƐ͕ ƉƌŽĮƚ ;ŝŶĐůƵĚŝŶŐ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ ƐƵĸĐŝĞŶƚ ĂŶĚ ĂƉƉƌŽƉƌŝĂƚĞ ƚŽ ƉƌŽǀŝĚĞ Ă ďĂƐŝƐ ĨŽƌ ŽƵƌ ĂƵĚŝƚ ŽĨ WƌŽĮƚ ĂŶĚ >ŽƐƐ ;ŝŶĐůƵĚŝŶŐ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ĂŶĚ WƌŽƚĞĐƟŽŶ &ƵŶĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ ĚƵƌŝŶŐ ƚŚĞ /ŶĐŽŵĞͿ͕ĐŚĂŶŐĞƐŝŶĞƋƵŝƚLJĂŶĚĐĂƐŚŇŽǁƐŽĨƚŚĞŽŵƉĂŶLJŝŶ ŽƉŝŶŝŽŶŽŶƚŚĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ ŝŶĐŽŵĞͿ͕ƚŚĞƐƚĂŶĚĂůŽŶĞ^ƚĂƚĞŵĞŶƚŽĨĐĂƐŚŇŽǁƐĂŶĚƚŚĞ LJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͖ĂŶĚ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂĐĐŽƵŶƟŶŐƉƌŝŶĐŝƉůĞƐŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚ ƐƚĂŶĚĂůŽŶĞ^ƚĂƚĞŵĞŶƚŽĨĐŚĂŶŐĞƐŝŶĞƋƵŝƚLJĚĞĂůƚǁŝƚŚďLJ ŝŶ/ŶĚŝĂ͕ŝŶĐůƵĚŝŶŐƚŚĞ/ŶĚŝĂŶĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚƐ;/ŶĚ^Ϳ Opinion ƚŚŝƐƌĞƉŽƌƚĂƌĞŝŶĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞŬƐŽĨĂĐĐŽƵŶƚ͖  ŝǀ͘ ƚŚĞĚŝƐĐůŽƐƵƌĞ ŝŶ ƚŚĞ ƐƚĂŶĚĂůŽŶĞ /ŶĚ ^ ĮŶĂŶĐŝĂů ƉƌĞƐĐƌŝďĞĚƵŶĚĞƌƐĞĐƟŽŶϭϯϯŽĨƚŚĞĐƚ͘ /ŶŽƵƌŽƉŝŶŝŽŶĂŶĚƚŽƚŚĞďĞƐƚŽĨŽƵƌŝŶĨŽƌŵĂƟŽŶĂŶĚĂĐĐŽƌĚŝŶŐ ƐƚĂƚĞŵĞŶƚƐ ƌĞŐĂƌĚŝŶŐ ŚŽůĚŝŶŐƐ ĂƐ ǁĞůů ĂƐ ĚĞĂůŝŶŐƐ ƚŽƚŚĞĞdžƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽƵƐ͕ƚŚĞĂĨŽƌĞƐĂŝĚƐƚĂŶĚĂůŽŶĞ/ŶĚ ;ĚͿ ŝŶŽƵƌŽƉŝŶŝŽŶ͕ƚŚĞĂĨŽƌĞƐĂŝĚƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂů ŝŶ ^ƉĞĐŝĮĞĚ ĂŶŬ EŽƚĞƐ ĚƵƌŝŶŐ ƚŚĞ ƉĞƌŝŽĚ ĨƌŽŵ dŚŝƐ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ĂůƐŽ ŝŶĐůƵĚĞƐ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ĂĚĞƋƵĂƚĞ ^ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŐŝǀĞ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ƌĞƋƵŝƌĞĚ ďLJ ƐƚĂƚĞŵĞŶƚƐĐŽŵƉůLJǁŝƚŚƚŚĞ/ŶĚŝĂŶĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚƐ EŽǀĞŵďĞƌϴ͕ϮϬϭϲƚŽĞĐĞŵďĞƌϯϬ͕ϮϬϭϲŚĂǀĞŶŽƚ ĂĐĐŽƵŶƟŶŐ ƌĞĐŽƌĚƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚĞĐƚŝŶƚŚĞŵĂŶŶĞƌƐŽƌĞƋƵŝƌĞĚĂŶĚŐŝǀĞĂƚƌƵĞĂŶĚĨĂŝƌ ;/ŶĚ^ͿƉƌĞƐĐƌŝďĞĚƵŶĚĞƌƐĞĐƟŽŶϭϯϯŽĨƚŚĞĐƚ͖ ďĞĞŶŵĂĚĞƐŝŶĐĞƚŚĞLJĚŽŶŽƚƉĞƌƚĂŝŶƚŽƚŚĞĮŶĂŶĐŝĂů ƚŚĞĐƚĨŽƌƐĂĨĞŐƵĂƌĚŝŶŐƚŚĞĂƐƐĞƚƐŽĨƚŚĞŽŵƉĂŶLJĂŶĚĨŽƌ ǀŝĞǁŝŶĐŽŶĨŽƌŵŝƚLJǁŝƚŚƚŚĞĂĐĐŽƵŶƟŶŐƉƌŝŶĐŝƉůĞƐŐĞŶĞƌĂůůLJ LJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͘ ƉƌĞǀĞŶƟŶŐ ĂŶĚ ĚĞƚĞĐƟŶŐ ĨƌĂƵĚƐ ĂŶĚ ŽƚŚĞƌ ŝƌƌĞŐƵůĂƌŝƟĞƐ͖ ĂĐĐĞƉƚĞĚŝŶ/ŶĚŝĂŽĨƚŚĞƐƚĂƚĞŽĨĂīĂŝƌƐŽĨƚŚĞŽŵƉĂŶLJĂƐĂƚ ;ĞͿ ŽŶƚŚĞďĂƐŝƐŽĨƚŚĞǁƌŝƩĞŶƌĞƉƌĞƐĞŶƚĂƟŽŶƐƌĞĐĞŝǀĞĚĨƌŽŵ For B S R & Co. LLP ƐĞůĞĐƟŽŶĂŶĚĂƉƉůŝĐĂƟŽŶŽĨĂƉƉƌŽƉƌŝĂƚĞĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐ͖ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ͕ ŝƚƐ ƉƌŽĮƚ ;ŝŶĐůƵĚŝŶŐ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ ƚŚĞĚŝƌĞĐƚŽƌƐĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴƚĂŬĞŶŽŶƌĞĐŽƌĚďLJƚŚĞ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ ŵĂŬŝŶŐ ũƵĚŐĞŵĞŶƚƐ ĂŶĚ ĞƐƟŵĂƚĞƐ ƚŚĂƚ ĂƌĞ ƌĞĂƐŽŶĂďůĞ ĂŶĚ /ŶĐŽŵĞͿ͕ ĐŚĂŶŐĞƐ ŝŶ ĞƋƵŝƚLJ ĂŶĚ ŝƚƐ ĐĂƐŚ ŇŽǁƐ ĨŽƌ ƚŚĞ LJĞĂƌ ďŽĂƌĚŽĨĚŝƌĞĐƚŽƌƐ͕ŶŽŶĞŽĨƚŚĞĚŝƌĞĐƚŽƌƐŝƐĚŝƐƋƵĂůŝĮĞĚĂƐŽŶ &ŝƌŵ͛ƐZĞŐŝƐƚƌĂƟŽŶEŽ͗ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ ƉƌƵĚĞŶƚ͖ ĂŶĚ ĚĞƐŝŐŶ͕ ŝŵƉůĞŵĞŶƚĂƟŽŶ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ĞŶĚĞĚŽŶƚŚĂƚĚĂƚĞ͘ DĂƌĐŚϯϭ͕ϮϬϭϴĨƌŽŵďĞŝŶŐĂƉƉŽŝŶƚĞĚĂƐĂĚŝƌĞĐƚŽƌŝŶ ĂĚĞƋƵĂƚĞ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ƚŚĂƚ ǁĞƌĞ ŽƉĞƌĂƟŶŐ ƚĞƌŵƐŽĨƐĞĐƟŽŶϭϲϰ;ϮͿŽĨƚŚĞĐƚ͖ sŝũĂLJŚĂƩ ĞīĞĐƟǀĞůLJ ĨŽƌ ĞŶƐƵƌŝŶŐ ƚŚĞ ĂĐĐƵƌĂĐLJ ĂŶĚ ĐŽŵƉůĞƚĞŶĞƐƐ ŽĨ KƚŚĞƌDĂƩĞƌƐ WĂƌƚŶĞƌ ƚŚĞ ĂĐĐŽƵŶƟŶŐ ƌĞĐŽƌĚƐ͕ ƌĞůĞǀĂŶƚ ƚŽ ƚŚĞ ƉƌĞƉĂƌĂƟŽŶ ĂŶĚ dŚĞ ĂƵĚŝƚĞĚ /ŶĚ ^ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ ;ĨͿ ǁŝƚŚƌĞƐƉĞĐƚ ƚŽ ƚŚĞ ĂĚĞƋƵĂĐLJ ŽĨ ƚŚĞ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů DĞŵďĞƌƐŚŝƉEŽ͗Ϭϯϲϲϰϳ ƉƌĞƐĞŶƚĂƟŽŶ ŽĨ ƚŚĞ ƐƚĂŶĚĂůŽŶĞ /ŶĚ ^ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽŵƉĂŶLJ ĨŽƌ ƚŚĞ ĐŽƌƌĞƐƉŽŶĚŝŶŐ LJĞĂƌ ĞŶĚĞĚ ĐŽŶƚƌŽůƐǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽƚŚĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ DƵŵďĂŝ͕DĂLJϮϱ͕ϮϬϭϴ ƚŚĂƚ ŐŝǀĞ Ă ƚƌƵĞ ĂŶĚ ĨĂŝƌ ǀŝĞǁ ĂŶĚ ĂƌĞ ĨƌĞĞ ĨƌŽŵ ŵĂƚĞƌŝĂů DĂƌĐŚϯϭ͕ϮϬϭϳŝŶĐůƵĚĞĚŝŶƚŚĞƐĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂů ŽĨƚŚĞŽŵƉĂŶLJĂŶĚƚŚĞŽƉĞƌĂƟŶŐĞīĞĐƟǀĞŶĞƐƐŽĨƐƵĐŚ ŵŝƐƐƚĂƚĞŵĞŶƚ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘ ƐƚĂƚĞŵĞŶƚƐ͕ŚĂǀĞďĞĞŶĂƵĚŝƚĞĚďLJƚŚĞƉƌĞĚĞĐĞƐƐŽƌĂƵĚŝƚŽƌƐ ĐŽŶƚƌŽůƐ͕ƌĞĨĞƌƚŽŽƵƌƐĞƉĂƌĂƚĞZĞƉŽƌƚŝŶ͞ŶŶĞdžƵƌĞ͖͟ ǁŚŽƐĞ ĂƵĚŝƚ ƌĞƉŽƌƚ ĚĂƚĞĚ DĂLJ Ϯϲ͕ ϮϬϭϳ ĞdžƉƌĞƐƐĞĚ ĂŶ ĂŶĚ Auditors’ Responsibility ƵŶŵŽĚŝĮĞĚ ŽƉŝŶŝŽŶ ŽŶ ƚŚŽƐĞ ĂƵĚŝƚĞĚ ƐƚĂŶĚĂůŽŶĞ /ŶĚ ^ KƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJŝƐƚŽĞdžƉƌĞƐƐĂŶŽƉŝŶŝŽŶŽŶƚŚĞƐĞƐƚĂŶĚĂůŽŶĞ ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘KƵƌŽƉŝŶŝŽŶŝƐŶŽƚŵŽĚŝĮĞĚŝŶƌĞƐƉĞĐƚ /ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐďĂƐĞĚŽŶŽƵƌĂƵĚŝƚ͘ ŽĨƚŚŝƐŵĂƩĞƌ͘ tĞ ŚĂǀĞ ƚĂŬĞŶ ŝŶƚŽ ĂĐĐŽƵŶƚ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚĞ Đƚ͕ ƚŚĞ dŚĞĮŐƵƌĞƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳŝŶĐůƵĚĞĚŝŶ ĂĐĐŽƵŶƟŶŐ ĂŶĚ ĂƵĚŝƟŶŐ ƐƚĂŶĚĂƌĚƐ ĂŶĚ ŵĂƩĞƌƐ ǁŚŝĐŚ ƚŚĞ ƐƚĂŶĚĂůŽŶĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ĂƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ďĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ĂƵĚŝƚ ƌĞƉŽƌƚ ƵŶĚĞƌ ƚŚĞ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ͕ ŚĂǀĞ ďĞĞŶ ƌĞƐƚĂƚĞĚ ƚŽ ŐŝǀĞ ĞīĞĐƚƐ ƚŽ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĐƚĂŶĚƚŚĞZƵůĞƐŵĂĚĞƚŚĞƌĞƵŶĚĞƌ͘ ƐĐŚĞŵĞŽĨĂŵĂůŐĂŵĂƟŽŶŽĨd/&K,ŽůĚŝŶŐƐ>ŝŵŝƚĞĚ;ĂǁŚŽůůLJ ŽǁŶĞĚ ƐƵďƐŝĚŝĂƌLJͿ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶLJ ƉƵƌƐƵĂŶƚ ƚŽ ĂŶ ŽƌĚĞƌ tĞĐŽŶĚƵĐƚĞĚŽƵƌĂƵĚŝƚŽĨƚŚĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂů ŽĨ EĂƟŽŶĂů ŽŵƉĂŶLJ >Ăǁ dƌŝďƵŶĂů ĚĂƚĞĚ DĂƌĐŚ ϴ͕ ϮϬϭϴ͕ ƐƚĂƚĞŵĞŶƚƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ^ƚĂŶĚĂƌĚƐ ŽŶ ƵĚŝƟŶŐ ĨƌŽŵƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞƉƌĞĐĞĚŝŶŐLJĞĂƌ;ŝ͘ĞƉƌŝůϭ͕ϮϬϭϲͿ ƐƉĞĐŝĮĞĚƵŶĚĞƌƐĞĐƟŽŶϭϰϯ;ϭϬͿŽĨƚŚĞĐƚ͘dŚŽƐĞ^ƚĂŶĚĂƌĚƐ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ/ŶĚ^͘KƵƌŽƉŝŶŝŽŶŝƐŶŽƚŵŽĚŝĮĞĚŝŶ ƌĞƋƵŝƌĞƚŚĂƚǁĞĐŽŵƉůLJǁŝƚŚĞƚŚŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƉůĂŶ ƌĞƐƉĞĐƚŽĨƚŚĞĂďŽǀĞŵĂƩĞƌ͘ ĂŶĚƉĞƌĨŽƌŵƚŚĞĂƵĚŝƚƚŽŽďƚĂŝŶƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĂďŽƵƚ ǁŚĞƚŚĞƌƚŚĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞĨƌĞĞ ĨƌŽŵŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͘

122 Annual Report 2017-18 123 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Annexure ‘A’ to the Independent Auditor’s Report ĂŶĚ^ĞƌǀŝĐĞƐdĂdžĂŶĚsĂůƵĞĚĚĞĚdĂdžĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ͕ǁŚŝĐŚŚĂǀĞŶŽƚďĞĞŶĚĞƉŽƐŝƚĞĚǁŝƚŚƚŚĞĂƉƉƌŽƉƌŝĂƚĞ ĂƵƚŚŽƌŝƟĞƐŽŶĂĐĐŽƵŶƚŽĨĂŶLJĚŝƐƉƵƚĞ͕ĞdžĐĞƉƚĂƐƐƚĂƚĞĚďĞůŽǁ͗ tŝƚŚ ƌĞĨĞƌĞŶĐĞ ƚŽ ƚŚĞ ŶŶĞdžƵƌĞ  ƌĞĨĞƌƌĞĚ ƚŽ ŝŶ ƚŚĞ ƐƚŽĐŬƐĂŶĚƚŚĞŬƌĞĐŽƌĚƐǁĞƌĞŶŽƚŵĂƚĞƌŝĂůĂŶĚŚĂǀĞ /ŶĚĞƉĞŶĚĞŶƚ ƵĚŝƚŽƌƐ͛ ZĞƉŽƌƚ ƚŽ ƚŚĞ ŵĞŵďĞƌƐ ŽĨ ƚŚĞ ďĞĞŶƉƌŽƉĞƌůLJĚĞĂůƚǁŝƚŚŝŶŬƐŽĨĂĐĐŽƵŶƚ͘ (`ŝŶĐƌŽƌĞƐͿ ŽŵƉĂŶLJŽŶƚŚĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌ ;ŝŝŝͿ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ĞdžƉůĂŶĂƟŽŶƐ ŐŝǀĞŶ ƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͕ǁĞƌĞƉŽƌƚƚŚĞĨŽůůŽǁŝŶŐ͗ ƚŽƵƐƚŚĞŽŵƉĂŶLJŚĂƐŶŽƚŐƌĂŶƚĞĚĂŶLJůŽĂŶƐ͕ƐĞĐƵƌĞĚ Name of Act Nature of Dues Amount Amount not Period to Forum where dispute is pending Demanded Deposited which amount ;ŝͿ ;ĂͿ dŚĞ ŽŵƉĂŶLJ ŚĂƐ ŵĂŝŶƚĂŝŶĞĚ ƉƌŽƉĞƌ ƌĞĐŽƌĚƐ Žƌ ƵŶƐĞĐƵƌĞĚ͕ ƚŽ ĐŽŵƉĂŶŝĞƐ͕ ĮƌŵƐ͕ ůŝŵŝƚĞĚ ůŝĂďŝůŝƚLJ / Under relates ƐŚŽǁŝŶŐ ĨƵůů ƉĂƌƟĐƵůĂƌƐ͕ ŝŶĐůƵĚŝŶŐ ƋƵĂŶƟƚĂƟǀĞ ƉĂƌƚŶĞƌƐŚŝƉƐ Žƌ ŽƚŚĞƌ ƉĂƌƟĞƐ ĐŽǀĞƌĞĚ ŝŶ ƚŚĞ ƌĞŐŝƐƚĞƌ Disputes (Financial ĚĞƚĂŝůƐĂŶĚƐŝƚƵĂƟŽŶŽĨĮdžĞĚĂƐƐĞƚƐ͘ ŵĂŝŶƚĂŝŶĞĚ ƵŶĚĞƌ ƐĞĐƟŽŶ ϭϴϵ ŽĨ ƚŚĞ ŽŵƉĂŶŝĞƐ Đƚ͕ Year)  ;ďͿ dŚĞŽŵƉĂŶLJŚĂƐĂƌĞŐƵůĂƌƉƌŽŐƌĂŵŵĞŽĨƉŚLJƐŝĐĂů ϮϬϭϯ ;͚ƚŚĞ Đƚ͛Ϳ͘  ĐĐŽƌĚŝŶŐůLJ͕ ƉĂƌĂŐƌĂƉŚƐ ϯ ;ŝŝŝͿ;ĂͿ͕ ;ďͿ ^ĂůĞƐdĂdžĂŶĚsĂůƵĞ dĂdž͕WĞŶĂůƚLJĂŶĚ ϲ͘Ϭϲ ϰ͘ϳϲ ϭϵϵϳʹϭϵϵϴƚŽ :ŽŝŶƚŽŵŵŝƐƐŝŽŶĞƌ;ƉƉĞĂůƐͿ ǀĞƌŝĮĐĂƟŽŶŽĨŝƚƐĮdžĞĚĂƐƐĞƚƐďLJǁŚŝĐŚĂůůƚŚĞĮdžĞĚ ĂŶĚ;ĐͿŽĨƚŚĞKƌĚĞƌĂƌĞŶŽƚĂƉƉůŝĐĂďůĞƚŽƚŚĞŽŵƉĂŶLJ͘ ĚĚĞĚdĂdž /ŶƚĞƌĞƐƚ ϮϬϬϰͲϮϬϬϱ ĂƐƐĞƚƐĂƌĞǀĞƌŝĮĞĚŝŶĂƉŚĂƐĞĚŵĂŶŶĞƌŽǀĞƌĂƉĞƌŝŽĚ ;ŝǀͿ /ŶŽƵƌ ŽƉŝŶŝŽŶ ĂŶĚ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ϭϬ͘ϭϬ ϵ͘ϯϬ ϮϬϬϱͲϮϬϬϵΘ ŽĨ ƚŚƌĞĞ LJĞĂƌƐ͘ /Ŷ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚŝƐ ƉƌŽŐƌĂŵ͕ ĞdžƉůĂŶĂƟŽŶŐŝǀĞŶƚŽƵƐ͕ƚŚĞŽŵƉĂŶLJŚĂƐŶŽƚŐƌĂŶƚĞĚ ϮϬϭϬͲϮϬϭϭ Ă ƉŽƌƟŽŶ ŽĨ ƚŚĞ ĮdžĞĚ ĂƐƐĞƚƐ ŚĂƐ ďĞĞŶ ƉŚLJƐŝĐĂůůLJ ĂŶLJ ůŽĂŶƐ͕ Žƌ ƉƌŽǀŝĚĞĚ ĂŶLJ ŐƵĂƌĂŶƚĞĞƐ Žƌ ƐĞĐƵƌŝƚLJ ƚŽ Ϭ͘ϭϴ Ϭ͘ϭϴ ϮϬϬϲͲϮϬϬϴ ĚĚŝƟŽŶĂůŽŵŵŝƐƐŝŽŶĞƌ Ϭ͘ϲϲ Ͳ ϮϬϭϬͲϮϬϭϭƚŽ ǀĞƌŝĮĞĚ ďLJ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ ĂŶĚ ƚŚĞƉĂƌƟĞƐĐŽǀĞƌĞĚƵŶĚĞƌƐĞĐƟŽŶϭϴϱŽĨƚŚĞĐƚ͘dŚĞ ϮϬϭϱͲϮϬϭϲ ŶŽ ŵĂƚĞƌŝĂů ĚŝƐĐƌĞƉĂŶĐŝĞƐ ŚĂǀĞ ďĞĞŶ ŶŽƟĐĞĚ ŽŶ ŽŵƉĂŶLJŚĂƐĐŽŵƉůŝĞĚǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƐĞĐƟŽŶϭϴϲ Ϭ͘ϯϰ Ϭ͘ϯϰ ϭϵϵϮʹϭϵϵϯƚŽ ŽŵŵŝƐƐŝŽŶĞƌ;ƉƉĞĂůƐͿ ƐƵĐŚǀĞƌŝĮĐĂƟŽŶ͘/ŶŽƵƌŽƉŝŶŝŽŶ͕ƚŚŝƐƉĞƌŝŽĚŝĐŝƚLJŽĨ ŽĨƚŚĞĐƚŝŶƌĞƐƉĞĐƚŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚƐĂŶĚŐƵĂƌĂŶƚĞĞƐ ϭϵϵϱͲϭϵϵϲ ƉŚLJƐŝĐĂůǀĞƌŝĮĐĂƟŽŶŝƐƌĞĂƐŽŶĂďůĞŚĂǀŝŶŐƌĞŐĂƌĚƚŽ ŵĂĚĞ͘dŚĞŽŵƉĂŶLJŚĂƐŶŽƚƉƌŽǀŝĚĞĚĂŶLJƐĞĐƵƌŝƚLJƚŽƚŚĞ 1.91 1.91 ϮϬϬϱͲϮϬϬϲƚŽ ƚŚĞƐŝnjĞŽĨƚŚĞŽŵƉĂŶLJĂŶĚƚŚĞŶĂƚƵƌĞŽĨŝƚƐĂƐƐĞƚƐ͘ ƉĂƌƟĞƐĐŽǀĞƌĞĚƵŶĚĞƌƐĞĐƟŽŶϭϴϲŽĨƚŚĞĐƚ͘ ϮϬϭϮͲϮϬϭϯ  ;ĐͿ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ĞdžƉůĂŶĂƟŽŶƐ ;ǀͿ /ŶŽƵƌ ŽƉŝŶŝŽŶ͕ ĂŶĚ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ Ϭ͘ϬϮ Ϭ͘ϬϮ ϮϬϬϱʹϮϬϬϲ ƐƐŝƐƚĂŶƚͬĞƉƵƚLJŽŵŵŝƐƐŝŽŶĞƌ ŐŝǀĞŶ ƚŽ ƵƐ ĂŶĚ ŽŶ ƚŚĞ ďĂƐŝƐ ŽĨ ŽƵƌ ĞdžĂŵŝŶĂƟŽŶ ĞdžƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽƵƐ͕ƚŚĞŽŵƉĂŶLJŚĂƐŶŽƚĂĐĐĞƉƚĞĚ Ϯ͘ϵϴ Ϯ͘ϱϰ ϮϬϭϭʹϮϬϭϮƚŽ ϮϬϭϳͲϮϬϭϴ ŽĨ ƚŚĞ ƌĞĐŽƌĚƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͕ ƚŚĞ ƟƚůĞ ĚĞĞĚƐ͕ ĚĞƉŽƐŝƚƐĂƐƉĞƌƚŚĞĚŝƌĞĐƟǀĞƐŝƐƐƵĞĚďLJƚŚĞZĞƐĞƌǀĞĂŶŬ ĐŽŵƉƌŝƐŝŶŐ Ăůů ƚŚĞ ŝŵŵŽǀĂďůĞ ƉƌŽƉĞƌƟĞƐ ŽĨ ůĂŶĚ ŽĨ/ŶĚŝĂĂŶĚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƐĞĐƟŽŶƐϳϯƚŽϳϲŽƌĂŶLJ ĂŶĚďƵŝůĚŝŶŐƐ͕ĂƌĞŚĞůĚŝŶƚŚĞŶĂŵĞŽĨƚŚĞŽŵƉĂŶLJ ŽƚŚĞƌƌĞůĞǀĂŶƚƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĐƚĂŶĚƚŚĞƌƵůĞƐĨƌĂŵĞĚ dŚĞ/ŶĐŽŵĞdĂdžĐƚ͕ dĂdžĂŶĚ/ŶƚĞƌĞƐƚ ϭϮϱ͘ϱϭ ϭϬϮ͘ϵϯ ϮϬϭϮʹϮϬϭϯ ŽŵŵŝƐƐŝŽŶĞƌ;ƉƉĞĂůƐͿ ĂƐĂƚƚŚĞĂůĂŶĐĞ^ŚĞĞƚĚĂƚĞĞdžĐĞƉƚŝŶƌĞƐƉĞĐƚŽĨ͗ ƚŚĞƌĞƵŶĚĞƌ͘ĐĐŽƌĚŝŶŐůLJ͕ƉĂƌĂŐƌĂƉŚϯ;ǀͿŽĨƚŚĞKƌĚĞƌŝƐ ϭϵϲϭ Ϯ͘Ϯϱ Ϯ͘Ϯϱ ϮϬϬϵʹϮϬϭϬƚŽ ƐƐĞƐƐŝŶŐKĸĐĞƌ ϮϬϭϯͲϮϬϭϰ z ŽŶĞƉůŽƚŽĨůĞĂƐĞŚŽůĚůĂŶĚĂŐŐƌĞŐĂƟŶŐ` 1.91 ŶŽƚĂƉƉůŝĐĂďůĞƚŽƚŚĞŽŵƉĂŶLJ͘ ϱϭ͘ϬϬ ϯϰ͘Ϯϰ ϮϬϬϵʹϮϬϭϬΘ dƌŝďƵŶĂů ĐƌŽƌĞ ;'ƌŽƐƐ ůŽĐŬ ` ϭ͘ϵϭ ĐƌŽƌĞƐͿ ǁŚŝĐŚ ŝƐ ŝŶ ;ǀŝͿ dŚĞ ĞŶƚƌĂů 'ŽǀĞƌŶŵĞŶƚ ŚĂƐ ŶŽƚ ƉƌĞƐĐƌŝďĞĚ ϮϬϭϭʹϮϬϭϮ ƉŚLJƐŝĐĂů ƉŽƐƐĞƐƐŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ĂŶĚ ƚŚĞ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ĐŽƐƚ ƌĞĐŽƌĚƐ ƵŶĚĞƌ ƐĞĐƟŽŶ ϭϰϴ;ϭͿ ŽĨ dŚĞ&ŝŶĂŶĐĞĐƚ͕ dĂdž͕WĞŶĂůƚLJĂŶĚ Ϭ͘ϭϲ Ϭ͘ϭϲ ϮϬϬϮͲϮϬϬϯ ŽŵŵŝƐƐŝŽŶĞƌ;ƉƉĞĂůƐͿ ƐĞƩůĞŵĞŶƚŽĨƚŚĞůĞĂƐĞĚĞĞĚŝŶĨĂǀŽƵƌŽĨƚŚĞ ƚŚĞĐƚ͘ĐĐŽƌĚŝŶŐůLJ͕ƉĂƌĂŐƌĂƉŚϯ;ǀŝͿŽĨƚŚĞKƌĚĞƌŝƐŶŽƚ ϭϵϵϰ /ŶƚĞƌĞƐƚ ϯ͘ϵϱ ϯ͘ϳϮ ϮϬϬϲʹϮϬϬϳƚŽ ŽŵƉĂŶLJŝƐďĞŝŶŐƉƌŽĐĞƐƐĞĚ͘ ĂƉƉůŝĐĂďůĞƚŽƚŚĞŽŵƉĂŶLJ͘ ϮϬϭϲͲϮϬϭϳ Ϭ͘ϭϮ Ϭ͘ϭϭ ϮϬϭϮͲϮϬϭϯ ĚĚŝƟŽŶĂůŽŵŵŝƐƐŝŽŶĞƌ z `  ŽŶĞŚŽƚĞůďƵŝůĚŝŶŐĂŐŐƌĞŐĂƟŶŐ ϭϲ͘ϱϰĐƌŽƌĞƐ ;ǀŝŝͿ ;ĂͿ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ĞdžƉůĂŶĂƟŽŶƐ Ϭ͘ϴϴ Ϭ͘ϴϳ ϮϬϬϲʹϮϬϬϳƚŽ :ŽŝŶƚŽŵŵŝƐƐŝŽŶĞƌ;ƉƉĞĂůƐͿ ;'ƌŽƐƐůŽĐŬ`ϭϴ͘ϱϯĐƌŽƌĞƐͿ͕ǁŚŝĐŚŝƐďƵŝůƚŽŶ ŐŝǀĞŶƚŽƵƐĂŶĚŽŶƚŚĞďĂƐŝƐŽĨŽƵƌĞdžĂŵŝŶĂƟŽŶŽĨ ϮϬϭϲͲϮϬϭϳ ůĂŶĚƚĂŬĞŶŽŶůĞĂƐĞĂŶĚĚŝƐĐůŽƐĞĚĂƐĂƉĂƌƚŽĨ ƚŚĞ ƌĞĐŽƌĚƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͕ ĂŵŽƵŶƚƐ ĚĞĚƵĐƚĞĚ ϴ͘ϭϲ Ϯ͘ϳϲ ϮϬϬϲͲϮϬϬϳƚŽ dƌŝďƵŶĂů ƚŚĞĮdžĞĚĂƐƐĞƚƐŝŶƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘dŚĞ ͬ ĂĐĐƌƵĞĚ ŝŶ ƚŚĞ ŬƐ ŽĨ ĂĐĐŽƵŶƚ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ϮϬϭϮʹϮϬϭϯ ůĞĂƐĞĂŐƌĞĞŵĞŶƚŚĂƐĞdžƉŝƌĞĚ͕ďƵƚƚŚĞŽŵƉĂŶLJ ƵŶĚŝƐƉƵƚĞĚ ƐƚĂƚƵƚŽƌLJ ĚƵĞƐ ŝŶĐůƵĚŝŶŐ WƌŽǀŝĚĞŶƚ WƌŽƉĞƌƚLJ ĞŵĂŶĚ͕WĞŶĂůƚLJ Ϭ͘ϭϬ Ͳ ϭϵϵϬʹϭϵϵϭ ,ŝŐŚŽƵƌƚ ŝƐ ƉĞƌŵŝƩĞĚ ƚŽ ĐĂƌƌLJ ŽƵƚ ŝƚƐ ŽƉĞƌĂƟŽŶƐ ƵŶƟů &ƵŶĚ͕ŵƉůŽLJĞĞƐ^ƚĂƚĞ/ŶƐƵƌĂŶĐĞ͕/ŶĐŽŵĞͲƚĂdž͕ƵƚLJ dĂdž ĂŶĚ ϯϭϱ͘ϰϮ Ϯϰϰ͘ϵϮ ϮϬϬϵʹϮϬϭϬƚŽ ƚŚĞ ƉƌŽĐĞƐƐ ŽĨ ĂƵĐƟŽŶ ďLJ ƚŚĞ ŽǁŶĞƌƐ ŽĨ ƚŚĞ ŽĨƵƐƚŽŵƐ͕ƵƚLJŽĨdžĐŝƐĞ͕^ĂůĞƐͲƚĂdž͕^ĞƌǀŝĐĞdĂdž͕ /ŶƚĞƌĞƐƚ ϮϬϭϳʹϮϬϭϴ ƐĂŝĚ ůĂŶĚ ŝƐ ĐŽŵƉůĞƚĞĚ ĂŶĚ ƚŚĞ ƉƌĞŵŝƐĞƐ ŝƐ sĂůƵĞĚĚĞĚdĂdž͕'ŽŽĚƐĂŶĚ^ĞƌǀŝĐĞƐdĂdž͕ĞƐƐĂŶĚ Ϭ͘ϯϬ Ϭ͘ϯϬ ϮϬϬϵʹϮϬϭϬ ^ƵƉƌĞŵĞŽƵƌƚ ŚĂŶĚĞĚŽǀĞƌƚŽƚŚĞǁŝŶŶŝŶŐďŝĚĚĞƌ͘ ŽƚŚĞƌŵĂƚĞƌŝĂůƐƚĂƚƵƚŽƌLJĚƵĞƐŚĂǀĞďĞĞŶŐĞŶĞƌĂůůLJ ĂŶĚ ƌĞŐƵůĂƌůLJ ĚĞƉŽƐŝƚĞĚ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ ǁŝƚŚ ƚŚĞ z ŽŶĞ ĐŽŵŵĞƌĐŝĂů ͬ ƌĞƐŝĚĞŶƟĂů ďƵŝůĚŝŶŐ ;ǀŝŝŝͿ/ŶŽƵƌ ŽƉŝŶŝŽŶ ĂŶĚ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ǁŚŝĐŚ ƚŚĞLJ ǁĞƌĞ ƌĂŝƐĞĚ͘ dŚĞ ŽŵƉĂŶLJ ŚĂƐ ŶŽƚ ƌĂŝƐĞĚ ĂƉƉƌŽƉƌŝĂƚĞĂƵƚŚŽƌŝƟĞƐ͘ ĂŐŐƌĞŐĂƟŶŐƚŽ`Ϭ͘ϴϭĐƌŽƌĞƐ;'ƌŽƐƐůŽĐŬ`ϭ͘ϯϬ ĞdžƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽƵƐ͕ƚŚĞŽŵƉĂŶLJŚĂƐŶŽƚĚĞĨĂƵůƚĞĚ ŵŽŶĞLJ ďLJ ǁĂLJ ŽĨ ŝŶŝƟĂů ƉƵďůŝĐ ŽīĞƌ ;ŝŶĐůƵĚŝŶŐ ĚĞďƚ ĐƌŽƌĞƐͿ ĐŽŶƐƚƌƵĐƚĞĚ ŽŶ ƚŚĞ ůĞĂƐĞĚ ůĂŶĚ͕ ǁŚŝĐŚ   ĐĐŽƌĚŝŶŐƚŽƚŚĞŝŶĨŽƌŵĂƟŽŶĂŶĚĞdžƉůĂŶĂƟŽŶƐŐŝǀĞŶ ŝŶƌĞƉĂLJŵĞŶƚŽĨůŽĂŶƐƚŽďĂŶŬƐĂŶĚĚƵĞƐƚŽĚĞďĞŶƚƵƌĞ ŝŶƐƚƌƵŵĞŶƚƐͿĚƵƌŝŶŐƚŚĞLJĞĂƌ͘ ŝƐ ŝŶ ƚŚĞ ƉŽƐƐĞƐƐŝŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ĂĐƋƵŝƌĞĚ ƚŽ ƵƐ͕ ŶŽ ƵŶĚŝƐƉƵƚĞĚ ĂŵŽƵŶƚƐ ƉĂLJĂďůĞ ŝŶ ƌĞƐƉĞĐƚ ŚŽůĚĞƌƐ͘ dŚĞ ŽŵƉĂŶLJ ĚŝĚ ŶŽƚ ŚĂǀĞ ĂŶLJ ŽƵƚƐƚĂŶĚŝŶŐ ƉƵƌƐƵĂŶƚƚŽĂƐĐŚĞŵĞŽĨĂŵĂůŐĂŵĂƟŽŶŽĨd/&K ŽĨ WƌŽǀŝĚĞŶƚ &ƵŶĚ͕ ŵƉůŽLJĞĞƐ ^ƚĂƚĞ /ŶƐƵƌĂŶĐĞ͕ ĚƵĞƐƚŽĮŶĂŶĐŝĂůŝŶƐƟƚƵƟŽŶƐĂŶĚŐŽǀĞƌŶŵĞŶƚĚƵƌŝŶŐƚŚĞ ;džͿ ĐĐŽƌĚŝŶŐƚŽƚŚĞŝŶĨŽƌŵĂƟŽŶĂŶĚĞdžƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽ ,ŽůĚŝŶŐ >ŝŵŝƚĞĚ ;Ă ǁŚŽůůLJ ŽǁŶĞĚ ƐƵďƐŝĚŝĂƌLJͿ͘ WƌŽĨĞƐƐŝŽŶdĂdž͕/ŶĐŽŵĞͲƚĂdž͕ƵƚLJŽĨƵƐƚŽŵƐ͕ƵƚLJ LJĞĂƌ͘ ƵƐ͕ŶŽŵĂƚĞƌŝĂůĨƌĂƵĚďLJƚŚĞŽŵƉĂŶLJŽƌŽŶƚŚĞŽŵƉĂŶLJ dŚĞůĞĂƐĞŽĨƚŚĞƐĂŝĚůĂŶĚŚĂƐĞdžƉŝƌĞĚŝŶƚŚĞLJĞĂƌ ŽĨdžĐŝƐĞ͕^ĂůĞƐͲƚĂdž͕^ĞƌǀŝĐĞdĂdž͕'ŽŽĚƐĂŶĚ^ĞƌǀŝĐĞƐ ďLJŝƚƐŽĸĐĞƌƐŽƌĞŵƉůŽLJĞĞƐŚĂƐďĞĞŶŶŽƟĐĞĚŽƌƌĞƉŽƌƚĞĚ ϮϬϬϬ͘ d/&K ,ŽůĚŝŶŐƐ >ŝŵŝƚĞĚ ŚĂƐ ĮůĞĚ Ă ǁƌŝƚ dĂdž͕ sĂůƵĞ ĚĚĞĚ dĂdž͕ ĞƐƐ ĂŶĚ ŽƚŚĞƌ ŵĂƚĞƌŝĂů ;ŝdžͿ /ŶŽƵƌ ŽƉŝŶŝŽŶ ĂŶĚ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ĚƵƌŝŶŐƚŚĞĐŽƵƌƐĞŽĨŽƵƌĂƵĚŝƚ͘ WĞƟƟŽŶŝŶ,ŝŐŚŽƵƌƚŽĨDƵŵďĂŝŽŶ:ĂŶƵĂƌLJϭϱ͕ ƐƚĂƚƵƚŽƌLJĚƵĞƐǁĞƌĞŝŶĂƌƌĞĂƌƐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ĞdžƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽƵƐĂŶĚďĂƐĞĚŽŶŽƵƌĞdžĂŵŝŶĂƟŽŶ ϮϬϭϯĨŽƌƌĞŶĞǁĂůŽĨůĞĂƐĞ͘ ĨŽƌĂƉĞƌŝŽĚŽĨŵŽƌĞƚŚĂŶƐŝdžŵŽŶƚŚƐĨƌŽŵƚŚĞĚĂƚĞ ŽĨƚŚĞƌĞĐŽƌĚƐŽĨƚŚĞŽŵƉĂŶLJ͕ƚŚĞŽŵƉĂŶLJŚĂƐƵƟůŝƐĞĚ ;džŝͿ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ĞdžƉůĂŶĂƟŽŶƐ ŐŝǀĞŶ ;ŝŝͿ dŚĞ ŝŶǀĞŶƚŽƌLJ ŚĂƐ ďĞĞŶ ƉŚLJƐŝĐĂůůLJ ǀĞƌŝĮĞĚ ďLJ ƚŚĞ ƚŚĞLJďĞĐĂŵĞƉĂLJĂďůĞ͘ ƚŚĞŵŽŶĞLJƌĂŝƐĞĚďLJǁĂLJŽĨƌŝŐŚƚƐŝƐƐƵĞŽĨĞƋƵŝƚLJƐŚĂƌĞƐ ƚŽ ƵƐ ĂŶĚ ďĂƐĞĚ ŽŶ ŽƵƌ ĞdžĂŵŝŶĂƟŽŶ ŽĨ ƚŚĞ ƌĞĐŽƌĚƐ ŵĂŶĂŐĞŵĞŶƚ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ͘  /Ŷ ŽƵƌ ŽƉŝŶŝŽŶ͕ ƚŚĞ  ;ďͿ ĐĐŽƌĚŝŶŐƚŽƚŚĞŝŶĨŽƌŵĂƟŽŶĂŶĚĞdžƉůĂŶĂƟŽŶƐŐŝǀĞŶ ĚƵƌŝŶŐƚŚĞLJĞĂƌ͕ĞdžĐĞƉƚĨŽƌƵŶƵƟůŝƐĞĚĂŵŽƵŶƚŽĨ`ϱϭ͘ϴϭ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ƉĂŝĚ ͬ ƉƌŽǀŝĚĞĚ ĨƌĞƋƵĞŶĐLJ ŽĨ ƐƵĐŚ ǀĞƌŝĮĐĂƟŽŶ ŝƐ ƌĞĂƐŽŶĂďůĞ͘ dŚĞ ƚŽƵƐ͕ƚŚĞƌĞĂƌĞŶŽĚƵĞƐŽĨ/ŶĐŽŵĞͲƚĂdž͕^ĂůĞƐͲƚĂdž͕ ĐƌŽƌĞƐ͕ǁŚŝĐŚŚĂƐďĞĞŶŬĞƉƚŝŶĮdžĞĚĚĞƉŽƐŝƚ͘DŽƌĞŽǀĞƌ͕ ĨŽƌ ŵĂŶĂŐĞƌŝĂů ƌĞŵƵŶĞƌĂƟŽŶ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ĚŝƐĐƌĞƉĂŶĐŝĞƐŶŽƟĐĞĚŽŶǀĞƌŝĮĐĂƟŽŶďĞƚǁĞĞŶƚŚĞƉŚLJƐŝĐĂů ^ĞƌǀŝĐĞdĂdž͕ƵƚLJŽĨƵƐƚŽŵƐ͕ƵƚLJŽĨdžĐŝƐĞ͕'ŽŽĚƐ ƚŚĞƚĞƌŵůŽĂŶƐƚĂŬĞŶďLJƚŚĞŽŵƉĂŶLJŚĂǀĞďĞĞŶĂƉƉůŝĞĚ ƌĞƋƵŝƐŝƚĞ ĂƉƉƌŽǀĂůƐ ŵĂŶĚĂƚĞĚ ďLJ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ďLJ ƚŚĞ ŽŵƉĂŶLJ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞƐ ĨŽƌ ƐĞĐƟŽŶϭϵϳƌĞĂĚǁŝƚŚ^ĐŚĞĚƵůĞsƚŽƚŚĞĐƚ͘

124 Annual Report 2017-18 125 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Annexure ‘B’ to the Independent Auditor’s Report ;ZĞĨĞƌƌĞĚƚŽŝŶŽƵƌƌĞƉŽƌƚŽĨĞǀĞŶĚĂƚĞͿ ;džŝŝͿ /ŶŽƵƌ ŽƉŝŶŝŽŶ ĂŶĚ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ;džǀͿ ĐĐŽƌĚŝŶŐƚŽƚŚĞŝŶĨŽƌŵĂƟŽŶĂŶĚĞdžƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽ ĞdžƉůĂŶĂƟŽŶƐ ŐŝǀĞŶ ƚŽ ƵƐ͕ ƚŚĞ ŽŵƉĂŶLJ ŝƐ ŶŽƚ Ă EŝĚŚŝ ƵƐĂŶĚďĂƐĞĚŽŶŽƵƌĞdžĂŵŝŶĂƟŽŶŽĨƚŚĞƌĞĐŽƌĚƐŽĨƚŚĞ Report on the Internal Financial Controls under Clause (i) of sub- tĞ ďĞůŝĞǀĞ ƚŚĂƚ ƚŚĞ ĂƵĚŝƚ ĞǀŝĚĞŶĐĞ ǁĞ ŚĂǀĞ ŽďƚĂŝŶĞĚ ŝƐ ĐŽŵƉĂŶLJĂŶĚƚŚĞEŝĚŚŝZƵůĞƐ͕ϮϬϭϰĂƌĞŶŽƚĂƉƉůŝĐĂďůĞ ŽŵƉĂŶLJ͕ƚŚĞŽŵƉĂŶLJŚĂƐŶŽƚĞŶƚĞƌĞĚŝŶƚŽĂŶLJŶŽŶͲ ƐĞĐƟŽŶϯŽĨƐĞĐƟŽŶϭϰϯŽĨƚŚĞĐƚ ƐƵĸĐŝĞŶƚ ĂŶĚ ĂƉƉƌŽƉƌŝĂƚĞ ƚŽ ƉƌŽǀŝĚĞ Ă ďĂƐŝƐ ĨŽƌ ŽƵƌ ĂƵĚŝƚ ƚŽŝƚ͘ĐĐŽƌĚŝŶŐůLJ͕ƉĂƌĂŐƌĂƉŚϯ;džŝŝͿŽĨƚŚĞKƌĚĞƌŝƐŶŽƚ ĐĂƐŚ ƚƌĂŶƐĂĐƟŽŶƐ ǁŝƚŚ ĚŝƌĞĐƚŽƌƐ Žƌ ƉĞƌƐŽŶƐ ĐŽŶŶĞĐƚĞĚ tĞŚĂǀĞĂƵĚŝƚĞĚƚŚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐŽǀĞƌĮŶĂŶĐŝĂů ŽƉŝŶŝŽŶŽŶƚŚĞŽŵƉĂŶLJ͛ƐŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐƐLJƐƚĞŵ ĂƉƉůŝĐĂďůĞƚŽƚŚĞŽŵƉĂŶLJ͘ ǁŝƚŚƚŚĞŵ͘ĐĐŽƌĚŝŶŐůLJ͕ƉĂƌĂŐƌĂƉŚϯ;džǀͿŽĨƚŚĞKƌĚĞƌŝƐ ƌĞƉŽƌƟŶŐ ŽĨ dŚĞ /ŶĚŝĂŶ ,ŽƚĞůƐ ŽŵƉĂŶLJ >ŝŵŝƚĞĚ ;͞ƚŚĞ ŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐ͘ ŶŽƚĂƉƉůŝĐĂďůĞƚŽƚŚĞŽŵƉĂŶLJ͘ ŽŵƉĂŶLJ͟Ϳ ĂƐ ŽĨ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ ŝŶ ĐŽŶũƵŶĐƟŽŶ ǁŝƚŚ ŽƵƌ ;džŝŝŝͿĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ĞdžƉůĂŶĂƟŽŶƐ ŐŝǀĞŶ DĞĂŶŝŶŐŽĨ/ŶƚĞƌŶĂů&ŝŶĂŶĐŝĂůŽŶƚƌŽůƐKǀĞƌ&ŝŶĂŶĐŝĂůZĞƉŽƌƟŶŐ ĂƵĚŝƚ ŽĨ ƚŚĞ ƐƚĂŶĚĂůŽŶĞ /ŶĚ ^ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ ƚŽƵƐĂŶĚďĂƐĞĚŽŶŽƵƌĞdžĂŵŝŶĂƟŽŶŽĨƚŚĞƌĞĐŽƌĚƐŽĨ ;džǀŝͿ/ŶŽƵƌ ŽƉŝŶŝŽŶ ĂŶĚ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ĐŽŵƉĂŶLJ͛ƐŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐ ŽŵƉĂŶLJĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚŽŶƚŚĂƚĚĂƚĞ͘ ƚŚĞ ŽŵƉĂŶLJ͕ ƚƌĂŶƐĂĐƟŽŶƐ ǁŝƚŚ ƚŚĞ ƌĞůĂƚĞĚ ƉĂƌƟĞƐ ĞdžƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽƵƐ͕ƚŚĞŽŵƉĂŶLJŝƐŶŽƚƌĞƋƵŝƌĞĚ ŝƐ Ă ƉƌŽĐĞƐƐ ĚĞƐŝŐŶĞĚ ƚŽ ƉƌŽǀŝĚĞ ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞ ĂƌĞ ŝŶ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ ƐĞĐƟŽŶƐ ϭϳϳ ĂŶĚ ϭϴϴ ŽĨ ƚŚĞ ƚŽďĞƌĞŐŝƐƚĞƌĞĚƵŶĚĞƌƐĞĐƟŽŶϰϱͲ/ŽĨƚŚĞZĞƐĞƌǀĞĂŶŬ Management’s Responsibility for Internal Financial Controls ƌĞŐĂƌĚŝŶŐ ƚŚĞ ƌĞůŝĂďŝůŝƚLJ ŽĨ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ĂŶĚ ƚŚĞ Đƚ͘ dŚĞ ĚĞƚĂŝůƐ ŽĨ ƐƵĐŚ ƌĞůĂƚĞĚ ƉĂƌƚLJ ƚƌĂŶƐĂĐƟŽŶƐ ŽĨ/ŶĚŝĂĐƚ͕ϭϵϯϰ͘ĐĐŽƌĚŝŶŐůLJ͕ƉĂƌĂŐƌĂƉŚϯ;džǀŝͿŽĨƚŚĞ dŚĞ ŽŵƉĂŶLJ͛Ɛ ŵĂŶĂŐĞŵĞŶƚ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĞƐƚĂďůŝƐŚŝŶŐ ƉƌĞƉĂƌĂƟŽŶŽĨĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌĞdžƚĞƌŶĂůƉƵƌƉŽƐĞƐŝŶ ŚĂǀĞ ďĞĞŶ ĚŝƐĐůŽƐĞĚ ŝŶ ƚŚĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ KƌĚĞƌŝƐŶŽƚĂƉƉůŝĐĂďůĞƚŽƚŚĞŽŵƉĂŶLJ͘ ĂŶĚ ŵĂŝŶƚĂŝŶŝŶŐ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ďĂƐĞĚ ŽŶ ƚŚĞ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚĂĐĐŽƵŶƟŶŐƉƌŝŶĐŝƉůĞƐ͘ ĂƐ ƌĞƋƵŝƌĞĚ ƵŶĚĞƌ /ŶĚŝĂŶ ĐĐŽƵŶƟŶŐ ^ƚĂŶĚĂƌĚ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ĐƌŝƚĞƌŝĂ ĞƐƚĂďůŝƐŚĞĚ ĐŽŵƉĂŶLJ͛ƐŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐ ;/ŶĚ^ͿϮϰ͘ ďLJ ƚŚĞ ŽŵƉĂŶLJ ĐŽŶƐŝĚĞƌŝŶŐ ƚŚĞ ĞƐƐĞŶƟĂů ĐŽŵƉŽŶĞŶƚƐ ŽĨ ŝŶĐůƵĚĞƐƚŚŽƐĞƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐƚŚĂƚ;ϭͿƉĞƌƚĂŝŶƚŽƚŚĞ For B S R & Co. LLP Chartered Accountants ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů ƐƚĂƚĞĚ ŝŶ ƚŚĞ 'ƵŝĚĂŶĐĞ EŽƚĞ ŽŶ ͚͚ƵĚŝƚ ŽĨ ŵĂŝŶƚĞŶĂŶĐĞŽĨƌĞĐŽƌĚƐƚŚĂƚ͕ŝŶƌĞĂƐŽŶĂďůĞĚĞƚĂŝů͕ĂĐĐƵƌĂƚĞůLJ ;džŝǀͿĐĐŽƌĚŝŶŐƚŽƚŚĞŝŶĨŽƌŵĂƟŽŶĂŶĚĞdžƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽ &ŝƌŵ͛ƐZĞŐŝƐƚƌĂƟŽŶEŽ͗ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ /ŶƚĞƌŶĂů&ŝŶĂŶĐŝĂůŽŶƚƌŽůƐKǀĞƌ&ŝŶĂŶĐŝĂůZĞƉŽƌƟŶŐ͛͛ŝƐƐƵĞĚ ĂŶĚ ĨĂŝƌůLJ ƌĞŇĞĐƚ ƚŚĞ ƚƌĂŶƐĂĐƟŽŶƐ ĂŶĚ ĚŝƐƉŽƐŝƟŽŶƐ ŽĨ ƚŚĞ ƵƐĂŶĚďĂƐĞĚŽŶŽƵƌĞdžĂŵŝŶĂƟŽŶŽĨƚŚĞƌĞĐŽƌĚƐŽĨƚŚĞ ďLJƚŚĞ/ŶƐƟƚƵƚĞŽĨŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐŽĨ/ŶĚŝĂ;͚ƚŚĞ//͛Ϳ͘ ĂƐƐĞƚƐŽĨƚŚĞŽŵƉĂŶLJ͖;ϮͿƉƌŽǀŝĚĞƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞƚŚĂƚ ŽŵƉĂŶLJ͕ƚŚĞŽŵƉĂŶLJŚĂƐŶŽƚŵĂĚĞĂŶLJƉƌĞĨĞƌĞŶƟĂů dŚĞƐĞ ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ ŝŶĐůƵĚĞ ƚŚĞ ĚĞƐŝŐŶ͕ ŝŵƉůĞŵĞŶƚĂƟŽŶ ƚƌĂŶƐĂĐƟŽŶƐĂƌĞƌĞĐŽƌĚĞĚĂƐŶĞĐĞƐƐĂƌLJƚŽƉĞƌŵŝƚƉƌĞƉĂƌĂƟŽŶ ĂůůŽƚŵĞŶƚŽƌƉƌŝǀĂƚĞƉůĂĐĞŵĞŶƚŽĨƐŚĂƌĞƐŽƌĨƵůůLJŽƌƉĂƌƚůLJ sŝũĂLJŚĂƩ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ĂĚĞƋƵĂƚĞ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ŽĨĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚ Partner ĐŽŶǀĞƌƟďůĞ ĚĞďĞŶƚƵƌĞƐ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ͘ ĐĐŽƌĚŝŶŐůLJ͕ ƚŚĂƚ ǁĞƌĞ ŽƉĞƌĂƟŶŐ ĞīĞĐƟǀĞůLJ ĨŽƌ ĞŶƐƵƌŝŶŐ ƚŚĞ ŽƌĚĞƌůLJ ĂĐĐŽƵŶƟŶŐ ƉƌŝŶĐŝƉůĞƐ͕ ĂŶĚ ƚŚĂƚ ƌĞĐĞŝƉƚƐ ĂŶĚ ĞdžƉĞŶĚŝƚƵƌĞƐ DƵŵďĂŝ͕DĂLJϮϱ͕ϮϬϭϴ DĞŵďĞƌƐŚŝƉEŽ͗Ϭϯϲϲϰϳ ƉĂƌĂŐƌĂƉŚϯ;džŝǀͿŽĨƚŚĞKƌĚĞƌŝƐŶŽƚĂƉƉůŝĐĂďůĞƚŽƚŚĞ ĂŶĚ ĞĸĐŝĞŶƚ ĐŽŶĚƵĐƚ ŽĨ ŝƚƐ ďƵƐŝŶĞƐƐ͕ ŝŶĐůƵĚŝŶŐ ĂĚŚĞƌĞŶĐĞ ŽĨ ƚŚĞ ĐŽŵƉĂŶLJ ĂƌĞ ďĞŝŶŐ ŵĂĚĞ ŽŶůLJ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ŽŵƉĂŶLJ͘ ƚŽ ĐŽŵƉĂŶLJ͛Ɛ ƉŽůŝĐŝĞƐ͕ ƚŚĞ ƐĂĨĞŐƵĂƌĚŝŶŐ ŽĨ ŝƚƐ ĂƐƐĞƚƐ͕ ƚŚĞ ĂƵƚŚŽƌŝƐĂƟŽŶƐŽĨŵĂŶĂŐĞŵĞŶƚĂŶĚĚŝƌĞĐƚŽƌƐŽĨƚŚĞĐŽŵƉĂŶLJ͖ ƉƌĞǀĞŶƟŽŶĂŶĚĚĞƚĞĐƟŽŶŽĨĨƌĂƵĚƐĂŶĚĞƌƌŽƌƐ͕ƚŚĞĂĐĐƵƌĂĐLJ ĂŶĚ ;ϯͿ ƉƌŽǀŝĚĞ ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞ ƌĞŐĂƌĚŝŶŐ ƉƌĞǀĞŶƟŽŶ ĂŶĚĐŽŵƉůĞƚĞŶĞƐƐŽĨƚŚĞĂĐĐŽƵŶƟŶŐƌĞĐŽƌĚƐ͕ĂŶĚƚŚĞƟŵĞůLJ Žƌ ƟŵĞůLJ ĚĞƚĞĐƟŽŶ ŽĨ ƵŶĂƵƚŚŽƌŝƐĞĚ ĂĐƋƵŝƐŝƟŽŶ͕ ƵƐĞ͕ Žƌ ƉƌĞƉĂƌĂƟŽŶ ŽĨ ƌĞůŝĂďůĞ ĮŶĂŶĐŝĂů ŝŶĨŽƌŵĂƟŽŶ͕ ĂƐ ƌĞƋƵŝƌĞĚ ĚŝƐƉŽƐŝƟŽŶŽĨƚŚĞĐŽŵƉĂŶLJ͛ƐĂƐƐĞƚƐƚŚĂƚĐŽƵůĚŚĂǀĞĂŵĂƚĞƌŝĂů ƵŶĚĞƌƚŚĞĐƚ͘ ĞīĞĐƚŽŶƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ Auditors’ Responsibility /ŶŚĞƌĞŶƚ >ŝŵŝƚĂƟŽŶƐ ŽĨ /ŶƚĞƌŶĂů &ŝŶĂŶĐŝĂů ŽŶƚƌŽůƐ KǀĞƌ KƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJŝƐƚŽĞdžƉƌĞƐƐĂŶŽƉŝŶŝŽŶŽŶƚŚĞŽŵƉĂŶLJ͛Ɛ &ŝŶĂŶĐŝĂůZĞƉŽƌƟŶŐ ŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐďĂƐĞĚŽŶ ĞĐĂƵƐĞ ŽĨ ƚŚĞ ŝŶŚĞƌĞŶƚ ůŝŵŝƚĂƟŽŶƐ ŽĨ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ŽƵƌ ĂƵĚŝƚ͘ tĞ ĐŽŶĚƵĐƚĞĚ ŽƵƌ ĂƵĚŝƚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ĐŽŶƚƌŽůƐ ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƉŽƐƐŝďŝůŝƚLJ 'ƵŝĚĂŶĐĞEŽƚĞŽŶ͚͚ƵĚŝƚŽĨ/ŶƚĞƌŶĂů&ŝŶĂŶĐŝĂůŽŶƚƌŽůƐKǀĞƌ ŽĨ ĐŽůůƵƐŝŽŶ Žƌ ŝŵƉƌŽƉĞƌ ŵĂŶĂŐĞŵĞŶƚ ŽǀĞƌƌŝĚĞ ŽĨ ĐŽŶƚƌŽůƐ͕ &ŝŶĂŶĐŝĂůZĞƉŽƌƟŶŐ͛͛;ƚŚĞ͞'ƵŝĚĂŶĐĞEŽƚĞ͟ͿĂŶĚƚŚĞ^ƚĂŶĚĂƌĚƐ ŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚƐĚƵĞƚŽĞƌƌŽƌŽƌĨƌĂƵĚŵĂLJŽĐĐƵƌĂŶĚ ŽŶƵĚŝƟŶŐ͕ŝƐƐƵĞĚďLJƚŚĞ//ĂŶĚĚĞĞŵĞĚƚŽďĞƉƌĞƐĐƌŝďĞĚ ŶŽƚďĞĚĞƚĞĐƚĞĚ͘ůƐŽ͕ƉƌŽũĞĐƟŽŶƐŽĨĂŶLJĞǀĂůƵĂƟŽŶŽĨƚŚĞ ƵŶĚĞƌƐĞĐƟŽŶϭϰϯ;ϭϬͿŽĨƚŚĞĐƚ͕ƚŽƚŚĞĞdžƚĞŶƚĂƉƉůŝĐĂďůĞ͕ƚŽ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ƚŽ ĨƵƚƵƌĞ ĂŶĂƵĚŝƚŽĨŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐ͕ďŽƚŚĂƉƉůŝĐĂďůĞƚŽĂŶ ƉĞƌŝŽĚƐĂƌĞƐƵďũĞĐƚƚŽƚŚĞƌŝƐŬƚŚĂƚƚŚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽů ĂƵĚŝƚ ŽĨ /ŶƚĞƌŶĂů &ŝŶĂŶĐŝĂů ŽŶƚƌŽůƐ ĂŶĚ ďŽƚŚ ŝƐƐƵĞĚ ďLJ ƚŚĞ ŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐŵĂLJďĞĐŽŵĞŝŶĂĚĞƋƵĂƚĞďĞĐĂƵƐĞŽĨ //͘ dŚŽƐĞ ^ƚĂŶĚĂƌĚƐ ĂŶĚ ƚŚĞ 'ƵŝĚĂŶĐĞ EŽƚĞ ƌĞƋƵŝƌĞ ƚŚĂƚ ĐŚĂŶŐĞƐŝŶĐŽŶĚŝƟŽŶƐ͕ŽƌƚŚĂƚƚŚĞĚĞŐƌĞĞŽĨĐŽŵƉůŝĂŶĐĞǁŝƚŚ ǁĞĐŽŵƉůLJǁŝƚŚĞƚŚŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƉůĂŶĂŶĚƉĞƌĨŽƌŵ ƚŚĞƉŽůŝĐŝĞƐŽƌƉƌŽĐĞĚƵƌĞƐŵĂLJĚĞƚĞƌŝŽƌĂƚĞ͘ ƚŚĞ ĂƵĚŝƚ ƚŽ ŽďƚĂŝŶ ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞ ĂďŽƵƚ ǁŚĞƚŚĞƌ Opinion ĂĚĞƋƵĂƚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐ /Ŷ ŽƵƌ ŽƉŝŶŝŽŶ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ͕ ŝŶ Ăůů ŵĂƚĞƌŝĂů ƌĞƐƉĞĐƚƐ͕ ǁĂƐĞƐƚĂďůŝƐŚĞĚĂŶĚŵĂŝŶƚĂŝŶĞĚĂŶĚŝĨƐƵĐŚĐŽŶƚƌŽůƐŽƉĞƌĂƚĞĚ ĂŶĂĚĞƋƵĂƚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐƐLJƐƚĞŵŽǀĞƌĮŶĂŶĐŝĂů ĞīĞĐƟǀĞůLJŝŶĂůůŵĂƚĞƌŝĂůƌĞƐƉĞĐƚƐ͘ ƌĞƉŽƌƟŶŐ ĂŶĚ ƐƵĐŚ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ŽǀĞƌĮŶĂŶĐŝĂů KƵƌ ĂƵĚŝƚ ŝŶǀŽůǀĞƐ ƉĞƌĨŽƌŵŝŶŐ ƉƌŽĐĞĚƵƌĞƐ ƚŽ ŽďƚĂŝŶ ĂƵĚŝƚ ƌĞƉŽƌƟŶŐ ǁĞƌĞ ŽƉĞƌĂƟŶŐ ĞīĞĐƟǀĞůLJ ĂƐ Ăƚ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ͕ ĞǀŝĚĞŶĐĞ ĂďŽƵƚ ƚŚĞ ĂĚĞƋƵĂĐLJ ŽĨ ƚŚĞ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ďĂƐĞĚŽŶƚŚĞŝŶƚĞƌŶĂůĐŽŶƚƌŽůŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐĐƌŝƚĞƌŝĂ ĐŽŶƚƌŽůƐƐLJƐƚĞŵŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐĂŶĚƚŚĞŝƌŽƉĞƌĂƟŶŐ ĞƐƚĂďůŝƐŚĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ ĐŽŶƐŝĚĞƌŝŶŐ ƚŚĞ ĞƐƐĞŶƟĂů ĞīĞĐƟǀĞŶĞƐƐ͘ KƵƌ ĂƵĚŝƚ ŽĨ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ŽǀĞƌ ĐŽŵƉŽŶĞŶƚƐ ŽĨ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů ƐƚĂƚĞĚ ŝŶ ƚŚĞ 'ƵŝĚĂŶĐĞ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ŝŶĐůƵĚĞĚ ŽďƚĂŝŶŝŶŐ ĂŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ EŽƚĞ ŽŶ ƵĚŝƚ ŽĨ /ŶƚĞƌŶĂů &ŝŶĂŶĐŝĂů ŽŶƚƌŽůƐ KǀĞƌ &ŝŶĂŶĐŝĂů ŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐ͕ĂƐƐĞƐƐŝŶŐ ZĞƉŽƌƟŶŐŝƐƐƵĞĚďLJƚŚĞ//͘ ƚŚĞ ƌŝƐŬ ƚŚĂƚ Ă ŵĂƚĞƌŝĂů ǁĞĂŬŶĞƐƐ ĞdžŝƐƚƐ͕ ĂŶĚ ƚĞƐƟŶŐ ĂŶĚ For B S R & Co. LLP ĞǀĂůƵĂƟŶŐƚŚĞĚĞƐŝŐŶĂŶĚŽƉĞƌĂƟŶŐĞīĞĐƟǀĞŶĞƐƐŽĨŝŶƚĞƌŶĂů Chartered Accountants &ŝƌŵ͛ƐZĞŐŝƐƚƌĂƟŽŶEŽ͗ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ ĐŽŶƚƌŽůďĂƐĞĚŽŶƚŚĞĂƐƐĞƐƐĞĚƌŝƐŬ͘dŚĞƉƌŽĐĞĚƵƌĞƐƐĞůĞĐƚĞĚ ĚĞƉĞŶĚŽŶƚŚĞĂƵĚŝƚŽƌƐ͛ũƵĚŐĞŵĞŶƚ͕ŝŶĐůƵĚŝŶŐƚŚĞĂƐƐĞƐƐŵĞŶƚ sŝũĂLJŚĂƩ ŽĨƚŚĞƌŝƐŬƐŽĨŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚŽĨƚŚĞƐƚĂŶĚĂůŽŶĞ/ŶĚ^ Partner ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘ DƵŵďĂŝ͕DĂLJϮϱ͕ϮϬϭϴ DĞŵďĞƌƐŚŝƉEŽ͗Ϭϯϲϲϰϳ

126 Annual Report 2017-18 127 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Balance Sheet ĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ Note DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ Note DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores ` crores ` crores Assets Income Non-current assets WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ ϯ Ϯ͕ϯϲϳ͘ϴϮ Ϯ͕ϭϰϵ͘ϰϭ ZĞǀĞŶƵĞĨƌŽŵŽƉĞƌĂƟŽŶƐ Ϯϭ Ϯ͕ϱϴϯ͘ϵϱ Ϯ͕ϰϬϭ͘ϱϲ ĂƉŝƚĂůǁŽƌŬͲŝŶͲƉƌŽŐƌĞƐƐ ϲϯ͘ϰϬ ϭϬϳ͘ϴϴ KƚŚĞƌŝŶĐŽŵĞ ϮϮ ϱϱ͘ϯϵ ϱϴ͘ϬϮ /ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ ϰ ϯϬ͘ϲϴ ϯϴ͘ϭϮ Total Ϯ͕ϲϯϵ͘ϯϰ Ϯ͕ϰϱϵ͘ϱϴ /ŶƚĂŶŐŝďůĞĂƐƐĞƚƐƵŶĚĞƌĚĞǀĞůŽƉŵĞŶƚ ϭ͘ϲϭ Ϭ͘Ϭϯ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐ /ŶǀĞƐƚŵĞŶƚƐ 5 (a) ϯ͕ϴϲϬ͘Ϭϭ Ϯ͕ϵϲϰ͘Ϭϯ Expenses >ŽĂŶƐ 6 (a) ϱ͘ϯϱ ϯϳ͘ϳϴ &ŽŽĚĂŶĚďĞǀĞƌĂŐĞƐĐŽŶƐƵŵĞĚ Ϯϯ ϮϯϮ͘ϲϰ Ϯϭϵ͘ϵϵ KƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ 7 (a) ϱϱ͘ϴϰ ϱϳ͘Ϭϭ ĚǀĂŶĐĞŝŶĐŽŵĞƚĂdž;ŶĞƚͿ ϭϭϮ͘ϲϲ ϲϱ͘ϵϲ ŵƉůŽLJĞĞďĞŶĞĮƚĞdžƉĞŶƐĞƐĂŶĚƉĂLJŵĞŶƚƚŽĐŽŶƚƌĂĐƚŽƌƐ Ϯϰ ϲϰϵ͘ϲϭ ϲϯϯ͘Ϯϰ KƚŚĞƌŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ ϴ;ĂͿ Ϯϳϲ͘ϭϮ Ϯϱϳ͘ϱϲ &ŝŶĂŶĐĞĐŽƐƚƐ Ϯϱ ϭϵϯ͘ϰϯ ϭϵϳ͘ϴϲ ϲ͕ϳϳϯ͘ϰϵ ϱ͕ϲϳϳ͘ϳϴ ĞƉƌĞĐŝĂƟŽŶĂŶĚĂŵŽƌƟƐĂƟŽŶĞdžƉĞŶƐĞƐ ϭϱϭ͘ϯϰ ϭϱϭ͘ϯϭ Current assets /ŶǀĞŶƚŽƌŝĞƐ ϵ ϱϭ͘ϰϳ ϰϳ͘ϱϲ KƚŚĞƌŽƉĞƌĂƟŶŐĂŶĚŐĞŶĞƌĂůĞdžƉĞŶƐĞƐ Ϯϲ ϭ͕ϬϳϮ͘ϵϬ ϭ͕ϬϮϴ͘ϲϱ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐ Total Ϯ͕Ϯϵϵ͘ϵϮ Ϯ͕Ϯϯϭ͘Ϭϱ /ŶǀĞƐƚŵĞŶƚƐ 5 (b) ϯϬϭ͘ϰϱ ϲϱ͘ϭϮ dƌĂĚĞƌĞĐĞŝǀĂďůĞƐ ϭϬ Ϯϱϲ͘ϴϭ Ϯϭϯ͘ϳϰ WƌŽĮƚďĞĨŽƌĞĞdžĐĞƉƟŽŶĂůŝƚĞŵƐĂŶĚƚĂdž ϯϯϵ͘ϰϮ ϮϮϴ͘ϱϯ ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ ϭϭ ϭϮϭ͘Ϯϴ ϭϱ͘ϬϬ džĐĞƉƟŽŶĂůŝƚĞŵƐ Ϯϳ (55.19) ϯϯ͘ϱϭ KƚŚĞƌĂůĂŶĐĞƐǁŝƚŚĂŶŬƐ ϭϮ ϳ͘ϳϯ ϳ͘ϲϯ WƌŽĮƚďĞĨŽƌĞƚĂdž Ϯϴϰ͘Ϯϯ ϮϲϮ͘Ϭϰ >ŽĂŶƐ 6 (b) ϮϬ͘ϲϲ ϱϮ͘ϲϴ KƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ 7 (b) ϭϮϯ͘ϯϱ ϭϮϬ͘ϰϮ Tax expense ϯϴ KƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐ ϴ;ďͿ ϰϳ͘ϰϵ ϯϳ͘Ϭϰ ƵƌƌĞŶƚƚĂdž ϭϭϱ͘ϲϰ 111.19 ϵϯϬ͘Ϯϰ ϱϱϵ͘ϭϵ ĞĨĞƌƌĞĚƚĂdž ϮϬ͘ϴϮ ϳ͘ϲϳ Total ϳ͕ϳϬϯ͘ϳϯ ϲ͕Ϯϯϲ͘ϵϳ Total ϭϯϲ͘ϰϲ ϭϭϴ͘ϴϲ ƋƵŝƚLJĂŶĚ>ŝĂďŝůŝƟĞƐ WƌŽĮƚĂŌĞƌƚĂdž ϭϰϳ͘ϳϳ ϭϰϯ͘ϭϴ

Equity ƋƵŝƚLJƐŚĂƌĞĐĂƉŝƚĂů ϭϯ ϭϭϴ͘ϵϯ ϵϴ͘ϵϯ Other comprehensive income KƚŚĞƌĞƋƵŝƚLJ ϭϰ ϰ͕Ϯϳϱ͘Ϭϯ Ϯ͕ϲϲϴ͘Ϯϳ Total Equity ϰ͕ϯϵϯ͘ϵϲ Ϯ͕ϳϲϳ͘ϮϬ /ƚĞŵƐƚŚĂƚǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĮĞĚƐƵďƐĞƋƵĞŶƚůLJƚŽƉƌŽĮƚŽƌůŽƐƐ >ŝĂďŝůŝƟĞƐ ZĞŵĞĂƐƵƌĞŵĞŶƚŽĨĚĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶ ;ϵ͘ϭϰͿ ϳ͘ϱϴ EŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ ŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞŽĨĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐĚĞƐŝŐŶĂƚĞĚŝƌƌĞǀŽĐĂďůLJĂƐ ϯϭ͘ϯϯ ϭϭϳ͘ϭϱ &ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ŽƌƌŽǁŝŶŐƐ ϭϱ;ĂͿ ϭ͕ϳϯϯ͘ϴϴ ϭ͕ϰϵϰ͘ϱϰ &ĂŝƌsĂůƵĞdŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϭϲ;ĂͿ ϮϱϮ͘ϱϰ Ϯϲϯ͘ϱϯ >ĞƐƐͬ;ĚĚͿ͗ͲŝŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞͬ;ĐƌĞĚŝƚͿ ;ϳ͘ϬϰͿ Ϭ͘ϯϬ WƌŽǀŝƐŝŽŶƐ ϭϳ;ĂͿ ϱϲ͘ϵϬ ϰϴ͘ϳϴ KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌ͕ŶĞƚŽĨƚĂdž Ϯϵ͘Ϯϯ ϭϮϰ͘ϰϯ ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƟĞƐ;ŶĞƚͿ ϭϴ ϯϰϴ͘ϴϭ ϮϵϬ͘ϵϰ Ϯ͕ϯϵϮ͘ϭϯ Ϯ͕Ϭϵϳ͘ϳϵ Total comprehensive Income for the year ϭϳϳ͘ϬϬ Ϯϲϳ͘ϲϭ ƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ &ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ͗ ϰϭ ŽƌƌŽǁŝŶŐƐ ϭϱ;ďͿ Ͳ ϳ͘ϯϭ dƌĂĚĞƉĂLJĂďůĞƐ ϭϵ ϮϬϴ͘ϬϮ ϭϳϳ͘ϭϵ ĂƐŝĐĂŶĚŝůƵƚĞĚͲ;`) ϭ͘ϯϰ ϭ͘ϯϳ KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϭϲ;ďͿ ϰϬϱ͘ϴϭ ϴϳϯ͘Ϭϳ &ĂĐĞǀĂůƵĞƉĞƌĞƋƵŝƚLJƐŚĂƌĞͲ;`) ϭ͘ϬϬ ϭ͘ϬϬ WƌŽǀŝƐŝŽŶƐ ϭϳ;ďͿ ϭϬϴ͘Ϯϯ ϴϲ͘ϵϭ KƚŚĞƌĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ ϮϬ ϭϵϱ͘ϱϴ ϮϮϳ͘ϱϬ ϵϭϳ͘ϲϰ ϭ͕ϯϳϭ͘ϵϴ dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞƐƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂů ϭͲϰϱ Total ϳ͕ϳϬϯ͘ϳϯ ϲ͕Ϯϯϲ͘ϵϳ ƐƚĂƚĞŵĞŶƚƐ dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞƐƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ ϭͲϰϱ /ŶƚĞƌŵƐŽĨŽƵƌƌĞƉŽƌƚĂƩĂĐŚĞĚ͘ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚ /ŶƚĞƌŵƐŽĨŽƵƌƌĞƉŽƌƚĂƩĂĐŚĞĚ͘ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚ For B S R & Co. LLP N. Chandrasekaran ŚĂŝƌŵĂŶ For B S R & Co. LLP N. Chandrasekaran ŚĂŝƌŵĂŶ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ /E͗ϬϬϭϮϭϴϲϯ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ /E͗ϬϬϭϮϭϴϲϯ //&ŝƌŵZĞŐŝƐƚƌĂƟŽŶEŽ͘ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ Puneet Chhatwal DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK //&ŝƌŵZĞŐŝƐƚƌĂƟŽŶEŽ͘ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ Puneet Chhatwal DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK /E͗ϬϳϲϮϰϲϭϲ /E͗ϬϳϲϮϰϲϭϲ sŝũĂLJŚĂƩ Deepak Parekh ŝƌĞĐƚŽƌ sŝũĂLJŚĂƩ Deepak Parekh ŝƌĞĐƚŽƌ WĂƌƚŶĞƌ /E͗ϬϬϬϬϵϬϳϴ WĂƌƚŶĞƌ /E͗ϬϬϬϬϵϬϳϴ DĞŵďĞƌƐŚŝƉEŽ͘Ϭϯϲϲϰϳ Giridhar Sanjeevi džĞĐƵƟǀĞsŝĐĞWƌĞƐŝĚĞŶƚΘŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ DĞŵďĞƌƐŚŝƉEŽ͘Ϭϯϲϲϰϳ Giridhar Sanjeevi džĞĐƵƟǀĞsŝĐĞWƌĞƐŝĚĞŶƚΘŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ DƵŵďĂŝ͕DĂLJϮϱ͕ϮϬϭϴ Beejal Desai ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚͲ>ĞŐĂůΘŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ DƵŵďĂŝ͕DĂLJϮϱ͕ϮϬϭϴ Beejal Desai ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚͲ>ĞŐĂůΘŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ 128 Annual Report 2017-18 129 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Statement of Changes in Equity ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ Statement of Cash Flows ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ ` crores DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ WĂƌƟĐƵůĂƌƐ a) Equity b) Other Equity Total ` crores ` crores Share Equity Capital ĂƐŚ&ůŽǁ&ƌŽŵKƉĞƌĂƟŶŐĐƟǀŝƟĞƐ Equity Reserves and Surplus Items of Other Other WƌŽĮƚďĞĨŽƌĞƚĂdž Ϯϴϰ͘Ϯϯ ϮϲϮ͘Ϭϰ Share Comprehensive Equity ĚũƵƐƚŵĞŶƚƐƚŽƌĞĐŽŶĐŝůĞŶĞƚƉƌŽĮƚƚŽŶĞƚĐĂƐŚƉƌŽǀŝĚĞĚďLJŽƉĞƌĂƟŶŐĂĐƟǀŝƟĞƐ͗ Capital Income Subscribed 'ĂŝŶŽŶŝŶǀĞƐƚŵĞŶƚƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƐƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚĂŶĚůŽƐƐ ;ϱ͘ϯϰͿ ;ϰ͘ϳϯͿ Capital ^ĞĐƵƌŝƟĞƐ General Other Retained Equity WƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚŽĨŝŶǀĞƐƚŵĞŶƚŝŶĂƐƵďƐŝĚŝĂƌLJ ϴϬ͘ϱϬ ϲϰ͘ϯϯ Reserve Premium Reserve Reserves Earnings Instruments džĐŚĂŶŐĞ;'ĂŝŶͿͬ>ŽƐƐŽŶ>ŽŶŐƚĞƌŵďŽƌƌŽǁŝŶŐͬƐƐĞƚƐ;ŶĞƚͿ Ϭ͘ϮϬ ;ϭ͘ϵϬͿ Account through Other Comprehensive &ĂŝƌǀĂůƵĂƟŽŶ;'ĂŝŶͿͬ>ŽƐƐŽŶĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ ;Ϯϱ͘ϱϭͿ ;ϲϱ͘ϰϱͿ Income ĞƉƌĞĐŝĂƟŽŶĂŶĚĂŵŽƌƟƐĂƟŽŶĞdžƉĞŶƐĞƐ ϭϱϭ͘ϯϰ ϭϱϭ͘ϯϭ ĂůĂŶĐĞĂƐĂƚƉƌŝůϭ͕ϮϬϭϲ;ƐƌĞƉŽƌƚĞĚ ϵϴ͘ϵϯ ϰϯ͘ϵϭ ϭ͕ϮϯϬ͘ϲϱ ϰϵϰ͘Ϭϱ ϯϴϲ͘ϰϳ ϵ͘ϲϰ ϭϭϭ͘ϵϯ Ϯ͕Ϯϳϲ͘ϲϱ Ϯ͕ϯϳϱ͘ϱϴ earlier) EĞƚ;'ĂŝŶͿͬ>ŽƐƐŽŶĚŝƐƉŽƐĂůŽĨWƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ Ϭ͘ϭϰ ;Ϯ͘ϬϵͿ ĐĐƵŵƵůĂƚĞĚƉƌŽĮƚƐŽĨd/&K,ŽůĚŝŶŐƐ>ƚĚ͘ Ͳ Ͳ Ͳ Ͳ ϰϮ͘ϰϮ ϭϭϮ͘ϵϬ ϰ͘ϰϭ ϭϱϵ͘ϳϯ ϭϱϵ͘ϳϯ ƐƐĞƚƐǁƌŝƩĞŶŽī 1.19 ϵ͘ϴϱ ŽŶĂŵĂůŐĂŵĂƟŽŶ;ZĞĨĞƌEŽƚĞϮϴͿ ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĚĞďƚƐĂŶĚĂĚǀĂŶĐĞƐ ϭϱ͘Ϭϯ Ϭ͘ϵϱ Restated balance at the beginning of the ϵϴ͘ϵϯ ϰϯ͘ϵϭ ϭ͕ϮϯϬ͘ϲϱ ϰϵϰ͘Ϭϱ ϰϮϴ͘ϴϵ ϭϮϮ͘ϱϰ ϭϭϲ͘ϯϰ Ϯ͕ϰϯϲ͘ϯϴ Ϯ͕ϱϯϱ͘ϯϭ ƌĞƉŽƌƟŶŐƉĞƌŝŽĚ ŝǀŝĚĞŶĚŝŶĐŽŵĞ ;ϴ͘ϵϵͿ ;ϮϮ͘ϳϱͿ WƌŽĮƚĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳ Ͳ Ͳ Ͳ Ͳ Ͳ ϭϰϯ͘ϭϴ Ͳ ϭϰϯ͘ϭϴ ϭϰϯ͘ϭϴ /ŶƚĞƌĞƐƚŝŶĐŽŵĞ ;Ϯϲ͘ϭϱͿ ;ϭϰ͘ϳϵͿ KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌ Ͳ Ͳ Ͳ Ͳ Ͳ ϰ͘ϲϱ ϭϭϵ͘ϳϴ ϭϮϰ͘ϰϯ ϭϮϰ͘ϰϯ /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ ϭϵϯ͘ϰϯ ϭϵϳ͘ϴϲ ĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳ͕ŶĞƚŽĨƚĂdžĞƐ WƌŽǀŝƐŝŽŶĨŽƌĚŝƐƉƵƚĞĚĐůĂŝŵƐ 19.99 ϲ͘ϱϴ Total Comprehensive Income for the year Ͳ Ͳ Ͳ Ͳ Ͳ ϭϰϳ͘ϴϯ ϭϭϵ͘ϳϴ Ϯϲϳ͘ϲϭ Ϯϲϳ͘ϲϭ ĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳ WƌŽǀŝƐŝŽŶĨŽƌŵƉůŽLJĞĞĞŶĞĮƚƐ ϵ͘ϰϱ Ϯ͘ϭϳ ŝǀŝĚĞŶĚƐ Ͳ Ͳ Ͳ ;Ϯϵ͘ϲϴͿ Ͳ Ͳ Ͳ ;Ϯϵ͘ϲϴͿ ;Ϯϵ͘ϲϴͿ ϰϬϱ͘Ϯϴ ϯϮϭ͘ϯϰ dĂdžŽŶŝǀŝĚĞŶĚ Ͳ Ͳ Ͳ ;ϰ͘ϯϴͿ Ͳ ;ϭ͘ϲϲͿ Ͳ ;ϲ͘ϬϰͿ ;ϲ͘ϬϰͿ ĂƐŚKƉĞƌĂƟŶŐWƌŽĮƚďĞĨŽƌĞǁŽƌŬŝŶŐĐĂƉŝƚĂůĐŚĂŶŐĞƐ ϲϴϵ͘ϱϭ ϱϴϯ͘ϯϴ ĂůĂŶĐĞĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϳ ϵϴ͘ϵϯ ϰϯ͘ϵϭ ϭ͕ϮϯϬ͘ϲϱ ϰϱϵ͘ϵϵ ϰϮϴ͘ϴϵ Ϯϲϴ͘ϳϭ Ϯϯϲ͘ϭϮ Ϯ͕ϲϲϴ͘Ϯϳ Ϯ͕ϳϲϳ͘ϮϬ WƌŽĮƚĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ Ͳ Ͳ Ͳ Ͳ Ͳ ϭϰϳ͘ϳϳ Ͳ ϭϰϳ͘ϳϳ ϭϰϳ͘ϳϳ ĚũƵƐƚŵĞŶƚƐĨŽƌ;ŝŶĐƌĞĂƐĞͿͬĚĞĐƌĞĂƐĞŝŶŽƉĞƌĂƟŶŐĂƐƐĞƚƐ͗ KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌ Ͳ Ͳ Ͳ Ͳ Ͳ ;ϱ͘ϴϬͿ ϯϱ͘Ϭϯ Ϯϵ͘Ϯϯ Ϯϵ͘Ϯϯ ĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͕ŶĞƚŽĨƚĂdžĞƐ /ŶǀĞŶƚŽƌŝĞƐ ;ϯ͘ϵϭͿ ;Ϯ͘ϰϴͿ Total Comprehensive Income for the year - - - - - ϭϰϭ͘ϵϳ ϯϱ͘Ϭϯ ϭϳϳ͘ϬϬ ϭϳϳ͘ϬϬ dƌĂĚĞƌĞĐĞŝǀĂďůĞƐ ;ϱϲ͘ϰϭͿ ;ϱϯ͘ϯϴͿ ĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ KƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ ;ϭ͘ϰϰͿ ϰ͘ϭϴ ůůŽĐĂƟŽŶŽĨ^ŚĂƌĞƐŽŶZŝŐŚƚƐďĂƐŝƐ ϮϬ͘ϬϬ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϮϬ͘ϬϬ WƌĞŵŝƵŵŽŶĂůůŽĐĂƟŽŶŽĨƐŚĂƌĞƐŽŶZŝŐŚƚƐ Ͳ Ͳ ϭ͕ϰϳϵ͘ϴϴ Ͳ Ͳ Ͳ Ͳ ϭ͕ϰϳϵ͘ϴϴ ϭ͕ϰϳϵ͘ϴϴ KƚŚĞƌĂƐƐĞƚƐ ;ϱϭ͘ϲϱͿ ;ϯϬ͘ϲϱͿ ďĂƐŝƐ ;ϭϭϯ͘ϰϭͿ ;ϴϮ͘ϯϯͿ /ƐƐƵĞĞdžƉĞŶƐĞƐǁƌŝƩĞŶŽīĂŐĂŝŶƐƚ^ĞĐƵƌŝƟĞƐ Ͳ Ͳ ;ϴ͘ϰϱͿ Ͳ Ͳ Ͳ Ͳ ;ϴ͘ϰϱͿ ;ϴ͘ϰϱͿ WƌĞŵŝƵŵ dƌĂŶƐĨĞƌĨƌŽŵZĞƐĞƌǀĞ&ƵŶĚƚŽZĞƚĂŝŶĞĚ Ͳ Ͳ Ͳ Ͳ ;ϰϮ͘ϰϮͿ ϰϮ͘ϰϮ Ͳ Ͳ Ͳ ĚũƵƐƚŵĞŶƚƐĨŽƌŝŶĐƌĞĂƐĞͬ;ĚĞĐƌĞĂƐĞͿŝŶŽƉĞƌĂƟŶŐůŝĂďŝůŝƟĞƐ͗ ĂƌŶŝŶŐƐ dƌĂĚĞƉĂLJĂďůĞƐ ϯϬ͘ϴϯ ϰ͘Ϭϳ ZĞĂůŝƐĞĚŐĂŝŶŽŶƐĂůĞŽĨƐŚĂƌĞƐŽĨ Ͳ Ͳ Ͳ Ͳ Ͳ Ϭ͘ϰϭ ;Ϭ͘ϰϭͿ Ͳ Ͳ KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϭϭ͘ϱϰ ϯϰ͘ϴϯ dŽƵƌŝƐŵ&ŝŶĂŶĐĞŽƌƉŽƌĂƟŽŶŽĨ/ŶĚŝĂ>ƚĚ͘ ƚƌĂŶƐĨĞƌƌĞĚĨƌŽŵKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ KƚŚĞƌůŝĂďŝůŝƟĞƐ ;ϭϵ͘ϭϬͿ ;Ϯ͘ϬϬͿ /ŶĐŽŵĞƚŽZĞƚĂŝŶĞĚĂƌŶŝŶŐƐ Ϯϯ͘Ϯϳ ϯϲ͘ϵϬ ŝǀŝĚĞŶĚƐ;ZĞĨĞƌEŽƚĞϰϰͿ Ͳ Ͳ Ͳ Ͳ Ͳ ;ϯϰ͘ϲϮͿ Ͳ ;ϯϰ͘ϲϮͿ ;ϯϰ͘ϲϮͿ dĂdžŽŶŝǀŝĚĞŶĚ Ͳ Ͳ Ͳ Ͳ Ͳ ;ϳ͘ϬϱͿ Ͳ ;ϳ͘ϬϱͿ ;ϳ͘ϬϱͿ ĂůĂŶĐĞĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϭϭϴ͘ϵϯ ϰϯ͘ϵϭ Ϯ͕ϳϬϮ͘Ϭϴ ϰϱϵ͘ϵϵ ϯϴϲ͘ϰϳ ϰϭϭ͘ϴϰ ϮϳϬ͘ϳϰ ϰ͕Ϯϳϱ͘Ϭϯ ϰ͕ϯϵϯ͘ϵϲ ĂƐŚ'ĞŶĞƌĂƚĞĚĨƌŽŵKƉĞƌĂƟŶŐĐƟǀŝƟĞƐ ϱϵϵ͘ϯϳ ϱϯϳ͘ϵϱ dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞƐƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ;ZĞĨĞƌEŽƚĞƐϭͲϰϱͿ͘ /ŶĐŽŵĞƚĂdžĞƐƉĂŝĚ ;ϭϭϴ͘ϮϱͿ ;ϳϵ͘ϲϯͿ /ŶƚĞƌŵƐŽĨŽƵƌƌĞƉŽƌƚĂƩĂĐŚĞĚ͘ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚ EĞƚĂƐŚ'ĞŶĞƌĂƚĞĚ&ƌŽŵKƉĞƌĂƟŶŐĐƟǀŝƟĞƐ;Ϳ ϰϴϭ͘ϭϮ ϰϱϴ͘ϯϮ For B S R & Co. LLP N. Chandrasekaran ŚĂŝƌŵĂŶ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ /E͗ϬϬϭϮϭϴϲϯ ĂƐŚ&ůŽǁ&ƌŽŵ/ŶǀĞƐƟŶŐĐƟǀŝƟĞƐ //&ŝƌŵZĞŐŝƐƚƌĂƟŽŶEŽ͘ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ Puneet Chhatwal DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK WĂLJŵĞŶƚƐĨŽƌƉƵƌĐŚĂƐĞŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ ;ϯϭϭ͘ϯϯͿ ;Ϯϱϱ͘ϮϯͿ /E͗ϬϳϲϮϰϲϭϲ WƌŽĐĞĞĚƐĨƌŽŵĚŝƐƉŽƐĂůŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ Ϯ͘ϲϰ ϯ͘ϴϮ sŝũĂLJŚĂƩ Deepak Parekh ŝƌĞĐƚŽƌ WĂƌƚŶĞƌ /E͗ϬϬϬϬϵϬϳϴ WƵƌĐŚĂƐĞŽĨĐƵƌƌĞŶƚŝŶǀĞƐƚŵĞŶƚƐ ;ϭ͕ϯϵϴ͘ϵϯͿ ;Ϯ͕ϭϬϱ͘ϰϭͿ DĞŵďĞƌƐŚŝƉEŽ͘Ϭϯϲϲϰϳ Giridhar Sanjeevi džĞĐƵƟǀĞsŝĐĞWƌĞƐŝĚĞŶƚΘŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ ^ĂůĞŽĨĐƵƌƌĞŶƚŝŶǀĞƐƚŵĞŶƚƐ ϭ͕ϭϲϳ͘ϵϰ Ϯ͕ϭϴϳ͘ϭϮ DƵŵďĂŝ͕DĂLJϮϱ͕ϮϬϭϴ Beejal Desai ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚͲ>ĞŐĂůΘŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ Carried over ;ϱϯϵ͘ϲϴͿ ;ϭϲϵ͘ϳϬͿ

130 Annual Report 2017-18 131 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Statement of Cash Flows ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ;ŽŶƚĚ͘Ϳ Notes to Financial Statements for the year ended March 31, 2018 DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ EŽƚĞϭ͗ŽƌƉŽƌĂƚĞ/ŶĨŽƌŵĂƟŽŶ ƉƌŝŶĐŝƉůĞƐ ŽĨ /ŶĚ ^ ƌĞƋƵŝƌĞƐ ŵĂŶĂŐĞŵĞŶƚ ƚŽ ŵĂŬĞ ` crores ` crores ũƵĚŐĞŵĞŶƚƐ͕ĞƐƟŵĂƚĞƐĂŶĚĂƐƐƵŵƉƟŽŶƐ͕ƚŚĂƚĂīĞĐƚƚŚĞ dŚĞ /ŶĚŝĂŶ ,ŽƚĞůƐ ŽŵƉĂŶLJ >ŝŵŝƚĞĚ ;͞/,>͟ Žƌ ƚŚĞ ƌĞƉŽƌƚĞĚ ďĂůĂŶĐĞƐ ŽĨ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ͕ ĚŝƐĐůŽƐƵƌĞƐ Brought over ;ϱϯϵ͘ϲϴͿ ;ϭϲϵ͘ϳϬͿ ͞ŽŵƉĂŶLJ͟Ϳ͕ŝƐƉƌŝŵĂƌŝůLJĞŶŐĂŐĞĚŝŶƚŚĞďƵƐŝŶĞƐƐŽĨŽǁŶŝŶŐ͕ ƌĞůĂƟŶŐ ƚŽ ĐŽŶƟŶŐĞŶƚ ůŝĂďŝůŝƟĞƐ ĂƐ Ăƚ ƚŚĞ ĚĂƚĞ ŽĨ ƚŚĞ ŽƉĞƌĂƟŶŐΘŵĂŶĂŐŝŶŐŚŽƚĞůƐ͕ƉĂůĂĐĞƐĂŶĚƌĞƐŽƌƚƐ͘ WƵƌĐŚĂƐĞŽĨŶŽŶͲĐƵƌƌĞŶƚŝŶǀĞƐƚŵĞŶƚƐ ;ϵϰϰ͘ϳϮͿ ;ϭϬ͘ϬϬͿ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂŶĚ ƚŚĞ ƌĞƉŽƌƚĞĚ ĂŵŽƵŶƚƐ ŽĨ ^ĂůĞŽĨŝŶǀĞƐƚŵĞŶƚŝŶŽƚŚĞƌĐŽŵƉĂŶŝĞƐ Ϭ͘ϱϮ Ͳ ŝŶĐŽŵĞ ĂŶĚ ĞdžƉĞŶƐĞƐ ĨŽƌ ƚŚĞ LJĞĂƌƐ ƉƌĞƐĞŶƚĞĚ͘ ĐƚƵĂů dŚĞŽŵƉĂŶLJŝƐĚŽŵŝĐŝůĞĚĂŶĚŝŶĐŽƌƉŽƌĂƚĞĚŝŶ/ŶĚŝĂŝŶϭϵϬϮ ƌĞƐƵůƚƐŵĂLJĚŝīĞƌĨƌŽŵƚŚĞƐĞĞƐƟŵĂƚĞƐ͘ /ŶƚĞƌĞƐƚƌĞĐĞŝǀĞĚ ϮϮ͘ϴϱ ϭϮ͘ϲϱ ĂŶĚŚĂƐŝƚƐƌĞŐŝƐƚĞƌĞĚŽĸĐĞĂƚDĂŶĚůŝŬ,ŽƵƐĞ͕DĂŶĚůŝŬZŽĂĚ͕ ŝǀŝĚĞŶĚƌĞĐĞŝǀĞĚ ϴ͘ϵϵ ϮϮ͘ϳϱ DƵŵďĂŝʹϰϬϬϬϬϭ͕/ŶĚŝĂ͘/ƚŝƐƉƌŽŵŽƚĞĚďLJdĂƚĂ^ŽŶƐ>ŝŵŝƚĞĚ͕  ƐƟŵĂƚĞƐ ĂŶĚ ƵŶĚĞƌůLJŝŶŐ ĂƐƐƵŵƉƟŽŶƐ ĂƌĞ ƌĞǀŝĞǁĞĚ ǁŚŝĐŚŚŽůĚƐĂƐŝŐŶŝĮĐĂŶƚƐƚĂŬĞŝŶƚŚĞŽŵƉĂŶLJ͘ >ŽŶŐͲƚĞƌŵĚĞƉŽƐŝƚƐƉůĂĐĞĚǁŝƚŚĂ^ƵďƐŝĚŝĂƌLJ;ĐŽŶǀĞƌƚĞĚŝŶƚŽƋƵŝƚLJƐƵďƐĞƋƵĞŶƚůLJͿ Ͳ ;ϭϯϱ͘ϭϵͿ ŽŶĂŶŽŶŐŽŝŶŐďĂƐŝƐ͘ZĞǀŝƐŝŽŶƐƚŽĂĐĐŽƵŶƟŶŐĞƐƟŵĂƚĞƐ >ŽŶŐͲƚĞƌŵĚĞƉŽƐŝƚƐƌĞƉĂŝĚďLJĂ^ƵďƐŝĚŝĂƌLJ ϯϮ͘ϭϱ ϭϲϳ͘ϵϯ ĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞĞƐƟŵĂƚĞƐĂƌĞ dŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ ƌĞǀŝƐĞĚĂŶĚŝŶĂŶLJĨƵƚƵƌĞƉĞƌŝŽĚƐĂīĞĐƚĞĚ͘ ^ŚŽƌƚͲƚĞƌŵĚĞƉŽƐŝƚƐƉůĂĐĞĚǁŝƚŚƌĞůĂƚĞĚƉĂƌƟĞƐ ;ϳϬ͘ϱϬͿ ;ϰϲ͘ϱϬͿ ǁĞƌĞĂƉƉƌŽǀĞĚďLJƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐĂŶĚĂƵƚŚŽƌŝƐĞĚĨŽƌ ^ŚŽƌƚͲƚĞƌŵĚĞƉŽƐŝƚƐƌĞƉĂŝĚďLJƌĞůĂƚĞĚƉĂƌƟĞƐ ϭϬϮ͘ϰϯ ϲϭ͘ϰϵ ŝƐƐƵĞŽŶDĂLJϮϱ͕ϮϬϭϴ͘  /Ŷ ƉĂƌƟĐƵůĂƌ͕ ŝŶĨŽƌŵĂƟŽŶ ĂďŽƵƚ ƐŝŐŶŝĮĐĂŶƚ ĂƌĞĂƐ ŽĨ ^ŚŽƌƚͲƚĞƌŵĚĞƉŽƐŝƚƐƌĞƉĂŝĚďLJŽƚŚĞƌƐ Ϭ͘Ϭϵ Ϭ͘ϯϮ ĞƐƟŵĂƟŽŶ͕ƵŶĐĞƌƚĂŝŶƚLJĂŶĚĐƌŝƟĐĂůũƵĚŐŵĞŶƚƐŝŶĂƉƉůLJŝŶŐ ĂŶŬĂůĂŶĐĞƐŶŽƚĐŽŶƐŝĚĞƌĞĚĂƐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ Ϭ͘Ϯϰ Ϭ͘ϰϮ EŽƚĞϮ͗ĂƐŝƐ ŽĨ WƌĞƉĂƌĂƟŽŶ͕ ƌŝƟĐĂů ĐĐŽƵŶƟŶŐ ĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐƚŚĂƚŚĂǀĞƚŚĞŵŽƐƚƐŝŐŶŝĮĐĂŶƚĞīĞĐƚ EĞƚĂƐŚ'ĞŶĞƌĂƚĞĚͬ;hƐĞĚͿ/Ŷ/ŶǀĞƐƟŶŐĐƟǀŝƟĞƐ;Ϳ ;ϭ͕ϯϴϳ͘ϲϯͿ ;ϵϱ͘ϴϯͿ ƐƟŵĂƚĞƐ ĂŶĚ :ƵĚŐĞŵĞŶƚƐ͕ ^ŝŐŶŝĮĐĂŶƚ ŽŶƚŚĞĂŵŽƵŶƚƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ ĐĐŽƵŶƟŶŐ WŽůŝĐŝĞƐ ĂŶĚ ZĞĐĞŶƚ ĐĐŽƵŶƟŶŐ ƉĞƌƚĂŝŶƚŽ͗ Pronouncements ĂƐŚ&ůŽǁ&ƌŽŵ&ŝŶĂŶĐŝŶŐĐƟǀŝƟĞƐ  ͻ hƐĞĨƵůůŝǀĞƐŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚĂŶĚ ŝǀŝĚĞŶĚĂŶĚdĂdžŽŶĚŝǀŝĚĞŶĚ;ŝŶĐůƵĚŝŶŐhŶĐůĂŝŵĞĚĚŝǀŝĚĞŶĚͿ ;ϰϭ͘ϱϴͿ ;ϯϱ͘ϲϯͿ dŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŽŶƚŚĞĨŽůůŽǁŝŶŐ ŝŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ͗ dŚĞ ŽŵƉĂŶLJ ŚĂƐ ĞƐƟŵĂƚĞĚ ^ŚĂƌĞŝƐƐƵĞĞdžƉĞŶƐĞƐ ;ϴ͘ϰϱͿ Ͳ ďĂƐŝƐ͗ ƵƐĞĨƵů ůŝĨĞ ŽĨ ĞĂĐŚ ĐůĂƐƐ ŽĨ ĂƐƐĞƚƐ ďĂƐĞĚ ŽŶ ƚŚĞ /ŶƚĞƌĞƐƚĂŶĚŽƚŚĞƌďŽƌƌŽǁŝŶŐĐŽƐƚƐƉĂŝĚ ;Ϯϯϱ͘ϵϬͿ ;ϭϭϳ͘ϳϰͿ ŶĂƚƵƌĞŽĨĂƐƐĞƚƐ͕ƚŚĞĞƐƟŵĂƚĞĚƵƐĂŐĞŽĨƚŚĞĂƐƐĞƚ͕ (a) Statement of compliance ƚŚĞ ŽƉĞƌĂƟŶŐ ĐŽŶĚŝƟŽŶ ŽĨ ƚŚĞ ĂƐƐĞƚ͕ ƉĂƐƚ ŚŝƐƚŽƌLJ ^ĞƩůĞŵĞŶƚŽĨĐƌŽƐƐĐƵƌƌĞŶĐLJ/ŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉ;ŶĞƚͿ ϭϭ͘ϴϬ ;Ϯϲ͘ϵϲͿ  dŚĞƐĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŚĂǀĞ ďĞĞŶ ƉƌĞƉĂƌĞĚ ŝŶ ŽĨƌĞƉůĂĐĞŵĞŶƚ͕ĂŶƟĐŝƉĂƚĞĚƚĞĐŚŶŽůŽŐŝĐĂůĐŚĂŶŐĞƐ͕ WƌŽĐĞĞĚƐĨƌŽŵůŽŶŐͲƚĞƌŵďŽƌƌŽǁŝŶŐƐ ϯϬϬ͘ϬϬ ϱϮϬ͘ϬϬ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/ŶĚ^ĂƐƉƌĞƐĐƌŝďĞĚƵŶĚĞƌƐĞĐƟŽŶϭϯϯ ĞƚĐ͘dŚĞŽŵƉĂŶLJƌĞǀŝĞǁƐƚŚĞƵƐĞĨƵůůŝĨĞŽĨƉƌŽƉĞƌƚLJ͕ ZĞƉĂLJŵĞŶƚŽĨůŽŶŐͲƚĞƌŵďŽƌƌŽǁŝŶŐƐ ;ϱϬϱ͘ϯϬͿ ;ϳϬϴ͘ϬϴͿ ŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯƌĞĂĚǁŝƚŚŽŵƉĂŶŝĞƐ;/ŶĚŝĂŶ ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚĂŶĚ/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂƐĂƚƚŚĞ ĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚƐͿZƵůĞƐ͕ϮϬϭϱĂŶĚŽƚŚĞƌƉƌŽǀŝƐŝŽŶƐ ĞŶĚ ŽĨ ĞĂĐŚ ƌĞƉŽƌƟŶŐ ƉĞƌŝŽĚ͘ dŚŝƐ ƌĞĂƐƐĞƐƐŵĞŶƚ WƌŽĐĞĞĚƐĨƌŽŵƐŚŽƌƚͲƚĞƌŵďŽƌƌŽǁŝŶŐƐ ϲϬϵ͘Ϭϳ ϭϲϬ͘ϬϬ ŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯĂƐĂŵĞŶĚĞĚĨƌŽŵƟŵĞƚŽ ŵĂLJ ƌĞƐƵůƚ ŝŶ ĐŚĂŶŐĞ ŝŶ ĚĞƉƌĞĐŝĂƟŽŶ ĞdžƉĞŶƐĞ ŝŶ ZĞƉĂLJŵĞŶƚŽĨƐŚŽƌƚͲƚĞƌŵďŽƌƌŽǁŝŶŐƐ ;ϲϬϵ͘ϬϳͿ ;ϭϲϬ͘ϬϬͿ ƟŵĞ͘ ĨƵƚƵƌĞƉĞƌŝŽĚƐ͘ ZĞƉĂLJŵĞŶƚŽĨůŽĂŶƌĞƉĂLJĂďůĞŽŶĚĞŵĂŶĚĨƌŽŵďĂŶŬ ;ϳ͘ϯϭͿ ;Ϭ͘ϭϰͿ WƌŽĐĞĞĚƐĨƌŽŵŝƐƐƵĞŽĨƐŚĂƌĞƐŽŶZŝŐŚƚƐďĂƐŝƐ ϭ͕ϰϵϵ͘ϴϴ Ͳ ;ďͿ ĂƐŝƐŽĨƉƌĞƉĂƌĂƟŽŶ  ͻ /ŵƉĂŝƌŵĞŶƚ ƚĞƐƟŶŐ͗ WƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ  dŚĞƐĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŚĂǀĞ ďĞĞŶ ƉƌĞƉĂƌĞĚ ŽŶ ĞƋƵŝƉŵĞŶƚĂŶĚŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐƚŚĂƚĂƌĞƐƵďũĞĐƚ hŶĐůĂŝŵĞĚĚŝǀŝĚĞŶĚͬĚĞƉŽƐŝƚƐͬŝŶƚĞƌĞƐƚƚƌĂŶƐĨĞƌƌĞĚƚŽ/ŶǀĞƐƚŽƌƐĚƵĐĂƟŽŶĂŶĚWƌŽƚĞĐƟŽŶ ;Ϭ͘ϯϱͿ ;Ϭ͘ϯϳͿ Ă ŚŝƐƚŽƌŝĐĂů ĐŽƐƚ ďĂƐŝƐ͕ ĞdžĐĞƉƚ ĨŽƌ ĐĞƌƚĂŝŶ ĮŶĂŶĐŝĂů ƚŽ ĚĞƉƌĞĐŝĂƟŽŶͬĂŵŽƌƟƐĂƟŽŶ ĂƌĞ ƚĞƐƚĞĚ ĨŽƌ Fund ŝŶƐƚƌƵŵĞŶƚƐ ǁŚŝĐŚ ĂƌĞ ŵĞĂƐƵƌĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ Ăƚ ƚŚĞ ŝŵƉĂŝƌŵĞŶƚ ƉĞƌŝŽĚŝĐĂůůLJ ŝŶĐůƵĚŝŶŐ ǁŚĞŶ ĞǀĞŶƚƐ EĞƚĂƐŚ'ĞŶĞƌĂƚĞĚͬ;hƐĞĚͿ/Ŷ&ŝŶĂŶĐŝŶŐĐƟǀŝƟĞƐ;Ϳ ϭ͕ϬϭϮ͘ϳϵ ;ϯϲϴ͘ϵϮͿ ĞŶĚŽĨĞĂĐŚƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͘,ŝƐƚŽƌŝĐĂůĐŽƐƚŝƐŐĞŶĞƌĂůůLJ ŽĐĐƵƌ Žƌ ĐŚĂŶŐĞƐ ŝŶ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ŝŶĚŝĐĂƚĞ ƚŚĂƚ ďĂƐĞĚ ŽŶ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ĐŽŶƐŝĚĞƌĂƟŽŶ ŐŝǀĞŶ ŝŶ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ĐĂƐŚ ŐĞŶĞƌĂƟŶŐ Net Increase/ (Decrease) In Cash and cash equivalents (A + B + C) ϭϬϲ͘Ϯϴ ;ϲ͘ϰϯͿ ĞdžĐŚĂŶŐĞĨŽƌŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ͘&ĂŝƌǀĂůƵĞŝƐƚŚĞƉƌŝĐĞ ƵŶŝƚŝƐůĞƐƐƚŚĂŶŝƚƐĐĂƌƌLJŝŶŐǀĂůƵĞ͘dŚĞƌĞĐŽǀĞƌĂďůĞ ƚŚĂƚǁŽƵůĚďĞƌĞĐĞŝǀĞĚƚŽƐĞůůĂŶĂƐƐĞƚŽƌƉĂŝĚƚŽƚƌĂŶƐĨĞƌ ĂŵŽƵŶƚ ŽĨ ĐĂƐŚ ŐĞŶĞƌĂƟŶŐ ƵŶŝƚƐ ŝƐ ŚŝŐŚĞƌ ŽĨ Cash and Cash Equivalents - Opening ϭϱ͘ϬϬ Ϯϭ͘ϭϮ Ă ůŝĂďŝůŝƚLJ ŝŶ ĂŶ ŽƌĚĞƌůLJ ƚƌĂŶƐĂĐƟŽŶ ďĞƚǁĞĞŶ ŵĂƌŬĞƚ ǀĂůƵĞͲŝŶͲƵƐĞ ĂŶĚ ĨĂŝƌ ǀĂůƵĞ ůĞƐƐ ĐŽƐƚ ƚŽ ƐĞůů͘ dŚĞ ĂƐŚĂŶĚĂƐŚƋƵŝǀĂůĞŶƚƐͲŽŶĂŵĂůŐĂŵĂƟŽŶŽĨd/&K,ŽůĚŝŶŐƐ>ƚĚ͘;ZĞĨĞƌŶŽƚĞ͘ϮϴͿ Ͳ Ϭ͘ϯϭ ƉĂƌƟĐŝƉĂŶƚƐĂƚƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ͘ ĐĂůĐƵůĂƟŽŶ ŝŶǀŽůǀĞƐ ƵƐĞ ŽĨ ƐŝŐŶŝĮĐĂŶƚ ĞƐƟŵĂƚĞƐ Cash and Cash Equivalents - Closing ϭϮϭ͘Ϯϴ ϭϱ͘ϬϬ ĂŶĚ ĂƐƐƵŵƉƟŽŶƐ ǁŚŝĐŚ ŝŶĐůƵĚĞƐ ƚƵƌŶŽǀĞƌ ĂŶĚ dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞƐƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ  ůůĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ ĂƌĞ ĐůĂƐƐŝĮĞĚ ĂƐ ĐƵƌƌĞŶƚ ĂŶĚ ĞĂƌŶŝŶŐƐŵƵůƟƉůĞƐ͕ŐƌŽǁƚŚƌĂƚĞƐĂŶĚŶĞƚŵĂƌŐŝŶƐ ;ZĞĨĞƌEŽƚĞƐϭͲϰϱͿ͘ ŶŽŶͲĐƵƌƌĞŶƚĂƐƉĞƌĐŽŵƉĂŶLJ͛ƐŶŽƌŵĂůŽƉĞƌĂƟŶŐĐLJĐůĞŽĨ ƵƐĞĚ ƚŽ ĐĂůĐƵůĂƚĞ ƉƌŽũĞĐƚĞĚ ĨƵƚƵƌĞ ĐĂƐŚ ŇŽǁƐ͕ ϭϮŵŽŶƚŚƐǁŚŝĐŚŝƐďĂƐĞĚŽŶƚŚĞŶĂƚƵƌĞŽĨďƵƐŝŶĞƐƐŽĨ ƌŝƐŬͲĂĚũƵƐƚĞĚ ĚŝƐĐŽƵŶƚ ƌĂƚĞ͕ ĨƵƚƵƌĞ ĞĐŽŶŽŵŝĐ ĂŶĚ /ŶƚĞƌŵƐŽĨŽƵƌƌĞƉŽƌƚĂƩĂĐŚĞĚ͘ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚ ƚŚĞŽŵƉĂŶLJ͘ƵƌƌĞŶƚƐƐĞƚƐĚŽŶŽƚŝŶĐůƵĚĞĞůĞŵĞŶƚƐ ŵĂƌŬĞƚĐŽŶĚŝƟŽŶƐ͘ ǁŚŝĐŚ ĂƌĞ ŶŽƚ ĞdžƉĞĐƚĞĚ ƚŽ ďĞ ƌĞĂůŝƐĞĚ ǁŝƚŚŝŶ ϭ LJĞĂƌ For B S R & Co. LLP N. Chandrasekaran ŚĂŝƌŵĂŶ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ /E͗ϬϬϭϮϭϴϲϯ ĂŶĚƵƌƌĞŶƚ>ŝĂďŝůŝƟĞƐĚŽŶŽƚŝŶĐůƵĚĞŝƚĞŵƐǁŚŝĐŚĂƌĞ  ͻ /ŵƉĂŝƌŵĞŶƚŽĨŝŶǀĞƐƚŵĞŶƚƐ͗dŚĞŽŵƉĂŶLJƌĞǀŝĞǁƐ //&ŝƌŵZĞŐŝƐƚƌĂƟŽŶEŽ͘ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ Puneet Chhatwal DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK ĚƵĞĂŌĞƌϭLJĞĂƌ͕ƚŚĞƉĞƌŝŽĚŽĨϭLJĞĂƌďĞŝŶŐƌĞĐŬŽŶĞĚ ŝƚƐ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ŝŶǀĞƐƚŵĞŶƚƐ ĐĂƌƌŝĞĚ Ăƚ ĐŽƐƚ /E͗ϬϳϲϮϰϲϭϲ ĨƌŽŵƚŚĞƌĞƉŽƌƟŶŐĚĂƚĞ͘ Žƌ ĂŵŽƌƟƐĞĚ ĐŽƐƚ ĂŶŶƵĂůůLJ Žƌ ŵŽƌĞ ĨƌĞƋƵĞŶƚůLJ sŝũĂLJŚĂƩ Deepak Parekh ŝƌĞĐƚŽƌ ǁŚĞŶ ƚŚĞƌĞ ŝƐ ŝŶĚŝĐĂƟŽŶ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ͘ /Ĩ ƚŚĞ WĂƌƚŶĞƌ /E͗ϬϬϬϬϵϬϳϴ ;ĐͿ ƌŝƟĐĂůĂĐĐŽƵŶƟŶŐĞƐƟŵĂƚĞƐĂŶĚũƵĚŐĞŵĞŶƚƐ ƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŝƐůĞƐƐƚŚĂŶŝƚƐĐĂƌƌLJŝŶŐĂŵŽƵŶƚ͕ DĞŵďĞƌƐŚŝƉEŽ͘Ϭϯϲϲϰϳ Giridhar Sanjeevi džĞĐƵƟǀĞsŝĐĞWƌĞƐŝĚĞŶƚΘŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ  dŚĞ ƉƌĞƉĂƌĂƟŽŶ ŽĨ ƚŚĞƐĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝŶ ƚŚĞŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐĂĐĐŽƵŶƚĞĚĨŽƌ͘ DƵŵďĂŝ͕DĂLJϮϱ͕ϮϬϭϴ Beejal Desai ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚͲ>ĞŐĂůΘŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ ĐŽŶĨŽƌŵŝƚLJ ǁŝƚŚ ƚŚĞ ƌĞĐŽŐŶŝƟŽŶ ĂŶĚ ŵĞĂƐƵƌĞŵĞŶƚ

132 Annual Report 2017-18 133 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018  ͻ /ŶĐŽŵĞ dĂdžĞƐ͗ ĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ĞĂĐŚĂĐĐŽƵŶƟŶŐƉĞƌŝŽĚĂŶĚƌĞǀŝƐŝŽŶƐŵĂĚĞĨŽƌƚŚĞ Dividend ƉĞƌĐĞŶƚĂŐĞ ŽĨ ƚŚĞ ĞůŝŐŝďůĞ ĞŵƉůŽLJĞĞ͛Ɛ ĂŶŶƵĂů ƚŽ ƚŚĞ ĞdžƚĞŶƚ ƚŚĂƚ ŝƚ ŝƐ ƌĞŐĂƌĚĞĚ ĂƐ ƉƌŽďĂďůĞ ĐŚĂŶŐĞƐŝŶĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐ͘  ŝǀŝĚĞŶĚŝŶĐŽŵĞ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ǁŚĞŶ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ďĂƐŝĐ ƐĂůĂƌLJ ƚŽ Ă ĨƵŶĚ ĂĚŵŝŶŝƐƚĞƌĞĚ ďLJ ƚŚĞ ƚŚĂƚ ĚĞĚƵĐƟďůĞ ƚĞŵƉŽƌĂƌLJ ĚŝīĞƌĞŶĐĞƐ ĐĂŶ ďĞ ƌŝŐŚƚƚŽƌĞĐĞŝǀĞƚŚĞĂŵŽƵŶƚŝƐĞƐƚĂďůŝƐŚĞĚ͘ ƚƌƵƐƚĞĞƐ͘ dŚĞ ŽŵƉĂŶLJ ƌĞĐŽŐŶŝƐĞƐ ƐƵĐŚ ƌĞĂůŝnjĞĚ͘ dŚĞ ŽŵƉĂŶLJ ĞƐƟŵĂƚĞƐ ĚĞĨĞƌƌĞĚ ƚĂdž  ͻ ĞĮŶĞĚ ďĞŶĞĮƚ ƉůĂŶƐ͗ dŚĞ ĐŽƐƚ ŽĨ ƚŚĞ ĚĞĮŶĞĚ ĐŽŶƚƌŝďƵƟŽŶƐ ĂƐ ĂŶ ĞdžƉĞŶƐĞ ŝŶ ƚŚĞ LJĞĂƌ ŝŶ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ ďĂƐĞĚ ŽŶ ĐƵƌƌĞŶƚ ƚĂdž ůĂǁƐ ďĞŶĞĮƚƉůĂŶƐĂŶĚƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĚĞĮŶĞĚ ;ĞͿ ŵƉůŽLJĞĞĞŶĞĮƚƐ ǁŚŝĐŚƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐƐĞƌǀŝĐĞƐĂƌĞƌĞĐĞŝǀĞĚ ĂŶĚ ƌĂƚĞƐ ĂŶĚ ŝŶ ĐĞƌƚĂŝŶ ĐĂƐĞƐ͕ ďƵƐŝŶĞƐƐ ƉůĂŶƐ͕ ďĞŶĞĮƚŽďůŝŐĂƟŽŶĂƌĞďĂƐĞĚŽŶĂĐƚƵĂƌŝĂůǀĂůƵĂƟŽŶ  ŝ͘ ^ŚŽƌƚͲƚĞƌŵŵƉůŽLJŵĞŶƚĞŶĞĮƚƐ͗ ĨƌŽŵƚŚĞĞŵƉůŽLJĞĞ͘ ŝŶĐůƵĚŝŶŐ ŵĂŶĂŐĞŵĞŶƚ͛Ɛ ĞdžƉĞĐƚĂƟŽŶƐ ƌĞŐĂƌĚŝŶŐ ƵƐŝŶŐƚŚĞƉƌŽũĞĐƚĞĚƵŶŝƚĐƌĞĚŝƚŵĞƚŚŽĚ͘ŶĂĐƚƵĂƌŝĂů   dŚĞĐŽƐƚƐŽĨĂůůƐŚŽƌƚͲƚĞƌŵĞŵƉůŽLJĞĞďĞŶĞĮƚƐ;ƚŚĂƚ ƚŚĞŵĂŶŶĞƌĂŶĚƟŵŝŶŐŽĨƌĞĐŽǀĞƌLJŽĨƚŚĞƌĞůĂƚĞĚ ǀĂůƵĂƟŽŶ ŝŶǀŽůǀĞƐ ŵĂŬŝŶŐ ǀĂƌŝŽƵƐ ĂƐƐƵŵƉƟŽŶƐ ĂƌĞĞdžƉĞĐƚĞĚƚŽďĞƐĞƩůĞĚǁŚŽůůLJǁŝƚŚŝŶϭϮŵŽŶƚŚƐ    ĞĮŶĞĚďĞŶĞĮƚƉůĂŶƐ ĂƐƐĞƚƐ͘ŚĂŶŐĞƐŝŶƚŚĞƐĞĞƐƟŵĂƚĞƐŵĂLJĂīĞĐƚƚŚĞ ƚŚĂƚ ŵĂLJ ĚŝīĞƌ ĨƌŽŵ ĂĐƚƵĂů ĚĞǀĞůŽƉŵĞŶƚƐ ŝŶ ĂŌĞƌƚŚĞĞŶĚŽĨƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞĞŵƉůŽLJĞĞƐ ĚĞĮŶĞĚ ďĞŶĞĮƚ ƉůĂŶ ŝƐ Ă ƉŽƐƚͲĞŵƉůŽLJŵĞŶƚ ĂŵŽƵŶƚŽĨĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƟĞƐŽƌƚŚĞǀĂůƵĂƟŽŶ ƚŚĞ ĨƵƚƵƌĞ͘ dŚĞƐĞ ŝŶĐůƵĚĞ ƚŚĞ ĚĞƚĞƌŵŝŶĂƟŽŶ ŽĨ ƌĞŶĚĞƌ ƚŚĞ ƌĞůĂƚĞĚ ƐĞƌǀŝĐĞͿ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ĚƵƌŝŶŐ ďĞŶĞĮƚƉůĂŶŽƚŚĞƌƚŚĂŶĂĚĞĮŶĞĚĐŽŶƚƌŝďƵƟŽŶ ŽĨĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚƚŚĞƌĞďLJƚŚĞƚĂdžĐŚĂƌŐĞŝŶ ƚŚĞ ĚŝƐĐŽƵŶƚ ƌĂƚĞ͕ ĨƵƚƵƌĞ ƐĂůĂƌLJ ŝŶĐƌĞĂƐĞƐ ĂŶĚ ƚŚĞ ƉĞƌŝŽĚ ŝŶ ǁŚŝĐŚ ƚŚĞ ĞŵƉůŽLJĞĞ ƌĞŶĚĞƌƐ ƚŚĞ ƉůĂŶ͘dŚĞŽŵƉĂŶLJ͛ƐŶĞƚŽďůŝŐĂƟŽŶŝŶƌĞƐƉĞĐƚ ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ŵŽƌƚĂůŝƚLJƌĂƚĞƐ͘ƵĞƚŽƚŚĞĐŽŵƉůĞdžŝƟĞƐŝŶǀŽůǀĞĚ ƌĞůĂƚĞĚ ƐĞƌǀŝĐĞ͘ dŚĞ ĂĐĐƌƵĂůƐ ĨŽƌ ĞŵƉůŽLJĞĞ ŽĨ ĚĞĮŶĞĚ ďĞŶĞĮƚ ƉůĂŶƐ ŝƐ ĐĂůĐƵůĂƚĞĚ ďLJ ŝŶƚŚĞǀĂůƵĂƟŽŶĂŶĚŝƚƐůŽŶŐƚĞƌŵŶĂƚƵƌĞ͕ĂĚĞĮŶĞĚ ĞŶƟƚůĞŵĞŶƚƐƚŽďĞŶĞĮƚƐƐƵĐŚĂƐƐĂůĂƌŝĞƐ͕ďŽŶƵƐĞƐ ĞƐƟŵĂƟŶŐƚŚĞĂŵŽƵŶƚŽĨĨƵƚƵƌĞďĞŶĞĮƚƚŚĂƚ   WƌŽǀŝƐŝŽŶ ĨŽƌ ƚĂdž ůŝĂďŝůŝƟĞƐ ƌĞƋƵŝƌĞ ũƵĚŐĞŵĞŶƚƐ ŽŶ ďĞŶĞĮƚŽďůŝŐĂƟŽŶŝƐŚŝŐŚůLJƐĞŶƐŝƟǀĞƚŽĐŚĂŶŐĞƐŝŶ ĂŶĚ ĂŶŶƵĂů ůĞĂǀĞ ƌĞƉƌĞƐĞŶƚ ƚŚĞ ĂŵŽƵŶƚƐ ǁŚŝĐŚ ĞŵƉůŽLJĞĞƐ ŚĂǀĞ ĞĂƌŶĞĚ ŝŶ ƚŚĞ ĐƵƌƌĞŶƚ ĂŶĚ ƚŚĞŝŶƚĞƌƉƌĞƚĂƟŽŶŽĨƚĂdžůĞŐŝƐůĂƟŽŶ͕ĚĞǀĞůŽƉŵĞŶƚƐ ƚŚĞƐĞĂƐƐƵŵƉƟŽŶƐ͘ůůĂƐƐƵŵƉƟŽŶƐĂƌĞƌĞǀŝĞǁĞĚ ƚŚĞŽŵƉĂŶLJŚĂƐĂƉƌĞƐĞŶƚŽďůŝŐĂƟŽŶƚŽƉĂLJĂƐĂ ƉƌŝŽƌ ƉĞƌŝŽĚƐ͕ ĚŝƐĐŽƵŶƟŶŐ ƚŚĂƚ ĂŵŽƵŶƚ ĂŶĚ ŝŶĐĂƐĞůĂǁĂŶĚƚŚĞƉŽƚĞŶƟĂůŽƵƚĐŽŵĞƐŽĨƚĂdžĂƵĚŝƚƐ ĂƚĞĂĐŚĂůĂŶĐĞ^ŚĞĞƚĚĂƚĞ͘ ƌĞƐƵůƚŽĨƚŚĞĞŵƉůŽLJĞĞ͛ƐƐĞƌǀŝĐĞƐĂŶĚƚŚĞŽďůŝŐĂƟŽŶ ĚĞĚƵĐƟŶŐ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ĂŶLJ ƉůĂŶ ĂƐƐĞƚƐ͘ ĂŶĚ ĂƉƉĞĂůƐ ǁŚŝĐŚ ŵĂLJ ďĞ ƐƵďũĞĐƚ ƚŽ ƐŝŐŶŝĮĐĂŶƚ ĐĂŶďĞŵĞĂƐƵƌĞĚƌĞůŝĂďůLJ͘dŚĞĂĐĐƌƵĂůƐŚĂǀĞďĞĞŶ dŚĞ ĐĂůĐƵůĂƟŽŶ ŽĨ ĚĞĮŶĞĚ ďĞŶĞĮƚ ŽďůŝŐĂƟŽŶ ƵŶĐĞƌƚĂŝŶƚLJ͘dŚĞƌĞĨŽƌĞƚŚĞĂĐƚƵĂůƌĞƐƵůƚƐŵĂLJǀĂƌLJ ^ŝŐŶŝĮĐĂŶƚĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐ ĐĂůĐƵůĂƚĞĚ Ăƚ ƵŶĚŝƐĐŽƵŶƚĞĚ ĂŵŽƵŶƚƐ ďĂƐĞĚ ŽŶ ŝƐ ƉĞƌĨŽƌŵĞĚ ĂŶŶƵĂůůLJ ďLJ Ă ƋƵĂůŝĮĞĚ ĂĐƚƵĂƌLJ ĨƌŽŵ ĞdžƉĞĐƚĂƟŽŶƐ ƌĞƐƵůƟŶŐ ŝŶ ĂĚũƵƐƚŵĞŶƚƐ ƚŽ ĐƵƌƌĞŶƚƐĂůĂƌLJůĞǀĞůƐĂƚƚŚĞĂůĂŶĐĞ^ŚĞĞƚĚĂƚĞ͘ ƵƐŝŶŐƚŚĞƉƌŽũĞĐƚĞĚƵŶŝƚĐƌĞĚŝƚŵĞƚŚŽĚ͘ ƉƌŽǀŝƐŝŽŶƐ͕ ƚŚĞ ǀĂůƵĂƟŽŶ ŽĨ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ͕ ;ĚͿ ZĞǀĞŶƵĞƌĞĐŽŐŶŝƟŽŶ ĐĂƐŚƚĂdžƐĞƩůĞŵĞŶƚƐĂŶĚƚŚĞƌĞĨŽƌĞƚŚĞƚĂdžĐŚĂƌŐĞŝŶ  /ŶĐŽŵĞĨƌŽŵŽƉĞƌĂƟŽŶƐ  ŝŝ͘ WŽƐƚͲŵƉůŽLJŵĞŶƚĞŶĞĮƚƐ͗ a) Gratuity Fund ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘  ZĞǀĞŶƵĞŝƐŵĞĂƐƵƌĞĚĂƚƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĐŽŶƐŝĚĞƌĂƟŽŶ   ĞĮŶĞĚĐŽŶƚƌŝďƵƟŽŶƉůĂŶƐ dŚĞŽŵƉĂŶLJŵĂŬĞƐĂŶŶƵĂůĐŽŶƚƌŝďƵƟŽŶƐ ƌĞĐĞŝǀĞĚ Žƌ ƌĞĐĞŝǀĂďůĞ͘ ZĞǀĞŶƵĞ ĐŽŵƉƌŝƐĞƐ ƐĂůĞ ŽĨ   ĚĞĮŶĞĚĐŽŶƚƌŝďƵƟŽŶƉůĂŶŝƐĂƉŽƐƚͲĞŵƉůŽLJŵĞŶƚ ƚŽ ŐƌĂƚƵŝƚLJ ĨƵŶĚƐ ĂĚŵŝŶŝƐƚĞƌĞĚ ďLJ ƚŚĞ  ͻ >ŽLJĂůƚLJƉƌŽŐƌĂŵŵĞ͗dŚĞŽŵƉĂŶLJĞƐƟŵĂƚĞƐƚŚĞ ƌŽŽŵƐ͕ĨŽŽĚĂŶĚďĞǀĞƌĂŐĞƐĂŶĚĂůůŝĞĚƐĞƌǀŝĐĞƐƌĞůĂƟŶŐ ďĞŶĞĮƚ ƉůĂŶ ƵŶĚĞƌ ǁŚŝĐŚ ĂŶ ĞŶƟƚLJ ƉĂLJƐ ĮdžĞĚ ƚƌƵƐƚĞĞƐ ĨŽƌ ĂŵŽƵŶƚƐ ŶŽƟĮĞĚ ďLJ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƉŽŝŶƚƐ ĂǁĂƌĚĞĚ ƵŶĚĞƌ ƚŚĞ >ŽLJĂůƚLJ ƚŽŚŽƚĞůŽƉĞƌĂƟŽŶƐ͕ŝŶĐůƵĚŝŶŐŵĂŶĂŐĞŵĞŶƚĨĞĞƐĨŽƌƚŚĞ ĐŽŶƚƌŝďƵƟŽŶƐ ŝŶƚŽ Ă ƐĞƉĂƌĂƚĞ ĞŶƟƚLJ ĂŶĚ ǁŝůů ŚĂǀĞ ĨƵŶĚƐ͘ dŚĞ 'ƌĂƚƵŝƚLJ ƉůĂŶ ƉƌŽǀŝĚĞƐ ĨŽƌ ƉƌŽŐƌĂŵŵĞ ďLJ ĂƉƉůLJŝŶŐ ƐƚĂƟƐƟĐĂů ƚĞĐŚŶŝƋƵĞƐ͘ ŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞŚŽƚĞůƐ͘ ŶŽ ůĞŐĂů Žƌ ĐŽŶƐƚƌƵĐƟǀĞ ŽďůŝŐĂƟŽŶ ƚŽ ƉĂLJ ĨƵƌƚŚĞƌ ůƵŵƉƐƵŵƉĂLJŵĞŶƚƚŽǀĞƐƚĞĚĞŵƉůŽLJĞĞƐ /ŶƉƵƚƐŝŶĐůƵĚĞŵĂŬŝŶŐĂƐƐƵŵƉƟŽŶƐĂďŽƵƚĞdžƉĞĐƚĞĚ ĂŵŽƵŶƚƐ͘ ŽŶ ƌĞƟƌĞŵĞŶƚ͕ ĚĞĂƚŚ Žƌ ƚĞƌŵŝŶĂƟŽŶ ŽĨ ďƌĞĂŬĂŐĞƐ͕ƚŚĞŵŝdžŽĨƉƌŽĚƵĐƚƐƚŚĂƚǁŝůůďĞĂǀĂŝůĂďůĞ  ZĞǀĞŶƵĞ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ƵƉŽŶ ƌĞŶĚĞƌŝŶŐ ŽĨ ƚŚĞ ƐĞƌǀŝĐĞ͕ ĞŵƉůŽLJŵĞŶƚŽĨĂŶĂŵŽƵŶƚďĂƐĞĚŽŶƚŚĞ ĨŽƌ ƌĞĚĞŵƉƟŽŶ ŝŶ ƚŚĞ ĨƵƚƵƌĞ ĂŶĚ ĐƵƐƚŽŵĞƌ ƉƌŽǀŝĚĞĚ ƉĞƌƐƵĂƐŝǀĞ ĞǀŝĚĞŶĐĞ ŽĨ ĂŶ ĂƌƌĂŶŐĞŵĞŶƚ a) Provident and Family Pension Fund ƌĞƐƉĞĐƟǀĞ ĞŵƉůŽLJĞĞ͛Ɛ ůĂƐƚ ĚƌĂǁŶ ƐĂůĂƌLJ ƉƌĞĨĞƌĞŶĐĞƐ͕ƌĞĚĞŵƉƟŽŶĂƚŽǁŶŚŽƚĞůƐĂŶĚŽƚŚĞƌ ĞdžŝƐƚƐ͕ ƚĂƌŝī ͬ ƌĂƚĞƐ ĂƌĞ ĮdžĞĚ Žƌ ĂƌĞ ĚĞƚĞƌŵŝŶĂďůĞ ĂŶĚ dŚĞ ĞůŝŐŝďůĞ ĞŵƉůŽLJĞĞƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ĂƌĞ ĂŶĚƚĞŶƵƌĞŽĨĞŵƉůŽLJŵĞŶƚ͘dŚĞŽŵƉĂŶLJ ƉĂƌƟĐŝƉĂƟŶŐŚŽƚĞůƐ͘ ĐŽůůĞĐƚĂďŝůŝƚLJŝƐƌĞĂƐŽŶĂďůLJĐĞƌƚĂŝŶ͘ZĞǀĞŶƵĞĨƌŽŵƐĂůĞƐ ĞŶƟƚůĞĚƚŽƌĞĐĞŝǀĞƉŽƐƚͲĞŵƉůŽLJŵĞŶƚďĞŶĞĮƚƐ ĂĐĐŽƵŶƚƐĨŽƌƚŚĞŶĞƚƉƌĞƐĞŶƚǀĂůƵĞŽĨŝƚƐ ŽĨŐŽŽĚƐŽƌƌĞŶĚĞƌŝŶŐŽĨƐĞƌǀŝĐĞƐŝƐŶĞƚŽĨ/ŶĚŝƌĞĐƚƚĂdžĞƐ͕ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƉƌŽǀŝĚĞŶƚ ĂŶĚ ĨĂŵŝůLJ ƉĞŶƐŝŽŶ ŽďůŝŐĂƟŽŶƐ ĨŽƌ ŐƌĂƚƵŝƚLJ ďĞŶĞĮƚƐ͕ ďĂƐĞĚ  ͻ &Ăŝƌ ǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚ ŽĨ ĚĞƌŝǀĂƟǀĞ ĂŶĚ ŽƚŚĞƌ ƌĞƚƵƌŶƐĂŶĚĚŝƐĐŽƵŶƚƐ͘ ĨƵŶĚ͕ ŝŶ ǁŚŝĐŚ ďŽƚŚ ƚŚĞ ĞŵƉůŽLJĞĞƐ ĂŶĚ ƚŚĞ ŽŶ ĂŶ ŝŶĚĞƉĞŶĚĞŶƚ ĂĐƚƵĂƌŝĂů ǀĂůƵĂƟŽŶ͕ ĮŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ͗ dŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ĮŶĂŶĐŝĂů ŽŵƉĂŶLJ ŵĂŬĞ ŵŽŶƚŚůLJ ĐŽŶƚƌŝďƵƟŽŶƐ Ăƚ Ă ĚĞƚĞƌŵŝŶĞĚŽŶƚŚĞďĂƐŝƐŽĨƚŚĞƉƌŽũĞĐƚĞĚ ŝŶƐƚƌƵŵĞŶƚƐƚŚĂƚĂƌĞŶŽƚƚƌĂĚĞĚŝŶĂŶĂĐƟǀĞŵĂƌŬĞƚ  dŚĞ ŽŵƉĂŶLJ ŽƉĞƌĂƚĞƐ ůŽLJĂůƚLJ ƉƌŽŐƌĂŵŵĞ͕ ǁŚŝĐŚ ƐƉĞĐŝĮĞĚƉĞƌĐĞŶƚĂŐĞŽĨƚŚĞĞŵƉůŽLJĞĞ͛ƐĞůŝŐŝďůĞ ƵŶŝƚ ĐƌĞĚŝƚ ŵĞƚŚŽĚ͕ ĐĂƌƌŝĞĚ ŽƵƚ ĂƐ Ăƚ ŝƐ ĚĞƚĞƌŵŝŶĞĚ ďLJ ƵƐŝŶŐ ǀĂůƵĂƟŽŶ ƚĞĐŚŶŝƋƵĞƐ͘ dŚŝƐ ĂůůŽǁƐ ŝƚƐ ĞůŝŐŝďůĞ ĐƵƐƚŽŵĞƌƐ ƚŽ ĞĂƌŶ ƉŽŝŶƚƐ ďĂƐĞĚ ŽŶ ƐĂůĂƌLJ ;ĐƵƌƌĞŶƚůLJ ϭϮй ŽĨ ĞŵƉůŽLJĞĞ͛Ɛ ĞůŝŐŝďůĞ ƚŚĞ ĂůĂŶĐĞ ^ŚĞĞƚ ĚĂƚĞ͘ dŚĞ ŽďůŝŐĂƟŽŶ ŝŶǀŽůǀĞƐƐŝŐŶŝĮĐĂŶƚũƵĚŐĞŵĞŶƚƐŝŶƚŚĞƐĞůĞĐƟŽŶŽĨ ƚŚĞŝƌ ƐƉĞŶĚŝŶŐ Ăƚ ƚŚĞ ŚŽƚĞůƐ͘ dŚĞ ƉŽŝŶƚƐ ƐŽ ĞĂƌŶĞĚ ƐĂůĂƌLJͿ͘ dŚĞ ĐŽŶƚƌŝďƵƟŽŶƐ ĂƌĞ ŵĂĚĞ ƚŽ ƚŚĞ ĚĞƚĞƌŵŝŶĞĚ ĂƐ ĂĨŽƌĞƐĂŝĚ ůĞƐƐ ƚŚĞ ĨĂŝƌ Ă ŵĞƚŚŽĚ ŝŶ ŵĂŬŝŶŐ ĂƐƐƵŵƉƟŽŶƐ ƚŚĂƚ ĂƌĞ ŵĂŝŶůLJ ďLJ ƐƵĐŚ ĐƵƐƚŽŵĞƌƐ ĂƌĞ ĂĐĐƵŵƵůĂƚĞĚ͘ dŚĞ ƌĞǀĞŶƵĞƐ ƉƌŽǀŝĚĞŶƚ ĨƵŶĚ ŵĂŶĂŐĞĚ ďLJ ƚŚĞ ƚƌƵƐƚ ƐĞƚ ƵƉ ǀĂůƵĞŽĨƚŚĞƉůĂŶĂƐƐĞƚƐŝƐƌĞƉŽƌƚĞĚĂƐĂ ďĂƐĞĚŽŶŵĂƌŬĞƚĐŽŶĚŝƟŽŶƐĞdžŝƐƟŶŐĂƚƚŚĞĂůĂŶĐĞ ƌĞůĂƚĞĚƚŽĂǁĂƌĚƉŽŝŶƚƐŝƐĚĞĨĞƌƌĞĚĂŶĚŽŶƌĞĚĞŵƉƟŽŶ ďLJƚŚĞŽŵƉĂŶLJ͕ŽƌƚŽƚŚĞZĞŐŝŽŶĂůWƌŽǀŝĚĞŶƚ ůŝĂďŝůŝƚLJŽƌĂƐƐĞƚĂƐŽĨƚŚĞƌĞƉŽƌƟŶŐĚĂƚĞ͘ ^ŚĞĞƚĚĂƚĞĂŶĚŝŶŝĚĞŶƟĨLJŝŶŐƚŚĞŵŽƐƚĂƉƉƌŽƉƌŝĂƚĞ ŽĨ ƐƵĐŚ ĂǁĂƌĚ ƉŽŝŶƚƐ ƌĞǀĞŶƵĞ ŝƐ ŵĞĂƐƵƌĞĚ ďĂƐĞĚ &ƵŶĚŽŵŵŝƐƐŝŽŶĞƌ;ZW&ͿǁŚŝĐŚĂƌĞĐŚĂƌŐĞĚ ĐƚƵĂƌŝĂůŐĂŝŶƐĂŶĚůŽƐƐĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚ ĞƐƟŵĂƚĞ ŽĨ ĨĂŝƌ ǀĂůƵĞ ǁŚĞŶ Ă ǁŝĚĞ ƌĂŶŐĞ ŽĨ ĨĂŝƌ ŽŶ ŵĂŶĂŐĞŵĞŶƚ͛Ɛ ĞƐƟŵĂƚĞ ŽĨ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ƚŽƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐĂƐŝŶĐƵƌƌĞĚ͘ ŝŵŵĞĚŝĂƚĞůLJ ŝŶ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ ǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐĂƌĞƉŽƐƐŝďůĞ͘ ĞdžƉĞĐƚĞĚĂǁĂƌĚƐĨŽƌǁŚŝĐŚƚŚĞƉŽŝŶƚƐǁŝůůďĞƌĞĚĞĞŵĞĚ͘ /ŶĐŽŵĞĂŶĚƌĞŇĞĐƚĞĚŝŶƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ DĞŵďĞƌƐŚŝƉĨĞĞƐƌĞĐĞŝǀĞĚĨƌŽŵƚŚĞůŽLJĂůƚLJƉƌŽŐƌĂŵŝƐ /ŶƌĞƐƉĞĐƚ ŽĨ ĐŽŶƚƌŝďƵƟŽŶ ƚŽ ZW&͕ ƚŚĞ ĂŶĚ ǁŝůů ŶŽƚ ďĞ ƌĞĐůĂƐƐŝĮĞĚ ƚŽ ƚŚĞ  ͻ >ŝƟŐĂƟŽŶ͗ &ƌŽŵ ƟŵĞ ƚŽ ƟŵĞ͕ ƚŚĞ ŽŵƉĂŶLJ ŝƐ ƌĞĐŽŐŶŝƐĞĚĂƐƌĞǀĞŶƵĞŽŶƟŵĞͲƉƌŽƉŽƌƟŽŶďĂƐŝƐ͘ ŽŵƉĂŶLJ ŚĂƐ ŶŽ ĨƵƌƚŚĞƌ ŽďůŝŐĂƟŽŶƐ ďĞLJŽŶĚ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ƐƵďũĞĐƚƚŽůĞŐĂůƉƌŽĐĞĞĚŝŶŐƐƚŚĞƵůƟŵĂƚĞŽƵƚĐŽŵĞ ŵĂŬŝŶŐ ƚŚĞ ĐŽŶƚƌŝďƵƟŽŶ͕ ĂŶĚ ŚĞŶĐĞ͕ ƐƵĐŚ ŽĨĞĂĐŚďĞŝŶŐĂůǁĂLJƐƐƵďũĞĐƚƚŽŵĂŶLJƵŶĐĞƌƚĂŝŶƟĞƐ  DĂŶĂŐĞŵĞŶƚ ĨĞĞƐ ĞĂƌŶĞĚ ĨƌŽŵ ŚŽƚĞůƐ ŵĂŶĂŐĞĚ ďLJ ĞŵƉůŽLJĞĞďĞŶĞĮƚƉůĂŶŝƐĐůĂƐƐŝĮĞĚĂƐĞĮŶĞĚ    ďͿ WŽƐƚͲZĞƟƌĞŵĞŶƚ WĞŶƐŝŽŶ ^ĐŚĞŵĞ ĂŶĚ ŝŶŚĞƌĞŶƚ ŝŶ ůŝƟŐĂƟŽŶ͘  ƉƌŽǀŝƐŝŽŶ ĨŽƌ ůŝƟŐĂƟŽŶ ƚŚĞ ŽŵƉĂŶLJ ĂƌĞ ƵƐƵĂůůLJ ƵŶĚĞƌ ůŽŶŐͲƚĞƌŵ ĐŽŶƚƌĂĐƚƐ ŽŶƚƌŝďƵƟŽŶWůĂŶ͘dŚĞŽŵƉĂŶLJ͛ƐĐŽŶƚƌŝďƵƟŽŶ DĞĚŝĐĂůĞŶĞĮƚƐ ŝƐ ŵĂĚĞ ǁŚĞŶ ŝƚ ŝƐ ĐŽŶƐŝĚĞƌĞĚ ƉƌŽďĂďůĞ ƚŚĂƚ Ă ǁŝƚŚƚŚĞŚŽƚĞůŽǁŶĞƌĂŶĚĂƌĞƌĞĐŽŐŶŝƐĞĚǁŚĞŶĞĂƌŶĞĚ ŝƐƌĞĐŽŐŶŝƐĞĚĂƐĂŶĞdžƉĞŶƐĞŝŶƚŚĞ^ƚĂƚĞŵĞŶƚ dŚĞŶĞƚƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞŽŵƉĂŶLJ͛Ɛ ƉĂLJŵĞŶƚǁŝůůďĞŵĂĚĞĂŶĚƚŚĞĂŵŽƵŶƚŽĨƚŚĞůŽƐƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ ĐŽŶƚƌĂĐƚ ǁŚĞŶ ŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ŽďůŝŐĂƟŽŶ ƚŽǁĂƌĚƐ ƉŽƐƚ ƌĞƟƌĞŵĞŶƚ ĐĂŶďĞƌĞĂƐŽŶĂďůLJĞƐƟŵĂƚĞĚ͘^ŝŐŶŝĮĐĂŶƚũƵĚŐĞŵĞŶƚ ĐŽůůĞĐƚĂďŝůŝƚLJŝƐĐĞƌƚĂŝŶ͘ ƉĞŶƐŝŽŶ ƐĐŚĞŵĞ ĨŽƌ ƌĞƟƌĞĚ ǁŚŽůĞ ƟŵĞ ŝƐŵĂĚĞǁŚĞŶĞǀĂůƵĂƟŶŐ͕ĂŵŽŶŐŽƚŚĞƌĨĂĐƚŽƌƐ͕ƚŚĞ   ďͿ ^ƵƉĞƌĂŶŶƵĂƟŽŶ ĚŝƌĞĐƚŽƌƐ ĂŶĚ ƉŽƐƚͲĞŵƉůŽLJŵĞŶƚ ŵĞĚŝĐĂů ƉƌŽďĂďŝůŝƚLJŽĨƵŶĨĂǀŽƌĂďůĞŽƵƚĐŽŵĞĂŶĚƚŚĞĂďŝůŝƚLJ Interest dŚĞŽŵƉĂŶLJŚĂƐĂĚĞĮŶĞĚĐŽŶƚƌŝďƵƟŽŶƉůĂŶ ďĞŶĞĮƚƐ ƚŽ ƋƵĂůŝĨLJŝŶŐ ĞŵƉůŽLJĞĞƐ ŝƐ ƚŽ ŵĂŬĞ Ă ƌĞĂƐŽŶĂďůĞ ĞƐƟŵĂƚĞ ŽĨ ƚŚĞ ĂŵŽƵŶƚ ŽĨ  /ŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ŝƐ ĂĐĐƌƵĞĚ ŽŶ Ă ƟŵĞ ƉƌŽƉŽƌƟŽŶ ďĂƐŝƐ ĨŽƌ ĞůŝŐŝďůĞ ĞŵƉůŽLJĞĞƐ͕ ǁŚĞƌĞŝŶ ŝƚ ĂŶŶƵĂůůLJ ĂĐƚƵĂƌŝĂůůLJ ĚĞƚĞƌŵŝŶĞĚ͕ ďĂƐĞĚ ŽŶ ƚŚĞ ƉŽƚĞŶƟĂůůŽƐƐ͘>ŝƟŐĂƟŽŶƉƌŽǀŝƐŝŽŶƐĂƌĞƌĞǀŝĞǁĞĚĂƚ ƵƐŝŶŐƚŚĞĞīĞĐƟǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘ ĐŽŶƚƌŝďƵƚĞƐ Ă ƐƵŵ ĞƋƵŝǀĂůĞŶƚ ƚŽ Ă ĚĞĮŶĞĚ ƉƌŽũĞĐƚĞĚ ƵŶŝƚ ĐƌĞĚŝƚ ŵĞƚŚŽĚ͘ ĐƚƵĂƌŝĂů

134 Annual Report 2017-18 135 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018 ŐĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ƚŚĞůŽĐĂƟŽŶĂŶĚĐŽŶĚŝƟŽŶŶĞĐĞƐƐĂƌLJĨŽƌŵĂŬŝŶŐƚŚĞŵ  &ƌĞĞŚŽůĚůĂŶĚŝƐŶŽƚĚĞƉƌĞĐŝĂƚĞĚ͘  ŶŝŶƚĂŶŐŝďůĞĂƐƐĞƚŝƐĚĞͲƌĞĐŽŐŶŝƐĞĚŽŶĚŝƐƉŽƐĂů͕ŽƌǁŚĞŶ ŝŵŵĞĚŝĂƚĞůLJ ŝŶ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ ŽƉĞƌĂƟŽŶĂů ĨŽƌ ƚŚĞŝƌ ŝŶƚĞŶĚĞĚ ƵƐĞ ĂŶĚ͕ ŝŶ ƚŚĞ ĐĂƐĞ ŽĨ ŶŽĨƵƚƵƌĞĞĐŽŶŽŵŝĐďĞŶĞĮƚƐĂƌĞĞdžƉĞĐƚĞĚƚŽĂƌŝƐĞĨƌŽŵ /ŶĐŽŵĞĂŶĚƌĞŇĞĐƚĞĚŝŶƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ ƋƵĂůŝĨLJŝŶŐĂƐƐĞƚƐ͕ƚŚĞĂƩƌŝďƵƚĂďůĞďŽƌƌŽǁŝŶŐĐŽƐƚƐ;ƌĞĨĞƌ ƚŚĞĐŽŶƟŶƵĞĚƵƐĞŽĨƚŚĞĂƐƐĞƚ͘'ĂŝŶƐŽƌůŽƐƐĞƐĂƌŝƐŝŶŐ  dŚĞĂƐƐĞƚƐ͛ƵƐĞĨƵůůŝǀĞƐĂŶĚƌĞƐŝĚƵĂůǀĂůƵĞƐĂƌĞƌĞǀŝĞǁĞĚ ĂŶĚ ǁŝůů ŶŽƚ ďĞ ƌĞĐůĂƐƐŝĮĞĚ ƚŽ ƚŚĞ ŶŽƚĞŶŽ͘Ϯ;ŽͿͿ͘/ŶŝƟĂůĞƐƟŵĂƚĞŽĨĐŽƐƚƐŽĨĚŝƐŵĂŶƚůŝŶŐĂŶĚ ĨƌŽŵĚĞͲƌĞĐŽŐŶŝƟŽŶŽĨĂŶŝŶƚĂŶŐŝďůĞĂƐƐĞƚ͕ŵĞĂƐƵƌĞĚĂƐ ĂƚƚŚĞĂůĂŶĐĞ^ŚĞĞƚĚĂƚĞĂŶĚƚŚĞĞīĞĐƚŽĨĂŶLJĐŚĂŶŐĞƐ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ƌĞŵŽǀŝŶŐƚŚĞŝƚĞŵĂŶĚƌĞƐƚŽƌŝŶŐƚŚĞƐŝƚĞŽŶǁŚŝĐŚŝƚŝƐ ƚŚĞĚŝīĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞŶĞƚĚŝƐƉŽƐĂů ƉƌŽĐĞĞĚƐĂŶĚ ŝŶĞƐƟŵĂƚĞƐĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌŽŶĂƉƌŽƐƉĞĐƟǀĞďĂƐŝƐ͘ ůŽĐĂƚĞĚŝƐĂůƐŽŝŶĐůƵĚĞĚŝĨƚŚĞƌĞŝƐĂŶŽďůŝŐĂƟŽŶƚŽƌĞƐƚŽƌĞ ƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĂƐƐĞƚ͕ĂŶĚĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶ dŚĞ ŽŵƉĂŶLJ ĂůƐŽ ŚĂƐ ƐĞƉĂƌĂƚĞ ĨƵŶĚĞĚ ŝƚ͘&ŝƌƐƚƟŵĞŝƐƐƵĞƐŽĨŽƉĞƌĂƟŶŐƐƵƉƉůŝĞƐĨŽƌĂŶĞǁŚŽƚĞů ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐǁŚĞŶƚŚĞĂƐƐĞƚŝƐĚĞͲ  Ŷ ŝƚĞŵ ŽĨ ƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ŝƐ ĚĞͲ ĂŶĚƵŶĨƵŶĚĞĚƐĐŚĞŵĞƐ͕ǁŚŝĐŚŐƵĂƌĂŶƚĞĞ ƉƌŽƉĞƌƚLJ͕ ĐŽŶƐŝƐƟŶŐ ŽĨ ůŝŶĞŶ ĂŶĚ ĐŚŝŶĂǁĂƌĞ͕ ŐůĂƐƐǁĂƌĞ ƌĞĐŽŐŶŝƐĞĚ͘ ƌĞĐŽŐŶŝƐĞĚƵƉŽŶĚŝƐƉŽƐĂůŽƌǁŚĞŶŶŽĨƵƚƵƌĞĞĐŽŶŽŵŝĐ ĂŵŝŶŝŵƵŵƉĞŶƐŝŽŶƚŽĐĞƌƚĂŝŶĐĂƚĞŐŽƌŝĞƐ ĂŶĚ ƐŝůǀĞƌǁĂƌĞ ;'^Ϳ ĂƌĞ ĐĂƉŝƚĂůŝƐĞĚ ĂŶĚ ĚĞƉƌĞĐŝĂƚĞĚ ďĞŶĞĮƚƐĂƌĞĞdžƉĞĐƚĞĚƚŽĂƌŝƐĞĨƌŽŵƚŚĞĐŽŶƟŶƵĞĚƵƐĞ ŽĨĞŵƉůŽLJĞĞƐ͘dŚĞŽŵƉĂŶLJĂĐĐŽƵŶƚƐĨŽƌ ŽǀĞƌƚŚĞŝƌĞƐƟŵĂƚĞĚƵƐĞĨƵůůŝĨĞ͘  &Žƌ ƚƌĂŶƐŝƟŽŶ ƚŽ /ŶĚ ^͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ĞůĞĐƚĞĚ ƚŽ ŽĨƚŚĞĂƐƐĞƚ͘ŶLJŐĂŝŶŽƌůŽƐƐĂƌŝƐŝŶŐŽŶƚŚĞĚŝƐƉŽƐĂůŽƌ ƚŚĞ ŶĞƚ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ŝƚƐ ŽďůŝŐĂƟŽŶƐ ĐŽŶƟŶƵĞǁŝƚŚĐĂƌƌLJŝŶŐǀĂůƵĞŽĨĂůůŽĨŝƚƐŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ ƌĞƟƌĞŵĞŶƚŽĨĂŶŝƚĞŵŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ ƚŚĞƌĞŝŶ͕ ďĂƐĞĚ ŽŶ ĂŶ ŝŶĚĞƉĞŶĚĞŶƚ  ^ƵďƐĞƋƵĞŶƚĞdžƉĞŶĚŝƚƵƌĞƌĞůĂƟŶŐƚŽƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚ ƌĞĐŽŐŶŝƐĞĚĂƐŽĨƉƌŝůϭ͕ϮϬϭϱ;ƚƌĂŶƐŝƟŽŶĚĂƚĞͿŵĞĂƐƵƌĞĚ ŝƐ ĚĞƚĞƌŵŝŶĞĚ ĂƐ ƚŚĞ ĚŝīĞƌĞŶĐĞ ďĞƚǁĞĞŶ ƚŚĞ ƐĂůĞƐ ĞdžƚĞƌŶĂů ĂĐƚƵĂƌŝĂů ǀĂůƵĂƟŽŶ͕ ĐĂƌƌŝĞĚ ŽƵƚ ĞƋƵŝƉŵĞŶƚ ŝƐ ĐĂƉŝƚĂůŝƐĞĚ ŽŶůLJ ǁŚĞŶ ŝƚ ŝƐ ƉƌŽďĂďůĞ ƚŚĂƚ ĂƐƉĞƌƚŚĞƉƌĞǀŝŽƵƐ'WĂŶĚƵƐĞƚŚĂƚĐĂƌƌLJŝŶŐǀĂůƵĞĂƐ ƉƌŽĐĞĞĚƐ ĂŶĚ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ĂƐƐĞƚ ĂŶĚ ĂƐ Ăƚ ƚŚĞ ĂůĂŶĐĞ ^ŚĞĞƚ ĚĂƚĞ͕ ǁŚŝĐŚ ŝƐ ĨƵƚƵƌĞ ĞĐŽŶŽŵŝĐ ďĞŶĞĮƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞƐĞ ǁŝůů ŝƚƐĚĞĞŵĞĚĐŽƐƚĂƐŽĨƚŚĞƚƌĂŶƐŝƟŽŶĚĂƚĞ͘ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ ĂŶĚ >ŽƐƐ͘ ĚĞƚĞƌŵŝŶĞĚŽŶƚŚĞďĂƐŝƐŽĨƚŚĞƉƌŽũĞĐƚĞĚ ŇŽǁ ƚŽ ƚŚĞ ŽŵƉĂŶLJ ĂŶĚ ƚŚĞ ĐŽƐƚ ŽĨ ƚŚĞ ŝƚĞŵ ĐĂŶ ďĞ WƌŽƉŽƌƟŽŶĂƚĞĚĞƉƌĞĐŝĂƟŽŶŝƐĐŚĂƌŐĞĚĨŽƌƚŚĞĂĚĚŝƟŽŶ ƵŶŝƚ ĐƌĞĚŝƚ ŵĞƚŚŽĚ͘ ĐƚƵĂƌŝĂů ŐĂŝŶƐ ŵĞĂƐƵƌĞĚƌĞůŝĂďůLJ͘ (h) Impairment of Assets ĂŶĚĚŝƐƉŽƐĂůŵĂĚĞĚƵƌŝŶŐƚŚĞLJĞĂƌ͘ ĂŶĚ ůŽƐƐĞƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ŝŵŵĞĚŝĂƚĞůLJ  ƐƐĞƚƐ ƚŚĂƚ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ĂŵŽƌƟƐĂƟŽŶ ĂƌĞ ƌĞǀŝĞǁĞĚ ŝŶ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ ĂŶĚ  ŶĂƐƐĞƚ͛ƐĐĂƌƌLJŝŶŐĂŵŽƵŶƚŝƐǁƌŝƩĞŶĚŽǁŶŝŵŵĞĚŝĂƚĞůLJ ĨŽƌŝŵƉĂŝƌŵĞŶƚƉĞƌŝŽĚŝĐĂůůLJŝŶĐůƵĚŝŶŐǁŚĞŶĞǀĞƌĞǀĞŶƚƐ  &Žƌ ƚƌĂŶƐŝƟŽŶ ƚŽ /ŶĚ ^͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ĞůĞĐƚĞĚ ƚŽ ƌĞŇĞĐƚĞĚŝŶƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐĂŶĚǁŝůůŶŽƚ ƚŽŝƚƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŝĨƚŚĞĂƐƐĞƚ͛ƐĐĂƌƌLJŝŶŐĂŵŽƵŶƚ Žƌ ĐŚĂŶŐĞƐ ŝŶ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ŝŶĚŝĐĂƚĞ ƚŚĂƚ ƚŚĞ ĐĂƌƌLJŝŶŐ ĐŽŶƟŶƵĞ ǁŝƚŚ ƚŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ Ăůů ŽĨ ŝƚƐ ƉƌŽƉĞƌƚLJ͕ ďĞƌĞĐůĂƐƐŝĮĞĚƚŽƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚ ŝƐŐƌĞĂƚĞƌƚŚĂŶŝƚƐĞƐƟŵĂƚĞĚƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘ ĂŵŽƵŶƚŵĂLJŶŽƚďĞƌĞĐŽǀĞƌĂďůĞ͘ŶŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ƌĞĐŽŐŶŝƐĞĚ ĂƐ ŽĨ Ɖƌŝů ϭ͕ ϮϬϭϱ ĂŶĚ>ŽƐƐ͘ ƌĞĐŽŐŶŝƐĞĚĨŽƌƚŚĞĂŵŽƵŶƚďLJǁŚŝĐŚƚŚĞĂƐƐĞƚ͛ƐĐĂƌƌLJŝŶŐ ;ƚƌĂŶƐŝƟŽŶ ĚĂƚĞͿ ŵĞĂƐƵƌĞĚ ĂƐ ƉĞƌ ƚŚĞ ƉƌĞǀŝŽƵƐ 'W  ĞƉƌĞĐŝĂƟŽŶŝƐĐŚĂƌŐĞĚƚŽƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ ĂŵŽƵŶƚĞdžĐĞĞĚƐŝƚƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘ ĂŶĚƵƐĞƚŚĂƚĐĂƌƌLJŝŶŐǀĂůƵĞĂƐŝƚƐĚĞĞŵĞĚĐŽƐƚĂƐŽĨƚŚĞ c) Provident Fund Trust >ŽƐƐ ƐŽ ĂƐ ƚŽ ĞdžƉĞŶƐĞ ƚŚĞ ĐŽƐƚ ŽĨ ĂƐƐĞƚƐ ;ŽƚŚĞƌ ƚŚĂŶ ƚƌĂŶƐŝƟŽŶĚĂƚĞ͘ /ŶƌĞƐƉĞĐƚŽĨĐŽŶƚƌŝďƵƟŽŶƚŽƚŚĞƚƌƵƐƚƐĞƚ ĨƌĞĞŚŽůĚ ůĂŶĚ ĂŶĚ ƉƌŽƉĞƌƟĞƐ ƵŶĚĞƌ ĐŽŶƐƚƌƵĐƟŽŶͿ ůĞƐƐ  ZĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŝƐƚŚĞŚŝŐŚĞƌŽĨĨĂŝƌǀĂůƵĞůĞƐƐĐŽƐƚƐ ƵƉ ďLJ ƚŚĞ ŽŵƉĂŶLJ͕ ƐŝŶĐĞ ƚŚĞ ŽŵƉĂŶLJ ƚŚĞŝƌ ƌĞƐŝĚƵĂů ǀĂůƵĞƐ ŽǀĞƌ ƚŚĞŝƌ ƵƐĞĨƵů ůŝǀĞƐ͕ ƵƐŝŶŐ ƚŚĞ ŽĨĚŝƐƉŽƐĂůĂŶĚǀĂůƵĞŝŶƵƐĞ͘/ŶĂƐƐĞƐƐŝŶŐǀĂůƵĞŝŶƵƐĞ͕  ĂƉŝƚĂůǁŽƌŬŝŶƉƌŽŐƌĞƐƐƌĞƉƌĞƐĞŶƚƐƉƌŽũĞĐƚƐƵŶĚĞƌǁŚŝĐŚ ŝƐ ŽďůŝŐĂƚĞĚ ƚŽ ŵĞĞƚ ŝŶƚĞƌĞƐƚ ƐŚŽƌƞĂůů͕ ŝĨ ƐƚƌĂŝŐŚƚůŝŶĞŵĞƚŚŽĚ͕ĂƐƉĞƌƚŚĞƵƐĞĨƵůůŝĨĞƉƌĞƐĐƌŝďĞĚŝŶ ƚŚĞĞƐƟŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚŇŽǁƐĂƌĞĚŝƐĐŽƵŶƚĞĚƚŽƚŚĞŝƌ ƚŚĞƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚĂƌĞŶŽƚLJĞƚƌĞĂĚLJĨŽƌ ĂŶLJ͕ǁŝƚŚƌĞƐƉĞĐƚƚŽĐŽǀĞƌĞĚĞŵƉůŽLJĞĞƐ͕ ^ĐŚĞĚƵůĞ//ƚŽƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯĞdžĐĞƉƚŝŶƌĞƐƉĞĐƚ ƉƌĞƐĞŶƚǀĂůƵĞƵƐŝŶŐĂƉƌĞͲƚĂdžĚŝƐĐŽƵŶƚƌĂƚĞƚŚĂƚƌĞŇĞĐƚƐ ƚŚĞŝƌŝŶƚĞŶĚĞĚƵƐĞĂŶĚĂƌĞĐĂƌƌŝĞĚĂƚĐŽƐƚĚĞƚĞƌŵŝŶĞĚĂƐ ƐƵĐŚ ĞŵƉůŽLJĞĞ ďĞŶĞĮƚ ƉůĂŶ ŝƐ ĐůĂƐƐŝĮĞĚ ŽĨƚŚĞĨŽůůŽǁŝŶŐĐĂƚĞŐŽƌŝĞƐŽĨĂƐƐĞƚƐ͕ŝŶǁŚŽƐĞĐĂƐĞƚŚĞ ĐƵƌƌĞŶƚŵĂƌŬĞƚĂƐƐĞƐƐŵĞŶƚƐŽĨƚŚĞƟŵĞǀĂůƵĞŽĨŵŽŶĞLJ ĂĨŽƌĞƐĂŝĚ͘ ĂƐĞĮŶĞĚĞŶĞĮƚWůĂŶ͘ŶLJŽďůŝŐĂƟŽŶŝŶ ůŝĨĞŽĨƚŚĞĂƐƐĞƚƐŚĂĚďĞĞŶƌĞͲĂƐƐĞƐƐĞĚĂƐƵŶĚĞƌďĂƐĞĚŽŶ ĂŶĚƚŚĞƌŝƐŬƐƐƉĞĐŝĮĐƚŽƚŚĞĂƐƐĞƚĨŽƌǁŚŝĐŚƚŚĞĞƐƟŵĂƚĞƐ ƚŚŝƐƌĞƐƉĞĐƚŝƐŵĞĂƐƵƌĞĚŽŶƚŚĞďĂƐŝƐŽĨ ƚĞĐŚŶŝĐĂůĞǀĂůƵĂƟŽŶ͕ƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƚŚĞŶĂƚƵƌĞŽĨ ŽĨĨƵƚƵƌĞĐĂƐŚŇŽǁƐŚĂǀĞŶŽƚďĞĞŶĂĚũƵƐƚĞĚ͘ (g) Intangible Assets ŝŶĚĞƉĞŶĚĞŶƚĂĐƚƵĂƌŝĂůǀĂůƵĂƟŽŶ͘ ƚŚĞĂƐƐĞƚ͕ƚŚĞĞƐƟŵĂƚĞĚƵƐĂŐĞŽĨƚŚĞĂƐƐĞƚ͕ƚŚĞŽƉĞƌĂƟŶŐ  /ŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ ŝŶĐůƵĚĞ ĐŽƐƚ ŽĨ ĂĐƋƵŝƌĞĚ ƐŽŌǁĂƌĞ ĐŽŶĚŝƟŽŶƐ ŽĨ ƚŚĞ ĂƐƐĞƚ͕ ƉĂƐƚ ŚŝƐƚŽƌLJ ŽĨ ƌĞƉůĂĐĞŵĞŶƚ͕  /Ĩ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŽĨ ĂŶ ĂƐƐĞƚ ;Žƌ ĐĂƐŚͲ ĂŶĚĚĞƐŝŐŶƐ͕ĂŶĚĐŽƐƚŝŶĐƵƌƌĞĚĨŽƌĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞ KƚŚĞƌ >ŽŶŐͲƚĞƌŵ ŵƉůŽLJĞĞ ĞŶĞĮƚƐ ʹ ĂŶƟĐŝƉĂƚĞĚ ƚĞĐŚŶŽůŽŐŝĐĂů ĐŚĂŶŐĞƐ͕ ŵĂŶƵĨĂĐƚƵƌĞƌƐ͛ ŐĞŶĞƌĂƟŶŐƵŶŝƚͿŝƐĞƐƟŵĂƚĞĚƚŽďĞůĞƐƐƚŚĂŶŝƚƐĐĂƌƌLJŝŶŐ ŽŵƉĂŶLJ͛Ɛ ǁĞďƐŝƚĞ ĂŶĚ ĐĞƌƚĂŝŶ ĐŽŶƚƌĂĐƚ ĂĐƋƵŝƐŝƟŽŶ dŚĞ ŽŵƉĂŶLJ ƉƌŽǀŝĚĞƐ ĨŽƌ ĞŶĐĂƐŚŵĞŶƚ ǁĂƌƌĂŶƟĞƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞƐƵƉƉŽƌƚ͕ĞƚĐ͘ ĂŵŽƵŶƚ͕ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ĂƐƐĞƚ ;Žƌ ĐĂƐŚͲ ĐŽƐƚƐ͘ /ŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ ĂƌĞ ŝŶŝƟĂůůLJ ŵĞĂƐƵƌĞĚ Ăƚ ŽĨ ůĞĂǀĞ Žƌ ůĞĂǀĞ ǁŝƚŚ ƉĂLJ ƐƵďũĞĐƚ ŐĞŶĞƌĂƟŶŐƵŶŝƚͿŝƐƌĞĚƵĐĞĚƚŽŝƚƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘ ĂĐƋƵŝƐŝƟŽŶĐŽƐƚŝŶĐůƵĚŝŶŐĂŶLJĚŝƌĞĐƚůLJĂƩƌŝďƵƚĂďůĞĐŽƐƚƐ ƚŽ ĐĞƌƚĂŝŶ ƌƵůĞƐ͘ dŚĞ ĞŵƉůŽLJĞĞƐ ĂƌĞ Ŷ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ŝŵŵĞĚŝĂƚĞůLJ ŝŶ ƚŚĞ Class of Assets ƐƟŵĂƚĞĚhƐĞĨƵů>ŝĨĞ ŽĨƉƌĞƉĂƌŝŶŐƚŚĞĂƐƐĞƚĨŽƌŝƚƐŝŶƚĞŶĚĞĚƵƐĞ͘ ĞŶƟƚůĞĚ ƚŽ ĂĐĐƵŵƵůĂƚĞ ůĞĂǀĞ ƐƵďũĞĐƚ ƚŽ ƵŝůĚŝŶŐƐ ϲϬƚŽϴϬLJĞĂƌƐ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ĐĞƌƚĂŝŶ ůŝŵŝƚƐ ĨŽƌ ĨƵƚƵƌĞ ĞŶĐĂƐŚŵĞŶƚ ͬ WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ ϱƚŽϮϬLJĞĂƌƐ  džƉĞŶĚŝƚƵƌĞ ŽŶ ƉƌŽũĞĐƚƐ ǁŚŝĐŚ ĂƌĞ ŶŽƚ LJĞƚ ƌĞĂĚLJ ĨŽƌ ĂǀĂŝůŵĞŶƚ͘dŚĞŽŵƉĂŶLJŵĂŬĞƐƉƌŽǀŝƐŝŽŶ  tŚĞŶĂŶ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ƐƵďƐĞƋƵĞŶƚůLJ ƌĞǀĞƌƐĞƐ͕ ƚŚĞ ŝŶƚĞŶĚĞĚ ƵƐĞ ĂƌĞ ĐĂƌƌŝĞĚ ĂƐ ŝŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ ƵŶĚĞƌ ĨŽƌ ĐŽŵƉĞŶƐĂƚĞĚ ĂďƐĞŶĐĞƐ ďĂƐĞĚ ŽŶ ĂŶ ůĞĐƚƌŝĐĂů/ŶƐƚĂůůĂƟŽŶĂŶĚƋƵŝƉŵĞŶƚ ϮϬLJĞĂƌƐ ĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĂƐƐĞƚ;ŽƌĂĐĂƐŚͲŐĞŶĞƌĂƟŶŐƵŶŝƚͿ ĚĞǀĞůŽƉŵĞŶƚ͘ ŝŶĚĞƉĞŶĚĞŶƚ ĂĐƚƵĂƌŝĂů ǀĂůƵĂƟŽŶ ĐĂƌƌŝĞĚ ,ŽƚĞůtŽŽĚĞŶ&ƵƌŶŝƚƵƌĞ ϭϱLJĞĂƌƐ ŝƐ ŝŶĐƌĞĂƐĞĚ ƚŽ ƚŚĞ ƌĞǀŝƐĞĚ ĞƐƟŵĂƚĞ ŽĨ ŝƚƐ ƌĞĐŽǀĞƌĂďůĞ ŽƵƚ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ LJĞĂƌ͘ ĐƚƵĂƌŝĂů ŶĚhƐĞƌĚĞǀŝĐĞƐʹŽŵƉƵƚĞƌƐ͕ ϲLJĞĂƌƐ ĂŵŽƵŶƚ͕ďƵƚƐŽƚŚĂƚƚŚĞŝŶĐƌĞĂƐĞĚĐĂƌƌLJŝŶŐĂŵŽƵŶƚĚŽĞƐ  /ŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ ǁŝƚŚ ĮŶŝƚĞ ůŝǀĞƐ ĂƌĞ ĂŵŽƌƟƐĞĚ ŽǀĞƌ ŐĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƚŚĞ ŶŽƚĞdžĐĞĞĚƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƚŚĂƚǁŽƵůĚŚĂǀĞďĞĞŶ >ĂƉƚŽƉƐĞƚĐ͘ ƚŚĞŝƌ ĞƐƟŵĂƚĞĚ ƵƐĞĨƵů ĞĐŽŶŽŵŝĐ ůŝĨĞ ĂŶĚ ĂƐƐĞƐƐĞĚ ĨŽƌ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ĚĞƚĞƌŵŝŶĞĚ ŚĂĚ ŶŽ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ďĞĞŶ ƌĞĐŽŐŶŝƐĞĚ KƉĞƌĂƟŶŐƐƵƉƉůŝĞƐ;ŝƐƐƵĞĚŽŶ ϮƚŽϯLJĞĂƌƐ ŝŵƉĂŝƌŵĞŶƚ ǁŚĞŶĞǀĞƌ ƚŚĞƌĞ ŝƐ ĂŶ ŝŶĚŝĐĂƟŽŶ ƚŚĂƚ ƚŚĞ ĨŽƌƚŚĞĂƐƐĞƚ;ŽƌĐĂƐŚͲŐĞŶĞƌĂƟŶŐƵŶŝƚͿŝŶƉƌŝŽƌLJĞĂƌƐ͘ ŽƉĞŶŝŶŐŽĨĂŶĞǁŚŽƚĞůƉƌŽƉĞƌƚLJͿ ŝŶƚĂŶŐŝďůĞĂƐƐĞƚŵĂLJďĞŝŵƉĂŝƌĞĚ͘/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐǁŝƚŚ ;ĨͿ WƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ ƌĞǀĞƌƐĂůŽĨĂŶŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐƌĞĐŽŐŶŝƐĞĚŝŵŵĞĚŝĂƚĞůLJ KƚŚĞƌDŝƐĐĞůůĂŶĞŽƵƐ,ŽƚĞů ϰLJĞĂƌƐ ŝŶĚĞĮŶŝƚĞƵƐĞĨƵůůŝǀĞƐĂƌĞƚĞƐƚĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚĂƚůĞĂƐƚ  WƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĂƌĞ ƐƚĂƚĞĚ Ăƚ ĐŽƐƚ͕ ůĞƐƐ ŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ĂŶŶƵĂůůLJ͕ĂŶĚǁŚĞŶĞǀĞƌƚŚĞƌĞŝƐĂŶŝŶĚŝĐĂƟŽŶƚŚĂƚƚŚĞ ĂĐĐƵŵƵůĂƚĞĚ ĚĞƉƌĞĐŝĂƟŽŶ ;ŽƚŚĞƌ ƚŚĂŶ ĨƌĞĞŚŽůĚ ůĂŶĚͿ ƐƐĞƚƐ ĂƐƐĞƚŵĂLJďĞŝŵƉĂŝƌĞĚ͘dŚĞĞƐƟŵĂƚĞĚƵƐĞĨƵůůŝĨĞƵƐĞĚĨŽƌ ĂŶĚĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͕ŝĨĂŶLJ͘ ;ŝͿ &ŽƌĞŝŐŶƵƌƌĞŶĐLJdƌĂŶƐůĂƟŽŶ ĂŵŽƌƟƐŝŶŐŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐŝƐĂƐƵŶĚĞƌ͗  /ŶƌĞƐƉĞĐƚŽĨďƵŝůĚŝŶŐƐŽŶůĞĂƐĞŚŽůĚůĂŶĚ͕ĚĞƉƌĞĐŝĂƟŽŶ  dŚĞĨƵŶĐƟŽŶĂůĐƵƌƌĞŶĐLJŽĨƚŚĞŽŵƉĂŶLJŝƐ/ŶĚŝĂŶZƵƉĞĞ  ůůƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚĂƌĞŝŶŝƟĂůůLJƌĞĐŽƌĚĞĚ ŝƐďĂƐĞĚŽŶƚŚĞƚĞŶƵƌĞǁŚŝĐŚŝƐůŽǁĞƌŽĨƚŚĞůŝĨĞŽĨƚŚĞ (`). Ăƚ ĐŽƐƚ͘ ŽƐƚ ŝŶĐůƵĚĞƐ ƚŚĞ ĂĐƋƵŝƐŝƟŽŶ ĐŽƐƚ Žƌ ƚŚĞ ĐŽƐƚ ďƵŝůĚŝŶŐƐŽƌƚŚĞĞdžƉĞĐƚĞĚůĞĂƐĞƉĞƌŝŽĚ͘/ŵƉƌŽǀĞŵĞŶƚƐƚŽ Class of Assets ƐƟŵĂƚĞĚhƐĞĨƵů>ŝĨĞ ŽĨ ĐŽŶƐƚƌƵĐƟŽŶ͕ ŝŶĐůƵĚŝŶŐ ĚƵƟĞƐ ĂŶĚ ŶŽŶͲƌĞĨƵŶĚĂďůĞ ůĞĂƐĞŚŽůĚďƵŝůĚŝŶŐƐĂƌĞĚĞƉƌĞĐŝĂƚĞĚŽŶƚŚĞďĂƐŝƐŽĨƚŚĞŝƌ tĞďƐŝƚĞĞǀĞůŽƉŵĞŶƚŽƐƚ ϱLJĞĂƌƐ  /ŶŝƟĂůZĞĐŽŐŶŝƟŽŶ ƚĂdžĞƐ͕ĞdžƉĞŶƐĞƐĚŝƌĞĐƚůLJƌĞůĂƚĞĚƚŽďƌŝŶŐŝŶŐƚŚĞĂƐƐĞƚƚŽ ĞƐƟŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐŽƌƚŚĞĞdžƉĞĐƚĞĚůĞĂƐĞƉĞƌŝŽĚ͘ ^ŽŌǁĂƌĞĂŶĚ>ŝĐĞŶĐĞƐ ϲLJĞĂƌƐ  KŶŝŶŝƟĂů ƌĞĐŽŐŶŝƟŽŶ͕ Ăůů ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ ƚƌĂŶƐĂĐƟŽŶƐ ^ĞƌǀŝĐĞĂŶĚKƉĞƌĂƟŶŐZŝŐŚƚƐ ϭϬLJĞĂƌƐ ĂƌĞƌĞĐŽƌĚĞĚďLJĂƉƉůLJŝŶŐƚŽƚŚĞĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĂŵŽƵŶƚ

136 Annual Report 2017-18 137 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018 ƚŚĞĞdžĐŚĂŶŐĞƌĂƚĞďĞƚǁĞĞŶƚŚĞƌĞƉŽƌƟŶŐĐƵƌƌĞŶĐLJĂŶĚ (m) Income Taxes ĂƚƚŚĞƚĂdžƌĂƚĞƐƚŚĂƚĂƌĞĞdžƉĞĐƚĞĚƚŽĂƉƉůLJŝŶƚŚĞ  /ŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ĞĂƌŶĞĚ ŽŶ ƚĞŵƉŽƌĂƌLJ ŝŶǀĞƐƚŵĞŶƚ ƚŚĞĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĂƚƚŚĞĚĂƚĞŽĨƚŚĞƚƌĂŶƐĂĐƟŽŶ͘  /ŶĐŽŵĞ ƚĂdž ĞdžƉĞŶƐĞ ĐŽŵƉƌŝƐĞƐ ĐƵƌƌĞŶƚ ƚĂdž ĞdžƉĞŶƐĞ ƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞůŝĂďŝůŝƚLJŝƐƐĞƩůĞĚŽƌƚŚĞĂƐƐĞƚ ŽĨ ƐƉĞĐŝĮĐ ďŽƌƌŽǁŝŶŐƐ ƉĞŶĚŝŶŐ ƚŚĞŝƌ ĞdžƉĞŶĚŝƚƵƌĞ ŽŶ ĂŶĚ ƚŚĞ ŶĞƚ ĐŚĂŶŐĞ ŝŶ ƚŚĞ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚ Žƌ ƌĞĂůŝƐĞĚ͕ďĂƐĞĚŽŶƚĂdžƌĂƚĞƐ;ĂŶĚƚĂdžůĂǁƐͿƚŚĂƚŚĂǀĞ ƋƵĂůŝĨLJŝŶŐĂƐƐĞƚƐŝƐĚĞĚƵĐƚĞĚĨƌŽŵƚŚĞďŽƌƌŽǁŝŶŐĐŽƐƚƐ  ^ƵďƐĞƋƵĞŶƚZĞĐŽŐŶŝƟŽŶ ůŝĂďŝůŝƚLJ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ͘ ƵƌƌĞŶƚ ĂŶĚ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƌĞ ďĞĞŶĞŶĂĐƚĞĚŽƌƐƵďƐƚĂŶƟĂůůLJĞŶĂĐƚĞĚďLJƚŚĞĞŶĚŽĨ ĞůŝŐŝďůĞĨŽƌĐĂƉŝƚĂůŝnjĂƟŽŶ͘ŽƌƌŽǁŝŶŐĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚ  ƐĂƚ ƚŚĞ ƌĞƉŽƌƟŶŐ ĚĂƚĞ͕ ŶŽŶͲŵŽŶĞƚĂƌLJ ŝƚĞŵƐ ǁŚŝĐŚ ƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͕ĞdžĐĞƉƚ ƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͘ ĚŝƌĞĐƚůLJĂƩƌŝďƵƚĂďůĞƚŽĂƋƵĂůŝĨLJŝŶŐĂƐƐĞƚĂƌĞƌĞĐŽŐŶŝƐĞĚ ĂƌĞ ĐĂƌƌŝĞĚ Ăƚ ŚŝƐƚŽƌŝĐĂů ĐŽƐƚ ĂŶĚ ĚĞŶŽŵŝŶĂƚĞĚ ŝŶ Ă ǁŚĞŶƚŚĞLJƌĞůĂƚĞƚŽŝƚĞŵƐƚŚĂƚĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶKƚŚĞƌ ŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐƵƐŝŶŐƚŚĞĞīĞĐƟǀĞ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ ĂƌĞ ƌĞƉŽƌƚĞĚ ƵƐŝŶŐ ƚŚĞ ĞdžĐŚĂŶŐĞ ƌĂƚĞ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ Žƌ ĚŝƌĞĐƚůLJ ŝŶ ĞƋƵŝƚLJ͕ ŝŶ ǁŚŝĐŚ   ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐĂƌĞŽīƐĞƚǁŚĞŶ ŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘ ĂƚƚŚĞĚĂƚĞŽĨƚŚĞƚƌĂŶƐĂĐƟŽŶ͘ůůŶŽŶͲŵŽŶĞƚĂƌLJŝƚĞŵƐ ĐĂƐĞ͕ƚŚĞĐƵƌƌĞŶƚĂŶĚĚĞĨĞƌƌĞĚƚĂdžĂƌĞĂůƐŽƌĞĐŽŐŶŝƐĞĚ ƚŚĞƌĞŝƐĂůĞŐĂůůLJĞŶĨŽƌĐĞĂďůĞƌŝŐŚƚƚŽƐĞƚŽīĐƵƌƌĞŶƚ ǁŚŝĐŚĂƌĞĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞĚĞŶŽŵŝŶĂƚĞĚŝŶĂĨŽƌĞŝŐŶ ŝŶ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ Žƌ ĚŝƌĞĐƚůLJ ŝŶ ĞƋƵŝƚLJ͕ ƚĂdž ĂƐƐĞƚƐ ĂŐĂŝŶƐƚ ĐƵƌƌĞŶƚ ƚĂdž ůŝĂďŝůŝƟĞƐ ĂŶĚ ǁŚĞŶ (p) Statement of Cash Flows ĐƵƌƌĞŶĐLJĂƌĞƌĞƚƌĂŶƐůĂƚĞĚĂƚƚŚĞƌĂƚĞƐƉƌĞǀĂŝůŝŶŐĂƚƚŚĞ ƌĞƐƉĞĐƟǀĞůLJ͘ ƚŚĞLJ ƌĞůĂƚĞ ƚŽ ŝŶĐŽŵĞ ƚĂdžĞƐ ůĞǀŝĞĚ ďLJ ƚŚĞ ƐĂŵĞ  ĂƐŚ ŇŽǁƐ ĂƌĞ ƌĞƉŽƌƚĞĚ ƵƐŝŶŐ ƚŚĞ ŝŶĚŝƌĞĐƚ ŵĞƚŚŽĚ͕ ĚĂƚĞǁŚĞŶƚŚĞĨĂŝƌǀĂůƵĞǁĂƐĚĞƚĞƌŵŝŶĞĚ͘ ƚĂdžĂƟŽŶ ĂƵƚŚŽƌŝƚLJ ĂŶĚ ƚŚĞ ŽŵƉĂŶLJ ŝŶƚĞŶĚƐ ƚŽ ǁŚĞƌĞďLJ ƉƌŽĮƚ ͬ ;ůŽƐƐͿ ďĞĨŽƌĞ ƚĂdž ŝƐ ĂĚũƵƐƚĞĚ ĨŽƌ ƚŚĞ  ;ŝͿ ƵƌƌĞŶƚƚĂdž͗ ƐĞƩůĞŝƚƐĐƵƌƌĞŶƚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐŽŶĂŶĞƚ ĞīĞĐƚƐ ŽĨ ƚƌĂŶƐĂĐƟŽŶƐ ŽĨ ŶŽŶ ĐĂƐŚ ŶĂƚƵƌĞ ĂŶĚ ĂŶLJ  /ŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞƐŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐĂƌĞƌĞĐŽƌĚĞĚ   ƵƌƌĞŶƚ ƚĂdž ĞdžƉĞŶƐĞƐ ĂƌĞ ĂĐĐŽƵŶƚĞĚ ŝŶ ƚŚĞ ƐĂŵĞ ďĂƐŝƐ͘ ĚĞĨĞƌƌĂůƐ Žƌ ĂĐĐƌƵĂůƐ ŽĨ ƉĂƐƚ Žƌ ĨƵƚƵƌĞ ĐĂƐŚ ƌĞĐĞŝƉƚƐ Ăƚ ĞdžĐŚĂŶŐĞ ƌĂƚĞƐ ƉƌĞǀĂŝůŝŶŐ ŽŶ ƚŚĞ ĚĂƚĞ ŽĨ ƚŚĞ ƉĞƌŝŽĚƚŽǁŚŝĐŚƚŚĞƌĞǀĞŶƵĞĂŶĚĞdžƉĞŶƐĞƐƌĞůĂƚĞ͘ Žƌ ƉĂLJŵĞŶƚƐ͘ ĂƐŚ ŇŽǁ ĨŽƌ ƚŚĞ LJĞĂƌ ĂƌĞ ĐůĂƐƐŝĮĞĚ ďLJ ƚƌĂŶƐĂĐƟŽŶ͘ &ŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ ĚĞŶŽŵŝŶĂƚĞĚ ŵŽŶĞƚĂƌLJ WƌŽǀŝƐŝŽŶĨŽƌĐƵƌƌĞŶƚŝŶĐŽŵĞƚĂdžŝƐŵĂĚĞĨŽƌƚŚĞƚĂdž   DŝŶŝŵƵŵůƚĞƌŶĂƟǀĞ dĂdž ;͞Dd͟Ϳ ĐƌĞĚŝƚ ĨŽƌŵŝŶŐ ŽƉĞƌĂƟŶŐ͕ŝŶǀĞƐƟŶŐĂŶĚĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ͘ ĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐĂƌĞƚƌĂŶƐůĂƚĞĚĂƚƚŚĞĞdžĐŚĂŶŐĞƌĂƚĞ ůŝĂďŝůŝƚLJƉĂLJĂďůĞŽŶƚĂdžĂďůĞŝŶĐŽŵĞĂŌĞƌĐŽŶƐŝĚĞƌŝŶŐ ƉĂƌƚŽĨĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐŝƐƌĞĐŽŐŶŝƐĞĚĂƐĂŶĂƐƐĞƚ ƉƌĞǀĂŝůŝŶŐŽŶƚŚĞĂůĂŶĐĞ^ŚĞĞƚĚĂƚĞĂŶĚĞdžĐŚĂŶŐĞŐĂŝŶƐ ƚĂdž ĂůůŽǁĂŶĐĞƐ͕ ĚĞĚƵĐƟŽŶƐ ĂŶĚ ĞdžĞŵƉƟŽŶƐ ŽŶůLJ ǁŚĞŶ ĂŶĚ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ƚŚĞƌĞ ŝƐ ĐŽŶǀŝŶĐŝŶŐ (q) Earnings per Share ĂŶĚ ůŽƐƐĞƐ ĂƌŝƐŝŶŐ ŽŶ ƐĞƩůĞŵĞŶƚ ĂŶĚ ƌĞƐƚĂƚĞŵĞŶƚ ĂƌĞ ĚĞƚĞƌŵŝŶĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂƉƉůŝĐĂďůĞƚĂdž ĞǀŝĚĞŶĐĞ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶLJ ǁŝůů ƉĂLJ ŶŽƌŵĂů  ĂƐŝĐĞĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞ ŝƐ ĐŽŵƉƵƚĞĚ ďLJ ĚŝǀŝĚŝŶŐ ƚŚĞ ƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ƌĂƚĞƐĂŶĚƚŚĞƉƌĞǀĂŝůŝŶŐƚĂdžůĂǁƐ͘ ŝŶĐŽŵĞƚĂdžĚƵƌŝŶŐƚŚĞƐƉĞĐŝĮĞĚƉĞƌŝŽĚ͘^ƵĐŚĂƐƐĞƚ ƉƌŽĮƚŽƌůŽƐƐĂŌĞƌƚĂdžďLJƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌ ŝƐ ƌĞǀŝĞǁĞĚ Ăƚ ĞĂĐŚ ĂůĂŶĐĞ ^ŚĞĞƚ ĚĂƚĞ ĂŶĚ ƚŚĞ ŽĨĞƋƵŝƚLJƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐĚƵƌŝŶŐƚŚĞLJĞĂƌĂĚũƵƐƟŶŐ (j) Assets taken on lease   ƵƌƌĞŶƚ ƚĂdž ĂƐƐĞƚƐ ĂŶĚ ĐƵƌƌĞŶƚ ƚĂdž ůŝĂďŝůŝƟĞƐ ĂƌĞ ĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞDdĐƌĞĚŝƚĂƐƐĞƚŝƐǁƌŝƩĞŶ ƚŚĞďŽŶƵƐĞůĞŵĞŶƚĨŽƌĂůůƚŚĞƌĞƉŽƌƚĞĚƉĞƌŝŽĚĂƌŝƐŝŶŐŽŶ  KƉĞƌĂƟŶŐ>ĞĂƐĞ ŽīƐĞƚǁŚĞŶƚŚĞƌĞŝƐĂůĞŐĂůůLJĞŶĨŽƌĐĞĂďůĞƌŝŐŚƚƚŽ ĚŽǁŶƚŽƚŚĞĞdžƚĞŶƚƚŚĞƌĞŝƐŶŽůŽŶŐĞƌĂƌĞĂƐŽŶĂďůĞ ĂĐĐŽƵŶƚŽĨŝƐƐƵĞŽĨĞƋƵŝƚLJƐŚĂƌĞƐŽŶƌŝŐŚƚƐĂŶĚŝŶĐůƵĚŝŶŐ  ůĞĂƐĞ ŝŶ ǁŚŝĐŚ Ă ƐŝŐŶŝĮĐĂŶƚ ƉŽƌƟŽŶ ŽĨ ƚŚĞ ƌŝƐŬƐ ĂŶĚ ƐĞƚ Žī ƚŚĞ ƌĞĐŽŐŶŝƐĞĚ ĂŵŽƵŶƚƐ ĂŶĚ ƚŚĞƌĞ ŝƐ ĂŶ ĐĞƌƚĂŝŶƚLJ ƚŽ ƚŚĞ ĞīĞĐƚ ƚŚĂƚ ƚŚĞ ŽŵƉĂŶLJ ǁŝůů ƉĂLJ ƉŽƚĞŶƟĂů ĞƋƵŝƚLJ ƐŚĂƌĞƐ ŽŶ ĐŽŵƉƵůƐŽƌLJ ĐŽŶǀĞƌƟďůĞ ƌĞǁĂƌĚƐŽĨŽǁŶĞƌƐŚŝƉĂƌĞŶŽƚƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞŽŵƉĂŶLJ ŝŶƚĞŶƟŽŶƚŽƐĞƩůĞƚŚĞĂƐƐĞƚĂŶĚƚŚĞůŝĂďŝůŝƚLJ ŽŶĂ ŶŽƌŵĂůŝŶĐŽŵĞƚĂdžĚƵƌŝŶŐƚŚĞƐƉĞĐŝĮĞĚƉĞƌŝŽĚ͘ ĚĞďĞŶƚƵƌĞƐ͘ ŝůƵƚĞĚ ĞĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞ ŝƐ ĐŽŵƉƵƚĞĚ ŝƐĐůĂƐƐŝĮĞĚĂƐĂŶŽƉĞƌĂƟŶŐůĞĂƐĞ͘WĂLJŵĞŶƚƐŵĂĚĞƵŶĚĞƌ ŶĞƚďĂƐŝƐ͘ ďLJ ĚŝǀŝĚŝŶŐ ƚŚĞ ƉƌŽĮƚ ͬ ;ůŽƐƐͿ ĂŌĞƌ ƚĂdž ĂƐ ĂĚũƵƐƚĞĚ ĨŽƌ ŽƉĞƌĂƟŶŐůĞĂƐĞƐĂƌĞĐŚĂƌŐĞĚƚŽƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚ (n) Provisions ĚŝǀŝĚĞŶĚ͕ ŝŶƚĞƌĞƐƚ ĂŶĚ ŽƚŚĞƌ ĐŚĂƌŐĞƐ ƚŽ ĞdžƉĞŶƐĞ Žƌ ĂŶĚ>ŽƐƐŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞƉĞƌŝŽĚŽĨƚŚĞ  ;ŝŝͿ ĞĨĞƌƌĞĚƚĂdž͗  WƌŽǀŝƐŝŽŶƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ǁŚĞŶ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ Ă ŝŶĐŽŵĞ ;ŶĞƚ ŽĨ ĂŶLJ ĂƩƌŝďƵƚĂďůĞ ƚĂdžĞƐͿ ƌĞůĂƟŶŐ ƚŽ ƚŚĞ ůĞĂƐĞƵŶůĞƐƐƚŚĞƉĂLJŵĞŶƚƐĂƌĞƐƚƌƵĐƚƵƌĞĚƚŽŝŶĐƌĞĂƐĞŝŶ   ĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžŝƐƌĞĐŽŐŶŝƐĞĚƵƐŝŶŐƚŚĞďĂůĂŶĐĞ ďŝŶĚŝŶŐ ƉƌĞƐĞŶƚ ŽďůŝŐĂƟŽŶ͘ dŚŝƐ ŵĂLJ ďĞ ĞŝƚŚĞƌ ůĞŐĂů ĚŝůƵƟǀĞƉŽƚĞŶƟĂůĞƋƵŝƚLJƐŚĂƌĞƐ͕ďLJƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞ ůŝŶĞǁŝƚŚƚŚĞĞdžƉĞĐƚĞĚŐĞŶĞƌĂůŝŶŇĂƟŽŶƚŽĐŽŵƉĞŶƐĂƚĞ ƐŚĞĞƚĂƉƉƌŽĂĐŚ͘ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐ ďĞĐĂƵƐĞŝƚĚĞƌŝǀĞƐĨƌŽŵĂĐŽŶƚƌĂĐƚ͕ůĞŐŝƐůĂƟŽŶŽƌŽƚŚĞƌ ŶƵŵďĞƌ ŽĨ ĞƋƵŝƚLJ ƐŚĂƌĞƐ ĐŽŶƐŝĚĞƌĞĚ ĨŽƌ ĚĞƌŝǀŝŶŐ ďĂƐŝĐ ĨŽƌƚŚĞůĞƐƐŽƌ͛ƐĞdžƉĞĐƚĞĚŝŶŇĂƟŽŶĂƌLJĐŽƐƚŝŶĐƌĞĂƐĞƐ͘ ĂƌĞƌĞĐŽŐŶŝƐĞĚĨŽƌĚĞĚƵĐƟďůĞĂŶĚƚĂdžĂďůĞƚĞŵƉŽƌĂƌLJ ŽƉĞƌĂƟŽŶŽĨůĂǁ͕ŽƌĐŽŶƐƚƌƵĐƟǀĞďĞĐĂƵƐĞƚŚĞŽŵƉĂŶLJ ĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ͘ ĚŝīĞƌĞŶĐĞƐĂƌŝƐŝŶŐďĞƚǁĞĞŶƚŚĞƚĂdžďĂƐĞŽĨĂƐƐĞƚƐ ĐƌĞĂƚĞĚ ǀĂůŝĚ ĞdžƉĞĐƚĂƟŽŶƐ ŽŶ ƚŚĞ ƉĂƌƚ ŽĨ ƚŚŝƌĚ ƉĂƌƟĞƐ (k) Inventories ĂŶĚůŝĂďŝůŝƟĞƐĂŶĚƚŚĞŝƌĐĂƌƌLJŝŶŐĂŵŽƵŶƚŝŶĮŶĂŶĐŝĂů ďLJ ĂĐĐĞƉƟŶŐ ĐĞƌƚĂŝŶ ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ͘ dŽ ƌĞĐŽƌĚ ƐƵĐŚ ;ƌͿ džĐĞƉƟŽŶĂůŝƚĞŵƐ  ^ƚŽĐŬŽĨĨŽŽĚĂŶĚďĞǀĞƌĂŐĞƐĂŶĚƐƚŽƌĞƐĂŶĚŽƉĞƌĂƟŶŐ ƐƚĂƚĞŵĞŶƚƐ͕ ĞdžĐĞƉƚ ǁŚĞŶ ƚŚĞ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƌŝƐĞƐ ĂŶ ŽďůŝŐĂƟŽŶ ŝƚ ŵƵƐƚ ďĞ ƉƌŽďĂďůĞ ƚŚĂƚ ĂŶ ŽƵƞůŽǁ ŽĨ  dŚĞ ŽŵƉĂŶLJ ĚŝƐĐůŽƐĞƐ ĐĞƌƚĂŝŶ ĮŶĂŶĐŝĂů ŝŶĨŽƌŵĂƟŽŶ ƐƵƉƉůŝĞƐĂƌĞĐĂƌƌŝĞĚĂƚƚŚĞůŽǁĞƌŽĨĐŽƐƚ;ĐŽŵƉƵƚĞĚŽŶ ĨƌŽŵ ƚŚĞ ŝŶŝƟĂů ƌĞĐŽŐŶŝƟŽŶ ŽĨ ŐŽŽĚǁŝůů͕ ĂŶ ĂƐƐĞƚ ƌĞƐŽƵƌĐĞƐ ǁŝůů ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ƐĞƩůĞ ƚŚĞ ŽďůŝŐĂƟŽŶ ĂŶĚ ďŽƚŚ ŝŶĐůƵĚŝŶŐ ĂŶĚ ĞdžĐůƵĚŝŶŐ ĞdžĐĞƉƟŽŶĂů ŝƚĞŵƐ͘ dŚĞ ĂtĞŝŐŚƚĞĚǀĞƌĂŐĞďĂƐŝƐͿŽƌŶĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞ͘EĞƚ Žƌ ůŝĂďŝůŝƚLJ ŝŶ Ă ƚƌĂŶƐĂĐƟŽŶ ƚŚĂƚ ŝƐ ŶŽƚ Ă ďƵƐŝŶĞƐƐ ĂƌĞůŝĂďůĞĞƐƟŵĂƚĞĐĂŶďĞŵĂĚĞĨŽƌƚŚĞĂŵŽƵŶƚŽĨƚŚĞ ƉƌĞƐĞŶƚĂƟŽŶŽĨŝŶĨŽƌŵĂƟŽŶĞdžĐůƵĚŝŶŐĞdžĐĞƉƟŽŶĂůŝƚĞŵƐ ƌĞĂůŝƐĂďůĞ ǀĂůƵĞ ŝƐ ƚŚĞ ĞƐƟŵĂƚĞĚ ƐĞůůŝŶŐ ƉƌŝĐĞ ŝŶ ƚŚĞ ĐŽŵďŝŶĂƟŽŶ ĂŶĚ ĂīĞĐƚƐ ŶĞŝƚŚĞƌ ĂĐĐŽƵŶƟŶŐ ŶŽƌ ŽďůŝŐĂƟŽŶ͘dŚĞĂŵŽƵŶƚƌĞĐŽŐŶŝƐĞĚĂƐĂƉƌŽǀŝƐŝŽŶĂŶĚƚŚĞ ĂůůŽǁƐĂďĞƩĞƌƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞƵŶĚĞƌůLJŝŶŐŽƉĞƌĂƟŶŐ ŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐůĞƐƐƚŚĞĞƐƟŵĂƚĞĚĐŽƐƚƐŽĨ ƚĂdžĂďůĞƉƌŽĮƚƐŽƌůŽƐƐĂƚƚŚĞƟŵĞŽĨƚŚĞƚƌĂŶƐĂĐƟŽŶ͘ ŝŶĚŝĐĂƚĞĚƟŵĞƌĂŶŐĞŽĨƚŚĞŽƵƞůŽǁŽĨĞĐŽŶŽŵŝĐďĞŶĞĮƚƐ ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŽŵƉĂŶLJĂŶĚƉƌŽǀŝĚĞƐĐŽŶƐŝƐƚĞŶĐLJ ĐŽŵƉůĞƟŽŶĂŶĚƐĞůůŝŶŐĞdžƉĞŶƐĞƐ͘ŽƐƚŝŶĐůƵĚĞƐƚŚĞĨĂŝƌ ĂƌĞƚŚĞďĞƐƚĞƐƟŵĂƚĞ;ŵŽƐƚƉƌŽďĂďůĞŽƵƚĐŽŵĞͿŽĨƚŚĞ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŝŶƚĞƌŶĂů ŵĂŶĂŐĞŵĞŶƚ ƌĞƉŽƌƟŶŐ͘ ǀĂůƵĞ ŽĨ ĐŽŶƐŝĚĞƌĂƟŽŶ ƉĂŝĚ ŝŶĐůƵĚŝŶŐ ĚƵƟĞƐ ĂŶĚ ƚĂdžĞƐ   ĞĨĞƌƌĞĚ ŝŶĐŽŵĞ ƚĂdž ĂƐƐĞƚƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ƚŽ ƚŚĞ ĞdžƉĞŶĚŝƚƵƌĞƌĞƋƵŝƌĞĚƚŽƐĞƩůĞƚŚĞƉƌĞƐĞŶƚŽďůŝŐĂƟŽŶĂƚ džĐĞƉƟŽŶĂůŝƚĞŵƐĂƌĞŝĚĞŶƟĮĞĚďLJǀŝƌƚƵĞŽĨĞŝƚŚĞƌƚŚĞŝƌ ;ŽƚŚĞƌƚŚĂŶƚŚŽƐĞƌĞĨƵŶĚĂďůĞͿ͕ŝŶǁĂƌĚĨƌĞŝŐŚƚ͕ĂŶĚŽƚŚĞƌ ĞdžƚĞŶƚƚŚĂƚŝƚŝƐƉƌŽďĂďůĞƚŚĂƚƚĂdžĂďůĞƉƌŽĮƚǁŝůůďĞ ƚŚĞĂůĂŶĐĞ^ŚĞĞƚĚĂƚĞ͕ƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƚŚĞƌŝƐŬƐĂŶĚ ƐŝnjĞŽƌŶĂƚƵƌĞƐŽĂƐƚŽĨĂĐŝůŝƚĂƚĞĐŽŵƉĂƌŝƐŽŶǁŝƚŚƉƌŝŽƌ ĞdžƉĞŶĚŝƚƵƌĞĚŝƌĞĐƚůLJĂƩƌŝďƵƚĂďůĞƚŽƚŚĞƉƵƌĐŚĂƐĞ͘dƌĂĚĞ ĂǀĂŝůĂďůĞ ĂŐĂŝŶƐƚ ǁŚŝĐŚ ƚŚĞ ĚĞĚƵĐƟďůĞ ƚĞŵƉŽƌĂƌLJ ƵŶĐĞƌƚĂŝŶƟĞƐ ƐƵƌƌŽƵŶĚŝŶŐ ƚŚĞ ŽďůŝŐĂƟŽŶ͘ EŽŶͲĐƵƌƌĞŶƚ ƉĞƌŝŽĚƐĂŶĚƚŽĂƐƐĞƐƐƵŶĚĞƌůLJŝŶŐƚƌĞŶĚƐŝŶƚŚĞĮŶĂŶĐŝĂů ĚŝƐĐŽƵŶƚƐĂŶĚƌĞďĂƚĞƐĂƌĞĚĞĚƵĐƚĞĚŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞ ĚŝīĞƌĞŶĐĞƐ ĂŶĚ ƚŚĞ ĐĂƌƌLJ ĨŽƌǁĂƌĚ ŽĨ ƵŶƵƐĞĚ ƚĂdž ƉƌŽǀŝƐŝŽŶƐĂƌĞĚŝƐĐŽƵŶƚĞĚŝĨƚŚĞŝŵƉĂĐƚŝƐŵĂƚĞƌŝĂů͘ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͘ džĐĞƉƟŽŶĂů ŝƚĞŵƐ ĐĂŶ ĐŽƐƚŽĨƉƵƌĐŚĂƐĞ͘ ĐƌĞĚŝƚƐĂŶĚƵŶƵƐĞĚƚĂdžůŽƐƐĞƐĐĂŶďĞƵƟůŝƐĞĚ͘ ŝŶĐůƵĚĞ͕ďƵƚĂƌĞŶŽƚƌĞƐƚƌŝĐƚĞĚƚŽ͕ŐĂŝŶƐĂŶĚůŽƐƐĞƐŽŶƚŚĞ (o) Borrowing Costs ĚŝƐƉŽƐĂů ŽĨ ĂƐƐĞƚƐ ͬ ŝŶǀĞƐƚŵĞŶƚƐ͕ ŝŵƉĂŝƌŵĞŶƚ ĐŚĂƌŐĞƐ͕ (l) Government Grants   ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƟĞƐĂƌĞŐĞŶĞƌĂůůLJƌĞĐŽŐŶŝƐĞĚĨŽƌ  'ĞŶĞƌĂů ĂŶĚ ƐƉĞĐŝĮĐ ďŽƌƌŽǁŝŶŐ ĐŽƐƚƐ ĚŝƌĞĐƚůLJ ĞdžĐŚĂŶŐĞŐĂŝŶͬ;ůŽƐƐͿŽŶůŽŶŐƚĞƌŵďŽƌƌŽǁŝŶŐƐͬĂƐƐĞƚƐ  'ŽǀĞƌŶŵĞŶƚŐƌĂŶƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƉĞƌŝŽĚƚŽǁŚŝĐŚ ĂůůƚĂdžĂďůĞƚĞŵƉŽƌĂƌLJĚŝīĞƌĞŶĐĞƐĞdžĐĞƉƚŝŶƌĞƐƉĞĐƚ ĂƩƌŝďƵƚĂďůĞ ƚŽ ƚŚĞ ĂĐƋƵŝƐŝƟŽŶ Žƌ ĐŽŶƐƚƌƵĐƟŽŶ ŽĨ ĂŶĚĐŚĂŶŐĞƐŝŶĨĂŝƌǀĂůƵĞŽĨĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ͘ ƚŚĞLJƌĞůĂƚĞǁŚĞŶƚŚĞƌĞŝƐƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞƚŚĂƚƚŚĞ ŽĨ ƚĂdžĂďůĞ ƚĞŵƉŽƌĂƌLJ ĚŝīĞƌĞŶĐĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƋƵĂůŝĨLJŝŶŐ ĂƐƐĞƚƐ ƚŚĂƚ ŶĞĐĞƐƐĂƌŝůLJ ƚĂŬĞƐ ƐƵďƐƚĂŶƟĂů ŐƌĂŶƚǁŝůůďĞƌĞĐĞŝǀĞĚĂŶĚƚŚĂƚƚŚĞŽŵƉĂŶLJǁŝůůĐŽŵƉůLJ ŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐ͕ĂƐƐŽĐŝĂƚĞƐĂŶĚŝŶƚĞƌĞƐƚƐ ƉĞƌŝŽĚŽĨƟŵĞƚŽŐĞƚƌĞĂĚLJĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƵƐĞŽƌ (s) Financial Instruments ǁŝƚŚƚŚĞĂƩĂĐŚĞĚĐŽŶĚŝƟŽŶƐ͘ ŝŶũŽŝŶƚǀĞŶƚƵƌĞƐǁŚĞƌĞƚŚĞƟŵŝŶŐŽĨƚŚĞƌĞǀĞƌƐĂůŽĨ ƐĂůĞ͕ĂƌĞĂĚĚĞĚƚŽƚŚĞĐŽƐƚŽĨƚŚŽƐĞĂƐƐĞƚƐ͕ƵŶƟůƐƵĐŚ (I) Financial assets ƚŚĞƚĞŵƉŽƌĂƌLJĚŝīĞƌĞŶĐĞĐĂŶďĞĐŽŶƚƌŽůůĞĚĂŶĚŝƚ ƟŵĞ ĂƐ ƚŚĞ ĂƐƐĞƚƐ ĂƌĞ ƐƵďƐƚĂŶƟĂůůLJ ƌĞĂĚLJ ĨŽƌ ƚŚĞŝƌ /ŶŝƟĂůƌĞĐŽŐŶŝƟŽŶĂŶĚŵĞĂƐƵƌĞŵĞŶƚ  'ŽǀĞƌŶŵĞŶƚŐƌĂŶƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ ŝƐƉƌŽďĂďůĞƚŚĂƚƚŚĞƚĞŵƉŽƌĂƌLJĚŝīĞƌĞŶĐĞǁŝůůŶŽƚ ŝŶƚĞŶĚĞĚƵƐĞŽƌƐĂůĞ͘ŽƌƌŽǁŝŶŐĐŽƐƚƐĐŽŶƐŝƐƚŽĨŝŶƚĞƌĞƐƚ   &ŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ǁŚĞŶ͕ ĂŶĚ ŽŶůLJ WƌŽĮƚĂŶĚ>ŽƐƐŽŶĂƐLJƐƚĞŵĂƟĐďĂƐŝƐŽǀĞƌƚŚĞƉĞƌŝŽĚƐŝŶ ƌĞǀĞƌƐĞŝŶƚŚĞĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞ͘ ĂŶĚŽƚŚĞƌĐŽƐƚƐƚŚĂƚƚŚĞŽŵƉĂŶLJŝŶĐƵƌƐŝŶĐŽŶŶĞĐƟŽŶ ǁŚĞŶ͕ ƚŚĞ ŽŵƉĂŶLJ ďĞĐŽŵĞƐ Ă ƉĂƌƚLJ ƚŽ ƚŚĞ ǁŚŝĐŚƚŚĞŽŵƉĂŶLJƌĞĐŽŐŶŝƐĞƐĂƐĞdžƉĞŶƐĞƐƚŚĞƌĞůĂƚĞĚ ǁŝƚŚƚŚĞďŽƌƌŽǁŝŶŐŽĨĨƵŶĚƐ͘ ĐŽŶƚƌĂĐƚƵĂůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚ͘ ĐŽƐƚƐĨŽƌǁŚŝĐŚƚŚĞŐƌĂŶƚƐĂƌĞŝŶƚĞŶĚĞĚƚŽĐŽŵƉĞŶƐĂƚĞ͘   ĞĨĞƌƌĞĚ ƚĂdž ůŝĂďŝůŝƟĞƐ ĂŶĚ ĂƐƐĞƚƐ ĂƌĞ ŵĞĂƐƵƌĞĚ dŚĞ ŽŵƉĂŶLJ ĚĞƚĞƌŵŝŶĞƐ ƚŚĞ ĐůĂƐƐŝĮĐĂƟŽŶ ŽĨ ŝƚƐ

138 Annual Report 2017-18 139 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018 ĮŶĂŶĐŝĂůĂƐƐĞƚƐĂƚŝŶŝƟĂůƌĞĐŽŐŶŝƟŽŶ͘ ŝŶƚĞƌĞƐƚ ƌĞǀĞŶƵĞ ĂŶĚ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ƌĞĐĞŝǀĞ ĐĂƐŚ ŇŽǁƐ ĨƌŽŵ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚ͘ ĨŽƌ ƐƵďƐĞƋƵĞŶƚ ĐŚĂŶŐĞƐ ŝŶ ĨĂŝƌ ǀĂůƵĞ ĚĞƉĞŶĚƐ ŽŶ ŐĂŝŶƐ Žƌ ůŽƐƐĞƐ ǁŚŝĐŚ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ŝŶ tŚĞƌĞ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ƚƌĂŶƐĨĞƌƌĞĚ ĂŶ ǁŚĞƚŚĞƌƚŚĞĚĞƌŝǀĂƟǀĞŝƐĚĞƐŝŐŶĂƚĞĚĂƐĂŚĞĚŐŝŶŐ   tŚĞŶ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ŝŶŝƟĂůůLJ͕ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ ĂŶĚ >ŽƐƐ͘ tŚĞŶ ĂƐƐĞƚ͕ƚŚĞŽŵƉĂŶLJĞǀĂůƵĂƚĞƐǁŚĞƚŚĞƌŝƚŚĂƐ ŝŶƐƚƌƵŵĞŶƚ͕ ĂŶĚ ŝĨ ƐŽ͕ ƚŚĞ ŶĂƚƵƌĞ ŽĨ ƚŚĞ ŝƚĞŵ ƚŚĞLJ ĂƌĞ ŵĞĂƐƵƌĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ͕ ƉůƵƐ͕ ŝŶ ƚŚĞ ĐĂƐĞ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚ ŝƐ ĚĞͲƌĞĐŽŐŶŝƐĞĚ͕ ƚƌĂŶƐĨĞƌƌĞĚƐƵďƐƚĂŶƟĂůůLJĂůůƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐ ďĞŝŶŐ ŚĞĚŐĞĚ ĂŶĚ ƚŚĞ ƚLJƉĞ ŽĨ ŚĞĚŐĞ ƌĞůĂƟŽŶƐŚŝƉ ŽĨ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ŶŽƚ Ăƚ ĨĂŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚ ƉƌŽĮƚ ƚŚĞ ĐƵŵƵůĂƟǀĞ ŐĂŝŶ Žƌ ůŽƐƐ ƉƌĞǀŝŽƵƐůLJ ŽĨ ŽǁŶĞƌƐŚŝƉ ŽĨ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚ͘ /Ŷ ƐƵĐŚ ĚĞƐŝŐŶĂƚĞĚ͘ dŚĞ ĨĂŝƌ ǀĂůƵĞ ĐŚĂŶŐĞƐ ŽĨ ĚĞƌŝǀĂƟǀĞƐ Žƌ ůŽƐƐ ĚŝƌĞĐƚůLJ ĂƩƌŝďƵƚĂďůĞ ƚƌĂŶƐĂĐƟŽŶ ĐŽƐƚƐ͘ ƌĞĐŽŐŶŝƐĞĚ ŝŶ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ ĐĂƐĞƐ͕ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚ ŝƐ ĚĞͲƌĞĐŽŐŶŝƐĞĚ͘ ǁŚŝĐŚĂƌĞŶŽƚĚĞƐŝŐŶĂƚĞĚĂƐĂŚĞĚŐŝŶŐŝŶƐƚƌƵŵĞŶƚ dƌĂŶƐĂĐƟŽŶĐŽƐƚƐŽĨĮŶĂŶĐŝĂůĂƐƐĞƚƐĐĂƌƌŝĞĚĂƚĨĂŝƌ /ŶĐŽŵĞ ŝƐ ƌĞĐůĂƐƐŝĮĞĚ ĨƌŽŵ KƚŚĞƌ tŚĞƌĞ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ŶŽƚ ƚƌĂŶƐĨĞƌƌĞĚ ĂƌĞĂĐĐŽƵŶƚĞĚƚŚƌŽƵŐŚ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ǀĂůƵĞ ƚŚƌŽƵŐŚ ƉƌŽĮƚ Žƌ ůŽƐƐ ĂƌĞ ĞdžƉĞŶƐĞĚ ŝŶ ƚŚĞ ŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞƚŽƚŚĞ^ƚĂƚĞŵĞŶƚ ƐƵďƐƚĂŶƟĂůůLJĂůůƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐŽĨŽǁŶĞƌƐŚŝƉ ƵƌŝŶŐ ƚŚĞ LJĞĂƌƐ ƌĞƉŽƌƚĞĚ͕ ŶŽ ŚĞĚŐĞ ƌĞůĂƟŽŶƐŚŝƉ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘/ŶƚĞƌĞƐƚŝŶĐŽŵĞŽŶƐƵĐŚ ŽĨƚŚĞĮŶĂŶĐŝĂůĂƐƐĞƚ͕ƚŚĞĮŶĂŶĐŝĂůĂƐƐĞƚŝƐŶŽƚ ǁĂƐĚĞƐŝŐŶĂƚĞĚ͘ ĮŶĂŶĐŝĂůĂƐƐĞƚƐŝƐŝŶĐůƵĚĞĚĂƐĂƉĂƌƚŽĨƚŚĞ ĚĞͲƌĞĐŽŐŶŝƐĞĚ͘ tŚĞƌĞ ƚŚĞ ŽŵƉĂŶLJ ƌĞƚĂŝŶƐ ůĂƐƐŝĮĐĂƟŽŶ ŽŵƉĂŶLJ͛Ɛ ŝŶĐŽŵĞ ŝŶ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ ĐŽŶƚƌŽů ŽĨ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚ͕ ƚŚĞ ĂƐƐĞƚ ŝƐ Equity instruments ͻĂƐŚĂŶĚĂƐŚƋƵŝǀĂůĞŶƚƐʹĂƐŚĐŽŵƉƌŝƐĞƐ WƌŽĮƚĂŶĚ>ŽƐƐƵƐŝŶŐƚŚĞĞīĞĐƟǀĞŝŶƚĞƌĞƐƚ ĐŽŶƟŶƵĞĚ ƚŽ ďĞ ƌĞĐŽŐŶŝƐĞĚ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ŽĨ   ŶĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚŝƐĂŶLJĐŽŶƚƌĂĐƚƚŚĂƚĞǀŝĚĞŶĐĞƐ ĐĂƐŚŽŶŚĂŶĚĂŶĚĚĞŵĂŶĚĚĞƉŽƐŝƚƐǁŝƚŚďĂŶŬƐ͘ ƌĂƚĞŵĞƚŚŽĚ͘ ĐŽŶƟŶƵŝŶŐŝŶǀŽůǀĞŵĞŶƚŝŶƚŚĞĮŶĂŶĐŝĂůĂƐƐĞƚ͘ Ă ƌĞƐŝĚƵĂů ŝŶƚĞƌĞƐƚ ŝŶ ƚŚĞ ĂƐƐĞƚƐ ŽĨ ĂŶ ĞŶƟƚLJ ĂŌĞƌ ĂƐŚ ĞƋƵŝǀĂůĞŶƚƐ ĂƌĞ ƐŚŽƌƚͲƚĞƌŵ ďĂůĂŶĐĞƐ ĚĞĚƵĐƟŶŐ Ăůů ŽĨ ŝƚƐ ůŝĂďŝůŝƟĞƐ͘ ƋƵŝƚLJ ŝŶƐƚƌƵŵĞŶƚƐ ;ǁŝƚŚĂŶŽƌŝŐŝŶĂůŵĂƚƵƌŝƚLJŽĨƚŚƌĞĞŵŽŶƚŚƐŽƌ (iii) Financial assets at fair value through ;//Ϳ &ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ŝƐƐƵĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ Ăƚ ƚŚĞ ůĞƐƐĨƌŽŵƚŚĞĚĂƚĞŽĨĂĐƋƵŝƐŝƟŽŶͿ͕ŚŝŐŚůLJůŝƋƵŝĚ ƉƌŽĮƚŽƌůŽƐƐ;&sdW>Ϳ /ŶŝƟĂůƌĞĐŽŐŶŝƟŽŶĂŶĚŵĞĂƐƵƌĞŵĞŶƚ ƉƌŽĐĞĞĚƐƌĞĐĞŝǀĞĚ͕ŶĞƚŽĨĚŝƌĞĐƚŝƐƐƵĞĐŽƐƚƐ͘ ŝŶǀĞƐƚŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ƌĞĂĚŝůLJ ĐŽŶǀĞƌƟďůĞ ŝŶƚŽ ƐƐĞƚƐ ƚŚĂƚ ĚŽ ŶŽƚ ŵĞĞƚ ƚŚĞ ĐƌŝƚĞƌŝĂ ĨŽƌ   &ŝŶĂŶĐŝĂů ůŝĂďŝůŝƟĞƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ǁŚĞŶ͕ ĂŶĚ ŬŶŽǁŶĂŵŽƵŶƚƐŽĨĐĂƐŚĂŶĚǁŚŝĐŚĂƌĞƐƵďũĞĐƚ ĂŵŽƌƟƐĞĚ ĐŽƐƚ Žƌ &sK/ ĂƌĞ ŵĞĂƐƵƌĞĚ ŽŶůLJ ǁŚĞŶ͕ ƚŚĞ ŽŵƉĂŶLJ ďĞĐŽŵĞƐ Ă ƉĂƌƚLJ ƚŽ ƚŚĞ   ZĞƉƵƌĐŚĂƐĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŽǁŶ ĞƋƵŝƚLJ ƚŽŝŶƐŝŐŶŝĮĐĂŶƚƌŝƐŬŽĨĐŚĂŶŐĞƐŝŶǀĂůƵĞ͘ ĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚŽƌůŽƐƐ͘ŐĂŝŶ ĐŽŶƚƌĂĐƚƵĂůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚ͘ ŝŶƐƚƌƵŵĞŶƚƐ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ĂŶĚ ĚĞĚƵĐƚĞĚ ĚŝƌĞĐƚůLJ Žƌ ůŽƐƐ ŽŶ ƐƵĐŚ ĚĞďƚ ŝŶƐƚƌƵŵĞŶƚ ƚŚĂƚ ŝƐ dŚĞ ŽŵƉĂŶLJ ĚĞƚĞƌŵŝŶĞƐ ƚŚĞ ĐůĂƐƐŝĮĐĂƟŽŶ ŽĨ ŝƚƐ ŝŶ ĞƋƵŝƚLJ͘ EŽ ŐĂŝŶ Žƌ ůŽƐƐ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƚŚĞ ͻDebt Instruments -dŚĞŽŵƉĂŶLJĐůĂƐƐŝĮĞƐŝƚƐ ƐƵďƐĞƋƵĞŶƚůLJ ŵĞĂƐƵƌĞĚ Ăƚ &sdW> ĂŶĚ ŝƐ ĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐĂƚŝŶŝƟĂůƌĞĐŽŐŶŝƟŽŶ͘ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐŽŶƚŚĞƉƵƌĐŚĂƐĞ͕ƐĂůĞ͕ ĚĞďƚ ŝŶƐƚƌƵŵĞŶƚƐ ĂƐ ƐƵďƐĞƋƵĞŶƚůLJ ŵĞĂƐƵƌĞĚ ŶŽƚƉĂƌƚŽĨĂŚĞĚŐŝŶŐƌĞůĂƟŽŶƐŚŝƉĂƐǁĞůů ŝƐƐƵĞŽƌĐĂŶĐĞůůĂƟŽŶŽĨƚŚĞŽŵƉĂŶLJ͛ƐŽǁŶĞƋƵŝƚLJ Ăƚ ĂŵŽƌƟƐĞĚ ĐŽƐƚ͕ ĨĂŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚ KƚŚĞƌ ĂƐ ŝŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƚŚĞ   ůůĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶŝƟĂůůLJĂƚĨĂŝƌ ŝŶƐƚƌƵŵĞŶƚƐ͘ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ Žƌ ĨĂŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ǀĂůƵĞ͕ƉůƵƐ͕ŝŶƚŚĞĐĂƐĞŽĨĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐŶŽƚĂƚ ƉƌŽĮƚ Žƌ ůŽƐƐ ďĂƐĞĚ ŽŶ ŝƚƐ ďƵƐŝŶĞƐƐ ŵŽĚĞů ĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚŽƌůŽƐƐĚŝƌĞĐƚůLJĂƩƌŝďƵƚĂďůĞ ;///Ϳ /ŵƉĂŝƌŵĞŶƚŽĨĮŶĂŶĐŝĂůĂƐƐĞƚƐ ĨŽƌ ŵĂŶĂŐŝŶŐ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ƚŚĞ ͻEquity Instruments - dŚĞ ŽŵƉĂŶLJ ƚƌĂŶƐĂĐƟŽŶĐŽƐƚƐ͘   dŚĞ ŽŵƉĂŶLJ ĂƐƐĞƐƐĞƐ͕ Ăƚ ĞĂĐŚ ƌĞƉŽƌƟŶŐ ĚĂƚĞ͕ ĐŽŶƚƌĂĐƚƵĂů ĐĂƐŚ ŇŽǁ ĐŚĂƌĂĐƚĞƌŝƐƟĐƐ ŽĨ ƚŚĞ ƐƵďƐĞƋƵĞŶƚůLJŵĞĂƐƵƌĞƐĂůůĞƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐ ǁŚĞƚŚĞƌ Ă ĮŶĂŶĐŝĂů ĂƐƐĞƚ Žƌ Ă ŐƌŽƵƉ ŽĨ ĮŶĂŶĐŝĂů ĮŶĂŶĐŝĂůĂƐƐĞƚ͘ ;ŽƚŚĞƌ ƚŚĂŶ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ƐƵďƐŝĚŝĂƌŝĞƐ͕ Subsequent measurement ĂƐƐĞƚƐ ŝƐ ŝŵƉĂŝƌĞĚ͘ /ŶĚ ^ͲϭϬϵ ŽŶ &ŝŶĂŶĐŝĂů ũŽŝŶƚ ǀĞŶƚƵƌĞƐ ĂŶĚ ĂƐƐŽĐŝĂƚĞƐ ǁŚŝĐŚ ĂƌĞ   ŌĞƌŝŶŝƟĂůƌĞĐŽŐŶŝƟŽŶ͕ĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐƚŚĂƚĂƌĞ /ŶƐƚƌƵŵĞŶƚƐ͕ ƌĞƋƵŝƌĞƐ ĞdžƉĞĐƚĞĚ ĐƌĞĚŝƚ ůŽƐƐĞƐ ƚŽ (i) &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĂŵŽƌƟƐĞĚĐŽƐƚ ŵĞĂƐƵƌĞĚ Ăƚ ĐŽƐƚͿ Ăƚ ĨĂŝƌ ǀĂůƵĞ͘ tŚĞƌĞ ƚŚĞ ŶŽƚĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚŽƌůŽƐƐĂƌĞ ďĞ ŵĞĂƐƵƌĞĚ ƚŚƌŽƵŐŚ Ă ůŽƐƐ ĂůůŽǁĂŶĐĞ͘ &Žƌ ƚƌĂĚĞ &ŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ƐƵďƐĞƋƵĞŶƚůLJ ŽŵƉĂŶLJ ŚĂƐ ĞůĞĐƚĞĚ ƚŽ ƉƌĞƐĞŶƚ ĨĂŝƌ ǀĂůƵĞ ƐƵďƐĞƋƵĞŶƚůLJ ŵĞĂƐƵƌĞĚ Ăƚ ĂŵŽƌƟƐĞĚ ĐŽƐƚ ƵƐŝŶŐ ƌĞĐĞŝǀĂďůĞƐŽŶůLJ͕ƚŚĞŽŵƉĂŶLJƌĞĐŽŐŶŝƐĞƐĞdžƉĞĐƚĞĚ ŵĞĂƐƵƌĞĚ Ăƚ ĂŵŽƌƟƐĞĚ ĐŽƐƚ ŝĨ ƚŚĞƐĞ ŐĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ ŽŶ ĞƋƵŝƚLJ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ƚŚĞĞīĞĐƟǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘'ĂŝŶƐĂŶĚůŽƐƐĞƐ ůŝĨĞƟŵĞ ůŽƐƐĞƐ ƵƐŝŶŐ ƚŚĞ ƐŝŵƉůŝĮĞĚ ĂƉƉƌŽĂĐŚ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ŚĞůĚ ĨŽƌ ĐŽůůĞĐƟŽŶ KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ;͞&sK/͟Ϳ͕ƚŚĞƌĞ ĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ ƉĞƌŵŝƩĞĚďLJ/ŶĚ^ͲϭϬϵ͕ĨƌŽŵŝŶŝƟĂůƌĞĐŽŐŶŝƟŽŶŽĨ ŽĨ ĐŽŶƚƌĂĐƚƵĂů ĐĂƐŚ ŇŽǁƐ ǁŚĞƌĞ ƚŚŽƐĞ ŝƐŶŽƐƵďƐĞƋƵĞŶƚƌĞĐůĂƐƐŝĮĐĂƟŽŶŽĨĨĂŝƌǀĂůƵĞ ǁŚĞŶƚŚĞůŝĂďŝůŝƟĞƐĂƌĞĚĞͲƌĞĐŽŐŶŝƐĞĚ͕ĂŶĚƚŚƌŽƵŐŚ ƚŚĞƌĞĐĞŝǀĂďůĞƐ͘&ŽƌŽƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ;ŶŽƚďĞŝŶŐ ĐĂƐŚ ŇŽǁƐ ƌĞƉƌĞƐĞŶƚ ƐŽůĞůLJ ƉĂLJŵĞŶƚƐ ŽĨ ŐĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ ƚŽ ƉƌŽĮƚ Žƌ ůŽƐƐ͘ ŝǀŝĚĞŶĚƐ ƚŚĞĂŵŽƌƟƐĂƟŽŶƉƌŽĐĞƐƐ͘ ĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐŽƌĚĞďƚŝŶƐƚƌƵŵĞŶƚƐŵĞĂƐƵƌĞĚ ƉƌŝŶĐŝƉĂů ĂŶĚ ŝŶƚĞƌĞƐƚ͘ /ŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ĨƌŽŵ ƐƵĐŚ ŝŶǀĞƐƚŵĞŶƚƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƚŚĞ ƐƵďƐĞƋƵĞŶƚůLJĂƚ&sdW>ͿƚŚĞĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐ ĨƌŽŵƚŚĞƐĞĮŶĂŶĐŝĂůĂƐƐĞƚƐŝƐŝŶĐůƵĚĞĚĂƐ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐĂƐŽƚŚĞƌŝŶĐŽŵĞ ĞͲƌĞĐŽŐŶŝƟŽŶ ĂƌĞ ŵĞĂƐƵƌĞĚ Ăƚ ƚŚĞ ϭϮ ŵŽŶƚŚ ĞdžƉĞĐƚĞĚ ĐƌĞĚŝƚ Ă ƉĂƌƚ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ŝŶĐŽŵĞ ŝŶ ƚŚĞ ǁŚĞŶƚŚĞŽŵƉĂŶLJ͛ƐƌŝŐŚƚƚŽƌĞĐĞŝǀĞƉĂLJŵĞŶƚ    ĮŶĂŶĐŝĂů ůŝĂďŝůŝƚLJ ŝƐ ĚĞͲƌĞĐŽŐŶŝƐĞĚ ǁŚĞŶ ƚŚĞ ůŽƐƐĞƐŽƌĂŶĂŵŽƵŶƚĞƋƵĂůƚŽƚŚĞůŝĨĞƟŵĞĞdžƉĞĐƚĞĚ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ ĂŶĚ >ŽƐƐ ƵƐŝŶŐ ƚŚĞ ŝƐĞƐƚĂďůŝƐŚĞĚ͘ ŽďůŝŐĂƟŽŶ ƵŶĚĞƌ ƚŚĞ ůŝĂďŝůŝƚLJ ŝƐ ĚŝƐĐŚĂƌŐĞĚ Žƌ ĐƌĞĚŝƚůŽƐƐĞƐŝĨƚŚĞƌĞŚĂƐďĞĞŶĂƐŝŐŶŝĮĐĂŶƚŝŶĐƌĞĂƐĞ ĞīĞĐƟǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘ ĐĂŶĐĞůůĞĚ Žƌ ĞdžƉŝƌĞƐ͘ tŚĞŶ ĂŶ ĞdžŝƐƟŶŐ ĮŶĂŶĐŝĂů ŝŶĐƌĞĚŝƚƌŝƐŬƐŝŶĐĞŝŶŝƟĂůƌĞĐŽŐŶŝƟŽŶ͘ dŚĞŽŵƉĂŶLJŚĂƐŵĂĚĞĂŶŝƌƌĞǀŽĐĂďůĞĞůĞĐƟŽŶ ůŝĂďŝůŝƚLJ ŝƐ ƌĞƉůĂĐĞĚ ďLJ ĂŶŽƚŚĞƌ ĨƌŽŵ ƚŚĞ ƐĂŵĞ (ii) Financial assets at fair value through ƚŽ ƉƌĞƐĞŶƚ ŝŶ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ ůĞŶĚĞƌŽŶƐƵďƐƚĂŶƟĂůůLJĚŝīĞƌĞŶƚƚĞƌŵƐ͕ŽƌƚŚĞƚĞƌŵƐ (t) Financial guarantee contracts Other Comprehensive Income (FVOCI) ƐƵďƐĞƋƵĞŶƚĐŚĂŶŐĞƐŝŶƚŚĞĨĂŝƌǀĂůƵĞŽĨĞƋƵŝƚLJ ŽĨ ĂŶ ĞdžŝƐƟŶŐ ůŝĂďŝůŝƚLJ ĂƌĞ ƐƵďƐƚĂŶƟĂůůLJ ŵŽĚŝĮĞĚ͕  ĮŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞĐŽŶƚƌĂĐƚŝƐĂĐŽŶƚƌĂĐƚƚŚĂƚƌĞƋƵŝƌĞƐ &ŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ƐƵďƐĞƋƵĞŶƚůLJ ŝŶǀĞƐƚŵĞŶƚƐƚŚĂƚĂƌĞŶŽƚŚĞůĚĨŽƌƚƌĂĚŝŶŐ͘ ƐƵĐŚ ĂŶ ĞdžĐŚĂŶŐĞ Žƌ ŵŽĚŝĮĐĂƟŽŶ ŝƐ ƚƌĞĂƚĞĚ ĂƐ ƚŚĞŝƐƐƵĞƌƚŽŵĂŬĞƐƉĞĐŝĮĞĚƉĂLJŵĞŶƚƐƚŽƌĞŝŵďƵƌƐĞƚŚĞ ŵĞĂƐƵƌĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚ KƚŚĞƌ Ă ĚĞͲƌĞĐŽŐŶŝƟŽŶ ŽĨ ƚŚĞ ŽƌŝŐŝŶĂů ůŝĂďŝůŝƚLJ ĂŶĚ ƚŚĞ ŚŽůĚĞƌĨŽƌĂůŽƐƐŝƚŝŶĐƵƌƐďĞĐĂƵƐĞĂƐƉĞĐŝĮĞĚĚĞďƚŽƌĨĂŝůƐ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ ŝĨ ƚŚĞƐĞ tŚĞŶƚŚĞĞƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚŝƐĚĞͲƌĞĐŽŐŶŝƐĞĚ͕ ƌĞĐŽŐŶŝƟŽŶŽĨĂŶĞǁůŝĂďŝůŝƚLJ͕ĂŶĚƚŚĞĚŝīĞƌĞŶĐĞŝŶ ƚŽ ŵĂŬĞ ƉĂLJŵĞŶƚƐ ǁŚĞŶ ĚƵĞ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ŚĞůĚ ĨŽƌ ĐŽůůĞĐƟŽŶ ƚŚĞ ĐƵŵƵůĂƟǀĞ ŐĂŝŶ Žƌ ůŽƐƐ ƉƌĞǀŝŽƵƐůLJ ƚŚĞ ƌĞƐƉĞĐƟǀĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚƐ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƚĞƌŵƐŽĨĂĚĞďƚŝŶƐƚƌƵŵĞŶƚ͘ ŽĨ ĐŽŶƚƌĂĐƚƵĂů ĐĂƐŚ ŇŽǁƐ ĂŶĚ ĨŽƌ ƐĞůůŝŶŐ ƌĞĐŽŐŶŝƐĞĚ ŝŶ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ͕ ǁŚĞƌĞ ƚŚĞ ĂƐƐĞƚƐ͛ ŝƐ ƌĞĐůĂƐƐŝĮĞĚ ĨƌŽŵ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ  &ŝŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞĐŽŶƚƌĂĐƚƐŝƐƐƵĞĚďLJƚŚĞŽŵƉĂŶLJĂƌĞ ĐĂƐŚ ŇŽǁƐ ƌĞƉƌĞƐĞŶƚ ƐŽůĞůLJ ƉĂLJŵĞŶƚƐ ŽĨ /ŶĐŽŵĞƚŽƚŚĞZĞƚĂŝŶĞĚĂƌŶŝŶŐƐĚŝƌĞĐƚůLJ͘ ĞƌŝǀĂƟǀĞƐ ŵĞĂƐƵƌĞĚĂƚƚŚĞŝƌĨĂŝƌǀĂůƵĞƐĂŶĚƌĞĐŽŐŶŝƐĞĚĂƐŝŶĐŽŵĞ ƉƌŝŶĐŝƉĂůĂŶĚŝŶƚĞƌĞƐƚ͘DŽǀĞŵĞŶƚƐŝŶƚŚĞ   ĞƌŝǀĂƟǀĞƐĂƌĞŝŶŝƟĂůůLJƌĞĐŽŐŶŝƐĞĚĂƚĨĂŝƌǀĂůƵĞŽŶ ŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ĂƌĞ ƚĂŬĞŶ ƚŚƌŽƵŐŚ KƚŚĞƌ ĞͲƌĞĐŽŐŶŝƟŽŶ ƚŚĞĚĂƚĞĂĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚŝƐĞŶƚĞƌĞĚŝŶƚŽĂŶĚ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ͕ ĞdžĐĞƉƚ ĨŽƌ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚ ŝƐ ĚĞͲƌĞĐŽŐŶŝƐĞĚ ŽŶůLJ ǁŚĞŶ ĂƌĞƐƵďƐĞƋƵĞŶƚůLJƌĞͲŵĞĂƐƵƌĞĚƚŽƚŚĞŝƌĨĂŝƌǀĂůƵĞĂƚ  tŚĞƌĞŐƵĂƌĂŶƚĞĞƐŝŶƌĞůĂƟŽŶƚŽůŽĂŶƐŽƌŽƚŚĞƌƉĂLJĂďůĞƐ ƌĞĐŽŐŶŝƟŽŶŽĨŝŵƉĂŝƌŵĞŶƚŐĂŝŶƐŽƌůŽƐƐĞƐ͕ ƚŚĞ ŽŵƉĂŶLJ ŚĂƐ ƚƌĂŶƐĨĞƌƌĞĚ ƚŚĞ ƌŝŐŚƚƐ ƚŽ ƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͘dŚĞĂĐĐŽƵŶƟŶŐ ŽĨŐƌŽƵƉĐŽŵƉĂŶŝĞƐĂƌĞƉƌŽǀŝĚĞĚĨŽƌŶŽĐŽŵƉĞŶƐĂƟŽŶ͕

140 Annual Report 2017-18 141 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018 ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ĂƌĞ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ĂƐ ĐŽŶƚƌŝďƵƟŽŶƐ ĂŶĚ ĂŵŽƵŶƚ͕ ƟŵŝŶŐ ĂŶĚ ƵŶĐĞƌƚĂŝŶƚLJ ŽĨ ƌĞǀĞŶƵĞ ĂŶĚ ĐĂƐŚ EŽƚĞϯ͗WƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ;KǁŶĞĚ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚͿ ƌĞĐŽŐŶŝƐĞĚĂƐƉĂƌƚŽĨĐŽƐƚŽĨŝŶǀĞƐƚŵĞŶƚ͘ ŇŽǁƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞĞŶƟƚLJ͛ƐĐŽŶƚƌĂĐƚƐǁŝƚŚĐƵƐƚŽŵĞƌƐ͘ Freehold Buildings Plant and Furniture KĸĐĞ Vehicles Total Land (Refer Equipment and Fixtures Equipment ;ƵͿ ƵƐŝŶĞƐƐĐŽŵďŝŶĂƟŽŶƐ  dŚĞŽŵƉĂŶLJŚĂƐĐŽŵƉůĞƚĞĚŝƚƐƉƌĞůŝŵŝŶĂƌLJĞǀĂůƵĂƟŽŶ Footnote (i)  ƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƟŽŶƐ ŽĨ ĞŶƟƟĞƐ ƵŶĚĞƌ ĐŽŵŵŽŶ ŽĨƚŚĞƉŽƐƐŝďůĞŝŵƉĂĐƚŽĨ/ŶĚ^ϭϭϱĂŶĚǁŝůůĂĚŽƉƚŝƚ & (iii)) ĐŽŶƚƌŽů ĂƌĞ ĂĐĐŽƵŶƚĞĚ ƵƐŝŶŐ ƚŚĞ ͞ƉŽŽůŝŶŐ ŽĨ ŝŶƚĞƌĞƐƚƐ͟ ƌĞƚƌŽƐƉĞĐƟǀĞůLJ ǁŝƚŚ ƚŚĞ ĐƵŵƵůĂƟǀĞ ĞīĞĐƚ ŽĨ ŝŶŝƟĂůůLJ ` crores ` crores ` crores ` crores ` crores ` crores ` crores ŵĞƚŚŽĚ ĂŶĚ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ ĂƌĞ ƌĞŇĞĐƚĞĚ Ăƚ ƚŚĞ ĂƉƉůLJŝŶŐ ƚŚŝƐ ƐƚĂŶĚĂƌĚ ƌĞĐŽŐŶŝƐĞĚ ĂƐ ĂŶ ĂĚũƵƐƚŵĞŶƚ ƚŽ Cost ƉƌĞĚĞĐĞƐƐŽƌ ĐĂƌƌLJŝŶŐ ǀĂůƵĞƐ ĂŶĚ ƚŚĞ ŽŶůLJ ĂĚũƵƐƚŵĞŶƚƐ ƚŚĞ ŽƉĞŶŝŶŐ ďĂůĂŶĐĞ ŽĨ ƌĞƚĂŝŶĞĚ ĞĂƌŶŝŶŐƐ Ăƚ ƚŚĞ ĚĂƚĞ ƚƉƌŝůϭ͕ϮϬϭϲ ϭϯϰ͘Ϯϱ ϭ͕Ϯϱϱ͘ϬϮ ϲϮϱ͘ϵϯ ϭϲϱ͘Ϭϵ ϯϯ͘Ϭϯ 6.57 Ϯ͕Ϯϭϵ͘ϴϵ ƚŚĂƚĂƌĞŵĂĚĞĂƌĞƚŽŚĂƌŵŽŶŝƐĞĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐ͘dŚĞ ŽĨ ŝŶŝƟĂů ĂƉƉůŝĐĂƟŽŶ ŝ͘Ğ͘ Ɖƌŝů ϭ͕ ϮϬϭϴ ĂŶĚ ĂĐĐŽƌĚŝŶŐůLJ ĚĚŝƟŽŶƐ Ͳ ϵϭ͘ϲϬ ϳϯ͘ϭϬ Ϯϳ͘ϰϱ ϱ͘ϳϰ Ϭ͘ϱϯ ϭϵϴ͘ϰϮ ĮŐƵƌĞƐ ĨŽƌ ƚŚĞ ƉƌĞǀŝŽƵƐ ƉĞƌŝŽĚƐ ĂƌĞ ƌĞƐƚĂƚĞĚ ĂƐ ŝĨ ƚŚĞ ĐŽŵƉĂƌĂƟǀĞƐ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ ǁŝůů ŝƐƉŽƐĂůƐ Ͳ ϴ͘ϵϬ ϳ͘ϰϴ ϭ͘Ϯϯ Ϭ͘ϱϬ Ϭ͘ϱϵ ϭϴ͘ϳϬ ďƵƐŝŶĞƐƐĐŽŵďŝŶĂƟŽŶŚĂĚŽĐĐƵƌƌĞĚĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨ ŶŽƚďĞƌĞƚƌŽƐƉĞĐƟǀĞůLJĂĚũƵƐƚĞĚ͘dŚŝƐƐƚĂŶĚĂƌĚŝƐĂƉƉůŝĞĚ ƚDĂƌĐŚϯϭ͕ϮϬϭϳ ϭϯϰ͘Ϯϱ ϭ͕ϯϯϳ͘ϳϮ ϲϵϭ͘ϱϱ ϭϵϭ͘ϯϭ ϯϴ͘Ϯϳ ϲ͘ϱϭ Ϯ͕ϯϵϵ͘ϲϭ ƚŚĞƉƌĞĐĞĚŝŶŐƉĞƌŝŽĚŝƌƌĞƐƉĞĐƟǀĞŽĨƚŚĞĂĐƚƵĂůĚĂƚĞŽĨ ƌĞƚƌŽƐƉĞĐƟǀĞůLJ ŽŶůLJ ƚŽ ƚŚĞ ĐŽŶƚƌĂĐƚƐ ƚŚĂƚ ĂƌĞ ŶŽƚ ĚĚŝƟŽŶƐ Ͳ ϭϱϬ͘ϲϲ ϭϮϬ͘ϵϲ ϴϬ͘ϲϱ ϵ͘ϵϴ Ϭ͘ϳϴ ϯϲϯ͘Ϭϯ ƚŚĞĐŽŵďŝŶĂƟŽŶ͘ ĐŽŵƉůĞƚĞĚĐŽŶƚƌĂĐƚƐĂƚƚŚĞĚĂƚĞŽĨŝŶŝƟĂůĂƉƉůŝĐĂƟŽŶ͘dŚĞ ŝƐƉŽƐĂůƐ Ͳ ϰ͘ϮϬ Ϯ͘ϳϬ Ϭ͘ϰϵ Ϭ͘Ϭϰ Ϭ͘ϴϮ ϴ͘Ϯϱ ŽŵƉĂŶLJĚŽĞƐŶŽƚĞdžƉĞĐƚƚŚĞŝŵƉĂĐƚŽĨƚŚĞĂĚŽƉƟŽŶŽĨ ƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϭϯϰ͘Ϯϱ ϭ͕ϰϴϰ͘ϭϴ ϴϬϵ͘ϴϭ Ϯϳϭ͘ϰϳ ϰϴ͘Ϯϭ ϲ͘ϰϳ Ϯ͕ϳϱϰ͘ϯϵ ;ǀͿ ZĞĐĞŶƚĂĐĐŽƵŶƟŶŐƉƌŽŶŽƵŶĐĞŵĞŶƚƐ ŶĞǁƐƚĂŶĚĂƌĚƚŽďĞŵĂƚĞƌŝĂůŽŶŝƚƐƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐĂŶĚ ĞƉƌĞĐŝĂƟŽŶ ^ƚĂŶĚĂƌĚƐŝƐƐƵĞĚďƵƚŶŽƚLJĞƚĞīĞĐƟǀĞ ŽŶŝƚƐŶĞƚŝŶĐŽŵĞŽŶĂŶŽŶŐŽŝŶŐďĂƐŝƐ͘ ƚƉƌŝůϭ͕ϮϬϭϲ Ͳ ϯϱ͘Ϭϰ ϱϱ͘ϭϯ ϭϵ͘ϱϬ ϳ͘ϯϬ ϭ͘ϭϱ ϭϭϴ͘ϭϮ  DŝŶŝƐƚƌLJ ŽĨ ŽƌƉŽƌĂƚĞ īĂŝƌƐ ;͞D͟Ϳ͕ ŽŶ DĂƌĐŚ Ϯϴ͕ ŚĂƌŐĞĨŽƌƚŚĞLJĞĂƌ Ͳ ϰϴ͘ϴϮ ϲϭ͘ϯϬ ϮϬ͘ϴϱ ϳ͘ϱϲ Ϭ͘ϴϬ ϭϯϵ͘ϯϯ ϮϬϭϴ͕ƚŚƌŽƵŐŚŽŵƉĂŶŝĞƐ;/ŶĚŝĂŶĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚƐͿ  /ŶĚ^ϮϭʹdŚĞĞīĞĐƚŽĨĐŚĂŶŐĞƐŝŶ&ŽƌĞŝŐŶdžĐŚĂŶŐĞ ŝƐƉŽƐĂůƐ Ͳ Ϯ͘ϵϵ Ϯ͘ϵϯ Ϭ͘ϱϭ Ϭ͘ϳϭ Ϭ͘ϭϭ ϳ͘Ϯϱ ŵĞŶĚŵĞŶƚZƵůĞƐ͕ϮϬϭϴŚĂƐŶŽƟĮĞĚƚŚĞŶĞǁƐƚĂŶĚĂƌĚ rates (Appendix B) ƚDĂƌĐŚϯϭ͕ϮϬϭϳ - ϴϬ͘ϴϳ ϭϭϯ͘ϱϬ ϯϵ͘ϴϰ ϭϰ͘ϭϱ ϭ͘ϴϰ ϮϱϬ͘ϮϬ ĨŽƌ ƌĞǀĞŶƵĞ ƌĞĐŽŐŶŝƟŽŶ ĂŶĚ ĂŵĞŶĚĞĚ ĐĞƌƚĂŝŶ ĞdžŝƐƟŶŐ  dŚĞ ĂŵĞŶĚŵĞŶƚ ĐůĂƌŝĮĞƐ ŽŶ ƚŚĞ ĂĐĐŽƵŶƟŶŐ ŽĨ ŚĂƌŐĞĨŽƌƚŚĞLJĞĂƌ ϰϯ͘ϵϮ ϲϱ͘Ϭϲ Ϯϯ͘ϴϬ ϳ͘ϱϲ Ϭ͘ϯϭ ϭϰϬ͘ϲϱ /ŶĚ^ƐǁŚŝĐŚĂƌĞĞīĞĐƟǀĞĨŽƌĂŶŶƵĂůƉĞƌŝŽĚƐďĞŐŝŶŶŝŶŐ ƚƌĂŶƐĂĐƟŽŶƐ ƚŚĂƚ ŝŶĐůƵĚĞ ƚŚĞ ƌĞĐĞŝƉƚ Žƌ ƉĂLJŵĞŶƚ ŝƐƉŽƐĂůƐ Ϯ͘ϴϴ ϭ͘Ϭϲ Ϭ͘ϭϳ Ϭ͘Ϭϯ Ϭ͘ϭϰ ϰ͘Ϯϴ ŽŶŽƌĂŌĞƌƉƌŝůϭ͕ϮϬϭϴ͘ ŽĨ ĂĚǀĂŶĐĞ ĐŽŶƐŝĚĞƌĂƟŽŶ ŝŶ Ă ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ͘ dŚĞ ƚDĂƌĐŚϯϭ͕ϮϬϭϴ - ϭϮϭ͘ϵϭ ϭϳϳ͘ϱϬ ϲϯ͘ϰϳ Ϯϭ͘ϲϴ Ϯ͘Ϭϭ ϯϴϲ͘ϱϳ ĂƉƉĞŶĚŝdžĞdžƉůĂŝŶƐƚŚĂƚƚŚĞĚĂƚĞŽĨƚŚĞƚƌĂŶƐĂĐƟŽŶ͕ĨŽƌ Net Block  /ŶĚ^ϭϭϱͲZĞǀĞŶƵĞĨƌŽŵŽŶƚƌĂĐƚǁŝƚŚƵƐƚŽŵĞƌƐ͗ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ĞdžĐŚĂŶŐĞ ƌĂƚĞ͕ ŝƐ ƚŚĞ ƚDĂƌĐŚϯϭ͕ϮϬϭϳ ϭϯϰ͘Ϯϱ ϭ͕Ϯϱϲ͘ϴϱ ϱϳϴ͘Ϭϱ ϭϱϭ͘ϰϳ Ϯϰ͘ϭϮ ϰ͘ϲϳ Ϯ͕ϭϰϵ͘ϰϭ  /ŶĚ^ϭϭϱǁŝůůƐƵƉĞƌƐĞĚĞƚŚĞĞdžŝƐƟŶŐƌĞǀĞŶƵĞƌĞĐŽŐŶŝƟŽŶ ĚĂƚĞ ŽĨ ŝŶŝƟĂů ƌĞĐŽŐŶŝƟŽŶ ŽĨ ƚŚĞ ŶŽŶͲŵŽŶĞƚĂƌLJ ĂƐƐĞƚ ƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϭϯϰ͘Ϯϱ ϭ͕ϯϲϮ͘Ϯϳ ϲϯϮ͘ϯϭ ϮϬϴ͘ϬϬ Ϯϲ͘ϱϯ ϰ͘ϰϲ Ϯ͕ϯϲϳ͘ϴϮ ƐƚĂŶĚĂƌĚ͚/ŶĚ^ϭϴʹZĞǀĞŶƵĞ͛͘dŚĞĐŽƌĞƉƌŝŶĐŝƉůĞŽĨƚŚĞ Žƌ ŶŽŶͲŵŽŶĞƚĂƌLJ ůŝĂďŝůŝƚLJ ĂƌŝƐŝŶŐ ĨƌŽŵ ƚŚĞ ƉĂLJŵĞŶƚ Žƌ &ŽŽƚŶŽƚĞƐ͗ ŶĞǁƐƚĂŶĚĂƌĚŝƐƚŚĂƚĂŶĞŶƟƚLJƐŚŽƵůĚƌĞĐŽŐŶŝnjĞƌĞǀĞŶƵĞ ƌĞĐĞŝƉƚŽĨĂĚǀĂŶĐĞĐŽŶƐŝĚĞƌĂƟŽŶ͘ ;ŝͿ ŽƐƚŝŶĐůƵĚĞƐŝŵƉƌŽǀĞŵĞŶƚƐƚŽďƵŝůĚŝŶŐƐĐŽŶƐƚƌƵĐƚĞĚŽŶůĞĂƐĞŚŽůĚůĂŶĚͲ`ϵϵϴ͘ϳϭĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌͲ`ϵϯϯ͘ϯϱĐƌŽƌĞƐͿ͘ ƚŽĚĞƉŝĐƚƚŚĞƚƌĂŶƐĨĞƌŽĨƉƌŽŵŝƐĞĚŐŽŽĚƐŽƌƐĞƌǀŝĐĞƐƚŽ ;ŝŝͿ &ŽƌĚĞƚĂŝůƐŽĨƉůĞĚŐĞĚĂƐƐĞƚƐƌĞĨĞƌEŽƚĞϭϱ͕&ŽŽƚŶŽƚĞ;ŝŝͿ͘ ĐƵƐƚŽŵĞƌƐŝŶĂŶĂŵŽƵŶƚƚŚĂƚƌĞŇĞĐƚƐƚŚĞĐŽŶƐŝĚĞƌĂƟŽŶ  dŚĞĂŵĞŶĚŵĞŶƚǁŝůůĐŽŵĞŝŶƚŽĨŽƌĐĞĨƌŽŵƉƌŝůϭ͕ϮϬϭϴ͘ ;ŝŝŝͿ /ŶĐůƵĚĞƐƵŝůĚŝŶŐĂŵŽƵŶƟŶŐƚŽ`Ϭ͘ϴϯĐƌŽƌĞĂĐƋƵŝƌĞĚŽŶĂŵĂůŐĂŵĂƟŽŶŽĨd/&K,ŽůĚŝŶŐƐ>ƚĚ͘ŝƐƉĞŶĚŝŶŐƚŽďĞƚƌĂŶƐĨĞƌƌĞĚŝŶƚŚĞ ƚŽǁŚŝĐŚƚŚĞĞŶƟƚLJĞdžƉĞĐƚƐƚŽďĞĞŶƟƚůĞĚŝŶĞdžĐŚĂŶŐĞ dŚĞŽŵƉĂŶLJĚŽĞƐŶŽƚĞdžƉĞĐƚƚŚĞĞīĞĐƚŽĨƚŚŝƐŽŶƚŚĞ ŶĂŵĞŽĨƚŚĞŽŵƉĂŶLJ͘ ĨŽƌƚŚŽƐĞŐŽŽĚƐŽƌƐĞƌǀŝĐĞƐ͘&ƵƌƚŚĞƌƚŚĞŶĞǁƐƚĂŶĚĂƌĚ ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƚŽďĞŵĂƚĞƌŝĂůďĂƐĞĚŽŶƉƌĞůŝŵŝŶĂƌLJ ƌĞƋƵŝƌĞƐ ĞŶŚĂŶĐĞĚ ĚŝƐĐůŽƐƵƌĞƐ ĂďŽƵƚ ƚŚĞ ŶĂƚƵƌĞ͕ ĞǀĂůƵĂƟŽŶ͘ EŽƚĞϰ͗/ŶƚĂŶŐŝďůĞƐƐĞƚƐ;ĐƋƵŝƌĞĚͿ Website ^ŽŌǁĂƌĞ Service and Total Development (Refer KƉĞƌĂƟŶŐ Cost Footnote (i)) Rights ` crores ` crores ` crores ` crores Cost ƚƉƌŝůϭ͕ϮϬϭϲ ϭϰ͘Ϭϰ ϯϭ͘Ϯϯ ϯ͘Ϭϵ ϰϴ͘ϯϲ ĚĚŝƟŽŶƐ ϰ͘Ϯϯ ϰ͘ϲϯ Ͳ ϴ͘ϴϲ ŝƐƉŽƐĂůƐ Ͳ Ϭ͘Ϯϱ Ͳ Ϭ͘Ϯϱ ƚDĂƌĐŚϯϭ͕ϮϬϭϳ ϭϴ͘Ϯϳ ϯϱ͘ϲϭ ϯ͘Ϭϵ ϱϲ͘ϵϳ ĚĚŝƟŽŶƐ ϭ͘Ϯϯ ϭ͘ϵϴ Ϭ͘Ϭϰ ϯ͘Ϯϱ ŝƐƉŽƐĂůƐ Ͳ Ͳ Ͳ Ͳ ƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϭϵ͘ϱϬ ϯϳ͘ϱϵ ϯ͘ϭϯ ϲϬ͘ϮϮ ŵŽƌƟƐĂƟŽŶ ƚƉƌŝůϭ͕ϮϬϭϲ Ϭ͘ϯϴ ϲ͘Ϭϯ Ϭ͘ϱϵ ϳ͘ϬϬ ŚĂƌŐĞĨŽƌƚŚĞLJĞĂƌ ϯ͘ϲϰ ϲ͘ϯϳ ϭ͘ϵϳ ϭϭ͘ϵϴ ŝƐƉŽƐĂůƐ Ͳ Ϭ͘ϭϯ Ͳ Ϭ͘ϭϯ ƚDĂƌĐŚϯϭ͕ϮϬϭϳ ϰ͘ϬϮ ϭϮ͘Ϯϳ Ϯ͘ϱϲ ϭϴ͘ϴϱ ŚĂƌŐĞĨŽƌƚŚĞLJĞĂƌ ϰ͘ϵϲ ϱ͘ϱϳ Ϭ͘ϭϲ ϭϬ͘ϲϵ ŝƐƉŽƐĂůƐ Ͳ Ͳ Ͳ Ͳ ƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϴ͘ϵϴ ϭϳ͘ϴϰ Ϯ͘ϳϮ Ϯϵ͘ϱϰ Net Block ƚDĂƌĐŚϯϭ͕ϮϬϭϳ ϭϰ͘Ϯϱ Ϯϯ͘ϯϰ Ϭ͘ϱϯ ϯϴ͘ϭϮ ƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϭϬ͘ϱϮ ϭϵ͘ϳϱ Ϭ͘ϰϭ ϯϬ͘ϲϴ &ŽŽƚŶŽƚĞ͗ ŝͿ ^ŽŌǁĂƌĞŝŶĐůƵĚĞƐƵƐƚŽŵĞƌZĞƐĞƌǀĂƟŽŶ^LJƐƚĞŵĂŶĚŽƚŚĞƌůŝĐĞŶƐĞĚƐŽŌǁĂƌĞ͘ 142 Annual Report 2017-18 143 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018 EŽƚĞϱ͗/ŶǀĞƐƚŵĞŶƚƐ EŽƚĞϱ͗/ŶǀĞƐƚŵĞŶƚƐ;ŽŶƚĚ͘Ϳ

DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ &ĂĐĞ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ &ĂĐĞ sĂůƵĞ Holdings ` crores ,ŽůĚŝŶŐƐ ` crores Holdings ,ŽůĚŝŶŐƐ sĂůƵĞ ` crores ` crores As at ƐĂƚ As at ƐĂƚ Brought over ϯ͕ϯϲϴ͘ϯϳ Ϯ͕ϱϬϯ͘ϮϬ (a) Non-current Investments Fully Paid Unquoted Equity Investments Fully Paid Unquoted Equity Investments Investments in Other Companies (Refer Footnote (vi)) Investments in Subsidiary Companies (at cost) ĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͗  ƚĚ͘ ` ϭϬ ϲ͕Ϭϰ͕ϬϬϬ Ϭ͘ϳϬ ϲ͕Ϭϰ͕ϬϬϬ Ϭ͘ϳϬ ,ŽƚĞůƐĂŶĚZĞƐƚĂƵƌĂŶƚŽͲŽƉ͘^ĞƌǀŝĐĞ^ŽĐŝĞƚLJ>ƚĚ͘ ` ϱϬ ϮϬ Ͳ ϮϬ Ͳ (`ϭ͕ϬϬϬͬͲͿ  ZŽŽƚƐŽƌƉŽƌĂƟŽŶ>ƚĚ͘ ` ϭϬ ϱ͕ϭϬ͕ϬϬ͕ϬϬϬ ϱϭ͘ϬϬ ϱ͕ϭϬ͕ϬϬ͕ϬϬϬ ϱϭ͘ϬϬ dĂƚĂ^ĞƌǀŝĐĞƐ>ƚĚ͘;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ǀŝŝͿͿ ` ϭ͕ϬϬϬ ϰϮϭ Ϭ͘Ϭϯ ϰϮϭ Ϭ͘Ϭϯ  dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ;,͘<͘Ϳ>ƚĚ͘ h^Ψ 1 Ϯϯ͕ϬϬ͕ϬϬ͕ϬϬϬ ϭ͕ϭϭϭ͘ϵϴ Ϯϯ͕ϬϬ͕ϬϬ͕ϬϬϬ ϭ͕ϭϭϭ͘ϵϴ dĂƚĂ^ŽŶƐ>ƚĚ͘;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ǀŝŝͿͿ ` ϭ͕ϬϬϬ ϰ͕ϱϬϬ Ϯϱ͘ϬϬ ϰ͕ϱϬϬ Ϯϱ͘ϬϬ  /,KKs;ϱ͕ϵϳ͕ϵϬϳƐŚĂƌĞƐĂůůŽƩĞĚĚƵƌŝŶŐƚŚĞ h^Ψ 1 Ϯ͕ϭϱ͕ϲϬ͕Ϯϯϭ ϭ͕ϵϲϰ͘ϲϯ Ϯ͕Ϭϵ͕ϲϮ͕ϯϮϰ ϭ͕ϵϭϮ͘ϲϬ dZ/>/ŶĨŽƉĂƌŬ>ƚĚ͘;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝǀͿĂŶĚ;ǀŝŝͿͿ ` ϭϬ ϳ͕ϭϭ͕ϬϬ͕ϬϬϬ ϳϭ͘ϭϬ ϳ͕ϭϭ͕ϬϬ͕ϬϬϬ ϳϭ͘ϭϬ LJĞĂƌͿ <ƵŵĂƌĂŬƌƵƉƉĂ&ƌŽŶƟĞƌ,ŽƚĞůƐWƌŝǀĂƚĞ>ƚĚ͘ ` ϭϬ ϵϲ͕ϰϯϮ ϲ͘ϰϭ ϵϲ͕ϰϯϮ ϲ͘Ϭϯ dĂũŝƌ>ƚĚ͘ΎΛ ` ϭϬ ϭ͕ϱϵ͕ϵϬ͕ϮϬϬ ϯ͘ϵϱ ϭ͕ϱϵ͕ϵϬ͕ϮϬϬ Ͳ  hŶŝƚĞĚ,ŽƚĞůƐ>ƚĚ͘ΎΛ ` ϭϬ ϰϲ͕ϮϬ͕ϬϬϬ ϭ͘ϱϬ ϰϲ͕ϮϬ͕ϬϬϬ ϭ͘ϱϬ DWŽǁĞƌ/ŶĨŽƌŵĂƟŽŶ^LJƐƚĞŵƐWǀƚ͘>ƚĚ͘ΎΛ ` ϭϬ ϰ͕ϵϴ͕ϬϬϬ Ͳ ϰ͕ϵϴ͕ϬϬϬ Ͳ  WŝĞŵ,ŽƚĞůƐ>ƚĚ͘ΎΛ ` ϭϬ ϭϵ͕ϲϰ͕ϳϳϬ ϴϵ͘ϴϳ ϭϵ͕ϲϰ͕ϳϳϬ ϴϵ͘ϴϳ dĂƚĂĞƌĂŵŝĐƐ>ƚĚ͘ΎΛ ` Ϯ ϭ͕ϱϰ͕Ϯϵ͕ϰϴϬ Ͳ ϭ͕ϱϰ͕Ϯϵ͕ϰϴϬ ϭ͘ϳϬ  /ŶĚŝƚƌĂǀĞů>ƚĚ͘ΎΛ ` ϭϬ ϯ͕ϯϵ͕ϬϬϵ Ϭ͘ϯϰ ϯ͕ϯϵ͕ϬϬϵ Ϭ͘ϯϰ dĂƚĂ/ŶĚƵƐƚƌŝĞƐ>ƚĚ͘;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ǀŝŝͿͿΎ ` ϭϬϬ ϰϮ͕ϳϰ͕ϱϵϬ ϱϱ͘ϳϯ ϰϮ͕ϳϰ͕ϱϵϬ ϱϱ͘ϳϯ  dĂũŶƚĞƌƉƌŝƐĞƐ>ƚĚ͘ΎΛ ` ϭϬϬ ϮϮ͕Ϯϵϴ Ϭ͘ϯϬ ϮϮ͕Ϯϵϴ Ϭ͘ϯϬ dĂƚĂ/ŶƚĞƌŶĂƟŽŶĂů>ƚĚ͘ΎΛ ` ϭ͕ϬϬϬ ϴ͕ϬϬϬ ϮϮ͘ϵϲ ϴ͕ϬϬϬ ϮϬ͘ϴϬ ` ϭϴϱ͘ϭϴ ϭϴϬ͘ϯϵ  dĂũdƌĂĚĞΘdƌĂŶƐƉŽƌƚŽ͘>ƚĚ͘ΎΛ ϭϬ ϭϲ͕ϭϲ͕ϵϵϵ ϯ͘ϮϬ ϭϲ͕ϭϲ͕ϵϵϵ ϯ͘ϮϬ &ƵůůLJWĂŝĚYƵŽƚĞĚƋƵŝƚLJ/ŶǀĞƐƚŵĞŶƚƐ͗  ^ŬLJĚĞĐŬWƌŽƉĞƌƟĞƐŶĚĞǀĞůŽƉĞƌƐWƌŝǀĂƚĞ>ƚĚ͘ ` ϭϬ ϴϵ͕ϯϬ͕ϯϮ͕ϭϲϬ ϭ͕ϭϲϴ͘ϴϴ ϵϴ͕Ϯϴϴ Ϯϳϱ͘ϵϰ Investments in Other Companies (Refer Footnote (vi)) ;ϴϵ͕Ϯϵ͕ϯϯ͕ϴϳϮƐŚĂƌĞƐĂůůŽƩĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌͿ ĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͗ ϰ͕ϯϵϮ͘ϰϬ ϯ͕ϰϰϳ͘ϰϯ dŽƵƌŝƐŵ&ŝŶĂŶĐĞŽƌƉŽƌĂƟŽŶŽĨ/ŶĚŝĂ>ƚĚ͘ ` ϭϬ Ͳ Ͳ ϱϬ͕ϬϬϬ Ϭ͘ϰϭ ;ϱϬ͕ϬϬϬƐŚĂƌĞƐƐŽůĚĚƵƌŝŶŐƚŚĞLJĞĂƌͿ  /ŶǀĞƐƚŵĞŶƚƐŝŶ:ŽŝŶƚsĞŶƚƵƌĞƐ;ĂƚĐŽƐƚͿ ,&ĂŶŬ>ƚĚ͘ ` Ϯ Ϯ͕ϱϬϬ Ϭ͘ϰϳ Ϯ͕ϱϬϬ Ϭ͘ϯϲ  dĂũ<ĂƌŶĂƚĂŬĂ,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ΎΛ ` ϭϬ ϭϬ͕ϵϴ͕ϳϰϬ ϭ͘ϭϬ ϭϬ͕ϵϴ͕ϳϰϬ ϭ͘ϭϬ /ŶĚŝĂdŽƵƌŝƐŵĞǀĞůŽƉŵĞŶƚŽƌƉŽƌĂƟŽŶ>ƚĚ͘ ` ϭϬ ϲϳ͕ϱϬ͕Ϯϳϱ ϯϬϱ͘ϵϵ ϲϳ͕ϱϬ͕Ϯϳϱ Ϯϳϵ͘ϲϳ  dĂũ<ĞƌĂůĂ,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ ` ϭϬ ϭ͕ϰϭ͕ϱϭ͕ϲϲϯ ϭϱ͘ϲϳ ϭ͕ϰϭ͕ϱϭ͕ϲϲϯ ϭϱ͘ϲϳ ƐŝĂŶ,ŽƚĞůƐ;EŽƌƚŚͿ>ƚĚ͘Ύ ` ϭϬ Ϯ Ͳ Ϯ Ͳ  dĂũ^d^ŝƌĂƚĞƌŝŶŐ>ƚĚ͘ ` ϭϬ ϴϴ͕ϳϰ͕ϬϬϬ ϲϭ͘ϴϮ ϴϴ͕ϳϰ͕ϬϬϬ ϲϭ͘ϴϮ ƐŝĂŶ,ŽƚĞůƐ;ĂƐƚͿ>ƚĚ͘Ύ ` ϭϬ Ϯ Ͳ Ϯ Ͳ ` ` ƐŝĂŶ,ŽƚĞůƐ;tĞƐƚͿ>ƚĚ͘Ύ ϭϬ Ϯ Ͳ Ϯ Ͳ  dĂũDĂĚƌĂƐ&ůŝŐŚƚ<ŝƚĐŚĞŶWƌŝǀĂƚĞ>ƚĚ͘ ϭϬ ϳϵ͕ϰϰ͕ϭϭϮ ϴ͘ϱϲ ϳϵ͕ϰϰ͕ϭϭϮ ϴ͘ϱϲ /,>ƚĚ͘Ύ ` Ϯ ϯϳ Ͳ ϯϳ Ͳ  dĂũ^ĂĨĂƌŝƐ>ƚĚ͘;ϯϰ͕ϴϳ͕ϱϱϰƐŚĂƌĞƐĂůůŽƩĞĚ ` ϭϬ ϵϰ͕Ϭϰ͕ϮϮϭ ϴ͘ϲϮ ϱϵ͕ϭϲ͕ϲϲϳ ϳ͘ϵϮ ,ŽƚĞů>ĞĞůĂsĞŶƚƵƌĞ>ƚĚ͘Ύ ` Ϯ Ϯϱ Ͳ Ϯϱ Ͳ ĚƵƌŝŶŐƚŚĞLJĞĂƌͿΎΛ ϯϬϲ͘ϰϲ ϮϴϬ͘ϰϰ  <ĂǀĞƌŝZĞƚƌĞĂƚƐĂŶĚZĞƐŽƌƚƐ>ƚĚ͘ΎΛ ` ϭϬ ϭ͕ϯϭ͕ϳϲ͕ϰϲϳ ϰϰ͘ϴϬ ϭ͕ϯϭ͕ϳϲ͕ϰϲϳ ϰϰ͘ϴϬ Total Investment in Equity Instruments ϯ͕ϴϲϬ͘Ϭϭ Ϯ͕ϵϲϰ͘Ϭϯ ϭϰϬ͘ϱϳ ϭϯϵ͘ϴϳ Investments in Associate Companies (at cost) /ŶǀĞƐƚŵĞŶƚŝŶWƌĞĨĞƌĞŶĐĞ^ŚĂƌĞƐ;ĐĂƌƌŝĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚƐͿ  :d^WƚĞ>ƚĚ͘ h^Ψ 1 Ϯ͕ϬϬ͕ϬϬ͕ϬϬϬ ϭϬϮ͘ϱϵ Ϯ͕ϬϬ͕ϬϬ͕ϬϬϬ ϭϬϮ͘ϱϵ ĞŶƚƌĂů/ŶĚŝĂ^ƉŝŶŶŝŶŐtĞĂǀŝŶŐΘDĂŶƵĨĂĐƚƵƌŝŶŐŽ͘>ƚĚ͘ ` ϱϬϬ ϱϬ - ϱϬ Ͳ  dĂŝĚĂdƌĂĚŝŶŐΘ/ŶĚƵƐƚƌŝĞƐ>ƚĚ͘ ` ϭϬϬ Ϯϲ͕ϵϭϮ Ϭ͘Ϯϳ Ϯϲ͕ϵϭϮ Ϭ͘Ϯϳ ;ϭϬйƵŶƋƵŽƚĞĚƵŵƵůĂƟǀĞWƌĞĨĞƌĞŶĐĞ^ŚĂƌĞƐͿ (`Ϯϳ͕ϴϴϴͬͲͿ  dĂũDĂĚƵƌĂŝ>ƚĚ͘ ` ϭϬ ϵ͕ϭϮ͕ϬϬϬ Ϭ͘ϵϱ ϵ͕ϭϮ͕ϬϬϬ Ϭ͘ϵϱ ϭϬϯ͘ϴϭ ϭϬϯ͘ϴϭ /ŶǀĞƐƚŵĞŶƚŝŶKƚŚĞƌƐ;ĐĂƌƌŝĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚƐͿ EĂƟŽŶĂů^ĂǀŝŶŐƐĞƌƟĮĐĂƚĞ;`ϰϱ͕ϬϬϬͿ Ͳ Ͳ  &ƵůůLJWĂŝĚYƵŽƚĞĚƋƵŝƚLJ/ŶǀĞƐƚŵĞŶƚƐ͗ ,ŝŶĚƵƐƚŚĂŶŶŐŝŶĞĞƌŝŶŐΘ/ŶĚƵƐƚƌŝĞƐ>ƚĚ;`ϳϬͬͲͿΎ ` ϭϬ 7 Ͳ ϳ Ͳ Investments in Subsidiary Company (at cost) --  ĞŶĂƌĞƐ,ŽƚĞůƐ>ƚĚ͘Ύ ` ϭϬ ϲϰϯ͕ϴϮϱ Ϯ͘ϲϲ ϲ͕ϰϯ͕ϴϮϱ Ϯ͘ϲϲ Total Non-current Investments - Net ϯ͕ϴϲϬ͘Ϭϭ Ϯ͕ϵϲϰ͘Ϭϯ Ϯ͘ϲϲ Ϯ͘ϲϲ ΎĚĚŝƟŽŶĂůƐŚĂƌĞƐĂĐƋƵŝƌĞĚŽŶĂŵĂůŐĂŵĂƟŽŶŽĨd/&K,ŽůĚŝŶŐƐ>ƚĚ͘  /ŶǀĞƐƚŵĞŶƚƐŝŶ:ŽŝŶƚsĞŶƚƵƌĞƐ;ĂƚĐŽƐƚͿ ΛĚĚŝƟŽŶĂůƐŚĂƌĞƐĂĐƋƵŝƌĞĚŽŶĂŵĂůŐĂŵĂƟŽŶŽĨd/&K,ŽůĚŝŶŐƐ>ƚĚ͘ĂƌĞƉĞŶĚŝŶŐƚŽďĞƚƌĂŶƐĨĞƌƌĞĚŝŶƚŚĞŶĂŵĞŽĨƚŚĞŽŵƉĂŶLJ͘  dĂũ's<,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘Ύ ` Ϯ ϭ͕ϲϬ͕ϬϬ͕ϰϬϬ ϰϬ͘ϯϰ ϭ͕ϲϬ͕ϬϬ͕ϰϬϬ ϰϬ͘ϯϰ &ŽŽƚŶŽƚĞƐ͗ ϰϬ͘ϯϰ ϰϬ͘ϯϰ ;ŝͿ ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨYƵŽƚĞĚ/ŶǀĞƐƚŵĞŶƚƐ ϯϵϵ͘ϴϯ ϯϳϯ͘ϴϭ  DĂƌŬĞƚǀĂůƵĞŽĨYƵŽƚĞĚ/ŶǀĞƐƚŵĞŶƚƐ ϴϱϱ͘ϵϬ ϳϴϴ͘ϲϭ Investments in Associate Companies (at cost) ;ŝŝͿ ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨhŶƋƵŽƚĞĚ/ŶǀĞƐƚŵĞŶƚƐ ϰ͕ϴϮϭ͘ϵϲ ϯ͕ϴϳϭ͘ϱϬ  KƌŝĞŶƚĂů,ŽƚĞůƐ>ƚĚ͘Ύ ` 1 ϱ͕Ϭϵ͕ϳϮ͕ϵϭϬ ϱϬ͘ϯϳ ϱ͕Ϭϵ͕ϳϮ͕ϵϭϬ ϱϬ͘ϯϳ ;ŝŝŝͿ ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨŝŵƉĂŝƌŵĞŶƚŝŶǀĂůƵĞŽĨŝŶǀĞƐƚŵĞŶƚƐ ϭ͕ϯϲϭ͘ϳϴ ϭ͕Ϯϴϭ͘Ϯϴ ϱϬ͘ϯϳ ϱϬ͘ϯϳ ;ŝǀͿ dƌĂŶƐĨĞƌŽĨƐŚĂƌĞƐŝƐƌĞƐƚƌŝĐƚĞĚĚƵĞƚŽŽƉƟŽŶŐƌĂŶƚĞĚĨŽƌϭϬLJĞĂƌƐƵƉƚŽ:ƵůLJ͕ϮϬϮϭƚŽdĂƚĂZĞĂůƚLJĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ>ƚĚ͘ĨŽƌƌĞƉƵƌĐŚĂƐĞŽĨƚŚĞƐŚĂƌĞƐĂƚƉĂƌ ǀĂůƵĞ͘dĂƚĂZĞĂůƚLJĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ>ƚĚ͘ŚĂƐĚĞƉŽƐŝƚĞĚĂƐƵŵŽĨ`ϳϭ͘ϭϬĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌͲ`ϳϭ͘ϭϬĐƌŽƌĞƐͿĂƐKƉƟŽŶĞƉŽƐŝƚ;ZĞĨĞƌEŽƚĞϭϲ;ďͿͿ͕ǁŚŝĐŚ  'ƌŽƐƐ/ŶǀĞƐƚŵĞŶƚŝŶ^ƵďƐŝĚŝĂƌŝĞƐ͕:ŽŝŶƚ ϰ͕ϳϯϬ͘ϭϱ ϯ͕ϳϴϰ͘ϰϴ ƐŚĂůůďĞĂĚũƵƐƚĞĚƵƉŽŶĞdžĞƌĐŝƐĞŽĨƚŚĞŽƉƟŽŶŽƌƌĞĨƵŶĚĞĚ͘ Ventures and Associates ;ǀͿ dŚĞĐŽŶƟŶƵŝŶŐůŽƐƐĞƐĂƚŝƚƐƉƌŽƉĞƌƟĞƐŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂ͕ŚĂƐůĞĚƚŚĞŽŵƉĂŶLJƚŽƌĞĂƐƐĞƐƐƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨŝƚƐŝŶǀĞƐƚŵĞŶƚŝŶ  >ĞƐƐ͗WƌŽǀŝƐŝŽŶĨŽƌ/ŵƉĂŝƌŵĞŶƚŝŶǀĂůƵĞŽĨ ϭ͕ϯϲϭ͘ϳϴ ϭ͕Ϯϴϭ͘Ϯϴ /,KKs͕ĂǁŚŽůůLJŽǁŶĞĚƐƵďƐŝĚŝĂƌLJ͘ƵƌŝŶŐƚŚĞLJĞĂƌ͕ƚŚĞŽŵƉĂŶLJƌĞĐŽŐŶŝƐĞĚĂŶŝŵƉĂŝƌŵĞŶƚůŽƐƐŽĨ`ϴϬ͘ϱϬĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌͲ`ϲϰ͘ϯϯĐƌŽƌĞƐͿŝŶƚŚĞ /ŶǀĞƐƚŵĞŶƚƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ǀͿͿ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐǁŚŝĐŚŚĂƐďĞĞŶĐůĂƐƐŝĮĞĚƵŶĚĞƌ͞džĐĞƉƟŽŶĂů/ƚĞŵƐ͟;ZĞĨĞƌEŽƚĞϮϳͿ͘ ;ǀŝͿ &ŽƌƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐ͕ƚŚĞŽŵƉĂŶLJŚĂƐĞůĞĐƚĞĚƚŚĞĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞŝƌƌĞǀŽĐĂďůĞŽƉƟŽŶƐŝŶĐĞƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐĂƌĞŶŽƚ  EĞƚ/ŶǀĞƐƚŵĞŶƚŝŶ^ƵďƐŝĚŝĂƌŝĞƐ͕:ŽŝŶƚsĞŶƚƵƌĞƐ ϯ͕ϯϲϴ͘ϯϳ Ϯ͕ϱϬϯ͘ϮϬ ŚĞůĚĨŽƌƚƌĂĚŝŶŐ͘ and Associates ;ǀŝŝͿ&ŽƌƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐ͕ĐŽƐƚŚĂƐďĞĞŶĐŽŶƐŝĚĞƌĞĚĂƐĂŶĂƉƉƌŽƉƌŝĂƚĞĞƐƟŵĂƚĞŽĨĨĂŝƌǀĂůƵĞďĞĐĂƵƐĞŽĨĂǁŝĚĞƌĂŶŐĞŽĨƉŽƐƐŝďůĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐĂŶĚ ĐŽƐƚƌĞƉƌĞƐĞŶƚƐƚŚĞďĞƐƚĞƐƟŵĂƚĞŽĨĨĂŝƌǀĂůƵĞǁŝƚŚŝŶƚŚĂƚƌĂŶŐĞ͘ Carried over ϯ͕ϯϲϴ͘ϯϳ Ϯ͕ϱϬϯ͘ϮϬ ;ǀŝŝŝͿdŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJĂŶĚĐůĂƐƐŝĮĐĂƟŽŶĂƌĞĚŝƐĐůŽƐĞĚŝŶEŽƚĞϯϯ͘ 144 Annual Report 2017-18 145 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018 EŽƚĞϱ͗/ŶǀĞƐƚŵĞŶƚƐ;ŽŶƚĚ͘Ϳ EŽƚĞϳ͗KƚŚĞƌ&ŝŶĂŶĐŝĂůƐƐĞƚƐ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores Units ` crores hŶŝƚƐ ` crores (a) Non Current Financial Assets As at ƐĂƚ  >ŽŶŐͲƚĞƌŵƐĞĐƵƌŝƚLJĚĞƉŽƐŝƚƐƉůĂĐĞĚĨŽƌ,ŽƚĞůWƌŽƉĞƌƟĞƐĂƚĂŵŽƌƟƐĞĚĐŽƐƚƐ (b) Current Investments  ZĞůĂƚĞĚWĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϯϵͿ Ϭ͘Ϭϵ Ϭ͘Ϭϴ  ĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚĂŶĚůŽƐƐ͗  džƚĞƌŶĂůWĂƌƟĞƐ ϯϱ͘Ϯϲ ϯϮ͘ϴϴ ϯϱ͘ϯϱ ϯϮ͘ϵϲ Investments in Mutual Fund Units (Unquoted )  >ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĚĞƉŽƐŝƚƐ Ϯ͘ϬϬ Ϯ͘ϬϬ  ĚŝƚLJĂŝƌůĂ^ƵŶ>ŝĨĞĂƐŚWůƵƐͲĂŝůLJŝǀŝĚĞŶĚ ϰϭ͕ϲϱ͕ϮϴϬ ϰϭ͘ϳϯ ϴ͕ϱϮ͕Ϭϳϰ ϴ͘ϱϰ ϯϯ͘ϯϱ ϯϬ͘ϵϲ  ĚŝƚLJĂŝƌůĂ^ƵŶ>ŝĨĞĂƐŚWůƵƐͲ'ƌŽǁƚŚ Ϯ͕Ϯϲ͕ϭϲϱ ϲ͘ϯϮ Ͳ Ͳ  ĞƉŽƐŝƚƐǁŝƚŚWƵďůŝĐŽĚŝĞƐĂŶĚKƚŚĞƌƐĂƚĂŵŽƌƟƐĞĚĐŽƐƚƐ  ZĞůĂƚĞĚƉĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϯϵͿ Ϭ͘ϱϳ Ϭ͘ϱϳ  ///WƌƵĚĞŶƟĂůDŽŶĞLJDĂƌŬĞƚ&ƵŶĚͲ'ƌŽǁƚŚ ϭϭ͕Ϯϰ͕ϵϮϲ Ϯϳ͘Ϭϱ Ͳ Ͳ  WƵďůŝĐŽĚŝĞƐĂŶĚKƚŚĞƌƐ ϭϵ͘ϲϬ ϮϮ͘ϭϵ  >Θd>ŝƋƵŝĚ&ƵŶĚͲ'ƌŽǁƚŚ ϱ͕Ϭϱ͕ϴϵϱ ϭϮϬ͘ϯϯ Ͳ Ͳ ϮϬ͘ϭϳ ϮϮ͘ϳϲ  <ŽƚĂŬ&ůŽĂƚĞƌͲ^ŚŽƌƚdĞƌŵͲ'ƌŽǁƚŚ Ϯ͕ϯϳ͕Ϭϰϭ ϲϳ͘ϲϬ Ͳ Ͳ  >ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĚĞƉŽƐŝƚƐ Ϭ͘ϭϬ Ϭ͘ϭϬ ϮϬ͘Ϭϳ ϮϮ͘ϲϲ  dĂƚĂDŽŶĞLJDĂƌŬĞƚ&ƵŶĚZĞŐƵůĂƌWůĂŶͲ'ƌŽǁƚŚ ϴϭ͕ϰϰϰ ϮϮ͘Ϯϭ Ϯ͕Ϭϳ͕ϭϴϰ ϱϯ͘ϭϬ  ĞƉŽƐŝƚƐǁŝƚŚĂŶŬƐ;ZĞĨĞƌEŽƚĞϭϮͿ Ϭ͘ϳϬ ϭ͘Ϭϰ  <ŽƚĂŬ&ůŽĂƚĞƌͲ^ŚŽƌƚdĞƌŵͲĂŝůLJŝǀŝĚĞŶĚ ϭ͕ϲϬ͕Ϯϲϱ ϭϲ͘Ϯϭ ϯϰ͕ϯϲϬ ϯ͘ϰϴ Others ϭ͘ϳϮ Ϯ͘ϯϱ ϯϬϭ͘ϰϱ ϲϱ͘ϭϮ ϱϱ͘ϴϰ ϱϳ͘Ϭϭ (b) Current Financial Assets &ŽŽƚŶŽƚĞ͗  ĞƉŽƐŝƚǁŝƚŚWƵďůŝĐŽĚŝĞƐĂŶĚKƚŚĞƌƐ ;ŝͿŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨhŶƋƵŽƚĞĚ/ŶǀĞƐƚŵĞŶƚƐ͗ ϯϬϭ͘ϰϱ ϲϱ͘ϭϮ  ZĞůĂƚĞĚWĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϯϵͿ ϭ͘Ϯϯ ϭ͘Ϯϯ Others ϭϮ͘Ϯϯ ϳ͘ϵϭ EŽƚĞϲ͗>ŽĂŶ ϭϯ͘ϰϲ ϵ͘ϭϰ Other Advances DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ  ŽŶƐŝĚĞƌĞĚŐŽŽĚ ϱ͘ϰϮ ϴ͘ϲϰ ` crores ` crores  ŽŶƐŝĚĞƌĞĚĚŽƵďƞƵů ϯ͘ϵϮ Ϯ͘Ϯϯ (a) Non Current Loans ϵ͘ϯϰ ϭϬ͘ϴϳ  >ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĂĚǀĂŶĐĞƐ ϯ͘ϵϮ Ϯ͘Ϯϯ  ;hŶƐĞĐƵƌĞĚ͕ĐŽŶƐŝĚĞƌĞĚŐŽŽĚƵŶůĞƐƐƐƚĂƚĞĚŽƚŚĞƌǁŝƐĞͿ ϱ͘ϰϮ ϴ͘ϲϰ Interest Receivable  >ŽĂŶƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚĂŶĚůŽƐƐ  ZĞůĂƚĞĚWĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϯϵͿ ϭ͘Ϭϴ ϭ͘ϯϰ  ZĞůĂƚĞĚWĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϯϵͿ Ͳ ϯϮ͘ϰϯ Others Ϭ͘ϲϱ Ϭ͘ϯϴ ϭ͘ϳϯ ϭ͘ϳϮ  >ŽĂŶƐĂƚĂŵŽƌƟƐĞĚĐŽƐƚ Other Receivables Considered good  ZĞůĂƚĞĚWĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϯϵͿ ϴϵ͘ϬϬ ϴϲ͘ϯϴ  ZĞůĂƚĞĚWĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϯϵͿ ϱ͘ϯϱ ϱ͘ϯϱ Others ϭϯ͘ϳϰ ϭϰ͘ϱϰ ϭϬϮ͘ϳϰ ϭϬϬ͘ϵϮ  ŽŶƐŝĚĞƌĞĚĚŽƵďƞƵů ϭϮϯ͘ϯϱ ϭϮϬ͘ϰϮ  ZĞůĂƚĞĚWĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϯϵͿ ϯ͘ϭϳ ϯ͘ϭϳ ϴ͘ϱϮ ϴ͘ϱϮ EŽƚĞϴ͗KƚŚĞƌƐƐĞƚƐ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ  >ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůůŽĂŶƐ ϯ͘ϭϳ ϯ͘ϭϳ ` crores ` crores (a) Other Non Current Assets ϱ͘ϯϱ ϱ͘ϯϱ  ĂƉŝƚĂůĚǀĂŶĐĞƐ ϭϬ͘ϱϭ ϮϬ͘ϯϲ  WƌĞƉĂŝĚdžƉĞŶƐĞƐ ϳϮ͘ϳϬ ϳϭ͘ϭϮ ϱ͘ϯϱ ϯϳ͘ϳϴ  ĞƉŽƐŝƚƐĂĚũƵƐƚĂďůĞĂŐĂŝŶƐƚĨƵƚƵƌĞƌĞŶƚƉĂLJŵĞŶƚƐ ϳ͘ϱϭ ϳ͘ϴϴ  /ŶĐĞŶƟǀĞƌĞĐĞŝǀĂďůĞ ϵϭ͘ϬϬ ϭϬϯ͘Ϭϴ  ĞƉŽƐŝƚƐǁŝƚŚ'ŽǀĞƌŶŵĞŶƚƵƚŚŽƌŝƟƚĞƐ ϵϰ͘ϰϬ ϱϱ͘ϭϮ (b) Current Loans Ϯϳϲ͘ϭϮ Ϯϱϳ͘ϱϲ  ;hŶƐĞĐƵƌĞĚ͕ĐŽŶƐŝĚĞƌĞĚŐŽŽĚƵŶůĞƐƐƐƚĂƚĞĚŽƚŚĞƌǁŝƐĞͿ (b) Other Current Assets  WƌĞƉĂŝĚdžƉĞŶƐĞƐ Ϯϵ͘ϲϱ ϮϮ͘ϵϳ  ZĞůĂƚĞĚWĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϯϵͿ ϮϬ͘ϲϱ ϱϮ͘ϱϴ  /ŶĚŝƌĞĐƚƚĂdžƌĞĐŽǀĞƌĂďůĞ Ϯ͘ϵϴ Ϭ͘ϴϯ  ĚǀĂŶĐĞƚŽ^ƵƉƉůŝĞƌƐ ϭϮ͘ϱϳ ϭϭ͘ϯϵ Others Ϭ͘Ϭϭ Ϭ͘ϭϬ  ĚǀĂŶĐĞƚŽŵƉůŽLJĞĞƐ Ϯ͘Ϭϰ ϭ͘ϲϬ ϮϬ͘ϲϲ ϱϮ͘ϲϴ  ĞƉŽƐŝƚƐĂĚũƵƐƚĂďůĞĂŐĂŝŶƐƚĨƵƚƵƌĞƌĞŶƚƉĂLJŵĞŶƚƐ Ϭ͘Ϯϱ Ϭ͘Ϯϱ ϰϳ͘ϰϵ ϯϳ͘Ϭϰ

146 Annual Report 2017-18 147 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018 EŽƚĞϵ͗/ŶǀĞŶƚŽƌŝĞƐ;ƚůŽǁĞƌŽĨĐŽƐƚĂŶĚŶĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞͿ EŽƚĞϭϯ͗ƋƵŝƚLJ^ŚĂƌĞĂƉŝƚĂů DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores ` crores ` crores &ŽŽĚĂŶĚĞǀĞƌĂŐĞƐ Ϯϱ͘Ϯϴ Ϯϰ͘ϭϮ Authorised Share Capital ^ƚŽƌĞƐĂŶĚKƉĞƌĂƟŶŐ^ƵƉƉůŝĞƐ Ϯϲ͘ϭϵ Ϯϯ͘ϰϰ ϮϬϬ͕ϬϬ͕ϬϬ͕ϬϬϬƋƵŝƚLJ^ŚĂƌĞƐŽĨ`ϭĞĂĐŚ ϮϬϬ͘ϬϬ ϮϬϬ͘ϬϬ ϱϭ͘ϰϳ ϰϳ͘ϱϲ ϮϬϬ͘ϬϬ ϮϬϬ͘ϬϬ &ŽŽƚŶŽƚĞ͗ Issued Share Capital ŝͿ dŚĞĐŽƐƚŽĨŝŶǀĞŶƚŽƌŝĞƐƌĞĐŽŐŶŝƐĞĚĂƐĂŶĞdžƉĞŶƐĞĂŵŽƵŶƚĞĚƚŽ`ϯϮϬ͘ϮϯĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌ`ϯϬϲ͘ϮϲĐƌŽƌĞƐͿ͘ ϭϭϴ͕ϵϯ͕Ϭϳ͕ϰϳϮ;WƌĞǀŝŽƵƐzĞĂƌͲϵϴ͕ϵϯ͕Ϭϳ͕ϰϳϮͿƋƵŝƚLJ^ŚĂƌĞƐŽĨ`ϭĞĂĐŚ ϭϭϴ͘ϵϯ ϵϴ͘ϵϯ ŝŝͿ dŚĞĐŽƐƚŽĨŝŶǀĞŶƚŽƌŝĞƐƌĞĐŽŐŶŝƐĞĚĂƐĂŶĞdžƉĞŶƐĞŝŶĐůƵĚĞƐ`Ϭ͘ϳϴĐƌŽƌĞ;WƌĞǀŝŽƵƐzĞĂƌ`Ϭ͘ϮϵĐƌŽƌĞͿŝŶƌĞƐƉĞĐƚŽĨǁƌŝƚĞĚŽǁŶŽĨŝŶǀĞŶƚŽƌŝĞƐ ƚŽŶĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞ͘ ϭϭϴ͘ϵϯ ϵϴ͘ϵϯ Subscribed and Paid Up EŽƚĞϭϬ͗dƌĂĚĞƌĞĐĞŝǀĂďůĞƐ ϭϭϴ͕ϵϮ͕ϱϴ͕ϰϰϱ;WƌĞǀŝŽƵƐzĞĂƌͲϵϴ͕ϵϮ͕ϳϰ͕ϬϭϱͿƋƵŝƚLJ^ŚĂƌĞƐŽĨ`ϭĞĂĐŚ͕&ƵůůLJWĂŝĚ ϭϭϴ͘ϵϯ ϵϴ͘ϵϯ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝŝͿΘ;ǀŝͿͿ ` crores ` crores ϭϭϴ͘ϵϯ ϵϴ͘ϵϯ Unsecured ŽŶƐŝĚĞƌĞĚŐŽŽĚ Ϯϱϲ͘ϴϭ Ϯϭϯ͘ϳϰ &ŽŽƚŶŽƚĞƐ͗ ;ŝͿ dŚĞŽŵƉĂŶLJŚĂƐŽŶĞĐůĂƐƐŽĨĞƋƵŝƚLJƐŚĂƌĞƐŚĂǀŝŶŐĂƉĂƌǀĂůƵĞŽĨ`ϭƉĞƌƐŚĂƌĞ͘ĂĐŚƐŚĂƌĞŚŽůĚĞƌŝƐĞůŝŐŝďůĞĨŽƌŽŶĞǀŽƚĞƉĞƌƐŚĂƌĞŚĞůĚ͘ ŽŶƐŝĚĞƌĞĚĚŽƵďƞƵů Ϯϭ͘ϳϯ ϭϭ͘ϳϬ dŚĞĚŝǀŝĚĞŶĚƉƌŽƉŽƐĞĚďLJƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŝƐƐƵďũĞĐƚƚŽƚŚĞĂƉƉƌŽǀĂůŽĨƚŚĞƐŚĂƌĞŚŽůĚĞƌƐŝŶƚŚĞĞŶƐƵŝŶŐŶŶƵĂů'ĞŶĞƌĂůDĞĞƟŶŐ͕ Ϯϳϴ͘ϱϰ ϮϮϱ͘ϰϰ ĞdžĐĞƉƚŝŶĐĂƐĞŽĨŝŶƚĞƌŝŵĚŝǀŝĚĞŶĚ͘/ŶƚŚĞĞǀĞŶƚŽĨůŝƋƵŝĚĂƟŽŶ͕ƚŚĞĞƋƵŝƚLJƐŚĂƌĞŚŽůĚĞƌƐĂƌĞĞůŝŐŝďůĞƚŽƌĞĐĞŝǀĞƚŚĞƌĞŵĂŝŶŝŶŐĂƐƐĞƚƐŽĨƚŚĞ >ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĚĞďƚƐ Ϯϭ͘ϳϯ ϭϭ͘ϳϬ ŽŵƉĂŶLJĂŌĞƌĚŝƐƚƌŝďƵƟŽŶŽĨĂůůƉƌĞĨĞƌĞŶƟĂůĂŵŽƵŶƚƐ͕ŝŶƉƌŽƉŽƌƟŽŶƚŽƚŚĞŝƌƐŚĂƌĞŚŽůĚŝŶŐ͘ Ϯϱϲ͘ϴϭ Ϯϭϯ͘ϳϰ ;ŝŝͿ KŶEŽǀĞŵďĞƌϳ͕ϮϬϭϳ͕ƚŚĞŽŵƉĂŶLJĂůůŽƩĞĚϭϵ͕ϵϵ͕ϴϰ͕ϰϯϬƋƵŝƚLJ^ŚĂƌĞƐŽĨĨĂĐĞǀĂůƵĞŽĨ`ϭĞĂĐŚĨŽƌĐĂƐŚ͕ĂƚĂƉƌŝĐĞŽĨ`ϳϱƉĞƌĞƋƵŝƚLJ &ŽŽƚŶŽƚĞ͗ ƐŚĂƌĞ;ŝŶĐůƵĚŝŶŐƉƌĞŵŝƵŵŽĨ`ϳϰƉĞƌƐŚĂƌĞͿ͕ĂŐŐƌĞŐĂƟŶŐƚŽ`ϭϰϵϵ͘ϴϴĐƌŽƌĞƐƚŽƚŚĞĞdžŝƐƟŶŐƐŚĂƌĞŚŽůĚĞƌƐŽŶĂ͞ƌŝŐŚƚƐ͟ďĂƐŝƐŝŶƚŚĞƌĂƟŽ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ŽĨϭƋƵŝƚLJ^ŚĂƌĞĨŽƌĞǀĞƌLJϱĞƋƵŝƚLJƐŚĂƌĞƐŚĞůĚďLJĞƋƵŝƚLJƐŚĂƌĞŚŽůĚĞƌƐ͘ ` crores ` crores ;ŝŝŝͿ ZĞĐŽŶĐŝůŝĂƟŽŶŽĨƚŚĞƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞďĞŐŝŶŶŝŶŐĂŶĚĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ ŝͿ ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĚĞďƚƐ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ  KƉĞŶŝŶŐĂůĂŶĐĞ ϭϭ͘ϳϬ ϭϭ͘Ϭϱ  ĚĚ͗ůůŽǁĂŶĐĞĚƵƌŝŶŐƚŚĞLJĞĂƌ ϭϮ͘ϭϴ ϭ͘ϵϳ No. of shares ` crores EŽ͘ŽĨƐŚĂƌĞƐ ` crores Ϯϯ͘ϴϴ ϭϯ͘ϬϮ ƐĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞLJĞĂƌ ϵϴ͕ϵϮ͕ϳϰ͕Ϭϭϱ ϵϴ͘ϵϯ ϵϴ͕ϵϮ͕ϳϰ͕Ϭϭϱ ϵϴ͘ϵϯ  >ĞƐƐ͗ĂĚĞďƚƐǁƌŝƩĞŶŽīĂŐĂŝŶƐƚƉĂƐƚĂůůŽǁĂŶĐĞƐ ϭ͘ϲϵ Ϭ͘ϳϳ ĚĚ͗^ŚĂƌĞƐŝƐƐƵĞĚŽŶZŝŐŚƚƐďĂƐŝƐ ϭϵ͕ϵϵ͕ϴϰ͕ϰϯϬ ϮϬ͘ϬϬ Ͳ Ͳ  >ĞƐƐ͗ZĞǀĞƌƐĂůŽĨĂůůŽǁĂŶĐĞƐŶŽůŽŶŐĞƌƌĞƋƵŝƌĞĚ Ϭ͘ϰϲ Ϭ͘ϱϱ ƐĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ ϭϭϴ͕ϵϮ͕ϱϴ͕ϰϰϱ ϭϭϴ͘ϵϯ ϵϴ͕ϵϮ͕ϳϰ͕Ϭϭϱ ϵϴ͘ϵϯ  ůŽƐŝŶŐĂůĂŶĐĞ Ϯϭ͘ϳϯ ϭϭ͘ϳϬ ;ŝŝͿ dƌĂĚĞƌĞĐĞŝǀĂďůĞƐŝŶĐůƵĚĞĚĞďƚƐĚƵĞĨƌŽŵŝƌĞĐƚŽƌƐͲ`ϲϯ͕ϭϰϱ;WƌĞǀŝŽƵƐzĞĂƌͲ`EŝůͿŝŶƚŚĞŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͘ ;ŝǀͿ ^ŚĂƌĞŚŽůĚĞƌƐŚŽůĚŝŶŐŵŽƌĞƚŚĂŶϱйƐŚĂƌĞƐŝŶƚŚĞŽŵƉĂŶLJ͗ ;ŝŝŝͿ&ŽƌƌĞůĂƚĞĚƉĂƌƚLJďĂůĂŶĐĞƐƌĞĨĞƌEŽƚĞϯϵ͘ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ EŽƚĞϭϭ͗ĂƐŚĂŶĚĂƐŚƋƵŝǀĂůĞŶƚƐ No. of shares % of Holding EŽ͘ŽĨƐŚĂƌĞƐ йŽĨ,ŽůĚŝŶŐ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ƋƵŝƚLJƐŚĂƌĞƐŽĨ`ϭĞĂĐŚĨƵůůLJƉĂŝĚ ` crores ` crores dĂƚĂ^ŽŶƐ>ŝŵŝƚĞĚ ϰϯ͕ϯϮ͕ϭϵ͕ϴϲϬ ϯϲ͘ϰϯ Ϯϳ͕ϳϬ͕ϲϯ͕ϯϱϭ Ϯϴ͘Ϭϭ ĂƐŚŽŶŚĂŶĚ Ϯ͘ϮϬ ϭ͘ϲϱ >ŝĨĞ/ŶƐƵƌĂŶĐĞŽƌƉŽƌĂƟŽŶŽĨ/ŶĚŝĂ ϴ͕Ϭϳ͕ϰϯ͕ϲϳϴ ϲ͘ϳϵ ϴ͕ϵϬ͕ϮϮ͕ϳϮϮ ϵ͘ϬϬ ŚĞƋƵĞƐ͕ƌĂŌƐŽŶŚĂŶĚƐ͕&ƵŶĚƐŝŶƚƌĂŶƐŝƚ ϭϲ͘Ϭϵ ϯ͘Ϯϱ ^ŝƌŽƌĂďũŝdĂƚĂdƌƵƐƚ - - ϱ͕ϬϮ͕Ϯϭ͕ϬϰϬ ϱ͘Ϭϴ ĂůĂŶĐĞƐǁŝƚŚďĂŶŬŝŶĐƵƌƌĞŶƚĂĐĐŽƵŶƚ ϱϭ͘ϭϬ ϭϬ͘ϭϬ ZĞůŝĂŶĐĞĂƉŝƚĂůdƌƵƐƚĞĞŽŵƉĂŶLJ>ŝŵŝƚĞĚ ϲ͕ϵϮ͕ϱϵ͕ϲϱϰ ϱ͘ϴϮ ϳ͕ϬϮ͕ϯϲ͕ϵϰϴ ϳ͘ϭϬ ĂůĂŶĐĞƐǁŝƚŚďĂŶŬŝŶĐĂůůĂŶĚƐŚŽƌƚͲƚĞƌŵĚĞƉŽƐŝƚĂĐĐŽƵŶƚƐ;ŽƌŝŐŝŶĂůŵĂƚƵƌŝƚLJůĞƐƐƚŚĂŶϯŵŽŶƚŚƐͿ ϱϭ͘ϴϵ Ͳ ϭϮϭ͘Ϯϴ ϭϱ͘ϬϬ ;ǀͿ ϰϵ͕ϬϮϳ;WƌĞǀŝŽƵƐzĞĂƌͲϯϯ͕ϰϱϳͿƋƵŝƚLJ^ŚĂƌĞƐǁĞƌĞŝƐƐƵĞĚďƵƚŶŽƚƐƵďƐĐƌŝďĞĚƚŽĂƐĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƐƉĞĐƟǀĞLJĞĂƌƐĂŶĚŚĂǀĞďĞĞŶ EŽƚĞϭϮ͗KƚŚĞƌĂůĂŶĐĞƐǁŝƚŚĂŶŬƐ ŬĞƉƚŝŶĂďĞLJĂŶĐĞƉĞŶĚŝŶŐƌĞƐŽůƵƟŽŶŽĨůĞŐĂůĚŝƐƉƵƚĞ͘ ;ǀŝͿ ŐŐƌĞŐĂƚĞŶƵŵďĞƌĂŶĚĐůĂƐƐŽĨƐŚĂƌĞƐĂůůŽƩĞĚĂƐĨƵůůLJƉĂŝĚƵƉƉƵƌƐƵĂŶƚƚŽĐŽŶƚƌĂĐƚ;ƐͿǁŝƚŚŽƵƚƉĂLJŵĞŶƚďĞŝŶŐƌĞĐĞŝǀĞĚŝŶĐĂƐŚ͕ďŽŶƵƐ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ƐŚĂƌĞƐĂŶĚƐŚĂƌĞƐďŽƵŐŚƚďĂĐŬĨŽƌƚŚĞƉĞƌŝŽĚŽĨϱLJĞĂƌƐŝŵŵĞĚŝĂƚĞůLJƉƌĞĐĞĚŝŶŐƚŚĞďĂůĂŶĐĞƐŚĞĞƚĚĂƚĞEŝů;WƌĞǀŝŽƵƐzĞĂƌͲEŝůͿ ` crores ` crores ĂůůĂŶĚ^ŚŽƌƚͲƚĞƌŵĚĞƉŽƐŝƚĂĐĐŽƵŶƚƐ ϱ͘ϭϬ 5.11 ;ǀŝŝͿ ƋƵŝƚLJ^ŚĂƌĞƐŚĞůĚďLJĂƐƐŽĐŝĂƚĞƐ ĞƉŽƐŝƚƐƉůĞĚŐĞĚǁŝƚŚŽƚŚĞƌƐ Ϭ͘ϲϱ Ϭ͘ϲϮ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌŐŝŶŵŽŶĞLJĚĞƉŽƐŝƚƐ Ϭ͘ϳϴ Ϭ͘ϳϵ ĂƌŵĂƌŬĞĚďĂůĂŶĐĞƐ ϭ͘ϵϬ Ϯ͘ϭϱ No. of shares % of Holding EŽ͘ŽĨƐŚĂƌĞƐ йŽĨ,ŽůĚŝŶŐ ϴ͘ϰϯ ϴ͘ϲϳ ƋƵŝƚLJƐŚĂƌĞƐŽĨ`ϭĞĂĐŚĨƵůůLJƉĂŝĚ >ĞƐƐ͗dĞƌŵĞƉŽƐŝƚǁŝƚŚĂŶŬŵĂƚƵƌŝŶŐĂŌĞƌϭϮŵŽŶƚŚƐĨƌŽŵƚŚĞďĂůĂŶĐĞƐŚĞĞƚĚĂƚĞĂŶĚ KƌŝĞŶƚĂů,ŽƚĞůƐ>ŝŵŝƚĞĚ ϳ͕ϱϮ͕ϯϵϴ Ϭ͘Ϭϲ ϲ͕Ϯϲ͕ϵϵϵ Ϭ͘Ϭϲ ŽƚŚĞƌĂƌŵĂƌŬĞĚͬDĂƌŐŝŶDŽŶĞLJͬWůĞĚŐĞĚĚĞƉŽƐŝƚƐĐůĂƐƐŝĮĞĚĂƐEŽŶͲƵƌƌĞŶƚ&ŝŶĂŶĐŝĂůƐƐĞƚ dĂŝĚĂdƌĂĚŝŶŐĂŶĚ/ŶĚƵƐƚƌŝĞƐ>ŝŵŝƚĞĚ ϭ͕ϴϳ͕ϴϭϴ Ϭ͘ϬϮ ϭ͕ϱϲ͕ϱϭϱ Ϭ͘ϬϮ ;ZĞĨĞƌEŽƚĞϳ;ĂͿͿ Ϭ͘ϳϬ ϭ͘Ϭϰ ϳ͘ϳϯ ϳ͘ϲϯ dĂũDĂĚƵƌĂŝ>ŝŵŝƚĞĚ ϭϭ͕Ϯϱ͕ϯϵϯ Ϭ͘Ϭϵ ϵ͕ϯϳ͕ϴϮϴ Ϭ͘Ϭϵ

148 Annual Report 2017-18 149 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018 EŽƚĞϭϰ͗KƚŚĞƌƋƵŝƚLJ EŽƚĞϭϰ͗KƚŚĞƌƋƵŝƚLJ;ĐŽŶƚĚ͘Ϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores ` crores ` crores (a) Reserves & Surplus (b) Other Comprehensive Income Equity Instruments fair valued through Other Comprehensive Income Capital Reserve  KƉĞŶŝŶŐĂůĂŶĐĞ Ϯϯϲ͘ϭϮ ϭϭϭ͘ϵϯ  KƉĞŶŝŶŐĂŶĚůŽƐŝŶŐĂůĂŶĐĞ ϰϯ͘ϵϭ ϰϯ͘ϵϭ  ĚĚ͗ĐĐƵŵƵůĂƚĞĚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞŽĨd/&K,ŽůĚŝŶŐƐ>ƚĚ͘ ŽŶĂŵĂůŐĂŵĂƟŽŶ;ZĞĨĞƌEŽƚĞϮϴͿ Ͳ ϰ͘ϰϭ ZĞƐĞƌǀĞŽŶdƌĂŶƐĨĞƌŽĨƋƵŝƚLJƚŽŶƟƟĞƐƵŶĚĞƌŽŵŵŽŶŽŶƚƌŽů  ZĞƐƚĂƚĞĚKƉĞŶŝŶŐĂůĂŶĐĞ Ϯϯϲ͘ϭϮ ϭϭϲ͘ϯϰ  KƉĞŶŝŶŐĂŶĚůŽƐŝŶŐĂůĂŶĐĞ ϳϵ͘ϯϴ ϳϵ͘ϯϴ  ĚĚ͗ŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞŽĨĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐĚĞƐŝŐŶĂƚĞĚŝƌƌĞǀŽĐĂďůLJĂƐĨĂŝƌ ϯϱ͘Ϭϯ ϭϮϳ͘ϳϵ ĂƉŝƚĂůZĞĚĞŵƉƟŽŶZĞƐĞƌǀĞ ǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ  ĚĚ͗ŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞŽĨĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐĚĞƐŝŐŶĂƚĞĚŝƌƌĞǀŽĐĂďůLJĂƐĨĂŝƌ Ͳ ;ϴ͘ϬϭͿ  KƉĞŶŝŶŐĂŶĚůŽƐŝŶŐĂůĂŶĐĞ ϭ͘ϭϮ ϭ͘ϭϮ ǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌd/&K,ŽůĚŝŶŐƐ>ƚĚ͘ ^ĞĐƵƌŝƟĞƐWƌĞŵŝƵŵĐĐŽƵŶƚ  >ĞƐƐ͗ZĞĂůŝƐĞĚŐĂŝŶŽŶƐĂůĞŽĨƐŚĂƌĞƐŽĨdŽƵƌŝƐŵ&ŝŶĂŶĐĞŽƌƉŽƌĂƟŽŶŽĨ/ŶĚŝĂ ;Ϭ͘ϰϭͿ Ͳ  KƉĞŶŝŶŐĂůĂŶĐĞ ϭ͕ϮϯϬ͘ϲϱ ϭ͕ϮϯϬ͘ϲϱ >ƚĚ͘ƚƌĂŶƐĨĞƌƌĞĚĨƌŽŵKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ  ůŽƐŝŶŐĂůĂŶĐĞ ϮϳϬ͘ϳϰ Ϯϯϲ͘ϭϮ  ĚĚ͗WƌĞŵŝƵŵŽŶĂůůŽĐĂƟŽŶŽĨƐŚĂƌĞƐŽŶZŝŐŚƚƐďĂƐŝƐ ϭ͕ϰϳϵ͘ϴϴ Ͳ  >ĞƐƐ͗/ƐƐƵĞĞdžƉĞŶƐĞƐǁƌŝƩĞŶŽī ;ϴ͘ϰϱͿ Ͳ ϰ͕Ϯϳϱ͘Ϭϯ Ϯ͕ϲϲϴ͘Ϯϳ  ůŽƐŝŶŐĂůĂŶĐĞ Ϯ͕ϳϬϮ͘Ϭϴ ϭ͕ϮϯϬ͘ϲϱ Footnote:  ^ƵďƐĞƋƵĞŶƚƚŽƚŚĞŵĞƌŐĞƌŽĨd/&K,ŽůĚŝŶŐƐ>ƚĚ͕͘ƚŚĞŽŵƉĂŶLJŚĂƐƚƌĂŶƐĨĞƌƌĞĚ`ϰϮ͘ϰϮĐƌŽƌĞƐĨƌŽŵZĞƐĞƌǀĞ&ƵŶĚƚŽZĞƚĂŝŶĞĚĂƌŶŝŶŐƐ ĞďĞŶƚƵƌĞZĞĚĞŵƉƟŽŶZĞƐĞƌǀĞ ĚƵƌŝŶŐƚŚĞLJĞĂƌ͘d/&K,ŽůĚŝŶŐƐ>ƚĚ͘ǁĂƐĂEŽŶͲĂŶŬŝŶŐ&ŝŶĂŶĐŝĂůŽŵƉĂŶLJ;E&ͿĂŶĚŚĂƐĮůĞĚŝŶƟŵĂƟŽŶǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌLJĂƵƚŚŽƌŝƟĞƐ  KƉĞŶŝŶŐĂŶĚůŽƐŝŶŐĂůĂŶĐĞ ϯϬϱ͘ϵϳ ϯϬϱ͘ϵϳ ĨŽƌƐƵƌƌĞŶĚĞƌŽĨƚŚĞE&ůŝĐĞŶƐĞ͘ Reserve Fund  KƉĞŶŝŶŐĂůĂŶĐĞĂƐƌĞƉŽƌƚĞĚĞĂƌůŝĞƌ - - EŽƚĞϭϱ͗ŽƌƌŽǁŝŶŐƐ (a) Long term borrowings  ĚĚ͗ĚĚŝƟŽŶŽŶĂĐĐŽƵŶƚŽĨĂŵĂůŐĂŵĂƟŽŶŽĨd/&K,ŽůĚŝŶŐƐ>ƚĚ͘ ϰϮ͘ϰϮ ϰϮ͘ϰϮ  ZĞƐƚĂƚĞĚKƉĞŶŝŶŐĂůĂŶĐĞ ϰϮ͘ϰϮ ϰϮ͘ϰϮ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores  >ĞƐƐ͗dƌĂŶƐĨĞƌƚŽZĞƚĂŝŶĞĚĂƌŶŝŶŐƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞͿ ϰϮ͘ϰϮ Ͳ īĞĐƟǀĞ DĂƚƵƌŝƚLJ Face ŵŽƌƟƐĞĚ &ĂĐĞ ŵŽƌƟƐĞĚ  ůŽƐŝŶŐĂůĂŶĐĞ - ϰϮ͘ϰϮ ZĂƚĞŽĨ Value cost sĂůƵĞ cost General Reserve /ŶƚĞƌĞƐƚ ;йͿ  KƉĞŶŝŶŐĂůĂŶĐĞ ϰϱϵ͘ϵϵ ϰϵϰ͘Ϭϱ EŽŶŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐ;EƐͿ  >ĞƐƐ͗&ŝŶĂůŝǀŝĚĞŶĚ Ͳ ;Ϯϵ͘ϲϴͿ ^ĞĐƵƌĞĚ  >ĞƐƐ͗dĂdžŽŶŝǀŝĚĞŶĚ Ͳ ;ϰ͘ϯϴͿ ĂͿ ϳ͘ϴϱйEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐ ϳ͘ϴϱ Ɖƌŝůϭϱ͕ϮϬϮϮ ϰϵϱ͘ϬϬ ϰϵϯ͘ϴϲ ϰϵϱ͘ϬϬ ϰϵϯ͘ϲϱ ďͿ ϭϬ͘ϭϬйEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐ ϭϬ͘ϭϬ EŽǀĞŵďĞƌϭϴ͕ϮϬϮϭ ϯϬϬ͘ϬϬ ϯϬϬ͘ϬϬ ϯϬϬ͘ϬϬ ϯϬϬ͘ϬϬ  ůŽƐŝŶŐĂůĂŶĐĞ ϰϱϵ͘ϵϵ ϰϱϵ͘ϵϵ ĐͿ ϵ͘ϵϱйEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐ 9.95 :ƵůLJϮϳ͕ϮϬϮϭ ϮϱϬ͘ϬϬ ϮϱϬ͘ϬϬ ϮϱϬ͘ϬϬ ϮϱϬ͘ϬϬ Retained Earnings ϭ͕Ϭϰϱ͘ϬϬ ϭ͕Ϭϰϯ͘ϴϲ ϭ͕Ϭϰϱ͘ϬϬ ϭ͕Ϭϰϯ͘ϲϱ  KƉĞŶŝŶŐĂůĂŶĐĞĂƐƌĞƉŽƌƚĞĚĞĂƌůŝĞƌ - ϵ͘ϲϰ hŶƐĞĐƵƌĞĚ ĂͿ ϳ͘ϴϱйEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐ ϳ͘ϴϱ ƉƌŝůϮϬ͕ϮϬϮϬ ϮϬϬ͘ϬϬ ϭϵϵ͘ϳϳ Ͳ Ͳ  ĚĚ͗ĐĐƵŵƵůĂƚĞĚƉƌŽĮƚƐŽĨd/&K,ŽůĚŝŶŐƐ>ƚĚ͘ŽŶĂŵĂůŐĂŵĂƟŽŶ;ZĞĨĞƌEŽƚĞϮϴͿ Ͳ ϭϭϮ͘ϵϬ ďͿ ϮйEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐ ϵ͘ϴϲ ĞĐĞŵďĞƌϵ͕ϮϬϭϵ ϮϱϬ͘ϬϬ ϰϴϲ͘Ϯϭ ϮϱϬ͘ϬϬ ϰϰϲ͘ϴϳ  ZĞƐƚĂƚĞĚKƉĞŶŝŶŐĂůĂŶĐĞ Ϯϲϴ͘ϳϭ ϭϮϮ͘ϱϰ ĐͿ ϮйEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐ ϵ͘ϳϲ ƉƌŝůϮϯ͕ϮϬϭϳ Ͳ Ͳ ϮϬϬ͘ϬϬ ϮϵϮ͘ϳϯ  ĚĚ͗ƵƌƌĞŶƚLJĞĂƌƉƌŽĮƚƐ ϭϰϳ͘ϳϳ ϭϰϯ͘ϭϴ ϰϱϬ͘ϬϬ ϲϴϱ͘ϵϴ ϰϱϬ͘ϬϬ ϳϯϵ͘ϲϬ ϭ͕ϰϵϱ͘ϬϬ ϭ͕ϳϮϵ͘ϴϰ ϭ͕ϰϵϱ͘ϬϬ ϭ͕ϳϴϯ͘Ϯϱ  ĚĚ͗dƌĂŶƐĨĞƌĨƌŽŵZĞƐĞƌǀĞ&ƵŶĚ;ZĞĨĞƌ&ŽŽƚŶŽƚĞͿ ϰϮ͘ϰϮ Ͳ Term Loan from Banks  ĚĚ͗ZĞĂůŝƐĞĚŐĂŝŶŽŶƐĂůĞŽĨƐŚĂƌĞƐŽĨdŽƵƌŝƐŵ&ŝŶĂŶĐĞŽƌƉŽƌĂƟŽŶŽĨ/ŶĚŝĂ>ƚĚ͘ Ϭ͘ϰϭ Ͳ ^ĞĐƵƌĞĚ - - ƚƌĂŶƐĨĞƌƌĞĚĨƌŽŵKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ hŶƐĞĐƵƌĞĚ &ŽƌĞŝŐŶƵƌƌĞŶĐLJdĞƌŵ>ŽĂŶ&ƌŽŵĂŶŬƐ EŽǀĞŵďĞƌϮϮ͕ϮϬϭϳ Ͳ ϮϬϰ͘ϱϮ  ĚĚ͗ZĞŵĞĂƐƵƌĞŵĞŶƚƐŽĨƉŽƐƚĞŵƉůŽLJŵĞŶƚďĞŶĞĮƚŽďůŝŐĂƟŽŶ͕ŶĞƚŽĨƚĂdž;ŝƚĞŵ ;ϱ͘ϴϬͿ ϰ͘ϲϱ dĞƌŵ>ŽĂŶĨƌŽŵĂŶŬ ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝǀͿ;ďͿ ϱϬ͘ϬϬ ϰϵ͘ϴϴ ŽĨŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞƌĞĐŽŐŶŝƐĞĚĚŝƌĞĐƚůLJŝŶƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐͿ ϱϬ͘ϬϬ Ϯϱϰ͘ϰϬ  >ĞƐƐ͗&ŝŶĂůŝǀŝĚĞŶĚ ;ϯϰ͘ϲϮͿ Ͳ Loans (Unsecured) &ƌŽŵZĞůĂƚĞĚWĂƌƚLJ;ZĞĨĞƌEŽƚĞϯϵͿ ϰ͘Ϭϰ ϰ͘ϬϮ  >ĞƐƐ͗dĂdžŽŶŝǀŝĚĞŶĚ ;ϳ͘ϬϱͿ ;ϭ͘ϲϲͿ ϰ͘Ϭϰ ϰ͘ϬϮ  ůŽƐŝŶŐĂůĂŶĐĞ ϰϭϭ͘ϴϰ Ϯϲϴ͘ϳϭ ϭ͕ϳϴϯ͘ϴϴ Ϯ͕Ϭϰϭ͘ϲϳ >ĞƐƐ͗ƵƌƌĞŶƚŵĂƚƵƌŝƟĞƐŽĨ>ŽŶŐƚĞƌŵ ϱϬ͘ϬϬ ϱϰϳ͘ϭϯ ďŽƌƌŽǁŝŶŐƐ;ƐŚŽǁŶƵŶĚĞƌKƚŚĞƌ ϰ͕ϬϬϰ͘Ϯϵ Ϯ͕ϰϯϮ͘ϭϱ ƵƌƌĞŶƚĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐͿ ϭ͕ϳϯϯ͘ϴϴ ϭ͕ϰϵϰ͘ϱϰ

150 Annual Report 2017-18 151 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018 EŽƚĞϭϱ͗ŽƌƌŽǁŝŶŐƐ;ŽŶƚĚ͘Ϳ EŽƚĞϭϱ͗ŽƌƌŽǁŝŶŐƐ;ŽŶƚĚ͘Ϳ

DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ &ŽŽƚŶŽƚĞƐ͗ ` crores ` crores ǀͿ ŝƐĐůŽƐƵƌĞŽĨĐŚĂŶŐĞƐŝŶůŝĂďŝůŝƟĞƐĂƌŝƐŝŶŐĨƌŽŵĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ;ƌĞĂĚǁŝƚŚĐĂƐŚŇŽǁƐƚĂƚĞŵĞŶƚͿ īĞĐƟǀĞ DĂƚƵƌŝƚLJ Face ŵŽƌƟƐĞĚ &ĂĐĞ ŵŽƌƟƐĞĚ  dŚŝƐƐĞĐƟŽŶƐĞƚƐŽƵƚĂŶĂŶĂůLJƐŝƐŽĨŶĞƚĚĞďƚĂŶĚƚŚĞŵŽǀĞŵĞŶƚŝŶŶĞƚĚĞďƚĨŽƌĞĂĐŚŽĨƚŚĞƉĞƌŝŽĚƐƉƌĞƐĞŶƚĞĚďĞůŽǁ͘ ZĂƚĞŽĨ Value cost sĂůƵĞ cost /ŶƚĞƌĞƐƚ Financial liability statement DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ;йͿ ` crores ` crores b) Short term borrowings a) Net debt Loans repayable on demand from  ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ ϭϮϭ͘Ϯϴ ϭϱ͘ϬϬ Bank  ƵƌƌĞŶƚŝŶǀĞƐƚŵĞŶƚƐ ϯϬϭ͘ϰϱ ϲϱ͘ϭϮ  ^ĞĐƵƌĞĚ Ͳ ϳ͘ϯϭ  hŶƐĞĐƵƌĞĚ ͲͲ Total Liquid investment (a) ϰϮϮ͘ϳϯ ϴϬ͘ϭϮ - ϳ͘ϯϭ &ŽŽƚŶŽƚĞƐ͗  >ŽŶŐƚĞƌŵďŽƌƌŽǁŝŶŐƐ;ŝŶĐůƵĚŝŶŐĐƵƌƌĞŶƚŵĂƚƵƌŝƟĞƐƐŚŽǁŶƵŶĚĞƌKƚŚĞƌƵƌƌĞŶƚ ϭ͕ϳϴϯ͘ϴϴ Ϯ͕Ϭϰϭ͘ϲϳ ;ŝͿ EŽŶŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐͲ^ĞĐƵƌĞĚŝŶĐůƵĚĞ͗ ĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐͿ  ĂͿ ϰ͕ϵϱϬ͕ϳ͘ϴϱй^ĞĐƵƌĞĚEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐŽĨ`ϭϬůĂŬŚƐĞĂĐŚĂŐŐƌĞŐĂƟŶŐ`ϰϵϱĐƌŽƌĞƐ͕ĂůůŽƩĞĚŽŶ:ĂŶƵĂƌLJϮϬ͕ϮϬϭϳĂƌĞ  ^ŚŽƌƚƚĞƌŵďŽƌƌŽǁŝŶŐƐ Ͳ ϳ͘ϯϭ ƌĞƉĂLJĂďůĞĂƚƉĂƌĂŌĞƌƚŚĞĞŶĚŽĨϱƚŚLJĞĂƌĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚŝ͘ĞŽŶƉƌŝůϭϱ͕ϮϬϮϮ͘ Gross Debt (b) ϭ͕ϳϴϯ͘ϴϴ Ϯ͕Ϭϰϴ͘ϵϴ  ďͿ ϯ͕ϬϬϬ͕ϭϬ͘ϭϬй^ĞĐƵƌĞĚEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐŽĨ`ϭϬůĂŬŚƐĞĂĐŚĂŐŐƌĞŐĂƟŶŐ`ϯϬϬĐƌŽƌĞƐ͕ĂůůŽƩĞĚŽŶEŽǀĞŵďĞƌϭϴ͕ϮϬϭϭ Net Debt ( (b) - (a) ) ϭ͕ϯϲϭ͘ϭϱ ϭ͕ϵϲϴ͘ϴϲ ĂƌĞƌĞƉĂLJĂďůĞĂƚƉĂƌŽŶEŽǀĞŵďĞƌϭϴ͕ϮϬϮϭŝ͘ĞĂƚƚŚĞĞŶĚŽĨϭϬƚŚLJĞĂƌĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚ͘

 ĐͿ Ϯ͕ϱϬϬ͕ϵ͘ϵϱй^ĞĐƵƌĞĚEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐŽĨ`ϭϬůĂŬŚƐĞĂĐŚĂŐŐƌĞŐĂƟŶŐ`ϮϱϬĐƌŽƌĞƐ͕ĂůůŽƩĞĚŽŶ:ƵůLJϮϳ͕ϮϬϭϭĂƌĞ ďͿ KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ƌĞƉĂLJĂďůĞĂƚƉĂƌŽŶ:ƵůLJϮϳ͕ϮϬϮϭŝ͘ĞĂƚƚŚĞĞŶĚŽĨϭϬƚŚLJĞĂƌĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚ͘  >ŝĂďŝůŝƚLJŽŶĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ ϮϯϬ͘ϱϲ Ϯϰϰ͘Ϯϳ  /ŶƚĞƌĞƐƚĂĐĐƌƵĞĚďƵƚŶŽƚĚƵĞͬhŶĐůĂŝŵĞĚŝŶƚĞƌĞƐƚ ϱϮ͘ϲϵ ϰϮ͘ϳϵ (ii) ůůƚŚĞ^ĞĐƵƌĞĚEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐĂƌĞƌĂƚĞĚ͕ůŝƐƚĞĚĂŶĚƐĞĐƵƌĞĚďLJĂƉĂƌŝƉĂƐƐƵĮƌƐƚĐŚĂƌŐĞĐƌĞĂƚĞĚŽŶĂůůƚŚĞƉƌŽƉĞƌƚLJ͕ƉůĂŶƚ ĂŶĚĞƋƵŝƉŵĞŶƚŽĨƚŚĞŽŵƉĂŶLJ͕ďŽƚŚƉƌĞƐĞŶƚĂŶĚĨƵƚƵƌĞ͘  dŽƚĂůKƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ Ϯϴϯ͘Ϯϱ Ϯϴϳ͘Ϭϲ Grand Total ϭ͕ϲϰϰ͘ϰϬ Ϯ͕Ϯϱϱ͘ϵϮ ;ŝŝŝͿ EŽŶŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐͲhŶƐĞĐƵƌĞĚŝŶĐůƵĚĞ͗  ĂͿ Ϯ͕ϬϬϬ͕ϳ͘ϴϱйhŶƐĞĐƵƌĞĚEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐŽĨ`ϭϬůĂŬŚƐĞĂĐŚĂŐŐƌĞŐĂƟŶŐ`ϮϬϬĐƌŽƌĞƐ͕ĂůůŽƩĞĚŽŶƉƌŝůϮϬ͕ϮϬϭϳĂƌĞ ƌĞƉĂLJĂďůĞŽŶƉƌŝůϮϬ͕ϮϬϮϬ͕ŝ͘ĞĂƚƚŚĞĞŶĚŽĨƚŚĞϯƌĚLJĞĂƌĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚ͘ ` crores  ďͿ Ϯ͕ϱϬϬ͕ϮйhŶƐĞĐƵƌĞĚEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐŽĨ`ϭϬůĂŬŚƐĞĂĐŚĂŐŐƌĞŐĂƟŶŐ`ϮϱϬĐƌŽƌĞƐ͕ĂůůŽƩĞĚŽŶĞĐĞŵďĞƌϵ͕ϮϬϬϵĂƌĞ Liquid Assets >ŝĂďŝůŝƟĞƐĨƌŽŵĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ Total ƌĞƉĂLJĂďůĞŽŶĞĐĞŵďĞƌϵ͕ϮϬϭϵŝ͘ĞĂƚƚŚĞĞŶĚŽĨƚŚĞϭϬƚŚLJĞĂƌĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚ͕ĂůŽŶŐǁŝƚŚƌĞĚĞŵƉƟŽŶƉƌĞŵŝƵŵŽĨ Cash Current Gross Net Debt ĞƌŝǀĂƟǀĞƐ Interest ` ϭϮ͘ϰϯůĂŬŚƐƉĞƌĚĞďĞŶƚƵƌĞ͘ and cash Investments Debt accrued but  ĐͿ Ϯ͕ϬϬϬ͕ϮйhŶƐĞĐƵƌĞĚEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐŽĨ`ϭϬůĂŬŚƐĞĂĐŚĂŐŐƌĞŐĂƟŶŐ`ϮϬϬĐƌŽƌĞƐ͕ĂůůŽƩĞĚŽŶƉƌŝůϮϯ͕ϮϬϭϮǁĞƌĞ equivalents not due / ƌĞƉĂLJĂďůĞŽŶƉƌŝůϮϯ͕ϮϬϭϳ͕ŝ͘ĞĂƚƚŚĞĞŶĚŽĨƚŚĞϱƚŚLJĞĂƌĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚĂůŽŶŐǁŝƚŚƌĞĚĞŵƉƟŽŶƉƌĞŵŝƵŵŽĨ`ϰ͘ϳϭ Unclaimed ůĂŬŚƐƉĞƌĚĞďĞŶƚƵƌĞ͘ƵƌŝŶŐƚŚĞLJĞĂƌ͕ƚŚĞŽŵƉĂŶLJŚĂƐƌĞƉĂŝĚƚŚĞƐĞĚĞďĞŶƚƵƌĞƐŽŶƚŚĞĚƵĞĚĂƚĞ͘ interest (a) (b) (c) (d) = (c)-(a)-(b) (e) (f) (g) =(d)+(e)+(f) ;ŝǀͿ dĞƌŵ>ŽĂŶĨƌŽŵĂŶŬƐ;hŶƐĞĐƵƌĞĚͿŝŶĐůƵĚĞ͗  ĂͿ džƚĞƌŶĂůĐŽŵŵĞƌĐŝĂůďŽƌƌŽǁŝŶŐŽĨh^ΨϵϱŵŝůůŝŽŶǁĂƐƚĂŬĞŶŽŶEŽǀĞŵďĞƌϮϯ͕ϮϬϭϭ͘dŚĞůŽĂŶǁĂƐƌĞƉĂLJĂďůĞĂƚƚŚĞĞŶĚŽĨϱϬƚŚ͕ EĞƚĞďƚĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϳ ϭϱ͘ϬϬ ϲϱ͘ϭϮ Ϯ͕Ϭϰϴ͘ϵϴ ϭ͕ϵϲϴ͘ϴϲ Ϯϰϰ͘Ϯϳ ϰϮ͘ϳϵ Ϯ͕Ϯϱϱ͘ϵϮ ϲϬƚŚ͕ĂŶĚϳϮŶĚŵŽŶƚŚĨƌŽŵEŽǀĞŵďĞƌϮϯ͕ϮϬϭϭŝŶĞƋƵĂůŝŶƐƚĂůŵĞŶƚƐƚŽĂĐŚŝĞǀĞƚŚĞĂǀĞƌĂŐĞŵĂƚƵƌŝƚLJŽĨϱ͘ϬϱLJĞĂƌƐĂŶĚĐĂƌƌŝĞƐĂŶ ŝŶƚĞƌĞƐƚǁŚŝĐŚŝƐďĂƐĞĚŽŶĂƐƉƌĞĂĚŽǀĞƌ>/KZ͘dŚĞĮƌƐƚŝŶƐƚĂůŵĞŶƚŽĨh^Ψϯϭ͘ϲϳŵŝůůŝŽŶĂŶĚƚŚĞƐĞĐŽŶĚŝŶƐƚĂůŵĞŶƚŽĨh^Ψϯϭ͘ϲϳ ŵŝůůŝŽŶǁĞƌĞƌĞƉĂŝĚŽŶ:ĂŶƵĂƌLJϮϱ͕ϮϬϭϲĂŶĚEŽǀĞŵďĞƌϮϯ͕ϮϬϭϲƌĞƐƉĞĐƟǀĞůLJ͘ƵƌŝŶŐƚŚĞLJĞĂƌ͕ƚŚĞŽŵƉĂŶLJŚĂƐƌĞƉĂŝĚƚŚĞůĂƐƚ ĂƐŚŇŽǁƐ ϭϬϲ͘Ϯϴ ϮϯϬ͘ϵϵ ;ϮϭϮ͘ϲϬͿ ;ϱϰϵ͘ϴϳͿ ϭϭ͘ϴϬ ;Ϭ͘ϬϭͿ ;ϱϯϴ͘ϬϴͿ ŝŶƐƚĂůŵĞŶƚŽĨh^Ψϯϭ͘ϲϲŵŝůůŝŽŶ;`ϮϬϱ͘ϮϵĐƌŽƌĞƐͿĚƵĞŽŶEŽǀĞŵďĞƌϮϮ͕ϮϬϭϳ͘ &ŽƌĞŝŐŶĞdžĐŚĂŶŐĞĂĚũƵƐƚŵĞŶƚƐ Ͳ Ͳ ;Ϭ͘ϬϱͿ ;Ϭ͘ϬϱͿ Ͳ Ͳ ;Ϭ͘ϬϱͿ  ďͿ hŶƐĞĐƵƌĞĚƚĞƌŵůŽĂŶĨƌŽŵĂďĂŶŬŽĨ`ϰϵ͘ϴϴĐƌŽƌĞƐŽƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞLJĞĂƌǁĂƐƌĞƉĂŝĚŽŶĚƵĞĚĂƚĞ͘dŚĞ /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ Ͳ Ͳ ϰϭ͘ϭϯ ϰϭ͘ϭϯ Ͳ ϭϱϭ͘ϯϰ ϭϵϮ͘ϰϳ ŽŵƉĂŶLJŚĂĚĨƵƌƚŚĞƌĂǀĂŝůĞĚĂŶƵŶƐĞĐƵƌĞĚƚĞƌŵůŽĂŶĨƌŽŵĂďĂŶŬŽĨ`ϭϬϬĐƌŽƌĞƐƌĞƉĂLJĂďůĞĂƚƚŚĞĞŶĚŽĨϭϴŵŽŶƚŚƐĨƌŽŵ /ŶƚĞƌĞƐƚƉĂŝĚ Ͳ Ͳ ;ϵϰ͘ϱϰͿ ;ϵϰ͘ϱϰͿ Ͳ ;ϭϰϭ͘ϯϲͿ ;Ϯϯϱ͘ϵϬͿ ƚŚĞĚĂƚĞŽĨĚƌĂǁĚŽǁŶ͘dŚĞůŽĂŶǁĂƐĚƌĂǁŶŝŶϯƚƌĂŶĐŚĞƐŽĨ`ϱϬĐƌŽƌĞƐ͕`ϰϬĐƌŽƌĞƐĂŶĚ`ϭϬĐƌŽƌĞƐŽŶ^ĞƉƚĞŵďĞƌϵ͕ϮϬϭϳ͕ ^ĞƉƚĞŵďĞƌϭϱ͕ϮϬϭϳĂŶĚ^ĞƉƚĞŵďĞƌϮϬ͕ϮϬϭϳƌĞƐƉĞĐƟǀĞůLJ͘dŚĞŽŵƉĂŶLJŚĂƐƉƌĞƉĂŝĚĂŶĂŵŽƵŶƚŽĨ`ϱϬĐƌŽƌĞƐĚƵƌŝŶŐƚŚĞLJĞĂƌ͘ dƌĂŶƐĨĞƌƌĞĚƚŽ/W& Ͳ Ͳ Ͳ - Ͳ ;Ϭ͘ϬϳͿ ;Ϭ͘ϬϳͿ dŚĞŶĞƚůŽĂŶŶŽǁƐƚĂŶĚƐĂƚ`ϱϬĐƌŽƌĞƐ͕ŽĨǁŚŝĐŚ`ϰϬĐƌŽƌĞƐŝƐĚƵĞŽŶDĂƌĐŚϭϱ͕ϮϬϭϵĂŶĚ`ϭϬĐƌŽƌĞƐŝƐĚƵĞŽŶDĂƌĐŚϮϬ͕ϮϬϭϵ KƚŚĞƌŶŽŶͲĐĂƐŚŵŽǀĞŵĞŶƚƐ͗ ĂŶĚŚĂƐďĞĞŶĐůĂƐƐŝĮĞĚƵŶĚĞƌĐƵƌƌĞŶƚŵĂƚƵƌŝƟĞƐŽĨůŽŶŐƚĞƌŵďŽƌƌŽǁŝŶŐƐ͘dŚĞŽŵƉĂŶLJŚĂƐƉƌĞƉĂŝĚƚŚĞŽƵƚƐƚĂŶĚŝŶŐůŽĂŶŽĨ ĚĚĞĚƚŽŽƌƌŽǁŝŶŐƐ `ϱϬĐƌŽƌĞƐŝŶƉƌŝů͕ϮϬϭϴ͘ ŵŽƌƟnjĂƟŽŶŽƐƚƐ Ͳ Ͳ Ϭ͘ϵϲ Ϭ͘ϵϲ Ͳ Ͳ Ϭ͘ϵϲ &ĂŝƌǀĂůƵĞĂĚũƵƐƚŵĞŶƚƐ Ͳ ϱ͘ϯϰ Ͳ ;ϱ͘ϯϰͿ ;Ϯϱ͘ϱϭͿ Ͳ ;ϯϬ͘ϴϱͿ

EĞƚĞďƚĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϭϮϭ͘Ϯϴ ϯϬϭ͘ϰϱ ϭ͕ϳϴϯ͘ϴϴ ϭ͕ϯϲϭ͘ϭϱ ϮϯϬ͘ϱϲ ϱϮ͘ϲϵ ϭ͕ϲϰϰ͘ϰϬ

152 Annual Report 2017-18 153 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018 EŽƚĞϭϲ͗KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ EŽƚĞϭϳ͗WƌŽǀŝƐŝŽŶƐ

DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores ` crores ` crores ;ĂͿ KƚŚĞƌEŽŶƵƌƌĞŶƚĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ (a) Non Current provisions  >ŝĂďŝůŝƚLJŽŶĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ ϮϯϬ͘ϱϲ Ϯϰϰ͘Ϯϳ  ŵƉůŽLJĞĞĞŶĞĮƚKďůŝŐĂƟŽŶ Deposits from others  ŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐ Ϯϱ͘ϯϲ Ϯϱ͘ϱϯ  hŶƐĞĐƵƌĞĚ ϭϯ͘ϯϭ ϭϯ͘ϱϬ  'ƌĂƚƵŝƚLJ;ZĞĨĞƌEŽƚĞϯϱͿ ϵ͘ϱϰ Ͳ Creditors for capital expenditure Ͳ ϭ͘ϳϱ  WŽƐƚͲĞŵƉůŽLJŵĞŶƚŵĞĚŝĐĂůďĞŶĞĮƚƐ;ZĞĨĞƌEŽƚĞϯϱͿ ϱ͘Ϯϴ ϱ͘Ϯϳ  ŵƉůŽLJĞĞƌĞůĂƚĞĚůŝĂďŝůŝƟĞƐ ϴ͘ϲϳ ϰ͘Ϭϭ  WŽƐƚͲƌĞƟƌĞŵĞŶƚƉĞŶƐŝŽŶ;ZĞĨĞƌEŽƚĞϯϱͿ ϭϲ͘ϳϮ ϭϳ͘ϵϴ ϮϱϮ͘ϱϰ Ϯϲϯ͘ϱϯ ϱϲ͘ϵϬ ϰϴ͘ϳϴ ;ďͿ KƚŚĞƌƵƌƌĞŶƚĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ  ƵƌƌĞŶƚŵĂƚƵƌŝƟĞƐŽĨůŽŶŐƚĞƌŵďŽƌƌŽǁŝŶŐƐ (b) Current provisions  ĞďĞŶƚƵƌĞƐ Ͳ ϮϵϮ͘ϳϯ  ŵƉůŽLJĞĞĞŶĞĮƚKďůŝŐĂƟŽŶ  dĞƌŵ>ŽĂŶ&ƌŽŵĂŶŬƐ ϱϬ͘ϬϬ Ϯϱϰ͘ϰϬ  ŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐ ϭϵ͘ϱϳ ϭϴ͘ϯϯ ϱϬ͘ϬϬ ϱϰϳ͘ϭϯ  WŽƐƚͲĞŵƉůŽLJŵĞŶƚŵĞĚŝĐĂůďĞŶĞĮƚƐ;ZĞĨĞƌEŽƚĞϯϱͿ Ϭ͘ϯϲ Ϭ͘Ϯϴ  WŽƐƚͲƌĞƟƌĞŵĞŶƚƉĞŶƐŝŽŶ;ZĞĨĞƌEŽƚĞϯϱͿ ϭ͘ϲϭ ϭ͘ϲϬ Liability towards Loyalty Programmes ϰϭ͘ϵϰ ϯϱ͘Ϯϴ Ϯϭ͘ϱϰ ϮϬ͘Ϯϭ

Other Payables  WƌŽǀŝƐŝŽŶĨŽƌĚŝƐƉƵƚĞĚĐůĂŝŵƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝͿͿ ϴϲ͘ϲϵ ϲϲ͘ϳϬ ZĞůĂƚĞĚWĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϯϵͿ ϭϱ͘ϯϭ ϴ͘ϱϬ ϭϬϴ͘Ϯϯ ϴϲ͘ϵϭ Others ϲ͘ϱϱ ϱ͘ϴϯ &ŽŽƚŶŽƚĞ͗ Ϯϭ͘ϴϲ ϭϰ͘ϯϯ ;ŝͿ WƌŽǀŝƐŝŽŶĨŽƌĚŝƐƉƵƚĞĚĐůĂŝŵƐŝŶĐůƵĚĞƐƚŚĞĨŽůůŽǁŝŶŐ͗ Deposits from others KƉƟŽŶĞƉŽƐŝƚƌĞĐĞŝǀĞĚĂŐĂŝŶƐƚƉƵƌĐŚĂƐĞŽĨƐŚĂƌĞƐ;^ĞĐƵƌĞĚͿ ϳϭ͘ϭϬ ϳϭ͘ϭϬ Opening ĚĚŝƟŽŶͬ Closing ;ZĞĨĞƌEŽƚĞϱ͕&ŽŽƚŶŽƚĞ;ŝǀͿͿ Balance ;ĞůĞƟŽŶͿ Balance hŶƐĞĐƵƌĞĚ ϭϳ͘ϰϴ ϭϰ͘ϴϰ ` crores ` crores ` crores ϴϴ͘ϱϴ ϴϱ͘ϵϰ &ŽƌƚĂdžĞƐ͕ůĞǀŝĞƐĂŶĚĚƵƟĞƐ ϲϲ͘Ϯϵ ϭϵ͘ϵϵ ϴϲ͘Ϯϴ 59.44 6.85 66.29 /ŶƚĞƌĞƐƚĂĐĐƌƵĞĚďƵƚŶŽƚĚƵĞŽŶďŽƌƌŽǁŝŶŐƐ ϱϭ͘ϴϯ ϰϭ͘ϴϱ &ŽƌĐŽŶƚƌĂĐƚƵĂůŵĂƩĞƌƐ Ϭ͘ϰϭ - Ϭ͘ϰϭ ƌĞĚŝƚŽƌƐĨŽƌĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞ ϯϳ͘ϭϴ ϯϯ͘Ϯϯ 0.41 - 0.41 hŶĐůĂŝŵĞĚĚŝǀŝĚĞŶĚ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝŝͿͿ ϭ͘ϲϭ ϭ͘ϴϬ &ŽƌĞŵƉůŽLJĞĞƌĞůĂƚĞĚŵĂƩĞƌƐ - - - hŶĐůĂŝŵĞĚŵĂƚƵƌĞĚĚĞƉŽƐŝƚƐĂŶĚŝŶƚĞƌĞƐƚĂĐĐƌƵĞĚƚŚĞƌĞŽŶ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝŝͿͿ Ϭ͘ϴϲ Ϭ͘ϵϰ 0.27 (0.27) - hŶĐůĂŝŵĞĚŵĂƚƵƌĞĚĚĞďĞŶƚƵƌĞƐĂŶĚŝŶƚĞƌĞƐƚĂĐĐƌƵĞĚƚŚĞƌĞŽŶ`Ϯϱ͕ϭϱϯ - - ;WƌĞǀŝŽƵƐzĞĂƌͲ`Ϯϱ͕ϭϱϯͿ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝŝͿͿ ƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϲϲ͘ϳϬ ϭϵ͘ϵϵ ϴϲ͘ϲϵ ŵƉůŽLJĞĞƌĞůĂƚĞĚůŝĂďŝůŝƟĞƐ ϳϬ͘ϲϴ ϳϰ͘Ϭϲ ƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϳ 60.12 6.58 66.70 Others ϰϭ͘Ϯϳ ϯϴ͘ϱϭ ĂͿ dŚĞĂďŽǀĞŵĂƩĞƌƐĂƌĞƵŶĚĞƌůŝƟŐĂƟŽŶͬŶĞŐŽƟĂƟŽŶĂŶĚƚŚĞƵůƟŵĂƚĞŽƵƚĐŽŵĞĂŶĚƟŵŝŶŐŽĨƚŚĞĐĂƐŚŇŽǁƐ͕ŝĨĂŶLJ͕ĐĂŶŶŽƚďĞĐƵƌƌĞŶƚůLJ ϰϬϱ͘ϴϭ ϴϳϯ͘Ϭϳ ĚĞƚĞƌŵŝŶĞĚ͘ &ŽŽƚŶŽƚĞƐ͗ ďͿ &ŝŐƵƌĞƐŝŶŝƚĂůŝĐƐĂƌĞŝŶƌĞƐƉĞĐƚŽĨƉƌĞǀŝŽƵƐƉĞƌŝŽĚƐ͘ ;ŝͿ dŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJĂŶĚĐůĂƐƐŝĮĐĂƟŽŶĂƌĞĚŝƐĐůŽƐĞĚŝŶEŽƚĞϯϯ͘ ;ŝŝͿ ƐƵŵŽĨ`Ϭ͘ϯϱĐƌŽƌĞ;WƌĞǀŝŽƵƐzĞĂƌͲ`Ϭ͘ϯϳĐƌŽƌĞͿĚƵĞĨŽƌƚƌĂŶƐĨĞƌƚŽƚŚĞ/ŶǀĞƐƚŽƌĚƵĐĂƟŽŶĂŶĚWƌŽƚĞĐƟŽŶ&ƵŶĚĚƵƌŝŶŐƚŚĞLJĞĂƌ ŚĂƐďĞĞŶƚƌĂŶƐĨĞƌƌĞĚĂŶĚƚŚĞƌĞĂƌĞŶŽĚƵĞƐŝŶƚŚŝƐƌĞƐƉĞĐƚǁŚŝĐŚŚĂǀĞƌĞŵĂŝŶĞĚƵŶƉĂŝĚĂƐĂƚƚŚĞĂůĂŶĐĞ^ŚĞĞƚĚĂƚĞ͘

154 Annual Report 2017-18 155 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018 EŽƚĞϭϴ͗ĞĨĞƌƌĞĚdĂdž>ŝĂďŝůŝƟĞƐ;EĞƚͿ EŽƚĞϮϬ͗KƚŚĞƌƵƌƌĞŶƚ>ŝĂďŝůŝƟĞƐ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores ` crores ` crores ĞĨĞƌƌĞĚdĂdž>ŝĂďŝůŝƟĞƐ͗ /ŶĐŽŵĞƌĞĐĞŝǀĞĚŝŶĂĚǀĂŶĐĞ ϮϮ͘ϳϭ Ϯϭ͘ϳϭ WƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚΘ/ŶƚĂŶŐŝďůĞƐƐĞƚƐ ϰϰϰ͘ϵϯ ϰϮϲ͘Ϯϵ ĞĨĞƌƌĞĚZĞǀĞŶƵĞ ϴϲ͘ϴϱ ϭϯϭ͘ϴϭ hŶĂŵŽƌƟƐĞĚďŽƌƌŽǁŝŶŐĐŽƐƚƐ Ϭ͘ϰϱ Ϭ͘ϯϯ ĚǀĂŶĐĞƐĐŽůůĞĐƚĞĚĨƌŽŵĐƵƐƚŽŵĞƌƐ ϰϱ͘ϯϰ ϰϭ͘ϱϯ &ĂŝƌǀĂůƵĂƟŽŶĐŚĂŶŐĞƐŽĨĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ ϮϬ͘ϴϴ ϭϱ͘ϵϰ ^ƚĂƚƵƚŽƌLJĚƵĞƐ ϰϬ͘ϲϴ ϯϮ͘ϰϱ hŶƌĞĂůŝƐĞĚŐĂŝŶŽŶĞƋƵŝƚLJƐŚĂƌĞƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ Ͳ ϯ͘ϳϬ ϭϵϱ͘ϱϴ ϮϮϳ͘ϱϬ /ŶĐŽŵĞ;ZĞĨĞƌ&ŽŽƚŶŽƚĞͿ ϰϲϲ͘Ϯϲ ϰϰϲ͘Ϯϲ EŽƚĞϮϭ͗ZĞǀĞŶƵĞĨƌŽŵKƉĞƌĂƟŽŶƐ ĞĨĞƌƌĞĚdĂdžƐƐĞƚƐ͗ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ WƌŽǀŝƐŝŽŶĨŽƌŵƉůŽLJĞĞĞŶĞĮƚƐ Ϯϴ͘ϰϴ Ϯϲ͘Ϭϳ ` crores ` crores DdƌĞĚŝƚŶƟƚůĞŵĞŶƚ ϯϯ͘ϱϲ ϳϳ͘ϲϱ ZŽŽŵ/ŶĐŽŵĞ͕&ŽŽĚ͕ZĞƐƚĂƵƌĂŶƚƐĂŶĚĂŶƋƵĞƚ/ŶĐŽŵĞ Ϯ͕ϭϮϮ͘ϰϵ Ϯ͕ϬϬϬ͘ϯϲ ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĚĞďƚƐ ϳ͘ϲϬ ϰ͘Ϭϰ ^ŚŽƉƌĞŶƚĂůƐ ϯϭ͘ϲϵ ϯϬ͘ϰϲ ZĞǁĂƌĚWŽŝŶƚƐ ϭϯ͘Ϯϳ ϭϳ͘ϵϬ DĞŵďĞƌƐŚŝƉĨĞĞƐ ϴϱ͘ϳϮ 95.15 WƌŽǀŝƐŝŽŶĨŽƌĚŝƐƉƵƚĞĚĐůĂŝŵƐ Ϯϲ͘ϱϭ Ϯϭ͘ϭϮ DĂŶĂŐĞŵĞŶƚĂŶĚŽƉĞƌĂƟŶŐĨĞĞƐ ϮϭϬ͘ϰϳ ϭϱϴ͘ϴϭ Others ϴ͘Ϭϯ ϴ͘ϱϰ ϭϭϳ͘ϰϱ ϭϱϱ͘ϯϮ KƚŚĞƌKƉĞƌĂƟŶŐ/ŶĐŽŵĞ ϭϯϯ͘ϱϴ ϭϭϲ͘ϳϴ ϯϰϴ͘ϴϭ ϮϵϬ͘ϵϰ Ϯ͕ϱϴϯ͘ϵϱ Ϯ͕ϰϬϭ͘ϱϲ &ŽŽƚŶŽƚĞ͗ ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐŽŶĂĐĐŽƵŶƚŽĨĐŚĂŶŐĞƐŝŶĨĂŝƌǀĂůƵĞŽĨŝŶǀĞƐƚŵĞŶƚƐƌŽƵƚĞĚƚŚƌŽƵŐŚK/ŚĂƐďĞĞŶƌĞƐƚƌŝĐƚĞĚƚŽƚŚĞĞdžƚĞŶƚŽĨĚĞĨĞƌƌĞĚ EŽƚĞϮϮ͗KƚŚĞƌ/ŶĐŽŵĞ ƚĂdžůŝĂďŝůŝƚLJŽŶƚŚŝƐĂĐĐŽƵŶƚ͘ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores EŽƚĞϭϵ͗dƌĂĚĞWĂLJĂďůĞƐ /ŶƚĞƌĞƐƚ/ŶĐŽŵĞĨƌŽŵĮŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĂŵŽƌƟƐĞĚĐŽƐƚ ĞƉŽƐŝƚƐǁŝƚŚďĂŶŬƐ ϭϯ͘ϵϭ ϰ͘ϯϱ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ĞƉŽƐŝƚƐǁŝƚŚZĞůĂƚĞĚWĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϯϴͿ ϰ͘ϲϴ ϲ͘ϲϬ ` crores ` crores ŵŽƌƟƐĂƟŽŶŽĨ/ŶƚĞƌĞƐƚŽŶƐĞĐƵƌŝƚLJĚĞƉŽƐŝƚƐ ϯ͘Ϯϵ Ϯ͘ϵϲ DŝĐƌŽĂŶĚ^ŵĂůůŶƚĞƌƉƌŝƐĞƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝͿĂŶĚ;ŝŝͿͿ ϭ͘ϴϲ ϭ͘ϯϭ Others ϭ͘Ϭϵ Ϭ͘ϵϰ sĞŶĚŽƌWĂLJĂďůĞƐ ϭϬϳ͘ϳϮ ϵϮ͘Ϭϵ ϮϮ͘ϵϳ ϭϰ͘ϴϱ ĐĐƌƵĞĚĞdžƉĞŶƐĞƐĂŶĚŽƚŚĞƌƐ ϵϴ͘ϰϰ ϴϯ͘ϳϵ Interest on Income Tax Refunds ϯ͘ϭϴ ;Ϭ͘ϬϲͿ ϮϬϴ͘ϬϮ ϭϳϳ͘ϭϵ Ϯϲ͘ϭϱ ϭϰ͘ϳϵ &ŽŽƚŶŽƚĞƐ͗ Dividend Income from Investments ;ŝͿ dŚĞĂŵŽƵŶƚĚƵĞƚŽDŝĐƌŽĂŶĚ^ŵĂůůŶƚĞƌƉƌŝƐĞƐĂƐĚĞĮŶĞĚŝŶƚŚĞ͞dŚĞDŝĐƌŽ͕^ŵĂůůĂŶĚDĞĚŝƵŵŶƚĞƌƉƌŝƐĞƐĞǀĞůŽƉŵĞŶƚĐƚ͕ϮϬϬϲ͟ Ͳ ĨƌŽŵ/ŶǀĞƐƚŵĞŶƚƐŝŶ^ƵďƐŝĚŝĂƌŝĞƐ͕:ŽŝŶƚsĞŶƚƵƌĞƐĂŶĚƐƐŽĐŝĂƚĞƐǁŚŝĐŚĂƌĞŵĞĂƐƵƌĞĚ ϲ͘Ϯϱ ϭϯ͘ϴϴ ŚĂƐďĞĞŶĚĞƚĞƌŵŝŶĞĚƚŽƚŚĞĞdžƚĞŶƚƐƵĐŚƉĂƌƟĞƐŚĂǀĞďĞĞŶŝĚĞŶƟĮĞĚŽŶƚŚĞďĂƐŝƐŽĨŝŶĨŽƌŵĂƟŽŶĐŽůůĞĐƚĞĚďLJƚŚĞDĂŶĂŐĞŵĞŶƚ͘ ĂƚĐŽƐƚ ;ŝŝͿ dŚĞĚŝƐĐůŽƐƵƌĞƐƌĞůĂƟŶŐƚŽDŝĐƌŽĂŶĚ^ŵĂůůŶƚĞƌƉƌŝƐĞƐĂƌĞĂƐƵŶĚĞƌ͗ Ͳ ĨƌŽŵ/ŶǀĞƐƚŵĞŶƚƐƚŚĂƚĂƌĞĨĂŝƌǀĂůƵĞĚƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ 1.51 ϭ͘ϲϮ Ͳ ĨƌŽŵ/ŶǀĞƐƚŵĞŶƚƐƚŚĂƚĂƌĞĨĂŝƌǀĂůƵĞĚƚŚƌŽƵŐŚWƌŽĮƚĂŶĚ>ŽƐƐ ϭ͘Ϯϯ ϳ͘Ϯϱ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores WƌŽĮƚŽŶĚŝƐƉŽƐĂůŽĨWƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ;EĞƚͿ Ͳ Ϯ͘Ϭϵ ;ĂͿ dŚĞƉƌŝŶĐŝƉĂůĂŵŽƵŶƚƌĞŵĂŝŶŝŶŐƵŶƉĂŝĚƚŽƐƵƉƉůŝĞƌĂƐĂƚƚŚĞĞŶĚŽĨƚŚĞ ϭ͘ϴϲ ϭ͘ϮϮ 'ĂŝŶŽŶŝŶǀĞƐƚŵĞŶƚƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƐƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚĂŶĚůŽƐƐ ϱ͘ϯϰ ϰ͘ϳϯ ĂĐĐŽƵŶƟŶŐLJĞĂƌ Others ϭϰ͘ϵϭ ϭϯ͘ϲϲ ;ďͿ dŚĞŝŶƚĞƌĞƐƚĚƵĞƚŚĞƌĞŽŶƌĞŵĂŝŶŝŶŐƵŶƉĂŝĚƚŽƐƵƉƉůŝĞƌĂƐĂƚƚŚĞĞŶĚŽĨƚŚĞ Ͳ Ϭ͘Ϭϵ ϱϱ͘ϯϵ ϱϴ͘ϬϮ ĂĐĐŽƵŶƟŶŐLJĞĂƌ EŽƚĞϮϯ͗&ŽŽĚĂŶĚĞǀĞƌĂŐĞƐŽŶƐƵŵĞĚ ;ĐͿ dŚĞĂŵŽƵŶƚŽĨŝŶƚĞƌĞƐƚƉĂŝĚŝŶƚĞƌŵƐŽĨ^ĞĐƟŽŶϭϲ͕ĂůŽŶŐǁŝƚŚƚŚĞĂŵŽƵŶƚ Ͳ Ͳ ŽĨƉĂLJŵĞŶƚŵĂĚĞƚŽƚŚĞƐƵƉƉůŝĞƌďĞLJŽŶĚƚŚĞĂƉƉŽŝŶƚĞĚĚĂLJĚƵƌŝŶŐƚŚĞLJĞĂƌ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ;ĚͿ dŚĞĂŵŽƵŶƚŽĨŝŶƚĞƌĞƐƚĚƵĞĂŶĚƉĂLJĂďůĞĨŽƌƚŚĞLJĞĂƌ Ͳ Ϭ͘ϬϮ ` crores ` crores ;ĞͿ dŚĞĂŵŽƵŶƚŽĨŝŶƚĞƌĞƐƚĂĐĐƌƵĞĚĂŶĚƌĞŵĂŝŶŝŶŐƵŶƉĂŝĚĂƚƚŚĞĞŶĚŽĨƚŚĞ Ͳ Ϭ͘Ϭϵ KƉĞŶŝŶŐ^ƚŽĐŬ Ϯϰ͘ϭϯ ϮϮ͘ϯϮ ĂĐĐŽƵŶƟŶŐLJĞĂƌ ĚĚ͗WƵƌĐŚĂƐĞƐ Ϯϯϯ͘ϳϵ ϮϮϭ͘ϴϬ ;ĨͿ dŚĞĂŵŽƵŶƚŽĨĨƵƌƚŚĞƌŝŶƚĞƌĞƐƚĚƵĞĂŶĚƉĂLJĂďůĞĞǀĞŶŝŶƚŚĞƐƵĐĐĞĞĚŝŶŐ Ͳ Ϭ͘ϬϮ Ϯϱϳ͘ϵϮ Ϯϰϰ͘ϭϮ LJĞĂƌ͕ƵŶƟůƐƵĐŚĚĂƚĞǁŚĞŶƚŚĞŝŶƚĞƌĞƐƚĚƵĞƐĂƐĂďŽǀĞĂƌĞĂĐƚƵĂůůLJƉĂŝĚ >ĞƐƐ͗ůŽƐŝŶŐ^ƚŽĐŬ Ϯϱ͘Ϯϴ Ϯϰ͘ϭϯ ;ŝŝŝͿ &ŽƌƌĞůĂƚĞĚƉĂƌƚLJďĂůĂŶĐĞƐƌĞĨĞƌEŽƚĞϯϵ͘ ϮϯϮ͘ϲϰ Ϯϭϵ͘ϵϵ

156 Annual Report 2017-18 157 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018 EŽƚĞϮϰ͗ŵƉůŽLJĞĞĞŶĞĮƚdžƉĞŶƐĞƐĂŶĚWĂLJŵĞŶƚƚŽŽŶƚƌĂĐƚŽƌƐ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` ` DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ crores crores ` crores ` crores Brought over ϯϵϬ͘Ϭϲ ϯϱϱ͘ϵϬ ^ĂůĂƌŝĞƐ͕tĂŐĞƐ͕ŽŶƵƐĞƚĐ͘ ϰϴϬ͘ϳϭ ϰϲϰ͘ϬϬ džƉĞŶĚŝƚƵƌĞŽŶŽƌƉŽƌĂƚĞ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚLJ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ǀͿͿ ϱ͘Ϯϳ ϰ͘ϯϲ ŽŵƉĂŶLJ͛ƐŽŶƚƌŝďƵƟŽŶƚŽWƌŽǀŝĚĞŶƚĂŶĚKƚŚĞƌ&ƵŶĚƐ;ZĞĨĞƌEŽƚĞϯϱͿ Ϯϲ͘ϴϲ ϯϰ͘ϰϬ WƌŽĨĞƐƐŝŽŶĂů&ĞĞƐ ϯϯ͘Ϭϳ ϯϮ͘ϴϬ ZĞŝŵďƵƌƐĞŵĞŶƚŽĨdžƉĞŶƐĞƐŽŶWĞƌƐŽŶŶĞůĞƉƵƚĞĚƚŽƚŚĞŽŵƉĂŶLJ ϭϱ͘ϳϵ ϭϱ͘ϳϲ KƵƚƐŽƵƌĐĞĚ^ƵƉƉŽƌƚ^ĞƌǀŝĐĞƐ ϲϱ͘ϬϬ ϱϯ͘ϲϱ WĂLJŵĞŶƚƚŽŽŶƚƌĂĐƚŽƌƐ ϰϳ͘Ϭϵ ϰϰ͘Ϭϰ džĐŚĂŶŐĞ>ŽƐƐ;EĞƚͿ Ϭ͘ϭϭ Ϭ͘ϮϮ ^ƚĂītĞůĨĂƌĞdžƉĞŶƐĞƐ ϳϵ͘ϭϲ ϳϱ͘Ϭϰ >ŽƐƐŽŶ^ĂůĞŽĨWƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ;EĞƚͿ Ϭ͘ϭϰ Ͳ ϲϰϵ͘ϲϭ ϲϯϯ͘Ϯϰ WĂLJŵĞŶƚŵĂĚĞƚŽ^ƚĂƚƵƚŽƌLJƵĚŝƚŽƌƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝŝŝͿͿ ϯ͘ϭϰ ϯ͘ϵϱ ŝƌĞĐƚŽƌƐ͛&ĞĞƐĂŶĚŽŵŵŝƐƐŝŽŶ ϰ͘ϭϬ ϯ͘ϯϯ Footnote: KƚŚĞƌdžƉĞŶƐĞƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝŝͿͿ ϱϴ͘ϳϲ ϳϬ͘ϵϰ ŵƉůŽLJĞĞďĞŶĞĮƚĞdžƉĞŶƐĞƐŽĨ`ϰ͘ϵϯĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌ`Ϯ͘ϲϵĐƌŽƌĞƐͿĨŽƌƚŚĞLJĞĂƌĂŶĚƚŽƚŚĞĞdžƚĞŶƚĂƩƌŝďƵƚĂďůĞƚŽĐŽŶƐƚƌƵĐƟŽŶŽƌ ƌĞŶŽǀĂƟŽŶŽĨŚŽƚĞůďƵŝůĚŝŶŐƐŚĂƐďĞĞŶĐĂƉŝƚĂůŝƐĞĚ͘ ϱϱϵ͘ϲϱ ϱϮϱ͘ϭϱ ϭ͕ϬϳϮ͘ϵϬ ϭ͕ϬϮϴ͘ϲϱ EŽƚĞϮϱ͗&ŝŶĂŶĐĞŽƐƚƐ Footnotes: ;ŝͿ dŚĞĨŽůůŽǁŝŶŐĚŝƌĞĐƚĞdžƉĞŶƐĞƐŝŶĐƵƌƌĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌĂŶĚƚŽƚŚĞĞdžƚĞŶƚĂƩƌŝďƵƚĂďůĞƚŽĐŽŶƐƚƌƵĐƟŽŶŽƌƌĞŶŽǀĂƟŽŶŽĨŚŽƚĞůďƵŝůĚŝŶŐƐ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ŚĂǀĞďĞĞŶĐĂƉŝƚĂůŝƐĞĚ͗ ` crores ` crores DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ /ŶƚĞƌĞƐƚdžƉĞŶƐĞĂƚĞīĞĐƟǀĞŝŶƚĞƌĞƐƚƌĂƚĞŽŶďŽƌƌŽǁŝŶŐƐǁŚŝĐŚĂƌĞŵĞĂƐƵƌĞĚĂƚ ϭϴϰ͘ϱϬ ϭϵϰ͘ϵϵ ` crores ` crores ĂŵŽƌƟƐĞĚĐŽƐƚ &ƵĞů͕ƉŽǁĞƌĂŶĚůŝŐŚƚ Ϭ͘ϭϮ Ϭ͘ϭϭ ĚĚ͗^ĞƩůĞŵĞŶƚƐŽŶŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉĐŽŶƚƌĂĐƚƐ Ϭ͘Ϭϱ ;Ϭ͘ϰϭͿ KƚŚĞƌĞdžƉĞŶƐĞƐ;EĞƚͿ ϭϲ͘ϵϭ ϭϭ͘ϭϰ ϭϴϰ͘ϱϱ ϭϵϰ͘ϱϴ ϭϳ͘Ϭϯ ϭϭ͘Ϯϱ KŶdĂdžĞŵĂŶĚƐ ϳ͘ϴϳ ϭ͘ϲϭ KƚŚĞƌďŽƌƌŽǁŝŶŐĐŽƐƚƐ ϭ͘Ϭϭ ϭ͘ϲϳ ;ŝŝͿ KƚŚĞƌĞdžƉĞŶƐĞƐŝŶĐůƵĚĞƐƐĞƚƐǁƌŝƩĞŶŽīͲ`ϭ͘ϭϵĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌͲ`ϵ͘ϴϱĐƌŽƌĞƐͿ͘

ϭϵϯ͘ϰϯ ϭϵϳ͘ϴϲ ;ŝŝŝͿ WĂLJŵĞŶƚŵĂĚĞƚŽ^ƚĂƚƵƚŽƌLJƵĚŝƚŽƌƐ͗ EŽƚĞϮϲ͗KƚŚĞƌKƉĞƌĂƟŶŐĂŶĚ'ĞŶĞƌĂůdžƉĞŶƐĞƐ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ƐĂƵĚŝƚŽƌƐ Ϯ͘ϬϮ Ϯ͘ϳϱ ` crores ` crores ƐƚĂdžĂƵĚŝƚŽƌƐ Ϭ͘ϰϬ Ϭ͘ϯϴ (i) KƉĞƌĂƟŶŐĞdžƉĞŶƐĞƐĐŽŶƐŝƐƚŽĨƚŚĞĨŽůůŽǁŝŶŐ͗ &ŽƌŽƚŚĞƌƐĞƌǀŝĐĞƐ Ϭ͘ϲϯ Ϭ͘ϱϱ >ŝŶĞŶĂŶĚZŽŽŵ^ƵƉƉůŝĞƐ ϰϮ͘ϳϭ ϰϭ͘ϵϵ &ŽƌŽƵƚͲŽĨƉŽĐŬĞƚĞdžƉĞŶƐĞƐ Ϭ͘Ϭϴ Ϭ͘ϭϳ ĂƚĞƌŝŶŐ^ƵƉƉůŝĞƐ ϭϵ͘Ϯϳ ϮϬ͘ϳϱ ^ĞƌǀŝĐĞƚĂdžͬ'^dŽŶĂďŽǀĞ΀EĞƚŽĨĐƌĞĚŝƚĂǀĂŝůĞĚͲ`Ϭ͘ϮϴĐƌŽƌĞ;WƌĞǀŝŽƵƐzĞĂƌͲ`Ϭ͘ϰϵ Ϭ͘Ϭϭ Ϭ͘ϭϬ KƚŚĞƌ^ƵƉƉůŝĞƐ 5.19 ϱ͘ϮϮ crore)] &ƵĞů͕WŽǁĞƌĂŶĚ>ŝŐŚƚ ϭϲϱ͘ϱϱ ϭϲϲ͘ϴϳ ϯ͘ϭϰ ϯ͘ϵϱ ZĞƉĂŝƌƐƚŽƵŝůĚŝŶŐƐ ϰϬ͘Ϯϵ ϰϬ͘ϯϲ &ŽŽƚŶŽƚĞ͗ ZĞƉĂŝƌƐƚŽDĂĐŚŝŶĞƌLJ ϰϯ͘Ϯϳ ϰϱ͘ϬϮ Excludes `ϭ͘ϯϲĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌͲ`EŝůͿĂĚũƵƐƚĞĚĂŐĂŝŶƐƚ^ĞĐƵƌŝƟĞƐWƌĞŵŝƵŵĐĐŽƵŶƚ;ŝŶĐůƵĚŝŶŐƉĂLJŵĞŶƚŽĨ`Ϭ͘ϲϮĐƌŽƌĞƚŽĞƌƐƚǁŚŝůĞƵĚŝƚŽƌͿ ZĞƉĂŝƌƐƚŽKƚŚĞƌƐ ϭϬ͘ϴϯ ϭϭ͘ϯϳ ;ŝǀͿ >ŝĐĞŶĐĞ&ĞĞƐŝŶĐůƵĚĞƐ`ϯ͘ϴϮĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌͲ`ϯ͘ϱϵĐƌŽƌĞƐͿƚŽǁĂƌĚƐĂŵŽƌƟƐĂƟŽŶŽĨ>ĞĂƐĞƉƌĞŵŝƵŵŽŶĂĐĐŽƵŶƚŽĨŵĞĂƐƵƌĞŵĞŶƚ >ŝŶĞŶĂŶĚhŶŝĨŽƌŵtĂƐŚŝŶŐĂŶĚ>ĂƵŶĚƌLJdžƉĞŶƐĞƐ ϭϮ͘ϭϱ ϭϬ͘ϴϲ ŽĨŝŶƚĞƌĞƐƚĨƌĞĞƌĞĨƵŶĚĂďůĞƐĞĐƵƌŝƚLJĚĞƉŽƐŝƚƐĂƚĂŵŽƌƟƐĞĚĐŽƐƚ͘ ^ĞĐƵƌŝƚLJĐŚĂƌŐĞƐĂŶĚKƚŚĞƌƐ Ϯϵ͘ϮϮ Ϯϳ͘ϱϵ ;ǀͿ dŚĞŐƌŽƐƐĂŵŽƵŶƚƌĞƋƵŝƌĞĚƚŽďĞƐƉĞŶƚďLJƚŚĞŽŵƉĂŶLJĚƵƌŝŶŐƚŚĞLJĞĂƌŝƐ`ϱ͘ϮϯĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌͲ`ϰ͘ϮϲĐƌŽƌĞƐͿ͘ŐĂŝŶƐƚƚŚŝƐ 'ƵĞƐƚdƌĂŶƐƉŽƌƚĂƟŽŶ ϯϱ͘Ϯϱ ϯϯ͘ϯϮ ƐƵŵ͕ƚŚĞŽŵƉĂŶLJŚĂƐƐƉĞŶƚ`ϱ͘ϮϳĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌͲ`ϰ͘ϯϲĐƌŽƌĞƐͿŽŶƉƌŽũĞĐƚƐŽƚŚĞƌƚŚĂŶĐŽŶƐƚƌƵĐƟŽŶͬĂĐƋƵŝƐŝƟŽŶŽĨĂƐƐĞƚƐ͘ dƌĂǀĞůŐĞŶƚƐ͛ŽŵŵŝƐƐŝŽŶ ϯϴ͘ϴϲ ϯϳ͘Ϯϲ dŚĞĞŶƟƌĞĂŵŽƵŶƚŚĂƐďĞĞŶĚŝƐďƵƌƐĞĚͬĐŽŵŵŝƩĞĚƉƌŝŽƌƚŽƚŚĞĞŶĚŽĨƚŚĞĮŶĂŶĐŝĂůLJĞĂƌ͘ ŝƐĐŽƵŶƚƚŽŽůůĞĐƟŶŐŐĞŶƚƐ Ϯϭ͘ϭϭ ϮϬ͘Ϭϯ KƚŚĞƌKƉĞƌĂƟŶŐdžƉĞŶƐĞƐ ϰϵ͘ϱϱ ϰϮ͘ϴϲ EŽƚĞϮϳ͗džĐĞƉƟŽŶĂů/ƚĞŵƐ ϱϭϯ͘Ϯϱ ϱϬϯ͘ϱϬ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ (ii) 'ĞŶĞƌĂůĞdžƉĞŶƐĞƐĐŽŶƐŝƐƚŽĨƚŚĞĨŽůůŽǁŝŶŐ͗ ` crores ` crores ZĞŶƚ ϰϯ͘ϳϭ ϰϳ͘Ϭϴ džĐĞƉƟŽŶĂů/ƚĞŵƐĐŽŵƉƌŝƐĞƐƚŚĞĨŽůůŽǁŝŶŐ͗ >ŝĐĞŶĐĞ&ĞĞƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝǀͿͿ ϭϲϭ͘ϭϰ ϭϱϴ͘ϭϯ džĐŚĂŶŐĞ'ĂŝŶͬ;>ŽƐƐͿŽŶ>ŽŶŐͲƚĞƌŵŽƌƌŽǁŝŶŐƐͬƐƐĞƚƐ;EĞƚͿ ;Ϭ͘ϮϬͿ ϭ͘ϵϬ ZĂƚĞƐĂŶĚdĂdžĞƐ ϱϯ͘Ϭϲ ϰϮ͘ϰϴ ŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞŽĨĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ Ϯϱ͘ϱϭ ϲϱ͘ϰϱ /ŶƐƵƌĂŶĐĞ ϲ͘ϱϱ ϲ͘ϱϯ WƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚŽĨŝŶǀĞƐƚŵĞŶƚŝŶĂƐƵďƐŝĚŝĂƌLJƚŚĂƚŝŶĐƵƌƌĞĚůŽƐƐĞƐ ;ϴϬ͘ϱϬͿ ;ϲϰ͘ϯϯͿ ĚǀĞƌƟƐŝŶŐĂŶĚWƵďůŝĐŝƚLJ ϵϯ͘Ϭϵ ϴϬ͘ϵϱ ;ZĞĨĞƌEŽƚĞϱ;ĂͿ͕&ŽŽƚŶŽƚĞ;ǀͿͿ WƌŝŶƟŶŐĂŶĚ^ƚĂƟŽŶĞƌLJ ϴ͘ϳϵ ϴ͘ϯϯ ZĞĐŽǀĞƌLJŽĨĐŽƐƚƐĂůŽŶŐǁŝƚŚŝŶƚĞƌĞƐƚ;`ϭϰ͘ϳϬĐƌŽƌĞƐͿŽŶĂƐƵƌƌĞŶĚĞƌĞĚƉƌŽũĞĐƚ Ͳ Ϯϰ͘ϯϯ WĂƐƐĂŐĞĂŶĚdƌĂǀĞůůŝŶŐ ϭϬ͘ϯϴ ϭϬ͘ϴϯ ZĞĨƵŶĚŽĨDƵŶŝĐŝƉĂůƚĂdž;ŝŶĐůƵĚŝŶŐŝŶƚĞƌĞƐƚ`Ϯ͘ϯϴĐƌŽƌĞƐͿ Ͳ ϲ͘ϭϲ WƌŽǀŝƐŝŽŶĨŽƌŽƵďƞƵůĞďƚƐͬĂĚĚĞďƚƐǁƌŝƩĞŶŽī ϭϯ͘ϯϰ ϭ͘ϱϳ ;ϱϱ͘ϭϵͿ ϯϯ͘ϱϭ Carried over ϯϵϬ͘Ϭϲ ϯϱϱ͘ϵϬ 158 Annual Report 2017-18 159 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018 EŽƚĞϮϴ͗ĐĐŽƵŶƟŶŐĂŶĚŝƐĐůŽƐƵƌĞƐĨŽƌ^ĐŚĞŵĞŽĨŵĂůŐĂŵĂƟŽŶ &ŽŽƚŶŽƚĞ͗ ƵƌŝŶŐƚŚĞLJĞĂƌ͕ƚŚĞEĂƟŽŶĂůŽŵƉĂŶLJ>ĂǁdƌŝďƵŶĂů;͞E>d͟Ϳ͕DƵŵďĂŝďĞŶĐŚǀŝĚĞŝƚƐKƌĚĞƌĚĂƚĞĚDĂƌĐŚϴ͕ϮϬϭϴŚĂƐĂƉƉƌŽǀĞĚƚŚĞ^ĐŚĞŵĞ ŝͿ /ŶƌĞƐƉĞĐƚŽĨ/ŶĐŽŵĞdĂdžŵĂƩĞƌƐ͕ƚŚĞŽŵƉĂŶLJŚĂƐŽŶŐŽŝŶŐĚŝƐƉƵƚĞƐǁŝƚŚ/ŶĐŽŵĞdĂdžƵƚŚŽƌŝƟĞƐƌĞůĂƟŶŐƚŽƚƌĞĂƚŵĞŶƚŽĨĐĞƌƚĂŝŶ ŽĨŵĂůŐĂŵĂƟŽŶŽĨd/&K,ŽůĚŝŶŐƐ>ƚĚ;͞d/&K͟Ϳ͕ĂǁŚŽůůLJŽǁŶĞĚŝŶǀĞƐƚŵĞŶƚŚŽůĚŝŶŐƐƵďƐŝĚŝĂƌLJ͕ǁŝƚŚƚŚĞŽŵƉĂŶLJ͘dŚĞ^ĐŚĞŵĞǁĂƐ ŝƚĞŵƐͬĂĚũƵƐƚŵĞŶƚƐĐĂƌƌŝĞĚŽƵƚďLJƚŚĞĞƉĂƌƚŵĞŶƚ͘dŚĞŽŵƉĂŶLJ͛ƐĂƉƉĞĂůƐĂƌĞƉĞŶĚŝŶŐďĞĨŽƌĞǀĂƌŝŽƵƐƉƉĞůůĂƚĞƵƚŚŽƌŝƟĞƐ͘ ĂƉƉƌŽǀĞĚďLJƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽŶDĂLJϮϲ͕ϮϬϭϳ͘ŽŶƐĞƋƵĞŶƚƚŽƚŚĞƐĂŝĚKƌĚĞƌĂŶĚĮůŝŶŐŽĨƚŚĞĮŶĂůĐĞƌƟĮĞĚKƌĚĞƌƐǁŝƚŚƚŚĞZĞŐŝƐƚƌĂƌ DŽƐƚŽĨƚŚĞƐĞĚŝƐĂůůŽǁĂŶĐĞƐͬĂĚũƵƐƚŵĞŶƚƐ͕ďĞŝŶŐƌĞƉĞƟƟǀĞŝŶŶĂƚƵƌĞ͕ŚĂǀĞďĞĞŶƌĂŝƐĞĚďLJƚŚĞŝŶĐŽŵĞƚĂdžĂƵƚŚŽƌŝƟĞƐĐŽŶƐŝƐƚĞŶƚůLJ ŽĨƚŚĞŽŵƉĂŶŝĞƐ͕DĂŚĂƌĂƐŚƚƌĂŽŶƉƌŝůϭϭ͕ϮϬϭϴ͕ƚŚĞ^ĐŚĞŵĞŚĂƐďĞĐŽŵĞĞīĞĐƟǀĞƵƉŽŶƚŚĞĐŽŵƉůĞƟŽŶŽĨƚŚĞĮůŝŶŐǁŝƚŚĞīĞĐƚĨƌŽŵƚŚĞ ŝŶŵŽƐƚŽĨƚŚĞLJĞĂƌƐ͘ĂƐŚŽƵƞůŽǁƐĨŽƌƚŚĞĂďŽǀĞĂƌĞĚĞƚĞƌŵŝŶĂďůĞŽŶůLJŽŶƌĞĐĞŝƉƚŽĨũƵĚŐĞŵĞŶƚƐƉĞŶĚŝŶŐǁŝƚŚǀĂƌŝŽƵƐĂƵƚŚŽƌŝƟĞƐ ƉƉŽŝŶƚĞĚĂƚĞŽĨƉƌŝůϭ͕ϮϬϭϳ͘ ͬdƌŝďƵŶĂůƐ͘dŚĞŽŵƉĂŶLJĞdžƉĞĐƚƐƚŽƐƵƐƚĂŝŶŝƚƐƉŽƐŝƟŽŶŽŶƵůƟŵĂƚĞƌĞƐŽůƵƟŽŶŽĨƚŚĞĂƉƉĞĂůƐ͘ hƉŽŶĐŽŵŝŶŐŝŶƚŽĞīĞĐƚŽĨƚŚĞ^ĐŚĞŵĞ͕ƚŚĞƵŶĚĞƌƚĂŬŝŶŐŽĨd/&KƐƚĂŶĚƐƚƌĂŶƐĨĞƌƌĞĚƚŽĂŶĚǀĞƐƚĞĚŝŶƚŚĞŽŵƉĂŶLJǁŝƚŚĞīĞĐƚĨƌŽŵƚŚĞ ƉƉŽŝŶƚĞĚĂƚĞ͘  ŝŝͿ /ŶƌĞƐƉĞĐƚŽĨƌĞŐƵůĂƚŽƌLJŵĂƩĞƌƐƉůĞĂƐĞƌĞĨĞƌŶŽƚĞŶŽ͘ϯϲ

ƐƚŚŝƐŝƐĂďƵƐŝŶĞƐƐĐŽŵďŝŶĂƟŽŶŽĨĞŶƟƚLJƵŶĚĞƌĐŽŵŵŽŶĐŽŶƚƌŽů͕ƚŚĞĂŵĂůŐĂŵĂƟŽŶŚĂƐďĞĞŶĂĐĐŽƵŶƚĞĚƵƐŝŶŐƚŚĞ͚ƉŽŽůŝŶŐŽĨŝŶƚĞƌĞƐƚ͛ ;ďͿ KŶĂĐĐŽƵŶƚŽĨůĞĂƐĞĂŐƌĞĞŵĞŶƚƐ͗ ŵĞƚŚŽĚ;ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂƉƉƌŽǀĞĚ^ĐŚĞŵĞͿ͘dŚĞĮŐƵƌĞƐĨŽƌƚŚĞƉƌĞǀŝŽƵƐƉĞƌŝŽĚƐŚĂǀĞďĞĞŶƌĞĐĂƐƚĂƐŝĨƚŚĞĂŵĂůŐĂŵĂƟŽŶŚĂĚ  /ŶƌĞƐƉĞĐƚŽĨĂƉůŽƚŽĨůĂŶĚƉƌŽǀŝĚĞĚƚŽƚŚĞŽŵƉĂŶLJƵŶĚĞƌĂůĞĂƐĞĂŐƌĞĞŵĞŶƚ͕ŽŶǁŚŝĐŚƚŚĞŽŵƉĂŶLJŚĂƐĐŽŶƐƚƌƵĐƚĞĚĂŚŽƚĞů͕ ŽĐĐƵƌƌĞĚĨƌŽŵƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞƉƌĞĐĞĚŝŶŐƉĞƌŝŽĚƚŽŚĂƌŵŽŶŝƐĞƚŚĞĂĐĐŽƵŶƟŶŐĨŽƌƚŚĞ^ĐŚĞŵĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƉƉĞŶĚŝdž ƚŚĞůĞƐƐŽƌŚĂƐŵĂĚĞĂĐůĂŝŵŽĨ`ϯϴϳ͘ϵϱĐƌŽƌĞƐƚŽĚĂƚĞ͕;ϭϯƟŵĞƐƚŚĞƉƌĞǀŝŽƵƐĂŶŶƵĂůƌĞŶƚĂůͿĨŽƌŝŶĐƌĞĂƐĞŝŶƚŚĞƌĞŶƚĂůƐǁŝƚŚĞīĞĐƚ ŽĨ/ŶĚ^ϭϬϯŽŶƵƐŝŶĞƐƐŽŵďŝŶĂƟŽŶƐ͘dŚĞĨŽůůŽǁŝŶŐƐƐĞƚƐĂŶĚ>ŝĂďŝůŝƟĞƐĂŶĚ/ŶĐŽŵĞĂŶĚdžƉĞŶƐĞĂƌĞŝŶĐůƵĚĞĚ;ĂŌĞƌĞůŝŵŝŶĂƟŶŐƚŚĞ ĨƌŽŵϮϬϬϲͲϬϳ͘dŚĞŽŵƉĂŶLJďĞůŝĞǀĞƐƚŚĞƐĞĐůĂŝŵƐƚŽďĞƵŶƚĞŶĂďůĞ͘dŚĞŽŵƉĂŶLJŚĂƐĐŽŶƚĞƐƚĞĚƚŚĞĐůĂŝŵďĂƐĞĚƵƉŽŶůĞŐĂůĂĚǀŝĐĞ͕ ŝŶƚĞƌĐŽŵƉĂŶLJďĂůĂŶĐĞƐͿŝŶƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞŽŵƉĂŶLJĨŽƌƚŚĞƉĞƌŝŽĚƐƉƌĞƐĞŶƚĞĚďĞůŽǁ͗ ďLJĮůŝŶŐĂƐƵŝƚŝŶƚŚĞ,ŽŶŽƵƌĂďůĞ,ŝŐŚŽƵƌƚŽĨ:ƵĚŝĐĂƚƵƌĞĂƚŽŵďĂLJŽŶŐƌŽƵŶĚƐŽĨƚŚĞůĞƐƐŽƌ͛ƐŝŶĐŽŶƐŝƐƚĞŶƚƐƚĂŶĚŽŶĂƵƚŽŵĂƟĐ ƌĞŶĞǁĂůŽĨůĞĂƐĞ͕ůĞǀLJŽĨůĞĂƐĞƌĞŶƚĂůƐĂŶĚŵĞƚŚŽĚŽĨĐŽŵƉƵƟŶŐƐƵĐŚůĞĂƐĞƌĞŶƚ͕ǁŝƚŚŝŶƚŚĞƚĞƌŵƐŽĨƚŚĞƚŚĞŶĞdžŝƐƟŶŐůĞƐƐŽƌƐ͛Ɛ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores ƉŽůŝĐLJĂƐĂůƐŽĂ^ƵƉƌĞŵĞŽƵƌƚũƵĚŐŵĞŶƚŽŶƌĞůĂƚĞĚŵĂƩĞƌƐ͘ǀĞŶƚĂŬŝŶŐƌĞĐĞŶƚĞŶĂĐƚŵĞŶƚƐŝŶƚŽĐŽŶƐŝĚĞƌĂƟŽŶ͕ŝŶƚŚĞŽƉŝŶŝŽŶŽĨ ƐƐĞƚƐ ϭϲϯ͘ϵϬ ϭϱϱ͘ϭϳ ƚŚĞŽŵƉĂŶLJ͕ƚŚĞĐŽŵƉƵƚĂƟŽŶĐĂŶŶŽƚƐƚƌĞƚĐŚďĞLJŽŶĚ`ϭϬϬ͘ϰϭĐƌŽƌĞƐ;ĞdžĐůƵĚŝŶŐŝŶƚĞƌĞƐƚͬƉĞŶĂůƚLJͿ͕ĂŶĚƚŚŝƐƚŽŽŝƐďĞŝŶŐĐŽŶƚĞƐƚĞĚ >ŝĂďŝůŝƟĞƐ ϰ͘ϭϰ ϯ͘ϴϳ ďLJƚŚĞŽŵƉĂŶLJŽŶŵĞƌŝƚ͘ Net Assets ϭϱϵ͘ϳϲ ϭϱϭ͘ϯϬ /ŶĐŽŵĞ 5.59 ϰ͘ϭϳ  &ƵƌƚŚĞƌ͕Ă͞EŽƟĐĞŽĨDŽƟŽŶ͟ŚĂƐďĞĞŶĮůĞĚďLJƚŚĞĐŽŵƉĂŶLJďĞĨŽƌĞďLJƚŚĞ,ŽŶŽƵƌĂďůĞ,ŝŐŚŽƵƌƚŽĨ:ƵĚŝĐĂƚƵƌĞĂƚŽŵďĂLJ͕ŝŶƚĞƌĂůŝĂ͕ Expense ϭ͘ϱϰ Ϯ͘ϵϯ ĨŽƌĂƐƚĂLJĂŐĂŝŶƐƚĂŶLJĨƵƌƚŚĞƌƉƌŽĐĞĞĚŝŶŐƐďLJƚŚĞůĞƐƐŽƌ͕ƉĞŶĚŝŶŐĂƌĞƐŽůƵƟŽŶŽĨƚŚŝƐĚŝƐƉƵƚĞďLJƚŚĞ,ŽŶŽƵƌĂďůĞŽŵďĂLJ,ŝŐŚŽƵƌƚ͘/Ŷ KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ ϰ͘ϰϭ ;ϴ͘ϬϭͿ ǀŝĞǁŽĨƚŚŝƐ͕ĂŶĚďĂƐĞĚŽŶůĞŐĂůĂĚǀŝĐĞ͕ƚŚĞŽŵƉĂŶLJƌĞŐĂƌĚƐƚŚĞůŝŬĞůŝŚŽŽĚŽĨƐƵƐƚĂŝŶĂďŝůŝƚLJŽĨƚŚĞůĞƐƐŽƌ͛ƐĐůĂŝŵƚŽďĞƌĞŵŽƚĞĂŶĚƚŚĞ ĂŵŽƵŶƚŽĨĂŶLJƉŽƚĞŶƟĂůůŝĂďŝůŝƚLJ͕ŝĨĂƚĂůů͕ƚŽďĞŝŶĚĞƚĞƌŵŝŶĂƚĞ͘ ůůĞƋƵŝƚLJƐŚĂƌĞƐŽĨd/&KŚĞůĚďLJƚŚĞŽŵƉĂŶLJǁĞƌĞĐĂŶĐĞůůĞĚǁŝƚŚŽƵƚĂŶLJĨƵƌƚŚĞƌĂƉƉůŝĐĂƟŽŶ͕ĂĐƚŽƌĚĞĞĚ͘ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞŝŶǀĞƐƚŵĞŶƚ ŚĞůĚďLJƚŚĞŽŵƉĂŶLJŝŶd/&KĂŐŐƌĞŐĂƟŶŐƚŽ`ϴϭ͘ϱϬĐƌŽƌĞƐŚĂƐďĞĞŶĞůŝŵŝŶĂƚĞĚĂŶĚƚŚĞƌĞƐĞƌǀĞƐĂŶĚƐƵƌƉůƵƐŽĨd/&KĂŐŐƌĞŐĂƟŶŐƚŽ  dŚĞůĞƐƐŽƌ͛ƐůĂǁLJĞƌŚĂĚŐŝǀĞŶĂƐƚĂƚĞŵĞŶƚďĞĨŽƌĞƚŚĞ,ŽŶŽƵƌĂďůĞ,ŝŐŚŽƵƌƚŽĨ:ƵĚŝĐĂƚƵƌĞĂƚŽŵďĂLJƚŚĂƚŝƚƐŚĂůůŶŽƚŐŝǀĞĞīĞĐƚƚŽŝƚƐ `ϭϱϵ͘ϳϲĐƌŽƌĞƐĂŶĚ`ϭϱϭ͘ϯϬĐƌŽƌĞƐĨŽƌLJĞĂƌƐĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳƌĞƐƉĞĐƟǀĞůLJǁĞƌĞĂĚĚĞĚŽŶůŝŶĞďLJůŝŶĞďĂƐŝƐ ŶŽƟĐĞŽĨƚĞƌŵŝŶĂƟŽŶĚƵƌŝŶŐƚŚĞƉĞŶĚĞŶĐLJŽĨƚŚĞƐƵŝƚĂŶĚƚŚĞƐƚĂƚĞŵĞŶƚĐŽŶƟŶƵĞƐƚŽďĞŝŶĨŽƌĐĞƟůůĚĂƚĞ͘ ǁŝƚŚƚŚĞƌĞƐƉĞĐƟǀĞƌĞƐĞƌǀĞƐŽĨƚŚĞŽŵƉĂŶLJĂŌĞƌĐŽŶƐŝĚĞƌŝŶŐƚŚĞŝŵƉĂĐƚŽĨƚŚĞĚŝīĞƌĞŶĐĞŽĨĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐ͘dŚŝƐĂŵĂůŐĂŵĂƟŽŶ ĚŝĚŶŽƚŝŶǀŽůǀĞĂŶLJĐĂƐŚŽƵƞůŽǁ;ĞdžĐĞƉƚĨŽƌƚŚĞƚƌĂŶƐĂĐƟŽŶĐŽƐƚƐǁŚŝĐŚǁĂƐĞdžƉĞŶƐĞĚŽƵƚͿĂƐd/&KǁĂƐĂǁŚŽůůLJŽǁŶĞĚƐƵďƐŝĚŝĂƌLJĂŶĚ ;ĐͿ KƚŚĞƌƐ͗ ` ƚŚĞĂŵĂůŐĂŵĂƟŽŶŚĂƐďĞĞŶĂĐĐŽƵŶƚĞĚƵƐŝŶŐƚŚĞ͚ƉŽŽůŝŶŐŽĨŝŶƚĞƌĞƐƚ͛ŵĞƚŚŽĚ͘KƉĞŶŝŶŐĐĂƐŚďĂůĂŶĐĞƐĂŐŐƌĞŐĂƟŶŐƚŽ Ϭ͘ϯϭĐƌŽƌĞǁĞƌĞ  DĂŶĂŐĞŵĞŶƚŝƐŐĞŶĞƌĂůůLJƵŶĂďůĞƚŽƌĞĂƐŽŶĂďůLJĞƐƟŵĂƚĞĂƌĂŶŐĞŽĨƉŽƐƐŝďůĞůŽƐƐĨŽƌƉƌŽĐĞĞĚŝŶŐƐŽƌĚŝƐƉƵƚĞƐŽƚŚĞƌƚŚĂŶƚŚŽƐĞŝŶĐůƵĚĞĚ ƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞŽŵƉĂŶLJ͘ ŝŶƚŚĞĞƐƟŵĂƚĞĂďŽǀĞ͕ŝŶĐůƵĚŝŶŐǁŚĞƌĞ͗ EŽƚĞϮϵ͗ŽŶƟŶŐĞŶƚ>ŝĂďŝůŝƟĞƐ;ƚŽƚŚĞĞdžƚĞŶƚŶŽƚƉƌŽǀŝĚĞĚĨŽƌͿĂŶĚŽŶƟŶŐĞŶƚƐƐĞƚƐ͗  ;ŝͿ ƉůĂŝŶƟīƐͬƉĂƌƟĞƐŚĂǀĞŶŽƚĐůĂŝŵĞĚĂŶĂŵŽƵŶƚŽĨŵŽŶĞLJĚĂŵĂŐĞƐ͕ƵŶůĞƐƐŵĂŶĂŐĞŵĞŶƚĐĂŶŽƚŚĞƌǁŝƐĞĚĞƚĞƌŵŝŶĞĂŶĂƉƉƌŽƉƌŝĂƚĞ dŚĞŽŵƉĂŶLJŝƐŝŶǀŽůǀĞĚŝŶĂŶƵŵďĞƌŽĨĂƉƉĞůůĂƚĞ͕ũƵĚŝĐŝĂůĂŶĚĂƌďŝƚƌĂƟŽŶƉƌŽĐĞĞĚŝŶŐƐ;ŝŶĐůƵĚŝŶŐƚŚŽƐĞĚĞƐĐƌŝďĞĚďĞůŽǁͿĐŽŶĐĞƌŶŝŶŐŵĂƩĞƌƐ ĂŵŽƵŶƚ͖ ĂƌŝƐŝŶŐŝŶƚŚĞĐŽƵƌƐĞŽĨĐŽŶĚƵĐƚŽĨƚŚĞŽŵƉĂŶLJ͛ƐďƵƐŝŶĞƐƐĞƐĂŶĚŝƐĞdžƉŽƐĞĚƚŽŽƚŚĞƌĐŽŶƟŶŐĞŶĐŝĞƐĂƌŝƐŝŶŐĨƌŽŵŚĂǀŝŶŐŝƐƐƵĞĚŐƵĂƌĂŶƚĞĞƐ ƚŽůĞŶĚĞƌƐŽĨŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚŽƚŚĞƌĞŶƟƟĞƐ͘^ŽŵĞŽĨƚŚĞƐĞƉƌŽĐĞĞĚŝŶŐƐŝŶƌĞƐƉĞĐƚŽĨŵĂƩĞƌƐƵŶĚĞƌůŝƟŐĂƟŽŶĂƌĞŝŶĞĂƌůLJƐƚĂŐĞƐ͕ĂŶĚŝŶ  ;ŝŝͿ ƚŚĞƉƌŽĐĞĞĚŝŶŐƐĂƌĞŝŶĞĂƌůLJƐƚĂŐĞƐ͖ ƐŽŵĞŽƚŚĞƌĐĂƐĞƐ͕ƚŚĞĐůĂŝŵƐĂƌĞŝŶĚĞƚĞƌŵŝŶĂƚĞ͘  ;ŝŝŝͿ ƚŚĞƌĞŝƐƵŶĐĞƌƚĂŝŶƚLJĂƐƚŽƚŚĞŽƵƚĐŽŵĞŽĨƉĞŶĚŝŶŐĂƉƉĞĂůƐŽƌŵŽƟŽŶƐŽƌŶĞŐŽƟĂƟŽŶƐ͖ĂŶĚ ;ĂͿ KŶĂĐĐŽƵŶƚŽĨŵĂƩĞƌƐŝŶĚŝƐƉƵƚĞ͗  ŵŽƵŶƚƐŝŶƌĞƐƉĞĐƚŽĨĐůĂŝŵƐ;ĞdžĐůƵĚŝŶŐŝŶƚĞƌĞƐƚĂŶĚƉĞŶĂůƟĞƐͿĂƐƐĞƌƚĞĚďLJǀĂƌŝŽƵƐƌĞǀĞŶƵĞĂƵƚŚŽƌŝƟĞƐŽŶƚŚĞŽŵƉĂŶLJ͕ŝŶƌĞƐƉĞĐƚŽĨ  ;ŝǀͿ ƚŚĞƌĞĂƌĞƐŝŐŶŝĮĐĂŶƚĨĂĐƚƵĂůŝƐƐƵĞƐƚŽďĞƌĞƐŽůǀĞĚ͖ĂŶĚͬŽƌƚŚĞƌĞĂƌĞŶŽǀĞůůĞŐĂůŝƐƐƵĞƐƉƌĞƐĞŶƚĞĚ͘ ƚĂdžĞƐ͕ĞƚĐ͕͘ǁŚŝĐŚĂƌĞŝŶĚŝƐƉƵƚĞ͕ĂƌĞĂƐƵŶĚĞƌ͗ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ   dŚĞŽŵƉĂŶLJ͛ƐŵĂŶĂŐĞŵĞŶƚĚŽĞƐŶŽƚďĞůŝĞǀĞ͕ďĂƐĞĚŽŶĐƵƌƌĞŶƚůLJĂǀĂŝůĂďůĞŝŶĨŽƌŵĂƟŽŶ͕ƚŚĂƚƚŚĞŽƵƚĐŽŵĞƐŽĨƚŚĞĂďŽǀĞŵĂƩĞƌƐ ` crores ` crores ǁŝůůŚĂǀĞĂŵĂƚĞƌŝĂůĂĚǀĞƌƐĞĞīĞĐƚŽŶƚŚĞŽŵƉĂŶLJ͛ƐĮŶĂŶĐŝĂůƉŽƐŝƟŽŶ͕ƚŚŽƵŐŚƚŚĞŽƵƚĐŽŵĞƐĐŽƵůĚďĞŵĂƚĞƌŝĂůƚŽƚŚĞŽŵƉĂŶLJ͛Ɛ /ŶĐŽŵĞƚĂdž ϭϲϲ͘ϰϭ ϭϬϵ͘Ϯϱ ŽƉĞƌĂƟŶŐƌĞƐƵůƚƐĨŽƌĂŶLJƉĂƌƟĐƵůĂƌƉĞƌŝŽĚ͕ĚĞƉĞŶĚŝŶŐ͕ŝŶƉĂƌƚ͕ƵƉŽŶƚŚĞŽƉĞƌĂƟŶŐƌĞƐƵůƚƐĨŽƌƐƵĐŚƉĞƌŝŽĚ͘/ƚŝƐŶŽƚƉƌĂĐƟĐĂďůĞĨŽƌ ŶƚĞƌƚĂŝŶŵĞŶƚƚĂdž Ϯ͘ϮϮ Ϯ͘Ϯϭ ƚŚĞŽŵƉĂŶLJƚŽĞƐƟŵĂƚĞƚŚĞƟŵŝŶŐƐŽĨĐĂƐŚŇŽǁƐ͕ŝĨĂŶLJ͕ŝŶƌĞƐƉĞĐƚŽĨƚŚĞĂďŽǀĞ͘ ^ĂůĞƐƚĂdžͬ^ƚĂƚĞsĂůƵĞĂĚĚĞĚƚĂdž ϭϵ͘ϵϲ ϭϳ͘ϰϳ ;ĚͿ <ĞLJĚĞǀĞůŽƉŵĞŶƚŝŶƌĞƐƉĞĐƚŽĨĂƉƌŽƉĞƌƚLJ͗ WƌŽƉĞƌƚLJƚĂdž ϭϰϰ͘Ϯϰ 55.95  ŌĞƌĞdžƉŝƌLJŽĨƚŚĞůŝĐĞŶƐĞƉĞƌŝŽĚŽĨdĂũDĂŚĂů,ŽƚĞů͕EĞǁĞůŚŝ͕ƚŚĞƌĞǁĂƐĂŶŽŶŐŽŝŶŐůŝƟŐĂƟŽŶďĞƚǁĞĞŶƚŚĞŽŵƉĂŶLJĂŶĚƚŚĞůŝĐĞŶƐŽƌ͕ ^ĞƌǀŝĐĞƚĂdž ϱ͘ϯϲ ϭϬ͘ϲϳ EĞǁĞůŚŝDƵŶŝĐŝƉĂůŽƵŶĐŝů;EDͿ͘KŶƉƌŝůϮϬ͕ϮϬϭϳ͕ƚŚĞ^ƵƉƌĞŵĞŽƵƌƚŚĂƐƉĞƌŵŝƩĞĚEDƚŽĐŽŶĚƵĐƚĞͲĂƵĐƟŽŶŽĨůŝĐĞŶƐĞ Others Ϯϳ͘ϯϰ ϭϲ͘ϵϵ ƌŝŐŚƚƐ͕ĂŶĚŚĂƐĂůƐŽĂůůŽǁĞĚƚŚĞŽŵƉĂŶLJƐŝdžŵŽŶƚŚƐ͛ƟŵĞƚŽŚĂŶĚŽǀĞƌƚŚĞƉƌĞŵŝƐĞƐŝŶĐĂƐĞƚŚĞŽŵƉĂŶLJŝƐƵŶƐƵĐĐĞƐƐĨƵůŝŶƚŚĞ

160 Annual Report 2017-18 161 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018 ĞͲĂƵĐƟŽŶ͘dŚĞŚŽƚĞůĂƚƚŚĞƉƌĞŵŝƐĞƐƐŚĂůůĐŽŶƟŶƵĞƚŽĐĂƌƌLJŽƵƚŝƚƐŽƉĞƌĂƟŽŶƐŝŶƚŚĞŵĞĂŶƟŵĞ͘dŚĞ^ƵƉƌĞŵĞŽƵƌƚŚĂƐĚŝƌĞĐƚĞĚƚŚĂƚĂƚ dŚĞŵŝŶŝŵƵŵĨƵƚƵƌĞůĞĂƐĞƌĞŶƚĂůƐƉĂLJĂďůĞŝŶƌĞƐƉĞĐƚŽĨŶŽŶͲĐĂŶĐĞůůĂďůĞůĞĂƐĞƐĞŶƚĞƌĞĚŝŶƚŽďLJƚŚĞŽŵƉĂŶLJƚŽƚŚĞĞdžƚĞŶƚŽĨŵŝŶŝŵƵŵ ƚŚĞƟŵĞŽĨĐŽŶĚƵĐƟŶŐƐƵĐŚĞͲĂƵĐƟŽŶ͕EDƐŚĂůůƚĂŬĞŝŶƚŽĂĐĐŽƵŶƚƚŚĞƵŶďůĞŵŝƐŚĞĚƌĞĐŽƌĚŽĨƚŚĞŽŵƉĂŶLJĂƐǁĞůůĂƐŝƚƐĐĂƉĂďŝůŝƟĞƐ͘ ŐƵĂƌĂŶƚĞĞĂŵŽƵŶƚĂƌĞĂƐĨŽůůŽǁƐ͗Ͳ EDŚĂƐďĞĞŶĚŝƌĞĐƚĞĚƚŽƚĂŬĞŝŶƚŽĂĐĐŽƵŶƚƚŚĞƐĞĨĂĐƚƐǁŚŝůĞƚĂŬŝŶŐĂĮŶĂůĚĞĐŝƐŝŽŶŝŶƚŚĞŵĂƩĞƌ͘KŶƚŚĞϵƚŚŽĨĞĐĞŵďĞƌ͕ϮϬϭϳ͕ EDƉƵďůŝƐŚĞĚĂdĞŶĚĞƌĨŽƌƚŚĞŚŽƚĞůĂŶĚůĂŶĚ͕ǁŝƚŚĐĞƌƚĂŝŶƚĞƌŵƐĂŶĚĐŽŶĚŝƟŽŶƐ͕ǀŝĚĞǁŚŝĐŚƚŚĞĂƵĐƟŽŶǁĂƐƐĐŚĞĚƵůĞĚƚŽƚĂŬĞ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ƉůĂĐĞŽŶƚŚĞϯϬƚŚŽĨ:ĂŶƵĂƌLJ͕ϮϬϭϴ͘/ŶƚĞƌĞƐƚĞĚďŝĚĚĞƌƐ͕ŝŶĐůƵĚŝŶŐƚŚĞŽŵƉĂŶLJ͕ŚĂǀĞƐƵďŵŝƩĞĚƋƵĞƌŝĞƐŽŶƚŚĞƐĂŝĚƚĞƌŵƐ͕ǁŚŝĐŚ ` crores ` crores ǁĞƌĞƐƵƉƉŽƐĞĚƚŽďĞƌĞƐƉŽŶĚĞĚŽŶƚŚĞϯƌĚŽĨ:ĂŶƵĂƌLJ͕ϮϬϭϴ͘,ŽǁĞǀĞƌ͕ƚŚĞƐĂŝĚƌĞƐƉŽŶƐĞƐǁĞƌĞŶĞǀĞƌƉƵďůŝƐŚĞĚ͕ĂƐƚŚĞĚĂƚĞƐǁĞƌĞ EŽƚůĂƚĞƌƚŚĂŶŽŶĞLJĞĂƌ ϱϳ͘ϳϬ ϱϲ͘ϵϭ ƉŽƐƚƉŽŶĞĚŝŶĚĞĮŶŝƚĞůLJ͘^ƵďƐĞƋƵĞŶƚůLJ͕ŽŶƚŚĞϮϱƚŚŽĨƉƌŝů͕ϮϬϭϴ͕ĂŶĞǁdĞŶĚĞƌŚĂƐďĞĞŶƉƵďůŝƐŚĞĚ͘dŚĞŽŵƉĂŶLJŝƐĞǀĂůƵĂƟŶŐŝƚƐ >ĂƚĞƌƚŚĂŶŽŶĞLJĞĂƌďƵƚŶŽƚůĂƚĞƌƚŚĂŶĮǀĞLJĞĂƌƐ ϮϬϬ͘ϱϰ ϮϬϵ͘ϵϰ ŽƉƟŽŶƐǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞƐĂŵĞ͘ >ĂƚĞƌƚŚĂŶĮǀĞLJĞĂƌƐ ϭϮϭϯ͘ϯϰ ϭϮϭϲ͘ϱϭ ϭϰϳϭ͘ϱϴ ϭϰϴϯ͘ϯϲ ;ĞͿ ůĂŝŵƐĮůĞĚďLJƚŚĞŽŵƉĂŶLJ͗ /ŶĂĚĚŝƟŽŶ͕ŝŶĐĞƌƚĂŝŶĐŝƌĐƵŵƐƚĂŶĐĞƐƚŚĞŽŵƉĂŶLJŝƐĐŽŵŵŝƩĞĚƚŽŵĂŬŝŶŐĂĚĚŝƟŽŶĂůůĞĂƐĞƉĂLJŵĞŶƚƐƚŚĂƚĂƌĞĐŽŶƟŶŐĞŶƚŽŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ  dŚĞŽŵƉĂŶLJŚĂƐĮůĞĚĂĐůĂŝŵĨŽƌ'ŽǀĞƌŶŵĞŶƚƐƵďƐŝĚLJǁŝƚŚƚŚĞĞƉĂƌƚŵĞŶƚŽĨ/ŶĚƵƐƚƌŝĂůWŽůŝĐLJĂŶĚWƌŽŵŽƟŽŶĨŽƌĂŶĞǁŐƌĞĞŶĮĞůĚ ǀŝnj͘ŐƌŽƐƐŽƉĞƌĂƟŶŐƉƌŽĮƚƐ͕ƌĞǀĞŶƵĞƐĞƚĐ͘ŽĨƚŚĞŚŽƚĞůƐƚŚĂƚĂƌĞďĞŝŶŐůĞĂƐĞĚ͘ ŚŽƚĞůƉƌŽũĞĐƚǁŚŝĐŚŚĂƐĐŽŵŵĞŶĐĞĚŽƉĞƌĂƟŽŶƐ͘dŚĞĐůĂŝŵŝƐŝŶƚŚĞŝŶŝƟĂůƐƚĂŐĞŽĨǀĞƌŝĮĐĂƟŽŶĂŶĚŝŶƚŚĞĂďƐĞŶĐĞŽĨƌĞĂƐŽŶĂďůĞĐĞƌƚĂŝŶƚLJ ĂƚƚŚŝƐƐƚĂŐĞŽŶƚŚĞĂŵŽƵŶƚƚŚĂƚŵĂLJďĞƵůƟŵĂƚĞůLJĂƉƉƌŽǀĞĚ͕ŶŽĚĞĨĞƌƌĞĚŝŶĐŽŵĞŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚ͘ džƉĞŶƐĞƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͗ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ EŽƚĞϯϬ͗ĂƉŝƚĂůŽŵŵŝƚŵĞŶƚƐ ` crores ` crores ƐƟŵĂƚĞĚ ĂŵŽƵŶƚ ŽĨ ĐŽŶƚƌĂĐƚƐ ƌĞŵĂŝŶŝŶŐ ƚŽ ďĞ ĞdžĞĐƵƚĞĚ ŽŶ ĐĂƉŝƚĂů ĂĐĐŽƵŶƚ ŶĞƚ ŽĨ ĐĂƉŝƚĂů ĂĚǀĂŶĐĞƐ ĂŶĚ ŶŽƚ ƉƌŽǀŝĚĞĚ ĨŽƌ ŝƐ DŝŶŝŵƵŵ>ĞĂƐĞWĂLJŵĞŶƚƐͬ&ŝdžĞĚZĞŶƚĂůƐ ϰϯ͘ϰϯ ϯϵ͘ϭϵ `ϭϬϭ͘ϲϮĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌʹ`ϲϮ͘ϰϳĐƌŽƌĞƐͿ͘ ŽŶƟŶŐĞŶƚƌĞŶƚƐΎ ϵϴ͘Ϭϲ ϭϮϳ͘ϴϳ ϭϳϯ͘ϱϴ ϭϲϳ͘Ϭϲ

EŽƚĞϯϭ͗ZŝŐŚƚƐ/ƐƐƵĞŽĨƋƵŝƚLJ^ŚĂƌĞƐ ΎĐŽŶƟŶŐĞŶƚŽŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞǀŝnj͘ŐƌŽƐƐŽƉĞƌĂƟŶŐƉƌŽĮƚƐ͕ƌĞǀĞŶƵĞƐĞƚĐ͘ŽĨƚŚĞŚŽƚĞůƐƚŚĂƚĂƌĞďĞŝŶŐůĞĂƐĞĚ͘ KŶEŽǀĞŵďĞƌϳ͕ϮϬϭϳ͕ƚŚĞŽŵƉĂŶLJĂůůŽƩĞĚϭϵ͕ϵϵ͕ϴϰ͕ϰϯϬƋƵŝƚLJ^ŚĂƌĞƐŽĨĨĂĐĞǀĂůƵĞŽĨ`ϭĞĂĐŚĨŽƌĐĂƐŚ͕ĂƚĂƉƌŝĐĞŽĨ`ϳϱƉĞƌĞƋƵŝƚLJƐŚĂƌĞ ;ŝŶĐůƵĚŝŶŐĂƉƌĞŵŝƵŵŽĨ`ϳϰƉĞƌƐŚĂƌĞͿ͕ĂŐŐƌĞŐĂƟŶŐƚŽ`ϭϰϵϵ͘ϴϴĐƌŽƌĞƐƚŽƚŚĞĞdžŝƐƟŶŐƐŚĂƌĞŚŽůĚĞƌƐŽŶĂ͞ƌŝŐŚƚƐ͟ďĂƐŝƐŝŶƚŚĞƌĂƟŽŽĨϭ EŽƚĞϯϯ͗&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐŵĞĂƐƵƌĞŵĞŶƚƐĂŶĚĚŝƐĐůŽƐƵƌĞƐ ƋƵŝƚLJ^ŚĂƌĞĨŽƌĞǀĞƌLJϱĞƋƵŝƚLJƐŚĂƌĞƐŚĞůĚďLJĞƋƵŝƚLJƐŚĂƌĞŚŽůĚĞƌƐ͘ ĂͿ &ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐďLJĐĂƚĞŐŽƌLJ͗ dŚĞĨƵŶĚƐƌĂŝƐĞĚďLJǁĂLJŽĨƌŝŐŚƚƐŝƐƐƵĞǁĞƌĞƵƟůŝƐĞĚĂƐƵŶĚĞƌ͗ ƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ ` crores FVTPL FVTOCI ŵŽƌƟƐĞĚ Total carrying cost value ŵŽƵŶƚƐƌĂŝƐĞĚƚŚƌŽƵŐŚZŝŐŚƚƐ/ƐƐƵĞ ϭϰϵϵ͘ϴϴ ` crores ` crores ` crores ` crores hƟůŝƐĂƟŽŶ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐ͗ Measured at fair value ZĞƉĂLJŵĞŶƚŽĨĞďƚƐ ϳϴϵ͘ϬϬ /ŶǀĞƐƚŵĞŶƚƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞͿ͗ /ŶǀĞƐƚŵĞŶƚŝŶĂƐƵďƐŝĚŝĂƌLJĐŽŵƉĂŶLJ ϰϴϰ͘ϬϬ ƋƵŝƚLJƐŚĂƌĞƐ Ͳ ϰϵϭ͘ϲϰ Ͳ ϰϵϭ͘ϲϰ 'ĞŶĞƌĂůĐŽƌƉŽƌĂƚĞƉƵƌƉŽƐĞƐ ϭϲϲ͘ϴϰ DƵƚƵĂůĨƵŶĚƵŶŝƚƐ ϯϬϭ͘ϰϱ Ͳ Ͳ ϯϬϭ͘ϰϱ

/ƐƐƵĞdžƉĞŶƐĞƐ ϴ͘ϰϱ ϯϬϭ͘ϰϱ ϰϵϭ͘ϲϰ - ϳϵϯ͘Ϭϵ Not measured at fair value Total ϭϰϰϴ͘Ϯϵ dƌĂĚĞZĞĐĞŝǀĂďůĞƐ Ͳ Ͳ Ϯϱϲ͘ϴϭ Ϯϱϲ͘ϴϭ hŶƵƟůŝƐĞĚŬĞƉƚŝŶ&ŝdžĞĚĞƉŽƐŝƚƐǁŝƚŚĂŶŬƐ ϱϭ͘ϱϵ ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ Ͳ Ͳ ϭϮϭ͘Ϯϴ ϭϮϭ͘Ϯϴ KƚŚĞƌĂůĂŶĐĞƐǁŝƚŚĂŶŬƐ Ͳ Ͳ ϳ͘ϳϯ ϳ͘ϳϯ EŽƚĞϯϮ͗KƉĞƌĂƟŶŐ>ĞĂƐĞƐ >ŽĂŶƐ Ͳ Ͳ Ϯϲ͘Ϭϭ Ϯϲ͘Ϭϭ dŚĞŽŵƉĂŶLJŚĂƐƚĂŬĞŶĐĞƌƚĂŝŶǀĞŚŝĐůĞƐ͕ůĂŶĚĂŶĚŝŵŵŽǀĂďůĞƉƌŽƉĞƌƟĞƐŽŶŽƉĞƌĂƟŶŐůĞĂƐĞ͘dŚĞůĞĂƐĞŽĨŚŽƚĞůƉƌŽƉĞƌƟĞƐĂƌĞŐĞŶĞƌĂůůLJ ^ĞĐƵƌŝƚLJĞƉŽƐŝƚƐ Ͳ Ͳ ϲϲ͘ϴϴ ϲϲ͘ϴϴ ůŽŶŐƚĞƌŵŝŶŶĂƚƵƌĞǁŝƚŚǀĂƌLJŝŶŐƚĞƌŵƐ͕ĞƐĐĂůĂƟŽŶĐůĂƵƐĞƐĂŶĚƌĞŶĞǁĂůƌŝŐŚƚƐĞdžƉŝƌŝŶŐǁŝƚŚŝŶĮǀĞƚŽŽŶĞŚƵŶĚƌĞĚĂŶĚŶŝŶĞƚLJĞŝŐŚƚLJĞĂƌƐ͘KŶ KƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ Ͳ Ͳ ϭϭϮ͘ϯϭ ϭϭϮ͘ϯϭ ƌĞŶĞǁĂů͕ƚŚĞƚĞƌŵƐŽĨƚŚĞůĞĂƐĞƐĂƌĞƌĞŶĞŐŽƟĂƚĞĚ͘dŚĞƚŽƚĂůůĞĂƐĞƌĞŶƚƉĂŝĚŽŶƚŚĞƐĂŵĞŝƐŝŶĐůƵĚĞĚƵŶĚĞƌZĞŶƚĂŶĚ>ŝĐĞŶĐĞ&ĞĞƐĨŽƌŵŝŶŐ Ͳ Ͳ ϱϵϭ͘ϬϮ ϱϵϭ͘ϬϮ ƉĂƌƚŽĨKƚŚĞƌdžƉĞŶƐĞƐ;ZĞĨĞƌEŽƚĞϮϲ͕&ŽŽƚŶŽƚĞ;ŝǀͿͿ͘ Total ϯϬϭ͘ϰϱ ϰϵϭ͘ϲϰ ϱϵϭ͘ϬϮ ϭϯϴϰ͘ϭϭ

162 Annual Report 2017-18 163 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018 FVTPL FVTOCI ŵŽƌƟƐĞĚ Total carrying b) Fair value hierarchy cost value  dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƉƌĞƐĞŶƚƐƚŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞŽŶĂƌĞĐƵƌƌŝŶŐďĂƐŝƐ͕ŝƚĂůƐŽŝŶĐůƵĚĞƐ ` crores ` crores ` crores ` crores ƚŚĞĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐǁŚŝĐŚĂƌĞŵĞĂƐƵƌĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚĨŽƌǁŚŝĐŚĨĂŝƌǀĂůƵĞƐĂƌĞĚŝƐĐůŽƐĞĚ͘ &ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ͗ As on DĂƌĐŚϯϭ͕ϮϬϭϴ Measured at fair value ĞƌŝǀĂƟǀĞŝŶƐƚƌƵŵĞŶƚƐ ϮϯϬ͘ϱϲ Ͳ Ͳ ϮϯϬ͘ϱϲ >ĞǀĞůϭ >ĞǀĞůϮ >ĞǀĞůϯ Total Not measured at fair value ` crores ` crores ` crores ` crores ŽƌƌŽǁŝŶŐƐ Ͳ Ͳ ϭϳϴϯ͘ϴϴ ϭϳϴϯ͘ϴϴ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐ͗ dƌĂĚĞWĂLJĂďůĞƐŝŶĐůƵĚŝŶŐƌĞĚŝƚŽƌƐĨŽƌĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞ Ͳ Ͳ Ϯϰϱ͘ϮϬ Ϯϰϱ͘ϮϬ Measured at fair value ĞƉŽƐŝƚƐ Ͳ Ͳ ϭϬϭ͘ϴϵ ϭϬϭ͘ϴϵ /ŶǀĞƐƚŵĞŶƚƐ͗ KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ Ͳ Ͳ Ϯϯϴ͘ϳϮ Ϯϯϴ͘ϳϮ ƋƵŝƚLJƐŚĂƌĞƐ ϯϬϲ͘ϰϲ Ͳ ϭϴϱ͘ϭϴ ϰϵϭ͘ϲϰ Total ϮϯϬ͘ϱϲ - Ϯϯϲϵ͘ϲϵ ϮϲϬϬ͘Ϯϱ DƵƚƵĂůĨƵŶĚƵŶŝƚƐ ϯϬϭ͘ϰϱ Ͳ Ͳ ϯϬϭ͘ϰϱ &ŽŽƚŶŽƚĞ͗ ϲϬϳ͘ϵϭ - ϭϴϱ͘ϭϴ ϳϵϯ͘Ϭϵ  dŚĞĂďŽǀĞĞdžĐůƵĚĞƐŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐ͕ũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐĂŵŽƵŶƟŶŐƚŽ`ϯϯϲϴ͘ϯϳĐƌŽƌĞƐ͘ůƐŽ͕ƌĞĨĞƌEŽƚĞEŽ͘ϰϮ Not measured at fair value (Refer Footnotes) ͲͲͲͲ ĨŽƌŐƵĂƌĂŶƚĞĞƐŐŝǀĞŶďLJƚŚĞŽŵƉĂŶLJ͘

 ƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϳ Total ϲϬϳ͘ϵϭ - ϭϴϱ͘ϭϴ ϳϵϯ͘Ϭϵ Total carrying FVTPL FVTOCI ŵŽƌƟƐĞĚĐŽƐƚ value &ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ͗ ` crores ` crores ` crores ` crores Measured at fair value &ŝŶĂŶĐŝĂůĂƐƐĞƚƐ͗ ĞƌŝǀĂƟǀĞŝŶƐƚƌƵŵĞŶƚƐ Ͳ ϮϯϬ͘ϱϲ Ͳ ϮϯϬ͘ϱϲ Measured at fair value Not measured at fair value (Refer Footnotes) /ŶǀĞƐƚŵĞŶƚƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞͿ͗ ŽƌƌŽǁŝŶŐƐ ƋƵŝƚLJƐŚĂƌĞƐ Ͳ ϰϲϬ͘ϴϯ Ͳ ϰϲϬ͘ϴϯ EŽŶŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐ Ͳ ϭϳϲϯ͘Ϯϴ Ͳ ϭϳϲϯ͘Ϯϴ DƵƚƵĂůĨƵŶĚƵŶŝƚƐ ϲϱ͘ϭϮ Ͳ Ͳ ϲϱ͘ϭϮ &ŽƌĞŝŐŶƵƌƌĞŶĐLJdĞƌŵ>ŽĂŶƐ ͲͲͲͲ >ŽĂŶƐƚŽ^ƵďƐŝĚŝĂƌLJĐŽŵƉĂŶŝĞƐ ϯϮ͘ϰϯ Ͳ Ͳ ϯϮ͘ϰϯ dĞƌŵ>ŽĂŶĨƌŽŵĂŶŬƐ Ͳ ϱϬ͘ϬϬ Ͳ ϱϬ͘ϬϬ ϵϳ͘ϱϱ ϰϲϬ͘ϴϯ - ϱϱϴ͘ϯϴ Total - ϮϬϰϯ͘ϴϰ - ϮϬϰϯ͘ϴϰ Not measured at fair value &ŽŽƚŶŽƚĞƐ͗ dƌĂĚĞZĞĐĞŝǀĂďůĞƐ Ͳ Ͳ Ϯϭϯ͘ϳϰ Ϯϭϯ͘ϳϰ ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ Ͳ Ͳ ϭϱ͘ϬϬ ϭϱ͘ϬϬ  ;ŝͿ dŚĞŽŵƉĂŶLJŚĂƐŶŽƚĚŝƐĐůŽƐĞĚƚŚĞĨĂŝƌǀĂůƵĞŽĨĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐƐƵĐŚĂƐƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐ͕ƚƌĂĚĞƉĂLJĂďůĞƐ͕ƐŚŽƌƚƚĞƌŵůŽĂŶƐ͕ KƚŚĞƌĂůĂŶĐĞƐǁŝƚŚĂŶŬƐ Ͳ Ͳ ϳ͘ϲϯ ϳ͘ϲϯ ĚĞƉŽƐŝƚƐĞƚĐ͘ďĞĐĂƵƐĞƚŚĞŝƌĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐĂƌĞĂƌĞĂƐŽŶĂďůĞĂƉƉƌŽdžŝŵĂƟŽŶŽĨĨĂŝƌǀĂůƵĞ͘ >ŽĂŶƐ Ͳ Ͳ ϱϴ͘Ϭϯ ϱϴ͘Ϭϯ  ;ŝŝͿ dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨƚŚĞďŽƌƌŽǁŝŶŐƐ;ĞdžĐůƵĚŝŶŐŶŽŶͲĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐͿƚŚĂƚĂƌĞŶŽƚŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞĂƌĞƌĞĂƐŽŶĂďůĞ ^ĞĐƵƌŝƚLJĞƉŽƐŝƚƐ Ͳ Ͳ ϲϮ͘ϳϲ ϲϮ͘ϳϲ ĂƉƉƌŽdžŝŵĂƟŽŶŽĨĨĂŝƌǀĂůƵĞ͕ĂƐƚŚĞLJĂƌĞŇŽĂƟŶŐƌĂƚĞŝŶƐƚƌƵŵĞŶƚƐƚŚĂƚĂƌĞƌĞͲƉƌŝĐĞĚƚŽŵĂƌŬĞƚŝŶƚĞƌĞƐƚƌĂƚĞƐŽŶŽƌŶĞĂƌƚŚĞĞŶĚŽĨ KƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ Ͳ Ͳ ϭϭϰ͘ϲϳ ϭϭϰ͘ϲϳ ƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͘ Ͳ Ͳ ϰϳϭ͘ϴϯ ϰϳϭ͘ϴϯ As on DĂƌĐŚϯϭ͕ϮϬϭϳ Total ϵϳ͘ϱϱ ϰϲϬ͘ϴϯ ϰϳϭ͘ϴϯ ϭϬϯϬ͘Ϯϭ &ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ͗ >ĞǀĞůϭ >ĞǀĞůϮ >ĞǀĞůϯ Total Measured at fair value ` crores ` crores ` crores ` crores ĞƌŝǀĂƟǀĞŝŶƐƚƌƵŵĞŶƚƐ Ϯϰϰ͘Ϯϳ Ͳ Ͳ Ϯϰϰ͘Ϯϳ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐ͗ Not measured at fair value Measured at fair value ŽƌƌŽǁŝŶŐƐ Ͳ Ͳ ϮϬϰϴ͘ϵϴ ϮϬϰϴ͘ϵϴ /ŶǀĞƐƚŵĞŶƚƐ͗ dƌĂĚĞWĂLJĂďůĞƐŝŶĐůƵĚŝŶŐƌĞĚŝƚŽƌƐĨŽƌĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞ Ͳ Ͳ ϮϭϮ͘ϭϳ ϮϭϮ͘ϭϳ ƋƵŝƚLJƐŚĂƌĞƐ ϮϴϬ͘ϰϰ Ͳ ϭϴϬ͘ϯϵ ϰϲϬ͘ϴϯ ĞƉŽƐŝƚƐ Ͳ Ͳ ϵϵ͘ϰϰ ϵϵ͘ϰϰ DƵƚƵĂůĨƵŶĚƵŶŝƚƐ ϲϱ͘ϭϮ Ͳ Ͳ ϲϱ͘ϭϮ KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ Ͳ Ͳ ϮϭϬ͘ϳϴ ϮϭϬ͘ϳϴ Total Ϯϰϰ͘Ϯϳ - Ϯϱϳϭ͘ϯϳ Ϯϴϭϱ͘ϲϰ >ŽĂŶƐƚŽ^ƵďƐŝĚŝĂƌLJĐŽŵƉĂŶŝĞƐ Ͳ Ͳ ϯϮ͘ϰϯ ϯϮ͘ϰϯ ϯϰϱ͘ϱϲ - ϮϭϮ͘ϴϮ ϱϱϴ͘ϯϴ &ŽŽƚŶŽƚĞ͗  dŚĞĂďŽǀĞĞdžĐůƵĚĞƐŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐ͕ũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐĂŵŽƵŶƟŶŐƚŽ`ϮϱϬϯ͘ϮϬĐƌŽƌĞƐ͘ůƐŽ͕ƌĞĨĞƌEŽƚĞŶŽ͘ϰϮ Not measured at fair value (Refer Footnotes) ͲͲͲͲ ĨŽƌŐƵĂƌĂŶƚĞĞƐŐŝǀĞŶďLJƚŚĞŽŵƉĂŶLJ͘ Total ϯϰϱ͘ϱϲ - ϮϭϮ͘ϴϮ ϱϱϴ͘ϯϴ

164 Annual Report 2017-18 165 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018 >ĞǀĞůϭ >ĞǀĞůϮ >ĞǀĞůϯ Total z ƚŚĞĨĂŝƌǀĂůƵĞŽĨŶŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐŝƐǀĂůƵĞĚƵƐŝŶŐ&/DDŐƵŝĚĞůŝŶĞƐ͖ ` crores ` crores ` crores ` crores z ƚŚĞĨĂŝƌǀĂůƵĞĨŽƌƚŚĞĐƌŽƐƐĐƵƌƌĞŶĐLJƐǁĂƉƐͬƉƌŝŶĐŝƉĂůƐǁĂƉŝƐĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐĨŽƌǁĂƌĚĞdžĐŚĂŶŐĞƌĂƚĞƐĂƚƚŚĞďĂůĂŶĐĞƐŚĞĞƚĚĂƚĞ͖ &ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ͗ Measured at fair value z ƚŚĞĨĂŝƌǀĂůƵĞŽĨĐĞƌƚĂŝŶƵŶůŝƐƚĞĚƐŚĂƌĞƐĂƌĞĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶƚŚĞŝŶĐŽŵĞĂƉƉƌŽĂĐŚŽƌƚŚĞĐŽŵƉĂƌĂďůĞŵĂƌŬĞƚĂƉƉƌŽĂĐŚ͘&Žƌ ĞƌŝǀĂƟǀĞŝŶƐƚƌƵŵĞŶƚƐ Ͳ Ϯϰϰ͘Ϯϳ Ͳ Ϯϰϰ͘Ϯϳ ƚŚĞƐĞƵŶƋƵŽƚĞĚŝŶǀĞƐƚŵĞŶƚƐĐĂƚĞŐŽƌŝƐĞĚƵŶĚĞƌ>ĞǀĞůϯ͕ƚŚĞŝƌƌĞƐƉĞĐƟǀĞĐŽƐƚŚĂƐďĞĞŶĐŽŶƐŝĚĞƌĞĚĂƐĂŶĂƉƉƌŽƉƌŝĂƚĞĞƐƟŵĂƚĞŽĨ Not measured at fair value (Refer Footnotes) ĨĂŝƌǀĂůƵĞďĞĐĂƵƐĞŽĨĂǁŝĚĞƌĂŶŐĞŽĨƉŽƐƐŝďůĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐĂŶĚĐŽƐƚƌĞƉƌĞƐĞŶƚƐƚŚĞďĞƐƚĞƐƟŵĂƚĞŽĨĨĂŝƌǀĂůƵĞǁŝƚŚŝŶ ƚŚĂƚƌĂŶŐĞ͖ ŽƌƌŽǁŝŶŐƐ EŽŶŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐ Ͳ ϭϴϰϴ͘ϱϬ Ͳ ϭϴϰϴ͘ϱϬ z ƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞƌĞŵĂŝŶŝŶŐĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŝƐĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐƚŚĞĚŝƐĐŽƵŶƚĞĚĐĂƐŚŇŽǁĂŶĂůLJƐŝƐ͘ &ŽƌĞŝŐŶƵƌƌĞŶĐLJdĞƌŵ>ŽĂŶƐ Ͳ ϮϬϰ͘ϱϮ Ͳ ϮϬϰ͘ϱϮ ĨͿ ZĞĐŽŶĐŝůŝĂƟŽŶƐŽĨůĞǀĞůϯĨĂŝƌǀĂůƵĞƐ dĞƌŵ>ŽĂŶĨƌŽŵĂŶŬƐ Ͳ ϰϵ͘ϴϴ Ͳ ϰϵ͘ϴϴ  dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐŚŽǁƐƌĞĐŽŶĐŝůŝĂƟŽŶĨƌŽŵƚŚĞŽƉĞŶŝŶŐďĂůĂŶĐĞƐƚŽĐůŽƐŝŶŐďĂůĂŶĐĞƐĨŽƌ>ĞǀĞůϯĨĂŝƌǀĂůƵĞƐ͗ Total - Ϯϯϰϳ͘ϭϳ - Ϯϯϰϳ͘ϭϳ ` crores Assets &ŽŽƚŶŽƚĞƐ͗ Equity Loans  ;ŝͿ dŚĞŽŵƉĂŶLJŚĂƐŶŽƚĚŝƐĐůŽƐĞĚƚŚĞĨĂŝƌǀĂůƵĞŽĨĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐƐƵĐŚĂƐƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐ͕ƚƌĂĚĞƉĂLJĂďůĞƐ͕ƐŚŽƌƚƚĞƌŵůŽĂŶƐ͕ Instruments ĚĞƉŽƐŝƚƐĞƚĐ͘ďĞĐĂƵƐĞƚŚĞŝƌĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐĂƌĞĂƌĞĂƐŽŶĂďůĞĂƉƉƌŽdžŝŵĂƟŽŶŽĨĨĂŝƌǀĂůƵĞ͘ ĂůĂŶĐĞĂƐĂƚƉƌŝůϭ͕ϮϬϭϲ ϭϵϬ͘ϱϭ ϭϬϱϭ͘ϵϰ ŚĂŶŐĞƐŽŶĂĐĐŽƵŶƚŽĨĨŽƌĞdžŇƵĐƚƵĂƟŽŶƐ Ͳ ϰ͘ϯϳ  ;ŝŝͿ dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨƚŚĞďŽƌƌŽǁŝŶŐƐ;ĞdžĐůƵĚŝŶŐŶŽŶͲĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐͿƚŚĂƚĂƌĞŶŽƚŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞĂƌĞƌĞĂƐŽŶĂďůĞ EĞƚĐŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞ;ƵŶƌĞĂůŝnjĞĚͿ ;ϭϬ͘ϭϮͿ Ͳ ĂƉƉƌŽdžŝŵĂƟŽŶŽĨĨĂŝƌǀĂůƵĞ͕ĂƐƚŚĞLJĂƌĞŇŽĂƟŶŐƌĂƚĞŝŶƐƚƌƵŵĞŶƚƐƚŚĂƚĂƌĞƌĞͲƉƌŝĐĞĚƚŽŵĂƌŬĞƚŝŶƚĞƌĞƐƚƌĂƚĞƐŽŶŽƌŶĞĂƌƚŚĞĞŶĚŽĨ >ŽĂŶƐŐŝǀĞŶ Ͳ ϭϯϱ͘ϭϵ ƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͘ >ŽĂŶƐƌĞƉĂŝĚ Ͳ ;ϭϲϳ͘ϵϯͿ ĐͿ &ĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJ͗ ŽŶǀĞƌƐŝŽŶŝŶƚŽƋƵŝƚLJ Ͳ ;ϵϵϭ͘ϭϰͿ  dŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJŝƐďĂƐĞĚŽŶŝŶƉƵƚƐƚŽǀĂůƵĂƟŽŶƚĞĐŚŶŝƋƵĞƐƚŚĂƚĂƌĞƵƐĞĚƚŽŵĞĂƐƵƌĞĨĂŝƌǀĂůƵĞƚŚĂƚĂƌĞĞŝƚŚĞƌŽďƐĞƌǀĂďůĞŽƌ ĂůĂŶĐĞĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϳ ϭϴϬ͘ϯϵ ϯϮ͘ϰϯ ƵŶŽďƐĞƌǀĂďůĞĂŶĚĐŽŶƐŝƐƚƐŽĨƚŚĞĨŽůůŽǁŝŶŐƚŚƌĞĞůĞǀĞůƐ͗ ŚĂŶŐĞƐŽŶĂĐĐŽƵŶƚŽĨĨŽƌĞdžŇƵĐƚƵĂƟŽŶƐ Ͳ ;Ϭ͘ϮϴͿ EĞƚĐŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞ;ƵŶƌĞĂůŝnjĞĚͿ ϰ͘ϳϵ (a) >ĞǀĞůϭ͗>ĞǀĞůϭŚŝĞƌĂƌĐŚLJŝŶĐůƵĚĞƐĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŵĞĂƐƵƌĞĚƵƐŝŶŐƋƵŽƚĞĚƉƌŝĐĞƐŝŶĂŶĂĐƟǀĞŵĂƌŬĞƚ͘dŚŝƐŝŶĐůƵĚĞƐůŝƐƚĞĚ >ŽĂŶƐŐŝǀĞŶ ͲͲ ĞƋƵŝƚLJ ŝŶƐƚƌƵŵĞŶƚƐ͕ ƚƌĂĚĞĚ ĚĞďĞŶƚƵƌĞƐ ĂŶĚ ŵƵƚƵĂů ĨƵŶĚƐ ƚŚĂƚ ŚĂǀĞ ƋƵŽƚĞĚ ƉƌŝĐĞͬ ĚĞĐůĂƌĞĚ Es͘dŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ Ăůů ĞƋƵŝƚLJ ŝŶƐƚƌƵŵĞŶƚƐ;ŝŶĐůƵĚŝŶŐĚĞďĞŶƚƵƌĞƐͿǁŚŝĐŚĂƌĞƚƌĂĚĞĚŝŶƚŚĞƐƚŽĐŬĞdžĐŚĂŶŐĞƐŝƐǀĂůƵĞĚƵƐŝŶŐƚŚĞĐůŽƐŝŶŐƉƌŝĐĞĂƐĂƚƚŚĞƌĞƉŽƌƟŶŐ >ŽĂŶƐƌĞƉĂŝĚ - ;ϯϮ͘ϭϱͿ ƉĞƌŝŽĚ͘ ĂůĂŶĐĞĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϭϴϱ͘ϭϴ Ͳ

(b) >ĞǀĞů Ϯ͗ >ĞǀĞů Ϯ ŚŝĞƌĂƌĐŚLJ ŝŶĐůƵĚĞƐ ĮŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ŶŽƚ ƚƌĂĚĞĚ ŝŶ ĂŶ ĂĐƟǀĞ ŵĂƌŬĞƚ ;ĨŽƌ ĞdžĂŵƉůĞ͕ ƚƌĂĚĞĚ ďŽŶĚƐͬ EŽƚĞϯϰ͗&ŝŶĂŶĐŝĂůƌŝƐŬŵĂŶĂŐĞŵĞŶƚ ĚĞďĞŶƚƵƌĞƐ͕ŽǀĞƌƚŚĞĐŽƵŶƚĞƌĚĞƌŝǀĂƟǀĞƐͿ͘dŚĞĨĂŝƌǀĂůƵĞŝŶƚŚŝƐŚŝĞƌĂƌĐŚLJŝƐĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐǀĂůƵĂƟŽŶƚĞĐŚŶŝƋƵĞƐǁŚŝĐŚŵĂdžŝŵŝnjĞ Risk management framework ƚŚĞƵƐĞŽĨŽďƐĞƌǀĂďůĞŵĂƌŬĞƚĚĂƚĂĂŶĚƌĞůLJĂƐůŝƩůĞĂƐƉŽƐƐŝďůĞŽŶĞŶƟƚLJͲƐƉĞĐŝĮĐĞƐƟŵĂƚĞƐ͘/ĨĂůůƐŝŐŶŝĮĐĂŶƚŝŶƉƵƚƐƌĞƋƵŝƌĞĚƚŽĨĂŝƌ ǀĂůƵĞĂŶŝŶƐƚƌƵŵĞŶƚĂƌĞŽďƐĞƌǀĂďůĞ͕ƚŚĞŝŶƐƚƌƵŵĞŶƚŝƐŝŶĐůƵĚĞĚŝŶůĞǀĞůϮ͘ dŚĞŽŵƉĂŶLJ͛ƐŽĂƌĚŽĨŝƌĞĐƚŽƌƐŚĂƐƚŚĞŽǀĞƌĂůůƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƚŚĞĞƐƚĂďůŝƐŚŵĞŶƚĂŶĚŽǀĞƌƐŝŐŚƚŽĨƚŚĞŽŵƉĂŶLJ͛ƐƌŝƐŬŵĂŶĂŐĞŵĞŶƚ ĨƌĂŵĞǁŽƌŬ͘dŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŚĂƐĞƐƚĂďůŝƐŚĞĚĂZŝƐŬDĂŶĂŐĞŵĞŶƚŽŵŵŝƩĞĞ͕ǁŚŝĐŚŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞǀĞůŽƉŝŶŐĂŶĚŵŽŶŝƚŽƌŝŶŐƚŚĞ (c) >ĞǀĞůϯ͗/ĨŽŶĞŽƌŵŽƌĞŽĨƚŚĞƐŝŐŶŝĮĐĂŶƚ/ŶƉƵƚƐŝƐŶŽƚďĂƐĞĚŽŶŽďƐĞƌǀĂďůĞŵĂƌŬĞƚĚĂƚĂ͕ƚŚĞŝŶƐƚƌƵŵĞŶƚŝƐŝŶĐůƵĚĞĚŝŶůĞǀĞůϯ͘&Ăŝƌ ŽŵƉĂŶLJ͛ƐƌŝƐŬŵĂŶĂŐĞŵĞŶƚƉŽůŝĐŝĞƐ͘dŚĞŽŵŵŝƩĞĞƌĞƉŽƌƚƐƌĞŐƵůĂƌůLJƚŽƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽŶŝƚƐĂĐƟǀŝƟĞƐ͘ ǀĂůƵĞƐĂƌĞĚĞƚĞƌŵŝŶĞĚŝŶǁŚŽůĞŽƌŝŶƉĂƌƚƵƐŝŶŐĂǀĂůƵĂƟŽŶŵŽĚĞůďĂƐĞĚŽŶĂƐƐƵŵƉƟŽŶƐƚŚĂƚĂƌĞŶĞŝƚŚĞƌƐƵƉƉŽƌƚĞĚďLJƉƌŝĐĞƐ ĨƌŽŵŽďƐĞƌǀĂďůĞĐƵƌƌĞŶƚŵĂƌŬĞƚƚƌĂŶƐĂĐƟŽŶƐŝŶƚŚĞƐĂŵĞŝŶƐƚƌƵŵĞŶƚŶŽƌĂƌĞƚŚĞLJďĂƐĞĚŽŶĂǀĂŝůĂďůĞŵĂƌŬĞƚĚĂƚĂ͘&ŝŶĂŶĐŝĂů dŚĞŽŵƉĂŶLJ͛ƐƌŝƐŬŵĂŶĂŐĞŵĞŶƚƉŽůŝĐŝĞƐĂƌĞĞƐƚĂďůŝƐŚĞĚƚŽŝĚĞŶƟĨLJĂŶĚĂŶĂůLJƐĞƚŚĞƌŝƐŬĨĂĐĞĚďLJƚŚĞŽŵƉĂŶLJ͕ƚŽƐĞƚĂƉƉƌŽƉƌŝĂƚĞƌŝƐŬůŝŵŝƚƐ ŝŶƐƚƌƵŵĞŶƚƐƐƵĐŚĂƐƵŶůŝƐƚĞĚĞƋƵŝƚLJƐŚĂƌĞƐ͕ůŽĂŶƐĂƌĞŝŶĐůƵĚĞĚŝŶƚŚŝƐŚŝĞƌĂƌĐŚLJ͘ ĂŶĚĐŽŶƚƌŽůƐĂŶĚƚŽŵŽŶŝƚŽƌƌŝƐŬƐĂŶĚĂĚŚĞƌĞŶĐĞƚŽůŝŵŝƚƐ͘ZŝƐŬŵĂŶĂŐĞŵĞŶƚƉŽůŝĐŝĞƐĂŶĚƐLJƐƚĞŵƐĂƌĞƌĞǀŝĞǁĞĚƌĞŐƵůĂƌůLJƚŽƌĞŇĞĐƚĐŚĂŶŐĞƐŝŶ ŵĂƌŬĞƚĐŽŶĚŝƟŽŶƐĂŶĚƚŚĞŽŵƉĂŶLJ͛ƐĂĐƟǀŝƟĞƐ͘dŚĞŽŵƉĂŶLJ͛ƐƵĚŝƚŽŵŵŝƩĞĞŽǀĞƌƐĞĞƐŚŽǁŵĂŶĂŐĞŵĞŶƚŵŽŶŝƚŽƌƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞ ĚͿ /ŶƚĞƌůĞǀĞůƚƌĂŶƐĨĞƌƐ͗ ŽŵƉĂŶLJ͛ƐƌŝƐŬŵĂŶĂŐĞŵĞŶƚƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐ͕ĂŶĚƌĞǀŝĞǁƐƚŚĞĂĚĞƋƵĂĐLJŽĨƚŚĞƌŝƐŬŵĂŶĂŐĞŵĞŶƚĨƌĂŵĞǁŽƌŬŝŶƌĞůĂƟŽŶƚŽƚŚĞƌŝƐŬƐ  dŚĞƌĞĂƌĞŶŽƚƌĂŶƐĨĞƌƐďĞƚǁĞĞŶůĞǀĞůƐϭĂŶĚϮĂƐĂůƐŽďĞƚǁĞĞŶůĞǀĞůƐϮĂŶĚϯĚƵƌŝŶŐƚŚĞLJĞĂƌ͘ ĨĂĐĞĚďLJƚŚĞŽŵƉĂŶLJ͘dŚĞƵĚŝƚŽŵŵŝƩĞĞŝƐĂƐƐŝƐƚĞĚŝŶŝƚƐŽǀĞƌƐŝŐŚƚƌŽůĞďLJƚŚĞŝŶƚĞƌŶĂůĂƵĚŝƚƚĞĂŵ͘dŚĞŝŶƚĞƌŶĂůĂƵĚŝƚƚĞĂŵƵŶĚĞƌƚĂŬĞƐ ďŽƚŚƌĞŐƵůĂƌĂŶĚĂĚŚŽĐƌĞǀŝĞǁƐŽĨƌŝƐŬŵĂŶĂŐĞŵĞŶƚĐŽŶƚƌŽůƐĂŶĚƉƌŽĐĞĚƵƌĞƐ͕ƚŚĞƌĞƐƵůƚƐŽĨǁŚŝĐŚĂƌĞƌĞƉŽƌƚĞĚƚŽƚŚĞĂƵĚŝƚĐŽŵŵŝƩĞĞ͘ ĞͿ sĂůƵĂƟŽŶƚĞĐŚŶŝƋƵĞƵƐĞĚƚŽĚĞƚĞƌŵŝŶĞĨĂŝƌǀĂůƵĞ  ^ƉĞĐŝĮĐǀĂůƵĂƟŽŶƚĞĐŚŶŝƋƵĞƐƵƐĞĚƚŽǀĂůƵĞĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŝŶĐůƵĚĞ͗ dŚĞŽŵƉĂŶLJŚĂƐĞdžƉŽƐƵƌĞƚŽƚŚĞĨŽůůŽǁŝŶŐƌŝƐŬƐĂƌŝƐŝŶŐĨƌŽŵĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͗ ƒ ƌĞĚŝƚƌŝƐŬ͖ z ƚŚĞƵƐĞŽĨƋƵŽƚĞĚŵĂƌŬĞƚƉƌŝĐĞƐĨŽƌƚŚĞĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐ͖ ƒ >ŝƋƵŝĚŝƚLJƌŝƐŬ͖ z ƚŚĞĨĂŝƌǀĂůƵĞŽĨŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉƐŝƐĐĂůĐƵůĂƚĞĚĂƐƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĞƐƟŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚŇŽǁƐďĂƐĞĚŽŶŽďƐĞƌǀĂďůĞLJŝĞůĚ ƒ DĂƌŬĞƚƌŝƐŬ ĐƵƌǀĞƐ͖

166 Annual Report 2017-18 167 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018 a) Credit risk  ŝŝͿ DĂƚƵƌŝƟĞƐŽĨĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ  ƌĞĚŝƚƌŝƐŬĂƌŝƐĞƐĨƌŽŵƚŚĞƉŽƐƐŝďŝůŝƚLJƚŚĂƚĐƵƐƚŽŵĞƌƐŽƌĐŽƵŶƚĞƌƉĂƌƚLJƚŽĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŵĂLJŶŽƚďĞĂďůĞƚŽŵĞĞƚƚŚĞŝƌŽďůŝŐĂƟŽŶƐ͘   dŚĞĨŽůůŽǁŝŶŐĂƌĞƚŚĞƌĞŵĂŝŶŝŶŐĐŽŶƚƌĂĐƚƵĂůŵĂƚƵƌŝƟĞƐŽĨĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐĂƚƚŚĞƌĞƉŽƌƟŶŐĚĂƚĞ͘dŚĞĂŵŽƵŶƚƐĂƌĞŐƌŽƐƐĂŶĚ dŽŵĂŶĂŐĞƚŚŝƐ͕ƚŚĞŽŵƉĂŶLJƉĞƌŝŽĚŝĐĂůůLJĂƐƐĞƐƐĞƐƚŚĞĮŶĂŶĐŝĂůƌĞůŝĂďŝůŝƚLJŽĨĐƵƐƚŽŵĞƌƐ͕ƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƚŚĞĮŶĂŶĐŝĂůĐŽŶĚŝƟŽŶ͕ ƵŶĚŝƐĐŽƵŶƚĞĚ͕ĂŶĚŝŶĐůƵĚĞĐŽŶƚƌĂĐƚƵĂůƌĞĚĞŵƉƟŽŶƉƌĞŵŝƵŵƉĂLJŵĞŶƚƐŽŶůŽǁĐŽƵƉŽŶĚĞďĞŶƚƵƌĞƐ͘ ĐƵƌƌĞŶƚĞĐŽŶŽŵŝĐƚƌĞŶĚƐ͕ĂŶĂůLJƐŝƐŽĨŚŝƐƚŽƌŝĐĂůďĂĚĚĞďƚƐĂŶĚĂŐĞŝŶŐŽĨĂĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ͘ƌĞĚŝƚƌŝƐŬƐĂƌŝƐĞƐĨƌŽŵĐĂƐŚĂŶĚĐĂƐŚ DĂƌĐŚϯϭ͕ϮϬϭϴ ƵĞŝŶϭƐƚLJĞĂƌ ƵĞŝŶϮŶĚLJĞĂƌ ƵĞŝŶϯƌĚƚŽ ƵĞĂŌĞƌ Total ĞƋƵŝǀĂůĞŶƚƐ͕ĚĞƉŽƐŝƚƐǁŝƚŚďĂŶŬƐ͕ĮŶĂŶĐŝĂůŝŶƐƟƚƵƟŽŶƐĂŶĚŽƚŚĞƌƐ͕ĂƐǁĞůůĂƐĐƌĞĚŝƚĞdžƉŽƐƵƌĞƐƚŽĐƵƐƚŽŵĞƌƐ͕ŝŶĐůƵĚŝŶŐŽƵƚƐƚĂŶĚŝŶŐ 5th year 5th year ƌĞĐĞŝǀĂďůĞƐ͘ ` crores ` crores ` crores ` crores ` crores EŽŶͲĚĞƌŝǀĂƟǀĞĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ͗  dŚĞŽŵƉĂŶLJ͛ƐƉŽůŝĐLJŝƐƚŽƉůĂĐĞĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂŶĚƐŚŽƌƚƚĞƌŵĚĞƉŽƐŝƚƐǁŝƚŚƌĞƉƵƚĂďůĞďĂŶŬƐĂŶĚĮŶĂŶĐŝĂůŝŶƐƟƚƵƟŽŶƐ͘ ŽƌƌŽǁŝŶŐƐ;ŝŶĐůƵĚŝŶŐƌĞĚĞŵƉƟŽŶ ϱϬ͘ϬϬ ϱϲϬ͘ϴϰ ϭϮϰϱ͘ϬϬ ϰ͘Ϭϰ ϭϴϱϵ͘ϴϴ ƉƌĞŵŝƵŵͿ  dŚĞŽŵƉĂŶLJŚĂƐĞƐƚĂďůŝƐŚĞĚĂĐƌĞĚŝƚƉŽůŝĐLJƵŶĚĞƌǁŚŝĐŚĞĂĐŚŶĞǁĐƵƐƚŽŵĞƌŝƐĂŶĂůLJƐĞĚŝŶĚŝǀŝĚƵĂůůLJĨŽƌĐƌĞĚŝƚǁŽƌƚŚŝŶĞƐƐďĞĨŽƌĞ dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ ϮϬϴ͘ϬϮ Ͳ Ͳ Ͳ ϮϬϴ͘ϬϮ ĞŶƚĞƌŝŶŐŝŶƚŽĐŽŶƚƌĂĐƚ͘ƌĞĚŝƚůŝŵŝƚƐĂƌĞĞƐƚĂďůŝƐŚĞĚĨŽƌĞĂĐŚĐƵƐƚŽŵĞƌ͕ƌĞǀŝĞǁĞĚƌĞŐƵůĂƌůLJĂŶĚĂŶLJƐĂůĞƐĞdžĐĞĞĚŝŶŐƚŚŽƐĞůŝŵŝƚƐƌĞƋƵŝƌĞ /ŶƚĞƌĞƐƚŽŶƚŚĞďŽƌƌŽǁŝŶŐƐ ϭϭϴ͘ϳϬ ϭϭϯ͘ϭϳ ϭϲϮ͘ϲϱ Ͳ ϯϵϰ͘ϱϮ ĂƉƉƌŽǀĂůĨƌŽŵƚŚĞĂƉƉƌŽƉƌŝĂƚĞĂƵƚŚŽƌŝƚLJ͘dŚĞƌĞĂƌĞŶŽƐŝŐŶŝĮĐĂŶƚĐŽŶĐĞŶƚƌĂƟŽŶƐŽĨĐƌĞĚŝƚƌŝƐŬǁŝƚŚŝŶƚŚĞŽŵƉĂŶLJ͘ KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϯϬϯ͘ϵϴ ϴ͘Ϯϴ Ϭ͘ϱϱ ϭϬ͘ϰϲ ϯϮϯ͘Ϯϳ Total ϲϴϬ͘ϳϬ ϲϴϮ͘Ϯϵ ϭϰϬϴ͘ϮϬ ϭϰ͘ϱϬ Ϯϳϴϱ͘ϲϵ b) Liquidity risk ĞƌŝǀĂƟǀĞĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ - ϭϬϰ͘ϴϭ ϭϮϱ͘ϳϱ - ϮϯϬ͘ϱϲ  >ŝƋƵŝĚŝƚLJƌŝƐŬŝƐƚŚĞƌŝƐŬƚŚĂƚƚŚĞŽŵƉĂŶLJǁŝůůĞŶĐŽƵŶƚĞƌĚŝĸĐƵůƚLJŝŶŵĞĞƟŶŐƚŚĞŽďůŝŐĂƟŽŶƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŝƚƐĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐƚŚĂƚ ĂƌĞƐĞƩůĞĚďLJĚĞůŝǀĞƌŝŶŐĐĂƐŚŽƌĂŶŽƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚ͘dŚĞŽŵƉĂŶLJ͛ƐĂƉƉƌŽĂĐŚƚŽŵĂŶĂŐŝŶŐůŝƋƵŝĚŝƚLJŝƐƚŽĞŶƐƵƌĞ͕ĂƐĨĂƌĂƐƉŽƐƐŝďůĞ͕ Financial guarantee contracts ϮϬ͘ϵϱ ϯϬ͘Ϯϲ ϮϬϭ͘ϲϳ - ϮϱϮ͘ϴϴ ƚŚĂƚŝƚǁŝůůŚĂǀĞƐƵĸĐŝĞŶƚůŝƋƵŝĚŝƚLJ ƚŽŵĞĞƚŝƚƐůŝĂďŝůŝƟĞƐ ǁŚĞŶƚŚĞLJĂƌĞĚƵĞ͕ƵŶĚĞƌďŽƚŚŶŽƌŵĂůĂŶĚƐƚƌĞƐƐĞĚĐŽŶĚŝƟŽŶƐ͕ǁŝƚŚŽƵƚ ŝŶĐƵƌƌŝŶŐƵŶĂĐĐĞƉƚĂďůĞůŽƐƐĞƐŽƌƌŝƐŬŝŶŐĚĂŵĂŐĞƚŽŽŵƉĂŶLJ͛ƐƌĞƉƵƚĂƟŽŶ͘ dŽƚĂůĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϳϬϭ͘ϲϱ ϴϭϳ͘ϯϲ ϭϳϯϱ͘ϲϮ ϭϰ͘ϱϬ ϯϮϲϵ͘ϭϯ

 DĂŶĂŐĞŵĞŶƚŵŽŶŝƚŽƌƐƌŽůůŝŶŐĨŽƌĞĐĂƐƚƐŽĨƚŚĞŽŵƉĂŶLJ͛ƐůŝƋƵŝĚŝƚLJƉŽƐŝƟŽŶĂŶĚĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐŽŶƚŚĞďĂƐŝƐŽĨĞdžƉĞĐƚĞĚ DĂƌĐŚϯϭ͕ϮϬϭϳ ƵĞŝŶϭƐƚLJĞĂƌ ƵĞŝŶϮŶĚLJĞĂƌ ƵĞŝŶϯƌĚƚŽ ƵĞĂŌĞƌ Total ĐĂƐŚŇŽǁƐƚŽĞŶƐƵƌĞŝƚŚĂƐƐƵĸĐŝĞŶƚĐĂƐŚƚŽŵĞĞƚŽƉĞƌĂƟŽŶĂůŶĞĞĚƐǁŚŝůĞŵĂŝŶƚĂŝŶŝŶŐƐƵĸĐŝĞŶƚŚĞĂĚƌŽŽŵŽŶŝƚƐƵŶĚƌĂǁŶĐŽŵŵŝƩĞĚ 5th year 5th year ` crores ` crores ` crores ` crores ` crores ďŽƌƌŽǁŝŶŐĨĂĐŝůŝƟĞƐĂƚĂůůƟŵĞƐƐŽƚŚĂƚƚŚĞŽŵƉĂŶLJĚŽĞƐŶŽƚďƌĞĂĐŚďŽƌƌŽǁŝŶŐůŝŵŝƚƐŽƌĐŽǀĞŶĂŶƚƐŽŶĂŶLJŽĨŝƚƐďŽƌƌŽǁŝŶŐĨĂĐŝůŝƟĞƐ͕ EŽŶͲĚĞƌŝǀĂƟǀĞĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ͗ ^ƵĐŚĨŽƌĞĐĂƐƟŶŐƚĂŬĞƐŝŶƚŽĐŽŶƐŝĚĞƌĂƟŽŶƚŚĞŽŵƉĂŶLJ͛ƐĚĞďƚĮŶĂŶĐŝŶŐƉůĂŶƐ͕ĐŽǀĞŶĂŶƚĐŽŵƉůŝĂŶĐĞĂŶĚĐŽŵƉůŝĂŶĐĞǁŝƚŚŝŶƚĞƌŶĂů ŽƌƌŽǁŝŶŐƐ;ŝŶĐůƵĚŝŶŐƌĞĚĞŵƉƟŽŶ ϱϱϱ͘ϴϯ Ͳ ϭϭϭϬ͘ϴϰ ϰϵϵ͘ϬϮ Ϯϭϲϱ͘ϲϵ ƐƚĂƚĞŵĞŶƚŽĨĮŶĂŶĐŝĂůƉŽƐŝƟŽŶƌĂƟŽƚĂƌŐĞƚƐ͘ ƉƌĞŵŝƵŵͿ dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ ϭϳϳ͘ϭϵ Ͳ Ͳ Ͳ ϭϳϳ͘ϭϵ i) Financing arrangements /ŶƚĞƌĞƐƚŽŶƚŚĞďŽƌƌŽǁŝŶŐƐ ϭϬϳ͘ϭϳ ϵϵ͘Ϭϯ Ϯϱϳ͘ϲϴ ϭ͘ϲϬ ϰϲϱ͘ϰϴ   dŚĞŽŵƉĂŶLJŚĂĚĂĐĐĞƐƐƚŽƚŚĞĨŽůůŽǁŝŶŐƵŶĚƌĂǁŶďŽƌƌŽǁŝŶŐĨĂĐŝůŝƟĞƐĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͗ KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ Ϯϴϰ͘Ϭϵ ϭ͘ϳϱ ϰ͘ϯϳ ϭϬ͘ϰϱ ϯϬϬ͘ϲϲ Total ϭϭϮϰ͘Ϯϴ ϭϬϬ͘ϳϴ ϭϯϳϮ͘ϴϵ ϱϭϭ͘Ϭϳ ϯϭϬϵ͘ϬϮ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores ĞƌŝǀĂƟǀĞĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ - -Ϯϰϰ͘ϯϴ - Ϯϰϰ͘ϯϴ džƉŝƌŝŶŐǁŝƚŚŝŶŽŶĞLJĞĂƌ͗ ĂŶŬŽǀĞƌĚƌĂŌ ϴϬ͘ϬϬ ϴϬ͘ϬϬ Financial guarantee contracts ϰϬ͘ϰϲ ϴ͘ϬϮ ϭϬϴ͘Ϯϳ ϭϰϭ͘Ϯϰ Ϯϵϳ͘ϵϵ ĂŶŬ>ŽĂŶƐ Ͳ ϭϬϬ͘ϬϬ dŽƚĂůĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϭϭϲϰ͘ϳϰ ϭϬϴ͘ϴϬ ϭϳϮϱ͘ϱϰ ϲϱϮ͘ϯϭ ϯϲϱϭ͘ϯϵ džƉŝƌŝŶŐďĞLJŽŶĚŽŶĞLJĞĂƌ Ͳ Ͳ Total ϴϬ͘ϬϬ ϭϴϬ͘ϬϬ iii) Capital Risk Management   dŚĞŽŵƉĂŶLJŵĂŶĂŐĞƐŝƚƐĐĂƉŝƚĂůƚŽĞŶƐƵƌĞƚŚĂƚŝƚǁŝůůďĞĂďůĞƚŽĐŽŶƟŶƵĞĂƐĂŐŽŝŶŐĐŽŶĐĞƌŶ͘dŚĞƐƚƌƵĐƚƵƌĞŝƐŵĂŶĂŐĞĚƚŽ  dŚĞďĂŶŬŽǀĞƌĚƌĂŌĨĂĐŝůŝƟĞƐŵĂLJďĞĚƌĂǁŶĂƚĂŶLJƟŵĞďLJƚŚĞŽŵƉĂŶLJ͘dŚĞƌĞǁĞƌĞŶŽďĂŶŬůŽĂŶĨĂĐŝůŝƟĞƐĂǀĂŝůĂďůĞĂƐŽŶDĂƌĐŚϯϭ͕ ŵĂŝŶƚĂŝŶĂŶŝŶǀĞƐƚŵĞŶƚŐƌĂĚĞĐƌĞĚŝƚƌĂƟŶŐ͕ƚŽƉƌŽǀŝĚĞŽŶŐŽŝŶŐƌĞƚƵƌŶƐƚŽƐŚĂƌĞŚŽůĚĞƌƐĂŶĚƚŽƐĞƌǀŝĐĞĚĞďƚŽďůŝŐĂƟŽŶƐ͕ǁŚŝůƐƚ ϮϬϭϴ;WƌĞǀŝŽƵƐzĞĂƌͲƚŚĞďĂŶŬůŽĂŶĨĂĐŝůŝƟĞƐǁĞƌĞĂǀĂŝůĂďůĞƵƉƚŽ:ƵůLJϯϭ͕ϮϬϭϳĂŶĚŚĂĚĂŵĂƚƵƌŝƚLJŽĨϭϴŵŽŶƚŚƐĨƌŽŵĚƌĂǁĚŽǁŶͿ͘ ŵĂŝŶƚĂŝŶŝŶŐŵĂdžŝŵƵŵŽƉĞƌĂƟŽŶĂůŇĞdžŝďŝůŝƚLJ͘

  dŚĞďƌĞĂŬƵƉŽĨƚŚĞďŽƌƌŽǁŝŶŐƐŝŶƚŽĮdžĞĚĂŶĚŇŽĂƟŶŐŝŶƚĞƌĞƐƚƌĂƚĞƐŝƐĂƐĨŽůůŽǁƐ͗   ŽŶƐŝƐƚĞŶƚǁŝƚŚŽƚŚĞƌƐŝŶƚŚĞŝŶĚƵƐƚƌLJ͕ƚŚĞŽŵƉĂŶLJŵŽŶŝƚŽƌƐĐĂƉŝƚĂůŽŶƚŚĞďĂƐŝƐŽĨƚŚĞŐĞĂƌŝŶŐƌĂƟŽ͘dŚŝƐƌĂƟŽŝƐĐĂůĐƵůĂƚĞĚĂƐ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ŶĞƚĚĞďƚĚŝǀŝĚĞĚďLJƋƵŝƚLJ͘EĞƚĚĞďƚŝƐĐĂůĐƵůĂƚĞĚĂƐƚŽƚĂůďŽƌƌŽǁŝŶŐƐ;ŝŶĐůƵĚŝŶŐ͚ĐƵƌƌĞŶƚĂŶĚŶŽŶͲĐƵƌƌĞŶƚƚĞƌŵůŽĂŶƐ͛ĂƐƐŚŽǁŶŝŶ ` crores ` crores ƚŚĞďĂůĂŶĐĞƐŚĞĞƚͿůĞƐƐĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ͘ &ŝdžĞĚŝŶƚĞƌĞƐƚƌĂƚĞ ϭϳϯϯ͘ϴϴ ϭϵϮϯ͘ϲϮ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ Note &ůŽĂƟŶŐŝŶƚĞƌĞƐƚƌĂƚĞ ϱϬ͘ϬϬ ϭϮϱ͘ϯϲ ` crores ` crores Borrowings ϭϱ ϭϳϴϯ͘ϴϴ ϮϬϰϴ͘ϵϴ Total ϭϳϴϯ͘ϴϴ ϮϬϰϴ͘ϵϴ >ĞƐƐ͗ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ 11 ϭϮϭ͘Ϯϴ ϭϱ͘ϬϬ >ĞƐƐ͗ƵƌƌĞŶƚ/ŶǀĞƐƚŵĞŶƚƐ ϱ;ďͿ ϯϬϭ͘ϰϱ ϲϱ͘ϭϮ Net debt ϭϯϲϭ͘ϭϱ ϭϵϲϴ͘ϴϲ ƋƵŝƚLJ ϭϯͬϭϰ ϰϯϵϯ͘ϵϲ Ϯϳϲϳ͘ϮϬ 'ĞĂƌŝŶŐƌĂƟŽ Ϭ͘ϯϭ Ϭ͘ϳϭ

168 Annual Report 2017-18 169 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018 c) Market risk ii) Interest rate risk

 DĂƌŬĞƚƌŝƐŬŝƐƚŚĞƌŝƐŬƚŚĂƚƚŚĞĐŚĂŶŐĞƐŝŶŵĂƌŬĞƚƉƌŝĐĞƐƐƵĐŚĂƐĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞƐ͕ŝŶƚĞƌĞƐƚƌĂƚĞƐĂŶĚĞƋƵŝƚLJƉƌŝĐĞƐǁŝůůĂīĞĐƚƚŚĞ   dŚĞŽŵƉĂŶLJĂĚŽƉƚƐĂƉŽůŝĐLJƚŽŚĞĚŐĞƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞŵŽǀĞŵĞŶƚŝŶŽƌĚĞƌƚŽŵŝƟŐĂƚĞƚŚĞƌŝƐŬǁŝƚŚƌĞŐĂƌĚƐƚŽŇŽĂƟŶŐƌĂƚĞůŝŶŬĞĚ ŽŵƉĂŶLJ͛ƐŝŶĐŽŵĞŽƌƚŚĞǀĂůƵĞŽĨŝƚƐŚŽůĚŝŶŐƐŽĨĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͘dŚĞŽďũĞĐƟǀĞŽĨŵĂƌŬĞƚƌŝƐŬŵĂŶĂŐĞŵĞŶƚŝƐƚŽŵĂŶĂŐĞĂŶĚ ůŽĂŶƐďĂƐĞĚŽŶƚŚĞŵĂƌŬĞƚŽƵƚůŽŽŬŽŶŝŶƚĞƌĞƐƚƌĂƚĞƐ͘dŚŝƐŝƐĂĐŚŝĞǀĞĚƉĂƌƚůLJďLJĞŶƚĞƌŝŶŐŝŶƚŽĮdžĞĚƌĂƚĞŝŶƐƚƌƵŵĞŶƚƐĂŶĚƉĂƌƚůLJďLJ ĐŽŶƚƌŽůŵĂƌŬĞƚƌŝƐŬĞdžƉŽƐƵƌĞƐǁŝƚŚŝŶĂĐĐĞƉƚĂďůĞƉĂƌĂŵĞƚĞƌƐ͕ǁŚŝůĞŽƉƟŵŝƐŝŶŐƚŚĞƌĞƚƵƌŶ͘ ďŽƌƌŽǁŝŶŐĂƚĂŇŽĂƟŶŐƌĂƚĞĂŶĚƵƐŝŶŐŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉƐĂƐŚĞĚŐĞƐŽĨƚŚĞǀĂƌŝĂďŝůŝƚLJŝŶĐĂƐŚŇŽǁƐĂƩƌŝďƵƚĂďůĞƚŽŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ͘

 dŚĞŽŵƉĂŶLJƵƐĞƐĚĞƌŝǀĂƟǀĞƐƚŽŵĂŶĂŐĞŝƚƐĞdžƉŽƐƵƌĞƚŽĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJƌŝƐŬĂŶĚŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ͘ůůƐƵĐŚƚƌĂŶƐĂĐƟŽŶƐĂƌĞĐĂƌƌŝĞĚ   dŚĞƚŽƚĂůďŽƌƌŽǁŝŶŐĂƚǀĂƌŝĂďůĞƌĂƚĞǁĂƐ`ϱϬ͘ϬϬĐƌŽƌĞƐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ;WƌĞǀŝŽƵƐzĞĂƌͲ`ϭϮϱ͘ϯϲĐƌŽƌĞƐͿ͘dŚĞĐĂƌƌLJŝŶŐǀĂůƵĞ ŽƵƚǁŝƚŚŝŶƚŚĞŐƵŝĚĞůŝŶĞƐƐĞƚďLJƚŚĞƌŝƐŬŵĂŶĂŐĞŵĞŶƚĐŽŵŵŝƩĞĞ͘ ŽĨƚŚĞůŽŶŐƚĞƌŵĚĞďƚĂƉƉƌŽdžŝŵĂƚĞƐĨĂŝƌǀĂůƵĞƐŝŶĐĞƚŚĞĐƵƌƌĞŶƚŝŶƚĞƌĞƐƚƌĂƚĞĂƉƉƌŽdžŝŵĂƚĞƐƚŚĞŵĂƌŬĞƚƌĂƚĞ͘

i) Foreign Currency risk iii) Other market price risks   dŚĞƉƌĞĚŽŵŝŶĂŶƚĐƵƌƌĞŶĐLJŽĨƚŚĞŽŵƉĂŶLJ͛ƐƌĞǀĞŶƵĞĂŶĚŽƉĞƌĂƟŶŐĐĂƐŚŇŽǁƐŝƐ/ŶĚŝĂŶZƵƉĞĞ;/EZͿ͘dŚĞŽŵƉĂŶLJ͛ƐƌĞƉŽƌƚĞĚ   dŚĞŽŵƉĂŶLJ͛ƐĞdžƉŽƐƵƌĞƚŽĞƋƵŝƚLJƐĞĐƵƌŝƟĞƐƉƌŝĐĞƌŝƐŬĂƌŝƐĞƐĨƌŽŵŝŶǀĞƐƚŵĞŶƚƐŚĞůĚďLJƚŚĞŽŵƉĂŶLJĂŶĚĐůĂƐƐŝĮĞĚŝŶƚŚĞďĂůĂŶĐĞ ĚĞďƚŚĂƐĂŶĞdžƉŽƐƵƌĞƚŽďŽƌƌŽǁŝŶŐƐŚĞůĚŝŶh^ŽůůĂƌƐ͘&ƵƌƚŚĞƌ͕ƚŚĞŽŵƉĂŶLJŚĂƐĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĞdžƉŽƐƵƌĞĨŽƌŝƚƐŝŶǀĞƐƚŵĞŶƚƐ ƐŚĞĞƚĂƐĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͘/ĨƚŚĞĞƋƵŝƚLJƉƌŝĐĞƐŽĨƋƵŽƚĞĚŝŶǀĞƐƚŵĞŶƚƐĂƌĞϯйŚŝŐŚĞƌͬůŽǁĞƌ͕ƚŚĞ ;ĞƋƵŝƚLJĂŶĚƐŚĂƌĞŚŽůĚĞƌ͛ƐůŽĂŶͿŝŶŝƚƐŝŶƚĞƌŶĂƟŽŶĂůƐƵďƐŝĚŝĂƌŝĞƐ͘DŽǀĞŵĞŶƚƐŝŶĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞƐĐĂŶĂīĞĐƚƚŚĞŽŵƉĂŶLJ͛Ɛ KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴǁŽƵůĚŝŶĐƌĞĂƐĞͬĚĞĐƌĞĂƐĞďLJϯϭ͘ϭϲй;ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚ ƌĞƉŽƌƚĞĚƉƌŽĮƚ͕ŶĞƚĂƐƐĞƚƐ͘ ϯϭ͕ϮϬϭϳ͗ŝŶĐƌĞĂƐĞͬĚĞĐƌĞĂƐĞďLJϲ͘ϳϲйͿ͘

  dŚĞŽŵƉĂŶLJ͛ƐŝŶǀĞƐƚŵĞŶƚŝŶĨŽƌĞŝŐŶƐƵďƐŝĚŝĂƌŝĞƐŝƐŽīƐĞƚƉĂƌƟĂůůLJďLJh^ŽůůĂƌĚĞŶŽŵŝŶĂƚĞĚĚĞƌŝǀĂƟǀĞŝŶƐƚƌƵŵĞŶƚƐĂŶĚďĂŶŬ EŽƚĞϯϱ͗ŵƉůŽLJĞĞĞŶĞĮƚƐ ůŽĂŶǁŚŝĐŚŵŝƟŐĂƚĞƐƚŚĞĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJƌŝƐŬĂƌŝƐŝŶŐĨƌŽŵƚŚĞƐƵďƐŝĚŝĂƌLJ͛ƐŶĞƚĂƐƐĞƚƐ͘ ;ĂͿ dŚĞŽŵƉĂŶLJŚĂƐƌĞĐŽŐŶŝƐĞĚƚŚĞĨŽůůŽǁŝŶŐĞdžƉĞŶƐĞƐĂƐĚĞĮŶĞĚĐŽŶƚƌŝďƵƟŽŶƉůĂŶƵŶĚĞƌƚŚĞŚĞĂĚ͞ŽŵƉĂŶLJ͛ƐŽŶƚƌŝďƵƟŽŶ   dŚĞŽŵƉĂŶLJƵƐĞƐŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉƐĂŶĚĐƵƌƌĞŶĐLJƐǁĂƉƐƚŽŚĞĚŐĞŝƚƐĞdžƉŽƐƵƌĞŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĂŶĚŝŶƚĞƌĞƐƚƌĂƚĞƐ͘dŚĞ ƚŽWƌŽǀŝĚĞŶƚ&ƵŶĚĂŶĚKƚŚĞƌ&ƵŶĚƐ͟;ŶĞƚŽĨƌĞĐŽǀĞƌŝĞƐͿ͗ ŝŶĨŽƌŵĂƟŽŶŽŶĚĞƌŝǀĂƟǀĞŝŶƐƚƌƵŵĞŶƚƐŝƐĂƐĨŽůůŽǁƐ͗Ͳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores   ĞƌŝǀĂƟǀĞ/ŶƐƚƌƵŵĞŶƚƐŽƵƚƐƚĂŶĚŝŶŐ͗ WƌŽǀŝĚĞŶƚ&ƵŶĚ ϴ͘ϲϲ 9.11 EĂƚƵƌĞŽĨĞƌŝǀĂƟǀĞ DĂƌĐŚϯϭ͕ ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ^ƵƉĞƌĂŶŶƵĂƟŽŶ&ƵŶĚ ϰ͘ϵϵ ϱ͘ϭϳ EŽƟŽŶĂů Fair values EŽƟŽŶĂů &ĂŝƌǀĂůƵĞƐ Total ϭϯ͘ϲϱ ϭϰ͘Ϯϴ principal (US$ (` crores) ƉƌŝŶĐŝƉĂů;h^Ψ (` crores) million) ŵŝůůŝŽŶͿ ;ďͿ dŚĞŽŵƉĂŶLJŽƉĞƌĂƚĞƐƉŽƐƚƌĞƟƌĞŵĞŶƚĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶƐĂƐĨŽůůŽǁƐ͗Ͳ ƌŽƐƐĐƵƌƌĞŶĐLJ/ŶƚĞƌĞƐƚƌĂƚĞ^ǁĂƉ ϭϬϴ͘ϰϮ ϮϯϬ͘ϱϲ ϭϬϴ͘ϰϮ Ϯϰϰ͘ϯϴ  Ă͘ &ƵŶĚĞĚ͗ /ŶƚĞƌĞƐƚZĂƚĞ^ǁĂƉ ͲͲϮϭ͘ϭϭ ;Ϭ͘ϭϭͿ   ŝ͘ WƌŽǀŝĚĞŶƚ&ƵŶĚ Total ϭϬϴ͘ϰϮ ϮϯϬ͘ϱϲ ϭϮϵ͘ϱϯ Ϯϰϰ͘Ϯϳ   ŝŝ͘ WŽƐƚZĞƟƌĞŵĞŶƚ'ƌĂƚƵŝƚLJ ^ĞŶƐŝƟǀŝƚLJ   ŝŝŝ͘ WĞŶƐŝŽŶƚŽŵƉůŽLJĞĞƐʹWŽƐƚƌĞƟƌĞŵĞŶƚŵŝŶŝŵƵŵŐƵĂƌĂŶƚĞĞĚƉĞŶƐŝŽŶƐĐŚĞŵĞĨŽƌĐĞƌƚĂŝŶĐĂƚĞŐŽƌŝĞƐŽĨĞŵƉůŽLJĞĞƐ͕ǁŚŝĐŚ   &ŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳ͕ĞǀĞƌLJϯйĚĞƉƌĞĐŝĂƟŽŶŝŶƚŚĞĞdžĐŚĂŶŐĞƌĂƚĞďĞƚǁĞĞŶƚŚĞ/ŶĚŝĂŶ ŝƐĨƵŶĚĞĚďLJƚŚĞŽŵƉĂŶLJĂŶĚƚŚĞĞŵƉůŽLJĞĞƐ͘ ƌƵƉĞĞĂŶĚh^ĚŽůůĂƌ͕ƐŚĂůůƌĞĚƵĐĞƚŚĞŽŵƉĂŶLJ͛ƐƉƌŽĮƚďĞĨŽƌĞƚĂdžďLJĂƉƉƌŽdžŝŵĂƚĞůLJϭϱ͘ϴϴйĂŶĚϭϰ͘ϳϮйƌĞƐƉĞĐƟǀĞůLJĂŶĚĞǀĞƌLJ ϯйŝŶĐƌĞĂƐĞŝŶƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞƐŚĂůůƌĞĚƵĐĞͬ;ŝŶĐƌĞĂƐĞͿƚŚĞŽŵƉĂŶLJ͛ƐƉƌŽĮƚďĞĨŽƌĞƚĂdžďLJĂƉƉƌŽdžŝŵĂƚĞůLJϵ͘ϵϮйĂŶĚϱ͘ϴϮй  ď͘ hŶĨƵŶĚĞĚ͗ ƌĞƐƉĞĐƟǀĞůLJ͘   ŝ͘ WĞŶƐŝŽŶƚŽdžĞĐƵƟǀĞŝƌĞĐƚŽƌƐĂŶĚŵƉůŽLJĞĞƐʹWŽƐƚƌĞƟƌĞŵĞŶƚŵŝŶŝŵƵŵŐƵĂƌĂŶƚĞĞĚƉĞŶƐŝŽŶƐĐŚĞŵĞĨŽƌƐĞůĞĐƚĞdžŝƐƟŶŐ ĂŶĚƌĞƟƌĞĚĞdžĞĐƵƟǀĞĚŝƌĞĐƚŽƌƐĂŶĚĐĞƌƚĂŝŶĐĂƚĞŐŽƌŝĞƐŽĨĞŵƉůŽLJĞĞƐ͕ǁŚŝĐŚŝƐƵŶĨƵŶĚĞĚ͘   &ŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳ͕ĞǀĞƌLJϯйĂƉƉƌĞĐŝĂƟŽŶŝŶƚŚĞĞdžĐŚĂŶŐĞƌĂƚĞďĞƚǁĞĞŶƚŚĞ/ŶĚŝĂŶZƵƉĞĞ   ŝŝ͘ WŽƐƚŵƉůŽLJŵĞŶƚDĞĚŝĐĂůĞŶĞĮƚƐƚŽƋƵĂůŝĨLJŝŶŐĞŵƉůŽLJĞĞƐ͘ ĂŶĚ h^ ŽůůĂƌ͕ƐŚĂůů ŝŶĐƌĞĂƐĞ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƉƌŽĮƚ ďĞĨŽƌĞ ƚĂdž ďLJ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϭ͘ϬϬй ĂŶĚ ϯ͘ϵϲй ƌĞƐƉĞĐƟǀĞůLJ ĂŶĚ ĞǀĞƌLJ ϯй ĚĞĐƌĞĂƐĞŝŶƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞƐŚĂůůŝŶĐƌĞĂƐĞͬ;ƌĞĚƵĐĞͿƚŚĞŽŵƉĂŶLJ͛ƐƉƌŽĮƚďĞĨŽƌĞƚĂdžďLJĂƉƉƌŽdžŝŵĂƚĞůLJ;ϵ͘ϭϬͿйĂŶĚ;ϰ͘ϵϰͿй ;ĐͿ WƌŽǀŝĚĞŶƚ&ƵŶĚ͗ ƌĞƐƉĞĐƟǀĞůLJ͘  dŚĞŽŵƉĂŶLJŽƉĞƌĂƚĞƐWƌŽǀŝĚĞŶƚ&ƵŶĚ^ĐŚĞŵĞƚŚƌŽƵŐŚĂƚƌƵƐƚʹ͚/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶLJ>ŝŵŝƚĞĚŵƉůŽLJĞĞƐWƌŽǀŝĚĞŶƚ&ƵŶĚdƌƵƐƚ͛ ;͚ƚŚĞWůĂŶ͛Ϳ͕ƐĞƚƵƉďLJƚŚĞŽŵƉĂŶLJĂŶĚĨŽƌĐĞƌƚĂŝŶĐĂƚĞŐŽƌŝĞƐĐŽŶƚƌŝďƵƟŽŶƐĂƌĞŵĂĚĞƚŽ^ƚĂƚĞWůĂŶ͘   hŶͲ,ĞĚŐĞĚ&ŽƌĞŝŐŶĐƵƌƌĞŶĐLJĞdžƉŽƐƵƌĞƌĞĐĞŝǀĂďůĞͬ;ƉĂLJĂďůĞͿ͗  dŚĞWůĂŶŐƵĂƌĂŶƚĞĞƐŵŝŶŝŵƵŵŝŶƚĞƌĞƐƚĂƚƚŚĞƌĂƚĞŶŽƟĮĞĚďLJƚŚĞWƌŽǀŝĚĞŶƚ&ƵŶĚƵƚŚŽƌŝƟĞƐ͘dŚĞĐŽŶƚƌŝďƵƟŽŶďLJƚŚĞĞŵƉůŽLJĞƌĂŶĚ ƵƌƌĞŶĐLJ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ĞŵƉůŽLJĞĞƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞŝŶƚĞƌĞƐƚĂĐĐƵŵƵůĂƚĞĚƚŚĞƌĞŽŶĂƌĞƉĂLJĂďůĞƚŽĞŵƉůŽLJĞĞƐĂƚƚŚĞƟŵĞŽĨƐĞƉĂƌĂƟŽŶĨƌŽŵƚŚĞŽŵƉĂŶLJ hŶŝƚĞĚ^ƚĂƚĞƐŽůůĂƌ;DŝůůŝŽŶͿ ;Ϭ͘ϲϮͿ ;Ϯϳ͘ϮϵͿ ŽƌƌĞƟƌĞŵĞŶƚ͕ǁŚŝĐŚĞǀĞƌŝƐĞĂƌůŝĞƌ͘dŚĞďĞŶĞĮƚǀĞƐƚƐŝŵŵĞĚŝĂƚĞůLJŽŶƌĞŶĚĞƌŝŶŐŽĨƚŚĞƐĞƌǀŝĐĞƐďLJƚŚĞĞŵƉůŽLJĞĞ͘/ŶƚĞƌŵƐŽĨƚŚĞ ŐƵŝĚĂŶĐĞŶŽƚĞŝƐƐƵĞĚďLJƚŚĞ/ŶƐƟƚƵƚĞŽĨĐƚƵĂƌŝĞƐŽĨ/ŶĚŝĂĨŽƌŵĞĂƐƵƌĞŵĞŶƚŽĨƉƌŽǀŝĚĞŶƚĨƵŶĚůŝĂďŝůŝƟĞƐ͕ƚŚĞĂĐƚƵĂƌLJŚĂƐƉƌŽǀŝĚĞĚ ^ĞŶƐŝƟǀŝƚLJ ĂǀĂůƵĂƟŽŶŽĨƉƌŽǀŝĚĞŶƚĨƵŶĚůŝĂďŝůŝƚLJĂŶĚďĂƐĞĚŽŶƚŚĞĂƐƐƵŵƉƟŽŶƐƉƌŽǀŝĚĞĚďĞůŽǁ͕ƚŚĞƌĞŝƐŶŽƐŚŽƌƞĂůůĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚ   &ŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳ͕ĞǀĞƌLJϯйĚĞƉƌĞĐŝĂƟŽŶͬĂƉƉƌĞĐŝĂƟŽŶŝŶƚŚĞĞdžĐŚĂŶŐĞƌĂƚĞďĞƚǁĞĞŶƚŚĞ DĂƌĐŚϯϭ͕ϮϬϭϳ͘ /ŶĚŝĂŶZƵƉĞĞĂŶĚh^ŽůůĂƌ͕ƐŚĂůůĂīĞĐƚƚŚĞŽŵƉĂŶLJ͛ƐƉƌŽĮƚďĞĨŽƌĞƚĂdžďLJĂƉƉƌŽdžŝŵĂƚĞůLJϬ͘ϬϰйĂŶĚϮ͘ϬϯйƌĞƐƉĞĐƟǀĞůLJ͘

170 Annual Report 2017-18 171 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018  dŚĞĚĞƚĂŝůƐŽĨĨƵŶĚĂŶĚƉůĂŶĂƐƐĞƚƉŽƐŝƟŽŶĂƌĞŐŝǀĞŶďĞůŽǁ͗ ĞĮŶĞĚĞŶĞĮƚWůĂŶƐʹƐƉĞƌĐƚƵĂƌŝĂůsĂůƵĂƟŽŶŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ͗Ͳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ (i) Amount to be recognised in Balance Sheet and movement in net liability ` crores ` crores Post WůĂŶƐƐĞƚƐĂƐĂƚƉĞƌŝŽĚĞŶĚ ϱϮϵ͘ϯϯ ϰϴϳ͘ϯϴ Employment Pension Pension Pension Gratuity Medical Top-up Director ^ƚĂī WƌĞƐĞŶƚsĂůƵĞŽĨ&ƵŶĚĞĚKďůŝŐĂƟŽŶĂƚƉĞƌŝŽĚĞŶĚ ϱϮϵ͘ϯϯ ϰϴϳ͘ϯϴ Funded ĞŶĞĮƚƐ Unfunded Unfunded Funded ŵŽƵŶƚƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞĂůĂŶĐĞ^ŚĞĞƚ Ͳ Ͳ Unfunded ` crores ` crores ` crores ` crores ` crores ƐƐƵŵƉƟŽŶƐƵƐĞĚŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽďůŝŐĂƟŽŶŽĨƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞŐƵĂƌĂŶƚĞĞƵŶĚĞƌƚŚĞĞƚĞƌŵŝŶŝƐƟĐƉƉƌŽĂĐŚ͗ WƌĞƐĞŶƚsĂůƵĞŽĨ&ƵŶĚĞĚKďůŝŐĂƟŽŶƐ ϭϳϬ͘Ϭϳ ---ϳ͘Ϯϴ 163.60 - - - 7.15 DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ WƌĞƐĞŶƚsĂůƵĞŽĨhŶĨƵŶĚĞĚKďůŝŐĂƟŽŶƐ - ϱ͘ϲϯ Ϯ͘ϳϱ ϭϱ͘ϲϭ - ` crores ` crores - 5.55 4.25 15.33 - 'ƵĂƌĂŶƚĞĞĚZĂƚĞŽĨZĞƚƵƌŶ ϴ͘ϱϱй ϴ͘ϲϱй &ĂŝƌsĂůƵĞŽĨWůĂŶƐƐĞƚƐ ϭϲϬ͘ϱϯ ---ϵ͘ϳϬ (167.49) - - - (8.95) ŝƐĐŽƵŶƚĞĚZĂƚĞĨŽƌƌĞŵĂŝŶŝŶŐƚĞƌŵƚŽDĂƚƵƌŝƚLJŽĨ/ŶǀĞƐƚŵĞŶƚ ϳ͘ϳϱй ϳ͘ϮϬй ŵŽƵŶƚŶŽƚƌĞĐŽŐŶŝƐĞĚĚƵĞƚŽĂƐƐĞƚůŝŵŝƚ ----Ϭ͘ϴϮ ----0.61 džƉĞĐƚĞĚZĂƚĞŽĨZĞƚƵƌŶŽŶ/ŶǀĞƐƚŵĞŶƚ ϵ͘ϭϲй ϵ͘ϱϬй Net (Asset) / Liability ϵ͘ϱϰ ϱ͘ϲϯ Ϯ͘ϳϱ ϭϱ͘ϲϭ ;ϭ͘ϱϵͿ (3.89) 5.55 4.25 15.33 (1.19) dŚĞŽŵƉĂŶLJĐŽŶƚƌŝďƵƚĞĚ`ϵ͘ϵϴĐƌŽƌĞƐĂŶĚ`ϵ͘ϴϬĐƌŽƌĞƐƚŽǁĂƌĚƐƉƌŽǀŝĚĞŶƚĨƵŶĚƚŽƚŚĞWůĂŶĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ ĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳƌĞƐƉĞĐƟǀĞůLJĂŶĚƚŚĞƐĂŵĞŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚĂŶĚůŽƐƐ͘  ;ŝŝͿ džƉĞŶƐĞƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ Post ;ĚͿ WĞŶƐŝŽŶ^ĐŚĞŵĞĨŽƌŵƉůŽLJĞĞƐ͗ Employment Pension Pension Pension Gratuity Medical Top-up Director ^ƚĂī  dŚĞŽŵƉĂŶLJŚĂƐĨŽƌŵƵůĂƚĞĚĂĨƵŶĚĞĚƉĞŶƐŝŽŶƐĐŚĞŵĞĨŽƌĐĞƌƚĂŝŶĞŵƉůŽLJĞĞƐ͘dŚĞĂĐƚƵĂƌŝĂůůŝĂďŝůŝƚLJĂƌŝƐŝŶŐŽŶƚŚĞĂďŽǀĞ͕ĂŌĞƌĂůůŽǁŝŶŐ Funded ĞŶĞĮƚƐ Unfunded Unfunded Funded ĨŽƌĞŵƉůŽLJĞĞƐ͛ĐŽŶƚƌŝďƵƟŽŶŝƐĚĞƚĞƌŵŝŶĞĚĂƐĂƚƚŚĞLJĞĂƌĞŶĚ͕ŽŶƚŚĞďĂƐŝƐŽĨƵŶŝĨŽƌŵĂĐĐƌƵĂůďĞŶĞĮƚ͕ǁŝƚŚĚĞŵŽŐƌĂƉŚŝĐĂƐƐƵŵƉƟŽŶƐ Unfunded ƚĂŬĞŶĂƐEŝů͘ ` crores ` crores ` crores ` crores ` crores ƵƌƌĞŶƚ^ĞƌǀŝĐĞŽƐƚ ϵ͘ϭϵ Ϭ͘Ϭϴ Ϭ͘Ϯϴ Ϭ͘ϭϱ Ϭ͘ϭϰ ;ĞͿ dŚĞĂďŽǀĞĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶƐƚLJƉŝĐĂůůLJĞdžƉŽƐĞƚŚĞŽŵƉĂŶLJƚŽĂĐƚƵĂƌŝĂůƌŝƐŬƐƐƵĐŚĂƐ͗ŝŶǀĞƐƚŵĞŶƚƌŝƐŬ͕ŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ͕ůŽŶŐĞǀŝƚLJ 9.00 0.10 0.32 0.33 0.14 WĂƐƚƐĞƌǀŝĐĞŽƐƚ ;ϰ͘ϭϮͿ - ;ϭ͘ϰϳͿ -- ƌŝƐŬĂŶĚƐĂůĂƌLJƌŝƐŬ͘ ͲͲͲͲͲ /ŶƚĞƌĞƐƚŽƐƚ ;Ϭ͘ϴϯͿ Ϭ͘ϯϵ Ϭ͘Ϯϳ ϭ͘ϭϬ ;Ϭ͘ϬϵͿ /ŶǀĞƐƚŵĞŶƚƌŝƐŬ dŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶůŝĂďŝůŝƚLJŝƐĐĂůĐƵůĂƚĞĚƵƐŝŶŐĂĚŝƐĐŽƵŶƚƌĂƚĞ 0.30 0.35 0.33 0.97 (0.09) ǁŚŝĐŚŝƐĚĞƚĞƌŵŝŶĞĚďLJƌĞĨĞƌĞŶĐĞƚŽŐŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƚLJLJŝĞůĚƐƉƌĞǀĂŝůŝŶŐĂƐĂƚƚŚĞĂůĂŶĐĞ Total ϰ͘Ϯϰ Ϭ͘ϰϳ ;Ϭ͘ϵϮͿ ϭ͘Ϯϱ Ϭ͘Ϭϱ 9.30 0.45 0.65 1.30 0.05 ^ŚĞĞƚĚĂƚĞ͘/ĨƚŚĞƌĞƚƵƌŶŽŶƉůĂŶĂƐƐĞƚŝƐďĞůŽǁƚŚŝƐƌĂƚĞ͕ŝƚǁŝůůĐƌĞĂƚĞĂƉůĂŶĚĞĮĐŝƚ͘dŚĞ &ŽŽƚŶŽƚĞ͗ ĐƵƌƌĞŶƚƉůĂŶŚĂƐĂƌĞůĂƟǀĞůLJďĂůĂŶĐĞĚŵŝdžŽĨŝŶǀĞƐƚŵĞŶƚƐŝŶĞƋƵŝƚLJ͕ŐŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƟĞƐ͕   ŵŽƵŶƚĐŚĂƌŐĞĚƚŽƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐŝŶƌĞƐƉĞĐƚŽĨŐƌĂƚƵŝƚLJŝƐŶĞƚŽĨƌĞĐŽǀĞƌLJ`ϭ͘ϬϱĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌͲ`ϭ͘ϰϯ ďŽŶĚƐĂŶĚŽƚŚĞƌĚĞďƚŝŶƐƚƌƵŵĞŶƚƐ͘ƵĞƚŽƚŚĞůŽŶŐͲƚĞƌŵŶĂƚƵƌĞŽĨƚŚĞƉůĂŶůŝĂďŝůŝƟĞƐ͕ƚŚĞ crores). dƌƵƐƚĞĞƐŽĨƚŚĞ&ƵŶĚĐŽŶƐŝĚĞƌŝƚĂƉƉƌŽƉƌŝĂƚĞƚŚĂƚĂƌĞĂƐŽŶĂďůĞƉŽƌƟŽŶŽĨƚŚĞƉůĂŶĂƐƐĞƚƐ ƐŚŽƵůĚďĞŝŶǀĞƐƚĞĚŝŶĞƋƵŝƚLJƐĞĐƵƌŝƟĞƐƚŽůĞǀĞƌĂŐĞƚŚĞƌĞƚƵƌŶŐĞŶĞƌĂƚĞĚďLJƚŚĞ&ƵŶĚ͘ (iii) Expenses recognised in Other Comprehensive Income (OCI) /ŶƚĞƌĞƐƚƌŝƐŬ ĚĞĐƌĞĂƐĞŝŶƚŚĞďŽŶĚŝŶƚĞƌĞƐƚƌĂƚĞǁŝůůŝŶĐƌĞĂƐĞƚŚĞƉůĂŶůŝĂďŝůŝƚLJ͖ŚŽǁĞǀĞƌ͕ƚŚŝƐǁŝůůďĞ Post Employment Pension Pension Pension ƉĂƌƟĂůůLJŽīƐĞƚďLJĂŶŝŶĐƌĞĂƐĞŝŶƚŚĞƌĞƚƵƌŶŽŶƚŚĞƉůĂŶ͛ƐĚĞďƚŝŶǀĞƐƚŵĞŶƚƐ͘ Gratuity Medical Top-up Director ^ƚĂī Funded >ŽŶŐĞǀŝƚLJƌŝƐŬ dŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶůŝĂďŝůŝƚLJŝƐĐĂůĐƵůĂƚĞĚďLJƌĞĨĞƌĞŶĐĞƚŽƚŚĞďĞƐƚ ĞŶĞĮƚƐ Unfunded Unfunded Funded ĞƐƟŵĂƚĞŽĨƚŚĞŵŽƌƚĂůŝƚLJŽĨƉůĂŶƉĂƌƟĐŝƉĂŶƚƐďŽƚŚĚƵƌŝŶŐĂŶĚĂŌĞƌƚŚĞŝƌĞŵƉůŽLJŵĞŶƚ͘ Unfunded ŶŝŶĐƌĞĂƐĞŝŶƚŚĞůŝĨĞĞdžƉĞĐƚĂŶĐLJŽĨƚŚĞƉůĂŶƉĂƌƟĐŝƉĂŶƚƐǁŝůůŝŶĐƌĞĂƐĞƚŚĞƉůĂŶ͛ƐůŝĂďŝůŝƚLJ͘ ` crores ` crores ` crores ` crores ` crores Remeasurements due to actuarial loss/ ^ĂůĂƌLJƌŝƐŬ dŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶůŝĂďŝůŝƚLJŝƐĐĂůĐƵůĂƚĞĚďLJƌĞĨĞƌĞŶĐĞƚŽƚŚĞĨƵƚƵƌĞ ;ŐĂŝŶͿĂƌŝƐŝŶŐĨƌŽŵ͗ ƐĂůĂƌŝĞƐŽĨƉůĂŶƉĂƌƟĐŝƉĂŶƚƐ͘ƐƐƵĐŚ͕ĂŶŝŶĐƌĞĂƐĞŝŶƚŚĞƐĂůĂƌLJŽĨƚŚĞƉůĂŶƉĂƌƟĐŝƉĂŶƚƐǁŝůů ŚĂŶŐĞƐŝŶĮŶĂŶĐŝĂůĂƐƐƵŵƉƟŽŶƐ ;Ϯ͘ϲϳͿ ;Ϭ͘ϭϰͿ ;Ϭ͘ϬϴͿ ;Ϭ͘ϯϴͿ ;Ϭ͘ϭϱͿ ŝŶĐƌĞĂƐĞƚŚĞƉůĂŶ͛ƐůŝĂďŝůŝƚLJ͘ 2.78 0.14 0.19 0.39 0.15 ŚĂŶŐĞƐŝŶĚĞŵŽŐƌĂƉŚŝĐĂƐƐƵŵƉƟŽŶƐ ϰ͘ϳϵ - ;Ϭ͘ϬϯͿ -- ͲͲͲͲͲ džƉĞƌŝĞŶĐĞĂĚũƵƐƚŵĞŶƚƐ ϲ͘ϭϱ Ϭ͘Ϭϲ Ϭ͘ϴϲ ;Ϭ͘ϬϭͿ Ϭ͘Ϭϯ (1.28) 0.53 (0.13) 1.01 0.21 ĐƚƵĂůƌĞƚƵƌŶŽŶƉůĂŶĂƐƐĞƚƐůĞƐƐŝŶƚĞƌĞƐƚŽŶ Ϭ͘ϵϮ ---;Ϭ͘ϯϵͿ ƉůĂŶĂƐƐĞƚƐ (11.16) - - - (0.33) ĚũƵƐƚŵĞŶƚƚŽƌĞĐŽŐŶŝƐĞƚŚĞĞīĞĐƚŽĨĂƐƐĞƚ ----Ϭ͘ϭϳ ĐĞŝůŝŶŐ - - - - (0.08) Total ϵ͘ϭϵ ;Ϭ͘ϬϴͿ Ϭ͘ϳϱ ;Ϭ͘ϯϵͿ ;Ϭ͘ϯϰͿ (9.66) 0.67 0.06 1.40 (0.05)

172 Annual Report 2017-18 173 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018  ;ŝǀͿ ZĞĐŽŶĐŝůŝĂƟŽŶŽĨĞĮŶĞĚĞŶĞĮƚKďůŝŐĂƟŽŶ (vi) ĐƚƵĂƌŝĂůƐƐƵŵƉƟŽŶƐ Gratuity Post Pension Pension Pension Gratuity Post Pension Pension Pension Funded Employment Top-up Director ^ƚĂī Funded Employment Top-up Director ^ƚĂī Medical Unfunded Unfunded Funded Medical Unfunded Unfunded Funded ĞŶĞĮƚƐ ĞŶĞĮƚƐ Unfunded Unfunded ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores KƉĞŶŝŶŐĞĮŶĞĚĞŶĞĮƚKďůŝŐĂƟŽŶ ϭϲϯ͘ϲϬ 5.55 ϰ͘Ϯϱ ϭϱ͘ϯϯ ϳ͘ϭϱ 163.00 4.75 4.64 12.98 6.49 ŝƐĐŽƵŶƚƌĂƚĞ;Ɖ͘Ă͘ͿŝŶй 7.55% 7.55% 7.55% 7.55% 7.55% ƵƌƌĞŶƚ^ĞƌǀŝĐĞŽƐƚ ϵ͘ϭϵ Ϭ͘Ϭϴ Ϭ͘Ϯϴ Ϭ͘ϭϱ Ϭ͘ϭϰ 7.30% 7.30% 7.30% 7.30% 7.30% 9.00 0.10 0.32 0.33 0.14 ^ĂůĂƌLJƐĐĂůĂƟŽŶZĂƚĞ;Ɖ͘Ă͘ͿŝŶй ϰйͲϱй - ϰ͘ϬϬй ϭϬ͘ϬϬй - WĂƐƚ^ĞƌǀŝĐĞŽƐƚ ;ϰ͘ϭϮͿ - ;ϭ͘ϰϳͿ -- 4%-5% - 4.00% 10.00% - ͲͲͲͲͲ WĞŶƐŝŽŶƐĐĂůĂƟŽŶZĂƚĞ;Ɖ͘Ă͘ͿŝŶй ---ϰ͘ϬϬй - /ŶƚĞƌĞƐƚŽƐƚ ϭϬ͘ϵϯ Ϭ͘ϯϵ Ϭ͘Ϯϳ ϭ͘ϭϬ Ϭ͘ϱϭ - - - 4.00% - 11.36 0.35 0.33 0.97 0.48 ŶŶƵĂůŝŶĐƌĞĂƐĞŝŶŚĞĂůƚŚĐĂƌĞĐŽƐƚƐ;Ɖ͘Ă͘ͿŝŶй - ϲ͘ϬϬй --- ZĞŵĞĂƐƵƌĞŵĞŶƚƐĚƵĞƚŽĂĐƚƵĂƌŝĂůůŽƐƐͬ;ŐĂŝŶͿĂƌŝƐŝŶŐĨƌŽŵ͗ - 6.00% - - - ŚĂŶŐĞƐŝŶĮŶĂŶĐŝĂůĂƐƐƵŵƉƟŽŶƐ ;Ϯ͘ϲϳͿ ;Ϭ͘ϭϰͿ ;Ϭ͘ϬϴͿ ;Ϭ͘ϯϴͿ ;Ϭ͘ϭϱͿ DŽƌƚĂůŝƚLJdĂďůĞΎ 2.78 0.14 0.19 0.39 0.15 DŽƌƚĂůŝƚLJƚĂďůĞŝŶƐĞƌǀŝĐĞ;>/Ϳ dĂďůĞϭ dĂďůĞϭ dĂďůĞϭ NA NA ŚĂŶŐĞƐŝŶĚĞŵŽŐƌĂƉŚŝĐĂƐƐƵŵƉƟŽŶƐ ϰ͘ϳϵ - ;Ϭ͘ϬϯͿ -- Table 1 Table 1 Table 1 NA NA ͲͲͲͲͲ DŽƌƚĂůŝƚLJƚĂďůĞŝŶƌĞƟƌĞŵĞŶƚ;>/Ϳ NA dĂďůĞϮ dĂďůĞϮ dĂďůĞϮ dĂďůĞϮ džƉĞƌŝĞŶĐĞĂĚũƵƐƚŵĞŶƚƐ ϲ͘ϭϱ Ϭ͘Ϭϲ Ϭ͘ϴϲ ;Ϭ͘ϬϭͿ Ϭ͘Ϭϯ NA Table 2 Table 2 Table 2 Table 2 (1.28) 0.53 (0.13) 1.01 0.21 ĞŶĞĮƚƐWĂŝĚ ;ϭϴ͘ϳϱͿ ;Ϭ͘ϯϭͿ ;ϭ͘ϯϯͿ ;Ϭ͘ϱϴͿ ;Ϭ͘ϯϵͿ   ΎdĂďůĞϭʹ/ŶĚŝĂŶƐƐƵƌĞĚ>ŝǀĞƐDŽƌƚĂůŝƚLJ;ϮϬϬϲͲϬϴͿhůƚƚĂďůĞͲ (21.26) (0.32) (1.10) (0.35) (0.32)   dĂďůĞϮʹh<WƵďůŝƐŚĞĚW;ϵϬͿĂŶŶƵŝƚLJƌĂƚĞĚĚŽǁŶďLJϰLJĞĂƌƐ >ŝĂďŝůŝƟĞƐĂƐƐƵŵĞĚͬ;ƐĞƩůĞĚͿ Ϭ͘ϵϱ ---- (vii) ŝƐĂŐŐƌĞŐĂƟŽŶŽĨWůĂŶƐƐĞƚƐ;DĂŶĂŐĞĚďLJĂŶ/ŶƐƵƌĂŶĐĞŽŵƉĂŶLJͿ ͲͲͲͲͲ ůŽƐŝŶŐĞĮŶĞĚĞŶĞĮƚKďůŝŐĂƟŽŶ ϭϳϬ͘Ϭϳ ϱ͘ϲϯ Ϯ͘ϳϱ ϭϱ͘ϲϭ ϳ͘Ϯϴ a) Gratuity Funded 163.60 5.55 4.25 15.33 7.15 DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ Quoted Unquoted Total % YƵŽƚĞĚ hŶƋƵŽƚĞĚ dŽƚĂů й  ;ǀͿ ZĞĐŽŶĐŝůŝĂƟŽŶŽĨ&ĂŝƌsĂůƵĞŽĨWůĂŶƐƐĞƚƐ Gratuity Post Pension Pension Pension 'ŽǀĞƌŶŵĞŶƚĞďƚ/ŶƐƚƌƵŵĞŶƚƐ ϱϲ͘ϴϮ Ͳ ϱϲ͘ϴϮ ϯϲй ϯϯ͘ϱϰ Ͳ ϯϯ͘ϱϰ ϮϬй Funded Employment Top-up Director ^ƚĂī Medical Unfunded Unfunded Funded ĞŶĞĮƚƐ KƚŚĞƌĞďƚ/ŶƐƚƌƵŵĞŶƚƐ ϱϭ͘ϰϲ Ͳ ϱϭ͘ϰϲ ϯϮй ϲϴ͘ϲϱ Ͳ ϲϴ͘ϲϱ ϰϭй Unfunded ` crores ` crores ` crores ` crores ` crores KƚŚĞƌƋƵŝƚLJ/ŶƐƚƌƵŵĞŶƚƐ ϯϮ͘ϲϱ Ͳ ϯϮ͘ϲϱ ϮϬй ϯϬ͘ϲϮ Ͳ ϯϬ͘ϲϮ ϭϴй KƉĞŶŝŶŐ&ĂŝƌsĂůƵĞŽĨWůĂŶƐƐĞƚƐ ϭϲϳ͘ϰϵ ---ϴ͘ϵϱ 156.53 - - - 8.37 /ŶƚĞƌĞƐƚŽŶWůĂŶƐƐĞƚƐ ϭϭ͘ϳϲ ---Ϭ͘ϲϰ Others ϭϵ͘Ϯϱ Ϭ͘ϯϱ ϭϵ͘ϲϬ ϭϮй ϯϯ͘ϴϴ Ϭ͘ϴϬ ϯϰ͘ϲϴ Ϯϭй 11.06 - - - 0.62 ZĞŵĞĂƐƵƌĞŵĞŶƚƐĚƵĞƚŽ͗ Total ϭϲϬ͘ϭϴ Ϭ͘ϯϱ ϭϲϬ͘ϱϯ ϭϬϬй ϭϲϲ͘ϲϵ Ϭ͘ϴϬ ϭϲϳ͘ϰϵ ϭϬϬй ĐƚƵĂůƌĞƚƵƌŶŽŶƉůĂŶĂƐƐĞƚƐůĞƐƐŝŶƚĞƌĞƐƚ ;Ϭ͘ϵϮͿ ---Ϭ͘ϯϵ ŽŶƉůĂŶĂƐƐĞƚƐ ďͿ WĞŶƐŝŽŶ^ƚĂī&ƵŶĚĞĚ 11.16 - - - 0.33 ŽŶƚƌŝďƵƟŽŶďLJŵƉůŽLJĞƌ - Ϭ͘ϯϭ ϭ͘ϯϯ Ϭ͘ϱϴ Ϭ͘ϭϮ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ 10.00 0.32 1.10 0.35 (0.05) ĞŶĞĮƚƐWĂŝĚ ;ϭϴ͘ϳϱͿ ;Ϭ͘ϯϭͿ ;ϭ͘ϯϯͿ ;Ϭ͘ϱϴͿ ;Ϭ͘ϯϵͿ Quoted Unquoted Total % YƵŽƚĞĚ hŶƋƵŽƚĞĚ dŽƚĂů й (21.26) (0.32) (1.10) (0.35) (0.32) 'ŽǀĞƌŶŵĞŶƚĞďƚ/ŶƐƚƌƵŵĞŶƚƐ ϰ͘ϭϬ Ͳ ϰ͘ϭϬ ϰϯй ϯ͘ϳϮ Ͳ ϯ͘ϳϮ ϰϮй ƐƐĞƚƐĂĐƋƵŝƌĞĚͬ;ƐĞƩůĞĚͿ Ϭ͘ϵϱ ---- KƚŚĞƌĞďƚ/ŶƐƚƌƵŵĞŶƚƐ ϱ͘Ϯϲ Ͳ ϱ͘Ϯϲ ϱϰй ϰ͘ϵϲ Ͳ ϰ͘ϵϲ ϱϱй ͲͲͲͲͲ KƚŚĞƌƋƵŝƚLJ/ŶƐƚƌƵŵĞŶƚƐ Ϭ͘Ϯϰ Ͳ Ϭ͘Ϯϰ Ϯй Ϭ͘ϭϰ Ͳ Ϭ͘ϭϰ Ϯй Closing Fair Value of Plan Assets ϭϲϬ͘ϱϯ ---ϵ͘ϳϬ 167.49 - - - 8.95 Others Ͳ Ϭ͘ϭϬ Ϭ͘ϭϬ ϭй Ͳ Ϭ͘ϭϯ Ϭ͘ϭϯ ϭй džƉĞĐƚĞĚŵƉůŽLJĞƌ͛ƐĐŽŶƚƌŝďƵƟŽŶͬŽƵƞůŽǁ ϭϱ͘ϬϬ ---- Total ϵ͘ϲϬ Ϭ͘ϭϬ ϵ͘ϳϬ ϭϬϬй ϴ͘ϴϮ Ϭ͘ϭϯ ϴ͘ϵϱ ϭϬϬй ŶĞdžƚLJĞĂƌ 15.00 - - - -

174 Annual Report 2017-18 175 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018  ;ǀŝŝŝͿ ^ĞŶƐŝƟǀŝƚLJŶĂůLJƐŝƐ;ĨŽƌĞĂĐŚĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶͿ Post- Employment Medical Pension Director Unfunded ĞŶĞĮƚƐhŶĨƵŶĚĞĚ DĂƌĐŚϯϭ͕ϮϬϭϴ Gratuity Pension Top up WĞŶƐŝŽŶ^ƚĂī&ƵŶĚĞĚ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϴ Discount Life Health Discount Life Pension Discount Salary Discount Life Discount Life Pension rate Expectancy care Cost rate Expectancy rate rate ƐĐĂůĂƟŽŶ rate Expectancy rate Expectancy rate /ŵƉĂĐƚŽĨŝŶĐƌĞĂƐĞŝŶϱϬďƉƐŽŶK ;ϱ͘ϬϱͿ ;ϰ͘ϵϲͿ rate /ŵƉĂĐƚŽĨĚĞĐƌĞĂƐĞŝŶϱϬďƉƐŽŶK ϱ͘ϱϯ ϱ͘ϰϮ (%) (%) /ŵƉĂĐƚŽĨůŝĨĞĞdžƉĞĐƚĂŶĐLJϭLJĞĂƌĚĞĐƌĞĂƐĞ ;ϯ͘ϮϰͿ ;Ϯ͘ϳϬͿ /ŵƉĂĐƚŽĨŝŶĐƌĞĂƐĞŝŶϱϬďƉƐŽŶK ;ϯ͘ϬϬͿ ϯ͘Ϯϱ (5.51) ;ϯ͘ϵϯͿ /ŵƉĂĐƚŽĨůŝĨĞĞdžƉĞĐƚĂŶĐLJϭLJĞĂƌ/ŶĐƌĞĂƐĞ ϯ͘Ϭϲ Ϯ͘ϲϮ /ŵƉĂĐƚŽĨĚĞĐƌĞĂƐĞŝŶϱϬďƉƐŽŶK ϯ͘ϭϳ ;ϯ͘ϬϵͿ ϲ͘ϬϬ ϰ͘ϮϬ ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶƉĞŶƐŝŽŶŝŶĐƌĞĂƐĞ (9.55) ƌĂƚĞŵŝŶƵƐϭϬϬďƉƐ /ŵƉĂĐƚŽĨůŝĨĞĞdžƉĞĐƚĂŶĐLJϭLJĞĂƌ ;ϭ͘ϴϯͿ ĚĞĐƌĞĂƐĞ ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶƉĞŶƐŝŽŶŝŶĐƌĞĂƐĞ ϭϭ͘Ϯϭ ƌĂƚĞƉůƵƐϭϬϬďƉƐ /ŵƉĂĐƚŽĨůŝĨĞĞdžƉĞĐƚĂŶĐLJϭLJĞĂƌ ϭ͘ϴϮ /ŶĐƌĞĂƐĞ ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶŚĞĂůƚŚĐĂƌĞĐŽƐƚƐ ;ϲ͘ϬϲͿ ƌĂƚĞŵŝŶƵƐϭϬϬďƉƐ ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶŚĞĂůƚŚĐĂƌĞĐŽƐƚƐ ϳ͘Ϯϳ Post- Employment Medical Pension Director Unfunded ƌĂƚĞƉůƵƐϭϬϬďƉƐ ĞŶĞĮƚƐhŶĨƵŶĚĞĚ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϴ (x) Movement in Asset Ceiling Discount Life Health care Discount Life Pension DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ rate Expectancy Cost rate Expectancy rate ` crores ` crores /ŵƉĂĐƚŽĨŝŶĐƌĞĂƐĞŝŶϱϬďƉƐŽŶK ;ϰ͘ϳϵͿ ;ϰ͘ϱϵͿ KƉĞŶŝŶŐǀĂůƵĞŽĨĂƐƐĞƚĐĞŝůŝŶŐ Ϭ͘ϲϭ Ϭ͘ϲϰ /ŵƉĂĐƚŽĨĚĞĐƌĞĂƐĞŝŶϱϬďƉƐŽŶK ϱ͘Ϯϯ ϰ͘ϵϵ /ŶƚĞƌĞƐƚŽŶKƉĞŶŝŶŐďĂůĂŶĐĞŽĨĂƐƐĞƚĐĞŝůŝŶŐ Ϭ͘Ϭϰ Ϭ͘Ϭϱ /ŵƉĂĐƚŽĨůŝĨĞĞdžƉĞĐƚĂŶĐLJϭLJĞĂƌĚĞĐƌĞĂƐĞ ;ϯ͘ϮϲͿ ;ϯ͘ϬϰͿ ZĞŵĞĂƐƵƌĞŵĞŶƚĚƵĞƚŽ: /ŵƉĂĐƚŽĨůŝĨĞĞdžƉĞĐƚĂŶĐLJϭLJĞĂƌ/ŶĐƌĞĂƐĞ ϯ͘Ϭϳ Ϯ͘ϵϮ ŚĂŶŐĞŝŶ^ƵƌƉůƵƐͬ;ĚĞĮĐŝƚͿ Ϭ͘ϭϳ ;Ϭ͘ϬϴͿ ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶƉĞŶƐŝŽŶŝŶĐƌĞĂƐĞ ;ϵ͘ϭϴͿ ůŽƐŝŶŐǀĂůƵĞŽĨĂƐƐĞƚĐĞŝůŝŶŐ Ϭ͘ϴϮ Ϭ͘ϲϭ ƌĂƚĞŵŝŶƵƐϭϬϬďƉƐ ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶƉĞŶƐŝŽŶŝŶĐƌĞĂƐĞ ϭϬ͘ϳϭ &ŽŽƚŶŽƚĞ͗&ŝŐƵƌĞƐŝŶŝƚĂůŝĐƐƵŶĚĞƌ;ŝͿƚŽ;ǀŝŝͿĂƌĞŽĨƚŚĞWƌĞǀŝŽƵƐzĞĂƌ͘ ƌĂƚĞƉůƵƐϭϬϬďƉƐ ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶŚĞĂůƚŚĐĂƌĞĐŽƐƚƐ ;ϱ͘ϳϲͿ  ;džŝͿ džƉĞĐƚĞĚĨƵƚƵƌĞďĞŶĞĮƚƉĂLJŵĞŶƚƐ: ƌĂƚĞŵŝŶƵƐϭϬϬďƉƐ Gratuity Post Employment Pension Top-up Pension WĞŶƐŝŽŶ^ƚĂī ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶŚĞĂůƚŚĐĂƌĞĐŽƐƚƐ ϲ͘ϴϲ DĞĚŝĐĂůĞŶĞĮƚƐ Unfunded Director funded ƌĂƚĞƉůƵƐϭϬϬďƉƐ Unfunded Unfunded ` crores ` crores ` crores ` crores ` crores  ;ŝdžͿ ^ĞŶƐŝƟǀŝƚLJŶĂůLJƐŝƐ;ĨŽƌĞĂĐŚĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶͿ tŝƚŚŝŶŽŶĞLJĞĂƌ ϯϬ͘ϮϬ Ϭ͘ϰϬ Ϭ͘ϲϬ ϭ͘ϭϬ Ϭ͘ϱϭ 27.78 0.28 0.98 0.62 0.45 DĂƌĐŚϯϭ͕ϮϬϭϳ Gratuity Pension Top up WĞŶƐŝŽŶ^ƚĂī&ƵŶĚĞĚ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϳ ĞƚǁĞĞŶŽŶĞĂŶĚĮǀĞLJĞĂƌƐ ϳϳ͘ϯϬ ϭ͘ϲϬ ϭ͘ϯϬ ϰ͘ϱϬ Ϯ͘ϮϬ Discount Salary Discount Life Discount Life Pension 69.11 1.49 2.52 4.29 1.93 rate ƐĐĂůĂƟŽŶ rate Expectancy rate Expectancy rate ŌĞƌĮǀĞLJĞĂƌƐ ϭϵϲ͘ϲϬ ϭϯ͘ϴϬ Ϯ͘ϭϬ ϯϱ͘ϯϬ ϭϮ͘ϴϬ rate 214.52 13.87 2.16 36.71 12.98 (%) (%) tĞŝŐŚƚĞĚĂǀĞƌĂŐĞĚƵƌĂƟŽŶŽĨƚŚĞ ϲ͘ϭϳ ϭϬ͘Ϭϭ ϯ͘ϴϰ ϵ͘ϱϳ ϳ͘ϲϵ /ŵƉĂĐƚŽĨŝŶĐƌĞĂƐĞŝŶϱϬďƉƐŽŶK ;ϯ͘ϯϱͿ ϯ͘ϲϱ ;ϱ͘ϯϮͿ ;ϰ͘ϮϬͿ ĞĮŶĞĚĞŶĞĮƚKďůŝŐĂƟŽŶ;ŝŶLJĞĂƌƐͿ 6.91 10.57 11.26 10.05 8.21 /ŵƉĂĐƚŽĨĚĞĐƌĞĂƐĞŝŶϱϬďƉƐŽŶ ϯ͘ϱϳ ;ϯ͘ϰϱͿ ϱ͘ϴϭ ϰ͘ϱϬ K  ƵĞƚŽƚŚĞƌĞƐƚƌŝĐƟŽŶƐŝŶƚŚĞƚLJƉĞŽĨŝŶǀĞƐƚŵĞŶƚƐƚŚĂƚĐĂŶďĞŚĞůĚďLJƚŚĞŐƌĂƚƵŝƚLJĂŶĚƉĞŶƐŝŽŶĨƵŶĚĂƐƉĞƌƚŚĞƉƌĞǀĂůĞŶƚƌĞŐƵůĂƟŽŶƐ͕ /ŵƉĂĐƚŽĨůŝĨĞĞdžƉĞĐƚĂŶĐLJϭLJĞĂƌ ;ϭ͘ϴϬͿ ŝƚŝƐŶŽƚƉŽƐƐŝďůĞƚŽĞdžƉůŝĐŝƚůLJĨŽůůŽǁĂŶĂƐƐĞƚͲůŝĂďŝůŝƚLJŵĂƚĐŚŝŶŐƐƚƌĂƚĞŐLJƚŽŵĂŶĂŐĞƌŝƐŬĂĐƟǀĞůLJ͘ ĚĞĐƌĞĂƐĞ /ŵƉĂĐƚŽĨůŝĨĞĞdžƉĞĐƚĂŶĐLJϭLJĞĂƌ ϭ͘ϳϳ   dŚĞĞƐƟŵĂƚĞŽĨĨƵƚƵƌĞƐĂůĂƌLJŝŶĐƌĞĂƐĞƐ͕ĐŽŶƐŝĚĞƌĞĚŝŶĂĐƚƵĂƌŝĂůǀĂůƵĂƟŽŶ͕ƚĂŬĞƐŝŶƚŽĂĐĐŽƵŶƚŝŶŇĂƟŽŶ͕ƐĞŶŝŽƌŝƚLJ͕ƉƌŽŵŽƟŽŶƐĂŶĚ /ŶĐƌĞĂƐĞ ŽƚŚĞƌƌĞůĞǀĂŶƚĨĂĐƚŽƌƐ͘dŚĞĂďŽǀĞŝŶĨŽƌŵĂƟŽŶŚĂƐďĞĞŶĐĞƌƟĮĞĚďLJƚŚĞĂĐƚƵĂƌLJĂŶĚŚĂƐďĞĞŶƌĞůŝĞĚƵƉŽŶďLJƚŚĞƵĚŝƚŽƌƐ.

176 Annual Report 2017-18 177 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018 EŽƚĞϯϲ͗KƚŚĞƌƌĞŐƵůĂƚŽƌLJŵĂƩĞƌƐ ŝŝͿ ƌĞĐŽŶĐŝůŝĂƟŽŶŽĨƚŚĞŝŶĐŽŵĞƚĂdžƉƌŽǀŝƐŝŽŶƚŽƚŚĞĂŵŽƵŶƚĐŽŵƉƵƚĞĚďLJĂƉƉůLJŝŶŐƚŚĞƐƚĂƚƵƚŽƌLJŝŶĐŽŵĞƚĂdžƌĂƚĞƚŽƚŚĞƉƌŽĮƚďĞĨŽƌĞ ƚĂdžŝƐƐƵŵŵĂƌŝƐĞĚďĞůŽǁ͗ dŚĞŽŵƉĂŶLJ͕ŽŶĂƌĞǀŝĞǁŽĨŝƚƐĨŽƌĞŝŐŶŽƉĞƌĂƟŽŶƐŚĂĚ͕ŝŶƚŚĞƉĂƐƚ͕ŵĂĚĞǀŽůƵŶƚĂƌLJĚŝƐĐůŽƐƵƌĞƐƚŽƚŚĞĂƉƉƌŽƉƌŝĂƚĞƌĞŐƵůĂƚŽƌ͕ŽĨǁŚĂƚŝƚ ĐŽŶƐŝĚĞƌĞĚƚŽďĞƉŽƐƐŝďůĞŝƌƌĞŐƵůĂƌŝƟĞƐ͕ŝŶƌĞůĂƟŽŶƚŽĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƚƌĂŶƐĂĐƟŽŶƐƌĞůĂƟŶŐƚŽƚŚĞƉĞƌŝŽĚƉƌŝŽƌƚŽϭϵϵϴ͘ƌŝƐŝŶŐŽƵƚŽĨƐƵĐŚ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` ` ĚŝƐĐůŽƐƵƌĞƐ͕ƚŚĞŽŵƉĂŶLJƌĞĐĞŝǀĞĚƐŚŽǁĐĂƵƐĞŶŽƟĐĞƐĂŶĚƚŚĞŽŵƉĂŶLJŚĂĚƌĞƉůŝĞĚƚŽƚŚĞŶŽƟĐĞƐ͘ƵƌŝŶŐƚŚĞLJĞĂƌ͕ƚŚĞŽŵƉĂŶLJŚĂƐ crores crores ƌĞĐĞŝǀĞĚĂĚũƵĚŝĐĂƟŽŶĐƵŵĚĞŵĂŶĚŽĨ`ϭϬ͘ϴϵĐƌŽƌĞƐŽŶĐĞƌƚĂŝŶŵĂƩĞƌƐǁŚŝĐŚŚĂƐďĞĞŶĚŝƐƉƵƚĞĚďLJƚŚĞŽŵƉĂŶLJ͘dŚŝƐŚĂƐďĞĞŶĚŝƐĐůŽƐĞĚ WƌŽĮƚďĞĨŽƌĞƚĂdžĨƌŽŵĐŽŶƟŶƵŝŶŐŽƉĞƌĂƟŽŶƐ;ĂͿ Ϯϴϰ͘Ϯϯ ϮϲϮ͘Ϭϰ ĂƐŽŶƟŶŐĞŶƚ>ŝĂďŝůŝƚLJ͘&ŽƌƚŚĞďĂůĂŶĐĞ^ŚŽǁĂƵƐĞEŽƟĐĞƐ͕ĂĚũƵĚŝĐĂƟŽŶƉƌŽĐĞĞĚŝŶŐƐĂƌĞŝŶƉƌŽŐƌĞƐƐ͘ /ŶĐŽŵĞƚĂdžƌĂƚĞĂƐĂƉƉůŝĐĂďůĞ;ďͿ ϯϰ͘ϲϭй ϯϰ͘ϲϭй ĂůĐƵůĂƚĞĚƚĂdžĞƐďĂƐĞĚŽŶĂďŽǀĞ͕ǁŝƚŚŽƵƚĂŶLJĂĚũƵƐƚŵĞŶƚƐĨŽƌĚĞĚƵĐƟŽŶƐ΀;ĂͿdž;ďͿ΁ ϵϴ͘ϯϲ ϵϬ͘ϲϵ EŽƚĞϯϳ͗ĞƉŽƐŝƚƐĂŶĚĚǀĂŶĐĞƐŝŶƚŚĞŶĂƚƵƌĞŽĨůŽĂŶƐƚŽ^ƵďƐŝĚŝĂƌŝĞƐ͕:ŽŝŶƚsĞŶƚƵƌĞƐĂŶĚƐƐŽĐŝĂƚĞƐ WĞƌŵĂŶĞŶƚƚĂdžĚŝīĞƌĞŶĐĞƐĚƵĞƚŽ: īĞĐƚŽŶĂĐĐŽƵŶƚŽĨd/&K,ŽůĚŝŶŐƐ>ŝŵŝƚĞĚǁŚŝĐŚǁĂƐĂŵĂůŐĂŵĂƚĞĚĐŽŶƐĞƋƵĞŶƚƚŽ WĂƌƟĐƵůĂƌƐ Maximum amount Balance DĂdžŝŵƵŵĂŵŽƵŶƚ ĂůĂŶĐĞ ^ĐŚĞŵĞŽĨŵĂůŐĂŵĂƟŽŶ Ͳ Ϭ͘ϴϰ outstanding during Outstanding as on ŽƵƚƐƚĂŶĚŝŶŐĚƵƌŝŶŐ KƵƚƐƚĂŶĚŝŶŐĂƐ īĞĐƚŽĨŝŶĐŽŵĞƚŚĂƚŝƐĞdžĞŵƉƚĨƌŽŵƚĂdžĂƟŽŶ ;ϯ͘ϭϭͿ ;ϴ͘ϯϱͿ the year DĂƌĐŚϯϭ͕ϮϬϭϴ ƚŚĞWƌĞǀŝŽƵƐzĞĂƌ ŽŶDĂƌĐŚϯϭ͕ ϮϬϭϳ /ŶĐŽŵĞĐŽŶƐŝĚĞƌĞĚƚŽďĞĐĂƉŝƚĂůŝŶŶĂƚƵƌĞƵŶĚĞƌƚĂdžĂŶĚƚĂdžƉƌŽǀŝƐŝŽŶƐ ;Ϭ͘ϬϮͿ ;Ϯ͘ϰϵͿ ` crores ` crores ` crores ` crores īĞĐƚŽĨĞdžƉĞŶƐĞƐƚŚĂƚĂƌĞŶŽƚĚĞĚƵĐƟďůĞŝŶĚĞƚĞƌŵŝŶŝŶŐƚĂdžĂďůĞƉƌŽĮƚ ϵ͘ϯϵ ϲ͘ϰϬ Subsidiaries /ŵƉĂŝƌŵĞŶƚůŽƐƐĞƐŽŶŝŶǀĞƐƚŵĞŶƚƐƚŚĂƚĂƌĞŶŽƚĚĞĚƵĐƟďůĞ Ϯϳ͘ϴϲ ϮϮ͘Ϯϲ /,KKsΎ Ͳ Ͳ ϵϯϵ͘ϰϴ Ͳ džƉĞŶƐĞĐŽŶƐŝĚĞƌĞĚƚŽďĞĐĂƉŝƚĂůŝŶŶĂƚƵƌĞƵŶĚĞƌƚĂdžĂŶĚƚĂdžƉƌŽǀŝƐŝŽŶƐ Ϭ͘ϭϬ Ϭ͘ϴϲ dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ;,͘<͘Ϳ>ƚĚ͘Ύ ϯϮ͘ϰϯ Ͳ ϮϬϮ͘ϲϮ ϯϮ͘ϰϯ īĞĐƚŽŶĚĞĨĞƌƌĞĚƚĂdžďĂůĂŶĐĞƐĚƵĞƚŽƚŚĞĐŚĂŶŐĞŝŶŝŶĐŽŵĞƚĂdžƌĂƚĞĨƌŽŵϯϰ͘ϲϭй ƚŽϯϰ͘ϵϰй;ĞīĞĐƟǀĞƉƌŝůϭ͕ϮϬϭϴͿ ϯ͘ϱϰ Ͳ ZŽŽƚƐŽƌƉŽƌĂƟŽŶ>ƚĚ͘ ϯϱ͘ϬϬ ϭϳ͘ϬϬ ϭϵ͘ϬϬ ϭϵ͘ϬϬ Others Ϭ͘Ϭϴ ϳ͘ϲϭ :ŽŝŶƚsĞŶƚƵƌĞƐ ϭϯϲ͘ϮϬ ϭϭϳ͘ϴϮ dĂũ<ĂƌŶĂƚĂŬĂ,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ ϱ͘ϯϱ ϱ͘ϯϱ ϱ͘ϯϱ ϱ͘ϯϱ WƌŝŽƌLJĞĂƌƚĂdžĞƐĂƐƐŚŽǁŶĂďŽǀĞ Ϭ͘Ϯϲ ϭ͘Ϭϰ dĂũ^ĂĨĂƌŝƐ>ƚĚ͘ Ϯ͘Ϯϴ Ϯ͘Ϯϴ ϭ͘ϵϴ ϭ͘ϵϴ /ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ ϭϯϲ͘ϰϲ ϭϭϴ͘ϴϲ Associates dĂŝĚĂdƌĂĚŝŶŐĂŶĚ/ŶĚƵƐƚƌŝĞƐ>ƚĚ͘ ϰ͘ϱϰ ϰ͘ϱϰ ϰ͘ϱϰ ϰ͘ϱϰ ΎEŽŝŶƚĞƌĞƐƚŝƐƉĂLJĂďůĞ͘ ŝŝŝͿ /ŶĐŽŵĞƚĂdžƌĞĐŽŐŶŝƐĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͗ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ EŽƚĞϯϴ͗dĂdžŝƐĐůŽƐƵƌĞƐ ` crores ` crores Current Tax ŝͿ /ŶĐŽŵĞdĂdžƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͗ dĂdžŝŵƉĂĐƚŽŶƉƌŽĮƚŽŶƐĂůĞŽĨŝŶǀĞƐƚŵĞŶƚŝŶĞƋƵŝƚLJƐŚĂƌĞƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ WĂƌƟĐƵůĂƌƐ KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ - Ͳ ` ` crores crores Deferred tax Current Tax ;ĂͿ ƌŝƐŝŶŐŽŶŝŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞƐƌĞĐŽŐŶŝƐĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͗ /ŶƌĞƐƉĞĐƚŽĨƚŚĞĐƵƌƌĞŶƚLJĞĂƌ ϭϭϱ͘ϯϴ 111.19  EĞƚĨĂŝƌǀĂůƵĞŐĂŝŶŽŶŝŶǀĞƐƚŵĞŶƚƐŝŶĞƋƵŝƚLJƐŚĂƌĞƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌ /ŶƌĞƐƉĞĐƚŽĨĞĂƌůŝĞƌLJĞĂƌƐ Ϭ͘Ϯϲ Ͳ ŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ ;ϯ͘ϳϬͿ ;Ϯ͘ϱϰͿ ϭϭϱ͘ϲϰ ϭϭϭ͘ϭϵ  ZĞŵĞĂƐƵƌĞŵĞŶƚŽĨĚĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶ ;ϯ͘ϯϰͿ Ϯ͘ϴϰ Deferred Tax ;ϳ͘ϬϰͿ Ϭ͘ϯϬ /ŶƌĞƐƉĞĐƚŽĨƚŚĞĐƵƌƌĞŶƚLJĞĂƌ ϭϳ͘Ϯϴ ϲ͘ϲϯ ;ďͿ ƌŝƐŝŶŐŽŶŝŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞƐƌĞĐůĂƐƐŝĮĞĚĨƌŽŵĞƋƵŝƚLJƚŽƉƌŽĮƚŽƌůŽƐƐ͗ ĚũƵƐƚŵĞŶƚƚŽĚĞĨĞƌƌĞĚƚĂdžĂƩƌŝďƵƚĂďůĞƚŽĐŚĂŶŐĞƐŝŶƚĂdžƌĂƚĞƐĂŶĚůĂǁƐ ϯ͘ϱϰ Ͳ  ZĞůĂƟŶŐƚŽĮŶĂŶĐŝĂůĂƐƐĞƚƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚŽƚŚĞƌ /ŶƌĞƐƉĞĐƚŽĨĞĂƌůŝĞƌLJĞĂƌƐ Ͳ ϭ͘Ϭϰ ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ - Ͳ ϮϬ͘ϴϮ 7.67  KŶĚŝƐƉŽƐĂůŽĨĨŽƌĞŝŐŶŽƉĞƌĂƟŽŶ - Ͳ dŽƚĂůƚĂdžĞdžƉĞŶƐĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞĐƵƌƌĞŶƚLJĞĂƌƌĞůĂƟŶŐƚŽĐŽŶƟŶƵŝŶŐŽƉĞƌĂƟŽŶƐ ϭϯϲ͘ϰϲ ϭϭϴ͘ϴϲ Others - Ͳ Total income tax recognised in other comprehensive income ;ϳ͘ϬϰͿ Ϭ͘ϯϬ

;ĐͿ ŝĨƵƌĐĂƟŽŶŽĨƚŚĞŝŶĐŽŵĞƚĂdžƌĞĐŽŐŶŝƐĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŝŶƚŽ͗  /ƚĞŵƐƚŚĂƚǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚŽƌůŽƐƐ ;ϳ͘ϬϰͿ Ϭ͘ϯϬ  /ƚĞŵƐƚŚĂƚŵĂLJďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚŽƌůŽƐƐ Ͳ Ͳ ;ϳ͘ϬϰͿ Ϭ͘ϯϬ

178 Annual Report 2017-18 179 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018 ŝǀͿ dŚĞĨŽůůŽǁŝŶŐŝƐƚŚĞĂŶĂůLJƐŝƐŽĨĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐͬ;ůŝĂďŝůŝƟĞƐͿƉƌĞƐĞŶƚĞĚŝŶƚŚĞďĂůĂŶĐĞƐŚĞĞƚ͗ EŽƚĞϯϵ͗ZĞůĂƚĞĚWĂƌƚLJŝƐĐůŽƐƵƌĞƐ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ WĂƌƟĐƵůĂƌƐ ;ĂͿ dŚĞŶĂŵĞƐŽĨƌĞůĂƚĞĚƉĂƌƟĞƐŽĨƚŚĞŽŵƉĂŶLJĂƌĞĂƐƵŶĚĞƌ͗ ` crores ` crores ĞĨĞƌƌĞĚdĂdžĂƐƐĞƚƐ ϭϭϳ͘ϰϲ ϭϱϱ͘ϯϮ  ŝ͘ ŽŵƉĂŶLJŚĂǀŝŶŐƐŝŐŶŝĮĐĂŶƚŝŶŇƵĞŶĐĞ ĞĨĞƌƌĞĚdĂdžůŝĂďŝůŝƟĞƐ ;ϰϲϲ͘ϮϳͿ ;ϰϰϲ͘ϮϲͿ Name of the Company ŽƵŶƚƌLJŽĨ/ŶĐŽƌƉŽƌĂƟŽŶ Net Deferred Tax Liability ;ϯϰϴ͘ϴϭͿ ;ϮϵϬ͘ϵϰͿ dĂƚĂ^ŽŶƐ>ƚĚ͘;ŝŶĐůƵĚŝŶŐŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚ:ŽŝŶƚsĞŶƚƵƌĞƐͿ /ŶĚŝĂ

 ^ŝŐŶŝĮĐĂŶƚĐŽŵƉŽŶĞŶƚƐŽĨŶĞƚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴĂƌĞĂƐĨŽůůŽǁƐ͗ ii. Subsidiary Companies DĂƌĐŚϯϭ͕ϮϬϭϴ Opening Recognised in Recognised MAT credit Closing Name of the Company ŽƵŶƚƌLJŽĨ/ŶĐŽƌƉŽƌĂƟŽŶ Balance the state- in other com- ƵƟůŝƐĞĚ Balance ŽŵĞƐƟĐ ŵĞŶƚŽĨƉƌŽĮƚ prehensive d/&K,ŽůĚŝŶŐƐ>ƚĚ͘1 /ŶĚŝĂ and loss income ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐͬ;ůŝĂďŝůŝƟĞƐͿ͗ ƚĚ͘ /ŶĚŝĂ hŶŝƚĞĚ,ŽƚĞůƐ>ƚĚ͘ /ŶĚŝĂ WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚΘ ;ϰϮϲ͘ϮϵͿ ;ϭϴ͘ϲϰͿ Ͳ Ͳ ;ϰϰϰ͘ϵϯͿ /ŶƚĂŶŐŝďůĞƐƐĞƚƐ ZŽŽƚƐŽƌƉŽƌĂƟŽŶ>ƚĚ͘ /ŶĚŝĂ hŶĂŵŽƌƟƐĞĚďŽƌƌŽǁŝŶŐĐŽƐƚ ;Ϭ͘ϯϯͿ ;Ϭ͘ϭϮͿ Ͳ Ͳ ;Ϭ͘ϰϱͿ dĂũŶƚĞƌƉƌŝƐĞƐ>ƚĚ͘ /ŶĚŝĂ &ĂŝƌǀĂůƵĂƟŽŶĐŚĂŶŐĞƐŽĨĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ ;ϭϱ͘ϵϰͿ ;ϰ͘ϵϰͿ Ͳ Ͳ ;ϮϬ͘ϴϴͿ dĂũdƌĂĚĞĂŶĚdƌĂŶƐƉŽƌƚŽ>ƚĚ͘ /ŶĚŝĂ hŶƌĞĂůŝƐĞĚŐĂŝŶŽŶĞƋƵŝƚLJƐŚĂƌĞƐ ;ϯ͘ϳϬͿ Ͳ ϴ͘ϱϰ Ͳ ϰ͘ϴϰ ĞŶĂƌĞƐ,ŽƚĞůƐ>ƚĚ͘ /ŶĚŝĂ ĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌ /ŶĚŝƚƌĂǀĞů>ƚĚ͘ /ŶĚŝĂ ŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ WŝĞŵ,ŽƚĞůƐ>ƚĚ͘ /ŶĚŝĂ WƌŽǀŝƐŝŽŶĨŽƌŵƉůŽLJĞĞĞŶĞĮƚƐ Ϯϲ͘Ϭϳ ;Ϭ͘ϵϯͿ ϯ͘ϯϰ Ͳ Ϯϴ͘ϰϴ EŽƌƚŚĞƌŶ/ŶĚŝĂ,ŽƚĞůƐ>ƚĚ͘ /ŶĚŝĂ DdƌĞĚŝƚŶƟƚůĞŵĞŶƚ ϳϳ͘ϲϱ Ͳ Ͳ ;ϰϰ͘ϬϵͿ ϯϯ͘ϱϲ ^ŬLJĚĞĐŬWƌŽƉĞƌƟĞƐĂŶĚĞǀĞůŽƉĞƌƐWƌŝǀĂƚĞ>ŝŵŝƚĞĚ /ŶĚŝĂ ZĞǁĂƌĚWŽŝŶƚƐ ϭϳ͘ϵϬ ;ϰ͘ϲϯͿ Ͳ Ͳ ϭϯ͘Ϯϳ WƌŽǀŝƐŝŽŶĨŽƌŽŶƟŶŐĞŶĐŝĞƐ Ϯϭ͘ϭϮ ϱ͘ϯϵ Ͳ Ͳ Ϯϲ͘ϱϭ ^ŚĞĞŶĂ/ŶǀĞƐƚŵĞŶƚƐWƌŝǀĂƚĞ>ŝŵŝƚĞĚ /ŶĚŝĂ ůůŽǁĂŶĐĞĨŽƌŽƵďƞƵůĞďƚƐ ϰ͘Ϭϰ ϯ͘ϱϲ Ͳ Ͳ ϳ͘ϲϬ >>,ŽƚĞůƐΘ/ŶǀĞƐƚŵĞŶƚƐ>ŝŵŝƚĞĚ /ŶĚŝĂ hŶƌĞĂůŝƐĞĚůŽƐƐŽŶĞƋƵŝƚLJƐŚĂƌĞƐĐĂƌƌŝĞĚ Ͳ Ͳ ;ϰ͘ϴϰͿ Ͳ ;ϰ͘ϴϰͿ >ƵƚŚƌŝĂΘ>ĂůĐŚĂŶĚĂŶŝ,ŽƚĞůΘWƌŽƉĞƌƟĞƐWǀƚ͘>ƚĚ͘ /ŶĚŝĂ ĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶͲ 1ŵĂůŐĂŵĂƚĞĚǁŝƚŚƚŚĞŽŵƉĂŶLJǀŝĚĞE>dŽƌĚĞƌĚĂƚĞĚDĂƌĐŚϴ͕ϮϬϭϴ;ǁ͘Ğ͘Ĩ͘ĂƉƉŽŝŶƚĞĚĚĂƚĞƉƌŝůϭ͕ϮϬϭϳͿ ƐŝǀĞ/ŶĐŽŵĞ Others ϴ͘ϱϰ ;Ϭ͘ϱϭͿ Ͳ Ͳ ϴ͘Ϭϯ /ŶƚĞƌŶĂƟŽŶĂů Total Deferred Tax Liability ;ϮϵϬ͘ϵϰͿ ;ϮϬ͘ϴϮͿ ϳ͘Ϭϰ ;ϰϰ͘ϬϵͿ ;ϯϰϴ͘ϴϭͿ ƉĞdž,ŽƚĞůDĂŶĂŐĞŵĞŶƚ^ĞƌǀŝĐĞƐ;WƚĞͿ>ƚĚ͘1 ^ŝŶŐĂƉŽƌĞ ^ĂŵƐĂƌĂWƌŽƉĞƌƟĞƐ>ƚĚ͘Ϯ ƌŝƟƐŚsŝƌŐŝŶ/ƐůĂŶĚƐ  ^ŝŐŶŝĮĐĂŶƚĐŽŵƉŽŶĞŶƚƐŽĨŶĞƚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳĂƌĞĂƐĨŽůůŽǁƐ͗ /,KKs EĞƚŚĞƌůĂŶĚƐ Recognised Recognised hŶŝƚĞĚKǀĞƌƐĞĂƐ,ŽůĚŝŶŐ/ŶĐ͘ĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ hŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂ Opening in the state- in other MAT credit Closing DĂƌĐŚϯϭ͕ϮϬϭϳ ^ƚ͘:ĂŵĞƐŽƵƌƚ,ŽƚĞů>ƚĚ͘ hŶŝƚĞĚ<ŝŶŐĚŽŵ Balance ŵĞŶƚŽĨƉƌŽĮƚ comprehensive ƵƟůŝƐĞĚ Balance dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ>ƚĚ͘ hŶŝƚĞĚ<ŝŶŐĚŽŵ and loss income dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ;,͘<͘Ϳ>ƚĚ͘ ,ŽŶŐ<ŽŶŐ ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐͬ;ůŝĂďŝůŝƟĞƐͿ͗ WŝĞŵ/ŶƚĞƌŶĂƟŽŶĂů;,͘<͘Ϳ>ƚĚ͘ ,ŽŶŐ<ŽŶŐ WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚΘ 1 ;ϰϰϮ͘ϳϳͿ ϭϲ͘ϰϴ Ͳ Ͳ ;ϰϮϲ͘ϮϵͿ >ŝƋƵŝĚĂƚĞĚŽŶƵŐƵƐƚϳ͕ϮϬϭϳ /ŶƚĂŶŐŝďůĞƐƐĞƚƐ Ϯ>ŝƋƵŝĚĂƚĞĚŽŶ:ƵŶĞϲ͕ϮϬϭϳ hŶĂŵŽƌƟƐĞĚďŽƌƌŽǁŝŶŐĐŽƐƚ ;Ϭ͘ϵϬͿ Ϭ͘ϱϳ Ͳ Ͳ ;Ϭ͘ϯϯͿ &ĂŝƌǀĂůƵĂƟŽŶĐŚĂŶŐĞƐŽĨĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ ;Ϭ͘ϮϭͿ ;ϭϱ͘ϳϯͿ Ͳ Ͳ ;ϭϱ͘ϵϰͿ  ŝŝŝ͘ :ŽŝŶƚsĞŶƚƵƌĞƐ hŶƌĞĂůŝƐĞĚŐĂŝŶŽŶĞƋƵŝƚLJƐŚĂƌĞƐĐĂƌƌŝĞĚĂƚ Name of the Company ŽƵŶƚƌLJŽĨ/ŶĐŽƌƉŽƌĂƟŽŶ ĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ ;ϲ͘ϮϰͿ Ͳ Ϯ͘ϱϰ Ͳ ;ϯ͘ϳϬͿ ŽŵĞƐƟĐ /ŶĐŽŵĞ dĂũDĂĚƌĂƐ&ůŝŐŚƚ<ŝƚĐŚĞŶWǀƚ͘>ƚĚ͘ /ŶĚŝĂ WƌŽǀŝƐŝŽŶĨŽƌŵƉůŽLJĞĞĞŶĞĮƚƐ Ϯϯ͘Ϭϴ ϱ͘ϴϯ ;Ϯ͘ϴϰͿ Ͳ Ϯϲ͘Ϭϳ dĂũ^ĂƚƐŝƌĂƚĞƌŝŶŐ>ƚĚ͘ /ŶĚŝĂ hŶƵƐĞĚƚĂdžůŽƐƐĞƐ;ƵƐŝŶĞƐƐͿ Ϯϭ͘ϳϰ ;Ϯϭ͘ϳϰͿ Ͳ Ͳ - dĂũ<ĂƌŶĂƚĂŬĂ,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ /ŶĚŝĂ DdƌĞĚŝƚŶƟƚůĞŵĞŶƚ ϭϮϲ͘ϱϴ Ͳ Ͳ ;ϰϴ͘ϵϯͿ 77.65 dĂũ<ĞƌĂůĂ,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ /ŶĚŝĂ ZĞǁĂƌĚWŽŝŶƚƐ ϭϵ͘Ϯϱ ;ϭ͘ϯϱͿ Ͳ Ͳ ϭϳ͘ϵϬ WƌŽǀŝƐŝŽŶĨŽƌŽŶƟŶŐĞŶĐŝĞƐ ϭϴ͘ϲϬ Ϯ͘ϱϮ Ͳ Ͳ Ϯϭ͘ϭϮ dĂũ's<,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ /ŶĚŝĂ ůůŽǁĂŶĐĞĨŽƌŽƵďƞƵůĞďƚƐ ϯ͘ϴϮ Ϭ͘ϮϮ Ͳ Ͳ ϰ͘Ϭϰ dĂũ^ĂĨĂƌŝƐ>ƚĚ͘ /ŶĚŝĂ Others ϯ͘ϬϬ ϱ͘ϱϰ Ͳ Ͳ ϴ͘ϱϰ <ĂǀĞƌŝZĞƚƌĞĂƚƐĂŶĚZĞƐŽƌƚƐ>ƚĚ͘ /ŶĚŝĂ Total Deferred Tax Liability ;Ϯϯϰ͘ϬϱͿ (7.66) ;Ϭ͘ϯϬͿ ;ϰϴ͘ϵϯͿ ;ϮϵϬ͘ϵϰͿ

180 Annual Report 2017-18 181 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018 Name of the Company ŽƵŶƚƌLJŽĨ/ŶĐŽƌƉŽƌĂƟŽŶ Company Post Key having :ŽŝŶƚ ZĞƟƌĞŵĞŶƚ WĂƌƟĐƵůĂƌƐ Management Subsidiaries Associates # ƐŝŐŶŝĮĐĂŶƚ Ventures# ďĞŶĞĮƚ /ŶƚĞƌŶĂƟŽŶĂů Personnel d>,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ĂŶĚŝƚƐ^ƵďƐŝĚŝĂƌŝĞƐ ,ŽŶŐ<ŽŶŐ ŝŶŇƵĞŶĐĞΎ plans ` ` ` ` ` ` /,D^,ŽƚĞůƐ;^Ϳ;WƌŽƉƌŝĞƚĂƌLJͿ>ƚĚ͘ĂŶĚŝƚƐƐƵďƐŝĚŝĂƌLJ ^ŽƵƚŚĨƌŝĐĂ crores crores crores crores crores crores ^ĂůĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ Ϯϯ͘ϵϱ - Ϯ͘ϯϵ Ϭ͘Ϭϳ Ϭ͘ϲϳ - iv. Associates 17.77 - 2.55 - 0.61 - Name of the Company ŽƵŶƚƌLJŽĨ/ŶĐŽƌƉŽƌĂƟŽŶ ĞƉƵƚĞĚ^ƚĂīƌĞŝŵďƵƌƐĞŵĞŶƚƐ --ϳ͘ϮϮ ϯ͘Ϯϵ ϯ͘ϲϴ - ŽŵĞƐƟĐ - - 6.05 3.03 5.23 - KƌŝĞŶƚĂů,ŽƚĞůƐ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ /ŶĚŝĂ KƚŚĞƌŽƐƚƌĞŝŵďƵƌƐĞŵĞŶƚƐ Ϭ͘ϯϰ - ϯ͘ϲϳ Ϭ͘ϵϮ ϭ͘Ϭϲ - dĂũDĂĚƵƌĂŝ>ŝŵŝƚĞĚ /ŶĚŝĂ 0.12 - 2.80 0.88 0.53 - dĂŝĚĂdƌĂĚŝŶŐΘ/ŶĚƵƐƚƌŝĞƐ>ƚĚ͘ĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ /ŶĚŝĂ >ŽLJĂůƚLJĞdžƉĞŶƐĞ;EĞƚŽĨƌĞĚĞŵƉƟŽŶ Ϭ͘ϭϵ - ϴ͘ϴϲ ϲ͘Ϭϱ ϯ͘ϳϮ - /ŶƚĞƌŶĂƟŽŶĂů ĐƌĞĚŝƚͿ >ĂŶŬĂ/ƐůĂŶĚZĞƐŽƌƚ>ƚĚ͘ ^ƌŝ>ĂŶŬĂ 0.12 - 9.38 5.28 2.70 - d>>ĂŶŬĂ,ŽƚĞůƐW> ^ƌŝ>ĂŶŬĂ ĞƉƵƚĞĚ^ƚĂīKƵƚ Ϭ͘ϰϮ - Ϯϯ͘ϱϯ ϭϲ͘ϴϴ ϭϳ͘ϵϮ - :d^WƚĞ>ƚĚ͕͘^ŝŶŐĂƉŽƌĞĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ ^ŝŶŐĂƉŽƌĞ 0.42 - 22.11 14.91 17.09 - v. Key Management Personnel ŽŶƚƌŝďƵƟŽŶƚŽ&ƵŶĚƐ - - ---ϭϰ͘ϵϯ - - - - - 24.78 WĂƌƟĐƵůĂƌƐ ZĞůĂƟŽŶ /ŶƚĞƌŽƌƉŽƌĂƚĞĞƉŽƐŝƚ;͞/͟Ϳ WƵŶĞĞƚŚŚĂƚǁĂůη DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK ϮϬ͘ϬϬ - ϱϬ͘ϮϬ - Ϭ͘ϯϬ - WůĂĐĞĚ ZĂŬĞƐŚ^ĂƌŶĂΎ DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK 22.00 - 17.00 7.50 - - DĞŚĞƌŶŽƐŚ^͘<ĂƉĂĚŝĂ džĞĐƵƟǀĞŝƌĞĐƚŽƌͲŽƌƉŽƌĂƚĞīĂŝƌƐ /ŶĐĂƐŚĞĚ ϱϬ͘Ϯϰ - ϱϮ͘ϮϬ --- ΎĨŽƌƉĂƌƚŽĨƚŚĞLJĞĂƌƵƉƚŽ^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϭϳ͘ 13.06 - - 32.75 15.68 - ηĂƉƉŽŝŶƚĞĚǁŝƚŚĞīĞĐƚĨƌŽŵEŽǀĞŵďĞƌϬϲ͕ϮϬϭϳ͘ WƵƌĐŚĂƐĞŽĨ^ŚĂƌĞƐ --ϵϰϰ͘ϬϮ - Ϭ͘ϳϬ ------ ǀŝ͘ WŽƐƚŵƉůŽLJŵĞŶƚďĞŶĞĮƚƉůĂŶƐ ĞƉŽƐŝƚŽŶǀĞƌƚĞĚŝŶƚŽƋƵŝƚLJ ------WĂƌƟĐƵůĂƌƐ - - 991.14 - 10.00 - dŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶLJ>ŝŵŝƚĞĚŵƉůŽLJĞĞƐWƌŽǀŝĚĞŶƚ&ƵŶĚ ^ŚĂƌĞŚŽůĚĞƌƐ͛ĞƉŽƐŝƚƉůĂĐĞĚ ------dŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶLJ>ŝŵŝƚĞĚ^ƵƉĞƌĂŶŶƵĂƟŽŶ^ĐŚĞŵĞ - - 135.19 - - - dŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŵƉůŽLJĞĞƐ'ƌĂƚƵŝƚLJdƌƵƐƚ ^ŚĂƌĞŚŽůĚĞƌƐ͛ĞƉŽƐŝƚĞŶĐĂƐŚĞĚ --ϯϮ͘ϭϱ --- - - 167.93 - - - ;ďͿ dŚĞĚĞƚĂŝůƐŽĨƌĞůĂƚĞĚƉĂƌƚLJƚƌĂŶƐĂĐƟŽŶƐĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳĂƌĞĂƐĨŽůůŽǁƐ͗ ZĞŵƵŶĞƌĂƟŽŶWĂŝĚͬWĂLJĂďůĞ - ϮϬ͘ϵϴ ---- ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝŝͿͿ - 13.18 - - - - Company Post Key having :ŽŝŶƚ ZĞƟƌĞŵĞŶƚ WĂƌƟĐƵůĂƌƐ Management Subsidiaries Associates # 'ƵĂƌĂŶƚĞĞƐͬ>ĞƩĞƌŽĨŽŵĨŽƌƚ ƐŝŐŶŝĮĐĂŶƚ Ventures# ďĞŶĞĮƚ --ϱ͘ϬϬ - ϭϭ͘Ϭϲ - Personnel ǁŝƚŚĚƌĂǁŶ ŝŶŇƵĞŶĐĞΎ plans - - 977.93 - 17.61 - ` crores ` crores ` crores ` crores ` crores ` crores dŚĞĚĞƚĂŝůƐŽĨĂŵŽƵŶƚƐĚƵĞƚŽŽƌĨƌŽŵƌĞůĂƚĞĚƉĂƌƟĞƐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳĂƌĞĂƐĨŽůůŽǁƐ͗ /ŶƚĞƌĞƐƚŝŶĐŽŵĞ Ϭ͘ϵϱ - Ϯ͘ϲϬ Ϭ͘ϰϱ Ϭ͘ϲϳ - 2.34 - 1.14 1.37 1.75 - dƌĂĚĞZĞĐĞŝǀĂďůĞƐ;ZĞĨĞƌEŽƚĞϭϬͿ ϱ͘ϯϬ - ϭϲ͘ϰϲ ϭϮ͘ϵϰ ϱϲ͘ϰϱ - ŝǀŝĚĞŶĚŝŶĐŽŵĞ ϯ͘ϲϬ - ϭ͘ϱϵ Ϭ͘ϭϰ Ϭ͘ϵϮ - 2.57 - 11.43 8.61 35.75 - 0.12 - 11.99 1.24 0.64 - dƌĂĚĞWĂLJĂďůĞƐ;ZĞĨĞƌEŽƚĞϭϵͿ ϭϯ͘ϵϳ - ϭ͘ϰϴ ϭ͘ϭϬ Ϭ͘Ϭϯ - ŝǀŝĚĞŶĚWĂŝĚ ϭϬ͘Ϯϱ --Ϭ͘Ϭϲ -- 6.08 - 1.92 0.07 0.05 - 8.78 - - 0.05 - - KƚŚĞƌZĞĐĞŝǀĂďůĞƐͬ;KƚŚĞƌWĂLJĂďůĞƐͿ Ϭ͘ϯϬ - ϴϭ͘Ϯϵ ϯ͘ϮϬ ;ϭϭ͘ϭϬͿ - KƉĞƌĂƟŶŐͬ>ŝĐĞŶĐĞĨĞĞƐĞdžƉĞŶƐĞ --Ϭ͘ϯϭ --- ;ZĞĨĞƌEŽƚĞϳĂŶĚEŽƚĞϭϲͿ 0.35 - 81.09 1.75 (5.30) - - - 0.32 - - - /ŶƚĞƌĞƐƚZĞĐĞŝǀĂďůĞ -- -Ϭ͘ϯϱ Ϭ͘ϳϯ - KƉĞƌĂƟŶŐĨĞĞƐŝŶĐŽŵĞ ϯ͘Ϯϵ - ϱϳ͘ϯϯ ϯϭ͘ϰϳ ϯϲ͘ϭϮ - ;ZĞĨĞƌEŽƚĞϳͿ 0.39 - - 0.35 0.60 - - - 44. 20 26.90 29.75 - ĞƉŽƐŝƚƐZĞĐĞŝǀĂďůĞ ϭ͘ϯϮ - ϮϬ͘ϵϴ ϰ͘ϱϰ ϳ͘ϲϯ - WƵƌĐŚĂƐĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϱϲ͘ϭϳ - ϭϲ͘ϯϱ Ϭ͘ϭϴ Ϭ͘ϭϭ - ;ZĞĨĞƌEŽƚĞϲĂŶĚEŽƚĞϳͿ 31.56 - 55.41 4.54 7.33 - 55.65 - 19.47 0.48 0.16 - ĞƉŽƐŝƚƐWĂLJĂďůĞ Ϭ͘Ϯϴ - ϰ͘Ϭϰ --- ;ZĞĨĞƌEŽƚĞϭϱͿ - - 4.02 - - -

182 Annual Report 2017-18 183 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018 Company Post DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ Key Name of the Company having :ŽŝŶƚ ZĞƟƌĞŵĞŶƚ ` crores ` crores WĂƌƟĐƵůĂƌƐ Management Subsidiaries Associates # ƐŝŐŶŝĮĐĂŶƚ Ventures# ďĞŶĞĮƚ Personnel ŝŶŇƵĞŶĐĞΎ plans ZĞŵƵŶĞƌĂƟŽŶƚŽ<ĞLJDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞů ` crores ` crores ` crores ` crores ` crores ` crores WƵŶĞĞƚŚŚĂƚǁĂů;ǁ͘Ğ͘Ĩ͘EŽǀĞŵďĞƌϬϲ͕ϮϬϭϳͿ ϭ͘ϳϮ Ͳ KƉƟŽŶĞƉŽƐŝƚ ϳϭ͘ϭϬ - ---- ZĂŬĞƐŚ^ĂƌŶĂ;ƵƉƚŽ^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϭϳͿ ϭϱ͘ϴϳ ϳ͘ϵϰ ;ZĞĨĞƌEŽƚĞϱ;ŝǀͿͿ 71.10 - - - - - DĞŚĞƌŶŽƐŚ^͘<ĂƉĂĚŝĂ Ϯ͘ϳϯ Ϯ͘ϯϮ 'ƵĂƌĂŶƚĞĞƐͬ>ĞƩĞƌŽĨŽŵĨŽƌƚŐŝǀĞŶ - ϭϳϬ͘ϲϴ - Ϯϯϯ͘ϱϱ - ŽŶďĞŚĂůĨ - ^ƵďƐŝĚŝĂƌŝĞƐ͗ ;ZĞĨĞƌEŽƚĞϰϮͿ - - 175.68 - 244.61 - ΎŝŶĐůƵĚŝŶŐŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ KTC Hotels Ltd. ηŝŶĐůƵĚŝŶŐŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ KƉĞƌĂƟŶŐͬ>ŝĐĞŶĐĞ&ĞĞƐĞdžƉĞŶƐĞ Ϭ͘ϯϭ Ϭ͘ϯϮ ĞƉŽƐŝƚŐŝǀĞŶŽƵƚƐƚĂŶĚŝŶŐ ϯ͘ϱϬ ϯ͘ϱϬ  &ŽŽƚŶŽƚĞƐ͗ &ŝŐƵƌĞƐŝŶŝƚĂůŝĐƐĂƌĞŽĨƚŚĞƉƌĞǀŝŽƵƐƉĞƌŝŽĚ͘  ;ŝͿ Benares Hotels Ltd.  ;ŝŝͿ DĂŶĂŐĞƌŝĂůƌĞŵƵŶĞƌĂƟŽŶĞdžĐůƵĚĞƐƉƌŽǀŝƐŝŽŶĨŽƌŐƌĂƚƵŝƚLJĂŶĚĐŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐ͕ƐŝŶĐĞƚŚĞƐĞĂƌĞƉƌŽǀŝĚĞĚŽŶƚŚĞďĂƐŝƐŽĨĂŶ ŝǀŝĚĞŶĚŝŶĐŽŵĞ Ϭ͘ϵϳ ϭ͘Ϯϵ ĂĐƚƵĂƌŝĂůǀĂůƵĂƟŽŶĨŽƌƚŚĞŽŵƉĂŶLJĂƐĂǁŚŽůĞĂŶĚůŽŶŐƚĞƌŵŝŶĐĞŶƟǀĞ͘ŽŵŵŝƐƐŝŽŶƚŽdžĞĐƵƟǀĞŝƌĞĐƚŽƌƐŚĂƐďĞĞŶĐŽŶƐŝĚĞƌĞĚ ŽŶƉĂLJŵĞŶƚďĂƐŝƐ͘ Piem Hotels Ltd. dƌĂĚĞZĞĐĞŝǀĂďůĞƐ ϭϭ͘Ϭϳ ϵ͘ϵϴ ;ĐͿ ^ƚĂƚĞŵĞŶƚŽĨDĂƚĞƌŝĂůdƌĂŶƐĂĐƟŽŶƐ /WůĂĐĞĚ ϭϬ͘ϬϬ Ͳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ Name of the Company /ŶĐĂƐŚĞĚ ϭϬ͘ϬϬ Ͳ ` ` crores crores KƉĞƌĂƟŶŐĨĞĞƐŝŶĐŽŵĞ ϯϬ͘ϴϭ ϯϬ͘ϭϰ ŽŵƉĂŶLJŚĂǀŝŶŐƐƵďƐƚĂŶƟĂůŝŶƚĞƌĞƐƚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ͗ ĞƉƵƚĞĚ^ƚĂīKƵƚ ϭϵ͘ϯϮ ϭϳ͘ϯϰ ĞƉƵƚĞĚ^ƚĂīZĞŝŵďƵƌƐĞŵĞŶƚ ϱ͘ϴϯ ϰ͘ϴϳ Tata Sons Ltd. >ŽLJĂůƚLJĞdžƉĞŶƐĞ;EĞƚŽĨƌĞĚĞŵƉƟŽŶĐƌĞĚŝƚͿ ϰ͘ϭϮ ϰ͘Ϭϯ ŝǀŝĚĞŶĚŝŶĐŽŵĞ ϯ͘ϲϬ Ͳ KƚŚĞƌŽƐƚƌĞŝŵďƵƌƐĞŵĞŶƚƐ 1.11 ϭ͘ϯϳ ŝǀŝĚĞŶĚƉĂŝĚ ϵ͘ϳϬ ϴ͘ϯϭ dƌĂĚĞWĂLJĂďůĞƐ ϯ͘ϱϮ ϯ͘ϯϳ ^ŬLJĚĞĐŬWƌŽƉĞƌƟĞƐĂŶĚĞǀĞůŽƉĞƌƐWƌŝǀĂƚĞ>ŝŵŝƚĞĚ ^ĂůĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϲ͘ϯϰ ϱ͘ϴϰ KƚŚĞƌƌĞĐĞŝǀĂďůĞƐͬ;KƚŚĞƌƉĂLJĂďůĞƐͿ ϳϵ͘ϴϰ ϳϵ͘ϴϬ WƵƌĐŚĂƐĞŽĨ^ŚĂƌĞƐ ϴϵϮ͘ϵϯ Ͳ Tata Consultancy Services Ltd. /WůĂĐĞĚ ϳ͘ϮϬ Ͳ dƌĂĚĞWĂLJĂďůĞƐ ϲ͘ϴϬ Ϯ͘ϰϵ /ŶĐĂƐŚĞĚ ϳ͘ϮϬ Ͳ WƵƌĐŚĂƐĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϯϲ͘ϭϮ ϯϮ͘ϵϰ ^ĂůĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϯ͘ϬϬ Ϯ͘ϴϱ United Overseas Holdings Inc. WƵƌĐŚĂƐĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϭϭ͘ϯϵ ϭϭ͘ϰϳ Taj Air Ltd. 'ƵĂƌĂŶƚĞĞƐŐŝǀĞŶŽŶďĞŚĂůĨʹůŽƐŝŶŐƉŽƐŝƟŽŶ ϭϳϬ͘ϲϴ ϭϳϱ͘ϲϴ /WůĂĐĞĚ ϮϬ͘ϬϬ ϮϮ͘ϬϬ 'ƵĂƌĂŶƚĞĞǁŝƚŚĚƌĂǁŶ ϱ͘ϬϬ ϳϰϬ͘ϳϲ /ŶĐĂƐŚĞĚ ϱϬ͘Ϯϰ ϭϯ͘Ϭϲ KƚŚĞƌŽƐƚƌĞŝŵďƵƌƐĞŵĞŶƚ ϭ͘ϯϳ Ϭ͘ϳϴ /ŶƚĞƌĞƐƚŝŶĐŽŵĞ Ϭ͘ϵϱ Ϯ͘ϯϰ dƌĂĚĞWĂLJĂďůĞƐ ϯ͘ϮϮ Ͳ ^ƚ͘:ĂŵĞƐŽƵƌƚ,ŽƚĞů>ƚĚ͘ >ŽLJĂůƚLJĞdžƉĞŶƐĞ;EĞƚŽĨƌĞĚĞŵƉƟŽŶĐƌĞĚŝƚͿ Ϯ͘ϲϵ ϯ͘ϳϱ Tata Realty and Infrastructure Ltd. ĞƉŽƐŝƚůŽƐŝŶŐƉŽƐŝƟŽŶʹKƉƟŽŶĞƉŽƐŝƚ ϳϭ͘ϭϬ ϳϭ͘ϭϬ dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ;,͘<͘Ϳ>ƚĚ͘ ĞƉŽƐŝƚWĂLJĂďůĞ ϰ͘Ϭϰ ϰ͘ϬϮ Tata AIG General Insurance Company Ltd. ^ŚĂƌĞŚŽůĚĞƌƐ͛ĞƉŽƐŝƚŶĐĂƐŚĞĚ ϯϮ͘ϭϱ ϭϲϳ͘ϵϯ WƵƌĐŚĂƐĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϴ͘ϳϬ ϴ͘ϰϮ IHOCO BV Tata SIA Airlines Ltd. WƵƌĐŚĂƐĞŽĨ^ŚĂƌĞƐ ϱϭ͘Ϭϴ Ͳ ^ĂůĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϵ͘Ϭϯ ϰ͘ϳϮ

184 Annual Report 2017-18 185 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018 DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ Name of the Company Name of the Company ` crores ` crores ` crores ` crores ZŽŽƚƐŽƌƉŽƌĂƟŽŶ>ƚĚ͘ WŽƐƚͲĞŵƉůŽLJŵĞŶƚďĞŶĞĮƚƉůĂŶƐ /ŶƚĞƌĞƐƚŝŶĐŽŵĞ 1.99 ϭ͘ϭϰ ŽŶƚƌŝďƵƟŽŶƚŽ^ƵƉĞƌĂŶŶƵĂƟŽŶ&ƵŶĚ ϰ͘ϵϵ ϱ͘Ϭϭ /WůĂĐĞĚ ϯϯ͘ϬϬ ϭϳ͘ϬϬ ŽŶƚƌŝďƵƟŽŶƚŽWƌŽǀŝĚĞŶƚ&ƵŶĚ ϵ͘ϵϰ ϵ͘ϳϴ /ŶĐĂƐŚĞĚ ϯϱ͘ϬϬ Ͳ ŽŶƚƌŝďƵƟŽŶƚŽ'ƌĂƚƵŝƚLJ&ƵŶĚ Ͳ ϭϬ͘ϬϬ ĞƉŽƐŝƚŐŝǀĞŶŽƵƚƐƚĂŶĚŝŶŐ ϭϳ͘ϬϬ ϭϵ͘ϬϬ EŽƚĞϰϬ͗^ĞŐŵĞŶƚ/ŶĨŽƌŵĂƟŽŶ :ŽŝŶƚsĞŶƚƵƌĞƐ͗ KƉĞƌĂƟŶŐƐĞŐŵĞŶƚƐĂƌĞƌĞƉŽƌƚĞĚŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŝŶƚĞƌŶĂůƌĞƉŽƌƟŶŐƉƌŽǀŝĚĞĚƚŽƚŚĞĐŚŝĞĨŽƉĞƌĂƟŶŐĚĞĐŝƐŝŽŶͲŵĂŬĞƌ͘dŚĞ Taj GVK Hotels & Resorts Ltd. DĂŶĂŐŝŶŐ ŝƌĞĐƚŽƌ ĂŶĚ ŚŝĞĨ džĞĐƵƟǀĞ KĸĐĞƌ ǁŚŽ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĂůůŽĐĂƟŶŐ ƌĞƐŽƵƌĐĞƐ ĂŶĚ ĂƐƐĞƐƐŝŶŐ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ŽƉĞƌĂƟŶŐ KƚŚĞƌƌĞĐĞŝǀĂďůĞƐͬ;KƚŚĞƌƉĂLJĂďůĞƐͿ (11.91) ;Ϭ͘ϵϮͿ ƐĞŐŵĞŶƚƐ͕ ŚĂƐ ďĞĞŶ ŝĚĞŶƟĮĞĚ ĂƐ ƚŚĞ ĐŚŝĞĨ ŽƉĞƌĂƟŶŐ ĚĞĐŝƐŝŽŶͲŵĂŬĞƌ͘ &ƌŽŵ ƚŚĞ ŝŶƚĞƌŶĂů ŽƌŐĂŶŝƐĂƟŽŶ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ĂĐƟǀŝƟĞƐ ĂŶĚ ŝǀŝĚĞŶĚŝŶĐŽŵĞ Ϭ͘ϲϰ Ϭ͘ϲϰ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŝŶƚĞƌŶĂůƌĞƉŽƌƟŶŐƉƌŽǀŝĚĞĚƚŽƚŚĞĐŚŝĞĨŽƉĞƌĂƟŶŐĚĞĐŝƐŝŽŶͲŵĂŬĞƌĂŶĚĂŌĞƌĐŽŶƐŝĚĞƌŝŶŐƚŚĞŶĂƚƵƌĞŽĨŝƚƐƐĞƌǀŝĐĞƐ͕ƚŚĞ KƉĞƌĂƟŶŐĨĞĞƐŝŶĐŽŵĞ ϭϲ͘ϭϰ ϭϰ͘ϭϳ ƵůƟŵĂƚĞĐƵƐƚŽŵĞƌĂǀĂŝůŝŶŐƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚƚŚĞŵĞƚŚŽĚƐƵƐĞĚďLJŝƚƐƚŽƉƌŽǀŝĚĞƚŚŽƐĞƐĞƌǀŝĐĞƐ͕͞,ŽƚĞů^ĞƌǀŝĐĞƐ͟ŚĂƐďĞĞŶŝĚĞŶƟĮĞĚƚŽ ĞƉƵƚĞĚ^ƚĂīKƵƚ ϵ͘Ϯϳ ϴ͘ϯϴ ďĞƚŚĞŽŵƉĂŶLJ͛ƐƐŽůĞŽƉĞƌĂƟŶŐƐĞŐŵĞŶƚ͘,ŽƚĞů^ĞƌǀŝĐĞƐŝŶĐůƵĚĞ͞ZĞǀĞŶƵĞĨƌŽŵKƉĞƌĂƟŽŶƐ͟ŝŶĐůƵĚŝŶŐDĂŶĂŐĞŵĞŶƚĂŶĚKƉĞƌĂƟŶŐ&ĞĞƐ ĞƉƵƚĞĚ^ƚĂīZĞŝŵďƵƌƐĞŵĞŶƚ Ϯ͘ϱϭ ϯ͘ϰϬ ǁŚĞƌĞŚŽƚĞůƐĂƌĞŶŽƚŽǁŶĞĚŽƌůĞĂƐĞĚďLJƚŚĞŽŵƉĂŶLJ͘dŚĞŽƌŐĂŶŝƐĂƟŽŶŝƐůĂƌŐĞůLJŵĂŶĂŐĞĚƐĞƉĂƌĂƚĞůLJďLJƉƌŽƉĞƌƚLJďĂƐĞĚŽŶĐĞŶƚƌĂůůLJ KƚŚĞƌŽƐƚƌĞŝŵďƵƌƐĞŵĞŶƚ Ϭ͘ϴϯ Ϭ͘ϭϴ ĚƌŝǀĞŶƉŽůŝĐŝĞƐĂŶĚƚŚĞƌĞƐƵůƚƐĂŶĚĐĂƐŚŇŽǁƐŽĨƚŚĞƉĞƌŝŽĚ͕ĮŶĂŶĐŝĂůƉŽƐŝƟŽŶĂƐŽĨĞĂĐŚƌĞƉŽƌƟŶŐĚĂƚĞĂŐŐƌĞŐĂƚĞĚĨŽƌƚŚĞĂƐƐĞƐƐŵĞŶƚďLJ dƌĂĚĞƌĞĐĞŝǀĂďůĞƐ ϰϯ͘ϳϯ Ϯϴ͘Ϭϯ ƚŚĞDĂŶĂŐŝŶŐŝƌĞĐƚŽƌĂŶĚŚŝĞĨdžĞĐƵƟǀĞKĸĐĞƌ͘dŚĞŽŵƉĂŶLJ͛ƐŵĂŶĂŐĞŵĞŶƚƌĞƉŽƌƟŶŐĂŶĚĐŽŶƚƌŽůůŝŶŐƐLJƐƚĞŵƐƉƌŝŶĐŝƉĂůůLJƵƐĞĂĐĐŽƵŶƟŶŐ ƉŽůŝĐŝĞƐƚŚĂƚĂƌĞƚŚĞƐĂŵĞĂƐƚŚŽƐĞĚĞƐĐƌŝďĞĚŝŶEŽƚĞϮŝŶƚŚĞƐƵŵŵĂƌLJŽĨƐŝŐŶŝĮĐĂŶƚĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐƵŶĚĞƌ/ŶĚ^͘ƐƚŚĞŽŵƉĂŶLJŝƐ Taj Karnataka Hotels & Resorts Ltd. ĞŶŐĂŐĞĚŝŶĂƐŝŶŐůĞŽƉĞƌĂƟŶŐƐĞŐŵĞŶƚ͕ƐĞŐŵĞŶƚŝŶĨŽƌŵĂƟŽŶƚŚĂƚŚĂƐďĞĞŶƚĂďƵůĂƚĞĚďĞůŽǁŝƐŽŵƉĂŶLJͲǁŝĚĞ͗ /ŶƚĞƌĞƐƚŝŶĐŽŵĞ Ϭ͘ϰϴ Ϭ͘ϰϴ ĞƉŽƐŝƚŐŝǀĞŶŽƵƚƐƚĂŶĚŝŶŐ ϱ͘ϯϱ ϱ͘ϯϱ Revenue from Hotel Services by Non-current assets /ŶƚĞƌĞƐƚƌĞĐĞŝǀĂďůĞ Ϭ͘ϱϵ Ϭ͘ϱϵ ůŽĐĂƟŽŶŽĨĐƵƐƚŽŵĞƌƐ (see footnote below) DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ Country ` ` ` ` Taj Safaris Ltd. crores crores crores crores /ŶƚĞƌĞƐƚƌĞĐĞŝǀĂďůĞ Ϭ͘ϭϰ Ϭ͘Ϭϭ /ŶĚŝĂ Ϯ͕ϱϯϴ͘Ϭϴ Ϯ͕ϯϴϲ͘ϱϮ Ϯ͕ϴϱϰ͘ϴϴ Ϯ͕ϲϭϳ͘ϯϳ WƵƌĐŚĂƐĞŽĨ^ŚĂƌĞƐ Ϭ͘ϳϬ Ͳ KǀĞƌƐĞĂƐůŽĐĂƟŽŶƐ ϰϱ͘ϴϳ ϭϱ͘Ϭϰ Ͳ Ͳ Total Ϯ͕ϱϴϯ͘ϵϱ Ϯ͕ϰϬϭ͘ϱϲ Ϯ͕ϴϱϰ͘ϴϴ Ϯ͕ϲϭϳ͘ϯϳ TAL Hotels & Resorts Limited &ŽŽƚŶŽƚĞ͗ KƚŚĞƌƌĞĐĞŝǀĂďůĞƐͬ;KƚŚĞƌƉĂLJĂďůĞƐͿ ;Ϯ͘ϰϭͿ ;ϲ͘ϱϮͿ EŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐĞdžĐůƵĚĞĮŶĂŶĐŝĂůĂƐƐĞƚƐ͕ĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ͕ƉŽƐƚͲĞŵƉůŽLJŵĞŶƚďĞŶĞĮƚĂƐƐĞƚƐĂŶĚƌŝŐŚƚƐƵŶĚĞƌŝŶƐƵƌĂŶĐĞĐŽŶƚƌĂĐƚƐ͘ >ŽLJĂůƚLJĞdžƉĞŶƐĞ;EĞƚŽĨƌĞĚĞŵƉƟŽŶĐƌĞĚŝƚͿ Ϯ͘ϭϭ 1.91 EŽ ƐŝŶŐůĞ ĐƵƐƚŽŵĞƌ ĐŽŶƚƌŝďƵƚĞƐ ŵŽƌĞ ƚŚĂŶ ϭϬй Žƌ ŵŽƌĞ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͛Ɛ ƚŽƚĂů ƌĞǀĞŶƵĞ ĨŽƌ ƚŚĞ LJĞĂƌƐ ĞŶĚĞĚ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ ĂŶĚ DĂƌĐŚϯϭ͕ϮϬϭϳ͘ IHMS Hotels (SA) (Proprietary) Ltd. 'ƵĂƌĂŶƚĞĞǁŝƚŚĚƌĂǁŶ ϭϭ͘Ϭϲ ϭϳ͘ϲϭ >ĞƩĞƌŽĨŽŵĨŽƌƚŐŝǀĞŶŽŶďĞŚĂůĨʹůŽƐŝŶŐƉŽƐŝƟŽŶΎ Ϯϯϯ͘ϱϱ Ϯϰϰ͘ϲϭ EŽƚĞϰϭ͗ĂƌŶŝŶŐƐWĞƌ^ŚĂƌĞ;W^Ϳ͗ Ύ>ŝĂďŝůŝƚLJƌĞƐƚƌŝĐƚĞĚƚŽ`ϭϭϲ͘ϳϳĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌͲ`ϭϮϮ͘ϯϭĐƌŽƌĞƐͿĂƐĐŽƵŶƚĞƌ ĂƌŶŝŶŐƐWĞƌ^ŚĂƌĞŝƐĐĂůĐƵůĂƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/ŶĚ^ϯϯʹ͚ĂƌŶŝŶŐƐWĞƌ^ŚĂƌĞ͛͘ ŝŶĚĞŵŶŝƚLJĨŽƌϱϬйŚĂƐďĞĞŶŽďƚĂŝŶĞĚĨƌŽŵ:sƉĂƌƚŶĞƌ͘ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ WĂƌƟĐƵůĂƌƐ ƐƐŽĐŝĂƚĞƐ͗ ` crores ` crores WƌŽĮƚĂŌĞƌƚĂdž;` crores) ϭϰϳ͘ϳϳ ϭϰϯ͘ϭϴ Taida Trading & Industries Ltd. /ŶƚĞƌĞƐƚZĞĐĞŝǀĂďůĞ Ϭ͘ϯϱ Ϭ͘ϯϱ KƉĞŶŝŶŐďĂůĂŶĐĞ ϵϴ͕ϵϮ͕ϳϰ͕Ϭϭϱ ϵϴ͕ϵϮ͕ϳϰ͕Ϭϭϱ ĞƉŽƐŝƚŐŝǀĞŶŽƵƚƐƚĂŶĚŝŶŐ ϰ͘ϱϰ ϰ͘ϱϰ īĞĐƚŽĨĨƌĞƐŚŝƐƐƵĞŽĨƐŚĂƌĞƐĨŽƌĐĂƐŚ ϭϭ͕ϯϳ͕Ϭϰ͕ϲϬϴ ϱ͕ϲϴ͕ϯϴ͕ϯϲϭ Weighted average number of Equity Shares ϭ͕ϭϬ͕Ϯϵ͕ϳϴ͕ϲϮϯ ϭ͕Ϭϰ͕ϲϭ͕ϭϮ͕ϯϳϲ Oriental Hotels Ltd. ĂƌŶŝŶŐƐWĞƌ^ŚĂƌĞ͗ KƉĞƌĂƟŶŐĨĞĞƐŝŶĐŽŵĞ Ϯϳ͘ϲϰ Ϯϲ͘ϵϬ ĂƐŝĐĂŶĚŝůƵƚĞĚ;`) ϭ͘ϯϰ ϭ͘ϯϳ ĞƉƵƚĞĚ^ƚĂīKƵƚ ϭϲ͘ϴϴ ϭϰ͘ϵϭ &ĂĐĞsĂůƵĞƉĞƌƋƵŝƚLJ^ŚĂƌĞ;`) 11 >ŽLJĂůƚLJĞdžƉĞŶƐĞ;EĞƚŽĨƌĞĚĞŵƉƟŽŶĐƌĞĚŝƚͿ ϰ͘ϵϬ ϰ͘ϯϳ ĞƉƵƚĞĚ^ƚĂīƌĞŝŵďƵƌƐĞŵĞŶƚ ϯ͘Ϯϵ ϯ͘Ϭϯ EŽƚĞ͗ KƚŚĞƌĐŽƐƚƐƌĞŝŵďƵƌƐĞŵĞŶƚ Ϭ͘ϵϬ Ϭ͘ϴϴ ĂƌŶŝŶŐƐWĞƌ^ŚĂƌĞĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳŚĂƐďĞĞŶƌĞƚƌŽƐƉĞĐƟǀĞůLJĂĚũƵƐƚĞĚĨŽƌƚŚĞďŽŶƵƐĞůĞŵĞŶƚŝŶƌĞƐƉĞĐƚŽĨƚŚĞZŝŐŚƚƐŝƐƐƵĞ͘

186 Annual Report 2017-18 187 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 Notes to Financial Statements for the year ended March 31, 2018 EŽƚĞϰϮ͗'ƵĂƌĂŶƚĞĞƐŐŝǀĞŶ b. :ŽŝŶƚsĞŶƚƵƌĞƐ

ŝͿ 'ƵĂƌĂŶƚĞĞƐͬ>ĞƩĞƌƐŽĨŽŵĨŽƌƚŐŝǀĞŶďLJƚŚĞŽŵƉĂŶLJŝŶƌĞƐƉĞĐƚŽĨůŽĂŶƐŽďƚĂŝŶĞĚďLJŽƚŚĞƌĐŽŵƉĂŶŝĞƐĂŶĚŽƵƚƐƚĂŶĚŝŶŐĂƐŽŶDĂƌĐŚ ϯϭ͕ϮϬϭϴͲ`ϰϬϰ͘ϮϯĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌͲ`ϰϮϬ͘ϮϵĐƌŽƌĞƐͿ͘KƵƚŽĨƚŚŝƐ͕ĐŽƵŶƚĞƌŝŶĚĞŵŶŝƚLJĨŽƌ`ϭϭϲ͘ϳϳĐƌŽƌĞƐ;WƌĞǀŝŽƵƐzĞĂƌͲ`ϭϮϮ͘ϯϭ Principal place ƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϳ of business/ ĐƌŽƌĞƐͿŚĂƐďĞĞŶŽďƚĂŝŶĞĚĨƌŽŵĂ:sƉĂƌƚŶĞƌĨŽƌŚŝƐϱϬйƐŚĂƌĞ͘ Held directly īĞĐƟǀĞ ,ĞůĚĚŝƌĞĐƚůLJ īĞĐƟǀĞ Country of by Parent or Holding ďLJWĂƌĞŶƚŽƌ ,ŽůĚŝŶŐ ŝŶĐŽƌƉŽƌĂƟŽŶ ŝŝͿ dŚĞŽŵƉĂŶLJŚĂƐŐŝǀĞŶůĞƩĞƌƐŽĨƐƵƉƉŽƌƚƚŽƐĞůĞĐƚƐƵďƐŝĚŝĂƌŝĞƐ͕ĂũŽŝŶƚǀĞŶƚƵƌĞĂŶĚĂŶĂƐƐŽĐŝĂƚĞĚƵƌŝŶŐƚŚĞLJĞĂƌ͘ through its ƚŚƌŽƵŐŚŝƚƐ subsidiaries ƐƵďƐŝĚŝĂƌŝĞƐ EŽƚĞϰϯ͗dŚĞůŝƐƚŽĨŝŶǀĞƐƚŵĞŶƚŝŶƐƵďƐŝĚŝĂƌŝĞƐ͕ũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐĂƌĞĂƐŐŝǀĞŶďĞůŽǁ͗ (%) (%) ;йͿ ;йͿ ŽŵĞƐƟĐ a. Subsidiary Companies dĂũ^d^ŝƌĂƚĞƌŝŶŐ>ƚĚ͘ /ŶĚŝĂ ϱϭ͘ϬϬ ϱϭ͘ϬϬ ϱϭ͘ϬϬ ϱϭ͘ϬϬ Principal ƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϳ place of Held directly ,ĞůĚĚŝƌĞĐƚůLJ dĂũDĂĚƌĂƐ&ůŝŐŚƚ<ŝƚĐŚĞŶWƌŝǀĂƚĞ>ƚĚ͘ /ŶĚŝĂ ϱϬ͘ϬϬ ϱϬ͘ϬϬ ϱϬ͘ϬϬ ϱϬ͘ϬϬ business/ by Parent or īĞĐƟǀĞ ďLJWĂƌĞŶƚŽƌ īĞĐƟǀĞ dĂũ<ĂƌŶĂƚĂŬĂ,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ /ŶĚŝĂ ϰϵ͘ϰϬ ϰϰ͘Ϯϳ ϰϵ͘ϰϬ ϰϰ͘Ϯϳ Country of through its Holding ƚŚƌŽƵŐŚŝƚƐ ,ŽůĚŝŶŐ dĂũ<ĞƌĂůĂ,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ /ŶĚŝĂ Ϯϴ͘ϯϬ Ϯϴ͘ϯϬ Ϯϴ͘ϯϬ Ϯϴ͘ϯϬ ŝŶĐŽƌƉŽƌĂƟŽŶ subsidiaries (%) (%) ƐƵďƐŝĚŝĂƌŝĞƐ;йͿ ;йͿ ŽŵĞƐƟĐ dĂũ's<,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ /ŶĚŝĂ Ϯϱ͘ϱϮ Ϯϱ͘ϱϮ Ϯϱ͘ϱϮ Ϯϱ͘ϱϮ ĞŶĂƌĞƐ,ŽƚĞůƐ>ŝŵŝƚĞĚ /ŶĚŝĂ ϱϯ͘ϳϬ ϱϭ͘ϲϴ ϱϯ͘ϳϬ ϱϭ͘ϲϴ dĂũ^ĂĨĂƌŝƐ>ƚĚ͘ /ŶĚŝĂ ϰϮ͘ϭϬ ϯϴ͘ϭϱ ϯϮ͘ϵϭ Ϯϴ͘ϵϲ /ŶĚŝƚƌĂǀĞů>ŝŵŝƚĞĚ /ŶĚŝĂ ϵϲ͘ϲϳ ϳϳ͘ϭϵ ϵϲ͘ϲϳ ϳϳ͘ϭϵ <ĂǀĞƌŝZĞƚƌĞĂƚΘZĞƐŽƌƚƐ>ƚĚ͘ /ŶĚŝĂ ϱϬ͘ϬϬ ϱϬ͘ϬϬ ϱϬ͘ϬϬ ϱϬ͘ϬϬ ŝŵŝƚĞĚ /ŶĚŝĂ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ EŽƌƚŚĞƌŶ/ŶĚŝĂ,ŽƚĞůƐ>ŝŵŝƚĞĚ /ŶĚŝĂ ϵϰ͘ϭϲ ϰϴ͘ϱϲ ϵϯ͘ϭϰ ϰϴ͘Ϭϯ WŝĞŵ,ŽƚĞůƐ>ŝŵŝƚĞĚ /ŶĚŝĂ ϱϭ͘ϱϳ ϱϭ͘ϱϳ ϱϭ͘ϱϳ ϱϭ͘ϱϳ /ŶƚĞƌŶĂƟŽŶĂů ZŽŽƚƐŽƌƉŽƌĂƟŽŶ>ŝŵŝƚĞĚ /ŶĚŝĂ ϲϲ͘ϵϯ ϲϯ͘Ϯϱ ϲϲ͘ϵϯ ϲϯ͘Ϯϱ d>,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ ,ŽŶŐ<ŽŶŐ Ϯϴ͘Ϯϲ Ϯϳ͘ϰϵ Ϯϴ͘Ϯϲ Ϯϳ͘ϰϵ dĂũŶƚĞƌƉƌŝƐĞƐ>ŝŵŝƚĞĚ /ŶĚŝĂ ϵϬ͘ϱϵ ϳϰ͘ϳϬ ϵϬ͘ϱϵ ϳϰ͘ϳϬ dĂũdƌĂĚĞΘdƌĂŶƐƉŽƌƚ>ŝŵŝƚĞĚ /ŶĚŝĂ ϴϵ͘ϱϭ ϳϮ͘ϳϯ ϴϵ͘ϱϭ ϳϮ͘ϳϯ /,D^,ŽƚĞůƐ;^Ϳ;WƚLJͿ>ƚĚ͘ ^ŽƵƚŚĨƌŝĐĂ ϱϬ͘ϬϬ ϱϬ͘ϬϬ ϱϬ͘ϬϬ ϱϬ͘ϬϬ d/&K,ŽůĚŝŶŐƐ>ŝŵŝƚĞĚ /ŶĚŝĂ Ͳ Ͳ Ͳ Ͳ ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝͿͿ c. Associates hŶŝƚĞĚ,ŽƚĞůƐ>ŝŵŝƚĞĚ /ŶĚŝĂ ϱϱ͘ϬϬ ϱϱ͘ϬϬ ϱϱ͘ϬϬ ϱϱ͘ϬϬ ^ŬLJĚĞĐŬWƌŽƉĞƌƟĞƐΘĞǀĞůŽƉĞƌƐ /ŶĚŝĂ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ WƌŝǀĂƚĞ>ŝŵŝƚĞĚ ƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϳ ^ŚĞĞŶĂ/ŶǀĞƐƚŵĞŶƚƐWƌŝǀĂƚĞ>ŝŵŝƚĞĚ /ŶĚŝĂ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ Principal place Held directly īĞĐƟǀĞ ,ĞůĚĚŝƌĞĐƚůLJ īĞĐƟǀĞ >>,ŽƚĞůƐΘ/ŶǀĞƐƚŵĞŶƚƐ>ŝŵŝƚĞĚ /ŶĚŝĂ ϴϱ͘ϳϮ ϴϱ͘ϳϮ ϴϱ͘ϳϮ ϴϱ͘ϳϮ of business/ by Parent or Holding ďLJWĂƌĞŶƚŽƌ ,ŽůĚŝŶŐ >ƵƚŚƌŝĂΘ>ĂůĐŚĂŶĚĂŶŝ,ŽƚĞůƐĂŶĚ /ŶĚŝĂ ϴϳ͘ϭϱ ϴϳ͘ϭϱ ϴϳ͘ϭϱ ϴϳ͘ϭϱ Country of through its ƚŚƌŽƵŐŚŝƚƐ WƌŽƉĞƌƟĞƐWƌŝǀĂƚĞ>ŝŵŝƚĞĚ ŝŶĐŽƌƉŽƌĂƟŽŶ subsidiaries ƐƵďƐŝĚŝĂƌŝĞƐ (%) (%) ;йͿ ;йͿ ƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϳ ŽŵĞƐƟĐ Principal place of Held directly ,ĞůĚĚŝƌĞĐƚůLJ KƌŝĞŶƚĂů,ŽƚĞůƐ>ƚĚ͘ /ŶĚŝĂ ϯϳ͘Ϭϱ ϯϱ͘ϲϳ ϯϳ͘Ϭϱ ϯϱ͘ϲϳ business/ by Parent or īĞĐƟǀĞ ďLJWĂƌĞŶƚŽƌ īĞĐƟǀĞ Country of through its Holding ƚŚƌŽƵŐŚŝƚƐ ,ŽůĚŝŶŐ dĂũDĂĚƵƌĂŝ>ƚĚ͘ /ŶĚŝĂ Ϯϲ͘ϬϬ Ϯϲ͘ϬϬ Ϯϲ͘ϬϬ Ϯϲ͘ϬϬ ŝŶĐŽƌƉŽƌĂƟŽŶ subsidiaries (%) (%) ƐƵďƐŝĚŝĂƌŝĞƐ;йͿ ;йͿ dĂŝĚĂdƌĂĚŝŶŐĂŶĚ/ŶĚƵƐƚƌŝĞƐ>ƚĚ͘ /ŶĚŝĂ ϰϴ͘ϳϰ ϯϰ͘ϳϲ ϰϴ͘ϳϰ ϯϰ͘ϳϲ /ŶƚĞƌŶĂƟŽŶĂů /,KKs EĞƚŚĞƌůĂŶĚƐ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ hŶŝƚĞĚ^ƚĂƚĞƐŽĨ hŶŝƚĞĚKǀĞƌƐĞĂƐ,ŽůĚŝŶŐ/ŶĐ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ /ŶƚĞƌŶĂƟŽŶĂů ŵĞƌŝĐĂ WŝĞŵ/ŶƚĞƌŶĂƟŽŶĂů;,͘<͘Ϳ>ƚĚ͘ ,ŽŶŐ<ŽŶŐ ϭϬϬ͘ϬϬ ϱϭ͘ϱϳ ϭϬϬ͘ϬϬ ϱϭ͘ϱϳ :d^WƚĞ>ƚĚ͘ ^ŝŶŐĂƉŽƌĞ ϰϱ͘ϲϵ ϰϱ͘ϲϵ ϰϱ͘ϲϵ ϰϱ͘ϲϵ ^ƚ͘:ĂŵĞƐŽƵƌƚ,ŽƚĞů>ƚĚ͘ hŶŝƚĞĚ<ŝŶŐĚŽŵ ϴϵ͘ϯϵ ϳϮ͘Ϯϱ ϴϵ͘ϯϵ ϳϮ͘Ϯϱ >ĂŶŬĂ/ƐůĂŶĚZĞƐŽƌƚƐ>ŝŵŝƚĞĚ ^ƌŝ>ĂŶŬĂ Ϯϰ͘ϲϲ Ϯϰ͘ϲϲ Ϯϰ͘ϲϲ Ϯϰ͘ϲϲ dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ;,͘<͘Ϳ>ƚĚ͘ ,ŽŶŐ<ŽŶŐ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ>ƚĚ͘ hŶŝƚĞĚ<ŝŶŐĚŽŵ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ d>>ĂŶŬĂ,ŽƚĞůƐW> ^ƌŝ>ĂŶŬĂ Ϯϰ͘ϲϮ Ϯϰ͘ϲϮ Ϯϰ͘ϲϮ Ϯϰ͘ϲϮ &ŽŽƚŶŽƚĞ͗  &ŽŽƚŶŽƚĞ͗  ůůƚŚĞĂďŽǀĞŝŶǀĞƐƚŵĞŶƚƐŚĂǀĞďĞĞŶĂĐĐŽƵŶƚĞĚĂƚĐŽƐƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ/ŶĚ^ʹϮϳ͞^ĞƉĂƌĂƚĞ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘͟  ;ŝͿ dŚŝƐƐƵďƐŝĚŝĂƌLJŚĂƐďĞĞŶĂŵĂůŐĂŵĂƚĞĚǁŝƚŚƚŚĞŽŵƉĂŶLJĚƵƌŝŶŐƚŚĞLJĞĂƌĂƐƉĞƌƚŚĞĐŽƵƌƚŽƌĚĞƌ;ZĞĨĞƌEŽƚĞϮϴͿ͘

188 Annual Report 2017-18 189 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Financial Statements for the year ended March 31, 2018 &ŝŶĂŶĐŝĂů^ƚĂƟƐƟĐƐ Capital Accounts EŽƚĞϰϰ͗ŝǀŝĚĞŶĚƐ Year Share Reserves and Borrowings Gross Block Net Block Investments Capital Surplus ŝǀŝĚĞŶĚƐƉĂŝĚĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴŽƵƚŽĨZĞƚĂŝŶĞĚĂƌŶŝŶŐƐǁĂƐ`Ϭ͘ϯϱƉĞƌĞƋƵŝƚLJƐŚĂƌĞĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ ` crores ` crores ` crores ` crores ` crores ` crores ϮϬϭϳ͘ ϭϵϳϱͲϳϲ Ϯ͘ϯϱ Ϯ͘Ϯϭ ϰ͘Ϯϭ ϭϭ͘ϴϮ ϴ͘ϰϮ Ϭ͘ϮϬ ϭϵϳϲͲϳϳ η ϯ͘Ϭϳ Ϯ͘ϯϴ ϯ͘ϵϴ ϭϮ͘Ϯϭ ϴ͘ϯϬ Ϭ͘Ϯϱ dŚĞĚŝǀŝĚĞŶĚƐĚĞĐůĂƌĞĚďLJƚŚĞŽŵƉĂŶLJĂƌĞďĂƐĞĚŽŶƚŚĞƉƌŽĮƚƐĂǀĂŝůĂďůĞĨŽƌĚŝƐƚƌŝďƵƟŽŶĂƐƌĞƉŽƌƚĞĚŝŶƚŚĞƐƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ ϭϵϳϳͲϳϴ ϯ͘Ϭϳ ϯ͘ϯϵ ϰ͘ϳϯ ϭϯ͘ϭϰ ϴ͘ϲϵ Ϭ͘ϯϰ ŽĨƚŚĞŽŵƉĂŶLJ͘ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐƌĞƉŽƌƚĞĚŝŶƚŚĞƐĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŵĂLJŶŽƚďĞĨƵůůLJĚŝƐƚƌŝďƵƚĂďůĞ͘ƐŽĨDĂƌĐŚϯϭ͕ ϭϵϳϴͲϳϵ ϯ͘Ϭϳ ϱ͘ϰϭ ϲ͘ϭϳ ϭϳ͘ϴϭ ϭϮ͘ϲϴ Ϭ͘ϱϱ ϮϬϭϴ͕ƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐŶŽƚƚƌĂŶƐĨĞƌƌĞĚƚŽƌĞƐĞƌǀĞƐĂǀĂŝůĂďůĞĨŽƌĚŝƐƚƌŝďƵƟŽŶǁĂƐ`ϰϭϭ͘ϴϰĐƌŽƌĞƐ͘ ϭϵϳϵͲϴϬ Ύ ϱ͘Ϭϵ ϱ͘ϱϴ ϱ͘ϱϲ ϮϬ͘ϰϴ ϭϰ͘ϯϭ Ϭ͘ϳϰ ϭϵϴϬͲϴϭ ϱ͘Ϭϵ ϴ͘ϱϯ ϳ͘ϳϲ Ϯϱ͘Ϭϭ ϭϳ͘ϲϬ ϭ͘ϭϬ KŶDĂLJϮϱ͕ϮϬϭϴ͕ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJŚĂǀĞƉƌŽƉŽƐĞĚĂĮŶĂůĚŝǀŝĚĞŶĚŽĨ`Ϭ͘ϰϬƉĞƌĞƋƵŝƚLJƐŚĂƌĞŝŶƌĞƐƉĞĐƚŽĨƚŚĞLJĞĂƌ ϭϵϴϭͲϴϮ ΎΎ ϲ͘ϵϬ ϵ͘ϮϬ ϴ͘ϴϳ Ϯϴ͘ϳϵ ϮϬ͘Ϭϲ ϭ͘ϭϯ ϭϵϴϮͲϴϯ ΎΎΎ ϲ͘ϯϱ ϭϮ͘ϯϰ Ϯϲ͘ϳϭ ϰϵ͘ϱϰ ϯϵ͘ϮϮ Ϯ͘ϲϱ ĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͕ƐƵďũĞĐƚƚŽƚŚĞĂƉƉƌŽǀĂůŽĨƐŚĂƌĞŚŽůĚĞƌƐĂƚƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƟŶŐ͘/ĨĂƉƉƌŽǀĞĚ͕ƚŚĞĚŝǀŝĚĞŶĚǁŽƵůĚƌĞƐƵůƚŝŶĂ ϭϵϴϯͲϴϰ ϲ͘ϯϱ ϭϳ͘ϰϱ ϯϮ͘Ϯϱ ϱϴ͘ϰϴ ϰϰ͘ϰϬ ϯ͘ϳϳ ĐĂƐŚŽƵƞůŽǁŽĨ`ϱϳ͘ϯϱĐƌŽƌĞƐ͕ŝŶĐůƵƐŝǀĞŽĨĚŝǀŝĚĞŶĚĚŝƐƚƌŝďƵƟŽŶƚĂdžŽĨ`ϵ͘ϳϴĐƌŽƌĞƐ͘ ϭϵϴϰͲϴϱ ϲ͘ϯϱ ϮϮ͘Ϯϯ ϰϮ͘ϮϬ ϲϳ͘ϳϳ ϰϰ͘ϱϱ ϭϭ͘ϳϬ ϭϵϴϱͲϴϲ Ă ϳ͘ϴϱ Ϯϴ͘ϳϬ ϯϴ͘ϴϮ ϳϭ͘ϲϵ ϱϯ͘ϳϮ ϲ͘Ϯϭ EŽƚĞϰϱ͗KƚŚĞƌEŽƚĞƐ ϭϵϴϲͲϴϳ ϳ͘ϴϱ ϯϮ͘ϳϯ ϱϯ͘ϱϴ ϴϵ͘ϳϯ ϲϳ͘ϱϲ ϱ͘ϱϯ ϭϵϴϳͲϴϴ + ϵ͘ϴϲ ϰϭ͘ϵϳ ϲϯ͘ϰϳ ϭϬϳ͘ϳϬ ϴϬ͘Ϭϴ ϲ͘ϵϬ WƌĞǀŝŽƵƐzĞĂƌ͛ƐĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐǁĞƌĞĂƵĚŝƚĞĚďLJĂĮƌŵŽĨŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐŽƚŚĞƌƚŚĂŶ^ZΘŽ͘>>W͘ ϭϵϴϴͲϴϵ ϵ͘ϴϲ ϰϴ͘ϱϰ ϳϰ͘Ϭϲ ϭϮϳ͘ϯϵ ϵϯ͘ϱϲ ϵ͘ϯϰ ϭϵϴϵͲϵϬ !! ϭϰ͘ϳϴ ϱϭ͘ϰϰ ϵϳ͘ϭϯ ϭϲϭ͘Ϯϴ 119.95 11.19 ϭϵϵϬͲϵϭ ϭϰ͘ϳϴ ϱϲ͘ϳϳ ϭϮϭ͘Ϭϳ ϭϳϴ͘ϲϭ ϭϮϴ͘ϰϯ ϭϮ͘ϯϳ ϭϵϵϭͲϵϮ ϭϰ͘ϳϴ ϳϯ͘ϳϮ ϭϮϯ͘ϱϯ ϭϵϰ͘ϰϰ ϭϯϱ͘ϴϵ ϭϯ͘ϳϲ /ŶƚĞƌŵƐŽĨŽƵƌƌĞƉŽƌƚĂƩĂĐŚĞĚ͘ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚ ϭϵϵϮͲϵϯ !!! ϭϵ͘ϵϲ ϭϮϰ͘ϰϰ ϭϬϲ͘ϴϲ ϮϭϬ͘ϲϴ ϭϰϮ͘ϱϯ ϭϲ͘ϵϯ ϭϵϵϯͲϵϰ ϭϵ͘ϵϲ ϭϲϱ͘ϲϱ ϭϬϬ͘ϴϲ Ϯϯϰ͘ϲϰ ϭϱϲ͘Ϯϭ ϯϮ͘ϱϰ For B S R & Co. LLP N. Chandrasekaran ŚĂŝƌŵĂŶ ϭϵϵϰͲϵϱ æ ϯϵ͘ϵϮ ϮϬϱ͘ϴϰ Ϯϰϱ͘Ϭϱ Ϯϵϯ͘ϱϵ ϮϬϭ͘ϵϮ ϯϲ͘Ϭϰ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ /E͗ϬϬϭϮϭϴϲϯ ϭϵϵϱͲϵϲ = ϰϱ͘ϭϮ ϱϲϳ͘ϭϲ ϮϬϬ͘ϭϴ ϯϴϰ͘Ϭϭ Ϯϳϯ͘Ϯϭ ϭϰϮ͘Ϭϵ //&ŝƌŵZĞŐŝƐƚƌĂƟŽŶEŽ͘ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ ϭϵϵϲͲϵϳ ϰϱ͘ϭϮ ϲϳϭ͘ϴϲ Ϯϭϵ͘ϳϱ ϱϬϬ͘ϭϬ ϯϲϰ͘Ϭϴ Ϯϭϰ͘ϴϬ Puneet Chhatwal DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK ϭϵϵϳͲϵϴ ϰϱ͘ϭϮ ϳϲϳ͘ϲϴ ϭϵϳ͘ϯϭ ϱϴϭ͘ϰϴ ϰϭϰ͘ϱϳ Ϯϭϴ͘Ϭϵ /E͗ϬϳϲϮϰϲϭϲ ϭϵϵϴͲϵϵ ϰϱ͘ϭϮ ϴϰϰ͘ϯϱ ϭϳϴ͘ϰϮ ϲϲϱ͘ϲϳ ϰϲϲ͘ϳϳ Ϯϱϵ͘Ϭϵ ϭϵϵϵͲϬϬ ϰϱ͘ϭϮ ϵϭϯ͘ϵϲ ϰϯϮ͘ϯϮ ϴϰϮ͘Ϭϭ ϲϬϲ͘ϴϲ ϯϯϳ͘ϳϱ Deepak Parekh ŝƌĞĐƚŽƌ ϮϬϬϬͲϬϭ ϰϱ͘ϭϮ ϵϴϬ͘ϭϬ ϱϱϱ͘ϯϭ ϵϰϮ͘ϭϲ ϲϲϱ͘Ϭϲ ϰϮϮ͘ϭϯ sŝũĂLJŚĂƩ /E͗ϬϬϬϬϵϬϳϴ ϮϬϬϭͲϬϮ ϰϱ͘ϭϮ ϴϰϰ͘ϭϯ ϴϬϵ͘Ϯϭ ϵϰϲ͘ϭϱ ϲϱϱ͘Ϭϴ ϱϰϭ͘ϯϰ WĂƌƚŶĞƌ ϮϬϬϮͲϬϯ ϰϱ͘ϭϮ ϴϰϮ͘ϭϳ ϳϵϵ͘ϱϬ ϵϴϱ͘ϳϭ ϲϳϳ͘ϳϳ ϱϳϭ͘ϲϰ ϮϬϬϯͲϬϰ ϰϱ͘ϭϮ ϴϰϰ͘ϳϵ ϭϰϭϮ͘ϰϲ ϭϭϱϵ͘ϲϵ ϴϭϯ͘ϭϯ ϲϬϬ͘ϴϯ DĞŵďĞƌƐŚŝƉEŽ͘Ϭϯϲϲϰϳ Giridhar Sanjeevi džĞĐƵƟǀĞsŝĐĞWƌĞƐŝĚĞŶƚΘŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ ϮϬϬϰͲϬϱ ¶ ϱϬ͘Ϯϱ ϭϬϴϭ͘ϴϬ ϭϬϱϮ͘Ϭϯ ϭϮϵϬ͘ϳϬ ϴϴϱ͘ϮϬ ϲϬϳ͘Ϭϭ ϮϬϬϱͲϬϲ ¶ ϱϴ͘ϰϭ ϭϲϱϳ͘ϴϯ ϱϰϰ͘ϯϰ ϭϯϬϴ͘ϯϰ ϴϰϯ͘Ϭϭ ϲϱϲ͘ϱϳ DƵŵďĂŝ͕DĂLJϮϱ͕ϮϬϭϴ Beejal Desai ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚͲ>ĞŐĂůΘŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ ϮϬϬϲͲϬϳ ` ϲϬ͘Ϯϵ ϭϳϯϴ͘ϯϵ ϵϰϯ͘ϵϰ ϮϬϭϰ͘ϯϰ ϭϯϲϬ͘Ϭϱ ϵϲϮ͘ϴϭ ϮϬϬϳͲϬϴ ϲϬ͘Ϯϵ ϭϵϱϲ͘Ϯϵ ϭϭϯϰ͘ϭϴ ϮϬϳϮ͘ϭϲ ϭϯϳϭ͘ϲϬ ϵϳϳ͘ϱϴ ϮϬϬϴͲϬϵ ё ϳϮ͘ϯϰ Ϯϵϳϱ͘Ϯϵ ϭϳϲϲ͘ϰϳ ϮϯϲϮ͘Ϯϯ ϭϱϴϱ͘ϰϬ ϮϬϮϲ͘ϴϴ ϮϬϬϵͲϭϬ ϳϮ͘ϯϱ Ϯϲϭϲ͘ϴϳ ϮϲϱϬ͘ϱϱ ϮϰϬϴ͘ϯϮ ϭϱϲϭ͘Ϯϲ Ϯϰϰϱ͘ϲϯ ϮϬϭϬͲϭϭ Θ ϳϱ͘ϵϱ ϯϬϮϴ͘ϱϵ Ϯϯϰϭ͘ϰϰ ϮϲϬϱ͘ϭϴ ϭϳϮϱ͘ϳϰ ϯϬϮϲ͘ϳϴ ϮϬϭϭͲϭϮ ϳϱ͘ϵϱ ϯϭϳϲ͘ϳϬ Ϯϲϳϵ͘ϯϴ ϮϴϯϬ͘ϲϲ ϭϴϯϴ͘ϳϱ ϯϲϮϮ͘ϭϵ ϮϬϭϮͲϭϯ § ϴϬ͘ϳϱ ϯϮϮϲ͘ϵϬ ϮϱϮϮ͘Ϯϳ Ϯϴϲϭ͘ϲϱ ϭϳϱϲ͘ϰϲ ϯϯϲϵ͘ϭϰ ϮϬϭϯͲϭϰ ϴϬ͘ϳϱ Ϯϲϭϯ͘Ϭϵ ϮϲϵϬ͘ϲϬ ϮϵϭϬ͘Ϯϳ ϭϲϵϳ͘ϰϭ Ϯϳϲϭ͘ϲϰ ϮϬϭϰͲϭϱ ϴϬ͘ϳϱ Ϯϱϯϰ͘ϰϬ ϯϮϬϴ͘ϵϵ ϯϯϮϵ͘ϯϯ ϮϬϭϭ͘ϴϬ Ϯϵϳϳ͘ϵϲ ϮϬϭϱͲϭϲ ± ϵϴ͘ϵϯ ϮϮϳϲ͘ϲϱ Ϯϭϱϳ͘ϲϱ ϮϮϲϳ͘ϯϳ ϮϭϰϮ͘Ϯϳ ϭϵϱϰ͘ϳϭ ϮϬϭϲͲϭϳ ϵϴ͘ϵϯ Ϯϲϲϴ͘Ϯϳ ϮϬϰϴ͘ϵϴ Ϯϰϱϲ͘ϱϴ Ϯϭϴϳ͘ϱϯ ϯϬϮϵ͘ϭϱ ϮϬϭϳͲϭϴ ¥ ϭϭϴ͘ϵϯ ϰϮϳϱ͘Ϭϯ ϭϳϴϯ͘ϴϴ Ϯϴϭϰ͘ϲϭ Ϯϯϵϴ͘ϱϬ ϰϭϲϭ͘ϰϲ

η /ƐƐƵĞŽĨŽŶƵƐ^ŚĂƌĞƐŝŶƚŚĞZĂƟŽϮ͗ϱ с /ƐƐƵĞŽĨ'ůŽďĂůĞƉŽƐŝƚŽƌLJ^ŚĂƌĞƐ Ύ /ƐƐƵĞŽĨŽŶƵƐ^ŚĂƌĞƐŝŶƚŚĞZĂƟŽϰ͗ϱ Β ŽŶǀĞƌƐŝŽŶŽĨĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJďŽŶĚƐŝŶƚŽƐŚĂƌĞĐĂƉŝƚĂů͘ ΎΎ /ƐƐƵĞŽĨŽŶƵƐ^ŚĂƌĞƐŝŶƚŚĞZĂƟŽϮ͗ϱ ` ^ƉůŝƚŽĨ^ŚĂƌĞƐŽĨĨĂĐĞǀĂůƵĞ`ϭϬͬͲĞĂĐŚƚŽƐŚĂƌĞŽĨ&ĂĐĞǀĂůƵĞ ΎΎΎ ŌĞƌƌĞĚĞŵƉƟŽŶŽĨWƌĞĨĞƌĞŶĐĞ^ŚĂƌĞŽĨ`Ϭ͘ϱϱĐƌŽƌĞ `ϭͬͲĞĂĐŚ Ă ŌĞƌĐŽŶǀĞƌƐŝŽŶŽĨĂƉĂƌƚŽĨƚŚĞϭϱ͕ϬϬϬ͕ϬϬϬŽŶǀĞƌƟďůĞ ё ŌĞƌZŝŐŚƚŝƐƐƵĞŽĨ^ŚĂƌĞƐŝŶƚŚĞZĂƟŽŽĨϭ͗ϱ ĚĞďĞŶƚƵƌĞĂƚĂƉƌĞŵŝƵŵŽĨ`ϭϱͬͲƉĞƌƐŚĂƌĞ Θ ůůŽƚŵĞŶƚŽĨ^ŚĂƌĞƐŽŶƉƌĞĨĞƌĞŶƟĂůďĂƐŝƐƚŽƉƌŽŵŽƚĞƌƐ н ŌĞƌĐŽŶǀĞƌƐŝŽŶŽĨĂƉĂƌƚŽĨƚŚĞϮϬ͕Ϭϭ͕ϭϮϭŽŶǀĞƌƟďůĞ Α ŽŶǀĞƌƐŝŽŶŽĨtĂƌƌĂŶƚƐŝŶƚŽƋƵŝƚLJŽŶĞdžĞƌĐŝƐĞŽĨǁĂƌƌĂŶƚƐ ĚĞďĞŶƚƵƌĞĂƚĂƉƌĞŵŝƵŵŽĨ`ϭϱͬͲƉĞƌƐŚĂƌĞ ц ŌĞƌĐŽŶǀĞƌƐŝŽŶŽĨϭϴ͕ϭϴ͕Ϭϭ͕ϮϮϴŽŵƉƵůƐŽƌŝůLJŽŶǀĞƌƟďůĞ ͊͊ ŌĞƌŝƐƐƵĞŽĨďŽŶƵƐƐŚĂƌĞŝŶƚŚĞZĂƟŽϭ͗Ϯ ĞďĞŶƚƵƌĞƐĂƚĂƉƌĞŵŝƵŵŽĨ`ϱϰͬͲƉĞƌƐŚĂƌĞ ͊͊͊ ŌĞƌZŝŐŚƚŝƐƐƵĞŽĨ^ŚĂƌĞƐŝŶƚŚĞZĂƟŽŽĨϭ͗ϯ ί ŌĞƌZŝŐŚƚŝƐƐƵĞŽĨ^ŚĂƌĞƐŝŶƚŚĞZĂƟŽŽĨϭ͗ϱ č /ƐƐƵĞŽĨŽŶƵƐ^ŚĂƌĞƐŝŶƚŚĞZĂƟŽŽĨϭ͗ϭ 190 Annual Report 2017-18 191 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

&ŝŶĂŶĐŝĂů^ƚĂƟƐƟĐƐ Independent Auditor’s Report Revenue accounts Year Gross Expenditure ĞƉƌĞĐŝĂƟŽŶ WƌŽĮƚ Tax WƌŽĮƚ Other Total Net Dividend Rate of dŽƚŚĞDĞŵďĞƌƐŽĨdŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶLJ>ŝŵŝƚĞĚ Revenue (including before Expenses ĂŌĞƌ Comprehensive Comprehensive Transfer Dividend Report on the Audit of Consolidated Ind AS Financial Auditors’ Responsibility Interest) Taxes Tax Income Income to General on Statements KƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJŝƐƚŽĞdžƉƌĞƐƐĂŶŽƉŝŶŝŽŶŽŶƚŚĞƐĞĐŽŶƐŽůŝĚĂƚĞĚ Ordinary Reserves Shares We have audited the accompanying consolidated Ind AS ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐďĂƐĞĚŽŶŽƵƌĂƵĚŝƚ͘tŚŝůĞĐŽŶĚƵĐƟŶŐƚŚĞ ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores % ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐŽĨdŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶLJ>ŝŵŝƚĞĚ ĂƵĚŝƚ͕ǁĞŚĂǀĞƚĂŬĞŶŝŶƚŽĂĐĐŽƵŶƚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĐƚ͕ ϭϵϳϱͲϳϲ ϴ͘ϲϭ ϲ͘ϳϯ Ϭ͘ϱϬ ϭ͘ϯϴ Ϭ͘ϯϯ ϭ͘Ϭϱ Ϭ͘ϲϰ â Ϭ͘ϰϭ ϮϬ͘ϬϬ ;ŚĞƌĞŝŶĂŌĞƌ ƌĞĨĞƌƌĞĚ ƚŽ ĂƐ ͞ƚŚĞ ,ŽůĚŝŶŐ ŽŵƉĂŶLJ͟Ϳ ĂŶĚ ƚŚĞ ĂĐĐŽƵŶƟŶŐ ĂŶĚ ĂƵĚŝƟŶŐ ƐƚĂŶĚĂƌĚƐ ĂŶĚ ŵĂƩĞƌƐ ǁŚŝĐŚ ϭϵϳϲͲϳϳ ϭϬ͘ϳϳ ϴ͘ϰϱ Ϭ͘ϱϮ ϭ͘ϴϬ Ϭ͘ϳϱ ϭ͘Ϭϱ Ϭ͘ϰϵ â Ϭ͘ϱϲ ϮϬ͘ϬϬ ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ ;ƚŚĞ ,ŽůĚŝŶŐ ŽŵƉĂŶLJ ĂŶĚ ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ ĂƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ďĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ĂƵĚŝƚ ƌĞƉŽƌƚ ƵŶĚĞƌ ƚŚĞ ϭϵϳϳͲϳϴ ϭϯ͘ϵϮ ϵ͘ϳϲ Ϭ͘ϱϯ ϯ͘ϲϯ ϭ͘ϵϰ ϭ͘ϲϵ ϭ͘Ϭϭ â Ϭ͘ϲϴ Ϯϱ͘ϬϬ ƚŽŐĞƚŚĞƌ ƌĞĨĞƌƌĞĚ ƚŽ ĂƐ ͞ƚŚĞ 'ƌŽƵƉ͟Ϳ͕ ŝƚƐ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ŝƚƐ ƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĐƚĂŶĚƚŚĞZƵůĞƐŵĂĚĞƚŚĞƌĞƵŶĚĞƌ͘ ϭϵϳϴͲϳϵ ϭϴ͘ϰϮ ϭϯ͘ϲϯ Ϭ͘ϲϵ ϰ͘ϭϬ ϭ͘ϰϬ Ϯ͘ϳϬ Ϯ͘ϬϮ â Ϭ͘ϲϴ Ϯϱ͘ϬϬ ϭϵϳϵͲϴϬ Ϯϲ͘ϰϵ ϭϴ͘ϱϵ ϭ͘Ϭϰ ϲ͘ϴϲ ϯ͘ϲϯ ϯ͘Ϯϯ Ϯ͘ϭϴ â ϭ͘Ϭϱ Ϯϱ͘ϬϬ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ͕ ǁŚŝĐŚ ĐŽŵƉƌŝƐĞ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ ĂůĂŶĐĞ ϭϵϴϬͲϴϭ ϯϭ͘ϱϰ Ϯϯ͘ϭϯ ϭ͘Ϯϰ ϳ͘ϭϳ ϯ͘ϭϳ ϰ͘ϬϬ Ϯ͘ϵϱ â ϭ͘ϰϱ ϮϮ͘ϬϬ ^ŚĞĞƚĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ͕ƚŚĞŽŶƐŽůŝĚĂƚĞĚ^ƚĂƚĞŵĞŶƚŽĨ tĞĐŽŶĚƵĐƚĞĚŽƵƌĂƵĚŝƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ^ƚĂŶĚĂƌĚƐŽŶ ϭϵϴϭͲϴϮ ϯϲ͘Ϭϵ Ϯϲ͘ϳϮ ϭ͘ϯϯ ϴ͘Ϭϰ ϰ͘ϭϬ ϯ͘ϵϰ Ϯ͘ϰϵ â ϭ͘ϰϱ ϮϮ͘ϬϬ WƌŽĮƚ ĂŶĚ >ŽƐƐ ;ŝŶĐůƵĚŝŶŐ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞͿ͕ ƵĚŝƟŶŐƐƉĞĐŝĮĞĚƵŶĚĞƌ^ĞĐƟŽŶϭϰϯ;ϭϬͿŽĨƚŚĞĐƚ͘dŚŽƐĞ ϭϵϴϮͲϴϯ ϰϮ͘ϵϴ ϯϲ͘ϴϳ ϭ͘ϲϮ ϰ͘ϰϵ Ϭ͘ϬϬ ϰ͘ϰϵ Ϯ͘ϵϵ â ϭ͘ϱϬ Ϯϯ͘ϬϬ ŽŶƐŽůŝĚĂƚĞĚ ^ƚĂƚĞŵĞŶƚ ŽĨ ŚĂŶŐĞƐ ŝŶ ƋƵŝƚLJ ĂŶĚ ƚŚĞ ^ƚĂŶĚĂƌĚƐƌĞƋƵŝƌĞƚŚĂƚǁĞĐŽŵƉůLJǁŝƚŚĞƚŚŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐ ϭϵϴϯͲϴϰ ϱϰ͘ϲϵ ϰϯ͘ϳϵ ϯ͘ϴϬ ϳ͘ϭϬ Ϭ͘ϰϬ ϲ͘ϳϬ 5.11 1.59 Ϯϱ͘ϬϬ ĂŶĚƉůĂŶĂŶĚƉĞƌĨŽƌŵƚŚĞĂƵĚŝƚƚŽŽďƚĂŝŶƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞ ϭϵϴϰͲϴϱ ϲϱ͘ϱϬ ϱϱ͘ϯϵ Ϯ͘ϲϲ ϳ͘ϰϱ ϭ͘Ϭϴ ϲ͘ϯϳ ϰ͘ϳϴ 1.59 Ϯϱ͘ϬϬ ŽŶƐŽůŝĚĂƚĞĚĂƐŚ&ůŽǁ^ƚĂƚĞŵĞŶƚ͕ĨŽƌƚŚĞLJĞĂƌƚŚĞŶĞŶĚĞĚ͕ ϭϵϴϱͲϴϲ ϳϴ͘ϰϴ ϲϵ͘ϯϮ ϯ͘ϰϰ ϳ͘ϲϲ ϭ͘ϲϬ ϲ͘Ϭϲ ϰ͘ϮϮ ϭ͘ϴϰ Ϯϱ͘ϬϬ ŝŶĐůƵĚŝŶŐ Ă ƐƵŵŵĂƌLJ ŽĨ ƐŝŐŶŝĮĐĂŶƚ ĂĐĐŽƵŶƟŶŐ ƉŽůŝĐŝĞƐ ĂŶĚ ĂďŽƵƚǁŚĞƚŚĞƌƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞĨƌĞĞ ϭϵϴϲͲϴϳ ϵϯ͘Ϭϱ ϳϵ͘ϲϴ ϰ͘Ϯϱ ϵ͘ϭϮ Ϯ͘ϳϱ ϲ͘ϯϳ ϰ͘ϬϮ Ϯ͘ϯϱ ϯϬ͘ϬϬ ŽƚŚĞƌĞdžƉůĂŶĂƚŽƌLJŝŶĨŽƌŵĂƟŽŶ;ŚĞƌĞŝŶĂŌĞƌƌĞĨĞƌƌĞĚƚŽĂƐ͞ƚŚĞ ĨƌŽŵŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͘ ϭϵϴϳͲϴϴ ϭϬϱ͘ϲϵ ϵϬ͘ϵϴ 5.55 ϵ͘ϭϲ Ϯ͘ϰϬ ϲ͘ϳϲ ϰ͘Ϯϯ Ϯ͘ϱϯ ϯϬ͘ϬϬ ĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͟Ϳ͘ ϭϵϴϴͲϴϵ ϭϭϳ͘ϳϮ ϭϬϬ͘ϲϭ ϲ͘Ϯϰ ϭϬ͘ϴϳ ϭ͘ϱϬ ϵ͘ϯϳ ϲ͘ϰϮ Ϯ͘ϵϲ ϯϬ͘ϬϬ Ŷ ĂƵĚŝƚ ŝŶǀŽůǀĞƐ ƉĞƌĨŽƌŵŝŶŐ ƉƌŽĐĞĚƵƌĞƐ ƚŽ ŽďƚĂŝŶ ĂƵĚŝƚ ϭϵϴϵͲϵϬ ϭϰϭ͘ϱϬ ϭϮϬ͘ϵϯ ϳ͘ϴϬ ϭϮ͘ϳϳ ϭ͘Ϯϱ ϭϭ͘ϱϮ ϳ͘ϴϯ ϯ͘ϳϬ Ϯϱ͘ϬϬ ϭϵϵϬͲϵϭ 159.11 ϭϯϵ͘ϰϮ 9.11 ϭϬ͘ϱϴ 1.55 ϵ͘Ϭϯ ϱ͘ϯϯ ϯ͘ϳϬ Ϯϱ͘ϬϬ Management’s Responsibility for the Consolidated Ind AS evidence about the amounts and the disclosures in the ϭϵϵϭͲϵϮ ϮϬϲ͘ϳϵ ϭϲϵ͘ϱϮ ннϴ͘ϴϱ Ϯϳ͘ϱϴ ϲ͘ϱϬ Ϯϭ͘Ϭϴ ϭϲ͘ϳϱ ϱ͘ϭϳ ϯϱ͘ϬϬ Financial Statements ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ dŚĞ ƉƌŽĐĞĚƵƌĞƐ ƐĞůĞĐƚĞĚ ϭϵϵϮͲϵϯ Ϯϯϵ͘Ϯϭ ϭϴϴ͘Ϯϰ ϵ͘ϳϳ ϰϭ͘ϮϬ ϵ͘ϬϬ ϯϮ͘ϮϬ Ϯϰ͘ϴϲ ϴ͘ϲϴ ϱϬ͘ϬϬ dŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJ͛ƐŽĂƌĚŽĨŝƌĞĐƚŽƌƐŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌ ĚĞƉĞŶĚŽŶƚŚĞĂƵĚŝƚŽƌ͛ƐũƵĚŐŵĞŶƚ͕ŝŶĐůƵĚŝŶŐƚŚĞĂƐƐĞƐƐŵĞŶƚ ϭϵϵϯͲϵϰ ϯϬϭ͘ϵϮ ϮϮϯ͘ϰϵ ϭϬ͘ϵϬ ϲϳ͘ϱϯ ϭϱ͘ϱϬ ϱϮ͘Ϭϯ ϰϭ͘Ϯϭ ϭϯ͘ϵϳ ϳϬ͘ϬϬ ƚŚĞ ƉƌĞƉĂƌĂƟŽŶ ŽĨ ƚŚĞƐĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ ƌŝƐŬƐ ŽĨ ŵĂƚĞƌŝĂů ŵŝƐƐƚĂƚĞŵĞŶƚ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ϭϵϵϰͲϵϱ ϯϴϭ͘ϴϴ Ϯϲϯ͘ϮϬ ϭϯ͘ϲϳ ϭϬϱ͘ϭϭ Ϯϯ͘ϬϬ ϴϮ͘ϭϭ ϲϬ͘ϭϱ Ϯϭ͘ϵϲ ϱϱ͘ϬϬ ϭϵϵϱͲϵϲ ϱϰϳ͘ϯϲ ϯϰϳ͘ϰϮ ϮϬ͘ϯϳ ϭϳϵ͘ϱϳ ϯϵ͘ϬϬ ϭϰϬ͘ϱϳ ϭϬϳ͘ϭϬ ϯϯ͘ϰϳ ϳϱ͘ϬϬ ŝŶ ƚĞƌŵƐ ŽĨ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ ŽŵƉĂŶŝĞƐ Đƚ͕ ϮϬϭϯ ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘/ŶŵĂŬŝŶŐ ϭϵϵϲͲϵϳ ϲϭϯ͘ϯϯ ϰϬϱ͘ϲϳ Ϯϳ͘ϭϴ ϭϴϬ͘ϰϴ ϯϯ͘ϲϬ ϭϰϲ͘ϰϴ ϭϬϰ͘ϳϬ ϯϴ͘ϯϱ ϴϱ͘ϬϬ ;ŚĞƌĞŝŶĂŌĞƌ ƌĞĨĞƌƌĞĚ ƚŽ ĂƐ ͞ƚŚĞ Đƚ͟Ϳ ƚŚĂƚ ŐŝǀĞ Ă ƚƌƵĞ ĂŶĚ ƚŚŽƐĞƌŝƐŬĂƐƐĞƐƐŵĞŶƚƐ͕ƚŚĞĂƵĚŝƚŽƌĐŽŶƐŝĚĞƌƐŝŶƚĞƌŶĂůĮŶĂŶĐŝĂů ϭϵϵϳͲϵϴ ϲϮϯ͘ϵϭ ϰϮϳ͘ϱϯ ϯϮ͘ϰϮ ϭϲϯ͘ϵϲ Ϯϲ͘ϬϬ ϭϯϳ͘ϵϲ ϵϱ͘ϳϴ ϯϴ͘ϯϱ ϴϱ͘ϬϬ ĨĂŝƌ ǀŝĞǁ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞ ŽĨ ĂīĂŝƌƐ͕ ĐŽŶƐŽůŝĚĂƚĞĚ ĐŽŶƚƌŽůƌĞůĞǀĂŶƚƚŽƚŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJ͛ƐƉƌĞƉĂƌĂƟŽŶŽĨƚŚĞ ϭϵϵϴͲϵϵ ϲϮϯ͘ϯϰ ϰϯϱ͘ϯϲ ϯϯ͘ϴϰ ϭϱϰ͘ϭϰ ϯϱ͘ϬϬ ϭϭϵ͘ϭϰ ϳϲ͘ϱϳ ϯϴ͘ϯϱ ϴϱ͘ϬϬ ƉƌŽĮƚ;ŝŶĐůƵĚŝŶŐŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞͿ͕ĐŽŶƐŽůŝĚĂƚĞĚ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ƚŚĂƚ ŐŝǀĞ Ă ƚƌƵĞ ĂŶĚ ĨĂŝƌ ϭϵϵϵͲϬϬ ϲϱϬ͘ϵϭ ϰϴϮ͘ϰϵ ϯϳ͘ϲϵ ϭϯϬ͘ϳϯ ϭϳ͘ϱϬ ϭϭϯ͘Ϯϯ ϳϬ͘ϲϲ Λ ϯϴ͘ϯϱ ϴϱ͘ϬϬ ǀŝĞǁŝŶŽƌĚĞƌƚŽĚĞƐŝŐŶĂƵĚŝƚƉƌŽĐĞĚƵƌĞƐƚŚĂƚĂƌĞĂƉƉƌŽƉƌŝĂƚĞ ϮϬϬϬͲϬϭ ϳϰϮ͘ϵϮ ϱϲϬ͘ϰϳ ϰϱ͘ϭϲ ϭϯϳ͘Ϯϵ ϮϬ͘ϱϬ ϭϭϲ͘ϳϵ ϲϳ͘Ϭϳ ϰϱ͘ϭϮ ϭϬϬ͘ϬϬ ƐƚĂƚĞŵĞŶƚŽĨĐŚĂŶŐĞƐŝŶĞƋƵŝƚLJĂŶĚĐŽŶƐŽůŝĚĂƚĞĚĐĂƐŚŇŽǁƐ ϮϬϬϭͲϬϮ ϲϭϳ͘ϱϱ ϱϴϵ͘ϴϭ ϰϳ͘ϰϵ ϵϴ͘ϭϰ ϭϳ͘ϰϰ ϴϬ͘ϳϬ ϰϬ͘ϬϬ ϯϲ͘Ϭϵ ϴϬ͘ϬϬ ŽĨ ƚŚĞ 'ƌŽƵƉ ŝŶĐůƵĚŝŶŐ ŝƚƐ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ ŝŶ ŝŶ ƚŚĞ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͘ Ŷ ĂƵĚŝƚ ĂůƐŽ ŝŶĐůƵĚĞƐ ĞǀĂůƵĂƟŶŐ ƚŚĞ ϮϬϬϮͲϬϯ ϲϬϵ͘ϵϭ ϱϳϱ͘ϰϯ ϯϴ͘ϵϴ ϱϯ͘ϴϬ ϭϯ͘ϳϮ ϰϬ͘ϰϴ ϳ͘ϱϬ ϯϭ͘ϱϴ ϳϬ͘ϬϬ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂĐĐŽƵŶƟŶŐƉƌŝŶĐŝƉůĞƐŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚ ĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐ ŽĨ ƚŚĞ ĂĐĐŽƵŶƟŶŐ ƉŽůŝĐŝĞƐ ƵƐĞĚ ĂŶĚ ƚŚĞ ϮϬϬϯͲϬϰ ϳϮϳ͘Ϭϵ ϲϰϲ͘ϴϵ ϰϴ͘ϱϴ ϴϬ͘ϮϬ 19.55 ϲϬ͘ϲϱ ϴ͘ϱϳ ϯϲ͘Ϭϵ ϴϬ͘ϬϬ ŝŶ/ŶĚŝĂ͕ŝŶĐůƵĚŝŶŐƚŚĞ/ŶĚŝĂŶĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚƐ;/ŶĚ^Ϳ ƌĞĂƐŽŶĂďůĞŶĞƐƐ ŽĨ ƚŚĞ ĂĐĐŽƵŶƟŶŐ ĞƐƟŵĂƚĞƐ ŵĂĚĞ͕ ĂƐ ǁĞůů ϮϬϬϰͲϬϱ ϴϵϲ͘Ϯϯ ϳϱϰ͘ϱϱ ϱϲ͘ϳϳ ϭϰϭ͘ϲϴ ϯϱ͘ϴϮ ϭϬϱ͘ϴϲ ϭϭ͘ϬϬ ϱϬ͘Ϯϱ ϭϬϬ͘ϬϬ ĂƐ ĞǀĂůƵĂƟŶŐ ƚŚĞ ŽǀĞƌĂůů ƉƌĞƐĞŶƚĂƟŽŶ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ϮϬϬϱͲϬϲ ϭϭϱϰ͘ϴϬ ϴϵϬ͘ϵϬ ϲϱ͘ϵϬ ϮϳϮ͘ϬϬ ϴϴ͘ϮϮ ϭϴϯ͘ϳϴ ϮϬ͘ϬϬ ϳϳ͘ϵϱ ϭϯϬ͘ϬϬ ƐƉĞĐŝĮĞĚƵŶĚĞƌƐĞĐƟŽŶϭϯϯŽĨƚŚĞĐƚ͘dŚĞƌĞƐƉĞĐƟǀĞŽĂƌĚ ϮϬϬϲͲϬϳ ϭϲϭϴ͘ϴϯ ϭϭϰϲ͘ϰϳ ϵϭ͘ϰϰ ϰϳϰ͘ϲϰ ϭϱϮ͘Ϯϱ ϯϮϮ͘ϯϵ ϯϱ͘ϬϬ ϵϲ͘ϰϲ ϭϲϬ͘ϬϬ ŽĨŝƌĞĐƚŽƌƐŽĨƚŚĞĐŽŵƉĂŶŝĞƐŝŶĐůƵĚĞĚŝŶƚŚĞ'ƌŽƵƉĂŶĚŽĨŝƚƐ ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ ϮϬϬϳͲϬϴ ϭϴϮϯ͘ϭϲ ϭϮϱϰ͘ϭϭ ϴϱ͘ϰϴ ϱϴϬ͘ϰϳ ϮϬϯ͘Ϭϭ ϯϳϳ͘ϰϲ ϯϴ͘ϬϬ ϭϭϰ͘ϱϰ ϭϵϬ͘ϬϬ ĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌŵĂŝŶƚĞŶĂŶĐĞ ϮϬϬϴͲϬϵ ϭϳϬϲ͘ϱϮ ϭϯϰϴ͘ϰϮ ϵϰ͘ϰϲ ϯϲϮ͘ϯϬ ϭϮϴ͘Ϯϳ Ϯϯϰ͘Ϭϯ ϯϬ͘ϬϬ ϴϲ͘ϴϭ ϭϮϬ͘ϬϬ ŽĨ ĂĚĞƋƵĂƚĞ ĂĐĐŽƵŶƟŶŐ ƌĞĐŽƌĚƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ We believe that the audit evidence obtained by us and the ϮϬϬϵͲϭϬ ϭϱϮϬ͘ϯϲ ϭϯϱϴ͘ϰϴ ϭϬϰ͘ϭϰ Ϯϭϴ͘Ϯϱ ϲϱ͘ϭϱ ϭϱϯ͘ϭϬ ϭϱ͘ϯϭ ϳϮ͘ϯϱ ϭϬϬ͘ϬϬ ƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĐƚĨŽƌƐĂĨĞŐƵĂƌĚŝŶŐƚŚĞĂƐƐĞƚƐŽĨƚŚĞ'ƌŽƵƉ ĂƵĚŝƚ ĞǀŝĚĞŶĐĞ ŽďƚĂŝŶĞĚ ďLJ ƚŚĞ ŽƚŚĞƌ ĂƵĚŝƚŽƌƐ ŝŶ ƚĞƌŵƐ ŽĨ ϮϬϭϬͲϭϭ ϭϳϯϳ͘ϭϰ ϭϱϬϵ͘ϵϬ ϭϬϴ͘ϰϬ ϮϮϭ͘ϰϱ ϴϬ͘ϮϬ ϭϰϭ͘Ϯϱ ϭϰ͘ϭϯ ϳϱ͘ϵϱ ϭϬϬ͘ϬϬ ϮϬϭϭͲϭϮ ϭϴϲϰ͘ϳϮ ϭϲϮϴ͘ϲϵ ϭϭϯ͘ϵϬ ϮϮϵ͘ϵϮ ϴϰ͘ϱϳ ϭϰϱ͘ϯϱ ϭϰ͘ϱϰ ϳϱ͘ϵϱ ϭϬϬ͘ϬϬ ĂŶĚ ŝƚƐ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ŝƚƐ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ ĂŶĚ ĨŽƌ ƉƌĞǀĞŶƟŶŐ ƚŚĞŝƌƌĞƉŽƌƚƐƌĞĨĞƌƌĞĚƚŽŝŶƐƵďͲƉĂƌĂŐƌĂƉŚϭ;ďͿŽĨƚŚĞKƚŚĞƌ ϮϬϭϮͲϭϯ ϭϵϮϰ͘ϳϵ ϭϳϬϭ͘ϲϳ ϭϮϱ͘ϬϮ ;ϮϬϵ͘ϳϵͿ ϲϲ͘ϴϮ ;Ϯϳϲ͘ϲϭͿ Ͳ Ύ ϲϵ͘ϰϬ ϴϬ͘ϬϬ ĂŶĚ ĚĞƚĞĐƟŶŐ ĨƌĂƵĚƐ ĂŶĚ ŽƚŚĞƌ ŝƌƌĞŐƵůĂƌŝƟĞƐ͖ ƚŚĞ ƐĞůĞĐƟŽŶ DĂƩĞƌƐ ƉĂƌĂŐƌĂƉŚ ďĞůŽǁ͕ ŝƐ ƐƵĸĐŝĞŶƚ ĂŶĚ ĂƉƉƌŽƉƌŝĂƚĞ ƚŽ ϮϬϭϯͲϭϰ ϭϵϳϳ͘ϯϯ ϭϳϲϭ͘ϭϯ ϭϮϮ͘Ϯϲ ;ϱϮϬ͘ϵϬͿ ϲϵ͘ϱϵ ;ϱϵϬ͘ϰϵͿ Ͳ Ͳ Ͳ ĂŶĚ ĂƉƉůŝĐĂƟŽŶ ŽĨ ĂƉƉƌŽƉƌŝĂƚĞ ĂĐĐŽƵŶƟŶŐ ƉŽůŝĐŝĞƐ͖ ŵĂŬŝŶŐ ƉƌŽǀŝĚĞ Ă ďĂƐŝƐ ĨŽƌ ŽƵƌ ĂƵĚŝƚ ŽƉŝŶŝŽŶ ŽŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ϮϬϭϰͲϭϱ ϮϭϬϯ͘ϲϬ ϭϴϳϯ͘ϬϮ ϭϭϳ͘ϴϱ ϭ͘ϴϴ ϴϯ͘ϵϬ ;ϴϮ͘ϬϮͿ Ͳ Ͳ Ͳ ũƵĚŐŵĞŶƚƐĂŶĚĞƐƟŵĂƚĞƐƚŚĂƚĂƌĞƌĞĂƐŽŶĂďůĞĂŶĚƉƌƵĚĞŶƚ͖ ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ ϮϬϭϱͲϭϲ Ϯϯϳϰ͘ϭϮ ϮϬϴϴ͘ϯϮ ϭϮϲ͘ϬϮ ϭϱϮ͘ϴϵ ϲϴ͘ϳϰ ϴϰ͘ϭϱ ϳϭ͘ϰϬ 155.55 Ͳ Ϯϵ͘ϲϴ ϯϬ͘ϬϬ ϮϬϭϲͲϭϳ Ϯϰϱϵ͘ϱϴ ϮϬϳϵ͘ϳϰ ϭϱϭ͘ϯϭ ϮϲϮ͘Ϭϰ ϭϭϴ͘ϴϲ ϭϰϯ͘ϭϴ ϭϮϰ͘ϰϯ Ϯϲϳ͘ϲϭ Ͳ ϯϰ͘ϲϮ ϯϱ͘ϬϬ ĂŶĚƚŚĞĚĞƐŝŐŶ͕ŝŵƉůĞŵĞŶƚĂƟŽŶĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨĂĚĞƋƵĂƚĞ ϮϬϭϳͲϭϴ Ϯϲϯϵ͘ϯϰ Ϯϭϰϴ͘ϱϴ ϭϱϭ͘ϯϰ Ϯϴϰ͘Ϯϯ ϭϯϲ͘ϰϲ ϭϰϳ͘ϳϳ Ϯϵ͘Ϯϯ ϭϳϳ͘ϬϬ Ͳ ΨΨ ϰϳ͘ϱϳ ϰϬ͘ϬϬ ŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐƚŚĂƚǁĞƌĞŽƉĞƌĂƟŶŐĞīĞĐƟǀĞůLJĨŽƌ Opinion ĞŶƐƵƌŝŶŐ ƚŚĞ ĂĐĐƵƌĂĐLJ ĂŶĚ ĐŽŵƉůĞƚĞŶĞƐƐ ŽĨ ƚŚĞ ĂĐĐŽƵŶƟŶŐ /ŶŽƵƌŽƉŝŶŝŽŶĂŶĚƚŽƚŚĞďĞƐƚŽĨŽƵƌŝŶĨŽƌŵĂƟŽŶĂŶĚĂĐĐŽƌĚŝŶŐ ƌĞĐŽƌĚƐ͕ƌĞůĞǀĂŶƚƚŽƚŚĞƉƌĞƉĂƌĂƟŽŶĂŶĚƉƌĞƐĞŶƚĂƟŽŶŽĨƚŚĞ ƚŽƚŚĞĞdžƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽƵƐĂŶĚďĂƐĞĚŽŶƚŚĞĐŽŶƐŝĚĞƌĂƟŽŶ ą WƌĞĨĞƌĞŶĐĞĂŶĚKƌĚŝŶĂƌLJŝǀŝĚĞŶĚ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ƚŚĂƚ ŐŝǀĞ Ă ƚƌƵĞ ĂŶĚ ĨĂŝƌ ŽĨƌĞƉŽƌƚƐŽĨŽƚŚĞƌĂƵĚŝƚŽƌƐŽŶƐĞƉĂƌĂƚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ нн ŌĞƌĚĞĚƵĐƟŶŐ`Ϭ͘ϴϰĐƌŽƌĞƐƚŽǁĂƌĚƐĞdžĐĞƐƐƉƌŽǀŝƐŝŽŶŽĨĚĞƉƌĞĐŝĂƟŽŶĨŽƌƉƌĞǀŝŽƵƐLJĞĂƌ͘ ǀŝĞǁĂŶĚĂƌĞĨƌĞĞĨƌŽŵŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͕ǁŚĞƚŚĞƌĚƵĞ ĂŶĚ ŽŶ ƚŚĞ ŽƚŚĞƌ ĮŶĂŶĐŝĂů ŝŶĨŽƌŵĂƟŽŶ ŽĨ ƚŚĞ ƐƵďƐŝĚŝĂƌŝĞƐ͕ Λ KƌĚŝŶĂƌLJͬ/ŶƚĞƌŝŵĚŝǀŝĚĞŶĚĨŽƌƚŚĞLJĞĂƌ ƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͕ǁŚŝĐŚŚĂǀĞďĞĞŶƵƐĞĚĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ͕ ƚŚĞ ĂĨŽƌĞƐĂŝĚ ĐŽŶƐŽůŝĚĂƚĞĚ Ύ /ŶĐůƵĚĞƐ`ϰ͘ϴϬĐƌŽƌĞƐĚŝǀŝĚĞŶĚƉĂŝĚĨŽƌƉƌĞǀŝŽƵƐLJĞĂƌ ƉƌĞƉĂƌĂƟŽŶŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐďLJƚŚĞ ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŐŝǀĞƚŚĞŝŶĨŽƌŵĂƟŽŶƌĞƋƵŝƌĞĚďLJƚŚĞĐƚ ΨΨ ŝǀŝĚĞŶĚWƌŽƉŽƐĞĚ ŝƌĞĐƚŽƌƐŽĨƚŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJ͕ĂƐĂĨŽƌĞƐĂŝĚ͘ ŝŶƚŚĞŵĂŶŶĞƌƐŽƌĞƋƵŝƌĞĚĂŶĚŐŝǀĞĂƚƌƵĞĂŶĚĨĂŝƌǀŝĞǁŝŶ ĐŽŶĨŽƌŵŝƚLJǁŝƚŚƚŚĞĂĐĐŽƵŶƟŶŐƉƌŝŶĐŝƉůĞƐŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚ ŝŶ/ŶĚŝĂ͕ŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŽĨĂīĂŝƌƐŽĨƚŚĞ'ƌŽƵƉ͕ŝƚƐ ĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ͕ĂŶĚƚŚĞŝƌ

192 Annual Report 2017-18 193 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

ĐŽŶƐŽůŝĚĂƚĞĚƉƌŽĮƚ;ŝŶĐůƵĚŝŶŐŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞͿ͕ Ă͘ ǁĞ ŚĂǀĞ ƐŽƵŐŚƚ ĂŶĚ ŽďƚĂŝŶĞĚ Ăůů ƚŚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ŝŶĨŽƌŵĂƟŽŶ ŽĨ ƚŚĞ ƐƵďƐŝĚŝĂƌŝĞƐ͕ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ũŽŝŶƚ incorporated in India during the year ended March ĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĐŚĂŶŐĞƐŝŶĞƋƵŝƚLJĂŶĚĐŽŶƐŽůŝĚĂƚĞĚ ĞdžƉůĂŶĂƟŽŶƐ ǁŚŝĐŚ ƚŽ ƚŚĞ ďĞƐƚ ŽĨ ŽƵƌ ŬŶŽǁůĞĚŐĞ ĂŶĚ ǀĞŶƚƵƌĞƐ͕ĂƐŶŽƚĞĚŝŶƚŚĞ͚KƚŚĞƌŵĂƩĞƌƐ͛ƉĂƌĂŐƌĂƉŚ͗ ϯϭ͕ϮϬϭϴ͖ĂŶĚ ĐĂƐŚŇŽǁƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚŽŶƚŚĂƚĚĂƚĞ͘ ďĞůŝĞĨǁĞƌĞŶĞĐĞƐƐĂƌLJĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨŽƵƌĂƵĚŝƚŽĨ ƚŚĞĂĨŽƌĞƐĂŝĚĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͖  ŝ͘ ƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĚŝƐĐůŽƐĞƚŚĞ  ŝǀ͘ ƚŚĞĚŝƐĐůŽƐƵƌĞŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ/ŶĚ^ĮŶĂŶĐŝĂů KƚŚĞƌDĂƩĞƌƐ ŝŵƉĂĐƚ ŽĨ ƉĞŶĚŝŶŐ ůŝƟŐĂƟŽŶƐ ŽŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ƌĞŐĂƌĚŝŶŐ ŚŽůĚŝŶŐƐ ĂƐ ǁĞůů ĂƐ ĚĞĂůŝŶŐƐ Ă͘ dŚĞĐŽŵƉĂƌĂƟǀĞ ĮŶĂŶĐŝĂů ŝŶĨŽƌŵĂƟŽŶ ŽĨ ƚŚĞ 'ƌŽƵƉ͕ ď͘ ŝŶŽƵƌŽƉŝŶŝŽŶ͕ƉƌŽƉĞƌŬƐŽĨĂĐĐŽƵŶƚĂƐƌĞƋƵŝƌĞĚďLJ ĮŶĂŶĐŝĂů ƉŽƐŝƟŽŶ ŽĨ ƚŚĞ'ƌŽƵƉ͕ ŝƚƐ ĂƐƐŽĐŝĂƚĞƐĂŶĚ ŝŶ ^ƉĞĐŝĮĞĚ ĂŶŬ EŽƚĞƐ ĚƵƌŝŶŐ ƚŚĞ ƉĞƌŝŽĚ ĨƌŽŵ ŝƚƐĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭ ůĂǁƌĞůĂƟŶŐƚŽƉƌĞƉĂƌĂƟŽŶŽĨƚŚĞĂĨŽƌĞƐĂŝĚĐŽŶƐŽůŝĚĂƚĞĚ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ͘ ZĞĨĞƌ EŽƚĞ ϯϬ ĂŶĚ EŽƚĞ ϯϵ ƚŽ ƚŚĞ EŽǀĞŵďĞƌϴ͕ϮϬϭϲƚŽĞĐĞŵďĞƌϯϬ͕ϮϬϭϲŚĂǀĞŶŽƚ DĂƌĐŚ ϮϬϭϳ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞƐĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶŬĞƉƚƐŽĨĂƌĂƐŝƚĂƉƉĞĂƌƐ ĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ ďĞĞŶŵĂĚĞƐŝŶĐĞƚŚĞLJĚŽŶŽƚƉĞƌƚĂŝŶƚŽƚŚĞĮŶĂŶĐŝĂů statements have been audited by the predecessor ĨƌŽŵŽƵƌĞdžĂŵŝŶĂƟŽŶŽĨƚŚŽƐĞŬƐĂŶĚƚŚĞƌĞƉŽƌƚƐŽĨ LJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͘ ĂƵĚŝƚŽƌǁŚŽƐĞĂƵĚŝƚƌĞƉŽƌƚĚĂƚĞĚϮϲDĂLJϮϬϭϳĞdžƉƌĞƐƐĞĚ ƚŚĞŽƚŚĞƌĂƵĚŝƚŽƌƐ͖  ŝŝ͘ ƚŚĞ'ƌŽƵƉ͕ŝƚƐĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐĚŝĚŶŽƚ ĂŶ ƵŶŵŽĚŝĮĞĚ ŽƉŝŶŝŽŶ ŽŶ ƚŚŽƐĞ ĂƵĚŝƚĞĚ ĐŽŶƐŽůŝĚĂƚĞĚ ŚĂǀĞĂŶLJŵĂƚĞƌŝĂůĨŽƌĞƐĞĞĂďůĞůŽƐƐĞƐŽŶůŽŶŐͲƚĞƌŵ &ŽƌB S R & Co. LLP ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ KƵƌ ŽƉŝŶŝŽŶ ŝƐ ŶŽƚ ŵŽĚŝĮĞĚ ŝŶ Đ͘ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ ĂůĂŶĐĞ ^ŚĞĞƚ͕ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ ĐŽŶƚƌĂĐƚƐŝŶĐůƵĚŝŶŐĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐĚƵƌŝŶŐƚŚĞ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ ƌĞƐƉĞĐƚŽĨƚŚŝƐŵĂƩĞƌ͘ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ ĂŶĚ >ŽƐƐ ;ŝŶĐůƵĚŝŶŐ ŽƚŚĞƌ LJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͖ &ŝƌŵ͛ƐZĞŐŝƐƚƌĂƟŽŶEŽ͘ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞͿ͕ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ ĂƐŚ &ůŽǁ ď͘ tĞ ĚŝĚ ŶŽƚ ĂƵĚŝƚ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ^ƚĂƚĞŵĞŶƚ ĂŶĚ ŽŶƐŽůŝĚĂƚĞĚ ^ƚĂƚĞŵĞŶƚ ŽĨ ŚĂŶŐĞƐ  ŝŝŝ͘ ƚŚĞƌĞ ŚĂƐ ďĞĞŶ ŶŽ ĚĞůĂLJ ŝŶ ƚƌĂŶƐĨĞƌƌŝŶŐ ĂŵŽƵŶƚƐ ĞŝŐŚƚĞĞŶ ƐƵďƐŝĚŝĂƌŝĞƐ͕ ǁŚŽƐĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝŶ ƋƵŝƚLJ ĚĞĂůƚ ǁŝƚŚ ďLJ ƚŚŝƐ ZĞƉŽƌƚ ĂƌĞ ŝŶ ĂŐƌĞĞŵĞŶƚ ƚŽ ƚŚĞ /ŶǀĞƐƚŽƌ ĚƵĐĂƟŽŶ ĂŶĚ WƌŽƚĞĐƟŽŶ &ƵŶĚ sŝũĂLJŚĂƩ WůĂĐĞ͗DƵŵďĂŝ WĂƌƚŶĞƌ ƌĞŇĞĐƚ ƚŽƚĂů ĂƐƐĞƚƐ ŽĨ ` ϲ͕Ϯϵϲ͘ϯϵ ĐƌŽƌĞƐ ĂƐ Ăƚ DĂƌĐŚ ǁŝƚŚƚŚĞƌĞůĞǀĂŶƚŬƐŽĨĂĐĐŽƵŶƚŵĂŝŶƚĂŝŶĞĚĨŽƌƚŚĞ ďLJ ƚŚĞ ,ŽůĚŝŶŐ ŽŵƉĂŶLJ ĂŶĚ ŝƚƐ ƐƵďƐŝĚŝĂƌLJ ĂƚĞര͗DĂLJϮϱ͕ϮϬϭϴ DĞŵďĞƌƐŚŝƉEŽ͘Ϭϯϲϲϰϳ ϯϭ͕ ϮϬϭϴ͕ ƚŽƚĂů ƌĞǀĞŶƵĞƐ ŽĨ ` ϭ͕ϰϰϵ͘ϰϮ ĐƌŽƌĞƐ ĂŶĚ ŶĞƚ ƉƵƌƉŽƐĞ ŽĨ ƉƌĞƉĂƌĂƟŽŶ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ĐŽŵƉĂŶŝĞƐ͕ĂƐƐŽĐŝĂƚĞĐŽŵƉĂŶŝĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ ĐĂƐŚŽƵƞůŽǁƐĂŵŽƵŶƟŶŐƚŽ`ϰϬ͘ϮϰĐƌŽƌĞƐĨŽƌƚŚĞLJĞĂƌ ƐƚĂƚĞŵĞŶƚƐ͖ ĞŶĚĞĚŽŶƚŚĂƚĚĂƚĞ͕ĂƐĐŽŶƐŝĚĞƌĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů Ě͘ ŝŶ ŽƵƌ ŽƉŝŶŝŽŶ͕ ƚŚĞ ĂĨŽƌĞƐĂŝĚ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐĂůƐŽŝŶĐůƵĚĞƚŚĞ'ƌŽƵƉ͛ƐƐŚĂƌĞŽĨŶĞƚƉƌŽĮƚŽĨ ƐƚĂƚĞŵĞŶƚƐĐŽŵƉůLJǁŝƚŚƚŚĞ/ŶĚŝĂŶĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚƐ ` ϯϰ͘ϴϲ ĐƌŽƌĞƐ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ϯϭ DĂƌĐŚ͕ ϮϬϭϴ͕ ĂƐ ƐƉĞĐŝĮĞĚƵŶĚĞƌƐĞĐƟŽŶϭϯϯŽĨƚŚĞĐƚ͖ ĐŽŶƐŝĚĞƌĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƚŚŝƌƚĞĞŶ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ͕ Ğ͘ ŽŶƚŚĞ ďĂƐŝƐ ŽĨ ƚŚĞ ǁƌŝƩĞŶ ƌĞƉƌĞƐĞŶƚĂƟŽŶƐ ƌĞĐĞŝǀĞĚ ǁŚŽƐĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞŶŽƚďĞĞŶĂƵĚŝƚĞĚďLJƵƐ͘ ĨƌŽŵƚŚĞĚŝƌĞĐƚŽƌƐŽĨƚŚĞ,ŽůĚŝŶŐŽŵƉĂŶLJĂƐŽŶDĂƌĐŚ dŚĞƐĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶĂƵĚŝƚĞĚďLJŽƚŚĞƌ ϯϭ͕ϮϬϭϴƚĂŬĞŶŽŶƌĞĐŽƌĚďLJƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽĨƚŚĞ ĂƵĚŝƚŽƌƐ ǁŚŽƐĞ ƌĞƉŽƌƚƐ ŚĂǀĞ ďĞĞŶ ĨƵƌŶŝƐŚĞĚ ƚŽ ƵƐ ďLJ ,ŽůĚŝŶŐŽŵƉĂŶLJĂŶĚƚŚĞƌĞƉŽƌƚƐŽĨƚŚĞƐƚĂƚƵƚŽƌLJĂƵĚŝƚŽƌƐ the Management and our opinion on the consolidated ŽĨŝƚƐƐƵďƐŝĚŝĂƌLJĐŽŵƉĂŶŝĞƐ͕ŝƚƐĂƐƐŽĐŝĂƚĞĐŽŵƉĂŶŝĞƐĂŶĚ ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŝŶƐŽĨĂƌĂƐŝƚƌĞůĂƚĞƐƚŽƚŚĞĂŵŽƵŶƚƐ ũŽŝŶƚǀĞŶƚƵƌĞƐŝŶĐŽƌƉŽƌĂƚĞĚŝŶ/ŶĚŝĂ͕ŶŽŶĞŽĨƚŚĞĚŝƌĞĐƚŽƌƐ ĂŶĚĚŝƐĐůŽƐƵƌĞƐŝŶĐůƵĚĞĚŝŶƌĞƐƉĞĐƚŽĨƚŚĞƐĞƐƵďƐŝĚŝĂƌŝĞƐ͕ ŽĨ ƚŚĞ 'ƌŽƵƉ ĐŽŵƉĂŶŝĞƐ͕ ŝƚƐ ĂƐƐŽĐŝĂƚĞ ĐŽŵƉĂŶŝĞƐ͕ ĂŶĚ ũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐĂŶĚŽƵƌƌĞƉŽƌƚŝŶƚĞƌŵƐŽĨ ũŽŝŶƚǀĞŶƚƵƌĞƐŝŶĐŽƌƉŽƌĂƚĞĚŝŶ/ŶĚŝĂŝƐĚŝƐƋƵĂůŝĮĞĚĂƐŽŶ ƐƵďͲƐĞĐƟŽŶ ;ϯͿ ŽĨ ^ĞĐƟŽŶ ϭϰϯ ŽĨ ƚŚĞ Đƚ͕ ŝŶƐŽĨĂƌ ĂƐ ŝƚ DĂƌĐŚϯϭ͕ϮϬϭϴĨƌŽŵďĞŝŶŐĂƉƉŽŝŶƚĞĚĂƐĂĚŝƌĞĐƚŽƌŝŶ ƌĞůĂƚĞƐƚŽƚŚĞĂĨŽƌĞƐĂŝĚƐƵďƐŝĚŝĂƌŝĞƐ͕ũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚ ƚĞƌŵƐŽĨ^ĞĐƟŽŶϭϲϰ;ϮͿŽĨƚŚĞĐƚ͖ ĂƐƐŽĐŝĂƚĞƐ ŝƐ ďĂƐĞĚ ƐŽůĞůLJ ŽŶ ƚŚĞ ƌĞƉŽƌƚƐ ŽĨ ƚŚĞ ŽƚŚĞƌ ĂƵĚŝƚŽƌƐ͘ Ĩ͘ ǁŝƚŚƌĞƐƉĞĐƚ ƚŽ ƚŚĞ ĂĚĞƋƵĂĐLJ ŽĨ ƚŚĞ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ǁŝƚŚ ƌĞĨĞƌĞŶĐĞ ƚŽ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ  KƵƌ ŽƉŝŶŝŽŶ ĂďŽǀĞ ŽŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ,ŽůĚŝŶŐŽŵƉĂŶLJ͕ŝƚƐƐƵďƐŝĚŝĂƌLJĐŽŵƉĂŶŝĞƐ͕ŝƚƐĂƐƐŽĐŝĂƚĞ ƐƚĂƚĞŵĞŶƚƐ͕ĂŶĚŽƵƌƌĞƉŽƌƚŽŶKƚŚĞƌ>ĞŐĂůĂŶĚZĞŐƵůĂƚŽƌLJ companies and joint ventures incorporated in India and ZĞƋƵŝƌĞŵĞŶƚƐďĞůŽǁ͕ŝƐ ŶŽƚ ŵŽĚŝĮĞĚ ŝŶ ƌĞƐƉĞĐƚŽĨ ƚŚĞ ƚŚĞŽƉĞƌĂƟŶŐĞīĞĐƟǀĞŶĞƐƐŽĨƐƵĐŚĐŽŶƚƌŽůƐ͕ƌĞĨĞƌƚŽŽƵƌ ĂďŽǀĞŵĂƩĞƌƐǁŝƚŚƌĞƐƉĞĐƚƚŽŽƵƌƌĞůŝĂŶĐĞŽŶƚŚĞǁŽƌŬ ƐĞƉĂƌĂƚĞZĞƉŽƌƚŝŶ͞ŶŶĞdžƵƌĞ͖͟ ĚŽŶĞĂŶĚƚŚĞƌĞƉŽƌƚƐŽĨƚŚĞŽƚŚĞƌĂƵĚŝƚŽƌƐ͘ Ő͘ ǁŝƚŚƌĞƐƉĞĐƚ ƚŽ ƚŚĞ ŽƚŚĞƌ ŵĂƩĞƌƐ ƚŽ ďĞ ŝŶĐůƵĚĞĚ ŝŶ Report on Other Legal and Regulatory Requirements ƚŚĞ ƵĚŝƚŽƌƐ͛ ZĞƉŽƌƚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ZƵůĞ ϭϭ ŽĨ ƐƌĞƋƵŝƌĞĚďLJ^ĞĐƟŽŶϭϰϯ;ϯͿŽĨƚŚĞĐƚ͕ďĂƐĞĚŽŶŽƵƌĂƵĚŝƚ ƚŚĞ ŽŵƉĂŶŝĞƐ ;ƵĚŝƚ ĂŶĚ ƵĚŝƚŽƌ͛ƐͿ ZƵůĞƐ͕ ϮϬϭϰ͕ ŝŶ ĂŶĚ ŽŶ ƚŚĞ ĐŽŶƐŝĚĞƌĂƟŽŶ ŽĨ ƌĞƉŽƌƚ ŽĨ ƚŚĞ ŽƚŚĞƌ ĂƵĚŝƚŽƌƐ ŽƵƌ ŽƉŝŶŝŽŶ ĂŶĚ ƚŽ ƚŚĞ ďĞƐƚ ŽĨ ŽƵƌ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ŽŶ ƐĞƉĂƌĂƚĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂŶĚ ƚŚĞ ŽƚŚĞƌ ĮŶĂŶĐŝĂů ĂĐĐŽƌĚŝŶŐƚŽƚŚĞĞdžƉůĂŶĂƟŽŶƐŐŝǀĞŶƚŽƵƐĂŶĚďĂƐĞĚŽŶ ŝŶĨŽƌŵĂƟŽŶ ŽĨ ƐƵďƐŝĚŝĂƌŝĞƐ͕ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ ĂŶĚ ĂƐƐŽĐŝĂƚĞƐ͕ ƚŚĞĐŽŶƐŝĚĞƌĂƟŽŶŽĨƚŚĞƌĞƉŽƌƚŽĨƚŚĞŽƚŚĞƌĂƵĚŝƚŽƌƐŽŶ ĂƐŶŽƚĞĚŝŶƚŚĞ͚ŽƚŚĞƌŵĂƩĞƌƐ͛ƉĂƌĂŐƌĂƉŚ͕ǁĞƌĞƉŽƌƚ͕ƚŽƚŚĞ ƐĞƉĂƌĂƚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƐĂůƐŽƚŚĞŽƚŚĞƌĮŶĂŶĐŝĂů ĞdžƚĞŶƚĂƉƉůŝĐĂďůĞ͕ƚŚĂƚ͗

194 Annual Report 2017-18 195 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Annexure ‘A’ to the Independent Auditor’s Report

ZĞƉŽƌƚŽŶƚŚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐŽǀĞƌĮŶĂŶĐŝĂů KƵƌ ĂƵĚŝƚ ŝŶǀŽůǀĞƐ ƉĞƌĨŽƌŵŝŶŐ ƉƌŽĐĞĚƵƌĞƐ ƚŽ ŽďƚĂŝŶ ĂƵĚŝƚ /ŶŚĞƌĞŶƚ >ŝŵŝƚĂƟŽŶƐ ŽĨ /ŶƚĞƌŶĂů &ŝŶĂŶĐŝĂů ŽŶƚƌŽůƐ KǀĞƌ ĐŽŵƉĂŶŝĞƐ͕ ŝƚƐ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ŝƚƐ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ͕ ǁŚŝĐŚ ĂƌĞ ƌĞƉŽƌƟŶŐƵŶĚĞƌĐůĂƵƐĞ;ŝͿŽĨƐƵďͲƐĞĐƟŽŶϯŽĨ^ĞĐƟŽŶϭϰϯŽĨ ĞǀŝĚĞŶĐĞ ĂďŽƵƚ ƚŚĞ ĂĚĞƋƵĂĐLJ ŽĨ ƚŚĞ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů &ŝŶĂŶĐŝĂůZĞƉŽƌƟŶŐ ĐŽŵƉĂŶŝĞƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶ /ŶĚŝĂ͕ ĐŽŶƐŝĚĞƌŝŶŐ ƚŚĞ ĞƐƐĞŶƟĂů ƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ;͞ƚŚĞĐƚ͟Ϳ ĐŽŶƚƌŽů ƐLJƐƚĞŵ ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ĂŶĚ ƚŚĞŝƌ ŽƉĞƌĂƟŶŐ ĞĐĂƵƐĞ ŽĨ ƚŚĞ ŝŶŚĞƌĞŶƚ ůŝŵŝƚĂƟŽŶƐ ŽĨ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŵƉŽŶĞŶƚƐŽĨŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐƚĂƚĞĚŝŶƚŚĞ'ƵŝĚĂŶĐĞEŽƚĞ /Ŷ ĐŽŶũƵŶĐƟŽŶ ǁŝƚŚ ŽƵƌ ĂƵĚŝƚ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ /ŶĚ ^ ĞīĞĐƟǀĞŶĞƐƐ͘ KƵƌ ĂƵĚŝƚ ŽĨ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽůƐ ŽǀĞƌ ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƉŽƐƐŝďŝůŝƚLJ ŝƐƐƵĞĚďLJƚŚĞ//͘ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ ,ŽůĚŝŶŐ ŽŵƉĂŶLJ ĂƐ ŽĨ ĂŶĚ ĨŽƌ ƌĞƉŽƌƟŶŐ ŝŶĐůƵĚĞĚ ŽďƚĂŝŶŝŶŐ ĂŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ŝŶƚĞƌŶĂů ŽĨ ĐŽůůƵƐŝŽŶ Žƌ ŝŵƉƌŽƉĞƌ ŵĂŶĂŐĞŵĞŶƚ ŽǀĞƌƌŝĚĞ ŽĨ ĐŽŶƚƌŽůƐ͕ ƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͕ǁĞŚĂǀĞĂƵĚŝƚĞĚƚŚĞŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐ͕ĂƐƐĞƐƐŝŶŐƚŚĞƌŝƐŬ ŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚƐĚƵĞƚŽĞƌƌŽƌŽƌĨƌĂƵĚŵĂLJŽĐĐƵƌĂŶĚ KƚŚĞƌDĂƩĞƌƐ ĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐŽĨdŚĞ/ŶĚŝĂŶ,ŽƚĞůƐ ƚŚĂƚĂŵĂƚĞƌŝĂůǁĞĂŬŶĞƐƐĞdžŝƐƚƐ͕ĂŶĚƚĞƐƟŶŐĂŶĚĞǀĂůƵĂƟŶŐ ŶŽƚ ďĞ ĚĞƚĞĐƚĞĚ͘ ůƐŽ͕ ƉƌŽũĞĐƟŽŶƐ ŽĨ ĂŶLJ ĞǀĂůƵĂƟŽŶ ŽĨ ƚŚĞ KƵƌĂĨŽƌĞƐĂŝĚƌĞƉŽƌƚƵŶĚĞƌ^ĞĐƟŽŶϭϰϯ;ϯͿ;ŝͿŽĨƚŚĞĐƚŽŶƚŚĞ ŽŵƉĂŶLJ >ŝŵŝƚĞĚ ;͞ŚĞƌĞŝŶĂŌĞƌ ƌĞĨĞƌƌĞĚ ƚŽ ĂƐ ͞ƚŚĞ ,ŽůĚŝŶŐ ƚŚĞ ĚĞƐŝŐŶ ĂŶĚ ŽƉĞƌĂƟŶŐ ĞīĞĐƟǀĞŶĞƐƐ ŽĨ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ƚŽ ĨƵƚƵƌĞ ĂĚĞƋƵĂĐLJĂŶĚŽƉĞƌĂƟŶŐĞīĞĐƟǀĞŶĞƐƐŽĨƚŚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂů ŽŵƉĂŶLJ͟ͿŝƚƐƐƵďƐŝĚŝĂƌLJĐŽŵƉĂŶŝĞƐ͕ŝƚƐĂƐƐŽĐŝĂƚĞĐŽŵƉĂŶŝĞƐ ďĂƐĞĚŽŶƚŚĞĂƐƐĞƐƐĞĚƌŝƐŬ͘dŚĞƉƌŽĐĞĚƵƌĞƐĞůĞĐƚĞĚĚĞƉĞŶĚŽŶ ƉĞƌŝŽĚƐ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ƌŝƐŬ ƚŚĂƚ ƚŚĞ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐŝŶƐŽĨĂƌĂƐŝƚƌĞůĂƚĞƐƚŽŝƚƐ ĂŶĚŝƚƐũŽŝŶƚǀĞŶƚƵƌĞƐŝŶĐŽƌƉŽƌĂƚĞĚŝŶ/ŶĚŝĂ͕ĂƐŽĨƚŚĂƚĚĂƚĞ͘ ƚŚĞĂƵĚŝƚŽƌ͛ƐũƵĚŐŵĞŶƚ͕ŝŶĐůƵĚŝŶŐƚŚĞĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞƌŝƐŬƐ ĐŽŶƚƌŽůƐ ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ŵĂLJ ďĞĐŽŵĞ ŝŶĂĚĞƋƵĂƚĞ ƚŚŝƌƚĞĞŶ ƐƵďƐŝĚŝĂƌLJ ĐŽŵƉĂŶŝĞƐ͕ ŝƚƐ ƚŚƌĞĞ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ŝƚƐ ŽĨŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚŽĨƚŚĞ/ŶĚ^ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ ďĞĐĂƵƐĞ ŽĨ ĐŚĂŶŐĞƐ ŝŶ ĐŽŶĚŝƟŽŶƐ͕ Žƌ ƚŚĂƚ ƚŚĞ ĚĞŐƌĞĞ ŽĨ ƐĞǀĞŶ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ ǁŚŝĐŚ ĂƌĞ ĐŽŵƉĂŶŝĞƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶ Management’s Responsibility for Internal Financial Controls ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘ ĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞƉŽůŝĐŝĞƐŽƌƉƌŽĐĞĚƵƌĞƐŵĂLJĚĞƚĞƌŝŽƌĂƚĞ͘ /ŶĚŝĂ͕ŝƐďĂƐĞĚŽŶƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐƌĞƉŽƌƚƐŽĨƚŚĞĂƵĚŝƚŽƌƐ dŚĞ ƌĞƐƉĞĐƟǀĞ ďŽĂƌĚ ŽĨ ĚŝƌĞĐƚŽƌƐ ŽĨ ƚŚĞ ,ŽůĚŝŶŐ ŽŵƉĂŶLJ ŽĨƐƵĐŚĐŽŵƉĂŶŝĞƐŝŶĐŽƌƉŽƌĂƚĞĚŝŶ/ŶĚŝĂ͘ ĂŶĚ ŝƚƐ ƐƵďƐŝĚŝĂƌLJ ĐŽŵƉĂŶŝĞƐ͕ ŝƚƐ ĂƐƐŽĐŝĂƚĞ ĐŽŵƉĂŶŝĞƐ ĂŶĚ tĞ ďĞůŝĞǀĞ ƚŚĂƚ ƚŚĞ ĂƵĚŝƚ ĞǀŝĚĞŶĐĞ ǁĞ ŚĂǀĞ ŽďƚĂŝŶĞĚ Opinion ũŽŝŶƚ ǀĞŶƚƵƌĞƐ͕ ǁŚŝĐŚ ĂƌĞ ĐŽŵƉĂŶŝĞƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶ /ŶĚŝĂ͕ ĂŶĚ ƚŚĞ ĂƵĚŝƚ ĞǀŝĚĞŶĐĞ ŽďƚĂŝŶĞĚ ďLJ ƚŚĞ ŽƚŚĞƌ ĂƵĚŝƚŽƌƐ ŽĨ /Ŷ ŽƵƌ ŽƉŝŶŝŽŶ͕ ƚŚĞ ,ŽůĚŝŶŐ ŽŵƉĂŶLJ͕ ŝƚƐ ƐƵďƐŝĚŝĂƌLJ &ŽƌB S R & Co. LLP ĂƌĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĞƐƚĂďůŝƐŚŝŶŐ ĂŶĚ ŵĂŝŶƚĂŝŶŝŶŐ ŝŶƚĞƌŶĂů ƚŚĞ ƐƵďƐŝĚŝĂƌLJ ĐŽŵƉĂŶŝĞƐ͕ ĂƐƐŽĐŝĂƚĞ ĐŽŵƉĂŶŝĞƐ ĂŶĚ ũŽŝŶƚ ĐŽŵƉĂŶŝĞƐ͕ ŝƚƐ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ŝƚƐ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ͕ ǁŚŝĐŚ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ďĂƐĞĚ ŽŶ ƚŚĞ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů ŽǀĞƌ ǀĞŶƚƵƌĞƐ͕ǁŚŝĐŚĂƌĞĐŽŵƉĂŶŝĞƐŝŶĐŽƌƉŽƌĂƚĞĚŝŶ/ŶĚŝĂ͕ŝŶƚĞƌŵƐ ĂƌĞ ĐŽŵƉĂŶŝĞƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶ /ŶĚŝĂ͕ ŚĂǀĞ ŝŶ Ăůů ŵĂƚĞƌŝĂů &ŝƌŵ͛ƐZĞŐŝƐƚƌĂƟŽŶEŽ͘ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ĐƌŝƚĞƌŝĂ ĞƐƚĂďůŝƐŚĞĚ ďLJ ƚŚĞ ƌĞƐƉĞĐƟǀĞ ŽĨƚŚĞŝƌƌĞƉŽƌƚƐƌĞĨĞƌƌĞĚƚŽŝŶƚŚĞKƚŚĞƌDĂƩĞƌƐƉĂƌĂŐƌĂƉŚ ƌĞƐƉĞĐƚƐ͕ĂŶĂĚĞƋƵĂƚĞŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůƐƐLJƐƚĞŵŽǀĞƌ ĐŽŵƉĂŶŝĞƐĐŽŶƐŝĚĞƌŝŶŐƚŚĞĞƐƐĞŶƟĂůĐŽŵƉŽŶĞŶƚƐŽĨŝŶƚĞƌŶĂů ďĞůŽǁ͕ŝƐƐƵĸĐŝĞŶƚĂŶĚĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌŽǀŝĚĞĂďĂƐŝƐĨŽƌŽƵƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ĂŶĚ ƐƵĐŚ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ŽǀĞƌ ĐŽŶƚƌŽůƐ ƐƚĂƚĞĚ ŝŶ ƚŚĞ 'ƵŝĚĂŶĐĞ EŽƚĞ ŽŶ ƵĚŝƚ ŽĨ /ŶƚĞƌŶĂů ĂƵĚŝƚŽƉŝŶŝŽŶŽŶƚŚĞŽŵƉĂŶLJ͛ƐŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐLJƐƚĞŵƐŽǀĞƌ ĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐǁĞƌĞŽƉĞƌĂƟŶŐĞīĞĐƟǀĞůLJĂƐĂƚDĂƌĐŚϯϭ͕ sŝũĂLJŚĂƩ &ŝŶĂŶĐŝĂů ŽŶƚƌŽůƐ KǀĞƌ &ŝŶĂŶĐŝĂů ZĞƉŽƌƟŶŐ ;͚ƚŚĞ 'ƵŝĚĂŶĐĞ ĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐ͘ ϮϬϭϴ͕ďĂƐĞĚŽŶƚŚĞŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐ WůĂĐĞ͗DƵŵďĂŝ WĂƌƚŶĞƌ EŽƚĞ͛Ϳ ŝƐƐƵĞĚ ďLJ ƚŚĞ /ŶƐƟƚƵƚĞ ŽĨ ŚĂƌƚĞƌĞĚ ĐĐŽƵŶƚĂŶƚƐ ŽĨ ĐƌŝƚĞƌŝĂ ĞƐƚĂďůŝƐŚĞĚ ďLJ ƚŚĞ ,ŽůĚŝŶŐ ŽŵƉĂŶLJ͕ ŝƚƐ ƐƵďƐŝĚŝĂƌLJ ĂƚĞര͗DĂLJϮϱ͕ϮϬϭϴ DĞŵďĞƌƐŚŝƉEŽ͘Ϭϯϲϲϰϳ /ŶĚŝĂ ;͞//͟Ϳ͘ dŚĞƐĞ ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ ŝŶĐůƵĚĞ ƚŚĞ ĚĞƐŝŐŶ͕ DĞĂŶŝŶŐ ŽĨ /ŶƚĞƌŶĂů &ŝŶĂŶĐŝĂů ŽŶƚƌŽůƐ KǀĞƌ &ŝŶĂŶĐŝĂů ŝŵƉůĞŵĞŶƚĂƟŽŶ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ĂĚĞƋƵĂƚĞ ŝŶƚĞƌŶĂů ZĞƉŽƌƟŶŐ ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ͕ ƚŚĂƚ ǁĞƌĞ ŽƉĞƌĂƟŶŐ ĞīĞĐƟǀĞůLJ ĨŽƌ ĐŽŵƉĂŶLJ͛ƐŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐ ĞŶƐƵƌŝŶŐ ƚŚĞ ŽƌĚĞƌůLJ ĂŶĚ ĞĸĐŝĞŶƚ ĐŽŶĚƵĐƚ ŽĨ ŝƚƐ ďƵƐŝŶĞƐƐ͕ is a process designed to provide reasonable assurance ŝŶĐůƵĚŝŶŐĂĚŚĞƌĞŶĐĞƚŽŽŵƉĂŶLJ͛ƐƉŽůŝĐŝĞƐ͕ƚŚĞƐĂĨĞŐƵĂƌĚŝŶŐ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ƌĞůŝĂďŝůŝƚLJ ŽĨ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ĂŶĚ ƚŚĞ ŽĨŝƚƐĂƐƐĞƚƐ͕ƚŚĞƉƌĞǀĞŶƟŽŶĂŶĚĚĞƚĞĐƟŽŶŽĨĨƌĂƵĚƐĂŶĚĞƌƌŽƌƐ͕ ƉƌĞƉĂƌĂƟŽŶŽĨĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌĞdžƚĞƌŶĂůƉƵƌƉŽƐĞƐŝŶ ƚŚĞ ĂĐĐƵƌĂĐLJ ĂŶĚ ĐŽŵƉůĞƚĞŶĞƐƐ ŽĨ ƚŚĞ ĂĐĐŽƵŶƟŶŐ ƌĞĐŽƌĚƐ͕ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚĂĐĐŽƵŶƟŶŐƉƌŝŶĐŝƉůĞƐ͘ ĂŶĚƚŚĞƟŵĞůLJƉƌĞƉĂƌĂƟŽŶŽĨƌĞůŝĂďůĞĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶĂƐ ĐŽŵƉĂŶLJ͛ƐŝŶƚĞƌŶĂůĮŶĂŶĐŝĂůĐŽŶƚƌŽůŽǀĞƌĮŶĂŶĐŝĂůƌĞƉŽƌƟŶŐ ƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚĞĐƚ͘ ŝŶĐůƵĚĞƐƚŚŽƐĞƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐƚŚĂƚ͗

Auditors’ Responsibility ;ϭͿ ƉĞƌƚĂŝŶƚŽƚŚĞŵĂŝŶƚĞŶĂŶĐĞŽĨƌĞĐŽƌĚƐƚŚĂƚ͕ŝŶƌĞĂƐŽŶĂďůĞ KƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJŝƐƚŽĞdžƉƌĞƐƐĂŶŽƉŝŶŝŽŶŽŶƚŚĞŽŵƉĂŶLJ͛Ɛ ĚĞƚĂŝů͕ĂĐĐƵƌĂƚĞůLJĂŶĚĨĂŝƌůLJƌĞŇĞĐƚƚŚĞƚƌĂŶƐĂĐƟŽŶƐĂŶĚ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŶƚƌŽů ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ŽĨ ƚŚĞ ĚŝƐƉŽƐŝƟŽŶƐŽĨƚŚĞĂƐƐĞƚƐŽĨƚŚĞĐŽŵƉĂŶLJ͖ ,ŽůĚŝŶŐŽŵƉĂŶLJĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ͕ŝƚƐĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚ ǀĞŶƚƵƌĞƐ͕ǁŚŝĐŚĂƌĞĐŽŵƉĂŶŝĞƐŝŶĐŽƌƉŽƌĂƚĞĚŝŶ/ŶĚŝĂďĂƐĞĚ ;ϮͿ ƉƌŽǀŝĚĞ ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞ ƚŚĂƚ ƚƌĂŶƐĂĐƟŽŶƐ ĂƌĞ ŽŶŽƵƌĂƵĚŝƚ͘ ƌĞĐŽƌĚĞĚĂƐŶĞĐĞƐƐĂƌLJƚŽƉĞƌŵŝƚƉƌĞƉĂƌĂƟŽŶŽĨĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ŐĞŶĞƌĂůůLJ ĂĐĐĞƉƚĞĚ tĞĐŽŶĚƵĐƚĞĚŽƵƌĂƵĚŝƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ'ƵŝĚĂŶĐĞ ĂĐĐŽƵŶƟŶŐƉƌŝŶĐŝƉůĞƐ͕ĂŶĚƚŚĂƚƌĞĐĞŝƉƚƐĂŶĚĞdžƉĞŶĚŝƚƵƌĞƐ EŽƚĞĂŶĚƚŚĞ^ƚĂŶĚĂƌĚƐŽŶƵĚŝƟŶŐ͕ŝƐƐƵĞĚďLJƚŚĞ//ĂŶĚ ŽĨƚŚĞĐŽŵƉĂŶLJĂƌĞďĞŝŶŐŵĂĚĞŽŶůLJŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ĚĞĞŵĞĚƚŽďĞƉƌĞƐĐƌŝďĞĚƵŶĚĞƌ^ĞĐƟŽŶϭϰϯ;ϭϬͿŽĨƚŚĞĐƚ͕ ĂƵƚŚŽƌŝnjĂƟŽŶƐ ŽĨ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ĚŝƌĞĐƚŽƌƐ ŽĨ ƚŚĞ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ĂƉƉůŝĐĂďůĞ ƚŽ ĂŶ ĂƵĚŝƚ ŽĨ ŝŶƚĞƌŶĂů ĮŶĂŶĐŝĂů ĐŽŵƉĂŶLJ͖ĂŶĚ ĐŽŶƚƌŽůƐ͕ ďŽƚŚ ĂƉƉůŝĐĂďůĞ ƚŽ ĂŶ ĂƵĚŝƚ ŽĨ /ŶƚĞƌŶĂů &ŝŶĂŶĐŝĂů ŽŶƚƌŽůƐĂŶĚ͕ďŽƚŚŝƐƐƵĞĚďLJƚŚĞ//͘dŚŽƐĞ^ƚĂŶĚĂƌĚƐĂŶĚ ;ϯͿ ƉƌŽǀŝĚĞ ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞ ƌĞŐĂƌĚŝŶŐ ƉƌĞǀĞŶƟŽŶ Žƌ ƚŚĞ 'ƵŝĚĂŶĐĞ EŽƚĞ ƌĞƋƵŝƌĞ ƚŚĂƚ ǁĞ ĐŽŵƉůLJ ǁŝƚŚ ĞƚŚŝĐĂů ƟŵĞůLJ ĚĞƚĞĐƟŽŶ ŽĨ ƵŶĂƵƚŚŽƌŝnjĞĚ ĂĐƋƵŝƐŝƟŽŶ͕ ƵƐĞ͕ Žƌ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ƉůĂŶ ĂŶĚ ƉĞƌĨŽƌŵ ƚŚĞ ĂƵĚŝƚ ƚŽ ŽďƚĂŝŶ ĚŝƐƉŽƐŝƟŽŶ ŽĨ ƚŚĞ ĐŽŵƉĂŶLJ͛Ɛ ĂƐƐĞƚƐ ƚŚĂƚ ĐŽƵůĚ ŚĂǀĞ Ă ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞ ĂďŽƵƚ ǁŚĞƚŚĞƌ ĂĚĞƋƵĂƚĞ ŝŶƚĞƌŶĂů ŵĂƚĞƌŝĂůĞīĞĐƚŽŶƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ ĮŶĂŶĐŝĂů ĐŽŶƚƌŽůƐ ŽǀĞƌ ĮŶĂŶĐŝĂů ƌĞƉŽƌƟŶŐ ǁĂƐ ĞƐƚĂďůŝƐŚĞĚ ĂŶĚŵĂŝŶƚĂŝŶĞĚĂŶĚŝĨƐƵĐŚĐŽŶƚƌŽůƐŽƉĞƌĂƚĞĚĞīĞĐƟǀĞůLJŝŶ ĂůůŵĂƚĞƌŝĂůƌĞƐƉĞĐƚƐ͘

196 Annual Report 2017-18 197 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Consolidated Balance Sheet ĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ŽŶƐŽůŝĚĂƚĞĚ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ Note DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ Note DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores ` crores ` crores Assets Income EŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ ZĞǀĞŶƵĞĨƌŽŵŽƉĞƌĂƟŽŶƐ Ϯϯ ϰ͕ϭϬϯ͘ϱϱ ϰ͕ϬϮϬ͘ϱϳ WƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ ϯ ϰ͕ϵϳϳ͘ϵϲ ϰ͕ϲϭϴ͘ϰϴ KƚŚĞƌŝŶĐŽŵĞ Ϯϰ ϲϭ͘ϳϯ ϱϰ͘ϵϰ ĂƉŝƚĂůǁŽƌŬͲŝŶͲƉƌŽŐƌĞƐƐ ϭϵϱ͘ϯϭ ϮϮϮ͘Ϯϱ Total income ϰ͕ϭϲϱ͘Ϯϴ ϰ͕Ϭϳϱ͘ϱϭ 'ŽŽĚǁŝůů ϰ ϱϲϱ͘ϱϮ ϱϱϱ͘ϱϲ KƚŚĞƌŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ 5 ϲϭϵ͘ϭϱ ϲϰϭ͘ϯϱ Expenses Intangible assets under development ϭ͘ϲϳ Ϭ͘ϰϮ &ŽŽĚĂŶĚďĞǀĞƌĂŐĞƐĐŽŶƐƵŵĞĚ ϯϳϲ͘ϰϰ ϯϲϯ͘ϵϱ /ŶǀĞƐƚŵĞŶƚƐĂĐĐŽƵŶƚĞĚƵƐŝŶŐƚŚĞĞƋƵŝƚLJŵĞƚŚŽĚ 6 ϲϰϬ͘ϰϮ ϲϬϳ͘ϴϭ ŵƉůŽLJĞĞďĞŶĞĮƚĞdžƉĞŶƐĞĂŶĚƉĂLJŵĞŶƚƚŽĐŽŶƚƌĂĐƚŽƌƐ 25 ϭ͕ϯϰϲ͘ϲϮ ϭ͕ϯϲϰ͘ϲϱ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐ &ŝŶĂŶĐĞĐŽƐƚƐ 26 Ϯϲϵ͘Ϭϰ ϯϮϯ͘ϴϯ Investments ϳ;ĂͿ ϱϰϬ͘ϰϳ ϱϰϱ͘ϭϬ ĞƉƌĞĐŝĂƟŽŶĂŶĚĂŵŽƌƟƐĂƟŽŶĞdžƉĞŶƐĞƐ ϯĂŶĚϱ ϯϬϭ͘ϮϬ Ϯϵϵ͘ϯϳ  >ŽĂŶƐ ϴ;ĂͿ ϭϱ͘ϭϯ ϭϱ͘Ϭϵ KƚŚĞƌŽƉĞƌĂƟŶŐĂŶĚŐĞŶĞƌĂůĞdžƉĞŶƐĞƐ 27 ϭ͕ϳϭϬ͘ϭϰ ϭ͕ϲϴϮ͘ϯϱ  KƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ ϵ;ĂͿ ϲϵ͘ϵϰ ϳϭ͘ϲϯ Total expenses ϰ͕ϬϬϯ͘ϰϰ ϰ͕Ϭϯϰ͘ϭϱ ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ;ŶĞƚͿ ϭϬ;ĂͿ ϲϬ͘ϭϰ ϯϱ͘Ϯϭ ĚǀĂŶĐĞŝŶĐŽŵĞƚĂdž;ŶĞƚͿ ϭϯϬ͘ϴϵ ϴϮ͘ϱϳ WƌŽĮƚďĞĨŽƌĞĞdžĐĞƉƟŽŶĂůŝƚĞŵƐ͕ƚĂdžĂŶĚƐŚĂƌĞŽĨƉƌŽĮƚŽĨĞƋƵŝƚLJĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚĞĞƐ ϭϲϭ͘ϴϰ ϰϭ͘ϯϲ KƚŚĞƌŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ ϭϭ;ĂͿ ϯϯϴ͘ϰϭ ϯϭϮ͘ϰϳ džĐĞƉƟŽŶĂůŝƚĞŵƐ Ϯϴ ϮϮ͘ϰϱ ;ϭϬ͘ϳϴͿ ϴ͕ϭϱϱ͘Ϭϭ ϳ͕ϳϬϳ͘ϵϰ WƌŽĮƚďĞĨŽƌĞƚĂdžĂŶĚƐŚĂƌĞŽĨƉƌŽĮƚŽĨĞƋƵŝƚLJĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚĞĞƐ ϭϴϰ͘Ϯϵ ϯϬ͘ϱϴ Current assets Tax expense Inventories ϭϮ ϴϱ͘ϳϮ ϴϬ͘ϰϰ  ƵƌƌĞŶƚƚĂdž ϭϯϴ͘ϯϳ ϭϮϱ͘ϳϲ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐ  ĞĨĞƌƌĞĚƚĂdžĐƌĞĚŝƚ ;ϭϳ͘ϯϭͿ ;ϭϮ͘ϬϮͿ Investments ϳ;ďͿ ϯϯϬ͘ϱϯ ϵϬ͘ϴϬ Total tax expense ϭϮϭ͘Ϭϲ ϭϭϯ͘ϳϰ  dƌĂĚĞƌĞĐĞŝǀĂďůĞƐ ϭϯ ϯϮϴ͘ϱϲ ϮϳϮ͘Ϭϲ WƌŽĮƚͬ;ůŽƐƐͿĂŌĞƌƚĂdžďĞĨŽƌĞƐŚĂƌĞŽĨƉƌŽĮƚŽĨĞƋƵŝƚLJĂĐĐŽƵŶƚĞĚŝŶǀĞƐƚĞĞƐ ϲϯ͘Ϯϯ ;ϴϯ͘ϭϲͿ  ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ ϭϰ ϮϬϳ͘ϴϰ ϭϰϭ͘ϯϭ ^ŚĂƌĞŽĨWƌŽĮƚŽĨĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞ;ŶĞƚŽĨƚĂdžͿ ϰϬ͘Ϯϵ ϯϳ͘ϱϲ  KƚŚĞƌďĂůĂŶĐĞƐǁŝƚŚďĂŶŬƐ ϭϱ ϲϮ͘ϰϴ ϭϬϱ͘ϳϱ WƌŽĮƚͬ;>ŽƐƐͿĨŽƌƚŚĞLJĞĂƌ ϭϬϯ͘ϱϮ ;ϰϱ͘ϲϬͿ  >ŽĂŶƐ ϴ;ďͿ ϵ͘ϭϰ ϰϵ͘ϬϮ  KƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ ϵ;ďͿ ϭϭϰ͘ϵϴ ϭϬϴ͘ϲϱ KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ KƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐ ϭϭ;ďͿ ϴϬ͘Ϯϴ ϳϴ͘ϯϭ /ƚĞŵƐƚŚĂƚǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĮĞĚƐƵďƐĞƋƵĞŶƚůLJƚŽƉƌŽĮƚŽƌůŽƐƐ ϭ͕Ϯϭϵ͘ϱϯ ϵϮϲ͘ϯϰ  ZĞŵĞĂƐƵƌĞŵĞŶƚŽĨĚĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶ ;ϭϭ͘ϴϲͿ ϳ͘ϴϮ Total ϵ͕ϯϳϰ͘ϱϰ ϴ͕ϲϯϰ͘Ϯϴ  ŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞŽĨĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐĚĞƐŝŐŶĂƚĞĚŝƌƌĞǀŽĐĂďůLJĂƐĨĂŝƌǀĂůƵĞ ϳϴ͘ϵϴ ϭϰϰ͘Ϭϳ ƋƵŝƚLJĂŶĚůŝĂďŝůŝƟĞƐ through other comprehensive income Equity  ^ŚĂƌĞŽĨŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŝŶĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ;ŶĞƚŽĨƚĂdžͿ ϳ͘Ϯϯ ;ϭ͘ϭϱͿ  ƋƵŝƚLJƐŚĂƌĞĐĂƉŝƚĂů ϭϲ ϭϭϴ͘ϵϯ ϵϴ͘ϵϯ  ĚĚͬ;>ĞƐƐͿ͗/ŶĐŽŵĞƚĂdž;ĞdžƉĞŶƐĞͿͬĐƌĞĚŝƚŽŶƚŚĞĂďŽǀĞ ϳ͘ϰϰ ;Ϭ͘ϰϰͿ  KƚŚĞƌĞƋƵŝƚLJ ϭϳ ϰ͕ϬϲϮ͘ϭϳ Ϯ͕ϰϭϴ͘ϳϲ EĞƚŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŶŽƚƚŽďĞƌĞĐůĂƐƐŝĮĞĚƐƵďƐĞƋƵĞŶƚůLJƚŽƉƌŽĮƚŽƌůŽƐƐ ϴϭ͘ϳϵ ϭϱϬ͘ϯϬ ƋƵŝƚLJĂƩƌŝďƵƚĂďůĞƚŽŽǁŶĞƌƐŽĨƚŚĞĐŽŵƉĂŶLJ ϰ͕ϭϴϭ͘ϭϬ Ϯ͕ϱϭϳ͘ϲϵ /ƚĞŵƐƚŚĂƚǁŝůůďĞƌĞĐůĂƐƐŝĮĞĚƐƵďƐĞƋƵĞŶƚůLJƚŽƉƌŽĮƚŽƌůŽƐƐ EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ ϳϳϳ͘ϯϵ ϳϯϳ͘ϴϮ  džĐŚĂŶŐĞĚŝīĞƌĞŶĐĞƐŽŶƚƌĂŶƐůĂƟŶŐƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚŽĨĨŽƌĞŝŐŶŽƉĞƌĂƟŽŶƐ ϳϱ͘ϯϴ ;ϭϭϳ͘ϭϱͿ Total equity ϰ͕ϵϱϴ͘ϰϵ ϯ͕Ϯϱϱ͘ϱϭ  ^ŚĂƌĞŽĨŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŝŶĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ;ŶĞƚŽĨƚĂdžͿ ;ϭ͘ϭϳͿ ;ϵ͘ϰϰͿ >ŝĂďŝůŝƟĞƐ  >ĞƐƐ͗/ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞŽŶƚŚĞĂďŽǀĞ Ͳ Ͳ EŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ EĞƚŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞƚŽďĞƌĞĐůĂƐƐŝĮĞĚƐƵďƐĞƋƵĞŶƚůLJƚŽƉƌŽĮƚŽƌůŽƐƐ ϳϰ͘Ϯϭ ;ϭϮϲ͘ϱϵͿ &ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌ͕ŶĞƚŽĨƚĂdž ϭϱϲ͘ϬϬ Ϯϯ͘ϳϭ  ŽƌƌŽǁŝŶŐƐ ϭϴ;ĂͿ Ϯ͕ϯϮϵ͘Ϯϭ Ϯ͕ϳϴϵ͘ϴϲ  KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϮϬ;ĂͿ Ϯϱϯ͘ϱϱ ϯϱϲ͘ϴϯ dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌ 259.52 ;Ϯϭ͘ϴϵͿ Provisions Ϯϭ;ĂͿ ϴϯ͘ϱϱ ϳϱ͘ϱϲ ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƟĞƐ;ŶĞƚͿ ϭϬ;ďͿ ϯϱϲ͘ϯϬ ϯϭϳ͘Ϯϱ ϯ͕ϬϮϮ͘ϲϭ ϯ͕ϱϯϵ͘ϱϬ WƌŽĮƚͬ;>ŽƐƐͿĨŽƌƚŚĞLJĞĂƌĂƩƌŝďƵƚĂďůĞƚŽ͗ ƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ  KǁŶĞƌƐŽĨƚŚĞĐŽŵƉĂŶLJ ϭϬϬ͘ϴϳ ;ϲϯ͘ϮϬͿ &ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ  EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ Ϯ͘ϲϱ ϭϳ͘ϲϬ  ŽƌƌŽǁŝŶŐƐ ϭϴ;ďͿ ϱ͘ϬϬ ϭϴ͘ϭϲ ϭϬϯ͘ϱϮ ;ϰϱ͘ϲϬͿ  dƌĂĚĞƉĂLJĂďůĞƐ ϭϵ ϯϱϭ͘ϯϬ Ϯϵϯ͘Ϭϲ dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌĂƩƌŝďƵƚĂďůĞƚŽ͗  KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϮϬ;ďͿ ϲϬϱ͘Ϯϳ ϭ͕Ϭϲϱ͘ϰϲ  KǁŶĞƌƐŽĨƚŚĞĐŽŵƉĂŶLJ Ϯϭϴ͘ϭϮ ;Ϯϴ͘ϱϬͿ Provisions Ϯϭ;ďͿ ϭϯϴ͘ϰϬ ϭϭϭ͘ϭϭ  EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ ϰϭ͘ϰϬ ϲ͘ϲϭ ƵƌƌĞŶƚŝŶĐŽŵĞƚĂdžůŝĂďŝůŝƟĞƐ;ŶĞƚͿ Ϯϰ͘ϱϲ Ϯϰ͘ϯϱ 259.52 ;Ϯϭ͘ϴϵͿ KƚŚĞƌĐƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ 22 Ϯϲϴ͘ϵϭ ϯϮϳ͘ϭϯ ĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ͗ ϰϰ ϭ͕ϯϵϯ͘ϰϰ ϭ͕ϴϯϵ͘Ϯϳ  ĂƐŝĐĂŶĚŝůƵƚĞĚͲ;`Ϳ Ϭ͘ϵϭ ;Ϭ͘ϲϬͿ dŽƚĂůůŝĂďŝůŝƟĞƐ ϰ͕ϰϭϲ͘Ϭϱ ϱ͕ϯϳϴ͘ϳϳ &ĂĐĞǀĂůƵĞƉĞƌĞƋƵŝƚLJƐŚĂƌĞͲ;`Ϳ ϭ͘ϬϬ ϭ͘ϬϬ Total ϵ͕ϯϳϰ͘ϱϰ ϴ͕ϲϯϰ͘Ϯϴ dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ ϭͲϰϲ dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ ϭͲϰϲ /ŶƚĞƌŵƐŽĨŽƵƌƌĞƉŽƌƚĂƩĂĐŚĞĚ͘ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚ /ŶƚĞƌŵƐŽĨŽƵƌƌĞƉŽƌƚĂƩĂĐŚĞĚ͘ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚ &Žƌ B S R & Co. LLP N. Chandrasekaran ŚĂŝƌŵĂŶ &Žƌ B S R & Co. LLP N. Chandrasekaran ŚĂŝƌŵĂŶ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ /E͗ϬϬϭϮϭϴϲϯ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ /E͗ϬϬϭϮϭϴϲϯ &ŝƌŵZĞŐŝƐƚƌĂƟŽŶEŽ͘ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ &ŝƌŵZĞŐŝƐƚƌĂƟŽŶEŽ͘ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ WƵŶĞĞƚŚŚĂƚǁĂů DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK WƵŶĞĞƚŚŚĂƚǁĂů DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK /E͗ϬϳϲϮϰϲϭϲ /E͗ϬϳϲϮϰϲϭϲ Deepak Parekh ŝƌĞĐƚŽƌ Deepak Parekh ŝƌĞĐƚŽƌ sŝũĂLJŚĂƩ /E͗ϬϬϬϬϵϬϳϴ sŝũĂLJŚĂƩ /E͗ϬϬϬϬϵϬϳϴ Partner Partner DĞŵďĞƌƐŚŝƉEŽ͘Ϭϯϲϲϰϳ 'ŝƌŝĚŚĂƌ^ĂŶũĞĞǀŝ džĞĐƵƟǀĞsŝĐĞWƌĞƐŝĚĞŶƚΘŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ DĞŵďĞƌƐŚŝƉEŽ͘Ϭϯϲϲϰϳ 'ŝƌŝĚŚĂƌ^ĂŶũĞĞǀŝ džĞĐƵƟǀĞsŝĐĞWƌĞƐŝĚĞŶƚΘŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ DƵŵďĂŝ͕DĂLJϮϱ͕ϮϬϭϴ Beejal Desai ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚͲ>ĞŐĂůΘŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ DƵŵďĂŝ͕DĂLJϮϱ͕ϮϬϭϴ Beejal Desai ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚͲ>ĞŐĂůΘŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ

198 Annual Report 2017-18 199 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

ŽŶƐŽůŝĚĂƚĞĚ^ƚĂƚĞŵĞŶƚŽĨĂƐŚ&ůŽǁƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ Total Total

Equity ` crores ` crores 259.52 ` crores ĂƐŚ&ůŽǁ&ƌŽŵKƉĞƌĂƟŶŐĐƟǀŝƟĞƐ WƌŽĮƚĞĨŽƌĞdĂdž ϭϴϰ͘Ϯϵ ϯϬ͘ϱϴ Non Non ` crores

Interests ĚũƵƐƚŵĞŶƚƐƚŽƌĞĐŽŶĐŝůĞŶĞƚƉƌŽĮƚƚŽŶĞƚĐĂƐŚƉƌŽǀŝĚĞĚďLJŽƉĞƌĂƟŶŐĂĐƟǀŝƟĞƐ͗ Controlling Controlling ĞƉƌĞĐŝĂƟŽŶĂŶĚĂŵŽƌƟƐĂƟŽŶ ϯϬϭ͘ϮϬ Ϯϵϵ͘ϯϳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ;Ϭ͘ϭϯͿ ;Ϭ͘ϭϯͿ WƌŽĮƚŽŶƐĂůĞŽĨŝŶǀĞƐƚŵĞŶƚƐ Ͳ ;Ϭ͘ϭϳͿ Equity Equity

` crores >ŽƐƐŽŶƐĂůĞŽĨĂŚŽƚĞůƉƌŽƉĞƌƚLJ Ͳ ϭϬϯ͘Ϯϱ ĂƩƌŝďƵƚĂďůĞ ƚŽŽǁŶĞƌƐŽĨ the company the >ŽƐƐŽŶƐĂůĞŽĨĂƐƐĞƚƐ;ŝŶĐůƵĚŝŶŐĐŽŵƉƵůƐŽƌLJĂĐƋƵŝƐŝƟŽŶŽĨůĂŶĚͿĂŶĚƐƐĞƚƐǁƌŝƩĞŶŽī ϭ͘ϵϲ ϴ͘ϭϮ džƉĞŶĚŝƚƵƌĞŽŶĚŝƐĐŽŶƟŶƵĞĚƉƌŽũĞĐƚƐǁƌŝƩĞŶŽī Ϯ͘ϱϳ Ͳ Total Total Other Equity

` crores ůůŽǁĂŶĐĞĨŽƌŽƵďƞƵůĞďƚƐĂŶĚĂĚǀĂŶĐĞƐ;/ŶĐůƵĚŝŶŐĚǀĂŶĐĞƐǁƌŝƩĞŶŽīͿ ϭϲ͘ϴϮ ϳ͘ϵϴ ŚĂŝƌŵĂŶ DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK ŝƌĞĐƚŽƌ džĞĐƵƟǀĞsŝĐĞWƌĞƐŝĚĞŶƚΘŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚͲ>ĞŐĂůΘŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ ŝǀŝĚĞŶĚ/ŶĐŽŵĞ ;ϴ͘ϮϬͿ ;ϭϬ͘ϳϬͿ Ͳ ;Ϯϵ͘ϲϴͿ ;Ϯϵ͘ϲϴͿ ;ϭϬ͘ϲϳͿ ;ϰϬ͘ϯϱͿ Ͳ ;ϲϯ͘ϮϬͿ ;ϲϯ͘ϮϬͿ ϭϳ͘ϲϬ ;ϰϱ͘ϲϬͿ Ͳ ;ϰ͘ϯϴͿ ;ϰ͘ϯϴͿ ;ϭ͘ϬϱͿ ;ϱ͘ϰϯͿ Ͳ Ͳ Ͳ ϭϬϬ͘ϴϳ ϭϬϬ͘ϴϳ Ϯ͘ϲϱ ϭϬϯ͘ϱϮ Ͳ ;ϯϰ͘ϲϮͿ ;ϯϰ͘ϲϮͿ ;ϭ͘ϰϭͿ ;ϯϲ͘ϬϯͿ ͲͲ ;ϳ͘ϲϯͿ Ͳ ;ϳ͘ϲϯͿ ;Ϭ͘ϮϵͿ ;ϳ͘ϵϮͿ Ͳ ;ϭϮ͘ϯϰͿ ;ϭϮ͘ϯϰͿ Ͳ ;ϭϮ͘ϯϰͿ Ͳ Ͳ Ͳ ϭ͕ϰϳϵ͘ϴϴ ϭ͕ϰϳϵ͘ϴϴ Ͳ ϭ͕ϰϳϵ͘ϴϴ Ͳ Ͳ ϮϬ͘ϬϬ Ͳ ϮϬ͘ϬϬ

ϲ͘ϰϵ Ϯ͕ϰϭϴ͘ϳϲ Ϯ͕ϱϭϳ͘ϲϵ ϳϯϳ͘ϴϮ ϯ͕Ϯϱϱ͘ϱϭ Interest Income ;Ϯϵ͘ϰϮͿ ;ϮϮ͘ϯϴͿ ` crores Exchange Exchange

of foreign foreign of &ŝŶĂŶĐĞŽƐƚ Ϯϲϵ͘Ϭϰ ϯϮϯ͘ϴϯ statement statement ŽƉĞƌĂƟŽŶƐ ĚŝīĞƌĞŶĐĞƐ ƚŚĞĮŶĂŶĐŝĂů

ŽŶƚƌĂŶƐůĂƟŶŐ džĐŚĂŶŐĞ'ĂŝŶŽŶůŽŶŐƚĞƌŵďŽƌƌŽǁŝŶŐƐͬĂƐƐĞƚƐ;ŶĞƚͿ ;ϭ͘ϬϬͿ ;Ϭ͘ϰϰͿ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ WƌŽǀŝƐŝŽŶĨŽƌĚŝƐƉƵƚĞĚĐůĂŝŵƐ ϭϵ͘ϵϵ ϴ͘ϱϬ income ϲϱ͘ϳϰ ϱϴ͘ϲϮ ϭϭϳ͘Ϯϱ ϭϭϳ͘Ϯϱ ϯϴ͘ϳϱ ϭϱϲ͘ϬϬ ϯϳ͘ϲϰ ϭϭϭ͘Ϭϲ Ϯ͕ϰϴϭ͘ϯϮ Ϯ͕ϱϴϬ͘Ϯϱ ϳϰϮ͘ϵϯ ϯ͕ϯϮϯ͘ϭϴ ϲϱ͘ϳϰ ϱϴ͘ϲϮ Ϯϭϴ͘ϭϮ Ϯϭϴ͘ϭϮ ϰϭ͘ϰϬ Equity Equity WƌŽǀŝƐŝŽŶĨŽƌŵƉůŽLJĞĞĞŶĞĮƚƐ ϭϮ͘ϰϳ ϯ͘ϰϭ 295.96 Income ` crores ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ 'ĂŝŶŽŶŝŶǀĞƐƚŵĞŶƚƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚĂŶĚůŽƐƐ ;ϲ͘ϯϲͿ ;ϰ͘ϳϰͿ Instruments Instruments through Other through /ƚĞŵƐŽĨŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞ

ŽŵƉƌĞŚĞŶƐŝǀĞ 'ĂŝŶŽŶĨĂŝƌǀĂůƵĂƟŽŶŽĨĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ ;Ϯϱ͘ϱϭͿ ;ϲϱ͘ϰϱͿ ϱϱϯ͘ϱϲ ϲϱϬ͘ϱϴ N. Chandrasekaran N. /E͗ϬϬϭϮϭϴϲϯ WƵŶĞĞƚŚŚĂƚǁĂů /E͗ϬϳϲϮϰϲϭϲ Deepak Parekh /E͗ϬϬϬϬϵϬϳϴ 'ŝƌŝĚŚĂƌ^ĂŶũĞĞǀŝ Beejal Desai &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚ ĂƐŚKƉĞƌĂƟŶŐWƌŽĮƚďĞĨŽƌĞǁŽƌŬŝŶŐĐĂƉŝƚĂůĐŚĂŶŐĞƐ ϳϯϳ͘ϴϱ ϲϴϭ͘ϭϲ ` crores Earnings Earnings Retained Retained ĚũƵƐƚŵĞŶƚƐĨŽƌŝŶĐƌĞĂƐĞͬĚĞĐƌĞĂƐĞŝŶŽƉĞƌĂƟŶŐĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐ͗ &ŝŶĂŶĐŝĂůĂŶĚKƚŚĞƌƐƐĞƚƐ ;ϭϮϰ͘ϭϰͿ ;Ϯϯ͘ϵϬͿ Other B. Other Equity ` crores

ƌĞƐĞƌǀĞƐ Inventories ;ϰ͘ϮϵͿ ;ϭ͘ϳϴͿ &ŝŶĂŶĐŝĂůĂŶĚKƚŚĞƌ>ŝĂďŝůŝƟĞƐ Ϯϱ͘ϭϮ ;ϯϰ͘ϭϴͿ ;ϭϬϯ͘ϯϭͿ ;ϱϵ͘ϴϱͿ General General ` crores ZĞƐĞƌǀĞ ĂƐŚ'ĞŶĞƌĂƚĞĚĨƌŽŵKƉĞƌĂƟŶŐĐƟǀŝƟĞƐ ϲϯϰ͘ϱϰ ϲϮϭ͘ϯϭ /ŶĐŽŵĞdĂdžĞƐWĂŝĚ ;ϭϰϮ͘ϰϵͿ ;ϴϲ͘ϳϵͿ ` crores Account Premium Premium ^ĞĐƵƌŝƟĞƐ EĞƚĂƐŚ'ĞŶĞƌĂƚĞĚ&ƌŽŵKƉĞƌĂƟŶŐĐƟǀŝƟĞƐ;Ϳ ϰϵϮ͘Ϭϱ ϱϯϰ͘ϱϮ ZĞƐĞƌǀĞƐĂŶĚƐƵƌƉůƵƐ Ͳ Ͳ Ͳ Ͳ ;ϱϴ͘ϵϳͿ ϭϯϱ͘Ϭϰ ;ϭϬϰ͘ϱϳͿ ;Ϯϴ͘ϱϬͿ ;Ϯϴ͘ϱϬͿ ϲ͘ϲϭ ;Ϯϭ͘ϴϵͿ Ͳ Ͳ Ͳ Ͳ ;ϲϯ͘ϮϬͿ Ͳ ͲͲͲ Ͳ Ͳ ;Ϯϵ͘ϲϴͿ Ͳ Ͳ ;ϰ͘ϯϴͿ ϰ͘Ϯϯ Ͳ Ͳ Ͳ ϭϯϱ͘Ϭϰ Ͳ ;ϭϬϰ͘ϱϳͿ ϯϰ͘ϳϬ ϯϰ͘ϳϬ ;ϭϬ͘ϵϵͿ Ϯϯ͘ϳϭ Ͳ Ͳ Ͳ Ͳ ;ϭϮϯ͘ϮϴͿ ϭϮϯ͘Ϯϴ Ͳ Ͳ Ͳ Ͳ ϭϬϬ͘ϴϳ ͲͲ ͲͲ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ;ϳ͘ϭϭͿ Ͳ Ͳ ϵϯ͘ϳϲ ;ϯϰ͘ϲϮͿ Ͳ Ͳ Ͳ Ͳ ;ϳ͘ϲϯͿ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ;ϰϮ͘ϰϮͿ ϴϱ͘Ϯϲ ;ϰϮ͘ϴϰͿ Ͳ ϭ͕ϰϳϵ͘ϴϴ Ͳ Ͳ Ͳ Ͳ ;ϴ͘ϰϱͿ Ͳ ;ϯ͘ϴϵͿ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ

Capital Capital ĂƐŚ&ůŽǁ&ƌŽŵ/ŶǀĞƐƟŶŐĐƟǀŝƟĞƐ ` crores

ZĞƐĞƌǀĞŽŶ WĂLJŵĞŶƚƐĨŽƌƉƵƌĐŚĂƐĞŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚΘĞƋƵŝƉŵĞŶƚĂŶĚ/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ;ŝŶĐůƵĚŝŶŐt/WͿ ;ϱϬϵ͘ϲϵͿ ;ϯϵϵ͘ϰϬͿ ŽŶƐŽůŝĚĂƟŽŶ WƌŽĐĞĞĚƐĨƌŽŵƐĂůĞŽĨƉƌŽƉĞƌƚLJ͕ƉůĂŶƚΘĞƋƵŝƉŵĞŶƚĂŶĚ/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ ϰ͘ϳϱ ϱ͘ϰϰ ĚĚŝƟŽŶĂů/ŶǀĞƐƚŵĞŶƚŝŶĂũŽŝŶƚǀĞŶƚƵƌĞĂŶĚƐƵďƐŝĚŝĂƌLJ ;ϭ͘ϯϱͿ ;ϭϬ͘ϬϬͿ Capital Capital ` crores ZĞƐĞƌǀĞ WƵƌĐŚĂƐĞŽĨĐƵƌƌĞŶƚŝŶǀĞƐƚŵĞŶƚƐ ;ϭ͕ϰϬϰ͘ϳϯͿ ;Ϯ͕ϭϬϳ͘ϰϭͿ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ͲͲ Ͳ Ͳ Ͳ Ͳ ͲͲ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ WƌŽĐĞĞĚƐĨƌŽŵƐĂůĞͬƌĞĚĞŵƉƟŽŶŽĨĐƵƌƌĞŶƚŝŶǀĞƐƚŵĞŶƚƐ ϭ͕ϭϳϭ͘ϰϴ Ϯ͕ϭϵϵ͘ϵϭ Share Share ϮϬ͘ϬϬ Ͳ ϵϴ͘ϵϯ ϰϯ͘ϵϭ ϭϭϰ͘ϰϮ ϭ͕ϮϯϬ͘ϲϱ ϱϵϲ͘Ϭϰ ϯϱϴ͘ϵϴ ;ϭϭ͘ϯϴͿ Equity Equity Capital Capital

` crores WƌŽĐĞĞĚƐĨƌŽŵƐĂůĞŽĨŝŶǀĞƐƚŵĞŶƚƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ ϴϯ͘ϲϯ ϯϱϬ͘ϬϬ Subscribed A. Equity Capital Share /ŶƚĞƌĞƐƚZĞĐĞŝǀĞĚ Ϯϱ͘ϴϳ Ϯϲ͘ϭϯ ŝǀŝĚĞŶĚZĞĐĞŝǀĞĚ;ŝŶĐůƵĚĞƐĚŝǀŝĚĞŶĚĨƌŽŵũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐͿ ϭϲ͘Ϭϰ ϭϲ͘ϯϲ ĂŶŬĂůĂŶĐĞƐŶŽƚĐŽŶƐŝĚĞƌĞĚĂƐĂƐŚΘĂƐŚƋƵŝǀĂůĞŶƚƐ ϰϮ͘ϵϱ ;ϲϮ͘ϭϳͿ Short term loan realised ϱϵ͘ϴϳ ϭϴ͘ϴϵ WƌŽĐĞĞĚƐĨƌŽŵƐĂůĞŽĨŚŽƚĞůƉƌŽƉĞƌƟĞƐ Ͳ ϴϭϯ͘Ϯϯ ĞƉŽƐŝƚƐZĞĨƵŶĚĞĚďLJͬ;WůĂĐĞĚǁŝƚŚͿKƚŚĞƌŽŵƉĂŶŝĞƐ ;ϭϳ͘ϱϱͿ ϰ͘ϬϬ EĞƚĂƐŚ'ĞŶĞƌĂƚĞĚͬ;hƐĞĚͿ/Ŷ/ŶǀĞƐƟŶŐĐƟǀŝƟĞƐ;Ϳ ;ϱϮϴ͘ϳϯͿ ϴϱϰ͘ϵϴ B S R & Co. LLP ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ &ŝƌŵZĞŐŝƐƚƌĂƟŽŶEŽ͘ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ sŝũĂLJŚĂƩ Partner DĞŵďĞƌƐŚŝƉEŽ͘Ϭϯϲϲϰϳ DƵŵďĂŝ͕DĂLJϮϱ͕ϮϬϭϴ /ŶƚĞƌŵƐŽĨŽƵƌƌĞƉŽƌƚĂƩĂĐŚĞĚ͘ &Žƌ ĂƌƌŝĞĚŽǀĞƌ ;ϯϲ͘ϲϴͿ ϭ͕ϯϴϵ͘ϱϬ dŽƚĂůŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌ ƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳ ĂůĂŶĐĞĂƐĂƚƉƌŝůϭ͕ϮϬϭϲ >ŽƐƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚ ϯϭ͕ϮϬϭϳ KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌ ƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳ͕ ŶĞƚŽĨƚĂdžĞƐ ŝǀŝĚĞŶĚ dĂdžŽŶŝǀŝĚĞŶĚ dƌĂŶƐĨĞƌƚŽͬĨƌŽŵƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ Ͳ Ͳ ĂůĂŶĐĞĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϳ ϵϴ͘ϵϯ ϰϯ͘ϵϭ ϭϭϰ͘ϰϮ ϭ͕ϮϯϬ͘ϲϱ ϱϲϭ͘ϵϴ ϯϱϴ͘ϵϴ ;ϭϵϯ͘ϲϯͿ WƌŽĮƚĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚ ϯϭ͕ϮϬϭϴ KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌ ƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ͕ ŶĞƚŽĨƚĂdžĞƐ dŽƚĂůŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĨŽƌ ƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ ŝǀŝĚĞŶĚ dĂdžŽŶŝǀŝĚĞŶĚ ŚĂŶŐĞŝŶŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚƐŝŶ subsidiaries dƌĂŶƐĨĞƌƚŽƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ ůůŽĐĂƟŽŶŽĨ^ŚĂƌĞƐŽŶZŝŐŚƚƐďĂƐŝƐ WƌĞŵŝƵŵŽŶĂůůŽĐĂƟŽŶŽĨƐŚĂƌĞƐ ŽŶZŝŐŚƚƐďĂƐŝƐ ƋƵŝƚLJŝƐƐƵĞĞdžƉĞŶƐĞƐ ĂůĂŶĐĞĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϭϭϴ͘ϵϯ ϰϯ͘ϵϭ ϭϭϰ͘ϰϮ Ϯ͕ϳϬϮ͘Ϭϴ ϱϲϭ͘ϵϴ ϯϭϮ͘ϲϳ ;ϱϲ͘ϴϲͿ ϯϭϴ͘ϴϲ ϲϱ͘ϭϭ ϰ͕ϬϲϮ͘ϭϳ ϰ͕ϭϴϭ͘ϭϬ ϳϳϳ͘ϯϵ ϰ͕ϵϱϴ͘ϰϵ dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘;ZĞĨĞƌEŽƚĞϭͲϰϲͿ Consolidated Statement of Changes in Equity Equity in Changes of Statement Consolidated

200 Annual Report 2017-18 201 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

ŽŶƐŽůŝĚĂƚĞĚ^ƚĂƚĞŵĞŶƚŽĨĂƐŚ&ůŽǁƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴ;ŽŶƚĚ͘Ϳ Notes to Consolidated Financial Statements for year ended March 31, 2018 DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ EŽƚĞϭ͗ŽƌƉŽƌĂƚĞŝŶĨŽƌŵĂƟŽŶ ;ĐͿ WƌŝŶĐŝƉůĞƐŽĨĐŽŶƐŽůŝĚĂƟŽŶĂŶĚĞƋƵŝƚLJĂĐĐŽƵŶƟŶŐ ` crores ` crores dŚĞ /ŶĚŝĂŶ ,ŽƚĞůƐ ŽŵƉĂŶLJ >ŝŵŝƚĞĚ ;͞/,>͟ Žƌ ƚŚĞ  ;ŝͿ ^ƵďƐŝĚŝĂƌŝĞƐ ƌŽƵŐŚƚŽǀĞƌ ;ϯϲ͘ϲϴͿ ϭ͕ϯϴϵ͘ϱϬ ͞ŽŵƉĂŶLJ͟Ϳ͕ ĂŶĚ ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ ;ƌĞĨĞƌƌĞĚ ĐŽůůĞĐƚŝǀĞůLJ   ^ƵďƐŝĚŝĂƌŝĞƐ ĂƌĞ ĞŶƟƟĞƐ ;ŝŶĐůƵĚŝŶŐ ƐƚƌƵĐƚƵƌĞĚ ĂƐŚ&ůŽǁ&ƌŽŵ&ŝŶĂŶĐŝŶŐĐƟǀŝƟĞƐ ĂƐ ƚŚĞ ͞'ƌŽƵƉ͟Ϳ ŝƐ ƉƌŝŵĂƌŝůLJ ĞŶŐĂŐĞĚ ŝŶ ƚŚĞ ďƵƐŝŶĞƐƐ ĞŶƟƟĞƐͿ ŽǀĞƌ ǁŚŝĐŚ ƚŚĞ 'ƌŽƵƉ ŚĂƐ ĐŽŶƚƌŽů͘ dŚĞ ^ŚĂƌĞŝƐƐƵĞĞdžƉĞŶƐĞƐͬĞďĞŶƚƵƌĞŝƐƐƵĞĞdžƉĞŶƐĞƐ ;ϭϮ͘ϯϴͿ ;ϰ͘ϴϭͿ ŽĨ ŽǁŶŝŶŐ͕ ŽƉĞƌĂƚŝŶŐ Θ ŵĂŶĂŐŝŶŐ ŚŽƚĞůƐ͕ ƉĂůĂĐĞƐ ĂŶĚ 'ƌŽƵƉ ĐŽŶƚƌŽůƐ ĂŶ ĞŶƟƚLJ ǁŚĞŶ ƚŚĞ 'ƌŽƵƉ ŝƐ ƌĞƐŽƌƚƐ͘ dŚĞƐĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ ĞdžƉŽƐĞĚƚŽ͕ŽƌŚĂƐƌŝŐŚƚƐƚŽ͕ǀĂƌŝĂďůĞƌĞƚƵƌŶƐĨƌŽŵ /ŶƚĞƌĞƐƚWĂŝĚ;ŝŶĐůƵĚŝŶŐĐƵŵƵůĂƟǀĞŝŶƚĞƌĞƐƚƉĂŝĚŽŶŵĂƚƵƌŝƚLJͬƌĞƉĂLJŵĞŶƚŽĨůŽĂŶͿ ;ϰϬϴ͘ϵϯͿ ;ϭϲϯ͘ϲϳͿ 'ƌŽƵƉĂůƐŽŝŶĐůƵĚĞƚŚĞ'ƌŽƵƉ͛ƐŝŶƚĞƌĞƐƚŝŶĂƐƐŽĐŝĂƚĞƐĂŶĚ ŝƚƐŝŶǀŽůǀĞŵĞŶƚǁŝƚŚƚŚĞĞŶƟƚLJĂŶĚŚĂƐƚŚĞĂďŝůŝƚLJ ZĞƉĂLJŵĞŶƚŽĨůŽŶŐƚĞƌŵ>ŽĂŶƐĂŶĚĞďĞŶƚƵƌĞƐ ;ϭ͕Ϯϴϱ͘ϱϭͿ ;ϭ͕ϵϱϰ͘ϯϴͿ ũŽŝŶƚǀĞŶƚƵƌĞƐ͘ ƚŽĂīĞĐƚƚŚŽƐĞƌĞƚƵƌŶƐƚŚƌŽƵŐŚŝƚƐƉŽǁĞƌƚŽĚŝƌĞĐƚ WƌŽĐĞĞĚƐĨƌŽŵůŽŶŐƚĞƌŵ>ŽĂŶƐĂŶĚĞďĞŶƚƵƌĞƐ ϯϱϬ͘ϬϬ ϴϵϬ͘ϭϭ ƚŚĞƌĞůĞǀĂŶƚĂĐƟǀŝƟĞƐŽĨƚŚĂƚĞŶƟƚLJ͘^ƵďƐŝĚŝĂƌŝĞƐĂƌĞ ^ŚŽƌƚdĞƌŵ>ŽĂŶƐZĂŝƐĞĚ ϲϳϳ͘ϯϰ Ϯϱϳ͘ϳϵ dŚĞŽŵƉĂŶLJŝƐĚŽŵŝĐŝůĞĚĂŶĚŝŶĐŽƌƉŽƌĂƚĞĚŝŶ/ŶĚŝĂŝŶϭϵϬϮ ĨƵůůLJĐŽŶƐŽůŝĚĂƚĞĚĨƌŽŵƚŚĞĚĂƚĞŽŶǁŚŝĐŚĐŽŶƚƌŽůŝƐ ^ŚŽƌƚdĞƌŵ>ŽĂŶƐZĞƉĂŝĚ ;ϲϵϭ͘ϲϱͿ ;ϯϯϯ͘ϲϱͿ ĂŶĚ ŚĂƐ ŝƚƐ ƌĞŐŝƐƚĞƌĞĚ ŽĸĐĞ Ăƚ DĂŶĚůŝŬ ,ŽƵƐĞ͕ DĂŶĚůŝŬ ƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞ'ƌŽƵƉ͘ ZŽĂĚ͕DƵŵďĂŝʹϰϬϬϬϬϭ͕/ŶĚŝĂ͘/ƚŝƐƉƌŽŵŽƚĞĚďLJdĂƚĂ^ŽŶƐ WƌŽĐĞĞĚƐĨƌŽŵŝƐƐƵĞŽĨƋƵŝƚLJƐŚĂƌĞƐŽŶƌŝŐŚƚƐďĂƐŝƐ ϭ͕ϰϵϵ͘ϴϴ Ͳ >ŝŵŝƚĞĚ͕ǁŚŝĐŚŚŽůĚƐĂƐŝŐŶŝĮĐĂŶƚƐƚĂŬĞŝŶƚŚĞŽŵƉĂŶLJ͘   dŚĞ'ƌŽƵƉ ĐŽŵďŝŶĞƐ ƚŚĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ^ĞƩůĞŵĞŶƚŽĨĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ ϭϭ͘ϲϲ ;Ϯϲ͘ϵϳͿ the parent and its subsidiaries line by line adding ŝǀŝĚĞŶĚWĂŝĚ;/ŶĐůƵĚŝŶŐƚĂdžŽŶĚŝǀŝĚĞŶĚͿ ;ϰϰ͘ϲϵͿ ;ϰϱ͘ϳϴͿ dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ ƚŽŐĞƚŚĞƌ ůŝŬĞ ŝƚĞŵƐ ŽĨ ĂƐƐĞƚƐ͕ ůŝĂďŝůŝƟĞƐ͕ ĞƋƵŝƚLJ͕ EĞƚĂƐŚ'ĞŶĞƌĂƚĞĚͬ;hƐĞĚͿ/Ŷ&ŝŶĂŶĐŝŶŐĐƟǀŝƟĞƐ;Ϳ 95.72 ;ϭ͕ϯϴϭ͘ϯϲͿ DĂƌĐŚϯϭ͕ϮϬϭϴǁĞƌĞĂƉƉƌŽǀĞĚďLJƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ ŝŶĐŽŵĞ ĂŶĚ ĞdžƉĞŶƐĞƐ͘ /ŶƚƌĂͲ'ƌŽƵƉ ƚƌĂŶƐĂĐƟŽŶƐ͕ ĂŶĚĂƵƚŚŽƌŝƐĞĚĨŽƌŝƐƐƵĞŽŶDĂLJϮϱ͕ϮϬϭϴ͘ ďĂůĂŶĐĞƐ ĂŶĚ ƵŶƌĞĂůŝƐĞĚ ŐĂŝŶƐ ŽŶ ƚƌĂŶƐĂĐƟŽŶƐ ďĞƚǁĞĞŶĞŶƟƟĞƐǁŝƚŚŝŶƚŚĞ'ƌŽƵƉĂƌĞĞůŝŵŝŶĂƚĞĚ͘ EĞƚ/ŶĐƌĞĂƐĞ/ŶĂƐŚĂŶĚĂƐŚƋƵŝǀĂůĞŶƚƐ;ннͿ ϱϵ͘Ϭϰ ϴ͘ϭϰ EŽƚĞϮ͗ĂƐŝƐŽĨƉƌĞƉĂƌĂƟŽŶ͕WƌŝŶĐŝƉůĞƐŽĨĐŽŶƐŽůŝĚĂƟŽŶ Unrealised losses are also eliminated unless the ĂƐŚĂŶĚĂƐŚƋƵŝǀĂůĞŶƚƐͲKƉĞŶŝŶŐ ϭϰϭ͘ϯϭ ϭϯϵ͘ϴϯ ĂŶĚĞƋƵŝƚLJĂĐĐŽƵŶƟŶŐ͕ƌŝƟĐĂůĂĐĐŽƵŶƟŶŐ ƚƌĂŶƐĂĐƟŽŶ ƉƌŽǀŝĚĞƐ ĞǀŝĚĞŶĐĞ ŽĨ ĂŶ ŝŵƉĂŝƌŵĞŶƚ džĐŚĂŶŐĞĚŝīĞƌĞŶĐĞŽŶƚƌĂŶƐůĂƟŽŶŽĨĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ ϳ͘ϰϵ ;ϲ͘ϲϲͿ ĞƐƟŵĂƚĞƐĂŶĚũƵĚŐĞŵĞŶƚƐ͕^ŝŐŶŝĮĐĂŶƚĂĐĐŽƵŶƟŶŐ ŽĨ ƚŚĞ ƚƌĂŶƐĨĞƌƌĞĚ ĂƐƐĞƚ͘ ĐĐŽƵŶƟŶŐ ƉŽůŝĐŝĞƐ ŽĨ ĂƐŚĂŶĚĂƐŚƋƵŝǀĂůĞŶƚƐͲůŽƐŝŶŐ ϮϬϳ͘ϴϰ ϭϰϭ͘ϯϭ ƉŽůŝĐŝĞƐĂŶĚZĞĐĞŶƚĂĐĐŽƵŶƟŶŐƉƌŽŶŽƵŶĐĞŵĞŶƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ ŚĂǀĞ ďĞĞŶ ĐŚĂŶŐĞĚ ǁŚĞƌĞ ŶĞĐĞƐƐĂƌLJ dŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŽŶ ƚŽĞŶƐƵƌĞĐŽŶƐŝƐƚĞŶĐLJǁŝƚŚƚŚĞƉŽůŝĐŝĞƐĂĚŽƉƚĞĚďLJ ƚŚĞĨŽůůŽǁŝŶŐďĂƐŝƐ͗ ƚŚĞ'ƌŽƵƉ͘EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐŝŶƚŚĞƌĞƐƵůƚƐ ZĞĨĞƌEŽƚĞϭϴ;ŝdžͿĨŽƌŵŽǀĞŵĞŶƚŝŶ&ŝŶĂŶĐŝŶŐĐƟǀŝƟĞƐ ĂŶĚ ĞƋƵŝƚLJ ŽĨ ƐƵďƐŝĚŝĂƌŝĞƐ ĂƌĞ ƐŚŽǁŶ ƐĞƉĂƌĂƚĞůLJ dŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ;ZĞĨĞƌEŽƚĞͿϭͲϰϲ ;ĂͿ ^ƚĂƚĞŵĞŶƚŽĨĐŽŵƉůŝĂŶĐĞ ŝŶ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ ĂŶĚ >ŽƐƐ͕  dŚĞƐĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŚĂǀĞ ďĞĞŶ ŽŶƐŽůŝĚĂƚĞĚ ^ƚĂƚĞŵĞŶƚ ŽĨ ŚĂŶŐĞƐ ŝŶ ƋƵŝƚLJ ĂŶĚ /ŶƚĞƌŵƐŽĨŽƵƌƌĞƉŽƌƚĂƩĂĐŚĞĚ͘ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚ ƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/ŶĚ^ĂƐƉƌĞƐĐƌŝďĞĚƵŶĚĞƌ ƚŚĞŽŶƐŽůŝĚĂƚĞĚĂůĂŶĐĞ^ŚĞĞƚƌĞƐƉĞĐƟǀĞůLJ͘ &Žƌ B S R & Co. LLP N. Chandrasekaran ŚĂŝƌŵĂŶ ƐĞĐƟŽŶ ϭϯϯ ŽĨ ƚŚĞ ŽŵƉĂŶŝĞƐ Đƚ͕ ϮϬϭϯ ƌĞĂĚ ǁŝƚŚ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ /E͗ϬϬϭϮϭϴϲϯ ŽŵƉĂŶŝĞƐ ;/ŶĚŝĂŶ ĐĐŽƵŶƟŶŐ ^ƚĂŶĚĂƌĚƐͿ ZƵůĞƐ͕ ϮϬϭϱ  ;ŝŝͿ :ŽŝŶƚǀĞŶƚƵƌĞƐ͕ĂƐƐŽĐŝĂƚĞƐĂŶĚĞƋƵŝƚLJŵĞƚŚŽĚ &ŝƌŵZĞŐŝƐƚƌĂƟŽŶEŽ͘ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ WƵŶĞĞƚŚŚĂƚǁĂů DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK ĂŶĚ ŽƚŚĞƌ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚĞ ŽŵƉĂŶŝĞƐ Đƚ͕ ϮϬϭϯ ĂƐ ĂĐĐŽƵŶƟŶŐ /E͗ϬϳϲϮϰϲϭϲ ĂŵĞŶĚĞĚĨƌŽŵƟŵĞƚŽƟŵĞ͘   :ŽŝŶƚǀĞŶƚƵƌĞƐĂƌĞũŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚƐǁŚĞƌĞďLJƚŚĞ ƉĂƌƟĞƐƚŚĂƚŚĂǀĞũŽŝŶƚĐŽŶƚƌŽůŽĨƚŚĞĂƌƌĂŶŐĞŵĞŶƚƐ Deepak Parekh ŝƌĞĐƚŽƌ ;ďͿ ĂƐŝƐŽĨƉƌĞƉĂƌĂƟŽŶ ŚĂǀĞƌŝŐŚƚƐƚŽƚŚĞŶĞƚĂƐƐĞƚƐĂŶĚŽďůŝŐĂƟŽŶƐĨŽƌƚŚĞ sŝũĂLJŚĂƩ /E͗ϬϬϬϬϵϬϳϴ Partner  dŚĞŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŚĂǀĞ ďĞĞŶ ůŝĂďŝůŝƟĞƐ͕ƌĞůĂƟŶŐƚŽƚŚĞĂƌƌĂŶŐĞŵĞŶƚ͘/ŶƚĞƌĞƐƚƐŝŶ DĞŵďĞƌƐŚŝƉEŽ͘Ϭϯϲϲϰϳ 'ŝƌŝĚŚĂƌ^ĂŶũĞĞǀŝ džĞĐƵƟǀĞsŝĐĞWƌĞƐŝĚĞŶƚΘŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ ƉƌĞƉĂƌĞĚ ŽŶ ƚŚĞ ŚŝƐƚŽƌŝĐĂů ĐŽƐƚ ďĂƐŝƐ͕ ĞdžĐĞƉƚ ĨŽƌ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ ĂƌĞ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ƵƐŝŶŐ ƚŚĞ ĞƋƵŝƚLJ ĐĞƌƚĂŝŶ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ŵĞĂƐƵƌĞĚ ŵĞƚŚŽĚ͕ ĂŌĞƌ ŝŶŝƟĂůůLJ ďĞŝŶŐ ƌĞĐŽŐŶŝƐĞĚ Ăƚ ĐŽƐƚ ŝŶ DƵŵďĂŝ͕DĂLJϮϱ͕ϮϬϭϴ Beejal Desai ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚͲ>ĞŐĂůΘŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ Ăƚ ĨĂŝƌ ǀĂůƵĞ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ĞĂĐŚ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚ͘ ƚŚĞŽŶƐŽůŝĚĂƚĞĚĂůĂŶĐĞƐŚĞĞƚ͘ ,ŝƐƚŽƌŝĐĂůĐŽƐƚŝƐŐĞŶĞƌĂůůLJďĂƐĞĚŽŶƚŚĞĨĂŝƌǀĂůƵĞŽĨ ƚŚĞ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŐŝǀĞŶ ŝŶ ĞdžĐŚĂŶŐĞ ĨŽƌ ŐŽŽĚƐ ĂŶĚ   ƐƐŽĐŝĂƚĞƐ ĂƌĞ ĞŶƟƟĞƐ ŽǀĞƌ ǁŚŝĐŚ ƚŚĞ 'ƌŽƵƉ ŚĂƐ ƐĞƌǀŝĐĞƐ͘&ĂŝƌǀĂůƵĞŝƐƚŚĞƉƌŝĐĞƚŚĂƚǁŽƵůĚďĞƌĞĐĞŝǀĞĚ ƐŝŐŶŝĮĐĂŶƚŝŶŇƵĞŶĐĞďƵƚŶŽƚĐŽŶƚƌŽůŽƌũŽŝŶƚĐŽŶƚƌŽů͘ ƚŽ ƐĞůů ĂŶ ĂƐƐĞƚ Žƌ ƉĂŝĚ ƚŽ ƚƌĂŶƐĨĞƌ Ă ůŝĂďŝůŝƚLJ ŝŶ ĂŶ /ŶǀĞƐƚŵĞŶƚƐŝŶĂƐƐŽĐŝĂƚĞƐĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌƵƐŝŶŐ ŽƌĚĞƌůLJƚƌĂŶƐĂĐƚŝŽŶďĞƚǁĞĞŶŵĂƌŬĞƚƉĂƌƚŝĐŝƉĂŶƚƐĂƚ ƚŚĞ ĞƋƵŝƚLJ ŵĞƚŚŽĚ ŽĨ ĂĐĐŽƵŶƟŶŐ͕ ĂŌĞƌ ŝŶŝƟĂůůLJ ƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ͘ ďĞŝŶŐƌĞĐŽŐŶŝƐĞĚĂƚĐŽƐƚ͘

 ůůĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ ĂƌĞ ĐůĂƐƐŝĮĞĚ ĂƐ ĐƵƌƌĞŶƚ ĂŶĚ   hŶĚĞƌ ƚŚĞ ĞƋƵŝƚLJ ŵĞƚŚŽĚ ŽĨ ĂĐĐŽƵŶƟŶŐ͕ ƚŚĞ ŶŽŶͲĐƵƌƌĞŶƚĂƐƉĞƌĐŽŵƉĂŶLJ͛ƐŶŽƌŵĂůŽƉĞƌĂƟŶŐĐLJĐůĞŽĨ ŝŶǀĞƐƚŵĞŶƚƐ ĂƌĞ ŝŶŝƟĂůůLJ ƌĞĐŽŐŶŝƐĞĚ Ăƚ ĐŽƐƚ ĂŶĚ ϭϮŵŽŶƚŚƐǁŚŝĐŚŝƐďĂƐĞĚŽŶƚŚĞŶĂƚƵƌĞŽĨďƵƐŝŶĞƐƐŽĨ ĂĚũƵƐƚĞĚ ƚŚĞƌĞĂŌĞƌ ƚŽ ƌĞĐŽŐŶŝƐĞ ƚŚĞ 'ƌŽƵƉ͛Ɛ ƚŚĞŽŵƉĂŶLJ͘ƵƌƌĞŶƚƐƐĞƚƐĚŽŶŽƚŝŶĐůƵĚĞĞůĞŵĞŶƚƐ ƐŚĂƌĞ ŽĨ ƚŚĞ ƉŽƐƚͲĂĐƋƵŝƐŝƟŽŶ ƉƌŽĮƚƐ Žƌ ůŽƐƐĞƐ ŽĨ ǁŚŝĐŚ ĂƌĞ ŶŽƚ ĞdžƉĞĐƚĞĚ ƚŽ ďĞ ƌĞĂůŝƐĞĚ ǁŝƚŚŝŶ ϭ LJĞĂƌ ƚŚĞ ŝŶǀĞƐƚĞĞ ŝŶ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ ^ƚĂƚĞŵĞŶƚ ŽĨ ĂŶĚƵƌƌĞŶƚ>ŝĂďŝůŝƟĞƐĚŽŶŽƚŝŶĐůƵĚĞŝƚĞŵƐǁŚŝĐŚĂƌĞ WƌŽĮƚ ĂŶĚ >ŽƐƐ͕ ĂŶĚ ƚŚĞ 'ƌŽƵƉ͛Ɛ ƐŚĂƌĞ ŽĨ KƚŚĞƌ ĚƵĞĂŌĞƌϭLJĞĂƌ͕ƚŚĞƉĞƌŝŽĚŽĨϭLJĞĂƌďĞŝŶŐƌĞĐŬŽŶĞĚ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ ŽĨ ƚŚĞ ŝŶǀĞƐƚĞĞ ŝŶ KƚŚĞƌ ĨƌŽŵƚŚĞƌĞƉŽƌƟŶŐĚĂƚĞ͘ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ͘ ŝǀŝĚĞŶĚƐ ƌĞĐĞŝǀĞĚ Žƌ ƌĞĐĞŝǀĂďůĞ ĨƌŽŵ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ ĂƌĞ

202 Annual Report 2017-18 203 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018 ƌĞĐŽŐŶŝƐĞĚ ĂƐ Ă ƌĞĚƵĐƟŽŶ ŝŶ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽŶůLJ Ă ƉƌŽƉŽƌƟŽŶĂƚĞ ƐŚĂƌĞ ŽĨ ƚŚĞ ĂŵŽƵŶƚƐ ĞƐƟŵĂƚĞĚ ƵƐĂŐĞ ŽĨ ƚŚĞ ĂƐƐĞƚ͕ ƚŚĞ ŽƉĞƌĂƟŶŐ ĐŽŶĚŝƟŽŶ ͻ &Ăŝƌ ǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚ ŽĨ ĚĞƌŝǀĂƟǀĞ ĂŶĚ ŽƚŚĞƌ ŽĨ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ͘ tŚĞŶ ƚŚĞ 'ƌŽƵƉ͛Ɛ ƐŚĂƌĞ ŽĨ ƉƌĞǀŝŽƵƐůLJ ƌĞĐŽŐŶŝƐĞĚ ŝŶ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ ŽĨ ƚŚĞ ĂƐƐĞƚ͕ ƉĂƐƚ ŚŝƐƚŽƌLJ ŽĨ ƌĞƉůĂĐĞŵĞŶƚ͕ ĂŶƟĐŝƉĂƚĞĚ ĮŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ͗ dŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ĮŶĂŶĐŝĂů ůŽƐƐĞƐ ŝŶ ĂŶ ĞƋƵŝƚLJͲĂĐĐŽƵŶƚĞĚ ŝŶǀĞƐƚŵĞŶƚ ĞƋƵĂůƐ /ŶĐŽŵĞĂƌĞƌĞĐůĂƐƐŝĮĞĚƚŽƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚ ƚĞĐŚŶŽůŽŐŝĐĂů ĐŚĂŶŐĞƐ͕ ĞƚĐ͘ dŚĞ 'ƌŽƵƉ ƌĞǀŝĞǁƐ ƚŚĞ ŝŶƐƚƌƵŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ŶŽƚ ƚƌĂĚĞĚ ŝŶ ĂŶ ĂĐƟǀĞ ŵĂƌŬĞƚ ŽƌĞdžĐĞĞĚƐŝƚƐŝŶƚĞƌĞƐƚŝŶƚŚĞĞŶƟƚLJ͕ŝŶĐůƵĚŝŶŐ ĂŶLJ ĂŶĚ>ŽƐƐǁŚĞƌĞĂƉƉƌŽƉƌŝĂƚĞ͘ ƵƐĞĨƵů ůŝĨĞ ŽĨ ƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĂŶĚ ŝƐ ĚĞƚĞƌŵŝŶĞĚ ďLJ ƵƐŝŶŐ ǀĂůƵĂƟŽŶ ƚĞĐŚŶŝƋƵĞƐ͘ dŚŝƐ ŽƚŚĞƌƵŶƐĞĐƵƌĞĚůŽŶŐͲƚĞƌŵƌĞĐĞŝǀĂďůĞƐ͕ƚŚĞ'ƌŽƵƉ /ŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂƐĂƚƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͘ ŝŶǀŽůǀĞƐ ƐŝŐŶŝĮĐĂŶƚ ũƵĚŐĞŵĞŶƚƐ ŝŶ ƚŚĞ ƐĞůĞĐƟŽŶ ŽĨ Ă ĚŽĞƐ ŶŽƚ ƌĞĐŽŐŶŝƐĞ ĨƵƌƚŚĞƌ ůŽƐƐĞƐ͕ ƵŶůĞƐƐ ŝƚ ŚĂƐ  ;ŝǀͿ 'ŽŽĚǁŝůů dŚŝƐƌĞĂƐƐĞƐƐŵĞŶƚŵĂLJƌĞƐƵůƚŝŶĐŚĂŶŐĞŝŶĚĞƉƌĞĐŝĂƟŽŶ ŵĞƚŚŽĚŝŶŵĂŬŝŶŐĂƐƐƵŵƉƟŽŶƐƚŚĂƚĂƌĞŵĂŝŶůLJďĂƐĞĚ ŝŶĐƵƌƌĞĚ ŽďůŝŐĂƟŽŶƐ Žƌ ŵĂĚĞ ƉĂLJŵĞŶƚƐ ŽŶ ďĞŚĂůĨ   Ă͘ 'ŽŽĚǁŝůů ĐŽŵƉƌŝƐĞƐ ƚŚĞ ƉŽƌƟŽŶ ŽĨ ƚŚĞ ĞdžƉĞŶƐĞŝŶĨƵƚƵƌĞƉĞƌŝŽĚƐ͘ ŽŶŵĂƌŬĞƚĐŽŶĚŝƟŽŶƐĞdžŝƐƟŶŐĂƚƚŚĞĂůĂŶĐĞ^ŚĞĞƚĂƚĞ ŽĨƚŚĞŽƚŚĞƌĞŶƟƚLJ͘hŶƌĞĂůŝƐĞĚŐĂŝŶƐŽŶƚƌĂŶƐĂĐƟŽŶƐ ƉƵƌĐŚĂƐĞƉƌŝĐĞĨŽƌĂŶĂĐƋƵŝƐŝƟŽŶƚŚĂƚĞdžĐĞĞĚƐ ĂŶĚŝŶŝĚĞŶƟĨLJŝŶŐƚŚĞŵŽƐƚĂƉƉƌŽƉƌŝĂƚĞĞƐƟŵĂƚĞŽĨĨĂŝƌ ďĞƚǁĞĞŶ ƚŚĞ 'ƌŽƵƉ ĂŶĚ ŝƚƐ ƐƐŽĐŝĂƚĞƐ ĂŶĚ ŝƚƐ ƚŚĞ 'ƌŽƵƉ͛Ɛ ƐŚĂƌĞ ŝŶ ƚŚĞ ŝĚĞŶƟĮĂďůĞ ĂƐƐĞƚƐ͕ ͻ /ŵƉĂŝƌŵĞŶƚ ƚĞƐƟŶŐ͗ WƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ǀĂůƵĞǁŚĞŶĂǁŝĚĞƌĂŶŐĞŽĨĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐ :ŽŝŶƚsĞŶƚƵƌĞƐĂƌĞĞůŝŵŝŶĂƚĞĚƚŽƚŚĞĞdžƚĞŶƚŽĨƚŚĞ ǁŝƚŚ ĚĞĚƵĐƟŽŶƐ ĨŽƌ ůŝĂďŝůŝƟĞƐ͕ ĐĂůĐƵůĂƚĞĚ ŽŶ ĂŶĚ/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐƚŚĂƚĂƌĞƐƵďũĞĐƚƚŽĂŵŽƌƟƐĂƟŽŶͬ ĂƌĞƉŽƐƐŝďůĞ͘ 'ƌŽƵƉ͛ƐŝŶƚĞƌĞƐƚŝŶƚŚĞƐĞĞŶƟƟĞƐ͘hŶƌĞĂůŝƐĞĚůŽƐƐĞƐ ƚŚĞĚĂƚĞŽĨĂĐƋƵŝƐŝƟŽŶ͘ ĚĞƉƌĞĐŝĂƟŽŶ ĂƌĞ ƚĞƐƚĞĚ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ǁŚĞŶ ĞǀĞŶƚƐ ĂƌĞĂůƐŽĞůŝŵŝŶĂƚĞĚƵŶůĞƐƐƚŚĞƚƌĂŶƐĂĐƟŽŶƉƌŽǀŝĚĞƐ occur or changes in circumstances indicate that the ͻ>ŝƚŝŐĂƚŝŽŶ͗   &ƌŽŵ ƚŝŵĞ ƚŽ ƚŝŵĞ͕ ƚŚĞ 'ƌŽƵƉ ŝƐ ƐƵďũĞĐƚ ĞǀŝĚĞŶĐĞŽĨĂŶŝŵƉĂŝƌŵĞŶƚŽĨƚŚĞĂƐƐĞƚƚƌĂŶƐĨĞƌƌĞĚ͘   ď͘ 'ŽŽĚǁŝůů ĂƌŝƐŝŶŐ ĨƌŽŵ ƚŚĞ ĂĐƋƵŝƐŝƟŽŶ ŽĨ ƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨƚŚĞĐĂƐŚŐĞŶĞƌĂƟŶŐƵŶŝƚŝƐůĞƐƐ ƚŽ ůĞŐĂů ƉƌŽĐĞĞĚŝŶŐƐ ƚŚĞ ƵůƚŝŵĂƚĞ ŽƵƚĐŽŵĞ ŽĨ ĞĂĐŚ ĐĐŽƵŶƟŶŐ ƉŽůŝĐŝĞƐ ŽĨ ĞƋƵŝƚLJ ĂĐĐŽƵŶƚĞĚ ŝŶǀĞƐƚĞĞƐ associates and joint ventures is included in the ƚŚĂŶŝƚƐĐĂƌƌLJŝŶŐǀĂůƵĞ͘dŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨĐĂƐŚ ďĞŝŶŐĂůǁĂLJƐƐƵďũĞĐƚƚŽŵĂŶLJƵŶĐĞƌƚĂŝŶƚŝĞƐŝŶŚĞƌĞŶƚ ŚĂǀĞ ďĞĞŶ ĐŚĂŶŐĞĚ ǁŚĞƌĞ ŶĞĐĞƐƐĂƌLJ ƚŽ ĞŶƐƵƌĞ ĐĂƌƌLJŝŶŐǀĂůƵĞŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚŝŶĂƐƐŽĐŝĂƚĞƐ ŐĞŶĞƌĂƟŶŐƵŶŝƚƐŝƐŚŝŐŚĞƌŽĨǀĂůƵĞͲŝŶͲƵƐĞĂŶĚĨĂŝƌǀĂůƵĞ ŝŶůŝƚŝŐĂƚŝŽŶ͘ƉƌŽǀŝƐŝŽŶĨŽƌůŝƚŝŐĂƚŝŽŶŝƐŵĂĚĞǁŚĞŶ ĐŽŶƐŝƐƚĞŶĐLJ ǁŝƚŚ ƚŚĞ ƉŽůŝĐŝĞƐ ĂĚŽƉƚĞĚ ďLJ ƚŚĞ ĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ͘ ůĞƐƐĐŽƐƚƚŽƐĞůů͘dŚĞĐĂůĐƵůĂƟŽŶŝŶǀŽůǀĞƐƵƐĞŽĨƐŝŐŶŝĮĐĂŶƚ ŝƚ ŝƐ ĐŽŶƐŝĚĞƌĞĚ ƉƌŽďĂďůĞ ƚŚĂƚ Ă ƉĂLJŵĞŶƚ ǁŝůů ďĞ 'ƌŽƵƉ͘ dŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ĞƋƵŝƚLJ ĂĐĐŽƵŶƚĞĚ ĞƐƟŵĂƚĞƐĂŶĚĂƐƐƵŵƉƟŽŶƐǁŚŝĐŚŝŶĐůƵĚĞƐƚƵƌŶŽǀĞƌĂŶĚ ŵĂĚĞĂŶĚƚŚĞĂŵŽƵŶƚŽĨƚŚĞůŽƐƐĐĂŶďĞƌĞĂƐŽŶĂďůLJ ŝŶǀĞƐƚŵĞŶƚƐĂƌĞƚĞƐƚĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚ͘   Đ͘ 'ŽŽĚǁŝůů ŝƐ ĚĞĞŵĞĚ ƚŽ ŚĂǀĞ ĂŶ ŝŶĚĞĮŶŝƚĞ ĞĂƌŶŝŶŐƐŵƵůƟƉůĞƐ͕ŐƌŽǁƚŚƌĂƚĞƐĂŶĚŶĞƚŵĂƌŐŝŶƐƵƐĞĚ ĞƐƚŝŵĂƚĞĚ͘ ^ŝŐŶŝĨŝĐĂŶƚ ũƵĚŐĞŵĞŶƚ ŝƐ ŵĂĚĞ ǁŚĞŶ ƵƐĞĨƵůůŝĨĞĂŶĚŝƐƌĞƉŽƌƚĞĚĂƚĂĐƋƵŝƐŝƟŽŶǀĂůƵĞ ƚŽ ĐĂůĐƵůĂƚĞ ƉƌŽũĞĐƚĞĚ ĨƵƚƵƌĞ ĐĂƐŚ ŇŽǁƐ͕ ƌŝƐŬͲĂĚũƵƐƚĞĚ ĞǀĂůƵĂƚŝŶŐ͕ ĂŵŽŶŐ ŽƚŚĞƌ ĨĂĐƚŽƌƐ͕ ƚŚĞ ƉƌŽďĂďŝůŝƚLJ   dŚĞ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƐƵďƐŝĚŝĂƌŝĞƐ͕ ũŽŝŶƚ ǁŝƚŚĚĞĚƵĐƟŽŶĨŽƌĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚƐ͘ ĚŝƐĐŽƵŶƚƌĂƚĞ͕ĨƵƚƵƌĞĞĐŽŶŽŵŝĐĂŶĚŵĂƌŬĞƚĐŽŶĚŝƟŽŶƐ͘ ŽĨ ƵŶĨĂǀŽƌĂďůĞ ŽƵƚĐŽŵĞ ĂŶĚ ƚŚĞ ĂďŝůŝƚLJ ƚŽ ŵĂŬĞ Ă ǀĞŶƚƵƌĞƐ ĂŶĚ ĂƐƐŽĐŝĂƚĞƐ ĐŽŶƐŽůŝĚĂƚĞĚ ĂƌĞ ĚƌĂǁŶ Ŷ ŝŵƉĂŝƌŵĞŶƚ ƚĞƐƚ ŽĨ ŐŽŽĚǁŝůů ŝƐ ĐŽŶĚƵĐƚĞĚ ƌĞĂƐŽŶĂďůĞĞƐƚŝŵĂƚĞŽĨƚŚĞĂŵŽƵŶƚŽĨƉŽƚĞŶƚŝĂůůŽƐƐ͘ ƵƉƚŽ ƚŚĞ ƐĂŵĞ ƌĞƉŽƌƟŶŐ ĚĂƚĞ ĂƐ ƚŚĂƚ ŽĨ ƚŚĞ ŽŶĐĞ ĞǀĞƌLJ LJĞĂƌ Žƌ ŵŽƌĞ ŽŌĞŶ ŝĨ ƚŚĞƌĞ ŝƐ ͻ /ŵƉĂŝƌŵĞŶƚ ŽĨ ŝŶǀĞƐƚŵĞŶƚƐ͗ dŚĞ 'ƌŽƵƉ ƌĞǀŝĞǁƐ >ŝƚŝŐĂƚŝŽŶƉƌŽǀŝƐŝŽŶƐĂƌĞƌĞǀŝĞǁĞĚĂƚĞĂĐŚĂĐĐŽƵŶƚŝŶŐ ŽŵƉĂŶLJĞdžĐĞƉƚŽŶĞŽĨƚŚĞĂƐƐŽĐŝĂƚĞǁŚŝĐŚŚĂƐƚŚĞ ĂŶ ŝŶĚŝĐĂƟŽŶ ŽĨ Ă ĚĞĐƌĞĂƐĞ ŝŶ ǀĂůƵĞ͘ dŚĞ ŝƚƐ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ŝŶǀĞƐƚŵĞŶƚƐ ĂŶŶƵĂůůLJ͕ Žƌ ŵŽƌĞ ƉĞƌŝŽĚ ĂŶĚ ƌĞǀŝƐŝŽŶƐ ŵĂĚĞ ĨŽƌ ƚŚĞ ĐŚĂŶŐĞƐ ŝŶ ĨĂĐƚƐ ƌĞƉŽƌƟŶŐĚĂƚĞŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͘ ŝŵƉĂŝƌŵĞŶƚůŽƐƐŽŶŐŽŽĚǁŝůůŝƐƌĞƉŽƌƚĞĚŝŶƚŚĞ ĨƌĞƋƵĞŶƚůLJ ǁŚĞŶ ƚŚĞƌĞ ŝƐ ŝŶĚŝĐĂƟŽŶ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ͘ /Ĩ ĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐ͘ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŝƐůĞƐƐƚŚĂŶŝƚƐĐĂƌƌLJŝŶŐĂŵŽƵŶƚ͕  ;ŝŝŝͿ ŚĂŶŐĞƐŝŶŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚƐ ƚŚĞŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐĂĐĐŽƵŶƚĞĚĨŽƌ͘ ͻĞĨŝŶĞĚ  ďĞŶĞĨŝƚ ƉůĂŶƐ͗ dŚĞ ĐŽƐƚ ŽĨ ƚŚĞ ĚĞĨŝŶĞĚ   dŚĞ'ƌŽƵƉƚƌĞĂƚƐƚƌĂŶƐĂĐƟŽŶƐǁŝƚŚŶŽŶͲĐŽŶƚƌŽůůŝŶŐ   Ě͘ 'ŽŽĚǁŝůů ŽŶ ĂĐƋƵŝƐŝƟŽŶ ŽĨ ƚŚĞ ĨŽƌĞŝŐŶ ďĞŶĞĨŝƚ ƉůĂŶƐ ĂŶĚ ƚŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ƚŚĞ ĚĞĨŝŶĞĚ ŝŶƚĞƌĞƐƚƐƚŚĂƚĚŽŶŽƚƌĞƐƵůƚŝŶĂůŽƐƐŽĨĐŽŶƚƌŽůĂƐ subsidiaries is restated at the rate prevailing at ͻ /ŶĐŽŵĞdĂdžĞƐ͗ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚƚŽƚŚĞ ďĞŶĞĨŝƚ ŽďůŝŐĂƚŝŽŶ ĂƌĞ ďĂƐĞĚ ŽŶ ĂĐƚƵĂƌŝĂů ǀĂůƵĂƚŝŽŶ ƚƌĂŶƐĂĐƟŽŶƐ ǁŝƚŚ ĞƋƵŝƚLJ ŽǁŶĞƌƐ ŽĨ ƚŚĞ 'ƌŽƵƉ͘ ƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ͘ ĞdžƚĞŶƚ ƚŚĂƚ ŝƚ ŝƐ ƌĞŐĂƌĚĞĚ ĂƐ ƉƌŽďĂďůĞ ƚŚĂƚ ĚĞĚƵĐƟďůĞ ƵƐŝŶŐƚŚĞƉƌŽũĞĐƚĞĚƵŶŝƚĐƌĞĚŝƚŵĞƚŚŽĚ͘ŶĂĐƚƵĂƌŝĂů  ĐŚĂŶŐĞ ŝŶ ŽǁŶĞƌƐŚŝƉ ŝŶƚĞƌĞƐƚ ƌĞƐƵůƚƐ ŝŶ ĂŶ ƚĞŵƉŽƌĂƌLJ ĚŝīĞƌĞŶĐĞƐ ĐĂŶ ďĞ ƌĞĂůŝƐĞĚ͘ dŚĞ 'ƌŽƵƉ ǀĂůƵĂƚŝŽŶ ŝŶǀŽůǀĞƐ ŵĂŬŝŶŐ ǀĂƌŝŽƵƐ ĂƐƐƵŵƉƚŝŽŶƐ ƚŚĂƚ ĂĚũƵƐƚŵĞŶƚ ďĞƚǁĞĞŶ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚƐ ŽĨ ;ĚͿ ƌŝƟĐĂůĂĐĐŽƵŶƟŶŐĞƐƟŵĂƚĞƐĂŶĚũƵĚŐĞŵĞŶƚƐ ĞƐƟŵĂƚĞƐ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ ďĂƐĞĚ ŽŶ ŵĂLJ ĚŝĨĨĞƌ ĨƌŽŵ ĂĐƚƵĂů ĚĞǀĞůŽƉŵĞŶƚƐ ŝŶ ƚŚĞ ĨƵƚƵƌĞ͘ ƚŚĞ ĐŽŶƚƌŽůůŝŶŐ ĂŶĚ ŶŽŶͲĐŽŶƚƌŽůůŝŶŐ ŝŶƚĞƌĞƐƚƐ ƚŽ  dŚĞƉƌĞƉĂƌĂƟŽŶ ŽĨ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĐƵƌƌĞŶƚƚĂdžůĂǁƐĂŶĚƌĂƚĞƐĂŶĚŝŶĐĞƌƚĂŝŶĐĂƐĞƐ͕ďƵƐŝŶĞƐƐ dŚĞƐĞ ŝŶĐůƵĚĞ ƚŚĞ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŽĨ ƚŚĞ ĚŝƐĐŽƵŶƚ ƌĞŇĞĐƚƚŚĞŝƌƌĞůĂƟǀĞŝŶƚĞƌĞƐƚƐŝŶƚŚĞƐƵďƐŝĚŝĂƌLJ͘ŶLJ ŝŶ ĐŽŶĨŽƌŵŝƚLJ ǁŝƚŚ ƚŚĞ ƌĞĐŽŐŶŝƟŽŶ ĂŶĚ ŵĞĂƐƵƌĞŵĞŶƚ ƉůĂŶƐ͕ ŝŶĐůƵĚŝŶŐ ŵĂŶĂŐĞŵĞŶƚ͛Ɛ ĞdžƉĞĐƚĂƟŽŶƐ ƌĞŐĂƌĚŝŶŐ ƌĂƚĞ͕ĨƵƚƵƌĞƐĂůĂƌLJŝŶĐƌĞĂƐĞƐĂŶĚŵŽƌƚĂůŝƚLJƌĂƚĞƐ͘ƵĞ ĚŝīĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞĂŵŽƵŶƚŽĨƚŚĞĂĚũƵƐƚŵĞŶƚ ƉƌŝŶĐŝƉůĞƐ ŽĨ /ŶĚ ^ ƌĞƋƵŝƌĞƐ ŵĂŶĂŐĞŵĞŶƚ ƚŽ ŵĂŬĞ ƚŚĞŵĂŶŶĞƌĂŶĚƟŵŝŶŐŽĨƌĞĐŽǀĞƌLJŽĨƚŚĞƌĞůĂƚĞĚĂƐƐĞƚƐ͘ to the complexities involved in the valuation and ƚŽŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐĂŶĚĂŶLJĐŽŶƐŝĚĞƌĂƟŽŶ ũƵĚŐĞŵĞŶƚƐ͕ĞƐƟŵĂƚĞƐĂŶĚĂƐƐƵŵƉƟŽŶƐ͕ƚŚĂƚĂīĞĐƚƚŚĞ ŚĂŶŐĞƐ ŝŶ ƚŚĞƐĞ ĞƐƟŵĂƚĞƐ ŵĂLJ ĂīĞĐƚ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ŝƚƐůŽŶŐƚĞƌŵŶĂƚƵƌĞ͕ĂĚĞĨŝŶĞĚďĞŶĞĨŝƚŽďůŝŐĂƚŝŽŶŝƐ ƉĂŝĚŽƌƌĞĐĞŝǀĞĚŝƐƌĞĐŽŐŶŝƐĞĚǁŝƚŚŝŶĞƋƵŝƚLJ͘ ƌĞƉŽƌƚĞĚ ĂŵŽƵŶƚƐ ŽĨ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ͕ ĚŝƐĐůŽƐƵƌĞƐ ĚĞĨĞƌƌĞĚ ƚĂdž ůŝĂďŝůŝƟĞƐ Žƌ ƚŚĞ ǀĂůƵĂƟŽŶ ŽĨ ĚĞĨĞƌƌĞĚ ƚĂdž ŚŝŐŚůLJ ƐĞŶƐŝƚŝǀĞ ƚŽ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞƐĞ ĂƐƐƵŵƉƚŝŽŶƐ͘ ŽĨ ĐŽŶƟŶŐĞŶƚ ůŝĂďŝůŝƟĞƐ Ăƚ ƚŚĞ ĚĂƚĞ ŽĨ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐĂŶĚƚŚĞƚĂdžĐŚĂƌŐĞƐŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ ůůĂƐƐƵŵƉƚŝŽŶƐĂƌĞƌĞǀŝĞǁĞĚĂƚĞĂĐŚĂůĂŶĐĞ^ŚĞĞƚ   tŚĞŶƚŚĞ 'ƌŽƵƉ ĐĞĂƐĞƐ ƚŽ ĐŽŶƐŽůŝĚĂƚĞ Žƌ ĞƋƵŝƚLJ ƐƚĂƚĞŵĞŶƚƐ ĂŶĚ ƚŚĞ ƌĞƉŽƌƚĞĚ ĂŵŽƵŶƚƐ ŽĨ ƌĞǀĞŶƵĞ ĂŶĚ >ŽƐƐ͘ ĂƚĞ͘ ĂĐĐŽƵŶƚ ĨŽƌ ĂŶ ŝŶǀĞƐƚŵĞŶƚ ďĞĐĂƵƐĞ ŽĨ Ă ůŽƐƐ ŽĨ ĞdžƉĞŶƐĞƐ ĨŽƌ ƚŚĞ LJĞĂƌƐ ƉƌĞƐĞŶƚĞĚ͘ ĐƚƵĂů ƌĞƐƵůƚƐ ŵĂLJ ĐŽŶƚƌŽů͕ ũŽŝŶƚ ĐŽŶƚƌŽů Žƌ ƐŝŐŶŝĮĐĂŶƚ ŝŶŇƵĞŶĐĞ͕ ĂŶLJ ĚŝīĞƌĨƌŽŵƚŚĞƐĞĞƐƟŵĂƚĞƐ͘  WƌŽǀŝƐŝŽŶ ĨŽƌ ƚĂdž ůŝĂďŝůŝƟĞƐ ƌĞƋƵŝƌĞ ũƵĚŐĞŵĞŶƚƐ ŽŶ ͻ ĞƚĞƌŵŝŶĂƟŽŶŽĨĐŽŶƚƌŽů͗dŚĞŐƌŽƵƉŚĂƐĞdžĞƌĐŝƐĞĚŝƚƐ ƌĞƚĂŝŶĞĚ ŝŶƚĞƌĞƐƚ ŝŶ ƚŚĞ ĞŶƟƚLJ ŝƐ ƌĞͲŵĞĂƐƵƌĞĚ ƚŽ ƚŚĞ ŝŶƚĞƌƉƌĞƚĂƟŽŶ ŽĨ ƚĂdž ůĞŐŝƐůĂƟŽŶ͕ ĚĞǀĞůŽƉŵĞŶƚƐ ŝŶ ũƵĚŐĞŵĞŶƚ ŶŽƚ ƚŽ ĐŽŶƐŽůŝĚĂƚĞ ĞŶƟƟĞƐ ǁŝƚŚ ŵĂũŽƌŝƚLJ ŝƚƐ ĨĂŝƌ ǀĂůƵĞ ǁŝƚŚ ƚŚĞ ĐŚĂŶŐĞ ŝŶ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ  ƐƟŵĂƚĞƐ ĂŶĚ ƵŶĚĞƌůLJŝŶŐ ĂƐƐƵŵƉƟŽŶƐ ĂƌĞ ƌĞǀŝĞǁĞĚ ĐĂƐĞůĂǁĂŶĚƚŚĞƉŽƚĞŶƟĂůŽƵƚĐŽŵĞƐŽĨƚĂdžĂƵĚŝƚƐĂŶĚ ŚŽůĚŝŶŐǁŚĞƌĞƚŚĞŐƌŽƵƉĚŽĞƐŶŽƚŚĂǀĞĂŶLJƉŽǁĞƌŽƌ ƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĮƚŽƌůŽƐƐ͘dŚŝƐĨĂŝƌǀĂůƵĞďĞĐŽŵĞƐ ŽŶĂŶŽŶŐŽŝŶŐďĂƐŝƐ͘ZĞǀŝƐŝŽŶƐƚŽĂĐĐŽƵŶƟŶŐĞƐƟŵĂƚĞƐ ĂƉƉĞĂůƐǁŚŝĐŚŵĂLJďĞƐƵďũĞĐƚƚŽƐŝŐŶŝĮĐĂŶƚƵŶĐĞƌƚĂŝŶƚLJ͘ ĐŽŶƚƌŽůŽǀĞƌŽƌĞdžƉŽƐƵƌĞƚŽĞŶƟƚLJĂŶĚĚŽĞƐŶŽƚŚĂǀĞ ƚŚĞ ŝŶŝƟĂů ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞƐ ŽĨ ĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞĞƐƟŵĂƚĞƐĂƌĞ dŚĞƌĞĨŽƌĞƚŚĞĂĐƚƵĂůƌĞƐƵůƚƐŵĂLJǀĂƌLJĨƌŽŵĞdžƉĞĐƚĂƟŽŶƐ ĂŶLJƌŝŐŚƚƐƚŽǀĂƌŝĂďůĞƌĞƚƵƌŶƐĨƌŽŵŝƚƐŝŶǀŽůǀĞŵĞŶƚǁŝƚŚ ƐƵďƐĞƋƵĞŶƚůLJ ĂĐĐŽƵŶƟŶŐ ĨŽƌ ƚŚĞ ƌĞƚĂŝŶĞĚ ŝŶƚĞƌĞƐƚ ƌĞǀŝƐĞĚĂŶĚŝŶĂŶLJĨƵƚƵƌĞƉĞƌŝŽĚƐĂīĞĐƚĞĚ͘ ƌĞƐƵůƟŶŐŝŶĂĚũƵƐƚŵĞŶƚƐƚŽƉƌŽǀŝƐŝŽŶƐ͕ƚŚĞǀĂůƵĂƟŽŶŽĨ ƚŚĞĞŶƟƚLJ͘ůƐŽ͕ĨŽƌĂůůƐƚƌĂƚĞŐŝĐŝŶǀĞƐƚŵĞŶƚƐŝŶĞŶƟƟĞƐ ĂƐ ĂŶ ĂƐƐŽĐŝĂƚĞ͕ ũŽŝŶƚ ǀĞŶƚƵƌĞ Žƌ ĮŶĂŶĐŝĂů ĂƐƐĞƚ͘ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ͕ ĐĂƐŚ ƚĂdž ƐĞƩůĞŵĞŶƚƐ ĂŶĚ ƚŚĞ ƚĂdž ǁŚĞƌĞ ƚŚĞƌĞ ŝƐ Ă ĐŽŶƚƌĂĐƚƵĂů ĂŐƌĞĞŵĞŶƚ ŝŶ ƚŚĞ ĨŽƌŵ /ŶĂĚĚŝƟŽŶ͕ĂŶLJĂŵŽƵŶƚƐƉƌĞǀŝŽƵƐůLJƌĞĐŽŐŶŝƐĞĚŝŶ  /Ŷ ƉĂƌƟĐƵůĂƌ͕ ŝŶĨŽƌŵĂƟŽŶ ĂďŽƵƚ ƐŝŐŶŝĮĐĂŶƚ ĂƌĞĂƐ ŽĨ ĐŚĂƌŐĞŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ŽĨ ũŽŝŶƚ ǀĞŶƚƵƌĞ ĂŐƌĞĞŵĞŶƚ ǁĞƌĞ ĐůĂƐƐŝĮĞĚ ĂƐ ũŽŝŶƚ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƚŚĂƚ ĞƐƟŵĂƟŽŶ͕ƵŶĐĞƌƚĂŝŶƚLJĂŶĚĐƌŝƟĐĂůũƵĚŐŵĞŶƚƐŝŶĂƉƉůLJŝŶŐ ǀĞŶƚƵƌĞ͘ ĞŶƟƚLJĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌĂƐŝĨƚŚĞ'ƌŽƵƉŚĂĚĚŝƌĞĐƚůLJ ĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐƚŚĂƚŚĂǀĞƚŚĞŵŽƐƚƐŝŐŶŝĮĐĂŶƚĞīĞĐƚ ͻ >ŽLJĂůƚLJƉƌŽŐƌĂŵŵĞ͗dŚĞ'ƌŽƵƉĞƐƟŵĂƚĞƐƚŚĞĨĂŝƌǀĂůƵĞ ĚŝƐƉŽƐĞĚ ŽĨ ƚŚĞ ƌĞůĂƚĞĚ ĂƐƐĞƚƐ Žƌ ůŝĂďŝůŝƟĞƐ͘ dŚŝƐ ŽŶƚŚĞĂŵŽƵŶƚƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ ŽĨ ƉŽŝŶƚƐ ĂǁĂƌĚĞĚ ƵŶĚĞƌ ƚŚĞ >ŽLJĂůƚLJ ƉƌŽŐƌĂŵŵĞ ďLJ ͻ Recognition of deferred tax liability on undistributed may mean that amounts previously recognised in ƉĞƌƚĂŝŶƚŽ͗ ĂƉƉůLJŝŶŐ ƐƚĂƟƐƟĐĂů ƚĞĐŚŶŝƋƵĞƐ͘ /ŶƉƵƚƐ ŝŶĐůƵĚĞ ŵĂŬŝŶŐ ƉƌŽĨŝƚƐ͗ dŚĞ ĞdžƚĞŶƚ ƚŽ ǁŚŝĐŚ ƚŚĞ ŐƌŽƵƉ ĐĂŶ ĐŽŶƚƌŽů KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ ĂƌĞ ƌĞĐůĂƐƐŝĮĞĚ ƚŽ ĂƐƐƵŵƉƟŽŶƐ ĂďŽƵƚ ĞdžƉĞĐƚĞĚ ďƌĞĂŬĂŐĞƐ͕ ƚŚĞ ŵŝdž ŽĨ ƚŚĞ ƚŝŵŝŶŐ ŽĨ ƌĞǀĞƌƐĂů ŽĨ ĚĞĨĞƌƌĞĚ ƚĂdž ůŝĂďŝůŝƚLJ ŽŶ ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘/ĨƚŚĞŽǁŶĞƌƐŚŝƉ ͻ hƐĞĨƵů ůŝǀĞƐ ŽĨ ƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĂŶĚ ƉƌŽĚƵĐƚƐ ƚŚĂƚ ǁŝůů ďĞ ĂǀĂŝůĂďůĞ ĨŽƌ ƌĞĚĞŵƉƟŽŶ ŝŶ ƚŚĞ ƵŶĚŝƐƚƌŝďƵƚĞĚ ƉƌŽĨŝƚ ŽĨ ŝƚƐ ƐƵďƐŝĚŝĂƌŝĞƐ ƌĞƋƵŝƌĞƐ interest in a joint venture or an associate is reduced ŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ͗dŚĞ'ƌŽƵƉŚĂƐĞƐƟŵĂƚĞĚƵƐĞĨƵůůŝĨĞŽĨ ĨƵƚƵƌĞ ĂŶĚ ĐƵƐƚŽŵĞƌ ƉƌĞĨĞƌĞŶĐĞƐ͕ ƌĞĚĞŵƉƟŽŶ Ăƚ ŽǁŶ ũƵĚŐĞŵĞŶƚ͘ ďƵƚũŽŝŶƚĐŽŶƚƌŽůŽƌƐŝŐŶŝĮĐĂŶƚŝŶŇƵĞŶĐĞŝƐƌĞƚĂŝŶĞĚ͕ ĞĂĐŚĐůĂƐƐŽĨĂƐƐĞƚƐďĂƐĞĚŽŶƚŚĞŶĂƚƵƌĞŽĨĂƐƐĞƚƐ͕ƚŚĞ ŚŽƚĞůƐĂŶĚŽƚŚĞƌƉĂƌƟĐŝƉĂƟŶŐŚŽƚĞůƐ͘

204 Annual Report 2017-18 205 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018 ^ŝŐŶŝĮĐĂŶƚĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐ  ŝŝ͘ WŽƐƚͲŵƉůŽLJŵĞŶƚĞŶĞĮƚƐ͗ ƚŚĞLJĞĂƌŝŶǁŚŝĐŚƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐƐĞƌǀŝĐĞƐ ĨŽƌ ƌĞƟƌĞĚ ǁŚŽůĞ ƟŵĞ ĚŝƌĞĐƚŽƌƐ ĂŶĚ ƉŽƐƚͲ ;ĞͿ ZĞǀĞŶƵĞƌĞĐŽŐŶŝƟŽŶ   ĞĮŶĞĚŽŶƚƌŝďƵƟŽŶWůĂŶƐ ĂƌĞƌĞĐĞŝǀĞĚĨƌŽŵƚŚĞĞŵƉůŽLJĞĞƐ͘ ĞŵƉůŽLJŵĞŶƚ ŵĞĚŝĐĂů ďĞŶĞĮƚƐ ƚŽ ƋƵĂůŝĨLJŝŶŐ  /ŶĐŽŵĞĨƌŽŵŽƉĞƌĂƟŽŶ   ĚĞĮŶĞĚĐŽŶƚƌŝďƵƟŽŶƉůĂŶŝƐĂƉŽƐƚͲĞŵƉůŽLJŵĞŶƚ ĞŵƉůŽLJĞĞƐ ŝƐ ĂĐƚƵĂƌŝĂůůLJ ĚĞƚĞƌŵŝŶĞĚ͕ ďĂƐĞĚ  ZĞǀĞŶƵĞŝƐŵĞĂƐƵƌĞĚĂƚƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĐŽŶƐŝĚĞƌĂƟŽŶ ďĞŶĞĮƚ ƉůĂŶ ƵŶĚĞƌ ǁŚŝĐŚ ĂŶ ĞŶƟƚLJ ƉĂLJƐ ĮdžĞĚ   ĐͿ KƚŚĞƌƐ ŽŶƚŚĞƉƌŽũĞĐƚĞĚƵŶŝƚĐƌĞĚŝƚŵĞƚŚŽĚ͘ĐƚƵĂƌŝĂů ƌĞĐĞŝǀĞĚŽƌƌĞĐĞŝǀĂďůĞ͘ZĞǀĞŶƵĞĐŽŵƉƌŝƐĞƐƐĂůĞŽĨƌŽŽŵ ĐŽŶƚƌŝďƵƟŽŶƐ ŝŶƚŽ Ă ƐĞƉĂƌĂƚĞ ĞŶƟƚLJ ĂŶĚ ǁŝůů ŚĂǀĞ dŚĞ 'ƌŽƵƉ ĂůƐŽ ŚĂƐ ƐĞƉĂƌĂƚĞ ĨƵŶĚĞĚ ĂŶĚ gains and losses are recognised immediately ŶŝŐŚƚƐ͕ ĨŽŽĚ ĂŶĚ ďĞǀĞƌĂŐĞƐ ĂŶĚ ĂůůŝĞĚ ƐĞƌǀŝĐĞƐ ƌĞůĂƟŶŐ ŶŽ ůĞŐĂů Žƌ ĐŽŶƐƚƌƵĐƟǀĞ ŽďůŝŐĂƟŽŶ ƚŽ ƉĂLJ ĨƵƌƚŚĞƌ ƵŶĨƵŶĚĞĚ ƐĐŚĞŵĞƐ͕ ǁŚŝĐŚ ŐƵĂƌĂŶƚĞĞ Ă ŝŶ ƚŚĞ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ ĂŶĚ ƚŽŚŽƚĞůŽƉĞƌĂƟŽŶƐ͕ŝŶĐůƵĚŝŶŐŵĂŶĂŐĞŵĞŶƚĨĞĞƐĨŽƌƚŚĞ ĂŵŽƵŶƚƐ͘ ŵŝŶŝŵƵŵ ƉĞŶƐŝŽŶ ƚŽ ĐĞƌƚĂŝŶ ĐĂƚĞŐŽƌŝĞƐ ŽĨ ƌĞŇĞĐƚĞĚ ŝŵŵĞĚŝĂƚĞůLJ ŝŶ ƌĞƚĂŝŶĞĚ ĞĂƌŶŝŶŐƐ ŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞŚŽƚĞůƐ͘ ĞŵƉůŽLJĞĞƐ͘ dŚĞ 'ƌŽƵƉ ĂĐĐŽƵŶƚƐ ĨŽƌ ƚŚĞ ŶĞƚ ĂŶĚǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĮĞĚƚŽƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ   ĂͿ WƌŽǀŝĚĞŶƚĂŶĚĨĂŵŝůLJƉĞŶƐŝŽŶĨƵŶĚ ƉƌĞƐĞŶƚǀĂůƵĞŽĨŝƚƐŽďůŝŐĂƟŽŶƚŚĞƌĞŝŶ͕ďĂƐĞĚ WƌŽĮƚĂŶĚ>ŽƐƐ͘  ZĞǀĞŶƵĞ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ƵƉŽŶ ƌĞŶĚĞƌŝŶŐ ŽĨ ƚŚĞ ƐĞƌǀŝĐĞ͕    dŚĞĞůŝŐŝďůĞĞŵƉůŽLJĞĞƐŽĨĚŽŵĞƐƟĐĐŽŵƉŽŶĞŶƚƐ ŽŶ ŝŶĚĞƉĞŶĚĞŶƚ ĞdžƚĞƌŶĂů ĂĐƚƵĂƌŝĂů ǀĂůƵĂƟŽŶƐ ƉƌŽǀŝĚĞĚ ƉĞƌƐƵĂƐŝǀĞ ĞǀŝĚĞŶĐĞ ŽĨ ĂŶ ĂƌƌĂŶŐĞŵĞŶƚ ŽĨ ƚŚĞ 'ƌŽƵƉ ĂƌĞ ĞŶƟƚůĞĚ ƚŽ ƌĞĐĞŝǀĞ ƉŽƐƚͲ ĐĂƌƌŝĞĚŽƵƚĂƚƚŚĞĂůĂŶĐĞ^ŚĞĞƚĚĂƚĞ͘ dŚĞ 'ƌŽƵƉ ĂůƐŽ ƉĂƌƟĐŝƉĂƚĞƐ ŝŶ ĂŶ ŝŶĚƵƐƚƌLJͲ ĞdžŝƐƚƐ͕ ƚĂƌŝī ͬ ƌĂƚĞƐ ĂƌĞ ĮdžĞĚ Žƌ ĂƌĞ ĚĞƚĞƌŵŝŶĂďůĞ ĂŶĚ ƌĞƟƌĞŵĞŶƚ ďĞŶĞĮƚƐ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƉƌŽǀŝĚĞŶƚ ǁŝĚĞ ĚĞĮŶĞĚ ďĞŶĞĮƚ ƉůĂŶ ǁŚŝĐŚ ƉƌŽǀŝĚĞƐ ĐŽůůĞĐƚĂďŝůŝƚLJŝƐƌĞĂƐŽŶĂďůLJĐĞƌƚĂŝŶ͘ZĞǀĞŶƵĞĨƌŽŵƐĂůĞƐ ĨƵŶĚ ĂŶĚ ĨĂŵŝůLJ ƉĞŶƐŝŽŶ ĨƵŶĚ Ă ĚĞĮŶĞĚ ĞƌƚĂŝŶ ŝŶƚĞƌŶĂƟŽŶĂů ƐƵďƐŝĚŝĂƌŝĞƐ ŽƉĞƌĂƚĞ Ă ƉĞŶƐŝŽŶ ůŝŶŬĞĚ ƚŽ ĮŶĂů ƐĂůĂƌŝĞƐ ŝŶ ƌĞƐƉĞĐƚ ŽĨŐŽŽĚƐŽƌƌĞŶĚĞƌŝŶŐŽĨƐĞƌǀŝĐĞƐŝƐŶĞƚŽĨ/ŶĚŝƌĞĐƚƚĂdžĞƐ͕ ĐŽŶƚƌŝďƵƟŽŶƉůĂŶ͕ŝŶǁŚŝĐŚďŽƚŚĞŵƉůŽLJĞĞƐĂŶĚ ĚĞĮŶĞĚĐŽŶƚƌŝďƵƟŽŶƉĞŶƐŝŽŶƐĐŚĞŵĞĂŶĚƚŚĞ ŽĨ ĞŵƉůŽLJĞĞƐ ŽĨ ĐĞƌƚĂŝŶ ŽǀĞƌƐĞĂƐ ŚŽƚĞů ƌĞƚƵƌŶƐĂŶĚĚŝƐĐŽƵŶƚƐ͘ ƚŚĞŽŵƉĂŶLJŵĂŬĞŵŽŶƚŚůLJĐŽŶƚƌŝďƵƟŽŶƐĂƚĂ ƉĞŶƐŝŽŶĐŚĂƌŐĞƌĞƉƌĞƐĞŶƚƐƚŚĞĂŵŽƵŶƚƐƉĂŝĚͬ ƉƌŽƉĞƌƟĞƐ͘ dŚĞ ƉůĂŶ ŝƐ ĨƵŶĚĞĚ ŝŶ Ă ŵĂŶŶĞƌ ƐƉĞĐŝĮĞĚƉĞƌĐĞŶƚĂŐĞŽĨƚŚĞĐŽǀĞƌĞĚĞŵƉůŽLJĞĞƐ͛ ƉĂLJĂďůĞďLJƚŚĞŵƚŽƚŚĞ&ƵŶĚŝŶƚŚĞƉĞƌŝŽĚŝŶ ƐƵĐŚ ƚŚĂƚ ĐŽŶƚƌŝďƵƟŽŶƐ ĂƌĞ ƐĞƚ Ăƚ Ă ůĞǀĞů  dŚĞ'ƌŽƵƉ ŽƉĞƌĂƚĞƐ ůŽLJĂůƚLJ ƉƌŽŐƌĂŵŵĞ͕ ǁŚŝĐŚ ĂůůŽǁƐ ŝƚƐ ƐĂůĂƌLJ ;ĐƵƌƌĞŶƚůLJ ϭϮй ŽĨ ĞŵƉůŽLJĞĞƐ͛ ĞůŝŐŝďůĞ ǁŚŝĐŚƚŚĞĞŵƉůŽLJĞĞƌĞŶĚĞƌƐƐĞƌǀŝĐĞƐ͘ ƚŚĂƚ ŝƐ ĞdžƉĞĐƚĞĚ ƚŽ ďĞ ƐƵĸĐŝĞŶƚ ƚŽ ƉĂLJ ƚŚĞ eligible customers to earn points based on their spending ƐĂůĂƌLJͿ͘ dŚĞ ĐŽŶƚƌŝďƵƟŽŶƐ ĂƌĞ ŵĂĚĞ ƚŽ ƚŚĞ ďĞŶĞĮƚƐĨĂůůŝŶŐĚƵĞŝŶƚŚĞƐĂŵĞƉĞƌŝŽĚ͘/ƚŝƐ Ăƚ ƚŚĞ ŚŽƚĞůƐ͘ dŚĞ ƉŽŝŶƚƐ ƐŽ ĞĂƌŶĞĚ ďLJ ƐƵĐŚ ĐƵƐƚŽŵĞƌƐ ƉƌŽǀŝĚĞŶƚĨƵŶĚŵĂŶĂŐĞĚďLJƚŚĞƚƌƵƐƚƐĞƚƵƉďLJ   ĞĮŶĞĚďĞŶĞĮƚƉůĂŶƐ ŶŽƚ ƉƌĂĐƟĐĂďůĞ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ƉƌĞƐĞŶƚ ĂƌĞĂĐĐƵŵƵůĂƚĞĚ͘dŚĞƌĞǀĞŶƵĞƌĞůĂƚĞĚƚŽĂǁĂƌĚƉŽŝŶƚƐŝƐ ƚŚĞ 'ƌŽƵƉ͕ Žƌ ƚŽ ƚŚĞ ZĞŐŝŽŶĂů WƌŽǀŝĚĞŶƚ &ƵŶĚ   ĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶŝƐĂƉŽƐƚͲĞŵƉůŽLJŵĞŶƚďĞŶĞĮƚ ǀĂůƵĞƐ ŽĨ ƚŚĞ 'ƌŽƵƉ͛Ɛ ŽďůŝŐĂƟŽŶƐ ĂƐ ƚŚĞ ĚĞĨĞƌƌĞĚĂŶĚŽŶƌĞĚĞŵƉƟŽŶŽĨƐƵĐŚĂǁĂƌĚƉŽŝŶƚƐ͕ƌĞǀĞŶƵĞ ŽŵŵŝƐƐŝŽŶĞƌ;ZW&ͿǁŚŝĐŚĂƌĞĐŚĂƌŐĞĚƚŽƚŚĞ ƉůĂŶ ŽƚŚĞƌ ƚŚĂŶ Ă ĚĞĮŶĞĚ ĐŽŶƚƌŝďƵƟŽŶ ƉůĂŶ͘ dŚĞ ĐŽǀĞƌĞĚ ŚŽƚĞů ƉƌŽƉĞƌƟĞƐ ŚĂǀĞ ŶŽƚ ƌĞĐĞŝǀĞĚ ŝƐŵĞĂƐƵƌĞĚďĂƐĞĚŽŶŵĂŶĂŐĞŵĞŶƚ͛ƐĞƐƟŵĂƚĞŽĨƚŚĞĨĂŝƌ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐĂƐŝŶĐƵƌƌĞĚ͘ 'ƌŽƵƉ͛ƐŶĞƚŽďůŝŐĂƟŽŶŝŶƌĞƐƉĞĐƚŽĨĚĞĮŶĞĚďĞŶĞĮƚ ŝŶĨŽƌŵĂƟŽŶ ĨƌŽŵ ƚŚĞ ƉůĂŶ͛Ɛ ĂĚŵŝŶŝƐƚƌĂƚŽƌ͘ ǀĂůƵĞŽĨƚŚĞĞdžƉĞĐƚĞĚĂǁĂƌĚƐĨŽƌǁŚŝĐŚƚŚĞƉŽŝŶƚƐǁŝůůďĞ ƉůĂŶƐ ŝƐ ĐĂůĐƵůĂƚĞĚ ďLJ ĞƐƟŵĂƟŶŐ ƚŚĞ ĂŵŽƵŶƚ ŽĨ /Ŷ ƚŚĞ ĂďƐĞŶĐĞ ŽĨ ƐƵĸĐŝĞŶƚ ŝŶĨŽƌŵĂƟŽŶ ƚŚĞ ƌĞĚĞĞŵĞĚ͘ DĞŵďĞƌƐŚŝƉ ĨĞĞƐ ƌĞĐĞŝǀĞĚ ĨƌŽŵ ƚŚĞ ůŽLJĂůƚLJ ŵƉůŽLJĞĞďĞŶĞĮƚƐĂƌŝƐŝŶŐŽƵƚŽĨĐŽŶƚƌŝďƵƟŽŶƐ ĨƵƚƵƌĞďĞŶĞĮƚƚŚĂƚĞŵƉůŽLJĞĞƐŚĂǀĞĞĂƌŶĞĚŝŶƚŚĞ ƉůĂŶŚĂƐďĞĞŶĂĐĐŽƵŶƚĞĚĂƐŝĨŝƚǁĂƐĂĚĞĮŶĞĚ ƉƌŽŐƌĂŵŝƐƌĞĐŽŐŶŝƐĞĚĂƐƌĞǀĞŶƵĞŽŶƟŵĞͲƉƌŽƉŽƌƟŽŶďĂƐŝƐ͘ ƚŽǁĂƌĚƐ WƌŽǀŝĚĞŶƚ &ƵŶĚ ĂŶĚ &ĂŵŝůLJ WĞŶƐŝŽŶ ĐƵƌƌĞŶƚĂŶĚƉƌŝŽƌƉĞƌŝŽĚƐ͕ĚŝƐĐŽƵŶƟŶŐƚŚĂƚĂŵŽƵŶƚ ĐŽŶƚƌŝďƵƟŽŶƉůĂŶ͘ ^ĐŚĞŵĞ ƚŽ ZĞŐŝŽŶĂů WƌŽǀŝĚĞŶƚ &ƵŶĚ ĂŶĚ ĚĞĚƵĐƟŶŐ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ĂŶLJ ƉůĂŶ ĂƐƐĞƚƐ͘  DĂŶĂŐĞŵĞŶƚ ĨĞĞƐ ĞĂƌŶĞĚ ĨƌŽŵ ŚŽƚĞůƐ ŵĂŶĂŐĞĚ ďLJ ŽŵŵŝƐƐŝŽŶĞƌ Žƌ ƚŚĞ ĞŶƚƌĂů WƌŽǀŝĚĞŶƚ dŚĞ ĐĂůĐƵůĂƟŽŶ ŽĨ ĚĞĮŶĞĚ ďĞŶĞĮƚ ŽďůŝŐĂƟŽŶ ŝƐ    dŚĞ 'ƌŽƵƉ ĂůƐŽ ŚĂƐ ƐĞƉĂƌĂƚĞ ĨƵŶĚĞĚ ĂŶĚ ƚŚĞ 'ƌŽƵƉ ĂƌĞ ƵƐƵĂůůLJ ƵŶĚĞƌ ůŽŶŐͲƚĞƌŵ ĐŽŶƚƌĂĐƚƐ ǁŝƚŚ ŽŵŵŝƐƐŝŽŶĞƌ ĂŶĚ ^ŽĐŝĂů ^ĞĐƵƌŝƚLJ ĞƚĐ͘ ƉĂŝĚͬ ƉĞƌĨŽƌŵĞĚĂŶŶƵĂůůLJďLJĂƋƵĂůŝĮĞĚĂĐƚƵĂƌLJƵƐŝŶŐƚŚĞ ƵŶĨƵŶĚĞĚ ƐĐŚĞŵĞƐ͕ ǁŚŝĐŚ ŐƵĂƌĂŶƚĞĞ Ă ƚŚĞ ŚŽƚĞů ŽǁŶĞƌ ĂŶĚ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ǁŚĞŶ ĞĂƌŶĞĚ payable during the year are recognised as ƉƌŽũĞĐƚĞĚƵŶŝƚĐƌĞĚŝƚŵĞƚŚŽĚ͘ ŵŝŶŝŵƵŵ ƉĞŶƐŝŽŶ ƚŽ ĐĞƌƚĂŝŶ ĐĂƚĞŐŽƌŝĞƐ ŽĨ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ ĐŽŶƚƌĂĐƚ ǁŚĞŶ ĞdžƉĞŶƐĞ ŝŶ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ ĂŶĚ >ŽƐƐ ĞŵƉůŽLJĞĞƐ͘ dŚĞ 'ƌŽƵƉ ĂĐĐŽƵŶƚƐ ĨŽƌ ƚŚĞ ĐŽůůĞĐƚĂďŝůŝƚLJŝƐĐĞƌƚĂŝŶ͘ ĂĐĐŽƵŶƚŝŶƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞĞŵƉůŽLJĞĞ   ĂͿ 'ƌĂƚƵŝƚLJ ŶĞƚƉƌĞƐĞŶƚǀĂůƵĞŽĨŝƚƐŽďůŝŐĂƚŝŽŶƐƚŚĞƌĞŝŶ͕ ƌĞŶĚĞƌƐƐĞƌǀŝĐĞƐ͘    dŚĞ'ƌŽƵƉĂĐĐŽƵŶƚƐĨŽƌƚŚĞŶĞƚƉƌĞƐĞŶƚǀĂůƵĞ based on an independent external actuarial Interest ŽĨŝƚƐŽďůŝŐĂƟŽŶƐĨŽƌŐƌĂƚƵŝƚLJďĞŶĞĮƚƐ͕ďĂƐĞĚŽŶ ǀĂůƵĂƚŝŽŶ͕ ĐĂƌƌŝĞĚ ŽƵƚ ĂƐ Ăƚ ƚŚĞ ĂůĂŶĐĞ  /ŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ŝƐ ĂĐĐƌƵĞĚ ŽŶ Ă ƟŵĞ ƉƌŽƉŽƌƟŽŶ ďĂƐŝƐ ůŝŐŝďůĞ ĞŵƉůŽLJĞĞƐ ŽĨ ƐŽŵĞ ŽĨ ƚŚĞ ŽǀĞƌƐĞĂƐ ŝŶĚĞƉĞŶĚĞŶƚ ĂĐƚƵĂƌŝĂů ǀĂůƵĂƟŽŶƐ͕ ĚĞƚĞƌŵŝŶĞĚ ^ŚĞĞƚ ĚĂƚĞ͕ ǁŚŝĐŚ ŝƐ ĚĞƚĞƌŵŝŶĞĚ ŽŶ ƚŚĞ ƵƐŝŶŐƚŚĞĞīĞĐƟǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘ ĐŽŵƉŽŶĞŶƚƐ ŽĨ ƚŚĞ 'ƌŽƵƉ ĂƌĞ ŵĞŵďĞƌƐ ŽĨ ŽŶƚŚĞďĂƐŝƐŽĨƚŚĞƉƌŽũĞĐƚĞĚƵŶŝƚĐƌĞĚŝƚŵĞƚŚŽĚ͕ ďĂƐŝƐŽĨƚŚĞƉƌŽũĞĐƚĞĚƵŶŝƚĐƌĞĚŝƚŵĞƚŚŽĚ͘ ĚĞĮŶĞĚ ĐŽŶƚƌŝďƵƟŽŶ ƉůĂŶƐ͘ dŚĞƐĞ ƉůĂŶƐ͕ ŝŶ ĐĂƌƌŝĞĚ ŽƵƚ ĂƐ Ăƚ ƚŚĞ ĂůĂŶĐĞ ^ŚĞĞƚ ĚĂƚĞ͘ dŚĞ Actuarial gains and losses are recognised  ŝǀŝĚĞŶĚ ĂĚĚŝƟŽŶ ƚŽ ĞŵƉůŽLJĞĞ ĐŽŶƚƌŝďƵƟŽŶ͕ ƌĞƋƵŝƌĞ ŽďůŝŐĂƟŽŶĚĞƚĞƌŵŝŶĞĚĂƐĂĨŽƌĞƐĂŝĚůĞƐƐƚŚĞĨĂŝƌ ŝŵŵĞĚŝĂƚĞůLJ ŝŶ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ  ŝǀŝĚĞŶĚŝŶĐŽŵĞŝƐƌĞĐŽŐŶŝƐĞĚǁŚĞŶƚŚĞ'ƌŽƵƉ͛ƐƌŝŐŚƚƚŽ ƚŚĞ 'ƌŽƵƉ ƚŽ ŵĂŬĞ ĐŽŶƚƌŝďƵƟŽŶƐ ĞƋƵŝǀĂůĞŶƚ ǀĂůƵĞŽĨƚŚĞƉůĂŶĂƐƐĞƚƐŝƐƌĞƉŽƌƚĞĚĂƐĂůŝĂďŝůŝƚLJ /ŶĐŽŵĞ ĂŶĚ ƌĞĨůĞĐƚĞĚ ŝŶ ƌĞƚĂŝŶĞĚ ĞĂƌŶŝŶŐƐ ƌĞĐĞŝǀĞƚŚĞĂŵŽƵŶƚŝƐĞƐƚĂďůŝƐŚĞĚ͘ ƚŽ Ă ƉƌĞͲĚĞĮŶĞĚ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ĞĂĐŚ ĞůŝŐŝďůĞ Žƌ ĂƐƐĞƚ ĂƐ ŽĨ ƚŚĞ ƌĞƉŽƌƟŶŐ ĚĂƚĞ͘ ĐƚƵĂƌŝĂů ĂŶĚǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĨŝĞĚƚŽƚŚĞ^ƚĂƚĞŵĞŶƚ ƉĂƌƟĐŝƉĂŶƚ͛ƐƉůĂŶĐŽŵƉĞŶƐĂƟŽŶĨŽƌĞĂĐŚLJĞĂƌ͘ gains and losses are recognised immediately in ŽĨWƌŽĨŝƚĂŶĚ>ŽƐƐ͘ ;ĨͿ ŵƉůŽLJĞĞĞŶĞĮƚƐ dŚĞ 'ƌŽƵƉ ŵĂLJ ĂůƐŽ ŵĂŬĞ Ă ƉƌŽĮƚ ƐŚĂƌŝŶŐ KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĂŶĚƌĞŇĞĐƚĞĚŝŶ  ŝ͘ ^ŚŽƌƚƚĞƌŵŵƉůŽLJĞĞĞŶĞĮƚƐ ĐŽŶƚƌŝďƵƟŽŶŽĨƵŶŝĨŽƌŵƉĞƌĐĞŶƚĂŐĞŽĨĞůŝŐŝďůĞ ƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐĂŶĚǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĮĞĚƚŽ   ĐͿ WƌŽǀŝĚĞŶƚ&ƵŶĚdƌƵƐƚ   dŚĞĐŽƐƚƐŽĨĂůůƐŚŽƌƚͲƚĞƌŵĞŵƉůŽLJĞĞďĞŶĞĮƚƐ;ƚŚĂƚ ƉĂƌƟĐŝƉĂŶƚ͛Ɛ ƉůĂŶ ĐŽŵƉĞŶƐĂƟŽŶ ďĂƐĞĚ ŽŶ ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ /ŶƌĞƐƉĞĐƚŽĨĐŽŶƚƌŝďƵƟŽŶƚŽƚŚĞƚƌƵƐƚƐĞƚƵƉ ĂƌĞĞdžƉĞĐƚĞĚƚŽďĞƐĞƩůĞĚǁŚŽůůLJǁŝƚŚŝŶϭϮŵŽŶƚŚƐ ƉƌŽĮƚĂƐĚĞĮŶĞĚ͘dŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞĚƐƵĐŚ ďLJƚŚĞ'ƌŽƵƉ͕ƐŝŶĐĞƚŚĞ'ƌŽƵƉŝƐŽďůŝŐĂƚĞĚƚŽ ĂŌĞƌƚŚĞĞŶĚŽĨƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞĞŵƉůŽLJĞĞƐ ĐŽŶƚƌŝďƵƟŽŶĂƐĂŶĞdžƉĞŶƐĞŝŶƚŚĞLJĞĂƌŝŶǁŚŝĐŚ /ŶĐĂƐĞ ŽĨ ĨƵŶĚĞĚ ƐĐŚĞŵĞ͕ ƚŚĞ 'ƌŽƵƉ ŵĂŬĞƐ ŵĞĞƚŝŶƚĞƌĞƐƚƐŚŽƌƞĂůů͕ŝĨĂŶLJ͕ǁŝƚŚƌĞƐƉĞĐƚƚŽ ƌĞŶĚĞƌ ƚŚĞ ƌĞůĂƚĞĚ ƐĞƌǀŝĐĞͿ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ĚƵƌŝŶŐ ƚŚĞĞŵƉůŽLJĞĞƌĞŶĚĞƌƐƐĞƌǀŝĐĞ͘ ĂŶŶƵĂů ĐŽŶƚƌŝďƵƟŽŶƐ ƚŽ ŐƌĂƚƵŝƚLJ ĨƵŶĚƐ ĐŽǀĞƌĞĚ ĞŵƉůŽLJĞĞƐ͕ ƐƵĐŚ ĞŵƉůŽLJĞĞ ďĞŶĞĮƚ ƚŚĞ ƉĞƌŝŽĚ ŝŶ ǁŚŝĐŚ ƚŚĞ ĞŵƉůŽLJĞĞ ƌĞŶĚĞƌƐ ƚŚĞ ĂĚŵŝŶŝƐƚĞƌĞĚ ďLJ ƚŚĞ ƚƌƵƐƚĞĞƐ ĨŽƌ ĂŵŽƵŶƚƐ ƉůĂŶŝƐĐůĂƐƐŝĮĞĚĂƐĞĮŶĞĚĞŶĞĮƚWůĂŶ͘ŶLJ ƌĞůĂƚĞĚ ƐĞƌǀŝĐĞ͘ dŚĞ ĂĐĐƌƵĂůƐ ĨŽƌ ĞŵƉůŽLJĞĞ   ďͿ ^ƵƉĞƌĂŶŶƵĂƟŽŶ ŶŽƟĮĞĚ ďLJ ƚŚĞ ĨƵŶĚƐ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ĞůŝŐŝďůĞ ŽďůŝŐĂƟŽŶŝŶƚŚŝƐƌĞƐƉĞĐƚŝƐŵĞĂƐƵƌĞĚŽŶƚŚĞ ĞŶƟƚůĞŵĞŶƚƐƚŽďĞŶĞĮƚƐƐƵĐŚĂƐƐĂůĂƌŝĞƐ͕ďŽŶƵƐĞƐ dŚĞ 'ƌŽƵƉ ŚĂƐ Ă ĚĞĮŶĞĚ ĐŽŶƚƌŝďƵƟŽŶ ĞŵƉůŽLJĞĞ ŝŶ ĐĂƐĞ ŽĨ ĐĞƌƚĂŝŶ ĚŽŵĞƐƟĐ ďĂƐŝƐŽĨŝŶĚĞƉĞŶĚĞŶƚĂĐƚƵĂƌŝĂůǀĂůƵĂƟŽŶ͘ ĂŶĚ ĂŶŶƵĂů ůĞĂǀĞ ƌĞƉƌĞƐĞŶƚ ƚŚĞ ĂŵŽƵŶƚƐ ǁŚŝĐŚ ƉůĂŶ ĨŽƌ ĞůŝŐŝďůĞ ĞŵƉůŽLJĞĞƐ ŽĨ ŝƚƐ ĚŽŵĞƐƟĐ ĐŽŵƉŽŶĞŶƚƐĂŶĚƚŚĞƉĂƌĞŶƚͬĐŽŵƉĂŶLJ͘ ƚŚĞŽŵƉĂŶLJŚĂƐĂƉƌĞƐĞŶƚŽďůŝŐĂƟŽŶƚŽƉĂLJĂƐĂ ĐŽŵƉŽŶĞŶƚƐ͕ ǁŚĞƌĞŝŶ ŝƚ ĂŶŶƵĂůůLJ ĐŽŶƚƌŝďƵƚĞƐ   KƚŚĞƌ>ŽŶŐͲƚĞƌŵŵƉůŽLJĞĞĞŶĞĮƚƐ ƌĞƐƵůƚŽĨƚŚĞĞŵƉůŽLJĞĞ͛ƐƐĞƌǀŝĐĞƐĂŶĚƚŚĞŽďůŝŐĂƟŽŶ Ă ƐƵŵ ĞƋƵŝǀĂůĞŶƚ ƚŽ Ă ĚĞĮŶĞĚ ƉĞƌĐĞŶƚĂŐĞ ŽĨ   ďͿ WŽƐƚͲZĞƟƌĞŵĞŶƚWĞŶƐŝŽŶ^ĐŚĞŵĞĂŶĚ   dŚĞ 'ƌŽƵƉ ƉƌŽǀŝĚĞƐ ĨŽƌ ĞŶĐĂƐŚŵĞŶƚ ŽĨ ůĞĂǀĞ ĐĂŶďĞŵĞĂƐƵƌĞĚƌĞůŝĂďůLJ͘dŚĞĂĐĐƌƵĂůƐŚĂǀĞďĞĞŶ ƚŚĞĞůŝŐŝďůĞĞŵƉůŽLJĞĞ͛ƐĂŶŶƵĂůďĂƐŝĐƐĂůĂƌLJƚŽĂ DĞĚŝĐĂůĞŶĞĮƚƐ Žƌ ůĞĂǀĞ ǁŝƚŚ ƉĂLJ ƐƵďũĞĐƚ ƚŽ ĐĞƌƚĂŝŶ ƌƵůĞƐ͘ dŚĞ calculated at undiscounted amounts based on ĨƵŶĚĂĚŵŝŶŝƐƚĞƌĞĚďLJƚŚĞƚƌƵƐƚĞĞƐ͘dŚĞ'ƌŽƵƉ dŚĞŶĞƚƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞ'ƌŽƵƉ͛ƐŽďůŝŐĂƟŽŶ employees are entitled to accumulate leave ĐƵƌƌĞŶƚƐĂůĂƌLJůĞǀĞůƐĂƚƚŚĞĂůĂŶĐĞ^ŚĞĞƚĚĂƚĞ͘ ƌĞĐŽŐŶŝƐĞƐƐƵĐŚĐŽŶƚƌŝďƵƟŽŶƐĂƐĂŶĞdžƉĞŶƐĞŝŶ ƚŽǁĂƌĚƐ ƉŽƐƚ ƌĞƟƌĞŵĞŶƚ ƉĞŶƐŝŽŶ ƐĐŚĞŵĞ ƐƵďũĞĐƚ ƚŽ ĐĞƌƚĂŝŶ ůŝŵŝƚƐ ĨŽƌ ĨƵƚƵƌĞ ĞŶĐĂƐŚŵĞŶƚ

206 Annual Report 2017-18 207 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018 ͬ ĂǀĂŝůŵĞŶƚ͘ dŚĞ ŽŵƉĂŶLJ ŵĂŬĞƐ ƉƌŽǀŝƐŝŽŶ ĨŽƌ  dŚĞĞƐƟŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐŽĨƚŚĞĂƐƐĞƚƐĂƌĞĂƐĨŽůůŽǁƐ͗ Class of Asset ƐƟŵĂƚĞĚhƐĞĨƵů>ŝĨĞ ŝŵƉĂŝƌŵĞŶƚ͘ƐƐĞƚƐƚŚĂƚĂƌĞƐƵďũĞĐƚƚŽĂŵŽƌƟƐĂƟŽŶĂƌĞ compensated absences based on an independent >ŽŶŐƚĞƌŵůĞĂƐĞŚŽůĚƉƌŽƉĞƌƚLJ KǀĞƌƚŚĞƚĞƌŵŽĨůĞĂƐĞ ƌĞǀŝĞǁĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚǁŚĞŶĞǀĞƌĞǀĞŶƚƐŽƌĐŚĂŶŐĞƐŝŶ ĂĐƚƵĂƌŝĂůǀĂůƵĂƚŝŽŶĐĂƌƌŝĞĚŽƵƚĂƚƚŚĞĞŶĚŽĨƚŚĞ Class of Assets ƐƟŵĂƚĞĚhƐĞĨƵů>ŝĨĞ WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ ϱƚŽϮϬLJĞĂƌƐ circumstances indicate that the carrying amount may not LJĞĂƌ͘ĐƚƵĂƌŝĂůŐĂŝŶƐĂŶĚůŽƐƐĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶ ďĞƌĞĐŽǀĞƌĂďůĞ͘ŶŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐƌĞĐŽŐŶŝƐĞĚĨŽƌƚŚĞ ƵŝůĚŝŶŐ ϲϬƚŽϴϬLJĞĂƌƐ ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĨŝƚĂŶĚ>ŽƐƐ͘ ůĞĐƚƌŝĐĂů/ŶƐƚĂůůĂƟŽŶĂŶĚ ϮϬLJĞĂƌƐ ĂŵŽƵŶƚďLJǁŚŝĐŚƚŚĞĂƐƐĞƚ͛ƐĐĂƌƌLJŝŶŐĂŵŽƵŶƚĞdžĐĞĞĚƐŝƚƐ WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ ϱƚŽϮϬLJĞĂƌƐ ƋƵŝƉŵĞŶƚ ƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘ ;ŐͿ WƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚƋƵŝƉŵĞŶƚ ůĞĐƚƌŝĐĂů/ŶƐƚĂůůĂƟŽŶĂŶĚ ϮϬLJĞĂƌƐ  WƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĂƌĞ ƐƚĂƚĞĚ Ăƚ ĐŽƐƚ ůĞƐƐ ƋƵŝƉŵĞŶƚ  /Ŷ ƌĞƐƉĞĐƚ ŽĨ >ĞĂƐĞŚŽůĚ ƵŝůĚŝŶŐƐ͕ ĚĞƉƌĞĐŝĂƟŽŶ ŽŶ  ZĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŝƐƚŚĞŚŝŐŚĞƌŽĨĨĂŝƌǀĂůƵĞůĞƐƐĐŽƐƚƐ ĂĐĐƵŵƵůĂƚĞĚ ĚĞƉƌĞĐŝĂƟŽŶ ;ŽƚŚĞƌ ƚŚĂŶ ĨƌĞĞŚŽůĚ ůĂŶĚͿ ,ŽƚĞůtŽŽĚĞŶ&ƵƌŶŝƚƵƌĞ ϭϱLJĞĂƌƐ ďƵŝůĚŝŶŐƐ ŽŶ ůĞĂƐĞĚ ƉƌŽƉĞƌƟĞƐ ŝƐ ďĂƐĞĚ ŽŶ ƚŚĞ ƚĞŶƵƌĞ ŽĨĚŝƐƉŽƐĂůĂŶĚǀĂůƵĞŝŶƵƐĞ͘/ŶĂƐƐĞƐƐŝŶŐǀĂůƵĞŝŶƵƐĞ͕ ĂŶĚĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͕ŝĨĂŶLJ͘ ŶĚhƐĞƌĚĞǀŝĐĞƐʹŽŵƉƵƚĞƌƐ͕ ϲLJĞĂƌƐ ǁŚŝĐŚŝƐůŽǁĞƌŽĨƚŚĞůŝĨĞŽĨƚŚĞďƵŝůĚŝŶŐƐŽƌƚŚĞĞdžƉĞĐƚĞĚ ƚŚĞĞƐƟŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚŇŽǁƐĂƌĞĚŝƐĐŽƵŶƚĞĚƚŽƚŚĞŝƌ >ĂƉƚŽƉƐĞƚĐ͘ ůĞĂƐĞƉĞƌŝŽĚ͘/ŵƉƌŽǀĞŵĞŶƚƐƚŽďƵŝůĚŝŶŐƐĂƌĞĚĞƉƌĞĐŝĂƚĞĚ ƉƌĞƐĞŶƚǀĂůƵĞƵƐŝŶŐĂƉƌĞͲƚĂdžĚŝƐĐŽƵŶƚƌĂƚĞƚŚĂƚƌĞŇĞĐƚƐ  ůů ƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĂƌĞ ŝŶŝƚŝĂůůLJ ŽŶƚŚĞďĂƐŝƐŽĨƚŚĞŝƌĞƐƟŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐ͘&ƌĞĞŚŽůĚůĂŶĚ ĐƵƌƌĞŶƚŵĂƌŬĞƚĂƐƐĞƐƐŵĞŶƚƐŽĨƚŚĞƟŵĞǀĂůƵĞŽĨŵŽŶĞLJ ƌĞĐŽƌĚĞĚ Ăƚ ĐŽƐƚ͘ ŽƐƚ ŝŶĐůƵĚĞƐ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ĐŽƐƚ KƉĞƌĂƟŶŐƐƵƉƉůŝĞƐ;ŝƐƐƵĞĚŽŶ ϮƚŽϯLJĞĂƌƐ ŝƐŶŽƚĚĞƉƌĞĐŝĂƚĞĚ͘ ĂŶĚƚŚĞƌŝƐŬƐƐƉĞĐŝĮĐƚŽƚŚĞĂƐƐĞƚĨŽƌǁŚŝĐŚƚŚĞĞƐƟŵĂƚĞƐ ŽƌƚŚĞĐŽƐƚŽĨĐŽŶƐƚƌƵĐƚŝŽŶ͕ŝŶĐůƵĚŝŶŐĚƵƚŝĞƐĂŶĚŶŽŶͲ ŽƉĞŶŝŶŐŽĨĂŶĞǁŚŽƚĞůƉƌŽƉĞƌƚLJͿ ŽĨĨƵƚƵƌĞĐĂƐŚŇŽǁƐŚĂǀĞŶŽƚďĞĞŶĂĚũƵƐƚĞĚ͘ ƌĞĨƵŶĚĂďůĞƚĂdžĞƐ͕ĞdžƉĞŶƐĞƐĚŝƌĞĐƚůLJƌĞůĂƚĞĚƚŽďƌŝŶŐŝŶŐ KƚŚĞƌŵŝƐĐĞůůĂŶĞŽƵƐŚŽƚĞůĂƐƐĞƚƐ ϰLJĞĂƌƐ ;ŚͿ /ŶƚĂŶŐŝďůĞƐƐĞƚƐ the asset to the location and condition necessary  /ŶƚĂŶŐŝďůĞĂƐƐĞƚƐŝŶĐůƵĚĞĐŽƐƚŽĨĂĐƋƵŝƌĞĚƐŽŌǁĂƌĞĂŶĚ  /ĨƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨĂŶĂƐƐĞƚ;ŽƌĐĂƐŚͲŐĞŶĞƌĂƟŶŐ ĨŽƌ ŵĂŬŝŶŐ ƚŚĞŵ ŽƉĞƌĂƚŝŽŶĂů ĨŽƌ ƚŚĞŝƌ ŝŶƚĞŶĚĞĚ ƵƐĞ  /ŶƌĞƐƉĞĐƚŽĨďƵŝůĚŝŶŐƐŽŶůĞĂƐĞŚŽůĚůĂŶĚ͕ĚĞƉƌĞĐŝĂƚŝŽŶ ĚĞƐŝŐŶƐ͕ĐŽƐƚŝŶĐƵƌƌĞĚĨŽƌĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞŽŵƉĂŶLJ͛Ɛ ƵŶŝƚͿŝƐĞƐƟŵĂƚĞĚƚŽďĞůĞƐƐƚŚĂŶŝƚƐĐĂƌƌLJŝŶŐĂŵŽƵŶƚ͕ƚŚĞ ĂŶĚ͕ŝŶƚŚĞĐĂƐĞŽĨƋƵĂůŝĨLJŝŶŐĂƐƐĞƚƐ͕ƚŚĞĂƚƚƌŝďƵƚĂďůĞ ŝƐďĂƐĞĚŽŶƚŚĞƚĞŶƵƌĞǁŚŝĐŚŝƐůŽǁĞƌŽĨƚŚĞůŝĨĞŽĨƚŚĞ ǁĞďƐŝƚĞĂŶĚĐĞƌƚĂŝŶĐŽŶƚƌĂĐƚĂĐƋƵŝƐŝƟŽŶĐŽƐƚƐŝŶĐůƵĚŝŶŐ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ĂƐƐĞƚ ;Žƌ ĐĂƐŚͲŐĞŶĞƌĂƟŶŐ ƵŶŝƚͿ ŝƐ ďŽƌƌŽǁŝŶŐ ĐŽƐƚƐ ;ƌĞĨĞƌ ŶŽƚĞ ŶŽ͘ Ϯ;ƉͿ ďĞůŽǁͿ͘ /ŶŝƚŝĂů ďƵŝůĚŝŶŐƐŽƌƚŚĞĞdžƉĞĐƚĞĚůĞĂƐĞƉĞƌŝŽĚ͘/ŵƉƌŽǀĞŵĞŶƚƐ ƚŚĞůĞĂƐĞƌŝŐŚƚƐĂĐƋƵŝƐŝƟŽŶĐŽƐƚƐ͘/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂƌĞ ƌĞĚƵĐĞĚƚŽŝƚƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘ŶŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐ ĞƐƚŝŵĂƚĞ ŽĨ ĐŽƐƚƐ ŽĨ ĚŝƐŵĂŶƚůŝŶŐ ĂŶĚ ƌĞŵŽǀŝŶŐ ƚŚĞ to leasehold buildings are depreciated on the basis ŝŶŝƟĂůůLJ ŵĞĂƐƵƌĞĚ Ăƚ ĂĐƋƵŝƐŝƟŽŶ ĐŽƐƚ ŝŶĐůƵĚŝŶŐ ĂŶLJ ƌĞĐŽŐŶŝƐĞĚŝŵŵĞĚŝĂƚĞůLJŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ŝƚĞŵ ĂŶĚ ƌĞƐƚŽƌŝŶŐ ƚŚĞ ƐŝƚĞ ŽŶ ǁŚŝĐŚ ŝƚ ŝƐ ůŽĐĂƚĞĚ ŝƐ ŽĨƚŚĞŝƌĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐŽƌƚŚĞĞdžƉĞĐƚĞĚůĞĂƐĞ ĚŝƌĞĐƚůLJĂƩƌŝďƵƚĂďůĞĐŽƐƚƐŽĨƉƌĞƉĂƌŝŶŐƚŚĞĂƐƐĞƚĨŽƌŝƚƐ ĂůƐŽ ŝŶĐůƵĚĞĚ ŝĨ ƚŚĞƌĞ ŝƐ ĂŶ ŽďůŝŐĂƚŝŽŶ ƚŽ ƌĞƐƚŽƌĞ ŝƚ͘ ƉĞƌŝŽĚ͕ ǁŚŝĐŚĞǀĞƌ ŝƐ ůŽǁĞƌ͘ &ƌĞĞŚŽůĚ ůĂŶĚ ŝƐ ŶŽƚ ŝŶƚĞŶĚĞĚƵƐĞ͘  tŚĞŶĂŶ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ƐƵďƐĞƋƵĞŶƚůLJ ƌĞǀĞƌƐĞƐ͕ ƚŚĞ &ŝƌƐƚƚŝŵĞŝƐƐƵĞƐŽĨŽƉĞƌĂƚŝŶŐƐƵƉƉůŝĞƐĨŽƌĂŶĞǁŚŽƚĞů ĚĞƉƌĞĐŝĂƚĞĚ͘ ĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĂƐƐĞƚ;ŽƌĂĐĂƐŚͲŐĞŶĞƌĂƟŶŐƵŶŝƚͿ ƉƌŽƉĞƌƚLJ͕ĐŽŶƐŝƐƚŝŶŐŽĨůŝŶĞŶĂŶĚĐŚŝŶĂǁĂƌĞ͕ŐůĂƐƐǁĂƌĞ  džƉĞŶĚŝƚƵƌĞ ŽŶ ƉƌŽũĞĐƚƐ ǁŚŝĐŚ ĂƌĞ ŶŽƚ LJĞƚ ƌĞĂĚLJ ĨŽƌ ŝƐ ŝŶĐƌĞĂƐĞĚ ƚŽ ƚŚĞ ƌĞǀŝƐĞĚ ĞƐƟŵĂƚĞ ŽĨ ŝƚƐ ƌĞĐŽǀĞƌĂďůĞ ĂŶĚƐŝůǀĞƌǁĂƌĞ;'^ͿĂƌĞĐĂƉŝƚĂůŝƐĞĚĂŶĚĚĞƉƌĞĐŝĂƚĞĚ  dŚĞ ĂƐƐĞƚƐ͛ ƵƐĞĨƵů ůŝǀĞƐ ĂŶĚ ƌĞƐŝĚƵĂů ǀĂůƵĞƐ ĂƌĞ intended use are carried as intangible assets under ĂŵŽƵŶƚ͕ ƐŽ ƚŚĂƚ ƚŚĞ ŝŶĐƌĞĂƐĞĚ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ĚŽĞƐ ŽǀĞƌƚŚĞŝƌĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝĨĞ͘ ƌĞǀŝĞǁĞĚĂƚƚŚĞĂůĂŶĐĞ^ŚĞĞƚĚĂƚĞĂŶĚƚŚĞĞĨĨĞĐƚƐ ĚĞǀĞůŽƉŵĞŶƚ͘ ŶŽƚĞdžĐĞĞĚƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƚŚĂƚǁŽƵůĚŚĂǀĞďĞĞŶ ŽĨĂŶLJĐŚĂŶŐĞƐŝŶĞƐƚŝŵĂƚĞƐĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌŽŶĂ determined had no impairment loss been recognised  ^ƵďƐĞƋƵĞŶƚĞdžƉĞŶĚŝƚƵƌĞƌĞůĂƟŶŐƚŽƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚ ƉƌŽƐƉĞĐƚŝǀĞďĂƐŝƐ͘  /ŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ ǁŝƚŚ ĮŶŝƚĞ ůŝǀĞƐ ĂƌĞ ĂŵŽƌƟƐĞĚ ŽǀĞƌ ĨŽƌƚŚĞĂƐƐĞƚ;ŽƌĐĂƐŚͲŐĞŶĞƌĂƟŶŐƵŶŝƚͿŝŶƉƌŝŽƌLJĞĂƌƐ͘ ĞƋƵŝƉŵĞŶƚ ŝƐ ĐĂƉŝƚĂůŝƐĞĚ ŽŶůLJ ǁŚĞŶ ŝƚ ŝƐ ƉƌŽďĂďůĞ ƚŚĂƚ ƚŚĞŝƌ ĞƐƟŵĂƚĞĚ ƵƐĞĨƵů ĞĐŽŶŽŵŝĐ ůŝĨĞ ĂŶĚ ĂƐƐĞƐƐĞĚ ĨŽƌ ƌĞǀĞƌƐĂůŽĨĂŶŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐƌĞĐŽŐŶŝƐĞĚŝŵŵĞĚŝĂƚĞůLJ ĨƵƚƵƌĞĞĐŽŶŽŵŝĐďĞŶĞĮƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞƐĞǁŝůůŇŽǁ  Ŷ ŝƚĞŵ ŽĨ ƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ŝƐ ŝŵƉĂŝƌŵĞŶƚ ǁŚĞŶĞǀĞƌ ƚŚĞƌĞ ŝƐ ĂŶ ŝŶĚŝĐĂƟŽŶ ƚŚĂƚ ƚŚĞ ŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ƚŽƚŚĞ'ƌŽƵƉĂŶĚƚŚĞĐŽƐƚŽĨƚŚĞŝƚĞŵĐĂŶďĞŵĞĂƐƵƌĞĚ ĚĞƌĞĐŽŐŶŝƐĞĚ ƵƉŽŶ ĚŝƐƉŽƐĂů Žƌ ǁŚĞŶ ŶŽ ĨƵƚƵƌĞ ŝŶƚĂŶŐŝďůĞĂƐƐĞƚŵĂLJďĞŝŵƉĂŝƌĞĚ͘/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐǁŝƚŚ ƌĞůŝĂďůLJ͘ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ ĂƌĞ ĞdžƉĞĐƚĞĚ ƚŽ ĂƌŝƐĞ ĨƌŽŵ ƚŚĞ ŝŶĚĞĮŶŝƚĞƵƐĞĨƵůůŝǀĞƐĂƌĞƚĞƐƚĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚĂƚůĞĂƐƚ ;ũͿ &ŽƌĞŝŐŶƵƌƌĞŶĐLJdƌĂŶƐůĂƟŽŶ ĐŽŶƚŝŶƵĞĚƵƐĞŽĨƚŚĞĂƐƐĞƚ͘ŶLJŐĂŝŶŽƌůŽƐƐĂƌŝƐŝŶŐ ĂŶŶƵĂůůLJ͕ĂŶĚǁŚĞŶĞǀĞƌƚŚĞƌĞŝƐĂŶŝŶĚŝĐĂƟŽŶƚŚĂƚƚŚĞ  &ƵŶĐƟŽŶĂůĂŶĚƉƌĞƐĞŶƚĂƟŽŶĐƵƌƌĞŶĐLJ  Ŷ ĂƐƐĞƚ͛Ɛ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŝƐ ǁƌŝƚƚĞŶ ĚŽǁŶ ŽŶƚŚĞĚŝƐƉŽƐĂůŽƌƌĞƚŝƌĞŵĞŶƚŽĨĂŶŝƚĞŵŽĨƉƌŽƉĞƌƚLJ͕ ĂƐƐĞƚŵĂLJďĞŝŵƉĂŝƌĞĚ͘dŚĞĞƐƟŵĂƚĞĚƵƐĞĨƵůůŝĨĞƵƐĞĚĨŽƌ  dŚĞĨƵŶĐƟŽŶĂů ĐƵƌƌĞŶĐLJ ĂŶĚ ƉƌĞƐĞŶƚĂƟŽŶ ĐƵƌƌĞŶĐLJ ŽĨ ŝŵŵĞĚŝĂƚĞůLJƚŽŝƚƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŝĨƚŚĞĂƐƐĞƚ͛Ɛ ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŝƐĚĞƚĞƌŵŝŶĞĚĂƐƚŚĞĚŝĨĨĞƌĞŶĐĞ ĂŵŽƌƟƐŝŶŐĨŽƌŽƚŚĞƌŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐŝƐĂƐƵŶĚĞƌ͗ ƚŚĞŽŵƉĂŶLJŝƐ/ŶĚŝĂŶZƵƉĞĞ;`Ϳ͘ carrying amount is greater that its estimated ďĞƚǁĞĞŶƚŚĞƐĂůĞƐƉƌŽĐĞĞĚƐĂŶĚƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚ ƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘ ŽĨ ƚŚĞ ĂƐƐĞƚ ĂŶĚ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ Class of Assets ƐƟŵĂƚĞĚhƐĞĨƵů>ŝĨĞ  /ŶŝƟĂůZĞĐŽŐŶŝƟŽŶ WƌŽĨŝƚ ĂŶĚ >ŽƐƐ͘ WƌŽƉŽƌƚŝŽŶĂƚĞ ĚĞƉƌĞĐŝĂƚŝŽŶ ŝƐ  KŶŝŶŝƟĂů ƌĞĐŽŐŶŝƟŽŶ͕ Ăůů ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ ƚƌĂŶƐĂĐƟŽŶƐ tĞďƐŝƚĞĞǀĞůŽƉŵĞŶƚŽƐƚ ϱLJĞĂƌƐ  /ŶĚŝĂŶŶƟƟĞƐ ĐŚĂƌŐĞĚĨŽƌƚŚĞĂĚĚŝƚŝŽŶĂŶĚĚŝƐƉŽƐĂůŵĂĚĞĚƵƌŝŶŐ ĂƌĞƌĞĐŽƌĚĞĚďLJĂƉƉůLJŝŶŐƚŽƚŚĞĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĂŵŽƵŶƚ  ĞƉƌĞĐŝĂƚŝŽŶ ŝƐ ĐŚĂƌŐĞĚ ƚŽ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĨŝƚ ĂŶĚ ƚŚĞLJĞĂƌ͘ ^ŽŌǁĂƌĞĂŶĚ>ŝĐĞŶĐĞƐ ϲLJĞĂƌƐ ƚŚĞĞdžĐŚĂŶŐĞƌĂƚĞďĞƚǁĞĞŶƚŚĞƌĞƉŽƌƟŶŐĐƵƌƌĞŶĐLJĂŶĚ >ŽƐƐƐŽĂƐƚŽĞdžƉĞŶƐĞƚŚĞĐŽƐƚŽĨĂƐƐĞƚƐ;ŽƚŚĞƌƚŚĂŶ ^ĞƌǀŝĐĞĂŶĚKƉĞƌĂƟŶŐZŝŐŚƚƐ ϭϬLJĞĂƌƐ ƚŚĞĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĂƚƚŚĞĚĂƚĞŽĨƚŚĞƚƌĂŶƐĂĐƟŽŶ͘ ĨƌĞĞŚŽůĚůĂŶĚĂŶĚƉƌŽƉĞƌƚŝĞƐƵŶĚĞƌĐŽŶƐƚƌƵĐƚŝŽŶͿůĞƐƐ  ĂƉŝƚĂůǁŽƌŬŝŶƉƌŽŐƌĞƐƐƌĞƉƌĞƐĞŶƚƐƉƌŽũĞĐƚƐƵŶĚĞƌǁŚŝĐŚ >ĞĂƐĞŚŽůĚƉƌŽƉĞƌƚLJƌŝŐŚƚƐ KǀĞƌƚŚĞƚĞƌŵŽĨůĞĂƐĞ ƚŚĞŝƌƌĞƐŝĚƵĂůǀĂůƵĞƐŽǀĞƌƚŚĞŝƌƵƐĞĨƵůůŝǀĞƐ͕ƵƐŝŶŐƚŚĞ ƚŚĞƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ͛ƐĂƌĞŶŽƚLJĞƚƌĞĂĚLJ  ^ƵďƐĞƋƵĞŶƚZĞĐŽŐŶŝƟŽŶ ƐƚƌĂŝŐŚƚůŝŶĞŵĞƚŚŽĚ͕ĂƐƉĞƌƚŚĞƵƐĞĨƵůůŝĨĞƉƌĞƐĐƌŝďĞĚ ĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƵƐĞĂŶĚĂƌĞĐĂƌƌŝĞĚĂƚĐŽƐƚĚĞƚĞƌŵŝŶĞĚ  ƐĂƚ ƚŚĞ ƌĞƉŽƌƟŶŐ ĚĂƚĞ͕ ŶŽŶͲŵŽŶĞƚĂƌLJ ŝƚĞŵƐ ǁŚŝĐŚ  ŶŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐŝƐĚĞƌĞĐŽŐŶŝƐĞĚŽŶĚŝƐƉŽƐĂů͕ŽƌǁŚĞŶ ŝŶ^ĐŚĞĚƵůĞ//ƚŽƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯĞdžĐĞƉƚŝŶ ĂƐĂĨŽƌĞƐĂŝĚ͘ are carried at historical cost and denominated in a ŶŽ ĨƵƚƵƌĞ ĞĐŽŶŽŵŝĐ ďĞŶĞĮƚƐ ĂƌĞ ĞdžƉĞĐƚĞĚ ƚŽ ĂƌŝƐĞ ĨƌŽŵ ƌĞƐƉĞĐƚŽĨƚŚĞĨŽůůŽǁŝŶŐĐĂƚĞŐŽƌŝĞƐŽĨĂƐƐĞƚƐ͕ŝŶǁŚŽƐĞ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ ĂƌĞ ƌĞƉŽƌƚĞĚ ƵƐŝŶŐ ƚŚĞ ĞdžĐŚĂŶŐĞ ƌĂƚĞ ƚŚĞ ĐŽŶƟŶƵĞĚ ƵƐĞ ŽĨ ƚŚĞ ĂƐƐĞƚ͘ 'ĂŝŶƐ Žƌ ůŽƐƐĞƐ ĂƌŝƐŝŶŐ ĐĂƐĞ ƚŚĞ ůŝĨĞ ŽĨ ƚŚĞ ĂƐƐĞƚƐ ŚĂĚ ďĞĞŶ ƌĞͲĂƐƐĞƐƐĞĚ ĂƐ  /ŶƚĞƌŶĂƟŽŶĂůŶƟƟĞƐ ĂƚƚŚĞĚĂƚĞŽĨƚŚĞƚƌĂŶƐĂĐƟŽŶ͘ůůŶŽŶͲŵŽŶĞƚĂƌLJŝƚĞŵƐ ĨƌŽŵ ĚĞƌĞĐŽŐŶŝƟŽŶ ŽĨ ĂŶ ŝŶƚĂŶŐŝďůĞ ĂƐƐĞƚ͕ ŵĞĂƐƵƌĞĚ ĂƐ ƵŶĚĞƌ ďĂƐĞĚ ŽŶ ƚĞĐŚŶŝĐĂů ĞǀĂůƵĂƚŝŽŶ͕ ƚĂŬŝŶŐ ŝŶƚŽ  ĞƉƌĞĐŝĂƟŽŶŽŶĂƐƐĞƚƐŝƐƉƌŽǀŝĚĞĚĂƚ^ƚƌĂŝŐŚƚ>ŝŶĞDĞƚŚŽĚ ǁŚŝĐŚĂƌĞĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞĚĞŶŽŵŝŶĂƚĞĚŝŶĂĨŽƌĞŝŐŶ ƚŚĞĚŝīĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞŶĞƚĚŝƐƉŽƐĂůƉƌŽĐĞĞĚƐĂŶĚƚŚĞ ĂĐĐŽƵŶƚƚŚĞŶĂƚƵƌĞŽĨƚŚĞĂƐƐĞƚ͕ƚŚĞĞƐƚŝŵĂƚĞĚƵƐĂŐĞ ;^>DͿďĂƐĞĚŽŶƚŚĞĞƐƟŵĂƚĞĚƵƐĞĨƵůůŝĨĞĚĞƚĂŝůĞĚďĞůŽǁ͘ currency are retranslated at the rates prevailing at ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ĂƐƐĞƚ͕ ĂŶĚ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƚŚĞ ŽĨ ƚŚĞ ĂƐƐĞƚ͕ ƚŚĞ ŽƉĞƌĂƚŝŶŐ ĐŽŶĚŝƚŝŽŶƐ ŽĨ ƚŚĞ ĂƐƐĞƚ͕ /ŶƌĞƐƉĞĐƚŽĨŝŵƉƌŽǀĞŵĞŶƚƐŝŶƚŚĞŶĂƚƵƌĞŽĨƐƚƌƵĐƚƵƌĂů ƚŚĞĚĂƚĞǁŚĞŶƚŚĞĨĂŝƌǀĂůƵĞǁĂƐĚĞƚĞƌŵŝŶĞĚ͘&ŽƌĞŝŐŶ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐǁŚĞŶƚŚĞĂƐƐĞƚŝƐĚĞƌĞĐŽŐŶŝƐĞĚ͘ ƉĂƐƚŚŝƐƚŽƌLJŽĨƌĞƉůĂĐĞŵĞŶƚ͕ĂŶƚŝĐŝƉĂƚĞĚƚĞĐŚŶŽůŽŐŝĐĂů ĐŚĂŶŐĞƐĂŶĚŵĂũŽƌƌĞĨƵƌďŝƐŚŵĞŶƚƚŽďƵŝůĚŝŶŐƐŽĐĐƵƉŝĞĚ ĐƵƌƌĞŶĐLJ ĚĞŶŽŵŝŶĂƚĞĚ ŵŽŶĞƚĂƌLJ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ ĐŚĂŶŐĞƐ͕ŵĂŶƵĨĂĐƚƵƌĞƌƐ͛ǁĂƌƌĂŶƚŝĞƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞ ŽŶůĞĂƐĞ͕ĚĞƉƌĞĐŝĂƟŽŶŝƐƉƌŽǀŝĚĞĚĨŽƌŽǀĞƌƚŚĞƉĞƌŝŽĚŽĨ are translated at the exchange rate prevailing on the ;ŝͿ /ŵƉĂŝƌŵĞŶƚŽĨƐƐĞƚƐ ƐƵƉƉŽƌƚ͕ĞƚĐ͘ ƚŚĞůĞĂƐĞ͘ ĂůĂŶĐĞ ^ŚĞĞƚ ĚĂƚĞ ĂŶĚ ĞdžĐŚĂŶŐĞ ŐĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ  'ŽŽĚǁŝůů ǁŚŝĐŚ ŚĂƐ ĂŶ ŝŶĚĞĮŶŝƚĞ ƵƐĞĨƵů ůŝĨĞ ŝƐ ŶŽƚ ĂƌŝƐŝŶŐŽŶƐĞƩůĞŵĞŶƚĂŶĚƌĞƐƚĂƚĞŵĞŶƚĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶ ƐƵďũĞĐƚ ƚŽ ĂŵŽƌƟƐĂƟŽŶ ĂŶĚ ŝƐ ƚĞƐƚĞĚ ĂŶŶƵĂůůLJ ĨŽƌ ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘/ŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞƐ

208 Annual Report 2017-18 209 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018 ŝŶ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐŝĞƐ ĂƌĞ ƌĞĐŽƌĚĞĚ Ăƚ ĞdžĐŚĂŶŐĞ ƌĂƚĞƐ ŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐůĞƐƐƚŚĞĞƐƟŵĂƚĞĚĐŽƐƚƐŽĨ ĂŶĂƐƐĞƚŽƌůŝĂďŝůŝƚLJŝŶĂƚƌĂŶƐĂĐƟŽŶŽƚŚĞƌƚŚĂŶĂďƵƐŝŶĞƐƐ ŽĨůĂǁ͕ŽƌĐŽŶƐƚƌƵĐƟǀĞďĞĐĂƵƐĞƚŚĞ'ƌŽƵƉĐƌĞĂƚĞĚǀĂůŝĚ ƉƌĞǀĂŝůŝŶŐŽŶƚŚĞĚĂƚĞŽĨƚŚĞƚƌĂŶƐĂĐƟŽŶ͘ ĐŽŵƉůĞƟŽŶĂŶĚƐĞůůŝŶŐĞdžƉĞŶƐĞƐ͘ŽƐƚŝŶĐůƵĚĞƐƚŚĞĐŽƐƚ ĐŽŵďŝŶĂƟŽŶ ƚŚĂƚ Ăƚ ƚŚĞ ƟŵĞ ŽĨ ƚŚĞ ƚƌĂŶƐĂĐƟŽŶ ĂīĞĐƚƐ ĞdžƉĞĐƚĂƟŽŶƐ ŽŶ ƚŚĞ ƉĂƌƚ ŽĨ ƚŚŝƌĚ ƉĂƌƟĞƐ ďLJ ĂĐĐĞƉƟŶŐ ŽĨĨĂŝƌǀĂůƵĞŽĨĐŽŶƐŝĚĞƌĂƟŽŶƉĂŝĚŝŶĐůƵĚŝŶŐĚƵƟĞƐĂŶĚ ŶĞŝƚŚĞƌĂĐĐŽƵŶƟŶŐƉƌŽĮƚŶŽƌƚĂdžĂďůĞƉƌŽĮƚƐͬ;ƚĂdžĂďůĞůŽƐƐͿ͘ ĐĞƌƚĂŝŶ ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ͘ dŽƌĞĐŽƌĚ ƐƵĐŚ ĂŶ ŽďůŝŐĂƟŽŶ ŝƚ  dƌĂŶƐůĂƟŽŶŽĨĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨĨŽƌĞŝŐŶ ƚĂdžĞƐ;ŽƚŚĞƌƚŚĂŶƚŚŽƐĞƌĞĨƵŶĚĂďůĞͿ͕ŝŶǁĂƌĚĨƌĞŝŐŚƚ͕ĂŶĚ ŵƵƐƚďĞƉƌŽďĂďůĞƚŚĂƚĂŶŽƵƞůŽǁŽĨƌĞƐŽƵƌĐĞƐǁŝůůďĞ ŽƉĞƌĂƟŽŶƐ ŽƚŚĞƌĞdžƉĞŶĚŝƚƵƌĞĚŝƌĞĐƚůLJĂƩƌŝďƵƚĂďůĞƚŽƚŚĞƉƵƌĐŚĂƐĞ͘  ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚŝƚŝƐ ƌĞƋƵŝƌĞĚƚŽƐĞƩůĞƚŚĞŽďůŝŐĂƟŽŶĂŶĚĂƌĞůŝĂďůĞĞƐƟŵĂƚĞ  ƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐŽĨĨŽƌĞŝŐŶĞŶƟƟĞƐĂƌĞƚƌĂŶƐůĂƚĞĚŝŶƚŽ dƌĂĚĞĚŝƐĐŽƵŶƚƐĂŶĚƌĞďĂƚĞƐĂƌĞĚĞĚƵĐƚĞĚŝŶĚĞƚĞƌŵŝŶŝŶŐ ƉƌŽďĂďůĞƚŚĂƚĨƵƚƵƌĞƚĂdžĂďůĞƉƌŽĮƚǁŝůůďĞĂǀĂŝůĂďůĞĂŐĂŝŶƐƚ ĐĂŶ ďĞ ŵĂĚĞ ĨŽƌ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ŽďůŝŐĂƟŽŶ͘ dŚĞ /ŶĚŝĂŶZƵƉĞĞƐŽŶƚŚĞďĂƐŝƐŽĨƚŚĞĐůŽƐŝŶŐĞdžĐŚĂŶŐĞƌĂƚĞƐĂƐ ƚŚĞĐŽƐƚŽĨƉƵƌĐŚĂƐĞ͘ ǁŚŝĐŚƚŚĞĚĞĚƵĐƟďůĞƚĞŵƉŽƌĂƌLJĚŝīĞƌĞŶĐĞƐĂŶĚƚŚĞĐĂƌƌLJ amount recognised as a provision and the indicated ĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ͘/ŶĐŽŵĞĂŶĚĞdžƉĞŶĚŝƚƵƌĞĂŶĚĐĂƐŚ ĨŽƌǁĂƌĚŽĨƵŶƵƐĞĚƚĂdžĐƌĞĚŝƚƐĂŶĚƵŶƵƐĞĚƚĂdžůŽƐƐĞƐĐĂŶďĞ ƟŵĞ ƌĂŶŐĞ ŽĨ ƚŚĞ ŽƵƞůŽǁ ŽĨ ĞĐŽŶŽŵŝĐ ďĞŶĞĮƚƐ ĂƌĞ ŇŽǁĂƌĞŐĞŶĞƌĂůůLJƚƌĂŶƐůĂƚĞĚƵƐŝŶŐĂǀĞƌĂŐĞĞdžĐŚĂŶŐĞƌĂƚĞƐ ;ŵͿ 'ŽǀĞƌŶŵĞŶƚ'ƌĂŶƚƐ ƵƟůŝƐĞĚ͘dŚĞƌĞĨŽƌĞ͕ŝŶĐĂƐĞŽĨĂŚŝƐƚŽƌLJŽĨƌĞĐĞŶƚůŽƐƐĞƐ͕ƚŚĞ ƚŚĞ ďĞƐƚ ĞƐƟŵĂƚĞ ;ŵŽƐƚ ƉƌŽďĂďůĞ ŽƵƚĐŽŵĞͿ ŽĨ ƚŚĞ ĨŽƌƚŚĞƉĞƌŝŽĚƵŶůĞƐƐƚŚŽƐĞƌĂƚĞƐĚŽŶŽƚĂƉƉƌŽdžŝŵĂƚĞƚŚĞ  'ŽǀĞƌŶŵĞŶƚ ŐƌĂŶƚƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ƚŚĞ ƉĞƌŝŽĚ ƚŽ 'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐĂĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚŽŶůLJƚŽƚŚĞĞdžƚĞŶƚ ĞdžƉĞŶĚŝƚƵƌĞƌĞƋƵŝƌĞĚƚŽƐĞƩůĞƚŚĞƉƌĞƐĞŶƚŽďůŝŐĂƟŽŶĂƚ ĂĐƚƵĂůĞdžĐŚĂŶŐĞƌĂƚĞƐĂƚƚŚĞĚĂƚĞƐŽĨƐƉĞĐŝĮĐƚƌĂŶƐĂĐƟŽŶƐ͕ ǁŚŝĐŚ ƚŚĞLJ ƌĞůĂƚĞ ǁŚĞŶ ƚŚĞƌĞ ŝƐ ƌĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞ ƚŚĂƚŝƚŚĂƐƐƵĸĐŝĞŶƚƚĂdžĂďůĞƚĞŵƉŽƌĂƌLJĚŝīĞƌĞŶĐĞƐŽƌƚŚĞƌĞ ƚŚĞĂůĂŶĐĞ^ŚĞĞƚĚĂƚĞ͕ƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƚŚĞƌŝƐŬƐĂŶĚ ŝŶ ǁŚŝĐŚ ĐĂƐĞ ƚŚĞ ĞdžĐŚĂŶŐĞ ƌĂƚĞƐ ĂƐ Ăƚ ƚŚĞ ĚĂƚĞƐ ŽĨ ƚŚĂƚƚŚĞŐƌĂŶƚǁŝůůďĞƌĞĐĞŝǀĞĚĂŶĚƚŚĂƚƚŚĞ'ƌŽƵƉǁŝůů ŝƐŽƚŚĞƌĐŽŶǀŝŶĐŝŶŐĞǀŝĚĞŶĐĞƚŚĂƚƐƵĸĐŝĞŶƚƚĂdžĂďůĞƉƌŽĮƚ ƵŶĐĞƌƚĂŝŶƟĞƐ ƐƵƌƌŽƵŶĚŝŶŐ ƚŚĞ ŽďůŝŐĂƟŽŶ͘ EŽŶͲĐƵƌƌĞŶƚ ƚƌĂŶƐĂĐƟŽŶ ĂƌĞ ƵƐĞĚ͘ ůů ƌĞƐƵůƟŶŐ ĞdžĐŚĂŶŐĞ ĚŝīĞƌĞŶĐĞƐ ĐŽŵƉůLJǁŝƚŚƚŚĞĂƩĂĐŚĞĚĐŽŶĚŝƟŽŶƐ͘ ǁŝůů ďĞ ĂǀĂŝůĂďůĞ ĂŐĂŝŶƐƚ ǁŚŝĐŚ ƐƵĐŚ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ ƉƌŽǀŝƐŝŽŶƐĂƌĞĚŝƐĐŽƵŶƚĞĚŝĨƚŚĞŝŵƉĂĐƚŝƐŵĂƚĞƌŝĂů͘ ĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͘ ĐĂŶďĞƌĞĂůŝƐĞĚ͘ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐƉŽƐŝƟŽŶƐĂƌĞƌĞǀŝĞǁĞĚ  'ŽǀĞƌŶŵĞŶƚŐƌĂŶƚƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ ĂƚĞĂĐŚƌĞƉŽƌƟŶŐĚĂƚĞĂŶĚĂƌĞƌĞĐŽŐŶŝƐĞĚͬƌĞĚƵĐĞĚƚŽƚŚĞ ;ƉͿ ŽƌƌŽǁŝŶŐŽƐƚƐ  KŶ ĐŽŶƐŽůŝĚĂƟŽŶ͕ ĞdžĐŚĂŶŐĞ ĚŝīĞƌĞŶĐĞƐ ĂƌŝƐŝŶŐ ĨƌŽŵ WƌŽĮƚ ĂŶĚ >ŽƐƐ ŽŶ Ă ƐLJƐƚĞŵĂƟĐ ďĂƐŝƐ ŽǀĞƌ ƚŚĞ ƉĞƌŝŽĚƐ ĞdžƚĞŶƚƚŚĂƚŝƚŝƐƉƌŽďĂďůĞͬŶŽůŽŶŐĞƌƉƌŽďĂďůĞƌĞƐƉĞĐƟǀĞůLJ  'ĞŶĞƌĂůĂŶĚƐƉĞĐŝĮĐďŽƌƌŽǁŝŶŐĐŽƐƚƐĚŝƌĞĐƚůLJĂƩƌŝďƵƚĂďůĞ ƚŚĞƚƌĂŶƐůĂƟŽŶŽĨĂŶLJŶĞƚŝŶǀĞƐƚŵĞŶƚŝŶĨŽƌĞŝŐŶĞŶƟƟĞƐ ŝŶǁŚŝĐŚƚŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐĂƐĞdžƉĞŶƐĞƐƚŚĞƌĞůĂƚĞĚ ƚŚĂƚƚŚĞƌĞůĂƚĞĚƚĂdžďĞŶĞĮƚǁŝůůďĞƌĞĂůŝƐĞĚ͘ ƚŽ ƚŚĞ ĂĐƋƵŝƐŝƟŽŶ Žƌ ĐŽŶƐƚƌƵĐƟŽŶ ŽĨ ƋƵĂůŝĨLJŝŶŐ ĂƐƐĞƚƐ ĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͘tŚĞŶ ĐŽƐƚƐĨŽƌǁŚŝĐŚƚŚĞŐƌĂŶƚƐĂƌĞŝŶƚĞŶĚĞĚƚŽĐŽŵƉĞŶƐĂƚĞ͘ ƚŚĂƚ ŶĞĐĞƐƐĂƌŝůLJ ƚĂŬĞƐ ƐƵďƐƚĂŶƟĂů ƉĞƌŝŽĚ ŽĨ ƟŵĞ ƚŽ Ă ĨŽƌĞŝŐŶ ŽƉĞƌĂƟŽŶ ŝƐ ƐŽůĚ͕ ƚŚĞ ĂƐƐŽĐŝĂƚĞĚ ĞdžĐŚĂŶŐĞ  ĞĨĞƌƌĞĚ ƚĂdž ůŝĂďŝůŝƟĞƐ ĂƌĞ ŐĞŶĞƌĂůůLJ ƌĞĐŽŐŶŝƐĞĚ ĨŽƌ ŐĞƚ ƌĞĂĚLJ ĨŽƌ ƚŚĞŝƌ ŝŶƚĞŶĚĞĚ ƵƐĞ Žƌ ƐĂůĞ͕ ĂƌĞ ĂĚĚĞĚ ƚŽ ĚŝīĞƌĞŶĐĞƐ ĂƌĞ ƌĞĐůĂƐƐŝĮĞĚ ƚŽ ƚŚĞ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ ;ŶͿ /ŶĐŽŵĞdĂdžĞƐ Ăůů ƚĂdžĂďůĞ ƚĞŵƉŽƌĂƌLJ ĚŝīĞƌĞŶĐĞƐ ĞdžĐĞƉƚ ŝŶ ƌĞƐƉĞĐƚ ŽĨ ƚŚĞ ĐŽƐƚ ŽĨ ƚŚŽƐĞ ĂƐƐĞƚƐ͕ ƵŶƟů ƐƵĐŚ ƟŵĞ ĂƐ ƚŚĞ ĂƐƐĞƚƐ ĂŶĚ>ŽƐƐ͕ĂƐĂƉĂƌƚŽĨŐĂŝŶŽƌůŽƐƐŽŶƐĂůĞ͘  /ŶĐŽŵĞ ƚĂdž ĞdžƉĞŶƐĞ ĐŽŵƉƌŝƐĞƐ ŽĨ ĐƵƌƌĞŶƚ ƚĂdž ĞdžƉĞŶƐĞ ƚĂdžĂďůĞ ƚĞŵƉŽƌĂƌLJ ĚŝīĞƌĞŶĐĞƐ ďĞƚǁĞĞŶ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂƌĞ ƐƵďƐƚĂŶƟĂůůLJ ƌĞĂĚLJ ĨŽƌ ƚŚĞŝƌ ŝŶƚĞŶĚĞĚ ƵƐĞ Žƌ ƐĂůĞ͘ ĂŶĚ ƚŚĞ ŶĞƚ ĐŚĂŶŐĞ ŝŶ ƚŚĞ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚ Žƌ ĂŵŽƵŶƚĂŶĚƚŚĞƚĂdžďĂƐĞƐŽĨŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐ͕ ŽƌƌŽǁŝŶŐĐŽƐƚƐĐŽŶƐŝƐƚŽĨŝŶƚĞƌĞƐƚĂŶĚŽƚŚĞƌĐŽƐƚƐƚŚĂƚ ;ŬͿ ƐƐĞƚƐƚĂŬĞŶŽŶůĞĂƐĞ ůŝĂďŝůŝƚLJ ĚƵƌŝŶŐ ƚŚĞ LJĞĂƌ͘ ƵƌƌĞŶƚ ĂŶĚ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƌĞ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ŝŶƚĞƌĞƐƚƐ ŝŶ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ ǁŚĞƌĞ ƚŚĞ ƚŚĞ 'ƌŽƵƉ ŝŶĐƵƌƐ ŝŶ ĐŽŶŶĞĐƟŽŶ ǁŝƚŚ ƚŚĞ ďŽƌƌŽǁŝŶŐ ŽĨ  KƉĞƌĂƟŶŐ>ĞĂƐĞ ƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͕ĞdžĐĞƉƚ ƟŵŝŶŐŽĨƚŚĞƌĞǀĞƌƐĂůŽĨƚŚĞƚĞŵƉŽƌĂƌLJĚŝīĞƌĞŶĐĞĐĂŶ ĨƵŶĚƐ͘  >ĞĂƐĞƐŝŶ ǁŚŝĐŚ Ă ƐŝŐŶŝĮĐĂŶƚ ƉŽƌƟŽŶ ŽĨ ƚŚĞ ƌŝƐŬƐ ĂŶĚ ǁŚĞŶƚŚĞLJƌĞůĂƚĞƚŽŝƚĞŵƐƚŚĂƚĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶKƚŚĞƌ be controlled and it is probable that the temporary ƌĞǁĂƌĚƐŽĨŽǁŶĞƌƐŚŝƉĂƌĞŶŽƚƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞ'ƌŽƵƉĂƐ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ Žƌ ĚŝƌĞĐƚůLJ ŝŶ ĞƋƵŝƚLJ͕ ŝŶ ǁŚŝĐŚ ĚŝīĞƌĞŶĐĞǁŝůůŶŽƚƌĞǀĞƌƐĞŝŶƚŚĞĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞ͘ Interest income earned on temporary investment ůĞƐƐĞĞĂƌĞĐůĂƐƐŝĮĞĚĂƐŽƉĞƌĂƟŶŐůĞĂƐĞ͘WĂLJŵĞŶƚƐŵĂĚĞ ĐĂƐĞ͕ƚŚĞĐƵƌƌĞŶƚĂŶĚĚĞĨĞƌƌĞĚƚĂdžĂƌĞĂůƐŽƌĞĐŽŐŶŝƐĞĚ ŽĨ ƐƉĞĐŝĮĐ ďŽƌƌŽǁŝŶŐƐ ƉĞŶĚŝŶŐ ƚŚĞŝƌ ĞdžƉĞŶĚŝƚƵƌĞ ŽŶ ƵŶĚĞƌ ŽƉĞƌĂƟŶŐ ůĞĂƐĞƐ ĂƌĞ ĐŚĂƌŐĞĚ ƚŽ ^ƚĂƚĞŵĞŶƚ ŽĨ ŝŶ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ Žƌ ĚŝƌĞĐƚůLJ ŝŶ ĞƋƵŝƚLJ͕  ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƟĞƐĂŶĚĂƐƐĞƚƐĂƌĞŵĞĂƐƵƌĞĚĂƚƚŚĞ ƋƵĂůŝĨLJŝŶŐĂƐƐĞƚƐŝƐĚĞĚƵĐƚĞĚĨƌŽŵƚŚĞďŽƌƌŽǁŝŶŐĐŽƐƚƐ WƌŽĮƚĂŶĚ>ŽƐƐŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞƉĞƌŝŽĚŽĨ ƌĞƐƉĞĐƟǀĞůLJ͘ tax rates that are expected to apply in the period in ĞůŝŐŝďůĞĨŽƌĐĂƉŝƚĂůŝnjĂƟŽŶ͘ŽƌƌŽǁŝŶŐĐŽƐƚƐƚŚĂƚĂƌĞŶŽƚ the lease unless the payments are structured to increase ǁŚŝĐŚƚŚĞůŝĂďŝůŝƚLJŝƐƐĞƩůĞĚŽƌƚŚĞĂƐƐĞƚƌĞĂůŝƐĞĚ͕ďĂƐĞĚ ĚŝƌĞĐƚůLJĂƩƌŝďƵƚĂďůĞƚŽĂƋƵĂůŝĨLJŝŶŐĂƐƐĞƚĂƌĞƌĞĐŽŐŶŝƐĞĚ ŝŶůŝŶĞǁŝƚŚƚŚĞĞdžƉĞĐƚĞĚŐĞŶĞƌĂůŝŶŇĂƟŽŶƚŽĐŽŵƉĞŶƐĂƚĞ Current tax ŽŶƚĂdžƌĂƚĞƐ;ĂŶĚƚĂdžůĂǁƐͿƚŚĂƚŚĂǀĞďĞĞŶĞŶĂĐƚĞĚŽƌ ŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐƵƐŝŶŐƚŚĞĞīĞĐƟǀĞ ĨŽƌƚŚĞůĞƐƐŽƌ͛ƐĞdžƉĞĐƚĞĚŝŶŇĂƟŽŶĂƌLJĐŽƐƚŝŶĐƌĞĂƐĞƐ͘  ƵƌƌĞŶƚdĂdžĞdžƉĞŶƐĞƐĂƌĞĂĐĐŽƵŶƚĞĚŝŶƚŚĞƐĂŵĞƉĞƌŝŽĚ ƐƵďƐƚĂŶƟǀĞůLJĞŶĂĐƚĞĚďLJƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͘ ŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘ ƚŽǁŚŝĐŚƚŚĞƌĞǀĞŶƵĞĂŶĚĞdžƉĞŶƐĞƐƌĞůĂƚĞ͘WƌŽǀŝƐŝŽŶĨŽƌ Finance Lease ĐƵƌƌĞŶƚŝŶĐŽŵĞƚĂdžŝƐŵĂĚĞĨŽƌƚŚĞƚĂdžůŝĂďŝůŝƚLJƉĂLJĂďůĞ  ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐĂƌĞŽīƐĞƚǁŚĞŶƚŚĞƌĞ ;ƋͿ ^ƚĂƚĞŵĞŶƚŽĨĐĂƐŚŇŽǁƐ  >ĞĂƐĞƐŝŶ ǁŚŝĐŚ ƐƵďƐƚĂŶƟĂůůLJ Ăůů ƚŚĞ ƌŝƐŬƐ ĂŶĚ ƌĞǁĂƌĚƐ ŽŶ ƚĂdžĂďůĞ ŝŶĐŽŵĞ ĂŌĞƌ ĐŽŶƐŝĚĞƌŝŶŐ ƚĂdž ĂůůŽǁĂŶĐĞƐ͕ ŝƐĂůĞŐĂůůLJĞŶĨŽƌĐĞĂďůĞƌŝŐŚƚƚŽƐĞƚŽīĐƵƌƌĞŶƚƚĂdžĂƐƐĞƚƐ  ĂƐŚ ŇŽǁƐ ĂƌĞ ƌĞƉŽƌƚĞĚ ƵƐŝŶŐ ƚŚĞ ŝŶĚŝƌĞĐƚ ŵĞƚŚŽĚ͕ ŽĨŽǁŶĞƌƐŚŝƉĂƌĞƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞ'ƌŽƵƉĂƐůĞƐƐĞĞĂƌĞ ĚĞĚƵĐƟŽŶƐ ĂŶĚ ĞdžĞŵƉƟŽŶƐ ĚĞƚĞƌŵŝŶĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ĂŐĂŝŶƐƚ ĐƵƌƌĞŶƚ ƚĂdž ůŝĂďŝůŝƟĞƐ ĂŶĚ ǁŚĞŶ ƚŚĞLJ ƌĞůĂƚĞ ƚŽ ǁŚĞƌĞďLJ ƉƌŽĮƚͬ ;ůŽƐƐͿ ďĞĨŽƌĞ ƚĂdž ŝƐ ĂĚũƵƐƚĞĚ ĨŽƌ ƚŚĞ ĐůĂƐƐŝĮĞĚĂƐĮŶĂŶĐĞůĞĂƐĞ͘&ŝŶĂŶĐĞůĞĂƐĞĂƌĞĐĂƉŝƚĂůŝƐĞĚ ǁŝƚŚƚŚĞĂƉƉůŝĐĂďůĞƚĂdžƌĂƚĞƐĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƟŶŐ ŝŶĐŽŵĞƚĂdžĞƐůĞǀŝĞĚďLJƚŚĞƐĂŵĞƚĂdžĂƟŽŶĂƵƚŚŽƌŝƚLJĂŶĚ ĞīĞĐƚƐ ŽĨ ƚƌĂŶƐĂĐƟŽŶƐ ŽĨ ŶŽŶͲĐĂƐŚ ŶĂƚƵƌĞ ĂŶĚ ĂŶLJ ĂƚƚŚĞŝŶĐĞƉƟŽŶŽĨƚŚĞůĞĂƐĞĂƚƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞůĞĂƐĞĚ ƉĞƌŝŽĚ ŝŶ ƚŚĞ ĐŽƵŶƚƌŝĞƐ ǁŚĞƌĞ ƚŚĞ ĐŽŵƉĂŶLJ ĂŶĚ ŝƚƐ ƚŚĞ 'ƌŽƵƉ ŝŶƚĞŶĚƐ ƚŽ ƐĞƩůĞ ŝƚƐ ĐƵƌƌĞŶƚ ƚĂdž ĂƐƐĞƚƐ ĂŶĚ ĚĞĨĞƌƌĂůƐŽƌĂĐĐƌƵĂůƐŽĨƉĂƐƚŽƌĨƵƚƵƌĞĐĂƐŚƌĞĐĞŝƉƚƐŽƌ ĂƐƐĞƚƐ Žƌ͕ ŝĨ ůŽǁĞƌ͕ ƚŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ƚŚĞ ŵŝŶŝŵƵŵ subsidiaries and its associates and joint ventures operate ůŝĂďŝůŝƟĞƐŽŶĂŶĞƚďĂƐŝƐ͘ ƉĂLJŵĞŶƚƐ͘ ĂƐŚ ŇŽǁƐ ĨŽƌ ƚŚĞ LJĞĂƌ ĂƌĞ ĐůĂƐƐŝĮĞĚ ďLJ ůĞĂƐĞƉĂLJŵĞŶƚƐ͘dŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐƌĞŶƚĂůŽďůŝŐĂƟŽŶƐ͕ ĂŶĚŐĞŶĞƌĂƚĞƚĂdžĂďůĞŝŶĐŽŵĞ͘ ŽƉĞƌĂƟŶŐ͕ŝŶǀĞƐƟŶŐĂŶĚĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ͘ ŶĞƚŽĨĮŶĂŶĐĞĐŚĂƌŐĞƐ͕ĂƌĞŝŶĐůƵĚĞĚŝŶƚŚĞďŽƌƌŽǁŝŶŐƐŽƌ  DŝŶŝŵƵŵůƚĞƌŶĂƟǀĞdĂdž;͞Dd͟ͿĐƌĞĚŝƚĨŽƌŵŝŶŐƉĂƌƚ ŽƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐĂƐĂƉƉƌŽƉƌŝĂƚĞ͘  ƵƌƌĞŶƚ ƚĂdž ĂƐƐĞƚƐ ĂŶĚ ĐƵƌƌĞŶƚ ƚĂdž ůŝĂďŝůŝƟĞƐ ĂƌĞ ŽīƐĞƚ ŽĨ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ĂƐ ĂŶ ĂƐƐĞƚ ŽŶůLJ ;ƌͿ ĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ ǁŚĞŶƚŚĞƌĞŝƐĂůĞŐĂůůLJĞŶĨŽƌĐĞĂďůĞƌŝŐŚƚƚŽƐĞƚŽīƚŚĞ ǁŚĞŶ ĂŶĚ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ƚŚĞƌĞ ŝƐ ĐŽŶǀŝŶĐŝŶŐ ĞǀŝĚĞŶĐĞ  ĂƐŝĐĞĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞ ŝƐ ĐŽŵƉƵƚĞĚ ďLJ ĚŝǀŝĚŝŶŐ ƚŚĞ  >ĞĂƐĞƉĂLJŵĞŶƚƐĂƌĞĂƉƉŽƌƟŽŶĞĚďĞƚǁĞĞŶƚŚĞƌĞĚƵĐƟŽŶŽĨ ƌĞĐŽŐŶŝƐĞĚĂŵŽƵŶƚƐĂŶĚƚŚĞƌĞŝƐĂŶŝŶƚĞŶƟŽŶƚŽƐĞƩůĞ ƚŚĂƚƚŚĞŽŵƉĂŶLJǁŝůůƉĂLJŶŽƌŵĂůŝŶĐŽŵĞƚĂdžĚƵƌŝŶŐ WƌŽĮƚŽƌ>ŽƐƐĂŌĞƌƚĂdžďLJƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌ ƚŚĞůĞĂƐĞůŝĂďŝůŝƚLJĂŶĚĮŶĂŶĐĞĐŚĂƌŐĞƐŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨ ƚŚĞĂƐƐĞƚĂŶĚƚŚĞůŝĂďŝůŝƚLJŽŶĂŶĞƚďĂƐŝƐ͘ ƚŚĞ ƐƉĞĐŝĮĞĚ ƉĞƌŝŽĚ͘ ^ƵĐŚ ĂƐƐĞƚ ŝƐ ƌĞǀŝĞǁĞĚ Ăƚ ĞĂĐŚ ŽĨĞƋƵŝƚLJƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐĚƵƌŝŶŐƚŚĞLJĞĂƌĂĚũƵƐƟŶŐ WƌŽĮƚĂŶĚ>ŽƐƐƐŽĂƐƚŽĂĐŚŝĞǀĞĂĐŽŶƐƚĂŶƚƌĂƚĞŽĨŝŶƚĞƌĞƐƚ ĂůĂŶĐĞ ^ŚĞĞƚ ĚĂƚĞ ĂŶĚ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ƚŚĞďŽŶƵƐĞůĞŵĞŶƚĨŽƌĂůůƚŚĞƌĞƉŽƌƚĞĚƉĞƌŝŽĚĂƌŝƐŝŶŐŽŶ ŽŶƚŚĞƌĞŵĂŝŶŝŶŐďĂůĂŶĐĞŽĨƚŚĞůŝĂďŝůŝƚLJ͘ƐƐĞƚƐŚĞůĚƵŶĚĞƌ Deferred tax DdĐƌĞĚŝƚĂƐƐĞƚŝƐǁƌŝƩĞŶĚŽǁŶƚŽƚŚĞĞdžƚĞŶƚƚŚĞƌĞ ĂĐĐŽƵŶƚŽĨŝƐƐƵĞŽĨĞƋƵŝƚLJƐŚĂƌĞƐŽŶƌŝŐŚƚƐĂŶĚŝŶĐůƵĚŝŶŐ ĮŶĂŶĐĞ ůĞĂƐĞƐ ĂƌĞ ĚĞƉƌĞĐŝĂƚĞĚ ŽǀĞƌ ƚŚĞ ƐŚŽƌƚĞƌ ŽĨ ƚŚĞ  ĞĨĞƌƌĞĚ ƚĂdž ŝƐ ƌĞĐŽŐŶŝƐĞĚ ƵƐŝŶŐ ƚŚĞ ďĂůĂŶĐĞ ƐŚĞĞƚ ŝƐ ŶŽ ůŽŶŐĞƌ Ă ƌĞĂƐŽŶĂďůĞ ĐĞƌƚĂŝŶƚLJ ƚŽ ƚŚĞ ĞīĞĐƚ ƚŚĂƚ ƉŽƚĞŶƟĂů ĞƋƵŝƚLJ ƐŚĂƌĞƐ ŽŶ ĐŽŵƉƵůƐŽƌLJ ĐŽŶǀĞƌƟďůĞ ĞƐƟŵĂƚĞĚƵƐĞĨƵůůŝĨĞŽĨƚŚĞĂƐƐĞƚĂŶĚƚŚĞůĞĂƐĞƚĞƌŵ͘ ĂƉƉƌŽĂĐŚ͘ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚ ƚŚĞ ŽŵƉĂŶLJ ǁŝůů ƉĂLJ ŶŽƌŵĂů ŝŶĐŽŵĞ ƚĂdž ĚƵƌŝŶŐ ƚŚĞ ĚĞďĞŶƚƵƌĞƐ͘ ŝůƵƚĞĚ ĞĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞ ŝƐ ĐŽŵƉƵƚĞĚ ĨŽƌĚĞĚƵĐƟďůĞĂŶĚƚĂdžĂďůĞƚĞŵƉŽƌĂƌLJĚŝīĞƌĞŶĐĞƐĂƌŝƐŝŶŐ ƐƉĞĐŝĮĞĚƉĞƌŝŽĚ͘ ďLJ ĚŝǀŝĚŝŶŐ ƚŚĞ ƉƌŽĮƚ ͬ ;ůŽƐƐͿ ĂŌĞƌ ƚĂdž ĂƐ ĂĚũƵƐƚĞĚ ĨŽƌ ;ůͿ /ŶǀĞŶƚŽƌŝĞƐ ďĞƚǁĞĞŶ ƚŚĞ ƚĂdž ďĂƐĞ ŽĨ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ ĂŶĚ ƚŚĞŝƌ ĚŝǀŝĚĞŶĚ͕ ŝŶƚĞƌĞƐƚ ĂŶĚ ŽƚŚĞƌ ĐŚĂƌŐĞƐ ƚŽ ĞdžƉĞŶƐĞ Žƌ  ^ƚŽĐŬŽĨĨŽŽĚĂŶĚďĞǀĞƌĂŐĞƐĂŶĚƐƚŽƌĞƐĂŶĚŽƉĞƌĂƟŶŐ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŝŶ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ ,ŽǁĞǀĞƌ͕ ;ŽͿ WƌŽǀŝƐŝŽŶƐ ŝŶĐŽŵĞ ;ŶĞƚ ŽĨ ĂŶLJ ĂƩƌŝďƵƚĂďůĞ ƚĂdžĞƐͿ ƌĞůĂƟŶŐ ƚŽ ƚŚĞ ƐƵƉƉůŝĞƐĂƌĞĐĂƌƌŝĞĚĂƚƚŚĞůŽǁĞƌŽĨĐŽƐƚ;ĐŽŵƉƵƚĞĚŽŶ ĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƟĞƐĂƌĞŶŽƚƌĞĐŽŐŶŝƐĞĚŝĨƚŚĞLJĂƌŝƐĞĨƌŽŵ  WƌŽǀŝƐŝŽŶƐĂƌĞƌĞĐŽŐŶŝƐĞĚǁŚĞŶƚŚĞ'ƌŽƵƉŚĂƐĂďŝŶĚŝŶŐ ĚŝůƵƟǀĞƉŽƚĞŶƟĂůĞƋƵŝƚLJƐŚĂƌĞƐ͕ďLJƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞ ĂtĞŝŐŚƚĞĚǀĞƌĂŐĞďĂƐŝƐͿŽƌŶĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞ͘EĞƚ ƚŚĞŝŶŝƟĂůƌĞĐŽŐŶŝƟŽŶŽĨƚŚĞŐŽŽĚǁŝůů͘dŚĞĚĞĨĞƌƌĞĚƚĂdžŝƐ ƉƌĞƐĞŶƚŽďůŝŐĂƟŽŶ͘dŚŝƐŵĂLJďĞĞŝƚŚĞƌůĞŐĂůďĞĐĂƵƐĞŝƚ ŶƵŵďĞƌ ŽĨ ĞƋƵŝƚLJ ƐŚĂƌĞƐ ĐŽŶƐŝĚĞƌĞĚ ĨŽƌ ĚĞƌŝǀŝŶŐ ďĂƐŝĐ ƌĞĂůŝƐĂďůĞ ǀĂůƵĞ ŝƐ ƚŚĞ ĞƐƟŵĂƚĞĚ ƐĞůůŝŶŐ ƉƌŝĐĞ ŝŶ ƚŚĞ ĂůƐŽŶŽƚĂĐĐŽƵŶƚĞĚŝĨŝƚĂƌŝƐĞƐĨƌŽŵŝŶŝƟĂůƌĞĐŽŐŶŝƟŽŶŽĨ ĚĞƌŝǀĞƐ ĨƌŽŵ Ă ĐŽŶƚƌĂĐƚ͕ ůĞŐŝƐůĂƟŽŶ Žƌ ŽƚŚĞƌ ŽƉĞƌĂƟŽŶ ĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ͘

210 Annual Report 2017-18 211 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018 ;ƐͿ džĐĞƉƟŽŶĂůŝƚĞŵƐ i. &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĂŵŽƌƟƐĞĚĐŽƐƚ ŽŶĞƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐŝŶKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ ĐŽŶƚƌĂĐƚƵĂůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚ͘  dŚĞ'ƌŽƵƉ ĚŝƐĐůŽƐĞƐ ĐĞƌƚĂŝŶ ĨŝŶĂŶĐŝĂů ŝŶĨŽƌŵĂƚŝŽŶ &ŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ƐƵďƐĞƋƵĞŶƚůLJ /ŶĐŽŵĞ͕ƚŚĞƌĞŝƐŶŽƐƵďƐĞƋƵĞŶƚƌĞĐůĂƐƐŝĮĐĂƟŽŶ dŚĞ 'ƌŽƵƉ ĚĞƚĞƌŵŝŶĞƐ ƚŚĞ ĐůĂƐƐŝĮĐĂƟŽŶ ŽĨ ŝƚƐ ďŽƚŚ ŝŶĐůƵĚŝŶŐ ĂŶĚ ĞdžĐůƵĚŝŶŐ ĞdžĐĞƉƚŝŽŶĂů ŝƚĞŵƐ͘ ŵĞĂƐƵƌĞĚ Ăƚ ĂŵŽƌƟƐĞĚ ĐŽƐƚ ŝĨ ƚŚĞƐĞ ŽĨ ĨĂŝƌ ǀĂůƵĞ ŐĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ ƚŽ ^ƚĂƚĞŵĞŶƚ ĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐĂƚŝŶŝƟĂůƌĞĐŽŐŶŝƟŽŶ͘ dŚĞ ƉƌĞƐĞŶƚĂƚŝŽŶ ŽĨ ŝŶĨŽƌŵĂƚŝŽŶ ĞdžĐůƵĚŝŶŐ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ŚĞůĚ ĨŽƌ ĐŽůůĞĐƟŽŶ ŽĨ WƌŽĮƚ ĂŶĚ >ŽƐƐ͘ ŝǀŝĚĞŶĚƐ ĨƌŽŵ ƐƵĐŚ ĞdžĐĞƉƚŝŽŶĂů ŝƚĞŵƐ ĂůůŽǁƐ Ă ďĞƚƚĞƌ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ĐŽŶƚƌĂĐƚƵĂů ĐĂƐŚ ŇŽǁƐ ǁŚĞƌĞ ƚŚŽƐĞ investments are recognised in the Statement   ůůĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶŝƟĂůůLJĂƚĨĂŝƌ ŽĨ ƚŚĞ ƵŶĚĞƌůLJŝŶŐ ŽƉĞƌĂƚŝŶŐ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ĐĂƐŚ ŇŽǁƐ ƌĞƉƌĞƐĞŶƚ ƐŽůĞůLJ ƉĂLJŵĞŶƚƐ ŽĨ ŽĨWƌŽĮƚĂŶĚ>ŽƐƐĂƐŽƚŚĞƌŝŶĐŽŵĞǁŚĞŶƚŚĞ ǀĂůƵĞƉůƵƐŝŶƚŚĞĐĂƐĞŽĨĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐŶŽƚĂƚ 'ƌŽƵƉ ĂŶĚ ƉƌŽǀŝĚĞƐ ĐŽŶƐŝƐƚĞŶĐLJ ǁŝƚŚ ƚŚĞ 'ƌŽƵƉ͛Ɛ ƉƌŝŶĐŝƉĂů ĂŶĚ ŝŶƚĞƌĞƐƚ͘ /ŶƚĞƌĞƐƚ ŝŶĐŽŵĞ 'ƌŽƵƉ͛ƐƌŝŐŚƚƚŽƌĞĐĞŝǀĞƉĂLJŵĞŶƚŝƐĞƐƚĂďůŝƐŚĞĚ͘ ĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚŽƌůŽƐƐ͕ĚŝƌĞĐƚůLJĂƩƌŝďƵƚĂďůĞ ŝŶƚĞƌŶĂů ŵĂŶĂŐĞŵĞŶƚ ƌĞƉŽƌƚŝŶŐ͘ džĐĞƉƚŝŽŶĂů ŝƚĞŵƐ ĨƌŽŵ ƚŚĞƐĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ŝƐ ŝŶĐůƵĚĞĚ ƚƌĂŶƐĂĐƟŽŶĐŽƐƚƐ͘ ĂƌĞŝĚĞŶƚŝĨŝĞĚďLJǀŝƌƚƵĞŽĨĞŝƚŚĞƌƚŚĞŝƌƐŝnjĞŽƌŶĂƚƵƌĞ ĂƐ Ă ƉĂƌƚ ŽĨ ƚŚĞ 'ƌŽƵƉ͛Ɛ ŝŶĐŽŵĞ ŝŶ ƚŚĞ dŚĞ 'ƌŽƵƉ ŚĂƐ ŵĂĚĞ ĂŶ ŝƌƌĞǀŽĐĂďůĞ ĞůĞĐƟŽŶ ƐŽ ĂƐ ƚŽ ĨĂĐŝůŝƚĂƚĞ ĐŽŵƉĂƌŝƐŽŶ ǁŝƚŚ ƉƌŝŽƌ ƉĞƌŝŽĚƐ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ ĂŶĚ >ŽƐƐ ƵƐŝŶŐ ƚŚĞ ƚŽ ƉƌĞƐĞŶƚ ŝŶ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ Subsequent measurement ĂŶĚ ƚŽ ĂƐƐĞƐƐ ƵŶĚĞƌůLJŝŶŐ ƚƌĞŶĚƐ ŝŶ ƚŚĞ ĨŝŶĂŶĐŝĂů ĞīĞĐƟǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘ ƐƵďƐĞƋƵĞŶƚĐŚĂŶŐĞƐŝŶƚŚĞĨĂŝƌǀĂůƵĞŽĨĞƋƵŝƚLJ   ŌĞƌŝŶŝƟĂůƌĞĐŽŐŶŝƟŽŶ͕ĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐƚŚĂƚĂƌĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ 'ƌŽƵƉ͘ džĐĞƉƚŝŽŶĂů ŝƚĞŵƐ ĐĂŶ ŝŶǀĞƐƚŵĞŶƚƐŶŽƚŚĞůĚĨŽƌƚƌĂĚŝŶŐ͘ ŶŽƚĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚŽƌůŽƐƐĂƌĞ ŝŶĐůƵĚĞ͕ďƵƚĂƌĞŶŽƚƌĞƐƚƌŝĐƚĞĚƚŽ͕ŐĂŝŶƐĂŶĚůŽƐƐĞƐŽŶ ii. Financial assets at Fair Value through ƐƵďƐĞƋƵĞŶƚůLJ ŵĞĂƐƵƌĞĚ Ăƚ ĂŵŽƌƟƐĞĚ ĐŽƐƚ ƵƐŝŶŐ ƚŚĞĚŝƐƉŽƐĂůŽĨƉƌŽƉĞƌƚŝĞƐͬƐŝŐŶŝĨŝĐĂŶƚƵŶĚĞƌƚĂŬŝŶŐƐ͕ KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ;͞&sK/͟Ϳ tŚĞŶƚŚĞĞƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚŝƐĚĞƌĞĐŽŐŶŝƐĞĚ͕ ƚŚĞĞīĞĐƟǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘'ĂŝŶƐĂŶĚůŽƐƐĞƐ ŝŵƉĂŝƌŵĞŶƚ ĐŚĂƌŐĞƐ͕ ĞdžĐŚĂŶŐĞ ŐĂŝŶͬ ;ůŽƐƐͿ ŽŶ ůŽŶŐ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞƐƵďƐĞƋƵĞŶƚůLJŵĞĂƐƵƌĞĚ ƚŚĞ ĐƵŵƵůĂƟǀĞ ŐĂŝŶ Žƌ ůŽƐƐ ƉƌĞǀŝŽƵƐůLJ ĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ ƚĞƌŵďŽƌƌŽǁŝŶŐƐͬĂƐƐĞƚƐĂŶĚĐŚĂŶŐĞƐŝŶĨĂŝƌǀĂůƵĞŽĨ ĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ ƌĞĐŽŐŶŝƐĞĚ ŝŶ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ ǁŚĞŶƚŚĞůŝĂďŝůŝƟĞƐĂƌĞĚĞƌĞĐŽŐŶŝƐĞĚ͕ĂŶĚƚŚƌŽƵŐŚ ĚĞƌŝǀĂƚŝǀĞĐŽŶƚƌĂĐƚƐ͘ /ŶĐŽŵĞ ŝĨ ƚŚĞƐĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ŚĞůĚ ŝƐ ƌĞĐůĂƐƐŝĮĞĚ ĨƌŽŵ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ ƚŚĞĂŵŽƌƟƐĂƟŽŶƉƌŽĐĞƐƐ͘ ĨŽƌ ĐŽůůĞĐƟŽŶ ŽĨ ĐŽŶƚƌĂĐƚƵĂů ĐĂƐŚ ŇŽǁƐ /ŶĐŽŵĞƚŽƚŚĞZĞƚĂŝŶĞĚĂƌŶŝŶŐƐĚŝƌĞĐƚůLJ͘ ;ƚͿ &ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ ĂŶĚĨŽƌƐĞůůŝŶŐƚŚĞĮŶĂŶĐŝĂůĂƐƐĞƚƐ͕ǁŚĞƌĞ ĞͲƌĞĐŽŐŶŝƟŽŶ a. Financial assets ƚŚĞ ĂƐƐĞƚƐ͛ ĐĂƐŚ ŇŽǁƐ ƌĞƉƌĞƐĞŶƚ ƐŽůĞůLJ ĞͲƌĞĐŽŐŶŝƟŽŶ    ĮŶĂŶĐŝĂů ůŝĂďŝůŝƚLJ ŝƐ ĚĞͲƌĞĐŽŐŶŝƐĞĚ ǁŚĞŶ ƚŚĞ /ŶŝƟĂůƌĞĐŽŐŶŝƟŽŶĂŶĚŵĞĂƐƵƌĞŵĞŶƚ ƉĂLJŵĞŶƚƐ ŽĨ ƉƌŝŶĐŝƉĂů ĂŶĚ ŝŶƚĞƌĞƐƚ͘   ĮŶĂŶĐŝĂů ĂƐƐĞƚ ŝƐ ĚĞƌĞĐŽŐŶŝƐĞĚ ŽŶůLJ ǁŚĞŶ ƚŚĞ ŽďůŝŐĂƟŽŶ ƵŶĚĞƌ ƚŚĞ ůŝĂďŝůŝƚLJ ŝƐ ĚŝƐĐŚĂƌŐĞĚ Žƌ   &ŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ǁŚĞŶ͕ ĂŶĚ ŽŶůLJ DŽǀĞŵĞŶƚƐŝŶƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞĂƌĞƚĂŬĞŶ 'ƌŽƵƉ ŚĂƐ ƚƌĂŶƐĨĞƌƌĞĚ ƚŚĞ ƌŝŐŚƚƐ ƚŽ ƌĞĐĞŝǀĞ ĐĂƐŚ ĐĂŶĐĞůůĞĚ Žƌ ĞdžƉŝƌĞƐ͘ tŚĞŶ ĂŶ ĞdžŝƐƟŶŐ ĮŶĂŶĐŝĂů ǁŚĞŶ͕ƚŚĞ'ƌŽƵƉďĞĐŽŵĞƐĂƉĂƌƚLJƚŽƚŚĞĐŽŶƚƌĂĐƚƵĂů ƚŚƌŽƵŐŚ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ͕ ŇŽǁƐ ĨƌŽŵ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚ͘ tŚĞƌĞ ƚŚĞ 'ƌŽƵƉ ůŝĂďŝůŝƚLJ ŝƐ ƌĞƉůĂĐĞĚ ďLJ ĂŶŽƚŚĞƌ ĨƌŽŵ ƚŚĞ ƐĂŵĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚĞ ĮŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚ͘ dŚĞ 'ƌŽƵƉ ĞdžĐĞƉƚ ĨŽƌ ƚŚĞ ƌĞĐŽŐŶŝƟŽŶ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ŚĂƐ ƚƌĂŶƐĨĞƌƌĞĚ ĂŶ ĂƐƐĞƚ͕ ƚŚĞ 'ƌŽƵƉ ĞǀĂůƵĂƚĞƐ ůĞŶĚĞƌŽŶƐƵďƐƚĂŶƟĂůůLJĚŝīĞƌĞŶƚƚĞƌŵƐ͕ŽƌƚŚĞƚĞƌŵƐ ĚĞƚĞƌŵŝŶĞƐƚŚĞĐůĂƐƐŝĮĐĂƟŽŶŽĨŝƚƐĮŶĂŶĐŝĂůĂƐƐĞƚƐ ŐĂŝŶƐ Žƌ ůŽƐƐĞƐ͕ ŝŶƚĞƌĞƐƚ ƌĞǀĞŶƵĞ ĂŶĚ ǁŚĞƚŚĞƌŝƚŚĂƐƚƌĂŶƐĨĞƌƌĞĚƐƵďƐƚĂŶƟĂůůLJĂůůƌŝƐŬƐĂŶĚ ŽĨ ĂŶ ĞdžŝƐƟŶŐ ůŝĂďŝůŝƚLJ ĂƌĞ ƐƵďƐƚĂŶƟĂůůLJ ŵŽĚŝĮĞĚ͕ ĂƚŝŶŝƟĂůƌĞĐŽŐŶŝƟŽŶ͘ ĨŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ŐĂŝŶƐ Žƌ ůŽƐƐĞƐ ǁŚŝĐŚ ƌĞǁĂƌĚƐŽĨŽǁŶĞƌƐŚŝƉŽĨƚŚĞĮŶĂŶĐŝĂůĂƐƐĞƚ͘/ŶƐƵĐŚ ƐƵĐŚ ĂŶ ĞdžĐŚĂŶŐĞ Žƌ ŵŽĚŝĮĐĂƟŽŶ ŝƐ ƚƌĞĂƚĞĚ ĂƐ ĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚ ĐĂƐĞƐ͕ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚ ŝƐ ĚĞƌĞĐŽŐŶŝƐĞĚ͘ tŚĞƌĞ Ă ĚĞͲƌĞĐŽŐŶŝƟŽŶ ŽĨ ƚŚĞ ŽƌŝŐŝŶĂů ůŝĂďŝůŝƚLJ ĂŶĚ ƚŚĞ   tŚĞŶĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ŝŶŝƚŝĂůůLJ͕ ĂŶĚ >ŽƐƐ͘ tŚĞŶ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚ ŝƐ ƚŚĞ'ƌŽƵƉŚĂƐŶŽƚƚƌĂŶƐĨĞƌƌĞĚƐƵďƐƚĂŶƟĂůůLJĂůůƌŝƐŬƐ ƌĞĐŽŐŶŝƟŽŶŽĨĂŶĞǁůŝĂďŝůŝƚLJ͕ĂŶĚƚŚĞĚŝīĞƌĞŶĐĞŝŶ ƚŚĞLJĂƌĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ͕ƉůƵƐ͕ŝŶƚŚĞĐĂƐĞ ĚĞƌĞĐŽŐŶŝƐĞĚ͕ ƚŚĞ ĐƵŵƵůĂƟǀĞ ŐĂŝŶ Žƌ ĂŶĚ ƌĞǁĂƌĚƐ ŽĨ ŽǁŶĞƌƐŚŝƉ ŽĨ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚ͕ ƚŚĞ ƌĞƐƉĞĐƟǀĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚƐ ŝƐ ƌĞĐŽŐŶŝƐĞĚ ŝŶ ŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŶŽƚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚ ůŽƐƐ ƉƌĞǀŝŽƵƐůLJ ƌĞĐŽŐŶŝƐĞĚ ŝŶ KƚŚĞƌ ƚŚĞĮŶĂŶĐŝĂůĂƐƐĞƚŝƐŶŽƚĚĞƌĞĐŽŐŶŝƐĞĚ͘tŚĞƌĞƚŚĞ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ Žƌ ůŽƐƐ͕ ĚŝƌĞĐƚůLJ ĂƚƚƌŝďƵƚĂďůĞ ƚƌĂŶƐĂĐƚŝŽŶ ĐŽƐƚƐ͘ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ ŝƐ ƌĞĐůĂƐƐŝĮĞĚ 'ƌŽƵƉ ƌĞƚĂŝŶƐ ĐŽŶƚƌŽů ŽĨ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚ͕ ƚŚĞ dƌĂŶƐĂĐƚŝŽŶ ĐŽƐƚƐ ŽĨ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĐĂƌƌŝĞĚ Ăƚ ĨƌŽŵ KƚŚĞƌ ŽŵƉƌĞŚĞŶƐŝǀĞ /ŶĐŽŵĞ ƚŽ ĂƐƐĞƚŝƐĐŽŶƟŶƵĞĚƚŽďĞƌĞĐŽŐŶŝƐĞĚƚŽƚŚĞĞdžƚĞŶƚŽĨ ĞƌŝǀĂƟǀĞƐĐŽŶƚƌĂĐƚƐ ĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐĂƌĞĞdžƉĞŶƐĞĚŝŶ ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘/ŶƚĞƌĞƐƚ ĐŽŶƟŶƵŝŶŐŝŶǀŽůǀĞŵĞŶƚŝŶƚŚĞĮŶĂŶĐŝĂůĂƐƐĞƚ͘   ĞƌŝǀĂƟǀĞƐ ĂƌĞ ŝŶŝƟĂůůLJ ƌĞĐŽŐŶŝƐĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ ŽŶ ƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĨŝƚĂŶĚ>ŽƐƐ͘ ŝŶĐŽŵĞŽŶƐƵĐŚĮŶĂŶĐŝĂůĂƐƐĞƚƐŝƐŝŶĐůƵĚĞĚ ƚŚĞ ĚĂƚĞ Ă ĚĞƌŝǀĂƟǀĞ ĐŽŶƚƌĂĐƚ ŝƐ ĞŶƚĞƌĞĚ ŝŶƚŽ ĂŶĚ ĂƐĂƉĂƌƚŽĨƚŚĞŽŵƉĂŶLJ͛ƐŝŶĐŽŵĞŝŶƚŚĞ /ŵƉĂŝƌŵĞŶƚŽĨĮŶĂŶĐŝĂůĂƐƐĞƚƐ ĂƌĞ ƐƵďƐĞƋƵĞŶƚůLJ ƌĞͲŵĞĂƐƵƌĞĚ ƚŽ ƚŚĞŝƌ ĨĂŝƌ ǀĂůƵĞ Ăƚ ůĂƐƐŝĮĐĂƟŽŶ ^ƚĂƚĞŵĞŶƚ ŽĨ WƌŽĮƚ ĂŶĚ >ŽƐƐ ƵƐŝŶŐ ƚŚĞ   dŚĞ'ƌŽƵƉĂƐƐĞƐƐĞƐ͕ĂƚĞĂĐŚƌĞƉŽƌƟŶŐĚĂƚĞ͕ǁŚĞƚŚĞƌ ƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͘dŚĞĂĐĐŽƵŶƟŶŐĨŽƌ ͻĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐͲĂƐŚĐŽŵƉƌŝƐĞƐ ĞīĞĐƟǀĞŝŶƚĞƌĞƐƚƌĂƚĞŵĞƚŚŽĚ͘ Ă ĮŶĂŶĐŝĂů ĂƐƐĞƚ Žƌ Ă ŐƌŽƵƉ ŽĨ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ŝƐ ƐƵďƐĞƋƵĞŶƚĐŚĂŶŐĞƐŝŶĨĂŝƌǀĂůƵĞĚĞƉĞŶĚƐŽŶǁŚĞƚŚĞƌ ĐĂƐŚ ŽŶ ŚĂŶĚ ĂŶĚ ĚĞŵĂŶĚ ĚĞƉŽƐŝƚƐ ǁŝƚŚ ŝŵƉĂŝƌĞĚ͘ /ŶĚ ^ͲϭϬϵ ŽŶ &ŝŶĂŶĐŝĂů /ŶƐƚƌƵŵĞŶƚƐ ƚŚĞĚĞƌŝǀĂƟǀĞŝƐĚĞƐŝŐŶĂƚĞĚĂƐĂŚĞĚŐŝŶŐŝŶƐƚƌƵŵĞŶƚ͕ ďĂŶŬƐ͘ ĂƐŚ ĞƋƵŝǀĂůĞŶƚƐ ĂƌĞ ƐŚŽƌƚͲƚĞƌŵ iii. Financial assets at Fair Value through ƌĞƋƵŝƌĞƐ ĞdžƉĞĐƚĞĚ ĐƌĞĚŝƚ ůŽƐƐĞƐ ƚŽ ďĞ ŵĞĂƐƵƌĞĚ ĂŶĚŝĨƐŽ͕ƚŚĞŶĂƚƵƌĞŽĨƚŚĞŝƚĞŵďĞŝŶŐŚĞĚŐĞĚĂŶĚƚŚĞ ďĂůĂŶĐĞƐ ;ǁŝƚŚ ĂŶ ŽƌŝŐŝŶĂů ŵĂƚƵƌŝƚLJ ŽĨ ƚŚƌĞĞ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ;͞&sdW>͟Ϳ ƚŚƌŽƵŐŚ Ă ůŽƐƐ ĂůůŽǁĂŶĐĞ͘ &Žƌ ƚƌĂĚĞ ƌĞĐĞŝǀĂďůĞƐ ƚLJƉĞŽĨŚĞĚŐĞƌĞůĂƟŽŶƐŚŝƉĚĞƐŝŐŶĂƚĞĚ͘dŚĞĨĂŝƌǀĂůƵĞ ŵŽŶƚŚƐŽƌůĞƐƐĨƌŽŵƚŚĞĚĂƚĞŽĨĂĐƋƵŝƐŝƟŽŶͿ͕ ƐƐĞƚƐ ƚŚĂƚ ĚŽ ŶŽƚ ŵĞĞƚ ƚŚĞ ĐƌŝƚĞƌŝĂ ĨŽƌ ŽŶůLJ͕ƚŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐĞdžƉĞĐƚĞĚůŝĨĞƟŵĞůŽƐƐĞƐ ĐŚĂŶŐĞƐŽĨĚĞƌŝǀĂƟǀĞƐǁŚŝĐŚĂƌĞŶŽƚĚĞƐŝŐŶĂƚĞĚĂƐĂ ŚŝŐŚůLJ ůŝƋƵŝĚ ŝŶǀĞƐƚŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ƌĞĂĚŝůLJ ĂŵŽƌƟƐĞĚ ĐŽƐƚ Žƌ &sK/ ĂƌĞ ŵĞĂƐƵƌĞĚ ƵƐŝŶŐƚŚĞƐŝŵƉůŝĮĞĚĂƉƉƌŽĂĐŚƉĞƌŵŝƩĞĚďLJ/ŶĚ^Ͳ hedging instrument are accounted through Statement ĐŽŶǀĞƌƟďůĞ ŝŶƚŽ ŬŶŽǁŶ ĂŵŽƵŶƚƐ ŽĨ ĐĂƐŚ ĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚŽƌůŽƐƐ͘ŐĂŝŶ ϭϬϵ͕ĨƌŽŵŝŶŝƟĂůƌĞĐŽŐŶŝƟŽŶŽĨƚŚĞƌĞĐĞŝǀĂďůĞƐ͘&Žƌ ŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ƵƌŝŶŐƚŚĞLJĞĂƌƐƌĞƉŽƌƚĞĚ͕ŶŽŚĞĚŐĞ ĂŶĚǁŚŝĐŚĂƌĞƐƵďũĞĐƚƚŽŝŶƐŝŐŶŝĮĐĂŶƚƌŝƐŬŽĨ or loss on such debt instrument that is ŽƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ;ŶŽƚďĞŝŶŐĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐ ƌĞůĂƟŽŶƐŚŝƉǁĂƐĚĞƐŝŐŶĂƚĞĚ͘ ĐŚĂŶŐĞƐŝŶǀĂůƵĞ͘ ƐƵďƐĞƋƵĞŶƚůLJ ŵĞĂƐƵƌĞĚ Ăƚ &sdW> ĂŶĚ ŝƐ Žƌ ĚĞďƚ ŝŶƐƚƌƵŵĞŶƚƐ ŵĞĂƐƵƌĞĚ ƐƵďƐĞƋƵĞŶƚůLJ Ăƚ ŶŽƚƉĂƌƚŽĨĂŚĞĚŐŝŶŐƌĞůĂƟŽŶƐŚŝƉĂƐǁĞůů &sdW>ͿƚŚĞĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐĂƌĞŵĞĂƐƵƌĞĚĂƚ Equity instruments ͻĞďƚ /ŶƐƚƌƵŵĞŶƚƐ Ͳ dŚĞ 'ƌŽƵƉ ĐůĂƐƐŝĮĞƐ ŝƚƐ as interest income is recognised in the ƚŚĞϭϮŵŽŶƚŚĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐŽƌĂŶĂŵŽƵŶƚ   ŶĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚŝƐĂŶLJĐŽŶƚƌĂĐƚƚŚĂƚĞǀŝĚĞŶĐĞƐ ĚĞďƚŝŶƐƚƌƵŵĞŶƚƐĂƐƐƵďƐĞƋƵĞŶƚůLJŵĞĂƐƵƌĞĚ ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ĞƋƵĂůƚŽƚŚĞůŝĨĞƟŵĞĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐŝĨƚŚĞƌĞ Ă ƌĞƐŝĚƵĂů ŝŶƚĞƌĞƐƚ ŝŶ ƚŚĞ ĂƐƐĞƚƐ ŽĨ ĂŶ ĞŶƟƚLJ ĂŌĞƌ Ăƚ ĂŵŽƌƟƐĞĚ ĐŽƐƚ͕ ĨĂŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚ KƚŚĞƌ ŚĂƐďĞĞŶĂƐŝŐŶŝĮĐĂŶƚŝŶĐƌĞĂƐĞŝŶĐƌĞĚŝƚƌŝƐŬƐŝŶĐĞ ĚĞĚƵĐƟŶŐ Ăůů ŽĨ ŝƚƐ ůŝĂďŝůŝƟĞƐ͘ ƋƵŝƚLJ ŝŶƐƚƌƵŵĞŶƚƐ ŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞŽƌĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚ ͻƋƵŝƚLJ/ŶƐƚƌƵŵĞŶƚƐͲdŚĞ'ƌŽƵƉƐƵďƐĞƋƵĞŶƚůLJ ŝŶŝƟĂůƌĞĐŽŐŶŝƟŽŶ͘ ŝƐƐƵĞĚ ďLJ ƚŚĞ ŽŵƉĂŶLJ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ Ăƚ ƚŚĞ ƉƌŽĮƚ Žƌ ůŽƐƐ ďĂƐĞĚ ŽŶ ŝƚƐ ďƵƐŝŶĞƐƐ ŵŽĚĞů ŵĞĂƐƵƌĞƐ Ăůů ĞƋƵŝƚLJ ŝŶǀĞƐƚŵĞŶƚƐ ;ŽƚŚĞƌ ƚŚĂŶ ƉƌŽĐĞĞĚƐƌĞĐĞŝǀĞĚ͕ŶĞƚŽĨĚŝƌĞĐƚŝƐƐƵĞĐŽƐƚƐ͘ ĨŽƌ ŵĂŶĂŐŝŶŐ ƚŚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ƚŚĞ the investment in joint ventures and associates  ď͘ &ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ĐŽŶƚƌĂĐƚƵĂů ĐĂƐŚ ŇŽǁ ĐŚĂƌĂĐƚĞƌŝƐƟĐƐ ŽĨ ƚŚĞ ǁŚŝĐŚ ĂƌĞ ŵĞĂƐƵƌĞĚ ƵƐŝŶŐ ĞƋƵŝƚLJ ŵĞƚŚŽĚ ŽĨ /ŶŝƟĂůƌĞĐŽŐŶŝƟŽŶĂŶĚŵĞĂƐƵƌĞŵĞŶƚ   ZĞƉƵƌĐŚĂƐĞŽĨƚŚĞŽŵƉĂŶLJ͛ƐŽǁŶĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐ ĮŶĂŶĐŝĂůĂƐƐĞƚ͗ ĂĐĐŽƵŶƟŶŐͿĂƚĨĂŝƌǀĂůƵĞ͘tŚĞƌĞƚŚĞ'ƌŽƵƉŚĂƐ   &ŝŶĂŶĐŝĂů ůŝĂďŝůŝƟĞƐ ĂƌĞ ƌĞĐŽŐŶŝƐĞĚ ǁŚĞŶ͕ ĂŶĚ ŝƐƌĞĐŽŐŶŝƐĞĚĂŶĚĚĞĚƵĐƚĞĚĚŝƌĞĐƚůLJŝŶĞƋƵŝƚLJ͘EŽŐĂŝŶ ĞůĞĐƚĞĚƚŽƉƌĞƐĞŶƚĨĂŝƌǀĂůƵĞŐĂŝŶƐĂŶĚůŽƐƐĞƐ ŽŶůLJ ǁŚĞŶ͕ ƚŚĞ 'ƌŽƵƉ ďĞĐŽŵĞƐ Ă ƉĂƌƚLJ ƚŽ ƚŚĞ ŽƌůŽƐƐŝƐƌĞĐŽŐŶŝƐĞĚŝŶ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ

212 Annual Report 2017-18 213 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018 ŽŶ ƚŚĞ ƉƵƌĐŚĂƐĞ͕ ƐĂůĞ͕ ŝƐƐƵĞ Žƌ ĐĂŶĐĞůůĂƟŽŶ ŽĨ ƚŚĞ ĂƌĞƚŽŚĂƌŵŽŶŝƐĞĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐ͘dŚĞĮŐƵƌĞƐĨŽƌƚŚĞ EŽƚĞϯ͗WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ;KǁŶĞĚ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚͿ ŽŵƉĂŶLJ͛ƐŽǁŶĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐ͘ ƉƌĞǀŝŽƵƐƉĞƌŝŽĚƐĂƌĞƌĞƐƚĂƚĞĚĂƐŝĨƚŚĞďƵƐŝŶĞƐƐĐŽŵďŝŶĂƟŽŶ Freehold Buildings Plant and Furniture KĸĐĞ Vehicles Total ŚĂĚ ŽĐĐƵƌƌĞĚ Ăƚ ƚŚĞ ďĞŐŝŶŶŝŶŐ ŽĨ ƚŚĞ ƉƌĞĐĞĚŝŶŐ ƉĞƌŝŽĚ land ;ZĞĨĞƌ machinery ΘĮdžƚƵƌĞƐ equipment ;ƵͿ &ŝŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞĐŽŶƚƌĂĐƚƐ ŝƌƌĞƐƉĞĐƟǀĞŽĨƚŚĞĂĐƚƵĂůĚĂƚĞŽĨƚŚĞĐŽŵďŝŶĂƟŽŶ͘ ĨŽŽƚŶŽƚĞŝͿ ;ZĞĨĞƌ ;ZĞĨĞƌ  ĮŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞĐŽŶƚƌĂĐƚŝƐĂĐŽŶƚƌĂĐƚƚŚĂƚƌĞƋƵŝƌĞƐ ĨŽŽƚŶŽƚĞŝŝͿ ĨŽŽƚŶŽƚĞŝŝͿ ƚŚĞŝƐƐƵĞƌƚŽŵĂŬĞƐƉĞĐŝĮĞĚƉĂLJŵĞŶƚƐƚŽƌĞŝŵďƵƌƐĞƚŚĞ ;ǁͿ ZĞĐĞŶƚĂĐĐŽƵŶƟŶŐƉƌŽŶŽƵŶĐĞŵĞŶƚƐ ŚŽůĚĞƌĨŽƌĂůŽƐƐŝƚŝŶĐƵƌƐďĞĐĂƵƐĞĂƐƉĞĐŝĮĞĚĚĞďƚŽƌĨĂŝůƐ  ^ƚĂŶĚĂƌĚƐŝƐƐƵĞĚďƵƚŶŽƚLJĞƚĞīĞĐƟǀĞ͗ ` crores ` crores ` crores ` crores ` crores ` crores ` crores ƚŽ ŵĂŬĞ ƉĂLJŵĞŶƚƐ ǁŚĞŶ ĚƵĞ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ  DŝŶŝƐƚƌLJ ŽĨ ŽƌƉŽƌĂƚĞ īĂŝƌƐ ;͞D͟Ϳ͕ ŽŶ DĂƌĐŚ Ϯϴ͕ Cost ƚĞƌŵƐŽĨĂĚĞďƚŝŶƐƚƌƵŵĞŶƚ͘ ϮϬϭϴ͕ƚŚƌŽƵŐŚŽŵƉĂŶŝĞƐ;/ŶĚŝĂŶĐĐŽƵŶƟŶŐ^ƚĂŶĚĂƌĚƐͿ 'ƌŽƐƐĐĂƌƌLJŝŶŐǀĂůƵĞ ŵĞŶĚŵĞŶƚZƵůĞƐ͕ϮϬϭϴŚĂƐŶŽƟĮĞĚƚŚĞŶĞǁƐƚĂŶĚĂƌĚ ƚƉƌŝůϭ͕ϮϬϭϲ ϱϮϱ͘ϵϭ ϯ͕ϵϵϮ͘ϵϲ ϴϱϴ͘ϲϳ ϯϱϱ͘ϵϭ ϰϴ͘ϱϯ ϴ͘ϯϱ ϱ͕ϳϵϬ͘ϯϯ  &ŝŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞĐŽŶƚƌĂĐƚƐŝƐƐƵĞĚďLJƚŚĞŽŵƉĂŶLJĂƌĞ ĨŽƌ ƌĞǀĞŶƵĞ ƌĞĐŽŐŶŝƟŽŶ ĂŶĚ ĂŵĞŶĚĞĚ ĐĞƌƚĂŝŶ ĞdžŝƐƟŶŐ dƌĂŶƐůĂƟŽŶĂĚũƵƐƚŵĞŶƚ ;ϳ͘ϲϲͿ ;ϭϲϭ͘ϱϲͿ ;ϰ͘ϰϲͿ ;ϭϭ͘ϱϭͿ ;Ϭ͘ϮϮͿ Ͳ ;ϭϴϱ͘ϰϭͿ ŵĞĂƐƵƌĞĚĂƚƚŚĞŝƌĨĂŝƌǀĂůƵĞƐĂŶĚƌĞĐŽŐŶŝƐĞĚĂƐŝŶĐŽŵĞ /ŶĚ^ƐǁŚŝĐŚĂƌĞĞīĞĐƟǀĞĨŽƌĂŶŶƵĂůƉĞƌŝŽĚƐďĞŐŝŶŶŝŶŐ ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝŝŝͿ ŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͘ ŽŶŽƌĂŌĞƌƉƌŝůϭ͕ϮϬϭϴ͘ ĚĚŝƟŽŶƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝǀͿ Ͳ Ϯϭϵ͘ϭϵ ϭϱϵ͘Ϯϱ ϳϭ͘ϭϭ ϭϬ͘ϯϰ Ϭ͘ϱϯ ϰϲϬ͘ϰϮ ŝƐƉŽƐĂůƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞǀͿ Ϯϱϵ͘ϰϰ ϲϳϰ͘ϰϯ ϭϲ͘Ϯϳ ϭϯ͘Ϭϭ ϯ͘ϱϰ Ϭ͘ϱϵ ϵϲϳ͘Ϯϴ ;ǀͿ ƵƐŝŶĞƐƐĐŽŵďŝŶĂƟŽŶ /ŶĚ^ϭϭϱͲZĞǀĞŶƵĞĨƌŽŵŽŶƚƌĂĐƚǁŝƚŚƵƐƚŽŵĞƌƐ͗  dŚĞ'ƌŽƵƉƵƐĞƐƚŚĞ͞ĂĐƋƵŝƐŝƟŽŶŵĞƚŚŽĚ͟ŽĨĂĐĐŽƵŶƟŶŐ  /ŶĚ^ϭϭϱǁŝůůƐƵƉĞƌƐĞĚĞƚŚĞĞdžŝƐƟŶŐƌĞǀĞŶƵĞƌĞĐŽŐŶŝƟŽŶ ƚDĂƌĐŚϯϭ͕ϮϬϭϳ Ϯϱϴ͘ϴϭ ϯ͕ϯϳϲ͘ϭϲ ϵϵϳ͘ϭϵ ϰϬϮ͘ϱϬ ϱϱ͘ϭϭ ϴ͘Ϯϵ ϱ͕Ϭϵϴ͘Ϭϲ ƚŽĂĐĐŽƵŶƚĨŽƌŝƚƐďƵƐŝŶĞƐƐĐŽŵďŝŶĂƟŽŶƐĂƐƉĞƌǁŚŝĐŚƚŚĞ ƐƚĂŶĚĂƌĚ͚/ŶĚ^ϭϴʹZĞǀĞŶƵĞ͛͘dŚĞĐŽƌĞƉƌŝŶĐŝƉůĞŽĨƚŚĞ dƌĂŶƐůĂƟŽŶĂĚũƵƐƚŵĞŶƚ Ϭ͘ϯϵ ϵϲ͘ϴϯ ϰ͘ϭϵ ϳ͘ϵϳ Ϭ͘Ϭϯ Ͳ ϭϬϵ͘ϰϭ ŝĚĞŶƟĮĂďůĞĂƐƐĞƚƐŽƌůŝĂďŝůŝƟĞƐ;ĂŶĚĐŽŶƟŶŐĞŶƚůŝĂďŝůŝƟĞƐͿ ŶĞǁƐƚĂŶĚĂƌĚŝƐƚŚĂƚĂŶĞŶƟƚLJƐŚŽƵůĚƌĞĐŽŐŶŝnjĞƌĞǀĞŶƵĞ ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝŝŝͿ ĂƐƐƵŵĞĚĂƌĞƌĞĐŽŐŶŝƐĞĚĂƚƚŚĞŝƌĨĂŝƌǀĂůƵĞƐ;ǁŝƚŚůŝŵŝƚĞĚ ƚŽĚĞƉŝĐƚƚŚĞƚƌĂŶƐĨĞƌŽĨƉƌŽŵŝƐĞĚŐŽŽĚƐŽƌƐĞƌǀŝĐĞƐƚŽ ĚĚŝƟŽŶƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝǀͿ Ͳ Ϯϯϯ͘ϱϵ ϭϳϭ͘ϭϯ ϭϮϰ͘Ϭϭ ϭϭ͘ϵϵ Ϭ͘ϴϯ ϱϰϭ͘ϱϱ ĞdžĐĞƉƟŽŶƐͿ͘'ŽŽĚǁŝůůŝƐŵĞĂƐƵƌĞĚĂƐƚŚĞĞdžĐĞƐƐŽĨƚŚĞ ĐƵƐƚŽŵĞƌƐŝŶĂŶĂŵŽƵŶƚƚŚĂƚƌĞŇĞĐƚƐƚŚĞĐŽŶƐŝĚĞƌĂƟŽŶ ŝƐƉŽƐĂůƐ Ͳ ϭϴ͘ϬϮ ϭϬ͘Ϯϵ ϯ͘ϯϯ Ϭ͘ϭϮ Ϭ͘ϴϮ ϯϮ͘ϱϴ ƐƵŵ ŽĨ ƚŚĞ ĐŽŶƐŝĚĞƌĂƟŽŶ ƚƌĂŶƐĨĞƌƌĞĚ͕ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ƚŽǁŚŝĐŚƚŚĞĞŶƟƚLJĞdžƉĞĐƚƐƚŽďĞĞŶƟƚůĞĚŝŶĞdžĐŚĂŶŐĞ ƚDĂƌĐŚϯϭ͕ϮϬϭϴ 259.20 ϯ͕ϲϴϴ͘ϱϲ ϭ͕ϭϲϮ͘ϮϮ ϱϯϭ͘ϭϱ ϲϳ͘Ϭϭ ϴ͘ϯϬ ϱ͕ϳϭϲ͘ϰϰ ŶŽŶͲĐŽŶƚƌŽůůŝŶŐ ŝŶƚĞƌĞƐƚƐ ŽĨ ƚŚĞ ĂĐƋƵŝƌĞ͕ ĂŶĚ ƚŚĞ ĨĂŝƌ ĨŽƌƚŚŽƐĞŐŽŽĚƐŽƌƐĞƌǀŝĐĞƐ͘&ƵƌƚŚĞƌƚŚĞŶĞǁƐƚĂŶĚĂƌĚ ǀĂůƵĞŽĨƚŚĞĂĐƋƵŝƌĞƌ͛ƐƉƌĞǀŝŽƵƐůLJŚĞůĚĞƋƵŝƚLJŝŶƚĞƌĞƐƚƐ ƌĞƋƵŝƌĞƐ ĞŶŚĂŶĐĞĚ ĚŝƐĐůŽƐƵƌĞƐ ĂďŽƵƚ ƚŚĞ ŶĂƚƵƌĞ͕ ĐĐƵŵƵůĂƚĞĚĞƉƌĞĐŝĂƟŽŶ ŝŶ ƚŚĞ ĂĐƋƵŝƌĞĞ ŽǀĞƌ ƚŚĞ ŶĞƚ ŽĨ ƚŚĞ ĂĐƋƵŝƐŝƟŽŶ ĚĂƚĞ ĂŵŽƵŶƚ͕ ƟŵŝŶŐ ĂŶĚ ƵŶĐĞƌƚĂŝŶƚLJ ŽĨ ƌĞǀĞŶƵĞ ĂŶĚ ĐĂƐŚ ƚƉƌŝůϭ͕ϮϬϭϲ Ͳ ϭϭϵ͘ϲϳ ϳϳ͘ϱϰ ϱϭ͘ϴϭ ϭϬ͘ϱϲ ϭ͘ϱϲ Ϯϲϭ͘ϭϰ ĂŵŽƵŶƚƐŽĨŝĚĞŶƟĮĂďůĞĂƐƐĞƚƐĂĐƋƵŝƌĞĚĂŶĚƚŚĞůŝĂďŝůŝƟĞƐ ŇŽǁƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞĞŶƟƚLJ͛ƐĐŽŶƚƌĂĐƚƐǁŝƚŚĐƵƐƚŽŵĞƌƐ͘ ĂƐƐƵŵĞĚ͘/ĨƚŚŽƐĞĂŵŽƵŶƚƐĂƌĞůĞƐƐƚŚĂŶƚŚĞĨĂŝƌǀĂůƵĞŽĨ dƌĂŶƐůĂƟŽŶĂĚũƵƐƚŵĞŶƚ Ͳ ;ϲ͘ϮϰͿ ;Ϭ͘ϳϴͿ ;Ϯ͘ϴϲͿ ;Ϭ͘ϭϭͿ Ͳ ;ϵ͘ϵϵͿ ƚŚĞŶĞƚŝĚĞŶƟĮĂďůĞĂƐƐĞƚƐŽĨƚŚĞďƵƐŝŶĞƐƐĂĐƋƵŝƌĞĚ͕ƚŚĞ  dŚĞŽŵƉĂŶLJŚĂƐĐŽŵƉůĞƚĞĚŝƚƐƉƌĞůŝŵŝŶĂƌLJĞǀĂůƵĂƟŽŶ ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝŝŝͿ ĚŝīĞƌĞŶĐĞŝƐƌĞĐŽŐŶŝƐĞĚŝŶKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ ŽĨƚŚĞƉŽƐƐŝďůĞŝŵƉĂĐƚŽĨ/ŶĚ^ϭϭϱĂŶĚǁŝůůĂĚŽƉƚŝƚ ŚĂƌŐĞĨŽƌƚŚĞLJĞĂƌ Ͳ ϭϮϬ͘ϰϱ ϴϴ͘ϭϲ ϱϭ͘ϰϵ ϭϬ͘ϱϲ ϭ͘ϭϬ Ϯϳϭ͘ϳϲ ĂŶĚĂĐĐƵŵƵůĂƚĞĚŝŶĞƋƵŝƚLJĂƐĂƉŝƚĂůZĞƐĞƌǀĞƉƌŽǀŝĚĞĚ ƌĞƚƌŽƐƉĞĐƟǀĞůLJ ǁŝƚŚ ƚŚĞ ĐƵŵƵůĂƟǀĞ ĞīĞĐƚ ŽĨ ŝŶŝƟĂůůLJ ŝƐƉŽƐĂůƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞǀͿ Ͳ Ϯϵ͘ϳϲ ϳ͘ϰϰ ϰ͘ϱϮ ϭ͘ϱϬ Ϭ͘ϭϭ ϰϯ͘ϯϯ ƚŚĞƌĞ ŝƐ ĐůĞĂƌ ĞǀŝĚĞŶĐĞ ŽĨ ƚŚĞ ƵŶĚĞƌůLJŝŶŐ ƌĞĂƐŽŶƐ ĨŽƌ applying this standard recognised as an adjustment to ƚDĂƌĐŚϯϭ͕ϮϬϭϳ Ͳ ϮϬϰ͘ϭϮ ϭϱϳ͘ϰϴ 95.92 ϭϵ͘ϱϭ 2.55 ϰϳϵ͘ϱϴ ĐůĂƐƐŝĨLJŝŶŐ ƚŚĞ ďƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƟŽŶ ĂƐ Ă ďĂƌŐĂŝŶ ƚŚĞ ŽƉĞŶŝŶŐ ďĂůĂŶĐĞ ŽĨ ƌĞƚĂŝŶĞĚ ĞĂƌŶŝŶŐƐ Ăƚ ƚŚĞ ĚĂƚĞ dƌĂŶƐůĂƟŽŶĂĚũƵƐƚŵĞŶƚ Ͳ ϱ͘ϵϬ Ϭ͘ϵϱ Ϯ͘ϴϵ Ϭ͘Ϭϯ Ͳ ϵ͘ϳϳ ƉƵƌĐŚĂƐĞ͘ /Ŷ ŽƚŚĞƌ ĐĂƐĞƐ͕ ƚŚĞ ďĂƌŐĂŝŶ ƉƵƌĐŚĂƐĞ ŐĂŝŶ ŝƐ ŽĨ ŝŶŝƟĂů ĂƉƉůŝĐĂƟŽŶ ŝ͘Ğ͘ Ɖƌŝů ϭ͕ ϮϬϭϴ ĂŶĚ ĂĐĐŽƌĚŝŶŐůLJ ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝŝŝͿ ƌĞĐŽŐŶŝƐĞĚĚŝƌĞĐƚůLJŝŶĞƋƵŝƚLJĂƐĂƉŝƚĂůZĞƐĞƌǀĞ͘ ĐŽŵƉĂƌĂƟǀĞƐ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ ǁŝůů ŚĂƌŐĞĨŽƌƚŚĞLJĞĂƌ Ͳ ϭϭϬ͘ϲϳ ϵϳ͘ϰϭ ϱϰ͘ϳϰ ϭϬ͘ϱϭ Ϭ͘ϲϬ Ϯϳϯ͘ϵϯ ŶŽƚďĞƌĞƚƌŽƐƉĞĐƟǀĞůLJĂĚũƵƐƚĞĚ͘dŚŝƐƐƚĂŶĚĂƌĚŝƐĂƉƉůŝĞĚ ŝƐƉŽƐĂůƐ Ͳ ϭϰ͘ϵϯ ϳ͘ϴϰ ϭ͘ϴϲ Ϭ͘Ϭϰ Ϭ͘ϭϯ Ϯϰ͘ϴϬ  dƌĂŶƐĂĐƟŽŶ ĐŽƐƚƐ ŝŶĐƵƌƌĞĚ ;ŽƚŚĞƌ ƚŚĂŶ ĚĞďƚ ͬ ĞƋƵŝƚLJ ƌĞƚƌŽƐƉĞĐƟǀĞůLJ ŽŶůLJ ƚŽ ƚŚĞ ĐŽŶƚƌĂĐƚƐ ƚŚĂƚ ĂƌĞ ŶŽƚ ƚDĂƌĐŚϯϭ͕ϮϬϭϴ Ͳ ϯϬϱ͘ϳϲ Ϯϰϴ͘ϬϬ ϭϱϭ͘ϲϵ ϯϬ͘Ϭϭ ϯ͘ϬϮ ϳϯϴ͘ϰϴ ŝŶƐƚƌƵŵĞŶƚ ƌĞůĂƚĞĚͿ ŝŶ ĐŽŶŶĞĐƟŽŶ ǁŝƚŚ Ă ďƵƐŝŶĞƐƐ ĐŽŵƉůĞƚĞĚĐŽŶƚƌĂĐƚƐĂƚƚŚĞĚĂƚĞŽĨŝŶŝƟĂůĂƉƉůŝĐĂƟŽŶ͘dŚĞ ĐŽŵďŝŶĂƟŽŶ͕ƐƵĐŚĂƐůĞŐĂůĨĞĞƐ͕ĚƵĞĚŝůŝŐĞŶĐĞĨĞĞƐĂŶĚ ŽŵƉĂŶLJĚŽĞƐŶŽƚĞdžƉĞĐƚƚŚĞŝŵƉĂĐƚŽĨƚŚĞĂĚŽƉƟŽŶŽĨ ŽƚŚĞƌƉƌŽĨĞƐƐŝŽŶĂůĂŶĚĐŽŶƐƵůƟŶŐĨĞĞƐĂƌĞĞdžƉĞŶƐĞĚĂƐ ŶĞǁƐƚĂŶĚĂƌĚƚŽďĞŵĂƚĞƌŝĂůŽŶŝƚƐƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐĂŶĚ Net Block ŝŶĐƵƌƌĞĚ͘ ƚŽŝƚƐŶĞƚŝŶĐŽŵĞŽŶĂŶŽŶŐŽŝŶŐďĂƐŝƐ͘ ƚDĂƌĐŚϯϭ͕ϮϬϭϳ Ϯϱϴ͘ϴϭ ϯ͕ϭϳϮ͘Ϭϰ ϴϯϵ͘ϳϭ ϯϬϲ͘ϱϴ ϯϱ͘ϲϬ ϱ͘ϳϰ ϰ͕ϲϭϴ͘ϰϴ ƚDĂƌĐŚϯϭ͕ϮϬϭϴ 259.20 ϯ͕ϯϴϮ͘ϴϬ ϵϭϰ͘ϮϮ ϯϳϵ͘ϰϲ ϯϳ͘ϬϬ ϱ͘Ϯϴ ϰ͕ϵϳϳ͘ϵϲ  /ĨƚŚĞ'ƌŽƵƉŽďƚĂŝŶƐĐŽŶƚƌŽůŽǀĞƌŽŶĞŽƌŵŽƌĞĞŶƟƟĞƐ /ŶĚ^ϮϭʹdŚĞĞīĞĐƚŽĨĐŚĂŶŐĞƐŝŶ&ŽƌĞŝŐŶdžĐŚĂŶŐĞ ƚŚĂƚ ĂƌĞ ŶŽƚ ďƵƐŝŶĞƐƐĞƐ͕ ƚŚĞŶ ƚŚĞ ďƌŝŶŐŝŶŐ ƚŽŐĞƚŚĞƌ ŽĨ ƌĂƚĞƐ;ƉƉĞŶĚŝdžͿ &ŽŽƚŶŽƚĞƐ͗ ƚŚŽƐĞĞŶƟƟĞƐĂƌĞŶŽƚďƵƐŝŶĞƐƐĐŽŵďŝŶĂƟŽŶƐ͘dŚĞĐŽƐƚŽĨ  dŚĞ ĂŵĞŶĚŵĞŶƚ ĐůĂƌŝĮĞƐ ŽŶ ƚŚĞ ĂĐĐŽƵŶƟŶŐ ŽĨ ;ŝͿ ŽƐƚŝŶĐůƵĚĞƐŝŵƉƌŽǀĞŵĞŶƚƐƚŽďƵŝůĚŝŶŐƐĐŽŶƐƚƌƵĐƚĞĚŽŶůĞĂƐĞŚŽůĚůĂŶĚͲ`ϮϮϳϵ͘ϮϴĐƌŽƌĞƐ;WƌĞǀŝŽƵƐLJĞĂƌͲ`Ϯϭϯϵ͘ϮϳĐƌŽƌĞƐͿ͘ ĂĐƋƵŝƐŝƟŽŶŝƐĂůůŽĐĂƚĞĚĂŵŽŶŐƚŚĞŝŶĚŝǀŝĚƵĂůŝĚĞŶƟĮĂďůĞ ƚƌĂŶƐĂĐƟŽŶƐ ƚŚĂƚ ŝŶĐůƵĚĞ ƚŚĞ ƌĞĐĞŝƉƚ Žƌ ƉĂLJŵĞŶƚ ;ŝŝͿ &ƵƌŶŝƚƵƌĞ͕ &ŝdžƚƵƌĞƐ ĂŶĚ KĸĐĞ ƋƵŝƉŵĞŶƚ ĂƐ Ăƚ ƚŚĞ LJĞĂƌ ĞŶĚ ŝŶĐůƵĚĞ ĂƐƐĞƚƐ ŽŶ ĮŶĂŶĐĞ ůĞĂƐĞ͗ ŽƐƚ Ͳ ` Ϭ͘ϲϴ ĐƌŽƌĞ ;WƌĞǀŝŽƵƐ LJĞĂƌ Ͳ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƟĞƐ ŽĨ ƐƵĐŚ ĞŶƟƟĞƐ͕ ďĂƐĞĚ ŽŶ ƚŚĞŝƌ ŽĨ ĂĚǀĂŶĐĞ ĐŽŶƐŝĚĞƌĂƟŽŶ ŝŶ Ă ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ͘ dŚĞ `Ϭ͘ϲϬĐƌŽƌĞͿ͕ĐĐƵŵƵůĂƚĞĚĞƉƌĞĐŝĂƟŽŶͲ`Ϭ͘ϱϯĐƌŽƌĞ;WƌĞǀŝŽƵƐLJĞĂƌ`Ϭ͘ϯϱĐƌŽƌĞͿ͕ĞƉƌĞĐŝĂƟŽŶĨŽƌƚŚĞLJĞĂƌͲ`Ϭ͘ϭϯĐƌŽƌĞ;WƌĞǀŝŽƵƐLJĞĂƌͲ ƌĞůĂƟǀĞ ĨĂŝƌ ǀĂůƵĞƐ Ăƚ ƚŚĞ ĚĂƚĞ ŽĨ ĂĐƋƵŝƐŝƟŽŶ͘ ^ƵĐŚ ĂƉƉĞŶĚŝdžĞdžƉůĂŝŶƐƚŚĂƚƚŚĞĚĂƚĞŽĨƚŚĞƚƌĂŶƐĂĐƟŽŶ͕ĨŽƌ `Ϭ͘ϮϴĐƌŽƌĞͿĂŶĚĐĂƌƌLJŝŶŐǀĂůƵĞĂƐĂƚƚŚĞƌĞƉŽƌƟŶŐĚĂƚĞŽĨ`Ϭ͘ϭϱĐƌŽƌĞ;WƌĞǀŝŽƵƐLJĞĂƌ`Ϭ͘ϮϱĐƌŽƌĞͿ͘ ƚƌĂŶƐĂĐƟŽŶƐ ĚŽ ŶŽƚ ŐŝǀĞ ƌŝƐĞ ƚŽ ŐŽŽĚǁŝůů ĂŶĚ ŶŽ ŶŽŶͲ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ĚĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ĞdžĐŚĂŶŐĞ ƌĂƚĞ͕ ŝƐ ƚŚĞ ĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚŝƐƌĞĐŽŐŶŝƐĞĚ͘ ĚĂƚĞ ŽĨ ŝŶŝƟĂů ƌĞĐŽŐŶŝƟŽŶ ŽĨ ƚŚĞ ŶŽŶͲŵŽŶĞƚĂƌLJ ĂƐƐĞƚ ;ŝŝŝͿ ĚũƵƐƚŵĞŶƚŽŶĂĐĐŽƵŶƚŽĨĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƚƌĂŶƐůĂƟŽŶĚŝīĞƌĞŶĐĞŽŶŽƉĞŶŝŶŐďĂůĂŶĐĞĂŶĚĚĞƉƌĞĐŝĂƟŽŶĐŚĂƌŐĞĨŽƌƚŚĞLJĞĂƌŝƐƌĞŇĞĐƚĞĚ Žƌ ŶŽŶͲŵŽŶĞƚĂƌLJ ůŝĂďŝůŝƚLJ ĂƌŝƐŝŶŐ ĨƌŽŵ ƚŚĞ ƉĂLJŵĞŶƚ Žƌ ĂƐ͞dƌĂŶƐůĂƟŽŶĚũƵƐƚŵĞŶƚ͘͟  /Ŷ ĐĂƐĞ ŽĨ ďƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƟŽŶƐ ŝŶǀŽůǀŝŶŐ ĞŶƟƟĞƐ ƌĞĐĞŝƉƚŽĨĂĚǀĂŶĐĞĐŽŶƐŝĚĞƌĂƟŽŶ͘ ;ŝǀͿ ĚĚŝƟŽŶŝŶĐůƵĚĞƐ`Ϭ͘ϳϬĐƌŽƌĞƐ;DĂƌĐŚϯϭ͕ϮϬϭϳͲ`ϰ͘ϮϵĐƌŽƌĞƐͿŽŶĂĐĐŽƵŶƚŽĨŝŶƚĞƌĞƐƚĐŽƐƚŽŶďŽƌƌŽǁŝŶŐƐĐĂƉŝƚĂůŝƐĞĚŽŶĐĞƌƚĂŝŶ ƵŶĚĞƌĐŽŵŵŽŶĐŽŶƚƌŽů͕ƚŚĞĂďŽǀĞƉŽůŝĐLJĚŽĞƐŶŽƚĂƉƉůLJ͘ ƋƵĂůŝĨLJŝŶŐĂƐƐĞƚƐ;ZĞĨĞƌEŽƚĞϮϲͿ͘ ƵƐŝŶĞƐƐĐŽŵďŝŶĂƟŽŶƐŽĨĞŶƟƟĞƐƵŶĚĞƌĐŽŵŵŽŶĐŽŶƚƌŽů  dŚĞĂŵĞŶĚŵĞŶƚǁŝůůĐŽŵĞŝŶƚŽĨŽƌĐĞĨƌŽŵƉƌŝůϭ͕ϮϬϭϴ͘ ;ǀͿ ŝƐƉŽƐĂů ŝŶĐůƵĚĞƐ ĂƐƐĞƚƐ ƐŽůĚ ĐŽŶƐĞƋƵĞŶƚ ƚŽ ĚŝǀĞƐƚŵĞŶƚ ŽĨ Ă ƉƌŽƉĞƌƚLJ ŝŶ ŽŶĞ ƐƵďƐŝĚŝĂƌLJ ĚƵƌŝŶŐ ƚŚĞ ƉƌĞǀŝŽƵƐ LJĞĂƌ ĂŵŽƵŶƟŶŐ ƚŽ ĂƌĞ ĂĐĐŽƵŶƚĞĚ ƵƐŝŶŐ ƚŚĞ ͞ƉŽŽůŝŶŐ ŽĨ ŝŶƚĞƌĞƐƚƐ͟ ŵĞƚŚŽĚ dŚĞŽŵƉĂŶLJĚŽĞƐŶŽƚĞdžƉĞĐƚƚŚĞĞīĞĐƚŽĨƚŚŝƐŽŶƚŚĞ `ϵϭϮ͘ϬϭĐƌŽƌĞƐ;ĐŽƐƚ`ϵϰϯ͘ϯϰĐƌŽƌĞƐĂŶĚĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƟŽŶ`ϯϭ͘ϯϯĐƌŽƌĞƐ͘Ϳ͘ ĂŶĚĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐĂƌĞƌĞŇĞĐƚĞĚĂƚƚŚĞƉƌĞĚĞĐĞƐƐŽƌ ĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƚŽďĞŵĂƚĞƌŝĂůďĂƐĞĚŽŶƉƌĞůŝŵŝŶĂƌLJ carrying values and the only adjustments that are made ĞǀĂůƵĂƟŽŶ͘ ;ǀŝͿ &ŽƌĚĞƚĂŝůƐŽĨƉůĞĚŐĞĚĂƐƐĞƚƐƌĞĨĞƌEŽƚĞϭϴ͕ĨŽŽƚŶŽƚĞ;ŝŝͿ͘

214 Annual Report 2017-18 215 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018 EŽƚĞϰ͗'ŽŽĚǁŝůů EŽƚĞϲ͗/ŶǀĞƐƚŵĞŶƚƐŝŶũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐ

DĂƌĐϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores Face Holdings ,ŽůĚŝŶŐƐ KƉĞŶŝŶŐĂůĂŶĐĞ ϱϱϱ͘ϱϲ ϱϳϯ͘ϲϱ Value As at ` crores As at ` crores ĚĚͬ;>ĞƐƐͿ͗&ŽƌĞŝŐŶdžĐŚĂŶŐĞŇƵĐƚƵĂƟŽŶĨŽƌƚŚĞLJĞĂƌ ϵ͘ϵϲ ;ϭϴ͘ϬϵͿ ůŽƐŝŶŐĂůĂŶĐĞ 565.52 555.56 ƌĞĂŬƵƉŽĨŝŶǀĞƐƚŵĞŶƚƐŝŶũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞ ;ĐĂƌƌLJŝŶŐǀĂůƵĞĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐƚŚĞĞƋƵŝƚLJŵĞƚŚŽĚŽĨ &ŽŽƚŶŽƚĞ͗ ĂĐĐŽƵŶƟŶŐͿĂƐďĞůŽǁ͗Ͳ dŚĞ'ƌŽƵƉƚĞƐƚƐŐŽŽĚǁŝůůĨŽƌŝŵƉĂŝƌŵĞŶƚĂƚůĞĂƐƚĂŶŶƵĂůůLJ͕ŽƌŵŽƌĞĨƌĞƋƵĞŶƚůLJŝĨĞǀĞŶƚƐŽƌĐŚĂŶŐĞƐŝŶĐŝƌĐƵŵƐƚĂŶĐĞƐŝŶĚŝĐĂƚĞƚŚĂƚŝƚŵŝŐŚƚďĞ ;ĂͿ ƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐŝŶũŽŝŶƚǀĞŶƚƵƌĞĐŽŵƉĂŶŝĞƐ ŝŵƉĂŝƌĞĚ͘&ŽƌƚŚĞƉƵƌƉŽƐĞŽĨŝŵƉĂŝƌŵĞŶƚƚĞƐƟŶŐ͕ŐŽŽĚǁŝůů͕ǁŚŝĐŚĂƌŽƐĞŽŶĂĐƋƵŝƐŝƟŽŶŽĨƚŚĞĂƐƐĞƚƐͬĞŶƟƟĞƐ͕ŝƐĂůůŽĐĂƚĞĚƚŽĂĐĂƐŚŐĞŶĞƌĂƟŶŐ ;ZĞĨĞƌEŽƚĞϯϯ;ĐͿͿ ƵŶŝƚ;͞'h͟ͿƌĞƉƌĞƐĞŶƟŶŐƚŚĞůŽǁĞƐƚůĞǀĞůǁŝƚŚƚŚĞ'ƌŽƵƉĂƚǁŚŝĐŚŐŽŽĚǁŝůůŝƐŵŽŶŝƚŽƌĞĚĨŽƌŝŶƚĞƌŶĂůŵĂŶĂŐĞŵĞŶƚƌĞƉŽƌƟŶŐƉƵƌƉŽƐĞƐ͘  &ƵůůLJƉĂŝĚƵŶƋƵŽƚĞĚĞƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐ dŚĞƌĞĐŽǀĞƌĂďůĞǀĂůƵĞŽĨƚŚĞ'hŝƐĚĞƚĞƌŵŝŶĞĚŽŶƚŚĞďĂƐŝƐŽĨ͚ĨĂŝƌǀĂůƵĞůĞƐƐĐŽƐƚƚŽƐĞůů͛͘dŚĞ'ƌŽƵƉĚĞƚĞƌŵŝŶĞĚĨĂŝƌǀĂůƵĞƐƵƐŝŶŐƚŚĞŵĂƌŬĞƚ ` ĂƉƉƌŽĂĐŚ͕ǁŚĞŶĂǀĂŝůĂďůĞĂŶĚĂƉƉƌŽƉƌŝĂƚĞ͕ŽƌƚŚĞŝŶĐŽŵĞĂƉƉƌŽĂĐŚ͕ŽƌĂĐŽŵďŝŶĂƟŽŶŽĨďŽƚŚ͘dŚĞ'ƌŽƵƉĂƐƐĞƐƐĞƐƚŚĞǀĂůƵĂƟŽŶŵĞƚŚŽĚŽůŽŐLJ   dĂũ<ĞƌĂůĂ,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ ϭϬ ϭϰ͕ϭϱϭ͕ϲϲϰ ϭϲ͘ϲϴ ϭϰ͕ϭϱϭ͕ϲϲϰ ϭϲ͘ϳϬ ďĂƐĞĚƵƉŽŶƚŚĞƌĞůĞǀĂŶĐĞĂŶĚĂǀĂŝůĂďŝůŝƚLJŽĨƚŚĞĚĂƚĂĂƚƚŚĞƟŵĞƚŚĞǀĂůƵĂƟŽŶŝƐƉĞƌĨŽƌŵĞĚ͘/ĨŵƵůƟƉůĞǀĂůƵĂƟŽŶŵĞƚŚŽĚŽůŽŐŝĞƐĂƌĞƵƐĞĚ͕   dĂũ^d^ŝƌĂƚĞƌŝŶŐ>ƚĚ͘ ` ϭϬ ϴ͕ϴϳϰ͕ϬϬϬ ϱϵ͘ϵϰ ϴ͕ϴϳϰ͕ϬϬϬ ϰϴ͘ϱϮ ƚŚĞƌĞƐƵůƚƐĂƌĞǁĞŝŐŚƚĞĚĂƉƉƌŽƉƌŝĂƚĞůLJ͘   dĂũ<ĂƌŶĂƚĂŬĂ,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘;ZĞĨĞƌĨŽŽƚŶŽƚĞ;ŝŝŝͿͿ ` ϭϬ ϭ͕ϯϵϴ͕ϳϰϬ Ͳ ϭ͕ϯϵϴ͕ϳϰϬ Ͳ sĂůƵĂƟŽŶƐ ƵƐŝŶŐ ƚŚĞ ŵĂƌŬĞƚ ĂƉƉƌŽĂĐŚ ĂƌĞ ĚĞƌŝǀĞĚ ĨƌŽŵ ŵĞƚƌŝĐƐ ŽĨ ƉƵďůŝĐůLJ ƚƌĂĚĞĚ ĐŽŵƉĂŶŝĞƐ Žƌ ŚŝƐƚŽƌŝĐĂůůLJ ĐŽŵƉůĞƚĞĚ ƚƌĂŶƐĂĐƟŽŶƐ ŽĨ   dĂũDĂĚƌĂƐ&ůŝŐŚƚ<ŝƚĐŚĞŶWǀƚ>ƚĚ͘ ` ϭϬ ϳ͕ϵϰϰ͕ϭϭϮ Ϯϯ͘ϴϳ ϳ͕ϵϰϰ͕ϭϭϮ Ϯϯ͘ϳϲ ĐŽŵƉĂƌĂďůĞ ďƵƐŝŶĞƐƐĞƐ͘ dŚĞ ƐĞůĞĐƟŽŶ ŽĨ ĐŽŵƉĂƌĂďůĞ ďƵƐŝŶĞƐƐĞƐ ŝƐ ďĂƐĞĚ ŽŶ ƚŚĞ ŵĂƌŬĞƚƐ ŝŶ ǁŚŝĐŚ ƚŚĞ ƌĞƉŽƌƟŶŐ ƵŶŝƚƐ ŽƉĞƌĂƚĞ ŐŝǀŝŶŐ   dĂũ^ĂĨĂƌŝƐ>ƚĚ͘ ` ϭϬ ϭϱ͕ϵϴϰ͕ϮϮϭ Ϭ͘ϳϬ ϭϮ͕ϰϵϲ͕ϲϲϳ ϭ͘ϬϮ ĐŽŶƐŝĚĞƌĂƟŽŶƚŽƌŝƐŬƉƌŽĮůĞƐ͕ƐŝnjĞ͕ŐĞŽŐƌĂƉŚLJ͕ĂŶĚĚŝǀĞƌƐŝƚLJŽĨƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐ͘   ;ϯϰϴϳϱϱϰƐŚĂƌĞƐ;WƌĞǀŝŽƵƐLJĞĂƌEŝůͿĂĐƋƵŝƌĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ 'ŽŽĚǁŝůůŵĂŝŶůLJĐŽŵƉƌŝƐĞƐŽĨ`ϯϴϭ͘ϯϮĐƌŽƌĞƐ;DĂƌĐŚϯϭ͕ϮϬϭϳͲ`ϯϳϭ͘ϴϲĐƌŽƌĞƐͿĂůůŽĐĂƚĞĚƚŽƚŚĞ/ŶƚĞƌŶĂƟŽŶĂůďƵƐŝŶĞƐƐ;hŶŝƚĞĚ<ŝŶŐĚŽŵͿ   <ĂǀĞƌŝZĞƚƌĞĂƚΘZĞƐŽƌƚƐ>ƚĚ͘ ` ϭϬ ϭϯ͕ϭϳϲ͕ϰϲϳ ϯϵ͘ϴϱ ϭϯ͕ϭϳϲ͕ϰϲϳ ϯϴ͘ϭϰ and `ϭϯϬ͘ϵϵĐƌŽƌĞƐ;DĂƌĐŚϯϭ͕ϮϬϭϳͲ`ϭϯϬ͘ϵϵĐƌŽƌĞƐͿĂůůŽĐĂƚĞĚƚŽĂĐŽŵƉŽŶĞŶƚŽĨĚŽŵĞƐƟĐďƵƐŝŶĞƐƐ͘dŚĞĞƐƟŵĂƚĞĚĨĂŝƌǀĂůƵĞŽĨƚŚĞƐĞ   /,D^,ŽƚĞůƐ;^Ϳ;WƌŽƉƌŝĞƚĂƌLJͿ>ƚĚ͘;ZĞĨĞƌĨŽŽƚŶŽƚĞ;ŝŝŝͿͿ Zar 1 ϴϲ͕ϳϯϵ͕ϵϱϴ Ͳ ϴϲ͕ϳϯϵ͕ϵϱϴ Ͳ ` ` 'hƐŝƐďĂƐĞĚŽŶĐŽŵƉĂƌĂďůĞďƵƐŝŶĞƐƐĞƐ͘dŚĞƌĞŵĂŝŶŝŶŐĂŵŽƵŶƚŽĨŐŽŽĚǁŝůůŽĨ ϱϯ͘ϮϮĐƌŽƌĞƐ;DĂƌĐŚϯϭ͕ϮϬϭϳͲ ϱϮ͘ϳϭĐƌŽƌĞƐͿƌĞůĂƚĞƐƚŽ   d>,ŽƚĞůƐĂŶĚZĞƐŽƌƚƐ>ƚĚ͘ US $ 1 ϰ͕ϵϰϲ͕ϮϴϮ ϭϮϮ͘ϲϳ ϰ͕ϵϰϲ͕ϮϴϮ ϭϭϴ͘ϴϲ ĚŝīĞƌĞŶƚ'hƐǁŚŝĐŚŝƐŝŶĚŝǀŝĚƵĂůůLJŝŵŵĂƚĞƌŝĂů͘  dŽƚĂůŐŐƌĞŐĂƚĞƵŶƋƵŽƚĞĚŝŶǀĞƐƚŵĞŶƚƐ Ϯϲϯ͘ϳϭ Ϯϰϳ͘ϬϬ EŽƚĞϱ͗KƚŚĞƌŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ  &ƵůůLJƉĂŝĚƋƵŽƚĞĚĞƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐ Leasehold Website ^ŽŌǁĂƌĞĂŶĚ ^ĞƌǀŝĐĞĂŶĚ Total   dĂũ's<,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ ` ϭϬ ϭϲ͕ϬϬϬ͕ϰϬϬ ϭϭϰ͘ϵϭ ϭϲ͕ϬϬϬ͕ϰϬϬ ϭϭϬ͘ϰϭ property rights ĚĞǀĞůŽƉŵĞŶƚ licences ŽƉĞƌĂƟŶŐ  dŽƚĂůŐŐƌĞŐĂƚĞƋƵŽƚĞĚŝŶǀĞƐƚŵĞŶƚƐ ϭϭϰ͘ϵϭ ϭϭϬ͘ϰϭ ;ZĞĨĞƌ cost ;ZĞĨĞƌ rights  dŽƚĂů/ŶǀĞƐƚŵĞŶƚƐĐĂƌƌLJŝŶŐǀĂůƵĞ ϯϳϴ͘ϲϮ ϯϱϳ͘ϰϭ &ŽŽƚŶŽƚĞŝŝŝͿ &ŽŽƚŶŽƚĞŝͿ ` ` ` ` ` crores crores crores crores crores ;ďͿ ƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐŝŶĂƐƐŽĐŝĂƚĞĐŽŵƉĂŶŝĞƐ Cost ;ZĞĨĞƌEŽƚĞϯϯ;ĐͿͿ 'ƌŽƐƐĐĂƌƌLJŝŶŐǀĂůƵĞ ƚƉƌŝůϭ͕ϮϬϭϲ ϲϮϯ͘ϲϯ ϭϰ͘ϯϰ ϰϯ͘Ϯϰ ϯ͘ϱϱ ϲϴϰ͘ϳϲ  &ƵůůLJƉĂŝĚƵŶƋƵŽƚĞĚĞƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐ dƌĂŶƐůĂƟŽŶĂĚũƵƐƚŵĞŶƚ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝŝͿ ;Ϭ͘ϮϮͿ Ͳ Ͳ ;Ϭ͘ϬϴͿ ;Ϭ͘ϯϬͿ   dĂũDĂĚƵƌĂŝ>ƚĚ͘ ` ϭϬ ϵϭϮ͕ϬϬϬ ϱ͘Ϯϵ ϵϭϮ͕ϬϬϬ ϰ͘ϴϭ ĚĚŝƟŽŶƐ Ϭ͘ϭϭ ϰ͘Ϯϯ ϱ͘ϳϰ Ͳ ϭϬ͘Ϭϴ   dĂŝĚĂdƌĂĚŝŶŐΘ/ŶĚƵƐƚƌŝĞƐ>ƚĚ͘;ZĞĨĞƌĨŽŽƚŶŽƚĞ;ŝǀͿͿ ` ϭϬϬ ϲϱ͕ϵϵϮ Ͳ ϲϱ͕ϵϵϮ Ͳ ŝƐƉŽƐĂůƐ Ͳ Ͳ Ϭ͘Ϯϳ Ͳ Ϭ͘Ϯϳ   >ĂŶŬĂ/ƐůĂŶĚZĞƐŽƌƚƐ>ƚĚ͘ >ƚĚ͘;ZĞĨĞƌĨŽŽƚŶŽƚĞ;ŝǀͿͿ US $ 1 ϮϬ͕ϬϬϬ͕ϬϬϬ Ͳ ϮϬ͕ϬϬϬ͕ϬϬϬ Ͳ ĚĚŝƟŽŶƐ Ϭ͘Ϭϲ ϭ͘Ϯϯ ϯ͘ϳϴ Ͳ ϱ͘Ϭϳ dŽƚĂůŐŐƌĞŐĂƚĞƵŶƋƵŽƚĞĚŝŶǀĞƐƚŵĞŶƚƐ ϯϴ͘ϱϯ ϯϴ͘ϭϯ ŝƐƉŽƐĂůƐ Ͳ Ͳ Ϭ͘Ϭϭ Ͳ Ϭ͘Ϭϭ  &ƵůůLJƉĂŝĚƋƵŽƚĞĚĞƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐ ƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϲϮϯ͘ϲϮ ϭϵ͘ϴϬ ϱϮ͘ϰϴ ϯ͘ϰϴ ϲϵϵ͘ϯϴ   KƌŝĞŶƚĂů,ŽƚĞůƐ>ƚĚ͘;ZĞĨĞƌĨŽŽƚŶŽƚĞ;ǀͿͿ ` ϭϬ ϲϲ͕ϭϲϲ͕ϱϯϬ ϮϬϳ͘ϭϲ ϲϲ͕ϭϲϲ͕ϱϯϬ ϭϵϲ͘ϳϮ ĐĐƵŵƵůĂƚĞĚŵŽƌƟƐĂƟŽŶ ƚƉƌŝůϭ͕ϮϬϭϲ ϭϰ͘ϲϴ Ϭ͘ϯϵ ϳ͘ϯϲ ϯ͘ϱϱ Ϯϱ͘ϵϴ   d>>ĂŶŬĂ,ŽƚĞůƐWůĐ >ĞĂƐĞŚŽůĚƉƌŽƉĞƌƚLJƌŝŐŚƚƐŵĂŝŶůLJĐŽŶƐŝƐƚƐŽĨůĞĂƐĞĂĐƋƵŝƐŝƟŽŶƌŝŐŚƚƐĨŽƌƚŚĞŚŽƚĞůƉƌŽƉĞƌƚLJŝŶĐůƵĚŝŶŐůĂŶĚ͘ZĞĨĞƌEŽƚĞϮ;ŚͿĨŽƌĂĐĐŽƵŶƟŶŐƉŽůŝĐLJ͘

216 Annual Report 2017-18 217 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018 EŽƚĞϳ͗/ŶǀĞƐƚŵĞŶƚƐ EŽƚĞϳ͗/ŶǀĞƐƚŵĞŶƚƐ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ Face Holdings ,ŽůĚŝŶŐƐ ` crores ` crores Value As at ` crores As at ` crores ;ďͿ ƵƌƌĞŶƚ ;ĂͿ EŽŶĐƵƌƌĞŶƚ  /ŶǀĞƐƚŵĞŶƚƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚĂŶĚůŽƐƐ͗  ƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐŝŶŽƚŚĞƌĐŽŵƉĂŶŝĞƐ;EŽŶĐƵƌƌĞŶƚͿ  /ŶǀĞƐƚŵĞŶƚƐŝŶŵƵƚƵĂůĨƵŶĚƵŶŝƚƐ;ƵŶƋƵŽƚĞĚͿ ϯϯϬ͘ϱϯ ϵϬ͘ϴϬ  ĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͗ ϯϯϬ͘ϱϯ ϵϬ͘ϴϬ  &ƵůůLJƉĂŝĚƵŶƋƵŽƚĞĚĞƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐ  /ŶǀĞƐƚŵĞŶƚƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͗  ĂŵĂŶŝĂŝƌǁĂLJƐ>ƚĚ͘Ύ ` ϭϬ ϱϬϬ Ͳ ϱϬϬ Ͳ  ƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐŝŶŽƚŚĞƌĞŶƟƟĞƐ;ƵŶƋƵŽƚĞĚͿ `  ,ŽƚĞůƐĂŶĚZĞƐƚĂƵƌĂŶƚŽͲŽƉ͘^ĞƌǀŝĐĞ^ŽĐŝĞƚLJ>ƚĚ͘Ύ ϱϬ ϮϬ Ͳ ϮϬ Ͳ  ,ϱWƚĞ>ƚĚ͘;ZĞĨĞƌEŽƚĞŝŝͿ Ͳ Ͳ `  <ƵŵĂƌĂŬƌƵƉƉĂ&ƌŽŶƟĞƌ,ŽƚĞůƐWƌŝǀĂƚĞ>ƚĚ͘ ϭϬ ϵϲ͕ϰϯϮ ϲ͘ϰϭ ϵϲ͕ϰϯϮ ϲ͘Ϭϯ  ϭ;WƌĞǀŝŽƵƐLJĞĂƌͲϭͿĞƋƵŝƚLJƐŚĂƌĞƐŽĨh^ΨϭĞĂĐŚ;`ϲϱ;WƌĞǀŝŽƵƐLJĞĂƌ`ϲϱͿͿ `  DWKtZ/ŶĨŽƌŵĂƟŽŶ^LJƐƚĞŵƐWƌŝǀĂƚĞ>ƚĚ͘Ύ ϭϬ ϱ͕Ϯϴ͕ϬϬϬ Ͳ ϱ͕Ϯϴ͕ϬϬϬ Ͳ Ͳ Ͳ `  ^ŵŝůĞĂŶĚĂƌĞWƌŽĚƵĐƚƐWƌŝǀĂƚĞ>ƚĚ͘Ύ ϭϬ ϰϵ͕ϴϬϬ Ͳ ϰϵ͕ϴϬϬ Ͳ  dŽƚĂůƵƌƌĞŶƚŝŶǀĞƐƚŵĞŶƚƐ ϯϯϬ͘ϱϯ ϵϬ͘ϴϬ `  dĂƚĂĞƌĂŵŝĐƐ>ƚĚ͘ Ϯ ϭ͕ϱϰ͕Ϯϵ͕ϰϴϬ Ͳ ϭ͕ϱϰ͕Ϯϵ͕ϰϴϬ ϭ͘ϳϬ  &ŽŽƚŶŽƚĞ͗ `  dĂƚĂ/ŶĚƵƐƚƌŝĞƐ>ƚĚ͘;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ǀͿ ϭϬϬ ϰϮ͕ϳϰ͕ϱϵϬ ϱϱ͘ϳϯ ϰϮ͕ϳϰ͕ϱϵϬ ϱϱ͘ϳϯ  ;ŝͿ ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨhŶƋƵŽƚĞĚ/ŶǀĞƐƚŵĞŶƚƐ͗ ϯϯϬ͘ϱϯ ϵϬ͘ϴϬ `  dĂƚĂ/ŶƚĞƌŶĂƟŽŶĂů>ƚĚ͘ ϭϬϬϬ ϴ͕ϬϬϬ ϮϮ͘ϵϳ ϴ͕ϬϬϬ ϮϬ͘ϴϬ  ;ŝŝͿ dŚŝƐŝŶǀĞƐƚŵĞŶƚĂƌĞƚĞŵƉŽƌĂƌŝůLJŚĞůĚĨŽƌĚŝƐƉŽƐĂůŝŶŶĞĂƌĨƵƚƵƌĞ;ZĞĨĞƌEŽƚĞϯϯ;ĂͿ;ŝŝͿ;ďͿͿ  dĂũŝƌ>ƚĚ͘ ` ϭϬ Ϯ͕ϮϮ͕ϰϬ͕ϮϬϬ ϱ͘ϰϵ Ϯ͕ϮϮ͕ϰϬ͕ϮϬϬ Ͳ  dĂƚĂ^ĞƌǀŝĐĞƐ>ƚĚ͘ ` ϭϬϬϬ ϰϮϭ Ϭ͘Ϭϰ ϰϮϭ Ϭ͘Ϭϰ  dĂƚĂ^ŽŶƐ>ƚĚ͘;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ǀͿ ` ϭϬϬϬ ϰ͕ϱϬϬ Ϯϱ͘ϬϬ ϰ͕ϱϬϬ Ϯϱ͘ϬϬ EŽƚĞϴ͗>ŽĂŶƐ  dZ/>/ŶĨŽƉĂƌŬ>ƚĚ͘;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝŝŝͿ ` ϭϬ ϳ͕ϭϭ͕ϬϬ͕ϬϬϬ ϳϭ͘ϭϬ ϳ͕ϭϭ͕ϬϬ͕ϬϬϬ ϳϭ͘ϭϬ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ  ŽŵďĂLJDĞƌĐĂŶƟůĞŽͲŽƉĞƌĂƟǀĞĂŶŬ>ƚĚ͘Ύ ` ϯϬ 333 Ͳ 333 Ͳ ` crores ` crores  ,ŝŶĚƵƐƚĂŶŶŐŝŶĞĞƌŝŶŐΘ/ŶĚƵƐƚƌŝĞƐ>ƚĚ͘Ύ ` ϭϬ ϳ Ͳ ϳ Ͳ ;ĂͿ EŽŶĐƵƌƌĞŶƚ;ĂƚĂŵŽƌƟƐĞĚĐŽƐƚƐͿ;hŶƐĞĐƵƌĞĚͿ  ^ĂƌĂƐǁĂƚŽͲŽƉĞƌĂƟǀĞĂŶŬ>ƚĚ͘Ύ ` ϭϬ Ϯ͕ϬϬϬ Ͳ Ϯ͕ϬϬϬ Ͳ  >ŽĂŶƐƚŽƌĞůĂƚĞĚƉĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϰϬͿ ϭϴϲ͘ϳϰ ϭϴϬ͘ϰϬ  ŽŶƐŝĚĞƌĞĚŐŽŽĚ ϭϱ͘ϭϯ ϭϱ͘Ϭϵ  &ƵůůLJƉĂŝĚƋƵŽƚĞĚĞƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐ͗  ŽŶƐŝĚĞƌĞĚĚŽƵďƞƵů ϭϰϭ͘Ϭϰ ϭϯϵ͘ϵϱ  /ŶĚŝĂdŽƵƌŝƐŵĞǀĞůŽƉŵĞŶƚŽƌƉŽƌĂƟŽŶ>ƚĚ͘ ` ϭϬ ϲϳ͕ϱϬ͕Ϯϳϱ ϯϬϱ͘ϵϵ ϲϳ͕ϱϬ͕Ϯϳϱ Ϯϳϵ͘ϲϲ ϭϱϲ͘ϭϳ ϭϱϱ͘Ϭϰ  dŽƵƌŝƐŵ&ŝŶĂŶĐĞŽƌƉŽƌĂƟŽŶŽĨ/ŶĚŝĂ>ƚĚ͘ ` ϭϬ Ͳ Ͳ ϱϬ͕ϬϬϬ Ϭ͘ϰϭ  >ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůůŽĂŶƐ ϭϰϭ͘Ϭϰ ϭϯϵ͘ϵϱ ;ϱϬ͕ϬϬϬ^ŚĂƌĞƐƐŽůĚĚƵƌŝŶŐƚŚĞLJĞĂƌͿ ϭϱ͘ϭϯ ϭϱ͘Ϭϵ  dƵůŝƉ^ƚĂƌ,ŽƚĞůƐ>ƚĚ͘ ` ϭϬ ϯϱ͕ϴϬϬ Ϭ͘ϭϵ ϯϱ͕ϴϬϬ Ϭ͘ϭϵ `  ƐŝĂŶ,ŽƚĞůƐ;EŽƌƚŚͿ>ƚĚ͘Ύ ϭϬ Ϯ Ͳ Ϯ Ͳ ;ďͿ ƵƌƌĞŶƚ;ĂƚĂŵŽƌƟƐĞĚĐŽƐƚͿ;hŶƐĞĐƵƌĞĚ͕ĐŽŶƐŝĚĞƌĞĚŐŽŽĚͿ `  ƐŝĂŶ,ŽƚĞůƐ;ĂƐƚͿ>ƚĚ͘Ύ ϭϬ Ϯ Ͳ Ϯ Ͳ Loans `  ƐŝĂŶ,ŽƚĞůƐ;tĞƐƚͿ>ƚĚ͘Ύ ϭϬ Ϯ Ͳ Ϯ Ͳ  ZĞůĂƚĞĚƉĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϰϬͿ ϴ͘ϱϱ ϰϳ͘ϵϲ `  /,>ƚĚ͘Ύ Ϯ ϯϳ Ͳ ϯϳ Ͳ  KƚŚĞƌƐ Ϭ͘ϱϵ ϭ͘Ϭϲ `  ,ŽƚĞů>ĞĞůĂsĞŶƚƵƌĞ>ƚĚ͘Ύ Ϯ Ϯϱ Ͳ Ϯϱ Ͳ ϵ͘ϭϰ ϰϵ͘ϬϮ  'ƌĂǀŝƐƐ,ŽƐƉŝƚĂůŝƚLJ>ƚĚ͘ ` Ϯ ϰ͕ϱϬϬ Ϭ͘Ϭϭ ϰ͕ϱϬϬ Ϭ͘Ϭϭ  ƌĞƐƚsĞŶƚƵƌĞƐ>ƚĚ͘;ϰϮ͕ϬϬϬ^ŚĂƌĞƐƐŽůĚĚƵƌŝŶŐƚŚĞLJĞĂƌͿ ` ϭϬ Ͳ Ͳ ϰϮ͕ϬϬϬ Ϭ͘ϳϱ  ,&ĂŶŬ>ƚĚ͘ ` Ϯ Ϯ͕ϱϬϬ Ϭ͘ϰϳ Ϯ͕ϱϬϬ Ϭ͘ϯϲ EŽƚĞϵ͗KƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ  dŝŵĞdž'ƌŽƵƉ/ŶĚŝĂ>ƚĚ͘;ϭ͕ϬϬϬ^ŚĂƌĞƐƐŽůĚĚƵƌŝŶŐƚŚĞLJĞĂƌͿ ` 1 Ͳ Ͳ ϭ͕ϬϬϬ Ϭ͘Ϭϭ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ  dŝƚĂŶŽŵƉĂŶLJ>ƚĚ͘;ϭϯ͕Ϭϲ͕ϬϬϬ^ŚĂƌĞƐƐŽůĚĚƵƌŝŶŐƚŚĞLJĞĂƌͿ ` 1 ϱ͕ϬϬ͕ϬϬϬ ϰϳ͘Ϭϲ ϭϴ͕Ϭϲ͕ϬϬϬ ϴϯ͘ϯϬ ` crores ` crores ϯϱϯ͘ϳϮ ϯϲϰ͘ϲϵ  /ŶǀĞƐƚŵĞŶƚŝŶWƌĞĨĞƌĞŶĐĞ^ŚĂƌĞƐ;ĐĂƌƌŝĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚƐͿ ;ĂͿ EŽŶĐƵƌƌĞŶƚ  ĞŶƚƌĂů/ŶĚŝĂ^ƉŝŶŶŝŶŐtĞĂǀŝŶŐΘDĂŶƵĨĂĐƚƵƌŝŶŐŽŵƉĂŶLJ  >ŽŶŐͲƚĞƌŵƐĞĐƵƌŝƚLJĚĞƉŽƐŝƚƐƉůĂĐĞĚĨŽƌŚŽƚĞůƉƌŽƉĞƌƟĞƐĂƚĂŵŽƌƟƐĞĚĐŽƐƚƐ ` ϱϬϬ ϱϬ Ͳ ϱϬ Ͳ >ƚĚ͘Ύ;ϭϬйƵŶƋƵŽƚĞĚƵŵƵůĂƟǀĞWƌĞĨĞƌĞŶĐĞ^ŚĂƌĞƐͿ  >ŽŶŐͲƚĞƌŵƐĞĐƵƌŝƚLJĚĞƉŽƐŝƚƐƉůĂĐĞĚĨŽƌŚŽƚĞůƉƌŽƉĞƌƟĞƐĂƚĂŵŽƌƟƐĞĚĐŽƐƚƐ ϯϵ͘ϲϱ ϯϲ͘ϴϳ  /ŶǀĞƐƚŵĞŶƚŝŶKƚŚĞƌƐ;ĐĂƌƌŝĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚƐͿ ϯϵ͘ϲϱ ϯϲ͘ϴϳ  EĂƟŽŶĂů^ĂǀŝŶŐƐĞƌƟĮĐĂƚĞ Ϭ͘Ϭϭ Ϭ͘Ϭϭ  >ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĚĞƉŽƐŝƚƐ Ϯ͘ϬϬ Ϯ͘ϬϬ dŽƚĂů/ŶǀĞƐƚŵĞŶƚƐĐĂƌƌLJŝŶŐǀĂůƵĞ ϱϰϬ͘ϰϳ ϱϰϱ͘ϭϬ ϯϳ͘ϲϱ ϯϰ͘ϴϳ ΎഩsĂůƵĞŽĨƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐŝŶĚŝǀŝĚƵĂůůLJŝƐůĞƐƐƚŚĂŶ`Ϯϱ͕ϬϬϬ  ĞƉŽƐŝƚƐǁŝƚŚWƵďůŝĐŽĚŝĞƐĂŶĚKƚŚĞƌƐĂƚĂŵŽƌƟƐĞĚĐŽƐƚƐ &ŽŽƚŶŽƚĞƐ͗  ZĞůĂƚĞĚƉĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϰϬͿ Ϭ͘Ϭϵ Ϭ͘Ϭϵ ;ŝͿ ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨYƵŽƚĞĚ/ŶǀĞƐƚŵĞŶƚƐ ϯϱϯ͘ϳϮ ϯϲϰ͘ϲϵ  WƵďůŝĐŽĚŝĞƐĂŶĚKƚŚĞƌƐ Ϯϲ͘ϯϲ ϯϬ͘Ϭϱ  DĂƌŬĞƚǀĂůƵĞŽĨYƵŽƚĞĚ/ŶǀĞƐƚŵĞŶƚƐ ϯϱϯ͘ϳϮ ϯϲϰ͘ϲϵ Ϯϲ͘ϰϱ ϯϬ͘ϭϰ ;ŝŝͿ ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨhŶƋƵŽƚĞĚ/ŶǀĞƐƚŵĞŶƚƐ ϭϴϲ͘ϳϱ ϭϴϬ͘ϰϭ  >ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĚĞƉŽƐŝƚƐ Ϭ͘ϭϬ Ϭ͘ϯϴ (ŝŝŝͿdƌĂŶƐĨĞƌŽĨƐŚĂƌĞƐŝƐƌĞƐƚƌŝĐƚĞĚĚƵĞƚŽŽƉƟŽŶŐƌĂŶƚĞĚĨŽƌϭϬLJĞĂƌƐƵƉƚŽ:ƵůLJ͕ϮϬϮϭƚŽdĂƚĂZĞĂůƚLJĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ>ƚĚ͘ĨŽƌƌĞƉƵƌĐŚĂƐĞ Ϯϲ͘ϯϱ 29.76 ŽĨƚŚĞƐŚĂƌĞƐĂƚƉĂƌǀĂůƵĞ͘dĂƚĂZĞĂůƚLJĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞ>ƚĚ͘ŚĂƐĚĞƉŽƐŝƚĞĚĂƐƵŵŽĨ`ϳϭ͘ϭϬĐƌŽƌĞƐ;DĂƌĐŚϯϭ͕ϮϬϭϳ`ϳϭ͘ϭϬĐƌŽƌĞƐͿĂƐ  ĞƉŽƐŝƚƐǁŝƚŚďĂŶŬƐ;ZĞĨĞƌEŽƚĞϭϱͿ ϯ͘ϵϵ ϯ͘ϵϭ KƉƟŽŶĞƉŽƐŝƚ͕ǁŚŝĐŚƐŚĂůůďĞĂĚũƵƐƚĞĚƵƉŽŶĞdžĞƌĐŝƐĞŽĨƚŚĞŽƉƟŽŶŽƌƌĞĨƵŶĚĞĚ͘  /ŶƚĞƌĞƐƚƌĞĐĞŝǀĂďůĞ Ͳ Ͳ ;ŝǀͿdŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJĂŶĚĐůĂƐƐŝĮĐĂƟŽŶĂƌĞĚŝƐĐůŽƐĞĚŝŶEŽƚĞϯϰ;ďͿ͘ Others ϭ͘ϵϱ ϯ͘Ϭϵ ;ǀͿ &ŽƌƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐ͕ĐŽƐƚŚĂƐďĞĞŶĐŽŶƐŝĚĞƌĞĚĂƐĂŶĂƉƉƌŽƉƌŝĂƚĞĞƐƟŵĂƚĞŽĨĨĂŝƌǀĂůƵĞďĞĐĂƵƐĞŽĨĂǁŝĚĞƌĂŶŐĞŽĨƉŽƐƐŝďůĞĨĂŝƌǀĂůƵĞ ϲϵ͘ϵϰ ϳϭ͘ϲϯ ŵĞĂƐƵƌĞŵĞŶƚƐĂŶĚĐŽƐƚƌĞƉƌĞƐĞŶƚƐƚŚĞďĞƐƚĞƐƟŵĂƚĞŽĨĨĂŝƌǀĂůƵĞǁŝƚŚŝŶƚŚĂƚƌĂŶŐĞ͘

218 Annual Report 2017-18 219 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018 EŽƚĞϵ͗KƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ EŽƚĞϭϬ͗ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƟĞƐ;ŶĞƚͿ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ;ďͿ ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƟĞƐ͗ ` ` crores crores   WƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚΘ/ŶƚĂŶŐŝďůĞƐƐĞƚƐ ϰϱϯ͘ϭϳ ϰϱϯ͘ϳϮ ;ďͿ ƵƌƌĞŶƚ   hŶĂŵŽƌƟƐĞĚďŽƌƌŽǁŝŶŐĐŽƐƚƐ Ϭ͘ϰϱ Ϭ͘ϯϯ  ĞƉŽƐŝƚǁŝƚŚƉƵďůŝĐďŽĚŝĞƐĂŶĚŽƚŚĞƌƐ   &ĂŝƌǀĂůƵĂƟŽŶĐŚĂŶŐĞƐŽĨĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ ϮϬ͘ϴϵ ϭϱ͘ϵϰ   hŶƌĞĂůŝƐĞĚŐĂŝŶŽŶĞƋƵŝƚLJƐŚĂƌĞƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ Ͳ ϯ͘ϳϬ   ZĞůĂƚĞĚƉĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϰϬͿ Ͳ ϭ͘Ϯϯ  dŽƚĂů;Ϳ ϰϳϰ͘ϱϭ ϰϳϯ͘ϲϵ   WƵďůŝĐŽĚŝĞƐĂŶĚKƚŚĞƌƐ ϭϱ͘Ϯϵ ϭϬ͘ϬϮ  ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ͗ ϭϱ͘Ϯϵ ϭϭ͘Ϯϱ   ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĚĞďƚƐ ϳ͘ϲϲ ϰ͘ϰϭ   WƌŽǀŝƐŝŽŶĨŽƌĞŵƉůŽLJĞĞďĞŶĞĮƚƐ Ϯϴ͘ϱϵ Ϯϳ͘ϳϱ  KƚŚĞƌĂĚǀĂŶĐĞƐ   DdĐƌĞĚŝƚĞŶƟƚůĞŵĞŶƚ ϯϯ͘ϱϳ ϳϳ͘ϲϲ   ŽŶƐŝĚĞƌĞĚŐŽŽĚ ϵ͘Ϯϯ ϭϭ͘ϳϭ   ZĞǁĂƌĚWŽŝŶƚƐ ϭϯ͘Ϯϳ ϭϳ͘ϵϬ   WƌŽǀŝƐŝŽŶĨŽƌŽŶƟŶŐĞŶĐŝĞƐ Ϯϲ͘ϱϭ Ϯϭ͘ϭϮ   ŽŶƐŝĚĞƌĞĚĚŽƵďƞƵů ϱ͘Ϭϳ ϯ͘ϯϳ   KƚŚĞƌƐ ϴ͘ϲϭ ϳ͘ϲϬ ϭϰ͘ϯϬ ϭϱ͘Ϭϴ  dŽƚĂů;Ϳ ϭϭϴ͘Ϯϭ ϭϱϲ͘ϰϰ   >ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĂĚǀĂŶĐĞƐ ϱ͘Ϭϳ ϯ͘ϯϳ  EĞƚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƟĞƐ;ͲͿ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝͿ ϯϱϲ͘ϯϬ ϯϭϳ͘Ϯϱ  &ŽŽƚŶŽƚĞƐ͗ ϵ͘Ϯϯ ϭϭ͘ϳϭ  ;ŝͿ ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƟĞƐĂŶĚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐŽĨĞŶƟƟĞƐǁŝƚŚŝŶƚŚĞŐƌŽƵƉŚĂǀĞďĞĞŶŽīƐĞƚĂƐƚŚĞLJƌĞůĂƚĞƚŽƚŚĞƐĂŵĞŐŽǀĞƌŶŝŶŐƚĂdžĂƟŽŶůĂǁƐ͘  /ŶƚĞƌĞƐƚƌĞĐĞŝǀĂďůĞ  ;ŝŝͿ &ŽƌƚŚĞŵŽǀĞŵĞŶƚŝŶĚĞĨĞƌƌĞĚƚĂdžďĂůĂŶĐĞƐ͕ZĞĨĞƌEŽƚĞϯϳ͘   ZĞůĂƚĞĚWĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϰϬͿ ϭ͘ϯϴ Ϯ͘ϰϬ EŽƚĞϭϭ͗KƚŚĞƌĂƐƐĞƚƐ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ   KƚŚĞƌƐ ϯ͘ϭϳ ϭ͘ϳϯ ` crores ` crores ϰ͘ϱϱ ϰ͘ϭϯ ;ĂͿ EŽŶĐƵƌƌĞŶƚ  KƚŚĞƌƌĞĐĞŝǀĂďůĞ  ĂƉŝƚĂůĂĚǀĂŶĐĞƐ ϭϴ͘ϯϴ Ϯϱ͘ϳϬ Prepaid expenses ϭϭϳ͘ϲϲ ϭϭϰ͘Ϯϭ   ZĞůĂƚĞĚWĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϰϬͿ ϳϬ͘ϰϰ ϲϯ͘ϴϱ  ĞƉŽƐŝƚƐǁŝƚŚŐŽǀĞƌŶŵĞŶƚĂƵƚŚŽƌŝƟĞƐ ϵϴ͘ϰϴ ϱϳ͘Ϯϳ   KƚŚĞƌƐ ϭϱ͘ϰϳ ϭϳ͘ϳϭ  /ŶĐĞŶƟǀĞƌĞĐĞŝǀĂďůĞƐ ϵϲ͘ϯϴ ϭϬϳ͘ϰϭ ϴϱ͘ϵϭ ϴϭ͘ϱϲ  KƚŚĞƌƐ ϳ͘ϱϭ ϳ͘ϴϴ ϯϯϴ͘ϰϭ ϯϭϮ͘ϰϳ ϭϭϰ͘ϵϴ ϭϬϴ͘ϲϱ ;ďͿ ƵƌƌĞŶƚ Prepaid expenses ϱϱ͘Ϭϴ ϰϯ͘ϯϬ EŽƚĞϭϬ͗ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ;ŶĞƚͿ Indirect tax recoverable ϰ͘ϱϰ ϭϱ͘ϭϬ Advances to suppliers ϭϱ͘ϲϭ ϭϲ͘ϲϵ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ  >ŽĂŶƐĂŶĚĂĚǀĂŶĐĞƐƚŽĞŵƉůŽLJĞĞ ϯ͘ϯϭ Ϯ͘ϵϳ ` crores ` crores  /ŶĐĞŶƟǀĞƌĞĐĞŝǀĂďůĞƐ ϭ͘ϰϵ Ͳ ;ĂͿ ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ͗  KƚŚĞƌƐ Ϭ͘Ϯϱ Ϭ͘Ϯϱ ϴϬ͘Ϯϴ ϳϴ͘ϯϭ ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĚĞďƚƐ Ϭ͘ϰϰ Ϭ͘Ϭϰ WƌŽǀŝƐŝŽŶĨŽƌĞŵƉůŽLJĞĞďĞŶĞĮƚƐ ϯ͘ϯϲ Ϭ͘ϭϱ EŽƚĞϭϮ͗/ŶǀĞŶƚŽƌŝĞƐ;ƚůŽǁĞƌŽĨĐŽƐƚĂŶĚŶĞƚƌĞĂůŝƐĂďůĞǀĂůƵĞͿ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ hŶƵƐĞĚƚĂdžůŽƐƐĞƐ;ƵƐŝŶĞƐƐͿ ϲϮ͘ϱϲ ϯϰ͘ϭϴ ` crores ` crores &ŽŽĚĂŶĚĞǀĞƌĂŐĞƐ ϰϭ͘ϲϭ ϯϵ͘ϲϳ DdĐƌĞĚŝƚĞŶƟƚůĞŵĞŶƚ ϭϲ͘ϯϵ Ϭ͘ϯϳ ^ƚŽƌĞƐĂŶĚKƉĞƌĂƟŶŐ^ƵƉƉůŝĞƐ ϰϰ͘ϭϭ ϰϬ͘ϳϳ KƚŚĞƌƐ ϯ͘ϳϭ ϭ͘Ϭϯ ϴϱ͘ϳϮ ϴϬ͘ϰϰ  dŽƚĂů;Ϳ ϴϲ͘ϰϲ ϯϱ͘ϳϳ EŽƚĞϭϯ͗dƌĂĚĞZĞĐĞŝǀĂďůĞƐ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ  ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƟĞƐ͗ ` crores ` crores WƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚΘ/ŶƚĂŶŐŝďůĞƐƐĞƚƐ Ϯϱ͘ϵϬ Ϭ͘ϱϲ ;hŶƐĞĐƵƌĞĚͿ;ZĞĨĞƌEŽƚĞϰϬĨŽƌZĞůĂƚĞĚWĂƌƚLJŝƐĐůŽƐƵƌĞƐͿ hŶƌĞĂůŝƐĞĚŐĂŝŶŽŶĞƋƵŝƚLJƐŚĂƌĞƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌ ŽŶƐŝĚĞƌĞĚŐŽŽĚ ϯϮϴ͘ϱϲ ϮϳϮ͘Ϭϲ ŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ Ϭ͘ϰϮ Ͳ ŽŶƐŝĚĞƌĞĚĚŽƵďƞƵů Ϯϱ͘ϲϲ ϭϯ͘ϵϳ ϯϱϰ͘ϮϮ Ϯϴϲ͘Ϭϯ  dŽƚĂů;Ϳ Ϯϲ͘ϯϮ 0.56 >ĞƐƐ͗ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůƌĞĐĞŝǀĂďůĞƐ Ϯϱ͘ϲϲ ϭϯ͘ϵϳ  EĞƚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ;ͲͿ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝͿ ϲϬ͘ϭϰ ϯϱ͘Ϯϭ ϯϮϴ͘ϱϲ 272.06 &ŽŽƚŶŽƚĞ͗  &ŽŽƚŶŽƚĞƐ͗ ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůƌĞĐĞŝǀĂďůĞƐ  ;ŝͿ ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƟĞƐŽĨĞŶƟƟĞƐǁŝƚŚŝŶƚŚĞŐƌŽƵƉŚĂǀĞďĞĞŶŽīƐĞƚĂƐƚŚĞLJƌĞůĂƚĞƚŽƚŚĞƐĂŵĞŐŽǀĞƌŶŝŶŐ KƉĞŶŝŶŐďĂůĂŶĐĞ ϭϯ͘ϵϳ ϭϯ͘Ϭϭ ƚĂdžĂƟŽŶůĂǁƐ͘ ĚĚ͗ůůŽǁĂŶĐĞĚƵƌŝŶŐƚŚĞLJĞĂƌ ϭϱ͘ϰϵ Ϯ͘ϵϯ Ϯϵ͘ϰϲ ϭϱ͘ϵϰ  ;ŝŝͿ &ŽƌƚŚĞŵŽǀĞŵĞŶƚŝŶĚĞĨĞƌƌĞĚƚĂdžďĂůĂŶĐĞƐ͕ZĞĨĞƌEŽƚĞϯϳ͘ >ĞƐƐ͗ĂĚĚĞďƚƐǁƌŝƩĞŶŽīͬƌĞǀĞƌƐĞĚŶŽůŽŶŐĞƌƌĞƋƵŝƌĞĚ ;ϯ͘ϴϬͿ ;ϭ͘ϵϳͿ ůŽƐŝŶŐďĂůĂŶĐĞ 25.66 ϭϯ͘ϵϳ

220 Annual Report 2017-18 221 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018 EŽƚĞϭϰ͗ĂƐŚĂŶĚĂƐŚƋƵŝǀĂůĞŶƚƐ &ŽŽƚŶŽƚĞƐ͗ ;ŝͿ dŚĞŽŵƉĂŶLJŚĂƐŽŶĞĐůĂƐƐŽĨĞƋƵŝƚLJƐŚĂƌĞƐŚĂǀŝŶŐĂƉĂƌǀĂůƵĞŽĨ`ϭƉĞƌƐŚĂƌĞ͘ĂĐŚƐŚĂƌĞŚŽůĚĞƌŝƐĞůŝŐŝďůĞĨŽƌŽŶĞǀŽƚĞ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores ƉĞƌ ƐŚĂƌĞ ŚĞůĚ͘ dŚĞ ĚŝǀŝĚĞŶĚ ƉƌŽƉŽƐĞĚ ďLJ ƚŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ ŝƐ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ĂƉƉƌŽǀĂů ŽĨ ƚŚĞ ƐŚĂƌĞŚŽůĚĞƌƐ ŝŶ ƚŚĞ ĞŶƐƵŝŶŐŶŶƵĂů'ĞŶĞƌĂůDĞĞƚŝŶŐ͕ĞdžĐĞƉƚŝŶĐĂƐĞŽĨŝŶƚĞƌŝŵĚŝǀŝĚĞŶĚ͘/ŶƚŚĞĞǀĞŶƚŽĨůŝƋƵŝĚĂƚŝŽŶ͕ƚŚĞĞƋƵŝƚLJƐŚĂƌĞŚŽůĚĞƌƐĂƌĞ ĂƐŚŽŶŚĂŶĚ ϰ͘ϮϮ ϯ͘ϯϬ ĞůŝŐŝďůĞƚŽƌĞĐĞŝǀĞƚŚĞƌĞŵĂŝŶŝŶŐĂƐƐĞƚƐŽĨƚŚĞŽŵƉĂŶLJĂĨƚĞƌĚŝƐƚƌŝďƵƚŝŽŶŽĨĂůůƉƌĞĨĞƌĞŶƚŝĂůĂŵŽƵŶƚƐ͕ŝŶƉƌŽƉŽƌƚŝŽŶƚŽƚŚĞŝƌ ŚĞƋƵĞƐ͕ĚƌĂŌƐŽŶŚĂŶĚƐ ϭϳ͘ϭϵ ϯ͘ϵϰ ƐŚĂƌĞŚŽůĚŝŶŐ͘ ĂůĂŶĐĞƐǁŝƚŚďĂŶŬƐŝŶĐƵƌƌĞŶƚĂĐĐŽƵŶƚ ϭϮϬ͘Ϭϲ ϭϭϵ͘ϰϳ ;ŝŝͿ KŶEŽǀĞŵďĞƌϳ͕ϮϬϭϳ͕ƚŚĞŽŵƉĂŶLJĂůůŽƚƚĞĚϭϵ͕ϵϵ͕ϴϰ͕ϰϯϬƋƵŝƚLJ^ŚĂƌĞƐŽĨĨĂĐĞǀĂůƵĞŽĨ`ϭĞĂĐŚĨŽƌĐĂƐŚ͕ĂƚĂƉƌŝĐĞŽĨ`ϳϱƉĞƌ ĂůĂŶĐĞƐǁŝƚŚďĂŶŬŝŶĐĂůůĂŶĚƐŚŽƌƚͲƚĞƌŵĚĞƉŽƐŝƚĂĐĐŽƵŶƚƐ ` ` ϲϲ͘ϯϳ ϭϰ͘ϲϬ ĞƋƵŝƚLJƐŚĂƌĞ;ŝŶĐůƵĚŝŶŐĂƉƌĞŵŝƵŵŽĨ ϳϰƉĞƌƐŚĂƌĞͿ͕ĂŐŐƌĞŐĂƚŝŶŐƚŽ ϭϰϵϵ͘ϴϴĐƌŽƌĞƐƚŽƚŚĞĞdžŝƐƚŝŶŐƐŚĂƌĞŚŽůĚĞƌƐŽŶĂ͞ƌŝŐŚƚƐ͟ ;ŽƌŝŐŝŶĂůŵĂƚƵƌŝƚLJůĞƐƐƚŚĂŶϯŵŽŶƚŚƐͿ ďĂƐŝƐŝŶƚŚĞƌĂƚŝŽŽĨϭƋƵŝƚLJ^ŚĂƌĞĨŽƌĞǀĞƌLJϱĞƋƵŝƚLJƐŚĂƌĞƐŚĞůĚďLJĞƋƵŝƚLJƐŚĂƌĞŚŽůĚĞƌƐ͘ ϮϬϳ͘ϴϰ ϭϰϭ͘ϯϭ ;ŝŝŝͿ ZĞĐŽŶĐŝůŝĂƟŽŶŽĨƚŚĞƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞďĞŐŝŶŶŝŶŐĂŶĚĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ

EŽƚĞϭϱ͗KƚŚĞƌĂůĂŶĐĞƐǁŝƚŚďĂŶŬƐ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ

DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ No. of shares ` crores EŽ͘ŽĨƐŚĂƌĞƐ ` crores ` crores ` crores  ƐĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞLJĞĂƌ ϵϴ͕ϵϮ͕ϳϰ͕Ϭϭϱ ϵϴ͘ϵϯ ϵϴ͕ϵϮ͕ϳϰ͕Ϭϭϱ ϵϴ͘ϵϯ ĂůůĂŶĚ^ŚŽƌƚͲƚĞƌŵĚĞƉŽƐŝƚĂĐĐŽƵŶƚƐ ϰϰ͘ϱϴ ϯϯ͘ϯϬ  ĚĚ͗^ŚĂƌĞƐŝƐƐƵĞĚŽŶZŝŐŚƚƐďĂƐŝƐ ϭϵ͕ϵϵ͕ϴϰ͕ϰϯϬ ϮϬ͘ϬϬ Ͳ Ͳ ĞƉŽƐŝƚƐƉůĞĚŐĞĚǁŝƚŚŽƚŚĞƌƐ Ϭ͘ϲϱ Ϭ͘ϲϮ  ƐĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ ϭϭϴ͕ϵϮ͕ϱϴ͕ϰϰϱ ϭϭϴ͘ϵϯ ϵϴ͕ϵϮ͕ϳϰ͕Ϭϭϱ ϵϴ͘ϵϯ Margin money deposits ϳ͘ϴϲ ϳ͘ϲϵ ĂƌŵĂƌŬĞĚďĂůĂŶĐĞƐΎ ϭϯ͘ϯϴ ϲϴ͘Ϭϱ ;ŝǀͿ ^ŚĂƌĞŚŽůĚĞƌƐŚŽůĚŝŶŐŵŽƌĞƚŚĂŶϱйƐŚĂƌĞƐŝŶƚŚĞŽŵƉĂŶLJ͗ ϲϲ͘ϰϳ ϭϬϵ͘ϲϲ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ >ĞƐƐ ͗ dĞƌŵ ĚĞƉŽƐŝƚ ǁŝƚŚ ďĂŶŬƐ ŵĂƚƵƌŝŶŐ ĂŌĞƌ ϭϮ ŵŽŶƚŚƐ ĨƌŽŵ ƚŚĞ ĂůĂŶĐĞ ^ŚĞĞƚ ĚĂƚĞ ĂŶĚ ŽƚŚĞƌ ĞĂƌŵĂƌŬĞĚ ͬ ŵĂƌŐŝŶ ŵŽŶĞLJ ͬ ƉůĞĚŐĞĚ ĚĞƉŽƐŝƚƐ ĐůĂƐƐŝĮĞĚ ĂƐ ŶŽŶͲĐƵƌƌĞŶƚ ϯ͘ϵϵ ϯ͘ϵϭ No. of shares % of Holding EŽ͘ŽĨƐŚĂƌĞƐ йŽĨ,ŽůĚŝŶŐ ͚KƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚ͛;ZĞĨĞƌEŽƚĞϵ;ĂͿͿ  ƋƵŝƚLJƐŚĂƌĞŽĨ`ϭĞĂĐŚĨƵůůLJƉĂŝĚ ϲϮ͘ϰϴ ϭϬϱ͘ϳϱ  dĂƚĂ^ŽŶƐ>ŝŵŝƚĞĚ ϰϯ͕ϯϮ͕ϭϵ͕ϴϲϬ ϯϲ͘ϰϯ Ϯϳ͕ϳϬ͕ϲϯ͕ϯϱϭ Ϯϴ͘Ϭϭ  >ŝĨĞ/ŶƐƵƌĂŶĐĞŽƌƉŽƌĂƟŽŶŽĨ/ŶĚŝĂ ϴ͕Ϭϳ͕ϰϯ͕ϲϳϴ ϲ͘ϳϵ ϴ͕ϵϬ͕ϮϮ͕ϳϮϮ ϵ͘ϬϬ ΎഩĂƌŵĂƌŬĞĚďĂůĂŶĐĞŝŶƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌŝŶĐůƵĚĞƐĐĂƐŚŚĞůĚŝŶĞƐĐƌŽǁĂŐŐƌĞŐĂƟŶŐƚŽ`ϲϬ͘ϬϴĐƌŽƌĞƐ;Ψϵ͘ϯϴŵŝůůŝŽŶͿĂƌŝƐŝŶŐŽƵƚŽĨƉƌŽĐĞĞĚƐĨƌŽŵ  ^ŝƌŽƌĂďũŝdĂƚĂdƌƵƐƚ Ͳ Ͳ ϱ͕ϬϮ͕Ϯϭ͕ϬϰϬ ϱ͘Ϭϴ ƐĂůĞŽĨdĂũŽƐƚŽŶŚŽƚĞůďLJĂǁŚŽůůLJŽǁŶĞĚƐƵďƐŝĚŝĂƌLJǁŚŝĐŚĐŽƵůĚŽŶůLJďĞĚƌĂǁŶŽŶĂŶĚĂŌĞƌ:ĂŶƵĂƌLJϭϮ͕ϮϬϭϴ͘ƵƌŝŶŐƚŚĞLJĞĂƌ͕ƚŚĞ'ƌŽƵƉ ǁŝƚŚĚƌĞǁ`ϱϯ͘ϴϯĐƌŽƌĞƐ;Ψϴ͘ϯϭŵŝůůŝŽŶͿĨƌŽŵƚŚĞĞƐĐƌŽǁ͘KŶƉƌŝůϯ͕ϮϬϭϴ͕ƚŚĞ'ƌŽƵƉǁŝƚŚĚƌĞǁƚŚĞƌĞŵĂŝŶŝŶŐďĂůĂŶĐĞĨƌŽŵƚŚĞĞƐĐƌŽǁ͘  ZĞůŝĂŶĐĞĂƉŝƚĂůdƌƵƐƚĞĞŽŵƉĂŶLJ>ŝŵŝƚĞĚ ϲ͕ϵϮ͕ϱϵ͕ϲϱϰ ϱ͘ϴϮ ϳ͕ϬϮ͕ϯϲ͕ϵϰϴ ϳ͘ϭϬ

EŽƚĞϭϲ͗ƋƵŝƚLJ^ŚĂƌĞĐĂƉŝƚĂů ;ǀͿ ϰϵ͕ϬϮϳ;DĂƌĐŚϯϭ͕ϮϬϭϳͲϯϯ͕ϰϱϳͿƋƵŝƚLJ^ŚĂƌĞƐǁĞƌĞŝƐƐƵĞĚďƵƚŶŽƚƐƵďƐĐƌŝďĞĚƚŽĂƐĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƐƉĞĐƟǀĞLJĞĂƌƐĂŶĚŚĂǀĞďĞĞŶ ŬĞƉƚŝŶĂďĞLJĂŶĐĞƉĞŶĚŝŶŐƌĞƐŽůƵƟŽŶŽĨůĞŐĂůĚŝƐƉƵƚĞ͘ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores ;ǀŝͿ ŐŐƌĞŐĂƚĞ ŶƵŵďĞƌ ĂŶĚ ĐůĂƐƐ ŽĨ ƐŚĂƌĞƐ ĂůůŽƚƚĞĚ ĂƐ ĨƵůůLJ ƉĂŝĚ ƵƉ ƉƵƌƐƵĂŶƚ ƚŽ ĐŽŶƚƌĂĐƚ;ƐͿ ǁŝƚŚŽƵƚ ƉĂLJŵĞŶƚ ďĞŝŶŐ ƌĞĐĞŝǀĞĚ Authorised share capital ŝŶĐĂƐŚ͕ďŽŶƵƐƐŚĂƌĞƐĂŶĚƐŚĂƌĞƐďŽƵŐŚƚďĂĐŬĨŽƌƚŚĞƉĞƌŝŽĚŽĨϱLJĞĂƌƐŝŵŵĞĚŝĂƚĞůLJƉƌĞĐĞĚŝŶŐƚŚĞďĂůĂŶĐĞƐŚĞĞƚĚĂƚĞEŝů ;DĂƌĐŚϯϭ͕ϮϬϭϳͲEŝůͿ ϮϬϬ͕ϬϬ͕ϬϬ͕ϬϬϬƋƵŝƚLJ^ŚĂƌĞƐŽĨ` 1 each ϮϬϬ͘ϬϬ ϮϬϬ͘ϬϬ 200.00 200.00 ;ǀŝŝͿƋƵŝƚLJ^ŚĂƌĞƐŚĞůĚďLJĂƐƐŽĐŝĂƚĞƐ͗

DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ Issued share capital ϭϭϴ͕ϵϯ͕Ϭϳ͕ϰϳϮ;WƌĞǀŝŽƵƐLJĞĂƌͲϵϴ͕ϵϯ͕Ϭϳ͕ϰϳϮͿƋƵŝƚLJ^ŚĂƌĞƐŽĨ` 1 each ϭϭϴ͘ϵϯ ϵϴ͘ϵϯ No. of shares % of Holding EŽ͘ŽĨƐŚĂƌĞƐ йŽĨ,ŽůĚŝŶŐ ϭϭϴ͘ϵϯ ϵϴ͘ϵϯ ƋƵŝƚLJƐŚĂƌĞƐŽĨ`ϭĞĂĐŚĨƵůůLJƉĂŝĚ KƌŝĞŶƚĂů,ŽƚĞůƐ>ŝŵŝƚĞĚ ϳ͕ϱϮ͕ϯϵϴ Ϭ͘Ϭϲ ϲ͕Ϯϲ͕ϵϵϵ Ϭ͘Ϭϲ Subscribed and paid up dĂŝĚĂdƌĂĚŝŶŐĂŶĚ/ŶĚƵƐƚƌŝĞƐ>ŝŵŝƚĞĚ ϭ͕ϴϳ͕ϴϭϴ Ϭ͘ϬϮ ϭ͕ϱϲ͕ϱϭϱ Ϭ͘ϬϮ ϭϭϴ͕ϵϮ͕ϱϴ͕ϰϰϱ;WƌĞǀŝŽƵƐzĞĂƌͲϵϴ͕ϵϮ͕ϳϰ͕ϬϭϱͿƋƵŝƚLJ^ŚĂƌĞƐŽĨ`ϭĞĂĐŚ͕&ƵůůLJWĂŝĚ ϭϭϴ͘ϵϯ ϵϴ͘ϵϯ dĂũDĂĚƵƌĂŝ>ŝŵŝƚĞĚ ϭϭ͕Ϯϱ͕ϯϵϯ Ϭ͘Ϭϵ ϵ͕ϯϳ͕ϴϮϴ Ϭ͘Ϭϵ ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝŝͿ͕;ŝŝŝͿΘ;ǀͿͿ ϭϭϴ͘ϵϯ ϵϴ͘ϵϯ

222 Annual Report 2017-18 223 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018 EŽƚĞϭϳ͗KƚŚĞƌĞƋƵŝƚLJ EŽƚĞϭϴ͗ŽƌƌŽǁŝŶŐƐ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ĂͿ ZĞƐĞƌǀĞƐĂŶĚƐƵƌƉůƵƐ ` crores ` crores   ĂƉŝƚĂůZĞƐĞƌǀĞ ;ĂͿ EŽŶĐƵƌƌĞŶƚ    KƉĞŶŝŶŐĂŶĚůŽƐŝŶŐĂůĂŶĐĞ ϰϯ͘ϵϭ ϰϯ͘ϵϭ   ĂƉŝƚĂůZĞƐĞƌǀĞŽŶŽŶƐŽůŝĚĂƟŽŶ Debentures    KƉĞŶŝŶŐĂŶĚůŽƐŝŶŐĂůĂŶĐĞ ϭϭϰ͘ϰϮ ϭϭϰ͘ϰϮ   EŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐ   ^ĞĐƵƌŝƟĞƐWƌĞŵŝƵŵZĞƐĞƌǀĞ    KƉĞŶŝŶŐĂůĂŶĐĞ ϭ͕ϮϯϬ͘ϲϱ ϭ͕ϮϯϬ͘ϲϱ    ^ĞĐƵƌĞĚ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝŝͿ ϭ͕Ϭϰϯ͘ϴϲ ϭ͕Ϭϰϯ͘ϲϱ    ĚĚ͗WƌĞŵŝƵŵŽŶĂůůŽĐĂƟŽŶŽĨƐŚĂƌĞƐŽŶZŝŐŚƚƐďĂƐŝƐ ϭ͕ϰϳϵ͘ϴϴ Ͳ    hŶƐĞĐƵƌĞĚ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝŝŝͿ ϲϴϱ͘ϵϳ ϳϯϵ͘ϲϬ    >ĞƐƐ͗/ƐƐƵĞĞdžƉĞŶƐĞƐǁƌŝƩĞŶŽī ;ϴ͘ϰϱͿ Ͳ    ůŽƐŝŶŐĂůĂŶĐĞ Ϯ͕ϳϬϮ͘Ϭϴ ϭ͕ϮϯϬ͘ϲϱ ϭ͕ϳϮϵ͘ϴϯ ϭ͕ϳϴϯ͘Ϯϱ Term loans   KƚŚĞƌZĞƐĞƌǀĞƐ    ĂƉŝƚĂůZĞĚĞŵƉƟŽŶZĞƐĞƌǀĞ From Banks    KƉĞŶŝŶŐĂŶĚůŽƐŝŶŐĂůĂŶĐĞ ϭϬ͘ϱϵ ϭϬ͘ϱϵ    ^ĞĐƵƌĞĚ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝǀͿ ϲϰϮ͘ϰϰ ϱϳϴ͘ϰϱ    ZĞƐĞƌǀĞ&ƵŶĚ;/ŶƚĞƌŵƐŽĨ^ĞĐƟŽŶϰϱͲ/ŽĨƚŚĞZĞƐĞƌǀĞĂŶŬŽĨ/ŶĚŝĂĐƚ͕ϭϵϯϰͿ    KƉĞŶŝŶŐĂůĂŶĐĞ ϰϮ͘ϰϮ ϰϮ͘ϰϮ    hŶƐĞĐƵƌĞĚ;ZĞĨĞƌ&ŽŽƚŶŽƚĞǀŝͿ ϱϬ͘ϬϬ Ϯϱϰ͘ϰϬ    >ĞƐƐ͗dƌĂŶƐĨĞƌƚŽƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝͿďĞůŽǁͿ ;ϰϮ͘ϰϮͿ Ͳ ϲϵϮ͘ϰϰ ϴϯϮ͘ϴϱ    ůŽƐŝŶŐĂůĂŶĐĞ Ͳ ϰϮ͘ϰϮ    ĞďĞŶƚƵƌĞZĞĚĞŵƉƟŽŶZĞƐĞƌǀĞ   &ƌŽŵKƚŚĞƌƉĂƌƟĞƐ    KƉĞŶŝŶŐĂŶĚůŽƐŝŶŐĂůĂŶĐĞ ϯϬϱ͘ϵϳ ϯϬϱ͘ϵϳ    ^ĞĐƵƌĞĚ;ZĞĨĞƌ&ŽŽƚŶŽƚĞǀͿ Ͳ ϳϰϴ͘ϰϱ    KƚŚĞƌZĞƐĞƌǀĞ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝŝͿďĞůŽǁͿ    KƉĞŶŝŶŐĂůĂŶĐĞ Ͳ Ͳ Ͳ ϳϰϴ͘ϰϱ    ĚĚ͗/ƐƐƵĞĞdžƉĞŶƐĞƐŝŶĂƐƵďƐŝĚŝĂƌLJĐŽŵƉĂŶLJ ;ϯ͘ϴϵͿ Ͳ ϲϵϮ͘ϰϰ ϭ͕ϱϴϭ͘ϯϬ    ůŽƐŝŶŐĂůĂŶĐĞ ;ϯ͘ϴϵͿ Ͳ ϯϭϮ͘ϲϳ ϯϱϴ͘ϵϴ  'ĞŶĞƌĂůZĞƐĞƌǀĞ Others Ϭ͘ϭϲ Ϭ͘Ϯϳ   KƉĞŶŝŶŐĂůĂŶĐĞ  ϱϲϭ͘ϵϴ ϱϵϲ͘Ϭϰ   >ĞƐƐ͗ŝǀŝĚĞŶĚ Ͳ ;Ϯϵ͘ϲϴͿ   >ĞƐƐ͗dĂdžŽŶŝǀŝĚĞŶĚ Ͳ ;ϰ͘ϯϴͿ Total Ϯ͕ϰϮϮ͘ϰϯ ϯ͕ϯϲϰ͘ϴϮ   ůŽƐŝŶŐĂůĂŶĐĞ ϱϲϭ͘ϵϴ ϱϲϭ͘ϵϴ Retained Earnings   KƉĞŶŝŶŐĂůĂŶĐĞ ;ϭϵϯ͘ϲϯͿ ;ϭϭ͘ϯϴͿ  >ĞƐƐ͗ƵƌƌĞŶƚŵĂƚƵƌŝƟĞƐŽĨ>ŽŶŐƚĞƌŵďŽƌƌŽǁŝŶŐƐ ϵϯ͘ϮϮ ϱϳϰ͘ϵϲ   ĚĚ͗WƌŽĮƚͬ;>ŽƐƐͿĨŽƌƚŚĞLJĞĂƌ ϭϬϬ͘ϴϳ ;ϲϯ͘ϮϬͿ  ;ƐŚŽǁŶƵŶĚĞƌKƚŚĞƌĐƵƌƌĞŶƚĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐͿ   ĚĚ͗dƌĂŶƐĨĞƌĨƌŽŵZĞƐĞƌǀĞ&ƵŶĚ ϰϮ͘ϰϮ Ͳ   >ĞƐƐ͗&ŝŶĂůŝǀŝĚĞŶĚ ;ϯϰ͘ϲϮͿ Ͳ   >ĞƐƐ͗dĂdžŽŶŝǀŝĚĞŶĚ ;ϳ͘ϲϯͿ Ͳ dŽƚĂůŶŽŶĐƵƌƌĞŶƚďŽƌƌŽǁŝŶŐƐ Ϯ͕ϯϮϵ͘Ϯϭ Ϯ͕ϳϴϵ͘ϴϲ   ĚĚͬ;>ĞƐƐͿ͗ZĞĂůŝƐĞĚŐĂŝŶͬ;ůŽƐƐͿŽŶĞƋƵŝƚLJƐŚĂƌĞƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚŽƚŚĞƌ ϰϮ͘ϴϰ ;ϭϮϯ͘ϮϴͿ comprehensive income   ĚĚͬ;>ĞƐƐͿ͗ZĞŵĞĂƐƵƌĞŵĞŶƚƐŽĨƉŽƐƚĞŵƉůŽLJŵĞŶƚďĞŶĞĮƚŽďůŝŐĂƟŽŶ;ŝƚĞŵŽĨŽƚŚĞƌ ;ďͿ ƵƌƌĞŶƚ ;ϭϬ͘ϴϳͿ ϳ͘Ϯϯ  ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞƌĞĐŽŐŶŝƐĞĚĚŝƌĞĐƚůLJŝŶƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐͿ Loans repayable on demand   ĚĚͬ;>ĞƐƐͿ͗dĂdžŽŶƌĞŵĞĂƐƵƌĞŵĞŶƚƐŽĨƉŽƐƚĞŵƉůŽLJŵĞŶƚďĞŶĞĮƚŽďůŝŐĂƟŽŶ ϯ͘ϳϲ ;ϯ͘ϬϬͿ   ůŽƐŝŶŐĂůĂŶĐĞ ;ϱϲ͘ϴϲͿ ;ϭϵϯ͘ϲϯͿ From Bank Total ϯ͕ϲϳϴ͘ϮϬ Ϯ͕ϭϭϲ͘ϯϭ    ^ĞĐƵƌĞĚ;ZĞĨĞƌ&ŽŽƚŶŽƚĞǀŝŝͿ Ͳ ϳ͘ϯϭ Unsecured Ͳ ϯ͘ϴϱ ďͿ KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ  ;ZĞĨĞƌ^ƚĂƚĞŵĞŶƚŽĨĐŚĂŶŐĞƐŝŶĞƋƵŝƚLJĨŽƌƚŚĞƌĞĐůĂƐƐŝĮĐĂƟŽŶĂĚũƵƐƚŵĞŶƚƐƚŽƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐͿ  ƋƵŝƚLJ/ŶƐƚƌƵŵĞŶƚƐĨĂŝƌǀĂůƵĞĚƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ ϯϭϴ͘ϴϲ Ϯϵϱ͘ϵϲ Ͳ ϭϭ͘ϭϲ  džĐŚĂŶŐĞĚŝīĞƌĞŶĐĞƐŽŶƚƌĂŶƐůĂƟŶŐƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚŽĨĨŽƌĞŝŐŶŽƉĞƌĂƟŽŶƐ ϲϱ͘ϭϭ ϲ͘ϰϵ ϯϴϯ͘ϵϳ ϯϬϮ͘ϰϱ   KƚŚĞƌƐŚŽƌƚͲƚĞƌŵůŽĂŶƐ ϰ͕ϬϲϮ͘ϭϳ Ϯ͕ϰϭϴ͘ϳϲ   &ƌŽŵZĞůĂƚĞĚƉĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϰϬͿ &ŽŽƚŶŽƚĞ͗    hŶƐĞĐƵƌĞĚ;ZĞĨĞƌ&ŽŽƚŶŽƚĞǀŝŝŝͿ ϱ͘ϬϬ ϳ͘ϬϬ ;ŝͿ ^ƵďƐĞƋƵĞŶƚƚŽƚŚĞŵĞƌŐĞƌŽĨd/&K,ŽůĚŝŶŐƐ>ŝŵŝƚĞĚ;ĂǁŚŽůůLJŽǁŶĞĚƐƵďƐŝĚŝĂƌLJͿ͕ƚŚĞŽŵƉĂŶLJŚĂƐƚƌĂŶƐĨĞƌĞĚ`ϰϮ͘ϰϮĐƌŽƌĞƐĨƌŽŵ ZĞƐĞƌǀĞ&ƵŶĚƚŽZĞƚĂŝŶĞĚĂƌŶŝŶŐƐĚƵƌŝŶŐƚŚĞLJĞĂƌ͘d/&K,ŽůĚŝŶŐƐ>ŝŵŝƚĞĚǁĂƐĂEŽŶͲĂŶŬŝŶŐ&ŝŶĂŶĐŝĂůŽŵƉĂŶLJ;E&ͿĂŶĚŚĂĚĮůĞĚ 5.00 7.00 ŝŶƟŵĂƟŽŶǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌLJĂƵƚŚŽƌŝƚLJĨŽƌƐƵƌƌĞŶĚĞƌŽĨƚŚĞE&ůŝĐĞŶĐĞ͘ ;ŝŝͿ dŚĞƐĞĞdžƉĞŶƐĞƐƌĞůĂƚĞƐƚŽƐŚĂƌĞŝƐƐƵĞĞdžƉĞŶƐĞƐŝŶĐƵƌƌĞĚďLJŽŶĞŽĨŝƚƐƐƵďƐŝĚŝĂƌLJĐŽŵƉĂŶLJĂŶĚŚĂƐďĞĞŶĚŝƌĞĐƚůLJƌĞĐŽŐŶŝƐĞĚĂƐ͞KƚŚĞƌ dŽƚĂůĐƵƌƌĞŶƚďŽƌƌŽǁŝŶŐƐ 5.00 ϭϴ͘ϭϲ ZĞƐĞƌǀĞ͟ƵŶĚĞƌ͞KƚŚĞƌƋƵŝƚLJ͟ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/E^ϯϮ͗&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐWƌĞƐĞŶƚĂƟŽŶ

224 Annual Report 2017-18 225 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018 EŽƚĞϭϴ͗ŽƌƌŽǁŝŶŐƐ;ŽŶƚĚ͘Ϳ EŽƚĞϭϴ͗ŽƌƌŽǁŝŶŐƐ;ŽŶƚĚ͘Ϳ &ŽŽƚŶŽƚĞƐ͗ ;ŝŝŝͿ EŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐͲƵŶƐĞĐƵƌĞĚŝŶĐůƵĚĞ͗ ;ŝͿ ĞƚĂŝůƐŽĨďŽƌƌŽǁŝŶŐƐĂƐĂƚ͗  ĂͿ Ϯ͕ϬϬϬ͕ϳ͘ϴϱйhŶƐĞĐƵƌĞĚEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐŽĨ`ϭϬůĂŬŚƐĞĂĐŚĂŐŐƌĞŐĂƟŶŐ`ϮϬϬĐƌŽƌĞƐ͕ĂůůŽƩĞĚŽŶƉƌŝůϮϬ͕ϮϬϭϳĂƌĞ īĞĐƟǀĞ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ƌĞƉĂLJĂďůĞŽŶƉƌŝůϮϬ͕ϮϬϮϬ͕ŝ͘ĞĂƚƚŚĞĞŶĚŽĨƚŚĞϯƌĚLJĞĂƌĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚ͘ Rate of Maturity Face ŵŽƌƟƐĞĚ &ĂĐĞ ŵŽƌƟƐĞĚ  ďͿ Ϯ͕ϱϬϬ͕ϮйhŶƐĞĐƵƌĞĚEŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐŽĨ`ϭϬůĂŬŚƐĞĂĐŚĂŐŐƌĞŐĂƟŶŐ`ϮϱϬĐƌŽƌĞƐ͕ĂůůŽƩĞĚŽŶĞĐĞŵďĞƌϵ͕ϮϬϬϵĂƌĞ Interest ǀĂůƵĞ cost value cost ƌĞƉĂLJĂďůĞŽŶĞĐĞŵďĞƌϵ͕ϮϬϭϵŝ͘Ğ͘ĂƚƚŚĞĞŶĚŽĨƚŚĞϭϬƚŚLJĞĂƌĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚ͕ĂůŽŶŐǁŝƚŚƌĞĚĞŵƉƟŽŶƉƌĞŵŝƵŵŽĨ ;йͿ ` crores ` crores ` crores ` crores `ϭϮ͘ϰϯůĂŬŚƐƉĞƌĚĞďĞŶƚƵƌĞ͘ Debentures ` ` EŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐ;EƐͿ  ĐͿ Ϯ͕ϬϬϬ͕ϮйhŶƐĞĐƵƌĞĚEŽŶĐŽŶǀĞƌƚŝďůĞĚĞďĞŶƚƵƌĞƐŽĨ ϭϬůĂŬŚƐĞĂĐŚĂŐŐƌĞŐĂƚŝŶŐ ϮϬϬĐƌŽƌĞƐ͕ĂůůŽƚƚĞĚŽŶƉƌŝůϮϯ͕ϮϬϭϮ ĂƌĞƌĞƉĂLJĂďůĞŽŶƉƌŝůϮϯ͕ϮϬϭϳ͕ŝ͘Ğ͘ĂƚƚŚĞĞŶĚŽĨƚŚĞϱƚŚLJĞĂƌĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚĂůŽŶŐǁŝƚŚƌĞĚĞŵƉƚŝŽŶƉƌĞŵŝƵŵ Secured ŽĨ`ϰ͘ϳϭůĂŬŚƐƉĞƌĚĞďĞŶƚƵƌĞ͘ƵƌŝŶŐƚŚĞLJĞĂƌ͕ƚŚĞĐŽŵƉĂŶLJŚĂƐƌĞƉĂŝĚƚŚĞƐĞĚĞďĞŶƚƵƌĞŽŶƚŚĞĚƵĞĚĂƚĞ͘   ϳ͘ϴϱйEŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐ ϳ͘ϴϱ Ɖƌŝůϭϱ͕ϮϬϮϮ ϰϵϱ͘ϬϬ ϰϵϯ͘ϴϲ ϰϵϱ͘ϬϬ ϰϵϯ͘ϲϱ   ϭϬ͘ϭϬйEŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐ ϭϬ͘ϭϬ EŽǀĞŵďĞƌϭϴ͕ϮϬϮϭ ϯϬϬ͘ϬϬ ϯϬϬ͘ϬϬ ϯϬϬ͘ϬϬ ϯϬϬ͘ϬϬ ;ŝǀͿ dĞƌŵ>ŽĂŶĨƌŽŵĂŶŬƐ;^ĞĐƵƌĞĚͿŝŶĐůƵĚĞ͗   ϵ͘ϵϱйEŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐ ϵ͘ϵϱ :ƵůLJϮϳ͕ϮϬϮϭ ϮϱϬ͘ϬϬ ϮϱϬ͘ϬϬ ϮϱϬ͘ϬϬ ϮϱϬ͘ϬϬ  ĂͿ ZŽŽƚƐŽƌƉŽƌĂƚŝŽŶ>ŝŵŝƚĞĚ;Z>Ϳ͕ĂĚŽŵĞƐƚŝĐƐƵďƐŝĚŝĂƌLJŽĨƚŚĞŽŵƉĂŶLJĂǀĂŝůĞĚĂƚĞƌŵůŽĂŶĨĂĐŝůŝƚLJŽĨ`ϳϱĐƌŽƌĞƐĨƌŽŵ ϭ͕Ϭϰϱ͘ϬϬ ϭ͕Ϭϰϯ͘ϴϲ ϭ͕Ϭϰϱ͘ϬϬ ϭ͕Ϭϰϯ͘ϲϱ ĂďĂŶŬŽŶDĂƌĐŚϯϬ͕ϮϬϭϱ;ďĂůĂŶĐĞŽƵƚƐƚĂŶĚŝŶŐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ`ϲϵĐƌŽƌĞƐͿ͕ĐĂƌƌLJŝŶŐŝŶƚĞƌĞƐƚƌĂƚĞŽĨϭϬйƉĞƌ Unsecured ĂŶŶƵŵƉĂLJĂďůĞĂƚŵŽŶƚŚůLJƌĞƐƚƐ͘dŚŝƐůŽĂŶŝƐƌĞƉĂLJĂďůĞŝŶϰĞƋƵĂůƋƵĂƌƚĞƌůLJŝŶƐƚĂůŵĞŶƚƐŽĨϴй͕ϭϲй͕ϮϬй͕ϮϲйĂŶĚ   ϳ͘ϴϱйEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐ ϳ͘ϴϱ ƉƌŝůϮϬ͕ϮϬϮϬ ϮϬϬ͘ϬϬ ϭϵϵ͘ϳϳ Ͳ Ͳ ϯϬйŽĨƚŚĞůŽĂŶĂŵŽƵŶƚƐƚĂƌƚŝŶŐĨƌŽŵƚŚĞϯƌĚLJĞĂƌƚŝůůƚŚĞϳƚŚLJĞĂƌ͘Z>ŚĂƐĐƌĞĂƚĞĚĂĐŚĂƌŐĞŝŶƉƌŝůϮϬϭϲďLJǁĂLJŽĨ   ϮйEŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐ ϵ͘ϴϲ ĞĐĞŵďĞƌϵ͕ϮϬϭϵ ϮϱϬ͘ϬϬ ϰϴϲ͘ϮϬ ϮϱϬ͘ϬϬ ϰϰϲ͘ϴϳ ŚLJƉŽƚŚĞĐĂƚŝŽŶŽĨŵŽǀĞĂďůĞĂƐƐĞƚƐƚŚĞƌĞŝŶĂŶĚŵŽƌƚŐĂŐĞŽĨϰŚŽƚĞůƉƌŽƉĞƌƚŝĞƐĂŶĚƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚƐ   ϮйEŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐ ϵ͘ϳϲ ƉƌŝůϮϯ͕ϮϬϭϳ Ͳ Ͳ ϮϬϬ͘ϬϬ ϮϵϮ͘ϳϯ ĐŽŶƚĂŝŶĞĚƚŚĞƌĞŝŶ͘ ϰϱϬ͘ϬϬ ϲϴϱ͘ϵϳ ϰϱϬ͘ϬϬ ϳϯϵ͘ϲϬ   &ƵƌƚŚĞƌ͕ůŽĂŶŽĨ`ϭϮĐƌŽƌĞƐ;ďĂůĂŶĐĞŽƵƚƐƚĂŶĚŝŶŐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ`ϳ͘ϮϬĐƌŽƌĞƐͿĐĂƌƌLJŝŶŐŝŶƚĞƌĞƐƚƌĂƚĞŽĨϵ͘ϮϱйƉĞƌĂŶŶƵŵ ƉĂLJĂďůĞĂƚŵŽŶƚŚůLJƌĞƐƚƐŝƐƌĞƉĂLJĂďůĞŝŶĞƋƵĂůƋƵĂƌƚĞƌůLJŝŶƐƚĂůŵĞŶƚƐŽĨ`ϭ͘ϮϬĐƌŽƌĞƐĞŶĚŝŶŐŝŶDĂLJϮϬϭϵ͘dŚĞ>ŽĂŶŝƐƐĞĐƵƌĞĚďLJ ϭ͕ϰϵϱ͘ϬϬ ϭ͕ϳϮϵ͘ϴϯ ϭ͕ϰϵϱ͘ϬϬ ϭ͕ϳϴϯ͘Ϯϱ ǁĂLJŽĨŚLJƉŽƚŚĞĐĂƟŽŶŽĨĐĞƌƚĂŝŶŚŽƚĞůƉƌŽƉĞƌƟĞƐŽĨZ>͘

  ƵƌŝŶŐƚŚĞLJĞĂƌ͕ĂĨƌĞƐŚůŽĂŶŽĨ`ϱϬĐƌŽƌĞƐǁĂƐŽďƚĂŝŶĞĚǁŚŝĐŚĐĂƌƌŝĞƐŝŶƚĞƌĞƐƚŽĨϴ͘ϮϬйƉĞƌĂŶŶƵŵƉĂLJĂďůĞĂƚŵŽŶƚŚůLJƌĞƐƚ͘dŚĞ Term loan from banks ůŽĂŶŝƐƉĂLJĂďůĞŝŶϭϮĞƋƵĂůƋƵĂƌƚĞƌůLJŝŶƐƚĂůŵĞŶƚƐŽĨ`ϭĐƌŽƌĞĂŶĚϭϲƋƵĂƌƚĞƌůLJŝŶƐƚĂůŵĞŶƚƐŽĨ`ϯĐƌŽƌĞĞĂĐŚ͘Z>ŝƐŝŶƚŚĞƉƌŽĐĞƐƐ Secured Ͳ ϲϰϮ͘ϰϰ Ͳ ϱϳϴ͘ϰϱ ŽĨĐŽŵƉůĞƟŶŐŝƚƐŵŽƌƚŐĂŐĞĨŽƌŵĂůŝƟĞƐĂŐĂŝŶƐƚƚŚĞƐĂŝĚůŽĂŶ͘ Unsecured Ͳ ϱϬ͘ϬϬ Ͳ Ϯϱϰ͘ϰϬ  ďͿ ^ƚ:ĂŵĞƐŽƵƌƚ,ŽƚĞůƐ>ŝŵŝƚĞĚ͕ĂŶŽǀĞƌƐĞĂƐƐƵďƐŝĚŝĂƌLJŽĨƚŚĞĐŽŵƉĂŶLJ͕ŚĂĚƵŶĚĞƌƚĂŬĞŶĂŶĞǁůŽĂŶŽĨάϰϰ͘ϱŵŝůůŝŽŶŝŶƚŚĞƉƌĞǀŝŽƵƐ Ͳ ϲϵϮ͘ϰϰ Ͳ ϴϯϮ͘ϴϱ LJĞĂƌĂƚĂŇŽĂƟŶŐƌĂƚĞŽĨϭŵŽŶƚŚ^ƚĞƌůŝŶŐ>/KZнϭ͘ϲϱй͘ZĞƉĂLJŵĞŶƚƐŽŶƚŚŝƐůŽĂŶĂƌĞάϭ͘ϱŵŝůůŝŽŶƉĞƌĂŶŶƵŵ;ƉĂLJĂďůĞƋƵĂƌƚĞƌůLJͿ dĞƌŵůŽĂŶƐĨƌŽŵŽƚŚĞƌƉĂƌƟĞƐ ǁŝƚŚƚŚĞďĂůĂŶĐĞƌĞƉĂLJĂďůĞŝŶƵŐƵƐƚϮϬϮϭ͘^ƵďƐĞƋƵĞŶƚƚŽƚŚĞLJĞĂƌĞŶĚ͕ĂƌĞǀŽůǀŝŶŐůŽĂŶĨĂĐŝůŝƚLJǁĂƐƚĂŬĞŶŽƵƚĨŽƌάϭϱŵŝůůŝŽŶ͘dŚĞ Secured Ͳ Ͳ Ͳ ϳϰϴ͘ϰϱ >ŽĂŶŝƐƐĞĐƵƌĞĚďLJǁĂLJŽĨŚLJƉŽƚŚĞĐĂƟŽŶŽĨŚŽƚĞůƉƌŽƉĞƌƚLJŽĨ^ƚ:ĂŵĞƐŽƵƌƚ>ŝŵŝƚĞĚ͘ Ͳ Ͳ Ͳ ϳϰϴ͘ϰϱ  ĐͿ hŶŝƚĞĚKǀĞƌƐĞĂƐ,ŽůĚŝŶŐ/ŶĐ͘;hK,Ϳ͕ĂǁŚŽůůLJŽǁŶĞĚŽǀĞƌƐĞĂƐƐƵďƐŝĚŝĂƌLJ͕ŚĂĚĂƚĞƌŵůŽĂŶĨĂĐŝůŝƚLJĨŽƌh^ΨϭϮϬŵŝůůŝŽŶǁŝƚŚ Others Ͳ Ϭ͘ϭϲ Ͳ Ϭ͘Ϯϳ ^ƚĂƚĞĂŶŬŽĨ/ŶĚŝĂ͕>ŽŶĚŽŶƌĂŶĐŚǁŚŝĐŚŚĂĚƚŚĞŽƌŝŐŝŶĂůůLJŵĂƚƵƌŝƚLJĚĂƚĞŽĨ^ĞƉƚĞŵďĞƌϭϱ͕ϮϬϮϮ͘ƵƌŝŶŐƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͕ hK,ŚĂƐƉƌĞƉĂŝĚh^ΨϵϴŵŝůůŝŽŶŽĨƚŚĞŽƵƚƐƚĂŶĚŝŶŐůŽĂŶďĂůĂŶĐĞƵƐŝŶŐƚŚĞƉƌŽĐĞĞĚƐĨƌŽŵƚŚĞƐĂůĞŽĨŽŶĞŽĨŝƚƐƐƵďƐŝĚŝĂƌLJ ϭ͕ϰϵϱ͘ϬϬ Ϯ͕ϰϮϮ͘ϰϯ ϭ͕ϰϵϱ͘ϬϬ ϯ͕ϯϲϰ͘ϴϮ ǁŚŝĐŚŚŽƵƐĞĚdĂũŽƐƚŽŶ͘dŚŝƐůŽĂŶƌĞƋƵŝƌĞƐŵŽŶƚŚůLJŝŶƚĞƌĞƐƚŽŶůLJƉĂLJŵĞŶƚƐĐŽŵƉƵƚĞĚĂƚ>/KZƉůƵƐϯ͘ϴϭй͕ĂƐĚĞĨŝŶĞĚ ƚŚƌŽƵŐŚDĂƌĐŚϭϱ͕ϮϬϭϳ;ϱ͘ϮϰйĂŶĚϰ͘ϳϮйĂƚDĂƌĐŚϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJͿ͘dŚĞƌĞĂĨƚĞƌ͕ƉƌŝŶĐŝƉĂůƉĂLJŵĞŶƚƐĂƌĞ ^ŚŽƌƚƚĞƌŵďŽƌƌŽǁŝŶŐƐ Ͳ ϱ͘ϬϬ Ͳ ϭϴ͘ϭϲ ĚƵĞĞǀĞƌLJƐŝdžŵŽŶƚŚƐ͕ĂƐĚĞĨŝŶĞĚ͘dŚĞdĞƌŵ>ŽĂŶ&ĂĐŝůŝƚLJŝƐƐĞĐƵƌĞĚ͕ďLJĂŵŽŶŐƐƚŽƚŚĞƌƚŚŝŶŐƐ͕ƚŚĞ^ĂŶ&ƌĂŶĐŝƐĐŽ>>͛ƐŚŽƚĞů dŽƚĂůŽƌƌŽǁŝŶŐƐ ϭ͕ϰϵϱ͘ϬϬ Ϯ͕ϰϮϳ͘ϰϯ ϭ͕ϰϵϱ͘ϬϬ ϯ͕ϯϴϮ͘ϵϴ ƉƌŽƉĞƌƚLJ͘dŚĞďĂůĂŶĐĞŽƵƚƐƚĂŶĚŝŶŐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴŝƐΨϮϬ͘ϵϬŵŝůůŝŽŶ;`ϭϯϱ͘ϱϯĐƌŽƌĞƐͿ͘ ;ŝŝͿ EŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐͲƐĞĐƵƌĞĚŝŶĐůƵĚĞ͗ ;ǀͿ dĞƌŵ>ŽĂŶĨƌŽŵŽƚŚĞƌƐ;^ĞĐƵƌĞĚͿŝŶĐůƵĚĞ͗  ĂͿ ϰ͕ϵϱϬ͕ϳ͘ϴϱй^ĞĐƵƌĞĚEŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐŽĨ`ϭϬůĂŬŚƐĞĂĐŚĂŐŐƌĞŐĂƟŶŐ`ϰϵϱĐƌŽƌĞƐ͕ĂůůŽƩĞĚŽŶ:ĂŶƵĂƌLJϮϬ͕ϮϬϭϳĂƌĞ ƌĞƉĂLJĂďůĞĂƚƉĂƌĂŌĞƌƚŚĞĞŶĚŽĨϱƚŚLJĞĂƌĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚŝ͘Ğ͘Ɖƌŝůϭϱ͕ϮϬϮϮ͘  ƵƌŝŶŐƚŚĞLJĞĂƌ͕^ŬLJĚĞĐŬWƌŽƉĞƌƚŝĞƐĂŶĚĞǀĞůŽƉĞƌƐWƌŝǀĂƚĞ>ŝŵŝƚĞĚ͕ĂǁŚŽůůLJŽǁŶĞĚĚŽŵĞƐƚŝĐƐƵďƐŝĚŝĂƌLJ͕ĞdžĞƌĐŝƐĞĚŝƚƐŽƉƚŝŽŶ  ďͿ ϯ͕ϬϬϬ͕ϭϬ͘ϭϬй^ĞĐƵƌĞĚEŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐŽĨ`ϭϬůĂŬŚƐĞĂĐŚĂŐŐƌĞŐĂƟŶŐ`ϯϬϬĐƌŽƌĞƐ͕ĂůůŽƩĞĚŽŶEŽǀĞŵďĞƌϭϴ͕ϮϬϭϭ ƚŽƉƌĞƉĂLJŵĞŶƚŽĨƚŚĞĞŶƚŝƌĞůŽĂŶĂŵŽƵŶƚŽĨ`ϳϱϬĐƌŽƌĞƐŝŶƚǁŽŝŶƐƚĂůŵĞŶƚƐŽĨ`ϯϱϬĐƌŽƌĞƐĂŶĚ`ϰϬϬĐƌŽƌĞƐŽŶ:ƵůLJϮϳ͕ϮϬϭϴ ĂƌĞƌĞƉĂLJĂďůĞĂƚƉĂƌŽŶEŽǀĞŵďĞƌϭϴ͕ϮϬϮϭŝ͘Ğ͘ĂƚƚŚĞĞŶĚŽĨϭϬƚŚLJĞĂƌĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚ͘ ĂŶĚ:ĂŶƵĂƌLJϮϴ͕ϮϬϭϴƌĞƐƉĞĐƚŝǀĞůLJĨƌŽŵƚŚĞƉƌŽĐĞĞĚƐŽĨŝƐƐƵĞŽĨĞƋƵŝƚLJƐŚĂƌĞƐƚŽƚŚĞŽŵƉĂŶLJ͘dŚŝƐůŽĂŶĐĂƌƌŝĞĚŝŶƚĞƌĞƐƚĂƚƚŚĞ ƌĂƚĞŽĨϭϬйƉĞƌĂŶŶƵŵĐŽŵƉŽƵŶĚĞĚŽŶĂŶĂŶŶƵĂůďĂƐŝƐ͘dŚŝƐůŽĂŶŝƐƐĞĐƵƌĞĚďLJǁĂLJŽĨƉůĞĚŐĞŽĨƚŚĞŐƌŽƵƉ͛ƐƚŽƚĂůŝŶǀĞƐƚŵĞŶƚ  ĐͿ Ϯ͕ϱϬϬ͕ϵ͘ϵϱй^ĞĐƵƌĞĚEŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐŽĨ`ϭϬůĂŬŚƐĞĂĐŚĂŐŐƌĞŐĂƟŶŐ`ϮϱϬĐƌŽƌĞƐ͕ĂůůŽƩĞĚŽŶ:ƵůLJϮϳ͕ϮϬϭϭĂƌĞ ŝŶ>>,ŽƚĞůƐĂŶĚ/ŶǀĞƐƚŵĞŶƚ>ŝŵŝƚĞĚĂŶĚ^ŚĞĞŶĂ/ŶǀĞƐƚŵĞŶƚƐWƌŝǀĂƚĞ>ŝŵŝƚĞĚ͘ ƌĞƉĂLJĂďůĞĂƚƉĂƌŽŶ:ƵůLJϮϳ͕ϮϬϮϭŝ͘Ğ͘ĂƚƚŚĞĞŶĚŽĨϭϬƚŚLJĞĂƌĨƌŽŵƚŚĞĚĂƚĞŽĨĂůůŽƚŵĞŶƚ͘

  ůůƚŚĞ^ĞĐƵƌĞĚEŽŶĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐĂƌĞƌĂƚĞĚ͕ůŝƐƚĞĚĂŶĚƐĞĐƵƌĞĚďLJĂƉĂƌŝƉĂƐƐƵĮƌƐƚĐŚĂƌŐĞĐƌĞĂƚĞĚŽŶĂůůƚŚĞƉƌŽƉĞƌƚLJ͕ ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŽĨƚŚĞŽŵƉĂŶLJ͕ďŽƚŚƉƌĞƐĞŶƚĂŶĚĨƵƚƵƌĞ͘

226 Annual Report 2017-18 227 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018 EŽƚĞϭϴ͗ŽƌƌŽǁŝŶŐƐ;ŽŶƚĚ͘Ϳ EŽƚĞϭϴ͗ŽƌƌŽǁŝŶŐƐ;ŽŶƚĚ͘Ϳ ;ǀŝͿ dĞƌŵůŽĂŶĨƌŽŵďĂŶŬƐ;hŶƐĞĐƵƌĞĚͿŝŶĐůƵĚĞ͗ Liquid Assets >ŝĂďŝůŝƟĞƐĨƌŽŵ&ŝŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ Total  ĂͿ džƚĞƌŶĂů ĐŽŵŵĞƌĐŝĂů ďŽƌƌŽǁŝŶŐ ŽĨ h^ Ψ ϵϱ ŵŝůůŝŽŶ ǁĂƐ ƚĂŬĞŶ ŽŶ EŽǀĞŵďĞƌ Ϯϯ͕ ϮϬϭϭ͘ dŚĞ ůŽĂŶ ŝƐ ƌĞƉĂLJĂďůĞ Ăƚ ƚŚĞ Cash Current Gross Net Debt ĞƌŝǀĂƟǀĞƐ Interest ĞŶĚ ŽĨ ϱϬƚŚ͕ ϲϬƚŚ͕ ĂŶĚ ϳϮŶĚ ŵŽŶƚŚ ĨƌŽŵ EŽǀĞŵďĞƌ Ϯϯ͕ ϮϬϭϭ ŝŶ ĞƋƵĂů ŝŶƐƚĂůŵĞŶƚƐ ƚŽ ĂĐŚŝĞǀĞ ƚŚĞ ĂǀĞƌĂŐĞ ŵĂƚƵƌŝƚLJ ŽĨ and cash /ŶǀĞƐƚŵĞŶƚƐ Debt accrued ϱ͘ϬϱLJĞĂƌƐĂŶĚĐĂƌƌŝĞƐĂŶŝŶƚĞƌĞƐƚǁŚŝĐŚŝƐďĂƐĞĚŽŶĂƐƉƌĞĂĚŽǀĞƌ>/KZ͘dŚĞĮƌƐƚŝŶƐƚĂůŵĞŶƚŽĨh^Ψϯϭ͘ϲϳŵŝůůŝŽŶĂŶĚƚŚĞ ĞƋƵŝǀĂůĞŶƚƐ ďƵƚŶŽƚĚƵĞͬ ƐĞĐŽŶĚŝŶƐƚĂůŵĞŶƚŽĨh^Ψϯϭ͘ϲϳŵŝůůŝŽŶŚĂƐďĞĞŶƌĞƉĂŝĚŽŶ:ĂŶƵĂƌLJϮϱ͕ϮϬϭϲĂŶĚEŽǀĞŵďĞƌϮϯ͕ϮϬϭϲƌĞƐƉĞĐƟǀĞůLJ͘ƵƌŝŶŐƚŚĞ hŶĐůĂŝŵĞĚ LJĞĂƌ͕ƚŚĞŽŵƉĂŶLJŚĂƐƌĞƉĂŝĚƚŚĞůĂƐƚŝŶƐƚĂůŵĞŶƚŽĨh^Ψϯϭ͘ϲϲŵŝůůŝŽŶ;`ϮϬϱ͘ϮϵĐƌŽƌĞƐͿĚƵĞŽŶEŽǀĞŵďĞƌϮϮ͕ϮϬϭϳ͘ interest  ďͿ hŶƐĞĐƵƌĞĚƚĞƌŵůŽĂŶĨƌŽŵĂďĂŶŬŽĨ`ϰϵ͘ϴϴĐƌŽƌĞƐŽƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞLJĞĂƌǁĂƐƌĞƉĂŝĚŽŶĚƵĞĚĂƚĞ͘dŚĞ ;ĂͿ ;ďͿ ;ĐͿ ;ĚͿс;ĐͿͲ ;ĞͿ ;ĨͿ ;ŐͿс ;ĂͿͲ;ďͿ ;ĚͿн;ĞͿн;ĨͿ ŽŵƉĂŶLJŚĂĚĨƵƌƚŚĞƌĂǀĂŝůĞĚĂŶƵŶƐĞĐƵƌĞĚƚĞƌŵůŽĂŶĨƌŽŵĂďĂŶŬŽĨ`ϭϬϬĐƌŽƌĞƐƌĞƉĂLJĂďůĞĂƚƚŚĞĞŶĚŽĨϭϴŵŽŶƚŚƐĨƌŽŵ ƚŚĞĚĂƚĞŽĨĚƌĂǁĚŽǁŶ͘dŚĞůŽĂŶǁĂƐĚƌĂǁŶŝŶϯƚƌĂŶĐŚĞƐŽĨ`ϱϬĐƌŽƌĞƐ͕`ϰϬĐƌŽƌĞƐĂŶĚ`ϭϬĐƌŽƌĞƐŽŶ^ĞƉƚĞŵďĞƌϵ͕ϮϬϭϳ͕ ` crores ` crores ` crores ` crores ` crores ` crores ` crores ^ĞƉƚĞŵďĞƌϭϱ͕ϮϬϭϳĂŶĚ^ĞƉƚĞŵďĞƌϮϬ͕ϮϬϭϳƌĞƐƉĞĐƟǀĞůLJ͘dŚĞŽŵƉĂŶLJŚĂƐƉƌĞƉĂŝĚĂŶĂŵŽƵŶƚŽĨ`ϱϬĐƌŽƌĞƐĚƵƌŝŶŐƚŚĞ EĞƚĞďƚĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϳ ϭϰϭ͘ϯϭ ϵϬ͘ϴϬ ϯ͕ϯϴϮ͘ϵϴ ϯ͕ϭϱϬ͘ϴϳ Ϯϱϴ͘ϯϴ ϭϯϯ͘ϳϵ ϯ͕ϱϰϯ͘Ϭϰ LJĞĂƌ͘dŚĞŶĞƚůŽĂŶŶŽǁƐƚĂŶĚƐĂƚ`ϱϬĐƌŽƌĞƐ͕ŽĨǁŚŝĐŚ`ϰϬĐƌŽƌĞƐŝƐĚƵĞŽŶDĂƌĐŚϭϱ͕ϮϬϭϵĂŶĚ`ϭϬĐƌŽƌĞƐŝƐĚƵĞŽŶDĂƌĐŚ ĂƐŚŇŽǁƐ ϱϵ͘Ϭϱ ϮϯϮ͘ϬϮ ;ϵϰϵ͘ϴϮͿ ;ϭ͕ϮϰϬ͘ϴϵͿ ϭϭ͘ϴϬ ;Ϭ͘ϬϭͿ ;ϭ͕ϮϮϵ͘ϭϬͿ ϮϬ͕ϮϬϭϵĂŶĚŚĂƐďĞĞŶĐůĂƐƐŝĮĞĚƵŶĚĞƌĐƵƌƌĞŶƚŵĂƚƵƌŝƟĞƐŽĨůŽŶŐƚĞƌŵďŽƌƌŽǁŝŶŐƐ͘dŚĞŽŵƉĂŶLJŚĂƐƉƌĞƉĂŝĚƚŚĞŽƵƚƐƚĂŶĚŝŶŐ ůŽĂŶŽĨ`ϱϬĐƌŽƌĞƐŝŶƉƌŝů͕ϮϬϭϴ͘ Interest expense Ͳ Ͳ Ϯ͘ϵϬ 2.90 ;ϭϬ͘ϮϯͿ Ϯϳϲ͘ϯϳ Ϯϲϵ͘Ϭϰ Interest paid Ͳ Ͳ ;ϱϯ͘ϰϭͿ ;ϱϯ͘ϰϭͿ Ͳ ;ϯϱϱ͘ϱϮͿ ;ϰϬϴ͘ϵϯͿ ;ǀŝŝͿ >ŽĂŶƐƌĞƉĂLJĂďůĞŽŶĚĞŵĂŶĚ Ͳ ;Ϭ͘ϬϳͿ  >ŽĂŶƐƌĞƉĂLJĂďůĞŽŶĚĞŵĂŶĚĨƌŽŵďĂŶŬ͕ŝŶƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͕ĐŽŶƐŝƐƚƐŽĨŽǀĞƌĚƌĂŌĨĂĐŝůŝƚLJ͘dŚĞƐĞĐƵƌĞĚƉŽƌƟŽŶŽĨƚŚŝƐĨĂĐŝůŝƚLJǁĞƌĞ dƌĂŶƐĨĞƌƌĞĚƚŽ/W& Ͳ Ͳ Ͳ Ͳ ;Ϭ͘ϬϳͿ ƐĞĐƵƌĞĚďLJŚLJƉŽƚŚĞĐĂƟŽŶŽĨŽƉĞƌĂƟŶŐƐƵƉůŝĞƐ͕ƐƚŽƌĞƐ͕ĨŽŽĚĂŶĚďĞǀĞƌĂŐĞƐĂŶĚƌĞĐĞŝǀĂďůĞƐ͘ KƚŚĞƌŶŽŶͲĐĂƐŚŵŽǀĞŵĞŶƚƐ͗

;ǀŝŝŝͿ KƚŚĞƌƐŚŽƌƚͲƚĞƌŵůŽĂŶƐĂŶĚĂĚǀĂŶĐĞƐ  &ĂŝƌǀĂůƵĞĂĚũƵƐƚŵĞŶƚƐ Ͳ ϳ͘ϳϭ Ͳ ;ϳ͘ϳϭͿ ;Ϯϱ͘ϱϭͿ Ͳ ;ϯϯ͘ϮϮͿ  >ŽĂŶĨƌŽŵƌĞůĂƚĞĚƉĂƌƟĞƐĐŽŶƐŝƐƚƐŽĨĂŶŝŶƚĞƌͲĐŽƌƉŽƌĂƚĞĚĞƉŽƐŝƚƐŽďƚĂŝŶĞĚďLJŽŶĞŽĨƚŚĞƐƵďƐŝĚŝĂƌLJǁŚŝĐŚĐĂƌƌŝĞƐŝŶƚĞƌĞƐƚŽĨϭϬ͘ϱϬйƉ͘Ă͘  &ŽƌĞŝŐŶƵƌƌĞŶĐLJdƌĂŶƐůĂƟŽŶŝīĞƌĞŶĐĞ ϳ͘ϰϴ Ͳ ϰϰ͘ϳϴ ϯϳ͘ϯϬ ϭ͘ϳϭ Ϭ͘Ϯϯ ϯϵ͘Ϯϰ ƌĞƉĂLJĂďůĞŽŶĚĞŵĂŶĚ͘

;ŝdžͿ ŝƐĐůŽƐƵƌĞŽĨĐŚĂŶŐĞƐŝŶůŝĂďŝůŝƟĞƐĂƌŝƐŝŶŐĨƌŽŵĮŶĂŶĐŝŶŐĂĐƟǀŝƟĞƐ;ƌĞĂĚǁŝƚŚĐĂƐŚŇŽǁƐƚĂƚĞŵĞŶƚͿ EĞƚĞďƚĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϮϬϳ͘ϴϰ ϯϯϬ͘ϱϯ Ϯ͕ϰϮϳ͘ϰϯ ϭ͕ϴϴϵ͘Ϭϲ Ϯϯϲ͘ϭϱ ϱϰ͘ϳϵ Ϯ͕ϭϴϬ͘ϬϬ  dŚŝƐƐĞĐƟŽŶƐĞƚƐŽƵƚĂŶĂŶĂůLJƐŝƐŽĨŶĞƚĚĞďƚĂŶĚƚŚĞŵŽǀĞŵĞŶƚŝŶŶĞƚĚĞďƚĨŽƌĞĂĐŚŽĨƚŚĞƉĞƌŝŽĚƐƉƌĞƐĞŶƚĞĚďĞůŽǁ͘

DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ EŽƚĞϭϵ͗dƌĂĚĞWĂLJĂďůĞƐ;ZĞĨĞƌEŽƚĞϰϬĨŽƌZĞůĂƚĞĚWĂƌƚLJŝƐĐůŽƐƵƌĞƐͿ ` crores ` crores ĂͿ Net debt DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ ϮϬϳ͘ϴϰ ϭϰϭ͘ϯϭ sĞŶĚŽƌƉĂLJĂďůĞƐ ϮϮϭ͘ϭϬ ϭϳϴ͘ϴϳ ƵƌƌĞŶƚŝŶǀĞƐƚŵĞŶƚƐ ϯϯϬ͘ϱϯ ϵϬ͘ϴϬ Accrued expenses and others ϭϯϬ͘ϮϬ ϭϭϰ͘ϭϵ dŽƚĂů>ŝƋƵŝĚŝŶǀĞƐƚŵĞŶƚ;ĂͿ ϱϯϴ͘ϯϳ ϮϯϮ͘ϭϭ ϯϱϭ͘ϯϬ Ϯϵϯ͘Ϭϲ >ŽŶŐƚĞƌŵďŽƌƌŽǁŝŶŐƐ;ŝŶĐůƵĚŝŶŐĐƵƌƌĞŶƚŵĂƚƵƌŝƟĞƐƐŚŽǁŶƵŶĚĞƌKƚŚĞƌƵƌƌĞŶƚ Ϯ͕ϰϮϮ͘ϰϯ ϯ͕ϯϲϰ͘ϴϮ ĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐͿ EŽƚĞϮϬ͗KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ

^ŚŽƌƚƚĞƌŵďŽƌƌŽǁŝŶŐƐ ϱ͘ϬϬ ϭϴ͘ϭϲ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ 'ƌŽƐƐĞďƚ;ďͿ Ϯ͕ϰϮϳ͘ϰϯ ϯ͕ϯϴϮ͘ϵϴ ` crores ` crores EĞƚĞďƚ;;ďͿͲ;ĂͿͿ ϭ͕ϴϴϵ͘Ϭϲ ϯ͕ϭϱϬ͘ϴϳ ;ĂͿ EŽŶĐƵƌƌĞŶƚ ďͿ KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ   >ŝĂďŝůŝƚLJŽŶĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ ϮϯϬ͘ϱϲ Ϯϱϳ͘Ϯϭ >ŝĂďŝůŝƚLJŽŶĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ Ϯϯϲ͘ϭϱ Ϯϱϴ͘ϯϴ   ĞƉŽƐŝƚƐĨƌŽŵŽƚŚĞƌƐ ϭϮ͘ϴϯ Ϯ͘ϵϱ   ƌĞĚŝƚŽƌƐĨŽƌĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞ ϭ͘ϰϵ ϯ͘ϱϰ /ŶƚĞƌĞƐƚĂĐĐƌƵĞĚďƵƚŶŽƚĚƵĞͬhŶĐůĂŝŵĞĚŝŶƚĞƌĞƐƚΎ ϱϰ͘ϳϵ ϭϯϯ͘ϳϵ   ŵƉůŽLJĞĞƌĞůĂƚĞĚůŝĂďŝůŝƟĞƐ ϴ͘ϲϳ ϰ͘Ϭϭ dŽƚĂůKƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϮϵϬ͘ϵϰ ϯϵϮ͘ϭϳ   KƚŚĞƌůŝĂďŝůŝƟĞƐ Ͳ ϴϵ͘ϭϮ Grand Total Ϯ͕ϭϴϬ͘ϬϬ ϯ͕ϱϰϯ͘Ϭϰ Ϯϱϯ͘ϱϱ ϯϱϲ͘ϴϯ Ύഩ/ŶĐůƵĚĞƐŝŶƚĞƌĞƐƚĂĐĐƌƵĞĚŽĨ`ϴϵ͘ϭϮĐƌŽƌĞƐŝŶƉƌĞǀŝŽƵƐLJĞĂƌĨŽƌŝŶƚĞƌĞƐƚĚƵĞďĞLJŽŶĚŽŶĞLJĞĂƌĂŶĚŝŶĐůƵĚĞĚŝŶKƚŚĞƌ&ŝŶĂŶĐŝĂů >ŝĂďŝůŝƚLJ

228 Annual Report 2017-18 229 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018 EŽƚĞϮϬ͗KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ EŽƚĞϮϭ͗WƌŽǀŝƐŝŽŶƐ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores ` crores ` crores ;ďͿ ƵƌƌĞŶƚ ;ďͿ ƵƌƌĞŶƚ  WƌŽǀŝƐŝŽŶĨŽƌĞŵƉůŽLJĞĞďĞŶĞĮƚƐ;ZĞĨĞƌEŽƚĞϯϴͿ  ƵƌƌĞŶƚŵĂƚƵƌŝƟĞƐŽĨůŽŶŐͲƚĞƌŵďŽƌƌŽǁŝŶŐƐ;ZĞĨĞƌEŽƚĞϭϴ;ŝͿͿ   ŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐ ϮϬ͘ϴϵ ϭϵ͘ϯϭ   ĞďĞŶƚƵƌĞƐ Ͳ ϮϵϮ͘ϳϯ   'ƌĂƚƵŝƚLJ ϯ͘ϳϯ Ϭ͘ϳϲ   dĞƌŵůŽĂŶĨƌŽŵďĂŶŬƐ ϵϯ͘Ϭϳ ϮϴϮ͘ϭϬ   WŽƐƚͲĞŵƉůŽLJŵĞŶƚŵĞĚŝĐĂůďĞŶĞĮƚƐ Ϭ͘ϯϲ Ϭ͘Ϯϴ   KƚŚĞƌƐ Ϭ͘ϭϱ Ϭ͘ϭϯ   WŽƐƚͲƌĞƟƌĞŵĞŶƚƉĞŶƐŝŽŶ ϭ͘ϲϭ ϭ͘ϲϬ ϵϯ͘ϮϮ ϱϳϰ͘ϵϲ   KƚŚĞƌĞŵƉůŽLJĞĞďĞŶĞĮƚƐ ϭ͘ϰϯ ϭ͘ϰϴ  >ŝĂďŝůŝƚLJŽŶĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ ϱ͘ϱϵ ϭ͘ϭϳ Ϯϴ͘ϬϮ Ϯϯ͘ϰϯ  >ŝĂďŝůŝƚLJƚŽǁĂƌĚƐůŽLJĂůƚLJƉƌŽŐƌĂŵŵĞƐ ϰϭ͘ϵϰ ϯϱ͘Ϯϴ  WƌŽǀŝƐŝŽŶĨŽƌŽƚŚĞƌƐ Other payables   WƌŽǀŝƐŝŽŶĨŽƌĚŝƐƉƵƚĞƐĚƵĞƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝͿͿ ϭϭϬ͘ϯϴ ϴϲ͘ϵϱ   &ƌŽŵƌĞůĂƚĞĚƉĂƌƟĞƐ;ZĞĨĞƌEŽƚĞϰϬͿ ϭϰ͘ϱϮ ϳ͘ϵϲ   dĂdžŽŶĚŝǀŝĚĞŶĚ Ͳ Ϭ͘ϳϯ ϭϭϬ͘ϯϴ ϴϳ͘ϲϴ   &ƌŽŵŽƚŚĞƌƉĂƌƟĞƐ ϲ͘ϳϯ ϲ͘Ϭϰ ϭϯϴ͘ϰϬ ϭϭϭ͘ϭϭ Ϯϭ͘Ϯϱ ϭϰ͘ϬϬ  ĚĚŝƟŽŶĂůůŝĂďŝůŝƚLJŽŶĂĐĐŽƵŶƚŽĨůŽƐƐŝŶũŽŝŶƚǀĞŶƚƵƌĞƐ;ZĞĨĞƌEŽƚĞϲ;ĂͿ;ŝŝŝͿͿ ϳϱ͘ϲϭ ϳϵ͘ϵϰ  &ŽŽƚŶŽƚĞƐ͗ Deposits from others  ;ŝͿ WƌŽǀŝƐŝŽŶĨŽƌĚŝƐƉƵƚĞĚĚƵĞƐŝŶĐůƵĚĞƉƌŽǀŝƐŝŽŶƐĨŽƌƚŚĞĨŽůůŽǁŝŶŐ͗   KƉƟŽŶĞƉŽƐŝƚƌĞĐĞŝǀĞĚĂŐĂŝŶƐƚƉƵƌĐŚĂƐĞŽĨƐŚĂƌĞƐ;^ĞĐƵƌĞĚͿ;ZĞĨĞƌEŽƚĞϳ;ĂͿ;ŝŝŝͿͿ ϳϭ͘ϭϬ ϳϭ͘ϭϬ Opening Balance ĚĚŝƟŽŶƐ hƟůŝƐĂƟŽŶ Closing Balance Unsecured Ϯϭ͘ϯϬ Ϯϳ͘Ϭϯ ` crores ` crores ` crores ` crores ϵϮ͘ϰϬ ϵϴ͘ϭϯ ŝƐƉƵƚĞĚĐůĂŝŵƐĨŽƌƚĂdžĞƐ͕ůĞǀŝĞƐĂŶĚĚƵƟĞƐ ϴϰ͘ϯϱ Ϯϰ͘ϲϰ ϭ͘ϭϵ ϭϬϳ͘ϴϬ  /ŶƚĞƌĞƐƚĂĐĐƌƵĞĚďƵƚŶŽƚĚƵĞŽŶďŽƌƌŽǁŝŶŐƐ ϱϯ͘ϵϯ ϰϯ͘ϳϯ ϳϲ͘ϳϱ ϴ͘ϳϵ ϭ͘ϭϵ ϴϰ͘ϯϱ  ƌĞĚŝƚŽƌƐĨŽƌĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞ ϰϴ͘ϴϲ ϰϯ͘ϵϮ ŝƐƉƵƚĞŽŶĐŽŶƚƌĂĐƚƵĂůŵĂƩĞƌƐ Ϭ͘ϰϯ Ͳ 0.02 Ϭ͘ϰϭ Ϭ͘ϰϯ Ͳ Ͳ Ϭ͘ϰϯ Unclaimed dividends Ϯ͘Ϭϴ Ϯ͘Ϯϲ ŝƐƉƵƚĞŝŶƌĞƐƉĞĐƚŽĨĞŵƉůŽLJĞĞďĞŶĞĮƚƐ Ϯ͘ϭϳ Ͳ Ͳ Ϯ͘ϭϳ Unclaimed matured deposits and interest accrued thereon Ϭ͘ϴϲ Ϭ͘ϵϰ Ϯ͘ϰϰ Ͳ Ϭ͘Ϯϳ Ϯ͘ϭϳ Unclaimed matured debentures and interest accrued thereon `Ϯϱ͕ϭϱϯ;WƌĞǀŝŽƵƐzĞĂƌͲ`Ϯϱ͕ϭϱϯͿ Ͳ Ͳ Total ϴϲ͘ϵϱ Ϯϰ͘ϲϰ ϭ͘Ϯϭ ϭϭϬ͘ϯϴ  ŵƉůŽLJĞĞƌĞůĂƚĞĚůŝĂďŝůŝƟĞƐ ϵϴ͘ϭϳ ϭϬϳ͘ϭϬ ϳϵ͘ϲϮ ϴ͘ϳϵ ϭ͘ϰϲ ϴϲ͘ϵϱ  KƚŚĞƌůŝĂďŝůŝƟĞƐ ϳϭ͘ϯϲ ϲϰ͘Ϭϯ  ĂͿ dŚĞĂďŽǀĞŵĂƩĞƌƐĂƌĞƵŶĚĞƌůŝƟŐĂƟŽŶͬŶĞŐŽƟĂƟŽŶĂŶĚƚŚĞƵůƟŵĂƚĞŽƵƚĐŽŵĞĂŶĚƟŵŝŶŐŽĨƚŚĞĐĂƐŚŇŽǁƐ͕ŝĨĂŶLJĐĂŶŶŽƚďĞ 605.27 ϭ͕Ϭϲϱ͘ϰϲ ĐƵƌƌĞŶƚůLJĚĞƚĞƌŵŝŶĞĚ͘  &ŽŽƚŶŽƚĞ͗  ďͿ &ŝŐƵƌĞƐŝŶŝƚĂůŝĐƐĂƌĞŝŶƌĞƐƉĞĐƚŽĨƉƌĞǀŝŽƵƐLJĞĂƌ͘  dŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJĂŶĚĐůĂƐƐŝĮĐĂƟŽŶĂƌĞĚŝƐĐůŽƐĞĚŝŶEŽƚĞϯϰ͘ EŽƚĞϮϭ͗WƌŽǀŝƐŝŽŶƐ EŽƚĞϮϮ͗KƚŚĞƌůŝĂďŝůŝƟĞƐ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores ` crores ` crores Current ;ĂͿ EŽŶĐƵƌƌĞŶƚ Income received in advance Ϯϱ͘Ϭϴ Ϯϱ͘ϱϮ  WƌŽǀŝƐŝŽŶĨŽƌĞŵƉůŽLJĞĞďĞŶĞĮƚƐ;ZĞĨĞƌEŽƚĞϯϴͿ  ĞĨĞƌƌĞĚZĞǀĞŶƵĞ ϴϲ͘ϴϱ ϭϯϭ͘ϴϭ   ŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐ ϱϬ͘ϱϰ ϱϬ͘Ϭϲ  ĚǀĂŶĐĞƐĐŽůůĞĐƚĞĚĨƌŽŵĐƵƐƚŽŵĞƌƐ ϭϬϲ͘ϵϱ ϭϭϯ͘ϵϭ Statutory dues ϱϬ͘Ϭϯ ϱϱ͘ϴϵ   'ƌĂƚƵŝƚLJ ϭϭ͘Ϭϭ ϭ͘Ϭϲ Ϯϲϴ͘ϵϭ ϯϮϳ͘ϭϯ   WŽƐƚͲĞŵƉůŽLJŵĞŶƚŵĞĚŝĐĂůďĞŶĞĮƚƐ ϱ͘Ϯϴ ϱ͘Ϯϳ   WŽƐƚͲƌĞƟƌĞŵĞŶƚƉĞŶƐŝŽŶ ϭϲ͘ϳϮ ϭϳ͘ϵϴ EŽƚĞϮϯ͗ZĞǀĞŶƵĞĨƌŽŵŽƉĞƌĂƟŽŶƐ ϴϯ͘ϱϱ ϳϰ͘ϯϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores  WƌŽǀŝƐŝŽŶĨŽƌĚŝƐƉƵƚĞĚĚƵĞƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞͿ Ͳ ϭ͘ϭϵ ZŽŽŵƐ͕ƌĞƐƚĂƵƌĂŶƚƐĂŶĚďĂŶƋƵĞƚƐŝŶĐŽŵĞ ϯ͕ϱϴϭ͘ϳϭ ϯ͕ϱϯϯ͘Ϯϴ Shop rentals ϰϬ͘ϵϮ ϯϵ͘ϴϬ ϴϯ͘ϱϱ 75.56 DĞŵďĞƌƐŚŝƉĨĞĞƐ ϴϱ͘ϴϬ ϵϱ͘ϭϲ  &ŽŽƚŶŽƚĞ͗ DĂŶĂŐĞŵĞŶƚĂŶĚŽƉĞƌĂƟŶŐĨĞĞƐ ϮϬϰ͘Ϯϱ ϭϳϳ͘ϯϴ  /ŶƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͕ĂƉƌŽǀŝƐŝŽŶĨŽƌĚŝƐƉƵƚĞĚĚƵĞƐŽŶƐƚĂŶĚĂƌĚĂƐƐĞƚƐŚĂƐďĞĞŶŵĂĚĞďLJĂƐƵďƐŝĚŝĂƌLJĞŶŐĂŐĞĚŝŶďƵƐŝŶĞƐƐŽĨŶŽŶͲ KƚŚĞƌŽƉĞƌĂƟŶŐŝŶĐŽŵĞ ϭϵϬ͘ϴϳ ϭϳϰ͘ϵϱ ďĂŶŬŝŶŐĮŶĂŶĐŝĂůƐĞƌǀŝĐĞƐ͘ Total ϰ͕ϭϬϯ͘ϱϱ ϰ͕ϬϮϬ͘ϱϳ

230 Annual Report 2017-18 231 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018 EŽƚĞϮϰ͗KƚŚĞƌŝŶĐŽŵĞ EŽƚĞϮϳ͗KƉĞƌĂƟŶŐĂŶĚŐĞŶĞƌĂůĞdžƉĞŶƐĞƐ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores ` crores ` crores /ŶƚĞƌĞƐƚ/ŶĐŽŵĞĨƌŽŵĮŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĂŵŽƌƟƐĞĚĐŽƐƚ ;ĂͿ KƉĞƌĂƟŶŐĞdžƉĞŶƐĞƐĐŽŶƐŝƐƚŽĨƚŚĞĨŽůůŽǁŝŶŐ͗  /ŶƚĞƌͲĐŽƌƉŽƌĂƚĞĚĞƉŽƐŝƚƐ Ϭ͘ϭϯ ϰ͘ϳϳ  >ŝŶĞŶĂŶĚƌŽŽŵƐƵƉƉůŝĞƐ ϳϯ͘ϱϭ ϳϳ͘ϯϭ  ĞƉŽƐŝƚƐǁŝƚŚďĂŶŬƐ ϭϲ͘ϴϲ ϳ͘ϴϵ  ĂƚĞƌŝŶŐƐƵƉƉůŝĞƐ Ϯϴ͘Ϯϲ Ϯϵ͘ϲϴ  KƚŚĞƌƐ ϵ͘ϮϮ ϵ͘ϬϬ  KƚŚĞƌƐƵƉƉůŝĞƐ ϳ͘Ϭϲ ϳ͘ϯϭ Ϯϲ͘Ϯϭ Ϯϭ͘ϲϲ  &ƵĞů͕ƉŽǁĞƌĂŶĚůŝŐŚƚ Ϯϱϵ͘ϭϭ Ϯϱϴ͘ϲϭ  /ŶƚĞƌĞƐƚŽŶŝŶĐŽŵĞƚĂdžƌĞĨƵŶĚƐ ϯ͘Ϯϭ Ϭ͘ϳϮ  ZĞƉĂŝƌƐƚŽďƵŝůĚŝŶŐƐ ϱϴ͘Ϯϰ ϲϬ͘ϴϵ Ϯϵ͘ϰϮ ϮϮ͘ϯϴ  ZĞƉĂŝƌƐƚŽŵĂĐŚŝŶĞƌLJ ϲϳ͘ϴϰ ϲϵ͘ϵϯ ŝǀŝĚĞŶĚ/ŶĐŽŵĞĨƌŽŵ/ŶǀĞƐƚŵĞŶƚƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞͿ  ZĞƉĂŝƌƐƚŽŽƚŚĞƌƐ ϯϬ͘ϱϬ ϯϭ͘ϱϭ  ĨƌŽŵ/ŶǀĞƐƚŵĞŶƚƐƚŚĂƚĂƌĞĨĂŝƌǀĂůƵĞĚƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ ϱ͘ϴϳ Ϯ͘ϭϵ  >ŝŶĞŶĂŶĚƵŶŝĨŽƌŵǁĂƐŚŝŶŐĂŶĚůĂƵŶĚƌLJĞdžƉĞŶƐĞƐ ϰϭ͘ϱϳ ϰϭ͘ϭϯ  ĨƌŽŵ/ŶǀĞƐƚŵĞŶƚƐƚŚĂƚĂƌĞĨĂŝƌǀĂůƵĞĚƚŚƌŽƵŐŚWƌŽĮƚĂŶĚ>ŽƐƐ Ϯ͘ϯϯ ϴ͘ϱϭ  ^ĞĐƵƌŝƚLJĐŚĂƌŐĞƐĂŶĚKƚŚĞƌƐ ϯϴ͘ϱϬ ϯϲ͘ϰϴ WƌŽĮƚŽŶĚŝƐƉŽƐĂůŽĨWƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ;EĞƚͿ Ϭ͘Ϭϭ Ϭ͘ϳϲ  'ƵĞƐƚƚƌĂŶƐƉŽƌƚĂƟŽŶ ϯϵ͘Ϭϭ ϯϳ͘ϯϲ 'ĂŝŶŽŶŝŶǀĞƐƚŵĞŶƚƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĮƚĂŶĚůŽƐƐ ϲ͘ϯϲ ϰ͘ϳϰ  dƌĂǀĞůĂŐĞŶƚƐ͛ĐŽŵŵŝƐƐŝŽŶ ϴϰ͘ϰϳ ϴϰ͘ϳϬ džĐŚĂŶŐĞŐĂŝŶ;EĞƚͿ ϭ͘ϮϮ Ͳ  ŝƐĐŽƵŶƚƚŽĐŽůůĞĐƟŶŐĂŐĞŶƚƐ ϰϲ͘ϳϯ ϰϴ͘ϭϬ KƚŚĞƌƐ ϭϲ͘ϱϮ ϭϲ͘ϯϲ  KƚŚĞƌŽƉĞƌĂƟŶŐĞdžƉĞŶƐĞƐ ϴϳ͘ϴϬ ϴϮ͘ϲϱ Total ϲϭ͘ϳϯ ϱϰ͘ϵϰ Total ϴϲϮ͘ϲϬ ϴϲϱ͘ϲϲ &ŽŽƚŶŽƚĞ͗ WƌĞǀŝŽƵƐLJĞĂƌŝŶĐůƵĚĞƐĚŝǀŝĚĞŶĚŝŶĐŽŵĞƌĞůĂƟŶŐƚŽŽŶĞŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚĚĞƐŝŐŶĂƚĞĚĂƚ&ĂŝƌsĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞĂŶĚ ;ďͿ 'ĞŶĞƌĂůĞdžƉĞŶƐĞĐŽŶƐŝƐƚŽĨƚŚĞĨŽůůŽǁŝŶŐ͗ derecognised during the previous year `Ϭ͘ϰϱĐƌŽƌĞ͘  ZĞŶƚ ϲϰ͘ϴϮ ϲϲ͘ϭϰ  >ŝĐĞŶĐĞĨĞĞƐ;ZĞĨĞƌEŽƚĞϯϲͿ Ϯϱϰ͘ϯϳ ϮϱϬ͘ϭϲ EŽƚĞϮϱ͗ŵƉůŽLJĞĞďĞŶĞĮƚĞdžƉĞŶƐĞƐĂŶĚƉĂLJŵĞŶƚƚŽĐŽŶƚƌĂĐƚŽƌƐ  ZĂƚĞƐĂŶĚƚĂdžĞƐ ϵϱ͘ϭϮ ϴϵ͘Ϯϴ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ Insurance ϭϰ͘ϲϳ ϭϱ͘Ϯϱ ` crores ` crores  ĚǀĞƌƟƐŝŶŐĂŶĚƉƵďůŝĐŝƚLJ ϭϮϭ͘ϯϮ ϭϭϭ͘ϲϵ ^ĂůĂƌŝĞƐ͕ǁĂŐĞƐ͕ďŽŶƵƐĞƚĐ͘ ϭ͕Ϭϱϴ͘ϲϯ ϭ͕Ϭϳϳ͘Ϯϴ  WƌŝŶƟŶŐĂŶĚƐƚĂƟŽŶĞƌLJ ϭϰ͘ϭϮ ϭϯ͘ϵϴ ŽŵƉĂŶLJ͛ƐĐŽŶƚƌŝďƵƟŽŶƚŽƉƌŽǀŝĚĞŶƚĂŶĚŽƚŚĞƌĨƵŶĚƐ;ZĞĨĞƌEŽƚĞϮϭ͕ϯϴͿ ϰϬ͘ϲϬ ϰϳ͘ϰϳ Passage and travelling ϭϴ͘ϮϬ ϭϴ͘ϵϲ ZĞŝŵďƵƌƐĞŵĞŶƚŽĨĞdžƉĞŶƐĞƐŽŶƉĞƌƐŽŶŶĞůĚĞƉƵƚĞĚƚŽƚŚĞĐŽŵƉĂŶLJ ϯϵ͘Ϭϰ ϯϴ͘Ϭϲ  ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĚĞďƚƐĂŶĚĂĚĚĞďƚƐǁƌŝƩĞŶŽī ϭϱ͘ϰϵ Ϯ͘ϵϯ Payment to contractors ϵϭ͘ϱϮ ϴϴ͘ϭϳ  džƉĞŶĚŝƚƵƌĞŽŶĐŽƌƉŽƌĂƚĞƐŽĐŝĂůƌĞƐƉŽŶƐŝďŝůŝƚLJ ϲ͘ϰϳ ϲ͘ϬϬ ^ƚĂīǁĞůĨĂƌĞĞdžƉĞŶƐĞƐ ϭϭϲ͘ϴϯ ϭϭϯ͘ϲϳ  WƌŽĨĞƐƐŝŽŶĂůĨĞĞƐ ϰϲ͘ϱϳ ϱϬ͘ϵϮ Total ϭ͕ϯϰϲ͘ϲϮ ϭ͕ϯϲϰ͘ϲϱ Support services ϲϳ͘ϱϴ ϱϲ͘Ϭϵ  džĐŚĂŶŐĞůŽƐƐ;EĞƚͿ Ͳ ϭ͘ϲϰ EŽƚĞϮϲ͗&ŝŶĂŶĐĞĐŽƐƚƐ  >ŽƐƐŽŶ^ĂůĞŽĨWƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ;EĞƚͿ Ϭ͘ϳϳ Ͳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ  WĂLJŵĞŶƚŵĂĚĞƚŽƐƚĂƚƵƚŽƌLJĂƵĚŝƚŽƌƐ;ZĞĨĞƌ&ŽŽƚŶŽƚĞͿ ϴ͘ϭϮ ϴ͘ϳϰ ` crores ` crores  ŝƌĞĐƚŽƌƐ͛ĨĞĞƐĂŶĚĐŽŵŵŝƐƐŝŽŶ ϰ͘ϳϳ ϯ͘ϵϲ Interest expense  KƚŚĞƌĞdžƉĞŶƐĞƐ ϭϭϱ͘ϭϱ ϭϮϬ͘ϵϱ /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞĂƚĞīĞĐƟǀĞŝŶƚĞƌĞƐƚƌĂƚĞŽŶďŽƌƌŽǁŝŶŐƐǁŚŝĐŚĂƌĞŵĞĂƐƵƌĞĚĂƚĂŵŽƌƟƐĞĚ ϮϳϬ͘ϭϰ ϯϮϬ͘ϲϯ Total ϴϰϳ͘ϱϰ ϴϭϲ͘ϲϵ cost ϭ͕ϳϭϬ͘ϭϰ ϭ͕ϲϴϮ͘ϯϱ ĚĚ͗^ĞƩůĞŵĞŶƚƐŽŶŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉĐŽŶƚƌĂĐƚƐ ;ϵ͘ϱϯͿ ;ϳ͘ϵϲͿ ϮϲϬ͘ϲϭ ϯϭϮ͘ϲϳ &ŽŽƚŶŽƚĞ͗ KŶŝŶĐŽŵĞƚĂdžĚĞŵĂŶĚ ϳ͘ϴϲ ϭ͘ϲϬ WĂLJŵĞŶƚŵĂĚĞƚŽƐƚĂƚƵƚŽƌLJĂƵĚŝƚŽƌƐ͗ KƚŚĞƌďŽƌƌŽǁŝŶŐĐŽƐƚƐ ϭ͘Ϯϳ ϭϯ͘ϴϱ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ Ϯϲϵ͘ϳϰ ϯϮϴ͘ϭϮ ` crores ` crores >ĞƐƐ͗/ŶƚĞƌĞƐƚĐĂƉŝƚĂůŝƐĞĚ;ZĞĨĞƌ&ŽŽƚŶŽƚĞͿ Ϭ͘ϳϬ ϰ͘Ϯϵ As auditors ϲ͘ϰϱ ϳ͘ϲϬ Total Ϯϲϵ͘Ϭϰ ϯϮϯ͘ϴϯ &ŽƌŽƚŚĞƌƐĞƌǀŝĐĞƐ;ŝŶĐůƵĚŝŶŐƚĂdžĂƵĚŝƚĂŶĚĐŽŵƉĂŶLJůĂǁŵĂƩĞƌƐͿ ϭ͘ϱϮ ϭ͘Ϭϯ džƉĞŶƐĞƐĂŶĚŝŶĐŝĚĞŶƚĂůƐ Ϭ͘ϭϱ Ϭ͘ϭϭ &ŽŽƚŶŽƚĞ͗ ϴ͘ϭϮ ϴ͘ϳϰ dŚĞ'ƌŽƵƉŚĂƐĐĂƉŝƚĂůŝƐĞĚƚŚĞŝŶƚĞƌĞƐƚĐŽƐƚŽŶďŽƌƌŽǁŝŶŐƐƌĞůĂƟŶŐƚŽƋƵĂůŝĨLJŝŶŐĂƐƐĞƚƐŝŶĐůƵĚŝŶŐǁŝƚŚŝŶĐĂƉŝƚĂůǁŽƌŬŝŶƉƌŽŐƌĞƐƐ͘ džĐůƵĚĞƐ`ϭ͘ϯϲĐƌŽƌĞƐ;WƌĞǀŝŽƵƐLJĞĂƌ`EŝůͿĂĚũƵƐƚĞĚĂŐĂŝŶƐƚ^ĞĐƵƌŝƟĞƐWƌĞŵŝƵŵĐĐŽƵŶƚ

232 Annual Report 2017-18 233 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018 EŽƚĞϮϴ͗džĐĞƉƟŽŶĂů/ƚĞŵƐ ;ďͿ KŶĂĐĐŽƵŶƚŽĨůĞĂƐĞĂŐƌĞĞŵĞŶƚƐ͗  /ŶƌĞƐƉĞĐƚŽĨĂƉůŽƚŽĨůĂŶĚƉƌŽǀŝĚĞĚƚŽƚŚĞŽŵƉĂŶLJƵŶĚĞƌĂůĞĂƐĞĂŐƌĞĞŵĞŶƚ͕ŽŶǁŚŝĐŚƚŚĞŽŵƉĂŶLJŚĂƐĐŽŶƐƚƌƵĐƚĞĚĂŚŽƚĞů͕ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ƚŚĞůĞƐƐŽƌŚĂƐŵĂĚĞĂĐůĂŝŵŽĨ`ϯϴϳ͘ϵϱĐƌŽƌĞƐƚŽĚĂƚĞ͕;ϭϯƚŝŵĞƐƚŚĞƉƌĞǀŝŽƵƐĂŶŶƵĂůƌĞŶƚĂůͿĨŽƌŝŶĐƌĞĂƐĞŝŶƚŚĞƌĞŶƚĂůƐǁŝƚŚ ` crores ` crores ĞĨĨĞĐƚĨƌŽŵϮϬϬϲͲϬϳ͘dŚĞŽŵƉĂŶLJďĞůŝĞǀĞƐƚŚĞƐĞĐůĂŝŵƐƚŽďĞƵŶƚĞŶĂďůĞ͘dŚĞŽŵƉĂŶLJŚĂƐĐŽŶƚĞƐƚĞĚƚŚĞĐůĂŝŵďĂƐĞĚƵƉŽŶ džĐĞƉƟŽŶĂů/ƚĞŵƐĐŽŵƉƌŝƐĞƐŽĨƚŚĞĨŽůůŽǁŝŶŐ͗ ůĞŐĂůĂĚǀŝĐĞ͕ďLJĨŝůŝŶŐĂƐƵŝƚŝŶƚŚĞ,ŽŶŽƵƌĂďůĞ,ŝŐŚŽƵƌƚŽĨ:ƵĚŝĐĂƚƵƌĞĂƚŽŵďĂLJŽŶŐƌŽƵŶĚƐŽĨƚŚĞůĞƐƐŽƌŝŶĐŽŶƐŝƐƚĞŶƚƐƚĂŶĚ ŽŶĂƵƚŽŵĂƚŝĐƌĞŶĞǁĂůŽĨůĞĂƐĞ͕ůĞǀLJŽĨůĞĂƐĞƌĞŶƚĂůƐĂŶĚŵĞƚŚŽĚŽĨĐŽŵƉƵƚŝŶŐƐƵĐŚůĞĂƐĞƌĞŶƚ͕ǁŝƚŚŝŶƚŚĞƚĞƌŵƐŽĨƚŚĞƚŚĞŶ džĐŚĂŶŐĞ'ĂŝŶͬ;>ŽƐƐͿŽŶůŽŶŐƚĞƌŵďŽƌƌŽǁŝŶŐƐͬĂƐƐĞƚƐ;ŶĞƚͿ Ϭ͘Ϭϳ Ϭ͘ϰϰ ĞdžŝƐƚŝŶŐůĞƐƐŽƌƐƉŽůŝĐLJĂƐĂůƐŽĂ^ƵƉƌĞŵĞŽƵƌƚũƵĚŐŵĞŶƚŽŶƌĞůĂƚĞĚŵĂƚƚĞƌƐ͘ǀĞŶƚĂŬŝŶŐƌĞĐĞŶƚĞŶĂĐƚŵĞŶƚƐŝŶƚŽĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ ŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞŽĨĚĞƌŝǀĂƟǀĞĐŽŶƚƌĂĐƚƐ Ϯϱ͘ϱϭ ϲϱ͘ϰϱ ŝŶƚŚĞŽƉŝŶŝŽŶŽĨƚŚĞŽŵƉĂŶLJ͕ƚŚĞĐŽŵƉƵƚĂƚŝŽŶĐĂŶŶŽƚƐƚƌĞƚĐŚďĞLJŽŶĚ`ϭϬϬ͘ϰϭĐƌŽƌĞƐ;ĞdžĐůƵĚŝŶŐŝŶƚĞƌĞƐƚͬƉĞŶĂůƚLJͿ͕ĂŶĚƚŚŝƐ ZĞĐŽǀĞƌLJŽĨĐŽƐƚƐĂůŽŶŐǁŝƚŚŝŶƚĞƌĞƐƚ;`ϭϰ͘ϳϬĐƌŽƌĞƐͿŽŶĂƐƵƌƌĞŶĚĞƌĞĚƉƌŽũĞĐƚ Ͳ Ϯϰ͘ϯϯ ƚŽŽŝƐďĞŝŶŐĐŽŶƚĞƐƚĞĚďLJƚŚĞŽŵƉĂŶLJŽŶŵĞƌŝƚ͘ WƌŽǀŝƐŽŶŽĨĮŶĂŶĐŝĂůĞdžƉŽƐƵƌĞŝŶĂŶĂƐƐŽĐŝĂƚĞ ;Ϭ͘ϱϲͿ ;ϱ͘ϬϱͿ  &ƵƌƚŚĞƌ͕Ă͞EŽƟĐĞŽĨDŽƟŽŶ͟ŚĂƐďĞĞŶĮůĞĚďLJƚŚĞĐŽŵƉĂŶLJďĞĨŽƌĞďLJƚŚĞ,ŽŶŽƵƌĂďůĞ,ŝŐŚŽƵƌƚŽĨ:ƵĚŝĐĂƚƵƌĞĂƚŽŵďĂLJ͕ŝŶƚĞƌĂůŝĂ͕ EĞƚůŽƐƐŽŶĚŝƐƉŽƐĂůŽĨƐƵďƐŝĚŝĂƌŝĞƐ Ͳ ;ϭϬϯ͘ϬϴͿ ĨŽƌĂƐƚĂLJĂŐĂŝŶƐƚĂŶLJĨƵƌƚŚĞƌƉƌŽĐĞĞĚŝŶŐƐďLJƚŚĞůĞƐƐŽƌ͕ƉĞŶĚŝŶŐĂƌĞƐŽůƵƟŽŶŽĨƚŚŝƐĚŝƐƉƵƚĞďLJƚŚĞ,ŽŶŽƵƌĂďůĞŽŵďĂLJ,ŝŐŚŽƵƌƚ͘/Ŷ ǀŝĞǁŽĨƚŚŝƐ͕ĂŶĚďĂƐĞĚŽŶůĞŐĂůĂĚǀŝĐĞ͕ƚŚĞŽŵƉĂŶLJƌĞŐĂƌĚƐƚŚĞůŝŬĞůŝŚŽŽĚŽĨƐƵƐƚĂŝŶĂďŝůŝƚLJŽĨƚŚĞůĞƐƐŽƌ͛ƐĐůĂŝŵƚŽďĞƌĞŵŽƚĞĂŶĚƚŚĞ ZĞĨƵŶĚŽĨDƵŶŝĐŝƉĂůƚĂdž;ŝŶĐůƵĚŝŶŐŝŶƚĞƌĞƐƚ`Ϯ͘ϯϴĐƌŽƌĞƐͿ Ͳ ϲ͘ϭϲ ĂŵŽƵŶƚŽĨĂŶLJƉŽƚĞŶƟĂůůŝĂďŝůŝƚLJ͕ŝĨĂƚĂůů͕ƚŽďĞŝŶĚĞƚĞƌŵŝŶĂƚĞ͘ WƌŽĮƚŽŶĐŽŵƉƵůƐŽƌLJĂĐƋƵŝƐŝƟŽŶŽĨůĂŶĚďLJŐŽǀĞƌŶŵĞŶƚ Ͳ Ϭ͘ϵϳ  dŚĞůĞƐƐŽƌ͛ƐůĂǁLJĞƌŚĂĚŐŝǀĞŶĂƐƚĂƚĞŵĞŶƚďĞĨŽƌĞƚŚĞ,ŽŶŽƵƌĂďůĞ,ŝŐŚŽƵƌƚŽĨ:ƵĚŝĐĂƚƵƌĞĂƚŽŵďĂLJƚŚĂƚŝƚƐŚĂůůŶŽƚŐŝǀĞĞīĞĐƚƚŽŝƚƐ WƌŽũĞĐƚƐǁƌŝƩĞŶŽīĨŽƌĐŽŵŵĞƌĐŝĂůƌĞĂƐŽŶƐ ;Ϯ͘ϱϳͿ Ͳ ŶŽƟĐĞŽĨƚĞƌŵŝŶĂƟŽŶĚƵƌŝŶŐƚŚĞƉĞŶĚĞŶĐLJŽĨƚŚĞƐƵŝƚĂŶĚƚŚĞƐƚĂƚĞŵĞŶƚĐŽŶƟŶƵĞƐƚŽďĞŝŶĨŽƌĐĞƟůůĚĂƚĞ͘ Total ϮϮ͘ϰϱ ;ϭϬ͘ϳϴͿ ;ĐͿ KƚŚĞƌĐůĂŝŵƐĂŐĂŝŶƐƚƚŚĞ'ƌŽƵƉŶŽƚĂĐŬŶŽǁůĞĚŐĞĂƐĚĞďƚ͗ EŽƚĞϮϵ͗^ĐŚĞŵĞŽĨƌƌĂŶŐĞŵĞŶƚ  ;ŝͿ >ĞŐĂůĂŶĚƐƚĂƚƵƚŽƌLJŵĂƩĞƌƐ`ϰ͘ϵϴĐƌŽƌĞƐ;DĂƌĐŚϯϭ͕ϮϬϭϳͲ`ϰ͘ϵϴĐƌŽƌĞƐͿ ƵƌŝŶŐƚŚĞLJĞĂƌ͕ƚŚĞEĂƟŽŶĂůŽŵƉĂŶLJ>ĂǁdƌŝďƵŶĂů;͞E>d͟Ϳ͕DƵŵďĂŝďĞŶĐŚǀŝĚĞŝƚƐKƌĚĞƌĚĂƚĞĚDĂƌĐŚϴ͕ϮϬϭϳŚĂƐĂƉƉƌŽǀĞĚƚŚĞ^ĐŚĞŵĞ  ;ŝŝͿ DĂŶĂŐĞŵĞŶƚŝƐŐĞŶĞƌĂůůLJƵŶĂďůĞƚŽƌĞĂƐŽŶĂďůLJĞƐƟŵĂƚĞĂƌĂŶŐĞŽĨƉŽƐƐŝďůĞůŽƐƐĨŽƌƉƌŽĐĞĞĚŝŶŐƐŽƌĚŝƐƉƵƚĞƐŽƚŚĞƌƚŚĂŶƚŚŽƐĞ ŽĨŵĂůŐĂŵĂƟŽŶǁŚŝĐŚŝŶƚĞƌĂůŝĂŝŶĐůƵĚĞƐƚŚĞĂŵĂůŐĂŵĂƟŽŶŽĨd/&K,ŽůĚŝŶŐƐ>ƚĚ;͞d/&K͟Ϳ͕ĂǁŚŽůůLJŽǁŶĞĚŝŶǀĞƐƚŵĞŶƚŚŽůĚŝŶŐƐƵďƐŝĚŝĂƌLJ͕ ŝŶĐůƵĚĞĚŝŶƚŚĞĞƐƟŵĂƚĞƐĂďŽǀĞ͕ŝŶĐůƵĚŝŶŐǁŚĞƌĞ͗ ǁŝƚŚƚŚĞŽŵƉĂŶLJ͘dŚĞ^ĐŚĞŵĞǁĂƐĂƉƉƌŽǀĞĚďLJƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽŶDĂLJϮϲ͕ϮϬϭϳ͘ŽŶƐĞƋƵĞŶƚƚŽƚŚĞƐĂŝĚKƌĚĞƌĂŶĚĮůŝŶŐŽĨƚŚĞĮŶĂů ĐĞƌƟĮĞĚKƌĚĞƌƐǁŝƚŚƚŚĞZĞŐŝƐƚƌĂƌŽĨƚŚĞŽŵƉĂŶŝĞƐ͕DĂŚĂƌĂƐŚƚƌĂ͕ŽŶƉƌŝůϭϭ͕ϮϬϭϴ͕ƚŚĞ^ĐŚĞŵĞŚĂƐďĞĐŽŵĞĞīĞĐƟǀĞƵƉŽŶƚŚĞĐŽŵƉůĞƟŽŶ   ĂͿ ƉůĂŝŶƟīƐ ͬ ƉĂƌƟĞƐ ŚĂǀĞ ŶŽƚ ĐůĂŝŵĞĚ ĂŶ ĂŵŽƵŶƚ ŽĨ ŵŽŶĞLJ ĚĂŵĂŐĞƐ͕ ƵŶůĞƐƐ ŵĂŶĂŐĞŵĞŶƚ ĐĂŶ ŽƚŚĞƌǁŝƐĞ ĚĞƚĞƌŵŝŶĞ ĂŶ ŽĨƚŚĞĮůŝŶŐǁŝƚŚĞīĞĐƚĨƌŽŵƚŚĞƉƉŽŝŶƚĞĚĂƚĞŽĨƉƌŝůϭ͕ϮϬϭϳ͘hƉŽŶĐŽŵŝŶŐŝŶƚŽĞīĞĐƚŽĨƚŚĞ^ĐŚĞŵĞĂŶĚǁŝƚŚĞīĞĐƚĨƌŽŵƚŚĞƉƉŽŝŶƚĞĚ ĂƉƉƌŽƉƌŝĂƚĞĂŵŽƵŶƚ͖ ĂƚĞ͕ƚŚĞƵŶĚĞƌƚĂŬŝŶŐŽĨd/&KŚĂǀĞďĞĞŶƚƌĂŶƐĨĞƌƌĞĚƚŽĂŶĚǀĞƐƚĞĚŝŶƚŚĞŽŵƉĂŶLJ͘   ďͿ ƚŚĞƉƌŽĐĞĞĚŝŶŐƐĂƌĞŝŶĞĂƌůLJƐƚĂŐĞƐ͖ dŚĞ ĂďŽǀĞ ƐĐŚĞŵĞ ĚŽĞƐ ŶŽƚ ŚĂǀĞ ĂŶLJ ŝŵƉĂĐƚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͕ĂƐ d/&K ǁĂƐ Ă ǁŚŽůůLJ ŽǁŶĞĚ   ĐͿ ƚŚĞƌĞŝƐƵŶĐĞƌƚĂŝŶƚLJĂƐƚŽƚŚĞŽƵƚĐŽŵĞŽĨƉĞŶĚŝŶŐĂƉƉĞĂůƐŽƌŵŽƟŽŶƐŽƌŶĞŐŽƟĂƟŽŶƐ͖ ƐƵďƐŝĚŝĂƌLJǁŚŝĐŚǁĂƐĐŽŶƐŽůŝĚĂƚĞĚŽŶĂůŝŶĞďLJůŝŶĞďĂƐŝƐƉƌŝŽƌƚŽĂŵĂůŐĂŵĂƟŽŶ͘   ĚͿ ƚŚĞƌĞĂƌĞƐŝŐŶŝĮĐĂŶƚĨĂĐƚƵĂůŝƐƐƵĞƐƚŽďĞƌĞƐŽůǀĞĚ͖ĂŶĚͬŽƌƚŚĞƌĞĂƌĞŶŽǀĞůůĞŐĂůŝƐƐƵĞƐƉƌĞƐĞŶƚĞĚ EŽƚĞϯϬ͗ŽŶƟŶŐĞŶƚ>ŝĂďŝůŝƟĞƐ;ƚŽƚŚĞĞdžƚĞŶƚŶŽƚƉƌŽǀŝĚĞĚĨŽƌͿĂŶĚĐŽŶƟŶŐĞŶƚĂƐƐĞƚƐ  dŚĞ'ƌŽƵƉ͛ƐDĂŶĂŐĞŵĞŶƚĚŽĞƐŶŽƚďĞůŝĞǀĞ͕ďĂƐĞĚŽŶĐƵƌƌĞŶƚůLJĂǀĂŝůĂďůĞŝŶĨŽƌŵĂƟŽŶ͕ƚŚĂƚƚŚĞŽƵƚĐŽŵĞƐŽĨƚŚĞĂďŽǀĞŵĂƩĞƌƐǁŝůůŚĂǀĞ dŚĞ'ƌŽƵƉŝƐŝŶǀŽůǀĞĚŝŶĂŶƵŵďĞƌŽĨĂƉƉĞůůĂƚĞ͕ũƵĚŝĐŝĂůĂŶĚĂƌďŝƚƌĂƟŽŶƉƌŽĐĞĞĚŝŶŐƐ;ŝŶĐůƵĚŝŶŐƚŚŽƐĞĚĞƐĐƌŝďĞĚďĞůŽǁͿĐŽŶĐĞƌŶŝŶŐŵĂƩĞƌƐ ĂŵĂƚĞƌŝĂůĂĚǀĞƌƐĞĞīĞĐƚŽŶƚŚĞ'ƌŽƵƉ͛ƐĮŶĂŶĐŝĂůƉŽƐŝƟŽŶ͕ƚŚŽƵŐŚƚŚĞŽƵƚĐŽŵĞƐĐŽƵůĚďĞŵĂƚĞƌŝĂůƚŽƚŚĞ'ƌŽƵƉ͛ƐŽƉĞƌĂƟŶŐƌĞƐƵůƚƐĨŽƌ ĂƌŝƐŝŶŐŝŶƚŚĞĐŽƵƌƐĞŽĨĐŽŶĚƵĐƚŽĨƚŚĞ'ƌŽƵƉ͛ƐďƵƐŝŶĞƐƐĞƐĂŶĚŝƐĞdžƉŽƐĞĚƚŽŽƚŚĞƌĐŽŶƟŶŐĞŶĐŝĞƐĂƌŝƐŝŶŐĨƌŽŵŚĂǀŝŶŐŝƐƐƵĞĚŐƵĂƌĂŶƚĞĞƐƚŽ ĂŶLJƉĂƌƟĐƵůĂƌƉĞƌŝŽĚ͕ĚĞƉĞŶĚŝŶŐ͕ŝŶƉĂƌƚ͕ƵƉŽŶƚŚĞŽƉĞƌĂƟŶŐƌĞƐƵůƚƐĨŽƌƐƵĐŚƉĞƌŝŽĚ͘/ƚŝƐŶŽƚƉƌĂĐƟĐĂďůĞĨŽƌƚŚĞŽŵƉĂŶLJƚŽĞƐƟŵĂƚĞ ůĞŶĚĞƌƐŽĨŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚŽƚŚĞƌĞŶƟƟĞƐ͘^ŽŵĞŽĨƚŚĞƐĞƉƌŽĐĞĞĚŝŶŐƐŝŶƌĞƐƉĞĐƚŽĨŵĂƩĞƌƐƵŶĚĞƌůŝƟŐĂƟŽŶĂƌĞŝŶĞĂƌůLJƐƚĂŐĞƐ͕ĂŶĚŝŶƐŽŵĞ ƚŚĞƟŵŝŶŐƐŽĨĐĂƐŚŇŽǁƐ͕ŝĨĂŶLJ͕ŝŶƌĞƐƉĞĐƚŽĨƚŚĞĂďŽǀĞ͘ ŽƚŚĞƌĐĂƐĞƐ͕ƚŚĞĐůĂŝŵƐĂƌĞŝŶĚĞƚĞƌŵŝŶĂƚĞ͘ ;ĚͿ hƉĚĂƚĞŝŶƌĞƐƉĞĐƚŽĨĂƉƌŽƉĞƌƚLJ͗ ;ĂͿ KŶĂĐĐŽƵŶƚŽĨŵĂƩĞƌƐŝŶĚŝƐƉƵƚĞƐ͗  ŌĞƌĞdžƉŝƌLJŽĨƚŚĞůŝĐĞŶƐĞƉĞƌŝŽĚŽĨdĂũDĂŚĂů,ŽƚĞů͕EĞǁĞůŚŝ͕ƚŚĞƌĞǁĂƐĂŶŽŶŐŽŝŶŐůŝƟŐĂƟŽŶďĞƚǁĞĞŶƚŚĞŽŵƉĂŶLJĂŶĚƚŚĞůŝĐĞŶƐŽƌ͕  ŵŽƵŶƚƐŝŶƌĞƐƉĞĐƚŽĨĐůĂŝŵƐ;ĞdžĐůƵĚŝŶŐŝŶƚĞƌĞƐƚĂŶĚƉĞŶĂůƟĞƐͿĂƐƐĞƌƚĞĚďLJǀĂƌŝŽƵƐƌĞǀĞŶƵĞĂƵƚŚŽƌŝƟĞƐŽŶƚŚĞŽŵƉĂŶLJĂŶĚƚŚĞ'ƌŽƵƉ͕ EĞǁĞůŚŝDƵŶŝĐŝƉĂůŽƵŶĐŝů;EDͿ͘KŶƉƌŝůϮϬ͕ϮϬϭϳ͕ƚŚĞ^ƵƉƌĞŵĞŽƵƌƚŚĂƐƉĞƌŵŝƩĞĚEDƚŽĐŽŶĚƵĐƚĞͲĂƵĐƟŽŶŽĨůŝĐĞŶƐĞ ŝŶƌĞƐƉĞĐƚŽĨƚĂdžĞƐ͕ĞƚĐ͕͘ǁŚŝĐŚĂƌĞŝŶĚŝƐƉƵƚĞ͕ĂŶĚŶŽƚƉƌŽǀŝĚĞĚĨŽƌ͕ĂƌĞĂƐƵŶĚĞƌ͗ ƌŝŐŚƚƐ͕ĂŶĚŚĂƐĂůƐŽĂůůŽǁĞĚƚŚĞŽŵƉĂŶLJƐŝdžŵŽŶƚŚƐ͛ƟŵĞƚŽŚĂŶĚŽǀĞƌƚŚĞƉƌĞŵŝƐĞƐŝŶĐĂƐĞƚŚĞŽŵƉĂŶLJŝƐƵŶƐƵĐĐĞƐƐĨƵůŝŶƚŚĞ ĞͲĂƵĐƟŽŶ͘dŚĞŚŽƚĞůĂƚƚŚĞƉƌĞŵŝƐĞƐƐŚĂůůĐŽŶƟŶƵĞƚŽĐĂƌƌLJŽƵƚŝƚƐŽƉĞƌĂƟŽŶƐŝŶƚŚĞŵĞĂŶƟŵĞ͘dŚĞ^ƵƉƌĞŵĞŽƵƌƚŚĂƐĚŝƌĞĐƚĞĚƚŚĂƚĂƚ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ƚŚĞƟŵĞŽĨĐŽŶĚƵĐƟŶŐƐƵĐŚĞͲĂƵĐƟŽŶ͕EDƐŚĂůůƚĂŬĞŝŶƚŽĂĐĐŽƵŶƚƚŚĞƵŶďůĞŵŝƐŚĞĚƌĞĐŽƌĚŽĨƚŚĞŽŵƉĂŶLJĂƐǁĞůůĂƐŝƚƐĐĂƉĂďŝůŝƟĞƐ͘ ` crores ` crores EDŚĂƐďĞĞŶĚŝƌĞĐƚĞĚƚŽƚĂŬĞŝŶƚŽĂĐĐŽƵŶƚƚŚĞƐĞĨĂĐƚƐǁŚŝůĞƚĂŬŝŶŐĂĮŶĂůĚĞĐŝƐŝŽŶŝŶƚŚĞŵĂƩĞƌ͘KŶƚŚĞϵƚŚŽĨĞĐĞŵďĞƌ͕ϮϬϭϳ͕ /ŶĐŽŵĞdĂdž ϭϳϳ͘ϱϲ ϭϭϵ͘Ϯϭ EDƉƵďůŝƐŚĞĚĂdĞŶĚĞƌĨŽƌƚŚĞŚŽƚĞůĂŶĚůĂŶĚ͕ǁŝƚŚĐĞƌƚĂŝŶƚĞƌŵƐĂŶĚĐŽŶĚŝƟŽŶƐ͕ǀŝĚĞǁŚŝĐŚƚŚĞĂƵĐƟŽŶǁĂƐƐĐŚĞĚƵůĞĚƚŽƚĂŬĞ >ƵdžƵƌLJƚĂdž ϭϱ͘ϰϵ ϯ͘ϳϵ ƉůĂĐĞŽŶƚŚĞϯϬƚŚŽĨ:ĂŶƵĂƌLJ͕ϮϬϭϴ͘/ŶƚĞƌĞƐƚĞĚďŝĚĚĞƌƐ͕ŝŶĐůƵĚŝŶŐ/,>ƐƵďŵŝƩĞĚƋƵĞƌŝĞƐŽŶƚŚĞƐĂŝĚƚĞƌŵƐ͕ǁŚŝĐŚǁĞƌĞƐƵƉƉŽƐĞĚƚŽďĞ ƌĞƐƉŽŶĚĞĚŽŶƚŚĞϯƌĚŽĨ:ĂŶƵĂƌLJ͕ϮϬϭϴ͘,ŽǁĞǀĞƌ͕ƚŚĞƐĂŝĚƌĞƐƉŽŶƐĞƐǁĞƌĞŶĞǀĞƌƉƵďůŝƐŚĞĚ͕ĂƐƚŚĞĚĂƚĞƐǁĞƌĞƉŽƐƚƉŽŶĞĚŝŶĚĞĮŶŝƚĞůLJ͘ ŶƚĞƌƚĂŝŶŵĞŶƚƚĂdž Ϯ͘Ϯϯ Ϯ͘ϮϮ ^ƵďƐĞƋƵĞŶƚůLJ͕ŽŶƚŚĞϮϱƚŚŽĨƉƌŝů͕ϮϬϭϴ͕ĂŶĞǁdĞŶĚĞƌŚĂƐďĞĞŶƉƵďůŝƐŚĞĚ͘/,>ŝƐĞǀĂůƵĂƟŶŐŝƚƐŽƉƟŽŶƐǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞƐĂŵĞ͘ ^ĂůĞƐƚĂdžͬsd ϯϬ͘ϱϲ Ϯϴ͘ϭϲ Property and Water tax ϭϳϬ͘ϳϵ ϴϰ͘ϭϯ ;ĞͿ ůĂŝŵƐĮůĞĚďLJƚŚĞ'ƌŽƵƉ͗ Service tax ϭϵ͘Ϭϵ Ϯϱ͘ϯϳ  dŚĞŽŵƉĂŶLJŚĂƐĮůĞĚĂĐůĂŝŵĨŽƌ'ŽǀĞƌŶŵĞŶƚƐƵďƐŝĚLJǁŝƚŚƚŚĞĞƉĂƌƚŵĞŶƚŽĨ/ŶĚƵƐƚƌŝĂůWŽůŝĐLJĂŶĚWƌŽŵŽƟŽŶĨŽƌĂŶĞǁŐƌĞĞŶĮĞůĚ ŚŽƚĞůƉƌŽũĞĐƚǁŚŝĐŚŚĂƐĐŽŵŵĞŶĐĞĚŽƉĞƌĂƟŽŶƐ͘dŚĞĐůĂŝŵŝƐŝŶƚŚĞŝŶŝƟĂůƐƚĂŐĞŽĨǀĞƌŝĮĐĂƟŽŶĂŶĚŝŶƚŚĞĂďƐĞŶĐĞŽĨǀŝƌƚƵĂůĐĞƌƚĂŝŶƚLJĂƚ KƚŚĞƌƐ Ϯϳ͘ϭϰ ϭϳ͘ϭϮ ƚŚŝƐƐƚĂŐĞŽŶƚŚĞĂŵŽƵŶƚƚŚĂƚŵĂLJďĞƵůƟŵĂƚĞůLJĂƉƉƌŽǀĞĚ͕ŶŽĚĞĨĞƌƌĞĚŝŶĐŽŵĞŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚ͘  dŚĞ'ƌŽƵƉŝƐĂĚĞĨĞŶĚĂŶƚŝŶǀĂƌŝŽƵƐůĞŐĂůĂĐƟŽŶƐĂŶĚĂƉĂƌƚLJƚŽĐůĂŝŵƐĂƐĂďŽǀĞ͕ƉůƵƐŝŶƚĞƌĞƐƚƚŚĞƌĞŽŶ͕ǁŚŝĐŚĂƌŽƐĞĚƵƌŝŶŐƚŚĞŽƌĚŝŶĂƌLJ ĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͘dŚĞ'ƌŽƵƉ͛ƐŵĂŶĂŐĞŵĞŶƚďĞůŝĞǀĞƐďĂƐĞĚŽŶƚŚĞĨĂĐƚƐƉƌĞƐĞŶƚůLJŬŶŽǁŶ͕ƚŚĂƚƚŚĞƌĞƐƵůƚƐŽĨƚŚĞƐĞĂĐƟŽŶƐǁŝůůŶŽƚ EŽƚĞϯϭ͗ĂƉŝƚĂůŽŵŵŝƚŵĞŶƚƐ ŚĂǀĞĂŵĂƚĞƌŝĂůŝŵƉĂĐƚŽŶƚŚĞŽŵƉĂŶLJ͛ƐĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘/ƚŝƐŶŽƚƉƌĂĐƟĐĂďůĞĨŽƌƚŚĞ'ƌŽƵƉƚŽĞƐƟŵĂƚĞƚŚĞƟŵŝŶŐƐŽĨĐĂƐŚŇŽǁƐ͕ ƐƟŵĂƚĞĚĂŵŽƵŶƚŽĨĐŽŶƚƌĂĐƚƐƌĞŵĂŝŶŝŶŐƚŽďĞĞdžĞĐƵƚĞĚŽŶĐĂƉŝƚĂůĂĐĐŽƵŶƚ;ŶĞƚŽĨĐĂƉŝƚĂůĂĚǀĂŶĐĞƐͿĂŶĚŶŽƚƉƌŽǀŝĚĞĚĨŽƌŝƐ`ϭϳϳ͘ϯϴĐƌŽƌĞƐ ŝĨĂŶLJ͕ŝŶƌĞƐƉĞĐƚŽĨƚŚĞĂďŽǀĞ͘ ;DĂƌĐŚϯϭ͕ϮϬϭϳͲ`ϭϭϰ͘ϴϲĐƌŽƌĞƐͿ͘

234 Annual Report 2017-18 235 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018 EŽƚĞϯϮ͗'ƵĂƌĂŶƚĞĞƐĂŶĚhŶĚĞƌƚĂŬŝŶŐƐŐŝǀĞŶ  ŝŝͿ ^ŝŐŶŝĮĐĂŶƚũƵĚŐĞŵĞŶƚƐĂŶĚĂƐƐƵŵƉƟŽŶƐ͗ ;ĂͿ 'ƵĂƌĂŶƚĞĞƐŐŝǀĞŶďLJƚŚĞ'ƌŽƵƉĂŶĚŽƵƚƐƚĂŶĚŝŶŐĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴͲ`ϭϮ͘ϵϰĐƌŽƌĞƐ;DĂƌĐŚϯϭ͕ϮϬϭϳͲ`ϭϲ͘ϰϮĐƌŽƌĞƐͿ͘   Ă͘ dŚĞŵĂŶĂŐĞŵĞŶƚŚĂǀĞĐŽŶĐůƵĚĞĚƚŚĂƚƚŚĞŐƌŽƵƉĐŽŶƚƌŽůƐEŽƌƚŚĞƌŶ/ŶĚŝĂ,ŽƚĞůƐ>ŝŵŝƚĞĚ͕ĞǀĞŶƚŚŽƵŐŚŝƚŚŽůĚƐůĞƐƐƚŚĂŶŚĂůĨ ŽĨƚŚĞĞīĞĐƟǀĞŝŶƚĞƌĞƐƚŽĨƚŚŝƐƐƵďƐŝĚŝĂƌLJ͘dŚŝƐŝƐďĞĐĂƵƐĞƚŚĞŐƌŽƵƉŝƐƚŚĞůĂƌŐĞƐƚƐŚĂƌĞŚŽůĚĞƌĂŶĚƚŚĞĚŝƌĞĐƚŽǁŶĞƌƐŚŝƉŝŶ ;ďͿ dŚĞ'ƌŽƵƉŚĂƐŐŝǀĞŶůĞƩĞƌƐŽĨƐƵƉƉŽƌƚƚŽĨĞǁĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞĐŽŵƉĂŶŝĞƐĚƵƌŝŶŐƚŚĞLJĞĂƌ͘ ƚŚŝƐĐŽŵƉĂŶLJŝƐϵϰ͘ϭϱйƚŚƌŽƵŐŚWŝĞŵ,ŽƚĞůƐ>ŝŵŝƚĞĚ͕ĂƐƵďƐŝĚŝĂƌLJŝŶǁŚŝĐŚƚŚĞŐƌŽƵƉŚŽůĚƐϱϭ͘ϱϳй͘ ;ĐͿ dŚĞ'ƌŽƵƉ͕ƚŽŐĞƚŚĞƌǁŝƚŚĂŶĂƐƐŽĐŝĂƚĞĂŶĚĂƚŚŝƌĚƉĂƌƚLJĞŶƚĞƌĞĚŝŶƚŽĂŶĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞďĂŶŬ͕ŝŶĐŽŶƐŝĚĞƌĂƟŽŶĨŽƌƚŚĞůĞŶĚĞƌ ŽƌŝŐŝŶĂůůLJƉƌŽǀŝĚĞĚĂĐƌĞĚŝƚĨĂĐŝůŝƚLJŽĨƵƉƚŽh^ΨϵŵŝůůŝŽŶƚŽ>ĂŶŬĂ/ƐůĂŶĚZĞƐŽƌƚƐ>ŝŵŝƚĞĚ͕ĂŶĂƐƐŽĐŝĂƚĞŽĨƚŚĞ'ƌŽƵƉ͘dŚĞŽƵƚƐƚĂŶĚŝŶŐ   ď͘ dŚĞŝŶǀĞƐƚŵĞŶƚŝŶ,ϱ͕ĂĐŽŵƉĂŶLJŝŶĐŽƌƉŽƌĂƚĞĚŝŶ^ŝŶŐĂƉŽƌĞŝŶǁŚŝĐŚƚŚĞŐƌŽƵƉŚŽůĚƐϭϬϬйŝƐƐƵĞĚĞƋƵŝƚLJƐŚĂƌĞƐ͕ŝƐ ďĂůĂŶĐĞĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ`ϴ͘ϳϱĐƌŽƌĞƐ;h^Ψϭ͘ϯϰŵŝůůŝŽŶͿ;DĂƌĐŚϯϭ͕ϮϬϭϳ`ϮϬ͘ϰϯĐƌŽƌĞƐ;h^Ψϯ͘ϭϱŵŝůůŝŽŶͿͿ͘dŚĞ'ƌŽƵƉŚĂƐ ĂƚĞŵƉŽƌĂƌLJŝŶǀĞƐƚŵĞŶƚƚŚĂƚŝƐƉƌĞƐĞŶƚůLJŚĞůĚĨŽƌĚŝƐƉŽƐĂů͘/ŶƚŚĞǀŝĞǁŽĨƚŚĞŵĂŶĂŐĞŵĞŶƚ͕ƚŚĞ'ƌŽƵƉĚŽĞƐŶŽƚŚĂǀĞĂŶLJ ĂŐƌĞĞĚƚŽĞdžĞĐƵƚĞĂƐŚŽƌƞĂůůƵŶĚĞƌƚĂŬŝŶŐĂŶĚĂŶŽŶͲĚŝƐƉŽƐĂůƵŶĚĞƌƚĂŬŝŶŐĨŽƌƐŚĂƌĞƐŝŶ>ĂŶŬĂ/ƐůĂŶĚZĞƐŽƌƚƐ>ŝŵŝƚĞĚŝŶĨĂǀŽƌŽĨƚŚĞ ƉŽǁĞƌŽƌĐŽŶƚƌŽůŽǀĞƌŽƌĞdžƉŽƐƵƌĞƚŽƚŚŝƐĞŶƟƚLJ͘/ƚĚŽĞƐŶŽƚŚĂǀĞĂŶLJƌŝŐŚƚƐƚŽǀĂƌŝĂďůĞƌĞƚƵƌŶƐĨƌŽŵŝƚƐŝŶǀŽůǀĞŵĞŶƚǁŝƚŚƚŚŝƐ ďĂŶŬĂƐƐĞĐƵƌŝƚLJĨŽƌƌĞƉĂLJŵĞŶƚŽĨĐƌĞĚŝƚĨĂĐŝůŝƟĞƐĂŶĚŵŽŶŝĞƐƉĂLJĂďůĞďLJƚŚĞĂƐƐŽĐŝĂƚĞƚŽƚŚĞďĂŶŬƵŶĚĞƌƚŚĞĨĂĐŝůŝƚLJĂŐƌĞĞŵĞŶƚĂŶĚ ĞŶƟƚLJĂŶĚƚŚƵƐƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚŝƐĞŶƟƚLJĂƌĞŶŽƚĐŽŶƐŽůŝĚĂƚĞĚ͘ ƉĞƌĨŽƌŵĂŶĐĞĂŶĚŽďƐĞƌǀĂŶĐĞďLJƚŚĞďĂŶŬŽĨĂůůŝƚƐŽďůŝŐĂƟŽŶƐĂŶĚĐŽǀĞŶĂŶƚƐƵŶĚĞƌƚŚĞ&ĂĐŝůŝƚLJŐƌĞĞŵĞŶƚ͘   Đ͘ dŚĞ'ƌŽƵƉŚŽůĚƐŵŽƌĞƚŚĂŶϱϭйŽĨƚŚĞĞƋƵŝƚLJƐŚĂƌĞĐĂƉŝƚĂůŽĨdĂũ^d^ŝƌĂƚĞƌŝŶŐ>ƚĚ͘,ŽǁĞǀĞƌ͕ĂƐƉĞƌƚŚĞĐŽŶƚƌĂĐƚƵĂů EŽƚĞϯϯ͗/ŶƚĞƌĞƐƚŝŶŽƚŚĞƌĞŶƟƟĞƐ ĂƌƌĂŶŐĞŵĞŶƚŝŶƚŚĞĨŽƌŵŽĨũŽŝŶƚǀĞŶƚƵƌĞĂŐƌĞĞŵĞŶƚ͕ƚŚĞŐƌŽƵƉĐŽŶƐŝĚĞƌƐŝƚŚĂƐũŽŝŶƚĐŽŶƚƌŽůŽǀĞƌƚŚĞŶĞƚĂƐƐĞƚƐŽĨƚŚŝƐĞŶƟƚLJ ĂŶĚŚĂƐďĞĞŶƌĞĐůĂƐƐŝĮĞĚĂƐũŽŝŶƚǀĞŶƚƵƌĞ͘ ĂͿ ^ƵďƐŝĚŝĂƌŝĞƐ ďͿ EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ;͚E/͛Ϳ  ŝͿ dŚĞƉĂƌĞŶƚ͛ƐƐƵďƐŝĚŝĂƌŝĞƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴĂƌĞƐĞƚŽƵƚďĞůŽǁ͘hŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚ͕ƚŚĞLJŚĂǀĞƐŚĂƌĞĐĂƉŝƚĂůĐŽŶƐŝƐƟŶŐƐŽůĞůLJŽĨ ĞƋƵŝƚLJƐŚĂƌĞƐƚŚĂƚĂƌĞŚĞůĚďLJƚŚĞŐƌŽƵƉĂŶĚƚŚĞĞīĞĐƟǀĞŽǁŶĞƌƐŚŝƉŽĨƚŚĞŐƌŽƵƉŝƐĞŶƵŵĞƌĂƚĞĚŝŶƚŚĞƚĂďůĞďĞůŽǁ͘dŚĞĐŽƵŶƚƌLJ  ŝͿ dŚĞƐƵŵŵĂƌŝƐĞĚĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶĨŽƌĞĂĐŚƐƵďƐŝĚŝĂƌLJƚŚĂƚŚĂƐŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐƚŚĂƚĂƌĞŵĂƚĞƌŝĂůƚŽƚŚĞ'ƌŽƵƉĂƌĞƐĞƚ ŽĨŝŶĐŽƌƉŽƌĂƟŽŶŽƌƌĞŐŝƐƚƌĂƟŽŶŝƐĂůƐŽƚŚĞŝƌƉƌŝŶĐŝƉĂůƉůĂĐĞŽĨďƵƐŝŶĞƐƐ͘ ŽƵƚďĞůŽǁ͘dŚĞĂŵŽƵŶƚƐĚŝƐĐůŽƐĞĚĨŽƌĞĂĐŚƐƵďƐŝĚŝĂƌLJĂƌĞďĞĨŽƌĞŝŶƚĞƌͲĐŽŵƉĂŶLJĞůŝŵŝŶĂƟŽŶƐ͘ īĞĐƟǀĞKǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŚĞůĚ KǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŚĞůĚďLJŶŽŶͲ PIEM Hotels Limited ZŽŽƚƐŽƌƉŽƌĂƟŽŶ ELEL Hotels and ^ƚ͘:ĂŵĞƐŽƵƌƚ,ŽƚĞů Country of by the Group controlling interests Limited /ŶǀĞƐƚŵĞŶƚƐ>ŝŵŝƚĞĚ Limited Summarised Balance /ŶĐŽƌƉŽƌĂƟŽŶ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ March March March March DĂƌĐŚϯϭ͕ March March ;йͿ ;йͿ ;йͿ ;йͿ Sheet ϮϬϭϴ ϯϭ͕ϮϬϭϳ ϯϭ͕ϮϬϭϴ ϯϭ͕ϮϬϭϳ ϯϭ͕ϮϬϭϴ ϮϬϭϳ ϯϭ͕ϮϬϭϴ ϯϭ͕ϮϬϭϳ ŽŵĞƐƟĐ ` ` ` ` ` ` ` ` ĞŶĂƌĞƐ,ŽƚĞůƐ>ƚĚ͘ India ϱϭ͘ϲϴ ϱϭ͘ϲϴ ϰϴ͘ϯϮ ϰϴ͘ϯϮ crores crores crores crores crores crores crores crores >>,ŽƚĞůƐΘ/ŶǀĞƐƚŵĞŶƚƐ>ƚĚ͘ India ϴϱ͘ϳϮ ϴϱ͘ϳϮ ϭϰ͘Ϯϴ ϭϰ͘Ϯϴ ƵƌƌĞŶƚƐƐĞƚƐ ϱϲ͘ϳϬ ϰϵ͘ϰϵ ϰϬ͘ϱϲ Ϯϵ͘ϰϳ ϭϳ͘ϲϭ ϭϵ͘ϱϲ ϰϱ͘ϳϴ ϲϳ͘ϵϵ /ŶĚŝƚƌĂǀĞů>ƚĚ͘ India ϳϳ͘ϭϵ ϳϳ͘ϭϵ ϮϮ͘ϴϭ ϮϮ͘ϴϭ ƚĚ͘ India ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ Ͳ Ͳ ƵƌƌĞŶƚ>ŝĂďŝůŝƟĞƐ ϴϳ͘Ϭϰ ϴϯ͘ϴϬ ϳϴ͘ϵϭ ϴϭ͘ϱϳ ϰϭ͘ϯϬ ϰϬ͘ϯϭ ϴϬ͘ϵϵ ϳϬ͘ϲϵ >ƵƚŚƌŝĂΘ>ĂůĐŚĂŶĚĂŶŝ,ŽƚĞůƐĂŶĚWƌŽƉĞƌƟĞƐ India ϴϳ͘ϭϱ ϴϳ͘ϭϱ ϭϮ͘ϴϱ ϭϮ͘ϴϱ Net Current Assets ;ϯϬ͘ϯϰͿ ;ϯϰ͘ϯϭͿ ;ϯϴ͘ϯϱͿ ;ϱϮ͘ϭϬͿ ;Ϯϯ͘ϲϵͿ ;ϮϬ͘ϳϱͿ ;ϯϱ͘ϮϭͿ ;Ϯ͘ϳϬͿ WƌŝǀĂƚĞ>ƚĚ͘ EŽƌƚŚĞƌŶ/ŶĚŝĂ,ŽƚĞůƐ>ƚĚ͘Λ India ϰϴ͘ϱϲ ϰϴ͘Ϭϯ ϱϭ͘ϰϰ ϱϭ͘ϵϳ WŝĞŵ,ŽƚĞůƐ>ƚĚ͘ India ϱϭ͘ϱϳ ϱϭ͘ϱϳ ϰϴ͘ϰϯ ϰϴ͘ϰϯ EŽŶͲƵƌƌĞŶƚƐƐĞƚƐ ϲϲϬ͘ϯϯ ϲϰϬ͘ϴϲ ϰϬϳ͘ϱϰ ϰϬϵ͘ϯϴ ϲϮϭ͘ϴϯ ϲϯϮ͘ϴϰ ϵϳϵ͘ϮϬ ϴϯϵ͘ϰϰ ZŽŽƚƐŽƌƉŽƌĂƟŽŶ>ƚĚ͘ India ϲϯ͘Ϯϱ ϲϯ͘Ϯϱ ϯϲ͘ϳϱ ϯϲ͘ϳϱ ^ŚĞĞŶĂ/ŶǀĞƐƚŵĞŶƚƐWƌŝǀĂƚĞ>ƚĚ͘ India ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ Ͳ Ͳ EŽŶͲƵƌƌĞŶƚ>ŝĂďŝůŝƟĞƐ ϲ͘ϭϲ ϮϮ͘ϱϱ ϭϬϵ͘ϱϳ ϳϴ͘ϱϵ Ͳ Ͳ ϯϲϵ͘Ϭϴ ϯϱϮ͘ϳϮ ^ŬLJĚĞĐŬWƌŽƉĞƌƟĞƐΘĞǀĞůŽƉĞƌƐWƌŝǀĂƚĞ>ƚĚ͘ India ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ Ͳ Ͳ EĞƚEŽŶͲƵƌƌĞŶƚƐƐĞƚƐ ϲϱϰ͘ϭϳ ϲϭϴ͘ϯϭ 297.97 ϯϯϬ͘ϳϵ ϲϮϭ͘ϴϯ ϲϯϮ͘ϴϰ ϲϭϬ͘ϭϮ ϰϴϲ͘ϳϮ dĂũŶƚĞƌƉƌŝƐĞƐ>ƚĚ͘ India ϳϰ͘ϳϬ ϳϰ͘ϳϬ Ϯϱ͘ϯϬ Ϯϱ͘ϯϬ dĂũdƌĂĚĞΘdƌĂŶƐƉŽƌƚ>ƚĚ͘ India ϳϮ͘ϳϯ ϳϮ͘ϳϯ Ϯϳ͘Ϯϳ Ϯϳ͘Ϯϳ d/&K,ŽůĚŝŶŐƐ>ƚĚ͘η India Ͳ ϭϬϬ͘ϬϬ Ͳ Ͳ Net Assets ϲϮϯ͘ϴϯ ϱϴϰ͘ϬϬ 259.62 Ϯϳϴ͘ϲϵ ϱϵϴ͘ϭϰ ϲϭϮ͘Ϭϵ ϱϳϰ͘ϵϭ ϰϴϰ͘ϬϮ hŶŝƚĞĚ,ŽƚĞůƐ>ƚĚ͘ India ϱϱ͘ϬϬ ϱϱ͘ϬϬ ϰϱ͘ϬϬ ϰϱ͘ϬϬ Accumulated NCI ϯϬϮ͘ϭϮ ϮϴϮ͘ϴϯ ϵϱ͘ϰϭ ϭϬϮ͘ϰϮ ϴϱ͘ϰϭ ϴϳ͘ϰϭ ϭϱϵ͘ϱϯ ϭϯϰ͘ϯϭ /ŶƚĞƌŶĂƟŽŶĂů ƉĞdž,ŽƚĞůDĂŶĂŐĞŵĞŶƚ^ĞƌǀŝĐĞƐ;WƚĞͿ>ƚĚ͘Ύ Singapore Ͳ ϭϬϬ͘ϬϬ Ͳ Ͳ EĞƚŚĞƌůĂŶĚ ŚŝĞŌĂŝŶŽƌƉŽƌĂƟŽŶEsΎ Ͳ ϭϬϬ͘ϬϬ Ͳ Ͳ ŶƟůůĞƐ PIEM Hotels Limited ZŽŽƚƐŽƌƉŽƌĂƟŽŶ ELEL Hotels and ^ƚ͘:ĂŵĞƐŽƵƌƚ /,KKs EĞƚŚĞƌůĂŶĚƐ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ Ͳ Ͳ Limited /ŶǀĞƐƚŵĞŶƚƐ>ŝŵŝƚĞĚ Hotel Limited WŝĞŵ/ŶƚĞƌŶĂƟŽŶĂů;,<Ϳ>ƚĚ͘ ,ŽŶŐ<ŽŶŐ ϱϭ͘ϱϳ ϱϭ͘ϱϳ ϰϴ͘ϰϯ ϰϴ͘ϰϯ Summarised Statement ƌŝƟƐŚsŝƌŐŝŶ March March March March March March March March ^ĂŵƐĂƌĂWƌŽƉĞƌƟĞƐ>ƚĚΎ Ͳ ϭϬϬ͘ϬϬ Ͳ Ͳ ŽĨWƌŽĮƚĂŶĚ>ŽƐƐ Island ϯϭ͕ϮϬϭϴ ϯϭ͕ϮϬϭϳ ϯϭ͕ϮϬϭϴ ϯϭ͕ϮϬϭϳ ϯϭ͕ϮϬϭϴ ϯϭ͕ϮϬϭϳ ϯϭ͕ϮϬϭϴ ϯϭ͕ϮϬϭϳ United ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores ^ƚ͘:ĂŵĞƐŽƵƌƚ,ŽƚĞů>ƚĚ͘ ϳϮ͘Ϯϱ ϳϮ͘Ϯϱ Ϯϳ͘ϳϱ Ϯϳ͘ϳϱ <ŝŶŐĚŽŵ ZĞǀĞŶƵĞ ϯϱϴ͘ϰϯ ϯϲϱ͘ϮϮ ϭϴϲ͘ϲϴ ϭϱϴ͘Ϭϵ Ϭ͘ϴϴ ϭ͘ϭϰ Ϯϳϵ͘Ϯϵ ϯϭϭ͘ϳϴ dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ;,<Ϳ>ƚĚ͘ ,ŽŶŐ<ŽŶŐ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ Ͳ Ͳ United WƌŽĮƚͬ;>ŽƐƐͿĨŽƌƚŚĞLJĞĂƌ ;ϰ͘ϯϮͿ ϭϲ͘ϭϵ ;ϭϵ͘ϬϲͿ ;ϯ͘ϳϲͿ ;ϭϯ͘ϵϱͿ ;ϭϮ͘ϬϮͿ ϯϬ͘ϰϳ ϰϳ͘ϱϱ dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ>ƚĚ͘ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ Ͳ Ͳ <ŝŶŐĚŽŵ KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ ϰϰ͘ϭϲ Ϯϯ͘Ϭϰ Ͳ ;Ϭ͘ϬϴͿ Ͳ Ͳ ϲϬ͘ϰϭ ;ϳϳ͘ϳϱͿ United States hŶŝƚĞĚKǀĞƌƐĞĂƐ,ŽůĚŝŶŐ/ŶĐ͘ ϭϬϬ͘ϬϬ ϭϬϬ͘ϬϬ Ͳ Ͳ ŽĨŵĞƌŝĐĂ Income dŽƚĂůŽŵƉƌĞŚĞŶƐŝǀĞ Λഩ/ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĚŝƌĞĐƟǀĞƐŝƐƐƵĞĚďLJ^/ǀŝĂŝƚƐĐŝƌĐƵůĂƌ^/ͬ,KͬDZͬ^ͬ/ZͬWͬϮϬϭϲͬϭϭϬĚĂƚĞĚKĐƚŽďĞƌϬϮ͕ϮϬϭϲƚŚĞ'ƌŽƵƉ ϯϵ͘ϴϰ ϯϵ͘Ϯϯ ;ϭϵ͘ϬϲͿ ;ϯ͘ϴϰͿ ;ϭϯ͘ϵϱͿ ;ϭϮ͘ϬϮͿ ϵϬ͘ϴϴ ;ϯϬ͘ϮϬͿ ƉƌŽǀŝĚĞĚĂŶĞdžŝƚŽƉƟŽŶƚŽƚŚĞƉƵďůŝĐƐŚĂƌĞŚŽůĚĞƌƐŽĨEŽƌƚŚĞƌŶ/ŶĚŝĂ,ŽƚĞůƐ>ŝŵŝƚĞĚ;E/,>Ϳ͕ĂŶŝŶĚŝƌĞĐƚƐƵďƐŝĚŝĂƌLJ͘hŶĚĞƌƚŚĞŽīĞƌϰ͕ϰϲϲ Income ƐŚĂƌĞƐǁĞƌĞƚĞŶĚĞƌĞĚďLJǀĂƌŝŽƵƐƉƵďůŝĐƐŚĂƌĞŚŽůĚĞƌƐĂŶĚĂĐƋƵŝƌĞĚďLJƚŚĞ'ƌŽƵƉĂƐŽĨDĂƌĐŚϯϭ͕ϮϬϭϴ͕ĂƐĂƌĞƐƵůƚŽĨǁŚŝĐŚƚŚĞ'ƌŽƵƉ͛Ɛ dŽƚĂůŽŵƉƌĞŚĞŶƐŝǀĞ ϭϵ͘Ϯϵ ϭϵ͘ϬϬ ;ϳ͘ϬϬͿ ;ϭ͘ϰϮͿ ;ϭ͘ϵϵͿ ;ϭ͘ϳϮͿ Ϯϱ͘ϮϮ ;ϴ͘ϯϴͿ ŚŽůĚŝŶŐŝŶE/,>ŚĂƐŝŶĐƌĞĂƐĞĚĨƌŽŵϵϯ͘ϭϰйƚŽϵϰ͘ϭϱй͘ /ŶĐŽŵĞĂůůŽĐĂƚĞĚƚŽE/ Ύഩ>ŝƋƵŝĚĂƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ͘ ŝǀŝĚĞŶĚƉĂŝĚƚŽE/ Ͳ ϳ͘ϯϴͲͲͲͲͲͲ ηഩŵĂůŐĂŵĂƚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ;ZĞĨĞƌEŽƚĞϮϵͿ͘

236 Annual Report 2017-18 237 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018 PIEM Hotels Limited ZŽŽƚƐŽƌƉŽƌĂƟŽŶ ELEL Hotels and ^ƚ͘:ĂŵĞƐŽƵƌƚ  ŝŝͿ ŽŵŵŝƚŵĞŶƚƐĂŶĚĐŽŶƟŶŐĞŶƚůŝĂďŝůŝƟĞƐŝŶƌĞƐƉĞĐƚŽĨĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ Limited /ŶǀĞƐƚŵĞŶƚƐ>ŝŵŝƚĞĚ Hotel Limited Summarised Statement ŽĨĂƐŚ&ůŽǁƐ March March March March March March March March DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ϯϭ͕ϮϬϭϴ ϯϭ͕ϮϬϭϳ ϯϭ͕ϮϬϭϴ ϯϭ͕ϮϬϭϳ ϯϭ͕ϮϬϭϴ ϯϭ͕ϮϬϭϳ ϯϭ͕ϮϬϭϴ ϯϭ͕ϮϬϭϳ ` Crores `ƌŽƌĞƐ ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores ĂƐŚ&ůŽǁƐĨƌŽŵ ŽŵŵŝƚŵĞŶƚƚŽƉƌŽǀŝĚĞĨƵŶĚŝŶŐĨŽƌũŽŝŶƚǀĞŶƚƵƌĞƐĐĂƉŝƚĂůĐŽŵŵŝƚŵĞŶƚƐ͕ŝĨĐĂůůĞĚ ϭϭϲ͘ϳϳ ϭϮϮ͘ϯϭ KƉĞƌĂƟŶŐĐƟǀŝƟĞƐ Ϯϱ͘ϰϭ ϯϲ͘ϱϯ ϭ͘Ϭϱ Ϯϯ͘ϵϯ ;Ϯ͘ϲϵͿ ;Ϯ͘ϬϴͿ ϱϭ͘ϴϭ ϳϱ͘ϲϲ ĂƐŚ&ůŽǁƐĨƌŽŵ ĂƉŝƚĂůŽŵŵŝƚŵĞŶƚĨŽƌũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞ ϭϭ͘ϵϭ ϴ͘ϱϲ /ŶǀĞƐƟŶŐĐƟǀŝƟĞƐ ;ϭϭ͘ϯϴͿ ;ϯϴ͘ϭϵͿ ;ϭϵ͘ϯϭͿ ;ϰϯ͘ϮϴͿ Ϯ͘ϲϲ ϭ͘ϵϴ ;ϰϵ͘ϰϯͿ ;ϭϵ͘ϱϯͿ 'ƵĂƌĂŶƚĞĞƐŐŝǀĞŶďLJũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐ ϯ͘ϱϰ Ϯ͘ϰϯ ĂƐŚ&ůŽǁƐĨƌŽŵ ;ϭϲ͘ϬϴͿ ;Ϯ͘ϱϯͿ ϭϴ͘ϵϵ ϭϳ͘ϱϬ Ͳ Ͳ ;ϯϭ͘ϳϬͿ ;ϯϭ͘ϬϯͿ &ŝŶĂŶĐŝŶŐĐƟǀŝƟĞƐ ^ŚĂƌĞŽĨĐŽŶƟŶŐĞŶƚůŝĂďŝůŝƟĞƐŝŶũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐ ϰϮ͘ϱϭ ϰϬ͘ϱϴ EĞƚ/ŶĐƌĞĂƐĞͬ;ĞĐƌĞĂƐĞͿ in Cash & cash ;Ϯ͘ϬϱͿ ;ϰ͘ϭϵͿ Ϭ͘ϳϯ ;ϭ͘ϴϱͿ ;Ϭ͘ϬϯͿ ;Ϭ͘ϭϬͿ ;Ϯϵ͘ϯϮͿ Ϯϱ͘ϭϬ ƋƵŝǀĂůĞŶƚƐ ŝŝŝͿ ^ƵŵŵĂƌŝƐĞĚĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶĨŽƌĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ  ŝŝͿ /ŶĚŝǀŝĚƵĂůůLJŝŵŵĂƚĞƌŝĂůŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚ͗   dŚĞƐƵŵŵĂƌŝƐĞĚĮŶĂŶĐŝĂůŝŶĨŽƌŵĂƟŽŶĨŽƌƚŚŽƐĞũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐƚŚĂƚĂƌĞŵĂƚĞƌŝĂůƚŽƚŚĞ'ƌŽƵƉĂƌĞƐĞƚŽƵƚďĞůŽǁ͘ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ dŚĞŝŶĨŽƌŵĂƟŽŶĚŝƐĐůŽƐĞĚƌĞŇĞĐƚƐƚŚĞĂŵŽƵŶƚƐƉƌĞƐĞŶƚĞĚŝŶƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞƌĞůĞǀĂŶƚĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ ` Crores `ƌŽƌĞƐ ĂŶĚŶŽƚŽĨƚŚĞ'ƌŽƵƉ͛ƐƐŚĂƌĞŽĨƚŚŽƐĞĂŵŽƵŶƚ͘dŚĞLJŚĂǀĞĂŵĞŶĚĞĚƚŽƌĞŇĞĐƚĂĚũƵƐƚŵĞŶƚƐŵĂĚĞǁŚĞŶƵƐŝŶŐĞƋƵŝƚLJŵĞƚŚŽĚĨŽƌ ŐŐƌĞŐĂƚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨŝŶĚŝǀŝĚƵĂůůLJŝŵŵĂƚĞƌŝĂů ϭϯϰ͘ϵϮ ϭϯϬ͘ϴϱ ƚŚĞĚŝīĞƌĞŶĐĞƐŝŶĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐ͘

ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨƚŚĞŐƌŽƵƉ͛ƐƐŚĂƌĞŽĨƉƌŽĮƚƐͬůŽƐƐ ϱ͘Ϯϴ ;Ϭ͘ϯϮͿ Summarised Taj GVK Hotels & Taj SATS TAL Hotels and Oriental Hotels ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨƚŚĞŐƌŽƵƉ͛ƐƐŚĂƌĞŽĨŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ Ϭ͘ϲϭ ;Ϭ͘ϱϰͿ Balance Sheet Resorts Limited Air Catering Limited Resorts Limited Limited ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨƚŚĞŐƌŽƵƉ͛ƐƐŚĂƌĞŽĨƚŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ ϱ͘ϴϵ ;Ϭ͘ϴϲͿ DĂƌĐŚϯϭ March 31 DĂƌĐŚϯϭ March 31 DĂƌĐŚϯϭ March 31 DĂƌĐŚϯϭ March 31 ĐͿ /ŶƚĞƌĞƐƚƐŝŶĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ  ŝͿ ĞƚĂŝůƐŽĨƚŚĞĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐŽĨƚŚĞŐƌŽƵƉĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚϮϬϭϳĂƌĞƐĞƚŽƵƚďĞůŽǁ͘dŚĞĞŶƟƟĞƐďĞůŽǁŚĂǀĞ ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores ƐŚĂƌĞĐĂƉŝƚĂůĐŽŶƐŝƐƟŶŐƐŽůĞůLJŽĨĞƋƵŝƚLJƐŚĂƌĞƐ͕ǁŚŝĐŚĂƌĞŚĞůĚĚŝƌĞĐƚůLJďLJƚŚĞŐƌŽƵƉ͘dŚĞĐŽƵŶƚƌLJŽĨŝŶĐŽƌƉŽƌĂƟŽŶŽƌƌĞŐŝƐƚƌĂƟŽŶŝƐ ĂůƐŽƚŚĞŝƌƉƌŝŶĐŝƉĂůƉůĂĐĞŽĨďƵƐŝŶĞƐƐ͘dŚĞ'ƌŽƵƉĨŽůůŽǁƐĞƋƵŝƚLJŵĞƚŚŽĚŽĨĂĐĐŽƵŶƟŶŐĨŽƌƚŚĞŵĞĂƐƵƌŝŶŐŝƚƐŝŶǀĞƐƚŵĞŶƚƐͬŝŶƚĞƌĞƐƚƐ Current assets ŝŶĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ͕ƚŚĞĚĞƚĂŝůƐŽĨǁŚŝĐŚĂƌĞĂƐďĞůŽǁ ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ ϭϰ͘ϲϭ ϯ͘ϮϬ ϴ͘ϰϮ ϭϳ͘ϵϬ ϲϲ͘ϳϮ ϲϳ͘Ϯϭ ϱ͘ϱϯ ϭϮ͘ϭϯ Country of īĞĐƟǀĞ Carrying amount YƵŽƚĞĚĨĂŝƌǀĂůƵĞ /ŶĐŽƌƉŽƌĂƟŽŶ Holding DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ KƚŚĞƌĂƐƐĞƚƐ ϰϰ͘ϯϲ ϰϭ͘Ϭϵ ϭϳϯ͘ϱϵ ϭϮϴ͘ϲϮ ϰϴ͘ϱϱ ϱϬ͘ϴϭ ϳϭ͘ϱϴ ϳϬ͘ϯϵ ͞й͟η ` crores ` crores ` crores ` crores ϱϴ͘ϵϳ ϰϰ͘Ϯϵ ϭϴϮ͘Ϭϭ ϭϰϲ͘ϱϮ ϭϭϱ͘Ϯϳ ϭϭϴ͘ϬϮ ϳϳ͘ϭϭ ϴϮ͘ϱϮ :ŽŝŶƚsĞŶƚƵƌĞƐ dĂũ^d^ŝƌĂƚĞƌŝŶŐ>ƚĚ͘ India ϱϭ͘ϬϬ ϱϵ͘ϵϰ ϰϴ͘ϱϮ Ύ Ύ EŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ ϲϳϳ͘ϱϬ ϲϴϮ͘ϴϱ ϭϴϯ͘Ϯϲ ϭϵϵ͘ϯϴ ϰϱϲ͘ϰϵ ϰϱϯ͘ϴϳ ϳϱϬ͘ϭϮ ϳϮϲ͘ϳϳ dĂũDĂĚƌĂƐ&ůŝŐŚƚ<ŝƚĐŚĞŶWƌŝǀĂƚĞ>ƚĚ͘ India ϱϬ͘ϬϬ Ϯϯ͘ϴϳ Ϯϯ͘ϳϲ Ύ Ύ Total assets ϳϯϲ͘ϰϳ ϳϮϳ͘ϭϰ ϯϲϱ͘Ϯϳ ϯϰϱ͘ϵϬ ϱϳϭ͘ϳϲ ϱϳϭ͘ϴϵ ϴϮϳ͘Ϯϯ ϴϬϵ͘Ϯϵ dĂũ <ĂƌŶĂƚĂŬĂ ,ŽƚĞůƐ Θ ZĞƐŽƌƚƐ >ƚĚ͘ India ϰϰ͘Ϯϳ Ͳ Ͳ Ύ Ύ ;ZĞĨĞƌEŽƚĞŶŽϮϬ;ďͿͿ dĂũ<ĞƌĂůĂ,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ India Ϯϴ͘ϯϬ ϭϲ͘ϲϴ ϭϲ͘ϳϬ Ύ Ύ dĂũ's<,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ India Ϯϱ͘ϱϮ ϭϭϰ͘ϵϭ ϭϭϬ͘ϰϭ ϮϲϮ͘ϯϯ Ϯϰϳ͘ϭϯ ƵƌƌĞŶƚůŝĂďŝůŝƟĞƐ dĂũ^ĂĨĂƌŝƐ>ƚĚ͘η India ϯϴ͘ϭϱ Ϭ͘ϳϬ ϭ͘ϬϮ Ύ Ύ &ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ <ĂǀĞƌŝZĞƚƌĞĂƚΘZĞƐŽƌƚƐ>ƚĚ͘ India ϱϬ͘ϬϬ ϯϵ͘ϴϱ ϯϴ͘ϭϰ Ύ Ύ ϯϱ͘ϴϰ ϯϮ͘ϴϭ ϵ͘ϴϳ ϭϯ͘ϭϵ ϮϮ͘ϭϰ Ϯϳ͘ϴϲ ϰϬ͘ϲϲ ϰϱ͘ϬϮ d>,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ ,ŽŶŐ<ŽŶŐ Ϯϳ͘ϰϵ ϭϮϮ͘ϲϳ ϭϭϴ͘ϴϲ Ύ Ύ ;ĞdžĐůƵĚŝŶŐƚƌĂĚĞƉĂLJĂďůĞƐͿ /,D^,ŽƚĞůƐ;^Ϳ;WƚLJͿ>ƚĚ͘ ^ŽƵƚŚĨƌŝĐĂ ϱϬ͘ϬϬ Ͳ Ͳ Ύ Ύ KƚŚĞƌůŝĂďŝůŝƟĞƐ ϳϬ͘ϭϲ ϱϱ͘Ϭϵ ϲϱ͘ϵϬ ϲϱ͘Ϯϲ ϯϯ͘Ϭϲ ϯϱ͘ϵϯ ϰϯ͘ϳϰ ϰϯ͘ϱϱ ;ZĞĨĞƌEŽƚĞŶŽϮϬ;ďͿͿ ϯϳϴ͘ϲϮ ϯϱϳ͘ϰϭ ϮϲϮ͘ϯϯ Ϯϰϳ͘ϭϯ ϭϬϲ͘ϬϬ ϴϳ͘ϵϬ 75.77 ϳϴ͘ϰϱ 55.20 ϲϯ͘ϳϵ ϴϰ͘ϰϬ ϴϴ͘ϱϳ Associates KƌŝĞŶƚĂů,ŽƚĞůƐ>ƚĚ͘ India ϯϱ͘ϲϳ ϮϬϳ͘ϭϲ ϭϵϲ͘ϳϮ Ϯϳϲ͘ϱϴ Ϯϯϰ͘Ϯϯ EŽŶͲĐƵƌƌĞŶƚ>ŝĂďŝůŝƟĞƐ dĂũDĂĚƵƌĂŝ>ƚĚ͘ India Ϯϲ͘ϬϬ ϱ͘Ϯϵ ϰ͘ϴϭ Ύ Ύ &ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϭϵϴ͘ϯϲ ϮϮϴ͘ϳϭ Ͳ Ͳ ϳϱ͘ϵϳ ϴϮ͘Ϭϰ Ϯϵϲ͘ϯϲ ϯϬϯ͘ϳϮ dĂŝĚĂdƌĂĚŝŶŐĂŶĚ/ŶĚƵƐƚƌŝĞƐ>ƚĚ͘ India ϯϰ͘ϳϲ Ͳ Ͳ Ύ Ύ ;ĞdžĐůƵĚŝŶŐƚƌĂĚĞƉĂLJĂďůĞƐͿ :ĞƚƐWƚĞ>ƚĚ Singapore ϰϱ͘ϲϵ Ͳ Ͳ Ύ Ύ >ĂŶŬĂ/ƐůĂŶĚZĞƐŽƌƚƐ>ƚĚ ^ƌŝ>ĂŶŬĂ Ϯϰ͘ϲϲ ϯϯ͘Ϯϰ ϯϯ͘ϯϮ Ύ Ύ KƚŚĞƌůŝĂďŝůŝƟĞƐ ϲϮ͘ϵϱ ϱϵ͘ϬϬ Ϯϳ͘ϵϮ Ϯϴ͘Ϯϰ ϰϬ͘Ϯϱ ϯϵ͘ϱϱ ϰ͘ϵϭ ϰ͘ϳϬ d>>ĂŶŬĂ,ŽƚĞůƐW> ^ƌŝ>ĂŶŬĂ Ϯϰ͘ϲϮ ϭϲ͘ϭϭ ϭϱ͘ϱϱ Ϯϰ͘ϭϴ ϯϮ͘ϳϳ Ϯϲϭ͘ϴϬ ϮϱϬ͘ϰϬ ϯϬϬ͘ϳϲ 267.00 Ϯϲϭ͘ϯϭ Ϯϴϳ͘ϳϭ 27.92 Ϯϴ͘Ϯϰ ϭϭϲ͘ϮϮ ϭϮϭ͘ϱϵ ϯϬϭ͘Ϯϳ ϯϬϴ͘ϰϮ Total ϲϰϬ͘ϰϮ ϲϬϳ͘ϴϭ ϱϲϯ͘Ϭϵ ϱϭϰ͘ϭϯ dŽƚĂůůŝĂďŝůŝƟĞƐ ϯϲϲ͘ϯϭ ϯϳϱ͘ϲϭ ϭϬϯ͘ϲϵ ϭϬϲ͘ϲϵ ϭϳϭ͘ϰϮ ϭϴϱ͘ϯϴ ϯϴϱ͘ϲϳ ϯϵϲ͘ϵϵ ΎഩhŶůŝƐƚĞĚĞŶƟƚLJʹŶŽƋƵŽƚĞĚƉƌŝĐĞĂǀĂŝůĂďůĞ   ηഩdŚĞƌĞǁĂƐŶŽĐŚĂŶŐĞŝŶƚŚĞĞīĞĐƟǀĞŽǁŶĞƌƐŚŝƉŽĨƚŚĞ'ƌŽƵƉ͛Ɛ,ŽůĚŝŶŐйĚƵƌŝŶŐƚŚĞLJĞĂƌĞdžĐĞƉƚŝŶĐĂƐĞŽĨdĂũ^ĂĨĂƌŝƐ>ƚĚ͘ǁŚĞƌĞƚŚĞ Net assets ϯϲϵ͘ϭϲ ϯϱϭ͘ϱϯ Ϯϲϭ͘ϱϴ Ϯϯϵ͘Ϯϭ ϰϬϬ͘ϯϰ ϯϴϲ͘ϱϭ ϰϰϭ͘ϱϲ ϰϭϮ͘ϯϬ ŐƌŽƵƉŚĂƐĂĐƋƵŝƌĞĚĂĚĚŝƟŽŶĂůϯϰ͕ϴϳ͕ϱϱϰƐŚĂƌĞƐĚƵƌŝŶŐƚŚĞLJĞĂƌĂŶĚƚŚĞĞīĞĐƟǀĞŽǁŶĞƌƐŚŝƉŚĂƐŝŶĐƌĞĂƐĞĚĨƌŽŵϮϴ͘ϵϲйƚŽϯϴ͘ϭϱй͘

238 Annual Report 2017-18 239 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018 ŝǀͿ ZĞĐŽŶĐŝůŝĂƟŽŶŽĨĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐ EŽƚĞϯϰ͗&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐŵĞĂƐƵƌĞŵĞŶƚƐĂŶĚĚŝƐĐůŽƐƵƌĞƐ ĂͿ &ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐďLJĐĂƚĞŐŽƌLJ͗ Taj GVK Hotels & Taj SATS TAL Hotels and Oriental Hotels Resorts Limited Air Catering Limited Resorts Limited Limited FVTPL FVOCI ŵŽƌƟƐĞĚĐŽƐƚ dŽƚĂůĐĂƌƌLJŝŶŐǀĂůƵĞ DĂƌĐŚϯϭ March 31 March 31 March 31 DĂƌĐŚϯϭ March 31 DĂƌĐŚϯϭ March 31 ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ DĂƌĐŚϯϭ March 31 DĂƌĐŚϯϭ March 31 DĂƌĐŚϯϭ March 31 DĂƌĐŚϯϭ March 31 ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores EĞƚƐƐĞƚƐ ϯϲϵ͘ϭϲ ϯϱϭ͘ϱϯ Ϯϲϭ͘ϱϴ Ϯϯϵ͘Ϯϭ ϰϬϬ͘ϯϰ ϯϴϲ͘ϱϭ ϰϰϭ͘ϱϲ ϰϭϮ͘ϯϬ 'ƌŽƵƉ͛Ɛ^ŚĂƌĞ Ϯϱ͘ϱϮй Ϯϱ͘ϱϮй ϱϭ͘ϬϬй ϱϭ͘ϬϬй Ϯϳ͘ϰϵй Ϯϳ͘ϰϵй ϯϱ͘ϲϳй ϯϱ͘ϲϳй &ŝŶĂŶĐŝĂůĂƐƐĞƚƐ͗ ^ŚĂƌĞŽĨEĞƚĂƐƐĞƚƐ ϵϰ͘Ϯϭ ϴϵ͘ϳϭ ϭϯϯ͘ϰϮ ϭϮϮ͘ϬϬ ϭϭϬ͘Ϭϱ ϭϬϲ͘Ϯϰ ϭϱϳ͘ϱϬ ϭϰϳ͘Ϭϲ DĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ 'ŽŽĚǁŝůů ϮϬ͘ϳϬ ϮϬ͘ϳϬ Ͳ Ͳ ϭϮ͘ϲϮ ϭϮ͘ϲϮ ϰϵ͘ϲϲ ϰϵ͘ϲϲ /ŶǀĞƐƚŵĞŶƚƐ;ZĞĨĞƌ hŶƌĞĂůŝnjĞĚ'ĂŝŶ Ͳ Ͳ ;ϳϯ͘ϰϴͿΎ ;ϳϯ͘ϰϴͿΎͲͲͲͲ &ŽŽƚŶŽƚĞďĞůŽǁͿ͗ Carrying Amount ϭϭϰ͘ϵϭ ϭϭϬ͘ϰϭ ϱϵ͘ϵϰ ϰϴ͘ϱϮ ϭϮϮ͘ϲϳ ϭϭϴ͘ϴϲ ϮϬϳ͘ϭϲ ϭϵϲ͘ϳϮ ƋƵŝƚLJƐŚĂƌĞƐ Ͳ Ͳ ϱϰϬ͘ϰϳ ϱϰϱ͘ϭϬ Ͳ Ͳ ϱϰϬ͘ϰϳ ϱϰϱ͘ϭϬ

ΎഩhŶƌĞĂůŝƐĞĚŐĂŝŶƌĞƉƌĞƐĞŶƚƐƉƌŽĮƚŽŶƐĂůĞŽĨĂŝƌĐĂƚĞƌŝŶŐďƵƐŝŶĞƐƐďLJƚŚĞ'ƌŽƵƉƚŽdĂũ^d^ŽŶĂƐůƵŵƉƐĂůĞďĂƐŝƐŽŶKĐƚŽďĞƌϭ͕ϮϬϬϭ͘ DƵƚƵĂůĨƵŶĚƵŶŝƚƐ ϯϯϬ͘ϱϯ ϵϬ͘ϴϬ Ͳ Ͳ Ͳ Ͳ ϯϯϬ͘ϱϯ ϵϬ͘ϴϬ ǀͿ ^ƵŵŵĂƌLJ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ Total ϯϯϬ͘ϱϯ ϵϬ͘ϴϬ ϱϰϬ͘ϰϳ ϱϰϱ͘ϭϬ Ͳ Ͳ ϴϳϭ͘ϬϬ ϲϯϱ͘ϵϬ

Taj GVK Hotels & Taj SATS TAL Hotels and Oriental Hotels Not measured at fair Resorts Limited Air Catering Limited Resorts Limited Limited ǀĂůƵĞ Summarised statement dƌĂĚĞƌĞĐĞŝǀĂďůĞƐ Ͳ Ͳ Ͳ Ͳ ϯϮϴ͘ϱϲ ϮϳϮ͘Ϭϲ ϯϮϴ͘ϱϲ ϮϳϮ͘Ϭϲ ŽĨƉƌŽĮƚĂŶĚůŽƐƐ DĂƌĐŚϯϭ March 31 DĂƌĐŚϯϭ March 31 DĂƌĐŚϯϭ March 31 DĂƌĐŚϯϭ March 31 ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ ĂƐŚĂŶĚĐĂƐŚ ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores Ͳ Ͳ Ͳ Ͳ ϮϬϳ͘ϴϰ ϭϰϭ͘ϯϭ ϮϬϳ͘ϴϰ ϭϰϭ͘ϯϭ ĞƋƵŝǀĂůĞŶƚƐ ZĞǀĞŶƵĞ ϮϵϬ͘ϴϴ Ϯϲϵ͘ϳϳ ϯϴϳ͘ϯϮ ϯϱϬ͘ϰϴ Ϯϵϰ͘ϵϭ ϯϮϵ͘ϱϮ ϯϲϮ͘Ϯϳ ϯϯϵ͘ϳϰ KƚŚĞƌďĂůĂŶĐĞƐǁŝƚŚ Ͳ Ͳ Ͳ Ͳ ϲϮ͘ϰϴ ϭϬϱ͘ϳϱ ϲϮ͘ϰϴ ϭϬϱ͘ϳϱ ĞƉƌĞĐŝĂƟŽŶ ϭϳ͘Ϯϳ ϭϴ͘ϭϯ ϭϬ͘ϳϳ ϭϬ͘ϯϲ ϯϯ͘ϯϵ ϰϮ͘ϮϮ Ϯϳ͘ϲϲ Ϯϰ͘ϵϴ ďĂŶŬƐ Interest Income Ϭ͘ϭϴ ϭ͘Ϯϵ ϰ͘Ϭϭ ϰ͘Ϭϱ Ϭ͘Ϭϵ Ϭ͘ϭϱ ϭ͘ϲϰ Ϯ͘ϮϬ >ŽĂŶƐ Ͳ Ͳ Ͳ Ͳ Ϯϰ͘Ϯϳ ϲϰ͘ϭϭ Ϯϰ͘Ϯϳ ϲϰ͘ϭϭ /ŶƚĞƌĞƐƚdžƉĞŶƐĞ Ϯϰ͘ϵϳ Ϯϵ͘Ϭϳ Ϭ͘ϬϮ Ϭ͘Ϯϭ ϲ͘Ϯϰ ϳ͘Ϯϳ ϯϬ͘ϴϵ ϯϮ͘ϭϵ KƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚƐ Ͳ Ͳ Ͳ Ͳ ϭϴϰ͘ϵϮ ϭϴϬ͘Ϯϳ ϭϴϰ͘ϵϮ ϭϴϬ͘Ϯϳ /ŶĐŽŵĞdĂdždžƉĞŶƐĞ ϭϭ͘Ϭϭ ϴ͘Ϯϲ ϭϮ͘ϳϵ ϲ͘ϳϯ Ϯ͘ϳϴ ϯ͘Ϭϰ Ϯ͘ϱϯ Ϭ͘ϰϱ WƌŽĮƚĨŽƌƚŚĞLJĞĂƌ ϮϬ͘ϯϵ ϰ͘Ϯϯ Ϯϭ͘ϳϬ ϭϰ͘Ϭϵ ϮϮ͘ϭϵ ϯϮ͘ϯϴ ϲ͘ϭϮ ϰ͘ϵϴ Ͳ Ͳ Ͳ Ͳ ϴϬϴ͘Ϭϳ ϳϲϯ͘ϱϬ ϴϬϴ͘Ϭϳ ϳϲϯ͘ϱϬ KƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ Total ϯϯϬ͘ϱϯ ϵϬ͘ϴϬ ϱϰϬ͘ϰϳ ϱϰϱ͘ϭϬ ϴϬϴ͘Ϭϳ ϳϲϯ͘ϱϬ ϭ͕ϲϳϵ͘Ϭϳ ϭ͕ϯϵϵ͘ϰϬ Ϭ͘ϭϵ ;Ϭ͘ϭϱͿ Ϭ͘ϲϳ ;Ϭ͘ϯϱͿ ϭϳ͘ϳϭ ;ϲ͘ϮϬͿ Ϯϯ͘Ϯϭ ;ϴ͘ϲϯͿ /ŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌ dŽƚĂůŽŵƉƌĞŚĞŶƐŝǀĞ ϮϬ͘ϱϴ ϰ͘Ϭϴ ϮϮ͘ϯϳ ϭϯ͘ϳϰ ϯϵ͘ϵϬ Ϯϲ͘ϭϴ Ϯϵ͘ϯϯ ;ϯ͘ϲϱͿ Income for the year &ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ͗ ŝǀŝĚĞŶĚZĞĐĞŝǀĞĚ Ϭ͘ϲϰ Ϭ͘ϲϰ Ͳ Ͳ ϳ͘Ϯϴ ϯ͘ϯϭ Ͳ ϭ͘ϯϮ DĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ ǀŝͿ /ŶĚŝǀŝĚƵĂůůLJŝŵŵĂƚĞƌŝĂůũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐ ĞƌŝǀĂƟǀĞŝŶƐƚƌƵŵĞŶƚƐ Ϯϯϲ͘ϭϱ Ϯϱϴ͘ϯϴ Ͳ Ͳ Ͳ Ͳ Ϯϯϲ͘ϭϱ Ϯϱϴ͘ϯϴ Not measured at fair DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ǀĂůƵĞ ` Crores ` ƌŽƌĞƐ ŐŐƌĞŐĂƚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨŝŶĚŝǀŝĚƵĂůůLJŝŵŵĂƚĞƌŝĂů ϭϯϱ͘ϳϰ ϭϯϯ͘ϯϬ ŽƌƌŽǁŝŶŐƐ ͲͲͲͲϮ͕ϰϮϳ͘ϰϯ ϯ͕ϯϴϮ͘ϵϴ Ϯ͕ϰϮϳ͘ϰϯ ϯ͕ϯϴϮ͘ϵϴ dƌĂĚĞƉĂLJĂďůĞƐ Ͳ Ͳ Ͳ Ͳ ϯϱϭ͘ϯϬ Ϯϵϯ͘Ϭϲ ϯϱϭ͘ϯϬ Ϯϵϯ͘Ϭϲ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` Crores `ƌŽƌĞƐ KƚŚĞƌĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ Ͳ Ͳ Ͳ Ͳ ϱϮϵ͘ϰϱ ϱϴϴ͘ϵϴ ϱϮϵ͘ϰϱ ϱϴϴ͘ϵϴ ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨƚŚĞŐƌŽƵƉ͛ƐƐŚĂƌĞŽĨƉƌŽĮƚͬůŽƐƐ ϭϱ͘ϳϮ ϭϴ͘ϲϭ Total Ϯϯϲ͘ϭϱ Ϯϱϴ͘ϯϴ Ͳ Ͳ ϯ͕ϯϬϴ͘ϭϴ ϰ͕Ϯϲϱ͘ϬϮ ϯ͕ϱϰϰ͘ϯϯ ϰ͕ϱϮϯ͘ϰϬ ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨƚŚĞŐƌŽƵƉ͛ƐƐŚĂƌĞŽĨŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ ;ϳ͘ϰϴͿ ;ϱ͘ϱϵͿ  &ŽŽƚŶŽƚĞƐ͗ ŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨƚŚĞŐƌŽƵƉ͛ƐƐŚĂƌĞŽĨƚŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ ϴ͘Ϯϰ ϭϯ͘ϬϮ  Ă͘ dŚĞĂďŽǀĞĞdžĐůƵĚĞƐŝŶǀĞƐƚŵĞŶƚƐŝŶũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐĂŵŽƵŶƟŶŐƚŽ`ϲϰϬ͘ϰϮĐƌŽƌĞƐ;DĂƌĐŚϯϭ͕ϮϬϭϳͲ`ϲϬϳ͘ϴϭĐƌŽƌĞƐͿ &ŽŽƚŶŽƚĞ͗ ǁŚŝĐŚĂƌĞĂĐĐŽƵŶƚĞĚĂƐƉĞƌĞƋƵŝƚLJŵĞƚŚŽĚ͘ dŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐĐŽŶƐŽůŝĚĂƚĞĚĂƌĞĚƌĂǁŶƵƉƚŽƚŚĞƐĂŵĞƌĞƉŽƌƟŶŐĚĂƚĞĂƐŽĨƚŚĞĐŽŵƉĂŶLJĞdžĐĞƉƚŝŶ  ď͘ &sdW>с&ĂŝƌsĂůƵĞdŚƌŽƵŐŚWƌŽĮƚĂŶĚ>ŽƐƐĂŶĚ&sK/с&ĂŝƌsĂůƵĞdŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͘ ĐĂƐĞŽĨĂŶƐƐŽĐŝĂƚĞĐŽŵƉĂŶLJǁŚĞƌĞƚŚĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶĚƌĂǁŶƵƉƚŽĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͘

240 Annual Report 2017-18 241 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018 ďͿ &ĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJ ĚͿ sĂůƵĂƟŽŶƚĞĐŚŶŝƋƵĞƵƐĞĚƚŽĚĞƚĞƌŵŝŶĞĨĂŝƌǀĂůƵĞ  dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƉƌĞƐĞŶƚƐƚŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞŽŶĂƌĞĐƵƌƌŝŶŐďĂƐŝƐ͕ŝƚĂůƐŽŝŶĐůƵĚĞƐ  ^ƉĞĐŝĮĐǀĂůƵĂƟŽŶƚĞĐŚŶŝƋƵĞƐƵƐĞĚƚŽǀĂůƵĞĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŝŶĐůƵĚĞ͗ ƚŚĞĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐǁŚŝĐŚĂƌĞŵĞĂƐƵƌĞĚĂƚĂŵŽƌƟƐĞĚĐŽƐƚĨŽƌǁŚŝĐŚĨĂŝƌǀĂůƵĞƐĂƌĞĚŝƐĐůŽƐĞĚ͘ ƒ ƚŚĞƵƐĞŽĨƋƵŽƚĞĚŵĂƌŬĞƚƉƌŝĐĞƐĨŽƌƚŚĞĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐ >ĞǀĞůϭ >ĞǀĞůϮ >ĞǀĞůϯ Total ƒ ƚŚĞĨĂŝƌǀĂůƵĞŽĨŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉƐŝƐĐĂůĐƵůĂƚĞĚĂƐƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĞƐƟŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚŇŽǁƐďĂƐĞĚŽŶŽďƐĞƌǀĂďůĞLJŝĞůĚĐƵƌǀĞƐ DĂƌĐŚϯϭ March 31 DĂƌĐŚϯϭ March 31 DĂƌĐŚϯϭ March 31 DĂƌĐŚϯϭ March 31 ƒ ƚŚĞĨĂŝƌǀĂůƵĞŽĨŶŽŶͲĐŽŶǀĞƌƟďůĞĚĞďĞŶƚƵƌĞƐŝƐǀĂůƵĞĚƵƐŝŶŐ&/DDŐƵŝĚĞůŝŶĞƐ ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ ϮϬϭϴ ϮϬϭϳ ƒ ƚŚĞĨĂŝƌǀĂůƵĞĨŽƌƚŚĞĐƌŽƐƐĐƵƌƌĞŶĐLJƐǁĂƉƐͬƉƌŝŶĐŝƉĂůƐǁĂƉŝƐĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐĨŽƌǁĂƌĚĞdžĐŚĂŶŐĞƌĂƚĞƐĂƚƚŚĞĂůĂŶĐĞ^ŚĞĞƚĂƚĞ ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores ƒ ĐĞƌƚĂŝŶůŽŶŐƚĞƌŵƵŶůŝƐƚĞĚƐŚĂƌĞƐŚĂǀĞďĞĞŶĐŽŶƐŝĚĞƌĞĚĂƚƚŚĞŝƌƌĞƐƉĞĐƟǀĞĐŽƐƚĂƐĂŶĂƉƉƌŽƉƌŝĂƚĞĞƐƟŵĂƚĞŽĨĨĂŝƌǀĂůƵĞďĞĐĂƵƐĞŽĨĂǁŝĚĞ &ŝŶĂŶĐŝĂůĂƐƐĞƚƐ͗ ƌĂŶŐĞŽĨƉŽƐƐŝďůĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐĂŶĚĐŽƐƚƌĞƉƌĞƐĞŶƚƐƚŚĞďĞƐƚĞƐƟŵĂƚĞŽĨĨĂŝƌǀĂůƵĞǁŝƚŚŝŶƚŚĂƚƌĂŶŐĞ͘ůůŽƚŚĞƌƵŶůŝƐƚĞĚƐŚĂƌĞƐĂƌĞ DĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ ĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶƚŚĞŝŶĐŽŵĞĂƉƉƌŽĂĐŚŽƌƚŚĞĐŽŵƉĂƌĂďůĞŵĂƌŬĞƚĂƉƉƌŽĂĐŚ͘dŚĞƐĞƵŶƋƵŽƚĞĚŝŶǀĞƐƚŵĞŶƚƐĐĂƚĞŐŽƌŝƐĞĚƵŶĚĞƌ>ĞǀĞůϯ͘ /ŶǀĞƐƚŵĞŶƚƐ͗ ƒ ƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞƌĞŵĂŝŶŝŶŐĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŝƐĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐƚŚĞĚŝƐĐŽƵŶƚĞĚĐĂƐŚŇŽǁĂŶĂůLJƐŝƐ͘ ƋƵŝƚLJƐŚĂƌĞƐ ϯϱϯ͘ϳϯ ϯϲϰ͘ϳϬ Ͳ Ͳ ϭϴϲ͘ϳϰ ϭϴϬ͘ϰϬ ϱϰϬ͘ϰϳ ϱϰϱ͘ϭϬ ĞͿ /ŶƚĞƌůĞǀĞůƚƌĂŶƐĨĞƌƐ͗ DƵƚƵĂůĨƵŶĚƵŶŝƚƐ ϯϯϬ͘ϱϯ ϵϬ͘ϴϬͲͲͲͲϯϯϬ͘ϱϯ ϵϬ͘ϴϬ Total ϲϴϰ͘Ϯϲ ϰϱϱ͘ϱϬ Ͳ Ͳ ϭϴϲ͘ϳϰ ϭϴϬ͘ϰϬ ϴϳϭ͘ϬϬ ϲϯϱ͘ϵϬ  dŚĞƌĞĂƌĞŶŽƚƌĂŶƐĨĞƌƐďĞƚǁĞĞŶůĞǀĞůƐϭĂŶĚϮĂƐĂůƐŽďĞƚǁĞĞŶůĞǀĞůƐϮĂŶĚϯĚƵƌŝŶŐƚŚĞLJĞĂƌ͘ &ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ͗ ĨͿ ZĞĐŽŶĐŝůŝĂƟŽŶƐŽĨůĞǀĞůϯĨĂŝƌǀĂůƵĞƐ DĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ  dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐŚŽǁƐƌĞĐŽŶĐŝůŝĂƟŽŶĨƌŽŵƚŚĞŽƉĞŶŝŶŐďĂůĂŶĐĞƐƚŽĐůŽƐŝŶŐďĂůĂŶĐĞƐĨŽƌ>ĞǀĞůϯĨĂŝƌǀĂůƵĞƐ͗ ĞƌŝǀĂƟǀĞŝŶƐƚƌƵŵĞŶƚƐ Ͳ Ͳ Ϯϯϲ͘ϭϱ Ϯϱϴ͘ϯϴ Ͳ Ͳ Ϯϯϲ͘ϭϱ Ϯϱϴ͘ϯϴ Equity instruments EŽƚŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ ` crores ;ZĞĨĞƌ&ŽŽƚŶŽƚĞƐďĞůŽǁͿ ĂůĂŶĐĞĂƐĂƚƉƌŝůϭ͕ϮϬϭϲ ϭϵϬ͘ϱϮ ŽƌƌŽǁŝŶŐƐ EĞƚĐŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞ;ƵŶƌĞĂůŝnjĞĚͿ ;ϭϬ͘ϭϮͿ EŽŶͲĐŽŶǀĞƌƟďůĞ Ͳ Ͳ ϭ͕ϳϮϵ͘ϴϯ ϭ͕ϴϰϴ͘ϱϬ Ͳ Ͳ ϭ͕ϳϮϵ͘ϴϯ ϭ͕ϴϰϴ͘ϱϬ ĂůĂŶĐĞĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϳ ϭϴϬ͘ϰϬ debentures EĞƚĐŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞ;ƵŶƌĞĂůŝnjĞĚͿ ϲ͘ϯϰ dĞƌŵůŽĂŶĨƌŽŵďĂŶŬƐ Ͳ Ͳ ϲϵϮ͘ϰϰ ϴϯϮ͘ϴϱ Ͳ Ͳ ϲϵϮ͘ϰϰ ϴϯϮ͘ϴϱ ĂůĂŶĐĞĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ ϭϴϲ͘ϳϰ dĞƌŵůŽĂŶĨƌŽŵŽƚŚĞƌƐ Ͳ Ͳ Ͳ ϳϰϴ͘ϰϱͲͲͲϳϰϴ͘ϰϱ Total Ͳ Ͳ Ϯ͕ϲϱϴ͘ϰϮ ϯ͕ϲϴϴ͘ϭϴ Ͳ Ͳ Ϯ͕ϲϱϴ͘ϰϮ ϯ͕ϲϴϴ͘ϭϴ EŽƚĞϯϱ͗&ŝŶĂŶĐŝĂůƌŝƐŬŵĂŶĂŐĞŵĞŶƚ  &ŽŽƚŶŽƚĞƐ͗ ZŝƐŬŵĂŶĂŐĞŵĞŶƚĨƌĂŵĞǁŽƌŬ  Ă͘ dŚĞŽŵƉĂŶLJŚĂƐŶŽƚĚŝƐĐůŽƐĞĚƚŚĞĨĂŝƌǀĂůƵĞŽĨĐĞƌƚĂŝŶƐŚŽƌƚƚĞƌŵĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐƐƵĐŚĂƐƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐ͕ƚƌĂĚĞƉĂLJĂďůĞƐ͕ dŚĞŽŵƉĂŶLJ͛ƐŽĂƌĚŽĨŝƌĞĐƚŽƌƐŚĂƐƚŚĞŽǀĞƌĂůůƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƚŚĞĞƐƚĂďůŝƐŚŵĞŶƚĂŶĚŽǀĞƌƐŝŐŚƚŽĨƚŚĞŽŵƉĂŶLJ͛ƐƌŝƐŬŵĂŶĂŐĞŵĞŶƚ ƐŚŽƌƚƚĞƌŵůŽĂŶƐ͕ĚĞƉŽƐŝƚƐĞƚĐ͘ĂƐƚŚĞŝƌĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐĂƌĞĂƌĞĂƐŽŶĂďůĞĂƉƉƌŽdžŝŵĂƟŽŶŽĨĨĂŝƌǀĂůƵĞ͘ ĨƌĂŵĞǁŽƌŬ͘dŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŚĂƐĞƐƚĂďůŝƐŚĞĚĂZŝƐŬDĂŶĂŐĞŵĞŶƚŽŵŵŝƩĞĞ͕ǁŚŝĐŚŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌĚĞǀĞůŽƉŝŶŐĂŶĚŵŽŶŝƚŽƌŝŶŐƚŚĞ  ď͘ 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ŝŶƐƚƌƵŵĞŶƚƐ͕ƚƌĂĚĞĚĚĞďĞŶƚƵƌĞƐĂŶĚŵƵƚƵĂůĨƵŶĚƐƚŚĂƚŚĂǀĞƋƵŽƚĞĚƉƌŝĐĞͬĚĞĐůĂƌĞĚEs͘dŚĞĨĂŝƌǀĂůƵĞŽĨĂůůĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐ ;ŝŶĐůƵĚŝŶŐĚĞďĞŶƚƵƌĞƐͿǁŚŝĐŚĂƌĞƚƌĂĚĞĚŝŶƚŚĞƐƚŽĐŬĞdžĐŚĂŶŐĞŝƐǀĂůƵĞĚƵƐŝŶŐƚŚĞĐůŽƐŝŶŐƉƌŝĐĞĂƐĂƚƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͘ ĂͿ ƌĞĚŝƚƌŝƐŬ  ď͘>ĞǀĞůϮ͗  >ĞǀĞůϮŚŝĞƌĂƌĐŚLJŝŶĐůƵĚĞƐĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐƚŚĂƚĂƌĞŶŽƚƚƌĂĚĞĚŝŶĂŶĂĐƟǀĞŵĂƌŬĞƚ;ĨŽƌĞdžĂŵƉůĞ͕ƚƌĂĚĞĚďŽŶĚƐͬ  ƌĞĚŝƚƌŝƐŬĂƌŝƐĞƐĨƌŽŵƚŚĞƉŽƐƐŝďŝůŝƚLJƚŚĂƚĐƵƐƚŽŵĞƌƐŽƌĐŽƵŶƚĞƌƉĂƌƚLJƚŽĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŵĂLJŶŽƚďĞĂďůĞƚŽŵĞĞƚƚŚĞŝƌŽďůŝŐĂƟŽŶƐ͘ ĚĞďĞŶƚƵƌĞƐ͕ŽǀĞƌƚŚĞĐŽƵŶƚĞƌĚĞƌŝǀĂƟǀĞƐͿ͘dŚĞĨĂŝƌǀĂůƵĞŝŶƚŚŝƐŚŝĞƌĂƌĐŚLJŝƐĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐǀĂůƵĂƟŽŶƚĞĐŚŶŝƋƵĞƐǁŚŝĐŚŵĂdžŝŵŝnjĞ dŽŵĂŶĂŐĞƚŚŝƐ͕ƚŚĞ'ƌŽƵƉƉĞƌŝŽĚŝĐĂůůLJĂƐƐĞƐƐĞƐƚŚĞĮŶĂŶĐŝĂůƌĞůŝĂďŝůŝƚLJŽĨĐƵƐƚŽŵĞƌƐ͕ƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƚŚĞĮŶĂŶĐŝĂůĐŽŶĚŝƟŽŶ͕ĐƵƌƌĞŶƚ ƚŚĞƵƐĞŽĨŽďƐĞƌǀĂďůĞŵĂƌŬĞƚĚĂƚĂĂŶĚƌĞůLJĂƐůŝƩůĞĂƐƉŽƐƐŝďůĞŽŶĞŶƟƚLJͲƐƉĞĐŝĮĐĞƐƟŵĂƚĞƐ͘/ĨĂůůƐŝŐŶŝĮĐĂŶƚŝŶƉƵƚƐƌĞƋƵŝƌĞĚƚŽĨĂŝƌ ĞĐŽŶŽŵŝĐƚƌĞŶĚƐ͕ĂŶĂůLJƐŝƐŽĨŚŝƐƚŽƌŝĐĂůďĂĚĚĞďƚƐĂŶĚĂŐĞŝŶŐŽĨĂĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ͘ƌĞĚŝƚƌŝƐŬƐĂƌŝƐĞƐĨƌŽŵĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ͕ ǀĂůƵĞĂŶŝŶƐƚƌƵŵĞŶƚĂƌĞŽďƐĞƌǀĂďůĞ͕ƚŚĞŝŶƐƚƌƵŵĞŶƚŝƐŝŶĐůƵĚĞĚŝŶůĞǀĞůϮ͘ ĚĞƉŽƐŝƚƐǁŝƚŚďĂŶŬƐ͕ĮŶĂŶĐŝĂůŝŶƐƟƚƵƟŽŶƐĂŶĚŽƚŚĞƌƐ͕ĂƐǁĞůůĂƐĐƌĞĚŝƚĞdžƉŽƐƵƌĞƐƚŽĐƵƐƚŽŵĞƌƐ͕ŝŶĐůƵĚŝŶŐŽƵƚƐƚĂŶĚŝŶŐƌĞĐĞŝǀĂďůĞƐ͘  Đ͘>ĞǀĞůϯ͗  /ĨŽŶĞŽƌŵŽƌĞŽĨƚŚĞƐŝŐŶŝĮĐĂŶƚ/ŶƉƵƚƐŝƐŶŽƚďĂƐĞĚŽŶŽďƐĞƌǀĂďůĞŵĂƌŬĞƚĚĂƚĂ͕ƚŚĞŝŶƐƚƌƵŵĞŶƚŝƐŝŶĐůƵĚĞĚŝŶůĞǀĞůϯ͘&Ăŝƌ  dŚĞ'ƌŽƵƉ͛ƐƉŽůŝĐLJŝƐƚŽƉůĂĐĞĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂŶĚƐŚŽƌƚƚĞƌŵĚĞƉŽƐŝƚƐǁŝƚŚƌĞƉƵƚĂďůĞďĂŶŬƐĂŶĚĮŶĂŶĐŝĂůŝŶƐƟƚƵƟŽŶƐ͘ ǀĂůƵĞƐĂƌĞĚĞƚĞƌŵŝŶĞĚŝŶǁŚŽůĞŽƌŝŶƉĂƌƚƵƐŝŶŐĂǀĂůƵĂƟŽŶŵŽĚĞůďĂƐĞĚŽŶĂƐƐƵŵƉƟŽŶƐƚŚĂƚĂƌĞŶĞŝƚŚĞƌƐƵƉƉŽƌƚĞĚďLJƉƌŝĐĞƐ  dŚĞŽŵƉĂŶLJŚĂƐĞƐƚĂďůŝƐŚĞĚĂĐƌĞĚŝƚƉŽůŝĐLJƵŶĚĞƌǁŚŝĐŚĞĂĐŚŶĞǁĐƵƐƚŽŵĞƌŝƐĂŶĂůLJƐĞĚŝŶĚŝǀŝĚƵĂůůLJĨŽƌĐƌĞĚŝƚǁŽƌƚŚŝŶĞƐƐďĞĨŽƌĞ ĨƌŽŵŽďƐĞƌǀĂďůĞĐƵƌƌĞŶƚŵĂƌŬĞƚƚƌĂŶƐĂĐƟŽŶƐŝŶƚŚĞƐĂŵĞŝŶƐƚƌƵŵĞŶƚŶŽƌĂƌĞƚŚĞLJďĂƐĞĚŽŶĂǀĂŝůĂďůĞŵĂƌŬĞƚĚĂƚĂ͘&ŝŶĂŶĐŝĂů ĞŶƚĞƌŝŶŐŝŶƚŽĐŽŶƚƌĂĐƚ͘^ĂůĞůŝŵŝƚƐĂƌĞĞƐƚĂďůŝƐŚĞĚĨŽƌĞĂĐŚĐƵƐƚŽŵĞƌ͕ƌĞǀŝĞǁĞĚƌĞŐƵůĂƌůLJĂŶĚĂŶLJƐĂůĞƐĞdžĐĞĞĚŝŶŐƚŚŽƐĞůŝŵŝƚƐƌĞƋƵŝƌĞ ŝŶƐƚƌƵŵĞŶƚƐƐƵĐŚĂƐƵŶůŝƐƚĞĚĞƋƵŝƚLJƐŚĂƌĞƐ͕ůŽĂŶƐĂƌĞŝŶĐůƵĚĞĚŝŶƚŚŝƐŚŝĞƌĂƌĐŚLJ͘ ĂƉƉƌŽǀĂůĨƌŽŵƚŚĞĂƉƉƌŽƉƌŝĂƚĞĂƵƚŚŽƌŝƚLJ͘dŚĞƌĞĂƌĞŶŽƐŝŐŶŝĮĐĂŶƚĐŽŶĐĞŶƚƌĂƟŽŶƐŽĨĐƌĞĚŝƚƌŝƐŬǁŝƚŚŝŶƚŚĞ'ƌŽƵƉ͘

242 Annual Report 2017-18 243 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018 ďͿ >ŝƋƵŝĚŝƚLJƌŝƐŬ   dŚĞ'ƌŽƵƉŵĂŶĂŐĞŵĞŶƚƉĞƌŝŽĚŝĐĂůůLJŵŽŶŝƚŽƌƐŝƚƐ/ŶƚĞƌĞƐƚ^ĞƌǀŝĐĞŽǀĞƌZĂƟŽƚŽŵĂŶĂŐĞƚŚĞůŝƋƵŝĚŝƚLJƌŝƐŬƚŽǁĂƌĚƐƚŚĞƌĞƉĂLJŵĞŶƚ  >ŝƋƵŝĚŝƚLJƌŝƐŬŝƐƚŚĞƌŝƐŬƚŚĂƚƚŚĞ'ƌŽƵƉǁŝůůĞŶĐŽƵŶƚĞƌĚŝĸĐƵůƚLJŝŶŵĞĞƟŶŐƚŚĞŽďůŝŐĂƟŽŶƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŝƚƐĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐƚŚĂƚĂƌĞ ŽĨƚŚĞŝŶƚĞƌĞƐƚůŝĂďŝůŝƚLJ͘dŚĞŝŶƚĞƌĞƐƚĐŽǀĞƌƌĂƟŽĨŽƌƚŚĞ'ƌŽƵƉĨŽƌƚŚĞLJĞĂƌĞŶĚŝŶŐDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳǁĂƐϯ͘Ϭϯ ƐĞƩůĞĚďLJĚĞůŝǀĞƌŝŶŐĐĂƐŚŽƌĂŶŽƚŚĞƌĮŶĂŶĐŝĂůĂƐƐĞƚ͘dŚĞ'ƌŽƵƉ͛ƐĂƉƉƌŽĂĐŚƚŽŵĂŶĂŐŝŶŐůŝƋƵŝĚŝƚLJŝƐƚŽĞŶƐƵƌĞ͕ĂƐĨĂƌĂƐƉŽƐƐŝďůĞ͕ƚŚĂƚ ĂŶĚϮ͘ϬϵƌĞƐƉĞĐƟǀĞůLJ͘ ŝƚǁŝůůŚĂǀĞƐƵĸĐŝĞŶƚůŝƋƵŝĚŝƚLJƚŽŵĞĞƚŝƚƐůŝĂďŝůŝƟĞƐǁŚĞŶƚŚĞLJĂƌĞĚƵĞ͕ƵŶĚĞƌďŽƚŚŶŽƌŵĂůĂŶĚƐƚƌĞƐƐĞĚĐŽŶĚŝƟŽŶƐ͕ǁŝƚŚŽƵƚŝŶĐƵƌƌŝŶŐ   dŚĞĨŽƌŵƵůĂƵƐĞĚĨŽƌƚŚĞĐĂůĐƵůĂƟŽŶŽĨ/ŶƚĞƌĞƐƚ^ĞƌǀŝĐĞŽǀĞƌƌĂƟŽ;ǁŚŝĐŚŚĂƐďĞĞŶĐŽŵƉƵƚĞĚŽŶĂƚƌĂŝůŝŶŐƚǁĞůǀĞͲŵŽŶƚŚďĂƐŝƐͿ ƵŶĂĐĐĞƉƚĂďůĞůŽƐƐĞƐŽƌƌŝƐŬŝŶŐĚĂŵĂŐĞƚŽ'ƌŽƵƉ͛ƐƌĞƉƵƚĂƟŽŶ͘ ŝƐĂƐďĞůŽǁ͗  DĂŶĂŐĞŵĞŶƚŵŽŶŝƚŽƌƐƌŽůůŝŶŐĨŽƌĞĐĂƐƚƐŽĨƚŚĞŽŵƉĂŶLJ͛ƐůŝƋƵŝĚŝƚLJƉŽƐŝƟŽŶĂŶĚĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐŽŶƚŚĞďĂƐŝƐŽĨĞdžƉĞĐƚĞĚ   /ŶƚĞƌĞƐƚ ^ĞƌǀŝĐĞ ŽǀĞƌĂŐĞ ZĂƟŽ с ;WƌŽĮƚ ďĞĨŽƌĞ ƚĂdž н /ŶƚĞƌĞƐƚ ;EĞƚͿ н WƌŽǀŝƐŝŽŶ ĨŽƌ ĚŝŵŝŶƵƟŽŶ ŝŶ ůŽŶŐ ƚĞƌŵ ŝŶǀĞƐƚŵĞŶƚ н ĐĂƐŚŇŽǁƐƚŽĞŶƐƵƌĞŝƚŚĂƐƐƵĸĐŝĞŶƚĐĂƐŚƚŽŵĞĞƚŽƉĞƌĂƟŽŶĂůŶĞĞĚƐǁŚŝůĞŵĂŝŶƚĂŝŶŝŶŐƐƵĸĐŝĞŶƚŚĞĂĚƌŽŽŵŽŶŝƚƐƵŶĚƌĂǁŶĐŽŵŵŝƩĞĚ ĞƉƌĞĐŝĂƟŽŶͿͬ/ŶƚĞƌĞƐƚ;EĞƚͿ ďŽƌƌŽǁŝŶŐĨĂĐŝůŝƟĞƐĂƚĂůůƟŵĞƐƐŽƚŚĂƚƚŚĞŽŵƉĂŶLJĚŽĞƐŶŽƚďƌĞĂĐŚďŽƌƌŽǁŝŶŐůŝŵŝƚƐŽƌĐŽǀĞŶĂŶƚƐŽŶĂŶLJŽĨŝƚƐďŽƌƌŽǁŝŶŐĨĂĐŝůŝƟĞƐ͕ ^ƵĐŚĨŽƌĞĐĂƐƟŶŐƚĂŬĞƐŝŶƚŽĐŽŶƐŝĚĞƌĂƟŽŶƚŚĞŽŵƉĂŶLJ͛ƐĚĞďƚĮŶĂŶĐŝŶŐƉůĂŶƐ͕ĐŽǀĞŶĂŶƚĐŽŵƉůŝĂŶĐĞĂŶĚĐŽŵƉůŝĂŶĐĞǁŝƚŚŝŶƚĞƌŶĂů  ŝŝŝͿ Capital Risk Management ƐƚĂƚĞŵĞŶƚŽĨĮŶĂŶĐŝĂůƉŽƐŝƟŽŶƌĂƟŽƚĂƌŐĞƚƐ͘   dŚĞ'ƌŽƵƉŵĂŶĂŐĞƐŝƚƐĐĂƉŝƚĂůƚŽĞŶƐƵƌĞƚŚĂƚŝƚǁŝůůďĞĂďůĞƚŽĐŽŶƟŶƵĞĂƐĂŐŽŝŶŐĐŽŶĐĞƌŶ͘dŚĞƐƚƌƵĐƚƵƌĞŝƐŵĂŶĂŐĞĚƚŽŵĂŝŶƚĂŝŶ ĂŶŝŶǀĞƐƚŵĞŶƚŐƌĂĚĞĐƌĞĚŝƚƌĂƟŶŐ͕ƚŽƉƌŽǀŝĚĞŽŶŐŽŝŶŐƌĞƚƵƌŶƐƚŽƐŚĂƌĞŚŽůĚĞƌƐĂŶĚƚŽƐĞƌǀŝĐĞĚĞďƚŽďůŝŐĂƟŽŶƐ͕ǁŚŝůƐƚŵĂŝŶƚĂŝŶŝŶŐ  ŝͿ Financing arrangements ŵĂdžŝŵƵŵŽƉĞƌĂƟŽŶĂůŇĞdžŝďŝůŝƚLJ͘   dŚĞ'ƌŽƵƉŚĂĚĂĐĐĞƐƐƚŽƚŚĞĨŽůůŽǁŝŶŐƵŶĚƌĂǁŶďŽƌƌŽǁŝŶŐĨĂĐŝůŝƟĞƐĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƟŶŐƉĞƌŝŽĚ͗   ŽŶƐŝƐƚĞŶƚǁŝƚŚŽƚŚĞƌƐŝŶƚŚĞŝŶĚƵƐƚƌLJ͕ƚŚĞ'ƌŽƵƉŵŽŶŝƚŽƌƐĐĂƉŝƚĂůŽŶƚŚĞďĂƐŝƐŽĨƚŚĞŐĞĂƌŝŶŐƌĂƟŽ͘dŚŝƐƌĂƟŽŝƐĐĂůĐƵůĂƚĞĚĂƐŶĞƚ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ĚĞďƚĚŝǀŝĚĞĚďLJƋƵŝƚLJ͘EĞƚĚĞďƚŝƐĐĂůĐƵůĂƚĞĚĂƐƚŽƚĂůďŽƌƌŽǁŝŶŐƐ;ŝŶĐůƵĚŝŶŐ͚ĐƵƌƌĞŶƚĂŶĚŶŽŶͲĐƵƌƌĞŶƚƚĞƌŵůŽĂŶƐ͛ĂƐƐŚŽǁŶŝŶƚŚĞ ` crores ` crores ďĂůĂŶĐĞƐŚĞĞƚͿůĞƐƐĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂŶĚĐƵƌƌĞŶƚŝŶǀĞƐƚŵĞŶƚ͘ džƉŝƌŝŶŐǁŝƚŚŝŶŽŶĞLJĞĂƌ͗ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ  ĂŶŬŽǀĞƌĚƌĂŌ ϭϳϳ͘ϲϴ ϭϳϳ͘Ϯϴ Note ` crores ` crores  ĂŶŬ>ŽĂŶƐ Ͳ ϭϬϬ͘ϬϬ ŽƌƌŽǁŝŶŐƐ ϭϴ Ϯ͕ϰϮϳ͘ϰϯ ϯ͕ϯϴϮ͘ϵϴ  džƉŝƌŝŶŐďĞLJŽŶĚŽŶĞLJĞĂƌ Ͳ Ͳ >ĞƐƐ͗ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ ϭϰ ϮϬϳ͘ϴϰ ϭϰϭ͘ϯϭ Total ϭϳϳ͘ϲϴ Ϯϳϳ͘Ϯϴ >ĞƐƐ͗ƵƌƌĞŶƚŝŶǀĞƐƚŵĞŶƚƐ ϳ;ďͿ ϯϯϬ͘ϱϯ ϵϬ͘ϴϬ Net debt ϭ͕ϴϴϴ͘Ϭϲ ϯ͕ϭϱϬ͘ϴϳ   dŚĞďĂŶŬŽǀĞƌĚƌĂŌĨĂĐŝůŝƟĞƐŵĂLJďĞĚƌĂǁŶĂƚĂŶLJƟŵĞďLJƚŚĞƌĞƐƉĞĐƟǀĞĐŽŵƉĂŶŝĞƐŝŶƚŚĞ'ƌŽƵƉ͘dŚĞƌĞǁĞƌĞŶŽďĂŶŬůŽĂŶ ĨĂĐŝůŝƟĞƐĂǀĂŝůĂďůĞĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ;WƌĞǀŝŽƵƐLJĞĂƌͲƚŚĞďĂŶŬůŽĂŶĨĂĐŝůŝƟĞƐǁĞƌĞĂǀĂŝůĂďůĞƵƉƚŽ:ƵůLJϯϭ͕ϮϬϭϳĂŶĚŚĂĚĂ dŽƚĂůƋƵŝƚLJ ϭϲͬϭϳ ϰ͕ϵϱϴ͘ϰϵ ϯ͕Ϯϱϱ͘ϱϭ ŵĂƚƵƌŝƚLJŽĨϭϴŵŽŶƚŚƐĨƌŽŵĚƌĂǁĚŽǁŶͿ͘ 'ĞĂƌŝŶŐƌĂƟŽй Ϭ͘ϯϴ Ϭ͘ϵϳ  ŝŝͿ DĂƚƵƌŝƟĞƐŽĨĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ   dŚĞĨŽůůŽǁŝŶŐ ĂƌĞ ƚŚĞ ƌĞŵĂŝŶŝŶŐ ĐŽŶƚƌĂĐƚƵĂů ŵĂƚƵƌŝƟĞƐ ŽĨ ĮŶĂŶĐŝĂů ůŝĂďŝůŝƟĞƐ Ăƚ ƚŚĞ ƌĞƉŽƌƟŶŐ ĚĂƚĞ͘ dŚĞ ĂŵŽƵŶƚƐ ĂƌĞ ŐƌŽƐƐ͕ Ϳ DĂƌŬĞƚƌŝƐŬ ƵŶĚŝƐĐŽƵŶƚĞĚĂŶĚĞdžĐůƵĚĞĨƵƚƵƌĞĐŽŶƚƌĂĐƚƵĂůŝŶƚĞƌĞƐƚƉĂLJŵĞŶƚƐ͘  DĂƌŬĞƚƌŝƐŬŝƐƚŚĞƌŝƐŬƚŚĂƚƚŚĞĐŚĂŶŐĞƐŝŶŵĂƌŬĞƚƉƌŝĐĞƐƐƵĐŚĂƐĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞƐ͕ŝŶƚĞƌĞƐƚƌĂƚĞƐĂŶĚĞƋƵŝƚLJƉƌŝĐĞƐǁŝůůĂīĞĐƚƚŚĞ 'ƌŽƵƉ͛ƐŝŶĐŽŵĞŽƌƚŚĞǀĂůƵĞŽĨŝƚƐŚŽůĚŝŶŐƐŽĨĮŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͘dŚĞŽďũĞĐƟǀĞŽĨŵĂƌŬĞƚƌŝƐŬŵĂŶĂŐĞŵĞŶƚŝƐƚŽŵĂŶĂŐĞĂŶĚĐŽŶƚƌŽů Due in Due in ƵĞŝŶϯƌĚ ƵĞĂŌĞƌ Total ŵĂƌŬĞƚƌŝƐŬĞdžƉŽƐƵƌĞƐǁŝƚŚŝŶĂĐĐĞƉƚĂďůĞƉĂƌĂŵĞƚĞƌƐ͕ǁŚŝůĞŽƉƟŵŝƐŝŶŐƚŚĞƌĞƚƵƌŶ͘ ϭƐƚLJĞĂƌ 2nd year to 5th year 5th year ` crores ` crores ` crores ` crores ` crores  dŚĞŽŵƉĂŶLJƵƐĞƐĚĞƌŝǀĂƟǀĞƐƚŽŵĂŶĂŐĞŝƚƐĞdžƉŽƐƵƌĞƚŽĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJƌŝƐŬĂŶĚŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ͘ůůƐƵĐŚƚƌĂŶƐĂĐƟŽŶƐĂƌĞĐĂƌƌŝĞĚ EŽŶͲĚĞƌŝǀĂƟǀĞĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ͗ ŽƵƚǁŝƚŚŝŶƚŚĞŐƵŝĚĞůŝŶĞƐƐĞƚďLJƚŚĞƌŝƐŬŵĂŶĂŐĞŵĞŶƚĐŽŵŵŝƩĞĞ͘ ŽƌƌŽǁŝŶŐƐ 99.27 ϱϯϴ͘ϱϵ ϭ͕ϴϭϱ͘ϰϴ 55.07 Ϯ͕ϱϬϴ͘ϰϭ ;ŝŶĐůƵĚŝŶŐƌĞĚĞŵƉƟŽŶƉƌĞŵŝƵŵͿ ϱϴϰ͘ϱϰ ϳϵϮ͘ϳϱ ϭ͕ϱϰϮ͘ϵϳ ϱϲϳ͘ϱϬ ϯ͕ϰϴϳ͘ϳϲ  ŝͿ Foreign Currency risk   dŚĞƉƌĞĚŽŵŝŶĂŶƚĐƵƌƌĞŶĐLJŽĨƚŚĞ'ƌŽƵƉ͛ƐƌĞǀĞŶƵĞĂŶĚŽƉĞƌĂƟŶŐĐĂƐŚŇŽǁƐŝƐ/ŶĚŝĂŶZƵƉĞĞƐ;`Ϳ͘dŚĞŽŵƉĂŶLJ͛ƐƌĞƉŽƌƚĞĚĚĞďƚ KƚŚĞƌ&ŝŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϱϬϲ͘ϰϲ ϭ͘ϰϵ Ϯϭ͘ϱϬ Ͳ ϱϮϵ͘ϰϱ ŚĂƐĂŶĞdžƉŽƐƵƌĞƚŽďŽƌƌŽǁŝŶŐƐŚĞůĚŝŶh^ĚŽůůĂƌƐ͘DŽǀĞŵĞŶƚƐŝŶĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞƐĐĂŶĂīĞĐƚƚŚĞŽŵƉĂŶLJ͛ƐƌĞƉŽƌƚĞĚƉƌŽĮƚƐ ϰϴϵ͘ϰϲ ϵϵ͘ϲϮ Ͳ Ͳ ϱϴϵ͘Ϭϴ ĂŶĚŶĞƚĂƐƐĞƚƐ͘ dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ ϯϱϭ͘ϯϬ Ͳ Ͳ Ͳ ϯϱϭ͘ϯϬ   dŚĞ'ƌŽƵƉƵƐĞƐĨŽƌǁĂƌĚĞdžĐŚĂŶŐĞĐŽŶƚƌĂĐƚƐ͕ŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉƐ͕ĐƵƌƌĞŶĐLJƐǁĂƉƐĂŶĚŽƉƟŽŶƐƚŽŚĞĚŐĞŝƚƐĞdžƉŽƐƵƌĞŝŶĨŽƌĞŝŐŶ Ϯϵϯ͘ϬϲͲͲͲϮϵϯ͘Ϭϲ ĐƵƌƌĞŶĐLJĂŶĚŝŶƚĞƌĞƐƚƌĂƚĞƐ͘dŚĞŝŶĨŽƌŵĂƟŽŶŽŶĚĞƌŝǀĂƟǀĞŝŶƐƚƌƵŵĞŶƚƐŝƐĂƐĨŽůůŽǁƐ͗Ͳ &ŝŶĂŶĐŝĂůŐƵĂƌĂŶƚĞĞĐŽŶƚƌĂĐƚ ϭϲ͘ϭϭ ϭϲ͘ϭϭ ϭϭ͘ϲϬ Ͳ ϰϯ͘ϴϮ   ĞƌŝǀĂƟǀĞ/ŶƐƚƌƵŵĞŶƚƐŽƵƚƐƚĂŶĚŝŶŐ͗    ϲ͘ϬϮ ϴ͘ϬϮ Ϯϴ͘ϯϯ Ͳ ϰϮ͘ϯϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ Total ϵϳϯ͘ϭϰ ϱϱϲ͘ϭϵ ϭ͕ϴϰϴ͘ϱϴ 55.07 ϯ͕ϰϯϮ͘ϵϴ Nature of Currency ϭ͕ϯϳϯ͘Ϭϴ ϵϬϬ͘ϯϵ ϭ͕ϱϳϭ͘ϯϬ ϱϲϳ͘ϱϬ ϰ͕ϰϭϮ͘Ϯϳ ĞƌŝǀĂƟǀĞ Currency million &ĂŝƌǀĂůƵĞƐ ƵƌƌĞŶĐLJŵŝůůŝŽŶ &ĂŝƌǀĂůƵĞƐ ` crores ` crores ĞƌŝǀĂƟǀĞŝŶƐƚƌƵŵĞŶƚƐ 5.59 ϭϬϰ͘ϴϭ ϭϮϱ͘ϳϱ Ͳ Ϯϯϲ͘ϭϱ ƌŽƐƐĐƵƌƌĞŶĐLJ US$ ϭϬϴ͘ϰϮ ϮϯϬ͘ϱϲ ϭϬϴ͘ϰϮ Ϯϰϰ͘ϯϴ ϭ͘ϭϳ ϭϮ͘ϴϯ Ϯϰϰ͘ϯϴ Ͳ Ϯϱϴ͘ϯϴ ƐǁĂƉ dŽƚĂůĮŶĂŶĐŝĂůůŝĂďŝůŝƟĞƐ ϵϳϴ͘ϳϯ ϲϲϭ͘ϬϬ ϭ͕ϵϳϰ͘ϯϯ 55.07 ϯ͕ϲϲϵ͘ϭϯ /ŶƚĞƌĞƐƚZĂƚĞ^ǁĂƉ US$ Ͳ Ͳ Ϯϭ͘ϭϭ ;Ϭ͘ϭϭͿ ϭ͕ϯϳϰ͘Ϯϱ ϵϭϯ͘ϮϮ ϭ͕ϴϭϱ͘ϲϴ ϱϲϳ͘ϱϬ ϰ͕ϲϳϬ͘ϲϱ /ŶƚĞƌĞƐƚZĂƚĞ^ǁĂƉ 'W ϯϬ͘ϬϬ ϱ͘ϱϵ ϯϬ͘ϬϬ ϭϰ͘ϭϭ   &ŝŐƵƌĞƐŝŶŝƚĂůŝĐƐĂƌĞŽĨƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͘ Total Ϯϯϲ͘ϭϱ Ϯϱϴ͘ϯϴ

244 Annual Report 2017-18 245 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018   ^ĞŶƐŝƟǀŝƚLJ EŽƚĞϯϳ͗ഩ/ŶĐŽŵĞdĂdžŝƐĐůŽƐƵƌĞ   &ŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳ͕ĞǀĞƌLJϯйĚĞƉƌĞĐŝĂƟŽŶŝŶƚŚĞĞdžĐŚĂŶŐĞƌĂƚĞďĞƚǁĞĞŶƚŚĞ/ŶĚŝĂŶƌƵƉĞĞ ŝͿ /ŶĐŽŵĞdĂdžƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚWƌŽĮƚĂŶĚ>ŽƐƐ͗ ĂŶĚh^ĚŽůůĂƌ͕ƐŚĂůůŝŶĐƌĞĂƐĞƚŚĞ'ƌŽƵƉ͛ƐƉƌŽĮƚͬůŽƐƐďĞĨŽƌĞƚĂdžďLJĂƉƉƌŽdžŝŵĂƚĞůLJϮϰйĂŶĚϭϮϲйƌĞƐƉĞĐƟǀĞůLJĂŶĚĞǀĞƌLJϯйŝŶĐƌĞĂƐĞ ŝŶƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞƐŚĂůůŝŶĐƌĞĂƐĞƚŚĞ'ƌŽƵƉ͛ƐƉƌŽĮƚͬůŽƐƐďĞĨŽƌĞƚĂdžďLJĂƉƉƌŽdžŝŵĂƚĞůLJϮйĂŶĚϱϬйƌĞƐƉĞĐƟǀĞůLJ͘ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ   &ŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳ͕ĞǀĞƌLJϯйĂƉƉƌĞĐŝĂƟŽŶŝŶƚŚĞĞdžĐŚĂŶŐĞƌĂƚĞďĞƚǁĞĞŶƚŚĞ/ŶĚŝĂŶƌƵƉĞĞ ` crores ` crores ĂŶĚh^ĚŽůůĂƌ͕ƐŚĂůůƌĞĚƵĐĞƚŚĞ'ƌŽƵƉ͛ƐƉƌŽĮƚͬůŽƐƐďĞĨŽƌĞƚĂdžďLJĂƉƉƌŽdžŝŵĂƚĞůLJϭϱйĂŶĚϯϰйƌĞƐƉĞĐƟǀĞůLJĂŶĚĞǀĞƌLJϯйĚĞĐƌĞĂƐĞ ŝŶƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞƐŚĂůůŝŶĐƌĞĂƐĞͬ;ĚĞĐƌĞĂƐĞͿƚŚĞ'ƌŽƵƉ͛ƐƉƌŽĮƚͬůŽƐƐďĞĨŽƌĞƚĂdžďLJĂƉƉƌŽdžŝŵĂƚĞůLJϭϰйĂŶĚϰϮйƌĞƐƉĞĐƟǀĞůLJ͘ Current Tax   dŚĞĂďŽǀĞƌĞůĂƚĞƐƚŽƚŚĞŽŵƉĂŶLJĂŶĚĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJƌŝƐŬŝŶƌĞƐƉĞĐƚŽĨŽƚŚĞƌĐŽŵƉŽŶĞŶƚƐŝƐŝŶƐŝŐŶŝĮĐĂŶƚ͘   /ŶƌĞƐƉĞĐƚŽĨƚŚĞĐƵƌƌĞŶƚLJĞĂƌ ϭϯϴ͘ϰϲ ϭϮϴ͘Ϯϲ   hŶͲ,ĞĚŐĞĚ&ŽƌĞŝŐŶĐƵƌƌĞŶĐLJĞdžƉŽƐƵƌĞƉĂLJĂďůĞ͗       /ŶƌĞƐƉĞĐƚŽĨĞĂƌůŝĞƌLJĞĂƌƐ ;Ϭ͘ϬϵͿ ;Ϯ͘ϱϬͿ Currency DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ϭϯϴ͘ϯϳ ϭϮϱ͘ϳϲ hŶŝƚĞĚ^ƚĂƚĞƐŽůůĂƌ;DŝůůŝŽŶͿ Ϭ͘ϲϮ ϯϭ͘ϲϳ Deferred Tax   ^ĞŶƐŝƟǀŝƚLJ  /ŶƌĞƐƉĞĐƚŽĨƚŚĞĐƵƌƌĞŶƚLJĞĂƌ   &ŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳ͕ĞǀĞƌLJϯйĚĞƉƌĞĐŝĂƟŽŶͬĂƉƉƌĞĐŝĂƟŽŶŝŶƚŚĞĞdžĐŚĂŶŐĞƌĂƚĞďĞƚǁĞĞŶƚŚĞ   DdĐƌĞĚŝƚ ;ϭϲ͘ϬϯͿ ;Ϭ͘ϬϳͿ /ŶĚŝĂŶƌƵƉĞĞĂŶĚh^ĚŽůůĂƌ͕ƐŚĂůůĂīĞĐƚƚŚĞ'ƌŽƵƉ͛ƐƉƌŽĮƚďĞĨŽƌĞƚĂdžďLJĂƉƉƌŽdžŝŵĂƚĞůLJϬ͘ϬϳйĂŶĚϮϭ͘ϭϱйƌĞƐƉĞĐƟǀĞůLJ͘   KƚŚĞƌŝƚĞŵƐ ;ϭ͘ϮϴͿ ;ϭϭ͘ϵϱͿ  ŝŝͿ Interest rate risk ;ϭϳ͘ϯϭͿ ;ϭϮ͘ϬϮͿ   dŚĞ'ƌŽƵƉĂĚŽƉƚƐĂƉŽůŝĐLJƚŽŚĞĚŐĞƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞŵŽǀĞŵĞŶƚŝŶŽƌĚĞƌƚŽŵŝƟŐĂƚĞƚŚĞƌŝƐŬǁŝƚŚƌĞŐĂƌĚƐƚŽŇŽĂƟŶŐƌĂƚĞůŝŶŬĞĚ ůŽĂŶƐďĂƐĞĚŽŶƚŚĞŵĂƌŬĞƚŽƵƚůŽŽŬŽŶŝŶƚĞƌĞƐƚƌĂƚĞƐ͘dŚŝƐŝƐĂĐŚŝĞǀĞĚƉĂƌƚůLJďLJĞŶƚĞƌŝŶŐŝŶƚŽĮdžĞĚƌĂƚĞŝŶƐƚƌƵŵĞŶƚƐĂŶĚƉĂƌƚůLJďLJ Total tax expense recognised in the current year ϭϮϭ͘Ϭϲ ϭϭϯ͘ϳϰ ďŽƌƌŽǁŝŶŐĂƚĂŇŽĂƟŶŐƌĂƚĞĂŶĚƵƐŝŶŐŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉƐĂƐŚĞĚŐĞƐŽĨƚŚĞǀĂƌŝĂďŝůŝƚLJŝŶĐĂƐŚŇŽǁƐĂƩƌŝďƵƚĂďůĞƚŽŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ͘ ŝŝͿ ƌĞĐŽŶĐŝůŝĂƟŽŶŽĨƚŚĞŝŶĐŽŵĞƚĂdžƉƌŽǀŝƐŝŽŶƚŽƚŚĞĂŵŽƵŶƚĐŽŵƉƵƚĞĚďLJĂƉƉůLJŝŶŐƚŚĞƐƚĂƚƵƚŽƌLJŝŶĐŽŵĞƚĂdžƌĂƚĞƚŽƚŚĞƉƌŽĮƚďĞĨŽƌĞ   dŚĞƚŽƚĂůďŽƌƌŽǁŝŶŐĂƚǀĂƌŝĂďůĞƌĂƚĞǁĂƐ`ϱϳϭ͘ϯϴĐƌŽƌĞƐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴ;DĂƌĐŚϯϭ͕ϮϬϭϳͲ`ϴϯϮ͘ϴϱĐƌŽƌĞƐͿ͘dŚĞĐĂƌƌLJŝŶŐ ƚĂdžŝƐƐƵŵŵĂƌŝƐĞĚďĞůŽǁ͗ ǀĂůƵĞŽĨƚŚĞůŽŶŐƚĞƌŵĚĞďƚĂƉƉƌŽdžŝŵĂƚĞƐĨĂŝƌǀĂůƵĞƐŝŶĐĞƚŚĞĐƵƌƌĞŶƚŝŶƚĞƌĞƐƚƌĂƚĞĂƉƉƌŽdžŝŵĂƚĞƐƚŚĞŵĂƌŬĞƚƌĂƚĞ͘  ŝŝŝͿ Other market price risks DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores   dŚĞ'ƌŽƵƉ͛ƐĞdžƉŽƐƵƌĞƚŽĞƋƵŝƚLJƐĞĐƵƌŝƟĞƐ͛ƉƌŝĐĞƌŝƐŬĂƌŝƐĞƐĨƌŽŵŝŶǀĞƐƚŵĞŶƚƐŚĞůĚďLJƚŚĞ'ƌŽƵƉĂŶĚĐůĂƐƐŝĮĞĚŝŶƚŚĞďĂůĂŶĐĞƐŚĞĞƚ ĂƐĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͘/ĨƚŚĞĞƋƵŝƚLJƉƌŝĐĞƐŽĨƋƵŽƚĞĚŝŶǀĞƐƚŵĞŶƚƐĂƌĞϯйŚŝŐŚĞƌͬůŽǁĞƌ͕ƚŚĞĞƋƵŝƚLJ  WƌŽĮƚďĞĨŽƌĞƚĂdž;ĂͿ ϭϴϰ͘Ϯϵ ϯϬ͘ϱϴ ` ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴǁŽƵůĚŝŶĐƌĞĂƐĞͬĚĞĐƌĞĂƐĞďLJ ϭϬϬ͘ϰϵĐƌŽƌĞƐ;ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳ͗ŝŶĐƌĞĂƐĞͬ  /ŶĐŽŵĞƚĂdžƌĂƚĞĂƐĂƉƉůŝĐĂďůĞŝŶ/ŶĚŝĂ;ďͿ ϯϰ͘ϲϭй ϯϰ͘ϲϭй decrease by `ϭϬ͘ϵϰĐƌŽƌĞƐͿ͘  ĂůĐƵůĂƚĞĚƚĂdžĞƐďĂƐĞĚŽŶĂďŽǀĞ͕ǁŝƚŚŽƵƚĂŶLJĂĚũƵƐƚŵĞŶƚƐĨŽƌĚĞĚƵĐƟŽŶƐ΀;ĂͿdž;ďͿ΁ ϲϯ͘ϳϴ ϭϬ͘ϱϴ EŽƚĞϯϲ͗KƉĞƌĂƟŶŐ>ĞĂƐĞƐ WĞƌŵĂŶĞŶƚƚĂdžĚŝīĞƌĞŶĐĞƐĚƵĞƚŽ͗ dŚĞ'ƌŽƵƉŚĂƐƚĂŬĞŶĐĞƌƚĂŝŶǀĞŚŝĐůĞƐ͕ůĂŶĚĂŶĚŝŵŵŽǀĂďůĞƉƌŽƉĞƌƟĞƐŽŶŽƉĞƌĂƟŶŐůĞĂƐĞ͘dŚĞůĞĂƐĞŽĨŚŽƚĞůƉƌŽƉĞƌƟĞƐĂƌĞŐĞŶĞƌĂůůLJůŽŶŐ ƚĞƌŵŝŶŶĂƚƵƌĞǁŝƚŚǀĂƌLJŝŶŐƚĞƌŵƐ͕ĞƐĐĂůĂƟŽŶĐůĂƵƐĞƐĂŶĚƌĞŶĞǁĂůƌŝŐŚƚƐĞdžƉŝƌŝŶŐǁŝƚŚŝŶĮǀĞƚŽŽŶĞŚƵŶĚƌĞĚĂŶĚŶŝŶĞƚLJĞŝŐŚƚLJĞĂƌƐ͘KŶ   īĞĐƚŽĨŝŶĐŽŵĞƚŚĂƚŝƐĞdžĞŵƉƚĨƌŽŵƚĂdžĂƟŽŶ ;ϭ͘ϰϰͿ ;Ϯ͘ϬϯͿ ƌĞŶĞǁĂů͕ƚŚĞƚĞƌŵƐŽĨƚŚĞůĞĂƐĞƐĂƌĞƌĞŶĞŐŽƟĂƚĞĚ͘dŚĞƚŽƚĂůĞdžƉĞŶƐĞƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐŽŶůĞĂƐĞƌĞŶƚƉĂŝĚŝƐ Income considered to be capital in nature under tax and tax provisions ;Ϭ͘ϬϴͿ ;ϭ͘ϵϴͿ ŝŶĐůƵĚĞĚƵŶĚĞƌZĞŶƚĂŶĚ>ŝĐĞŶĐĞ&ĞĞƐĨŽƌŵŝŶŐƉĂƌƚŽĨKƚŚĞƌdžƉĞŶƐĞƐ;ZĞĨĞƌEŽƚĞϮϳ;ďͿͿ͘   īĞĐƚŽĨĞdžƉĞŶƐĞƐƚŚĂƚĂƌĞŶŽƚĚĞĚƵĐƟďůĞŝŶĚĞƚĞƌŵŝŶŝŶŐƚĂdžĂďůĞƉƌŽĮƚ Ϯϲ͘ϯϭ ϯϴ͘Ϭϴ dŚĞŵŝŶŝŵƵŵĨƵƚƵƌĞůĞĂƐĞƌĞŶƚĂůƐƉĂLJĂďůĞŝŶƌĞƐƉĞĐƚŽĨŶŽŶͲĐĂŶĐĞůůĂďůĞůĞĂƐĞƐĞŶƚĞƌĞĚŝŶƚŽďLJƚŚĞŽŵƉĂŶLJƚŽƚŚĞĞdžƚĞŶƚŽĨŵŝŶŝŵƵŵ ŐƵĂƌĂŶƚĞĞĂŵŽƵŶƚĂƌĞĂƐĨŽůůŽǁƐ͗Ͳ   džƉĞŶƐĞĐŽŶƐŝĚĞƌĞĚƚŽďĞĐĂƉŝƚĂůŝŶŶĂƚƵƌĞƵŶĚĞƌƚĂdžĂŶĚƚĂdžƉƌŽǀŝƐŝŽŶƐ ϰ͘ϲϰ ϲ͘ϰϮ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ   ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚŶŽƚƌĞĐŽŐŶŝƐĞĚŝŶ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ ϰϬ͘ϬϮ ϭϭϲ͘ϵϰ ` crores ` crores   īĞĐƚŽŶĚĞĨĞƌƌĞĚƚĂdžďĂůĂŶĐĞƐĚƵĞƚŽƚŚĞĐŚĂŶŐĞŝŶŝŶĐŽŵĞƚĂdžƌĂƚĞ ϭ͘ϴϱ ϯ͘ϰϵ EŽƚůĂƚĞƌƚŚĂŶŽŶĞLJĞĂƌ ϭϮϵ͘ϱϮ ϭϮϳ͘ϳϭ >ĂƚĞƌƚŚĂŶŽŶĞLJĞĂƌďƵƚŶŽƚůĂƚĞƌƚŚĂŶĮǀĞLJĞĂƌƐ ϰϲϳ͘ϲϵ ϰϲϴ͘ϵϱ   īĞĐƚŽĨƉƌĞǀŝŽƵƐůLJƵŶƌĞĐŽŐŶŝƐĞĚĂŶĚƵŶƵƐĞĚƚĂdžůŽƐƐĞƐĂŶĚĚĞĚƵĐƟďůĞ ;ϮϮ͘ϭϭͿ ;ϯϯ͘ϰϬͿ >ĂƚĞƌƚŚĂŶĮǀĞLJĞĂƌƐ ϯ͕ϲϬϬ͘ϭϮ ϯ͕ϯϱϰ͘ϲϯ ƚĞŵƉŽƌĂƌLJĚŝīĞƌĞŶĐĞƐŶŽǁƌĞĐŽŐŶŝƐĞĚĂƐĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ /ŶĂĚĚŝƟŽŶ͕ŝŶĐĞƌƚĂŝŶĐŝƌĐƵŵƐƚĂŶĐĞƐƚŚĞ'ƌŽƵƉŝƐĐŽŵŵŝƩĞĚƚŽƉĂLJĂĚĚŝƟŽŶĂůůĞĂƐĞƌĞŶƚĂůƐƚŚĂƚĂƌĞĐŽŶƟŶŐĞŶƚŽŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞǀŝnj͘ŐƌŽƐƐ   ŝīĞƌĞŶĐĞŝŶƚĂdžƌĂƚĞƐďĞƚǁĞĞŶƚŚĞĐŽŵƉĂŶLJĂŶĚĐŽŵƉŽŶĞŶƚƐͬ:ƵƌŝƐĚŝĐƟŽŶ ϭϬ͘ϵϰ ;ϯϮ͘ϳϳͿ ŽƉĞƌĂƟŶŐƉƌŽĮƚƐ͕ƌĞǀĞŶƵĞƐĞƚĐ͘ŽĨƚŚĞŚŽƚĞůƐƚŚĂƚĂƌĞďĞŝŶŐůĞĂƐĞĚ͘   KƚŚĞƌƐ ;Ϯ͘ϳϲͿ ϭϬ͘ϵϭ džƉĞŶƐĞƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ͗ ϭϮϭ͘ϭϱ ϭϭϲ͘Ϯϰ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores  WƌŝŽƌLJĞĂƌƚĂdžĞƐĂƐƐŚŽǁŶĂďŽǀĞ ;Ϭ͘ϬϵͿ ;Ϯ͘ϱϬͿ DŝŶŝŵƵŵ>ĞĂƐĞWĂLJŵĞŶƚƐͬ&ŝdžĞĚZĞŶƚĂůƐ ϭϰϭ͘ϳϭ ϭϯϱ͘ϳϰ  /ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚĂŶĚ>ŽƐƐ ϭϮϭ͘Ϭϲ ϭϭϯ͘ϳϰ ŽŶƟŶŐĞŶƚƌĞŶƚƐΎ ϭϯϯ͘ϭϲ ϭϮϵ͘Ϭϳ Ϯϳϰ͘ϴϳ Ϯϲϰ͘ϴϭ ΎഩĐŽŶƟŶŐĞŶƚŽŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞǀŝnj͘ŐƌŽƐƐŽƉĞƌĂƟŶŐƉƌŽĮƚƐ͕ƌĞǀĞŶƵĞƐĞƚĐ͘ŽĨƚŚĞŚŽƚĞůƐƚŚĂƚĂƌĞďĞŝŶŐůĞĂƐĞĚ͘

246 Annual Report 2017-18 247 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018 ŝŝŝͿ /ŶĐŽŵĞƚĂdžƌĞĐŽŐŶŝƐĞĚŝŶKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͗ ^ŝŐŶŝĮĐĂŶƚĐŽŵƉŽŶĞŶƚƐŽĨŶĞƚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƟĞƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴĂƌĞĂƐĨŽůůŽǁƐ͗

DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ Opening Recognised Recognised MAT credit Exchange Closing ` crores ` crores Balance in the in Other ƵƟůŝƐĞĚ ĚŝīĞƌĞŶĐĞ balance Statement ŽŵƉƌĞͲ Current Tax ŽĨWƌŽĮƚĂŶĚ ŚĞŶƐŝǀĞ  dĂdžŝŵƉĂĐƚŽŶƉƌŽĮƚŽŶƐĂůĞŽĨŝŶǀĞƐƚŵĞŶƚŝŶĞƋƵŝƚLJƐŚĂƌĞƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌ Ͳ Ͳ Loss Income ŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ ` crores ` crores ` crores ` crores ` crores ` crores ĞĨĞƌƌĞĚƚĂdž;ůŝĂďŝůŝƟĞƐͿͬĂƐƐĞƚƐ͗

WƌŽƉĞƌƚLJ͕WůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚΘ/ŶƚĂŶŐŝďůĞ ;ϰϱϴ͘ϭϴͿ ;ϮϬ͘ϳϳͿ Ͳ Ͳ ;Ϭ͘ϭϮͿ ;ϰϳϵ͘ϬϳͿ Deferred tax Assets ;ϰϳϰ͘ϭϱͿ ϭϱ͘ϴϬ Ͳ Ͳ Ϭ͘ϭϳ ;ϰϱϴ͘ϭϴͿ  ƌŝƐŝŶŐŽŶŝŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞƐƌĞĐŽŐŶŝƐĞĚŝŶKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ͗ hŶĂŵŽƌƟƐĞĚďŽƌƌŽǁŝŶŐĐŽƐƚ ;Ϭ͘ϯϯͿ ;Ϭ͘ϭϮͿ Ͳ Ͳ Ͳ ;Ϭ͘ϰϱͿ  EĞƚĨĂŝƌǀĂůƵĞŐĂŝŶŽŶŝŶǀĞƐƚŵĞŶƚƐŝŶĞƋƵŝƚLJƐŚĂƌĞƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌ ;ϯ͘ϮϴͿ ;Ϯ͘ϱϰͿ ;Ϭ͘ϵϬͿ Ϭ͘ϱϳͲͲͲ;Ϭ͘ϯϯͿ ŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ WƌŽǀŝƐŝŽŶĨŽƌŵƉůŽLJĞĞĞŶĞĮƚƐ 27.90 ;Ϭ͘ϭϭͿ ϰ͘ϭϲ Ͳ Ͳ ϯϭ͘ϵϱ  ZĞŵĞĂƐƵƌĞŵĞŶƚŽĨĚĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶ ;ϰ͘ϭϲͿ Ϯ͘ϵϴ Ϯϱ͘Ϭϰ ϱ͘ϴϰ ;Ϯ͘ϵϴͿ Ͳ Ͳ Ϯϳ͘ϵϬ  ZĞǀĞƌƐĂůŽĨĞĨĞƌƌĞĚdĂdž>ŝĂďŝůŝƚLJŽŶĂĐĐŽƵŶƚŽĨĂŝŶǀĞƐƚŵĞŶƚĨĂŝƌǀĂůƵĞĚƚŚƌŽƵŐŚKƚŚĞƌ Ͳ Ͳ ŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ &ĂŝƌǀĂůƵĂƟŽŶĐŚĂŶŐĞƐŽĨĚĞƌŝǀĂƟǀĞ ;ϭϱ͘ϵϰͿ ;ϰ͘ϵϱͿ Ͳ Ͳ Ͳ ;ϮϬ͘ϴϵͿ contracts ;Ϭ͘ϮϭͿ ;ϭϱ͘ϳϯͿͲͲͲ;ϭϱ͘ϵϰͿ  ZĞǀĞƌƐĂůŽĨĞĨĞƌƌĞĚdĂdžƐƐĞƚƐŽŶhŶƵƐĞĚdĂdž>ŽƐƐĞƐ Ͳ Ͳ ;ϳ͘ϰϰͿ Ϭ͘ϰϰ hŶƌĞĂůŝƐĞĚŐĂŝŶŽŶĞƋƵŝƚLJƐŚĂƌĞƐĐĂƌƌŝĞĚĂƚĨĂŝƌ ;ϯ͘ϳϬͿ Ͳ ϯ͘Ϯϴ Ͳ Ͳ ;Ϭ͘ϰϮͿ ǀĂůƵĞƚŚƌŽƵŐŚKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ ;ϲ͘ϮϰͿ Ͳ Ϯ͘ϱϰ Ͳ Ͳ ;ϯ͘ϳϬͿ  dŽƚĂůŝŶĐŽŵĞƚĂdžƌĞĐŽŐŶŝƐĞĚŝŶKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ ;ϳ͘ϰϰͿ Ϭ͘ϰϰ  ŝĨƵƌĐĂƟŽŶŽĨƚŚĞŝŶĐŽŵĞƚĂdžƌĞĐŽŐŶŝƐĞĚŝŶKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞŝŶƚŽ͗ DdƌĞĚŝƚŶƟƚůĞŵĞŶƚ ϳϴ͘Ϭϯ ϭϲ͘ϬϮ Ͳ ;ϰϰ͘ϬϵͿ Ͳ ϰϵ͘ϵϲ ϭϮϵ͘ϱϳ Ϭ͘Ϭϳ Ͳ ;ϱϭ͘ϲϭͿ Ͳ ϳϴ͘Ϭϯ  /ƚĞŵƐƚŚĂƚǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĮĞĚƚŽƉƌŽĮƚŽƌůŽƐƐ ;ϳ͘ϰϰͿ Ϭ͘ϰϰ hŶƵƐĞĚƚĂdžůŽƐƐĞƐ;ƵƐŝŶĞƐƐͿ;ŶĞƚͿ ϯϰ͘ϭϴ Ϯϯ͘Ϭϰ Ͳ Ͳ ϱ͘ϯϰ 62.56 ;ϳ͘ϰϰͿ Ϭ͘ϰϰ ϯϵ͘ϬϬ ;Ϭ͘ϴϲͿ Ͳ Ͳ ;ϯ͘ϵϲͿ ϯϰ͘ϭϴ

ŝǀͿ dŚĞĨŽůůŽǁŝŶŐŝƐƚŚĞĂŶĂůLJƐŝƐŽĨĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐͬ;ůŝĂďŝůŝƟĞƐͿƉƌĞƐĞŶƚĞĚŝŶƚŚĞďĂůĂŶĐĞƐŚĞĞƚ͗ ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůĚĞďƚƐ ϰ͘ϰϱ ϯ͘ϲϱͲͲͲϴ͘ϭϬ ϰ͘ϭϰ Ϭ͘ϯϭͲͲͲϰ͘ϰϱ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores ZĞǁĂƌĚWŽŝŶƚƐ ϭϳ͘ϵϬ ;ϰ͘ϲϯͿ Ͳ Ͳ Ͳ ϭϯ͘Ϯϳ  ĞĨĞƌƌĞĚdĂdžĂƐƐĞƚƐ;ŶĞƚͿ ϲϬ͘ϭϰ ϯϱ͘Ϯϭ ϭϵ͘Ϯϱ ;ϭ͘ϯϱͿͲͲͲϭϳ͘ϵϬ  ĞĨĞƌƌĞĚdĂdžůŝĂďŝůŝƟĞƐ;ŶĞƚͿ ;ϯϱϲ͘ϯϬͿ ;ϯϭϳ͘ϮϱͿ WƌŽǀŝƐŝŽŶĨŽƌŽŶƟŶŐĞŶĐŝĞƐ Ϯϭ͘ϭϮ ϱ͘ϯϵͲͲͲϮϲ͘ϱϭ ϭϴ͘ϲϬ Ϯ͘ϱϮͲͲͲϮϭ͘ϭϮ Net Deferred Tax Liability ;Ϯϵϲ͘ϭϲͿ ;ϮϴϮ͘ϬϰͿ KƚŚĞƌƐ ϭϮ͘ϱϯ ;Ϭ͘ϮϭͿ Ͳ Ͳ Ͳ ϭϮ͘ϯϮ ϳ͘ϲϴ ϰ͘ϴϱͲͲͲϭϮ͘ϱϯ

Total Deferred Tax Liability ;ϮϴϮ͘ϬϰͿ ϭϳ͘ϯϭ ϳ͘ϰϰ ;ϰϰ͘ϬϵͿ 5.22 ;Ϯϵϲ͘ϭϲͿ ;Ϯϯϴ͘ϮϮͿ ϭϮ͘ϬϮ ;Ϭ͘ϰϰͿ ;ϱϭ͘ϲϭͿ ;ϯ͘ϳϵͿ ;ϮϴϮ͘ϬϰͿ &ŝŐƵƌĞƐŝŶŝƚĂůŝĐƐĂƌĞŽĨƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͘ ǀͿ ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚĂŵŽƵŶƟŶŐƚŽ `ϳϳϮ͘ϱϳĐƌŽƌĞƐĂŶĚ`ϵϴϭ͘ϵϲĐƌŽƌĞƐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳƌĞƐƉĞĐƟǀĞůLJŝŶƌĞƐƉĞĐƚ ŽĨƵŶƵƐĞĚƚĂdžůŽƐƐĞƐŚĂǀĞŶŽƚďĞĞŶƌĞĐŽŐŶŝƐĞĚďLJƚŚĞ'ƌŽƵƉ͘dŚĞƚĂdžůŽƐƐĐĂƌƌLJͲĨŽƌǁĂƌĚƐŽĨ`Ϯ͕ϰϬϵ͘ϬϮĐƌŽƌĞƐĂŶĚ`Ϯ͕ϰϭϭ͘ϮϬĐƌŽƌĞƐĂƐ ĂƚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳ͕ƌĞƐƉĞĐƟǀĞůLJ͕ƌĞůĂƚĞƐƚŽĐĞƌƚĂŝŶƐƵďƐŝĚŝĂƌŝĞƐŽŶǁŚŝĐŚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚŚĂƐŶŽƚďĞĞŶƌĞĐŽŐŶŝƐĞĚ ďLJƚŚĞ'ƌŽƵƉ͕ďĞĐĂƵƐĞƚŚĞƌĞŝƐĂůĂĐŬŽĨƌĞĂƐŽŶĂďůĞĐĞƌƚĂŝŶƚLJƚŚĂƚƚŚĞƐĞƐƵďƐŝĚŝĂƌŝĞƐŵĂLJŐĞŶĞƌĂƚĞĨƵƚƵƌĞƚĂdžĂďůĞƉƌŽĮƚƐ͘ƉƉƌŽdžŝŵĂƚĞůLJ͕ `ϭϭϬ͘ϳϮĐƌŽƌĞƐĂŶĚ`ϮϮϳ͘ϬϱĐƌŽƌĞƐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳƌĞƐƉĞĐƟǀĞůLJŽĨƚŚĞƐĞƚĂdžůŽƐƐĞƐŚĂƐĐĂƌƌLJͲĨŽƌǁĂƌĚƐŝƐŶŽƚ ĐƵƌƌĞŶƚůLJƐƵďũĞĐƚƚŽĞdžƉŝƌĂƟŽŶĚĂƚĞƐ͘dŚĞƌĞŵĂŝŶŝŶŐƚĂdžůŽƐƐĐĂƌƌLJͲĨŽƌǁĂƌĚƐŽĨĂƉƉƌŽdžŝŵĂƚĞůLJ`Ϯ͕Ϯϴϲ͘ϭϳĐƌŽƌĞƐĂŶĚ`Ϯ͕ϭϳϭ͘ϵϯĐƌŽƌĞƐ ĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳƌĞƐƉĞĐƟǀĞůLJ͕ĞdžƉŝƌĞƐŝŶǀĂƌŝŽƵƐLJĞĂƌƐƚŚƌŽƵŐŚĮƐĐĂůϮϬϯϳ͘ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐŽŶƵŶƵƐĞĚ ƚĂdžůŽƐƐĞƐŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚďLJĐĞƌƚĂŝŶƐƵďƐŝĚŝĂƌŝĞƐƚŽƚŚĞĞdžƚĞŶƚŽĨƉƌŽĮƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞƌĞǀĞƌƐĂůŽĨĞdžŝƐƟŶŐƚĂdžĂďůĞƚĞŵƉŽƌĂƌLJ ĚŝīĞƌĞŶĐĞƐ͘

248 Annual Report 2017-18 249 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018 ǀŝͿ ĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžůŝĂďŝůŝƟĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚĨŽƌĂůůƚĂdžĂďůĞƚĞŵƉŽƌĂƌLJĚŝīĞƌĞŶĐĞƐĞdžĐĞƉƚŝŶƌĞƐƉĞĐƚŽĨƚĂdžĂďůĞƚĞŵƉŽƌĂƌLJĚŝīĞƌĞŶĐĞƐ Plans EIN Plan WĞŶƐŝŽŶWƌŽƚĞĐƟŽŶĐƚ &/WͬZW^ƚĂƚƵƐ ŽŶƚƌŝďƵƟŽŶďLJƚŚĞ ĂƐƐŽĐŝĂƚĞĚǁŝƚŚŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐǁŚĞƌĞƚŚĞƟŵŝŶŐŽĨƚŚĞƌĞǀĞƌƐĂůŽĨƚŚĞƚĞŵƉŽƌĂƌLJĚŝīĞƌĞŶĐĞĐĂŶďĞĐŽŶƚƌŽůůĞĚĂŶĚŝƚ Number Number Zone Status WĞŶĚŝŶŐͬ Company for the year ŝƐƉƌŽďĂďůĞƚŚĂƚƚŚĞƚĞŵƉŽƌĂƌLJĚŝīĞƌĞŶĐĞǁŝůůŶŽƚƌĞǀĞƌƐĞŝŶƚŚĞĨŽƌĞƐĞĞĂďůĞĨƵƚƵƌĞ͘ĐĐŽƌĚŝŶŐůLJ͕ĚĞĨĞƌƌĞĚŝŶĐŽŵĞƚĂdžůŝĂďŝůŝƟĞƐŽŶ Implemented ended ĐƵŵƵůĂƟǀĞĞĂƌŶŝŶŐƐŽĨƐƵďƐŝĚŝĂƌŝĞƐĂŵŽƵŶƟŶŐƚŽ`ϭ͕ϰϳϭ͘ϭϵĐƌŽƌĞƐĂŶĚ`ϭϰϲϯ͘ϳϲĐƌŽƌĞƐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳ͕ ƌĞƐƉĞĐƟǀĞůLJŚĂƐŶŽƚďĞĞŶƌĞĐŽŐŶŝƐĞĚ͘&ƵƌƚŚĞƌ͕ŝƚŝƐŶŽƚƉƌĂĐƟĐĂďůĞƚŽĞƐƟŵĂƚĞƚŚĞĂŵŽƵŶƚŽĨƚŚĞƵŶƌĞĐŽŐŶŝƐĞĚĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƟĞƐ ϮϬϭϴ ϮϬϭϳ December December ĨŽƌƚŚĞƐĞƵŶĚŝƐƚƌŝďƵƚĞĚĞĂƌŶŝŶŐƐ͘ ϯϭ͕ϮϬϭϳ ϯϭ͕ϮϬϭϲ h^Ψ h^Ψ EŽƚĞϯϴ͗ŵƉůŽLJĞĞĞŶĞĮƚƐ EĞǁzŽƌŬ>> ;ĂͿ dŚĞ'ƌŽƵƉŚĂƐƌĞĐŽŐŶŝƐĞĚƚŚĞĨŽůůŽǁŝŶŐĞdžƉĞŶƐĞƐĂƐĚĞĮŶĞĚĐŽŶƚƌŝďƵƟŽŶƉůĂŶƵŶĚĞƌƚŚĞŚĞĂĚ͞ŽŵƉĂŶLJ͛ƐŽŶƚƌŝďƵƟŽŶƚŽWƌŽǀŝĚĞŶƚ WĞŶƐŝŽŶ&ƵŶĚ;ŝͿ ϭϯͲϭϳϲϰϮϰϮ ϬϬϭ Green 'ƌĞĞŶ zĞƐ Ϯ͕ϮϬϮ͕ϯϳϳ ϴϳϬ͕ϳϳϳ &ƵŶĚĂŶĚKƚŚĞƌ&ƵŶĚƐ͟;ŶĞƚŽĨƌĞĐŽǀĞƌŝĞƐͿ͗ ,ĞĂůƚŚĞŶĞĮƚƐ ϭϯͲϲϭϮϲϵϮϯ ϱϬϭ NA E zĞƐ ϴ͕ϭϭϱ͕ϭϳϯ ϴ͕ϵϱϲ͕ϳϵϯ &ƵŶĚ;ŝŝͿ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ WƌĞƉĂŝĚ>ĞŐĂů ϭϯͲϯϰϭϴϰϭϰ ϱϬϴ NA E zĞƐ ϳϯ͕ϳϱϮ ϳϭ͕Ϯϳϴ ` ` crores crores ^ĞƌǀŝĐĞƐ&ƵŶĚ;ŝŝŝͿ WƌŽǀŝĚĞŶƚ&ƵŶĚ ϮϬ͘ϱϳ Ϯϱ͘ϴϲ dŽƚĂůͲEĞǁzŽƌŬ>> ϭϬ͕ϯϵϭ͕ϯϬϮ ϵ͕ϴϵϴ͕ϴϰϴ ^ƵƉĞƌĂŶŶƵĂƟŽŶ&ƵŶĚ ϱ͘ϬϮ ϱ͘Ϯϳ Boston LLC Total 25.59 ϯϭ͘ϭϯ WĞŶƐŝŽŶ&ƵŶĚ;ŝǀͿ ϰϱͲϰϮϮϳϬϲϳ ϬϬϭ NA E zĞƐ Ͳ ΎϭϮϰ͕ϰϯϮ DƵůƟͲŵƉůŽLJĞƌĞŶĞĮƚWůĂŶƐ ,ĞĂůƚŚĞŶĞĮƚƐ ϬϰͲϲϬϰϴϵϲϰ ϱϬϭ NA E zĞƐ Ͳ Ύϴϯϴ͕ϵϭϵ  KŶĞŽĨ ƚŚĞ ŝŶƚĞƌŶĂƚŝŽŶĂů ƐƵďƐŝĚŝĂƌŝĞƐ͕ hŶŝƚĞĚ KǀĞƌƐĞĂƐ ,ŽůĚŝŶŐ /ŶĐ͕͘ ĂůŽŶŐ ǁŝƚŚ ŝƚƐ >>W͛Ɛ ŶĂŵĞůLJ ͞ƚŚĞ EĞǁ zŽƌŬ >>͟ ŝƐ Ă &ƵŶĚ;ǀͿ ƉĂƌƚLJƚŽƚŚĞ/ŶĚƵƐƚƌLJǁŝĚĞŽůůĞĐƚŝǀĞĂƌŐĂŝŶŝŶŐŐƌĞĞŵĞŶƚďĞƚǁĞĞŶƚŚĞEĞǁzŽƌŬ,ŽƚĞůdƌĂĚĞƐŽƵŶĐŝů;͞EzhŶŝŽŶ͟ͿĂŶĚ KƚŚĞƌ&ƵŶĚ Ͳ Ύϭϯϯ͕Ϯϴϵ ƚŚĞ,ŽƚĞůƐƐŽĐŝĂƚŝŽŶŽĨEĞǁzŽƌŬŝƚLJ͕/ŶĐ͘dŚĞŽƐƚŽŶ>>͕ĂůŽŶŐǁŝƚŚĐĞƌƚĂŝŶŽƚŚĞƌŚŽƚĞůŽƉĞƌĂƚŽƌƐĂŶĚŽǁŶĞƌƐŝŶŽƐƚŽŶ͕ dŽƚĂůͲŽƐƚŽŶ>> Ͳ ϭ͕Ϭϵϲ͕ϲϰϬ DĂƐƐĂĐŚƵƐĞƚƚƐ͕ǁĂƐĂƉĂƌƚLJƚŽƚŚĞŽůůĞĐƚŝǀĞĂƌŐĂŝŶŝŶŐŐƌĞĞŵĞŶƚǁŝƚŚhE/d,Z>ŽĐĂůϮϲ;͞ŽƐƚŽŶhŶŝŽŶ͟Ϳ͘ƐƉĂƌƚŽĨƚŚĞ ^ĂůĞ͕ƚŚĞŶĞǁŽǁŶĞƌŽĨƚŚĞŽƐƚŽŶ,ŽƚĞůĂƐƐƵŵĞĚƚŚĞŽďůŝŐĂƚŝŽŶƐĨŽƌƚŚĞŽƐƚŽŶhŶŝŽŶ͕ĂĐĐŽƌĚŝŶŐůLJ͕ƚŚĞŽŵƉĂŶLJŝƐŶŽůŽŶŐĞƌ ϭϬ͕ϯϵϭ͕ϯϬϮ ϭϬ͕ϵϵϱ͕ϰϴϴ ĂƉĂƌƚLJƚŽƚŚĞŽƐƚŽŶhŶŝŽŶ͘dŚĞĐŽůůĞĐƚŝǀĞďĂƌŐĂŝŶŝŶŐĂŐƌĞĞŵĞŶƚƉƌŽǀŝĚĞƐĨŽƌƵŶŝŽŶƐƉŽŶƐŽƌĞĚŵƵůƚŝͲĞŵƉůŽLJĞƌĚĞĨŝŶĞĚďĞŶĞĨŝƚ ΎͲƵƉƚŽƚŚĞƐĂůĞ͘ ƉůĂŶƐ;ƚŚĞ͞WůĂŶƐ͟ͿƚŽǁŚŝĐŚƚŚĞEĞǁzŽƌŬ>>ŵĂŬĞƐĐŽŶƚƌŝďƵƚŝŽŶƐĨŽƌƚŚĞďĞŶĞĨŝƚŽĨƚŚĞŝƌĞŵƉůŽLJĞĞƐĐŽǀĞƌĞĚďLJƚŚĞĐŽůůĞĐƚŝǀĞ ďĂƌŐĂŝŶŝŶŐĂŐƌĞĞŵĞŶƚƐ͘dŚĞEĞǁzŽƌŬ>>ŚĂƐŶŽƚƌĞĐĞŝǀĞĚŝŶĨŽƌŵĂƚŝŽŶĨƌŽŵƚŚĞWůĂŶƐ͛ĂĚŵŝŶŝƐƚƌĂƚŽƌƐƚŽĚĞƚĞƌŵŝŶĞƚŚĞŝƌƐŚĂƌĞ  ;ŝͿ EĞǁzŽƌŬ,ŽƚĞůdƌĂĚĞƐŽƵŶĐŝůĂŶĚ,ŽƚĞůƐƐŽĐŝĂƟŽŶŽĨEĞǁzŽƌŬŝƚLJ͕/ŶĐ͘WĞŶƐŝŽŶ&ƵŶĚ ŽĨƵŶĨƵŶĚĞĚďĞŶĞĨŝƚŽďůŝŐĂƚŝŽŶƐ͕ŝĨĂŶLJ͘dŚĞEĞǁzŽƌŬ>>ŚĂƐŶŽƚƵŶĚĞƌƚĂŬĞŶƚŽƚĞƌŵŝŶĂƚĞ͕ǁŝƚŚĚƌĂǁŽƌƉĂƌƚŝĂůůLJǁŝƚŚĚƌĂǁ  ;ŝŝͿ EĞǁzŽƌŬ,ŽƚĞůdƌĂĚĞƐŽƵŶĐŝůĂŶĚ,ŽƚĞůƐƐŽĐŝĂƟŽŶŽĨEĞǁzŽƌŬŝƚLJ͕/ŶĐ͘,ĞĂůƚŚĞŶĞĮƚƐ&ƵŶĚ ĨƌŽŵƚŚĞWůĂŶƐ͘dŚĞƌŝƐŬƐŽĨƉĂƌƚŝĐŝƉĂƚŝŶŐŝŶƚŚĞŵƵůƚŝͲĞŵƉůŽLJĞƌƉůĂŶĂƌĞĚŝĨĨĞƌĞŶƚĨƌŽŵĂƐŝŶŐůĞͲĞŵƉůŽLJĞƌƉůĂŶŝŶƚŚĞĨŽůůŽǁŝŶŐ ĂƐƉĞĐƚƐ͗  ;ŝŝŝͿ EĞǁzŽƌŬ,ŽƚĞůdƌĂĚĞƐŽƵŶĐŝůĂŶĚ,ŽƚĞůƐƐŽĐŝĂƟŽŶŽĨEĞǁzŽƌŬŝƚLJ͕/ŶĐ͘WƌĞƉĂŝĚ>ĞŐĂů^ĞƌǀŝĐĞƐ&ƵŶĚ  ;ŝͿ ƐƐĞƚƐ ĐŽŶƚƌŝďƵƚĞĚ ƚŽ ƚŚĞ ŵƵůƟͲĞŵƉůŽLJĞƌ ƉůĂŶ ďLJ ŽŶĞ ĞŵƉůŽLJĞƌ ŵĂLJ ďĞ ƵƐĞĚ ƚŽ ƉƌŽǀŝĚĞ ďĞŶĞĮƚƐ ƚŽ ĞŵƉůŽLJĞĞƐ ŽĨ ŽƚŚĞƌ  ;ŝǀͿ hŶŝƚĞ,ĞƌĞ>ŽĐĂůϮϲtŽƌŬĞƌƐΘ,ŽƐƉŝƚĂůŝƚLJŵƉůŽLJĞƌƐsWĞŶƐŝŽŶdƌƵƐƚ ƉĂƌƟĐŝƉĂƟŶŐĞŵƉůŽLJĞƌƐ͘  ;ǀͿ 'ƌĞĂƚĞƌŽƐƚŽŶ,ŽƚĞůŵƉůŽLJĞĞƐ>ŽĐĂůϮϲ,ĞĂůƚŚĂŶĚtĞůĨĂƌĞWůĂŶ  ;ŝŝͿ /ĨĂƉĂƌƟĐŝƉĂƟŶŐĞŵƉůŽLJĞƌƐƚŽƉƐĐŽŶƚƌŝďƵƟŶŐƚŽƚŚĞƉůĂŶ͕ƚŚĞƵŶĨƵŶĚĞĚŽďůŝŐĂƟŽŶƐŽĨƚŚĞƉůĂŶŵĂLJďĞďŽƌŶĞďLJƚŚĞƌĞŵĂŝŶŝŶŐ  ;ǀŝͿ ƐƉĂƌƚŽĨƚŚĞ^ĂůĞ͕ƚŚĞŽŵƉĂŶLJŝƐŶŽůŽŶŐĞƌĂƉĂƌƚLJƚŽƚŚĞŽƐƚŽŶhŶŝŽŶ͘ ƉĂƌƟĐŝƉĂƟŶŐĞŵƉůŽLJĞƌƐ͘  ĞĮŶĞĚŽŶƚƌŝďƵƟŽŶϰϬϭ;ŬͿWůĂŶƐ  ;ŝŝŝͿ /ĨĂŶĞŵƉůŽLJĞƌĐŚŽŽƐĞƐƚŽƐƚŽƉƉĂƌƟĐŝƉĂƟŶŐŝŶƐŽŵĞŽĨŝƚƐŵƵůƟͲĞŵƉůŽLJĞƌƉůĂŶƐ͕ƚŚĞĞŵƉůŽLJĞƌŵĂLJďĞƌĞƋƵŝƌĞĚƚŽƉĂLJƚŚŽƐĞƉůĂŶƐ  hŶŝƚĞĚKǀĞƌƐĞĂƐ,ŽůĚŝŶŐ/ŶĐ͘ĂŶĚŝƚƐ>>͛Ɛ͕ǁŚŽůůLJŽǁŶĞĚƐƵďƐŝĚŝĂƌŝĞƐŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂ͕ŚĂǀĞĚĞĮŶĞĚĐŽŶƚƌŝďƵƟŽŶƉůĂŶƐ ĂŶĂŵŽƵŶƚďĂƐĞĚŽŶƚŚĞƵŶĚĞƌĨƵŶĚĞĚƐƚĂƚƵƐŽĨƚŚĞƉůĂŶ͕ƌĞĨĞƌƌĞĚƚŽĂƐĂǁŝƚŚĚƌĂǁĂůůŝĂďŝůŝƚLJ͘ ĨŽƌƚŚĞďĞŶĞĮƚŽĨƚŚĞŝƌĞůŝŐŝďůĞĞŵƉůŽLJĞĞƐƉƵƌƐƵĂŶƚƚŽ^ĞĐƟŽŶϰϬϭ;ŬͿŽĨƚŚĞ/ŶƚĞƌŶĂůZĞǀĞŶƵĞŽĚĞ͘/ŶĂĚĚŝƟŽŶƚŽĞŵƉůŽLJĞĞϰϬϭ;ŬͿ  dŚĞEĞǁzŽƌŬ>>͛ƐĂŶĚƚŚĞŽƐƚŽŶ>>͛ƐƉĂƌƟĐŝƉĂƟŽŶŝŶƚŚĞWůĂŶƐĨŽƌϮϬϭϳĂŶĚϮϬϭϲŝƐŽƵƚůŝŶĞĚŝŶƚŚĞƚĂďůĞďĞůŽǁ͘dŚĞ͞/EEƵŵďĞƌ͟ ĐŽŶƚƌŝďƵƟŽŶƐ͕ƚŚĞƉůĂŶƐƌĞƋƵŝƌĞĞŵƉůŽLJĞƌĐŽŶƚƌŝďƵƟŽŶƐŽĨϯйŽĨĞĂĐŚĞůŝŐŝďůĞƉĂƌƟĐŝƉĂŶƚ͛ƐƉůĂŶĐŽŵƉĞŶƐĂƟŽŶĨŽƌĞĂĐŚLJĞĂƌ͘dŚĞ ĐŽůƵŵŶƉƌŽǀŝĚĞƐƚŚĞŵƉůŽLJĞƌ/ĚĞŶƟĮĐĂƟŽŶEƵŵďĞƌ;/EͿ͘dŚĞŵŽƐƚƌĞĐĞŶƚWĞŶƐŝŽŶWƌŽƚĞĐƟŽŶĐƚ;WWͿnjŽŶĞƐƚĂƚƵƐĂǀĂŝůĂďůĞŝƐĨŽƌ ĞŵƉůŽLJĞƌŵĂLJĂůƐŽŵĂŬĞĂƉƌŽĮƚƐŚĂƌŝŶŐĐŽŶƚƌŝďƵƟŽŶŽĨĂƵŶŝĨŽƌŵƉĞƌĐĞŶƚĂŐĞŽĨĞůŝŐŝďůĞƉĂƌƟĐŝƉĂŶƚƐ͛ƉůĂŶĐŽŵƉĞŶƐĂƟŽŶďĂƐĞĚŽŶ ƚŚĞWůĂŶƐ͛LJĞĂƌͲĞŶĚĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͘ ƉƌŽĮƚƐĂƐĚĞĮŶĞĚ͘dŚĞĞŵƉůŽLJĞƌĐŽŶƚƌŝďƵƟŽŶƐĐŚĂƌŐĞĚƚŽƚŚĞŽŵƉĂŶLJ͛ƐĂŶĚƚŚĞ^ƵďƐŝĚŝĂƌŝĞƐ͛ŽƉĞƌĂƟŽŶƐĨŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚDĂƌĐŚ ϯϭ͕ϮϬϭϴĂŶĚϮϬϭϳĂƌĞĂƐĨŽůůŽǁƐ͗  dŚĞnjŽŶĞƐƚĂƚƵƐŝƐďĂƐĞĚŽŶŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚƚŚĞEĞǁzŽƌŬ>>ĂŶĚƚŚĞŽƐƚŽŶ>>ƌĞĐĞŝǀĞĚĨƌŽŵƚŚĞWůĂŶƐĂŶĚŝƐĐĞƌƚŝĨŝĞĚďLJ ƚŚĞĂĐƚƵĂƌŝĞƐŽĨƚŚĞWůĂŶƐ͘ŵŽŶŐŽƚŚĞƌĨĂĐƚŽƌƐ͕ƉĞŶƐŝŽŶƉůĂŶƐŝŶƚŚĞƌĞĚnjŽŶĞĂƌĞŐĞŶĞƌĂůůLJůĞƐƐƚŚĂŶϲϱйĨƵŶĚĞĚ͕ƉĞŶƐŝŽŶ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ƉůĂŶƐŝŶƚŚĞLJĞůůŽǁnjŽŶĞĂƌĞůĞƐƐƚŚĂŶϴϬйĨƵŶĚĞĚ͕ĂŶĚƉĞŶƐŝŽŶƉůĂŶƐŝŶƚŚĞŐƌĞĞŶnjŽŶĞĂƌĞĂƚůĞĂƐƚϴϬйĨƵŶĚĞĚ͘dŚĞ͞&/WͬZW h^Ψ US $ ^ƚĂƚƵƐWĞŶĚŝŶŐͬ/ŵƉůĞŵĞŶƚĞĚ͟ĐŽůƵŵŶŝŶĚŝĐĂƚĞƐƉĞŶƐŝŽŶƉůĂŶƐĨŽƌǁŚŝĐŚĂĨŝŶĂŶĐŝĂůŝŵƉƌŽǀĞŵĞŶƚƉůĂŶ;&/WͿŽƌĂƌĞŚĂďŝůŝƚĂƚŝŽŶ ƉůĂŶ;ZWͿŝƐƉĞŶĚŝŶŐŽƌŚĂƐďĞĞŶŝŵƉůĞŵĞŶƚĞĚ͘dŚĞEĞǁzŽƌŬ>>͛ƐĂŶĚƚŚĞŽƐƚŽŶ>>͛ƐĐŽŶƚƌŝďƵƚŝŽŶƐƚŽŝƚƐƌĞƐƉĞĐƚŝǀĞWůĂŶƐ ^ĂŶ&ƌĂŶĐŝƐĐŽ>> ϭϭϰ͕ϲϱϭ ϭϮϬ͕ϴϭϳ ĚŝĚŶŽƚĞdžĐĞĞĚŵŽƌĞƚŚĂŶϱйŽĨƚŚĞƚŽƚĂůĐŽŶƚƌŝďƵƚŝŽŶƐƚŽƚŚĞWůĂŶƐďLJĂůůƉĂƌƚŝĐŝƉĂƚŝŶŐĞŵƉůŽLJĞƌƐ͘dŚĞĨŽůůŽǁŝŶŐŝƐĂƐƵŵŵĂƌLJ ŽƐƚŽŶ Ͳ Ύϱϱ͕ϯϱϲ ŽĨƚŚĞWůĂŶƐƚŽǁŚŝĐŚƚŚĞEĞǁzŽƌŬ>>ĂŶĚƚŚĞŽƐƚŽŶ>>ŵĂŬĞĐŽŶƚƌŝďƵƚŝŽŶƐĨŽƌƚŚĞďĞŶĞĨŝƚŽĨƚŚĞŝƌĞŵƉůŽLJĞĞƐĐŽǀĞƌĞĚďLJ EĞǁzŽƌŬ>> ϭϳϲ͕ϳϵϭ ϭϲϳ͕ϲϮϳ ƚŚĞĐŽůůĞĐƚŝǀĞďĂƌŐĂŝŶŝŶŐĂŐƌĞĞŵĞŶƚƐ͘ ŽŵƉĂŶLJ ϳ͕Ϭϲϳ Ϯϲ͕ϰϬϬ dŽƚĂůŵƉůŽLJĞƌŽŶƚƌŝďƵƟŽŶƐ Ϯϵϴ͕ϱϬϵ ϯϳϬ͕ϮϬϬ  ΎͲƵƉƚŽƚŚĞƐĂůĞ͘

250 Annual Report 2017-18 251 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018 ;ďͿ dŚĞ'ƌŽƵƉŽƉĞƌĂƚĞƐƉŽƐƚƌĞƟƌĞŵĞŶƚĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶƐĂƐĨŽůůŽǁƐ͗Ͳ b. Interest risk  ;ŝͿ &ƵŶĚĞĚ͗   ĚĞĐƌĞĂƐĞŝŶƚŚĞďŽŶĚŝŶƚĞƌĞƐƚƌĂƚĞǁŝůůŝŶĐƌĞĂƐĞƚŚĞƉůĂŶůŝĂďŝůŝƚLJ͖ŚŽǁĞǀĞƌ͕ƚŚŝƐǁŝůůďĞƉĂƌƟĂůůLJŽīƐĞƚďLJĂŶŝŶĐƌĞĂƐĞŝŶƚŚĞƌĞƚƵƌŶ   ͻ WŽƐƚZĞƟƌĞŵĞŶƚ'ƌĂƚƵŝƚLJ ŽŶƚŚĞƉůĂŶ͛ƐĚĞďƚŝŶǀĞƐƚŵĞŶƚƐ͘   ͻ WĞŶƐŝŽŶƚŽŵƉůŽLJĞĞƐʹWŽƐƚƌĞƟƌĞŵĞŶƚŵŝŶŝŵƵŵŐƵĂƌĂŶƚĞĞĚƉĞŶƐŝŽŶƐĐŚĞŵĞĨŽƌĐĞƌƚĂŝŶĐĂƚĞŐŽƌŝĞƐŽĨĞŵƉůŽLJĞĞƐ͕ǁŚŝĐŚ  Đ͘ >ŽŶŐĞǀŝƚLJƌŝƐŬ ŝƐĨƵŶĚĞĚďLJƚŚĞŽŵƉĂŶLJĂŶĚƚŚĞĞŵƉůŽLJĞĞƐ͘   dŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶůŝĂďŝůŝƚLJŝƐĐĂůĐƵůĂƚĞĚďLJƌĞĨĞƌĞŶĐĞƚŽƚŚĞďĞƐƚĞƐƟŵĂƚĞŽĨƚŚĞŵŽƌƚĂůŝƚLJŽĨƉůĂŶ  ;ŝŝͿ hŶĨƵŶĚĞĚ͗ ƉĂƌƟĐŝƉĂŶƚƐďŽƚŚĚƵƌŝŶŐĂŶĚĂŌĞƌƚŚĞŝƌĞŵƉůŽLJŵĞŶƚ͘ŶŝŶĐƌĞĂƐĞŝŶƚŚĞůŝĨĞĞdžƉĞĐƚĂŶĐLJŽĨƚŚĞƉůĂŶƉĂƌƟĐŝƉĂŶƚƐǁŝůůŝŶĐƌĞĂƐĞƚŚĞ ƉůĂŶ͛ƐůŝĂďŝůŝƚLJ͘   ͻ WŽƐƚZĞƟƌĞŵĞŶƚ'ƌĂƚƵŝƚLJ   ͻ WĞŶƐŝŽŶƚŽdžĞĐƵƟǀĞŝƌĞĐƚŽƌƐĂŶĚŵƉůŽLJĞĞƐʹWŽƐƚƌĞƟƌĞŵĞŶƚŵŝŶŝŵƵŵŐƵĂƌĂŶƚĞĞĚƉĞŶƐŝŽŶƐĐŚĞŵĞĨŽƌƐĞůĞĐƚĞdžŝƐƟŶŐ d. Salary risk ĂŶĚƌĞƟƌĞĚĞdžĞĐƵƟǀĞĚŝƌĞĐƚŽƌƐĂŶĚĐĞƌƚĂŝŶĐĂƚĞŐŽƌŝĞƐŽĨĞŵƉůŽLJĞĞƐ͕ǁŚŝĐŚŝƐƵŶĨƵŶĚĞĚ͘   dŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶůŝĂďŝůŝƚLJŝƐĐĂůĐƵůĂƚĞĚďLJƌĞĨĞƌĞŶĐĞƚŽƚŚĞĨƵƚƵƌĞƐĂůĂƌŝĞƐŽĨƉůĂŶƉĂƌƟĐŝƉĂŶƚƐ͘ƐƐƵĐŚ͕   ͻ WŽƐƚŵƉůŽLJŵĞŶƚDĞĚŝĐĂůĞŶĞĮƚƐƚŽƋƵĂůŝĨLJŝŶŐĞŵƉůŽLJĞĞƐ ĂŶŝŶĐƌĞĂƐĞŝŶƚŚĞƐĂůĂƌLJŽĨƚŚĞƉůĂŶƉĂƌƟĐŝƉĂŶƚƐǁŝůůŝŶĐƌĞĂƐĞƚŚĞƉůĂŶ͛ƐůŝĂďŝůŝƚLJ͘ ;ĐͿ WƌŽǀŝĚĞŶƚ&ƵŶĚ͗ ;ĨͿ ĞĮŶĞĚĞŶĞĮƚWůĂŶƐʹƐƉĞƌĐƚƵĂƌŝĂůsĂůƵĂƟŽŶŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ͗Ͳ  dŚĞŽŵƉĂŶLJŽƉĞƌĂƚĞƐWƌŽǀŝĚĞŶƚ&ƵŶĚ^ĐŚĞŵĞƚŚƌŽƵŐŚĂƚƌƵƐƚʹ͚/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶLJ>ŝŵŝƚĞĚŵƉůŽLJĞĞƐWƌŽǀŝĚĞŶƚ&ƵŶĚdƌƵƐƚ͛  ;ŝͿ ŵŽƵŶƚƚŽďĞƌĞĐŽŐŶŝƐĞĚŝŶĂůĂŶĐĞ^ŚĞĞƚĂŶĚŵŽǀĞŵĞŶƚŝŶŶĞƚůŝĂďŝůŝƚLJ ;͚ƚŚĞWůĂŶ͛Ϳ͕ƐĞƚƵƉďLJƚŚĞŽŵƉĂŶLJĂŶĚĨŽƌĐĞƌƚĂŝŶĐĂƚĞŐŽƌŝĞƐĐŽŶƚƌŝďƵƟŽŶƐĂƌĞŵĂĚĞƚŽ^ƚĂƚĞWůĂŶ͘ Gratuity Post Pension Pension Pension  dŚĞWůĂŶŐƵĂƌĂŶƚĞĞƐŵŝŶŝŵƵŵŝŶƚĞƌĞƐƚĂƚƚŚĞƌĂƚĞŶŽƚŝĨŝĞĚďLJƚŚĞWƌŽǀŝĚĞŶƚ&ƵŶĚƵƚŚŽƌŝƚŝĞƐ͘dŚĞĐŽŶƚƌŝďƵƚŝŽŶďLJƚŚĞĞŵƉůŽLJĞƌĂŶĚ Employment dŽƉͲƵƉ Director ^ƚĂī ĞŵƉůŽLJĞĞƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞŝŶƚĞƌĞƐƚĂĐĐƵŵƵůĂƚĞĚƚŚĞƌĞŽŶĂƌĞƉĂLJĂďůĞƚŽĞŵƉůŽLJĞĞƐĂƚƚŚĞƚŝŵĞŽĨƐĞƉĂƌĂƚŝŽŶĨƌŽŵƚŚĞŽŵƉĂŶLJŽƌ Medical hŶĨƵŶĚĞĚ hŶĨƵŶĚĞĚ Funded ƌĞƚŝƌĞŵĞŶƚ͕ǁŚŝĐŚĞǀĞƌŝƐĞĂƌůŝĞƌ͘dŚĞďĞŶĞĨŝƚǀĞƐƚƐŝŵŵĞĚŝĂƚĞůLJŽŶƌĞŶĚĞƌŝŶŐŽĨƚŚĞƐĞƌǀŝĐĞƐďLJƚŚĞĞŵƉůŽLJĞĞ͘/ŶƚĞƌŵƐŽĨƚŚĞŐƵŝĚĂŶĐĞ ĞŶĞĮƚƐ ŶŽƚĞŝƐƐƵĞĚďLJƚŚĞ/ŶƐƚŝƚƵƚĞŽĨĐƚƵĂƌŝĞƐŽĨ/ŶĚŝĂĨŽƌŵĞĂƐƵƌĞŵĞŶƚŽĨƉƌŽǀŝĚĞŶƚĨƵŶĚůŝĂďŝůŝƚŝĞƐ͕ƚŚĞĂĐƚƵĂƌLJŚĂƐƉƌŽǀŝĚĞĚĂǀĂůƵĂƚŝŽŶŽĨ hŶĨƵŶĚĞĚ ƉƌŽǀŝĚĞŶƚĨƵŶĚůŝĂďŝůŝƚLJĂŶĚďĂƐĞĚŽŶƚŚĞĂƐƐƵŵƉƚŝŽŶƐƉƌŽǀŝĚĞĚďĞůŽǁ͕ƚŚĞƌĞŝƐŶŽƐŚŽƌƚĨĂůůĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳ͘ ` crores ` crores ` crores ` crores ` crores  dŚĞĚĞƚĂŝůƐŽĨĨƵŶĚĂŶĚƉůĂŶĂƐƐĞƚƉŽƐŝƟŽŶĂƌĞŐŝǀĞŶďĞůŽǁ͗ WƌĞƐĞŶƚsĂůƵĞŽĨ&ƵŶĚĞĚKďůŝŐĂƟŽŶƐ ϭϵϰ͘ϵϭ Ͳ Ͳ Ͳ ϳ͘Ϯϴ ϭϴϱ͘ϰϳͲͲͲϳ͘ϭϱ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ` crores ` crores WƌĞƐĞŶƚsĂůƵĞŽĨhŶĨƵŶĚĞĚKďůŝŐĂƟŽŶƐ ϭ͘ϭϰ ϱ͘ϲϯ 2.75 ϭϱ͘ϲϭ Ͳ Plan Assets as at period end ϱϮϵ͘ϯϯ ϰϴϳ͘ϯϴ Ϭ͘ϵϴ ϱ͘ϱϱ ϰ͘Ϯϱ ϭϱ͘ϯϯ Ͳ WƌĞƐĞŶƚsĂůƵĞŽĨ&ƵŶĚĞĚKďůŝŐĂƟŽŶĂƚƉĞƌŝŽĚĞŶĚ ϱϮϵ͘ϯϯ ϰϴϳ͘ϯϴ &ĂŝƌsĂůƵĞŽĨWůĂŶƐƐĞƚƐ ;ϭϴϴ͘ϯϭͿ Ͳ Ͳ Ͳ 9.70 ŵŽƵŶƚƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞĂůĂŶĐĞ^ŚĞĞƚ Ͳ Ͳ ;ϭϴϴ͘ϲϭͿͲͲͲ;ϴ͘ϵϱͿ  ƐƐƵŵƉƟŽŶƐƵƐĞĚŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽďůŝŐĂƟŽŶŽĨƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞŐƵĂƌĂŶƚĞĞƵŶĚĞƌƚŚĞĞƚĞƌŵŝŶŝƐƟĐƉƉƌŽĂĐŚ͗ Amount not recognised due to asset limit ͲͲͲͲϬ͘ϴϮ ͲͲͲͲϬ͘ϲϭ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ EĞƚ;ƐƐĞƚͿͬ>ŝĂďŝůŝƚLJ ϭϰ͘ϳϰ ϱ͘ϲϯ 2.75 ϭϱ͘ϲϭ ;ϭ͘ϱϵͿ 'ƵĂƌĂŶƚĞĞĚZĂƚĞŽĨZĞƚƵƌŶ ϴ͘ϱϱй ϴ͘ϲϱй ;Ϯ͘ϭϲͿ ϱ͘ϱϱ ϰ͘Ϯϱ ϭϱ͘ϯϯ ;ϭ͘ϭϵͿ ŝƐĐŽƵŶƚĞĚZĂƚĞĨŽƌƌĞŵĂŝŶŝŶŐƚĞƌŵƚŽDĂƚƵƌŝƚLJŽĨ/ŶǀĞƐƚŵĞŶƚ ϳ͘ϳϱй ϳ͘ϮϬй džƉĞĐƚĞĚZĂƚĞŽĨZĞƚƵƌŶŽŶ/ŶǀĞƐƚŵĞŶƚ ϵ͘ϭϲй ϵ͘ϱϬй  ;ŝŝͿ džƉĞŶƐĞƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨWƌŽĮƚΘ>ŽƐƐ

 dŚĞŽŵƉĂŶLJĐŽŶƚƌŝďƵƚĞĚ`ϵ͘ϵϴĐƌŽƌĞƐĂŶĚ`ϵ͘ϴϬĐƌŽƌĞƐƚŽǁĂƌĚƐƉƌŽǀŝĚĞŶƚĨƵŶĚĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚ Gratuity Post Pension Pension Pension ϯϭ͕ϮϬϭϳƌĞƐƉĞĐƟǀĞůLJĂŶĚƚŚĞƐĂŵĞŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨƉƌŽĮƚĂŶĚůŽƐƐ͘ Employment dŽƉͲƵƉ Director ^ƚĂī Medical hŶĨƵŶĚĞĚ hŶĨƵŶĚĞĚ Funded ;ĚͿ WĞŶƐŝŽŶ^ĐŚĞŵĞĨŽƌŵƉůŽLJĞĞƐ͗ ĞŶĞĮƚƐ  dŚĞ'ƌŽƵƉŚĂƐĨŽƌŵƵůĂƚĞĚĂĨƵŶĚĞĚƉĞŶƐŝŽŶƐĐŚĞŵĞĨŽƌĐĞƌƚĂŝŶĞŵƉůŽLJĞĞƐ͘dŚĞĂĐƚƵĂƌŝĂůůŝĂďŝůŝƚLJĂƌŝƐŝŶŐŽŶƚŚĞĂďŽǀĞ͕ĂŌĞƌĂůůŽǁŝŶŐ hŶĨƵŶĚĞĚ ĨŽƌĞŵƉůŽLJĞĞƐ͛ĐŽŶƚƌŝďƵƟŽŶŝƐĚĞƚĞƌŵŝŶĞĚĂƐĂƚƚŚĞLJĞĂƌĞŶĚ͕ŽŶƚŚĞďĂƐŝƐŽĨƵŶŝĨŽƌŵĂĐĐƌƵĂůďĞŶĞĮƚ͕ǁŝƚŚĚĞŵŽŐƌĂƉŚŝĐĂƐƐƵŵƉƟŽŶƐ ` crores ` crores ` crores ` crores ` crores ƚĂŬĞŶĂƐEŝů͘ ƵƌƌĞŶƚ^ĞƌǀŝĐĞŽƐƚ ϭϬ͘ϴϰ Ϭ͘Ϭϴ Ϭ͘Ϯϴ Ϭ͘ϭϱ Ϭ͘ϭϰ ;ĞͿ dŚĞĂďŽǀĞĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶƐƚLJƉŝĐĂůůLJĞdžƉŽƐĞƚŚĞ'ƌŽƵƉƚŽĂĐƚƵĂƌŝĂůƌŝƐŬƐƐƵĐŚĂƐ͗ŝŶǀĞƐƚŵĞŶƚƌŝƐŬ͕ŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ͕ůŽŶŐĞǀŝƚLJƌŝƐŬ ϭϬ͘ϰϰ Ϭ͘ϭϬ Ϭ͘ϯϮ Ϭ͘ϯϯ Ϭ͘ϭϰ ĂŶĚƐĂůĂƌLJƌŝƐŬ͘ WĂƐƚƐĞƌǀŝĐĞŽƐƚ Ͳ Ͳ ;ϭ͘ϰϳͿ Ͳ Ͳ  Ă͘ /ŶǀĞƐƚŵĞŶƚƌŝƐŬ ͲͲͲͲͲ   dŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĚĞĨŝŶĞĚďĞŶĞĨŝƚƉůĂŶůŝĂďŝůŝƚLJŝƐĐĂůĐƵůĂƚĞĚƵƐŝŶŐĂĚŝƐĐŽƵŶƚƌĂƚĞǁŚŝĐŚŝƐĚĞƚĞƌŵŝŶĞĚďLJƌĞĨĞƌĞŶĐĞ ƚŽŐŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƚLJLJŝĞůĚƐƉƌĞǀĂŝůŝŶŐĂƐĂƚƚŚĞĂůĂŶĐĞ^ŚĞĞƚĚĂƚĞ͘/ĨƚŚĞƌĞƚƵƌŶŽŶƉůĂŶĂƐƐĞƚŝƐďĞůŽǁƚŚŝƐƌĂƚĞ͕ŝƚ /ŶƚĞƌĞƐƚŽƐƚ ;Ϭ͘ϳϲͿ Ϭ͘ϯϵ 0.27 ϭ͘ϭϬ ;Ϭ͘ϬϵͿ ǁŝůůĐƌĞĂƚĞĂƉůĂŶĚĞĨŝĐŝƚ͘dŚĞĐƵƌƌĞŶƚƉůĂŶŚĂƐĂƌĞůĂƚŝǀĞůLJďĂůĂŶĐĞĚŵŝdžŽĨŝŶǀĞƐƚŵĞŶƚƐŝŶĞƋƵŝƚLJ͕ŐŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƚŝĞƐ͕ Ϭ͘ϯϲ Ϭ͘ϯϱ Ϭ͘ϯϯ Ϭ͘ϵϳ ;Ϭ͘ϬϵͿ ďŽŶĚƐĂŶĚŽƚŚĞƌĚĞďƚŝŶƐƚƌƵŵĞŶƚƐ͘ƵĞƚŽƚŚĞůŽŶŐͲƚĞƌŵŶĂƚƵƌĞŽĨƚŚĞƉůĂŶůŝĂďŝůŝƚŝĞƐ͕ƚŚĞdƌƵƐƚĞĞƐŽĨƚŚĞ&ƵŶĚĐŽŶƐŝĚĞƌ Total 5.96 Ϭ͘ϰϳ ;Ϭ͘ϵϮͿ ϭ͘Ϯϱ 0.05 ŝƚĂƉƉƌŽƉƌŝĂƚĞƚŚĂƚĂƌĞĂƐŽŶĂďůĞƉŽƌƚŝŽŶŽĨƚŚĞƉůĂŶĂƐƐĞƚƐƐŚŽƵůĚďĞŝŶǀĞƐƚĞĚŝŶĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐƚŽůĞǀĞƌĂŐĞƚŚĞƌĞƚƵƌŶ ŐĞŶĞƌĂƚĞĚďLJƚŚĞ&ƵŶĚ͘ ϭϬ͘ϴϬ Ϭ͘ϰϱ Ϭ͘ϲϱ ϭ͘ϯϬ Ϭ͘Ϭϱ

252 Annual Report 2017-18 253 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018  ;ŝŝŝͿ džƉĞŶƐĞƐƌĞĐŽŐŶŝƐĞĚŝŶKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ;K/Ϳ  ;ǀͿ ZĞĐŽŶĐŝůŝĂƟŽŶŽĨ&ĂŝƌsĂůƵĞŽĨWůĂŶƐƐĞƚƐ

Gratuity Post Pension Pension Pension Gratuity Post Pension Pension Pension Employment dŽƉͲƵƉ Director ^ƚĂī Employment dŽƉͲƵƉ Director ^ƚĂī Medical hŶĨƵŶĚĞĚ hŶĨƵŶĚĞĚ Funded Medical hŶĨƵŶĚĞĚ hŶĨƵŶĚĞĚ Funded ĞŶĞĮƚƐ ĞŶĞĮƚƐ hŶĨƵŶĚĞĚ hŶĨƵŶĚĞĚ ` ` ` ` ` crores crores crores crores crores ` crores ` crores ` crores ` crores ` crores Remeasurements due to actuarial ϭϴϴ͘ϲϭ Ͳ Ͳ Ͳ ϴ͘ϵϱ ůŽƐƐͬ;ŐĂŝŶͿĂƌŝƐŝŶŐĨƌŽŵ͗ KƉĞŶŝŶŐ&ĂŝƌsĂůƵĞŽĨWůĂŶƐƐĞƚƐ ;Ϯ͘ϳϲͿ ;Ϭ͘ϭϰͿ ;Ϭ͘ϬϴͿ ;Ϭ͘ϯϴͿ ;Ϭ͘ϭϱͿ ϭϳϳ͘ϮϲͲͲͲϴ͘ϯϳ ŚĂŶŐĞƐŝŶĮŶĂŶĐŝĂůĂƐƐƵŵƉƟŽŶƐ ϭϯ͘Ϯϰ Ͳ Ͳ Ͳ Ϭ͘ϲϰ ϯ͘ϯϴ Ϭ͘ϭϰ Ϭ͘ϭϵ Ϭ͘ϯϵ Ϭ͘ϭϱ Interest on Plan Assets ϰ͘ϳϵ Ͳ ;Ϭ͘ϬϯͿ Ͳ Ͳ ϭϮ͘ϱϳͲͲͲϬ͘ϲϮ ŚĂŶŐĞƐŝŶĚĞŵŽŐƌĂƉŚŝĐĂƐƐƵŵƉƟŽŶƐ ͲͲͲͲͲ ZĞŵĞĂƐƵƌĞŵĞŶƚƐĚƵĞƚŽ͗ ϴ͘ϯϲ 0.06 Ϭ͘ϴϲ ;Ϭ͘ϬϭͿ Ϭ͘Ϭϯ Actual return on plan assets less interest ;ϭ͘ϬϲͿ Ͳ Ͳ Ͳ Ϭ͘ϯϵ džƉĞƌŝĞŶĐĞĂĚũƵƐƚŵĞŶƚƐ ;ϭ͘ϯϵͿ Ϭ͘ϱϯ ;Ϭ͘ϭϯͿ ϭ͘Ϭϭ Ϭ͘Ϯϭ on plan assets ϭϭ͘ϴϵͲͲͲϬ͘ϯϯ Actual return on plan assets less interest ϭ͘Ϭϲ Ͳ Ͳ Ͳ ;Ϭ͘ϯϵͿ 0.97 Ϭ͘ϯϭ ϭ͘ϯϯ Ϭ͘ϱϴ Ϭ͘ϭϮ ŽŶƚƌŝďƵƟŽŶďLJŵƉůŽLJĞƌ on plan assets ;ϭϭ͘ϴϵͿ Ͳ Ͳ Ͳ ;Ϭ͘ϯϯͿ ϭϬ͘ϵϮ Ϭ͘ϯϮ ϭ͘ϭϬ Ϭ͘ϯϱ ;Ϭ͘ϬϱͿ ĚũƵƐƚŵĞŶƚƚŽƌĞĐŽŐŶŝƐĞƚŚĞĞīĞĐƚŽĨ Ͳ Ͳ Ͳ Ͳ Ϭ͘ϭϳ ;Ϯϭ͘ϱϭͿ ;Ϭ͘ϯϭͿ ;ϭ͘ϯϯͿ ;Ϭ͘ϱϴͿ ;Ϭ͘ϯϵͿ asset ceiling ĞŶĞĮƚƐWĂŝĚ Ͳ Ͳ Ͳ Ͳ ;Ϭ͘ϬϴͿ ;Ϯϰ͘ϬϯͿ ;Ϭ͘ϯϮͿ ;ϭ͘ϭϬͿ ;Ϭ͘ϯϱͿ ;Ϭ͘ϯϮͿ 9.02 ;Ϭ͘ϬϴͿ 0.75 ;Ϭ͘ϯϵͿ ;Ϭ͘ϯϰͿ Total ϭϴϭ͘ϯϭ Ͳ Ͳ Ͳ 9.70 ;Ϯ͘ϵϬͿ Ϭ͘ϲϳ Ϭ͘Ϭϲ ϭ͘ϰϬ ;Ϭ͘ϬϱͿ Closing Fair Value of Plan Assets ϭϴϴ͘ϲϭͲͲͲϴ͘ϵϱ  ;ŝǀͿ ZĞĐŽŶĐŝůŝĂƟŽŶŽĨĞĮŶĞĚĞŶĞĮƚKďůŝŐĂƟŽŶ džƉĞĐƚĞĚŵƉůŽLJĞƌ͛ƐĐŽŶƚƌŝďƵƟŽŶͬŽƵƞůŽǁ ϭϲ͘ϲϱ ͲͲͲͲ Gratuity Post Pension Pension Pension next year ϭϲ͘ϱϱͲͲͲͲ Employment dŽƉͲƵƉ Director ^ƚĂī Medical hŶĨƵŶĚĞĚ hŶĨƵŶĚĞĚ Funded  ;ǀŝͿ ĐƚƵĂƌŝĂůƐƐƵŵƉƟŽŶƐ ĞŶĞĮƚƐ hŶĨƵŶĚĞĚ Gratuity Post Pension Pension Pension Employment dŽƉͲƵƉ Director ^ƚĂī ` crores ` crores ` crores ` crores ` crores Medical hŶĨƵŶĚĞĚ hŶĨƵŶĚĞĚ Funded ϭϴϲ͘ϰϱ 5.55 ϰ͘Ϯϱ ϭϱ͘ϯϯ ϳ͘ϭϱ KƉĞŶŝŶŐĞĮŶĞĚĞŶĞĮƚKďůŝŐĂƟŽŶ ĞŶĞĮƚƐ ϭϴϱ͘ϭϭ ϰ͘ϳϱ ϰ͘ϲϰ ϭϮ͘ϵϴ ϲ͘ϰϵ hŶĨƵŶĚĞĚ ϭϬ͘ϴϰ Ϭ͘Ϭϴ Ϭ͘Ϯϴ Ϭ͘ϭϱ Ϭ͘ϭϰ ϳ͘ϱϱͲϴ͘ϬϬй 7.55% 7.55% 7.55% 7.55% ƵƌƌĞŶƚ^ĞƌǀŝĐĞŽƐƚ ŝƐĐŽƵŶƚƌĂƚĞ;Ɖ͘Ă͘ͿŝŶй ϭϬ͘ϰϰ Ϭ͘ϭϬ Ϭ͘ϯϮ Ϭ͘ϯϯ Ϭ͘ϭϰ ϳ͘ϮϬͲϳ͘ϯϬй ϳ͘ϯϬй ϳ͘ϯϬй ϳ͘ϯϬй ϳ͘ϯϬй ;ϰ͘ϭϮͿ Ͳ ;ϭ͘ϰϳͿ Ͳ Ͳ WĂƐƚ^ĞƌǀŝĐĞŽƐƚ ϯ͘ϬϬͲϵ͘ϬϬй Ͳ ϰ͘ϬϬй ϭϬ͘ϬϬй Ͳ ͲͲͲͲͲ ^ĂůĂƌLJƐĐĂůĂƟŽŶZĂƚĞ;Ɖ͘Ă͘ͿŝŶй ϯ͘ϬϬͲϳ͘ϬϬй Ͳ ϰ͘ϬϬй ϭϬ͘ϬϬй Ͳ ϭϮ͘ϰϴ Ϭ͘ϯϵ 0.27 ϭ͘ϭϬ Ϭ͘ϱϭ /ŶƚĞƌĞƐƚŽƐƚ Ͳ Ͳ Ͳ ϰ͘ϬϬй Ͳ ϭϮ͘ϵϰ Ϭ͘ϯϱ Ϭ͘ϯϯ Ϭ͘ϵϳ Ϭ͘ϰϴ WĞŶƐŝŽŶƐĐĂůĂƟŽŶZĂƚĞ;Ɖ͘Ă͘ͿŝŶй Ͳ Ͳ Ͳ ϰ͘ϬϬй Ͳ ZĞŵĞĂƐƵƌĞŵĞŶƚƐĚƵĞƚŽĂĐƚƵĂƌŝĂůůŽƐƐͬ ;ŐĂŝŶͿĂƌŝƐŝŶŐĨƌŽŵ͗ Ͳ 6.00% ͲͲͲ ŶŶƵĂůŝŶĐƌĞĂƐĞŝŶŚĞĂůƚŚĐĂƌĞĐŽƐƚƐ;Ɖ͘Ă͘ͿŝŶй ;Ϯ͘ϳϲͿ ;Ϭ͘ϭϰͿ ;Ϭ͘ϬϴͿ ;Ϭ͘ϯϴͿ ;Ϭ͘ϭϱͿ Ͳ ϲ͘ϬϬйͲͲͲ ŚĂŶŐĞƐŝŶĮŶĂŶĐŝĂůĂƐƐƵŵƉƟŽŶƐ ϯ͘ϯϴ Ϭ͘ϭϰ Ϭ͘ϭϵ Ϭ͘ϯϵ Ϭ͘ϭϱ DŽƌƚĂůŝƚLJdĂďůĞ* Ͳ Ͳ ;Ϭ͘ϬϯͿ Ͳ Ͳ dĂďůĞϭ dĂďůĞϭ dĂďůĞϭ NA NA ŚĂŶŐĞƐŝŶĚĞŵŽŐƌĂƉŚŝĐĂƐƐƵŵƉƟŽŶƐ DŽƌƚĂůŝƚLJƚĂďůĞŝŶƐĞƌǀŝĐĞ;>/Ϳ ͲͲͲͲͲ dĂďůĞϭ dĂďůĞϭ dĂďůĞϭ E E ϴ͘ϯϲ 0.06 Ϭ͘ϴϲ ;Ϭ͘ϬϭͿ Ϭ͘Ϭϯ NA Table 2 Table 2 Table 2 Table 2 džƉĞƌŝĞŶĐĞĂĚũƵƐƚŵĞŶƚƐ DŽƌƚĂůŝƚLJƚĂďůĞŝŶƌĞƟƌĞŵĞŶƚ;>/Ϳ ;ϭ͘ϯϵͿ Ϭ͘ϱϯ ;Ϭ͘ϭϯͿ ϭ͘Ϭϭ Ϭ͘Ϯϭ E dĂďůĞϮ dĂďůĞϮ dĂďůĞϮ dĂďůĞϮ ;Ϯϭ͘ϱϭͿ ;Ϭ͘ϯϭͿ ;ϭ͘ϯϯͿ ;Ϭ͘ϱϴͿ ;Ϭ͘ϯϵͿ ĞŶĞĮƚƐWĂŝĚ   Ύ dĂďůĞϭʹ/ŶĚŝĂŶƐƐƵƌĞĚ>ŝǀĞƐDŽƌƚĂůŝƚLJ;ϮϬϬϲͲϬϴͿhůƚƚĂďůĞ ;Ϯϰ͘ϬϯͿ ;Ϭ͘ϯϮͿ ;ϭ͘ϭϬͿ ;Ϭ͘ϯϱͿ ;Ϭ͘ϯϮͿ ϭϵϲ͘Ϭϱ ϱ͘ϲϯ 2.75 ϭϱ͘ϲϭ ϳ͘Ϯϴ    dĂďůĞϮʹh<WƵďůŝƐŚĞĚW;ϵϬͿĂŶŶƵŝƚLJƌĂƚĞĚĚŽǁŶďLJϰLJĞĂƌƐ ůŽƐŝŶŐĞĮŶĞĚĞŶĞĮƚKďůŝŐĂƟŽŶ ϭϴϲ͘ϰϱ ϱ͘ϱϱ ϰ͘Ϯϱ ϭϱ͘ϯϯ ϳ͘ϭϱ

254 Annual Report 2017-18 255 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018  ;ǀŝŝͿ ŝƐĂŐŐƌĞŐĂƟŽŶŽĨWůĂŶƐƐĞƚƐ;DĂŶĂŐĞĚďLJĂŶ/ŶƐƵƌĂŶĐĞŽŵƉĂŶLJͿ WŽƐƚͲŵƉůŽLJŵĞŶƚDĞĚŝĐĂůĞŶĞĮƚƐhŶĨƵŶĚĞĚ ĂͿ 'ƌĂƚƵŝƚLJ&ƵŶĚĞĚ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ Discount Life Health ŝƐĐŽƵŶƚ >ŝĨĞ ,ĞĂůƚŚ Quoted hŶƋƵŽƚĞĚ Total YƵŽƚĞĚ hŶƋƵŽƚĞĚ dŽƚĂů rate Expectancy care Cost rate džƉĞĐƚĂŶĐLJ ĐĂƌĞŽƐƚ ` crores ` crores ` crores % ` crores ` crores ` crores й ;йͿ ;йͿ ;йͿ ;йͿ ;йͿ ;йͿ 'ŽǀĞƌŶŵĞŶƚĞďƚ/ŶƐƚƌƵŵĞŶƚƐ ϱϭ͘ϵϭ Ͳ ϱϭ͘ϵϭ Ϯϵй ϯϰ͘ϬϬ Ͳ ϯϰ͘ϬϬ ϭϴй /ŵƉĂĐƚŽĨŝŶĐƌĞĂƐĞŝŶϱϬďƉƐŽŶK ;ϰ͘ϳϵͿ Ͳ Ͳ ;ϱ͘ϬϱͿ Ͳ Ͳ KƚŚĞƌĞďƚ/ŶƐƚƌƵŵĞŶƚƐ ϱϲ͘ϴϮ Ϭ͘Ϭϵ ϱϲ͘ϵϭ ϯϭй ϲϴ͘ϲϱ Ϭ͘Ϭϵ ϲϴ͘ϳϰ ϯϲй /ŵƉĂĐƚŽĨĚĞĐƌĞĂƐĞŝŶϱϬďƉƐŽŶK ϱ͘Ϯϯ Ͳ Ͳ ϱ͘ϱϯ Ͳ Ͳ KƚŚĞƌƋƵŝƚLJ/ŶƐƚƌƵŵĞŶƚƐ ϯϮ͘ϲϱ Ͳ ϯϮ͘ϲϱ ϭϴй ϯϭ͘Ϯϰ Ͳ ϯϭ͘Ϯϰ ϭϳй /ŵƉĂĐƚŽĨůŝĨĞĞdžƉĞĐƚĂŶĐLJϭLJĞĂƌĚĞĐƌĞĂƐĞ Ͳ ;ϯ͘ϮϲͿ Ͳ Ͳ ;ϯ͘ϮϰͿ Ͳ /ŶƐƵƌĞƌŵĂŶĂŐĞĚĨƵŶĚƐ Ͳ ϭϳ͘ϴϮ ϭϳ͘ϴϮ ϭϬй Ͳ ϭϴ͘Ϯϰ ϭϴ͘Ϯϰ ϭϬй /ŵƉĂĐƚŽĨůŝĨĞĞdžƉĞĐƚĂŶĐLJϭLJĞĂƌ/ŶĐƌĞĂƐĞ Ͳ ϯ͘Ϭϳ Ͳ Ͳ ϯ͘Ϭϲ Ͳ KƚŚĞƌƐ Ϭ͘ϲϯ Ϯϭ͘ϯϵ 22.02 ϭϮй ϯϯ͘ϴϴ Ϯ͘ϱϭ ϯϲ͘ϯϵ ϭϵй ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶƉĞŶƐŝŽŶ ͲͲͲͲͲ;ϲ͘ϬϲͿ Total ϭϰϮ͘Ϭϭ ϯϵ͘Ϯϵ ϭϴϭ͘ϯϭ ϭϬϬй ϭϲϳ͘ϳϳ ϮϬ͘ϴϰ ϭϴϴ͘ϲϭ ϭϬϬй ŝŶĐƌĞĂƐĞƌĂƚĞŵŝŶƵƐϭϬϬďƉƐ ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶƉĞŶƐŝŽŶ ďͿ WĞŶƐŝŽŶ^ƚĂī&ƵŶĚĞĚ ͲͲͲͲͲϳ͘Ϯϳ ŝŶĐƌĞĂƐĞƌĂƚĞƉůƵƐϭϬϬďƉƐ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶŚĞĂůƚŚĐĂƌĞ Ͳ Ͳ ;ϱ͘ϳϲͿ Ͳ Ͳ Ͳ Quoted hŶƋƵŽƚĞĚ Total YƵŽƚĞĚ hŶƋƵŽƚĞĚ dŽƚĂů ĐŽƐƚƐƌĂƚĞŵŝŶƵƐϭϬϬďƉƐ ` crores ` crores ` crores % ` crores ` crores ` crores й ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶŚĞĂůƚŚĐĂƌĞ 'ŽǀĞƌŶŵĞŶƚĞďƚ/ŶƐƚƌƵŵĞŶƚƐ ϰ͘ϭϬ Ͳ ϰ͘ϭϬ ϰϯй ϯ͘ϳϮ Ͳ ϯ͘ϳϮ ϰϮй ͲͲϲ͘ϴϲͲͲͲ ĐŽƐƚƐƌĂƚĞƉůƵƐϭϬϬďƉƐ KƚŚĞƌĞďƚ/ŶƐƚƌƵŵĞŶƚƐ ϱ͘Ϯϲ Ͳ 5.26 ϱϰй ϰ͘ϵϲ Ͳ ϰ͘ϵϲ ϱϱй KƚŚĞƌƋƵŝƚLJ/ŶƐƚƌƵŵĞŶƚƐ Ϭ͘Ϯϰ Ͳ Ϭ͘Ϯϰ Ϯй Ϭ͘ϭϰ Ͳ Ϭ͘ϭϰ Ϯй WĞŶƐŝŽŶŝƌĞĐƚŽƌhŶĨƵŶĚĞĚ KƚŚĞƌƐ Ͳ Ϭ͘ϭϬ Ϭ͘ϭϬ ϭй Ͳ Ϭ͘ϭϯ Ϭ͘ϭϯ ϭй DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ Total 9.60 Ϭ͘ϭϬ 9.70 ϭϬϬй ϴ͘ϴϮ Ϭ͘ϭϯ ϴ͘ϵϱ ϭϬϬй Discount Life Pension ŝƐĐŽƵŶƚ >ŝĨĞ Pension  ;ǀŝŝŝͿ ^ĞŶƐŝƟǀŝƚLJŶĂůLJƐŝƐ;ĨŽƌĞĂĐŚĚĞĮŶĞĚďĞŶĞĮƚƉůĂŶͿ rate Expectancy rate rate džƉĞĐƚĂŶĐLJ rate ;йͿ ;йͿ ;йͿ ;йͿ ;йͿ ;йͿ Gratuity Pension Top up DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ /ŵƉĂĐƚŽĨŝŶĐƌĞĂƐĞŝŶϱϬďƉƐŽŶK ;ϰ͘ϱϵͿ Ͳ Ͳ ;ϰ͘ϵϲͿ Ͳ Ͳ Discount Salary ŝƐĐŽƵŶƚ Salary Discount Salary ŝƐĐŽƵŶƚ Salary /ŵƉĂĐƚŽĨĚĞĐƌĞĂƐĞŝŶϱϬďƉƐŽŶK ϰ͘ϵϵ Ͳ Ͳ ϱ͘ϰϮ Ͳ Ͳ rate ƐĐĂůĂƟŽŶ rate ƐĐĂůĂƟŽŶ rate ƐĐĂůĂƟŽŶ rate ƐĐĂůĂƟŽŶ /ŵƉĂĐƚŽĨůŝĨĞĞdžƉĞĐƚĂŶĐLJϭLJĞĂƌĚĞĐƌĞĂƐĞ Ͳ ;ϯ͘ϬϰͿ Ͳ Ͳ ;Ϯ͘ϳϬͿ Ͳ rate rate rate rate /ŵƉĂĐƚŽĨůŝĨĞĞdžƉĞĐƚĂŶĐLJϭLJĞĂƌ/ŶĐƌĞĂƐĞ Ͳ Ϯ͘ϵϮ Ͳ Ͳ Ϯ͘ϲϮ Ͳ ;йͿ ;йͿ ;йͿ ;йͿ ;йͿ ;йͿ ;йͿ ;йͿ ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶƉĞŶƐŝŽŶ /ŵƉĂĐƚŽĨŝŶĐƌĞĂƐĞ Ͳ Ͳ ;ϵ͘ϭϴͿ Ͳ Ͳ ;ϵ͘ϱϱͿ ;ϯ͘ϬϬͿ ϯ͘Ϯϱ ;ϯ͘ϯϳͿ ϯ͘ϲϴ ;ϱ͘ϱϭͿ Ͳ ;ϱ͘ϯϮͿ Ͳ ŝŶĐƌĞĂƐĞƌĂƚĞŵŝŶƵƐϭϬϬďƉƐ ŝŶϱϬďƉƐŽŶK /ŵƉĂĐƚŽĨĚĞĐƌĞĂƐĞ ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶƉĞŶƐŝŽŶ ϯ͘ϭϳ ;ϯ͘ϬϵͿ ϯ͘ϲϬ ;ϯ͘ϰϳͿ ϲ͘ϬϬ Ͳ ϱ͘ϴϭ Ͳ Ͳ Ͳ ϭϬ͘ϳϭ Ͳ Ͳ ϭϭ͘Ϯϭ ŝŶϱϬďƉƐŽŶK ŝŶĐƌĞĂƐĞƌĂƚĞƉůƵƐϭϬϬďƉƐ ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶŚĞĂůƚŚĐĂƌĞ /ŵƉĂĐƚŽĨůŝĨĞ ͲͲͲͲͲͲ expectancy 1 year ͲͲͲͲͲ;ϭ͘ϴϯͿ Ͳ ;ϭ͘ϴϬͿ ĐŽƐƚƐƌĂƚĞŵŝŶƵƐϭϬϬďƉƐ decrease ĞĮŶĞĚďĞŶĞĮƚŽďůŝŐĂƟŽŶŽŶŚĞĂůƚŚĐĂƌĞ ͲͲͲͲͲͲ /ŵƉĂĐƚŽĨůŝĨĞ ĐŽƐƚƐƌĂƚĞƉůƵƐϭϬϬďƉƐ expectancy 1 year ͲͲͲͲͲϭ͘ϴϮ Ͳ ϭ͘ϳϳ  ;ŝdžͿ DŽǀĞŵĞŶƚŝŶƐƐĞƚĞŝůŝŶŐ Increase DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ WĞŶƐŝŽŶ^ƚĂī&ƵŶĚĞĚ ` crores ` crores DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ KƉĞŶŝŶŐsĂůƵĞŽĨĂƐƐĞƚĐĞŝůŝŶŐ Ϭ͘ϲϭ Ϭ͘ϲϰ Discount Life Pension ŝƐĐŽƵŶƚ >ŝĨĞ Pension /ŶƚĞƌĞƐƚŽŶKƉĞŶŝŶŐďĂůĂŶĐĞŽĨĂƐƐĞƚĐĞŝůŝŶŐ Ϭ͘Ϭϰ Ϭ͘Ϭϱ rate Expectancy rate rate džƉĞĐƚĂŶĐLJ rate ZĞŵĞĂƐƵƌĞŵĞŶƚĚƵĞƚŽ͗ ;йͿ ;йͿ ;йͿ ;йͿ ;йͿ ;йͿ /ŵƉĂĐƚŽĨŝŶĐƌĞĂƐĞŝŶϱϬďƉƐŽŶK ;ϯ͘ϵϯͿ Ͳ Ͳ ;ϰ͘ϮϬͿ Ͳ Ͳ ĐŚĂŶŐĞŝŶ^ƵƌƉůƵƐͬ;ĚĞĮĐŝƚͿ Ϭ͘ϭϳ ;Ϭ͘ϬϴͿ /ŵƉĂĐƚŽĨĚĞĐƌĞĂƐĞŝŶϱϬďƉƐŽŶK ϰ͘ϮϬ Ͳ Ͳ ϰ͘ϱϬ Ͳ Ͳ ůŽƐŝŶŐǀĂůƵĞŽĨĂƐƐĞƚĐĞŝůŝŶŐ Ϭ͘ϴϮ Ϭ͘ϲϭ /ŵƉĂĐƚŽĨůŝĨĞĞdžƉĞĐƚĂŶĐLJϭLJĞĂƌĚĞĐƌĞĂƐĞ ͲͲͲͲͲͲ   &ŽŽƚŶŽƚĞ͗&ŝŐƵƌĞƐŝŶŝƚĂůŝĐƐƵŶĚĞƌ;ŝͿƚŽ;ǀŝͿĂƌĞŽĨƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͘ /ŵƉĂĐƚŽĨůŝĨĞĞdžƉĞĐƚĂŶĐLJϭLJĞĂƌ/ŶĐƌĞĂƐĞ ͲͲͲͲͲͲ

256 Annual Report 2017-18 257 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018  ;džͿ džƉĞĐƚĞĚĨƵƚƵƌĞďĞŶĞĮƚƉĂLJŵĞŶƚƐ͗  ;ŝǀͿ WŽƐƚŵƉůŽLJŵĞŶƚďĞŶĞĮƚƉůĂŶƐ dŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶLJ>ƚĚ͘ŵƉůŽLJĞĞƐWƌŽǀŝĚĞŶƚ&ƵŶĚ Gratuity Post Pension Pension Pension Employment dŽƉͲƵƉ Director ^ ƚ Ă ī   dŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶLJ>ƚĚ͘^ƵƉĞƌĂŶŶƵĂƟŽŶ^ĐŚĞŵĞ Medical hŶĨƵŶĚĞĚ hŶĨƵŶĚĞĚ funded   dŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŵƉůŽLJĞĞƐ'ƌĂƚƵŝƚLJdƌƵƐƚ ĞŶĞĮƚƐ   dĂũZĞƐŝĚĞŶĐLJŵƉůŽLJĞĞƐWƌŽǀŝĚĞŶƚĨƵŶĚdƌƵƐƚ;ĂŶŐĂůŽƌĞƵŶŝƚͿ hŶĨƵŶĚĞĚ   WŝĞŵ,ŽƚĞůŵƉůŽLJĞĞƐ'ƌĂƚƵŝƚLJdƌƵƐƚ ` crores ` crores ` crores ` crores ` crores   dĂũZĞƐŝĚĞŶĐLJ,ŽƚĞůŵƉůŽLJĞĞƐ'ƌĂƚƵŝƚLJdƌƵƐƚ Within one year ϯϰ͘ϲϬ Ϭ͘ϰϬ 0.60 ϭ͘ϭϬ Ϭ͘ϱϭ ;ďͿ dŚĞĚĞƚĂŝůƐŽĨƌĞůĂƚĞĚƉĂƌƚLJƚƌĂŶƐĂĐƟŽŶƐĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳĂƌĞĂƐĨŽůůŽǁƐ͗ ϯϬ͘ϵϲ Ϭ͘Ϯϴ Ϭ͘ϵϴ Ϭ͘ϲϮ Ϭ͘ϰϱ ĞƚǁĞĞŶŽŶĞĂŶĚĮǀĞLJĞĂƌƐ ϵϬ͘ϭϬ ϭ͘ϲϬ ϭ͘ϯϬ ϰ͘ϱϬ 2.20 Company Key Associates and WŽƐƚZĞƟƌĞŵĞŶƚ ϳϴ͘ϯϰ ϭ͘ϰϵ Ϯ͘ϱϮ ϰ͘Ϯϵ ϭ͘ϵϯ ŚĂǀŝŶŐ Management :ŽŝŶƚsĞŶƚƵƌĞƐη ďĞŶĞĮƚƉůĂŶƐ ƐŝŐŶŝĮĐĂŶƚ Personnel ŌĞƌĮǀĞLJĞĂƌƐ ϮϮϱ͘ϭϰ ϭϯ͘ϴϬ Ϯ͘ϭϬ ϯϱ͘ϯϬ ϭϮ͘ϴϬ ŝŶŇƵĞŶĐĞΎ Ϯϰϳ͘ϭϲ ϭϯ͘ϴϳ Ϯ͘ϭϲ ϯϲ͘ϳϭ ϭϮ͘ϵϴ ` crores ` crores ` crores ` crores tĞŝŐŚƚĞĚĂǀĞƌĂŐĞĚƵƌĂƟŽŶŽĨƚŚĞĞĮŶĞĚ ϲ͘ϭϱ ϭϬ͘Ϭϭ ϯ͘ϴϰ 9.57 7.69 Interest expense ͲͲ0.67 Ͳ ĞŶĞĮƚKďůŝŐĂƟŽŶ;ŝŶLJĞĂƌƐͿ ϲ͘ϵϲ ϭϬ͘ϱϳ ϭϭ͘Ϯϲ ϭϬ͘Ϭϱ ϴ͘Ϯϭ Ͳ Ͳ Ϭ͘ϱϱ Ͳ   ƵĞƚŽƚŚĞƌĞƐƚƌŝĐƟŽŶƐŝŶƚŚĞƚLJƉĞŽĨŝŶǀĞƐƚŵĞŶƚƐƚŚĂƚĐĂŶďĞŚĞůĚďLJƚŚĞŐƌĂƚƵŝƚLJĂŶĚƉĞŶƐŝŽŶĨƵŶĚĂƐƉĞƌƚŚĞƉƌĞǀĂůĞŶƚƌĞŐƵůĂƟŽŶƐ͕ Interest income 0.97 Ͳ Ϯ͘ϰϱ Ͳ ŝƚŝƐŶŽƚƉŽƐƐŝďůĞƚŽĞdžƉůŝĐŝƚůLJĨŽůůŽǁĂŶĂƐƐĞƚͲůŝĂďŝůŝƚLJŵĂƚĐŚŝŶŐƐƚƌĂƚĞŐLJƚŽŵĂŶĂŐĞƌŝƐŬĂĐƟǀĞůLJ ϯ͘ϰϵ Ͳ ϰ͘ϳϵ Ͳ ŝǀŝĚĞŶĚWĂŝĚ ϭϬ͘Ϯϱ Ͳ 0.07 Ͳ   dŚĞĞƐƟŵĂƚĞŽĨĨƵƚƵƌĞƐĂůĂƌLJŝŶĐƌĞĂƐĞƐ͕ĐŽŶƐŝĚĞƌĞĚŝŶĂĐƚƵĂƌŝĂůǀĂůƵĂƟŽŶ͕ƚĂŬĞƐŝŶƚŽĂĐĐŽƵŶƚŝŶŇĂƟŽŶ͕ƐĞŶŝŽƌŝƚLJ͕ƉƌŽŵŽƟŽŶƐĂŶĚ ϴ͘ϳϴ Ͳ Ϭ͘Ϭϴ Ͳ ŽƚŚĞƌƌĞůĞǀĂŶƚĨĂĐƚŽƌƐ͘dŚĞĂďŽǀĞŝŶĨŽƌŵĂƟŽŶŚĂƐďĞĞŶĐĞƌƟĮĞĚďLJƚŚĞĂĐƚƵĂƌLJĂŶĚŚĂƐďĞĞŶƌĞůŝĞĚƵƉŽŶďLJƚŚĞƵĚŝƚŽƌƐ͘ ŝǀŝĚĞŶĚŝŶĐŽŵĞ ϯ͘ϲϬ Ͳ ϭϬ͘Ϭϭ Ͳ EŽƚĞϯϵ͗KƚŚĞƌZĞŐƵůĂƚŽƌLJDĂƩĞƌƐ Ϭ͘ϭϮ Ͳ ϱ͘ϵϯ Ͳ KƉĞƌĂƟŶŐͬ>ŝĐĞŶƐĞ&ĞĞƐĞdžƉĞŶƐĞƐ 0.27 ͲͲͲ dŚĞŽŵƉĂŶLJ͕ŽŶĂƌĞǀŝĞǁŽĨŝƚƐĨŽƌĞŝŐŶŽƉĞƌĂƟŽŶƐŚĂĚ͕ŝŶƚŚĞƉĂƐƚ͕ŵĂĚĞǀŽůƵŶƚĂƌLJĚŝƐĐůŽƐƵƌĞƐƚŽƚŚĞĂƉƉƌŽƉƌŝĂƚĞƌĞŐƵůĂƚŽƌ͕ŽĨǁŚĂƚŝƚ Ϭ͘ϯϳ Ͳ Ͳ Ͳ ĐŽŶƐŝĚĞƌĞĚƚŽďĞƉŽƐƐŝďůĞŝƌƌĞŐƵůĂƌŝƟĞƐ͕ŝŶƌĞůĂƟŽŶƚŽĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƚƌĂŶƐĂĐƟŽŶƐƌĞůĂƟŶŐƚŽƉĞƌŝŽĚƉƌŝŽƌƚŽϭϵϵϴ͘ƌŝƐŝŶŐŽƵƚŽĨƐƵĐŚ KƉĞƌĂƟŶŐĨĞĞƐŝŶĐŽŵĞ ϯ͘ϱϱ Ͳ ϲϴ͘ϲϵ Ͳ ĚŝƐĐůŽƐƵƌĞƐ͕ƚŚĞŽŵƉĂŶLJƌĞĐĞŝǀĞĚƐŚŽǁĐĂƵƐĞŶŽƟĐĞƐĂŶĚƚŚĞŽŵƉĂŶLJŚĂĚƌĞƉůŝĞĚƚŽƚŚĞŶŽƟĐĞƐ͘ƵƌŝŶŐƚŚĞLJĞĂƌ͕ƚŚĞŽŵƉĂŶLJŚĂƐ ƌĞĐĞŝǀĞĚĂĚũƵĚŝĐĂƟŽŶĐƵŵĚĞŵĂŶĚŽĨ`ϭϬ͘ϴϵĐƌŽƌĞƐŽŶĐĞƌƚĂŝŶŵĂƩĞƌƐǁŚŝĐŚŚĂƐďĞĞŶĚŝƐƉƵƚĞĚďLJƚŚĞŽŵƉĂŶLJ͘dŚŝƐŚĂƐďĞĞŶĚŝƐĐůŽƐĞĚ ϰ͘ϭϵ Ͳ ϲϱ͘ϯϰ Ͳ ĂƐŽŶƟŶŐĞŶƚ>ŝĂďŝůŝƚLJ͘&ŽƌƚŚĞďĂůĂŶĐĞ^ŚŽǁĂƵƐĞEŽƟĐĞƐ͕ĂĚũƵĚŝĐĂƟŽŶƉƌŽĐĞĞĚŝŶŐƐĂƌĞŝŶƉƌŽŐƌĞƐƐ͘ WƵƌĐŚĂƐĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϱϵ͘Ϭϰ Ͳ Ϭ͘ϰϮ Ͳ ϱϲ͘ϯϮ Ͳ Ϭ͘ϵϴ Ͳ EŽƚĞϰϬ͗ZĞůĂƚĞĚWĂƌƚLJŝƐĐůŽƐƵƌĞƐ ^ĂůĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϰϰ͘ϯϲ Ͳ Ϭ͘ϳϰ Ͳ ;ĂͿ dŚĞŶĂŵĞƐŽĨƌĞůĂƚĞĚƉĂƌƟĞƐŽĨƚŚĞ'ƌŽƵƉĂƌĞĂƐƵŶĚĞƌ͗ ϯϱ͘ϰϯ Ͳ Ϭ͘ϲϰ Ͳ ^ƵďƐĐƌŝƉƟŽŶŝŶƌŝŐŚƚƐŝƐƐƵĞ ͲͲ0.70 Ͳ  ;ŝͿ ŽŵƉĂŶLJŚĂǀŝŶŐƐƵďƐƚĂŶƟĂůŝŶƚĞƌĞƐƚ Ͳ Ͳ ϭϬ͘ϬϬ Ͳ   dĂƚĂ^ŽŶƐ>ƚĚ͘;ŝŶĐůƵĚŝŶŐŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐͿ ĞƉƵƚĞĚƐƚĂīƌĞŝŵďƵƌƐĞŵĞŶƚƐ 0.02 Ͳ 6.97 Ͳ  ;ŝŝͿ ƐƐŽĐŝĂƚĞƐĂŶĚ:ŽŝŶƚsĞŶƚƵƌĞƐ Ͳ Ͳ ϴ͘ϵϱ Ͳ ĞƉƵƚĞĚƐƚĂīŽƵƚ Ϭ͘ϰϮ Ͳ ϯϰ͘ϴϬ Ͳ   dŚĞŶĂŵĞƐŽĨĂůůƚŚĞĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐĂƌĞŐŝǀĞŶŝŶEŽƚĞϯϰ;ĐͿ Ϭ͘ϰϮ Ͳ ϯϮ͘ϱϱ Ͳ  ;ŝŝŝͿ Key Management Personnel KƚŚĞƌĐŽƐƚƌĞŝŵďƵƌƐĞŵĞŶƚƐ Ϭ͘ϯϮ Ͳ Ϯ͘Ϭϭ Ͳ Ϭ͘ϭϰ Ͳ ϭ͘Ϯϯ Ͳ   <ĞLJŵĂŶĂŐĞƌŝĂůƉĞƌƐŽŶŶĞůĐŽŵƉƌŝƐĞƚŚĞǁŚŽůĞͲƟŵĞĚŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJ͕ǁŚŽŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚLJĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌ >ŽLJĂůƚLJĞdžƉĞŶƐĞ;EĞƚŽĨƌĞĚĞŵƉƟŽŶĐƌĞĚŝƚͿ Ϭ͘ϭϵ Ͳ 9.77 Ͳ ƉůĂŶŶŝŶŐ͕ĚŝƌĞĐƟŶŐĂŶĚĐŽŶƚƌŽůůŝŶŐƚŚĞĂĐƟǀŝƟĞƐŽĨƚŚĞŽŵƉĂŶLJĂŶĚƚŚĞ'ƌŽƵƉ͘  Ϭ͘ϭϮ Ͳ ϳ͘ϵϴ Ͳ &ŽůůŽǁŝŶŐĂƌĞƚŚĞ<ĞLJDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞů͗ ZĞůĂƟŽŶ ŽŶƚƌŝďƵƟŽŶƚŽĨƵŶĚƐ Ͳ Ͳ Ͳ ϭϱ͘Ϯϵ Ͳ Ͳ Ͳ Ϯϱ͘ϰϵ WƵŶĞĞƚŚŚĂƚǁĂůη DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK /ŶƚĞƌŽƌƉŽƌĂƚĞĞƉŽƐŝƚ;͞/͟ͿZĂŝƐĞĚ Ͳ Ͳ ϭϬ͘ϬϬ Ͳ ZĂŬĞƐŚ^ĂƌŶĂΎ DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK Ͳ Ͳ ϳ͘ϬϬ Ͳ DĞŚĞƌŶŽƐŚ^͘<ĂƉĂĚŝĂ džĞĐƵƟǀĞŝƌĞĐƚŽƌͲŽƌƉŽƌĂƚĞīĂŝƌƐ /WůĂĐĞĚ 20.00 Ͳ Ϭ͘ϯϬ Ͳ ηഩരĂƉƉŽŝŶƚĞĚǁŝƚŚĞīĞĐƚĨƌŽŵEŽǀĞŵďĞƌϬϲ͕ϮϬϭϳ͘ Ϯϰ͘ϯϬ Ͳ ϳ͘ϱϬ Ͳ /ŶĐĂƐŚĞĚ ϱϱ͘Ϯϰ Ͳ ϭϬ͘ϬϬ Ͳ   ΎഩĨŽƌƉĂƌƚŽĨƚŚĞLJĞĂƌƵƉƚŽ^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϭϳ͘ ϭϳ͘Ϭϲ Ͳ ϰϴ͘ϰϯ Ͳ ZĞŵƵŶĞƌĂƟŽŶƉĂŝĚͬƉĂLJĂďůĞ Ͳ ϮϬ͘ϵϴ Ͳ Ͳ ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝŝͿ Ͳ ϭϵ͘ϯϮ Ͳ Ͳ

258 Annual Report 2017-18 259 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018  dŚĞĚĞƚĂŝůƐŽĨĂŵŽƵŶƚƐĚƵĞƚŽŽƌĨƌŽŵƌĞůĂƚĞĚƉĂƌƟĞƐĂƐĂƚDĂƌĐŚϯϭ͕ϮϬϭϴĂŶĚDĂƌĐŚϯϭ͕ϮϬϭϳĂƌĞĂƐĨŽůůŽǁƐ͗ Company Name DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ Company Key Associates and WŽƐƚZĞƟƌĞŵĞŶƚ ` crores ` crores ŚĂǀŝŶŐ Management :ŽŝŶƚsĞŶƚƵƌĞƐη ďĞŶĞĮƚƉůĂŶƐ dĂƚĂŽŶƐƵůƚĂŶĐLJ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ ƐŝŐŶŝĮĐĂŶƚ Personnel  WƵƌĐŚĂƐĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϯϴ͘ϳϯ ϯϰ͘Ϯϯ ŝŶŇƵĞŶĐĞΎ  ^ĂůĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϭϳ͘ϴϬ ϭϳ͘Ϯϴ ` crores ` crores ` crores ` crores  dƌĂĚĞƉĂLJĂďůĞƐ ϲ͘ϵϱ ϱ͘Ϭϰ dƌĂĚĞƌĞĐĞŝǀĂďůĞƐ;ZĞĨĞƌEŽƚĞϭϯͿ 5.69 Ͳ ϲϵ͘ϰϭ Ͳ Taj Air Limited ϲ͘ϯϭ Ͳ ϰϳ͘Ϭϰ Ͳ Interest income Ϭ͘ϵϳ ϯ͘ϰϵ dƌĂĚĞƉĂLJĂďůĞƐ;ZĞĨĞƌEŽƚĞϭϵͿ ϭϰ͘ϭϰ Ͳ ϭ͘Ϯϰ Ͳ  /ĞŶĐĂƐŚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ ϱϱ͘Ϯϰ ϭϯ͘Ϭϲ ϴ͘ϴϳ Ͳ ϭ͘Ϭϰ Ͳ  /ƉůĂĐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ ϮϬ͘ϬϬ Ϯϰ͘ϯϬ KƚŚĞƌZĞĐĞŝǀĂďůĞƐͬ;KƚŚĞƌWĂLJĂďůĞͿ Ϭ͘ϯϬ Ͳ 55.76 Ͳ  dƌĂĚĞWĂLJĂďůĞ ϯ͘ϮϮ Ͳ ;ZĞĨĞƌEŽƚĞϵĂŶĚϮϬͿ Ϭ͘ϯϲ Ͳ ϱϱ͘ϱϰ Ͳ /ŶƚĞƌĞƐƚZĞĐĞŝǀĂďůĞ Ͳ Ͳ ϭ͘ϯϴ Ͳ ZĞŵƵŶĞƌĂƟŽŶƚŽ<ĞLJDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞů  WƵŶĞĞƚŚŚĂƚǁĂů;ǁ͘Ğ͘Ĩ͘EŽǀĞŵďĞƌϬϲ͕ϮϬϭϳͿ ϭ͘ϳϮ Ͳ ;ZĞĨĞƌEŽƚĞϵͿ Ϭ͘ϱϭ Ͳ ϭ͘ϴϵ Ͳ  ZĂŬĞƐŚ^ĂƌŶĂ;ƵƉƚŽ^ĞƉƚĞŵďĞƌϯϬ͕ϮϬϭϳͿ ϭϱ͘ϴϲ ϭϮ͘ϱϳ >ŽĂŶZĞĐĞŝǀĂďůĞ ϭ͘Ϯϯ Ͳ ϭϱϵ͘ϳϭ Ͳ  DĞŚĞƌŶŽƐŚ^͘<ĂƉĂĚŝĂ Ϯ͘ϳϯ Ϯ͘ϯϮ ;ZĞĨĞƌEŽƚĞϴͿ ϰϬ͘Ϯϳ Ͳ ϭϲϮ͘ϳϯ Ͳ ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůůŽĂŶ Ͳ Ͳ ϭϰϬ͘ϵϰ Ͳ Associates ;ZĞĨĞƌEŽƚĞϴͿ Ͳ Ͳ ϭϯϵ͘ϴϱ Ͳ Oriental Hotels Ltd. KƉƟŽŶĞƉŽƐŝƚ ϳϭ͘ϭϬ Ͳ Ͳ Ͳ  KƉĞƌĂƟŶŐĨĞĞƐŝŶĐŽŵĞ Ϯϴ͘ϳϰ Ϯϲ͘ϵϬ ;ZĞĨĞƌEŽƚĞϮϬͿ ϳϭ͘ϭϬͲͲͲ  ĞƉƵƚĞĚƐƚĂīƌĞŝŵďƵƌƐĞŵĞŶƚ ϯ͘Ϯϵ ϯ͘Ϯϰ ĞƉŽƐŝƚƐWĂLJĂďůĞ Ϭ͘ϯϴ Ͳ 5.00 Ͳ  ĞƉƵƚĞĚƐƚĂīŽƵƚ ϭϲ͘ϴϴ ϭϱ͘ϭϲ ;ZĞĨĞƌEŽƚĞϭϴͿ Ͳ Ͳ ϳ͘ϬϬ Ͳ  >ŽLJĂůƚLJĞdžƉĞŶƐĞ;EĞƚŽĨƌĞĚĞŵƉƟŽŶĐƌĞĚŝƚͿ ϰ͘ϵϬ ϰ͘ϯϳ ĞƉŽƐŝƚƐZĞĐĞŝǀĂďůĞ 0.09 Ͳ ϰ͘ϵϬ Ͳ  KƚŚĞƌĐŽƐƚƌĞŝŵďƵƌƐĞŵĞŶƚƐ Ϭ͘ϵϮ Ϭ͘ϳϬ ;ZĞĨĞƌEŽƚĞϵͿ ϭ͘ϯϮ Ͳ Ͳ Ͳ  dƌĂĚĞƌĞĐĞŝǀĂďůĞƐ ϵ͘ϭϮ ϴ͘ϲϭ  Ύഩ/ŶĐůƵĚŝŶŐŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ Taida Trading & Industries Ltd. Interest income Ϭ͘ϱϯ Ͳ  ηഩ/ŶĐůƵĚŝŶŐŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ Interest receivable Ϭ͘ϯϱ Ϭ͘ϯϱ  &ŽŽƚŶŽƚĞƐ͗  ĞƉŽƐŝƚŐŝǀĞŶ Ϭ͘ϵϬ Ͳ  ;ŝͿ &ŝŐƵƌĞƐŝŶŝƚĂůŝĐƐĂƌĞŽĨƚŚĞƉƌĞǀŝŽƵƐƉĞƌŝŽĚƐ͘ Bjets Pte Limited, Singapore  ;ŝŝͿ DĂŶĂŐĞƌŝĂůƌĞŵƵŶĞƌĂƟŽŶĞdžĐůƵĚĞƐƉƌŽǀŝƐŝŽŶĨŽƌŐƌĂƚƵŝƚLJĂŶĚĐŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐ͕ƐŝŶĐĞƚŚĞƐĞĂƌĞƉƌŽǀŝĚĞĚŽŶƚŚĞďĂƐŝƐŽĨĂŶ  >ŽĂŶƌĞĐĞŝǀĂďůĞ ϭϯϳ͘ϳϳ ϭϯϲ͘ϲϴ ĂĐƚƵĂƌŝĂůǀĂůƵĂƟŽŶŽĨƚŚĞŽŵƉĂŶLJ͛ƐůŝĂďŝůŝƚLJƚŽĂůůŝƚƐĞŵƉůŽLJĞĞƐ͘  ůůŽǁĂŶĐĞĨŽƌĚŽƵďƞƵůůŽĂŶ ϭϯϳ͘ϳϳ ϭϯϲ͘ϲϴ  ;ŝŝŝͿ &ƌŽŵƟŵĞƚŽƟŵĞŬĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞůŽĨƚŚĞŐƌŽƵƉŝŶĐůƵĚŝŶŐĚŝƌĞĐƚŽƌƐŽĨĞŶƟƚĞƐǁŚŝĐŚƚŚĞLJŚĂǀĞĐŽŶƚƌŽůŽƌƐŝŐŶŝĮĐĂŶƚ Lanka Island Resorts Ltd. ŝŶŇƵĞŶĐĞ͕ŵĂLJƉƵƌĐŚĂƐĞƐĞƌǀŝĐĞƐĨƌŽŵƚŚĞŐƌŽƵƉƚŚŽƐĞƉƵƌĐŚĂƐĞĂƌĞŽŶƚŚĞƐĂŵĞƚĞƌŵƐĂŶĚĐŽŶĚŝƟŽŶƐĂƐƚŚŽƐĞĞŶƚĞƌĞĚŝŶƚŽǁŝƚŚ  ŝǀŝĚĞŶĚŝŶĐŽŵĞ ϭ͘ϲϳ Ͳ ŽƚŚĞƌŐƌŽƵƉĞŵƉůŽLJĞĞƐŽƌĐƵƐƚŽŵĞƌƐ͘ :ŽŝŶƚsĞŶƚƵƌĞƐ ;ĐͿ ^ƚĂƚĞŵĞŶƚŽĨDĂƚĞƌŝĂůdƌĂŶƐĂĐƟŽŶƐ Taj GVK Hotels & Resorts Ltd.  KƉĞƌĂƟŶŐĨĞĞƐŝŶĐŽŵĞ ϭϲ͘ϭϰ ϭϰ͘ϭϳ Company Name DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ  ĞƉƵƚĞĚƐƚĂīƌĞŝŵďƵƌƐĞŵĞŶƚ Ϯ͘ϱϭ ϯ͘ϳϳ ` crores ` crores  ĞƉƵƚĞĚƐƚĂīŽƵƚ ϵ͘Ϯϳ ϴ͘ϲϯ ŽŵƉĂŶLJŚĂǀŝŶŐƐƵďƐƚĂŶƟĂůŝŶƚĞƌĞƐƚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐ  KƚŚĞƌĐŽƐƚƌĞŝŵďƵƌƐĞŵĞŶƚƐ Ϭ͘ϴϯ Ϭ͘ϭϴ Tata Sons Limited  dƌĂĚĞZĞĐĞŝǀĂďůĞƐ ϰϯ͘ϳϯ Ϯϴ͘Ϭϯ  ŝǀŝĚĞŶĚŝŶĐŽŵĞ ϯ͘ϲϬ Ͳ Taj Karnataka Hotels & Resorts Ltd.  ŝǀŝĚĞŶĚƉĂŝĚ ϵ͘ϳϬ ϴ͘ϯϭ Interest income Ϭ͘ϰϴ Ͳ  dƌĂĚĞƉĂLJĂďůĞƐ ϯ͘ϱϮ ϯ͘ϯϳ  /ŶƚĞƌĞƐƚZĞĐĞŝǀĂďůĞ Ϭ͘ϱϵ Ϭ͘ϱϵ  ^ĂůĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϵ͘ϳϵ ϱ͘ϴϰ Taj Kerala Hotels & Resorts Ltd. Tata SIA Airlines Limited  ĞƉƵƚĞĚƐƚĂīƌĞŝŵďƵƌƐĞŵĞŶƚ Ϭ͘ϳϰ Ͳ  ^ĂůĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϵ͘Ϭϯ ϰ͘ϳϱ Taj SATS Air Catering Ltd. Interest expense Ϭ͘ϲϳ Ϭ͘ϱϱ Tata AIG General Insurance Company Limited  /ĞŶĐĂƐŚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ ϭϬ͘ϬϬ Ͳ  WƵƌĐŚĂƐĞŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐ ϴ͘ϳϬ ϴ͘ϰϮ  /ƌĂŝƐĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ ϭϬ͘ϬϬ ϳ͘ϬϬ Tata Realty and Infrastructure Limited /,D^,ŽƚĞůƐ;^Ϳ;WƌŽƉƌŝĞƚĂƌLJͿ>ƚĚ͘  KƉƟŽŶĞƉŽƐŝƚ ϳϭ͘ϭϬ ϳϭ͘ϭϬ  KƚŚĞƌZĞĐĞŝǀĂďůĞƐͬ;KƚŚĞƌWĂLJĂďůĞͿ ϲϯ͘ϰϬ ϱϵ͘ϯϳ

260 Annual Report 2017-18 261 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018 Company Name DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ EŽƚĞϰϯ͗ĚĚŝƟŽŶĂůŝŶĨŽƌŵĂƟŽŶĂƐƌĞƋƵŝƌĞĚƵŶĚĞƌ^ĐŚĞĚƵůĞ///ƚŽƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ͕ŽĨĞŶƚĞƌƉƌŝƐĞƐ ` crores ` crores ĐŽŶƐŽůŝĚĂƚĞĚĂƐƐƵďƐŝĚŝĂƌLJͬĂƐƐŽĐŝĂƚĞƐͬũŽŝŶƚǀĞŶƚƵƌĞƐ Taj Safaris Ltd. Net assets, i.e., total assets Share in other Share in total ^ŚĂƌĞŝŶƉƌŽĮƚŽƌůŽƐƐ Interest income Ϭ͘ϱϳ Ϭ͘ϴϲ ŵŝŶƵƐƚŽƚĂůůŝĂďŝůŝƟĞƐ ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ EĂŵĞŽĨƚŚĞĞŶƟƚLJ  WƵƌĐŚĂƐĞŽĨ^ŚĂƌĞƐ Ϭ͘ϳϬ Ͳ of the Group As % of As % of As % of As % of  /ŶƚĞƌĞƐƚZĞĐĞŝǀĂďůĞ Ϭ͘ϰϰ Ͳ consolidated consolidated consolidated consolidated net assets ` crores ƉƌŽĮƚŽƌůŽƐƐ ` crores ƉƌŽĮƚŽƌůŽƐƐ ` crores ƉƌŽĮƚŽƌůŽƐƐ ` crores  ĞƉŽƐŝƚŐŝǀĞŶ ϰ͘ϬϬ Ͳ Parent  dŚĞ/ŶĚŝĂŶ,ŽƚĞůƐ TAL Hotels & Resorts Ltd. ϴϯ͘ϵϯй ϰ͕ϭϲϭ͘ϳϰ ϭϰϲ͘ϱϬй ϭϰϳ͘ϳϳ Ϯϰ͘ϵϯй Ϯϵ͘Ϯϯ ϴϭ͘ϭϱй ϭϳϳ͘ϬϬ ŽŵƉĂŶLJ>ƚĚ͘  ŝǀŝĚĞŶĚŝŶĐŽŵĞ ϳ͘Ϯϴ ϯ͘ϯϭ Interest income Ϭ͘ϴϳ Ϭ͘ϵϬ Subsidiaries  KƉĞƌĂƟŶŐĨĞĞƐŝŶĐŽŵĞ ϵ͘ϱϵ ϭϬ͘Ϯϲ Indian  WŝĞŵ,ŽƚĞůƐ>ƚĚ͘ ϭϮ͘ϰϯй ϲϭϲ͘Ϯϰ ;ϰ͘ϮϴͿй ;ϰ͘ϯϮͿ ϯϳ͘ϲϲй ϰϰ͘ϭϲ ϭϴ͘Ϯϳй ϯϵ͘ϴϰ WŽƐƚͲĞŵƉůŽLJŵĞŶƚďĞŶĞĮƚƐƉůĂŶƐ  ĞŶĂƌĞƐ,ŽƚĞůƐ>ƚĚ͘ ϭ͘ϯϮй ϲϱ͘ϯϭ ϲ͘ϰϮй ϲ͘ϰϴ Ϭ͘Ϭϭй Ϭ͘Ϭϭ Ϯ͘ϵϴй ϲ͘ϰϵ  ŽŶƚƌŝďƵƟŽŶƚŽƐƵƉĞƌĂŶŶƵĂƟŽŶĨƵŶĚ ϰ͘ϵϵ ϱ͘Ϭϭ  hŶŝƚĞĚ,ŽƚĞůƐ>ƚĚ͘ Ϭ͘ϱϬй Ϯϰ͘ϱϴ ϭ͘ϳϰй ϭ͘ϳϲ ϭ͘Ϭϲй ϭ͘Ϯϰ ϭ͘ϯϴй ϯ͘ϬϬ  ŽŶƚƌŝďƵƟŽŶƚŽƉƌŽǀŝĚĞŶƚĨƵŶĚ ϵ͘ϵϰ ϵ͘ϳϴ  ZŽŽƚƐŽƌƉŽƌĂƟŽŶ>ƚĚ͘ ϱ͘Ϯϰй Ϯϱϵ͘ϲϮ ;ϭϴ͘ϵϬͿй ;ϭϵ͘ϬϲͿ Ͳ Ͳ ;ϴ͘ϳϰͿй ;ϭϵ͘ϬϲͿ

 /ŶĚŝƚƌĂǀĞů>ƚĚ͘ Ϭ͘Ϯϭй ϭϬ͘ϯϱ ;Ϭ͘ϴϲͿй ;Ϭ͘ϴϳͿ Ϭ͘ϬϮй Ϭ͘ϬϮ ;Ϭ͘ϯϵͿй ;Ϭ͘ϴϱͿ EŽƚĞϰϭ͗^ŚĂƌĞŚŽůĚĞƌƐ͛ŐƌĞĞŵĞŶƚŽĨĂƐƵďƐŝĚŝĂƌLJ  dĂũdƌĂĚĞΘdƌĂŶƐƉŽƌƚ Ϭ͘Ϯϲй ϭϮ͘ϲϱ Ϭ͘Ϯϴй Ϭ͘Ϯϴ ;Ϭ͘ϬϵͿй ;Ϭ͘ϭϬͿ Ϭ͘Ϭϴй Ϭ͘ϭϴ ƐƉĞƌƚŚĞ^ŚĂƌĞ^ƵďƐĐƌŝƉƟŽŶŐƌĞĞŵĞŶƚĂŶĚ^ŚĂƌĞŚŽůĚĞƌƐ͛ŐƌĞĞŵĞŶƚĚĂƚĞĚDĂƌĐŚϭϲ͕ϮϬϭϭĞŶƚĞƌĞĚŝŶƚŽǁŝƚŚKŵĞŐĂdŚŽůĚŝŶŐWƚĞ ŽŵƉĂŶLJ>ƚĚ͘ >ŝŵŝƚĞĚ;͞/ŶǀĞƐƚŽƌ͟ͿďLJĂƐƵďƐŝĚŝĂƌLJĐŽŵƉĂŶLJ͕ƌĞĂĚǁŝƚŚĂĚĚĞŶĚƵŵƚŽ^ƵďƐĐƌŝƉƟŽŶŐƌĞĞŵĞŶƚĚĂƚĞĚDĂƌĐŚϮϱ͕ϮϬϭϰĂŶĚƐƵďũĞĐƚƚŽƚŚĞ  ƚĚ͘ Ϭ͘Ϭϲй ϯ͘ϮϬ Ϭ͘Ϯϲй Ϭ͘Ϯϲ Ͳ Ͳ Ϭ͘ϭϮй Ϭ͘Ϯϲ ƚĞƌŵƐĂŶĚĐŽŶĚŝƟŽŶƐƐƚĂƚĞĚƚŚĞƌĞŝŶ͕ƚŚĞŝŶǀĞƐƚŽƌŚĂƐĂŶŽƉƟŽŶďƵƚŶŽƚƚŚĞŽďůŝŐĂƟŽŶƚŽƐƵďƐĐƌŝďĞĨŽƌĨƵƌƚŚĞƌƐƵĐŚŶƵŵďĞƌŽĨƋƵŝƚLJ^ŚĂƌĞƐ  EŽƌƚŚĞƌŶ/ŶĚŝĂ,ŽƚĞůƐ>ƚĚ͘ Ϭ͘ϱϰй Ϯϲ͘ϳϵ Ϯ͘ϯϭй Ϯ͘ϯϯ Ͳ Ͳ ϭ͘Ϭϳй Ϯ͘ϯϯ ĂƐŝƐĞƋƵĂůƚŽƚŚĞĂŐŐƌĞŐĂƚĞĐŽŶƐŝĚĞƌĂƟŽŶŽĨƵƉƚŽ`ϭϬϬĐƌŽƌĞƐŽŶŽƌďĞĨŽƌĞĞĐĞŵďĞƌϯϭ͕ϮϬϭϴŽƌƐƵĐŚŽƚŚĞƌĚĂƚĞĂƐŵĂLJďĞŵƵƚƵĂůůLJĂŐƌĞĞĚ  dĂũŶƚĞƌƉƌŝƐĞƐ>ƚĚ͘ Ϭ͘Ϭϴй ϰ͘Ϭϴ Ϭ͘ϭϭй Ϭ͘ϭϭ Ͳ Ͳ Ϭ͘Ϭϱй Ϭ͘ϭϭ ďĞƚǁĞĞŶƉĂƌƟĞƐ͕ƉƌŽǀŝĚĞĚƚŚĂƚƚŚĞƐƵďƐŝĚŝĂƌLJĐŽŵƉĂŶLJƌĞƋƵŝƌĞƐĂŶĂŵŽƵŶƚĞƋƵŝǀĂůĞŶƚƚŽƚŚĞĐŽŶƐŝĚĞƌĂƟŽŶĂŶĚƐƵĐŚƌĞƋƵŝƌĞŵĞŶƚŝƐĂƉĂƌƚ  ^ŬLJĚĞĐŬWƌŽƉĞƌƟĞƐĂŶĚ ϵ͘Ϭϲй ϰϰϵ͘ϰϰ ;ϱϬ͘ϱϬͿй ;ϱϬ͘ϵϰͿ Ͳ Ͳ ;Ϯϯ͘ϯϱͿй ;ϱϬ͘ϵϰͿ ŽĨďƵƐŝŶĞƐƐƉůĂŶ͘ ĞǀĞůŽƉĞƌƐWƌŝǀĂƚĞ>ƚĚ͘ Sheena Investments EŽƚĞϰϮ͗^ĞŐŵĞŶƚ/ŶĨŽƌŵĂƟŽŶ Ϭ͘Ϭϱй Ϯ͘ϲϯ Ϭ͘ϭϬй Ϭ͘ϭϬ Ͳ Ͳ Ϭ͘Ϭϱй Ϭ͘ϭϬ WƌŝǀĂƚĞ>ƚĚ͘ KƉĞƌĂƟŶŐƐĞŐŵĞŶƚƐĂƌĞƌĞƉŽƌƚĞĚŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŝŶƚĞƌŶĂůƌĞƉŽƌƟŶŐƉƌŽǀŝĚĞĚƚŽƚŚĞĐŚŝĞĨŽƉĞƌĂƟŶŐĚĞĐŝƐŝŽŶͲŵĂŬĞƌ͘dŚĞ  >>,ŽƚĞůƐĂŶĚ DĂŶĂŐŝŶŐŝƌĞĐƚŽƌĂŶĚŚŝĞĨdžĞĐƵƟǀĞKĸĐĞƌŽĨƚŚĞŽŵƉĂŶLJǁŚŽŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌĂůůŽĐĂƟŶŐƌĞƐŽƵƌĐĞƐĂŶĚĂƐƐĞƐƐŝŶŐƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ ϭϮ͘Ϭϲй ϱϵϴ͘ϭϰ ;ϭϯ͘ϴϯͿй ;ϭϯ͘ϵϱͿ Ͳ Ͳ ;ϲ͘ϰϬͿй ;ϭϯ͘ϵϱͿ ŽƉĞƌĂƟŶŐƐĞŐŵĞŶƚƐ͕ŚĂƐďĞĞŶŝĚĞŶƟĮĞĚĂƐƚŚĞĐŚŝĞĨŽƉĞƌĂƟŶŐĚĞĐŝƐŝŽŶͲŵĂŬĞƌ͘&ƌŽŵƚŚĞŝŶƚĞƌŶĂůŽƌŐĂŶŝƐĂƟŽŶŽĨƚŚĞ'ƌŽƵƉ͛ƐĂĐƟǀŝƟĞƐĂŶĚ /ŶǀĞƐƚŵĞŶƚƐ>ƚĚ͘ ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŝŶƚĞƌŶĂůƌĞƉŽƌƟŶŐƉƌŽǀŝĚĞĚƚŽƚŚĞĐŚŝĞĨŽƉĞƌĂƟŶŐĚĞĐŝƐŝŽŶͲŵĂŬĞƌĂŶĚĂŌĞƌĐŽŶƐŝĚĞƌŝŶŐƚŚĞŶĂƚƵƌĞŽĨŝƚƐƐĞƌǀŝĐĞƐ͕ƚŚĞ  >ƵƚŚƌŝĂĂŶĚ>ĂůĐŚĂŶĚĂŶŝ ƵůƟŵĂƚĞĐƵƐƚŽŵĞƌĂǀĂŝůŝŶŐƚŚŽƐĞƐĞƌǀŝĐĞƐĂŶĚƚŚĞŵĞƚŚŽĚƐƵƐĞĚďLJŝƚƐƚŽƉƌŽǀŝĚĞƚŚŽƐĞƐĞƌǀŝĐĞƐ͕͞,ŽƚĞů^ĞƌǀŝĐĞƐ͟ŚĂƐďĞĞŶŝĚĞŶƟĮĞĚƚŽďĞ ,ŽƚĞůĂŶĚWƌŽƉĞƌƟĞƐ Ͳ ;Ϭ͘ϬϯͿ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ƚŚĞ'ƌŽƵƉ͛ƐƐŽůĞŽƉĞƌĂƟŶŐƐĞŐŵĞŶƚ͘,ŽƚĞů^ĞƌǀŝĐĞƐŝŶĐůƵĚĞ͞ZĞǀĞŶƵĞĨƌŽŵKƉĞƌĂƟŽŶƐ͟ŝŶĐůƵĚŝŶŐDĂŶĂŐĞŵĞŶƚĂŶĚKƉĞƌĂƟŶŐ&ĞĞƐǁŚĞƌĞ WƌŝǀĂƚĞ>ƚĚ͘ ŚŽƚĞůƐĂƌĞŶŽƚŽǁŶĞĚŽƌůĞĂƐĞĚďLJƚŚĞ'ƌŽƵƉ͘dŚĞŽƌŐĂŶŝƐĂƟŽŶŝƐůĂƌŐĞůLJŵĂŶĂŐĞĚƐĞƉĂƌĂƚĞůLJďLJƉƌŽƉĞƌƚLJďĂƐĞĚŽŶĐĞŶƚƌĂůůLJĚƌŝǀĞŶƉŽůŝĐŝĞƐ ĂŶĚƚŚĞƌĞƐƵůƚƐĂŶĚĐĂƐŚŇŽǁƐŽĨƚŚĞƉĞƌŝŽĚ͕ĮŶĂŶĐŝĂůƉŽƐŝƟŽŶĂƐŽĨĞĂĐŚƌĞƉŽƌƟŶŐĚĂƚĞĂŐŐƌĞŐĂƚĞĚĨŽƌƚŚĞĂƐƐĞƐƐŵĞŶƚďLJƚŚĞDĂŶĂŐŝŶŐ Foreign  hŶŝƚĞĚKǀĞƌƐĞĂƐ ŝƌĞĐƚŽƌĂŶĚŚŝĞĨdžĞĐƵƟǀĞKĸĐĞƌ͘dŚĞ'ƌŽƵƉ͛ƐŵĂŶĂŐĞŵĞŶƚƌĞƉŽƌƟŶŐĂŶĚĐŽŶƚƌŽůůŝŶŐƐLJƐƚĞŵƐƉƌŝŶĐŝƉĂůůLJƵƐĞĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐƚŚĂƚĂƌĞ ϭϭ͘ϲϲй ϱϳϴ͘ϭϮ ;ϭϭϴ͘ϳϮͿй ;ϭϭϵ͘ϳϱͿ Ͳ Ͳ ;ϱϰ͘ϵϬͿй ;ϭϭϵ͘ϳϱͿ ƚŚĞƐĂŵĞĂƐƚŚŽƐĞĚĞƐĐƌŝďĞĚŝŶEŽƚĞϮŝŶƚŚĞƐƵŵŵĂƌLJŽĨƐŝŐŶŝĮĐĂŶƚĂĐĐŽƵŶƟŶŐƉŽůŝĐŝĞƐƵŶĚĞƌ/ŶĚ^͘ƐƚŚĞ'ƌŽƵƉŝƐĞŶŐĂŐĞĚŝŶĂƐŝŶŐůĞ ,ŽůĚŝŶŐƐ/ŶĐ͘ ŽƉĞƌĂƟŶŐƐĞŐŵĞŶƚ͕ƐĞŐŵĞŶƚŝŶĨŽƌŵĂƟŽŶƚŚĂƚŚĂƐďĞĞŶƚĂďƵůĂƚĞĚďĞůŽǁŝƐ'ƌŽƵƉͲǁŝĚĞ͗  ^ƚ͘:ĂŵĞƐŽƵƌƚ,ŽƚĞů>ƚĚ͘ ϭϭ͘ϱϵй ϱϳϰ͘ϵϬ ϯϬ͘Ϯϭй ϯϬ͘ϰϳ Ͳ Ͳ ϭϯ͘ϵϳй ϯϬ͘ϰϳ  dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ>ƚĚ͘ Ϭ͘ϱϬй Ϯϰ͘ϵϵ ϰ͘ϰϭй ϰ͘ϰϱ Ͳ Ͳ Ϯ͘Ϭϰй ϰ͘ϰϱ ZĞǀĞŶƵĞĨƌŽŵ,ŽƚĞů^ĞƌǀŝĐĞƐ EŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ  dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ ďLJůŽĐĂƟŽŶŽĨŽƉĞƌĂƟŽŶƐ ;ƐĞĞĨŽŽƚŶŽƚĞďĞůŽǁͿ Ϯ͘ϰϬй ϭϭϴ͘ϵϮ ϭ͘ϭϵй ϭ͘ϮϬ Ͳ Ͳ Ϭ͘ϱϱй ϭ͘ϮϬ Country ;,͘<͘Ϳ>ƚĚ͘ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ  ^ĂŵƐĂƌĂWƌŽƉĞƌƟĞƐ>ƚĚ͘ ` ` ` ` Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ crores crores crores crores ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝͿ India ϯ͕ϭϲϬ͘Ϭϲ Ϯ͕ϵϱϱ͘ϲϴ ϰ͕ϰϴϮ͘ϯϴ ϰ͕ϭϳϵ͘Ϯϱ  WŝĞŵ/ŶƚĞƌŶĂƟŽŶĂů;,<Ϳ>ƚĚ͘ ϯ͘ϲϲй ϭϴϭ͘Ϯϱ ϭϭ͘ϮϬй ϭϭ͘ϯϬ Ͳ Ͳ ϱ͘ϭϴй ϭϭ͘ϯϬ h͘^͘͘ ϱϴϱ͘ϯϬ ϲϱϳ͘Ϯϵ ϴϰϯ͘ϮϮ ϴϳϲ͘ϯϮ  ƉĞdž,ŽƚĞůDĂŶĂŐĞŵĞŶƚ h͘<͘ ϯϱϴ͘ϭϵ ϯϴϱ͘ϭϱ ϵϯϳ͘ϳϵ ϴϮϭ͘ϵϳ ^ĞƌǀŝĐĞƐ;WƚĞͿ>ƚĚ͘;ZĞĨĞƌ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ KƚŚĞƌKǀĞƌƐĞĂƐůŽĐĂƟŽŶƐ Ͳ ϮϮ͘ϰϱ Ͳ Ͳ &ŽŽƚŶŽƚĞŝŝͿ Total ϰ͕ϭϬϯ͘ϱϱ ϰ͕ϬϮϬ͘ϱϳ ϲ͕Ϯϲϯ͘ϯϵ ϱ͕ϴϳϳ͘ϱϰ  ŚŝĞŌĂŝŶŽƌƉŽƌĂƟŽŶ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Es͘;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝŝŝͿ &ŽŽƚŶŽƚĞ͗ EŽŶͲĐƵƌƌĞŶƚ ĂƐƐĞƚƐ ĞdžĐůƵĚĞ ĮŶĂŶĐŝĂů ĂƐƐĞƚƐ͕ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ͕ ƉŽƐƚͲĞŵƉůŽLJŵĞŶƚ ďĞŶĞĮƚ ĂƐƐĞƚƐ ĂŶĚ ƌŝŐŚƚƐ ƵŶĚĞƌ ŝŶƐƵƌĂŶĐĞ  /,KKs͘ ϯϰ͘ϵϲй ϭ͕ϳϯϯ͘ϯϰ ;ϭϱϰ͘ϵϭйͿ ;ϱϲ͘ϮϲͿ Ͳ Ͳ ϳϭ͘ϲϰй ;ϭϱϲ͘ϮϲͿ ĐŽŶƚƌĂĐƚƐ͘ EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ EŽ ƐŝŶŐůĞ ĐƵƐƚŽŵĞƌ ĐŽŶƚƌŝďƵƚĞƐ ŵŽƌĞ ƚŚĂŶ ϭϬй Žƌ ŵŽƌĞ ŽĨ ƚŚĞ 'ƌŽƵƉ͛Ɛ ƚŽƚĂů ƌĞǀĞŶƵĞ ĨŽƌ ƚŚĞ LJĞĂƌƐ ĞŶĚĞĚ DĂƌĐŚ ϯϭ͕ ϮϬϭϴ ĂŶĚ ϳϳϳ͘ϯϵ ;Ϯ͘ϲϱͿ ;ϯϴ͘ϳϲͿ ;ϰϭ͘ϰϭͿ DĂƌĐŚϯϭ͕ϮϬϭϳ͘ in all subsidiaries

262 Annual Report 2017-18 263 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268

Notes to Consolidated Financial Statements for year ened March 31, 2018 Notes to Consolidated Financial Statements for year ended March 31, 2018 Net assets, i.e., total assets Share in other Share in total ^ŚĂƌĞŝŶƉƌŽĮƚŽƌůŽƐƐ EŽƚĞϰϰ͗ĂƌŶŝŶŐƐWĞƌ^ŚĂƌĞ;W^Ϳ ŵŝŶƵƐƚŽƚĂůůŝĂďŝůŝƟĞƐ ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ EĂŵĞŽĨƚŚĞĞŶƟƚLJ ĂƌŶŝŶŐƐWĞƌ^ŚĂƌĞŝƐĐĂůĐƵůĂƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/ŶĚ^ϯϯʹ͚ĂƌŶŝŶŐƐWĞƌ^ŚĂƌĞ͛͘ of the Group As % of As % of As % of As % of consolidated consolidated consolidated consolidated net assets ` crores ƉƌŽĮƚŽƌůŽƐƐ ` crores ƉƌŽĮƚŽƌůŽƐƐ ` crores ƉƌŽĮƚŽƌůŽƐƐ ` crores DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϯϭ͕ϮϬϭϳ ƐƐŽĐŝĂƚĞƐ;/ŶǀĞƐƚŵĞŶƚĂƐ WƌŽĮƚͬ;>ŽƐƐͿĂŌĞƌƚĂdž;ŽǁŶĞƌ͛ƐƐŚĂƌĞͿʹ;`ĐƌŽƌĞƐͿ ϭϬϬ͘ϴϳ ;ϲϯ͘ϮϬͿ ƉĞƌƚŚĞĞƋƵŝƚLJŵĞƚŚŽĚͿ Indian  KƌŝĞŶƚĂů,ŽƚĞůƐ>ƚĚ͘ ϰ͘ϭϴй ϮϬϳ͘ϭϲ Ϯ͘ϭϲй Ϯ͘ϭϴ ϱ͘ϵϰй ϲ͘ϵϳ ϰ͘ϭϵй ϵ͘ϭϱ KƉĞŶŝŶŐďĂůĂŶĐĞ ϵϴ͕ϵϮ͕ϳϰ͕Ϭϭϱ ϵϴ͕ϵϮ͕ϳϰ͕Ϭϭϱ  dĂũDĂĚƵƌĂŝ>ƚĚ Ϭ͘ϭϭй ϱ͘Ϯϵ Ϭ͘ϯϲй Ϭ͘ϯϲ Ϭ͘Ϯϰй Ϭ͘Ϯϴ Ϭ͘Ϯϵй Ϭ͘ϲϰ īĞĐƚŽĨĨƌĞƐŚŝƐƐƵĞŽĨƐŚĂƌĞƐĨŽƌĐĂƐŚ ϭϭ͕ϯϳ͕Ϭϰ͕ϲϬϴ ϱ͕ϲϴ͕ϯϴ͕ϯϲϭ  dĂŝĚĂdƌĂĚŝŶŐΘ /ŶĚƵƐƚƌŝĞƐ>ƚĚ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨƋƵŝƚLJ^ŚĂƌĞƐη ϭϭϬ͕Ϯϵ͕ϳϴ͕ϲϮϯ ϭϬϰ͕ϲϭ͕ϭϮ͕ϯϳϲ ;ZĞĨĞƌ&ŽŽƚŶŽƚĞŝǀͿ

ĂƌŶŝŶŐƐWĞƌ^ŚĂƌĞͲĂƐŝĐĂŶĚŝůƵƚĞĚͲ;`Ϳ Ϭ͘ϵϭ ;Ϭ͘ϲϬͿ Foreign  >ĂŶŬĂ/ƐůĂŶĚZĞƐŽƌƚƐ>ƚĚ͘ Ϭ͘ϲϳй ϯϯ͘Ϯϰ ϭ͘ϳϬй ϭ͘ϳϭ ;Ϭ͘ϬϮͿй ;Ϭ͘ϬϮͿ Ϭ͘ϳϳй ϭ͘ϲϵ &ĂĐĞsĂůƵĞƉĞƌƋƵŝƚLJ^ŚĂƌĞ;`Ϳ 11  d>>ĂŶŬĂ,ŽƚĞůƐWůĐ Ϭ͘ϯϮй ϭϲ͘ϭϭ Ϭ͘ϵϲй Ϭ͘ϵϳ ;Ϭ͘ϮϮͿй ;Ϭ͘ϮϲͿ Ϭ͘ϯϯй Ϭ͘ϳϭ ηഩĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳŚĂƐďĞĞŶƌĞƚƌŽƐƉĞĐƟǀĞůLJĂĚũƵƐƚĞĚĨŽƌƚŚĞďŽŶƵƐĞůĞŵĞŶƚŝŶƌĞƐƉĞĐƚŽĨƚŚĞƌŝŐŚƚƐŝƐƐƵĞ͘  ũĞƚƐWƚĞ>ƚĚ͘;ZĞĨĞƌ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ &ŽŽƚŶŽƚĞŝǀͿ EŽƚĞϰϱ͗ŝǀŝĚĞŶĚƐ ŝǀŝĚĞŶĚƐƉĂŝĚĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϴŽƵƚŽĨ'ĞŶĞƌĂůZĞƐĞƌǀĞǁĂƐ`Ϭ͘ϯϱƉĞƌĞƋƵŝƚLJƐŚĂƌĞĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϭϳ͘ :ŽŝŶƚsĞŶƚƵƌĞƐ;/ŶǀĞƐƚŵĞŶƚ dŚĞĚŝǀŝĚĞŶĚƐĚĞĐůĂƌĞĚďLJƚŚĞŽŵƉĂŶLJĂƌĞďĂƐĞĚŽŶƚŚĞƉƌŽĮƚƐĂǀĂŝůĂďůĞĨŽƌĚŝƐƚƌŝďƵƟŽŶĂƐƌĞƉŽƌƚĞĚŝŶƚŚĞƐƚĂŶĚĂůŽŶĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ ĂƐƉĞƌƚŚĞĞƋƵŝƚLJŵĞƚŚŽĚͿ ŽĨƚŚĞŽŵƉĂŶLJ͘ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐƌĞƉŽƌƚĞĚŝŶƚŚĞƐĞĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŵĂLJŶŽƚďĞĨƵůůLJĚŝƐƚƌŝďƵƚĂďůĞ͘ƐŽĨDĂƌĐŚϯϭ͕ Indian ϮϬϭϴ͕ƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐŶŽƚƚƌĂŶƐĨĞƌƌĞĚƚŽƌĞƐĞƌǀĞƐĂǀĂŝůĂďůĞĨŽƌĚŝƐƚƌŝďƵƟŽŶǁĂƐ`ϰϭϭ͘ϴϰĐƌŽƌĞƐ͘  dĂũ's<,ŽƚĞůƐĂŶĚ Ϯ͘ϯϮй ϭϭϰ͘ϵϭ ϱ͘ϭϲй ϱ͘ϮϬ Ϭ͘Ϭϰй Ϭ͘Ϭϱ Ϯ͘ϰϭй ϱ͘Ϯϱ KŶDĂLJϮϱ͕ϮϬϭϴ͕ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJŚĂǀĞƉƌŽƉŽƐĞĚĂĮŶĂůĚŝǀŝĚĞŶĚŽĨ`Ϭ͘ϰϬƉĞƌƐŚĂƌĞŝŶƌĞƐƉĞĐƚŽĨƚŚĞLJĞĂƌĞŶĚĞĚ ZĞƐŽƌƚƐ>ƚĚ͘ DĂƌĐŚϯϭ͕ϮϬϭϴ͕ƐƵďũĞĐƚƚŽƚŚĞĂƉƉƌŽǀĂůŽĨƐŚĂƌĞŚŽůĚĞƌƐĂƚƚŚĞŶŶƵĂů'ĞŶĞƌĂůDĞĞƟŶŐ͘/ĨĂƉƉƌŽǀĞĚ͕ƚŚĞĚŝǀŝĚĞŶĚǁŽƵůĚƌĞƐƵůƚŝŶĂĐĂƐŚ  dĂũ<ĞƌĂůĂ,ŽƚĞůƐĂŶĚ Ϭ͘ϯϰй ϭϲ͘ϲϴ Ϭ͘ϯϮй Ϭ͘ϯϮ Ϭ͘Ϭϭй Ϭ͘Ϭϭ Ϭ͘ϭϱй Ϭ͘ϯϯ ŽƵƞůŽǁŽĨ`ϱϳ͘ϯϱĐƌŽƌĞƐ͕ŝŶĐůƵƐŝǀĞŽĨĚŝǀŝĚĞŶĚĚŝƐƚƌŝďƵƟŽŶƚĂdžŽĨ`ϵ͘ϳϴĐƌŽƌĞƐ͘ ZĞƐŽƌƚƐ>ƚĚ͘  dĂũ^d^ŝƌĂƚĞƌŝŶŐ>ƚĚ͘ ϭ͘Ϯϭй ϱϵ͘ϵϰ ϭϬ͘ϵϴй ϭϭ͘Ϭϴ Ϭ͘Ϯϵй Ϭ͘ϯϰ ϱ͘Ϯϰй ϭϭ͘ϰϮ EŽƚĞϰϲ͗KƚŚĞƌEŽƚĞƐ  dĂũ<ĂƌŶĂƚĂŬĂ,ŽƚĞůƐĂŶĚ ;Ϭ͘ϬϱͿй ;Ϯ͘ϲϱͿ Ϭ͘ϭϮй Ϭ͘ϭϮ Ͳ Ͳ Ϭ͘Ϭϲй Ϭ͘ϭϮ WƌĞǀŝŽƵƐLJĞĂƌ͛ƐĮŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐǁĞƌĞĂƵĚŝƚĞĚďLJĂĮƌŵŽĨŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐŽƚŚĞƌƚŚĂŶ^ZΘŽ͘>>W͘ ZĞƐŽƌƚƐ>ƚĚ͘  dĂũ^ĂĨĂƌŝƐ>ƚĚ͘ Ϭ͘Ϭϭй Ϭ͘ϳϬ ;ϭ͘ϬϮͿй ;ϭ͘ϬϯͿ Ϭ͘ϬϮй Ϭ͘ϬϮ ;Ϭ͘ϰϲͿй ;ϭ͘ϬϭͿ /ŶƚĞƌŵƐŽĨŽƵƌƌĞƉŽƌƚĂƩĂĐŚĞĚ͘ &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚ  <ĂǀĞƌŝZĞƚƌĞĂƚΘZĞƐŽƌƚƐ>ƚĚ Ϭ͘ϴϬй ϯϵ͘ϴϱ ϭ͘ϳϬй ϭ͘ϳϭ Ͳ Ͳ Ϭ͘ϳϴй ϭ͘ϳϭ  dĂũDĂĚƌĂƐ&ůŝŐŚƚ<ŝƚĐŚĞŶ Ϭ͘ϰϴй Ϯϯ͘ϴϳ Ϭ͘Ϭϵй Ϭ͘Ϭϵ Ϭ͘ϬϮй Ϭ͘ϬϮ Ϭ͘Ϭϱй Ϭ͘ϭϭ &Žƌ B S R & Co. LLP N. Chandrasekaran ŚĂŝƌŵĂŶ Wǀƚ͘>ƚĚ͘ ŚĂƌƚĞƌĞĚĐĐŽƵŶƚĂŶƚƐ /E͗ϬϬϭϮϭϴϲϯ &ŝƌŵZĞŐŝƐƚƌĂƟŽŶEŽ͘ϭϬϭϮϰϴtͬtͲϭϬϬϬϮϮ Foreign WƵŶĞĞƚŚŚĂƚǁĂů DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK  /,D^,ŽƚĞůƐ;^Ϳ;WƚLJͿ>ƚĚ͘ ;ϭ͘ϰϳͿй ;ϳϮ͘ϵϲͿ ϭϭ͘ϯϴй ϭϭ͘ϰϴ Ͳ Ͳ ϱ͘Ϯϲй ϭϭ͘ϰϴ /E͗ϬϳϲϮϰϲϭϲ  d>,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ Ϯ͘ϰϳй ϭϮϮ͘ϲϳ ϲ͘Ϭϱй ϲ͘ϭϬ ;Ϭ͘ϭϰͿй ;Ϭ͘ϭϳͿ Ϯ͘ϳϮй ϱ͘ϵϯ

Deepak Parekh ŝƌĞĐƚŽƌ ŽŶƐŽůŝĚĂƟŽŶĚũƵƐƚŵĞŶƚƐͬ ;ϭϭϳ͘ϱϴͿй ;ϱ͕ϴϮϵ͘ϵϳͿ Ϯϭϵ͘ϵϲй ϮϮϭ͘ϴϳ ϲϯ͘Ϯϵй ϳϰ͘Ϯϭ ϭϯϱ͘ϳϰй Ϯϵϲ͘Ϭϴ sŝũĂLJŚĂƩ /E͗ϬϬϬϬϵϬϳϴ ůŝŵŝŶĂƟŽŶƐ Partner DĞŵďĞƌƐŚŝƉEŽ͘Ϭϯϲϲϰϳ 'ŝƌŝĚŚĂƌ^ĂŶũĞĞǀŝ džĞĐƵƟǀĞsŝĐĞWƌĞƐŝĚĞŶƚΘŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ Total ϭϬϬ͘ϬϬй ϰ͕ϵϱϴ͘ϰϵ ϭϬϬ͘ϬϬй ϭϬϬ͘ϴϳ ϭϬϬ͘ϬϬй ϭϭϳ͘Ϯϱ ϭϬϬ͘ϬϬй Ϯϭϴ͘ϭϮ

Footnotes͗ DƵŵďĂŝ͕DĂLJϮϱ͕ϮϬϭϴ Beejal Desai ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚͲ>ĞŐĂůΘŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ ŝͿ ^ĂŵƐĂƌĂWƌŽƉĞƌƟĞƐ>ƚĚ͘ĚŝƐƐŽůǀĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌŽŶ:ƵŶĞϲ͕ϮϬϭϳ͘ ŝŝͿ ƉĞdž,ŽƚĞůDĂŶĂŐĞŵĞŶƚ^ĞƌǀŝĐĞƐ;WƚĞͿ>ƚĚ͘ƐƚƌƵĐŬŽīǁ͘Ğ͘Ĩ͘ƵŐƵƐƚ͕ϳϮϬϭϳ͘ ŝŝŝͿ ŚŝĞŌĂŝŶŽƌƉŽƌĂƟŽŶEsĚŝƐƐŽůǀĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌŽŶƉƌŝůϭϯ͕ϮϬϭϳ͘ ŝǀͿ dŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐŝŶƐƐŽĐŝĂƚĞƐŚĂƐďĞĞŶƌĞƉŽƌƚĞĚĂƐEŝů͕ĂƐƚŚĞ'ƌŽƵƉ͛ƐƐŚĂƌĞŽĨůŽƐƐĞƐĞdžĐĞĞĚƐƚŚĞĐŽƐƚŽĨ ŝŶǀĞƐƚŵĞŶƚƐ͘

264 Annual Report 2017-18 265 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268 Ͳ Ͳ Ͳ ;йͿ joint joint dated ƐŚĂƌĞͲ holding holding Reason Reason ǁŚLJƚŚĞ īĞĐƟǀĞ ǀĞŶƚƵƌĞŝƐ ĂƐƐŽĐŝĂƚĞͬ ŶŽƚĐŽŶƐŽůŝͲ WƌŽͲ ŝǀŝͲ dend posed posed ` crores ŽĨŚŽǁ there is there ŝŶŇƵĞŶĐĞ ƐŝŐŶŝĮĐĂŶƚ ĂŌĞƌ ;>ŽƐƐͿ WƌŽĮƚͬ Ͳ EŽƚĞ;ŝŝŝͿ ` crores ƚĂdžĂƟŽŶ Ͳ EŽƚĞ;ŝǀͿͲ EŽƚĞ;ŝǀͿ Ͳ Ͳ Ͳ EŽƚĞ;ŝŝŝͿ Ͳ Ͳ Ͳ EŽƚĞ;ŝǀͿͲ EŽƚĞ;ŝǀͿ Ͳ Ͳ Ͳ EŽƚĞ;ŝŝŝͿ Ͳ EŽƚĞ;ŝŝŝͿͲ EŽƚĞ;ŝŝŝͿ Ͳ Ͳ EŽƚĞ;ŝŝŝͿ Ͳ Ͳ EŽƚĞ;ŝǀͿ Ͳ Ͳ EŽƚĞ;ŝǀͿ Ͳ Ͳ EŽƚĞ;ŝǀͿ Ͳ Ͳ EŽƚĞ;ŝǀͿ Ͳ Not Not WƌŽͲ ` crores ` crores ƚĂdžĂƟŽŶ ǀŝƐŝŽŶĨŽƌ Considered in in Considered ŽŶƐŽůŝĚĂƟŽŶ

Ͳ Ͳ ;>ŽƐƐͿ before before WƌŽĮƚͬ ` crores ƚĂdžĂƟŽŶ ƐŚĂƌĞͲ ` crores ŚŽůĚŝŶŐͿ ĞīĞĐƟǀĞ of Group’s Group’s of WƌŽĮƚͬůŽƐƐĨŽƌƚŚĞLJĞĂƌ ĞƐĐƌŝƉƟŽŶ ŚĂŝƌŵĂŶ DĂŶĂŐŝŶŐŝƌĞĐƚŽƌΘK ŝƌĞĐƚŽƌ džĞĐƵƟǀĞsŝĐĞWƌĞƐŝĚĞŶƚΘŚŝĞĨ&ŝŶĂŶĐŝĂůKĸĐĞƌ ^ĞŶŝŽƌsŝĐĞWƌĞƐŝĚĞŶƚͲ>ĞŐĂůΘŽŵƉĂŶLJ^ĞĐƌĞƚĂƌLJ Total Total Considered in in Considered ;ƚŽƚŚĞĞdžƚĞŶƚ ŽŶƐŽůŝĚĂƟŽŶ Income

` crores per latest latest Sheet audited audited Balance ` crores ments /ŶǀĞƐƚͲ ƚŽƐŚĂƌĞͲ EĞƚǁŽƌƚŚ ` crores holding as as holding ĂƩƌŝďƵƚĂďůĞ Total Total &ŽƌĂŶĚŽŶďĞŚĂůĨŽĨƚŚĞŽĂƌĚ Chandrasekaran N. /E͗ϬϬϭϮϭϴϲϯ WƵŶĞĞƚŚŚĂƚǁĂů /E͗ϬϳϲϮϰϲϭϲ Deepak Parekh /E͗ϬϬϬϬϵϬϳϴ 'ŝƌŝĚŚĂƌ^ĂŶũĞĞǀŝ Beejal Desai ` crores Holding >ŝĂďŝůŝƟĞƐ Extent of Extent Total Total ` ϴϱ͘ϯϵϵϭ͖ Assets ϭϭϵ͘Ϭϳ Ϭ͘ϭϱ Ͳ Ϯ͘ϳϱ ϭ͘ϮϬ Ͳ ϭ͘ϮϬ Ͳ ϭϬϬ͘ϬϬй ` crores ` crores % Amount of Amount & & /ŶǀĞƐƚŵĞŶƚ year end year

ǀŝͿ Surplus ` crores ZĞƐĞƌǀĞƐ ;ϭ͕ϯϳϴ͘ϴϰͿ ϲϱ͕ϵϵϮ Ϭ͘ϲϮ ϯϰ͘ϳϲй Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϭϬϬ͘Ϭй ;ZĞĨĞƌEŽƚĞ Share Share ϮϬ͕ϬϬϬ͕ϬϬϬ ϭϬϮ͘ϱϵ ϰϱ͘ϲϵй Ͳ ϲϲ͕ϭϲϲ͕ϱϯϬ ϭϭϱ͘ϭϯ ϯϱ͘ϲϳй ϭϱϳ͘ϱϬ Ϯ͘ϭϴ Shares held by the company on the the on company the by held Shares Capital No. of shares No. of shares ` crores acquired /EZ Ϯ͘ϴϮ ϱϵϱ͘ϯϭ ϲϯϵ͘ϰϯ ϰϭ͘ϯϬ ϭϲ͘ϱϳ Ϭ͘ϴϴ ;ϭϯ͘ϵϱͿ Ͳ ;ϭϯ͘ϵϱͿ Ͳ ϴϱ͘ϳϮй /EZ ϴϵϯ͘Ϭϯ ;ϰϰϯ͘ϱϵͿ ϱϮϵ͘ϯϭ ϳϵ͘ϴϳ ϱϮϴ͘ϲϭ Ͳ ;ϱϬ͘ϵϰͿ Ͳ ;ϱϬ͘ϵϰͿ Ͳ ϭϬϬ͘ϬϬй /EZ Ϭ͘ϱϬ ϯ͘ϱϴ ϰ͘Ϭϵ Ϭ͘Ϭϭ Ϭ͘Ϭϳ Ϭ͘Ϯϰ Ϭ͘ϭϳ Ϭ͘Ϭϲ Ϭ͘ϭϭ Ͳ ϳϰ͘ϳϬй 'W Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϭϬϬ͘ϬϬй 'W Ͳ Ϯϰ͘ϵϵ ϰϮ͘ϵϬ ϭϳ͘ϵϭ Ͳ ϴϮ͘Ϭϵ ϱ͘ϳϬ ϭ͘Ϯϱ ϰ͘ϰϱ Ͳ ϭϬϬ͘ϬϬй Currency ZĞƉŽƌƟŶŐ the Associate the Associate ĂƚĞŽŶǁŚŝĐŚ ĞŵďĞƌϭϴ͕ϭϵϳϬ Žƌ:ŽŝŶƚsĞŶƚƵƌĞ ǁĂƐĂƐƐŽĐŝĂƚĞĚŽƌ EŽǀĞŵďĞƌϮϴ͕ϮϬϬϳ ` ϲϱ͘ϭϮ͖ϭ'Wс ϵϭ͘ϭϵ͖ date acquired ƐƵďƐŝĚŝĂƌLJǁĂƐ dŚĞĚĂƚĞƐŝŶĐĞǁŚĞŶ Balance sheet Balance sheet :ƵůLJϭϯ͕ϭϵϵϴ :ĂŶƵĂƌLJϭϱ͕ϭϵϵϵ ^' Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϭϬϬ͘ϬϬй :ĂŶƵĂƌLJϯϭ͕ϮϬϬϲ h^ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϭϬϬ͘ϬϬй ĞĐĞŵďĞƌϭϴ͕ϭϵϵϳ h^ ϭϰϬ͘ϰϬ ϭ͕ϰϲϮ͘ϵϭ ϭ͕ϲϬϰ͘ϯϴ ϭ͘Ϭϳ ϭ͕ϱϴϰ͘ϭϬ ϵ͘ϰϯ ;ϭϱϲ͘ϬϰͿ Ϭ͘ϮϮ ;ϭϱϲ͘ϮϲͿ Ͳ ϭϬϬ͘ϬϬй &ĞďƌƵĂƌLJϭϴ͕ϮϬϬϴ /EZ Ϭ͘Ϭϭ ;Ϭ͘ϬϰͿ Ϭ͘Ϭϭ Ϭ͘Ϭϰ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϴϳ͘ϭϱй DĂƌĐŚϭϯ͕ϭϵϲϴ /EZ ϯ͘ϴϭ ϲϮϬ͘ϬϮ ϳϭϳ͘Ϭϯ ϵϯ͘ϮϬ ϭϰϲ͘ϲϭ ϯϱϴ͘ϰϯ ;ϲ͘ϬϲͿ ;ϭ͘ϳϰͿ ;ϰ͘ϯϮͿ ϭϱ͘Ϯϰ ϱϭ͘ϱϳй DĂLJϭϯ͕ϭϵϵϴ ĞĐĞŵďĞƌϮϰ͕ϮϬϬϯ /EZ&ĞďƌƵĂƌLJϭϵ͕ϭϵϴϭ ϴϱ͘ϵϳ ϭϳϯ͘ϲϲ /EZ ϰϰϴ͘ϭϭ ϭϴϴ͘ϰϴ:ƵůLJϭϴ͕ϭϵϳϵ Ϭ͘ϳϮ Ͳ ϭϲ͘Ϯϭ ϭϴϲ͘ϲϴ ϭϴ͘Ϭϰ ;ϭϵ͘ϬϲͿ ϭ͘ϭϭ Ͳ ϴ͘ϯϬ ;ϭϵ͘ϬϲͿ Ϭ͘ϳϳ ;Ϭ͘ϴϴͿ Ͳ ;Ϭ͘ϬϭͿ ϲϯ͘Ϯϱй ;Ϭ͘ϴϳͿ Ͳ ϳϳ͘ϭϵй EŽǀĞŵďĞƌϬϯ͕ϭϵϳϭEŽǀĞŵďĞƌϬϳ͕ϭϵϱϬ /EZ^ĞƉƚĞŵďĞƌϮϭ͕ϭϵϳϳ /EZ ϭ͘ϯϬ /EZ ϴ͘ϰϬ ϲϰ͘Ϭϭ ϭϲ͘ϭϴ ϴϴ͘ϵϱĞĐĞŵďĞƌϮϮ͕ϭϵϴϰ ϯϰ͘ϵϬ Ϯϯ͘ϲϰ ϭϬ͘ϯϮ /EZ ϭ͘ϱϱ Ͳ ϰϭ͘ϯϲ ϰϴ͘Ϯϳ Ϭ͘ϲϬ Ϯ͘Ϭϭ ϳ͘ϴϱ Ϯ͘ϲϬ Ϭ͘Ϯϱ ϭ͘ϯϳ ϲ͘ϭϳ ϭ͘ϳϲ ϲ͘ϰϴ Ϯ͘ϵϳ Ϭ͘ϴϰ ϭ͘ϵϱ ϱϱ͘ϬϬй ϱϭ͘ϲϴй Ͳ Ϭ͘ϱϬ Ϭ͘ϰϭ Ϭ͘ϭϱ Ϭ͘Ϯϲ Ϭ͘ϴϮ ϭϬϬ͘ϬϬй Latest Audited Audited Latest ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ DĂƌĐŚϯϭ͕ϮϬϭϴ &ĞďƌƵĂƌLJϬϮ͕ϭϵϵϱDĂƌĐŚϯϭ͕ϮϬϭϴ DĂLJϬϳ͕ϭϵϵϭ ϭϲ͕ϬϬϬ͕ϰϬϬ ϰϬ͘ϯϰ ϭϰ͕ϭϱϭ͕ϲϲϰ Ϯϱ͘ϱϮй ϭϱ͘ϲϳ ϵϰ͘Ϯϭ Ϯϴ͘ϯϬй ϭϰ͘ϵϲ ϱ͘ϮϬ Ϭ͘ϯϮ DĂƌĐŚϯϭ͕ϮϬϭϴ ^ĞƉƚ DĂƌĐŚϯϭ͕ϮϬϭϴ &ĞďƌƵĂƌLJϭϱ͕ϭϵϵϱ ϭ͕ϯϵϴ͕ϳϰϬ ϭ͘ϰϬ ϰϰ͘Ϯϳй ;Ϯ͘ϲϵͿ Ϭ͘ϭϮ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϭϲ͕ϭϵϵϬDĂƌĐŚϯϭ͕ϮϬϭϴ :ƵůLJϬϵ͕ϭϵϱϵ ϵϭϮ͕ϬϬϬ Ϭ͘ϵϱ Ϯϲ͘ϬϬй ϱ͘Ϯϰ Ϭ͘ϯϲ DĂƌĐŚϯϭ͕ϮϬϭϴ KĐƚŽďĞƌϬϳ͕ϮϬϬϰ ϭϱ͕ϵϴϰ͕ϮϮϭ ϭϱ͘ϮϬ ϯϴ͘ϭϱй Ϭ͘ϱϰ ;ϭ͘ϬϯͿ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϮϵ͕ϭϵϵϱ ϳ͕ϵϰϰ͕ϭϭϮ ϴ͘ϱϲ ϱϬ͘ϬϬй ϮϮ͘ϳϰ Ϭ͘Ϭϵ

Ventures Name of Subsidiary Company Subsidiary of Name EĂŵĞŽĨƐƐŽĐŝĂƚĞƐͬ:ŽŝŶƚ ` ϰ͘ϵϲϰϰ ϭ>ƚĚ͘;ZĞĨĞƌ&ŽŽƚŶŽƚĞ;ŝǀͿͿ &ŽŽƚŶŽƚĞ;ŝǀͿͿ WƌŽƉĞƌƟĞƐWƌŝǀĂƚĞ>ƚĚ͘ ;ZĞĨĞƌŶŽƚĞ;ǀŝŝͿͿ Associates Indian KƌŝĞŶƚĂů,ŽƚĞůƐ>ƚĚ͘ dĂũ's<,ŽƚĞůƐĂŶĚZĞƐŽƌƚƐ>ƚĚ͘ dĂũ<ĞƌĂůĂ,ŽƚĞůƐĂŶĚZĞƐŽƌƚƐ>ƚĚ͘ :ŽŝŶƚsĞŶƚƵƌĞƐ Indian Indian Indian WŝĞŵ,ŽƚĞůƐ>ƚĚ͘ Foreign >>,ŽƚĞůƐĂŶĚ/ŶǀĞƐƚŵĞŶƚƐ>ƚĚ͘ :ƵůLJϬϵ͕ϭϵϳϵ ZĞƐŽƌƚƐ>ƚĚ͘ Foreign dĂŝĚĂdƌĂĚŝŶŐΘ/ŶĚƵƐƚƌŝĞƐ >ƚĚ;ZĞĨĞƌŶŽƚĞ;ǀͿͿ dĂũ^ĂĨĂƌŝƐ>ƚĚ͘ hŶŝƚĞĚ,ŽƚĞůƐ>ƚĚ͘ ^ŬLJĚĞĐŬWƌŽƉĞƌƟĞƐĂŶĚ ĞǀĞůŽƉĞƌƐWƌŝǀĂƚĞ>ƚĚ͘ dĂũDĂĚƌĂƐ&ůŝŐŚƚ<ŝƚĐŚĞŶ Wǀƚ͘>ƚĚ͘ Foreign &ŽŽƚŶŽƚĞ;ŝŝŝͿͿ 1 Ϯ ĞŶĂƌĞƐ,ŽƚĞůƐ>ƚĚ͘ 3 ϰ ZŽŽƚƐŽƌƉŽƌĂƟŽŶ>ƚĚ͘ ϲ /ŶĚŝƚƌĂǀĞů>ƚĚ͘ ϵ EŽƌƚŚĞƌŶ/ŶĚŝĂ,ŽƚĞůƐ>ƚĚ͘ ƵŐƵƐƚϭϴ͕ϭϵϳϭ /EZ Ϭ͘ϰϰ Ϯϲ͘ϯϱ Ϯϲ͘ϵϱ Ϭ͘ϭϲ Ϭ͘ϭϬ ϯ͘ϰϬ ϯ͘Ϯϰ Ϭ͘ϵϭ Ϯ͘ϯϯ Ͳ ϰϴ͘ϱϲй ϱ d/&K,ŽůĚŝŶŐƐ>ƚĚ͘;ZĞĨĞƌ ϳ dĂũdƌĂĚĞΘdƌĂŶƐƉŽƌƚŽ>ƚĚ͘ϴ ƚĚ͘ EŽǀĞŵďĞƌϬϮ͕ϭϵϳϳ /EZ ϯ͘ϰϳ ϭϭ͘Ϭϰ Ϯϰ͘ϴϴ ϭϬ͘ϯϳ ϲ͘ϵϯ ϭϱ͘ϳϱ Ϭ͘Ϯϴ Ͳ Ϭ͘Ϯϴ Ͳ ϳϮ͘ϳϯй 1 ϳ ϴ ϵ dĂũ^d^ŝƌĂƚĞƌŝŶŐ>ƚĚ͘ DĂƌĐŚϯϭ͕ϮϬϭϴ ƵŐƵƐƚϮϴ͕ϮϬϬϭ ϴ͕ϴϳϰ͕ϬϬϬ ϲϭ͘ϴϮ ϱϭ͘ϬϬй ϭϯϯ͘ϰϮ ϭϭ͘Ϭϴ ϰ >ĂŶŬĂ/ƐůĂŶĚZĞƐŽƌƚƐ>ƚĚ͘ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂLJϮϲ͕ϭϵϵϱ ϭϵ͕ϵϲϱ͕ϱϮϰ ϯϮ͘ϰϲ Ϯϰ͘ϲϲй ϭϭ͘ϱϮ ϭ͘ϳϭ Ϯ dĂũDĂĚƵƌĂŝ>ƚĚ 3 ϱ d>>ĂŶŬĂ,ŽƚĞůƐWůĐϲ ũĞƚƐWƚĞ>ƚĚ͘;ZĞĨĞƌŶŽƚĞ;ǀͿͿ DĂƌĐŚϯϭ͕ϮϬϭϴ :ƵŶĞϭϰ͕ϭϵϴϬ ϯϰ͕ϯϳϱ͕ϲϰϬ ϭϴ͘ϳϮ Ϯϰ͘ϲϮй ϭϲ͘ϴϬ Ϭ͘ϵϳ Sr. Sr. Ϯϯ ŚŝĞŌĂŝŶŽƌƉŽƌĂƟŽŶEs͘ ϮϮ ƉĞdž,ŽƚĞůDĂŶĂŐĞŵĞŶƚ^ĞƌǀŝĐĞƐ ϭϴ dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ;,͘<͘Ϳ>ƚĚ͘ ĞĐĞŵďĞƌϬϮ͕ϭϵϴϬ h^ ϭ͕ϰϵϳ͘ϳϲ ϭϳ dĂũ/ŶƚĞƌŶĂƟŽŶĂů,ŽƚĞůƐ>ƚĚ͘ :ƵůLJϱ͕ϭϵϵϱ Ϯϭ ^ĂŵƐĂƌĂ WƌŽƉĞƌƟĞƐ >ƚĚ͘ ;ZĞĨĞƌ ϮϬ /,KKs͘ ϭϲ ^ƚ͘:ĂŵĞƐŽƵƌƚ,ŽƚĞů>ƚĚ͘ &ĞďƌƵĂƌLJϭϳ͕ϮϬϬϬ 'W ϱϭϱ͘ϰϴ ϱϵ͘ϰϮ ϭ͕ϬϮϰ͘ϵϴ ϰϱϬ͘Ϭϴ Ͳ Ϯϳϵ͘Ϯϵ ϭϮ͘ϱϰ ;ϭϳ͘ϵϯͿ ϯϬ͘ϰϳ Ͳ ϳϮ͘Ϯϱй ϭϰ >ƵƚŚƌŝĂĂŶĚ>ĂůĐŚĂŶĚĂŶŝ,ŽƚĞůĂŶĚ ϭϵ WŝĞŵ/ŶƚĞƌŶĂƟŽŶĂů;,<Ϳ>ƚĚ͘ ^ĞƉƚĞŵďĞƌϬϴ͕ϭϵϵϰ h^ ϱϮ͘ϭϬ ϭϴϮ͘ϴϲ Ϯϯϱ͘ϬϮ Ϭ͘Ϭϲ ϮϬϲ͘ϵϯ Ϭ͘ϵϬ Ϭ͘ϱϮ Ͳ Ϭ͘ϱϮ Ͳ ϱϭ͘ϱϳй ϭϱ hŶŝƚĞĚKǀĞƌƐĞĂƐ,ŽůĚŝŶŐƐ/ŶĐ͘ ƵŐƵƐƚϮϰ͕ϮϬϭϱ h^ ϭ͕Ϭϲϲ͘ϭϳ ;ϰϴϴ͘ϬϱͿ ϴϵϵ͘ϯϲ ϯϮϭ͘Ϯϰ Ͳ ϱϵϲ͘ϴϴ ;ϭϭϵ͘ϳϭͿ Ϭ͘Ϭϰ ;ϭϭϵ͘ϳϱͿ Ͳ ϭϬϬ͘ϬϬй 13 Sr. Sr. ϭϮ ^ŚĞĞŶĂ/ŶǀĞƐƚŵĞŶƚƐWƌŝǀĂƚĞ>ƚĚ͘ &ĞďƌƵĂƌLJϭϮ͕ϭϵϵϬ /EZ ϭ͘ϬϬ ϭ͘ϲϯ Ϯ͘ϲϴ Ϭ͘Ϭϱ Ϭ͘ϰϬ Ϭ͘ϭϱ Ϭ͘ϭϰ Ϭ͘Ϭϰ Ϭ͘ϭϬ Ͳ ϭϬϬ͘ϬϬй 11 ϭϬ dĂũŶƚĞƌƉƌŝƐĞƐ>ƚĚ͘ ϭϬ dĂũ<ĂƌŶĂƚĂŬĂ,ŽƚĞůƐĂŶĚ 11 ϭϮ <ĂǀĞƌŝZĞƚƌĞĂƚΘZĞƐŽƌƚƐ>ƚĚ DĂƌĐŚϯϭ͕ϮϬϭϴ KĐƚŽďĞƌϮϱ͕ϮϬϬϱ ϭϯ͕ϭϳϲ͕ϰϲϳ ϰϰ͘ϴϬ ϱϬ͘ϬϬй ϯϬ͘ϯϱ ϭ͘ϳϭ 13 ϭϰ /,D^,ŽƚĞůƐ;^Ϳ;WƚLJͿ>ƚĚ͘ DĂƌĐŚϯϭ͕ϮϬϭϴ :ƵŶĞϬϳ͕ϮϬϬϲ ϴϲ͕ϳϯϵ͕ϵϱϴ ϱϳ͘Ϭϵ ϱϬ͘ϬϬй ;ϱϲ͘ϵϲͿ ϭϭ͘ϰϴ ϭϱ d>,ŽƚĞůƐΘZĞƐŽƌƚƐ>ƚĚ͘ DĂƌĐŚϯϭ͕ϮϬϭϴ DĂƌĐŚϭϲ͕ϮϬϬϭ ϰ͕ϵϰϲ͕ϮϴϮ ϯϴ͘Ϭϯ Ϯϳ͘ϰϵй ϭϭϬ͘Ϭϱ ϲ͘ϭϬ ŝdžͿ` ϲϰ͘ϯϵϮϴ͖ ǀĞƌĂŐĞĞdžĐŚĂŶŐĞƌĂƚĞĨŽƌƚŚĞLJĞĂƌ;ĨŽƌWƌŽĮƚΘ>ŽƐƐŝƚĞŵƐͿ͗ഩϭh^с EŽƚĞƐ͗ ŝͿ EĂŵĞƐŽĨƐƐŽĐŝĂƚĞƐͬ:ŽŝŶƚsĞŶƚƵƌĞǁŚŝĐŚĂƌĞLJĞƚƚŽĐŽŵŵĞŶĐĞŽƉĞƌĂƟŽŶƐͲEŽŶĞ ŝŝͿ EĂŵĞƐŽĨƐƐŽĐŝĂƚĞƐͬ:ŽŝŶƚsĞŶƚƵƌĞǁŚŝĐŚŚĂǀĞďĞĞŶůŝƋƵŝĚĂƚĞĚŽƌƐŽůĚĚƵƌŝŶŐƚŚĞLJĞĂƌͲEŽŶĞ ŝŝŝͿ dŚĞƌĞŝƐƐŝŐŶŝĮĐĂŶƚŝŶŇƵĞŶĐĞĚƵĞƚŽƉĞƌĐĞŶƚĂŐĞ;йͿŽĨƐŚĂƌĞŚŽůĚŝŶŐ;ŵŽƌĞƚŚĂŶϮϬйͿ͘ ŝǀͿ dŚĞƐĞĂƌĞũŽŝŶƚǀĞŶƚƵƌĞƐ͘ ǀͿ dŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐŝŶƐƐŽĐŝĂƚĞƐŚĂƐďĞĞŶƌĞƉŽƌƚĞĚĂƐEŝů͕ĂƐƚŚĞ'ƌŽƵƉ͛Ɛ ǀŝͿ EƵŵďĞƌŽĨƐŚĂƌĞƐŝŶĐůƵĚĞƐƐŚĂƌĞƐŚĞůĚĚŝƌĞĐƚůLJďLJWĂƌĞŶƚŽƌƚŚƌŽƵŐŚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ͘ ǀŝŝͿ dŚŝƐŝŶĐůƵĚĞƐϵϴ͕ϳϮ͕ϯϲϬŶƵŵďĞƌŽĨƐŚĂƌĞƐŚĞůĚŝŶƚŚĞĨŽƌŵŽĨ'ůŽďĂůĞƉŽƐŝƚŽƌLJZĞĐĞŝƉƚƐ;'ZͿ͘ ` ϱ͘ϱϬ ` ϲϱ͘ϭϮ͖ϭ>ŽƐƐŝƚĞŵƐͿ͗ϭh^с

266 Annual Report 2017-18 267

` In EŽƟĐĞ Earning Earning Per Share Share Per ;ŝůƵƚĞĚͿΎ

` NOTICE is hereby given that the HUNDRED AND provisions, if any, read together with Schedule V of the th In SEVENTEENTH (117 ) ANNUAL GENERAL MEETING of THE Companies Act, 2013 (‘the Act’) and the Companies

Earning Earning INDIAN HOTELS COMPANY LIMITED will be held on Thursday, ;ƉƉŽŝŶƚŵĞŶƚ ĂŶĚ ZĞŵƵŶĞƌĂƟŽŶ ŽĨ DĂŶĂŐĞƌŝĂů ;ĂƐŝĐͿΎ Per Share Share Per July 19, 2018, at 3.00 p.m. at the Birla Matushri Sabhagar, WĞƌƐŽŶŶĞůͿZƵůĞƐ͕ϮϬϭϰ͕ĂƐĂŵĞŶĚĞĚĨƌŽŵƟŵĞƚŽƟŵĞ͕

to 19, Sir Vithaldas Thackersey Marg, Mumbai 400 020, to and subject to the approval of the Central Government Net Net ϱ͘ϵϱϲ͘Ϭϳ ϲ͘ϮϮ ϭϱ͘ϵϲ ϲ͘ϮϮ ϭϱ͘ϰϳ ϭ͘ϲϱ ;ϰ͘ϲϴͿ ;ϰ͘ϲϴͿ ϱ͘Ϯϴ ;ϱ͘ϰϬͿ ;ϱ͘ϰϬͿ ϯ͘ϰϱ ;ϲ͘ϴϲͿ ;ϲ͘ϴϲͿ ϭϬ͘ϲϬ ϰ͘ϴϯ ϰ͘ϴϯ ϭϭ͘ϬϬ Ϯϱ͘ϱϱ ϮϮ͘ϰϳ ϮϬ͘ϬϬ ϰϮ͘ϱϴ ϰϮ͘ϰϭ ϯϱ͘ϬϬ ϲ͘ϭϰ ϲ͘ϭϰ ϯϴ͘ϬϬ ϱ͘ϰϯ ϱ͘ϰϯ ϯϱ͘Ϭϵ Ϭ͘ϭϱ Ϭ͘ϭϱ ϭϴ͘ϵϰ ;ϭ͘ϵϵͿ ;ϭ͘ϵϵͿ ϭϲ͘ϲϳ ;ϭ͘ϭϵͿ ;ϭ͘ϭϵͿ Ϯϲ͘ϳϱ Ϭ͘Ϭϰ Ϭ͘Ϭϰ crores crores transact the following business: ĂŶĚ ƐƵĐŚ ĐŽŶĚŝƟŽŶƐ ĂŶĚ ŵŽĚŝĮĐĂƟŽŶƐ ĂƐ ŵĂLJ ďĞ ` General General Transfer Transfer ZĞƐĞƌǀĞƐ prescribed or imposed by the Central Government while KƌĚŝŶĂƌLJƵƐŝŶĞƐƐ͗ ŐƌĂŶƟŶŐƐƵĐŚĂƉƉƌŽǀĂůĂŶĚƐƵĐŚŽƚŚĞƌĂƉƉƌŽǀĂůƐŝĨĂŶLJ͕ Total

crores crores 1. To receive, consider and adopt the Audited Standalone the Company hereby approves the appointment of Income ŚĞŶƐŝǀĞ ` ĐŽŵƉƌĞͲ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ĨŽƌ ƚŚĞ ĮŶĂŶĐŝĂů Mr. Puneet Chhatwal (DIN : 07624616) as the Managing year ended March 31, 2018, together with the Reports ŝƌĞĐƚŽƌ ĂŶĚ ŚŝĞĨ džĞĐƵƟǀĞ KĸĐĞƌ ŽĨ ƚŚĞ ŽŵƉĂŶLJ Other

crores crores of the Board of Directors and the Auditors thereon. ĨŽƌ Ă ƉĞƌŝŽĚ ŽĨ ĮǀĞ LJĞĂƌƐ ǁ͘Ğ͘Ĩ͘ EŽǀĞŵďĞƌ ϲ͕ ϮϬϭϳ Income ŚĞŶƐŝǀĞ ` ĐŽŵƉƌĞͲ ƵƉƚŽ EŽǀĞŵďĞƌ ϱ͕ ϮϬϮϮ ŽŶ ƚŚĞ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƟŽŶƐ͕

2. To receive, consider and adopt the Audited Consolidated ŝŶĐůƵĚŝŶŐƚŚŽƐĞƌĞůĂƟŶŐƚŽƌĞŵƵŶĞƌĂƟŽŶĂƐƐĞƚŽƵƚŝŶƚŚĞ ĂŌĞƌ ;>ŽƐƐͿ Tax @ crores crores WƌŽĮƚͬ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ĨŽƌ ƚŚĞ ĮŶĂŶĐŝĂů džƉůĂŶĂƚŽƌLJ^ƚĂƚĞŵĞŶƚĂŶŶĞdžĞĚƚŽƚŚĞEŽƟĐĞĐŽŶǀĞŶŝŶŐ ` year ended March 31, 2018, together with the Report of 'D;ŝŶĐůƵĚŝŶŐƚŚĞƌĞŵƵŶĞƌĂƟŽŶƚŽďĞƉĂŝĚŝŶƚŚĞĞǀĞŶƚ

ZĞǀĞŶƵĞĐĐŽƵŶƚ the Auditors thereon. ŽĨ ůŽƐƐ Žƌ ŝŶĂĚĞƋƵĂĐLJ ŽĨ ƉƌŽĮƚƐ ŝŶ ĂŶLJ ĮŶĂŶĐŝĂů LJĞĂƌ Tax during the tenure of his appointment) with liberty to crores crores `

Expenses ϯ͘ dŽĚĞĐůĂƌĞĂĚŝǀŝĚĞŶĚŽŶƋƵŝƚLJ^ŚĂƌĞƐĨŽƌƚŚĞĮŶĂŶĐŝĂů the Board of Directors to alter and vary the terms and year ended March 31, 2018. ĐŽŶĚŝƟŽŶƐŽĨƚŚĞƐĂŝĚĂƉƉŽŝŶƚŵĞŶƚŝŶƐƵĐŚŵĂŶŶĞƌĂƐ Tax ;>ŽƐƐͿ crores crores before before WƌŽĮƚͬ may be agreed to between the Board of Directors and ` 4. To appoint a Director in place of Mr. N. Chandrasekaran Mr. Chhatwal; ;/E͗ϬϬϭϮϭϴϲϯͿ ǁŚŽ ƌĞƟƌĞƐ ďLJ ƌŽƚĂƟŽŶ ĂŶĚ͕ ďĞŝŶŐ crores crores

ĐŝĂƟŽŶ ĞůŝŐŝďůĞ͕ŽīĞƌƐŚŝŵƐĞůĨĨŽƌƌĞͲĂƉƉŽŝŶƚŵĞŶƚ͘  Z^K>s&hZd,Zd,d any of the Directors of the ĞƉƌĞͲ ` Company or Mr. Beejal Desai, Senior Vice President – ^ƉĞĐŝĂůƵƐŝŶĞƐƐ͗ Legal & Company Secretary, be and are hereby authorized

diture diture ϱ͘ ƉƉŽŝŶƚŵĞŶƚŽĨDƌ͘WƵŶĞĞƚŚŚĂƚǁĂůĂƐĂŝƌĞĐƚŽƌŽĨ ƐĞǀĞƌĂůůLJ ƚŽ ĚŽ Ăůů ƐƵĐŚ ŽƚŚĞƌ ĂĐƚƐ͕ ĚĞĞĚƐ͕ ŵĂƩĞƌƐ crores crores džƉĞŶͲ ` /ŶƚĞƌĞƐƚͿ ƚŚĞŽŵƉĂŶLJ͘ and things as may be necessary, proper, expedient or ;ŝŶĐůƵĚŝŶŐ ŝŶĐŝĚĞŶƚĂůĨŽƌŐŝǀŝŶŐĞīĞĐƚƚŽƚŚŝƐZĞƐŽůƵƟŽŶ͘”  dŽ ĐŽŶƐŝĚĞƌ ĂŶĚ ŝĨ͕ ƚŚŽƵŐŚƚ Įƚ͕ ƚŽ ƉĂƐƐ ƚŚĞ ĨŽůůŽǁŝŶŐ ` ϭͬͲĞĂĐŚ Gross Gross

crores crores ƌĞƐŽůƵƟŽŶĂƐĂŶKƌĚŝŶĂƌLJZĞƐŽůƵƟŽŶ͗Ͳ `

ZĞǀĞŶƵĞ ϳ͘ ZĞǀŝƐŝŽŶŝŶƚŚĞƚĞƌŵƐŽĨƌĞŵƵŶĞƌĂƟŽŶŽĨDƌ͘DĞŚĞƌŶŽƐŚ <ĂƉĂĚŝĂ͕džĞĐƵƟǀĞŝƌĞĐƚŽƌʹŽƌƉŽƌĂƚĞīĂŝƌƐ͘ ͞Z^K>sd,d Mr. Puneet Chhatwal (DIN: 07624616)

ments who was appointed by the Board of Directors as an crores crores /ŶǀĞƐƚͲ

`  dŽ ĐŽŶƐŝĚĞƌ ĂŶĚ͕ ŝĨ ƚŚŽƵŐŚƚ Įƚ͕ ƚŽ ƉĂƐƐ ƚŚĞ ĨŽůůŽǁŝŶŐ ĚĚŝƟŽŶĂůŝƌĞĐƚŽƌŽĨƚŚĞŽŵƉĂŶLJǁ͘Ğ͘Ĩ͘EŽǀĞŵďĞƌϲ͕ ƌĞƐŽůƵƟŽŶĂƐĂŶKƌĚŝŶĂƌLJZĞƐŽůƵƟŽŶ͗Ͳ ϮϬϭϳĂŶĚǁŚŽŚŽůĚƐŽĸĐĞƵƉƚŽƚŚĞĚĂƚĞŽĨƚŚŝƐŶŶƵĂů Net Net

Block 'ĞŶĞƌĂůDĞĞƟŶŐŽĨƚŚĞŽŵƉĂŶLJƵŶĚĞƌ^ĞĐƟŽŶϭϲϭ;ϭͿ crores crores

`  ͞Z^K>s d,d ŝŶ ƉĂƌƟĂů ŵŽĚŝĮĐĂƟŽŶ ŽĨ ZĞƐŽůƵƟŽŶ of the Companies Act, 2013, (‘the Act’) but who is eligible No. 7 passed at the 115thŶŶƵĂů'ĞŶĞƌĂůDĞĞƟŶŐŽĨƚŚĞ for appointment, and in respect of whom the Company Company held on August 23, 2016 and in accordance Block Gross Gross ŚĂƐƌĞĐĞŝǀĞĚĂŶŽƟĐĞŝŶǁƌŝƟŶŐƵŶĚĞƌ^ĞĐƟŽŶϭϲϬ;ϭͿŽĨ crores crores

` ǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƟŽŶƐϭϵϲ͕ϭϵϳ͕ϭϵϴ͕ϮϬϯĂŶĚ

the Act from a Member proposing his candidature for

` ϭϬͬͲĞĂĐŚƚŽƐŚĂƌĞŽĨ&ĂĐĞǀĂůƵĞ such other applicable provisions, if any, of the Companies ƚŚĞŽĸĐĞŽĨŝƌĞĐƚŽƌ͕ďĞĂŶĚŝƐŚĞƌĞďLJĂƉƉŽŝŶƚĞĚĂƐĂ ings Act, 2013 (‘the Act’), read with Schedule V of the Act

crores crores ŝƌĞĐƚŽƌŽĨƚŚĞŽŵƉĂŶLJ͕ůŝĂďůĞƚŽƌĞƟƌĞďLJƌŽƚĂƟŽŶ͘” Capital Account Capital ` ŽƌƌŽǁͲ ĂŶĚ ƚŚĞ ŽŵƉĂŶŝĞƐ ;ƉƉŽŝŶƚŵĞŶƚ ĂŶĚ ZĞŵƵŶĞƌĂƟŽŶ of Managerial Personnel) Rules, 2014, including any ϲ͘ ƉƉŽŝŶƚŵĞŶƚĂŶĚĂƉƉƌŽǀĂůĨŽƌƚĞƌŵƐŽĨƌĞŵƵŶĞƌĂƟŽŶŽĨ and ƐƚĂƚƵƚŽƌLJ ŵŽĚŝĮĐĂƟŽŶƐ ƚŚĞƌĞŽĨ͕ ĂŶĚ ƐƵďũĞĐƚ ƚŽ ƐƵĐŚ

crores crores Dƌ͘WƵŶĞĞƚŚŚĂƚǁĂůĂƐDĂŶĂŐŝŶŐŝƌĞĐƚŽƌĂŶĚŚŝĞĨ Surplus ` ϰϬϲϮ͘ϭϳ ϮϰϮϳ͘ϰϯ ϲϰϭϱ͘ϴϮ ϱϱϵϳ͘ϭϭ ϭϱϭϭ͘ϰϮ ϰϭϲϱ͘Ϯϴ ϯϳϯϰ͘ϰϬ ϯϬϭ͘ϮϬ ϭϴϰ͘Ϯϵ ϭϮϭ͘Ϭϲ ϭϬϬ͘ϴϳ ϭϭϳ͘Ϯϱ Ϯϭϴ͘ϭϮ Ͳ Ϭ͘ϵϭ Ϭ͘ϵϭ ϮϬϯϲ͘ϯϯ ϮϬϱϱ͘ϭϰ ϰϰϭϲ͘Ϭϵ ϯϯϴϮ͘Ϭϴ ϱϭϰ͘Ϯϳ ϮϲϬϭ͘ϭϯ ϮϬϳϲ͘ϴϳ ϭϲϬ͘ϲϳ ϱϯϮ͘ϱϱ ϭϵϲ͘ϱϮ ϯϳϬ͘ϯϭ other approvals, if any, that may be required, the ZĞƐĞƌǀĞƐ džĞĐƵƟǀĞKĸĐĞƌŽĨƚŚĞŽŵƉĂŶLJ͘ Company hereby approves of:  dŽ ĐŽŶƐŝĚĞƌ ĂŶĚ͕ ŝĨ ƚŚŽƵŐŚƚ Įƚ͕ ƚŽ ƉĂƐƐ ƚŚĞ ĨŽůůŽǁŝŶŐ Share Share ϲϬ͘Ϯϵ crores crores Capital `

ίϭϭϴ͘ϵϯ  z 

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268 Annual Report 2017-18 269 appointment i.e. upto May 22, 2018 (as per with or incidental thereto and that such borrowing is ϱ͘ WƵƌƐƵĂŶƚ ƚŽ ZĞŐƵůĂƟŽŶƐ Ϯϲ;ϰͿ ĂŶĚ ϯϲ;ϯͿ ŽĨ ^ĞĐƵƌŝƟĞƐ 8. Members holding shares in electronic form may please Governance Guidelines adopted by the Board), within the overall borrowing limits of the Company; ĂŶĚ džĐŚĂŶŐĞ ŽĂƌĚ ŽĨ /ŶĚŝĂ ;>ŝƐƟŶŐ KďůŝŐĂƟŽŶƐ ĂŶĚ ŶŽƚĞƚŚĂƚƚŚĞŝƌďĂŶŬĚĞƚĂŝůƐĂƐĨƵƌŶŝƐŚĞĚďLJƚŚĞƌĞƐƉĞĐƟǀĞ by way of an increase in the maximum amount ŝƐĐůŽƐƵƌĞ ZĞƋƵŝƌĞŵĞŶƚƐͿ ZĞŐƵůĂƟŽŶƐ͕ ϮϬϭϱ͕ ;͚>ŝƐƟŶŐ Depositories to the Company will be considered for ŽĨ ŚŝƐ ĂƐŝĐ ^ĂůĂƌLJ ;ŝŶĐůƵĚŝŶŐ ƚŚĞ ƌĞŵƵŶĞƌĂƟŽŶ Z^K>s&hZd,Z d,dĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨŐŝǀŝŶŐĞīĞĐƚ ZĞŐƵůĂƟŽŶƐ͛Ϳ ĂŶĚ ƚŚĞ ^ĞĐƌĞƚĂƌŝĂů ^ƚĂŶĚĂƌĚͲϮ ŽŶ ƌĞŵŝƩĂŶĐĞŽĨĚŝǀŝĚĞŶĚĂƐƉĞƌƚŚĞĂƉƉůŝĐĂďůĞƌĞŐƵůĂƟŽŶƐ to be paid in the event of loss or inadequacy of ƚŽƚŚŝƐZĞƐŽůƵƟŽŶ͕ƚŚĞŽĂƌĚďĞĂŶĚŝƐŚĞƌĞďLJĂƵƚŚŽƌŝƐĞĚ ͚'ĞŶĞƌĂůDĞĞƟŶŐƐ͛ŝƐƐƵĞĚďLJƚŚĞ/ŶƐƟƚƵƚĞŽĨŽŵƉĂŶLJ of the Depositories and the Company will not entertain ƉƌŽĮƚƐ ŝŶ Ă ĮŶĂŶĐŝĂů LJĞĂƌ ĚƵƌŝŶŐ ƚŚĞ ƚĞŶƵƌĞ ŽĨ ƚŽ ĮŶĂůŝƐĞ͕ ƐĞƩůĞ ĂŶĚ ĞdžĞĐƵƚĞ ƐƵĐŚ ĚŽĐƵŵĞŶƚƐ͕ ĚĞĞĚƐ͕ ^ĞĐƌĞƚĂƌŝĞƐŽĨ/ŶĚŝĂ͕ƚŚĞƉĂƌƟĐƵůĂƌƐŽĨŝƌĞĐƚŽƌƐƐĞĞŬŝŶŐ ĂŶLJ ĚŝƌĞĐƚ ƌĞƋƵĞƐƚ ĨƌŽŵ ƐƵĐŚ DĞŵďĞƌƐ ĨŽƌ ĐŚĂŶŐĞͬ his appointment), as set out in the Explanatory ǁƌŝƟŶŐƐ͕ ƉĂƉĞƌƐ Žƌ ĂŐƌĞĞŵĞŶƚƐ ĂƐ ŵĂLJ ďĞ ƌĞƋƵŝƌĞĚ ĂƉƉŽŝŶƚŵĞŶƚͬƌĞͲĂƉƉŽŝŶƚŵĞŶƚĂƚƚŚĞ'DĂƌĞĂŶŶĞdžĞĚ ĚĞůĞƟŽŶ ŝŶ ƐƵĐŚ ďĂŶŬ ĚĞƚĂŝůƐ͘ &ƵƌƚŚĞƌ͕ŝŶƐƚƌƵĐƟŽŶƐ͕ ŝĨ ^ƚĂƚĞŵĞŶƚĂŶŶĞdžĞĚƚŽƚŚĞEŽƟĐĞĐŽŶǀĞŶŝŶŐ'D͕ ĂŶĚ ĚŽ Ăůů ƐƵĐŚ ĂĐƚƐ͕ ĚĞĞĚƐ͕ ŵĂƩĞƌƐ ĂŶĚ ƚŚŝŶŐƐ ĂƐ ŝƚ ƚŽƚŚĞEŽƟĐĞ͘ any, already given by them in respect of shares held in ǁŝƚŚĂƵƚŚŽƌŝƚLJƚŽƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐƚŽĮdžŚŝƐ ŵĂLJ ŝŶ ŝƚƐ ĂďƐŽůƵƚĞ ĚŝƐĐƌĞƟŽŶ ĚĞĞŵ ŶĞĐĞƐƐĂƌLJ͕ ƉƌŽƉĞƌ ƉŚLJƐŝĐĂů ĨŽƌŵ͕ ǁŝůů ŶŽƚ ďĞ ĂƵƚŽŵĂƟĐĂůůLJ ĂƉƉůŝĐĂďůĞ ƚŽ salary within such maximum amount, increasing ĂŶĚĚĞƐŝƌĂďůĞĂŶĚƚŽƌĞƐŽůǀĞĂŶLJƋƵĞƐƟŽŶ͕ĚŝĸĐƵůƚLJŽƌ 6. The Dividend on Equity Shares, as recommended by the dividend paid on shares held in electronic form. ƚŚĞƌĞďLJ͕ƉƌŽƉŽƌƟŽŶĂƚĞůLJ͕ĂůůďĞŶĞĮƚƐůŝŶŬĞĚƚŽƚŚĞ ĚŽƵďƚ ƚŚĂƚ ŵĂLJ ĂƌŝƐĞ ŝŶ ƌĞůĂƟŽŶ ƚŚĞƌĞƚŽ Žƌ ŽƚŚĞƌǁŝƐĞ the Board of Directors, if approved at the AGM, will be DĞŵďĞƌƐ ŵĂLJ͕ ƚŚĞƌĞĨŽƌĞ͕ ŐŝǀĞ ŝŶƐƚƌƵĐƟŽŶƐ ƌĞŐĂƌĚŝŶŐ quantum of Basic Salary; considered by the Board to be in the best interest of the ƉĂŝĚŽŶŽƌĂŌĞƌ:ƵůLJϮϳ͕ϮϬϭϴ͕ƚŽƚŚĞDĞŵďĞƌƐǁŚŽƐĞ bank accounts in which they wish to receive dividend Company.” names appear on the Company’s Register of Members ƚŽƚŚĞŝƌĞƉŽƐŝƚŽƌLJWĂƌƟĐŝƉĂŶƚƐ;ΖWƐΖͿ͘ z revision in the Performance Linked Bonus payable ŽŶ dŚƵƌƐĚĂLJ͕ :ƵůLJ ϭϮ͕ ϮϬϭϴ͕ ĂŌĞƌ ŐŝǀŝŶŐ ĞīĞĐƚ ƚŽ ǀĂůŝĚ ƚŽDƌ͘DĞŚĞƌŶŽƐŚ<ĂƉĂĚŝĂ͕ĨŽƌƚŚĞLJĞĂƌϮϬϭϳͲϭϴĂƐ EŽƚĞƐ͗ transfers in respect of transfer requests lodged with ϵ͘ ^ĞĐƵƌŝƟĞƐ ĂŶĚ džĐŚĂŶŐĞ ŽĂƌĚ ŽĨ /ŶĚŝĂ ;͚^/͛Ϳ ŚĂƐ set out in the Explanatory Statement annexed to ϭ͘ dŚĞdžƉůĂŶĂƚŽƌLJ ^ƚĂƚĞŵĞŶƚ͕ ƉƵƌƐƵĂŶƚ ƚŽ ^ĞĐƟŽŶ ϭϬϮ the Company on or before Thursday, July 12, 2018. As mandated the submission of Permanent Account ƚŚĞEŽƟĐĞĐŽŶǀĞŶŝŶŐƚŚĞ'D͖ ŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ;͚ƚŚĞĐƚ͛ͿƐĞƫŶŐŽƵƚƚŚĞ regards shares held in electronic form, the dividend will EƵŵďĞƌ ;͚WE͛Ϳ ďLJ ĞǀĞƌLJ ƉĂƌƟĐŝƉĂŶƚ ŝŶ ƐĞĐƵƌŝƟĞƐ material facts in respect of the business under Item Nos. ďĞƉĂLJĂďůĞƚŽƚŚĞ͚ďĞŶĞĮĐŝĂůŽǁŶĞƌƐ͛ŽĨƚŚĞƐŚĂƌĞƐǁŚŽƐĞ market. Members holding shares in electronic form are   Z^K>s &hZd,Z d,d any of the Directors ϱͲϴ ƚŽ ďĞ ƚƌĂŶƐĂĐƚĞĚ Ăƚ ƚŚĞ ŶŶƵĂů 'ĞŶĞƌĂů DĞĞƟŶŐ ŶĂŵĞƐĂƉƉĞĂƌŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨĞŶĞĮĐŝĂůKǁŶĞƌƐŚŝƉ therefore, requested to submit their PAN to their DPs of the Company or Mr. Beejal Desai, Senior Vice ('AGM') is annexed hereto. ĨƵƌŶŝƐŚĞĚďLJƚŚĞEĂƟŽŶĂů^ĞĐƵƌŝƟĞƐĞƉŽƐŝƚŽƌLJ>ŝŵŝƚĞĚ with whom they are maintaining their dematerialized President – Legal & Company Secretary, be and (‘NSDL’) and the Central Depository Services (India) accounts. Members holding shares in physical form can are hereby authorized severally to do all such 2. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE Limited (‘CDSL’) as at the close of business hours on submit their PAN details to the Company along with the ŽƚŚĞƌ ĂĐƚƐ͕ ĚĞĞĚƐ͕ ŵĂƩĞƌƐ ĂŶĚ ƚŚŝŶŐƐ ĂƐ ŵĂLJ ďĞ AGM IS ENTITLED TO APPOINT A PROXY TO ATTEND AND Thursday, July 12, 2018. proof thereof. necessary, proper, expedient or incidental for giving sKd /E^d K& ,/D^>&ͬ,Z^>& E d, WZKyz ĞīĞĐƚƚŽƚŚŝƐZĞƐŽůƵƟŽŶ͘” NEED NOT BE A MEMBER OF THE COMPANY. A person ϳ͘ dƌĂŶƐĨĞƌŽĨhŶĐůĂŝŵĞĚͬhŶƉĂŝĚĂŵŽƵŶƚƐƚŽƚŚĞ/ŶǀĞƐƚŽƌ 10. Members holding shares in physical form are requested can act as proxy on behalf of Members not exceeding 50 ĚƵĐĂƟŽŶĂŶĚWƌŽƚĞĐƟŽŶ&ƵŶĚ;͚/W&͛Ϳ͗ to advise any change of address and are also requested to ϴ͘ WƌŝǀĂƚĞWůĂĐĞŵĞŶƚŽĨEŽŶͲŽŶǀĞƌƟďůĞĞďĞŶƚƵƌĞƐ͘ and holding in the aggregate not more than ten percent ƐƵďŵŝƚƚŚĞŝƌƐƉĞĐŝŵĞŶƐŝŐŶĂƚƵƌĞƐĚƵůLJĂƩĞƐƚĞĚďLJƚŚĞŝƌ ŽĨƚŚĞƚŽƚĂůƐŚĂƌĞĐĂƉŝƚĂůŽĨƚŚĞŽŵƉĂŶLJĐĂƌƌLJŝŶŐǀŽƟŶŐ Members are requested to note that, dividends if not Bank immediately to the Company. Members holding  dŽ ĐŽŶƐŝĚĞƌ ĂŶĚ͕ ŝĨ ƚŚŽƵŐŚƚ Įƚ͕ ƚŽ ƉĂƐƐ ƚŚĞ ĨŽůůŽǁŝŶŐ rights. A Member holding more than ten percent of ĞŶĐĂƐŚĞĚĨŽƌĂĐŽŶƐĞĐƵƟǀĞƉĞƌŝŽĚŽĨƐĞǀĞŶLJĞĂƌƐĨƌŽŵ shares electronically in dematerialized form must advice ƌĞƐŽůƵƟŽŶĂƐĂ^ƉĞĐŝĂůZĞƐŽůƵƟŽŶ͗Ͳ ƚŚĞƚŽƚĂůƐŚĂƌĞĐĂƉŝƚĂůŽĨƚŚĞŽŵƉĂŶLJĐĂƌƌLJŝŶŐǀŽƟŶŐ the date of transfer to Unpaid Dividend Account of the ĂŶLJĐŚĂŶŐĞŽĨĂĚĚƌĞƐƐƚŽƚŚĞŝƌƌĞƐƉĞĐƟǀĞWƐ͘ rights may appoint a single person as proxy and such Company, are liable to be transferred to the IEPF. The  ͞Z^K>sd,dƉƵƌƐƵĂŶƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƟŽŶƐ person shall not act as a proxy for any other person or shares in respect of such unclaimed dividend are also ϭϭ͘ EŽŵŝŶĂƟŽŶĨĂĐŝůŝƚLJ͗ 42, 62, 71 and other applicable provisions, if any, of DĞŵďĞƌ͘dŚĞŝŶƐƚƌƵŵĞŶƚĂƉƉŽŝŶƟŶŐƚŚĞƉƌŽdžLJ͕ŝŶŽƌĚĞƌ liable to be transferred to the Demat Account of the  ƐƉĞƌ ƚŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ^ĞĐƟŽŶ ϳϮ ŽĨ ƚŚĞ Đƚ͕ ĨĂĐŝůŝƚLJ the Companies Act, 2013 (including any statutory ƚŽ ďĞ ĞīĞĐƟǀĞ͕ ŵƵƐƚ ďĞ ĚĞƉŽƐŝƚĞĚ Ăƚ ƚŚĞ ZĞŐŝƐƚĞƌĞĚ IEPF Authority. In view of this, Members are requested ĨŽƌ ŵĂŬŝŶŐ ŶŽŵŝŶĂƟŽŶ ŝƐ ĂǀĂŝůĂďůĞ ƚŽ ƚŚĞ DĞŵďĞƌƐ ŝŶ ŵŽĚŝĮĐĂƟŽŶŽƌƌĞͲĞŶĂĐƚŵĞŶƚƚŚĞƌĞŽĨĨŽƌƚŚĞƟŵĞďĞŝŶŐ KĸĐĞŽĨƚŚĞŽŵƉĂŶLJ͕ĚƵůLJĐŽŵƉůĞƚĞĚĂŶĚƐŝŐŶĞĚ͕ŶŽƚ to claim their dividends from the Company, within the respect of the shares held by them. Members holding in force) and the Companies (Prospectus and Allotment less than 48 hours before the commencement of the ƐƟƉƵůĂƚĞĚƟŵĞůŝŶĞ͘ shares in single name and who have not yet registered ŽĨ ^ĞĐƵƌŝƟĞƐͿ ZƵůĞƐ͕ ϮϬϭϰ ĂŶĚ ƚŚĞ ŽŵƉĂŶŝĞƐ ;^ŚĂƌĞ 'D͘WƌŽdžŝĞƐƐƵďŵŝƩĞĚŽŶďĞŚĂůĨŽĨůŝŵŝƚĞĚĐŽŵƉĂŶŝĞƐ͕ ƚŚĞŝƌŶŽŵŝŶĂƟŽŶĂƌĞƌĞƋƵĞƐƚĞĚƚŽƌĞŐŝƐƚĞƌƚŚĞƐĂŵĞďLJ Capital and Debentures) Rules, 2014, both as amended ƐŽĐŝĞƟĞƐ͕ƉĂƌƚŶĞƌƐŚŝƉĮƌŵƐ͕ĞƚĐ͘ŵƵƐƚďĞƐƵƉƉŽƌƚĞĚďLJ  dŚĞŽŵƉĂŶLJŚĂƐƐĞŶƚŶŽƟĐĞƚŽĂůůƚŚĞDĞŵďĞƌƐǁŚŽƐĞ ƐƵďŵŝƫŶŐ&ŽƌŵEŽ͘^,Ͳϭϯ͘/ĨĂDĞŵďĞƌĚĞƐŝƌĞƐƚŽĐĂŶĐĞů ĨƌŽŵƟŵĞƚŽƟŵĞ͕ƚŚĞĐŽŶƐĞŶƚŽĨƚŚĞŽŵƉĂŶLJďĞĂŶĚ ĂƉƉƌŽƉƌŝĂƚĞ ƌĞƐŽůƵƟŽŶͬĂƵƚŚŽƌŝƚLJ͕ ĂƐ ĂƉƉůŝĐĂďůĞ͕ ŝƐƐƵĞĚ Dividends are lying unclaimed against their name ƚŚĞĞĂƌůŝĞƌŶŽŵŝŶĂƟŽŶĂŶĚƌĞĐŽƌĚĨƌĞƐŚŶŽŵŝŶĂƟŽŶ͕ŚĞͬ ŝƐŚĞƌĞďLJĂĐĐŽƌĚĞĚƚŽƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ;ŚĞƌĞŝŶĂŌĞƌ ŽŶďĞŚĂůĨŽĨƚŚĞŶŽŵŝŶĂƟŶŐŽƌŐĂŶŝƐĂƟŽŶ͘ ĨŽƌ ƐĞǀĞŶ ĐŽŶƐĞĐƵƟǀĞ LJĞĂƌƐ Žƌ ŵŽƌĞ͘ DĞŵďĞƌƐ ĂƌĞ ƐŚĞŵĂLJƐƵďŵŝƚƚŚĞƐĂŵĞŝŶ&ŽƌŵEŽ͘^,Ͳϭϰ͘DĞŵďĞƌƐ referred to as the ‘Board’, which term shall be deemed requested to immediately claim the unclaimed dividend holding shares in physical form are requested to submit ƚŽ ŝŶĐůƵĚĞ ĂŶLJ ŽŵŵŝƩĞĞ ŽĨ ƚŚĞ ŽĂƌĚ ĐŽŶƐƟƚƵƚĞĚ ƚŽ ϯ͘ DĞŵďĞƌƐͬWƌŽdžŝĞƐ ĂŶĚ ƵƚŚŽƌŝƐĞĚ ƌĞƉƌĞƐĞŶƚĂƟǀĞƐ amount due. In case the dividends are not claimed by the forms to the Company. Members holding shares in exercise its powers, including the powers conferred ĂƌĞ ƌĞƋƵĞƐƚĞĚ ƚŽ ďƌŝŶŐ ƚŽ ƚŚĞ 'D͕ ƚŚĞ ĂƩĞŶĚĂŶĐĞ ƚŚĞDĞŵďĞƌƐ͕ŶĞĐĞƐƐĂƌLJĂĐƟŽŶǁŝůůďĞŝŶŝƟĂƚĞĚďLJƚŚĞ dematerialised form are requested to submit their forms ďLJ ƚŚŝƐ ZĞƐŽůƵƟŽŶͿ ĨŽƌ ŵĂŬŝŶŐ ŽīĞƌ;ƐͿ Žƌ ŝŶǀŝƚĂƟŽŶ;ƐͿ slips, enclosed herewith, duly completed and signed, Company to transfer such shares to IEPF in the prescribed to their DPs. ƚŽ ƐƵďƐĐƌŝďĞ ƚŽ ĐƵŵƵůĂƟǀĞͬŶŽŶͲĐƵŵƵůĂƟǀĞ͕ ůŝƐƚĞĚ Žƌ ŵĞŶƟŽŶŝŶŐƚŚĞƌĞŝŶĚĞƚĂŝůƐŽĨƚŚĞŝƌW/ĂŶĚůŝĞŶƚ/ͬ manner. ƵŶůŝƐƚĞĚ͕ ƌĞĚĞĞŵĂďůĞ ŶŽŶͲĐŽŶǀĞƌƟďůĞ ĚĞďĞŶƚƵƌĞƐͬ Folio No. Corporate Members intending to send their 12. Members holding shares in physical form are requested bonds (NCDs) on private placement basis, in one or ĂƵƚŚŽƌŝƐĞĚƌĞƉƌĞƐĞŶƚĂƟǀĞƐƚŽĂƩĞŶĚƚŚĞ'DƉƵƌƐƵĂŶƚ  dŚĞ DĞŵďĞƌƐ͕ ǁŚŽƐĞ ƵŶĐůĂŝŵĞĚ ĚŝǀŝĚĞŶĚƐͬƐŚĂƌĞƐ ƚŽĐŽŶƐŝĚĞƌĐŽŶǀĞƌƟŶŐƚŚĞŝƌŚŽůĚŝŶŐƐƚŽĚĞŵĂƚĞƌŝĂůŝnjĞĚ ŵŽƌĞƐĞƌŝĞƐͬƚƌĂŶĐŚĞƐĚƵƌŝŶŐĂƉĞƌŝŽĚŽĨŽŶĞLJĞĂƌĨƌŽŵ ƚŽ ^ĞĐƟŽŶ ϭϭϯ ŽĨ ƚŚĞ Đƚ͕ ĂƌĞ ƌĞƋƵĞƐƚĞĚ ƚŽ ƐĞŶĚ ƚŽ have been transferred to IEPF, may claim the same by form to eliminate risks associated with physical shares ƚŚĞĚĂƚĞŽĨƉĂƐƐŝŶŐƚŚŝƐZĞƐŽůƵƟŽŶ͕ƵƉƚŽĂŶĂŵŽƵŶƚŶŽƚ ƚŚĞŽŵƉĂŶLJ͕ĂĐĞƌƟĮĞĚĐŽƉLJŽĨƚŚĞŽĂƌĚZĞƐŽůƵƟŽŶ ŵĂŬŝŶŐĂŶĚĂƉƉůŝĐĂƟŽŶƚŽƚŚĞ/W&ƵƚŚŽƌŝƚLJŝŶ&Žƌŵ ĂŶĚĨŽƌĞĂƐĞŝŶƉŽƌƞŽůŝŽŵĂŶĂŐĞŵĞŶƚ͘ exceeding ` 500 crores (Rupees Five Hundred Crores) ĂƵƚŚŽƌŝƐŝŶŐ ƚŚĞ ƌĞƉƌĞƐĞŶƚĂƟǀĞ ƚŽ ĂƩĞŶĚ ĂŶĚ ǀŽƚĞ ŽŶ EŽ͘ /W&Ͳϱ ĂǀĂŝůĂďůĞ ŽŶ www.iepf.gov.in. Members ŽŶ ƐƵĐŚ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƟŽŶƐ ĂƐ ƚŚĞ ŽĂƌĚ ŵĂLJ͕ĨƌŽŵ their behalf at the AGM. ĐĂŶ ĮůĞ ŽŶůLJ ŽŶĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĐůĂŝŵ ŝŶ Ă ĮŶĂŶĐŝĂů ϭϯ͘ hƉĚĂƟŽŶŽĨDĞŵďĞƌƐ͛ĞƚĂŝůƐ͗ ƟŵĞƚŽƟŵĞ͕ĚĞƚĞƌŵŝŶĞĂŶĚĐŽŶƐŝĚĞƌƉƌŽƉĞƌĂŶĚŵŽƐƚ year as per the IEPF Rules. For details, please refer to The format of the Register of Members prescribed by ďĞŶĞĮĐŝĂů ƚŽ ƚŚĞ ŽŵƉĂŶLJ ŝŶĐůƵĚŝŶŐ ĂƐ ƚŽ ǁŚĞŶ ƚŚĞ 4. The Register of Members and the Share Transfer Corporate Governance Report which is a part of this ƚŚĞDŝŶŝƐƚƌLJŽĨŽƌƉŽƌĂƚĞīĂŝƌƐƵŶĚĞƌƚŚĞĐƚ͕ƌĞƋƵŝƌĞƐ ƐĂŝĚ EƐ ďĞ ŝƐƐƵĞĚ͕ ƚŚĞ ĐŽŶƐŝĚĞƌĂƟŽŶ ĨŽƌ ƚŚĞ ŝƐƐƵĞ͕ Books of the Company will remain closed from Friday, Annual Report. ƚŚĞŽŵƉĂŶLJƚŽƌĞĐŽƌĚĂĚĚŝƟŽŶĂůĚĞƚĂŝůƐŽĨDĞŵďĞƌƐ͕ ƵƟůŝnjĂƟŽŶŽĨŝƐƐƵĞƉƌŽĐĞĞĚƐĂŶĚĂůůŵĂƩĞƌƐĐŽŶŶĞĐƚĞĚ July 13, 2018 to Thursday, July 19, 2018, both days inclusive, for payment of dividend, if approved at the AGM. 270 Annual Report 2017-18 271 including their PAN details, email address, bank details  ŝŝ͘ dŚĞ ĨĂĐŝůŝƚLJ ŽĨ ǀŽƟŶŐ ƚŚƌŽƵŐŚ ĞůĞĐƚƌŽŶŝĐ ǀŽƟŶŐ 4. Your User ID details are given below : ϲ͘ /ĨLJŽƵ ĂƌĞ ĂůƌĞĂĚLJ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ E^> ĨŽƌ ĞͲǀŽƟŶŐ for payment of dividend, etc. A form for capturing the system or poll papers shall also be made available Manner of holding shares Your User ID is: ƚŚĞŶLJŽƵĐĂŶƵƐĞLJŽƵƌĞdžŝƐƟŶŐƵƐĞƌ/ĂŶĚƉĂƐƐǁŽƌĚĨŽƌ ĂĚĚŝƟŽŶĂůĚĞƚĂŝůƐŝƐĂƉƉĞŶĚĞĚĂƚƚŚĞĞŶĚŽĨƚŚŝƐŶŶƵĂů at the AGM. Members holding shares as on i.e. Demat (NSDL or CDSL) or ĐĂƐƟŶŐ LJŽƵƌ ǀŽƚĞ͘ ^ŚĂƌĞŚŽůĚĞƌƐ ǁŚŽ ĨŽƌŐŽƚ ƚŚĞŝƌ hƐĞƌ Report. Members holding shares in physical form are ĐƵƚͲŽī ĚĂƚĞ ŝ͘Ğ͘ dŚƵƌƐĚĂLJ͕ :ƵůLJ ϭϮ͕ ϮϬϭϴ ĂŶĚ Physical ĞƚĂŝůƐͬĂƌĞƵŶĂďůĞƚŽƌĞƚƌŝĞǀĞŽƌŚĂǀĞŶŽƚƌĞĐĞŝǀĞĚƚŚĞ ƌĞƋƵŝƌĞĚƚŽƐƵďŵŝƚƚŚĞĮůůĞĚŝŶĨŽƌŵƚŽƚŚĞŽŵƉĂŶLJĂŶĚ ĂƩĞŶĚŝŶŐƚŚĞ'D͕ǁŚŽŚĂǀĞŶŽƚĐĂƐƚƚŚĞŝƌǀŽƚĞ ŝŶŝƟĂůƉĂƐƐǁŽƌĚ͕ĐĂŶĂĐĐĞƐƐƚŚĞĞͲsŽƟŶŐďLJĨŽůůŽǁŝŶŐƚŚĞ Members holding shares in electronic form are required ďLJ ƌĞŵŽƚĞ ĞͲǀŽƟŶŐ ƐŚĂůů ďĞ ĂďůĞ ƚŽ ĞdžĞƌĐŝƐĞ ƚŚĞŝƌ a) For Members who 8 Character DP ID followed ďĞůŽǁŵĞŶƟŽŶĞĚŝŶƐƚƌƵĐƟŽŶƐ͗ ƚŽ ƐƵďŵŝƚ ƚŚĞ ĚĞƚĂŝůƐ ƚŽ ƚŚĞŝƌ ƌĞƐƉĞĐƟǀĞ ĞƉŽƐŝƚŽƌLJ right at the AGM. hold shares in Demat by 8 Digit Client ID WĂƌƟĐŝƉĂŶƚƐ͘ Account with NSDL. For example if your DP ID  ĂͿ ůŝĐŬŽŶ͚&ŽƌŐŽƚhƐĞƌĞƚĂŝůƐͬWĂƐƐǁŽƌĚ͍͛;/ĨLJŽƵĂƌĞ iii. The Members who have cast their vote by remote is IN300*** and Client ID is holding shares in your Demat Account with NSDL or ϭϰ͘ /ŶĐĂƐĞŽĨũŽŝŶƚŚŽůĚĞƌƐĂƩĞŶĚŝŶŐƚŚĞ'D͕ƚŚĞDĞŵďĞƌ ĞͲǀŽƟŶŐ ƉƌŝŽƌ ƚŽ ƚŚĞ 'D ŵĂLJ ĂůƐŽ ĂƩĞŶĚ 12****** then your user ID ^>ͿŽƉƟŽŶĂǀĂŝůĂďůĞŽŶǁǁǁ͘ĞǀŽƟŶŐ͘ŶƐĚů͘ĐŽŵ. ǁŚŽƐĞ ŶĂŵĞ ĂƉƉĞĂƌƐ ĂƐ ƚŚĞ ĮƌƐƚ ŚŽůĚĞƌ ŝŶ ƚŚĞ ŽƌĚĞƌ ƚŚĞ 'D ďƵƚ ƐŚĂůů ŶŽƚ ďĞ ĞŶƟƚůĞĚ ƚŽ ĐĂƐƚ ƚŚĞŝƌ is IN300***12****** b) For Members who ϭϲŝŐŝƚĞŶĞĮĐŝĂƌLJ/ of the names as per the Register of Members of the vote again. b) ‘PhysicaůhƐĞƌZĞƐĞƚWĂƐƐǁŽƌĚ͍͛;/ĨLJŽƵĂƌĞŚŽůĚŝŶŐ hold shares in For example if your ŽŵƉĂŶLJǁŝůůďĞĞŶƟƚůĞĚƚŽǀŽƚĞ͘ ƐŚĂƌĞƐ ŝŶ ƉŚLJƐŝĐĂů ŵŽĚĞͿ ŽƉƟŽŶ ĂǀĂŝůĂďůĞ ŽŶ Demat Account ĞŶĞĮĐŝĂƌLJ/ŝƐ  ŝǀ͘ dŚĞƌĞŵŽƚĞĞͲǀŽƟŶŐƉĞƌŝŽĚĐŽŵŵĞŶĐĞƐŽŶDŽŶĚĂLJ͕ ǁǁǁ͘ĞǀŽƟŶŐ͘ŶƐĚů͘ĐŽŵ. with CDSL. 12************** 15. Members are requested to kindly bring their copies of July 16, 2018 (9:00 a.m. IST) and ends on Wednesday, then your user ID is the Annual Report to the AGM. As per the requirement July 18, 2018 (5:00 p.m. IST). During this period,  ĐͿ /Ĩ LJŽƵ ĂƌĞ ƐƟůů ƵŶĂďůĞ ƚŽ ŐĞƚ ƚŚĞ ƉĂƐƐǁŽƌĚ 12************** ŽĨƚŚĞ^ĞĐƌĞƚĂƌŝĂů^ƚĂŶĚĂƌĚʹϮŽŶ͚'ĞŶĞƌĂůDĞĞƟŶŐƐ͛ƚŚĞ Members of the Company, holding shares either in c) For Members EVEN Number followed by ďLJ ĂĨŽƌĞƐĂŝĚ ƚǁŽ ŽƉƟŽŶƐ͕ LJŽƵ ĐĂŶ ƐĞŶĚ Ă ƌŽƵƚĞŵĂƉƐŚŽǁŝŶŐĚŝƌĞĐƟŽŶƐƚŽƌĞĂĐŚƚŚĞǀĞŶƵĞŽĨƚŚĞ physical form or in dematerialized form, as on the holding shares in Folio Number registered with ƌĞƋƵĞƐƚ Ăƚ ĞǀŽƟŶŐΛŶƐĚů͘ĐŽ͘ŝŶ ŵĞŶƟŽŶŝŶŐ LJŽƵƌ 'DĂůŽŶŐǁŝƚŚŝŶĚŝĐĂƟŽŶŽĨƚŚĞƉƌŽŵŝŶĞŶƚůĂŶĚŵĂƌŬŝƐ ĐƵƚͲŽīĚĂƚĞŝ͘Ğ͘dŚƵƌƐĚĂLJ͕:ƵůLJϭϮ͕ϮϬϭϴ͕ŵĂLJĐĂƐƚ Physical Form. the Company ĞŵĂƚ ĐĐŽƵŶƚ ŶƵŵďĞƌͬ&ŽůŝŽ EƵŵďĞƌ͕ LJŽƵƌ WE͕ ĂŶŶĞdžĞĚƚŽƚŚĞEŽƟĐĞ͘ ƚŚĞŝƌǀŽƚĞďLJƌĞŵŽƚĞĞͲǀŽƟŶŐ͘dŚĞƌĞŵŽƚĞĞͲǀŽƟŶŐ For example if Folio Number your name and your registered address. ŵŽĚƵůĞ ƐŚĂůů ďĞ ĚŝƐĂďůĞĚ ďLJ E^> ĨŽƌ ǀŽƟŶŐ is 001*** and EVEN is ϭϲ͘ dŚĞEŽƟĐĞ ŽĨ ƚŚĞ 'D ĂůŽŶŐ ǁŝƚŚ ƚŚĞ ŶŶƵĂů ZĞƉŽƌƚ ƚŚĞƌĞĂŌĞƌ͘KŶĐĞƚŚĞǀŽƚĞŽŶĂƌĞƐŽůƵƟŽŶŝƐĐĂƐƚďLJ 101456 then user ID is ϳ͘ ŌĞƌ ĞŶƚĞƌŝŶŐ LJŽƵƌ ƉĂƐƐǁŽƌĚ͕ ƟĐŬ ŽŶ ŐƌĞĞ ƚŽ ͚dĞƌŵƐ ĨŽƌϮϬϭϳͲϭϴŝƐďĞŝŶŐƐĞŶƚďLJĞůĞĐƚƌŽŶŝĐŵŽĚĞƚŽƚŚŽƐĞ the Member, the Member shall not be allowed to 101456001*** ĂŶĚŽŶĚŝƟŽŶƐ͛ďLJƐĞůĞĐƟŶŐŽŶƚŚĞĐŚĞĐŬďŽdž͘ Members whose email addresses are registered with the change it subsequently. ŽŵƉĂŶLJͬĞƉŽƐŝƚŽƌLJ WĂƌƟĐŝƉĂŶƚƐ͕ ƵŶůĞƐƐ ĂŶLJ DĞŵďĞƌ 5. Your password details are given below: ϴ͘ EŽǁ͕LJŽƵǁŝůůŚĂǀĞƚŽĐůŝĐŬŽŶ͚>ŽŐŝŶ͛ďƵƩŽŶ͘ has requested for a physical copy of the same. For  ǀ͘ dŚĞ ƉƌŽĐĞƐƐ ĂŶĚ ŵĂŶŶĞƌ ĨŽƌ ƌĞŵŽƚĞ ĞͲǀŽƟŶŐ Members who have not registered their email addresses, ĐŽŶƐŝƐƚƐŽĨ͚dǁŽ^ƚĞƉƐ͛ĂƐŵĞŶƟŽŶĞĚďĞůŽǁ͗  ĂͿ /ĨLJŽƵĂƌĞĂůƌĞĂĚLJƌĞŐŝƐƚĞƌĞĚĨŽƌĞͲǀŽƟŶŐ͕ƚŚĞŶLJŽƵ ϵ͘ ŌĞƌ LJŽƵ ĐůŝĐŬ ŽŶ ƚŚĞ ͚>ŽŐŝŶ͛ ďƵƩŽŶ͕ ,ŽŵĞ ƉĂŐĞ ŽĨ Ă ƉŚLJƐŝĐĂů ĐŽƉLJ ŝƐ ďĞŝŶŐ ƐĞŶƚ ďLJ ƉĞƌŵŝƩĞĚ ŵŽĚĞ͘ dŽ ĐĂŶ ƵƐĞ LJŽƵƌ ĞdžŝƐƟŶŐ ƉĂƐƐǁŽƌĚ ƚŽ ůŽŐŝŶ ĂŶĚ ĐĂƐƚ ĞͲǀŽƟŶŐǁŝůůŽƉĞŶ͘ ƐƵƉƉŽƌƚ ƚŚĞ ͚'ƌĞĞŶ /ŶŝƟĂƟǀĞ͕͛DĞŵďĞƌƐ ǁŚŽ ŚĂǀĞ ŶŽƚ ^ƚĞƉϭ͗>ŽŐͲŝŶ ƚŽ E^> ĞͲsŽƟŶŐ ƐLJƐƚĞŵ Ăƚ your vote. registered their email addresses are required to register ŚƩƉƐ͗ͬͬǁǁǁ͘ĞǀŽƟŶŐ͘ŶƐĚů͘ĐŽŵͬ ĞƚĂŝůƐŽŶ^ƚĞƉϮŝƐŐŝǀĞŶďĞůŽǁ͗ ƚŚĞƐĂŵĞǁŝƚŚƚŚĞŽŵƉĂŶLJͬĞƉŽƐŝƚŽƌLJ͘DĞŵďĞƌƐŵĂLJ  ďͿ /ĨLJŽƵĂƌĞƵƐŝŶŐE^>ĞͲǀŽƟŶŐƐLJƐƚĞŵĨŽƌƚŚĞĮƌƐƚ ,ŽǁƚŽĐĂƐƚLJŽƵƌǀŽƚĞĞůĞĐƚƌŽŶŝĐĂůůLJŽŶE^>ĞͲǀŽƟŶŐƐLJƐƚĞŵ͍ ŶŽƚĞ ƚŚĂƚ ƚŚŝƐ EŽƟĐĞ ĂŶĚ ƚŚĞ ŶŶƵĂů ZĞƉŽƌƚ ϮϬϭϳͲϭϴ ^ƚĞƉϮ͗ĂƐƚLJŽƵƌǀŽƚĞĞůĞĐƚƌŽŶŝĐĂůůLJŽŶE^>  ƟŵĞ͕LJŽƵǁŝůůŶĞĞĚƚŽƌĞƚƌŝĞǀĞƚŚĞ͚ŝŶŝƟĂůƉĂƐƐǁŽƌĚ͛ will also be available on the Company’s website viz.  ĞͲsŽƟŶŐƐLJƐƚĞŵ͘ which was communicated to you. Once you retrieve ϭ͘ ŌĞƌƐƵĐĐĞƐƐĨƵůůŽŐŝŶĂƚ^ƚĞƉϭ͕LJŽƵǁŝůůďĞĂďůĞƚŽƐĞĞ www.tajhotels.com. LJŽƵƌ ͚ŝŶŝƟĂů ƉĂƐƐǁŽƌĚ͕͛LJŽƵ ŶĞĞĚ ĞŶƚĞƌ ƚŚĞ ͚ŝŶŝƟĂů ƚŚĞ,ŽŵĞƉĂŐĞŽĨĞͲǀŽƟŶŐ͘ůŝĐŬŽŶĞͲǀŽƟŶŐ͘dŚĞŶ͕ĐůŝĐŬ ĞƚĂŝůƐŽŶ^ƚĞƉϭŝƐŵĞŶƟŽŶĞĚďĞůŽǁ͗ password’ and the system will prompt you to ŽŶĐƟǀĞsŽƟŶŐLJĐůĞƐ͘ ϭϳ͘ ZĞůĞǀĂŶƚ ĚŽĐƵŵĞŶƚƐ ƌĞĨĞƌƌĞĚ ƚŽ ŝŶ ƚŚĞ EŽƟĐĞ ĂŶĚ ƚŚĞ ,ŽǁƚŽ>ŽŐͲŝŶƚŽE^>ĞͲsŽƟŶŐǁĞďƐŝƚĞ͍ change your password. džƉůĂŶĂƚŽƌLJ ^ƚĂƚĞŵĞŶƚ ĂƌĞ ŽƉĞŶ ĨŽƌ ŝŶƐƉĞĐƟŽŶ ďLJ ƚŚĞ ϭ͘ sŝƐŝƚ ƚŚĞ ĞͲsŽƟŶŐ ǁĞďƐŝƚĞ ŽĨ E^>͘ KƉĞŶ ƚŚĞ Ϯ͘ ŌĞƌĐůŝĐŬůŝŶŐŽŶĐƟǀĞsŽƟŶŐLJĐůĞƐ͕LJŽƵǁŝůůďĞĂďůĞƚŽ DĞŵďĞƌƐĂƚƚŚĞZĞŐŝƐƚĞƌĞĚKĸĐĞŽĨƚŚĞŽŵƉĂŶLJŽŶĂůů internet web browser by typing the following URL:  ĐͿ ,ŽǁƚŽƌĞƚƌŝĞǀĞLJŽƵƌ͚ŝŶŝƟĂůƉĂƐƐǁŽƌĚ͍͛ see all the companies’ ‘EVEN’ in which you are holding working days, except Saturdays, during business hours ŚƩƉƐ͗ͬͬǁǁǁ͘ĞǀŽƟŶŐ͘ŶƐĚů͘ĐŽŵͬ either on a Personal ƐŚĂƌĞƐĂŶĚǁŚŽƐĞǀŽƟŶŐĐLJĐůĞŝƐŝŶĂĐƟǀĞƐƚĂƚƵƐ͘ up to the date of the AGM and also at the venue of the Computer or on a mobile. (i) If your email ID is registered in your Demat AGM. ĐĐŽƵŶƚ Žƌ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶLJ͕ LJŽƵƌ ͚ŝŶŝƟĂů 3. Select ‘EVEN’ of The Indian Hotels Company Limited. Ϯ͘ KŶĐĞƚŚĞ ŚŽŵĞ ƉĂŐĞ ŽĨ ĞͲsŽƟŶŐ ƐLJƐƚĞŵ ŝƐ ůĂƵŶĐŚĞĚ͕ password’ is communicated to you on your ϭϴ͘ sŽƟŶŐƚŚƌŽƵŐŚĞůĞĐƚƌŽŶŝĐŵĞĂŶƐ click on the icon ‘Login’ which is available under email ID. Open the email sent to you by NSDL ϰ͘ EŽǁLJŽƵĂƌĞƌĞĂĚLJĨŽƌĞͲǀŽƟŶŐĂƐƚŚĞsŽƟŶŐƉĂŐĞŽƉĞŶƐ͘  ŝ͘ /ŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƟŽŶϭϬϴŽĨƚŚĞ ͚^ŚĂƌĞŚŽůĚĞƌƐ͛ƐĞĐƟŽŶ͘ ĂŶĚĂĐĐĞƐƐƚŚĞĂƩĂĐŚĞĚW&ĮůĞǀŝnj͚͘ƌĞŵŽƚĞ Act, Rule 20 of the Companies (Management and ĞͲǀŽƟŶŐ͘ƉĚĨ͛͘dŚĞƉĂƐƐǁŽƌĚƚŽŽƉĞŶ ƚŚĞ͘ƉĚĨ ϱ͘ ĂƐƚ LJŽƵƌ ǀŽƚĞ ďLJ ƐĞůĞĐƟŶŐ ĂƉƉƌŽƉƌŝĂƚĞ ŽƉƟŽŶƐ ŝ͘Ğ͘ ĚŵŝŶŝƐƚƌĂƟŽŶͿZƵůĞƐ͕ϮϬϭϰĂƐĂŵĞŶĚĞĚĨƌŽŵƟŵĞ 3. A new screen will open. You will have to enter your User ĮůĞŝƐLJŽƵƌϴĚŝŐŝƚůŝĞŶƚ/ĨŽƌE^>ĂĐĐŽƵŶƚ͕ ĂƐƐĞŶƚ Žƌ ĚŝƐƐĞŶƚ͕ ǀĞƌŝĨLJͬŵŽĚŝĨLJ ƚŚĞ ŶƵŵďĞƌ ŽĨ ƐŚĂƌĞƐ ƚŽƟŵĞĂŶĚZĞŐƵůĂƟŽŶϰϰŽĨƚŚĞ>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐ͕ /͕LJŽƵƌWĂƐƐǁŽƌĚĂŶĚĂsĞƌŝĮĐĂƟŽŶŽĚĞĂƐƐŚŽǁŶŽŶ last 8 digits of client ID for CDSL account or for which you wish to cast your vote and click on ‘Submit’ the Company is pleased to provide its Members the the screen. Folio Number for shares held in physical form. ĂŶĚĂůƐŽ͚ŽŶĮƌŵ͛ǁŚĞŶƉƌŽŵƉƚĞĚ͘ ĨĂĐŝůŝƚLJƚŽĞdžĞƌĐŝƐĞƚŚĞŝƌƌŝŐŚƚƚŽǀŽƚĞŽŶƌĞƐŽůƵƟŽŶƐ dŚĞ͘ƉĚĨĮůĞĐŽŶƚĂŝŶƐLJŽƵƌ͚hƐĞƌ/͛ĂŶĚLJŽƵƌ proposed to be considered at the AGM by electronic ůƚĞƌŶĂƟǀĞůLJ͕ ŝĨ LJŽƵ ĂƌĞ ƌĞŐŝƐƚĞƌĞĚ ĨŽƌ E^> ĞƐĞƌǀŝĐĞƐ ͚ŝŶŝƟĂůƉĂƐƐǁŽƌĚ͛͘ ϲ͘ hƉŽŶĐŽŶĮƌŵĂƟŽŶ͕ƚŚĞŵĞƐƐĂŐĞ͚sŽƚĞĐĂƐƚƐƵĐĐĞƐƐĨƵůůLJ͛ ŵĞĂŶƐ ŽĨ ƌĞŵŽƚĞ ĞͲǀŽƟŶŐ ;ƚŽ ĐĂƐƚ ƚŚĞŝƌ ǀŽƚĞ ŝ͘Ğ͘/^͕LJŽƵĐĂŶůŽŐͲŝŶĂƚŚƩƉƐ͗ͬͬĞƐĞƌǀŝĐĞƐ͘ŶƐĚů͘ĐŽŵͬ will be displayed. electronically from a place other than the venue of ǁŝƚŚLJŽƵƌĞdžŝƐƟŶŐ/^ůŽŐŝŶ͘KŶĐĞLJŽƵůŽŐͲŝŶƚŽE^>   ;ŝŝͿ /ĨLJŽƵƌĞŵĂŝů/ŝƐŶŽƚƌĞŐŝƐƚĞƌĞĚ͕LJŽƵƌ͚ŝŶŝƟĂů ƚŚĞ 'DͿ͕ ƚŚƌŽƵŐŚ ĞͲǀŽƟŶŐ ƐĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞĚ ďLJ ĞƐĞƌǀŝĐĞƐ ĂŌĞƌ ƵƐŝŶŐ LJŽƵƌ ůŽŐͲŝŶ ĐƌĞĚĞŶƟĂůƐ͕ ĐůŝĐŬ ŽŶ password’ is communicated to you on your 7. You can also take the printout of the votes cast by you by E^>ŽŶĂůůƌĞƐŽůƵƟŽŶƐƐĞƚĨŽƌƚŚŝŶƚŚŝƐEŽƟĐĞ͘ ĞͲsŽƟŶŐ ĂŶĚ LJŽƵ ĐĂŶ ƉƌŽĐĞĞĚ ƚŽ ^ƚĞƉ Ϯ ŝ͘Ğ͘ ĂƐƚ LJŽƵƌ postal address. ĐůŝĐŬŝŶŐŽŶƚŚĞƉƌŝŶƚŽƉƟŽŶŽŶƚŚĞĐŽŶĮƌŵĂƟŽŶƉĂŐĞ͘ vote electronically.

272 Annual Report 2017-18 273 ϴ͘ KŶĐĞLJŽƵĐŽŶĮƌŵLJŽƵƌǀŽƚĞŽŶƚŚĞƌĞƐŽůƵƟŽŶ͕LJŽƵǁŝůů ϲ͘ DͬƐ EĞǀŝůůĞ ĂƌŽŐĂ Θ ƐƐŽĐŝĂƚĞƐ͕ WƌĂĐƟĐŝŶŐ ŽŵƉĂŶLJ džƉůĂŶĂƚŽƌLJ^ƚĂƚĞŵĞŶƚ not be allowed to modify your vote. Secretary (Membership No. 8663) has been appointed as WƵƌƐƵĂŶƚƚŽ^ĞĐƟŽŶϭϬϮŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ ƚŚĞ^ĐƌƵƟŶŝnjĞƌďLJƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽĨƚŚĞŽŵƉĂŶLJ 'ĞŶĞƌĂů/ŶƐƚƌƵĐƟŽŶƐĨŽƌƐŚĂƌĞŚŽůĚĞƌƐ ƚŽƐĐƌƵƟŶŝnjĞƚŚĞƌĞŵŽƚĞĞͲǀŽƟŶŐĂŶĚƚŚĞǀŽƟŶŐĂƚƚŚĞ ϭ͘ /ŶƐƟƚƵƟŽŶĂů ƐŚĂƌĞŚŽůĚĞƌƐ ;ŝ͘Ğ͘ ŽƚŚĞƌ ƚŚĂŶ ŝŶĚŝǀŝĚƵĂůƐ͕ AGM in a fair and transparent manner. 1. The following Explanatory Statement sets out the East, Africa and Asia. Mr. Chhatwal has launched and ,h&͕EZ/ĞƚĐ͘ͿĂƌĞƌĞƋƵŝƌĞĚƚŽƐĞŶĚƐĐĂŶŶĞĚĐŽƉLJ;W&ͬ ŵĂƚĞƌŝĂůĨĂĐƚƐƌĞůĂƟŶŐƚŽƚŚĞďƵƐŝŶĞƐƐƵŶĚĞƌ/ƚĞŵEŽƐ͘ ƌĞͲůĂƵŶĐŚĞĚǀĂƌŝŽƵƐĐŽŶƐƵŵĞƌďƌĂŶĚƐ;ŚŽƐƉŝƚĂůŝƚLJͿĂŶĚ :W'&ŽƌŵĂƚͿŽĨƚŚĞƌĞůĞǀĂŶƚŽĂƌĚZĞƐŽůƵƟŽŶͬƵƚŚŽƌŝƚLJ ϳ͘ dŚĞ^ĐƌƵƟŶŝnjĞƌƐŚĂůůŝŵŵĞĚŝĂƚĞůLJĂŌĞƌƚŚĞĐŽŶĐůƵƐŝŽŶŽĨ ϱͲϴŽĨƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐEŽƟĐĞĚĂƚĞĚDĂLJϮϱ͕ϮϬϭϴ͘ umbrella brand (B2B). ůĞƩĞƌ ĞƚĐ͘ ǁŝƚŚ ĂƩĞƐƚĞĚ ƐƉĞĐŝŵĞŶ ƐŝŐŶĂƚƵƌĞ ŽĨ ƚŚĞ ǀŽƟŶŐĂƚƚŚĞ'D͕ĮƌƐƚĐŽƵŶƚƚŚĞǀŽƚĞƐĐĂƐƚĂƚƚŚĞ'D duly authorized signatory(ies) who are authorized to ĂŶĚ ƚŚĞƌĞĂŌĞƌ ƵŶďůŽĐŬ ƚŚĞ ǀŽƚĞƐ ĐĂƐƚ ƚŚƌŽƵŐŚ ƌĞŵŽƚĞ /ƚĞŵEŽƐ͘ϱΘϲ 7. In his association with Steigenberger Hotels AG, ǀŽƚĞ͕ ƚŽ ƚŚĞ ^ĐƌƵƟŶŝnjĞƌ ďLJ ƐĞŶĚŝŶŐ ĂŶ ĞͲŵĂŝů ƚŽ ĞͲǀŽƟŶŐŝŶƚŚĞƉƌĞƐĞŶĐĞŽĨĂƚůĞĂƐƚƚǁŽǁŝƚŶĞƐƐĞƐŶŽƚ Ϯ͘ ĂƐĞĚŽŶƚŚĞƌĞĐŽŵŵĞŶĚĂƟŽŶƐŽĨƚŚĞEŽŵŝŶĂƟŽŶĂŶĚ the group witnessed a growth of more than 50% in ŶĞǀŝůůĞĚĂƌŽŐĂΛŐŵĂŝů͘ĐŽŵ ǁŝƚŚ Ă ĐŽƉLJ ŵĂƌŬĞĚ ƚŽ in the employment of the Company and shall make, not ZĞŵƵŶĞƌĂƟŽŶŽŵŵŝƩĞĞ;͚EZ͛Ϳ͕ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ portfolio along with increased presence in gateway ĞǀŽƟŶŐΛŶƐĚů͘ĐŽ͘ŝŶ͘ later than two days from the conclusion of the AGM, a ŽĨƚŚĞŽŵƉĂŶLJ;͚ŽĂƌĚ͛ͿĂƚƚŚĞŝƌŵĞĞƟŶŐŚĞůĚŽŶƵŐƵƐƚ destinations. During Mr. Chhatwal’s tenure, the hotel ĐŽŶƐŽůŝĚĂƚĞĚ^ĐƌƵƟŶŝnjĞƌ͛ƐZĞƉŽƌƚŽĨƚŚĞƚŽƚĂůǀŽƚĞƐĐĂƐƚ Ϯϵ͕ϮϬϭϳĂƉƉŽŝŶƚĞĚDƌ͘WƵŶĞĞƚŚŚĂƚǁĂůĂƐĂŶĚĚŝƟŽŶĂů was accredited amongst Germany’s Superbrands 2. It is strongly recommended not to share your password in favour or against, if any, to the Chairman or a person Director of the Company w.e.f. November 6, 2017 under (among top 50 brands) and was the winner of 2016 with any other person and take utmost care to keep ĂƵƚŚŽƌŝnjĞĚďLJŚŝŵŝŶǁƌŝƟŶŐ͕ǁŚŽƐŚĂůůĐŽƵŶƚĞƌƐŝŐŶƚŚĞ ^ĞĐƟŽŶ ϭϲϭ;ϭͿ ŽĨ ƚŚĞ ŽŵƉĂŶŝĞƐ Đƚ͕ ϮϬϭϯ ;͚ƚŚĞ Đƚ͛Ϳ Grand Prix for the most progressive company at LJŽƵƌ ƉĂƐƐǁŽƌĚ ĐŽŶĮĚĞŶƟĂů͘ >ŽŐŝŶ ƚŽ ƚŚĞ ĞͲǀŽƟŶŐ ƐĂŵĞĂŶĚĚĞĐůĂƌĞƚŚĞƌĞƐƵůƚŽĨƚŚĞǀŽƟŶŐĨŽƌƚŚǁŝƚŚ͘ ĂŶĚƌƟĐůĞϭϯϮŽĨƚŚĞŽŵƉĂŶLJ͛ƐƌƟĐůĞƐŽĨƐƐŽĐŝĂƟŽŶ͘ Worldwide Hospitality Awards in Paris besides being ǁĞďƐŝƚĞǁŝůůďĞĚŝƐĂďůĞĚƵƉŽŶĮǀĞƵŶƐƵĐĐĞƐƐĨƵůĂƩĞŵƉƚƐ The Board also appointed Mr. Chhatwal as the chosen as the Best Employer and Service Champion to key in the correct password. In such an event, ϴ͘ dŚĞ ZĞƐƵůƚƐ ĚĞĐůĂƌĞĚ ĂůŽŶŐ ǁŝƚŚ ƚŚĞ ^ĐƌƵƟŶŝnjĞƌ͛Ɛ DĂŶĂŐŝŶŐ ŝƌĞĐƚŽƌ Θ ŚŝĞĨ  džĞĐƵƟǀĞ KĸĐĞƌ ;͚D Θ for five years in a row. LJŽƵ ǁŝůů ŶĞĞĚ ƚŽ ŐŽ ƚŚƌŽƵŐŚ ƚŚĞ ͚&ŽƌŐŽƚ hƐĞƌ ĞƚĂŝůƐͬ Report shall be placed on the Company’s website KΖͿ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ĨŽƌ Ă ƉĞƌŝŽĚ ŽĨ ĮǀĞ LJĞĂƌƐ ĨƌŽŵ WĂƐƐǁŽƌĚ͍͛ Žƌ WŚLJƐŝĐĂů hƐĞƌ ZĞƐĞƚ WĂƐƐǁŽƌĚ͍͛ ŽƉƟŽŶ www.tajhotels.com and on the website of NSDL November 6, 2017 upto November 5, 2022, subject to ϴ͘ ĞĨŽƌĞ ƚŚŝƐ ĂƐƐŝŐŶŵĞŶƚ͕ ŚĞ ŚĞůĚ ƐĞǀĞƌĂů ƉŽƐŝƟŽŶƐ ƐƵĐŚ ĂǀĂŝůĂďůĞŽŶǁǁǁ͘ĞǀŽƟŶŐ͘ŶƐĚů͘ĐŽŵƚŽƌĞƐĞƚƚŚĞƉĂƐƐǁŽƌĚ͘ ŝŵŵĞĚŝĂƚĞůLJ ĂŌĞƌ ƚŚĞ ZĞƐƵůƚƐ ĂƌĞ ĚĞĐůĂƌĞĚ͘ dŚĞ approval of the Members. Mr. Chhatwal will be based ĂƐdžĞĐƵƟǀĞsŝĐĞWƌĞƐŝĚĞŶƚΘŚŝĞĨĞǀĞůŽƉŵĞŶƚKĸĐĞƌ Company shall simultaneously forward the Results to in India. and Vice President Development for The Rezidor Hotel 3. In case of any queries, you may refer the Frequently dŚĞ ^ >ŝŵŝƚĞĚ ĂŶĚ EĂƟŽŶĂů ^ƚŽĐŬ džĐŚĂŶŐĞ ŽĨ /ŶĚŝĂ Group where he was responsible for driving strategy ƐŬĞĚ YƵĞƐƟŽŶƐ ;͚&YƐ͛Ϳ ĨŽƌ ^ŚĂƌĞŚŽůĚĞƌƐ ĂŶĚ Limited where the shares of the Company are listed. The ϯ͘ /ŶƚĞƌŵƐ ŽĨ ^ĞĐƟŽŶ ϭϲϭ;ϭͿ ŽĨ ƚŚĞ Đƚ͕ Dƌ͘ ŚŚĂƚǁĂů and branding. Prior to this, Mr. Chhatwal also served the ĞͲǀŽƟŶŐƵƐĞƌŵĂŶƵĂůĨŽƌ^ŚĂƌĞŚŽůĚĞƌƐĂǀĂŝůĂďůĞĂƚƚŚĞ ZĞƐƵůƚƐƐŚĂůůĂůƐŽďĞĚŝƐƉůĂLJĞĚŽŶƚŚĞEŽƟĐĞŽĂƌĚĂƚƚŚĞ ŚŽůĚƐ ŽĸĐĞ ŽŶůLJ ƵƉƚŽ ƚŚĞ ĚĂƚĞ ŽĨ ƚŚĞ ĨŽƌƚŚĐŽŵŝŶŐ Feuring Group where he was involved in Feasibility Study ĚŽǁŶůŽĂĚ ƐĞĐƟŽŶ ŽĨ ǁǁǁ͘ĞǀŽƟŶŐ͘ŶƐĚů͘ĐŽŵ Žƌ ĐĂůů ŽŶ ZĞŐŝƐƚĞƌĞĚKĸĐĞΘƚŚĞŽƌƉŽƌĂƚĞKĸĐĞŽĨƚŚĞŽŵƉĂŶLJ ŶŶƵĂů 'ĞŶĞƌĂů DĞĞƟŶŐ ;͚'D͛Ϳ ďƵƚ ŝƐ ĞůŝŐŝďůĞ ĨŽƌ ǁŽƌŬĂŶĚĐŽŵƉůĞƚĞĚĂďŽƵƚϱϬƚƌĂŶƐĂĐƟŽŶƐŝŶƵƌŽƉĞĂƐ ƚŽůůĨƌĞĞŶŽ͗͘ϭϴϬϬͲϮϮϮͲϵϵϬŽƌƐĞŶĚĂƌĞƋƵĞƐƚďLJĞŵĂŝů for at least three days. ĂƉƉŽŝŶƚŵĞŶƚ ĂƐ Ă ŝƌĞĐƚŽƌ͘  ŶŽƟĐĞ ƵŶĚĞƌ ^ĞĐƟŽŶ ǁĞůůĂƐEŽƌƚŚĨƌŝĐĂĨŽƌďƌĂŶĚƐůŝŬĞ>ĞDĞƌŝĚŝĞŶ͕DĂƌƌŝŽƩ͕ ĞǀŽƟŶŐΛŶƐĚů͘ĐŽ͘ŝŶ͘ 160(1) of the Act has been received from a Member Mövenpick, etc. Prior to this, he also worked with By Order of the Board of Directors ƐŝŐŶŝĨLJŝŶŐ ŝƚƐ ŝŶƚĞŶƟŽŶ ƚŽ ƉƌŽƉŽƐĞ Dƌ͘ ŚŚĂƚǁĂů͛Ɛ The Ashok Group of Hotels in India. ϰ͘ dŚĞǀŽƟŶŐƌŝŐŚƚƐŽĨƚŚĞDĞŵďĞƌƐƐŚĂůůďĞŝŶƉƌŽƉŽƌƟŽŶ appointment as a Director. ƚŽ ƚŚĞŝƌ ƐŚĂƌĞƐ ŝŶ ƚŚĞ ƉĂŝĚͲƵƉ ĞƋƵŝƚLJ ƐŚĂƌĞ ĐĂƉŝƚĂů 9. The Company is one of the leading hotel groups in India ŽĨ ƚŚĞ ŽŵƉĂŶLJ ĂƐ ŽŶ ƚŚĞ ĐƵƚͲŽī ĚĂƚĞ ŝ͘Ğ͘ dŚƵƌƐĚĂLJ͕ ϰ͘ Dƌ͘ŚŚĂƚǁĂůŚŽůĚƐĂŶDŝŶŝŶƚĞƌŶĂƟŽŶĂůŚŽƐƉŝƚĂůŝƚLJ with strategic presence in key global markets. In India, July 12, 2018. A person whose name is recorded in the ĞĞũĂůĞƐĂŝ ĨƌŽŵ /ŶƐƟƚƵƚĞ Ğ DĂŶĂŐĞŵĞŶƚ ,ŽƚĞůŝĞƌ /ŶƚĞƌŶĂƟŽŶĂů ĂŶĂƐƐŽƌƚŵĞŶƚŽĨŝŶŇƵĞŶĐĞƐŚĂĚƌĞƉƌĞƐƐĞĚƚŚĞƐĞĐƚŽƌ͛Ɛ ZĞŐŝƐƚĞƌ ŽĨ DĞŵďĞƌƐ Žƌ ŝŶ ƚŚĞ ZĞŐŝƐƚĞƌ ŽĨ ĞŶĞĮĐŝĂů Senior Vice President – Legal and Company Secretary ;/D,/Ϳ ;ŽƌŶĞůůͲƐƐĞĐͿ &ƌĂŶĐĞ͘ ,Ğ ŚĂƐ ĂůƐŽ ĐŽŵƉůĞƚĞĚ endeavours to grow from 2009 to 2015, however, KǁŶĞƌƐŵĂŝŶƚĂŝŶĞĚďLJƚŚĞĞƉŽƐŝƚŽƌŝĞƐĂƐŽŶƚŚĞĐƵƚͲŽī his Advanced Management Program from INSEAD at ϮϬϭϲͲϭϳ ƉƌŽǀŝĚĞĚ ƐƵĸĐŝĞŶƚ ĞǀŝĚĞŶĐĞ ƚŚĂƚ ƚŚĞ ĚĂƚĞŽŶůLJƐŚĂůůďĞĞŶƟƚůĞĚƚŽĂǀĂŝůƚŚĞĨĂĐŝůŝƚLJŽĨǀŽƟŶŐ͕ Fountainbleau, France and Singapore and also holds ŶĞdžƚ ƵƉͲĐLJĐůĞ ǁĂƐ ŝŶ ƚŚĞ ŽĸŶŐ͘ Ɛ ƉĞƌ ,s^ ZĞƉŽƌƚ͕ ĞŝƚŚĞƌƚŚƌŽƵŐŚƌĞŵŽƚĞĞͲǀŽƟŶŐŽƌǀŽƟŶŐĂƚƚŚĞ'D͘ Mumbai, May 25, 2018 Ă ĚĞŐƌĞĞ ĨƌŽŵ ƚŚĞ /ŶƐƟƚƵƚĞ ŽĨ ,ŽƚĞů DĂŶĂŐĞŵĞŶƚ͕ ^ĞƉƚĞŵďĞƌϮϬϭϳ͕ŽŶĂŶĂƟŽŶǁŝĚĞďĂƐŝƐ͕ŶĞǁďƌĂŶĚĞĚ ZĞŐŝƐƚĞƌĞĚKĸĐĞ͗ New Delhi. and organised supply grew by merely 5.9% while overall 5. Any person, who acquires shares of the Company and demand increased by 9.6% in the same period. The ďĞĐŽŵĞƐĂDĞŵďĞƌŽĨƚŚĞŽŵƉĂŶLJĂŌĞƌĚĞƐƉĂƚĐŚŽĨ Mandlik House, Mandlik Road, Mumbai 400 001. 5. Mr. Chhatwal is a hospitality industry veteran, with an ůŽŶŐͲƚĞƌŵ ŽƵƚůŽŽŬ ĨŽƌ ƚŚĞ /ŶĚŝĂŶ ŚŽƐƉŝƚĂůŝƚLJ ďƵƐŝŶĞƐƐ ƚŚĞEŽƟĐĞĂŶĚŚŽůĚŝŶŐƐŚĂƌĞƐĂƐŽĨƚŚĞĐƵƚͲŽīĚĂƚĞ͕ŵĂLJ CIN: L74999MH1902PLC000183 experience of over three decades. He was previously ƌĞŵĂŝŶƐ ƉŽƐŝƟǀĞ͕ ďŽƚŚ ĨŽƌ ƚŚĞ ďƵƐŝŶĞƐƐ ĂŶĚ ůĞŝƐƵƌĞ obtain the login ID and password by sending a request to Tel.: 022 66395515 Fax: 022 22027442 ƚŚĞ ŚŝĞĨ džĞĐƵƟǀĞ KĸĐĞƌ ŽĨ ĞƵƚƐĐŚĞ ,ŽƐƉŝƚĂůŝƚLJͬ ƐĞŐŵĞŶƚƐ ǁŝƚŚ ƚŚĞ ƉŽƚĞŶƟĂů ĨŽƌ ĞĐŽŶŽŵŝĐ ŐƌŽǁƚŚ͕ ĞǀŽƟŶŐΛŶƐĚů͘ĐŽ͘ŝŶĂŶĚŵĂLJĐĂƐƚƚŚĞŝƌǀŽƚĞďLJƌĞŵŽƚĞ Email: ŝŶǀĞƐƚŽƌƌĞůĂƟŽŶƐΛƚĂũŚŽƚĞůƐ͘ĐŽŵ Steigenberger Hotels AG. increases in disposable incomes and the burgeoning ĞͲǀŽƟŶŐŽƌĂƚƚŚĞ'D͘ Website: www.tajhotels.com middle class. India’s Travel & Tourism sector was also ϲ͘ ,ĞŚĂƐďĞĞŶŝŶƐĞŶŝŽƌŝŶƚĞƌŶĂƟŽŶĂůůĞĂĚĞƌƐŚŝƉƌŽůĞƐĨŽƌ the fastest growing among the G20 countries, growing almost 20 years. He was living in Europe for the past 28 by 8.5% in 2016. LJĞĂƌƐĂŶĚǁĂƐƚŚĞĮƌƐƚŶŽŶͲƵƌŽƉĞĂŶƚŽŚĞĂĚĂƵƌŽƉĞĂŶ ,ŽƐƉŝƚĂůŝƚLJŽƌŐĂŶŝƐĂƟŽŶǁŝƚŚŚŝƐŝŶŶŽǀĂƟǀĞůĞĂĚĞƌƐŚŝƉ͘ 10. Given this environment, sustaining and growing market He is perceived as a recognised team builder focusing ƐŚĂƌĞŝƐĐŽŶƐŝĚĞƌĞĚĐƌŝƟĐĂůĨŽƌƚŚĞůŽŶŐͲƚĞƌŵƐƵĐĐĞƐƐŽĨ ŽŶƌĞůĂƟŽŶƐŚŝƉƐ͕ƉĞŽƉůĞĂŶĚƚĞĂŵƐ͘,ĞŝƐĐƌĞĚŝƚĞĚǁŝƚŚ the Company. The Company is looking at various revenue ŚĂǀŝŶŐ Ă ĚĞƚĂŝůĞĚ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ďŽĂƌĚ ĨƵŶĐƟŽŶ ŝŶ enhancement and cost containment measures so that it minority and sliver equity partnerships, joint ventures can take advantage of the upswing in business as the ŽƌŽƚŚĞƌƉĂƌƚŶĞƌƐŚŝƉƐ͘,ĞǁĂƐƐƵĐĐĞƐƐĨƵůŝŶĐŽŵƉůĞƟŶŐ economy recovers and the demand supply imbalance over 500 contracts in the last 25 years in Europe, Middle gets corrected.

274 Annual Report 2017-18 275 ϭϭ͘ ƉĂƌƚ ĨƌŽŵ ŝƚƐ ĐŽƌĞ ĚŽŵĞƐƟĐ ďƵƐŝŶĞƐƐ ŝŶ /ŶĚŝĂ͕ ƚŚĞ and separately communicated to him and exercise   ͻ ĂƌǁŝƚŚ ĚƌŝǀĞƌ ƉƌŽǀŝĚĞĚ͕ ŵĂŝŶƚĂŝŶĞĚ ďLJ ƚŚĞ Ϳ /ŶĐĞŶƟǀĞZĞŵƵŶĞƌĂƟŽŶ͗ ŽŵƉĂŶLJ ŽƉĞƌĂƚĞƐ ŚŽƚĞůƐ ŝŶ ƚĞŶ ŝŶƚĞƌŶĂƟŽŶĂů ŵĂƌŬĞƚƐ such powers as may be assigned to him, subject to ŽŵƉĂŶLJĨŽƌŽĸĐŝĂůĂŶĚƉĞƌƐŽŶĂůƵƐĞĂƐƉĞƌ which include the United States, United Kingdom, ƚŚĞ ƐƵƉĞƌŝŶƚĞŶĚĞŶĐĞ͕ ĐŽŶƚƌŽů ĂŶĚ ĚŝƌĞĐƟŽŶƐ ŽĨ ƚŚĞ Rules of the Company.    ^ƵĐŚ/ŶĐĞŶƟǀĞ ZĞŵƵŶĞƌĂƟŽŶ ŶŽƚ ĞdžĐĞĞĚŝŶŐ South Africa, Zambia, Dubai, Maldives, Sri Lanka, Bhutan, ŽĂƌĚ ŝŶ ĐŽŶŶĞĐƟŽŶ ǁŝƚŚ ĂŶĚ ŝŶ ƚŚĞ ďĞƐƚ ŝŶƚĞƌĞƐƚƐ 200% of salary to be paid annually at the EĞƉĂůĂŶĚDĂůĂLJƐŝĂ͘dĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƚŚĞƐŝŐŶŝĮĐĂŶƚ of the business of the Company and the business of   ͻ dĞůĞĐŽŵŵƵŶŝĐĂƟŽŶ ĨĂĐŝůŝƟĞƐ ŝŶĐůƵĚŝŶŐ ĚŝƐĐƌĞƟŽŶ ŽĨ ƚŚĞ ŽĂƌĚ͕ ďĂƐĞĚ ŽŶ ĐĞƌƚĂŝŶ investments that the Company has made in recent ĂŶLJŽŶĞŽƌŵŽƌĞŽĨŝƚƐĂƐƐŽĐŝĂƚĞĚĐŽŵƉĂŶŝĞƐĂŶĚͬŽƌ broadband, internet and mobile as per Rules performance criteria and such other years in its overseas assets, the MD & CEO is expected ƐƵďƐŝĚŝĂƌŝĞƐ͕ŝŶĐůƵĚŝŶŐƉĞƌĨŽƌŵŝŶŐĚƵƟĞƐĂƐĂƐƐŝŐŶĞĚ of the Company. parameters as may be considered appropriate ƚŽĚĞǀŽƚĞĂĨĂŝƌĂŵŽƵŶƚŽĨŚŝƐƟŵĞƚŽĂĚĚƌĞƐƐŵĂƩĞƌƐ ƚŽƚŚĞDΘKĨƌŽŵƟŵĞƚŽƟŵĞďLJƐĞƌǀŝŶŐŽŶ ĨƌŽŵ ƟŵĞ ƚŽ ƟŵĞ͘ /ŶĐĞŶƟǀĞ ZĞŵƵŶĞƌĂƟŽŶ ƌĞůĂƟŶŐ ƚŽ ƚŚĞ ŽǀĞƌƐĞĂƐ ĂĐƋƵŝƐŝƟŽŶƐ ĂŶĚ ŝŵƉƌŽǀĞ ƚŚĞ ƚŚĞ ďŽĂƌĚƐ ŽĨ ƐƵĐŚ ĂƐƐŽĐŝĂƚĞĚ ĐŽŵƉĂŶŝĞƐ ĂŶĚͬŽƌ   ͻ ,ŽƵƐŝŶŐůŽĂŶĂƐƉĞƌZƵůĞƐŽĨƚŚĞŽŵƉĂŶLJ͘ would be payable only when the Company ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐƉŽƌƞŽůŝŽ͘ ƐƵďƐŝĚŝĂƌŝĞƐ Žƌ ĂŶLJ ŽƚŚĞƌ ĞdžĞĐƵƟǀĞ ďŽĚLJ Žƌ ĂŶLJ cannot pay Commission. ĐŽŵŵŝƩĞĞŽĨƐƵĐŚĂĐŽŵƉĂŶLJ͘dŚĞDΘKƐŚĂůů (d) Other perquisites and allowances given below ϭϮ͘ 'ŝǀĞŶƚŚĞƐĞƉƌŝŽƌŝƟĞƐĂƐĞĂƌĐŚǁĂƐĐŽŶĚƵĐƚĞĚŽŶĂŐůŽďĂů not exceed the powers so delegated by the Board as subject to a maximum of 55% of salary per Ϳ ĚĚŝƟŽŶĂůWĞƌĨŽƌŵĂŶĐĞŽŶƵƐ͗ ďĂƐŝƐĨŽƌĂůĞĂĚĞƌǁŝƚŚŝŶƚĞƌŶĂƟŽŶĂůŚŽƐƉŝƚĂůŝƚLJĞdžƉĞƌŝĞŶĐĞ set out above. The MD & CEO undertakes to employ annum. This includes: across various hospitality formats and markets (including the best of his skill and ability and to make his utmost    dŽďĞƉĂŝĚĂƚƚŚĞĞŶĚŽĨƚǁŽ͕ĨŽƵƌĂŶĚĮǀĞLJĞĂƌƐ the experience of overseeing the Indian market) and endeavours to promote the interests and welfare of   ͻ DĞĚŝĐĂůĂůůŽǁĂŶĐĞ ϴ͘ϯϯй based on measurable improvement criteria set ability to manage and build scale. The candidates the Company and to conform to and comply with out by the Board as detailed in the Agreement were screened by the NRC which recommended ƚŚĞƉŽůŝĐŝĞƐĂŶĚƌĞŐƵůĂƟŽŶƐŽĨƚŚĞŽŵƉĂŶLJĂŶĚĂůů   ͻ >ĞĂǀĞdƌĂǀĞůŽŶĐĞƐƐŝŽŶͬůůŽǁĂŶĐĞϴ͘ϯϯй entered into between the Company and Mr. Puneet Chhatwal to the Board. ƐƵĐŚŽƌĚĞƌƐĂŶĚĚŝƌĞĐƟŽŶƐĂƐŵĂLJďĞŐŝǀĞŶƚŽŚŝŵ Mr. Chhatwal. ĨƌŽŵƟŵĞƚŽƟŵĞďLJƚŚĞŽĂƌĚ͘Dƌ͘ŚŚĂƚǁĂůƐŚĂůů   ͻ KƚŚĞƌůůŽǁĂŶĐĞƐ ϯϯ͘ϯϰй 13. The Board is of the view that, with Mr. Chhatwal’s ƵŶĚĞƌƚĂŬĞŚŝƐĚƵƟĞƐĨƌŽŵƐƵĐŚůŽĐĂƟŽŶĂƐŵĂLJďĞ Plan Period: Five years ĞdžƉĞƌŝĞŶĐĞĂŶĚĞdžƉĞƌƟƐĞŝŶƚŚĞŐůŽďĂůŚŽƐƉŝƚĂůŝƚLJƐĞĐƚŽƌ͕ directed by the Board.   ͻ WĞƌƐŽŶĂů ĐĐŝĚĞŶƚ /ŶƐƵƌĂŶĐĞ Λ ĂĐƚƵĂůƐ͕ ĂƐ ƚŚĞŽŵƉĂŶLJǁŽƵůĚŐƌĞĂƚůLJďĞŶĞĮƚĨƌŽŵŚŝƐĂƉƉŽŝŶƚŵĞŶƚ ĂƉƉůŝĐĂďůĞ ĨŽƌ ƚŚĞ DĞŵďĞƌƐ ŽĨ ƚŚĞ džĞĐƵƟǀĞ   ;ĂͿ &ŝƌƐƚ ƉĂLJŽƵƚ Ăƚ ƚŚĞ ĞŶĚ ƚŚĞ ĮŶĂŶĐŝĂů LJĞĂƌ ĂŶĚƚŚĞƌĞŵƵŶĞƌĂƟŽŶƉĂLJĂďůĞƚŽŚŝŵŝƐĐŽŵŵĞŶƐƵƌĂƚĞ (iv) WƌŽƉŽƐĞĚZĞŵƵŶĞƌĂƟŽŶ͗ ŽŵŵŝƩĞĞ >ĞǀĞů ŽĨ ƚŚĞ ŽŵƉĂŶLJ Θ ŶŶƵĂů ϮϬϭϵͲϮϬ ǁŚŝĐŚ ƐŚĂůů ŝŶĐůƵĚĞ ƚŚĞ ƉƌŽƌĂƚĞĚ ǁŝƚŚ ŚŝƐ ƋƵĂůŝĮĐĂƟŽŶƐ ĂŶĚ ĞdžƉĞƌŝĞŶĐĞ ĂŶĚ ĂůƐŽ ŝŶ ůŝŶĞ ĐůƵď ŵĞŵďĞƌƐŚŝƉͬũŽŝŶŝŶŐ ĨĞĞƐ ĨŽƌ ŽŶĞ ĐůƵď͕ ƉĂLJŽƵƚĨŽƌƚŚĞƉĞƌŝŽĚǁŽƌŬĞĚŝŶϮϬϭϳͲϭϴ ǁŝƚŚƚŚĞƌĞŵƵŶĞƌĂƟŽŶƚŚĂƚǁĂƐĚƌĂǁŶďLJDƌ͘ŚŚĂƚǁĂů Ϳ ĂƐŝĐ ^ĂůĂƌLJ͗ Current Basic Salary of both subject to a cap of 5%. in his preceding employment. ` 12.35 lakhs per month; upto a maximum of   ;ďͿ ^ĞĐŽŶĚƉĂLJŽƵƚĂƚƚŚĞĞŶĚŽĨƚŚĞĮŶĂŶĐŝĂůLJĞĂƌ ` 22 lakhs per month. The annual increments   ;ĞͿ ŽŶƚƌŝďƵƟŽŶ ƚŽ WƌŽǀŝĚĞŶƚ &ƵŶĚ͕ ϮϬϮϭͲϮϮ ϭϰ͘ Dƌ͘WƵŶĞĞƚŚŚĂƚǁĂůƐŚĂůůŚĞƌĞŝŶĂŌĞƌďĞƌĞĨĞƌƌĞĚƚŽĂƐ will be decided by the Board based on the ^ƵƉĞƌĂŶŶƵĂƟŽŶ &ƵŶĚ Žƌ ŶŶƵŝƚLJ &ƵŶĚ ĂŶĚ 'Mr. Chhatwal' or 'MD & CEO'. The principal terms and ƌĞĐŽŵŵĞŶĚĂƟŽŶ ŽĨ ƚŚĞ EZ ĂŶĚ ǁŝůů ďĞ Gratuity as per the Rules of the Company.   ;ĐͿ &ŝŶĂůWĂLJŽƵƚ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ĮŶĂŶĐŝĂů LJĞĂƌ ĐŽŶĚŝƟŽŶƐŽĨƚŚĞĂƉƉŽŝŶƚŵĞŶƚŽĨDƌ͘ŚŚĂƚǁĂůĂƐDΘ ƉĞƌĨŽƌŵĂŶĐĞͲďĂƐĞĚĂŶĚƚĂŬĞŝŶƚŽĂĐĐŽƵŶƚƚŚĞ /Ŷ ĐĂƐĞ ŽĨ ŶŽ ĐŽŶƚƌŝďƵƟŽŶ ƚŽ ƚŚĞ ϮϬϮϮͲϮϯ CEO are as under: Company’s performance as well, within the ^ƵƉĞƌĂŶŶƵĂƟŽŶ &ƵŶĚ͕ ƚŚĞ ƐĂŵĞ ǁŽƵůĚ ďĞ said maximum amount. payable as an allowance as per the Rules of   WůĂŶ͗ (i) dĞƌŵ͗&ŽƌĂƉĞƌŝŽĚŽĨĮǀĞLJĞĂƌƐĐŽŵŵĞŶĐŝŶŐĨƌŽŵ the Company. November 6, 2017 upto November 5, 2022 Ϳ ĞŶĞĮƚƐ͕WĞƌƋƵŝƐŝƚĞƐΘůůŽǁĂŶĐĞƐ͗ The plan is linked to   ;ĨͿ dƌĂŶƐĨĞƌĂŶĚƌĞůŽĐĂƟŽŶĞdžƉĞŶƐĞƐĂƐƉĞƌŽĨƚŚĞ (ii) dĞƌŵŝŶĂƟŽŶ͗ /Ŷ ƚŚĞ ĞǀĞŶƚ ŽĨ ŽŵƉĂŶLJ ŝŶŝƟĂƚĞĚ    ĞƚĂŝůƐŽĨĞŶĞĮƚƐ͕WĞƌƋƵŝƐŝƚĞƐĂŶĚůůŽǁĂŶĐĞƐ terms of the Agreement entered into between (a) EBITDA growth Year on Year, ƚĞƌŵŝŶĂƟŽŶͲ are as follows: the Company and Mr. Chhatwal.   ;ďͿ dŚĞƐƚƌĂƚĞŐŝĐƉůĂŶƚĂƌŐĞƚƐʹ͚ƐƉŝƌĂƟŽŶϮϬϮϮ͛  Ϳ tŝƚŚŽƵƚĐĂƵƐĞ͗dŚĞDΘKǁŝůůďĞĞŶƟƚůĞĚƚŽ   ;ĂͿ ZĞŶƚͲĨƌĞĞ ƌĞƐŝĚĞŶƟĂů ĂĐĐŽŵŵŽĚĂƟŽŶ  Ϳ ŽŵŵŝƐƐŝŽŶ: receive a severance package that comprises of (furnished or otherwise) with the Company   ͻ dƵƌŶŽǀĞƌ;` crores), ƚǁĞůǀĞŵŽŶƚŚƐŽĨ&ŝdžĞĚŽŵƉĞŶƐĂƟŽŶĂƐƌĞĨĞƌĞŶĐĞĚ bearing the cost of repairs, maintenance, /ŶĂĚĚŝƟŽŶƚŽƚŚĞ^ĂůĂƌLJ͕ĞŶĞĮƚƐ͕WĞƌƋƵŝƐŝƚĞƐ in the Agreement executed between the Company ƐŽĐŝĞƚLJ ĐŚĂƌŐĞƐ ĂŶĚ ƵƟůŝƟĞƐ ;Ğ͘Ő͘ ŐĂƐ͕ and Allowances, Mr. Chhatwal would be paid   ͻ Wd;` crores) and and Mr. Chhatwal. electricity and water charges) for the said ƐƵĐŚ ƌĞŵƵŶĞƌĂƟŽŶ ďLJ ǁĂLJ ŽĨ ŽŵŵŝƐƐŝŽŶ͕ ĂĐĐŽŵŵŽĚĂƟŽŶ͘ ĐĂůĐƵůĂƚĞĚǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽƚŚĞŶĞƚƉƌŽĮƚƐŽĨ   ͻ ZĞƚƵƌŶŽŶƋƵŝƚLJ;йͿ  Ϳ With cause: No amount would be payable. ƚŚĞŽŵƉĂŶLJŝŶĂƉĂƌƟĐƵůĂƌĮŶĂŶĐŝĂůLJĞĂƌ͕ĂƐ (b) Special Allowance at 85% of Basic Salary per may be determined by the Board, as per the EBITDA growth has a weightage of 40% and   /Ŷ ƚŚĞ ĞǀĞŶƚ ŽĨ ƚĞƌŵŝŶĂƟŽŶ ŝŶŝƟĂƚĞĚ ďLJ ƚŚĞ annum. terms of the agreement currently costed at ͚ƐƉŝƌĂƟŽŶ ϮϬϮϮ͛ ƚĂƌŐĞƚƐ ŚĂǀĞ ƚŚĞ ƌĞŵĂŝŶŝŶŐ ϲϬй DΘK͕ƚŚĞŶŽƟĐĞƉĞƌŝŽĚǁŝůůďĞƐŝdžŵŽŶƚŚƐŽƌ 24 months basic salary and will be within the weightage, with equal weightage to Turnover, PAT ƉĂLJŝŶŐ Ɛŝdž ŵŽŶƚŚƐ &ŝdžĞĚ ŽŵƉĞŶƐĂƟŽŶ ĂƐ ƐƚĂƚĞĚ   ;ĐͿ ,ŽƐƉŝƚĂůŝƐĂƟŽŶ͕ dƌĂŶƐƉŽƌƚ͕ dĞůĞͲĐŽŵͲ ŽǀĞƌĂůů ĐĞŝůŝŶŐƐ ƐƟƉƵůĂƚĞĚ ŝŶ ^ĞĐƟŽŶ ϭϵϳ ŽĨ and Return on Equity. ĂďŽǀĞŝŶůŝĞƵŽĨŶŽƟĐĞƉĞƌŝŽĚ͘ ŵƵŶŝĐĂƟŽŶĂŶĚŽƚŚĞƌĨĂĐŝůŝƟĞƐĂƐƵŶĚĞƌ͗ ƚŚĞ Đƚ͘ dŚĞ ƐƉĞĐŝĮĐ ĂŵŽƵŶƚ ƉĂLJĂďůĞ ƚŽ ƚŚĞ MD & CEO will be based on his performance dĂƌŐĞƚŵŽƵŶƚ͗ (iii) EĂƚƵƌĞ ŽĨ ƵƟĞƐ͗ The MD & CEO shall devote   ͻ ,ŽƐƉŝƚĂůŝƐĂƟŽŶ ĂŶĚ ŵĂũŽƌ ŵĞĚŝĐĂů ĞdžƉĞŶƐĞƐ as evaluated by the Board or the NRC and ŚŝƐ ǁŚŽůĞ ƟŵĞ ĂŶĚ ĂƩĞŶƟŽŶ ƚŽ ƚŚĞ ďƵƐŝŶĞƐƐ ŽĨ incurred for self and family. approved by the Board and will be payable   Dƌ͘ŚŚĂƚǁĂů͛ƐĂĚĚŝƟŽŶĂůƉĞƌĨŽƌŵĂŶĐĞďŽŶƵƐƚĂƌŐĞƚ ƚŚĞ ŽŵƉĂŶLJ ĂŶĚ ƉĞƌĨŽƌŵ ƐƵĐŚ ĚƵƟĞƐ ĂƐ ŵĂLJ ďĞ ĂŶŶƵĂůůLJĂŌĞƌƚŚĞĂŶŶƵĂůĂĐĐŽƵŶƚƐŚĂǀĞďĞĞŶ amount is linked to his Cost to Company (‘CTC’). ĞŶƚƌƵƐƚĞĚ ƚŽ Śŝŵ ďLJ ƚŚĞ ŽĂƌĚ ĨƌŽŵ ƟŵĞ ƚŽ ƟŵĞ approved by the Board and Members. ,ŝƐ ĐƵƌƌĞŶƚ d ŝƐ ĐŽŶƐƚƌƵĞĚ Ăƚ Ϯͬϯrd of his total

276 Annual Report 2017-18 277 ĐŽŵƉĞŶƐĂƟŽŶ ĂŶĚ ƚŚĞ ďĂůĂŶĐĞ ϭͬϯrd is the target (ii) Mr. Chhatwal shall not become interested or (vii) The MD & CEO covenants with the Company that he ϭϵ͘ ĞƐŝĚĞƐDƌ͘WƵŶĞĞƚŚŚĂƚǁĂůĂŶĚŚŝƐƌĞůĂƟǀĞƐŶŽŶĞŽĨ ĂŵŽƵŶƚĨŽƌƚŚĞĂĚĚŝƟŽŶĂůƉĞƌĨŽƌŵĂŶĐĞďŽŶƵƐ͘ otherwise concerned, directly or through his ǁŝůůŶŽƚ͕ĚƵƌŝŶŐƚŚĞĐŽŶƟŶƵĂŶĐĞŽĨŚŝƐĞŵƉůŽLJŵĞŶƚ the Directors or Key Managerial Personnel (‘KMP’) of ƐƉŽƵƐĞĂŶĚͬŽƌĐŚŝůĚƌĞŶ͕ŝŶĂŶLJƐĞůůŝŶŐĂŐĞŶĐLJŽĨƚŚĞ with the Company, accept any other directorships ƚŚĞ ŽŵƉĂŶLJ Žƌ ƚŚĞŝƌ ƌĞƐƉĞĐƟǀĞ ƌĞůĂƟǀĞƐ ĂƌĞ͕ ŝŶ ĂŶLJ As the current CTC is ` ϳ ĐƌŽƌĞƐ͕ ƚŚĞ ĂĚĚŝƟŽŶĂů Company. in any company or body corporate without the prior ǁĂLJ͕ĐŽŶĐĞƌŶĞĚŽƌŝŶƚĞƌĞƐƚĞĚŝŶƚŚĞZĞƐŽůƵƟŽŶƐĂƚ/ƚĞŵ performance bonus target amount is ` 3.5 crores ǁƌŝƩĞŶĐŽŶƐĞŶƚŽĨƚŚĞŽĂƌĚ͘ EŽƐ͘ϱΘϲŽĨƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐEŽƟĐĞ͘ per annum1. (iii) The employment may be terminated by the ŽŵƉĂŶLJǁŝƚŚŽƵƚŶŽƟĐĞ͗ (viii) The MD & CEO covenants with the Company that 20. Mr. Puneet Chhatwal is not related to any other Director 1The target amount will change, if there is any he will not, for a period of one year immediately or KMP of the Company. revision in the CTC. A) if the MD & CEO is found guilty of any gross ĨŽůůŽǁŝŶŐƚŚĞƚĞƌŵŝŶĂƟŽŶŽĨŚŝƐĞŵƉůŽLJŵĞŶƚƵŶĚĞƌ ŶĞŐůŝŐĞŶĐĞ͕ ĚĞĨĂƵůƚ Žƌ ŵŝƐĐŽŶĚƵĐƚ ŝŶ ĐŽŶŶĞĐƟŽŶ ƚŚŝƐŐƌĞĞŵĞŶƚ͕ǁŝƚŚŽƵƚƚŚĞƉƌŝŽƌǁƌŝƩĞŶĐŽŶƐĞŶƚ /ƚĞŵEŽ͘ϳ   &Ϳ DŝŶŝŵƵŵZĞŵƵŶĞƌĂƟŽŶ ǁŝƚŚ Žƌ ĂīĞĐƟŶŐ ƚŚĞ ďƵƐŝŶĞƐƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ Žƌ ŽĨƚŚĞŽĂƌĚ͕ĞŶĚĞĂǀŽƵƌŽƌĞŶƟĐĞĂǁĂLJĨƌŽŵƚŚĞ 21. At the AGM of the Company held on August 23, Notwithstanding anything to the contrary any subsidiary or associated company to which he ŽŵƉĂŶLJ͕ĂŶLJĞŵƉůŽLJĞĞǁŚŽŚĂƐĂƚĂŶLJƟŵĞĚƵƌŝŶŐ 2016, the Members of the Company had approved ŚĞƌĞŝŶ ĐŽŶƚĂŝŶĞĚ͕ ǁŚĞƌĞ ŝŶ ĂŶLJ ĮŶĂŶĐŝĂů is required by the Agreement to render services; or ŽŶĞLJĞĂƌŝŵŵĞĚŝĂƚĞůLJƉƌĞĐĞĚŝŶŐƐƵĐŚƚĞƌŵŝŶĂƟŽŶ ƚŚĞ ƌĞͲĂƉƉŽŝŶƚŵĞŶƚ ĂŶĚ ƚĞƌŵƐ ŽĨ ƌĞŵƵŶĞƌĂƟŽŶ ŽĨ year during the currency of the tenure of been employed or engaged by the Company or any Dƌ͘ DĞŚĞƌŶŽƐŚ <ĂƉĂĚŝĂ ĂƐ ƚŚĞ džĞĐƵƟǀĞ ŝƌĞĐƚŽƌ ʹ Dƌ͘ŚŚĂƚǁĂů͕ƚŚĞŽŵƉĂŶLJŚĂƐŶŽƉƌŽĮƚƐŽƌ  Ϳ ŝŶƚŚĞĞǀĞŶƚŽĨĂŶLJƐĞƌŝŽƵƐŽƌƌĞƉĞĂƚĞĚŽƌĐŽŶƟŶƵŝŶŐ ƐƵďƐŝĚŝĂƌŝĞƐ Žƌ ĂƐƐŽĐŝĂƚĞĚ ĐŽŵƉĂŶŝĞƐ Ăƚ ĂŶLJ ƟŵĞ ŽƌƉŽƌĂƚĞīĂŝƌƐŽĨƚŚĞŽŵƉĂŶLJĨƌŽŵƵŐƵƐƚϭϬ͕ϮϬϭϲ ŝƚƐ ƉƌŽĮƚƐ ĂƌĞ ŝŶĂĚĞƋƵĂƚĞ͕ ƚŚĞ ŽŵƉĂŶLJ ǁŝůů ďƌĞĂĐŚ;ĂŌĞƌƉƌŝŽƌǁĂƌŶŝŶŐͿŽƌŶŽŶͲŽďƐĞƌǀĂŶĐĞďLJ ĚƵƌŝŶŐŽŶĞLJĞĂƌŝŵŵĞĚŝĂƚĞůLJƉƌĞĐĞĚŝŶŐƚĞƌŵŝŶĂƟŽŶ͘ upto him reaching the age of 65 years i.e. May 22, 2018 ƉĂLJ ƌĞŵƵŶĞƌĂƟŽŶ ďLJ ǁĂLJ ŽĨ ^ĂůĂƌLJ͕ĞŶĞĮƚƐ͕ ƚŚĞDΘKŽĨĂŶLJŽĨƚŚĞƐƟƉƵůĂƟŽŶƐĐŽŶƚĂŝŶĞĚ ;ďĞŝŶŐƚŚĞƌĞƟƌĞŵĞŶƚĂŐĞĨŽƌdžĞĐƵƟǀĞŝƌĞĐƚŽƌƐĂƐƉĞƌ WĞƌƋƵŝƐŝƚĞƐ Θ ůůŽǁĂŶĐĞƐ ĂŶĚ /ŶĐĞŶƟǀĞ in the Agreement; or  ;ŝdžͿ dŚĞ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƟŽŶƐ ŽĨ ƚŚĞ ĂƉƉŽŝŶƚŵĞŶƚ ƚŚĞ'ŽǀĞƌŶĂŶĐĞ'ƵŝĚĞůŝŶĞƐĂĚŽƉƚĞĚďLJƚŚĞŽĂƌĚͿ, which ZĞŵƵŶĞƌĂƟŽŶ ĂƐ ƐƉĞĐŝĮĞĚ ĂďŽǀĞ͕ ƐƵďũĞĐƚ ƚŽ ĂŶĚ ƌĞŵƵŶĞƌĂƟŽŶ ŽĨ ƚŚĞ D Θ K ĂŶĚͬŽƌ ƚŚŝƐ ƉƌŽǀŝĚĞĚŝŶƚĞƌͲĂůŝĂĨŽƌƚŚĞĨŽůůŽǁŝŶŐƌĞŵƵŶĞƌĂƟŽŶ͗ further approvals as required under Schedule C) in the event, the Board expresses its loss of ŐƌĞĞŵĞŶƚ ŵĂLJ ďĞ ĂůƚĞƌĞĚ͕ ƌĞͲƐƚƌƵĐƚƵƌĞĚ ĂŶĚ sƚŽƚŚĞĐƚ͕ŽƌĂŶLJŵŽĚŝĮĐĂƟŽŶ;ƐͿƚŚĞƌĞƚŽ͘ ĐŽŶĮĚĞŶĐĞŝŶƚŚĞDΘK͘ ǀĂƌŝĞĚ ĨƌŽŵ ƟŵĞ ƚŽ ƟŵĞ ďLJ ƚŚĞ ŽĂƌĚ ĂƐ ŝƚ ŵĂLJ͕ zBasic Salary of ` 5,00,000 per month, with Annual ŝŶŝƚƐĚŝƐĐƌĞƟŽŶĚĞĞŵĮƚ͕ŝƌƌĞƐƉĞĐƟǀĞŽĨƚŚĞůŝŵŝƚƐ /ŶĐƌĞŵĞŶƚƐ ƚŽ ďĞ ĞīĞĐƟǀĞ ϭst April each year as  ;ǀͿ ŽŵƉĂƌĂƟǀĞZĞŵƵŶĞƌĂƟŽŶWƌŽĮůĞ  ;ŝǀͿ /ŶƚŚĞĞǀĞŶƚ͕ƚŚĞDΘKŝƐŶŽƚŝŶĂƉŽƐŝƟŽŶƚŽ ƐƟƉƵůĂƚĞĚ ƵŶĚĞƌ ^ĐŚĞĚƵůĞ s ƚŽ ƚŚĞ Đƚ Žƌ ĂŶLJ decided by the Board and recommended by the   dŚĞƌĞŵƵŶĞƌĂƟŽŶŽĨDƌ͘ŚŚĂƚǁĂůŝƐĐŽŵŵĞŶƐƵƌĂƚĞ ĚŝƐĐŚĂƌŐĞŚŝƐŽĸĐŝĂůĚƵƟĞƐĚƵĞƚŽĂŶLJƉŚLJƐŝĐĂůŽƌ ĂŵĞŶĚŵĞŶƚƐŵĂĚĞŚĞƌĞĂŌĞƌŝŶƚŚŝƐƌĞŐĂƌĚŝŶƐƵĐŚ EŽŵŝŶĂƟŽŶĂŶĚZĞŵƵŶĞƌĂƟŽŶŽŵŵŝƩĞĞ;ΖEZΖͿ͘ ǁŝƚŚ ƌĞŵƵŶĞƌĂƟŽŶ ŽĨ ĞdžƉĂƚƌŝĂƚĞƐ ĂƉƉŽŝŶƚĞĚ Ăƚ ŵĞŶƚĂů ŝŶĐĂƉĂĐŝƚLJ͕ ƚŚĞ ŽĂƌĚ ƐŚĂůů ďĞ ĞŶƟƚůĞĚ ƚŽ manner as may be agreed to between the Board KͬDůĞǀĞůƐŽĨƐŝŵŝůĂƌƐŝnjĞĚŵƵůƟŶĂƟŽŶĂůƐ͕ƚĂŬŝŶŐ terminate his contract on such terms as the Board and the MD & CEO, subject to such approvals as zPerformance Linked Bonus subject to maximum of ŝŶƚŽ ĐŽŶƐŝĚĞƌĂƟŽŶ ƚŚĞ ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ ƐŚŽƵůĚĞƌĞĚ may consider appropriate in the circumstances. may be required. 227.5% of the Annual Basic Salary payable subject by him. The table below provides a summary of the to the achievement of certain performance criteria ĐŽŵƉĂƌŝƐŽŶŽĨƚŚĞKƌĞŵƵŶĞƌĂƟŽŶŝŶƚŚĞ'ůŽďĂů  ;ǀͿ hƉŽŶƚŚĞ ƚĞƌŵŝŶĂƟŽŶ ďLJ ǁŚĂƚĞǀĞƌ ŵĞĂŶƐ ŽĨ ŚŝƐ  ;džͿ ŶLJŵŽĚŝĮĐĂƟŽŶƐĂŶĚͬŽƌĐŽŶĚŝƟŽŶƐƐƟƉƵůĂƚĞĚďLJƚŚĞ and such other parameters a may be considered Hospitality Industry. employment under the Agreement: ƐŚĂƌĞŚŽůĚĞƌƐͬƚŚĞĞŶƚƌĂů'ŽǀĞƌŶŵĞŶƚŝŶŐƌĂŶƟŶŐŝƚƐ ĂƉƉƌŽƉƌŝĂƚĞĨƌŽŵƟŵĞƚŽƟŵĞďLJƚŚĞŽĂƌĚ͘ ĂƉƉƌŽǀĂůƚŽƚŚĞĂƉƉŽŝŶƚŵĞŶƚĂŶĚƌĞŵƵŶĞƌĂƟŽŶŽĨ (in US$)  Ϳ ƚŚĞDΘKƐŚĂůůŝŵŵĞĚŝĂƚĞůLJĐĞĂƐĞƚŽŚŽůĚŽĸĐĞƐ Mr. Chhatwal shall be recorded by way of a 22. The Members may note that the Board had at their 25th 50th 75th 90th held by him in any holding company, subsidiaries or supplementary agreement which will form part of DĞĞƟŶŐŚĞůĚŽŶDĂLJϮϲ͕ϮϬϭϳ͕ƌĞǀŝƐĞĚƚŚĞĂƐŝĐ^ĂůĂƌLJ WĞƌĐĞŶƟůĞ WĞƌĐĞŶƟůĞ WĞƌĐĞŶƟůĞ WĞƌĐĞŶƟůĞ ĂƐƐŽĐŝĂƚĞ ĐŽŵƉĂŶŝĞƐ ďLJ ǀŝƌƚƵĞ ŽĨ ^ĞĐƟŽŶ ϭϲϳ ;ϭͿ the Agreement. payable to Mr. Kapadia to ` 5,00,000 per month for the 6,199,751 10,470,366 10,926,084 12,459,557 ;ŚͿŽĨƚŚĞĐƚ͕ǁŝƚŚŽƵƚĐůĂŝŵĨŽƌĐŽŵƉĞŶƐĂƟŽŶĨŽƌ LJĞĂƌ ϮϬϭϳͲϭϴ͘ ,ĂǀŝŶŐ ƚŽƵĐŚĞĚ ƚŚĞ ŽƵƚĞƌ ůŝŵŝƚ ŽĨ ĂƐŝĐ ůŽƐƐŽĨŽĸĐĞĂŶĚƐŚĂůůƌĞƐŝŐŶĂƐƚƌƵƐƚĞĞŽĨĂŶLJƚƌƵƐƚƐ 16. Mr. Puneet Chhatwal is not a resident of India and Salary approved by the Members, any future revisions connected with the Company. ƉƵƌƐƵĂŶƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƟŽŶϭϵϲƌĞĂĚƚŽŐĞƚŚĞƌ beyond ` 5,00,000 per month would require the approval  ;^ŽƵƌĐĞ͗ Ɛ ƉĞƌ ŽŶ ,ĞǁŝƩ K DĂƌŬĞƚ ƉƌŝĐŝŶŐ with Schedule V to the Act, in respect of the appointment of the Board and Members. ƌĞƉŽƌƚ ĨŽƌ ƚŚĞ 'ůŽďĂů ,ŽƐƉŝƚĂůŝƚLJ /ŶĚƵƐƚƌLJ͕ ϮϬϭϳ B) the MD & CEO shall not without the consent of of managerial personnel, the Company may appoint ĐŽǀĞƌŝŶŐϭϭ'ůŽďĂů,ŽƐƉŝƚĂůŝƚLJŵĂũŽƌƐͿ͘ ƚŚĞŽĂƌĚĂƚĂŶLJƟŵĞƚŚĞƌĞĂŌĞƌƌĞƉƌĞƐĞŶƚŚŝŵƐĞůĨ a person who is not a resident of India (i.e. in variance 23. Considering Mr. Kapadia’s longstanding commitment as connected with the Company or any of its ǁŝƚŚ ƚŚĞ ĐŽŶĚŝƟŽŶƐ ƐƉĞĐŝĮĞĚ ŝŶ ^ĐŚĞĚƵůĞ sͿ ƉƌŽǀŝĚĞĚ ĂŶĚŝůůƵƐƚƌŝŽƵƐĐŽŶƚƌŝďƵƟŽŶƚŽƚŚĞŽŵƉĂŶLJ͕ƚŚĞŽĂƌĚ͕ EŽƚĞ͗  ƉĞƌĐĞŶƟůĞ ŝƐ Ă ŵĞĂƐƵƌĞ ƵƐĞĚ ŝŶ ƐƚĂƟƐƟĐƐ subsidiaries and associated companies. the said appointment has been approved at the General ďĂƐĞĚ ŽŶ ƚŚĞ ƌĞĐŽŵŵĞŶĚĂƟŽŶƐ ŽĨ ƚŚĞ EZ͕ Ăƚ ŝƚƐ ŝŶĚŝĐĂƟŶŐƚŚĞǀĂůƵĞďĞůŽǁǁŚŝĐŚĂŐŝǀĞŶƉĞƌĐĞŶƚĂŐĞ DĞĞƟŶŐĂŶĚďLJƚŚĞĞŶƚƌĂů'ŽǀĞƌŶŵĞŶƚ͘dŚĞŽŵƉĂŶLJ ŵĞĞƟŶŐŚĞůĚŽŶDĂLJϮϱ͕ϮϬϭϴŚĂƐĂƉƉƌŽǀĞĚƌĞǀŝƐŝŽŶ ŽĨŽďƐĞƌǀĂƟŽŶƐŝŶĂŐƌŽƵƉŽĨŽďƐĞƌǀĂƟŽŶƐĨĂůů͘&Žƌ (vi) If and when this Agreement expires or is terminated ŚĂƐ ĂůƌĞĂĚLJ ƉƌĞĨĞƌƌĞĚ ĂŶ ĂƉƉůŝĐĂƟŽŶ ƚŽ ƚŚĞ ĞŶƚƌĂů in the Basic Salary of Mr. Kapadia from ` 5,00,000 per example, the 25thƉĞƌĐĞŶƟůĞŝƐƚŚĞǀĂůƵĞ;ŽƌƐĐŽƌĞͿ for any reason whatsoever, Mr. Chhatwal will 'ŽǀĞƌŶŵĞŶƚŝŶƚŚŝƐƌĞŐĂƌĚĂŶĚŝƐĂǁĂŝƟŶŐƚŚĞĂƉƉƌŽǀĂů͘ month to ` 6,00,000 per month from April 1, 2018, ďĞůŽǁǁŚŝĐŚϮϱйŽĨƚŚĞŽďƐĞƌǀĂƟŽŶƐŵĂLJďĞĨŽƵŶĚ͘ cease to be the MD & CEO and also cease to be a for the remainder of the tenure of his appointment ŝƌĞĐƚŽƌ ŽĨ ƚŚĞ ŽŵƉĂŶLJ͘ /Ĩ Ăƚ ĂŶLJ ƟŵĞ͕ ƚŚĞ D ϭϳ͘ /ŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƟŽŶƐϭϵϲ͕ϭϵϳ ŝ͘Ğ͘ ƵƉƚŽ DĂLJ ϮϮ͕ ϮϬϭϴ ǁŝƚŚ ƉƌŽƉŽƌƟŽŶĂƚĞ ŝŶĐƌĞĂƐĞ ϭϱ͘ dŚĞ ŽƚŚĞƌ ƉƌŝŶĐŝƉĂů ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƟŽŶƐ ŽĨ ƚŚĞ & CEO ceases to be a Director of the Company for read with Schedule V to the Act, the appointment and ŝŶ ƚŚĞ ďĞŶĞĮƚƐ ůŝŶŬĞĚ ƚŽ ŚŝƐ ĂƐŝĐ ^ĂůĂƌLJ͕  ĂůŽŶŐ ǁŝƚŚ appointment of Mr. Puneet Chhatwal as the MD & CEO any reason whatsoever, he shall cease to be the ƚĞƌŵƐŽĨƌĞŵƵŶĞƌĂƟŽŶŽĨDƌ͘ŚŚĂƚǁĂůĂƌĞŶŽǁďĞŝŶŐ payment of ` 2,00,00,000 as Performance Linked Bonus are as under: MD & CEO and this Agreement shall forthwith placed before the Members for their approval. ĨŽƌƚŚĞLJĞĂƌϮϬϭϳͲϭϴ͘dŚĞƐĞƌĞǀŝƐŝŽŶƐďĞŝŶŐďĞLJŽŶĚƚŚĞ ƚĞƌŵŝŶĂƚĞ͘ /Ĩ Ăƚ ĂŶLJ ƟŵĞ͕ ƚŚĞ D Θ K ĐĞĂƐĞƐ ĂĨŽƌĞƐĂŝĚ ŵĂdžŝŵƵŵ ƐƟƉƵůĂƚĞĚ ůŝŵŝƚƐ ĂƌĞ ƐƵďũĞĐƚ ƚŽ (i) Adherence with the Tata Code of Conduct, no to be in the employment of the Company for any 18. The NRC and the Board have accorded their approvals to approval of the Members. ĐŽŶŇŝĐƚ ŽĨ ŝŶƚĞƌĞƐƚ ǁŝƚŚ ƚŚĞ ŽŵƉĂŶLJ͕ŝŶƚĞůůĞĐƚƵĂů reason whatsoever, he shall cease to be a Director the above and in the interest of the Company commend ƉƌŽƉĞƌƚLJ͕ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ĐŽŶĮĚĞŶƟĂůŝƚLJ ĂŶĚ Ăůů and MD & CEO of the Company. ƚŚĞZĞƐŽůƵƟŽŶƐĂƚ/ƚĞŵEŽƐ͘ϱΘϲŽĨƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐ 24. Accordingly, approval of the Members is sought for Personnel Policies. EŽƟĐĞĨŽƌĂƉƉƌŽǀĂůďLJƚŚĞDĞŵďĞƌƐŽĨƚŚĞŽŵƉĂŶLJ͘ revision in the Basic Salary Scale of Mr. Kapadia from

278 Annual Report 2017-18 279 ĞƚĂŝůƐŽĨŝƌĞĐƚŽƌƐƐĞĞŬŝŶŐĂƉƉŽŝŶƚŵĞŶƚͬƌĞͲĂƉƉŽŝŶƚŵĞŶƚĂƚƚŚĞĨŽƌƚŚĐŽŵŝŶŐ ` ` ŶŶƵĂů'ĞŶĞƌĂůDĞĞƟŶŐŽĨƚŚĞŽŵƉĂŶLJ a maximum of 5,00,000 per month to 6,00,000 prior approval of the Members by way of a Special ;WƵƌƐƵĂŶƚƚŽƚŚĞ>ŝƐƟŶŐZĞŐƵůĂƟŽŶƐĂŶĚ^ĞĐƌĞƚĂƌŝĂů^ƚĂŶĚĂƌĚͲϮŽŶ'ĞŶĞƌĂůDĞĞƟŶŐƐͿ ƉĞƌ ŵŽŶƚŚ͕ ĂůŽŶŐ ǁŝƚŚ ƉƌŽƉŽƌƟŽŶĂƚĞ ŝŶĐƌĞĂƐĞ ŝŶ ƚŚĞ ZĞƐŽůƵƟŽŶ͘ ^ƵĐŚ ĂŶ ĂƉƉƌŽǀĂů ĐĂŶ ďĞ ŽďƚĂŝŶĞĚ ŽŶĐĞ Ă EĂŵĞŽĨŝƌĞĐƚŽƌ E͘ŚĂŶĚƌĂƐĞŬĂƌĂŶ WƵŶĞĞƚŚŚĂƚǁĂů ďĞŶĞĮƚƐůŝŶŬĞĚƚŽŚŝƐĂƐŝĐ^ĂůĂƌLJĂŶĚƌĞǀŝƐŝŽŶŝŶƚŚĞ LJĞĂƌĨŽƌĂůůƚŚĞŽīĞƌƐĂŶĚŝŶǀŝƚĂƟŽŶƐŵĂĚĞĨŽƌƐƵĐŚEƐ ŐĞ 54 54 Performance Linked Bonus to ` 2,00,00,000; all other during the year. ĂƚĞŽĨŝƌƚŚ June 02, 1963 April 16, 1964 ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƟŽŶƐ ƌĞůĂƟŶŐ ƚŽ ƚŚĞ ĂƉƉŽŝŶƚŵĞŶƚ ĂƚĞŽĨ&ŝƌƐƚƉƉŽŝŶƚŵĞŶƚ January 27, 2017 November 6, 2017 džƉĞƌŝĞŶĐĞΘdžƉĞƌƟƐĞŝŶƐƉĞĐŝĮĐĨƵŶĐƟŽŶĂůĂƌĞĂƐͬ Mr. Chandrasekaran is the Chairman of the Board of Tata Sons Mr. Chhatwal is presently the Managing Director and of Mr. Kapadia as approved by the Members of the 33. The borrowing limit was approved by the Members on ďƌŝĞĨƌĞƐƵŵĞ >ŝŵŝƚĞĚ;͚d^>͛Ϳ͘,ĞĂůƐŽĐŚĂŝƌƐƚŚĞŽĂƌĚƐŽĨƐĞǀĞƌĂůŐƌŽƵƉŽƉĞƌĂƟŶŐ ŚŝĞĨdžĞĐƵƟǀĞKĸĐĞƌŽĨdŚĞ/ŶĚŝĂŶ,ŽƚĞůƐŽŵƉĂŶLJ ŽŵƉĂŶLJĂƚƚŚĞŵĞĞƟŶŐŚĞůĚŽŶƵŐƵƐƚϮϯ͕ϮϬϭϲďĞŝŶŐ ƵŐƵƐƚϮϳ͕ϮϬϭϰ͖ƵŶĚĞƌ^ĞĐƟŽŶϭϴϬ;ϭͿ;ĐͿŽĨƚŚĞĐƚŝƐ companies, including Tata Steel Limited, Tata Motors Limited, Tata Limited. He is a global professional with over three unchanged. ` 5,000 crores. As on March 31, 2018, the total debt of Power Limited, Tata Global Beverages Limited and Tata Consultancy ĚĞĐĂĚĞƐ ŽĨ ůĞĂĚĞƌƐŚŝƉ ĞdžƉĞƌŝĞŶĐĞ Ăƚ ŚŝŐŚůLJͲĂĐĐůĂŝŵĞĚ ` ^ĞƌǀŝĐĞƐ ;͚d^͛ͿͲ Ă ůĞĂĚŝŶŐ ŐůŽďĂů /d ƐŽůƵƟŽŶ ĂŶĚ ĐŽŶƐƵůƟŶŐ Įƌŵ hotel groups in Europe and North America. the Company is 1,784 crores. The Company proposes ŽĨ ǁŚŝĐŚ ŚĞ ǁĂƐ Ă ŚŝĞĨ džĞĐƵƟǀĞ KĸĐĞƌ ĨƌŽŵ ϮϬϬϵͲϭϳ͘ hŶĚĞƌ 25. Consequently, the Agreement between the Company to seek approval of the Members to raise NCDs of up to WƌŝŽƌ ƚŽ ƚŚŝƐ͕ Dƌ͘ ŚŚĂƚǁĂů ǁĂƐ ƚŚĞ ŚŝĞĨ džĞĐƵƟǀĞ his leadership, TCS generated total revenues of US $16.5 billion in KĸĐĞƌ ĂŶĚ DĞŵďĞƌ ŽĨ ƚŚĞ ĞdžĞĐƵƟǀĞ ďŽĂƌĚ ŽĨ ĂŶĚ Dƌ͘ <ĂƉĂĚŝĂ ƐŚĂůů ƐƚĂŶĚ ĂŵĞŶĚĞĚ ƚŽ ƌĞŇĞĐƚ `ϱϬϬĐƌŽƌĞƐĨŽƌĂŶLJƉŽƚĞŶƟĂůƌĞƋƵŝƌĞŵĞŶƚƚŚĂƚŵĂLJĂƌŝƐĞ ϮϬϭϱͲϭϲĂŶĚĐŽŶƐŽůŝĚĂƚĞĚŝƚƐƉŽƐŝƟŽŶĂƐƚŚĞůĂƌŐĞƐƚƉƌŝǀĂƚĞƐĞĐƚŽƌ Steigenberger Hotels AG – Deutsche Hospitality. He was employer in India and the country’s most valuable company. TCS ƚŚĞ ƌĞǀŝƐĞĚ ƚĞƌŵƐ ŽĨ ƌĞŵƵŶĞƌĂƟŽŶ ĂƐ ĂĨŽƌĞƐĂŝĚ͖ ĚƵƌŝŶŐƚŚĞŶĞdžƚLJĞĂƌĨŽƌ͕ŝŶƚĞƌͲĂůŝĂ͕ĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞ͕ ĂůƐŽƚŚĞŚŝĞĨĞǀĞůŽƉŵĞŶƚKĸĐĞƌŽĨdŚĞZĞnjŝĚŽƌ,ŽƚĞů has also been placed among the “Big 4” most valuable IT services Group – Carlson Hotels Worldwide. ǁŝƚŚ ƚŚĞ ƌĞƐƚ ŽĨ ƚŚĞ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƟŽŶƐ ƌĞŵĂŝŶŝŶŐ ƌĞŶŽǀĂƟŽŶƐ͕ ŝŶǀĞƐƚŵĞŶƚƐ ĂŶĚ ŐĞŶĞƌĂů ĐŽƌƉŽƌĂƚĞ ďƌĂŶĚƐ ǁŽƌůĚǁŝĚĞ͕ ƌĂŶŬĞĚ ĂƐ ŽŶĞ ŽĨ ƚŚĞ tŽƌůĚ͛Ɛ DŽƐƚ /ŶŶŽǀĂƟǀĞ Dƌ͘ŚŚĂƚǁĂůŚĂƐǁŽŶĂǁĂƌĚƐŝŶĐůƵĚŝŶŐƚŚĞƉƌĞƐƟŐŝŽƵƐ valid and in force. purposes. Companies by Forbes and recognized as a Global Top Employer by ƚŚĞdŽƉŵƉůŽLJĞƌƐ/ŶƐƟƚƵƚĞĂĐƌŽƐƐϮϰĐŽƵŶƚƌŝĞƐ͘ Carlson Fellowship and was rated as one of Europe’s 20 /Ŷ ĂĚĚŝƟŽŶ ƚŽ ŚŝƐ ƉƌŽĨĞƐƐŝŽŶĂů ĐĂƌĞĞƌ͕ Dƌ͘ ŚĂŶĚƌĂƐĞŬĂƌĂŶ ǁĂƐ ĞdžƚƌĂŽƌĚŝŶĂƌLJŵŝŶĚƐŝŶ^ĂůĞƐ͕DĂƌŬĞƟŶŐĂŶĚdĞĐŚŶŽůŽŐLJ Ϯϲ͘ dŚĞĂŐŐƌĞŐĂƚĞ ŽĨ ƚŚĞ ƉƌŽƉŽƐĞĚ ƌĞǀŝƐĞĚ ƌĞŵƵŶĞƌĂƟŽŶ 34. The approval of the Members is being sought by way also appointed as a Director on the Board of India’s central bank, Ͳ,^D/ƵƌŽƉĞĂŶǁĂƌĚƐϮϬϭϰ͘,ĞǁĂƐĂůƐŽƚŚĞ&ŝƌƐƚ as aforesaid shall be within the maximum limits as laid ŽĨ Ă ^ƉĞĐŝĂů ZĞƐŽůƵƟŽŶ ƵŶĚĞƌ ^ĞĐƟŽŶƐ ϰϮ ĂŶĚ ϳϭ ŽĨ The Reserve Bank of India, in 2016. He has been appointed on ůƵŵŶŝŝŶĐůƵĚĞĚŝŶƚŚĞ^^Ͳ/D,/,ĂůůŽĨ,ŽŶŽƌϮϬϭϰ͘ ĚŽǁŶƵŶĚĞƌ^ĞĐƟŽŶƐϭϵϳ͕ϭϵϴĂŶĚƐƵĐŚŽƚŚĞƌĂƉƉůŝĐĂďůĞ the Act read with the PAS Rules and the Companies ƚŚĞ /ŶƚĞƌŶĂƟŽŶĂů ĚǀŝƐŽƌLJ ŽƵŶĐŝů ŽĨ ^ŝŶŐĂƉŽƌĞ͛Ɛ ĐŽŶŽŵŝĐ provisions, if any, of the Act read with Schedule V to the (Share Capital & Debentures) Rules, 2014, to enable the Development Board in 2018 and is also the Chairman of Indian /ŶƐƟƚƵƚĞŽĨDĂŶĂŐĞŵĞŶƚ>ƵĐŬŶŽǁĂƐǁĞůůĂƐƚŚĞWƌĞƐŝĚĞŶƚŽĨƚŚĞ ĐƚĂƐĂŵĞŶĚĞĚĨƌŽŵƟŵĞƚŽƟŵĞ͘ ŽŵƉĂŶLJƚŽŽīĞƌŽƌŝŶǀŝƚĞƐƵďƐĐƌŝƉƟŽŶƐŽĨEƐŽŶĂ ŽƵƌƚĂƚ/ŶĚŝĂŶ/ŶƐƟƚƵƚĞŽĨ^ĐŝĞŶĐĞĞŶŐĂůƵƌƵ͘ private placement basis, in one or more tranches, during ,Ğ ŝƐ ĂŶ ĂĐƟǀĞ ŵĞŵďĞƌ ŽĨ /ŶĚŝĂ͛Ɛ ďŝůĂƚĞƌĂů ďƵƐŝŶĞƐƐ ĨŽƌƵŵƐ Ϯϳ͘ ĞƚĂŝůƐ ŽĨ ƌĞŵƵŶĞƌĂƟŽŶ ƉĂŝĚ ƚŽ Dƌ͘ <ĂƉĂĚŝĂ ĚƵƌŝŶŐ the period of one year from the date of passing of the including USA, UK, Australia and Japan and has served as the ŚĂŝƌŵĂŶŽĨE^^KD͕ƚŚĞĂƉĞdžƚƌĂĚĞďŽĚLJĨŽƌ/dƐĞƌǀŝĐĞƐĮƌŵƐ ƚŚĞ ĮŶĂŶĐŝĂů LJĞĂƌ ϮϬϭϳͲϭϴ ŚĂǀĞ ďĞĞŶ ĚŝƐĐůŽƐĞĚ ŝŶ ƚŚĞ ZĞƐŽůƵƟŽŶ Ăƚ /ƚĞŵ EŽ͘ ϴ ǁŝƚŚŝŶ ƚŚĞ ŽǀĞƌĂůů ďŽƌƌŽǁŝŶŐ ŝŶ/ŶĚŝĂŝŶϮϬϭϮͲϭϯ͘ annexure to the Board’s Report and in the Corporate limits of the Company, as approved by the Members. His business leadership has been recognized by several corporate Governance Report. ĂŶĚ ĐŽŵŵƵŶŝƚLJ ŽƌŐĂŶŝnjĂƟŽŶƐ͕ ĂŶĚ ŚĞ ŚĂƐ ƌĞĐĞŝǀĞĚ ŶƵŵĞƌŽƵƐ awards such as The Business Leader of the Year at the ET Awards ϯϱ͘ dŚĞŽĂƌĚĐŽŵŵĞŶĚƐƚŚĞZĞƐŽůƵƟŽŶĂƚ/ƚĞŵEŽ͘ϴŽĨƚŚĞ ĨŽƌ ŽƌƉŽƌĂƚĞ džĐĞůůĞŶĐĞ ϮϬϭϲ͕ E ds ϭϴ Ͳ ͚/ŶĚŝĂŶ ƵƐŝŶĞƐƐ Ϯϴ͘ /ŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƟŽŶƐϭϵϲ͕ϭϵϳ͕ ĂĐĐŽŵƉĂŶLJŝŶŐ EŽƟĐĞ ĨŽƌ ĂƉƉƌŽǀĂů ďLJ ƚŚĞ DĞŵďĞƌƐ ŽĨ /ĐŽŶΖ͕ϮϬϭϰ͕EEͲ/E/ŶĚŝĂŶŽĨƚŚĞzĞĂƌϮϬϭϰ;ďƵƐŝŶĞƐƐĐĂƚĞŐŽƌLJͿ͕ 198 and other applicable provisions of the Act, read with the Company. ĞƐƚKĨŽƌϮϬϭϯĂŶĚϮϬϭϰďLJƵƐŝŶĞƐƐdŽĚĂLJ͕ĞƐƚKϮϬϭϬͲϭϱ ^ĐŚĞĚƵůĞsƚŽƚŚĞĐƚ͕ƚŚĞƌĞǀŝƐĞĚƚĞƌŵƐŽĨƌĞŵƵŶĞƌĂƟŽŶ /ŶƐƟƚƵƟŽŶĂů /ŶǀĞƐƚŽƌ͛Ɛ ŶŶƵĂů ůůͲƐŝĂ džĞĐƵƟǀĞ dĞĂŵ ƌĂŶŬŝŶŐƐ͘ Mr. Chandrasekaran has also been awarded several honorary ŽĨDƌ͘<ĂƉĂĚŝĂĂƐƐƉĞĐŝĮĞĚĂďŽǀĞĂƌĞŶŽǁďĞŝŶŐƉůĂĐĞĚ 36. None of the Directors or Key Managerial Personnel of ĚŽĐƚŽƌĂƚĞƐďLJůĞĂĚŝŶŐƵŶŝǀĞƌƐŝƟĞƐŝŶ/ŶĚŝĂĂŶĚŝŶƚĞƌŶĂƟŽŶĂůůLJ͘ before the Members for their approval. ƚŚĞŽŵƉĂŶLJŽƌƚŚĞŝƌƌĞƐƉĞĐƟǀĞƌĞůĂƟǀĞƐĂƌĞ͕ŝŶĂŶLJǁĂLJ͕ YƵĂůŝĮĐĂƟŽŶƐ ͻ ĂĐŚĞůŽƌ͛ƐĞŐƌĞĞŝŶƉƉůŝĞĚ^ĐŝĞŶĐĞ ͻ DŝŶ,ŽƐƉŝƚĂůŝƚLJĨƌŽŵ^^͕WĂƌŝƐ ĐŽŶĐĞƌŶĞĚŽƌŝŶƚĞƌĞƐƚĞĚŝŶƚŚĞZĞƐŽůƵƟŽŶĂƚ/ƚĞŵEŽ͘ϴ ͻ DĂƐƚĞƌ͛ƐĞŐƌĞĞŝŶŽŵƉƵƚĞƌƉƉůŝĐĂƟŽŶʹdƌŝĐŚLJ ͻ ĚǀĂŶĐĞĚDĂŶĂŐĞŵĞŶƚWƌŽŐƌĂŵĨƌŽŵ/E^ ĞƚĂŝůƐŽĨƐŚĂƌĞƐŚĞůĚŝŶƚŚĞŽŵƉĂŶLJ NIL NIL Ϯϵ͘ dŚĞŽĂƌĚĐŽŵŵĞŶĚƐƚŚĞƌĞƐŽůƵƟŽŶĂƚ/ƚĞŵEŽ͘ϳŽĨƚŚĞ ŽĨƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐEŽƟĐĞ͘ >ŝƐƚŽĨŽĚLJŽƌƉŽƌĂƚĞƐŝŶǁŚŝĐŚŽƵƚƐŝĚĞ ͻ dĂƚĂ^ŽŶƐ>ŝŵŝƚĞĚ ͻ WŝĞŵ,ŽƚĞůƐ>ŝŵŝƚĞĚ ĂĐĐŽŵƉĂŶLJŝŶŐEŽƟĐĞĨŽƌĂĐĐĞƉƚĂŶĐĞďLJƚŚĞDĞŵďĞƌƐ͘ ĚŝƌĞĐƚŽƌƐŚŝƉƐŚĞůĚĂƐŽŶDĂƌĐŚϯϭ͕ϮϬϭϴ ͻ dĂƚĂŽŶƐƵůƚĂŶĐLJ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ ͻ dĂũ^d^ŝƌĂƚĞƌŝŶŐ>ŝŵŝƚĞĚ By Order of the Board of Directors ͻ dĂƚĂDŽƚŽƌƐ>ŝŵŝƚĞĚ ͻ >>,ŽƚĞůƐĂŶĚ/ŶǀĞƐƚŵĞŶƚƐ>ŝŵŝƚĞĚ ϯϬ͘ ĞƐŝĚĞƐ Dƌ͘ <ĂƉĂĚŝĂ ĂŶĚ ŚŝƐ ƌĞůĂƟǀĞƐ͕ ŶŽŶĞ ŽĨ ƚŚĞ ͻ dĂƚĂ^ƚĞĞů>ŝŵŝƚĞĚ ͻ KƌŝĞŶƚĂů,ŽƚĞůƐ>ŝŵŝƚĞĚ ͻ dŚĞdĂƚĂWŽǁĞƌŽŵƉĂŶLJ>ŝŵŝƚĞĚ ͻ dĂũ's<,ŽƚĞůƐΘZĞƐŽƌƚƐ>ŝŵŝƚĞĚ other Directors, Key Managerial Personnel ('KMP') or ͻ d^&ŽƵŶĚĂƟŽŶ ͻ ZŽŽƚƐŽƌƉŽƌĂƟŽŶ>ŝŵŝƚĞĚ ƚŚĞŝƌ ƌĞƐƉĞĐƟǀĞ ƌĞůĂƟǀĞƐ ĂƌĞ ŝŶ ĂŶLJ ǁĂLJ ĐŽŶĐĞƌŶĞĚ Žƌ ͻ dĂƚĂ'ůŽďĂůĞǀĞƌĂŐĞƐ>ŝŵŝƚĞĚ ͻ /,DͲƵƌĂŶŐĂďĂĚ ŝŶƚĞƌĞƐƚĞĚŝŶƚŚĞZĞƐŽůƵƟŽŶŵĞŶƟŽŶĞĚĂƚ/ƚĞŵEŽ͘ϳŽĨ ĞĞũĂůĞƐĂŝ ͻ ZĞƐĞƌǀĞĂŶŬŽĨ/ŶĚŝĂ ͻ ^ƚ͘:ĂŵĞƐŽƵƌƚ,ŽƚĞů>ŝŵŝƚĞĚ ƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐEŽƟĐĞ͘ Senior Vice President – Legal and Company Secretary ͻ :ĂŐƵĂƌ>ĂŶĚZŽǀĞƌƵƚŽŵŽƟǀĞW> ŚĂŝƌŵĂŶͬDĞŵďĞƌŽĨƚŚĞŽŵŵŝƩĞĞƐŽĨŽƚŚĞƌ EŽŵŝŶĂƟŽŶĂŶĚZĞŵƵŶĞƌĂƟŽŶŽŵŵŝƩĞĞ ƵĚŝƚŽŵŵŝƩĞĞ ŽŵƉĂŶŝĞƐŽŶǁŚŝĐŚŚĞŝƐĂŝƌĞĐƚŽƌ;ŽŵŵŝƩĞĞƐ ͻ dĂƚĂ^ŽŶƐ>ŝŵŝƚĞĚ ͻ dĂũ's<,ŽƚĞůƐĂŶĚZĞƐŽƌƚƐ>ŝŵŝƚĞĚ 31. Mr. Kapadia is not related to any Director or KMP of the Mumbai, May 25, 2018 ŝŶĐůƵĚĞƐƚŚĞ^ƚĂƚƵƚŽƌLJŽŵŵŝƩĞĞƐͿĂƐŽŶDĂƌĐŚ ͻ dĂƚĂŽŶƐƵůƚĂŶĐLJ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ EŽŵŝŶĂƟŽŶĂŶĚZĞŵƵŶĞƌĂƟŽŶŽŵŵŝƩĞĞ Company. ϯϭ͕ϮϬϭϴ ͻ dĂƚĂDŽƚŽƌƐ>ŝŵŝƚĞĚ ͻ WŝĞŵ,ŽƚĞůƐ>ŝŵŝƚĞĚ ͻ dĂƚĂ^ƚĞĞů>ŝŵŝƚĞĚ ͻ dĂũ's<,ŽƚĞůƐĂŶĚZĞƐŽƌƚƐ>ŝŵŝƚĞĚ ZĞŐŝƐƚĞƌĞĚKĸĐĞ͗ ͻ dĂƚĂ'ůŽďĂůĞǀĞƌĂŐĞƐ>ŝŵŝƚĞĚ ͻ KƌŝĞŶƚĂů,ŽƚĞůƐ>ŝŵŝƚĞĚ /ƚĞŵEŽ͘ϴ ͻ dŚĞdĂƚĂWŽǁĞƌŽŵƉĂŶLJ>ŝŵŝƚĞĚ ͻ dĂũ^d^ŝƌĂƚĞƌŝŶŐ>ŝŵŝƚĞĚ ϯϮ͘ ƐƉĞƌ^ĞĐƟŽŶϰϮŽĨƚŚĞĐƚ͕ƌĞĂĚǁŝƚŚƚŚĞŽŵƉĂŶŝĞƐ Mandlik House, Mandlik Road, Mumbai 400 001. ͻ :ĂŐƵĂƌ>ĂŶĚZŽǀĞƌƵƚŽŵŽƟǀĞW> ŽƌƉŽƌĂƚĞ^ŽĐŝĂůZĞƐƉŽŶƐŝďŝůŝƚLJ ;WƌŽƐƉĞĐƚƵƐ ĂŶĚ ůůŽƚŵĞŶƚ ŽĨ ^ĞĐƵƌŝƟĞƐͿ ZƵůĞƐ͕ ϮϬϭϰ CIN: L74999MH1902PLC000183 ͻ dĂƚĂŽŶƐƵůƚĂŶĐLJ^ĞƌǀŝĐĞƐ>ŝŵŝƚĞĚ;ŚĂŝƌŵĂŶͿ ;͚W^ZƵůĞƐ͛Ϳ͕ĂĐŽŵƉĂŶLJŽīĞƌŝŶŐŽƌŵĂŬŝŶŐĂŶŝŶǀŝƚĂƟŽŶ Tel.: 022 66395515 Fax: 022 22027442 EƵŵďĞƌŽĨŽĂƌĚŵĞĞƟŶŐƐĂƩĞŶĚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ 6 2 (for part of the year only) ƚŽ ƐƵďƐĐƌŝďĞ ƚŽ EŽŶͲŽŶǀĞƌƟďůĞ ĞďĞŶƚƵƌĞƐ ;͚EƐ͛Ϳ Email: ŝŶǀĞƐƚŽƌƌĞůĂƟŽŶƐΛƚĂũŚŽƚĞůƐ͘ĐŽŵ dĞƌŵƐĂŶĚĐŽŶĚŝƟŽŶƐŽĨĂƉƉŽŝŶƚŵĞŶƚͬ ŝƌĞĐƚŽƌůŝĂďůĞƚŽƌĞƟƌĞďLJƌŽƚĂƟŽŶ &ŽƌĂƉĞƌŝŽĚŽĨĮǀĞLJĞĂƌƐĂƐƉĞƌŚŝƐĐŽŶƚƌĂĐƚĂƐ ƌĞͲĂƉƉŽŝŶƚŵĞŶƚ MD & CEO with the Company on a private placement basis, is required to obtain the Website: www.tajhotels.com ZĞŵƵŶĞƌĂƟŽŶƚŽďĞƉĂŝĚ ^ŝƫŶŐĨĞĞƐ ĞƚĂŝůƐŽĨƌĞŵƵŶĞƌĂƟŽŶƉƌŽǀŝĚĞĚŝŶƚŚĞŽƌƉŽƌĂƚĞ Governance Report >ĂƐƚĚƌĂǁŶƌĞŵƵŶĞƌĂƟŽŶ ĞƚĂŝůƐŽĨƌĞŵƵŶĞƌĂƟŽŶƉƌŽǀŝĚĞĚŝŶŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞ ĞƚĂŝůƐŽĨƌĞŵƵŶĞƌĂƟŽŶƉƌŽǀŝĚĞĚŝŶƚŚĞŽƌƉŽƌĂƚĞ Report Governance Report ZĞůĂƟŽŶƐŚŝƉǁŝƚŚŽƚŚĞƌŝƌĞĐƚŽƌƐĂŶĚ<ĞLJ None None DĂŶĂŐĞƌŝĂůWĞƌƐŽŶŶĞů

280 Annual Report 2017-18 281 NOTES Route Map to the AGM Venue

Venue: Birla Matushri Sabhagar, 19, Sir Vithaldas Thackersey Marg, Mumbai 400020

Landmark: Next to Bombay Hospital (H)

Distance from Churchgate Station: 1 km

Distance from Chhatrapati Shivaji Terminus: 1.2 km

Distance from Marine Lines Station: 0.8 km

282 Annual Report 2017-18 NOTES LEADERSHIP WITH TRUST SINCE 1868

` 656,973 600 CRORE MILLION+ CONSUMERS REVENUE

In a free enterprise, the community is not just another stakeholder in business, but is in fact the very purpose of its existence. - Jamsetji Tata

` 695,699 EMPLOYEES 27,346 CRORE PROFIT AFTER TAX

3.98 MILLION SHAREHOLDERS

150+ COUNTRIES 66 % OF PARENT COMPANY TATA SONS’ EQUITY 150 SHARE CAPITAL HELD BY YEARS PHILANTHROPIC TRUSTS

The figures are aggregateded fofor Tata companies for the f inancial year ended 31.03.2017.

From pioneering businesses, to pioneering welfare practices, to pioneering national institutions, the Tata Group remains committed to improving the lives of communities we serve globally, based on leadership with trust.

Picture (left to right): The four partners - Jamsetji Tata, Founder of the Tata Group; R. D. Tata, father of J. R. D. Tata; Sir Ratan Tata, younger son of the Founder; and Sir Dorabji Tata, elder son of the Founder. tata150.com